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The
fittatirtat
flrentrie
Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 9 1922
VOL. 115.
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
2545 to 2548,inclusive.
THE FINANCIAL SITUATION.
General commendation must be given Secretary
Mellon's suggestion regarding the lowering of the
surtaxes on personal incomes, only we would go a
great deal further than he does. Cutting the maximum surtax from 50% to 25%, as pyoposed, is certainly in the highest degree desirable, but it is, after
all, only a small step in the right direction. What
should be done is to completely eliminate the surtaxes. What.is more, the normal or general taxes
should also be very materially reduced. We think
the Secretary exaggerates the evils of tax-exempt securities. Certainly farm loan issues should not enjoy any such advantage, for it is the rankest class
legislation to endow them with any shch quality.
But to deprive municipal issues of the tax-exempt
feature, that is a totally different matter. Borrowing is an indispensable prerogative of the States and
their creatures, the municipalities. They need money
to build school houses, to pave streets, to provide water and sewers, and for a hundred different things.
These are all attributes and prerequisites of social
life, and in obtaining them civic communities should
not be handicapped in any way. If municipal obligations were deprived of the tax-exempt feature, the
cost of borrowing to the municipalities would certainly be increased. Just what the additional cost
would be in any given case may be left to conjecture,
Electric Railway Section
State and City Section
NO. 2998
but that the rate of return to the borrower would
have to be higher—of that there can be no doubt. In
other words,the municipalities would have to assume
part of the tax burden. When that is said, it becomes
evident that there is serious objection to a removal
of tax-exemption—at least in their case.
Nor do we think that purchase of tax-exempt municipal obligations is availed of to the extent supposed by the very rich. Mr. Mellon presents some
plausible figures and statements in support of the
supposition, but our own observation is that it is
the persons of more moderate incomes that are most
avid in the quest for the tax-exempt income. And the
reason lies on the surface. The present scale of taxes
is such that even persons of good-sized, though not of
excessive,incomes are obliged to turn over to the tax
collector a huge slice of their yearly earnings, unless
they hold tax-exempt securities. It is not generally
appreciated how heavy these taxes really are, and
what a large portion of the country's income they
devour. Secretary Mellon points out that the surtax
takes 50% on all individual incomes above $200,000
and that this 50% is in addition to the normal tax of
8%, making 58% together. But the larger part of
the country's income comes from corporations, and
these pay 121 2% on their incomes instead of 8%,
/
/
making the total in these 'cases 6212%. Furthermore, this takes no account of the State income tax,
/
which in New York is 412% for corporations and
runs up to 3% in the case of individuals. Adding
2
1
/
/
the 4 % to the 621 2% gives 67%. Then there is the
Federal capital stock tax, which will on the average
bring the total up to 70%. Besides all these, there
are various minor taxes, the precise amount of which
cannot be stated in averages. The final result is that
a man with an income of$100,000is obliged to yield up
close to $40,000, and the man with a million $700,000.
A continuance of these levies is a distinct menace
and threatens our national welfare, not because it
takes the amounts mentioned from the individuals
concerned, but for a wholly different reason and
which we have not seen mentioned in any of the discussions, namely that it consumes virtually ALL the
country's NEW investment capital from year to year.
It is for this reason that we urge the complete elimination of the surtaxes and a substantial reduction
of the other forms of taxes.
The indignation meeting held in Chicago on Wednesday over the pardoning of convicted anarchists
gives emphasis to a series of articles now appearing in the "Herald" concerning "Reds" in the
United States. All sane persons are now so burdened
2506
THE CHRONICLE
[VoL. 115.
by troubles and problems that there is a natural sentences of 13 others, for plotting to overthrow the
shrinking from even the thought that another should Government, was affirmed in June last by the Illibe added to the list; yet it is not quite accurate to nois Supreme Court. That a rich man should branspeak of this Red problem as "another," since it is dish a torch and invite its use seems unnatural, yet
really not recent, although we are hearing more and we need not go outside of our own great city to find
forced to think more about it. A so-called Workers' some who are virtually doing it. That court took the
Party, says the "Herald," was definitely started in matter seriously, declaring it "clear that the plan
this city a year ago. It is sufficient to quote one sen- and purposes advocated by the plaintiffs contemtence from the manifesto then adopted, declaring the plate the overthrow and destruction of the Governpurpose, namely:"to educate and organize the work- ment . . . by force and violence compelling the
ing class for the abolition of capitalism through the Government to cease to function, and then, through
establishment of the Workers' Republic."
a proletarian dictatorship, taking charge of and apThere has been a Suicides' Club, in fiction. It propriating all property." Illinois has long been
would not be easy to excite alarm by an alleged dis- plagued by anarchists. The Haymarket Square afcovery of a secret compact, rapidly spreading, under fair of long ago in Chicago may not be forgotten.
which, when the ripe hour arrived, husbands should Illinois has also been troubled by bad Executives bekill their children, their wives, and then themselves. fore, and her present Executive has shown his quality
The natural instinct of self-preservation is always by pardoning this rich man and his fellows as "politthe last to yield; when it fails, reason has gone. In- ical prisoners." Hence the meeting of Wednesday, unterpreted in practical terms, the plan to destroy der the auspices of the Chicago Chamber of Comeverything and set up a house of sand upon the ruins merce, at which the principal speakers were General
is a plan of general self-destruction. Therefore, it Pershing and the ever-energetic Charles G. Dawes.
does not seem conceivable that such a piece of self- They seemed to think any attempt to impeach Goverimmolating madness can get more than a foothold, nor Small would be futile, "for he is too strong politin this country of freedom and of open and awaiting ically," but the meeting emphatically denounced him.
opportunity.
The price of achievement, success, and acquirement
Yet it would be foolish to close our eyes and deny is intelligent and persistent effort. The price of libthat what seems unnatural and impossible may not erty is vigilance. The one price has been paid in this
exist. This thing is chiefly,and mostseriously,of Rus- country. Is not the other due, and demanded?
sian origin. We have kept our entrance gate wide open
"to the oppressed," and we are suffering and have to
Commercial defaults during November were only
suffer further from political indigestion. These un- slightly more numerous than in the preceding month
happy mental perverts have bad heredity and bad en- instead of showing more or less expansion, as might
vironment. What Russia was—and what France be expected as the end of the year approaches. The
had been before the Revolution—we know by reading, amount of defaulted indebtedness continues quite
but cannot interpret by experience. To these escap- large, but in November, as in the preceding months
ing refugees government is tyranny, and property is this year, there were a number of business firms that
robbery; all mankind are "equal" and brothers, and failed with heavy liabilities, and 3.3% of the total
if one is better off than another he is an enemy of the number of defaults in that month reported 47.4% of
race. They perhaps see the great bronze figure as the total of defaulted indebtedness. R. G. Dun & Co.,
they come up the Bay of New York, but they misun- on whose statistical records these comments are
derstand it. Their brains are dull and their whole based, report that during last month 1,737 commerangle of view distorted. To them, liberty is license, cial failures occurred in the United States. This recand the short way to a better world is to overturn the ord embraces mercantile concerns as distinguished
world we have.
from banks and other financial institutions. In OcThus they are ready for false doctrines, and the tober there were 1,708 similar defaults, whereas in
teachers of such doctrines are not lacking. The most November 1921, 1,988 mercantile failures were reinflamed countenance, the most raucous voice, the ported. As to the amount of defaulted indebtedness,
fiercest gestures, appeal most to them. They talk the figures reported for November this year are $40,about work, but their most influential leaders—some 265,297 and contrast with $34,647,438 for the precedof whom are more wicked than self-deceived—flatter ing month and with $53,469,839 for the correspondtheir delusion that happiness can be attained by seiz- ing month of last year. For the past two years these
ing and devouring present accumulations and being figures, both as to number and amount,have run very
idle indefinitely. This "red" dream runs like an evil heavy, although there has been a little indication of
trail through the I. W. W. It infects organized real some let-up in both respects in the past five or six
labor: It troubles Mr. Gompers, who sees in it some- months. For the eleven months this year the total
thing he cannot quite control and something that number of'commercial defaults has been 21,856, with
threatens him. It infects, in some degree, the indus- liabilities of $565,827,230. For the corresponding
trial outbreaks which have been plaguing the country period last year the figures are respectively 17,208
worse than ever. It lay behind the Herrin massacre and $539,899,501. The number this year for the full
and also behind the circulars entreating soldiers not twelve months will be in the neighborhood of 24,000
for the first time since these records have been comto shoot "their brethren."
We should not make too much of this, but we also piled by R. G. Dun & Co., nearly 70 years, while the
should not make too little. Events on the record total defaulted indebtedness will be in excess of
should not be forgotten; for one, how a shipload of $600,000,000 for the second time in the history of
dangerous disturbers was sent back to Russia, nearly these records, last year being the first, the liabilities
three years ago. But the virus has not been exter- then' having amounted to $627,401,883.
minated. And now, after a struggle through several
Of the failures in November, 456 were of manufacyears, the sentence of a fine and a term in jail in the turing concerns, with a total indebtedness of $15,case of a certain wealthy man of Chicago and the jail 007,973. This contrasts with 445 failures of
manu
DEC. 1922.]
.9
THE CHRONICLE
facturing concerns in November last year and $23,871,636 of liabilities. Trading failures in November
this year numbered 1,230, with a defaulted indebtedness of $18,741,023, while in November last year the
figures were respectively 1,415 and $23,370,389.
There were 51 defaults last month of the third class
in which these records are grouped, agents, brokers,
etc., with a .defaulted indebtedness of $6,516,301,
wheretS in November last year there were 128 similar
defaults with an aggregate of defaulted indebtedness
amounting to $6,227,814. The greater part of 1921
defaults were relatively more numerous among the
trading classes, and that situation continued during
the earlier months of 1922, but in the more recent
months these conditions have changed and there has
been a considerable reduction in trading failures. In
manufacturing lines the smaller number of failures
in the class embracing manufacturers of clothing continues, and this applies likewise to the amount of defaulted indebtedness. There is also a considerable
reduction in November this year in the amount of defaulted indebtdeness reported by manufacturers of
liquors and tobacco, in contrast with the amount reported in November of last year. On the other hand,
somewhat larger liabilities appear in the comparison
with November a year ago for the class embracing
makers of machinery and tools and there is some increase in the number of failures for this class as well.
Among failures of traders, which embraces both
wholesale and retail concerns, a noteworthy decrease
appears in the figures for November this year as contrasted with November of last year of defaults of general stores, clothing dealers, dry goods and jewelry;
likewise the amount of defaulted indebtedness reported in November this year for these four classes is
very much less than it was in November 1921, being
in the aggregate but little more than one-half of the
$9,860,000 of liabilities reported by these four classes
in November a year ago. For most other classes of
traders there is a decrease in number as well as in
the aggregate of defaulted indebtedness in November
this year as contrasted with the corresponding month
a year ago. A noteworthy exception is the large and
important grocery class, which in this report is
grouped with traders in meats and fish, there being
a slight increase in the number of failures in these
lines this year and an increase of nearly $1,000,000 in
the amount of indebtedness reported.
There were 58 failures in November this year reporting an aggregate of indebtedness of $19,105,732,
which leaves $21,159,565 of the aggregate of total defaulted indebtedness in November to the remaining
1,679 defaults. Of these 58 failures 26, with liabilities of $8,662,764, were manufacturers; 22, with liabilities of $4,585,478, belonged to the trading classes,
and 10, with liabilities of $5,857,490, were agents,
brokers, etc. There were in all 51 failures of agents
and brokers, so that 41 of these latter defaults reported liabilities of only $658,811.
While political developments in Europe have not
been of a particularly encouraging character, the
continned advance in sterling exchange from day to
day could not help causing observers on this side to
believe that something of importance outside of the
exchange market itself actually had occurrerd on
which the upward movement must be based. The
cable accounts of the Lausanne Conference from day
to day indicated a tense situation, particularly between the British delegates on the one side, led by
2507
Lord Curzon, and the Turkish representatives, at the
head of whom was Ismet Pasha, and the Russians,
most prominent among whom was George Tchitcherin, on the other. In fact, on several occasions it
looked as though an open break was imminent. To-.
ward the end of the week it became known that the
Allied representatives would stand together in their
reply to Tchitcherin relative to a settlement of the
Straits problem. This reply was made public in substance. In financial circles both in Europe and in
this country there was special interest in the conference of Premiers which began in London to-day, in
preparation for the proposed Brussels Conference on
Dec. 15. The Irish Free State has formally taken
control of the Government in Southern Ireland. Toward the end of the week word was received from
Berlin that the German Government intended to propose to the Reparations Commission an internal gold
loan for stabilizing the currency and making reparations payments. Reports have been received from
Rome that Leonid Krassin has been there for some
little time discussing the question of a commercial
treaty between Russia and Italy. Prince Andrew of
Greece escaped the death penalty at the hands of the
revolutionary court martial, but was sentenced to exile and he and his family are expected to proceed to
England.
At last Saturday's session of the Conference "the
peace delegates took up the issue of capitulations in
Turkey, with the result that the Western Powers butted their heads against the brick wall which has so
far prevented any progress here, namely the intransigeance of the Turkish delegates." The New York
"Times" representative explained that "the Allied
argument was that the capitulation rights were incorporated in treaties which were contracts not to
be broken by one party alone, and therefore the Allies would insist on guarantees by Turkey to replace
their rights under the capitulations." He also stated
that "the Turks simply declared that they had the
right to abrogate the capitulations and would give
no guarantees 'incompatible with Turkish sovereignty,' which they explained meant that the Turks
would enter into no arrangements not of a reciprocal
character. At the end of the meeting each side stood
where it had started." In the course of the debate
American Ambassador Child read the following
statement setting forth the American position regarding the matter: "The position of the United
States is exactly that stated by the Allied Powers in
regard to rights arising out of the capitulations. The
United States has not and does not now recognize
the attempted abrogation of these rights. This delegation, however, believes there is in this whole subject an interest common to all concerned, and that
the sooner it is explored the better." George Tchitcherin outlined the Russian program in part as follows: "Our program,in the first place, is a program
of peace. What we seek here, as elsewhere, is a definite and durable arrangement which will guarantee
uninterrupted peace. Peace in the Black Sea means
security on the shores of this sea. Soviet Russia has
renounced the ancient ambitions of Czarist Russia as
regards Constantinople and the Straits—ambitions
based not only on the imperialistic desires of the
Czarist Government, but also on the desire to safeguard the security of the southern borders of the
Russian Empire. These methods are not ours. In
any case it is vain for any one to hope that Russia
2508
THE CHRONICLE
will give up her just rights. After the Crimean War
Russia had to give up her Black Sea fleet, but to-day
Russia is not a c9nquered nation, and she will not
submit to the status of a conquered nation. Russia
wants peace; she seeks amity with all nations, far
and near; but in the interest of peace she wishes to be
able to defend herself against aggression."
The attitude of the Turks and the Russians continued to give the Allies trouble. At Sunday's session it
appeared that Ismet Pasha, representing the Turks,
and George Tchitcherin, representing the Russians,
were not in accord with respect to a plan for the settlement of the Straits problem. In fact, the New
York "Times" correspondent cabled that "the Russian plan of using the Turks as tools in the Soviets'
fight against England in the Near East received a
distinct setback to-day when Ismet Pasha refused
to subscribe blindly to Tchitcherin's demand for the
closing of the Straits to all warships and their fortification by the Turks. For eight hours the Russian
Foreign Minister argued the case with the chief
Turkish delegate, and on the eve of the opening of the
Straits debate the Turco-Russian bloc has a large
fissure in it." He added that "as matters stand tonight the Turks go so far as to demand an agreement
that the Straits shall be closed to warships at all
times, but will not demand the right to fortify them,
accepting the British contention that they should be
demilitarized. The Russians take the view that this
would mean that a strong naval Power could force
the passage of the Straits; but apparently the Turks
will not support this argument."
The next day the situation apparently became still
more tense and alarming. M. Tchitcherin advocated
"the closing of the Dardanelles to all warships except those of Turkey and giving Turkey the right to
fortify the Straits." It was reported also that the
Russian Foreign Minister "asked for absolute Turkish control of the Straits, without demilitarization,"
and also that "the Allied occupation of the Straits
should cease immediately." M.Tchitcherin was even
quoted as asserting that "the Allied positions were
untenable there," and that "Russia would oppose the
continued presence of the Allies." While Ismet Pasha was reported to have said that "he had not completely worked out a plan for the control of the
Straits," he admitted that "the Russian plan more
nearly approached the Turkish idea than any other
suggestion made in the Conference, but he failed to
give it his approval." Lord Curzon was said to
have "declared the Turks were trifling with the Conference by not having any definite proposals." The
New York "Times" correspondent said that "Russian
intervention has brought a new atmosphere into the
Conference. While in the first two weeks there was
bad feeling enough, decorum was preserved between
the Allied diplomats and the Turks, who were always
suave and polite. But Tchitcherin, with his sarcastic attacks upon the Allies, has injected a new bitterness into the whole proceedings."
The situation at the Conference was outlined in
part as follows in a dispatch from Lausanne Tuesday
evening: "Outmanoeuvring of Europe's statesmen
by the joint diplomacy of the Turks and Russians at
Lausanne has nearly checkmated the Allies. The
Near Eastern Conference stands adjourned until
Wednesday, while Marquis Curzon, M. Barrere and
Marquis di Garroni consult their Governments. The
Allies were unable to draw the Turks into a declara-
Fou 115.
tion of policy which they could oppose. The Allied
delegations do not conceal their anger with Tchitcherin, who is considered the probable author of the
present situation." The statement was made in a
Paris dispatch that Premier Poincare had sent "new
instructions to the French delegation, favoring measures of naval limitation for the Black Sea." It was
said also that "M.Poincare opposes the maintenance
of troops at the Straits permanently and favors an
international commission of control." Dispatches
from Lausanne the following morning indicated that
.
the British would agree to the appointment of such
a commission. The Allied delegates were reported to
have agreed that the Straits should not be fortified.
It was reported that the international commission
should be,empowered "to admit foreign warships to
the Black Sea when it is necessary to protect the interests of the nations concerned."
•
At Wednesday's session of the Conference Lord
Curzon "in the name of the Allies, presented the details of a comprehensive project for keeping open the
Straits of the Dardanelles and the Bosporus in time
of peace and war." The Asscciated Press correspondent said that "it provides for the appointment of an international commission of
control composed of the great Powers, including the United State's as well as Turkey, and the
countries bordering on the Black Sea." In an official communique it was set forth that,"as guarantees
for the liberty of the Straits we ask of Turkey no
right of international military occupation, but only
the constitution of a military and naval commission,
comprising representatives of the interested Powers
and the inviting Powers. This commission would include the United States." According to the Associated Press,"the Entente project for the demilitarization of the zone of the Straits comprises five articles.
It declares there should exist no permanent military
or naval works which would be susceptible of preventing free passage through the Straits. This zone
includes the Dardanelles, the Sea of Marmora, and
the Bosporus. Article II fixes the extent of the zones
of demilitarization on both sides of the Dardanelles
and the Bosporus. They include the Gallipoli Peninsula, all the islands in the Sea of Marmora, and
the Islands of Samothrace, Lemnos, Imbros and Tenados, in the Aegean. All the existing fortifications
should be destroyed, it is declared, and all new fortifications prohibited. No submarines would be permitted in the waters of the Straits as mentioned in
the foregoing." The correspondent added that "delegate Barrere of France said the proposition represented an attempt to solve the Straits problem without infringing upon the sovereignty of Turkey or that
of any country bordering upon the Black Sea." It
was related that Richard Washburn Child, and Joseph C. Grew presented the views of the United
States regarding the Straits situation. Ambassador
Child was reported to have "set forth the view of the
United States independent of that of any other
Power. He said the United States holds that the
Straits and the Black Sea must be open to ships and
warships of all nations in time of peace and of war,
and that it opposes any plan which would give one
Power control, just as it would any other international water."
The more complete accounts of Wednesday's session, as given in cable dispatches made public here
Thursday morning, showed unmistakably that the
DEC.91922.]
THE CHRONICLE
2509
discussions between Lord Curzon and M. Tchitcherin for some days. In a Paris cable dispatch Tuesday
had been very lively to say the least. The New York morning it was said that "it is not the Premier's in"Tribune" correspondent asserted that "a series of tention that these conversations should take the form
sharp clashes between Marquis Curzon and Georges of an inter-Allied conference on the program which
Tchitcherin, culminating in a virtual threat of war by he has drawn up for Brussels, but that they should be
the Soviet delegates, marked a session more tense confined to an exact definition of the position of
than any yet held. The Allied spokesman verbally each of the Allies and the establishment of a comtore to pieces the Russian demand for Turkish con- mon agreement among them, in face of the declaratrol of the Straits, observing that the sole aim of tion made by the Wirth Government before its resthe Soviet seemed to be to 'convert the Black Sea ignation, and since confirmed by Chancellor Cuno,
into a Russian lake, with Turkey as faithful guardian that Germany will be unable to meet her obligations
at the gates.'" The head of the Russian delegation next year." The correspondent added that "M.Poinwas reported to have shouted, in reply to Lord Cur- care will confine himself to urging, and, in fact, dezon, "you are compelling Russia to arm—arm— manding, that some other solution than the easy and
arm !" The "Tribune" representative added that formerly disastrous one of granting a new moratori"Tchitcherin figuratively took Ismet Pasha by the um to Germany, be at once decided upon in principle,
throat after to-day's session, warning him that Tur- and he will sound out the British Prime Minister's
key's acceptance of the Allied demands aimed to re- intentions on the question of the cancellation of
duce Russia to a state of vassalism, would be equiva- debts. But he has no intention of laying before the
lent to throwing Turkey into the bloc of Russia's little conference in London the scheme for internaenemies. In the last analysis, however, it is the deci- tional reconstruction which he will develop at Brussion of the Angora Assembly which caused the great- sels." The Associated Press representative in Lonest fear here to-night. Whether extremists or moder- don, in commenting on the meeting there to-day, asates are in control there is the question which the serted that it "is likely to develop into the most imnext 48 hcurs must answer. War or peace may de- portant meeting of its kind since Versailles." In atpend on it. The Turks now face the alternative of tempting to forecast the probable attitude of the conbreaking with their treaty-bound friends, the Rus- ference of the representatives of Germany, France
sians, who are urging a course diametrically op- and Italy he said: "The British are awaiting the
posed to that offered by the Allies, or of rejecting the German attitude on the latest issue bearing on atmajority ruling of to-day's conference, which bears tacks on officials of the Inter-Allied Control Comthe added authority of moral pressure by the United misssion in Bavaria with the greatest interest, hoping that the Cuno Government will act in such a manStates."
It became known here yesterday morning that at ner as to justify Allied confidence in the new regime.
the session of the Conference the day before "the France, ever fearful of German aggression, is exTurkish edict that the 200,000 Greeks in Constanti- pected to take the initiative at Saturday's [to-day]
nople must leave, either with or without an exchange meeting in arguing for drastic action. Great Britain,
of the Turk population in Greece, met the firm stand desiring trade and the economic reconstruction of
by the Allies that the Greeks in the Turk capital Germany, will be at the other extreme, with Belgium
must be allowed to remain and must not be massa- sharing the French fears of the British economic polcred. The American delegation took a stand sup- icy and urging a compromise, as at the London conporting the Allied position." The statement of the ference in August. Premier Mussolini of Italy is an
American representatives was presented by Minister unknown quantity so far as concerns the serious
business of the Conference, but it is evident that he
Grew.
is already desirous of proving the Allied assurances
At yesterday's session, the Turks presented their that Italy occupies a position of equality in the Enproposals "for regulation of the Straits of the Darda- tente."
Premier Mussolini arrived at Lausanne Thursday
nelles and the Bosporus." According to the Associated Press correspondent they made the following evening at 6 o'clock, dined with Lord Curzon and left
requests: "(1) Guarantees against surprise attacks late that night for the conference of Premiers in Lonfrom land or sea threatening the security of the don. He passed through Paris yesterday and while
Straits, of Constantinople, or Of the Sea of Marmora. there was quoted as saying,"I am going to London in
(2) Limitation of naval forces bound for the Black the hope that we will pass from words to facts."
Sea so that they will not constitute a danger to the The New York "Tribune" correspondent at the
zone extending between the two straits to the Black Lausanne Conference, commenting upon the London
Sea. Turkey expresses the view that these forces gathering which begins its sessions to-day, said: "A
might be composed of light warships, employed for conference which will have profound effect, not only
the protection of international commerce. (3) Inter- on the European situation, but on America's reladiction upon the maintenance of warships in the tions with Europe, will open here to-day, with PreBlack Sea. (4) Liberty of passage for merchantmen mier Bonar Law, Premiers Poincare of France, Musin time of peace and of war." The correspondent solini of Italy and Theunis of Belgium, in attendsaid also that the proposals were heard "with satis- ance, to discuss the question of German reparations."
faction by the representatives of the Allied Powers He added that "there is little optimism in any quarand the United States." He added that "spokesmen ter on the eve of this important gathering of Allied
for the Entente expressed the opinion after the ses- statesmen, intended as a preliminary to the Brussels
sion that the Turkish and Allied plans could be har- Conference." He pointed out that "at the root of the
entire problem is the matter of war debts, and there
monized."
can be nothing beyond academic discussion of interPreparations for the week-end meeting of Allied Allied cancellations until after the British debt fundPremiers in London to arrange for the proposed ing mission, led by Sidney Baldwin, has talked with
Brussels Conference on Dec.15 have been in progress American authorities in Washington next month."
2510
THE CHRONICLE
According to a Paris dispatch, Premier Poincare left
for the Conference "prepared to resist any attempt to
grant a moratorium without productive guarantees.
It appears here that Britain will attempt to solve all
the problems at issue during the sessions and thereby
supersede altogether the Brussels Conference. Poincare, however, is determined to prevent any diplomatic move ta cut out the meeting in the Belgian capital." According to London dispatches yesterday
morning the belief is entertained there that the
American Ambassador may be an important factor
at the Brussels Conference. Sir George Paish, the
English economist, was quoted in a London cable
dispatch to the New York "Herald" yesterday morning as expressing the belief that the Premiers can restore Europe, but to do so must subvert their political aims to economic necessities when they meet at
Brussels. He also believes that reparations should
be reduced and that an international loan should be
floated, which he thinks would enable Germany to
pay in 40 years.
[VoL. 115.
border States agreed to proportionate reductions;
but if they should do so, the Russian Government
would consider the cause of peace genuinely served
and that an example of great value had been set to
the rest of the world."
In his account of Wednesday's proceedings, the
New York "Times" correspondent said that "a compromise was finally reached in the discussion of the
Russian disarmament program by the border States,
which at one moment became so keen as to threaten a
rupture of the negotiations." He added that, "led
by the Poles, whose chief, Prince Radziwill, is the
outstanding figure among the visitors, the States
flatly refused to consider the concrete Russian proposals for an immediate reduction of military forces
unless the Russians agreed to prepare the way by the
discussion of a general compact of non-aggression
and an arbitration treaty." Before the discussion
ended, Litvinoff, head of the Russian delegation,
"made some concessions." The "Times" representative said also that "the Conference will now get down
to work on a triple program—formulation of a comInstead of making further efforts to secure an in- pact of non-aggression, arbitration agreements and a
ternational loan to furnish funds toward the pay- practical scheme for a progressive general reduction
ment of reparations installments, it was reported in of forces on the lines proposed by Russia. Taking it
an Associated Press dispatch from Berlin Thursday by and large, the prospects of a real measure of sucmorning that the German Government intended to cess are fairly good." The same correspondent, in a
propose to the Reparations Commission "an internal dispatch to his paper yesterday morning, was not so
gold loan, the proceeds to be used for stabilization optimistic over the probability of quick results at the
and cash reparations payments." It was added in Conference. He said that "some progress has been
the dispatch that "the note to the Commission will made at the Moscow Disarmament Conference, but
supplement the proposals made in the communica- Russia's neighbors still decline
to introduce into the
tion to that body on Nov. 13." The reports in circu- projected treaty now being discussed
clause by clause
lation in Berlin relative to this plan stated that • the Russian concrete proposal
for an immediate re"half of the amount is to be devoted to stabilization duction of military forces
and expense."
and half to reparations." Berlin heard also that
"the Chancellor has been assured the co-operation of
From the time that he came into office cable adindustrial, financial, commercial, shipping and agri- vices from Rome and other
European centres have
cultural interests." The Associated Press corre- indicated that Premier Mussolini
was quite willing
spondent at the German capital heard that "the loan to enter into some sort of trade agreement
with Sowill be guaranteed by the Reparations Commission viet Russia. According to a special dispatch
from
under the same provisions named in the Govern- the Italian capital to the New York "Times" at
midment's previous note, with the presupposition that week, Leonid Krassin, Soviet Minister of Trade,"has
an adjustment to ultimate reparations payments will been in Italy for some time, displaying great activnow be definitely fixed." While the definite amount ity in negotiations for a commercial treaty between
that would be proposed in the note to the Commission Italy and Russia. With this object in view, he has
could not be learned at the time that the dispatch in already had important conversations with several
question was filed it was believed that it would be be- leading Italians, including Premier Mussolini." The
tween 20,000,000,000 and 30,000,000,000 gold marks, correspondent added that "Krassin found Mussolini
"in addition to the payments already rendered, as very willing to come to some understanding, it being
representing Germany's total capacity to pay repara- part of the Premier's policy, as explained to the
tions."
Chamber at its opening session recently, to arrive at
a rapprochement with Russia." He asserted also
At a disarmament conference in Moscow this week, that "the Russians offer the Italians important conMaxim Litvinoff, Chairman of the Russian Delega- cessions in South Russia, including oil in the Caucation, made the following proposals: "First, reduc- sus, coal in the Donetz Basin,farming lands in Ukration of the army to 200,000 men; second,.strict lim- n4a and certain mines of lesser importance. The Italitation of the military budget to a certain sum per ians, on thier part, it is proposed, shall bind themsoldier; third, the establishment of a 'zone of neutral- selves to send fully equipped workmen to exploit
ization of the frontiers between Russia and her neigh- these riches on a profit-sharing basis with Russia,
bors—as was already decided in recent agreement contributing energy and money to the rebuilding of
with Finland—to prevent a recurrence of frontier Russia. Two main points have so far been decided.
conflicts that are such a grave menace to peace.'" They are: First, that Italy will send Russia a diploM.Litvinoff added that "the Russian Government, to matic representative, even if he is to have the characits great regret, is unable to put forward proposals ter of a commercial and economic representative.
as to limitation of naval forces; but the Russian fleet Second, that a mixed committee will be formed of
is already reduced to a quarter of its 1917 strength." judicial, commercial and economic experts to examThe New York "Times" correspondent observed that ine in a friendly spirit the various problems of com"of course, the above proposals are simply a basis of mon interest."
discussion and would not go into effect unless the
DEC.9 1922.]
THE CHRONICLE
While announcement was made in Athens cable
dispatches some days in advance that the court martial of Prince Andrew, brother of former King Constantine, would begin on Monday of this week, it became known here a week ago this afternoon that it
had been held in the Greek capital earlier in the day.
The Associated Press correspondent at that centre
said that he was "put on trial by the Revolutionary
Committee to-day on a charge of contributing to the
Greek defeat in Asia Minor by ignoring orders sent to
him by the General Staff." The correspondent added
that "it was the first instance of a member of the
royal family being haled before a court martial, but
there were few spectators in the House of Parliament when the trial opened at 9 o'clock in the morning. This was attributed, however, not to a lack of
interest, but to the short notice on which the court
was convened." London heard that evening, through
a news agency dispatch from Athens, that the Prince
had been sentenced to "perpetual banishment" by the
court martial. The real verdict was "banishment for
life and deprivation of his rank." It was added, however, that "he will not suffer actual degradation, as
at first reported." The Associated Press correspondent said that "the judgment of the court finds that
Prince Andrew refused to obey orders in the presence
of the enemy and moved his army corps in another direction, but considers that in view of his lack of experience in commanding large masses of fighting
troops and the conditions in which he was placed, application of the penalties provided by law would not
be justifiable." Dispatches from various points
stated that Prince Andrew and Princess Alice left
Athens promptly after the ending of the former's
trial. According to the first advices they sailed
away on the British light cruiser "Calypso" and were
• proceeding to Corfu and thence to Brindisi, Italy. It
was suspected that their ultimate destination was
England.
Early in the week it was reported that Prince Andrew owed the saving of his life to the intervention of
the Pope when his court martial trial was in progress. A dispatch from Rome Wednesday evening
stated that the Prince, Princess Alice and their four
phildren arrived there at noon, and that "they went
directly to the Vatican, where they were received by
Pope Pius." It was added that the Prince "expressed
to the Pontiff his heartfelt thanks for the timely intervention of the Vatican during his trial, to prevent
a sentence of death such as was returned against former Premier Gounaris and the other ex-Ministers."
Switzerland is a country about which comparatively little has been heard for several years. During
the war it was a place of refuge for the peoples of
several nations. In recent weeks her people and Government have been disturbed by Socialist activity.
That political group endeavored to "establish a levy
on capital." The proposal was taken to the people on
a referendum on Dec.3 and was defeated by a vote of
704,785 to 101,057. According to a LausanLe dispatch,
"under the threat of this law, which would have
taken a percentage of all fortunes over 80,000 francs,
more than five billion francs capital had been taken
out of the country, and business had been brought
almost to a standstill." It was added that "returns
from strictly farming districts showed that the peasants have been even more strongly against the proposed levy than the urban population. For two
weeks gold has not been in circulation in Lausanne,
2511
but it is expected that it will be current again to-morrow [Dec. 4]. Bankers say that the decisive defeat
of the measure will mean that capital exported from
Switzerland through fear of the tax will be returned."
The Irish Free State is a reality. Tuesday evening
at 6 o'clock King George "gave royal sanction to the
legislation setting up the Irish Free State as a Dominion of the British Empire." Official announcement was made during the afternoon of "the appointment of Timothy M. Healy as first Governor-General
of the Irish Free State." In a greeting to America,
according to the Dublin correspondent of the New
York "Herald," Mr. Healy said,"I would ask Americans and Irish-Americans, with whose great help toward this country I became acquainted 40 years ago,
to lend their moral encouragement to our Government, or at least not to give its enemies financial aid.
Ireland to-day has a Government which every loyal
Irishman and Irishwoman will help for the sake of
old Ireland, and both Ireland and her friends may
confidently trust to the future." It was stated also
in a London dispatch Tuesday evening that "by a special order in Council the full administration of the'
country already has been handed over to the Provisional Government. Therefore, when the Constitution comes into existence to-morrow [Wednseday]
there will be no ceremony of any kind to mark the
fulfillment of the treaty made between the British
and Irish Governments." The correspondent further
explained that "meanwhile, the Dail will sit privately to choose 30 members of the Senate. The
choice will be made from about 150 candidates, and
the selection will be announced to-morrow." President Cosgrave of the Irish Free State, in an interview, was quoted as saying that "the situation in Ireland was Well in hand and that he had high hopes
that the troubles of the Irish people were at an end."
He said "a union of the North and South could not
long be delayed, inasmuch as the line dividing the
two sections was unnatural." The President added
that"the appointment of Mr. Healy was undoubtedly
popular among all classes in Ireland." He said "the
execution of Erskine Childers had been received with
calmness and fortitude. As an evidence of the rapid
improvement of conditions in Ireland, President
Cosgrave said that the past year had shown a large
increase in exports as compared with 1921." It
would have been strange indeed if the Free State had
been set up formally without some disturbance by
one or more opposing political elements. According
to a Dublin dispatch,"Irish insurgents resumed their
guerrilla warfare to-day, on the eve of the actual establishment of the Free State. Sixty 'rebels,' who
ambushed Free Staters west of Cork, were driven off
with machine gun fire. They were closely pursued
and heavy casualties inflicted as they fled into heavy
woods nears Drimoleague."
The Dublin correspondent of the New York "Tribune" cabled Thursday morning that "invitation to
Ulster to come in with the Irish Free State and share
with the new Government the prosperity of Ireland
was extended to-day [Wednesday] by President William Cosgrave as a feature of the proceedings when
the Dail Eireann met to take formal steps for the establishment of the Free State." While stating that
he did not wish to "anticipate the decision of the Belfast Parliament which meets to-morrow, Mr. Cos-
2512
THE CHRONICLE
[VoL. 115.
grave said, appeal to them, however, to come in with 18.94% a week earlier. All of this, however,
with the rest of Ireland and share the prosperity and caused very little concern, as it was regarded as the
happiness which must certainly follow the union.'" natural result of the usual Dec. 1 disbursements.
According to an Associated Press dispatch from Bel- IT the corresponding week of last year the reserve
fast Thursday evening, both Houses of the Ulster ratio stood at 143'% and in 1920 only 94%. Public
Parliament during the day voted unanimously to deposits decreased £5,887,000, but "other" deposits
keep out of the Irish Free State. Premier Sir James increased £22,118,000. Temporary loans to the
Craig, in the lower House of the Parliament, "pro- Government increased £18,587,000, while loans on
posed an address in the name of that body declaring other securities fell £2,105,000. Gold holdings agUlster no part of the newly established Dominion." gregate £127,446,768. Last year the total was
It was added that "the measure was sent to the Sen- £128,433,570 and in 1920 £125,877,511. Total reate, which returned it to the lower House for final serve stands at £22,827,000, which compares with
approval after amending by inserting the words 'and £21,921,711 in 1921 and £13,916,456 a year earlier.
Senate,' thereby making the address to read in the Loans total £65,830,000, against £80,636,460 last
name of both Houses." The correspondent made it year and £72,180,016 in 1920. Note circulation now
known also that "Premier Craig stated in the House amounts to £123,063,000. This compares with
of Commons that Ulster would not appoint a repre- £124,961,865 and £130,411,055 one and two years
sentative on the proposed commission to fix the boun- ago, respectively. Clearings through the London
dary between Ulster and the Free State, nor would Sanks for the week were £743,082,000, against £671,she be interested in the commission in any way."
133,000 last week and £790,961,000 the preceding
Dispatches from Dublin the same evening told of year. The Bank's official discount rate of 3% has
the announcement by President Cosgrave in Parlia- remained without alteration. We append a statement of the fatal shooting if Deputy Sean Hales, and ment of comparisons of the principal items of the
also that Patrick O'Maille, who was Deputy Speaker, Bank of England's returns for a series of years:
had been wounded. The shooting in both cases was
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1920.
1919.
1918.
said to have occurred while the men were on their
Dec. 7.
Dec. 8.
Dec. 10.
Dec. 11.
Dec. 6.
way to the Parliament session. Word was received
123.063.000 124,961,865 130,411,055 88,583,615 67,508.130
from Dublin last evening that "Rory O'Connor and Circulation
11,142,000 11,995,996 22,423,996 20,174,296 27,418,215
Public deposits
Liam Mellowes, together with two other prominent Other deposits
125,553.000 142,742,660 126,482,857 137,694,082 152,999,462
66,892,000 70,064,254 80,707,702 77,205.036 73,685,411
Gov't securities
Irish rebels, Joseph McKelvey and Richard Barrett, Other securities
65.830,000 80,636,460 72,180,016 77,073,580 95,901,122
were executed in Mountjoy Prison this [Friday] Reserve.notes & coin 22;827,000 21,921,711 13,916,456 21,526,033 28,672,336
Coin and bu1l1on_127,446,768 128,433,570 125,877,511 91,659,948 77,730,466
morning, it was officially announced. An official Proportion of reserve
to
im%
13%%
143%
0/%
15%
army report states that the four men were executed Bank liabilities
7%
rate
5%
6%
5%
3%
as a reprisal for the assassination of Sean Hales, the
Deputy shot yesterday [Thursday], and as a solemn
The Bank of France in its weekly statement shows
warning to those associated with them 'in the con- a further small gain of 483,325 francs in the gold item
spiracy of assassination against the representatives ; this week. The Bank's aggregate gold holdings are
of the Irish people.' The prisoners were tried by a thus brought up to 5,534,404,825 francs, comparing
military court martial during the night; found guilty with 5,524,101,894 francs on the corresponding date
and sentenced to death. The death sentence was car- last year and with 5,498,062,852 francs the year
ried out at 9.20 o'clock this morning. The startling before; of these amounts 1,897,967,056 francs were
swiftness with which the Free State Government held abroad in 1922 and 1,948,367,056 francs in both
acted in consequence of the assassination of Deputy 1921 and 1920. Silver, during the week, gained
Hales caused a great sensation in Dublin, used as 103,000 francs, advances rose 58,710,000 francs, and
this city is to sensational happenings." From Cork general deposits were augmented by 2,585,000 francs.
came word that "a powerful bomb was thrown at a On the other hand, bills discounted fell off 554,140,military car this [Thursday] afternoon. The missile 000 francs, while Treasury deposits were diminished
did not reach its mark, but exploded near by, wound- 39,609,000 francs. A further expansion of 269,911,i g two men and two women. The bomb thrower es- 000 francs occurred in note circulation, bringing the
caped."
total outstanding up to 36,384,061,000 francs. This
contrasts with 36,666,338,460 francs at this time
No change has been noted in official discounts at last year and with 37,920,075,165 francs the year
leading European centres from 10% in Berlin, 532% previous. In 1914, just prior to the outbreak of
in Madrid, 5% in France, Denmark and Norway; war, the amount was only 6,683,184,785 francs.
43/2% in Belgium and Sweden,4% in Holland, 33/2% Comparisons of the .various items in this week's
in Switzerland and 3% in London. Open market return with the statement of last week and corresdiscounts in London were a trifle easier, declining to ponding dates in both 1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
2 7-16%@23/2% for long and short bills, in comChanges
Status as of
%% a week ago, while money on
with 23/2@2
parison
Dec. 7 1922. Dec. 8 1921. Dec. 9 1920.
for Week
Francs.
Francs.
Francs.
Francs.
4
receded to 11 %, as against 1%% last week. Gold Holdings—
call
483,325 3,636,437,769 3,575,734,838 3,549,695,795
Inc.
In France
market discount rate at Paris and Switzer- Abroad
1,897,967,056 1,948,367,056 1,948,367,056
No change
The open
land continues to be quoted at 432% and 2%,
483,325 5,534,404,825 5,524,101,894 5,498.062,852
Inc.
Total
288,641,495
279,431,935
103,000
265,589,336
Inc.
Silver
respectively.
2,086,060,000
2,216.673.818 3,337,908.683
Dec554,140,000
Bills discounted
Inc. 58,710,000 2,217,368,000 2,326,903,871 2,176,709,874
Advances
Inc.269,911,000 36,384,061,000 36,666,338.460 37,920,075,165
eirculation
Note
28,533,000
62,558,934
152.881,374
Treasury deposits Dec.39,609,000
General deposits—Inc. 2,585,000 2,118.627,000 2,454,393,139 3,868,326.130
The Bank of England in its statement for the week
ended Dec. 7 reported an addition to gold stocks of
£6,313, 'although, as note circulation expanded
According to the statement issued by the Imperial
£179,000, there was a further reduction in total reBank of Germany, for the week of Nov. 30, the
serve of £173,000, while the proportion of reserve to
liabilities has been reduced to 169/8%, as compared largest expansion in note circulation yet recorded
Dicc. 91922.]
THE CHRONTCLE
took place in that week. In round numbers, the
increase was 110,336,370,000 marks, thus bringing
the already stupendous total of outstanding obligations up to 753,504,862,000 marks. Bills of exchange
and checks increased 38,212,865,000 marks and
deposits 39,590,528,000 marks: In discount and
Treasury bills there was an expansion of no less than
79,486,777,000 marks, while advances increased
42,956,842,000 marks. Other assets registered an
advance of 13,919,046,000 marks and other liabilities
of .21,174,993,000 marks. Declines were shown of
2,513,000 marks in total coin and bullion and of
1,000 marks in gold. Notes of other banks decreased 5,454,000 marks and investments 25,693,000
marks. The Bank's gold is reported as 1,004,848,000
marks.
2513
13% reserves above legal requirements for member
banks of the Federal Reserve System, but not including cash in vaults of $56,250,000 held by these
banks on Saturday last.
The tenaency of call money at this centre was
toward greater firmness, until yesterday. There
was no real flurry at any time and the quotation did
not rise above
Time money was unchanged
at 4%@5%. In some circles surprise was expressed
over the fact that the rates for call loans kept as
high as they did. At times, however, a rather active
demand for day-to-day loans was reported. Until
Wednesday afternoon the tendency of the stock
market was still downward. Even after it turned
upward it is probable that the transactions were
professional to much the same extent as they were
The Federal Reserve Bank statement issued at the when prices were going in the opposite direction.
close of business on Thursday was featured . by a If this assumption is correct the rally in the stock
material reduction in gold reserves, accompanied by market should not have involved any considerable
a further increase in borrowing on the part of member amount of new borrowing of money. At this very
l
institutions, bringing about a sharp lowering: in point it is altogether timely to suggest that if the
reserves fell Street as a whole had a more accurate knowledge
reserve ratios. For the system gold
$27,000,000, while an expansion in rediscounts on of the total of brokers' loans it would be in a much
Government secured paper, also larger bill pur- better position to forecast the immediate future of
chases in the open market, resulted in an increase the money market at this centre. The statement
in total bill'holdings of over $62,000,000. This raises comes from important banking circles that except
the aggregate of the bill holdings to $971,772,000, for the large influx of gold in the last two years
but which nevertheless compares with $1,252,443,000 our money market would not be as easy as it is.
at this time last year. In the New York bank very 'Secretary of the Treasury Mellon in his annual
similar conditions prevailed. Gold was reduced report also gave expression to the idea that the pres$62,000,000, and bill holdings enlarged more than ent status of the money market is due largely to
$73,000,000, with the result that total bills on hand heavy gold imports. Conservative observers did
now aggregate $266,970,000, as against $265,585,000 not fail to note his word of caution against the
in the corresponding week of 1921. Both locally danger of this vast gold supply being used for the
and nationally earnings assets were substantially purposes of inflation. It was suggested in local
increased. Federal Reserve notes in actual circula- banking circles that the rates at which he offered
tion for the system showed an increase of $32,000,- two of the short term Government securities run000, but remained almost stationary in the New York ning for the longer periods,indicated that he did not
Bank. Reserve ratios fell, 6.9% to 78.1% in the look for money to go below present quotations
New York bank and 2.1% to 74.3% for the twelve for some time. The loss of $61,700,000 gold by the
New York Federal Reserve Bank and the decline in the
reporting banks.
reserve ratio from 85 to 78.1% offer a good explanaLast Saturday's statement of New York Clearing tion for the occasional stiffening of money rates.
House banks and trust companies reflected the usual Yesterday, however, there was an unexpected drop
month-end strain and there were additions to both in call money from 5 to 4%. The buying demand
loans and deposits as well as a further slight en- for bonds has not been particularly keen. The
largement of the already existing deficit. Loans Cuban loan may not be brought out until next
expanded $8,985,000. Net demand deposits were month.
$35,426,000 larger, bringing the total to $3,858,043,As to specific rates for money, the week's range
000. This is exclusive of Government deposits to
the amount of $57,119,000. On the other hand, on call loans has been 4@53%, the same as last
time deposits were reduced $5,608,000, to $434,- week. On Monday the high was 4%%, which was
962,000. Other changes which were not particular- also the renewal rate, with 432% the low. Tuesday
4%, while renewals were
ly significant, included a nominal reduction in cash there was an advance to 51
in own vaults of members of the Federal Reserve negotiated at 5%, the minimum figure. Call funds
Bank of $4,000, to $56,250,000, (not counted as remained at this level on Wednesday, without
reserve); an increase of $112,000 in reserve of State change. On Thursday there was no range, a flat
banks and trust companies in own vaults, and a de- rate of 5% being quoted all day. Slightly easier
cline of $179,000 in the reserve of these institutions conditions prevailed on Friday, with a decline to
kept in other depositories. Member banks increased 4%, although the ruling rate was still 5%, which
their reserve credits at the, Reserve Bank $2,505,000, was the maximum. The figures here given are for
but this was more than offset by the gain in deposits both mixed collateral and all-industrial loans without
and the result was a loss in surplus reserves of $1,904,- differentiation. For fixed-date maturities the situa180, which brought the deficit below reserve require- tion remains unchanged. Trading was quiet and
ments up to $7,472,190. Bankers showed no uneasi- featureless and few if any loans for large amounts
ness over the fact that a deficit was again recorded were reported. Time funds for all periods from
and they look for a speedy rectification of this condi- sixty days to six months were offered at 5%, the
tion with the return of funds into normal channels. level prevailing last week, without leading to any
The figures here given for surplus are on the basis of business to speak of.
2514
THE CHRONICLE
Mercantile paper rates continue to be quoted at
44@4%% for sixty and ninety days' endorsed
bills receivable and six months' names of choice
character, although the bulk of the business• is
being transacted at the outside figure. Names
less well known require 49-@5%, unchanged. A
moderate inquiry was noted, but trading was restricted by light offerings. Most of the inquiry is
still from out-of-town institutions.
Banks' and bankers' acceptances continue at the
levels previously current for spot delivery. Bills
for delivery in thirty days, however, have been
advanced 4%. A fairly good demand is reported
and transactions showed a marked increase. Both
local and country banks were in the market. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council is now
44%, against 4% a week ago. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchase by the Federal
Reserve banks 44% bid, and 4% asked for bills
running 30, 60 and 90 days; 43-% bid and 4%
asked for bills running for 120 days, and 43
4% bid
and 43.1% asked for 150 days. Open market quotations follow:
SPOT DELIVERY.
90 Days.
43(0)4
Prime eligible bills
60 Days.
43-i@4
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
43®4
4% bid
431 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT DECEMBER 8 1922.
Federal Reserve
Bank of—
Discounted bills maturing
within 90 days (incl. member banks 15-day collateral
notes) seemed by—
Bankers'
AgriculaccepTrade tural and
Treasury
tances
accep- We-stock
notes and Liberty
Other- discounted tances
paper
bonds
certifiwise
for
maturing maturing
cales of
and
secured member
within 91 to 180
Victory
indebtand
banks
90 days
days
notes unsecured
edness
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4%
4;6
4;6
4
4
434
436
4%
4%
4%
434
4%
436
4
4%
4
4
4
434
4
4
436
434
4%
436
4%
4%
4%
434
4
4
4
4%
4%
434
434
436
4;6
434
4%
434
436
434
4;6
4;4
4%
4
4%
4
4%
4
4
4
4%
4%
4;i
4
4
Sterling exchange values made further substantial
progress in the upswing inaugurated a week or so
ago and price levels presented the unusual spectacle
this week of a new high record being established
on five consecutive business days. Under the stimulus of an active inquiry, coupled with continued
scarcity of commercial offerings, demand bills moved
up by rapid stages to 4 54, 4 55 1-16 and 4 574,
the last-named figure being a net advance for the
week of 49 cents in the pound, and the highest
point recorded since June 1919, when sterling prices
commenced their gradual descent following removal
of the "peg" which had maintained British currency at or near 4 76% during practically the entire
period of the war. In the final dealings some recession occurred, as was almost inevitable after so
spectacular an advance, and the close was slightly
under the top. At the same time a falling off in
the inquiry set in and the market relapsed into dulness.
riroL. 115.
Trading was quite active during the early days of
the week and a good demand for sterling bills was
reported for legitimate business purposes. Speculators, at least in the local market, did not participate
in the week's operations to any very material extent,
and the strength was all the more remarkable in view
of the anxiety felt over affairs in the Near East and
the reparations muddle. News from Lausanne,
indicating that the Conference had dead-locked over
several important issues, aroused uneasiness in the
initial dealings. Later on, cable advices assumed a
more encouraging tone and reports commenced to
circulate that prospects of settling the much-disputed
Dardanelles question had improved. Throughout
practically the whole of the week, however, the
London market maintained a firm front and quotations from the British centre came persistently higher.
Numerous explanations were, as usual, forthcoming
for the advance that has taken place in the face
of so many retarding influences, but that most
generally accepted is that it was due largely to
tip better felling created by the attitude of the
aw Government party in Great Britain, forecasting
greater harmony in dealing with international problems; continued improvement in British economic
and financial affairs; extensive selling of dollar
exchange in London; lessening of exports from this
country, and a marked increase in imports to meet
holiday trade requirments. While confidence is
shown in banking circles that an amicable settlement of indemnity and debt funding issues is really
in sight, it is becoming apparent that sterling is
rapidly reaching a point where values will be less
and less affected by European political disturbances.
It is worthy of note that the week's high quotation
%
represents a gain since Jan. 1 this year of 553 cents,
and of $1 394 over the low record figure of 3 18,
touched on Feb. 4 1920. At present levels sterling
is only about 6% below par. It is not possible,
of course, positively to affirm that the advance
can be maintained; still bankers almost unanimously
assert that the advance is based on genuine improvement and is not the result of either manipulation
or speculative activity.
Referring to the more detailed quotations, sterling
exchange on Saturday was strong and fractionally
higher, with demand at 4 523'@4 52 9-16, cable
transfers at 4 5214@4 52 13-16, and sixty days at
4 504@4 50 7-16; trading was dull and uninteresting. On Monday another sharp rise took place, and
the result was to bring the quotation up to 4 54 for
demand; the low was 4 52, while cable transfers
ranged between 4 5231@4 543-it, and sixty days at
4
4 494@4 517 ;higher London cables and light offerings, also a more active demand for sterling incidental to holiday trade requirements, were mainly
responsible for the strength. The upward movement
attained further momentum on Tuesday when demand advanced to 4 53%@4 55 1-16, cable transfers
to 4 53%@4 55 5-16, and sixty days to 4 513-@
4 52 15-16. On Wednesday the same general factors were at work and sterling rates reached another
new high record, with the range 4 55%@4 56% for
demand, 4 564@4 56% for cable transfers and
4 53%@4 544 for sixty days. After early firmness,
prices receded slightly on Thursday, so that demand
bills ranged at 4 564@4 574, cable transfers at
/
4 56%@4 575 8, and sixty days , at 4 54 1-16@
4 54 13-16. Friday's market was quiet and a trifle
easier, with demand at 4 56 3-16@4 56 15-16, cable
DEC.91922.]
THE CHRONICLE
transfers at 4 56 7-16@4 57 3-16, and sixty days at
Closing quotations were
4 54 1-16@4 54 13-16.
4 54 11-16 for sixty days, 4 56 13-16 for demand and
4 57 1-16 for cable transfers. Commercial sight bills
finished at 4 56 9-16, sixty days at 4 53 13-16,
ninety days at 4 53 7-16, documents for payment
(sixty days) at 4 54 3-16, and seven-day grain bills
at 4 55 13-16. Cotton and grain for payment closed
at 4 56.
The gold movement was resumed this week and the
Homeric from Southampton brought $2,721,000, the
Rotterdam from Holland $42,000 in gold coins, and
the Sabin° from Alexandria $731,000 in gold coins.
From South American points the following consignments were received: $19,575 in gold bars, bullion
and gold dust on the Ecuador from Colombia; several
small shipments of gold and platinum on the Metapan
from Colombia, and 60 bars of silver on the Esperanzo
from Vera Cruz.
The Continental exchanges failed to participate to
any appreciable extent in the improvement noted in
sterling and quotations on most of the leading
European currencies moved aimlessly, first in one
direction, then in the other, without definite trend
either way. This was especially noticeable in French
and Belgian exchange which hovered between 7.14
and 6.95 for the former and 6.54 and 6.43 for the
latter. Reichsmarks remained at or near the figure
of 0.0131, while Austrian kronen are still being held
.
/
1
around 0.000142 A feature of the week was a
violent break in Greek exchange which was adversely
affected by the militant attitude of the political
party now in power. Trading, as has so often been
the case in recent weeks, was intermittently active,
with the undertone feverish and nervous. This was
to some extent due to the unsettlement prevailing at
foreign centres, also to the tactics of speculative interests abroad. Locally, operators are still adhering
to a policy of extreme caution with reference to the
making of new commitments, and the volume of
business passing is relatively light. Italian exchange
proved an exception in some respects to the general
rule and the quotation for lire moved up to 5.04,
though dealings in this class of exchange were not
particularly extensive and subsequently there was a
recession to 4 962 Cable advices from Italy state
/
1
.
that the Fascisti Government is largely responsible
for the upward movement, which is said to have been
brought about by the elimination of speculation and
close supervision of all transactions with a view to
fixing the rate. It is felt here, however, that such a
course, unless accompanied by actual trade betterment is likely to fail of its purpose, as all other attemps at artificial pegging have proved to be. A
hopeful factor, however, is that Italy is not directly
concerned in either the outcome of the reparations
tangle or the Turkish dispute. Toward the latter
part of the week the European political atmosphere
gave indications of clearing and intimations were
heard of the possibility of an adjustment of affairs
concerning the Near East; also that the reparation
outlook had improved. France was reported as
showing signs of weariness of the continued strife
with Germany and a greater willingness to co-operate
in an endeavor to arrive at some sort of settlement on
the question of unpaid reparations. Denial, officially, on the part of the French Government of any
intention of a military invasion of the Ruhr region
had a'good effect on sentiment, while the fact that
2515
the Allied Premiers are seemingly progressing with
their arduous task, was regarded as encouraging.
Exchange on the Central Eurrpean countries remained quiet, without essential change.
The London check rate in Paris finished at 64.40,
as against 64.15 last week. In New York sight
bills on the French centre closed at 7.111 against
/
2
,
7.08; cable transfers at 7.12 , against 7.09; com/
1
2
mercial sight bills at 7.092 against 7.06, and com/
1
,
mercial sixty days at 7.062 against 7.03 the previous
/
1
,
week. Antwerp francs finished at 6.551 2 for checks
/
and 6.562for cable transfers. This compares with
/
1
6.55 and 6.56 last week. Final quotations for
Berlin marks were 0.013i, against 0.01 5-16 a week
earlier. Austrian kronen closed at 0.000142 un,
/
1
changed. Lire finished the week at 5.022for bankers'
/
1
sight bills and 5.032for cable transfers, as contrasted
/
1
with 4.852 and 4.862the week before. Exchange
/
1
/
1
on Czechoslovakia closed at 3.172 against 3.18;
,
/
1
Bucharestat0.622
/
1
(unchanged) Poland at0.000573/2,
;
against 0.00059, and Finland at 2.53, against 2.52.
Greek drachma slumped to 0.94, a loss of 42
points, but recovered and closed at 1.18
for demand, with cable transfers at 1.23, against
1.36 and 1.41 last week.
In the former neutral exchanges, while trading
was not especially active, pronounced strength was
shown not only in guilders, but also in Swiss francs
and in Scandinavian rates. Dutch currency gained
62 points to 39.87. Swiss francs moved up to 18.97,
a gain of 49 points, while Norwegian remittances
advanced to 19.01, which is 53 points over last
week's close. Lesser advances took place in Swedish,
Danish and Spanish exchange. Trading, however,
except where selling for German account was in
progress, was quiet and featureless.
Bankers' sight on Amsterdam finished at 39.77,
against 39.49; cable transfers at 39.86, against 39.58,
commercial sight bills at 39.72, against 39.44, and
commercial sixty days at 39.41, against 39.23 last
week. Swiss francs closed the week at 18.83 for
bankers' sight bills and 18.85 for cable remittances.
A week ago the close was 18.48 and 18.52. Copenhagen checks finished at 20.58 and cable transfers at
20.62, against 20.33 and 20.37. Checks on Sweden
closed at 26.94 and cable transfers at 26.98, against
26.93 and 26.97, while checks on .Norway
finished at 19.01 and cable transfers at 19.05,
against 18.48 and 18.52 a week earlier. For
Spanish pesetas the close was 15.54 for checks and
15.55 for cable transfers. Last week the final
quotation was 15.37 and 15.38.
With regard to South American exchange, a firm
tone has been maintained and the check rate on Argentina advanced to 37.65 and cable transfers to
37%,in comparison with 37.00 and 37, a week ago.
/
1
2
For Brazil the rate moved up to 12.40 and 12.45, as
against 12.25 for checks and 12.50 for cable remittances last week. Chilean exchange finished at
12.20, against 12.25, but Peru advanced to 4 19,
against 4 14 last week.
In the Far Eastern exchanges marked strength was
shown by Chinese and Indian currencies, the former
in sympathy with the advance in sterling, also higher
prices for silver, and the latter on an improved trade
position. Hong Kong finished at 542@54%,
/
1
against 53%@54; Shanghai, 72@723, against 71®
71%; Yokohama, 48%@49, against 482
/
1
@48%;
Manila, 49 8@49%, against 49%@50; Singapore,
/
2516
UTE CHRONICLE
•53M@53%, against.53@533; Bombay, 303/2@30%
(unchanged), and Calcutta, 303/2@307 , against
4
303@3O.
Pursuant to the requirements of Section 522 of the
'Tariff Act of 1922, the Federal Reserve Bank is
now certifying daily to the Secretary of the Treasury
the buying rate for cable tranfers on the different
countries of the world. We give below the record for
the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 2
TO DEC. 8, INCLUSIVE.
[Vol.. 115.
Dec.7 1922.
Dec.8 1921.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
England _ _ 127,446,768
127,446,768 128,433,576
128,433,576
France a _ _ 145,457,511 11,520,000 156,977,511 143,029,394 11,160,000 154,189,394
Germany _ 50,110,830 7,063,950 57,174,780 49,684,900
649,750 50,334,650
Aus.-Hun _ 10,944,000 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
100,948,000 25,908,000 126,876,000 100,351,000 25,105,000 125,456,000
Spain
35,002,000 3,039,000 38,041,000 33,769,000 2,969,000 36,738,000
Italy
Netherl'd.. 48,483,000
830,000 49,113,000 50,497,000
418,000 50,915,000
Nat. Belg_ 10.604,000 2,067,000 12,731,000 10,663,000 1,600,000 12,263,000
Switzerrd_ 21,252,000 4,540,000 25,792,000 21,801,000 4,901,000 26,762,000
Sweden _ _ _ 15,224,000
15,224,000 15,281,000
15,281,000
Denmark _ 12,683,000
251,000 12,934,000 12,685,000
188,000 12,873,000
Norway _ _ 8,183,000
8,183,000 8,115,000
8,115,000
Total week 586,398,109 57,407,950143,806,059 585,253,870 49,419,750634,673,624
Prey. week 586,329,513 57,430,550 643,760,063585,173,824 49,575,550634,749,370
• a Gold holdings of the Bank of France this y
held abroad.
are exclusive of £75,918,682
THE PRESIDENT'S BUDGET MESSAGE.
The message of the Presi en oTTlie United States
Country and Monetary Unit.
in transmitting the annual Budget to Congress is a
Dec. 2. Dec. 4. Dec. 5. Dec. 6. Dec. 7. Dec. 8.
unique document. It marks the first occasion in our
EUROPE$
$
$
$
S
S
Austria, krone
5.000014 8.000014 8.000014 8.000014 8.000014 8.000014
financial history when the President made a review
Belgium,franc
.0650
.0150
.0614
.0642
.0649
.0653
Bulgaria, lev
.00695 .006937 .00695 .006917 .006937 .006983
Czechoslovakia, krone
.031753 .031811 .031378 .031772 .03175 .031744 and an analysis of the financial condition of the GovDenmark, krone
.2042
.2040
.2045
.2054
.2062
.2062
ernment. Last year, when the first Federal Budget
England, pound sterling 4.5271 4.5333 4.5445 4.5628 4.5054
4.5659
Finland, Markka
.025213 .025075 .025075 .025169 .025213 .02525
France, franc
was transmitted to Congress, he did not send a for.0702
.0702
.0697
.0697
.0705
.0708
Germany,relchsmark
.000125 .000124 .000121 .000118 .000127 .000124
Greece, drachma
.0134
mal Budget message, but sent the report of General
.0141
.0124
.0108
.0100
.0113
Holland, guilder
.3963
.3969
.3975
.3992
.3994
.3939
Hungary,krone_
.000431 .000433 .000433 .000431 .000432 .000435 Dawes, the first Director of the Budget. This act of
Italy, lire
.0502
.0488
.0495
.0495
.0498
.0502
Norway. krone
.1856
.1857
.1859
.1883
grace on the part of the President was fit and proper
.1894
.1903
Poland, mark
.030059 .000060 .009059 .000057 .000058 .000058
Portugal, escuda
.0445
.0440
.0436
.0431
because the first report of General Dawes was in it.0442
.0429
Rumania,leu
.006303 .006325 .006338 .009266 .009269 .006217
Serbia, dinar
.013329 .013886 .014014 .013493 .013571 .013557 self a monumental document completely filling any
Spain, peseta
.1539
.1539 . .1543
.1549
.1550
.1552
Sweden, krona
2697
.2593
.2699
.2699
.2696
need for a Budget message. The budget system now,
.2698
Switzerland.franc
.1878
.1895
.1887
.1884
.1883
.1886
Yugoslavia, krone
.003406 .003456 .003497 .003369 .003386 .003386 however, has reached a condition of normal
operaASIA
China, Chefoo tael
.7417
.7408
.7450
.7479
.7446
.7408
tion, and henceforth each year the country will look
" Hankow tael
.7408
.7400
.7442
.7471
.7438
.7400
" Shanghai tael
.7130
.7140
.7195
.7207
.7163
.7134
" Tientsin tael
with great interest to the exposition of the financial
.7467
.7467
.7508
.7529
.7496
.7467
•• Hongkong dollar
.5361
.5356
.5379
.5405
.5379
.5356
program of the Government by the President.
" Mexican dollar
.5217
.5225
.5267
.5290
.5233
.5231
" Tientsin or PelYang
-dollar
While the message of the President is brief, it
.5367
.5333
.5408
.5454
.5404
.5392
•• Yuan dollar
.5317
.5308
.5350
.5392
.5358
.5317
India, rupee
strikes some high points of national finance of ab.3008
.3005
.3014
.3025
.3023
.3025
Japan, yen
.4859
.4861
.4874
.4879
.4875
.4874
Singapore (S. S.) dollar
sorbing interest. For example, new estimates of re.5221
.5196
.5264
.5242
.5279
.5296
NORTH AMERICA
Canada,dollar
.999722 .999746 .999874 .999774 .999722 .999510 ceipts and expenditures for the current fiscal year
Cuba, peso
.999766 .99:)188 .999188 .959188 ,999438 .999438
Mexico, peso
.48575 .434375 .48525 .48375
were given out by the President, which indicate a
Newfoundland, dollar.... .997109 .997344 .997305 .997188 .483438 .48325
.997188 .996876
SOUTH AMERICA
prospective deficit of $274,000,000. This is a great
Argentina, peso (gold)
.8431
.8466
.8507
.8519
.8531
.8534
Brazil, milreis
.1199
.1194
.1198
.1210
reduction from the estimated deficit based upon fig.1218
.1210
Chile, peso (paper)
.1207
.1201
.1195
.1185
.1199
.1200
Uruguay, peso
.8125
.8104
.8193
.R422
figclq
4.4 in
ures available last July, which was $697,000,000. The
decrease in the estimated expenditures for 1923 is
The New York Clearing House banks in their attributed by the President to continued pressure for
operations with interior banking institutions, have economies, and the increase in the estimate of regained $3,463,433 net in cash as a result of the cur- ceipts to the increase in the receipts of customs reverency movements for the week ending Dec. 7. nues under the new tariff and to the stimulation in
collection of ordinary receipts. It is well known
Their receipts from the interior have aggregated the
that the Government is making every endeavor to dis$5,140,833, while the shipments have reached $1,677,pose of its surplus property through cash sales.
400, as per the following table:
From efforts of this kind it is expected to bring into
CURRENCY RECEIPTS AND SHIPMENTS BY NEW
YORK BANKING the Treasury larger sums of money from miscellaneINSTITUTIONS.
ous receipts than was apparent when the estimate
Into
Out of
Gain or Loss
was made last July. A prospective deficit of $274,Week ending Dec. 7.
Bank..
Banks.
to Banks.
Banks' interior movement
55,140,8331 81,677,400 Gain $3,483,433 000,000 is, however, in itself a rather serious matter,
President expresses the hope that the condiAs the Sub-Treasury was taken over by the Fed- but the
tions upon which these Dec. 1 estimates were made
eral Reserve Bank on Dec. 6 1920, it is no longer
change for the better later on in the fiscal year.
possible to show the effect of Government opera- would
The above figures do not take into account such
tions on the Clearing House institutions. The Fedincreases as may be made in current expenditures
eral Reserve Bank of New York was creditor at the
due to appropriations by Congress outside of the
Clearing House each day as follows:
Budget. For example, on Dec. 4, the very first day
DAILY CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANK of the regular session, the House approved the soAT CLEARING HOUSE.
called Bursom Pension Bill, which passed the Senate
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
Dec. 2.
Dec. 4.
Dec. 5.
Dec. 6.
last summer. This alone, it appears to be now estiDec. 7.
Dec. 8.
for Week.
mated, will cause an expenditure of nearly $50,000,90,000,000 63,000,000 65,000,000 48,000,000 81,000,000 48,000,000
Cr. 378,000,000
000 before July 1 next.
-The foregoing heavy credits reflect the huge mass of checks which
.Note.
come
Coming to the Budget for the fiscal year ending
to the New York Reserve Bank from all parts of the country in the
operation in
the Federal Reserve System's par collection scheme. These large credit
balances, June 30 1924, the President gives the total receipts,
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 excluding the postal service, at $3,362,000,000, and
drawn on the Reserve Bank itself are presented directly to the bank and never
the estimated expenditures at $3,181,000,000, thus
go through the Clearing House.
showing a prospective surplus at the close of the next
The following table indicates the amount of bul- fiscal year of $181,000,000. This is a most encouraglion in the principal European banks:
ing prospect.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
DEC.91922.]
TUE CHRONICLE
2517
unless Congress takes action to withdraw the
The President shows that the estimates of appro- tion,
Federal Government from a large number of services
priations requested for 1924 in the Budget are acwhich have within recent years been imposed upon it.
tually less than the current appropriations for the
It has been estimated that at least $150,000,000 a
fiscal year 1923; This in itself is an unusual circumyear could be saved to the taxpayers through such
stance. Under ordinary conditions, in pre-Budget
withdrawals without in any way impairing the fabdays, the estimates of appropriations habitually exric of the Federal establishment. It is our opinjpn,
ceeded the current appropriations by considerable
too, that military and naval expenditures can be fursums. That they are less in the current Budget is
ther reduced. At all events, some way of making addue to the fact that every item in the estimates was
l drastic reductions in the outlays must be
scrutinized by the Bureau of the Budget and by the ditiona
for the burden of taxation as it now exists
President, and the sums cut down to the minimum found,
cannot be long endured. It is destructive to business
needs of the departments and establishments.
individual effort alike. But the power to do
Another unusual feature of this message is that and to
with Congress, and hence appeal must be
the President discusses the whole field of national this rests
body rather than to the Executive. Why
finance from a functional point of view. Taking the to that
not be a good idea for the suffering taxpayestimates of appropriations, he shows that the mili- would it
t localities to get together and bring
tary functions of the Government, including national ers in differen
e to bear upon their respective Congressmen,
defense and military pensions, etc., requira, an expen- pressur
way as labor organizations are doditure of about 33% of the entire Budget, whereas all in much the same
ing, giving these Congressmen plainly to understand
of the civil functions of the Government require
they heed the imperative demand for
about 27%. This latter item includes the Postal that unless
their political lives will be in danger.
Service, which requires about 15% and which is al- lower taxes
most self-supporting. About 37% goes to pay the
THE ATTACK UPON ATTORNEY-GENERAL
interest on the public debt and the retirement of the
DAUGHERTY.
public debt. There is much food for thought in this
The movement to impeach Attorney-General
analysis.
rty, begun directly after he obtained his
In discussing the retrenchment policy of the Gov- Daughe
g
ion against the railway strikers, has
ernment since June 30 1919, the President shows suc- sweepin injunct
sed far enough to be now before the House
cessive reductions in expenditures from $6,403,000,- progres
tee, of which Mr. Volstead, a man
000 for the fiscal year 1920, to $5,538,000,000 for the Judiciary Commit
by name and one of those defeated
fiscal year 1921, to $3,795,000,000 for the fiscal year very well known
head. The Federal Constitution
1922; to an estimate of $3,704,000,000 for the fiscal in November, is the
says little about impeachment. The power to instiyear 1923, and to $3,181,000,000 for the fiscal year
is solely with the House, and
1924. These figures show large and progressive re- tute such a procedure
tures the trial thereof solely with the Senate; conviction
ductions from the peak of the war expendi
can be only with the concurrence of "two-thirds of
which occurred during the fiscal year 1919.
the President is on
The President then asks this question: "Can there the members present," and when
Supreme'Court shall
be a reasonable expectation for further considerable trial the Chief Justice of the
all civil officers of the
reductions in Governmental expenditures in the near preside. The President,"and
removed from office on imfuture?" Realizing the great importance of this United States," shall be
peachment for and conviction of "treason, bribery, or
question and the manifest public interest in the anmisdemeanors." The judgswer to it, the President showed that there were fixed other high crimes and
$2,000,000,- ment shall not in any case extend beyond "removal
charges against the Government of about
from office and disqualification to hold and enjoy
000 per year over which he had no administrative
any office of honor, trust, or profit under the United
control, and that further reductions, if any, must
States"; but the convicted party shall nevertheless be
be made out of the remaining $1,000,000,000. This
liable and subject to indictment, trial, and punishquestion naturally leads to an appraisement of the
ing to law."
Federal services which are supported out of this sum. ment, "accord
This is all there is upon the subject. The first case
The President apparently assumed that the Army
was as early as 1797,
and Navy had reached a minimum of expenditure for of impeachment in our history
could not be when a Tennessee Senator was accused of conspiring
the purposes of national defense, and
of Great Britain;
further reduced. He did, however, point to the rap- towards a war with Spain in favor
dismissed for
idly broadening field of Governmental expenditure to he resigned his seat, and the case was
a Federal District
meet popular demands for Federal aid and Federal lack of jurisdiction. In 1803
ness and disservices of various kinds, which we have not in the Court judge was charged with drunken
regard of law, and was convicted by a vote of 19 to 7.
past considered as fundamental to the operation of
the Supreme Court
the Federal Government. While he did not specify In 1804 Justice Samuel Chase of
in this class, he as- was accused of misconduct at sundry trials, and was
particular items of expenditure
somewhat on the several
sumed that Congress and the country were suffi- acquitted by votes varying
in his favor. In 1830 Judge Peck,
ciently familiar with these new developments to counts, but heavily
of a Federal District Court, was impeached on the
grasp the significance of his htterances.
charge of "tyrannous treatment of counsel";
The President has no alternative but to execute singlar
the vote was 21 to convict and 23 to acquit. In 1862 a
and administer the laws enacted by Congress, and in
Federal District Court judge was charged with supmaking appropriations that body very often divests
secession and was convicted by 32 to 4. In
him of authority to curtail them. Having reduced porting
ent with the op- 1868 was the notable impeachment of President Johnexpenditures to the minimum consist
g son, accused of corrupt use of the veto and various
eration of the Federal organization under existin
reductions can be infractions of law; the vote was 35 to convict and 19
laws, no further considerable
to acquit, the prosecution failing by a single vote. In
made, indicates the President, and no further relief
ry of War Belknap was accused of takgiven to the taxpayer through reduced rates of taxa- 1876 Secreta
2518
T-FrF4 CHRONICLE
[Vol,. 115.
Ing bribes, and was acquitted by 5 to 25. In 1905 a officer, in any country or any time, who is not open
Federal District Court judge was accused of miscon- to impeachment for having failed to do what, in the
duct in office and was acquitted; the vote was 55 to opinion of some persons, he should have done. The
convict and 37 to acquit, the necessary two-thirds not "injunction" charge, however, is the crux of the probeing obtained. In 1914 another District judge ceeding. Upon the wisdom, the timeliness, and the
was impeached, but the proceeding was abandoned. practical value of that particular intervention opinNearly two years ago, a resolution of impeachment ions may reasonably differ; but it is hard to see how
of Judge Landis for accepting the lucrative offer of there can be a violation of law in either asking or
.
dictator of the "national game" was offered, but the granting an order forbidding violations of law, nor
attempt perished in committee.
does the fact that a particular injunction is very disPartisan and personal bitterness and quarrels pleasing to certain persons to whom injunction prochave, of course, led to many threats of impeachment. esses are known to be anathema make such action
Congressman Keller of Minnesota,who has now taken violative of official duty. Precisely what constitu
tes
the role of prosecutor in the case of the Attorney- "treason, bribery, or other high crimes and
misdeGeneral, declares himself prepared to prove "serious meanors" the Constitution does not state.
The documisconduct in office, highly prejudicial to the pub- ment does, however, distinctly and exclusiv
ely define
lic interest, grave abuse of constitutional powers," treason. Bribery needs no explanation.
As for misand so on, no less than "fourteen particulars" being demeanors of a "high" order, any proven violation
of
named. One charge is that of fraud and deceit upon the penal statutes or any one of many possible acts
or
Mr. Taft in the Morse case during his Presidential speech which no statute can attempt to enumerate
in
term, and Mr. Taft is to be called from the bench of detail yet are "disorderly conduct" might be deemed
the Supreme Court as a witness, though the power to a punishable offense; but to have bitterly angered
do this may well be doubted; Mr. Wickersham is also Mr. Gompers and his following is not a malfeasance
named as a witness, and (naturally and inevitably) in office.
Mr. Gompers. Such accusations as refusal to proseThis proceeding, which it is hardly supposable can
cute war grafters, appointing unworthy men to posi- succeed in the Senate, even if it can command a vote
tions, willful diversion of public funds in employing in the House, is to be accepted as one more instance
men to shadow Congressmen who had criticised his of the rancorous excesses of the time. It is also in
conduct, "perversions of the processes of justice" on line with the "recall" folly, which would have judges
behalf of certain corporations, dismissing faithful and executive officers act, figuratively speaking,
employees and retaining some who had been proved with a noose about their necks, whereby to jerk them
guilty of accepting fees for representing others under off and out as soon as any action might displease.
charge of violations of statute, and continued sub- Such a popular spasm has not the sense to perceive
mission to corporations and persons of great wealth that a pliant judge or executive officer could be
of
and power—these form eight of the fourteen charges service,to selfish and crooked persons and causes,
but
against Mr.Daugherty,and may be gathered together to no others.
as a single charge. Prove these, and Mr. Daugher
ty
stands as corrupt and unfit; but the proof is
LIGHT FROM THE TREND OF HISTORY.
yet to
be brought, and the presumption lies heavily against
In the prevalent confusion, economic, financial
its existence.
and political, guidance can from no source be more
The other charges are three of omission, and one of confidently sought than from the trend
of History.
commission. The acts of omission are said to be "con- This task is undertaken in a book just from
the press
tinued and deliberate refusal to prosecute" cases of of Macmillan, dealing with the origins of 20th
cenviolations of the anti-trust laws urged by the Trade tury problems.*
Commission, this being "a willful and deliberate
It marks the change in the modern conception of
attempt to destroy the efforts and activities" of that history. The record of events or the deeds and aims
very active body; also "willful and deliberate failure of great captains give place in importance to the
to enforce" statutes for the protection of travelers by story of the life of mankind. History would discover
rail; also a like refusal to prosecute violations of the and trace the main factors which may be the
causes
anti-trust laws brought out by certain legislative of existing conditions. By weaving these into
a
committee investigations in this State concerning unity a trend is disclosed which like a stream,
little
housing. Now comes the single positive charge in influenced by what it carries on its surface,
pursues
this bunch:
its determined course.
Our author seeks in this trend the clue for estimat"7. The perversion of the legal process of the
United States for the purpose of instituting action ing the forces which count, and for passing by those
for which there was no justification and the demand- which have proved negligible. He points out that
ing against individuals processes of court subversive western civilization arose out of the fall of
great
of the rights of freedom of the press and peaceful as- empires, and has experienced many
disturbances and
sembly assured by the Constitution and laws of the upheaval
s. It faces a distinctly new epoch to-day.
United States."
If we are to understand the course of events we shall
That is to say, the "injunction," and at this stage have to start with such ruling ideas as the conception
of the trial Mr. Gompers and Mr. Jewell will please of the State, and the Genesis of Constitutional Govtake the witness stand.
ernment; and then note the Rise of Public Opinion,
The charges of corruption are sufficient, if even the Idea of Nationalism, and its Spread, the Appearone of them is established by positive evidence. As ance of the Middle Class and its Triumph, the Awakfor those above classed as "negative," they amount to ening of Germany with her new Doctrine of the
this: that Mr. Daugherty has not done, as prosecut- State, and all the powerful movements, political,
soing officer, what certain persons say they think he cial and economic, which have sprung into
action to
should have done. Here is a field of accusation and create the world situation to-day.
blarney as wide as an ocean, and there is not a civil
*The Trend of History: William K. Wallace; Macmillan.
DEC.9 1922.]
THE CHRONICLE
2519
To trace this complex movement and to estimate nored; it is still so important that diplomats, Repthe influences that are combined in creating the ex- resentatives, even Presidents,"keep their ears to the
isting situation would seem to require volumes. A ground," in order to know what to do.
With this clue our author gives us in rapid succesgood outline of it is furnished in the modest book
sion the story of the Revolutions, the Restorations,
before us. The various phases of the movement are
treated in separate chapters and the progress is made and the Aftermath of new ideas and schools of
plain. The development of the State which under- thought, which led in the Awakening of Germany,
lies the whole may be followed from the early theistic the birth of Communism and the New Nationalism,
conception through the different forms of Constitu- which characterize the first half of the 19th centional Government, the Nation-State, Imperialism, tury.
Events moved rapidly. Europe was reaching politthe State as Power, to the Super-State. The varied
influences in shaping this development excited by ical maturity. The Second Empire in France, the
American Independence, the French Revolution, the expansion of British rule, the Realpolitik of GerNew Nationalism, the spread of Suffrage, and the many marked the rapidity and effect of movements
Great War, would be interesting to take up in detail. which offered large opportunity for the influence and
We must, however, content ourselves with one or two dominance of individuals. Karl Marx, Louis Napoleon, Bismarck, and prominent Englishmen, Cobden,
less known forces.
The freeing of the individual conscience, of the Gladstone, Disraeli, were destined to stamp their
Church, and of the State, followed one another from impress upon the succeeding decades and to leave
the Protestant Reformation into the 18th century, more or less enduring results. Imperialism as an
when the conception of human liberty and progress immediate power arose. Capitalism was still outarose and prepared the way for the recognition of the wardly under the control of the Middle Class, to
Individual, which became the possession and inspira- whom Imperialism merely appeared as the expansion
tion of the 19th century. At this point our author of Nationalism. The Proletariat, which was now beginning to assert its rights, also accepted it as a deplaces the appearance of the "Middle Class Mind."
We recognize at once a new fact. The Middle Class sirable form of expansion. The contest between
Mind was not known before to exist. The 18th cen- Gladstone, representing the upper Middle Class
tury, for instance, has no superior for the strength party, and Disraeli as representing the aristocracy,
and intelligence of its leading minds. The philosoph- was with him also taking advantage of the Proletaers of England, the poets and writers of France, the riat as a new political party.
With the unchecked development of individualism
thinkers and men of science of both countries, were
numerous and eminent, but they thought for their under the dominance of • Middle Class rule and the
own world and spoke to it. Now a new task appeared Laissez faire policy, the State became subservient.
and at once became commanding. The Middle Class The Aristocracy and the Proletariat, extremes soMind had to be educated and taught to know itself. cially, proved to be for the hour nearer together than
This became the task of the 19th century. National- either was to the Middle Class. They both believe in
ism and Patriotism were as yet unknown. The com- power, and understand obedience. They disparage
mon bond of mankind became the thought uppermost the nicely balanced liberalism and sufficiency of the
in men's minds. Leagues to establish perpetual Middle Class policy which in secular affairs had repeace were universal. Following Kant and Rousseau duced the State to a man-made device for individual
philosophers sought to frame a system of government benefit with the consequent belief that political
that would work everywhere and for all classes, and equality compensates for whatever social or ecowould insure to all their lawful heritage of "life, lib- nomic inequality exists.
While the Middle Class introduced the idea of pererty and the pursuit of happiness."
The Middle Class Mind offered "the golden mean fectability and progress, and advocated a liberalism
for the Golden Rule of life," and there was no con- which developed large social irresponsibility, it
ception of a different mentality existing in other sought to destroy the last vestiges of the aristocratic
classes of society. Nothing was extravagant or un- regime with all hereditary rights, removing even
reasonable in programs of reform offered for the from the family its derivation from God. This with
Middle Class manner and view of life. Simplicity its reliance upon its system of checks and balances in
was to prevail everywhere, with a benign compla- the State, and its retaining many of the symbols of
cency; and men did not hesitate to propose all man- aristocracy in connection with its own increasing
ner of questions,for which satisfactory answers were prosperity, sufficed to make possible the great politpromptly supplied, and to announce broad generali- ical changes which mark the closing period of the
ties for which sure acceptance waited in the world 19th century and those which now are upon us.
When Disraeli came into power it was possible for
of their own class. A "return to nature" was to be
the cure-all, Laissez faire was the new doctrine of him to reverse British policy. He proclaimed and
freedom, and Constitutional Government was the inaugurated the Empire, put through the purchase
contribution of the Middle Class in full confidence of a controlling interest in the Suez Canal and sided
of their ability to manage the State. It mattered with the Turks against Russian domination in the
little that the men who formulated political and eco- Balkans. Middle Class policy, at least for the time,
nomic doctrines for the adoption and use of the com- disappeared in Britain.
On the Continent Bismarck in even more definite
munity were leading recluse lives, and believed that
abstract reason was all that was necessary to solve form played class against class and interest against
interest until power lay in his hand. Democracy,Inthe riddle of the universe.
origin of the conditions dividualism, and the Middle Class disappeared. The
We have here, then, the
which confront us to-day. The ideas, the methods Kaiser impersonated the State, and the all-powerful
and the forces of a century ago find now a wider rule of the Prime Minister, the Kaiser's appointee,
hearing and consequently face new and more diffi- made it posssible for William II to proclaim himself
culfproblems. The Middle Class Mind cannot be ig- the vice-gerent of God. The rule of the State ex-
2520
TH 141 CHRONICLE
pressed in his decrees superseded in the minds of the
people, the commands of God.
The last stage of the development of political theory was reached. Power centred in the State represented by a strong man became the accepted conception. The sword is the arbiter of right, and man
loses his moral bearings. Bismarck and Karl Marx,
standing at the antipodes of the new social movement
were ready to use the same weapons. Bismarck, having them at hand, was able to control and direct the
social and political evolution of a great nation.
Marx, lacking the power, could only preach revolution.
It was left for us to see Lenin and Trotzky and now
Mussolini, originally Socialists of the fiercest kind,
to-day throwing overboard Socialism and denouncing Democracy,establishing themselves and the form
of government they consent for the hour to use, on
their individual and irresponsible will.
To Bismarck is awarded this distinction by a recent German author: "He embodied in himself the
conception of the State as freed from all moral law;
• he adopted this view and practised it in dead earnest; while the others only played with it."
We see the result in the devastation of Europe and
the uprooting of civilization by the Great War. It
may yet be found that Bismarck and his imitators
have unconsciously helped where they seem to have
only destroyed. He failed to see that man must not
only obey; he must believe. Not bios, but theos, not
life, but God, is necessary to complete humanity's development.
It may be that the breaking of old traditions and
national exclusiveness, and social self-sufficiency,
may now give place to a truer humanity, an international intercourse and mutual respect which will
make posssible the re-establishing of the civil control
of the State, and the genuine democracy of freedom
founded on law which our fathers contemplated but
we were fast losing.
Current Wnents and ntsicnsstons
WEEKLY RETURNS OF FEDERAL RESERVE BANKS.
Further increases of $54,800,000 in discounted paper of
$7,600,000 in acceptances purchased in open market and of
$7,400,000 in United States security holdings are shown in
the Federal Reserve Board's consolidated weekly bank statement issued as at close of business on Dec. 6 1922, and which
deals with the results for the twelve Federal Reserve banks
combined. Corresponding changes at the New York Reserve
Bank include an increase of 871,000,000 in discounted paper
of $2,500,000 in acceptances and of $5,800,000 in Government securities. Deposit liabilities of the Reserve banks
increased by 9,900,000 and Federal Reserve note circulation by $31,400,000. As against these increases, cash
reserves show a reduction of $29,800,000, with the consequence that the reserve ratio shows a decline for the week
from 76.4 to 74.3%. After noting these facts, the Federal
Reserve Board proceeds as follows:
Gold withdrawals from the system totaled $27,100,000. In addition
considerable shifting of gold through the settlement fund took place, affecting primarily the gold reserves of the New York Reserve Bank, which
show a decrease for the week of $61,700,000. Smaller decreases, aggregating $8,800,000, are shown for the Chicago, Dallas and Kansas City banks.
The largest increase in gold reserves, by $13,500,000, is reported by the
Boston bank, Atlanta and Minneapolis, with increases of $6,900,000 each,
and San Francisco, with an increase of $6,600,000, following next in order.
Smaller increases in gold reserves, totaling $9,600,000, are shown for the
four remaining banks.
Holdings of paper secured by Government obligations increased from
$315,300,000 to $374,400,000. Of the total held last Wednesday, $203,000,000, or 54.2%, were secured by U. S. bonds, $5,200,000, or 1.4%, by
Victory notes, $156,200,000, or 41.7%. by Treasury notes and about
$10,000,000, or 2.7 %,by Treasury certificates, compared with $207,700,000.
$6,000,000, $91,700,000 and $9,900,000 reported the week before.
The statement in full, in comparison with preceding
weeks and with the corresponding date last year will be
found on 'subsequent pages, namely, pages 2558 and 2559.
A summary of changes in the principal assets and liabilities
[VoL. 115.
of the Reserve banksion Dec. 6 1922, as compared with
a week and a year ago, follows: jOfi •z,i,, ,
t: ,
• v IN A
Increase (+) or Decrease (—)
Since
D .7 1921.
Nov. 29 1922.
Total reserves
—$29,800,000 +$182,300,000
Gold reserves
+194,800,000
—27,100,000
Total earning assets
+69,800,000 —171,500,000
Discounted bills, total
—465,700,000
+54,800,000
Secured by U. S. Govt. obligations
—83,200,000
+59,100,000
Other bills discounted
—382,500,000
—4,300,000
Purchased bills
+185,000,000
+7,600,000
United States securities, total
+109,400,000
+7,400,000
Bonds and notes
+134,700,000
+7,100,000
Pittman certificates
—2,000,000 —103,000,000
Other Treasury certificates
+77,700,000
+2,300,000
Total deposits
+191,800,000
+49 900,000
Members reserve deposits
-1-203,209,000
+36,000,000
Government deposits
—5,400,000
+13,500,000
Other deposits,
—6,000,000
Federal Reserve notes in circulation
—12,100,000
+31,400,000
F.11. Bank notes in circulation, net liability —1,600,000
—57,800.000
WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Increases of both loans and investments, aggregating
$29,000,000 and $14,000,000 respectively, are shown in the
Federal Reserve Board's weekly statement of condition on
Nov. 29 of 784 member banks in leading cities. It should
be noted that the figures of these member banks are always
a week behind those for the Reserve Banks themselves.
All classes of loans show larger totals than the week before,
the largest increase, by $17,000,000, appearing under the
head of loans secured by stocks and bonds. Among investments the largest increase, by $14,000,000, is shown for
United States bonds. There has been practically a steady
increase in this item since October of the past year from
about $880,000,000 to $1,511,000,000 as the result of open
market purchases by the member banks and, more recently,
of subscriptions to newly issued Treasury bonds. Other
Government securities show a reduction of $3,000,000 for
the week, offset by an equal increase in the holdings of
corporate and other securities. Member banks in New York
City report an increase of 838,000,000 in loans secured by
stocks and bonds, offset in part by a reduction of $16,000,000
in other loans, and an increase of $10,000,000 in U. S.
bonds, almost fully offset by reductions in the holdings of
other Government and corporate securities.
Borrowings of the reporting institutions from the Federal
Reserve banks advanced from $360,000,000 to $382,000,000,
or from 2.3 to 2.4% of their aggregate loans and investments. Member banks in New York City, on the other
hand, report a reduction from $113,000,000 to 0,000,000
in their borrowings from the local Reserve bank and from
2.3 to 1.6% in the ratio of these borrowings to combined
loans and investments.
As against an increase of $55,000,000 in net demand
deposits, time deposits show a reduction of $11,000,000 and
Government deposits a nominal decline. For member
banks in New York City an increase of $58,000,000 in demand
depos.4s and a decrease of $15,000,000 in time deposits are
noted.
Total reserve balance of the reporting banks decreased by
$20,000,000, and those of the New York City members by
$35,000,000. Total cash in vault fell off $8,000,000, though
the New York City banks report an increase of $1,000,000
under this head. On a subsequent page—that is, on page
2559—we give the figures in full contained in this latest
weekly return of the member banks of the Reserve System.
In the following is furnished a summary of the changes in the
principal items as compared with a week and a year ago:
Increase(±)or Decrease(—)Since
Nov. 22
. 0
+$9,000.000 —$116,000,060
Loans and discounts—total
+8,000,000
—212,000,000
by U. S. Govt. obligations___
Secured
+17,000,000
+562,000,000
Secured by stocks and bonds
—466,000,000
+4,000,000
All other
+14,000,000 +1,113,000,000
Investments, total
+14,000,000
+599,000,000
U. S. bonds
—122,000,000
+2,000,000
Victory notes
+529,000,000
—6,000,000
U. S. Treasury notes
+1,000,000
—91,000,000
Treasury certificates
+3,000,000
+198,000,000
Other stocks and bonds
—20,000,000
+88,000,000
Reserve balances with F. R. banks
—8,000,000
—10,000,000
Cash in vault
—1,000,000
+43,000,000
deposits
Government
+824,000,000
' +55,000,000
Net demand deposits
—11,000,000
+650,000,000
deposits
Time
+22.000,000
—301,000,000
Total accommodation at F. R. banks_
J. P. MORGAN RETURNS FROM ABROAD.
After a six months' trip abroad, J. P. Morgan returned to
the United States on the White Star liner Adriatic, reaching
here last Saturday, Dec. 3. Mr. Morgan sailed for Europe
on May 13 last, the trip being the longest of any made by
him to the continent. Mr. Morgan participated in the
international conference on the subject of a German loan,
and a part of his time was spent in England and Scotlp.nd.
No statement regarding his trip has been given out, and we
DEC.9 1922.]
THE CHRONICLE
2521
Money was somewhat more plentiful on the German markets last week,
but rates continued high. Nominally, day-to-day money is 834% to.
10% on security of Treasury bills and 11% on stock collateral, but the
When asked by the reporters coming up the bay whether he had anything real rates, including a variety of commissions and fees, continue to rule
to say about the floating of a large international loan to Germany, the as high as 20%.
A further rise in the Reichsbank rate from the present 10% figure may
banker replied that he had not. The newspapers had printed all the news
for him.
come any day. It is not believed in the market that it will have any
or worse in Europe than they were on your effect, that prediction being based on the failure of past advances in the
"Are conditions better
previous visit in 19217"
bank rate to affect the open market. This impression is further confirmed
"I do not wish to say anything," said Mr. Morgan. "In my opinion by the Reichsbank's report for Nov. 23, published last week, which for
not do the first time on record showed a much larger increase in discounts of
it is better not to talk about European affairs. Talking does
any good. I may give out a statement at my office later, after I have private bills than in discounts of Treasury bills.
discussed matters with my partners."
Whereas rediscounts on Treasury collateral amounted in the statement
Denies Reports of Illness.
to 14,000,000,000 marks, rediscounts on private collateral reached 34,"What about your illness in London?"
000.000,000, to which, moreover, must be added 30,000,000.000 increase
"I have never been better in my life," he replied. "I did not even during the week in the Reichsbank's holdings of loan bureau notes, which
have a cold."
represent advances on bonds, stocks and goods.
"The cabled reports said that your illness was mysterious."
Inflation of the currency, to which 61,000,000,000 marks were added
a smile," in that week, shows no sign whatever of slackening. The forthcoming
"Yes, it was. So mysterious in fact," said the banker with
"that I did not know anything about it until I walked into our London report for the closing week of NoVember will in all probability give a new
office and was informed that I had died the previous night. This surprised record of paper money issues.
me, but as I felt that it was somewhat exaggerated, I was not very much
alarmed at the report. I would like to know how such a statement came
PAPER MARKS IN GER IANY NEARING TRILLION—
to be circulated."
Mr. Morgan said that he was glad to get back. He bad enjoyed his
PRINTED 110,300,000,000 LAST WEEK.
trip to Rome, as he had not visited the Italian capital for many years.
An Associated Press cablegram from Berlin Dec. 6 said:
demonstration
He was in the city when the Fascisti entered and made their
A trillion paper marks by Dec. 31 is the prospect held out by the German
and was impressed by their bearing.
money presses, whose latest six-day race has resulted in an addition of
110,300.000,000 marks to the nation's already swollen paper flood, this
GREAT BRITAIN DEBT TO U. S.—CHANCELLOR BALD- during the last week in November.
The figures are shown by the latest report of the Reichsbank, which gives
WIN TO NEGOTIATE ON DEBT FUNDING.
the total notes in circulation up to the end of November as 754,000,000,000
The British Chancellor of the Exchequer, Stanley Bald- marks.
The Reichsbank's weekly returns have continued to show an almost
win, replying on Nov. 30 to a question in the House of Com- pyrotechnic, progressive increase in the nation's currency inflation since
Great September, when the weekly increase was only 14,230,000,000. The
mons gave the particulars as to the amount owed by
rated as
Britain to the United States and stated that, since last amount of the loan bank certificates, which technically also are
circulation media, continues to show a steady rise. The certificates now
of the principal of the debt had been repaid number 77,800.000,000, as against 10,500,000,000 a year ago.
April,$30,500,000
Financial experts continue to evince curiosity over the Reichbank's
in addition to $101,500,000, mainly for interest.
for the nationurther ability to meet the unusual drain
The Associated Press in London adivces Nov. 30 reported wide credit demand. Its vaults alreadyon its resources one-half the
hold more than
the Chancellor as having added that it remained to be settled amount of the bills of exchange and checks, being 246.950,000,000 marks,
their total.
whether any part of the $50,000,000 paid on Nov. 15 was where its holdings two months ago were only one-fifth ofhas become even
The situation in respect to discount and Treasury bills
regarded as applying on the principal.
to be
more pronounced, and while this form of the circulating media formerly
The Chancellor, according to Associated Press accounts, was chiefly held by private banks and industrial and commercial establishNov. 29, will come to the United States on his debt-funding ments, the great demand for credit has prompted the previous holders to
unload this paper on the Reichsbank, which now possesses four-fifths of
mission unhampered by instructions from the Governments. the Treasury bills, 672,225,000,000 marks issued as an offset to the floatPremier Bonar Law is said to have stated in the House ing debt. '
take the following account of what he had.to say with his
return, as reported by the New York "Times":
of Commons. Replying to a question as to whether such
DEBT
instructions had been framed, the Prime Minister replied: INCIDENTS OF INFLATION—GERMAN PUBLIC
EXCEEDS ONE TRILLION MARKS.
• I think it would be inadvisable in negotiations of this kind that the hands
of the responsible Minister should be tied by such instructions.
A copyright cablegram to the New York "Times" from
On Nov. 1 Chancellor Baldwin declared that his first duty Berlin, dated Dec. 2, had the following to say: would be to settle the debt to the United States. He made
The Federal debt on Nov. 20 passed the thousand-billion mark limit.
the rest
this announcement in a speech at Cardiff, when he alluded Of this huge sum. $6,423,000,000 represented funded debt andbeginning
.
floating debt. The gold surcharge on customs for the week
the repara- Dec. 6 will be 177,900%, or 1,780 times the normal impost.
also to the necessity of a prompt settlement of
tions problem. Regarding the amount owing the United
States, he said:
ASSISTANT SECRErARY OF TREASURY ELIOT WADSIt is a heavy debt, but we have told America that we are responsible
WORTH„SAYS U. S. WILL NOT CANCEk WAR
for it to the last penny, and we are going to pay it.
DEBTS OWED BY ALLIES.
close co-operaThe Chancellor advocated continuance of
In declaring that the war debts owed by the Allies to this
tion with Britain's war-time allies, France and Italy, and
country will not be cancelled by the United States, because it
co-operation as far as possible hand in hand with America.
"is not the way out," Eliot Wadsworth, Assistant Secretary
of the Treasury, in addressing the Academy of Political
GERMANY WILL SUGGEST $5,000,000,000 DOMESTIC Science at its annual dinner at the Hotel Astor on Nov. 24
LOAN AT PRE HERS CONFERENCE.
ventured the opinion that a considerable portion of the debts
With the coming together of the Allied Premiers at "can and will ultimately be paid, and further, that long beLondon to-day (Dec. 9) to take up the question of German fore they are paid the credit of at least some of the debtor
reparations and inter-Allied debts, the German Government, nations will be re-established, their bonds confidently taken
it is stated, will present Premier with definite and positive by investors and their currencies stabilized in the exchange
new proposals for a final settlement. The New York "Evening markets." Mr. Wadsworth, who is also Secretary of the
Post" of last night printed a cablegram from Berlin to this World War Foreign Debt Commission, said:
effect (copyrighted by the "Public Ledger Co.") The
Congress created the World War Foreign Debt Commission with complete
authority to accept bonds of the debtor nations in exchange for the demand
cablegram said further:
Commission is ready
The Cabinet is now working on a communication which it hopes to submit obligations now held and accrued interest thereon. The
and anxious to discuss freely and frankly with the debtor nations their probduring the London Conference.
The Premiers will be informed, according to present plans, that if the lems in connection with these debts. Some negotiations have already been
financial situation
Entente accepts the conditions of the note of Nov. 13 for a moratorium undertaken. It is clearly to the advantage of the world
that this commission should continue with its work with the full co-operaand reduction of German indebtedness to a bearable figure Germany will
tion and confidence of the debtor nations.
.undertake to float a domestic gold loan guaranteed by German industry
That the Government has declined to consider cancellation is not a just
and big business without conditioning it absolutely as in former proposals
ground for criticism. It is doubtful whether there is any serious popular
upon the simultaneous grant of an outside loan to Germany.
opinion in favor of such action, and certainly there is no authority, without
The figure which is mentioned in Government conversations for a domestic
an act of Congress. The loans are part of the assets of the people of the
loan is $5,000,000,000. The Cabinet hopes for, but according to present
from 19 nations, varying in quality from
intentions will not demand, a foreign loan of corresponding size the interest United States represented by debts
100% good to 100% bad. They were made for a variety of purposes—not all
upon which it proposes to meet from the proceeds of a domestic loan until for the fighting of the war. It would hardly be wise or reasonable to talk
German solvency is re-established.
of lumping them together for cancellation without regard to the financial
The balance of the domestic loan in that case will be applied to stabilizing needs
or desires of the debtors, with no asursance of the benefits which might
pre-war business indebtedness
the mark and clearing house payments of
accrue to mankind, and with no thought of the future effect of such action
with the foreign loan proceeds available as reparations.
inability to pay France a single upon the value of a nation's bond offered in time of stress as security for cash
The Government will declare its.flat
advances.
only paper marks for payment.
cent either in cash or kind so long as it has
circles as a proper amount
The following as to his further remarks is taken from the
The $5,000,000,000 is mentioned in Cabinet
reparations indebtedness.
at which the Allies should fix the total future
New York "Tribune" of Nov. 25:
Payment Wilt Not Be Soon.
value
"As for the very practical question
MONEY VERY DEAR ON GERMAN MARKET—PRIVATE ready to venture the opinion that a regarding theportionof these debts, I am
can and will ulticonsiderable
BANKS STILL GET 20% THROUGH FEES AND
mately be paid, and further, that long before they are paid the credit of at
COMMISSIONS.
least some of the debtor nations will be re-established, their bonds confidently
The following advices were reported by the New York taken by investors and their currencies stabilized in the exchange markets.
This is not looking forward months, but years—a considerable number of
Dec. 4 in a copyright cablegram from Berlin:
"Times"
2522
THE CHRONICLE
[Vol, 115.
years, perhaps. It is not judging from the present situation or with any plan such a restriction. Was this quite in harmony with full co-operation, and
of readjustment in mind. I am considering the stability and wealth achieved with the wealth and dignity of your country? If a broader view might
by the peoples of Europe in the past, with a firm conviction that their public wisely have been taken, and the restriction had not been imposed, Britain
opinion will not allow the present chaotic, political and financial conditions would not have had to continue to finance the domestic requirements of
to continue indefinitely. If it is not possible to believe this, then we must her Allies, and would to-day owe your Government nothing, for she would
expect to see a long-drawn-out and disastrous period."
have paid in cash for her own American purchases in cash. It then beThe action of the British in paying $100,000,000 in the last 30 days on ac- comes of no importance for what purpose the money was used, and even the
count of interest, Mr. Wadsworth contended, removes from the debate as to Morgan o ver-draft drops out of sight.
"' MUM
the value of the Allied debt over 40% of the total. He took some pains to
"There is still another point. These moneys did not leave the United
confound opinions to the effect that the inter-Allied debts are largely respon- States. They were expended in pm chases there at war-time prices. An
sible for the wide fluctuations in foreign exchange, are killing the foreign American writer estimates that apart from the wealth which this brought
trade of this country, and are to blame for the unbalanced European budgets to individuals, the United States Government itself received back in excess
and general chaotic condition of finance. As proof that cancellation would profits and other taxes over $2,000,000,000, reducing the actual advances
not work a sudden and complete cure for the difficulties under which the by that amount. Should this be ignored?
world is laboring, Mr. Wadsworth said:
"I heartily agree that if there is to be any just settlement all points must be
"The total collections by the United States in three and a half years ended carefully considered, and among these points I would include the question,
last October were less than $125,000,000, all representing special transactions whether if these debts were collected the United States would have borne a
outside of the war loans. They are briefly as follows:
reasonable share of the burdens, particularly for the first year, and also the
effect of the limitation of your advances. My own impression is that the
Tells of Silver Purchase.
"Payment of $17,000,000 as interest and $61,000,000 of the principal of a maximum amount, if any, which an impartial commission would award
loan to Great Britain for the purchase of silver bullion from our Treasury at as due by Britain, would be the Morgan over-draft of $400,000,000.
"Mr. Hoover says that the Allies can pay these sums. This has no bear$1 an ounce under authority of the Pittman Act. This silver was urgently
needed in India. The market quotation was above $1, with little to be had. ing on the question whether the money is really owing. That a man can pay
An adequate supply could be obtained only by the melting of minted silver a claim does not prove that the claim is just.
"The war record of the United States from the time of her entry was a
dollars, and this was done. It was understood that this transaction was to be
treated separately, the total loan of $122,000,000 to be paid in four annual worthy one. Though she could not at once supply men, she did at once
installments. Great Britain has met her payments on the dot. The pound take an effective part financially, and when her armies did arrive they won
sterling has meanwhile recovered from $3 18 in February 1920 to about $4 46 the admiration of the world. Those who now say that your advances
at present, which is less than 10% below parity. During this time Great were mere loans would pluck from the brow of your country her crown of
Britain has also substantially reduced her indebtedness in the United States glory, by reducing her from a splendid participant, during even the first
year, to a mere money lender, making claims, thelustIce of which the rest
by paying off Treasury bills and Government bonds.
"Payment by France of interest on $400,000,000 of 10-year notes given for of the world does not admit.
"I know and admire the American people. I am sure that when they
surplus property of the A. E. F.. This purchase of material was a commercial transaction and no doubt a considerable part of the property acquired understand the facts they will insist that their financial war record shall be
has been sold and the proceeds covered into the French Treasury. In total made worthy of their glorious military record."
T. B. MACAULAY, President,
this has required to date $40,000,000..
Sun Life Assurance Co. of Canada, Montreal,
"Payment by Belgium of interest on notes given after the armistice for the
purchase of supplies, amounting in three years to less than $5,000,000.
Debt Transactions Small.
DEFEAT OF PROPOSED CAPITAL LEVY IN STVITZER"This is the sum total of the burden which the Allied debts to the United
LAND.
States has placed upon the exchange markets, which, meanwhile, have handled an export trade of $20,000,000,000, imports of $11,000,000,000, enorThe defeat of the proposed capital levy in Switzerland by
mous invisible items which cannot be measured, and the exchange created
by a 7 to 1 vote occurred on Dec. 3, the New York "Times," in a
loans to foreign Governments, floated in this country, of over $2,000,000,000.
copyright cablegram from Lausanne that date, reporting as
The relatively small amounts transferred from European treasuries to
the
United States can hardly be called upon to bear the blame for the
the failure of the proposal:
fluctuations follows
in foreign currencies as measured in dollars."
The efforts of Swiss Socialists to establish a levy on capital met a stinging
defeat in the referendum to-day. The project was defeated by 704,785
CANADIAN VIEW OF ALLIED DEBT AS PRESENTED to 101,057 votes. of this law, which would have
taken a percentage of all
Under the threat
BY T. B. MACAULAY.
fortunes over 80,000 francs, more than five billion francs capital had been
country, and business had been brought almost to a standA Canadian view of the Allied war debt is embodied in taken out of the
•
a letter addressed to Bernard Baruch by T. 13. Macaulay, still.
Becasue of the printers'strike, organized by the Socialists, all newspapers
President of the Sun Life Assurance Company of
except those in Geneva, printed over the French border, have not been
Canada,
who states that "those who now say that your advances published for three weeks. A strenous campaign against the proposal had
been carried on, however.
were mere loans would pluck from the brow of your country
Considerable bodies of troops patrolled Lausanne to-day to prevent any
disorders by Socialists.
her crown of glory, by reducing
her from a splendid particiWe also quote from the New York "Herald" the following
pant to a mere money lender, making claims, the justice
of
which the rest of the world does not admit. The press bureau cablegram (copyright) from Lausanne Dec. 3:
Sober Saitzerland to-day administered a smashing defeat to the advanced
of the Assurance Company, makes public the letter as follows:
socialistic and communistic principle of confiscation of private property
In view of the necessity of finding a solution to the
problem of the Allied
debts, the appended letter from a prominent Canadian
financier has special
value. Bernard Baruch in a letter to Senator Borah
dissected the Balfour
note, and made important constructive suggestions, which
Mr. Macaulay
would further develop.
"Dear Mr. Baruch: Canadians have noted with satisfaction
the broadminded views expressed in your widely published-letter. We in
the Dominion
have no direct interest in the Allied debts. We are united
bystrong friendship, both to the Mother Country and to our neighbor
-brother, and can, we
think, view the matter impartially. May I briefly discuss
the case?
"You frankly agree that such portions of the Alliedloans
as were expended
for munitions and other fighting purposes, were used for
the benefit of all,
and that the debt may fairly be reduced to this extent.
"When your country declared war you took your place
beside the Allies to
prosecute the struggle as a joint enterprise. Your required
over a year for
preparation, and during that time the Allies gave to the
cause one million
lives, besides billions of their own money. You could not
help with men,but
did help financially. The claim now that you were only
lending while they'
were giving is so contrary to all ideas of co-operation
and justice, that it will
not stand even a moment's investigation. Were your
dollars worth more
than their lives?
"During the whole war in actually killed. France lost
1,500,000; Italy 1,000,000; the United States 50,000: 2,100.000; Britain
Canada 52,000. In
lives there was no equality of sacrifice; must there also
be no equality in
finance?
"I need not dwell further on these points, for you admit
that money borrowed for military purposes should be deducted from the
so-called debts.
Coming from the head of the Government Commission
which made the
advances, this declaration should carry great weight with the
American
people, its general acceptance would be a first step towards a
fair solution.
"You hold, however,that money applied to purposes not
strictly military
should be repaid. You also hold that the United States has counter
-claims.
"Among non-military items you list food for Britain's civilian
population.
This food, purchased at inflated prices, was sold much below cost,
and the
proceeds were at once applied to strictly military purposes. Was it not
all
therefore, a war expenditure?
"You also suggest that Britain should have transported American troops
without charge. Why? The vessels were private property, and their owners had to be reimbursed. Why should Britain pay for their use
while they
were transporting American troops? American railways were
likewise
under Government control. Should they have carried without charge
the
munitions purchased by the Allied? Britain of course, gladly furnished
the naval squadrons that convoyed the
transports.
"You may make out a ixtter case on another point.
Any amount paid
to J. P. Morgan & Co. to cover an over-draft of the British
Government
on April 6, 1917, is in a different
category, as it represents expenditures
before the United States became one of the
associates.
"But there is another point. Your advances
were limited to covering purchases in the United States, which incidentally
benefited your own people
Practically the only exception being for Russia. No other
nation imposed
for purposes of the State. In the first referendum ever held in the world
on this question, namely, that of a tax on all property worth over $16,000,
the Swiss people rejected the idea by a vote of 7 to 1.
The voting ended this afternoon with all the excitment attending an
American electhm. Crowds thronged the streets in every town in Switzerland to-night to read the returns of this battle between the rights of private
property and its great enemy, communism.
When the final results were flashed on the screens there was a wild tumult.
Bands played and the supporters of property rights marched through the
streets with broomsticks, while the Socialists and Communists scurried to
their holes. The victory was overwhelming. Not only did the peasants
stand thin for the rights of property, as the proposed law would have meant
confiscasion not only of money but of goods, but the industrial centres like
Zurich, over which there was most concern,rolled up unexpecteded majorities
Zurich voted 19,847 for and 100,015 against.
for property rights.
The total vote in all Switzerland announced to-night was 109,163 for and
against the proposed law.
724,916
It takes 50,000 voters to get a petition before the people, and to make it a
law requires a majority of the popular vote as well as a majority in the cantons. Inspired by the present industrial crisis, the communistic elements
got through the petition.
The proposed law submiti,ed to the voters would have taxed all fortunes
both of goods and money, beginning at 8% on $16,000 and running up to
60% in the case of fortunes of $600.000. The holder of such a fortune
would have to turn over more than half of it to the State, the money going
for old age homes. A great campaign was conducted, mostly through pesters. Only 23,000 people, or .06% of the whole population, would have
been affected by the confiscation.
The Associated Press had the following to say in Lausanne
cablegrams Dec. 3:
The results of the referendum on the proposed capital levy were received
at Lausanne this evening amid great demonstrations. Thousands gathered
in the main square and applauded as the returns were thrown on a screen.
Although the women had no vote,they were numerous in the demonstration
crowds.
General strikes had been threatened in case the capital levy was defeated,
but the vote was so decisive that the opinion prevails to-night that the
radical labor leaders will advise against such action, which the election
has demonstrated, would have comparatively slight popular support.
Returns from strictly farming districts showed that the peasants have
been even more strongly against the proposed levy than the urban population. For two weeks gold has not been in circulation in Lausanne, but
it is expected that it will be current again to-morrow. Bankers say that
the decisive defeat of the measure will mean that capital exported from
Switzerland through fear of the tax will be returned.
Reference to the provisions of the proposed law imposing
the levy was made in our issue of Nov. 18, page 2206. In citing the object lesson embodied in the proposal, Sir W. Joyn-
DEC.9 1922.]
THE CHRONICLE
on Hicks, Secretary of the Department of Overseas Trade,
addressed the following letter to the Editor of the London
"Times" (published in that paper Nov. 10):
•
To the Editor of the "Times" —
Sir —My Department have recently received from the Commercial
Secretary at Berne a report on the effects on Swiss finance and industry
for
of the proposal for a levy on capital for the purpose of creating a fund
of a
social insurance. This proposal will shortly become the subject
which
referendum to the Swiss people. Having regard to the discussion
is proceeding on the matter in this country, I consider that the facts should
•
be widely known.
The report states that the approach of the date for the decision (bec. 3)
has added to the already existing feeling of insecurity, which, in some
to
instances, and especially with regard to finance, has amounted almost
panic on the Swiss stock exchanges. The losses caused are already very
large..
The monthly bulletin of the Swiss Bank Corporation in Zurich states:
ComThe general depressed state of the market and the fear that thecomes
munists' Bill for a general levy on capital might become law when it
up for referendum on Dec. 3, resulted in the public throwing their shares
on the market to an unheard-of extent. Gilt-edged Swiss bonds fell,
causing unprecedented losses. From Sept. 25 to Oct. 15 the Bourse
Index figure fell from 88.61% to 82.36%. First-class bonds fell 6 %.
and industrial shares fell on an average by 7X %.
The proposal is having a disastrous effect on the loans which are at present
being offered to the public. On Oct. 7 the Municipality of Winterthur
Issued a loan of five millions, at 4).i %,the proceeds of which were to devoted to buying back a previous 5% loan of Treasury notes, issued in 1919.
The public, however, held back and only subscribed 20% of the five millions, with the result that the Municipality will probably have to pay 6%
for a temporary loan.
It is reported,further, that there has been a general run on certain workmen's private banks.
times, and
Industries in Switzerland have been passing through difficult
that an
there is no abundance of capital available. It is generally held
companies, in
enforcement of the proposed 10% levy on limited liability
inevitably
will
addition to the burdens which they already have to bear,
of unemlead to the dosing down of works and to a very serious increase
2523
when the opin the course of shipment were repudiated by foreign buyers
instances goods
portunity came for purchase at lower rates. In many
great difficulties
blocked the warehouses of foreign ports, bringing about
of commiton all sides. The Department brought about the appointment
associations interested in certain%
tees among exporters and various trade
these committees.
countries and organized a special service to co-operate with
Department in this.
In this matter. The foreign representatives of the
delivery andl
co-operative work have participated effectively in securing
settlement in cases amounting to upward of $120,000,000.
merchants,
There have also been a few cases of repudiation by American
itself in these•
of goods purchased abroad. The Department has interested
the high repute
matters informally because of the vital necessity to maintain
infinitesimal per—
of American commerce. These cases were in an almost
Department
centage and in practically every case representatives of the
have secured the acceptance of the goods.
BELGIUM REBUILDS WITH OWN CASH—$1,500,000,006
ADVANCED ON GERMANY'S PROMISE TO PAY.
The following from the New York "Evening Post" of Dec.
2 came in special correspondence to that paper from Paris
Nov.10:
From the armistice to the end of December, 1922, Belgium will have paid
for her own reconstruction 16,000,000,000 francs, which at average exchange for that time exceeds $1,500,000,000 in gold value. This great sum
has had to be advanced by the Belgian Government on German promises to
pay reparations, according to the Peace Treaty. As in France, in Belgium
tax receipts would balance Government expenditures if it were not for the
interest which has to be paid on these reconstruction advances.
And this is why Finance Minister Theunis so often repeats: "Belgium is
ruined if Germany does not pay." Prime Minister Poincare has said the
same thing over and over for France.
What results can Belgium show for the expenditure of these billions on
the strength of Germany's paying? They are amply sufficient to show that
the money has been well applied. Also, being facts, they show that the
Keynes theory that Belgium and France are exaggerating the reparations
which they ask from Germany is unfeunded.
The German invasion of Belgium destroyed 78,000 houses in round figures,
ployment.
to impose a and since the armistice 52,000 of these have been rebuilt by Belgium at her
I think I have said enough to show that the mere suggestion
permeate own expense. (For few houses which do not come under direct war damto
capital levy has caused a feeling of apprehension and insecurity
effects. A ages, but are necessary for reconstruction, 1,500 have been built.) Of the
Switzerland, which has already produced serious economic
time when business, after grave public buildings which had been destroyed wholly or in part, 836 have been
similar experionm in this country, at a
not but be rebuilt.
vicissitudes, is gradually struggling back to the normal, could
Clearing Debris Expensive.
disastrous to our industry and trade.
Yours faithfully,
These figures have to be multiplied many times over for the North and
W. JOYNSON HICKS,
East of France, but in both countries one great and discouraging part of
9.
the rebuilding is too often left unnoticed. This is the clearing of the cellars
Department of Overseas Trade, 35 Old Queen St. S. W.. Nov.
and ground of the debris of the houses that were destroyed. In many
cases it would be easier to dig new foundations and cellars in empty fields.
REDEMPTION OF CANADIAN VICTORY NOTES IN Some of the American projects for engineering the rebuilding of a destroyed
$100,000,000.
city like Rheims demanded more money to bo spent for this alone than
PROGRESS—CONVERSIONS TOTAL
the French were willing to grant for the entire reeonsrtuction.
The first of the Canadian Victory bonds to mature are beRoads and highways were not so completely destroyed in Belgium.
Approximately where Germany occupation was earlier and lasted longer, as they were gening redeemed by the banks of the Dominion.
erally in France, except for disputed parts of Belgium territory. Even so.
$178,000,000 falls due, and it was stated on Dec. 1 that more the
Belgium Government has had to supply the funds for remaking 2,165
than $100,000,000 has already been converted. According to kilometres (nearly 1,300 miles) of these necessary means of communication
Dec. 1 the Fi- and transport to the same date—March 31 1022. On bridges and locks
a Montreal dispatch to the New York "Times"
nance Department has also a payment of $17,000,000 to meet alone 54,000,000 francs ($4,000,000) was spent.
In France this task of reconstructing railroads and highways, absoIn interest on Victory loans. It is added that last month $34,- lutely essential to the resumption of agriculture and industry, was most displans f6r heartening—and it has been the earliest accomplished. This Is doubt000,000 was paid out in Interest. Reference to the
less because it
Government work and an indispensable
the conversion of Canadian Victory notes due Dec. 1 was condition of all was exclusively whereas the rebuilding of houses has had
reconstruction,
12 1922, page 705 and Sept. 2, to be carried on in union with the desires and activities of their owners,
made in these columns Aug.
page 1032. The following Canadian Press dispatch from Ot- whose cherished homes they were.
In general, on this whole question of necessary reconstruction of whole
tawa appeared in the Toronto Globe of Nov. 21:
territories, which is but a part of the reparations promised by the Peace
this evening, the Department of Finance announces Treaty, Belgium and France stand and fall together.
In a statement issued
that holders of 1922 Victory bonds, due Dec. 1 can have their bonds paid
This is not always remembered in the propaganda campaign now cartotal
off in cash at any branch of any chartered bank in Canada. As the
ried on against the reconstruction and finance of France.
and conS. D.
amount of the bond issue maturing on Dec. 1 is $178,000,000
versions totalled over $100,000,000, cash payments for bonds will be in
neighborhood of $78,000,000. The statement from the department folthe
lows:
"Under their terms, the principal of these bonds is payable only at the
Department of Finance. Ottiva, and at the offices of the Assistant Receivers.
General at Charlottetown, Halifax, St. John, Montreal, Toronto, Winnipeg,
Regina, Calgary and Victoria.
Convient Arrangement.
"But, in addition, and for the greater convenience of the public, the Minister of Finance has entered into special arrangements with the chartered
banks for the payment of the bonds through their branches, without expense to holders.
"In order that holders may receive cash promptly at date of maturity,
it will be necessary, when dealing through a bank, to deliver the bonds
for examination and listing at least four days prior to Dec. 1. Correspondingly, If bonds are presented to a bank on or after Dec. 1 holders must
be prepared to grant a few days for examination and verification before
payment is effected. The banks have received full instructions as to the
form of endorsement required from holders of registered bonds.
Misapprehensions Removed.
"Officials of the Department state that it appears, from inquiries received, that some bondholders have the impression that the principal of
is in
the bonds will be sent out by check, automatically, as the interest
the princithe case of registered bonds. It is pointed out that payment of
surrender of the bonds themselves.
pal can be effected only on
"Attention is also directed to the fact that the bonds cease to bear inclaims for further interest
terest on the maturity date. If held thereafter,
cannot be entertained."
BELGIUM EXPELS EXCHANGE GAMBLERS.
The expulsion of foreigners locating In Belgium for the
purpose of dealing in exchange to the disadvantage of the
country, is reported as follows in Associated Press cablegrams from Brussels Nov. 29:
Laws cannot stop the fall in exchange non can exchange be artifIciallY
fixed, Premier Theunis told the Senate to-day during an interpellation on
the slump of the franc.
He said that the only remedy was to inspire confidence and he condemned the various forms of capital levies.
The Premier announced that several foreigners who came to Belgium
to take advantage of the financial agitation they had helped to create had
been expelled.
BIG METAL TRUST IN EUROPE PLANNED BY FRENCH
AND GERMAN INTERESTS.
An Associated Press dispatch from London Dec. 2 said:
Several French industrialists are negotiating with German business men,
with the object of establishing a big metal trust in Central Europe under
French leadership, says a Central News dispatch from Berlin to-day.
"The leading spirit of the movement," the dispatch says,"is stated to be
Eugene Schneider (the French steel magnate), who, having a dominating
business power in Italy, Jugoslavia, Czechoslovakia, Austria, Luxembourg
and the Sarre, desires to subdue the operations of the German syndicates.
He is said to contemplate a trust surpassing in magnitude even the United
States Steel Corporation.
j
The captain of German industry hope that tithe plan succeeds this form
of Franco-Ger an co-operation willhave an effect on reparations."
SECRETARY OF COMMERCE _HOOVER ON COLLECTION
OF DEBTS REPUDIATED BY FOREIGN BUYERS..
Herbert Hoover, Secretary of Commerce, in his forthcom'
ve work of NEW BANS.394E FOUNDED IN BULGARIA UNDER
,ing annual report, referring to the administrati
AUSPICES OF GOVERNMENT.
to say respecting
the Department, will have the following
On Nov. 2 advices from Sofia, Bulgaria, stated:
the collections of merchant debts abroad:
great hardship to American exThe general collapse in prices brought
dollars worth of orders and goods
porters in that hundreds of millions of
Eventual participation of Swiss, French and Belgian banks in the capitalization of an International Bank of Bulgaria is sought by Minister of
2524
THE CHRONICLE
[VOL. 115.
Finance Tourlakoff, who is conferring with bankers of these three countries
In Switzerland.
The new bank will be founded under the auspices of the Bulgarian Government, the National Bank of Bulgaria, and the Bulgarian Agricultural
Bank,each taking 15,000.000 leva of the capital stock. (A lev normally is
worth about 19 cents.) The object ofthe new institution will be to facilitate
Bulgaria's foreign trade.
ASSESSMENT LEVIED AGAINST MEMBERS OF STATE
DEPOSITORS GUARANTY FUND IN KANSAS.
The State Banking Department of Kansas, on Nov. 28
announced a special assessment of one-twentieth of 1% on
the capital stock of 703 banks participating in the State
Depositors' Guaranty Fund. In announcing the assessment
OFFERING OF KENTUCKY JOINT STOCK LAND the Topeka "Capital"
of Nov. 29 said:
BANK BONDS.
Members of the State Guaranty Fund have been summoned to pay a
At 103 and interest, to yield about 4.62% to the redeem- special assessment according to an announcement yesterday by Frank H.
Foster State Bank Commissioner. This is the first special assessment ever
able date and 5% thereafter, to redemption or maturity, levied ,
against the State banks of Kansas members of the Guaranty Fund,
Harris, Forbes & Co., Halsey, Stuart & Co., Inc., and since it went 4nto effect in 1904. The request will affect 703 State banks,
William R. Compton Co. offered yesterday (Dec. 8) $1,500,- each one being assessed one-twentieth of 1% of its capital stock, and will
provide a fund of $73,000.
000 Kentucky Joint Stock Land Bank (Lexington, Ky.)
This action is the result of the many failures which have occurred among
5% bonds. The bonds, issued under the Federal Farm banks protected by the Guaranty Fund. At present there is a cash balance
Loan Act, are dated Nov. 1 1922 and become due Nov. 1 in the Fund of $684,683, Foster announced. However, the Fund is subnumerous heavy drafts as soon as several bank losses are taken care
ject
1952. Interest is payable May 1 and Nov. 1 and principal of. to
Drafts amounting to $54,328 were drawn yesterday to cover the losses
and interest are payable at the Kentucky Joint Stock Land
Bank, Lexington, Ky., the Harris Trust & Savings Bank, La the LeLoup Farmers' State Bank and the Homewood State Bank failures.
Chicago, or at the National City Bank, New York City.
The bonds are in coupon form, fully registerable and inter- CHANGE IN KANSAS DEPOSITORY LAW RECOMMENDED BY STATE TREASURER.
changeable in denomination of $1,000. They are redeemA change in the Kansas State depository law—making it
able at par and accrued interest on any interest date after
ten years from date of issue. The bonds are exempt from possible for any bank to be designated as a depository by
all Federal, State, municipal and local taxation and are complying with the State rules and depositing with the State
acceptable as security for postal savings and other deposits Treasurer an amount of bonds equal to the deposit—is
recommended in
of Government funds. By a decision of the Supreme Court State Treasurer, the biennial report of E. T. Thompson,
according to the Topeka "Capital" of
of the United States, rendered Feb. 28 1921, the constituNov. 28, from which we also take the following:
tionality of the Act under which the bonds are issued and the
"The change should be made on account of the increase in the business
tax-exemption features of these bonds were fully sustained. of the office," Thompson said.
Attention also is called to the saving which has tesulted from establishing
The following regarding the Kentucky Joint Stock Land
the Kansas fiscal agency in Kansas instead of New York, as previously.
Bank is taken from the offering circular:
Kansas Saves $1,500.000.
The Kentucky Joint Stock Land Bank is restricted by
its charter to loans
on farm land only in Kentucky and Ohio. Up to
the present time most of
, the bank's loans have been made in the famous
"Blue Grass" section of
Kentucky, but recently the bank has commenced
operating actively in
Ohio and is loaning at the rate of about $300,000 per
month in that State.
The total loans in Kentucky to date are $2,555,900 and
The Kentucky Joint Stock Land Bank has a very $805,800 in Ohio.
strong management,
consisting of men who have had long, successful
experience in the banking
and mortgage business in this territory, by reason
of their connection as
directing heads of the Security Trust Co. of Lexington,
Ky., an Institution
with the highest reputation, which has been operating
successfully over a
long period of years. Charles N. Manning, J.
D. Van Hooser and S. A.
Wallace are respectively President, Vice-President and
Secretary and Treasurer of the Security Trust Co. and hold the same
offices in the Kentucky
Joint Stock Land Bank. F. H. Engelken, who is Vice
-President and Manager of the Joint Stock Land Bank, was formerly the
President ofthe Federal
Land,Bank of Columbia, So. Caro., which was the
first Federal Land Bank
established. Prior to that time he was director of
the United States Mint.
Statement of the Kentucky Joint Stock Land Bank
(as Officially Reported
December 4 1922).
Acres of real estate security loaned upon
123,517
Total amount loaned
$3,361,700
Appraised value of real estate security
$8,923,821
Appraised value per acre
$72 24
Amount loaned per acre
$27 21
Percentage of loans to appraised value of security
37.7%
If the fiscal agency were transferred to New York, the report points
out, it would deprive the State of Kansas and the banks located in the
State of the use of $1,500,000.
Kansas municipalities should be required to publish in local papers
their intention of taking up bonds held by the fiscal agency, Thompson
suggests. He calls attention to the fact that the interest on State deposits
will pay all the expenses of the State Treasurer's office, help included,
for the next five years.
Fiscal Agency Grows Rapidly.
Growth of the Kansas fiscal agency has been rapid. It now is increasing
at a rate of approximately $2,000,000 a year. The 34 of 1% fee collected
by the agency amounted to $21,193 67 for the year 1921.
Since taking charge of the office of State Treasurer in 1921, Mr. Thompson has indexed every record in connection with the office. He has made
a complete record of the bonds and coupons, showing a total of coupons
due on each issue of bonds on the date they become due.
In his report Thompson says:
"Eliminate Useless Figuring."
"On account of bringing the records to an up-to-date uniform system
bookkeeping, I have eliminated a lot of useless figuring, and for the
of
first time in the history of the State Treasurer's office, the State Accountant
was able to make a complete invoice of the department from the records
in the office.
"With a balance of $39,734,374 92 in the State Treasurer's office,
formerly taking from 45 to 50 days by the State Accountant to invoice,
you readily can see the great improvement that has been made when the
office was invoiced in less than two weeks. This office handles S1,000,000
for the Bank Commissioner and $10,000,000 for the Insurance Department,
in addition to its regular duties."
REPAYMENTS RECEIVED BY WAR FINANCE
CORPORATION.
From Nov. 15 to Nov. 30, inclusive, the repayments
CAMPAIGN OF NEW YORK CHAMBER OF COMMERCE
received by the War Finance Corporation totaled ,133,109,
AGAINST FRAUDULENT STOCK PROMOTIONS.
as follows:
In a campaign agaist fraudulent stock promotions the
On export advances and on loans made under war powers
$67,747 Chamber of Commerce of the State of New York has inOn agricultural and live stock advances:
From banking and financing institutions
dicated it as its belief that the seeking of advice from experi$4.249,210
From live stock loan companies
2,312,063
enced bankers offers the best safeguard to small investors
From co-operative marketing associations
1,504,089
it is possible now to secure. A resolution to this effect,
8,065,362
contained in a report by a sub-committee of the Executive
Total
$8,133.109 Committee of the Chamber, was unanimously adopted
The repayments received by the Corporation from Jan.
1 by the Chamber last month as follows:
1922 to Nov. 30 1922, inclusive, on account of all loans, To the Chamber of Commerce:
totaled $167,188,861.
A sub-committee of the Executive Committee of the Chamber, consistADVANCES BY WAR FINANCE CORPORATION,
ACCOUNT OF AGRICULTURAL AND LIVE
STOCK PURPOSES.
The War Finance Corporation announced on Dec. 2
that from Nov. 15 to Nov. 30 1922, inclusive, it approved
16 advance, aggregating $1,022,000,to financial institutions
for agricultural and live stock purposes.
APPROVAL BY WAR FINANCE CORPORATION OF
ADVANCE TO LOUISIANA FARM BUREAU
RICE GROWERS' ASSOCIATION.
.
The War Finance Corporation announced, Dec. 4,
that it
had approved the application of the Louisiana Farm
Bureau
Rice Growers' Co-Operative Association, Crowley, La., for
an advance of'not to exceed $500,000 for the purpose
of
financing the orderly marketing of rice.
ing of Mr. Bush, President of the Chamber; Mr. Ecker, Chairman of the
Executive Committee, and Mr. Clarence H. Kelsey and Mr. William Mc
Carroll, has had under consideration stops which may be taken by the
the matter of safeguarding investments of small investors,
Chamber in
who so often suffer loss through misplaced confidence in the representations
of those who have for sale either fraudulent or extremely speculative securities. Conference with representatives of other associations interested in the
same problem have been held and many possible remedies considered.
The final recommendation made to the Executive Committee and endorsed by it is to limit the present activities of the Chamber in this matter
to an effort to spread as widely as possible the doctrine that small investors
seek the advice of officers of legally organized banks and trust companies
or of bankers of established reputation in their vicinity before purchasing
securities.
It is the belief of the Committee that the seeking of advice from experienced bankers offers the best safeguard it is possible now to secure; therefore, be it
Resolved, That the Chamber of Commerce of the State of New York
approves the above report and recommendations, and the President and
other officers of the Chamber be and they are hereby authorized to take
such steps, in co-operation with other bodies and in other ways, as may
be deemed necessary to carry out the above recommendations.
IRVING T. BUSH, President.
Attest:
CHARLES T. GWYNNE, Secretary.
New York, Nov.2 1922.
DEC.9 1922.]
THE CHRONICLE
2525
(3) Orders will be filled according to the bids or offers in the cabinets
"
or offers to have precedence over all
order above indicated, said bids
NEW YORK STOCK EXCHANGE NO LONGER REQUIRES in the bids and offers.
other
"The attention of the Bond Crowd is directed to the following:
MEMBERS' BORROWINGS.
REPORTS OF
"Section 1 of Article X.XXIV of the Constitution provties that ComThe New York Stock Exchange has rescinded its require- missions must be charged 'under all circumstances.' C24, issued Dec. 21
In
" this connection attention is drawn to Circular
orders executed for fellow
ments for the submission by members of reports of borrow- 1921, which states that the above includesthe crowd."
brought into members during their temporary absence from
ings, thus terminating a wartime measure
operation on Sept. 6 1918—an account of which appeared
CLARENCE C. PELL, PARTNER OF PRESIDENT CROMin our issue of Sept. 7 1918, page 941. The following anWELL OF N. Y. STOCK EXCHANGE, AUTHORIZED
1st inst.
nouncement was made by Secretary Cox on the
TO EXERCISE FLOOR PRIVILEGES.
decision to no longer require these reports:
regarding the
December 1 1922.
The Committee on Admissions of the New York Stock
Exchange has authorized Clarence C. Pell, a member of the
To the Members of the Exchange:
Conduct will no
This is to advise you that the Committee on Business
firm of Strong, Sturgis & Co. and a partner of President
your firm. It may
longer require regular reports of the amount of loans of
the Commitee on
S. L. Cromwell of the Exchange, to exercise the privilege of
be necessary at infrequent intervals in the future for
the CommitBusiness Conduct to collect these figures, and in such an event
transacting business upon the floor of the exchange for the
such
for
tee on Business Conduct will expect a compliance with a request
account of the firm of Strong, Sturgis & Co., under the
information.
recently adopted amendment to the constitution of the
Tlie*following is taken from the New York "Evening Post" Exchange, referred to in our issue of Nov. 25, page 2325.
of the 4th inst.:
brokers'
The action of the Stock Exchange in discontinuing reports of
that the volSTOCK EXCHANGE DAILY BOND QUOTATION
call and time money borrowings indicates, it is pointed out,
official guar.
ume of credit in Wall Street has not caused the least concern in
CLASSIFICATION CHANGED.
ters.
at the
The following is from the New York "Times" of Dec. 5:
This ruling eliminates an order that went into effect Sept.6 1918,
Chairman
The daily bond quotation list issued by the New York Stock Exchange
Instance of Governor Strong of the Federal Reserve Bank and
Exchange
and the
of the so-called Money Committee of bankers. The StockCommittee appeared in "new dress" yesterday, inasmuch as the grouping
form of listing of the many bond issues traded in were changed. Heretofore
formulated a committee of five to co-operate with the Money
rendering loan the Exchange
public utilities,
grouped the bonds under railroads,industrials,
in curtailing loans. At that time brokers co-operated by
made in loan street railways, &c. Also it gave bonds of subsidiaries under the bonds of
reports, but it was soon evident that little progress was being
were necessary.
the main corporation. For instance, the bonds of the Alabama Great
contraction and further steps
recommending to Southern were listed under Southern Railway. Under the new form all
Later the Money Committee took the drastic action of
from 20 to 30% railroad bonds are listed in alphabetical order regardless of which road is
banks the raising of margins upon Stock Exchange loans
effective Nov. 4 sponsor of guarantor for the issue. Another new feature is the grouping
as a means of checking expansion. This requirement was
of other bonds, but one which is not considered an improvement; that
1918.
soon evident, is, all bonds that are not railroad bonds are listed under the caption "InThat progress was made in remedying the situation was
ing
of the Pre.- dustrials." In other
request
words, public utilities,street railways, manufactur
as on Dec.4 1918 the Money Committee, at the urgent
on loans whereby and industrial corporations, mining, oils, coal, iron, steel and telegraph.
ident of the Stock Exchange, restored the old margins
amount brokerage telephone and express companies, are all listed under the caption "Inbanks loaned 80% instead of 70%, thus reducing the
mea.ures upon
dustrials."
houses had to put up from 30 to 20%. These restrictive
Fourth Liberty
Wall Street credit were adopted during the flotation of the
ARTHUR H. LAMBORN REINSTATED BY NEW YORK
COTTON EXCHANGE.
Announcement was made from the rostrum of the New
York Cotton Exchange last Saturday, Dec. 2, of the restoration to membership in that body of Arthur H. Lamborn,
head of the firm of Lamborn & Co., 7 Wall Street. Mr.
down
the Lamborn's reinstatement followed the decision handed
The "Wall Street Journal" of Dec. 5 pointed out that
on the preceding day (Dec. 1) by the Appellate Division of
Federal Reserve Bank will continue its policy of receiving the Supreme Court nullifying his suspension from the Exfrom member banks the total call and time money loans
change, to which reference was made, in last week's issue of
made to brokers.
the "Chronicle" (Dec. 2), page 2433.
Loan.
effective for
The waiving of this order eliminates a ruling that has been
structure of
more than four years and emphasizes the fact that the credit
of money rethe nation is thoroughly sound irrespective of the volume
of this loan
cently being used in Wall Street. Brokers regard elimination
security as a highly encouraging procedure.
Federal
In addition to reports from the Stock Exchange the New York
so that
Reserve Bank has been receiving data from lending member banks
a double check was had on the situation.
NEW STOCK EXCHANGE RULING GOVERNING ODD
LOT BOND TRANSACTIONS.
The issuance by the Committee on Arrangements of the
New York Stock Exchange of new rulings covering transactions
in odd lot bonds is announced, the New York "Times" of
the 6th inst. printing the following in the matter:
These rules, it is said, are all part of a program of the Exchange authorselling and
ities to give the investing public a better market both on the
on the buying side than has existed heretofore.
to place
Under the new rules the broker will no longer be permitted
in force for
small lot orders in the "cabinet." This practice has been
of bonds has lost
some time and as a result the buyer of a small amount
his market because the placing of his order in the cabinet was sometimes
it will be
left there for a long time, if not almost forgotten. In future
small buying
necessary for the broker to give the same attention to a
means that a small order
order as he does to a large buying order. This
will be executed immediately just the same as an oi der for a "full lot."
Also under the new ruling it will be necessary for all brokers to place their
orders in chronological order. Under this rule an order,if filed at 9:30 a. m.
to sell a certain bond, this bond must be sold previous to an order filed any
time later, regardless of the size of the order. Consequently to receive
proper executions all brokers have advised their firms of the necessity of
getting their orders in hands of the specialists as early as possible.
Another clause in the ruling issued by the committee Is that commissions
must be charged for all transactions: This feature, which is already contained in the Constitution of the Exchange, is understood to have been
neglected by certain brokers. Heretofore, in the absence of a broker from
the floor of the Exchange,it has been a custom to let another broker execute
.
an order and no commission was charged for handling the transaction
This will be done away with under the new rules as the commission will be
is expected to
charged by the one who actually transacts the order. This
eliminate, to no small extent, the absence of brokers from the floor, and
bring about personal executions of all orders by the broker for his particular
customers.
Some Stock Exchange firms were at first opposed to the new rulings
the floor
because of the vast amount of work placed upon the shoulders of
orders received
member of the firm in taking care of the numerous small
will be counterbalanced by the
daily, but it is expected that this labor
scale. It is also expected
benefits to investors to buy bonds on a small
$5,000 lots, which now go to investment
that many orders of $1,000 to
will, in the future, go to Stock
houses not members of the Exchange,
Exchange firms.
ts addressed to "The
The circular of the Committee of Arrangemen
by E. V. D. Cox, Secretary.
members of the Bond Crowd," and signed
reads as follows:
trading in the Bond Crowd have
"The changes recently made to facilitate rules, which will be effective
made it necessary to make the following
1922:
Monday. Nov 27
be placed in the cabinets.
(1) Market orders to buy or sell shall not be arranged in the cabinets
"
or sell will
"2)Cards containing offers to buy
ally as to the time when they are
according to price, and then chronologic
received by the clerks.
JOSEPHTHAL & CO. FILE ANSWER TO COMPLAINT
OF EX-PARTNER.
The New York Stock Exchange firm of Josephthal & Co.
of this city, through their attorneys, Shearn & Hare, on
Wednesday (Dec. 6) filed their reply in the County Clerk's
office to the suit for a receivership and an accounting
brought against them on Nov. 22 by Henry J. Schnitzer,
a former partner in the firm, in which he complains of his
expulsion from the company and alleges irregularities whereby
It was made to appear his large capital investment in the
firm had been wiped out. In his answering affidavit Louis
M.Josephthal, the hea.d of the firm, sets forth the following:
1. That on Feb. 11 1922 the plaintiff was expelled from the former
because
firm of Josephthal Q Co.and said firm was then and there dissolved
the plaintiff, as had shortly prior thereto been discovered by deponent, had
cheated and defrauded deponent out of the sum of $25,000 and appropriated
$12.500 thereof to his own use under circumstances constituting, as deponent is advised by his counsel and verily believes, grand larceny.
2. On Feb. 11 1922, when the aforesaid partnership relation was terminated, as aforesaid, the plaintiff had no capital investment or interest in
said firm, and on the contrary, not only had his entire capital interest been
wiped out by losses sustained in a costly and unfortunate business venture
upon which plaintiff induced deponent and said firm to embark, but in
of at
addition thereto the plaintiff was indebted to said firm in the sum
least $198,365 31.
Reference was made to the suit brought by Mr. Schnitzer
against Josephthal & Co. in the "Chronicle" of Nov. 25,
p. 2324. It is said that the defendants' attorneys have filed
voluminous affidavits and these will he before the Court on
Dec. 11, when argument will be heard on Mr. Schnitzer's
motion.
EARL MENDENHALL AND FRED T. CHANDLER, Jr.,
ACQUITTED FOR THE SECOND TIME OF
CRIMINAL CHARGES.
time within a month, Earl Mendenhall and
For the second
Fred T. Chandler, Jr. (partners in the defunct firm of
Chandler Bros. & Co. of Philadelphia) were found not
guilty of criminal charges growing out of the failure of the
firm in July 1921. The jury, it is said, deliberated little
more than twenty minutes before reaching its verdict. This
last trial, it is said, involved an allegation of conversion of
2526
THE CHRONICLE
[Vol,. 115.
200 shares of stock belonging to Dr. Alva J. Savacool, of
Philadelphia. After the verdict was rendered, Assistant
District Attorney Fox, it is said, obtained the permission of
the Court to nolle prosse four of the remaining nine indictments against the defendants. Mr. Fox is reported as saying
that he would consult with the District Attorney before the
five indictments still pending are listed for trial. We last
referred to the affairs of Chandler Bros. & Co. in our issue
of Dec. 2, page 2433.
Bank, and Milton W. Harrison, Secretary and Treasurer of
the National Association of Mutual Savings Banks. Mr.
Harrison is also Vice-President and Secretary of the National
Association of Owners af Railroad Securities, as well as trustee
of the Bowery Savings Bank. Mr. Case pointed out that
the Federal Reserve system has so simplified the huge problem
of financing the Government that it was now largely a matter merely of bookkeeping entries, the large payments
being met at maturity dates and new issues floated without
any noticeable effect on the money market. Unwarranted
CHARLES PONZI ACQUITTED OF CERTAIN CHARGES. criticism against the
system, Mr. Case said, was much to
Charles Ponzi, the former head of the so-called "Security- be regretted. Bank men should
meet such criticisms, it
Exchange Company" of Boston, who is now serving a Federal accruing to their own interest to
do so, inasmuch as the
sentence for using the mails to defraud, was acquitted,
to- Federal Reserve banks are their banks. The stock is subgether with five co-defendants, by a jury before Judge scribed entirely by, and the system
operates for the benefit
Fosdick in the Suffolk Superior Court on the night of Dec.
1 of, the member banks. the only other customers being the
on charges of conspiring to steal and larceny, preferred by Government and a few foreign reciprocal
accounts. In his
the Commonwealth of Massachusetts after a trial which estimation the Federal Reserve Bank
stands out as the greatlasted six weeks. In order to bring Ponzi before the
State est piece of financial legislation ever enacted by Congress.
Court, it was necessary for the State Attorney-General
Mr. Harrison remarked that the railroads of the country
to
secure permission through an opinion from the United
States needed a system similar to the Federal Reserve system—to
Supreme Court. Chief Justice Taft held that Ponzi could locate and place equipment where and when
needed, to avert
be tried in the State courts while a Federal prisoner.
The and dispel the continual disturbances to transportation.
Boston "Herald" of Dec. 3 prints the following statement Mr. Harrison stated it was his belief that there
would never
made by Attorney-General Allen .on Dec. 2. He said:
be Government ownership of the roads. He also emphatiThe outcome of the Ponzi trial, resulting in the acquittal
of Charles cally demanded that the Federal Reserve system be kept out
Ponzi, has shocked the moral sense of the Commonwealth
and will be of the hands of the politicians. The meeting
was presided
regarded by all those who are familiar with his operations as a
gross miscarriage of justice.
over by George A. Gehrken of the Seaboard National Bank,
He was convicted of forgery in Montreal in 1910 and served a
sentence and the following were elected as officers for the ensuing year:
therefor in the penitentiary. Within a year after he was released
he was President, Wm. M. Rosendale; First Vice-Presi
dent, E. K.
arrested for smuggling Italians into this country, pleaded
guilty and
received a sentence in Atlanta Penitentiary.
Dimock; Second Vice-President, Chas. Shoch; Secretary,
In December 1919 he was substantially without funds.
Between that C. A. Brophy; Treasurer, F. I. Collins; Executive Committime and July 1920 he represented far and wide that he was dealing
in inter- tee, C. Quattlander, M. L.
Wicks, M. Gehringer, F. S.
national reply coupons and was making enormous profits. By
means of
these representations he obtained millions of dollars from the
poor and the Parker, M. F. Bauer and 0. R. Kelly.
credulous.
He was adjudged a bankrupt in August 1920, a situation
impossible to
reconcile with his claim that he was making enormous profits.
GATES W. McGARRAH AND OWEN D. YOUNG
If the Postal Convention between the several nations of the
ELECTED DIRECTORS OF FEDERAL RESERVE
world under
which reply coupons are issued was observed, his scheme was
BANK OF NEW YORK.
since that convention requires that the coupons be sold upon a impossible,
gold basis.
In the Federal Court he pleaded guilty to using the mails in
The election by member banks of Group 1, Second (New
connection
with a scheme to defraud and thereby admitted in a most
solemn manner York) Federal Reserve District, of two
that his scheme was in fact fraudulent. The only evidence
directors of the
that he was
dealing in reply coupons and making great profits or even
Reserve Bank of New York, has resulted in the
that he believed Federal
that he was so dealing, came from his own lips.
choice of Gates W. McGarrah of New York, N. Y., as a
He took the stand in his own defense and was compelled
to admit upon Class A director, and Owen D. Young
of New York, N. Y.,
cross-examination that in one respect the testimony given to
this very jury
was not true. Hereafter he refused to return to the stand for
director, each for a term of three years from
further cross- as a Class B
examination. All these matters were clearly and fully
presented to the Jan. 1 1923. Pierre Jay, Chairman of the Reserve Bank,
jury in the able argument of Mr. Flaherty on behalf of the
Commonwealth. states that the total number of votes
cast for each candidate
The Court, in commenting on the case after the trial,
spoke of the evidence presented by the Commonwealth as overwhelmin
g. That Ponzi is as follows:
should have been acquitted under thes econditions is a
sad commentary
Class A Director.
I
Class B Director.
on the conditions obtaining in this county in the prosecution
63 Owen D. Young
of crime.
Gates W. McGarrah
63
The President of the Boston Bar Association has communicate
631Total.number of votes cast
d with me Total number of votes cast
63
this morning and informed me that a committee will be
appointed to consider measures.to improve jury service in this county.
INSTITUTIONS ADMITTED TO FEDERAL
Prosecution of this defendant will not be permitted to rest on
this verdict. STATE
There are other indictments upon which he has not been tried,
RESERVE SYSTEM.
and there are
many other Ponzi victims whose cases have not been
presented to the
Grand Jury.
following institution was admitted to the Federal
The
Reserve System in the three weeks ended Dec. 1:
SENATE RESOLUTION CALLING FOR REPORT FROM
Total
Capital.
Surplus.
District No.5—
Resources.
RESERVE BANK ON INTEREST CHARGES.
Farmers Commercial Bank, Benson,
A resolution requesting the Federal Reserve Board to
$100,000
$25,000
North Carolina
$465,224
obtain from the Federal Reserve Banks of Atlanta, St. Louis,
Dallas and Kansas City a statement showing all cases Where INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
interest ranging between 10% and 873/2% per annum was
BOARD TO EXERCISE TRUST POWERS.
charged on loans and rediscounts, was adopted by the Senate
The Federal Reserve Board has granted permission to the
on Dec. 6. The resolution, which was offered by Senator
following institutions to exercise trust powers:
Heflin, contained a long preamble, which Mr. Heflin agreed
The Manufacturers National Bank of Ilion, Ilion, New York.
to strike out at the suggestion of Senator Smoot. The resoThe First National Bank of Mooresville, Mooresville, N. Carolina.
The First National Bank of Greeneville, Greeneville, Tennessee.
lution as agreed to reads:
Resolved, That the Federal Reserve Board be requested to obtain
from
the Federal Reserve Banks of Atlanta, St. Louis, Dallas and
Kansas City
statements showing all cases where interest ranging between 10%
and
873 % per annum, both inclusive, was exacted from member banks, giving
names of the banks, their capital and surplus, and location, where
10%
per annum or more was charged on loans and rediscounts, the rate
and
amount of interest charged in each instance as expressed in dollars and
cents; also let the statement show whether the Federal Reserve banks have
refunded to each member bank from which such extractions were made
the amount of such interest collected in excess of 10% per annum
upon
each loan upon which such interest was charged.
TREASURY DEPARTMENT WITHDRAWS OBJECTIONS
TO USE OF GOLD COINS FOR GIFTS.
Treasury Department, which during the war disThe
couraged the use of gold coins for Christmas gifts, has withdrawn its objections, according to a circular issued by ViceGovernor Platt of the Federal Reserve Board. Mr. Platt
indicates that the Federal Reserve Board is not only entirely
willing that the banks should pay out gold freely but considers a return of the practice desirable under present
J. HERBERT CASE AND MILTON1HARRISON IN DEconditions.
FENSE OF FEDERAL RESERVE SYSTEM. •
At the Building Trades Club, 34 West 33rd Street, the
PRICE OF DOMESTIC SILVER ADVANCED.
second annual meeting and dinner of the New York Chapter
The following is from the New York "Times" of Dec. 6
Alumni Association of the American Institute of Banking
The price of bar silver of "domestic origin" was advanced yesterday from
was held Nov. 28. Many informal discussions took place,
to 9968 cents per ounce .999 fine. The increase in price, it was said by
/
reminiscent of the old days when Institute life was a real 993i brokers, is due to decreased cost of transportation,owing to the fact
bullion
that the United States Government is again accepting delivery of silver
struggle. Especially interesting of these were discussions
Philadelphia Mint instead of at
of J. Herbert Case, Deputy Governor of the Federal Reserve purchased under the Pittman Act at the
the Denver Mint.
DEC.9 1922.]
THE CHRONICLE
2527
necessary for the purpose to be accomplished after the turn of the year
when market conditions are favorable. With the completion of the December financing, the Treasury will thus have proviced for most of the short
dated debt maturing this fiscal year. Aside from the balance of War
Savings Certificates that may remain to be refunded there will only be
the issues of Treasury certificates maturing March 15 and June 15 1923,
both covered by the estimated tax payments to be received in those months,
and the remaining uncalled Victory notes, amounting to about $894,000.000
on Nov. 30 1922. Exchanges of these notes for the now Treasury notes
now offered, and advance redemptions and retirements for the sinking fund
and on other accounts, may be expected to reduce the outstanding amount
of uncalled Victory notes still further before their maturity.
I think you will find it interesting in this connection to know about the
improved prospects of the Treasury for this fiscal year and the next fiscal
year. The budget which was presented to Congress on Monday shows
that according to the latest revised estimates of receipts and expenditures
the deficit for the current fiscal year has already been reduced to about
$274,000,000 as compared with an indicated deficit of about $697,000,000
these facilities for exchanging or redeeming Wat Saving, at the beginning of the fiscal year, and at the same time holds out a real
In addition to
Stamps of the Series of 1918,the Federal Reserve Bank is now handling them hope that by the end of the year the deficit can be entirely overcome by
still further reductions in expenditure and increases of receipts, arising
for the public at its Annex, 97 Maiden Lane.
The offices at these three locations will be open until further notice from partly from further realization on Government owned securities and property
4:00 p. m., every week day, except Saturday, when they will and partly from increased collections of customs and internal taxes. The
9:30 a, In. to
close at noon. Interpreters will be present to assist those who do not speak actual receipts and expenditures of the Government for the first five months
the English language, and everything possible will be done to facilitate the of the current fiscal year, through Nov. 30 1922, support these estimates.
Total ordinary receipts to that date on the basis of daily Treasury stateexchange or redemption of the stamps.
Arrangements have also been made by the Treasury Department under ments amounted to $1,404,776,456 64 as compared with total expenditures
which Post Offices and banking institutions will handle exchange and chargeable against ordinary receipts, amounting to 31.514,314,770 80,
redemption trransactions for the public. It is believed therefore,, that leaving a deficit for the first five months of only $109,538,314 16. By the
holders will in mot cases be able to effect exchange or redemption of their end of December this deficit should be overcome by the quarterly payment
of income and profits taxes which falls due in that month, thus leaving a
stamps conveniently in their own neighborhood.
It is estimated that there are at resat half a million holders of 1918 War balanced budget, or perhaps even a small surplus, for the first six months
act- of the fiscal year 1923. The prospects for the second half of the year are
Savings Stamps in Greater New York, and while these stamps do not
ually mature until Jan. 1 1923, holders are urged to present them immedi- likewise favorable. The budget estimates for the next fiscal year 1924,
ately for either redemption or exchange. New Treasury Savings Cerd- indicate a surplus of about $180,000,000, and though it is still too early
Mates will be issued immediately in exchange for maturing stamps, and to forecast the actual results, this indicated surplus gives some margin to
will be delivered to the owner at once. Checks in payment of stamps take care of any deficit that may possibly remain at the close of the present
presented for redemption will be mailed to reach holders on or about Jan. year, or, if this year closes with a balanced budget or a small surplus, can
be applied to the retirement of debt maturing within the fiscal year 1924.
1 1923.
The Federal Reserve Bank urges all holder. of these stamps to take ad- For both years 1923 and 1924, the budget provides for the regular sinking
Sam.
fund requirements and other public debt expenditures chargeable against
vantage of the opportunity to continue their investment with Uncle
ordinary receipts, so that any surplus that can be realized in either year
will mean additional retirements of debt.
TREASURY MELLON'S LETTER ON
SECRETARY OF
The Treasury is accordingly financing its December maturities on a
short term basis, believing that the prospects for the next year or two
NEW TREASURY OFFERINGS AND GOVERNindicate the probability of substantial retirements of early maturing debt
MENT'S MATURING OBLIGATIONS.
out of current receipts, and that by reason of the redemption on Dec. 15th
In announcing this week the offering of two new series of of $900,000,000, or thereabouts, of short term Government obligations,
these now issues
certificates, in a
U. S. Treasury certificates of indebtedness and a new series amount and withof short term notes andthe varying needssmaller aggregate
maturities adapted to
of investors, will
of U. S. Treasury notes, Secretary of the Treasury A. W. offer exceptionally attractive opportunities for reinvestment.
With this in view the Treasury is offering in the official circulars to
Mellon,in a letter to the banking institutions of the country,
Treasury certificates maturing Dec. 15 1922, and Victory notes
stated that "there will become payable on Dec. 15 abdut acceptfor redemption on that date, in payment for the new three months or
called
$700,000,000 of 4U% Victdry notes called for redemption one year certificates, and to accept certificates maturing Dec. 15th and
on that date and about $200,000,000 of Treasury certificates 43 %. Victory notes, whether or not called for redemption, in payment
for the new
By subscribing
of indebtedness maturing on that date." He added: "At to the new two and one-half year Treasury notes. extending every liberally
offerings in the first instance, and
possible
the same time about $100,000,000 will be payable as interest facility to your customers to invest in the notes and certificates through
on the public debt. Against these payments, aggregating cash purchase or by exchange of Victory notes or maturing certificates, you
will be rendering
the Treasury as well as to your
about $1,000,000,000, the Treasury already has available customers, and atan important service tohelping to accomplish what all of
the same time will be
balances amounting to about $275,000,000, and it expects to us most desire in these operations, namely, the widest possible distribution
receive during December about $275,000,000 in income and of the Government's securities among investors throughout the country.
Cordially yours,
profits taxes."
A. W. MELLON, Secretary of the Treasury.
The notes and certificates now offered, he said, will pro- To the President of the Banking Institution addressed.
NEW TEMPORARY UPTOWN OFFICES OPENED BY
N. Y. FEDERAL RESERVE BANK FOR EfCHANGE
OF WAR SAVINGS CERTIFICATES.
The Federal Reserve Bank as Fiscal Agent of the United
States announced last Saturday (Dec. 2) the opening of
two temporary offices in up-town sections to accommodate
holders of War Savings Certificates and Stamps of the Series of 1918, which are due Jan. 1 1923 and which may now
be presented for exchange or for redemption for the new
Treasury Savings Certificates. One office has been opened
at the corner of 125th Street and Fifth Avenue, the other at
23rd Street and Fourth Avenue. The banks announcment also says:
vide for the remainder of the Dec. 15 maturities and leave a
margin to cover the Treasury's immediate cash requirements
and such balance of the .1918 War Savings Certificates as
may have to be redeemed in cash at the first of the year.
Altogether, a total of $700,000,000 was offered by Secretary
Mellon this week—the combined certificate offering being
for $400,000,000 or thereabouts, while the Treasury notes
were offered to the amount of $300,000,000 or thereabouts.
Details of the respectiVe offerings will be found elsewhere in
this issue. Below we give Secretary Mellon's letter to the
Presidents of the banking institutions relative to the new of.
fering and the Government's maturing obligations:
Washington, D. C., December 7 1922.
Dear Sin—The Treasury is to-day announcing its December financing,
which comprises, first, an offering of Treasury certificates of indebtedness
in two series, both dated Dec. 15 1922, one bearing 3%% interest and
maturing in three months, and the other bearing 4% interest and maturing
in one year; and, second, an offering of short-term Treasury notes, dated
Dec. 15 1922, bearing 4%% interest and maturing in two and one-half
years. Subscriptions are being received through the Federal Reserve
banks, acting as fiscal agents of the United States. The combined offering
of certificates is for $400,000,000, or thereabouts, while the offering of
notes is for $300,000,000, or thereabouts, with the right reserved to the
Secretary of the Treasury to allot additional notes to the extent that 4%%
Victory notes are tendered in payment. The terms of the offering are
fully set forth in Treasury Department Circulars 314 and 315, both dated
Dec. 7 1922, copies of which are enclosed for your ready reference.*
There will become payable on Dec. 15 1922 about $700,000,000 of 41j%
Victory notes called for redemption on that date, and about $200,000.000
At the
of Treasury certificates of indebtedness maturing on that date.
same time, about $100,000,000 will be payable as interest on the public
debt. Against these payments, aggi egating about $1,000,000,000, the
Treasury already has available balance amounting to about $275,000,000,
$275,000,000 in income
and it expects to receive during December about
now offered will provide
and profits taxes. The notes and certificates
and leave a margin to
for the remainder of the December 15th maturities
such balance of the
cover the Treasury s immediate cash requirements and
be redeemed in cash at the
1918 War Savings Certificates as may have to
announced special arrangefirst of the year. The Treasury has already
Certificates into the
ments for the exchange of these maturing War Savings
and the
through these
new Treasury Savings Certificates, and
for
provide for the greater part
proceeds of the current offering, expects to
further refunding as may be
of the War Savings maturity, leaving such
* The text of Treasury circulars 314 and 315 will be found on pages 2and 3.
OFFERING OF U. S. TREASURY NOTES.
Besides two new series of U. S. Treasury certificates of
indebtedness, Secretary of the Treasury Mellon announced
on Dec.6 the offering of a new issue of U. S. Treasury notes.
The amount of the note offering is $300,000,000 or thereabouts. The notes, designated as Series C-1925, will be
dated and bear interest (at 4Y2%)from Dec. 15 1922. They
will mature June 15 1925. Treasury certificates of indebtedness of Series TD and TD2-1922, both maturing Dec. 15
1922, and 4%% Victory notes (whether or not called for redemption) will be accepted at par in payment for the new
Treasury notes, with an adjustment of accrued interest,
and Secretary Mellon reserves the right to allot additional
Treasury notes (beyond the $300,000,000 offering) to the
extent that payment is tendered in Victory notes. Interest
on the Treasury notes will be paid semi-annually on June 15
and Dec. 15 each year. They will be issued in the form of
bearer notes in denominations of $100, $500, $1,000, $5,000,
$10,000 and $100,000. Elsewhere we give in this issue Secretary Mellon's letter bearing on the new offerings, as well
as, in another item, details of the Treasury certificate offering. The following are the details of the Treasury note offering as made known by the Federal Reserve Bank of New
York:
FEDERAL RESERVE BANK OF NEW YORK
Offering of $300,000,000 (or thereabouts) United States of America 4%%
Treasury Notes, Series C-1925 Dated and bearing interest from
Dec 15 1922. Due June 15 1925.
To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers
and Principal Corporations in the Second Federal Reserve District:
The Secretary of the Treasury offers for subscription, at par and accrued interest, through the Federal Reserve banks, Treasury notes of Series
C-1925, of an issue of gold notes of the United States authorized by the Act
of Congress approved Sept. 24 1917. as amended The notes will be dated
2528
THE CHRONICLE
and bear interest from Dec. 15 1922, will be payable June 15 1925, and will
bear interest at the rate of 41 % per annum, payable semi-annually on
June 15 and Dec. 15 in each year.
Applications will be received at the Federal Reserve banks.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500, $1,000, 55.000. $10,000 and $100,000. The notes are
not subject to call for redemption before maturity, and will not be issued in
registered form. The principal and interest of the notes will be payable in
United States gold coin of the present standard of value.
The notes of said series shall be exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the United States, any State,
or any possession of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes commonly known as surtaxes, and excess profits and war profits taxes,
now or hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations.
Notes of this series will be accepted at par, with an adjustment of accrued
Interest, during such time and under such rules and regulations as shall be
prescribed or approved by the Secretary of the Treasury, in payment of
income and profits taxes payable at or within six months before maturity
of the notes. Any of the notes which have been owned by any person continuously for at least six months prior to the date of his death, and which
upon such date constitute part. of his estate, shall, under rules and regulations prescribcd by the Secretary of the Treasury, be receivable by the
United States at par and accrued interest in payment of any estate or inheritance taxes imposed by the United States, under or by virtue of any
present or future law upon such estate or the inheritance thereof. The
notes of this series will be acceptable to secure deposits of public moneys,
but do not bear the circulation privilege
.
The right is reserved to reject any subscription and to allot less than the
amount of notes applied for and to close the subscriptions at any time without notice The Secretary of the Treasury also reserves the right to make
allotment in full upon application for smaller amounts,and to make reduced
allotments upon, or to reject, applications for larger amounts, and to make
classified allotments and allotments upon a graduated scale; and his action
in these respects will be final Allotment notices will be sent out promptly
upon allotment, and the basis of allotment will be publicly announced.
Payment at par and accrued interest for notes allotted must be made on
or before Dec. 15 1922, or on later allotment. After allotment and upon
payment Federal Reserve banks may issue interim receipts pending delivery of the definitive notes. Any qualified depositary will be permitted
to
make payment by credit for notes allotted to it for itself and its customers
up to any amount for which It shall be qualified in excess of
existing deposits, when so notified by the Federal Reserve Bank of its district,
except upon
subscriptions for which Victory notes are tendered in payment.
Treasury certificates of indebtedness of Series 'I'D and TD2-1922,
both maturing
Dec. 15 1922, and 43 % Victory notes, whether or not
4
called for redemption, will be accepted at the Federal Reserve banks at par,
with an adjustment of accrued interest, as of Dec. 15 1922, in payment
for any Treasury
notes of the Series C-1925 now offered which shall be
subscribed for and
allotted. Victory notes in coupon form must have May
20 1923 coupons
attached, and if in registered form must be duly assigned
to the Secretary
of the Treasury for redemption, in accordance with the
general regulations
of the Treasury Department governing assignments.
The amount of the offering will be $300,000.000, or
thereabouts, with the
right reserved to the Secretary of the Treasury to allot
additional notes to
the extent that payment is tendered in Victory notes
pursuant to this circular. As fiscal agents of the United States, Federal
Reserve banks are
authorized and requested to receive subscriptions and
to make allotments
thereon on the basis and up to the amounts indicated
by the Secretary of
the Treasury to the Federal Reserve banks of the respective
districts.
Very truly yours,
BENJ. STRONG, Governor.
New York, Dec. 7 1922.
OFFERING OF TWO SERIES OF UNITED STATES
TREASURY CERTIFICATES OF INDEBTEDNESS.
As indicated in another item in this issue, Secretary of
the Treasury Mellon offered simultaneously on Dec. 7 two
new series of U. S. Treasury Certificates of Indebtedness
and a new series of U. S. Treasury notes. The details of
the latter are given, under another head. In the case of
the Treasury certificates, Series TM2-1923, bearing interest
at 33.%, will mature March 15 1923, while Series TD-1923
will be put out at 4% and will fall due Dec. 15 1923. Both
will be dated and bear interest from Dec. 15 1923 and will
be issued in bearer form in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The certificates of Series
TM2-1923 will have one interest coupon attached, payable
March 15 1923, and the certificates of Series TD-1923 two
interest coupons attached, payable June 15 and Dec. 15
1923. The certificates will be acceptable in payment of
taxes. Treasury Certificates of Indebtedness of Series TD
and TD2-1922, both maturing Dec. 15 1922, and 44%
3
Victory Notes called for redemption Dec. 15 1922 will be
accepted at par, with an adjustment of accrued interest,
in payment for the new Treasury certificates offered this
week; the amount of the offering is $400,000,000 or thereabouts. The following are the details of the offering as
announced by the Federal Reserve Bank of New York:
FEDERAL RESERVE BANK OF NEW YORK.
Offering of$400,000,000(or thereabouts) United States of America Treasury
Certificates of Indebtedness dated and bearing Interest from Dec. 15
1922. Series TM2-1923, 33%,due March 15 1923; Series TD-1923,
4%, due December 15 1923.
To All Banks, Trust Companies, Savings Banks, Investment Dealers and
Principal Corporations in the Second Federal Reserve District:
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued
interest, through the Federal Reserve Bank, Treasury certificates of indebtedness, in two series, both dated and bearing interest from Dec. 15
1922. the certificates of Series TM2-1923 being payable on March 15 1923.
with Interest at the rate of 3%% per annum on a quarterly basis, and the
[VOL. 115.
certificates of Series TD-1923 being payable on Dec. 15 1923, with interest
at the rate of 4% per annum, payable semi-annually.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000.
$5.000, $10,000, and $100,000. The certificates of Series TM2-1923 will
have one interest coupon attached, payable March 15 1923, and the certificates of Series TD-1923 two interest coupons attached, payable June 15
and Dec. 15 1923.
The certifcates of said series shall be exempt, both as to principal and
interest, from all taxation now or herafter imposed by the United States.
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess profits
and war profits taxes, now or hereafter imposed by the United States, upon
the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized
by said Act approved Sept. 24 1917, and amendments thereto, the principal
of which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association or corporation, shall be exempt from the taxes
provided for in clause (b) above.
The certificates of these series will be accepted at par, with an adjustment
of accrued interest, during such time and under such rules and regulations
as shall be prescribed or approved by the Secretary of the Treasury, in
payment of income and profits taxes payable at the maturity of he certificates. The certificates of these series will be acceptable to secure deposits
of public moneys, but do not bear the circulation privilege.
The right is reserved to reject any subscription and to allotless than the
amount a certificates of either or both series applied for and to close the
subscriptions as to either or both series at any time without notice. The
Secretary of the 'treasury also reserves the right to make allotment in full
upon applications for smaller amounts, and to make reduced allotments
upon, or to reject, applications for larger amounts, and to make classified
allotments and allotments upon a graduated scale: and his action in these
respects will be final. Allotment notices will be sent out promptly upon
allotment, and the basis of allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted must be
made on or before Dec. 15 1922, or on later allotment. After allotment
and upon payment Federal Reserve banks may issue interim receipts
pending delivery of the definitive certificates. Any qualified depositary
will be permitted to make payment by credit for certificates allotted to it
for itself and its customers up to any amount for which it shall be qualified
In excess of existing deposits, when so notified by the Federal Reserve Bank
of its district. Treasury certif cates of indebtedness of Series TD and
TD2-1922, both maturing Dec. 15 1922, and 4, 4 % Victory notes
V
,
bearing the distinguishing letters A, B, C, D, E, or F. prefixed to their
serial numbers, called for redemption on Dec. 15 1922, will be accepted at
par, with an adjustment of.accrued interest, in payment for any certificates
ef the Series TM2-1923 or TD-1923 now offered which shall be subscribed
for and allotted. Victory notes in coupon form must have May 20 1923
coupons attached, and if in registered form must be duly assigned to the
Secretary of the Treasury for redemption, in accordance with the general
regulations of the Tieasury Department governing assignments.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotment on the
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve banks of the respective districts.
Yours very truly,
BENJ. STRONG, Governor.
New York, December 7 1922.
U. S. VICTORY NOTES RETIRED.
The U. S. Treasury has retired $320,000,000 in Victory
notes since the call for the redemption of part of that issue
went out July 26. Secretary Mellon announced on Dec. 1,
in a statement in which he called to the attention of holders
of such securities that interest on them would cease Dec. 15.
The Victory notes affected by the call include those bearing
the distinguishing letters A, B, C, D, E, or F prefixed to
the serial numbers. Seven hundred million dollars of the
notes called for redemption are still outstanding, according
to Mr. Mellon, who explained that the retirements had been
accomplished through exchanges, advance redemptions and
purchases for the sinking fund.
PRESIDENT HAhDING'S ANNUAL MESSAGE TO CON-
GRESS.
While President Harding early in the week transmitted to
Congress a message on the budget, it was not until yesterday
(the 8th inst.) that his annual message was presented to the
new Congress which assembled on Monday, the 4th inst., for
its fourth and final session. The budget message is given
elsewhere in this issue. The present Congress will expire by
limitation on Mar. 4 next. With its coming into being at 12
o'clock noon on the 4th inst. it succeeded the extra session,
which had ended at 11.50 a. m. that day, and which had been
brought under way on Nov. 20. In his message of yesterday
President Harding stated that "so many problems are calling
for solution that a recital of all of them, in the face of the
known limitations of a short session of Congress would seem
to lack sincerity of purpose." "It is no figure of speech," he
said, "to say we have come to the test of our civilization.
The world has been passing—it is to-day passing—through a
great crisis." He asserted that "those who assume that we
played our part in the World War and later took ourselves
aloof and apart, unmindful of world obligations, give scant
credit to the helpful part we assume in international relationships." "Let no one assume," he said, "that our provision for maintained good fortune at home and our unwillingness to assume the correction of all the ills of the world
DEC.9 1922.]
THE CHRONICLE
means a reluctance to co-operate with other peoples or to
assume every just obligation to promote human advancement anywhere in the world." "We would rejoice," he
added, "to help rehabilitate currency systems and facilitate
all commerce which does not drag us to the very level of
those we seek to lift up."
The President stated that he knows of no problem exceeding in importance that of transportation. "Manifestly," he
declared, "we have need to begin on plans to co-ordinate all
transportation facilities. We should more effectively connect up our rail lines with our carriers by sea. . . . We
ought to turn the motor truck into a railway feeder instead
of a destroying competitor. . . . The demand for lower
costs on farm products and basic materials cannot be ignored." .Referring to a previous message to Congress in
which he called attention to the insufficiency of power to
enforce the decisions of the Railroad Labor Board, the President said:
Carriers have ignored its decisions on the one hand; railway workmen
have challenged its decisions by a strike on the other hand. .
•
The Labor Board itself is not so constituted as best to serve the public
interest. With six partisan members on a board of nine, three partisans
nominated by the employees and three by the railway managers, it is inervitable that the partisan viewpoint is maintained throughout hearings and
In decisions handed down. . . . I am well convinced that the functions
of this tribunal could be much better carried on here in Washington.
Even were it to be continued as a separate tribunal, there ought to be contact with the Inter-State Commerce Commission. . . •
The substitution of a labor division in the Inter-State Commerce Commission, made up from its membership,to hear and decide disputes relating
to wages and working conditions which have failed of adjustment by proper
committees created by the railways and their employees, offers a more
effective plan. . . .
The need of financial facilities in the interest of the
farmer was also dealt with by the President, who also recommended the enactment of a constitutional amendment
abolishing child labor, and an amendment to restrict the
Issues of tax-exenipt securities. The President expressed
the wish that action on the pending bills for the registration
of aliens might be expedited, and in referring to the adoption by the nation of constitutional prohibition, he stated
that "the day is unlikely to come when the Eighteenth
Amendment will be repealed." Reclamation and irrigation
projects, he said, were worth the consideration of Congress,
and in touching upon the high cost of living he noted that
"we might well inquire into the benefits of co-operative buying." The President's message was delivered in person by
him in appearing at a joint session of both branches of Congress, and is as follows:
Members of the Congress:
So many problems are calling for solution that a recital of all of thom, in
the face of the known limitations of a short session of Congress, would
seem to lack sincerity of purpose. It, is four years since the World War
ended, but the inevitable readjustment of the social and economic order is
not more than barely begun. There is no acceptance of pre-war conditions
anywhere in the world. In a Very general way humanity harbors individual
wishes to go on with wartime compensations for production, with prewar requirements in expenditure. In short, every one, speaking broadly,
craves readjustment for everybody except himself, while there can be no
just and permanent readjustment except when all participate.
The civilization which measured its strength of genius and the power of
science and the resources of industries, in addition to testing the limits
of man power and the endurance and heroism of men and women—that
same civilization is brought to its severest test in restoring a tranquil order and commiting humanity to the stable ways of peace.
If the sober and deliberate appraisal of pre-war civilization makes it
seem a worth while inheritance, then with patience and good courage, it will
be preserved. There never again will be precisely the old order; indeed, 1
know of no one who thinks it to be desirable. For out of the old order
came the war itself, and the new order established and made secure, never
will permit its rt currence.
It is no figure of speech to say we have come to the test of our civilization. The world has been passing—is to-day passing—through a great
crisis. The conduct of war itself it not more difficult than the solution of
the problems which necessarily follow. I am not speaking at this moment
of the problem in its wider aspect of world rehabilitation or of international
relationships. The reference is to our own social, financial and economic
problems at home. These things are
not to be considered solely as problems apalt from all international relationship, but every nation must be able
to carry on for itself, else its international relationship will have scant importance.
Doubtless our own people have emerged from the World War tumult
less impaired than most belligerent Powers; probably we have made larger
progress toward reconstruction. Surely we have been fortunate in diminishing unemployment and our industrial and business activities, which are
the life blood of our material existence, have been restored as in no other
reconstruction period of like length in the history of the world. Had we
escaped the coal and railway strikes, which had no excuse for their beginning and less justification for their delayed settlement, we should have
done infinitely better. But labor was insistent on holding to the war
heights, and heedless forces of reaction sought the pre-war levels, and both
were wrong.
in the folly of conflict our progress was hindered, and the heavy cost has
not yet been fully estimated. There can be neither adjustment nor the
penalty of the failure to readjust in which all do not somehow participate.
The railway strike accentuated the difficulty of the American farmer.
The first distress of readjustment came to the farmer, and it will not be
readjustment fit to abide until he is relieved. The distress brought to
a
the farmer does not affect him alone. Agricultural ill-fortune is a national
ill-fortune. That one-fourth of our population which produces the food
of the republic and adds so largely to our export commerce must participate
In the good fortunes of the nation, else there is none worth relating.
2529
Agriculture is a vital activity in our national life. In it we had our
beginning and its westward march with the star of the empire has reflected
the growth of the republic. It has its vicissitudes which no legislation will
prevent, its hardships for which no law can provide escape. But the
Congress can make available to the farmer the financial facilities which
have been built up under Government aid and supervision for other commercial and industrial enterprises. It may be done on the same solid
fundamentals and make the vitally important agricultural industry more
secure, and it must be done.
This Congress already has taken cognizance of the misfortune which
precipitate deflation brought to American agriculture. Your measures of
relief and the reduction of the Federal Reserve discount rate undoubtedly
saved the country from widespread disaster. The very proof of helpfulness
already given is the strongest argument for the permanent establishment of
wider credits heretofore temporarily extended through the War Finance
Corporation.
The Farm Loan Bureau, which already has proven its usefulness through
the Federal Land Banks, may well have its powers enlarged to provide
ample farm production credits as well as enlarged land credits. It is entirely practical to create a division in the Federal Land Banks to deal with
production credits, with the limitations of time so adjusted to the farm
turnover as the Federal Reserve System provides for the turnover in the.
manufacturing and mercantile world.
Special provision must be made for livestock production, credits and the
limit of land loans may be safely enlarged. Various measures are pending:
before you, and the best judgment of Congress ought to be expressed in a
prompt enactment at the present session.
But American agriculture needs more than added credit facilities. The
.
credits will help to solve the pressing problems growing out of war inflated'
land values and the drastic deflation of three years ago, but permanent and
deserved agricultural good fortune depends on better and cheaper transportation.
Here is an outstanding problem, demanding the most rigorous consideration of the Congress of the country. it has to do with more than agriculture. It provides the channel for the flow of the country's commerce.
But the farmer is particularly hard hit. His market, so affected by the
world consumption, does not admit of the price adjustment to meet carrying charges.
In the last half of the year now closing, the railways, broken in carrying capacity because of motive po Nor and rolling stock out of order, though
Insistently declaring to the contrary, embargoed
his shipments or denied
him cars when fortunate markets were calling. Too frequently transportation failed while perishable products were turned from possible profit
to
losses counted in tens of millions.
I know of no problem exceeding in importance
this one of transportation.
In our complex and interdependent modern life
transportation is essential
to our very existence. Let us pass for the moment
the menace in the possible
paralysis of such service as we have and note the
failure, for whatever
reason, to expand our transportation to meet the
nation's needs.
The Census of 1880 recorded a population (if
50,000,000. In two decades
more we may reasonably expect to count thrice
that number. In the three
decades ending in 1920 the country's freight by
rail increased from 631.000,000 tons to 2,234,000,000 tons; that is to say,
while our population was
increasing less than 70%, the freight movement
increased over 250%•
We built 40% of the world's railroad mileage,
and yet find it inadequate
to our present requirements. When we
contemplate the inadequaccof
to-day it is easy to believe that the next few
decades will witness the paralysis of our transportation—using social scheme
or a complete reorganization
on some new basis. Mindful of the
tremendous costs of betterments,
extensions and expansions, and mindful of
the staggering debts of the world
to-day, the difficulty is magnified.
Here is a problem demanding wide vision
and the avoidance of mere
makeshifts. No matter what the errors
of the past, no matter how we
acclaimed construction and then condemned
operations in the past, we have
the transportation and the honest
investment in the transportation which
sped us on to what we are, and we face
conditions which reflect its inadequacy to-day, its greater inadequacy to-morrow,
and we contemplate
transportation costs which much of the traffic
cannot and will not continue
to pay.
Manifestly, we have need to begin on plans
to co-ordinate all transportation facilities. We should more effectively
connect up our rail lines with
our carriers by sea. We ought to reap some
benefit from the hundreds
of millions expended on inland waterways,
proving our capacity to utilize
as well as expand. We ought to turn the motor
truck into a railway feeder
.
and distributer instead of a destroying competitor.
It would be folly to ignore that we live in a
motor age. The motor carreflects our standard of living and gauges the speed
of our present day life.
It long ago ran down simple living and never
halted to inquire about the
prostrate figure which fell as its victim. With
full recognition of motor
.
car transportation we must turn it to the
most practical use. It cannot
supersede the railway lines, no matter how generously
we afford it highways
out of the public treasury.
If freight traffic by motor were charged with
its proper and proportionate
share of highway construction, we should find
much of it wasteful and more
costly than like service by rail. Yet we
have paralleled the railways,
most natural line of construction, and thereby
taken away from the agency
of expected service much of its profitable traffic,
which the taxpayers have
been providing the highways, whose cost of
maintenance is not yet realized..
