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finanrral
I
Dmmifmai
FEBRUARY
VOL.114
ronirl ?
N0.2955
11 1922
Published every Saturday morning by WILLIAM B.
President. Jacob Selbert Jr.: Vice-President. Arnold G. Dana; Business Mam(»er. Willlani
D. Riggs: Secretary. Herbert D. Selbert. Address ol ail. Office of the Company.
DANA COMPANY.
AND
CLEARINGS FOR JANUARY, FOR FOUR YEARS,
Clearings at
Inc.
1921.
S
17.296.063.835
1.701.O00.0OO
575.200.000
277.328.175
Xew York
Phlladeiphla
Pittsburgh.b
Baltimore
Bu/falo...
1.59.442.689
"WTashfn^Trin
77.278.392
46.517.897
22.473.455
19.452.825
10.962.490
41.856.608
20.906.924
17.490.706
11,036.887
.
Wilmington
12.555.228
18.043.882
21.000.780
15.466.512
9.132.891
5.014.865
7,806.369
Wllfeffl-Barre
Harrisburg
Trenton
anca^tfx
York
Erie..
Chester..
Bingham ton
Greensburg
10.8.50.317
21.632.837
19.140.024
15.484.8S7
11.544.024
5.687.437
9.949.190
S
23,209.720,106
2.175,741.688
693.488.639
414.217.937
S
— 7.S
17.860.642.8.34
1.3.32.170.234
592.517.889
369.891.008
189..50O.975
108..-)40.474
+6.1
75.506.223
68,110.0.50
—10.0
—7.0
53'.b"5'5'43i
37.S23'467
23.451.314
23.763.483
14.118.195
18.3.38.257
—10.1
+0.6
Dec.
1921.
1920.
%
1919.
S
S
4,340.009. W5 4.547.667.278
440.894.630
429.000.000
104.300.000
147.732.004
64.757.974
31.823.592
36.197.579
34.264,870
17.389,260
15.505.194
—4,6
—2.8
—29.4
—20.9
—1.1
— lO.S
39.839.606
16.473.971
20,077,666
15,146,057
12,889,657
—28.6
lf.214"766
9,183,206
4.613,044
2,425,984
+ 0.3
3".85b"000
—7.0
3,500,000
2.392,491
9,198,209
a
4,634.498
2.256.646
18.933.804
10.421,712
s
S
5.313.002.881 3.890,795,644
486.4.57.422
380,739,191
149.742.43.5
122.828,564
90.130.243
73.719.135
+ 1.5
3,320,954
4,425.237
2.747.859
1.931.970
2.964.418
2.092.148
4.027.634
2.884.011
13.731.004
8,163.824
2,608,032
20,449.250
4.657.017
2.415.198
—24.5
—13.3
—37.3
—36.3
—4.2
1.724.0.56
Pranknp
N'orrlstown
1.271.250
2.839.966
Montclair
Oranges..
1.7.52.362
4,118.2.55
.
wagerstown
Bethlehem
Huntington
2.385.746
10.159.186
6.651.554
2.012.786
21.181.333
4.859 288
2.452.766
4.278.132
.
..
Camden
Xlagara Falls
.
-
Elmlrs....
Total Middle
13.318.205
11.087,357
9,059.905
5.127.795
9,748,272
b3. 140.798
2.755.086
+ 1.4
—9.2
4.412.374
4.8-57.986
3.931.4S5 Not included in total
3.057.407
3.424.802
10.3
2,151.139
1,944.995 + 10.6
—5.1
1,154,357
1.226,472
18.692.7.57
2,413.821.712
Cincinnati
234.761.091
344.035,070
377. 17, 4 S3
117.639.780
rrii>vi>i-irHi
Cv-trolt
Milwaukee
nr
+2.1
4,109.9.33
—17.3
—26.1
—18.5
2,894.940
.22.9
2,816,304
14,231,008
:;:
.
Grand Raplda.
Dayton
1 r,
..
"»
...J
:7
23.666,130
ir.,> ..^.j
4.910.355
5.l«7 247
VufwtlHd
.........
Lima
18".353'.574
11.734.3.3.S
—.33 3
25.260.104
3.679.104
21,251.831
51.1I6.0*»
10.603.467
9.102.909
20.952.733
5. 74 9..563
—7.5
—27.6
—23.3
1,422,100
1,247.239
1.212.000
350.000
+ 17.3
1,422".200
+46.7
748,618
929,700
892,47^
887,164
825,900
+ 7.6
753,892
798,758
"39y",075
418,073
—
453,546
359.517
2V955.638
1,417,335
3.713,837
1,994,626
—20.6
-23.9
5,026,171,122 5,314,865,915
—5.4
489,879.226
51,400,259
74,680.000
84.804,000
30.903.539
526.208,805
54.569.204
104.883.108
85.310.892
—6.9
—5.8
—28.3
—0.6
—4.1
15.IS.3.000
13.101.000
12.995,300
15.938,1,83
20.771.308
9.285,000
11.965.9fl6
7'.7'8>.",76f.
7,345,373
4,809,269
5,120,789
2.744.963
1.094.132
7,100,916
.1
Vnn Arbor...............
r
i;,.i4,*.';io
+i2..
6,1H(),:«»4
4 3
18.7
—
1.661,840
—
l,fr2S,960
.^ny
"
4.4
3.377.184
2.031.168
+ 15.3
iVs'iV'seo
6,131,707,161 4,532,551.386
16.010,800
488,025,314
53.944.441
81.209,258
70.276.041
31.463.549
11.911.000
11.231.60D
5,8V6",562
6,745,.365
5.017.011
4.192.32S
4',752'.,870
3.490.910
1.890.825
623.805.559
67.622.472
119,464.469
99.396.729
36.682.618
17.580.-^00
+0.1
— 13.5
+ 12.4
+ 9.1
—33.5
4..363.448 —44.4
1.861. 983 —14.1
2,576,032
4.259.300
2,218,010
+2.3
lo",733'.66o
-21-4
2,426.840
1.500.000
5.931.928
2.235.036
— 19.9
i.b"4V..5.83
6.244.000
1.962.489
1.100.000
3.181.406
1.392.782
1.316.240
1,225.920
— 16 2
—+173.17
1,0 19. .362
1.130,5.52
—19.5
—9.9
3,085,506
2.742,727
3,929.121
"26V.S48
a
903.767
320.029
—19.7
4.240..3<i4
1,924.732
657.191
3.081.S6.'V
1,351,652
7,199.901)
1,9.55,872
1,011.771
2,380,431
1,001,740
I.3V3.S74
1.151,171
1,077,290
1,.385.7.38
1.009.778
1.026.863
1.550.000
"
— 12.0
|'01,I6H
+ 24.1
+ 9.2
535.430
600.000
—2.5
2Vo',627
100.407
+34.5
719, '.'17 53'.
—8.4
ill
872.104.454
131.000.000
77.93 1,(K)0
31.455,434
26.937.967
1.701
13. 300. (MX)
584.373
508,250
lV05V.?.5i
1 ,080,630
1.110,244
1.753.396
533,36&
1.806.109
1.278,780
612.513
!. 730, 465
5.9.36.113
1
I.1
11.540
'
367.330
711 .v;5
1.4
-7 7
.'.70 -.•ry:
4.041.136
5.092.125
1.159.205
987,067
7.849.148
1,660,682
FU«
^...1..
"
.'.,413,271
'>wen«bciro
n»rr
.32.214.895
a
1
+ 1.8
— 10
1.513. .368
6.390,531
—22.8
4,2''lO 2'li*
13,007,800
a
3,490,569
5,728,086
a
3.684.887
1.351.791
2.429,270
1. 598.645
c
6.392.000
1,646.018
25.1S4.000
8.081. 856
5,164.244
7..33S.1.56
— 19.9
—14.5
—
— 118
173
6.171.298
6.073.887
4.969,105
6.677.020
1.430.967
3,074,728
DI
25,b6V..58S
<!.9
-,...i(j.'6woIIIIIIIIIl
Hioritningtoo
+ 8.6
—14.5
—
—02
— 17.5
— 13.6
8.417.927
7.463.166
17.124.611
7.070.S57
'-0';7,415
137.169.290
67.109,000
48.695.800
25.55'9.i63
7. .309. 032
ii.'.!'r,.i3i
321.111.2,55
439.549.464
31.330,731
3I.074.(X>'J
wod
467, 221. .870
277.8.55.362
24',8'33'.34.5
.S..'1.,..->2'J
.r..f.
2.344.990.527
+ 12.5
Yoijng«owD
[yiMlncton
21.021.994.035
2,856,731,829
308,049.269
681,961.420
—21.4
l!
Wayne
27,029,801,142
19.143..506
w
2,366.528
1,850,000
1,196,303
3,4.57,898
23.460.712
1
1
2.943.224
2.400.000
1,399.298
a
8, 4 46', 82.5
—10.0
III
2,203,109
3,583,020
2.309.8.33
66.243,000
61.274.700
+7.8
5.019.725
2".7"55".n3
—
2.349.968
2.027.491
3..360. 985
2.317.487
137.568.902
81.863.000
64.903,100
127.3J7.4rtO
55.151.400
a
15.04.'., 05H
26.396.342
a
.
Toiwlo..
—1.2
114
—35.2
—3.1
—7.6
—
>
|i
71.399.00:)
-
DiuiviUe ...
3,663,396
2.638. 485
— 16.2
4,037,196
2,806.120
2,701,141
4,058,003
2,201,393
— ia.7
22,033.254,904
2.123.139.6.50
Colurribiis
4',b9b',960
2",6"4y.343
+ 1.5
+ 12.9
18.343.273.496
.ille.
ld.5"9b".52i
16,862.193
15,367,840
12,925,639
6.737.819
10.646,971
3VS77^66o
3.789.-352
Chicago..
Sorlmrfleld,
13Vl64",i06
23,292.9.57
5. 339", 900
+3.6
+4.3
2.884.950
a
c
2.509.871
3.840.802
IndlanapolU
+ 15.7
—16.6
+9.7
—0.2
—20.9
—11.8
—21.5
4.278,100
4.341.400
.--
Aic^>ons.
\
%
1922.
a
Frederick
Fort
1919.
a
.
Beaver County, Pa
Peoria
1920.
—6.9
—9.2
—20.1
—23.8
4.
Inc. or
en-
Dec.
a
Wheeling
Lebanon
s
18.573.038.325
1.852.696.905
719.787.628
363.741.807
172.964.344
72,344.504
4.
c
.
Rochester
Scranton
Syraoase
Reading..
T
Week ending February
January.
—
1922.
Albany
WEEK ENDING FEBRUARY
FOR
'
390.666
62.326
1.011. 136. 966
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!
THE CHRONICLE
550
THE FINANCIAL SITUATION.
A
great and growing evil, more rife now than ever,
was discussed by the head of the Stock Exchange at
the recent annual dinner of the association of members.
The
line of gullible persons
who
believe true
[Vol. 114.
"so that the Exchange can be assured that no members have sold for their own account the stocks they
should be carrying for customers." More than one
Exchange house has within recent months, said Mr.
Cromwell, appealed to the Exchange committees to
protest against removing tickers from concerns that
were known to Exchange authorities to be doing an
themselves that there is a short and sure crosscut improper business, and he cannot believe these aplor quickly getting rich seems inexhaustible.
One peals were from disinterested motives. The unit of
by one, each learns by experience and avoids that Exchange trading, as is well known, is lots of 100
particular fire; yet the harm done by bucket-shop shares, yet approximately a third of all transactions
operations is varied and lasting. The victims are are in smaller or "odd" lots, and thus a new obliganot necessarily made better citizens; the earnings tion is created for the Exchange, to throw more prowhich they lose are wasted instead of being produc- tection around small dealings and inexperienced intively invested; a wrong is done to legitimate trad- vestors; and Mr. Cromwell said he shall never be
ing by failure to note and keep the proper distinc- satisfied until safety efforts are carried so far as to
tions, and the undeserved ill-fame of "Wall Street" make impossible any insolvency among Exchange
throughout the country, whereby a sectional preju- firms by improper dealing.
dice against "money centres" is fostered, is largely
It would be well if every adult in the country
chargeable to dishonest and underhand dealers.
could know and remember that the Stock Exchange
It is estimated that these bucket shops, which are renders an indispensable service as a mart where
scattered through the financial district of the city, values of securities can be established by the condespoil the people of this country of at least 100 sensus of public trading; that it is not and that
millions a year. This must remain an estimate, for Wall Street is not a centre of "speculation" in any
while thousands of victims make piteous complaint, but the legitimate and universal meaning of that
many others perceive good reasons for suffering in term that the ideal of dealing is high and the pensilence.
The practiced gambler with cards is not alty of wrongdoing prompt and stern and that the
satisfied to trust his own expertness, but by various Exchange is self-purging. Whether this is the more
devices for cheating denies his victim either a from love of righteousness intrinsically or from a
"square" deal or square playing; similarly, the clear conception of good policy can be left an acabucket operator is not satisfied to fleece his demic question; we can rest with the fact without
prey by marginal buying alone, but often only pre- arguing over the reasons.
tends to buy and pockets offhand all the cash he
can get.
Until yesterday morning there was nothing of a
definite
President Cromwell coirtended that to assure an
or official character in the Paris dispatches
absolutely open market the Stock Exchange must this week to indicate that Premier Poincare was not
continue a voluntary and unincorporated institu- planning to have France represented at the Genoa
tion; he is right, and he might have added that to Conference.
But now it is made plain that the
keep it its own judge and guardian of conduct is the French Government will take part only provided
surest and practically the only way of maintaining definite assurances regarding certain points are
a high standard of dealing. In the decade ending given in advance. Referring to the note that the
with 1919, he said, the annual failures among the French Premier sent to Premier Lloyd George earmembers averaged less than one-half of one per cent, lier in the week, the Paris correspondent of the New
and of those who did fail one-half settled in full, York "Herald" said yesterday morning: "Premier
thus halving the number of real failures.
Poincare declares flatly that France will be unable
But conditions are changing, proceeded Mr. Crom- to send delegates to the proposed Genoa Economic
well.
The war created an army of small and inex- Conference if any of the invited Governments let it
perienced investors, who need some kind of protec- be understood that they do not accept entirely the
tion. Here also he is right they do. Thousands of conditions arranged at the Supreme Council meetthem took Liberty bonds, and were afterwards ing at Cannes in January, precluding any discussion
gulled out of them vendors of paper mining stocks of existing peace treaties." The New York "Times"
and of oil concerns which may not have owned even representative had said, at the beginning of the week,
a hole in the ground used to respond with a prompt that "briefly, his attitude is this: We are bound
and cheerful affirmative to letters asking if they by the action of our predecessors to go to Genoa,
would "take" Liberty bonds they took them unhesi- but let us be very careful about what we are going
tatingly, and "allowed" par for them
into, and let us get both our own ideas and those
At present, Stock Exchange houses have their of our friends into proper form before we start."
books audited by independent accountants, but this The Associated Press correspondent gave a someis no longer sufficient, said Mr. Cromwell "the time
what detailed account of the Premier's appearance
has come when the members of the Stock Exchansre before the Chamber of Deputies and of his willingmust collectively assure themselves of the condition ness to answer questions relative to the conference.
of one another's affairs, and I, for one, stand abso- In emphasizing the necessity of the program being
lutely for such a regular examination." We must clearly defined, the Premier was said to have used
know, said he, certain things about firms who carry the invitation to the Russian Soviet Government as
stocks for the public on margin; we must know the an example, and to have pointed out that the invitarelation between their commitments and their free tion "did not stipulate that it accept the conditions
capital; must know the obligations which may be of its admission, it being only assumed that the
carried for them by the banks and might conceivably coming of Soviet representatives would signify adproduce insolvency by a sudden calling of loans; hesion to the conditions. That, however, must be
we must know the character of numbered accounts, clearly brought out."
what they would
like to
have true and persuade
—
—
;
;
;
;
;
;
THE CHRONICLE
Feb. 11 1922.]
Naturally
it
was
ain's attitude also.
interesting to
know Great
The New York "Herald"
Brit-
repre-
sentative in London cabled that "unofficially it is
intimated in well-informed circles that Great Britperfectly willing to attend a preliminary conference, but it will there be made plain that the Brit-
ain
is
ish viewpoint
must be maintained at Genoa, namely
that no real peace conditions are possible until the
threats of war are removed from the Khine and the
Kusso-Polish border."
Still another angle of the international situation
was given in a dispatch from Keval, whicli stated
that "at the meeting of the Russian Soviet Executive Committee, which selected the Bolshevist delegation to the Genoa Conference, Georgevitch Tchitcherin. Foreign Minister, in a long speech on the
Moscow foreign policy, said that the Genoa Confer-
ence implied a \dctory for the policy of Premier
Lloyd George, over the policy of Winston Spencer
Churchill, and victory for the Briand policy over
that of Poincare." The correspondent in Reval of
the New York "Herald" observed that "the choice
of Lenin as the chief of the Soviet delegation came
as a surprise, even to the Bolsheviki, for Karl Radek
had written humorously that if Lenin went to
Genoa, Poincare and other heads of States also
would go there. The general impression was that
Lenin would not leave Russia, both because of possible internal troubles in Russia and because of the
personal danger to himself."
There have been rather persistent rumors in the
Allied European capitals ever since the sudden resignation of former Premier Briand of France that
the Genoa Conference would be postponed beyond
the original date of March 8, and perhaps would not
all.
For this reason the announcement
London on Wednesday that the French Government had suggested a postponement did not cause
surprise.
The New York "Times" correspondent
"A French note concerning the Genoa Concabled
be held at
in
:
ference has been received by the British Government,
but has not yet been considered by the Cabinet. It
considerable length, and requests fuller definition of the agenda to be taken up. It also takes the
view that one month is not a sufficient period in
is of
which to consider the important matters to be
raised, and, without naming any precise date, suggests a postponement of the conference. The reply
the British Government will send has, of course, not
been considered, but tliere is no doubt that it has
no desire to see any considerable delay in the convening of the conference."
A special Paris correspondent cabled that "Premier I'oinrarf believes the Gr'uoa ('onfcrcnce will
Jk»
postj)oned,
notwithstanding i'reniicr Lloyd
George's efjiial insistence he intends to go to Genoa
March
H.
In a private conference with the
Cham-
Foreign Affairs Commission to-day [Wednesday] the Fren<li Premier hf it be understood he did
not expect llie date urn'])\('(] in C;innes to be the
ber's
real date of tin* cnufi'vcucc,
owing
to the difficidties
in settling the differences as to its scope,
and the
conditions under which the Russian Soviet (JovernnuTif will be allowed to i)articii»ate in the discusNions."
According to the New ^'(irk "'IrilHine" ((iriespond
ent in the French capital the following was the actual sitMati(»n:
"F'reniier I'oincare,
in
;i
m.ic diH-
patche<I to Ixinrlori last night [Tuesday], suggested
to
ish
551
Premier Lloyd George that the French and BritGovernments meet and study together the prob-
lems to be reviewed at the Genoa Economic Confer-
Without actually demanding postponement
of the gathering, the French Prime Minister expressed his belief that an understanding on some
points should be reached prior to the Genoa meeting,
so that the two most powerful Allies should not
work at cross purposes. The note added that unless
such conversations could be held and agreements
reached France would be obliged to demand the
postponement of the conference. In official quar-
ence.
ters here to-night it
was
believed that Great Britain
Avould agree to the suggested preliminary councils.
Poincare franlily wants to align England and
France on matters
of policy, even
though some con-
cessions are necessary on both sides."
Commenting upon the French sentiment regarding Premier Lloyd George's address, at the opening
of Parliament this week, the Paris representative
of the "Times" said "The situation between France
and
England —
:
more
between Premier
Poincare and Lloyd George has not been advanced
any by the speech of the latter yesterday at the
opening of Parliament. In careful French opinion
it has served only to emphasize the divergencies of
the point of view and policies of the two Premiers.
Briefly, the differences may be summarized thus:
That in the speech the French see a persistent intention of the British to conduct the affairs of Europe, including those of France, according to their
plan and for their benefit; while the French, and
especially the Premier, are convinced that their plan
is by far the sounder and wiser.
This difference of
viewpoint is, however, not regarded in France as
yet vital to a general understanding with England
and far from having broken off conversations both
with regard to a settlement in the Near East and on
eventual compact they are being continued in a most
amicable spirit, and the preliminary explanations
are regarded at the Quai d'Orsay as being at least
encouraging."
In a cablegram to his paper Thursday evening the
London correspondent of the Philadelphia "Public
Ledger" said that "England's answer to the request
of France for a three months' adjournment of the
Genoa Conference is being delayed, with the intimation that the expected pronouncement of the United
States on Friday on the European meeting will
shape the answer of this Government." In a dispatch from (Jenoa the same evening it was asserted
that "preparations for the opening of (he international economic and financial conference are proceeding without interruption, (he fall of the l^onomi
•Ministry having no effect on the plans already
start(Ml by tlu; Premier.
T*refect Poggi is preparing
accommodations for about 1,000 delegates and 700
newspaper men."
I'l-eniier Lloyd (Jeorge mad*' a sj)eecli in (lie ITcMise
of Cotnnions on Thiirsibiy, in which Ih' vigorously
defended (he "GovernmenCN foreign policy and the
i-eliabilitation of Euroi>e through economic conference and iidjusttnent." The New York "ir«'rald" corresjKindent added that "lu? <lid not men(i«»n <]enoa,
^or,
precisely,
—
but his speech was a derense of tin- i'utire Gejion policy, while at the H.-inie (itne i( seemed a |»alpalile effort to snirxjth over (he (roubled wjiters (hat rec(;nt.ly have been (lowing l)etween Ktigljind find I''rance.
The vote in sujiport of the (JovernnieiiCs policy on
THE CHRONICLE
55S
[Vol. 114.
an amendment to the reply to the King's speech was or on the railways outside of Berlin. Negotiations
270 to 78." An authoritative statement was said to were proceeding all day at the Chancellery, at which
have been made in London yesterday that "Great were representatives of the national and municipal
Britain will agree to no postponement of the Genoa Governments and labor organizations, but they
Economic Conference unless the request for such failed to gain any tangible results. It is admitted
on €very hand that a continuation of the strike anpostponement comes from Kome."
According to a Washington dispatch to the New other few days means a national calamity, both in
York "Tribune" yesterday morning, the opinion pre- Germany's internal situation and her foreign afvailed "in Congressional and official circles" that fairs."
Late Tuesday night the good news was sent out
President Harding would refuse to accept the Allied
invitation to the Genoa Conference "under present from Berlin that "the railway strike has been called
off."
This followed a message from the strikers'
conditions."
committee to Chancellor Wirth that "the men would
The German railway strike is ended. Apparently resume work conditionally on the Government's asfrom the start it did not have the support of the surance that it would refrain from reprisals in the
labor unions directly involved. In fact, the asser- nature of wholesale discharges." It was added that
tion was made in an Associated Press dispatch sent as a part of the agreement "the Government reserves
out from Berlin a week ago last evening that "a the right to reprimand the leaders, but promised
sharp rebuke to the striking railroad men for the that the regular workers would be reinstated."
manner in which they effected the strike in the face Although the striking railway workers were directof jjending wage negotiations with the Government ed to return to work on Thursday, it became known
contained in a joint proclamation issued to-night here that morning, through Berlin advices, that the
by representatives of the General Federation of La- municipal employees of that city had voted the day
bor Unions and independent organizations." It was before "to continue their strike unless the municiadded that "demand is made that the strikers return pality' agreed to extend the present scale of wages
to work immediately, whereupon, the resolution to the end of December, instead of to June, as proeays, the wage parleys will be resumed promptly posed by the arbitration court." It was added that
and the anti-strike ordinances promulgated by Presi- "the electric and water plants are gradually resumdent Ebert will be revoked." The correspondent ing operations."
Announcement was made in Paris on Wednesday
further said that "this unexpected condemnation of
the strike by the chief labor organizations leaves that "the German Government to-day made its third
tte railmen without practical or moral support, as payment of 31,000,000 gold marks to the Allied Repthe proclamation also disapproves of any sympa- arations Commission, in accordance with the tenthetic strike in other quarters on their behalf." Still day payment schedule recently adopted by the Commission at Cannes."
it was estimated that 50,000 men were out in Berlin
and 200,000 in Germany as a whole. According to
Every week fresh reports are received of modifithe Berlin advices the Government refused "to ofcations
of the Soviet Government as originally
fer mediation in the railway strike."
The situation was outlined as follows by the New planned and put into effect by Lenin and Trotzky.
York "Herald" representative in the German capi- Tuesday morning the Moscow correspondent of the
tal: "Germany's raOroad strike, which has tied up New York "Times" cabled that "civil liberty is the
the nation's transportation, can best be described next great concession to be made by the Soviet Govas a fight about bank notes. It is an effort by a ernment. For the last ten days there have been meetfew classes of railroad employees to force the Gov- ings of legal experts and judicial and executive auernment into printing more paper money than it had thorities to organize a new system that will guaranintended. When the strike movement began it was tee to the people of Russia rights as enjoyed by other
not considered of paramount importance.
The countries. In explaining the situation, he said that
strike was first called by a small labor committee, "hitherto, it may be said, Russia has been under a
and did not have the sympathy even of the real trade 'state of siege,' whereby individual liberties were
unions and the Socialists. It was a single act of restricted, as in France or Germany during the great
defiance by a few leaders, who were able by a coin- war. Now the state of siege has ended, and a return
cidence to have authority over locomotive engineers to peace-time conditions is about to take place. In
and station employees. Even though the spread of other Avords, Russia is now writing the 'preamble'
the strike is the result of President Ebert's unusual to her 'Constitution,' and habeas corpus is to be submethods of fighting such a threat, it remains and stituted for summary arrest and court-martial." He
probably will remain a i)apcr money fight, in which added that "it was officially stated that the dread
the Government is powerless as far as can now be Veetcheka the All-Russian Extraordinary Comforeseen.
It is the first strike in months in Ger- mission, corresponding to the all-powerful secret
many in which the Communist influence is unimpor- police and arbitrary tribunals instituted hj Robetant. But it also is not a class fight in the ordinary spierre during the French Reign of Terror
had
sense of the world. It is wholly unpolitical, and is ceased to exist." Going a step further, he asserted
the result of inflation and the slow rate at which that "instead of a terrible agency with unlimited
wages have trailed behind the rise in prices."
powers of search, arrest, arbitrary judgment and
Two days later the Berlin representative of the execution, the Veetcheka is to be assimilated like
New York "Tribune" gave the following picture of our Department of Justice or the English Scotland
the situation
"Heroic efforts were being made to- Yard under control of the Home Office."
day and extending far into the night to end the
Discussing the movement of food supplies into
strike of railway, tram, electric light and water em- Russia, Colonel Haskell, who has the matter in
ployees, which has paralyzed Berlin. Late to-night diarge for the American commission, was quoted in
no improvement had been shown either in the citv a Moscow dispatch to the New York "Times" as
is
—
—
:
I'KB.
THE CHRONICLE
11 1922.J
pressing the opinion that "everything leads me to
lievc the Kussian railroad system to be equal to
e task of transporting American grain to the faOutlining the situation, he said:
ine area."
'here are to-day twenty-two ships on the seas
ariug grain to Russia, and I am advised that 175,tons will have been shipped by Feb. 10. Advices
the arrival at Xovorossysk of the first vessel to
The chief
il, the Winnebago, is hourly expected.
the American Relief Administration transport
rvice, Colonel Gaskell, has just returned thence,
e reports 700 empty cars waiting in the yards,
enty of locomotives, some new, and ample storage
one grain elevator alone capable of handcilities
ig 50,000 tons. Six ships can unload there simulIf the rail transportation promised
neously.
•mes through we will handle the transfer from the
>rts without delay, and the 5,000,000 adults fed by
—
merican grain, plus the 2,000,000 children, we will
of March, will make a real
i feeding by the end
?nt in the famine."
In the hope of helping to solve the Ministerial
:-isis in Italy, King Victor Emanuel went to the
uirinal a week ago yesterday, "where he received
resident Tittoni of the Senate and Enrico de NiIt
)la, President of the Chamber of Deputies."
a.s also stated that "invitations were sent to forler Premiers Giolitti, Salaudra, Sonnino, Orlando
tid Xitti to call at the palace for conferences with
le King in regard to forming a new Cabinet." Even
t that time the Socialists and Popular Party were
pposed "to a return to power of Signor Giolitti."
Q fact, they met that afternoon "and decided to
lake their opposition known."
Loudon received a report from Rome Wednesday
liat "former Premier Orlando of Italy has accepted
he invitation of King Victor Emmanuel to form a
ew Cabinet to succeetl the Bonomi Ministry, which
esigned last week."
The Rome correspondent of
lie A.ssociated Press cabled that "the latest developlent in Italy's Ministerial situation is understood
be an attempt to form a Cabinet through the
onibination of various groups favoring former Premier Orlando.
This follows the refusal yesterday
f Enrico de Nicola, President of the Chamber of
deputies, to form a Cabinet to succeed the Bonomi
linistrj' at the King's invitation.
The situation is
(Imittedly complicated as a result of Signor de Niola's refusal of the King's invitation, owing to
li.M.s<MiMi(>n.s between the two most important groiii)s
Chamber
— namely
553
elements sufficiently to form a Cabinet, and that he
had announced that "he had given up the attempt.''
His chief difficulty was "to bring about an agreement for support of a Ministry between the Popular
or Catholic Party and the Democrats." London received a news agency dispatch from Rome late
Thursday night that these two parties "had reached
a working agreement." According to an Associated
Press cablegram from Rome last evening. King Victor Emmanuel had not "accepted the resignation of
the Cabinet of Premier Bonomi." It was added that
"the Bonomi Ministry will be in its place next Thursday, when the Parliament reassembles, for a vote of
confidence."
Sir
James
Craig, Premier of Ulster, blamed Mi-
chael Collins for their failure to reach an agreement
over boundary and other questions at their second
meeting. Sir James asserted that Collins "had completely changed his position since they met in London three weeks before," and that Collins "demand-
ed the annexation to the Irish Free State of more
than half of Ulster's territory." During the dav
Sunday Michael Collins and several other Sinn Fein
leaders held conferences with Winston Churchill and
Lord Birkenhead.
The London dispatches on Monday and early
Tuesday indicated that Lloyd George and his Cabinet were making a special effort to reach a settlement of the Irish boundary question because Parliament was about to reconvene. The New York
"Times" correspondent outlined the situation in
part as follows
"The strenuous efforts which are
being made in Downiug Street to-day [Monday] to
reach some arrangement in regard to the Ulster
boundary controversy have the necessity of a quick
solution being found unless the Parliamentary situation is to become critical. While public opinion
in the main would like to see Ireland left to thrash
out its own difficulties, it is recognized that if the
:
Ulster members and their British die-hard associates can make the claim that Sir .Tames Craig was
and if a
be taken on the question whether Ul-
deliberately led astray by Lloyd (Jeorge,
vote had to
should be cut in half in order to fulpromises made to the Sinn Fein, there would be
a consideralile reduction in the Coalition majority.