The Federal Government has a right to inquire
into the wisdom of this
policy because the national treasury is contributing
largely to this highway
construction. Costly highways ought to be made to
serve as feeders rather
than competitors of the railroads, and the motor
truck should become a coordinate factor in our great distributing system.
This transportation problem cannot be waved aside.
The demandfor
lowered costs on farm products and basic materials
cannot be ignored.
Rates horizontally increased to meet increased
wage outlays during the
war inflation, are not easily reduced.
When some very moderate wage reductions were effected last summer
there was a 5% horizontal reduction in rates. I sought at that time
in
a very informal way to have the railway managers go before the Inter-State
Commerce Commission and agree to a heavier reduction on farm products
and coal and other basic commodities, and leave unchanged the
freight
tariffs which a very large portion of the traffic was able to bear. Neither
the managers nor the Commission saw fit to adopt the suggestion, so we
had the horizontal reduction too slight to be felt by the higher class cargoes
and too little to benefit the heavy tonnage calling most loudly for relief.
Railways are not to be expected to render the most essential service in
our social organization without a fair return on capital invested,
but the
Government has gone so far in the regulation of rates and rules of
operation
that it has the responsibility of pointing the way to the reduced
freight costs
so essential to our national welfare.
Government operation does not afford the cure. It was
Government
operation which brought us to the very order of things
against which we
now rebel, and we are still liquidating the costs of that
supreme folly.
2530
THE CHRONICLE
[Vol. 115.
During its longer session the present Congress enacted a new tariff
WIF Surely the genius of the railway builders has not become extinct among
the railway managers. New economics, new efficiencies in co-operation law. The protection of the American standards of living demanded the
must be found. The fact that labor takes 50 to 60% of total railway Insurance it provides against the distosted conditions of world commerce.
earnings makes limitations within which to effect economies very difficult, The framers of the law made provision for a certain flexibility of customs
duties, whereby it is possible to readjust them as developing conditions
but the demand is no less insistent on that account.
Clearly the managers are 'without the intercarrier, co-operative relation- may require. The enactment has imposed a large responsibility upon the
ship so highly essential to the best and most economical operation. They Executive, but that responsibility will be discharged with a broad mindfulcould not function in harmony when the strike threatened the paralysis of ness of the whole business situation. The provision itself admits either the
all railway transportation. The relationship of the service to public possible fallibility of rates or their unsuitableness to changing conditions.
I believe the grant of authority may be promptly and discreetly exercised,
welfare, so intimately affected by State and Federal regulation, demands
the effective correlation and a concerted drive to meet an insistent and ever mindful of the intent and purpose to safeguard American industrial
activity and at the same time prevent the exploitation of the American
justified public demand.
The merger of lines into systems, a facilitated interchange of freight consumer and keep open the paths of such liberal exchanges as do not
cars, the economic use of terminals and the consolidation of facilities are endanger our own productivity.
suggested ways of economy and efficiency.
No one contemplates commercial aloofness nor any other aloofness conI remind you that Congress provided a Joint commission of agricultural tradictory to the best American traditions or loftiest human purposes. Our
Inquiry which made an exhaustive investigation of car service and trans- fortunate capacity for comparative self
-containment affords the firm
portation and unanimously recommended in its report of Oct. 15 1921 foundation on which to build our own security and a like foundation on
the pooling of freight cars under a central agency. This report well de- which to build for a future of influence and importance in world commerce.
serves your serious consideration. I think well of the central agency, which Our trade expansion must come of capacity and of policies of righteousness
shall be a creation of the railways themselves, to provide, under the juris- and reasonableness in all our commercial relations.
diction of the Inter-State Commerce Commission, the means for financing
Let no one assume that our provision for maintained good fortune at
equipment for carriers • which are otherwise unable to provide their pro- home and our unwillingness to assume the correction of all the ills of the
portion of car equipment adequate to transportation needs. This same world means a reluctance to co-operate with other peoples or to assume
agency ought to point the way to every possible economy in maintained every just obligation to promote human advancement anywhere in the
equipment and the necessary interchanges in railway commerce.
world.
In a previous address to the Congress I called to your attention the
War made us a creditor nation. We did not seek an excess possession of
insufficiency of power to enforce the decision of the Railroad Labor Board. the world's gold, and we have neither desire to profit unduly by its possesCarriers have ignored its decisions on the one hand,railway workmen have sion nor permanently retain it. We do not seek to become an international
challenged its decisions by a strike on the other hand.
dictator because of its power.
The intent of Congress to establish a tribunal to which railway labor and
The voice of the United States has a respectful hearing in international
managers may appeal respecting questions of wages and working conditions councils, because we have convinced the world that we have no selfish ends
cannot be too strongly commended. It is vitally important that some such to serve, no old grievances to avenge, no territorial or other greed to satisfy.
agency should be a guaranty against suspended operations. The public But the voice being heard is that of good counsel, not of dictation. It is
must be spared even the threat of discontinued service.
the voice of sympathy and fraternity and helpfulness, seeking to assist, but
Sponsoring the railroads, as we do, it is an obligation that labor shall be not to assume for the United States burdens which nations must bear for
thenselves. We would rejoice to help rehabilitate currency systems and
assured the highest justice and every proper consideration of wage and
working conditions, but it is an equal obligation to see that no concerted facilitate all commerce which does not drag us to the very levels of those
action in forcing demands shall deprive the public of the transportation so we seek to lift up.
While I have everlasting faith in our Republic, it would be folly, indeed,
essential to its very existence. It is now impossible to safeguard public
interest, because the decrees of the Board are unenforceable against either to blind ourselves to our problems at home. Abusing the hospitality of our
employer or employee.
shores are the advocates of revolution,finding their deluded followers among
The Labor Board itself is not so constituted as best to serve the public those who take on the habiliments of an Amreican withoutknowing an AmeriInterest. With six partisan members on a board of nine, three partisans can soul. There is the recrudescence of hyp'renated Americanism which
nominated by the employees and three by the railway managers, it is in- we thought to have beenistamped out when we committed the Nations, life
evitable that the partisan viewpoint is maintained throughout hearings and and soul, to the World War.
In decisions handed down. Indeed,the few exceptions to a strictly partisan
There is a call to make the alien respect our institutions while he acexpression in decisions thus far rendered have been followed by accusations cepts our hospitality. There is need to magnify the American viewpoint to
of betrayal of the partisan interests represented. Only the public group the alien who seeks citizenship among us. There is need to magnify the
of throe is free to function in unbiased decisions. Therefore, the partisan national viewpoint to Americans throughout the land. More, there is a
membership may well be abolished and decisions should be made by an demand for every living being in the United States to respect and abide by
impartial tribunal.
the laws of the republic. Let men who are rendering the moral fibre of
I am well convinced that the functions of this tribunal could be much the Republic through easy contempt for the prohibition law, because they
better carried on here in Washington. Even were it to be continued as a think it restricts their personal liberty, remember that they set the example
separate tribunal there ought to be contact with the Inter-State Commerce and breed.a contempt for law which will ultimately destroy the republic.
Commission, which has supreme authority in the rate-making to which
Constitutional prohibition has been adopted by the nation. It is the
wage costs bears an indissoluble relationship.
,
supreme law of the land. In plain speaking, there are conditions relatinn
Theoretically, a fair and living wage must be determined quite apart to its enforcement which savor of nation-wide scandal. It is the mos'
from the employer's earning capacity, but in practice, in the railway ser- demoralizing factor in our public life.
vice, they are inseparable. The record of advanced rates to meet increased
Most of our people assumed that the adoption of the Eighteenth Amendwages, both determined by the Government, is proof enough.
ment meant the elimination of the question from our politics. On the
The substitution of a labor division in the Inter-State Commerce Com- contrary, it has been so intensified as an issue that many voters are dismission, made up from its membership, to hear and decide disputes relating posed to make all political decisions 'with reference to this single question.
to wages and working conditions which have failed of adjustment by It is distracting the public mind and prejudicing the judgment of the
proper committees created by the railways and their employees, offers a elector ats
more effective plan.
The day is unlikely to come when the Eighteenth Amendment will be
It need not be surprising that there is dissatisfaction over delayed hear- repealed. The fact may as well be recognized and our course adapted
ings and decisions by the present Board, when every trivial dispute is carried accordingly. If the statutory provisions for its enforcement are contrary
to that tribunal. The law should require the railroads and their employees to deliberate public opinion, which I do not believe, the righteetis and
to institute means and methods to negotiate between themselves their literal enforcement will concentrate public attention on any requisite
constantly arising differences, limiting appeals to the Government tribunal modification. Such a course conforms with the law and saves the humiliato disputes of such character as are likely to affect the public welfare.
tion of the Government and the humiliation of our people before the world,
This suggested substitution will involve a necessary increase in the mem- and challenges the destructive forces engaged in widespread violation,
bership of the Commission, probably four, to constitute the labor division, official corruption and individual demoralization.
If the suggestion appeals to the Congress, it will be well to specify that the
The Eighteenth Amendment involves the concurrent authority of State
labor division shall be constituted of representatives of the four rate-mak- and Federal Governments for the enforcement of the policy lc, defines.
ing territories, thereby assuring a tribunal conversant with the conditions A certain lack of definiteness, through division of responsibility, is thus
which obtain in the different rate-making sections of the country.
introduced. In order to bring about a full understanding of duties and
I wish I could bring to you the precise recommendation for the preven- responsbilities as thus distributed, I pur pose to invite the Governors of the
tion of strikes, which threaten the welfare of the people and menace pub- States and Territories at an early opportunity to a conference with the
lic safety. It is an important civilization and an inadequate Government Federal executive authority.
which lacks the genuis and the courage to guard against such a menace to
Out of the full and free considerations which will thus be possible, it
public welfare as we experienced last summer.
confidently believed will emerge a more adequate comprehension of
You were aware of the Government's great concern and its futile at- is
whole problem and definite policies of national and State co-operation
tempt to aid in an adjustment. It will reveal the inexcusable obstinacy the dministering the laws.
which was responsible for so much distress to the country to recall now in a
There are pending bills for the registration of the alien who has come
that, though all disputes are not yet adjusted, the many settlements which
I wish the passage of such an Act might be expedited.
have been made were on terms which the Government proposed in media- to our shores.
Life amid American opportunities is worth the cost of registration if it is
tion.
worth the seeking, and the nation has the right to know who are citizens
Public interest demands that ample power shall be conferred upon the
or who live among us and share our advantages while seeking
labor tribunal, whether it is the present board or the suggested substitute, in the making
to undermine our cherished institutions. This provision will enable us
to require its rulings to be accepted by both parties to a disputed question.
against the abuses in immigration, checking the undesirable
Let there be no confusion about the purpose of the suggested conferment to guard
irregular coming is his first violation of our laws. More, it will
of power to make decisions effective. There can be no denial of constitu- whose
facilitate the needed Americanizing of those who mean to enroll as fellow
tional rights of either railway workmen or railway managers.
• No man can be denied his right to labor when and how he chooses, or citizens.
Before enlarging the immigration quotas we had better provide regiscease to labor when he so elects, but, since the Government assumes to
those now here or
safeguard his interests while employed in an essential public service, the tration for aliens, examination boards continually pressing for admission,
abroad to make sure of desirables
security of society itself demands his retirement from the service shall not and establish our
examination abroad we could end the pathos at our ports,
be so timed and related as to effect the destruction of that service. This only. By the
find our doors closed, after long voyages and wasted
'vitally essential public transportation service, demanding so much of brain when men and women
are unfit for admission. It would be kindlier and
and brawn, so much for efficiency and security, ought to offer the most savings, bepause they
they embark.
before ion and
attractive working conditions and the highest of wages paid to workmen in safer to tell them
treatment of immigrants is very intimately
aclm
any employment.
r o thm of ooati
togra e
onal policy of the Republic. With illiteracy estilss
In essentially every branch, from track repairer to the man at the loco- related
Ourp
motive throttle, the railroad worker is responsible for the safety of human mated at from two-tenths of 1% to less than 2% in ten of the forelives and the care of vast property. His high responsibility might well most nations of Europe, it rivets our attention to a serious
rate high his pay within the limits the traffic will bear; but the same re- problem, when we 'ire reminded of a 6% illiteracy in the United
sponsibility plus governmental protection, may justly deny him and his States. The figures are based on the test, which defines an
associates a withdrawal from service without a warning or under circum- illiterate as one having no schooling whatever. Remembering the
stances which involve the paralysis of necessary transportation. We have wide freedom of our public schools, with compulsory attendance In
assumed so great a responsibility in necessary regulation that we uncon- many States in the Union, one is convinced that much of our excessive
sciously have assumed the responsibility for maintained service; therefore illiteracy comes to us from abroad, and the education of the immigrant
be lawful power for the enforcement of decisions is necessary to sustain becomes a requisite to his Americanization. It must be done, if he is
the majesty of government and to administer to the public welfare.
fittingly to exercise theduties,'as well assenjoy the privileges of American
DEC.9 1922.]
THE CHRONICLE
2531
citizenship. Here is revealed the special field for Federal co-operation in justment and rehabilitation, and we have shirked no duty which comes of
sympathy, or fraternity, or highest fellowship among nations.
furthering education.
Every obligation consonant with American ideals and sanctioned under
From the very beginning public education has been left mainly in the
hands of the States. So far as schooling youth is concerned the policy our form of Government is willingly met. When we cannot support we do
not demand. Our ConstitutionaT limitations do not forbid the exercise of a
has been justified, because no responsibility can be so effective as that of the
local community alive to its task. I believe in the co-operation of the moral influence, the measure of which is not less than the high purposes we
national authority to stimulate, encourage and broaden the work of the have sought to servo.
After all there is less difference about the part this great Republic shall
local authorities. But it is the special obligation of the Federal Government to devise means and effectively assist in the education of the new- play in furthering peace and advancing humanity than in the manner of
from foreign lands, so that the level of American education may be playing it. We ask no ono to assume responsibility for us; we assume no
comer
responsibility which others must bear for themselves, unless nationality is
made the highest that is humanly possible.
Closely related to this problem of education is the abolition of child hopelessly swallowed up in internationalism.
labor. Tvtice Congress has attempted the correction of the evils incident
to child employment.
The decision of the Supreme Court has put this problem outside the proper PRESIDENT li_AJWING'S MESSAGE TO CONGRESS ON
domain of Federal regulation until the Constitution is so amended as to give
THE BUDGET—ESTIMATE OF EXPENDITURES
the Congress indubitable authority. I recommend the submission of such
an amendment.
FOR 1924, $3,180,843,234.
We have two schools of thought relating to amendment of the ConstituIn a message transmitting to Congress on Dec. 4 the budget
tion. One need not be committed to the belief that amendment is weakening the fundamental law, or that excessive amendment is essential to meet of the United States for the fiscal year ending June 30 1924,
every ephemeral whim. We ought to amend to meet the demands of the President Harding
states that "due to continued pressure for
people when sanctioned by deliberate public opinion.
One year ago I suggested the submission of an amendment so that we economies and a revision of the expenditure program based
may lawfully restrict the issues of tax-exempt securities and I renew that on five months of actual operation, it is now estimated that
recommendation now. Tax-exempt securities are drying up the sources
the expenditures for the fiscal year 1923 will be $3,703,801,of Federal taxation and they are encouraging unproduction and extravagant
expenditures by States and municipalities. There is more than the.menace 671. These revised figures," he continued, "indicate an apin mounting public debt, there is the dissipation of capital which should parent prospective deficit of $273,938,712"; he added, "I am
be made available to the needs of productive industry.
The proposed amendment will place the State and Federal Governments hopeful, however, that the conditions on which this estimate
and all political subdivisions on an exact equality, and will correct the grow- Is predicated, will change for the better in the ensuing
ing menace of public borrowing which if left unchecked may soon threaten months of the fiscal year and that the close of the year will
the stability of our institutions.
We are so vast and so varied in our national interests that scores of show a balanced account." Less than six months ago the
problems are pressing for attention. I must not risk the wearying of your indications pointed to a deficit of $697,433,237. According to
patience with detailed reference.
the President's message, the estimate of expenditures for the
Reclamation and irrigation projects, where waste land may be made
available for szttlembr.1; and productivity, are worthy of your favorable fiscal year 1924 is $3,180,843,234. Tables of comparative
consideration.
statements of appropriations for 1923 and 1924, as well as
When it is realized that we are consuming our timber four times as
receipts, were presented by the President, who stated that
rapidly as we are growing it, we must encourage the greatest possible cooperation between the Federal Government, the various States, and the the new budget system has accomplished "the greatest reowners of forest lands, to the end that protection from fire shall be made form in our financial history." The message follows:
more effective and replanting encouraged.
The fuel problem is under study now by a very capable fact finding To the Congress of the United States:
I transmit herewith the budget of the United States for the fiscal year endcommission and any attempt to deal with the coal problem, of such deep
ing June 30 1924, which is summarized in the following statement:
concern to the entire nation, must await the report of the commission.
There are necessary studies of great problems which Congress might well
BUDGET SUMMARY.
initiate. The wide spread between production costs and prices which consumers pay concerns every citizen of the republic. It contributes very (Exclusive of postal revenues and postal expenditures paid from postal revenues.)
Estimated
largely to the unrest in agriculture and must stand sponsor for much against
1924.
1923.
Actual, 1922.
which we inveigh in that familiar term—the high cost of living.
Total receipts
$3,361,812,359 $3,429,862,959 $4,109,104,150 94
No one doubts the excess is traceable to the levy of the middleman,
Total expenditures (including rebut it would be unfair to charge him with all responsibility before we apduction of the public debt repraise what is exacted of him by our modernly complex life. We have
quired by law to be made from
attacked the problem on one side by the promotion of co-operative marketordinary receipts)
3,180,843,234 3,703,801,671 3,795,302,499 84
ing, and we might well inquire into the benefits of co-operative buying.
Admittedly, the consumer is much to blame himself, because of his prodi- Excess of expenditures
4273,938,712
gal expenditure and his exaction of service, but government might well Excess of receipts
4313,801,651 10
4180,969,125
serve to point the way of narrowing the spread of price, especially between
In the budget for the fiscal year ending June 30 1923, transmitted to Conthe production of food and its consumption.
A super-power survey of the Eastern industrial region has recently been gress Dec. 5 1921, the estimated receipts for the fiscal year 1922 were $3,943,completed, looking to unification of steam, water and electric powers, and 453,663, and the estimated expenditures $3,967,922,366, thus forecasting an
to a unified scheme of power distribution. The survey proved that vast apparent excess of expenditures over receipts of $24,468,703. At the close of
economies in tonnage movement of freights, and in the efficiency of the business on June 30 1922 it was found that the actual receipts for the fiscal
railroads, would be effected if the super-power program were adopted. I year 1922 were $4,109,104,150 94, and the actual expenditures $3,795,302,am convinced that constructive measures calculated to promote such an 499 84, making an excess of receipts over expenditures of $313,801,651 10.
Industrial development--I am tempted to say, such an industrial revolution That we closed the fiscal year 1922 with a surplus of $313,801,651 10 instead
—would be well worthy the careful attention and fostering interest of the of an estimated deficit of $24,468,703 was due in no small measure to the
fact that at the beginning of the fiscal year 1922 a system of financial conNational Government.
The proposed survey of a plan to draft all the resources of the republic, trol was established in the executive branch of the Government under the
human and material, for national defense may well have your approval. budget system. Immediately upon the commencement of the fiscal year 1922
I commended such a program in case of future war,in the inaugural address Executive pressure for the closest economies was brought to bear upon the
of March 4 1921, and every experience in the adjustment and liquidation business organization of the Government. For the first time in the history
of war claims and the settlement of war obligations persuades me we ought of this country co-ordination was established in the routine business of the
Government, and the departments and establishments thus brought together
to be prepared for such universal call to armed defense.
I bring you no apprehension of war. The world is abhorrent of it, and in a common effort for economy.
While the estimate of receipts and expenditures for the fiscal year 1923, as
relations are not only free from every threatening cloud, but we
our own
have contributed our larger influence toward making armed conflict less made at the time of the presentation of the budget in December 1921 indilikely. Those who assume that we played our part in the World War and cated that the receipts would be $3,338,182,750 and the expenditures $3,505,later took ourselves aloof and apart, unmindful of world obligations, give 754,727, a revision of the prospective receipts and expenditures made on July
1 1922, the commencement of the fiscal year, indlicated that the receipts
scant credit to the helpful part we assume in international relationships.
Whether all nations signatory ratify all the treaties growing out of the would be $3,073,825,311 and the expenditures $3,771,258,542. That revised
Washington conference on limitation of armament or some withhold estimate indicated an excess of expenditures over receipts of $697,433,231.
As a result, however, of the operations of the first five months of the curapproval, the underlying policy of limiting naval armament has the sanction
of the larger naval Powers,and naval competition is suspended. Of course, rent fiscal year, a revised estimate of receipts has now been made, showing a
total of $3,429,862,959. The considerable increase over the July estimate is
unanimous ratification is much to be desired.
The Four Power Pact, which abolishes every probability of a war on the due to the stimulation in the collection of ordinary receipts, aided by an inPacific, has brought new confidence in a maintained peace, and I can well crease in the customs revenues. On the other hand, due to continued pressure
believe it Might be made a model for like assurances wherever in the world for economies and a revision of the expenditure program based on five months
of actual operation, it is now estimated that the expenditures for the fiscal
any common interests are concerned.
We have had expressed the hostility of the American people to a super- year 1923 will be $2,703,801,671. These revised figures indicate an appargovernment or to any commitment where either a council or an assembly ent prospective deficit of $273,938,712. I am hopeful, however, that the conof leagued Powers may chart our course. Treaties of armed alliance ditions on which this estimate is predicated will change for the better in the
can have no likelihood of American sanction, but we believe in respecting ensuing months of the fiscal year and that the close of the year will show a
balanced account.
the rights of nations, in the value of conference and consultation, in the
It is well to mention that of the total ezktimated expenditures of $3,703,effectiveness of leaders of nations looking each other in the face before
801,671 for the fiscal year 1923, approximately $2,000,000,000 will be exresorting to the arbitrament of arms.
our fortune both to preach and promote international un- pended in the payment of pensions, payments to or on behalf of World War
It has been
derstanding. The influence of the United States in bringing near the veterans, interest on the public debt, and for the reduction of the public debt
settlement of an ancient dispute between South American nations is added required by law to be made from ordinary receipts.
This estimate of expeiditures during the fiscal year 1923 includes the
proof of the glow of peace in ample understanding. In Washington to-day
gathered at the table amount of the difference between the cash receipts from sales of War Savings
are met the delegates of the Central American nations,
their republics and remove every stamps, series of 1918, and their face value, which series becomes due Jan. 1
of international understanding, to stabilize
1923. This amount of approximately $125,000,000 represents discount acvestige of disagreement.
cruals covering a period of five years, and while not an expenditure properly
They are met here by our invitation, not in our aloofness, and they
chargeable against the ordinary receipts of 1923, must be met this fiscal year,
accept our hospitality because they have faith in our unselfishness and beand therefore has been included in this year's estimated expenditures.
lieve in our helpfulness. Perhaps we are selfish in craving their confidence
We now come to the budget for the fiscal year ending June 30 1924. It is
and friendship, but such selfishness we proclaim to the world, regardless estimated that the
total ordinary receipts from all sources, excluding the
of hemispheres, or seas dividing.
postal service, will be $3,361,812,359. This is $747,291,791 94 less than the
I would like the Congress and the people of the nation to believe that in actual receipts for
1922 and $68,050,600 less than the estimated receipts for
American rights wherever
a firm and considerate way we are insistent on
1923. The items which make up this estimated total for 1924 are compared
they may be questioned, and deny no rights of others in the association of
with similar items for the two preceding years as follows:
our own. Moreover, we are cognizant of the world's struggles for full read-
2532
THE CHRONTCLE
RECEIPTS.
Source1924.
1923.
1922.
Internal revenue receipts
$2,425,000,000 $2,400,000,000 $3,213,253,256 79
Customs receipts
425,000,000
356,443,387 18
450,000,000
Miscellaneous receipts
Interest, premium and discount $232,863,263 $237,800,455
$57,460,287 03
' Sale of Government properties_
35,404.410
95,859,125
116,287,787 86
Public domain receipts
16,149,650
16,334,595 64
15,214,600
Franchise tax, Federal Reserve
Banks
10,000.000
59,974,465 64
10,000,000
Profits on coinage, bullion deposits, &c
10,000,000
17,000,000
21,660,921 07
:Fees,fines and forfeitures
33,000,642
31,295,357
32,539,339 35
Repsyments of foreign loans and
other investments
59,175,000
120,658,726 93
58,643,000
D'strict of Columbia receipts= 7 25;506,500
-16,363,415
15,235,016 44
Panama Canal receipts
14,224,000
13,924,000
11,747,092 47
Trust fund receipts
65,319,179
61,196,522
57,939,581 32
'Other sources
20,169,715
21,566,485
29,569,693 22
Total miscellaneous receipts_ _ _ $511,812,359 $579,862,959 $539,407,506 97
Total receipts all sources
$3,361,812,359 $3,429,862,959 84,109,104.150 94
[VOL. 115.
Estimates of Ap- Appropriations,
1923.
propriations, 1924.
Department of Justice
$18,631,205 00
$18,751,056 00
Department of Labor
6,203,556 00
7,490,188 11
298,324,265 25
Navy Department
296,934,025 00
Post Office Department, payable from the
14,600 00
Treasury
11,095,200 66
State Department
15,058,237 79
160,627,265 44
Treasury Department
148,888,862 28
346,894,386 87
War Department,including Panama Canal_ _ _ _ 326,517,300 28
25,990,050 89
Di trict of Columbia
25,043,973 00
Ordinary
$1,783,843,331 69 $1,844,149,890 83
Reduction in principal of the public debt:
Sinking fund
$298,872,000 00
Purchase of Liberty bonds from foreign repayments
31,225,000 00
Redemption of bonds and notes from estate
taxes
5,000,00000
Redemption of securities from Federal Reserve Bank franchise tax receipts
10,000,000 00
$283,838,800 00
31,250,000 00
5,000,000 00
10,000,000 00
The estimate of expenditures for the fiscal year 1924 is $3,180,843,234.
Principal of the public debt
$345,097,000 00 $330,088,800 00
This is the amount which it is estimated will be withdrawn from the Treasury
during the fiscal year ending June 30 1924. This estimate of cash withdrawal Interest on the public debt
$950,000,00000141,100,000,000 00
Is to be distinguished from the estimate of appropriations contained in the
Total payable from the
$3,078,940,331 69 $3,274,238,690 83
budget, since withdrawals during the fiscal year will be made from appropria- Post Office DepartmentTreasury
and Postal Service,
tions heretofore made as well as from appropriations recommended in this
payable from postal revenues
564,524,766 50
590,166,191 50
budget. Furthermore, a portion of the money to be appropriated for the fisTotal, including Post Office Department
cal year 1924 will not be withdrawn from the Treasury until after the close
and Postal Service
$3,669,106,523 19 $3,838,763,457 33
of that fiscal year.
These expenditures may be divided into two general classes, those which
* InCluding $125,000,000 discount accruals of War Savings Stamps, Series of 1918
partake of the nature of fixed charges and are not generally subject to admin- due Jan. 1 1923.
istrative control and those which are subject to administrative control.
Statement No. 8 of the Budget gives a functional classification of the estiIncluded within the first class are pensions, payments to or on behalf of
found interesting and informaWorld War veterans, interest on the public debt, and the reduction of the mates for the fiscal year 1924, which will be
public debt required by law to be made from the ordinary receipts of the tive, showing as it does the approximate amounts devoted to important Government activities and interests. This classification has four general divisions
Government. These items, together with certain other, but smaller items not
functions, and a grouping of
generally subject to administrative control, represent about two-thirds of the -general functions, military functions, civil
estimated expenditures, leaving approximately one billion dollars subject to the non-functional appropriations.
be found that a total of $103,070,886 is carried for general funcIt will
administrative control.
tions, which include the legislative, judicial, executive, and the general adThe foregoing does not include expenditures for the Postal Service
and the ministrative operations of the Government which cannot be allocated to spePost Office Department payable from postal revenues. Such
expenditures for cific civil functions.
the fiscal year 1922 were $545,666,532 28, a deficiency of $64,346,234
52,
The sum of $1,256,715,939 is provided for military functions, which inpayable from ordinary receipts, being included in the
ordinary expenditures cludes military pensions, retirement pay, annuities and World War allowfor 1922 hereinbefore mentioned. The estimated
expenditures from postal ances, and national defense.
revenues during 1923 are $559,996,841 69, an estimated
deficiency of $31,The amount recommended for national defense is divided into two classes:
502,570 76 being included in the estimated ordinary
expenditures for 1923. Army, $256,562,887; navy, $289,880,993.
The estimated expenditures from postal revenues
for 1924 are $584,653,The amount recommended for the maintenance and operation of the army
151 50, and it is estimated that through proper
readjustments there will be a will provide for a regular army of 12,000 officers and 125,000 enlisted men,
surplus of postal revenues over expenditures amounting
to $952,439 56 for that exclusive of the Philippine Scouts, which is the force now authorized by Conyear.
gress; will provide for the training of 15,000 reserve officers for a period of
That we approach the commencement of the fiscal
year 1924 with an esti- 15 days and for 150 for a period of three months, as against a total of only
mated surplus for that year of $180,969,125 is
certainly most encouraging. 5,000 for 15 days during the current fiscal year; will provide for the attendWhile I am hopeful that there will be no deficit
in the current fiscal year
ance of 38,000 men at civilian military training camps as against 27,000 dur1923, if such a deficit does occur, this surplus for
1924 will give a margin to ing this current fiscal year; and will enable the Militia Bureau to increase the
take care of it.
strength of the National Guard from 160,000 officers and men-the strength
Successful management of the public debt in
the transactions involving
-to 215,000 officers and men. While no increase in the
on June 30 19,2
large refunding operations is essential to the
public credit and closely re- number of students enrolled at Reserve Officers' Training Corps units at
lated to successful budget operations. The
Treasury Department has been schools and colleges-now totaling 96,000 students in 225 institutions-is
carrying out a program of orderly funding and gradual
liquidation of the pub- provided, the funds recommended, however, will enable a large number
lic debt. On June 30 1922 the gross public debt
was $22,963,381,708 Si, as
of these students to be given both basic and advance courses of Incompared with $23,977,450,552 54 on June 30
1921, showing a reduction of
Theun
.
$1,014,068,844 23 during the fiscal year 1922. This
reduction was accom- structionds recommended will provide for all essentials connected with the
plished through the following means: First, In
the amount of $422,694,600,
upkeep of all military posts, camps and stations, the Army transport service,
through the cumulative sinking fund and other
Public debt expenditures payable from certain specific receipts; second, in the
the coast defenses of the United States, Panama and insular possessions, and
amount of $277,572,593 13, other military activities, and, in addition, allow $3,166,767 for new conthrough the reduction in the net balance in the
and third, in the amount of $313,801,651 10, general fund of the Treasury; struction at military posts and $750,000 toward the replacement of worn-out
through the surplus of ordinary
portions of the Alaska cable. For the Air Service, the amount recommended
receipts over expenditures for the year.
On Apri1.30 1921 the short-term outstanding debt
is $12,871,500, which is $23,500 less than the 1923 appropriation, and will
maturing behre June permit this service to operate efficiently in accordance with existing policy.
30 1923 was more than $7,500,000,000, which
through the reductions :eferred
For the United States Military Academy at West Point $2,066,428 is recomto and refunding operations was reduced to about
$4,500,000,000 on June 30 mended, an increase of $6,799 over 1923.
1922, and up to Nov. 15 1922 this amount had been
further reduced to apThe amount recommended for the Navy will provide for the present enproximately $3,000,000,000. These refunding
operations have involved the listed personnel of 86,000 men; will maintain all present ships in commisissue on Oct. 16 1922 of approximately $750,000,000
long-term bonds and the sion; will increase the steaming radius of capital shops from 13,080 miles to
issue of Treasury notes aggregating $2,743,334,000
maturing as follows: 16,200 miles, and other ships proportionately; will provide training for 2,000
$701,897,700 during 1924, $936,727,700 during
1925, and $1,104,708,600
officers and 7,000 men in the Naval Reserve; and will make provision for
during 1926. These refunding operations are carried
on for the purpose of continuing all new ship construction in privately owned yards, except for reohanging the maturity date of public debt obligations
and thus avoid the ne- duction in speed of construction on three light cruisers; for suspending the
cessity for meeting obligations of many billions of
dollars at one time. The construction of four auxiliaries in navy yards and reducing the speed of conresulting distribution of maturities does not indicate
a reduction in the total
ed ima h nes.
subn trie B
on
of such obligations.
Budget for military pensions and allowances
get
tt proeid
struThcteioanmoun wo flvet
We now come to the estimates of appropriations
for 1924, amounting to
includes $253,000,000 for pensions, $434,584,050 for World War allowances
$3,078,940,331 69. This is $195,298,359 14 less
than the appropriation alretirement pay.
ready made for the current fiscal year 1923. Early
and $20,389,289 for
in July I called together
in open meeting for the third time the
The amount recommended for civil functions totals $953,599,096. Under
executives constituting the establishment of the Government, and at that time
this general function $14,587,167 is allowed for foreign relations and protecfurther emphasized the need of
more rigid economy in the expenditure of public
of American interests abroad; $18,553,686 for general law enforcement,
funds. I stated that the es- tion includes activities having to do with the enforcement of general laws
which
timated receipts for the fiscal year 1924 would not
permit so liberal approand the administration and enforcement of special acts like the National Propriations for that year as had been made for the current
fiscal year 1923. The hibition Act, the Narcotics Act, and the investigation and prosecution of war
preparation of the estimates of appropriations as they
appear in the budget contract frauds; $7,199,000 for the control of currency and banking; $12,was controlled by this policy. While it may be possible
to
duction in an item here and there, any material reduction make a small re- 584,305 for the administration of Indian affairs; $17,582,018 for the adminwill necessitate a istration of public domain, which includes those activities of the Government
change in the administrative policy upon which estimates
of appropriations having to do with the care and utilization of public lands and the care and
for the fiscal year 1924 are based. I am giving below a
comparative state- utilization of national forests; $11,391,909 for the promotion and regulation
ment of the estimates of appropriations for 1924 and
appropriations for 1923. of commerce and industry, which includes the activities of the Tariff ComCOMPARATIVE STATEMENT OF ESTIMATES OF
mission, the Federal Trade Commission, the Patent Office, and those activities
FOR 1024 AND APPROPRIATIONS FOR APPROPRIATIONS of the Departments of Agriculture and Commerce having to do with the pro1923.
commerce and industry; $79,491,995 for the proEstimates of A p- AppropriatiOne, motion and regulation of
motion, regulation and operation of marine transportation, which includes
priations, 1924.
1923.
the Shipping Board and Emergency Fleet Corporation; $4,'Legislative establishment
$14,418,912 60
$14,504,164 95 $50,411,500 for promotion and regulation of
'Executive office
land transportation; $590,171,382,850 00
396,595 00 514,900 for the
Special repairs, Executive Mansion
25,000 00
Postal Service and land telegraph and telegraphic communication,
942 for the
Independent offices:
includes $590,166,192 for the Postal Service; $24,876,799 for the proCivil Service Commission
877,295 00
807,911 00 which
agriculture; $1,244,090 for the promotion and regEmployees' Compensation Commission
2,432,740 00
2,660,306 00 motion and regulation of
Federal Board for Vocational Education_ __ _
6,427,000 00
5,932,000 00 ulation of fisheries; $4,718,030 for the promotion of labor Interests; $3,871,Federal Trade Commission
955,000 00
955,C0)00 210 for immigration and naturalization; $15,877,339 for promotion of public
'General Accounting Office
3,361,163 00
3,922,418 00 health; $10,151,060 for promotion of public education; $10,619,456 for sciRousing Corporation
870,450 00
1,056,425 00
$29,563,110 for local Government, including the District
Inter-State Commerce Commission
4,514,500 00
5,361,462 00 ence and research;
Shipping Board and Emergency Fleet Corof Columbia, and $228,050 for civil relief.
poration
50,411,500 00
100,459,000 00
For public works, under civil functions, $96,197,030 is carried, which inState, War and Navy Department Buildings_
1,707,230 00
3,771,950 00
rivers and harbors proper and items of similar charTariff Commission
700,000 00
345,000 00 cludes $41,764,550 for
United States Veterans' Bureau
440,313,000 00
422,077,323 45 acter; $31,480,000 for roads; $6,889,105 for Panama Canal; $4,750,000 for
Other independent offices
1,874,780 74
2,287,884 00 Reclamation Service; $2,200,000 for railroads in Alaska; $5,728,950 for hosDepartment of Agriculture
81,251.613 00
62,412,036 00
construction and facilities for war patients, and $3,384,425 for other
Department of Commerce
19,715,535 00
20,618,498 20 pital
Department of the Interior
316,207,752 00
327,514,157 10 public improvement and Government plant additions.
DEC.9 1922.]
THE CHRONICLE
Under non-functional appropriations is carried a total of $1,355,720,602,
which includes $36,187,059 for refunds, losses, contingencies and miscellaneous; $345,097,000 for public debt retirements payable from ordinary receipts; $950,000,000 for interest on the public debt, and $24,436,543 for disbursement of trust funds.
It seems appropriate here to consider the course of the retrenchment policy
of the Government since the fiscal year ending June 30 1919, the year in
which the armistice was signed. Exclusive of expenditures made in the reduction of the public debt, the total expenditures for the fiscal year ending
June 30 1920 were $6,403,343,841 21. The expenditures for the fiscal year
endingsJune 30 1921, including $422,281,500 on account of reduction of the
public debt payable from ordinary receipts, under the new cumulative sinking
fund, were $5,538,209,189 30. This was further reduced for the fiscal year
ending June 30 1922 to $3,795,302,499 84. As I have previously stated, the
estimated expenditures for 1923 are $3,703,801,671, while the budget for
1924 estimates the expenditures at $3,180,843,234 for that year. These figures show a most satisfactory reduction in the expenditure of public moneys
since 1919.
Can there be a reasonable expectation for further considerable reduction in
Governmental expenditures in the near future? This question is no doubt
upon the lips of many. The burden of taxation caused by the World War has
borne heavily upon us all, and it has been the earnest desire of the Government to reduce this burden to the minimum consistent with a proper functioning of the Federal services. We have seen, however, that approximately
two-thirds of the taxes collected go to pay certain fixed charges, over the expenditure of which there can be exercised little or no administrative control.
The interest on the public debt, the chief of the fixed charges, must be paid.
This will be $950,000,000 for the fiscal year 1924, constituting nearly onethird of the total expenditures of the Government. Among these are also certain permanent and indefinite appropriations for various purposes and certain
large annual appropriations sanctioned by law and by public opinion.
After deducting these items there is left, as has been shown, approximately
only $1,000,000,000, out of which these normal operating expenses of the
Government must be paid. It is against this group of expenditures that the
retrenchment policy of the Government has been directed. Never before in
our financial history has there been such close scrutiny on the part of both
the Executive and Congress of every item which contemplates expenditures for
the support of the Government. Not only have the departments themselves set
up agencies of control both in the preparation of their estimates and over
their expenditures, but the pressure of the Executive has been directed toward
effecting economies in these ordinary Governmental operations.
A reduction in expenditures would undoubtedly result from a reorganization
of the departments and establishments upon a more scientific basis, but we
cannot look to this alone to effect such a material reduction in cost of Government operation as would justify the expression of hope for a considerable
lessening of expenditures in the years to come.
There is, however, another field of Government operation—a rapidly broadening field of Government expenditure—which may be discussed with profit
to us all. I refer to expenditures which are being made from appropriations
for Federal aid in lines of research, improvement • and development which,
while having no direct connection with the operations of the business of Government, have grown to become a recognized part of its activities. It is not
easy, therefore, to divorce from our minds the fact that considerable of the
moneys appropriated for the Government are spent for those things which do
not pertain to the normal functions or operations of the business of Government. There is question as to how far the Government should participate in
these extraneous activities, and I am frank to say that an answer to the question as to whether we can look forward to any further material reduction in
the expenditures of the Government in future years depends largely upon
whether or not there will be a curtailment or expansion of these activities,
which have already added greatly to the annual drafts upon the Treasury of
the United States. These extraneous activities have flowed from the laws
enacted pursuant to popular demand, and I take this occasion to refer to them
for the purpose of showing that the taxation which necessarily results in providing funds to meet them is a necessary incident to the fulfillment of the
popular demand.
In the efforts which have been directed to reducing public expenditures, I
have been much concerned in apparent increasing State, county and municipal
indebtedness, and I am fearful lest this condition may be in part attributable
to the expenditures made by the Government pursuant to its Federal-aid laws,
as many of these laws require State contributions as a prerequisite to the extension of the Federal aid. Certainly an expression by the Government that
it is willing to bear a proportionate part of the cost of certain aid work is an
incentive to the States to contribute their share, and It is only natural that
this should lead to the increasing State, county and municipal indebtedness.
In adapting its procedure to the needs of the new budget system, I fully
realize the far-reaching changes which Congress made in its organization.
While the budget bill was pending, the House, in anticipation of its final
enactment, changed its rules in order to centralize authority and responsibility over appropriation measures, and, further, when the President last year
transmitted the budget, prepared according to the form and contents of the
old Book of Estimates, and an alternative budget, prepared according to a
logical grouping of Governmental services, the House forthwith adopted the
alternative budget and changed the form of the appropriation bills to conform
to the chapters of such alternative budget. This was a change of far-reaching
importance. Following the action of the House, the Senate reorganized its
committee system for the consideration of appropriation bills, centralizing
authority and responsibility in its Committee on Appropriations.
The President has received from Congress during this formative period of
the budget system the most hearty co-operation at all times. Many conferences with the Appropriations Committees of the House and Senate were necessary in order to establish the form of the budget. We were working in virgin soil, establishing new methods of financial procedure. I am glad to say
that no important step has been taken by the Executive, even though the matter involved might be of purely executive concern, without first discussing
the matter with your Appropriations Committees, and I desire to express my
appreciation of the helpful spirit always evidenced by them whenever we had
occasion to come together for the mutual consideration of questions of budgetary principle or procedure. I may say without fear of exaggeration that we
have been during the last two years co-laborers in the greatest reform in our
financial history.
WARREN G. HARDING.
The White Howe, Dec. 4 1922.
SECRETARY MELLON ADVOCATES REDUCTION IN
SURTAXES TO OVERCOME EVASIONS THROUGH
TAX EXEMPT SECURITIES, &C.
A reduction of the Federal surtax rates to a maximum of not
exceeding 25% is urged by Secretary of the Treasury Mellontinlhis annual report to Congress this week, the readjustment being proposed to overcome the evasion of payment
2533
in the case of incomes subject to the tax. Secretary Mellen contends that "the surtaxes are gradually defeating
their own purpose and the high rates are becoming ineffective because of the steady disappearance of the taxable incomes -to which they were intended to apply." Among
the means frequently used he says to reduce the amounts of
income subject to taxation, are the following:
1. Deductions of losses on sales of capital assets, with the failure to realize
on capital gains.
2. Exchanges of property and securities so as to avoid taxable gains.
3. Tax-exempt securities, and
4. Other avenues of excape, such as the division of property, the e:ea,tion
of trust and the like.
The Secretary in his discussion of the subject in his report
(made public Dec. 6) says:
The higher surtax rates, which will run to 50%, or a combined 58% after
Including the normal tax, put such heavy pressur e on the larger taxpayers
to reduce their taxable income that these taxpayers inevitably seek every
permissable means of avoiding the realization of income subject to surtax.
The result is to create an artificial situtation, which is not wholesome from
the point of view of business or industrial development. At the same time
it is the higher surtax rates are undoubtedly impairing the revenues of the
Government, for under existing conditions operating to reduce rather
than increase the revenues.
This presents a problem which calls for solution, and I believe it can be
solved only by relieving on the one hand the pressure for reducing taxable
income, by making further readjustments of the surtax rates, and on the
other hand by closing, so far as possible, the existing a venues of escape. To
attempt to close the gaps alone will not be enough, for the existing rates of
surtax cause such heavy pressure for avoidance that now gaps would surely
be found. The high rates sound productive, but the fact remains that they
are becoming increasingly ineffective and are yielding less and less revenue
every year. The time has come to face the facts squarely and to correct the
artificial conditions which now prevail.
The higher rates of income surtaxes, as I have previously stated in the
letter of April 30 1921 to the Chairman of the Committee on Ways and
Means,"put constant pressure on taxpayers to reduce their taxable income,
interfere with the transaction of business and the free flow of capital into
productive enterprise and are rapidly becoming unproductive." Developments since that time have more than confirmed these statements. Under
the Revenue Act of 1921 the surtaxes rise to a maximum of 50%. which
applies to all net incomes over $200,000, with rates on intermediate incomes
graduated on this basis.
According to the best estimates available the total yield of all surtaxes
In respect to the business of the taxable year 1922 will not exceed $350,000,000, and the returns for several years have been steadily declining, from
about $800,000,000 for 1919 to about $590,000,000 for 1920, and about
$450,000,000 for 1921 (estimated). The statistics of income for recent
years likewise show that there has been a remarkable decline in the larger
taxable incomes at the very time that net incomes generally have been
increasing. This appears most clearly from the following table showing
decline of taxable incomes over $300,000:
—No. of Returns—
Dios. & Int. on Investm'ts—
Net Income
Incomes
Incomes
Incomes
AU
Over
Over
AU
All
Over
Classes. $300,000. Classes.
$300,000.
Classes.
$300,000.
1916_ 437,036 1,296 $6,298,577,620 $992,972,986 $3,217,348,030 $706,945,738
1917_3,472,890 1,015 13,652,383,207 731,372,153 3,785,557,955 616,119,892
1918_4,425,114
627 15,924,639,355 401,107,868 3,872,234,935 344,111,461
1919_5,332,760
679 19,859,491,448 440,011,589 3,954,553,925 314,984,884
1920_7,259,944
395 23,735,629,183 246,354,585 4,445,145,223 229,052,039
These figures show that while net income of all classes during the period
from 1916 to 1920 increased from $6.298,577,620 in 1916 to $23,735,629,183
in 1920, and the number of returns from 437.036 in 1916 to 7,259,944 in
1920, the number of returns of incomes over $300,000 decreased during the
same period from 1,296 in 1916 to 395 in 1920, and the amount of incomes
over $300,000 from $992,972,986 in 1916 to $246,354,585 in 1920. During this same period investment income of all classes increased, while in
incomes over $300,000 investment income shrank from $706,945,738 in
1916 to $229,052,039 in 1920.
This indicates an astounding decline in taxable incomes over $300,000 and
clearly reflects the tendency of the high surtaxes to reduce taxable income.
In this way the surtaxes are gradually defeating their own purpose and the
high rates are becoming ineffective because of the steady disappearance
of the taxable incomes to which they were intended to apply. The pressure
•operates in different ways, but among the means frequently used to reduce
the amounts of income subject to taxation are the following:
1. Deductions of losses on sales of capital assets, with the failure to realize on capital gains;
2. Exchanges of property and securities so as to avoid taxable gains;
3. Tax-exempt securities; and
4. Other avenues of escape, such as the division of property, the creation
of trusts, and the like.
Not all these things can be controlled by law or by regulation, and
most of them lead to unnatural and frequently harmful economic results.
To reach the evil the thing most necessary is the reduction of the surtax
rates themselves, in order to reduce the pressure for avoidance and maintain
the revenues derived from the surtax. I believe, therefore, that it would
be sound policy and at the same time most helpful to the general situation
to reduce the surtaxes to a maximum of not over 25%.
In "earnestly urging" prompt adoption of the proposed
constitutional amendment against the further issuance of
tax-exempt securities, Secretary Mellon says these securities,
now reaching the market at the rate of about $1,000,000,000
annually, form the "outstanding avenue" of escape from the
surtaxes. He likewise says:
The exemption whim gives value to these securities is, of course, that
from the Federal income surtax, and as matters now stand, the Federal
Government, while denying itself the advantage of the exemption from the
surtaxes in selling its own securities," the report continues, "in effect provides a subsidy, at its own expense, to the State and municipal governments. the Federal and joint stock land banks and other agencies issuing
tax-exempt securities through the exemption from the Federal income
surtaxes which these tax-exempt securities now enjoy.
For this exemption the Federal Government gets no compensating advantage, and the effect of the exemption is to provide a perfect means of escape
from the Federal surtaxes, which is naturally the most valuable to the
wealthiest investor and especially to one who is not engaged in business,
and is, therefore, free to convert his investments into tax-exempt securities
and thus avoid paying the income tax.
2534
THE CHRONICLE
[Vol,. 115.
The volume of fully tax exempt securities, according to the best estimates
available, is now approaching $11,000,000,000 and has recently been
increasing at the rate of about $1,000,000,000 a year. With these securities
available for investment, fully exempt as they are from Federal income
surtaxes, investors who would normally put their surplus funds into productive enterprise, are automatically'driven under the pressuie of high
surtax rates into investment in tax exempt securities, with the result that
the Federal Government loses the revenue, business and industry lose the
capital, and funds badly needed for productive purposes are diverted into
unproductive and frequently wasteful public expenditure.
This is a situation which cannot be permitted to continue without grave
danger to our economic structure, as well as to our system of taxation, and
the Treasury has accordingly been urging for some time the adoption of a
Constitutional amendment restricting further issues of tax-exempt securities
as the only practicable means of correcting the evil.
Even a Constitutional amendment would apply only to future issues of
securities, but once the amendment is adopted outstanding issues of taxexempt securities will gradually eliminate themselves, and as they become
scarcer should so increase in market value as to destroy or at least impair
their value for tax-exempt purposes. An analysis of outstanding issues of
State and municipal bonds indicates that 50%,oe thereabouts, will mature
within the next 20 years, so that within a measurable period after the
adoption of a Constitutional amendment restricting further issues of taxexempt securities the situation would, to a large extent, be under control.
evidence, by the United States Senate Committee on Reconstruction and
Housing. . . .
Four—A willful and deliberate failure and refusal to enforce the statutes
of the United States passed by Congress for the protection of life and limb
of citizens engaged in travel. . .
Five—The dismissal from service in the Department of Justice of a faithful and efficient employee who had been engaged in investigating war
fraud cases.
Six—Allowing persons to remain in the employ of the Department of
Justice after it had been proved that such persons are guilty of having
accepted fees to represent those charged by the Department of Justice with
violations of the Federal statutes in cases upon which the said employees
had been engaged.
Seven—The perversion of the legal processes of the United States for
the purpose of instituting action for which there was no justification at the
time of its presentation and the demanding from the courts as against
private individuals processes of court subversive of these rights of freedom
of speech, freedom of the press and peaceable assembly assured by the
Constitution and laws of the United States.
Eight—Flagrant and bold favoritism in the administration of Justice,
on behalf of corporations, companies and individuals owned or controlled
by or affiliated with the banking house of J. P. Morgan & Co.
Nine—The use of fraud and deceit practiced upon former President William Howard Taft in order to obtain the release from a Federal penitentiary
of C. W. Morse, under the pretext that Morse was ill. Upon the failure of
Pointing out that the present law limits the tax on gain
to Daugherty's associate in the pardon proceedings an
the said Morse
in capital transactions to 123'% of such gain, but puts no agreed fee, andto pay the said Daugherty became Attorney-General of the
after
limit on the deduction of losses in such transactions, Mr. United States, the prostitution of his high office to purposes of personal reMellon urges that the amount by which the tax may be venge by securing an indictment of the said Morse and other directors of
corporation and of attorneys for the corporation on a charge of violating
reduced on account of losses from the sale of capital assets a
Federal laws and by failing to seek the indictment of other directors of
shall not exceed 123'
2% of the amount of such loss. On the said corporation equally guilty with Morse of the alleged offense, if
any, amd by failing to seek the indictment of another attorney equally
this point he says:
guilty with the attorneys indicted, which other attorney is in the employ
Under the present system the Government is being whip-sawed and of the Department of Justice.
the Treasury therefore strongly urges that the existing provisions as to
Ten—The wilful diversion of public funds for an illegal purpose through
capital gains be made to apply conversely to capital losses and that the the employment ofagents in the bureau of investigation ofthe Department of
amount by which the tax may be reduced on account of capital losses Justice to shadow members of the House and Senate who had criticized
from the sale of capital assets should not exceed 123i% of the amount his conduct on the floor of Congress.
of the loss. This would, to a large extent, check one of the methods
Eleven—The perversion of the processes of the justice and the administrawidely used by taxpayers at the present time for decreasing their yearly tion of the Department of Justice through the undue influence exercised
income. The alternative is to refuse to recognize either capital gains upon the Attorney-General by one Thomas B. Felder, former legal assoor capital losses for income tax purposes, and if the present situation were ciate of the said Harry M. Daugherty in the Morse case and others.
allowed to continue there is no doubt that it would save revenue to adopt
Twelve--Continuing submission to the influence of corporations and indithis course. This is, in fact, the practice which has been followed in viduals of great wealth and power in the administration of justice, and the
England for many years.
deliberate conniving at the looting of one of the naval oil reserves of the
United States of America by refusing, at the behest and demand of the
Standard 011 Company of California, to institue suits to recover for the
CONGRESSMAN KELLER'S STATEMENT TO HOUSE people of the United States title to lands illegally and fraudulently obtained by the said company; and the recommendations of the President
JUDICIARY COMMITTEE EMBODYING CHARGES
and the securing of secret pardons for wealthy persons immediately after
IN SUPPORT OF RESOLUTION SEEKING IMtheir conviction of violations of the anti-trust laws and of shocking crimes
against childhood innocence involving the grossest moral turbitude.
PEACHMENT OF ATTORNEY-GENERAL.
Thirteen—The apponting to position of great importance and large
Representative Oscar E. Keller, Republican, of Minne- 'financial and moral responsiblility of men who are untrustworthy, corrupt
sota on Dec. 1 submitted to the House Judiciary Committee and dangerous to the liberties of the people of the United States, knowing
that they
the time of such
a partial list of specifications in support of his resolution pro- atFourteen—Grossappointment deliberate were men of such character.
favoritism,
refusal to prosecute war graftposing impeachment of Attorney-General Daugherty. In ers, failure and refusal to recover moneys stolen from the treasury of the
States in connection with war frauds.
United
his letter of transmission Representative
Keller announced he
would ask the committee to call as witnesses in support of
With further reference to the statement submitted to the
specification No. 13 Chief Justice Taft,former Attorney-Gen- Judiciary Committee by Congressman Keller, dispatches
eral Wickersham, Samuel Gompers, President of the Amer- from Washington to the New York "Times" had the followican Federation of Labor, and Mr. Gompers's secretary, ing to say:
The fourteen allegations brought by Mr. Keller begin with the assert:on
Guy Oyster. Specification No. 13 charges that AttorneyAttorney-General to paralyze
General Daugherty knowingly appointed "untrustworthy of "wilful and deliberate" attempts by theprosecute anti-trust violations,
the Federal Trade Commission by refusal to
and corrupt" men to "positions of great importance and large although the Commission had called attention to twenty-three cases and
financial and moral responsibility." Summing up his bill refusals to prosecute not only violations of the anti-trust laws, as shown by
the Lockwood Committee in New York, involving 1,000 individuals and
of particulars, .Representative Keller asserted that it "sub- corporations, but similar refusal to act against illegal combinations shown
stantiates thoroughly" the original charges he made in pre- through testimony before the Senate Committee on Reconstruction and
senting his resolution in the House on Sept. 11. The speci- Housing. This is divided into twenty-seven subsdivisions in which various
companies are named, including the Southern Pine Association, Western
fications, he added, "if anything, are more grave and seri- Pine Manufacturers' Association, Georgia-Florida Saw Mill Association,
ous than the original charges." The Judiciary Committee's North Carolina Pine Association, Northern Pine Association, Southern
California Sugar and White
resolution in response to which Mr. Keller made his presenta- Cypress Manufacturers' Association, Manufacturers' Association, Pine
NorthManufacturers' Association, Redwood
tion called for full specifications in support of his demand ern Hemlock and Hardwood Manufacturers' Association, Michigan Hardfor impeachment, with the specific acts alleged and the names wood Manufacturers' Association, National Lumber Manufacturers' Association, American Tobacco Co.,P.Lorillard Co.,Liggett & Myers,National
of witnesses.
Implement & Vehicle Association, Southern Wagon Manufacturers' AssociIn his letter to Chairman Volstead of the Judiciary Cora- ation, Carriage Builders' Association, MacBeth-Evans Glass Co., Mathiemittee, Mr. Keller said the specifications he inclosed "set- son Alkali Works, Cumberland Glass Manufacturing Co., National Malleable Castings Co., Maple Flooring Manufacturers' Association,
out, and I am prepared to prove, that the said Daugherty Packing Corporation, Southern Wholesale Grocer:es Association,Callfornia
Duncan's
is guilty of serious misconduct in office, highly prejudicial Trade Register, Goodman Manufacturing Co. and Pioneer Binding &
being Federal Trade Commission cases.
to the public interest; of grave abuse of his discretionary Printing Co., all of theseasserted that charges by the Lockwood Committee
allegation, it is
In
powers; of willful and repeated violations of his oath of of- were this before the Attorney-General more than eighteen months ago
placed
fice and of high crimes and misdemeanors in fourteen par- and that there has been no action up to this time. The brief reads:
"The Attorney-General referred the bulk of these cases to the District
ticulars, each one of which is supported by numerous in- Attorney New York, where most of them still lie dormant. But in the
of
stances." "If any of these fourteen specifications against cases in which important offenders are concerned, noticeably the case
be said to be more impor- against the General Electric Co., dominated by the banking house of
the said Harry M. Daugherty can
J. P. Morgan & Co., one of whose partners is a member of the board of
that the any other," said Mr. Keller, "it is that group of directors,and who are the bankersfor the company and select its directorate,
relates to the refusal and neglect of the the Attorney-General refused to permit that case to be referred to the
specifications that
said Harry M. Daugherty to enforce the Anti-Trust laws of District Attorney of New York, notwithstanding the request of the legislative committee above referred to and has insisted on retaining personal
the United States of America." Briefly summarized, the control of the case.
"fourteen particulars" are as follows:
Cites General Electric Case.
One—A wilfull and deliberate attempt to paralyze and destroy the efforts
and activities of the Federal Trade Commission in its attempts to suppress
and punish violations of the anti-trust law by continued and deliberate
refusal to prosecute such violations.
Two—A willful and deliberate refusal to prosecute the violations of the
anti-trust laws that were called to his attention supported by testimony
taken under oath by the New York State Joint Legislative Committee on
Housing.
Three—A willful and deliberate refusal to prosecute the violations of the
anti-trust laws that were called to his attention, supported by testimony and
"In the case of the General Electric Co. the directors are charged with
having wilfully and persistently violated the decree of the Federal Court at
Toledo, Ohio, which in 1911 adjudged the General Electric Co. as having
violated the anti-trust laws. Froth the admissions of the latter at that.
time the General Electric Co. controlled 60% of the business in electric
bulbs in the United States and at the time the charges were preferred to
the Attorney-General it controlled and still controls 98% of that business
through subsequent violations of the anti-trust law and in defiance of the
decree of the Toledo Federal Court. The Attorney-General persists in
refusing to act in this case because of the potent influence of the banking
DEC.9 1922.]
THE CHRONICLE
house of J. P. Morgan & Co., which has been evidenced in this and other
cases referred to in these charges."
Refusal to prosecute more than 100 violations of the railroad safety
appliance laws resulting in the death of more than a dozen persons through
boiler explosions and "taking sides" in the railway strike are charged. The
dismissal of Major William 0. Watt:,a faithful employee of the department,
who investigated war frauds and later conferred with members of Congress
is another count, as is the assertion that the Attorney-General has allowed
to remain in the department men who have received fees to represent
persons charged with legal violations. Representative Keller repeats the
charges made by John C. Clinnin, Assistant United States Attorney at
Chicago, that an investigation showed that a special assistant Federal
attorney named Leboslry was counsel for the manager of the Great Northern
Hotel o; Chicago in a liquor case on a fee of $1,000, although the case was
supposed to be under investigaton by the United States Attorney's office..
The Attorney-General, although apprised of this, has refused to take action
Mr. Keller maintains.
Charges Favoritism for J. P. Morgan & Co.
The Minnesota Representative then avers that the Attorney-General
took action when there was no justification at the time of presentations,
and also demanded from the courts the restriction of constitutional rights,
the reference here being to the injunction which Mr. Daugherty sought
in the railway strike. Long specifications appear as to "flagrant and bold
favoritism in the administration of justice in behalf of corporations, companies and individuals owned or controlled by or affiliated with the banking
house of J. P. Morgan & Co., and it is charged that the Attorney-General
refuses to permit civil or criminal actions against them, although "conclusive evidence of such violations" has been in his possession for many
months, and such prosecutions have been urged by individuals, public
bodies, State and national officers.
Particulars in this allegation are that the Attorney-General directed a
quashing of the indictment against the United Gas Improvement ..m.;
allowed a dissolution decree of the New York New Haven & Hartford RR.
to be amended and has not prosecuted the General Electric Co., nor a member of the Pm tland Cement Companies for violating the anti-trust statutes.
The use of fraud and deceit on former President Taft to obtain the pardon
of Charles W.
41‘forse and after ward the "prostitution of his high office" by
having Morse indicted because 1.1orse did not pay the fee of Daugherty's
1
associates in the pardon proceedings is charged,and also that Mr.Daugherty
Indicted attorneys in the Morse but failed to prosecute one "equally guilty,"
now in the department's employ.
Shadowing members of Congress, including Representatives Johnson of
South Dakota and Woodruff of Michigan and Senator Caraway of Arkansas,
critics of the Attorney-General, is alleged as well as the use of secret
agents of the Government to aid defendants indicted under State laws
and also the use of detectives to prosecute alleged Communists arrested
under Michigan and not Federal laws. Another specification is that the
"undue influence" of,Thomas B. Felder, former associate of Daugherty
In the Morse case, has prevented the prosecution of the crew of the ship
J. M. Young, resulted in the release of $200,000 worth of wine belonging
to the Continental Wine Co. of Philadelphia, and the fact is cited that
nothing has been done since the arraignment of Director Harold H. Hart,
Thomas Re:dy and Michael Lynch, employed in the New York prohibition
office.
Standard Oil Influence Alleged.
"Felder is particularly efficient in the case of bootleggers and has been
peculiarly successful in having Harry M. Daugherty overturn and override the Government attorneys to the advantage of clients of Felder,"
declares Representative Keller. "Through his susceptibility to this
mysterious influence Harry M. Daugherty has prostituted his office and
has interfered with and blocked the administration of justice."
Another charge is submission to the influence of "corporations and
individuals of great wealth and power"; "deliberate conniving at the
looting" of the naval oil reserves in California and responding to the
influence of the Standard Oil Co. of California in preventing suits for
recovery of oil lands. The issuance of secret pardons for persons convicted
-Trust Law violations (one Nobble, a New Jersey terra cotta
of Anti
manufacturer, pardoned after one week in prison and not too ill to play
eighteen holes of golf next day) and secret pardons for persons convicted
of shocking crimes against childhood. "involving the greatest moral turpitude," the last case being that of George Meyers, fifty years of age,
convicted of violating the Mann Act, are alleged.
Appointing "untrustworthy, corrupt and dangerous" persons to positions
of great importance as charged, is a reference to the appointment of
William J. Burns, against whom Representative Keller repeats the charges
made some week ago by Samuel Gompers that Burns tampered so much
with a jury on the Pacific Coast in 1912 that subsequently former AttorneyGeneral Wickersham recommended the defendant's pardon to President
Taft. There is a long charge that the Attorney-General has refused to
prosecute war grafters, failed to recover money stolen from the Treasury
in these graft cases and settled cases involving millions out of court. The
United States Harness Co., Wright
-Martin Aircraft Corp., Bridgeport
Brass Co., Kenyon Co., Mackay Companies, American Electro Products
Co., Standard Aicraft Co. and others are mentioned in this allegation.
Representative Keller demands at least a month more to Perfect
his
charges, saying that much of his material must come from the Department
of Justice files. He asks the committee for access to all sorts of documents
in the Department,ranging from the papers in the Morse case to the details
of the pardon case of Captain Robert Fay. All letters, telegrams, &c.,
relating to advice given by Attorney-General Daugherty to candidates for
the Senate and House in the last election with relation to campaign expend tures are also demanded. Mr. Keller insists that the committee has given
him too short notice and that up to now the proceedings have been too
hurried. He protests against being "prematurely driven into an imperfect
presentation" of his case.
"The reason assigned by the Attorney-General for not proceeding with
the case in September last, that he was engaged in the railroad injunction
case in Chicago, was, to put it mildly, disingenuous," says the brief. "I
am prepared to prove that during the ten days of that hearing he was in
court for only a few hours on the first and last days, and then mainly as a
spectator."
Notwithstanding that all his evidence is not in, Representative Keller
asserts that there is sufficient now to prove that the Attorney-General is
not fit to hold his office, saying;
"I am prepared to prove that the said Daugherty is guilty of serious misconduct in office highly prejudicial to the public interests; of grave abuse
of his discretionary powers; of willful and repeated violations of his oath of
office, and of high crimes and misdemeanors."
Attorney-General Daugherty offered in a letter to Chairman Voistead of
the committee to furnish all data and information necessary, and on this
ground Representative Keller demands access to the papers indicated. He
calls upon the committee to pass his resolution authorizing an investigation
and in the meantime he makes a further demand to be called before the committee.
2535
SAMUEL UNTERMYER'S ATTACK ON POLICIES AND
WORK OF THE ATTORNEY
-GENERAL AT MEETING OF PEOPLES LEGISLATIVE SERVICE.
Samuel Untermyer,New York lawyer, and counsel to the
Lockwood State Legislative Committee, which investigated
the housing situation in New York, delivered a vituperative
attack on the administration of the Department of Justice
at a dinner given by the Peoples Legislative Service, the
radical-progressive non-partisan organization, at Washington on Dec. 2. The speaker referred to Attorney-General
Daugherty as a "man of the measure of the average ward
politician, who is without learning or training as a lawyer,
and whose lifelong environment and practical work had been
that of a legislative lobbyist and nothing more." As to
his administration Mr. Untermyer charged that the AttorneyGeneral had made a dead letter of the anti-trust law, and
that war fraud cases had not been promptly prosecuted, with
the result that those who swindled the Government during
the war "are in a fair way to go free of punishment." Corporations which were under the protecting wing of J. P.
Morgan & Co., and were charged with violation of the antitrust laws had not been successfully prosecuted. His remarks were further quoted in Washington dispatches to the
N.Y."Times" which said:
The New York lawyer suggested that there should be a drastic investigation of the Department of Justice and the Allen Property Custodians
office.
Mr. Untermyer, who will act as counsel for Representative Keller in the
presentation of his impeachment charges against Attorney-General Daugherty, was the chief speaker. His words were cheered to the echo by the
diners, who numbered more than 300 and represented not only progressive
Senators and Senators-elect and members of the House, but every shade of
radical and so-called progressive thought.
Former Representative Edward Keating of Colorado presided. Speeches
were also made by Senator La Follette and former Senator J. L. Bristow of
Kansas. "Word from the Old Progressives was the title of his speech.
'
In opening his speech Mr. Untermyer said:
"If, as I insist, the highest and supreme test of the efficiency of government is in the administration of justice, we have reached to-day the lowest
possible depths of humiliation to which any civilized country has sunk in
recent years.
"I have come here to-night, in response to your invitation, for the purpose of sounding a warning, dispassionate and without partisanship, but
intensely earnest, against what I regard as the complete breakdown in the
administration of justice. We are rapidly drifting toward the cataclysm
which was predicted when, instead of selecting a great lawyer for that exalted post, a man of the most mediocre attainments was named, solely on
the grounds of personalfriendship and political service—a man of the measure of the average ward politician, who is without learning or training as a
lawyer and whose lifelong environment and practical work has been that
of a legislative lobbyist and nothing more.
Trusts, he continued, were dividend into two kinds—illegal and J. P.
Morgan & Co. trusts. The latter were more vicious and dangerous than
the former but they were protected by the influence of the banking house
and were not amenable to the law. He cited the Steel Trust, saying that
while the Supreme Court had said it was not an illegal combination, within
the last six months three of its competitors were prevented from combining on the ground that such a combination w3uld be unlawful. The
way to curb the vast and growing power of the Steel Trust was to divorce
It from its thousands of miles of privately owned railroads. The General
Electric Co., which he called a Morgan controlled corporation, was in
1911 in the Federal Court at Toledo held to be an illegal combination
by reason of its control of the manufacture and distribution of electric
light bulbs, Mr. Untermyer said, but in violation of that decree it went
on acquiring competing patents, ruining competitors and driving them
out of business, until now it controlled about 99% of the business of the
country. More than a year ago these facts were exposed by the Lockwood Committee and complaint was lodged against the company with
the Attorney-General, but repeated demands on him to prosecute had
met with no response. The United Gas Improvement Co., he wont on,
was another Morgan concern. After years of effort an indictment was
found against the members of that combination, including one of the
members of J. P. Morgan & Co. The Attorney-General had directed
the District Attorney of New York to quash that indictment.
"There is much important constructive work ahead of you, gentlemen,
in the way of legislation, Mr Untermyer continued.
"The Federal Reserve Act should be amended so that it will function
as it was intended. Every amendment that has been foisted upon it
by the banking interests should be scrutinized and most of them repealed.
While we were busy with the war, safeguard after safeguard has been
taken out of the law until as it now stands it is the plaything of the banking
Interests, It was never intended that the stock taken by the banks should
be a money-making investment. The way in which the Reserve Board
Is administering the regional banks, the rate of discount being charged
and the money being accumulated on the stock held by the various national
banks all violate the intent of the law.
"You will have to enact a Federal law to protect the public against the
fraudulent issue of securities and the manipulation of stock companies
and commodity exchanges that cost the people of this country annually
more than the entire cost ofthe Government before the war.
"The first and most important legislation needed in this country is
for the enforcement of tile anti-trust laws. Every line of industry in the
United States is honeycombed with illegal combinations. It is to their
existence that we owe, mainly if not entirely, the maintenance of the
high cost of living.
"The anti-trust laws are a dead letter, due to the control of public
officials by 'big business and the financial powers allied with them. In
the few isolated cases that are from time to time begun, and rarely prosecuted to conclusion, the men proceeded against are mere scapegoats who
do not happen to have developed sufficient political influence to prevent
their prosecution. For every violator who has thus been convicted there
are ten thousand who are enjoying complete immunity. I accordingly
propose on this subject the following:
"1. That every corporation engaged in inter-State commerce be required
to take out a Federal license. Before being granted such a license it must
2536
THE CHRONICLE
[VoL. 115.
establish that it is not a party to any agreement or understanding in viola- nine Justices of the Supreme Court, including the Chief Justice of that
tion of the anti-trust law and is not a member of any price-fixing, output Court, five members of the Court of Appeals, eleven District Judges,
limiting or other illegal trade combination or association.
eighteen Territorial Judges, five Judges of the District of Columbia and
"Every trade association having among its members corporations engaged one Judge of the Court of Customs Appeals. Possibly no other Attorneyin inter-State commerce, or the officezs thereof, should likewise be required General has had occasion in a like period to advise with respect to the
to secure such a license, and to establish as a condition to being granted appointment of so many judges, and I take satisfaction in the fact that,
the license that no combinations in violation of the anti-trust laws are so far as I know, there has never been any criticism of any of these appointamong its purposes or practices, and the by-laws, constitutions and regula- ments. Apparently they have given general satisfaction to the bar and
tions of all such associations should be subject to the supervision of the to the public.
Federal Trade Commission, and they and their officers and members
Let me instance the vacancies recently filled in the greatest Court in the
should be required to submit their books and give testimony whenever world. Who can question that the appointment by the President of
required so to do.
William Howard Taft as Chief Justice and of Justice George Sutherland,
"The membership of the Federal Trade Commission should be increased and of Pierce Butler as Associate Justice has not virtually the unaranious
to nine and its powers enlarged by entrusting to it the civil and criminal approval of the American people, as reflected in the press, without respect
prosecution of all violations of the anti-trust laws.
to party affiliations?
"My next suggestion is that every corporation engaged in inter-State
The American people may, for a brief period, be confused or even miscommerce shall be taxed 25% upon the par value of all stock dividends led by a smoke screen of vague and intemperate accusations; but, in the
declared by it. The Supreme Court having decided that stock dividends long run, they have a real instinct as
to whether a man is doing his duty
are not taxable as income under the income tax amendment to the Consti- under trying circumstances. I am content to leave the verdict to them—
tution, this seems to me to be the only way to reach them. There can be fortunate in the reflection
that the charges against me lose their force when
no doubt that they should be reached.
the motives and characters of those who make them are taken into account
Congress should amend the income tax law by specifically providing for by a fair-minded people. I am also confident that the action taken by
the taxation of all State, county and municipal bonds. There should be me as Attorney-General
in the matter which inspired the attack was wellno tax-exempt securities. The income tax amendment permits the taxation founded and
justifiable.
of all "Income from whatever source derived." I contend that this permits
the taxation of income from State and municipal bonds whenever Congress
sees fit to impose that taxation. The States and municipalities have HEARINGS OF JUDICIARY COMMITTEE ON KELLER
received the benefit of this exemption whilst the Government is a great
RESOLUTION BEGIN DEC. 12—HOUSE VOTES
loser from the present system of tax-cxempt securities.
FULL POWERS TO CO (MITTEE.
"Railroad and other gilt-edge bonds that are not exempt from income
tax are selling on almost the same income basis as those tax-exempt securiFormal public hearings on the Keller resolution for
ties. One can buy the latter on a 436% basis, whilst the former are selling impeachment of Attorney-General Daugherty
will be begun
on a 5%. Yet those tax-exempt securities are held by men of great incomes
on which the Government is losing about 50% of the income, whilst the by the House Judiciary Committee on Tuesday morning,
States and municipalities are getting their money on an income basis of Dec. 12, at 10 o'clock. The Committee, in response to the
perhaps 10 to 15% less than if their securities were taxable. Besides, it is
demand of Representative Keller, obtained by special
a vicious precedent to permit the existence of a small class of men of great
fortune in a community who contribute nothing toward the expenses of the resolution in the House on Dec. 4 power to subpoena witGovernment.
nesses, administer oaths and require the submission of docu"There should be a law regulating stock and ccmmodity exchanges
papers in the files of the Department of Justice rewhose quotations are carried by telephone, telegraph and by the newspapers ments and
beyond State lines. Those exchanges, particularly the New York Stock quested by the author of the impeachment charges. This
Exchange,constitute the security market of the world and arc more powerful course of procedure was determined upon by the Committee
than all the financial institutions combined. They should not be permitted
to be self-governing. At present they exist above and beyond the law and after an acrimonious session, at which Representative Keller
are subject to no control. They wield despotic power not only over their and his COMISE1,Jackson H. Ralston, of Washington, had remembers, but over the general public. They and the corporations whose fused to proceed with the offering of testimony until authority
securities are sold through those exchanges should be required to file
to make the hearings official was obtained. First among the
detailed information of all proposed sales for the protection of the public.
"There should be a joint Congressional investigation of the activities of fourteen specific charges presented by Representative Keller
the Allen Property Custodian from the date of the passage of the law
to
be the group dealing with alleged refusal and neglect by
the present time, and of the Department of Justice in connection with the will
enforcement of the anti-trust laws, the prosecution of the war fraud cases Attorney-General Daugherty to enforce anti-trust laws,
and of war offenders against the Espionage laws.
particularly in cases referred to the Department of Justice
for action by the Federal Trade Commission.
ATTORNEY-GENERAL'S REPLY TO ATTACK OF SAMUEL UNTERMYER BEFORE PEOPLE'S LEGISLATIVE SERVICE.
Following closely upon the speech made by Samuel Untermyer before the People's Legislative Service on Dec. 2 at
Washington, Attorney-General Daugherty issued a statement on Dec. 3 defending his administration of the Department of Justice, and replying to the attacks made by Mr.
Untermyer.
"Mr. Unterrayer's charges do not give me concern," said
the Attorney-General. "If I am to be assailed in the performance of public duty—and in this clamorous age such
seems to be the lot of most public men—then I am fortunate
in having the chief attack upon me record as Attorney-General made by one who for thirty years has given the largest
part of his public activities to abusing and attacking men in
high official place.
"It is not necessary for me to say anything about the char-
acter and reputation of Mr. Untermyer, for these and his
activities are too well known to the public to need comment
on my part. His professional efforts when he was amassing
his present fortune by building up many of the so-called
'trusts' have not escaped judicial comment." The statement continued:
I do not apoligize for having been active in politics. There is no peril in
GOVERNMENT BEGINS SUITS TO RECOVER DAMAGES FROM CONSTRUCTION COMPANIES
UNDER WAR CONTRACTS.
In line with recent announcements by the Attorney-General suits were begun on Nov.24 by the direction of AttorneyGeneral Daugherty to recover $21,500,000 which, it is alleged,
was obtained by fraud from the Government in the construction of four cantonments during the war. The action was
taken after an investigation lasting more than a year and a
half, and there is an intimation that other suits may follow
which would bring the total involved up to $75,000,000. The
cantonments involved the contracting firms, or "prime contracts" against which suit was brought and the amounts
claimed in each case, are as follows:
Camp
Camp
Camp
Camp
Upton--Yaphank, L. L—Thompson-Starrett Co., $6,000,000.
Jackson, Columbia, S. C.—Hardaway Contracting Co., $6,500,000.
Sherman, Chillicothe, Ohio—A. Bentley Sons Co., $5,000,000.
Funston, Fort Riley, Kan.—George A. Fuller Co., $4,000,000.
The suit involving Camp Upton was filed at Brooklyn;
the Camp Jackson suit at Columbia, S. C.; the Camp Sherman suit at Columbus, Ohio, and the Camp Funston suit at
Topeka, Kan. In each instance the complaints were filed in
the United States District Courts. It is probable that suits
also will be brought against sub-contractors involved in the
construction of the cantonments. In the event of criminal
action also being found necessary, evidence will be placed before the special War Funds Grand Jury which has been
called in the District of Columbia. In announcing the suits
Attorney-General Daugherty said:
the selection for responsible positions of men who have given serious attention to the science of popular government. It will be a said day for
the
Republic when men with experience in the organization and education
of
the people to clearly understand political issues are to be discriminated
against and barred from appointment to public office.
I am not indifferent to the fact that I, for the time being, am the target
The suits filed to-day represent work on the part of the Department of Jusfor the assault he takes pride in making. However, it is some solace to me
begun about 15 months ago and continued by the Department
to recall that when, in 1894, my distinguished predecessor, Richard Olney, tice which was
the Special War Branch was organized and by that branch
met a great challenge to law and order by instituting the injunction pro- down to the time
regular force could furnish since that time. The work
ceedings in a railroad strike then on,a petition was presented to the House of with all the aid thecompleted earlier than it has been.
been
Representatives asking for his impeachment upon substantially the same could not have
The amounts sued for represent what those who have been continuously engrounds as are now suggested against me for rendering a like service to the
work of investigation and preparation believe conservatively the
public security. It comforts me to know that this threat of impeachment, gaged in the
ought to recover. What should be recovered will now be a matinspired by the very forces that attempted to overthrow the authority of Government
determine. Considering the fact that these cases take no
law and to starve and freeze the nation into submission to their unlawful ter for the courts to cases in the courts, they will be tried as soon
as all
other
demands, did no lasting harm to the great reputation of Richard Olney, precedence over
preliminary questions, if any, are raised and disposed of and the courts will
Who died honored by men of all classes and parties.
means within our power to hasten trials and
will use all
Undeterred by the attacks of Mr. Untermyer, inspired by motives I assign them. We
well understand. I shall continue to conscientiously discharge the duties of conclusions.
the office of Attorney-General without fear or favor.
With regard to the actions brought by the Government,
Mr. Untermyer affects to be concerned about the character of the
Washington to the New York "Times" had
judicial appointments which I may have occasion to recommend to the dispatches from
President. The justification for such alarm may be judged by what has the following to say:
already been done in this respect. I have had occasion as AttorneyThe amounts which the Government holds were obtained fraudulently are in
General to recommend to the consideration of the President three of the each instance a substantial percentage of the entire cost of construction and in
DEC.9 1922.]
T-FIE CHRONICLE
the case of Camp Jackson the sum sought is more than half. The Government
paid $12,710,720 for the construction of Camp Jackson; $15,370,820 for
Camp Upton; $13,247,620 for Camp Sherman, and $11,715,520 for Camp
Funston.
Fraud, gross negligence, inefficeincy and waste are alleged in the complaints filed against the contracting firms. As a result, it is alleged, the
Government not only lost large sums of money, but was embarrassed and delayed in its war program. The Department made public a copy of the complaint in the case against A. Bentley & Sons Co., and announced that the
"cause of action stated in this bill of complaint is similar to the causes of
action stated in the other cases filed."
In the Bentley case the Government alleges that the "defendant misrepresented to plaintiff that defendant had experience in the execution of similar
work and an organization suitable for the performance of such work."
It further is averred that the defendant company "did knowingly, recklessly, illegally and fraudulently violate and abuse such confidence and trust
and breach said contract, in that it did not complete its said undertaking in
accordance with its terms and true tenor and spirit and that the plaintiff was
compelled to and did let additional contracts to others at added cost and expense to the plaintiff for the completion of said contract."
Illegal Claims Alleged.
Finally, the general complaint says that by reason of its conduct the defendant company "through its said wasteful, inefficient and fraudulent acts"
embarrassed the Government in making preparations for the war.
The defendant company, states the allegations, "sold to and also purchased
and resold to plaintiff at a profit to defendant, large quantities of material
and equipment, some needed and some unnecessary; that the defendant caused
illegal and unwarranted claims and vouchers in payment for said material and
equipment to be presented to the plaintiff for payment, and the plaintiff, relying upon the honesty and good faith of the defendants and its claims so
made, paid such vouchers as and when presented, under the conviction that
the materials and equipment alleged to have been purchased or furnished in
truth and in fact had been purchased and furnished."
. Further, the defendant company "ordered and permitted large amounts of
useless and unnecessary work to be done, employed and allocated laborers and
workmen in such quantities, places and manner that the work was retarded
by reason of the congestion, confusion and idleness resulting," said the complaint.
Workmen were employed without reference to their skill or experience and
the morale of the whole force destroyed, "with the natural and invitable result that the progress of the work was thereby greatly impeded, retarded and
delayed, and the cost thereof to plaintiff greatly and needlessly enhanced to
plaintiff's damage, and to plaintiff's further damage in the expenditure made
necessary on account of the sickness and death of some of its soldiers resulting
therefrom," the complaint went on.
The Government holds also that unskilled workmen were paid the same
wages as skilled, and in the majority of cases were paid wages greatly in excess of the customary and established wages being paid for workmen of similar qualifications, and that such "negligent and fraudulent acts" were without the knowledge or consent of the Government.
The defendant company also is charged with permitting "continual loafing,
misdirection of effort and sabotage on the part of workmen and laborers, both
with reference to work performed and materials, tools and equipment used,"
and with neglecting to take steps to provide any adequate supervision, inspection or checks with respect to workmen and their work, materials and tools.
Excessive quantities of materials of all kinds were ordered by the contractor
without reference to quality or the necessity therefor, "but which were by
defendant represented to the plaintiff as being necessary and having been inspected and as being of requisite grade, when in fact, as defendant well knew,
said materials were unnecessary, of inferior grade and not of the character
and quality required by the terms of said contract," is a further charge
made.
Other allegations are that the company let portions of the work to various
sub-contractors which it was in good faith obligated to perform; that it
wrongfully employed and installed accounting, purchasing and other forces in
duplication of forces provided by the Government and claimed and received
payment for such forces; that the company never at any time had any adequate system of salvage for unused or surplus materials, "but, on the contrary, deliberately and intentionally caused or permitted great quantities of
useful and valuable materials to be destroyed."
Exorbitant Payments Charged.
The company is charged, further, with obtaining payment for superintendents and others acting in a supervising capacity at exorbitant rates and for
time in excess of that during which they were engaged or necessarily engaged
on such work; that in many instances trucks were rated in excess of their
capacity so that the company might collect thereon, and that the company's
representative in charge of all transportation "illegally and fraudulently received large sums of money which did not go toward and were not properly
Included in items of hire."
In ending, the Government made this charge:
"The plaintiff avers that all of the acts herein complained of were done
with the connivance, knowledge, consent and by procurement of the defendant, and that they were so done, among other reasons, for the fraudulent purpose of causing excessive cost to plaintiff and of securing from the plaintiff a
maximum rather than a fair and reasonable sum in compensation for its services; that defendant knowingly, willfully and fraudulently misrepresented
facts to the plaintiff and concealed true facts from the plaintiff, and thereby
procured and aided in procuring to be paid by the plaintiff to defendant and
others large sums of money, not only as payment of its services, but for other
large items to itself and others that were known to the defendant to be a fraud
upon the plaintiff, and in violation of the trust and confidence due from and
reposed in the defendant by the plaintiff."
The understanding is that the agents of Attorney-General Daugherty have
now completed investigation of about 15,000 of the 150,000 wartime construction contracts entered into by the Government. There was a strong intimation that the suits now begun were the first of a series.
E. S. Belden, Vice-President of George A. Fuller & Co.,
when told that the Government had sued the Fuller company
for $4,000,000 in relation to the construction of Camp Funston, denied the charges but said he knew, nothing of the
Government's action and could not understand on what it
was based. Mr. Belden said his company had received less
than $8,000,000. Complaint in the Government's suit against
the Thompson-Starrett Company was filed in the Federal
Court Clerk's office in Brooklyn by Ralph C. Greene, United
States District Attorney. Immediately after the papers had
been filed a copy of the complaint and a summons was served
on Edward W. T. Gray, Vice-President and Secretary of the
Thompson-Starrett Company, at its New York office, 49 Wall
2537
Street. To newspaper men Mr. Gray characterized the suit
as "absurd."
"The Government cannot collect a single dollar from us, if
they are suing to collect money fraudulently obtained in the
construction of Camp Upton," he was quoted as having said.
"I, for one, had no idea such a suit was contemplated. I
knew nothing of it until a few minutes before the papers
were served. I am unable to discuss the case intelligently,
because I do not know what the case is. I do not know what
action we will take, but I presume it will be a regular legal
reply to the Government's suit."
DEATH OF REPRESENTATIVE JAMES R. MANN.
Both branches of Congress adjourned on Dec. 1 as a
mark of respect to the late Representative James R. Mann of
Illinois, whose death occurred in Washington on Nov. 30,
after a brief illness of pneumonia. On the eve of the House
vote on the Shipping Bill, last week, Mr. Mann volunteered
to leave his sick room and vote in support of the measure.
He was, however, prevailed upon to stay at home, being
assured that there were votes enough in sight and he would
be paired. His thoughts were constantly on the work of
the House, where his record of service through 13 consecutive
terms, or 26 years, had earned for him the reputation of
being the best informed man on the details of government in
either branch of Congress. He was sent back for a 14th
term by the people of his district at last month's election.
For a large part of his term in Congress Representative
Mann was Republican leader of the House. He is said to
have declined a few weeks ago both the speakership and
Republican floor leadership of the new House. On Saturday, last, Dec. 2, funeral services for Mr. Mann were held
in the Hall of the House, President Harding, members of
his Cabinet, Justices of the Supreme Court, members of the
Diplomatic Corps and scores of Senators and Representatives were in attendance. The House resolution on his
death, agreed to Dec. 1, follows:
Resolved, That the House has heard with profound sorrow of the death7of
Hon. James R. Mann, a Representative from the State of Illinois.
Resolved, That a committee of the House be appointed to take order
for superintending the funeral of Mr. Mann in the House of Representatives
at 2 o ciock p.m.on Saturday, Dec. 2 1922, and that the Hou-se of Representatives attend the same.
Resolved, That as a further mark of respect the remains of Mr. Mann
be removed from Washington to Chicago, Ill., in charge of the Sergeant
at-Arms, attended by the committee, who shall have full power to carry
these resolutions into effect, and that the necessary expense:. in connection
therewith be paid out of the contingent fund of the House.
Resolved, That the Clerk of the Flou.e communicate these proceedings
to the Senate and invite the Vice-President and the Senate to attend the
funeral in the House of Representatives and to appoint a committee to
act with the committee of the House.
Resolved, That invitations be extended to the President of the United
States and the members of his Cabinet, the Chief Justice and Associate
Justices of the Supreme Court of the United States, the Diplomatic Corps
(through the Secrctaty of State), the Chief of Naval Operations and the
General of the Army to attend the funeral in the hall of the House of Representatives.
The following further resolution was agreed to:
Resolved? That as a further mark of respect this House do now adjourn.
,
"Funeral serviceswere also conducted on Monday i=aicago, where the body was taken for burial. Mr. Mann was
66 of age.
INDICTMENTS AGAINST GAS MANTLE COMPANIES
ORDERED QUASHED BY ATTORNEY-GENERAL.
Indictments against the so-called gas mantle trust, involving the United Gas Improvement Co., the Welsbach Co., the
Cities Illuminating Co. and eight individuals, have been ordered quashed by Attorney-General Daugherty. In a letter
to United States District Attorney Hayward made public on
Nov. 26 the Attorney-General requests the Federal authorities here to ask the District Court for a dismissal, and as a
result a nolle prosequi will probably be entered. The three
firms, which were charged in the indictment with restraint
of trade, had with their subsidiaries a capitalization said to
aggregate $700,000. Their indictment last March followed a
long inquiry conducted by R. Colton Lewis and William R.
Benham, special assistants of the Attorney-General. They
were aided by Ragland Momand, President of the Pressure
Lighting Company, and a group of other competitors of the
defendant companies. Evidence gathered indicated, it was
alleged, that the United Gas Improvement Co. began to create a monopoly in 1914, and that five years later this work
was completed. The alleged purpose was to stifle competition to the end that the three defendant companies and 32
former independent companies that had been brought into
the alleged combine might h ave a monopoly in the bidding
for street lighting and of the ivcandescent gas lamp industry.
The letter of the Attorney-3eneral to Colonel Hayward
directing that the indictment should not be pressed reads:
2538
[VOL. 115.
THE CHRONICLE
to good, sound progressive work and economic thinking. He
said it was an advanced movement for constructive, practical
and aggressive legislation. Lynn J. Frazier, Non-Partisan
Leaguer, who captured the Republican nomination for the
Senate in North Dakota, and was elected, was the first
speaker. He drew a picture of deplorable conditions affecting the farmers of the Northwest. A resolution was adopted
that those present should speak and act "only upon the express understanding that they were engaged upon a movement which was non-partisan in purpose." The resolution
originally read non-political instead of non-partisan, but it
changed at the instance of Samuel Gompers, who said any
action taken would be political. Announcement was made •
of the bi-partisan advisory committee named at the meeting
the previous day. The members are Senators Borah, Republican (Idaho), Chairman; Ladd, Republican (N. D.); Ashurst, Democrat (Ariz.), and Sheppard,. Democrat (Tex.),
and Representatives Woodruff, Republican (Mich.); Beck,
Republican (Wis.); Collins, Democrat (Miss.), and Logan,
Democrat (S. C.). A summary of the more important happenings at the second day's session of the conference was
given in Washington dispatches to the New York "Times,"
. The order of Attorney-General Daugherty to District At- which had the following to say:
torney Hayward directing that the indictments be quashed,
Radicals Held Within Bounds.
brought a protest on Nov. 28 from Ragland Momand, PresiNo detailed program of legislative reforms was reported by the Comdent of the Pressure Lighting Co. Mr. Momand, with repre- mittee on Resolutions, although it was flooded with radical proposals..
New York as
sentatives of other independent concerns, was partly respon- The Committee, whila had Frederic C. Howe ofof a committeeChairman,
to prepare
contented itself with suggesting the appointment
sible for the proceedings instituted by the Government which a legislative program.
resulted in the indictment. With his protest Mr. Momand
The day's "forum," participated in by about 300 men and women by
sent out letters from two members of the Federal Grand invitation and open to the public, represented all the advanced ideas in
Government possible. Despite the injection of radical ideas, the prime
Jury which had found the indictment and copies of the two movers were able to hold the conference well within the limits of proletters addressed to President Harding.
gressive national and State legislation.
Senator La Follette, who appeared to have the cordial support of all
The first letter written to the President by Mr. Momand
present,
his opening speech to keep the conference from wandering
was dated May 22 last, about two months after the indict- all over helped by of radical reform. He told the conference that it was
the field
ment was returned. It accused Mr. Daugherty of halting the the idea to carry out the original plans of the People's Legislative Service,
prosecution of the defendants and asked that steps be taken founded two years ago, namely, to prepare legislation "to drive out special
interests," and proceed slowly and sanely in this direction.
to bring the defendants to trial. On June 9 Mr. Momand
"The mandate of the last election was in favor of the progressives getting
wrote another letter to the President, in which he mentioned together," he said, "and keeping elbow to elbow and step to stop in adbe a wellvancing the needs of the people. Each
that his previous letter had not been acknowledged, and grounded and sound step in the forward step advanced shouldnot seeking
movement. We are
called attention to copies of the letters from twO jurors which to accomplish everything at • one stroke."
This Committee on Resolutions was named: Frederic C. Howe,Chairman;
were enclosed. This letter also attacked Mr. Daugherty, and,
Andrew Furuseth, Grenville S. MacFarland, Herbert F. Baker, Mrs.
like its predecessor, was not answered. One of the Grand Edward P. Costigan, Miss Elizebeth Hauser, Amos R. E. Pinchot, Senator
Jurors referred to was Charles A. Wood, who wrote, under Morris Sheppard, Representative George Huddleston, Representative
date of May 26, a letter to Mr. Momand, which read, in part: John M. Nelson, George L. Berry, P. H. Callahan, William H. Johnston,
I am very much interested in the result of your appeal to President Harding D. B. Robertson and Miss Ethel Smith.
Nov. 24 1922.
Colonel IVilliam Hayward, U. S. Attorney, New York, N. Y.
Dear Colonel Hayward: An indictment was returned in the District Court
of the United States of America for the Southern District of New York in the
case of United States of America against the United Gas Improvement Co.
and others Mar. 6 1922.
Since the indictment was returned some complaint was made by the parties
interested in bringing the matter to the attention of the Department of Justice that the indictment was defective and that a motion to direct a verdict
for the defendants on the ground of a variance between the charges of the indictment and the case made by the proof might be sustained. Information is
at hand indicating that former Attorneys-General of the United States had
grave doubts as to whether the charges covered by this indictment related to
"interstate" commerce. Proof of venue and criminal acts within the statute
of limitations necessary to support a conviction renders a successful prosecution extremely doubtful.
For these and other reasons an investigation has been made of the evidence
and the law relating to the charges made in this indictment, and I am now of
opinion that the Government would not be justified in going to trial upon it.
You are, therefore, requested, if such action meets with your approval, to ask
the Court to dismiss the indictment.
While your name as District Attorney was necessarily signed to the indictment, I recall that your office had no active part in presenting it to the Grand
Jury and that the matter was handled directly from the Department of Justice in Washington by a Special Assistant to the Attorney-General. This fact
relieves your office from any responsibility if an error was made in returning
the indictment, which I now request be dismissed.
Very truly yours,
(Signed) H. M. DAUGHERTY, Attorney-General.
regarding the Government case against the United Gas Improvement Co., and
hope that this appeal will have the effect of forcing the Attorney-General to
bring the case to trial."
NATIONAL NON-PARTISAN LEAGUE FORMED BY RADICAL PROGRESSIVE CONFERENCE IN
WASHINGTON.
The conference of radicals and progressives called by Senator La Follette, Republican, Wisconsin, and Representative
Huddleston, Democrat, of Alabama,came to a close on Dec. 2
at Washington after taking steps to further progressive sentiment and progressive legislation throughout the nation.
The third party movement, which it had been intimated in
some quarters would result from the conference, failed to
materialize, the conferees deciding that their objects be
sought through established agencies—through Congress and
State Legislatures. The conference lasted two days,
the first session on December 1 being confined to
the so-called radical-progressive bloc of Congress and
the second on December 2 being made an "open forum," at which labor leaders and men and women
from various fields of endeavor attended. The meeting, held
under the auspices of the "People's Legislative Service,"
adopted no definite legislative reform program, but it did
adopt on Dec. 2 a set of resolutions, intended to accomplish
what its leaders regarded as the primary purposes of the
movement. The resolutions, which declared the movement to
be "non-partisan" and aiming primarily to promote progressive legislation, urged among other things:
.
Exten.si)n of the direct primary to the nomination of President and
Vice-President.
Direct popular election of President and Vice-President, abolishing
the Eleztoral College.
Enactment of an effective Federal Corrupt Practices Act.
Immediate release by President Harding of all "free speech prisoners."
A continuing organization under the People's Legislative
Service, but one which is deemed in reality a national nonpartisan league or bloc, to co-opraate with and support the
radicals in Congress was forme'. It is composed largely of
non-partisan leaguers from tke Northwest with farm and
labor leaders. Senator La Follette opened the public sessions with a statement that those attending were committed
In addition this special committee was named to draft separate resolutions
calling for a national movement to extend the direct primary: Edward
Keating, Chairman, Manager of Labor; W. S. Stone, Benjamin Marsh,
Mrs. M. F. Cunningham, Dane Pierce, George L. Record, Senator Edwin
F. Ladd, Mrs. Abby Scott Baker, Mrs. Rose Yates, T. C. Cashen, F,
Klojzdal, Frank Morrinn and Irowexd Wurlitzer.
Frazier for Fixing Farm Prices.
While the committees were in session the conference was addressed by
Senators-elect Frazier of North Dakota and Wheeler of Montana and Governor Blaine of Wisconsin on conditions in the country which they thought
demanded immediate remedy.
Mr. Frazier spoke of the needs of the farmer and predicted unless the
farmer got relief in reduced Interest rates, reduced freight rates and better
prices, a great calamity would befall the country.
"There should be something done to stabilize prices of farm products,"
be added. "It, however, will be of little benefit if the farmer receives a
fair price and he is forced to pay an excessive price for what he buys, such
as farm Machinery and manufactuerd goods. For instance, the price of
wheat could be advanced to-day 50 cents a bushel to the farmer without
the price of flour or bread being increased one cent. The middleman gets
the big profits. Therefore, the prices should be stabilized by the Federal
Government."
Senator-elect Wheeler said he was elected not because he had promised
all kinds of reforms, but solely because the "voters thought he had 'intestinal stamina" and would fight for their needs." He said he was not a
radical or a progressive, but rather a "conservative reactionary" who
believed in seturning to the first principles of this Government.
He also urged aid to the farmers, who were suffering from high freight
rates and car shortage. lie also asserted that "the present Administration
is trying to forestall any action by the progressives and steal their thunder."
In introducing Governor Blaine, Senator La Follette announced that
several other Progressive Governors were prevented from attending the
conference, but that a special conference of the Governors was planned to be
held in January.
Governor Blaine Attacks Mellon.
Governor Blaine's speech was largely an attack on Secretary Mellon for
his recent statements in letters to Representative Frees' of Wisconsin that
the Government could not reach the undistributed surplus of corporations
which was the basis of stock dividends. In part the Governor said:
"What Mr. Mellon meant when he said that the Government cannot
collect taxes,due from incomes and surtaxes on excess profits, was that what
the profiteers and the millionaires do to escape the income and surtaxes is to
make false returns, sometimes through innocence, perchance, but often
through fraud and deceit, or by legal advice and tricks of the trade, legally
cheat the Government.
"But suppose Mr. Mellon would scourge the profiteer and the millionaire
with the same vigor that he does the lessor criminals? Suppose he would
really try to collect the taxes assessed on the rich? Is it true that the Government is powerless to enforce the law against the rich, or is it just a lack
of desire on the part of Mr. Mellon to place all taxes on an equality before
the law?
"We do not underestimate the influence of the millionaire tax dodger; we
do not fail to understand that he takes counsel of trained lawyers who are
skilled in aiding their clients to cheat the law. We know that their agents
Dm.91922.]
THE CHRONICLE
2539
sometimes mislead the assessor; that their lobbyists put jokers in the law, afforded for registration of voters who did not vote at previous general
through pliant legislators, which bedevil the taxing officers, and that courts elections.
"(b) Every registered voter shall without disclosing his party affiliasometimes yield to the specious arguments of highly paid attorneys. But
is it not worth while to try to make all men equal before the law? Is it not tions, receive the ballots of all parties and be entitled to mark in secret
worth while to make the profiteer and the millionaire pay their just share his choice of party candidates on one party ballot, the others being doof the tax burdens? Is it not worth while to see to it that all men are equal stroyed.
"We recommend the enactment of absent voters laws by all the legisbefore the law?
"The secret clause in the Federal Income Tax Law and in the income tax latures which will meet this Winter.
"We recommend the immediate enactment of a Federal corrupt practices
law of some States is one of those devices by which wealth has been esact with sufficient supply of 'teeth' to permanently dispose of 'Newberrycaping 'a debt of the highest obligation.'"
The Governor said that thax reports had to be public in his State and the ism' in this country.
"While the conduct,direction and control of Presidential elections does not
system had increased the taxes collected. He continued:
"Out of 14,000 corporations doing business in the State, the Wisconsin come within the scope of our authority, this committe feels that its work
Tax Commission informs me that, in round numbers, about 3,000 corpora- would not be complete unless it wont on record as favoring an amendment
tions may be expected to pay additional income taxes, which have been to the Federal Constitution by which the Electorial College will be abolished
withheld. Thus it is assumed, no doubt true that we have 11,000 corpora- and the people empowered to vote directly for President and Vice-Presitions doing business in the State that have paid every dollar they owed dent."
For a Continuing Program.
their Government. Surely they are entitled to protection.
The committee on resolutions, unable to agree upon definite reconunendas
.Norris for Direct Election.
tions because of the diverse views expressed, merely reported in favor of
At the afternoon session of the Forum Senator Norris spoke in favor of the
continuing the People's Legislative Bureau and suggested that the formula
,
direct nomination and election of the President and Vice-President. He
lation of a legislative program be left to a special committee to be named
said that this would place the Government directly in the handsofthe people.
by the chairman. This report follows:
He added that a third party was "for practical results an impossibility,"
"Your committee wishes to express appreciation of the devoted publld
causing great expense and labor, while the direct nomination of Presidential
cervices of those members of Congress who for the past six years in the face
candidates would give the independent voter the right to make his choice, of
ruthless opposition, have battled for the preservation of justice, liberty
regardless of party machines.
and democracy. To these men we declare our affectionate gratitude.
Senator Brookhart of Iowa attacked the Federal Reserve Board, which
"Your committee congratulate the country upon the presence in Congress
he said was controlled by the "non-partisan league of Wall Street." The
and in State and in ex(cutive positions of these mon, who have bean selected
deflation policy of 1920, he asserted, was "a money strike ordered by Wall by the prop
;
essive-minded people of this country, who for two years have
Street" and cost the farmers $10,000,000,000. As a remedy he urged that been deprived
of political representation.
the Board be composed of three farmers, two labor men, two little business
"Your committee recognizes the services rendered by the People's Legismen and one big business man.
lative Service in stimulating this demecratic movement which hats resulted
Representative Sinclair of North Dakota spoke along similar lines criti- in the retirement of many
enemies of democracy in the Senate and in the
cizing the War Finance Corporation system of making loans to farmers House of
Representatives, and in the election of nine progressive-minded
through bankers.
Senators and approximately 100 Congressmen 'whose pledges or whose
Representative Frear of Wisconsin in his speech renewed his attacks on previous records promise
that they will co-operate with the forward-lookSecretary Mellon for his policy in regard to corporation surpluses.
hag movement in Congress.
"I charge that the Internal Revenue Commissioner's office is controlled
"It recognizes the services rendered by the People's Legislative Service in
by lawyers of little experience," concluded Mr. Freels "Why,the solicitor co-operating
with members of Congress and in providing material which has
of that office who passes on millions of taxations was an usher in the White made possible
successful Congressional opposition to some of the most
House only a few years ago. Why was this inexperienced boy placed in vicious assaults upon the
United States Treasury.
this job? And only recently he passed the job on to his brother-in-law.
"Your committee,realizing the impossibility of reporting in a single a day
That and other matters connected with the Treasury, I am prepared to legislative and
economic program, suggest that the Chair appoint a nonprove, and I intend asking for a Congressional investigation."
partisan committee for the purpose of bringing about the co-operation of
Samuel Gompers, President of the American Federation of Labor,
progressives throughout the country to aid in the advancement of liberal
attacked the courts for assumption of authority.
laws and general reconstruction based upon a program which your commit"It is necessary, if we aim to restore the control of our Government to tee on
resolutions shall draft and report at a future meeting at Washington
the people," he said, "that every attempt at judicial assumption of power to be called
by the Chair."
or the attempt at legislation to curb or restrain the freedom of assemblage
Mrs. Abby Scott Baker offered a resolution just before the gavel dropped,
freedom ofspeech and freedom of the press must be stopped by every normal
putting the conference on record in favor of the release of all political prisand natural power inherent in the people of our country. It is necessary
oners and calling upon the President to release immediately the free speech
for the citizenship of the United States to organize as citizens without regard
prisoners.
to political party affiliations or political party obligations, faithful to the
Republic of the United States and determined to restore to the people the
NEW POLICIES OF ASSOCIATION OF RAILWAY
control of the Government. The will of the people of the United States
when expressed through its representatives in Congress must become the
EXECUTIVES.
law of the land."
Regarding the meeting in Chicago on Dec. 7 of the
He attributed to "unquestioning allegiance to party" much of the political
evils of the present and the past. In breaking this power of party, he de- Association of Railway Executives, and the decisions arrived
clared, was the hope of real control by the people.
thereat, Chicago dispatches of the Associated Press said:
Resolutions on Direct Primaries.
The Association of Railway Executives to-day decided to withdraw
Presentation ofreportsfrom the committee closed the session. The report so far as possible from all questions dealing with labor, traffic and public
of the committee on direct primaries, which was adopted, was as follows: relations and to restrict the functions of the association to questions of
"We congratulate the progressive members ofthe United States and House national legislation, Governmental action and policies and legal matters
of Representatives upon their great service to the country in their conference with a nation-wide application.
yesterday in calling the attention of our people to the very great importance
The railroad executives also decided to leave the place of the late Thomas
of State and national primary laws.
De Witt Cuyler, former Chairman of the Association, unfilled and to
"The importance of a proper primary law as an aid to the definite, abandon the New York office. Headquarters will be maintained in the
prompt and convenient expression of the will of the population, the choice counsel's office in Washington in the future.
of candidates and the determination of public questions cannot be overTo-day's action marks the passing of nation-wide treatment of strikes
estimated. For many years in the various States the people have been and strike threats. Whereas the Association dealt as a whole with the
trying to secure the adoption of adequate laws to carry out this purpose. shopmen's strike last summer and the threatened strike a year ago, in
Everywhere this reform has met with the determined opposition of political the future each individual road, or each regional executive body, will act.
basses, who represent the special interests of the country. Their purpose
Members of the organization said one of the purposes of to-day's decision
is to defeat these laws if possible, and when compelled by public opinion was to get the treatment of labor questions back in the hands of tho indito pass a primary law, they endeavor by skillfully contrived jokers to vidual roads. It is impossible, they said, to deal with the railroad workers
nullify its main purpose. Powerful interests had planned a concerted of the entire country on a just or equitable basis, and so long as the system
and widespread attack for the coming Winter legislative sessions upon of nation-wide treatment continued, they declared it would be impossible
the various primary laws which ave been passed in some of the States to get back to economical operation of the carriers.
of the Union. This plan has been made more difficult, and, we hope,
Reference to the appointment of the standing committee
rendered impossible, by the splendid results of the recent elections which
indicate a widespread and powerful progressive sentiment among the to consider the general policies of the Association was
people.
made in our issue of Nov. 11, page 2123, and Nov. 18,
"We believe in the adoption of a primary system, which will enable
the people of the nation and of the States and of the subdivisions thereof, page 2231.
to name directly, without the intervention of conventions, the candidates
of all political parties, instead of permitting the naming of such candidates SUPREME COURT TO DETERMINE JURISDICTION
by some political boss, or party machinery representing the privileged
OF RAILROAD LABOR BOARD IN REVIEW OF
interests of the country.
CASE BROUGHT BY PENNSYLVANIA RR.
"We believe the time has come, not only to extend and perfect the
primary laws in the various States, but to apply the direct primary prinThe future activities of the United States Railroad Labor
ciple to the choice of party candidates for President and Vice-President,
and we therefore declare for the adoption of national measures providing Board, particularly the scope of its jurisdiction in the
-President
that the candidates of all political parties for President and Vice
dewithout settlement of impending railroad labor strikes, will be
shall be nominated by the direct votes of the voters of the country
national pendent upon the decision of the Supreme Court in a case
the intervention of any conventions, and that the delegates to the
the time brought by the Pennsylvania RR. Co., which the court
conventions should be elected by the direct vote of the people at
they select the party candidates for President and Vice-President.
announced on Nov. 20 it would review. With regard to
Recommendation for Reform.
that the
"Pending the adoption of such a national law we recommend
States adopt State Presidential primary laws.
constituted which shall
"We recommend that a special conunittee be
progressive
prepare a uniform primary law which can be used by the
legislative measures
organizations in every State of the Union as a basis for
where no primary law now exists, and as a guide in considering amendments of existing laws, to the end that the progressives of the different
States may avoid the jokers which the enemies of the direct primary use
to nullify the law; and that such committee co-operate with the people's
legislative service in the carrying out of this plan.
"We recommend that such uniform primary law contain the following
features:
"(a) All voters voting at any general election thereby register for primary
elections until the next general election, additional opportunity to be
the history of the case which the Supreme Court will review
press dispatches from Washington stated:
Winning in the United States District Court at Chicago in its challenge
of the authority of the Board to enforce an order requiring railroad officials
to confer with delegates from labor unions as representatives of their employees in the negotiations of rules and working conditions, the Pennsylvania RR. lost in the Seventh Circuit Court of Appeals, to which the Government carried the case. The latter court held that the Board, having
fixed wages, could later take up the subject of rules and regulations. The
Pennsylvania RR. contended that the Railroad Labor Board was without
authority to nullify contracts it had entered into with its employees which
were in full force and satisfactory to both employer and employee.
Review of the case by the Supreme Court was opposed by the Government
on the ground that the questions raised by the railroad company were moot..
2540
THE CHRONICLE
'the shoperafts strikes, out of which the controversy arose, having been
settled. Objection to the filing of the application by the railroad company
for the review of the case was also urged on the ground that the papers
had not been filed in the Supreme Court within the time allowed by law.
The injunction granted by the District Court, which is now in force notwithstanding the reversal of its decision on points of law by the Circuit
Court, had the effect, the Government asserted, of virtually exempting
the Pennsylvania RR. Co. and all its employees of every class from the
Jurisdiction of the Labor Board.
[Vol,. 115.
BITUMINOUS COAL REGULATIONS REVOKED.
Regulations requiring bituminous coal operators to furnish
the Federal Fuel Distributor with daily statements as to coal
loadings, prices obtained for coal, and destinations to which
coal is shipped were revoked on Nov. 24 by Fuel Distributor
C. E. Spens, effective Dec. 1. These regulations, which were
promulgated on Sept. 27 and 28 and Oct. 4, required that
daily reports of coal shipments in the territory east of the
Mississippi River be transmitted to the 15 naval officers acting as district representatives of the Federal Fuel Distributor. Operators in trans-Mississippi territory were required
to make their reports directly to the Federal Fuel Distributor, except that Iowa, Montana and North Dakota operators
reported to C. T. White, Assistant Federal Fuel Distributor,
at St. Paul, Minn.
RAILROAD LABOR BOARD RULES ROADS HAVING
AGREEMENTS WITH A UNION CANNOT MAKE
,SEPARATE CONTRACTS WITH INDIVIDUAL
MEMBERS OF THAT UNION.
Railroads which have working agreements with a union
'cannot make separate agraements with individuals of that
-union, it was ruled in a decision handed down by the United
"States Railroad Labor Baard on Nov. 24. The case on
which the decision was made concerned the efforts of the
'Order of Railroad Telegraphers to collect overtime from the AMERICAN FEDERATION OF LABOR TAKES CREDIT
FOR ELECTING LABOR'S FRIENDS AND
'Great Northern Railway for John Roelfzma, who worked as
DEFEATING ITS ENEMIES.
;station agent at Sioux City, Iowa, under a special agreement
In the elections on Nov. 7 the American Federation of
'with the road. The Board ruled in favor of the Telegraphers'
Labor claims to have made its influence felt in the success of
many candidates for Congress and for other offices favorable
FURTHER RULING AGAINST CONTRACTING WORK to the cause of organized labor. The Executive Committee
of the American Federation of Labor Non-partisan Political
BY RAILROAD LABOR BOARD.
Committee issued a report on Nov. 27 signed by
Seventeen cases, the final lot before the Railroad Labor Campaign
Gompers, Frank Morrison and James O'Connell,
Board, involving the contracting-out system, which the Samuel
Federation's committee had supported 24
federated shop crafts contend was one of the primary stating that the
successful candidates for the United States Senate, of whom
causes of the rail strike, were decided on Oct.6 by the Board.
and one a Farmer-Laborite. The
As in the first case, the Board held that the roads violated eighteen are Democrats
Federation asserts that 156 successful candidates for the House
the Transportation Act. The roads involved were the Erie,
"either because directly supregarded as an ardent supporter of the contracting-out plan; of Representatives were elected
of Labor Non-partisan
Ann Arbor, Cincinnati Indianapolis & Western, Southern ported by the American Federation
Campaign Committee or because of its opposition to its
Pacific of Louisiana & Texas, Big Four, Pere Marquette,
57 ReBoston & Albany, Bangor & Aroostook, Chicago Rock Island opponents." Of the list of 156, 97 are Democrats,
Pacific, Michigan Central, Indiana Harbor Belt and New publicans, 1 Farmer-Labor and 1 independent. Credit is
&
York Central. Some of these roads, including the Boston taken by the Federation for having contributed to the elecamong them Al,& Albany, had discontinued the practice prior to the ruling, tion of several candidates for Governor,
with a promise made to the Labor Board at fred E. Smith of New York. It is recorded that special
in accordance
circulars were sent to New York State by the Federation
the beginning of the shop crafts strike.
In another case the International Brotherhood of Electrical "for the purpose of organizing non-partisan campaign comWorkers lost its dispute with the New York Central over the mittees to oppose Governor Miller. Senator Calder and
of labor." The
return of the maintenance of telegraph wires to the owning other antogonists Smith as Governor ofreports says: heartily supNew York, was
The election of Mr.
company, the Western Union. The Board distinguished ported by the national non-partisan political campaign. Early in the camcommittee sent circular letters to all national and international
between railroad property and that owned by other com- paign the
urge
the
panies and upheld the railroad's contention of its right to centres that they their the local unions in New York State to give allc,,rpower to the non-partisan campaign. Much
assiftance within
performance of work on property not owned respondence followed, and New York was organized effectively to enter the
discontinue
by it. Prior to the dispute, the wires of the Western Union primary and election campaigns.
At a meeting of the New York State Federation of Labor Preeident Gompalong the New York Central lines were maintained by rail- ors mentioned former Governor Smith as the next Governor of New York.
When this arrangement was termi- sentiment expressed in that convention set the State aflame for Smith.
road electrical workers.
conclusively
nated, the telegraph company put its own men on the job The enormous majority he received demonstrates citizenship. that he had
of labor and the forward-looking
railroad electrical workers. To this the railroad the solid support part of the report the following statement is
or hired
In another
electrical union objected.
made:
It is now said thaz the abolishment of the direct primaries For State officMiller and Senator Calder, and helped in
helped to defeat both Governor
WAGE REDUCTIONS ON GRAND TRUNK RAILWAY ials election of Governor Smith and Dr. Copeland. The people are aroused
the
OF CANADA.
in the primaries and have more interest in the election.
How the Federation worked in politics is illustrated by
Wage reductions of from 3 to 5 cents an hour, affecting
says:
7,000 employees of the Grand Trunk Railway, have been certain passages of the roport, which influence many,victories were
The committee believes that through labor's
as a compromise arrangement between the
agreed upon
won. It was feared that the interjection of third party candidates in
railway and the Canadian Brotherhood of Railroad Em- Minnesota and Washington would defeat the hopes of labor. In Minnesota
ployees and the International Brotherhood of Railway and labor supported Mr. Shipstead, independent candidate for Senator. AlDemocrats had a candidate, Mr. Shipstead was cucce.ssful over
though
Steamship Clerks, it was announced at Montreal on Nov. 30 Senatorthe
Kellogg. We held a number of conferences and wrote many letters
by A. R. Mosher, union leader. A compromise in aggregate to Minnesota labor officials in an endeavor to have the situation cleared
in that State by the withdrawal of the Democratic candidate. The suramount of reduction has also been arranged, he said.
the Minnesota situation is that the leaders of the Demo-
WAGE READJUSTMENTS ON NORTHERN PACIFIC
RAILROAD.
New wage scales and working rules affording higher rates
of pay for skilled workers and lower wages for classes of
unskilled labor than those established by the Railroad Labor
Board during Federal control have been negotiated by representatives of the new Northern Pacific Railway Shop
Workers' Association and officials of the railway, it was
announced at St. Paul on Nov. 30. Approximately 5,000
workers are affected.
Rates established under the new agreement provide pay
ranging from 77 to 85 cents an hour for highly skilled mechanics' work.
All of the ordinary mechanics' work in locomotive and
passenger car departments is set at 72 cents an hour, with a
rate of 65 cents for freight car repairmen.
Work that requires no great skill or experience is rated
from 63 to 68 cents an hour.
prising feature of
cratic organization desired the withdrawal of the Democratic candidate for
Governor.
President Gompers, in a letter to Mr. James A. Duncan, the Labor candidate for Senator in Washington, informed him that his candidacy was apt
to draw enough votes away from Mr. Dill, the Democratic candidate, to
permit the election of Mr. Poindexter and suggested that Mr. Duncan withdraw. He refused to do so. The vote given Mr. Duncan, however, was
believes
not large enough to re-elect Senator Poindexter. Your committee
that no individual member of the labor movement should allow himself
contest which would result in the election of a
to be forced into a political
bitter and relentless antagonist to labor.
Iowa which required your committee to take some
A situation arose in
action to endeavor to secure the nomination ofsome outstanding man for the
primaries for United States Senator from the State. Representative Sweet
W. Brookhart, a man of sterling
of Iowa announced his candidacy. Smith
and justice, announced his canqualities, sympathetic to the cause of labor
didacy. It was somewhat difficult to make a choice as between the two
men running in the primaries by reason of the fact that Repre:entative
Sweet s labor record was also excellent. But due to the fact that Mr.
wonderful showing in his candidacy
Brookhart two years ago made such a
against Senator Cummings it was deemed the most practical course to try
and persuade Representative Sweet to withdraw.
It was thereupon that Representative Sweet was called into conference
with the committee and urged to withdraw in the interest of Mr. Brookhart.
He refused to withdraw, but promised that if Mr. Brookhart beat him in the
primaries he would support Mr. Brookhart whole heartedly.
DEC.9 1922.]
2541
THE CHRONICLE
7if Many other conferences with members'of Congress or candidates were held
by the committee or the Chairman concerning the attitude of labor toward
certain candidates.
The Federation's committee gives this list of candidates
for the Senate which it supported who were elected:
Arizona-Henry F. Ashurst, Democrat.
California-Hiram W. Johnson, Republican.
Delaware-Thomas F. Bayard, Democrat.
Indiana-Samuel M.Ralston, Democrat.
Iowa-Smith W. Brookhart, Republican.
Maryland-William Cabe11 Bruce, Democrat.
Michigan-W. N. Ferris, Democrat.
Minnesota-Henrik Shlpstead, Farmer-Labor.
Mississippi-Hubert D. Stephens, Democrat.
Montana-Burton K. Wheeler, Democrat.
Nebraska-R. B. Howell, Republican.
Nevada
-Key Pittman, Democrat.
New Jersey-Edward I. Edwards, Democrat.
North Dakota-Lynn J. Frazier, Republican.
New Mexico-Andrieus A. Jones, Democrat.
New York-Royal S. Copeland, Democrat.
Rhode Island-Peter G. Gerry, Democrat.
Tennessee-Kenneth D. McKellar, Democrat.
Utah-William H. King, Democrat.
Virginia-Claude A. Swanson, Democrat.
Washington-C.C. Dill, Democrat.
West Virginia-Matthew M. Neely, Democrat.
Wisconsin-Robert M.La Follette, Republican.
Wyoming
-John B. Kendrick, Democrat.
These defeated candidates for the Senate are mentioned as having been
opposed by the Federation of Labor:
Delaware
-T. Coleman du Pont.
Indiana-Alfred J. Beveridge.
Michigan-Charles E. Townsend.
Minnesota-Frank B. Kellogg.
New Jersey-Joseph S. Frelinghuysen.
New York-William H. Calder.
North Dakota-Porter J. McCumber.
Ohlo--Atiee pomerene.
Washington-Miles Poindexter.
West Virginia-Howard Sutherland.
Wyoming-Frank W. Mendell.
Among the 156 successful candidates for the House to
whose election the Federation claims to have contributed
are Loring M. Black, Jr., Democrat; Charles I. Stengle,
Democrat; John Quayle, Democrat; William E. Cleary,
Democrat; David J. O'Connell, Democrat; Emanuel Celler,
Democrat; Nathan D. Perlman, Republican; John J. Boylan, Democrat; John F. Carew, Democrat; Samuel Marx,
Democrat; Florello H. La Guardia, Republican; Meyer
Jacobstein, Democrat, and James M. Mead, Democrat.
FEDERAL RESERVE BANK OF NEW YORK ON CREDIT
CONDITIONS IN NOVEMBER.
Referring to the credit condition in October, when there
was a rise in interest rates and a further increase in commercial loans of banks and the loans and note issues of the
Federal Reserve Banks, the Federal Reserve Agent of the
local Federal Reserve Bank, in the Monthly Review for Dec.
1 states that movements during the past month (November)
of the various factors reflecting credit conditions were in the
same direction as October but more moderate in character.
The Bank says:
vestments or bank deposits which they could draw upon to finance more active
operations, without the necessity for borrowing.
A third and probably more important factor in the very moderate increase
in commercial loans may be seen in the fact that business is now being carried
forward with a minimum of future commitments. Although there has been
some change in the tendency in recent months, both wholesalers and retailers
still continue to buy cautiously, and manufacturers hesitate to produce goods
without definite orders in sight. Stocks of manufactured goods are in general
low.
Exact figures on this aspect of retail trade are reported each month to this
bank by 60 department stores in this district. They show that the current
ratio of the amount of stock held to the amount of sales is now in the neighborhood of 31 to 1. The usual ratio is much nearer to 4 to 1; that is, $4
/
2
worth of stock on hand to every $1 of monthly sales. There are few definite
figures available in other fields which show the exact situation, but general
reports indicate that the policy of carrying small amounts of stock on hand,
and ordering only for immediate needs continues to prevail in many branches
of industry and trade.
FEDERAL RESERVE BOARD ON CONDITION OFIRETAIL
TRADE DURING OCTOBER IN FEDERAL
RESERVE DISTRICTS.
The Federaneserve Board on Dec. 1 made public the following data relative to the condition of retail trade during
October in the twelve Federal Reserve districts, based on reports from1506 stores:
Percentage of Inc. (+) or Dec.
DISTRICT.
Comparison of
net sales with
those of corresponding period
last year.
October.
(-).
Stocks at end of
month compared
with
-
Same
July 1
month
Last
to date. last sear. month.
District No. 1
-
Boston
+5.6
Outside
-3.6
District (25). +3.6
District No.2
New York and
Brooklyn _ _
+3.8
Bridgeport _
+2.8
Buffalo
+9.1
Newark
+9.6
Rochester
+6.8
Syracuse
+3.9
Outside
-9.7
District (64)• +4.5
District No.3
Philadelphia
+5.4
Allentown a_ _ +11.9
Altoona
-1.0
Chester
+33.7
Harrisburg_ _ +5.5
Johnstown_ _ _ +1.8
Lancaster_ _ -4.1
Reading
+2.3
Scranton
-5.6
Trenton
+6.6
Wilkes-Barre _ •-1.1
Williamsport _ -7.9
Wilmington
+17.5
York
5.4
Outside
+10.7
District(145)* +4.7
District No.4
Cleveland _
+16.3
Akron
+14.2
Canton
+15.4
Cincinnati _ _ _ -1.6
Pittsburgh_ _ +10.3
Toledo
+7.7
Outside
+27.0
District (28)• +11.3
District No.5
Richmond
+5.7
Baltimore_ _
+4.1
Washington_ _ -5.1
Outside
-2.0
District (25) * -0.6
District No.6
Atlanta
+0.4
+11.5
Birmingham
15.1
Chattanooga _ -14.8
Jackson
Nashville
3.3
New Orleans_ -7.0
Savannah_ _ _ _ 30.2
Outside
-8.2
District (35) * -58
District No.7
Chicago
-1.6
Des Moines_ _ +6.9
Detroit
+24.9
-0.5
Indianalolls
Milwaukee_ _ _ -1.1
Outside
-1.8
District (72) * +8.8
District No.8
St. Louis___ _ +8.6
Evansville
-4.7
Little Rock
+0.1
Louisville_
-3.6
Memphis
+7.7
Quincy
+2.5
District (20)• +5.3
Dist. No.9(24)*
+8.2
District No. 10
5.5
Kansas City
+6.3
Denver
+0.9
Outside
0.5
District (16) * District No. 11
-9.2
Dallas
5.6
Fort Worth_ _ 4h1.4
Houston
-14.4
Outside
District (21) * -8.4
District No. 12
San Francisco +9.6
+16.0
Los Angeles
+6.3
Oakland
Salt Lake City +7.1
+10.6
Seattle
1.4
Spokane
District (31) * +10.3
+9.2
+3.6
+7.9
+7.6
-2.4
+4.7
+6.8
+7.6
+7.0
333.4
424.0
354.0
7.5
+7.7
+4.5
+4.9
+5.2
+6.4
+1.5
+0.4
+6.5
2.8
-0.3
-7.8
3.7
-3.4
1.7
7.3
2.5
+2.0
+5.2
+3.9
+3.1
+7.0
+1.6
+8.4
+3.6
363.0
408.2
379.2
362.7
362.0
384.7
560.2
365.1
8.5
7.2
8.9
6.5
6.8
7.3
7.3
8.2
+6.0
-0.7
+7.0
+1.8
-0.8 --11.7
+20.4
+11.0
-6.3
+1.5
-0.9
+0.4
+7.4 0.6
-12.7 +10.8
+7.6
+1.7
-7.8
-8.8
5.4
+6.2
+11.1 2.6
+3.7 4.7
+3.3 +18.1
+4.2
+0.4
+7.0
1.3
+9.1
363.7
595.0
497.3
9.1
4.8
+7.4
+1.3
+2.4
-0.6
+1.8
+4.2
+6.4
+7.0
+2.6
+7.9
+6.0
5- 2:5
0
466.4
534.8
619.2
452.6
458.0
493.2
433.4
694.9
545.9
595.9
435.4
+16.5
+13.6
+10.0
-1.7
+10.0
+8.5
+23.7
+10.8
+6.7
4-3.2
+3.6
+7.2
+2.4
2.2
+5.1
+4.0
387.5
357.2
808.4
524.0
377.1
357.7
403.2
404.1
11.5
9.7
7.9
8.6
8.3
6.0
12.8
9.3
350.0
425.2
478.3
535.3
448.6
10.6
8.6
7.0
6.7
8.0
550.7
638.3
847.8
548.0
534.1
513.5
623.5
574.1
554.9
4.6
6.2
389.3
318.5
323.5
4.4
6.8
12.6
615:5
567.3
425.8
477
5.4
9.0
383.7
717.5
477.2
373.5
488.5
479.8
409.2
452.9
1.7
1.2
6.4
6.3
12.4
6.4
7.7
6.2
487.2
486.0
542.1
507.0
5.0
10.9
7.6
7.1
451.3
508.9
538.6
475.1
481.8
9.2
7.1
5.0
5.7
7.8
435.7
390.9
542.1
549.3
389.1
593.2
434.4
10.7
12.8
47.
5
8.1
+2.7
+7.1
+2.2
-10.6
-9.1
4.4
+1.0
4.2
7.5
-
The volume of credit in use as indicated by the commercial loans of mem+12.9
-6.4 +12.6
ber banks, and by the earning assets of the Reserve banks, increased at a
+3.3
+2.5 +11.4
-2.7 +11.7
+6.9
slower rate than in September and early October. Note circulation of the Reremained at
-2.9
+4.4
-8.4
serve banks fluctuated within narrow limits, and interest rates
+1.5
+8.3
+2.6
This greater stasubstantially the level reached about the first of November.
reflecting credit conditions does not appear to indicate
bility in the factors
+4.6
+0.9
+6.5
+12.6
-0.9
-9.1
that any pause has taken place in general business activity. For the past few
8.3 -0.4
17.0
weeks such figures as are available appear to show a continued gain in indus7.8
3.2
-8.0 trial output and the distribution of goods.
+1.3 +4.8
6.8
There has been a considerable increase throughout the country in the vol-6.9
+3.1
-6.8
21.6 -20.5
+3.5
ume of production and trade in the past year, but this increase has gone for3.1 +4.1
13.8
ward with a relatively small demand upon the banks for credit. Since March
-3.2 7.6
+2.4
total loans and investof this year, when borrowing was at a minimum, the
ments of member banks in principal cities, where the effects of industrial ac+0.9
+3.7
+0.4
+9.4
+4.3
+2.4
tivity would be felt most have increased $1,250,000,000, or over 8%. But
+21.8 1.3
+.71
this increase is ascribable not so much to loans for business purposes as to
+4.1
loans on stocks and bonds and to investments made for the purpose of putting
--3.4
0
+- 77
--2.5 surplus funds to work. The amount lent directly for business purposes, as
+4.0
6.3
+8.4 +4.3
3.0
far as it can be segregated in the returns, declined until the end of August.
Since that time, however, it has advanced $267,000,000. While the total
+4.8 +3.3
0.8
amount of credit extended by banks, measured by total loans and investments,
19.9
-12.9 +0.6
-13.9
+1.9
+0.6
is indirectly and in the long run available for business use, loans made
0.1 18.1
4-7.9
directly to business represent more closely current needs for credit. . . .
+9.7
---5.9
+5.4
Earning assets, which are the best measure of the total accommodations
+1.2
+0.8
---0.2
+5.0
+3.0
--4.0
which the Reserve banks are extending to business, increased $146,000,000
+4.3
---0.5
+3.8
Aug. 9 and Nov. 22 of this year. In recent weeks there has been a
between
change in the nature of the loans comprised in the general group of earning
-1.9
-7.0 -13.4
--2.0
-1.6
+0.8
assets. Discounts and advances to member banks have increased, while hold3.1
-1.8
+2.8
ings of acceptances and United States securities have diminished.
+0.2
-3.8
--6.4
The reason why increased production and trade, accompanied by higher
12.8
wages and prices, have not resulted in a corresponding increase in the volume
10.6 +2.9 +9.8
8.5
0.0 of bank credit issued directly for business purposes, may appear upon observ+8.6 +24.2
-0.7
ing three factors, which among others are important in the present situation.
+7.2
12.4
12.3 The first factor is the heavy receipt of gold into this country. Since the
2.8 -0.6
7.9
middle of 1921 gold imports have totaled nearly $600,000,000, and since Jan.
+3.0
+5.4 2.9
1 1922 nearly $250,000,000. This gold has found its way immediately into
-0.3
+8.6 12.9
the banks and thence into the Reserve banks. The gold has served to liqui+1.5
+2.4
-4.0
banks and borrowings by banks
date borrowings by individuals from their
1.4
+0.8 +3.0
+10.4
+5.8
+4.3
from the Federal Reserve banks. Liquidation from this and other sources has
4.3
2.2
+0.7 UP to recently more than offset new borrowing. These receipts of gold have,
4.7
+1.9
+6.0 moreover, been largely responsible for the power of the banks to extend their United
1.R
-4-4.0
4-4.4
+4.6 investment accounts.
, States (506)
A second factor has been the accumulation by many business concerns durNumber of firms reporting.
ing the period of quiet business of a considerable reserve in the form of ina Bethlehem and Easton included in Allentown.
Percentage of Percentage of
average stocks outstanding
at end of each orders at end
month from of October to
July I to Date purchases
to average
during calmonthly sales ender year
1921.
orer same
period.
93
4.4
7:5
5.1
6.5
9.5
9.0
8.9
5.1
6.3
7.4
8.2
8.5
10.7
V542
TRE CHRONICLE
AVERAGE MONTHLY VALUE OF RETAIL TRADE.
(Average month 1919 = 100.)
1921.
Departmeat
Stores.
176
Stores.a
Mail
CHAIN STORES.
Order
Houses. Grocery. 5 & 10. Drug. Cigar. Shoe. Music.
4
16
4
7
3
4
5
Houses. Chains. Chains.(mains. Chains. Chains.(mains.
69.1
124.6
January---- 101.6
86.1 117.3 119.9
85.8
79.0
64.8
87.3
118.4
February__ _
92.9 110.7 116.5
82.5
78.3
95.1
118.3
128.7 121.1 123.6 131.8 141.0
March
81.9
77.5
111.7
121.7 111.9 121.8 134.7 139.7 75.1
April
60.2
111.3
118.8 112.2 119.2 129.5 136.5
May
65.1
108.5
116.0 109.7 120.6 127.8 127.6
62.1
June
59.9
49.3
115.1 108.0 122.1 128.5 100.9
79.7
July
55.6
83.2
56.4
121.4 116.0 119.8 127.6
August
71.6
86.6
5eptember
72.7
92.7
118.3 113.4 119.4 128.0 103.1
82.3
88.6
October _ _ 127.8
135.2 141.9 124.2 138.0 135.4
99.2
November
121.3
83.3
133.5 134.1 115.2 124.8 119.1 107.0
December_ _ 175.8
144.5 241.6 146.1 172.7 149.6
80.3
172.6
1922.
January_ _ _
87.2
65.3
135.8
94.6 117.0 111.0
71.7
80.0
February__ _
80.0
59.4
127.6 100.8 114.5 109.3
80.7
75.0
March
101.5
145.4 118.4 123.2 124.3 102.0
83.5
80.6
April
111.9
137.4 134.9 120.3 124.5 156.3
77.1
78.9
113.9
May
136.5 129.6 122.9 128.8 127.1
69.9
80.9
105.8
June
133.2 124.9 123.5 105.8 121.9
68.8
81.3
78.4
July
129.5 126.3 125.7 127.3
58.4
101.3 83.0
August
84.8
137.4 130.4 127.9 126.9
57.2
86.8
99.1
September
102.5
76.1* 138.4 136.1 128.4 135.4 117.8 118.2
October
134.3*
110.0* 148.4* 156.6 133.0 127.1 121.2 118.8
* Partly estimated.
a Stores are located in Federal Reserve District No. 1 (Boston); No.2(New York)
No. 3 (Philadelphia); No. 5 (Richmond); No. 6 (Atlanta); No. 9 (Minneapolis)
No. 11 (Dallas); and No. 12 (San Francisco). Stores grouped by districts and fins:
index Is obtained by weighting district figures according to relative volume of trade,
WHAT THE RESERVE RATIO MEANS
-PRESENT HIGH
RATIO DUB TO FLOW OF GOLD TO U. S.
In an explanation as to what the reserve ratio, or reserve
percentage, means, the Federal Reserve Bank of New York,
in its Monthly Review, dated Dec. 1, points out that "generally speaking a reserve is a fund set aside for emergency
use" and that the reserve ratio may be affected by any one
-"a change in the amount of cash reserves,
of three factors
a change in the amount of note issues, or a change in the
amount of deposits." A 75% reserve ratio (or percentage),
says the Bank,"means that the Reserve Banks have reserves
in gold or lawful money which amount to three-quarters of
the sum of their deposits and notes." The present high reserve ratio, the article states, "is in large part due to the recent flow of gold to the United States from countries which
for the time being are not on the free gold basis which obtained before the war. A return to such a basis under which
gold would flow freely into or out of such countries in settlement of international balances, would, if our balances were
adverse, cause a corresponding outflow of our gold. This
would decrease our reserve ratio, exactly as recent imports
have increased it." We give in full the article from the
Bank's Monthly Review:
[VOL. 115.
note issues. The way in which such changes would come about, and the reserve ratio be thereby affected may be illustrated by the following example:
A merchant of Batavia, N. Y., finding his business growing, is in need of additional funds with which to increase his stock of goods. He goes to his bank
and obtains a loan, part of which he may wish to receive in the form of a deposit credit against which he may draw checks, and part of which he may
wish to receive in currency. If this bank's reserve is high, it may be able to
supply him without borrowing.
But if business is exceptionally active the bank itself may have to borrow
in order to accommodate the merchant and its other customers. It borrows
perhaps $100,000 at the Reserve Bank, receiving in return Federal Reserve
notes or a deposit on the books of the Reserve Bank which under the law
serves as reserve against the increased deposits of its customers. The Reserve
Bank does not pay out or part with any of the cash composing its reserve, but
the aggregate of its deposits and notes is increased $100,000 and the reserve
ratio is proportionately lowered.
Conversely, when business activity is diminishing, the Batavia merchant
and many others like him, are paying off their loans at their banks and at the
same time currency is being released from circulation and deposited in the
banks. With these receipts the banks in turn reduce their borrowings at the
Reserve banks. The cash composing the reserves of the Reserve Banks is not
increased, but their deposits and notes are decreased, and the reserve ratio is
proportionately raised.
Thus if conditions were such that the gold reserve remained practically stationary, the reserve percentage would reflect directly the changing needs of
business and agriculture. Its lowering would mean a growing volume of commercial activity, accompanied by an increased credit demand upon the banks
and a gradual narrowing of the margin of available credit. Its rising, on the
other hand, would mean a slackening pace of industry, an easing in the credit
demand, and a replenishing of the credit reservoir.
Effect of Gold Imports or Exports.
But present conditions are not such that the gold reserve of the Federal ReBanks remains stationary. In the past two years it has increased more
serve
than a billion dollars, practically all of which represents importations of gold.
In the early stages of the gold movement, when the gold found its way into
the Reserve banks it paid debts owing by the member banks; latterly it has
permitted the member banks to increase their deposits to the highest point
ever reached and at the same time to maintain the reserves that the law requires with very little borrowing from the Reserve banks.
The combined effect of these huge gold imports, increasing the reserves,
and of simultaneous heavy redemptions of Federal Reserve notes, decreasing
the liabilities, has been to bring about the present reserve ratio of about 77%,
which compares with the ratio of 85% when America entered the war and the
ratio of 44% in the autumn of 1920 when the credit strain was at its peak.
The present high reserve ratio, then, is in large part due to the recent flow
of gold to the United States from countries which for the time being are not
on the free gold basis which obtained before the war. •A return to such is
basis, under which gold would flow freely into or out of such countries in
settlement of international balances, would, if our balances were adverse,
cause a corresponding outflow of our gold. This would decrease our reserve
jecent imports have increased it.
ratio, exactly as
SAVINGS DEPOSITS IN UNITED STATES.
On Dec. 1 the Federal Reserve Board at Washington
issued the following statement:
Comparison of savings deposits on Nov. 1 1922 with deposits
on Oct. 1
1922 and Nov. 1 1921 are shown for 886 banks distributed throughout all
sections or the United States. The figures for the Boston and New York
districts are those of large mutual savings banks, but in all other districts
reports of other banks are included to make the figures thoroughly representative. In all districts where reporting commercial banks subdivide
their time deposits,statistics of savings deposits subject to notice (excluding
Federal Reserye Board announces through the press a stateEvery week the
time certificates of deposit) are used. This is in accordance with the deftment of condition of all twelve Federal Reserve Banks, showing their princiniticm given in the Federal Reserve Board's regulation D.series of 1920.
pal assets and liabilities, and also showing what is known as the reserve ratio,
During October the volume of savings deposits increased in the Federal
or reserve percentage. This reserve ratio frequently is singled out for edi- Reserve districts. Declines of less than 1%
were registered in the New
torial comment, and is often considered an indicator of the state of credit York and Philadelphia districts. The Richmond
district again showed
throughout the country. But for its proper interpretation, it is necessary to the most important gain during the month. During the
year ending Nov. 1
understand the circumstances which influence it at all times, and to make al- savings deposits increased in all districts. The most
noteworthy increases
lowances for such special conditions as may occasionally prevail, for example, were 11% in the Richmond and San Francisco districts and
12.5% in the
the recent immense importation of gold.
St. Louis district.
Savings Deposits.
Function of Bank Reserves.
No. of November 1
October 1
November 1
Generally speaking, a reserve is a fund set aside for emergency use. Re-Banks.
1922.
1922.
District of
1921.
serves are maintained by business men as well as by banks. But in the case
64 $1,114,412,000 $1,108,924,000 $1,062,542,000
of banks the law specifies what reserves shall be maintained, for the better Boston
30 1,741,543,000 1,744,493,000 1,653,338,000
New York
protection of their depositors. The amount of reserve required for a bank
80. 419,573,000
420,090,000
409,581,000
which is a member of the Federal Reserve System depends on the size of the Philadelphia
18
389,013,000
383,995,000
378,789,000
community in which the bank is located and the nature of its deposits. On Cleveland
93
278,077,000
274,199,000
the average throughout the country the reserve required for a member bank Richmond
250,397,000
80
158,164,000
157,293,000 . 147,747,000
Atlanta
is about 10% of the amount of its deposits payable on demand.
219
795,050,000
784,904,000
In the same way, Reserve Banks must keep in reserve a certain proportion Chicago
766,480,000
35
118,058,000
117,136,000
of their funds, and because of the fact that the Reserve banks carry reserves St. Louis
105,279,000
15
80,891,000
80,827,000
for other banks, the percentage is much higher-35% of the amount of their Minneapolis
76,273,000
65
98,032,000
City
95,701,000
88,897,000
deposits, and 40% of the amount of their notes; but for purposes of con- Kansas
112
70,596,000
Dallas
70,178,000
61,017,000
venience and ease of reference the published reserve percentage is a single fig75
789,559,000
782,673,000
711,457,000
ure. This figure is the proportion which the total reserves bear to the amount San Francisco
of both deposits and notes. Thus a 75% reserve ratio (or percentage) means
886 $6,052,968,000 $6,020,413,000 $5,711,797,000
Total.,
that the Reserve banks have reserves in gold or lawful money which amounts
to three-quarters of the sum of their deposits and notes.
Elements in the Ratio.
The reserve ratio of the Reserve banks may therefore be affected by any one
of three factors
-a change in the amount of cash reserves, a change in the
amount of note issues, or a change in the amount of deposits. Changes in the
cash reserves, however, affect the ratio more than do the changes in either of
the other two items. This may be illustrated best by an example. On Nov.
22 1922 the cash reserves of the Reserve banks were $3,219,000,000. Deposits were $1,895,000,000, and notes in circulation $2,299,000,000. The reserve
percentage is computed from the fraction
3,219,000,000
3,219,000,000
Or
2,299,000,000 plus 1,895,000,000
4,194,000,000
which equals 76.7%. It is clear, arithmetically, that an increase or decrease
of $100,000,000 in cash reserves, shown above the line, affects the percentage
more than a like change in deposits or notes, shown below the line. This always holds true as long as the reserves are less than deposits plus notes.
Effect of Heavier or Lighter Credit Demands.
Under ordinary circumstances of world trade it is probable that the stock
of gold in the country would not vary greatly, certainly not to the extent that
has occurred in recent years. Ordinarily the principal changes would take
p7;lee !rt
!:2,-;1•211)7 .w t*:, r•le, n-Tr - y i e7;eqvne
L
TAX hILITY OF STOCK DIVIDENDS.
A ruling has recently been given by the Bureau of Internal
Revenue at Washington on the taxability of stock dividends
declared on stock held in trust-its ruling having resulted
from an inquiry as to whether, where such dividends are
paid to the life beneficiaries rather than added to the funds
of the estate, they constitute taxable income to the beneficiaries. According to the Bureau, where stock dividends
are thus distributed to life beneficiaries, the value thereof
at the date of distribution should be included in the income
of the distributees. In answering the further inquiry
"as to the basis to be used by the trustee in arriving at gain
or loss through the future sale of either the original shares
held by the trustee or that portion of the stock retained
as part of the corpus of the trust" the Bureau rules that
"the proceeds from the sale of this stock, or the market
",
toe:, er, rct 7se
114.
THE CHRONICLE
DEC.9 1922.]
2543
in the published cases." The following are the
beneficiary subject to surtax only, but must be treated presented
on the question of stock dividends:
income subject to both normal tax and surtax." Accord- Bureau's conclusions
as
SECTION 219.—ESTATES AND TRUSTS.
2, the importance
ing to the New York "Herald" of Dec.
1-47-604
219, Article 347: Estates and trusts with income
attached to the ruling has caused some of the large financial Section is distributed periodically and other income.
I. T. 1506
which
to take steps to secure official interpretation of it.
interest
(Also Section 201, Article 1548.)
At the same time the "Herald" publishes an interpretation
Revenue Act of 1918.
by Marx Eisner of the rulingin which he says "there is little
The follpwing question is presented: Where, under the terms of a trust
held
law, stock dividends declared
doubt that if this ruling is sustained by the courts, a large instrument or under State beneficiaries rather than addedupon stock of
to the corpus
in trust are paid to the life
tax liability will be established on interest controlling cor- the estate, do the amounts of such dividends so distributed constitute
porate surplus sufficiently important to prevent the declara- taxable income to the beneficiaries?
as the beneficiaries to whom the stock dividends are distributed
tic% of stock dividends in the first instance." We quote doInasmuch the stock upon which the dividends are declared, the decision
not own
as follows what the "Herald" printed in the matter:
the Supreme Court in the case of Eisner v. Macomber (0. B. 3, p. 25)
of
The Rockefeller group and other large financial interests.are considerInably disturbed, it is understood, over the ruling of the Solicitor of the
ternal Revenue Department on Nov. 20, under which the beneficiaries
of trusts receiving stock dividends are required to pay income tax on those
dividends to the extent of their fair market value at the time of the disbursements.
The ruling followed the capitalization of surpluses and the declaration
of stock dividends by a long list of corporations whose hysteria was caused
largely by belief that the 200% stock dividend declared early in the fall by
the
the Gulf Oil Corporation, which is dominated by the family to which
inSecretary of the Treasury, Mr. Mellon, belongs, was the result of inside
is not in point. The sole question,therefore,is whether, under the wording
of the Revenue Act of 1918, stock dividends so distributed are taxable to
the beneficiaries. It is the opinion of this office that this case is controlled
by Law Opinion 1013 (C. B. 2, p. 181), wherein is considered the question
of the taxability of amounts distributed by a trust in accordance with the
provisions of the trust instrument or with State law, which amounts do not
constitute statutory net income to the estate or trust. In this opinion it
was held that (1) items of gross income (according to income tax statutes)
which are considered capital by probate courts and are not distributable
to the life beneficiaries should be taxed to the trust and the remainder
should be taxed to the beneficiaries; (2) items of deduction which are
formation concerning future tax legislation.
considered capital deductions by probate courts and are not deducted from
caused the coun- the distributable income should not reduce the amount of income to be
The importance attached to the ruling of Nov. 20 has
attorneys to Washington to reported by the beneficiaries, but the beneficiaries should include the
try's large financial interests to send their tax
exact
obtain official interpretation of the order. The effort to get its
amounts distributable to them even though the aggregate of such
again entire
meaning eventually may take the entire subject of stock dividends
amounts exceeds the statutory income of the estate or trust; and (3) items of
before the United States Supreme Court.
deduction (according to income tax statutes) which are disregarded by State
courts in making distribution (such as depreciation and depletion) should
"Perhaps Corporations Do Not know."
Eisner, not be allowed as a reduction of the income of the beneficiaries, but the
The following construction was placed on the ruling by Mark
New York: beneficiades should include in income the entire amounts distributed to
formerly Collector of Internal Revenue for the Third District of
a large them, even though the aggregate of such amounts exceeds the statutory
"There is little doubt that if this ruling is sustained by the courts,
surplus net income of the estate or trust. The effect of the conclusions Icached in
tax liability will be established on interests controlling corporate
dividends in the this opinion is that a beneficiary should include in income the entire amounts
sufficiently Important to prevent the declaration of stock
have valid actually distributed to him as income under the trust instrument or State
first instance. While It may be true that some corporations may
corporations are law, even though such amounts are not paid out of the statutory net income
reasons for stock distributions, it is equally true that other
accomplishing of the estate or trust. Applying this principle to the question here under
laying themselves open to investigation and scrutiny and are
consideration, it follows that where, in accordance with the provisions of a
by such declarations.
nothing of value to them
more loose trust instrument or of State law, stock dividends are distributed to the
"Nothing in the history of taxation recently has occasioned
tremendous life beneficiaries rather than added to the corpus of the estate, the value
talk and thought than the surplus situation. There has been a
declared thereof at the date of distribution should be included in the income of the
amount of guessing as to the reasons why large corporations have
these distributees.
stock dividends, without a serious thought to the fact that perhaps
Inquiry is also made as to the basis to be used by the trustee in arriving
it is
corporations themselves are doing nothing but guessing. Certain
with reference to at gain or loss tluough the future sale of either the original shares held by
that most of the dividends would not have been declared
legisla- the tr ustee or that,portion of the stock dividend retained as a part of the
existing law, and many have been declared to avoid possible future
corpus of the trust.
tion, the exact nature of which no one is in a position to divine.
One hundred shares, representing the stock dividend, were received by
certain
This much, however, can be accepted as true, namely, that if
cor- the trustee because the trust owned 400 original shares, which it held at
Senators with radical tendencies arc going to go gunning after any
the time the stock dividend was declared. No original shares were owned
porations they will probably centre their attack first on those concerns
by the beneficiary, so she was entitled to receive no additional shares from
which, by the hasty declaration of stock dividends, have Indicated that
shining the company. On the receipt of the dividend by the trustee, there was
they are afraid of something. In other words they have made
no value added to the corpus of the trust, but as the new shares evidenced
marks of themselves for radical investigation and attack.
an interest in the assets of the corporation (which assets were neither inGreat Contagious hysteria.
creased nor diminished by virtue of the stock dividend , the value of the
To the calm observer there is a great deal of contagious hysteria in old shares necessarily was reduced in proportion to the number of all such,
what has been going on. First of all, Section 220 of the Act of 1921, new shares issued and not merely in proportion to the number of new shares
dealing with unnecessary surpluses, is but a re-iteration of the declaration retained by the trustee. As the original shares were reduced in value in
contained in prior Revenue Acts. It is to all intents and purposes un- the manner indicated as soon as the new shares were issued, the subsequent
workable, and the most active Commissioner of Internal Revenue would distribution of part of the stock dividend to the beneficiary, for whatever
far reason, could have no effect one way or another on the value of the shares
find it almost impossible to collect any tax for the Government so
retained by the trust. After the stock dividend, all shares,from the standas enforcing that section is concerned.
his point of their asset value, remained the same in value regardless of the subSo ridiculously worded is this section that a man might place all
dividends sequent distribution to the beneficiary. The conclusion is, therefore, that,
dividend paying stocks in a holding company and allow the
because from the standpoint of the trustee, capital and not income of the estate was
to accumulate without paying a dollar of tax to the Government,
coming distributed to the beneficiary within the meaning of Eisner v. Macomber
Section 220 adds a penal tax only to the net income of corporations
deduction (252 U. S. 189), but that the distribution is income to such beneficiary and
within its provisions; and another section of the Act permits the
arrive at the taxable to her upon the theory underlying Law Opinion 1013 (C. B. 2,
of dividends received from other corporations in order to
other than p. 181). Consequently, in making the computation outlined in Article
net income, and consequently if a corporation has no income
net income within the 1548 of Regulations 62, for the purpose of determining the cost of the
dividends of other corporations, it will have no
shares retained by the trustee in order to ascertain loss or gain on the sale
law on which to levy either the 12%% tax or the penal tax of 25%•
reference by the trustee of any of the shares retained by the trust, there must be
So it seems that everything that is now being done is with
Constitution of the added to the original shares all of the shares issued as a stock dividend on
to the future. It is quite apparent that under the
except by account of such original shares. That part of the stock dividend subseUnited States, Congress cannot tax surplus by any direct tax,
have quently distributed to the beneficiary can not, for the reason stated, be
apportionment, which is physically impossible. Hence corporations
vain and ignored in making the computation.
nothing to fear on that scare. All discussions of this subject is
there will be no
The proceeds from the sale of this stock, or the market value of the stock,
it can be stated with every degree of positiveness that
can not be regarded as a dividend to the beneficiary subject to surtax only,
direct tax on surpluses.
Tax Might Be Retroactive.
but must be treated as income subject to both normal tax and surtax.
Suppose Congress should resort to a meibod of taxing stock dividends,
1-47-605
which seems to be in favor with some tax attorneys; namely, to tax a Section 219, Article 347: Estates and trusts with income
I. T. 1507
which is distributed periodically and other income.
corporation on the privilege of declaring and paying stock dividends, on
(Also Section 201, Article 1548; Section 202, Article
which have just declared stock
the theory of an excise tax. Corporations
1563.)
dividends will only escape a retroactive tax if the Supreme Court holds
e excise tax
Revenue Acts of 1918 and 1921.
in cases now pending that Congress cannot pass a retroact,v
if the Court
An executor of an estate of a decedent, who died in 1901, held 3y shares
and the declaration of a stock dividend now will be unavailing
of stock in the M corporation. In April 1917 a stock dividend was paid
should not so hold.
tax at the rate of 45% producing on the holdings 1.38y shares,of which 68.63%
"Suppose Congress should retroactively levy an additional income
corporations for a number of years past, where an undue accumulation represented surplus profits to the corporation earned prior to March 1
on
of stock dividends now 1913, and 31.37% represented surplus profits earned subsqeuent to March 1
of surplus has manifested itself. The declaration
1913. The executor turned over to the life tenant as income the 1.38y
would not help a corporation any.
the Su- shares of stock received as a stock dividend.. The executor of the estate
"Another thing worth considering is the fact that the language of
Treasury also held 2.76y shares of stock in the N corporation, on which a stock
Court in the stock dividend cases is being interpreted by the
preme
against dividend of 39% was declared and paid In 1917, all of which stock dividend
Department in a number of cases in favor of the Government and
for justification.
was declared by the company to have been based on income accruing prior
the taxpayer with seeming ground
declared a stock dividend of all its to Match 1 1913. This dividend, amounting to 1.08y shares, was likewise
"For instance, where a corporation
accumulated subsequent to March 1 1913, and then thought it turned over to the life tenant. Portions of this stock coming into the
surplus
remaining surplus; namely, that accumulated hands ofthe life tenant were subsequently sold. The taxpayer in requesting
could distribute in cash its
Solicitor of Internal Revenue held that inasmuch advice as to the basis for computing gain or loss through the sale, nukes
prior to March 1 1913,the
under the Macomber and Towne cases distributed the following inquiries:
as the stock dividend
was,according to the law,to be deemed
I. What cost price is to be used for the stock of the M corporation and
nothing, therefore the cash dividend
accumulated surplus, namely, that accumu- of the N corporation based on surplus accumulated prior to March 1 1913?
paid out of the most recently
taxable.
2. What cost price is to be used for the M corporation stock based on
lated since March 1 1913, and
thus held to distribute nothing is worth surplus accumulated after March 1 1913?
"The fact that a stock dividend is
taxes by stock distribution."
Held: That since the life tenant did not come into possession of the
considering by all who expect to avoid
submitting its conclu- stock dividend as a stockholder of either of the companies mentioned, such
The Internal Revenue Bureau, in
"published rulings of stock to her did not'represent a stock dividend and that the stock dividend
sions, calls attention to the fact that
so turned over to the life tenant constitutes income to her to the extent
have the force and effect of Treasury of the fair market value of the stock so turned over to her as of the date
the Bureau do not
-n.
4
,
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2544
THE CHRONICLE
[VOL. 115.
have been so reported by the life tenant for the
period in which such stock on the basis of one
share of new stock for every three shares originally
dividends were turned over to her. Any subseque
nt gain or loss, for held before the distribution of
income tax purposes, through the sale by the life
the stock dividend.
tenant.of the stock so
For some time it has been apparent that substantial losses would in all
turned over to her would be governed by the
Federal income tax laws in probability be sustained
on account of business transacted in the Paris
force at the time the stock was disposed of, the
basis of arriving at the branch of this company. It
gain or loss being the market value of the stock
has been impossible heretofore to make an
at the time the same was accurate estimate of these
losses, owing to the unsettled business and
turned over to the life tenant. It is further
held that for income tax other conditions in France.
purposes, the time at which the surplus against which
After a thorough investigation it has been
these stock dividends determined to set up a reserve
were declared or accumulated, namely, whether
of $3,500,000, which, in addition to a
before or after March 1 substantial amount already
applied out of current earnings, will in our
1913, has no bearing upon the treatnuret of the gain
or loss realized or sus- opinion, cover all losses. The
tained through the subsequent sale of the stock
situation having thus been met, the future
representing stock dividends. earnings of the company
may be carried to surplus or distributed in
dividends.
SIMPLIFIED INCOME TA X FORMS PROPO
After the proposed distribution of the stock dividend and the proposed
SED BY increase in the capital stock,
the balance sheet of the company will on
TAX SIMPLIFICATION BOARD.
Jan. 1 1923 show approximately the following capital resources:
The intention to issue simpler forms of
Capital
$20,000,000
income tax Surplus
returns is indicated in the first annual report
8,000,000
of the Tax Undivided profits, approximately
Simplification Board, which makes known
500,000
that the new forms
The stockholders will meet on Dec. 20 to act on the proare in the course of preparation. The Board
says:
posed plan. The stock dividend, if authorized, will be
A careful study has been made of the various
printed forms adopted
by the Bureau of Internal Revenue and used
in the administration of payable.Dec. 30, "or as soon thereafter as delivery can be
the Revenue Act, particularly of the forms of
return upon which a tax- made," to the stockholders of record Dec. 20.
payer is required to report
his income. It is desirable on the
one hand
to make forms of return as simple and clear
as possible, so that they may
be understood and made out by the ordinary
taxpayer without the services
of an expert; on the other hand, the forms should
clearly outline the requirements for information fully enough to
make possible an accurate
audit of the return without the necessity of
requiring further facts from
the taxpayer.
The itemization of income and deductions
contained in the forms of
return follows a similar itemization thereof in the
Revenue Act of 1921.
Endeavor has been made to simplify and clarify
the forms to as great an
extent as possible consistent with the considera
tions above mentioned,
and with this in view numerous taxpayers and their
representatives wore
consulted.
At a meeting of the Bbard of Directors of the Guaranty
Trust Co. of New York, on Dec. 6, Samuel W. Reyburn
and Joseph P Knapp were elected directors of the company.
Mr. Reyburn, in addition to being President and Director
of Lord & Taylor, Inc., is connected with many firms and
corporations in New York and other cities. Mr. Knapp is
Chairman of the Executive Committee of the Crowell
Publishing Co., Chairman of the Board of the American
Lithographic Co., Senior Director of the Metropolitan Life
The "Journal of Commerce" Dec. 4, in publishi
ng the Insurance Co. and officer
above, said:
and director of other companies.
The Board, which was organized in December
1921, under the terms
of the Revenue Act of 1921, was created to study
methods for simplifying
the administration of the tax laws.
A number of changes in revenue administration
were reported by the
Board, including a plan to try an experiment in
the decentralization of
Revenue Bureau work through the transfer of a
committee to some central
point at a distance from Washington to hear tax
cases arising in that
locality.
"Suggestions have come from various
sources," the Board reported,
"regarding decentralization of the administr
ation of the Revenue Act.
After a careful consideration of these suggestio
generally. the Berrii of the opi lion that any ns and of the proposition
gvn ral plan of decentralization is open 'to serious objections which make
the adoption of such a plan
of doubtful expediency. Upon the recommendation
of the Board, however,
the Bureau is about to adopt the experiment
of transferring a committee
to some central point at a distance from
Washington to hear and determine
cases arising in that locality and now pending
or which would come before
the committee on appeal and review.
"Many taxpayers find it necessary or
desirable to come to Washington
or to send their representatives here to attend
the hearing of their appeals.
If these hearings were conducted at or near
the residence of the taxpayer
this necessity would be eliminated. If the
experiment is successful the
plan will be gradually enlarged."
No decision has been made as yet as to
which locality will be chosen
for the experiment, it is understood; but in
view of the magnitude of the
tax cases arising in New York, it was believed
that city would be given
careful consideration, while San Francisco, as
lying at so great a distance
from Washington, has also been discussed as a
possibility.
George M. Halsey, who since last January had been President of the Seamen's Bank for Savings, 76 Wall St., this
city, died on the 4th inst. at the age of 67 years. Mr. Halsey's entire career had been devoted to the service of the
Seamen's Bank. He entered it at the age of 13 years as a
junior clerk, and 20 years later he became chief clerk. He
became Treasurer in 1899, Cashier in 1906, Trustee in 1914,
Vice-President in 1920, and in January of this year became
President.
The special meeting of the stockholders of the Lawyers'
Title & Trust Co. of this City, held Dec. 7 1922 authorized
the increase of the capital stock of the company.from $4,000,000 to $6,000,000 and authorized the Board of Director
to distribute the increased capital as a stock dividend. The
board will meet on Dec. 13 to decide when the stock dividend will be distributed.
As the result of a proposal made by Manufacturers Trust
Company,the directors of the Manufacturers Trust Company
and the Industrial Bank of New York, have voted to recomITEMS ABOUT BANKS, TRUST COMPA
NIES, ETC. mend to the stockholders of both institut
ions that the
The stockholders of the Bank of Manhattan
Co. of this Industrial Bank be merged into the Manufacturers Trust
city, at a special meeting on Dec. 5 ratified an
increase Co. Meetings of stockholders have been called for Dec. 18
in the capital stock from $5,000,000, consisting
of 100,000 to ratify the action of the directors. The Industrial Bank
shares of $50 par value, to $10,000,000, consisting
of 200,000 is located at 4th Avenue and 27th St., Manhattan, and now
shares of $50 par. Under the plans looking to the
increase has deposits of about $9,000,000. After the merger, the
it is proposed to distribute a stock dividend,
which will be Manufacturers Trust Co. will have capital, surplus and
payable to stockholders of record Nov. 28. The
Bank of undivided profits of over $6,000,000 and deposits of about
Manhattan Co. is the oldest banking institution
in the $65,000,000. The Manufacturers Trust Co. will then have
United States, operating under its original charter
granted three offices in Manhattan, located at No. 139 Broadway,
in 1799. The State of New York will be a benefici
ary under Eighth Ave. and 34th St., and Fourth Ave. and 27th St.;
the stock dividend, since the State holds $50,000
of the four offices in Brooklyn located at 774 Broadway,84 Broadstock, acquired in 1808, when, in consideration
for the way, Williamsburgh Bridge Plaza and 710 Grand St., and
granting of a minor change in the charter the
State received one in Queens at Myrtle and Cypress Avenues.
the right to subscribe to $50,000 of the $50
par value stock
The Trust Company is being represented in legal matters
of the company at par. The City of New York
is also a connected with the merger by Ralph Jonas, of Jonas &
stockholder in the bank.
Neuberger, and the Bank by Richard L. Davison, of White
Two vacancies on the Board of Directors of the
Bank of & Case. All the officers and employees of the Industrial
Manhattan Co. were filled at the annual meeting
on Dec. 5
continued in the service of the Trust Co.
by the election to the directorate of Marshall Field and Bank will be
Nathan S. Jonas, President of the Manufacturers Trust
John Stewart Banker, the latter a Vice-President of the
Co. stated that Staughton B. Lynd and Ralph A Stephenbank. The retiring directors were re-elected.
son, respectively President and Vice-President of the Industrial Bank, will become Vice-Presidents of the Trust Co.
Announcement of the intention of the Equitable Trust
Co. and will conduct the affairs of the Manufacturers Trust Co.
of this city to increase its capital from $12,000,000 to $20,- at the office now occupied by the Industrial Bank. They
000,000 was made in a notice to the stockholders, issued by will have the co-operation of the other officers of the ManuPresident Alvin W. Krech on Dec. 5, as follows:
facturers Trust Co. and will have increased facilities on acTo the Stockholders of
count of the merger.
The Equitable Trust Co. of New York.
Your attention is called to the enclosed notice of a special
meeting of
the stockholders of the Equitable Trust Co. of New York, called for
the
purpose of authorizing an increase in the capital stock of the
company
from $12,000,000 to $20,000,000. $4,000,000 of the proposed increase
in the capital stock will be in the form of a stock dividend out of the
surplus
account of the company, and the remaining $4,000,000 will be
by the sale of new stock to the stockholders at the price of $100 provided
per share.
Walter S. Gifford, Vice-President of the American Telephone & Telegraph Co., was elected a director of the Bankers
Trust Company of New York at the meeting of the board on
Dec. 4, to fill the vacancy caused by the resignation of Owen
D. Young, Chairman of the Board of the General Electric
DEC.9 1922.]
THE CHRONICLE
Co., in order that he might be available for service on the
board of the Federal Reserve Bank of New York.
---.--function of the Manufacturers Trust Co. to
The annual
its stockholders and employees, for the purpose of reunion
and better acquaintanceship, was held at the Hotel Pennsylvania on Dec. 2, and the company was host to 2,000
members of its official family. The affair took the form of
a,grand concert, dance and buffet supper and was the largest
since the company inaugurated the series some years ago.
After greeting the stockholders and employees, Nathan S.
Jonas, President of the institution, said:
2545
for the Fifth National Bank, Broadway Savings Institution,
and old Broadway Bank, and later became Vice-President
and Treasurer of the Broadway Sa"vings Institution. With
his election'to the presidency of the Broadway Savings Institution, he retired from active law practice. Mr. Kelly was
72 years of age.
Thd growth of our institution during the year has been sure and steady
in every way. On Oct. 1 1921 our deposits were $40,113,300. On April 28
1922 the North Side Bank of Brooklyn was merged into our institution with
about $7,000,000 of deposits. On Oct. 1 1922 the deposits were $53,577,000, or a gain of over $6,000,000 from natural and regular growth during
the year.
On Nov. 15 1922 the deposits reached their maximum figure of $57,325,000,or a gain of$9,000,000 over Nov. 15 1921,exclusive ofthe gain through
the acquisition of the North Side Bank.
It will be a matter of interest to the stockholders to know that the cost
of the North Side Bank merger to us was about $300,000. As this acquisition, however, brings with it an additional earning power of approximately
$100,000 a year, the ultimate advantage is plainly seen. Notwithstanding
this payinent out of our surplus and reserves, the surplus and undivided
profits of the institution increased from $2,505,443 on Oct. 1 1921 to
$2,753,759 on Oct. 1 1922, or a gain of $248,316.
On Oct. 1 1922 an additional special dividend .3f 2% was paid to thern
stockholders, making the total disbursement to them for the year 1922 14%
This 14% was also paid to employees under the profit-sharing arrangement
receiv
whereby they receive the same dividend on salaries as stockholders
upon their stock.
corporations
While on this subject,it may be wellto state that while many
found
and institutions have reduced salaries of employees, we have not
wherever
it necessary to do so.and,on the contrary, we have made advances
kept up
justified by faithful and loyal service and ability. We have also
our pension list for loyal and faithful old and disabled employees.
On Nov. 29 a shortage of $100,000 was found in the funds
of the First National Bank of Englishtown, N. J., and the
institution was closed by the examiners. The bank had a
capital of $50,000 and deposits of approximately 75,000.
An increase of $50,000 in the capital stock of the Ithaca
Trust Co. of Ithaca, N. Y., whereby it is enlarged from
$200,000 to $250,000, has been approved by the New York
State Superintendent of Banks. The stockholders approved
the increase on Nov. 16. The new stock will be sold at par
($100 per share) and the increased capital will become
effective Jan. 1.
Commenting on the rise in the market value of the Manufacturers Trust Co. stock, Mr. Jonas stated that a year ago
the stock was quoted at 205 bid, whereas now there is a firm
market bid of 260. He reported also that there is a steady,
healthy demand from customers of the institution for the
stock and that whenever the officers are able to purchase
any it is divided fairly among those customers whose names
appear on the waiting list. The President also called attention to the fact that on Nov. 11 last the 33 Grand Street
office of the North Side group was discontinued and the
business of that office transferred to the Williamsburgh
Bridge Plaza office of the company.
The National City Company of New York announces
that Robert H. Delafield, Assistant Vice-President, has been
selected to take charge of the New England territory, with
headquarters at their office at 10 State Street, Boston. Mr.
Delafield has been connected with the company since its
entrance into the bond field, and for the past four years in an
official capacity in the New York office. Thomas J. Connellan and Robert H. Delafield were appointed Assistant
Vice-Presidents of the National City Company this week.
Max W.Hensel,for the past ten years Manager of the Harlem Branch of the Corn Exchange National Bank of this
city, was arraigned on Nov. 28 before Judge Rosalsky in the
Court of General Sessions charged with the embezzlement of
$51,912 of the bank's funds and later released on $5,000 bail.
Hensel's arraignment followed, it is said, his voluntary confession of the theft, first to his attorney, Leslie Lockhart, of
51 Chambers Street, and later to Walter E. Frew, the President of the Corn Exchange National Bank. A few days ago,
it is said, he was notified that he would be promoted to a
more important branch, and realizing that a transfer would
reveal the shortage, he decided to make a complete confession. Hensel explained the methods by which he defaulted
the bank, it is said, by saying that when a client of the bank
• purchased securities through his branch, he would appropriate the check and debit the amount against a depositor whose
account was inactive, making out a charge ticket. In order
to conceal the debit against the customer,on the bank's books
it is said, he saw to it that the deposit book of the customer
did not show any of the debits. It is said that Hensel has
made restitution of $24,000 and the remainder of the amount
stolen by him will be returned in a short time.
At a special stockholders' meeting held Dec. 4 1922, the
capital stock of the Union Trust Co. of Rochester, N. Y..
was,by a majority vote,increased from $1,250,000, consisting
of 12,500 shares at $100 each, to $1,500,000, consisting of
15,000 shares at $100 each, and the increase of stock was
approved by the Superintendent of Banks Dec. 5 1922.
Likewise authority was given to offer the additional shares
of the company's capital stock to present stockholders, as
follows, according to the letter addressed by F. W. Zoller,
President of the company, to the stockholders Dec. 6:
Each stockholder of record at the close of business on Dec.5 1922 became
entitled to subscribe for new stock in the proportion of one share of the new
stock for each five shares of stock then held by him as shown by the books
of the company. The subscription privilege will expire at the close of
business on Friday. Jan. 5 1923. The manner in which it is to be exercised
Is as follows:
Herewith are neing mailed warrants to the stockholders specifying the
number of shares for which each is entitled to subscribe under this offer.
The rights evidenced by warrants may be transferred by assignment, duly
executed on the printed endorsement forms thereon. Warrants not
utilized in making subscriptions before the close of business Jan. 5 1923,
will become thereby forfeited, void and of no value. Certificates of stock
will be issued only for full shares. As the right of stockholders to subscribe
for this additional stock at par is of considerable value to them, we suggest
that if any of the stockholders are requested by brokers or others to sell
their "rights," they consult some of the officers of the Union Trust Co.
before doing so.
Subscriptions must be made by executing subscription agreement endorsed on the warrants and delivering them to Mrs. M. G. Palmateer,
Treasurer, before the close of business Jan. 5 1923. When so delivered the
subscription agreement endorsed on the warrant must be accompanied by
the payment in full then due at $100 per share for the stock subscribed for.
Stock certificates will be delivered as soon as practical after that date.
We are advised that the increase in capital will become
effective as soon after Jan. 5 as proper certification can be
obtained from the Banking Department. We also learn
that the company is trying to arrange for the sale or purchase
of rights at the rate of $12 per share on the old stock, that is,
$60,for the right to subscribe to one share of the new stock.
•
On Nov. 21 a consolidation of the First National and the
Citizens' National Banks of Frankfort, N. Y., was consummated under the title of the Citizens' First National
Bank. The new bank has a capital of $100,000, surplus
and undivided profits of $52,500 and deposits of more than
$1,200,000. A building is to be erected for the institution
at the Southeast corner of Main and Litchfield Streets. The
officers of the enlarged banks (who are representatives of
both the merged institutions) are as follows: Henry R.
Beebe, President; Seymour S. Richards, Senior Vice-President; James J. Loftis, Fred J. Tine and Sherwood S. Bridenbecker, Vice-Presidents; H. L. Bostwick, Cashier and Webster C. Rick and C. Minoris Brainard, Assistant Cashiers.
Ernest Crist, formerly Manager of the Bond Department
of the Mellon National Bank, of Pittsburgh, has been
appointed Assistant Cashier of that institution, with which
he has been identified since it was organized as a national
bank in 1902, to succeed T. Mellon & Sons. H. Raymond
Hilliard is now Manager, and John Doyle and Thomas L.
Orr, Assistant Managers of the Bond Department.
According to the weekly bulletin of the Comptroller of the
Charles M. Schwab, Chairman of the Board of Directors Currency, the names of the National Produce Bank of Chiof the Bethlehem Steel Corporation, was elected a director cago, Ill., has been changed to "The National Bank of Comof the Metropolitan Life Insurance Co. on Nov. 28.
merce in Chicago."
Richard B. Kelly, President of the Broadway Savings
Frank 0.Birney, Vice-President of the Chicago Trust Co.,
Institution,and formerly Vice-President of the Fifth National
Bank,died on Dec. 2. Mr. Kelly was for some years counsel has been elected President of the First Englewood State
2546
THE CHRONICLE
Bank of Chicago. Mr. Birney succeed Frank H. Tinsley,
who resigned to become Vice-Presiednt of H. 0. Stone &
Co. Mr. Birney joined' the Chicago Trust Co. as assistant
secretary in 1901. Later he was made assistant cashier
and since January, 1919 has been vice-preseident, in which
latter capacity he will also continue.
Hamilton Haddon, Manager of the Eastern office of the
First National Co. of Detroit, with offices at 59 Wall St.,
was elected Vice-President of the company at a meeting of
the board of directors at the home office, Detroit, Friday
Dec. 1. Horace J. Elliott, Manager of the Chicago office,
was also elected a Vice-President.
[VoL. 115.
-James Stewart, of Winnipeg, has been elected a director
of the Bank of Montreal to fill the vacancy created by the
death of R. B. Angus. Mr. Stewart is also a director of the
Canadian National Railways and President of the Maple
Leaf Milling Co.
The New York Agency of the Standard Bank of South
Africa, Ltd.(with which is incorporated the African Banking
Corp., Ltd.) announces the receipt on Dec. 1 of a cablegram
from its head office in London conveying the following
information:
Subject to audit, directors declare interim dividend 14% per annum
for the half year ending Sept. 30, subject to income tax banks investments
stand in the books at less than market value as at Sept. 30 last and other
usual and necessary provisions have been mane.
A press dispatch from Washington, D. C., on Nov. 28,
printed in "Financial America" of this city of the following
THE.CURB MARKET.
day, reported the closing of the St. Anthony Bank & Trust
The Curb Market this week was an uninteresting affair,
Co. of St. Anthony,Ida. The bank had a capital of $30,000 trading on the whole being
quiet and price movements
and deposits of $145,000.
without definite trend. Business in the Standard Oil group
was less active and prices moved irregularly. Cumberland
According to a press dispatch fron Lincoln, Neb., under Pipe Line sold up early in the week from 144 to 185, then
date of Nov. 29, appearing in "Financial America" of this reacted to 165, with the close to-day at 172. A stock divicity of Dec. 1, the Citizens' State Bank of Kimball, Neb., has dend of 100% is to be declared. Prairie Oil & Gas lost
been closed. The institution had a capital of $50,000 and about 40 points to 615, recovered to 637 and sold finally at
deposits of $330,000.
630. Prairie Pipe Line moved up from 304 to 3173/i and.
rested finally at 317. Standard Oil (Indiana) after early
A press dispatch from Sterling, Colo., under date of fractional advances from 1173/i to 1183 sank to 113
Dec.4, printed in "Financial America" of this city of Dec. 5, recovering finally to 117%. Standard Oil (Kentucky), new,.
states that the Sterling National Bank has been closed. The advanced from 120 to 1293/2, reacted to 1253/i and sold
institution had a capital of $150,000 with surplus of $30,000. finally at 126. Elsewhere in the oil list price changes were
small. Industrials were quiet and price fluctuation for the
The Andale State Bank, Andale, Kan., was closed on most part narrow. Motor shares were somewhat conspicuDec. 1 by J. H. Sandell, the Assistant State Bank Com- ous. Durant Motors advanced from 633/8 to 643, dropped
missioner, according to a press dispatch from Wichita to 61 and closed to-day at 63%. Durant Motors of Indiana
appearing in the Kansas City "Star" of Dec. 2. The dis- improved from 14 to 15% and rested finally at 153. May
patch further stated that Mr. Sandell attributed the bank's Dept. Stores new stock rose from 633 to 67% and ends the
difficulties to poor management. The institution had a week at 66%. Philip Morris & Co. sold down from 21 to
capital of $25,000 with surplus and undivided profits of 183 and up to 203, with the close to-day at 193. Peerless
$12,000 and deposits in the neighborhood of 8300,000.
Truck & Motor was off from 68 to 653/i with the final
sale to-day at 66.
A complete record of Curb Market transactions for the
The American State Bank of Omaha was closed by J. E.
Hart, Secretary of the State Department of Trade and Com- week will be found on page 2572.
merce,on Dec.4. The institution had a capital of $200,000
and deposits of approximately $1,100,000. The depositors
COURSE OF BANK CLEARINGS.
are protected by the State Guarantee Fund, it is said. Mr.
Bank clearings again show an increase over a year ago,
Hart is reported as saying that the bank's capital was
"hopelessly dissipated and the directors and shareholders were though the ratio of gain is moderate. Preliminary figures
unwilling and unable to make good the impairment."
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
On Thursday, Nov. 23, the Central Bank & Trust Co. of Saturday, Dec. 9, aggregate bank clearings for all the cities
Nashville, (capital $300,000 with surplus and undivided in the United States from .which it is possible to obtain
profits of $97,500) was converted into a national institution weekly returns will show an increase of 6.0% over the corunder the title of the Central National Bank of Nashville. responding week last year. The total stands at
$7,263;763,The officers of the bank are: William Nelson, Chairman of
761, against $6,851,311,684 for the same week in 1921. Our
the Board; Watkins Crocket, President; John F. Joyner
and A. B. Benedict, Vice-President; Allen B. Cummings, comparative summary for the week is as follows:
Cashier and L. Courtney Parker and Mervyn J. Kingins,
Per
Cle ,rings-Returns by Telegraph.
1922.
Assist. Cashier.
1921.
Week ending Dee. 9.
Cent.
The 48th annual meeting of the shareholders of the
Imperial Bank of Canada (head office Toronto) was held on
Nov. 22. As in accordance with a by-law passed at the
last annual meeting, the fiscal year of the bank was changed
to terminate Oct. 31 instead of April 30. The report presented to the shareholders at the annual meeting covered
only the six months ending Oct. 31 1922. It showed net,
profits for the period (after deducting charges of management
making provision for bad and doubtful debts, &C., &c.) of
$638,003, which when added to $1,175,178 the balance at
credit of profit and loss brought forward made $1,813,181
available for distribution. This amount was appropriated
as follows: $455,000 for dividends at the rate of 12% per
annum ($420,000), together with a bonus of one-half of
1% ($35,000); $21,250 contributed to officers' pension and
guarantee funds; $80,000 (estimated) to pay Dominion
taxes, and $250,000 reserved for contingencies, leaving a
balance of $1,006,931 to be carried forward to the next
year's profit and loss account. Total assets of the institution as of Oct. 31 1922 were $119,700,572, of which cash and
quick assets amounted to $53,520,450. Total deposits
were shown as $91,106,972. Pely Howland is President
of the Imperial Bank and A. E. Phipps General Manager.
New Yc)rk
Chicag •
Philadeiphia
Boston
Kansas City
St. Lou
San Francisco
Pittsbu Ith
Detroit
Baltim re
New Orleans
$3,216,000,000
480,696,975
396,000,000
283,000,000
123,340,722
a
137,800,000
121,375,471
88,659,891
74,112,050
60,423,341
$3,313,400,000
423,154,482
320,000,000
234,000,000
102,182,808
a
105,000,000
*115,500,000
68,777,465
70,000,000
42,255,494
-2.9
+13.6
+23.8
+20.9
+20.7
a
+20.7
+5.1
+28.9
+5.8
+42.9
Ten ities, five days
Other c ties, five days
$4,981,408,450
1,071,728,019
$4,794,270,339
915,156,065
+3.9
+17.1
Total all cities, five days
All citi s, one day
$6,053,136,469
1,210,627,293
$5,709,426,404
1,141,885,280
+6.0
+6.0
Total ni pities for week
$7,283,763,782
$8,851,311,884
+8.0
a No longer reports clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends on Saturday
and the Saturday figures will not be available until noon
to-day, while we go to press late Friday night. Accordingly,
in the above the last day of the week has in all cases had to.
•
be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending Dec. 2. For
that week our totals show a decrease of 8.5%, due to the
2547
THE CHRONICLE
:
DEC.9 1922]
country
The course of bank clearings at leading cities of the
y last
of the
occurrence of the Thanksgiving Holiday-the holida
the month of November and since Jan. 1 in each
aggre- for
year having come in the previous week. The 1922
subjoined statement:
1921 aggre- last four years is shown in the
gate of the clearings is $7,087,514,244 and the
.
BANK CLEARINGS AT LEADING CITIES
is
Jan. 1 to Nov. 30-,475,190. Outside of this city the decrease
gate $7,742
November
1920. 1919.
1921, 1920. 1919. 1922. 1921.
at this centre having recorded
1922.
(000,000s
$
$
only 3.0%; the bank exchanges
$
$
$
$
$
$
omitted.
ing to the New York )
222,154 211,823
17,332 16,822 19.434 22,586 199,002 175,856 30,068 26,866
a loss of 12.0%. We group the cities now accord
2,584 25,475 23,750
from Chicago
2,365 2,189 2,570
17,275 15,975
Federal Reserve districts in which they are located, and
1,558 1,336 1,466 1,654 14,898 12,986 22,929 19,892
Boston
there is Philadelphia
1,964 1,697 1,966 1,918 20,317 18,541
a
a
a
a
this it appears that in the Boston Reserve District
a
a
a
a
6,547
District of St. Louis
632 6,576 6,917 8,140 6,512
801
680
660
Pittsburgh
a falling off of 5.5%; in the New York Reserve
7,458
678 6,614 6,016
672
574
635
3,927
of 9.0%. San Francisco
370 3,743 3,416 4.485
398
275
406
11.8%, and in the Philadelphia Reserve District
Baltimore
2,823
2,557 3,300
2,717
261
280
vement of Cincinnati
263
226
10.871 10,211
The Atlanta Reserve District shows an impro
816 1,006 6,201 6,975 6,333 4,906
539
577
4,307
the St. Kansas City
482 4,210
536
402
338
Cleveland
2,803
2.7%; the Dallas Reserve District of 3.1%, and
2,015 3,067
2,160
342
255
191
246
Reserve New Orleans
3,655 2,031
3,071
3,031
216
406
287
319
Minneapolis
Louis Reserve District of 4.5%. The Richmond
849
1,172
1,088
1,201
70
115
97
115
District Louisville
4,234 5,649 4,023
4,874
441
465
District falls behind 3.7%; the Chicago Reserve
383
467
Detroit
1,393
1,602
1,324
1,426
The Milwaukee
124
140
122
137
2,074
3,614
2.0%; and the Minneapolis Reserve District 4.4%.