In some ultra-pessimistic quarters predictions are
made that the trouble over Ireland is only beginning in a new phase."
The y^cw York "Tribune" representative brought
out the following new feature of what he called a
crisis:
"The Irish ci-isis over the (luestion of the
Ulster iHtundaries took a grave turn this evening,
wIh'U Sir .lames Craig sent a letter to Premier Moyd
George containing a flat refusal to accept any con-
ster's territory
fill
the Popular and DemoThe dispatclies from the Italian
apital Thursday morning stated that "dissolution
»f the Italian Parliament and the holding of a genTul election hav«' In-i-n practically decid«*d upon in
he event of the failure of former Pn-micr Orlando siderable alteration of the existing frontiers. The
form a Gov«Tnm<Mit to succeed tlic Bonomi .Minis- rister Premier's communicat i<Mi, which foilowcd a
try, which resigned last week.
Hignor Orlan«lo was meeting of the Northern Irish Caliincl. most of
invited by the King today to attempt the formation
whose members are now in Loudon, took its stand
Cabinet. Consideration of this course by King upon a letter addressed In him by Mr. Lloyd (Jeorge
lor KmmanucI was brought about as a result of on .Fuly 20, before the negotiations with the Sinn
thf
if
ratic parties."
*
I'
1
riMH-Mf to him by h-adr-rH of the Popular and KoI'artii'H,
r)f
the
iVJf)
which
in
votes in the
combination
Chamber
leadiTs reronimenrled the hohling
fion
command
2.")0
The
dec
a gcnrral
of Deiiuties.
r.f
Hignor Orlando or former Premier (Jiolitii
Hhould fail in the formation of a Cabinet." \Vr»ni
came from K<,me Thurwday evening that Orlando
had Ix-en unable to harmonize the variouH
political
if
which the PriliNli Pre
Ilcfut-nl must im-lud«' 'full
recognitifui of the existing powers and |)rivilegeH
of the Governmeni of N'orflicrn Ireland, which c.'in
nf»t be abrogated without (he ronsent tlu'reof.' Later
this <-veniiig, in n'sfjonse to Mr. Llovd George's In
were taken up.
mier wrote that any s*-!
I-'einers
Sir .laiiu-H called at 10 Downing Street.
onlv for (he pur|)OHe of rcifrimiing tliiit the I'l
vitation,
I)iif
in
"
:
THE CHRONICLE
554
In view of
Ulster's attitude, the deadlock appears to be absolute." It was reported in London that "Sir James
has obtained important concessions whereby a substantial portion of the claim for compensation for
malicious injuries committed in Northern Ireland
will be met by the Imperial Exchequer, the first payments to be made in May. The reassembling of the
Northern Parliament has been postponed until
ster Cabinet's decision
March
was
irrevocable.
14."
seems impossible to hold down the radical elements in Ireland for any length of time. The cable
advices from Belfast Thursday morning told of a
fresh outbreak on the part of the Sinn Fein along
the Ulster boundary. The New York 'Times" correspondent at that centre described the affair in
"A new outbreak of guerrila fightpart as follows
ing and raids by well-armed Irish Republican bands
took ijlace over a hundred miles of the Ulster frontier early this morning. Simultaneous attacks were
made on police patrols and the houses of leading
Unionists, both in Ulster and the Free State. Nearly 100 policemen and Ulstermen were kidnapped in
the Counties of Fermanagh, Sligo, Tyrone, Leitrim
and Donegal. Three police patrols were ambushed,
six officers were shot and more than tAventy captured, together with a motor tender, arms and ammunition. Points at which raids and fighting are
reported to have taken place are Newton Butler,
Ballyshannon, Sligo, Aughnacloy, Clones, Ballintra,
It
:
Belleek, Enniskillen, Lishnaskea, Clogher, Eosslea,
Kinglough and Belcoo."
The Associated Press sent out from Belfast a
manifesto issued by Sir James Craig to the Irish
people of Northern Ireland, in which he declared
that "the British Government was responsible for
to-day's kidnapping outrages because of its demobilization of the special constabulary following the
Irish truce." He asserted also that "the kidnapping
Incidents would strengthen the Ulstermen's determination that Svhat Ulster has she will hold.'
Michael Collins issued a statement in which he said
"It was what I had feared what any sensible person might have expected. Quite naturally, the people whose feelings were outraged by the impending
executions could take no other action." It was explained that in his reference to "the impending executions" he had in mind that "three men have been
in jail in Londonderry, sentenced to die to-morrow
[Thursday] for killing two Ulster police in an attempt to rescue a group of political prisoners in another Ulster jail two months ago. The general amnesty granted by King George after the Irish treaty
was signed did not apply to this trio." Additional
kidnappings in County Fermanagh were reported
on Thursday. The Belfast representative of the Associated Press cabled that "Ulster's position was
virtually a line of steel to-day.
It was estimated
that 5,000 men were engaged in policing the line."
A London dispatch last evening stated that "an-
—
nouncement was made in the House of Commons
to-day that Prime Minister Lloyd George had notiMichael Collins, head of the Irish Provisional
Government, that the kidnappings in North Ireland showed the need for the British troops in Ulfied
ster."
The dispatch further said that
"it
was
also
announced that the Northern Irish Parliament had
number
been assured that the
would be increased to any extent necessary for the
of British troops there
protection of the inhabitants."
[Vol, 114.
The British Parliament reassembled at noon on
Because many highly important questions are pending the Irish boundary question, the
Genoa Conference, the proposed pact with France,
and others "conflict affecting the present GovernTuesday.
—
—
ment's tenure of office is expected." It was related
that "the King and Queen again, as in December,
opened the proceedings in full state, with all the
pomp and ceremony of pre-war days, the first business being the reading of the speech from the throne
by King George." He dealt with the Irish treaty,
a pact with France, the Washington Conference, and
German reparations. He said that Parliament
would be called upon to "consider such measures as
may be necessary to give effect to the agreement"
(Irish). Referring to the treaties signed at Washington recently, the King said: "While these treaAnglo-Japanese alliance, I am
ties replace the
happ3^ to feel that the long-standing concord between the two countries will remain as cordial as
ever under the arrangements thus concluded. At
the same time our relations with the United States
of America enter a new and even closer phase of
friendship."
Regarding the reparations question,
he asserted that "the problem of securing payment
of reparations by Germany in the manner most comfortable to the general interest engages the continuous consideration of my Ministers and of our Allies."
Touching on the Near East, the King observed that "the situation in the Near East continues to engage the anxious attention of my Government, and it is my earnest hope that the forthcoming Allied discussions in Paris may result in an
early solution which will terminate conflict in a
manner honorable to all parties concerned." Unemployment in England is a subject of evident concern to His Majesty, and he directed special attention to the necessity of remedial measures, saying
that "the great continued volume of unemployment
among my people causes me deepest concern and
will continue to receive the earnest attention of my
Ministers.
The onlv remedv for this distressing
situation is to be found in appeasement of international rivalries and suspicions, and in the improvement of conditions under which trade is carried on
all over the world." That the King favors the Genoa
Conference and hopes that much may be accomplished is shown by the following excerpt from his
speech
"For these reasons I welcome arrangements now making for the meeting of an international conference at Genoa, at which I trust it will
be possible to establish peace on a fair basis in Europe, and to reach a settlement of many important
questions arising out of the pressing need for financial and- economic reconstruction."
Premier Lloyd George devoted the greater part
of his address in the House of Commons at the same
session to a reply to Sir Ronald MacLean, Independent Liberal, and J. H. Clynes, Labor member. With
respect to the Washington Conference, the Premier
asserted that "it is one of the greatest achievements
for peace that has ever been registered in the his"When
tory of the world." Continuing he said:
Mr. Clynes says that it only dealt with what he
called the arithmetic of peace I really do not know
what he means. All these things resolve into arithmetic how many ships, how many guns, what men
everything of that kind if it is to be practical, if it
is to reach any definite conclusion, must be arithme:
—
tical.
—
The arithmetic
of peace, then,
means reduc-
THE CHKONICLE
Feb. 11 1922.]
We
iug the flynauiics of war, and that was done.
have had experience with the other class of conferBefore the war, at The Hagne conferences,
ence.
great resolutions were passed, but never reduced to
When the great quarrel came those
arithmetic.
They
resolutions were swept away like cobwebs.
did not retard for a single hour, for a single second,
the march of armies or the steaming of men-of-war.
It is only
when you come
to arithmetic that
to reduce this proposition
you begin to do the business
of
and Mr. Balfour has properly interpreted his
business, and instead of assenting to vague resolutions, which would have ended in nothing, he has
reduced them to practical proposals. It will have
an effect of millions upon the estimates of this year
That is the arithmetic of peace which
millions.
Mr. Clynes is condemning."
Taking up the Supreme Council, the Premier observed that he would say only a word. He did assert: '*Mr. Clynes said they failed. They [the Supreme Council] disarmed Germany, stopped conscription in Germany; arranged, at any rate, that a
peace,
—
very considerable sum should be paid in reparations
to France, which was not paid before that. I do not
say that any single conference has achieved its whole
end; no, it could not. But their great achievement
has been that they prevented conflict developing into
555
month-end
feeling the effects of the
reserves
now stand
at
Gold
strain.
£128,748,360,
against
as
£128,283,084 last year and £106,027,343 in 1920.
Reserves total £24,531,000, in comparison with £17,743,539 in 1921 and £34,500.658 the year before.
Circulation is £122.666,000.
Last j^ear it stood at
£128,989,545 and in 1920 at £89,976,685. Loans
aggregate £80,425,000, against £76,588,152 and £83,838,233 one and two j^ears ago, respectively. Clearings through the London banks for the week totaled
£711,407,000. A week ago the total was £765,075,000 and last year £692,869,000. At the weekly meeting of the Bank's directors on Thursday the official
discount rate of 5% was continued unchanged.
We
append a tabular statement of comparisons of the
principal items of the Bank of England returns:
BANK OF ENGL/lnd's com PARATIVE STATEME VT.
Feb. 8.
1921.
Feb. 9.
Fet). 11.
1919.
Feb. 12.
1918.
Feb. 13.
£
£
£
£
£
1922.
1920.
122,666,000 128,989,545 89.976.685 69,832,835 46,060,800
Public deposits
14,721,000 20,176,592 22,012,395 28,158,294 39.012.911
Other deposits
154.415.000 106,331,532 132,276,047 120,045.536 126,265,157
Government securs. 82,223.000 50.202.016 53.947.714 52,679,744 56.349.951
80.425.000 76,588.152 83.838,233 83,297,994 95,666,673
Other securities
Resen-e notes & coin 24,531,000 17,743,539 34,500.658 30.236,282 31,332,308
Coin and bullion,.. 128, 748, 360 128,283,084 108.027.343 81,619,117 58,943.108
Proportion of reserve
14.50%
14.02%
to liabUltles
22
20.40%
18.96%
Circulation
M%
Bank
5%
rate
The Bank
of
7%
France in
its
6%
5%
5%
weekly statement reports
war. That in itself has been an achievement which a fiu'ther small gain of 134,025 francs in the gold
item this week. The Bank's gold holdings, therehas been of value in the present position."
There was special interest in what he would say fore, now amount to 5,524.964,925 francs, as against
about the proposed pact with France. The follow- 5,502,269,165 francs last year and 5,581,018,954
ing is the most important excerpt from that part of francs the year before; of these amounts 1,948,367,056
his address: ''Our policy in reference to France is francs were held abroad in both 1922 and 1921 and
one of friendship, one of co-operation in the interests 1,978,278,416 francs in 1920. During the week
of peace. Friendship does not mean subordination silver gained 208,000 francs, advances rose 59,437,000
or subservience.
Friendship is incompatible with francs and Treasury deposits were augmented by
that.
Friendship means candor, but it means co- 20,985,000 francs. Bills discounted, on the other
operation for common ends. Our purposes are alike. hand, were reduced 408,140,000 francs, while general
Our methods may not always agree. That is where deposits fell off 245,577,000 francs. Note circulation
discussion comes in, and I have never seen an occa- registered the further expansion of 97,519,000 fiancs,
sion where we have had frank discussion where we bringing the total outstanding up to 36,704,223,000
have not agreed in the end about methods as well." francs. This contrasts with 38,272,306,360 francs
on the corresponding date last year and with 37,986,No change han been noted in (official discounts 766,570 francs the year previous. In 1914, just
at leading European centres from 5% in London, prior to the outbreak of war, the amount was only
Comparisons of the various
Berlin and Belgium; 5J^% in Paris, Denmark and 6, ()83, 184,785 francs.
items
in
this
roluni
with the statement of last
week's
Swcflcn; 0% in Rome, Norway and Madrid; 4J^% in
Holland, and 4% in Switzerland.
In London the week and corresponding dates in both 1921 and 1920
open market rattjs are now quoted at '•i%%
and ninety days, as against
for short
3^%
VA^-^ 0-16%
for
three
months
for sixty
bills
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
and
Chanves
last
week.
Call
money continues to be quoted at 2%, the same as
a wffk agrj. Open market discount rates in Paris and
Switzerland remain at 5% and 'ly^Qi/'V/c, respectively,
Holdlngt
In Franrp
flold
Abroad
Total
Hllver
unchanged.
Francs.
Inc.
No
1.34.026
cbango
fiank of England's weekly Htatftmeiit
showed
there had bef:n a 1oh.h in gf>ld lioldings of £.'^,015,
although total reserve was expanded £010, OOO as a
result of a flrawing down in note circulation l)y
£020, (KK).
The proportion f)f reserve to liabilities,
however, fell to 14.r)0%, wliieli er)nipjir(rH with 1.70%
la«t week. lH.2:i% in the week of Jan. 20, and
1.02'/;
a year ago.
At tlii.s djite in 1U20 the re.s(!rv(; ratio
ntood at 22^%. There woh a wAwcWau in [)iil)lic
tliat
1
1
Feb. 10 1921.
Francji.
3,,')7(1.697,8fi0
Inc.
n'l,02.'5
6.n24,nn4.n2.'>
Inc.
20S.O0O
280.709.496
2,112,418,298
2,320.629.000
Feb. 12 1920.
Francs.
902,109
1.048,367.066
.3.602,740.638
6,602.269.166
2n«.62N.I6K
6.681.018.964
3,082. (169, 907
I.,S0s.70.S.n;a
3..'i.53.
1,948,367,050
Hllljldlllcount«l...IJcc.408,H0,000
Advuncm
The
—
Status as of
Feb. 9 1922.
Francs.
for IVcfX.
1,078.278.416
2.1.1. 0.'ill.
420
1,669.070.083
2.2.'.S.311.6.'>9
07.510.000 3(1,704.223.0(10 38, 272. .30(1.3(10 37,980,7(10.570
00.270,202
rr««i<ury dPponlUt.Inr.
47.70H.()0()
20,085,000
61.017,689
(iviirral di-|KMlUl..On!. 246.677,000
2.360.380,000 3..300,062.N10 3.123.278.074
Nolo
Inc.
69,4.37.000
clrculiltlon..Ilin.
In its Btali^ment, i.ssued as of Jan. 'M
Hank
of (lernuiny
showed
which eonipri.sed among
,
the Imperial
the usual striking changes,
otli<;rs
ii
heavy
incre.'i.se
in
note circulati(jn, as contrasled with reductions during
iold was expanded
the last two or three weeks.