3,804
239 4,636
352
376
464
Los Angeles
a
a
The Providence
a
a
a
a
a
a
2,817
Cleveland Reserve District enjoys a gain of 4.0%.
1,773 2,914
1,803
247
205
139
165
ve Omaha
1,468
2,105
1,653
1,822
168
186
151
185
Kansas City Reserve District and the San Francisco Reser
865
1,763
1,520
1,477
94
se Buffalo
199
137
151
St. Paul
734
870
710
821
71
District both register losses, the former showing a decrea
70
73
82
Indianapolis
1,469
1,816
1,135
1,364
166
188
99
141
Denver
2,740
of 4.9% and the latter of 4.8%.
1,883 2,813
2,074
347
247
195
223
Richmond
981
1,108
733
153 • 867
94
93
137
In the following we furnish a summary by Federal Reserve Memphis
1,837
1,927
1,369
1,511
173
150
129
143
Seattle
410
484
415
443
41
42
40
districts:
40
Hartford
731
804
592
594
SUMMARY OF BANK CLEARINGS.
1921.
1922.
Week ending Dec. 2.
Inc.or
Dec.
1919.
1920.
Federal Reserve Districts.
372,456,164 473,067,219
9 cities 333,328,254 352,757,363 -5.5 5,016,025,087 5,579,471,102
(let) Boston
1,177,790,852 4,737,089,110 -11.8
9
(2nd) New York
524,182,651 526,066,631
439,622,093 483,096,110 -9.0
(3rd) Philadelphia __10 "
430,871,837 384,098,272
339,225,367 326,020,954 +4.0
9 "
(4th) Cleveland
193,894,989 220,105,654
155,716,480 161,642,050 -3.7
6 "
(5th) Richmond
182,632,172 250,767,890
152,675,393 148,727,641 +2.7
12 "
(6th) Atlanta
828,051,888 853,122,388
695,988,8:5 710,173,875
19 "
(7th) Chicago
75,246,249
63,047,779
7 AG
61,320,588 +4.5
64,103,712
97,483,497
(8th) St. Louis
158,315,126
5 119,502,774
114,210,31
7 "
(9th) Minneapolis
307,038,551 383,244,071
209,053,594 219,926,909
91,014,340
(10th) Kansas City_ _ _ _11 "
70,445,903
51,408,647 +3.1
53,008,574
"
5
(11th) Dallas
380,378,238 388,470,218
352,790,635 370,8)9,169
12th) San Franels;o__ -14 "
118 cities 7,087,514,244 7,742,475,190
Grand total
2,970,645,016 3,063,912,431
Outside New York City
531
-8.5 8,527,340,382 9,322,157,
666
-3.0 3,534,037,673 3,812,251,
464,246,754 436,788,821
28 cities 329,837,727 362,719,546 -9.1
Canada
s
The following compilation covers the clearings by month
since Jan. 1 in 1922 and 1921:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total All.
Month.
1922.
1921.
1922.
%
86
81
63
68
367,776
29,265 27,231 32,134 35,149 319,857 288,640 38,331
2,455 2,012 3,274 3,442 24,485 23,319
406,107
31,720 29,243 35,408 38,591 344,342 311,959 183,953
Total all
136,103
Outside New York _14,388 12,421 15,974 16,005 145,340
a No longer report clearings.
Salt
1921.
Lake City _ __ _
Total
Other cities
336,707
30,726
367,433
155,610
ctions on
Our usual monthly detailed statement of transa
results
New York Stock Exchange is appended. The
the
and 1921 are also given:
for the eleven months of 1922
Eleven Months.
Month of November.
1922.
1921.
1922.
1921.
155,564,639
231,242,79
15,438,686
19,407,087
Stock;No. of shares
211,594,445,201
1Par value_ ___ $1,702,951,450$1,115,338,400$20,827,298,23
903,837,800
902,613.70
150,411,000
142,006,000
Railroad bonds
1,799,372,740
87,037,400 212,333,150 1,773,606,41
U. S. Govt. bonds_ _
289,572,200
•
•
45,832,000
for'n, Acc., bd
State,
,054914,587.227,741
$1,977.826,850$1,523,374,550$23.787,915
Total par value
the
The volume of transactions in share properties on
New York Stock Exchange each month since Jan. 1 in 1922
and 1921 is indicated in the following:
NGE.
SALES OF STOCK AT THE NEW YORK STOCK EXCHA
%
$
$
IS
$
13,840.863,127 -10.6
Jan - _ 29,673,793,613 32,413,901,452 -8.5 12.377,729,779 11,168.517,812 -3.9
26,067,849,202 25,697,138,881 +1.4 10,727,396,219 13,207,021,872 -1.5
Feb_
March 31,735,060,701 29,889,010,139 +6.2 13,015,493,749
Month of January
February
38,216,402,811 -5.5
let qu_ 87,476,709,516 88,000,050,472 -0.6 36,120,619,747
March
12,026 12,385,897,549 +0.1
31,153,956,381 27,921,712,690 +11.6 12,394,9
Total first quarter
18,969 +11.9
11.786,7
May _ 32,398.452,931 27,634,023,687 +17.2 13,183,640,077 12.226,741.830 +11.9
June 33,732,844,399 29,076,120,832 +16.0 13,621,947,649
Month of April
May
36,399,358,348 +7.7
June
2d qu_ 97,285,253,711 84,631,857,209 +15,0 39,200,499,752
74.615,761,159 +0.9
Total second q,Arter _
6 moo. 184701 963227 172631 907681 +7.0 75,321,119,499
11,869,564,162 +11.2
July __ 31,537.965.091 27,224,793,653 +15.5 13.200,521,928 11,863.706,498 +10.9 Month of July
29,182
August
Aug.._ _ 30,094,941,118 26,419,647,457 +13.9 13.156,691,725 12,203,238,126 +11.8
September
30,933,162,269 27,282,124,437 +21.1 13,648,3
Sept
+11.4
42,835 35,936,508,786
Total third quarter
3d qu 92.566,068,478 90,926,565,547 +14.4 40,005,5
110552269945 +4.3
31705 253558473228 +14.7 115326662334
Month of October
9 moo. 2773280
13,130,053,333 +19.0
November
Oct- _ 35,293,839.570 29.156,981,558 +21.0 15,625,944,813 12,420,906.381 +15 8
28.763
Nov _ _ 31,720,3(.7,059 29,243,404,997 +8.5 14,388,0
1921.
1922.
No. Shares.
Pox Value.
No. Shares.' Par Value.
16,472,377 $1,494,639,000 16.144,876 81,327.513.750
795,420,453
16,175.095 1,413,196,925 10,169,671
22,820.173 2,013,907.820 16,321,131 1.178,823,470
55,467,645 $4,921,743,745 42,635,67883,301,757.673
30,634,353 82,733,531,850 15,529,709 81,044,593,548
28,921,124 2.532,995,600 17,236,995 1,218,686,980
24,080.787 1,938,579,750 18,264.6711 1,369,519,461
_ 83,636,264 37,205,107,200 51,031.375 $3,632,799,989
5,604
15,118,063 $1,262,256,143 9,288,054 8731.20 ,068
877,306
35
17,862,553 1,443,286,500 11,117,080 1.003,466,032
21.712,046 1,908,875,700 12,924,0
77,704
54,692,662 14,614,418,343 33,329,169 82,611,9
31 $932,571.717
25,762,64732,397,130,000 13,129,7
38,400
19,407,087 81,702,951,450 15,438,686 $1,115,3
DECEMBER 2.
SINCE JAN.1, AND FOR WEEK ENDING
CLEARINGS FOR NOVEMBER,
Clearings at
1922.
1921.
Week ending November 11.
Eleven Months.
November.
Inc.or
Dec.
1922.
1921.
Inc.or
Dec.
1922.
1921.
moor
Dec.
1920.
1919.
$
$
$
•
%
$
-$
%
$
$
929,342
1,057,05:
945,236 -12.6
• 826,179
Rese rye District- Boston
r First Federal
40,706,092 -9.8
36,724,814
3,000,000
3,300,000
3,823,431 -3.2
2,792,949 +1.4
3,700,967
2,833,117
Maine-I3angor
128,799,578 +13.7
146,476,686
-5.6 337,062,343 433,754,971
11,456,854 +14.1
13,072,903
03 Portland
00,000 12,986,413,721 +14.7 303,000,000 321,000,000 +20.2
3,313,780
1,688,902
1,726,211
0,000 1,336,000,000 +16.6 14,898,0
3
1,558,00
2,075,72
-Boston
71,970,179 +25.8
Mass.
90,513,576
a
a
a
7,727,852 +15.0
a
11,613,495
a
Fall River
40,581,407 -0.8
40,276,828
1,271,563
1,214,9
3,839,992 +20.5
1,021,839 -0.5
4,625,679
971,265
Holyoke
51,691,218 +4.5
54,015,225
a
a
5,463,938 +13.5
a
a
6.193,928
a
a
a
Lowell
2,817,783
a
a
1,548,971
a
a
1,634,976 -0.0z
1,634,513
67,047,402 +8.6
Lynn
72,832,235
5,547,319
5,833,070
8,269,040 +2.6
4,326,855 -0.9
8,480,722
3
4,288,87
+7.6
196,067,646
New Bedford
210,894,832
4,989,606
4,013,583
18,025,720 +26.4
3,333,069 -9.3
27,775,860
3,023,000
164,959,727 +0.1
Springfield
11,006,166
165,191,971
+4.0
10,483,891
14,454,961
15,037,000
10,817,180 -12.4
9,480,583
Worcester
6,436,689
443,336,361 . 415,309,083 +6.7
6,253,396
39,939,386 -1.0
39,535,008
5,159,048 +0.7
5,195,001
-Hartford_ _
253,430,467 +6.3
Conn.
269,396,154
21,973,832 +16.2
25,533,220
New Haven
79.702,600 Not incl. in tots Is.
7,690,900 Not. Incl. In to tab.
Waterbury
49,280,100 +7.0 Not included in totals.
52,710,300
-Providence473,067,219
R. I.
352,757,363 -5.5 372,456,16
58,682 14,416,976,520 +13.9 333,328,254
1,708,573,788 1,470,975,006 +16.2 16,427,6
Total(11 cltle3)---%
-New York Distric t
202,784,282
212,345,270
Second Federal R eserve,330.293
20,176,032 -4.2
19
43,698,921
48,424,678
New York-Albany_ _
3,868,200 +12.9
4,367,700
Binghamton
150,843,517 +22.7 1,822,257,378 1,652.661,900
185,032,063
.24,191,692
26,303,734
-6.3
Buffalo
.2,500,000
2,342.695
43,918,306
51,089,114
Elmira
4,107,897 +32.0
5,420,848
+3.0 199,001,532,424 175,855,630,124
Jamestown
17,332,278,296 16,822,498,616 +46.6
45,559,677
49,730,252
New York
3,829,376
5,613,626
414,958,476
447,329,883
Niagara Falls
36,005,999 +15.1
590 898
42'
185,326,344
200,269,356
Rochester
+25.4
17,840,198
'
22369204
Syracuse
11,280,707 +18.9 Not included in totals.
1 :407:272
20,928,824
20,161,974
Conn.
-Stamford_ _
2,163,358 +5.7
2,285,713
N. J.
air_ - _ -Montcl
i n total s.
67,021,856 Net included 4 +21.4
39,849,824
46,775,873
Newark
3,569,53
4,334,701
Oranges
Ia
+3.3 201.926,229,936 178.529,508,370
Total(11 cit!ea)- - 17,625,966,036 17.067,402.727
IS
5,168,002
4.878,25i
4,597,890 -8.0
4,230,693
+4.7
1,252,800
1,026,100
875,250 -14.1
6752,000
+10.8
44,889,511
45,383,561
36,485,035 -1.1
e36,084,801
+10.3
Included In tots, Is.
487,629 Not
+8.7
847,836
728,665 +15.2
1.104,302
+16.3
2,709 5,509,905,86Z
,
+13.2 4,116,869,228 4,678,562,759 -12.0 4,943,30
+9.2
12,805 842
13,040,134
9,225,187 +6.3
9,801,918
+7.8
,
4,705:88
4,622,650
3,992,615 +37.0
5,470,144
+8.1
3
2,087,387
1,908,273 +44.0
e2,747,760
743,194
836,461
+2.3
713,436
730,006
-3.7
+17.4
110:.
+ 13.1 4,177,700,852 4,737,089,110 -11.8 5,016,025,087 5,579„47
2548
THE CHRONICLE
[VoL. 115.
CLEARING'S (Continued).
November.
Clearings at
1922.
Eleven Months.
Inc. or
Dec.
1921.
1922.
Week ending November 11.
Inc. or
Dec.
1921.
1922.
1,111,966
3,346,029
1,006,208
2,425,454
Third Federal Res erve District -Philad
elph fa
Pa.
-Altoona
5,316,416
4,180,598 +27.2
50,859,280
Bethlehem
45,952,740 +10.7
15,266,775
9,729,302 +15.7
Chester
145,686,762
132,516,425 +9.9
5,067,652 Not Incl. In to tale.
Harrisburg
15,787,916
15,209,823 +3.8
183,009,956
Lancaster
177,040,311
+3.4
11,885,212
10,378,558 +14.5
132,356,622
Lebanon
121,183,172 +9.2
2,090,862
2,269,961 -7.9
24,051,191
Norristown
28,576,319 -15.8
3,583,160
2,843,882 +26.0
35,465,646
Philadelphia
31,124,945 +13.9
1,964,000,000 1,697,000,000 +15.7
Reading
20,317,390,000 18,541,229,473 +9.6
12,731,057
10,781,184 +18.1
130,121,199
Scranton
115,061,458 +12.5
21,301,670
19,938,654 +6.8
212,252,155
Wilkes-Barre
220,175,023 3.6
13,083,655
11,922,532 +9.7
132,757,435
York
124,460,322 +6.7
5,496,579
5,235,606 +5.0
New Jersey
61,867,918
-Camden
61,252,385 +1.0
a
a
a
a
Trenton
a
a
18,811,754
16,282,231 +15.5
Del.
-Wilmington _ _ _
187,659,388
166,252,192 +12.9
a
a
a
a
a
a
Total(12 cities)- -- - 2,089,355,056
1,805,772,331 +15.7 21,613,477,552
19,765,424,765 +9.3
Inc. or
Dec.
1921.
1919.
930,303 +12.0
3,159,631 +5.9
1,045,173 -3.7
1,105,402
4,617,804
1,330,253
1,433,310
2,278,351
417,000,000
2,857,644
I 4,046,471
2,884,066
1,151,055
1920.
2,631,870
2,300,000
+6.5
460,000.000 -9.3
2,830,770 +1.0
4,974,974 18.7
2,813,477 +2.5
1,359,554 -15.3
1,119,195
497,583,793 503,204,889
2,743,341
3,367,833
5,802,451
6,080,150
2,985,371 . 3,234,163
1,323,801
1,502,833
3,793,200
a
3,703,877
a
+2.4
a
4,052,565
a
3,824,258
a
439,622,093
483,096,110
-9.0
524,182,651
526,066,631
-6.0
e4,862,000
5,070,000
+7.0
3,695,142
3,181,905
+6.3
54,462,851
54,909,773
-2.3
81,681,678
78,758,650
+10.5 el1,851,000
13,260,400
a
a
a
+17.3
-9.4
598,454
722,847
-2.3
+1.9
a
a
a
a
a
a
1.4
e2,797,848
2,519,111
-0.6
a
a
a
-0.2
C-3.7 *175,000,000 162,000,000
+20.0
+3.8
4,276,394
4,700,000
-4.1
+16.1
-0.8
+3.7
-10.6
a
10,384,000
4,679,600
66,457,116
126,886,514
14,377,800
a
10,804,000
4,250,799
67,382,935
122,457,818
14,281,500
a
-17.2
1,027,020
1,485,748
a
a
+11.1
a
a
5,006,053
a
a
4,175,273
Fourth Federal Re serve District
-ClevelandOhio-Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Hamilton
Lima
Lorain
Mansfield
Springfield
Toledo
Youngstown
Pa.
-Beaver County
Erie
Franklin
Pittsburgh
Kentucky-Lexington
W. Va.-Wheeling _ _ _
24,985,000
19,088,050
263,328,229
401,719,243
60,595,300
a
2,769,112
2,448,076
1,332,746
*6,000,000
a
a
13,986,956
2,806,326
a
1,491,790
611,514,505
8,557,229
18,089,703
21,865,000 +14.3
279,544,000
297,409,000
14,326,647 +33.2
176,276,420
164,700,658
225,631,970 +16.7 2,716,590,530 2,556,071,662
338,119,431 +18.8 4,209,996,775 4,307,338,768
51,446,300 +17.8
664,274,200
601,233,300
a
a
a
a
2,000,000 +38.5
31,643,077
26,966,274
3,128,711 21.8
35,961,417
39,685,583
1,558,286 14.5
14,957,153
15,308,317
5,111,882 +17.2
60,379,088
59,259,311
a
a
a
a
a
a
a
a
11,604,903 +20.5
173,162,410
175,635,742
2,540,545 +10.5
29,954,383
30,140,862
a
a
a
a
1,456.254 +2.4
15,843,109
15.874,076
497,971,346 +22.8 6,507,850,505 6,755,273,837
5,279,917 +62.1
79,175,412
65,987,552
18,590,634 -2.7
211,025.114
203,237,272
Total(14 cities)---- 1,438,712,265 1,200,631
,826 +19.8 15,208,633,593 15,314,122,214
Fifth Federal Rese rve District- Richmon
d
W.Va.-Huntington.
8,387,291
6,843,630
Va.-Newport News_
•
a
a
Norfolk
35,831,009
32,107,478
Richmond
223,364,634
194,673,454
No.Caro.
-Asheville_
a
a
Raleigh
10,903,953
7,806,952
Wilmington
a
a
So. Caro.
-Charleston
9,670,938
8,900,286
Columbia
11,780,285
8,662,534
Maryland-Baltimore
406,098,920
275,000,000
Frederick
1,663,769
1,670,799
Hagerstown
2,773,723
2,373,252
-Washington_
D. C.
85,886,043
78,102,513
Total(10 cities) _ _
796,360,565
616,140,898
-0.7
+22.6
a
+11.6
+14.7
a
+14.0
a
+8.7
+13.6
+47.7
---0.4
+16.9
+10.0
76,080,927
a
338,017,114
2,073,536,158
a
84,510,413
a
109,279,269
99,008,880
3,743,227,506
18,559,828
29,886,793
888,941,290
78,586,651
a
324,838,234
1,882,689,159
a
59,306,238
a
116,037,279
92,629,265
3,415,651,379
22,209,632
29,961,644
790,096,605
-3.2
a
+4.1
+10.1
a
+42.5
a
-5.8
+5.9
+9.6
-16.4
-0.3
+12.5
+29.2
7,461,028,178
6,812,006,086
+9.5
Sixth Federal Rese rve DistrictAtlanta
Tenn.
-Chattanooga _
29,396,012
23,337,607 +26.0 Not incl. in
Knoxville
Iota Is.
8,120,583
11,977,437 -32.2
Nashville
125,548,952
137,684,934
80,094,085
72,213,798 +10.9
Georgia-Atlanta_ _
816,327,6
770,312,5
220,007,173
182,556,607 +20.5 1,964,477 30 1,916,595 09
Augusta
,882
,266
10,302,180
7,606,038 +13.5
Columbus
85,711,306
92,218,893
4,402,373
3,653,890 +20.5
Macon
36,341,501
6,328,126
5,149,848 +22.9
Savannah
58,628,339
57, 55 C0
357448 12
:S
a
a
a
Florida-Jacksonville_
a
a
44,719,788
39,228,184 +14.0
Tampa
463,623,414
446,430,552
9,467,648
8,915,614 +6.2
Ala.
105,574,3
-Birmingham--103,322,446
121,063,933
84,061,626 +14.4 1,003,021 82
Mobile
,638
809,691,528
8,120,583
6,910,288 +17.5
Montgomery
82,557,281
75,943,509
7,243,563
, ,
5715780 +267
.
Mississippi
65,167,716
-Jackson _
61,826,250
4,783,457
3,396,582 +40.8
40,901,079
Meridian
33,074,434
3,330,890
2,347,700 +41.9
39,058,606
Vicksburg
31,189,943
1,829,893
1,784,408 +2.5
15,768,444
-New Orleans_
La.
246,154,990
190,835,807 +29.0 2,160,131
,864 2,014: 41094
3
15 9 905
Total(15 cities)--- 775,969,265
626,353,607 +23.9 7,062,840
,034 6,601,791,335
-8.8
+6.0
+2.5
-7.1
+1.6
+2.1
a
+3.9
+2.2
+12.4
+8.7
+5.4
+23.7
+25.2
+5.5
+7.2
339,225,367
326,020,954
a
a
+8.0
a
196,053,734
-9.0
6,000,000
6,215,412
+4.0
430,871,837
384,098,272
2,247,978
1,743,500 +29.5
2,524,501
e7,248,583
44,947,629
8,162,725 -11.2
50,279,305 -10.6
10,850,188
56,623,027
2,007,520
81,981,452
17,283,318
2,293,568 -12.5
78,620,827
+4.3
20,542,125 -15.9
15,518,697
84,970,566
3,200,000
5,500,000
102,045,227
93,891,521
18,652,046
20,224,870
155,716,480
161,642,050
-3.7
193,894,989
220,105,654
e5,242,907
2,344,133
14,690,077
41,450.136
1,727,634
4,460.019
2,627,386
16,651,450
44,020,593
1,926,052
+17.6
-10.8
11.8
5.8
-10.3
6,639,054
3,950,564
20,476,050
53,215,137
2,440,793
7,988,604
3,399,082
24,774,043
87,469,797
6,767,182
1,205,640
a
9,515,913
*1,500,000 -19.6
a
a
9,381,589 +1.4
•1,700,000
a
12,024,524
*2,000,000
a
11,986,924
24,569,519
1,617,911
19,163,666 +28.2
1,750,000 -7.5
19,477,325
2,400,000
18,288,075
2,493,683
746,06(1
720,851
+3.5
662,571
1,074,922
380,964
49,184,499
348,013
46,178,022
+9.5
+6.5
330,053
59,316,101
578,575
83,947,003
+7.0 152,675,393 148,727,641
+2.7 182,632,172 250,767,890
Seventh Federal R eserve Distric t
-ChicagoMichigan-Adrian _ _ _
887,331
913,969 -2.9
9,794,713
Ann Arbor
155,519
9,323,247 +5.1
185,303 -16.1
3,634,775
2,584,898 +40.6 •
166,073
300,000
33,425,758
Detroit
903,869
27,591,427 +21.1
467,252,798
425,000 +112.7
382,891,496 +22.0 4,873,830
474,890
634,086
,256 4,233,604,443 +15.1
Flint
100,897,977
94,140,581 +10.7 102,348,270 106,000,0
7,098,248
6,367,544 +11.5
00
74,743,457
Grand Rapids
69,082,831
+8.2
27,297,407
25,777,098 +5.9
289,865,225
Jackson
5,576,460
269,946,577 +7.4
6,326,978 6,027,836
11.9
3,396,582 +77.5
7,208,410
7,231,524
60,645,175
Lansing
+8.8
55,760,341
8,186,445
8,747,000
Indiana-Ft. Wayne_
84,358,236
1.733,259
90,437,000 --6.7
2,000,000 -13.3
8,697,238
7,784,683 +11.7
1,800,000
1,900,000
91,099,762
Gary
1,610,683
83,409,324 +9.2
1,965,561 -18.1
13,220,161
4,020,455 +228.8
2,188,630
1,841,848
Indianapolis
103,883,081
54,013,241 +92.3
82,065,013
72,736,000 +12.8
821,361,013
South Bend
710,365,000 +15.6 e13,784,000
16,000,000 10,535,000
13.8
7,666,818 +13.7
15,647,000
16,333,000
Terre Haute
97,989,410
1,932,515
106,042,624 -7.6
1,800,000 +7.4
9,941,053 Not included in total
2,000,000
1,800,000
Wisconsin-Milwaukee
137,390,137
121,842,049 +12.8 1,425,917
Oshkosh
,649 1,324,289,324 +7.7
28,557,260
29,408,839 -2.9
2,809,661
2,663,461
32,723,950
+5.5
31,370,581
29,418,768
Green Bay
6.1
31,339,997 5,938,411 Not included in total
Madison •
8,842,310 Not included in total
-Cedar Rapids_
Iowa
8,677,729
8,057,762 +7.7
98,562,149
Davenport
1,793,175
98,103,463 +0.5
2,020,833 -11.3
49,336,439 Not included in total
2,126,861
2,882,017
488,337,330 Not included in total
Des Moines
40,463,570
40,215,580 +0.6
489,703,085
Iowa City
e6,999,000
418,016,567 +17.2
9,410,849 -25.6
2,841,356
2,526,860 +12.1
9,658,827
11,406,888
28,877,427
Mason City
27,731,491 +4.1
2,071,094
2,058,954 +0.6
24,267,699
Sioux City
25,034,976
3.1
27,512,711
18,791,781 +46.4
267,309,815
4,586,381
Waterloo
4,419,470 +3.8
265,967,307 +0.5
5,507,091
5,428,894 +1.4
7,100,040
10,691,580
62,758,699
Illinois-Aurora
1,013,062
898,666 +11.3
64,587,357 -2.8
4,181,629
3,491,246 +19.8
1,730,991
1,919,218
45,444,346
Bloomington
41,594,716 +9.3
5,371,730
4,941,978 +8.7
61,115,309
1,250,355
1,172,812 +6.6
Chicago
63,552,853 -3.8
2,365,113,173 2,188,503,150 +8.1
1,599,327
1,744,921
25,475,446,508 23,750,425,245 +7.3 517,470,995 532,554,745 -2.8
Danville
a
629,985,319 644,433,086
a
a
a
a
Decatur
a
a
a
a
4,839,036
a
4,428,683 +9.3
a
53,158,637
1,063,059 975,096
53,399,242 -0.5
Peoria
8.3
17,984,208
1,290,587
14,510,416 +23.9
1,523,326
185,157,512
4,083,685
3,488,216 +17.1
Rockford
174,598,735 +6.0
8,297,799
4,673,652
7,561,885 +9.7
5,886,719
89,671,407
88,546,547 +1.3 • 1,726,667
1,920,000 Springfield
10.1
9,044,783
2,400,000
9,344,986 -3.2
2,500,000
106,107,458
1,038,197 938,867
114,334,827 7.2
9.6
2,928,161
2,723,794
Total(26 cities)_ _ _ _ 3,277,007,957 2,957,254,228 +10.8
34,983,912,554 32,251,098,702 +8.5 695,988,825 710,173,875 2.0 828,051,888 853,122,388
Eighth Federal Re serve District -St. Louis
_
19,352,564
18,382,524 +5.3
204,175,047
New:Albany
194,885,697
661,764
455,034 +45.9
6,256,01-I
Missouri-St. Louis_ _
5,501,201
a
a
a
a
a
Springfield
a
•a
a
a
KY.
a
-Louisville
115,190,683
97,426,019 +11.8
1.200,790,332 1,087,712,419
Owensboro
2,026,995
1,731,619 +17.1
20,365,092
Paducah
19,005,886
8,786,328
5,837,468 +50.5
78,345,203
Tenn.
-Memphis_ _ _
70,675,434
136,947,000
92,798,420 +14.8
Ark -Little Rock_ _ _
866,562,049
733,488,567
56,946,906
41,372,940 +37.6
111.-Jacksonville _ _ _ _
443,521,880
421,298,587
1,413,869
1,221,805 +15.7
Quincy
15,124,872
16,340,807
5,448,426
5,304,443 +2.7
61,021,498
61,566,496
Total(9 cities)
346,774,535
264,530,272 +31.1 2,896,161,982 2,610,475
,
,094
,
153,044,787
3,400,571
3,964,360 14.2
+4.8
+13.7
a
a
+10.4
+7.2
+10.9
+18.1
+5.3
7.4
0.9
23,638,803
702,874
24,885,385 -5.0
609,157 +15.4
26,357,388
482,266
18,569,091
1,212,816
24,391,591
10,454,796
316,744
1,198,333
20,885,430
9,436,641 +11.1
324,804 --2.5
1,214,811 -1.4
20,274,297
10,022,927
512,236
1,438,853
35,523,275
13,411,432
570,396
1,848,553
+10.9
64,103,712
61,320,588
63,047,779
75,246,249
a
a
a
+4.5
3,959,812
a
4,110,686
a
2549
THE CHRONICLE
DEC.9 1922.]
CLEARINGS (Concluded).
1922.
192i.
TVeek ending November 11.
Ten Months.
October.
Clearings at
Inc.or
Dec.
1921.
$
1922.
1921.
Inc. or
Dec.
1920.
$
1922.
Inc.or
Dec.
%
$
$
%
$
1919.
$
%
$
$
Ninth Federal Res erve District -Minneapoli s +17.8
32,871,763
38,712,292
-Duluth
Minn.
286,549,037 +11.4
319,121.096
Minneapolis
1,894,377 -5.0
*1,800,000
Rochester
137,130,808 +9.9
150,655,019
St. Paul
9,800,357 -0.5
9,755,673
o
No. Dak.-Farg
5,621,000 -14.8
4,789,900
Grand Forks
1,333,855 +9.0
1,454,563
'
Minot
5,617,840 +2.7
5,768,831
_
So. Dak.-Aberdeen
9,536,680 +11.7
11,200,879
Sioux Falls
3,154,779 -13.8
2,719,488
Montana-Billings.- _
4,560,295 +0.7
4,593,855
Great Falls
15,654,133 +12.3
17,576,977
Helena
1,923,535 +9.5
2,107,172
Lewistown
285,676,508
3,031,461,157
19,667,258
1,477,290,346
88,950,617
50,198,900
13,728,782
57,113,186
124,237,981
28,291,192
38,824,687
150,890,379
15,410,360
308,461,919
3,070,981,974
19,891,839
1,519,940.444
94,346,880
58,293,262
13,465,805
57,958,193
105,987,490
35,363,370
51,747,540
145,190,502
22,300,565
-7.4
-1.3
-1.1
-2.8
-5.7
-13.9
+2.0
-1.5
+17.2
-20.0
-25.0
+3.9
-30.9
e8,480,420
65,365,596
6,076,659 +39.6
68,314,602 -4.3
11,350,298
91,380,428
6,912,959
57,853.968
31,605,043
2,055,937
35,958,936 -12.1
+1.5
2,025,421
46,679,305
3,053,399
23,069,837
3,500,000
1,897,609
4,804,283
515,648,459 +10.6
5,381,739,353
5,503,929,783
-2.2
114,210,315
23,191,858
17,546,921
26,967,079
26,047,337
160,157,886
183,406,047
1,802,601,318 1,773,341,295
194,690,283
205,860,385
• a
a
a
'
a
132,122,339
129,942,711
512,105,369
492,932,677
49,024,716
59,079,000
6,001,437,688 6,975,090,522
a
a
a
a
a
a
a
'
a
999,062,108 1,123,532,717
a
a
45,282,981
49,003,195
1,363,803,608 1,135,207,287
38,573,115
36,888,706
-24.3
-3.4
+14.5
+1.7
+5.7
n
a
-1.7
-3.7
+20.5
-11.1
a
a
a
a
-11.1
a
+8.2
+20.1
-4,4
080,043,073 +11,2 11,567,611,701 12,189,287,447
-5.1
Total(13 cities)
570,255,745
_
Tenth Federal Res erve District -Kansas Cit y
1,636,522 -11.8
1,443,429
Nebraska-Fremont
1,939,829 -1.7
1,956,598
Hastings
13,462,490 +21.4
16,340,621
Lincoln
138,902,373 +18.5
164,647,859
Omaha
18,338,602 +10.8
20,320,479
-Kansas City
Kan.
a
a
a
Lawrence
a
a
a
Pittsburgh
+4.1
10,698,961
11,138,252
Topeka
43,844,661 -2.9
42,583,828
Wichita
5,178,000 +17.5
6,082,000
Missouri-Joplin
539,349,289 +7.0
577,135,695
Kansas City
a
a
a
St. Joseph
a
a
a
Oklahoma-Lawton_
a
a
a
McAlester
a
a
a
Muskogee
100,795,193 +5.3
106,154,868
Oklahoma City
a
a
a
Tulsa
4,021,032 +8.2
4,350,153
Colorado-ColSprings
98,571,485 +14.3
140,601,446
Denver
3,254,636 +18.8
3,865,392
Pueblo
Total(13 cities)_ _ _ _
1,006,620,620
Eleventh Federal Reserve Distr ict-Dallas7360,194
6,528,880
Texas-Austin
a
a
Beaumont
116,668,801
139,665,444
Dallas
19,742,442
21,057,783
El Paso
50,116,500
55,239,681
Fort Worth
29,170,499
44.410,251
Galveston
104,942,130
114.917.237
Houston
1,590,451
*1,800,000
Port Arthur
2,238,016
2,912,116
Texarkana
10,954,947
11,846,139
Waco
7,322,142
9,252,883
Wichita Falls
16,124,251
20,805,869
-Shreveport
La.
Total(10 cities)-- --
313,569,106
66,489,271 +10.7
73,620,193
-8.8
a
a
a
a
+19.7 1,242,168,814 1,172,739,493 +5.9
239,341,660 -7.4
221,526,954
+6.7
559,178,643 -6.4
523,558,269
+10.3
351,119,002 -5.1
333,258,580
+52.2
+9.5 Not inel. In torn is.
18.388.904 +1.2
18,655,764
+13.2
23,040,229 +0.8
23,223,598
+30.1
117,689,901 +3.5
121,781,660
+8.1
99,062,266 -13.5
85,726,020
+26.8
179,274.643 +14.9
206,072,198
+29.0
. 3
231.088 24 +20.1
2,849,592,050
2,826,324.012
+0.8
-6.2
1,735,056
743,267 -14.8
1,501,778
1,559,673
5,033,889
-4.6
2,614,862
2,689,456
119,502,774
-4.4
158,315,126
97,483,497
e244,504
443,090
3,389,119
35,155,389
425,000 -42.5
518,334 -14.5
3,714,323 -8.8
34,690,811 +1.3
537,713
652,547
4,830,122
46,330,387
810,369
724.961
5,986,799
61,304,238
e2,018,935
e8,508,531
___ _
_
- 2,237,188 -9.8
10,148,539 -16.2
2,899,319
12,025,457
3,112,176
15,518,705
-4.0
a
181,503,431
a
252,391,868
a
a
a
a
e20,130,724
22,855,628 -11.9
a
a
a
430,961 -1.5
423,571
17.994,669 ' 19,041,651 -5.5
735,298 -9.8
663,088
a
32,464,563
a
645,218
24,169,057
980,737
a
16,428,448
a
1,122,163
25,001,349
842,995
-4.9
307.038.551
.
383,244,071
1.265,846
633,190
120,082,074
a
209,053,694
.
1,096,577
29,582,337
el0,726,750
7,875,429
a
1,350,000
125,129,176
a
219,926,909
1,538,134 -28.7
1,700,000
2,404,330
+1.6
35,104,612
45,658,656
- 2:1
8,897,339 +17,917,698 -0.5
a
a
18,186,842
11,160,400
a
24,044,749
13,800.108
a
29,105,476
___
3,727,481
3,950,000
-5.6
4,294,048
5,106,497
53,008,574
51,408,647
+3.1
70,445,900
91,014,340
Twelth Federal Re serve District -San Franci sco45,008,098
36,060,538
a
a
36,497,881 -9.2
33,152,096
a
a
a
a
.
Wash.-Bellingham _
a
a
a
a
a
128,739,305 +10.9 1,511,356,771 1,369,198,497 +10.4
142,821,676
Seattle
a
a
a
a
a
+8.3 Not included In totals,
45,085,000
48,829,000
Spokane
3
2,466.50
a
1,946,489
a
1,781,203 -27.9
a
1,284,654
a
a
a
Tacoma
61,744,519 +4.7
64,667,883
6,720,431
7,740,642 -13.2
Yakima
c
c
c
c
c
c
Idaho-Boise
37,553,450
31,895,994
13,321,221
+7.5
27,254,563
28,982,055 -6.0
14,318,099
1,183,599 +20.7
1,428,652
Oregon-Eugene
140,138,865
128,828,505 +8.8 1,463,551,208 1,388,171,879 +5.4
Portland
24,215,155
23,514,607
81,825,650 -22.3
20,665,024 -13.0
17,969,098
63,604,502
9,355,974 -13.2
8,123,000
Utah-Ogden
a
a
a
592,113,928 +0.3
a
a
594,177,224
62,568,214 +8.1
67,665,784
Salt Lake City
a
a
a
a
a
a
a
a
a
a
a
Nevada-Reno
8,272,269 Not included I n total s.
Arizona-Phoenix_ _ _
7,699,759
6,690,316
205,069,838 -1.0
e5,616,796
6,146,302 -8.6
202,988,474
28,828,940 +9.7
31,616,795
-Fresno
Calif.
2,881,162
4,037,597
164,363,988 +34.8
5,379,478
4,318,405 +24.6
221,571,302
16,249,756 +58.0
25,676,569
Long Beach
62,143,000
86,444,000
+1.9
3,803,565,000 +21.9
96,752,000
98,638,000
376.010,000 +23.4 4,636,004,000
463,905,000
Los Angeles
32,659,230 +11.0
36,240,005
3,538,842 +4.7
3,706,089
Modesto
10,714,677
12,088,524
488,214,616 +25.6
14,230,785
13,741,212 +3.6
613,143,745
50,671,060 +18.1
59,854,507
Oakland
2,100,785
3,354,589
146,577,252 +23.2
3,910,024
3,500,000 +11.7
180,587,291
13,876,180 +28.5
17,835,217
Pasadena
23,454,014 +17.3
27,514,305
+15.6
1,926.779
2,227,901
Riverside
8.580.800
7,146,608
258,464,551 +13.3
7,167,225 -22.3
e5,571,620
292,744,259
29,901,033 +3.5
30,942,230
a
Sacramento
a
a
a
126,121,988 +12.5
a
141,944,473
11,195,434 +19.2
13,349.160
San Diego
134,300,000 146,100,000 -8.1 158,000,000 175,652,271
6,614,300,000 6,015,500,000 +10.0
573,700,000 +10.7
634,300,000
2,441,408
San Francisco
2,117,255
2,266,513 +5.4
82,881,027 +12.9
2,388,407
106,895,696
9,585,643 +12.6
12,104,860
1,033,321
San Jose
10.1
904,749
38,654,270 +12.5
813,664
43,504,704
3,845,812 +9.9
4,224,863
Santa Barbara
19,412,387 +18.4
22,986,978
2,091.009 +27.9
2,673,522
7,013,200
Santa Rosa
6,048,400
+14.8
0 -50.0
226,601,60
1,986,600
113,191,800
e2,281,500
17,727,600 -36.2
11,327,000
Stockton
16,065,292,719 15,137,915,455 +12.1
352,790,685 370,809,169 -4.8 380,378,238 388,470,218
1,681,142,121 1,477,564,327 +13.8
Total(20 citles)
Grand total (165 -.
4
,334 311,958,859,783 +107 7,087.514,244 7,742,475,190 -8.5 8,527,340,382 9,322,157.581
31,720,307,059 29,243,404,997 +8.5 344,342,178
cities)
RK1 RA*
,
+6.8 9 am RAC ma o nao Ala Ali --'2 A'S Kell 057 ft72 519
44.763 12.420.906.381 -1-15.8 145.340.635.910 136.103.229.659
14.393.0
Outside New York
BER 1.
CANADIAN CLEARINGS FOR NOVEBER, SINCE JAN. 1, AND FOR WEEK ENDING DECEM
Eleven Months.
November.
Clearings at
Inc. or
Dec.
Week ending November
•
Inc. or
Dec.
Inc. or
Dec.
30.
1919.
1920.
1921.
1922,
1921.
1922.
1921.
$
$
$
If
%
$
%
$
%
$
$
89,737,982 109,204,008 -17.8 145,674,628 167,028.108
506,188,587 -7.7 4,624,334,968 5,187,926,951 1-1.9
467,425,324
89,862,200 102,527,954 -12.4 115,160,952 104,723,898
488,870,224 -11.0 4,490,426,633 4,641,172,025 -3.2
435,041,252
65,920.492
78,750,503 +5.3 110,103,780
82,895,162
321,081,483 +15.4 2,294,030,449 2,412,814,306 -4.9
370,423,361
15,887.184
13,443,327
649,634,034 -4.2
13,120,851 +7.4
14,091,954
622,551,009
50,423,687 +1.3
60,180,601
13,452,338
11,913,043
7,277,312 -21.4
367,795,771 -8.9
5,719,920
334,943,990
40,060,940 -11.6
35,425,283
9,174,149
7,578,981
2 78,143,293 -6.8
5,596,498 -1.3
259,343,901
5,516,443
25,476.998 +11.6
28,443,440
5,955,363
4,793,643
3,145,573 -13.6
2,719,054
166,675,682 -12.9
145,176,684
18,061,519 -28.1
12,984,458
7,886.156
6,921,530
5,428,163 -5.0
5,154,943
273,027,918 -5.3
258,639,389
25,409,422 -2.1
24,865,518
8.662,344
10,258,345
6,120,733 v-8.3
5,614,776
308,673.444 -23.9
234,887,768
-9.4
29,053,282
26,323,481
3,596,255
2,951,343
2,816,320 -18.3
2,301,926
134,761,806 -4.3
128,995,960
13,466,948 -14.0
11,582,988
3,066,434
2,008.623
2,013,347 -11.3
1,785,445
111,738,699 -13.4
96,770,360
9,416,088 -11.3
8,350,640
4,678,175
3,502,044
3,104,703 -19.0
2,515,008
147,322,870 -8.5
134,749,335
13,924,009 -10.0
12,535,238
5,500,000
6,013,202
-20.0
4,784,766
3,827,484
237,225,713 -9.7
214,229,246
25,018,310 +19.9
29,988,523
5,241,216
5,394,645
4,137,585 +9.2
4,519,070
181,560,974 -9.9
163,504,149
20,323,112 +10.5
22.459,118
1,074,018
967,842
701,648 -0.6
697,451
35,783,434 -16.6
29,837,806
3,830,300 -4.7
3,651,010
961,789
1,092,485
-2.9
670,590
651,164
32,171,499 -13.6
27,795,032
3,003,727 +10.9
3,331,767
2,643,460
2,648,552
1,998,024 -7.6
1,846,111
91,433,669 -12.3
80,153,199
10,250,950 -9.3
9,296,668
2,567.987
2,367,173
1,538,043 +1.4
1,559,549
67,674,763 -15.2
57,354,882
7,722,677 +1.5
7,837,013
1,019,223
1,387,844
1,197,788 -22.9
923,158
57,229,419 -13.1
49,748,968
5,587,192 -6.5
5,225,752
1,060,356
1,066,225
703,310 +1.0
710.327
39,583,429 -Si)
36,952,321
4,080,614 +1.1
4,125,104
573,578
677,005
518.801 -0.1
518,260
28,154,542 -10.4
25,230,548
2,454,037 -4.8
2,336,262
743,535
723,393
386,372 -2.7
375,988
19,949.578 -19.7
16,011,509
1,873,275 +9.2
2,046,195
868,818
939.436
707,827 -7.6
654,147
40,550,223 -17.0
33,649,861
3,571,519 -5.7
3,366,867
935.433
1.224,108
709,240 -17.2
587,153
49,899,507 -20.3
39,776,378
3,857,359 -11.9
3,398,293
1.203,725
+4.0
998,259
900,171
938,495
+2.1
46,748,621
47,744,358
4,905,337 -4.9
4,663,706
3,644,388
2,332,791
3,060,111 -13.9
2,635,026
+5.7
148,657,661
157,126,159
14,090,468 -2.8
13,695,614
791,958
893,585 +7.1
957,173
52,007,308 -16.5
43.449,237
+5.6
4,587,731
4,843,474
705,720 -25.7
524,358
523,781,819 +33.6
31,771,690
3,425,800 -14.1
2,943,384
382.558 Not included in total s.
included in total
16,244,238 Not
1,738,198 Not Included in total
4•AR 7SUI R91
15,832,098,958 -7.3 329,837.727 362.719.546 -9.1 464.246.7M
1.616.790.334 1.669.015.595 -3.1 14,679,185,789
rntat onT1 artA
,
figures for previous years.
debits against individual accounts, with no !comparative ratio of decrease (or increase), shown by the debits.
a No longer report clearings or only give e figures of debits; we apply to last year's clearings the same
b Report no clearings, but give comparativ e Week ending Nov. 29. f Weekending Dec. 1. g Seven months. * Estimated.
c Do not respond to requests for figures.
•
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
.
New Westminster_ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Moncton
Kingston
Prince Albert
1922.
2550
THE CHRONICLE
[VOL. 115.
TREASURY CASH AND CURRENT LIABILITIES.
GOVERNMENT REVENUE AND EXPENDITURES.
The cash holdings of the Government as the items stood
Through the courtesy of the Secretary of the Treasury we
Nov. 30 1922 are set out in the following. The figures are are enabled
to place before our readers to-day the details of
taken entirely from the daily statement of the United States Governme
nt receipts and disbursements for November 1922
Treasury for Nov. 30 1922.
and 1921, and the five months of the fiscal years 1922-23
CURRENT ASSETS AND LIABILITIES.
and 1921-22.
GOLD.
ASSETS.
LIABILITIES.
8
8
329,750,125 02 Gold certs. outstanding_
2,946,633,185 63 Gold fund, F. R. Board 687,677,239 00
(Act of Dec. 23 1913,
as amended June21'17)2,215,167,514 65
Gold reserve
152,979,025 63
Gold in general fund__ _ _ 220,559,531 37
3,276,383,310 65
Total
3,276,383,310 65
Gold coin
Gold bullion
Total
SILVER DOLLARS.
ASSETS.
laver dollars
Total
LIABILITIES.
360,436,340 00 Silver certs. outstanding
330,623,591 00
• Treasury notes of 1890
outstanding 1,490,323 00
Silver dollars in gen. f'nd 28,322,426 00
360,436,340 00
Total
360,436,340 00
Receipts.
OrdinaryCustoms
Internal revenue:
Income and profits tax_ _ _ _
Miscell. internal revenue
Miscellaneous receipts:
Proceeds Govt.
-owned sec.:
Foreign obligations
Principal
Interest
Railroad securities
All others
Trust fund receipts (reappropriated for investment).
Proceeds sale surplus prop'ty
Panama Canal tolls, Am_ _ _ _
Receipts from miscellaneous
sources credited direct to
appropriations
Other miscellaneous
Total ordinary
GENERAL FUND.
Nov. 1922. Nov. 1921. 5 Mos.1923.* 5 Mos. 1922.*
$
211,421,944 120,853,210
41,647,032 24,843,122
24,616,895 35,366,755
69,730,356 104,737,183
393,799,714
428,193,428
715,442,390
582,012,423
50,618,735
8,264,834
2,723,749
1,407,507
450,500
13,174,635
410
517,878
115,004,755
46,381,103
30,302,809
25,423,287
2,385,767
4,286,054
1,484,016
1,781,929
9,782,205
1,027,845
11,302,937
31,669,418
5,709,778
16,815,130
35,469,486
5,146,101
5,656,634
15,560,188 16,535,887
33,361,669
97,111,024
59,383,114
226,974,261 195,482,843 1,404,776,457 1,574,170,256
ASSETS.
Expenditures.
LIABILITIES.
Ordinary (Checks and warrants paid, &c.)
Gold (see above)
220,559,531 37
155,570,568 181,829,374 826,670,549 951,116,354
1,045,012 21 General expenditures
Silver dollars (see above) 28,322,426 00 Treasurer's checks outst.
Deposits of Govt. off'rs:
Interest on public debt
80,229,118 86,541,015 374,324,264 364,068,819
United States notes_ _ _ _
2,769,917 00
P. 0. Department__ _
8,389,186 34 Refunds of receipts:
Federal Reserve notes
2,406,912 50
Board of trustees
Customs
2,392,518 3,375,558
20,077,443
Fed'I Re.9. bank notes
13,521,849
833,491 00
Postal Savings SysInternal revenue
4,384,764
449,976
45,710,179
National bank notes_ _ _
10,479,565
19,383,499 38
tem-5% reserve,
Postal deficiency
10,000,000
22,201,089
33,115,893
Subsidiary silver ecin
15,152,102 67
lawful money
446,821
6,669,623 05 Panama Canal
257,532
1,327,293
Minor coin
1,740,955
3,412,622 33
Other deposits
307,671 46 Operations in special accounts:
Sliver bullion
31,947,778 87
Comptroller of the
Railroads
3,332,530 a8,232,122
54,691,764
29,717,629
Unclassified (unsorted
Currency, agent for
War Finance Corporation_a65,502,609 25,807,204 a55,207,840
a406,935
currency, &c.)
1,827,770 35
creditors of insolvShipping Board
6,319,964
7,788,405
22,987,070
71,188,688
Deposits in F. R. banks 56,410,445 05
ent banks
Alien property funds
a3,239,198 14,884,506
2,157,033 84
643,286
a216,266
Deposits in special dePostmasters, clerks of
Grain Corporation
25,000,000
positaries account of
courts, disbursing
Loans to railroads
3,783,587
sales of Treas'y bonds 220,933,000 00
officers, &a
29,097,185 45 Investment of trust funds:
Deposits in foreign dep.:
Deposits for:
Govt. life insurance fund
2,361,714
1,756,944
11,242,397
8,466,863
To credit Treas. U. EL
88,326 69
Fedemption of F. R.
Civil Service Retirem't f'd_
2,083
9,775,099
283,274
To credit other Govnotes(5% fund, gold) 207,819,067 35
District of Columbia Teachermnent officers_ _ _
250,089 50
Redemption of F. R.
ers' retirement fund_ __ _
24,053
24,985
60,540
Deposits in Nat. banks:
64,993
bank notes(5% Id.,
To credit Treas. U.S_
8,556,545 03
lawful money)
Total ordinary
3,137,686 55
186,322,325 324,483,377 1,338,286,721 1,508,141,682
To credit other GovRedemption of nat'l
ernment officers_ _ _
19,206,691 17
bank notes(5% fd.,
Public debt retirements chargeDeposits in Philippine
lawful money)____. 30,874,939 06
able against ord. receipts:
Treasury:
Retirement of addiSinking fund
To credit Treas. U.867,517,100 36,888,900 174,512,800 175,244,000
1,286,584 11
tional circulating
Purchases from foreign renotes, Act of May
payments
6,400
13,800
567.400
532,500
30 1908
25,130 00
Received from estate taxes
2,483,250
405,900
934.550
10,493,450
Exchanges of curForfeitures, gifts, ate
3,350
1,000
13,300
17,000
rency, coin, &c
4,914,917 63
Total
67,930,400 39,389,300 176,028,050 186,286,950
294,437,452 94
Net balance
333,910,280 08 'total expenditures chargeable
against ordinary receipts.. _254,252,725 363,872,677 1,514,314,771 1,694,428,632
Total
633,347,733 02, Total
633,347,733 02
* Receipts and expenditures for June reaching the Treasury in July are included.
NOTE
.-The amount to the credit of disbursing officers
a Excess of credits.
and agencies to-day was
V57,069,912 28. Book credits for which obligations
NOTE.
-The
of foreign Governments are the same basis analysis of receipts and expenditures for the fiscal year 1923 is on
as the budegt, with necessary adjustments to cover receipts credited
held by the United States amount to 833,236,629
05.
to appropriations,including particularly proceeds of railroad securities. The analysis
Under the Acts of July 14 1890 and Dec. 23 1913
deposits of lawful money for the for the fiscal year 1922 Is on the budget basis, without adjustment. The figures
retirement of outstanding national bank and Federal
Reserve bank notes are paid given for operations in special accounts are net figures and make allowance for
deposits credited to the account concerned.
Into the Treasury as miscellaneous receipts, and
these obligations are made under reel pts and
the Acts mentioned a part of the public debt. The
amount of such obligations
to-day was $48,943,676 50.
TREASURY MONEY HOLDINGS.-Tne following
$522,122 in Federal Reserve notes, $794,491 In Federal
Reserve bank notes and compilation made up from the daily Government statement
s,
$19,219,335 in national bank notes are In the Treasury in
process of redemption and shows the money holdings of the Treasury
at the beginning
are charges against the deposits for the respective 5%
redemption funds.
of business on the first of Septembe
r, October, November and
December, 1922.
PRELIMINARY DEBT STATEMENT OF U. S.
NOV. 30
1922.
The preliminary statement of the public debt of the
United States for Nov. 30 1922, as made up on the basis
of the daily Treasury statement, is as follows:
Bonds:
•
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
8883,861,030 00
Total bonds
Notes:
Victory Liberty Loan, 4(%
Called for redemption Dec. 15 1922
Maturing May 20 1923
.
15,014,367,500 00
763,663,300 00
Treasury bonds of 19474952
$16,661,891,830 00
$702,938,100 00
893,455,450 00
1,596,393,550 00
Treasury notes
Series A-1924
Series B-1924
Series A-1925
Series B-1925
Series A-1926
Series B-1926
$311,191,600 00
390,706,100 00
601,599,500 00
335,134,200 00
617,769.700 00
461,939,900 00
$972,863,000 00
23,500,000 00
996,363,000 00
$607,261,182 47
War Savings securities (net cash receipts)
Treasury Savings securities (net redemption
118,084,569 32
value of certificates outstanding)
725,345,751 79
Total interest-bearing debt
Debt on which interest has ceased
Non-Interest-bearing debt
Total gross debt
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_ _
Net national bank notes....
Net Fed. Reserve notes_ _
Net Fed. Res. bank notes_
Net subsidiary sliver
Minor coin, &to
345,662,663
49,792,613
1,422,436
12,934,699
2,110,474
694,632
18,296,291
7,862,057
356,044,945
53,733,589
2,141,595
17,481,690
2,099,710
1,334,943
18,584,585
10,628,030
351,021,212
55,196,922
3,695,423
21,465,128
2,875,198
1,072,587
16,831,701
19,450,428
373,538,557
60,270,205
2,769,917
19,383,499
2,406,913
833,491
15,152,103
5,240,392
438,775,865
152,979,026
462,049,087
152,979,026
471,608,599
152,979,026
479,595,077
152,979,026
Cash balance in Tress...._
Dep. in spec. depositories:
Acct. certs. of indebt„
Dep.In Fed. Res. banks
Dep.In national banks:
To credit Treas. U. 5..
Tocredit dist.. officers_
Cash in Philippine Islands
Deposits in Foreign Dents
285,796,839
309,070,061
318,629,573 *326,616,051
215,724,000
66,393,905
164,851,000
33,477,959
287,384,000
59,207,901
220,933,000
56,410,445
8,448,711
16,824,338
1,961,933
1,178,441
9,323,372
17,434,872
1,463,129
920,060
8,203,540
19,355,873
1,091,912
394,550
8,556,545
19,206,691
1,286,584
338,417
536,540,453
279,700,723
694,267,349
281,921,809
633,347,733
294,437,453
Net cash in Treasury
and in banks
Deduct current liabilities
586,328,167
249,816,984
Availablecash balance_ 336,511,203 256,839,730 412.345.540 338.910.280
* Includes Nov. 1, $31 947,779 sliver bullion and $3,412,622 minor coins, &c.,
not included in statement "Stock of Money."
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
2,718,341,000 00
Treasury Certificates:
Tax
Pittman Act
Sept. 1 1922. Oct. 1 1922. Voo. 1 1922. Dec. 1 1922.
8
$
$
$
Total cash in Treas._ _Lees gold reserve fund __
$599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
50,000,000 00
28,894,500 00
11,851,000 00
$1,951,830,350 00
3,269,439,400 00
3,455,659,050 00
6,337,438,700 00
Holdings in
U.S. Treasury.
$22,698,335,131 79
20,664,560 26
244,607,047 87
$22,963,696,739 92
Dec. 2. Dec. 4. Dec. 5. Dec. 6. Dec. 7. Dec. 8.
1Veek ending Dec. 8-•
Sat.
London,
Mon.
Tues.
Wed. Thurs.
Frt.
Silver, per oz
32%
d. 32%1
327 .
4
323
315
3111.g
919.4d. 915.1d. 90.3.10d. 90s.7d. 90.1.1d. 908.1d.
Gold, per fine ounce
Consols, 2% per cents
56%
56%
663-i
56%
58
55%
99y,
British, 5 per cents
998
99399%
99%
99%
British, 4% per cents
95
95
95
95
95
95
French Rentes (in Paris)._fr. 59.30
59
59
59.49
59.45
59.65
French War Loan(InParis) fr. 75.90
75
75.65
73.85
75.80
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (cts.):
Domestic.
99%
Foreign
64%
99X
64%
99%
65ti
99%
63%
99%
64%
995%
64t/
DEC.9 1922.]
THE CHRONICLE
2551
s of the national banks under the Comptroller's
Condition of National Banks Sept. 15.-The statement of condition
For purpose of comparison, like details for previous calls
call of Sept. 15 1922 has been issued and is summarized below.
back to and including Sept. 6 1921 are included.
AND DEC.31 1921,
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON SEPT.6
MARCH 10, MAY 5, JUNE 30 AND SEPT. 15 1922 (In thousands of dollars).
May 1922 June301922 Sept.151922
1921 Mar.
1921 Dec.
Sept.6banks. 8,16931banks. 8,19710 1922 8,2305banks. 8,249 banks. 8,240 banks.
banks.
8,155
$
$
$
$
$
10,981,783 411,282,579 411,184,116 411,248,214 d11,236,025
12,141
9,198
10,227
11,295
9,949
171,190
176,238
168,935
169,887
200.663
2,402,492
2.285,459
2,124,691
2,031,564
1,975.898
2,289,782
2,277,866
2,162,587
2,086.596
2,081,442
459,020
452,434
444,368
440,296
429,929
67.789
64.383
62,531
57,598
54,368
1,232,104
1,151,605
1,150,885
1,124,707
1,143,259
418,923
355.666
330,917
349,911
312,900
331,951
326,181
334,504
341,811
336,065
1,063,695
974,975
974,375
987,816
863,508
299,541
267,050
244,707
248,578
228,802
614,771
767,096
681.269
481.368
437,750
54,623
63,394
45,215
38,207
69,236
63,112
64,928
44,053
41,205
62,209
36,656
36,767
38,823
36,507
36,697
172,284
184,556
176.445
163,234
152,921
19,014,102 19,420,136 419,850,402 420,176,648 420,706,010 420,926,099
_
Total_d
•
1,307,122
1,307,216
Liabilities
1.296,220
1,289,528
1,282,432
1,276,177
1.042,197
Capital stock paid in
1.048,806
1,040,249
1,033,406
1,036,184
1,027,373
539,047
492,434
Surplus fund
522.658
508.560
464,782
538,784
726,789
725,748
Undivided profits, less expenses and taxes paid
720,984
719,570
717,473
704.668
26,472
19,852
National bank notes outstanding
21,213
17,641
18,882
16,068
1,031,648
916,740
Due to Federal Reserve banks
936,399
962,140
779,783
757,985
1,565.459 • 1,582,444
Amount due to national banks_c
1,657,409
1,560,920
1,467,221
1,343,245
c
164,427
205,682
Amount due to other banks, bankers and trust companies_
190,877
174,469
56,061
124,870
208,991
245,091
Certified checks outstanding
193,763
175,632
208,795
175,243
9.270,378
9.152,415
Cashier's checks outstanding
8,707,201
8,606,943
8,446,530
8,352,756
4,169,220
4,111,951
Demand deposits
3,918,282
3,837,759
3.749,328
3,680,704
145,182
103,374
Time deposits (including postal savings)
141,844
215,347
188,089
109,981
16,320,564
United States deposits
38,164
42.475
46,225
Total deposits
53,722
66,923
84,847
2,990
2,897
3,058
United States Govecnment securities borrowed_b
6,103
5,740
3,230
Bonds and securities (other than United States) borrowed money other
181,765
228,481
248,681
Bills payable (including all obligations representing borrowea
275,089
496,323
551,695
than rediscounts)
and for247,559
280,271
285,940
Notes and bills rediscounted (including acceptances ofother banks
323,737
6,639
8,256
eign bills of exchange or drafts sold with indorsement)
5,050
4,719
3,951
4,976
.
Letters of credit and travelers' checks outstanding
exchange less
165,715
172,887
170,132
Acceptances executed for customers and to furnish dollar
171,332
202,378
206,507
17,654
16,494
those purchased or discounted
14,748
13,869
16,558
11,673
•
51,756
59,481
Acceptances executed by other banks
55,715
57,551
55,068
43,320
Liabilities other than those stated above
9
0
19,014,102 19,420,136 419,850,402 420,176,648 420,706,01_ d20,926,09
Total _d
(d) '
(d)
(d)
(d)
523.606
705,078
Liabilities for rediscounts. including thew with Federal Reserve banks _d
38,031
38,797
Details of Cash in Vault
38,371
37,360
40.152
36.749
34,341
34,885
Gold coin and certificates
35,153
36,182
36,949
36,790
7
5
Silver and minor coin and certificates
12
25
55
9
259,572
Clearing House certificates
252,494
260,968
262,498
268,104
280,801
Paper currency
8,537,059
Details of Demand Deposits
8,504.104
8,126,199
7,893,698
8,069,775
7,849,408
271,278
Individual subject to check
275,087
263,501
273,920
281,083
274,538
360,541
Certificates due in less than 30 days
221,876
189,682
115,712
143,619
110,335
42,921
State and municipal
44,713
44,217
44,202
46,564
43,655
1,779
Deposits subject to less than30______ notice
34,936
1,513
1,229
38,747
1,676
_____
E.6.800
Dividends unpaid
71,699
82,089
89,862
64,516
63,390
Other demand deposits
Details of Time Deposits
1.080,828 11,081,933
1,029,785
999,339
980,604
991,564
55,165
Certificates due on or about 30 days
36,886
28,113
22,571
27,316
16,791
33,416
State and municipal
32,943
34,052
30,653
34,210
30.839
Postal savings
2,998,106
2,961,294
2,826,332
2,785,196
2.710,134
2,638,574
Other time depositis
15.11
Percentages of Reserve
12.76
13.74%
14.28%
13.45%
13.15%
10.03%
Central Reserve cities
10.30
10.46%
10.57%
10.27%
9.83
12.36
Other Reserve cities
11.52
12.08
12.45%
11.85
11.45
7.59%
All Reserve cities
7.51
7.47
7.62%
7.51
7.34
10.24%
Country' banks
9.76%
10.04%
9.914,
10.28%
9.534
Total United States
ss,
Liberty Loan bonds, Victory notes, United States certificates of indebtedne
a Includes customers' liability under letters of credit. b Includes
Mar. 10 1922'
securities. c Prior to Juno 30 1921 this item called for "Net amounts." d Beginning
and all other issues of United States Government
Resources and Liabilities.
rediscounts are included in Loans and discounts and totals of
th e
symptoms both from India and China of attempts to s)und whether
in
bottom of the setback has been reached for the present, but the way
• THE ENGLISH GOLD AND SILVER MARKETS.
China keep below those ruling here,
circular of which the parity of prices in India and have from time to time resold pur• We reprint the' following from the weekly
and the fact that the Indian bazaars
ground.
Samuel Montagu & Co. of London, written under date of chases previously made, do not yet give much hope of any real soldany conThe Continent is not active, but America is ripe for selling at
Nov. 23 1922:
siderable advance.
GOLD.
We hear that the coinage of Mexico for September last was 36,000 gold
The Bank of England gold reserve against its note issue is 1125,617,650, pieces of 50 pesos each; 4,600,000 silver pieces of one peso each, and 100,000
amount of gold came on copper pieces of one centavo each.
as compared with 1125,608,155 last week. A fair
offer, the largest portion of which was taken for New York. India figured
in New York
INDIAN CURRENCY RETURNS.
on a small scale. Gold valued at $980,000 has been received
Oct. 31, Nov. 7. Nov. 15.
(In Lacs of Rupees)from London.
17820
in lac;of rupeas
17920
17963
Notes in circulation
The value of the net imports of precious metals (expressed
follows:
9062
9067
9110
into India during the twelve months ending Sept. 30 last was as
Silver coin and bullion in India
Gold, Silver.
__
Gold. Silver.
109 Silver coin and bullion out of India
350
192 '141 May 1922
2432
October 1921
2432
2432
66 Gold coin and bullion in India
345
6 'June 1922
203
November 1921
_ _ __
514
137 Gold coin and bullion out of India
67 July 1922
42
December 1921
53
159
82
166 August 1922
5742
5837
January 1922
5837
79 Securities (Indian Government)_ _
311
184 September 1922
110
February 1922
584
- Securities (British Government)
584
584
276 202
March 1922
2766 1471
182 203
April 1922
No silver coinage was reported during the week ending 15th inst.
has had, according to the
The stock in Shanghai on the 18th inst. consisted of about 40,000,000
The threat of a capital levy in Switzerland
Geneva, marked effect upon the ounces in sycee, 34,000,000 dollars and 1,160 silver bars, as compared with
"Daily Telegraph" correspondent at
that country. The message reads as follows: "The disap- about 41,900,000 ounces in sycee, 35,000,000 dollars and 1,540 silver bars
currency of
in Switzerland still continues. Not on the 11th inst.
pearance of gold coin from circulation
illegally melted down to be sold in surrounding
The Shanghai exchange is quoted at 3s. 1 Xd. the tael.
only have vast sums been
that 90,000,000 gold francs have
Bar Gold,
countries for profit, but it is estimated
Bar,Silver, Per Ounce Std.
passed for
by Swiss people who fear the result of a law being
been hoarded
Per Oz. Fine,
2 Months.
Cash.
Quotationswill take place on Dec. 3 next.
on capital on which a referendum
a levy
91s, 11d.
31 Xd.
-franc notes for Nov. 17
323-16d.
been obliged to issue extra 20
The Swiss National Bank has
nce of gold coin."
32 5-16d.
3211-16d.
18
circulation to make up for the disappeara
of gold is reported at Perth by the "Times"
32nd.
91s. 11d.
323d.
20
An exceptionally large theft
were taken from the strong-room
32 5-16d.
32%d.
91s. 64.
correspondent. Eleven thousand ounces
21
wall 15 inches thick and a sheet
piercing a brick
91s. 9d.
1d.
3231
327-16d,
22
of a mining company, after
supplies are watched so carefully, the
gold
91s. 84.
of iron. In these days, when
32 3-164.
323.0.
23
should present unusual difficulty.
disposal of the booty
91s. 9d.
32.490d.
32.1564.
Average
SILVER.
The silver quotations to-day for cash and forward delivery are respectively
after
presented a rather tired appearance
On the whole the market has
above those fixed a week ago.
the last few weeks. There have been a few 'Ad. and 5-16d,
the somewhat severe fall of
ResourcesLoans and discounts_a d
Overdrafts
Customers' liability account of acceptances
United States Government securities owned_b
Other bonds,stocks, securities, &c
Banking house, furniture and fixtures
Other real estate owned___ _ _______
Reserve banks
Lawful reserve with Federal Items with Federal Reserve banks in process of collection
Cash in vault
.
Amount due from national lia nicrs_c
Amount due from other banks, bankers and trust companies_c
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from U. S. Treasurer
Other assets
3
10,977,614
12,355
202.354
1,861.977
1,973,749
421,027
52.939
1,029,978
305,469
357,798
808,619
231,044
467,845
54,973
55,242
35,845
165,274
______________________________________________
14,560,852 15,075,102 15,390,438 15,766,988
16,598,762
2552
THE CHRONICLE
TRADE AND TRAFFIC MOVEMENTS.
STEEL PRODUCTION IN NOVEMBER.
-According
to a statement prepared by the American Iron and Steel
Institute, the production of steel in November 1922 by
30
companies, which in 1921 made 87.50% of the steel ingot
production in that year, amounted to 2,889,297 tons. This
contrasts with 1,660,001 tons for the same month in 1921.
By processes the output was as follows:
Gross TonsOpen hearth
Bessemer
All other
Nov. 1922. Nov. 1921. 11 Mos.'22. 11 Mos.
'21.
2,360,903
1,294,371 21,393,300 11,996,404
525,945
363,912 4,932,999 3,383,302
2,449
1,718
20,264
20,147
Total
2,889,297
1,660,001 26,336,563 15,399,853
LAKE SUPERIOR IRON ORE SHIPMENTS.
-The
shipments of iron ore from Lake Superior docks during
the
season just closed amounted to 42,613,184 tons, as
against
only 22,300,726 tons last year. The movement in
1920
aggregated 58,527,226 tons, contrasting with
47,177,395
tons in 1919 and 61,156,963 tons in 1918.
Below we compare the shipments from the various
ports
for the last five seasons:
PortsEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total
Entire Season
1921.
1920.
1919.
1918.
Tons.
Tons.
Tons.
Tons.
1,808.656 7,381,070 4,963,358 6,774,969
786,946 3,415,108 2,132,935 3,457,054
2,264,705 8,180,852 5,915,383 7,565,608
4,991,278 14,812,398 10,919,965 14,068,341
9;164,803 15,479,334 16,821,209
3,286,338 9,278,464 6,424,545 20,564,519
8,723,472
42,613,184 22,300,726 58,527,226 47,177,395
61,156,963
1922.
Tons.
4,592,354
1,976,220
5,813,207
11,234,195
13,044,771
5,952,437
grimmercial andnXiscellanzons Atewz
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and
in
bonds and legal tenders on deposit therefor.
Amt. Bds. on Deposit to
Secure Circulation for
-
Bonds.
Legal
Tenders.
$
737,660,690 46,468,700
737,501,940 56,768,700
735,460,690 67,518,700
734,548,300 84,218,700
733,876,590 87,218,700
731,693,690 95,588,700
730,016,940 102,393,700
729,702,240 110,359,700
729,425,740 126,393,700
728,523.240126,393.700
728,351,240 139,393,700
727,512,490 149,768,600
727,002,490 185,768,700
724,770,490 208,355,200
723,675,190 224,105,200
734,520,475
734,465,283
733,623,525
732,585,640
730,203,870
729,526,135
727,838,900
727,465,523
724,480,758
724,235,815
723,023,965
716,304,820
795,836,355
711,000,205
702,570,407
26,158,712
26,285,914
26,082,024
25,616,387
25.696,832
25,096,414
24,840,522
24,569,959
25,130,609
25,932,109
26,283,132
26,984,017
27,402,759
24,148,669
29,570,407
ir The following shows the amount of each class of United
States
bonds and certificates on deposit to secure Federal
Reserve Bank notes and national bank notes on Oct. 31:
U. S. Bonds Held Oct. 3 to Secure-.
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
Totals
$
6,313,400
1,768,000
257,000
130,300
38,000,000
581,493,950
82,509,900
48,112,240
25,544,600
$
587,807,350
84,277,900
48,369,240
25,674,900
38,000,000
46,468,700
2s, U.8. Consols of 1930
4s, U.S. Loan of 1925
2s, U. S. Panarqa of 1936
2s, U. S. Panama of 1938
2$.U.8.1
-Year Certifs. of Indebtedness
737,660,690
784,129,390
The following shows the amount of national bank
notes
afloat and the amount of legal tender deposits Oct. 1
and
Nov. 1 and their increase or decrease during the month
of
October:
National Bank Notes
-Total Afloat
Amount afloat Oct. 1 1922
Net decrease during October
Amount of bank notes afloat Nov. 1 1922
Legal Tender Notes
Amount on deposit to redeem national bank notes Oct. 1 1922
Net qmount of bank notes retired in October
$760,751,197
72,010
$760,679,187
$26,285,914
127,202
Amount on deposit to redeem national bank notes Nov. 1 1922._
$26,158,712
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
Nov.29
-The Security National Bank of Sentinel, Okla
Succeeds The Security State Bank,Sentinel, Okla. Correspondent, W.0. Callaway, Sentinel, Okla.
Dec. 2
-The First National Bank of Moore Haven, Fla
$25,000
Correspondent, F. W. Loy, Moore Haven, Fla.
Dec. 2
-The First National Bank of Jones, Okla
Succeeds The State B Ink of Jones, Okla. Correspon- 25,000
dent. H. M. Johnson, care First National Bank,
Oklahoma City, Okla.
-Eastland National Bank, Eastland, Texas
Dec. 2
Correspondent. W. T. Scott Hretz, Eastland, Texas. $50,000
Breadstuffs figures brought from page 2601.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange, The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago
Minneapolis_
Duluth
Milwaukee..__
Toledo
Detroit
Indianapolis_
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.19615s.bush.60 lbs.bush. 56 lbs.bush. 32 lbs. bush
.4Rlbs.bush.56lbs
.
365,000
643,000 2,084,001 1,548,00' 227,000
93,000
3,404,000
174,000
481,000 317,000 309,000
2,001,000
1,000
5.000
73,000, 1,283,000
57,000
206,000
155,000
727,000 221,000 103,000
466,000
72,000
22,000
8,000
38,000
58,000
128,000
59,000
391,000
62.000
92,000
927,000
428,001
554,000
37,000
3,000
60,000
80.000
537,000
329,000
10,000
14,000
1,800,000
228,000
400.000
678,000
589,000
326,000
217,00'
128,000
78,000
Total wk. '22
Same wk. '21
Same wk. '20
574,000 10,519,000
371,000 6,439,000
273,000 8.409,001
4,84E000
5,893,000
3,339,000
4,660,000 885,000 1,813,000
2,977,001
516,000 474,000
2,479,000 1,331,000 613,000
Since Aug.11922
10,205,000215,669,000 112,815,000 93,472,00017,943,000120,406,000
1921
8,28E000 199,170,000 120,383,000 89,381,00012,659.000 9,344,000
1920
4.798.000164.672.000 57.801.000 90.085.000 19,369,000 20,584,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Dec. 2 1,922 follow:
Receipts at-
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels. Bushels. Bushels.
New York...._
392,000 2,965,000
172,000
400,000
67,000 636,000
Philadelphia....
90.000 1,955,000
74.000
110,000
16,000
Baltimore_ _ __
34,000
693,000
447,000
107,000
1,000 626,000
Norfolk
4,0001
I
Total.
New Orleans*
76,000
824.00
363,000
20,000
Galveston..
312,00(
Montreal
95,000, 1,482,000
83,000
134,000
760,679,187 Boston ____
35,000
2,000
28 000453,0001
.
36000j
760,751,197
23,000
-,--- -759,705,549 Total wk. '22 719.000
8,684,000 1,141,000
807,000 103,000 1.301,000
758,202,027
sne,uuu
,utju 150,084.000, ,
755,900,702 Since Jan.1
„ „
754,622,549
week '21
588,000
352,000
752,679,422 Cor. Jan.1 '21 24.261,0002 7,483,000 1,912,000
139,000 667,000
68,085,000 92.295,000 43,370,000 16.989,00023,287,000
752,035,482 Since
749,611,367
not include grain passing through New Orleans for foreign
* Receipts do
ports
750,167,924
through bills of lading.
749,307,097 on
743,288,847
The exports from the several seaboard ports for the week
743,239,113
739,148,874 ending Saturday, Dec. 2 1922, are shown in the annexed
732,419,179 statement:
$56,204,400 Federal Reserve bank notes outstanding
Meoured by United States bonds and $15,857,000 by Oct. 31 (of which $40,347,400
lawful money), against $124,763,400 Oct. 31 1921.
Bonds on Deposit
Oct. 31 1922.
APPLICATION TO CONVERT RECEIVED.
,
-The First National Bank of Clayton, Mo
Nov.29
$133.600
Conversion of The Trust Company of St. Louis County,
Clayton, Mo. Correspondent, F. J. Hollocher, Secretary, Trust Company of St. Louis County, Clayton,
Mo.
CHARTER ISSUED.
Nov.28
-12,279
-The First National Bank of Sea Isle City, N. J.
President, Edw. B. Arnett. Cashier, George R. Ross. $25,000
VOLUNTARY LIQUIDATION.
-The Peoples' National Bank of Boston, Mass
Nov.28
-595
$300,000
Effective Oct. 2 1922. Liq. Committee, G. H. Corey
and D. E. Hersee, Boston, Mass. Absorbed by The
Fourth-Atlantic National Bank of Boston. The liquidating bank has no bonds.
National Bank Circulation
Afloat on
-
National
Fed. Res.
Bank Notes. Bank Notes.
Oct. 31 1922_ _
Sept.30 1922..
Aug. 311922_
June 30 1922__
May 31 1922_ _
April 30 1922.._
Mar.31 1922...
Feb. 28 1922__
Jan. 31 1922_
Dec. 31 1921._
Nov.30 1921....
Oct. 31 1921__
Sept 30 192L_
.
Aug. 31 1921._
July 31 1921_
[Vol.. 115.
ExportsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
Mobile
New Orleans
Galveston
Montreal
Wheat.
Corn.
Flour.
Oats. I Rye. Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
3,205.817
94,463 197,404 295,598 555,377 114,487
266,000
98,000
2,637,000 251,000 23,000 149,000 20,000
1,171,000 171,000 17,000
587,000
4,000
11,000 15,000
2,000
368,000 446,000 44,000
10,000 131,000
47,000
2,759,000 482,000 177,000 293,000
157,000
Total week 1922___ 10406817 1,455,463 477,404
an,..,.. ‘.,...1, 1091
5.812.757 1.388.890 285.627
847,598 1340377 271,487
644.140 367.280 268,163
The destination of these exports for the week and since
July 1 1922 is as below:
Exportsfor1Veek
and Since
July 1 to
Flour.
Ilreek
Dec. 2
Since
July 1
Wheat.
Week
Dec. 2
Corn.
Since
July 1
Week
Dce. 2
Since
July 1
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 216,779 2,496,481 3,157,419 48,305,143 464,143 17,676,237
Continent
191,635 2,670,419 7,033,728 118,647,474 954,320 31,215,059
So. SC Cent. Amer_
287,332
1,000
34,000
77,000
West Indies
30,000
572,800
645,700
37,000
9,000
Brit. No. Am.Col.
2,000
1,700
Other countries._ _ 37,990
329,295
13,500
215,670 1,031,973
Total 1922
Total 1921
477,404 6,348,327 10,406,817 168,070,590 1,455,463 49,586,169
285.827 8.731.141 5.812.757 155.658.155 1,388.890 50,581.277
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday. Dec. 1, and since July 1 1922 and 1921,
are shown in the following:
Corn.
Wheat.
Exports.
1922.
Week
Dec. 1.
Since
JuW 1.
1921.
Since
July 1.
1922.
Week
Dec. 1.
Since
July 1.
1921.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer.. 17,108,000 222,018,000 217,625,000 887,000 52,051,000 53,939,000
Russ.& Dan
3,223,000 2,680,000
3,576,000 9,427.000
Argentina__ _ 1,472,000 39,315,000 13,541,000 3,460,000 58,732,000 69,179,000
Australia __ 240,000 10,092,000 38,344,000
India
712,000
300,000 1,284,00
0th, countr's
3,365,000 6,480,000
Total
19,120.000275,932,000 270,902,000 4,347,000 117,724,000 139,025,000
-Among other securities, the following,
Auction Sales.
dealt in at the Stock Exchange, were recently sold
not usually
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
2 Old Dom. Land, $95 ea_ _ _ _$29 per sh. 1,050 Jerome Verde Development,
$2 per sh.
50c. each
800 Denver & Rio Or. RR.,corn_ }$16 lot
400 Invincible Photoplayers, Inc., corn,
20 do preferred
$10 lot
$10 each
$100 per sh.
205 Dexter Folder, pref
$2 lot
$336 per sh. 100 Alcazar Mining, $10 each
36 National City Bank
lot
81 N. Y. Fur Auction Sales Corp_514 lot 2,250 Texans Oil& Ref., $1 each_$56 lot
Si
Burner, Ltd_ _$5 lot 26 Boone 011, $5 each
32 Canadian Hauck
200 Northtex Petroleum,$2 50 ea _$50 lot
2,500 Newburgh Shipyards,
$1,000 lot 200 Golden Star Mines,$5 each_ _ _ _$1 lot
preferred
1$4 lot
10 Motor Parts Corp., pref
5,000 do common
corn.
1,780 J.& T.Cousins,co_ _ _ _$2,000 lot 10 do common
100 Montezuma Mines, El each_ _ _$1 lot
20 Touman 011
10 Consumers Brewing Co., Ltd.,
$333 33 6% note, Touman Oil
$76 per sh.
of N.Y
$50 lot
Co., due March 6 1920
011
50 Loveman & Burt Cotton, Inc_ -$10 lot
$688 88 8% notes Touman
76 Vegetable Oil Corp., pref_ _ _ _15200 lot
Co., $342 22 due April 12 '20:
38 do common, no par
$346 66 due July 12 1920
400 Okmulgee Prod. dr Ref., $5 ea_$6 lot
1,000 Texas Ranger Producing dr Re$4 lot
$11 lot 1,000 Globe 011, $1 each
fining Co., $1 each
15150 lot
500 Castle Oil & Gas, 31 each. _ _ _$15 lot 1,668 Haiti Co., common
200 Rickard Texas Oil, $5 each_ _ _39 lot 1,106 do preferred
$163- Per sh.
2,200 Union Oil
200 Equitable Oil & Ref. of Texas,
$20 lot 275 Central Hud Steamboat, pref_ -15225
$5 each
f lot
$5 lot 275 do common
25 Blogreph Co. of N.J
153 Automatic Straight Air Brake,
50 Tubize Artif. Silk Co. of
$75
26 preferred
Amer.,cl.B corn.,ctf.ofdep $15,000 lot
lot
2,012 do corn. v. t. c
250 do preferred
2-3 Gen. Syndicate, Inc, no par1$100 100 Stimpson Equipment(Utah)_5150 lot
326
f lot 250 Union 011 of Wichita, Kan., pref.
163.3333 do no par
$25 lot
ctf. of deposit
420 Pathe Freres Phonograph.._ _ .115 lot
$1 lot
50 Santa-Ysabel Tobacco, pref_ _1512 lot 1,250 do corn. ctf. of dep
200 Bethlehem Motors, no par.._ _ _52 lot
25 Santa-Ysabel Tobacco, com__ J
300 Texas Oil Producers,$1 each _510 lo`
150 Swiss American Embroidery,
$40 per sh. 560 Triangle Film, pref., and $56
preferred
$5 lot
dividend scrip
485 Madison Tire dr Rubber, Inc.,
-You-Enter-Car Corp.corn
_ _ _$8 per sh. 7 Pay-As
corn. temp. ctfs., no par_
10 do preferred
2,880 Ranger Refining & Pipe Line,
$40 lot 50 Internat. P-A-Y-E Tram-car $3
$I each
lot
Co., Ltd., corn. $5 each
10 Erie Tire & Rub.,corn., $1 ea _510 lot
$25 lot 100 do corn., $5 each
5 do preferred
$45 lot 10.000 Ariz.. Bing'thn Copper_ _$100 lot
Duratex Co., preferred
250
500 Alto Gasoline & Oil, $5 each _$5 lot 1,500 Note of A.T. Herd
580 Masters Trucks, Inc., pref_ _ _$30 lot 500 Inter. Sport Club bond_
$10 lot 500 Vanderveer Crossings certf_ 4100 lot
2,034 do common, no par
I
100 Meehan. & Chem. Equip. Corp.,. 50 American Rice Prod. Co
$15 lot $2,587.45 notes of A. Mansbackj
common, no par
$20 lot
Rice Products
9 Copper Plate Sheet & Tube_ _53 per sh. 10 American
Price.
. 250 Seven Lakes Petroleum. $1 ea _SI lot Bonds.
2 Units ben.in Grayson 011 Synd_ 52 lot $3,000 Rio Gr.South. 1st 4s, 1490_10 K %
dr Hamilton Bond$20,000 Keokuk.
200 Units Fountain Valley Holding Co.,
$1 lot holders. Inc.. 30-yr 6% sec. notes.
Si each
40%
due October 1944
27 National Negro Realty Holding Co.,
ill lot $20,000 Mexican Coal & Co., Spencer
Inc., 55 each
Trask & Co. ctfs of deposit_ _ _ _185 lot
7 Northern N. Y. Mil.,elm_5185 per sh.
£77,600 Mexico ttv Northw. prior lien 6s
5,300 Triangle Film Corp., pref. ctf.
,
1928; Apr. '14, coup. on_$2 32,000 lot
$100 lot
of deposit
$40 lot $5,000 National Weekly Corp. 6%
3,600 do common
$10 lot
interest bearing ctfs
$15 lot
1,300 do corn. v. t. c
$16 lot $54,248.82 Clinchfield Ry. Syndicate
25 Helicopter Co., Inc
$31,000 lot
part. ctf. paid in cash
325 Castle Kid Co., Inc., common
v. t. c
$1 50 per sh. $126,666.67 Clinchfield Ry. Syndicate
-Clinch. RY.
Part. ctf. for Caro.
1.6662-3 do com. v. t. c_ _ _$1 per sh.
$33,000 lot
Co. stock
Tar Creek Mining, $1 each_ _52 lot
1,250
$2 lot $100 Societies Realty Co., Inc.,
1,250 do $1 each
6% 10-year bond, due 1928_ _ _ _550 lot
218 Acc'ting dr Tab. Corp., corn_ _590 lot
$80 lot $5,000 Interest in Ranger Oil Syndicate
73 do preferred
$5 lot
of Texas
230 Buckeye Rub. Prod., pref_53 per sh.
63 Willett Press, common
$10 lot $7,000 Second Ave. RR. 1st consol.
Trust Co. ctfs.
55, 1948, Guaranty
30 Eagle Cement Corp., N.J., corn.,
1%%
of deposit
$51ot
$25 each
$40.000 Frisco Gold Mines notes dated
100 Empire Tube & Steel, N.Y.,corn.,
$40 lot
March 15 1918
no par
$35 lot
$59,000 Dry Dock, E. Broadway &
70 Steel & Radiation, Ltd., temp. ctfs.
Battery RR., reg. Ref. M. income
$10 lot
common
gold bonds. Series C, 1950, with
25 do ordinary
$5 lot
$300 lot
$10 do scrip
3,600 Saguenay Pulp & Pr.corn,$1 per sh.
$1 50 per sh. $24.000 Denver Tramway Terminal
1,080 do prof
85%
30-yr. 5s, 1933
2,500 Newmines Issues, Inc., in
Maine,$7 pd. in, $10 ea_ _12 50 per sh. $5,000 Metropolitan By-Products Co.,
$2 lot
Inc. 6% serial bonds
1,000 Walnut Creek Mining,$1 ea _$10 lot
$5 lot
$10,000 do Inc. serial 6s
200 American Road Machinery Co.,
$2 per sh. $5,000 Jamaica Water Supply, 1st
Inc., in Delaware
87%
consol. 5s, July 1946
___ I
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Price. Shares. Stocks.
Shares. Stocks.
3,i
86 American Gas & Electric Co.-- 43% 10 Coosa Portland Cement, 1st pref.
%
28% 5 do Common
10 Camden & Burlington Ry
2
$150 do Common scrip
28
40 do
1
do Second preferred
43% I
5 Catawissa RR. 1st pref
Si lot
do Preferred scrip
20 Holmesburg Trust Co., par 550- 85M $50
4 Philadelphia Bourse, common..- 10%
Jenkintown Bank & Trust
4
216%
-51 lot
45
15 Pathe Freres Phon.(temp. W.)
3 Jenkintown Water Co
%
82H 300 Hester Price Corp., pref
130 North Pennsylvania RR
Ysabel Tobacco, pref., and
on
I Pennsylvania Co. for Insur.
25 Santa
$20 lot
13 common bonus
564
Lives & Granting Annuities
40 Phila. Wareh. & Cold Storage_110
40 Audiffron Refrigerating & Ma- lot
chine, pref., and 40 corn. bonus _$25
230
10 Union National Bank
Per cent.
575
Bonds.
10 Central National Bank
$1,000 Amer. Gas& Elec. coll. trust
Street Nat. Bank, par $50_ 79
2 Broad
& Aug.'E 84M
5s, 2007: coupons Feb.
18 Central Trust & Savgs., par 350_101%
5 Franklin Securities Corp
110% $247,000 West Chester Kennett &
Wilm. Elec. Ry. 1st 5s, 1935_ _ _ _ 10
1 Pennsylvania Co. for Insurances
$2,000 Haytian-A merlean Corp. 78,
on Lives & Granting Annuities_ _583
8
1923 (eertifleate of deposit)
13 Manayunk Trust Co., par $25_ 80
30 Camden Safe Dep. dr Tr., N.J_ _113M 512,500 Ohio Syndicate part. Ws_ _18 lot
$8,000 Middle States Coal & Iron
1 Mercantile Library Co. of Phila.
$8 lot
Mines 5s, 1937
60
perpetual membership
% $1,000 Lehigh Valley RR.6s, 1923
140 Keystone Stocking Mills
100M
(registered)
10 American Pipe & Construction_ 25%
'
25
$1,500 Wilmington & Chester Trac1$ do
92
tion 6s, 1923
9 Eire Association of Phila., par $50 335
35 Abbott's Alderney Dairies, 1st pf. 90K $25,000 Island Refining 7s, 1929_ _ _ 1
National Conduit & Cable
90X $20,000
20 do
45
65, 1927
57%
85 Boone County Coal, pref
$13,800 Pathe Freres Phon.75, 1924 1.
18
210 Allied Packers, prior pref
$594.45 Detroit Toledo & Ironton
4,000 The Rockhill Producing Co.,
$26 lot
4%s, certif. of deposit
$50 lot
par 10 cents
2
7 American Pipe & Constr., par $50 23K $4,000 do 43.4s, 1980
23% 3,000 rubles Imperial Russian Govt.
22 do
$10 lot
5tis, 1926
%
62% Hatch Motors Co
% $5,000 Choate Oil Corp. 88, 1925,
do
74 11-16
1
certificate of deposit
$100 lot
300 Allison Steel Products
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Price.
Shares. Stocks.
90c.
39,971 Livingston Petroleum
5500 lot
Humboldt Corp
1,223
$5,000 lot
250,000 Pacific Tungsten
125%
2 Walter Baker Co., Ltd
5
5 Southern Fields Petroleum
42 Liggett's Internat., Ltd., pref__ 50%
7K7
63 W M.Lowney (new)
30
50 Fairbanks Co. 8% pref
8-20 Gillette Safety Razor scrip 12M-12%
2 American Manufacturing, pref.__ 85%
83
5 Emersdb Shoe, 1st pref
6
10 State Theatre, common..,
Rubber Works, pref. 65
5 Monatiquot
20 American Manufacturing,corn..100q
Per cent.
Bonds.
2,000 rubles Russian Govt. Internal
$2.50 lot
Loan 5%s, 1926
By Messrs. R. L. Day & Co., Boston:
Price
Price. Shares. Stocks.
Shares. Stocks.
$14 lot
325% 30 New Eng. Eq. Ins. Co
4 Second National Bank
258% 5-64 Schooner Frank A. Morey_.$601 lot
1 Naumke,ag Steam Cotton
30
124
2,997 Corona Kid Mfg
60 West Point Manufacturing
51 lot
114% 100 Savold Tire Corp
8 Arlington Mills
116-117% 5 Walter M. Lowney Co. (new)... 8)4
Bates Mfg. (half-share)
3
93% 1 Columbian Nat. Life Insurance_ _120%
2 Warwick Mills
155% 25 Logan Johnson, Ltd., pref.
25 Tremont & Suffolk Mills
55 lot
voting trust certificates
4
Worsted 1st prof
15 U. S.
1541-4 100 La Porte 011 & Refining Corp-310 lot
24 Pepperell Manufacturing
50K 10 C. H. Wills dr Co., as bonus on
Ipswich Mills
12
pref.; 20 as bonus on 1st pref._ _ _ 5%
81
25 St. Paul Business R. E. Assn.__ SI lot 36 Lawrence Manufacturing
110
15 U. S.& Mex. Trust Assn
210
75% 10 Cambridge Gas Light
Commercial Property
25
10
10 Bullard Trust
Pref., and 50
100 The Wids Co.,
258%
2 Naumkeag Steam Cotton
1
common as bonus
30 Tidewater Equipment Corp_ _$6 lot
Plaster, common,
50 The Keystone
$10 lot 25 Eastern Hide & By-Products, pf- 5
and 50 prof
5
20 Merchants Marine Co
Ins.,
20 N. E. Motion Picture Co.,
Si lot 50 Beacon Chambers Trust, pref._ 64%
corn., and 20 pref
100%
Hood Rubber , pref
_54% lot 5
10,000 Highland Boy Oil & Gas_ $500 lot 6 Quincy Electric Light & Power_ _ _250
5-64 Schooner Grand Turk
lo,
100 Houser Royalty Syndicate_ -51%5
Percent.
Bonds.
4 Merrimack Hat
26,000rublesImperial Russian Govt
28
20 do preferred
Internal Loan 5%5, Mar. 1926
32
25 Rockwood dr Co., pref
1%
(Per 1,000)
5-64 Schooner Frank A. Morey_ _5650 lot
25,000 Gila Copper Sulphide 8s,
3 Profit rights N. E. Power Co..._ 11
1926; 625 shares Gila Copper
30
200 Amer. Agricultural Chemical
21
Sulphine stock as a bonus
95
20 Industrial Fin. Co., pref
Mount Holly Paper Mills,
10-64 Schooner Grand Turk..$500-501 lot $2,000
Inc., 7% notes, July 15 1922...55 lot
M.Corp., 2d pref_ _ 19
40 La Fayette
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
*2% Feb. 1 *Holders of rec. Dec. 29a
Atch.Topeka dr Santa Fe, pref
1X Jan. 1 Holders of rec. Dec. 15
Bangor & Aroostook, pref.(quar.)
*50e. Jan. 2 *Holders of rec. Dec. 15
Beech Creek (quar.)
Dec. 26 *Holders of rec. Dec. 16
*5
& Quincy
Chicago Burlington
Dec. 30
Chicago Indianp.& Louisv.,common._ _ 1% Jan. 10 Holders of rec. Dec. 30
Jan. 10 Holders of rec.
Preferred
Jan. 1 Dec. 12 to Jan. 4
2
Illinois Central, leased lines
Dec. 28 Holders of rec. Dec. 15
Minn.St. Paul dr S. S. Marie,corn.& pf. 2
52.50 Jan. 2 *Holders of rec. Dec. 15
•
NewYork & Harlem,corn.& pref
Dec. 30 *Holders of rec. Dec. 15
*3
Phila. Balt. & Washington
9a
Pitts. Ft. Wayne & Chic.,com.drpf.(qu.) 1M Jan. 2 Holders of rec. Dec. 15
*$1.50 Jan. 2 *Holders of rec. Dec.
& Youghiogheny
Pittsb. McKeesp.
Jan. 1 *Holders of rec. Dec. 14
*4
Rensselaer & Saratoga
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
65%
30 Ipswich Mills
164
30 Continental Mills
98
5 Greelock Co
144
5 Lancaster Mills
97M
9 Ipswich Mills, pref
4
27 U. S. Worsted, 1st pref
257%
20 Naumkeag Steam Cotton
131M
1 Nashawena Mills
104%
11 Merrimack Manufacturing
10 Great Falls Manufacturing
783/i
15
2 Orpin Desk, prof
249
1 Gillette Safety Razor
10 Converse Rubber Shoe, Pre__ 88
85%
do
5
327
10 Second National Bank
298
10 Quissett Mill
1
110 Simms Magneto,common
2553
THE CHRONICLE
DEC.9 1922.]
Public Utilities.
1X Jan. 1 Holders of rec. Dec. 20
Alabama Power, pref. (quar.)
*1)4 Jan. 2 Holders of rec. Dec. 15
American Public Service, pref. (quar.)
Dec. 30 Ho dens of rec. Dec. 15
2
1,uffalo General Electr c (quar.)
15
Canadian General Elec., corn.(quar.)_ _ _ *1% Jan. I *Holders of rec. Dec. 30
*1% Jan. 15 *Holders of rec. Dec.
Central Ills. Public Service, prof. (q11.)
Dee. 30 Holders of rec. Dec. 9
Central States E,ectric, pref. (Quer.).-- - 1%
Jan. 2 *Holders of rec. Dec. 15
cincinnati Sr Sub. Bell'rein. (guar.) _ _ _ _ *51
Jan. 2 Polders of rec. Dee. 16
2
City Gas of Norfolk, pref. (quar.)
1% Dec. 31 Holders of rec. Dec. 12
Cleveland Ry.(quar.)
Dec. 21 *Holders of rec. Dec. 18
*2
Dayton Power & Light,common
*1% Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
1% Jan. 1 Holders of rec. Dec. 21
Duluth Edison Electric, pref. (quar.)_ _ _
.1% Jan. 2 *Holders of rec. Dec. 15
Illinois Tra.tinn. pref. (guar.)
Kansas City Power dr Lt., 1st pf. A (qu.) *1% Jan. 1 *Holders of rec. Dec. 15
Jan. 8 *Holders of rec. Dec. 18
*3
El Paso Electric Co., preferred
Dec. 30 Holders of rec. Dec. 18
Manila Electric Corp., corn. (guar.)---- 2
Monongahela Power & Ry., pref.(quar.) *37%0 Jan. 8 *Holders of rec. Dec. 28
1% Jan. 15 Holders of roe. Dec. 20
New York Telephone, pref. (guar.)
Pennsylvania Power & Lt., pref. (qu.)_ _ 1% Jan. 1 Holders of rec. Dec. 15
1M Dec. 15 Holders of rec. Nov.30a
Puget Sound Gas, pref. (quar.)
Puget Sound Power & Lt., corn. (qu.)_ _ $1 Jan. 15 Holders of rec. Dec. 20a
1% Jan. 15 Holders of rec. Dec. 20a
Preferred (quar.)
pi Jan. 15 Holders of rec. Dec. 20a
Prior preference (quar.)
1% Jan. 2 Holders of rec. Dec. 15a
Springfield Ry.& Light, pref.(quar.) _
Tennessee Elec. Power0% 1st pref.(qu.) 1)4 Dec. 30 Holders of rec. Dec. 12
3
1 % Dec. 30 • Holders of rec. Dec. 12
Seven per cent preferred (quar.)
1H Jan. 2 Holders of rec. Dec. 20
Tr-City Ry.& Light, pref.(quar.)
*54.75 Jan. 1 *Holders of rec. Dec. 15
Union Passenger Ry., Phila
Jan. 1 *Holders of rec. Dec. 9
*3
Union Traction, Phila
United Light & Rya., common (quar.)_ _ *1X Jan. 2 *Holders of rec. Dec. 15
*X Jan. 2 *Holders of rec. Dec. 15
Common (extra)
*1% Jan. 2 *Holders of rec. Dec. 15
Six per cent preferred (quar.)
*1)4 Jan. 2 *Holders of rec. Dec. 15
Seven per cent preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 12
Utah Power & Light, pref.(quar.)
*1M Dec. 27 *Holders of rec. Dec. 16
pref. (war.)
Utilities Securities,
*55 Jan. 1 *Holders of rec. Dec. 15
West Philadelphia Pass. Ry
131 Jan. 2 Dec. 24 to Jan. 1
West India Electric Co.(quar.)
1% Jan. 1 Holders of rec. Dec. 18
(quar.)
Winnipeg Elec. Ry.,
Wisconsin Power & Light, pref. (quar.)_ *1X Jan. 20 *Holders of rec. Dec. 31
Banks.
2
Amer. Exch. Secur. Corp., el. A (qu.)
4
Chase National (quar.)
51
Chase Securities Corp.(quar.)
Chatham & Phenix National (quar.)_ _ _ 4
*4
Columbia
02
Extra
3
Commerce, Nat. Bank of (quar.)
4
Extra
6
East River National
5150
3 Mutual (payable in stock)
4
National City Bank (quar.)
2
National City Company (quar.)
2
Extra
3
Seaboard National (quar.)
2
Extra
Trust Companies.
Bank of N. Y.& Trust Co.(quar.)
Commercial (No. 1)
Equitable (payable in stock)
Guaranty (quar.)
Hudson (quar.)
United States (quar.)
Miscellaneous.
Acceptance & Finance Corp., corn
Preferred A (quar.)
Preferred B (quar.)
Jan. 1 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 18a
Jan. 2 Holders of rec. Dec. 18a
Jan. 2 Dec. 17 to Jan. 1
Dec. 31 *Holders of rec. Dec. 18
Dec. 31 *Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 15a
Dec. 31 Dec. 28 to Dec. 31
Holders of rec. Doe. 1
(3)
Jan. 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 26
Jan. 2 Holders of rec. Dec. 26
Jan. 2 Holders of rec. Dee. 15
5
Jan. 2 *Hot icri of rec. Dec. 20
*3
* 533 1-3 Mi.to stockholders meet.Dee. 20
3
Dec. 30 Holders of rec. Dec. 15
2% Dec. 30 Dec. 10 to Jan. 1
1234 Jan. 2 Holders of rec. Dec. 21
Jan. 2 Dec. 21 to
SI
,6
91 Jan. 2 Dec. 211 o
1U Jan. 2 Dec. 21 to
Jan. 2
Jan. 2
Jan. 2
2554
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 115.
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Miscellaneous (Concluded).
Acme Coal Mining
2
Feb. 5 Holders of rec. Jan. 25
Allis-Chalmers Mfg., Inc., pref. (quar.)_
13% Jan. 15 Holders of rec. Dec. 23a
American Cigar, preferred (guar.)
1
Jan. 2 Holders of rec. Dec. 15 t
American Express (guar.)
Per
When
Books Closed.
$2
Jan. 2 Holders of rec. Dec. 141
Name of Company.
American Snuff, common (guar.)
Cent. Payable.
Days Inclusive.
3
Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
13.6 Jan. 2 Holders of rec. Dec. 14a
Railroads (Steam).
American Steel Foundries, corn. (quar.)_ *75c. Jan.
15 *Holders of rec. Dec. 31
Alabama Great Southern, ordinary____
Preferred (guar.)
33% Dec. 28 Holders of rec. Nov.29
*14 Dec. 30 *Holders of rec. Dec. 15
Preferred
American Wholesale Corp., prof (guar.)
3% Feb. 16 Holders of rec. Jan. 19
Jan.
Albany & Susquehanna
Amer. Window Glass Mach., corn. (qu.) 13% Jan. 1 *Holders of rec. Dec. 20
4;5 Jan. 2 Holders of rec. Dec. 150
2 Holders of rec. Dec. 8
Ashland Coal & Iron Ry.(guar.)
Preferred (guar.)
1
Dec. 25 Holders of rec. Dec. la
1 u Jan.
Atlanta & West Point
American Woolen,com. and pref.(guar.) 14 Jan. 2 Holders of rec. Dec. 8
3
Dec. 30 Dec. 19 to Jan. 1
15 Dec. 16 to Dec. 26
Atlantic Coast Line Company (quar.)
Associated 011 (guar.)
$1.50 Dec. 9 Dec. 1
to Dec. 10
*1% Jan. 25 *Holders of rec. Dec. 30
Atlantic Coast Line RR., common
Beech-Nut Packing, corn. (extra)
33% Jan. 10 Holders of rec. Dec. 15a
*48c. Dec. 26 *Holders of rec. Dec. 16
Boston & Albany (guar.)
Butte& Suoerior
23% Dec. 30 Holders of rec. Nov. 30a
Dee. 311 14ol(i N of ree. Dee. 15
Boston & Prwldence (guar.)
California Petroleum, pref. (guar.)
23% Jan. 1 Holders of rec. Dec. 20a
*1
Buffalo & Susquehanna, corn. (quar.)
Canadian General Elec., corn. (guar.)._ •134 Jan. 2 *Holders of rec. Dec. 20
14 Dec. 30 Dec. 16 to Jan. 1
Jan. 1 *Holders of rec. Dec. 15
Common (special)
Central Aguirre Sugar (guar.)
10
Dec. 30 Dec. 16 to Jan. 1
Jan. 2 *Holders of rec. Dec. 16
Preferred
Celluloid Company, common (quar.)_
2
Dec. 30 Dec. 16 to Jan. 1
Dec. 30 *Holders of rec. Dec. 15a Canadian Pacific, common (guar.)
Chandler Motor (guar.)
23% Dec. 30 Holders of rte. Dec. la
$1.50 Jan. 2 *Hoiders of rec. Dec. 19
Chesapeake dt Ohio, common
Charlton Mills (guar.)
2
Jan. 1 Holders of rec. Dec. la
*2
Feb. 1 *Holders of rec. Dec. 7
Preferred (No. 1)
Stock dividend
1% Jan. 1 Holders of rec. Dec. la
*50
Chicago & North West, common
Chicago Mill & Lumber, pref. (quar.)_ _ *14 'iubject to stkhldrs' meet. Dec. 15
23% Jan. 15 Holders of rec. Dec. 14a
Jan. 1 *Holders of rec. Dec. 23
Preferred
Chicago Railway Equipment (quar.)
33% Jan. 15 Holders of rec. Dec. 14a
2
Dec. 30 Holders of rec. Dec. 19
Chicago Rock Island & Pacific, 7% pref. :33% Dec. 30 Dec.
Stock dividend
9 to Jan. 1
e50 Dec. 30 Holders of rec. Dec.
Six per cent preferred
Cluett, Peabody & Co., pref. (quar )__ _
19
3
Dec. 30 Dec. 9 to Jan. 1
On. N.0.& Tex. Pacific, common
Commercial Solvents Corp., Cl. A.(qu.) 14 Jan. 1 Holders of rec. Dec. 21
3
Dec. 26 Holders of rec. Dec. 5a
$1
Jan. 1 Holders of rec. Dee. 20
Common (extra)
Continental Can, common (guar.)
3% Dec. 26 Holders of rec. Dec. 50
75c. Feb. 15 Holders of rec. Feb. 5
Colorado & Southern,common
Preferred (guar.)
3
Dec. 30 Dec. 17 to Jan. 1
14 Jan. 1 Holders of rec. Dec. 20a
First preferred
Cumberland Pipe Line (stock dividend)_
2
Dec. 30 Dec. 17 to
Jan. 1
*e100
(4)
Holders of rec. Dec.
Second preferred (annual)
Dalton Adding Machine, pref. (guar.)._
4
Dec. 30 Dec. 17 to
Jan. 1
14 Jan. 1 Dec. 21 to Jan. 30
Cuba RR., preferred
Del. Lack. & West. Coal (in scrip)
2
3
Feb15'23 Holders of rec. July 200
*040 subject o stkhldrs meet. De
Delaware & Hudson Co. (guar.)
30
Detroit & Cleveland Navigation
2
Dec. 20 Holders of rec. Nov. 27a
$1
Jan. 2 Holders of rec. Dec. 15a Erie & Pittsburgh (Qum.)
Dome Mines, Ltd. (guar.)
14 Dec. 9 Holders of rec. Nov.
50c. Jan. 20 Holders of rec. Dec. 30
Fonda Johnstown & Gloversv., pf. (qu.) 13% 1)ec. 15 Holders of rec. Dec. 29a
Dunham (James H.) & Co., corn. (qu.)
5a
13% Jan. 2 Holders of rec. Dec. 20
Greene Railroad
First preferred (guar.)
3
Dec. 20 Holders of rec. Dot. 4a
13% Jan
2 Holders of rec. Dec. 20
Hocking Valley
Second preferred (guar.)
2
Dec. 30 Holders of rec. Dec. 8a
14 Jan
2 Holders of rec. Dec. 20
Lackawanna RR. of N. J. (guar.)
duPont(E.I.)deNem.& Co.,(in com.stk) *150
1
Jan. 2 Holders of rec. Dec. 6a
Dec. 29 *Holders of rec. Dec. 16
Lehigh Valley, corn. (guar.)
Elec. Stor. Battery, new corn.&pf.(qu.)_ $1
87
Jan. 2 Holders of rec. Dec. 9a
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
New common and pref. (extra)
$1.25 Jan. 2 Holders of rec. Dec. 9a
75e. Jan
2 Holders of rec. Dec. 15
& Birmingham, preferred
Mobile
Endicott
2
Jan. 1 Dec. 2 to Jan. 1
-Johnson Corp., corn. (quar.)_ _ *51.25 Jan. 1 Holders
of rec. Dec. 15
Morris & Essex
43% Jan. 2 Holders of rec. Dec. 9a
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 15
New York Chicago & St. Louis
Equity Petroleum, pref. (guar.)
*3
Jan. 10 *Holders of rec. Dec. 30
Common
Erie Lighting, pref. (quar.)
lA Dee. 30 Holders of rec. Dec. 190
50c. Jan. 2 Holders of rec. Dec. 15
First preferred (quar.)
Flrestone-Apsley Rubber, pref
131 Dec. 30 Holders of rec. Dec. lfla
33% Jan. 1 Holders of rec. Dec. 28
Second preferred (guar.)
General Amer. Tank Car, common
13% Dec. 30 Holders of rec. Dec. 19a
*$1.50 Jan. 1 Holders of rec. Dec. 15
N. Y. Lackawanna & Western (guar.)._
Preferred (quar.)
14 Jan. 2 Holders of rec. Dec. 14a
*14 Jan. 1 *Holders of rec. Dec. 15
New York Philadelphia & Norfolk
General Baking, corn. & pref. (quar.)__ _
$3
Dec. 31 Holders of rec. Dee. 150
2
Dec. 30 Holders of rec. Dec. 16
Norfolk & Western, common (quar.)....
General Railway Signal, pref. (quar.),__ _
Dee. 19 Holders of rec. Nov. 29a
I
13% Jan. 2 Holders of rec. Dec. 20
Common (extra)
Great Western Sugar, new common_
I
Dec. 19 Holders of rec. Nov. 29a
_ *$1
Jan. 2 *Holders of rec. Dec. 15
Philadelphia & Trenton (guar.)
Preferred (quar.)
2
Jan. 10 Dec. 31 to Jan. 11
*14 Jan. 2 *Holders of rec. Dec.
Pittsburgh & West Virginia, pref.(guar.) 13% Feb. 28 Holders of rec. Feb. la
15
Golden Cycle Min. & Reduct.
2c. Dec. 10 Holders of rec. Nov.30
(quar.)- Hanes (P. ti.) K if Ing k.ivar.)
Rea ling Co., 1st preferred (guar.)
Sue. Dec. 14 Homers of rec. Nov. 254
13% Jan. 1 iioiders of roe. Dec. 23
St. Louis Southwestern, prof
Helme (Geo. W.) Co., corn.
23% Dec. 30 Holders of rec. Dec. 15a
(quar.)--- - 3
Jan. 2 Holders of rec. Dec. 18
Southern Pacific Co. (guar.)
Common (extra)
1
Jan. 2 Holders of rec. Nov.29a
4
Jan
2 Holders of rec. Dec. 18
Union Pacific, corn. (guar.)
Preferred (guar.)
2% Jan. 2 Holders of rec. Dec. la
14 Jan
2 Holders of rec. Dec.
United N. J. RR.& Canal (guar.)
Hercules Powder, corn. (guar.)
23% Jan. 10 Dec. 21 to Dec. 31
1j.6 Dec. 23 Dec. 16 to Dec. 18
Homestake Mining (monthly)
Valley RR.(New York)
23% Jan. 2 Holders of rec. Dec. 16a
50c. Dec. 26 Holders of rec. Dec. 22
Western By. of Alabama
Hood Rubber, corn. (guar.)
20
3
Dec. 30 Dec. 9 to Jan. 1
all
Dec. 30 *Holders of rec. Dec. 20
Hoover Steel Ball, common
*2
Dec. 22 *Holders of rec. Dec. 15
Public Utilities.
Indian I ad
01 . 1,. •.ma
Dee. 1
llo.d..rs of rec. Dec. 12a
American Telephone & Telegraph (guar.) 231 Jan 1523 Holders of roe. Dec. 200
Ingersoll-Rand Co., Preferred
*3
Jan
2 *Holders of rec. Dee.
Quarterly
Internat. Button Hole Sew. Mach.(qu.)
2
Apr16'23 Holders of rec. Mar.16'23
10c. Jan. 2 Holders of rec. Dec. 18
Quarterly
Intertype Corp., 1st pref. (guar.)
15
251 J'IyI6'23 Holders of rec. June 20'23
*$2
Jan. 2 Holders of rec. Dec. 15
Appalachian Power, pref.(quar.)(No.1 ) 14 Jan. 15 Holders
Second preferred
of rec. Dec. 30
*$3
Jan. 2 Holders of rec. Dec. 15
Kelly-Springfield Tire, pref. (quar.)_
Associated Gas & Electric. pref. (quar.)_
88(r. Dec. 30 Holders of rec. Dec. 15
13% Jan. 2 Holders of rec. Dec.
Bangor Ky. & Electric, pref. (guar.)... _
Kelsey Wheel, common (guar.)
13% Jan. 1 Holders of rec. Dec. 9
$1.50 Jan. 2 Holders of rec. Dec. 15
Elevated Ry.,common (quar.) d$1.31 11 Jan. 2 Holders of rec. Dec. 16
Kennecott Copper Corp. (guar.)
Boston
20
*75c. Jan. 15 *Holders of rec.
King Philip Mills (guar.)
First preferred
$4
IJan. 2 Holders of rec. Dec. 16
*13% Jan. 2 Holders of rec. Dec. 22
Extra
Dec.
2 Seven per cent preferred
$3.50 Jan. 2 Holders of rec. Dec. 16
*25
Dec. 20 *Holders of rec. Dec. 20
Kress (S. H.) tit Co., pref. (guar.)
Brazilian Tr., L. St Pow., pref. (guar.)._
9
13% Jan. 2 Holders of rec. Dec. 15
*14 Jan. 2 *Holders of rec.
Brooklyn City Railroad
Loose-Wiles Biscuit, 1st pref. (guar.)._ _
Dec.
20c. Dec. 15 Holders of rect. Nov. 8a
14 Jan. 2 Holders of rec. Dee. 20
Second preferred (annual)
16a Brooklyn Union Gas (guar.)
Jan. 2 Holders of rec. Dec. 15,1
7
Feb. 1 Holders of rec. Jan. 20a Cinc.& Hamilton Tract _common (quar.) 2
Lorillard (P.) Co., corn.(guar.)
1
Jan. 1 Dec. 21
to Jan. 1
3
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Preferred (guar.)
14 Jan. 1 Dec. 21 to Jan. 1
14
Cincinnati Street Ry.(quar.)
Mallinson (H. R.) & Co., Inc., pf.(qu.) 14 Jan. 2 Holders of rec. Dec. 15
13% Jan. 1 Dec. 17 to Jan. 1
Jan. 2 Holders of rec. Dec. 20
Citizens Pass. Ry.. Phila. (uuar.)
Manati Sugar, pref. (guar.)
$3.50 Jan. 1 Holders of rec. Dec. 20a
14 Jan. 2 Holders of rec.
Colorado Power, preferred (guar.)
Dec. 15
Manhattan Electrical Supply (quar.)
14 Dec. 15 Holders of rec. Nov.30
Si
Jan. 2 Holders of rec. Dec.
ConsolGius,ELL.& P.of Balt.,corn.(qu.) 2
Manhattan Shirt, pref. (guar.)
Jan. 2 Holders of rec. Dec. 15a
14 Jan. 2 Holders of rec. Dec. 20
Preferred, Series A (guar.)
Mexican Crude Rubber
2
18
Jan. 2 Holders of reo. Dec. 15a
*2
Jan. 2 *Holders of rec.
l'referred, Series B (guar.)
Michigan Stamping (guar.)
14 Jan. 2 Holders of rec. Dec. 15a
*24 Jan. 25 *Holders of rec. Dec. 25
Consolidated Gas, N. Y.(guar.)
Jan. 15
2
Extra
Dec. 15 Holders of rec. Nov. 91
*1
Jan, 25 *Holders of rec. Jan. 15
Consolidated Traction of N. J
2
Motor Wheel Corp., corn. (guar.)
Jan. 15 Holders of rec. Dec. 30a
*2
Dec. 20 *Holders of rec. Dec.
Continental Passenger Ry., Philadelphia w$3
Mountain Producers (guar.)
Dec. 30 Holders of rec. Nov. 29a
20c. Jan. 2 Holders of rec. Dec. 12
15s I fetrolt Edison ((Mar.)
2
Murray Mfg., corn.(In common stock)_ _ 150lice.
Jan. 15 Holders of rec. Dec. 200
21 Holders of rec. Dec. 18
Duluth-Superior Traction. preferred.... 53
Montgomery Ward & Co., pref. (guar.) _ 4 14
Jan. 2 Holders of rec. Dec. 151
Jan.
2
Eastern Texas Elec. Co., corn. (guar.)._
Jan. 2 Holders of rec. Dec. 13a
Nat. Breweries (Canada), corn. (quar.)_ *13% Jan. 1 Holders of rec. Dec. 21
2 *Holders of rec. Dec. 15
3
Preferred
Jan. 2 Holders of rec. Dec. 13a
Preferred (guar.)
*14 Jan. 2 *Holders of rec.
National t,ro II. iiref
Dec. 15
El Paso Electric Co., common (guar.)._
23% Dec. 15 Holders of rec. Dec. la
*3
iao
t 4110.,1•rs of ie.. Dec. 21
Equitable Ilium. G. L., Phila., prof.... 3
Dec. 15 Holders of rec. Dec. 7a
N. Y. Plate Glass Ins. (stk. dividend)_ _ e33 1-3
Subject to stkhlders' meet. Dec. 15 Frankford & Southw. Pass.. Phila. (qu.) $4.50 Jan. I Dee 2 to
Orpheum Circuit, Inc.. pref. (quar.)...
Dec. 31a
2
Jan. 1 Holders of rec. Dec. 15a
Patine tit,rt Co., commoa
.1.3% Jan. 2 *Holders of rec. Dec. 30
Gold & Stock Telegraph (guar.)
*3
Jan. 2 *Holders of reo. Dec. la
2
Dec. 29 Holders of rec. Dee. 28a
Illinois Hell Tr.leohoue (guar.)
Preferred (guar.)
*14 Jan. 2 *Holders of rec. 1)ec.
Dec. 20 Holders of rec. Dec. 5
15
Kansas City Pow. Scour., corn.(No. 1)_ $2
Paige-Detroit Motor, corn. (guar.)
*3
Jan.
$1.25 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Common (payable in common stock)_ *./100 Dec. 2 *Holders of rec. Dec. 15
29 *Holders of rec. Dec. 22
33% Dec. 15 Holders of rec. Dec. la
Laclede Gas Light, common
Preferred (guar.)
*14 Jan. 2 *Holders of rec.
Dee.
Park Utah Mining (guar.)
Preferred
23% Dec. 15 Holders of rec. Dec. la
15c. Dec. 21 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Der. Ca
11
Mackay Companies, corn. (guar.)
Penney (J. C.) Co., pref. (guar.)
*14
1
Ian. 2 Holders of rec. Dec. Ca
Pettibone, Milliken Co., 1st & 2d pf.(qu.) *14 Dec. 30 *Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 *Holders of rec. Dec. 21
134 Jan. 2 Holders of rec. Dec. ha
Pierce Manufacturing Co. (guar.)
Market St. Ry., San Fr.. prior pf. (qu.)_
*8
14 Dec. 15 Holders of rec. Nov.29s
Extra
Middle West Utilities, pref. (Quar.)
*18
14 Dec. 15 Holders of Tee. Nov. 29a
Provincial Paper Mills. corn. (guar.)._
Prior lien stock (guar.)
1% Jan. 2 Holders of rec. Dec. 15
_
1)4 Jan. 2 Holders of rec. Dee. 9a
Common (special)
Mississippi River Power, pref. (guar.)._
1
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of ree. Dee. 130
Preferred (guar.)
Nlontana Power, corn. (guar.)
14 Jan. 2 Holders of rec. Dec.
13% Jan. 2 'Holders of rec. Dec. 134
15
Preferred ((luar.)
Reece Buttonhole Machine (guar.)
3
Jan. 2 Holders of rec. Dec. 15
(muse.)__ _
2
Dec. 30 Holders of rec. Dec. lla
Reece Folding Machine (guar.)
New England Telco.& Teleg.
Jan. 2 Holders of rec. Dec.
14 Jan. 15 Holders of rec. Dec. 31
Reynoids(K..J.) ob.,
Niagara Falls Power, pref. (guar.)
(qu.) .75c. Jan. 1 holders of rec. 15cc. 15
$1.50 Jan. 1 Dec. 16 to Dec. 31
Northwestern Telegraph
18
Preferred ((mar.)
*14.‘ .19,fl. I Holders of rec. Dee.
14 Jan. 2 Holders of rec. Dec. 150
Pennsylvania Water & Power (quar.)_ _ _
IS
Safety Car Heat & Ltg. (guar.)
*Ui Dec. 23.'holders of rec. Dec. 12
Philadelphia Electric, corn. & pf.(U.).. 5()c. Dec. 15 Holders of ree. Nov. 16
Sagamore Mfg. (stock dividend)
• e662-3 Subj. to stockholders meet. Dec.
2
Dec. 30 Holders of ri3c. Dec. 150
18 Public Serv. Corp. of N. J., corn.
St. L. Rocky Mt.& Pac. Co., corn.(qu.) 1
Dec. 30 holders of rec. Dec. 16a
2
Dee. 30 Holders of rec. Dec. 15a
Preferred ((lilac.)
Preferred (guar.)
14 Dec. 30 Holders of rec. Dec. 160
134 Dec. 15 Holders of rec. Nov 30
San Joaquin Light & Power, pref. (qu.)_
Scotten-Dillon Co. (guar.)
*3
Dec. 30 *Holders of rec. Dec. 20
14 Dec 15 Halders of rec. Nov. 30
Prior preferred (guar.)
Extra
*10
Dec. 30 Holders of rec. Dec.
Ian. 1 Holders of rec.
Second & Third Sts. Pass., Phila. (qtr.). $3
la
Stock dividend
e33 1-3 Dec. 18 Holders of rec. Dec. 20
14 Jan. 10 Holders of rec. Dec. 22
Shawinigan Water & Power (quar.)..
8
Scott & Williams, Inc., corn. (in stock)_ *160
14 Dec. 15 Holders of rec. Noy.30
Southern Colorado Power, pref. (quar.)_
Shell Union Oil, common (guar.)
25e Dec. 30 Holders of rec. Dec. 29
2
Dec. 15 Holders of rec. Nov.30a
Standard Gas & Electric, pref. (guar.)._
Sherwin, WililamsCo., Can., corn.(qu.).
Dec. 31 Holders of rec. Dec. 15
2
Dec. 30 Holders of rec. Dee. 15a
Twin City Rap 'Fransit, MItmeap., corn_
Preferred (quar.)
131 Dec. 31
1 If Dee, 30 Holders of rec. Dee. 15a
Preferred (guar.)
Standard Oil (Kansas) (stock dividend). *e300 Dec. 30 Holders of rec. Dec. 15
*Holders of rec. Dec. 16
873-4e. Dec. 15 Holders of rec. Nov 30
IThited Gas Impt., pref. (guar.)
Sterling Salt (stock dividend)
*e25 Subj. to stockholders meet. Dec.20 Washington Water Pow., Spokane (qu.) 14 Jan. 15 Holders of rec. Dec. 22
Stromberg Carburetor (guar.)
$1.25 Jan. 2 holders of rec. Dec. 14
1
Jan. 15 Holders of rec. Dec. 22
Extra
Studebaker Corp., corn. (In corn. stock)_ 1'25
Dec. 29 *Holders of rec. Dec. 16
13% Dec. 15 Holders of rec. Dec. 1
West Penn Railways, pref. (guar.)
United Dyewood, common (quar.)
Jan. 2 Holders of rec. Dec. 15
Dec. 30 Holders of rec. Dec 13a
$1
Wisconsin Edison
Preferred (guar.)
13% Jan. 2 Holders of rec. Dec. 15
U.S. Tobacco, common (guar.)
75e. Jan. 2 Holders of rec. Dec. 18
Banks.
Preferred (guar.)
Jan. 2 holders of rec. Dec. 18
(o)
Nov. 29t to Dec. 5
o Manhattan Co.(Bank of the) in stock_ el00
Vacuum Oil (stock dividend)
*e300 Dec .30 *Dec. 16 to Dec. 29
150
Holders of rec. Dec. 11
Mutual (payable in stock)
Van Zandt, Inc. (stock
dividend)
*e114
el(las Dec. 29 Holders of rec. Dec. 20
Wamsticta Mins
s Piihile National (payable In stock)._
k livislend)
*ow. Subject to stkhldrs' meet. Dec. 26
4
Dec. 30 Holders of rec. Dec. 20
West Point Manufactur
Public National (guar.)
ing
3
Jan. 1 Holders of rec. Dec. 15
2;4 Jan. 2 Holders of rec. Dec. 20a
Western Electric Corp., pref.
Bank of the United States (guar.)
(quar.)
131 Dec. 30 Holders of rec. Dec. 12
Western Groeer. nreferr -1
*3
Jan. 1 t touler3 of rec. Dec. 21
Westinghouse Elec. & Mfg., corn.
Trust Companies.
(qu.)- *$1
Jan. 31 *Holders of rec. Dec. 29
e50
Preferred (quar.)
Lawyers Title & Trust (in stock)
*$1
Jan. 15 *Holders of rec. Dec. 29
Wiscassette Mills (stock
dividend)
*0200
Worcester Salt (stock dividend)
Fire Insurance.
*e100 Subj. to stockholders meet. Dec. 19 Globe & Rutgers Fire
e400
Wrigley (Wm.) Co. (stock
(Pay• in stock) Dec. 30 *Holders of rec. Dec. 23
Wyoming Associated 011 dividend)... *010
National Liberty (payable in stock)._ _ _ e50
(x)
(guar.)
*2
Jan. 12 *Holders of rec. Dec. 15
Yale & Towne Manufacturing Co
North River (guar.)
15 Holders of rec. Dee. 12s
Dec.23-4
Si
Jan. 2 Holders of rec. Dec. 14
*e50
Niagara Fire
Sub. to stkhldrs' meet.Dec. 14
Name of Company.
Miscellaneous.
2555
THE CHRONICLE
DEc.9 1922.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
131 Jan. 2 Holders of rec. Dec. 23a
General Cigar, debenture pref. (quar.)_ _
Dec. 30 Holders of rec. Dec. 15a General Motors Corporation, corn
$1
50c. Dec. 20 Holders of rec. Nov. 27a
Adams Express (guar.)
75c. Jan. 2 Holders of rec. Dec. 15a Glen Alden Coal (No. 1)
41.50 Dec. 20 *Holders of rec. Dec. 1
Advance-Rumely, pref. (guar.)
Oct. 27
Dec. 15 lloiders of rec.
$1
Dec. 15 Nov. 30 to Dec. 15
1
Ahmeek Mining
Globe Soap, common (quar.)
15
Jan. 16 Holders of rec. Dec. 2S
2
First,second & special pref. stks.(qu.) 1% Dec. 15 Nov. 30 to Dec. 30a
Alliance Realty (quar.)
Dec. irt Holders of rec. Dec. tla
e25
131 Dec. 10 Holders of rec. Nov.
Stork dividend
151 Globe-Wernicke. common (quar.)
14 Jan. 2 Holders of rec. Dec.
F.) Co.. preferred (quar.).. 1% Jan. 2 Holders of rec. Dec. 22a
Chem.& Dye Corp., pref. (qu.).. _
Allied
Goodrich (B.
20a
1% Jan. 15
Goodyear Tire & Rubb. of Can.,pf.(qu.) 1% Jan. 10 Holders of rec. Dee.
Amer. Art Works, corn. & pref.(quar.)
$10 Dec. 29 Holders of rec. Dec. 15a
131n Jan. 10 Holders of rec. Dec. 20a
Prior preference (quar.)
Amer. Bank Note, corn. (extra)
Dec. 29 Holders of rec. Dec. 15a Goulds Manufacturing, corn. (quar.)
(payable in common stock)_ _ /10
Jan. 2 Holders of rec. Dec. 20
Common
131
75e. Jan. 2 Holders of rec. Dec. 15a
14 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
Preferred (guar.)
Holders of roe. Dec. 9s
50c Dee. 15 Holders of rec. Nov. 15a
American Beet Sugar, preferred (quar.).. 131 Dec. 30 Holders of rec. Jan. 3Ia Great Atlantic & Pacific Tea, corn.(qu.)
common (guar.)(No. 1). 131 Feb. 15
Dec. 21 Holders of rec. Dec. la
Si
Iron Ore Properties
American Can,
2 Holders of rec. Dec. 15a Great Northern
131 Jan
*Holders of rec. Dec. 4
.e200
Preferred (quar.)
Great Northern Paper (in stock)
Dec. 15
Jan. 1 Holders of rec.
3
Jan. 2 Holders of rec. Dec. 15
2
Car & Fdy., corn. (quar.)
Tap & Die Corp., pref.(qu )_
Amer.
Greenfield
131 Jan. 1 Holders of rec. Dec. 15
(quay.)
Jan. 3 Holders of rec. Dec. 15a
2
Preferred
5a Guantanamo Sugar, pref. (quar.)
131 Dec. 15 Holders of rec. Dec. 28a
131 Jan. 2 'rollers of rec. Dec. 15a
American Fork & Hoe,common (quar.)_
;ifif states Steel. 1st pref. (guar.)
Dec. 15 Holders of rec. Nov.
1
Glue, corn. (quer.)
Dee. 15 *Holders of rec. Doe. 13
*5
American
Hall C. M. Lamp
134 Dee. 30 Holders of rec. Dec. 13a
(v)
American Locomotive, common (quar.)_
own Shoe(payable In stock) e25
131 Dec. 30 Holders of rec. Dec. 13a oHamilton-Br pref. (quar.)
Dec. 15 Dec. 6 to Dec. 15
Preferred (quar.)
2
Hanna Furnace.
Dee. 30
1 tj Dec. 31 Dee 17 to
American Maturfarturing, pref. (guar.).
Harbison-Walker Refrac., pref. (quar.)- 1% Jan. 20 Holders of rec. Jan. 10a
(quar.)..._. .14 Jan. 1 *Holders of rec. Dec. 20
Dee. 20 Holders of rec. Nov. 30
$1
American Multigraph, pref.
Hawaiian Pineapple, Ltd. (special)
1% Jan. 1 Dec. 27 to Jan. 1
American Plano, common (quar.)
75e. Dec. 15 Dec. 1 to Dec. 16
Hayes Wheel
14, Jan. 1 Dec. 27 to Jan. 1
Preferred (quar.)
*15c. Dec. 20 *Holders of rec. Dec. 1
Hecla Mining (guar.)
30 Holders of rec. Dec. 15a
Dec.
$1
American Radiator, corn. (quar.)
*35c. Dec. 20 *Holders of rec. Dec. 1
Extra
/50 Dec. 30 Holders of rec. Dec. 15a Humphreys Oil
Common (payable in common stock)_ _
Dec. 15 Holders of rec. Nov. 29
5
Jan. 15 holders of rec. Dec. 15
8
American Sales Book, common
lies. 15 holders of rec. Nov. 29
e75
Humphreys Oil (stock dividend)
trrlders of rec. Nov. 20
131 Dec. 15
Preferred (fipal arrears of dividend)_ _
Dec. 30 Nov.30 to Dec. 26
8
Illinois Pipe Line
10
Dec. 1 Dec. 2 to Dec.
e50
American Screw (in stock)
25c. Jan. 1 Holders of rec. Dec. 100
Jan.15'23 Imperial 011, common (quar.)
American Shipbuilding, common (Quer.) 2 F eb. 1'23 Holders of rec.Apr.14'23
Sc. Jan. 1 Holders of rec. Dec. 10a
Common (extra)
2 M ay 1'23 Holders of rec.
Common(quar.)
20e. Jan. I Holders of rec. Dec. 10a
Preferred (quay.)
2 A ug. 1'23 Holders of rec.July 1423 Indiana Pine Line
Common (quar.)
$20 Dec. 30 Holders of rec. Dec. la
Co (special)
Dec. 22
American Smelt. Seour., pref. A (quar.). 1% Jan. 2 Dec. 14 to Dec. 22
Jan. 5 Holders of rec. Dec. 15a
Ingersoll-Rand Co.,corn.(special, cash) 10
ni Jan. 2 Dec. 14 to
Preferred B (quar.)
75c. Dec. 30 Holders of rec. Dec. 153
International Cement, common (quar.).
Dec. 30 Holders of rec. Dec. 9a
(in
118
Amer.Steel Foundries,com. com.stk
131 Dec. 30 Holders of rec. Dec. 15a
Preferred (guar.)
1 Dec. 22 to Jan. 1
131 Jan.
American Stores (guar.)
*131 Jan. 15 *Holders of rec. Dec. 23
corn. (quar.)
1% Jan. 2 Holders of rect. Dee. la internat. Harvester, in
American Sugar Refining, pref.(quar.)
Jan. 25 *Holders of rec. Dec. 23
Common (payable common stock)_ _ *.(2
1.31 Jan. 2 Holders of rec. Dec. 9
American Tobacco, pref. (quar.)
131 Jan. 1 Holders of rec. Dec. 15a
International Salt (quar.)
*Nov. 15 to Nov. 30
Jan. 1
American Thread. preferred
131 ..an. 1 Dec. 16 to Jan. 1
International Silver, pref. (quar.)
1
Dec. 16 to Jan.
M Jan.
Armour & Co., preferred (quar.)
Jan. 1 Dec. 16 to Jan. 1
1
Pref. (account accum. dividends)_ _
5
Dee. 15 Holders of roe, Nov. 210 Inter-State Gasoline, common
Atlantic Relining, common (attar.)
Jan. 1 Dec. 2 to Jan. 1
3
Dec. 2 Holders of rec. Dec. 12a Isle Royale Copper Co
Atlantic Refining, corn. (In corn. stock). 1900
50c. Dec. 22 Holders of rec. Nov. 15a
1
Dec. 18 Holders of rec. Dec 8
Atlantic Terra Cotta, pref. (quar.)
Kaufmann Dept. Stores, pref. (quar.)..
131 Jan. 2 Holders of rec. Dec. 20
3
Dec. 11 Holders of rec. Nov.29a Kellogg Switchboard & Supply (in stock) el5
Atlas Powder, common (quar.)
Dec. 21 Holders of rec. Dec. 1
2
Dec. 15 Holders of rec. Dec. 12
16a
Autocar Co.. pref.(guar.)
Kresge (S. S.) Co., common
331 Dec. 30 Holders of rec. Dec.
131 Apr. 2 Holders of rec. Mar. 23
unabeock & Wilcox (quar.)
1% Dec. 30 Holders of rec. Dec. 16a
Preferred (guar.)
Holders of rec. Dec. 20
(u)
33 1-3
ItStock dividend
Dec. 30 *Holders of rec. Dec. 15
*2
Dec. 2a Laclede Steel
_
3% Jan. 1 Holders of rec.
Baldwin Locomotive, corn. and pref
*e100 Sub. to stkhldrs' meet. Dec. 28
Lanett Mills (payable in stock)
4c. Dec. 9 Holders of rec. Dec. la Laurens Cotton Mills
23a
Beech-Nut Packing, common
331 Dec. 31 H .1ders of rec. Dec.
lm/ Dec. 15 Holders of rec. Dec. la
Belding-Cortice111, Ltd.. pref. (quar.)_ _ _
131 Dec. 15 Holders of rec. Dec. 13a
150 Lawson (F.II.) Co.,series B (quar.)131 Jan. 2 Holders of rec. Dec.
Bethlehem Steel, corn. & corn. B (quar.)
Jan. 2 Holders of rec. Dec. 14a
$2
Lehigh Valley Coal Sales (quar.)
131 Jan. 2 Dec. 16 to Jan. 1
Seven per cent cum. preferred (quar.)_
Liggett & Myers Tobacco, pref. (quar.)_
131 Jan. 1 Holders of rec. Dec. 15
1
131 Jan. 2 Dec. 16 to Jan
Seven per cent non-curn. pref. (quar.)_
*e100 Subj. to stockh'rs' meet. Dec.28.
Lit Bros.(payable in stock)
2
Jan. 2 Holders of reo. Dec 15a Mathieson Alkali
Eight per cent preferred (quar.)
.131 Jan. 2 *Holders of rec. Dec. 20
Works, pref. (guar.) _ 4
131 Dee. 15 Holders of rec. Dec.
Borden Co., pref. (auar.)
McCrory Stores Corp.,co m.(in com.s(k.) /10 Dec. 15 Holders of rec. Nov. 30a
e400
Dec. 30 Dec. 10 to Dec. 30
Borne,Scrymser & C0.'(i. stock)
25e. Jan. 2 Holders of rec. Dec. la
McIntyre Porcupine Mines, Ltd
$1 Dec. 15 Holders of rec. Dec. 1
Boston Woven Hose dr Rubber
.1ers of rec. Dec. 14a
e50
tag,tolla Petroleum (in stock)
3
Dec. 15 Holders of rec. Dec. 1
Preferred
May Department Stores, corn. (guar.)._ .2% Mar. 1 *Holders of rec. Feb. 15
23
50c. Jan. 2 Holders of rec. Dec.
British-American 011 (quar.)
Dec. 2t * I eiders of rec. Dec. 16
1 (payable In common stock)._ tf30
OMMO
50c. Jan. 2 Holders of rec. Dec. 23
Extra
14 Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
Dec. 15 Holders of roe. Nov. 20
$2
Buckeye Pipe Line
2% Dec. 30 Holders of rec. Dec. 6a
Mergenthaler Linotype (guar.)
Dec. 15 Holders of roe Nov. 20
$2
Extra
30e. Jan. 1 Holders of rec. Dec. 10
Der, 30 Holders of rnc. Nov. 290 Middle States Oil (quay.)
825
Buckeye ripe Line (special)
Extra (in stk. 011 Lease Devel. Co.)_ (k) Jan. 1 Holders of rec. Dec. 10
rec. Dec. 20a
131 Jan. 2 Holders of
Bucyrus Co., Pref.(quar.)
Dec. 11 Holders of rec. Nov 29a
1$7
1131 Jan. 2 Holders of rec. Dec. 201 Montgomery Ward & Co., pref
Pref.(extra) (acc't accumulations) _ _ _
131 Dec. 15 Holders of rec. Nov.30
1/3 Jan. 2 Holders of rec. Dec. 201 Montreal Cottons, corn.(guar.)
Prof. (special) (acc't accumulations)_ _
Preferred (quar.)
131 Dec. 15 Holders of rec. Nov.30
Dec. 20a
2
Dec. 30 Holders of rec.
Burroughs Adding Machine (quar.)._
1231c Dec. 15 Dec. 2 to Dec. 19
Mutual 011 (guar.)
131 Jan. 2 Holders of rec. Dec. 20a
Bush Terminal Bidgs., pref. (quar.). _ _ _
75e. Jan. 15 Holders of rec. Dec. 30a
Sc Jan. 2 Holders of rec. Dec. 15a National Biscuit, new common (quar.).,
California 011 & Gas
Dec. 30 Holders of rec. Nov.24a
Common (payable in common stock)_ /75
30a
$1.50 Dec. 13 Holders of rec. Nov.
California Packing Corp., corn. (q11.)
194 Dec. 30 Holders of rec. Dec. 9a
•
.50c. Dee. 18 Holders of rec. Dec'. 20 National Enam.& Stpg., pref. (quar.)..
Calumet & Arl7ona Mining (quar.)
National Fuel Gas (payable in stook) - *e100 Subj. to stockb'rs meeting Dec. 11
of rec. Oct. 27
Dec. 15 Holders
$5
Calumet & Hecla Mining
Dec. 30 Holders of rec. Dec. 15a
2
National Lead, corn. (quar.)
we. 15 Holders of rec. Dec. 10
Carter (William) Co., pref. (quar.)
1% Dec. 15 Holders of rec. Nov.24a
Preferred (quar.)
lla
Case (J. I.) Threshing Mach., pref.(qu.) 13( Jan. 1 Holders of rec. Dec.
,sec. 15 twitters of rec Nov. 24a
National lead, pref. (quar.)
Nov. 15a
Nov. 15 Holders of rec.
Casey hedges •o.. (tom (in corn. stk.). /20
National Sugar Refining (guar.)
131 Jan. 2 Holders of rec. Dec. 11
Certain-Teed Products Corp
Jan. 2 Holders of rec. Dec. la
3
National Surety (quar.)
131 Jan. 1 Holders of rec. Dec. 14a
preferred (quar.)_ _
First and second
50c. Dec. 15 Holders of rec. Nov. 29a
National Transit
331 Dec. 28 Holders of rec Dec. 12
Chesebrough Mfg., coin. (quar.)
Jan. 1 Holders of rec. Dec. lla
84o
1% Dec. 28 Holders of rec. Dec. 12a New York Air Brake, class A (quar.)__ _ *57
Preferred (quar.)
Dec. 15 *Holders of rec. Dec. 5
New York Canners, Inc., 1st pref
*Holders of rec Dec. 19
*(1) Dec. 30
Chicago Ry.Equipment (in stock)
234 Jan. 15 Holders of rec. Jan. 5
New York Dock, preferred
33 1-3c Jan. 2 Holders of rec. Dec. 20
Chicago Yellow Cab (monthly)
Jan. 2 Holders of rec. Dec. 15
1%
New York Steam Corp., prof. (titian).- lies, 11 Nov. 28 to Dec. 11
2
Childs Co., common (guar.)
Jan. 15 Holders of rec. Dec. 6
3
New York Transit
Dec. 11
131 1)ec. 11 Noy. 28 to
Preferred (quar.)
Dec. 30 Holders of rec. Dec. 6
80
Special
Cities Service
$1.25 Jan. 2 Holders of rec. Dec. 5a
Jan. 1 Holders of rec. Dec. 157 North American Co., corn. (quar.)
Common (monthly pay. in cash scrip). g%
75e. Jan. 2 Holders of rec. Doe. 51
Preferred (guar.)
Dec. 15a
Common (payable in com. stock scrip) 131 Jan. 1 Holders of rec. Dec. 15a Northern Pipe Line
Jan. 1 Holders of rec. Dec. 4
5
% Jan. 1 Holders of rec.
Jan. 1 Holders of rec. Dec. 4
Pref. and pref. B (payable in cash)-- _
15
Special
Jan. 1 Holders of rec. Dec. 20
2
Subj. to st'kh'rs meeting Dec. 12
Cleveland Onion Stock Yards (quar.) _
Northwestern Yeast (payable in stock) el00
20
Dec. 23 Holders of rec. Dec. 2
50e. Dec. 30 Holders of rec. Dec. 9a
Special (in cash)
Nunnally Co
Dec. 12 Holders of rec. Dec. 12
60
Dec. 30 *Dec. 2 to Jan. 1
Stork dividend
.53
of rec. Ded. 15a Ohio Oil (quay.)
$1.50 Jan. 2 Holders
.e300 Dec. 30 *Holders of rec. Dec. 1
Coca-Cola Co.,common (quar.)
Stock dividend
3% Jan. 2 Holders of rec. Dec. 151
Dec. 22 Holders of rec. Dec. 1
$1
Preferred
Osceola Mining (quar.)
Jan. 1 Holders of rec. Dec. la
50c. Ian, 1 Holders of rec. Dec. la
Colonial Finance Corp., corn.(quar.)_ d25c
Co., common (quar.)
Jan. 1 TTolders of ree. Dee. is Owens Bottle
2
Preferred (enter.)
1% fan. 1 Holders of rec. Dec. 16a
Preferred (Qum.)
of rec. Dec. 22a
Computing-Tabulating-Recording (qu.)_ $1.50 Jan. 10 Holders
$1.50 Jan. 20 Holders of rec. Dec. 15a
011
50c. Jan. 2 Holders of rec. Dec. 204 Pacific Motor Car corn. (in corn. stock) 1100 Dec. 16 Holders of rec. Dec. t9a
Con nor (J.T.) Co. corn. (quar.)
Jan. 2 Holders of rec. Dec. 20a Packard
3
. Dec. 15 Holders of rec. Nov.29a
Preferred
Preferred (guar.)
*131 Jan. 15 *Holders of rec. Dec. 20
Jan. 20 Holders of rec. Dec. 30a
Consolidated Car-Heating (quar.)
Pan-Am. Petrol. Se Trans.,cm.A&B(qu.) $2
Dec. 15
Dee. 15 Nov. 24 to
2
Dec. 11 Holders of rec. Nov. 17t
Continental oil (quar.)
Corn., A & 15 (pay. In corn. 11 stock).... (25
to Dec. 14
10c. Jan. 1 Holders of rec. Dec. 15
Cooper Corporation, Class A (quar.)...,. 3731c. Dec. 15 Dec. 2 to Jan. 1
Park City Mining dr Smelting
Dec. 30 Dec. 16
Cramp(Wm.)&SonsShip&Eng.B1g.(qu.) 1
*50c. Dec. 15 *Holders of rec. Dec. 5
of rec. Dec. la Parke, Davis & Co.(quar.)
Dec. 15 Holders
1
75c. Deo. 31 Holders ot rec. Dec. la
Crane Co., common (quar.)
& Motor (quar.)
14 Dee. 15 Holders of rec Dec. la Peerless rruck
50e. Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
Phillips Petroleum (quar.)
75c. Dec. 15 Nov. 25 to Dec. 15
Crescent Pipe Line (guar.)
14 Jan. 1 Dec. 22 to Dec. .30
Pick (Albert) & Co., pref. (quar.)
Dec. 15a
131 Dec. 30 Holders of rec.
Crucible Steel, preferred (quar.)
Dec. 31 *Holders of rec. Dec. 15
*2
Pittsburgh Plate Glass (quar.)
Ili Jan. 2 Holders of rec. Dec. 15a
Cuban-American Sugar, Prof. (quar.)
Jan. 20 *Holders of rec. Jan. 5
.5
Extra
Dec. 15 Holders of rec. Dec. 1
12
Cumberland Pipe r.itte (annual)
Subj. to st'kh'rs meeting Jan. 29
*e30
Stock dividend
Sub. to stkhldrs meet. Dec. 18
*e40
Dec. 11 *Holders of rec. Dec. 4
Del. Lack. & West. Coal (in stock)
Pittsb. Terminal Wareh.& Transf.(qu.) *51
Dec. 19 *Holders of rec. Dec. 8
Detroit Creamery (payable In stock). _ 5e50
*e200 Sub. to stkhldrs' meet. Dec. 12
Prairie Oil& Gas (stock dividend)
*Holders of rec. Dec. 30
Jan. 15
*2
Detroit Motor Bus (quar.)
.e200 Sub. to stkhldrs' meet. Dec. 20
Prairie Pipe Line (stock dividend)
Jan. 15 *Holders of rec. Dec. 30
*1
Extra
1% Dec. 15 Holders of rec. Nov.25a
Procter & Gamble 6% pref. (quar.)_
Dec. 10 *Holders of rec. Nov. 28
5e25
Stock dividend
Jan. 2 Holders of rec. Dec. 150
2
Pure Oil,8% pal.(quar.)
Dec. 15 Holders of rec. Nov. 2.H
2
Diamond Match (guar.)
131 Jan. 2 Holders of rec. Dec. 150
Six per cent pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 15
Dominion Glass, corn. and pref. (quar.)_
1.4 fan. 2 Holders of rec. Dec. 15a
Five and one-quarter per cent pf.(qu.)
___
Jan. 1 Holders of rec. Dec. 15
14
*234 Jan. 15 *Holders of rec. Dec. 30
Dominion Iron & Steel, pref.(quar.)_
20c. Jan. 1 Holders of rec. Dec. 100 Quaker Oats, common (guar.)
Dominion Oil (quar.)
.131 Feb. 28 *Holders of rec. Feb. 1
Preferred (quar.)
10c. Jan. 1 Holders of rec. Dec. Ito
Dec. 30 Holders of rec. Dec. 16a
2
Extra
Railway Steel-Spring, corn. (quar
2 holders of rec. Dec. 15
Jan.
3
M Dec. 20 Holders of rec. Dec. 7a
Dominion Textile, corn. (quar.)
Preferred (quar.)
131 Jan. 15 Holders of roe. Dec. 30
2c. Jan. 1 Holders of rec. Dee. 10a
Preferred (qtlar.)
1 Holders of rec. Dec. 2a Ranger Texas 011 (quar.)
Jan
3
(quar.)
le. Jan. 1 Holders of rec. Dec. 10a
Extra
Draper Corporation
Dec. 15 Holders of me. Dec. 5a
duPont(E.I.)deNem.&Co., corn. (quar.) 2
Jan. 15 Holders of rec. Jan. 5
3
Realty Associates
131 Jan. 25 Holders of rec. Jan lea
Jan. 15 Holders of rec. Jan. 5
2
Debenture stock (quar.)
Extra
$1.25 Jan. 2 Holders of rec. Nov. 29a
(quar.)
3% Dec. 15 Holders of rec. Dec. 9
Eastman Kodak, corn.
29a Remington Typewriter, first preferred
50c. Dec 30 Holders of rec. Nov.
3% Dec. 15 Dec. 10 to Dec. 15
Common (extra)
First preferred, Series S
1% Jan, 2 Holders of rec. Nov. 29a
14 Jan. 1 Holders of rec. Dec. 18
Reynolds Spring, pref. A & B (quar.)
Preferred (quar.)
Inc., Pt. (qu.) 14 Jan. 1 Holders of rec. Dec. 20a Rickenbacker Motor Co.(No. 1)
Feb. 1 *Holders of rec. Dec. 30
.5
Eisenlohr (Otto) & Bros.,
Dec. 15 Holders of roe. Dec. la
4
(extra)
25c. Dec. 20 Dec. 10 to Dec. 20
St. Joseph Lead (guar.)
Elgin National Watch Pref. (guar.)
1% Dee. 11 Holders of rec. Dec. 1
25e. Dec. 20 Dec. 10 to Dee. 20
Extra
Elk Horn Coal Corp.,
(xi)
Gds.,com.(in com.:_ttk.) 133 1-3
Dec. 29 Holders of rec. Dec. 15
Schulte Retail Stores, corn.(in pref. stk.) $5
Ely-Walker Dry
new $2a par
14 Jan. 1 Holders of rec. Dec. 15,1
Sears, Roebuck & Co., pref. (quar.).
Emerson Drug, corn. (in
*1400 Dec. 15 *Holders of rec. Dec. 12
e 33 1-3 (m)
m Singer Mfg.(tayable in stock)
stock)
Dec. 17
common
Dec. 15 D3c. 1 to
2d pref.(quar.) 2
*e100
Solar Refining (payable in stook)
Emery & Beers Co.,Inc.,
Jan. 2 Holders of rec. Dec. 15a
Corp.,com.(qu.). $2
Dec. 20 Nov. 30 to Dec. 10
5
Solar Refining
Famous Players-Lasky
14 Dec. 15 Holders of rec. Nov. 25a
Dec. 20 Nov. 30 to Dec. 10
5
Extra
& Smelting. pref.(quar.)
Federal Mining
el00
in stock
Dec. 30 Holders of rec. Dec. 9a
2
Rico Sugar, pref. (quar.)
Fidelity & Casualty Corn any
Doe. 30 Holders of rec. Nov. 29t South Porto Pa. Pipe Lines (quar.).
1
Dec. 30 Holders of rec. Dec. 15
4
South %Vest
Galena-Signal Oil. common
Dec. 30 Holders of rec. Nov.29
2
Jan. 20 Holders of rec. Dec. 31a
preferred (quar.)
States 011 (payable in stock),,, e8
Old and new
Jan. 15 Holders of rec. Dec. 7a Southern
2
(quar.)
Dee. 15 Holders of rec. Nov.30
2
pref. (guar.)._
General Electric, common
15 Holders of rec. Dec. 7a StandardGas & Electric,
15c. Jan.
Special stock
r
2556
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
[Vol,. 115.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the Now York City
Clearing House members 'for the week ending Dec. 2. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Standard Milling, corn. (in corn. stock) /60
Dec. 22 Holders of rec. Dec. 5
Standard011 (Calif.) (quar.)
$1
Dec. 15 Nov. 21 to Dec. 5
p Stock dividend
el00
pDeo.30 Holders of rec. Dee, t9a
Standard 011 (Indiana) (quar.)
El
Dec. 15 Nov. 17
to Dec. 1,
Standard Oil (Indiana) (in stock)
se100
(I)
*Holders of rec. Dec. 28
Standard 011 (Kansas) (quar.)
3
Dec. 15 Holders of rec. Nov. 25a
Extra
3
Dec. 15 Holders of rec. Nov.
Standard Oil (Kentucky) (quar.)
$1.25 Dec. 30 Dec. 16 to Jan. 25/
NEW YORK WEEKLY CLEARING HOUSE RETURN
2
Extra
55
S.
Dec. 30 Dec. 16 to Jan. 2
1 Stock dividend
se 66 2-3 Dec. 30 *Holders of rec. Dec.
(Stated In thousands of dollars-that is. three
15
ciphers )000) omitted.)
Standard Oil (Nebraska)
5
Dec. 20 Nov. 23 to Dec 20
Extra
10
New I
Dec. 20 Nov. 23 to Dec. 20
Standard 011 of N.J., corn.(in corn. stk.) 1400 Dec.
Capital., Profits. Loans,
Reserve
Standard Oil of N. J.. corn. $25 par (qu) $1.25 Dec. 20 Holders of rec. Nov.t25a
Week ending
15 Holders of rec. Nov. 25a
Di3C014711, Cash
with
Net
Time Bank
Common ($100 par)
Dec. 2 1922 Nat'l, Sept.15 Invest5
Dec. 15 Holders of rec. Nov. 25a
In
Legal Demand
De- Ciro*.
Preferred (quar.)
State, Nov.15 ments, Vault. Deposi- Deposits.
Dec. 15 Holders of rec. Nov. 25a
posits. iaStandard 011 of New York (quar.)
omitted.) Tr.Cos, Nov.15
(000
$4
Dec. 15 Holders of rec. Nov. 24
&c.
tories.
Standard Oil (Ohio) corn.(In corn. stock) 1100
Son.
Dec. 12 *Holders of rec. Nov. 27
Standard Oil (01110), common (quar.)_
Members of Fe d. Res.i Bank. Average
3
Jan. 1 Holders of rec. Nov. 24
verage Average Average Average Ac ye.
Extra
Bank of N Y &
1
Jan. 1 Holders of rec. Nov.
S
$
$
Sterling Products (extra)
Trust Co_ -- - 4.000 11,841
75e. Dec. 22 Holders of rec. Dec. 24
66,342 1,134
6a
47,971 6,11
Stetson (J. B.) Co., corn
Bk of Manhat'n 5.000 17.745 126,257 2,163 6,567
.15
Jan. 15 *Routers of rec. Oct. 31
Preferred
101,769 18,815
Mech& Met Bat 10.000 17,847 168,308 4,353 13,959
*4
Jan. 15 *Holders of rec. Oct. 31
20,717
Stewart
155,621 6,164
-Warner Speedometer (extra)
999
$I
Dec. 15 Holders of rec. Nov. 29a Bk of America_ _ 5,500 4,551
66,906 1,398 8,889
Stromberg Carburetor (quar.)
66,540 2,980
_
*51.25 Jan. 2 *Holders of rec. Dec.
Nat City Bank_ 40,000 50.929 502,206 7,113
Submarine Signal (quar.)
Chem Nat Bank 4,500 16,004 118,046 1,116 60,855 *552,961 63,366 2,135
50c. Dec. 31 Holders of rec. Dec. 14
13,299
10
98,369 11,368
Swift & Co. (quar.)
348
2
Nat Butch Sr Dr
Jan
500
214
5,054
1 Dec. 10 to Jan.
77
567
Texas Chief Oil (quar.)
3,901
298
20e. Jan. 1 Hollers of rec. Dec. 4
Amer Exch Nat 5.000 7,846
98,467 1,247 11,274
10a
Extra
81,335
4,923
10c. Jan. 1 Holders of rec. Dec. 10 /
Nat Bk of Corn_ 25,000 37,778 323,663
776 33,592
255,552 15,209
Texas Company (quar.)
Pacific Bank._
75c. Dec. 30 Holders of rec. Dec.
1,000 1,701
23,304 1,201 3,514
23,911
Texas Gulf Sulphur (quar.)
913
_
$1.25 Dec. 15 Holders of rec. Dec. la Chat& PhenNat 10.500 9,810 150,105 6,409 17,052
la Hanover Nat Bk 5,000 20,529
121,749 24,072 5,736
Extra
75c. Dec. 15 Holders of rec.
113,422
362 13,390
Dec.
100,427
Texas Pacific Coal & 011 (quar.)
100
25c. Jan. 2 Holders of rec. Dec. la Corn Exchange_ 8,250 11,553 168,395 6,965 21,808
On
152,764 22j6§
Timken Roller Bearing (quar.)
75c. Dec. 20 Holders of rec.
32,739
568 3,350
Dec. 5a Imp & Trad Nat 1.500 8,627
24,703
Todd Shipyards Corp. (quar.)
793
51
National Park _ _ 10,000 23,757 153,523
*52
Dec. 20 *Holders of rec. Dec. 5
918 16.095
121,385 5.248 5,431
Tonopah
uw.1 (mar.)
East River Nat_
1.000
834
Ian. 1 De . Isi
14,710
317 1,784
so
i 'cc. 21
12,879 1,933
Tonopah Extension Mining (quan)
50
Jan. 1 Holders of rec. Dec. Ila First National.. 10.000 47,398 310.116
458 24,882
184.593 28,786 7,241
Extra
Irving National 12:000 11, 27 185,773 4,480 24,705
1 500
Sc. Jan. 1 Holders of rec.
02
90
182.669 8,039 2,522
Torrington Co., corn. (quar.)
623. Dec. 20 Holders of rec. Dec. ha Continental Bk.
7,274
148 1,073
6,153
360
Common (extra)
$3.75 Dec. 20 Holders of rec. Dec. 8
Chase National. 20,000 21, 80 329,946 4,214 39,561
437
7
299,404 32,326 1,092
Dec. 8
Traylor Engineering & Mfg., pf. (qu.)_ _ *2
Fifth Avenue..
22,911
Jan. 2 *Holders of rec. Dec. 23
623 2,649
20,357
Turman 011 (monthly)
Commonwealth.
500 2 05
978
5
4 :
1
9,125
Dec. 20 Holders of rec. Nov. 29
477 1,146
8,835
81
Underwood Typewriter, corn. (quar.)
Garfield Nat__ .. 1:200 1,621
1 000
14,973
Jan. 1 Holders of rec. Dec. 2
426 2,047
13,962
,1
33
Preferred (guar.)
397
Fifth National.
17,934
Jan. 1 Holders of rec. Dec. 2a
264 2,221
16,712
677
248
Union Carbide & Carbon (quar.)
1 000 133
Seaboard Nat.. 4;300 6; 34
99
$1 Jan. 1 Holders of rec. Dec.
76,692 1,156 9,501
71,274 1,820
6a Coal & Iron Nat
65
Union Mills, corn.(pay.In corn. stock)_ _ 1100
15,656
Dec. 2 Nov. 2 to Nov.30
821 2,175
13.417
824
412
Union Natura Gas (.4uar.)
4. :
234 Jan. 15 Dec. 16
4 39
Bankers Tr Co. 20,000 25.019 256,117 1,097 28,792 *225,201
20,302
Stock 'livid n,1
c75c. Dec. 30 Dee. 16 to Jan. 1
53,921
US Mtge & Tr. 3.000
784 6,316
to Jan. 1
46,623
Union Oil of Calif. (payable in stock)__ _ *080
1 000
Guaranty Trust 25;500 17,654 360,925 1,363 40,310 *383,354 5,362
Dec. 20 *Holders of rec. Dec. 5
29,649
United Cigar Stores, pref. (quar.)
1,836
19,641
Ui Dec. 15 Holders of rec. Nov.29a Fidel-Intern Tr.
388 2,378
17,830
647
United Drug, 1st pref. (quar.)
1% Feb. 1 Holders of
Columbia Trust 5,000 8,003
80,260
822 10,138
75,649 5,852
rec. Jan. 15 z
Second preferred (quar.)
146 Mar. 1 Holders of
Trust Co.. 10,000 17.696 147,197
N V
440 16,007
122,992 11,212
ree. Feb. 15
United Retail Stores, Class A (cash)_ _
Metropolitan Tr 2,000 3,804
2
39,043
Dec. 30 Holders of rec. Dec. 1 la
565 4,430
33,178 4,112
Special (In On. Ret. Stores Candy stk.)
Dec. 30 Holders of rec. Dec. ha Farm Loan & Tr 5,000 15,i65 133,844
562 13,305
*94,131 28,119
U.S. Cast Iron Pipe de Fdy., pref.(qu.)_
2:7 44
29,315
Dec. 5 Holders of rec. Dec. la Columbia Bank 2,000 15 155
720 3,770
28,964 2,052
U.S. Gypsum. common (quar.)
Equitable Trust 12,000
141,988 1,412 21,447 *186,213 12,440
Dec. 31 Dec. 16 to Jan. 1
Common (payable in common stock)_ _ 110
Dec. 31 Dec. 16 to Jan.
Preferred (guar.)
Total of averages 274,350443,516 4,384,098 57,337 503,565 c3,737,06337
Ui Dec. 31 Dec. 16 to Jan. 1
1
9,62932,048
U.S. Radiator, pref.(acct. accurn. divs.) h14
Jan. 15 Holders of rec. Dec. 15
U. S. Realty & Impt. (quar.)
Totals, actual co ndition Dec. 24,398,558 56,250491.309 c3,757,31I
Ui Dec. 15 Holders of rec.
379,496 32,112
Quarterly
4ov.2 4,386,268 56,254 488,804
136 Mar. 15 Holders of rec. Dec. 8
,
Totals, actual co
c3,718,493 385,28531,971
Mar. 8
United States Steel Corp., corn.(quar.)
1% Dec. 30 Nov. 29 to
Totals, actual co ndltior, 14)v.1a 4,381,753 55,675 471,274 c3,692,704
Nov. 30
382,790 32,128
U.S. Title Guaranty Co (quar.)
2
State Banks Not M. milers of Fed'I Res've Bank.
Dec. 15 Holders of rec. Nov. 29
Valvoline Oil, common (quar.)
Greenwich Bank 1,000 2,119
Dec. 15 Dec. 8 to Dec.
18,560 1,686 1,739
18,756
Victor Talking Machine, corn.(extra)._ _ *55
561
250
Bowery 13ank_ _
877
Dec. 6 *Holders of rec. Dec. 15
5,567
340
362
2.787 2,088
1
Virginia Iron, Coal & Coke, pref
23.6 Jan. 2 Holders of
,
State Bank ____ 2,500 4,6 14
82,937 3,411 1,903
rec. Dec.
28,863 51,291
Vulcan Detinning, pref. & pref. A
Jan. 20 Holders of rec. Jan. 15
Oct Total of averages 3,750 7.631
Wabas lo co/ up, Co. ( mar
,
Si
Jan. 2 Hold", of ree. Dow. 15
107,064 5,437 4,004
50,406 53,435
Wahl Co., common (monthly)
50c. Jan. 1 Holders of
rec. Dec.
Preferred (quar.)
uon
.i
Ui Jan. 1 Holders of rec. Dec. 22a Totals, actual co nd ltlon Dec. 2 106,477 5,487 4,103
49,836 53,424
22a Totals, actual co
Waldorf System, common (guar.)
50c. Jan. 2 Holders of rec.
1013,974 5,529 4,048
50,559 53,400
First preferred (quar.)
20c. Jan. 2 Holders of rec. Dec. 20a Totals, actual coiriditiOn Nov.1, 106,063 5,447 4,093
Dec. 20a Trust Compan ies Not Meinh
49,596 53,239
Second preferred (quar.)
4, 0
00
20c. Jan. 2 Holders of
ers of Fed 1 Res'ye
Ban k.
rec. Dec. 20
Walton Adding Machine, pref. (quar.)
7,500 15,066
Title Guar & Tr
Jan. 1 *Holders of rec. Dec. 20
53,091 1,499 3,828
35,090 1,051
Waiworth Mtg., pref. (quar.)
6,632
Lawyers Tit& T
Dec. 30 *Holders of rec. Dec.
27,126
945 1.832
17,840
Wamsutta Mills (quar.)
982
2
Dec. 15 Holders of rec. Nov. 20
14
Wayne Coal(No. 1)
2
Total of averagesl 11,500 21,899
Dec. 30 Nov. 30 to
80,217 2,444 5.660
52,930 2,033
Wells, Fargo & Co
246 Dec. 20 Holders of rec. Dec. 30
Nov. 20a
Western cacada Flo.ir Mills (guar.) _ _ *2
Totals, actual co ndition Dec. 2
Deo. 11 *.,o1,
77,861 2,510 5,559
1ers of rec.
50.896 2,042
Western Electric, common (quar.)
246 Dec. 30 Holders of rec. Dec. 2
Totals, actual co ndition N w.25
80,669 2,356 5.793
Dec. 12a
53,565 1,885
Preferred (guar.)
81,091 2,415 5,723
Dec. 30 Holders of rec. Dec. 12 , Totals, actual co ndition Nov.18
54,214 1,866
Western Oil Fields (guar.)
*2 Sic. Dec. 15 *Holders of rec. Dec. 1
White Eagle 011 & Ref. (quar.)
500. Jan. 20 Holders of rec.
Gr'd aggr •.avge 289,6°° 478.096 4,571,379 65,218 513,229 3,840,399
Dec. 31
435,097 32,048
White Eagle Oil At Ref. (in stock)
Comparison with prey. week__ +14,262
25
Dec. 26 Holders of rec. Dec. 22
+55 --1,908 +31,144 --7.818 +95
White Motor (quar.)
El
Dec. 30 Holders of rec. Dec. 20n
Williams Tool, preferred
*246 Jan. 3 *Holders of rec.
Gr'd aggr., acelCond'n Dec. 2 4,582,896 64,247 500,971 3,858,043
Dec. 20
Woodruff Cotton Mills
Comparison with prey. week__ +8,985 +108 +2,326 +35,426 434,962 32,112
10
Jan. 1 Holders of rec. Dec. 31a
--5,608 +141
Stock dividend
e50 Dec. 15 Holders of ree. Dec. 5
,
Woolworth (F. W.) Co., pref. (quar.)
1
Jan. 2 Holders of rec. Dec. 9a Gr'd aggr., act'l cond'n Nov.25 4,573,911 64,139 498,645 3,822,617440,570
31,971
Worthington Pump & Mach., pf. A (qu.) 1% Jan. 2 Holders
act'l ond'n N ,v.18 4,5t18,901 63,53, k31,09, .3,799,a14
of rec. Dec. 22a Gr'd aggr.,
137,89a 32,128
Preferred Class B (quar.)
Gr'd aggr., act'l cond'n Nov 11 1,562,330 68,482 i36.230
146 Jan. 2 Holders
Wrigley (Win.) Co., corn. (monthly)._ 50c. Jan. 1 Dec. 26 of rec. Dec. 22a Gr'd aggr., ace'cond'n Nov. 4 4.603,240 63,701 '01,959 3,797,844 436,879 31,621
3,838,875 437,775 31,777
to Dec. 31
Wurritzer(Rudolph) Co Gr'd aggr., acricond'n Oct. 284,617,420 64,225 159,469 3,853,437
434.709 31,969
Eightper cent preferred (quar.)
2
Marl'23 Holders of rec. Feb.19'23
Note.-U. S. deposits deducted from net demand deposits in the
Eightper cent preferred (guar.)
2
J'nel'23 Holders of rec. May 2223 above were as follows: Average
total Dec. 2, $59,549,000: actual totals general total
Seven per cent preferred (guar.)
UI Jan1'23 Holders of rec. Dec. 22
Dec. 2, $57,119,000; Nov. 25, $60,033,000; Nov. 18, $66,318,000; Nov. 11,
Seven per cent preferred (quar.)
1% Aprl'23 Holders of rec. Mar. 22
$70,196,000: Nov. 4,
$74,204,000. Bills payable, rediscounts, acceptances and other
liabilities, average
for the week Dec. 2, $462,929,000: actual totals I)ec. 2,
* From unofficial sources. t The New York Stock Exchange has ruled
5454,011,000; Nov. 18, 3444,779,000; Nov. 11, $479,085,0 $455,415,000; Nov. 25,
will not be quoted ex-dividend on this date and not until further notice. that stock
* Includes deposits in foreign branches not included in 00; Nov. 4, $446,172,000.
a Transfer
books not closed for this dividend. b Less British Income tax. d
total footing, as follows:
National City Bank, $99,946,000; Bankers Trust Co..
Correction.
$10,240,000; Guaranty Trust
Co., $80,203,000; Farmers' Loan & Trust Co.. $39,000;
c Payable in stock. /Payable in common stock. g Payable in scrip.
Equitable 'rrust Co., $25,h Or) 857.000. Balances carried in banks
account of accumulated dividends. i Payable in Liberty or Victory
in foreign countries as reserves
Loan bonds.
for such deposits were: National City Bank, $22,681,000: Bankers
.1 Payable in New York funds.
Guaranty Trust Co., $8,015,000; Farmers' Loan et Trust Trust Co., $2,301,000;
Co., $39,000; Equitable
Trust Co., 53,152,000. c Deposits In foreign branches
k Three shares of Oil Lease Development Co. stock for every 100 shares of Middle
not included.
States Oil stock.
7,692
1 In full of all arrears of dividends.
m Ratified by stockholders at meeting on Dec. 6.
n Also all accrued dividends on prior preference stock since Jan. 1 1922.
o Ratified by stockholders at meeting on Dec. 5.
,
p Ratified by sto kholders at meeting on Dec. 5.
q Subject to approval by stockholders at meeting on Dec. 7.
r One-half share (Founders'shares)in corn. stock of Unlled RetailStores Candy Co
a Subject to approval of stockholders.
t Each share of old stock to receive four shares of new pref. (Par $25) and two
shares new common (Dar $25).
u Subject to approval by stockholders on Dec. 12.
o Subject to approval at stockholders' meeting Dec. 26.
w Less 41 cents per share for 3d and 4th installments of 1921 income tax on cap.stk.
Ratified at sto.•kholders' meeting on Dec. I.
Y Subject to approval at special meeting of stockholders.
z Subject to approval by stockholders at meeting on Dec. 12.
Payable in new Class"B"common stock.
t N. Y. Stock Exchange rules that Ingersoll-Rand Co. shall sell ex the
100%
stock dividend on Dee. 7.
11 The New York Curb Market Association has ruled that stock will
not be quoted
ex-dividend on these dates and not until further
notice.
1 Subject to approval by stockholders at meeting
on Dec. 21.
2 Erroneously reported last week as second preferred
stock.
3 In anticipation of and conditioned upon
increase In capital stock.
4 Subject to approval by stockholders at meeting
on Dec. 27.
The reserve position of the different groups of
institutions
on the basis of both the averages for the week and
the actual
condition at the end of the week is shown in the
following two
tables:
STATEMENT OF RESERVE POSITION OF
CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks
State banks
Trust companies_ _ _ _
Total Dec. 2____
Total Nov. 25____
Total Nov. 18....
Total Nov. 11....
Reserve
in
Depositaries
5,437,000
2,444,000
5
503,565,000 503,565,000 497,207,060
4,004,000 9,441,000 9,073,080
5,660,000 8,104,000 7,939,500
Total
Reserve.
a
Reserve
Required,
Surplus
Reserve.
6,357,940
367,920
164.500
7,881,000 513,229,000 521,110,000 514,219,640
7,844.000 515,137,000 522,981,000 510,414,550 6,890,360
7,827,000 514,774,000 522,601,000 510,282,110 12,566,450
7,999,000 514,903,000 522,902,000 511,129,450 12,318,890
11,772,550
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case
of State banks
and trust companies, but in the case of members of the Federal
includes also ammint In reserve required on net time deposits, which Reserve Bank
was as follows:
Dec. 2, $11,388,870; Nov. 25. $14.622.420: Nov. 18, $11,425,08
0; Nov. 11, 311.459,700.
2557
THE CHRONICLE
DEC.9 1922.]
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve banks_
State banks*
Trust companies_ __ _
Total Dec. 2_ _
Total Nov. 25
Total Nov. 18.._
Tntski Nov 11
7.997,000 500,971,000 508,968,000 516,440,190 -7,472,190
7,885.000 498,645.000 506,530,000 512,098,010 -5,568,010
7.862,000 481,090,000 488.952,000 508,594,600 -19642600
7 050 400 534 259000 544.150 non son 200 400 35452510
BOSTON CLEARING HOUSE MEMBERS.
$
$
$
$
491,309,000 491,309,000 499,835,310 -8,526,310
619,520
5,487,000 4,103,000 9,590,000 8,970,480
434,600
2,510,000 5,559,000 8,069,000 7,634,400
;
* Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Dec. 2, $11,384,880; Nov.25, $11,558,550; Nov. 18, 511,483,700; Nov. 11, $11,459.970.
Nov. 29
1922.
Changes from
Previous week.
Dec.6
1922.
Capital
59,100,000
Surplus and profits
85,928,000
Loans, disc'ts & investments_ 848,579,000 Dec.
Individual deposits,incl. U.S. 613,805,000 Inc.
Due to banks
115,174,000 Inc.
Time deposits
112,759,000 Inc.
United States deposits
14.157,000 Dec.
Exchanges for Clearing House 28,099.000 Inc.
Due from other banks
75,359,000 Inc.
Reserve in Fed. Res. Bank_ _ 68,698,000 Dec.
Cash in bank and F. R. Bank 9,994,000 Inc.
Reserve excess In bank and
Federal Reserve Bank
2,480,000 Inc.
Nov. 22
1922.
$
$
59,100,000 59,100,000
85,928,000 85,928,000
1,253,000 849.832,000 859,035.000
2,102,000 611,703.000 624,859,000
8,789,000 106,385,000 109,961,000
77.000 112,682,000 113,686,000
630,000 14,787,000 15,952,000
5,942,000 22,157,000 23,382,000
7,535,000 67,824.000 73,860,000
196,000 68,894,000 69,572,000
710,000 9,284,000 9,609,000
23,000 2,457,000 2.129,000
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows return for the week ending Dec. 2, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
in
Differences from to be kept with the Federal Reserve Bank. "Cash .
previnvs ,reek
Dec 2.
vaults" is not a part of legal reserve. For trust companies
$756,524,200 Dec. $1,045,300
and investments
Loans
42,100 not members of the Federal Reserve System the reserve
4,128.100 Dec.
Gold
634,900
19.608,700 Inc.
Currency and bank notes
"Reserve
303,800 required is 10% on demand deposits and includes
68.344,400 Dec.
Deposits with Federal Reserve Bank of New York
801,362,800 Inc. 1,950,300 with legal depositaries" and "Cash in vaults."
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com430,600
panies in N.Y.City exchanges and U.S. deposits_ 751,730,500 Dec.
122,794,000 Inc. 1,816,400
Reserve on deposits
Percentage of reserve. 20.1%.
RESERVE.
_Trust('ompanies
,
--sm. Banks
$63,782,300 14.55%
*$28,298,900 16.45%
in vault
Cash
5.23%
22,955,500
7,557.300 4.40%
Deposits in banks and trust cos
$86,737,800 19.78%
$35,856,200 20.85%
Total
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 2, were $68,344,400.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
Week ending Dec. 2 1922.
Two Ciphers (00) omitted. Membersof
Trust
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U. S. deposits (not Incl.)
Res've with legal deposit's_
Reserve with F. R.Bank
Cash in vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault_
$35,175,0
98,838,0
648,827,0
30,607,0
97.762,0
113,577,0
530,783,0
21,249,0
665,609,0
$4,500,0
14,617,0
41,666.0
629,0
21,0
884,0
26,885,0
558,0
27,907,0
9,256,0
3,197,0
53,708,0
10,832,0
64,540,0
54.682,0
9,858,0
1,138,0
4,335,0
4,031,0
1,442,0
Nov. 18
1922.
Nov.25
1922.
Total.
$39,675,0
113,455,0
690,493,0
31,236,0
97,753,0
114,241,0
557,468,0
21,807,0
693,516,0
9,256,0
3,197,0
53,705.0
11,970,0
68,875,0
58.713,0
11,300,0
$39,675,0
113,455,0
692,32..0
26,409,0
94,457,0
114.290,0
555,181,0
23,191,0
692,662,0
9,860,0
3,284,0
54,965,0
11,754,0
70,003,0
58,831,0
11,172,0
$39,875.0
113,455,0
690,982,0
32,149,0
110,552.0
118,440,0
567,601,0
22,892,0
708,933,0
10,628,0
3,318.0
54,594.0
11,721,0
69,631,0
59,423.0
10,208,0
•Cash in vaults not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
.Total Cash
in Vaults.
Reserve in
Depositaries.
$
$
$
$
89,403,600 622,177,400
5,383,432,700 4,648,854,700
5,372,803,000 4,613,652,400
86,469,800 618,135,000
86,492,800 609,486.700
5,334,972,100 4,599,909,500
5,311.517,600 4,597,237,500
86,259,400 619,063,200
5,297,744,400 4,566,272,800
88,946,44)0 616.544,100
5.297,309,200 4,615,836,300
90,326,700 625,919,600
5,338,205,100 4,640,919,500
86,359,200 680,815,100
88,271,200 616.428,800
5,317,017,500 4.634,695,500
86,018,300 624.721.000
5,326.359,700 4,649,378,900
5.305,281,600 4,628,334,800
90,361,200 623,563,900
5,397,918.900 4,699,067,600
89,798,300 642,922,400
5,402,995,200 4.650,020,500
88,484,300 616,226,400
5,394.373,600 4,623,416,200
87,350,900 623,119,700
5,348,725,300 4,573,740,400
91,084,000 614,915,70C
5,331.639,900 4.569,953,000
89,248,900 617,659,3(0
5.314 055.500 4,541 415 Um
87.300.000 613.970.604
RR GM sznn e12,nsui.20(
5.327.903.200 4.592.129.50e
legal tenders, national bank and Federal Reserve
•This item includes gold, silver,
notes.
Week endedAug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
T. 2
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 Omitted.)
I
Net Loans
Nat'l
Net
Reserve Net
Capital. Profits. DisCLEARING
counts, Cash
with Deman 0 Time Bank
NON-MEMBERS
De- Cir c uin
DeNat.bks.Sept.15 InvestLegal
Week ending StatebksNov15 tnerUs, Vault. Depost- posits, posits. lation.
tortes.
Dec. 2 1922. Tr.cos. SePt.15 drc.
Members of
Fed'I Res. Bank.
Battery Park Nat_
W.R.Grace & CoTotal
$
1,500
500
Average Average Average Average Average Average
$
$
$
$
$
$
$
439
8,070
198
159 1,234
1,219 11,027
24
582 1,015 11,389
1,339 13,448
2,000
2,559 24,475
183
1,818
State Banks Not Me mbers of Fed. Reeve Bank.
299
622
329 5,239
200
Bank of Wash.Hts.
800 1,879 19,058 2 400I 1,354
"jolonlal Bank....
Total
1,000
2,208 24,297
3,022
1,653
Members of Fed. Reeve Bank.I
Crust Companies Not
298
346
687 9,815
200
yieeh.Tr.,Bayonn
298
346
667 9,815
200
Total
3,211 5335 58,587 3,551 3,765
Rang aggregate_
+84
p revious week.. -889 -92
:lomparison with.
3,701
Nov.25 3,200 5,295 59,276'i,843 3,653
}r'cl aggr.
5,295 60.198 3,734
;r'd aggr. Nov. 18 3,200 5,295 58.664 3,805j 3,756
1!..d aggr. Nov. 11 3,200
Tiny 4 3.200 5.295 58,052 3,683 3,498
9,085 11,828
4,989
19,985
24,97
715
4,23
Dec. 6 1922. Nov. 29 1922. Dec. 7 1921.
138,892,998
194,562,420
Total gold reserves
Legal tender notes, silver, &c
168,931,219
224,522,454
390,172,000
29,911,000
333,455,418
659,653,228
10,738,267
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
393,483,874
659,849,798
12,256,757
420,083,000
593,784,000
15,000,000
1,003,846,914 1,085,590,230 1,028,867,000
46,543,000
31,983.213
32,161,645
Total reserves
1,036,008,560 1,097,573,444 1,075,410,000
Bills discounted: Secured by U. S. Government obligations-for members
177,084,210 108,933,353 124,723,000
For other F. R. banks
-For members
All other
28,087,543 102,331,000
30,961,342
For other F. R. banks
38,531,000
Bills bought In open market
56,374,997
58,925,384
Total bills on hand
266,970,937
U. S. bonds and notes
35,264,450
U. S. certificates of indebtedness
-One-year certificates (Pittman Act)..
4,500,000
AUother
24,982,500
193,395,895
28,852,750
265,585,000
5,500,000
24,590,000
36,400,000
38,398,000
Total earning assets
Bank premises
5% redemp. fund agst. F.R.bank Dotes
Uncollecteditems
All other resources
252,338,645
10,324,975
274,060
124,769,653
1,769.409
340.383,000
6,370,000
1.580,000
105,406,000
3,548,000
Total resources
331,697,887
10,324,975
224,060
130,803,509
1,809,781
1,519,868,776 1,487,050,187 1,532.697,000
Capital paid in
Surplus
Deposits:
Government
Member banks
-Reserve account_ -__
All other
28,680,950
60,197,127
28,673,100
60,197.127
27.110,000
59.318,000
18,145,245
704,183,456
10,725,379
7,272,780
679,289,447
10,935,319
21,789,000
640,045,000
14,687,000
Total deposits
733,054,081
F. R. notes in actual circulation
593,519,743
F. R. bank notes in eireurn-net liability
3,818,200
Deferred availability items
94,702,407
All other liabilities
5,896,266
697,497,548
594,002.731
4,837,200
• 98,172,494
5,669,988
676,521,000
641,716,000
18,327,000
84,392,000
25,313,000
1,519,868,776 1,487,050,187 1,532,697,000
Total liabilities
5,493
4.232
ItesouresiGold and gold certificates
Gold settlement fund-F. R. Board_-
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
715
78.1%
85.0%
81.6%
11,613,670
11,732,873
12,056,783
5,493
a38,291 18,036
-395 -397
a38,688
a39,198
a39,016
a37,463
18,433
18,279
17,873
17,841
$326,000.
a U. S. deposits deducted,
and other lialaties. $1,432,000.
Bills payable, rediscounts. acceptances
increase.
Excess reserve. $57,800;
198
Condition of the Federal Reserve Bank of New York.
-The following shows the condition•of the Federal Reserve
Bank of New York at the close of business Dec. 6 1922 in
comparison with the previous week and the corresponding
date last year:
198
+2
198
198
193
196
CURRENT NOTICES.
-John Nickerson Jr. announces that the business heretofore conducted
by him at 61 Broadway, New York City, will be continued at the same address as a joint stock association under the name of John Nickerson'& Co.
as of Dec. 1 1922.
-Lieut. J. Barthell Joseph, U. S. A., formerly stationed at New Cum
verland. Pa., has become associated with H. L. Allen & Co. as their repro!' entative in the State of Pennsylvania.
2558
THE CHRONICLE
[VOL. 115.
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 7, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2520 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC.6 1922.
Dec. 6 1922. Nov. 29 1922. Nov. 22 1922. Nov. 15 1922. Nov. 8 1922. Nov. 1
1922. Oct. 25 1922. Oct. 18 1922. Dec. 7 1921.
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
298,094,000
616,574,000
303,219,000
644,959,000
289,750,009
651,862,000
276,414,000
651,930,000
267,207,000
648,429,000
266,718,000 277,629.000 257,920,000 484,048,000
618,727,000 615,866,000 594.159,000 457,202,000
914,668,000 948,178,000 941,612,000 928,344,000 915.636,000 885,445,000
941,250,000
2,045,210,000 2,048,084,000 2.077,582,000 2,078,901,000 2,094,050,000 2,126,535,000 893,495,000 852.079,000 1,787,724,000
2,124,432,000 2,163,465,000
85,914,000
71,069,000
76,596,000
66,603,000
69,131,000
66.269.000
67,158,000
71,289,000 122,053,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes. sliver, dec
3,945,792,000 3,072,858,000 3,088,325,000 3,073,848,000 3,080,755,000 3,078,249.000
2,851,027,000
127,189,000 129,952.000 130,358,000 130,912,000 130,527,000 133,696,000 3,085,083,000 3,036,813.000
126,835,000 127,384,000 139,606,000
3,172,981,000 3,202,810,000 3,218,683,000 3,204.760,000 3,211,282,000 3.211,945.000
3.211,918,000 3,214,197,000 2,990,633,000
374,409,000 315,280,000 307,976,000 330.285,000 300,337,000 271,497.000
330,536,000 334,816,000 306,215,000 322,520,000 340,075,000 318,267,000 195,510,000 194,155.000 457,618,000
266,827,000 259,226,000 257,405,000 260,894,000 258,656,000 260,658,000 273,889,000 316,944.000 713,041,000
257,691,000 256,815,000
81,784,000
971,772,000 909,322,000 871,590,000 913,099,000 899,068,000 848,422,000
727,090,000 767,914,000 1,252,443,000
169,413,00
162,336,000 151,731,000 171,732,000 188,821,000 191.095,000 206,060,000 226,210,000
34,731,000
Total reserves
Bills discounted:
Secured by U. S. Govt. obllgations
All other
Bills bought in open market
Total bills on hand
U. B. bonds and notes
U. B. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Municipal warrants
21,500,000
120,889,000
26,000
23,500,000
118,625,000
24,000
28,500,006
114,888,000
27,000
31,500.000
122,482,000
27,000
34,500,000
123,268,000
27,000
38,000.000
131,216.000
24,000
41,000,000
161,570,000
27,000
43,500,000
177,191,000
27,000
124,500,000
43,168,000
227,000
Total earning assets
1,283,600,000 1,213,807,000 1,166,742,000 1,239,440,000 1,245,684,000 1,208,757.000 1,135,753,000
1,214,842,000 1,455,069,000
Bank premises
46,394,000
45,420,000
45,650.000
46,282,000
46,204,000
45,295.000
45,241,000
45,099,000
33,384,000
5% redemp. fund agst. F. R. bank notes
2,780,000
3,635,000
3,130,000
3,535.000
3,635,000
3,410,000
3,750,000
3,750.000
7,854,000
Uncollected items
660,119,000 599,806,000 684,519,000 821,132.000 583,827,000 657,179,000 653,493,000 798,439,000
510,961,000
15,379,000
All other resources
15,611,000
15,050,000
15.056,000
14,605,000
15,358,000
14,940,000
14,787,000 19,476,000
Total resources
5,181,253,000 5,080,905,000 5,134,163,000 5,329,573,000 5,105.459.000 5,142,169,000 5,065.095,000 5,291,114,000
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
-Government
Deposits
Member banks
-reserve account
All other
107,265,000
215,398,000
107,207,000
215,398,000
106,495,000
215,398,000
108.448,000
215,398,000
106,355,000
215,398.000
106,292,000
215,398,000
108,277,000
215,398,000
5,017,377,000
106,327,000
215,398.000
103,089,000
213,824,000
46,976,000
26,402.009
57,252.000
36,047.000
33,449,000
45,198,000
23,659,000
12,545,000
52,337,000
1,843.601.000 1,807,631,000 1,829,009,000 1,859,652.000 1,812,051,000 1,847,693,000 1,799,931,000 1,921,277,000 1,640,445,000
19,527,000
24,235,000
22,606,000
30,508,000
19,143,000
20,721,000
18,180,000
22,285,000
25,501,000
Total
1,910,104,000 1,860,223,000 1,894,988,000 1,939.510,000 1,862,688,000 1,914,248,000 1,841,770,000 1,958.107,000 1,718,283,000
F.R. notes in actual circulation
2,361,222,000 2,329,814,000 2,299,391,000 2,321,219.000 2,340,074,000 2,309,265,000 2,298,530,000 2,315,437.000 2,373,355,000
F.R.bank notes in circulation-net lib.
19,259,000
32,441,0(10
29,313,000
35,573.000
20,868.000
26,220,000
37,905,000
40,613.000
77,014,000
Deferred availability items
540,233,000 520,497,000 564,796,000 691,400.000 522,564,000 536,140,000 539,773,000 632,430,000 450,792,000
All other liabilities
27,772,000
25,939,000
26,279,000
25.253,000
26,898,000
26,875,000
25,346,000
24,802,000
81,020,000
Total liabilities
5,181,253,000 5,080,905,000 5,134,163,000 5,329.573,000 5,105,459,000 5,142,169,000 5,065,095.000 5.291.114,000
5,017,377,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
71.7%
73.3%
73.3%
72.1%
72.9%
73.6%
72.3%
74.5%
69.6%
Ratio of total reserves to deposit and
F. R. note liabilities combined
74.3%
76.4%
76.4%
75.2%
76.7%
76.0%
75.2%
77.6%
73.1%
Distribution by Maturtties1-15 days bill bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks
$
71,874,000
499,882,000
2,258,000
60,451,000
445,401,000
3,484,000
61,797,000
418,318,000
2,471,000
66,127,000
444,246,000
1,933,000
63,762,000
449,209,000
733,000
64.162,000
397,712,000
2,606,000
53,195,000
58,631,000
720,000
44,747,000
56,419,000
1,007,000
42,733,000
50,636,000
507,000
42,040,000
62,840,000
1,080,000
83,830,000
69,028,000
26,000
47,247,000
48,689,000
576,000
88,869,000
73,103,000
1,720,000
24,000
47,121,000
45,218,000
76,000
92,365,000
74,195,000
4,220,000
27,000
49,383,000
42,694,000
76.000
87,143.900
77,989,000
5.720,000
24,000
52,642,000
41,492,000
43,127,000
52,444,000
1,398,000
• 3,000
76,499,000
74,174,000
6,726,000
10,681,000
28,715,000
137,835,000
18,038,000
29,955,000
135,835,000
11,127,000
28,348,000
136,114,000
64,749.000
39,838,000
500,000
24.000
10,519.000
24,747,000
148,411,000
1,000,000
3.000
12,942.000
26,244,000
145,243,000
69,241,000
317.057,000
27,161,000
3,000
39,106,000
48,671,000
45,982,000
691,836,000
37,500,000
39,272,000
48,506.000
599,000
65,797,000
288,140.000
5,806.000
3.000
35,594,000
47,353,000
100.000
74.632,000
74.822.000
6,437,000
69.753.000
73.473.000
42,699,000
66,345,000
76,228,000
45,528,000
69.693.000
43,190.000
3,220,000
21.000
12,899.000
23,534,000
156,134,000
74,176,000
39,180,000
5,220,000
24,000
12,371.000
20,623.000
148,751,000
88,183,000
49,570.000
15,685.000
24.000
13,940.000
19,573,000
132,317,000
15,332,000
161.582.000
5,400,000
168,000
7,187,000
120,187,000
6,587,000
59,000
31,000
57,864,000
116,181,000
13,252,000
138,785,000
2,730,882,000 2,718,471,000 2,694,644,000 2,699,633,000 2,695,470,000 2,683.851,000 2,688,822,000 2,722,446,000 2,691,689,000
309,660,000 388,657,000 395,253,000 378,414,000 355,396,000 374,586.000 390,286,000 407,009,000 318,331,000
In actual circulation
',361,222,000 2.329,814,000 2,299,391,000 2,321,219,000 2,340,074,000 2,309,265,000 2,298,536,000 2,315,437.000 2,373,353,000
)
Amount chargeable to Fed. Res. Agent 3,606,113,000 3,609,182,000
3,583,482,000 3,561,781,000 3,547,643,000 3,544,204.000 3,531,074.000 3,516,888,000 3,553,391,000
In hands of Federal Reserve Agent
875,231,000 890,711,000 888,838,000 862,148,000 852,173,000 860.353,000 842,252.000 794,442.000 861,702,000
Issued to Federal Reserve banks
2,730,882,000 2,718,471,000 2,694,644,000 2,699,633,000 2.695,470,000 2,683,851,000 2,688,822,000 2,722,446,000 2,691,689,000
-
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
WIth_Federal Reserve Board
346,292,000 346,317,000 376,317,000 376,367,000 391,367,000 386,467,000 386,507,000 416.507,000 450,162,000
685,672,000 670,387,000 617,062,000 620,732,000 601,420,000 557,316.000 564,390,000 558,981.000 903,965,000
131,716,000 131,580,000 128,489,000 126,496,000 124,744,000 122,629,000 127,104.000 133,925,000 112,651,000
1,567,202,000 1,570,207,000 1,572,776,000 1,576,038,000 1,577,939,000 1,617,439.000 1.610,821.000 1,613,033,000 1,224,911,000
-Total
2,730,882,000 2,718,471,000 2,694,644,000 2.699,633.000 2,695,470,000 2.683,851,000 2,688,822,000 2,722.446,00012,691,689,000
Eligible paper delivered to F. R. Agent_ 924.788,000
867,683,000 835 535,000 878.995.000 857,826,000 817,731,000 706.102,000 740,927,000 1,209,6(11,00
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 6 1922
Two ciphers (00) omitted.
Boston. New York. Phila, Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Federal Reserve Bank ofTotal.
RESOURCES.
$
19,138,0
Gold and gold certificates
Gold settlement fund-F.IL B
.6 47,871,0
67,009,0
125,191,0
17,057,0
Total gold held by banks
Gold with F. B.. agents
Gold redemption fund
$
$
$
3
$
$
a
$
$
$
$
138,893,0 27,254,0 13,798,0 5 206 0 5,628,0 45,407,0 3,218,0 7,650,0 2,790,0 9,850,0 19,262,0
, 25,770 0 83,887,0 25,624,0 30,024,0 30,176,0 11,551,0 44,534,0
124 562. 21,400,0 67,0070 34,1180
.
0
$
298,094,0
616,574,0
333,455,0 48,654,0 80,805.0 39 324 0 31 398,0 129,294,0 28,842,0 37,674,0 32,966,0 21,401,0 63,846,0 914,668,0
659,653,0 169,761,0 181,4790 64'759'0 109,961,0 60,835,0 73,853,0 44,051,0 52,908,0 25,994,0 185,765,0 2,045,210,0
3
10,738.0 6,604,0 3,716,0 5,776 0 2,250,0 26,398,0 3,143,0 3,130,0 2,182,0 1,243,0 3,677,0
,
85,914,0
209,257,0 1,003,846,0 225,019,0 266,000,0 109 859 0 134,609,0 516,527,0 105,838,0 84,855,0 88,056,0 48,638,0 253,288,0 3,045,792,0
Total gold reserves
712,0 4,668,0 6,590,0 4,098,0 127,189,0
Legal tender notes. silver, &c-..-- 10.736,0
6,621,0 20,876,0 10,289,0
32,162,0 14,635,0 6,892,0 8,910,
0
Total reserves
Bills discounted: Secured
U. S. Govt. obligations
All other
Bills bought in open market
by
219,993,0 1,036,008,0 239,654,0 272,892,0 118,769,0 141,230,0 537,403,0 116,127,0 85,567,0 92,724,0 55,228,0 257,386,0 3,172,981,0
25,068,0
43,289,0
28,602,0
753,0 18,407,0
177,085,0 39,346,0 24,792,0 19,162,0 4,209,0 39,870,0 13,839,0 1.985,0 9,893,0
30.961,0 18.334,0 22,345,0 25,790,0 27,721,0 62,715,0 15,952,0 19,460,0 21,833,0 13,777,0 28,359,0
402,0 22,942,0 38,803,0
58,925,0 19,413,0 60,181,0 2,037,0 11,592,0 11,491,0 12,439,0
374,409,0
330,536,0
266,827,0
Total bills on hand
96,959,0
U. S. bonds and notes
5,912,0
IL S. certificates of indebtedness
One-year etre. (Pittman Act).. 1,250,0
All other
12.357,0
Municipal warrants
- - - earning assets
•
266,971,0 77.093.0 107,318,0 48,939,0 43,522,0 114,076,0 42,230,0 21,445,0 32,128,0 37,472,0 85,569,0
35,264.0 23,987,0 11,896,0 1,241,0
544,0 7,014,0 16,765,0 9,594,0 26,925,0 2,654.0 27,617,0
971,772,0
169,413,0
.
4,500,0
24,963,0
.
.
1,500,0 1,000.0
4,148,0 13,823,0
.
.
.
.
1,960,0
.
.
1,499,0 2,167,0
2,031,0 33,580,0
.
1,571,0
2,874,0
1,500,0 1,321,0
499,0 10,951,0
26.0
1,900,0
8,310.0
1,332,0
7,353,0
21,500,0
120,8890
26,0
THE CHRONICLE
DEC.9 1922.]
RESOURCES (C'oncluded)Two ciphers (00) omitted.
New York.
Boston.
Bank premises
5% redemption fund against Fed422,0
eral Reserve bank notes
60,665,0
Uncollected items
495,0
All other resources
Phila.
S
10,325,0
$
5,251.0
2559
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.CIty. Dallas. San Fran.
$
624,0
S
2,571,0
S
1,997,0
5
7,765,0
S
971,0
Total.
S
1,703,0
S
46,394,0
98,0
468,0
665,0
89,0
103,0
75,0
224,0
94,0
196,0
200,0
146,0
139,803,0 50,904,0 60,775,0 57,769,0 28,116,0 80,267,0 43,759,0 19,523,0 44,333,0 27,850,0 46,355,0
349,0
533,0
772,0 • 501,0
1,810,0
780,0
669,0
1,679,0
913,0 1,913,0 4,965,0
2,780,0
660,119,0
15,379,0
S
6,937,0
S
1,020,0
S
5,136,0
$
2,094,0
403,304,0 1,519,868,0 398,654,0 475,510,0 229,930,0 219,756,0 783,709,0 224,901,0 141,049,0 214,631,0 137,567,0 432,374,0 5,181,253,0
Total resources
LIABILITIES.
8,144,0
Capital paid in
28,681,0 9,326,0 11,708,0 5,598,0 4,309,0 14,743,0 4,812,0 3,533,0 4,631,0 4,204,0 7,576,0 107,265,0
16,483,0
Surplus
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394.0 15,199,0 215,398,0
5,072,0
Deposits: Government
18,145,0
1,160,0 1,818,0 3,194,0 4,871,0 3,129,0 1,851,0 2,191,0
46.976,0
1,810,0
1,422,0 2,313,0
Member bank-reserve acc't_ _ 122,709,0 704,183,0 112,585,0 148,260,0 60,661,0 52,519,0 261,045,0 66,913,0 50,624,0 79,539,0 53,653,0 130,910,0 1,843,601,0
211,0
172.0 1,190,0
132,0
1,344,0
510,0
All other
19,527,0
10,725,0
385,0
247,0
968,0
323,0 3,320,0
127,992,0
Total deposits
F. R. notes in actual circulation_ 202,145,0
F. R. bank notes in circulation
646,0
net liability
45,931,0
Deferred liability items
1.963,0
All other liabilities
733,053,0 114,642,0 150,764,0 62,611,0 55,885,0 267,106,0 70,552,0 52,860,0 82,698,0 55,398,0 136,543,0 1,910,104,0
593,520,0 209,098,0 234,555,0 97,918,0 125,432,0 405,704,0 94,451,0 58,005,0 69,501,0 39,038,0 230,955,0 2,361,222,0
1,882,0
1,456,0
931,0 1,441,0 1,268,0
3,818,0
1,008,0
963,0 3,469,0 2,302,0
75,0
94,703,0 44,503,0 52,240,0 50,042,0 22,378,0 61,627,0 43,122,0 16,675,0 43,198,0 26,491,0 39,323,0
1,290,0 1,370,0 3,622,0
1,120,0 1,545,0 1,488,0 1,840,0 2,703,0
5,896,0 2,132,0 2,803,0
_
19,259,0
540233,0
27,772,0
Total liabilities
403,301,0 1,519,868,0 398,654,0 475,510,0 229,930,0 219,756,0 783,709,0 224,901,0 141,049,0 214,631,0 137,567,0 432,374,0 5,181,253.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com79.0
bined, per cent
77.0
74.0
66.6
70.4
70.8
78.1
74.0
74.2
77.2
70.0
57.9
60.9
Contingent liability on bills pur,
ii v.. 11 9 no, n
n 55a al 1534.0
chased for foreign correspondt's ., Z9 2 o
1.127.0 3.724.0
1.471.0
8450
1 509 0
R140
1 440 0
31.050.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 6 1922.
Boston. New York Phila.
Federal Reserve Agent at-
Resources(In Thousands of Dollars)
S
Federal Reserve notes on hand
88,100
Federal Reserve notes outstanding
218,178
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
15,300
Gold redemption fund
16,891
Gold fund-Federal Reserve Board
93,000
Eligible paperf Amount required
92,987
lExcess amount held
3,972
Cleve. Richm'd Atlanta Chicago. St.Louis Minn. K.City. Dallas. San Fr.
Total.
$
$
$
$
$
399,610 42,360 27,840 24,340 71,999
795,120 229,569 252,937 108,258 130,381
S
S
$
$
$
S
$
92,800 25,220 11,753 15,560 18,079 57,570 875,231
437,930 112,928 60,689 78,785 44,068 262,039 2,730,882
13,275
2,400
283,184
35,469 13,872 13,204 3,964 4,061
341,000 155,889 155,000 60,795 94,500
135,467 59,808 71,458 43,499 29,420
1,739 14,095
108,827 3,661 29,174
11,610 13,052
346,292
7,471
14,191 3,943 2,999 4,548 3,523 15,051 131,716
346,644 58,300 28,000 48,360 15,000 170,714 1,567,202
77,095 39,075 16,638 25,877 18,071 76,274 685,672
36,865 3,125 3,385 6,239 18,960 9,074 239,116
Total
528,428 2,098,677 505,159 562,888 242,595 346,856 1,005,525 254,201 136,516 179.369 125,175 590,722 6,576,111
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
306,278 1,194,730 271,929 280,777 132,598 202,380 530,730 138,148 72,442 94,345 62,147 319,609 3,606,113
Collateral received from JGold
125,191 659,653 169,761 181,479 64,759 100,961 360,835 73,853 44,051 52,908 25,994 185,765 2,045,210
Federal Reserve BanklEligible paper
96,959 244,294 63,469 100,632 45,238 43,515 113,960 42,200 20,023 32,116 37,034 85,348 924,788
528,428 2,098,677 505,159 562,888 242,595 346,856 1,005,525 2,54,201 136,516 179,369 125,175 590,722 6,576,111
218,178 795,120 229,559 252,937 108,258 130,381 437,930 112,928 60,689 78,785 44,068 262,039 2,730,882
32,226 18,477 2,684 9,284 4,130 31,084 369,660
16,033 201,6001 20,471 18,382 10,340 4,949
onn 18C
rno con ono nn429.1A rAS 717 015 195 4 19
.
Anc 7114 n4 Art
KO nnm
en rAl , no° non nrr .4 gel 0 yr,
.i
.t
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 784 member banks,from which weekly returns are obtained. Those figures are always a week behind those
for tie Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 2520.
1. Data for all reporting member banks In each Federal Reserve District at close of business November 29 1922.
Three c pliers (000) omitted.
Federal Reserve District.
Boston. New York Philadel. Cleveland. Rich m'cl. Atlanta.
Chicago. St. Louts. 2Ifirmeap. Kan. City Dallas. San Fran.
Number of reporting banks
Loans and discounts, including bills
rediscounted with F. R. Bank:
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
15,907 109,794
238,486 1,667,940
576,946 2,204,537
18,832
247,134
337,598
31,115
356,123
646,873
12,552
116,837
315,793
7,732
43,521
56,531 543,436
339,764 1,012,043
18,269
136,491
289,115
Total loans and discounts
U. S. bonds
U. S. Victory Notes
U. S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds, stocks and securities_ _
831,339 3,982,271
102,076 618,369
651
12,183
21,882 410,902
4,630
12,755
171,071 753,214
603,564 1,034,111
62,505 178,280
1,647
848
33,916
25,864
3,946
3,267
183,495 282,410
445,182
65,631
482
3,828
3,283
0,740
404,027 1,599,000
28,011 139,610
1,409
4,458
3,950
83,278
7,519
29,007
35,298 419,044
879,543 1,534,310
68,691 104,444
29,464
17,468
692,601 861,747
58,116 519,322
11,362
15,284
575,146
35,732
13,540
332,001
147,065
5,836
480,214 2,274,397
32,418 198,363
9,979
54,077
271,688 1,434,443
159,189 732,092
5,472
15,393
16,362
21,186
20
12,550
500
1,624
125
14,452
207
13,467
147
12,541
203
15,307
.10
105
Total loans & disc'ts & Investm'ts,
Incl. bills['eased with F.R. Bk.. 1,131,649 5,789,699
Reserve balance with F. R. Bank__ _
81,516 614,170
Cash in vault
17,689
89,219
Net demand deposits
798,593 4,831,684
Time deposits
238,964 774,207
Government deposits
17,648
73,911
Bills payable with F. R. Bank:
Secured by U.S. Govt. obligations
13,639
87,301
All other
Bills rediscounted with F. R. Bank:
Secured by U.S. Govt. obligations
203
408
All other
40.087
22,847
56
84
78
41
109
37
31
66
Total.
784
79
52
8,318
45,139
198,098
10,632
75,828
360,078
S
4,926
54,897
213,149
310,485
28,887
136,531 3,675,373
738,879 7,232,873
443,875
52,707
2,755
10,562
5,397
87,419
251,555
26,007
719
10,029
4,387
28,845
446,538
64,325
1,719
14,791
6,808
59,216
272,972
35,557
657
7,900
3,902
8,651
904,297 11,218,731
137,462 1,510,549
34,165
6,632
651,926
25,024
96,934
12,033
163,638 2,249,041
602,715
37,793
8,064
337,315
178,201
12,145
321,542
20,554
5,769
203,471
82,988
2,738
593,397
45,104
11,762
437,060
122,384
3,348
329,639 1,249,086 15,761,337
91,298 1,356,129
26,043
286,463
19,745
9,687
240,187 653,246 11,094,036
69,468 565,981 3,647,977
170,637
5,490
2,010
19,535
6,583
703
5,931
425
18,175
141
204,014
661
162
20,663
92
9,278
1
2,316
27
8,548
9
3,232
56
12,340
1,640
175,578
2. Data pf reporting member banks in Federal Reserve Bank and branch cities and all other
reporting banks.
Three ciphers (000) omitted.
New York City.
City of Chicago. All F. R. Bank Cities. P. R. Branch Cities. AllOtherReport.Bks.
Total.
Nor. 29. A-or. 22. Nov. 29. Nov. 22. Noy. 29. Nov. 22. Nov. 29. Nov. 22. Nov. 29. Nov. 22. Nov.
29'22 Nov. 22'22 Nov. 3021
-64
264
50
50
264
64
209
208
311
312
807
784
784
Number of reporting banks
Loans and discounts incl. bills redis$
counted with F. R. Bank:
$
$
99,765 104,238
Loans sec. by U. S. Govt. oblig'ns
33,299
Loans secured by stocks & bonds_ 1,495,796 1,457,915 414,965
1,920,100 1,932,171 620,377
All other loans and discounts
$
$
S
$
$
$
$
$
$
$
209,717
217,002
50,421
34.253
50,204
43,062
42,428
521,885
310,485
302,349
422,236 2,704,388 2,690,311 524,007 521,269 446,97' 446,917 3,675,373 3,658,497 3,113,709
616,703 4,429,0794,438,374 1,470,482 1,463,409 1,333,312 1,327,365 7,232,873 7,229,148 7,699,365
3,515,661 3,494,324 1,068,6411,073,192 7,350,469 7,338,402 2,044,910 2,034,882 1,823,352 1,816,710 11,218,73111,189,094 11,334,959
527,264 516,658
860,760
55,910
849,418 351,159 349,529 298,621 297,952 1,510,540 1,496,899
54,926
911,369
10,974
20,620
3,650
3,888
10,692
19,131
8,639
8,550
4,906
4,561
34,165
155,774
32,242
61,545
392.904 395,744
530,478
534,559
59,279
73,991
75,504
47,457
651,926
47,930
122,697
657,993
9,366
50.203
17,600
17,741
9,008
52,122
32,589
29,691
14,142
14,240
188,479
96,934
96,053
555,132 561,487 180,520 174,029 1,197,097 1,197,204 626,494 625,552 425,450 422,748 2,249,041 2,245,504 2,051,236
Total loans and discounts
IJ. B. bonds
U. S. Victory notes
U. S. Treasury notes
U. S. certificates of indebtedness
Other bonds, stocks and securities
Total loans & disc'ts & invest'ts,
Incl. bills redisc'ted with F.It. Bk.5,011,301 4,987,913 1,385,979 1,384,942 10,009,627 9,990,836 3,137,782 3,123,708 2,613,9282,604.141 15,761,337 15,718,685 14,764,514
569,973 605,177 141,759 131,050
999,620 226,722 218,390 159,357 157,782 1,356,129 1,375,792 1,267,522
970,050
Reserve balance with F. R. Bank
75,762
74,555
154,395
153,612
31,404
29.838
57,922
60,413
74,929
79,451
286,463
294,259
296,053
Ca.h in vault
•
4.346,5834.289,380 990,967 978,585 7,680,078 7,634,599 1,807,605 1.802,488 1,606,353 1,601,780 11,094,036 11,038,867 10,269,971
Net demand deposits
___ 542,754 588,137 350,499 352,168 1,788,148 1,800,120 1,082,420 .1082367 777,409 776,335 3,647,977.3,658,822 2,997,931
rime deposits
66,298
66,298
126,767
22,953
126,662
22,923
8,532
8,733
21,022
21,861
__
170,637
171,551
Llovernment deposits
128,104
Bills payable with F. R. Bank:
43,151
53,043
140,370
69,330 101,855
30,021
3,645
120,050
25,724
4,909
204,014
209,245
238,197
Sec'd by U. S. Govt. obligations_
141
101
520
295
661
396
1,555
All other
Bills rediscounted with F. R. Bank:
123
586
28
494
528
408
42
288
217
766
1,640
1,239
33,257
Seed by U. S. Govt. obligations
10,711
7,4)8
44,311
77,354
40,716
11,496
4,953
33,828
97,439
31,394
175,578
149,464
405,452
All other
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
. A InTrnirtmnnto nan ...ant
vt
1.6
2.3
0.8
3.1
2.2
0.7
2.7
2.2
2.5
2.2
2.3
2.4
4.6
Revised figures.
Fork 115.
THE CHRONICLE
2560
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Teanittrs' ui azette
Wall Street, Friday Night, Dec. 8 1922.
Railroad and Miscellaneous Stocks.
-The upward
swing of security prices noted as in progress at the close of
the market last week did not continue over the week end.
On Monday stocks were heavy from the opening of business
and so continued until Wednesday at which time a long list
•of railway shares had dropped 2 to 6 points. From the low
quotations then recorded there has been irregular and intermittent recovery. The change in tone was attributed in
some quarters to Sec'y. Mellon's statement that Treasury
deficiencies will be made up, without additional taxation,
and his issuance of $700,000,000 Treasury Certificates.
The bond market, however, has been relatively strong.
Some of the low priced railway and industrial issues have
shown symptoms of weakness.
The foreign exchange market has attracted a good deal
of attention this week. Sterling advanced day by day,
reaching $4 57H on Thursday, the highest price recorded
since 1915, and some of the Continental rates have been above
par. Evidently in several European countries economic
conditions are improving.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Dec. 8.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Week ending
Dec. 8 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Ezchange.
$ per share
Railroads.
32 92
Dec 2 92
Buff Roch & Pitts, pf 10
1,500 100% Dec 5 1014
Ches & Ohio, pref
100 100
Dec 4 100
C St P M & 0, pref__100
100 113
Dec 4 113
Illinois Central, pref. _ _
Interboro Rap Tr(w 1)- 1.600 1931 Dec 2 20%
100
2001 4% Dec 2 4%
Iowa Central
Man Ry Eq Tr Co of
M
2,700 47
N Y ctfs of dep
Dec 2 50
Michigan Central_ _ _100
2 240
Dec 6240
M St P&SSM pref_100
100 85
Dec 6 85
2,100 3531 Dec 5 3634
M K & T, 4111 paid
Preferred, full paid__ _ 3,900 32
Dec 5 32%
Nat Rys Mex, 1st pf_100
300 63( Dec 4 7
N'p't News & Hamp Ry_
100 90
Dec 4 90
Pitts Ft W & Ch pf....100
14 139
Dec 6 139
Tol St L & W pf ser B
400 57
Dec 5 58%
Indus. St Miscell.
All Amer Cables __100 319 120
Dec 8 125
Amer Machines
100
31 Dec 7
Amer La France Fire En
7% cum pref
100
300 93
Dec 6 93
Am Metal temp etre-. 2,500 463( Dec 6 48%
Am Teleg & Cable-100 100 60
Dec 5 60
Am Metal tern et: pf-101 300.
-1034 Dec 211031
Assets Realization. _10 900 131 •Dec 4 134
AtiFrultColTCoctfofdep 1,000 131 Dec 2 1%
Beech-Nut Packing _20 12,200, 4831 Dec 5 52
Beth Steel pref. new__
1,000 9531 Dec 7 96
Burns Bros, pref _ _ _ _100
200 105
Dec 6 105
Ca.se(JI) Thr Mach_ _ _ _* 1,200! 30
Dec 2 3034
Cluett, Peab& Co, pf 100 300 102
Dec 2 102%
Corn Solv, A
400' 4731 Dec 2 48
Conley Tin Foil
9501 16
Dec 2 17
ConsolGas,wl
19,200 6031 Dec 3 62%
53,50& 2
Rights
Dec 5 24
Cosden & Co, pref
500 100
Dec 7101
Crex Carpet
100
200, 29
Dec 8 29
1001 72
Deere & Co, pref._ _ _100
Dec 5 72
Detroit rights
2,5001
A Dec 6
%
Elk Horn Coal Corp p150
150, 40
Dec 2 41
Emerson-Brant pref_100 800, 28
Dec 4 29%
Dec 4 28%
Exchange Buffet
• 200 28
Fidelity-Phen Fire Ins
40010031 Dec 5 101
90010231 Dec 710331
Gen Am Tk Car7% pf 100
200 112
Gen isskihg Co, pref._
Dee 711231
Gen Cigar. Inc, pref_100
100 1044, Dec 810431
Gen Elect!' spl
3,350 1031 Dec 2 11%
Gimbel Bros
1,000 3831 Dec 5 40
Preferred
1,000 9531 Dec 5 9634
Goldwyn Pictures
5,2
531 Dec 4 6%
Dec 4 95
Guantanamo Sug. 1st pt.
100 95
Dec 6 101
GulfStatesSteellstpf.100 200 100
Hartman Corp
100 500 8231 Dec 8 8331
Hudson Motor Car _ _ _ 27,300 2331 Dec n 24%
Dec 4 4
Hydraulic Steel. pref _100 200 40
Dec 6225
Ingersoll Rand
75 225
Dec 2 104
Preferred
20 104
International Salt _ _ _100
Dec 4 80
10 80
Ligg&MyersTobSerB100
30021531 Dec 8 220
Loose-Wiles Biscuit
700 56% Dec 2 5834
Dec 2 62
100 1,40 61
Macy
100 20011031 Dec 411034
Preferred
Mallinson (H R)& Co
Dec 4 92
100 200 92
Preferred
1,200 27
Dec 5 30
Magma Copper
16,600 1831 Dec 5 184
Moon Motors
*19,600 1031 Dec 4 114
Mother Lode Coal
Dec 6 525
*
263 524
Nash Motors Co
Dec 8 108
44 108
Preferred
Dec 5297
65 297
Nat Bk of Commerce.100
23,900 3531 Dec 7 374
National Biscuit, w L
500 10131 Dec 2 102
Nat Cloak & Suit, pf_100
1,900 4731 Dec 2 48%
N Y Air 13rake A
Dec 6 62
Ohio Fuel Supply-___25 200 62
Dec 5 40
100 40
100
Otis Steel pref
Dec 2 now,
200 110
Owens Bottle pref_ _ _100
4,600 194 Dec 2 21
Packard
Dec 4 42%
500 42
Philadelphia, pref
50010631 Dec 210631
S Corp of N J, pref.__
100 993j Dec 5 99%
Rem Typew, 1st pref S_ _
11011531 Dec 8 118
RV Steel Spring, pref_100
• 800 1431 Dec 2 15%
Reis (Robt) & Co
Dec 6 76
First preferred_ _ _ _100 200 76
Dec 6 21%
Reynolds Spring Co_-* 2,300
500 9231 Dec 7 934
Shell Union 011, pref____
Dec 2 100%
Sinclair Cons Oil. pref___ 1,900100
So Porto Rico Sug, pf.100 150 8931 Dec 4 91
Dec 4 96
50 96
Standard Milling, pf_100
Dec 5300
150300
Tex Pac Land Trust..100
100 4,300 115% Dec 6 126
Tidewater Oil
Dec 5 33%
Timken Roller Bearing__ 9,900 32
S Realty & Impt rights 5,200, % Dec 7 1%
300 56
Dec 5 56
*
II S Tobacco
500 16
Dec 6 16%
Va-Caro Chemical B____
Van Raalte
Dec 2 65%
4,100 60
West Eke 7% cum pf.100', 1,800 1123.( Dec 411234
West'h E & Mfg 1st pf.50, 100 73
Dec 5 73
Woolv.orth (F W) pf _100
10012531 Dec 612531
•No Dar value.
2. 85
2 100%
4 83
4'104%
4' 18
2, 4
1
Dec 8 44
Dec 6 120
Dec 6 70
Dec 8 31
Dec 8 30
Dec 8 634
Dec 4 90
Dec 6 136%
Dec 6 224
1
Dec 2 107
Dec 7
Apr
A
95
Dec 105% Oct
Sept
Feb 107
Oct
Jan 116
Nov 31% Aug
Oct 13% Jan
July 55%
Feb 245
June 94%
Nov 39%
Nov 32%
Dec 19
Dec 90
Jan 139
Jan 62
Aug
Oct
Sept
Sept
Dec
Aug
Dec
Dec
Oct
Dec
Jan 125
Dec
% Dec
$4,527.000 $1.113,000 $2,972,700
5,984,000 1,493,000 3,094,500
6,552,5001 1,782,000 3,441,500
6,728,0001 1,977,000 3,080,950
6,234,103 2,447,000 3,211,550
6,884,000 1,988,000 2,779,000
$32,709,r00
56,131,000
49,896,100
56,921.000
75,122,000
61,468,400
4,418,231 $332,248,000 $31 ,959,500 $10,800,000 $18,583.200
Jan. 1 to Dec. 8.
Week ending Dec. 8.
1922.
1921.
1921.
1922.
Total bonds
$66,342,700 $101,451,25 `$30.583,791,115 $3,602,050;400
,
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Dec.8 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia
Baltimore
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
*7,264
*11,602
*11,050
*13,781
*22,703
15,759
534,750
56,200
47.750
61,050
51,350
42,000
5,786
7,758
6,258
6,500
7,183
1,949
$78,000
46,200
65.500
62,150
46,300
48,000
972
1.028
2,351
1,260
1,416
975
$26,000
16,900
39,500
49,200
39,000
65,000
42,159
$293,100
35,434
$346,150
8,002
$235,600
Highest.
$ per share $ per share
Dec
Dec
Dec
Dec
Dec
Dec
467,1411
740,067
646,825
745,695
982,503
836,000
U. S.
Bonds.
215,066.732
242,263,021
4,418,231
Stocks-No. shares__ _
4,151,070
$332,248,103 $304,361,480 $21,223.967,239 $18,383,266,475
Par value
Bonds.
Government bonds_ _ _ $18,583,200 553,194,2TO 81,794,861,615 $2,558,794,500
323,823,400
563,520,500
State, mun.,&e..bonds 10,800.000 10,444, 00
719,432,500
36,9.59,500 37,812,500 1,225,409,000
RR.and misc. bonds
Total
Paz Shares $ per share
Railroad, State, Mun.
land Foreign
Acc.,
Bonds.
Bonds.
Stocks.
Shares. I Par Value.
52.902 5219.650
49.900 3150.700
4.577 5183.000
Prey, week revised
* In addition there were sa es of rights Saturday, 5,331; Monday,7,572; Tuesday,
Thursday, 5.688.
5,194; Wednesday, 9,835;
Dotty Record of U. S. Bond Prices. Dec. 2. Dec. 4.1 Dec..5. Dec. 6. Dec. 7. Dec. 8.
(High 100.48 100.46 100.38 100.40 100.50 100.50
First Liberty Loan
314% bonds of 1932-47„( Low. 100.32 103.30 100.28 100.32 100.34 100.34
(Close 100.40 100.40 100.34 100.32 100.36 100.38
(First 331s)
357
362
219
56
184
224
Total sales in $1,000 units_ __
____
____
____
____
____
____
Converted 4% bonds of(High
____
_
____
1932-47 (First 4s)____(Low_____
_ __
Total sales in $1,000 units_
Converted 44% bonds(High 98.48 98:64 98.56 98:64 98:80 98.96
98.40 98.44 98.50 98.56 98.70 98.82
01 1932-47 (First 434s)( Low_
[Close 98.48 98.58 98.50 98.60 98.76 98.94
113
29
143
96
4
94
Total sales in $1,000 units_ .
--------99.30 ' ------h 100.00
_
Second Converted 4%% f Hlg
bonds of 1932-47 (First( Low. 99.50
---_--99.30
-------- 99.30
Second 434s)
____
____
(Close 99.50
----.
_--Total sales in $LOW units.. _30
____ 91.56
____
Second Liberty Loan
(High
____
____
____
98.30
4% bonds of 1927-42_ _ _ _(Low_
-------------------- 98.30
____
____
____
____
___
(Close
(Second 48)
3
Total sales in $1,000 units_
Converted 434% bonds(High 98.04 98:06 98:00 98.16 98.32 98.46
97.94 97.96 97.96 98.00 98.14 98.30
of 1927-42 (Second (Low_
434s)
[Close 98.04 97.98 98.00 98.18 98.24 98.40
667
Total sales in $1,000 units.-. 2.203 1.147 1,023
767
868
(High 98.50 98.50 98.68 98.74 98.80 98.88
Third Liberty Loan
(Low_
4g% bonds of 1928
98.40 98.38 98.44 98.56 98.70 98.72
(Third 434s)
(Close 98.44 98.46 98.58 98.70 98.70 98.82
188
490
353
591
265
35
Total sales in $1,000 units_ .
(High 98.40 98.42 98.40 98.60 98.64 98.74
Fourth Liberty Loan
434% bonds of 1933-38...i Low_ 98.28 98.30 98.30 98.32 98.44 98.56
(Fourth 434s)
(Close 98.40 98.38 98.34 98.52 98.54 98.70
887 1.240
689
995
718
264
Total sales in $1,000 units_ _
(High 100.30 100.30 100.28 100.32 100.34 100.34
Victory Liberty Loan
4g% notes of 1922-23_(Low. 100.26 100.26 100.24 100.24 100.26 100.30
(Victory 431s)
(Close 100.30 100.26 100.26 100.30 100.30 100.32
75
61
189
90
64
80
Total sales in $1,000 unit.
(High 99.60 99.76 99.78 99.80 99.78 99.74
Yreasury
(Low. 99.60 99.c.3 99.70 99.72 99.62 99.66
434s. 1947-52
(Close 99.68 99 71 99.78 99.72 99.70 99.70
AR&
AR&
101.
1.14
1,R
awni .71.6 In ti nnn *mil.
Dec 6 93
Dec 101% Aug
Dec 4 44
Sept 52% Sept
Mar
Dec 5 54
Feb 70
Dec 2 107
Au 113% Sept
Dec 6
3.4 Jan 2% July
Dec 2 1% No e 5 4 July
Der 2
Dec
'Dec 2 48%
Oct
Dec 4 94
Nov 101
Dec
Dec 6 94
Feb 105
Aug
Dec 7 30
jov 43
Non 104
Sept
Dec 8 85
Oct
Dec 5 44% Sept 50
Dec
Dec 4 13% Nov 17
Dec 8 59% Nov 62% Dec
Dec 8 1% Nov 24 Dec
Dec 2 934 July 102% Sept
Dec 8 25% Aug 35% Aug
Dec 5 61
Feb 80 May
Dec 6
Nov
% Nov
Dec
Dec 7 34
Mar 41
Feb 44% July
Dec 5 23
Dec 6 28
Nov 314 Oct
Dec
Dec 5 100% Dec 101
Dec 4 96 June 105% Oct
Dec 7 106 Juts 1124 Dec
Nov
Dec 6 10034 Mar 110
Sept
Dec 6 10% Oct 12
-The above table includes only sales of coupon
Note.
Oct 45
Dec 7 3834 Nov 1024 Oct
Oct bonds. Transactions in registered bonds were:
Dec 7 93%
Dec 6 5% Nov 834 Oct
100.06 to 100.38 82 35 434*
98.30 to 98.74
33.4s
Dec 10 1st
Dec 95
Dec 4 95
97.60
62 4th 431s
98.16 to 98.60
1 1st 45
Dec
Mar 101
Dec 8 95
98.16 to 98.56 21 Victory 4gs
99.88 to 100.04
3 1st 4348
Mar
Nov 103
Dec 4 81
97.70
10 Treasury 434s
99.64
1 2d 45
Dec 7 194 Nov 24% Dec
97.82 to 98.28
Apr 60 June 40 2d 4348
Dec 4 30
Dec
Oct 225
Dec 6 175
for U. S. Treas. Ctfs. of Indebtedness, 84c.
Quotations
Nov
Dec 2 103% Nov 104
Dec
Dec 4 66
Sept 80
1.4
Maturity.
Bid. Asked.
Rate.
Jan 220 Sept
Maturity.
Dec 8 100
Rate.
A eked.
Jan 6534 Oct
Dec 6 36
Dec June 15 1924... 534% 101% 102
Dec 4 59
Nov 62
Mar. 15 1923.... 4 g% 100
100%
Dec 5 1104 Dec mg Nov Sept. 15 1924... 54% 101% 101% June 15 1923... 334% 99% 100
Mar.15 1925._ 434% 1004 100% Dec. 15 1925._ 431% 99%
9931
Dec 4 6234 Jan 9731 Oct Mar. 15 1926._ 434% 100% 100% Sept 15 1923 __ 334% 99% 100
Dec 4 27
Dec 35% Sept
Sept 15 1926 _ 414% 98.4
995'
Dec 8 13
Aug 18% Dec
Dec 2 931 Nov 114 Nov
The Curb Market.-The review of the Curb Market is
July
Dec 7 450
Sept 525
Dec given this week on page 2545.
Dec 8 10134 Aug 108
Nov
Dec 5 264 Jun 302
Foreign Exchange.--Ste-ling elohrtnze was strong.
Nov
Dec 8 35% Nov 38
-day's (Friday's) actual rates for sterling exchange were 4 54 148
To
Dec
Dec 4 69
Jan 102
4 54 13-16 for sixty days. 4 56 3-16@4 56 15-16 for checks and 4 56 7-16®
Dec 8 4534 Nov 503.4 Oct
4 46 11-1;
3-16 for
Dec 6 47
Dec 4 57 days 4 cables. Commercial on banks, sight 4 55 15-16@ 9-16 and
Jan 62
53
53
4
Dec 5 40
Nov 42% Jan documents for 3-16@ 53 15-16, ninety days 4 ,52 13l6584 Cotton for
payment (sixty days) 4 53 9-16@4 54 15-16.
Dec 6 98
Feb noq Dec payment. 4
55 15-16®4 56 11-16 and grain for payment 4 5515-16®4
Dec
Dec 7 18% Nov 21
11-16.
Dec 6 41
Nov 43% Nov 456 -day's
To
(Friday's) actual rates for Paris bankers' francs were 7.02®
Oct 10631 Dec
Dec 4 75
bankers' marks are not
Dec 5 9934 Dec 9934 Dec 7.07 for long and 7.05 ®7.07 for short. Germany bankers' guilders were
Apr yet quoted for long and short bills. Amsterdam
Apr 120
Dec 6 106
Mar 39.38@39.48 for long and 39.69@39.79 for short.
Dec 2 84 Jan 21
Exchange at Paris on London 64.40; week's range, 64.40 high and 65.25
Dec
Jan 76
Dec 6 49
low.
Dec 4 1234 Nov 5031 June
The range • foreign exchange for the week follows:
rer
Dec 4 9231 Oct 9631 Sept
Checks.
Cables.
Sterling, ActualSixty Days.
Oct
Dec 4 8731 Sept 102
45734
45734
455
July High for the week
Dec 7 124 Jan 96
452
45231
44931
Nov Low,for the week
Apr 98
4 84
Dec
Paris Bankers' France
Mar
Dec 420
Dec 300
712
713
707
Oct High for the week
Dec 2 10934 May 154
695
698
6.92
Oct Low for the week
Sept 35
Dec 4
Germany Bankers' Marks
Dec 1% Nov
Dec 2
0.01 5-16
0.01 5-16
High for the
Dec 5 4531 May 635.4 Sept Low for the week
0.01 3-16
0.01 3-16
week
Nov 25% Aug
Dec 7 14
-Amsterdam Bankers' Guilders
Dec 7 5734 Oct 6731 Nov High for the
39.87
39.96
39.51
Dec 2 1113.4 Nov1123I Nov Low for the week
39 51
39.60
39.15
week
Aug
Dec 5 624 Sept 75
-Chicago. par. St. Louis, 15 ®25c. per $1,000
Domescic Exchange.
Dec 6 11731 Sept 12531 Oct
discount. Boston, par. San Francisco, par. Montreal, $.09375 per
$1,000 premium. Cincinnati, par.
284
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
2561
1
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday. 1 Monday,
Dec. 2.
Dec. 4.
Tuesday,
Dec. 5.
Wednsay.'
Dee.6.
Thursday,
Dec. 7.
Friday,
Dec.8.
Sates,
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lot:
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lotoesi
Highest
Railroads
Par $ per share $ per share $ per share $ Per share
hares
S per share $ per share $ per share $ per share S per share S Per share i
4
20Ann Arbor
100 10 Jan 3 24 Aug 30
8 Mar 123 Feb
.11
*11
20
*11
20
*11
18
411
20
18 1 *11
Preferred
800
100 288 Jan 26 52 Aug 25
20 Apr 3214 Dec
*31
35
*32
32
*32
35
431
35
3212 32
32
32
7718 June 94 Dec
4
8 7,450 Atch Topeka & Santa Fe., 100 913 Jan 3 10S12Sept 14
101/2 9934 10038 10018 1003 1003a 10012 10058 1013
10112 102
8
100%
Do prof..
7512 Jan 88 Nov
8
845 Jan 3 9512 Aug 21
9058 91
9034 903
4 907 908 9012 9058' 91
9114 907 9114 1,300
1 Dec
512 Apr 17
74 Jan
178
178 *17
3 Jan 14
4
17
2
8 2 I
13
4 1,600 Atlanta Birm & Atlantic_100
17
2
178
17
134
100 83 Jan 9 12478Sept 11
77 Apr 91 Nov
114 11412 11312 114
4 2,500 Atlantic Coast Line RR
113 114
113 1133 1143 1143 114 1143
4
4
4
100 3312 Jan 27 6014 Aug 21
303 Mar 423 Ma)'
8
8
4134 4238 413 43
4
433 25,900 Baltimore dr Ohio
8
423 4314 42
4
438 444 4212 44
47 Mar 5638 Nov
Do pref
100 5212 Jan 11 6614 Aug 23
5712 58600
5812 5712 5712 *5712 58
*5814 5812 58
*58
59
100 50 Jan 4 73 Oct 4
4912 Dec 7234 Mar
100 Buffalo Roth & Pitts
*6214 65
*6214 70
*6214 70
*6214 70
6012 6012 *6214 66
100
6 Dec 1474 Jan
6 Jan 4 29 June 30
1712 1818 154 17
8
153 1612 1512 157
4
8 16
1712 1614 167 15,900 rrooklyn Rapid Transit
Jan
Certificates of deposit
4,900
55 Jan 11 24%June 30
8
34 Sept 10
1412 143
4 1318 1312 1314 1334 1314 1334 133 143
8
4
4 137 14
100 11918 Jan 6 1515 Aug 31 101 June 12378 Nov
8
14078 14212 1404 142
13912 1408 13938 141141 1405 14212 14012 14134 9,400 Canadian Pacific
8
200 Central RR of N J
100 184 Mar 31 245 Oct 23 186 Oct 209 Mar
*205 215
215 215 *210 218 *210 218
216 216 *210 215
100 54 Jan 10 79 Aug 21
46 June 6512 May
67
6738 6534 6712 6512 66
6518 6512, 654 658 65
65% 5.800 Chesapeake dr Ohio
100
4
218
218 *218 214
238 23
4May 26
4 Nov
83 Jan
8
218 2181
1$8 Jan 24 123
218 1,000 Chicago & Alton
2
218 214
Apr
Preferred
100
8May 25
618 Dec 12
34 312 *312 3 8
318 Jan 25 207
5
3
5s 3 8
5
318 3581 434 314338 33
8 1,900
8
31
31
1312 Dec 167 Nov
3014 313
4 2818 2914 2812 29 I 27
125 Jan 25 4334 Aug 21
8
2734 3,900 Chic dr East III RR (new)
3018 27
Do pref
5438 5438 *5414 55 I 544 5414 54
541 5418 *5414 55
1,100
334 Dec 37 Nov
54
32 Jan 30 644 Aug 22
4May 27
614 Dec
918 May
4 Nov 24 103
5
5
5
5
5
5
43
4 47
*412 434 1.100 Chicago Great Western__ _100
8
43
4 5
Do pref
14 June 2078 May
100
10
1014
93 1014 *93 1014 10
8 Nov 24 2412May 29
4
934 98 1,700
4
10
934 934
Jan
1714 Dec 31
• 2512 257
8 2414 2512 23
24
23
2312 2178 23 180,000 Chicago Milw & St Paul 100 1714 Jan 9 3638 Aug 22
233
4 23
Do prof
100 29 Tan 10 65 Aug 22
294 Dec 464 Jan
38
388 364 3812 343 36
4
4
345 3614 364 37
8
343 363 28,600
4
Jan
6018 Apr 71
14,200 Chicago Je North Western_100 59 Jan 9 931k Sept 11
837 8418 8212 84
s
794 8112 784 8114 80
8 82
8114 805
Do pref
200
Jan
95 July 110
4
100 100 Jan 9 125 Aug 21
*12114 1233 *12234 124 *122 124 *122 124 *123 124
123 12312
225 Mar 35 Sept
8
100 3034 Jan 11 50 Sept 14
3318 3312 3218 3318 32
328 32
3212 3238 3318 313 3318 24,000 Chic Rock 1s! & Pac
4
7% preferred
6834 Mar 8934 Dec
1,600
100 8314 Jan 10 105 Sept 14
9712 9712 97
97
97
92
97 • 954 9512 97
9712 92
6% preierred
5612 June 77 Dec
1,700
100 7014 Jan 9 95 Sept 14
8712 88
88
8812 8712 8712 86
4
87
87
8712 823 83
Jan
300 Chic St P Minn dr 0m _.._100 51 Jan 10 90 Sept 15
50 June 63
75
75
*73
75
75
74
74
*73
*73
75
7438 747
Clay Cin Chic & St Louls__100 54 Jan 4 804Sept 15
32 June 5712 Dec
*70
78
78
*70
78
*72
78
*72
78
*70
*70
78
Do prof
100
60 Feb 75 Dec
99
99 -99
3 Jan 3 1004 Oct 17
4
27 Jan 467 Nov
1,000 Colorado dr Southern
100 38 Jan 10 534 Apr 24
-444 4434 -443 4434 444 444 -i4F4 - 14 -ilia - - -i.i- 45
4
u7
8
41
Do 1st pref
Jan 59 Dec
49
100 55 Jan 16 66 Mar 23
62
*59
6018 *59
63
*59
*59
63
*59
62
*59
63
90 Apr 11012 Nov
50
4 2,400 Delaware & Hudson
100 1063 Jan 4 14112Sept 8
122 12212 12312 12312 122 124
4
120 1204 1193 1203 119 1213
4
4
13234 13514 133 1343 13212 13212 13112 13212 133 1333 13214 13312 5,400 Delaware Lack & Western_
93 Aug 249 May
108 Feb 14 143 Oct 4
4
4
33
s
412 Jan
158 Mar
100 Duluth S S & Atlantic
100
3
3
2% Jan 27
6 Apr 25
8 35
358 *27
8 35
8 *27
*21
8 *27
s 3 8 *278
5
738 Jan
Do pref
358 Nov
47
47
200
00
334 Jan 7 104 Apr 18
*438 54
*458 7
*458 5
438 452 *412 5
10 Dec 154 May
100
25,600 Er
7 Jan 9 183
23
4May
4
1012 103
4 103 11
8
958 1012
98 1038 1014 1038 1014 103
Do 1st pref
100 114 Jan 9 2812 Aug 21
1518 Dec 2238 May
148 1538 8,800
1514 1514 147 153
4
8
4 133 147
4
1414 15
143 15
Do 2d pref
s
100
718 Jan 10 20I4May 23
10 Dec 157 Jan
1158 115
8
8 115 1134 1034 1158 103 103
8
4 1112 1134 115 1158 4,500
4
43,900 Great Northern prof
100 704 Jan 10 957 Oct 18
50 June 7914 Dec
80
8
.8314 84
8012 78
813 835
4
8 78
82
77
808 78
Iron Ore properties_No par 28% Nov 17 458 Apr 13
7,400
8
2553 June 344 Nov
4
8
303 31
31
31
3012 30
3912 305 31
30
397
8 30
400 Gulf Mob & Nor tr afs___100
5 Jan 4 19 May 22
4
48 Dec 114 May
14
14
*13
*13
*13
14
*14
13
13
15
*1312 15
Do pref
100 16 Jan 5 47 Oct 19
900
15 Dec 26 Feb
8
45
*42
45
417 417
*42
453 *4312 4534 42
4
4314 *42
100 974 Jan 3 11534Sept 15
8512 Mar 10012 Nov
1974 1074 2,300 Illinois Central
109 1093 109 109
1077 1081? 10758 10812 107 108
8
4
14 Oct 10
8
57 Jan
5 Apr 8
118 Dec
14 4,500 Interboro Cons Corp_No par
14
14
14
14
14
3
s
*14
3
8
14
14
14
Do prof
12
12
12
58 7,700
Jan
100
12
12
4 Dec 5 1234 Apr 8
314 Dec 16
3
4
5s
511
38
3
13
100 17 Nov 27 3014 Apr 25
1812 Feb 28% May
1938 19
19
*19
1912 19
19
194 2,600 Kansas City Soutbern
1958 193
4 1912 20
Do prof
100 5214 Nov 27 5912 Apr 26
600
54
4512 Jan 55 Nov
54
*53
54
4
537 537
533 5334 5312 5312 *53
54
Keokuk & Des Moines..
.100
5 Jan 17
*3
10
9 4June 8
3
44 Nov
612 May
*3
10
10
*3
10
44
10
*3
10
357
3,000 Lake Erie & Western
100 10 Feb 2 397
8June 6
35
35
10 Mar 1412 Jan
36
3712 35
4
4
3312 3312 333 35
323 33
100 26% Feb 8 77 Sept 27
100
77
*76
77
*7014 77
*7312 77
1738 Aug 30 Dec
75
*76
*73
77
75
Lehigh Valf
gh preley
50 5658 Jan 3 72 Sept 9
4
4718 June 603 Dec
6214 63
623 64
4
633 64
8
6418 643
615 6338 7,000
8
4 6312 637
900 Louisville & Nashville
100 108 Jan 9 1447 Oct 17
13314 13314 1335 1335 13314 13314
8
97 Apr 118 July
1343 135
4
133 134
8
133 133
100 35 Jan 6 58 Aug 30
300 Manhattan Ry guar
4912 5012 *50
51
4934 493 *487 50
*50
32 Dec 684 Jan
4
52
*4614 50
Market Street Ry
100
400
4814 9
814 814 *814 914
7 May
318 Jan 28 11 Mar 14
84 814
25 Dec
,
814 814
*814 9
Do pref
100 17 Jan 9 5014 Apr 11
*3612 45
45
*37
46
*3718 45
*37
437
45
*3612 45
12 Aug 184 May
Do prior prof
400
69
69
*6812 69
69 69
100 3512 Jan 7 76 Nov 9
*6812 6912 6812 69
27 Aug 4512 May
*6812 69
Do 2d pref
234 234
100
200
25
*2318 2434 *2212 243
23
558 Jan 9 32 Apr 10
4 23
414 Aug
*2312 244 423
83 May
8
712 712 *83
4 7
*812 714
4.612 8
300 Minneap & St L (neze)
612 612 *638
100
5 Jan 6 144 Apr 29
54 Dec 1434 May
Minn St P & S S Marle
*63
67
*6312 65
65
100 55 June 29 7534 Oct 19
*63
65
67 *66
*63
65
63 Aug 7412 Nov
66
*
200 Missouri Kansas & Texas 100
*9
11
105
8 *9
o8
11
10
104 *8
*10
11
38 Jan 16 14 May 23
11
34 Nov
1 Dec
154 1512 1514 1512 147 1514 18,700 Mo Kan & Texas(new)
1518 153
4 1518 16
712 Jan 11 193 Aug 25
97 Dec
2
153 16
4
4
8 Dec
Do pref (new)
8 397 4012 393 4138 393 3934 40
5,400
413
4
4018 40
2412 Jan 27 4884 Aug 30
40
41
8
2234 Dec 263 Dec
3,800 Missouri Pacific trust ctfs_190 1512 Nov 22 2514 Apr 18
18
163 1612 1614 168 163 17
8
4
1612 17
174 177
s 17
16 Mar 234 May
Do prof trust ctfs
43
4134 424 4218 44
100 40 Nov 25 631 Sept 12
43
443
4 42
4412 45
4
417 4312 14,000
3312 Mar 494 Nov
100
4
23
4 23
4 *258 3
234 234
23. 234
25
8 23
24 Nov 23
658 Feb
23
4 314 1,400 Nat Rys of Max 2d pref
714May 27
23 Dec
4
8212 8112 8212 8112 82
8212 8212 82
834 82
83
46 June 7712 Feb
823
4 2,800 New Orl Tex & Mex v t c 100 547 Jan 10 853 Nov 9
4
8 944 953
4 935 953
100 723 Jan 4 1007 Oct 18
8 9518 967
965 973
3
943 9512 933 9614 47,900 New York Central
4
6418 June 76 Dee
4
4
8
83
*84
86
83
300 NY Chicago & St Louis
*85
86
86
86
100 5118 Jan 5 9112 Oct 16
8412 8412 *85
86
39 June 6138 Sept
Do 2d pref
87
400
8
87
100 6134 Jan 5 93 Sept 15
8612 86112 865 87
*85
88
*
87
88
*85
8612
54 June 6812 Sept
4 2014 2112 2078 2114 2012 217 27,000 N Y N 11 Sr Hartford
100 1212 Jan 5 3514May 20
8
8 214 2212 207 213
2238 227
12 Nov 2312 Jan
8
N Y Ontario & Western__ _100 1912 Nov 27 2912 Apr 10
20
2212 203 203
4
4 2012 2012 20
20
2012 20
*21
16 Mar 2314 Sept
2018 2,200
Norfolk Southern
*14
16
16
1512 *14
100
*14
16
*14
16
*14
134 16
834 Jan 3 2212June 6
84 Sept 1314 May
1103 112
4
10912 11012 11018 1103 110 11112 6,600 Norfolk & Western
100 9614 Jan 9 12512 Sept 9
4
8
4
8
4
1127 1133 1113 113
8
885 June 1047 Feb
7 747
Do prof
747 747
500
8
100 72 Jan 9 82 Oct 6
77
74
8 7412 7412 75
75
62 June 7464 Dec
*106 -__- *72
4
100 7314 Nov 27 903 Aug 24
773
4 743 7614 7418 7612 7518 7612 7512 7718 12,100 Northern Pacific
783
4 76
6114 June 88 Jan
8
78
8 464 465
8 4612 463
463 465
8
50 3314 Jan 3 493 0.1 26
4643 47
3214 June 4134 Jan
4 4612 463
4 9,400 Pennsylvania
4
468 47
200 Peoria & Eastern
16
100 1034 Jan 14 263 Aug 23
Jan
16
143 143 *14
4
4
*1312 16
8 Nov 12
*1312 15
8
1512 1512 *15
3138 3212 32
8
315 32
8
100 19 Jan 10 405 Aug 21
3214 324 .333 11,600 Pere Marquette
104 Mar 237 May
4
4
8
334 3314 313 33
Do prior pref
200
75
*70
74
*71
100 63 Jan 17 82 Aug 21
75
7312 7312
50 Apr 8512 Dec
7314 7314 *70
76
*72
Do prof
900
66
66
*73
75
100 5018 Jan 6 743 Aug 23
4
*64
68
6512 6412 65
35 Jan 663 Dec
4
6512 65
65
1,900 Pittsburgh dr West Va
Jan
34
3312 34
8
100 23 Jan 27 4138 Aug 8
23 Oct 32
3512 3334 3412 34
335 34
3512 3512 34
Do prof
800
90
9112 90
90
100 76 Jan 13 94 Oct 10
70 Mar 80 Dec
*90
9112 *90
9912 904 90
*9012 92
4 7512 7612 7514 7614 7614 7714 7614 777 18,000 Reading
50 714 Jan 3 8718 / a 25
603 June 8914 Jan
4
8
7712 7818 764 773
Do 1st prof
200
*5112 53
*4912 53
*4912 53
50
50
50 43 Mar 27 57 May 31
53
3612 June 55 Feb
*50
50
50
Do 2d pref
700
4
50 45 Jan 27 5912May 31
8 5018 5012 *504 5112, 5018 503 *5018 5112
384 Aug 57% Jan
*5012 5112 5038 503
300 Rutland RR prof
*33
35
36 I *32
*32
36
100 1712 Feb 6 5314June 1 -- - - --*32
36
35
3112 3214 *32
2134 22
4
4
22
1918 Mar 258 Aug
2214 213 2218 7,800 St Louis-San Fran tr etfs_100 2058 Jan 15 323 Aug 21
4
8
23 8 238 2214 234 213 22
7
Do pref A trust ctfs___100 343 Nov 22 56 Aug 21
39
27 s June 3912 Nov
41
3914 3938 3914 3912 3912 40
7
3912 2,700
4
4134 4234 40
3,500 St Louis Southwestern____100 203 Jan 3 3612 Oct 18
29
1912 June 3012 May
30
2912 30
3012 2912 30
8
4 3014 314 30
3114 313
Do pref
4,200
4
Jan
4
28 June 41
100 3238 Jan 10 597 Nov 3
5712 5818 577 58
8 581s 5834 573 5838 573 58
585 587
8
512 512 1,300 Seaboard Air Line
512 512
714 May
24 Oct
100
519 512
25 Jan 4 10 Apr 15
8
52 512
512 538
*514 512
Do pref
8
8
8
8
818 818
818 84 1,300
100
3 Dec 124 May
8
8
3
8
418 Jan 13 14 4 Apr 15
8
6712 June 101
Jan
863 87 8 8638 8712 8638 8712 853 8712 24,900 Southern Pacific Co
4
4
5
100 7818 Jan 10 9614 Oct 16
8 8738 89
88% 893
1738 June 247 Jan
s
2412 2338 233
4 23
100 1714 Jan 10 2838 Aug 21
2312 2314 2312 2278 2334 2318 2338 4,900 Southern Railway '
24
6,600
D6 prof
4
64
Jan
633 65
647
42 June 60
6312 64
64
644 6414 65
100 46 Jan 10 71 Oct 17
4
633 64
164 Jan 273 Dec
4
8 2112 2238 2112 2218 2112 2134 2114 224 5,600 Texas & Pacific
4
100 1834 Nov 27 36 Apr 21
8 213 225
8
225 227
500 Third Avenue
17
*16
8
*16
17
17
*16
17
*15
100 137 Nov 27 2538 Apr 25
1212 Aug 205a Mar
1614 174 163 17
Twin City Rapid Transit_100 34 Jan 12 6212Sept 15
5914 *573 5914 *573 5914 *56
4
314 Dec 5512 Apr
4
5914 *563 5914
*58
4
59
*58
s
s
4
138 1387 137 13914 15,400 Union Pacific
100 125 Jan 10 15434Sept 11 111 June 1317 Nov
14018 1414 139 14118 1363 1397 13618 138
Do pref
7414 7414 7414 7414 7414 1,500
624 July 7412 Dee
74
74
100 7114 Jan 7 80 Aug 30
7414 7414 74
737 74
500 United Railways Invest__ _100
6 Aug 124 Mar
712 Jan 6 197 Apr 11
1212 1214 1214 1112 1112 *1134 1214 *1134 1218 *114 12
1212
2612 2612 2612 2512 2512
900
Do prof
17 Aug 26 Mar
2618 264 *2512 2612 26
100 2014 Jan 9 3612 Apr 11
*264 27
9 May
9
918
918 912 *9
918 3,500 Wabash
638 Dec
918
9
100
6 Jan 30 1438May 26
94 912
8
912 95
2412 2434 2412 2434 24
243
8 3,800
Do prat A
18 Mar 244 MaY
8 2414 247
100 19 Jan 25 3512 Aug 21
4 2438 253
253
25
1812 *16
1812 *1612 1812
1258 Mar 157 Nov
1812 *16
Do prof B
1812 *16
s
100 123 Jan 25 247 Aug 21
4
1812 *17
*17
8 115 1158 12
12
*1134 1214, 6,700 Western Maryland (new)_100
8
8
8 115 115
125
814 Jan 30 174 Aug 30
838 Dec 1112 MaY
12
13
12
24
24
24
2812 2812 2412 247
1414 Dec 21 May
81 7,200
Do 2d pref
24
25
100 13 Jan 17 2812 Dec 7
24
2414 26
15 Dec 3038 May
16
155 155
8
8 164 164 157 163
8
s 2,000 Western Pacific
100 1412 Jan 30 247 Apr 24
1612 16
1638 1612, 16
8
511$ Dec 704 Jan
58
5714 5714 56
57
*5512 5712 1,000
Do pref
100 5158 Feb 1 647 Sept 13
583
4 58
60 1 58
*59
614 Dec 1118 May
9
9
912 95
8
918 94 *914 912 2,900 Wheeling & Lake Erie Ry_100
6 Feb 2 1612June 7
914 10
912 912
7
1212 Dec 1912 May
16
16
16
16
1,200
Do pref
100
914 Jan 4 295aJune
1612 *1514 164 *1512 16
1612 15
16
23 Oct 374 May
28
274 2718 28
28
28
400 Wisconsin Central
28
100 25 Jan 10 334 Mar 13
*27
29
*27
30
*28
Industrial & Miscellaneous
2612 Jan 5338 Dee
69
68 68
100 48 Jan 12 83 Oct 6
1,900 Adams Express
6714 6714 *68
4
69
6938 694 6918 673 68
104 Dec 1934 Jan
1512
100 107 Jan 19 23 Aug 18
s 1312 1312 *13
800 Advance Rumely
s
133
4 1378 137
*13
1314 14
*14
15
314 Dec 624 Feb
*44
45
45
45
400
100 3138 Jan 12 604 Aug 18
46
Do prof
*44
49
4
*44
443 4434 *44
47
30 June 50 Dee
56
5912 60
57
1,500 Air Reduction, Inc____No par 4512 Jan 3 6512 Oct 6
60
*59
59
59
60
61
6112 60
4
1514 Dec 3912 Jan
11% 1212 12
912July 28 183 Apr 25
50
13
10.900 Ajax Rubber, Inc
117 12
8
8 1112 12
1212 12% 117 125
8
14 Jan 13
78May 10
112 Feb
10
34 Dec
%
%
4
3 21.200 Alaska Gold Mines
11
*4
3,
%
8
3
8
14
3
8
as
12 Oct
2 May 17
1
38 Jan 24
13 Feb
1
1
1
4
10
3,500 Alaska Juneau Gold Min
14 118
118
118 14
1
1
1
34 Aug 5914 Dec
7312 7312 7414 16,700 Allied Chem & Dye____No par 5538 Jan 3 9134 Sept 5
7214 7012 7214 72
7315 7314 72
7312 71
83 June 10334 Dec
100 101 Jan 3 11512Sept 19
11134 1113
600
Do pref
4
4
4
1104 11014 11012 11012 *108 11012 1103 1103 112 112
2814 Aug 3934 Deo
100 373 Jan 4 5934Sept 7
4
4412 4414 44% 3,900 Allis-Chalmers Mfg
4234 4314 4314 44
*4314 4412 4234 434 44
100 8612 Jan 5 104 Sept 21
6712 Ar.g 90 Dec
Do pr f
98
100
9612 *95
*95
*95
9612 *95
96
*95
96
96
96
8June 1
264 Aug 854 Jan
30
2,000 Amer Agricultural Chem 100 274 Nov 27 427
30
30% 31
*3018 31
3114 313
8 3138 313
8 3012 31
Jan
100 56 Jan 16 7214 Sept 11
51 Aug go
Do pref
5973 59% 1,600
60
*59
61
62
*61
62
583 6118 *5812 61
8
50 5812 Jan 7 9012 Dec 6
*85
90
300 American Bank Note
464 Jan 564 Dec
91
90 .
*83
89
8934 893 893
4 9012 904 *85
4
50 52 Jan 12 55 Nov 1
5512
Am Bank Note prof
*55
434 Jan 504 Dec
56
*55
*5412 55
56
*55
56
*
55 -- -- *55
4
100 313 Jan 3 49 June 9
4214 2,100 American Beet Sugar
244 Oct 61 Feb
39% 39% 40
41
4138 40
40
40
*39
*39
40
100 61 Jan 11 8012 Oct 17
Do pref
80
80
*74
543 Dec 741k Jan
4
•7312 80
*74
*7312 80
*7312 80
*7312 80
*34
200 A mo. lin.rh Mitt:MOO No oar 31 14 Ian 31 49 Apr 11
3512 343 343 *3314 35
35
3512
2918 Aug 6512 Mal
35
*313
4
4
*334 35
4
•Bid and aimed prices: no sales on this day. I Ex-rights. 1 Less than 100 811,ti es. a Ex-dividend and rights. 8 Ex-dividend. b Ex-rights (June 15) to subscribe
share lot share to stock of Glen Alden Coal Co.at $5 per share and ex-dividend 100% in stock (Aug. 22).
New York Stock Record-Continued-Page 2
2562
For sales during the week of stocks usually inactive, see second page
preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 2.
Monday,
Dec. 4.
Tuesday,
Dec.5.
Wednesday.t Thursday, 1
Dec. 6.
Dec.7. '
Frldau,
Dec. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARP:
Range since Jan. 11922.
On basis of 100
-shore lots
PER SHARE
Range for precious
year 1921
Lowest
Highest
Lowest
Highest
S per share S per share $ per shore S per shore S, shore 3 per shire Shares
er
Indus. 84 MisceII. (Con.) Par
per share
$ per share $ per share $ per share
74
74
*7312 75
*7312 75
7312 7334 *71
75
75
75
500 Am Brake Shoo & F___No par
51 Jan 4 884Sept 12
42
/
1
Jan 564 Deo
/
1
*109 111 *109 110 *109 110 *109 110 *109 110 *109 110
Do prof
100 9814 Jan 18 113 Oct 16
4
883 Jan 100 Dec
707 713
8
4 70
71
6912 7012 693 72
8
737 54,600 American Can
7118 7238 71
2
100 3214 Jan 5 7614 Oct 20
2313 June 3513 Dec
*111 112
11114 11114 111 11112 *110 111
111 111
1103 1103
4
Do pref
4
700
100 9314 Jan 3 112 Nov 9
763 June 97 Dec
4
182 184
180 182
180 4 18112 182 182
3
183 18412 184 185
2,000 American Car & Foundry_100 141 Jan 10 201 Oct 10 11514 June 15114 Deo
*12234 124
123 123 *1223 123
4
123 123 *1223 126
4
123 123
Do pref
600
100 11512 Jan 6 12618 Nov 6 108 May 11613 Dec
63
4 63
4
612 612
6
/ 712
1
4
7s 73
s
Vs 8
8 8
/ *77
1
4
No par
2,300 American Chicle
5 Nov 14 14 May 5
612 Nov 29
Jan
1938 1912 1814 19
1812 183 *1812 1834 1812 183
4
4 1712 18
2,600 American Cotton Oil
100
1434 Nov 22 3012May 31
154 June 2434 Nov
/
1
39
3914 38
38
*38
3912 *37
33
*3614 38
*3413 3612
Do pref
400
100 3312 Nov 27 61 May 31
Apr
3512 July 67
6
618
6
61 1
614 614
6
614
6
6
6
6
2,800 Amer Druggists Syndicate_ _10
412 Jan 13
4 June
834 Jan
7 Sept 13
*138 1393 138 138
4
139 13958 *13712 1393 *13712 1393 *13712 13934
4
4
500 American Express
100 126 June 23 162 Oct 13 114 July 137 Deo
1114 1112 11
11
107 107
s
8 1014 1014
1014 1014 *1014 104
500 American Hide & Leather_100 1014 Dec 6 174 Apr 13
/
1
/
1
Apr
8
16 Deo
6512 6614 65
66
60 4 623
3
4 6212 63
627 633 *62
8
64
4
Do prof
2,700
100 58 Jan 3 743
4Sept 13
4012 Feb 6253 Dec
105 105
10312 106
10312 10412 104 10412 10514 1097 10712 10814 7,500 American Ice
8'
100 78 Jan 12 122 Sept 8
Jan
42
8312 Deo
*80
89
*86
90
*86
87
*86
87
90
87
*87
88
Do pref
100
100 72 Jan 13 9514 Aug 4
57
Jan
7314 Nov
284 283
/
1
4 273 28
4
2718 275
8 2714 2812 2814 30
28
2912 9,700 Amer International Corp_ _100 2518 Nov 27 505
8June 2
214 Aug 534 May
/
1
1112 1112 1118 1112 *1114 1112 *1114 1138 1114 1114 *1114
1138
1,000 American La France F E__10
918 Jan 16
14 July 26
111 Apr
8
/
4
77 Aug
2914 3012 *295 30
8
2912 2912 2918 2914 2912 30
2913 2914 1,000 American Linseed
100 28 Nov 23 4212 Oct 14
1714 Aug 6213 Jan
49
53
*4914 51
*4712 53
*49
52
*49
52
*49
pref
52
Do
100 48 Nov 25 6312 Oct 14
Jan
397 Aug 93
s
12012 12131 119 121
11812 1203 119 12212 122 124
4
122 1233 21,500 American Locomotive
100 102 Jan 5 13634 Oct 14
4
7312 June 110 Dec
1203 121 *119 121 *11914 122 *11912 122
4
12214 12214 *120 123
Do pref
100 112 Jan 12 12214 Dec 7
400
9814 June 115 Deo
118 118
11812 120 *115 119 *11812 119 *11712 119
4
4 1,160 American Radiator.,
1173 1173
25 82 Jan 30 129 Oct 11
661 Jan 91 Nov
/
4
63
4 7
7
718
7Is
718
7
7
64 7
/
1
672
25
7
2,200 American Safety Razor
33 Jan 31
4
8 Oct 23
/
1
4
Jan
312 Aug
10
1958 20
1878 1978 187 1914
8
19
19
1912 2118 21
512 Jan 3 2414May 31
2118 11,100 Am Ship & Comm
No par
414 Aug
14
Jan
54
5418 5258 54
5112 53
52
5278 525s 5314 53
5312 6,900 Amer Smelting & Refining 100 43 Jan 6 67I2May 19
/
1
4
29 Aug 4714 Dec
/
1
4
*9912 10012 *99 100
/
1
4
994 994 9913 9912 993 997
/
1
/
1
.
8 9912 997
100 8618 Jan 4 104 Oct 23
Do pref
860
/
1
4
6314 Aug 90 Dec
*1013 102 *10134 102 *10134 102 *10134 102 *1013 102 *10134 102 8
4
4
Am Smelt Scour pref ser A.100 87 Feb 8 1017 Nov 9
s
63
Jan 88 Dec
1487 153
8
148 1493 *142 147
4
149 149
149 149
140 150
100 10913 Jan 3 15312Sept 6
2,200 American Snuff
95
Jan 11434 Dec
44
4434 4312 447
8 433 4418 4312 4412 437 44
4
8
/ 373 39
1
4
4
15,100 Am Steel Fdry tern ctts_33 1-3 30 Jan 26 4618Sept 11
/
1
4
18 Aug 35 Dec
*105 10518 105 105 *10412 10518 *10478 1051 *105 10518 *105
/
4
100 91 Feb 8 10814 Oct 16
Do prof tern ctfs
100
1051
/
4
78 Aug 9514 Doe
7512 76
74
75
737 74
8
74
7514 7412 7514 743 7612 5,000 American Sugar Refining_ _100 541 Jan 4 854 Aug 21
4
/
4
/
1
471 Oct 96
/
4
Jan
1064 10614 *105 108 *10512 108 *106 103 *10512 103
107 107
Do pref
100 84 Jan 3 112 Aug 13
200
6712 Oct 10714 Jan
2834 287
8 28
28
277 274 274 2318 28
/
1
8
/
1
2914 2812 2312 1,100 Amer Sumatra Tobacco__ _100 2314 Feb 14 47 May 29
2812 Dec 88 Mar
*5712 60
*5712 5912 *5712 59
*5712 59
*5712 59
*5712 59
100 5212 Jan 27 71 Jan 16
Do prof
6434 Nov 911 Feb
/
4
123 12312 12318 1237 1225g 1233 123 1233 1233 124
/
1
4
s
8
4
4
123 12418 9,600 Amer Telephone & Teleg 100 11412 Jan 4 12814 Aug 31
/
1
4
953 Jan 11913 Nov
4
154 1553 1523 1547 153 1533 15112 15212 1533 15414 153 157
4
8
4
4
4
American Tobacco
100 12918 Jan 5 16913Sept 1 1111 Juno 13634 Dec .
/
4
10418 10418 *10414 105
1047 10.5 *10414 105
8
105 105 *10212 105
100 9613 Jan 3 1083 Oct 23
Do prof (new)
1,609
8
86 Aug 9913 Dee
152 1527 151 15212 150 150
8
15012 15012 15018 151 18 15214 15412 ; Do common Class B
100 126 Jae 3 1653
9 5
2 g
4Sept 5 110
Jan 1311 Dec
/
4
2814 275 28
s
/ 27
1
4
/ 273 *2712 2312 2838 283
1
4
4
8 273 2734
4
800 Am Wat Wks & El v t c._..100
6 Jan 7 3314 Nov 3
4 Sept
61 Oct
/
4
4
*8514 893 *8514 894 *8814 89
89 891 *8514 891 *88
/
4
/
4
Do 15t pref (7%) v t c_100 67 Jan 4 937g Sept 13
89
48 Sept 6358 Deo
4912 50
50
50 14 *4812 4912 *48% 5012 *4314 50 1 *4334 5012 1,( ) Do partic pf(6%) v t 0 100 1714 Jan 4 .5514 Oct 5
30
3
812 Sept 20 Dec
943 9618 9414 9612 9312 943
4
4 92
/ 95 1 9458 9534' 9558 95
1
4
100 784 Jan 10 105 Sept 13
/ 20,000 Amer Woolen
1
4
57 Feb 83 Dec
/
1
4
*110 111 *109 111
110 110 *10812 111 *10812 111 1 4 110 111 I
100 9914 Oct 19 110 4 Oct 27
'
100' Do prof
3
93 Feb 10412 De
27
27
*26
29
2512 26
2512 2512 2612 2618 2618 1,700 Amer Writing Paper prof..100 2213 Jan 13 371 Apr 15
25
/
4
2012 Aug 3912 Jan
15
15
15
1518 15
15
15
15
*15
16 1 *1512 16
/
4
700 Amer Zinc, Load & Stnelt_ _ _25 121 Jan 3 2038Juno 1
634 Sept 144 Deo
/
1
.46
4 48
'
49
49
*46
48
*46
48
49
49
*48
25 36 Jan 18 57 Sept 20
51
An acon
Do
224 Aug 404 Dec
/
1
/
1
4912 4712 4912 4734 4834 4712 48
49
/ 484 4912 4814 49
1
4
/
1
Pref
da CoPlier Mining- 0 4.5 Nov 27 57 May 31
24,200
10
0
311 Aug 503 Dec
/
4
8
5
8 654 654 6518 6518 65
6518 667
/
1
/
1
66
6612 68
/ 67
1
4
67
/ 4,900 Associated Dry Goode..,,,100 43 Jan 5 68 Nov 29
1
4
Jan 504 Deo
/
1
4
24
/
1
*82
85
*8212 34
*83
84
8312 8312 843 843 *8414 86
4
4
Do 1st prof_
100 75 Jan 6 86 Oct 5
200
553 Jan 7634 Dec
4
*85
90
*86
90
*8612 90
4
'86
89
*87
90 1 *87
100 76 Jan 17 9113 Oct 6
Do 2d pref
88
45
Jan
78 Dec
11412 1153 *11312 117
*115 117
8
11312 11312 *11412 11512 *1153 117
100 99 Jan 31 135I2May 3
4
400 Associated Oil
91 Sept 10712 Mar
178
178 *134 2
17
8
11
/
4
134
134
2
2 1
No par
134
I1 Oct 16
/
4
13
500 Atlantic Fruit
4
513 Apr 17
Jan
9
11 Oct
/
4
24
/ 25
1
4
24
24
2318 23
/ 2314 24
1
4
24
2412' 24
Atl Gulf & W I S S Line__ _100 21 Oct 28 43I4May 29
244 2,600
/
1
18 June 76
Jan
*1712 20
*1734 1912 1758 18
17
/ 174 *1712 1812 1
1
4
/
1
100 1712Scpt 23 3114May 29
153 June 4412 Jan
4
1240 1250 1230 1250 1235 1250 1230 1245 1235 1248 *12
100 900 Mar 7 1575 Oct 10 a820 June a1125 May
7( Atlantic
104
(
•119 120 *119 120
119 119
119 119 *119 120 1 4 11712 12 )
' P 11F
100 113 Jan 9 119 Nov 3 1033 July 11312 Nov
2
200
Do Prof
8
163 1712 4 / 1712 1712 1712 *17
s
.161
4
18
17
17
No par
*1638 18
700 Atlas Tack
1312 Feb 28 2212May 4
Apr
123 Dec 20
8
3114 333
4 32
3112 32
3218 3134 323
4 3218 33
/ 32
1
4
No par
3214 9,500 Austin Nichols & Co
1314 Jan
4
914 Jan 5 393 Sept 21
818 June
8812 8812 8712 8712 8612 8612 87
87
*87
88
100 68 Jan 9 91 Sept 12
*87
Do pref
88
400
Jan
504 Aug 70
/
1
*314 4
*314 4
*314 4
*34 4
*314 4
50
314 314
100 Auto Sales Corp
2 Nov 14
514 Dec
7 Mar 17
213 Sept
*12
1312 *12
1313 *12
1312 13
13
*1318 14
Do prof
14
50 1012July 27 1513 Mar 16
14
600
Jan
10
15
Apr
1171 1183 116 118
/
4
8
11614 11734 11618 12114 1205 123
8
/ 121 123
1
4
/ 86,800 Baldwin Locomotive Wks_100 9313 Jan 13 145s Sept 13
1
4
6214 Juno 10038 Deo
*107 116
116 116 *110 116 *110 115 *110 115 *111 115
100 104 Jan 13 118 Oct 19
Do prof
100
95 June 2105 Dec
*44
47
*44
44
47
44
*42
46
44
44
Barnet Leather
No par 40 Jan 19 67
*42
46
5()0
/
1
4Sept 11
29
Jan
41
Anti
*93 --- _ *93 -- __ *93 -___ *93
____ '
493 ---- *97
100 89 Apr 12 97's Sept 13
Do pref
____ ______
70
86 Dec
Jan
311 31
/
32
4
/ 3114 32
1
4
31
3014 32
/ 3112 327
1
4
8 3214 3341 17,200 Barnsdall Corp. Class A__ _ _25 195 Jan 16 5614 Apr 28
8
20 Dec 27 MaY
2114 2114 *21
22
207 22
8
203 21
4
2012 21141 207 21
25 IS Nov 27 39 Apr 27
Do Class B
8
1,4001
4
Jan
143 June 35
*12
/
1
4
*12
5
8
*12
5
8
12
12
*12
20
5
8
12
12 2,6001 Batopilas Mining
11 Mar 23
/
4
12 Aug
12 Jan 14
Jan
1
*45
50
53
45
50
53
*43
53
*45
No par 33 Apr 28 85 Sept 22
53
*43
1001 Bayuk Bros
53
27 June 29 June
6018 6112 601s 6018 61
4 6018 61
623 623
4
100 51 Jan 10 79 May 12
6112 *60
2,0001 Bethlehem Steel Corp
6112
3912 June 6213 May
/ 62
1
4
6312 6112 6358 60
605 6212 6158 63
8
63
Do Class B common_ _ _100 5512 Jan 3 8214May 12
6118 627 39,900
4112 June 65 May
8
97
4
4
96
9612 9612 953 953 *96
96
*96
9712 973 973
100 904 Mar 7 105 Aug 31
Do pref
/
1
4
4
700
87 June 9314 Jan
*10918 11018 109 109 *109 11018 10912 10912 110 110 *11012 111
Do cum cony 8% pref_100 104 Jan 4 11658J1,no 14
400
90 June 112 Sent
434 5
43
4 44
/
1
4
/ 5
1
4
47
8 47
No par
8
43
4 5
4 Nov 22 1013 Aug 30
434 5
5,200 Booth Fisheries
3 Aug
713 Dee
*912 11
*9
11
*918 11
*914 12
100
*9
16
British Empire Steel
813 Jan 9 141!Sept 14
*9
814 Dec
91s
9 Dec
_ _ _ _ 69
*673
8
*6712 70
70
69
100 58 Mar 2 764 Apr 15
____ 69
Do 1st pref
55 Dec 5858 Dee
/
1
26
26
27
70- T4 2614 26
*26
27
*26
100 1918 Mar 17 39 Sept 14
26
*2518 2612
Do 2d pref
500
22 Dec 23 Dec
/
1
4
4
117 1173 11614 11614 116 116
117 117
*117 118
100 100 Jan 3 1245 Aug 30
1173 1173
600 Brooklyn Edison, Inc
3
88 Jan 101
4
Deo
4
4 114 118 *114 118 *113 117 *114 117 *114 11712 *114 118
'
Brooklyn Union Gas
100 70 Jan 31 124 Nov 3
51
Jan 761 Nov
/
4
5812 5812 5914 5912 *5812 60
61
100 42 Jan 16 641Sept 11
6112 *58
*60
33 Feb
800 Brown Shoe Inc
/
4
463e Nov
593 603
4
4
*2
23.1 *218 23
4 *21 2
/
4
/ *218 2
1
4
Brunswick Term & Ry Sec 100
2 Oct 31.
/ *218 23
1
4
4 *21
/ 234
4
538June 6
212 Aug
54 Jan
145 1453 14412 1453 14534 147
4
4
145 1455s 144 146
100 11312 Jan 10 147 Dec 7
14534 14634 8,000 Burns Bros
8114 Jan 1224 Dec
/
1
4658 47
4612 48
*46
463 47
4
47
4612 463 *46
284 Jan 19 5114 Aug 18
/
1
4612 3,100
4
Do new Class B corn
3112 Dec 333 Dec
4
prof.- _ _100 8714 Jan 3 10112 Nov 6 z871 Dec 90 Nov
.1 9512 9812 9812 9312 *97
4
9912 933 933
*9812
9812 9912 9912
/
4
400 Bush Term Bldgs.
/ 8
1
4
73
4 8
7
/ 71
1
4
7
4
75
514 Mar 1
/
4
87 Nov 9
8
74 8
3
314 Aug
8 73
8
87 11,100 Butte Copper & Zinc v t a__ _5
5
614 Dec
100 16 Nov 24 34 Feb 3
8
/
4
185 185 *18's 181 1814 1814 *1714 1814 18
8
18
1413 Jan 333 Dec
1812 1812
4
500 Butterick
2914 29
2934 29
2911 2912 293
28
30
/
1
4
30
4 2912 3018 3,400 Butte & Superior Mining_ _10 20 Jan 4 354 Oct 5
1014 June 22 Deo
4 8
7 Nov 27 1518 Apr 15
84 914
73
/
1
4
4 812
73
812 8
/
1
4
8
/ 8
1
4
73 Aug
4
194 Apr
/
73
1
4 77
8 5,800 Caddo Central 011&Ref No par
No par 68 Jan 11 8612Sept 12
80
80
8014 *81
8114 *301s 8114 80
5358 July 74 Nov
*80
8134
80
600 California Packing
80
10
431 Jan 10 711
60
/
4
/ 58
1
4
4 58
6014 613
/
4June 2
604 5614 58
/
1
25
Jan 505 Dec
4
50.500 California I'otroleum
8
5714 5814 573 63
100 83 Jan 3 9812 Apr 17
93 93
95
*93
94
9312 9312 *9313 94
Do prof
500
6812 Jan 88 Dec
9312 9312 94
10
54 Feb 14 113
714 712
718
718
7
/ 8
1
4
8May 27
718
8
7
8 18 5,100 Callahan Zinc-Lead
3 Aug
/
1
4
74 Jan
718 714
/
1
Arizona Mining_ _10 5012 Nov 14 6612Juno 1
54
54
*55
5513 55
54
54
55
4113 Jan 60 Dec
600 Calumet
4
*523 56
4
543 55
1
612 Nov 23 164 Mar 29
7
7
7
7
/
1
*7
7
10
*614
200 Carson 11111 Gold
11
7
Dec 1513 Nov
*614
•
614 7
No par
3 Mar 8
912June 6
4*32 4
*3
1
3 Nov
600 Case (J I) Plow
3
312 312 *312 4
1014 Apr
3
3
3
80
80
85
80
*80
720 Case (J I) Thresh M, pf ctf 100 68 Feb 21 9314 Aug 23
63 Dec 854 Fob
7912 7912
80
80
/
1
*85
100 293 Jan 10 4418 Sept 13
8
4
4
341 i *3312 3434 333 343 -53F4 335
8 3,800 Central Leather
221 Aug 434 Jan
/
4
4 34
3412 -Ws 3312 343
100 633 Jan 6 823 Sept 14
8
Do pref
70
600
70
4
70
70
70
70
70
7112 70
5718 Aug 96
Jan
*70
71
71
4
/ 4312 423 43
1
4
425
8 42
4 42
4
23 Mar 3613 Deo
/ 53,000 Cerro de Pasco Copper_No par 323 Jan 4 4312 Dec 7
1
4
4114 4218 414 4212 4112 423
*40
46
46
100 Certain-Teed prod._ _.No par 34 Feb 14 5318Juno 7
*40
46
*40
45
*40
22 Aug 44
Jan
45
*40
44
44
Motor Car_ __No par 4734 Jan 5 7914 Apr 6
/ 6112 627
1
4
8 6118 6312 18.500 Chandler
/ 62
1
4
/
1
384 Oct 86
4 604 614 60
Apr
/
4
/
1
604 611 6014 613
60 Jan 14 8912Sept 8
7914 7914 1,900 Chicago Pneumatic Tool.
4
4 793 8014 *7912 80
7912 803
47 Aug 7014 Jan
8014 82
82
*80
25 1518 Jan 5 291 Nov 8
/ 274 271s 27% 40.900 Chile Copper
1
4
/
/
1
4
265 271227
8
9 Mar
8
167 Dec
s
8
s 265 27
/ 265 273
1
4
2712 27
5 2214 Nov 27 33
2438 238 24
5,700 Chino Copper
7
/
1
4Juno 1
4
1912 Mar 2913 Dec
8
/
1
2418 243
4 237 244 233 2418 24
2412 25
2,500 Cluett, Peabody & Co.. .100 43 Jan 11 6814 Aug 31
66
65
64
3614 June 6213 Jan
64
671/4 6.512 6512 65
63
63
6312 6312
No par 41 Jan 5 8234 Oct 14
15,300 Coca Cola
77
19 Feb 4312 Dec
7614 773
4 76
4
77
/ 7814 75 2 7714 753 7612 7514 77
1
4
100 24 Jan 10 367
1,500 Colorado Fuel de Iron
25
2514
8May 19
22 July
323 May
4
8
2612 2612 255 2634 2512 251/4 2512 2512 25 1011 25
4
/ 10018 10012 9,400 Columbia Gas & Electric_ _100 643 Jan 4 1147 Sept 14
4
8
/
1
4
52 June 67 Deo
9912 10014 10014 10112 10114
8
10118 1017 100 101
114 Jan 26
3,700 Columbia Graphophono No par
212 212
23
s 212
534Juno 5
23 Aug
123 Jan
8
4
212 212
/
1
4
212 2
212 212
/
1
4
212 2
10
55 Fen 9 2334Juno 2 ,
514 Feb 3 7
Do prof
400
ja
10
914 914
03
812 Dec 6214 Feb
91s *9
9
*91 10
/
4
*9
10
4.941 10
2,000 Computing-Tab-RecordNo par
Apr 26 I 2884 June 587 Dec
69
*68
a
/ 684 69
1
4
67
/ 6718 67
1
4
684 67
s 68
697
69
No par
1858 Feb 10 4234 Oct 5
1312 Dec 594 Jan
4 6,200 Consolidated Cigar.,
37
38
373
8 36
363
/ 3518 35
1
4
36
/ 34
1
4
8 36
367
36
100 47 Feb 27 8714 Nov 10
Do pref
100
84
53 Dec 80 Feb
84
4
*793 84
84
*80
4
*793 84
84
*80
89
.80
14 Feb 17
12 Sept10 Mar
2,200 Consol Distributors,Ine No par
214 Mar 16
12
12
12 • 12
3
8
*14
12
3
8
a8
3
8
3
8
*14
77
/ Jan 95 Nov
1
4
48ept 15
21,300 Consolidated Gas (N Y)_100 8512 Jan 30 1453
12112 125
127
4
4
127 1273 125 12712 1243 12614 12418 12512 12512
/
1
123 Aug 21
4
9 July 25 154 Apr 19
Jan
1214 1218 123
4 9,300 Consolidated Textile_ _No par
121 12
/
4
12
1218 12
/
1
4
4
123 13
/ 1314
1
4
12
100 4534 Jan 4 10712 Dec 7
343 Aug 63
8
Jan
/
1
10412 1064 54,800 Continental Can, Inc
4
10518 10614 103 10514 1033 10614 103 10612 10312 10712 *91
25 66 Jan 20 9334 Aug 22
584 Aug 73 Deo
/
1
300 Continental Insurance
95
95
*91
93
*91
91
91
92
92
92
92
4
59 June 9914 Dec
4
12812 13012 1233 13238 51,000 Corn Products Refining--100 9114 Jan 4 1343 Oct 21
4
4
/
1
129 13034 12714 12978 12534 1273 1263 1294
4
96 June 112 Dec
100 111 Jan 10 1223 Nov 14
Do pref
•119 122 *119 122 *119 122 *119 12214 *119 122 *119 122
224 Aug 433 Apr
/
1
/
4
No par 311 Jan 10 5314June 7
4
/ 5014 101,100 Cosden & Co
1
4
4958 49
48
8
47
/ 487
1
4
/ 4814 475 48
1
4
8 474 4834 47
/
1
49 Aug 107
4
/ Jan
1
4
/
1
654 35,100 Crucible Steel of America_100 523 Feb 27 9835Sept 5
63
6512
64
6412 851. 62
8 6034 64
625
6518 61
77 June 91
100 80 Jan 17 100 Sept 6
Jan
Do pref
600
90
90
90
*89
90
*89
91 - 490
0
91
90
9
90
1934 l'sdar 151
55 Oct 26 Feb
8
1412 7,600 Cuba Cane Sugar
818 Jan 11
No par
14
/ 1418 14
1
4
8 13
14
1312 1334 1312 137
13
/ 14
1
4
6812 Dec
100 1514 Jan 3 4178July 27
1318 Feb
Do pref
4
8 7,200
3712 3814 373 393
4
363 38
37
83
37
3 4 3714 38
38
1412 Jan 3 28 Aug 4
107 Oct 333 Feb
s
4
2314 2418 2314 237
8
8
4
2314 2378 233 2418 237 247 19,600 Cuban-American Sugar_ _ _ _10
8 2312 24
68
Oct 95 Feb
100 7818 Jan 17 10012 Dec 4
Do pref
300
*98 102
*99 101
100 100
10012 10012 10012 10012 *994 102
/
1
23 Mar 591 Nov
/ Nov 25 654 Apr 6
4
/
1
/
4
/
1
2712 274 2634 27
8
4
4 253 2678 263 2812 2514 2814 5,400 Davison Chemical v t c_No par 231
26
263
8May 2
135 Juno 21
8
1512 Jan 3 283
Jan
4 2214 2214 2238 223 *225 223
223
22
2318 1,500 De Beers Cons Mines_.No par
8
4 227 2318 *23
8
8
9313 Nov 100
/
1
4
Oct
100 100 Jan 11 11812 Aug 30
11014 11014 *109 11014 10912 10912 *109 1093 *10914 109
200 Detroit Edison
•110 112
4
/
1
4
101s Jan 213 Apr
10 1812 Jan 4 4612 Nov 6
4
4112 4412 4218 4212 13.200 Dome Mines, Ltd
4274 4212 4334 4314 44
401/4 41
9
8
8414 1,400 Eastman Kodak Co_ _ _.No par 70 July 3 884 Aug 28
84
84
/ 84
1
4
84
8434
844 8478 847 84
/
1
8334 84
158 160
154 155
8
8
1543 1583 15414 15414 2,100 E 1 du Pont de Nem & Co_ _100 115 May 27 16778 Oct 10
*156 4 153
155 156
80 Jime 12 9012Sent g
*84h 8614 85
10
85 .84
86
6% ciimul preferred
*84
86
400
•847 8612 84
s
847
8
•Bid and asked prices; no ealee on this day. 4 Ex-dividend and rights. 0 Assessment paid.
Ex-rights. a Ex-dividend. o Par value $10 per share.
New York Stock Record-Continued-Page 3
2563
For sales during the week of stocks usually inactive, see third page preceding.
-PER SHARE, NOT PER CENT.
SALE PRICE
HIGH AND LOW'
Saturday,
Dec. 2.
Monday.
Dec. 4.
Tuesday.
Dec. 5.
Wednesday. Thursday,
Dec. 6.
Dec.7.
Friday,
Dcc. 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for previous
year 1921
PER SHARE
Range since Jan. 1 1922.
On basis of 100
-share lots
Lowest
Lowest
Highest
Highest
Per share $ Per share $ per sh7re S per shire s Der sh7re $ ner shire Shares Indus. & Miscell.(Con.) Par $ per share $ per share $ per share $ per share
577 5818 57
/ 44,400 Electric Storage BatteryNo par 4012June 17 5834 Dec 4
1
4
/ 583
1
4
4 5714 581 563 685
,
/
4
/ 57 2 58
1
4
/ 58
1
4
4
8 57
50 1414 Jan 25 2412 Dee 1
2312 23
-16- Jan 254 May
2334 235 235
8
8 2312 2314 3,200 Elk Horn Coal Corp
24
2414 237 238 23
978 May
212 Dec
1,400 Emerson-Brantingharn__ _100
2 Jan 4 1118.fune 5
/
1
4
6
612 *6
6
7
812
*6
.6
612 7
6
6
Dec
Jan 81
50 7614 Jan 10 9038 Nov 8
15,000 Endicott-Johnson
4
/
4
/
1
52
8
8914 9012 8614 8834 8518 8614 843 861 864 8714 863 87
Do pref
200
100 104 Jan 5 118 Dec 8
4
1183 1183 *11814 120 *1183 120
Jan 10612 Dec
4
119 119
4
.118 11814 *118 119
87
7518 Jan 10 107 Sept 5
8
445 July 8212 Apr
4
8 905 9112 903 9114 8,200 Famous Players-Lasky_No par
8
9114 8914 9012 893 907
4
91
9218 89
Do preferred (8%)_ __ _100 9112 Jan 28 107 Sept 5
800
74 July 97 Dec
/
1
4
96
97
*9614 93
/
1
4
,
97
97
9618 96 2 *9714 98
97
97
/
1
4
100 Federal Mining & Smelting 100
10
9 Jan 3 1812May 17
1212 *5
9
9
*9
*9
10
10
518 June 13 Dec
1212 *7
.9
Do pref
300
5212 5212 52
100 3712 Mar 14 6234 Sept 20
52
21 Sept 4312 Dec
5218 5218 5212 5212 *5114 5212 *5118 ____
Jan
176 17814 1787 17914 178 18212 8,300 Fisher Body Corp
No Par 75 Jan 5 185 Dec 1
8
75 June 90
18112 1857 175 18134 177 180
8
4
9678 963 9714 9612 9612 97
57 Sept 84 Deo
973
8 9712 97 2 1,900 Fisher Body Ohio, pref_ _ __ 100 7612 Jan 5 10314June 14
,
958 9612 96
7,300 Fisk Rubber
25
4
10 Nov 27
113 117
4
834 Aug 193 May
1218 13
8 12
8 1214 1212 113 1214
/
1
4
8
12
1214 123
1912 Apr 25
912 Aug 201s Jan
"To par
/
4
184 1878 185 1914 187 194 6,300 Freeport Texas Co
/
1
/
1
/
1
1214 Jan 24 2714 Oct 14
1918 1912 194 1912 181 19
8
8
No par 453 Jan 14 80 Oct 23
7112 1,900 Gen Am Tank Car
7212 6912 71
4
72
6912 707
39% Oct 5912 Dec
8 71
7112 .70
71
70
4112 425
100 3714 Nov 21 7.33 July 20
8 415 4512 45
8
4
43
443
4 4114 43
4714
4514 453 49,200 General Asphalt
/
1
3918 Aug 784 May
4
Do pref
6,600
100 69 Nov 22 111 July 20
74
77
77
79
7712 7814 78
7314 7512 74
77 Aug 11712 May
*7514 76
82
81
100 65 Mar 3 8212Sept 5
8112 81
*81
81
8 1,600 General Cigar, Inc
81
81
81
/
1
81
81 18 817
Jan 704 Dec
54
Debenture pref
4
100 94 Jan 4 100 Oct 25
4
•10412 110 *103 1043 .103 1043 10412 10412 *103 1043 *103 10434
4
801s Apr 9512 Dee
13,600 General Electric
178 17912 17918 18512 18312 18612 183 184
100 136 Jan 9 189 Oct 18 10912 Aug 14334 Dec
17812 181
182 182
1312 1414
1312 1334
1338 135
8
s
1312 14
1334 137 43,700 General Motors Corp__No par
1358 1418
814 Jan 5 154 July 15
9 Aug 1614 Jan
/
1
4
Do pref
204
8212 8212 *833 8414 *83
4
100 69 Jan 24 86 Sept 2
8414
8414 *83
8414 8338 8312 *83
63 June 75 Dec
Do Deb stock
8312 834 834 8312 8312 8312 8312 *83
8212 8212 *83
900
/
1
4
/
1
833
4
60 Aug 7312 flee
673 Mar 6 86 Sept 1
Do Deb stock
900
9812 *98
.9812 987
9814 98
8 98
69 Aug 85 Dec
9814
9814 9812 9812 9312
100 Sept 1
10
*10
500 Glidden Co
*93 1018 10
4
1018
10
1014 1018 1018
10
1814June 2
*10
32
3012 3214 31
32
No par 783214av 25 4478May 31
3112 3112 3214 3214 347
219) 44 No vr 1163
2658 June 4418 Jan
3412 3512 8,900 Goodrich Co (B F)
: o
Do pref
*8012 82
700
*8012 82
*8012 82
*8012 84
6212 June 86 Dec
8314 843
4 841285100 7912 Nov 13 91 Apr 22
247 2478 24
500 Granby Cons M,Sin & Pow100 22 Nov 14 35 May 24
25
25
24
245 2458 245 245 *2412 25
8
8
15 Aug 3412 Nov
8
*912 10
193 11
4
*912 10
No par
9 Nov 13 I97
8May 31
161 Mar
/
4
1112 1114 1114 2,300 Gray & Davis Inc
1012 1118 11
912 Jan
300 Greene Cananea Copper _ _ 100 22 Nov 1 345
2512 2512 2412 2412 *2412 25
.255 26
8
19 July 2912 Dec
8May 29
241 247 *2412 25
*11
1,100 Guantanamo Sugar
No par
113 *11
4
1134
8
103 10
4
7 Feb 16 145 Mar 15
512 Dec 167 Jan
4
8
/ 1014 1014 1012 107
1
4
103 11
8
753 7612 7212 765
4
4
8 703 7314
753 15,800 Gulf States Steel tr ctfs___100 447 Jan 9 94% Oct 9
4
8
25 June 607 Dec
71
74
7412 7414 7614
*153 178
15
8 158 *15
135 Jan
8
34 Jan 20
158
8
*158
13
4
134
112
11 13
/
4
4 1,000 Flarbishaw Elec Cab No par
3% Mar 16
12 Nov
_1
900 Hendee Manufacturing__2
1712 1712 1712 17
13 June 2518 Apr
1918
18
17
17
2834 Sept 16
18
*1612 18
*17
8112 *79
100 FIomestake Mining
8112
*78
4
4912 Mar 81 May
81 12 *79
4
82
82 Nov 15
*79
8112 803 803
7,600 Houston Oil of Texas
69
100 6114 Nov 27 9014 Oct 6
69
70
6712 6812 65
7078 69
4012 Aug 86 May
68
6514 6514 69
223 233
i\o 10
4
2418 13,500 Hupp Motor Car Corp..
- Jan
1012 June 16% May
24
4 223 23
23 Dec 6
2458 25
4 2314 233
4
2314 25
41,
2 414
/ 412 2,600 Hydraulic Steel
1
4
11
414
6 Dec 2034 Jan
414
4
3'7182
418
418 418
412 458
418
14 June 2
300, Indiahoma Refining
*1518 1612 *15
718 Jan
2 June
314 Jan 27 1514 Dec 1
16
1514 1514
*1518 17
*1514 17
*1514 17
Indian Refining
I
812 Dec 15
10
/ Jan
1
4
5 Jan 20 115
712 *7
"7
4 7
8June 7
712 *7
/
1
4
712 *63
712 *7
712 *7
20 31 Nov 27 45 June 1
295 Mar 4214 Dec
3518 3518 333 3512 34
8
,
4
333 33 2 4,200! Inspiration Cons Copper
8
8 3312 34
31
33
/ 343
1
4
100 Internist Agricul Corp
/ Jan
1
4
100
618 Nov 1
6 Augi 13
7
/ 7
1
4
4May 4
/ *714 812 *7
1
4
712 *7
113
8
*7
7 2 *7
,
8
Do pref
600
Jan
100 2812 Nov 27 43 Mar 15
.
31 Decl 57
32
30% 308
*31
33
32
32
32
3312 *32
32
33
35i2 35'
2 3512 3512 35
3412 34 2 1,000 International Cement_ _No par 26 Jan 23 3834May 8
3538 3514 354 *343 35
21 June 29 Nov
,
/
1
4
No par
/
1
211
/
4July 22 3012Sept 20
2414 2418 244 1,500 Inter Combus Eng
244 2414 2414 *2312 2412 24
/
1
24
2414 24
11,200 Internist Harvester (new)_ _100 7958 Jan 3 1157 Aug 14
9812 8678 92
89
89
9112 87
6758 Aug 100l Feb
8
91
88
8914 8918 91
Do pref (new)
200
100 10512 Feb 14 119 Sept 18
Jan
9914 June 110
116 116
117 117 *112 117 *112 117 *112 117 *112 117
1,400 lot Mercantile Marine_ __ _100
712 Aug 1714 Jan
1038 Nov 17 2712May 3
12
1112 115 117
8
11
8
*113 1158 1138 111 1118 1118
/
4
1112
8
pref
Do
100 4134 Nov 16 8738May 3
5112 19,500
/
1
4
50
4934 4934 52
36 Aug 67 Dec
/ 4814 47
1
4
47 14 4912 46
4914 50
1112 Aug 17 May
1438 1414 1412 1414 1412 6.300 International Nickel (The) 25 1114 Jan 9 5412Sept 12
14
1414 14
14
15
144 15
/
1
Preferred
1,300
100 60 Jan 4 85 Jan 20
*673 70
4
*64
70
70
6912 70
60 Dec 85 May
69
70
7214 70
70
8,000 International Paper
100 4312 Mar 8 837 Oct 16
5212 5212 533
5278 52
4
4 5212 53
s
/
4
383 Aug 733 May
5178 5411 5234 5411 51
8
Do stamped pref
100
100 59 Mar 9 80125ept 11
73
73
1171
72
*70
72
*71
*70
72
72
67 Aug 7538 Nov
75
*73
50 1218July 24 2014 Apr 17
15
1518 1512 1514 1512 10,400 invincible Oil Corp
15
1478 1511
Jan
147 15
512 Aug 26
8
147 1518
400 Iron Products Corp_ ___No par 24 Jan 19 5318 Oct 16
4
Jan
393
2212 Sept 40
1138
4038 4014 *3712 39 2 *3712 3918 *374 3912 40
40
'
38
38
,
38
3
8
3
8
3
8
3
8
3
8
3
8
12 15,900 Island Oil& Transp v t c
10
14 Nov 18
3 Jan 25
43 Jan
4
2 Sept
Jewel Tea, Inc
100 10 Jan 4 2212May 2
2014 7,600
20
Jan
1212 Dec
/
1
4
4
2012 2014 2012 2014 2038 193 2014 204 21
20
Do pref
100 3812 Jan 4 7312:Way 26
6512 6512 6512 6512 683
/
1
4 6814 6814 2,400
663 *83
4
812 Jan 464 Nov
6514 8512 66
100 3412 Feb 11 5778 Sept 21
/
4
4
5112 5134 4,100 Jones Bros Tea, Inc
5012 5012 503 5112 511 517
8 5112 52
1412 Jan 3834 Dec
4
503 513
10
218 5,100 Kansas & Gulf
2 Oct 9
218
218
2
218
218
218
218
2
214
21
/
4
9 Nov
412 Oct
2
712 Jan 3
1,900 Kayser (J) Co, (new) _No par
41
34 May 1 48 Aug 3
4 41
413
4112 4214 4112 4238 4112 4112 4018 41
41
/
1
4
1st preferred (new)__No par
.101 102 *10012 102 *101 102 *101 102 *101 102 *101 102
e
5132
1
1% 4 1° 14 ny
1i
25 31141
4118 413
8
8 4212 4412 21,500 Kelly-Springfield Tire
4312 417 43
4 4112 42% 42
3212 Aug 547k /
43
4it;
/ 435
1
4
Temporary 8% pref___ _100 9012 Jan 4 1073
400
/
1
1004
Jan
9934
7014 May 94
4May 9
6% preferred
*8114 84
*82
84
83
*82
*8114 84
83
*82
7112 Jan 3 86 June 5
*8114 84
70 May 80 June
6,200 Kelsey Wheel, Inc
100 61 Feb 9 111 Apr 6
98
98
*96
97
98
08 100
99
9912 103
98
/ 96
1
4
35 Mar 69 Nov
No par 2512 Jan 4 395
3412 35 i 3338 345
16 Mar 2772 Dec
8 33
/ 35
1
4
81 3514 3558 46,600 Kennecott Copper
8May 31
355
347 35
/ 35
1
4
56,000 Keystone Tire &Rubber__ 10
87
97 10
77
2 9
1772 May
43 Nov 13 2438May 4
4
85
8 95
8
83
8 85
8
838 9
814 Jan
914
700 Kresge (5 5) Co
100 110 Jan 10 1S9 Oct 4 130
182 182
183 183
180 180 *18014 184
Jan 177 Doe
184 184
184 184
100 4412 Jan 4 85 Oct 16
7614 7612 753 7618 76
32 June 581s Jan
*7612 77
4
76
773
77
4 1,400 Lackawanna Steel
77
77
Laclede Gas (St Louts)_ _ __100 43 Jan 13 9412 Aug 28
*81
86
40
*85
*82
Jan 5712 May
86
86
8412 *82
*83
8412 *833 86
4
Lee ubi)e\1 yeTir_ _ _ Ao Foo 19414
i:& rs oi)accro_ r
r
2658 2653 2514 2514 *2514 2612 2512 26
1712 Jan 30 .Dec
267
2614 2614 26
8
3 14
Lggg Liggett1
' F' )
6
°v I8 23018 rTer
13814 Jan 164 Dec
225 225 *206 220 *215 220 *210 220 *210 222
220 220
t
e1
Do prof
100
I)a 108 Jan 10 12312 Nov 6
10(),
117.4 121 *11714 121 *11714 121 *11714 121
8
975 Jan 110 Nov
119 119 *11714 119
52 Nov 25 6538 Sept 1
/
1
56
567
8 544 56
5612 5712 8,300 Lima LocoWkstempetfsNo
5414 54
/ 5412 558 557 567
1
4
Preferred
100 93 Jan 30 12518 Aug 30
1____ *109
_____ *109
____ *109
____ *109
.109
872 Aug 1004 Dec
____ *109
10 June 2112 Mar
1814
1114 Jan 26 2312Sept 19
18
1838 185
1812 1814 1834 1818 1814 4,300 Loew's Incorporated__ No par
8 1812 1812 18
1,500 Loft Incorporated
/ Jan
1
4
734 Aug 12
No par
9 Jan 9 1414May 3
113 113
1178 1178
1112 1158 12
/
4
4
*1134 12
111 12
12
4
2,254 Lorillard (P)
100 14714 Jan 6 180 Sept 8 136 Feb 16418 Feb
170 172
167 169 *189 172
17212 17412 173 173
169 1717
Preferred
Jan 111 Dec
100 109 Jan 13 121 Oct 28 100
•110 120 *110 120 *110 120 *110 122 *110 118 *110 119
5912 Jan 72 Dec
1,500 Mackay Companies
100 72 Jan 5 11314 Dec 7
11212 11314 112 112
106 107
101% 105
104 104
*103 105
Do pref
800
100 57 Jan 13 70 Nov 6
69
55 June 62 Dec
69
6914 6914 69
69
6914 69
4
6914 6914 *683 70
No par 2512 Jan 13 617 Sept 11
2512 Oct42 May
8
5312 5614 8,700 Mack Trucks, Inc
/
1
/
4
543
5412 54
54
4 544 541 5312 548 5414 547
Do 1st pref
300
Jan
100 8812 Feb 27 943 Sept 11
6318 Oct76
93
8
*92
92
92
4
*913 9112 *913 92
8
91
91
.90 4 91
3
400
Do 2d pref
Oct6412 Apr
100 54 Jan 6 87 Sept 19
54
84
/
1
4
*81
82
8218 8218 *8112 8312 8212 8212 8312 8312 84
8,700 Mallinson (H R)& Co_ _No par
Jan 18 Sept
10
1512 Jan 16 40 Aug 28
3212 327
34
323
8 317 3212 3212
8
327 3314 3214 3314 32
an atirre gar
Oct8912 Feb
4 2,900 Mprefe Sud
21
100 3014 Jan 3 52 Mar 13
4714 4718 473
4712 47
/ 4738 *47
1
4
47
48
47
4712 46
Jan
Jan 93
92
100 7314 Apr 3 8414 Sept 13
*7914 81
*7914 82
*7914 82
*7914 82
*7914 82
.7914 82
200 Manhattan Elec Supply No par 41 Mar 13 693 Apr 24
50
*46
4
51
*49
4
5114 *473 51
5114 5178 *4818 5112 *47
3,200 Manhattan Shirt
June' 363 Dee
4
25 32 Mar 6 5884 Oct 25
18
4
8 453 47
465
45
4514 4418 4512 *4312 45
447 447
8
8 45
35,000 Marland 011
No par 225 Jan 6 463
1218 Aug 307 Nov
8June 19
2918 30
8
8
253 2734 2718 31
4
295 303
8
4 265 2912 2518 27
300 Marlin-Rockwell
No par
Oct 1912 Jar
5
8
512 Mar 4 261/War 27
/
4
8
8 127 127
1278 _ -- 127
13
13
127 1278 *12
*12
•12
1,000 Martin-Parry Corp__No par 2014 Jan 4 3614June 3
13 Sept 22 Dee
26
2638 26
*2614 27
8 2612 2612 2658 2658
2618 2612 265
1112 Aug 24 Nov
4 1,900 Maildeson Alkali Works__ 50 22 Jan 11 54 Nov 4
50
48
*5112 52
4912 4912 4912 4914 403
4912 50
50
100 4112 Nov 2S 7434May 17
4812 4612 4612 3,600 Maxwell Mot Class A
38 June 4512 Dec
.42
45
48
4214 4714 47
47
4614 48
153 Dee
8
8 June
1512 1512 16,200 Maxwell Mot Class B_ No par
11 Feb 15 2578June 8
14
1334 1418
157
8
15123 155
153 1614
4
8 1518 16
/
1
6512 Jan 114 Dec
4
4
164 16412 16312 165
163 163
16412 16412 166 1743 173 1744 8,100 May Department Stores_ _100 101 Jan 3 1743 Dec 7
/
4
1712 175
1812 1812 181 2,000 McIntyre Por Mines
105 Jan 10 2158 Mar 23
8
1718 1714
18
18
1818 18
18
6,000 Mexican Petroleum
8412 Aug 16/ 4 Jan
233 238
100 10634 Jan 10 241 1)ec 7
123512 241
227 228 *226 227
22612 228
226 235
1,300
Preferred
*98 103
100 7914 Jan 12 1027 Oct 25
/ .96 103
1
4
*98 103
.9612 9814 9814 98
1198 103
1712 174 165 17
/
1
4 5,500 Mexican Seaboard 011_ _No par
15 Oct 7 3412July 13
8
1614 163
4 1612 163
8
163
175 1814
4 16
Voting trust ctfs
12 Oct 5 3218July 13
165 1612 15
8
8 3,900
1612 1714
/ 1614
1
4
4 1514 155
155 151 1514 153
8
/
4
2714 27
5 25 Nov 15 3138May 31
4
1538 Jan 28 Dec
2714 27
8 263 2718 3.200 Miami Copper
261 273
/
4
2714 2714 27
27
8
1612 Nov
10 11 Nov 15 16 Apr 17
1212 1214 1212 123 1234 1218 125 39,200 Middle States Oil Corp__
10 July
4 1214 1234 12
8
1214 123
2738 28
22 June 3312 Jan
273 2812 26,900 Midvale Steel & Ordnance_ 50 2612 Jan 6 4514MaY 17
4
294 278 29
/
1
275 2838 277 29
8
8
27
200 Montana Power
69
/
1
4
69
43 Aug 64 Dec
*6712 69
1168
100 63 Jan 4 763
6878 6878 6712 6712 *68
69
8Sept 1
.68
8,500 MontWard&CoIllsCorpNo par
125 Dec 25 May
8
/
4
8 203 2112 2012 203
12 Feb 11 2534 Aug 11
4 2012 2034 207 2138 201 21
4
2112 215
300 Mullins Body
s
19
/
1
4
17 July 287 Jan
19
No par
1714 1912 *1714 1878 *1714 19
*1714 19
1714 Dec 4 34 Mar 31
21
18
Jan
300 National Acme
/ 13
1
4
1312 *12
1018 Dec 30
*12
50 103 Jan 9 2114 Apr 25
1312 12
13
8
1112
1212 1212 *1212 14
National Biscuit
Jan 12812 Dec
100 12314 Jan 4 270 Dec 2 102
245 270 *245 260 *245 270 *245 270 *245 270 *257 258
Jan
100
Do pref
120 120
____ 124 *1115 123
____ 124
100 11312 Jan 4 126 Oct 20 105 Aug 120
__- 120 123
3
600 National Cloak & Suit__ _ _100 26 Jan 17 667 Sept 13
16 Sept 355 Jan
64
*60
634 1161
/
1
64
.60
64
s
*6312 6512 63
63 2 65
,
Jan
5
58 Sept
418 Apr 13
*118 2
112 *112 2
112
118 Jan 16
11
/
4
114
Vs 2,700 Nat Conduit & Cable_ _No par
112
112
*114
26 Aug 65 Feb
6,800 Nat Enarreg & Stamp'g___100 3034 Jan 11 6813 Oct 21
6578 6512 6638 6512 66
6412 65
8 64
/ 647
1
4
6512 63
64
11912 9,000 National Lead
/
1
4
67 July 87 Dec
100 85 Jan 12 118 Nov 9
/ 114 11618 11418 11412 115 11512 1157 11734 11734
1
4
/
1
4
115 115
Do pref
500
113 114
100 108 Jan 10 117 Oct 5 100 June 108 May
11014 1143 *11014 11312 *11018 11112 112 112 *11014 114
1412 1412 1.412 2,600 Nevada Consol Copper_ _ _ _ 5 1318 Nov 15 1918June 1
9 Mar 1553 Dec
8 1414 1438 1418 1418 14
1412 147
15
15
700 N Y Air Brake (new)_ _No par 2412 Nov 27 4158Sept 20
*28
*28
2834 2834 29
283
4
/ 2712 28
1
4
4
/ 283 28
1
4
8
285 29
205 Feb 30 May
8
26
*24
2512 1,400 New York Dock
/ 2478 2518 *24
1
4
100 20 Nov 25 46 June 9
2512 25
27
2618 26
8
257
45
Jan 5712 May
Do prof
*51
60
300
*51
56
*5412 60
100 46 Nov 25 6812June 6
*4912 51
51
5212 50
.50
13 Dec 33 Feb
N Y Shipbuilding
*1212 14
*1212 14
No par
*1214 14
14
13 Jan 3 25 Feb 28
*12
14
*12
14
.12
3214 Aug 46 Deo
/
1
4
9312 94
94
935 937 10,900 North American Co
8
50 4418 Jan 4 100 Oct 9
8
91
9312 93
4
923 94
9212 931/4
Do prof
SOO
8
317 Aug 4112 Nov
4
/
1
443 443
4
*4412 443
4 443 444
50 38 Jan 7 4714 Aug 29
4514 4514 4518 4514 4412 4412 -------- *2512 2612 *2512 28
18 Dec
18 Dec
318 Jan 13 29 Oct 19
Rights
1,000
2618 2(112 2512 26
28
*26
2018 Nov 39 Mar
28
500 Nova Scotia Steel & Coal_ _100 20 Feb 28 40 Sept 14
253 26
4
28
/
1
4
2912 *2612 28
2912 *26
2912 *27
26
.
Nunnally Co (The)___ No par
812 Mar 127k Jan
/
1
4
8 July 14 12 Mar 30
1112 *1012 1112
111 1 *11
.11
1112 .11
12
*11
*1112 12
714 Nov
Ohio Body & 13low_ _ __No par
5 Nov 15 1414 Apr 17
1158 Dec
4 6
*53
*512 6
*5 2 6
,
*512 6
*512 6
*518 6
134 May
2
438June 2
218 8,300 Oklahoma Prod & Ref of Am 5
4
2 Nov 15
2
2
Jan
218
2
,
28
2
2
2
218
2
8 612
412 Jan 6
612 *53
9 Mar 25
/
1
4
100 Ontario Silver Mining__ 100
312 Aug
5
/ 5
1
4
612
6 May
/ *6
1
4
8 812 *55
125 Jan 6 28 Oct 5
8
1
14 Dec 3058 Apr
1938 1912 1914 1914 1914 1914 2,900 Orpheum Circuit, Inc
/
1
194 20
*558 20
/
1
4
/
4
/
1
4
203 204 201
Otis Elevator
100 116 Jan 4 1684 Oct 9
/
1
87 Aug 148 May
154 *147 154 •142 149
*147 154 *141 154 *141 154 *149
0 Nov 29 1612 Apr 11
8 4,810 Otis Steel
No Par
814 83
18
Jan
8 Nov
3 814
77
73
4
712 712
714
712
7'4
712
712 7
25 247 Jan 27 42 Sept 26
8 1,100 Owens Bottle
8
/
1
4
365 365
37
36
8
38
*36
2484 Nov 545 Jan
"58 37
,
37
/ 3612 36 2
1
4
37
37
114 5,800 Pacific Development
1 Oct 21
1418 Apr 27
1
114
1
4 Dec 1934 Jan
118
1
118
118
118
118
114
V4
100 60 Jan 30 9118Sept 15
853
8 8514 86 2 5,100 Pacific Gas & Electric
,
4614 Jan 63 Dee
4
833s 8434 843 8518 85
86
88
85
86
Less than 100 shares. a Ex-dividend and rights. z Ex-dividend. "Ex-rights.
• Bid and asked prices; no sales on this day.
`7;',,.:,lpga"),
: ---
*7913
*9912 101 9934
A'g
9934 9934 *9812 100 *98i2 100 100
•
laand4
2
2
g
New York Stock Record-Concluded-Page 4
2564
For sales during the week of stocks usually inactive, see fourth page
precediml.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Monday,
Tuesday, Wednesday. Thursday,
Fridau,
Dec. 4.
Dec. 5.
Dec.6.
Dec.7,
Dec. 8.
Saturday, I
Dec. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
PER SHARE
Range for previous
year 1921
Lowest
Highest
Lowest
Highest
$ Per share S per share $ per share $ per shire $ per shire
$ ner shire Shares Indus.& %Moen.(Con.) Par $ Per share $ per share $ per share $ per shars
.12
14
*12
14
*1212 14
11
11
12 • 1212 *12
2,300 Pacific Mail SS
13
5 11 Jan 18 19 June 3
8 Aug
1714 Jan
4614 4714 4618 4714 46
467
8 457 4678 4634 4738 463 475 32,600 Pacific Oil
8
8
8
4212 Nov 23 693
2712 Mar 503 Dee
8May 4
8
9212 943
8 911 947
8
s 93
947
8 93
9934 9712 1007
8 9714 9934 186.300 Pan-Am Pet & Trans
50 487 Jan 11 i0)8 Dec 7
3818 Aug 793 Feb
8
8
7
894 9012 883 903
14 90's
8 883 9014 885s 94
s
s
9258 953
4 9214 943 117,300
Do Class B
50 44 Jan 10 943 Dec 8
4
3418 Aug
4
4
713 Jan
458
478
*43
4 5
418
414 •412 5
434
434
43
4 43
900 Panhandle Prod & Ref No par
4
6 Aug
1312 Dee
4s Nov 6 1212 Jan 4
*97 105
8
8
93 10
4
*912 10
10
10
•912 10 I *91.2 10
712 Nov IS
No par
1,300 Parish & 13Inghan3
g
17 Apr 12
97 June 1512 Apr
312 35
8
312 35
8
312 35
8
312 318
312 3
581
312 33
8 3,600 Penn-Seaboard St'l v t c No par
658 June 17
Jan
314 Oct 26 1338May 24
9312 9312 9112 9312 863 92
4
8912 92
885 913
8
4 897 91
8
11,000 People's G. L & C (Chic)_ _100 593 Jan 4 99 Sept 15
4
3358 Jan 643 Deo
8
*40
4012 40
403 *3934 40
8
40
4014 4012 41 I 403 41
4
1,900 Philadelphia Co (Pittsb)__ 50 3112 Jan 4 4538Sept 21
2612 Aug 351 Jan
,
*70
773 *70
8
773 *74
8
77
*74
77
*74
7738 *74
Phillip-Jones Corp
No par 7314 Oct 30 10518 Jan 3
773
3
3712 Apr 10518 Dee
43
4334 4212 4338 4112 4278 4112 4358 43
8 4312 4538 22,800 Phillips Petroleum
12 443
No par 2814 Jan 11 5914June 7
16 June 3414 Dec
*11
1212 12
1238
1214 1214
12
1238 12
12
-Arrow M Car
1214 123
No par
4 5,200 Pierce
8 July 24 245 Apr 25
914 Aug 4214 May
8
2834 287
8 28
2914 28
283
4 2612 2834 *27
29
2814 293
4 4,100
100 187
Do Pre
8July 24 49 Apr 15
Oct 88 mar
21
458 438
412 458
412 455
412 412
4,500 Pierce 011 Corporation
25
4 Nov 14 12 Jan 12
514 Aug 1418 Nov
*4112 43
4318 4318 42
42
40
4014 40
41.1 43518 40
8
412 404'8
100 32 Sept 27 71 Jan 3
900
Do pref
3012 Aug 78
4618 4718 4412 46
Jan
4412 467
8 4558 4634 4614 50
5014 52
74,900 Pigg WIgg Star Inc"A" No Par 397 July 14 52 Dec 8
57
57
5612 5714 5712 6012 593 603
4
4 5914 6012 59
pe p rh
100 55 Nov 18 723g Sept 15
0
9 900
9714 9714 *38 100
6078 11:00 Pittsburg eiCoal of Pa
July 66
993 993 *99 100
4
4
*99 100
100 100
100 9018 Feb 3 10012Sept 13 - 2 8
- C
i et
D
i 78i
1912 1912 193 20
4
193 2014
4
1914 203
8 203 2012 *20
8
2012 3,600 Pond Creek Coal
10 1414 Feb 2 2434June 22
1218 Mar 1612 May
112 112
11014 112 .110 111
110 11114 11012 111
11014 11014 1,600 Postum Cereal
No par 6558 Apr 19 120 Oct 18
111 111
111 111 *111 11112 11 1 111 *110 112
*109 1174
100 10512 Apr 29 11218 Oct 16
8% preferred
700
7812 783
4 775 7778 77
8
77
*7612 77
7812 787 *77
100 63 Jan 12 9.514 Sept 13
300 Pressed Steel Car
8
*98 100
*99 100
*99 100
9814 9814 *98 100
pref
*78 100
100 91 Feb 16 106 Sept 12
Jan
au
88 June 104
43 A e 88
4014 4114 40
4114 3934 403
8 3934 405
8 4078 435
8 425 4412 45,1 P) Prpo ' Refiners Corp_ 50 2418 Jan 10 51 Sept 12
od ucer
5
8
2038 Oct 3412 Dee
9512 9534 94
95
9312 9412 933 9412 9412 94
8
94
.
of N J_ 100 66 Jan 7 100 Nov 20
a
.erilecirne
11c S
95
54
Jan
126 12614 12318 12514 123 12414 1223 12578 125
7014 May
4
126714 12534 12731'4 17,1gg r'uull'I
8
Company
100 10512 Jan 6 13934 Sent 12
5
8918 Aug 11414 Nov
4718 4778 4612 4712 4618 463
4 4618 4634 47
4712 4738 4812 7. 09 Punta Alegre Sugar
50 293
8July 14 5314June 9
243 Oct 5112 Jan
2712 2814 273 2812 2712 287
4
4
8 2714 2734 277 28
8
25 2612 Nov 27 385 Jan 3
2734 287 10,300 Pure Oil (The)
8
9712 9712 99g 101
8
2112 Aug 4038 Dec
9814 993 *9814 100
4
*983 104
4
100 94 July 20 1023 Apr 25
8% preferred
300
4
*107 114
112 11234 *111 11312 *11112 11312 *112 11212 *9814 100
Spring
113 113
100 94 Jan 10 12614 Sept 13 -6i- July
300 Railway Steel
Dec
*3314 343 *3418 35
8
*333 343 *3418 3538 3414 3414 *3338 34
4
4
No par
1912 Jan 26 3612Sept 7
0
20 R y cen
58 3,400 Rand M i
19 Apr 2634 Sept
1312 133
4 135 133
8
4 135s 14
1312 1378
135 1378 1312 13
8
solidatdd Copper_ 10 1218 Nov 16
ues Lte
19 May 31
11 Mar 16 May
*31
3312 *32
34
3218 327
8 35
36
35.A 35% 35X 35%
1.600 Remington Typewriter v t c100 24 Jan 6 42 Mar 14
1718 June 383 May
4
*104 105 *100 105
103 103
105 105 *100 10112 97 105
1st preferred v t o
100 55 Jan 12 105 Dec 6
400
4714 Nov 80
Jan
*75
78
*7512 78
773 78
4
79
803
4 7812 7812 7812 7812 1,400
100 5012 Feb 23 803 Dec 6
2d preferred
4
4734 Nov 75 May
25
26
2312 2412 23
235s 23
2414 25
253
4 24
No par 21 Nov 27 3812May 18
2478
9,500 Replogle Steel
18 June 3912 Jan
4634 47
46
45
443 4534 4578 4678 4612
4
47004312 Nov 27 7812May 29
7,600 Republic Iron Sc& Steel
12 4612 47
4118 June 7314 Jan
*84
8413 *833 8414 847 847 *83
4
8
8
8412 8312 8312 *83
100 74 Feb 24 9512June 2
84
400
7514 Oct 9614 Mar
RepublicrMotor Truck_No par
143
113 Nov 14
8June 2
---5 Dec 2413 Jan
*13
4
178
-ilis - - 8 -61.i.1 - 8 -6ii2 - 627
62163- -4612 47
473 49 4 4818 487 13,000 Reynolds(R 1) Tob Cl B
4
25 43 Mar 27 633 Nov 21
,
4
s
*11634 118 *1163 1173 *1163 1173 *11634 11714 11634 1163
4
4
4
4
4 *117 11712
100, 11118 Apr 11 1183 Oct 19
4
7% Preferred
100
5212 527
8 513 5214 513 523
4
4
4 513 523
4 523 533
4
4
8 53
5314 18,300 Royal Dutch Co(N Y shares)_ I 4712 Feb 1 663
8:aIay 3 -4612 Oct -66 May
7
;
1912 1934 19
1914
1938 1918
1912 1912
1914 1914 *1814 19121
10 125 Jan 9 2014 Sept 25
8
1012 Aug
900 St Joseph Lead
1418 Dee
•2
214
3
214 *214 3
*2
3
*2
3
112 Jan 10
212 212
614 Mar 21
300 San Cecilia Sugar v t e_No par
114 Oct
512 Feb
*1712 1812 18
1818 18
18
1878 1878 *18
19
100 10 Aug 26 2478 Apr 1
1834 18341 1,200 Savage Arms Corp
87 Oct 233 Jan
8
8
2
2
2
218
2
218
138 2
138
112
118 Feb 23
112
514June 2
218 Oct
134' 9,700 Saxon Motor Car Corp_No par
63 Apr
4
823 83
8
793 8318 8018 8012 7912 813
4
4 8012 827
100 605 Jan 27 947 Aug 14
8 80
Sears, Roebuck & Co
8
5414 Dec 983 Jan
a
18.300
81
4
•10812 112 *10818 112 *10.1111 112 *10818 112 *10818
Preferred
112 *108 112
100 91 Jan 5 112 Aug 22
85 Nov 104 June
838 838
83
8 812
83
8 83
8
812 812
83
8 812
No par
6 Oct 13 2314 Jan 3
818 83
123 Mar 2512 Nov
4
8 9,200 Seneca Copper
*8
814 *712 814
7
7
*7
81 i
*7'
612 Nov 2 12 June 2
10
100 Shattuck Arizona Copper
47 Jan
8
938 Doe
814
343 35
4
345 3434 3434 3434 3412 3478 3518 814 *71
8
S2 3412 Dec 6 4812May 3
3512 3518 3514' 7,400 Shell Transp & Tzading
3078 Oct 49 May
3214 3212 3112 3238 3118 3158 3114 313
4 3112 32
4
183 Jan 10 3834J1tno 9
3112 323 33.000 Sinclair Cons Oil Corp_No par
1618 Aug 2838 May
4
87
8 9
83
4 9
83
4 87
8
87
87
8
8 878
87
8
10
11Nov 23 1178 Oct 4
87
8 9
85
4,500 Skelly 011 Co
*40
44
*38
44
*38
42
*40
45
*40
42
*39
Sloss-Sheffield Steel & Iron 100 3412 Mar 7 5412May 13 - -112 8June 56
42
Jan
*64
73
*65
73
*60
73
*65
73
*64
73
100 66 Mar 21 80 Aug 29
Do pref
*64
6814 June 75 Nov
73
4312 4312 *42
43
42
43
4234 423i 42
42
100 33 Nov 17 5714 Mar 3
423 44
loieerrtlfgio
f p Po i R eSugar
4
26
Oct 103
Jan
*1612 18
*16
17
17
17
1734 1734
1778 18
No par
15 Nov 27 24 June 5
173 183
4 2,21 )
4
9
)
.
*90
92
*90
91
*90
91
*90
91
*90
Preferred
91
100 84 Apr 28 933
*90
92
8Sept 15
13334 134 *133 136
131 132 *130 135 *130 134 *130
100 11012 Jan 26 141 Sept 15 -88 - Aug 119 - - e134
11514 11712 11414 11712 11312 115
D- o
11114 11478 1143 11712
4
Of
25 913 Jan 10 135 Oct 4
4
44,(8)2 Standardtanar Milling110 Cal
673 June 9812 Deo
4
19614 19812 19418 197
19312 1983 19414 19712 198 20214 11418 116
4
Oil of N J
25 16914 Jan 5 25012 Oct 10 12413 June 19214 Dee
1973 1993 29,100 Standard
4
8
*11714 118
11734 11818 11818 11914 11814 11814 11818
11812 11814 11812 3,700
100 1133 Jan 7 120 Nov IS 10518 Jan 11412 Dec
Do pref non votlng
8
70
78
*74
78
757 773
8
4 74
76
*74
77141 *76
500 Steel & Tube of Am pref 100 68 Mar 10 90 May 25
78
66 Sept 8514 Dee
'
60
6012 61
6212 6212 633
4 6212 63
6214 63
63
63
7,800 sterling Products
No par 4518May 4 633 Dec 5
4
*105 110 *101 109 *101 109 *101 110
101 10512 10512 10512
100 81 Jan 3 106 May 4
100 Stern Bros pref(8%)
Oct 119 Are
81
5712 5712 57
57
5612 563 *57
4
5734 *57
-Warn Sp Corp_No par 2412 Jan 5 60 Nov 18
5712 5612 5612 1,300 Stewart
21 June 37
Jan
5618 567
8 55
56
55
5612 5514 5638 56
Stromberg Carburetor_No par 3514 Jan 5 595 Apr 12
8
2514 Aug 46
12 5,500
Apr
12012 1233 12318 125 8 12378 1263a 12518 13138 1297
4
18 13;13 1N13 5714 446,V(0) Studebaker Corp (The)_ 100 7918 Jan 5 13912 July 18
4
:
4238 Jan 9314 Apr
*116 11612 *116 11612 116 116
116 116 *116 11614 *11614 1N,
100 Feb 17 11814 Nov 2
712 73
83
4
Jan 1033 Dec
4
714 43
4 74
714 712
714
738
738
312 Jan 31
No par
75
8
712 77
87 Nov 23
8
3
s 6,500, Submarine Boat
Oct
41
414 412
1038 Jan
5
8
458 458
413 413
412 412
No par
4 Nov 27 1014June 7
414 412 3,100' Superior Oil
33 Aug
4
1314 Jan
28Js 2812 2812 2812 *2514 30
2834 283 *2812 31
4
100 26 Jan 3 3912 Apr 7
Steel
29
29
26 Juno 48
Jan
178
178
13
4
17a
178
17
8
17
8
17
8
14
10
, 1,4 *13
15 Nov 25
8
5 Mar 14
4 2
1,72 guweeert-sioC8otoe;
*14
22
Temtor C & F P. CI A _ _No par
---14 Oct 21
514 Feb 1
2 Dec 2534 Jan
9
9
9
918
9
914
9
9,
4
9
Copp & C tr etfs_No par
83 Nov 16 1234May 19
8
9
658 Aug 11 Dec
8 3,800 Tenn
918 95
4658 4718 4618 47
4614 463
4 4614 47
4638 4718 4638 487 56,500 Texas Company (The)____ 25 4214 Jan 10 5214 Oct 10
29 June 48 Dee
8
61
6112 5912 6114 583 597
4
8 583 60
8
591s 6012 5918 61
10 3812 Jan 4 6718 Nov 6 z3255 Dec 4218 Dec
13,300 Texas Gulf Sulphur
2014 21
2018 2114 201,8 2018
1978 2034 203 2118 203 2112 20,200 Texas Pacific Coal & 011__ 10 1812 Nov 22 3234.1une 3
8
153 Aug 367 Jan
4
4
8
5414 543
4
4 523 5314 5212 53
5238 53
Toilgapccodio((lecitncetse.tr ir p ..Iv 4914 Nov 17 67 Sept 13
o y i) )
53
543
8 53
7
1
12
r2 1 : gg
8018 81
793 803
4
4 79
7912 783 793
4
4 797 8012 8011
8
767 Aug 2 8912Sept 13
8
:
*106 109 *105 110 *105 109 *104 109 *104 109
100 88 Mar 2 110 Sept 12
Do pref
7612 June 91
*104 109
Jan
12
1238
117 1212 12
8
1214
1178 1218 12
712 Mar 3 201sMay 22
1238 1218 1238 17,000 Transcontinental 011___No par
6 Aug 13
Apr
*31
3312 *31
3312 .31
3312 *31
3312 *31
3312 *31
Transuo & Williams St_No par 32 Nov 21 4518 Apr 4
28 June 4412 Apr
3212
683 69
8
69
6912 *66
6914 *6'
69
69
69
57 Sept 75
*6512 71
Jan
600 Union Bag & Paper Corp_ _100 55 Mar 25 78 Sept 12
16
163
8 157a 163
4 1614 1612 16
163
4 163 17
1334 Nov 27 25 June 3
No par
8
1518 Aug 2512 May
167 1858
8
11978 120
4
1293 132
130 130
130 130
100 96 Jan 13 132 Dec 4
128 12818 *125 129
ink Car
8712 Sept 107 Mar
1,28 Uniun Va
ni o
2
•109 11018 11018 11018 110 110
11012 11012 *109 110 1*109 110
100 102 Feb 9 113 Sept 8
eefdeArrfcley
92
Oct 104 Nov
*3418 3512 34
3414 *34
35
*34
35
No par 25 Jan 11 4114May 13
Steel
*35
19 June 34
3534' *35
1
Pr
Unit
353
Jan
4
775 78
8
7712 7712 78
78
7712 78
100 607 Mar 3 85 Oct 5
s
7818 781s *77
46 Sept 106
Drug
79
1,000 United
Jan
*4614 4612 4612 4612 *4614 48
46
4614 *4618 48
50 4118 Feb 18 5118 Oct 5
3658 July 47 Feb
*4618 473
1st preferred
1.200
4
154 15612 15512 156
1543 155
4
153 155
100 1193i Jan 4 162 Oct 18 z95 4 June 207
155 15612 1543.1 155
3
3,000 United Fruit
Jan
Paperboard Co__ _ _100 14 Nov 10 2014 Aug 14
United
-'75T2 -i1-1- -....E8 -.-3- -- J2 Wi1- -6.ii8 - 4 W7 iii 4 117
2
6812 673 - 4312 Feb 28 8712 Oot 27 -467- Aug 6214 May
4 6fii; -6§i4 - - 17,666 United Retail Stores_ __No par
717
8
8
2478 26
2612 263
4 253 255
8
8 2412 25
2512 2512 2514 2512 2,800 U S Cast Iron Pipe & Fdy_100 1618 Jan 13 39 Aug 29
1112 Jan
19 May
*64
65
*61
64
*61
64
*62
64
100 50 Jan11 78 Aug 29
*62
64
38 Aug 5712 Nov
Do pref
*62
64
*634 73
8 *63
4 718 *63
4 7 s *63
,
100
5 Feb 1
4 73
8 Aug 14
8 *63
4
73
53 June
8
8 *63
U S Express
7
Jan
4 7
*518 53
4
512 512
5 s 55
5
8
23 Feb 8 1018 Jan 3
4
514 53
co fo_ par
4
prvid uvorp rg lOO
n o ac
812 Sept 2714 Jan
514
s oga
mo gsifF
512
)
1912 1912 •19
20
*19
20
*19
20
1812 Nov 14 2578May 27
*19
20
1n" 3'
54
8
6218 627
8 61
6214 5912 6012 60
62
63
8
6512 6418 6612 53,300 U S Industrial Alcohol _ _ _100 37 Jan 6 727 Oct 16 - 4 Nov
351May
*9818 101
*9818 102
*9818 102
*9818 102
100 90 Jan 9 102 Oct 18
*99 102
84 July 102 Mar
*99 102
Do pref
85
8512 85
8512 847 8512 85
8
8612 8612 88
8
4118 Mar 6313 Doe
8578 86
7,500 U S Realty Sc& Improvement 100 56 Jan 3 927 Oct 10
517 523
8
4 5014 52,8 493 5034 495 5112 51
4
8
00 46 Nov 25 6712 Apr 17
12 52
4013 Aug 7934 Apr
5114 5318 22,100 United States Rubber
96
94
96
9512 96
96
9512 953
100 91 Sept 14 107 July 1 1
4 963 9714 9612 974 2,600
4
74 Aug 10378 Jan
Do 1st P
38
38
*38
393 .38
4
393
4 3812 39
50 33 Feb 27 4834 Oct 4
*38
lief & M
3912 *38
26
39
Apr 381s Dec
300 U 5 Smeltingile
*4618 473 *4618 4712 4718 4718 *47
4
50 4214 Feb 9 49 Aug 16
4712 4712 4712 *4618 4818
D
pref
37 Aug 4412 Jan
1023 1033 1013 10318 101 18 10214 101 10234 10234 104
8
s
4
7014 June 8612 Mal
1023s 104 138,0) United States Steel Corp_ _100 82 Jan 6 11112 Oct 16
121 12112 1207 1207 120 4 121
8
8
3
121 12118 121 121
100 11414 Jan 3 123 Sept 19 105 June 115 Dec
12012 1205s 2,500
Do pref
6314 637
8 6112 63
61
623
8 62
10 5112 Nov 22 7112Sept 5
6314 6214 6338 6112 62 2
4118 Aug 6638 Dec
Utah
,
8 17
*1714 173 *1714 173
.3
17
165s 1658 17
100
97 Jan 18 2318 Sept 20
8
7 Aug
17 I 167 17
1258 Mar
Cu pa?Ig
8
71,02 Utah Seci____ e-a v t c
35
3514 3312 34
33
333
8 3318 34
No Par 3014 Jan 10 5334 Aug 30
2518 June 41
Vanadium Corp
3412 3514 3414 35
Jan
6,600;
*90
97
*90
98
*90
98
*95
98
100 92 Jan 17 100 Oct 7
*95
98 ' *95
72 Mar 8812 Dec
98
I Van Raalte 1st pref
2678 267 *25
8
27
*25
Nov 23 3673 Mar 13
27
2312 2312 24
203 July 4213 Jan
4
24
*24
500 Virginia-Carolina Chem_ _ _100 2314
25
63
6312 *6112 63
*60
63
100 58 July 28 83 Oct 18
59
59
5734 July 10234 Jan
60
61
Do pref
*60
600
61
*55
57
57
*55
56
56
100 43 Mar 27 9412 Jan 18
56
56
*55
Jan
59 Aug 95
5614 *55
56
200 Virginia Iron, C Sc C
*82
*82
85
85
*82
85
100 66 Mar 13 86 Oct 31
*82
85
Preferred
81
82
*81
85
300
14
14
4
61s Jan 6 1434 Nov 9 -.- VI- i
133 14
1358 14
No par
1358 14
a
558
- 1- 641
*135 137
4i;
8
8 133 133
4
4 1,700 Vivatidou (V)
1118 1118 1114 1114 *1112 12
17 Apr 24
to; 10518 Oct 19
812 Jan
p ner
1214 1214 11
113 12
1312 Oct
4
ls trge
el
TA) rl erF lIeilAror _ _ _ No
1,
11
88
88
6614 Jan 4 983 Oct 18
*88
90
4912 Jan 72
4
*88
90
*88
90
*88
Jan
90
8837 887,84
1
1103 111
4
111 111
76 Aug 94
110 110
110 115
11314 11412 *113 114
Apr
5,500 Western Union Telegraph_100 89 Feb 8 12114 Aug 29
98 99
77
8112 Sept 967 Jan
9912 993
50 80 Mar 16 104 Sept 13
4 9934 100
9958 9958 995 101
a
8
3.200 Westinghouse Air Brake_
101 102
6014 601 1
387 Aug 5212 Deo
585 603
8
8
8 594 5914 5918 60
60 14 603
4 60
603
8 7,400 Westinghouse Elea Sc Mfg- 50 4918 Jan 4 6518 Aug 22
514 Oct 25 33 Oct 5 3214 323
4 313 323
_
4
4 3112 32
No Par
4 3114 3218 3218 3212 7,400 White Eagle 011
3112 313
4812 4812 4812 4812 48
2914 June 44 May
50 3518 Jan 6 54 Sept 12
4812 4814 4812 383 49
4
4912 4912 1,850 White Motor
418
438
4 Nov 22 12 May 5
7 July
418
418
175 Jan
4
8
418
4
418
415 414
Oe .pe porr tc n _1._V_o_ par
r ll -:ornee a rIee
418
alire
1 etm
4
1112 12
812 Nov 15 2178May 12
11
812 Nov
12
183 Dec
1118 12
4
1118
11
1118 1214 11
,
111l 1g,Igg
412 Feb 17 10 May 29
25
45 Nov
8
3 4 455
4
2
8
512 55
1012 May
8
512 53
4
5 4 578
3
578
8
8 57
618 7,800 Willys-Overland (The)
57
0
23 Aug 42 May
3912 393
8 3912 3912 3912 3912 *393 4012 40
Do Preferred (new)- - - - 100 24 Feb 17 4912 July 19
4034 1,500
4
3914 3912 38
2712 Nov 47
383
4 3712 38
Jan
*37
38
37
38
.37
38 1 1,900 Wilson Sc Co. Inc, v t c_No Par 2714 Jan 4 5012Sept 15
*80
85
•78
65
84
Oct 897 Feb
100 66 Jan 10 90 Aug 11
Preferred
84
s
84
-___ 84
84
210 212
211 213
2073 2093 207 20714 20912 211
100 137 Jan 6 223 Nov 20 105 Aug 1393 Dec
8
4
4
21178 2125
8 3,500 Woolworth Co (F W)
2814 2814 2778 28
8
2734 2778 2712 2778 *27
3012 Aug 5514 may
28
2714 2714: 1.500 Worthington P Sc M v t c 100 267 Nov 23 5578June 2
_
89
- -_ 88
7013 Ails 85 Dec
100 83 Mar 31 04 May 4
88
_ 84
____ 84
Do prei A
____ 84 1
-6312 6312 *62
-f
14- 64
54 Aug 70 Nov
65
100 63 Nov 27 89 Oct 4
*63
Do pref B
65
*6312 6412 *64
200,
65
6 Jan 27 11 Aug 22
*914 10
97
8 97
8 *912 10
612 June
10
10
934 Nov
919
934 1,2001 Wright Aeronautical_ _ _No par
8
97
97
s
• Bid and asked prices: no sales on this day.
Ex-rights. a Ex-dIvIdend and rights. z Ex-dividend. e Reduced to basis of $25 par.
k Range since merger (July 15) with United II Less than 100 shares.
Retail Stores Corp.
9912 --
_
Ng
-74-1;
New York Stock Exchange-Bond Record Friday Weekly and Yearly
2565
,
and prices are noto--**and interesr-ercep for income 'mei defaulted bonds.
Jan 1 1909 the Exchange method of quoting bonds was changed
TrOg
Range
Week's
Price
BONDS
Range
Week's
Price
oz,
Since
Range or
BONDS
Friday
N. Y.STOCK EXCHANGE
Since
Coto
Range or
Friday
Jan. 1
Last Sale
N. Y. STOCK EXCHANGE
Dec 8
PZ
2
1 1:
Week ending Dec 8
Jan. 1
Last Sale
Dec 8
Week ending Dec 8
High No, Low High.
Ask Low
Bid
High No. Low High
Ask Low
Bid
U. S. Government.
93
8812 77 1 85
First Liberty Loan
S 8714 8778 87
J D 100.38 Sale 100 28 100 50 1702 94.84 10302 &CI Coast Line 1st gold 4s_ _3c1952 M N 10612 10712 106
10613 12 10413 1084
1
/
1930M
3j.% of 1932-1947
-year secured 7e
10
95.70 101.68
J D 98 80 ,9.00 98.20 Nov'22
8812 10 8312 9134
Cony 4% of 1932-1947
1964 J D 8812 8834 8713
General unified 430
101.78
J D 9,91 Sale 98 40 98.96 449 96.04
9838 10038.
Cony 431% of 1932-1947
1928 LI N 99 ---_ 100 Nov'22
Ala Mid 1st guar gold 5s
J D 99.00 99.90 99 30 100.00 32 96.82 102.00
9114
Oct'22 ----II 86
2d cony 45i% of 1932-1947
Bruns & W 1st gu gold 4s 1938 J J 8614 ____ 91
Second Liberty Loan
a1952 MN 8112 Sale 81
L & N coil gold 4s
3195.76 100.80
MN 98 30 Sale 98.30 98.30
1..1, 98 4 96
47 77
4
8
9212 _2_54 813 641
6
9:
8
4% of 1927-1942
J 935 Sale 93
1925 J
Salt & Ohio prior 330
MN 9ri.4J Sale 97 94 98.46 6375 95.32 101.50
Cony 434% of 1927-1942
k1925 Q J 9112 9212 9412 Nov'22
Registered
1
/
8212 198 764 884
Third Liberty Loan
k1948 A 0 8114 Sale 81
-year gold 4s
1st 50
MS 98.82 Sale 98 38 98.88 19221.96.74 101 98
75 84
84 Sept'22
43j% of 1928
k1948 Q J *--__ 79
Registered
11
3
4 9
7
4 07 7
8 13
85% 3 9 77 8734.
4
804
Fourth Liberty Loan1933 M S 88(513144
-year cony 4345
10
3793 95.86 101.86
AO 98.70 Sale 98 28 98.74
Sale 84
% of 1933-1938
Refund & gen 5s Series A 1995 J D
11
Victory Liberty Loan
101 1 1311 9412 102
1929 J J 101 Sale 10018
-year 6s
Temporary 10
J D 100.32 Sale 100.24 100.34 549 10802 101.00
8
4j% Notes of 1922-1923
P June & M Div 1st g 330_1925 MN 907 _ ___ 91 Nov'22 ----I 87 944
98.50 100 34
99.70 Sale 99 58 99.80 1713
,79 1 31 7234 85
Treasury 4148 1947-1952
4
MN 783 Sale 78
PLE&W Va Sys ref 4s_ _ _1941
4
10214 1033
---- 10212 Apr'22
51930 Q J
9418
93181 130 86
25 consol registered
8
8
Southw Div 1st gold 398s_ _ 1925 J .1 913 915 91
10314 10314
1034 Mar'22
51930 Q J ---88 consol coupon
4
4
Clay Lor dr W con lst g 5s 1933 A 0 913 994 984 Nov'22 ---- 92 991
105 105
10518 Mar'22
1925 Q F
ts registered
4
963 ____ 99 Nov'22 ---- 965 99
8
1936 .1 D
Ohio River RR 1st g 5s
_
2 10212 1054
10212 10212
1925 @ F
is coupon
9712 Sept'22 ---- 90 98
1937 A 0 92 96
General gold 5s
100 July'21
Panama Canal 10-30-yr 2s _k1936 Q F
8
67141 11 627 73
To!dr Cin Div 1st ref 4s A_ _1959 J J 6714 Sale 6612
4
-623
1961 QM 93 __ _ _ 93 Nov'22
Panama Canal 3s gold
8
1 985 103
791s Buffalo R & P gen gold 5s___ _1937 M S 100 101 10012 102 I
79
1961 QM 92 ---_ 79 Feb'22
Registered
9
3 8812 964
92
1957 M N 92 Sale 914
Consol 430
8218 Mar'22 ---- 824 8218
A 0 834 85
Alleg & West 1st g 4s gu,_ 1998
s•
9012 935
9012 Jan'22
8
Clearf & Mah 1st gu g 58_1943 J J 967
9972 1004
10014 Aug'22
Roch & Pitts Con 1st g 65 1922 J D
Foreign Government.
•
9812 27 93 102
4
8 Canada Sou cons gu A 55___ _1962 A 0 9814 Sale 973
4
1003 182 99 1023
10038 Sale 10014
Argentine (Govt) 75
8
1127 111 10812 115
11138
8
1117
7 77 874 Canadian North deb s 1 7s___1940 J D 11118 11318 11114
8112
8212 85 8114
Argentine Treasury 5s of 190_7_7
1127,3 32 10712 1144.
11112
25-year s I deb 6985
1946 J J
8 10012 199 98 10912
Belgium 25-yr ext s f 734s g 1945 J D 10014 Sale 997
8
794 182 77 85
8 Canadian Pac Ry deb 45 stock_ _ _ J J 7, 7 date 7914
4 60 9413 1043
953
0534 Sale 9514
-year 6% notes
5
Jan 1925' J
94
83
8 Car Clinch dr Ohio 1st 3-yr 5s 1938 J D
85
8 10o14 183 98
1941 F A 100 Sale 9 ,5
-year s f 8s
20
9
%
02 0cV1 12 ----I 9512 10218
9 22 16
_1
Central of Ga 1st gold 5s _p1945 F A 10ri _9 _ _ 190
1945 M N 10312 _ - 10812 1034 20 105 112
Bergen (Norway) 5 8 88
9738 17 8958 10114
Consol gold 58
1945 M N 9738 Sale 964
115
11012 76 106
1945 M N 110 11118 10834
Berne (City of) s f 813
10038 35 94 10112
10
-year temp secur 6s_June 1929 J D 10038 Sale 100
94 1 133 924 10112
1947 M N 9812 sale 93
Bolivia (Republic of) 8s
Chatt Div pur money g 48_1951 J D
7814 81 7412 90
4
Bordeaux (City of) 15-yr 6s 1934 M N 773 Sale 77
Mac & Nor Div 1st g 5s
19413 J J 9214 _ __ 9653 Sept'22 ---- 93 964
4
983 Sale 9712
8
987 298 9:333 108
1941 J D
Brazil, U S external 8s
5
9 12
11 95
221---- 9012 98
Mid Ga & Atl Div 5s
1947.1 J 924 ____ 9512 June7
8
8714 124 79 967
1952J D 87 Sale 86
7s
884 977
s
4
8
9312 175 8412 9312 Cent RR dr B of Ga coil g 58_1937 IN N 913 944 917 Nov'22 ---, 10378 110 8
1952 A 0 9312 sale 92
73s
8
7
8 107 I
Central of N J gen gold 5s
1987 .1 J 10612 108 1057
9912 217, 66 10114
Canada (Dominion of) g 5s_ _1926;A 0 9914 Sale 9918
Registered
h1987 @ J ---- 106 109 Sept'22 -1105 110
4
100 1 75 943 101
19311A 0 9912 Sale 99
do
do
91
5s
do
N Y Or Long Br gen g 4s___1941 M S 8738 ____ 91 July'22 --,- 91
8
8
10112 212 953 1034
1929 F A 10 1 Sale 1005
-year 534s
10
97
99 1 194 9758 10612 Ches & Ohio fund & inapt 513.._1929 J J 10012 ____ 97
8
4
1952 M N 987 Sale 983
5a
4 9412 10312.
101 1
s
101 1007
1st consol gold 55
1939 M N
4 66 1004 106
1033
A 10013 Sale 10_34
1941 F
Chile (Republic) ext s f 8s
100 May'22 ..„-I 100 100
Registered
1939 M N
1926 AO 10114 102 1014 10112 26 9812 10412
External 5
-year a f 8s
,
9
General gold 4345
1992 M S 8412 S9a9le
4
104 1 79 100 10612
1946 MN 1033 Sale 103
-years f8s
25
78 ---- 88 N e8'62 ---62 8 14 :
5514 uo 122 , - 8
172 911
4
7 869
Registered
1992 IN S ---- ---- 76 j nv 21 -3-- I 7 12 ,s,
81
507 103 44
58
53
3
15. 4 52
82
89144
933 135 Chinese (Hukuang Ry) 55 of 1911 ID
821; -921.
84
-year convertible 43is__ _1930 F A 883 Sale 98144
20
22 10512 11212
no
1945 A0 ho Sale 108
Christiania (City) s f 8s
-year cony secured 5s
19461A 0 8 9212 Sale
30
4
4
15 973 9812
98
AO 973 9818 974
Colombia (Republic) 634s_ _ _1927
Big Sandy 1st 4s
8
1944'J D 793 86 814 Nov'22 ----I 7612 8612
90 Sate 90904 46 854 954
-years 15%s_ _1944 J J
Copenhagen 25
8712
4 78
83 1
Coal River Ry 1st gu 413_194511 D *834 8312 83
4
1944 M S 9512 964 953 Nov'22 ---,1 8412 99
Cuba 5s
8
8
s
Craig Valley 1st g 514
19401J .1 925 - - - - 887 June'22 ----1 887 887
8
4 77 92
03 91
91
Eater debt of 5s 1914 Ser A_1949 F A
79
79 June'22,---- 71
Potts Creek Branch 1st 4s_19461.1 J 7714 84
19
£4
8
1949 FA 84 Sale 83
External loan 4%s
7138 80 8
_ __2_ 85 8412.
R dr A Div 1st con g 4s_ _1989 J J 80 8212 81
3
12 88 00 2
9 7412 185314
Czechoslovak (Repub of) 8s_ _ 1951 AO 87 Sale 87
7712 80 Sep8 021
2 2
V:2
2d consol gold 45
1989'1 J 75
14 10512 114
108
Danish Con Municipal 88 "A"1946 FA 10712 Sale 107
84 69 Apr'2I -Greenbrier Ry 1st gu g 4s,,1940 M N 81
29 105 113
108
1946 FA 10712 Sale 107
Series B
4
Warm Springs V 1st g 5s
1941 al S 9212 ____ 803 Dec'21 -112
152 107 11212
1945 A 0 10934 Sale 109
Denmark external 5 f 8:3
81
5314 ii - - if"
1949,A 0 52 Sale 52
8
985 107i 9014 10014 Chic dr Alton RR ref g 3s
1942 J J 9812 Sale 98
-year 6s
20
171 25 52
Railway 1st lien 334s
1950J .1 25 sale 25
9112 21. 8512 9713
94
Dominican Rep Cons Adm s f 5s'58 F A 94 96
83 i 41 7714 85
9312 Chic Burl & Q-111 Div 3345_1949J .1 8112 83 804
80. 36 86
M S 87 Sale 8612
1942
534s
8
7 87 93
2
893
8
Illinois Division 4s
1949J J 885 Sale 885
97
9112 153 91
8
Dutch East Indies ext 6s_......1947 J J 9414 Sale 937
5
9, 8
1, 93 98
Nebraska Extension 4s
1927 M N 910 __ 9652
4
230 9012 9714
94
1962 M S 933 Sale 9313
-year 6s
40
9014 0eri9 _,__I____ .6._
Registered
1927 IN N
4
3
9818 307 9314 1083
4
S 9,8 Sale 973
French Republic 25-yr ext 8s_1945 M
8812 167 8558
General 4s
1958 IN S 8814 Sale 87
496 91 1013
96
4
-year external loan 7%3_1941 J D 94 Sale 9314
20
1st & ref 5s
1971 F A 994 Sale 9102 100 1 107 9638 10212
Great Brit & Ireland (UK 01)I
s Chic dr E In10312 229 96 1067
1937 F A 10234 Sale 102
20-year gold bond 530
1 102 10912
10458/
8
let consol gold 6s
1934 A 0 1054 106 1045
10
-year cony 5%3
1929 F A 11153 Sale 11012 112 , 605 9s34 112
86
8112 83 68
7312 137. 68
9114 C & E Ill RR (new co) gen 58-1951 MN 8114 Sale 804
7312 Sale 72
Greater Prague 730
1912 M N
5214 111 4812 6412
1959 M S 5,12 Sale 51
061, 1018 96
4 Chicago Great West 1st 45
963
Haiti (Republic) 6s
1952 A 0 3 90 Sale 96
4
Chic Ind & Loutsv-Ref 6s_ _1947 J .1 1044 10734 1063 Nov'22 ---- 101 115
4
94 , 16 , 9212 963
Italy (Kingdom of) Ser A 63.31925 F A 94 Sale 8312
5 8712 997
97
8
98 1
Refunding gold 5s
, _19471J .1 95 99
3 Salt
4
93
s
s
9. 3 109 865 9512
Javanese Govt-£ loan 496_1925 F A
86
SO Sept'22 ---- 75
4
Refunding 4s Series C____1947 J J 803 86
6
7 4 9412
4
915
8
88 823 8312
Second series 434s
1925 J J O 933 Sale 927
8112
5312 8112
1 79
864
General 5s A
1966 M N 81
s
813 2711
Sterling loan 4s
1931 J J O 8114 Sale 8058
t
3
97 Nov'22 ---- 97 1023
General Gs B
el966,J J 9614 98
91, 74 90
7812
784 sale 7712
Lyons (City of) 15
-year Os__ _1934 M N
79
Ind dr Louisville 1st gu 4s_ _19561J J 71
7612 7735 Oet'22i---- 75
7812 Sale 7712
7812 49 74 90
Marseilles (City of) 15-yr 6s_1934 NI N
5212 200 4713 7012
1
/
Mexico-Extern loan £ 5s of 1899 Q 3 8 504 Sale 48
86 I ---- 8478 87
Chic Ind & Sou 50-year 4s___1956IJ J 85 Sale 85
364 104 3412 62
Gold debt 4s of 1904
1954 J DO ô6 Sale 35
9118 Sept'22. ---- 87
9112
9„5, 14 89 9412 Chic L S & East 1st 430__1969'.1 D 8713 98
Montevideo 78
1952 J D 9014 Sale 9,1
2
737 154 6912 80
703 6le 7
Ch M & St P gen g 4s Ser A _e1989 J J 62 4 Sa4 6,p
99 , 910 9214 99
8
987 Sale 9713
•S
Netherlands s 1 6s
1972
52 63 7112•
63
General gold 330 Ser B_ _61989 J J
4
1073 110
4 11112 35
Norway externals 18s
1940 A0 3 11012 Sale 1033
227, 79
90
84
General 4345 Series C
e1989 J J 8018 Sale 8J1s
105 997 10014
8
8
100
65
1952 A0 100 Sale 997
125 5412 697
63
'- Gen & ref Series A 430
a2014 A 0 0118 Sale 53
9314 Nov'22 - -II 97 105
Porto Alegre (City of) 8s_ _ _ _1961 J D 9,12 100
103 62 80
72
Gen ref cony Ser B 5s___ _02014 F A 67 Sale 67
2
35 1057 11214
108
Queensland (State) ext s 1 7s_1941 A0 10712 Sale 107
77
6734 58./1 60
4
Convertible 438s
1932 J D 643 Sale 6412
10112 38 99 105
FA 101 Sale 101
-year 65
25
1947
8112 234 , 6918 87
Permanent 45
1925 J D 7914 Sale 794
991, 211 1 9612 10514
Rio Grande Do Sul 88
11
1) 884912 999733;
1946 AG 9712 9912 9812
601
9714 15; ' 54 627
-year debenture 4s
25
1934 J S 5712 Sale 564
9714 53' 94 10512
Rio de Janeiro 25
-years f 8s_ _1946 AO 9614 964 9514
Chic & Mo Riv Div 55_ _ _ _1926 J J 9714 9713 97
8
8
9714 63 I 933 1047
9714 9512
8s
1947 AO 904
0 M & Puget Sd 1st gu 4s_ _1949 J J 6712 Sale 67
08 1 35 6312 77
18' 96 16658
9914
San Paulo (City) s 1 8s
1952 MS 9814 Sale 08
4
4
923
Milw & Nor 1st ext 434s
1934 J D ---- 9412 923
1001s 35 911;106
San Paulo (State) ext s 1 8s 1936• J 9712 Sale 9714
0 06
0
4
8
9 7
Cons extended 4985
98
1934 J D 9512 9312 9?3 Nov'22 ____ 85 924'
8.1 Sale 8512
864 145,51
Seine (France) ext 7s
1942 J
Nov'22
Chic & N'west Ext 4s_ _ _1886-1926 F A
844
9
7812 3 76
Soissons (City) Is
1936 MN 7838 Sale 7734 104121 90 1 94 107
3
9 4 6814pr22 ::------ 92114 93
Registered
1886-1926 F A 9512 ____ 9314
3
Sweden 20-year Os
81
1939 J D 104 10112 1037
8 72
7513
3
7512 737
General gold 330
123
1987 M N 75
Swiss Conterer'n 20-yr s f 85 1940 ii 11712 sale 11612 11734 58:11212 7612
3 734 734•
724
7218
*---- 80
Registered
p1987 Q F
93 67
7012
Tokyo City 5s loan of 1912
MS 7012 Sale 6914
8 , 8214 91
85
8538 85
General 45
1987 M N 85
103 10412 1034 10414 18 10212 1084
Uruguay Republic ext 8s____1946 FA
Stamped 4s
1987 M N 8314 874 85 Nov'22 ----II 8112 88
4 25 106 115
1123
11114
Zurich (City of) 5 i 813
1945 AO 11214
37 ' 9978 110
105
General 5s stamped
1987 M N 104 10412 104
4 102 105
103
4
4
Sinking fund 65
1879-1929 A 0 1033 1043 103
s•
3
Registered
1879-1929 A 0 10014 __-- 1017 Apr'22 ---- 101 1017
Sinking fund 58
1879-1929 A 0 9312 ----I 9812 Nov'22 ---- 9612 104
State and City Securities.
Registered
1879-1929 A 0 9558 ....100 Aug'22 ---- 9518 100
Sinking fund deb 5s
1933 M N 9534 ___- 1004 Nov'22'---- 96 10134
98
4
N Y City-43‘s Corp stock.,. 1960 MS 10014 1003 10012 Nov'22 ---- 9712 10312
9812 May'22 -- • - 9812 1004
Registered
104
1933M N
10138 102 101 Nov'22 ____
43s Corporate stock
1964 M
10
-year secured 7s g
1931 J D 108 Sale 1074 10918 12 105 11012
Sept'22 ---- 99 105
43s Corporate stock
1966 AG 10138 102 105
2 106 115
I5-year secured 6385 g
2
1083
3
1936 M S 1084 109 1083
8
430 Corporate stock
1971 S D 10618 ice% 1033 Nov'22 ---- 10358 10914
Des Plaines Val 1st gu 430 1947 M S 91 ---- 93 Sept'22 ---- 934 9314
4
1
/
s
3 10312 1087
106
4%s Corporate stock_ _July 1967 J J 106 i(,658 101
Oct'22 ---- 10578 1114
Frem Elk & Mo V lst 6s.._1933 A 0 10014 ___ _ 111
103 10812
8
8
1965 ID 10. 7 1065 105 Nov'22 ---434s Corporate stock
Man G B & N W 1st 330_1941 .1 J 7618 8212 70 Mar'2I -- ---- --8
•S 1057 1f,638 10118 Nov'22 ---- 103 11212
1963
434s Corporate stock
Milw & S L let gu 330
1941 J J 7414 88 664 Aug'21 ---- -.,,,
IT 9312 10012
9912 10')
N *9918 100
1959
a% Corporate stock
985
Milw L S & West imp g 53_1929 F A 9958 _--- 9912 Oct'22 ---- - 8 10812
5 9334 101
9978
0913
1958 MN 9934 100
a% Corporate stock
Ashland Div 1st g 13s
2 9313 10053
1925 M S 10034 _--- 10112 Nov'22'.... 10112 10112
9912
N 9034 1,012 9912
1957
a% Corporate stock
4
/
Mich Div 1st gold 6s
8
94 1003
1924 J J 10634 -__- 10114 Mar'22 ---- 10114 1011
99 110035 Aug'22
4% Corporate stock reg_1956 MN 9814
8514 93
Mil Spar dr N W lat gu 45_ _1947 IN S 8712 Sale 8914 Nov'22
- 10312 108
Oct'22
8
1957 MN 1055 10 ,14 106
New 4%s
6
101 - 95 1054
St L Peo & N W 1st gu 52._1948 J J 101 103 101
3 10314 108
10518
8
N 1055 10614 1054
stock___ _1957
414% Corporate
8912 10 82 9312
894
N 8912 91
3%% Corporate stock_ _.._1954
4 Chic R I & P-Railway gen 4s 1988 J J 8218 Sale 82
10218 1023
4
1023 Nov'22
1961 MS
New York State-45
83
8
9 874
4
'2
8 24 7_
Registered
1988 J J 7714 7918 7912 Nov71 -_9 7
102 June'22 ---- 102 102
J J
1961
Canal Improvement 4a
513
4 7 3 864
4
80 4 2
833 262 70, 8713
Refunding gold 413
1934 AG 8214 Sale 8212
10913 110
10912 Apr'22
Highway Improv't 4348_1963 MS
R I Ark & Louis 1st 4345_1934
S 8014 Sale 80
10412 Apr'22 ---- 10413 10413
1965 MS
4Xs
Highway Improv't
4
1 90 1001
98
OS 1
Burl C R. & Nor 1st 5s
1934 AO
Choc Okla & Gulf cons 5s_ _1952
N 9714 9914 981s Oct'22 -.I 89 984
12
9278 13 72 94
93 9112
Keok & Des Moines 1st 58_1923 A0 92
864
81 1 24 76
St Paul & K C Sh L lst 430 1941 FA 81 Sale 80
Railroad.
5 10412 10912
1930 S D 10513 10714 10514 10512'
Chic St P M &0cons 6s
92
1930 S D 894 - - -- 92 Sept'22 ----I 87
Cons Os reduced to 3As
1 5814 80
63
C678 63
63
k1995 Q
95
4
2 9 1 98
95
1
9518
Ann Arbor 1st g 43
1930 MS 9534 96
Debenture 5s
228 85
90
8
4
A0 893 Sale 885
Atch Top &S Fe--fien g 4a...1995 AO 85 Sale 06
North Wisconsin 1st 6s___ _1930 J J 10414 ---- 118 Nov'16
s
86
1 857 9212
1995
Registered
Superior Short L 1st 5s g_ _e193 M S 9618 - - 95 May'18
8258
2 7712 86
8
k1995 Nov 8214 865 8218
733; 8 864
83 1
Adjustment gold 4.a
8 30 7812 8612 Chic T H & So East 1st 5s__ _1960 J D 8112 83 8212
825
8
k1995 Nov 814 824 815
9012 32 8712 944
9.,12 Sale 8935
Stamped
88
Chic Un Sta'n Ist gu 430 A_ _1963 J J
8178 12 76
8
-.1 817
ID
1955
11512 18 11112 11735
1963 J J 11514 Sale 1114
Cony gold 4s
1st Ser C 630 (ctis)
1 9114 Ions
leo
212 mo
1960 S D idd in.
Cony 45 issue of 1910
4 32 9114 9734 Chic & West Ind gen g 6s___61932 QM 105 __- - 105 Nov'22 --_- 103 105
973
• S 9512 9614 9512
1928
46 6712 79
75
1952 J J 7414 Sale 74
-year 4s
East Okla Div 1st g 4s
Consol 50
4 31 78 8514
823
3
83 4 82
4
1965 J J 813
4
1
/
4
19 99 1027a
102
1935 MS 102 1023 1014
Rocky Mtn Div 1st 4s
-year s f 7%s
15
4
8514 84 Nov'22 ---- 793 90
9112 Nov'22
8735 93
85 914
-Con Short L 1st 45....1958 J J 834 92
1937 .1
Trans
8 Cin H & D 2d gold 4%s
8018 945
92 Nov'22
90
Ma
C Find & Ft W 1st gu 4s g_1923 MN
Cal-Ariz 1st dr ref 430"A" 1962 M
884 91Day dc Mich 1st cons 4345_1931 J J 8912 --_- 884
141
;43
&Due July. i Lille Aug. o Due Oct. •p1Jue .Nov
asked. aDue Jan. dDue April. cDue May. gDue June.
*No price Friday; latest bid and
31,116 Dee
s Option sale
2.566
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec 8
New York Bond Record—Continued—Page 2
CL
Price
Friday
Dec S
Bid
Week's
Range or
Lan Sale
Ask Low
`0'
Range
Since
Jan, X
High No. Low
BONDS
N. Y.STOCK EXCHANGE.
Week ending Dec 8
Price
Friday
Dec 8
HOD
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan, 1
High No Low
High
Cleve Cin Ch & St L gen 4s__1993 J D
793 80
4
1
70s 511. 19 7612 844 Illinois Central (Concluded)
-year deb 4 -is
1931 J J
20
90
91
92
4 85
92
923
4
Omaha Div let gold 35_ ___1951 F A - 683 Oct'22
70
71
66
General 5s Series B
1993 J D 95% 100
9912 Oct'22
St Louis Div & Term g 38..1951 J J
-_ 697 Nov'22
6358 7612
8
Ref dr Impt 43s Series A
1929 J J 1014 Sale 1003
4
85 102
10112 85 9614 10314
Gold 33
-is
7812 79
1951 J J 7014795 Sept'22
7612 79%
Cairo Div let gold 45
1939 J J
8612 88
87 Nov'22
saringf Div lst g 3;is
793 9412
4 82
1951 J J 755 -_-- 7812 July'22
7812 7812
W & M Div 1st g 4s_1991 -s -s
777 79
8
773 Nov'22
4
8212
76
Western Lines 1st g 45
1951 F A 83 ____ 83 Nov'22
82
8614
1990 MN
St L Div 1st colt tr g 4s
79
8112 8014 Nov'22
7712
Registered
1951 F
92 Nov 10
Spr & Ool Div let g 4s
1940 SI S 82's...
8512 Aug'22
8512 3512
t3ellev & Car let Os
995 facTi2
4
1923 J D 985
s
_ 10018 Oct'22
W W Val Div 1st g 4s
1940 J J
8178 863 81% Nov'22 - --- 81
4
Carb & Shaw let gold 4s
854
1932 M S 8618 9412 9212 Sept'22 -- 9212 9212
C I St L & C 1st g 4s
k1936 Q F 873 8814 9112 Oct'22 ---- 83
4
Mc St L& N 0 gold 5s
9112
1951 J D 983 ____ 98% Nov'22
8
985 1043
8
4
Registered
k1936 Q F
9012 Oct'22
R ist3ezds
Goldeg
8612 9012
1951 J D
99 Aug'21 -Cm S & Cl cons 1st g 5s___1928 J J
9818 100
99 Aug'22
94
1951 J D
7212_ 653 Dee'21 -4
CCCAr Igen consg 6s__1934 • J 1057 10812 1054 May'22
8
104 1()7
Joint let ref 5s Series A _1963 J D 9512 Safe 951s
9
9
2
9 3
4 34 -661- 100
Ind B & W let prof 4s
1940 AO 9012 92
90 June'22 -- - 9078 3012
Memph Div 1st g 4s
93
1951 J D 80
83
8214 Nov'22 -- 7834 824
Peoria & East 1st cons 4s 11)40 AO 75
7014 76
5 7058 84
St Louis Sou let gu g 4s
773
4
1931 M S 8658 ____ 8612 Oct'22
8612 8613
Income 4s
1990 Apr
2812 Sale 2614
29
8 22
Ind Ill & Iowa let g 4s
8514
8514
1950 J J
1 8458 86
Cleve Shor Line 1st gu 4 is_1961 AO 96
96
97
99
96
1 90
Int & Great Nor let g ext 78..1922 M N
-1814 sale 858 8 Nov'22
4 1s
14
9618 10112
Cleve Union Term 53.is
1972 AO 10312 1037 103
8
111,34 20 10018 107
Adjust8s
1952 J J
4612 551s
5O4
Colorado & South let g 4s
1929 FA
8
917 92% 913
4
lames Frank dr Clear let 4s 1959 J D 85
9,12 14 844 94
85 I
2 8012 89
8712
Refunding & eaten 4)is_ _1935 MN
S65 87
8
8658
8712 33 8118 92
Kansas City Sou let gold Is. _1950 A 0 6914 Sale 687
8
72
6912 62 63
Ft W & Den C 1st g 5 yis196I J O 103 1043 104
4
1 100 10 112
104
01% 0
Ref & kept 5s
6
7
Apr 1950 J J 89 Sale .863
8912 32 84
4
9412
Cuba RR 1st 50
-year 5s g
84
1952 J J
843 83
4
853
4 24 77
8812
Kansas City Term let 4s_ ___1960 J J 823 Sale 82
7,45 8 8,618
:29 ,
4
79% 863
s
827
1st ref 75s
1936 J D 10512 10,1 10112 105
23
Lake Erie& West let g 5s____1937 J J
96
99
18 85
DL & W—M & E 1st gu 3 yis 2000 J O
7714 77% 773
4
773
4
2d gold bs
8378 854 817 j o'2
1941 J J
9 4 N ;2
7
3
, u 2
87%
,
77
N Y Lack dr Western 5s_1923 FA
9934 100
99 Nov'22
9 1s 10172
7 2 8318
6
8
North Ohio let guar g 5s 1945 A 0
78
68
Terminal & improve't 45_1923 MN
9914 -._ _ 9915 Nov'22 ____ 97
997
Leh Val N Y 1st gu g 4
95
9212 Nov'22 -- 90% 97
J J 94
Warren let ref gug33.s2000 FA
7414
7412 Nov'22 --- 7414 78
1940
J .99 ___ 80 July'21 -Delaware & Hudson—
hegisteal (Pa) cons g 4s
Leilig h V red
2003 M N
8112 Sale 8014
8112 25 "fili 90
let & ref 45
1943 MN
8812 8914 8712
89
25 83% 94
General cons 4 841
91
9214 91
94
96
8 85
30
-year cony bs
1935 A0 9612 Sale 9618
967, 34 99 103,
Leh J Term Ry let gu g bs
8
2
8918 037
2993 M N 1_0_0_1. I::: 102 m
1941 A O
..