29!), 000 lu.arkH, Treasury certificatrs increased 5()9,(
defKmita of £025,(KM), hut a heavy increase in other
deposits, viz., £0,r)fl1,(K)0.
Loans on riovernmenl
17,000 nuirks, while note circMilation was augmented
3,480.100,000 marks,
hills discounted recorded (he
securitieH
enorniouH expansion
registered
jm
.xpjn.Mion
of
iH.O'JO.OfK).
while loans on other securitic m were reduced £104,000.
in other words, it is evident that the Bank in still
1
marks, .'in<l
In other li.-ibilitieH
depositH 5,523,330,000 marks.
2,30H,12'.>,0(M)
marks, in other
there was u gain of
of
S, t37,07"),OO0
.
THE CHRONICLE
556
[Vol. 114.
marks, and in investments issue of Treasury certificates of indebtedness reached
5,585,000 marks. Advances were reduced 5,917,000 even a larger total than reported last week. The
marks. The Bank's gold holdings have been brought offerings of domestic bonds have been on a good sized
down to 995,698,000 marks, as compared with scale. Several European and South American Gov1,091,552,000 marks last year and 1,090,140,000 ernments are endeavoring to sell securities in this
marks in 1920. Note circulation now outstanding market. Negotiations with Holland appear to be
In the corresponding further advanced than in any other instance. Varitotals 115,375,729,000 marks.
week of 1921 it stood at 66,620,804,000 marks, the ous announcements recently indicate considerable
year before at 37,443,880,000 marks and only improvement in economic and financial conditions
in England.
Reference might be made to the reduc1,890,893,000 marks on July 25 1914.
tion in the national debt, the proposed reduction in
which
statement,
the budget, as also the proposed restoration of a free
Bank
From the Federal Reserve
was issued at the close of business on Thursday, it market for gold in London. Politically, the leading
will be seen that there was a gain in gold of SIO,- factors in Great Britain are fighting the one in power
000,000 for the whole system, notwithstanding a loss about the same as ever. This is true also of France,
It is lamentably true of our
in the New York Bank of 126,000,000. The twelve Italy and Germanj'.
banks combined reported total bills outstanding own Government. A greater degree of co-operation
reduced $10,000,000. Increases were shown in total on the part of these elements is needed to restore
earning assets of $27,000,000 and in deposits of business to a more nearly normal level. Until that
$18,000,000, although there was a decline of Federal is done, the demand for money for commercial purReserve notes in actual circulation of $12,000,000. poses is not likely to increase greatly. The decrease
For the local institution, the total of bills on hand was in the number of idle freight cars on American railaugmented $38,000,000, to $193,179,000, which com- roads reflects some augmentation in the volume of
pares with $929,699,000 a year ago. Total earning business in this country. On the other hand, the
$62,000,000, and de- unfilled orders of the United States Steel Corporation,
assets were heavily increased
In the volume of Federal notes the weakness of the copper market and various other
posits $12,000,000.
in circulation an increase of $1,000,000 was reported. announcements that are being made from day to
Reserve ratios were lowered somewhat to 81.7% day show that there has not as yet been a pronounced
from 84.8% for the New York Bank and to 76.1% change for the better.
from 76.2% for the combined system.
Dealing with specific rates for money, loans on call
Last Saturday's New York Clearing House bark have ranged during the week at 43^@534%. Last
statement showed some large changes. Loans were week the range was 43/2@6%. On Monday the high
increased no less than $66,930,000, while at the same was 5}/2% and this was also the renewal rate, with
time net demand deposits were reduced $28,782,000, the low 5%. Tuesday a flat rate of 5% was quoted.
though time deposits increased $20,059,000. Net Wednesday renewals were still put through at 5%,
demand deposits now total $3,832,612,000, which is the minimum, but a high point of 53/2% was touched.
exclusive of Government deposits to the amount of There was no range on Thursday and call loans were
$142,661,000, an increase in the latter item of once more negotiated at 5%, this being the maximum
.$84,299,000, which explains some of the changes in minimum and renewal basis.
On Friday the undeithe other items. There was a decline of cash in own tone showed an easier tendency and the rate declined
vaults by members of the Federal Reserve Bank of to 43^%, although the renewal rate continued at 5%.
$1,671,000, to $61,941 ,000 (not counted as reserves), which was the high. Conditions surrounding the
a reduction of $307,000 in reserves in own vaults call loan market remain about the same, with fund.^
by State banks and trust companies and an increase in fair supply. The above figures are for mixed
in reserves kept in other depositories by State insti- collateral and all-industrials without differentiation.
Member banks reduced their In time money the market was dull and nominal.
tutions of $96,000.
reserves with the Reserve Bank $7,036,000, which The range remained at
for all periods from
more than offset the decrease in deposits, so that sxity days to six months, unchanged.
This left the
surplus reserves decreased $4,083,480.
Commercial paper was in good demand with outThe figures here of-town institutions still the principal buyers. Offerexcess reserves at $16,652,470.
given for surplus are on the basis of reserves over ings, however, wei'e scanty so that the volume of
legal requirements of 13%, for member banks of business was not large.
Si.xty and ninety days' enthe Federal Reserve System, but do not include cash dorsed bills receivable and six months' names of
in vault amounting to $61,941,000 held by these choice character remain at 4^^@5%, with names less
banks on Saturday last. The Clearing House state- well known at 5@53^%, the same as last week.
ment in more complete form is given on a later page
Banks' and bankers' acceptances ruled quiet, with
of this issue.
most of the business furnished by country bank:<.
Brokers report a fairly broad demand, but transacWhile somewhat irregular, the local market for call tions in the aggregate were only moderate. The
money has been quiet and easier on the whole. Yes- undertone was steady and quotations the same as
terday afternoon a drop to 434% was announced. heretofore. For call loans against bankers' accepTime money has been in a little larger supply. tances the posted rate of the American Acceptance
The Acceptance ComiSpecial loans for moderate amounts were made yes- Council continues at 43^%.
prime bankers' accepmost
of
rates
on
although
the
discount
terday at 43^%,
accommoda- cil makes the
tions during the week have been arranged at 5%. tances eligible for purchases by the Federal Reserve
The volume of business v>as relatively small. De- Bank 43/^% bid and 4% asked for bills running for
velopments having a direci bearing on the money 120 days; 43^@4% for ninety days; 43^@4% for
market at this centre have not been striking. It sixty days and ^ys@A% for thirty days. Open
became known that the subscriptions for the latest market quotations follow:
securities 2,269,977,000
—
—
^
4^@5%
|
THE CHKONICLE
Pkb. 11 1922.]
SPOT DELIVERY.
30 Dayi.
60 Days.
90 Days.
held,
557
though not materially changed; the day's range
was 4 31 1-16@4 33 for demand, 4 31 9-16@4 33^/^
and 4 28 15-16@4 30 J^ for sixty
4H bid
Eligible member banks
days. Another substantial advance took place on
4»X8 bid
Eligible non-member banks
4Ji bid
Ineligible bank bills
Tuesday, and, following the receipt of higher London
cable quotations, prices for demand shot up to
There have been no changes this week in Federal 4
33M@4 341^, cable transfers to 4 33M@4 35, and
Reserve Bank rates. The following is the schedule sixty days to 4
31J^@.4 32}/^; trading was moderof rates now in effect for the various classes of paper ately
Wednesday's market was a lively
active.
at the different Reserve Banks:
affair and under the impetus of good buying, prices
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
jumped up more than 2 cents, to 4 3434@4 36^ for
IN EFFECT FEBRUARY 10 1922.
demand, 4 34^@4 371^ for cable transfers and
maturing
bills
Discounted
within 90 days )lrul mem4 3234@4 34^
for
sixty
days.
After opening
Ayriculber banks' 15-day coHateral Bankers'
—
tural
nnti
accepTrade
notis( secured by
strength, and an advance to still another high
tances
accepFederal Resent
paper
tances
dlsc'ted
OtherTreasury Liberty
Bank or—
record, what was regarded as a more or less natural
maturlny maturing
wise
for
bonds
nates and
tnthin 91 to 180
member
secured
and
eerttficate
reaction
took place on Thursday and demand receded
days
90 days
banks
and
0/ tndeht- Virxory
Prime
4:]4@3%
eligible bills...
FOR DELIYERY WITHIN THIRTY DAYS.
Boston
New York
Phl!a<lPlphla
.
edness
notes
unsecured
*H
4K
4H
4H
4H
4H
4H
4H
4«
4H
4H
4W
4H
4H
4W
5
6
6
6
5
6
5
6
5
5
5
Chicago
6
6
6
6
5
5
5
5
6
5
6
1
6
6
6
Dujas
5
5
6
Ban FVanclsco
4H
Li)Uls
Mlnneap^ills
Kf.na'ta
-
6
-
mry
t\i
4H
4)4
5
6
6
5
6
6
S
5
6
5
5
5
5
6
4H
4^
6
6
5
4H
and activity marked transactions in
sterling exchange and the outstanding feature of the
week was a spectacular rise to 4 38^8 fo'' sight drafts,
an advance of approximately 9 cents in the pound
from the clo.se on Friday last, and the highest level
reached since July 1919. The rise was practically
continuous up till Thursday, when, after establishing a new high record on the current upward movement, a slightly reactionary tendency developed,
which brought price levels down several points, and
the final quotation was 4 3334^ for demand bills.
Strength
Discussion as to the underlying cause for the sensational upru.sh in prices continues unabated.
Aside
from the favoring developments of the past week or
ten days, various theories have been suggested.
A
number
of prominent Wall Street operators are said
to have been buyers of
round amounts.
Moreover,
there has been considerable investment buying, as
well as covering
for
increased
by short
activity,
larger than for quite
While
so
All this
made
transactions
were
interests.
that
some time.
many bankers
unwilling to hazard
any predictions as to the immediate course of prices,
not a few are beginning to view the future of exchange
with greater confidence. Passage of the Debt Reare
still
34%, with
the high 4 38^^; cable
transfers ranged between 4 35^^ and 4 393^ and sixty
fractionally to 4
Cleveland
RlchmcjDd
Atlanta
8t.
for cable transfers
days at 4 32J^@4 36^; buying was still brisk, but
offerings were rather freei*.
On Friday the undertone was easier and quotations declined to 4 32J^@
4 3G 3-16 for demand, 4 333^@4 36 11-16 for cable
transfers and 4 33)<^ for sixty days.
Closing quotations were 4 31}^ for sixty days, 4 3334 for demand
and 4
bills
35^
for cable transfers.
finished at 4
32^,
Commercial sight
sixty days at 4
28^, ninety
days at 4 27%, documents for payment (sixty days)
at 4 28%, and seven-day grain bills at 4 323/s- Cotton and grain for
payment
closed at 4
32%.
Gold engagements were considerably
larger.
The
week's arrivals included
8100,000 on the La Savoie from Franco; $2,500,000 in
Swodish mint-marked gold bars from Stockholm and Norkoping on the Nyland, and .13,000,000 ontheAquitania from
England. Afiscellaneons shipments from South America
and elsewhere were as follows: S41,550 gold on the Caracas
from the Dutch West Indies; 36 eases gold and platinum
and silver concentrate and 7 bars of gold on the AUianca
from Colombia; 1 case currency on the Lalande from Montevideo; 4 packages and 38 bars of gold on the Si.Kaola from
Cartagena and small consignments of gold on the Matura
from Trinidad. The steamer Gladiata has arrived from
Reval with about 30 to 40 tons of Russian gold, valued al
$2.5,700.000 to $30,800,000 at current exchange, while the
Carlsholm brought from Swwien $4,900,000 Russian gold
coin.
The
latter
is
a special ti'ansaetion for account of the
American Relief Commission, being payment for American
wheat and supplies. The gold on the Gladiata is said to be
the largest quantity of Russian gold ever transmitted.
Continental exchange again moved closely parallel
with sterling and this week French currency shot up
to 8.72 for checks, still another new high on the
present upswing, and 333^ points over the high level
established a week ago.
Antwerp francs followed
suit and moved up to 8.32.
Exchange on Rome,
which has recently been under some pressure as a
has undoubtedly had a strong sentimenwhich must be added the encouragement felt over the successful outcome of the Arms Conference and the prospect that far-reaching developments favorable to the stubilization of exchange and
a general betterniont of international (radr- relations result of political compllcation.s in Italy, rallied and
will be accomplished by the impending Oenoa Confinally advances] to 5.02 for bankers' sight bills, a
ference.
To quote one w(!ll known financial author- gain of 30 points for the W(iek, and also a new high
ity, "The European situation has evidently turned
record on the present movement.
At the extreme
the corner and is now on tlio upgrade."
Some less close, however, prices saggetl off and some of the
'»f)tirnistically inclincrd intim:it(; that with the ter- gains
were lost, (ireek exchangi; and the exmination of thrr pre.sfMit buying niovenniit, and an cli.'uiges of the Central European republics shared
irif-reuHe in offerings of eormiK-rcial bill.s, currency
in the firmncHH, but to a Niswir <!xl(!nt, and gains
values would not unlikely .suffer a setback.
wen; confined to a f<!W pointK. Trading wa.s (juite
active and good buying denuiud was notinl pracAh to the day to day rates, sterling <!xchang«; on tically throughout th(! list. 'I'ranKaclions were parSaturday of hint week was Hlrf)ng, with demand at a li<'iiljirly heavy in F'Vench exchange, which, it was
new high of 4 32C".4 33, cable Iransffrrs at 4 '.VZy^i'b cHlirnated, w/ih tr.ufled in to (he extent of more than
4 33|^ and sixty days at 4 29J^(<7>4 '.wy^; trading,
!.')(), 000, ()()() francs.
An important factor in the prt^however, was not active. C)n Monday transactions vailing strength of (»xcliange in this market was tlio
aHMumed larg»r profiort ion.M and rat(!8 were firmly continued receipt of higher cable (juotjitions fron^
funding
Bill
tal influence, to
THE CHKONICLE
558
35%
London, while offerings continue scarce. During the
week reichsmarks were a conspicuous exception and continued to rule heavy at or very
On Thursclose to the low levels prevailing lately.
day, however, with the sensational advances in several European currencies, marks moved up about 4
Better support was
points, to 0.521/2 for checks.
accorded. Austrian kronen were slightly firmer, ostensibly as a result of the introduction of the Lodge
resolution providing for postponement of payments by
Austria for wheat shipments made by the United
States Grain Corporation. Incidentally, a fairly
large short interest is thought to exist and a substantial portion of the buying is said to be for covering
[Vol. 114.
and 36 a week ago.
also in Brazilian
earlier part of the
13%
checks and
and 13
for cable transfers, as against
12%
Chilean exchange ruled steady and
week.
last
finished at
Improvement was shown
exchange which closed at 133^ for
10%, against 9%.
Peru advanced to
3 60, against 3 55 the previous quotation.
Far Eastern exchange was as follows: Hong Kong,
75%@
543/2(§)54^, against 553^@553/^; Shanghai,
75%, against 76%@,77; Yokohama, 47%@-48, against
473'^@47%; Manila, 4934@49% (unchanged); Singapore, 50%@,51, against 50@503i; Bombay, 2934@
293^^, against
against
28%@29, and
Calcutta, 293^(^29%,
29@293^.
In some quarters the belief is expressed
that much of the strength exhibited in the Continental exchanges has been due to the stimulus of the
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
radical advance in sterling.
of the Treasury the buying rate for cable transfers
The London check rate on Paris finished at 50.49 on the different countries of the world. We give
as against 51.32 a week ago.