8
13 Nov'22 _ 72 9818 102%
_1
ti;is
1937 MN 101 Sale 101
10114 23
Regi-tored
1941 A 0
10
-year secured 7s
1930 J D 112 Sale 1115
112
24 107 113,
8
Lets Val RR 10-yr colt Os. n1928 M S 104 Sale 1033
s
s
104
20 i661- 105
2
Alb & Susq cony 33is
,
1946 AO
8() 82
80
1 765, 84
1
Leh Val Coal Co 1st gu g 5s 1933 J J 99 ____ 1004
10018
2 903 102
2
Renns & Saratoga 20-yr 65_1941 MN 10918 ------------Re iotered
18tgl s t
_ 105
1933 J J
Oct- 13
Den & R Cr—let cons g 4s...1936 J J
7334 Sale 73
ii --57 -7213 - -2 reduced to 4s
% -12 844
- 8
-8712 0214 834 Oet'21
Console gold 4 yis
_ 79
1936 J J
787 Dec'22 -- - 8
Leh &N Y let guar gc.1d,48 1933 j S 80
814 86 Aug'22 -- 8318 86
19 M j
45
Improvement gold bs
1928 J D 833 84
4
8312
8414 93
Long Isid 1st cons gold 5s__h1931 Q J
9714 99
97% Nov'22 -- 9512 100
1st & refunding be
4638 47
1955 FA
4614
47
85 42 512
741' 825
let consol gold 4s
8914
8914 June'22 -- 894 90
84931 Q J
Trust Co certifs of deposit
4318 ___ 42
2
43
General gold 4s
8418 -__- 8412 Nov'22 943
4
77
893
4
Rio Gr Junc 1st gu 5s
1930 J O 8314 86
8314 Dec'22 -- 82 8
Gold 4s
81 ___ I 81
49%
8
1932 J D
Nov'22 -- 81
8414
Rio Gr Sou 1st gold 4s
1940 ii 104 ---. 6114 Apell ---Unified gold 4s
79% 8,434 80 Nov'22 -- 7314 82
1
8
1 9;49
1c43
Guaranteed
1940 J J •1414 ---- 101s Feb'22
Debenture gold Is
6712 94
1018 10'(
837 Nov'22 -- 8378 9818
s
Rio Or West 1st gold 4s
1939 ii
5 733 81
20
-year p m deb 5s
853 8334 833
4
8334 10 75% 8714
4
4 ,., r2
7 2 a91 77
7
Mtge & colt trust 4s A_ _1949 AO 6514 S71e 2 651'
6612 5-' 6218
78
Guar refunding gold 4s _1949 M S
7912
71.5s 80
8018
8 72
84%
Det & Mack-1st lien g 4s
1995 J D
70 Sept'22
78
N YB&M B 1st con g 58_1935 A 0 955 ---- 9612 Sept'22I---- 9512 9612
74
Gold 4s
1995 J D 7518 78
67
7u1s
704 Oct'22
NY&RBlstgold5s..1937M S 9518 __— 9914 Sept'221--- 994 9914
Get Riv Ter Tun 45s
1961 MN 8812 90
885
11 82
8
Nor Sh B 1st con g gu 5s_ _a1932 Q J
885
9214 __-_ 95 Nov'22 -- 8912 96
93
Dot Missabe & Nor gen 5e
1941 J J 993 993 100
4
95% 100
Oct'22
Loul•lana & Ark let g 5s
9112 9212 9212
0S
57
2AM
,3
19
9212
9812
3 78
Dui& Iron Range 1st be
1937 A0 9914 100
9914
2 954 1024
Louisiana
937
N W Is
77 Sale 78
7812 7
6 724 78
Registered
1937 A0 ....-- ---- 1051 Mar'08
Louisville & Nashville—
4111 Sou Shore & Atli? 5.1937 J J 74
80
87
79
79
Gold 5s
&Gld 101 ____ 101 Nov'22
9812 10212
Main Joliet & East 1st g 5s1941 MN 983 --__ 100
4
100
1
103
Unified gold 49
51 8712 95
N
J
1T
110 1
Erie 1st consold gold 7s ext.._1930 M S 10212 103 10214
2
Registered
10314
•9) 139le 2 991 June 1 12
91 15 a 1 9 4
0
0
52 10
8 ,
'
8814 9018
9 22
4
N Y & Erie 1st ext g 4s
1947 MN 88
92
87 July'22
Collateral trust gold 5s
9712
9712 100
80%
9712
5 9512 99%
M j
1940 j N
3rd ext gold 4;is
1943 MS
995 Oct'22
8
10
-year secured 7s__
963 84s
4
1930 M N 10,12 Sale 107
10812! 14 104% 110
4th eat gold be
1930 AO ;oil; --- 9112 Nov'22
1st ref 5585
10458 Sale 10312
90% 95 4
'
10412, 28 101 107%
1
3 1
_2 03 1
44 A
5th ext gold 4s
1928 J D 9112
94% Nov'15 -L Cin & Lex gold 4;is
97 ____ 98 Nov'22 _- 964 983
4
IsT YLE& W let 78 ext__ _1930 MS ____
10212
7 127:314 175 12
10212
1
1024 ____ 105 4 July'22
N 0 & M 1st gold Os
52 .
3
1(12% 105%
Szle 1st cons g 4s prior_
1996 J J 55 Sale 55
57
2d gold Os
86
99 101
9.4
99
1 9812 101
Registered
1996 J J ---- - --- 57 Mar'22 -- -.
Paducah & Mem Div 48_1930 j A
86 July'22 ---. 80
9112
1946 F j 8318 88
let consol gen lien g 4s 1996 J
44 Sale 4314
4512 271 3914 58
St Louis Div 2d gold 3s
1980 M S 6012 61 14 00
61 12
5 58 (3718
Registered
1996 J J
51
Aug'22 —
At Knoxv &(An Div 4s__ _1955 M N
51
51
8534 20 79% 88
Penn coil trust gold 4s 1951 FA ' — -8 — 88
72
-4
All Knox dr Nor 1st g 5s
Oct'22 -- 79
98 3 _6 _
91
4
1948 J D 8533 _8 _38 58954 May'22 ---- 983 9914
4
50
-year cony 4s Ser A
1953 AO 4014 4112 4034
4412 52
Hender Bdge lets f g Os_ 1931 M S
_ 104 July'22 ---- 103 104
do Series B
1953 AO 4114 Sale 41
Kentucky Central gold Is. _1987 J J 0214 8 24 96 Aug'22
88
4 98
i 8 734
74
79% 86
Gen cony 4s Series I)
1953 A 0 4134 Sale 4134
2 2 4 3'1
4414 14' 3423 1
°
3414 ,
Lex & East 1st 50-yr 5s gu_1965 A 0
,
2
1 93 100
Chic & Erie let gold 5s
94
1982 M N
6 80 '
96
ft Al
96
L&N&M&M Istg458s_1915 M S 9718 ____ I 97
'
11
Oct'22
9212 97
Cleve & Mahon Vail g 5s 1938 J J 90
9612 9212
9212 20 9012 n92„12
L & N South joint
4s
1952 J J 8014 81
18 Nov'22
74
864
Erie & Jersey 1st s f Os_
9012 Sale 90
195b J J
Registered
9012
3 881, .0-4
95
84952 Q J
Genessee River 1st s f 6s
9012 89
89
J
5
89
N Fla & S 1st gu g 5s
- 8 loci
9839712 Nov'22
9712 10112
Long Dock consol g 6s
1935 A 0 102 110 1081 Nov'22 ---- 798108
9734109
N & C Bdge gen gu 43is
1945 JJ 8534 ____ 9312 Aug'22
1937 F A
9312
89
Dock dr Impt 1st ext 5s
1943 J J ____
8312 Dec'21 ---S dr N Ala cons gu g 5s
1936 F A 981.1 10012 9614
9714 20 96 10212
N Y & Green L gu g 5s
1946 M N 84 -,-- 8612 Nov'22 - --- 86
-- t;
g
Gen cons guar 50-yr 5s 1963 A 0 9714 993 9614 Nov'22
4
9512 10012
N Y Susq & W 1st ref 581937 J J 59
60
1 54
61
61
72
Lou & Jeff Bdge Co gu g 4s 1945 M S 79
80
79
Dec'22
85
77
2d gold 4s
4314 47
45
1937 F A
47
2 47 .°
Manitoba Colonization 5s_ _ _1934 J D 97
5
I 97
10 9012 99
98
General gold 5s
4712 48 Nov'22 ---- 3812 u0
1940 F A 45
Manila RR (Southern Lines)_1939 M N 63
6714 70 Nov'22 --- 51)
70
Terminal 1st gold 5s
1943 M N 844 90
9
5
90 Sept'22 ---- 8312 90
93
Mex Internal let cons g 4s_ 1977 M S ---I 77 Mar 10
Mid of N J lst ext 5s
97
1940 A 0
95 Nov'22 -100 __
Minn & St Louis 1st 7s
104 June'22
101 104
Wilk & East 1st gu g Is
1942 .1 D 5812 6014 58
1 53
58
1st consol gold 5s
73
?l
803 7612 Nov'22
_4
, s 76
4
IN7
8
695 83
Evans & T
1st gen g 58
1942 A 0 ____ ---- 88
Apr'21 -39 Sale3714
1st St refunding gold 4s_
94 M
39
---5012
14 31
Mt Vernon 1st gold 6s
1923 A 0
6913 Apr'21 ---- ____
Ref & ext 50-yr 5s Ser A.
9 30
..1962 Q F 3612 37 I 35
50
36
____
Sul Co Branch 1st g 5s
---- ---- 6912 Apr'21 ---1930 A 0
4518 44 Nov'22
Ft D 1st
Des M
36
1935 J J 40
62
4s
Florida E Coast 1st 45s_1959 J D 89
89 Dec'22 — - - - 861i 9112
90
7512 75
1 70
Iowa Central let gold 5s
1938 J D 73
75
85
Fort St U D Co 1st g 4(is
1941 J J 7678 ---- 68
Apr'21:--- 35
3,..3
36
36
45 32
4
Refunding gold 4s
503
s
Ft Worth dr Rio Gr let g 4s 1928 j .1
: - - - 831 Nov'22 _
-i
-a— - ' 8
%
6
.7
8818 Sale ' 863
8814 28 85% 9112
4
M St P&SSM con g 4s int gul951 J
1938 M
Galv Hous & Hend 1st 55_ _._1933 AO 8578 89
86
ifi 83
86
90
93
994 98
9614 106
let cons 5s
1938
98
Grand Trunk of Can deb 7s 1940 AO 112 1123 11114
4
113
40 10812 115
10314 Sale 1324
-year coll trust 658s
10
1043
4 49 10012 107
15-year s f 85
1936 M S 104% Sale 1023
4
10414 102 100 108
9212 _ _
9212 Nov'22
1st Chicago Term s f 49_ _ _ _19 11 Itt N
8812 93
3
194
Great Nor Gen 75 ser A
1936 J J 11018 Sale 110
111
270110718 1133
s
4
9512 Nov'22
MSSM&A lst g 4s int gu.1926 J J 955 96
9414 9712
let & ref 4 4s Series A__1961
90
907
8
91
Mississippi Central 1st Is. _ _ _1949 J J 88% 92
88% Nov'22
823 88%
4
Registered
1961 J J --__ ---- 82
595314 Oct
96
'21 —3- 88
-4
7934 Sale 79
36 73
80
Mo Kan & Tex—Ist gold 4s 1990 J D
8512
512
8
1952 J J 102 Sale 1068
2
10212 287 -661- Lir
6814 Aug'22
g2004 F A
199
0
48% 6814
2d gold 4s
St Paul M & Man 4s
1033 J J 923 9512 93 Nov'22 - 4
904 941
68
6812
72
15 4812 7759
Co coatis of deposit
6812
1st consol g 6s
1933• J 10714
- 10714
2 1051, Ill
10714
- -- 90 Nov'22
741 S
73
1st & refunding 4s
90
Registered
1933 ,1
--11(1
99 Sept'20 ..-.j
86
55 Nov'22
8
90
Trust Co certits of deposit_
68
92
Reduced to gold 4As__ _1933 J J 97
97% 973
4
973
4
3 9'31, ii6(514
6412 June'22
-3
Gen sinking fund 4 tie
524 41412
1936
Registered
1933 JJ .. _ 9712 97 Aug'22
612 Sale 6812
Trust Co certifs of deposit.. _
1 5214 77
6812
Mont ext let gold 4s
1937 J D _5612 ____ 9014 14av;21 .-_-__._-..... 95
80 No 22
_
88
9212
7
88 91
83
5% secured notes "ext"
- 5812 93
Oct'22
Registered
1937 3D
. .91
8314
M K & Okla lat guar 5s_1942
5 7814 94%
831 4
Pacific ext guar 4s
1940• .; 8412 _,___ 85
85
14 85
85
8
_ 42 Aug'22
Sher Sh & So let gu g 5s...19-12 J D 343
3418 42
E Minn Nor Div 1st q 4s 1948 AO 89
9012 89 Nov'22 ---- 88
8934
Texas & Okla let gu g 5s__1943 M S 33 _ _
34
Oct'22 -___I 734 3512
Mont C lst gu g 65
1937 J J 114 11412 1183 m oy.0, ---- 1094 11413
,
3:Na v'22
31
Mo K & T Ry—Pr 15s Ser A__1962 J J 8312 Sale 8314
162 703 8S5
84
4
8
Registered
1937 ii
40-year 45 Series B
68
69
75
1962 J J 6
6912 28 62
1st guar gold 58
1937 .1 J 15
. 10212 103 Sept'22 ---- 99 - i.03
6%
--9612 Sale 9. 12
-year Os Series C
10
9912
963 490 89
4
Will & S F 1st gold 5s_ _ _1938 J I) 100 10212 1004 Nov'22 ---- 9948 10214
4
Cum adjust 5s Series A__..1967 j j 583 Sale 5814
132 J J
9
663 10691 4334 68
4
Green Bay & W Deb ctfs "A"..___ Feb 60
70
701s Apr'22 ---- 6712 7012
L9a0U rl Pacific (reorg Co)
Debenture ctfs "B"
1118 1112 111s
Feb
6, 612 175
12
9312
8612 87
1st & refunding 5s Ser A __ _1965 F A
87
5 84
8714
Gulf & S I 1st ref dc t g 5s_ _81952 ii 82
84
82
84 ......3 72
..'
9512 100
1st & refunding 5s Ser C...1926 F A
9612 97
8614
96 Nov'22
Hocking Val let cons g 4 .is1999 J J
85 Sale 85
50 8112 90
185 98 10312
9812 Sale 9812
68, Series D
99
Registered
1999 J J -- .---- 7312 June8'618
4
4
General 4s
62% Sale 6212
63% 258 593 693
Col & H V ist ext g 4s
1948 AO 804 81
3312 Nov'22 ---- -if;- -g512
Missouri Pacific
1955 FA
Col & Tot let ext 4s
80
853 8312 Oct'22
4
7812 83
76% 8512
815 84
8
8
3d 78 extended at 4%
815 Nov'22
1938 51
Houston Belt & Term 1st 58_1937 J J 9114 9514 91
9114, 803 96
4
74
77%
75% Oct'22
72
Cent Br U P let g 4s
N
19 i I 1) 70
1957 FA .8412 815 83
Hud & Manhat 5s ser A
85
151i 75
8812
89
83
Pac RR of Mo 1st ext g 4s.l938
8 18
A ,6,2 8914 80 Nov'22
1957 AO 6134 62
Adjust income 5s
60
62
285 4712 673
4
942 100
9912 Nov'22
2d extended gold 58
8
J
96% 99
1932 FA
963 Nov'22 ---- 92
8
N Y & Jersey 1st be
904
St L Ir M & S gen con g 58_121 A 0 9718 93
975
98% --67 944 997
9312 .___ 96 Sept'22 ---- 831 9
1951 J J
Illinois Central 1st gold 4s
6
102 July'14
Gen con stamp gu g 55..1931 A 0
82
1951 J J
8318 Sept'21 -_-_-_-..
Registered
8
-871- 8812
Unified & ref gold 42..
2
8712 438 787 9212
1929 J J
1351 J J 'ii- 8612 8212 Oct'22
Yis
1st gold 3
101 7559 8s12
Riv & G Div 1st g 4s__ _ _1933 MN 84 Sale 9838%
80
1951 J J
Registered
Oct'22 _ 0 _80 _
90% 08
Sept'22
Verdi V I & W let g 5s
9012 1926 M S
Extended let gold 3s_ _1951 AO 7612 __. 72
Oet'21 -::: -.i :bi -81
8 - _ --78-e
7 1001s 105
Mobt e t Ohld new gold Os.
ls ile:r goi o Os
--10312
..1927 J D 10312 Sttie 10312
1951 AO ---- --Registered
--- ---- ---9712 103
2
174, ___ 101 Nov'22
0014
7512 80 July 09 ---1951 MS
let gold 3s sterling
____ 747 Nov'22 __--' 675 78%
8
General gold 4s
8 -8 2 -ii§ 8
-1518414
Collateral trust gold 4s_ __ _1952 MS - i7 90
84%
9,8 9414 9212 Nov'22 ____' 8012 97
212
s onouo mDly D1v let g 58_1. 87 ()
i L tg is er v 58
3
4
927 1 1
) F
Registered
1952 AO ---- -- - _ 95 s SeDt'19 --3
9412 944 Nov'22 ____ 8758 9012
8712 35 - 189112
8712 81
8i - 1955 MN
87
let refunding 4s
2 81
8
8
93
863
4
St L &Cairo guar a 45__ _ _1927 j D 867 8755 815
931 .1 J
4
8
795 Oct'22 -- - - 7658 803
Purchased lines 33s
80
1952 ii 77
_ 1 97 10359
4
993 Nov'22
Nash Chatt dr St L let 5s...._1928 A 0 993 100
'
,
62
82
8134 Sale 8118
L N 0 & Texas gold 4s__1953 MN
4
100 -___ 1003 July'22 ,_.'100 1003
Jasper Branch let g 6s__ _ _1923 J
4
2
83 0
Registered
6
8
. 7 : 83
1953 MN --__ -___ 82 Aug'22 - 7. 7,-; 921 184 : Nat Rys of Mex pr lien 4348_ _1957 J J
_ _ 2512
2512
8 214 45
2312
1 9934 113
10118 42
15
-year secured 55s
1934 J J 101 18 Sale 100%
_ _ 223 2912 Feb'22
4
2912 33
Guaranteed general 4s
110
-year secured 65is g
15
1936 J J 110 Sale 1093
4
.23 ____ 31% Mar'22
Na et conso 48 lien 4349
lt of M ex rior
28
32
192
19767
,p
Cairo Bridge gold 45
86 Nov'22 ---_-_ 83
__
1950 J o 8118 87
73
1% 9478
25 July'22
27
21% 33%
Litchfield DIv 1st gold 38.. _1951 J J
747 Oct'22
74
80% 82
72
8112
82
N O&N E Ist ref dr imp 4)is A'52
3 79
1951
863
4
Louisv Div & Term g 35s 1953 J .1
7612 775 813
4
818 14 733 81's
4
765 7'74 753
s
4
New Orleans Term let 4s_ _..1953
767
16' 7012 8112
-
4094
l:
D
1,3
S
!"
--II
JJ
• No price Friday: latest bid and asked this week. a Due Jan. 5 Due Feb. c Due June. 5 Due July, 9 Due Sept. o Due Oct. I Option sale.
2567
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec 8
=•;•il:
,
Price
Friday
Dec 8
Bid
Range
Since
Jan, 1
W sek's
Range or
Last Sale
Ask Low
—
Highl No. Low
Price
Friday
Dec 8
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec 8
High
B14
10018 100% 10014
1003
81 13 9512 10112 Pennsylvania Co (Concluded)
N 0 Texas & Mexico let 6s__1925 J D 77
s
7712 60 62
C.& Mar let gu g 43-5s,,1936 MN
8102
713 7os
Non-cum income 55 A_ ___1935 A 0 1043 Sale8 10418
Cl & P gen gu 435s Ser A1942 J J
4
10538 300 98 10812
cony deb 6s___1935 M N
N Y Cent RR
Ser
i
805 8214 818
1942 A0
8
8212 37 78% 86%
1998 F A
Consol 4s Series A
8812 62 8514 92
ie8 reduced to 3;is___1942 A0
nt B
2013A 0 8812 Sale 6678
Ref &. inapt 4;is "A"
Series C 33-4 5
2
9712 528 933 99%
1948 MN
4
2013 A 0 9714 Sale 0658
Ref & impt 5s
Series D 33-'s
1950 FA
1
N Y Central & Hudson River—
Erie & Pitts gu g 33-iI3 B_1940 3,1
7718 Sale 763
4
77181 32 7412 8314
1997 J J
Mortgage 33is
Series C
7412 Nov'22 -- 7412 7712
1940 ii
1997 J J
Registered
Gr R & 1 ex 1st gu g 43-0_1941 j j
-6612 908 9118 2 84 93
1934 M N
Debenture gold 48
Pitts Y & Ash 1st cons 53 1927 SIN
8912 Nov'22
6612 8912
1934 M N
RegistereJ
Tol W V & 0 gu 4;is A
___ 89 90 Nov'22--- - 83 9112
1931 J J
1942 J J
-year debenture 4s
30
Series B 43
-is
4
733 723
4
1933 J J
4
727
s
3 6914 793
Lake Shore coil gold 3%(1._ _1998 F A -73
Series C 45
765 73
7115
8
8
1942 SI S
70% 7478
1998 F A
Registered
7 7114 813
81141
PC C& St L gu 43-5s A1940 A0
4
78
7612
80
Mich Cent coil gold 38s_ 1998 F A
76
Series B 43-5s guar
76
1942 A0
72
77% 76 Nov'22
1998, F A
Registered
Series C 43-55 guar
62
60 July'22
60
1942 MN
Battle Cr & Stur let gu 3s_ _ 1998 J D 60
Series D 4s guar
8
8434 915
9114 9114 Nov'22
1945 MN
1936 J J 89
Beech Creek 1st gu g 4s
Series E 3;is guar gold 1949 FA
7612 July'21
-___--1936 J .1
Registered
9414
_ 1,4 May'18
Series F guar 4s gold
,,l953 J
1936J J
2d guar gold 5s
Series G 45 guar
8
60 July'22
1957 MN
60 60
Beech Cr Ext let g 3;is__b1951 A 0 693
Series I cons guar 4;0_ 1953
7612 823 8212 Mar'22
970
67
8212 90
4
A
1981 J D
Ad 1st gu g 42
Cart &
General 5s Series A
KaA&GRlstgug5s
1935.3 .1 95% ____
4 - ..4 -8112
7 16
C St L & P 1st cons g 5s__ _1932 A
78
78
80
78
1997 J D
Lake Shore gold 33is
Phila Balt & W 1st g 43_1943
803 Aug'22
4
7478 804
1997 J D
Registered
LT N J RR & Can gen 4s
9314
937
8 24 8014 96
1944
1928 M S
Debenture gold 4s
3
91,
4
927
8 49 8812 953
4 Pere Marquette 1st Ser A 5s_.1956
1931 M N 915 92
-year gold 4s
25
let Series B 4s
8512 July'24
1956
Registered
1931 M N
- 2 Philippine Ry 1st 30-yr s f 4s 1937
3
80 _ _ _ _ 8512 Nov'22
8212 -1 E1Mob & Mal 1st gu g 4s
1991 M S
96 10212
Pitts Sh & L E 1st g 5s
4
- - 10212 Aug'22
1940
1934 J J 943
Mahon CI RR let 5s
1st consol gold 5s
Oct'22
1943
100 100
Michigan Central 5s
1931 M S 96% 10112 IOU
Reading Co gen gold 4s
98 12 Nov'18
1997
Registered
1931 Q M
8
Registered
1997
8 21-; 9014
3
48
1940J J 873 ____ 9012 Oct'22
Jersey Central coil g 4s .,195i A
i8
7414 Sept'20
Registered
1940 J J
St Jos & Grand Isl 1st g 45_ _ _1947
82
6618 Mar'20
J L & S 1st gold 33is1951 M S 79
7612 8118 8012 Nov'22
76% 8118 St Louis dr San Fran (reorg Co)—
1st gold 3sis
1952 M N
11 863 94
Prior lien Ser A 4s
8
9118
1950
-year debenture 4s
20
1929,A 0 ”1
9
9113 91
Prior lien Sec B 5s
4
.1
_
2
N J Jtmc RR guar 181 4s_ _ _1986 t F Al . ----, 703 Apr'2i
773 ----' 80 Nov'22
8
5;is
19°452
78% "if"
Ydr Harlem g 3;is
N
2000M N
Prior lien Ser C 6s
99
Oct'22
1922
,
99
N Y & Northern 1st g 5s 19271A 0 99 3 ---- 99
'
_ 7712 8512
Cum adjust Ser A 6s
8
131955 A 0
N Y & Pu 1st cons gu g 48_19981 A 0 825 8512 8512 Nov'22
8512
Income Series A (Is
h1960 Oct
78
8512 Sept'22
Rutland 1st con g 43-is__1941 J J 8114 89
2 66
751z St Louis & San Fran gen 6s__1931 J J
.2 bale 71
72
Og & L Cham lst gu 4s g _1948 J J 7
General gold 55
70
70
67% 7314
Rut-Canada 1st gu g 4 3_1949 .1 J (3818 72
92t 98
7
.8
St L & F RR cons g 4s
96 Sept'22
j
J
1996
931
8912 96
St Lawr & Adir let g 5s
1996 J J
Southw Div 1st g 5s
1947 A 0
- -2d gold 6s
1996 A 01 !:1'-' 8 ---- 103 Nov16
99
J8 ____ 09 Nov'22
K C Ft S & M cons g 6s_ _ _1928
N
97
Pitts & L Erie 2d g 53
al928 A 0
101
K C Ft S & M fly ref g 4s1936 A 0
1103 Aug'22
4
4
109 1103
Pitts McK & Y 1st gu 6s 1932
1934 j J 1 2 .. ;.ie_ 9514 June'20
.
KC&MR&BIstgu5s1929 A 0
_
2d guaranteed (3s
12 7812 "if" St LS W 1st g 4s bond ctfe_ _ _1989 SIN
81,
2
821s
West Shore 1st 4s guar
2361 J J
2d g 4s income bond ctfs_p1989 J J
77
83
81
7658 84
Registered
2361 J .1 ---------9913 Nov'22
Consol gold 4s
Peb19
N Y C Lines eq tr 5s_ _ _1920-22 M N
1st terminal & unifying 5s 11 : 3
6712 June'20
9
) I
Equip trust 4;0_ _ 1920-1925 J J - ,-,, - 7-7
S A & A Pass 1st gu g 4s
893
.
1943J J
1937 A 0 0 % 894 89
823 92
4
N Y Chic & St L 1st g 4s
4 Seaboard Air Line g 4s
913 Sept'22
4
Registered
8612 913
1937 A 0 --7- -Gold 4s stamped
4
893
87
1950
Debenture 45
80
1931 MN
8612 b9
877
5
11 8112 94
Adjustment 5s
87
01949 t' 0
A(
A
'
N Y Connect 1st gu 4;is A_ _1953IF A 8712 Sale
Refunding 4s
N y N H & Hartford—
1959 A 0
593 60
8
1st & cons 6s Series A
5978 Nov'2-cn
45
6314
deben 43
Non
1947 M S
Atl & Birm 30-yr 1st g 4s_elL
52
51 Nov'22
IE
44
56
Non-conv deben 3;is
1947 M s 43
5 38% 5512
3
Caro Cent 1st con g 4s__1949 J J
43
1954IA 0 45 4 Sale 4534
Non-cony deben 30
.
Fla Cent & Pen let ext 6s 1923 J J
4012 60
Non-cony deben 4s
1955'J j 5112 a312 .112 Nov'22
52
747_
1st land grant ext g 5s 1930 J J
53 4932
47is532 10 41
52
60
1956 M N
Non-cony deben 45
17 372 5412
Consol gold 5e
8
Cony debenture 3;is
1956i J 4/12 Sale
8512
84 57
Ga & Ala fly 1st con 5s___o1943 i j
19 JJ
45
Cony debenture(3s
1948.1 J 74 Sale
50 _ __ 54 Nov'22
Ga Car & No let gu g 5s
1929 J J
50
54
1930 F A
Cons fly non-cony 4s
5
Seaboard & Roan 1st 53
1926 J J
1955 J J 418 _:_ _ 60 July'18
Non-cony deben 45
1.5
3
% _5.61_2 50
8
Southern Pacific Co—
53
Non-cony deben 4s
1956.1 J 5
40 3
37%
Gold 4s (Cent Pac coll)___k1949 J D
43
a% debentures ______ _
1957 M N
7814
20
-year cony 4s
78% Nov'22
p1929 M
Harlem 11.-Pr Ches 1st 4s 1954 M N
2 65
7
20
-year cony 5s
77
P
80
7914 75
Oct'22 -_-_:: 5g ;
1934 J
N Y Air Line 1st 4s
1955 F A
B&
8 51% 6812
62
Cent Pac 1st ref gu g
E
A
Cent New Eng 1st gu 4s
1061 J J
Mort guar gold 3;i _ k 929
80 Dec[
D
6 21
Housatonic fly cons g 5s 1937 M N 8214 95
Through St L 1st gu 4s 1954 A 0
1954 M N 6843 ---- 87 July'14
Naugatuck RR 1st 4s
OH &SA M&P 1st 55_1931 M N
4 13
'
8334 A u9852
43
1942 A 0
N Y Prov & Boston 4s_
4012 Sale.
7
6
34
2d exten 5s guar
5914
N Y W'ches& B lst Ser I 43is'46 J J
5,14 9014 933 July'22 __— 33 4 933
Gila V G & N 1st gu g 5s_ _1214
932
4
4
1945 J J
New England cons 53
____
73
79
nous E & W T 1st g 531933 M N
70 Sept'17
1945 J J
Consol 4s
7512 ___ 52 Sept'22
3
151 guar 5s red
56
,
, 52
26
Providence Secur deb 4s_ _1957 M N
H & T C 1st g 5s int gu_, 137
88% Feb'18
Providence Term 1st 4s.._ _1956 M 5 62%
____ 65 May'22 ---- 60 65
A & N W ist gu g 5s
19413
,
W & Con East 1st 43 s__ 1943 J J 693 72
8
No of Cal pis g 5s
79
663
4
,
695
8 37 67
1933- A jOi
NYO&Wreflstg 4s____g1992 MS
Ore & Cal 1st guar g
__ _
59% Nov'2U
Registered $5,000 only_.11992 M S
So Pac of Cal—Go g 5s_1937 M N
10 6512 70 2
673
,
:
a
-i
-7
77 e ,
1955 .1 D --62 ;i 67
General 4s
61
So Pac Coast let go 4s g_ _ _1937 .1 .1
63
63 50
1961 F A
71
Norfolk Sou 1st & ref A 5s
8918
Tex & NO con gold 5s
8J%
89%
1943 J J
1 7914 95.
Norfolk & Sou let gold 5s__ 1941 M N 106,8 90,4 10612
So Pac RR let ref 45
Nov'22
104 10 4
loos _
1931 M N 100 _
Norf & West gen gold 6s
_ 107 Nov'22
San Fran Terml 1st 4s
50 A '1
1955 j 0
107 10914
1934 F A
Improvement & extg
Southern—let cons g 5s
10 %
88 8
67
189,2 47 404,4 108
0 5
68
1
1032 A 0 6912
New River 1st gold
Sale
Registered
218
,71 1 12
84:
N & W fly 1st cons g 4s...._1996 A 0 81
74
87
Develop & gen 45 Ser A
)5
9
990-1
94
Oct.'20i---1996 A 0
Registered
857
8612
8
Temporary 634s
1956 A 0
Div lot lien & gen g 43_1944 J .1 102 ___ _ 10012 Nov'22
812l
Mob & Ohio coil tr g 4s ,,.1938 M S
10-25 year cony 4)s,,, .1938 M S 113 Sale 111 July'22I ---- 18
113
67 0 % 193%
31 24 4
12
Mem Div 1st g 43'is-5s
1996 J J
1929 M S
10
-year cony 65
St Louis div 1st g 4s
853
4
86121
3 84
8912
J D 8618 81294
Poeah C & C joint 48_
86% 8812 87
Ala Gt Sou 1st cons A 5s_ _1U
87 1
4
Selo V & NE 1st gu g 4s 1989 M N
Atl & Chad A L 1st A 4;0_1944 J J
Northern Pacific prior lien rail8
let 30
863 104 8314 99
81
-year 5s Ser B
84
8
4 81171
:
1997 Q J 863 Sale 8512
way & land grant g 45
Atl & Dany 1st g 4s
4.11
(3- 84
91
1$34
1997 Q - --- --, -Registered
2d 4s
6014
84
62%1 43 6o 65
1
19483
a2047 Q F "
lien gold 3s
General
Atl & Yad 1st g guar 45 _1949 A 0
62
z
a2047 Q F ------ 58 Nov'22 - -- 58
Registered
E T Va & Ga Div g 5s
4
11012 550 1053 110%
1950 Jm N
938
J
2(147 J .1 1118 Sale 10814
Ref & impt Os ser B
93
Cons 1st gold 5s
8814
8814
11 86
2047 J J 88% 90
Ref & imp 43-5s SerA
9j
80
E Tenn reorg lien g 5s
2047J J 99 Sale 9712
55
Ga Midland 1st 3s
7914 8412
8412
9938 M O
1 46 A S
St Paul-Duluth Div g 4s 1996 3 D 8318 ---_ 10338 May'22
Knoxv & Ohio 1st g (3s
July'22
109614 19958
3% 09
N P-Gt Nor joint 63-5s__1936 J .1 -------100
Mob & Bir prior lien g 5s_ _1925 j
100
100
loo 101
1945 J
St P & N P gen gold 63_ __1923 F A
Mortgage gold 4s
1945 J J
Registered certificates_ _1923 Q A ---- ---- 100 May'21
Rich & Meek 1st g 5s
9812 --__ 100 June'22
99 2 100
,
St Paul & Duluth 1st 5s_1931 Q F
3 823 86
So Car & Ga 1st ext 53-5s1929 M N
8412
18 M N
4
94
1968 J D 8214 __ _ 8412
1st consol gold 4s
Virginia Slid Ser E 5s __ _1926 M S
7-, la 90 484 May'22
85 4
Wash Cent 1st gold 4s_ ,,_194S Q M 10812 _- _ 10858 June'22 -- 82 18 ,
,
32
General 5s
07
177 1 4
1936
Nor Pac Term Co 1st g (3s.._ _1933 J J 82 Sale 8114
Va & So'w'n st gu 5s___
8214 167
7 N
1 J
1961 J J
Oregon-Wash 1st & ref 4s
81
70
1st cons 50
83%
1958 A 0
-year 5s
1946 J D 9118 9312 79 Nov'22 -- 75
Pacific Coast Co let g 5s
W 0 & W ist cy gu 4s___ _1924 F A
9118 Nov'22 -- -- oo
93
Paducah & Ills 1st s f 43-s,..1955 J J
4
723
230 6614 85
73
Spokane Internat 1st g 5s
1955 J
1058 F A 993 Sale 72
Paris-Lyons-Med RR 6s
_
0914 Nov'22
963 99
4
% Term Assn of • t L 1st g 4;55_1939 A 0
M N
Pennsylvania RR 1st g 4s
6g _1923 92 Oct'22
1st cons gold 5s
4
714 318
85 923
8
1943 M N 90
Consol gold 4s
9
9312
9714 9212 923
4
Gen refund s f g 4s
1.1
N
1948 M N
Consol gold 4s
24 9212 903
89
St L NI Bridge Ter gu g 53_1930 A 0
9714 9812 97
15
98
1960 F A
Consol 4 Yis
9112 Salo 9034
Texas & Par st gold 5s
913 134
4
gi 03
0 p.Lar
D
19651J
General 43s
10014
2d gold income 59
101 9312 103%
101
19681J D 101 Sale 10914
General 53
26 10512 11314
La Div B L 1st g 5s
110
1930 A 0 1091s 6
19
-year secured 7s
10534 1102 10914
W Slin W & N W 1st gu 5s-1M .1;. A
50 10338 112%
110
81e1
1 1
19361F A
15
-year secured 6;is
Tol & Ohio Cent lot gu 5s
94
7 86
92
01
1935 J J
91
88
Alleg Val gen guar g 4s___ _1942 M S 9114 ---- 87 May'22
Western Div 1st g 5s
87
87
DR RR & 13dgelst gu 45 g_1936 F A
General gold 5s
Pennsylvania Co—
Kan &
Ist gu g 4s
1900 A 0
8412 Nov'22
81% 8412
Guar 33.0 coll trust reg A_I937 M 5 8114 -- 8214 Oct'22
2d 20
-year 55
192!
1
7214 8i
8024 --Guar 33-8s coil trust Ser 13_1041 F A
Tol St L & W pr lien g 33-5s,,, 1925 J
83 July'22
7512 N3
85
D 81
Guar 33.0 trust ctfs C
1942
50-year gold 43
8412
Nov'72
82
D 8112 8312 8312
Guar 33is trust ctfs D__1944 J
,
Coll trust 4s g Ser A
84% 9333
- 92 Nov'22
Guar 15-25
-year gold 43_1931 A 0 92 - -Trust co ctfs of deposit ____________ F
9012
A
__ -_
86
86
1 80
534
8
(10-year guar 45 ctfs Ser E 1952 M N 86 _g_i
86% May'22
80% 8678 Tor Ilam & Buff 1st g 4s- - -k1946
CM Lob & Nor gu 4s g__1942 M N
9712
74
_-_-
_-_-
____
N
e,
Week's
Range or
Last Sale
Ask Low
en
QV'
Range
Since
Jan. 1
High No. Low
HO)
95 ___ 95
95
1 95
95
9734
8024-------- 194 N v45 -----------01 ljec 1
____ 9614 Feb*12
79 ____ 9012 Deo'12 _.1 7_7_ -------793 ____ 67
8
__
Jan'21
84
88
84
87
87
84
84
8712 7014 MaY'19
ii
-g(i- - "
94 Nov'22
-- -_ 94
99 _ _ __ 98 June'22
98
98
94
7
9514 9518 Nov'22
9212 95;
7
% 9 11
933 95
4
9712 Oct'22
8514 __-- 867 Nov'22
5
8678 86%
9478 ____ 943
4
95
9478 9612 9318 Nov'22
8812 8
5 8858 9
9478 ____ 95 Nov'22 .-- 89% 95%
8-12 _
8812
8812
4 8414 9112
8618 ____ 91
Aug'22
_ 8912 91
8812 ____ 8712 Nov'22 ____ 84
9218
8812 ____ 8714 Nov'221 __
8714
85
9312 948 935
3
8
935
8
5 8912 9612
98 Sale 98
98 1 11 90 10114
9934 ________ 190 May'22 _-- 99 1003
8814
0 112
4
8
Nov'22'__ 897 93
885
8
8012 June'21 ....._1__-- -9614 9634 96
96% 40 8812 10112
80
61
80
81 1
0 75
85
4 3::: 99614 De07:8 2_0_ 4118 59
99.75834 :
8 48
479
4 71_
.
Nov'22 ____ 953 100
4
-.
--
Sale
8324
8358
74
-8r714 T37,1;
8714
84
62 "id' -g5"4
Nov'22 ____I 82
843
4
87%
6 8112 00
74 1
11 6578 78
7 1 s,,., 8514
08: 4 filale 00 2
6
i
7
Sale _312
10014 Sale 9u7
8
7134; 2 6 68
8,7
42 82 91;
6
7671
9412 14 9212 98
10024 411 9458 19212
7712 336 71
8624
78% Sale 753
S853
814
623e 790 54
7914
10324 ____ 11/3
10312
4 10114 19414
975 ____ 97% Nov'22 ____
8
II 95
9912
803 .___ 1673 Oc '2
4
0782::
8i 18 ___ 90
Feb'22 ...... - (1 -461
6
0
10214 10 1
04
17%5812 S0 12
,
1 211.
7914 . 13 7234 8414
953 Sep '22 ___ _ 8814 95
9114 96
4
7818 783 7814
785
8 11 723 803
4'
4
71
79
7312
74 , 33 0412 74
78 Sale 77%
7 3 • 174 6812 82
4
.
7
80 :in 9
, 7 12
80 1 26 71
84
747 7512 7424
75 1 22 70
8114
54
58
55 Aug'22 __
50
7334
54 Sale 54
5512 10 48
62
22 Sale 2112
23 1 1.6 1312 3312
4 14 sale
02
41 1 95 3118 4824
0400142 Sal
6 7 262 41
Sale
733
4
6614 73
70
1
68
7112
6812
1
71 I
I 694 7511
53
71
:
09
99
99 1
2 90
9912
931j
94 ____ 9312 Aug'22 ____ 89
r
__
9114 Nov'221____ 8212 9114
00'22 __-_ 71
7918 8212 85
85
8913 95
911
9112 Sept'22 _— 84
9314 ___ 9514 Nov'22 __-_ 8434 9514
8424 Sale 8424
8512
9i78 sale 9 7
2
92
s
lOuls 10224 lou, Nov'22
8618
87
91 18 92
91 14 Nov'22
8214 8372 81 12
8212
9818 . __1 9838
9838
9412 97
9515 Nov'22
64
412
____
65
__-15
5
____
9412
78
86
9534
9512 105
8114 9178
86
93
7814 8714
9414 9918
92
98
iTi _7_ 4:
4 994 May'22 -_-_-_: 97
.
8
2AUg
94
9911
94
943 ________ 9
93 4
8334 Mar 42 ____-...
6
Ayr 1
98
4
-5214 -53
94
96 Sept'22 ___ • 861's
1(
101
96 10312
ADr'22 --.
4
10018 .
1001g 39 9514 101
16014 993
10,62 S.98721-,52 1063 4 Jt11 8e912 i __ 8. 1880142 1990 8
888090 __ a: __ __ 8,9806.2 2 A Iy 224
:
„'
:1:82242 - 81
2
. _ 0 088112 02,
32
1
gg
9 ;14 9124 Nov'22 ___. 89
9614
87
206 8324 9212
8 34
21 80
867
8
973 191 871 10024
- . 4 Sale 604
6716712 183 6114 72%
Sale 10034
10112 122 941 105
7412 ____ 7512 Nov'22 ____ 6614 793
4
3 89
98%
7
171 -8 - 9914 Nov614 ___ 11_1 602114
4
-63 75
9 22 1- 73,13_44 1189
'
,
9
90.3
008
9514 99
94 Nov'22 ____
412 98
80 91
4
873 Nov'22 -___ 87
4
94
7832 1701 80
9 7 12 0 144 98
8
Oct'22 ____ 72
8212
_-__ 72
72% Nov'22 __-- 60
72%
7512 79
7812
7812
5 ",11
9714 ____ 10014 Oct'22
97
9758 g9
97
93
903
9278 ____ 9324 Nov'22 ____ 9324 9514
605 65
8
63 Aug'22 ___.
1,012 ____ 10012 Nov'22
9878 10114
5
63
9112 ____ 7524 ‘og'21
70
81
747 Nov'22
-96 -08:
65
i
7412 ____ 74
Oct'22
7
78
9
9914
94 101
9712 199
9 4 0112 99971142 Nov'22Nov22
97 100
97
9912 9914 Oct'22
94 ____ 80 Nov'22
80 Nov'22
8018 84
8
74
0
87
9
912
9514 ____ 9714 Aug'22
9412 0714
9412 _9_234 9 58 Sept'22 .--- 7718 9214
83
_
83
o
97%
5 92
98 10014 9814 Nov'22 _--- 8824 100
81
80
1 7612 8312
7878
8
1 4312 9724
965 ____ 9t,3
8
9624
9312 95
93
94
15 8712 1001's
88 _03 90
4012 __ 40
43
8 40
50
Oct'22 ____l 7918 9314
8412
8412 10 8412 90
9314 ____ 96 4 Nov'22 __--I 91 100
,
,492
2 90
953
4
881 -93 2 9012Sept'22 ____ 8124 9012
02
9 ,3 9-1- 92
,: -7
9
77% 7,/34 7812 Nov'22
__ 751 83
Nov'22 -- -- 91
9912
93
9412 94 Nov'22 ____ 84
94
72
75
38 56
78
June'21 ____
3124 Feb'22 ____ 24
318
4
8214 8424 8214 Nov'22
7712 8814
_7_3_'2 Sale
•No price Friday; latest bid and asked this week. aDue Jan. bDue Feb. ()Due June. hDue July. kDue Aug. oDue Oct. pDue Nov. aDue Dee, sOption sale
2568
New York Bond Record—Continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec 8
Price
Friday
Dec 8
Bid
Ulster & Del 1st cons g 58____1928 J D
let refunding g 48
1952 A 0
1947 .1 J
Union Pacific let g 42
Registered
1947 J J
20
-year cony 45
1927 J J
1st & refunding 4s
g2008 M S
10
-year perm secured 68_1928 5 J
Ore RR & Nay con g 4s- —1946 J D
Ore Short Line—
1st consol g 5/1
1946 J • J
Guar con 5e
1946 J J
Guar refund 48
1929 J D
Utah dr Nor gold 58
1926 J J
1st extended 45
1933 J J
Vandal's cons g 4s Ser A,._1955 F A
Consol 4s Series B
1957 M N
Vera Cruz & P 1st gu 4;is_ 1934 J J
Virginian 1st 5s Series A_ _ 1962 M N
Wabash 1st gold 5s
1939 M N
2d gold 58
1939 F A
1st lien 50-yr g term 4s
1954 J J
Det dc Ch Ext 1st g 55
1941 J J
Dee Moines Div 1st g 4s_1939 J J
Om Div 1st g 334s
1941 A 0
Tol & Ch Div g
1941 M S
Wash Term 1st gu45
334,
1945 F A
1st 40
1945 F A
-year guar 4s
j0
A .,
West Maryla d 1st g 48
West N Y & Pa 1st g 6s
1957
92
3
Gen gold 4s
1943 A 0
Western Pac 1st Ser A 5e
1946 M S
Wheeling & L E Ist g Ss
1926 A 0
Wheeling Div 1st gold 58_1928
Eaten & Impt gold bs
1930 F A
Refunding 4 JO Series A_1966 M S
RR 1st consol 45
1949 M $
Winston-Salem 5 B 1st 48_1960 J J
W18 Cent 50-yr 1st gen 4s_ _ _ _1949 J J
Sup & Dul div & term 1st 4s '36 M N
Week's
Range or
Last Sale
Ask Low
so
,
Range
Since
Jan. 1
High No. Low
High
96 -_-_ 9512
98
96
18 89
65
70 663 Oct'22 ____ 65
4
70
9112 Sale 91
9134 208 88
963
4
-- - - 91
91 Nov'22
88 923
4
944 95
9434
95
51 89
97
853 8612 8514
4
86
62 8112 100
1034 Sale 10312 1043
4 12 102 106
874 89 8712
88
1 8314 9312
1013 10312 1023
4
4 10234
2
1023 1035 10212 1027
4
8
45
9134 9218 91
92
31
993 ---- 9912 Nov'22 -8
9112 ---- 8612 Feb'22
8134 ____ 86
Apr'22 ____
8134
8514 Nov'22 -2714 2912 2 :
12 : 5
91
U14 — Li
2
96
96
91
9714 Sale 97
9712 15
8812 Sale 8712
8812 11
6814 --__ 71
Oct'22 ---95 10018 93 May'22 ____
7314 79
7512 Noy'21 --_6612 70 6814 Oct'22 ---8
7512 775 79 Nov'22
_
7614 ____ 8012 Nov'22 --__
8014 8012 843 Nov'22
4
623 Sale
4
100 ____ U11 Nov'22 -_-_4?_
.
53
80 8112 Nov'22 __-8012 Sale 80
823
4 83
94 -_-_ 9712
9712
2
9214 9. 8 9558 Nov'22 ----43
951,8 973 945 Sept'22
8
8
62
625 5914 Nov'22 ---8
6712 Sale 6712
6712
5
8012 84
7912 Nov'22 ____
805 8212 8012
8
79
%
8214 16
1
6
7912 80
9612 108
97 106
8612 9518
964 1003
8
8612 8612
784 86
854 86
,
Lsi 1g14
937 101
8112 9312
6712 713
8
91
9614
74
754
643 72
8
69
81
7258 84
8412 89
584 69
95 1014
7212 8112
80 8812
8
9212 1017
8034 9712
89 945
52 72%
4
62 763
77 84
7 1: 847
6 8612
4
Street Railway
Brooklyn Rapid Tran g 52_ —1945 A 0 5312 6812 55
57
56 31
67
53
55 55
Trust certificates
60 5712
1st refund cony gold 48.._2002 1-.i 52
2?12s
: '
'
7
1
16178
8-yr 7% secured notes_
J J 9012 Sale 90
k1921
92
145 58
96
___ 8312 8912 8812
Certificates of deposit
91
213 5812 95
85
86 85
Certfs of deposit stamPed --- 87
58 54
92
i 8618 8912 90
Brooklyn City RR 55
90
1941 1Bkln Qu Co & Sub con gtd 58_1941 MN 61 Sale 61
61
R
•
g12
1st 5s
7912 Nov'22
1941 J J 7912 91
785 7912
8
Bklyn Un El 1st g 4-5s__1950 F A 8314 84 83
85
171 75 9014
Stamped guar 4-5s
1956 F A 8314 84 8412
8412
11 7512 93
Kings County E 1st g 48_1949 F A 7114 74
81
81
2 64
81
Stamped guar 4s
4
1949 F A 7234 74, 71 Dec'22
_1 66
82
Nassau Elec guar gold 4s., 1951 J J 6U
611 5912
6012 19 27
65
Chicago Rys 1st 5s
A 7712 Sale 7518
1927 F
7734 129 67 85
Conn Ry & L 1st & ref g 4;is 1951 J J 8312 ---- 81 Nov'22
82
---- 75
Stamped guar 4;is
1951 J J 84 -73 Apr'22 --- 7a34 73
Denver Cons Tramy Ss
__
1933 A 0 --------- 9712 June'20
Det United 1st Cons g 4Jis---1932 J .1 8512 Sale 8512
8453 - 92 - -51- 8612
4
6 2
Ft Smith Lt & Tr let g bs_ _ _1936 M S 59 58
Jan'20
....... --Interboro Metrop coil 4)is__1956 A 0 11 Sale
912
10
8 912 21
Certificates of deposit
1112 1212 1012
11 12 92 73 183
4
4
Interboro Rap Tran 1st bs__ _1966 13 743 75
4
7334
7514 317 54
7812
10
-year 68
7612 7514
- -- 76
78
75 7514 8312
70
1932 -_ _ 9614 9612 9514
904 424 9312 98%
?dentist Ry(N Y)cons g 4s_ _1990 A 0 623
4 6212
-6512 42 5712 7212
Stamped tax exempt
1990 A 0 ---- ----I6758 May'22
5712 6958
2d 4.9
al
2013 J D 52
6312 Oct'22
- 4834 6312
Manila Elec Ry & Lt s f 58_1953 M 5 8114 82% 8114
8114 ---1 6412 84
Market St Ry 1st cons 5s_
9114 90
1924 M S 91
92
81
5
-year6% notes
4
1924 A 0 943 9478 9438
Li2 11.g 903 97
78
4
Metropolitan Street Ry—
I
B'way & 7th Ay 1st c g 58_1943 J D 6912 71
6912
7411. 13
.7.
/
— ou
2
Col & 9th Ay 1st gu g 53_1992 M S 15
1412 No;,;20
1712 25
Lex Ay & P F 1st gu g 5s_ A993 M S 43 50 577 Oct'22
8
577
8
Milw Elec Ry & Lt cons g 58_1926 F A 984 9812 9812 Nov'22 ---- 39
913 99
4
Refunding 43, exten 4945,.,...1931 J J 89 96 8912 Nov'22
---- 794 90
Montreal Tram 1st dc ref 5s_1941 J i 883 834 874
4
90
42 83
9258
New On Ry & Lt gen 41-613_ _1935 J J 6012 __ 50 Feb'21 __ __I _
N Y Munic Ry 1st 5 1 bs A_1966 J 5
34 Dec'31 _ --I
N Y Rye 1st R E & ref 48_1942 J .1 -5(13- -5i1-2 32 Dec'22 _-___' .2E1- 4
. 2 /i4 2
1Certificates of deposit
3012
3314 56 24
44
80
-year adj inc 5s
A
- - -- al942 - TE, - 6 - Sale- I 6
15
3
6 5
6
_
Certificates of deposit
512 6 I 5
54 73 4
1312
1g Y State Rys let cons 440_1962 . N 6614 6612 66
311'
.
6612 14 6112 73
Nor Ohio Trac & Light 6s_ _ _1947 M 5 93
9312 -- 92 9712
lg
Portland Ry let & ref bs_ _1930 M N 86
8912 87 Nov'24 _- 81
9412 92
9112
Portland Ry Lt & P 1st ref be 1942 F A 8414 85 4 8414 Nov'22
1st & refund TY.65 Ser A _1946 M N 106 10712 106
107 ---5 1M12 1t313
Portland Gen Elec 1st 58__1935 J J 9012 95 1 8812 June'22
---- 8812 884
Pub Serv Corp of NJ gen 58_1959 A 0 8512 Sale I 85
8013 59 73 9014
Third Ave let ref 45
61% 61
1960 J J 61
—I 6938
I:
6212
Adjincome 5s
al960 A 0 57 Srle I 5614
56
2U .14 6834
"
Third Ave Ry 1st g 5s
1937 J .1 9212 96 1 924 Nov'22
9812
88
Tol Trac,L & P 6s
1925 F A 984 Sale I 9814
99
18 9314 100
Tr!City Ry & Lt lets 1 58-1923 A 0 100 10014 100
100
91 96 1003
4
Undergr of London 4 is_..--1933 J J 8914 964 83
88
6 73
88
Income 68
8
1948 i J 7714 -- —I 743 Nov'22
60 74%
United Rys Inv 55 Pitts issue 1926 M N 8734 88 1 873
4
3
2 75 91
87 4
United Rys St L 1st g 4s__ _ _1934 .1 J 65 6612 65
3 5112 6914
65
St Louis Transit gu 58---1924 A 0 614 6912 58 May'22
58
66
Vs Ry Pow Ist & ref 5s
4
8512 10 72
J J 843 8512 85
1934
8812
31,2
Gas and Electric Light
Am Virat Wks dr Elec be
1934 A 0
Bklyn Edison Inc gen 53 A__1949 J J
General 6sseries B
1930 J 5
General 78 series C
1930 J J
General 7s series D
1940 J D
Bklyn Un Gas 1st cons g 5s_ 1945 M N
78
1932 M N
1st lien & ref 6 Series A _ _1947 51 N
Canada Gen Elec Co 6s
1942 F A
Cincin Gas & Elec 1st& ref bs 1956 A 0
5%% Ser B due Jan 1 -_ --1961 A 0
Columbia G & E let 58
1927 J J
Stamped
1927.7 J
Columbus Gas let gold 5s__-1932 J .1
Cemmonwealth Power 6e___ _1947 M N
Consumers Power lien & unifying
58 Series C interim certifs_ _ 1952 M N
Deny Gas& E L 1st & ref sr g 5551 M N
Detroit City Gas gold 58---_1923 J J
Detroit Edison 1st coil tr 58_1933 .1 J
1st & ref 5s ser A
k1940 M S
1st & ref 88 series B
k1940 M 5
Duquesne Lt let & coil 6s1949 .7 i
Debenture 7A8
1936.7 J
Empire Gas & Fuel 7)is____1937 M N
Gas& El of Berg Co cons g 5s .1949 J D
Great Falls Power 1st 8 f 5s_ _1940 M N
8414 Sale 833
4
9513 97 9512
1034 104 10112
10612 107 10614
10,14 108 10/ 4
9512 957 9514
1124 114 113%
4
103 1033 1024
1014 102 1014
97 Sale 97
97
973 88
4
96 Sale 9112
96 Sale 9514
90 4 963 9112
,
4
894 Sale 884
92 Sale 92
883 90 83
5
997 ____ 99%
8
984 9914 99
95 Sale 94 8
,
1027 Sale 102
10312 Sale 1034
1074 Sale 10712
8
933 Sale 93
_ _ 100
924
99 995 9S3
8
4
843
4
9678
104
10612
103
957
114
1033
4
102
98
98
97
97
9312
89%
'
1E3
BONDS
N. Y STOCK EXCHANGE
asWeek ending Dec 8
42 70 88
38 8978 1004
10 100 10412
9 102 1074
17 10612 10914
151 8712 9912
6 110 120
31 10218 104%
22 100 10512
10 92 101
14 97 101
13 8814 9712
97
35 88
6 9112 9312
61 8312 93
I
9212 12 92
9212
887
s 11 8414 9112
10012
2 93 100%
9914
7 93 10112
9512 22 894 99
10314 26 9912 10612
10312 70 100 1053
4
1073
4 31 1044 1083
934 1091 9112 983
4
Feb'13 __ ..1 1 _
99 I -81 941; 100
Pries
Friday
Dec 8
Bid
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan. 1
High No. Low
Vlanufacturing & Industrial
• ,„ „,,,
,,,,
14 96 10314
96
1936 J D '`
(Jaz Rubber 8s
).2 '''''
.."'
99
16 8112 10012
1928 A 0 9612 Sale 9612
km Agrie Chem let bs
38 100 10534
s 1 7).is g
F A 103 Sale 10212 103
1941
1st ref
1i . Ni 77
% 1,1 j
80
804 35 793 93
79 4
,
4
km Cot 011 debenture 5s
1043
10812 Sept'22
4
km Dock & Impt gu 6s
10378 121 911 1OT2
2 C 2
American Sugar Refining 6s_ _1937 J J 102 Sale 10178
84
6518 8314
84
12 81) s 88
7
Am Writ Paper s 1 7-65
1939 i j 90
8
9014 73 804 94
krmour & Co 1st real est 4)i5 1939.7 D „ Sale 895
18 2312 5012
36
Atlantic Fruit cony deb 78 A_I934 J D " 3
6 324
101
1. 994 10312
Baldw Loco Works 1st 5s_1940 M N 101 Sale 101
4
Booth Fisheries deb 8 f 6s_ _ _ _ 1 926 A 0 -_--- 923 6712 Oct'21
8
Bush Terminal 1st 4s
1952 A 0 863 ---- 8o18 Nov'22 ---- -fiii "gai
8814 8612
88
5 824 94
.
Consol 5s
1955IJ .1 68
Building 55 guar tax es_ __ AN A 0 9214 Sal, 924
,
93
Camaguey Sug 1st 8 f g 78 _ _ _ _1942 A 0
97,4
90.
2
9412 21 95
Canada SS Lines 1st coil 8178 1942 MN ---- 9414 94
76
9212
1931 A 0 86
'ant Foundry lets f Os
9712 88 8 / Nov'22
97% 971'
8
1
! 9.5 43 !
-year g 5s___ _1925 A 0 99 Sale 9812 „
7114 9!
cent Leather 20
1
Companla Azucarera Baraqua1,37 j i 9914 9,34 0,14
9912 181 98 10118
lst,8 115-year g 7Ms
973 902
4
974 30 89 100
1amputing-Tab-Rec s f 6s__ _1941 J J 97
95
9914
99 Aug'22
N
Is
1931 M
Corn Prod Refg s 1 g
1/i ' 2 99:
9 jail4
2
0912
8 96 1013
1934 IN N
4
-year s f 5s
1st 25
Crown Cork & Seal Co of Bald94
12 927 9312
8
more let s f 20-yr g 68.-- 1943 F A 9212 Sale 9212
863
8 48 4,0
91
19:10 J .1 13512 Sole 85
Cuba Cane Sugar cony 7/3
5
5
124 8312 9
9j
4
Cony deben stamped 8% _1930 J J 89 Sale 863
Deny Corp D G 1st s f 20-yr
98 Sale 9712
9814 17 9712 1014
7s
8
10712 18 10112 108
:107 Sale 1067
A1
Cuban sm Sugar let coil 8s_ _ 1911 111
10712 10
8
4
Diamond Match s f deb 7;is_1936 M N 10,12 1073 107 4 Au,9 __ l_b 1063 11012
4712
,
453
4 22
8712 95
33
6312
Sec Cor cony 1st g 55_1927 A 0 8 /12 Sale
Distill
3212 5
E I du Pont Powder 4 is____1936 J D 10734 Sale 10712 103 1 113 1031s
10812
du Pont de Nemours & Co 7 is'31 M N 96 Sae 9-4
A3
9612 14.45 9314 10018
S
East Cuba Sug 15-yr s f g 7jis1937 M s 10512 1053 105
106 1 44 9978 10812
4
Fisk Rubber 1st 5 1 85
893 Sale 87%
8
89
58 854 103
1\
1
Framer lc Ind At Dev 20-yr 7).58T -11 J 1013 Sale 10114
4
4 46 am 103%
1013
---4
1942 M N
Francisco Sugar 7%5
1064 ..--- 10012
General Baking 1st 25-yr 6s_ _1936 .1 D 80 824 8012 Oct'22 ---- 9312 10012
Nov'22 -- 703 82
4
1942 F A
394s
Gen Electric deb g
10112 25 95 10
,3
101 61lUe 101
Debenture 58
10518 29 1027 109
8
! 5
lA
Feb MO i t 1° Sale105
20-year deb 6s
9612 99 9
31 97 100
6s Ser A-_1952
GenRefr 1st s I g
Sale 10012 181121 91 977 104
e 98
6
8
1741182
Goodrich Co 6545
11412 1153 116 11014 117
4
1%1
Goodyear Tire & Rub 1st s f 8s 7
99 1 157 9612 10314
el931 F A 984 Sale
-year s f deb IC 8s
10
Gray & Davis 1st cony 5 1
9512/
1 9512 100
1932 F A 954 97 9512
gold 75
98341 63 984 98 4
1942 M N 9812 Sale 9818
3
Hershey Choc 1st eta 6s
8812 Sale 85
8812 87 84 8 9414
5
Holland-American Line Os _1947 MN 9'
N0v 22
g2
;2
:4z
Ingersoll Rand let gold 5s_ _ _1935 J J 77
773 76 4
4
M N
,
77 1 14 -fill' -82
.Int Agric Corp 1st 20-yr 58_1932 1 rc: 10 . 108
, -0 12 9
8
(
12 4 z1,1:ll:
:
102 1163
1926
4
Internat Cement cony 88_
88 887 9912
8
Inter Mercan Marine 5 f (is 1941
24 88
-901
2
International Paper be
Sale tpi4
t
8712 116 834 9012
let & ref 5s B
l'477 1 j3 W4
e
254 744 98
79
Jurgens Worki 65
10412 sale 10412 106
27 102 108
F
IgE 'I
Kayser & Co 75
107 Sale 105%
31
107
Kelly-Springfield Tire 88...„1931 M N 994 100 100 Nov'22 ---- 101% 110
1936 J D
9614 101
Kinney Co 7)0
5 112 120
1944 A 0 11714 11712 11714 1174
at Myers Tobac 78
Liggett
977
8
A 9612 97% 97
9 917 1004
8
58
0 114 11612 11614 Nov'22 ---- 112 11914
Lorillard Co (P) 75
973
8 13 9218 100
1951 F A 9714 98 1 97
55
98121 52 964 101
87
12 t 7
1942 A 0 5 SIi112 U12
Manati Sugar 73.5s
22 78
9112
19311 J J
Morris & Co lets 14945
APr'14 ---- ____ ____
1966 A 0 - - - - -83,
Mortgage Bond 45
___ 94 June'16 ---1932 A 0 9Z
1- s _ _.,
19211 .1 D 97 9
, 8 97 Nov'22 -- ii1Nat Enam & StamPg let 5s----- _ _ 92 2 _ _ 95 Sept'22 ---- - 2 95
95
-year deb 58_ _1930 J .i 1013 Sale
Nat Starch 20
s
97
1003
4 10138 131 99 1024
M N
N Y Air Brake let cony 6s_ 1928 F A 75
76
75
75 I
1 74
1951
8212
N Y Dock 50-yr 1st g 48
973
4 59 96 8 98
M N 0718 Sale 97
,
N Y Steam 1st 25-yr 6s Ser A_1947 A 0 10712 Sale 10712 1073
27
4 iio 98 10814
Car 10-yr 8s__1931
Packard Motor
Porto Rican Am Tob 85-----1931
12 0
iii- Pat 1C 1 N°'2 -- 1014 10434
1937
104
2
11158
Punta Alegre Sugar 75
4
8
9512 26 934 99
1937 M N 943 947 904
Remington Arms 613
-year s f
Robbins & Myers 1st 25
1952 .1 D 9814 Sale I 984 Nov'22 _-- 9812 9912
gold coupon 78
101 1 22 98 10334
2
1942 M S 1005 101 10012
Saks Co 78
8614 0et'22
884 8614
St JosePh Stk Yds let g 4).65_1930
iti il
it
131,1 1
71
j
84'4
— _
'No Price Friday: latest bid and asked. aDue Jan dDue April. eDue mar. lone may, opus June. hDue July. Wile Aug. oDue Oct. gDUe Dee. 808tIon sale.
High
Havana Elec consol g 5s____1952 F A 8812 92 8812
8812
2 7714 9212
8212
Havana E Ry I.& P gen 58 A__'54 M $ 8212 Sale 82
9 79
8814
EIudson Co Gas 1st g 58
1949 M N 9212 --__ 93 Nov'22 ---- 8512 93
98 Nov'22 --__ 9112 9934
Kings Co El L & P g bs
1937 A 0 975
8
Purchase money 68
1 10612 11112
_I O 1095 -___ 10912 10912
A j
Convertible deb 6s
0 154 . 2 0514
2
.
1925 M 5 1863 -i371_ 187 Apr'22 —__ 98 107
87
2 814 90
Ed El Ill Bkn 1st con g 4s_11993997
93
4
3, 86
Lac Gas L of St L ref & ext bs 1934 A 0 92 Sale 1 913
9518
9712
1,1 9712 9912
9712
Metr Ed lst&ref g 6s Ser B
4
1952 F A 973 99
111 8712 9414
villwaukee Gas L 1st 45
93
8
1927 M N 925 9314 9212
Montana Power 1st 5s A__1943 J J 933 Sale 963
4
98
36 93
4
99%
N Y Edison 1st & ref 690 A_1941 A 0 1095 Sale 10952 11012 871 1053 1123
4
4
14, 925 1014
8
100
N Y 0 E L & P g 5s
1948 J D 96% 9934 99
83
33 76
Purchase money g 48
1949 F A --_ ____ 8112
8514
8
Ed Elec III 1st cons g 55
;
1995 J J 1015 --__ 1013 Aug '22 ---110012 10158
4
9 32
5
_ 9
'22
5
N Y Q El L & P ist g 4s
1930 F A 95% 99 1 9412 No: --2 9412 99:
Niagara Falls Power 1st 55__1932 J J 9812 9914 9334
993
4 45 94 101 4
,
4 10012 105
10278
al932 A 0 10278 104 ,10278
NiRg
a e1LOck dc s Pow 1st 58__1954 M N 9512 9812 93
gen 6O
9212 109 8812 95
Nor States Power 25-yr 58 A_1941 A 0 9214 Sale 9112
4
1st & ref 25
-year 6s Ser B_ _1941 A 0 1003 101 10012 10114 15 98 103
1952 Ai 8 9314 Sale 9318
No Amer Edison 68
9334 130 90 9612
Ontario Power N F let 5s__ _ _1943 F A ...95 S_ai_e_ 94
. _
...
92
92
9
5
32 93 993
11 7
Ontario Transmission 58_ _ _1945 M N
34
Pacific G & E Co—Cal G Jr E— '
9812
9512 95
9514
8. 93
Corp unifying & ref 5s__ _1937 M N 94
7
92
531 87
Pacific G 3, El gen & ref 5s_ _ A942 .1 . 9214 Sale 9114
97
9212 9238
9212
4• 8'734 9512
Pac Pow & Lt 1st & ref 20-yr 5s'30 F A 92
Pat & Passaic 0& Elcons g 5s 1949 1W 5 928 _ _ _ _ 8312 Nov'17
Peop Gas & C 1st Cons g 6s--1943 A 0 105 10814 107 Nov'22 ---1 iciiii ii6Refunding gold 58
93
33 85 9612
.
913 914 74
Ch G L & Coke 1st gu g 5s-1947 J S 93 s S 3 92 Sept'22 ----I 89 99
19 7 M J
3
99 Aug'22 ----I 92 99
Con G Co of Ch 1st gu g 59_1930 J ji 93 93
93
111 7812 95
Mu Fuel Gas 1st cu g 5s__1947 M N 05 Sale 93
8912 Ie 9
5
9 N 1. .,1123 i 5
4
0
,
Philadelphia Co Os A
1944 F A 9 % S_ a_ .. _ 9412 . 0veA O :1. 9612 10212
9 18
4
0
9 22
9 104
4.
9
9
6
Stand Gas & El cony s 1 6s___1926 J D 9312 , 99.,2 se, 912 ___1 8212 1944
0
Syracuse Lighting 1st g 5s
1951 J D
2 Co col tr s158'54 .1 .1,
r
.
,,_.1
2
' 3
Sale 103
12 1St
2
7s
173 Jul!'
9
3
:
ig d
ToeiedootE&iPs nwl 1st g 5s
rrr at hn G iE
1941 M 1 16927'58
9 9U
98 924
93
8
13 - 6- 1
41 6 4 9 34
9318
Union Elec Lt dc P 1st g 58_1932 M $ 94
1;
United Fuel Gas 1st s f 68._ _19361J .1
9 ;2
96
88
23 8712 8912
Utah Light & Traction 5s_ _ _ _1944 A 0 87 2 Sale 8712
27 8712 9412
03
A 944 Sale 9212
19441F
Utah Power & Lt 1st 5s
921' Mar 1
5
9 20
'
Utica Elec L & Pow 1st 51 58_1950 J J
4 --. 4 -9112
9112
84519571J J 9112 __-- 9112
Utica Gas & Elec ref 5s
8
9712 12 95
992
4
Wash Wat Powers 1 bs
1939 J J 9,7 ____ 9712
4
98%
5 9614 10018
s
Westches Ltg g 58 stmpd gtd_1950,J D 963 ---- •367
93
9214
17 84+
9514
West Penn Power Ser A 5s..19466 M S 9214 93
101 102 1013
4
1013
4
6 9918 106
-year Os Series C__ _ _1958 J D
1st 40
c1946 F A 10414 Sale 10212 10312 . 6 10212 106
1st series D 7s
DEC.9 1922.]
TITE CHRONICLE
New York Bond Record-Concluded-Page 5
2569
Quotations for Sundry Securities
All bond prices are "and interest" except where marked 1."
Standard Oil Stocks Par Bid. Ask. RR. F,quipments-Per Cf. Basis.
Price
1912 Allan Coast Line 65 & 6455 5.80 5.10
Range
A nglo-A meri urn Oil new. £1 •19
Week's
BONDS
5.73 5.10
Since
103 1230 1250 Baltimore & Ohio 445&
Atlantic Refining
Friday
Range or
N.Y.STOCK EXCHANGE.
Dec 8
Jan. 1
100 119 120 Buff Roch & Pitts 48 & 435 5.10 4.50
Preferred
Last Sale
Week ending Dec 8
5.60 5.00
Equipment 65
100 m118 123
Borne Scrymser Co
Ask Low
Bid
90 Canadian Pacific 4145 & fis_ 5.50 5.15
High No. Low High Buckeye Pipe Line Co... 50 .81
6.00 5.25
8
993 100
Chesebrough Mfg new.-100 215 225 Caro Clinchfield dr Ohio 58
37 94 103
983
s
993
4
South Porto Rico Sugar 7s_ __1941 J D
5.75 5.25
Central of Georgia 454s- 112 July'04
100 112 115
12
Preferred new
.1923 J J 9,
South Yuba Water 65
5.60 5.20
0
.
Central RR of N J 65
100 148 151
20 96 15 - Continental Oil
98
1930 MN 9312 103 9614
Standard Milling 1st 5s
48 Chesapeake & Ohio 6s &6Ms 5.70 5.10
9712 98
50 "47
9712 52 97. 9714 Crescent Pipe Line Co
97
S
Sugar Estates (Orient() 7s __ _1942
5.60 5.10
Equipment 5s
Cumberland Pipe Line_ _100 170 174
4 103% 25 9714 108
1931 J D 10314 Sale 1023
Tobacco Products s I 75
8.50 5.75
,8812 104% Eureka Pipe Line Co_..100 100 102 Chicago & Alton 613
10434 June'22
Union Bag & Paper 1st 55_1930 J J 977
5.80 5.15
101
Quincy 65
98 9734 9814 53 9614
6) Chicago Burl &
Galena Signal 011 corn._ -100 58
6s.._1942 MN
4
100 106 110 Chicago dr Eastern Ill 5;4s_ 6.10 5.50
Preferred old
4 10312 12 1013 105
Union Tank Car equip 7s_ _ _ _1930 FA l033 10312 1023
1124 11212 112
100 105 109 Chicago Ind & Loui5v 4%5_ 5.8 5.25
Preferred new
34 104 113
1123
4
1941 J D
United Drug cony 85
Chicago St Louis & N 0 58_ 5.40 5.00
100 11,5 168
Illinois Pipe Line
United SS Co Ltd (The) Copen5.25 4.75
9218 491 8938 9512 Indiana Pipe Line Co_ _ _ 50 *8912 9012 Chicago & N W 04/3
4
hagen lot rots 15-yr s f 65_ _1937 MN 9112 9212 913
5.60 5.15
8
Equipment Os & 6 8International Petrol (no par) *2118 213
United Stores Reeky Corp 20-yr
100 Sale 100
4
2712 Chic R I & Pac 434s, 5s, 138_ 5.80 5.13
1942 A
10012 60 993 10012 National Transit Co_ _12.50 .27
s f deb gold 6s
103 &lie 103
61 98 105
Colorado & Southern 5s, 68_ 5.70 5.25
New York Transit Co__ _100 013) 135
1932
103
U S Hoffman Mach 83
5.60 5.35
4 Northern Pipe Line Co.._100 100 102
Delaware & Hudson 65
8
993 9912 993
8
4 30 92 993
993
US Realty & I cony deb g 55_1924
6.10 5.40
75 Erie 434s, 55 & 65
*73
102 Nov'22 _ _ 110012 10412 Ohio 011 new
(7 S Rubber 5
-year sec 7s_ _ _1923
5.60 5.20
8812 8912 8718
25 •18
22 Great Northern 65
Penn Alex Fuel Co
1st & ref 55 series A
8
883 118 86 92
1947
100 625 635
Flocking Valley 4345, 55 & 6s 5.65 5.20
10812 24 104 11012 Prairie Oil & Gas
1930
-year 73.5
10
A 108 Sate 108
10014 1033 10018
8
100 316 318 Illinois Central 4345, 5s& 68 5.50 5.10
Va-Caro Chem 1st 15-yr 5s 1923
1003
4 53 93 10112 Prairie Pipe Line
5.40 5.10
1001s 1007 1004
s
100 365 375
Solar Refining
Equipment 78 & 634851924 A
Cony deb 6s
10414 13 92 102
5.85 5.20
9.% Sale 95
Southern Pipe Line Co_ _100 104 11:6 Kanawha & Mich 45•58, 6s
1947
75
4 87 9412 997
953
4 South Penn Oil
92 Sale 90%
Louisville de Nashville 5s_ _ _ 5.25 4.75
100 167 172
12
-year s f 7)is
9212 49 9012 1073
1937
5.60 5.10
83 Sale 82
9814 Southwest Pa Pipe Lines.100 70
Os dr 6348_ _ _
72
Equipment
7 82
8314
without warrants attached._ _
103 103% 1023
4
17 9912 10412 Standard Oil (California) 25 .1143 11512 Michigan Central 5s, 6s.... 5.50 5.10
4 104
Warner Sugar 75
1941
MinnStP&SSM 43•isdc5s 5.80 5.25
West Electric 1st 55..._Dec 1922 II 99% 1004 100 Nov'22 19 99 1004 Standard Oil (Indiana).. 25 *115 116
109
107 10714 107
..100 665 675
Standard Oil (Kansas)
Equipment 64513 & 7s.... 5.90 5.35
Westinghouse E & M 78
10714 25 105
1931 MN
4 Standard Oil (Kentucky) 25 "125 127
Missouri Kansas & Texas 58 5.7.1 5.25
Wilson & Co 1st 25-yr s f 65_1941 AO 100 Sale 100
10012 91 93 1023
5.75 5.10
95 Sale 94
9514 66 84 10012 Standard Oil(Nebraska) 100 200 205
Missouri Pacific 5s
10
-year cony s f 65
1928 ID
5.75 5.35
Equipment 68 & 6455
Standard 01101 New Jer_ 25 *19914 19938
Temporary 77.5
1931 FA 10434 Sale 10314 10412 24 9412 110
25 '40 4014 Mobile & Ohio 43-45, 55_ _ _ _ 5.75 5.34
New stock w 1
28 10012 10412
102
Winchester Arms 7%5
1941 AO 102 Sale 101
Central 4945, 53_ 5.3 5.00
Preferred...
100 *11814 11'12 New York
5.60 5.15
Equipment 65 & 75
4
Standard 011 of New Y'k. 25 *4714 473
Oils
9918 9912 987
N Y Ontario tIr Western 4345 6.00 5.50
Atlantic Refg deb 55
s
4
993 1051 9712 10414 Standard Oil (Ohio)_ _ new *275 285
1937
5.25 4.85
4
1073
102 Sale 1604 102
8
16 997
100 118 120
Preferred
Norfolk & Western 4445-Barnsdall Corps f cony 8% A.1931 J J
5.35 5.10
100 28
9 101 108
Swan & Finch
30
Northern Pacific 75
Series B
102
1931 J J 10138 104 102
1
60 9714 100 8 Union Tank Car Co_ _ _ _100 125 129
Pacific Fruit Express 75_ _ _ _ 5.40 5.10
Humble Oil& Refining 153s _1932 J J 9734 Sale 9712
98
90 110
100 109 110 Pennsylvania RR 45& 4%s_ 5.20 5.00
110 Nov'22
Preferred
Invincible 0118s
1931 M
5.60 5.20
4
40 8450 126
100 640 650
Equipment68
4 110
Vacuum Oil
Marland Oil s f 8s with war'nts '31 AO 1081- 116" 1083
4
963 99 103 Nov'22 _-__i 9115 106
25 .4034 4(14 Pitts & Lake Erie 65 sk 63-45. 5.50 5.00
New stock
without warrant attached__ _ AO
5.25 4.87
10 *25
s 10212 55 9712 12014 Washington Oil
28 Reading Co ,Ois
Temp f gold 7%5 Ser B931 FA 101 104 1007
6.00 5.25
Sale 10614 108
78 99 10812
St Louis Iron Mt & Sou 55
Mexican Petroleum a f 8s
1936
N 10734
9412 10312
5s_ 5.60 5.20
s
St Louis dr San Francisco
Pan-Amer P & T 1st 10-yr 75_1930 FA 1025 10312 102
10212 15
Other Oil Stocks
Seaboard Air Line 4 3-4s & 55_ 6.00 5.40
9814 91 9412 10238
Pierce Oil a f 85
1931 ID 98 981s 95
12 99 123% Atlantic Lobos Oil (no par) *712 7 Southern Pacific Co 4945... 5.25 4.75
118
Prod & Ref at 8s(with war'nts)'31 I D 117% 119 117
10712 Sale 10714
5.35 5.00
103
30
Preferred
50 *20
61 99
Equipment7s
108
without warrants attached _ _ ID
8 Gulf Oil (new)
1027 Nov'22 -- _ _1 98 1107
•1:312 54 Southern Ry 4345, 55 & Os.. 5.75 5.35
Sinclair Con 011 cony 7%5..1925 vi N
1004
149 98 102
Os... 5.90 5.40
Oil dr Refining_ _ _ _ 240 248
1004
Humble
Toledo& Ohio Central
15
1003
4
1937• S
-year 7s
5.30 5.03
4 Imperial Oil
8
25 •114 116 Union Pacific 75
1004 168 97 993
Sinclair Crude 011 57s
1925 40 obis 993 97%
5.90 5.40
Magnolia Petroleum....100 r160 170 Virginian Ry 65
1
Sinclair Pipe Line 20-yr 5!g 55
714
8914 8912 8914
*7
4
Merritt Oil Corporation_ 10
9012 374 873 95
1942 A0
interim certifs due
5 •
Tobacco Stocks
Standard 011 of Cal 78
a1931 FA 410614 Sale 105%
10612 98 10412 1064 Mexican Eagle Oil
Inlz 1212
74
171s American Cigar common.100 71
1931 FA 103 10314 10212 10314 35 100 10412 Mountain Producers Corp. *17
Tide Water 011 6%5
95
97
4
3
8612 jan'll
100 91
Salt Creek Producers
Preferred
1931 J J
Union 011 58
14
2) 203
105
4
Public Utilities
187 Amer Machine & Fdry-100 95 148
_1942 FA 10114 102 10114 101% 20 10114 1013
13e
scrip.._ _ *144
Gas dr Elec, corn.. 50 *183
Amer
American Tobacco
21
50 *44
Preferred
Mining
45 British-Amer Tobac ord. El *20
8
21
5
1212 Amer Light & Trac,corn _100 137 140 Brit-Amer Tobac. bearer £1 *20
7
7
Alaska Gold M deb 6s A _....1925 MS
7
7111 Nov'22
5
8
s
107
7
173
100 97 .
Preferred
Cony deb 6s series B
1926 MS 9318 9312
_2 IIelme(Gee W)Co,com.100
9
93% 135 8612 96
100 114 116
Amer Power & Lt,corn--100 132 •1•10
Am.Sm & R let 30-yr 55 ser A 1947 * 0 95% Sale 92.4
Preferred
18
8
99
983
16 93 10014
100 86 59 imperial Tob of G B & Irel'd •16
Preferred
Braden Cop M coil tr s f 6s._1931 FA
90
15
1931 J J 12812 Sale 12512 12912 5:6 110 12912 Amer Public Util, corn_ _100
Cerro de Pasco Cop 8s
Johnson Tin Foil & Met_100 so
1
802790
91683
0
0
Chile Copper 10-yr cony 75_1923 MN 11212 sale 110
100 :1 62030:)7607 1 12 42 .023:83_414 :acrindreIs Forbes. 10 126 129
Preferred
11312 465 99 116
er Tob
s! A Rp:
r ica
101
8
9613 540 84 973
4 BlackstoneValGdr E,corn 50 *75
Coll tr & cony 65 ser A._..1932 * 0 963 Sale 95
it
Preferred
114
32
87 94
92 sept'2:
Granby Cons M S& P con 6s A '28
Carolina Pow & Lt,com.100 57 ..22
N 88
Mengel Co
95 92 Nov'22
80
68
87 99
Stamped
1928 MN 92
Cities Service Co, corn--100
931,
u2.2
9312 95
*80 90
4 80 102
deben 85
Cony
100
Preferred
1925 MN
109% 123
Magma Cop 10-yr cony g 7s..1932 ID 111 113 11112 113
Cities Service BankersShares *1914 193 Schulte Ret Stores_(no par) .53 59
4
99
115
9212 101
2112
Tennessee Cop let cony 6s._.1925 MN 9712
Colorado Power, com_ _ _100 20
No1v0222
Preferred w I
10J14 101 1900912
9512 103%
39
9
1 0 11150 119
100 92 95 Universal Leaf Tob corn _10 1
Preferred
U S Smelt Ref & M cony 65_1926 FA
104
Com'w'th Pow,Ry & Lt _100
Preferred
Coal. Iron and Steel
100 98 102
100
Preferred
Young (J S) Co
Beth Steel 1st eats f 5s
1920 II 99 Sale 99
100 100 107
99% 20 9512 100% Elec Bond & Share, pref _100 97 99
.
Preferred
4
ices)
9612 23 8912 10
0
48
let & ref Sc guar A
1942 MN 933 9412 92.4
Federal Light & Trac_ _100 46
Rubber Stocks (Cleve/ and pr 7212
9314 37 86
95
lOr
1930 J J 0212 9418 9212
Preferred
20-Yr P m & imps f 55
6% ne Tirred
Firestoprefere & Rub,com.10 72
8
87, 190 98 10112 Lehigh Pow See _(no par)
9
0, 1
7.
62
1
1_ 3 2
fle A
100 9812 9)12
1948 FA 957 Sate 9814
95
91
4
9612 175 91 1004 Misiisiippi Riv Pow,doml0C
28
Brier Hill Steel 1st 5558 __..1942 40 943 sale 9412
,
7% preferred
78 ang'21
0
90
1932 ID 904 Buff it Susq Iron s f 5s
100
Preferred
Rub,corn._100 8 7 156.i2 Gent
'Eh
-id'
1943 FA ____ 8812 89 Nov'22
• First Mtge 58. 1951_ _J&J
Colo F & I Co gen s f Sc
Preferred
11
8212
78
7714
21 71
100
S f g deb 7s•1935M&N 38 3
Col Indus let & coil 5s go._ _ _1934 FA 7718 78
prefe ar Tire & R,com.100 10% 32
, Good yerred
3114
Nat Pow & L, com_(no par)
8 43 88 93
Cons Coal of Md let & ref 59_1950 Jo 8638 Sale 88
883
72
(no par) 79 8 2100 69
01
Preferred
Donner Steel 1st ref 20-yr sf 75
Prior preferred
88
82
92
8
6 9214
1 8
38 9 12 10 3
1942 J J 8914 Sale 68
Inc 7s 1972
Series AA
86 88 Goody'r T&R of Can,131_100 83
71
4
4 1023
1925 J O 983 ---- 1023
100 68 100
Northern Ohio Elec (no par) *6
4
Elk Horn Coal cony 6s
8 Miller Rubber
9114
911, 30 96 19 %
99
1
: 3
98 861 0
10r 20
1940 AO 10114 Sale 9012
Preferred
deb 43s
25
Illinois Steel
Preferred
1+5
Sale 100
13
s
1013
100
1952 MN 997
North States Pow, com_lOr
96
98 Mohawk Rubber
Indiana Steel 1st 513
2 10)
65 75
65 9334 10012
101
AO
Preferred
92 94
Preferred
Lackawanna Steel 1st g
22
8912 Sale 89178
4 Nor Texas Elec Co,corn _10r
9 2 190 _80_ 82 943
9
.
R,com_100
0
1950 M
0
8882
let cons 55 series A
82 85 Swiachart Tire &
804
9 . car nea
10'
Preferred
Sugar
sug
ugarStocks
Lehigh C & Nay s f 440 A__ _1954 J J 9013 - 94 June'22
16
0 Bale 89
2 4 Pacific Gas& El, 1st prof 101
0
9
50 *13
90 349 83 943
Sugar
Midvale Steel &0 cony s 155_1936 MS
10)4 100% 1004 1th:3
*7812 80
39 9438 1,13112 Puget Sound Pow Sr Lt -10r
1952 MN
4
National Tube let Sc
pr f guir
6
55 CenteAerredre Sugar corn_ 20
10
•14 114
9s114 99
96
10312
9914 109612
5 92
9812
1941 FA
(no par)
100 82 85 Central Sugar Corp.
6% preferred
Otis Steel 85
212
4
923 Bale 92
1
9312
100
' 100. 103
7% preferred
53
1st 25-yr s f g 7)93 Ser B_ _ _1947 FA 83 86
35
80
80
80 Apr'22
1941_ _M&A 104 10112 Cupey Sugar common.._100 25
Gen M 7
15
17
Pleasant Val Coal 1st g a!5s_1928 II
preferred
4
913
2
1 8714 95
947
100 45 65
Republic Ry dr Light.._100
Pocah Con Colliers lets f 58_1957 I) 92% 9412 94%
9312
8
2 90 981
100 78 80
94
4
933
43
Preferred
101
46 Fajardo Sugar
Repub I & S 10-30-yr 5s s f_ _1940 40
73
03
-Brown Iron Co 20-year gen
South Calif Edison,corn.100 121 121053
Rogers
PreferredFederalSugar Ref, com _100 05 105
9313
4 93 100
1942 MN _ _ _ _ 93
100 95
100
& ref mtge gold 7s
Preferred
15
8213
84 85'2 8
88
*13
78
93 Nov'22
Standard Gas & El (Del) 50
St L Rock Mt & P58 strnpd_ _1955 J J
pr auxSug, Inc_(no par)
e
GoIcehfrred
9 9313 102
9
%2 101
99
100 80 85
50 :7
18
4
8
19
4
Preferred
Sharon Steel Hoop let 85 ser A1941 MS 9812 99 114
340
101 10114
15 97 106
corn.
Tennessee Elec Pow (no par):
4
112 4 13 Great WesternWestern Bug,co_100 320 109
& Tube gene 17s ser C_1951 J
5
15
Steel
pr err
4
993 10012
2 9612 10038
100 107
(no par)
2d preferred
Tenn Coal I & RR gen 58___ _1951 J J
22
92'
*18
9 ;1
9
d1963 MN 103 kinie 1094 103 410 9913 10413 United Lt & Rys, corn_ _101. 71
7 82 Holly
70
S Steel Corplcou0
99 10412
1014 Nov'22
d1963 MN
100 65 70
100
1st preferred
Preferred
8 f 10-60-Yr 5slreff
100
.
-3212 -5E- 9514 Nov512 -_ 56 653
4 Western Power Corp__ --100 42
92
'4
1953 J J 93 9512 56
44 Juncos Central Sugar_ _ _100 50
Victor Fuel Co 1st s f 5s
1 87 95%
100 85 -.-- National Sugar Refining _100 3104 108
Preferred
Va Iron Coal & Coke let g 55_1949 MS 95 Sale 9414
13
9
9514 23 9414 1014
SantaCeciltaSugCorp,pf.100
Wickwire Spen Steel 1st 75_ _1935 J J
50
-Pe r Cent
Short Term Securities
Savannah Sug,com_(no par) *45 99
100 97
Preferred
Am Cot 011 65 1924M&S2 97 975k
Telephone
Telegraph and
12
78 8) 80
3
8015 10 75 80 4 Amer Tel &Tel651924_F&A 1007 1014 West India Sug Fin,com_100 35 70
Adams Express coil tr g 4s_ _ _1948 M
9112 Sale 91
2
915 223 8814 94
100 40 45
4
Anaconda Cop Min65'29 J&J 1009 Os',
Preferred
Am Telep & Teleg coil tr 4s....1929 J J 86% 883 863
4
7 8014 93
4
871s
MS
J&J 10314 10312 Industrial&Miscellaneous
1936
75 1929 Series B
Convertible 4s
4
100 1027 10112 102
2
9534 10412 Anglo-Amer 0117 34s'25 Adt0 10115 10312 American Hardware....100 225 230
9
1933 MS 977 Sale
-year cony 434s
20
84
2
98
97%
152 0112 10014 Arm'r&Co7sJuly15'30J&J15 10438 1047 Amer Typefounders,com.100 61
a
-year temp coil tr 5s_ _ _ _1946 J O
30
2 38 108
1137
100 98 102
Preferred
Deb 65 J'ne 15'23 J&D15 100 101
1925 FA
-year convertible 6
7
Bale" 114% 10-38 84 107 120
112
s
1077
108
100 152 162
Atlas Powder
Deb 65 J'ne 15'24_J&D15 100 101
of Pa s f 78 A __ _ _1945 AO so
Bell Teleph
39
7
_99,.8 9912 99% 5 97% 10014 Beth St 7% July 15'23J&JI5 10038 1017 Bliss(EW)Co,new_(no par) *38 65
-year 5s._1943 J O 74 /0.2 7414
Cent Dist Tel 1st 30
78
50 *60
743
4 10 72
Preferred
Canadian Pac 6s 1924 MdrS2 101 10114
112
Commercial Cable 1st g 4s__ _2397 Q J 92 94% 914
24 8812 96
92
Borden Company,corn..100 110 102
Federal Sug Ref6s'24_ M&N 10038 101
J J
1937
Cumb T dr T 1st & gen 5s
- 9412 July'21
100 100
Preferred
Hocking Valley Os 1924 M&S 100 10012
Keystone Telep Co 1st 5s_ _ _ _1935 11 9912 100 9912 100
4
3 -143 166'- Interboro R T 8s 1922_M&S *97 99100 95 100
Celluloid Company
Mich State Teleph 1st 5s_ .._l924 FA 99 Sale 98
8
144 973 loo
100 106 110
99
Preferred
K C Term Ry 68'23 MdrN15 10038 1007
New England Tel & Tel 5s 1952 J D 94 Sale 9314
9412 67 8814 9714
100 115 118
J&J 102 104 Childs Co,common
634s July 1931
N Y Telep 1st Or gen 51 4348_1939 MN 1054
100 108 110
Preferred
sale 10512 10638 71 tom los% Laclede Gas 78 Jan'29 _F&A 101 10112
FA
30
-year deben s f 6s_ _ _Feb 1949
100 95 100
106 Sale 1043
4
4 107:3 171 lova 1084 Lehigh Pow Sec 6s'27_F&A 9212 9314 Hercules Powder
20
-year refunding gold 68_ _1941 AO
1054 109
100 101 103
12
Preferred
10714 10734 69
Sloss Sheff S & I 138'29 _F&A 9; 98
4
Northwest'n Bell T 1st 7s A_1941 FA 1073 977 9712
100 80
9713
4
98% 40 91% 100
Swift & Co 78 Aug 15 1931.. 1021 1023 International Salt
1937 J J
Pacific Tel & Tel 1st 58
101 105
Sale 9114
0
9
8 1001
913
4 73 90 95
Rubber 7745 1930_F&A 19 12 10412 International Silver. pf.-100 •77 so
US
1952 MN 9112
58
Lehigh Valley Coal Sales. 50
s
967 114 93 9934 Joint Stk Land Bk Bonds
s
92._ 95%
55_1941 I) 95 ,
South Bell Tel & T let sf
100 155 165
Phelps Dodge Corp
9714 ain 9714
97 8 10 9054 101
5
Chic Jt Stk Land Bk 55_1939
Western Union coil tr cur 55..1938 I)
884 94%
92
10238 10314 Royal Baking Pow,com_100 122
55 1951 opt 1931
Fund ds real estate g 4445--1950 MN 9114 9112 91
100 98 1.56"
1023 10312
Preferred
4
36 10812 114
55 1952 opt 1932
8
15
1936 FA 1097 110 10912 110
-year 6445 g
_ --1054 10612 Singer Manufactoring_ _ _100 114 117
Sept'17
534s 1951 not 1931
- 10112
MutUn gtd bds ext 5%...„1941 MN 9318
94 94
94 Aug'22
9138 94
* Per share. t) Basis. d Purchaser also pays accrued dividend. e New stock.
NorthW T 1st fd g 4%s gtd1934 J J
.1 Flat price. k Last sale. m Ex-4.0% stock divi end. r Ex-50% stock diviAmt. cDue March. e Due dend. 0 Ex-special dividend of $80. p Ex-special dividend or $15. n Nominal.
*No price Friday:late bid and asked oDue Jan. dDue
Ex-div. y Ex-rights. t Ex-stock div.
May. oDue June. hDue July. kDue Aug. ODUO Oda DUO De0, S Option sale.
8(1 3g
100 .0i
100
100
2570
BOSTON STOCK EXCHANGE-Stock Recordseetntge
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 2.
Monday,
Dec. 4.
Tuesday,
Dec. 5.
Wednesday. Thursday,
Dec. 6.
Dec. 7.
Friday,
Dec. 8.
Sales
lo?
She
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
Lowest
Shares
Railroads
147 147
14712 146 146 *x145-_ _ 147 148
1
1_47_4__7
178 Boston &Albany
100 13014 Jan 4
83
835
8312 83
8 83
84
8334 84
84
8412
342 Boston Elevated
100 73 Feb 20
*100
*100
10012 10012 *101 102 *101 102
Do pref
50
100 9414 Mar 1
11912 116- *120 123 *120 123
123 123 *123 125
-_ -_ -_- -- -Do 1st pref
34
100 116 June 22
102 102 *102 104
102 102
103 104
103 104
103- 103 Do 2d pref
242
-100 10113 Nov 20
19
1914
1914 1914 *183
__
4
18
1812 18
1814 1812 1812
249 Boston & Maine
100 14 Jan 10
25
25
*25
25
30
25
*2312 25
2313 2312 2312 2312
Do pref
90
100 20 Jan 9
32
31
32
32
3112 3112 30
3112 31
313 __
Do Series A 1st pref
797
100 22 Jan 5
4812 4812 4812 4812 48
47
47
48
48
__ ____
48 - -------Do Series B 1st pref
155
100 36 Jan 17
41
42
41
42
42
42
*42 __ _ _ *42
_
___ ____
Do Series C 1st pref
43
100 30 Jan 9
62
61
62
62
*62
*62 ___ _
60 -. Do Series D 1st pref
100 40 Jan 12
9
160 160 *160
_ _ _ _ *160
*160100125 Jan 12
------------2 Boston & Providence
*2012 22
20
20
20 102 163 - 3. 20;4 2014 11 - 21
4
12114
275 East Mass Street KY CO.
.100 18 July 13
*70
7014 69
70
*70
71
*70
71
*70
7012 70
Do 1st pref
70
11
100 66 Aug 14
*58
59
58
58
58
58
58
58
57
58
Do pref B
5712 58
570
100 51 July 13
35
3512 35
37
3512 36
35
35
*36
3714 36
36
Do adjustment
374
100 28 July 14
4612 *--- - 4612 *41
45
*41
45
4612
Maine Central
100 2712 Jan 30
2238 223
4 2112 2238 21
2138 2012 21
2118 2114 _225_8 22
N H & Hartford
1,500 N Y
100 1214 Jan 3
*8414
_ *841
Northern New Flampshire_100 69 Jan 10
*100
100' 100
ioo- 100
103
____ ____
21 Norwich & Worcester pref_100 58 Jan 17
*80
*80 ___ _
80
80
80
8014 *80
80
115 Old Colony
80
100 67 Jan 6
*32
34
*3118
*311,
p
pref
land sc
__ VermontRoti
1 _3_1_1
100 15 Jan 20
;oil - 6i- *95
98
*9512 - - ;66- 98
98
*96 -9-- ------ -----78 Jan 23
Highest
152 May 22
8912Sept 12
105 Sept 13
126 Sept 27
104 Nov 28
3112May 20
37 Apr 8
4412 Apr 26
62 May 20
54 May 25
7712May 1
163 July 17
265
8July 31
77 July 14
60 Nov 16
47 Aug 17
55 Oct 21
347
8May 22
96 July 19
100 June 1
9814May 23
527
8June 5
9913 Aug 10
Range for previous
year 1921
Lowest
Ilighesi
Apr 133 Nov
119
6178 Jan
79 Nov
Jan 100 Dec
78
-1314 Dec 253
4
1612 Nov 30
19 Aug 33
47
27 Nov
40
24 Nov
36 Nov 58
110 June 133
Feb
Jan
Jan
Feb
Jan
Jan
Jan
1612
60
51
Dec
Dec
Apr
Nov
ii12
2314
75
76
Feb
Jan
Feb
Jan
50
15
69
Oct
Apr
Nov
75
21
78
Jan
Jan
Dee
Miscellaneous
100 Amer Pneumatic Service__ 25
4
23 Feb 4
414 Jan 27
2
534 Dec
Jan
Do pref
50
50 13 Feb 20 2014 Aug 10
812 Jan
1538 Nov
3,123 Amer Telephone & Teieg 190 1145 Jan 3 12814 Aug 31
8
9518 Jan 11912 Nov
No par 101 Jan 10 117 Jan 24
189 Amoskeag Mfg
74
Jan 109 Dec
pref
par
13
80 Nov 6 91 Aug 24
78 Feb
8414 Dee
Art Metalre
D
IncN _10 14 Nov 16 2012May 19
__o par
12
Jan
16 Sept
Atlas Tack Corp
No par
13 Jan 7 22 May 4
1234 Dec 20 Apr
Beacon Chocolate
10
.15 Jan 30
.75 Feb 21
.15 Dec
Jan
4
- - 5 .20
;.1-- 5 .15 - .12 .15
.1690 Boston Mex Pet Trus_.No par
_-_-_-_
.10Sept 14
.50May 4
.15 July
.95 Jan
Century Steel of Amer Inc_ 10
.20July 17 .0812 Oct
.05 Jan 20
118 Jan
2412 1514 25
;
iii2 25
25
25
-2
514 2838 28
2
2812 _ 2,292 Connor (John T)
10 153 Jan 4 293
8Sept 8
4
1778 Dee
912 July
*3
312 *3
4
*3
312
*3
4
*3
4
East Boston Land
10
3 Jan 4
-Apr 21
3
Oct
412 Feb
*714 73
4
73
714 714 *71s 712
7
718
714
555 Eastern Manufacturing_
714
5
712
7 Dec 6 1414 Feb 10
9'8 Oct 23
Jan
84
*83
*83
85
*83
85
83
83
843 85
8
25 3812 Jan 4 89 Oct 26
50 Eastern SS Lines Inc
16
Jan
42 Dee
Do pref
50 42 Jan 7 48 Sept 1
42 Nov 45 Dog
17034 17034 16938 fe652 18912 17012 17012 1711: 17134 1724
100 156 Mar 2 185 Sept I 14214 Oct 16512 Dee
171'2 17214 1,884 Edison Electric Ilium
10
*9
9
914 *9
10
912 10
*9
10
No par
365 Elder Corporation
3 Mar 14 13 May 17
3 Nov
17
Jan
30
3012 *30
31
*30
3112 3113 3112
3112 31,
2
30 Galvoton-Houston Elec__100 2812 Oct 24 39 Aug 15,
„....
3
9 2 912
,
912 93
93
4
4 9 4 *914 93
97
97
4
Gardner Motor
No par
555
9 Nov 27 1614 Apr 6
8
10
95 Sept 2314 Apr
8
8 10
*18
19
1812 183 19
4
18
18
18
*18
25 18 Aug 30 2714 Feb 27
19
155 Greenfield Tap & Die
18
18
1914 Dec 29 Nov
48
48
48
48
4812 4812 *48
4812 473 4812
4812 *48
No par
43 Mar 9 5314 Mar 20
70 Hood Rubber
4
355 353
8
4 3534 35 4 35
3
355
8 3512 3513 353 3538
26 Jan 20 3712May 13
185 Internat. Cement Corp_No par
8
19 July 2878 Dec
---•____ 22
22 *____ 22
22 *_ _ __ 22
Internat Cotton Mills
50 20 Nov 1 32 Jan 27
32 Dec 4112 Feb
---- ---80
*75
*75
78
*76
78
76
*75
Do
100 60 Aug 5 85 Dec 1
80
610
0
74 Dec 86 Mar
112 112 *112 2
13
4 2
*112 214
international Products_No Par
rnatire1a1
*112 214 ---- ---P on
114 Nov 17
____
613 Mar 25
2 Sept 13
Jan
*5
9
512 512 *6
712 712 *9
9
712
()pile;
100
512 Dec 4 17 Apr 1
350
5 Nov 32
Jan
Transp Corp
10
Island
.6a Apr 15
3 Jan 24
2 Sept
478 Mar
714
734 *7
714 612 612
612 714
612 7 10
15 Apr 24 1112June 3
8
425 Libby, McNeill & Libby
518 Dec 13
Jan
*10 4 1012 1014 1014
,
1014 1014
1012 1012 *1014 1012
25
8 July 1
26 Loew*s Theatres
13 Jan 16
c814 Dec 18 June
8812 89
8812 89
8812 89
88
8912 8914 90
778 Massachusetts Gas Cos_ 100 63 Jan 3 9018 Nov 9
-89l 893
4
Jan
533 Sept 85
4
70
71
70
71
70
7014 7014 7014 70
100 62 Jan 3 74 Oct 19
71
Do phe
0
50
71
2 3 s4ergent raf
5812 Oct 64 May
175 175
175 175 *31721217412 174 17412 *174 17413 70
ler Linotype_ _.100 130 Jan 3 181 Oct 13 117 Sept 136 Nov
175 175
12
12
*12
1212 *12
1212 12
13
*12
13
10 12 Sept 28 2738June 26
1212 1212
700 Mexican Investment Inc
1312 Sept 3518 Apr
2712 2712 2712 2812 277 28
27
2778 2712 273
341 Mississippi River Power_..100 13 Jan 6 34 Aug 31
4 2712 2712
11 Sept 1412 Mar
*8112 84
*8112 84
*82
84
*82
84
*8112 84
100 7212 Jan 9 8512 Oct 6
60 June 84
Apr
---- -- _Do stamped pref
75
8 74
712 734
3
712 712
714 75
8
10
73
8 75
73 Dec 7 115 Jan 21
8
8
8
712 712 2,811 National Leather
214 Dec
914 Jan
*.25 .50
.50 .50 *.50
1
.22 .22
.30 .30
. Dec 6
22
348 New England Oil Corp
5 Jan 28
4 Aug
6 Aug
118 118
118 11812 119 120
11912 11912 120 121
England Telephone_ _100 109 Jan 4 125 Sept 19
121 111213 New
9512 Jan 1123 Dee
4
Ohio Body & Blower. No par
5 4 Nov 28
,
14 Mar 16
-7 July
1134 Deo
*2012 16 2 2014 20/2 *193 20 74
1 13 Jan 10 28 Oct 5
19
660 Orpheum Circuit Inc
1914
1412 Dec 3014 Apr
16512 16512 16612 167 *16612 ---- 69;1813 16 1::'
16 -1-9
;
6 4 166 4
9.12 - 9-31
Mills
1- 3
15454 Oct 4 17413 Mar 11 146
811 Pacific
Jan 171 Dee
*1514 1512 *1514
*1514
*1512 ---153 1534
4
10 1212 Apr 18 16 July 17
20 Reece Button Hole
1212 Apr 14
UZI
.87 .87 *95
1
.90
1
1
1
1
5
.712 Apr 5
.50 Nov 17
1,295 Simms Magneto
3 Dec
914 May
10814 10912 109 10912 10814 10912 109 10912
-109 10912. 107 1 1i 8
100 9214 Jan 3 11012Sept 12
8
- 7(
4, 1 Swift & Co
8812 July 10534 Jan
49
4912 4914 4912 49
50
49
4912 4812 49 I 4312 44
25 o39 July 3 8112June 5
Torrington
*812 912
47 June 61
Feb
83
4 83
4 *812 912
5
8 Mar 29 1414 Feb 3
200 Union Twist Drill
_
10 Dec 22
Jan
4118 42
4114 42
4112 42
4812 49
*2
3
4218 48121 4314 133- 5,978 United Shoo Mach Corp
87
' 37
25 34 Mar 3 45 Mar 24
8
4
33 Sept 3914 Jan
2612 2612 *2618 27
*2612 27
2612 2612 2612 27
25 25 Jan 3 273 July 15
27
151, Do prof
27
2214 Apr 2512 Dee
2612 27
26
2714 2614 2678 2634 27
2612 27
263 263
8
4 2,2081 Ventura Consol 011 Fields_ 5 21% Jan 27 3312June 2
1614 July 2412 Dec
32
32
3214 3214 313 32
4
3212 33
33
10 2613 Jan 4 34388ept 16
3414 333 34
1,859, Waldorf System Inc
8
168 Jan 297 Dec
4
3
3 8 33
5
3
34 34
3
4 *35
8 4
100
214 Nov 29 1434 Apr 26
373 Waltham Watch
6 Dec 17
Jan
*1312 16
*13
15
1312 1312 *13
15
13
3
100 11 Nov 29 49 Apr 25
13
371
Do pref
_
45'
36 Sept 75
Jan
11
11
11
1114
1012 103
4 10
712 Feb 7 13 Oct 9
1014
97 -8 10
1,430 Walworth Manufacturing_ 20
8 Sept 17 Feb
*24
2438 24
2412 24
2514 2514 2614 26
2612 26
50 1712 Jan 3 353
4Sept 25
11
2,330 Warren Bros
26
Apr 2212 Apr
3412 3412 3412 3412 3412 35
*3414 35
*31
50 3012 Jan 4 3814 Oct 9
35
149i. Do 1st pref
17 Aug 3312 Doe
*37
38
38
40
*37
40
*37
40
*3612 38
50 3313 Feb 18 443
4July 12
Do 2d pref
_
16
10
Oct 353 Dee
4
*1114 1134 *1118 1112 *11
*113 12
4
1114
117 117
8
8
5
83 Nov 17 21 May 13
4
/
4
8 July 181 Jan
20 Wickwire Spencer Steel
5
.
80June 16
Wollaston Land
.35 Oct
13 Jan 4
4
134 Dee
Mining
*.50 .80 *.50 .80 *.50 .80 *.50 .80 *.50 .75
.50 Jan 31
Adventure Consolidated__ 25
.4 Mar
1 Apr 15
*.50 .80
.75 Mar
59
59 *x57
59 */57
59
56
57 *x57
25 53 Nov 15 66 May 29
59
40 Aug 63 Deo
59
110 Ahrneek
*.15 .40 *.15 .40 *.25 .40 *.25 .40 *.15 .40 *56
25
.03Sept 25
.30 Apr 17
..25 .40
.15 July
.50 Apr
I Algonzah Mining
20
*20
21
21
24
21
*20
24
*19
25 20 Oct 30 3212 Jan 26
20
*19
Apr 2412 Nov
16
21
105; Allouz
*218 212
238 27i8
214 214
,
212 23
4
2 Mar 10
25
212 27
45
8
8May 23
118 Sept
334 Jan
25
8 258 1,005: Arcadian Consolidated
73
8 73
*714 71::
3
73
8 738 *7
738
7
5
6 Nov 2 1012June .5
67s Jan
10 Apr
73
8 *734 73
158 Arizona Commercial
4
18
*173 1814
1812 173 1734 *1734 1814 *173 1814
4
4
10 13 Jan 5 1812 Sept 11
8 Mar
4
Bingham Mines
14
1778 18
330
Oct
288 292
289 291
285 285
280 28012 281 290
25 248 Nov 14 301 Aug 25 210 Apr 280 Dec
281 281
265 Calumet & Hecla
612 612
614 65
8
67
8
3 67
612 738
1
734 712
4
534 Nov 20 163 Mar 29
11
71E: 712 2,656 Carson Hill Gold
Dec 1618 Jan
9
*8
*8
812 *8
9
*8
9
8 Nov 1
25
1312 Feb 1
Centennial
7 Jan
*8
812
*8
9
10
Jan
37
38
3718 38
37
3714 363 3712 363 37
8
25 36 Nov 16 463
4
4May 31
27
*3612 37
Jan 40 4 Dec
746 Copper Range Co
3
3
3
3
3
27
8 31s
8 31s
27
218Nov 23
10
23
4 3
914 Jan 26
-Daly Copper
27
514 Mar
8 3,315 Davis
712 Jan
238
8
814 814
814
8
8
*778 8
712 Nov 28 1214 Jan 26
Copper Mining_ 10
7% 8
8
7 Aug 113 Dog
8
1,095 East Butte
4
*1
8 *1
13
114
134
114 *1
138
1
25
1 Apr 11
3% Apr 15
138 Apr
1
13
25 Franklin
*1
s
314 Jan
*211 2 4 *214 23
3
4 *214 23
4 *214 23
4 *214
234 *214
312 Mar 16
Hancock Consolidated._ _ _ 25 112 Aug 18
112 Sept
23
312 Jan
4
114 *.75
*.75
1
*.75
1
*.75
1
.75 Oct 10
25
*•75
1
*.75
1
214 Apr 17
Helvetia
1 June
27 Nov
8
10512 10.57 105 1057 104 106
s
8
10614 10714 107 1083 108
1
8112 Jan 10 1165
8June 21
4
48 Jan 8812 Dec
1,644 Island Creek Coal
97
97
9638 97
*96
963
4 9512 9614 *9512 963 *96 10812
1 88 Feb 14 9712 Nov 16
4
Do pref
963
34
4
Jan
75
9012 Dec
21
21 *319
2012 *319
21 *319
21 *11912 21
25 18 Nov 1 2634May 31
*20
1614 Jan
21
20 Isle Royale Copper
2412 Dee
*3
312 *314 312 *314 312 *314 31, *314
5
3 Feb 6
4% Apr 17
312 *314 33
238 Mar
Kerr Lake
4 Sept
4
*112 13
4
112 112
112
112
112
112
25
1 Feb 24
112
112 112 *lit
578May 5
.98 Sept
63 Keweenaw Copper
2 Dee
312 312
37
314 314
*312 4
*31::
*31:: 4
23
2 4 Feb 18
,
*312 4
53
4May 31
2
Jan
312 Dog
120 Lake Copper Co
*118
11 i
1
1
*1
114
1
25
*1
1
1 Nov 2
214 Apr 17
113 *1
114 Jan
155 La Salle Copper
1 18
214 Feb
*1
13
4 *1
13
4 *1
13
4
17 1 17
4
4 *13
5
13 Jan 4
8
23
8
15
8
4May 19
138
114 Jan
138
300 Mason Valley Mine
2 Sept
218
*2
22 6 *2
X
1
218 *2
2 Mar 24
23
2
218
212 *2
434 Apr 13
.55 Apr
218
252 Mass Consolidated
35 Jan
:1
*23
4 314
212 212
212 2 8
7
238 258
25
25
8 258'
214 Jan 20
Colony
6 May 22
212 25
514 Jan
234 Aug
8
915 Mayflower-Old
17
s
17
8
17
8
17
8
1 12 15
8 *15
8
17
.75Ju1y 10
8 *158
25
178
7 Apr 13
13
1 14 Aug
4
312 May
240 Michigan
13
4
58
57
563 58
4
563 57
4
5714 5714 57
25 52 Nov 15 68 June 5
58
4312 Jan 59 Dee
5612 58
379 Mohawk
1514 16
153 157
4
8
1512 1534 153 157
4
5 1514 Dec 4 2012June 2
1512 16 I 153 16
8
1214 Sept 183 Dee
4
4
817 New Cornelia Copper
*.10 .25 *.10 .25
.10 .10 *.10 .25
.10July 7
5
.10 .10, *.10
218 Mar 23
.4() Nov
2 Dec
300 New Idrla Quicksilver__
37
*-_-- 37
37
37
100 37 Jan 6 40 Feb 9
*36
37
40 Feb 57 May
New River Company
80 *
80
80
77
80
100 73 Jan 7 85 Oct 16
*72
74 Dec 95 Mar
73
80
80
60 Do pref
*512 6
6
6
4
5i 53
5 July 8
54 54
5
3
4 July
7 Jan 4
3
812 Jan
53
4 53
4
55
8 53
315 Nlpissing Mines
4
914 10
93 10
4
914 912
914
938 1,010 North Butte
9
912
812 Oct 31
912 912
15
15 May 29
8 Mar 1414 Dee
*112 2
*112 2
134
134 *112
112Nov 1
418 Apr 15
178
25
1 Aug
212 Dee
*112 2
*112 2
20 011bway Mining
163i 17
17
17
17
17
*1612 17
16 Nov 27 27 Jan 25
25
1538 Jan
*1612 17
2534 Nov
1618 1618
385 Old Dominion Co
29
29 *327
2912 29
29 *127
21 Aug 3512 Dee
25 25 Nov 23 3913 Aug 23
29
*327 29
*28
y
29
2 10 Qu
421 Osceola
323 323
4 32
4
33
33
32
*31
3313 Aug 46 Dee
25 30 Nov 15 50 May 31
32
33
3214 *3112 33
*38
39
40
39
*37
40
28
25 37 Nov 28 4812May 31
*37
Jan
4.5 Dee
40
*37
40
*39
5 St Mary's Mineral Land
40
.55 .57
.55 .55
55 *.50 .60 *.50 .55
.55 .
*.60 .75
13
.25 Mar 10
.75 Jan 1% Dee
4May 18
10
390 Sbannor
*.30
1
.30 .30 *.25 • .75 *.25 .75 *.25 .75
1
*.30
114May 18
.30 Dec 5
.35 Nov
25
2
Jan
100 South Lake
*358 4
43 July 13
4
35
8 3 8 *35
*358 4
2 Mar 29
2 Sept
2
8 4
5
412 Feb
115 Superior
35
3 353 *358 4
8 *15
154
*158
15
8 2
17
8
1 June
23 Oct 19
.90 Mar 31
4
*15
8
112
18
214 Feb
158
*134
178
535 Superior & Boston Copper_ 15
0
138
114
114June 5
4
13
318 Apr 3
8 *114
*1,
13
8 *114
1!.(6 July
13
8 1% 1%
114
114
412 Nov
220 Trinity Copper Corp
5
.40Nov 10
*.37 .45 *.45 .50 *.45 .50 *.47 .50
.92M ay 22
.34 Aug
.48 .48
.85 Dec
.50 .60 2,150 Poulurnne Copper
5
2% 2% 2% 2%
4 Mar 22
11 (8 Oct 20
,
2% 3
134 Aug
*231 3
3
33
4
312 Oct
314
312 7,984 Utah-Apex Mining
5
13
4
*134 214
13
4
1 Feb 21
112 Nov
312June 5
13
4
13
4 *131 2
5
2
Jan
2
112 2
1,475 Utah Consolidated
.90
1
1
1
.95
1
212 Apr 13
.85 Dec 7
.95 Jan 2 ''fa Jan
1
.90 .90
.85 .99
v ta orN a
.95 .95 3,085 Uicth iIetal & Tunnel
112 *1
*.75
112 *1
.75 Nov 27
.40 May
212 Jan 30
112 *1
21
112 *1
112 *1
112
214 Feb
*.90
114 *.90
114 *.90
.25 Jan 16
114
.35 Jan
23 Apr 15
4
25
1
*.90
1
114 *1
.80 Mar
50 Winona
114
714 Nov 20
8
8
8
*712 8
16 May 31
812 July
734
25
78 *73
4 8
245 Wolverfnr
14 Feb
712 712
•Bid and asked prices; no sales on this day. a Ex-rights. is Hz
a Assessment paid.
Ex-ntock dividend
-dividend and rights. s Ex-dividend.
3
3
*1612 18
12314 1235s
113 1133
4
*8012 85
*143
4
*16
18
*234 3
*1612 18
123 1237
8
11312 1133
4
*8012 85
*15
*16
18
*23
4
*17
12234
113
*8012
*15
*16
3
1712
12338
11312
85
_ _
18
234
*17
123
11314
*8012
*1514
*17
g-ia-
1
3
*23
4 3
17/2 *17
18
1712 1712
12378 1233 124
4
12334 125
114
114 114
---85
82
82
---- ---*1514
---- ---19
*17
19 - ____
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
PP Boston Bond Record.-Transactionsin bonds at Boston
Stock Exchange Dec. 2 to Dec. 8, both inclusive:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
BondsAtl Gulf & W I SS 5s_ _1957
Carson Hill Gold Co 7%
1927
notes
ChJet Ry &US Y 48-1940
1940
'
•
58
Dominion Iron & St 55 1939
Eastern Mass St Ry1948
Series B 55
1948
Series A 454s
1936
Hood Rubber 75
K C Mem & Birm inc 55'34
K C & Mem Ry&Bdg 65'29
1931
Mass Gas 4545
Miss River Power 55_ _1951
1932
New Eng Tel 53
1952
Series A 55
Ohio & Nor Gas 7s_ _ _1925
1944
Svrift & Co 65
Warren Bros 7345_ _ _ _1937
1932
Western Tel 5s
53%
52% 5356 $21,500
97
80%
93
85
70
67
983
90
93
90
92( 914
9756 97
98
100
974 97
104
96
96
70
99
97
823.
93
85
71
67
99
90
93
90%
92%
98
98
100
97%
106%
9631
500
0
13,0 0
4,000
10,000
Range since Jan. 1.
High.
Low.
Mar
65
97
84
97
85
Nov
Sept
Aug
Dec
Range since Jan. 1.
High.
Lore.
151
650
151
700
1,210 34
5 177
3,381 38
120 38
7%
200
31 27%
1% 19-16
Tono-Belmont Develop_ _1
156
1 2 1-16 1 15-162 1-16
Tonopah Mining
41%
Union Trac 1734 Pfd_ _ _ _50 40
40
100
United Cos of N J
200 200
50 50% 4951 61
United Gas Impt
50 5556 55% 56
Preferred
Warwick Iron & Steel _10
834 856
36
3656
West Jersey& Sea Shore_50
July 111-16 June
2% Sept
Jan
Jan 41% Nov
Oct
Jan 201
Jan 55% Sept
Jan 5651 Sept
9% June
Feb
Jan 39% Aug
May
Oct
93
743 Feb
89% Jan
Dec
85
•
2571
THE CHRONICLE
DEC.9 1922.]
47
16,650 69
10,000 66
12,000 953
5,000 79%
1,000 90
13,000 86
15,500 88
15,000 93
4,000 96%
20,000 100
13,000 91
41,000 9731
24.000 90
Aug
Nov
Jan
Feb
Jan
Jan
Jan
Jan
Nov
Dec
Jan
Feb
Jan
76%
70
101%
91%
97
943
96
9954
100
100
100%
118
9731
Aug
Aug
Sept
Oct
Oct
June
Sept
Aug
Sept
Dec
Oct
Sept
Oct
Bonds
85
85
Amer Gas& Elec 55.. 2007
Bethlehem Steel 65_ _1998
11234 1123-4
Consol Trac NJ 1st 55 1932 81
81
81
67
Elec & Peoples tr cts 45'45 66% 66
Lake Superior Corp Ss 1924 28
28
2831
81
Lehigh Val eon cons 4s2003
81
General consol 456s 2003
9134 9134
Pa & Md Steel cons 65_1925
10056 10054
Peoples Pass tr ctfs 45_1943 73
73
73
_1951
Phila Co consol 55
8951 8931
Consol & stamped.._1951
9051
90
Phila Electric 1st 55_ _ _1966 9934 99 10034
554s
1947 10134 100% 1014
1941 10554 104% 10554
68
1997
Reading gen 4s
8331 8331
Spanish Amer Iron 68.1927
100 100•
57
United Rys g tr ctfs 45.1949
57
West N Y& Pa 1st 55_1937
100 100
200
1,000
3,000
23,400
27,000
1,000
1,000
2,000
33,000
1,000
3,000
76,400
40,500
17,000
2,000
1,000
3,000
3.000
81
112%
74
64
28
77
8854
100%
64
85
85
914
100%
102
75%
100
57
100
Jan
Dec
Jan
Jan
Dec
Jan
Mar
Dec
Jan
July
July
Nov
Nov
Oct
Sept
Jan
Oct
Dee
92% Aug
Oct
114
84;1 Apr
74% Sept
39% June
85% Sept
9831 July
100% Dec
Oct
75
934 Sept
93 May
Sept
101
103% Sept
105% Oct
Nov
84
101% Nov
75% Sept
100
Dec
* No par value.
-Record of transactions at
Baltimore Stock Exchange.
-Record of transactions at
Chicago Stock Exchange.
Baltimore Stock Exchange Dee. 2 to Dec. 8, both inChicago Stock Exchange Dec. 2 to Dec. 8, both inclusive,
clusive, compiled from official sales lists:
compiled from official sales lists:
Sales
Friday
...
b:
wcnvQ4,wq, ..wcpbp.oah:m.;wmg.mmot-awsiwt. w
owoo
oopt,owt...cn.woN,ocoo.owww.-4o.coo
..NoP. 611
Bonds
98
98
Bait Traction 1st 55_ _1929
9131 92
Cons G,E L & P 4545 1935
1949 10351 10234 1034
Series A 65
107 10756
1931
Series C 75
1952 9851 9854 985(
Series E 5%5
Consol Coal cony 65_ _1923 99% 99% 9974
10934 110
Cosden & Co Ser A 65_1932 110
97
9734
Davison Suip & Phos 65'27
99
99
Elkhorn Coal Corp 65_1925 99
924 9231
Fair & Clarks Trac 55_1938
94% 9434
Md Elec Ry 1st 5s_ ..193i
Motion Vail Trac 75_ ..1923 9854 9834 9874
8831 8834
Norf & Ports Trac 55_1936
74
73
United Ry & Elec 45..1949 74
543-4 55
1949 55
Income 45
When issued 65._ _ _1949 10055 10034 10034
7534 7554
1936
Funding 55
1927 9731 9731 97%
65
9834 9834
Vs Midland 5th ser 55 1920
„4
77,
77
W.A., Hrilt Ar Ann 55_1941
•No par value.
N.,
13-4
....
80
80
91
91
41
4231
24 251
.32 .32
156
131
234 24
10831 109
594 60
2654 2631
2734 27%
62
62
11154 113
1044 10731
118 11854
98
97
431 434
24
24
112 119
88
88
66
6756
2731 2734
7731 7831
227 240
1831 1834
15
15
5454 56
3351 34
10731 10731
131
14054 148
1874 1934
2934 30
2
,
...
Alabama Co, 1st pref._100
American Wholesale_ _ _100 91
Arundel Sand & Gravel_100
Baltimore Brick, corn.. _100
.32
1
Celestine 011
Cent Teresa Sugar,com_10
Preferred
10 _ .____
Chas & Po Tel of Balt_ _100 109
25
Commercial Credit
25 2656
Preferred
25 2754
Preferred B
50
Commerce Trust
Consol Gas El & Power 100 113
Series B 7% pref._ _A00 1064
Series A 8% pref_ _ _ _100 11856
Consolidation Coal_ _ _100 9734
5
Cosden & Co, pref
* 24
Eastern Rolling Mill
50 119
Fidelity & Deposit
Houston Oil pref tr ctts_100
Manufacturers Finance 100
100
2d Preferred
25 7756
Maryland Gas Co
50 240
Mercantile Trust
Monon Vail Trac, pref _25
Mt V-Woodb Mills v t_100
100
Preferred
New Amsterdam Gas_ _100 34
Penney Water & Power 100 10754
Pittsburgh Oil, pref_ _10
50
U S Fidelity
United Ry & Electric_._ _50 19
Wash Bait & Ann, pref_50
,
00,40 00N.OWOWNWOOW
300.W
.
.. .. .,0
Q..00ggR989.
. 8..0
. Q.
888.888g88888836068
g
Stocks-
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
Apr
30
8634 Oct
Jan
27
Oct
2
.30 Nov
Jan
1
Sept
2
105 June
Mar
49
Jan
25
2531 Jan
Sept
60
Jan
91
July
102
Jan
105
Jan
80
331 Sept
Nov
18
10931 Nov
Feb
78
Jan
41
Jan
24
7731 Dec
21654 Sept
Aug
17
Jan
10
Jan
44
Sept
31
9234 Jan
Jan
14054 Dec
Jan
9
Jan
29
July
80
Dec
91
44 June
231 Apr
.74May
231 Aug
Mar
4
1104 Oct
7031 Oct
Apr
28
Apr
28
6231 Oct
Aug
120
10854 Sept
12254 Sept
98% Nov
531 Sent
Aug
25
Dec
119
July
92
6731 Dec
2731 Dec
Nov
110
Dec
240
20 May
1754 API
Nov
60
Nov
36
Sept
118
May
Nov
153
Oct
23
3434 Apt
Mar
Jan
July
June
Dec
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Mar
Dec
Jan
Nov
Sent
99
9434 Oct
Sept
107
10954 Sept
984 Dec
100'A Jun(
11034 Oct
Fel
104
9934 Aug
Oct
93
Sent
98
9951 Aug
Oct
91
Sept
77
594 Sept
10354 Sept
81' 'Sept
10051 Mal
9931 Oct
84 Mal
134
91
8534
100
1014
9834
9656
9851
9634
9451
87
86
95
71
6631
46
983.4
66
9731
94
77
13.4
--Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange Dec. 2 to Dec. 8, both
inclusive, compiled from offieial sales lists:
eituuy
Stocks-
auas
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
..100
American Gas of N J.
10
American Milling
50
American Railways
American Stores
Baldwin Locomotive_ _ _100
Buff & Susq Corp. v t c_100
100
Preferred
50
Cambria Iron
East Shore G & E 8% pf-25
Storage Battery100
Electric
Erie Lighting
100
General Asphalt
100
Preferred
Hunt & Broad Top,pref_50
of N A. _ _10
Insurance Co
100
J G Brill Co
100
Preferred
Kentucky Secur Corn_ -100
Keystone Telephone_ _ _50
Lake Superior Corp_ _ _ _100
50
Lehigh Navigation
Lehigh Valley Transit_ _ _50
10
Lit Brothers
50
Minehill & S H
50
RR
North Penney'
100
Otto Eisenlohr
50
Pennsylvania
Pa Central Lt & Pr, pfd_ _*
Pennsylvania Salt Mfg_ _50
50
Phila Co, pref 6%
25
Phila Electric'of Pa
25
Preferred
Phila Insul Wire
Phila Rapid Transit_ _ 50
Philadelphia Traction_ _ _50
50
Reading
784
74
1256
15
42
42%
90
73%
43
5131
85
41A
31
31
47
31
6534
784 80
731 731
1154 12%
155 159
120 120
89
90
54
53
40% 40%
26
26
57
58%
23% 26
41% 4531
744 744
15
15
414 42
4231 42%
90
90
28
28
7
74
551 5%
7354 74
1256
11
4234 44
5151 52
82
82
79
78
464 47%
564 57
85
85
41% 42%
304 31
30% 31
47
44
30% 3231
65% 66%
75% 7831
Range since Jan. 1.
Low.
104 47
20
534
4
582
632 83
20 115
12 4754
125 4754
39 37%
38 25%
3,701 3754
67 2254
1,115 3734
100 744
129
8;4
527 30
100 36
7 75
64
67
7
50
5%
900
600 664
7
257
160 27
65 48
10 73
237 63
5,268 33%
105 55
73 69%
227 36
952 23
857 274
230 30
4,223 17%
97 58
245 72
High.
Jan 82
7%
Mar
Jan 17
Oct 167
Oct 120
Feb 90
Feb 55
Apr 53
Nov 26
Mar 58%
Nov 27
Nov 73%
Dec 110%
Sept 16
Jan 42
Mar 59
Mar 90
Jan 31
Jan 12%
Nov 12;1
Feb 7954
Oct 1256
Apr 44
Feb 53
Jan 82
May 86
Jan so
Nov 83%
Jan 85%
Jan 454
Feb 32%
Jan 32%
May soq
Jan 3551
June 69
Jan 82%
Nov
Nov
June
Oct
Dec
Dec
Apr
Sept
Nov
Oct
May
July
July
Nov
Sept
Aug
Aug
Sept
Mar
May
Aug
Dec
Dec
Sept
Nov
Oct
Oct
Sept
Nov
Sept
Aug
Sept
Jan
June
Sept
Nov
Stocks-
Sates
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Shipbuilding_100 74
Armour & Co, pref _ __ _100 9934
15 104
Armour Leather
100 87
Preferred
Booth Fisheries, new
*
5
3
4.
.
Case (.1 I)
100
2d preferred
Central Pub Serv, pref _100 884
Chic Cy&Con Ry pt sh. Pt*
4
Chicago Elev Ry, pref _100
4
Commonwealth Edison.100 13634
Consumers Co, com_ _ _100
654
100 66
Preferred
Continental Motors _ _ _ _10 1034
Crane Co, pref
11031
Cudahy Pack Co, com_100 6234
100
Deere & Co, pref
100 118
Diamond Match
Fanl Motors Co
A
*
Fair (The), cum. pref_ _100 10231
Godchaux Sugar, corn__ _ _. 16
Gossard, H W,pref. _ _ _100 2834
-100
Great Lakes D & D
Hartman Corporation_ _100
Hart, Schaffner & Marx
100 9831
Common
Preferred
100
Hayes Wheel Co
* 384
10 2454
Hupp Motor
100
Illinois Brick
100 4156
Inland Steel
Kuppenheimer (B)& Co
10
Common
Preferred
94
7
Libby, McNeill& Libby_10
10
Lindsay Light
10
Preferred
Middle West Util, com_100 45
100 84
Preferred
Prior lien preferred
105
*
Mitchell Motor Co
National Leather
10
Pick (Albert) & Co
• 32
Pigg Wigg Stores,Inc"A" 5174
Pub Serv of N Ill, com_100 104
100
Preferred
100
Quaker Oats Co
Preferred
98
10
Reo Motor
Sears-Roebuck, com_ _100
Standard Gas di Elec._ _ _50 1834
50 4854
Preferred
Stew Warn Speed, com_100 574
Swift & Co
100 10734
Swift International
15 1951
Thompson,J R,com_ _25
Union Carbide & Carbon 10 5954
Unit Light & Rys, com_100 7154
100 7851
First preferred
20
US Gypsum
100 106
Preferred
'
Wahl Co
• 5331
Ward, Montg & Co, pf _100
20 21
When issued
8%
Western Knitting
Wrigley Jr, corn Mills..*5
Yellow Cab Mfg,Cl"B".10 199
Yellow Taxi Co
7234
Bonds
Chicago City Ry 5s... _1927
Chicago Railways 5s_ _1927
1927
5s, Series"A"
1927
4s, Series"B"
Commonw Edison 55_ _1943 99
Commonw'th Elec 5s.1943 98
Peo G L & C ref g 5s_ _1927
4
South Side viev 4 1, 9_ _1924
* No par value.
7231 75
093.4 994
104 1254
87
87
434 5
3
3
5% 534
8851 8934
5
4
354 4%
135 13634
634 63.4
66
68
1056 11
11054 112
6134 63
72
7334
118 118
1
A
102 103
16
14
28
30
83
82
8334 8334
98
116
364
2254
77
40
285
1,065
197
55
330
5
55
87
2,201
1,000
895
100
75
6,510
70
140
64
95
1,705
2,322
1,965
3,530
330
100
Range slam Jan. 1.
200 72
9854
25 102
116
3934 3,270 3654
24,940 1094
25
10 56
77
550 40
42
264 25
25
26
9,525 93
9354 94
634
631 754 3,954
33.1
135
44
4
5
100
8
8
688 27
45
454
785 53
83
84
991 82
10354 105
2
150
2
2
734
894
754 734
3,475 19
31
3254
51,132 2334
444 52
229 8054
10354 104
320 8834
9654 98
10 143
220 220
438 934
98%
97
1351 1454 2,072 1254
50 5954
8054 8054
630 13
180 42
484
48
5631 5756 7,984 24
1,778 9134
1074 109%
1934 1954 3,648 17
190 40
4831 50
5854 6054 7,878 43
6934 7334 1,780 29
676 76
77% 784
205 5354
6731 68
15 104
106 106
3,060 5251
56
5334
500 76
108 108
204 2174 2,215 1234
5
450
854 9
1,005 97
112 11536
505 132
192 201
71
7334 1,740 50
77
76
62
4154
99
98
9231
R94
77
7734
62
43
99
98
9254
9914
$6,000
17,000
35,000
13,000
353,000
40,000
1,000
c.nno
High.
Low.
60 June
Jan
91
loq Dec
83 May
451 Nov
Jan
3
534 Dec
8454 Sept
Dee
4
134 Jan
11434 Feb
Feb
5
5934 Feb
Feb
5
85 May
Jan
55
Feb
60
Jan
105
A Nov
Nov
102
Feb
10
July
25
8154 Jan
7734 Jan
67
67
4931
33
9354
9331
8734
771;
Aug
90
Sept
110
1254 Feb
1024 May
Aug
10
9 June
Mar
10
Nov
92
954 Feb
12 May
Oct
140
1031 Oct
7554 June
1131 Oct
Oct
112
Feb
68
7954 June
Nov
122
Jan
6
Dec
103
18
May
Dec
30
Feb
106
Mar
103
Jan 9834
Apr 119
Nov 3954
Jan 25
Feb 81
Nov 584
Dec
Nov
Dec
Mar
Apr
Jan
Jan
Jan
Oct
Aug
Jan
Mar
Jan
Jan
Jan
Mar
Sept
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Nov
Aug
Oct
Nov
Jan
Jan
Jan
May
May
Jan
Dec
Nov
Dec
Dec
Oct
May
3734 Sept
Sept
101
Dm Oct
654 Sept
5% A pi
5354 May
8834 Oct
Nov
106
756 Jun(
II% July
324 Dec
5431 May
Oct
108
9874 Nov
Oct
225
10034 Oct
284 July
9451 Aug
214 Oct
Oct
50
Nov
60
Sept
110
25
Sent
5531 Aug
6554 Oct
7334 Oct
Oct
80
Dec
68
Nov
106
7134 Apt
Nov
115
253-4 Mal
Oct
12
11554 Nov
Fel
246
8074 Aug
Jan 84
Jan 844
Feb 76
Jan 52%
Jan 100
Jan 99
Apr 9631
Feb 911,4
Ain
Apt
Mal
Mal
Oc
Jul3
Sep
Oct
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Dec. 2 to Dec. 8, both inclusive,
compiled from official sales lists:
Stocks--
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_25
Am Wind Glass Mach_ _100
100
Preferred
Am Wind Glass Co, pf _100
Arkansas Nat Gas, com _10
5
Carnegie Lead & Zinc_
Consolidated Ice, corn.. _50
50
Preferred
Indep Brewing, corn__ _ _50
so
Preferred
25
Lone Star Gas
7% 7%
86
85
'
9354 94
107 107
854 854
8%
4%
4
5% 6
33
33
4
4
4
10
9% 10
26;1 26% 27
30
1,075
40
10
700
3,150
100
100
140
10
340
Range since Jan. 1.
Low.
7%
64%
84
97
8%
2%
251
23
1%
64
20
High.
Dec 2451 Apr
Jan 90 May
Jan 108% Dec
Jan 107
Aug
Nov 12% Apr
Jan
6% Sept
Dec
Apr
6
Dec
Jan 33
7
Oct
Jan
Sept
Feb 17
Jan 31% Jan
2572
THE CHRONICLE
F.
JAM
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mfrs Light dr Heat_ ___100 57
56% 57%
Marland 011
30)1 30%
Nat Fireproofing, com__ 50
SM
7% 8%
Ohio Fuel Oil
1 174 17
17%
Ohio Fuel Supply
25 6131 59% 62
Oklahoma Natural Gas_ _25 22% 21% 22%
Pittsburgh Brew, com_.50
2%
2% 4
Preferred
50
9
9%
Pittsburgh Coal, com_ _100
59
59%
Pittsb & Mt Shasta Cop_ _1 20
20
22
Pittsburgh 011 & Gas_ _ _100
9% 9%
Pittsburgh Plate Glass 10 195
195 199
Salt Creek Consol
10
10
10%
Tidal Osage 011
1
11
11
Union Natural Gas..___100 105
165 166
West'house Air Brake- __50 101
98 101
W'house El & Mfg,com_50
59% 59%
West Penn Rys, pref- _ _100
81% 82
WestPennTr&WP,com 100
32
33
Preferred
100
73
74
Range since Jan. 1.
Low.
High.
495 45
Jan 58
Aug
100 23% Jan 31
May
125
6% Jan 18% Nov
720 13% Sept 23
Jan
3,472 44% Jan 60
Oct
747 19
Jan 26% Apr
300
1% Jan
4
Sept
155
5
Feb 10
Sept
25 58% Nov 79
Sept
9,500 19c May 31c Apr
25
6
Feb 11% June
225 130
Jan 190
Dec
1,960
8% Jan 14% May
1,960 11
Jan 14% Apr
231 115% Jan 166
Dec
465 80% Jan 103% Sept
11 49% Jan 69% Apr
20 69% Jan 82
Aug
213 18
Jan 36
Aug
100 72
Jan 86% Apr
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from D:T. 2 to
Dec. 8, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Dec. 8.
Stocks-
I
I
I
1
1
1
1
a
a
M.6
4 .
L.:Mem
r:
o......00.0
00Oppocpcoo ..000 00
Q
..t
0000
Q0000 0
Q
10
.00 0
.
QQ0
Q000
00000000N0000000000000VM00.00mC:0000.‘.00NoM
0000Q000000000000.000.4000000Q0QQ000
CON.MNN=
. 000t.0..00.00240,..M0o00
000Q1
egcsNwce* com.
000.000000000000t.popoopop...opp,oppoopp
t..mc4,-40,.-4cicv
VOC..000k
4
1....ierooNNNoor4co
.
44.i4
Industrial & Miscell.
Acme Coal Mining
I 57e
53c 58e
Acme Packing
.10
370 39c
Allied Packers, new
*
5
5
Prior preferred
19
100
19
Aluminum Mfrs., corn_ *
22
22
Preferred
100
102 103
Amalgam Leather. coin__• 14% 14n 16
American Hawaiian SS_ 10
16% 17
Amer I Ight It.'I'm% comion
140 140
am writing Paper,com_100
2% 2%
Arnold, Constable & Co..
• 20
20
21%
Atlantic Fruit
1% 1%
•
13
Bliss (1.; W, to common..'
)
38%
38
Borden Co, common__ .100 110
110 110
Brit-Amer lob ord bear_.C1
20)1 20%
Ordinary
£1
194 204
Brooklyn City RR
10
834 8%
Buddy-Buds,Ino
•
14
14 IN
Campbell Soup pref w 1_100 106% 106% 107)4
Car Lighting & Power___25
1% 13
134
Carlisle Tire
*
500 50c
Preferred
25
1
1
1
Celluloid Co, corn
100
97
97
Preferred
100
10831 10874
Cent 1 err.. Sug corn _10
1%
1% 1%
Century Ribbon Mills com*
2534 27
Charcoal iron of Amer_ _10 50c
50c 50c
Chic Nipple Mfg, Cl A__10
3
334
3)1
Class ii
10
3%
3
314
Childs Co,pref.
100
112 112
Cities Service, com-_-_100 193
197% 199
Preferred
100 68% 6854 69%
Preferred B
10
6% 6%
,
Preferred B B
100 66% 6634 6634
Cities Serv • Rankers' sh- _* 194 19% 2031
Cleve Automobile, corn.-* 29% 29
29%
Preferred
lo
84
84
Coloniblan Emerald Synch
550
500 53c
Colombian Syndicate
1
1
Dolorado rower coin. _ _100
23
23
Columbus R.P&L, corn um
51
51
Commonw P Ry & L pf 100
65
65
.3ontinental Motors_ _ _ _10 11
1034 11
30X S Cash Stores
104 10
1131
hiban-Dominican Sim __-•
64
5% 6%
Curtiss Aeropl & M,corn.*
434 5
5
Davies(Wm A) Co, Inc_ •
36% 3834
Del Lack dr West Coal_ 50
10731 110
Denver & Rio Or pref.._100
50c 55e
•
Dort Motor Car,cora
731 731
2%
Dublier Condenser & Had:
234 3
Durant Motors, Inc--- _,* 644 61% 644
Durant MOtOrS Of lad _10
14
15%
26
Edmund & Jones Corp__ _ _
25% 26
ederat Tel & Tel
,
5
6%
6% 6%
?Mb Ave Pus Corn v t c_ _*
8
8
831
Firestone T & Rub. P1-100
95
95
Ford Motor of Canada 100
395 399
Ilardner Motor co
* 10
10
10
larland SS common
*
70
70
)1.11ette Safety Razor.... 253
•
24634 256
Men Alden Coal
•
52
51
3oodyear Tire & R com 100 1054
931 1034
Preferred
100 31
2531 32
Prior preferred
100
62
60
1t West Sug cm, new wi 25
80
80
Preferred
107% 107%
100
Havana Tobacco, pref_100
87e 870
1
3831 36% 3934
Hayes Wheel
ieyden Chemical
234
•
1% 2%
1
10
Welting
2
2
2
Hocking Val Prod
100
13% 1334
Hudson Cos, pref
z & Manhat,corn..-100 834 831 9
Bud
16% 16%
Imp Tob of Gt B & Ire_ £1
41% 4114
25
Inland Steel
4% 5
Intercontinental Rubb-100
5
1%
1% 1%
Lake 'I ornerlo itoat pref_10
79% 80
Lehigh Val Coal Sales_ .50
6% 7
,ibby-MeN ilt Lib, new..10
7c
60
Ag-Mar Coal Mining_ _1
631 9
64
Arcey Mfg. Class A _ _50
Lupton(F M)Pub CI A__* 2131 21% 22
May Dept Stores new w 150 8631 63% 8734
•
3
2% 3%
Lacer M.otors
Voting trust certifs
2% 3%
Mesabi Iron Co
1134 134
12%
28
28
Mississippi River Power100
BALOMB ob111p1C0. Ltd 10 19U
18g 21
(
1131 114
Motor Wheel Corp,com_10
7% 8
10
Nat Leather, new
Unstamned
1% 1%
1
Nat Motor Car & Vehicle.*
1
New Motion Pub Corp.._5 12% 1031 12%
Preferred
41
40
41
N Y Tel 64% of
110% 111
100
Patten Typewriter
54 54
531
Peerless Truck & Motor-50 (18
65
68%
erfection Tire ek Rubb _ ____
1% 1%
Phoenix Hosiery.com
34%
-5
34
Prima Radio Corn
_ _ _
14
114
1 ti
Range since Jan. 1.
Low.
High.
[VoL. 115.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Radio Corp of America....
Preferred_
5
Boo Motor Car
10
Repetti. Inc
5
Republic Rubber
•
Saguenay Pulp aki Pr com_5
qehulte Retail Stores_ __ •
Singer Mfg
100
loather]] Coal & iron..
..6
Standard Copra Corp
Standard Gas & El com_50
Preferred
50
Standard Motor Constr_10
Stutz Motor Car
Swift & Co
100
Swift International
15
Technical Prod Corp
Technicolor, Inc, w I
Tenn Elec Pow,corn w I..'
Timken-Det Axle new w 1_
Tob Prod Exports Corp_ _•
Todd Shipyards Corp_ _ _ _•
United Profit Shaer?,new.1
(In Retail Stores Candy__•
(IS Distrib Corp corn__ _50
U S Light & Heat,corn.
.10
Preferred
10
US Realty & Impt. pref
Universal Leaf Tobacco 100
Wayne Coal
West End Chemical.....
Willys Corp 1st pref__ .100
1st pref ctfs of dep
2d preferred
Winther Motors, Cl A..*
Yale & Towne Mfg new w
3%
3
1%
58
35c
3%
2%
17
108%
5%
5
554
5%
6
32%
174
2%
10
9%
250
11
Rights
U S Realty & Impt, w 1_
Former Standard 011
Subsidiaries
kngio-American 011_ _ _ _ £1 .19%
Buckeye Pipe Line_ - _50 89%
continental 011
101) 149
Crescent Pipe Vale
50 47%
Cumberland Pipe Line_100 172
Eureka Pipe Line
.101) 99
Galena Signal Oil corn_ _100 59
Illinois Pipe Line
100 167
Indiana Pipe Line
50 90
National Transit..._ __12.50 2734
New York Transit___100 130
Northern Pipe Line_ _100
Ohio Oil
25 293
Penn-Mex Fuel Oil
25
Prairie Oil & Gas
100 630
Prairie Pipe Line
100 317
South Penn Oil
100 172
Southern Pipe Line...
.100 104%
South West Pa Pipe L 100 70%
Standard Oil (Cal) new._25 58%
Standard 011(Indiana)_ _25 117%
Standard 011 (Kansas)_10) 670
93
New stock
Blair & Co receipts _25 424
.itand oil(KY) nrw _126
Standard 011 (Neb)_ _ _100 200
Stand Oil of N J, new.. 25 40
Standard 01101 NY new 25 47%
vacuum ()II_
100
New stock
25 41
500 Aug
14 Apr
200 Mar
Ili ma,
5 Sept 12 June
15
Oct 42
Jan
15
Oct 25 June
85
Mar 103
Sept
TM Apr 18
Nov
16
Nov 34
June
113% Feb 165
June
2% Dec
54 May
20
Nov 22% Nov
3 June
131 Dec
31% May 38% Nov
94
Feb 117% Sept
12% Feb 20% Nov
1231 June 2034 Nov
434 Jan 104 Oct
450 Jan
21, API
f
1061.1 Nov 108
Nov
50c July
3% Sept
50c Aug
231 Jan
1
Nov 1034 July
90 June 107 May
95
July 111
May
1% Aug
3% Fut,
2534 Dec 27
Dec
50e Dec
2)1 June
131 Apr
634 Jul)
14 May
534 July
112
Dec 112
Dec
158
Jan 242 Ma)
51
Jan 72 June
Other 011 Stocks.
6% Oct
434 Jan
664 Oct 67
Oct Allied Oil Corp
lc
1
17
Jan 2434 Oct
New
10
20
Jan 35 June Ark Natural Gas, com-10
831
50
Jan 84
Dec Atlantic Gulf 011
500 Apr
1 I lantic Lobos Oil. com__•
174 mat
6%
1
Dec
5 3c
334 July Boone Oil
13% Mar 27
Oct Boston-Wyoming 011-.1 95c
51
Syndicate
Dec 52
4%
Nov Carib
62% Aug 65
3)1
Dec Crib Trading
5% . ]b ilfi 001 Consolidated Royalties_ 10
834 Nov 114 Dec Creole Syndicate..
1%
5
5% Nov 1234 Ma) Citshing Petroleum Corp.5
3c
24 Jan
7
Apr Darby Petroleum
25
Jan 3834 Dec DUQUeStle 011
86
1 18c
Apr 110
Dec Engineers Petrol Co
380
Jan 75c
Apr Equity Petrol Corp.pref 10
7
Nov 2034 May Federal Oil
S 74c
234 Dec
934 May Fensiand 011
• 12
•
22% Jan 6431 Dec Gilliland 011, cora_
84 Jan
Glenrock Oil
1N
10
1631 Apr
25% Dec 26
Dec Granada Oil Corp el A _10
5% Mar
734 Aug Gull 011 Corp of Paw I..... 5394
8
Dec
1 110
831 Dec Hudson 011
81
Aug 95
Dec Humble Oil
239
395
Dec 402
Nov Imperial Oil (Canada)coup 115
9
Nov
Nov International Petroleum-10
• 21%
56c May 950 June Keystone Ranger Devel__1 30e
334
•
169
Jan 268
Oct Kirby Petroleum
42
2c
Jan 8334 Sept Lance Creek Royalties__ _1
794 Aug 1531 May Latin Amer Oil Develop 1 58c
24
Jan 40 June Livingston Petroleum_ - • 94c
60
Nov 7334 June Lowry 011 Corp
1%
5
71
Oct 81% Nov Lvons Petroleum
660
z105
Sept 109% Nov Magnolia Petroleum_ _100 245
200 Jan
2 May Mammoth 011, Class A---- 4334
Oct Maracaibo ()II Explor
* 1534
2734 Aug 41
80c Feb
331 Oct Marine 011 new
2
Dec
3% May Marland Oil
4%
7% Feb 21
May Merritt 011 Corp..1
7
34 Feb 1531 May Mexican Eagle 011
5
1631 Dec Mexican Panuco 011_ _10
Jan
10
41% Dec 58 May Mexico Oil Corp
10
11%
334 Aug 1131 Feb Midwest Oil corn
1
1
Feb
2
Aug Midwest Texas OH
1 19c
88
Feb 82 June Mountain & Gulf Oil
1
1)1
6% Dec 10 May Mountain Producers_ _ _ _10 1734
6c Dec
70 Dec Mutual 011
11%
Oct 26
4
Mar New England Fuel Oil.... 59
Mar New York Oil
Oct 26
4
16%
80% Nov 87% Dec Noble Oil & Gas
I 220
134 Apr
1
534 May
Preferred
44 May
1% Nov
1
Northwest 011
9% Sept 1334 Aug Omar 011 & Gas
10 930
Feb 28
Nov Pennok 011
19
10
5% Jan 23% July Red Bank 011
114 Dec 1431 June Royal Prod Corp
*
731 July
1134 Jan Ryan Consolidated
Jan Salt Creek Consol 011
3
134 Dec
1
Dec
3% Sept Salt Creek Producers__ .10 20%
4% Nov
5
35.1
1231 Dec Sapulpa Refining
2
Nov 43
38
5
Nov Savoy 011
108
July 111% Oct Seaboard Oil & Gas
5
2%
531 Dec
1
531 Dec Sequoyah Oil & Ref
124
Nov Shell Union Oil, corn, w I__
3331 Feb 73
1
Oct
434 May Simms Petroleum
___ * 1434
3331 Nov 35% Nov South Petrol & Refining...
iN Aug
I% Sent , SouthernStates 011
17
14
19
19%
84
90
148 149
43
49
144 185
99 100
59
56
166 167
88% 90%
24% 27%
132 214
100 101
289 295
20
20
615 655
304 317%
157 175
100 105
66
70%
57
59%
113% 118%
670 670
42
42%
42
42%
120 129%
190 200
34% 40%
46% 49
635 660
39% 42
Low.
High.
21,600
3,500
2,000
1,300
1,000
400
1,300
400
33,500
900
100
'200
700
3,500
20
200
600
1.700
1,000
, 400
1,500
325
700
7,500
400
4,800
3,200
300
10
1,900
5,900
500
1,400
300
6,200
400
2% Jan
2
Jan
a12% Sept
50o Mar
200 Feb
1
Sept
Apr
33
93% June
30o July
3
Dec
Mar
15
Mar
44
2% Dec
July
Jan
95
17% Apr
Aug
5
19% Dec
10 June
9
Dec
3
Jan
Nov
52
Mar
5
4% Jan
12% Feb
Jan
75e
96e Feb
103% Nov
107
Oct
850 Mar
500 July
Mar
8
Dec
25c Dp.
8
Dec
4931 Dec
634 Apr
331 Mar
July
29
234 Nov
1
May
334 Jan
66
Sept
115% Dec
2% Jan
331 Dec
21
June
50
Oct
Apr
6
45 June
111
Sept
24% Sept
6% Aug
28% Sept
17% Oct
11
Nov
10% Feb
8034 Feb
9 May
834 May
Oct
35
2N Apr
Apr
105
Nov
12434 Nov
3% Sept
Jan
870
July
31
July
30
1% Jan
11% Dec
51
Nov
1,000
3% 3%
2% 3
13% 1434
1% 1%
36c 36c
1
1
56
59%
115 115%
300 40e
3
3%
17% 17%
47% 48
2% 2%
14% 17
108 108%
19
19
5% 5%
19% 23%
15% 16%
9
10%
5
5%
55
59%
5% 5%
5% 6
31% 33%
134
171i;
,
1% 1%
103% 103%
116 116
2% 2%
59
61
8% 103i
8
10
250 25c
11
11%
49% 51
1%
Range sines Jan. 1.
1% Nov
12,300 18% Jan
1,210 m83
Nov
120 125
Jar
1,280 28
Jan
210 115
Jan
250 79% Jan
360 40
Jan
45 160
Aug
560 84
Jan
3,300 24
Nov
690 p112
Dec
65 90
Jan
90 257
Jan
200 17
Jan
615 520
Jan
2,220 224
Jan
395 157
Dec
320 77
Jan
150 52
Jan
7,000 5534 Nov
66,400 83% Jan
10 580 June
400 41
Nov
2,700 42
Nov
10,700 76
Apr
30 170
Jan
60,000 3431 Dec
28,000 4131 Nov
320 299
Jan
13,100
3631 Nov
10
5c 173,000
5c 10c 12,000
834 8%
400
64 (3%
200
6% 7% 2,600
3c
40 11,000
92c
1
5,400
4% 5% 12,000
3
40
34
1% 1%
500
1% 1% 2,500
Sc
3,000
3c
111 1%
300
1% 1%
100
160 18c 51,000
1434 15%
400
70c 86e 75,500
12
800
124
3
3% 2,400
1
1% 82,200
1% 1%
300
53
56
5,200
10e 12c 37,000
241 241
110
111% 115%
1,350
204 21% 45,100
26e 34e 89,000
3% 3%
600
2c
2c
8,000
580 580
3,800
850 94c
2,700
1% 2
2,000
640 67c
2,900
230 245
375
41% 43% 39,000
15% 16
2,500
5
5
200
3% 4% 5,300
7
7% 5,900
10
10
100
47
47
1,000
770
11 107,500
4
2% 2%
100
190 240
9,000
V% 1%
800
16% 17% 2,900
10% 11% 21,700
56
65
2,000
15% 16%
700
220 23e 22,300
53c 54c
5,000
3,000
9c 12c
IN 80,000
90c
8% 84 4,000
5,000
14e 15c
3,000
10e 12e
434 5
900
10
104
200
19% 20% 7,500
3
3% 3,900
2
4,200
2
1% 2% 4,800
le
2,000
20
11% 124 8,500
11% 14% 46,600
9c 11c 11,000
16
17% 12,400
lc Dec
3e Nov
8% Jan
631 Dec
6% Nov
20 Nov
B7o Mar
3% Jan
3
Nov
1% Mar
134 Nov
3c
Jan
75e Mar
1
Nov
13e Nov
12% June
650 Oct
9
Mar
3
Dec
88o Feb
1
Sept
48% Nov
To
Jan
212% Feb
97% Mar
14
Mar
200 Nov
2% Nov
le June
50c Nov
79c Nov
14 Deo
58e
Jan
175 June
40
Oct
15% Aug
5
Dec
1
Jan
Oct63.4
10
Dec
80c
Oct
700 Nov
2
Mar
80 June
Jan
70c
9% Jan
5% Jan
40 May
11% Mar
130
Jan
380 Mar
9c Nov
870 Mar
434 Jan
110 July
10e Feb
4
Feb
10
Apr
1234 Jan
2% Feb
2
Dec
800 Mar
lo Dec
9% Nov
8% Nov
6o Aug
1231 Jan
2
Nov
25 June
11034 Nov
152% Oct
49
Dec
185
Dec
103% May
62 May
198
Apr
111
Nov
3134 Apr
210
Nov
127
Nov
365
Oct
44% July
750
Oct
31734 Dec
249 June
Nov
110
7034 Dec
63% Nov
135
Oct
Nov
710
4234 Dec
42% Nov
1•29% Dec
220
Oct
Oct
46
57
Oct
710
Oct
4231 Nov
5c
25o
13
1 ;,4
1
121.4
29c
Feb
June
Apr
June
May
Jan
Oct73.4
954 June
y
May
18
134
3% Sept
Mar
121;1 J lne
4
72c
Jan
16
Oct
May
19 June
une
9
Apr34
8 June
1
750013 mpt
3
1 A or
coar
267
Sept
130% Oct
27% May
14 Jan
,
28% Feb
10o
Jan
58o Nov
1% Mar
2% Nov
1% June
259
Nov
4534 Nov
2744
MarOct
June
110
4% May
19% Feb
24 Mar
414 Mar
3% May
Oct
3134 June
19
Oct
1334 Oct
83
38 June
350 May
900 Mar
35e May
8 June
8% Nov
85o
Jan
12o Dec
8% June
15 May
21% Oct
5 June
5
Apr
14% N
3 :
ee
Jan
7o
sops
14% Dec
Jan
Oct
2
851
2573
THE CHRONICLE
DEC.9 1922.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Other Oil Stocks
Par. Price. Low. High. Shares.
(Concluded)
1
5
1
.
Southwest 011
Texas Ranger Oil
Texon Oil & Land
Tidal-Osage 011
Non-voting stock
1
Turman Oil
5
Vulcan Oil
Western States0& G__ _ _1
5
Wilcox Oil & Gas
•
Woodburn Oil Corp
1
'Y' Oil & Gas
lc
lc
340
Sc
Mining Stocks
Alaska Brit-Col Metals._10
Alvarado Min & Mill_ _20
Anglo-Amer Corp of So Air 25
lc
10c
Belcher Divide
be
Sc
Belcher Extension
5c
Big Ledge Copper Co_ _ _ _5
25c
10e
Bison Gold Inc
1
Caledonia Mining
Calumet&JeromeCopper_l lie
20
5
Canada Copper Co
10
2%
Canario Copper
_ _ _ 1 33e
Candelaria Silver _
Cash Boy Consolidated_ 1
Chief Consol Mining
3%
Consol Copper Mines new
7e
Consol Nevada-Utah Cop
4%
Continental Mines. Ltd __
17c
Cork Province Mines
1
1%
Cortez Silver
Cresson Con Gold M & M .1
2%
1
Crown Reserve
74c
Dean Consolidated Corp_l
1
Divide Extension
5
Dolores Esperanza
2%
Dryden Gold Corp
10
El Salvador Silver Mines_ 1
3c
1
Emma Silver
2c
1
Eureka Croesus
30c
17c
Fortuna Con Mining
Goldfield Blue Bell
Goldfield Deep
11c
Goldfield Development.
1
Goldfield Florence
Goldfield Oro
1
Gold Zone Divide_
Green Monster Alining_ 50c
30
1
Hard Shell Mining
60
10c
Harmill Divide
2fse
Hecla Mining
8%
590
Henrietta Silver
94c
Hilltop-Nevada Mining__ _
Hollinger Cons Gold Alin _5 12%
2%
Howe Sound Co
Independence Lead Mining 330
.1 2%c
Jerome Verde Bevel
1
Jim Butler Tonopah
5
Kerr Lake
10t.
Knox Divide
5
La Rose Consol
1
Sc
Lone Star Consul
Sc
MacNamara Cresc Min_ _1
1
MacNamara Mining
7c
1
Magma Chief
1
7c
Marsh Mining
1%
Mason Valley Mines _ _
McKinley-Darragh Sav 1
National Tin Corp__ _ _50c 24c
1
12c
Nevada Ophir
Nevada Silver Horn
New Cornelia
New Dominion Copper_ _5
100 169%
New Jersey Zinc
.5
Nipissing Mines_
5%
10 470
Ohio Copper
Park Utah Mining
1%
Ray Hercules. Inc
Red Hills Florence
5c
Rex Consolidated Mining _1
Richmond Cop ;\l & Dev_ _
25c
Ruby Rend Mines
Sandstorm Kendall
10c
Silver King Divide Reorg_ _
16c
Silver Mules of Amer_
1 33c
Simon Silver Lead
South Amer Gold & Plat_ 1
•
Southwest Metals
4c
Spearhead
_1
Standard Silver-Lead
1
Stewart Mining.
_1 43c
Success Mining.
20
Sutherland Divide
84c
Teck-Ilughes
Terniskaming Mining
Tonopah Belmont Dev__ _1
1 720
Tonopah Divide
1
Tonopah Extension
3%
Tonopah Mining
,6
21 1,
Tonopah North Star_
1
Tuolumne Copper_
60c
United Eastern Mining-- -I
1%
United Verde Extension_ _1
26%
United Zinc Smelters
U S Cont Mines. new
20e
5
Unity Gold Mines
3%
Utah Apex
10c
Victory Divide
West End Consolidated 5
40
West End Extension MR_ White Cape Extension_10c
5 65e
Yukon Gold Co
Bonds
Allied Pack cony deb 68'39 75%
Certificates of deposit _
1939
8s Series B iv 1
Aluminum Mfrs 75- _ _1933 106
1925 103%
7s
1924
Amer Cotton Oil Ss. _1924
Amer G&E deb B 68_2014 97%
Amer IA & Tree 9s _ _ _1925
101
Without warrants
Am Republic Corp 65 w 1'37 89%
Amer Smelt & Refin 55 1947 93%
Amer Surma Tob 7%s.l))25
Amer Tel & Tel 6$_ __ _1924 100%
Anaconda Cop Min 78_1929 103%
6% notes Series A_ _1929 100%
Anglo-Amer Oil 7%s..-1925 103%
Armour & Co 7% notes1930 104%
Atl Gulf & W I SS L 58 1959 54
1933
Beaver Board 8s
Bethlehem Steel 7s__ _1923 104%
1935 102%
Equipment73
Canadian Nat Rys 7s.1935
1925 99
be
Canadian Pacific(15._ A924
1941 105%
Central Steel 88
Charcoal Iron of Am 851931 92%
Serv 7s Ser C_ _ _1066
Cities
Range since Jan. 1.
Low.
High.
Bonds (Concluded)
Friday
Last Week's Range Sales
for
Sale.
of Prices.
Price. Low. High. Week.
Range since Jan. 1.
Low.
High.
Mar
11.000 2251 Jan 49
Granhophone Ss '25 32
31% 32
Nov 40 'Mar
13.000 2983
Certificates of deposit
30
25
Cons GEL&P Bait 65'49
102% 103% 64,000 99% June 10744 Sept
101% Sept
34
25,000
55-4s Series E
1952 99
98% 99
Sept
is
1931
1,000 102% June 110
107% 107%
Feb 100% June
1941 99
Consol Textile 8s
• 99% 99% 21,000 94
Mar
Copper Export Assn 8s_'25 103% 103% 103%
9,000 1013-4 Nov 105
65c
2
Cs
1924 101% 101% 101% 6;000 1014 Nov 103% Apr
50c
3 000
107% June
Cuban Tel 1st 734s _1941
7
105 105
July
102
Cudahy Packing 7s_ _ _1931 101% 101% 101% 6,000 100%
1
,
5
Feb 103
Aug
Deere & Co 7%s
.1931 102% 102% 102% 17,000
380
Sept
Dee
Detroit City Gas65„ _ 1947 100% 100% bob
40,000 9934 Nov 103
Nov
e, 105
855
0 % IF)
Detroit Edison 6s1932 100
190
0
boo
1 000
3 00
101
Dec
1-6
Dominion I & Steel 55.1939 85%
1,300
134 Jan
551 Mar
2%
85% 86
2
May
100
i'.1an Gair (Robert) Co 7s_ _1937 967-4 96% 97
8
100
3% Nov
5
5
Sept
107
Galena Signal Oil 7s_ _1930
Nov
28
400 1151 Apr
25
2, 0 100% Jab
23
103 103% 16 0 0
Apr
Nov 107
3e Aug General Asphalt 8s_ _1930 103
Jan
lc 28,000
lc
27,000 100
lc
100 103
Jan 10834 Aug
Grand Trunk Ry C%s _1936
90 Aug
2c Mar
6c 64,000
Sc
105 105% 18,000 102
Jr.,
Gulf Oil Corp 78_ _1933 103% 103% 103% 54,000 102% Jan 104% May
29c
40 Dec
50 30,000
40
Dec Gulf Oil of Pa 5s
17c
96% Nov 9734 Dec
1937
180 26c 25,000 14c Nov
96% 9714
Sept
4c Feb 20c Aug Hocking Valley RR Cs 1924
8c
4,000
8c
52 001 10034 .A Pr 101
100% 100% 122..0
Aug
102
Flood Rubber 7% notes '36
Oct 30c Feb
8c
2,000
11c
lie
17,000 9725
.98% 99
Apr
Inter') R T 85 J P M roots
lc Sept 650
Jan 08% Dec
2c
5,000
2c
98
96% 98% 122.000
Certificates of deposit .._ _
3% July
I% July
2,700
2% '2%
97% 96% 98% 287,000 89% July 98% Oct
Oct
Kansas City Pow & Lt 55'52 9041 90
Jan
710
ja
0
9
330 35c 55,100 19c
90% 94,000 99% Nov 93% Sept
101% June
13e Dec Kansas City Term 65_1921
Feb
4e
13,000
120 130
4.000
100% 100%
Oct
5% Sept Kansas Gas & El 6s....1952 97% 97% 98
4% May
200
9% Nov 99
4% 5
33.000 10
Kennecott Copper 75_193(1 104
106% Jan
Oct
5
Nov
3
3,600
3% 4
45,000
103% 104
Aug
Ja r
Sc M., Laclede Gas Light 75_
Fe')
20
08
92% A ri
1944 Feb 103
70
4,000
70
10134 101
101% 63,000
Oct Libby McNeill& Libby7s'31
5
102% Sept
4% Oct
4% 4% 5,200
boby, 10134
Liggett-Winchester 78_1942
22c Aug
170
11,000 15c Sept
17c
4:00
101 51 101% 6 0 0 98% Afar 104% Sept
91% Nov
Oct
Louisv Gas & Elec Is. _1952 91% 91% 91% 92.000 81% Nov
15
Jan
84c
9
9
1% 15,100
1%
Jar
May
3
Manitoba Power 75__ _1941
100
2% Oct
4 4,700
2% 29
98
98% 13.000
Missouri Pacific Ry 65 1949 99% 99 100
28c Nov
Jan
1,000 lie
41.000 98% Nov 100% Oct
27c 27c
Morris & Co 7%s
May
107
1930 106% 106% 106%
690 75c 43,900 360 Aug 750 Dec
2,000
Vat Acme Co 7%s_ A931
Sept
Jan
Mar 100
21c
3,000 10c Aug
120 130
95
95
95% 11,000 92
Sept
3% A ft
7
J
.3. 1 106
Nat Cloak & Suit 85_1930 105% 105% 106
8
9
85
95
1,900 820 Feb
2%
6,000
2
Oct
102
Dec National Leather 85_1925 101'f 101% 101%
8% Sept 10
500
9% 10
Oct
90
Nebraska Power 6s_ _ _2022 87% 87% 88
Aug
2c Mar 220
21,000
3c
20
00
4. 0
4 M00
Mar 92% May
VYNH&H 7swi_1921
50 Aug
77
lc Mar
19,000
3c
2c
773.4 78% 47.000
Mar
,
410 Jul
500 franc bonds
Jan
27c 300 112,000 180
661-4 6751 242,000 868434i Mar 78
Dee 037-5 Nov
1952 899.4
Oct 260 Aug Ohio Power 5s
5c
18c 111,000
14c
89% 93% 118,000
Oct
93
Penn Power & TA 5s.1052 883
3c Aug
lc Aug
5,000
lc
5,000
lc
87% 88%
Philadelnhia Elec 6s_ A941 105
120 Nov
00% Jan 106% Sept
be
Jan
4,000 100
lie 94,000
Sc
10494 105%
Sept
5'-s
June 103
1947
3c June 600 Sept
1.1)00
30
3c
3,000
100% 101
A to
Phillips Petrol 7%s.__1931
300
Sc July
5,000
12c
Ilc
0 1
Fet. 1013 May
Without warrants
4c July
lc June
101% 101% 101
7,000
is
lc
10,000 99
5Sept
Public Serv Corp 7s w 11941 103% mg 1031.4 103.000 96% Feb
Am
150
May
7c
2,000
Sc
Sc
22c Mar Sears. Roebuck & Co 7s '23 101
Jan
•7c Sept
1,000
To
101
101% 12,000 97
7c
Apr
Sept
2
6
Jan 10
480 Mat inawsheen Mills 75._ A931
30 Nov
4c
15,000
/
10434 104% 21,000 101
30
Sept
:
18c June , bettleiti Farms 6.45._1942
Sc Aug
17,600
7c
Sc
100 100% 30,000 100% Nov
Sept
Nov Sloss
-Sheffield C & I 6s_'29
Mar
9
1.400
43.4 Jan
8% 8%
.97
8,000
97%
793'534'4
*Avay & Cle Ss
1927 104% 104% 105%
1.12 Oct
92 i
11,100 3013 Aug
42c 59c
0,00 103 3!, Jan 101
I% July South Calif Edison 55_1944 92% 92
Dec 95 • Nov
3,900 75c June
890 940
. 414 63.000 92
75%
Aug
Telep
11% 12% 7,700 2% Jan 14% Sept Southw BellNY deb78_1925 102% 102% 102% 73 000 100% Jan 104% Juug
Mar Stand 01101
Jan
8
0
6/0'33 106% 106% 106% 55.000 105% Mar 109% A ly
1,900
2% 2%
7% serial gold deb_ _1925
Jan 76c MaN
Oct
6c
27c 350 193,500
6,000 103
103% 105%
Feb
7% serial gold deb_ _1926 105% 104% 105% 11,000 104
5
Dec
Jan
2
1.000
2c 2%c
7% serial gold deb..,,1927
10c Feb
May
4c July
Sc
Sc
4,000
105% 105%
8,000 104% Feb 107
31-4
4% Apr
Sept
7% serial gold deb_ _1928
Mar
Feb 108
3
40(
3%
6.000 105
106% 106%
Aug
, 7% serial gold deb .1929
Ai
7c
Dec
2e
Mar 109
40
6,000
105
4c
4.000
107% 107%
7% serial gold deb_ _1930 108
Apr
Jan 63e Mar
25c 26c
2,000 25c
108 10934
8.000 106
Oct
7% serial gold deb_ Mil
July
140
Jan
lc
60 74,000
50
109 109% 10,000 107% Mar
9v
Swift & Co 7s_Aug 15 1931 102% 102% 102% 25,000 101
97
11
1033 Septe r
Jan 106S:t
140 Sept
Sc
Feb
8c
17,000
lc
5s, when issued_1932 93% 93% 93% 133,000 92% Oct
140 Mar
Jan
5c
70
Sc
15.000
Feb
ridal-Osage Oil 7s_ _ _ _ 1931
Sept
7c
10 Dec
lc
lc
7,00
103 103
4,000 99% Jan 106
AugAAupgr
United Oil Produc 8s_ _1931 101% 101% 102% 48,000 90
10
0098
Felt
310 May
Jan
40
Sc
70
15,000
United Rys of Hay 7%s '36 105% 105 105% 12,000 100
Om
3% MaY
Jan
1
1%
500
1%
aeuum 011 75
Apr
1936
4c
Jan
8c June
20c 20c
2,000
106
107% 107% 36,000
Oct
Valvoline 011 65
0
1937
22e 30c 82,000 20c Sept 670 May
1,000 98% July 1702
101% 101%
Sept
Wayne Coal Cs
Jan
Sc
1937
8o Nov 520 Mar
13c
28,000
71
7,000 50
- 72%
Foreign Government
140 May
lc Nov
IC
lc
1,000
and Municipalities
Oct 20 June
15% 16
300 15
Argentine Nation 7s 1923 99% 99% 100% 181.000 97
35% Dec
Jan 101% Aug
Jan
2
3
5,900
3%
Oct §Hamburg 4%5
169 174
June 172
5% Mar
Oct
1,060 141
25c
25c 0200000 200
ii hamburg-American 4%s_
ic Jan
De,
5
634 Mar
July
/
578
5%
1,200
25c
25c 050.000 25r
Oct
Mexico 4s
56e
1945 38% 36% 38% 450.000 34% Nov
42c 49c 37,200
5251 Apr
60 Aug
374 Oct
Sept
13
35
Dec
5
5
5
100
1051 Nov
10% 10% 10,000
5s
1 • Feb
2% June
Nov 23 June
1% 17,600
1%
15%
15% 16
25,000 14
56% Sept
Cs 10-year series B
80 Aug
lc July
2c
3e
July
5434
50
10,000
81,000
55
54
Net herlands(K ingd)6sP'72 99
120 May
Sept 99% Dec
Jan
Sc
50
Sc
6,000
98% 99% 1008000 94
Peru (Republic) 8s w 1_1932 983
Nov 100% July
25c 29c 58,000 230 Nov 301 Nov
% 97
30,000 96
99
Russian Govt 634s _1919 10
280 29e 20,000 260
Oct 46c Nov
93.4 Dec 30% Apr
55,000
9% 10
26% Apr
Oct
Certificates
Sc
Dec
lc
lc Aug
20
5,200
93-4.
111,000
9% 11
Apr
Jan Russian Govt 5%s_ __ _1921
28
Nov
10c
lie
Sc Nov 200
5,000
10
10% 20,000 10
ierbs, Croats and Slovenes
200 Mar
16c
190
17,000 10c Aug
96
(Kingdom of)8s w 1 .1926
32c 34c
6.000 290 Nov 900 Apr
71% 73% 307.000 69% Nov 107% Aug
7
Mar
.rwitserland Govt 514E11929 103% 102
5% Jan
3% Nov
5,100
1031-4 146.000 05% Jan
3%
33.4
Feb
16
Dec
6
6
200
8%
t Odd lots. • No par value. § Dollar per 1,000 marks. a Ex-100% stock divi19c SeIn
lc May
30
4c
13,000
p Marks. k Correction. m Dollars per 1.000 lire flat. I Listed on the Stock
dend.
2S0 Dec Exchange this week.
Jan
230 25c
2.000 10c
where additional transactions will be found. In Ex-special
Apr
160
Jan
20
60
Sc
5,000
dividend of $25. n Ex-extra dividend of 820. o New stork. p Ex-special dividend
700 Oct of $80 and regular
lo Mar
43c 50c
6,100
dividend of $3. w When issued. x Ex'dividend. y Ex-rights.
2c Sept o Ex-stork (lividend.
lc Sept
lc
2c
4,000
99c Nov
Jan
79c 86c
14.900 200
45c Sept
31c 310
1,000 27c July
New York City Banks and Trust Companies.
15-, Jan '1% June
1%
1%
2,500
,
411 twice,* dollars De, share.
72c 75c
19,300 46c Mar 960 At
43-f6 Dec Banks-N.Y. Bid
I% Feb
,
3% 44 29.080
Ask
Bus Ask Trust Co.'s Bid Ask
Banks
4,5
21 Sept
1% Jan
America •____ 214
217 Harriman _ _ .._ 375 385
2,900
New York
12c June
Feb
20
7c
Amer Exch__ 292 298 Imp & Trad__ 600 606 American _
7c
3,000
1
May
42c 60c 70,900 35c Nov
Battery Park_ 135
143 Industrial. __ 195 205 Bank of N. Y.
2% Jan
1% Apr
1% 22,411
1%
& Trust Co_ 462 467'
_
flowery'
440Irving Nat of
Oct 30% May
26% 26%
Broadway Cen 130 iii
200 25
N Y
240 244 Bankers Trust 369 373
134 May
50c 56c
Bronx Boro•_ 110
_ _ _: Manhattan •_ 1142
147 Central Union 427 432
3,300 50c Nov
Jan
55e
9e Oct
200 25c
Bronx Nat.... 155
_-- Mech & Met_ 408 413 Columbia ___ 315 320
12.000
5% Feb
2% Mar
Bryant Park. 155 165 Mutual.
115
3% 3% 3,300
125
_ _ _ Commercial_
700
Mar Butch & Drov 130 138 Nat
3
Mar
3
3
3
. 300 310
500
150 Empire
American
Sc Sept Cent Mercan_ 210
lc Nov
be
270lc 22,400
225 National City 55E- 340 Equitable Tr_ 265
1 19-f, Mar Chase
Feb
330 335 New Neth •__ 125
1%
1% 15,300 70c
135 Farm L & Tr_ 505 510
Oct Chat & Phen_ 257 263 Pacific •
8c
30 Nov
4c
Fidelity Inter. 210
Sc
_
9,500
300
Oct Chelsea Each* 105
Sc
40 Nov
100
255 265
115 Park
10c
2,000
452 457 Fulton
1% June Chemical_ _- 535 54! Public
228
65c 65c
1.800 50c Nov
340 350 Guaranty Tr 224
190
Coal & Iron__ 215 225 Seaboard. _ _ _ 330 340 Hudson
Apr Colonial •____ 325
Jan 90
__ Standard •- _ 28) 303 Law Tit & Tr 219 224
3,000 59
75% 75%
60
_
60
1,000 5034 Oct 67 8 s Sept Columbia'..,. 225 -- _ State.
325 335 Metropolitan_ 300 310
Feb 99/ May Commerce.. _ 298 30(1 Tradesmen's• 200
82% 84
Mutual (West
12,000 76
Aug Com'nwealth• 220 235 23d Ward._ _ - 270
130
115
cheater) _ _
105% 106
300
15,000 102% Feb 107
Aug
____ N Y Trust__ 350 354
Continental__ 135
103% 103%
145 United States. 165
3,000 100% Jan 105
Feb 99% Ally Corn Exch.__ 468 472 Wash'n H'ts • 200_ Title Cu & Tr 1325 335
93
_97% 97% 11,000
_ U S Mtg & Tr 310 320
____ Yorkvllle•
96% 97% 102,000 96% Nov 100% Oct Cosmoplan._ 90
480
United States 1180 - - - East River__ 180
- -- May 101% Aug Fifth Avenue*1120Brooklyn
mow, 101
13,000 100
Nov 9351 Aug
Fifth
195 i6E- Coney Island' 155 185
88
89% 32,000 86
Nov 93% Nov
Brooklyn
320 355
First.
1215 1235 First
92
93% 44,000 92
130 Brooklyn 'Fr.. 460 480
Garfield
240 250 Mechanics' ... 120
96
20.000 9551 Nov 10051 Oct
98
_ Kings County 750
180 187 Montauk .- _ 150
.
100% 101
69,000 99% Jan 10134 Apr Gotham
225 240 Manufacturer 260
270
____ Nassau
Greenwich •
103 103% 31.000 10034 Jan 1043-4 Aug
350
Peopl's.,
160
Hanover
665 675 I Peonle'R
100% 100% 62,000 963-1 Jan 102% Aug
103% 103% 32,000 10251 Jan 104% Aug
are State banks. t New stock. z Ex-dividend is Ex-rights
•Banks marked with
104% 104% 67,000 10154 Jan 105% July
New York City Realty and Surety Companies.
52% 54
29,000 50% Oct 66% May
Sept
May 81
All prices dollars per share.
4,000 61
69
68
104% 104% 88,000 10051 Jan 106% Aug
Ask Realty Assoc £01
Ask
Bid
Bid
Ask
Aug
102% 103
43,000 1003.1 Jan 108
164
(Brooklyn)_ 160
165
Lawyers Mtge1158
Alliance R'Ity 1 80
Aug
17,000 104% Feb 112
109% no
125 U S Casualty_ 200
88 Mtge Bond__ 118
Surety_ 84
Amer
24,000 98% June 99% Aug
98% 99
115
S Title Guar 108
2C0
275 Nat Surety__ 190
Bond & M G. 265
100% 101% 13,000 993-4 Jan 101% Jan
West Chester
88 N Y Title &
Feb 108
Sept City Investing 65
105 106
31,000 98
165
Title & Al Ci 200 220
Mortgage__ 160
Preferred __ 101) 110
Dec 99% Apr
91
92% 10,000 91
Sept
Feb 98
91
95% 13,000 87
t New stook
lc
lc
34c
1034
10
1%
95c
20c
53-4
20c
80
1,000
lc
1,000
lc
35e 110,100
11
200
100
10
P4 7,500
1,500
950
2,000
20c
6
16,700
200
1,000
10,000
9c
lc
lc
300
10
10
1
50c
20c
23(
15c
70
Feb
Mar
Nov
Jan
Apr
July
Jan
Nov
Jan
Nov
Aug
3c
7c
1
14%
14
Apr
May
May
June
May
Oct
Apr
May
July
Feb
,
Jai
,1,
100
1
2,574
buiestuunt mut gailitaati nktlin
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
san be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
1.1an. 1 to Latest Date.
Current
Year.
ROADS.
Latest Gross Earnings.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Akron Canton & Y'n October
196.796 198,116 1,821,853 1,391.816 Mississippi Central_ October
966,725
131,462 131,415 1,231,253
Alabama & Vicksb_ October
270,802 367,190 2,470,525 2,817.535 Mo & North Arkan_ October
491,781
___ __
128,802
3d wk Nov 102,531 118,783 4.454,443 4,552,571 Missouri Kan & Tex October
Ann Arbor
3.218,571 3.130.751 25,939.290 28,129,286
Atch Topeka & S Fe October
191381 746 18691 589 153656 745 158448 159 Mo K & T Ry of Tex October
2,392.221 2.652,735 17,531,249 22,851,279
Panhandle & S Fe Ortober
888,765 1,025.406 6,455,816 8.012.410 Mo Kan & Tex Syst October
5.782,994 6,024,768 44,749,706 53,359,848
Gulf Colo & S Fe.. October
2,571,774 2,564,951 19,158.857 25,056,542 Missouri Pacific........ October
9,187,213 10690338 82,310,143 92,725,126
Atlanta Birm & Atl_ October
382,801 340,392, 3,241,862 2,593,420 Mobile & Ohio
4th wkNov 552,724 433.064 16,295,653 16,684,854
Atlanta & West Pt_ October
268,757 216;1611 2,095.853 2.102,044 Columbus & Greenv October
145,914 178,053 1,270,384 1,276,625
Atlantic City
•October
307,113 288,966' 4,106,416 4,163,201 Monongahela
October
382,016 545.576 2,900.122 3,522,058
Atlantic Coast Line.. Octooer
6,118,955 5.543,204 57,583,462 55,333,540 Monongahela Conn October
620.153
162,707
95,978 1,344,688
Baltimore & Ohio_ _10ctober
19702229 19045952 160049024 167216726 Montour
October
809,625 1,230,135
213,355 121,681
B & 0 Ch Term October
304,063 290,2771 2,545,576 2,167,506 Nashv Chatt & St L October
2,159,604 2,007,57118.286,321 17,590,850
Bangor & Aroostook October
592,857 753,8311 6,310,230 6,010,175 Nevada-Cal-Oregon 3d wk Nov
411.354
7,546
16,694 • 296,474
Bellefonte Central October
12,189
7,104
290,901
88,695
62.677 Nevada Northern_ _10ctober
463,411
76.176
27,388
Belt Ry of Chicago_ October
610,752 572,241' 4.977.838 4.590.300 Newburgh & Sou Sh October
171,051 186.318 1,587,065 1,147,838
Bessemer & L Erie_ _ October
2,176,595 1,320.603 11,732,576 11,950,496 New Orl Great Nor.. October
227,741 220,116 2,111.704 2,150,807
Bingham & Garfield October
Texas & Mex October
27,094
11,302
N0
329,184 304,780 2,290,816 2.220,631
Boston & Maine
October
7,474,118 7,314,654 65,949,045 65,245,877
Beaum S L & W 10ctober
207,990 183,603 1,677,317 1,830,612
Bklyn E D Term_
October 1
123,582 121,066 1,309.776 1.099.893
St L Brownsv & M October
375,316 459,038 4,334,677 5,070,566
Buff Roch & Pittsb.. November 2.287,604 1,281,977 14,689,407 13,294,254 New York Central October
35733437 30385680 291754285 282994130
Buffalo & Susq
'October
175.348 221,281 1,213.120 1,706,813
Ind Harbor Belt_ September 998,465 836,281 7,303,536 6.670.869
Canadian Nat Rys_ 4th wkNov 3,781,736 3.851 732 1095-0262 115336177
Michigan Central October
8,255,638 6,983,135 67,610,184 61,090,774
Canadian Pacific_ _ _ 4th wk Nov 5.807,000 4.896,000 165348000 157376000
Clev C C & St L_ _'October I 7,815,894 7,331.704 69,195,581 67,370,597
Caro Clinch & Ohio.. October
Cincinnati North..10ctober
633,332 734,662 6,293,675 6.219,053
324,409 376,639 2,776,666 3,248,820
Central of Georgia_ _10ctober
Pitts & Lake Erie October
2,194,087 2,025,083 18,913,304118,835,161
3,338,714 1,977,647 22.258,238 19,272,208
Central RR of N J October
Tol & Ohio Cent_ September 1,365,296 1,015.227 6,097.593 7.987.016
5,152,697 4,878,801 40,105,672144,347,9.58
Cent New England_ October
Kanawha & Mich September
669,220 781,518 5,539,2001 6,963.639
448,560 452,368 2,577,481 3,644.106
Central Vermont.. October
791.590 670,
N y_ Chic & St Louis October
, 0 ,.