Sight bills here on the below the record for the week just past. The Federal
French centre closed at 8.54, against 8.36; cable Reserve Bank does not proclaim the rates until the
transfers at 8.55, against 8.37; commercial sight bills morning of the following day, and therefore the latest
at 8.49, against 8.34; and commercial sixty days at figures it is possible to include in our table are those
Antwerp for Thursday noon, announced on Friday:
8.43, against 8.28 on Friday of last week.
purposes.
francs finished at 8.143^2 for checks
and 8.153^
for ca-
which compares with 8.01 and 8.02
last week. Closing rates for Berlin marks were 0.49)^
for checks and 0.50 for cable transfers, as against
0.48% and 0.49i/g a week ago. Austrian kronen
finished at 0.033^^ for checks and 0.03^^ for cable
remittances, against 0.02^ and 0.0334, respectively.
CABLE BUYING RATES FIXED BY FEDERAL RESERVE BANK,
FEB. 3 1922 TO FEB. 9 1922, INCLUSIVE.
ble remittances,
Lire closed at 4.85 for bankers' sight
for cable transfers.
and
A
week ago the
bills
close
Noon Buying
Rale for Cable Transfers in
New
York.
Value in Vniled Stales Money.
Country and. Monetary Unit.
Feb. 3.
Feb. 4.
Feb. 6.
Feb. 7.
Feb. 9.
Feb. 8.
EtJROPE—
$
S
S
S
$
S
.000305 .000313 .000317 .000314 .000336 .000336
.0817
.0802
.0801
.0808
.0826
.0796
BulRarla, lev
.006992 .00695
.0069
.006933 .006929 .006967
_
Czecbo-Slovakta, krone... .019078 .019316 .019003 .018881 .018963 .019038
Denmark, krone
.2045
.2061
.2029
.2039
.2041
.2040
England, pound
4.3253
4.3199
4.3440
4.3607
4.3703
4.3015
Finland, markka
.019971 .019957
.019993 .020014 .0198.57 .0199
.
France, trane
.0864
.0855
.0833
.0838
.0837
.0846
Germany, relchsmark
.004866 .004994 .004910 .004969 .00.5059 .005207
Greece drachma
.0450
.0447
.0449
.0448
.0445
.0448
aolland, florin or guilder.. .3705
.3739
.3717
.3729
.3739
.3724
Bungary. krone
.001497 .001514 .001503 .001.531 .001.541 .001556
Italy, lira
.0495
.0468
.0466
.0477
.0489
.0464
Jugoslavia, krone
.003252 .003289 .003271 .003271 .003314 .003316
Norway, krone
.1651
.1663
.1600
.1620
.1617
.1634
Poland, Pollsb mark
.0003
.000304 .000309 .000310 .000309 .000305
Portugal, eacuda
.0754
.0753
.0756
.0758
.0757
.0736
Rumania, leu
.008233 .007942 .007950 .007879 .007871 .00815
Serbia, dinar
.013167 .013196 .0133
.013058 .013167 .0131
Spain, peseta
.1.588
.1.567
.1537
.1549
.1527
.1537
.2617
Sweden, krona
.2573
.2592
.2608
.2552
.2570
Switzerland, franc
.1945
.1955
.1951
.1953
.1959
.1960
Austria, krooe
Belgium, franc
and 4.86
was 4.66
Czecho-Slovakian exchange finished at
1.89,
1.9134; Bucharest at 0.80, against
0.83; Poland at 0.0315, against 0.0305, and Finland
at 2.02 (unchanged),
Greek drachma closed at 4.46
for checks and 4.51 for cable remittances, which
compares with 4.43 and 4.48 a week earlier.
4.67.
,
against
ASIA—
There is nothing new of moment to report in the
exchanges on the former neutral centres. General^
speaking, the trend was sharplj-^ upward and guilders
shot up to 37.48, an advance of 28 points. Swiss
francs touched 19.57 and there were advances of
from 15 to 25 points in Scandinavian exchange.
Spanish pesetas were strong, and made a gain of 65
points to 15.95.
Trading was fairly active and
offerings of commercial
bills of all descriptions
were light. Much of the advance was attributed to thesentimental
influence
of
the
move-
ment
against 37.10; cable transfers at 37.20, against 37.15;
commercial sight at 37.10, against 37.05, and commercial sixty days at 36.74, against 36.69 a week
Swiss francs finished at 19.41 for bankers' sight
and 19.43 for cable transfers. Last week the
close was 19.53 and 19.55.
Copenhagen checks
closed at 20.40 and cable transfers at 20.45, against
20.25 and 20.30. Checks on Sweden finished at
25.90 and cable transfers 25.95, against 25.49 and
25.54, while checks on Norway closed at 16.30 and
cable transfers at 16.35, against 16.02 and 16.07 the
week previous. Final quotations for Spanish pesetas
were 15.63 for checks and 15.80 for cable transfers,
in comparison with 15.30 and 15.35 last week.
As to South American exchange the undertone was
firm and the rate for checks on Argentina finished at
36% and cable transfers at 363^, comparing with
bills
Hankow taelShanghai
.5425
.7875
.7875
.7379
.7908
.5482
.5346
.7742
.7742
.7305
.7775
.5495
.5356
.7775
.7775
.7286
.7817
.5443
.5325
.7692
.7692
.7279
.7742
.5429
.5310
.7708
.7708
.7289
.7675
.5419
.5330
.5500
.5450
.2787
.4740
.4783
.5508
.5442
.2808
.4740
.4808
.5517
.5483
.2821
.4749
.4883
.5533
.5500
.2827
.4744
.4883
.5492
.5408
.2844
.4742
.4883
.5483
.5425
.2842
.4738
.4958
.955938
.997917
.48675
.953542
.95625
.99875
.486625
.954375
.95.5547
.99875
.48675
.953438
.956016
.998542
.48675
.953854
.956328
.99875
.486875
.954479
.955938
.998542
.48625
.953958
.8100
.1274
.7572
.8084
.1282
.7640
.8080
.1289
.7654
.8115
.1295
.7665
.8152
.1320
.7696
.8251
.7883
.7883
tael
Tientsin tael
.7399
.7933
Hong Kong
.5,502
Mexican
dollar.
dollar
Tientsin or Pelyang
dollar
Yuan doUar
[Ddia, rupee
iapan, yen
Singapore, dollar
.
NORTH AMERICA—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
SOUTH AMERICA—
Argentina, peso (gold)
Brazil, mllrels
Uruguay, peso
.1350
.7738
in sterling.
Bankers' sight on Amsterdam closed at 37.15,
ago.
China. Chefoo tael
The ^^ew York Clearing House banks, in
their
institutions, have
operations witli interior banking
gained $3,510,845 net in cash as a result of the currency movements for the week ending Februarj' 10.
Their receipts from the interior have aggregated
r^4,251.745, while the shipments have reached |734,900, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week
crtdino Feb. 10.
Into
Banks.
Banks' Interior movement
$4,251,745
Out of
Banks.
Gain
to
or Loss
Banks.
S734.900 Gain S3.516.845
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 0, 1920, it is no longer
possible to show the effect of Government operations ou the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
THE CHEONICLE
Feb. 11 1922.]
DAILY CREDIT BAL.\NCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Salurdau,
Feb. 4.
Monday,
Tuesday,
Feb. 6.
Feb. 7.
Wednesd'i/,
Feb. 8.
Thursday.
Feb. 9.
Friday,
Feb. 10.
559
interpretation of recognized rights and interests
arising out of this agreement placing that nation
upon an equal with the others as an independent
—
Affffreoale
for Week.
signatory Power. As to the resultant "treaty," Senator Lodge emphatically says: "The treaty contains
110 possil)ility of anj alliance and no obligation
whatever beyond the obligation to consult in case of
controversy, and no nation is bound by the results
s
$
$
s
s
$
$
61,300.000 46,600.000 43,600,000 45,900,000 36.700.000 54,400,000 Cr. 288,500,000
—
Note. The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country. In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House Institutions. They repr^ent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
of the consultation."
The following table indicates the amount
lion in the principal European banks
able a United States
In addition to the
Total.
Silver.
Gold.
Toua.
Siltcr.
£
'128 ,28:J,084
128,748 .360128 ,283.0841
England . 128 748.360'
France a,. 143 0S3.915 11.200,000 154.263 ,915 142 ,156.085| i6,6Vo',666ji52 96,0.85
Germany
379,1501 .54 .956.450
50.486 ,300 54 .577.300)
13.313 ,000 10 944,000, 2,369.0001 13 313,000
23.202.000121
654.000
125.87] ,000 98 452.0001
3. 000. 000,
768.000
;j6.941 ,000 32 ,768.000'
883,000
1, 871.0001
51.089, 000 .53 ,012.000'
785,000
1,124.000;
12.389, 000 10 .661.000
000,000
5,280,000!
26.365, 000 21 .720.000
659,000
15.248, 000 15 .6-59.000
"145,606
788,000
"V97',666! 12,882, 000 12 ,643.000
115,000
8 .115.000
8.183, 000
49 784.800
'
Denmark .
Norway ..
,685,000
183.000
Total week 586..559.075 49.220,.500;635.779.575 .588,990.469 48,010,150 637,000,619
Prev. week'586.41S.629 49. 124.600;6.35,543.229 .588.995.963 46.883.000 635,878,963
a Gold holdings of the
held abroad.
Bank
of
France
this
year are exclusive of i.77.934,682
_^__^
THE COXFERENCE FOR THE LIMITATION OF
ARMAMENT.
Comment upon
the Conference at its close leans
commendation. It succeeded
because it arrived at a definite accomplishment. It
was practical, harmonious, efficient. If it did not
attain to a reduction of land forces, due in part to
to the broad side of
the attitude of France,
limit naval
was
it
armaments, which
osten.sibly called to
it did.
If it
did not
place a restriction on the number of submarines, it
did place the seal of its solemn definition upon their
lawful use. If it did not limit the building oi' shipjij
auxiliary to capital ships, it fixed a limit on their
tonnage and on the calibre of their guns, which Senator Lodge points t<j as one of the highest of results.
And though
it
may
be said, more or less justly, that
capital ships are obsolete, .some soften this by saying obsolescent, there is to be a naval holiday in construction, named vess<il.s are to be scrapped, num-
and nannMl ones are
fxin-d
to be retaiiUMl, jind the
ratio i>t, in effect, <*stablislied. And tiiere is a
•declaration" concerning the use of poison gas.
When it conies to the attending "Far Eastern
.>--.>-.*{
the very great difficnlties and details
hav«' hocu met with
(iiiestion,"
accompanying the consideration
••xceeding care, si-nsitive
n'-sjionsibility
and
Jolty
Here, as throughout lh<* whole parley, ronccfHHJonH have been maric in conciliatory spirit. And
many «lefinitive Ht»;ps have been taken. '*T«Mritori;il
irit<'grify" and the "ojjcn door" have \hH'\i nHHund t<)
motive.
war with Japan.
summary given to the
"Altliough we remember the decay and destruction of past civilizations we are apt to ascribe permanence to our own. It would be difficult to offer
a valid reason for such a conclusion unless the
blighting and devastating effects of war can be
avoided. In our remarkable command over the destructive agencies of nature, ^ind in man's lack of
control over his primeval instincts and passions, the
existing civilization may face more constant peril
and more widespread destruction than any in the
To preserve the progress for which we have
past.
toiled painfully through many centuries, and to ensure a vaster advance along the path of freedom,
justice and etjual opportunity, mankind must find
some efficient means by which public rights shall
701.500
2.369.000
Spain
100 .622.000 25.249.000
Italy
33 ,974.000 2.967.000
592.000:
Netherland 50 ,497.000
Nat. Belg
773.00O 1,616,000
Swltzerl d
036.000
4.329,000;
Sweden
248.000
.
Au3.-Hun_ 10 .944.000
again, writers
press by
Senator Lodge, we find exceeding interest in the
estimate made by Sir Eobert Borden of Canada,
from which we quote the following excerpts
Bant:s of-
Gold.
and
agree, that the Conference has rendered wholly void-
of bul-
February 10 1921.
February 9 1922.
Again
be enthroned and the world's i)eace maintained.
"That can only be accomplished by one of two
means: the first, at present whollj' impracticable,
is the e.stablishment of an international authority,
armed with sufficient force to control the aggression
of any nation; the other, and the only practicable
means, is so. to educate the i)ublic opinion of the
\\orld that the Government of each State will be
const lained to the settlement of international differences by peaceful means. The peace of the world
cannot be assured by any proposal that does not
have this educative process as its fundamental basis.
The habit of direct, effective and continuing international consultation must be formed.
"To bring the nations around a common council
boai-d, to realize and to <liscu.ss different points of
\ i(!\v,
to bring harmony out of discord, and agreement out of controversy, this.surely is a great lesson
for all the nations. It has been effectively learned
by each nnlion ro])resented at this Conference. From
first to last the spirit has heen as admirable as th<'
results have bc^m memorable. The I'resident of the
Ignited Stati's may, indcH'd, b(» congi-atnlated on the
splendid success that has crowned his endeavor;
and o\'er the door of this and ev(M-y like conference
may uell be written the words of the divine iH'atiiiide:
'IJIessed are the peacemakers.'"
'"hina,
thus into history the first great jnc
<'<jniei'en<c after the war.
If it .seems strange that
•jucMtion n-volves.
the territory
f)f
olhei- side
the globe
around which <ourifi-y lh(i wlioh- lOastcrn
Shanlung has been restored. If
•Japan's KtatiiH in Hilx-ria and .Manchuria remains,
there
i.s
fire.H,
foreign
a clear expreHsif)n
"opinion," lielief is
afforded China in the matter of "foreign post of
(»f
frf»oj>s, e.vtra ferrifr»ri;ii
jurisdicf irm."
.Vnd the former .\nglo .lapanewe .Mliance dissolves
Thei-e jiasses
condict.
<»f
its
shcnild
be on the
the recent
theatre of
e.vploitaf ion
fr-oin
very fact etrables (lie
'onf<'rence to
c(»iitril(ule to jicrce by wholly peaceful means Ix*aii*-e independerrt of the coiiipiilsions of th«' wor-ld
that
<
<
There
their insidar possessionn or
dominions in the Pacific, and if corilrf»versy arises
no intei-rningliiig her-e of ficague air<f
The ti-eaties themsches, we are assnre<l,
are lint \<tluntai'y agreements, binding only in so far
as they slate in dear- teiins tlic pr-inciples by which
true atrd lasting' peirce must be maintained.
They
are not "entangling alliances." we are told, in (hat
they will consult lieffire faking any other steps." .\
reservation, if nia.\ !.<• added here, removes a <liffi
\
in
a Four
in the
words of Senator
Ftritain, the
••ach
war*.
is
Power Treaty, whieh "simfdy provides," Treaty.
Iwtdge, "fli;it Franc*', iJrejit
United Htates
anti .lapjin
will
res|>e(f
other's rights in
rnlty that «ros4' concerning fin- inclusion of the
"main land" islands f»f the .fapanese \:u\\t\v>- mi fli"
lliev
pr-ejudgc cojiditionr^ that
ide [lerialties
now
br-i
rrrade.
for*
non action
Taking
arise atrd
in the light of
this view,
aks upon (he wor'ld
may
fr-onr
what a
these
pr-o
promisi^s
sererr*' light
delilM'rntifms!