5,933,20
3.697,433 3,305,965 32.337.457 30,128,540
Charleston & W 0_ _ October
October
267,945 297,780 2.688,061 2,751,618 N Y Connecting
313,430 254,984 2,459,237 2,828,389
Ches & Ohio Lines.._ October
6,693,743 7,597,616 69,198,700,71,571,929 NYNH& Hartf October
11542713 10659735 101487175 96,235,391
Chicago & Alton...._ October
2,439.707 2,958.277 22,136,817 26,028,751 N Y Ont & Western October
1,106,625 1,112,052 10,300,579 12,055,548
Chic Burl & Quincy_ October
17093725 16993575 134239029 141724841 N Y Susq & West October,
431,782 380,933 3,364,808 3,596,496
Chicago & East Ill 10:•toher
2 371.433 2,701.931 119.938.499 22.826,018 Norfolk Southern._ October
770,714 757,180 6,893.007 6,626,264
Chicago Great West'October
2,345,274 2,383,312 19.925,452 20.631,130 Norfolk & Western.. October
7,302,396 7,249,808 76,637,774 66,602,096
Chic Ind & Louisv Octoper
1,524.651 1,401.638 13,111,981 12,726.479 Northern Pacific...... October
10005 134 11027033 78,299.890 78,117,319
Chicago Junction May
Northwestern Pac_ _ October
292,669 409.419 2.045,955 2,042,576
.791.157 911,622 6,817,526 7.389,364
Chic Milw & St Paul October
15888955 14989444 128434131 123609668 Pennsylv RR & Co_ October
62950906 55678009 529497 176 515281 433
Chic /4., North West_ October
Balt Ches & Atl_ _ October
14884070 14630349 121255715 123335°21
130,886 119,345 1,354,628 1,404,029
Chic Peoria & St L_ October
°Inc Lob & North August
747.173
707.71b
178,033 207,834 1.747,642 1,738.359
97,728 104,402
Chic River & Ind.__ October
Long Island
October
632,505
2,608.127 2.435,866 26,195,602 24.560.654
3.090,926
Chic R I & Pacific October
Mary Del & Va.._ October
11249 119 12515947 98,841.937 111753 215
98,970
996.696 1.073,212
101,979
Chic R Lk Gulf__ October
N V Phila & Norf September
505,847 611.724 4,813,605 6,475.952
953,337 518,138 6,120,180 4,668,250
Chic St P M & Om.. October
Tol Peor & West.. October
2.537,065 2,877.077 23.146.827 23.604.228
166.495 175,260 1,376,997 1.420,451
Gine Ind & Western October
W Jersey & Seash October / 1,168 692 974 731 12,058 932 11,403,309
460.556 368.032 3,538.558 3.058,293
Colo & Southern.. _ _ October
1.200.578 1.336.780 10,819.039 10,973,339 Pennsylvania Syst_ _ October
67176153 5953g597 57221J174 555804114
Pt W & Den City.. October
953,246 1.115,749 7,848.756 9,471,516 Peoria & Pekin Un_ October
180,995 164,576 1,500,624 1,399,427
Trin & Brazos Val October
237 333 365.144 2.352.150 2,575,686 Pere Marquette........ October
3,602,421 4,002,982 31.587,005 32,342,129
Wichita Valley
October
October
173,538 210,968 1,055,720 1.401,655 Perkiomen
117,465 102,981 1,074,782 1,055,592
Cumb Val & Martin September
October
83,916
8,862,560 7.948.308 64,554,342 70,705.677
90.239
673.596 1,064,745 Phila & Reading
Delaware.& Hudson October
3,972,6(13 4,002,492 30.432,304 38,357,067 Pittsb & Shawmut_ _ October
69,836 136,845
835,478 1,059,916
Del Lack & Western October
7,475,022 7,548,162 61,245.545 72,430,985 Pitts Shaw & North October
991,018
148.162 111,535
976,926
Deny & Rio Grande October
3.397,224 3,784,315 27.218.189 27,417,892 Pittsb & West Va.... October
252,064 271,925 2.301.210 2.366,082
Denver & Salt Lake October
October
233.764 330,056 1,178,978 2.423.381 Port Reading
169,059 202,106 1,462,264 1.899.799
Detroit & Mackinac October
190.387 181.333 1,5%0.795 1,674,155 Pullman Company.. September 5,912,208 5.748.168 48.759,023 49.918.058
Detroit Tol & trent_ October
780.033 630,108 7.467.782 5.411,318 Quincy Om & IC 0_ _ October
153.136 115,252
975,427 1.093.433
Det & To1 Shore L__ Oct oner
3:1%.c9
349.345 2.929 832 2.370.680 Rich Fred & Potom_ October
965,594 773,596 9,050,343 8,413,282
Dub & Iron Range October
October
732.705 415,027 6,317.042 7,782.240 Rutland
509.138 519,296 4,789,973 4,910,675
Dul Missabe & Nor. October
1,775,056 1.313.326 13,687,250 12.086,035 St Jos & Grand Isl October
305,303 398,373 2,594,241 2,847.628
Dub sou Shore & At 31 wk Nov
83.704
72,460 3.915.034 4.0.M.672 St Louts San Fran October
6,429.808 7,721,301 65,320,897 68,968,217
Duluth Winn & Pac October
170,997 190,718 1.642,707 1,988,733
Ft W & Rio Gr'de October
149.831 147.018 .1,124,344 1,450,829
East St Louis Conn.. October
102.530 168.038 1.607.976 1.360,345
St L-S F of Texas October
158,031 173.923 1,406,885 1,615,993
Eastern SS Lines _ October
548,485 495.389 5.141,911 4.661.05% St Louis Southwest_ November 2,549,887 2,337,638
Elgin Joliet & East.. October
2.095,680 1,630.107 17.140,196 16,186,969
L S W of Texas October
St
796,552 844,183 6,155,746 6,396,575
El Paso & Sou West October
902,851 894,173 9,251,820 9,349,965
November 2,549,887 2,337,538 24,590,250 24,043,846
Total system.._
October
Erie Railroad
9,504,959 10540392 75,588,414 87,295,056 St Louis Transfer October
68,292 122,994
814,688
952,994
Chicago & Erie October
1.146,951 1,044,077 9,265.339 9,022,218 San Ant dr Aran Pass October
648.618 630,403 4,792,782 5,308,263
86.13
5
N
y RR_
October
130.555 125.851 1,249,242 1.747.771 San Ant Uvalde & G October
84,514
,
1,016,878
Florida East Coast.. October
934,202 930,711 11,147,440 11,376,884 Seaboard Air Line October
4,203,614 8,878.118 36.938,134 35,535,577
Fonda Johns & Gloy October
October
129,950 117.598 1.159,353 1,130,537 Southern Pacific
26232894 26532231 214983175 22'7333285
Ft Smith & Western October
173.722 192,491 1,348,706 1,486,459
Atlantic S S Lines October
1,199,461 983,459 9,758,518 8,711,904
Galveston Wharf...... October
223,403 109,887 1,205.385 2.283 504
Arizona Eastern_ October
286,117 194,812 2,592,584 2.314,979
Georgia Railroad...._ October
541.319 484.785 4.226.160 4,438.368
Galv Harris & S A October
2,155,831 2,153,412 .18,127,408 21,033,905
Georgia & Florida October
128.726 121.645 1,111,583 1.170,479
1,596,878 1,818,411 12.235,944 11,495.923
Hous & Tex Cent_ October
Grand Trunk Syst 4th wk Nov 2,947.175 2,569,162 96.909.551 95.351.876
Tex_ October
Hous E & W
308,534 305,612 2,594,547 2.472.608
Atl & St Lawrence October
239 532 175.949 2.257.076 2.283.993
Louisiana West September
355,070 348,224 3,064,744 3,256,859
ChDetCanGTJct October
208.583 205.813 1.837.427 1,644.072
748,665 704,658 5,761,891 6,398,994
Morg La & Tex__ September
Det G H & Milw_ October
576.7371 537.645 4,427,924 3.709.695
772,937 834,927 7;171.702 7,184.058
Texas & New On.. October
Grand TM West.. October
1,400,041 1,186,863 13.505,456 12,171,516 Southern Railway... November 15064803 14390079 149173505 17,863.31
5362 426
27
Great North System October
11605 480,12284 483 84,415.554 82.967,604
718,544
6,806.976
Ala Great South.. October
Green Bay & West_ October
124.989 136.407 1.136.245 1.175.599
1,537.950 1,489.228 13.365,977 14,410,461
Cin N 0& Tex P. October
Gulf Mobile & Nor.. October
403,7821 391.012 3,674.169 3,409.190
371.733 389.791 3.730,676 3,741,277
Georgia Sou & Fla October
Gulf & ship IslAnd_ eicin,er
248738 278.:415 2,464.083 2.403 1443
Mobile & Ohio...... November 1.801,572 2,132,152 16,295,652 16,684.854
October
Hocking Valley_ _
1,503,820 1,655.527 11,174,715 12.079,665
483,270 554,087 4.361.453 5,328.090
New Orl & Nor E_ October
Illinois Central Syst October
October
15595017 13967300
151.334
Northern
84,977 1,141,307
728,331
025 118916572
Illinois Central.. _ _ _ Octubera 17692382116096082 1260230331135926156 Spokane Internat'l_ October I
116,241 105,188
980,494 1,081,652
141709
Internat & Grt Nor.. October
1,654.90 1,435.655 12,016 867 15 311.204 Spok Portl & Seattle October I
3
662,125 934,480 5,985,589 6.647,478
Internat Ry of Me.... October
169.8521 213,250 2.122,574 2.310.044 Staten Island It T__ October.,"
193,720 225,684 2,044,135 2,136,146
Kan City Mex & Or October
102.335' 148.376
264,313
1,877,872
1.537....... Tennessee Central.... October.11
,
K C Mex &0 of Tex October
145.656 209.434 1,226.105 1.823.201 Term RR AssnofStL October
398,633 473,881 3.723,525 3,778,688
Kansas City South_ October
1.631.247 1,746 245 14.842 l7316.677 528
459,475 384.155 3.244.736 3.047.411
St L Mer Bdge T.. October
October
Texark & Ft Sm....
221.625 198.700 1,736.564 1.859.729 Texas& Pacific........ November 2,967,0443,076,421 28,011,206 32,522,156
Total system.. _ _ _ October
1,852,871 1,945.357 16.578,736 18,506,324 Toledo St L & West October
1,289,499 1,003,333 9.231,973 7,777,142
Kan Okla & Gulf...... October
275,280 220.080 2,362,175 1,930.645 Ulster & Delaware__ October
126.865 147,1521 1,414,235 1,523,077
Lake Sup & Ishpem_ October
October
122,8721 97,428 1,020,337
21633101 25506039 115164573 121997560
378.528 Union Pacific
Term
Lake Ter it v _ _ _ Oct000r
1 0 1,498
89,105 ,
4,146.858 4.594.708 29,837,593 30,572,694
Oregon Short Line October
79.486 1,014.401
Hud River October
Lehigh &
284.826 319.165 1.974.461 2.705.283
Total system--- September 19297036 21519132 135455656 145049041
Lehigh & New Eng.. October
555.823 538,286 3,437,504 4,081,205
2,903.010 3,192,270 23,402,733 24.797.535
Ore-Wash RR&N October
October
Lehigh Valley
5.488, 12 6,912,072 51.322.044 63,3111.647 Union RR (Penn)_ October
9
1,037,168 754,3621 9,357,987 8,048.680
1,894.327 1.828.264 16,147,335 16,503,170 Utah
October
Los Ang & Salt Lake October
160,688 127,077 1.404,635
980.318
Louisiana & Arkan_ October
263.529 347.005 2.707.184 2,844.600 Vicks Shrev & Pac_ _ October
326,914 388.345 2,998,652 3,457,322
Louisiana By & Nay September 323.197 362,964 2.491.775 2.981,883 Virginian Railroad_ October
1,523,991 1,585,535 16,066,983 15,452,432
10622310 11317 193 100757 149 98,980,898 Wabash RR
October
Louisville & Nashv_ October
5,000,891 5.621.494 47,741,878 49,982,567
299.341 268,165 2,723,475 2,424,924 Western Maryland.. November 1,805,466 1,390,705 18,720,994 16,236.338
Loulsv Hend & St L October
October
1,697.855 1,898,453 16,967.159 17,401,922 Western Pacific_ _
October
Maine Central
1,569,773 1,326.053 10,299,018 10,419,143
October
142,836 442,230 3,845.482 3,754,45 Western Ry of Ala_.. October
Midland Valley..
304,043 250,109 2,196,371 2,129.756
3d wk Nov
6.382
2,194
Mineral Range
276,483
1,074,344 1,501,338 11,004,773 12,668.143
254,846 Wheel & Lake Erie_ October
minneap & St Louis November 1,385,235 1,433.625 14,293.296 15,000,490 Wichita Falls & N W October
171,602 241,281 1.279,167 2,379,283
5,025,351 4,533,766 38,322,298 35,894,684 Yazoo & Miss Valley October
2.097,365 2,129.662 15,686,008 17,009,614
Minn St P 8r S M_ October
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
-$
$
Mileage. Curr.Yr. Prev.Yr.
11.632,806 - 0,3961 7.65 December.--225.619 224,784 406.864,055 527,480,047 420,615,992 22.87
80
12.819,788
-586,327 4.58 January ____235.395 234.636 393.892.529 469,195.808 -75,303,279 MOB
14,361.643 +1,317,723 9.18 February ___235.625 234,880 400,430.580 405,203 414 -4,772,834 1.18
15,502,759
234,986 234,202 473,433.886 457,374.460 +16.059.426 3.51
+687,628 4.44 March
15,361,125 +1.182,343 7.69 April
234.955 234.338 116,240,237 432,106.647 -15,866,410 3.67
16.646.378
+885,219 5.32 May
234.931 234,051 447,299.150 443,229,399 +4.069.751 0.92
23,710.585 +1,181.373 5.40 June
. .
.
235,310 234,568
+12,376,822 2.69
16,159,779 +1.339.269 8.29 July
235.082 234,556 442,736,397 462,696.986 -19,960,589 4.31
.15.880,145 +1,886,024 11.87 August
235,294 235.090 472,242,561 504,154,065 -31,911,054 6.35
1R.R60..574 15.153.422 +1.707.152 11.25
September.. _235.280 235.205 498,702.275 496,978,503 +1.722.772 0.33
•Grand Rapids & Indiana and Pitts. Oinc. Obis.& St. Louis included in Pennsylvania BR. z Lake Erie & Wsoken includAri in New York
Oastral
2d week Sept (15 roads)____
ad Week Sept (16 roads).......
4th week Sept (12 roads)____
1st week Oct (14 roads)..2d week Oct (13 roads)____
3d week Oct (16 roads)___
4th week Oct (18 roads)___:
let week 'Nov (16 roads)____
24 week Nov (18 roads) ____
2ti .....u. ?gm, CI R rniula 1
$
10.742.410
12.233.461
15.679,366
16,190.387
16.543,468
17.532,597
24.891.958
17,499.048
17.766,169
DEC.9 1922.]
THE CHRONICLE
.2575
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1922.
1921.
1921.
1922.
1922.
1921.
$
$
$
$
$
Gulf Mobile & Northern
85,494
81,398
107,307
118,267
403,782
391,012
October ___
746,881
122,155
316,015
974,170
From Jan 1 3,674,169 3,409,190
Gulf & Ship Island
57,783
30,409
84,773
October ___ 248,738
.55M67
278,205
218,458
504,551
428,070
From Jan 1 2,464,983 2,403,483
691,467
1922.
1921. I Increase. Decrease. Hocking Valley
November.
Fourth week
615,311
86,296
676,225
171,509
October ___ 1,503,820 1,655,527
From -Jan 1 11,174,715 12,079,665 2,773,457 1,906,148 1,844,605 1.095,329
5,894
127,500
133,395
Ann Arbor
Illinois Central
788,728
348,593 404,135
Buffalo Rochester & Pittsburgh
October _15,595,017 13,967,300 3,747,305 10,910,177 2,865,049 1,940,055
69,996
Canadian National Railways_ _ _ 3,781.736 3,851,732
From Jan 1 126023025 118916,572 29,434,416 21,707,153 20,073,669 14,538,892
26,581
132,990 .106.409
Duluth South Shore & Atlantic_
International & Great Northern
Grand Trunk System
106,557
308,662
145,614
342,570
October ___ 1,654,293 1,435,655
2,947,175 2,569,162 378,013
Canada Atlantic
896,257
From Jan 1 12,016,867 15,311,204 2,107,014 1,274,346 1,766,271
Detroit Grand Hay & Milw_
International Ry in Maine
Grand Trunk Western
12,350
5,072
27,350 -22,499
October ___
8,903
169,852
-8,449
3,831
213,250
Mineral Range
25,581
64,581 -17,504
From Jan 1 2,122,574 2,310,044
340,946
132,496
315,365
Minneapolis & St Louis
224,581
65,759
676,535
St Louis Southwestern system_ _
742,295
Kansas City Mexico & Orient
Southern Railway
4,498,015 4.194,012 304,003
October ___
-3,226 -24,029 -11,266
102,335
148,376 -15,709
Mobile & Ohio
433,064 149,660
582,724
From Jan 1 1,109,348 1,537,504 -86,118 -161,059 -167,486 -241,491
58,298
Texas &.,Pacific
859,107
917,405
Kan City Mex & Orient of Texas
Western Maryland
392,036 161,518
553,654
10,832
12,546
October ___
145,656
16,982
18,612
209,434
From Jan 1 1,226,105 1,823,201 -139,847 -306,370 -200,719 -367,895
Total (15 roads)
15,338.192 13,967,120 1,494.741 159.769
Kansas City Southern
1,334,972
Net increase(9.95%)
Texarkana & Fort Smith
83,342
100,558
90,701
October ___
221,625
111,530
198,700
599,914
From Jan 1 1,736,564 1,859,729
611,549
674,420
718,470
-The table Kansas Oklahoma & Gulf
Net Earnings Monthly to Latest Dates.
43,566
82,954
52,636
October ___
275,280
92,531
220,080.
following shows the gross and net earnings with charges and
37,936
From Jan 1 2,362,475 1,930,645
581,933
128,943
680,147
surplus of STEAM railroad and industrial companies Lake Superior & Ishpeming
51,538
45,520
50,901
October ___
122,872
57,024
97,428
reported this week:
From Jan 1 1,020,337
408,573 -159,127
464,845 -104,582
378,528
Lake Terminal
- -Net from Railway- -Net after Taxes
-Grossfrom Railway
27,977
30,743
36.s23
October ___
100,498
32,145
89,105
1921.
1922.
1921.
1922.
1921.
1922.
79,943
178,030
From Jan 1_ 879,486 1,019,401
139,378
232,735
$
$
Lehigh dr Hudson River
Atchison Topeka & Santa Fe
69,314
63,523
81,465
October ___
284,826
75,702
319,166
Gulf Colorado & Sante Fe
588,004
224,407
From Jan 1 1,974,461 2,705,288
709,517
357,808
794,235
882,618
875,333
966,243
October ___ 2,571,476 2,564,951
From Jan 1 19,158,857 25,056,542 3,799,103 7,347,860 3,066,071 6,610,467 Lehigh & New England
October ___
555,834
,
123,817
195,350
80 597
244,089
538,286
Panhandle Sante Fe
765,56,
325,834
From Jan 1 3,437,504 4,081,205
947,662
457,379
441,554
153,090
463,026
176,028
October ___ 888,765 1,025,406
307,397 2,137,901 Los Angeles & Salt Lake
534,184 2,343,478
From Jan 1 6,455,876 8,012,410
339,859
274,983
October ___ 1,894,327 1,828,264
443,009
384,096
Bellefonte Central
From Jan 1 16,147,335 16,503,170 2,560,247 2,576,019 1,452,582 1,591,483
61
3,728
262
3,848
7,104
12,189
October ___
16,807 -10,499 Louisville Henderson & St Louis
-8,489
18,007
62,677
88,695
From Jan 1
76,618
71,077
October ___
84,007
299,341
93,764
268,165
Bingham 8: Garfield
404,199
647,110
From Jan 1 2,723,475 2,424,924
478,060
700,437
-1,175 -36,022
1,427 -27,275
11,302
27,094
October ___
Minn St Paul & Sault Ste Marie
153,956 -118,059 -223,526 -162.773 -284,483
181,328
From Jan 1
912,061
October ___ 5,025,351 4,533,766 1,162,583 1,077,289
914,897
Buffalo & Susquehanna
64,322
From Jan 1 38,322,298 35,894,684 8,708,339 2,638,110 6,183,384
34,323
37,701 -21,515
221,281 -11,811
178,348
October ___
From Jan 1_ 1,213,120 1.706,813 -73,309 -292,402 -115,635 -325,480 Missouri Kansas & Texas
453,946
October ___ 3,218,571 3,130,751
755,887
724,644
981,662
Charleston & West Carolina
From Jan 1 25,939,290 28,129,286 8,593,051 5,700,546 6,867,546 4,043,709
19,680
41,179
29,691
52,179
297,780
October ___ 267,945
507,036 -141,585 Mo Kan & Tex Ry of Texas
617,958 -41,101
From Jan 1 2,688,061 2,751,618
950,914
October -__ 2,392,821 2,652,735
582,369
638,691 1,005,904
Chicago Burlington & Quincy
From Jan 1 17,531,249 22,851,279 3,778,763 5,156,388 3,250,043 4,650,030
October ___17,093,728 16,993,575 4,363,187 4,591,303 3,525,435 3,775,775
From Jan 1 134239029 141724,841 29,976,751 34,554,914 20,744,188 26,296,361 Missouri &North Arkansas
October ___
45,121
128,802
47,275
Chicago Great Western
From Jan 1
97,410
491,781
104,751
338,026
71,047
149,679
421,015
October ___ 2,345,274 2,383,312
2,488,316 Monongahela
From Jan 1 19,925,452 20,631,130 2,209,370 3,222,569 1,400,889
October ___
677,189
120,651
382,016
283,689
545,576
128,651
Indianapolis & Louisville
Chicago
From Jan 1 2,900,122 3,522,058 1,040,232 1,006,431
941,425
960,068
380,409
419,861
350,688
444,473
October ___ 1,524,651 1,401,638
From Jan 1 13,111,981 12,726,479 3,122,391 2,226,215 2,485,404 1,613,155 Nevada Northern
October -__
35,821
-8.54
76,176
5,313
27,388
43,356
Chicago Peoria & St Louis
From Jan 1
137,954 -171,632
463,411
290,901
202,095 -32,920
-9,847
3,437 -16,324
-5,424
207,854
178,033
October ___
-375,708 New York Central
From Jan 1 1,747,642 1,738,359 -62,854 -272,216 -160,853
Indiana Harbor Belt
Chicago Rock Island & Pacific
302,611
October
374,587
330,256
1,168,737
950,255
425,253
October _11,249,119 12,515,947 2,433,343 2,920,946 1,894,610 2,417,933
From Jan 1 8,472,273 7,621,124 2,960,759 1,649,192 2,567,013 1,427,070
From Jan 198,841,937 111753,215 19,488,147 21,073,850 14,122,802 16,422,427
Michigan Central
Cincinnati Ind & Western
October ___ 8,255,638 6,983,138 2,234,608 2,489,088 1,759,116 2,173,266
-7,954
87,120
368,032
1,563
107,228
October ___ 480,556
From Jan 1 67,610,184 61,090,774 19,087,403 14,340,133 15,073,634 12,002,858
481,187 -449,038
319,510 -588,803
From Jan 1 3,538,558 3,058,293
N Y Chicago & St Louis
Colorado & Southern
505,554
622,303
October ___ 3,697,433 3,305,965
784,433
838,794
347,920
406,934 -24,893
October ___ 1,200,575 1,336,780 • 47,229
From Jan 1 32,337,457 30,128,540 7,786,907 5,690,526 5,971,321 3,830,369
From Jan 1 10,819,039 10,973,339 2,112,194 2,290,525 1,438,877 1,584,669
Northwestern Pacific
Fort Worth & Denver City
October ___
791,157
289,842
39.672
228,083
2
911,622
277,203
408,301
160,218
215,304
449,111
953,246 1,115,749
October ___
From Jan 1 6,817,526 7,389,864 2,098,348 2,093,018 1,621,217 1,711,058
From Jan 1 7,848,756 9,471,516 2,516,967 3,249,574 2,081,164 2,913,507
Pennsylvania RR & Co
Wichita Valley
October _62,950,906 55,678,009 8,714,368 9,166,102 5,766,189 6,464,275
112,463
68,821
210,968
75,243
117,787
173,538
October ___
From Jan 1 529497176 515281,533 93,983,646 62,497,594 68,913,427 39,557,164
419,343
251,374
314,575
480,650
From Jan 1 1,055,720 1,401,655
Baltimore Chesapeake & Atlantic
Detroit & Mackinac
15,85.5
15,859 -10,363
October ___
130,886
119,345
-8,263
7,632
34,205
181,333
44,281
18,629
190,387
October ___
84,335
130,314 -23,296
From Jan 1 1,354,628 1,404,029
24,464
41,689
54,909
157,751
1,674,155
157,780
From Jan 1 1,580,725
Long Island
Detroit Toledo & Ironton
405,121
298,153
536,201
October ___ 2,608,127 2,435,866
438,369
-4,367 ' 98,393
115,604
8,914
630,108
780,033
October ___
From Jan 1 26,195,602 24,560,654 6,946,034 5,00,383 5,421,487 3,663,815
991,475
From Jan 1 7,467,782 5,411,318 1,138,907 1,118,950 1,011,934
Maryland Delaware & Virginia
Duluth & Iron Range
October ___
101,979
98,970 -16,744 -11,972 -16,744 -11,972
173,362
84.357
415,027
231,995
113,513
732,705
October ___
1,917 -73,218 -22,599
From Jan 1
996,696 1,073,212 -52,811
689,954
995,283 1,918,404
From Jan 1 6,317,042 4,782,240 2,370,903
Toledo Peoria & Western
Duluth Missabe dr Northern
13,359
-9,937
23,359
1,063
166,495
October ___
175,260
83$1,679
617,019
994,384
772,619
1,775,056 1,313,326
October ___
From Jan 1 1,376,997 1,410,451 -23,721 -248,757 -134,201 -348,872
From Jan 1 13,687,250 12,086,035 7,324,380 5,622,753 6,021,933 4,456,915
West Jersey & Seashore
Atlantic
Duluth South Shore &
117,847 -24,696
974,731
October ___ 1,168,692
132,082 -12,881
-405
46,929 -27,405
79,954
367,160
432,548
October ___
770,442
From Jan 112,058,932 11,403,309 2,291,418 1,482,393 1,437,276
69,976 -391,231
388,273 -99,110
From Jan 1 3,969,668 3,809,402
Peoria & Pekin Union
Duluth Winnipeg & Pacific
-6,949
27,912
8,836
October ___
180,995
164,576
47,912
-3,353 -51,041
6,883 -39,650
190,718
170,997
October ___
223,884 -60,250
85,677
From Jan 1 1,500,624 1,399,427
375,384
-4,508 -137,981
86,599 -32,054
From Jan 1 1,642,707 1,988,733
Pittsburgh & ShawmutElgin Jollet & Eastern
38,967
39,128 -28,909
69,836
136,845 -28,744
October ___
707,377
550,314
638,647
577,987
October ___ 2,095,680 1,630,107
835,478 1,059,916 -138,562 -20,239 -147,533 -29,460
From Jan 1
From Jan 1 17,140,196 16,186,969 6,388,073 4,523,560 5,509,579 3,681,069
Pittsburgh Shawmut & Northern
El Paso 8: Southwestern
14,967
9,342
17,236
146,162
11.830
111,535
October ___
285,608
137,600
208,588
195,399
894,173
October ___ 902 M51
991,018 -170,331 -250,295 -194,112 -278,783
976,926
From Jan 1
From Jan 1 9,251,820 9,349,965 2,934,854 2,128,004 2,024,068 1,210,589
Pittsburgh & West Virginia
Florida East Coast
725 -369,239
37,247 -335,542
270,110
October ___ 252,036
95,006
100,000
46,553
174,588
930,711
934,202
October ___
213,375 -886,985
493,843 -631,778
From Jan 1 2,299,579 2,343,938
From Jan 111,147,440 11,376.884 3,350,363 1,949,671 2,696,704 1,304,060
Quincy Omaha & Kansas City
-8,615
Fort Smith & Western
12,603
-4,691
16,528
118,282
153,186
October ___
44,770
45,249
51,131
39,758
192,491
173,722
October -__
-7 -117,577 -39,312 -155,252
975,427 1,093,433
From Jan 1
23,203
192,203 -30,574
252,264
From Jan 1 1,348,706 1,486,459
St Joseph & Grand Island
100,632
Georgia Railroad
17,775
116,748
29,370
398,373
October ___ 305,303
88,120
131,990
82,160
139,248
484,785
541,319
218,156
October ___
139,237
353,574
308,162
From Jan 1 2,594,241 2,847,628
176,618
595,745
116,793
671,397
From Jan 1 4,226,160 4,438,368
St Louis-San Francisco
Florida
Georgia &
Fort Worth & Rio Grande
6,913
27,812
-1,129
34,341
121,645
128,726
5,342
7,785
3,959
October __
8,850
147,018
149,831
October ___
127,274 -122,010
190,614 -43,024
From Jan 1 1,111,583 1,170,479
From Jan 1 1,124,344 1,450,829 -123,389 -48,416 -160,614 -84,989
St Louis-San Fran of Texas
Grand Trunk System
27,531
38,255
40,123
25,325
173,923
158,031
October __ _
Chic Det Can Grd Trk Jet
76.011
95,832
82,667
109,145
186,244
51,050
205,813
205,958
31,261
From Jan 1 1,406,885 1,615,993
October ___ • 208,583
440,099
730,811
506,077
842,662
From Jan 1 1,837,427 1,644,072
St Louis Southwestern
122,018 -51,009
97,989
844,183 -26,955
796,552
October ___
Detroit Grand Haven dr Milw146,640
170,000
153,382
173,780
537,645
576,737
From Jan 1 6,155,746 6,396,575 -763,323 -698,826-1,004,352 -939,683
October ___
89,462
147,372 1,005,752
From,Jan 1 4,427,924 3,709695 1,069,752
St Louis Transfer
17,422
72,786
122,994
16,526
72,017
68,292
Trunk Western
October ___
Grand
32,606
137,507
88,394
214,725
117,506
440,650
952,994
111,376
435,141
614,688
October ___ 1,400,041 1,180.863
From Jan 1
474,008
2,208,514
1,013,057
From Jan 1 13;505,456 12,171,516 2,901,154
Aransas Pass
San Antonio &
159,415
126,362
148.916
630,403
112,341
October ___ 646,115
Greem. Ray & Wektern16,487
34,085
34,065
24,487
254,118
439,598
299,777
136;407
116,974
12,4,989
From Jan 1 4,792,782 5,306,263
OS%ber _ _
185,199
144,552
218,480
265,510
From Jan 1 1,136,245 1,175,599
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth week
of November. The table covers 15 roads and shows 9.95%
increase over the same week last year.
2576'
THE CHRONICLE
-Gross lom Railway -Net from Railway- -Net after Taxes
1922.
1921.
1922.
1921.
1922.
1921.
$
$
$
San Antonio Uvalde Sr Gulf
84,514
88,638
October ___
13,586
10,264
9,564
7,351
From Jan 1 889,286 1,016,878
188,981
225,411
158,190
196,864
Southern Pacific
Arizona Eastern
194,812
October ___ 286,117
108,505
18,507
84,133
-5,100
From Jan 1 2,592,584 2,314,979
972,216
321,412
729,353
95,719
Galveston Harrisburg dr San Antonio
October ___ 2,158,831 2,153,412
525,698
358,010
454,964
315,978
From Jan 1 18,127,408 21.033,905 2,718,385 3,156,319 2,377,776 2,726,727
Houston dr Texas Central
October ___ 1,596,878 1,818,411
506,131
784,797
458,733
756,338
From Jan 1 12,235,944 11,495,923 2,854,987 1,964,288 2,405,194 1,611,865
Houston E & W Texas
305,612
October ___ 308,534
85,108
91,965
75,816
84,935
From Jan 1 2,594,547 2,472,608
451,786
404,636
385,421
357,379
Texas & New Orleans
October ___ 772,937
834.927
115,042
178,882
83,351
160,725
From Jan 1 7,177,702 7,184,058
698,635
189,794
455,406
-1,920
Southern Pacific Co
_18,593,941 18,810,117 7,273,665 7,453,986 6,206.413 6,207,499
October
From Jan 1 151278291 162051,292 45,469,409 43,902,889 33,100,705 33,557,984
Southern Railway
Georgia Southern dr Florida
October ___ 371,733
389,791
61,209
5,197
40,522 -11,906
From Jan 1 3,730,676 3,741,277
595,059 -205,351
411,876 -376,835
Spokane International
October ___ 116,241
105,188
43,637
17,948
38,037
10,317
From Jan 1 980,494 1,081,652
306,408
289,018
251,397
215,136
Spokane Portland & Seattle
October ___ 662,128
934,480
235,537
465,803
175,498
370,751
From Jan 1 5,985,589 6,647,478 2,119,850 2,305,601 1,326,025 1,418,192
Staten Island Rapid Transit
October ___ 193,720
225,684 _-42,480 -25,220 -63,575 -46,898
From Jan 1 2,044,135 2,136,146 --164,112
3,013 -340,918 -157,376
Tennessee Central
October ___ 264,313
48,940
43,832
From Jan 1 1,877,872
368,737
328,404
Texas & Pacific
October ___ 3,022,568 3,244,192
576,139
960,520
475,641
850,311
From Jan 1 25,044,162 29,445,735 4,481,344 5,401,380 3,403,171 4,169,643
Toledo St Louis & Western
October _- 1,289,499 1,003,333
410,363
361,318
348,638
325,318
From Jan 1 9,231,973 7,777,142 3,036,072 1,781,058 2,492,472 1,430,040
Union Pacific
October ___12,688,907 13,890,798 4,564,122 5,655,052 3,970,269 5,027,649
From Jan 1 87,701,096 96,681,680 27,114,543 32,027,081 21,305,775 26,630,173
Oregon Short Line
October ___ 4,146,858 4,594,708 1,546,716 1,846,956 1,288,540 1,534,443
From Jan 1 29,837,593 30,572,694 7,560,496 7,674,702 4,830,118 4,905,796
Oregon-Wash RR & Nay
October ___ 2,903,010 3,192,270
393,532
685,973
212,398
448,039
From Jan 123,402,733 24,797,535 1,399.404 2,617,316 -412,640
749,685
Utah
October ___ 160,688
127,077
35,522
38,248
29,378
27,405
From Jan 1 1,404,635
980,318
389,355
136,905
325,926
49,753
Western Pacific
October ___ 1,569,773 1,326,053
566,093
387,428
489,884
292,563
From Jan 1 10,299,018 10,419,143 2,125,456 1,782,117 1,301,710
912,124
Wichita Falls & Northwestern
October ___ 171,602
241,281
82,427
94,230
51,538
83,357
From Jan' 1,279,162_ 2,379,283
214.250
818,690
97,541
709,623
[VOL. 115.
Gross
Net after
Earnings.
Taxes.
Fixed
Charges.
Balance,
Surplus.
Com'wealth Power Oct '22 2,823,302 b987.277
665.227
322,285
& Light •
'21 2,644,408 b910,016
633,969
276,046
10 mos ending Oct 31 '22 26,311,730 b8,988.609 6,577.519 2,411,090
'21 25,749.569 b8,388,671 6,245.181 2,143,490
Conn Power Co
Oct'22
163,750
41,617
17,087
24.530
'21
144,578
19,989
34.428
54.417
12 mos ending Oct 31 '22 1,693,166
213,664
407,424
621,088
'21 1,493,050
241,103
344,483
585,586
Consumers Power
Oct '22 1,324,767
401,332
b602,842
201,509
Co
'21 1,184,492 b474,720
266,545
208,174
10 mos ending Oct 31 '22 12,177,340 b5,459,620 2,038,002 3.421,617
'21 11,564.444 b4,552.691 1,942,229 2,610,462
East Texas El Co_ _ _ _Oct'22
149,076
17,582
31,b78
49,240
'21
130.793
21,346
38,910
17,564
12 mos ending Oct 31 '22 1,738,201
394,190
595,164
200,974
'21 1,692,590
375,711
595,714
220,003
Edison El Ilium
Oct'22
129.457
51,247
50,412
835
'21
114,248
42,050
40,891
1,159
12 mos ending Oct 31 '22 1,354,031
485,310
10,811
474,499
'21 1,234,493
343,495
26,667
316,828
El Paso Elec Co
Oct'22
192,912
73,824
16,932
56,892
'21
190,302
37.482
18,300
19,182
12 mos ending Oct 31 '22 2,281,237
813,004
209.707
603,297
'21 2.278.868
693,225
144,964
548.357
Fall River Gas Wks_ _Oct'22
98.258
33,469
14
33,455
'21
95,287
34,205
104
34,101
12 mos ending Oct 31 '22
997,127
252.619
1,644
250,975
'21 1,019,753
250,932
2,101
248,831
Federal Light &
Oct '22
422,391
276.227
146,164
89.748
Co Oct31 '21
Tractionos
404,723
286,989
117.734
63,038
10'22 4,058,723 2,697,324 1,130.399
ending
803,870
'21 3,953.863 2,772.863 1,181.000
628,819
Galveston-Houston Oct '22
275.547
56.409
39.190
17,219
Electric Co
'21
297.419
72,133
35,435
36,698
12 mos ending Oct. 31 '22 3,300.945 • 665.691
457,539
208,152
21 3,794,945
994.474
424,640
569,834
General Gas &
Oct '22 1,129,221
288,805
Electric
'21 1.008,054
266,141
12 mos ending Oct 31 '22 12,105,941 3,326,842
'21
Georgia Ry &
Oct '22 1,281,569
378.791
253,901
124,890
Power Co
'21 1,204,356
368,021
228,554
139,967
12 mos ending Oct 31 '22 14,806,015 5.013,548 3,175,037 1.838,511
'21 14,291,613 4.851,410 2,774,868 2.076,542
Havana Electric
Oct '22 1,065,144
560,299
118,295
442,004
'21 1,088,689
512,126
111,201
400,925
10 mos ending Oct 31 '22 10,688,372 5,548,624 1,134,129 4,414,495
'21 10,592-760 4,444.718 1,044,443 3,400.275
Haverhill Gas &
Oct '22
49.043
9,595
11
9,584
Electric
21
50.372
18,175
917
17,258
12 mos ending Oct 31 '22
538.244
131.666
2.547
129,119
'21
512,947
111,808
10.450
101,358
Houghton County Oct '22
45,935
12.540
4.399
8,141
Electric Light
'21
46,721
13.236
5,381
7,855
547.376
12 mos ending Oct 31 '22
150.302
56,078
94,224
'21
579,374
82,474
64.488
17,986
Key West Elec Co Oct '22
21,718
9.567
2,651
6,918
'21
22.267
7,715
1,875
5,840
12 mos ending Oct 31 '22
248,976
81.980
30,060
51.920
'21
267.194
82.014
22,660
59,354
Oct '22
Keokuk Elec Co
34,015
10.422
3.648
6,774
'21
32,748
9,038
3,625
5,413
12 mos ending Oct 31 '22
383,818
99.801
43.759
56.042
'21
371.474
85,152
43,703
42,449
Lowell Elec Light Oct '22
123.484
7.557
635
6,922
Electric Railway and Other Public
Net
'21
& Power
104.885
7,346
558
6.788
Earnings.
-The following table gives the returns of
12 mos ending Oct 31 '22 1,281.756
67.630
7.583
60,047
'21 1,166.870
57.287
6,643
ELECTRIC railway and other public utility gross and net Metropolitan
47.644
Oct '22
281.520
73,085
earnings with charges and surplus reported this week:
Edison Co
'21
223,842
80,952
-Gross Earnings--Net Earnings
12 mos ending Oct 31 '22 2.835,917 1,185,021
642,752
542,268
'21 2,707.424 1,070.494
Current
Previous
Current
616.882
453.611
Precious
Companies.
Year.
Year.
Oct '22
Mississippi River
Year.
228,495
153,533
Year.
99.689
53,844
$
'21
Power Co
229.780
171,132
103,071
68.061
Power Oct
12 mos ending Oct 31 '22 2,889,278 2,164,941 1,233,539
101,629
Arkansas Light &
89,629
931,402
40.174
32,184
'21 2,774,482 2.038.382 1,237.156
1,264,670 1.123,869
12 mos end Oct
801,226
458.861
309.901
67,006.
Barcelona Tr, Lt & PrOct 4,081,364 3.185.930 2,628,952 1.958,306 New Jersey Power Oct '22
18,978
'21
50,474
& Light
16,836
10 mos end Oct 31---- 37,715,045 30,218,832 22,892,829 18,968,061
656,837
194,462
12 mos ending Oct 31 '22
100,935
93,527
55,275
Beaver Valley israc___Oct
50.738
14,909
11,051
'21
479.930
154.252
76,818
77.434
525.867
557.226
10 mos end Oct 31___132,565
57,919 Northern Texas
Oct'22
273,076
94.973
24,999
69.974
Brazilian Trac Lt 8z Pr__Oct 18,231,000 15,016,000 11,900.000 9.161,000
'21
297,927
113.758
25.310
88.448
162141 000 140907000 101863000 76,931,000
10 mos ending Oct
300,201
12 mos ending Oct 31 '22 3,086,435 1.041.738
741.537
179,339
163,754
Columbus El Lt & Pr___Oct
83,929
21 3,664,983 1,268.074
77,265
303,899
964,175
12 mos ending Oct 31- _ -- 1,939,664 1,722,216
987,259
893,492 Northwestern Ohio Oct '22
45.168
5,433
186,406
Oct
166,285
Idaho Power Co
102,294
44,590
'21
97,413
9,923
Ry & Power
__ 2,424.076 2,279,100 1,372.262 1,331,995
12 mos ending Oct 31_
70,124
467,613
3.899
12 mos ending Oct 31 '22
68,549
179,498
Oct
158,674
476.466
'21
62,650
Indiana Service Corp
3.939
51,540
40,710
68.589
2,497,568 2,381,209
From Jan 1
745,138
Oct '22
48.475
592,812 Paducah Elec Co
16,219
8.431
7,788
43.956
'21
108.461
8.503
101,534
8.463
/IS Carolina Pub Serv_ __Oct
27.575
32,869
40
552.710
1,211,500 1,115.295
187.621
101.538
12 mos ending Oct 31 '22
322,635
12 mes ending Oct 31
311,577
86.083
523,210
'21
137.022
83,396
253,072
Pennsylvania Edison_Oct
211,625
43.636
84,199
87,389
Oct '22
253,072
2,567,748 2,527,159
84,199
824,432
12 mos ending Oct 31
700,275 Pennsylvania
211,625
'21
67,389
Edison Co
8783,35
819,944
Puget Sound Pr & Lt___Oct
349.855
358,577
863.487
12 mos ending Oct 31 '22 2,567,748
397,973
10,351,213 10,086,462 4,457,567 4,179.068
485,513
12 mos ending Oct 31
'21 2,527.159
714.198
421,047
293,151
Southern Colorado Pr_ _ _Oct 1,823,146 1,780,561
696,165
564,993
Oct '22
73.164
Pine Bluff Co
9.284
22,843
633,732
569.894
Light_ _ __Oct
Utah Power &
324,595
292.905
'21
•
69,679
R.49
7
6
10,073
19.723
6,958.094 6,910.936 3,630,221 3,463,689
12 mos ending Oct 31
824.998
331,950
12 mos ending Oct 31 '22
114.837
789,721
'21
Western Gas & El Lt____Oct 2,658,432 2,494,601
856.087
849,866
110612
Oct '22
878.635
Puget Sound Power
349.855
143.454
206,
Gross
Net after
Fixed
Balance,
'21
819,944
& Light
358,577.
147.785
210.
Earnings.
Taxes.
Charges.
Surplus.
12 mos ending Oct 31 '22 10,351,263 4.457,567 1.747.706 2.709, R
1
8
'21 10,086.462 4,179,088 1,820,736 2,358,332
34,698
7.557
635
6.922
Abington & Rock- Oct'22
243,265
23.694
31,584
7,346
'21
558
6,788 Reading Transit & Oct '22
land Lt & Pr Co
'21
249.839
Light
27,100
369,772
67,630
22
7.583
60,047
12 mos ending Oct 31 :
12 mos ending Oct 31 '22 2,934,337
409.702
85,958
323,746
57,287
343,411
6,643
21
47,644
'21 2,993,412
280,242
89,564
190,677
849,306
730,081
174.432
Oct '22 2,483,730
Amer Water Wks
Oct '22
49,787
10,552
543,150
118.757 Rutland Ry Lt &
492,878
'21 1,632,392
Electric
&
Power
52,474
'21
15.564
15,496
47,998
3.283
12.213
Baton Rouge El Lt Oct'22
569.850
12 .mos ending Oct 31 '22
152,741
96.350
56,391
18.764
48,860
4.344
14.420
'21
569,646
'21
142,295
97,853
44.444
46,347
166.878
213,225
578,604
12 mos ending Oct 31 '22
124,537 Sandusky Gas & El Oct '22
176,834
57,178
52,297
550,714
'21
6,447
59.230
'21
11.947
28,103
89,329
Binghamton Light, Oct '22
758,584
12 mos ending Oct 31 '22
170.328
84,261
86,067
17.588
81.648
• '21
Heat & Power
717,410
'2'1
180.185
78,707
126,492
101.477
120.795
247.288
997,042
12 mos ending Oct 31 '22
138.420 Savannah Electric Oct 22
266,201
127.781
894,264
'21
136.638
49.885
24,062
25.823
'21
Light & Power
101,234
27,849
128,883
357.024
Oct'22
Blackstone Valley
568,811
111.482
182,417
27,988
139.470
12 mos ending Oct 31 '22 1,612,103
349,964
'21
288.394
Gas & El Co
21
333,602 1,092.697
12 mos ending Oct 31 '22 3,926,015 1,426,299
795,478
335,993
'21 3,551,540 1,131,471
Oct '22
15,294
1,514
Sayre Elec Co
154,937
54,155
15.725
'21
745,348
5.816
Brooklyn City RR Oct '22 1,054,440
116.895
183,872
56,412
776,808
31.621
21 1,006,527
2,303
'
12 mos ending Oct 31 '22
21,939
615,248
192,441
204,317
53.0)3)
. '21
4 mos ending Oct 31 '22 4,052,936 3,029,054
3,929
22,982
547,427
214.860
'21 3,908,678 2,931,531
78,464
40.006
4,908
Sierra Pacific Elec Oct '22
35.098
7,068
Cape Breton El
5,654
Oct'22
12.722
57.789
72.118
'21
31.758
5,119
Co
25.639
4.180
'21
6,656
Co Ltd'
62,182
9,836
894,730
412.233
68.768
343.405
12 mos ending Oct 31 '22
12.race ending Oct 31 '22
4,693
627,238
67,340
72,033
862.714
'21
383.927
75.086
308.841
'21
50,182
699.205
68,866
119,048
153.649
68.578
4,323
64.255
Central Miss Valley Oct'22
46,762
10,701 Tampa Electric Co Oct '22
3,656
14.357
136.915
'21
58.784
4.407
'21
54.371
44.628
12.740
9.109
3,631
726.697
52.634
' 12 mos ending Oct 31 '22
674.063
12 mos ending Oct 31 '22 1,772.657
540.756
147.156
43,849
103.307
'21 1,695,595
668,099
52,546
'21
515,858
616,553
130,230
43,467
86,763
Balance,
Surplus.
Gross
Earnings.
Net after
Taxes.
63,017
Vermont Hydro-El Oct '22
56.064
'21
Corp
570,554
12 inns ending Oct 31 '22
521,475
'21
Western Penn and
Oct '22 1,738,056
subsidiaries
31,876
8,711
223,753
176,523
137,861
130,013
85,892
46,509
575,865
389,262
.
186,603
Fixed
Charges.
FINANCIAL REPORTS.
-An index to annual reports of steam
Financial Reports.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index -will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov'.'25. The next will appear in that of Dec. 30.
Mexico Tramways Company.
(8th Annual Report-Year Ended Dec. 31 1921.)
•
EARNINGS YEARS ENDING DEC. 31 1921 (MEXICAN CURRENCY)
1921.
1920.
Car earnings:
1919.
Passengers
$6,901,436 $8,923,324 $10,546,537
1,521.054
Monthly tickets
1,177,271
1,119,210
76,957
Chartered cars
74,438
62,177
301,213
Freight
278,258
.246,218
296,674
Baggage and parcels
238,054
150,829
201,360
Funeral
209,570
174,088
Total
Miscellaneous earnings
Total earnings
Expenses
-Operation
Maintenance
38.752,319 $11,006,131 $13,075,291
$3,789,851 $5,434,556 $5,986,229
3,422,094
3,283,620
2,987,468
Total
Net operating revenue
Taxes
86,777,320 $8,718,176 $9,408,322
$1,974,999 $2,287,955 $3,666,969
731,533
634,363
547,229
Depreciation
ALGOMA CENT. & HUD. BAY RI'. CO. BALANCE SHEET JUNE 30.
1921.
1922.
1922.
1921.
$
$
LiabilitiesAssets$
8
Prop., invest. In
Preferred stock __ _ 5,000,000 5.000,000
.
affil. cos., bond
Common stock.. 5,000.000 5,000,000
discounts.&c-__23,527,997 23,550.163 1st M.5% bonds-10,080,000 10,080.000
318.800
Mans & supplies_ 450,683
572,363 2d M.6% bonds__ 318,800
48.000
Equip. tr. oblig's_
Debtors' and debit
balances
413,538
539,077 CIeditors' & credit
1,045,703 1,163,598
Cash
230,918
balances
201,278
Profit & loss debit
Accr. rent Algoma
840,440
balance
5,992,632 5,143,593
Cent. Ter., Ltd.. 1,015,185
Accr.int.lst M.bds. 3,771,600 3,267,960
Govt. grants In aid
of construction:
1,659,722 1,659,722
Cash grant
Land grant (after expenses) 1,272,705 1,271,120
1,452,052 1,356,834
Total each side_30,615,768 30.006,473 Depreciation
-The rental of Algoma Central Terminals, Ltd., and the interest
Note.
on the 1st Mtge. bonds are payable as set forth in the scheme of arrangem't.
-In respect of
Contingent Liability.
-prior to scheme-participation in
Charbonnages du Kent Syndicate-25,000 francs.
ALGOMA CENTRAL TERlyINALS, LTD., BAL. SHEET JUNE 30.
1921.
1922.
1922.
1921.
Assets$
$
Liabilities$
$
100,000
Property,invest.In
100,000
Capital stock
affil. cos., bond
1st M.5% 50-year
discounts, &c..__ 4,130,504 4,124,574
4,992.713 4,992,713
gold bonds
Invest. at cost...., 1,088.957 1,048,157 Accrued int. on 1st
Am.rent of prop- 1,015,185
840,440
1,015,185
M. bonds
840,440
Debtors'&debItbal. 66,058
129,955 Creditors' & credit
269,956
253,215
Cash,intAdivs.rec. 60,409 • 59,983
balances
$8,653,958 $10,900,914 $12,943,795
131,496
105,217
98,361
$1,427,770 $1,653,592 $2.935,436
$600.000
$1,427,770 $1,653,592 $2,335,436
Net operating income
-V.115, p. 2387.
Algoma Central & Hudson Bay Ry.-Algoma Central
•
•
Terminals, Ltd.
(Report of Bondholders' Committeefor Year ended June30 1922.)
E. E. Ford, Secretary of the committee of holders of 5%
-Year gold bonds of these companies in report
1st Mtge. 50
dated 80 Dashwood House, 9 New Broad St., E.C. 2, London, Oct. 17 1922, says in brief:
-The reeipts were $1,722,949, contrasting with $2,819,892 in
Results.
1920-21; expenses, $1,818,352, against $2,660,466, resulting in a not loss
of $95,403, against net earnings of $159,426 in 1920-21.
Net Earningsfor Past Eight Years ended June 30 after Writing Off Depreciation
1922.
1917.
1918.
1920.
1919:
1921.
1915. 1916.
$•
3
23,127 162,463 281,936 439,219 263,294 lossI69,07 1 159,426 loss95,403
Amount required to pay full interest on both ry. & term'! bonds-$753.635
849,039
Deficit for the past year amounts to
84,938
Amount brought •forward from previous year
95,403
Net loss for past year
$10.466
Net loss carried forward
-From the above it will be seen that the company Is
Interest on Bonds.
not in a position to pay interest to either the railway or terminal bondholders
in respect of the year out of earnings.
Under the scheme of arrangement entered into in 1916 interest on the
railway and terminal bonds was only payable out of the joint net earnings
of the companies up to Aug. 11921, but after that date 1 3.5 int. is payable
-year on May 1 and Nov. 1, whether
upon the terminal bonds in each half
or not the joint net earnings are sufficient to pay the same. Accordingly,
15.6% was paid to the terminal bondholders on May 1 last (coupon No. 5)
and 1 % on coupon No. 6 will be paid on Nov. 1 next.
-The sum of $102,149 has been added to depreciation reDepreciation.
serve for the past year, making a total of $938,810, which has been charged
to revenue since June 30 1914.
-The balance ($48,000) of the Equip. Trust notes
Equipment Notes.
amounting in all to $558,000 has now been paid off, and the whole of the
railway rolling stock is now free from any encumbrance.
Other Departments.
-A year ago the committee feared that the general
trade depression would adversely affect the results for 1921-22, and both
the railway and the steamship departments have suffered as anticipated.
The operations of the Algoma Steel Corp., which remains the principal
customer, have been seriously curtailed during the past year owing to
decreased orders. Carriage of pulpwood also showed a consiclerdbie falling;
off. The steamship department throughout the Lake season has experienced low rates and a steady scarcity of cargoes.
Outlook.
-Canada has secured a good harvest, and reports from the United
States point to a revival of trade; but the long continued coal and railway
strikes in the United States will retard both the movement of crops and the
revival of trade, and it is difficult to regard the immediate outlook as
encouraging.
-Land sales to the amount of $10,938 were made during the
Land Sales.
year, and there is some prospect of further sales.
-'The position with regard to the guarantee of the
- Lake Superior Corp.
Lake Superior Corp. has not materially altered since the last report of the
committee. Its subsidiaries from whom it derives practically the whole
of its income, have suffered in common with other concerns, and the committee is satisfied that the Lake Superior Corp. is not at present in a position
to contribute towards the guarantee of the railway and terminal bonds.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
Including Algoma Cent. 8c, Hudson Bay Ry. and Algoma Cent. Terminals, Ltd.
1918-19.
1919-20.
1921-22.
1920-21.
$1,060,591 $1,947.682 $1,424,838 $1,618,743
Railway receipts
667.114
555,608
529.607
767,997
Steamship receipts
$1,616,199 $2,7 15,679 $1,954,445 $2,285,857
Gross revenue
Railway working exp.... $1,252,688 32,061,535 $1,694,995 31,590,648
330,104
372,969
433,089
454,817
Steamship working exp..
86.031
85,622
85,847
85,343
General management_ _ _
33.322
33,342
34,293
34,805
Taxes
$245,753
$79,691 def.$232.708
def.$190,006
Net income
Other income$45,000
$45,000
$45,000
$45,000
Int. A. E. T. bonds...
54,685
67,573
56,406
58,181
Int. on inv. & dep... _
2,069
3.736
4,528
3,569
Miscellaneous
def.$83,256
Gross income
Int. equip, trust bonds..
12,148
Miscellaneous expenses..
$183,904 def.$127,565
12,480
6.825
29,026
17,653
Joint net
def.$95,404
Int. on A. C. & H. B.
504.000
By. bonds (5%)
249.636
Rent A. C. Terminal_
$159.426 def.$169,07 1
Net deficit
2577
THE CHRONICLE
DEC.91922.]
$849.039
504,000
249,636
504.000
247 ,961
$504.210
$921,032
Total
6,361,113 6,203,110
6,361,113 6,203,110
Total
Note:
-The interest on the 1st Mtge. bonds is payable as set forth in
the scheme of arrangement.
-V. 115, p. 2157.
Chicago Elevated Railways Collateral Trust.
(Report for Fiscal Year ending Dec. 31 1921.)
CHIC. ELEV. RYS. COLL. TRUST INCOME ACCT. FOR CAL. YEARS.
1918.
1919.
1921.
1920.
Income-Dividends ____
31.176,572
195,439
Interest
$194,231
$194,507
$194,251
Other income
33,676
4,755
7,587
Gross income__ _ _
Int. on notes & debens
Other interest
General expense
$199,006
$227,907 $1,372,011
$202,094
$1,256,260 $1,256,260 31,256.260 $1,256.260
72,493
72,493
72,492
72,692
42,759
21,776
22,022
19,468
Balance, deficit
sur.$498
$1.149,215 $1,148,880 $1,122,622
CHICAGO ELEV. RYS. COLLATERAL TRUST BAL. SHEET DEC. 31.
Assets1920.
1921.
1921.
1920.. LiabilitiesCap'l stock, bonds,
-year 5% Secured Notes. x
$14,0J0.000 2
&c.,pledged, off7,000,000 10-year 6% debentures. x
setting outst'ing
160,000 Eifel. participation shares. x
"notes, deben250,000 common particip. shares. x
tures & partic.
Notes payable__ ..$1,300,000 $1,300,000
shares" (see con5,167
166
Acc'ts payable....
tra)
(x See note.)
Mat'd int. unpaid_ 3,140,650 1,884,390
Cash
699,991
$148.966 $170,812 Accrued interest__ 722,596
Notes receivable 1,070,000 1,070,000
Other inv. (cost) 2,058,426 2,058,426
Accrued interest
449,933
305,569
Acc'ts receivable
4,220
2,111
Excess curr. Habil.
over curr. assets 1,431,867
282,629 Total (each side).-$5,163,413 $3,589.5 8
4
x The assets pledged under the $14,000,000 Secured Gold Notes are shown
in the following compilation. The value of these assets is omitted from the
foregoing balance sheet, but as a matter of fact it was against the same that
the outstanding notes, debentures and participation shares (see above)
were issued under the terms of the trust agreements.
Stocks & Bonds (Par Val.)- xPledged.
Pledged.
Other Assets so PledgedMetrop. W.S. El. Ry.. pref_ -$8,707,500 Investments In securities of &
Common
claims against Chic. & Oak
7,462,800
Northwest. Elev. RR.,pref... 4,944,400
Park (not incl. 61,362,363
Common
receiver's certificates, equip.
4,946,400
First Mortgage 5s
notes, &t., carried among
12,500,000
$1,709.373
South Side Elev. RR.stock_ _ _10,231,400 "other investments")
COMBINED INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
(Incl. Met. W. S. Elev. Ry., Northwest. Elev. RR., So. Side Elev. RR.
and Chicago & Oak Park El. RR.)
1918-19.
1919-20.
1920-21.
1921-22.
Operating revenue
$17,629,020 $17.788,986 $15,097,812 $10,587,462
Operating expenses
13.546,015 13.87 2,726 11,339,765 6,839,464
1,031.103
Taxes, &c
917,655
1,056,124
1,316,707
Operating income.._ _ _ $2,766,298 $2,860,136 $2,840.391 $2,716,896
$141,464
389,870
Non-operating income
3112.457
$147,321
2.413,832
Interest and rents
2,832,444
2,870,577
2,909,358
x590,040
Dividends
Surplus
$4.261
$102,016
$97,817 def$145,513
x These dividends were paid to Chicago Elevated Rys. and used by it to
pay interest on its notes and debentures.
CONSOLIDATED BALANCE SHEET JUNE 30.
1921.
1922.
1922.
1921.
Assets$
$
Liabilities$
$
Road & equIp't_114,417,497 114,028,195 Capital stock__.. 48,197,546 46,197,546
Sinking fund... [4611,386
400,878 Funded debt,.. 62,034,500 61,348.600
Depos. In lieu of
Bills pay. with
mtged. ProP'Y
Chic. El. Rys, 4,725,128 4,725,129
sold
568,095
542,397 Loans and notes
Other invest'ts.
132,975
132,974
82,140
67,629
payable
Cash
1,716,685 1,271,241 Aud. acc'ts and
Special deposits25,451
wages payable 3,872.677 4,547,059
25,891
888.367
Material & sup581.319
693,440 0th. curr. Habil_ 1,244,666
494.374
0th. curr. assets
681.424
861.702 1,249,642 Tax liability,._
1,6711.223
1,983.391
UnadJus. debits
233,131
368,377 Reserves
8,695
_
7,989
Corp. deficit_ . 1,692,889 1,365,076 Oth.unadj.cred.
Total
120,780,299 120,012,768
Total
120,780,299 120.012.768
a Bonds at par and cash.
-V. 115, P. 2476, 1531, 1428.
Central Teresa Sugar Co. of Maryland.
(Report for Year ended July 31 1922.)
Pres. A. W. Gieske, Nov. 15 1922, reports in substance:
The year includes the liquidation of the unsold portion of the 1920-21
crop, which was under control of the Cuban Sugar Finance Commission
until that Commission was dissolved at Dec. 31 1921; also the portion of
the 1921-22 crop marketed within the year. The average price obtained
on total sales within the year was at the rate of 1 89c. per lb. As the sugars
of the 1920-21 crop were made during a period of considerably higher price
3360.394 levpls (about 4.44c cost and freight), the loss on the liquidation of that
17,100 portion of sugars was correspondingly large.
The outlook In the raw sugar market at the beginning of 1922 was far
80,000
from favorable There was a large carry-over from the old crop, estimated
$263.294 at 1.225.000 tons, which, with the new crop beginning, had a very depressing
effect upon prices, and left little encouragement for any improvement in
504.000 raw sugar prices for a long time to come.
In spite of this large carry-over, and a record production for the island
249,976
in 1922, amounting to 3,996.387 tons, there has been a slow and gradual
$490,682 rise in prices from below 2c. per lb., cost and freight, at the beginning of
2578
THE CHRONICLE
the year, to 34c. cost and freight, at the present time, which demonstrates
the absorptive power of the market, and gives considerable encouragement
to the sugar industry for the coming crop year.
For purposes of comparison, at this time last year (Nov. 15 1921) there
were 1,684,000 tons of sugar on hand in Cuba as against 191,000 tons this
year. The latter represents only a normal suppl- for the season, and will
claubtless be exhausted before the grinding of the new crop begins.
Company has been able to steadily reduce its production costs, and during
the period has made considerable progress in new plantings, which pplicy,
now that operating conditions are becoming normal, will be actively pursued during the coming year.
Taken as a whole, the sugar industry faces a more hopeful situation
than at any time during the past two years.
The income account was published in V. 115, p. 2481.
CONSOLIDATED BALANCE SHEET JULY 31.
1922.
1921.
1922.
1921.
Assets$
$
Liabilities$
$
Property & plant ___4,078,478 4,065,844 Pt eferred stock
1,589,710 1,589,710
92,348 135,207 Common stock
Cash
1,910,290 1,910,290
Advances to planters 104,864 111,063 Bank loans
925,000 900,000
Notes & accts. reedy. 42,482
70,810 Accts. payable, trade
Molasses on hand
x2,830
accept. dr accruals 119,368 132,180
Sugar on hand
y192,267 611.350 Adjust. of account
Supplies on hand __ _ 102,644 147,758
with plantation__ _
616
1
Planting cane fields_ 94,834 129,645 Depreciation reserve 650,292 580,254
Prep. subseq't crops 82,725
79,855 Res. doubtful sects_
9,405
7,732
Int., insurance, &c
21,364
23,438 Res. unclaimed divs_
111
135
Deficit
392,830
Surplus
257,524
Total
5,204,810 5,377,801
Total
x Molasses on hand sold but undelivered.
-V. 115. p. 2481.
5,204,816 5,377,801
y Sugar on hand (at cost).
Cuba Cane Sugar Corporation, New York.
(Seventh Annual Report-Year ended Sept. 30 1922.)
The remarks of President W. E. Ogilvie will be given
fully another week.
INCOME AND SURPLUS ACCOUNT FOR YEARS ENDING SEPT. 30.
1921-22.
1920-21.
1919-20.
1918-19.
Produc'nrawsugar(bags) 3,379,451
3.978,102
4.319,189
3.763.915
Sugar sales
$24,340,197 $49.116.579$124,938,996 $80.470,542
Molasses sales
106,914
429,739
484,415
435,327
Other earnings
280.210
716,717
560,369
948,834
Total earnings
Operating expenses
$24,727,321 $50.263,035$126,323,157 $81,515,326
20,744.841 55,603,996 103,085,705 69,773,707
Gross oper. profit__ _ $3,982,4801ess$5340,961 $23,237,452 $11,741,619
Interest
$3,527,716 $2,917.555 $2.156.584
$555,810
DeductCuban,taxes-Real est
$97,354
$296,018
$260,350
$271,762
Sugar
285,635
361,624
335,391
649,882
Molasses
75,997
66.788
Reserve for taxes
Capital stock U. S
17,745
63,377
56,019
54,490
Income U. S. & Cuba_.
25,811
732,800
925,000
4,192,283
Reserve for bad debts_ _ _
.500,000
602,226
400,000
Written off to cover dismantling, mach'y,&c_
1,200,000
Sundry adjustments and
charges
Cr.a3,228,511
6,908,062
265;227
Amt. transferred from
•
sur. to declared capital
.
2,083,335
Depreciation
1,750,000
1,750,000
3,500,000
1,750,000
Preferred dividends_ __ _
1,750,000
3,500,000
3,500.000
Net surplus
$1.006.730df20.722,622 $6,760.800 32.419,353
Previous surplus
2,750,480 23,473,102 16.712,303 14.292,949
Balance, surplus
$3,757,210 $2,750,480 $23,473,102 $16.712,303
a Includes (1) balance of reserve in respect of materials and supplies otx
hand and for custom duties Sept. 30 1921 no longer required. $672,184;(2)
sugar realizations in excess of net balance sheet, valuation thereof as at
Sept. 30 1921, $2,375.936, and (3) balance of reserve for liquidation of
crop 1920-21 no longer required, f180.390.
BALANCE SHEET SEPT. 30.
Assets1922.
1921.
1920.
Properties, plants, &c
$94.744,798 $93,169,114 $79,5$17,676
Investments at cost
297,830
569,000
2,738,231
Cane cultivations
1.796.506
1,943.224
2,116,027
Materials and supplies
3,015,556
3,858,438
6,861,153
Advances to
(less reserve)
Colones
7.952.356
7,318,064
7,397,947
Stores and sundry adv
141,256
289,592
121,872
Mtges. rec. & options to purch.lands_ 1,121,010
1,078,863
Molasses on hand
51,248
246.362
105,6.49
Sugar on hand
701,092 15,297,755
Sugar Finance Committee
1,801,786
Accounts and bills receivable
2,822,952
2,391,392
2,687.589
Cash
3,584,943
2.461,554 20,328,749
U. S. Certificates of Indebtedness........
3,007,188
Securities for lien redemption, &c___ _
524,251
538,313
586,643
Prepaid insurance, rents, &c
804.218
475.109
421,225
Interest paid in advance
223,635
Discount and expenses
1.397.692
1,024,672
1,148.908
$118,955,708$135,694,061$124,081,670
Total
Liabilities
Declared capital
x$54,583,335 $54.583,335 $54,583,335
Bills and notes payable
7,777.773 28,947,474
2,457,482
Ten-Year 7% beads
7.448,900 25.000.000 25.000,000
debentures
10
17,551,000
-year 8% cony.
15
-year 73is
10,000,000
Preferred dividend due
875,000
First Mtge. bonds Violet Sugar Co_ _ _
736.000
793,000
Accounts payable and accr. charges.... 1,879.639
3,890,329
5,865.995
Accrued interest
556,758
452,497
437.500
Liens on properties
524,250
538,313
566,643
Reserved for taxes, &c
3.107
2,022.195
5,750
reserve
Depreciation
13,500,000 11,750,000 10,000,000
Ite.s. for adjust. in val. of unsold sugar
3,848,724
637,638
Deferred liabilities
776,083
1,158,494
3,757,209
Strplus account
2.750,480 23,473.102
$118,955.708$135,694.061$124,081,670
Total
x Declared capital: Represented by 500.000 shares of 7% Cumul. Pref.
stock, par $100, and 500.000 shares Common stock, no par value (out of the
authorized issue of 1,600.000 Common shares, there are reserved unissued
Common shares sufficient for the conversion of the Convertible Deb. bonds
of the Cuba Cane Sugar Corp. and the exchange of the bonds of the Eastern
Cuba Sugar Corp.)
The entire capital stock of the Eastern Cuba Sugar Corp., viz.. 48,000
shares of $100 each, par value, is owned by the Cuba Cane Sugar Corp.
-V. 115. p. 2272. 1434.
Roo Motor Car Co., Lansing, Mich.
(Annual Report-Year Ended Aug. 31 1922.)
Pres. R.E. Olds, Lansing, Mich., Nov.23 1922, reports in
substance:
Amounts due the company on notes and open accounts show a substantial
reduction over the previous year.
Inventories of raw material and finished product at the plant and in stock
at the branches are priced, as in prior years, on a conservative basis. These
show a slight increase over the previous year. No profit has been taken on
merchandise transferred to branches and subsidiary companies. Extensions
to baildings and plant equipment have been made as required, these,
without the issue of bonds or preferred stock.
[Vol,. 115.
No attempt has been made to state the value of the company's good will,
trade name, or patent rights which have a substantial value to a going'
corporation. Exclusive of these, however, the common stock is shown to
have a book value of $14 12.
Net profits for the year, after providing for current Federal taxes, amount
to $3,140,530. During the year, in addition to cash dividends, $6,937,250
was transferred from surplus account to permanent investment and paid
to stockholders as a 100% stock dividend, thereby leaving a surplus of
$5,719,913.
The Reo Speed Wagon has a world-wide reputation as the best commercial motor vehicle produced and stands alone in the enviable position which
it occupies. New types of open and closed cars have been added to the
already well-established line of passenger vehicles. These have been
accorded an unprecedented reception by the automobile purchasing public,
which argues well for the future plans of the company.
That the company has emerged from a period of general financial depres
sion stronger than ever before should be most gratifying to its stockholders
INCOME STATEMENT YEARS ENDED AUGUST 31.
1921-22.
1918-19.
1919-20.
1920-21.
Gross sales
$42,788,708 $59,087,094 $22,769,990
(?)
Net profit aft. Fed. taxes 83,140,530
1,564,687
4,622,801
1,022,232
Dividends paid (10%)
_
693.725
693,725
693,725
693,725
Balance. surplus
$2,446,805
$870,962
$328,507 $3,929.076
Profit and loss, surplus__ _x$5,719,914 $9,785,667 $9,747,310 $6.390,334
x After payment of $6,937,250 as a 100% stock dividend (V. 115, p. 190).
BALANCE SHEET AUGUST 31.
1922.
1921.
1921.
1922.
Assets
Liabilities
Land, buildings,
Capital stock_c__ A3,874,500 6,937,250
machinery. &c-a5.78).917 5,921,673 Accounts payable.. 1,734,708 1,802,971
249,275 Accrued pay-roll__
Int. in other cos.._ 249,275
53,517
120,388
5,886,881 2,106,19e Reserve for taxes.. 915,590
Cash
144,511
835,025 Other reserves_ __ _
Sight drafts outst'g 636,006
128,411
79,210
2,335,561 2,823,078 Deferred profits__
Receivables
12,299
19,094
205,815
314,751 Surplus
U.S. Lib. bonds
5,719,914 9,785,667
Inventories
7,174,604 6,556,044
Deferred charges._
127,467
125,456
Total
22,396,533 18,931,496
Total
22,396,533 18,931,496
a Includes in 1922: Land,$278.891; buildings. $2,026,009; machinery and
equipment, $6,301,320; total, $8.327,329; less reserve for depreciation,
$2,825,294. c The total authorized stock is $15,000,000; unissued, $1,125,500; balance as above, $13,874,500. The outstanding stock was increased during the year from $6,937,250 by the payment of a 100% stock
dividend (V. 115, p. 190).-V. 115, p. 769, 190.
Sherwin-Williams Co. of Canada, Ltd.
(Annual Report-Year ended Aug. 31 1922.)
President Walter H.. Cottingham, Montreal, Nov. 28
1922, reports in brief:
According to our usual custom, all renewals and repairs to properties
have been charged to operating expenses, and the sum of $79,017 has
been written off to reserve for depreciation. The reserve now amounts to
$907,330.
Inventories have been priced on the basis of cost or market, whichever
proved to be the lower. Directors consider the outlook for the present
year as favorable.
Earnings for the past year before providing for depreciation, interest on
bonds and income tax amounted to $952,635.
The income account was given in V. 115, p. 2487.
CONSOLIDATED BALANCE SHEET AUG. 31.
1922.
1921,
1922.
Liabilities$
Property account_x8,501,751 8,489,669 Pref.7% cum.stk. 3,425,000
Investments
y1,789,955 1,789,955 Common stock__ _ 4,000,000
Other investments 320,400
320,400 6% lst Mtge.sinkSink,fund deposits 110,994
100,263
ing fund bonds_z1,701,500
Inventories
2,000,512 2,013,100 Mtge. bds. of Can.
Accts.& bills rec.... 1,933,292 2,036,727
Paint Co., Ltd_ 340,667
691,780
Cash
763,850 Bills payable
Insurance & taxes
Accts. payable..
466,202
prepaid, &c.._ _ _
29,384
41,571 Int. accr. on bonds
22,681
Bal. pay, to assoc.
cos. on eurr. sect 886,356
Depree. & renewal
reserve
907,320
3,028,323
Surplus
1921.
Assets
-
3,425,000
4,000,000
1,715,100
340,667
730,000
392,497
22,681
674,g20
834,620
3,420,150
15,378,049 15,555,535
Total
Total
15,378,049 15,555,535
x Land and buildings, leaseholds, machinery and equipment, formulae,
trade marks and goodwill.
y Inv. in Pref. stock of Lewis Berger & Sons, Ltd., £367,799 (4) 4.86 2-3.
1st Mtge. sinking fund gold bonds, due July 1 1941, authorized,
$4,000,000; issued. $2,450,000; less bonds deposited with trustees for
z°
redemption of bonds of Canada Paint Co., Ltd. and Lewis Berger & Sons,
Ltd., $290,600; bonds deposited with trustees for sinking fund purposes
and canceled, $373,600; bonds held in treasury, $84,300.-V. 115, P. 2487.
Imperial Tobacco Co. of Canada, Ltd.
(11th Annual Report-Year ended Sept. 30 1922.)
The report, dated at Montreal, Nov.23,says in substance:
-During the year dividends amounting to 6% were paid upon
Dividend.
the Preference shares and four interim dividends of 1%% each were paid
on the Ordinary shares, leaving a balance of $5,364,470 (Z1,102,288).
-The net profits for the year after deducting all charges and
Results.
expenses for management, interest on bonds and providing for income war
tax (1922) were $3,630,976.
To this must be added the amount brought forward from last year (less
final dividend of 1% for year ended Sept. 30 1921, paid Dec. 30 1921,
$314,304), $4,059,166, making a total of $7,690,142. Deduct dividends
paid,6% on Pref. shares, $443,542, and 6% on Ordinary shares, $1,882.130,leaving available balance of $5,364.470, out of which the directors recommend the payment of a final dividend on the Ordinary shares of 17.
absorbing $314,304, and that the balance of $5,050,166 be carried forward.
The above figures do not include the company's proportion of undivided
profits of the associated companies, and which they have not thought fit to
declare as dividends.
INCOME ACCOUNT YEARS ENDING SEPT. 30.
1921-22.
Sept. 30 Years1920-21.
1919-20.
1918-19.
$3,630,976 $3,336,783 $3,386,150 $2,920,719
xNet profits
Preferred dividends (6%) 443,542
481,800
401,262
426,546
dividends_ _(6%)1,882,130(6)1,651,416(7)1,890,175(7)1,890,175
Ordinary
Balance, surplus
$1,305,304 $1,258,821 $1,094,713
$548,744
Profit and loss, surplus.. _$5,364,470 $4,373,470 $4,224,674 $2,920,719
x After all expenses, charges and income war tax.
BALANCE SHEET SEPTEMBER 30.
1921.
1922.
1922.
Liabilities$
$
Assets$
Real estate it. bidgs 2,200,248 2,552,615 Preference shares_ 8,030,000
Plant, mach'y, drc. 2,334,787 1,914,714 Ordinary shares_ _31,430,400
Bonds
6,500,000
Good will, trade
marks & patents 28,816,801 28,816,801 Sundry credit, &e.. 2,280,337
Shares in assoc.cos. 3,744,229 1,057,980 Bills payable
101.579
2,979,383 3,591,018 Capital surplus..__
Cash
Reserve funds__ 1,891,231
Discount &expense
643,907 General reserve,...803,000
of bond issue__. 514,655
Profit and loss_ _ _ _. 5,364,470
Stock in trade and
11,632,227 12,916,944
leaf funds
Sundry debtors,&c. 4,178,688 6,339,756
56,401,017 57,833,735
Total
-V. 115, p. 2484, 1328.
Total
1921.
8,030,000
31,430,400
6,500,000
1,954,928
3,000,000
101,579
1,640,357
803,000
4,373,470
56,401,017 57,833,735
DEC.9 1922.]
THE CHRONICLE
2579
Then the litigation was carried into the U. S. Supreme Court. The
brief filed by the city maintained that the State Control Act, by which the
State took over operation of the railway for a period of ten years, was
unconstitutional in that it impaired the city's contract with the railway
company previously made, under which the railway used subways and tunRAILROADS, INCLUDING ELECTRIC ROADS.
nels owned by the city.
The city further contended that while a deficit of $3,980,000 was shown in
The following news in brief form touches the high points operating revenues during the year ending June 30 1919, there had.been
week charged in the cost of service approxmiately $2,000,000 for depreciation
in the railroad and electric railway world during the
charged
that"the
and
just past, together with a summary of the items of greatest . .$2,300,000for maintenance and repairs,showingneglect insumspast."
the
. were in the large part to make up for the
[The U. S. Supreme Court decision is given in full in the "Boston Herald"
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current Dec. 5.]Shine of the Boston Carmen's Union says appeal has been made to
Pres.
Events and Discussions."
the trustees of the railway to postpone the wage reduction of 2 cents an
•
Pennsylvania RR. Lifts Freight Embargo for 72 Hours, But Replaces Re- hour, scheduled to go into effect Jan. 1 because of increased cost of living
since agreement for this reduction was signed.—V. 115, p. 2378, 2158.
strictions Midnight Dec. 5.—"Financial America" Dec. 6, p. 2.
Railroads Operating in Alabama Must Establish Pre-War Intra-State Rate
Brooklyn Rapid Transit Co.—Reorganization Outlook.—
of 3 Cents per Mile Dec. 15.—P. S. Commission refuses to extend time
The report circulated early this week that the receivership would probably
further, after agreeing to postponement from Aug. 15 because of shopbe terminated and the property returned to the stockholders before Jan. 1
strikes. Birmingham "Age-Herald" Dec. 2.
men's and coal
/.-S. C. Commission Expected To Order Payment of Half of RR.'s Net next, has been denied by officials, who said that, owing to the complicated
Operating Expenses Over 6%.—In compliance with Esch-CummMs Railroad nature of things, it would not be possible to lift the receivership before five
or six months. Negotiations towards a reorganization have been going
Law. New York "Commercial" Dec. 1.
Railroads Have No Profits To Share, Declare Rail Heads.—Roads have on for some time.—V. 115, p. 2045.
never earned as much as 69' since enactment of Transportation Act, say
Central RR. Co. of N. J.—Hearing.—
officials of Illinois Central, Chicago Great Western, Chicago Burlington &
The Federal District Court at Philadelphia has fixed Jan. 3 as the date for
Quincy,Chicago & North Western and Atchison lines."Times"Dec.2,p.20.
Ben. W. Hooper, Chairman U. S. RR. Labor Board, Declares Union Strike hearing the protest of the sale of the company's holdings of Lehigh & WilkesBarre Coal Co. stock to the Reynolds syndicate.—V. 115, p. 2378, 2266.
To Kill Roads and Force Government Ownership.—"Times" Dec. 3, p. 18.
Railroads of U. S. Represent Investment of $20,000,000,000 by 40,000,000
Chicago Attica & Southern RR.—Acquisition.—
Stock and Bond Holders.—"Times" Dec. 4, p. 27.
The I.
-S. C. Commission on Nov. 27 issued a certificate authorizing the
U. S. RR. Labor Board Asked To Restore High Wages to Clerks and Freight
acquisition and operation of a line of railroad in Indiana. The report of the
Handlers.—"Railway Age" Dec. 2, p. 1057.
No Futher Railroad Legislation Contemplated in This Session of Congress.— Commission says in brief:
The company was organized to acquire and operate a line of railroad in
Senator Cummins, Chairman I.-S. C. Committee, would withhold bills
Inter-State commerce and on Oct. 9 1922 filed an application for a certifiuntil the next Congress convenes. "Railway Age" Dec. 2, p. 1063.
U. S. Supreme Court Dismisses Minnesota Rate Case.— For want of Juris- cate that the present and future public convenience and necessity require
diction, the U. S. Supreme Court has dismissed three cases brought by the acquisition and operation by the applicant of a line of railroad which
-S. C. Commission to authorize extends from LaCrosse, LaPorte County, Ind., in a southerly direction
Minnesota to test the jurisdiction of the I.
increased passenger fares and excess baggage charges on strictly State through the counties a Porter, Jasper, Newton. Benton, Warren, Fountransporation. In the New York, Wisconsin, Texas cases, the Court had tain and Parke to a point 25.72 miles north of Brazil, Ind., at a connection
with the Chicago Indianapolis & Western RR., and of a branch line extendsustained the Commission. "Railway Review" Dec. 2, p. 801.
Canadian Board of Conciliation Reduces Average of Grand Trunk Ry. ing from Percy Jct., in Newton County, to the Illinois State line. The
Wage Cut.—Cut in wages of clerks, freight handlers and station men total length of both lines is 145 miles.
The lines in question form a part of what is known as the Coal Railway
averaging from 3 to 5 cents an hour, imposed last July, reduced to flat
Division ofthe Chicago & Eastern Illinois RR.,and were recently abandoned
average of 3 cents an hour. "Boston Financial News" Dec. 6, p. 3.
Wages.—Agrees with newly formed Miscellane- as to inter-State and foreign commerce (V. 115, p. 1631). The Coal RailUnion Pacific RR. Raises
ous Employees' Association for wages 2 to 10c. an hour higher for highly way was ordered sold separately from the remainder of the property of the
skilled workmen than those established by U. S. RR.Labor Board. "Finan- Chicago & Eastern Illinois RR., and on April 28 1922, a sale of the Coal
Railway to Edmund P. Kelly was confirmed by the Court.
cial America" Dec. 8.
The applicant proposes to acquire title to the portion above described
Pennsylvania RR. Way Men Win 2c. an Hour Wage Increase, Retroactive
through Mr. Kelly. The southerly 25 nines of the road has heretofore
to Nov. 1.—Philadelphia "News Bureau" Dec. 7. p. 1.
been acquired by the Chicane Indianapolis & Western RR. The appliCar Loadings.—Total loading for week ended Nov. 25 was 955,495 cars,
amount
an increase of 282,030 cars over the corresponding week last year and an cant proposes to pay $250,000 for the 145 miles of line, of whichthe road
$110,700 has been subscribed by persons who are dependent upon
Increase of 151,794 cars compared with the corresponding week in 1920.
The total for the week of Nov. 25, however, was a decrease of 13,599 for transportation. The applicant does not state what arrangements have
cars compared with the preceding week. This decrease, however, was been made for funds with which to rehabilitate the property. or what sesealmost entirely due to.a seasonal falling off in ore shipments resulting curities it proposes to issue, and no application for authority to issue for
curities has been filed with us. By making use of motorized eauipment
from the cessation of navigation on the Great Lakes.
Principal changes compared with week ending Nov. 18 were: Mer- passenger service and by operating with the utmost economy, the applicant
chandise and miscellaneous freight, which includes manufactured products, expects to be able to operate at a small margin of profit.
While the record does not indicate affirmatively that the property can
564,124 cars, increase 2,607: grain and grain products 54.790 cars, decrease 414 (reduction seasonal); live stock 40,217 cars. decrease 518; coal be operated at a profit, yet the road is in existence and capable of suppl,yloading 202.032 cars, decrease 2.992; coke loadings 13,234 cars, increase ing an urgent public need. If it shall be found that it can not be made
803; forest products 66,046 cars, increase 4,643; ore 15,052 cars, decrease self-sustaining the worst that can happen will be its eventual abandonment,
which is an exigency now faced by the patrons of the line.—V. 115, 13. 1631
.
17,728.
Car Shortage.—Demand for freight cars in excess of the current supply
Chicago & Indiana Coal RR.—Sale, &c.—
totaled 152,565 on Nov. 23, a decrease of 5,671 compared with the total
See Chicago Attica & Southern RR.—V, 115. p. 1631.
on Nov. 15.
The shortage in each case compared with that of previous week was:
Chicago Indianapolis & Louisville Ry.—Dividend DeBox cars, 79,037, decrease 3,486; coal cars 43,683, increase 856; stock cars
14,047, decrease 1,807; refrigerator cars 7,616. decrease 903; coke cars clared on Both Classes of Stock.—
A dividend of 1%% has been declared on the Common stock in addition
300, increase 30.
Locomotive Repairs.—Locomotives in need of repairs on Nov. 15 totaled to the regular semi-annual dividend of 2% of the Pref. stock, both payable
18,356. or 28.5% of the number on line, according to reports just filed Jan. 10 to holders of record Dec. 30. Last dividend on the Common stock
by the carriers with the Car Service Division of the American Railway was 1%%, paid on July 101922.—V. 115, p. 1837, 1631.
Association. This was a decrease of 10 locomotives compared with the
Chicago Milwaukee & St. Paul Ry.—Acyuisition &c.—
number on Nov. 1.
The I.
-S. C. Commission on Dec. 1 authorized: (1) Chicago Terre
Locomotives in need of heavy repairs totaled 15,120. an increase within
15 days of 19, while those in need of light repairs amounted to 3.236, which Haite & Southeastern Ry. to issue $713,000 5% 1st & Ref. Mtge. gojd
bonds,to be delivered to the Chicago Milwaukee & St. Paul Ry. to reimburse
was a decrease of 29 within the same period.
From Nov. 1 to Nov. 15 the railroads turned out of their shops 12,139 it, in.accordance with the terms of the lease, for the payment of $262,400
locomotives. The number of serviceable locomotives on American rail- of certain other obligations of the Southeastern and for the payment of
$385,518 by the St. Paul for additions, betterments, &c., to the property
roads totaled 46,101, compared with 46.096 on Nov. 1.
Matters Covered in "Chronicle" Dec. 2.—(a)Chairman Cummins of Senate of said Southeastern; (2) Chicago Milwaukee & St. Paul Rv. to assume,
Inter-State Commerce Committee announces plans for railroad legislation as lessee. $713,000 Chicago Terre Haute & Southeastern By. 1st & Ref.
this session have been dropped, p. 2445. (b) Railroads co-operating with Mtge. gold bonds, in respect of payment of principal and interest.
The report of the Commission says in brief:
Port Authority, says N. Y. Central official, p. 2445. (c) Railroads tell
• "By our order of June 28 1921 (V. 113, p. 70) we authorized the acquistion
Labor Board conditions do not warrant wage increases, p. 2446.
by the St. Paul of control of the Southeastern by the purchase of capital
stock and by a 999
-year lease. We deferred consideration of that part
Asheville & East Tennessee RR.—Sale.—
Service was suspended Nov. 29 by S. Sternberg, whose offer of $19,000 of the application in which the Southeastern asked for authority to deliver
Judge Henry P. Lane in to the St. Paul $2,090,000 of the former's 5% 1st & Ref. Mtge. gold bonds,
for the line and all equipment was confirmed by
and the St. Paul sought authority to assume, as lessee, and as part conthe Superior Court.—V. 115, p. 2476, 2045.
sideration for the lease,
liability of the Southeastern in
RR.—Receiver's Ctfs.— respect of those bonds. the obligation or deferred for the reason that
Atlanta Birmingham & Atlantic
Consideration was
The petition filed by B. L. Bugg, receiver, asking for authority to no present delivery of the bonds or assumption of obligation in respect
thereto was to be undertaken at that time, and because the price at which
issue $80,000 receiver's notes to put 400 gondola cars in running order
has.been granted by Judge S. H. Sibley in U. S. District Court at At- the bonds were to be taken by the St. Paul was uncertain.
"By supplemental order of Nov. 4 1921 (V. 113, p. 2078) we authorized
lanta.—V. 115. p. 2377.
the issue by the Southeastern of $310,571 1st & Ref. Mtge. gold bonds
Barcelona Trac. Light & Power Co. Ltd.—Coupons.— and the assumption of obligation or liability in respect thereto by the
The holders of the 7% Prior Lien "A" bonds are notified that.interest St. Paul.
"Both applicants now represent that the St. Paul is entitled, under
coupon No. 15, due and payable Dec. 11922, will be paid on or after that
date at the Bank of Scotland, 30 Bishopsgate, London, England, and at provisions of the lease, to have delivered to it $262,400 bonds of the Souththe Canadian Bank of Commerce, 23 King St. West, Toronto. Payment eastern to reimburse it for the payment of certain obligations of the Southwill be made in Toronto in Canadian currency at the current rate of ex- eastern, as follows:
change. (See also V. 115, p. 2377.)
$40,000
"5% Equipment gold bonds matured April 1 1922
The holders of the 6% First Mtge. bonds are notified that in respect of "5% Equipment gold bonds matured July 1 1922
10,000
0
(
the interest due and payable, 1 7 will be paid at the Bank of Scotland, "5% Equipment gold bonds matured Oct. 1 1922
45,000
England, and at the Canadian Bank of Commerce, Toronto, on or after "One-fifth of the total amount of $837,000 of promissory notes,
-year's interest due on that date,
Dec. 1 1922, in full discharge of the half
representing an installment of the principal which became due
against surrender of Coupon No. 22.
167,400
in accordance with the terms of the lease on Oct. 2 1922
Coupons of the face value of 10s. will accordingly entitle holders to receive
"Both applicants state that they have agreed upon a price of 80 for
of the face value of £2 10s. will entitle holders to receive
4s. and coupons
such bonds. At such price the St. Paul is entitled to receive $328,000
£1. Payments will be made in Toronto in Canadian currency at the cur- bonds. It is further represented that the St. Paul has made expenditure;
rent rate of exchange.—V. 115, p. 2377.
amounting to $385,518 for additions, &c., to the leased property, the
Southeastern, and that for these expenditures
title to
vested
Boston Elevated Ry.—Elevated Act Held Legal by U. S. the St. which isentitled in the
Paul is
to receive, under the terms of the lease, 1st & Ref.
Mtge. gold bonds of the Southeastern in a principal amount not in excess
Court—Boston Loses Fight to Recover $2,909,930.—
Supreme
of the actual amount of money so expended."—V. 115, p. 2045.
The U. S. Supreme Court on Dec. 4 announced its decision that the
Massachusetts Supreme Court was right in upholding the constitutionality
Chicago Terre Haute & Southeastern Ry.—Bonds, &c.
See Chicago Milwaukee & St. Paul Ry. above.—V. 115, p. 2266, 1941.
of the Act of 1918 under which the State of Massachusetts took over operaBoston Elevated Street Ry. and placed it in charge of State
tion of the
Continental Passenger Railway Co.—Dividend.—
trustees.
decision, stated that the special
The Philadelphia Stock Exchange on Dec. 2 announced the declaration
Chief Justice Taft, in handing down the Amendment of the Federal Conof the semi-annual dividend of $3 per share, payable Dec. 30 to holders
violate the Fourteenth
Act of 1918 did not
cents per share to cover third and fourth quarterly
stitution, as was contended by the city of Boston.to recover the $2,905,- of record Nov. 29,less 41 income tax.—V. 114, p. 2579.
legal efforts
The decision, it is said, ends Boston'sas the city's share of the $3,980,151 installments of the 1921
protest, paid
931 which the city, undertrustees in 1919. The Elevated, however, has
Denver & Rio Grande Western RR.—Financing Plan.—
deficit declared by the
According to dispatches from Denver, Federal Judges Symes and Lewis
the sum received from Boston, and another
already paid back $372,034 Of July. The other communities which were and officials of the road have agreed upon the $10,000,000 financing plan
Payment will be made next
of Special Master C. E. Herrington. The plan, it is said, is to go into effect
last July.
assessed to make good deficit also received part reimbursement operation Immediately and the order of the Court permits it to be carried out as altook over the
Under the Public Control Act of 1918 the Statedeficit in oiperation must ready announced. (See also V. 115, p. 2477, 2374.)
of the railway, and the Act also provided that any
be made up by the taxation of the cities and towns served. In 1919, when
Detroit Toledo & Ironton RR.—Oppose Lease.—
and the towns and cities
the trustees announced a deficit of $3.980,000this sum,there was general
Justice Gavegan, of the New York Supreme Court, has reserved decision
served by the railway were called on to make up the fight into the Massa- in the application of Leon Tanenbaum, representing minority stockholders,
representative took
protest, and Boston's legal
for an examination prior to the trial of a suit against Henry Ford to restrain
chusetts Supreme Court.
company from executing a lease for 75 years to the Detroit & Ironton
Boston contended that such taxation was not for a public purpose, and the
Henry and
that it was legal and upheld the RR. This latter company was organized in Delaware by
therefore illegal, but the Court decided
Edsel Ford, who own almost the entire stock.
constitutionality of the law.
GENERAL INVESTMENT NEWS.
2580
THE CHRONICLE
[VOL. 115.
Tanenbaum, who alleges that he invested $10,000 in the old company,
This balance
charges that the lease to Ford interests would deprive the minority stock- for additions ofincome for 1922 would have been available, under the plan,
to property on account of the postponed sinking fund installholders from sharing in any of the profits that might be derived from the ment, interest on
the new Interborough 6% notes, the Manhattan Railway
lease.—V. 115, P. 2378.
dividend rental at the reduced rate, or other corporate purposes.
After July 1 1926, when the sinking fund payments are resumed under
Empire State RR. Corp.—New Control.—
the plan, that obligation at the increased rate provided for will become a
See Rochester & Syracuse RR. below.—V. 114, p. 2579.
part of the company's fixed charges.
Outlook.—In view of the substantial increase in the number of passenGeorgia Ashburn Sylvester & Camilla Ry.—Stock Auth.
The I.
-S. C. Commission on Nov. 27 authorized the company to issue gers carried on the system during the first five months of the fiscal year
$405,000 Common stock, par $100,for the purpose of acquiring and rehabil- and also because of the greater economies of operation which are being
itating a certain line of railroad. The report of the Commission says in obtained, there is every reason to believe that the actual results for the
fiscal year ending June 30 1923 will be at least as favorable as those indibrief:
The property purchased was formerly owned by the Hawkinsville & cated in the table above.—V. 115, p. 2478, 2379.
Florida Southern Ry.(V. 114, p. 2359), and consists of a line of road apInternational - Great Northern RR. — Transfer 47
proximately 51 miles in length, extending from Ashburn to Camilla, Ga.,
together with the franchises, rights and other property appurtenant thereto, Property.—The company, effective Dec. 1, acquired and
or used in connection therewith, including 2 steam locomotives, one pas- began the
operation of the property formerly owned by the
senger coach and 2 combination coaches.
On May 9 1922 J. N.Pidcock and T. C. Jeffords purchased this property International & Great Northern Ry. and operated by that
for $125,W0 in cash, under a decree of foreclosure and sale entered in the company and its
receiver.
Superior Court of Bibb County, Ga. The sale was confirmed on
13
J. W. Kendrick, of Chicago, has been elected Chairman, T. A. Hamilton
1922. Prior to the date of sale the applicant had been organized May on
and
President and P. J. Neff
May 10 1922 was authorized by the I.
-S. C. Commission to acquire and temporarily deferred.—V. Asst. to Pres. Further elections have been
115, p. 2267, 2046.
operate the line of railroad under consideration. The property was
valued
by the purchasers at $395,000 and was sold to the applicant at that price.
Interoceanic Ry. of Mexico, Ltd.—Earnings, &c.—
The applicant has an authorized capital stock of $405 000,
par $100.
The directors report for the fiscal year ending June 30 1922 states that the
Of this stock, it proposes so issue at par, to its organizers and
3.950 shares in payment for the property and 100 shares forincorporators, company's railways and its leased lines have continued to remain in the
$10,000
The cash is to be used in rehabilitating the railroad and equipment. cash. hands of the Mexican Government. No accounts having been received
from Mexico it is not possible to
In addition to the line of railroad in payment for which
the
the applicant months ended June 30 1922, nor present any revenue statement forsays:12
any balance sheet. The reports
proposes to issue its capital stock, the Hawkinsville owned
"At June 30 1920, there was a debit balance against net
extending from Hawkinsville to Worth, Ga., a distance a line of railroad
of 42.32 miles, of £1,917.115, to which must be added: 1 year's interest revenue accounts
making a total of approximately 93 miles of line owned by that
on the
company. ture stock and the 431% 2d Debenture stock, viz., £104.500, 4% Deben—V.114, p. 2359.
interest on
arrears at 5% per annum to June 30 1922, £40,58; 1 years' rental of
Georgia RR.—Tentative Valuation.—
leased lines, viz., Mexican Eastern By.. £22,000; Mexican Southern By,
£95.143; interest on arrears at 5%
The I.-8. C. Commission has placed a tentative valuation of
$17,521,976 administration expenses, legal and per annum to June 30 1922. £41,913
on the property as of June 30 1916.—V. 113, P. 1471.
other fees, &c., for the year. £6,927;
indebtedness, £2,969; cost in connection
Grand Trunk Pacific Ry.—Debentures Not Affected interest credited on outstandingthe debit balance as on
with schemes, £251; increasing
1922 to
£2,231,078. The above figures do not include provision June 30 liability
By Grand Trunk Ry. Court Decision.—
for any
(if any) on the part of the company toward the Vera Cruz Terminal Co.
London advices state that the committee of Grand Trunk Pacific
"During the year remittances for £2,000 were received from
4% debenture holders, headed by Sir Francis Harrison Smith, who By.
the National
disputing the terms under which the Grand Trunk Pacific was taken are Railways of Mexico on account of administration expenses.
"Proposals were placed before the Debenture stockholders in May last
by the Canadian Government, have published a statment to the effect over
the recent judgment of the Privy Council against the Grand Trunk that for a further two years' extension of the moratorium, but the Debenture
Railway shareholders' appeal in the matter ofthe arbitrators' award had nothing stockholders decided to extend the moratorium for a period of 6 months
only. to Nov. 29 1922.
to do with the debentures in question.
"The negotiations which took place in New York in June between the
The Privy Council's decision, the debenture holders say, had nothing
international committee of bankers on Mexico and the Mexican
whatever to do with the debentures, unless the saving of £37,000,000
Minister
to
Canada should be regarded by the Dominion Government as reason of Finance resulted in an agreement for a plan of readjustment of certain
of the obligations of the Government of Mexico
for generous treatment of the Grand Trunk Pacific debenture a
holders, Railways of Mexico. This agreement has now and of those of the National
whose total amount of security is only £7,000,000.
been approved by Congress
and ratified by the President.
The statement proceeds to annnounce that the debenture
'Notwithstanding the efforts of the board, no provision
interviewed W. S. Fielding. Canadian Minister of Finance,holders recently
was made in
in London with the agreement for dealing with this company's claims
reference to the matter. The details as to the outcome of this
or those of its leased
main unpublished, they state, because Mr. Fielding had made itinterview re- lines and the directors are therefore continuing to press these upon the
clear that he Mexican Government.
can
spoke entirely as a private citizen to the deputation.
regard to these circumstances,
•
ever, to place the case of the debenture holders fully He promised, howbefore his colleagues request the Debenture stockholders and theit has become necessary to
at Ottawa.
owners of the leased lines.
i.e., Mexican Eastern and Mexican Southern railways, to consent to an
The Grand Trunk Pacific debenture holders, in their
statement refer to extension of the .moratorium. The directors therefore
the appointment of Sir Henry Thornton as
conferred with the
President of the Canadian Debenture stockholders, who, in May
National Railways. This, thiey think, should result
last, moved to restrict the period
in the more profitoperation to Nov. 29 1922 and, whilst those holders
able working of the Canadian Government
still object to
-owned railways, which in turn of its
any long extension, they have agreed to support a proposal to continue
should mean, apart from the debenture stockholders'
profitable working of the Grand Trunk Pacific Ry.—V. agitation, the more the moratorium for a further term of six months."—V.,114, p. 2823.
115. p.2046, 1941.
Hawkinsville & Florida Southern
Indiana Railways & Light Co.—Merger.—
See Northern Indiana Power
See Georgia Ashburn Sylvester & Camilla By. Ry.—Sale, &c.—
above.—V. 114, p. 2359.
Kansas City Mexico & Orient RR.—No Improvement.—
No improvement in the operating conditions is disclosed in the returns
for first 9 months of this year. Expenses continue
revenues, and the deficit has reached $492,834. Last in excess of gross
year
Co. under "Industrials" below.—V. 115, 'deficit of $806,740. Operating ratio for first 9 months ended with a
was 110.9%.
p. 2267, 2159.
practically the same as for 1921.
Officials say, however,that the traffic situation shows some improvement.
Interborough Rapid Transit Co.—Interborough-Man- Increases in rates
have been granted by the I.
-S. C. Commission, as well
hattan Readjustment—Notice to Bond & Note
he as an increase in divisions with connecting carriers. The
protective committee for the bond and note Holders.—TP. have secured a temporary injunction against this order,latter, however,
with the result
that the company is now being deprived of the 15 to 30% increase granted.
Morgan, Chairman, in a notice Dec. 1 saysholders, J.
in substance The case will come up soon. Vice-President Histed says there is no shortage
(see also advertising pages):
of rolling stock, as has been reported, but that the company has sufficient
for perhaps twice the amount of business now being carried.
• (1) First & Refunding ltilge. 5s.—On and after Dec.
The rumors that British interests were attempting to revive reorganizacates of deposit for these bonds upon the surrender of 19 holders of certifisuch certificates will tion plans are denied.
receive bonds (stamped as participating in the
Interborough-Manhattan
The operating results for first 9 months of 1922 show: Gross revenue,
plan of readjustment with modifications) bearing the
1923 and subsequently. It will aid the depositarycoupons due Jan. 1 S2,087,462; total operating expense, $2,316,329; taxes, $127.008; operating
delivery of the bonds if certificates are surrendered and facilitate the deficit, $355,875; net operating deficit, $492,834—("Wall Street Journal").
immediately to the —V. 115. P. 1731, 1210.
depositary with which the bonds were originally
deposited. The return
of the bonds will be made as promptly as possible.
Lake Erie & Western RR.—Probable Merger.—
-Year Secured Convertible Notes.—Under the plan
(2) 3
each
See New York Chicago & St. Louis RR. below.—V. 115. P• 869.
certificate of deposit for these notes will be entitled to receive holder of a
and 90% in new 10
-year Secured Convertible 7% notes, dated 10% in cash
Sept. 11922.
Magma Arizona RR.—Ridsfor Stock.—
As $100 is the smallest denomination of the new
Company requests bids for the purchase in a single block of $800.000
able for any amount thereof less than $100, notes, there will be delivernon
exchangeable, with other such scrip in amounts -interest bearing scrip capital stock, par $100. Bids must be submitted to Charles F. Ayer,
aggregating $100 and Vice-Pres., 14 Wall St., New York City, on or before Dec. 21 1922.
multiples, for a like amount of the new notes.
The issuance of the stock and its sale at not less than par to the highest
The committee is undertaking to arrange that any holder of
of deposit may receive, so long as they may be available, new a certificate bidder has been authorized by the I.-S. C. Commission and by the Arizona
notes for the Corporation Commission.
full amount of the deposited notes, in lieu of receiving new
notes of the
small denominations, scrip and cash as above scheduled.
Manhattan Ry.—Readjustment Plan Operative.—The
Delivery of the new securities or cash will be made in
due course to stockholders committee, Alvin
the holders of certificates of deposit upon surrender thereof.
W. Krech, Chairman, in a
'
Such delivery
will be expedited by the immediate surrender of the
certificates of deposit notice to stockholders and holders of certificates of deposit
to the depositary with which the note* were originally
deposited.
says:
for stock, Dec. 5 Manhattan
Description of Secured Convertible 7% Notes.—
plan of readjustment has been declared
he InterboroughThe $34,330,000 SO-Year Secured Convertible 7% gold
notes are dated operative. The transfer books for the certificates of deposit representing
Sept. 1 1922, due Sept. 1 1932. Int. payable M. &
S. in N. Y. City. deposited stock will close at the office of the depositary, Equitable Trust
Denom.$1,000,$500 and $100(0). Convertible at the
York, Dec.
into Interborough Rapid Transit Co. 1st & Ref. Mtge.option of the holder Co., 37 Wall St., New distribution 15 for the following purposes:
will be made, in accordance with the
5% bonds at 80%
(1) On Jan. 2 1923 a
prior to Sept. 11925; after that date at 85% prior to Sept.
holders of certificates
that date at 90% prior to Sept. 1 1932, with adjustment 11928, and after plan, to registered scrip warrants of of deposit for shares of stock of
Interborough Rapid Transit Co.,
of interest. Red Manhattan Ry., of
all or part on any int. date at a premium equal to 4 of
Nov. 1 1923 to the amount of
1%
elapsing between date of redemption and maturity of for each 6 months payable ondividends at 7% per annum 53'.1 % ($5 25 per share), being the
up to and including dividend due
also being payable in any case. Bankers Trust Co., notes, accrued int. arrears of
trustee. Issuance July 11922.
authorized by N. Y. Transit Commission.
(2) Payment will be made on Jan. 2 1923 to holders of certificates of deData from Letter of Pres. Frank Hadley to Committee,
to
Dec. 1 1922. posit of dividends in cashdue the amount of 1% (Si 50 per share), being
Oct. 1 1922 and the dividend for same amount
dividends of %, of 1%
Notes.—Under the Interborough-Manhattan readjustment
plan, just thebecome due Jan. 1 1923, in accordance with
declared operative, company is to issue $34,330,000 10
-Year Secured Con- toCertificates of stock with the form of guarantythe plan. for in the plan
vertible 7% notes dated Sept. 11022 which will be utilized
provided
refunding 90% of the outstanding issue of $38,144,400 in retiring and and related papers are being prepared and will be exchanged for certificates
3
-Year Secured
Convertible 7% gold notes.
These secured convertible notes are to be of deposit at an early date. been
deposited. As the committee will soon
secured by pledge of $59,602,000 1st & Ref. Mtge. 5% bonds
Over 90% of the stock has
participating in the readjustment plan), the bonds being thus (stamped as dissolve, it takes this opportunity again to recommend the plan to all
pledged at a stockholders. Stockholders who have not yet deposited their stock and
price of about 573i%•
Fired Charges Reduced.—Under the plan of readjustment dated
desire now to participate in the plan and the foregoing distribution of scrip
May 1
1922, the fixed charges have been materially reduced. The favorable results and cash may deposit their shares with the depositary on or before Dec. 15.
to the company of the reduction in fixed charges brought about by the —V. 115, p. 2478, 2159.
operation of the plan of readjustment is best shown by
Maumee Valley Ry., Toledo, 0.—New Company.—
known results of operation for the fiscal year ended deducting from the
June 30
interest (but not the sinking fund) on the Interborough Rapid1922 the
See Maumee Valley By. & Light Co. below.
Transit
bonds, the interest on the new Interborough Rapid
Maumee Valley Ry. & Light Co.—To Reorganize.—
the interest on the Manhattan Railway bonds. SuchTransit 7% notes. and
a statement follows:
.
ndholde so c at a ttee, forsa1 0,0 (v
5 00
This company, which was recently rs ld ommiSheriff's 8e to Marion1M
15:
Results for Year ended June 30 1922 (If Plan Had Been Operative).
Chairman f niz b
.
D i2113e7r,) ,1begatheed i is said, as the Maumee
M
Operating revenue
Valley By. with an
$53,540,859
t
Operating expenses
issue of $500,000 ($350,000 to be outstanding), $100,000
a
32,272,509 - uthorized bond
Taxes and city rentals
0
, ad
0h00
5,285,456 Pref. stock
an authorized issue of $1,000,000 Capital stock
Common stock.
The old company
Operating income
outstanding), $300,000 Toledo & Maumee Valley By. 1st gold 5s and
$15,982,894
Non-operating income
500,000 Maiunee Valley Rys. & Light 1st gold 43.is. The new company,
652,875
t is stated, will seek 204ear franchisee in Maumee and Perrysburg, O.
Gross income
$16,635,769 —V. 115, 1). 2379. 1942.
Interest on 1st & Ref. Mtge. bonds, on new
10
-Year 7% notes,
and on Manhattan Railway Co. bonds •
Meridian (Miss.) Light & Ry. Co.—Fare Increased.—
12,624,246
The City Council of Meridian, Miss., recently granted the company
Balance
-cent ticket fare, tickets to be sold in strips of
$4,011,523 permission to charge a 7
DEC.9 1922.]
THE CHRONICLE
2581
"This
as of
comparable with
5 for 35 cents. The present rate of 5 and 6X cents for tickets will be the roadvaluation of $469,172,221,and Dec. 311921, isof
and equipment account
the book value
materials and
eliminated.
$398,704.202
The cash fare and school-tickets will remain at 10 cents and 35 cents, supplies and cash for the same period amounting to
"This gives an excess value over the property account of.. _ _ $70,468.019
2537.
respectively.—V. 112, P.
"The net capital obligations of the New Haven and its leased lines as
Milwaukee Elec. Ry. & Light Co.—Certificates Called.— of Dec. 31 1921, adjusted to exclude par value of outstanding system
-Year 8% Sink. Fd. Equip. Trust gold certificates obligations held by system companies, amount to
All of the outstanding 10
$507,093,465
dated Oct. 1 1920 have been called for payment April 1 1923 at 107% and
"The above amount includes capital obligations representing securities
.—V. 115, p.2379, 1631.
int. at Dillon, Read & Co.,28 Nassau St., N.Y.City
issued to acquire so-called outside properties not included in this valuation,
$155,241.204
Minneapolis St. Paul & Sault Ste. Marie Ry.— carried at a book value of
the $507.093,665, the net capital
"If this
Dividends of $2 Per Share Declared on Pref. & Corn. Stocks.— obligationslast figure be deducted from as of Dec. 311921. above worked
comparable to the,valuation
The directors have declared a dividend of $2 a share on both the Common out would be
$351,852.261
and preferred stocks (from accumulated surplus of 1909 to 1919, incl.),
"Giving an excess property value over these net capital obligations,
payable Dec. 28 to holders of record Dec. 15.
$117,319,960
surplus. The both as of Dec. 31 1921 of
A like amount was declared in March out of accumulated
"This would work
Preferred stockholders, however, took the matter into court, contending $157,000,000 stock. out an equity of about $175 per share for New Haven's
illegal to pay any dividend on the Common stock until the
that it was
"While question may be raised as to the propriety of taking out the
full amount for the year had been paid on the Preferred. The company full book value of investments in outside properties to arrive at net capital
was upheld in the lower courts, but the case was appealed and is still obligation, it should be borne in mind the former large book investment
in litigation. See V. 115. p. 1532, 2159.
In the Rhode Island is not included in 1921 figures. having previously
been written down to a book value of $300.000. Of the $155.000.000
Missouri Kansas & Texas RR.—Reorganization Plan outside
investments. $65.000,000 represents investments in other railroad
-S. C. Commission on Dec. 4 approved and steamship properties which are under I.-S. C. Commission valuation.
Approved.—The I.
the reorganization plan of the Missouri Kansas & Texas Ry. "When the Commission's figures for these properties are announced,
Haven's equity will doubtless
(the old company) and approved the acquisition by the new it is expected that the New outside investments were taken be supported.
at only 50%
Even if the balance of the
company of certain lines of road, &c., of the old company of book value, the equity for New Haven stock would still work out about
$146 per share.
and the issuance of new securities as required under the
"The New Haven's protest to the tentative valuation will be filed with
plan. (Compare plan in V. 113, p. 2311, 2505).
the Commission by the first of the year. It will protest the straight line
also the omission
The Commission authorized (1) the acquisition and operation of 19 method of depreciation applied by the Commission, elements of value.
certain lines of railroad, with franchises and property appertaining thereto. from the tentative valuation of many of the important
5 certain One of the most important of these omissions is the failure on the part
(2) The acquisition and operation, under trackage agreements, of
of the Commission to allow any value for the company's rights in perlines of railroad and terminal companies.
(3) Acquisition of control of the Missouri-Kansas-Texas RR. Co. of petuity between Woodlawn, N. Y., and the Grand Central Station and
Texas, Texas Central RR., Boonville RR. Bridge Co., Wichita Falls By., its investment therein."—V. 114. p. 2478.
Wichita Falls & Northwestern Ry. Co.of Texas, Wichita Falls & Wellington
North Alabama Traction Co.—Franchise—Sale.-By. of Texas, Missouri Kansas & Texas Terminal Co. of St. Louis and
-year
The Decatur (Ala.) City Council has panted this company a 30
San Antonio Belt & Terminal Ry., by the purchase of stock of these cos.
'I he property
(4) Acquisition of certain stock, in amounts less than a majority, of franchise to replace the one under which it recently operated. B. Weakley.
Missouri of the company was recently sold at public auction to John
Joplin Union Depot Co., Terminal RR. Association of St. Louis.
& Illinois Bridge & Belt RR., Union Terminal Co.(Dallas), and Galveston Confirmation of the sale by the U. S. Court is expected aoout Dec. 15.—
V. 115, p. 645.
Houston & Henderson RR.
(5) Acquisition of control of the lines of railroad and other property
Pacific Electric Ry.—Fares.—
embraced in the leasehold created by the lease from the Boonville RR.
The company, effective, No. 27, established a "weekly pass" plan on
Bridge Co. to the Missouri Kansas & Texas By. Co., dated Nov. 1 1901,
weekly, is unand of the lines of railroad and other property embraced in leasehold its local lines in Pasadena, Calif. The pass will cost $1 the company
transferable. This pass system is also used by
created by the lease from the Oklahomh Belt By., dated April 11917, by limited and lines in
Riverside and Pomona, Calif.—V. 115, p. 1838, 1533.
on its local
acquiring said leasehold interests.
.Action was deferred on request for authority to acquire the lines of railPensacola Electric Co.—Tenders.—
road and other properties embraced in leasehold, or owned by Boonville
Boston, Mass., will
The Old
RR. Bridge Co. and on request for authority to acquire the properties of until Dec. Colony Trust Co., trustee, 17 Court St.,
-year gold
11 receive bids for the sale to it of 1st Mtge. 5% 25
the Missouri Kansas & Texas Terminal Co. of St. Louis.
bonds, due Aug. 11931, to an amount sufficient to exhaust $17,791.—V.
following securities:
The Commission granted authority to issue the
$52,942,752 112, p. 653.
(a) Prior Lien Mortgage Gold Bonds, Series A
27,236,000
(b) Prior Lien Mortgage Gold Bonds, Series B
Puget Sound Power & Light Co.—Capital Inc.—Fares.
(c) Prior Lien Mtge. Gold Bonds, Series C,of which not exceedThe stockholders will vote Jan. 3 on increasing the authorized Pref. stock
are to be pledged with the Director-General
ing 36.500,000
by $1,000.000. The official notice to shareholders says:
29,121.347
of Railroads
"The entire authorized amount of 6t7 Cum. Pref. stock, $15,000,000, is
d) Convertible Adjustment Mtge. Gold Bonds, Series A_ _ _ _ 57.500,000 now outstanding. While the company has available for sale approximately
x30,000,000
e) 7% Pref. stock, Series A
$4.500.000 of authorized but unissued 7% Cum. Prior Preference stock,
1,000.000 sh.s. this stock is now
f)
{ Common stock, without par value
selling at a premium, and it is possible that the company
the cost of additions
may be
advantageously a
.x And such additional amount of Series A. up to $57,500,000, as may and newable to finance the future through portion of 6% Pref. stock."
the issue of
acquisitions in
be necessary to effectuate the conversion of $57,500,000 Cony. Adjust.
The present authorized capital consists of $15,000,000 6% Cum. Pref.
Mtge. Gold Bonds, Series A, in accordance with the terms of their issue.
stock, $10,000,000 7% Prior Preference stock and $25,000,000 Com. stock.
The report of the Commission will be given more fully another week.
The Puget Sound International Ry. & Power Co. has filed a tariff with
•
the Department of Public Works providing for the establishment in Everett,
June 1 1922 Interest.—
-year Gold Wash., for 90 days, of a 5-cent street car fare. The tariff also provided for
Interest which matured June 1 1922 on the 1st Mtge. 100
bonds, due 1990, are being paid on presentation of coupons at the office the extension of the weekly pass system for another 90 days from Nov. 25.
Heretofore the Everett system has been charging 10 cents cash fare, four
of the agent for the receiver.—V. 115, p. 2478. 2159.
tickets for 25 cents.—V. 115, p. 1838, 989.
Municipal Service Co.—Offer to York Railways.—
Railway & Light Securities Co.—Bond Payment.—
The company, which recently acquired a majority of the Common stock
The company announces that it will purchase a limited amount of Third
of the York Rys. Co.(V. 115, p. 308), has advised the stockholders of the
latter company that it is prepared to acquire the remaining shares on the Series Coll. Trust 5% bonds, due Nov. 1 1939, at par and int. upon prefollowing basis: To give for each 12 shares of Common stock (par $50) of sentation at the Old Colony Trust Co., Boston.—V. 111, p. 1286.
York Rys. 5 shares of 6% Cum. Pref. stock of Municipal Service Co.
Richmond Fredericksburg & Potomac RR.—
(Par $100).—V. 115, p. 308, 988.
See article entitled "Perishable Freight Service Specialty of R. F. & P."
N. Y. Chicago & St. L. RR.
--Probable Consolidation.— in the Railway Age" of Dec. 2, pages 1045 to 1049 Incl.—V. 114, p. 948.
"
It was reported this week that negotiations are under way whereby the
Richmond Light & RR., Staten Island.—Reorg.—
Toledo St. Louis & Western RR., the New York Chicago & St. Louis and
The company, which has been in receivers' hands for several years. is
the Lake Erie & Western will be consolidated and operated as one system.
The consolidation, according to the reports, will probably be completed by about to be reorganized by the new interests which have incorporated as
Jan. 1. These three roads are controlled by the Van Sweringen interests the Richmond Railways, Inc., and application has been made to the Transit
Commission to effect this purpose. While formal steps looking to the
of Cleveland.
The consolidation, according to the reports, is to be accomplished by reorganization have not yet been taken, if the plan contemplated in the
the issuance of new 6% stock of the New York Chicago & St. Louis, around petition to the Commission is approved, the termination of the receivership
which will be built the final plan for the absorption of the securities of the will be materially advanced.
The new company proposes to take over all the properties of the old
other two roads. The consolidation of the three companies into one large
operating system .will link together approximately 1,725 miles of track. company for $2,000,000 30-Year 6% bonds and 20,000 shares of no par
has been obtained by the Van Swer- capital stock to be issued by the Richmond Railways. Inc.. the old company
Approval for this move, it is stated,
-year 6%
assuming all indebtedness incurred by it, including its own 50
-S. C. Commission.
ingens from the I.
The Van Sweringens acquired the N. Y. Chicago & St. Louis in 1916 from bonds.
Early in October last it was announced that a group composed of Marshall
the New York Central. The Toledo St. Louis & Western was acquired
early this year through the purchase of the holdings of the Edwin F. Searles Field, Glore, Ward & Co., Spencer Trask & Co.. Estabrook & Co.. Rayand Hawley estates (V: 114, p. 1065). The Lake Erie & Western was also mond M. Smith & Co. and associates, and Interests connected with the
J. G. White Management Corp., had acquired control of the company.
purchased from the N. Y. Central in April 1922 (V. 114, p. 1890).
On Aug. 16 1922 the I.-S. C. Commission approved the contract whereby This group intends to make every effort to effect a sound plan of reorganizathe New York Chicago & St. Louis took over the Lake Erie & Western. tion and to give the best possible service to Staten Island.—V. 115, p. 1732.
(V. 115, P. 869.)—V. 115, p. 2159.
New York New Haven & Hartford RR,—Tentative
Valuation.—E. G. Buckland, V.-Pres. & General Counsel
has issued a statement in which he says that the tentative
valuation placed by the Inter-State Commerce Commission
recently at $382,797,066 is as of June 30 1915.
In bringing this value forward to the close of the last fiscal year, Dec.
31 1921, for the purpose of making comparisons with the New. Haven's
capital structure, it should be borne in mind the value fixed by the Commission applies to property used for transportation service only, and
certain adiustments are necessary to produce comparable figures. Mr.
Buckland further says'
"The Commission reported a value of $382,797.066 covering only value
value of $3.600,300
of carrier property used. It also reported a and its leased lines, covering
but not
carrier property owned by the New Haven
used, on account of being leased to other carriers. The Commission also
reported a value of non-carrier property for the New Haven and its leased
lines in amount of $17.570.568 which was not included in its figure of
$382,797,066.
"Included in the Commissioner's tentative figures was an amount of
$9,369.342 represepting the actual balance of cash and materials and
carrier's balance sheet of June 30 1915.
supplies on hand as shown by the showed cash on hand of $10.306,046
balance sheet
On Dec. 31 1921 the
$14.319,089, a total of 324,625,135. There
and materials and supplies of
of these items of $15.255.793.
was an increase in value on account 1921 the New Haven and its leased
"From June 30 1915 to Dec. 31betterments to the investment in road
lines have made net additions and $50,880,718. The tentative valuation
and equipment in the amount of
may thus be brought forward as follows:.carrier prop. only_ -3382,797.066
-S. C. C. tent. value as of June 30 1915,
I.
Value of carrier prop, owned, leased to others, $3,600,000; 2.668,076
less carrier prop. used, not owned, $932,224
$17,570.568
-S. C. C. valuation of non-carrier property 1921
I.
15.255,793
31
Inc. in cash and materials on hand as of Dec. to Dec. 31 1921_ 50,880,718
Net additions and betterments, June 30 1915
Total as of Dec. 31 1921
$469,172.221
Richmond Railways, Inc.—New Company To Be Formed.
See Richmond Light & Rys. above.
Rochester & Syracuse RR.—Acquires Empire United.—
Application for the approval of the purchase of a majority of stock of
the Empire State RR. Corp. by the company has been submitted to the
New York P. S. Commission. The Rochester company has bought
9.500 shares of the Preferred stock and Class "B" and 10,500 shares of
the Common stock of the Empire company, which has outstanding 14,500
Common shares, 2.500 6% Cuinul. Pref. "A" shares and 12,500 6% NonCumul. Pref. "B" shares (par $100).—V. 113. p. 534.
St. Louis Southwestern Ry.—Lease of Valley Term. Ry.
-S. C. Commission on Nov. 22 authorized the company to acquire
The I.
control of the Valley Terminal By., by laese.
By the terms of the lease, the Valley Terminal leases all of its railway and
terminal property for 50 years from Jan. 1 1922 to the Cotton Belt; assigns
to the latter all contracts of the former and all sums of money which it now
has or which may now be or hereafter become due to it, and agrees to
reimburse the Cotton Belt for all amounts expended by it in improving the
property, which are chargeable to investment in road and equipment.
The Cotton Belt agrees to maintain the property in good repair: to pay
all taxes and assessments against the same and interest on all obligations
of the Valley Terminal now existing or which may hereafter be incurred with
the Cotton Belt's a.ssent; to observe, keep, do and perform all duties and
liabilities imposed upon the Valley Terminal by law or by any franchise,
deed or contract, and to pay all sums of money thereunder to be paid by the
Valley Terminal; to make such additions and betterments to the property
as it shall deem proper and necessary and to indemnify the Valley Terminal
against all loss, damage or liability arising in, or due to, the construction,
Improvement, use or operation of the property.—V. 115, p. 2380. 2159.
Salt Lake & Utah RR.—Stock & Bonds.—
The I.
-S. C. Commission on Nov. 23 authorized the company: (a) to
Issue $600,000 1st Mtge. 6% bonds by pledging them with the Secretary
of the Treasury as partial security for a loan of $700,000 from the United
States under Section 210 of the Transportation Act. 1920, as amended;
(b) to borrow and pledge with the Secretary of the Treasury for thei
ed
Interurban Coni:truc e
held byretteruhreba7, ° in il a tiL
purpose, $500,000
same
be pledged
•
2582
T FrE CHRONICLE
Co., a holding company, which owns all of the company's Preferred stock
and 90% of its Common stock. It will be borrowed by the company to
enable it to make the proposed pledge.
-V. 113, p. 2313.
[VOL. 115.
"The net gain in active furnaces last month was 24. The total on Dec.
1 was 242, with a daily capacity of 97,135 tons, against 87,935 tons a day
for 218 furnaces on Nov. 1.
"Pig iron Production is now at a yearly rate of 35,500.000 tons. In
South Georgia Railway.
-Capital Stock.
all last year 16,688,000 tons, or less than half as much, was made. The
The I.
-S. C. Commission on Nov. 24 authorized the company to issue
record was
not exceeding $199,000 7% preferred stock, par $100 each; to be exchanged high Prices. 39,434.000 tons in 1916.
-"In the steel market the chief new feature was the naming
Steel
at par for $199,000 first mtge. 5% bonds which will mature Jan. 11923, or of $36 50
Carnegie Steel
to be sold at not less than par and the proceeds devoted to the payment of quarter of by the The figure is Co. as its sheet bar price for the first
1923.
midway between the $35 for which buyers
said bonds.
-V. 107, p. 2478.
have been maneuvering and the $38 price for which some sellers have
been holding. While no formal announcement has been made of a billet
Springfield Terminal Ry.-Note.price, it is expected to be the same as for sheet bars.
The I.
-S. C. Commission authorized the company to issue a promissory
-"It now appears that the
Orders.
note for $25.000. dated Nov. 13 1922, and payable to Peoples Trust & ofsemi-finished steel some weeks ago Steel Corporation's total purchases
were no lass than 150,000 tons,of which
Savings Bank of Chicago, four months after date, with interest at the rate 100,000 tons was for the National
Tube Co.and 50,000 tohs for the American
of 53i %. Proceeds will be used for paying, in part, the cost of one locomoTin Plate
tive, which the company desires to purchase from the Baldwin Locomotive Sheet & finished Co. ' first
steel the
"In the
week of December continues the largeWorks at the price of $26,500.-V. 115, p. 2268.
scale output of the second half of November and the minor variations in
prices of plates, shapes and bars. Buyers stress the
deliveries
Syracuse (N. Y.) & Suburban RR.
-Reorganization.
- by some mills have improved to such an extent thatfact thatconsumers
certain
Edward Powell, Chairman of the bondholders protective committee.
getting deliveries
has applied to the New York P. S. Commission for approval of the reorg- are, few plate mills sooner than they expected.
appear to need orders for immediate rolling, and in
"A
anization plan (V. 114, p. 1064). The name of the new company will be one case a 3,000
-ton inquiry for plates for a Lake shipyard brought out
Syracuse & Eastern RR.
-V. 114. p. 2117.
one bid of 1.80c. at mill.
"Automobile plants are operating at a higher rate than in any previous
Tacoma (Wash.) Ry. & Power Co.
-Fares.
December. Makers are not hastening to buy steel for the first quarter,
The "weekly pass" system has been extended for 90 days from Nov.
26. their inquiries, which point to liberal buying, being mostly tentative.
-V. 115, p. 545.
"The range.of 1.90c. to 2c. on heavier products continues on prompt
business as in recent weeks. At Chicago in particular the obligations of
Texas & Pacific Ry.-To Amend Charter, &c.
the mills are heavy. Rail bookings in that district are well over 800,000
In connection with the bill introduced in the United States Senate by tons. The cars placed there
in the past two weeks represent 100,000
Senator Morris Sheppard. asking that certain charter amendments be
steel.
In order to make new capital available, J. L. Lancaster, receiver, made tons of rolled 4,200 more cars
"Awards of
says:
bring the total so far this year to over 145,000
"The company seeks to terminate the receivership in whose hands
the freight cars. With 25,000 under negotiation (over 10.000 added in the
property has been since Oct. 1916, without foreclosure. To
this
week) the year's
provide means of financing improvements that must be made do keep and than for any car buying will be close to the 170.000 of 1916 and greater
to
year
the
property abreast of the traffic requirements of the rapidly developing terri- active. Ordersother placed since 1912. Locomotive business is notably
were
for 139 with new inquiries for almost as many.
tory it serves, the amendment of the charter is unnecessary. By the pro"Large orders for machine tools have
visions of the bill the public and investors are amply safeguarded and if by the Chicago Burlington & Quince been placed during the past week
and the Pennsylvania Lines East.
enacted it will make possible placing the property among the foremost The Burlington orders foot up to
$500,000 and those of the Pennsylvania
railways of the country."
to about half as much. The Missouri Pacific has an inquiry out for 53
The text of the bill introduced by Senator Sheppard provides (in brief):
machines.
(1) That in addition to the powers conferred upon or secured to the
"The Philadelphia-Camden bridge
railway company by the Act of Congress under which it is incorporated, the tons of fabricated steel contracted towers account for half of the 20,000
for in
and
company, in order to extend and develop the lines of railroad now owned by New York and Chicago furnished much of the week,tons building work in
the 22.000
offresh inquiries.
It shall have power from time to time to lay out, locate, construct, furnish,
"The United States Cast Iron Pipe
Foundry
maintain, operate, purchase or lease and enjoy railroads constituting exten- on 20,000 tons of cast iron water pipe & San Juan,Co. was low bidder
for
Porto Rico. South
sions or branches of its said lines of railroad.
America is inquiring for 50,000 boxes of-tin plate."
(2) That the company shall have power and authority with
consent
of the majority of the outstanding capital stock, to authorize the issue or
Coal Production, P rices, &c.
an
issues of its bonds for the completion, equipment, maintenance or repair
The United States Geological Survey Dec. 2 1922 reported in brief as
of its lines, the refunding of any debt, the making of any additions, exten- follows:
sions or betterments to its property, or for any other lawful corporate pur"Bituminous coal production appears to have found a temporary level
pose, without limitations in amount to $40,000 per mile of its lines of
just above 11,000,000 tons per week. The total estimated output
road, and to secure said bonds, or any of them, by mortgage or otherrail- week ended Nov. 25 including coal coked, mine fuel, and local in the
sales,
lien
upon all or any portion of its franchises and property.
was 11,038,000 net tons. Preliminary reports of cars loaded during the
(3) That the capital stock heretofore fixed at $50,000,000 may be in- first 3 days of the week Nov.27
-Dec. 2 indicate that production continued
creased with the consent of a rnajorit‘ of the outstanding capital stock.
,
rate, but on account of the Thanksgiving Day holiday
at about the same
Any additional shares so authorized shall be entitled
total output will probably drop to between 9,300,000 and 9,700,000 tons.
privileges, &c., as determined by the directors with the to such rights, the
"Production of anthracite decreased slightly
consent
outstanding capital stock, provided that each share of outstanding of the but was at a rate in excess of 2 million tons per in the week ended Nov. 25,
week. The total estimated
capital
stock, preferred or common, shall be entitled to one vote at
every stock- output, including coal recovered by washeries and river dredges, was
holders' meeting, which may be voted in person or by
2,174,000 net tons. In comparison with the corresponding week in 1921
written
Any stock authorized whether preferred or common, may proxy.
be issued by this was an increase of 524,000 tons, or 32%. Preliminary reports of
the company for the payment of any of its
cars loaded during the past three days of the week Nov. 27-Dec. 2 indicate
other obligations provided the par amountoutstanding mortgage bonds or a slightly higher rate of output but on account of
of preferred or common stock
Thanksgiving Day the
Issued for such purpose shall not exceed tbe principal
of and interest due and total output will probably be reduced to about 1,800,000 net tons.
unpaid upon any mortgage bond or other obligation
Estimated United States Production in Net Tons.
(4) The company for the purposes of all actions atso paid. "
real, personal or mixed, and all suits in equity, shalllaw by or against it,
1922
1921
of the State of Texas and an inhabitant of the Countybe deemed a citizen
Cal. Year
Cal. Year
of Dallas.
-V. 115.
Bituminous
p. 2478, 2047.
Week.
to Date.
Week.
to Date.
Nov. 11
10,147,000 332,736,000 8,592,000 354,209,000
11,215.000 343,952,000 8,871,000 363,080,000
Toledo St. Louis & Western RR.
Nov. 18
-Probable Merger.
- Nov. 25
11,038,000 354,990,000 7,101,000 370,181,000
See New York Chicago & St. Louis RR.
above.
-V. 115, P. 761,184.
Anthracite
1,863,000
Nov. 11
Toronto Suburban Ry.-Sale to City.
38,845,000 1,350,000 79,917,000
2,191,000
Nov. 18
The City Council of Toronto.
40.950,000 1,879,000 81,7967000
2,174,000
the purchase of the company by Out. has passed a by-law authorizing Nov. 25
43.124,000 1,650,000
83,446,000
the city. For terms of purchase, see
Beehive Coke
V. 114, P. 199, 308.
246,000
Nov. 11
6,052,000
-103,000
4,715,000
264,000
Nov. 18
6,316,000
United Light & Rys. Co.
111,000
4,826,000
-Common Dividend Resumed.
- Nov. 25.,
285,000
A quarterly dividend of 131% and an extra
6,601.000
110.000
4,936,000
dividend of 3.1 of 1% has
been declared on the Common stock, together with the
The "Coal Trade Journal" Dec. 6 noted the following market conditions:
regular quar"Bituminous market conditions during Thanksgiving Day week were on a
terly dividends of 134% on the 6% Pref. and 1%s_%
on the 7% Pref., all firm basis. Outside of Buffalo-Pittsburgh
payable Jan. 2 to holders of record Dec. 15. Last payment
northern West
of 1% on Virginia, the reaction of prices to the loss ofterritory and was.
corn. stock Oct. 1, 1919, none since.
lake business
more than
-V. 115, p. 2160. 870.
offset by the holiday decline in production, transportation difficulties and
United Railways Co. of St. Louis.
a healthier demand. In some markets this demand was on the domestic
-Valuation.
-Attorneys for the receiver have filed with the Missouri P.
side; in others, it was the steam division of the trade that showed the
at Jefferson City a brief declaring that the valuation of S. Commission greatest activity. During the Thanksgiving Day week last year the
the
property for rate-making purposes should be fixed at about company's output was only 7,101,000 tons, compared with approximately 9,700,000
$70,000,000.
This is $20.000,000 higher than the tentative valuation put on the property tons this year.
by the Commission in September 1919.-V. 115, p. 2478,
"The basic steadiness of the spot market as a whole throughout the
2047.
week is evident from a comparison of the straight average maximum and
Valley Terminal Ry.-Lease tr Cotton Belt.
minimum prices with those for the preceding week. These averages for the
See St. Louis Southwestern Ry. above.
week ended last Saturday, $3 51 and $3 96 per ton, show a decline of 4
-V. 111. p. 794.
cents on the minimum and an advance of 5 cents on the max mium over
Washington (D. C.) Ry. & Elec. Co.
25, in spite of the
the
-New Director.
- fact corresponding figures for the week ended Nov.the quotations were
Eugene E. Thompson (of Crane, Parris & Co., who recently
that 67.2% of the changes reported (39.9% of
negotiated unchanged) represented reductions. The reductions reported
the purchase of 27,500 shares of common stock), has been
ranged from
to succeed Bates Warren (of Continental Trust Co.), whoelected a director, 15 to 75 cents per ton and averdged 32.5 cents. Advances ranged from
was
the noteholders' protective committee which sold the stock,a member of 10 to 50 cents and averaged 25.6 cents per ton.
resigned.
V. 115, p. 2380, 2048.
"Lake shipments for the week ended Nov. 26 totaled 828,949 tons
(including 31,738 tons of bunker coal). The record of cargo dumpings
York (Pa.) Railways.
-Offer from Municipal Service Co. for the season to that date showed a total of 17,636,460 tons, or approxiSee Municipal Service Co. above.
mately 21% less than dumped in 1921 20% less than in 1920 and 16%
-V. 115, p. 1534, 546.
'
less than in 1919. These figures, of course, refer only to bituminous
coal. Shipments of-anthracite from Buffalo up to Dec. 1 were 947,080
tons, or approximately 25% of normal. Up to Nov. 1 the aggregate
INDUSTRIAL AND MISCELLANEOUS.
receipts of both kinds of coal at the Head of the Lakes were 61% behind
54% under
The following brief items touch the most important devel- last year, 41% less than in 1920 andin advances 1919.
"The first of the month ushered
opments in the industrial world during the past week, to- on certain domestic sizes of company coal and of 10 to 20 cents per ton
increases of 50 cents on
gether with a summary of similar news published in full Independent buckwheat and rice and 25 cents on barley. In a number of
cases, purchase of the buckwheats is still required as a condition precedent
detail in last week's 'Chronicle" either under "Editorial to shipment of domestic sizes. The general market conditions in anthracite remain unchanged.
Comment" or "Current Events and Discussions."
"Beehive coke production continues to advance. While the price
situation is uneven, Connelisville quotations last week held fairly steady.
Steel & Iron Production, Prices, &c.
but coal prices on steam grades in that area broke badly."
The "Iron Age" Dec. 7 said:
Iron Prices.-"The week has been marked by a burst of activity in
Oil Production, Prices, &c.
pig iron in several districts apart from the East, notably at Detroit.
The American Petroleum Institute estimates daily average gross crude
prices
giving way to an extent indicating that both buyers and sellers are feeling Oil production in the United States for the week ended Dec. 2 as follows:
for the bottom of the market.
(In Barrels)
Nov. 25 '22. Nov. 18'22. Nov. 11 '22. Nov. 26'21.
"In the South, a round tonnage was placed at $21. but $23 now prevails, Oklahoma
311,200
408,000
415,100
410,400
as it did before the $2 concession was made. The naming of $26 as the Kansas
91,200
87,700
87,450
87,800
base price in the Detroit district found quick response and sales there North Texas
59,850
54,900
58.500
58,550
aggregated 50,000 tons, chiefly to automobile, stove and furnace interests. Central Texas
164,500
135,400
129,450
133,100
There was also liberal buying at Buffalo at $25, but price concessions at North Louisiana & Arkan_ 172,050
113,800
185,700
179,450
Cleveland developed little business. A fair volume of orders was
110,88()
121,300
Gulf Coast
121,600
121,000
at Pittsburgh, the declines ranging from $2 on basic toll and $1placed Eastern
116,000
116,500
117,000
50 on
116,000
foundry grades. The eastern Pennsylvania market showed little chaue, Wyoming & Montana..
55,450
85.900
87,400
82,850
in contrast with the weakness elsewhere, but sales were not numerous.
445,000
305,000
California
450,000
455,000
imports.
-"Arrivals of foreign pig iron
Philadelphia for the week
amounted to 20.900 tons, the largest for at
1,640,400
1,327.880
Total
any week this
1.645,300
1,637,400
past two months the receipts there have been 94,000 tons.year. In the
Crude Oil Prices.
-Standard 011.00. of La. posts prices on Homer, Caddo,
are being made on import iron in the effort to keep up the Concessions
movement. Haynesville and Eldorado crude ranging from $1 10 to $1 80 per barrel,
Eastern pig-iron makers meanwhile plan to go to the President for
a 50% according to gravity. "Financial America" Dec. 8, p. 2.
increase in the 75-cent duty.
-Standard Oil Co. of N. J. reduced bunker fuel
Output.
-"November pig iron output was the largest since November oilBunker Fuel-Oil Price Cut.
10c. a barrel to $1 45(Bayonne terminal) or $1 513i (New York harbor).
1920. At 2,849,703 tons in 30 days, it averaged 94,990
2.637,844 tons in October, or 85,092 tons a day. Thetons a day, against "Wall Street Journal" Dee. 4, p. 1.
increase was over
New Invention to Eliminate Evaporation of Oil in Storage Tanks.
-Waste
11%. The merchant furnaces made the surprising gain of 3,800 tons a
reduced nearly 75% by new "foam" composed of glue, glycerine andglucose
day over their October rate and are now producing 10,000 tons
more than in August, an increase of about 75% in the 3 months. a day poured on top of oil. Discovered by Standard 011 experts. "Times"
Dec. 4, p. 29.
DEC.9 1922.]
THE CHRONICLE
Prices, Wages and Other Trade Matters.
-Rises 10c. per pound, making Kansai XX
Raw Silk Price Rebounds.
Crack $8 50, and Canton Cracks 14-16's, $785 per pound. "Financial
America" Dec. 5, p.7.
Cable Service to South America Becomes Cheaper -Western Union Telegraph Co. announces week-end cable letter service to certain South American
points at $2 50 per 20 words, and 123c. per each additional word. "Times"
Dec. 3, p. 6.
-Costs are now
Building Costs in New England Rise 27% Since Jan. 1.
92% above pre-war base, according to Massachusetts State Department of
News Bureau" Dec. 4, p. 11.
Labor and Industries. "Boston
-B. F. Goodrich Co. advances Silvertown
Price of Tubes Advanced.
0,
tubes 157 small gray tubes 10%, large gray tubes 5%. "Financial
America' Dec. 8, p. 2.
Belfast Prices on Cambric Reduced from 5 to 10% and on Sheers from 10 to
1214 %.-"Financial America" Dec. 9.
-17,000 workers in general pottery industry out
Pottery Strike Settled.
since Oct. 1, ordered back to work following peace between union and U. S.
will return at old wage scale, pending results of conPotters' Association;
ference to negotiate new wage scale. "Sun" Dec. 6. p. 25.
-For 11 months 1922 production will show approxiAuto Output High.
mate increase of 100,000 cars and trucks over entire year of 1920. November production estimated at 200,000, bringing total for 11 months to
2,313,000, or total for year to nearly 2,500,000, according to "Automotive
Industries."
-Making
Mexico Increases Import Duties 25% on Goods Sent Parcel Post.
goods so sent cost 50% over those sent otherwise. "Wall Street Journal"
Dec. 2, p.3.
Building Trades Controversy Revived-Independent union refuses to amalgamate with A. F. of L. organization. "Times" Dec. 6, p. 21.
Association of Master Plumbers Accuses Unions of Coercton and Artificial
Restraint of Plumbing Labor.-"Times" Dec. 7, p. 1.
British Textile Wages Cut.
-Reduction agreed to last spring, when 40%
was taken from list rates with 10% to be reduced in 6 months; new wage is
90% higher than pre-war wage; working hours are 48 per week instead of
,
5536. Cost of living is 78% higher than pre-war cost. "Boston News
Bureau" Dec. 2.
President Harding on Twelve-Hour Day -Statement condemning same and
approving findings of Federated American Engineering, Societies to be
embodied in report now being compiled by engineers. 'Evening Post"
Dec. 1, p. 2.
International Printing Pressmen and Assistant's Union to Negotiate New
Wage Contract for 10,000 Workers.
-Employers demand 5% cut, workers
10% increase. "Times" Dec. 8, p. 5.
Attorney-General Daugherty Accused of Failure to Prosecute Anti-Trust Law
Violations.
-"Times" Dec. 2, p. 1.
Matters Covered in "Chronicle" Dec. 2.-(a) The Pennsylvania coal tax
decision, p. 2422 (editorial). (b) Text of proposed Mexican Oil Law, p.
2428. (c) Advances by War Finance Corporation account of agricultural
and live stock purposes, p. 2430. (d) $8,000,000 made available by Now
England banks for marketing Connecticut tobacco crop, p. 2430. (e) Repayments received by War Finance Corporation, p. 2430. (f) Harding
Administration's program for relief of agricultural and live stock industries.
(g) Arthur H. Lamborn wins reinstatement in New York Cotton Exchange, p. 2433. (h) Earl Mendenhall and Fred T. Chandler Jr. of
Chandler Bros. & Co. acquitted of fraud and embezzlement in one case,
p. 2433.
(i) Failure of John H. Martin & Co., 50 Broad St. New York.
(j) Federal Reserve Bank of N. Y. District reports department store sales
in October, p. 2433. (k) Gain in wholesale business in Federal Reserve
District of New York, p. 2433. (1) Increase in chain store sales in Federal
Reserve District of N. Y., p. 2434.
(m) Department of Commerce explains delayed import figures, p. 2434.
(n) U. S. State Department denies Henry Morgentham's statement on
Standard Oil Co. interests in Near East, p. 2435.
(0) North Dakota State flour mill opened, p. 2442.
(p) Strike in Amoskeag Mills called off, p. 2443. (q) Lockout of bricklayers in N. Y. building trades averted by Lockwood Committee, p. 2443.
(r) Government control of soft coal prices and distribution to terminate
Jan. 1, p. 2443. (a) U. S. Supreme Court upholds validity of Pennsylvania anthracite coal tax, p. 2444.
(t) To train strike leaders-Dress and Waist Makers' Union to open
school, p. 2446.
2583
Among the cities which will be represented are New York, Chicago,
St. Louis, Cleveland, Dallas, Denver, San Francisco and Minneapolis.
The following board of trustees of the proposed corporation was elected:
A. H. Greely, Cleveland; W. W.
Morse, Minneapolis; A. C. Balcom, Dallas;
W. L. Hinds, Des Moines; E. F. Pelton, New York; W. Lee Cotter, Mansfield, 0., and Edward Wuichet, Dayton.
Mr. Greely was elected President; Mr. Wuichet, Vice-Pros.: Mr. Pelton,
Treas., and L. C. Crutcher, Kansas City, assistant to the President.
-To Increase Stock
American Laundry Machinery Co.
50% Stock Dividend Proposed.
The stockholders will vote Dec. 29 (1) on increasing the authorized
Common stock from $6,000,000 to $12,000,000. and (2) on changing the
par value of the Common stock from $100 to $25 per share. The company
also has an authorized issue of $2,000,000 77,. Cum. Pref. stock.
1
If the increase is authorized it is the intention to declare a 50% stock
dividend on the Common stock, to be payable Dec. 30 to holders of record
Dec. 29. The remainder of the new stock is to be held in the treasury, a
part of which is to be issued to employees as the directors shall determine.
-V. 115, p. 2480.
American Manganese Mfg. Co. Phila.-Receivership.-
Judge Audenried of Common Pleas Court, Phila., on Dec. 5, appointed
'
David Halstead receiver on petition of Edward E. Marshall, who holds
more than $100,000 of stock and is a creditor to the extent of more than
$100,000. Lack of ready capital and impairment of credit due to the coal
strike are given as causes of the appeal to the Court.
American Motors Corp.
-Merger with Bessemer Truck Co.
Plans for a merger of this corporation of Plainfield, N. J., and the Bessemer Motor Truck Co. of Grove City and Philadelphia, have been completed and now await the approval of stockholders to become effective.
The consolidated company will be known as the Bessemer American Motors
Corp. and will have a capitalization of $2,000,000 8% Participating Preferred stock and 200,000 shares of Common stock.
The Bessemer Motor Truck Co. is one of the old line truck manufacturing
concerns, having been established more than 10 years ago, and puts out a
complete line of commercial vehicles from one to four-ton sizes. The
American Motors Corp. manufactures the well known American balanced
six and has more than 4,000 cars on the road.
The merger is the outgrowth of plans that have been in process of development for almost a year. With a total floor space of more than 100,000 sq.ft.
in the Plainfield and Philadelphia plants the company will have a manufacturing capacity of 5,000 trucks and 20,000 passenger cars per year.
The American company went into receivership in Sept. 1921. (V.
113, p. 1159.)
The plan to merge the companies has been approved by the directors of
both companies and will be submitted to the stockholders for confirmation
-V.114, p.525.
at an early date,at which time the details will be announced.
American Screw Co.
-50% Stock Dividend.
The stockholders voted Dec. 1 to increase the outstanding capital stock
from $3,000,000 to $4.500,000 by the payment of a 50% stock dividend.
The company has an authorized issue of $6,250,000 capital stock, par $100.
-V. 115, p. 2382; V. 113, p. 2821.
American Steel Foundries.-Listing-Bal. Sheet.
The Boston Stock Exchange Dec. 2 authorized for the list 110,166
additional shares Common Capital stock (par $33 1-3). Total Common
stock outstanding, including this issue, 722,196 shares.
These additional 110.166 shares Common stock are to be issued as an
18% stock dividend ($6 per share), payable Dec. 30 to stockholders of
record Dec. 9.
Comparative Balance Sheet.
sept.30'22. Dee.31'21.
Sept.30'22. Dec.31'21.
Assets$
Liabilities
Real estate, plant,
Common stockb20,401,000 20,401,000
equipment, good
Preferred stock__ _c8,381,300 8,381,300
will, arc
a32,799,474 33.276,843 Cap.stk. of sub.cod4,585,470 4,733,336
Miscell. securities_ 366,601
340,800
_ 340,800
374,051 4%
Inventories
6,195,288 5,458,903 Accts. payable ttc
debentures_Pref. stk. sink. fd_
86,857
85.593
pay-rolls accrued 1,997,179 1,528,437
Accounts and bills
500,000
_ 1,750,000
Notes
receivable (less
-Mention was
payable__American Bolt Corp.
Prov.for Fed., Arc.
-Further Data.
reserves)
taxes
made in V. 115, p. 2480 of the offering by Hyney, Emerson U. S. Lib. bds. dc 6,160,659 5,118,215 Accrued interest on 1,451,978 1,269,821
ctfs. of indebt 3,560,435 4,975,178
5,680
2,272
& Co.Chicago, anti Brooke, Stokes & Co., Philadelphia,
debentures
459,023
-Year 7% Cash charges 3,401,127 962,155 Com. div. payable 522,074 459,023
at 100' and interest, of $1,750,000 1st Mtge. 15
470,175
Deferred
106,103
123,809 Reserves
•
Sinking Fund gold bonds.
Approp. surplus 3,634,618 3,314,144•
Total (ea. side)_52,676,543 50,374,748 Profit and loss_ _
9,15,1,831 8.971,033
Denom. $1,000, $500 and $100 (c*). Dated Dec. 1 1922. Due Dec.
1 1937. Int. payable J. & J. at office of the trustee. Redeemable all or
a Real estate, buildings, plant, machinery, tools, equipment, patents
part on any interest date, upon 30 days' notice at 107 and interest up to and
each and good will, as per balance sheet Dec.
$35,877,880, plus additions
including Dec. 11932, and thereafter at 107 and interest less 1% for
311921i
full year or fraction thereof remaining between Dec. 1 1932 and date or during period, $127,702, less reserve for depreciation, $3,206,107. b Comredemption. Free from normal Federal income ,tax not exceeding 2%• mon stock authorized, $25,000,000; issued-612,030 shares of $33 33 1-3
Tax of any State or United States possession, not in excess of 04 mills, each, $20,401,000. c Preferred stock authorized, $25,000,000; issued
83,813 shares of $100 each. d Capital stock (par value) of subsidiary
refundable.
company not held by American Steel Foundries and surplus appertaining
Further Data from Letter of Chairman Justin C. Burns, Dec. 1.
thereto.
-V. 115, p. 2049, 1734.
Capitalieation.-$2,450,000 7% Cumulative Preferred stock (auth.,
$5.000,000) and 55,000 shares of no par value Common stock.
American Sumatra Tobacco Co.
-NO Sept. 1922 Diviacquiring and
Company.
-Organized in Delaware for the purpose of
consolidating under one management the following companies: Standard dend Payment on Preferred Stock.
In our "Railway and Industrial Section" of Nov. 25 1922, we erroneously
Bolt Corp., Columbus, Ohio; Bayonne Bolt & Nut Co.. Bayonne, N. J.;
Michigan Bolt & Nut Works, Detroit, Mich.; and Boss Nut Co., Chicago. state that dividends on the preferred stock of this company were resumed
on the
Conversion Feature.
-Bonds are convertible at par into the 71 Cumul. in Sept. 1922 with a payment of3 %. No dividends have been paid
Preferred stock at 98, at the option of the holder, at any time.• This preferred stock since Sept. 1921.-V. 115, p. 1939, 990.
Preferred stock after payment of 7% dividends thereon and a like amount
American Wholesale Corp.
-November Sales.
of dividends on the Common stock, will participate equally with. the
• Inercase.
Month of November1921.
1922.
Common stock in any further dividends up to 10% •
$63,431
$2,763,222 $2,699,791
Sinking Fund.
-The trust indenture will provide that beginning with Gross sales
Dec. 11924, sinking fund payments shall be made to the trustee as follows: -V. 115, p. 1841, 1324.
$50,000 Dec. 1 1924;.$50,000 Dec. 1 1925; $50,000 Feb. 1 1926, and
Ames Holden McCready, Ltd.
--Chartered.
$100,000 on Feb. 1 in each year from 1927 to 1937 inclusive-or 25% of
The company was incorporated under the laws of the Dominion of Canada
the net earnings of the previous 12-month period, whichever amount
shall be the greater. This sinking fund shall be used to retire bonds by Nov. 15 1922, with an authorized capital of $2,300.000 7% Cumul. Prof.
purchase or redemption and will operate to retire about 75% of.the bond stock (par $100) and 30,000 shares of Common stock, no par value. The
company is the ourcome of a reorganization of the Ames Holden Felt Co.,
Issue prior to maturity.
Ltd., and Ames Holden McCready Co LW per plan in V. 115, p. 1102,
Condensed Balance Sheet Oct. 1 1922 (After this Financing).
1213, 2382.
Assets
-Liabilities
$1,750,000
Cash
15-Yr. 7s
-Acquisition.
$405,000 1st Mtge.
Anglo-Amer. Corp. of South Africa, Ltd.
175,000
Accounts receivable
170,607 Accounts payable
The directors entered into a provisional agreement with Consolidated
275.000
Inventories
953,311 Long-term notes
2,450,000 Mines Selection Co., Ltd., which was confirmed by shareholders of that
Real estate, buildings, maPreferred stock
company on Oct. 30 1922, in terms of which, inter alia, the Anglo-American
chinery, &c
3,675,849 Surplus (represented by
Corp. has purchased the South African assets of the Consolidated Mines
Contracts controlling man55,000 shs. of no par 1,304,769 Selection Co., Ltd., as at June 30 1922,for a share and a cash consideration,
stock)_ _
ufacture of lock-nuts__ _
750,000
value Common
and has agreed to take over the Johannesburg and London staffs and organiPatents & goodwill
1
$5,954,769 zations of the Consolidated Co.
Total (each side)
The shareholders of the Consolidated Co. who have thus acquired a
Officers.-Justin C. Burns, Chairman; J. Rich Steers, Pres.; Frank S. large interest in the Anglo-American Corp., are to be given representation
Bigler, J. A. MacLean, Ernest L. Rupf, Robert H. Hill, Vice-Presidents; on the board.
-V. 115, p. 77.
Harley E. Burns, Sec. & Treas. See also V. 115, p. 2480.
American Book Co.
-Stock Dividend Proposed.
-Earnings, &c.
Anglo-Persian Oil Co., Ltd.
American Brake Shoe & Fdy. Co.
-To Sell Plant.
The company reports for the year ended Mar. 31 1922 a profit of .12.130.380 after allowing for depreciation, &c. The directors have recommended
the declaration of a dividend on the Ordinary stock at the rate of 20% per
annum, payable Jan. 31 next, leaving balance of £1,739,172 to be carried
forward.-V. 115, p. 548.
American & British Mfg. Corp.
-Sale.
The Guaranty Trust Co. of N. Y. has been appointed trustee of an issue
of $4,750,000 7% gold notes dated Dec. 1 1922 and due Feb. 1 1927. The
-V.114. p. 2016.
trust company is also to act as registrar and paying agent.
If the stockholders on Dec. 15 increase the Capital stock from $5,000,000
to $8,000,000, par $100, it is the intention of the directors to declare a 60%
-V. 115, p. 2480.
stock dividend.
The company is reported to be negotiating for the sale of its Newark
-V. 115, p. 1323.
plant.
Judge Knox of the New York U. S. District Court has ordered the sale of
of all the property,assets and effects,except cash and accounts receivable,
now in possession of George C. Van Tuyl, Jr., receiver. Bids for the sale of
the assets will be received at office of Flaherty, Turner & Shouse, 2 Rector
St.. New York. and will be opened Dec.22.-V. 114, p. 309.
-Trustee of Note Issue.
Atlantic Mail Corp.
-Stock Dividend, &c.
Atlantic Monthly Co.
The company has filed a certificate with the Massachusetts Commissioner
of Corporations showing a change in capital from $100,090 as follows:
(a) $100.000 Common (now outstanding); (b) $250,000 7% Cumul. Pref,
- sto k, par $100, and (c) 7,750 shares of Common stock of no par value.
-To Consolidate.
American Chain of Warehouses Inc.
On Dec. 29 holders of record Dec. 23 will receive 1.000 shares of Preferred
Reports from Cleveland state that members of 30 warehouse companies
stock,
attending the convention of the American Chain of Warehouses voted to (in exchange, par for par, for the outstanding $100,000 Common stock lolar
diviwith a $100), and the 7,500 shares of Common stock, no par value, ass
consolidate and form the American Chain of Warehouses, Inc.,
capital of $50,000,000. The new company will be incorporated in New dend. The old Common stock, par $100, is to be retired. The surplus as
of April 30 1922 was $190,593.
York, it was said.
2584
THE CHRONICLE
Baldwin Cotton Mills, Chester, S. C.
-Capital Increase.
The stockholders will vote Dec. 27 on increasing the Common stock from
$400,000 to $800,000. If the increase is authorized, it is the intention to
declare a 100% stock dividend.
Baldwin Locomotive Works.
-Bookings, &c.
-
P" The company during the 11 months ended Nov.31 1922 booked $58.919345 of new business,compared with $26.924,126 for the corresponding period
of 1921. Unfilled orders now on the books, it is stated, total $42,832,601
The plant is operating at 75% of capacity.
-V. 115, p. 2382, 2270.
Beech-Nut Packing Co.
-Extra Dividend, &c.-'
The company has declared an extra dividend of 48c. a share on the Common stock, par $20, payable Dec. 26 to holders of record Dec. 16.
The Beech-Nut Co. of Canada, Ltd., has been incorporated in Canada
with an authorized capital of $200,000. par $100. This company, it is
understood, will take care of the Beech-Nut Packing Co.'s Canadian trade.
-V.115, p. 2481.
Benz Kid Co. (Mass).
-233 1-3% Stock Dividend.
-
The co. has filed a certificate with the Mass. Commissioner of Corporations showing an increase in Capital stock from $600,000 to $2.000,000,
par $100, the 14,000 additional shares to be distributed as a 233 1-3% stock
dividend.
The balance sheet of Oct. 31 last shows a surplus of $2,251,183.
Bessemer Motor Truck Co., Grove City, Pa.
-Merger.
--
See American Motors Corp. above..
Bethlehem Steel Corp.
-To Extend Time for Exchange.
When asked, Dec. 8, whether the corporation would extend the time
within which the 7% Non-Cumul. Pref. stock might be exchange
7% Cumul. Pref. stock, Pres. E. G. Grace stated that the directorsfor the
desired
that every holder of the Non-Cumul. stock should have full opportunity
to make the exchange and that he thought that without doubt the board,
at a meeting which would be held prior to Dec. 15 would extend the time
for at least two months.
-V. 115, R. 2481, 2050.
Binghamton (N. Y.) Gas Works.
-Bonds Offered.
-
A. C. Allyn & Co. are offering at 95 and int. $100,000 Gen. Mtge.
1904, due Oct. 11954. Int. payable A. & 0. at Emerson McMillin 5s of
New York, without deduction for normal Federal income tax not in& Co.,
excess
of 2%. Denom. $1,000 (c*) Red. on any int, date on 6 weeks' notice at
.
105 and int. Equitable Trust Co., New York,trustee. Auth., $2,500,000,
of which $246,000 now outstanding.
Company.-Ineorp. in 1898 in New York as successor to Binghamton
Gas & Electric Co. Supplies gas, without competition, to Binghamton,
Port Dickinson and Johnson City, New York. Population about 80,000.
Owns 101 miles of mains and had an output during 1921 of445.687,100 cu.ft.
ofgas. Daily capacity of plants is 3,000,000 cu. ft. Meters in use, 16,370.
Security.
-Secured by a direct mortgage upon all property now
after owned, subject to $750,000 1st Mtge. 5s due April 11938. or here
Capital.
-Bonds are followed by $450,000 capital stock outstanding
(authorized $750,000).
Earnings 12 Months ending July 31.
1922.
1921.
Gross earnings
• $539,584
$566,588
Net,after operating expenses and taxes
155.396
138,722
Bond interest
49,800
49,800
Balance
$105,596
$88,922
Management.
-American Light & Traction Co. owns the entire capital
stock, except directors' qualifying shares.
(The) Black Mountain Corp.
-Bonds Called.
-
Certain 20
-year 6% First Mtge. coupon gold bonds.
aggregating $346.400, have been called for redemption dated1Jan. 1 1917.
Jan.
and interest, at the Empire Trust Co., trustee, 120 Broadway, 1923 at 102
N. Y. City.
Boston Consolidated Gas Co.
-Gas Output.-
Month ofGas output
-V. 115. p. 2162. 1636.
Nov. 1922.
796,558,000
•
Oct. 1922.
804,895,000
Boston Manufacturing Co. (1901).-Pref. Stock
Offered.-Jackson & Curtis and Kidder, Peabody & Co.
are offering at 993/i and div. to yield over 63/2% 31,300,000
63/2% Cumul. Sinking Fund Pref. (a. & d.) stock. A
'circular shows:
Dividends payable Q.
-F. (1st quarterly
Callable, as a whole only, on any div. date div. payable Feb. 15 1923).
at 110 and div. Each year,
beginning 1924, 15% of net earnings (after income taxes and divs. on Pref.
stock, made up either of Prof. stock, cash, or Pref. stock and cash), will
be paid to a sulking fund to purchase Prof. stock at not exceeding 110.
Capitalization after this financing (no bonds)- Authorized. Outstanding.
Preferred stock 6 3 % Cumulative
$1,300,000 $1.300.000
Common stock
800.000
806,000
Surplus
897,363
The present outstanding 7% Preferred stock has been called for redemption on Feb. 15 1923, and funds are available for its retirement.
Company.
-Established in 1813, and was the first cotton mill in the
country to convert cotton from the raw state into finished cloth, and the
first to operate a power-driven loom. Factories in Waltham, Mass. Has
66.632 spindles and 1,868 looms, together with dyeing and finishing equipment. Principal produce is a line of very high-grade ginghams.
Purpose.
-Of this issue 5.000 shares have been disposed of
proceeds providing In part funds to retire the $800.000 7% for cash. the
Prof. stock,
the balance of 8.000 shares having been declared as a dividend on the
Common stock.
Earnings.
-The five years ended Dec. 31 1921 show earnings before
Federal taxes $2.252,962. and earnings after taxes $1.476,831. For
this
period average earnings before Federal taxes were
after Federal taxes $295,366. Had the income tax $450.592, and earnings
law in the past carried
the_nresent 12;i% tax rate, net after taxes for five years would have
totaled
$1.971.341, an average of $394,268.
Net earnings for 1922(Nov. and Dec., estimated) will be in excess
of the
average for the last five years.
-V. 110. p. 2195.
[VOL. 115.
Burns Bros.
-Capital Adjustment.IRPlans for the adjustment of the capitalization of the company have been
placed before a committee of five directors for consideration. This plan,
If carried out, will leave but two classes of stock outstanding._ The committee is composed of Jules S. Bache (J. S. Bache & Co.). S. M. Williams,
Chairman of Board; Michael F. Burns, Pres., and two other directors.
-V. 115, p. 2271, 1735.
Butte & Superior Mining Co.
-Dividend Resumed.
A dividend of 50 cents a share has been declared, payable Dec. 30 to
holders of record Dec. 15. In Sept. 1917 12% was paid; none since.
An official statement says:
While the profits for the entire calendar
year will be very small due to the losses and shut
-down expense as shown
in the quarterly reports for the early part of the year, the increase in production plus the advance in the price of zinc is now permitting the company
to show reasonable profits in excess of dividend at the rate now declared.
"The cash position of company is exceedingly strong."
-V.1115. p.2271.
Cabarrus Mills of Kannapolis, N. C.
-Stock Increase.
The company has increased the capital stock from $3.000,000 to $7,000.000. It is expected that a 133 1-3% stock dividend will be distributed.
Callahan Zinc-Lead Co.
-Acquires Galena Interest.
The company, which owned a majority of the stock of the Galena Mining
Co., has acquired the minority interests. The Galena stockholders will
receive one share of Callahan for each 15 Shares of Galena stock. The
deal, it is understood, involves about 1,000,000 shares of Galena stock and
66,666 shares of Callahan. The Galena company has an authorized capital
of 2,500,000 shares.
-V. 115, p. 2271.
Calumet & Arizona Mining Co.
-1922 Production (Lbs.).
November_ __ _3,298,000(August
3,566,000
4,038,000ay
October
3,756,000
3,916,000 July
• 3,310,000 April
September __ _3,598,000 June
3,056,000
3.362,000 March
/Vote.
-Operations were suspended in May 1921 and resumed early in
Feb. 1922, in which month 2,462,000 lbs. of copper were produced.
V. 115, p. 2162, 2050.
Campbell, Wyant & Cannon Foundry Co., Muskegon
Heights, Mich.
-Bonds Offered.
-Continental & Commercial
Trust & Savings Bank,.Chicago, are offering, at 1003/2 and
interest, for bonds dile 1923 to 1925, and 100 and interest
for bonds due 1926 to 1931, $850,000 First Mtge. Serial
63/2% Gold Bonds.
Dated Nov. 11922. Due serially Nov. 1 1923 to 1931. Interest payable
M. & N. at Continental & Commercial Trust & Savings Bank, Chicago,
without deduction for normal Federal income tax not in excess of 2%.
Denom. $1,000 and $500 (c*). Redeemable on 60 days' notice at par and
interest, plus a premium of
of 1% for each year or part of year that
bonds are to run before fixed maturity. Continental & Commercial
Trust & Savings Bank, Chicago, trustee. Michigan Trust Co., Grand
Rapids, Mich., co-trustee.
Data from Letter of D. J. Campbell. Muskegon Heights, Mich., Oct.26.
-Organized in 1907 in Michigan. Engaged in the manufacCompany.
ture and sale of gray iron motor castings for automobiles, trucks and tractors. Plants located in Muskegon Heights, Mich. Present output, between 2,000 and 3.000 tons of castings per month.
-Proceeds are to be used to redeem First Mtge. Serial 7s.
Purpose.
maturing March 1924 and 1925, to complete and equip the new plant (now
nearing completion, and which will have a floor space of 150,000 sq. ft.),
and to increase working capital.
Balance Sheet Aug. 31 1922 (After Present Financing).
Asset
Liabilities
First Mtge. Serial 6}is--- $850,000
Land, buildings, machinery. &c., less deprec'n_ _$2,143,601 Land contracts payable.. _ _
47,750
Cash
64,136 Accounts payable
168,675
Accounts & notes receiv'le 336,390 Notes payable
50,000
Land contracts receivable_
9,385 Payroll
46,288
Inventorieo
199,188 Accrued taxes
22,310
Securitles _
47,828 Unclaimed wages, &c
2,336
Deferred charges
93,658 Reserves
154.311
Stock purchase notes and
Common stock
1,403,200
officers
57,881 Surplus
due from
207,197
Total
$2,952,067 Total
$2,952,067
Earnings Years Ending December 31.
Federal Net Available
yProfit.
Taxes. for Dividends.
Interest.
$174,928
$6,582
$28.334
$140,011
273,468
3,134
125.326
145,008
406.999
5.056
130,000
271.943
433,597
x64,825 ' 107,736
261,036
202,285
54.273
75.295
x72,717
202,814
142,521
20,500
x39,793
1917
1918
'919
1920
1921
1922 (8 months)
x Includes amortization of bond discount. y After deducting depreciation and obsolescence, but before deducting interest and Federal taxes.
-D.J. Campbell, Pres.; G. W. Cannon, V.-Pres.; F. E. McKee,
Officers.
V.-Pres., and I. A. Wyant, Sec.-Treas.-V. 110, p. 1091.
-Bonds Offered.
Central Arizona Light & Power Co.
First Securities Co. and E. H. Rollins & Sons, Los Angeles,
are offering at 97 and interest to yield about 63.%,$500,000
1st & Ref. Mtge. 6% gold bonds, series "B."
Dated Nov. 11922. Due Nov. 11942. Interest payable M. & N. at
Los Angeles without deduction for normal Federal income tax not exceeding
2%. Pacific-Southwest Trust & Savings Bank, Los Angeles, trustee.
Redeemable on any interest date, on 30 days notice at 105 and int. up to
and including May 11937; less 1% for each year following to and including
May! 1941; and at par and hat. thereafter. Denom. 31,000 and $500 (c*).
-Authorized by the Arizona Corporation Commission.
Issuance.
Data from Letter of V.-Pres. H. L. Aller, Phoenix, Ariz., Nov. 20.
Company.-Ineorp. in February 1920
the purpose of
Bristol Mfg. Co., New Bedford, Mass.-Bal. Sheet Sept.30 constructing certain distributing lines outin Arizona for Phoenix, and to
of the city of
Assets1922.
1921.
Liabilities1922.
1921.
acquire the entire properties of the Pacific Gas & Electric Co. of Phoenix,,
Real estate &
Capital stock_$1.000.000 $1,000,000 winch, with its predecessor companies, has served this territory for more
machinery_ _31,321,358 $1.319,269 Acc'ts payable
43,993
192,720 than 35 years. Supplies gas and electricity without competition to the
Merchandise__
452,770
432,891 Depreciation__
426,970
381,970 city of Phoenix and surrounding territory.
Insurance__ __
16,482
14,539 Res. for taxes_
71,018
Authorized. Outstanding.
Capitalization after this FinancingInvestm't, &c_
65,000
65.493 Profit and loss. 514.786
416,471 Pacific Gas & Electric Co. 1st Mtge. 6s
Closed 31,055,400
Acc'ts receisele 108,7671, 158,970
$1,000,000
500,000
Cash
1st & Ref. 6s, Series"B"(this issue)
Tot.
(each side)$2,056.768 $1,991,161
92,3881
umulative
1,000,000
554,700
Preferred stoc
-V. 115, p. 2271.
1,000 000
-.
715.000
Common stock
-Years ended Dec. 31.
Earnings
Brooklyn Edison Co.
-Capital Increase.
-The stockx1922.
1921.
1920.
1919.
holders will vote Dec. 22 on increasing the Capital stock from
$1,076,897 $1,159,116 $1,027,262
3744.443
Total oper. revenue.. _ _ _
$30,000,000 to $50,000,000.
Oper. exp., including
The directors have recommended the increase so as to provide
756,295
806,005
708,860
484,335
maint. & taxes
an
issue of stock to meet the cost of additions made and to be made forthe
to
company's properties. Application has been made to the New York P. S.
$320,601
$353,110
$318,401
$260,107
Earns,from oper
Commission for authority to issue the stock for such purposes. All
5,642
2,836
10.578
6,968
income
stock issued as a result of the proposed capital increase will be offeredthe Other
to
the stockholders for subscription.
applic. to hat.
Earns.
$355,646
$326,243
$328,980
President Sloan, in a letter to stockholders explaining the proposed
$267,076
charges
99,232
increase in capital, states that the gross revenue of 1922 (Dec. estimated) Total interest charges
*95,061
86,915
60,600
will be approximately $19,000,000, compared with $10,850,115 in 1919,
an increase of 75% in three years.
-V. 115, p. 984, 1637.
*Annual interest on funded and other debt after present financing.
-Proceeds, together with treasury money, will be used solely
Purpose.
Brooklyn Union Gas Co.
-Obituary.
to retire the outstanding $600,000 Series"A"8% bonds (called for payment
William G. Rockefeller, a Vice-President and 'director of this company, Dec. 1 at 105 and interest)•
died Nov. 30. He was also a director of the Inspiration Consolidated Cop-Company is obliged to expened annually in permanent
Sinking Fund.
per Co., the N. Y. Mutual Gas Light Co.. the Oregon Short Line RR., the improvements an amount not less than 2% of the maximum amount of
Oregon-Washington RR. & Navigation Co. and the Union Pacific RR. these Series"B" bonds outstanding,"during the preceding year, for which
-V. 115, p. 2481. 2271.
expenditures,so long as any Series"B bonds are outstanding, no additional
bonds may be issued. In lieu of such expenditures, companr may deposit
Burdick Tire & Rubber Co., Noblesville,Ind.
-Receiver. with the trustee a sum of money equal to 2% of the max mum amount
Charles W. Jordon (Pres. American Trust & Savings Bank. Richmond) of Series "B" bonds outstanding, to be used as a sinking fund for the
has been appointed receiver.
-V. 115. p. 2162.
purchase of these bonds at not exceeding 105 and hit.
DEC.9 19221
THE CHRONICLE
2585
aging 1.68% copper, were treated. The recovery during this quarter was
89.617%, compared with 89.707% for the quarter ended June 30 1922.
Output for the quarter averaged 12,783,690 lbs. per month, compared
with 10,302,573 lbs. per month during the second quarter of 1922.
The cost of copper produced during the quarter was 6.352c. per lb., including selling and delivery expense, but excluding depreciation and Fed-.
eral taxes, and with no credit for miscellaneous income, compared with
7.077c. per lb. for the previous quarter.
Combined Earnings of Chile Copper Co. and Chile Exploration Co.
(Based on Copper Actually Sold and Delivered.)
3r Quar.-1922-2d Quar.
Copper production (in pounds)
30,907,718
38,351,070
Copper delivered (in pounds)
39,962,339 38,118,450
-Formerly Merchants Public Utilities Co., was incorporated Net profit on copper delivered
Company.
$2,229,795 $1,351,073
Indiana. Will own all the outstanding bonds and the Miscellaneous income
Sept. 17 1912 in
15,957
37,698
present outstanding capital stock (except $1,564,000 bonds and directors' Interest on call loans and bank balances
84,372
108.110
oualifying shares) of the Merchants Heat & Light Co. (V. 114, p. 635),
Wabash Valley- Electric Co.(V. 114, p. 638), Putnam Electric Co., Cayuga
Total income
$2,375,603 $1,451,402
Electric Co., Valparaiso Lighting Co., and the Nothern Indiana Power Co. Depreciation
The latter company recently acquired (see below) all the properties Amortized discount on 15-Year 6% Cony. bonds_
g00
,
Vig,
$7M188
(subject onl" to $1,564.000 outstanding bonds) formerly owned by the Accrued bond interest of Chile Copper Co
,
787,500
787.500
Indiana Railways & Light Co., Wabash Water & Light Co.. United Public Expenses of Chile Copper Co
12,355
7,175
Co.. Sheridan Water, Light & Heat Co., Noblesville Heat, Light
-Services
& Power Co., and Logansport Utilities Co.
Balance, both companies
sur.x$819,493 def.$107,322
Company will also own all the outstanding stock, except directors'
-qualifying shares, of the Indiana Electric Corp., which company has
x The above profit of $819,493 is after deducting $726,435 for deprecia-contracted for the construction and financing of a central station generating tion, which is a book entry computed on a time basis regardless pf producplant with an initial electrical equipment installation of 40,000 k. w. tion or sale.
•capacity.
While the cost of
The subsidiar" companies serve 70 cities and towns located in 25 counties lb., the income from copper produced during the quarter was 6.352c. per
the copper delivered during
based on
in Indiana, with one or more classes of public utility service. Estimated an average cost of 7.586c. per lb. The copper sothis quarter Is produced
delivered was
'population served, 500,000. Business is essentially the supplying of at this average cost during the earlier
months of this year. During October
electricity for domestic and commercial needs, as over 73% of the combined the cost of producing copper was
5.95c. per lb., as compared with the cost
.operating revenue is now being derived from such service.
of 6.352c. per lb. for the quarter.
Capitalization after this FinancingThe companies had at Nov. 15 $13,742.900, representing cash on hand
Authorized. Outstanding.
Preferred 7% Cumulative stock
x$5,500,000 and marketable securities.
$10,000,000
-V. 115. p. 2482. 1735.
'Common stock
5,000,000
6,000,000
let Mtge. Coll. & Ref. 6% gold bonds, Series"A"
Cities Service Co.
-Capital Increase Proposed-May De(including this issue)
11,748,000
y
-The stockholders will vote Dec. 28
Divisional bonds (not pledged)
Closed z1,564,000 clare Stock Dividend.
:3
-Year 7% Coll. gold notes (V. 115, 13- 649)
2,000,000 on increasing the authorized Common stock from $100,Closed
x Includes $250.000 reserved for exchange of like amount of 6% Preferred 000,000 to $400,000,000. Pres. Henry L. Doherty says:
.outstanding. y Restricted by the provisions of the mortgage. z ConThe purpose is to enable the board to take such action prior to Dec.
•sists of $1,254,000 Indiana Rys. & Light Co. bonds and $310,000 Noblesville 31 as it concludes is most advantageous to the stockholders.
Heat Light & Power Co. bonds.
Many corporations have large surpluses have deemed it advisable to
-Company has guaranteed the payment of both principal and declare stock dividends, while others have definitely decided not to do so.
Note.
,interest of $4,500,000 1st Mtge. 6% gold bonds, Series "A.," of Indiana However, the preponderance of opinion is that capital obligations should
Electric Corp.
be made to equal property values as nearly as possible.
Purpose.
-Proceeds will be used in the acquisition of the bonds and
It is understood that some of the corporations that have not as yet
-stocks of the subsidiary companies heretofore not owned (see Northern taken action intend to do so before Dec. 31 1922, but deem it wise to
Indiana Power Co. below) and for other corporate uses.
defer action to the latest possible date in order that they may be guided
Security.
-Secured by a first lien on all the outstanding bonds. except by anything that may be developed by the heated discussion of the question
-$1,564,000 divisional bonds, and on not lest than 75% of the issued voting which is now on, and have the benefit of any court decisions bearing on
-stock of the 6 operating companies, all of which will be deposited and the subject that may be handed down in the interim. It is also their
'pledged with theitrustee. Par value of subsidiary companies' bonds (or wish to take into consideration public opinion, which is now rapidly
cash in lieu thereof) to be immediately pledged under the mortgage as crystallizing, as it will have a decided influence on future legislative action.
-security for these bonds is $12,030,300.
The directors have in no way committed themselves to any specific
action and by calling this meeting do not pledge themselves to any specific
Consolidated Earnings & Expenses of Subsidiaries (12 Months ended)
action or any
Sent. 30 '22. Dec. 31 '21. possible, a fixedaction whatever. In fact the board believes that, where
dividend policy
.Gross revenue (including other income)
$5,126.358 $5,008,528 committed itself to this plan. should be maintained, and it has repeatedly
'Operating expenses, maintenance & taxes
3.404,816
3,385,840
The board is simply asking that the stockholders create a situation
which will enable it to act as seems best, and the board is considering
Net earnings
$1,740,518 $1,603,712 recommendations it has received that book surplus be declared out the
as a
Annual int. on 1st Mtge. Coll. & Ref gold bonds
stock dividend, and the further recommendation that a stock dividend,
and underlying bonds, not pledged, requires_ _ _ $787,730
sufficient to make the outstanding stock approximately equal the property
values, be declared.
Construction
Electric Generation Stations.
If any action is taken for the payment of a stock dividend other than
The proposal of the construction of electric generating stations at the
-coal fields, to absorb fuel wastage, has taken definite form in the North the present monthly dividend, it will be paid on Dec. 30 to stockholders of
West. The electric power and lighting utilities of some 70 cities record on Dec. 28. These dates are fixed in view of the fact that the
"Middle
and towns in Central Indiana, with Indianapolis as a centre, have been stockholders' meeting will be held on Dec. 28.-V. 115. p. 1842, 1735.
,consolidated by the Central Indiana Power Co. All will be inter-conCommercial Investment Trust Co., Inc., N. Y.
nected and operated more or less as a unit.
A new power station, with initial capacity of 40,000 kilowatts, will be Capital Increase.
.constructed on the bank of the Wabash River and in the centre ofsome 3,400
The stockholders on Dec. 6 increased the authorized capital stock, par
acres of proven coal lands which the company has acquired.
$100,from $4,000,000 ($1_ ,900,000 Class"A" and $2,100,000 Class"B") to
The new power station will be designed and built by Stone & Webster $6,000,000, to consist of $3,000,000 each of Class"A" and Class"B"stock.
-construction forces under the supervision of Kelsey Brewer & Co. of Grand A 23% stock dividend has been declared on the outstanding $2,100,000
Rapids, Managers of the new system, while the financing of the consoli- Class 'B' stock, payable Dec. 30 to holders of record Dec. 15. The redation, with the station and necessary physical links, to the extent of mainder of the new stock has all been subscribed by the present stockapproximately $12,000,000, will be handled by the above bankers.
holders.
-V. 115, p. 2384.
Compare Northern Indiana Power Co. below and also V. 115, p. 440,
Commonwealth Edison Co.
649, 1214, 2162.
-Stock Rights.
The stockholders of
Dec. 23
the right to subscribe for
- $12,000,000 new stock record ($100) inare given of one new share for each
Central Mexico Light & Power Co.
-Interest Payment.
at par
the ratio
See Guanajuato Power & Light Co. below.
five shares held. Subscription rights expire Feb. 1 and stockholders will
-Y. 113, p. 2508.
be given the option of paying in full on or before Feb. 1 1923 or in quarterly
Central Sugar Corporation.
-Resignation.
or ten monthly installments beginning Feb. 1 to Nov. 1. Interest will be
of the paid on installments at the rate of 8%•
The Equitable Trust Co. has tendered its resignation as trustee
President Samuel Insull says: "The $12,000,000 additional brings the
8% 10-year Cony, gold notes, dated Oct. 1 1920, effective Dec. 30.total issued and outstanding stock up to $72,000,000 out of an authorized
V. 114, p. 202.
issue of $80,000,000. The directors will probably recommend to stockChalmers Motors Corp.