THE CHRONICLE
560
the highesst. broadest, greatest accomplishment
must be revealed in the very fact that such a confer-
And
ence can be had because it Jms been held with marked
Nations can come together in amity and
results.
good-will voluntarily and not by the forced exigenThey can consider the
cies of concluding a war.
coming of lasting peace, because, turning from the
reprisals, restrictions, necessities, hates and passions of war, they may look upon a future ever
brightening by understandings, conciliations and
peaceful consummations.
Borden remai-ks, happily we think,
Canada and the United States
look with satisfaction on the condition of unpreparednesft which renders a mutual 4,000-mile boundary
line undefended, on the lack of ability of the two
Sir Robert
that the peoples of
peoples to make war on each other. This condition
and its hundred-ye^ar peace has often been remarked
upon. And thus by other conferences, reducing ar3iiaments as this Conference has reduced armaments,
we may reasonably look upon a future when there
will no more be armaments in all the world by
whiclr peoples that are in heart friendly shall be
make war upon each other. The beginning
has been made. The first step has been taken. The
example has been set. The primary lesson has been
taught, and, we may well hope, now learned. As the
awful world war recedes to a dim memory, the
"beatitude" of actual peace may fall upon mankind,
a()le to
out of the skies of right, like the benediction of the
Infinite. With the coming of the sense of "having
(lone evil in the siglit of the Lord,'' there
may
arise
stronger resolve, a more abiding toleration, a gentler solicitude, and a final reliance upon mutual forbearance and concession by and between all States.
An open covenant has been made with justice and
freedom. None can compel another. All may meet
and resolve. All may contribute the common talent
for good-will, not the genius for intrigue. No armaments frown in the background to force an adjudication that in the end can nev^er stand until it shall
be sustained by the combined wish and will. Mr.
Balfour says this Conference has done what the
League (of which he is an advocate) could not do.
In what way, if it be not that the heart of peace is
In the peace concluded?
If in time nations and
peoples shall forget this covenant and once again
set up the false gods of war, still it stands a rock
of endeavor and means to which all may return.
Much, a vast
deal, in fact, remains to be done, but
greater things are on the way. The spectacular
waned as the deliberations proceeded but the slow,
sure process of regard remained. Forever, this Con-
—
[Vol. 114.
reaus assembled to hear a report from the Chief
Executive on the business managemnet of the Government.
The semi-annual report of the co-ordinating
boards, established under the Budget Act, was
placed in the hands of everyone present. It included
a general report to the President by Director Dawes,
a report by the Chief Co-ordinator, who has immediate general direction over the boards, and a report from each co-ordinator.
There is no more striking evidence of the business
genius of General Dawes than this plan of his for
co-ordinating all of the routine business activities
of the Government
a plan which he has actually
put into full effect in less than six months. Here was
the vast, top-heavy, loose-jointed. Federal organization, engaged in a riot of expenditure of public moneys, each bureau out for itself, seeking all of the
money it could get out of the Treasury, and endeavoring to avoid having any cash on hand at the close
of the fiscal year. There on the other hand was the
President, exalted, sitting on a pinacle high above
the Government organization theoretically responsible, even constitutionally responsible
but previously out of touch with the routine activities of the
thousands of his subordinates; activities every one
of which made its own particular demand on the
public Treasury. Think of a business organization
with 70,000 employees at its headquarters, engaged
in every conceivable variety of work, involving an
annual expenditure of five billions a year, operating
on such a basis!
General Dawes, upon assuming the duties of Director of the Budget, attacked this problem in its
two aspects simultaneously, namely: The reorganization of financial procedure in the preparation and
revision of the budget (described in his notable report to the President on the first budget last December) and a reorganization of the business methods
in general.
The latter is outlined in the report to
which reference above has been made. The upshot
of the matter is that he brought the President (with
his most hearty assent) to the level of a head of a
business enterprise. He brought into existence the
machinery through which the President could maintain a continuous contact with all of the business
operations of the Government, and through which
he could impose unified business policies and exert
executive pressure.
For every principal activity of the Government relating to purchasing, sales, printing, traffic, hospi-
—
—
—
talization, real, estate, telephones,
specifications,
contracts
and
motor transport,
personnel,
General
ference pronounces condemnation on the necessity Dawes induced the President to create a co-ordinaand the power of war. It is a turning away from tor, who would under direction, as chairman of a
the old and brutal method, a welcoming of the new. board, represent the President. The next step was
to require the head of each department to name one
The sun lifts above the horizon!
GOVERNMENT BUSINESS MEETING
UNDER THE BUDGET SYSTEM.
^"^ECOND
President Harding, in carrying out his policy of
"more business in Crovernment," called together on
Feb. 3, in Continental Hall (Washington), the business organization of the
Government
for the second
time since the adoption of the budget system. Every
official and employee of the (Jovernment having any
authority to spend public moneys was required to
be present. It was a notable gathering. The President and his Cabinet, the Director of the Budget and
Ills
staff,
and more than a thousand
chiefs of bu-
representative in the department to serve respectively as a member of each board, but retaining their
In some departments it was
necessary to create a departmental coordinator to
co-ordinate the activity in the department, and thus
have him represent the department on the board.
For example, there were found to be eighteen distinct purchasing agencies in the Treasury Department. These were co-ordinated under a Treasury
Coordinator for Purchasing and he represents the
Treasury on the Federal Purchasing Board.
These boards meet upon the call of the Chairman.
After a discussion of a given, question within their
departmental status.
J
THE CHRONICLE
Feb. 11 1922.]
561
So much at least is encouraging, for whenever the
problem of ways and means is pushed to the front
the almost insurmountable difficulties make the
bill's defeat more hopeful.
Secretary Mellon also
declines to relieve the vote-begging Congressmen of
their task, although he has mentioned various subjects for new levies by which certain sums "might"
with the Director of the Budget and if they cannot be wrested from our burdened people. For instance,
agree the question is laid before the President. Dur- 70 millions by restoring three-cent letter postage
ing the last six months, however, not one single case and 30 millions more by another turn on secondof this kind, we learn, reached the President.
class mail matter; another 30 millions by restoring
Over all of these co-ordinating boards is a Chief the two-cent stamp tax on bank checks and 100 milOo-ordinator for the whole Government who is re- lions by a license tax of 50 cents per horsepower on
sponsible for the efficiency and general conduct of motors.
Then documentary stamp taxes might
the coordinators. His immediate superior is the bring 40 millions; the forms of tobacco would be
Director of the Budget.
"good for'' 25 millions, and there are also possible
From the above description it will be seen that the le\'ies on gasoline, tea, coffee, sugar, and many other
['resident now has a highly flexible administrative articles which might be somewhat raised in cost
organization giving him immediate and direct con- without quite stopping consumption.
tact with every activity- of the Government; an
A Maryland Congressman has ventured to suggest
agency through which he can obtain accurate and a tax on beer and light wines, which to some persons
impartial information and can transmit his admin- may seem a resource as inexhaustible as the Seven
istrative policy uniformly throughout the Govern- Seas are to a suction ^
>-.ut before these ba:iueu
ment.
^ ^--st
articles can yield at;
be relieved from
This first report of the budgetary co-ordinating the ban; the mere h ;..
vf.j ^psp would
machinery marks in our national records the turn- throw the Drys into fr'^-Ii
I'resa is
ing point in the business management of the Federal correctly believed to be in sucn "a state of tension"
Government. Even in its formative state this new on this subject that this source of revenue must be
method has within the last six months saved the dismissed.
authorized jurisdiction, involving an interchange of
fact and opinion, the Coordinator or Chairman
reaches a conclusion from the viewpoint of the Government as a whole and imposes an administrative
This policj' is binding on all departments
policy.
unless there is an appeal by a member to his department head. The department head deals directly
;
.
'
we are informed, over .?100,000,000
through the imposition of bu.siness methods in
the ordinary routine transactions.
This second business meeting was called by the
[•resident that he. a«: the business head of the Government, might lay before his business subordinates
and pulled hard enough we could carry
ourselves up any grade whatever by hauling on our
own ankles. If we were untaxed now we could overwhelm the eager American Legion with a golden
flood but we are bent already under our load, and
the results of the last half year's efforts
the ugly truth is that even the various
taxpayers,
.saved
toward
economy and efficiency. The President's speech
was earnest and direct and showed how thoroughly
he had l)ecome the responsible head of the Government administration. And General Dawes's fierv
darts will not soon be forgotten by the bureau
chiefs.
In his tremendous earnestness he seemed
to l>ear in some vicarious way the whole burden of
the taxpayer as he attempted to arouse the Government organization from its lethargic indifference to the good of the Government as a whole. To
one who has never gone up against it, it will be difficult to realize the glacier-like force of one hundred
and thirty years of inertia in the Government's busineHH methods.
Keformers have come and gone, but
the bureaus, wound around with red tape and moss
covered with traditions, have moved serenely and
slowly without change of gait or direction. (Jeneral
Dawes, stout of heart, has turned the tide. This
he could not have done iinlesH the President had
stood sfpiarfly lK*hirid him, giving him the strong
Htipport of executive authority.
HIJGCE^TEI) MllA^H OF PAY! NO
THE
sf)/j)n:R ifoxus.
U
helher the bonus
encounter the veto, In
whatever fnrni it may !.<• .m-iit to the Presjrlcnt, Is of
ronrm- n(,t known, however that may Ix; dchired by
the HonndeHt public o|)inion; but it is encouraging
to find the
bill will
general belief in Washington reported an
Administration declincH to take any
fH'ing that the
But we are a
rich people?
we only
;
new
levies
mentioned would not carry this largess through.
"New" levies? None really remain to be made, since
a tax strain on one part carries its effects along to
all other parts; bleed a man from his arm, and the
fact that he has another one uncut does not enable
him to stand drain direct from both. In this bonus
jjow-wow there are abundant fantasms; they serve
to stimulate expectancy but they also show more
glaringly the sham and absurdity of the thing. For
example, nobody has yet suggested that the several
billions of deposits in the banks of this city might
be seized they are mere book entries, though they
do represent substance behind them and transactions yet to be effected, but they are about as real
and about as available for bonus absorption as the
unrefunded and unascertained debts from liUrope.
liut as to the specific suggestions of ]\Ir. Mellon of
what "might" be attempted, when sonu'body rises
and indicates desire or even willingiicKs to accept
any of those new levies they might be taken up.
I)(k;k anybody want to pay higher postage, to p»it
stumps on checks and <Iocunu'ntM, to have a general
lax on Kiiles, to tax transfers of stocks and boudfl
and real estate, to load the sale and use of the motor? The privilege of the door is open to anybody
;
who wishes
to ask
for
new or
for liicreaHed taxes,
but iKjbody takes it; on the conlrarv. proleslK |)our
against every one of the suggest ioiis by Air. Mellon or others, such suggestions being like pointing
out ways in which killing could be done if killing
in
is
really to
Im?
doru'.
single case) protest,
HioiiH for
of inleliigence
it.
if
set our teeth
part in sluiping the la.x jiart of the bill and will
al«o (h'cliiif to acfcpt it iiidoHS Korrie dcfiniff provi
taxation arc included in
Yes, and
The iicwspapcrN (to specify n
and willi nu>st cogent reamm,
against furlhcr narrtiwing the intercointnunicalion
which
is
cK-sentiul
tu
national
life.
THE CHRONICLE
562
the ill-devised "zone" method being already a bad
enough deterrent and a constant pressure towards
[Vol. 114.
OUR FOREIGN TRADE IN
1921:
and thinking instead of naThere was a very marked change in conditions as
tional. Secretary Hoover suggests an insurance for to the foreign trade of the United
States for the
the ex-service men instead of present cash, and does year recently closed from those prevaUing in the preso partly because it might perhaps cause less bur- ceding year, quite as marked a change as that which
den and strain on business for the time being; but occurred in the preceding year compared with the
sectional intelligence
the merits of this hardly need be discussed, because
what the men are demanding is cash, ready to
year 1919, with this very important difference, that
in practically every respect the situation in 1921
"spend."
was exactly the reverse
Meanwhile, it is encouraging to be told that "bonus hostility, mobilizing fast, amazes Congress";
moreover, the fact that the bonus demand is from a
determined propaganda by probably a minority of
the ex-service men comes out with increasing distinctness.
The "Herald's" correspondent mentions
the recent appearance in Washington of a number
of sturdy young men begging in the streets at night,
one of whom told him that he and several others
"had been urged to come to Washington to impress
upon Congressmen their dire need of Government
aid." Urged by whom? This man, proceeds the
correspondent, admitted that men not on jobs had
been "helped" to come to Washington, with instructions "to prove that ex-service men are in favor of
the bonus"; he had not seriously sought work, his
real object, being to "do everything I can to heli)
along the bonus bill and wait till we get it." This
recalls to mind the pretended "selling" of able-bodied men on Boston Common, some months ago, an
incident disgusting by its insincerity; deliberate
simulating of suffering and unemployment among
ex-service men and exaggerating the extent of need
and call for a bonus bear the marks of planned deceit.
Mr. Nelson of Minnesota, the solitary Civil
War member of the Senate, deems this agitation
of the situation prevailing
A noteworthy reduction, both in exports
and imports, characterized last year's statement.
in 1920.
In the aggregate the valuations of both the exports
and imports of merchandise for 1921 are very much
lower than they have been for the past four or five
years.
The reduction
in values last year,
compared
with the preceding year, is due very largely to a
much lower range of prices for many leading commodities, but in most instances, also, to a considerably smaller volume of trade. Serious unsettlement
of foreign exchange rates affected all international
dealings throughout the entire year, proving a very
great handicap to our trade abroad, and serving to
benefit some of our leading competitors in many of
the larger export centres to which we had been accustomed to send our goods. Political and economic
conditions abroad in 1921 continued to be far
from satisfactory, and the people of many foreign
countries are still in larger measure without the
means of supplying more than their most urgent
needs. These needs themselves had been greatly lessened through the purchases made here on foreign
account in 1919 and 1920 in satisfaction of the acute
state of want existing abroad after the conclusion
Furthermore,
of the armistice in November 1918.
Spanish-American
the situation in a number of the
"repellent," and says that one-half the men in the markets, where our merchants had succeeded durlate war never left the country but "lived here in the ing the years of the late war in establishing quite a
barracks, had good food and cooking, slept on cots, foothold, had not adjusted itself, and this resulted
and suffered no hardship beyond drilling and guard in a very material reduction to the volume of busiduty, and they have had war risk insurance and ness.
family allowances already."
Thus everything combined to reduce both the volWe must sadly admit that, with the Treasury ume and the money value of our foreign trade in
trying to minimize an inevitable deficit and facing 1921. How striking has been the falling off wiU
difficult refunding operations already, the only appear when we say that the total exports of merstrength of this abominable scheme is in the seKish- chandise in 1921 were no more than 4,485 million
ness of Congressmen who have not learned that it is dollars, as against 8,228 million dollars for the prealways Avisest and safest to follow convictions and ceding year, being a decrease of 3,743 million dolstand by the right. Even if, for any reasons of dis- lars. Imports during 1921 amounted in value to
satisfaction, the Kepublicans lose the next Congress, 2,508 million dollars, whereas for the year 1920 the
there will be nothing unusual in an Administra- enormous total of 5,278 million dollars was reached,
tion's facing an Opposition majority in the second the decrease in imports thus being 2,770 million dolhalf of its term, and no conceivable loss to the coun- lars.
The excess of merchandise exports in 1921
try thereby can compare with the loss by surrender- was 1,976 million dollars, which contrasts with an
ing to an attack of begging and threats. Have we excess of exports in 1920 of 2,950 million dollars.
not had enough of surrender to threats? To dally Nothing approaching the figures of 1920 in the matwith this thing, and to seek escape by giving the de- ter of the foreign trade of the United States has ever
manded promise without providing definite means been recorded, although the exports from the United
of fulfillment, has been a blunder, in which both States in 1919 were nearly as great in value as those
parties are so involved that it is grossly unfair to of 1920. The imports in 1920, on the other hand,
talk of a "Republican" dilemma.
But cowardice had run over 1,374 million dollars heavier than in
Avhich rallies into standing firm when cornered is the preceding year, the latter having been up to that
less bad than cowardice which shivers and shrivels time the banner year.
into yielding. The best course now is to bury the
Exports in January of 1921 were well up to the
bonus by an adverse vote in the open the next best, average of some of the months of the preceding year,
to kill it in committee or let it stifle in a pigeon-hole. although they were valued at something less than in
But Congress is invertebrate and cannot be trusted January 1920. After that there was a very marked
to stand without support from the country.
The falling off in the value of the exports in each of the
protests should continue with unabated volume and succeeding months of 1921, November and December
unsoftened sternness.
recording a total far below that of any other month
;
THE CHRONICLE
Feb. 11 1922.]
tor a
ber
number
of years,
amounting
and the exports for Decem-
to only 41 ^c
of those of the corre-
sponding month of the preceding year (1920).
As to imports, the lower range of values made its
appearance in the closing months of 1920, and the
reduced volume of purchases abroad was very marked
during the summer and early fall months of 1921,
imports for July being only about one-third in value
those of the corres;ponding month of 1920, but in
the last two months of 1921 there was some little improvement, and the estimated value for December
was. with the exception of March and April, the
563
1
comparison between last year and the preceding year, a larger
volume of exports. Included in these shipments
abroad are various kinds of meats, such as hogs,
pork and the different pork products, beef, etc. The
average price per pound for export shipments of
these meat products, computed on the basis of the
statement issued by the Department of Commerce,
was only 14.8 cents in 1921 ; in 1920 the average price
per pound was 23.9 cents, and in 1919 it was 34.4
cents per pound. While there was an increase of
ucts, represents at least, as to the
meat products, here separately tabulated, in 1921 compared with 1920, there
values in both was a decrease in total values of 35.3%, due entirely
highest of the year.
in tlie quantity of
4.5^;,
To what extent the lower range of
exports and imports last year is due to a lower range
to the lower range of the average export price per
of prices cannot be definitely determined, but that
pound
a considerable portion of the reduced volume of the
foreign trade of the United States is attributable to
xhifi condition, is very apparent from a study of the
data available. The exports of raw cotton from the
United States last year were in quantity about 5%
greater than in the preceding year, yet the value of
the exports of this leading staple from the United
States in the year 1921 was considerably less than
one-half of that of the earlier year, being only 534
Exports of mineral oils in 1921 were somewhat
less than in the preceding year, but the decrease in
values was very much greater. There is a loss of
over 9% in the number of gallons shipped abroad
the comparison being between 2,797 million gallons
in 1921 and 3.098 million gaUons in 1920— but the
decrease in values is 30%, the comparison here being bet\Aeen S384,224,542 and .$549,357,212. In gaso-
last year.
was a considerably smaller quantity exand the value in 1921 was one-quarter less
was in 1920. In crude oil the exports last
line there
dollars, against 1,136 million dollars in ported,
This enormous difference in values can be than it
readily understood when a comparison is made of year were fully 10% larger than in the preceding
the average export price for the two years of this year, but in values there was a decrease of about
very important product in the country's export 30% in the comparison with 1920. Exports of iltrade. The average export price of raw cotton in luminating oil last year were about 14% less than
920 was 35.7 cents per pound, and in some months in 1920, but the value shows a decrease of more than
it was over 40 cents per pound.
For the year re- 25%. A \ery marked difference appears also in the
cently closed the average export price was only 16 comparisons of the quantities and the values of the
cents per pound. This difference in price accounts exports from the United States of lubricating oils;
for about 600 million dollars in the loss of export the quantity shows a decrease of about 28%, while
values last year, or nearly one-sixth of the total loss. the loss in the value of the exports in 1921, compared
Likewise, as to wheat, there was a materially lower with 1920, was over 40%.
range of prices last year, although the quantity exIn the following table the changes from year to
X)orted in 1921 was very nearly 30% greater than in year in a number of leading staple articles of export
the preceding year. The average export price for are shown, also the relation that each of these artiwheat in 1920 was |2 73 per bushel, but in 1921 it cles bears to the total movement from this country
was only f 1 55 per bushel, and the loss in value in to foreign ports. The compilation covers five yeai'S
the exports of wheat la.st year, due to the lower averKXPORT.S OK LEADING PRODUCT.S FOR FIVE CALENDAR YEARS.
age price, was in the neighborhood of 164 million
1918.
1917.
million
1920.
1
Kzports.
1921.
1920.
1919.
S
$
dollars.
meat products, there was a
very material reduction in volume last year, both as
to fpiantity and values, compared with the two preceding years. For tlio twelve months of 1921. the
value of all meat products exported from the United
States was 298 million dollars, and this compares
with 4G.3 million dollars for the twelve months of
1920 and 1,014 million dollars for the like period of
1919.
Ah to about three or four per cent of this
Tn the exportation of
cotton
.
534.24I.7H5 1.13t),408.<»16 1,137.371.2.52
'.120. 301. 977
748.015.627 1.07!). 107. 701
Bri'adsiuffa
I'rov.. Ac.
'"ot'H'd oil
.342,357.!12K
24.302,44'.!
i'i-irol..<kc.
384,224,542
.VI4.073.0<iO l.l(>0.fi43.133
40.890.268
34.874.7i»0
549.3.57.212
.343.673.432
23.184.32!)
S
575.303,782
031,988.510
437.449.572
17.303.256
344.265.500
2.52.977,476
S
674.122.790
.X0I.497.7K,
'.(4
1.2 18. 52-1
ToUil . 2,033,202.341
1.915.022,696
3,602.880.002
J3,343,821,679
All other
urtlfi™ . 2.461,.'i64,548'4,884. 194.628 4,317.545,928 3.364,798,686 4.318,490,001
2.784,2S8.8.5'.I
Total... 4.484,766,889 8.228,016,307 7.920.425.990 0.149,087,545 6,2.33,512,507
Taking the record of the exports by groups, there
are a number of significant changes in the re[)ort of
iasi year,
I'^xports of manufactured goods ready for
consumption,
or for rmllicr u.se in manulacturing,
aggregate valuation quantities are not given, in the
statement issued by the Department of Comiuerce, const ituted more than 45% of the total exports in
and if is irni»os«ible to make a computation of the 1921, whereas in 1920 the ratio to the total value of
average export price for all of these important prod- all exports fnun the United States was more than
ucts in our export trade.
Omitting this three or 50';. In 1920, howevei-, tlic value of this class of
four per cent from the aggregate valuation, tin* re- exports was nMU<' than double that of 1921. h'oodmaining totals ((jmpare as follows: I'or 1!)2I the sliilT.s in crude condition, or parll.v or wholly mauufigurcH are 2HG million dollars; lor
llrjo.
1
l.'.
mil
97S million dollars. These
following (luantifies: In 1921,
lion dollars, an«l for 1919.
values represent th*there were «'Xf)f)rted
1.M16
million
!,!»'_'•»
jjoiinds,
million poiindH; in
and
llrjO.
2.SM million
cotton and wheat, a
in
I9I!>,
pounds.
Here again, as in
conKidernble reductirin in the values of the «'xportH
from the United States of these verj- important prod
taclured. were nearly one third of the total value of
shipnuMits abroad in 1!IL'I. uliile in 1920 they
only one fourth of the total, but still in
<|iiautily and value the movement to foreign markets
all
(••instituted
was considerably smaller
values the i'Xports
70',,
of the e.\|»orls
of crufle materials
f(uf(»i
for
I
in
1921
he furmei
than
in
pj-riod
the preceding year.
use
in
1!)20,
in
were only
l'iXport>»
manufacturing
hist
—
THE CHRONICLE
564
year were a little more than 20% of the total value
of all exports for that time, compared with 23% for
1920. In all of these figures the higher average export prices in the earlier year resulted in an unfavorable showing in the comparison with 1921, although even if allowance is made for this difference
in values, quantative records would show a material
reduction for the year 1921 as to each of these different classes.
The same condition applies to the different classes
of imports, although some rather startling results
made
In food products, in crude condition and partly or wholly manufactured, the imports last year were only about 27% of the total
imports, whereas in 1920 more than one-third of the
total imports were comprised in these classes. The
value of these particular lines of imports in 1920,
however, was 130% greater than in 1921. In manufactures ready for consumption, or for further use
in manufacturing, the imports in 1921 were fully
38% of the total of all imports, whereas in the previous year they constituted only a little more than
30% of the total. About one-third of total imports
into tiie United States for both years consisted of
crude materials for use in manufacturing. The percentage of imports free of duty in 1921 was Cl%,
as compared with 59% in 1920 and C>0% in 1919.
The average ad valorem rate of diity, based on imports for consumption, was in 1921 12 cents; in
1920 and 1919 the rate was only a fraction over 6
are
to appear.
—
cents.
As
to the exports
and imports
to
and from the
different grand divisions of the world, as segregated
report of the Department of Commerce, a
considerable decrease in last year's figures appears
in practically every instance.
To the European
by
tlio
countries, exports last year were only
total of valuation of the exports to these
54%
of the
same coun-
and were considerably
less than one-half of the valiie of exports to Europe
from the United States in 1919. There were very
tries In the preceding year,
tries
as
it
[Vol. 114.
embraced
was
to
America.
This is especially
the loss is about 24% in the comparison with 1920.
As compared with the year 1919, the exports to
China are practically the same in value as they were
in 1921. Exports to Japan last year show a loss of
more than 40%.
Imports from the leading countries of the world
into the United States also show a considerable decrease in value in the comparison with the preceding year, in almost every instance.
Even the imports from (icrmany to this country were valued at
fully 15% less in 1921 than they were in 1920. And
from England the imports last year were only 40%
of the value of imports into the United States from
that country in 1920. Imports from Cuba into the
United States, owing to the very trying conditions
existing there last 3'ear, were valued at only about
30% of the imports from that island in 1920. Sugar
constitutes between 85 and 90% of the total merchandise shipments from Cuba to the United States,
and last year quantative imports of sugar from
(^^uba were fully 10% less than in the preceding year.
But the difference in values was very much greater,
the value of sugar imported into the United States
from Cuba in 1921 being only about 29% of the corresponding figures for the year 1920, the average
price per pound for the imports of sugar from Cuba
in 1921 being only 3.7 cents, as compared with 11.6
cents per pound for the Cuban sugar imported in
1920. The imports from South American countries
last year fell off in value, compared with the preceding year, at an even greater ratio than was
shown by the statement of exports from those countries, and the same thing is true as to the report of
imports into the United States from practically all
of the leading countries of the Far East.
MERCHANDISE EXPORTS AND IMPORTS (CALENDAR YEARS).
Calendar Year
1P02
1003
1.3rO,«8'>.933
1.481.7 3.083
mot
1.4.'>1.3I8.7
1.62fl. 090. 79.5
than 350% in the comparison with 1919. A large
reduction appears in the value of exports from the
United States to all South American countries last
year, compared with the preceding year, with the
single exception of French Guiana, and in that in-
1017...
1018
1919
1020
1021...
lllO'i...
lilOn
I!I07
lUO'J
I.179.144,.5.'^0
1.728.198.64.5
1
lOlO
1.8'>fi.2'.8.004
1911
2.002..V2fi.746
1012..
1013
1014...
ini5.
2.309.217.993
2.481.018.202
lOIfl
16.870
1.7.';2.83'i.447
1.923.42R.20.5
-
9fi9 .3
995.494,.327
1.03.5.909.190
1.320,501 ,.572
1.423.169.820
1.116,374.087
1.798.2^3,434
in08
Imports.
Exports.
considerable losses in the figures to practically
every country, including Great Britain, but the losses were especially heavy in the movement to France,
Italy and Belgium. There was a larger increase in
the value of exports from the United States to Germany last year, amounting to nearly 40% in the
comparison with the preceding year, and to more
stance the increase is rather small, as the total value
of all exports from the United States to that country last year was only about one million dollars. Exports to Argentina and Brazil were very much reduced last year, but relatively the loss suffered by
some others of the Spanish-American countries was
even greater.
Mexico reports a considerable increase in the
value of merchandise shipments from the United
States, not only in the comparison with 1920, but
there is a very much larger increase compared with
1919.
That country is the one bright spot in the
foreign trade situation, so far as the United States
is concerned.
Exports to the markets in Asia, Africa and Oceania were reduced last year in comparison with both preceding years, but the falling off in
these merchandise shipments to some of the coun-
was not so great
Europe and South
true as to China, where
in these continents
the countries of
2.113.fi24.0r.0
3.5.S4.670.8t7
5.482.641,101
6.233..')I2,.597
6.140.087..54.'>
,475..520.724
1,562.901,1.51
1..532, 3 59, 1 60
1,818.073.055
1.702 „596,480
1,7RS .276.001
1,778,596,695
2,391,635,335
2,052.467.9.55
8.22S.0I(>.3()7
3.031.212.710
8,904.364.932
5.278,481,400
4,4R4.7fi6.S80
2.508.4.52.065
7.920.42.0.990
The movement
of gold to
Bzcas.
Eip. 391,369.063
Exp. 489.2-8.756
Exp. 4 15, 4 00 ,,5.50
Exp. 447.8t6,245
Exp. 477,741,862
Exp. .500,2.56.385
Exp. 636.461 .3r0
Exp. 252.677,021
Exp. 303.354,7.53
Eip. 560,167.586
Exp. 581.144.938
Exp. 691.421.812
Exp. 324.318.049
Bip. 1.776 .074, 1.52
Kzp .3 .00 1.005.766
Bip.3,281 ,0*4.642
ffj-p.S. 117.874.835
Bip.4.016.061.058
£'j-p2.!l49..534.81tjp. 1.076. 314. ,S24
Tolal Trade.
2.3.30.002,803
2.480.247.410
2. J 8" .227. 930
2.806.135,346
3,118,745.006
3.346.506.026
2. SnO .209,534
3.203.719.369
3.429.163.055
3.624.885.906
4.217.291.048
4.276.614.772
3.902.000.051
5.333.267,642
7.874.276.436
9.185.0,80.552
9.180.300.266
11.824.790.022
13. .506.497. 797
6.003.218.964
and from the United
States and foreign countries in 1921 resulted in a
net gain to this country of |6G7,387,000, the imports
of the precious metal for the year amounting to
!$r>91,2G7,448, which contrasts with |417,0G8,273 for
the preceding year, while the exports in 1921 were
only ^3,080,043, compared with |i!322,09 1,208 in
1920, the excess of imports of gold in 1920 having
amounted to only ii?94,977,065. In the last three
months of 1920 gold imports were very heavy, and
in excess of the corresponding months of 1921
those were the only months when the movement of
gold into the United States was larger than it was
In April of 1920 the imports of gold inin 1921.
creased very materially; in fact, it was at that time
that the movement this way began, which culminated in the large gains for the year just closed. Exports of the precious metal during the last seven
months of 1919 were very large, resulting for that
THE CHKONTCLE
Feb. 11 1922.]
Exyear in an excess of exports of l|291,651,202.
ports of gold in 1920 amounted to a considerable
sum, but in each month of 1921 the movement was
In every month of 1921 the excess
insignificant.
of imports was large.