-Purchased by Maxwell Motors.- holders at the annual meeting Feb. 26 that the authorized capital stock be
The company has been purchased at a receiver's sale for $1.987,600 by increased to $100,000,000."-Y. 115, p. 2482.
Boyd G. Curtis, local attorney representing the Maxwell Motor Corp.
Commonwealth Steel Co.
The sale has been confirmed by Federal Judge Tuttle. Compare reorgani-Capital Increase.
The company has filed notice at Trenton increasing its capital from
zation plan in V. 115, p. 1432, 1735, 2162.
$4,500.000 to $6,000.000.-V. 115, p. 2162.
Charlton Mills, Fall River.-Capital Increase,
The stockholders will vote Dec. 15 on increasing the authorized Capital
Commonwealth Water Co., N. J.
-Guaranteed Bonds
stock from $800,000 (all outstanding) to $1,200,000, par $100. If the in- Offered.
-P. W. Chapman & Co., Inc., Hoagland, Allum
crease is authorized, it is the intention to declare a 50% stock dividend.
The directors have declared the usual quarterly dividend of2%, payable & Co., and Goodwillie & Co., Chicago, are offering at 95
Feb. 1 to hdlders of record Dec. 7.-V. 112, p. 473.
and interest to yield about 5.85%, $1,500,000 1st Mtge.
-Halsey,
-Bonds Offered.
Central Indiana Power Co.
Stuart & Co., Inc., A. B. Leach & Co., Inc., Paine, Webber
& Co., Stone & Webster, Inc., and Spencer Trask & Co.
are offering at 95 and interest to yield about 5.40%,
$4,248,000 1st Mtge. Coll. & Ref. 6% gold bonds, series
"A." Non-callable until after June 30 1932. Bonds are
'dated July 1 1922 and due July 1 1947. For further description of bonds, see V. 115, p. 440. (See also adv. pages.)
•
•
Data from Letter of Jos. H. Brewer, Indianapolis, Ind., Nov. 24.
of
AC.
-
•
Chelsea Fibre Mills, New York.
-Capital Increase.
The company has filed a certificate at Albany. N. Y.,showing an increase
In Capital stock from $2,000,000 ($600,000 Common and $1,400,000 Prof.)
to $2,600,000, to consist of $1.200,000 Common and $1,400.000 Pref. stock.
The additional $600,000 Common stock will probably be distributed to
-stockholders as a 100% stock dividend.
25
-Year 532% gold bonds, series "A" Guaranteed, principal and interest, by Amer. Water Works & El. Co., Inc.
Dated Dec. 1 1922. Due Dec. 1 1947. Interest payable J. & D. at
Farmer's Loan & Trust Co., New York, trustee. Denom. $1,000 $500
and $100 (c*). Redeemable all or part on any interest date to and incl.
Dec. 1 1932 at 105 and interest, on succeeding interest dates to and incl.
Dec.
Cherokee Spinning Mills, Knoxville, Tenn.-Cap.Inc. pany 1 1945, at 102 and interest, and thereafter at par and interest. Comwill pay the normal Federal income tax not in excess of 2%. Pennsylstock from
The stockholders will vote shortly on increasing the capital
$600,000 to $1,000,000. It is stated that between $400,000 and $500,000 vania and Connecticut 4 mills tax refunded.
Issuance.
-Subject to approval by the New Jersey P. U. Commission.
will be expended for the addition to the plant of 38,640 sq. ft. of floor space
and the purchase of new machinery. E. J. McMillan is Pres. & Gen. Mgr. Date from Letter of H. Hobart Porter, Pres. Am. Water Wks. & El. Co.
Company.
successful
-Incorporated
as a combination of
Chicago Railway Equipment Co.
-Recapitalization
- companies in operation for in 1904years in New Jersey.severalon Dec. 1
Will
many
be a subsidiary of American Water Works & Electric Co., Inc. Supplies
Stock Dividend.
water to Township
West Orange, Summit, New ProviThe stockholders voted Nov. 21 to change the present 30,000 shares of dence, Springfield, of South Orange,
Millburn and Irvington, residential communities in
capital stock, par $100,into 120,000 shares of7% Cum.Pref. stock, par $25. New Jersey. Population served, about 65,000.
Red. as a whole at $30 per share (equivalent to $120 at $100 par
Security.
-A direct first mortgage
the entire property, which
value).
The stockholders also voted to increase the capital stock $1,500,000 by consists of approximately 1,200 acres upon
of land, over 190 miles of water
'issuing 60,000 shares of Common stock, par $25. Effective Dec. 30, the mains, pumping stations, equipment.reservoirs. &c. Valuation of property
capital stock will be $3,000,000 7% Cum. Pref. stock, par $25, and $1,500,- is in excess of $2,400,000.
,000 Common stock, par $25.
Earnings.
-Net earnings, applicable to interest charges, in each of the
The directors, in addition to the regular quarterly dividend of 2% on calendar years 1918 to 1921 inclusive, were equal to more than twice the
the present outstanding stock, declared a 50% Common stock dividend, interest requirements of the total secured debt of such years. For the
holders of record Dec. 19.
both payable Dec. 30 to
12 months ended Aug. 31 1922, net earnings were $177,647, or over twice
Shareholders of record Dec. 19 will receive in exchange for each share of the total interest charges of this issue.
the present $100 par value stock four shares of the new $25 par value 7%
Purpose.
-Proceeds will be used to finance extensions and to retire
receive, as a dividend, two shares existing debt.
Pref. stock,and such shareholders will also
-of the $25 par value Common stock for each share of the present stock.
plan in V. 115, p. 873, in which the company
Computing-Tabulating-Recording Co.
-Tenders.
[The above superseded the
proposed to change the capital stock from $3,000,000, par $100, to $3,The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Dec. 21
'000,000 Pref. stock, par $100, and 60,000 shares of Common stock of no receive bids for the sale to it of 6% 30
-year sinking fund gold bonds, due
July 1 1941, to an amount sufficient to exhaust $100,000 at a price not
par value.j-V. 115, p. 1842.
Quarterly Report, for Three Mos. exceeding 105 and int.-V. 115, p. 2163, 1637.
-23d
Chile Copper Co.
Ending Sept. 30 1922.-Pres. Daniel. Guggenheim reports:
During the quarter ended Sept. 30 there were treated 1,266,309 tons of
-ore, averaging 1.72% copper; in the preceding quarter 924,450 tons, aver-
-Stockholders' Rights.
Congoleum Co.
Common stockholders of record Dec. 1 are entitled to subscribe, at
$5 per share, to 60,000 shares of the additional 200,000 shares of Common
2586
[VOL. 115.
THE CHRONICLE
stock, no par value, recently voted, on the basis of 134 shares for each
share held. Subscriptions are payable on or before Dec. 27 at the Seaboard
National Bank,transfer agent, 115 Broadway, N. Y.City.
-V.115, p. 2482.
"It is believed that, prior to said July dividend, the necessary arranegment will have been completed, whereby the capitalization of the company
will consist of shares of no par value and-whereby each holder of the present shares will be entitled to exchange the same at the rate of one share of
Consol. Car-Heating Co. (N. Y.)-Divs. Resumed.
the present stock for four shares the new stock, and on which new shares
A quarterly dividend of 13i% has been declared on the $1.250,000 capital said dividend will amount to $11 of share per annum.
per
stock, par $100, payable Jan. 15 to holders of record Dec. 20. A semi"The present cash position of the company shows that, in addition to
annual dividend of 234% was paid in Jan. 1915; none since.
supplies on hand of $277,500, the company has on hand cash of $1,240,000
and bonds at a cost of $1,464,385; total current assets of $2,981,885, out
Consolidated Gas Co. N. Y.
-Change in Stock, &c.
- of which the above sum of $1.000,000 has been set aside for purposes above
The stockholders voted on Dec. 4 and Dec. 5(1) To shange the 1,250,000 stated.
shares of Capital stock now outstanding,'oar $100, into 2.500.000 shares of
Nov. 1922. Oct. 1922. Sept. 1922
Common stock, no par value, so that the holders of existing shares shall Gold production (valued at)
$352,495 $382,712 $423,059
receive 2 shares of stock of no par value in exchange for each $100 share now Tons of ore handled by mill
31,304
33,451
32,100
held. (2) To increase the authorized Common stock from 2,500,000 shares -V. 115, p. 2163, 2051.
no par value, to 3,000,000 shares, no par value; stockholders to have the
right to subscribe at $50 per share for the 500,000 shares of additional
Dominion Gas Co., Canada.
-Merger.
stock to the extent of 20% of their holdings of stock of no par value. Thus,
See Ohio & Northern Gas Co. below.
-V.95, p. 113.
a holder of 10 shares of par value stock, receiving in exchange therefor
20 shares of stock having no nominal or par value, will be entitled to subDominion Iron & Steel Co., Ltd.
-Guaranteed Bonds
scribe to 4 shares of additional stock having no par value. (3) To create
-Hayden,Stone & Co., New York, have sold at 85 and
an authorized issue of 300,000 shares of 6% Cumulative Participating Sold.
Preferred stock, par $50 each. The stock is to be offered for subscription int., yielding about 6.46%, $4,645,000 Consol. Mtge. 5%
to employees and consumers. Compare V. 115, p. 2271, 2482.
bonds of 1909, due Sept. 1
principal
1939, and guaranteed
Continental Can Co.
-To Readjust Capital-Divs., &c. and interest by Dominion Steel Corp., Ltd. (see advertising
pages).
The stockholders will vote Dec. 29 on readjusting the Common stock,
whereby 22-3 shares of new no par Common stock will be exchanged for
each share of the present Common stock (par $100). The authorized
Preferred stock of $7,500.000(par $100) will remain the same. The amount
of no par value shares to be authorized is 500,000. The present authorized
Common stock amounts to $15,000.000. of which $13.500,000 outstanding.
The directors have declared a dividend of 75 cents a share, payable
Feb. 15 to holders of record Feb. 5, on the new stock to be issued.
The regular quarterly dividend of 1%% on the Preferred stock has also
been declared payable Jan. 1 to holders of record Dec. 20.-V. 115, p. 1842.
Corticello Silk Co., New London, Conn.
-Capital.
The company has increased its authorized capital from 3,250,000 ($2,500,000 Common; $500,000 First Pref. and $250,000 2nd Pref.) to $5.750,000, to consist of 50,000 shares of Common stock, par $100,and 15,000
shares of Preferred, par $50.-V. 113. P. 2619.
Cramerton (N. C.) Mills, Inc.
-New Name.
•
Crescent Pipe Line Co.
-To Reduce Capital Stock by
Payment of $25 in Cash.
See May Mills, Inc., below.
The stockholders will vote Feb. 5 (a) on decreasing the authorized Capital stock from $3,000,000 to $1,500,000, and (b) reducing the par value of
the shares from $50 to $25. If the plan is approved, the directors propose
to give $25 per share cash to shareholders.
No part of the cash distribution, it is announced, will be made out of
earnings accumulated since March 1 1913.-V. 115. p. 441.
Cromwell Steel Co., Lorain, 0.
-Sale.
Title of the company which was recently bid in by bondholders for $1,100,000 will pass to the Midland Seamless Tube Co., a new holding company just organized by the bondholders with a nominal capital of $10,000.
W. E. Guerin (Vice-Pres. Guardian Savings & Trust Co., Cleveland,)
representing the bondholders presented the only bid at the sale.
The now owners of the company are planning additions
expansions
which will permit of the manufacture of seamless tubing. and
Plans for the reorganization and operation of the property are still in the
formative stage.
-V. 114, p. 2051.
Cuban-American Sugar Co.
-Report.
-
Years End. Sept. 30 1921-22.
1920-21.
1919-20.
1918-19.
Total sales
1;25,393,293 $20,184,950 n2,744,415 $50,767,165
Prod. & mfg. costs, selling & general expenses 20,731,078 25,732,109 70,461,756 37,721,928
Net earnings
$4,662,215def$5547,159 $22,282,659 $13,045,236
Deprec. bond int., &c_
$2,638,768 $2,349,572 $10,165,468 $5.953,940
Balance, surplus
$2,023,4471oss$7.896731 $12,117,191 $7,091,297
Previous surplus
18,982,468 29,931,765 22,367,140 16,828,168
Total
• $21,005,915 $22,035,034 $34,484,331 $23,919,464
Preferred div. (7%)$552,566
$ 552,566
$552,566
$552,566
Corn.(cash) divs
(25%)2,500,000(40)4000,000(10)1000,000
Prem. on Corn. stock
Cr. 241
P.& 1. surp. Sept. 30- _ -$20,453,349 $18,982,468 829,931,765 $22,367,140
-V. 115, p. 1735, 1638.
Cumberland Pipe Line Co., Inc.
-To Increase Capital
-100% Stock Dividend Proposed.•
The stockholders will vote
Dec. 27 on increasing the authorized capital
stock from $1,500,000 to $3,000,000, par $100. If the increase is authorized
it is the intention of the directors to issue the additional capital stock
against accumulated undivided earnings of the company and to declare
and pay a stock dividend of 100% to stockholders of record Dec. 30.
Pres. Forrest M. Towl, Dec. 6, says in part: "This course, in the
Judgment of the directors, is justified by the increase in the company's
assets, now in excess of its capital stock, resulting from the re-investment
of the earnings of the corporation."
Dividend Record (Cash) Since 1912.
1912-'13.
1914-'16.
1917.
1918-'22.
Paid annually in December_ _6% YriY.
5% YrlY.
10%
12% yrly.
-V. 115, p. 2163, 441.
Interest payable M. & S. in United States gold at Agency of Bank of
Montreal, New York, or in Canadian currency in Montreal, or in sterling
in London. Coupon bonds of $1,000 denom.. fully registerable. Red.
at 105 and int. on any int. date. National Trust Co., Ltd., Toronto,
trustee. U. S. normal Federal income tax up to 2% paid by company.
-Bonds are listed on the Boston Stock Exchange and application
Listing.
has been made to list them on the New York Stock Exchange.
Data from Letter of Pres. R. M. Wolvin, Nov. 16.
Company.
-A subsidiary of the Dominion Steel Corp. Ltd. Is engaged
in the manufacture and sale of pig iron; blooms, billets; steel rails; steel
plates; merchant bars; rods; plain, annealed ,galvanized and barbed wire;
nails; and by-products of its coke ovens, such as tar, ammonium sulphate
and benzol.
Capitalization Outstanding After This Financing.
1st(Closed) Mtge.5% bonds, due July 1929
$5,741,000
Consol. (Closed) Mtge. 5% bonds, due Sept. 1 1939, payable in
'U. S. gold and guaranteed by Dominion Steel Corp., Ltd.
(this issue) •
4,645,000
Consol. (Closed) Mtge. 5% bonds, due Sept. 11939, payable in
Sterling or Canadian currency only
7,094,140
Income 6% bonds (owned by Dominion Steel Corp.)
3,500,000
Preferred stock,7% Cumulative,$100 par
5,000,000
Common stock, $100 par (owned by Dominion Steel Corp.)-__ _37,000,000
Consolidated Mortgage.
-Secured by a direct mortgage on the entire
property,subject only to the closed issue of 1st Mtge. bonds due July 1929.
The disposition of the Consol. Mtge. 5s is as follows: (1) Issued pursuant
to terms of supplemental indenture dated Nov. 15 1922, payable in United
States gold and guaranteed by Dominion Steel Corp., $4,645,000; (2)Now
outstanding, payable in sterling or Canadian currency only, 57,094,140,•
(3) reserved to refunded 1st Mtge. 5% bonds, $5,741,000; (4) redeemed
through sinking fund and canceled, $2,519,860.
Sinking Fund.
-Mortgage provides for an annual sinking fund of 1% of
the total bonds issued, including those reserved to retire the 1st Mtge.
bonds. The sinking fund is now $200,000 annually, which must be used
to retire 1st Mtge. bonds and Consolidated Mtge. bonds at the market
price thereof, not to exceed their redemption prices, namely 110 and 105,
respectively.
Proceeds will be applied to liquidate debt incurred for improvements and additions, for additional plant facilities, and working capital.
Property.
-Company owns a tract of about 500acres ofland on the water
front at Sydney, N. S.. where it has established the largest iron and steel
works in Canada which now comprise, among others: 6 blast furnaces
combined capacity. 1,600 tons of pig iron daily; 10 50
-ton
-ton and 2 100
open hearth steel furnaces; 2 15-ton Bessemer converters for use in connection with open hearth furnaces; 35
-inch blooming mill; 28-inch rail mill:
16-Inch merchant bar mill: 110-inch plate mill; 120 improved Otto ovens;
180 Koppers coke ovens, all equipped for recovery of by-products,including
gas, tar, ammonium sulphate, benzol and other oils; also electric power
plants; standard and narrow-gauge railroads; iron, brass and steel foundries;
repair shops,
uIcjaanodm.p
own.'in c a large part of the famous iron ore deposit in Bell
a'es & fe
.e
Conception Bay, Newfoundland, which yields ore carrying about
50% metallic iron. Also owns limestone and dolomite quarries, the output
of which is sufficient to provide for all future requirements.
Balance Sheet as of Sept. 30 1922.
Adjusted to give effect to the sale of these bonds and to the issuance
$12,000,000 Common stock to liquidate a credit for past earnings hereof
tofore accrued under contract to Dominion Steel Corp., Ltd.]
LiabilitiesProperties, less deprec_ _$17,333,991 5% 1st Mtge. bonds_ ___ $5,741,000
AsssBritish Empire Steel Corp x6,321,500 5% Consol. M. bonds__ 4,645,000
29,047
do (sterling series)__ 3 09 :0
7 000
:504 140
Cash in hands of trustees
97,554 6% Income bonds
lids. pur.for sink.fund_ _
7,2 5. . Preferred stock
Inventories
5,000,000
1,980,972 Common stock
Accounts receivable
37,000,000
2,380,800 Accounts payable
621,332
Cash
76,640 Bond interest accrued__ _
101,321
Call loans
148,619 Operating reserve
Investments
1,039,160
1,359,388 Contingent reserve
Deferred charges
614,970
orp
Res. for Pref. divs
.E
87,500
Dais. rec frominp Steelas.soc cos.
in Br .
371,532 Surplus
1,870,674
$67,315,096
Total
$67,315,096
Total Cum. 2d Pref. stock, $6,005,425, and Common stock, $2,528,600,
x7
%
for 63,215
Pawtucket, R. I., has been elected a director to received in exchange a parafte dshares Common stock of the Dominion
epr,50 .
0
-Net of
72ings.
succeed the late Albert A. Jenks. Gardner W. 13ullard of New Bedford, Steel Corp., Ltd.,earnings of r,32lec1at
ion and depletion for the 10 years
Ear
Mass., succeeds Albert C. Langshaw as a director.
-V. 115, p. 2482.
and 9 months ended Dec. 31 1921 have averaged $3,064,277 per year against
charges on
present
Davidson Consol. Gold Mines, Ltd.
-Stock Distribution. earningsinterestabove period mortgage bonds of $874,007. Average net
were therefore equal to 3.5 times the present
for the
Secretary E. M. White in a notice to shareholders says in substance:
"400.000 Preferred and 1,000,000 Ordinary shares of the capital stock of interest requirements of all mortgage bonds.
Operations for the 9 months ended Sept. 30 1922 have resulted in a loss
Porcupine Davidson Gold Mines, Ltd., (no personal liability), will be distributed to shareholders of record, on the books of this company. Doc. 31." which, however, has been largely offset by receipts from other sources.
The shareholders ratified a bylaw providing for this distribution and also V. 115, p. 2163, 441.
ratified the sale of 268,105 Preferred and 638,411 Ordinary shares of the
Dominion Steel Corp., Ltd.
-Guaranty, &c.
Porcupine Gold Mines, Ltd.
-V. 115, p. 2051.
See Dominion Iron Sr Steel Co., Ltd., above.
Dartmouth Manufacturing Co.
-New Directors.
Robert R. Jenks of
-To Increase Capital.
De Beers Consol. Mines, Ltd.
-
The stockholders will vote Dec. 29 on increasing the capital stock by
issuing 100,000 shares of a nominal value of £2 10s. The now shares are
identical with the old shares as to dividends and other privileges. The
present capitalization consists of 2,500,000 Ordinary shares of 12 10s.
each, and £2,000,000 4% Cumulative Preference shares of the same par
-V. 115, p. 2051.
value.
-25% Stock Dividend.
Detroit Motor Bus Co.
The company has declared 25% stock dividend, payable Dec. 10 to
holders of record Nov. 28. In addition the regular quarterly dividend of
2% and the usual quarterly extra dividend of 1% were declared, both
payable Jan. 15 to holders of record Dec. 30.
-Regular Dividend DeDome Mines Co., Ltd., Toronto.
clared-Capital Readjustment-Production,
Donnacona Paper Co., Ltd.
-To Retire Pref. Stock.
The company will receive bids for the sale to it of Preferred stock up to
Dec. 31 1922 to an amount sufficient to absorb $40,000.-V. 114, p. 84.
(E.I.) du Pont de Nemours & Co.
-50% Stock Dividend
-The directors on Dec. 5 declared a 50%
Stock Increased.
stock dividend on the outstanding Common stock, par $100,
payable Dec. 29 to holders of record Dec. 16. The stockholders voted Dec. 4 to increase the authorized Common
0,000,000 to $100,000,000, par $100.
stock from
The company at last accounts had outstanding $63,378,300 Common
stock, par $100. Compare V. 115, p. 2272, 2483.
-New Officer.
Duquesne Light Co.
-
The directors have declared the usual quarterly dividend of 50c. per
C. S. Cook,formerly General Manager, has been elected Vice-President.
share, payable Jan. 20 to holders of record Dec. 30.
-V. 115, p. 764, 650.
An official statement says in substance: "The directors, having in mind
extra dividend or pay-New Control
-New Financing.
Eddy Paper Corp.
the legitimate expectations of the shareholders of an
ment in return of capital at the end of the current fiscal year, desire to state
The stockholders of the Eddy Paper Co., with plants at Three Rivers
that their expectation is that, beginning with the dividend to be paid in and White Pigeon, Mich., have disposed of their holdings to the Eddy
July next, a regular dividend at the rate of $4 a share per annum on the Paper Corp. of Illinois. The new company has an authorized Capital of
present capitalization will be inaugurated, and in assurance of the contin- 125,000 shares of no par value Common stock and $325,000 7% Cumul.
uation of the same the sum of $1,000,000 has been set aside, to be added to Pref. stock. According to Chicago press dispatches, 60,000 shares of
from time to time, until the fund amounts to at least one whole year's divi- the Common stock have been sold to a syndicate of bankers headed by
dends at said rate.
J. S. Bache & Co.. which will offer thorn to the public at $30 per share.
DEC.9 1922.]
THE CHRONICLE
Those participating in the purchase are: Charles W. Folds (Hathaway
Smith Folds & Co.), George M. Seaman (Pres. Seaman Paper Co.), Oscar
Gubinsky (Pres. Daniel Boone Woolen Mills Co.), Harry L. Street (Pros.,
Street-Chatfield Lumber Co.), Ward Seabury (Marsh &McLennon) and
.-V. 112, p. 2087.
Russell A. Cowles (Pres. Ansonia Clock Co.. New York)
-Rights.
Edison Electric Illuminating Co. of Boston.
The stockholders on Nov. 28 1922 increased the capital stock from $27.033,600 to $32.440,300. The increased stock is offered to stockholders of
record Nov. 28 at $150 per share, in the proportion of one new share for
every five old shares now held. Rights expire Dec. 27 and all subscriptions
17 Court St., Bosmust be received at the office of Old Colony Trust
Co.,
ton, on or before that date. Shares not subscribed for will be disposed of
by the directors.
Payment for the shares subscribed for must be made as follows: 1650 per
share on Jan. 2 1923: $100 Per share on Feb. 2 1923. Interest at the rate
of 5% per annum will be allowed on the first installment ($50 per share)
from Jan. 2 1923 to Feb. 1 1923. Any subscriber may prepay the second
Installment ($100 per share) on Jan. 2 1923, in which case interest will be
allowed thereon at the rate of 3% per annum from Jan. 2 1923 to Feb. 1
1923. See also V. 115, p. 2483.
--Dividend Increased, &c.
Electric Storage Battery Co.
The company has declared an extra dividend of 75c. a share and quarterly dividend of $1 a share on both the Common and Preferred stocks.
payable Jan. 2 to holders of record Dec. 14.
In July and Oct. last dividends of 75 cents per share were paid on these
-V. 115, p. 550.
issues.
-To Increase Capital.
Elliott-Fisher Co.
The stockholders will vote Dec. 22 on increa,sLng the capital from $3,500,000 to $6,500,000. par $100.-V. 112, p. 1028.
Englander Spring Bed Co.
-Capital Increase.
The stockholders on Dec. 4 authorized an increase in the Capital stock
from $1,000.000 (consisting of 5,000 shares of Preferred stock and 5,000
shares of Common) to $5,000,000, to consist of 25,000 shares of Preferred
and 25,000 shares of Common (par $100).-V. 115, p. 2385.
2587
under an agreement dated April 24 1920. This agreement together with
title to the equipment covered thereby has been assigned by Armour & Co.
to the trustee for the benefit of the holders of these certificates. The
payment of rentals by Fruit Growers Express Co. under its lease of this
equipment (which equal in amount the principal and dividends of these
certificates), by agreement of guaranty dated April 24 1920 and assigned
to the trustee, is unconditionally, severally guaranteed by the following
proprietary railroads in the proportions indicated:
CompanyProportion.
Proportion.
CompanyAlabama Great Southern_ _ _ _ 0.14% Mobile & Ohio
2.51%
Atlantic Coast Line
25.50% Nashville Chatt & St. Louis_ 3.00%
Baltimore & Ohio
2.00
New Orleans & Northeastern 0.06%
Central of Georgia
17.00%
3.25V Pennsylvania R'R
Cinn. N.Orleans & Tax.Pac_ 3.57% Rich. Fred. & Potomac
4.50%
Florida East Coast
14.50%
3.75
Seaboard Air Line
Georgia Southern & Florida_ 1.30
13.92%
Scratthern Ry
Louisville & Nashville
5.00%
100.00%
Total
All of the capital stock of the Fruit Growers Express Co. is owned by
the above-mentioned railroad companies together with the Norfolk &
Western. New York New Haven & Hartford and Chicago & Eastern
Illinois Ry., which have also become proprietary companies since the
date of the above agreement of guaranty.
Security.
-4,211 40
-ft. steel underframe and steel sub-sill refrigerator
cars. purchased by Fruit Growers Express Co. from Armour & Co. in
April 1920, the present value of which is conservatively estimated at
$7,000,000, or more than 150% of the face amount of these certificates.
Business.
-Company was incorporated in Delaware on March 18 1920
and furnishes refrigerator car service under contracts to the 18 proprietary
railroads enumerated above, these contracts running to 1935. At the
present time company carries 28% of the entire fruit and vegetable traffic
of the country.
-From the commencement of operations on May 1 1920
Earnings.
to Aug. 31 1922, the average net earnings after deducting depreciation,
have been equal to more than twice the fixed charges, including proportion
of rental equal to dividends on these certificates.
-V. 113, p. 8B4.
General American Tank Car Corp.
-Orders.
-B. J.
Everlastik, Inc., Chelsea, Mass.
-Bonds Offered.
Baker & Co., Inc., Boston, and Central Trust Co. of Ill.,
Chicago, are offering at 100 and int. $1,150,000 1st (Closed)
-Year 7% Sinking Fund Gold bonds(see adv. pages).
Mtge. 15
The corporation recently booked orders for $4,000.000 of railroad equipment, consisting of orders for freight cars for the Northern Pacific and
Chicago Milwaukee & St. Paul RR. and for tank cars for the Texas Co.
and others -V. 115, p. 2483.
Dated Nov. 1 1922. Due. Nov. 11937. Interest payable M. & N. at
First National Bank, Boston,or Central Trust Co.,of 111., Chicago, without
deduction for normal Federal income tax not in excess of 2%. Callable: all
or roan, on any interest date, on 30 days' notice, at 108 and interest up to
and incl. Nov. 11926,the premium reducing 1% each May 1 thereafter up to
and incl. May 1 1932, and thereafter at 102 and interest. Pennsylvania
4 mill tax refunded. Denom. $1,000, $500 and $100 (0'). First National
Bank of Boston and Charles B. Reed, trustees.
Data from Letter of Pres. B. T. Martin, Chelsea, Mass., Dec. 5.
Company.-Incorp. In Massachusetts in 1915. Manufactures elastic
fabrics. Owns 7 long-established and successful fabric mills through the
following constituent companies: T. Martin & Bro. Mfg. Co., Chelsea and
Lowell, Mass.; Hub Gore Makers, Brockton, Mass.: Leolastic, Inc.,
Bayonne, N. J.; Bridgeport Elastic Fabric Co., Bridgeport, Conn.; Mansfield Elastic Web Co., Mansfield, Ohio; Smith Webbing Co., Pawtucket,
R. I.
Company produces staple goods in universal demand which are distributed to manufacturers. jobbbers and the general wholesale dry goes
trade throughout the United States and Canada. The company manufactures both elastic and non-elastic fabrics used in a great variety of articles,
including suspenders, garters, hose supporters, corsets, surgical web, belts,
shoes, overalls, women's apparel collars and automobiles.
purpose.
-Proceeds will be used for the reduction of bank loans.
Net Sales & Net Earnings (after Deprec., but before Int. & Fed. Taxes)
Calendar Years.
1917.
1918.
1919.
1920.
1921. '22(9 mos)
$
4,116,808 6,414,848 5,278,923 5,549,627 3,485,333 3,407,734
Sales
95,511loss761353 103,903
Net earnings 833,154 924,804 823,019
During 1920-1921 the company absorbed a leas on yarn commitments and
inventory depreciation of substantially $1,750,000. At the present time
there is a steady increase in the volume of business, with the plants operating
on approximately a 65% basis.
-Mortgage provides for an annual sinking fund equivalent
Sinking Fund.
to 15% of net earnings after operating expenses, taxes and interest, with a
minimum of $60,000 a year, first payment to be made March 1 1924 and
to be used for the purchase of bonds or redemption by lot.
-Regular dividends at rate of 7% were paid on Preferred
Dividends.
stocks A and B from its organization through March 31 1921, at which
time dividends were suspended. Dividends on Common stock were paid
as follows: 1916, 10%; 1917, 8%; 1918, 12%; 1919 and 1920,8% each.
Balance Sheet as of Sept. 30 1922 (after this Financing).
Liabilities
.4ssets$550,919 Notes payable
$415,000
Cash
269,179
.6,692 Accounts payable
Notes receivable
30,313
439,093 Accrued accounts
Accounts receivable
23,260
1,290,251 "Glacliad fund"
Inventories
1,150,000
1,973.532 1st Mtge. 7s
xPlants
112,000 Reserve for Federal taxes.. 128,000
Investments
978,500
190,211 Pref.stock, A,7
Deferred items
1,299,400
198,934 Pref. stock. B,7 0
Miscellaneous items
1,282,200
961,305 Common stock
_
Patents,good-will, &c.. _
147,085
Surplus
$5,722,937
••
Total (each side)
By action of the directors the company has set aside a fund of $400.000,
;
to be known as the "Charles A. Coffin Foundation.' the income from
which, amounting to approximately $20,000 per year, will be available for
encouraging and rewarding service in the electrical field by giving prices
to its employees, recognition to lighting, power and railway companies for
Improvement in service to the public, and fellowships to graduate students
and funds for research work at technical schools and colleges.
The foundation will be controlled and administred by a Foundation Committee appointed by the board. This committee, within the limits of the
purposes for which the foundation is created, will have power to change the
conditions applicable to the distribution of the fund and the amounts for
each particular purpose.
The directors have appointed as the "Charles A. Coffin Foundation
Committee" the following officers of the company: A. W. Burchard, J. R.
Lovejoy, E. W. Rice, Jr., Gerard Swope, 0, D. Young. The advisory
committee will administer the fund within the organization of the company.
Other committees, to administer the fund and to act with organizations
outside the company, have also been appointed.
On May 16 1922,Charles A. Coffin in his 78th year retired from the active
leadership of the company. Mr. Coffin has been identified with the
development of the electrical industry since 1882. He was the founder
and creator of the company, of which he has been the inspiration and leader
for 30 years. As an expression of appreciation of Mr. Coffin's great work,
the directors created on his retirement, and now desire to announce the
"Charles A. Coffin Foundation."
-V. 115, p. 2484, 1948.
x Land, buildings, machinery and equipment carried at $1,973,532 are
given in an appraisal as of Oct. 11922, a reproduction cost of $4,759,500,
and depreciated sound value of $3,544,000.
The company has retired $369,000 of its serial 1st Mtge. 6% Equipment bonds, leaving outstanding $7,207.000.-V. 115, p. 2386.
-Earnings.
Famous Players-Lasky Corporation.
The corporation in its consolidated statement (which includes the earnings of subsidiary companies owned 90% or more) reports for the 9 months
ended Sept. 30 1922 net operating profits of $2,869,272, after deducting
all charges and reserves for Federal income and other taxes. After allowing
for payment of dividends on the Pref, stock, the above earnings are at the
-V. 115, 13.
annual rate of $14 38 on the Common stock outstanding.
2483, 1843.
General Electric Co.
-Charles A. Coffin Foundation.
General Motors Acceptance Corp.
-Capital Increased.
The company has filed a certificate at Albany, N. Y., showing an increase in the capital stock from $4,000.000 (all outstanding and owned by
the General Motors Corp.) to $4,800,000, par $100.-V. 115, p. 765.
Georgetown (D. C.) Gas Light Co.-Bds. Authorized.
The Washington (D. C.) P. U. Commission has authorized the company
to issue $100,000 of 5% 50
-year gold bonds, dated Aug. 1 1911, at 90 and
interest. The proceeds are to be used to meet certain obligations held by
the Washington Gas Light Co.
-V. 115, p. 2163.
Gibson Mfg. Co., Charlotte, N. C.
-To Inc. Capital.
The company proposes to increase its authorized Capital stock from $500,000 to $2,000,000.
Gilliland Oil Co.
-Sells Paragon Stock.
-
See Paragon Refining Co. below.
-V. 114. p. 2585.
Golden Rule, Inc., of St. Paul.-Capital.Increase.-
The company has increased its capital stock from $750.000 to $3,000,000
and increased its limits of indebtedness from $500.000 to $1,000,000.
Goodman Mfg. Co., Chicago.
-To Increase Capital
100% Stock Dividend Proposed.
The stockholders will vote Dec. 11 on increasing the Capital stock from
$3,000,000 (all outstanding) to $6,000,000, par $50. If the increase is
authorized it is the intention to declare a 100% stock dividend'.
'Grace Steamship Co.
-Retires Bonds.
Great Northern Power Co. Ltd.-Bonds Offered.:
Nesbitt Thomson & Co., Ltd., Montreal, are offering at
'
95 and int. (with a bonus of 50% in Common stock)$850,000
1st Mtge.7% Sinking Fund gold bonds.
Dated Nov. 1 1922. Due Nov. 11937. Int. payable M.& N.at Standard Bank of Canada, Montreal and Toronto, or Importers & Traders' National Bank, New York. Callable, all or part, at 105 and int, on any int.
date after Nov. 1 1927. Trustee, Montreal Trust Co.
- Company.-1ncorp. under Ontario Companies' Act, for purpose of devel-Employees' Bonus.
Farr Alpaca Co., Holyoke, Mass.
oping and distributing hydro-electric power in the central
Dividends amounting to 14% of their earnings for the last year and total- of northern Ontario. Company's two power sites, capable mining district
of an ultimate
employees
ing fully $600,000 will be distributed to the company's 2,800 dividend development of 12,500 h. p., are located on the Montreal River. Conunder the profit-sharing plan put into effect in 1913. An extra of 8%. tracts are only being taken with mines of financial responsibility, and transadded this year to the usual profit-sharing dividend
mission lines are being erected by such mines, so that the mines bear the
of 6% has been
-V. 115, p. 2385, 188.
cost of the transmission system, which is to be repaid to them through rebate of a percentage of the cost of the power which they consume. Con-New Officers.
Sugar Refining Co.
Federal
President. becoming Chairman of the tracts with responsible mines have already been signed for over 1,500 h. p.
Claus A. Spreckels has resigned as J. Smith of Smith & Schipper will The dam is now under construction and it is expected will be completed by
Pierre
board, effective Jan. 1 1923. 115, p. 2385, 1843.
the end of this year; the first unit of 2,150 h, p., it is estimated, will he in
-V.
succeed him as President.
operation early in 1923.
Earnings.
-With the first plant of 6,500 h. p. completed and in operation,
-Special Dividend.
Co., Detroit.
Ford Motor
that net
declared, payable Dec. 31, to employee it is estimated showing earnings will be over $275,000 or over 43i times the
about
bond interest,
Common stock. The net
A special dividend of 3% has been
a total of 12% for this year. In earnings from the first unit of12% earned on the is expected to beta opera2,150 h. p., which
investment certificate holders, making1920 16% was distributed.
-V. 115, tion
while in
early in 1923, based on contrasts already acquired, are estimated at
1921 a total of 12% was paid,
$100,000 per annum, against bond interest of $59.500 per annum.
P. 2483, 2385.
-Bonds now being issued will construct a plant with a capacity
Purpose.
-Clark,
-Equip. Trusts Sold.
Fruit Growers Express Co.
Co. of 6,500 h. P. -A sinking fund commencing Nov.
sufficient
Dodge & Co., Harrison, Smith & Co. and Free'man & cer- toSinking Fund. issue by maturity by purchase in1 1925 will beor by call
open market
retire the entire
have placed privately $4,550,000 6% Equip. Trust
at 105 and int.
Authorized.
CapitalizationIssued.
tificates (see advertising pages).
$2,000,000 $2,000,000
Trust, Common stock (par $10)
The equipments, known as the Fruit Growers Express Equipment
an First Mortgage 7% bonds due 1937
2,000,000
850,000
were issued by Metropolitan Trust Co., New York, tustee, under
$650,000
agreement with Armour & Co. dated Dec. 11922. They mature
Great Western Sugar Co.
-Resumes Common Dividend.
annually May 1 each year from 1923 to 1929 both inclusive. Dividends
A dividend of $1 per share has been declared on the new Common stock.
)•
payable annually May 1 at office of the trustee. Denom. $1,000 (c5
par $25. payable Jan. 2 to holders of record Dec. 15. A quarterly dividend
plan.
Issued under the Philadelphia
was paid on the old Common stock, par $100, in July 1921; none
These certificates represent tho interest formerly held by Armour & Co. of 1U% 115, p. 1539, 1435.
-V.
In certain equipment and the lease thereof to Fruit Growers Express Co. since.
2588
THE CHRONICLE
[VOL. 115.
Grinnell Mfg. Co. of New Bedford.
-In 1920 a group of capitalists comprised principally of the of-Extra Dividend.
- History.
The directors have declared a regular quarterly dividend Of 13i% and an ficial personnel of the Hummel
-Downing Co., Milwaukee, Wis._, manufacextra dividend of 2%, both payable Dec. 1 to holders of record Nov. 28. turers of paper, paper boxes and shipping containers, organized the corporaExtras of3%% each were paid in the four quarters of 1920; none extra since. tion and its subsidiary, Hopewell Chemical Co. Charter authorizes company to manufacture and sell pulp and paper, deal in pulp wood, timber
Balance Sheet September 30.
lands, &c., and to manufacture and sell salt cake and nitre cake and other
1922.
Asset,1921.
Liabilities1922.
chemicals.
1921.
Real est. & mach_ _$1,594,597 $1,570,292 Capital stock
Company owns in fee 1,291 acres of timber land and owns stumpage rights
$1,500,000 $1,500,000
1,429,795 1,342,88b Bills & acc'ts pay_ 111,945
Inventories
232,622 on an additional 608 acres. Owns and controls through Hopewell Chemical
Bills & acc'ts rec..
Reserve for taxes..
98,318
221,391 Co. two deposits of nitre cake, a chemical used in manufacture of sulphate
277,335
and cash •
489,903 Dividend
52,500
22,500 (kraft) pulp. Present sulphate fibre plant is equipped to produce daily
Depreciation
886,710
926,787 100 tons of sulphate or kraft pulp. A kraft paper miff with a daily capacity
Total(each side)33.301.727 $3,403,076 Profit and loss_ _ _ _ 652,254
499.776 of 50 tons is now being built.
2391.
110, P.
Capitalization.
-Corporation recently sold $500,000 capital stock at par.
$250,000 of this being Preferred stock
Guanajuato Power & Light Co.
All
-To Pay AU Coupons.
- of this stock is being paid for in cash. and $250,000 Common stock. pay
Funds derived therefrom will
The bondholders of the Guanajuato Power & Electric Co.,the Michoacan for new paper mill which will be subject to this mortgage.
Power Co. and the Central Mexico Light & Power Co. have received a letter
Purpose.
-Proceeds will be used to liquidate present floating debt and to
from Curtis & Hine, Gen. Mgrs., saying in brief:
provide additional working capital.
There has been no marked change in general political and business conditions in Mexico since June last. The attempts of municipal and State Consol. Balance Sheet at June 30 1922 (Giving Effect to Proposed Financing).
Assets.
governments to impose unduly heavy burdens of taxation upon
Liabilities.
$ :78 Notes payable
6006 3
64
ness, and the adoption of radical labor laws have continued to a our busi- Cash
$176,235
considerable extend during the current year, but we have been able to deal with Accounts receivable
Accounts payable
75,224
Advances
30,120 Accr'd int., taxes, &c_ __ _
these matters succsfully so far. We must, however, bear in mind that
9,595
Inventories
159.327 Unsecured def'd liabilities_
these conditions may result in serious complications and in
133,000
in60 007
5
0
crease in our operating expenses in Mexico, and make proper a material for Demand subs. to cap.stk_ 3 9:82 First Mortgage is
800,000
provisions
charges
Deferred
this in our plans.
7% Cumul. Pref. stock,.... 750,000
Nitre cake deposits
491,640 Common stock
The business of the companies has continued to increase
1,750,000
54.960
extent that it will probably be necessary for us to increase ourto such an Timber lands & timber r'ts
3,773
generating Land, bldgs., mach'y, &c_ 2,409,022 Deficit (each
capacity in the near future, or increase our supply of power otherwise,
Total
side)
$3,690,282
in -V.115, p. 2484.
order to avoid being obliged to refuse desirable new business that
will be
offered us. This, however, would involve a large expenditure
Huntington Land & Improvement Co.
tion work, and we do not think it will be wise to make thisfor construc-Bonds Paid.
expenditure
The $1,000,000 6% bonds due Dec. 1 1922
until political and labor conditions are more stable than at present,
but we ment has been met without borrowing or otherwere paid off. The commit-.
are making. all the necessary preparations for proceeding promptly when
financing.
-V.107,13. 2380.
the proper time comes.
IndianaElectric Corp.
-New Control, &c.
Fortunately, with increased business and postponement of
See Central Indiana Power Co. above and Northern Indiana Power Co.
work, the cash resources have accumulated to such an amount construction
as to justify
-V. 115. p. 652.
the payment on Jan. 1 1923 of all interest accruing up to and including that below.
date on the bonded debt, and still leave a balance sufficient to meet all
Indianapolis Light & Heat Co.
-Stock Application.
emergencies likely to occur.
The company has applied to the Indiana P. S. Corrunission for authority
The directors have accordingly decided to pay on Jan. 1 1923: (a) the
to issue $1,962,000 capital stock, the proceeds to reimburse "the petitioners'
coupons due April 1 1922 and Oct. 1 1922, of the Guanajuato Power & stockholders for
money actually expended from income." The company
Electric Co.: (b) coupons due Jan. 1 1922 and July 1 1922 and
of Central Mexico Light & Power Co.; (c) coupons due Jan.Jan. 11923, has outstanding $2,267.700 capital stock, par $100, and $3,782.000 bonds.
1 1922 and
The $1.962,000
July 1 1922 and Jan. 11923,of Michoacan Power Co.; and (d)corresponding difference betweenadditional stock applied for represents, it is stated, "the
the aggregate amount of the outstanding stocks, bonds
Interest (including any coupons still unpaid) on the matured bonds of
Michoacan Power Co., with interest at 6% on such of the above coupons and other liabilities and the value of the total assets as shown on the com'
'
books."
bo s.
as are overdue and on the overdue interest. Coupons of Michoacan Power pany'sThe company. Oct.
311922. had a surplus of$1,962,606.-V. 107,1). 185.
Co. and Central Mexico Light & Power Co. should be presented to the Old
Colony Trust Co., Boston, and coupons of Guanajuato Power & Electric
Indianapolis Water Co.
-Valuation for Ref. Purposes.
Co. should be presented to U. S. Mtge. & Trust Co., New York.
The company has petitioned the Indiana P.S. Commission for a valuation
The holders of matured bonds of Michoacan Power Co.
these bonds, by registered mail, to Old Colony Trust Co., should forward of its property for the purpose of issuing securities to pay off bonds falling
at Boston, and
the bonds will be returned together with payment of the above-mentioned due in 1926 and to provide new capital for additions and improvements.
The report for the
interest. As there are no coupons attached to these bonds, for some or all operating revenues, year 1921 filed with the Commission shows: Total
$1,550,305; total operating expenses, $436,078; deprec.,
of the interest payments due, it is necessary to send them to the trustee as $83,159; taxes, State
and local, $245,784; net operating revenue, $785.283;
evidence of ownership.
revenues, $22,662; gross income, $807,945.
All coupons of the three companies and interest on the matured bonds of non-operating from
Deductions
gross income, including int., amortization, &c., $334.the Michaocam Power Co., will be paid when due from this
time on.
- 074; net income, $473,871; Pref. dividends, $36,544; Common divs.. $375,V. 114, p. 2585, 2715.
000: discount on Pref. stock, $1,000; surplus for year, $61,326; surplus at
beginning of year, $195,636; adjustments in profit and loss account (deficit).
(C. M.) Hall Lamp Co., Detroit, Mich.
-Div., &c.
$12,391; profit and loss, surplus, $244,572.-V. 115, p. 2274.
A cash dividend of 5% has been declared on the
outstanding $1,000,000
capital stock, par $10, payable Dec. 15 to holders of record Dec. 13. This
International Milling Co.-Bal. Sheet Aug. 31.distribution, it is stated, will make a total of 25% paid in dividends
during
1922.
1921.
the current year, and compares with 10% paid in
1922.
1921.
1921, 20% each in 1919 Property & plant-$4,058,532 $3,978,283 Preferred
A
and 1920, and 15% in 1918.
idescapital__$1,105,100 $1,105 i
1 21 00
.
265,800
518,632 Common stock__ 2,200,000 2,100,000
Earnings for the first 10 months of 1922 are reported as approximately Cash
x535,451
492,632 Notes payable.. _ _
$498,047 after depreciation, but before providing for tax requirements. Accts. receivable
127,111
409,378
Sundry assets_
82,221
97,629 Accts. payable_ _ _ 509,647
The balance sheet Sept. 30 showed total assets of
447,029
1,747,260 1,226,580 Pref. dividend accr
prepa torl
current assets of $1,145,012 against current liabilities $1,637,201, with Invenid
19,339
19,339
of
accountt.
es
95,194
118,600 Taxes,int., comm.,
the current assets $119,389 was cash, $322,000 miscellaneous$43,067. Of
investments,
(fie. accrued_ _ _ 151,632
accounts receivable $299,135, and inventories $389,665.
69,799
Of the current
1st Mtge. bonds__ 560,500
liabilities, $35,405 was accounts payable.
584,000
Insurance
Unfilled orders on the books Sept. 30 amounted to $809,690.
_
1,464
2,058
Res. for rnaint. dc
fund_Handley-Knight Motors, Inc.
depreciation__ 847,432
-Acquisition.690,142
A dispatch from ICalamazoo, Mich. states that the Handley. Knight
Contingent reserve y150,000
150,000
Motors, Inc., has been formed to take Over the Handley
Other reserves,__ _
24,607
6,688
Co. The
new corporation, it is said, will have 600.000 shares of Knight Common.
Total(each side)$6,784,458 $6,432,356 Surplus
1,087,627
849,845
Compare Handley Knight Co. in V. 110, p. 875, 2491. no.pax
-Contingent liabilities:(a) In respect of drafts on customers,
Note.
$1,261,027 discounted at bank in the ordinary course of business. (b) In
Hartford Electric Light Co.
-To Issue Pref. Stock.
contracts for permanent improvements $50,000 (approximately).
The stockholders will vote Dec. 19 on authorizing the issuance of $2,000. respect of
000 additional 5% Prof. stock, convertible into Common in three years.
x After making full allowance for bad and doubtful accounts. y For
The new issue is to be applied to the retirement of a part of the $5,000,000 possible additional assessments for
Federal taxes for prior years.
7% outstanding notes.
-V. 113. p. 2085.
The comparative income account was published in V. 115, p. 2386.
Hartmann Corporation.
-November Sales.
-
Sales for Nove nber 1922 are officially reported at $1,660,000, compared
,
with $1,047,000 for ,,
Ivember 1921.-V. 115, p. 2386, 1638.
(George W.) Helme Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 4% in addition to the
regular quarterly dividend of 3% on the outstanding $6,000,000 Common
stock, par $100, both payable Jan. 2 to holders of record Dec. 18. This
compares with a quarterly dividend of 3% piaid in October last, and 2%%
quarterly'
(10% per annum) previously paid.
-V. 115. p. 1215.
Hercules Powder Co.
-Quarterly Cash Dividend of
Invincible Oil Co.
-New Director.
-
Clifford M. Leonard has been elected a director to succeed the late Niels
Esperson. V. 115, p. 2485, 2386.
-
-Earnings-Production.Iron Cap Copper Co.
'22. Aug. '22.
Earnings'Production- Sept : 7
6 97.
. 22
$64,976 Copper (lbs.)_--516,834
Se160,366
1.
Receipts
50,551
55,843 Silver (oz.)
Expenses
9,814
9,133 Gold (oz.)
Profit
68
Compare V. 115, p. 1435. 442.
Aug.'22.
565,390
7,252
77
1M7o.
-Production.
Island Creek Coal Co.
The directors have declared a quarterly dividend of 1%% on the outProduction in November amounted to about 176,000 tons of coal,
standing $14,300.000 Common stock, par $100, payable Dec. 23 to holders
of record Dec. 15. A stock dividend of 100% was luaid Nov. 25 last.
compared with 174,000 tons in October.
-V. 115, p. 2164, 1949.
In March, June and Sept.,last. quarterly cash dividends of 3% were paid
on the then outstanding $7.150,000 Common stock.
-To Be Reorganized.
Jones & Laughlin Steel Co.
-V.115,P.2053,1948.
According to press dispatches from Pittsburgh, the company will
Holmes Automobile Co.
reorganized as the Jones & Laughlin Steel Corp., with a capital stock be
-Protective Committee.
of
The following have been appointed a committee to protect the holders $120.000,000, of which $60,000,000 will be Cumulative Preferred and
of the $1,000,000 2
valm non. e shares patch et further n determined. A limited
Con ef t The dIs has nes yet bee add:
-year 8% bonds: Geo. F. Mass, Gerhard B. Ftachowiak, $6.0.T ,
.
0
G. W. Olp, Geo, W. Shemann, M. A. McCabe, John W. Brown, Neil A.
"The par
Olsen, C. G. Herbrack, C. A. Kolp, C. V. Best, C. A. Irwin. Depositaries, amount of the Preferred stock will be offered to the public, owing to the
First Wisconsin Trust Co., Milwaukee, and George D. Harter Bank, fact that some of this stock has been sold by stockholders not actively
Canton, 0. Time for deposits expires Dec. 15.-V. 115, p. 1539.
connected with the company, to the Union Trust Co. of Pittsburgh and
through that banking concern to the Guaranty Co. and the Bankers Trust
Home Insurance Co., N. Y. City.
York. The present capitalization of the Jones & Laughlin
-Stock Dividend,&c.- Co. of New$30,000.000, all
The stockholders will vote Dec. 26 on increasing the authorized capital Steel Co. is
Common. Application for the charter of
stock from $12,000,000 to $18,000,000, par $100. If the increase is au- new corporation has been made to the Governor of Pennsylvania. the
thorized it is the intention to declare a 50% stock dividend.
Reports in the financial district late yesterday stated that a block of
-V.111, p.2526.
$20,000,000 to $25.000,000 7% Preferred stock of the new company will
Hoover Suction Sweeper Co., Canton, 0.
-Increase.
- be offered next week, probably at 107 H, by Union Trust Co., Pittsburgh,
The company has increased its capital stock from $2,000,000 to $6,000,000 Guaranty Co. and Bankers Trust Co.. New Yoric.-V, 114. P. 2365.
and a new organization, it is stated, will be effected under the name of
Kanawha & Hocking Coal & Coke Co.
-Tenders.
the Hoover Co. The company has plants in Canton, North Canton
and Hamilton, Ont.
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City, will until
new stock, it is announced, will be placed on the market.
None of the
Dec. 21 receive bids for the sale to it of 1st Mtge. 6% Sinking Fund gold
bonds, dated Jan. 11920, to an amount sufficient to exhaust $20,098 at a
Hotel Traymore Co., Inc.
-Bonds Called.-V. 109, p. 2361, 2175.
price not exceeding par and interest.
Certain 1st Mtge. 6% Sinking Fund gold bonds, due Jan. 1 1927, aggreKaufmann Department Stores., Inc.
-Tenders.
gating $123,500, have been called for redemption Jan. 2 at 102 and int. at
The directors on Nov. 9 1922, decided that the capital stock be reduced
the Guarantee Trust Co., trustee, Atlantic City, N. J.V. 111, P. 2526.
from $9.225,000 to $9,150,000, by the purchase and cancellation of $75,000
Hummel-Ross Fibre Corp., Hopewell, Va.-Bonds Of- Preferred stock.
Ladenburg,erhalmann & Co., 25 Broad St., N. Y. City
-The bankers named below are offering at 100 and receive bids for the sale to it of $75,000 of Pref. stock at will until Dec. 11
fered.
the lowest prices
mt.00t _000 1st Mtge. 3-Yr. gold 7s. Circular shows:
at which the same may be obtained. There is at present outstanding
-First Wisconsin Co., Milwaukee, Scott & $1.725,000 Pref.stock and $7.500,000 Common stock, par
Offering.
Bankers Making
$100.-V.114,p.
Stringfellow, State & City Bank & Trust Co., Frederick E. Nolting & Co., 2020.
Wheat, Williams & Co., Inc., Richmond Trust Co., all of Richmond, Va.,
-Tire Prices Advance.
Kelly-Springfield Tire Co.
and Stein Bros. & Boyce, Baltimore, Md.
Dated Sept. 11922. Due Sept. 1 1925. Int. payable M.& S. at MerThe company announces an advance of approximately 10% in all their
chants' National Bank, Richmond, Va. (trustee), without deduction for grades of tires, effective Dec. 1.-V. 115, p. 80.
normal Federal income tax not to exceed 2%. Callable all or part on any
-Dividends Resumed.
Kennecott Copper Corp.
int. date upon 30 days' notice, at par, plus a premium of 3i of I% for each
12 months or fractional part thereof from redemption date to maturity.
A quarterly dividend of 75 cents has been declared on the outstanding
Denom. $1,000, $500 and $100 (e5
)•
2,788,213 shares of Capital stock, no par value, payable Jan. 15 to holders
DEC.9 1922.]
THE CHRONICLE
2589
Lynn Gas & Electric Co.
-Par of Stock.
of record Dec. 22. Quarterly dividends of 50 cents per share were paid
The change in par value of Capital stock from $100 to $25, voted by the
from March 1919 to Dec. 1920, inclusive; none since.
An official statement says in substance:
stockholders Oct. 9 1922, has
by the Department of Public
following conditions: Utilities and is therefore now been approved
"Resumption of dividends was brought about by the
effective. Stock certificates representing 4
The company has sold its entire production for the past year and had re- shares with the new par for each one share with the former par value, are
duced its surplus stock on hand at the beginning of 1922 to a minimum, ready for delivery, and stockholders are requested to present their outconstruction standing certificates to the company at this office for exchange for the new
thus putting the company in a strong financial condition. The
-ton plant of the Braden Copper Co. in South America has been form of certificates. Dividends can henceforth be declared and paid only
of the 10,000
completed. This property is now producjng over 10,000,000 lbs. of copper on the stock as changed.
-V. 115, p. 2387, 2275.
per month.
McNab & Harlin Mfg. Co., New York.
-Bonds Sold.
"The Alaska mines are on full production. The Utah, Nevada and
Copper Corporation is
Mother Lode companies, in which the Kennecott
Hemphill, Noyes & Co., New York, and Stroud & Co., Philadelphia,
interested, is also producing and there is a good, steady demand for copper. announce the sale of $750,000 1st Mtge. 7% Sinking Fund gold bonds
"The directors, therefore, feel that with these conditions the company is dated Nov. 1 1922. Due Nov. 1 1942. Compare offering in V. 115, p.
-V. 114, P. 2247.
justified in resuming quarterly disbursements."
2053.
Keystone Power Corp.-Pref. Stock.-
Parsly Bros. & Co. recommend the purchase at 93 and div. of the First
Cumul. 7% Pref. (a. & d.) stock (par $1001. A circular shows:
-J. Redeemable all or part at any time on not less
Dividends payable Q.
than 90 days' notice at 105 and div. Dividends not subject to present
normal Federal income tax.
-Organized in Pennsylvania in Feb. 1922 and acquired shortly
Company.
thereafter all the property, rights and franchises of the Keystone Electric
Service Cdrp. In Aug. 1922 acquired the property, rights and franchises
of the State Centre Electric Co. Physical property includes 3 modern
generating plants, aggregate capacity 15,850 k. w. (now being increased to
20,850 k. w.), 156 miles of high-tension transmission lines, covering the
entire territory served, sub-stations at various points, distributing systems
and other lighting equipment in the various cities supplied.
The corporation supplies electric light and power without,competition
In an extensive area in northern central Pennsylvania, including the cities
of Kane, Mount Jewett, St. Mary's, Ridgeway, Johnsonburg, Bellefonte,
State College and Milesburg. Population estimted, 55,000.
Capitalization as of July 31 1922Authorized. Outstanding.
Common stock (no par value)
12;500 shs. 12,500 shs.
$175,000
1st Cumul.7% Pref. stock (par $100)
$10,000,000
x995,000
Cumul.7% Pref. stock (Par $100)
2,469,500
1st M.6s and 6345, due 1952(V. 114, p. 1293)
25,000,000
x This stock is exchangeable share for share for 1st Cum. 7% Pref. stock.
The above figures include securities issued'in connection with the acquisition of the State Centre Electric Co. and the First Cumulative 7% Preferred
stock recently authorized in exchange for outstanding Preferred stock.
Earnings for 12 Months Ended July 31 1922.
$930,292
Gross earnings
$340,693
Net after operating expenses, maintenance, taxes, &c
156,920
Annual interest charges on present funded debt
Dividend on Preferred stock
x81,900
$101,873
Balance
x This includes full year's dividend requirements on the 1st Cumul.
7% Pref. stock and the 7% Cumul. Pref. stock now outstanding.
-V. 114,
p. 1293: V. 115, p. 767, 1216.
•
Kilburn Mill, New Bedford.
-Stock Dividend Expected.
President William M. Wood says in substance:
"The directors are considering very seriously and favorably the matter
of a stock dividend and I think you can depend upon it that something in
that respect will be done between now and the first of the year. At this
time I do not believe it wise to weaken the financial strength of the corporation by the disbursement of any large part of its liquid assets."
Balance Sheet September 30.
Assets1921.
1922.
1921.
Liabilities1922.
Real est. dc mach__$3,213,002 $3,184,967 Capital stock
$1,500,000 $1,500,000
Inventory
442,384
1,212,188
755,266 Tax reserve
396,584
Cash dc acc'ts rec 1,554,347 2,270,611 Deprec'n reserve 2,390,266 2,230,266
421,302
Inventory reserve_ 463,324
Total(each side)$5,979,537 $6,210,844 Profit and loss_ _
1,229,363 1,616,892
-V. 107, p. 2192.
King Philip (Cotton) Mills.
-Extra Cash Dividend.
The directors have declared an extra cash dividend of 257 on the outstanding $2,250,000 capital stock, par $100, payable Dec. 26 to holders of
record Dec. 9. The regular quarterly dividend of 134% has also been declared payable Jan. 2 to holders of record Dec. 20.
The corporation in 1920 paid a 50% stock dividend and a dividend in
Liberty bonds of 50%
.-V. 113, p. 1161.
Magnolia Petroleum Co.
-50% Stock Distribution-Capital Increased.
-The trustees on Dec. 4 declared a 50% stock
dividend on the outstanding Capital stock, payable Dec. 15
to holders of record Dec. 14. The stockholders on the same
date voted to increase the authorized Capital stock from
$120,000,000 to $180,000,000, par $100. President John
Healy says:
In all instances where stockholders might be entitled to fractional shares,
the trustees decided to issue fractional stock dividend warrants that would
permit of trading in stock rights for a period of 60 days after Dec. 15. If
fractional stock dividend warrants are presented in duplicate within 60
days, a certificate for one share of the capital stock of the company will be
given for two warrants. The owner of fractional stock dividend warrants
will not be entitled to receive the capital stock of the company therefor
after Feb. 13 1923.
If a warrant is presented after Feb. 13 1923, the owner shall receive for
each warrant a sum of money without interest, equal to one-half of the book
value of one share of the capital stock on Dec. 31 1922. No fractional
stock dividend warrants will participate in any cash dividends. All stock
that is issued in exchange for duplicate fractional stock dividend warrants
prior to Dec. 28 will participate in the cash dividend of 1% that was ordered
paid by the trustees on Jan. 5 1923 to all stockholders as shown by the books
of the company on Dec. 28. No stock issued for warrants after Dec. 28
will participate in the cash dividend of Jan. 5.-V 115, p.2275, 2387.
Marblehead Lime Co.
-Bonds Offered.
-Second Ward
Securities
ilwaukee, is offering at 100 and interest,
$400,000 1st
Co.,iltge. 7% Sinking Fund gold bonds.
Dated Oct. 1 1922. Due Oct. 1 1937. Authorized, $500,000. 11/First
9
Trust & Savings Bank, Chicago; Mercantile Trust Co., St. Louis. trustees.
Denom. $1,000, $500, and $100 (c). Interest payable av, First Trust
& Savings Bank, Chicago, or Second Ward Savings Bank, Milwaukee,
without deduction for Federal normal income tax up to 2%.
Massachusetts Mohair Plush Co., Boston.
-Stock Div.
The company has filed a certificate with the Mas:achusetts Commissioner
of Corporations showing an increase in capital stock from $750,000 (all
outstanding) to $1,000,000, par $100, the 2,500 additional shares to be distributed as a 33 1-3% stock dividend.
Blathieson Alkali Works (Inc.).-Balance Sheet.Sept.30'22. Dec. 31'21.
Land,bldgs., plant
& equipment__ _x7,031,014 6,979,151
Goodwill & patents 2,000,000 2,000,000
Stocks dic bonds of
356,822
allied cos
387,721
Inventories
932,018 1,094,131
664,227
Accts.receivable_ _ 901,410
•
Notes and trade
67,632
acceptances rec..
71,278
503,805
352,650
Cash
159,460
Deferred charges
130,298
Total
Sept.30'22. Dec. 31'21
Liabilities$
Common stock__ 5,885,700 5,885,700
7% pref.stock_ _ _ _ 2,982,000 2,996,100
Notes payable_ __ _ 408,754
850,000
Accts. payable__ _ 321,200
267,842
Labor, taxes, drc.,
accrued
76,810
23,103
Deferred liabilities 168,279
205,859
Fed, tax reserve
65,214
Res. for doubtful
accounts
23,880
Pref. stock sinking
fund reserve...._
74
81
Profit and loss
1,991,089 1,479,988
11,922,999 11,708,617
Total
11,922,999 11,70E4617
x After deducting reserve for depreciation of $2,728,051.-V. 115.
P. 2275, 2165.
The stockholders voted Dec. 4 to increase the authorized Common
Maxwell Motor Corp.
-Acquires Chalmers Motors.
stock from $20,000,000 to $50,000,000, par $100. The company has
See Chalmers Motors Corp. above.
outstanding at the present time approximately $16,101,200 Common stock.
-V. 115, p. 1737, 1437.
It is generally believed that a substantial stock dividend will be declared
May Department Stores Co.
to be held this month. Last year a 54% Common
-30% Stock Dividend.
at the directors' meeting
The directors have declared a 30% stock dividend on the Common stock.
-V. 115, p. 2164.
stock dividend was declared.
payable Dec. 20 to holders of record Dec. 13.
Sales for November and Eleven Months ended Nov. 30.
The stockholders
Increase.' 1922-11 Mos.-1921-Increase. from $20,000,000 toon Dec. 6 increased (1) the authorized Common stock
-1921
.
-Nov.
1922
$26,000,000, and (2) the number of shares of Common
$6,_313,045 $5,098,289 $1,214,7561$54,676,339 $47,157,238' $7,519,101 stock by reducing the par value from $100 to $50 per share. Compare
-V. 115, p. 2164.
V. 115, p. 2165.
(S. S.) Kresge Co.
-Capital Increased-Sales.
-
-Gas Rates.
Laclede Gas Light Co.
-
The Missouri P. S. Coramission has directed the company to make a
slight modification in its gas rates to industrial consumers. The present
rate is $1 05, 95 cents and 85 cents for various quantities used. The
order, it is stated, will reduce the annual revenue of the company by
about $182,000.-V. 115, p. 2275.
Lawrence (Mass.) Gas Co.
-Stock Authorized.
The Massachusetts Department of Public Utilities has authorized the
co. to issue at par ($100) 5,729 additional shares of stock, proceeds of 4,819
shares to be applied to the payment of promissory notes outstanding on
June 30, last, and the proceeds of 910 shares to be applied to the cost of
additions and betterments made subsequent to that date.
-V.115, p.443.
Lawyers' Title & Trust!Co.-Capital Increased.
-
The stockholders on Dec. 7 increased the authorized capital stock from
$4,000,000 to $6,000,000, par $100. The increase will be distributed as a
-V. 115, p. 2485, 2164.
50% stock dividend.
Liggett & Myers Tobacco Co.
-To Increase Capital.
The stockholders will vote Jan. 8 on increasing the authorized capital
stock from $65,752,700 ($21,496,400 Common
par $100; $21,496,400
Common stock, Class B, par $100, and $22,759.900 Pref. stock, par $100)
stock.
to 5100,000,000, to consist of $21.496,400 Common,$44,363,800 Common B
stock and $34,139,800 Pref. The purpose of the increase has not been
announced.
-V. 114, p. 944, 528.
Lit Bros. Corp., Phila.-To Increase Capital,
The stockholders will vote Dec. 23 on increasing the authorized capital
stock from $3,500,000 (all outstanding) to $10,000,000, par $10. If the
increase is authorized, it is the intention to declare a 100% stock dividend.
See also V. 115, p. 2485.
Little Rock (Ark.) Gas & Fuel Co.
-Refunding.
-
May Mills, Inc. Cramerton,
Caro.-InCrease.--
The company' has filed a certificate showing an increase in capital stock
from $2,000,000 to $3,000,000. The name of the company has been
changed .o the Cramerton Mills, Inc.
Merchants & Miners Transportation Co.
-To Issue Stk.
The stockholders on Dec. 5 approved the issuance of$1,050,000 additional
capital stock, par $100. Stockholders have the right to subscribe up to
Dec. 20 at par for $750,000 of the new stock in the proportion of one new
share for each five shares now held. The remaining $300,000 will be offered
to employees at par. Payments for the new stock can be made either in
full on Dec. 20 or 20% on that date and equal installment's to be paid each
month thereafter. The company has an authorized issue of $6,000,000
capital stock, par $100, of which $3,750,000 is outstanding.
-V.115. p. 2485.
Michoacan Power Co.
-Interest Payment.
-
See Guanajuato Power & Light Co. above.
-V. 113, p. 2510.
Midco Petroleum Co.
-Sale.
Hearing on the proposed sale of the property of the company before the
Federal Court in Tulsa has been postponed to Jan. 4 1923.-V. 113, p. 2728.
Midland Seamless Tube 00.
-Acquisition.
See Cromwell Steel Co. above.
Morris Canal & Banking Co.
-Abandons Canal The stockholders will vote Dec. 27 on approving an agreement entered
into on Nov. 29 1922 between Frank H. Sommer, Louis Focht and Edward
L. Young, Commissioners acting on behalf of the State of New Jersey, the
company and the Lehigh Valley RR., which provides that the State take
over the Morris Canal (see also Lehigh Valley RR., V. 115, p. 2478).V. 115, p. 876.
Mother Lode Coalition Mines Co.
-Copper Output.-
The $295,000 6% bonds, due Dec. 1 1922, will be paid off at Central
Trust Co. of Illinois, Chicago, from proceeds of a new issue of 6% Debentures dated Dec. 1 1922 and due Dec. 1 1923, which have been sold to
Dawes Bros, Inc., Chicago.
-V. 99, p. 202.
Total production of copper for the 11 months ended Nov. 30 was 22,578.879 lbs., compared with 18,901,592 lbs. for the full year 1921:-.
V. 115, p. 2276.
•
-To Inc. Cap.
Lloyds Plate Glass Insurance Co., N. Y.
The directors have declared a 50% stock dividend on the Common
stock, payable Dec. 21 to holders of record Dec. 18. The company
announces that it intends to pay 8% in cash and 8% in stock during 1923
-V. 115. p. 1437.
The stockholders will vote Dec. 18 on increasing the capital stock from
$500,000 to $750,000, par $100.
Loose-Wiles Biscuit Co.
-Back Dividenda.-
(J. W.) Murray Mfg. Co., Detroit.-Stock Div. &c.-
Narragansett Elec. Lighting Co.
-Conversion of Notes.
A dividend of 7% on account of back dividends covering period from
Treasurer Franklin K. Hall, Dec. 1 says in
Feb. 1 1918 to Feb. 1 1919 has been declared on the 2d Pref. stock, payable the holders, any of the 7% Cony. Gold Couponpart: "At the option of
notes dated July 1 1920
holders of record Jan. 20. A dividend of 13i% has been paid
Feb. 1 to
converted into capital stock Jan.
quarterly on this issue from Nov. 1 1920 to Nov. 1922, incl.; 53(1% was may beHead Bldg., Providence, R. I. 2 1923, at the office of the Treasurer
Turks
providing notice of intention so to
paid in May 1920.
is given the company on
Dec. 15."
The directors also declared the regular quarterly dividend of 13% on doThe coupon dated Jan. 1 or before each note
1923 on
should be detached before
the 1st Pref. stock, payable Jan. 1 to holders of record Dec. 16.-V. 115, sending in the notes.
1216.
p. 1737.
2590
THE CHRONICLE
Mr. Hall also calls attention to the fact that "these notes do not carry
rights on any future issues of securities of the company unless they are
converted into capital stock."—V. 115, P. 1437, 768.
Nash Motors Co.—To Increase Stock—Stock Dividend—
Present Preferred Stock Issue Called for Payment.—
[VoL. 115.
annual interest charge on this bond issue. Earnings for coming year
should be greatly in excess of any previous year.
Management.—Management will be under direction of T. W. Warner,
Pres.. and C. 0. Miniger, V.-Pres.
Balance Sheet Oct. 31 1922 (After This Financing)•
Assets—
Liabilities—
Cash in bank & on hand__ $349,680 Accounts payable
$97,588
Notes & accts. rec..less res 284,502 Accrued payroll
22,351
U. S. Liberty bonds at par
6,400 Miscel. accts. payable
4,555
Inventories, less reserve__
2,000,000
668,668 1st Mtge. Ois
Investments in other cos__
27,335 Capital stock (300,000
Land, bldgs., mach'y, &c_ 4.057,709
3,282,220
shares no par)
Deferred charges
12,420
—V. 115, p. 2486.
$5,406,714
Total (each side)
The stockholders will vote Dec. 16 on increasing the stock by $22,500,000
pref. stock and 245.000 shares of common. At present the outstanding
pref. stock is $3,314,900 and the authorized common stock is 55.000 shares,
of which 54,600 shares are outstanding. The present pref. stock outstanding has been called for payment on Feb. 1 1923 at 110.
The notice sent to common shareholders says:
The directors recommend increasing the authorized capital stock and
distributing a large part of such newly authorized stock to the common
stockholders as a stock dividend of three shares of new 7% cumulative
preferred "A" stock and four shares no par common stock on each share
New York Steam Corporation.—Tenders.—
of the present common stock. Thus, the holder of one share of the present
The National City Bank will unt;1 Dec. 20 receive bids for the sale to it
common stock will, after receiving the stock dividend, have three shares of Pref. stock to an amount sufficient to exhaust $10,000 at a price not
of the new preferred "A" stock and five shares of common stock.
exceeding 105 and interest.—V. 115. p. 2168, 2044
The stock to be distributed will represent the transfer of most of the
present surplus to capital account. The directors believe this action
New York Title & Mortgage Co., N. Y.—Increase.—
warranted by the continuing growth of the business.
The stockholders on Dec. 7 increased the capital stock from $4,000,000 to
[The proposed stock dividend of three shares preferred and four shares of $5,000,000, par $100. Of the increase $500,000 will be paid in the form of a
common will make the outstanding capital of the campany after the stock 12%% stock dividend, while the remaining 5.000 shares will be offered at
dividend 163,800 shares of preferred and 273,000 shares of common.].
par to stockholders of record Dec. 5. The new stock is to be issued and
On Feb. 1 an initial semi annual dividend of $1 25 will be paid on the paid for on or before Jan. 2 1923.—V. 115, p. 2166.
common stock, thus placing it on $2 50 annual basis. At the same time
regular ouarterly dividend of IN% will be paid on the preferred stock.—
North American Oil Co.—No Report Yet.—
V. 115, p. 2054. 315.
President Cromwell of the New York Stock Exchange has issued the fol,,The
lowing
National Breweries, Ltd. —Dividend Increased.—
statement:f the listing of the stock of the North American Oil Co.
moe o
The directors have declared a dividend of 134% on the Common stock and the transactions in that stock on Nov. 23 1922 is still being considered
and the regular quarterly dividend of 1N% on the Preferred stock, both by the proper committee of the Exchange. Hearings are being held and
payable Jan. 2 to holders of record Dec. 15. Previous quarterly dividend testimony taken, but the work is not yet completed. As soon as the comon the Common was $1 quarterly.—V. 112. P. 2756.
mittee having the matter in charge has made its report it will be given in
full to the newspapers."—V. 115, p. 2388.
National Cast Iron Pipe Co., Tarrant, Ala.—Stk. Incr.
The stockholders will vote Dec. 28 on increasing the authorized capital
stock from $500.000 to $1,000,000, par $100.
National Liberty Insurance Co.—Capital Increase.—
The stockholders voted Dec. 1 to increase the authorized capital stock
from $1,000.000 to $1,500,000. The increase is to be distributed pro
rata to stockholders as a 50% stock dividend.—V. 115. p. 2276.
National Sewing Machine Co.—Capital Increase, &c.—
The company has announced an increase in its capital stock from $1,050,000 to $2,100.000, par $50, the increase having been taken from surplus.
The new stock will 1)0 distributed as a 100% stock dividend.
National Supply Co. (of Del.), Toledo, 0.—New
Financing—To Be Organized in Delaware as Holding Co.—
A New York banking group has purchased an important
block of the Common stock of the company, manufacturers
and distributors of oil well and pipe line equipment. It is
expected that this stock will shortly be offered to the public.
The company is the largest factor in its line in the country supplying
large quantities of material to the Standard Oil companies and other large
'
producers. It distributes a large portion of the output of Nat. Tube Co.
The present company is about to ,be organized in Delaware to acquire
the entire capital stock and to continue the business of the National Supply
Co. of Ohio. The Ohio company on June 30 1922 had a surplus of
023,322. and as its entire authorized capital had been issued the new $13,pany is being formed for the purpose of distributing to stockholders acompart
of this surplus and to provide for further growth.
After giving effect to present recapitalization the stocks of the company
will *be $8.000.000 authorized 7% Cum. Pref. stock (par $100), of which
$7,265,000 will be outstanding and $17.000,000 Common stock (par $50).
of which $12,125,000 will be outstanding.
The manufacturing plants are located at Toledo and Dayton,
Fort Worth, Tex. The Union Tool Co., engaged in the same line 0., and
of business and acquired in 1921, has manufacturing plants located at West
Chicago, Ill., Carnegie, Pa., and Torrance, Calif. The company has some
50 well-stocked warehouses in or adjacent to the important oil fields from
which points supplies are readily accessible to the drilling companies.
It also does an extensive foreign business.
It is reported that the National Supply Co. and its chief subsidiary, the
Union Tool Co.. are showing earnings for 1922 after all charges, taxes and
Pref. dividends amounting to about $15 a share on the new Common stock.
The plan which it is proposed to carry out through the formation of the
new company is to acquire the stock of the National Supply Co. of Ohio
on the basis of $100 par value of Pref. stock of the present company for $105
par value of Prof. stock of the new company and for each $100 par value
of Common stock of the present company to issue $50 par value of Prof.
stock and $125 par value of Common stock of the new company. Compare also V. 115. P. 2277.
New Brunswick Power Co.—Refuses Offer for Plant.—
controlling
the electric light and power, street car and gas
The company,
services at St. John. Que., has rejected the municipal offer of $2,577.655
for its plant and equipment. This figure was set by the Supreme Court
as the value of the company's property in 1920.
The company offered four,alternative propositions: To sell the property
to the city on a basis to be determined by arbitration: to arbitrate the rates
to be charged; to elect two members of the board of directors of the company
on appointment by the city; or to sell the electric light and power department to the city, retaining the street railway and gas departments.—
V. 115, p. 1321, 768.
-1922 Production (in Pounds).
New Cornelia Copper Co.
November_ __ _3,178.5561August
2,854,183 1May
1,544,770
3,226.618 July
Oober
ct
1,783,950 April
1,496,242
1.565,442 March
September __ _3,065,390 June
1,682,579
Operations were suspended in May 1921 and resumed early in Feb. 1922.
in which month 1,459,063 lbs. of copper were produced.—V. 115. p.
2055, 1845.
Syracuse, N. Y.—Bonds
New Process Gear Corp.,
in V.
Offered.—Mention was madeInc., 115, p. 2486, of the
offering at par and interest of $2,000,000 1st Mtge. 63/2%
serial gold bonds by S. W. Straus & Co., (safeguarded
under the Straus plan). A circular further shows:
Dated Dec. 1 1922. Due $200,000 annually Dec. 1 1923 to 1932.
Interest payable J. & D. at office of S. W. Straus & Co., Inc. Federal
income tax up to 4% plaid by company. Pennsylvania 4 mill tax refunded.
Bonds may no called in inverse of numerical order on 60 days' notice.
Mortgage provides that if called in 1923 the price paid shall be 105 and
,
interest; in 1924. 10434 and interest; the price decreasing 36 of 1% each
year, but in no event less than 102 and interest. Denom. $1,000, $500
and $100 (c).
Data from Letter of Pres. T. W. Warner, Syracuse, N. Y., Nov. 27.
Company.—Incorp. November 1922 in Delaware, to acquire the New
Process Gear plant, property and going business [recently sold at receiver's
sale for $2,100,000. Plant was one of the units of the Willys Corp., V.
115, p. 20581. Plant in continuous operation for yiast 20 years, is one
of the largest gear plants in the United States and with improvements,
contemplated will be the largest plant devoted to the exclusive manufacture
of gears in the world. At the present time plant is turning out large
orders under contract with the Durant Motor Co., Flint Motor Co.,
Willys Overland Co., Star Motor Co., Salisbury Axle Co., Adams Axle
Co., Timken Axle Co., &c.
Sales.—The above contracts will aggregate gears for 600,000 automobiles
annually. It is conservatively estimated that sales for the coming year
will amount to between $7,500,000 and $10,000,000
Earnings.—Annual earnings of the predecessor company for the years
1916 to 1921, and first 10 months of 1922, before interest, taxes and depreciation, have averaged $517,731 per annum, or 3.9 times the greatest
annual interest charge of $130,000 on this issue.
Net earnings for first 10 months of 1922 amounted to $477.989 (or at
rate of $574,000 per annum), equivalent to more than 3 times the greatest
North Butte Mining Co.—Production.—
The company in October last produced slightly more than 1,750,000
lbs. of copper, compared with 1,000,000 lbs. in September, 1,400,000 lbs.
in August, 1,130,000 lbs. in July, and 800,000 lbs. in June.—V. 115, p.
2055, 1541.
Northern Indiana Power Co.—Merger Authorized.—
The Indiana P. S. Commission has authorized the company to acquire
the following seven operating companies: Indiana Railways & Light Co.
(V. 115, p. 2267. 2159); United Public Service Co.; Noblesville Heat, Light
& Power Co.; Sheridan Water, Light & Heat Co.; Wabash Water & Light
Co.; Logansport Utilities Co.; and Roann Light & Power Co.
Some of the consolidating properties are those that the Brewer interests
once attempted to consolidate in the Indiana Electric Corp. The Commission authorized the consolidation, but a court overthrew the Commission's
action and the corporation took the case to the Supreme Court, where it is
pending (compare V. 115, p. 652; V. 114, p. 2020, 953, 633, 528; V. 113,
p. 1257, 855). Some of the other properties intended to be consolidated
in the Electric Corporation were conSolidated in another manner, through
a holding company, by the Brewer interests (compare Central Indiana
Power Co. above).
The Commission authorized the company to issue regularly on account
of the consolidation $2,850.000 common stock and $3,832,500 5% bonds.
and $125,000 common stock and $175,000 5% bonds, on account of construction work done in advance. It authorized the company to assume
$1,254,000 Indiana Railways & Light Co. bonds, and $310,000 Noblesville
Heat. Light do Power Co. bonds. They are companies going into consolldation.
The individual values found by the Commission are as follows: I. R. & L..
;
$4,675,000 Noblesville Heat, Light & Power Co.. $630,000; Wabash Water
& Light Co., 3915,000; United Public Service Co., $610,000; Logansport
Utilities Co., $165,000; Sheridan Water, Light & Heat Co., $150,000:
Roann Light & Power Co., $15,000. Total physical property and going
value, $7,160,000: materials and supplies, $140,000; cash working capital,
$300,000; total, $7.600,000.
Compare also Central Indiana Power Co. above, and V. 115, p. 2277.
Ohio Fuel Supply Co.—To Segregate Departments.—
The company. according to Pittsburgh dispatches, will hold a meeting
on Dec. 14 to consider a segregation plan which will make the company a
holding concern and separate its various branches of business into gas,
gasoline and oil companies.—V. 115, p. 1950. 1437.
Ohio & Northern Gas Co.—Notes Offered.—Guaranteed
by Cities Service Co.—Halsey, Stuart & Co., Inc. are offering
-Year'7% Secured
at par and int. $6,000,000 Guaranteed 3
Gold Notes (Series "A"), guaranteed by Cities Service Co.
(see advertising pages):
Dated Nov. 1 1922. Due Nov. 1 1925. Int. payable M. & N. at
Halsey, Stuart & Co., Inc., Chicago,and at the office or agency of company
In New York. Denom.$1,000,$500 and $100(c*&r*). $1,000. Red., all or
part, at any time on 45 days notice at 105 to May 1 1923 and thereafter
at 105 less 1% for each expired 6 months from date of issue to May 11925,
-mill tax
and at 1003i during last six months. Penn. 4-mill tax, Conn. 4
and Mass. income tax on the int. not exceeding 6% refunded.
Purchase Fund.—Company agrees to purchase through Halsey, Stuart
& Co., Inc., if obtainable at or below par and int., $375.000 of notes of this
series during period ending Oct. 311923, and $600,000 during each of the
periods ending Oct. 31 1924 and 1925, respectively. These amounts will
be increased or decreased depending upon the issuance of escrow notes or
reduction of the debt under release of property provisions, all as set forth
in the trust indenture. Purchase funds will be applicable in quarterly
periods commencing with Feb. 1 1923.
Data from Letter of Pres. Henry L. Doherty, New York, Dec. 2.
Company.—Incorporated in Delaware Nov. 22 1922 for the purpose
associating certain natural gas properties of Cities Service Co. for their
more efficient operation, and to facilitate the financing of their capital ree .
quiro m ots
cem pn uy
through stock ownership will control (a) Central Ohio Gas Co.;
(b) Northwestern New York Gas Co., and (c) Manufacturers' Natural Gas
Co., Ltd., and will have associated with it (through ownership of bonds)
Dominion Gas Co. and Southern Ontario Gas Co. Ltd., all of which companies, directly or through subsidiaries, distribute natural gas without competition at wholesale and retail to about 125 diversified communities. The
properties are located in the central part of the State of Ohio, the northwestern section of the State of New York, and the southern part of the
Province of Ontario, Canada. A brief description of the companies mentioned above follows:
(a) Central Ohio Gas Co.—Supplies natural gas directly and indirectly
to about 55 communities. Population served in excess of 200,000. Has
large and valuable gas acreage, adequate and modern compressor stations
and over 700 miles of pipe line system. Properties valued at $9,550,000.
(b) Worthwestern New York Gas Co.—Markets natural gas at wholesale
and retail in Chautauqua, Erie and Genesee counties, N. Y. Population
about 54,000. Properties include large acreage and approximately 670
miles of pipe line system. Properties valued at $4,500,000.
(c) Dominion Gas Co.—Through subsidiaries transports and sells natural
gas at wholesale and retail in the southeastern part of the Province of Ontario. Population about 110,000. Pipe line system includes about 700
miles. Depreciated replacement value of properties, $6.700,000. Ohio
& Northern Gas Co. will own bonds of this company.
(d) Southern Ontario Gas Co., Ltd.—Sells natural gas at wholesale and retail in western section of the Province of Ontario. Population about
58,000. Owns about 356 miles of transmission and distributing pipe lines.
Depreciated value of property, $5,700,000. Ohio & Northern Gas Co.
will own bonds of this company.
Financing.
Authorized.o,ooo,o
Capitalization upon Completion of Present Financ g.
Outstanding.
Guaranteed 3
-Year 7% Secured gold notes
$6,000,000
Capital stock (all owned by Cities Service Co.)-10,000,000 10,000,000
Security.—Secured by pledge of at least $9,475,000 bonds and notes of
subsidiary and associated companies (which amount includes over 90%
of all the funded debt of subsidiary companies), and all the Common capital
stock, except directors' qualifying shares, of Central Ohio Gas Co., Northwestern New York Gas Co., and Manufacturers' Natural Gas Co., Ltd.
a
THE CHRONICLE
DEC.9 1922.]
Earnings 12 Months Ended Sept. 30 1922.
constituted,
[Consolidated statement of earnings of company as it willdbe
annual income from bonds to be owned of associate companies.] 9
including
$2,848,03
Gross earnings
$1,024,449
Net,after oper. exps., incl. maintenance and all taxes
87,021
& other int. charges of sub cos
Int. on divisional bonds
420,000
Annual interest requirements of $6,000,000 7% notes (this series)
$517,428
Balance available for depreciation, depletion, and dividends__
including
-Proceeds will be used to repay certain advancements, were sePurpose.
notes, which
the retirement on Nov. 1 1922 of $4.796,000 funded
cured by a portion of the collateral pledged hereunder.
---Bonds.
Ohio State Telephone Co.
be paid off Dec. 11 at
The $1,300,000 7% notes due Dec. 10 1922 will
-V. 115, p. 2277.
office of J. P. Morgan & Co., New York.
-Copper Production.
Co., Maine.
2591
stock,
"I then have the option to convert my loans into Second Preferred
the present
par for par, thus malting m^ capital an added security behind
outstanding Preferred stock.
I have never
"No stock jobbing was ever contemplated or carried on. to qualify as a
bought or sold a share of Pierce Oil Corp., except sufficient
director.
of the con"The charge of secrecy is without foundation, and the terms
even betract were known to every member of the old board of directors,
r's witnesses,
fore it was signed, as was proven by several of Mr. Untermye
days
a matter of Court record. and Judge Alton B. Parker, three ers,
and is
stockhold
after the agreement was made, issued a letter to all Preferred2486, 2167. •
-V. 115. p.
which told of my connection with the company."
-Balance Sheet Aug. 31.Pillsbury Flour Mills Co.
1921.
1922.
1921.
1922.
$
$
LiabilitiesAssets
5,000,000 5,000,000
est. & mach'y 2,277,955 2,111,656 Capital stock
Real
& notes pay 6,331,324 5,715,287
Accts.
Merch., mat., stk.
276,620
632,940
7,161,500 6,046,324 Surplus
in process
Cash & debts rec__ 2,313,840 2,426,424
303,311
107,803
Investments
.11,964,264 10,991,907
Tot.(each side)
104,192
103,166
Furn. & fixtures
-V. 115, p. 1951.
Old Dominion
of copper, of
Smelter output in October amounted to2,934,000 lbs. Arizona Comwhich 2,231,000 lbs. was Old Dominion and 703,000 lbs.
-V. 115, p. 2055, 1640.
mercial.
•
-Loses Suit.
Omar Oil & Gas Co.
a decision
-To Issue Stock.
Porcupine Gold Mines, Ltd.
Judge Kennedy of the Wyoming Supreme Court has rendered 011 Co. of
in the suit brought by it against the Bair
against the company
See Davidson Consolidated Gold Mines, Ltd.
Wyoming. The company will take an appeal, it is stated. Co. for an ac-Sale.
Portland Flour Mills Co.
Some time ago the company brought suit against the Bair
-quarter
counting and the appointment of a receiver. Omar Cil holds one
The properties of the company were sold at sheriff's foreclosure sale at
companies
interest in the Bair Oil Co., the latter being one of the operating the man- Portland, Ore., Dec .7,for 31,172.670 and were purchased by Judge Wallace
is under
of the Standard 011 group in the State of Wyoming, and action against the McCammant. The property will ultimately pass to the Sperry Flour Co.
--V. 115, p. 2055, 1952.
agement of the Priarie Oil & Gas Co. In bringing the that the manage- of San Francisco.
Bair company the claim was made by the Omar company development of
-Bonds Offered.
Printing Crafts Building, New York.
ment of the Bair company had conspired to keep down the of the stockinterest
the Bair company to the detriment of the minority
p. 542.
S. W. Straus & Co., Inc., are offering at par and interest
holders, which in this particular case was Omar 011.-V. 113,
$3,100,000 1st Mtge. 6% serial coupon bonds (safeguarded
-May Change Hands. of the under the Straus plan).
Overseas Securities Corp.
of the corporation may pass into other hands as the result
Control
1 1923 to 1937. Interest payable
rumors. Amerireorganization of Bernard Scholle & Co. According to the
interests will becan Locomotive and the American Telephone & Telegraph
of the
nt. No official confirmation
come associated with the manageme
rumors could be secured.
end of 1921
The corporation started in business in April. 1920, and at the
Czechoslovakia.
had investments in Great Britain, France Germany,
China and
Norway, Sweden. Russia, Canada,'Mexico, Argentina, Burma, of $1,000
South Africa. Authorized capital, $5,000,000 Common stock$2,000,000
Outstanding,
par, and 10,000 managers'shares of no par value.
s of $30 a share were paid
Common and 5,100 managers' shares. Dividendpaid. Dividends of $2 94
on the Common stock up to Oct., when $50 was
("N. Y. Sun.")
per share were paid on the managers'shares in April 1922.
Compare "Chronicle" V. 110, p. 1799, 1978.
-Dividend Rate Increased.134%
Pacific-Burt, Co., Ltd.
quarterly dividend of
on
The directors have declared the usual
the Common
-yearly dividend of 3% on The directors
the Preferencb shares, and a half
15.
shares, both payable Jan. 2 to holders of record Dec.
compared with the rate
have placed the stock on a 6% dividend basis, as
to make quarterly
of 2% formerly prevailing. It is proposed hereafter p. 1950.
-V. 115.
disbursements of 1 l.% on the Common stock.
Dated Dec. 1 1922; due serially Dec.
J. & D. at offices of S. W. Straus & Co., Inc. Callable at 102;i and
interest. Federal income tax of 2% paid by borrower.
These bonds are the direct obligation of Printing Crafts Realty Corp.
-story building located at 33d St. and 8th Ave.,
and are secured on 22
N. Y. City. Of the space in the building 87% is now rented under lease
for
for a net rental of $333,349 per annum. Space is now being leased
office purposes and the annual future net rental earnings of the property
is conservatively estimated at $401.539.
--Increase.
(G. P.) Putnam's Sons, N. Y. City. g the authorized capital
The stockholders will vote Dec. 18 on increasin
stock from $200,000 to $500,000, par $100.
ment Orders.
-Equip
Pacific Fruit Express Co.
construction of 5,000
Vice-President C. M. Secrist announces that the
an estimated cost
standard refrigerator cars for delivery early in 1923 at also arranging for
It is
of $15,000,000, is being arranged by the company. equipped for passenger
-foot refrigerator cars
ion of 300 50
the construct
train service, to cost an additional $1,750,000.
3,300 new cars
The 5,001)standard refrigerator cars are in addition to the
company a total
being built by the company. The new cars will give the for the fruit and
ly
of between 28,000 and 29,000 cars to be used exclusive
Washington, Idaho,
vegetable business originating in California, Oregon,lines of the Southern
Utah, Colorado, Arizona, Texas and Louisiana on the Fruit Express Co.
Pacific and Union Pacific, joint owners of the Pacific
V. 114, p. 1542.
-Rate Decision.
Pacific Telephone & Telegraph Co.
by three Federal
A temporary restraining order was issued Nov. 25reducing telephone
Judges to prevent the Oregon P. S. Commission's edict t from becoming
rates and providing for installation of modern equipmen
y injunction
effective Dec. 8. An opinion handed down with the temporar
ordered by the
states that the restraining order was issued because the cut
to less than
Commission would reduce the telephone company's earnings y exists.
emergenc
2% and because it was not proved to the Court that an reduction of rates
The Commission's order, issued Oct. 30. provided for automatic ringlines Dec. 1 and immediate installation of a new residence seron party
ing device on party lines systems. Unlimited business and
become effective
vice was not affected by the order. The injunction will company. The
upon filing of a satisfactory bond with the Court by the 1640.
2389,
-V. 115, p.
amount of the bond will be fixed later.
-100% Stock Dividend.
t Motor Car Co.
Paige-Detroi
outstanding 32,000,000
on
A 100% stock dividend has been declared to the
holders of record Dec. 22.
29
Common stock, par $10, payable Dec. ng Common stock up to $4,000.000
This distribution will being the outstandi
(total authorized).
and of 14% on the PreQuarterly cash dividends of 3% on the Common
holders of record Dec. 15.
ferred have also been declared, payable Jan. 2 to stock this year.
-V. 115,
This will make 12% distributed on the Common
p. 1217.
-Syndicate Buys Stobk..Paragon Refining Co.
business men of Cincinnati has
A syndicate of leading bankers and . The purchase involves 100,000
company
purchased a 1-3 interest in the
which went into
Oil
shares of Common stock owned by the Gilliland
Co.'
purchase was made on a basis
receivership about two years ago. The $950,000.
of $9 50 a share, so that the deal involved
purchasing syndicate
Among the Cincinnati men who composed the C. A. Hinsch, Pres.
are W. Cooper Proctor. Pres. Proctor & Gamble Co.*
First National Bank, CovingFifth-Third National Bank; E. L. Lee. Pres.
Machine Tool Co.; F. R.
ton, Ky.; R. K. La Blonde, Pres. La Blonde J. P. Orr, Pres. Potter
Geier, Pres. Cincinnati Milling Machine Co.; & Electric Co.; W. F.
Shoe Co.; W. W. Freeman, Pres. Cincinnati Gas
Casper Rowe; R. E. Field
Robertson, Pres. Robertson Iron & Steel Co.;Philip Carey Mfg. Co.
& Co. (investments; George D. Crabbs, Pres.
E. W. Edwards, A. Steinkamp,
Other members of the syndicate include Simpson, Clifford Green. A. Ti.
Thomas W. Nelson. W. F. Wiley, F. H.d, Leonard S. Smith, Leland G.
Breeze, A. G. Shepherd, M. A. McDonal
Ernest Griess, W. W. Riley,
Denning, John H. Schulte, C. Wood Walter, and J. R. Edwards.
John Onwake, Paul Esselburn, E. B. Stanley, granted by Federal Judge
stock was
The order approving the sale of this
D. C. Westenhaver.-V. 114, p. 312.
-Balance Sheet June 30 1922.Parkhill Mfg. Co.
s
AssetsMachinery, equipm't, &c_$1.957.583
168,750
Investments
969,907
Inventory
224,411
Cash
33.955
Accts. and notes rec
528,380
Liberty bonds
247,973
house
Due from comm.
-V. 115, p. 2389.
Liabilitie
Capital stock
Accounts payable
Reserve for taxes
Surplus
-Capital Increase, &c.
t Mill of New Bedford.
Quisset
d Common
The stockholders will vote Dec. 20 on increasing the authorize
If the
s ock from $1,250,000 (all ou standing) to $2,000,000, par $100.
a 60% stock dividend.
increase is authorized it is the intention to declare
-V. 115, p. 1651.
$300,000
326
357.699
3,472,933
-Merger Rumors.
Replogle Steel Co.
See Wickwire Spencer Steel Corp. below -V. 115, p. 2487.
-Regular Dividends.
(R. J.) Reynolds Tobacco Co.
a
The company has declared the usual quarterly dividends of 3% (75c.
share) on the Common and new Class "Ti" Common stocks, and of 14%
on the Preferred, all payable Jan. 2 to holders of record Dec. 18. dividend
This is the same rate that has been paid heretofore and means a
on
at the rate of $4 per share on the stock outstanding prior to the distributi
-V. 115, p. 2487, 2390.
on Dec. 2 last of the 33 1-3% stock dividend.
-Bonds
Richardson & Boynton Co. N. Y. City.
Offered.-Spencer Trask & Co. and Redmond & Co. are
-Year 6%% Sinking
offering at 100 and int., $1,000,000 15
Fund gold bonds (see advertising pages).
J. & D. in
Dated Dec. 1 1922. Due Dec. 1.1937. Interest payable
New York without deduction for normal Federal income tax up to 2%•
Company agrees to refund Pennsylvania 4 mills tax and Connecticut 4
mills tax. Denom. $1,000 and $500 (c*). Redeemable on any interest
date, all or part, on 30 days' notice, at 105 and interest. Chase National
Bank, New York, trustee.
6.
Data from Letter of Pres. D. Reit Richardson, New York, Dec.
in
-Established in 1837 and incorporated in 1882. Engaged
Company.
and
manufacturing and selling ranges, stoves, warm air furnaces, steam
Main plant at Dover,
hot water heaters and other heating apparatus.
and other
N. J., and branch offices in Chicago, Boston, Philadelphia business is
important cities throughout the United States. The rangeng territory,
widely distributed, especially in New York and the surroundi
while the other business is national.
-In the 5 years ended Dec. 31 1921, average annual earnings
Earnings.
ion and
available for interest and sinking fund charges, after depreciat times
4%
inventory adjustments but before Federal taxes, were equal to maximum
and 2% times
the annual interest requirements of these bonds
combined interest and sinking fund requirements. months of 1922, were
The earnings, on the same basis, for the first 10
of bonds.
equal to 334 times the annual interest requirements on this issuefinancing,
to this
Assets.
-Company,as of Oct. 31 1922,after giving effect $1,000 of bonds,
$2,204 for each
shows net quick assets of $2,204,056, or
and total net assets of $2,760,984, or $2,760 for each $1,000 of bonds. of
ent
Purpose.
-Proceeds will be used for the expansion and improvem
company's plants and for other corporate purposes.
-A sinking fund is provided, payable semi-annually
Sinking Fund.
beginning June 11923, sufficient to retire each year $50,000 bonds.
Balance Sheet Oct. 31 1922 (After This Financing).
15..year
ssetsdepreciatioLtabi/i6ttAss
$1,000,000
Land, bldffs., &c., loss
$866,928 Real estate mortgage
n
237100,000000
stock
560,297 Capital
Inventories
77,373 Accts. & bills paya. and 679,675
Bills rec. & trade accepts_
prov. for Federal taxes_
__ 1,045,245
Accts. rec., less reserve_
1.490,984
1,200.816 Surplus
Cash
$3,750,659
Total
59
$3,750,6
Total
-Stock Div.
(The) Richman Bros. Co. Cleveland, 0.
The company has declared a 100% stock dividend on the capital stock,
no par value, payable Dec. 21 to holders of record on that date, and the
regular quarterly cash dividend of $1 per share, plus 50 cents a share
extra, payable on Jan. 1 to holders of record Dec. 21.
The company at last accounts had an authorized issue of 70,000 shares
of capital stock, no par value, of which 60,000 shares were outstanding.
-Bonds Sold.
Roane Iron Co., Chattanooga, Tenn.
First Trust & Savings Bank and Caldwell & Co., Chattanooga, have sold at 100 and int. $400,000 1st Mtge. gold 7s.
Denom. $1,000 (c*). Interest
Dated Jan. 1 1923. Due Jan. 1 1943.
oga, trustee, or
payable J. & J. at First Trust & Savings Bank, Chattano
deduction for normal
at Chemical National Bank, New York, without
Non-callable except for sinking fund.
$4,130,958 Federal incomes taxes up to 2%.
Total (each side)
to be used for
January
Sinking fund of $20,000 annually, beginning prices for1924,
different years, not
purchase of bonds in open market at various 105 in 1928 to 101 in 1942.
from
-Production.
exceeding 101 in 1924 to 105 in 1928 and
approximately
Phelps Dodge Corp.
last, it is reported, produced September last Authorized, $500,000.
Nov. 15,
The company in October
7,609,000 lbs. in
Data from Letter of Pres. E. 0. Wells, Chattanooga, Tenn.,
copper, compared with
7.700,000 lbs. of
-V. 115, p. 1330.
last.
-Organized in 1867. Principal plant at Rockwood, Tenn.
Company.
net tons of coke and
and 7,615,000 lbs. in .August
has a total annual capacity of approximately 85,000
-Statement by H. L. Doherty.
130,000 gross tons of pig iron.
Pierce Oil Corp.
of the Court holding the recent election
-Proceeds are to be used to retire outstanding bonds maturing
Purpose.
In connection with the decision
Court on the agreement made
for the erection of a coal washer and the
and the comment of the
the agree- Jan. 1 1923, balance to be used
defending
of directors invalid,
on of new electrical equipment.
has issued a statement
installati
by H. L. Doherty, the latter Clay Pierce:
for the 6 years ended Dec.31 1921 amounted
-The average sales
rapt made by him with Henry the facts, and wbo is both intelligent and to Earnings. 7, and average net profit after deducting depreciation, paying
$2,223,34
`No man who will go into all that the contract I made with Mr. Pierce
taxes and all other charges exclusive of bond interest,,
and
fair, could contend for a momentt is to advance funds to the l'ierce Cor- income sameprofit amounted to $155,992.
period
e bonds. for the
was even unfair. My agreemen
same as they pay on their debentur
poration at an interest rate the
2592
THE CHRONICLE
For years 1903 to 1921 inclusive, net earnings have
times the interest charges on the outstanding bonds, averaged over 3
while during the
last 6 years the average annual net earnings have
been
434 times interest charges on the full authorized bonded approximately
debt. These
figures are after making deductions for taxes and depreciation
.
Consolidated Bal. Sheet Sept. 3.0 1922 (Adjusted to Show
New Financing).
AssetsLiabilities-Cash. accts. & notes rec__ $282,807 Accts. & notes payable_
_ _ $289,825
Inventories
423,628 Accrued wages
18,153
Bonds in other companies_
250.000 1st Mtge. bonds
Deferred charges
12,325 Res.for taxes not due,est_ 400,000
20,000
Total fixed assets
1,809,699 Capital stock
1,000,000
Surplus & undiv. profits
1,050,481
Total
$2,778,459
Total
$2,778,459
[VOL. 115.
Balance Sheet Nov. 4 1922 (After Present Financing).
Asset
Liabilities
Land, buildings, &c., less
7% Preferred stock
$750,000
depreciation
$2,224,467 Common stock
750,000
Cash
66,199 1st Mtge. 634s
1,200.000
Accounts receivable
330,709 Accounts payable
14.710
Inventories
178,363 Accrued liabilities
18,369
Sundry investments
9.286 Reserve for Federal taxes
xPatent rights
152,167
(1923)
28,986
Deferred charges. &c
108,598 Surplus
307,724
Total
$3,069,788
Total
$3,069,788
x Company has charged off to date out of earnings $326,856 against
patent rights, and by continuing to write off $32,500 annually, expects
to amortize this item by July 1927.
(John A.) Roebling Sons Co.
-Capital Increase.
Earnings
"The company has filed a certificate with the Secretary
-Years ended Dec. 31.
of State of New
Jersey increasing its capital stock from $15,000,000 to
Net Sales.
Deptec.
Int. Paid. Fed. Taxes. Balance.
$34,500,000.-V. 101, 1916
p. 1718.
81,099,510
$59,671
$531,010
$9,808
$29.991
1917
1,319,507
56.673
10.500
186,532
444,802
Roxford Knitting Co., Philadelphia.
1918
873.125
56,555
-Sale.
-8,887
loss1,715
The company's building was sold at receiver's sale
1919
1,064,830
67,937
19,284
loss92,359
$475,000 to S. W. Strauss & Co. mortgagees. The in June last for 1920
1,923,091
78,745
11,559
437.695
67.259
machinery, which 1921
was sold piecemeal, brought in an additional $85,000.-V
1,391,546
82,298
7,149
. 113. p. 2729.
96,844
1922x
1,204,627
75,155
28,986
202,751
Royal Typewriter Co., Inc.-Trustee.
Guaranty Trust Co. has been appointed trustee of
x Period Jan. 1 1922 to Nov. 4 1922.-V. 115, p. 2487, 2279.
an
of $1,000,000 10 year 7% debenturse dated Dec. 1 1922, authorized issue
due Dec. 11932.
Southern Utilities Corporation.
-V. 114, p. 2833.
-Tenders.
The Empire Trust Co., trustee, 120 Broadway, N. Y. City,
Sagamore Mfg. Co., Fall River.
will until
-To Increase Capital
Dec. 21 receive bids for the sale to it of 1st Mtge.8% Sinking Fund Cony.
- gold bonds, Series "A."
66 2-3% Stock Dividend Proposed.
dated Dec. 1 1921, to an amount sufficient to
haust $22,568 at a price not exceeding 110 and int.-V. 114, p. 2587. exThe stockholders will vote Dec. 18 on increasing the
authorized Capital
stock from $1,800,000 (all outstanding) to
Spanish American Iron Co.
-Bonds Called.
increase is authorized, it is the intention to $3,000,000, par $100. If the
declare a 66 2-3% stock divi'Ono hundred thirty-eight ($138,000) 1st Mtge, 20-yr. 6%
dend.-V. 112, p.752.
gold bonds, due 1927, have been called for redemption Jan.Sinking Fund
int. at the Girard Trust Co., trustee, Philadelphia. Pa. 1 at par and
Salem (Mass.) Gas Light Co.
-Stock Sold.
The following bonds remain unpaid: Called for
The company has increased its outstanding Capital
stock, par $100, by July 1 1922, Nos. 159, 1004, 1718. 1739, 2027, July 1 1921, No. 968;
$139,800 through the sale of 1,398 shares additional
2401, 2878. 2886, 3995,
stock, part of an 4435, 4520. 4728.-V. 115, p. 2279.
unsubscribed balance of 3,100 shares authorized to be issued
in Nov. 1921.
See V. 115, p. 1952.
Sperry Flour Co., San Francisco.
-Acquisition.
-
Saxon Motor Corp.
-Petition for Receiver.
-
See Portland Flour Mills Co. above.
-V. 115, p. 1940, 1543.
A petition for the appointment of a receiver for the
corporation was filed
in Federal Court at Detroit Dec.5 by three small creditors,
viz.: Wire Wheel
Corp., New York; Detroit Insurance Agency and
Publicker Commercial
Alcohol Co., with claims aggregating $3,433. They claim
that the company committed an act of bankruptcy by paying certain
creditors, and they
ask that David C. Bayne be appointed receiver.
-V. 115, p. 1331.
Standard Oil Co. of California.-Capital Stock Increased
-100% Stock Dividend Declared.
-The stockholders voted
Dec. 5 to increase the capital stock from $115,000,000 to
$250,000,000, par $25. The directors, following the stockholders' meeting, declared a 100% stock dividend, payable
Scott & Williams, Inc., of Boston.
-Capital Inc., &c.
- Dec. 30 to holders of record Dec. 9.
The stockholders have voted to increase the authorized
Common stockc
from $1,000,000 to $2,000,000, par $100. Of the
additional $1,000,000
Common stock, $600,000 will be paid to present
holders as a 60% stock
dividend. The company also has an authorized issue
of $1,779,800 Pref.
stock.
The balance sheet as of Sept. 30 1922 shows a surplus
of $1,022,327.
The company announces that "in accordance with the
certificates or a fractional riart of a share will be issued in by-laws, no
payment of
said stock dividend. After stock dividend the total number of shares
outstanding as of Dec. 30 will be 8.17?,274 full shares. par $25, representing
$204,481,850 of issued capital stock.' See also V. 115, p. 2057, 1641.
Building.
This company has sold the Walter Field Co.,the 9
on Jefferson St., extending from Fulton to Wayman-story building and land
St., containing 250,000
sq. ft. of floor space, for $475,000. Walter Field
& Co. will take possession
May 1.-V. 115, p. 2487.
Standard Oil Co. of Kansas.
-300% Stock Dividend.
The directors on Dec. 5 declared a 300% stock dividend
payable Dec. 30 to holders of record Dec. 16.
Sears, Roebuck & Co., Chicago.
-Sells
The stockholders recently voted to increase the authorized capital
stock from $2,000,000 to 38,000,000, and reduce the par
Shell Union Oil Corp.
-Common Dividend No. 2,
shares from $100 to $25. Compare V. 115, p. 2487, 2279. value of the
The directors have declared a regular quarterly
dividend (No. 2) of 25
tents per share on the no par value Common
Standard Screw Co.
-70% Stock Dividend.
stock, payable Dec. 30 to
holders of record Dec. 29.
The stockholders will vote Dec. 22 on authorizing the declaration of a
An official statement says: "Inasmuch as over
Union Oil are in process of distribution to the 2,000,000 shares of Shell 70% stock dividend on the outstanding $3,500,000 Common stock, par $100.
stockholders of the Union -V. 114, 13• 1763
.
Oil Corp. of Del., and inasmuch as this distribution
will not be completed
until Dec. 22. the Shell Union Corp. has rseerved
Sterling Products, Inc.-Acquisition.
the right to mail out the
dividend checks to stockholders at a date later
stockholders will vote Dec. 18 on authorizing the
than Dec. 30, but in no event
The
later than Jan. 10."
directors to acquire
a proprietary medicine business which they had under consideration.
In Sept. last an initial dividend of like amount
was paid on the Common
The name of the company to be taken over has not been disclosed, but
stock.
-V. 115, p. 2390.
reports state that the company has practically closed
press
a deal for
purchase of the properties of the Charles II. Phillips Chemical Co. the
Simms Petroleum Co.
-New Officers.
for a
cash consideration said to be about $5,000,000. It is said the undertaking
Thomas W. Streeter, Vice-President of the
has been elected Chairman of the executive American International Corp.. will be financed through the sale of 100,000 shares additional stock to stockStone & Webster, Elton Parks and M. C. committee. G. 0. Mulfeld of holders at about $50 a share, and that the now stock will be offered on the
-President of basis of 1 new share for each 5 of old stock outstanding.
American International Corp., have been Brush, senior Vice
-V. 115, p. 2391.
added to the board. Stanton
Griffis of Hemphill, Noyes & Co. has been added
Sterling Salt Co., N. Y.
to the executive committee.
-To Increase Capital, &c.
-V. 115. 1:.• 553•
stockholders will vote Dec. 20 on increasing the authorized
The
Capital
stock from $2,200,000 to $3,300,000, par $100. If the increase is authorized
Sinclair Consolidated Oil Corp.
-Preferred Stock.
the intention to declare a 25% stock dividend.
It is
A syndicate headed by Blair & Co.. Chase
Kinnicutt & Co., White, Weld & Co., J. & W. Securities Corp., Kissel,
Studebaker Corporation of America.
Seligman & Co., Spencer
-25% Stock DiviTrask & Co. and Janney & Co., are offering at
market, now quoted to dend.
-The directors on Dec. 5 declared a 25% stock diviyield 8%,a block of about 47.000 shares of 8%
Preferred stock.
This is the balance of the $20.000,000 of stock
issued some time ago, dend on the outstanding $60,000,000 Common stock, par
upon conversion of the 5
-Year 73 % gold notes, and does
6
,
not represent $100, payable Dec. 29 to holders of record Dec. 16. An
any additional sale or issue of stock by the
corporation. Compare also
V. 115, p. 1739, 2278.
statement
Singer Manufacturing Co.
-Capital
Increased.
The stockholders on Dec. 6 increased the
to $12,000,000, oar $100. The increase will Capital stock from $9,000.000
be
pro rata, as a 33 1-3% stock dividend. Stock distributed to stockholders
dividends plaid by the company are as follows: In Dec. 1900, 200%;in June
1910, 100%;in Nov. 1920,
50%. See also V. 115, p. 2167.
Southern Counties Gas Co.
(California).
-Stock Div.
The company has applied to the California
mission to issue $750,000 of Common stock as RR. Commission for pera 50% stock dividend to
stockholders of record Nov. 1 1922. This proposed
stock dividend represents in part accumulated and unappropriated
surplus expended for permanent improvements and betterments of the
property. The total surplus
so invested is given as $938,740.V. 115, p. 1218.
Southern States Oil Corp.
The company has acquired 4,500 -Acquisition, &c.
Nevada counties, Ark., by outright acres of oil land in Columbia and
purchase. Drilling operations will
begin on it at once.
The company has completed its No. 3
Garvin County, Okla., making 300 barrels well in the Robberson Field,
extensive drilling campaign in the Hewitt daily. It has also begun an
Field, Carter
where it has started seven wells.
-V. 115, p. 2390, 1847. County, Okla.,
Southern Paper Co., Moss Point, Miss.
-Bonds
-Continental & Commercial Trust & Savings Bank, Offered.
Chicago,
are offering at 100 and int. $1,200,000 1st
Mtge. 63/2%
Sinking Fund gold bonds.
Dated Dec. 1 1922. Due Dec. 1 1937. Interest
payable J. & J. at
Continental & Commercial Trust & Savings Bank,
without deduction for Federal income tax not in excess Chicago, trustee,
of 2%. Denom.
$1,000 and $500 (c5). Redeemable all or part on 60 days'
notice up to
and including Dec. 1 1927 at 105 and interest; from
1932 at 102A and Interest; after Dec. 1 1932 at 1013Dec. 2 1927 to Dec. 1
andi nterest. Total
authorized, $1,500,000
Listed -Listed on the Chicago Stock Exchange.
Sinking Fund.
-Annual sinking fund is provided
in amount sufficient to retire 50% of the 31,200.000 beginning Dec. 1 1925,
bonds before maturity,
either through purchase at not to exceed prevailing redemption
price.
or if not obtainable, by call at said price.
Data from Letter of Pres. J. L. Dantzler, Moss Point,
Miss., Nov. 25.
Company.
-Incorporated in 1911 in New York. Is engaged in the
manufacture and sale of kraft paper. Owns and
Miss., a modern pulp and paper mill, present dailyoperates at Moss Point,
capacity about
Purpose.
-Proceeds will largely provide for certain additions40 tons.
to the
plant, including installation of one more paper
machine, which will increase
capacity to 100 tons per day.
official
says in substance:
.
,The earnings of the corporation and its prospects are such that the
management believes the present rate of 10% dividends on the Common
stock will be continued on the new capitalization. The directors will
capitalize $15,000,000 of net earnings which have been invested in plants,
equipment, improvements and other developments to provide for expansion."
The company has an authorized issue of $75,000,000 Common stock, of
0
which $60,000,00 is outstanding. In May 1920 a dividend of 33 1-3% in
-V. 115, p. 2168.
Conunon stock was paid.
-2% Cash Dividend Declared.
Submarine Signal Co.
-
A dividend of 2%. has been declared on the outstanding capital stock,
$25, payable Dec. 31 to holders of record Dec. 10. In June and
-V. 114, p. 2478.
oeember 1921. dividends of 1% each were paid.
Il r
l
n,
-Coupon Paying Agent.
Superior Colliery Co.
The Columbia Trust Co. has been appointed coupon paying agent of
$890.000 2(1 mtge. bonds. See V. 114, P. 87; V. 112, p. 2762, 2650.
-New Officer.
Sweets Co. of America.
Lewis L. Clarke. President of American Exchange National Bank. has
been elected President, succeeding Gilbert S. Winant.-V. 114. p. 861, 745.
-Extra Dividend.
Taunton-New Bedford Copper Co.
The directors have declared an extra dividend of 25% on the outstanding
$1,200,000 capital stock, par $100, payable Jan. 1 to holders of record Doc.6.
-New President, &c.
Timken-Detroit Axle Co.
Fred Glover has been elected President succeeding A. R. Demory.
-V. 115, p. 2391, 2168.
H. W. Alden has been elected Chairman.
Union Oil Co. of California.-Dividend, &c.-
pron9sed
ock dividendnpayable Dec. 2
t beingd idend e from
c
obtai
In connection with the (subjet
to permt
80% s i
obtained
the Corto holders of record Dec. 5
company says:
poration Commissioner), the issued,
but certificates will be issued to stockNo fractional shares will be
holders evidencig their interest in fractional shares. These certificates
will be transferable by endorsement, and the stockholders, or their assigns,
will have the right, up to Jan. 20 1923, to combine rights in fractions to
the amount of whole shares, and to exchange the same for whole shares of
the capital stock upon the surrender of certificates evidencing such fractional rights to the Secretary.
All shares of the capital stock represented by certificates for fractional
interests outstanding Jan. 20 1923, will be sold by the Secretary within
90 days after that date, and the net proceeds thereof, after deducting the
usual brokerage in connection with sales, will be paid to the holders of the
outstanding certificates representing fractional interests upon the surrender
thereof to the Secretary.
The directors declarecittheir intention of paying a cash dividend in Jan.
1923 on the $90,000,0001capital.stock, which will then be outstanding, at
2593
THE CHRONICLE
DEC.9 1922.]
The stockholders will vote Dec. 14 oi increasing the authorized capital
div. of $1 75
the rate of $1 75 per share, and anticipate a regular quarterly and general stock from $2.000,000 (all outstanding) to $3,000,000, par $100. If the
per share will be maintained so long as the financial position
distribution. This will increase is authorized, it is the intention to declare a 50% stock dividend.
business of the company continues to warrant such
V.
present - Ill. p. 700.
be equivalent to a dividend of $3 15 per share per quarter upon the which
capital stock,instead of the $2 regular and $1 extra quarterly dividend
-Earnings.
White Eagle Oil & Refining Co.
has been paid for some time past.
Total.
Period 19221st Quarter. 2d Quarter. 3d Quarter.
Comparative Balance Sheet.
$3.788,206 $4,018,414 $10,205.600
Sales
$2.398,980
June 30 '22. Dec. 31 '21. Cost of sales
June 30 '22. Dec. 31 '21.
6,693.507
2.506,105
2,512.057
1,675.345
Liabilities
AssetsCapital stock__ _ 50,000,000 50,000,000
*Oilland,rights,
Gross profit
$723,635 $1,276,148 $1.512,309 $3.512,092
First mtge. bds_ 8,659,000 8,670,000 Expenses
951,902
399.296
gas and water
300,534
252.072
a69,396,859 66,392,557 Purchase money,
lines, &c
565,296
drc., oblig'ns_ 1,235,616
985.155
Inv.in affil. cos_ b987,365
Profit from operations
$975,615 $1,113,013 $2,560,190
2,291,182 Res.for tax.,&.e. 3,656,036 4,042,285 Add misc. income credits $471,562
131,327
Invin contr.cos. c2,173,170
44,702
37.176
49,449
777,281
759,967
Open reserves__
U.S. Govt. this.
750,250 Surp. approp. St
Total income
& treas. ctfs
$508,739 $1,025,064 $1,157,715 $2,691,518
inv. in add'ns
18,537,811
174,898
011, &c., inven'y 21,872,823
Deduct misc. inc. chgs_ _
75,706
40,020
59,172
to fixed assets,
Materials & sup. 4,066,605 4,096,159
5,043,389 work'g capital 25,000,000 25,000,000
Bills& acc'ts rec. 5.211,169
Net income
$965,892 $1,082,009 $2,516,620
$468.719
4,174,673 4,199,258 - 115.p. 2489,2392.
Acc'ts payable__
Prepaid taxes &
V.
44,376
237,381
334,313 Accrued interest
688,945
insurance-.3,614,120 5,871,524 Profit and loss__ 14,288,384 11,317,141
Wickwire-Spencer Steel Co.
Cash
-Interest Acquired by Pres.
313,297
Miscellaneous
Total
108,011,057 104,615,637
of Replogle Steel Co.
-New Director-Merger Rumors.-
Pres. T. H. Wickwire Jr. on Nov.4 announcedthat J. Leonard Replogle,
Chairman of the Replogle Steel Co. and President of the Vanadium Corp.
*"Oil lands, rights and leases" does not include $57,343,285 representing of America, had acquired a substantial.interest in the Wickwire-Spencer
appreciation of the producing properties in California as of March 11913, Steel Corp. and that Mr. Replogle hitt been elected a director of the
and territory brought in as producing since that date, less depletion to company. It is expected that Mr. Replogle will take an active interest
June 30 1922. This appreciation has been set up in the books to comply in the management of the company.
A consolidation of the Wickwire, the Replogle, and another steel company
with certain Governmental requirements in the matter of claiming full
is reported to be a possibility -V. 115, p. 2489, 1742.
depletion in filing Federal tax returns.
oil
a Includes June 30 1922 oil lands, rights and leases, 833,159,412;
systems, $11,WinCOX & Gibbs Sewing Machine Co., N. Y.
-Increase.
wells and development, $15,811,253; pipe lines and storage
The stockholders will vote Dec. 16 on increasing the authorized capital
688,905; steamships' marine equipment, $12.995,989; refineries and absorption plants, $11,138,752; marketing stations, $13,688,339; less reserve stock, par $50, from $500.000 (all outstandihg) to $1,500,000.
affiliated
for depreciation and depletion, $29,085,790. b Investments in stocks,
Wilson & Co., Inc.-Tenders.
companies: Stocks, $986,727; advance accounts, $638. c Include
The Guaranty Trust Co., trustee. 140 Broadway, N. Y. City, will until
$380,136; bonds, $756,000, and advance accounts, $1,037,034, which are
stated net after deducting amounts due to controlled companies,3107,063. Dec. 18 receive bids for the sale to it of 1st Mtge. 25
-Year Sinking Fund
gold bonds due Apr. 1 1941, to an amount sufficient to absorb $278,502,
-V. 115. p. 2488, 2391.
at a price not exceeding 107X and int.-V..115 p. 2489. 2281.
Union Oil Co. of Delaware.
-Forgeries.
Wiscasett Mills Co., N. C.
-Stock Increased, &c.
A warning has been issued on behalf of the company to the effect that
certificates for stock of the corporation have been forged and placed in
The stockholders on Nov. 29 voted to increase the authorized Capital
circulation. The forged certificates has vignette of an eagle, while the stock from $1,200,000 to $5,000,000. A part of the increase, it is stated,
-V. 115. p. 2391. 1953• may be Preferred stock. The stockholders also authorized the directors
genuine certificate has a vignette of a female figure.
to declare a 200% stock dividend.
Union Tank Car Co.
-Equipment Orders.
The company recently placed orders for 3.000 cars of 10,000 gallons
(F. W.) Woolworth Co.
-November Sales.
capacity each, as follows: Standard Steel Car Co., 1,000 cars; American
Increase.
1921.
1922.
Car & Foundry Co.. 1,000 cars; Cambria Steel Co., 500 cars, and the Month of November
$14.834,386 $13,106,908 $1,727,478
-V. 115, p. 1218.
General American Tank Car Corp., 500 cars.
11 months
139,848,648 123,458,706 16,389,942
- -V. 115. p. 2169.
United Gas Improvement Co.
-Dismisses Indictment.
Judge John C. Knox in the Criminal Branch of the Federal Pistrict Court,
Worthington Pump & Machinery Corp.
-New Officers.
on the motion of the District Attorney, has quashed the indictment outWilliam Goodman has been elected Vice-President in charge of manustanding against this company. Welsbach Co., the Cities Illuminating Co. facturing and engineering. and E. T. Fishwick, Vice-President in charge of
and individuals connected with them. The indictments were found on
sales, succeeding James E. Sague and Frank H. Jones, respectively.
March 6 last. They charged monopoly under the Sherman Anti-Trust V. 115, p. 2058, 1544.
ow in connection with the manufacturing and distribution of incandescent
-V. 115, p. 2488.
ight equipment.
(Wm.) Wrigley, Jr. & Co.
-10% Stock Dividend.
The directors have declared a 10% stock dividend on the outstanding
United Hosiery Mills Corp.
-To Increase Capital.
$13,625,000 Common stock, par $25, payable Dec. 30 to holders of record
The company has made application for an increase in capital from Dec. 23. A like amount was paid in stock in April last (V. 114, p. 746).$2,500,000 to $1,000,000, par $100.-V. 110, p. 1297.
V. 115, p. 1219.
-200%
-To Increase Capital
U. S. Bobbin & Shuttle Co.
-4% Cash Dividend.
Yale & Towne Mfg. Co.
A dividend of 4% has been declared on the new Capital stock, par $25.
Stock Dividend Proposed.
to holders of record Dec. 14. This compares with dividends
The stockholders will vote Dec. 13 on increasing the authorized Common payable Jan. 220% (5% quarterly) paid on the old
stock, par $100, from
stock, par $100, from $850,000 (all outstanding) to g2,550,000. If the at the rate of Oct. 1922, inclusive. The company on
Dec. 1 last paid a
increase is authorized, it is the intention to declare a 200% stock dividend. April 1920 to
100% stock dividend. Compare V. 115, p. 2392, 2281.
-v. 113, p. 2829.
•
Total
108,011,057 104,615,637
-Capital Inc.
United States Casualty Co., N. Y. City.
The stockholders on Dec. 1increased the capital stock from $500,000 to
$1.000,000, par $100. The increase is to be distributed pro rata to stockholders of record Dec. 1 as a 100% stock dividend.
-V. 115, p. 2280.
United States Envelope Co.
-New Officer.
James Logan of Worcester has been elected President, to succeed the late
-V. 115. p. 2280.
0. Henry Hutchins.
--Bankruptcy.
U. S. High Speed Steel & Tool Corp.
A petition in bankruptcy was filed Dec. 5 against the corporation, with
plant at Green Island, by creditors with aggregate claims of $14,547.
Liabilities are said to exceed $200,000 and the assets at nominal value are
understood to be about the same amount. The Gotham National Bank, as
trustee, holds a mortgage on the property for $300,000.-V. 113, P. 1369.
-Production.
United Verde Extension Mining Co.
Aug. 1922.
Nov. 1922.
Month ofCopper output (lbs.)___ 3,670,206
-V. 115, p. 2280, 2058.
•
Oct. 1922. Sept. 1922.
3,760,234 3,556,014
3,250,934
•
-300% Stock Dividend-Capital InVacuum Oil Co.
creased from $15,000,000 to $70,000,000 and Shares Reduced
to $25 Each.
-The directors on Dee. 5 declared a 300%
of
($45,000,000) stock dividend, payable Dec. 30 to holdersinrecord Dee. 15. The stockholders voted Dec. 2 (1) to
crease the Capital stock from $15,000,000, par $100, to
$70,000,000, par $100; (2) to reduce the par value of the
shares from $100 to $25 each.
unissued $10,000,-
After payment of the stock dividend there will remain
000 which will be held in the treasury. For dividend record and other details see V. 115, p. 1848.
Van Zandt & Co.,
--Stock Div., &c.
Y.
Inc., Troy, N.
The stockholders have voted to increase the capital stock from $500,000
to $1,000,000, to consist of $150,000
Pref., $150,000 7% 2d Pref. and
$700,000 Common stock. It was also voted . change the name to Van
to
Zandt's, Inc. The board has been increased from 5 to 10 members.
A stock dividend of 114% has been declared on the Common stock.
Vulcan Detinning Co.
-Balance Sheet Sept. 30.-
1921.
1922.
1922.
Assets
1921.
L1.abtltilesPlant & equipm't_$1,449,444 $1,607,767 Common stock___$2,000,000 $2,000,000
1,225,800 1,225,800
Patents, good will,
Com."A" stock__
acc
4,407,569 4,407,569 Preferred stock__ _ 1,500,000 1,500,000
919,400
125,743
Cash
68,352 Pref."A"stock__ _ 919,400
Accts. receivable &
Accounts payable
263,693
advances
102,685
& res've for Fed.
367,044
179,506
351,142
Inventories
taxes, &c
489,377
42,339
Div. scrip payable
Invested in U. S.
284,998
284,998
Govt.securities_ 208.216
217,650 Conting. & def
541819
696,103
Total (each side)66,805,807 $6,883,401 Surplus
Earnings for quarter ending Sept. 30 will be found in V. 115, p. 2488.
Wannutta Mills, New Bedford.
-To Increase Capital.
The stockholders will vote Dec. 26 on increasing the Capital stock by
.50% and on approving the distribution of the new stock as a stock divi-V. 111, p. 2529.
dend.
West Boston Gas Co.
Authorized.
-Stock
The Massachusetts Department of Public Utilities has authorized the
company to issue 466 shares of additional capital stock. par $100, the
applied to the payment of obligations incurred for extensions
proceeds to be
made prior to Aug. 1.-V. 112, p. 1875.
-To Increase CapWhitman Mills Corp., New Bedford.
-50% Stock Dividend Proposed:
ital
-
CURRENT NOTICES.
-In their weekly review of the market situation, Carden, Green & Co.
call attention to the large earning power of the American Tobacco Co. indicating that approximately 18% will be earned on the company's outstanding
capital this year. The bankers state that for upwards of a year the American
Tobacco Co. has had no bank indebtedness and it now has cash or its equivalent of $17.000,000. With the retirement of $10,000,000 7% serial notes,
the only funded debt remaining will be $1.737,250.
Starr Walter, Marion H. Woody and John G. Heimerdinger, formerly
associated with J. C. Mayer & Co., have organized a partnership to deal
in municipal bonds and other high-grade securities under the name of
Walter, Woody & Heimerdinger, with offices in the Dixie Terminal Bldg.,
Cincinnati.
-Guaranty Trust Co. of New York has been appointed trustee, as w el
as registrar and paying agent, under a trust indenture from the Atlantic
Mail Corporation dated Dec. 1 1922, securing an authorized issue of $4,750,000 par value 7% gold notes dated Dec. 11922. and due Feb. 11927.
-The Columbia Trust Co. will act as trustee of the two following issues
Wickwire-Spencer Steel Corporation, $1,775,000 7%% 10 years secured
convertible gold notes: Wallkill River Co., $150,000 20 years 6% refunding
and improvement gold bonds.
Robert G. Stewart, formerly Assistant General Manager of the
Standard Oil Co. (Indiana) has been elected director and Vice-President
of De Wolf & Co., Inc., and will be actively associated with this firm
on and after Jan. 1 1923.
-Jelke, Hood & Co., members of the New York Stock Exchange, have
Issued a special circular discussing the growth of the hydro-electric power
industry, also containing an analysis of thirty high-grade bonds of hydroelectric companies.
-Joseph F. Hartley, 15 Broad St., New York, specialist in railroad
securities, publishes a very comprehensive weekly index showing the
relative values of 52 railroad stocks.
-The Guaranty Trust Co. of New York has been appointed registrar
for the preferred stock of the Tait Paper & Color Industries, Inc., consisting
of 10,000 shares, par value $1CO.
-H. V. Van Auken & Co., money brokers, 52 Broadway, New York,
announce that J. J. Dobbyn, formerly of Connor, Shaw & Dobbyn, is
now associated with their firm.
-P. W. Chapman & Co., Inc., announce that their New York
offcies are now occupying the building at No. 42 Cedar Street. Telephone
John 2107.
-The Equitable Trust Co. of New York has been appointed transfer
agent of the Preferred and Common stock of the Power Corp. of New York.
-The United States Mortgage & Trust Co. has published a limited
edition of a booklet entitled "The Custody and Care of Your Securities."
Arthur J. Koehler is now in charge of the loan department of the
Foreign & Domestic Acceptance Corporation, 11 Wall St., N. Y. City.
Harvey B. Parsons, formerly of F. J. Llsman & Co., is now associated
with Shonnard & Co. in their investment department.
-The bond trading firm of Baar & Co. has moved to 30 Broad St.,
New York.
2594
THE CHRONICLE
[vol.. 115.
the large production this year, the farmer is still laboring
under a serious disadvantage as compared with other groups
of workers because of the distortionate relationship of
prices. He notes that there is food in superabundance, and
COMMERCIAL EPITOME.
this contributes to the prosperity of business and industry
for the time, but the inadequate return which the farmer is
Friday Night, Dec. 8 1922.
The cold weather has given a decided filip to retail trade receiving, and has for three years, inevitably must result in
all over this country, and holiday business is active. Also, readjustments in the number of people on the farms, and In
the cities, which
the drop in temperature has naturally helped the clothing There has been a will not be for the good of the nation.
greatly accelerated movement of farmers,
business. It turns out that retailers' stocks had dropped to and especially farmers' sons, from the farms to
the cities
quite a low stage, and that jobbers therefore are having a and industrial centres, Secretary Wallace states. During
July, August and September twice as many persons left the.
better business. Mail order business is excellent. And the
supply of cars is larger. Storms over a wide area of the farms for the city as normally. The Secretary renewed his
recommendation for
country have interfered with some lines of activity, while, the sore point when rural credits legislation. Ile touches
he adds that this year would be a prosas already intimated, the cold weather has helped others. perous one for agriculture, and consequently
a prosperous
The sales of pig iron have increased somewhat at lower one for the nation, if the relationship of prices now was su.th
as existed before the war. There has been some recent inprices. The railroads aresbuying cars, etc., on a large scale.
crease in the prices of farm products, but there has not been:
Some car manufacturers are sold ahead, it is understood,
for much improvement in the general relationship between the
12 months. Steel has been rather quiet in the main,
how- prices of the things the farmer produces and the things he
ever, while production of both iron and steel is heavy, that buys. Among the causes which contribute to the abnormal
relationship of farm prices to the prices of other things, Secof pig iron being double that of last year. As usual,
toards the end of December some lines of business are quiet on retary Wallace mentioned these: Over-production of many
the eve of taking inventories. The textile trades are rela- farm crops, continued high freight rates, maintenance of industrial wages at near war-time levels, economic depression
tively slow. Cotton goods do not sell freely. Meanwhil
e, and depreciated currency in European countries, interference
though, collections are,fair and money rates are easy. The with the efficient function of necessary industries and miresstock market at one time declined, but has latterly shown sonably high costs of distribution of some farm products.
more strength, and to-day bonds were also firm. A gratify- That the situation of the farmer is not so bad as it was 18.
ing feature has been the rise in the value of most of the Eu- months ago means nothing if it is still intolerable. And it is.
ropean currencies. Sterling exchange is the highest since intolerable largely because of the exactions of labor, which.
1919. With the rise in sterling exchange Liverpool has been aiming a blow at capital, really hits a fellow worker who
a larger buyer of cotton in New York and is also inquiring happens to be working on a farm and, for that matter, hits
more freely for the actual staple, it is understood, in some labor everywhere in its blind grasping after high wages. It
shows no intelligent regard for wage values when the worker
parts of the South. Our cotton exports to England make
a comes to buy food, clothing and shelter.
better showing than might have been expected in view
Costs of all kinds,
of the Including labor, are always added
prolonged depression in Lancashire. The total
to the price of an article.
to Europe at And the buyer has to pay
large has recently made a notable gain.
it, whether factory worker, farmer,
capitalist, clerk or anybody else. It is plain that lab3r 'las
The trade in automobiles is brisk and the output
remarkable scale. The general trend of commodit is on a not grasped these elementary facts.
y prices
The coal crisis here
has been downward, although there are no
very marked de- liam H. Woodin have is acute and Governor Miller and Wilclines. It is an interesting fact that coinciden
been in conference at Albany to devise
t with agricul- means to cope with
tural depression in this country and schemes
the emergency. It has suddenly arisen
to alleviate it with a sharp fall in the
by farm credits comes an announcement
temperature and a scarcity of coal.
from Europe that The officials
crops are so deficient that it will require
have had to ask householders to make use of
640,000,000 bushels steam sizes and soft
of wheat from foreign sources. The French
coal. The city has been offering wood
Issued an order requiring a 10% admixtur Government has free to those unable to obtain coal. Mr. Woodin says there
e of rye or rice are 150,000 tons of
flour with the wheat flour. It is a grim
substitute fuel, steam and soft coal, lying
effects of the war that Eastern Europeancommentary on the at New Jersey and New York terminals. One of the probStates will be able lems to be tackled
to supply only 3% of the needs of the
by Governor Miller and Mr. Woodin is the
Continent, as against question of the degree
the 40% which they furnished in pre-war
to which soft coal may be substituted
times. At the same
for anthracite. An order will be issued to apply to New
time the American farmer does not share as
fully In the ex- York City directing
port trade with Europe as could be desired.
dealers to fill no further orders for doHe has the mestic sizes of hard coal
competition of Canada and Argentina to meet. There
unless
is a accepts 25% of soft coal or the the buyer at the same time
farm credit bill before Congress for the farmers'
steam sizes of anthracite. All
relief and consumers must, therefore,
at the same moment the British farmer is
burn at least one-fourth of a ton
clamoring for of bituminous buckwhea
t, barley or rice coal with each ton
State aid in the form of lighter local taxes, rather than tariff
of pea, nut, stove or egg which
protection. The Spanish farmer also wants help
from the weather to-day was somewhat they use. Fortunately, the
State, in the shape of a tariff. Belgian farmers complain
milder in New York, though it
Is still raw and cold to-night.
that prices received for their grain are not commensu
rate
Nashua Manufacturing Co. at Nashua, N. II., whose
The
with the increased cost of production due to the
field hands and the resultant rise in wages. Thescarcity of operatives voted on Dec. 3 to continue the strike, is the only
farmer in
New Hampshire mill centre where a strike is in force. Even
this country is also threatened with higher labor
hands leave for the big towns and cities. The costs as the as it is, the Nashua company has some 3,000 operatives at
Southern cot- work and has a waiting list of about
ton farmer may feel the pinch. In Georgia
measures are be- Jefferson weave mill of the Amoskeag 500 operatives. The
ing taken to stay the exodus, if possible, of
plant was opened on
negro labor towards the North, where he gets much higher
Dec. 4 and night work was begun in the No.
wages. The la- hundred former operatives filed applicati 9 mill. Several
bor question, in other words, is becoming a very
ons for work that
Europe suffers from the effects of the war, to serious one. day. Nearly 1,000 of the former employees were put to work.
go no further,
in diminished crops and high costs of
of the entire plant of the Amoskeag ManufacturAbout 80%
productio
country we feel the restriction on immigrati n, and in this ing Co. is operating to a greater or less degree. There are
on. Meantime,
storms in different parts of the country
now 10,000 employees on the roster.
ing activity for the time being. The woolhave checked buildReports of the North Carolina Pine Association show intrade is more quiet.
But bank clearings show heavy totals.
With any kind of a creased activity in the lumber industry in that terchance American trade is likely to increase
during the past six weeks. Total orders placed
during the year ritory
soon to open.
with from 45 to 50 mills have averaged more than 12,500,000
Grain prices have declined at times this
feet a week for the past three weeks, the most consistently
week
markets less eager buyers confronted by such with foreign large run of orders the association has reported in several
world's shipments to Europe in a single weekextraordinary months. That the mills are operating rapidly is indicated
as
bushels. Of this 90% came from North America, 19,120.000 by the fact that production for reporting mills, ranging in
and
from Canada, which has been rushing wheat forward mainly number from 42 to 55, has not fallen below a total of 10,000,before
navigation should close. Canadian competition
000 feet in six weeks, and that shipments over the same peAmerican farmer has been another burden for the with the riod have totaled each week more than 11,000,000 feet.
American
farmer to bear. "Troubles come not singly but in
prime Western 11.75@11.85c.; refined to
battal- OttLARD lower;
ions." A short time ago Canada even shipped
considerable Continent 12.75c.; South American 13c.; Brazil in kegs 14c.
wheat to Chicago, despite the American duty of 25 or
Futures declined with grain and hogs, large receipts, lower
The American farmer finds the home demand sleek and 30c. Liverpool prices, a decreased export demand,lack of support
the
foreign market, for the time at any rate, well supplied. And Worn packers and scattered liquidation. Local selling and
now it is announced from Washington that the American continued large receipts of hogs caused a decline on the 7th
.
farmer, though by the latest computation comprising 33% inst. But a rally came later, with hogs and grain higher on
of the population (at one time, significantly enough, it was covering of short's and fair buying by commission houses.
55%), is still hard put to it to make both ends meet, in spite True, some of the smaller packers sold. To-day prices deof his constant toil and long hours. Low prices are driving clined slightly and end 27 to 28 points lower than a week ago.
many from the farms to the towns and cities.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Sat.
Wed. Thurs.
Secretary of Agriculture Wallace reports, in fact, a great
Fri.
10.70
10.50 10.40
December
10.40
10.40 10:40
Increase in the exodus from farms to the cities. He adds in January
10.27 10.15
10.10
10.00 10.02
10.00
10.22 10.15
10.30
a report to President Harding and to Congress, that, despite March
10.10
10.15
10.12
May
10.27
10.22 10.22
10.35
10.25 10.20
Wite Tounnercial
Times.
DEC.9 1922.]
THE CHRONICLE
2595
-Gasoline dull and weaker. Export inPETROLEUM.
short
s is small,
PORK easier; mess $28@$28 50; family $30@/$32;
2 50; packet quiries have been very numerous but actual busines prices.
clear $22 50@$29. Beef dull; mess $12@$1 $28@$30; Owing to the reluctance of purchasers to pay present
mess
313 50@$14; family $16@$18; extra India / 6 lbs. $15; Bulk sales are very small. Kerosene quiet but steady.
No. 1 canned roast beef $3 25; No. 2, $2 351 2; Cut meats Although the heavy consuming season is at hand, consumers
aloof,
sweet pickled tongues $50@$60 nom. per bbl.
bellies, are not purchasing much, being content to hold quiet. awaitNew
both
quiet; pickled hams, 10 to 20 lbs., 17@l7Mc.; pickled
fresh, 41 3',@48e. ing lower prices. Gas and bunker are 28.75e.; U: S.Navy
10 to 12 lbs., 17e. Butter, creamery
gathered firsts to York prices: Gasoline, cases, cargo lots,
Cheese, flats, 21@283.'c. Eggs, fresh
specifications, bulk, 15.50c.; export naphtha, cargo lots,
extras, 52@61c.
, 22c. Kerosene, cases,
steady; 18c.; 63-66-deg., 21c.; 66-68-deg.
and
COFFEB on the spot in moderate demand to good Cu- cargo lots, 17c.; garages (steel bbls.), 24c. The daily averin the United States for the
No. 7 Rio, 11c.; No. 4 Santos, 15@l5 Mc.; fair
in the age gross crude oil production
cuta, 15M @,15 Mc. Futures advanced a little early higher week ended Dec. 2 was 1,638,050 bbls., against 1,637,400
year. In Oklaweek on higher cables, a short interest in December,
g. in the previous week and 1,333,310 last
sterling exchange, scarcity of contracts here and coverin a, homa the daily average gross production is estimated at
then as
in the previous week and
But the trading was not large nor the flutcuations
favor- 409,800 bbls., against 415,100 87,200 bbls., against 87,450
at
in
rule striking. It is true that on the 5th inst., on more
e,futures 311,100 last year; Kansas
able markets in Brazil and higher Brazilian exchang rise with in the previous week and 90,450 last year; in north Texas at
59,550 last
here moved up 13 to 18 points. December led the
d 58,650, against 58,500 in the previous week and
a steady demand from trade interests. They were suppose year; in central Texas at 125,400, against 129,450 in the preholdings of
year; in north Louisiana,•84,700,
to be buying it for the purpose of adding to their
held other vious week and 172,750 last
coffee. The tightness of the December position Continued against 86,400 in the previous week and 77,600 last year;
months as well as December itself for a time.
in Arkansas, 86,050, against 85,650 in the previous week and
unsettlement in Brazilian exchange and rumors of South 47,100 last year; in Gulf Coast, 121,250, against 121,000 in
decline.
, 115,500,
American political troubles at one time caused a
it the previous week and 99,160 last year; in Eastern last year;
and 115,000
It has been largely, however, a trading market. To some
repre- against 116,000 in the previous week
looked as though the selling of December at'one time d by in Wyoming and Montana,89,500, against 82,850 in the pre-.
sented scattered long liquidation, which was absorbe iti vious week and 55,600 last year; in California, 460,000,
trade houses, which in turn sold distant months against6th against 455,000 in the previous week and 305,000 last year.
$1 90 Mid Continent
Thirty notices for December delivery were issued on the
$3 00 Wooster
90
issuers Pennsylvania
Below 28
1 98
1 75 Lima
Corning
inst. and caused some selling of that month, but the
1 00
28029.9
1 78
1 86 Indiana
they ad- Cabell
1 10
were noticeable buyers of other months. And
1 77 30032.9
1 71 Princeton
ex- Somerset, light
0 75
1 77 Healdton
1 96 Illinois
Somerset
vaneed. Still later in the week 'rifts fell with Brazilian
1 25
Mesta
some Ragland
1 00
1 00
Jrichton
change. To-day.prices declined in a dull market with
in Brazil.
liquidation and hedge selling. There was a holiday the latter
rather quiet here on unsettled cables
RUBBER has been
Prices here ended 1 to 10 points lower for the week,
from London. That market on the 6th inst. opened quiet,
on December. Closing prices were as follows:
declining to 133'd., but soon recoiled on good buying. The
8.008.85
9 4409.451July
11c March
dulness here is attributed more to the scarcity of sellers than
Spot (unoff'1) 09.77 I May
September _R.3408.36
9 1209.151
December_ -9.75
to any lack of buying interest. Some business was done in
-Spot raws were quiet but firm at 4c. for Cuban April-June, and factories were •reported to have bought
SUGAR.
Rec. & f. English markets were also quiet and steady.ended December and January to a greater or less extent. Singaceipts of old crop at the Cuban ports for the week to the pore cables were higher. Smoked ribbed sheets and first
%
Dec. 4 were 9,203 tons, exports 39,708 tons, all ports latex crepe spot and December 273 c.; January-March,
/
United States Atlantic ports, and the stock at the the 27%c.; April-June, 28%0.; July-December, 293 e. Para
and lower grades of plantation were dull. Para-upriver fine,
was 49,495 tons. The weather was reported in some of
cables to be favorable for the growing crop. As some 25 M @25Mc.; coarse, 17 Mc.; Central-Corinto, 16 Mc.
a big
view the matter, though, the trade is on the eve of prices
HIDES have been dull and if anything weak. Chicago
and
new crop in Cuba; the outlook is promising for better
r reports trade dull. Tanners hold aloof. Leather week
judging from the manner in which last year's crop, togethe skins here are dull. As to hides, reports early in the
in
with a very heavy surplus, was taken. They argue that
stated that in the River Plate section a sale has been made
all probability the coming harvest will bring better prices, of 4,000 Artiga frigorifico steers at $55. Bogota is quoted
with the elimination of any burdensome surplus. Trading at 20c., but it is believed that a lower bid would be accepted
in futures at times has been largely in March. It came for good-sized lots. A car of Middle West hides, 25 lbs. and
a
'
from trade interests. Shorts covered in December on ed up,sold, it is said, at 13e. Orinoco nominally 17Mc.;
scale. That Cuban interests have steadily support
fair
Guatemala, 171/2c.; Laguayra, 17c.•, Central America,
December is noticeable, but manipulation of new crop 173'c.; Ecuador, 14616e.; Tampico, 17 Mc. In some quarmonths was offset by increasing selling of those months. ters the holdings of branded hides are estimated at 50,000
of 20,000
From January on big supplies are expected. A sale shipment to 55,000. A car of Central Western hides sold, it is said,
bags of near crop Cuban for first half of February sales for at 13e., selected. Reports from the River Plate section
was made at 3 13-32c. c. & f., as against previous s were state that the market is still very dull, owing to the drop in
January shipment at 33'c. e. & f. Trade interesttons of exchange. Offerings of most hides are said to be large.
buyers of March, May and July. And some 6,000 sold at, Chicago wired Dec. 7: "Hides dropped from 23 to 3 cents
Cuba, February shipment, to the United Kingsom to pay a pound here to-day as a result of a large movement due to
5.28e. f,o.b. Cuba. Refiners, it was said, were ready h of accumulation and a general belief that prices were unduly
strengt
3 9-16c. c. & f. for February shipment. The promises to inflated. The break, it was said, was not likely to bring
estimated
December sustained the list. The Cuban crop
Grinding on further declines. Buying declined, and it was
exceed last year's which was 4,000,000 tons. The ports by market reporters that only about 75,000 hides changed
ay, when
operations are retarded by unfavorable weather.
Havana hands as against the heavier movement yesterd
are not receiving any of the new crop, it is stated. g: Cu- the break started. There are about 750,000 hides in the
cabled that the following mills have started grindin Palma, market, according to market observers."
nagua. Jaranu, Manati, Sangerman, Altocedro and
the
OCEAN FREIGHTS were firm on grain tonnage. West
even though weather conditions are not good. During
Generally the market
business was done at
week, according to the Guma Mejer report, no sugars Italyrather quiet. In New 193c.business has been quiet
last
new crop arrived at any of the ports and the stock was rates generally steady. York
of the
William J. Love, in charge of
there is only 49,495 tons. To-day prices showed little. with for the Emergency Fleet Corp., says that he is doing
traffic
change on futures, closing 5 to 10 points higher for the "missionary work" in the interests of peace between the
week. European prices are higher on raw. January Cuba Gulf and North Atlantic lines, which has been disturbed by
bags of
sold here at 3 9-16c. New Orleans sold 10,000 refinery. a controversy over differentials in cotton rates. Mr. Love
Louisiana refining grades at 5.40c., delivered at
said he does not expect a break between the two groups.
to west coast of Italy, 20c.
Here refined dull, at 7.10c.
Spot (unofficial)_ _ _5.78 I March
December _ _.3.9904.001May
3.6703.68
3.4503.461July
.57ISeptember_ _ _3.77(43.78
.56
3 03
-Linseed, though firm, is quiet. Spot raw oil in
OILS.
87e. per gallon, while
car lots cooperage basis, is quoted at at 87c. For January
half of December is held
the second
February 80e. to 83c., and March81c. to 85c. is asked, for not showing much interest in the
Buyers are
April 79c.
of inventories. Paint
market, owing largely to the taking for the time being.
turers are pretty well covered
manufac
ic regarding the
Crushers, on the other hand, areaoptimist this is believed
are delivering quite little, but
future. They
s. Cocoanut oil, Ceylon, bbls. 9c.;
to be on old contractCorn, crude, 93.e. Olive, $1 15@,
Mc.
Cochin, 9M@,9
extra, 133.c. Cod,
$1 17; lard, strained winter, 133'o.;
; Newfoundland, 61c. Spirits of turpendomestic, nominal
$6 20@ . Cottonseed oil
tine, $1 38@$1 40. Rosin, switches. Crude S. E. 8.25@,
including
sales to-day, 8,400,
Prices closed as follows:
8.37
9.55i _ _ _ I February_ _
Spot
December_ - _9.6009.75 March
9.60@9.62 April
January
May
9.6875_
9.7809.84 June
5 July
9.8509.9
9.960 9.99
10.00010.10
10.10010.20
Charters included grain from Atlantic range
December; froi
early December; from Philadelphia to Rotterdam. 1434c. ;from Atlantic
Atlantic range to Antwerp-Hamburg range. 143.6c. December York to west
New
from
range to one port west coast of Italy, 1934c.; grain to a picked port of the
coast of Italy, 2034c. spot; from West St. John
-ton steamer, time charter from U. S. Atlantic
United Kingdom, 4s.; 2,045
months' time charport to west coast of South America, $1 30 December;5
45 December; grain from
ter, 1,236-ton steamer, in West Indies trade, $1 from Gulf to River Plate,
Atlantic range to Greece, 23c. December;lumber
165s. a standard,
$15 a thousand, late January; from Gulf to River Plate,
January-February.
COAL has been firm at the recent idvance, with an
increased demand for bituminous. The cold snap also causes
a large demand for anthracite from householders.
'0BACCO has been in only fair demand at best and some
.-'
---1
of the time at least business has been rather disappointing.
Wrappers and fillers have certainly not been active, though
many believe that after the turn of the year trade will in
all probability improve. Meantime the December lull is
noticeable in tobacco as in some other lines, if a lull it can
be called, where for some time past there has been an absence
of genuine life and snap. But proverbially, "when things
get to their worst they mend." And it need occasion no
surprise if trade in tobacco should increase noticeably in the
2596
THE CHRONICLE
[VoL. 115.
fore part of 1923. Having been successful in its experiments
In London on Dec. 1 the joint offering was 12,650 bales.
with long staple cotton, Southern California is now preparing Demand
active.
to grow Turkish tobacco, a syndicate of California capitalists prices unchange Best merinos compared with October
d to 5% lower; medium to inferior merinos
having purchased a ranch of 9,100 acres for the project.
5 to 10% lower, but
COPPER firm at 14c. for electrolytic on all new inquiries. higher, and medium fine and coarse crossbreds 5 to 10%
qualities under sharp American demand
Some business is being done on old options at 13%c.
up to 10 to 15%. Sydney, 4,945 bales; greasy comeback,
Is a better foreign business but domestic demand is o-,lyThere 93'd. to 23d.; scoured
modgreasy comeback, 13d. to 36d.;
erate. Italy was a good buyer recently. Reflectin
greasy crossbred, A
heavy production in South America, are the exports g the 414.; Queensland,73 d. to 18d.; scoured merino, 17d. to
from
1,944 bales; merino greasy, 243d. .to
Chile, which amount to 83,464 tons for the first eight months 32d.; scoured (in small
supply), 52d. to 543/2d. Victoria,
of the present year, against 40,000 tons in the same time last 2,726 bales; chiefly greasy
comeback, 103/2d. to 26d. New
year. Tin higher on stronger London cables. Demand Zealand, 2,697 bales; greasy
crossbred, 7441. to 19d.; slipe,
is small, however. And some insist that the present statis- 7d.to 26d: In
London on Dec. 4 the offering was 11,500
tical position of the market does not warrant present prices. bales. British,
Continental and American interests bought
Lead in rather better demand and firm;
freely. Prices firm.
7.30@7.35c.; East St. Louis, 6.95@7c. spot New York bales; greasy memo, Few withdrawals. Sydney, 1,772
Consumption is
still running a little ahead of production. Zinc higher; bales; greasy memo, 203d. to 31d. Queensland, 697
i83d. to 28d. Victoria, 1,814 bales;
spot New York 7.60@7.65c.; East St. Louis,
greasy
Prompt zinc is in small supply' And there is a7.30@7.35c. 24)'d. crossbred,8Vid. to 19d.; comeback lambs, 133/2d. to
New Zealand, 6,929 bales; crossbreds, greasy slipe.
good export
demand. London also advanced.
Yorkshire the chief operator, but America and the ContiPIG IRON production in November increased
nent competing for both
over 11%. It is now at the rate of 35,500,C00 tonssomething 63.4d. to 223'd. and slipe qualities. Greasy ranged from
9Md. to 25d. In London on
as against
16,688,000 tons for all of 1921. That is to say, it now looks Dec. 5 offerings were 12,400 bales.
like double the 1921 production in 1922. Meanwhile demand Demand brisk. Prices firm, but firm Attendance good.
limits caused numerhere and there is reported better. Some have an idea
that ous withdrawals. Sydney, 1,044 bales;
the price is not far from the bottom. Youngstown, Ohio, crossbreds, 6d. to 203'd. Queensland, 2,72,9chiefly greasy
bales; merinos
reports the price $26 50, but for basic pig iron there
greasy, 153/2d. to 28d.; scoured, 36d. to 533/2d. Victoria,
said to be in prospect. Birmingham reports rather$25 is 2,188 bales; scoured merino, 303d. to 45d.; greasy
more
crossbusiness. New York is inquiring for rather more iron. bred, 8d. to 18Md. Adelaide, 1,544 bales;
Here $27 is quoted, for eastern Pennsylvania, with $25 for 20d. to 46 Md.; pieces, 15d. to 31d. New scoured merino,
Zealand, 4,655
Buffalo, $27 for Chicago, $25 for Ohio, and $23 for Bir- bales; crossbreds (brisk sale), best greasy, 263/2d.; scoured,
mingham. It is said that an Alabama maker recently began 32d.; slipe, 243/2d.
selling at $21, but quickly raised the price to $23, when
At Brisbane, Australia, on Dec. 5 demand was
found himself besieged with buyers. One of them, he good from Japanese, French and German operators. pretty
Yorkit
appears, wanted to take 40,000 tons at $21.
shire buyers absent. Prices lower. Merinos compared
however, there is no denying that production isMeanwhile, with prices on Oct. 26 were on good greasy about uncharged,
very large
and it seems a moot question just where prices will
go but average to inferior fell 7M to 10%; good skirtings, 5%;
before they reach a point of equilibrium. Philadelp
average and inferior skirtings, 10%; lambs, 10%, and for
the way, has received within a week 21,000 tons of hia, by scoured lambs, 5%.
foreign
iron or 95,000 in two months. Result: Eastern pig
In London on Dec. 6 the joint offering was 13,395 bales.
iron
makers want the 75-cent a ton duty increased
Quick sale except for poor conditioned
same time November pig iron production was50%. At the mostly withdrawn. Selection mostly wools. They were
the
greasy crossbreds.
two years. It was 2,849,702 tons, or an average largest in They were wanted by British,
tons a day, against 2,637,844 tons in October, of 94,990 buyers. Prices firm, except that Continental and American
merinos were rather weaker
or
tons a day. Meanwhile, it is a fact not without 85,092 than last week. Sydney, 5,580
that the shortage in freight cars is being gradually interest 7Md. to 25d.; comeback, 123'd. bales; greasy crossbred,
to 243d. Queensland,
reduced.
At the East sales have been unsatisfactory.
Detroit quotes 477 bales; scoured merino,32d. to 44d.; Victoria, 2,333 bales;
$26 and recent sales there are said to have been
50,000 tons, greasy merino, 24d. to 32Md.; scoured, 25d. to 43 Md.;
mostly to furnace, stove and auto makers.
Buffalo did a greasy crossbred, 123d. to 24d.;comeback, 193d.to 283'd.
pretty good business, it is said, at $25. Clevelan
New Zealand, 4,783 bales;
down its prices, but got little trade. Pittsburg d marked crossbred, 731d. to 18d. In chiefly mediuni coarse greasy
on Dec.
sales at declines of $2 on basic and $1 to $1 50h made fair of free grades were offered. Londonattendan 7 14,000 bales
Large
on foundry
ce. Good degrades.
mand. Prices firm, but this caused withdrawals. Sydney
STEEL has been in moderate demand with
production 1,370 bales; memos greasy, 233d. to 33d.; scoured, 26d. to
keeping up well. One company has made the
44Hd. Queensland, 1,520
merinos
for sheet bars for the first three months of nextprice $36 80 to 28d.; scoured pieces, 21 bales; 293'd.; greasy, 183/2d.
32d. to
/
year.
173d.
billet price, it is believed, will be the same, though it hasThe 25d. Victoria, 900 bales; greasy crossbred,locks, to 16 to
73/d.
2
Md.;
not
been announced. Sheets have been generally
scoured merino, 303d. to 42d. West Australia, 978 bales;
2.50c. for blue annealed, 3.35c. for black and quoted at greasy merino, 193'd. to 24 Md. New Zealand, 4,255 bales;
4.35c. for
galvanized. Steel bars have been.quiet but steady
crossbreds, best greasy, 243d.; slipe,
Puntas,
Pittsburgh. Reinforcing bars, it is said, could be at 2e. 2,592 bales; greasy crossbreds, 20d.; slipe, 255d. English,
1.95c. The St. Paul road recently, it is said, placedhad at 2123 bales (half withdrawn owing to firm 193/2d. best lots
limits);
for 5,500 cars and now wants 2,000 more gondolas orders at 233d. for washed Southdown ewes. At Wellington,
. The
trade looks for a continued good business with
automobile N.Z. on Dec.7 demand was spasmodic. Average to greasy
works. According to one authority, the Novembe
crossbreds realized the following prices: 50-58s, 184. to
in the automobile industry broke all records. It is r output 26d.•, 48-50s, 153's to 2030. 46-48s, 10 to 143'd.; 44-46s, 9d.
for the first 11 months of the year there will be ansaid that to
A
36-40s,73d. to
The
1%d.;40-44s,73 d. to 10
over the same period last year of nearly 100,000 increase first wool sale to be held in Brisbane, Australia9d. 1923
, in
trucks. There is a big demand,it is said, moreovercars and has been fixed for Jan. 23. Other sales will begin on March
chinejtools from railroad companies. Also there , for ma- 6, April 24, May 15 (or 22), and July 3. At each
series
is not a
little inquiry for fabricated steel for bridges.
40,000 bales will be offered.
Porto Rico, has bought 20,000 tons of cast iron San Juan,
from an American cocern. Some 50,000 boxes water pipe
of tin plate
COTTON
are wanted by South American buyers.
output of finished steel in the first week of Meanwhile, the
Friday Night, December 8 1922.
December keeps
pace with the big production of the last half
THE MOVEMENT OF THE CROP, as indicated by
Deliveries are improving as the car situation of November.
grows better. our telegrams from the South to-night, is given below. For
Steel as a whole looks quiet and none too steady.
the week ending this evening the total receipts have reached
WOOL has been steady regardless of the lull in
business. 158,801 bales, against 215,436 bales last week and 217,983
Montevideo and cape has in fact recently advanced
- bales the previous week, making the total receipts since the
video 58-60s. greasy basis, 49@51c. Cape is . Monet 1st of August 1922 3,574,027 bales, against 3,067,40
scarce here.
8 bales
Best combings on clean basis in bond,$1 10
the same period of 1921, showing an increase since
longs on the same basis at $1 05 to $1 08. to $1 12; average for 1 1922 of 506,619 bales.
Choice
clothing in small supply also, and firm. Mohair domestic Aug.
domestic
best combings around .0c.; Cape winter kid mohair
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts atTotal.
has
recently, it is said, sold at $1 11, and domestic kid, $1
13.193 9,630 18,700 5,292 13,932 2,820 63,567
10. Galveston
Domestic fleece unwashed, Ohio & Penn. fine delaine nomi- Texas City
3.497 3.497
3,424
Houston
9.551 12,975
nally 56@57o.; XX,48@51c.; M blood,52@54c.;
blood, New Orleans____ 4,735 13.448 8,120 9.374 5,252 11,865 52,794
48@50c.; 3,4 blood, 43ei46c.Boston wired December 4 that Mobile
809
114
19
85
50
440 1,517
the cables from the London colonial wool auctions that day Pensacola
268
268
Jacksonvill
81
81
showed that trade there was quiet and prices rather weaker Savannah e
415
801
1,210
843 1,480
480 5.229
379 1,067
on merinos. Cables from South America also revealed Charleston
470
612
130
347 3,005
181
547
Wilmington
267
864
192
153 2,204
somewhat lower prices owing very largely,to be sure, to lower Norfolk
919 2,142 2,171 11,073
1,774 2,505 1.562
exchange rates. In Boston early in the week trade was New York
80
200
55
335
1,149
29
397
Boston
quiet with prices steady on good wool at least. At
507 2,082
50
50
74
174
bourne, Australia, on Nov.30 4,800 bales were offeredMel- Philadelphia ____ -----------and
..,+ht.‘...,,,fr
99 407 27.901 31,685 21.321 23,307 32.180 158.801
4,700 bales sold. Selection attractive. Demand better.
Prices steadier. All crossbreds wanted. Fine and medium
The following
grades suitable for America were 10% higher compared with total since Aug. table shows the week's total receipts, the
1 1922 and stocks to-night, compared with
the last sale.
the last year:
4
THE CHRONICLE
DEC.9 1922.]
2597
continued as a rule to send gloomy reports. Yet it is a fact
that exports from American ports to Great Britain this seaThis Sinze Aug This Since Aug
son are larger by a noticeable figure than during the same
1921.
1922.
1 1922. Week. 1 1921.
Week.
time last year. France has taken almost as much American
63,567 1.682.673 56,224 1.435.577 403,498 374,014 cotton, moreover, as up to this time in 1921. Germany and
Galveston
11,513
27.351
13,919
_--59,942
3.497
Texas City
Japan have been backward, but Germany not so much so as
202,641
12,975 467.461
Houston
9.319
466
2,000
_
might have been expected. And Japan has latterly taken
_
Port Arthur, &c
25.239 568,320 275,989 405,504
52,794 710,551
New Orleans
more American cotton. The takings of American mills thus
4,289
700
•
Gulfport
15.873 far this year are somewhat larger than at the corresponding
17.427
73,757
57.505 2,626
1,517
Mobile
____
200
5,433
268
Pensacola
1,885 date last year. While Boston bank officials seem to lean to
7.092
1,764
15
7,814
81
Jacksonville
76,835 166,092 the idea that the American consumption this year will be
5.229 245.986 13,045 384,318
Savannah
1,282
5
250
12.966
24.973
it
Brunswick
61,989 117,477 about 6,250,000 bales, there are others who believe that
38,111
943
49,855
3,005
Charleston
will be larger; that is, at least 6,500,000 bales, if not more, as
Georgetown
38,015
32,192
59.916
66,558 1.954
2,204
Wilmington
against some figures indicating roughly last year 6,200,000
11,073 167,704 9,850 185,479 116.305 126,353
Norfolk
555
and two years ago 5,200,000 bales. It is believed that New
N'port News, &c_
103,667
57,338
250
7,071
3,862
335
New York
5,341 England mills are none too liberally supplied with raw ma5.562
16,604
105
10.666
2,082
Boston
2,242 terial. Southern mills may be carrying pretty good stocks
2,440
32,211
9,728 2,742
Baltimore
10,798
4,692
20,391
1,316 1,677
174
Philadelphia
of raw cotton. Certainly some reports incline to the idea
158.801 3.574.027 116.086 3.067.408 1.088.715 1.380.056 that they are in many cases well supplied for some months
Totals
have in some cases been
In order that comparison may be made with other years, to come. Yet North Carolina mills that matter, have New
buying futures here of late. So, for
we give below the totals at leading ports for six seasons:
England and Canadian mills. The mill buying here, it is
1917.
1918.
1919.
1920.
1921.
1922.
true, has not been individually on a large scale. Individual
R,eceipts at36.775 mills, indeed, have been buying moderately. But in the ag42,930
69,441
56,224
80,934
63,567
Galveston_ _ _ _
8,594 gregate the mill purchases of futures here, mainly of March
1,380
19,650
466
26,583
12,795
Houston. Stc_
50,895
47,920
46,599
66.433
25.239
52.974
New Orleans_
2,909 and May, have reached a worth while total.
5,105
10,269
2,994
2,626
1.517
Mobile
24,329
28,024
Spot markets, moreover, have latterly been firm. Not that
29,266
13,045
15,405
5.229
Savannah _ __ _
2,000
500
3.000
250
200
Brunswick
7,006 they have been at all active; far from it. But the Southern
5,677
14,851
2,482
943
3,005
Charleston
1.883 holder is very firm. He has an idea that he will sooner or
2,070
11,489
2,204
1,954
3,358
Wilmington
10,488
11,179
9,850
9,325
14,837
11,073
and is now
Norfolk
188 later get 30 cents. He has sold out considerable
106
69
126
N., &c.
N'port
13.409 in better financial shape. The South generally is financially
2,504
7,672
2,461
5,489
6,487
All others_ _ _ _
strong. Much of the Southern cotton is now held by marketTot. this week 158.801 116,086 210,301 227.143 147.395 158,476 ing associations, and it is being only gradually sold. There
Since Aug. 1_ _ 3.574.027 3.067.408 2.921.265 3.164.c93 2.357.705 3.179.576 is less of the old haphazard method, or lack of method, in
The exports for the week ending this evening reach a total marketing the Southern cotton crop. Now that there is talk
of 116,564 bales, of which 27,139 were to Great Britain, of a credit fund for farmers in this country of some $60,000,9,317 to France and 80,117 to other destinations. Below 000, it is likely that such a thing appealing powerfully to the
imagination of the Southern cotton farmer may make him
are the exports for the week and since Aug. 1 1922.
less inclined than ever to sell freely at present prices. It
From Aug. 1 1922 to Dec. 8 1922.
Week ending Dec.8 1922.
would not be at all surprising. Not only have New England
Exported to
Exported to
mills considerable cotton to buy, but parts of Europe, if they
Exports
Great
Great
from
are to keep up their position in the cotton business of the
Total.
Britain France. Other.' Total. Britain. France. Other.
world, must also buy sooner or later more freely. And mean4,374 35,016 39,390 301,010 213,446 581,618 1,096,074
Galveston__
sterling exchange has been rising to the highest point
_ 3,424 _ _ _ 9,551 12,975 186,340 98,449 181,513 466,302 while
Houston
438 20,329 27,541 68,056 37,290 206,130 311,476 of the year-the highest, too, since 1919, a fact which has
New Orleans 4,774 2,
800 4,381 16,158
_
4,310 10,031 30,499 naturally led to considerable Liverpool buying here. Francs,
3,581
Mobile
65)
575
75
Jacksonville
5,433 lire and other currencies have also advanced, always except_
710
268
4,723
268
Pensacola
100 5,990 100,631
3,324 40,581 144,536 ing, of course, the German mark, which is down to almost
Savannah _ _ 5,890
6,650 25,593
18,943
Brunswick _
7,914 17,986 nothing. The rise in European exchanges may easily have a
8,978
1,094
Charleston
37,300 42,900 more or less stimulating effect on European buying of cotton
2,(1
5,600
Wilmington. 2;656
13,092 51,361
3.425 5,625 38,269
2,200
Norfolk
has
30,389 26,295 105,483 162,167 in this country. Also, the news from Lausanne of late
4,336 2,&68 1,5141 8,35
New York_
1,683 seemed to point to an early settlement of the Turkish ques1,025
658
Boston
646
167
479
Baltimore_
291 tion. That, of course, has been a thorn in the side of trade
291
Philadelphia
3,740 and finance for weeks past. But, strange as it may sound,
550
400
325
325
2,790
Los Angeles
9.114
36,893 36,893 some reports from
9,114
San Fran__ _
the textile trades of France have recently
Total 1922_ 27,130 9,317 80,1171116,5841 783,099 384,608 1,230,523 2,398,230 been better. In Alsace-Lorraine the textile trades are even
said to be in a satisfactory condition. The mills there are
Total 1921_ 60,164 3,723 96,1411160,028 660,298 343,290,1,537,9922,541,580
Total 1920_ 52,599 8,933 61,250i22,382 791,939 329,8911 902,451 2,024,281 making good progress. Paris reports that spinners have
In addition to above exports, our telegrams to-night also good contracts for five months ahead. In Poland it seems
textile regive us the following amounts of cotton on shipboard, not there is increased prosperity. Some very gooddenied that
cleared, at the ports named. We add similar figiires for ports come from Portugal and Sweden. It is not
textile business looks rather bad in Belgium, not very good
New York.
in Holland, rather discouraging in Czechoslovakia, very
On Shipboard, Not Cleared for
poor, of course, in Germany and Austria, and somewhat depressed in Italy, as well as Switzerland. Moreover, ManLeaving
GerOther CoastGreat
Stock.
chester has persistentlyereported poor trade and more or less
- Britain. France. many. Cont'nt. wise. Total.
Dec. 8 at
of prices.
16,962 10,800 9,000 28,699 17,000 82,461 321,037 depression
Galveston
But on the whole the raw cotton situation is considered
327 44,543 231,446
New Orleans_ _ 12.003 3,221 11,393 17,599
500 76,335 stronger in this country. Some, as already intimated, have
500
Savannah
60,289
300 1,700
200
1,200
Charleston*
5,877 been awaiting the ginning report to-day as likely to afford
400 11,550
8,600
75
2,475
Mobile
116,305 some light as to the size of the Government crop estimate
Norfolk
9,700 126.972
300
800 2,600
Other ports *_ _ 6,000
next Tuesday. Others dismiss the question of the crop. They
Total 1922_- 37,440 14,596 21,193 58,698 18,527 150,054 938,261 believe it is very small. The difference of a few hundred
109,344 1,270,712
Total 1921 -_ 30,674 10,417 26,224 37,354 4,675
to all intents and
Total 1920__ 59,870 9.186 34,516 59.168 4.800 167.540 1,187,942 thousand bales does not alter the fact that
purposes the last two crops have been failures. That means
* Estimated.
Speculation in cotton for future delivery has been on a that these people are not much interested in the Government
moderate scale and at lower prices, though latterly there estimate of Dec. 12. A deficient yield in this country is conRehas been a noticeable recovery. But really the most striking sidered by nine men out of ten as a foregone conclusion.
event has been the fact that brakes were put on the down- cent estimates have been from 9,605,000 to 10,086,000 bales.
interest. Most
ward swing of prices which attained such momentum re- They have been received with but a languid
the first
cently. The rally has not been great. In fact, it has been people opine that there will be a pinch of scarcity in a point
price will go to
very largely a trading market. Many have kept awaiting the half of 1923. They believe that thewith economic law, will
ginning report by the Census Bureau issued to-day and the where consumption, in accordance
real
Government crop estimate to be Issued next Tuesday, Dec. be automatically checked. They consider that the only be
will that point
For a month there had been heavy liquidation. Its ef- question of interest is at what price
12.
Nov. 9 reached?
fect was very marked. From a price for December on
Meanwhile, it is largely a trading market. Bullish enthuto as low as 24.05c., or 275 points,
of 26.80 it fell this week
a chill from the break in less
to $13 75 a bale. But on the way down there had been siasm undoubtedly received a bale. And spot markets conequal
drastic clearing out of long contracts. That the tech- than a month of nearly $15
a very
on the afternoon tinue too quiet to be used as a bullish argument. Cotton
nical position was better became apparent
been dull and more or less depressed.
5th inst. It was still plainer the next day. Each day goods have latterly cutting under mill prices. Exports of
of the
have been
made it, if anything, still clearer. The big longs got out Re-sellers which were recently large, have latterly fallen
has
raw cotton,
recently. Some little longs hung on for several weeks. But
week. And now the off. It is true that whereas one time this season they were
they were dislodged early in the present rise if events favor some 400,000 bales smaller than at the corresponding date
technical position is considered ripe for a
upward movement last season the decrease has at times recently been virtually
it. In fact, there has latterly been a slow
been at the rate of only
impetus of a better demand, trade and speculative. wiped out. But latterly they have
under the
been backward, but its prices'are too low as 20,000 bales a day or less. Trade and speculation are feeling
Liverpool has
although the tone is undoubtedly more bullish,
compared with New York. Both Liverpool and London have their way,
has largely owing to the better technical position.
been selling freely across the water. And Manchester
1922.
Receipts to
Dec. 8.
1921.
Stock.
2598
THE CHRONICLE
To-day prices were irregular, but ended slightly higher,
after a good rally from the low point of the morning. The
Census Bureau repored the ginning up to Dec. 1 at 9,318,144
bales, against 7,639,961 on the same date last year and 10,141,293 in 1920. The ginning for the latest period was 443,304 bales, against 365,760 during the same period last year.
After Dec. 1 last year the ginning was 338,122 bales. If the
October Government crop estimate of 10,135,000 bales is to
be reached, the ginning after Dec. 1 will have to be 816,856
bales. Very many doubt whether there will be that much
ginned. Meantime the weekly statistics were bullish. They
showed an increase in the spinners' takings and a decrease
In the world's visible supply of American cotton, which is
something new. Yet prices at the close show a decline for
the week of 12 to 33 points, the latter on December cotton
coming from New Orleans for delivery on that month. Spot
cotton ended at 24.95c. for middling, a decline for the week
of 35 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 2 to Dec. 8Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
25.25 25.10 24.55 24.75 24.85 24.95
NEW YORK QUOTATIONS FOR 32 YEARS.
1922
24.95c.
1921
18.10c
1920
16.25c.
1919 _ _ _ _39.85c.
1918
29.10c
1917
29.95c.
1916
19.15c.
1915
12.70c
7.50c
13.40c.
12.75c.
9.20c.
14.80c.
14.95c.
9.25c.
12.15c.
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1903
1901
1900
1899
10.95c. 1898
12.60c. 1897
8.00c. 1896
12.50c. 1895
8.50c. 1894
8.37c. 1893
10.12c. 1892
7.69c. 1891
5.75c.
5.88c.
7.44c.
8.38c.
5.75c.
7.81c.
9.75c.
8.06c.
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Saturday.._ Quiet, 5 pts. dec.. Steady..
Monday _- _ Quiet, 15 pts. dec.... Steady
Tuesday _ _ _ Quiet, 55 pts. dee_ _ Easy
Wednesday.. Quiet, 20 pts. adv_ _ Very steady_ _ _
Thursday _ Quiet, 10 pts. adv.. Very steady_
Friday
Quiet. 10 pts. adv.. steady
TAti
700
1,200
700
1,200
1.400
1922.
bales_ 770,000
4,000
65,000
1921.
940,900
76,000
Total Great Britain
839.000 1,016,000
Stock at Hamburg
2,000
22,000
Stock at Bremen
117,000 308,000
Stock at Havre179,000 220,000
Stock at Rotterdam__ _. _.-----6,000
11,000
'76,000 112,000
Stock at Barcelona
55,000
Stock at Genoa
38,000
5,000
Stock at Ghent
10,000
2,000
Antwerp
Total Continental stocks
442,000
721,000
1920.
1919.
904,000 780,000
3,004)
11,000
77.000 116,000
984,000
907,000
Total East India, &c
Total American
94,000
140,000
11,000
82,000
29,000
15,000
141,000
8,000
42,000
57,900
371,000
248,000
3,945,896 4,621,338 4,574,108 4,530,526
379,000
20,000
70,000
91,000
91,000
327,000
679,000
371,000
3,000
9,000
68,000
57,000
73,000
177,090
880,000
200,000
11,000
48,000
49,000
78,000
89,000
210,000
490,000
1,356,000 1,657,000 1,638,000 1,175,000
3,945,896 4,621,338 4,574,108 4,530,526
5,301 896 6,278,338 6,212,108 5,705,526
Total visible supply
14.30d. 10.936. 11.42d. 25.98d.
Middling uplands,Liverpool
38.00c.
16.25c.
18.10c.
Middling uplands, New York_ _ _ _ 24.95c.
Egypt, good sakel, Liverpool.... _ _ 19.00d. 22.736. 29.00d. 52.50d.
Peruvian, rough good, Liverpool_ 17.25d. 13.754. 18.00d. 38.004.
10.40d. 23.60d.
9.80d.
12.50d.
Broach fine, Liverpool
13.636. 10.80d. 11.256. 23.756.
Tinnevelly, good, Liverpool
Continental imports for past week have been 161,000 bales.
The above figures for 1922 show an increase over last week
of 154,482 bales, a loss of 976,442 bales from 1921, a decline
of 910,212 bales from 1920 and a decrease of 493,630 bales
from 1919.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Season.
Movement to Dec. 9 1921.
Ship- Stocks
meats. Dec.
Week.
8.
Receipts.
Week.
Season.
Ship- 1Stocks
meats. Dec.
Week.
9.
543 29,264
Ala.,Birming'
879 9,439
22,571
490 12,123
75!
•
500
Eufaula
6,968
100 5,450
200, 3,643
5,121
201
726
Montgomer
50,256
885 21,386
611132,069
698 41,094
•
380 51,008
Selma
335 10,713
58
34,597 1,1071 15,536
1,244
28,964 1,342 18,548 1,500 27,296 1,000 18,276
Ark., Helena..
Little Rock_ • 3,862 143,992 5,761 61,316 5,219 105,751 2,672 55,482
2,939 81,940 2,469 59,779 1,436
Pine Bluff.._
71,754
974 59,736
_
5,977
Ga., Albany_ _
3 3,104
5,727
84 4,483
35
3,583 25,516
Athens
627 25,070 2,417 61,799 1,200 47,361
Atlanta _ _ . 10,738 179,908 11,453 83,186 7,12
136,447 5,911 52,381
• 5,767 165,639 5,593 74,193 9,252 198,888 7,818143,915
Augusta
Columbus_ _ . 4,800
79,988 2,942 29,241 3,162
26,823 1,331 19,863
•
783 30,856
Macon
762 17,773
365 13,830
52!
22,53.
889 28,279
742 7,797 1,191
Rome
921 11,760
25,479
1,800 66,000 2,500 25,800 2,0''
La., Shrevepor
47,913 1,000 48,000
640 20,750 1,354 7,311
Miss.,Columbth
482
13,910
289 6,690
3,181 109,284 6,03: 68,178 6,029 107,999 5,452 79,381
Clarksdale__
97,716 2,636 65,641 2,171
.
Greenwood... 2,596
80,493 1,411 60,929
486
29,069 1,555 9,950
Meridian_ .._
809 25,396 1,048 17,668
•
27,021
740
705 11,813
Natchez
963 26,343
147 14,520
761
19,920 1,424 10,140 1,571
Vicksburg _ _
21,089
889 15,265
26,888
378
410 23,274 1,0
Yazoo City_
27,988
402 20,630
Mo., St. Louis • 36,754 321,736 36,94: 19,089 30,209 404,707 31,641 26,269
3,647 25,776 2,662 24,556 1,338 19,945
N.C.,Gr'nsbor ) 5,182 51,44
•
7,499
305
400
Raleigh
456
5,849
359
275
353
3,909 42,040 4,182 22,138 4,945 59,074 3,624 18,121
Okla., Altus_ _
65,808 2,841 12,689 1,990
Chickasha_ _ • 2,151
41,834
871 11,298
Oklahoma _ _ • 2,957 65,407 5,745 26,622 2,128
42,826 1,630 22,822
3,229 88,849 4,039 56,707 2,379 90,990 3,736 45,745
S. C., Greenvill
6,967
115 10,218
319
Greenwood..
898
10,20
39 10,81
Tenn.,Memphl 49,387 621,241 46,494 183,228 27,840 519,82 30,607263,667
____
226
70
104
238
Nashville
95
805
-iii 38,966 471 2,557
986 101,717 1,194 5,429
Texas, Abilene
17,762
21' 4,299
176
200
9,357
200 4,856
Brenham_ -402j
900___
23,186
402 31,072
___ 2,980
Austin
46,371 2,120 17,639 6,010 111,063 4,666 47,604
2082,
Dallas
110
601
18,800
600 11,403
Honey Grove
60,0852,152,260 65,5241393.497 67,2631,602,831 58,094302.626
Houston _ _
65,854 1,8781 5,832 2,4151 37,822 1,923 13,233
1,431
Paris _ - 760
San Antonio_ 2,Ii' 44,889 2,5001 2,279-___
43,40
711 14,036
51,08! 2,856 11,797 1
1,00:
Fort Worth
•
-
Total, 41 towns915 5295 0245'2Sfl.RSfihiOS 205.6634,295,298 172,1701576304
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 2. Dec. 4, Dec. 5. Dec.6. Dec. 7. Dec.8.
Week,
December
24.90-10524.75-10324.35-10524.05-.5524.35-.72 24.48-83 24.05405
Range
Closing _ _ _ _ 24.99 -24.88-.90 24.35-.40 24.53-.55 24.64 -24.75 - --
January
-
24.92411 24.80-108 24.35414 24.15-.60 24.41-.78 24.51-.87 24.15414
Range
Closing
_ 24.99401 24.90-.92 24.35-.38 24.56-.58 24.66-.68 24.78 -- February
--------------------Range
Closing _ _ 25.00,
-24.93 -24.40 -24.62 -24.72 -24.86 --- March
24.97417 24.88413 24.47419 24.29-.75 24.36-.93 24.65-105 24.29Range
119
Closing __ _ _ 25.05 -24.96-.9724.47-.53 24.68-.70 24.76-.81 24.94-.95---
April
-
Range
Closing _
May
Range
Closing
- 25.00 -24.91 -24.43 -24.66 -24.76 -24.90 - -_
24.87405 24.80402 24.39407 24.22-.72 24.52-88 24.55-.96 24.22407
24.93-.95 24.84-.88 24.40-.43 24.61-.68 24.74-.75 24.85-.90-- -
June
-
5,301,896 6,278,338 6,212,108 5,705,526
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales 446,000 561,000 533,000 580,000
Liverpool stock
37,000
Manchester stock
56,000
68,000
68,000
397,000 651,000 303,000 199,000
Continental stock
520,000 357,161 686,482 714,209
American afloat for Europe
1,088,715 1,380,056 1,355,482 1,619,730
U. S. port stocks
1,445,005 1,576,304 1,586,723 1,337,311
IL S. interior stocks
12,176
39,817
U. S. exports to day
41,421
12,276
324,000
4,000
28,000
45,000
102,000
121,000
369,000
363,000
Week.
3,300
1,281,000 1,737,000 1,355,000 1,155,000
Total European stocks
India cotton afloat for Europe_ _ _ 102,000
91,000
57,090
78,000
American cotton afloat for Europe 520,000 357,161 686,482 714,209
Egypt, Brazil, &c.,afloat for Eur'e 121,000
91,000
73,000
89,000
369,000 327,000 177,000 210,000
Stock in Alexandria, Egypt
363.000 679,000 880,000 490,000
Stock in Bombay,India
1,088,715 1,380,056 1,355,482 1,619,730
Stock in U. S. ports
Stock in U. S. interior towns_ _ _ _1,445,005 1,376,304 1,586,723 1,337.311
12,176
39,817
U. S. exports to day
41,421
12,276
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt; Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Receipts.
------
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec,8Stock at Liverpool
Stock at London
Stock at Manchester
Movement to Dec. 8 1922.
Towns.
1,400
3,300
[VOL. 115.
Range
Closing ___ _ 24.80 -24.70 -24.26 -24.50 -24.58 -24.70 - --
July
-
Range
Closing
August
-
24.55-.73 24.50-.70 24.08-.77 23.96-145 24.25-.57 24.27-.62 23.96-177
-
_ 24.61-.63 24.59-.60 24.11-.12 24.37 -24.42 -24.55 --
-- -24.30
Range
24.30 Closing _ _ _ _ 24.27 -24.17 -23.76 -24.00 -24.10 -24.20 - -September
Range
_ 23.60 -23.57 -23.12 -23.50 -23.57 -23.68 ---Closing
October
Range
Closing
22.95-112 22.92-112 22.52-116 22.51-.95 22.81-105 22.90-120 22.51-116
23.00 -22.97-.9822.52-.5722.90 -22.97 -23.08 ----
/25.00. 123.00. 124.00.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
Dec. 8ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1922Since
Aug. 1.
323,128
138,448
3,193
32,577
67,094
158,271
Week.
36,948
13,860
.1,068
3,316
3,827
6,723
Total gross overland
65,742
Deduct Shipments
Overland to N. Y., Boston, &c 2,591
Between interior towns
713
Inland, &c., from South
13,039
Total to be deducted
-1921-Since
Aug. 1.
412,192
197,765
5,328
37,732
103,120
120,089
Week.
31,647
14,268
365
2,642
6,724
6,994
722,711
.62,639
876,226
25,472
10,446
203,587
4,774
1,428
12,148
76,277
10,838
132,758
16,343
239,505
18,350
219,873
Leaving total net overland*----49.399
483,206
44,289
656,353
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 49,399 bales, against 44,289 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 173,147 bales.
-1922
In Sight and Spinners'
Since
Week.
Aug. 1.
Takings.
Receipts at ports to Dec. 8
158,801 3,574,027
Net overland to Dec.8
49,399
483,206
Southern consumption to Dec. 8..a 80,000 1,533,000
-1921
Since
Week.
Aug. I.
116,086 3,067,408
44,289
656,353
73,000 1,289,000
•
Total marketed
Interior stocks in excess
288,200 5,590,233 233,375 5,012,761
*12,151
929,014 29,493
459,066
Came into sight during week....-276,049
262,868
Total in sight Dec. 8
6,519,247
5,471,827
Northern spinn's'takings to Dec.8 97,779 1,010,177
63,145 1,135,453
* Decrease during week. a These figures are consumption; takings not
available.
1
2599
THE CHRONICLE
DEC.9 1922.]
Movement into sight in previous years:
Bales.
5,471,827
5,553,921
5,187,892
Since Aug. 1Bales.
262,868 1920-Dec. 9
346,285 1919-Dec. 12
277,505 1918-Dec. 13
Week-Dec.9
1920
1919-Dec. 19
-Dec. 13
1918
OTHER
QUOTATIONS FOR MIDDLING COTTON AT
MARKETS.
Closing Quotations for Middling Cotton on
Friday.
Saturday, Monday, Tuesday, Wed'day. Thursd'y.
24.80
24.70
24.60
24.40
24.90
24.95
Galveston
24.50
25.50
24.50
24.50
25.00
New Orleans_ _ _ 25.25
24.25
24.00
24.00
24.00
24.98
24.50
Mobile
24.88
24.70
24.60
24.35
24.81
24.90
Savannah
24.50
24.44
24.75
24.13
24.63
124.75
,
Norfolk
25.25
25.25
24.75
25.25
25.50
Baltimore
24.69
24.50
24.44
24.13
24.63
24.75
Augusta
25.00
25.00
25.00
25.25
25.25
25.25
s
Memphi
24.75
24.65
24.55
24.35
24.85
24.90
Houston
25.00
25.00
25.00
24.88
25.25
Little Rock_ _ _ _ 25.25
24.05
23.90
23.80
23.60
24.15
24.30
Dallas
24.00
23.90
23.80
23.60
24.15
Fort Worth_ _ _ _
Week ending
Dec. 8.
1921.
1922.
Cotton Takings.
Week and Season.
Week.
6,345,596
5,147.414
Visible supply Dec. 1
6,111,250
3,760,450
Visible supply Aug. 1
276,049 6,519,247 262.868 5,471,827
8
American Insight to Dec.
636,000
91,000
371,000
90,000
Bombay receipts to Dec. 7
63,000
8,000
84,550
5,000
Other India ship'ts to Dec. 7__ _
362.000
22,000
743,800
58,000
6_
Alexandria receipts to Dec.
90,000
15,000
b90,000
b6,000
Other supply to Dec.6..*
3 11,569,047 6,744,464 12,734,077
5,582,46
Total supply
Deduct
5,301,896 5,301,896 6,278,338 6,278,338
Visible supply
280,567 6,267,151 466,126 6,455,739
Total takings to
206,567 4,537,601 264,126 4,933.739
Of which American
74,000 1.729.550 262,000 1.522,000
Of which other
from Brazil, Smyrna, West Indies, &c.
* Embraces receipts in Europe
tion by
d
a This total embraces since .Aug. 1 the total estimate consump
0 bales in 1921-takSouthern mills, 1.533,000 bales in 1922 and 1,289,00
e amounts taken by Northern and
ings not being available-and the aggregat
9 bales in 1921, of
foreign spinners, 4,734,151 bales In 1922 and 5.166,73b Estimated.
n.
which 3,004,601 bales and 3,644,239 bales America
INDIA COTTON MOVEMENT FROM ALL PORTS.
1921.
1922.
NEW ORLEANS CONTRACT MARKET.
Dec. 8.
Receipts at
Since
Aug. 1.
Monday,
Dec. 4.
report on the amount of cotton
d as half
growth of 1922 as fellows, round bales counte the like
made with the returns for
bales, comparison being
period of 1921., 1920 and 1919:
1922.
803,772
28,247
976,452
17,195
26,004
712,310
339,377
963.289
127,500
790,766
618,075
493,034
365,272
3,020,196
23,205
13,470
United States
7,639,961
1920.
1919.
2
59,286
57
1921.
573,923
25,791
755,428
15.737
11,744
803,132
275,699
788,929
66,142
738,447
470,778
734,705
280,752
2,076,319
15,039
7,306
9,313,144
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
Others
7
61412 15
TIM
16,063
61k118
15,779
1,261,326
1,556,137
260,451
331.041
Tilii
694,640
71,751
611,103
768,712
1,259,029
209.741
3,423,111
9,842
6,342
10,144,921
635,378
.1,298.080
197,004
:
2,09 Bi
3,314
8,844,368
Total all
1922
1921
1920
7,000 31,000 24,000 62,00
10,000 99,000 109,00
3,000 16,000 32,000 51,000
1920.
Since
Since
Week.'Aug. 1.
Friday,
Week.
Tuesday, Wednesday, Thursday, Dec. 8.
Dec. 7.
Dec.6.
Dec. 5.
90,000 371,000 91,000
Bombay
24.28-24.30 24.54 -""
24.18December_ 24.52 bid 24.55-24.59 24.0424.47-24.50
For the Week.
_ _ 24.55-24.58 24.57-24.59 24.00-24.04 24.15-24.18 24.34-24.36 24.54-24.57
January
24.40-24.44
March_ _ _ _ 24.60-24.62 24.59-24.60 24.02-24 08 24.23-24.24 24.32-24.36 24.47-24.48
Great
Great Conti- Japan&
23.90-23.95 24.16-24.19
Exports.
24.44-24.45 24.45May
25
23.96-23.9624.13-24.14 24.24-24.76
Britain. neat. China. Total. Britani.
-23.6924.22-24.24 24.21
July
57 22.68-22.70 22.75-22.
22.56-22.
22.69-22.70 22.30October _ _ 22.70Bombay
Tone
Steady
Steady
Steady
6,000 21,000 24,000 51,000 36,
1922
Dull
Steady
Quiet
Spot.. _
Steady
Steady
2,000 99,000 101,000 10,
Steady
Steady
1921
Steady
Options_ Steady
,56o 15,000 30,00 46,000 14,
11920
ING Other IndiaGINN
9,000
11,000
CENSUS BUREAU REPORT ON COTTON Dec. 8 its
1,000 10,000
1922
2,000
8.000
8,000
2921
-The Census Bureau issued on
TO DEC. 1.
8,00
the
2,000 5,000
2,000 1,000
1920
ginned up to Dec. 1 from
Saturday,
Dec. 2.
Season.
Week.
Season.
Wcek.
I Aug. 1.
626,000 62,0001 419,000
Since Aug. 1.
Conti- Jaran
neat.
China.
Total.
155,000 373,000 564,000
627,000 847,000
210,
202,000 138,000 354,000
75,55
60,000
57,000
41,I I I
84,050
62,000
106,000
45,000 230,050 373,500 648,550
12,000 270,000 627,000 909,000
259,I I I 179,000 460.000
22,
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1922.
Exports (bales)
To Liverpool
To Manchester. &c
To Continent and India_
To America
1920.
180,000
2.719.541
145,000
1.803.872
Since
Week. Aug. 1.
Receipts (cantarsThis week
Since Aug. 1
1921.
290,000
3.647.802
Alexandria, Egypt.
Dec. 6.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
12,000 90,065 6,000 74,277 7,000 39,953
47,872 7,000 31,280
5,000 63,494
7,000 106,150 8:5go 84,250 5,750 37,043
1.500 67,335 1,500 11,028
3,000 67.058
27,000 326,767 15,850 273,734 21.250 119,304
Total exports
about 750 lbs.
-Reports to
Note -A canter is 99 lbs. Egyptian bales weigh ending Dec.6 were
WEATHER REPORTS BY TELEGRAPH.
This statement shows that the receipts for the week
e that
us by telegraph from the South this evening indicatcotton 290,000 cantars and the foreign shipments 27,000 bales.
-Our report received by
the weather has been generally fair throughout the CaroMANCHESTER MARKET.
North
belt. Some cotton remains to be gathered in northwestern cable to-night from Manchester states that the market for
lina, but little remains unharvested in the
both yarn and cloth is quiet. Demand for cloth is im.
portion of the belt.
proving. We give prices to-day below for comparison:
Thermometer
high 80
high 82
high 80
high 76
high 75
high 79
high 79
high 69
low 66
low 44
low 66
low 68
low 50
low 56
low 60
low 64
low 60
low 57
low 60
low 50
low 53
low 52
low•40
mean 71
mean 61
mean 74
mean 75
mean 66
mean 70
mean 73
mean 69
mean 67
mean 63
mean 65
mean 66
mean 54
RECEIPTS FROM THE PLANTATIONS.
Week
ending
Receipts at Ports.
1922.
1921.
1920.
Stocks at Interior Towns.
1922.
Receiptsfrom Plantations
1920.
1920. 1922. I 1921.
1921.
1921.
1922.
32s Cop
Twist.
Oct. d.
6 19
13 193(
20 20
27 2034
Nov.
3 20%
10 2134
17 2234
24 21%
Dec.
1 21
8 20
8)( lbs. Shirt- Corn
lags, Common Mid.
Upl's
to Finest.
32s Cop
Twist.
d. s. d.
2034 15 4
20% 15 4
21% 16 0
21% 16 3
s. d. d. d.
016 0 12.37 23
016 0 13.15 23%
016 4 13.50 22
@)17 0 14.14 21%
22 16 3
22% 16 6
23% 16 6
22% 16 4
017 0
41)17 2
017 3
017 1
22 162 @167
21% 160 @165
14.56 20%
15.55 19
14.87 18%
14.8,1 19
COG@ Geee
high 76
high 78
high 82
high 82
high 82
on GOO@ OGG@
Rain. Rainfall.
2 days 0.28 in.
dry
1 day 0.26 in.
dry
dry
1 day 0.02 in.
3 days 0.16 in.
dry
dry
2 days 0.37 in.
1 day 0.16 in.
3 days 0.10 in.
dry
2 days 0.14 in,
0 days 0.67 in.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
Shreveport
Mobile, Ala
Selma
Savannah, Ga
Charleston, S.C
Charlotte. N 0
834 lbs. S'itrt- Cot's
ings, Common Mid.
Upl's
to Finest.
d. s. d.
28 18 9
26 18 9
25 18 9
24% 18 0
a. d. d.
019 9 14.21
019 9 12.62
019 9 12.54
019 0 12.32
23 17 9
21 17 3
20% 17 0
21 17 0
018 9
018 3
@180
018 0
12.11
10.88
10.00
11.64
169 (11179
169 @179
10.67
10.95
0 21
14.74 18
14.30 1734 a), 20%
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 116,564 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Sept.
851,827 334,415 222,912 158,938
22__ 205,404 168.787 128.999 600,540 1,037.994 920,155 305,164 315,437 227,369
29_. 253,298 205,490 159,041 743,160 1,147,941
Bales.
Oct.
380,561 336,134 235,776
6._ 275,188 258.740 173,236 897,611 1,225,335 982.695 420,815 351,131 273,635
-Dec. 1-Cedric, 1,669; Caronia„
-To Liverpool
YORK
4,280
13._ 250.881 275,129 202,284 1,067,545 1,301,337 1,054,046 445,288 280,446 335,578 NEW 1,135: Bradaron, 1,476
1,147,781
56
20_. 326.020 269,084 241,843 1,186,813 1,312.699 1,217,067 391,607 285.136 340,968
-Dec. 1-Belgian, 56
To Manchester
17
27_. 297,539 217,599 271.682 1,280,881 1,380,236
To Barcelona-Dec. 1-Primero, 17
2,505
Nov.
1,296.123 439,8521294.124 340,920
-Dec. 4-Zarembo, 305: Nervier, 2,200
To Havre
1.436,173
1,247
3._ 385 080 238.187 261.804 1,355.653 1,465.821 1,353,590 346,8751214.253321,151
To Bremen-Dec. 5-Yorck, 1,247
250
10_ _ 294,227 184,805263,6841,408,301
1901,423,547 304,2961224,791 284.076
To Danzig-Dec. 5-Lituania, 250
4,774
17._ 251,573170,422214.1191,461,0191,520,
-Nubian,4,774
-Dec.2
-To Liverpool
1,542,660 1,483,140 241,626 159,695 279,349 NEW ORLEANS
386
24_ 217,983 137,225219,756 1,484.662
To Barcelona-Dec. 1-Infanta Isabel, 386
100
Dec.
-Alberta 100
To Trieste-Dec. 6
1,457,156 1.546,811 1,543,053242,942 172,082 291,675
600
6
1_. 215,43 167,931 231,762 1,445,0051,576,3041,586,723146,6501145,579 253.971
,2-Tomalva,600
To Rotterdam-Dec
6,688
158,801 116,086 210,301
8._
-Alberta, 6,688
To Venice-Dec.6
7,649
That the total receipts
To Bremen-Dec. 2-Hilde Hugo Stinnes, 7,649
550
The above statement shows: (1)
-Dec. 2--Cardonta, 550
To Oporto
589
are 4,568,250 bales:
plantations since Aug. 1 1922
To Rotterdam-Dec.6-Maasdam, 589
100
from the
in 1920 were 3,648,047
Dec. 2-Cardonia, 100
To Lisbon3,000
were 3,526,474 bales, and s at the outports the
in 1921
-Dec. 4-Kossuth, 3,000
To Naples
2,438
-Dec.6-Coldbrook, 2,438
To Havre
That although the receipt
230
bales. (2)
-Dec. 6-Coldbrook. 230
To Ghent
bales, the actual movement from
437
past week were 158,801bales, the balance going to increase
To Antwerp-Dec. 6-Coldbrook, 437
12,834
Voyager, 12,834
146,650
GALVESTON-To Japan-Dec. 1-Steel4,374
plantations was
4,374
-Dec. 1-Jacques Cartier,
year receipts from the plantaTo Havre
-Infanta
-Mar Tirreno,4,765......Dec.7
stocks at interior towns. Last 9 bales and for 1920 they
To Barcelona-Dec.2
11.590
were 145,57
Isabel, 6.825
tions for the week
1,550
To Bremen-Dec. 2-Theben, 1.550
25
-Infanta Isabel, 25
were 253,971 bales.
-Dec.7
To Santander
1,250
-Lancaster Castle, 1,250
COTTON.
-Dec. 2
To Antwerp
7,767
7,767
Y AND TAKINGS OF ent indicates
-Lancaster Castle,
-Dec. 2
To Ghent
WORLD'S SUPPL
3,424
statem
-Dec.6
ON-To Liverpool
The following brief but comprehensive for the week and HOUSTBremen-Dec.8-Theben,-West Durfee,3,424
9,551
9,551
To
supply of cotton
3.351
at a glance the world's
from MOBILE-To Liverpool-Nov.29-Caahoma County,3,351
230
two seasons, from all sources
ter-Nov. 29-Coahoma County, 230
To Manches
sin9e Aug. .1 for the last
400
s
takings, or amount
To Genoa-Dec. 1-Carlton,400
400
which statistics are obtainable; also the
To Rotterdam-Dec. 1-Saco, 400
1
gone out of sight, for the like period.
1
2600
THE CHRONICLE
[VOL. 115.
Bales.
NORFOLK
-To Bremen-Dec. 2
-Emden, 800___Dec. 8
-Harmon, 1,825
2,625
To Liverpool
-Dec. 2
-Appomattox. 2,200
2,200
To Rotterdam-Dec. 8-Burgerdyk, 800
800
PENSACOLA-To Bremen-Dec. 2
-Braddock, 268
268
SAN DIEGO
-To Liverpool
-Dec. 1-Steel Engineer, 325
325
SAN FRANCISCO
-To Japan-Nov.29
-President
Nanking, 2.375_ __Dec. 5-Bearport, 2.125 Lincoln,4,264;
8.764
To China-Dec. 5-Bearport, 350
350
SAVANNAH-To Liverpool-Dec.2-Parthenia,5,890
5,890
To Bergen-Dec.2
-Delaware, 100
100
WILMINGTON
-To Liverpool-Dec.5-Parthenia,2,600
2,600
Total
116,564
pected to buy 2,400,000 bushels of Manitoba. But the speculation for a time lacked snap.
Later wheat advanced on covering due to the movement
looking to the providing for $60,000,000 farm credits by the
United States Government. Prices on the 6th advanced 1 to
1%c. after an early decline, due chiefly to Liverpool prices.
Just before the close announcement was made that a bill to
create a farm credits department had been formally placed
before both Houses of Congress and that the bill, if enacted;
would make available $48,000,000 in addition to the GovernLIVERPOOL.
-By cable from Liverpool we have the fol- ment's present $12,000,000 subscription to the farm loan syslowing statement of the week's sales, stocks, &c.,at that port: tem. This helped prices, not alone for wheat, but for corn
Nov. 17. Nov. 24.
Dec. 1.
Dec. 8. and oats. Germany bought considerable wheat. On the 6th
Sales of the week
34,000
25,000
23,000
20,000 Inst. 700,000 bushels of Manitoba were taken for export,
Of which American
12.000
12.000
13,000
9,000 partly to England, and
Actual export
other parts of Europe as well as
2.000
2,000
4,000
2,000
Forwarded
57,000
54,000
61,000
54,000 Germany. Sterling, too, was higher.
Total stock
617,000 686,000 694,000 770.000
Of which American
On the 7th inst. prices advanced with sterling exchange
331,000 375.000 377.000 446,000
Total imports
108,000 139,000
66,000 136,000 higher, reports of heavy rains in Argentina and a sharp rally
Of which American
92,000
84,000
37,000 101,000
Amount afloat
326,000 296,000 353,000 281,000 in Liverpool after an opening decline. Some 700,000 bushels,
. Of which American
204,000 189,000 229,000
mostly Manitoba, were taken for export, including some
The tone of the Liverpool market for spots and 166,000 American hard winter and a cargo of
durum in winter storfutures
each day of the past week and the daily closing
prices of age. It is estimated, however, that the Argentine shipments
spot cotton have been as follows:
this week will approximate 3,000,000 bushels.
The movement of crops in Canada during the last two
Spot.
Saturday. Monday.
Tuesday. Wednesday. Thursday.
months has broken all records, according'to official advices
Friday.
Market, 1
to the Department of Commerce, which declared that at no
12:15
Quiet
Quiet
time in the past have the grain elevators and transportation
Quiet
Dull
Dull.
P.M.
facilities been so taxed as they have to take care of the shipMid.Upi'ds
14.59
ments since Oct. 1. More than 63,800 cars were inspected by
14.49
14.27
14.17
14.30
the Canadian Government in October. Early indications
Sales
HOLIDAY
5,000
5,000
4,000
3,000
5,000
were that the figure for November will be even higher. The
Futures.
Quiet,
Quiet,
Steady,
Quiet,
quality of both wheat and rye was reported to be unusually
Steady
Market
7 to 9 pts. 3 to 4 pts. 16 to 27 pta 4 to 11 pts. 6 to 9
pts. high, with an export total for
decrease, decrease. decrease, advance. advance.
the last seven months of 153,134,887 bushels of grain, as against 138,000,000 bushels for
Market, I
Quiet but Quiet,
Steady,
Steady, Quiet unch.
4
the 1921 navigating season.
steady,5 to 3 to 4 pts. 15 to 42 pts 10 to 19 pts to 2
pts.
P. M. 1
8 DtS. dec. decrease. decrease. wilinnee
Adynnep
The case to test the constitutionality of the Grain Futures
Prices of futures at Liverpool for each day are given below: Act, brought by the Chicago Board of Trade and others, has
been advanced by the Supreme Court for argument on Jan.
Sat.
Mon.
15. The court ordered, subject to acceptance by the GovernTues.
Wed.
Thurs.
Fri.
Dec. 2
ment, that the status quo be preserved while the case is pendto
1234 1214 1234 4:00 1234 4:00 1234 4:00
1234
Dec. 8.
p.m. p.m. p. m.p. m. p.m. p.m. p. m.p. m. p.m. 4:00 1231 4:00 ing and for 20 days thereafter, provided that the members
p.m. p. m p. m.
of the Board of Trade shall not be relieved from severally
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
becember
keeping and preserving, as required by the Grain Futures
14.04 14.05 13.94 13.94 13.72 16.52 13.62 13.8813.75 d.
13.69
January
13.94 13.95 13.84 13.84 13.62 13.45 13.54 13.60
Act, all their contracts for future delivery during the penFebruary
13.82 13.83 13.72 13.72 13.51 13.32 13.43 13.50 13.63 13.62
March
13.74 13.75 13.64 13.64 13.43 13.26 13.37 13.44 13.58 13.52 dency of the suit.
13.5113.46
April
HOLI- 13.66 13.67 13.56 13.56 13.35 13.19 13.30
To-day prices advanced. European needs are very big.
13.37
May
DAY
13.5 13.59 13.49 13.4913.28 13.13 13.24 13.32 13.4613.39
June
13.48 13.48 13.39 13.39 13.18 13.04 13.15 13.23 13.40 13.33 Washington reports say for the current grain year European
13.31 13.24
July
13.38 13.3: 13.29 13.29 13.09 12.96 13.06 13.14
requirements will be about 640,000,000 bushels. The closing
August
13.15 13.15 13.06 13.06 12.88 12.76 13.86 12.94 13.21 13.14
September
12.87 12.89 12.81 12.84 12.65 12.58 12.66 12.72 13.01 12.94 at Chicago was at a rise for the week of y to %c. Grain
3
October
12.64 12.66 12.59 12.59 12.43 12.37 12.44 12.50 12.78 12.73 people expect the farmers 'credit bill
12.55 12.51
to pass. Stocks in ChiNovember
12.49 12.51 12.44 12.4. 12.28 12.29 12.33 12.39 124A 19 AA
cago are small. Receipts to-day were light.
BREADSTUFFS
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_135 13534 13334 134
135 13554
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery
cts_11834 111 11734 1183i 118
119%
May delivery
11634 115
115
116% 116
11951
July delivery
107% 107
107
108
10831 10834
Friday Night, Dec.
Flour has been quiet, with dealers pretty well 8 1922.
The receipts here have been large. In a single supplied.
day they
were close to 78,000 bbls. and 6,700 sack, a large percentag
e
Indian corn declined on rather pronounced liquidation, in
of which was for domestic markets. For a fortnight
the receipts have been very large. Naturally, this has greatly sympathy with a decline in wheat. It was accentuated, too,
eased the situation in the matter of supplies. In fact, stocks by large receipts of corn itself at primary markets. The
have been piling up. Some of it is coming here by all-rai American visible supply, moreover, increased 414,000 bushl
routes. To make matters from the holders' standpoint els, against a decrease last year of no less than 1,806,000
worse, wheat has recently been declining. That of itself, bushels, a difference of 2,200,000 bushels. That certainly did
wholly irrespective of accumulating flour supplies, would not help matters. The total is now 11,172,000 bushels,
tend to make buying cautious. Some believe, indeed, that against 15,508,000 last year. The cash demand early in the
prices are to decline further. And the holidays are near at week, it is true, was fair, but it did not offset these bearish
hand, when trade in any case usually slackens. So that factors.
Later prices rose with those for wheat. Exporters took
everything, I. e. supplies, easing prices, slowness of trade,
has conspired to make an uneventful week. To cap the cli- 200,000 bushels, mostly for Denmark. Offerings fell off. On
max, export demand has been light, as European markets December contracts, it is true, 212,000 bushels were delivare now getting liberal supplies of both wheat and flour from ered and this caused an early decline on the 6th, especially
the United States on old orders. But some think Europe as receipts increased. But later it fell into line with wheat
must before long come into the market again. They point to and rose before the close. To-day prices declined somewhat,
one fact as significant, namely in France a 10% admixture with offerings larger. The ending was at a decline for the
of rye or rice flour will be enforced by order of the Govern- week of % to 1c.
DAILY CLOSING PRICES OF CORN IN NEW
ment on Dec. 6.
YORK.
Sat. Mon. Tues.
Wheat declined early in the week, with Liverpool off, No. 2 yellow
cts_ 9234 9034 8854 Wed. Thurs, Fri.
stocks depressed, weakness in December wheat, sales of cash DAILY CLOSING PRICES OF CORN FUTURES8931 9034 9031
IN CHICAGO
Sat. Mon. Tves. Wed. Thurs. Fri..
wheat by Omaha to Chicago for delivery on December con- December delivery
cts 7034 70
6854 6954 7054 7054
tracts, and a drop in cash prices of 1Y to 212c. at Minneap- May delivery
2
/
6934 6934 6854 6954 70
70
6854 6834 6834 6954 6934 6934
4c. to 314c. at Winnipeg. Also, Europe fell, influ- July delivery
/
olis and 21
Oats declined with other grain. Moreover, the cash marenced by high record exports for the week of 19,120,000 bushels and an increase of about 7,500,000 bushels in the amount kets dull and depressed. Scattered liquidation told in Deon passage. North America furnished 17,108,000 to the cember especially. Also, primary receipts were larger. No •
world's shipments, the greater part from Canada. Washing- attention was paid to a decrease in the American visible
ton wired that the United States Bureau of Agricultural supply last week of 1,277,000 bushels in striking contrast
Economics says the prospects for winter grain in the four with an increase in the same week last year of 774,000 bushNorthwestern States slightly improved during the last half els, a difference of 2,000,000 bushels. Nor did the fact that
of November, even though the outlook is for a somewhat the total supply is now only 32,940,000 bushels, against 69,198,000 a year ago have any influence. It seemed to be burnt
smaller acreage and a condition below that of last year.
It is true the American visible supply decreased last week powder.
Later prices advanced with wheat and on reports
1,732,000 bushels, against 979,000 last year, and that the tothat a
tal is now only 33,428,000, against 47,762,000 a year ago, but bill had been introduced in Congress providing for $60,000,this was ignored in the prevailing early pessimism. The 000 farm credits. Also, the cash markets were firm. Shorts
quantity of bonded wheat, by the way, increased 4,143,000 covered. To-day prices advanced with a better demand.
bushels. Half a million bushels were taken for export on They end at a rise for the week of Y on December, with
4c.
December 4. But Chicago reported the cash demand poor May at the same price as a week ago.
and premiums weaker. There was some buying on the 4th
DAILYICLOSING PRICES OF OATS IN NEW
Sat. Mon. Tues. Wed.YORK.
inst., against offeis to the Greek Government, which was ex- No. 2 white
Cts MX 5334 5354 5334 Thurs. Fri.
6354 5354
DEC.9 1922.]
THE CHRONICLE
OATS FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
42% 42% 43% 44%
42
cts_ 43
December delivery
43%
42% 42% 42% 423 43
May delivery
403 403
39% 39% 39% 40
July delivery
2601
THE DRY GOODS TRADE.
New York, Friday Night, Dec. 8 1922.
Textile markets remain generally firm, though less active.
on
Rye fell with other grain early in the week, especially
concerned about the present
the decline. Manufacturers, however, are not
the drop in wheat. Long liquidation punctuated bushels was dulness, as they are in a much more comfortable position
last week a cargo of 300,000
It is true that late
But this than for some time past. In most instances, mills have suffitaken, or was said to have been taken for export.
the 4th inst., with all other grain down. cient orders on their books to keep them occupied until well
counted for little on
week
The American visible supply, moreover, increased last the after the turn of the new year. Cotton goods markets con722,000 bushels, against 652,000 last year. This raises
tinue to drift quietly, which is to be expected, as a slackening
total to 10,284,000 bushels, against 6,846,000 last year. And of demand is usually experienced at this time of the year.
restive for a
at the same time trade was slow. Longs were
Furthermore, selling agents and commission merchants look
time, though later the market improved.
prices advanced somewhat, ending at a rise for the for the quietness to continue during the remainder of the curTo-day
rent month, as jobbers are not likely to re-enter the market
week of 1% to 1%c.
FUTURES IN CHICAGO. on a liberal scale until after they have completed their inDAILY CLOSING PRICES OF RYEMon. Tues. Wed. Thurs. Fri.
Sat.
84% 84% ventories. The chief feature in textiles is the firmness of
cts_ 82% 81% 82% 84
December delivery
87% 88
863.1 863.1 863 87
May delivery
prices at the higher levels recently established. Neither the
are closing quotations: •
The following
easier tendency of raw cotton markets, nor the limited deGRAIN.
mand, have caused any pressure to sell on the part of first
Oats
Wheathands at concessions. There have been some offerings by
53%
No. 2 white
$1 351
No. 2 red
523.1
1 35%
No. 3 white
No. 2 hard winter
second hands at slight price reductions, but these have not
Barley
Cornbeer a factor in the general situation. In regard to finished
Nominal
Feeding
903.
No.2 yellow
82@84
Malting
99
goods, occasional advances have been quietly made on cer-No. 2
Rye
FLOUR.
tain lines that have been below the parity of the market. As
36 50 37 00 Barley goods
Spring patents
above stated, manufacturers are well sold ahead, and as long
15 75
'
No. 1
Winter straights, soft__ 5 90 625
Nos. 2, 3 and 4 pearl_ 650
as the markets for raw cotton remain around present levels,
Hard winter straights__ 6 15 660
5 75035 90 there is not likely to be any material decline in prices for the
Nos. 2-0'and 3-0
5 75 6 25
First spring clears
600
Nos. 4-0 and 5-0
5 00 550
Rye flour
finished products. In a number of channels the trade is
Oats goods-Carload
Corn goods, 100 lbs.:
2 92%03 0231 working toward the fall season of 1923, and already some of
spot delivery
2 l0© 2 20
Yellow meal
1 900 1 95
Corn flour
the fancy samples of cotton blankets have been shown in samFor other tables usually given here, see page 2551.
ples to buyers who care to go ahead.
stocks in granThe visible supply of grain, comprising the
DOMESTIC COTTON GOODS: No increase in activity
seaboard has been noted in the demand for domestic cotton goods durary at principal points of accumulation at lake and
ports Saturday, Dec. 2, was as follows:
ing the past week. While this period of the year is usually
GRAIN STOCKS.
quiet, some of the holders of wash goods stocks in converting
Barley, hands are more or less disappointed at the cautious buying
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush.
United States380,000 on the part of large stores. As a result there is evidence of
621,000
1,347,000 1,315,000 2,238,000
New York
258,000
21,000
1,000
54,000
Boston
weakness in the offerings of small lots. Large factors, how1,000
55,000
536,000
239,000
423,000
Philadelphia
dover this, as they point
44,000 ever are not disturbed or surprise
357,000 1,203,000
693,000 1,916,000
Baltimore
2,000 out that as the end of the year approaches there is likely to
23,000
2,015,000 1,588,000
159,000
New Orleans
109,000
1,353,000
Galveston
stocks by small dealers. It is
698,000 be an inventory liquidation of
4,072,000
218,000 1,206,000 1,984,000
Buffalo
13,000 hardly possible that any material lowering of prices in gen21,000
112,000
535,000
234,000
Sioux City
3,000
473,000
70,000
1,166,000
Toledo
eral will take place at this time, as a number of lines are still
20,000
31,000
72,000
18,000
Detroit
230,000 under-priced, this being particularly true in regard to per991,000
1,751,000 2,547,000 7,417,000
Chicago
afloat
210,000
'
of the printed and woven convertibles for
104,000 cales, and many
54,000
104,000
141,000
477,000
Milwaukee
227,000 spring. A better demand is predicted for brown goods after
73,000
4,182,000
656,000 2,375,000
Duluth
7,000 the turn of the year, as initial purchases in some of the job21,000
891,000
119,000
107,000
St. Joseph, Mo
664,000
40,000 13,840,000 1,457,000
3,893,000
Minneapolis
4,000 bing centres for spring were very moderate. Markets for
8,000
1,296,000
402,000
245,000
St. Louis
135,000
3,545,000
398,000
894,000
sheetings have ruled quiet and slightly easier, particularly
Kansas City
19,000
273,000
403,000
Peoria
in the bag manufacturing constructions and weights. Sell-.
443,000
267,000
356,000
Indianapolis
46,000 ing at concessions, however, has been largely by second
1,766,000
762,000 2,403,000 • 182,000
Omaha
67,000
731,000
2,468,000
417.000
658,000
On Lakes
attention of many
253,000 hands. January sales are claiming the
33,000
33,000
1,582,000
On Canal and River
retailers whose representatives are now in the market, and
10,284,000 2,740,000 judging from the interest displayed, extensive preparations
Total Dec. 2 1922_ _33,428,000 11,172,000 32,940,000
Total Nov.25 1922.._ _ _35,160,000 10,758,000 34,217,000 9,562.000 3,398,000
there appears to be
Total Dec. 3 1921_ _47,762,000 15,508,000 69,198,000 6.446,000 3,547,000 are being made for these events. While
-Bonded grain not included above: Oats, New York, 64,000 bushels: little difficulty in securing goods, the "bone of contention" is
Note.
25,000; Buffalo, 818.000; Duluth, 24,000: on Lakes. the question of price. Values that were offered a year ago
Boston, 45,000; Baltimore,
New
837,000; total, 1,813,000 bushels, against 506,000 bushels in 1921. Barley,
considerable extent this year,
York, 139,000 bushels; Buffalo, 1,197,000; Duluth,68,000; Toledo. 3,000; on Lakes, cannot be obtained to any
in 1921. Wheat, New which is resulting in a larger amount of "shopping around"
108,000: total, 1,515,000 bushels, against 528,000 bushels
Baltimore,
York, 1,168,000 bushels: Boston, 1,151,000; Philadelphia, 1,538,000;
Toldeo afloat, than usual. Sentiment in regard to the future continues
1,063,000: Buffalo, 8,189,000; Duluth, 338,000; Toledo, 925,000;
bushels, against optimistic. With mills sold ahead from two to three months,
996,000; Chicago. 335,000; on Lakes, 9,411,000; total, 25,114,000
27,251,000 bushels in 1921.
any setback in cotton goods is not likely to occur unless some
Canadian
98,000 material change happens in the trend of business as a whole.
443,000
428,000
812,000
1,747,000
Montreal
1,692,000
2,754,000
William & Pt. Arthur_ 9,593,000
Ft.
1,099,000 Print cloths, 28-inch,64 x 64's construction, are quoted at 8c.,
390,000
11,282,000
Other Canadian
hc. Gray goods in the 39-inch,
and the 27-inch, 64 x 60's, at 71
443,000 2,889,000
812,000 3,572,000
1922_ _ _22,622,000
Total Dec. 2
80 x 80's, at
711,000 2,667,000 68 x72's, are quoted at 10%c., and the 39-inch,
928,000 3,600,000
Total Nov.25 1922_ _ _ _34,300,000
4,000 2,269,000 13%c.
Total Dec. 3 1921_ _ _27,775,000 1,451,000 7,282,000
Summary
WOOLEN GOODS: Markets for woolen goods have been
33,428,000 11,172,000 32,940,000 10,284,000 2,740,000
American
443,000 2,889,000 fairly active, and there are no indications of lower prices in
812,000 3,572,000
22,622,000
Canadian
the near future. While there is talk in some quarters that a
Total Dec. 2 1922..._56,050,000 11,984,000 36,512,000 10,727,000 5,629,000
Total Nov.25 1922_ _ _69,460,000 11,686,000 38,267.000 10,273,000 6,065,000 halt in the long rise in prices will soon take place there are
76,480,000 6,850.000 5,816,000 no signs of this at present. According to reports, the buying
Total Dec. 3 1921_ _ _ _75,537,000 16,959,000
WEATHER BULLETIN FOR THE WEEK ENDING of finished garments has increased since the advent of cool
-The general summary of the weather bulletin weather. Jobbers of dress goods report that a good business
DEC. 6.
issued by the Department of Agriculture, indicating the has developed this fall in all sections, while salesmen returninfluence of the weather for the week ending Dec. 6, is as ing from the road state that retailers are displaying increased interest and confidence and that prospects are for
follows:
-Fair weather as a rule prevailed throughout the cotton belt and broader buying within the near future. Advances in prices
Cotten.
to be
there was little interrruption to farm work. Some cotton remainednorth- for overcoatings are generally expected, as demand for these
gathered in North Carolina, but little remained unharvested in the
that the conwestern portion of the belt.
the soil with continues good. Both buyers and sellers agree
Wheat.-Rainfall during the last few weeks has supplied
and dition in this field is unprecedented, with no apparent signs
the
ample moisture for winter grains throughout that Ohio Valley States was
area. This crop
in
of any let-up in activity. Certain fabrics of quality are said
wheat showed substantial improvement
Illinois,
reported as good to excellent in Indiana.except in some southern localities to be becoming difficult to obtain, and to buyers in urgent
The condition and progress o
and progress was favorable in
the crop had greatly improved in need of these, almost any price appears attractive. Manuwheat were satifactory in Missouri and
Arkansas since the recent rains.
Nebraska. but good growth was made dur- facturers of woolen blankets are commencing to name new
Plants are late and small in
weather in Kansas was favorable in
coming season, and as expected,
ing the week, while the mild sunshiney winter in fine shape in the eastern prices on their goods for the
the
that State. Wheat was going into in need of moisture in the West where they show decided increases over values of last season.
two-thirds of Kansas, but was still
Conditions were favorable in Oklahoma
FOREIGN DRY GOODS: The activity in markets for
the plants were just coming up. reported except the dryer western porlinens is centred largely in making deliveries of stock for
and Texas, where good growth was
Oklahoma.
tion of
Mountain States was beneficial holiday and January sales. The freight delays are causing
The precipitation in the Central Rocky
Northwestern districts was retailers inconvenience in many sections, and they are urgto winter grain, and the snow fall in the Far
was mostly
moisture continued insufficient. The ground Mississippi ing merchants to expedite shipments. There has been no
helpful, although
also in the extreme upper
bare throughout the Lake regions and close of the week was unfavorable.
Valley, where the cold wave at the Middle Atlantic States, but winter change in the price situations as stocks held have been satisGood rains occurred in most of the
factory with sufficient good business to go around. The finer
of the South.
cereals were in need of moisture throughout mostfuring much of the week
Corn.
-The weather wasild, pleasant and fair favorable conditions for qualities have sold well, while there has also been a good
country, making
throughout the interior of the
not completed, made inquiry for low ends. There has been less inquiry for burfield work and corn husking, and cribbing where fields in northwestern
good progress. Considerable corn remains in the was about finished in laps during the week. Light weights are quoted at 6.80 to
but husking
Ohio, southern Iowa and in Missouri,
7.00e. and heavies at 8.75 to 8.90c.
Nebraska and was well along in Kansas.
2602
THE CHRONICLE
ffitate antt Tity glepartuunt
[VoL. 115.
Dallas County Levee Improvement District No. 3.—
Injunctions Restraining Collection of Taxes and Issuance of
Bonds Dissolved.—Injunctions granted to W. H. Clarke, a
taxpayer, and others, by Judge E. B. Muse of the FortyFourth District Court, restraining the district from collecting
taxes on a $160,000 band issue and from issuing an additional
$114,000 bonds, on Nov. 18 were dissolved by Associate
Justice Dexter Hamilton of the Fifth Court of Civil Appeals,
according to the Dallas "News" of Nov. 20. The "News"
continues in part:
MUNICIPAL BOND SALES IN NOVEMBER.
During November there was further contraction in the
amount of long-term municipal bond disposals, the total for
the month having been only $33,604 352. The aggregate
for October was $66,651.779 and for September $97,364,782.
This ruling of the Appellate Court will have a wide effect on the voting
In November 1921 the disposals were $119,688,617.
and sale of levee district bonds. in the opinion of E. E. Hurt, counsel for
Included in the prominent sales of the month were: Provi- the levee district. A number of Dallas County districts which have been
preparing to contest the collection of their taxes on
dence, R. I., $2,500,000 4% water supply bonds, awarded to will not take action. Other districts which have beentheir bonds probably
awaiting the decision
all
the bonds, he said.
R. L. Day & Co., Merrill, Oldham & Co. of Boston, and Es- in Theprobability will vote Judge Muse granted were brought by W. H.
injunctions which
Clarke
tabrook & Co. of New York at 97.16, a basis of about 4.15%; Trinityfor the taxpayers in Levee District No. 3. which is located near the
Rod and Gun Club, between Dallas and Hutchins at Markham's
$2,500,000 432% Omaha School District, Neb., bonds, Bend. Approximately 3.300 acres along the Trinity extending up Five
Mile Creek, are embraced in this district.
awarded to Harris, Forbes & Co. and the National City Co.
The decision of the Appellate Court. according to Mr. Hurt, upholds
the constitutionality
to
of New York at 99.18, a basis of about 4.48%; $1,500,000 a large extent on the of the levee districts Acts. The opinion dwells on
manner in which the district is. created as well as
5% highway bonds of Hillsborough County, Fla., to Har- the conduct of its business after it is incorporated.
Another case affecting the levee district laws and the
ris, Forbes & Co. of New York at 101.68, a basis of about
4.86%; Atlantic City, N. J., received no bids for several levy of taxes and issuance of bonds for levee purposes is
referred to in V. 115, p. 2401, under the caption `Texas".
issues of bonds, aggregating $2,802,000, when offered on
Detroit, Mich.—Mayor Couzens Resigns.—On Dec. 5
Nov. 22, but later sold at par $1,425,000 43's to Geo. B.
James Couzens, appointed
Gibbons & Co. of New York, who also purchased $1,375,000 succeed Senator Newberry,to the United States Senate to
resigned his position as Mayor
6% 1-year bonds, which are not included in our tabulation of Detroit. The resignation was accepted by the Common
of long-term bond disposals, but are treated as short-term Council unanimously. John C. Lodge, President of the
obligations; $1,000,000 5% public school bonds of Birming- Council, will succeed Couzens as Mayor.
ham, Ala., awarded to Geo. B. Gibbons & Co. of New York
Multnomah County School District No. 1 (P. 0.
at 103.32, a basis of about 4.78%; St. Paul, Minn., school Portland), Ore.—Validity of Bonds Upheld by Circuit
bonds in the amount of $1,000,000, awarded to Eldredge Court.—On Nov. 25, according to the Portland "Oregonian,"
Stapleton of the Circuit Court, upheld the validity of
& Co., New York, and the Wells-Dickey Co. of Minneapolis Judge
the $3,000,000 bonds whose legality was questioned by Wood
at a bid of par for $500,000 4s and $500,000 432s.
& Oakley of Chicago, attorneys for the Merchants' Loan &
Short-term securities put out during the month amounted, Trust Co., Ames, Emerich & Co. and the Ladd & Tilton
according to our records, to $37,301,291, of which $31,- Bank, who were the successful bidders for a block of $300,000
675,000 were issued by the City of New York. A block of of the bonds. The suit, which is a friendly test case, ordered
$8,000,000 general fund bonds was also issued by New York by the School Board—V. 115, p. 2498—was brought, it is
stated, in the names of E. B. Miller, a resident, the contenCity.
tion being made that the election had not been thoroughly
Canadian disposals of long-term obligations shrunk con- advertised and the polling places not properly designated.
siderably during November, the aggregate being only As soon as the court had acted, J. B. Hosford, attorney for
$1,599,627, as compared with $28,714,878 for October, the the Plaintiff, served notice of intention to appeal to the
latter, however,including $20,000,000 5% bonds of the Prov- Supreme Court. We quote the "Oregonian" in full:
In the first court action over validity of the $3,000.000 bond issue of
ince of Ontario, $3,100,000 5s of the Metropolitan Commis- School District No. 1, taken in Circuit Court yesterday before Presiding
Judge Stapleton. the School Board won a decision which upheld legality
sion of the Island of Montreal, and $2,639,884 City of Ot- of the bonds. The suit, which is friendly in nature, was the first step in
the matter to the
tawa debentures. The City of Montreal in November made carrying Miller as a residentState Supreme Court.
and taxpayer, filed the suit against the school
E. B.
a temporary borrowing of ,100,000.
district and the members of the School Board. The complaint alleged
that the election of June 17, at which the voters approved the bond issue,
Below we furnish a comparison of all various forms of was illegal and asked that the School Board be enjoined from selling the
bonds for this reason. Illegality of the election, the complaint alleged,
obligations put out in November during the last five years:
was due to an insufficient number of posted notices and the further fact
that the polling places were not properly designated in the election call.
1921.
1920.
1919.
1918.
Almost simultaneously with the filing of the suit the school district and
$
board members filed a demurrer, alleging that the complaint did not state
111,688,617 57,602,117 47,564,840
27,783,332
34,501,800 53,423,900 22,712,600 42,913,900 grounds sufficient to constitute a cause for action. J. B. Hosford appeared
for Mr. Miller and Samuel H. Pierce for the school district. There were
15,641,001 14,287,5608659'425'
953a650'206'395 practically no arguments. Judge Stapleton stating that he was familiar
11,000,000 8,000,000
None 23,500,000 with the case. He immediately sustained the demurrer of the district.
None 6,000,000
None
500,000 This, in effect, threw out the suit, but Attorney Hosford served notice of
85,505,270 180,331,418 139,313,577 729,703,393
appeal to the Supreme Court.
Total _
744,903,627
The suit is a move to obtain an opinion from the Supreme Court upon
validity of the bond issue, which has been questioned by Wood & Oakley.
•Includes temporary securities issued by New York City, $31,675,000 in
1922, a Chicago firm of bond attorneys. This firm scrutinized the bonds for a
$27,131,900 in 1921, $47,727,900 in 1920, $20,061,900 in 1919 and
$39,418,900 in syndicate composed of the Ladd & Tilton Bank and two Chicago bond
1918.
houses, whose bid for $300,000 of the bonds had been accepted by the
a Includes $650,000,000 "Victory Loan" bonds; the subscriptions
aggregated School Board. The firm turned down the bonds on the ground that the
5676,057.867.
b Includes $650,000,000 "Victory Loan" bonds; the subscriptions
election call designated "various" instead of "usual" or "regular" polling
aggregated places.
$673,199,790.
1922.
Beretloans(U.S.) 38,604,352
*Temp.loans (U.S.) 37,301,291
Canlan l'ns (perm.) 1,599,627
Gen.fd.bds.(N.Y.C.) 8,000,000
Bds. of U. S. poss'ns
None
The number of municipalities emitting bonds and the number of separate issues made during November 1922 were
360 and 408, respectively. This contrasts with 390 and
566 for October 1922 and with 387 and 488 for November
1921.
For comparative purposes, we add the following table
showing the aggregate of permanent loans for November and
the eleven months for a series of years:
Subsequent offers of other firms to take the bonds, despite the opinion
of the Chicago attorneys, have been rejected by the Schopl Board as too
low in price or stipulating too high a rate of interest.
The -Ladd & Tilton Bank has advised the School Board that it stands
ready to fulfill its proposal to purchase $50,000 of the bonds.
New York State.—Official Vote on Constitutional Amendments.—According to an official announcement of the
State Board of Canvassers made Dec. 7, the proposed constitutional amendment increasing the salaries of Appeals Court
Judges lost by a vote of 891,980 "against" to 572,502 "for."
The voters approved the other amendment, which requires
Month
For the
that mayors send special city bills direct to the House from
Month
For the
November.
11 Months.
November.
11 Months.
which they were sent whether the Legislature is in session
1922
638,604,352 $1,014,06J.328 1906
$12,511,550 $180,483,172
115, p. 2291.
1921
119,088,u17
988,301,613 1905
25,888 207 174,825,430 or not—V.
1920
57,602,117
627,711,624 1904
32,597,509 240,819,161
Pittsburgh, Pa.—Borough of St. Clair Annexed.—By
1919
47,564,840
629,435,991 1903
14,846.375 138,789,253
27,783,332
1918
273,572,372 1902
13,728,493 136,895,772 vote of 921 `for" to 548 "against" the residents of St. Clair
15,890,626
1917
418,719,565 1901
6,989,144 116,092,342 Borough favored annexation to the city of Pittsburgh at a
18,813,239
421,361,571 1900
1916
9,956,685 123,572,311
28,815 595
1915
463,644,631 1899
8,790,489 113,131,780 special election held Dec. 5. It was originally expected
21,691,126
1914
444,862,916 1898
7,721,284 95,778,450 that question would be submitted at the general election,
30,708,685
358,611,490 1897
1913
6,868,775 120,128,531
13,021,999
358,893,919 1896
1912
vote was delayed. The City Council of Pittsburgh
34,913,894
95,831,773 but the
19,738,613
360,830,804 1895
1911
6,524,901 105,475,839 has already passed an ordinance approving of the annexation.
24,456,351
283,414,600 1894
1910
4,549,580 103,689,851
1652.
18,906,555
307,673,842 1893
1909
7,300,770 60,114,709 See V. 115, p.
28,427,304
285,747,250 1892
1908
5,176,012 80,526,266
4,408,381
213,924,703
1907
'Wyandotte, Mich.—Annexation of Ford Voted.—At
Owing to the crowded condition of our columns, we are special election held Dee. 5 the annexation of Ford was
the voters. The total vote in Wyandotte was
obliged to omit this week the customary table showing the approved byto 139 "against," and in Ford 723 "for" to 426
2,996 "for"
month's bond sales in detail. It will be given later.
"against." Ecorse Township, of which Ford is a part,
showed opposition to the loss of the territory, there being
133 affirmative and 223 negative ballots.
NEWS ITEMS.
Albany, Ga.—Commission Form of Government Defeated.—
BOND PROPOSALS AND NEGOTIATIONS
The electors, by a majority of 286 out of 2,888 votes, defeated
as follows:
a proposal for a commission form of government submitted ths week have been
ALBANY, Linn County, Ore.—BONDS VOTED.—At a recent election
at a special election held Dec. 4.
an issue of $18,000 jail-site purchase bonds was authorized.
DEC.9 1922.]
2603
THE CHRONICLE
-On $90,000 00 school bonds to the Trustees of the Teachers' Retirement Fund.
-BONDS REGISTERED.
Due on Nov. 15 from 1923 to 1942, ind.
ALLEN COUNTY (P. 0. Iola),rKan.
and $40,000
State Auditor of Kansas egistered $50,000 534%
21.290 91 monthly local work bonds to the Sinking Fund. Due Nov. 15
Nov. 7 the
1923.
6% road improvement bonds.
-BOND OFFERING.
-The two
-BOND SALE.
ALLENTOWN, Monmouth County, N. J.
BURLINGTON;Burlington County, N. J.
will receive bids until 12 m. Dec. 16
Chas. S. Joiner, Borough Clerk,par of an issue of $15,000 4/4% bonds. Issues of 5% coupon (with privilege of registration) bonds offered on Dec. 5
at not less than
as follows:
-were awarded
for the purchase
an incorporated bank -V. 115, p. 2292 impt. bonds, to M. M. Freeman & Co., Philadelphia,
temporary
Due $1,000 yearly for 15 years. Certified check on
for, payable to Edward $10,000 at 101.90, a -basis of about 4.67%. Date July 1 1922. In
or trust company, for 2% of amount of bonds bid
required.
J. & J. Due July 1 1928.
Dilatush. Treasurer,
and
-Weil, Roth &
20,000 water bonds, to the Sinking Fund Commission at 103.50 &
-BOND SALE.
ASHLAND, Ashland County, Ohio.
interest, a basis of about 4.56%. Date May 1 1922. Int. M.
special assessment
1942 incl.
Co. of Cincinnati, purchased an issue of $23,800 6% Nov. 27, for a preN. Due $1.000 May 1 1923 to
on
of the United
street impt. (property owner's share) bonds offered 4.75%. Date Nov. 1
Denom. $1,000. Prin. and int. payable in lawful money
basis
mium of $1,865, equal to 107.83, a and 1 of about
for 3800. Due yearly on Oct. States at the office of the City Treasurer.
Denom. 23 for $1,000 each,
1922.
-BONDS REGISTERED.
(P. 0. Eldorado), Kan.
1924: $3,000. 1925 and 1926; $2,000. 1927; $3,000.
BUTLER COUNTY
1 as follows: $2,000,
road
1932. Int. A. & 0.
-On Nov. 14 the State Auditor of Kansas registered $100,000 434%
1928 and 1929; $2,000, 1930; $3,000, 1931; $2,800,
-The improvement bonds. •
-DATE OF OFFERING.
ASHLAND, Ashland County, Ohio.
-BOND OFFERING.
assessment street impt.(propBUTLER COUNTY (P. 0. Hamilton), Ohio.
dateof the offering of the $58,6006% special is Dec. 16 1922. Bids will be
Clerk of
will be received until 12 m. Dec. 19 by Edward Marts.than par
erty owners' share) bonds (V. 115, p. 2498)
less
Finance and Public Proposals
,
the Boardof Count' Commissioners, for the purchase at notbonds, issued
received until 12 m. by Lotta Westover, Director of
and interest of $163,800 5% coupon Oxford-Millville Road Date Nov. I.
Record.
6929, Gen. Code. Denom. to suit purchaser.
ATCHAFALAYA BASIN LEVEE DISTRICT (P. 0. Port Allen), under Sec. and semi-ann. int. (M. & N.) payable at the Counts,. Treasbonds offered on 1922. Prin.
-It appears that the $250,000 5%
-BOND SALE.
1924, 1925 and
La.
urer's office. Due yearly on Nov. 1 as follows: $41,000, bid for, payable
Aug. 22-V. 115, p. 891-have been sold.
1927. Cert. check for 5% of amount
-BONDS REGIS- 1926, and $40,800,
ATCHINSON COUNTY (P. 0. Atchinson), Kan.
to the County Treasurer. required.
-On Nov. 9 the State Auditor of Kansas registered $83,000 434%
TERED.
CAMERON SCHOOL DISTRICT (P.O. Cameron), Clinton County,
road improvement bonds.
-Our Western repreMo.-BOND ELECTION DECLARED ILLEGAL.
-The price paid sentative adivses us that the $60,000 school bonds issue recently voted-V.
-PRICE.
ATLANTIC CITY, Atlantic County, N. 3.
& Co., Inc., of New York, for the $1,425,000 46% 115, p. 2499
to be submitted to a vote of the people as the first
-will have
by George B. Gibbons
gold tax-free
gold coupon tax-free high school bonds and the $1,375,000 6% 115, p. 2498, election has been declared illegal.
coupon park and fire bonds;the sale of which was reported in V.
-The
CARROLL COUNTY (P. 0. Carrollton), Mo.-BOND SALE. and
was par and accrued interest.
Wm, R. Compton Co. of St. Louis has purchased $125,000 highway
-It is reported bridge bonds.
-BOND SALE.
ATTLEBORO,.Bristol County, Mass.
offered on
Dale.
that an issue of $30,000 434% 1-15-year serial bridge bonds, a basis of
CATHAY SCHOOL DISTRICT NO. 10, Wells County, No. funding
Dec. 6 was awarded to Parkinson & Burr of Boston, at 101.03, on Dec. BOND SALE.
-The State of North Dakota purchased $5,000 4%
about 4.28%. Date Dec. 11922. Denom. $1,000. Due $2,000
of November. Date July 1 1922. Due
bonds at par during the month
1 from 1923 to 1937, inclusive.
July 1 1942. Bonds are not subject to call but may be redeemed 2 years
Other bidders, all of Boston, were:
100.63
from date of issue.
100.94 Edmunds Brothers
Merrill. Oldham & Co
100.622
100.866 F. S Moseley & Co
Estabrook & Co
CAVE SPRINGS CONSOLIDATED SCHOOL DISTRICT (P. 0.
100.509
-On Dec. 2, by a
First Nat. Bank of Attleboro_100.85 B. J. Van Ingen & Co
Cave Springs), Early County, Ga.-BONDS VOTED.
100.34
100.751 Curtis & Sanger
Old Colony Trust Co
vote of 206 "for" to 23 "against," an issue of $10,000 school-building bonds
100.739 R. M. Grant & Co., Inc_ _ _ A00.26
& Braun
Stacy
was voted.
100.69
Grafton & Co
-On
CHANUTE, Neosho County, Kans,-BONDS REGISTERED.
Tex.
% water-works
BAILEY COUNTY COMMON SCHOOL DISTRICT NO. 5,$16,000 Nov. 15 the State Auditor of Kansas registered $125.000
-The State Comptroller of Texas registered
BONDS REGISTERED.
bonds.
6% 10-40-year bonds on Dec. 1.
-The
CHARLESTON, Kanawha County, W. Va.-BOND SALE.
Tex.
BAILEY COUNTY COMMON SCHOOL DISTRICT NO. 1,$30,000 State of West Virginia, has purchased $490,000 5% street and incinerator
-The State Comptroller of Texas registered
BONDS REGISTERED.
bonds at par. Denom. $1,000. Date July 11922. Int. annually (July).
-year bonds on Dec. 1.
534% 10-30
Due in 30 years, optional after 10 years.
-The Village Clerk
-BONDS VOTED.
BATH,Steuben County, N. Y.
CHELTENHAM TOWNSHIP SCHOOL DISTRICT (P. 0. Elkins
of
-Robert Glendenning
informs us that the proposition to issue $40000 bonds for the completion
-BOND SALE.
was Park), Montgomery County, Pa.
a special election held Dec. 5. The vote
the villar hall was voted
& Co., of Philadelphia, were awarded the $190,000 43.1% school bonds
396 "for to 133 "against.
offered on Dec. 4 (V. 115, p .2292). Date Dec. 1 1922. Due.38,000 on
Dec. 1 in each of the years 1932, 1937, 1942, 1917 and 1952.
-BOND OFFERING.
BENTON COUNTY (P. 0. Camden), Tenn.
of the
-The
-BOND SALE.
Sealed bids will be received until 1 p. m. Jan. 2 by N. J. Cuff. Clerk
CHESAPEAKE, Lawrence County, Ohio.
Denom
Court.for $50,0005% highway bonds. Date Oct. 11922.inclusive. $1.400 6% sidewalk construction bonds offered on Nov. 10-V. 115, p. 1967
County
$1,000. Int. A. & 0. Due $10,000 March 1 from 1936 to 1940,
-were sold Nov. 20 at par as follows: $600 to J. A. Cassady,$400 to M. W.
A certified check for 2% of amount bid for required.
Henson, and $400 to the Sinking Fund Trustees. Denom. $200. Date
-BOND SALE.- Nov. 10 1922. Int. M. & N. Due yearly on Nov. 10 for 7 years.
BERGEN COUNTY (P. 0. Hackensack), N. J.
bidding $813.049 60 for
-BONDS
-BIDS REJECTED.
Lamport, Barker & Jennings, Inc.. of New York,
CHESTER, Orange County, N. Y.
awarded
$808,000 bonds, equal to 100.62, a basis of about 4.42%, were principal REOFFERED.
-James S. Demerest, Village Clerk, informs us that all bids
as to
the issue of 434% coupon gold (with privilege of registration hospital bonds for an issue of$10,000 % fire engine and equipment bonds,offered on Dec. 1,
only, or as to both principal and interest), road, bridge andDue serially on were rejected. Bids for the above bonds will be received until 12 m. Dec.
offered on Dec. 4 (V. 115, p. 2401). Date Dec. 1 1922.
$52,000 in 21. Date Dec. 11922. Int. J. & D. Denom. $1,000.
Dec. 1 as follows: $42,000 from 1923 to 1940, inclusive, and
to yield
CINNAMINSON TOWNSHIP SCHOOL DISTRICT(P.O.Riverton),
1941. These bonds are now being offered to investors at prices
-The price paid for the $50,000 434%
-PRICE.
Burlington County, N.J.
4.25%•
school bonds, reported sold to the Cinaminson National Bank of Riverton,
-BONDS REGISBLANCO COUNTY ROAD DISTRICT NO. 2, Tex.
555% serial (V. 115, p. 2490) was 100.1125, a basis of about 4.48%•
TERED.
-The State Comptroller of Texas registered $40,000
-Thomas D.
-BOND SALE.
CLAY COUNTY (P. 0. Brazil), Ind.
bonds on Nov. 29.
& Co., Indianapolis, were awarded the issue of $26,600 5% Hardy
-The two issues Sheerin al. Jackson and Sugar Ridge Townships road bonds, offered on
-BOND SALE.
BLOOMFIELD, Essex County, N. J.
Hicks at
awarded
Dec. 5 (V. 115, p. 2499) for a premium of $310. equal to about 101.167,
of 434% bonds offered for sale on Dec. 4 (V. 115, p. 2292) were
months
as follows:
York. a basis of about 4.77%. Date Nov. 6 1922. Due $1.330 each six
offered) school bonds,toll. L. Allen & Co. of New Due from May 15 1924 to Nov. 15 1933.
$253,000($254,500
.
about 4.447,
for $254,543 30 (100.61) and int:, a basis of
-At the
Nov. 15
VOTED.
-BONDS
CLEAFtWATER, Pinellas County, Fla.
as follows: $9,000, Nov. 15 1923 to 1937 incl.; $13,000,
incl., and election held on Nov. 21-V. 115, p. 2292
-the $25,000 bonds for baseball
1938 to 1941 incl.; $13,500. Nov. 15 1942 to 1945
grounds were voted.
$12,000 on Nov. 15 1946.
Co. for
Trust
141,000 temporary improvement bonds, to the Bloomfield Due Nov. 15
CLEARWATER, Sedgewick County, Kans.-BONDS RE..7ISTERED.
$141,026, equal to 100.01, a basis of about 4.49%•
_on Nov. 20 the State Auditor of Kansas registered $17,500 5% electric1928.
& N. light line bonds.
semi-ann. int.(M.
Denom. $500. Date Nov. 15 1922. Prin. and
-The McCarthy
at the Bloomfield
-BOND SALE.
CLINTON, Clinton County, Iowa.
15) payable in gold coin of the United States of America
Improvement Co., of Davenport, has been awarded an issue of $109,866 37
Bank of Bloomfield.
National
-improvement bonds, in payment for work.
Parish, street
Morehouse
BONITA SCHOOL DISTRICT (P. 0. Bastrop), offered on July 11
COLFAX COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Rilton), N.
-The $5.000 5% school bonds
La.
-BOND SALE.
Trust & Bank- Mex.-BOND OFFERING.
-Bids will be received until Dec. 29 for $5,000
(V. 115, p. 2849), were purchased by the Johnson Interstate
as follows: 6% 10-year school bldg. bonds by Ralph Colby, Clerk.
Date June 1 1922. Due on Juite.1
ing Co. of Bonita at par.
to 1929, inclusive.
$500. 1923 to 1926, inclusive, and $1,000, 1927
COLOUQHOWN SCHOOL DISTRICT NO. 2, Renville County,
Boulder), Colo.
No. Dak.-BOND SALE.
-During the month of November the State of
BOULDER PAVING DISTRICT NO. 23 (P. 0. purchased $35,000 North
Dakota purchased $5.000 4% building bonds at par. Date July 1
of Denver have
BOND SALE.-Sidlo, Simons, Fels & Co.
1920. Due July 1 1940. Although the bonds are not subject to call
6% bonds. Denom. $1,000. Date Nov. 1 1922.
-Ac- they may be redeemed 2 years from date of issue.
-TEMPORARY LOAN.
County, Mass.
BRAINTREE, Norfolk
-At an
of $125,000, dated
-BONDS VOTED.
CONCORD, Merrimack County, N. H.
cording to newspaper reports a temporary revenue loan the First National
election held on Nov. 29 the proposition to issue $40,000 school building
Dec. 6 1922 and maturing April 6 1923, has been sold to
bonds was passed by a unanimous vote.
discount basis.
Corporation of Boston on a 4.37%
-OTHER BIDN. Y.
CONCORD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
BRIARCLIFF MANOR, Westchester County,434% sewer extension
-Wm. R. Beard,
-BOND OFFERING.
Frankfort), Ross County, Ohio.
-The other bidders on the issue of $120,000
DERS.
New York. for 100.39 (V. 115. Clerk of the Board of Education, will receive bids until 12 m. Dec. 19 for
bonds awarded to Sherwood & Merrifield of
the purchase at not less than par and interest of $35.000 5%_% school
p. 2498), were:
Premium. building bonds issued under authorit,, of Sections 5649-4 and 7630-1 Gen.
Names of Other Bidders.
100.38 Code. Denom. $1,000. Date Dec. 19 1922. Int. M. & S. Due yearly
Seasongood & Mayer, N. Y
100.31 on Sept. 1 as follows: $2,000 1924 to 1935, incl. and $1,000 1936 to 1946,
Geo. B. Gibbons & Co., N Y.
100.21 incl. Certified check for $1,750 payable to Wm. R. Beard, as Treasurer,
'
N.Y
Farson. Son & Co.,
paid for within 10 days from date
required.
-The $210,000 6% of award. Bonds to be delivered and
SALE.
-BOND
BRISTOW, Creek County, Okla.
-were purchased by
1352
municipal bonds voted on Sept. 5 -V. 115, p.
-The Rosenat a premium of $6.700, equal to
COVINGTON, Covington County, Va.-BOND SALE.
the Taylor-White Co. of Oklahoma City
water works, stile-Ellis Co. of Cincinnati has purchased $130,000 5% water supply bonds
The $210,000 is composed of $40,000 park. $60,000
103.19.
Date Jan. 1 1922. Int.
5 ot. na
e fau
Part J aiguac rn el ITers ptioDe
sewer and $40,000 sanitary sewer bonds.
$70,000 storm
=
1
1
-An election J.
Neb.-BOND ELECTION.
BROCK, Nemaha County, on the question of issuing $6,000 electric
to vote
CRAWFORD SCHOOL DISTRICT(P.O.Crawford),Dawes County,
will be held on Dec. 18 H. Sutton, Village Clerk.
U. S. Bond Co. of Denver, has purchase
-The
Nebr.-BOND SALE.
5
distributing bonds. F.
Denom.$1,000. Date Nov. 151922.
-An issue $1 ,0005% refunding bonds at par.
-BONDS VOTED.
Miss.
Due from 1932 to 1942, inclusive.
BROOKHAVEN,Lincoln County,
bonds was favorably voted on at an election
building
-Bids
of $150,000 high school was 677 "for" to 46"against" the issue.
CUMBERLAND, Allegany County, Md.-BOND OFFERING. Comheld on Dec. 4; the vote
9:30 a. m. Dec. 11 by William E. McDonald,
-According will be received until& Revenue, for $250,000 434% water bonds. Denom.
-BOND SALE.
of Finance
nd County, Me.
BRUNSWICK, Cumberla 4%70,funding bonds offered on Dec. 5-V. missioner
$1,000. Date June 1 1922. Int. J. & D. Due June! 1962. Cert. check
to reports the issue of $37,000 R. L. Day & Co. of Boston for 101.099, a for 234% required.
-were awarded to
115 p. 2499
1 1922. Due $2,000 yearly on Dec. 1
Dec.
-BOND SALE,
basis of about 4.36%. Date on Dec. 1 1941.
CUMBERLAND COUNTY (P. 0. Bridgeton), N. J.
from 1923 to 1940 and $1,000
The two issues of 5% road improvement bonds offered for sale on Dec. 7
Price Bid.
Other bidders were:
115, p. 2499) were awarded to M. M. Freeman & Co. of Philadelphia
(V.
Names of Other Bidders100.259 & interest
as follows:
Charles H. Gilman & Co
100.19 & interest
$511,000 ($515,000 offered) bonds for $515.087 90 (100.017), a basis of
Merrill, Oldham & Co
100.14 & interest
about 4.99%. Due $103,000 yearly on Dec. 15 from 1923 to 1926
R. M. Grant & Co
plus $5 premium
100 & int.,
incl. and $99,000 Dec. 15
Maynard S. Bird & Co
1927.
99.789 & interest
42,000 bonds for $42,501 (101.19), a basis of about 4.67%. Due $6,000
Brandon, Gordon & Waddell
yearly on Dec. 15 from 1923 to 1929 incl.
-During_ November two issues of
-BOND SALE.
Denom. $1,000. Date Dec. 15 1022. Int. semi-ann. The following
BUFFALO, N. Y.
were awarded
Nov. 15 1922.
is a complete list of the bids received:
4% bonds, aggregating $111,290 91 and dated
as follows:
1$11R72):
2604
THE CHRONICLE
On $515.000 Issue.
[VoL. 115.
check for 2% of bid required if bid is nide by mail. No bid for less than
BidderBid.
Am!
.Bonds. par and accrued interest considered.
Barr Brothers & Co
$515,446 10 for $512.000
Lehman Brothers
ELGIN, Chautauqua County, Kans.-BONDS REGISTERED.
-The
515,436 75 for 513.000
Clark. Williams & Co
513,935 50 for 513.000 State Auditor of Kansas registered $50,000 5% paving bonds on Nov. 22.
M.M.Freeman & Co
515.087 90 for 511.000
ELIZABETH CITY, Pasquotank County, No. Caro.
-ADDILampert. Barker & Jennings
515,002 00 for 514,000 TIONAL DATA.
-In connection with the offering of the $300,000 coupon
Bridgeton National Bank
53.531 CO for 53.000 (with privilege of registration) improvement bonds on Dec. 15-V. 115,
Graham. Parsons & Co
515.423 78 for 514,060 p. 2072-J. H. Snowden, City Clerk, advices us that the expense of inquirEldredge & Co
515.130 80 for 514.000 ing into the legality of the sale and
cost of printing bonds must be borne
B. J. Van Ingen & Co
515.225 00 for 513.000 by the purchaser. He also sends the the following financial statement:
us
Metzler & Co
515,000 00 for 515.000
Financial
Bankers Trust Co
(both issues) 557,057 57 for 557,000 Estimated actual value of all taxable Statement.
315,000.000
property
On $42 000 /
Assessed value of all taxable
Metzler & Co
$42,000 ob Bridgeton Nat. Bank_ _ _ _342,337 50 Assessed value of all taxableproperty as equalized for year 1922_ 10.170.185
property as returned by assessor for
B. J. Van Ingen & Co.... _ _ 42,325 00 Lampert. Barker & Jon.
year 1922
10,170,185
Barr Brothers & Co
42,289 80 nings
Total bonded indebtedness,including
42,084
Lehman Brothers
42,199 50 M.M.Freeman & Co_ _ _ _ 42,501 00 Indebtedness existing in other forms this issue__ $950,000 00
55,222 19
Clark Williams & Co
42,126 00 Graham,Parsons & Co.... 42,116 00 Total indebtedness of every character
34
$1,005,222 19
Eldredge & Co
Tax rate per $1,000, $7.00.
42,092 40
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
ELLERBE, Richmond County, No. Caro.
-BOND OFFERING.
-BOND OFFERING.
Proposals will be received by A. J. Hieber,
Prince O'Brien, Town Clerk, will
Commissioners, until 11 a. m. Dec. 20 for theClerk of the Board of County for $15,000 6% coupon electric receive sealed bids Until 2 p. m. Dec. 19
purchase at not less than par
light bonds. Denom. $500. Date Oct.
and interest of $100,000 5% coupon special assessment Sewer District
1 1922. Prin. and semi-ann. int (A.-0.), payable in gold in New York.
No. 1
bonds, issued under authority of Section 6602-4, Gen.
Code. Denom. Due on Oct. 1 as follows: 3500, 1924 to 1951, incl., and $1,000, 1952.
$1,000. Date Jan. 1 1923. Prin. and semi-ann. hit.
The bonds will be prepared
(A. &
at the County Treasurer's office. Due $5,000 yearly on Oct. 0.) payable Mortgage & Trust Co., N. Y.under the supervision of the United States
City, which will certify as to the genuineness
1 from 1925
to 1944, incl. Certified check on some solvent bank
other than the one of the signatures ofthe officials and the seal impressed thereon and the validbidding, for 1% of amount of bonds bid for, payable to
of the bonds will be approved by
urer, required. Bonds to be delivered and paid for at the County Treas- ityL. Morehead of Durham. Bids Chester B. Masslick, N. Y. City, and
the County Treas- J.
to be made on forms furnished by the
urer's office within 10 days after notice of award.
Bond forms will be above Clerk or said trust company.
furnished by the county.
ELYRIA, Lorain County, Ohio.
-BOND SALE.
BOND SALE.
-The 355,000 5%
-On Dec. 6 the 2 issues of 5%
and Chestnut Roads impt. bonds, aggregating coupon Short, Crossview coupon Debt Extension bonds offered for sale on Dec. 1 (V. 115. p. 2293)
$89,196 08. which were were awarded to Lamport, Barker & Jennings of New York, for a premium
offered on that date-V.115, p. 2499
-were awarded to the Guaredian of 3319. equal to 100.58. a basis of about
4.90%. Date Nov. 11922. Due
Savings & Trust Co. of Cleveland, for $89,472 58
(100.309) and int., a $5,000 yearly on Nov. 1 from 1924 to 1934, incl. Other bidders were:
basis of about 4.94%:
Name.
Premium.
$21,571 00 special assessment bonds. Denoms. 1 for $571
R. Compton Co.. Chicago, Ill
and 21
$937 00
$1.000 each. Due year1 - on Oct. 1 as follows: $1,571, for WillaimHight° & Co.. Detroit,
,
Keane,
Mich
165 00
$2,000, 1924 to 1927. incl.: $3,000, 1928; $2,000, 1929,1923; Benbright & Co., Chicago.
1930
Ill
151 23
and 1931, and $3,000, 1932.
The Title Guarantee & Trust, Cincinnati,0
67,625 08 county's share bonds. Denom. 1 for $625 08 and 67 for
148 50
The Guaradian Savings & Trust
93 50
each. Due yearly on Oct. 1 as follows: $6,625 08.31.000 Lorain County Savings & Trust Co.. Cleveland,0
88 00
$7,000, 1925; $8.000. 1926 and 1927; $7,000, 1928 and 1924; N.S. Hill & Co., Cincinnati,0 Co., Elyria.0
1929;
75 75
$8.000. 1930, 1931 and 1932.
Detroit Trust Co., Detroit, Mich
11 00
Date Oct. 1 1922. Prin. and semi-ann. int.
11 00
County Treasurer's office. Other bidders were:(A. & 0.). payable at the Seasongood & Mayer, Cincinnati,0
Other Bidders.
EMMETT, Pottawatomie County, Kans.--BONDS REGISTERED.
Premium.0ther Bidders.
001Premium.
Richard, Parish & Lamson _ _3253 00N. S. Hill & Co
The State Auditor of Kansas registered $15,000 5% electric-light line bonds
$111 00 on Nov. 14.
Hayden. Miller & Co
243
DAKOTA CITY DRAINAGE DISTRICT (P. 0. Dakota City), DaEMMET COUNTY(P.O.Petoskey), Mich.
-ADDITIONAL DATA.
kota County, Nebr.-BOND SALE.
The $50,000 5% road impt. bonds reported sold in last week's issue on page
-The $75.000 bonds offered on
4-V. 115. p. 2499-were awarded to the State of Nebraska, at par asDec. 2499 to the Detroit Trust Co., Detroit, for $52,553, equal to 105.106
6s. (V. 115, p. 2499), were purchased on
Nov. 20 and are described as follows:
DEARING SCHOOL DISTRICT(P.O. Dearing), Macduffie
County, benoms. $500 and $1,000. Date
Ga.-BONDS DEFEATED.
-At the election held- on Nov. 18-V. 115, lowing are the other bids received: Nov. 1922. Int. M. & N. The folp. 2293
-the $12.000 6% bldg. and equiping bonds were
$52,155 00 Stacy & Braun
351,382 00
Howard, Secretary, says: "Bonds will be voted on again defeated. 0. Jno Nuveen & Co
in January or Grand Traverse Bond &
Hanchett Bond Co., Inc_ 51,367 50
February, 1923.
Mortgage Co
52,050 00 Blodget & Co
50,800 00
DEFIANCE, Defiance County, Ohio.
Emmet County State B'k 51,600 00 Bolger, Messer & Willa-BOND SALE.
-The issue of Prudden & Co
$45.124 5% coupon grade crossing elimination bonds offered
51,575 00
man
50,715 00
on Dec. 5V. 115, p. 2499
-was awarded to the Detroit Trust Co.
51,566 00 Keane, Higbie & Co _
A T Bell & Co
50.125 00
$45,637 (101.137) and interest, a basis of about 4.90%. of Detroit, for
A bid of par less $700 for attorney fees was also received from Shapker
Date Sept. 1
1922. Due yearly on Sept. 1 as follows: $1,124
1924,$1,500 1925 to 1948, & Co. of Chicago.
incl., and $2,000 1949 to 1952. incl. The following
ESCAMBIA COUNTY (P. 0. Brewton), Ala.
-BOND SALE.
plus the premiums mentioned, were also received: bids of par and interest
-The
375,000 refunding bonds offered on Dec. 1-V. 115,_p. 2403
Name-were awarded
Premium. to Ward, Stern & Co. of Montgomery, at 98.65. Date Jan. 11923. Due
Lamport, Barker & Jennings, N. Y
$100.41 in 20 years.
Seasongood & Mayer, Cincinnati
91 00
N. S. Hill & Co., Cincinnati
EXCELSIOR SPRINGS,
County, Mo.-BOND SALE.
-The
51 00 Guaranty Trust Co. of KansasClay has
City
purchased the $14,000 5% coupon
DELAWARE COUNTY SCHOOL DISTRICT NO.
-BOND SALE.
Okla.
-at 100.132.
-The $32,000 6% school bonds17 (P. 0. Grove), bridge and park impt. bonds offered on Dec. 4-V. 115, p. 2500
offered on Oct. 6 Date Dec. 1 1922. Due in 20 years: optional after lff years.
-V. 115, p. 1654
-have been purchased by the Taylor
-White Co. of
Oklahoma City at 103.
ESSEX COUNTY (P. 0. Salem), Mass.
-BOND OFFERING.
-It is
reported that Walter P. Babb, County Treasurer, will receive bids untl
DE QUINCY, Calcasieu Parish, La.
-BOND SALE.
-The $120,000 11 a. m. Dec. 12 for $16,000 414% coupon Plum Island Turnpike bonds.
6% water-works, light and power-plant bonds offered
on Dec. 5 (V. 115, Denom. $1,000. Date Dec. 15 1922. Due $4,000 yearly on Dec. 15 from
D. 2293), were purchased lpy W. L. Slayton & Co., f
Toledo. Date 1923 to 1926, inclusive. The bonds will be certified as to genuineness by
Dec. 1 1922. Due on Dec. 1 as follows: $2,000, 1923
'to 1925, inclusive the Commonwealth Trust Co.. of Boston. Principal and semi-annual
$3,000, 1926 to 1931, inclusive; $4.000, 1932 to 1935. inclusive;
$5,000, 1936 interest (J. & D.) payable at the office of the Commonwealth Trust Co., of
to 1938. inclusive; $6,000. 1939 to 1941, inclusive; $7,000,
1942 and 1943; Boston. Legality approved by Ropes. Gray, Boyden & Perkins, Esq.. of
$8,000. 1944 to 1946, inclusive, and $9,000. 1947.
Boston. Authority, Chapter 470, Acts of 1922. These bonds are exempt
DICKINSON COUNTY (P.O. Abelene), Kans.-BONDS
taxation in Massachusetts.
REGISTER- from
-The State Auditor of Kansas, registered $15,000 5%
ED.
FAIRFIELD, Fairfield County, Conn.
building bonds
-BOND OFFERING.
-Fredon Nov. 7.
A. Burr, First Selectman, will receive proposals until 12 m. Dec. 12
erick
DODGE CITY, Ford County, Kans.-BONDS
for the purchase of $425,000 coupon "municipal" bonds. Separate bids
REGISTERED.
-On
Nov.20 the State Auditor of Kansas registered $38.473 55 5%
4s and 43,4s. Denom. $1,000. Date Jan. 1
sewer bonds. are asked for Both principal and semi-annual interest (J. J.) 1923. Due
are payable
&
Jan. 11948.
DODSON TOWNSHIP RURAL SCHOOL DISTRICT (P.
0. Lynch- at the First National Bank of Boston. Bonds are prepored under the
burg), Highland County, Ohio.
-BOND SALE.
-The
of and certified as
First National Bank
change Bank of Lynchburg, was awarded an issue of $4,214 Farmers' Ex- supervisiontheir legality will beto genuineness by theThrondike.
approved by Storey,
Palmer &
526%
ness extension bonds in August for $4,225 05, equal to about indebted- of Boston;
100.25, a Dodge, whose opinion will be furnished the purchaser. Delivery about
basis of about 5.89%. Date July 1 1922. Denom. 1 for
$1,214
3 for $1000 each. Due yearly on Sept. 1 as follows: $1,214 52 52 and Jan. 2 1923.
Financial Statement Nov. 20 1922.
in 1923
and $1.000 from 1924 to 1926, incl.
Present grand list
$21,573,315
DOUGLAS, Otoe County, Neb.-BOND SALE.
$375,000
-The Farmers State *Bonded debt
Bank of Douglas has purchased $9,000 electric transmission line
275.000
Floating debt
bonds.
650.000
DOUGLAS, Converse County, Wyo.-BOND ELECTION.
- Sinking fund-------------------------------------------44,340
Subject to being voted at an election to be held soon. Geo.W. -SALE.
Vallery & Co.
of Denver. have purchased an issue of 6% water bonds amounting
----------------------------------------- $605,660
Net debtto from
$60.000 to $350,000.
Population, 1920
11 475
DOUGLAS COUNTY (P. 0. Armour), So. Dak.-BOND
rate on list of 1921
15 mills
SALE.
- Tax
Ballard & Co. of Minneapolis, have purchased $115,000 7%
*3200,000 of these bonds to be refunded by proceeds of is:sie now offered.
Meadow Valley
and Garden Valley Drainage Districts bonds. Denom.
FLAGSTAFF, Coconino County, Ariz.
-BONDS OFFERED.
$1,000. Date
-The
Nov. 1 1922. Prin. and semi-ann. int. (M. & N.),
_payable at the First $60,000 park bonds recently voted -V. 115, p. 2180
-were offered for
National Bank, Minneapolis. Due on Nov. 1 as follows:
$10,000, 1927 sale at 8 p. m. Dec. 6 by C. T. Pullian, Town Clerk. The bonds are deto 1933, incl.; $11,000, 1934 to 1936, incl.. and 312,000,
Denom. $1,000. Coupon bonds. Date Nov. 1 1922.
1937.
scribed as follows:
Financial Statement.
Int. M.& N.6%. Due $5,000 yearly on Nov. 1 from 1938 to 1949, incl.
Assessed valuation _ _
Debt, this issue only ____________________$1,136,410
FLINT, Genesee County, MIch.-BOND OFFERING.
-Sealed pro(Included in the above are assessments against Douglas County, 115,000 posals will be received by Franc D. King, City Clerk, until 8 in. Dec. 18
Joubert and Walnut Grove Townships in the amount of $32,766 Holland, for an issue of $115,000 4%% water works improvement bonds. Date
50.)
Area; 13,200 acres.
Dec. 15 1922. Duo 375.600 in 1947 and $40,000 in 1948. Int. semiannual. Legal opinion of Wood & Oakley. Certified check for $1,000
DREW, Sunflower County, Miss.
-BOND SALE.
-A. K. Tigrett & required.
FLoy
Co. of Memphis have purchased $25,000 6% water-works
improvement
bonds at a premium of $180, equal to 100.72.
-BOND OFFERING.D COUNTY (P. 0. New AlbaraY), Ind.
Until 10 a. m. Dec. 20 Charles A. McCulloch, County Treasurer, will
DUNKIRK, Chautauqua County, N. Y.
-BOND SALE.
-The receive sealed bids for $26,920 4%% Mount Tabor Free Gravel Road bonds
$2,598 12 4M % Columbus St. improvement bonds, offered on
Township. Denom. $673. Date Nov. 15 1922. Int.
Dec. 5
(V. 115, p. 2499), were awarded to D. S. Wright, of Dunkirk, for par. of New Albany
M.& N. 15. Prin. and interest payable at the County Treasurer's office.
Date Dec. 1 1922. Due $288 68 yearly on Dec. 1 from 1923 to 1931,incl.
Due $673 each six months from May 15 1923 to Nov. 15 1942 incl. PurDU PAGE COUNTY (P. 0. Wheaton), Illinois.
-BONDS VOTED.... chaser to pay accrued interest.
According to newspaper reports, the people have voiced their approval of
-BOND SALE.-Benwell.
FORSYTH, Rosebud County, Mont.
$1.350.000 bonds to provide for the purposetof constructing
an issue of
1.45 Phillips & Co. of Denver. have purchased the following 2 issues of bonds:
miles of paved highways, by a vote of 2,365 "for' to $1,533 'against.'
refunding bonds. Due on Jan. 1 as follows: $5,000. 1937;
$38.000 5)4%
$6.000. 1938 to 1942. incl. and $3,000, 1943; each bond being
EAST CHAIN CONSOLIDATED SCHOOL DISTRICT NO. 37 (P.
'
optional 6 months prior to its maturity.
-BOND SALE.
0. Elmore), Martin County, Minn.
-The $15,000 5%
34,500 6% funding bonds. Due on Jan. 1 as follows: 32,000. 1929;
refunding school bonds offered on Nov. 29-V. 115. p. 2402
-were pur$4.000. 1930 to 1932,incl.;$5,000. 1933 to 1935, incl., and $5,500,
chased by the Minnesota Loan & Trust Co. of Minneapolis, at a premium of
1936; each bond being optional 6 months prior to its maturity.
$455, equal to 103.03, a basis of about 4.72%. Date Dec. 11922. Due
-J.), payable in New York.
Date Jan. 1 1923. Prin and semi-ann.in (J.
Dec. 1 1937.
-CORRECT AMOUNT
FORT MORGAN, Morgan County, Colo.
OMAHA DRAINAGE DISTRICT NO. 21, Pottawattamie
EAST Iowa.-BONDOFFE
-year water bonds awarded to James
RING.-George A.Burk Coty
-The amount of the 4H% 15
atBurke, County Auditor, PRICE.
2
County,
M.Causey & Co. of Denver, as stated in V. 115, p. 1860. was
(P. 0. Council Bluff8) will sell at public auctioni
a2s0erapproinxt-. $115,000 as incorrectly reported by us. The price paid was $125,000, not
par.
s
.
imately $43,997 93 6% drainage bonds. Denom. top muit.ppuregh.
semi-ann. A cert. check (or cash) for 5% of amount bid for, required.
-BONDS NOT SOLD.
FORT SMITH, Sebastian County, Ark.
-RE-BOND OFFERING.
EASTON, Northampton County, N. Y.
-J. H. OFFERED.
-Fagan Bouriand, Chairman Fort Smith Water
bonos
late j nm., 23 29bue
Warner, City Clerk, will sell at public auctidn.atpO:30 a.1 Dec. 29an trict, advices us that the 31,329,0005% bonds offered on Nov. Works Disa
28-V. 115,
Issue of $600,000
% coupon sewer
an error in publication of the notice and they
-were not sold due to
p. 2403
$20,000 on Jan. 1 from 1924 to 1953, inclusive. Int. J. & J. Certified will be reoffered at 2:30 p. m. Dec. 14.
DEC.9 1922.]
THE CHRONICLE
2605
- approximately $20,845 75 6% drainage bonds. Denom. to suit purchaser.
-LOAN OFFERING.
FRAMINGHAM, Middlesex County, Mass.
required. Bids for less than
cash) for
John V.Dunn.Town Treasurer,will receive bids until 1 p.m. Dec. 11,for the A cert. check (orint, will 5% of amount bid,
not be considered.
temporary loan of $200,000 issued in anticipation par and accrued
purchase,at discount,of a
purchaser.
-On
of revenue. Due June 14 1923. Denom. $50,000 or to suit
HOXIE, Sheridan County, Kans.-BONDS REGISTERED.
Delivery about Dec. 18 1922.
Nov. 22 the State Auditor of Kansas registered $18.627 20 5%% sewer
-BOND OFFERING. bonds.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-Ralph W. Smith, Clerk Board of County Commissioners, will receive
-BONDS DEFEATED.
IDAHO COUNTY(P.O. Grangeville), Idaho.
sealed bids until 10 a. m. Dec. 15 for the two issues of 5% Sewer District -At an election held on Nov. 21 a.
proppsition to issue $75.000 highway
of
No. 1 bonds listed below. These two issues, together with a block 12 bonds failed to carry by a vote of 44 for 'to 89 "against" the issue.
Dec.
$19,000 lateral sewer bonds, were originally offered for sale on
-BOND ATTORNEYS
IMPERIAL COUNTY (P.O. El Centro), Calif.
-V. 115, p. 2403. Another issue amounting to $21,500 is also being
HOLD $300,000 BOND SALE VOID.
-The sale of the $300,000 53 % gold
offered on Dec. 15-V. 115, p. 2500.
$89.000 joint intercepting sewer bonds. Due $9,000 yearly on Dec. 1 coupon court house bonds awarded, as stated in V. 115, p. 894, has been
been declared void by O'Melveny, Milliken, Tuner & MacNeil of Los
from 1924 to 1932, inclusive, and $8,000 on Dec. 1 1933.
22,500 East Main branch sewer bonds. Due $3,500 on Dec. 1 1924, Angeles. The Los Angeles "Times" of Dec. 1 had the following to say
$3,000 on Dec. 1 1925 and $2,000 yearly on Dec. 1 from 1926 to regarding the matter:
"Figuratively speaking, $300,000 in bonds for the building of a new
1933 inclusive.
Denom. 111 for $1,000 and 1 for $500. Date Dec. 1 1922. Principal court house in Imperial County has gone up in smoke and politicians and
and semi-annual interest (J. & D.) payable at the County Treasurer's office. those who make a practice of looking on the inside of everything are wonBonds issued under provisions of Section 6602-2, General Code of Ohio. dering what is the reason.
"The bonds were purchased by the First Securities Co. of Los Angeles.
Certified check on a solvent bank or trust company for 1% of par value
of bonds required. If cash is tendered it must be United States legal which has deposited $15,000 here as security on the contract. However,
bid for less than par and accrued interest will be considered. the attorneys, the firm of O'Melveny, Milliken, Tuner & MacNeil of Los
tender. No
Bonds ready for delivery on date of sale. A complete transcript of all Angeles, will not put their'O.K.' on the validity of the bonds, holding that
proceedings had in the matter of authorizing, advertising and awarding a technicality in failing to post notices in all precincts before the election
said bonds will be furnished the successful bidder at the time of the award. voids the bonds.
-day
"Chief Assistant District Attorney
of Imperial County stated to
GFtAFTON, Lorain County, Ohio.
-On Nov. 27 the that he had sent a communication toScott
-BOND SALE.
the Los Angeles attorneys stating his
$40.588 53. % coupon special assessment sanitary sewer bonds, offered on reasons for not entering court action for a writ of mandate which was dethat date(V. 115, p. 2293) were sold to the Milliken & York Co.a Cleveland sired by the Los Angeles lawyers and further stating that publication of the
for $41,103 (101.26) and int a basis of about 5.23%. Date Oct. 11922. election notices was all that is required according to the legislative mandate
Due $4,057 Oct. 1 1923.and $4,059 yearly on Oct. 1 from 1924 to 1932, incl. and posting of notices in the precincts was not necessary.
Other bidders were:
Imperial
"Scott said it
$40,588 00 County Auditorwas his duty to act in an advisory caipacity to the
$40,972 511Seasongood & Mayer
Sidney Spitzer & Co
rather than to bring suit against him for the validity of
Ryan. Bowman & Co_ ___ 40,588 001
the bonds.
"With plans practically completed for the building of the new court
GREENSBORO SCHOOL TOWNSHIP (P. 0. Kennard), Henry
-The Citizens' State Bank of Newcastle, house and the county ready to 'break ground' for the structure, the an-BOND SALE.
County, Ind.
purchased the issue of $12,000 5% school bonds, offered on July 18 (V. 115, nouncement that the bond attorneys had refused the issue came as a bolt
p. 211) for a premium of $50, equal to about 100.417, a basis of about from a clear sky to the taxpayers and officials of the county."
4.90%. Date July 31 1922. Due $600 semi-annually from Jan. 31 1923
,
'
INDEPENDENCE, Montgomery County Kans.-BONDS REGISto July 31 1932, inclusive.
TERED.
-On Nov. 17 the State Auditor of Kansas registered $26,520 72
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Montcalm 5% paving bonds.
-An issue of $12,000 5% school bonds
-BONDS VOTED.
Ccounty, Mich.
IOWA PARK, Wichita County, Texas.
-BOND SALE.-Brog. Garwas voted at an election held on Nov. 12. Due $2,000 each year from rett & Co., of Dallas, have purchased the $5,000 6% sewer bonds registered
Feb. 1 1924.
by the State Comptroller on Nov. 1 (V. 115. p. 2181) at 103.25.
GREENVILLE, Hunt County, Tex.
-BONDS REGISTERED. The
JACKSON COUNTY (P. 0. Brownstown), Ind.
-BOND OFFERING.
State Comptroller of Texas registered $125,000 5% serial street improve- -Samuel Carr, County Auditor, will receive bids until 1 p. m. Dec. 20
ment bonds on Dec. 1.
for $8,506 71 6% coupon Herman C. Von Farge ditch bonds. Date Dec.20
-Bids 1922. Denom.4 for $1,700 and 1 for $1,706 71. Due $1,706 71 on June 1
N. J.
HACKENSACK, Bergen
-BOND OFFERING.
Dec. 18by William Schaaf, Secretary of the 1923 and $1,700 yearly on June 1 from 1924 to 1927, incl. No bid for less
will be received until 8 p. m. County,
Improvement Commission, for an issue of 4%% coupon or registered sewer than par and accrued interest considered.
bonds, not to exceed $500,000; no more bonds to be awarded than will pro-W. P.
JACKSON, Jackson County, Ohio.
-BOND OFFERING.
duce a premium of $1,000 over $500,000. Denom. $1,000. Date Jan. 1 Turner, City Auditor, will receive bids until 12 m. Dec. 26 for the purchase
1923. Prin. and semi-ann. int. (J. & J.) payable at the Hackensack Trust at not less than par and interest of $22,500 6% secial assessment grading,
yearly on Jan. 1 as follows: $12,000, 1024 to draining and paving bonds. Denom.
Co. of Hackensack. Due
$500. Date Sept. 1 1922. Int.
1958 incl.; and $20,000, 1959 to 1962 incl. Cert. check for 2% of amount A. & 0. Due $250 yearly on Sept. 1 from 1924 to 1932. inclusive. Certiof bonds bid for, payable to the Commission, required. Bonds will be pre- fied check for $300, payable to the City Treasurer, required.
will
pared under supervision of U. S. Mtge. & Trust Co., N. Y.; legality
JACKSON UNION SCHOOL DISTRICT (P. 0. Jackson), Jackson
lae approved by Wakelee, Thornall & Wright of New York,
Mich.
-BOND ELECTION.
-According to newspaper reports the
-The First County,of issuing
HALLSTEAD,Susquehanna County, Pa.
-BOND SALE.
question
$275.000 45 % school bonds will be voted upon on
has been awarded at par an issue of $20,000 Dec. 16.
National Bank, of Halistead,
4.60% serial street-improvement bonds. Date Sept 1 1922. Int. M.& S.
.
JAMESTOWN INDEPENDENT SCHOOL DISTRICT, Cavalier
Denom. $500.
County, No, Dak.-BOND SALE.
-During the month of November the
HANCOCK SCHOOL DISTRICT (P. 0. Hancock), Houghton State of North Dakota purchased $20,000 4% building bonds at par. Date
County, Mich.
-ADDITIONAL INFORMATION.
-he $275.000 5% Jan. 1 1922. Due Jan. 1 1942. Bonds
to call but may be
school building bonds, the sale of which was reported under the heading of redeemed two years from date of issue. are not subject
"Hancock." in V. 115. p. 2500. were awarded on Nov. 21 to John Nuveen
JEFFERSON SCHOOL TOWNSHIP, Owen County, Ind.
-BOND
& Co.of Chicago,for $278.011 50, equal to 101.096, a basis of about 4.90% •
-E. F. Bush, Township Trustee, will receive sealed proposals
Date Feb. 1 1922. Denom. $1.000. Int. F. & A. Due yearly as fol- OFFERING.
until 11 a. m. Dec. 23 for the following 5% coupon school building 'bonds:
lows: $10,600 from 1926 to 1952,incl., and $5.000 in 1953.
Coal City
school bonds. Date Nov. 1 1922.
HARBISON SCHOOL AND CIVIL TOWNSHIP (P. 0. Haysville), $16,000 Denom. 24grade and highfor
for $625 and 2
$500. Due $625 each six months
Dubois County, Ind.
-BOND OFFERING.
-James G. Lansford, Townfrom July 1 1924 to Jan. 1 1936 and $500 July 1 1936 and Jan. 1 '37.
ship Trustee, will receive bids until 2 p. m. Dec. 23 for $21,900 5% school
6,900 School District No. 8 bonds. Date July 1922. Denom. 27 for
bonds. Date Nov. 15 1922. Denom. $730. Due $730 each 6 months
$250 and 1 for $150. Due $250 each six months from July 1 1924
from July 1 1923 to Jan. 11938, incl. Int. J. & J.
to July 1 1936 and $150 Jan. 1 1937.
Interest J. & J.
HARRIS COUNTY DRAINAGE DISTRICT NO.12(P.O. Houston),
Tex.
-BOND ELECTION.
-On Dec. 29 $450,000 drainage repair bonds
JOHNSON SCHOOL DISTRICT (P. 0. Bastrop), Morehouse
will be voted upon.
Parish, La.
-BOND SALE.
-The $18,000 6% school building bonds
-were purchased by the Johnson Inter
HARRISON and POTTAWATAMIE DRAINAGE DISTRICT NO. offered on July 11-V. 115, p. 105
Burke, State Trust & Banking Co. of Bonita. at par. Date June 1 1922. Due
1, Pottawatamie County, Iowa.
-BOND OFFERING.-Geo. A
County Auditor, (P. 0. Council Bluffs) will sell at public auction at 2 P. yearly as follows: $500 1923 to 1926. incl.$1,000 1927, $500 1928 and
m. Dec. 20 approximately $7,678 83 6% drainage bonds. Denom. to 1929. $1.000 1930 to 1940, incl., and $1,500' 1941 and 1942.
suit purcahser. A cert. check (or cash) for 5% of amount bid, required.
JUNCTION CITY, Geary County, Kan.
-BONDS REGISTERED.be
-BOND OFFERING.
HARTFORD, Conn.
-Sealed proposals willthe The State Auditor of Kansas registered $17,682 4%% paving bonds.
Dec. 15 for
received by Chas. H. Slocum, City Treasurer, until 1 p. m.
KANSAS (State of).
-The following bond
-BONDS REGISTERED.
purchase of the whole or any part of $1,
500,000 4% coupon or registered issues ha've been registepedce.
r la with the State Auditor of Kansas:
high school bonds. Da
Date Jan. 1 1923. Due $50,000 annually from
Amount.
Int.Rate. Regist'd.
) payable in $2,000 00 Grant County School District No 26
Jan. 1 1924 to 1953 incl. Prin. and semi-ann. int. (J. & J.
Nov. 3
6%
gold coin of the United States of the present standard of weight and fineNov. 3
1,400 00 Grant County School District No. 4
6%
ness at the office of the City Treasurer. Denom. $1,000. Proposals
2,200 00 Grant County School District No. 8
Nov. 3
6%
the Treasmust be accompanied by certified check, payable to the order of circular
Nov. 17
No - 9
3,200 00 Ford County School District No. 52
5
6%
urer, for 2% of the par value of the bowls bid for. The official
852 29 Independence
Nov. 17
5%
under the Federal
states that these bonds are free from income taxes
1,685 06 Independence
exempt
Government laws and under an Act of the State Legislature are
4,000 00 Sumner County School District No. 177
Nov. 17
5%
from taxation in the State of Connecticut; that the City of Hartford has
2,200 00 Trego County School District No. 33
Nov. 17
5%
never defaulted in its obligations and that there never has been any litiga2,500 00 Horsington
Nov. 25
5%
tion, nor is there any pending, affecting the bonds of the city. The legal3,000 00 Hamilton
Nov. 25
5%
ity ofthe issue has been passed upon by Storey. Thorndike,Palmer & Dodge.
1,817 25 Independence
5%
Nov. 29
their opinion
attorneys, of Boston, and purchaser will be furnished with
KANSAS CITY, Kan.
-BONDS REGISTERED.
-The State Auditor of
without charge.
Kansas registered $46,000 bridge bonds and $33,700 boulevard 5%
.
-BOND OFFERING- bonds on Nov. 10 and $246,120 5% paving bonds on Nov. 21.
HARTFORD CITY, Blackford County, Ind.
Proposals will be received until 7:30 p. m. Jan. 5 by Walter Markins. City
KENT, Portage County, Ohio.
-Sealed bids will
-BOND OFFERING.
Clerk, for the purchase at not less than par and interest of $19,000 5%
coupon water works bonds. Denom. $500. Date Jan. 1 1923. Int. be received until 12 m.Dec.23 by Frank Bechtle, City Auditor,for $200.000
redeemable after 5% water works bonds. Date Dec. 1 1922. Denom.$1,000. Due $8,000
J. & J. Due $500 each 6 months beginning July 1 1923:
10 years at option of city. Cert. check for 5% of amount of bid, required. yearly on Dec. 1 from 1923 to 1947. Int. J. & D. Certified check, drawn
on some solvent bank, other than the one making bid, for 1% of bid, payable.
HARTWELL DRAINAGE 8c LEVEE DISTRICT, Green County, to the City Treasurer, required. No bid for less than par and accrued
III.
-BONDS OFFERED BY BANKERS.
-Taylor, Ewart & Co., Inc., of interest considered. Auth. Sections 3939 and 3942 and other sections of
Chicago. are offering $190.000 6% bonds, due serially Aug. 1 1934 to 1943. the General Code of Ohio and by virtue of a vote of the people of the city
Inclusive, at a price to yield 5.40%. These bonds are exempt from Federal at the last general election.
Income taxes and are payable from assessments confirmed by the County
Keokuk),
KEOKUK
SCHOOL
Court of Greene County against all of the benefited land in the district in Lee County,INDEPENDENT VOTED. DISTRICT (P. 0. on Dec. 5.
Iowa.
-BONDS
-At the election held
an amount sufficient to retire both principal and interest as they mature.
amounts to (V. 115, p. 2294), the $575,000 school building bonds were voted by a countThe total outstanding indebtedness, including this issue,
of 2,556 to 891.
$287,950.
-BOND OFFERKINGS MOUNTAIN, Cleveland County, No. Car.
-A special
HAWKINS, Rusk County, Wis.-BOND ELECTION.
-Sealed proposals will be received until 1 p. m. Dec. 15 by Geo. E.
issuing $4,000 ING.
election will be held to-day (Dec.9) to vote on the question of
Lovell, Town Secretary, for $68,000 6% coupon (with privilege of registra5 % sewerage improvement bonds. C. W.Perry, Village Clerk.
)
tion) water and sewer bonds. Denom. $1,000. Date Jan. 1 1923. Prin.
- and semi-ann. int. (J. & J.) payable at the National City Bank, N. Y. City.
-BOND SALE.
HIDALGO COUNTY (P. 0. Edinburg), Texas.
J. L. Arlitt, of Austin, informs us that he has purchased $55,000 6% Due $2,000 yearly on Jan. 1 from 1925 to 1958 incl. A cert. check upon an
Prin- incorporated bank or trust company (or cash) for 2% of amount of bonds
court-house and jail bonds. Denom. $1,000. Date Oct. 10 1922.
American Excipal and semi-annual interest (A. & 0. 10), payable at the optional after bid for, payable to the Town of Kings Meuntain, required. The successful.
bidder will be furnished with the legal opnion of Reed, Dougherty & Hoyt
change National Bank, New York City. Due in 40 years,
that the bonds are valid and binding obligations of the Town of Kings.
10 years.
-BONDS REGISTERED.- Mountain.
HIGHLAND, Doniphan County, Kan.
water-works bonds
-BONDS REGISTERED.
-The State
KIOWA, Barber County, Kan.
The State Auditor of Kansas registered $12,000 4U%
Auditor of Kansas registered $180,000 5% paving bonds on Nov. 20.
on Nov. 16.
KIRKSVILLE SCHOOL DISTRICT (P. 0. Kirksville), Adair Coun-The
-BOND SALE.
HIGH POINT, Guilford County,. No. Caro.
-An election will be held
ty, Mo.-BOND ELECTION.
450,000 534% coupon or registered municipal building bonds offered on on the question of issuing $190,000 school bldg. bonds. on Dec. 15 to vote.
Trust Co.. of
(V. 115, p. 2403), were purchased by the Americanbasis of about
Dec.D 7
a
Charlotte. at a premium of $7,325, equal to 102.93
KNOX COUNTY COMMON SCHOOL DISTRICT NO. 15, Texas.
5.01%. Date Dec. 1 1922. Due on Dec. 1 as follows: $6.000, 1925 to BONDS REGISTERED.
-The State Comptroller of Texas registered $8,000.
1938, inclusive; $10.000, 1939. and $12,000, 1940 to 1952. inclusive.
6% serial bonds on Dec. 1.
HONEY CREEK DRAINAGE AND LEVEE DISTRICT NO. 6, Potta-BOND SALE.
KOSSUTH COUNTY (P. 0. Algona), Iowa.
-The
0
-0e . A Burke, County
wattami County, Iowa.
-BOND OFFERING.
Auditor (P. 0. Council Bluffs) will sell at public auction at 2 p. m. Dec. 20 White-Phillips Co. of Davenport has purchased the following 5).1% heeds.
2606
THE CHRONICLE
offered on Dec.6(V. 115. P. 2501) at a premium of $1,895, equal to 101.01,
a basis of about 5.08%;
$28,300 Drainage District No. 82 bonds. Due on Nov. 1 as follows:
$4,000 1926 to 1931 incl. and $4,300 1932.
139.500 Drainage District No. 166 bonds. Due on Nov. 1 as foilows:
$19,500 1926 and $2C,000 1927 to 1932 incl.
19,500 Drainage District No. 161 bonds. Due on Nov. 1 as follows:
$2,750 1926 to 1931 incl. and $3,000 1932.
LAFAYETTE, Boulder County, Colo.
-BOND SALE.
-Our Western representative advises us that Geo. W. Vallery & Co. of Denver, recently purchased $65,000 5% refunding bonds at 97.09, a basis of about
Denom. $1,000. Date Dec. 1 1922. Prin, and semi-ann. int.
(J.
-D.), payable at the City Treasurer's office or at the Mechanics' &
Metals National Bank, N. Y. City, at option of holder. Due $5,000 yearly
on Dec. 1 from 1928 to 1940, incl.
LAKEWOOD, Cuyahoga County, Ohio.
-BOND SALE.
-Sealed bids
will be received until 12 m. (Eastern Time) Dec. 18 by A. 0. Guild, Director of Finance. for $62.000 5% city portion impt. bends. Denom. $1.000.
Date Dec. 11922. Int. A. & 0.. payable at the office of the above official.
,
Due ye,rly on Oct. 1 a follows: $5,000 1924, to 1927 incl., and $6,000 1928
to 1934 incl. Cert. check for 5% of the amount of bonds bid for, required.
Official announcement states that this city has never defaulted and that
there is no litigation pending or threatened.
Financial Statement.
Actual value of taxable property (estimated)
$130,000,000 00
Assessed valuation for taxation, 1921
79,053,820 00
Assessed valuation for taxation 1922, estimated
Total of all bonds issued and outstanding, including above 81,514,680 00
issue in process of sale
4,525,540 70
Tax rate, 1921
$283 per $100
Population, 1910 Census, 15,181; 1920 Census, 41,732; now est., 50,000.
LANSING, Ingham County, Mich.
-BOND SALE.
-The three issues
of bonds offered on Dec. 4-V. 115, p. 2182
-were awarded for $987,030.05.
equal to 99.199, a basis of about 4.50%, to R. L. Day & Co. of Boston.
The bonds were offered in New York by Remick, Hodge & Co., to yield
4 Y4 % and 4% %. The issues are described as follows:
$410.000 43 % lighting and power bonds. Duo $50,000 in 1935; $60,000
in 1936 and $50,000 yearly from 1937 to 1942, incl.
135,000 4 % water works extension bonds. Due $15,000 yearly from
1937 to 1945. inclusive.
450,000 4 % sewerage bonds. Due $90,000 yearly from 1925 to 1929,
inclusive.
Denom. $1,000. Date Jan. 2 1923. Prin. and int. payable at the
Guaranty Trust Co., New York City.
[
VOL. 115.
MANZANOLA, Otero County, Colo.
-BOND SALE.
-The $27,500
-were awarded to
refunding bonds offered on Dec. 4-V. 115. p. 2404
Wilcox & Sons of Denver as 534s. Denom. $500 and $1,000. Date Jan. 1
1923. Prin. and semi-ann. in (J.
-J.) payable at Kountze Bros., N. Y.
City. Due serially.
MARSHALL SCHOOL DISTRICT (P. 0. Marshall), Saline County,
-Regarding the
Mo.-BOND ELECTION ILLEGAL.
-NEW ELECTION.
$2C0,000 school bonds recently voted (V. 115, p. 2404), W. M. Westbrook,
Supt. Board of Education, say:.: "Issue was voted Nov. 20 but was illegal
because premature. We are voting again on Dec. 11."
-The
MARTIN COUNTY (P. 0. Fairmount), Minn.
-BOND SALE.
$47,831 89 5% bonds offered on Nov. 28(V. 115. p. 2294) were awarded to
the Northwestern Trust Co. of St. Paul as 4 3s at par less a discount of
$20. equal to 99.95. Date Nov. 1 1922. Due on Nov. 1 from 1933 to
1942 incl.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
-BONDS VOTED.
Our Western representative advises us that $1,500,000 road bonds were
voted on Nov. 25.
MELROSE, Middlesex County, Mass.
-It is
-TEMPORARY LOAN.
reported a temporary loan of $100,000 offered for sale on Dee. 6 has been
awarded to C. I. Edwards & Co. of Boston, on a 4.30% discount basis.
Denom. $5,000 and $10,000. Due $50,000 July 12 1923, and $50,000
Aug. 13 1923.
MEMPHIS, Shelby County, Tenn.
-BOND SALE.
-The six issues of
coupon bonds, aggregating $2,961,000, offered on Dec. 5 (V. 115. p. 2294),
were awarded to a syndicate of bankers composed of W. A. Harriman &
Co., Inc.. Barr Brothers & Co., Graham. Parsons & Co., all of New York;
the Old Colony Trust Co. and Edmunds Bros. of Boston, and G. H. Walker
,
& Co. of St. Louis, at 100.19 as 445 and 5s, equal to a bsais of about 4.86%.
$1,200,000 water bonds. Due on July 1 as follows: $34,000 1927 to 1938
incl. and $33,000 1939 to 1962 incl.
77,000 hospital bonds. Due on July 1 as follows: $4,000 1925 and
1926 and $3,000 1927 to 1949 incl.
582,000 street improvement bonds. Duo on July 1 as follows: $24,000
1925 to 1931 incl. and $23,000 1932 to 1949 incl.
100,000 sewer construction improvement bonds. Duo $4,000 yearly on
July 1 from 1925 to 1949 incl.
252,000 river terminal and warehouse bonds. Duo $7,000 yearly on
July 1 from 1927 to 1962 incl.
750,000 special assessment improvement bonds. Due $150,000 yearly
on July 1 from 1923 to 1927 incl.
Date July 1, 1922. All of the above bonds with the exception of the
0
$1,200.00 water and $252,000 river terminal bonds, which were awarded
as 4 y were award-ed as 5s. The bonds aro now being offered to invesis
LAPORTE COUNTY (P. 0. Laporte), Ind.
3
-BOND OFFERING.
- tors ta prices to yield 4.60% for 44% bonds and from 4.60% to 4.70%
Sealed bids will be received by John Line, County Treasurer, until 11 for 5% bonds, according to maturities.
a. m. Dec. 22, and from day to day thereaften until bonds are sold, for the
following issues of 5% coupon gravel road bonds:
MEMPHIS CITY SCHOOLS (P. 0. Memphis), Shelby County,
$46,400 B. E. Bear et al. Denom. $1,160.
-The Memphis
-CITY SCIIOOL BOARD TO ISSUE NOTES.
Tenn.
24,600 John Sellers et al. Denom. 161.055.
"Appeal" of Nov. 28 had the following to say regarding the issuance of
21,100 Earl Bell et al. Denom. $1,230.
,
short-term n 0 i
,s8m 0 0
$6,00,O sho ter0 . otes
Date Nov. 15 1922. Due one-twentieth of each issue each six months
n short-term notes to cover current expenses in
Issuance
from May 15 1924 to Nov. 15 1923. Principal and semi-annual interest operating the city schools until next Fall is being contemplated by the
(sr. & N.), payable at the State Bank of A. P. Andrew, Jr., & Son, of Board of Education, it developed last night at the regular meeting, which
Laporte. Certified check for 5% of bid required. No bid for less than proved to be one of the shortest in history.
par considered.
'The notes will be offered for sale early in January to become due the
October, when the taxes shall all have come in, Marion G.
LAS ANIMAS COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Aquil- following
Evans, attorney for the Board, has been instructed by Larry Humes,
lar), Colo.
-BOND SALE.
-Boettcher, Porter & Co. of Denver, have Chairman, upon recommendation of the Board, to prepare the notes for
purchased $40,000 5% school bonds. Denom. $1,000. Date
sale and Secretary 0. W. Garner will advertise for bids early next month.
1923. Prin. and semi-ann. In (J.
-J.), payable at Kountze Bros.,Jan. 1 A similar amount of short-term notes were issued last year.
N. Y.
City. Due $4,000 yearly from 1943 to 1952, inclusive.
"The finances of the School Board, as has been the else for the last
several years, are virtually depleted at this time. The notes will be
LAMPASAS, Lampasas County, Tex.
-WARRANT SALE.
-We are necessary to pay salaries for the 1,100 teachers and employees and attend
informed by J. L. Arlitt of Austin, that he recently
in the process
coupon street improvement warrants. Denom. $500purchased $9,000 6% to minor expenses that ordinarily occuror construction of operation. None
Date Juno 5 1922.
money is to be used for building
purposes."
Prin. and semi-ann. int. (F.
-A. 5) payable at the dhase National Bank, of the
N. Y. City. Duo $3,000 yearly on Feb. 5 in each of the years
MERCER, Mercer County, Pa.
-BOND OFFERING.
-L. R. Rickard,
1923, 1924
and 1925.
Secretary of the Borough Council, will receive proposals until 7 p. m.
Dec. 15 for $4,000 53 % borough and $18,000 6% East Butler Street
LA SALLE COUNTY COMMON SCHOOL DISTRICT NO.
coupon bonds. The $4,000 issue is described as follows:
-BONDS REGISTERED.
-On Dec. 1 the State Comptroller 7, Texas. improvement Due Dec. 11951, optional Dec. 11936. The
of Texas Denom. $500.
$18,000 issue
registered $12,000 5% 15-40
-year bonds.
$1,000. Due in 5 years, redeemable semi-annually. Prin. and
Denom.
semi-ann. int., payable at the First National Bank of Mercier. Certified
LEBANON SCHOOL DISTRICT (P.O. Lebanon), Lebanon
County,
Pa.
-BOND OFFERING.
-The $110,000 4i% coupon (registered) high check for $200 required with $4,000 issue, $540 with $18.000 Issue.
school annex bonds recently authorized-V. 115, po. 1761-are being
offered
-BOND SALE.
-The following
MIAMI COUNTY (P. 0. Peru), Ind.
on Dec. 28. Wm. R. Mark, Secretary of Board of School
receive proposals until 7.30 p. m. on that date. Denom. Directors, will five issues of 5% coupon bonds, offered on May 31-V. lit, p. 2271
Jan. 1 1923. Int. semi-ann. Due on Jan. 1 as follows: $1,000. Date on June 6 were sold to J. F. Wild & Co. of Indianapolis at about a 134%
m0
4 0 ium:
$35,000 1943, and $55,000 1953. Certified check for 2% $20,000 1933. p7 5
Emanuel Yoder et al. Union Township Free Gravel Road No. 3
bonds bid for, payable to the District, required. Legality of amount of $
approved by
Townsend. Elliott & Munson, Philadelphia.
bonds. Denom. 202 50.
5,900 Joseph A. Connor et al. Allen Township Free Gravel Road No. 6
LEIPSIC, Putnam County, Ohio.
bonds. Denom. $295.
-BOND SALE.-Durfee, Niles &
Co. of Toledo, were awarded the issue of $7,500 53i% coupon
refunding 11,450 Owen Murphy et al. Richland Township Free Gravel Road No. 9
bonds offered on Nov. 20 (V. 115, p. 2182) on Nov. 27 for a premium
bonds. Denom. $572 50.
of
$113 80, equal to 101.517, a basis of about 4.21%. Date Sept. 1 1922.
5,900 Charles N. Wales et al. Jackson Township Free Gravel Road No.
Due $500 yearly from 1923 to 1937,incl. Other bidders were:
21 bonds. Denom. $295.
Henddleson-Dewalt et al. Richland and Perry Townships, Free
Other Bidders.
Premium. Other Bidders.
Premium. 13,320
Prudden & Co.. Toledo
$81 00 W.L. Slayton & Co.,Toledo --$8 25
Gravel Road bonds. Denom. $666.
W. K. Terry & Co., Toledo_ _ _ 65 00 Ryan, Bowman & Co., Toledo.,
Date April 15 1922. Int. May 15 and Nov. 15. Due one bond of
8 25
N. S. Hill & Co., incinnati
semi-annually from May 15 1923 to Nov. 15 1932 inclusive.
44 00 A. T. Bell & Co., Toledo
2 30 each issue
Seasongood & Mayer., Cincin' 10 00
MINERAL SPRINGS TOWNSHIP, Moore County, No. Caro.
LENOIR, Caldwell County, No. Caro.
-BOND SALE.
-Sealed proposals will be received by the County
OFFERING.
-The
53's% coupon (with privilege of registration) street impt. bonds $225,000 BOND
Superintendent of Schools (1'. 0. Carthage) for $75.000 6% coupon school
offered on
Dec. 6-V. 115, p. 2404
-were awarded to A. T. Bell & Co.
p. in. Dec. 11. Denom. $1,000. Date Dec. 11922. Prin.
premium of $475, equal to 100.21. a basis of about 5.48%. of Toledo at a bonds, until 2 - nt. payable at the National Park Bank, N. Y. City. Due
i
1922. Due yearly on Nov. 1 as follows: $21,000, 1924, and Date Nov. 1 and semi-ann.A certified check upon an incorporated bank or trust com$12,000, 1925 in 20 years.
to 1941 inclusive.
to
pany or cash) payable bid the Bank of Pinehurst, County Treasury, for
for. required.
2% of amount of bonds
LIBERAL, Can Creek, Kan.
-BONDS REGISTERED.
-On Nov. 22
the State Auditor of Kansas registered $24,492 19 53
-A syndicate composed of Kuhn
.BOND SALE.
MISSOURI (State of)
,
6% inapt. bonds.
Co., both of New York and the First National,
LIGONIER, Noble County, Ind.
-BOND OFFERING.-Arloo 0. Loeb & Co., Hallgarten &
purchased the $5,000,000 4 % coupon or registered
Shearer, City Treasurer, will receive bids until 2 p. in. Dec. 18 for
an issue Co. of St. Louis, have
$15,700
5% coupon city bonds. Date Oct. 1 1922.
bonds offered on Dec. 5-V. 115. p. 2501-at $4,978,000,
Due $785 semi-annually from July 1 1924 to Jan. 1 1934. Denom. $785. series"B" road
Int. semi-ann. equal to 99.56, a basis of about 4.73%. Date Dec. 1 1922. Due on
No bid for less than par will be considered.
Dec. 1 as follows: $2,000,000 1923 and 1924, and $1,000,000 1925.
LINN GROVE (P. 0. Buena Vista), Iowa.
The successful syndicate is now offering these bonds to investors at
-BOND SALE.
-We
are advised by Schanke & Co. of Mason City that they recently
purchased prices to yield from 4.25 to 4.30% (according to maturities) in an adver$4,000 531% funding bonds at par.
tisement appearing on a previous page of this issue.
LIVINGSTON PARISH ROAD DISTRICT NO. 3 (P. 0. Spring. Liberty Central Trust Co. and Mercantile Trust Co., St. Louis;
-BOND OFFERING.
vile), La.
-Sealed bids will be received until 11
Blair & Co., Chase Securities Corp.. Equitable Trust Co. and
$99 53
.
a. m. Jan. 2 1923 by the President of the Police Jury for $30.000 6% Kau omon & Co fi,
Soknann, 8mit Neweit &
l orkCo. and National Bank of Commerce.
coupon road bonds. Denom. $1,000. Date Aug. 1 1923. Int. F. & A.
Co., New York; Prescott & Snider, Kan. C.
Due 1942 A cert. check for $2,000, payable to H. B. Berthelot, President
St. Louis; Estabrook &Bank, Merchants Loan & Trust Co. First 99 451
of the Police Jury, required.
Harris Trust & Savings
Illinois Trust
99 287
Trust & Savings Bank and Co., St. Louis Co., Chicago; Stix &
LUBBOCK COUNTY COMMON SCHOOL DISTRICT NO. 9, Tex.
Co. and Wm. R. Compton
Ogilby& Austin,
BONDS REGISTERED.
-The State Comptroller of Texas registered $13,500 Pressprich & Co. H. L. Allen & Co., Blake Bros.,York; Curtis &
Van Ingeni & Co., New
Rutter & Co.
6% 20 -year bonds on Dec. 1.
-40
9 217
9 14
9
Sanger, Boston _ _ _________________ Guaranty Trust
Louis,
Mississippi Valley Trust Co., St.Bros. and Harriman &Co., Brown
LYNDHURST, Cuyahoga County, Ohio.
-BOND SALE.
Co., New
-It is reBraun, Barr
Bros Stacy &
ported that the issue of $15,000 5% coupon (village portion) water bonds
National Co. of • 98 70
:
York Ames, Emerich & Co., Chicago; First
.
offered on Dec. 4 (V. 115, p. 2501) has been sold to the Guardian Savings
& Trust Co. of Cleveland. Date Dec. 1 1922. Due yearly on Oct. 1 8mDitehtr,omit,oDoreetr&oit6w: ______ _
_____________ City Co. and Bankers 98 824
from 1924 to 1938 inclusive.
Stuart & Co., Chicago
Trust Co., New York; Halsey.
Co.. Jefferson City
McCANDLESS TOWNSHIP SCHOOL DISTRICT (P. 0. Wexford, Central Missouri Trust
-BONDS DEFEATED -At
R. F. D. No. 2), Allegheny County, Pa.
-BOND OFFERING.
-L. V.
MONROE COUNTY (P.O. Albia), Iowa.
Hartman, Secretary, Board of Education, will receive sealed bids at the
election an issue of $15,000 fair ground bonds failed to carry by
Ingomer School Bldg., until 3 p. m. Dec. 22 for the purchase of an issue a recent 2,105 "for" to 3,852 "against" the issue.
of $35,000 43 %, tax-free coupon school bonds. Denom. $1,000. Due a vote of
$9,000 on Dec. 1 1927;$9,000 Dec. 1 1932;$9,000, Dec. 1 1937, and $8,000.
MONROE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
-The $75.000 6% school building
Dec. 1 1942. Cert. check for $500. required.
-BOND SALE.
(P. 0. Key West), Fla.
-were awarded
and equipment bonds offered on Nov. 28-V. 115, p. 2295 a premium
MAIZE, Sedgewick County, Kan.
of
Kauffman-Smith-Emert & Co., Inc., of St. Louis, at
-BONDS REGISTERED.
-On to
Nov. 14 the State Auditor of Kansas registered $8,000 5% electric light $755, equal to 101, a basis of about 5.93%. Date Oct. 1 1922. Due
bonds.
Oct. 1 1952.
DEC.9 1922.]
THE CHRONICLE
2607
ONG, Clay County, Neb.-BONDS TO BE SOLD PRIVATELY
MONTPELIER, Bear Lake County, Idaho.
-BOND OFFERING.
.-The
Sealed bids will be received until 8 p. m. Jan. 3 by F. L. Cruikshank, City $15,000 6% electric plant bonds recently voted-V. 115, p. 2404
-are to
Clerk, for $15,000 coupon municipal water works bonds. Denom. $1,000. be sold at a private sale. The bonds are described as follows: Denom.
Int rate not to exceed 6%. Due in 20 years, optional $500. Coupon bonds. Date Nov. 1 1922. Int. M. & N. Due Nov. 1
Date Jan. 1 1923.
after 10 years. A certified check on a reliable bank or trust company for 5% 1942. optional after 5 years.
of amount offered required.
ORANGE COUNTY (P. 0. Orange), Tex.
-CORRECTION.
--The
MONTEBELLO HIGH SCHOOL DISTRICT, Los Angeles County, on which the $250,000 navigation impt. bond issue will be submitted date
to a
-The $300.000 5% school bonds offered on Dec. 4- vote is Dec. 30 not Dec. 23 as incorrectly reported by us in V. 115. p. 2502.
-BOND SALE.
Calif.
2501-were awarded to the Security Trust & Savings Bank of
V. 115, p.
ORANGEBURG COUNTY (P. 0. Orangeburg), So. Caro.
Los Angeles, and associates. at a premium of $100, equal to 100.03, a basis
-BOND
-Sealed bids will be received until 12 m. Dec. 14 by
of about 4.99%. Date Dec. 1 1922. Due $12,000 yearly on Dec. 1 from OFFERING.
Sturkie, Clerk Highway Commission, for $100,000 bridge bonds. L. K.
1923 to 1947, inclusive.
Date
Jan. 1 1923. Denom. $1,000. Prin. and semi-ann. bit. (J. & J.), payable
MONTROSE COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Mon- in N. Y. City. Bidder to name rate of interest not to exceed 6%. Due
-BOND SALE.
-Boettcher, Porter & Co. of Denver, have on Jan. 1 as follows: $1,000 1924 to 1933, incl. and $3,000 1933 to 1963,
trose), Colo.
incl. A certified check on an incroporated bank or trust company for
purchased anissue of$7,300 5 % school refunding bonds.
$2,000, payable to J. W. Smoak, Chairman of the Highway Commission,
MORRIS, Okmulgee County, Okla.
-A special required. Delivery on or about Jan. 2 1923 in
-BOND ELECTION.
Y. City,
held on Dec. 12 to permit the taxpayers to vote upon the chaser's expense for delivery and exchange, at placeN.his choice.or, at purelection will be
of
Approving
issuance of $67,000 worth of bonds for the purpose of extending the water legal opinion of Chester B. Masslich. N. Y. City.
works system. The bonds are to bear 6% interest and run for 35 YearsOREGON (State of).
-BOND SALE.
-The $231,450 Oregon District
MORRISTOWN, Morris County, N. J.
-BOND OFFERING.- interest bonds offered on Dec. 1-V. 115. p. 2075
-were
Vincent D. Roache, Town Clerk, will receive bids until 8 p. m. Dec. 19 Lumbermen's Trust Co. of Portland, as 4%s at 100.03, aawarded to the
purchase at not less than par and interest of an issue of 4.30% 4.49%. Date Dec. 1 1922. Due as follows: $38,700 Jan. 1basis of about
for the
1942,$16,500
coupon refunding bonds, not to exceed $136,000, no more bonds to be July 1 1942. $3.000 July 1 1943. $42,750 Oct. 1 1944,
awarded than will produce a premium of $1.000 over $136,000. Denom. $7,800 July 1 1946, $12.000 July 1 1947, $23,000 Jan. 1$2,850 Jan. 1 1946,
1949, $8,250 July 1
Date Dec. 30 1922. Prin. and semi-ann. int. (J. & D. 30). 1949, $46,500 Jan. 1 1951 and $30,000 July 1 1958.
$1.000.
payable in U. S. gold of the present standard of weight and fineness at the
OSWEGO COUNTY (P. 0. Oswego), N. Y.
Town Treasurer's office. Due $4,000 yearly on Dec. 30 from 1923 to
-BOND OFFERING.
1956, inclusive. Certified check on a solvent incorporated bank or trust George H. Fuller, County Treasurer, will receive bids until 1 p. m. Dec. 12
company for 2% of amount of bonds bid for, payable to the Town,required. for $26,000 4%% 3
-year (average) bridge coupon bonds, it is stated. Date
Oct. 1 1922. Denom. $1,000. Due yearly on Oct. 1 as follows: $5,000
MT. BLANCHARD SCHOOL DISTRICT (P. 0. Mt. Blanchard), from 1923 to 1927 and $1,000 in 1928. Principal and
semi-annual int.
Hancock County, Ohio.
-BOND SALE.
-The $96,000 5% coupon school (A. & 0.) payable at the Irving National Bank of New York. Legality
building bonds offered on Dec. 2-V. 115, p. 2295
-were awarded to the approved by L. H. Wallace, County Attorney. Certified check for $500,
Detroit Trust Co. of Detroit, for $96,026, equal to 100.027. a basis of payable to the county, required.
about 4.99%. Date Sept. 15 1922. Due $4,000 yearly on Sept. 15 from
OWEN COUNTY (P. 0. °wanton), Ky.-BOND ELECTION.
1924 to 1947, inclusive.
-An
election will be held on Dec. 23 to vote on issuing road bonds amounting to
MOUNTAIN GROVE, Wright County, Mo.-BOND ELECTION.
-An $200.000.
election, to vote on the question of issuing $15,000 water works bonds, will
• be held on Dec. 12.
PANOLA COUNTY (P. 0. Carthage), Tex.
-BOND ELECTION.
-A
bond issue of
roads will
MT. PENN SCHOOL DISTRICT (P. 0. Reading), Berks County, Dec. 23. A.$750,000 for County be submitted to a vote of the people on
D. Nelson,
Judge.
-BOND OFFERING.
Pa.
-W. E. Bates, District Secretary, will receive
bids until 7 p. m. Dec. 15 for $10,000 4%% coupon (registerable) school
PANOLA COUNTY COMMON SCHOOL DISTRICT NO. 27, Tex.
bonds. Denom. $1,000. Date Nov. 1 1922. Int. semi-ann. Due BONDS REGISTERED.
-On Nov. 28 the State Comptroller of Texas regis$1,000 yearly on Nov. 1 from 1923 to 1932, inclusive. Certified check for tered $12,200 5% 10 -year serial bonds.
-20
5% of amount of bonds bid for. required.
PASSAIC. Passaic County New Jersey.
-BOND SALE.
-R. M.
NEODESHA,.Wilson County, Kan.
-The Grant & Co. of New York, bidding $642,175 for $632,000 bonds, equal to
-BONDS REGISTERED.
State Auditor of Kansas registered $15,370 43 % paving bonds on Nov. 14. 101.60, a basis of 4.35%, were awarded the 43% coupon (with privilege
of registration as to principal or to both principal and interest) general
NEWARK, New Castle County Del.-BOND SALE.
-It is reported improvement bonds offered on Dec.
that an issue of $160,000 5% school bonds were sold at par to Laird & Co. Due serially on Dec. 1 as follows: 4(V. 115, p. 2404). Date Dec. 1 1922.
'
$20,000 from 1923 to 1952 incl. $21,000
of Wilmington, and 2 local banks.
in 1953 and $11,000 in 1954. These bonds are now being offered to inNEWCASTLE SCHOOL DISTRICT (P. 0. New astle), Lawrence vestors at prices to yield 4.20%.
Other bidders were:
County, Pa.
-BOND OFFERING.
-Sealed bids will be received by Hugh
Other Bidders.
Premium.
Other Bidders.
Premium.
M. Marquis, Secretary of the School Board, until 8 p. m. Dec. 12 for an
100.13 C. Whitis & Co
issue of $300,000 43 % coupon school building bonds. Denom. $1,000. Equitable Trust Co_
100.39
Harris Forbes & Co
100.31 Ban Bros. & Co
Date Jan. 11923. Due yearly on Jan. 1 from 1931 to 1940, incl.
100.42
Prin. Eldredge & Co
101.17 Remick Hodges & Co
and semi-ann. int (J.-J.), payable in lawful money of the United States, Passaic Bk. &
100.31
101.09 Lamport,Barker&Jennings,Inc100.17
at the office of the Treasurer of the School Board. The official announce- Lehman Bros Trust Co
101.02 Redmond & Co
ment states that the bonds are tax-free in Pennsylvania. These bonds are
100.79
issued under the Acts of the Legislature of April 20 1874 and May 18 1911.
PATASKALA, Licking County,Ohio.-BOND OFFERING.
-ProCert. check for 1% of bid. required.
posals will be received until 12 m. Dec.22 by Elias Williams, Village Clerk,
for the purchase at not less than par and int. of $4,500 5 % refunding bonds,
NEW HAVEN INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS
REGISTERED.
-The State Comptroller of Texas registered $8,000 6% issued under authority of Sec. 3916, Gen. Code. Denom. $500. Date
Dec. 15 1922. Int. semi-ann. Due $500 yearly on Dec. 15 from 1924 to
-year bonds on Dec. 2.
20
1932, inclusive.
NEW JERSEY (State of).
-BOND OFFERING.
-Additional informaPELHAM MANOR, Westchester County, N. Y.
-BOND SALE.
tion is at hand relative to the offering on Dec. 19 of $2,000,000 43i% The
coupon (with privilege of registration), Series C, highway extension bonds both$28,500 coupon (with privilege of registration as to 'principal or as to
principal and interest) storm water drain bonds offered on Dec. 4
-V. 115, p. 2295. Proposals will be received until 11 a. m. on that date (V. 115, p. 2405) were
awarded to George B. Gibbons & Co., Inc., of New
by N. A. K. Bugbee, State Comptroller. Denom. coupon bonds $1,000;
registered bonds up to $50,000. Date Jan. 1 1923. Prin. and semi-ann. York at 1131.09 for 4%s,a basis of about 4.39%. Date Dec. 1 1922. Due
int. (J. & J.) payable at the Mechanics National Bank, Trenton. Due $1,500 on Dec. 1 in each of the years 1927 to 1945 inc.l.
Jan. 11953; callable after 15 years upon 6 months' notice. Cert. check for
PENDER, Thurston County, Nebr.-BOND SALE.
-The $20,000
3% of amount of bonds bid for, payable to Wm.T. Read, State Treasurer, coupon tax-free funding bonds offered on
Nov.
-were
required. Bonds will not be sold at less than par and interest. Delivery purchased by Burns, Brinker & Co. of Omaha, 14-V. 115, P. 2075
as 5s at a premium of $14.
to be made at Trenton on Jan. 2.
equal to 100.07, a basis of about 4.99%. Date Nov. 1 1922. Due Nov.
NEW PRAGUE SCHOOL DISTRICT (P. 0. New Prague), Le Seuer 1 1942, optional Nov. 1 1932.
-BONDS VOTED -By a vote of527 for"to 125"against'
County,Minn.
PENNSAUKEN TOWNSHIP (P. 0. Camden), Camden County,
"
an issue of $100,000 43i% school bldg. bonds was recently voted.
N. J.
-BOND OFFERING.
-Proposals will be received until 8 p. m. Dec.
by Robert V. Peabody, Township Clerk, for the following three issues 11
of
NICHOLSON TOWNSHIP SCHOOL DISTRICT (P. 0. Martin), curb and sidewalk
5% coupon bonds, no more
-BOND SALE.
Fayette County, Pa.
-Glover & MacGregor of Pitts- awarded than will produce a premium of $1,000bonds of either issue to be
over the amount of bonds
burgh, were awarded an issue of $30,000 4%% impt bonds at a premium of offered:
$501, equal to 101.67. Date June 15 1922. Denom. $1,000. Due June $42.000 assessment bonds. Denom. $4,000. Due
$4,000 yearly on Dec. 1
15 1952. Int. J. & D.
from 1923 to 1930 incl.
4,000 assessment bonds. Denom. $500. Due $500 yearly on Dec. 1
NICKERSON, Reno County, Kan.
-The
-BONDS REGISTERED.
from 1923 to 1930 incl. ,
State Auditor of Kansas registered $83,500 5% paving bonds o,n,Nov. 9.
6,000 general bonds. Denom. $600. Due $600 yearly on Dec. 1 from
1923 to 1932 incl.
NOBLE COUNTY (P. 0. Albion), Ind.
-J. F. Wild
-BOND SALE.
Date Dec. 1 1922. Int. semi-ann. Legality approved by Hawkins,
& Co. of Indianapolis, were awarded the $6,800 5% Frank Shearer et al.,
Sparta Township bonds offered on Dec. 4 (V. 115, p. 2501) for $6,825 Delafield & Longfellow, N. Y. Cert. check for 2% of amount of bid
(190.37) and accrued! nt., a basis of about 4.93%. Date Sept. 15 1922. required.
Due $340 from May 15 1923 to Nov. 15 1932.
PHILLIPS AND SEDGEWICK COUNTIES JOINT SCHOOL DIS-BOND SALE.-Benwell,Phillips & Co. of Denver.
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BOND ELECTION. TRICT NO.36, Colo.
_on Dec. 19 an election will be held in Deep Creek Magisterial District have purchased $3,000 6% school bldg. bonds. Denom. $500. Date
vote on the question of issuing bonds in an amount not to exceed $60,000 Dec. 1 1922. Semi-ann. int. (J.
-D.), payable at Kountze Bros.,
to
City, and principal payable at County Treasurer's office in Holyoke.N. Y.
for school purposes in Deep Creek School District No. 2.
Due
Dec. 1 1952, optional Dec. 1 1937.
NORTH BEND, Coos County, Ore.
-BONDS VOTED -At the
Financial Statement.
lection held on Nov. 25-V. 115, p. 2183
-the $60,000 city wharf bonds Assessed valuation, 1921
$401,720
were voted.
Total bonded debt,including this issue
8,000
Population, 100.
NORTH BRADDOCK SCHOOL DISTRICT(P.O. North Braddock),
Allegheny County,Pa.-BOND OFFERING.
-Proposals for the purPITTSBURG, Crawford County, Kans.-BONDS REGISTERED.
chase of the $80,000 434% coupon school bonds which were authorized at The State Auditor of Kansas registered
$10,108 5% general improvement
-V. 115, p.2183-will be received until 7:30 p. bonds on Nov. 21.
the recent general election
by A. G. Wallace, District Secretary. Denom. $1,000. Date
m. Dec. 22
Dec. 1 1922. Int. semi-ann. Due $10,000 yearly on Dec. 1 from 1937 to
PONTIAC, Oakland County, Mich.
-BOND SALE.
-It is reported
1944, incl. Cert. check for $1,000, payable to the District Treasurer, that the city, using its general collateral fund, has purchased its own special
required.
assessment bonds. The issues include $7,500 for curb and gutters and
$3,800 for sidewalks. They are short-term and draw 53% interest. The
NORTH FAYETTE TOWNSHIP SCHOOL DISTRICT, Allegheny bonds are dated Dec. 1 1922.
-BOND SALE.
County, Pa.
-It is reported that Redmond & Co., of
Pittsburgh, were the successful bidders for the $80,000 43 % school bonds,
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND OFFERING.
on Dec. 4 (V. 115, p. 2183). Their bid was a premium of $1,076, Isaac Platt, City Treasurer, will receive bids until 12 m.Dec.20for $278_,000
offered
equal to 101.34, a basis of about 4.38%. Date Dec. 11922. Due yearly 4 % 18 -year (average) coupon or registered refunding bonds. Date
as follows: $2,000
on Dec. 1inclusive; $4,000 from 1924 to 1942, inclusivb; $3,000 from 1943 Dec. 1 1922. Denom. $1,000. Due yearly on Dec. 1 as follows:$40,000 in
in 1946; $5,000 in 1947 and 1948; $6,000 from 1928; $8000 from 1929 to 1951 Inclusive, and $54,000 in 1952. Principal
to 1945,
and semi-annual interest (J. & D.) payable at the Fallkill National Bank,
1949 to 1951. and $1,000 in 1952.
of Poughkeepsie. or in New York exchange. The bonds will be prepared
.
NORTH SPOKANE IRRIGATION DISTRICT (P. 0. Spokane), under the supervision of the United States Mortgage & Trust Co., of
-A vote of 136 "for" to 53 "against carried New York. Legality approved by Hawkins, Delafield & Longfellow, Esqs.,
-BONDS VOTED.
'
Wash.
of New York. Certified check for 2% of bid required.
the proposition to issue $75,000 bonds.
PRICE RIVER CONSERVATIVE WATER DISTRICT (P.O. Price),
-BOND
NUMA DRAINAGE DISTRICT, Crowley County, Colo.
-BONDS VOTED.
-On Nov. 28 an issue of $750,000 bonds for the
-Sealed proposals will be received until 10 a. m. Dec. 23 by Utah.
OFFERING.
Broadbent District Secretary, (P. 0. Ordway) for $150,000 purpose of building a dam and reservoir was voted at an electionheld on
William
(part of an authorized issue of $200.000) 6% coupon drainage bonds. that day.
PROSPECT SCHOOL DISTRICT NO.33, Ramsey County, No. Dak.
Denom. $500. Date Dec. 1 1922. Prin. and semi-ann. int. (J.-D.),
-During the month of November the State of North Dapayable at the County Treasurer's offjce and at Kountze Bros., N. Y. City. -BOND SALE.
Ikcert. check for $10,000, payable to the above official, is required. Due kota purchased $5,000 4% bldg. bonds at par. Date July 1 1920. Due
serially 1927 to 1938, incl. Bonds to be ready for delivery on date of sale July 1 1940; bonds are not subject to call, but may be redeemed 2 years
accompanied by approving legal opinion of Pershing, Nye, Fry & Tall- from date of issue.
madge. Denver.
PUEBLO COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Pueblo),
-BOND ELECTION.
-BOND SALE.
-Subject to being voted at an
OAKLEY JOINT SCHOOL DISTRICT NO.3(P.O. Oakley), Logan Colo.
-On Nov. 10 an issue of $100,000 school election to be held soon, Joseph D. Grigsby & Co. of Pueblo, have pur-BONDS VOTED.
County, Kan.
chased $6,000 refunding bonds.
bonds was voted.
2608
THE CHRONICLE
PUEBLO COUNTY SCHOOL DISTRICT NO. 47, Colo.
-BOND
ELECTION.
-BOND SALE.
-Joseph D. Grigsby & Co. of Pueblo, have
purchased $6,500 refunding bonds, subject to being voted at an election to
be held shortly.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND SALE.
-J, F.
Wild & Co. of Indianapolis, were awarded the 2 issues of 5% coupon road
bonds offered on Dec. 4 (V. 115, p. 2502) as follows:
$7,000 John Vankirk et al., Salem Twp. bonds for a premium of $80 50,
equal to 101.15, a basis of about 4.78%. Denom. $350. Due $350
each 6 months from May 15 1924 to Nov. 15 1933, inclusive.
8,000 David Barnhill et al., Cass & White Post Twps. bonds for a premium of $84, equal to 101.05, a basis of about 4.80%. Denom.
$800. Due $800 yearly on Nov. 15 from 1924 to 1933, inclusive.
Date Nov. 15 1922. Int. M. &N.
QUINTER, Grove County, Kan.
-BONDS SOLD.
-The $42,000
water bonds voted on Nov. 17-V. 115, p. 2405
-have been sold.
BEACH,Los Angeles County, Calif.
REDONDO
-BONDS VOTED.
On Nov. 28 a bond issue of $125.000 for the purchase of the Redondo Hotel
tract was voted by a count of 1,599 "for' to 250 "against" the issue.
REIDSVILLE, Rockingham County, No. Caro.
-BOND SALE.
The $300,000 street impt. bonds offered on Dec. 9-V. 115, p. 2405
-were
purchased by R. M. Grant & Co., Inc., of New York as 53s at 100.36, a
basis of about 5.23%. Date Sept. 1 1922. Due on March 1 as follows:
$15.000. 1925 to 1934 incl.; $9,000, 1935 and 1936; $14,000. 1937 and 1938;
$19,000, 1939 and 1940, and $22,000. 1941, 1942 and 1943.
RICHMOND, Henrico County, Va.-BOND OFFERING.
-Sealed
bids will be received until 8 p. m.Dec. 19, by Barton H. Grundy, Chairman
of the Finance Committee, for $750,000 sewer. $500,000 water works,
$250,000 gas works and $500,000 public impt. 4%% coupon (with privilege
of registration as to principal only or both principal and int.) bonds. Date
Jan. 1 1923. Denom.
Prin. and semi-ann. int. (J.
-J.), payable
at the City Comptroller s office or (unless the bonds be registered) at the
office of the fiscal agent in New York City. Due Jan, 1 1957. A cert.
check for 1%% of amount bid for, required. The successful bidder will
be furnished with the opinions of Reed, Dougherty & Hoyt of New York
City, that the bonds are valid and binding obligations of the City of Richmond, and the bonds will be prepared under the supervision of the United
States Mortgage & Trust Co. of New York City, which will certify as to the
genuineness of the signatures of the City officials and the seal impressed
thereon.
41.000.
ROCHESTER, N. Y.
-NOTE SALE.
-On Dec. 6 the $325,000 school
construction notes, payable 8 months from Dec. 11 1922, offered on that
date (V. 115, p. 2502) were sold to Salomon Bros. & Hutzler of New York,
on a 4.34% interest basis plus a premium of $7. Other bidders were:
Traders' National Bank, Rochester
4.34%
F. S. Moseley & Co., New York City
4.52%
Security Trust Co., Rochester
4.40%
$10 00
S. N. Bond & Co.. New York City
4.70%
23 00
Lincoln-Alliance Bank, Rochester
5%
25 00
ROXBURY TOWNSHIP SCHOOL DISTRICT (P. 0. Landing),
-BOND SALE.
-The $81,000 5% coupon school
Morris County, N. J.
house addition bonds, offered on Dec. 4 (V. 115, p. 2405), were awarded to
H. L. Allen & Co., of New York, at 100.594, a basis of about 4.92%. Date
Oct. 1 1922. Due in two series, one $3,000 on Oct. 1 from 1923 to 1942,
inclusive, and the other $1,500 on Oct. 1 from 1923 to 1936, inclusive.
ST. IGNACE, Mackinac County, Mich.
-BOND ELECTION.
-It is
reported that an election will be held on Dec. 12 to vote on the question of
issuing $27.500 bonds to rebuild city power plant.
POST. FRANCIS, Cheyenne County, Kan.
-BONDS REGISTERED
The State Auditor of Kansas registered $38,872 44 5% sewer bonds on
Nov. 15.
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND SALE.
-The
$1,000,000 4%% coupon road bonds offered on Dec. 5-V. 115, p. 2502
were awarded jointly to Kauffman-Smith-Emert & Co., Inc.. First National
Co., both of St. Louis and the Harris Trust & Savings Bank of Chicago, at
98.81, a basis of about 4.63%. Date Dec. 11922. Due on Dec. 1 as follows: $62,000, 1927 to 1941, incl., and $70,000, 1942.
-BOND OFFERING.
ST. PAUL, Minn.
-Sealed proposals will be
received until 12 m. Dec. 14 by Jesse Foote, City Comptroller, for $100.000
43 % coupon (with privilege of registration) water works bonds. Date
Dec. 1 1922. Denom. $1,000. Due in 30 years. A certified check for
2% of amount of bonds bid for required. The approving opinion of Wood
& Oakley of Chicago. will be furnished at the time of sale. The official
announcement offering these bonds says: "The city of St. Paul has never
defaulted on any of its obligations and its principal and interest on its
bonds previously issued have always been paid promptly at maturity."
-BOND OFFERING.
SALEM, Salem County, N. J.
-Proposals will
be received until 8 p. m. Dec. 11 by W. B. Dunn, City Recorder, for an
Issue of 5% coupon (with privilege of registration) water works bonds, not
to exceed $15,000, no more bonds to be awarded than will produce a premium
of $1,000 over $15,000. Denom. $1,000. Date Dec. 29 1922. Prin.
and semi-ann. int. (J. & DO payable at the City National Bank of Salem.
Due $1,000 yearly on Dec. 29 from 1924 to 1938, incl. Certified check for
2% of amount of bonds bid for required.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND SALE.
-The
following 2 issues of 53 % coupon bonds aggregating $63,000 offered on
July 5 (V. 115, p. 107) were sold on July 15 to A. T. Bell & Co. of Toledo,
for $64,303, equal to 102.06, a basis of about 5.057%:
$38,000 E. J. Jeschke Road impt. bonds. Due yearly on Oct. 1 as follows:
$4,000 from 1923 to 1929, incl., and $5,000 in 1930 and 1931.
25,000 Ohio, Walnut and Fifth Sts. impt. bonds. Due yearly on Oct. 1 as
follows: $2,000 in 1923 and 1924, and $3,000 from 1925 to 1931,
inclusive.
Denoms. $500 and $1,000. Date July 1 1922. Int. A. & 0.
SCHENECTADY,Schenectady County, N. Y.
-LOAN OFFERING.
Sealed proposals will be received by William A. Wick, City Comptroller,
Dec. 13 for the sale of $392,500 temporary loan notes bearing
until 11 a.
m..
date of Dec. 15 1922, to be issued for a temporary loan in anticipation of the
sale of bonds to provide funds to pay for the cost of construction of a bridge
across the Mohawk River and barge canal at Schenectady, pursuant to Chapter 735 of the Laws of 1917 and Chapter 634 of the Laws of 1919, and an
ordinance adopted by the Common Council of said city. Nov. 20 1922, and
duly approved by the Mayor and Board of Estimate and Apportionment.
The principal will become due and payable in Now York exchange Juno
15 1923 at the Treasurer's office or the Chase National Bank, New York,
as the successful bidder may elect; unless delivery is desired elsewhere, the
notes will be delivered to the purchaser through said bank.
Proposals to state the lowest rate of interest at which the loan will be
taken, not exceeding 6% per annum. Certified check payable to the City
Comptroller for 1% of the par value of the notes bid for. Purchaser to
take up and pay for the notes within 10 days after notice of the award.
Bidder should specify denominations of notes desired. Accrued interest
must be paid by the bidder.
-BOND SALE.
.
-On Dec. 6 an
SEA CLIFF, Nassau County, N. Y.
issue of $25,000 5% incinerator plant bonds was sold to George B. Gibbons
& Co. Inc., of New York for 103.53, a basis of about 4.60%. Date Dec. 15
1922. Dnom. $1,250. Due $1,250 on Dec. 15 from 1924 to 1943 incl.
Principal and semi-annual interest (J. & D. 15) payable at the office of
the Village Treasurer.
SHADE TOWNSHIP SCHOOL DISTRICT (P. 0. Cairnbrook),
-Graham & Parsons ofPhiladelphia
-BOND SALE.
Somerset County, Pa.
were awardedan issue of $39,500 5% school building bonds at 100.36 on
Aug. 5 1922. Date Aug. 5 1922. Denom. $1,000. Due $3,000 yearly on
Nov. 1; subject to call after 1928. Interest M. & N.
-BONDS REGISTERED.
SHAWNEE COUNTY (P. 0. Topeka), Kan.
-The State Auditor of Kansas registered $175,000 4%% road improvement bonds on Nov. 15 and $21,900 4 % road impt. bonds on Nov. 21.
-BOND OFFERING.
SHARON HILL, Delaware County, Pa.
Sealed proposals will be entertained until 8 p. m. Dec. 27 by Wm. H.
Milliken, Borough Secretary, for $9,000 4%% registered bonds. Denom.
$1,000. Date Jan. 2 1923. Int. semi-ann. Due Jan. 2 1953. It Is said
that these bonds are free from the Pennsylvania State tax.
[VOL. 115.
SHELBY TOWNSHIP,Oceana County, Mich.
-BOND OFFERING.
W. 0. Cole, Township Clerk, is receiving proposals until 8 p. m. Dec. 21
for $10,000 5% road bonds. Denom. $1,000. Int. annually. Due
$2,000 yearly on Mar. 1 from 1928 to 1932, incl. Cert. chock for $100, required.
-By a vote
SHERWOOD, Calumet County, Wis.-BONDS VOTED.
of 715"for" to 191 "against" a proposition to issue $75,000 lighting system
bonds carried at a recent election.
-V.
SHULLSBURG, Lafayette County, Wisc.-BOND OFFERING.
G. Jackson, City Clerk, will receive sealed bids until Dec. 19 for the folowing 2 issues of6% bonds:
General street impt. bonds amounting to from $7,000 to $10,000 in denom.
of $1,000 and maturing serially 1 to 10 years.
General sewer impt. bonds amounting to $5,000 in denominations of $500
and maturing serially from 1 to 10 years.
A cert. check for 10% of bonds, required.
SOMERVILLE, Middlesex County, Mass.
-TEMPORARY LOAN.
It is reported that a temporary loan of $100,000 maturing June 12 1923,
has been awarded to the Boston Safe Deposit & Trust Co. of Boston, on
a 4.125% discount basis plus a $5 premium.
SOUTH DA KOTA (State of).
-BOND SALE.
-A syndicate composed
of the Guaranty Co. of New York; Bankers' Trust Co. Stacy & Braun,
Ames, Emerick & Co., Wm. R. Compton Co., and Hannahs, Bailin & Lee
the Wells-Dickey Co. of Minneapolis, and the Mississippi
all of New York;
Valley Trust Co. of St. Louis, has purchased the $3,000,000 484% rural
credit bonds offered on Dec. 1-V. 115, p. 2503
-at a premium of $27,300.
equal to 100.91, a basis of about 4.70%. Date Nov. 15 1922. Due Nov.
15 1942.
We are advised by the Guaranty Company of New York that all of the
above bonds have been sold.
STELLA, Richardson County, Neb.-BONDS DEFEATED.
-A
proposition to issue $3,500 fire apparatus bonds was defeated at a recent
election by a count of 50"for" to 61 "against" the issue.
STRATTON, Kit Carson County, Colo.
-BOND SALE.-Benwell,
Phillips & Co. of Denver, have purchased $25,000 6% water bonds. Denom. $500. Date Nov. 1 1922. Prin. and semi-ann. hit.(M.
-N.), payable at the Town Treasurer's office or at Kountze Bros., N. Y. City,at option
of holder. Due Nov. 1 1937.
Financial Statement.
Assessed valuation, 1921
$659,713
Total bonded debt, all for water
75,000
Populatiom, Federal census, 1920, 421.
Population, officially estimated, 600.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND OFFERING.
J. IIavre Thompson, County Treasurer, will receive bids until 12 m. Dec
for the following 2 issues of 5% highway impt. bonds:
11
$9.400 Oscar W. Allen et al., Curry Township bonds.
9,400 Joseph Berlingmier et al., Curry Township bonds.
Date Sept. 15 1922. Denom. $470. Due 1 bond of each issue each 6
months from May 15 1924 to Nov. 15 1933, incl. Int. M. & N. 15. No
b ds for less than par and accrued interest. The right is reserved to
reject any and all bids.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-The $65,-BOND SALE.
0005% coupon Sanitary Imt. No. 13 Talmadge Sewer District No. 1 bonds,
offered on Nov. 17 (V. 115, p. 2076), were awarded to Richards, Parish
Lamson of Cleveland, for a premium of $743, (101.114) and accrued int.,
a basis of about 4. 85%. Date Oct. 1 1922. Due yearly on Oct. 1 as
follows: $5,000 in each of the years 1926, 1929. 1932, 1935 and 1938, and
$4,000 in each of the other years from 1924 to 1937. inclusive.
SWEDESBORO, Gloucester County, N. J.
-On
-BOND SALE.
Dec. 5 the $57,000 5% water bonds offered on that date (V. 115, p. 2503)
were sold to the Swedesboro National Bank of Swedesboro for $57,779 50
(101.36) and int., a basis of about 4.89%. Date Dec. 1 1922. Due
$1,500 yearly on Dec. 1 from 1924 to 1961 incl. Graham, Parsons & Co.
of Philadelphia submitted a bid of pa rand interest.
SWEETWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
Sweetwater), Nolan County, Texas.
-BONDS VOTED
-BOND SALE.
-At the election held on Nov. 25-V. 115, p. 2076
-the $80,000
%
school building bonds were voted. Since being voted the bonds have been
sold.
TARRANT COUNTY (P. 0. Fort Worth), Texas.
-BONDS REGIS.
-The State Comptroller of Texas registered $1,200,000
TERED.
%
road and bridge repairing bonds on Nov. 28.
TAYLOR, Williamson County, Texas.
-BOND SALE.
-The $32,000
5% coupon (with privilege of registration as to both principal and interest)
school bonds offered on Dec. 5 (V. 115, p. 2406) were awarded to J. T.
Bowman of Austin at a discount of $425, equal to 98.66, a basis of about
5.11%• Date Jan. 1 1923. Due on Jan. 1 as follows: $1,000 1929 to 1938
incl. and $2,000 1939 to 1949 incl.
-BONDS REGISTERED.
-The following bonds
TEXAS (State of).
have been registered with the State Comptroller:
Int.Rate. Due. Date Reg.
Amount. Place.
5% 10-20 yrs. Nov. 29
$1,500 Limestone Co. Corn. S. D. No. 113
5% 10-20 yrs. Nov. 29
3,500 Limestone Co. Com.S. D. No.39
6% 10-20 yrs. Dec. 1
1,500 Coleman Co. Com. S. D. No.2
6% 10-20 yrs. Dec. 1
2,000 Van Zandt Co. Corn. S. D.No.68
6%
5-20 yrs. Dec. 1
3,000 Hardernan Co. Corn. S. D. No. 19
61
5-40 yrs. Dec. 1
4,000 Hardman Co. Corn. S. D. No.27
6%
serially
Dec. 1
4000 Grayson Co. Corn. S.D. No. 109
5% 20 years
Dec. 1
2.000 Panola Co. Corn. S. D.No.4
-BOND OFFERING.
-Sealed bids
TULIA, Swisher County, Texas.
will be received until 7:30 p. m. Dec. 18 by C. R. Walters, City Manager.
for the following 6% bonds:
Rat
$45,000 water works extension bonds. Denom. $1,000. Due on Jan. 10
as follows: $1,000, 1928 to 1952, incl.. and $2,000, 1953 to 1962.
inclusive.
30,000 sewer extension bonds. Denom. $1,000. Due $1.000 yearly on
Jan. 10 from 1933 to 1962, inclusive.
25,000 light plant extension bonds. Denom. $500. Due on Jan. 10 as
follows: $500, 1928 to 1947, incl., and $1,000, 1948 to 1962, incl.
Date Dec. 16 1922. Prin. and semi-ann. in (J. & D. 10) payable at
the Hanover National Bank, N. Y. City. A certified or cashier's check on
some reputable bank for $3,000, payable to A. J. Harris, Mayor, required.
The official circular states: The city will print the bonds,secure approving
opinion of Attorney-General, and also furnish the approving opinion of
Chas. B. Wood, of Wood & Oakley of Chicago. Bids are to be subject to
Immediate delivery of the bonds at date of sale, or as soon thereafter as
the final approving opinion of the Attorney-General and Chas. B. Wood
can be secured. Both interest and principal on all bonds previously issued
have been promptly paid. Neither this nor any other issue of bonds by
the city have ever been contested in any way, and there is not and has not
been any litigation or controversy pending or threatened concerning the
corporate existence or boundaries of the city, nor the title of the present
officers or their offices."
-The
-BOND SALE.
UNION COUNTY (P. 0. Elizabeth), N. J.
issue of coupon (with privilege of registration) road and bridge bonds off-was awarded to J. S. Rippel & Co. of Newark,
ered Dec. 1.-V. 115. p. 2406
and the National State Bank of Elizabeth, who submitted a bid of $132,041
for $132,000 bonds, which is equal to 100 031, for 4s. This is on a basis
of about 4.24%. Date Dec. 1 1922. Due yearly on Dec. 1 as follows:
$4,000, 1924, 1925 and 1926, and $6,000, 1927 to 1946, inclusive.
VANDALIA SCHOOL DISTRICT(P.0.Vandalia), Audrain County,
-Our Western representative
Mo.-BOND ELECTION HELD ILLEGAL.
advises us that the election held recently-V. 115, p. 2406-at which $70,000 school bldg. bonds were voted has been declared Illegal, and a new
election will have to be held.
VICTORIA COUNTY DRAINAGE DISTRICT NO. 4, Texas.
BONDS REGISTERED.-The State Comptroller of Texas registered:336,000
5%% serial bonds on Nov. 27.
WALLACE SCHOOL DISTRICT (P. 0. Mansfield), De Soto Parish,
La.
-BOND SALE.
-The Hibernia Securities Co., Inc., of New Orleans'
DEC.9 19221
THE CHRONICLE
has purchased the $70,000 6% school bonds offered on Dec. 6 (V. 115. p.
2076) at a premium of $1.705, equal to 104.26-a basis of about 5.539.
Date Nov. 15 1922. Due on Nov. 15 as follows: $1,000, 1923. to 1927;
inclusive;$2,000. 1928 to 1937,inclusive;and $3.000, 1938 to 1942. inclusive.
-BONDS REGISTERED.
WAMEGO, Pottawatomie County, Kan.
On Nov. 16 the State Auditor of Kansas registered $42,500 4 % paving bonds.
-BONDS VOTED
WATSONVILLE, Santa Cruz County, Calif.
-By a vote of 1,194 "for" to 83 "against" an issue of
BOND OFFERING.
purchase bonds carried. Sealed bids will be
$225,000 5% water works
received until Dec. 12 by M. M. Swisher, City Clerk, for these bonds.
-The Taylor-White
-BOND SALE.
WAYNE,McClain County, Okla.
Co. of Oklahoma City has purchased $25.000 6% water works bonds at
par.
WELDON GRADED SCHOOL DISTRICT (P. 0. Weldon), Halifax
-BOND OFFERING.
-Bids will be received by W. E.
County, No. Caro.
.
. Daniel, Chairman Board of Education, until 10 a. m. Dec. 18 for $75,000
6% school bonds. Date July 1 1922. Denom. $1,000. Due $500 yearly
from 1938 to 1952 inclusive.
-BONDS REGISTERED.
-On Nov. 27 the
WEST PLANES, Kan.
State Auditor of Kansas registered $5,000 5% water and light bonds.
-BONDS REGISWHARTON COUNTY (P. 0. Wharton), Texas.
-On Nov. 27 the State Comptroller of Texas registered$80,000
TERED.
% special road bonds.
-BONDS OFFERED.
WHITEVILLE,Columbus County, No. Caro.
M. T. Moyus, Town Clerk, offered $97,000 6% water and electric-lightsystem bonds at 12 noon Dec. 5. Date Dec. 1 1922. Denom. $1,000.
Prin. and int. payable at the National City Bank, N. Y. City. Due yearly
on Dec. 1 as follows: $2.000,1925 to 1955 incl., and 35.000, 1956 to 1962 incl
Financial Statement.
$1,537,694
Assessed valuation for 1922
219,500
Total bonded debt, including this issue
$97,000
Water and light bonds included in the above
6,500
Sinking fund on hand
1.664
Population. 1920 Census
WILDROSE SPECIAL SCHOOL DISTRICT NO. 90, Williams and
-The State of North Dakota
Divide Counties, No. Dak.-BOND SALE.
purchased $5,000 4% building bonds at par during the month of November.
Date May 11920. Due May 11940. Although the bonds are not subject
to call they may be redeemed two years from date of issu a.
WILLIAMSBURG RURAL SCHOOL DISTRICT (P. 0. Ottawa),
-Our Western representative advises us that $8.Kans.-BONDS VOTED.
000 school bldg. bonds were recently voted by a count of 81 to 65.
-On Dec. 2
-BOND SALE.
WILMINGTON, Clinton County, Ohio.
$64,700 53i7 bonds were sold to N. S. Hill & Co. of Cincinnati for $65,290
(100.91) and°int. Included in the above amount ($61,700) are the three
issues of bonds mentioned in V. 115, p. 2184, 2503. Other bidders were:
$65,184 00
Ryan, Bowman & Co_ _ _ _$65,278 421Grau,Todd & Co
Breed, Elliott & Harrison_ 65,205 001Seasongood & Mayer_ _ _ _ 65.164 00
-The State
-BONDS REGISTERED.
County, Kan.
WINONA, Logan
Auditor of Kansas registered $34,000 51-i% water works bonds on Nov.9.
-The $15,000
WISNER, Cuming County, Neb.-BOND SALE.
-V. 115, p. 2407electric-light bonds recently sanctioned by the voters
have been sold to H. A. Luisy of Cleveland.
-BOND OFFERING.-Geo.
WOODSFIELD, Monroe County, Ohio.
P. Dorr, Village Clerk, is receiving proposals until 12 m. Dec. 15 for the
purchase at not less than par and interest of $37,000 5%% power-house
bonds. Denoms. 1 for $2,C00 and 14 for $2,500. Date Nov. 11922. In-
NEW LOANS
terest semi-annual. Due one bond yearly on Sept. 1 from 1924 to 1938.
inclusive. Certified check for 10% of amount of bonds bid for, required.
-An issue of 64,000 6%
XENIA, Clay County, Ill.
-BOND SALE.
electric light improvement bonds was purchased by George H. Taylor Jr.
& Co. of Chicago. Date Dec. 1 1922. Denom. $1,000. Due 31,000
annually on July 1 from 1928 to 1931 incl. Principal and interest (J. & J.)
payable at the Standard Trust & Savings Bank of Chicago.
Financial Statement.
Assessed valuation (1921)
3200.000
Actual debt (inclusive)
7.000
Population, Census 1920
648
YAKIMA COUNTY DRAINAGE DISTRICTS (P. 0. Yakima), Wash.
-The following is a list of tne bids received
-BOND & WARRANT SALE.
for five of the six issues of bonds and warrants offered on Nov. 10-V.
115, p. 2077. The successful bid in each case is in bold face WIN).
35.557 05
$3,482 56.
Sub. Dist. $6,000
$10,000 Sub. Dist
Diking
$28,000 "C"Drain. Diking
No.6 of
Drain. Imp.Imp. Dist. Imp. Dist. Imp. Dist. Dr. insp.
No. 7
Dist. No.
No. 3
No. 1
Dist. No.
38 Bonds. Warrants. Warrants Warrants. Warrants
.
Name of Bidder5;6 98.41
•
Ferris & Hardgrove,
j534% 98.89
6% 99.39
J6% 101.65
Seattle
Spokane dc Eastern Trust
6% 100.00
Co.,spokane
Murphy, Favre & Co.,
6% 95.18
Spokane
6% 101.56 8% 95.247
8% 98.00
Union Tr. Co., Spokane__6% 101.25* 6% 98.00 6% 98.00
Carstens & Earies, Ine.,151-4 98.53a
16% 101.73a
Seattle
6% 101.62a 6% 96.16 6% 96.16 6% 96.16 6% 66.166
John E. Price & Co
Bond & Goodwin & Tucker
6% par(a)
Seattle
Baillargeon, Winslow de
Co., Seattle
53.5 98.17
6% 97.16 6% 97.24 6% 97.24 6% 97.160.
Yakima Tr. Co., Yakima_
6% 99.386
Yakima Trust Co
*And bonds. a Plus $567 prem. b All or none. e Furnish bonds.
-BOND
YOUNGSTOWN, Mahoning County, Ohio.
A. H. Williams, City Auditor, will receive bids until 12 m. Jan. 2 for the
following 4 issues of coupon (with privilege of registration) bonds:
$25,000 5% parks and pla-grounds bonds. Date Dec. 15 1922. Due
$5,000 yearly on Oct. 1 from 1924 to 1928, incl.
9,545 Stambaugh Ave. sewer bonds. Date Dec. 1 1922. Due yearly
on Oct. 1 as follows: $2,000, 1924 to 1927,incl., and $1.545, 1928.
20,759 Pointview Ave. paving bonds. Date Jan. 2 1923. Due yearly
on Oct. 1 as follows: $4,000, 1924 to 1927, incl, and $4,759, 1928.
29.389 Neilson Ave. paving bonds. Date Jan. 2 1923. Due yearly on
Oct. 1 as follows: $6,000. 1924 to 1927, incl., and $5,389, 1928.
Prin. and semi-ann. int., payable at the office of the Sinking Fund Trustees. Cert. check on a solvent bank for 2% of amount of bonds bid for.
payable to the City Auditor, required. Bonds to be delivered and paid for
by Jan. 15 in Youngstown.
BOND SALE.
-The $40,000 5% Elm St. bridge repair bonds offered on
Nov. 27-V. 115, p. 2077
-were awarded to Lamport. Barker & Jennings of
New York. Date Sept. 1 1922. Due $4,000 yearly on Oct. 1 froma1924 to
1933, inclusive.
-BOND SALE.-Prudden & Co.
ZEPHYRHILL, Pasco County, Fla.
of Toledo, and the American State Bank of Zephyrhills, jointly, have purchased the $37.500 6% water works and street bonds offered on Dec. 4V. 115, p. 2298
-at a premium of $50, equal to 100.13, a basis of about
5.98%. Date Jan. 1 1923. Due on Jan. 1 as follows: $5,000, 1938;
515,000, 1943. and $17,500, 1953.
NEW LOANS
FINANCIAL
Chartered 1836
$1.500,000
We specialize in
City of Philadelphia
33
2
1
/
3 8
4s
/
41 4a
42
1
/
8
58
49
51/
1
/
528
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New You
Call Canal 8437
City
of Hartford, Connecticut
HIGH SCHOOL BONDS
Sealed proposals will be received by the City
Treasurer, at his office in the City of Hartford,
until DECEMBER 15, 1922, at one o'clock P. M.,
for the purchase of the whole or any part of the
above named bonds amounting to One Million
Five Hundred Thousand Dollars ($1,500,000.00)
with interest at four per cent. (4%) per annum,
to be dated January 1 1923 and maturing Fifty
Thousand Dollars ($56,000.00) annually January
1 1, 1924 to 1953 inclusive. Principal and interest
! payable in gold coin of the United States of
i .America of the present standard of weight and
'fineness.
Bids must be accompanied by a certified check
payable to the order of the Treasurer of the City
of Er' artford for two per cent. of the par value of
thb b,mount bid for as a guarantee of good faith.
The right is reserved to reject any or all bids.
The successful bidder or bidders shall take and
pay for their bonds by certified checks on January
2_, 1923 at the office of the City Treasurer_in
Hartford.
For further information, address
CHAS. H. SLOCUM, City Treasurer.
United States and Canadian
Municipal Bonds
8ALLARD 8c COMPANY
Member, New York Stork Exchange
HARTFORD
2609
old,GOR/Joiv
13)
wADAgiLL
Ground Floor Singer Buildinc
GO Liberty Street
New Voris
Telephone Cortina& 3183
Connecticut Securities
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other cities.
The continued growth of this
Company, without consolidation,
since its establishment under perpetual charter in 1836, is evidence
of the satisfactory service rendered.
Capital and Surplus. . $10,000,000
Resources . . . . 56,000,000
285,000,000
Individual Trust Funds.
Corporate Trust Funds$1,386,000,000
MUNICIPAL BONDS
USE AND CONSULT
Underwriting and distributing entire issues a
-My. County. School District and Road District
Bends et Texas. Dealers inquiries and 'Merino
The Financial Chronicle
Classified Department
Circulars on request.
GIRARD
TRUST COMPANY
HAROLD G. WISE
Broad & Chestnut Sts., Philadelphia
(Opposite Inside Back Cover)
HOUSTON
COMPANY
Established 1816
TEXAS
2610
THE CHRONICLE
CANADA, its Provinces and Municipalities.
BARTON TOWNSHIP (P. 0. Hamilton), Ont.-DEBENTURE
-year and the $10,000 20
SALE.
-The $15,870 10
-year, straight term, local
Improvement 534% debentures, offered on Dec. 4 (V. 115, p. 2407) were
awarded to Houser, Wood & Co. for 98.80 and 98.36, respectively. Other
bidders were:
For
For
Both Issues.
Both Issues.
97.57 Harris, Forbes & Co
Gairdener, Clarke & Co
97.24
*$2,500 Murray & Co
Mackay & MacKay
97.09
97.20 R. C. Matthews & Co
Bell, Gouinlock & Co
97.42
97.38 A. E. Ames & Co
W. L. McKinnon & Co
97.09
A. Jarvis & Co
96.81 Wood, Gundy & Co
a$25,246
Macneill, Graham & Co
97.67 Nesbitt, Thompson & Co
98.11
Dyment. Anderson & Co
97.713 C. H. Burgess & Co
98.27
McLeod, Young, Weir & Co.,
Canada Bond Corporation_ _ _ _97.95
97.69
Ltd
Dominion Sec's Corp., Ltd_ _ _98.40
•Discount. a Amount offered for the two issues combined.
CUMBERLAND,Ont.-DEBENTURE SALE.
-S. A. Lough purchased
an issue of $2,700 17 6% drainage debentures, at par. on Nov. 6. Date
Nov. 5 1922. Due in 5 yearly payments.
GALT,Ont.-BOND ELECTION -According to newspaper reports the
Question of issuing the following bonds will be voted upon on Jan. 1:
5140,000 for extensions to public utilities.
10,000 to enlarge the agricultural hall.
, 125,000 for Hydro-Electric power purposes.
INNISFIELD TOWNSHIP, Simcoe County, Ont.-DEBENTURE
-SALE.-Harris, Forbes & Co. of New York, have purchased an issue of
-installment debentures, it is reported, for 97.89. a basis
$18,000 534% 20
of about 5.75%. According to the "Monetary Times," the following,
••aU of Toronto, submitted bids:
Other Bidders.
Price Bid.Other Bidders.
Price Bid.
0.
,11. Burgess & Co
97.88 Canada Bond Corp
97.208
Nesbitt, Thompson & Co
97.783 Bell, Gouinlock & Co
96.90
•Dyment, Anderson & Co
97.718 W. L. McKinnon & Co
96.808
97.55 Dominion Securities Corp___ _95.98
, R.C. Matthews & Co
MacNeill, Graham & Co
97.04 Wood, Gundy& Co
95.34
• Gairdner. Clark & Co
97.38 McLeod, Young, Weir & Co_ _93.27
Municipal Bankers'Corp
97.23
LONGUEUIL, Que.-DEBENTURE SALE.
-The $100,000 534%
•funding debentures offered on Dec. 4 (V. 115, p. 2594) have been sold
to the Credit Canadien, Inc., at 97.25. Due serially from 1933 to 1959,
, Inclusive. Other bidders, according to the Montreal "Gazette," were:
Corporation des Obligations Municipales, Ltee., 96.75; Hanson Bros.,
•94.44; Dominion Securities Corp., Ltd., 94.52; Rene T. Leclerc, Ltd.,
94.28; McLeod, Young, Weir & Co., Ltd., 93.63, and Wood, Gundy
& Co., 92.91.
MERSEA TOWNSHIP, Ont.-BOND SALE.
-During the month of
November C. H. Burgess & Co. of Toronto, purchased an issue of $7,500
-installment debentures for 100.27.
8% 10
' MOOSE JAW, Sask.-BOND SALE.
-It is reported that an issue of
$7.400 bonds have been sold.
[Wu 115.
OWEN SOUND, Ont.-BOND ELECTION.
-It is stated that on Jan.
1 an election will be held to vote on the question of issuing $16,000 fire
equipment bonds.
PORT CREDIT, Ont.-BOND SALE.
-0. H. Burgess & Co. of
Toronto purchased an issue of 65,000 534% paving debentures during
November, on a 6% basis. Date Aug. 14 1922. Due serially on Aug.
14 from 1923 to 1952 inclusive.
RENFREW, Ont.-BOND SALE.
-It is reported that an issue of
-installment, 534% bonds was awarded to McLeod, Young,
$43,406 10
Weir & Co. of Toronto at 96.0, a basis of about 6.20%. The following
bids were also received:
-PriceBid.
Other Bidders
Price Bid.1 Other Bidders
C.H. Burgess & Co., Toronto_ _96.54[Wood, Gundy & Co., Toronto_96.21
RIVERSIDE, Ont.-BOND SALE.
-It is stated that an issue of
$50,000 6% 20
-installment bonds has been awarded to Wood, Gundy &
Co. of Toronto at 100.28.
ST. THOMAS, Ont.-DEBENTURES SOLD OVER THE COUNTER.
-year installment school debentures has been sold over
An issue of 534% 10
the counter at par. Date Oct. 15 1922. Notice of this sale was given
in V. 115, p. 2504. but it is given again as additional data has come to hand.
SAINT TITE, Que.-BOND OFFERING.
-Tenders will be received
until 9 p. m. Dec. 16, it is reported, for an issues of $90,000 6% 10-Year
bonds.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURE
-The following, according to the "Financial Post," is a list of
SALES.
debentures aggregating $7,100 sold from Nov. 4 to 18:
$700 Bayard l'sro. 4159, 8%, Nay & James, Regina.
3,000 Eldorado No. 4493, 8% 15 years; C. C. Cross & Co., Regina.
2,400 Shamrock Centre No. 4475, 8% 10 years; Waterman-Waterbury,
Regina.
1,000 Strongfield No. 2605, 8% 5 years; C. C. Cross & Co., Regina.
DEBENTURES AUTHORIZED.
-The following, we learn from the
same source, is a list of authorizations granted by the local Government
Board from Nov. 4 to 18:
$1,890 Dysart,
GN
.H
12 () R NBt
.0 D
Qus . w gIna.
AN CITY SCHOOL COMMISSION (P. 0. Shawinigan),
TURE OFFERING.
-Tenders will be received until 9 p. m.
Dec. 16, according to reports, for an issue of $28,300 534% debentures.
Prin. and semi-ann. int. (M. & N.) payable at the office of the Hochelaga
Bank at Shawinigan Falls or Montreal.
STAMFORD TOWNSHIP(P.O. Niagara Falls), Ont.-DEBENTURE
-The $60,000 534_% 20
SALE.
-installment Stamford High School debentures, offered on Dec. 4 (V. 115, p. 2504) have been sold, it is reported, at
97.81, a basis of about 5,77%.
STRATFORD, Ont.-BOND ELECTION.
-It is reported that on
Jan. 1 an election is to be held to vote on the question of issuing $10,000
comfort station bonds.
WALKERVILLE,,Ont.-DEBENTURE SALE.
-The $127,000 534%
-installment debentures, all tenders for which were rejected Nov. 17.
30
(V. 115, p. 2504) have been sold to Wood, Gundy & Co. of Toronto, for
WELLINGTON CONSOLIDATED SCHOOL DISTRICT (P. 0.
95.398.
Wellington) Ont.-DEBENTURE OFFERING.
-Tenders will be received
by E. A. Titus, Clerk, for an issue of' $120,000 30-year 534% schoo
debentures, until 8 p. m. Dec. 15.
FINANCIAL
Mellon National Bank
PITTSBURGH, PA.
Capital and Surplus
FINANCIAL
The strength and responsibility of
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The ABC
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SAN FRANCISCO, U. S.
Anglo-South
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And its affiliations
British Bank of
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When Purchasing
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Find
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Spanish America, Ltd.
fundamentally sound. For one
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to date unbiased opinion on
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Investment Registry of America, inc.
ESTABLISHED 1910.
808 Chestnut Street,
Philadelphia
High Grade Investment Securities
Commercial Paper
Bankers (Acceptances
S. A. TRUFANT
Hibernia Securities Co., Inc.
INVESTMENT SECURITIES
Hibernia Bank Building, New Orleans
Actively Trading in all Securities of the
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NEW ORLEANS, LA.
511
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Atlanta
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The United States Life
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IN THE CITY OF NEW YORK
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