Nearly 70% of the total imports of gold last year
came from Great Britain, France and Sweden; imports from the former were i^202,09l,349, from
France -$190,088,144, and from Sweden |;GG,355,92.").
Xewly mined gold from South Africa was sold in
London last year, almost exclusively for export to
the United States, and constitutes a considerable
part of the amount accredited to Great Britain;
also, a portion of the amount accre<lited to Great
Britain came originally from British India, being
shipped from that country through London, and
this is in addition to direct shipments to the United
States from British India, amounting last year to
$32,010,000.
Tlje gold imports from France and
Sweden are made up in large part of shipments from
Russia.
Germany sent to this country last year
$19,927,000 of gold, largely in connection with reparation payments, and shipments from the Netherlands, largely gold taken from bank reserves, totaled
$19,893,000. Denmark exported to the United States
$5,431,500, Belgium ,«3,7G0,711, and Spain §!3,319,-
Nearly two-thirds of the imports of silver
or $41,250,000, came from Mexico, and practically 90% was of American origin.
The imports
of silver from Europe amounted to $7,088,000, much
of it from Germany and a smaller total from Great
Britain.
Silver exports last year from the United
States amounted to $51,575,000, and compared with
$113,010,000 in 1920. Eighty per cent of the exports
last year was for the Far East and Great Britain,
presumably for use in India.
Bringing together the various balances, we give
below a summary covering the past five years, and
showing net result of the foreign trade of the United
record.
in 1921,
States:
YEARLY TRADE BAL.VMCE.
Hong Kong, .$.5,000,825; French
East Indies, $0,013,842, and Japan, $2,208,234.
The.><e imports were very largely occasioned by the
unfavorable trade developments of the year. There
were exports of gold to Ilongkong during 1921 of
China, «1 7,912.087;
much
$9,010,755,
of
to other Asiatic
destine<l
it
Australia sent to us during the year $14, 013,Zealand, $2,9-50,314, and Kgypt, $0,874,924.
The bulk of the imports of gold from South
American countries was, from Colombia $11,911,685, and from L'ruguay $0,815,305; Argentina, Peru
and \'enezuela each sending but little more than one
million dollars, and the other South American countries les.s than that sum.
lrnpf)rts of gold from Canports.
947;
New
ada were
and from Mexico $5,.588,737,
but we exported lo Mexico a total of $7,090,419 of
gold during the year. The Dutch West Indies contribute<l to the total of gold shipments to the United
StateH in 1921 $.5,772,830, and Panama $3,200,8:{9.
.*:50,8.50.110,
OOKT).
SILVBH.
Dte3l
Imporii.
'JTjporU
j
ifoa
Ktetu 0/
I
KipoHM,
MnnOMl
••
( -t-
Impo'U
44.101.317^
—B
'
imjmi -"
(
)
—
l«2
Btporu ( +
Import*.
ImporlMi
).
72»1
40 272 PMi 2« 402 OIW
"
"
)
—
-
>1.40«'
I,
!(
'1
I!"
I
Ib<,
U.2^i
.lyili
1-
Total... 1.964.647.552 2,975,091,000 4.165.072.091 3,299,345.600 3.311.835.041
667.o87.40o
94.977,065 b291 ,651,202
20,972.960
180.570.490
Gold imp.
Net e-^p. 1.297.060.147 2.880.113,935 4,457.323,293 3,278,372,640 3,131,264.551
b Net oxport.s. a Net imports.
42.224. no
«n. 87.7021
and discussions
CTurretit lEujettts
fri:e
gold market in London planned.
The following Txiudon, cablegram, Feb.
.Vew York "Herald" yesterday:
appeared
9,
in the
Sir Robert Steven.son Horne, Chancellor of the Exchequer, announced
to-night in the House of Ckiminons. in reply to a question, that it was the
Government's intention "to permit the re-establishment of an unrestricted
market for gold in London at the earliest dat« at which the state of exchange
renders this course po-ssible and desirable."
Coiiinientiug on the above, the "Ilerald" said In part:
Robert Home's announcement concerning the Rritish intention to
establish a free gold market in London was regarded in New ^'orlj as the
most important financial event of the post-war reconstruction period.
It was taken as an indication that the relief from the enormous war strain
on British finances had reached a definite point where at! restriction on
international commerce and finance could be lifted.
The announcement
was also held responsibte for the advance of the exchange rate on the
pound sterling from the recent figure of .S'1.20,
The declaration of a free gold market iu England, which seems from Sir
Robert's announcement to be imminent, foreshadows the restoration of the
!<()kl standard
throughout Europe, it was explained last night, hecause
Sir
FCngland. a.s the clearing house for Continental nations, will he obligated
by the technicalities of the international money market to accept all foreign
bills of exchange on Ehiropoan and all other nations and regulate the exchanges by shipments of gold, so that these bills will he paid, as before the
war. at a specified ra'e of exchange.
This ro-establishn)onl of the gold
standard throughout Europe will be considered at the Genoa International
financial conference.
Will Rfstoro Price Level.
A
free gold market in England, it was explained by banking authorities,
will mean stabilization of European enchange rates and a con.sequint reliable
prUv level for American goods. Since the war private int«ri«t« in England
But with the cstnhlishment
could not ship gold to New York to pay a debt.
of .1 trrt} gold market any Englishman possessing bank nott\s cjin convert
thr.Mi Into gold and ship the metal to New York.
The British pound
would thus bo kept at par, which is S4..sr)65.
It was taken for granted that Sir Robert Homo's statement put a definite
qiiietUN on niRiorH current from time to time that due to the In* exchiinge
raUw Kurf)p«t mightat somefuturc time abandon the gold stjindard and li'BVt>
the. I'nlU-d HtaUis with mor«3 th.in $.{,000,000,000 of the mcUil. the largest
on
its
hands as
:i.
medium
worthli'«s
of lnt4T
with lunrtsu n<)ri:nN}n:NT for
CO.ysOlJDATlOX OF /{FLdlAN liFHT.
AaREi:.Mr:\T
..;i
Itt.JJH 2'.0
f IA.7i:i.M)«
4.'..OI2..t'W)'
1917.
or
"J
_
IW-
1918.
3
S
$
S
S
\fdse. exp. 1.970,314.824 2.949.534.817 4.016.061.0.58 3,117.874.835 3.281.044.642
Silver exp
all.6674J72
25.650,183
149,611,033
181,470,765
30,790,399
-22 R700I9
--;----••
1919.
).
111
16'
1920.
national exchango.
Kitett of
Krpo^.
or
1921.
ronri'ntn»t4«l toUil in history,
Y*ar
tmdtmt
of—
Excess
281.
From the Asiatic countries the total imports of
gold were $08,812,018, made up very largely of the
direct shipinents from British India, noted above;
505
in.ni:t.:.4i
.404 .mi
UniHwIs ( AHKOfiiifcd Press) a<lvi<'('s, Jan. 124. snid:
Annoimccmont wiw miulo by I'nimiiir T1iinin>-N In thu Clinmher to-day
that tin n ri-MUll of ni«oti.'itlonn with Sir IColM.rt Horm the HrltUh Chnn,
lb,
rejicliiitl with the
tiov.Ttwnent for the conHnlldatlon of thu lli'lglan dubt N) (Iroat
llrltiiln. nnri thiit u ili finlu, uKrirniinl w.is cjirtnln on Hlinilar ncgnlliillona
prorxaMlInK nl Wiuihlngton. conibn-i/ofl by tlio lli'lglan Anil)!iN«;iili)r.
"I ;im ronvlnrofl." n.-il<l .M TheiinyM, "llmt our Ainerlcjiii frlciidx will b«
«lnria-i-ly diwlroim l4i furnUb ux iilil not htM than that our KnulUli frlxnda
I'.
hnvai JiiKt hroiighl UK.
i'>
I'l
(
I'J
1''.
l'<
•,
I
I
if,
H^H
\r,n'
•
I
II
Ik.' H/ift
4.1. 74<'.
4h 101
I
lu
Iti.
relior of thi! K»rh<<<|uiT
an
.igri'eiui'nt in prini-lple Im'l
been
IlrltiNh
.
r<
I'i
firiKif i<t •u'lli-iinile
lb
I40,nii.ui.t
j; t, r, ("H
ib
Bl.2''7
.>ilv<r
iiiiportM
w*-n» not
but
»|i..
;i.M
in:.
<
111
I'.ilil
lurgf as in
I
u7.i
the mrmumblii dayii of
the
<-«inHid('r;il»ly
I'WMFNT
fo $88,000,000,
llFf.CII'U
I
It
in
excesM
XMM
Kfli/hiin,
hIIvit
iniportH
jinri
w.-rc
flu-
we
kIiomIiI
look
given uh mi
Iti
viiln for
niiirli iilnoa
iiitiioiirt<'i<d
larg^Ht
on
OF ISTFRFST ON DFIIT TO
XITFI) STATES.
on
F-'cb.
-I
I
tin
I
pa.vmi-nf of f '.'Oil. 802.
OH a wiiil nnnuiil ItiHlnllnirnI of
n%
ltili<r«'M|
on
of .f.S.OO0.(M¥i for MiirpliiM wiir
<t1hN, had Imm-ii ri'tclvi-d by ili<' I'. .M. 'rrciiMiiry on
<lnl«'.
Thf» prlncJitiil of HiIm «l«»bf \n dm* Aug. r».
•
amountfd
It)
iililk'iillon lo (bJM coiiiilry
I9'_'0,
if
wlili'b h!i«
lOM."
Hirer'
I
of the thn-e preceding years,
of any ppfvioim yrar.
In
woiilil Ixi Hurprlvixl
-M,nfl7.a72
'71.
.'I
United Stat<'H
prcfcding vfarw.
was, with In- exrrption
into
IIm-
K.fal. $0;{,1.'J.".,000,
J
I
from Mu gn«it nation
by
Its
iiiii
tlint
:
:
.
THE CHRONICLE
566
DEPARTMENT OF SEINE {FRANCE) BOND OVERSUBSCRIBED IN LONDON.
The
fS.OOO.OOO
DEPARTMENT OF SEINE (FRANCE) BONDS LISTED
ON NEW YORK STOCK EXCHANGE.
The New York Stock Exchange has admitted
to its trad-
on a when-as-and-if issued basis the $2.^).000,000
20-year, 7%, Department of the Seine (France) gold bonds,
list
due Jan. 1 1942. The issue was referred to in
umns. Jan. 28. page o~)V<, and Feb. 4, page 460.
the.se col-
Paris press advices Feb. 9 reiK)rted the announcement of
the suspension that day of Claude la Fontaine, Prevost &
<'o., one of the oldest pri\ate banks, it is .stated, in France.
These advices al.so stated:
Most of the institution's business was transacted in the Ardennes and
other eastern Departments of France. It was capitalized at 25,000.000
francs, of which 10,000,000 francs were paid up.
The liabilities are placed
at 15,000,000 francs.
also quote the following press accounts
from Paris
Feb. 9
Minister of the Interior
Mauncury informed
$15,000,000.
daily papers reported the following advices from
Lima. I'eru, Feb. 8:
A dispatch from La Paz to the newspaper "La Prensa" says the Bolivian
.Senate has approved a revised law authorizing the President to seek a
foreign loan of S15.000.000 gold.
The money would be used for cancellation of the balance of the Bolivian internal debt, construction of a railroad
from I'otosi to ,Suci-e, and in other improvements.
It
was reported in December last that the Bolivian Government was
seelring to negotiate a .$15,000,000 loan with New York bankers.
REFUNDING OF ALLIED WAR DEBTS
SIGNED BY PRESIDENT HARDING.
The bill for the refunding of the Allied War debts was
BILL FOR
by President Harding on Feb. 9. The enactment of
by Congress was referred to in our issue of a week ago
page 459). Final Congressional action was taken on the
3rd inst., when the House concurred in the Senate amendments. At the in3tance of Representative Walsh, of Massachusetts, a separate and record vote was taken on the Senate
.signed
the
bill
the date of maturity of the I'efunded
ol)ligations to June 15 1947, and limiting the rate of interest
to 4 li%
This amendment was agreed to by the House by a
vote of 299 to 27. The other Senate amendments were accepted by the House without a record vote. In noting that
])ro"V'sion restricting
SUSPENSION OF FRENCH PRIVATE BANKING
HOUSE.
We
SENATE AUTHORIZES FOREIGN LOAN OF
The
Department of Seine, 30-year, 7%, sinking
fund .sterling bonds were offered for subscription in London
on the 6th inst. by Helbert, Wagg & Co.. Ltd., at 95%. Sub.scriptionp were immediately olosed, the amount offered
having been snl>stanti:illy oversubscribed. The intention to
offer these bonds in London was indicated in the letter to
Kuhn, Loeb & Co. of this city, from M. Austrand, Prefect of
the Department of rhe Seine, published in our issue of Jan.
28, page 356, in our article dealing with the offering here
of .$25,000,000 of Department of Seine bonds.
ing
[Vol. 114.
the Cabinet to-day that he
had taken measures to stop the campaign of false news upon the Paris
Bourse and in the Provinces. The evening new.spapers state that this
announcement referred tc attempts made rcctuily by anonymous telephone
callers to induce merchants to withdraw funds from certain establishments.
The managers of the private bank of Claude Lafontalne, Prevost & Co.
declare their embarrassment to be due to this false news campaign, which
has been waged for some time past against banks in general, and which is
aow occupying the attention of the Ministry of the Interior and the police.
GERMANY PAYS THIRD INSTALLMENT UNDER
ARRANGEMENTS FOR PROVISIONAL DELAY
IN REPARATIONS PAYMENTS.
.
the chief objection of the Administration iind Republican
the House centred on the provisions which
prompted the record vote the press dispatches from Washington, Feb. 3, said:
leaders of
Both the l>resident and Secretary Mellon were represented as preferring a
hand for the commission as to the life of the bonds and the interest rate.
The Treasiu-y Secretary was said to have held, however, that these limitations would not be insurmountable in the refunding of the debts of the larger
natioas and that if it should develop that they prevented the refunding of
the debts of the smaller and newer nations the commission could seek additional authorit.v from Congress.
free
In h<' discussion in the House, Representative Mondell, of "Wyoming, the
majority leader, and Mr. Fordney argued that the United States should not
be in tin* position of imposing too great a tune limit on the debtor nations or
denianding what Mr. Mondell called "a round fat interest rate." They
said t hat personally they favored imposing no restrictions on the conunission.
t
Tlie same advices stated:
WliUe plans for conducting the negotiations with the debtor nations have
not >et l>een fornuilated, it was said to-day in informed quarters that they
There has
j)rol)abl\ would be conducted both in this country and abroad.
tx'cn some discussion of a general conference of representatives of the United
state? ai;d the principal Allied Powers to discuss the whole subject of the
w.ir debts of those nations.
Those favorng th s plan have argued that it
was not to be expected that the debts owed the United States could be refunded ithout reference to the debts owed among the .Vliled Powers themv
lliulef
said
date of Feb.
8,
Associated Press advices from Paris
it has been pointed out that Great Britain advanced to
dominions and allies, mclud ug France and Italy, approximately .S9.500,000,000, while France lent nearly .$3,000,000,000 to its aUies, principally
Russia and Italj-.
In this connection
:
The Geruian Go-yernment to-day made its third payment of 31,000,000
gold marks to the .Allied Reparations Conunission, in accordance Avith the
ten-day payment schedule recently adopted by the C!ommission at Caimes,
according to an announcement by (he "Temps."
The
se]\Ts.
first
of Jan. 21,
and second payments were noted
page 242. and Feb. 4, page 460.
in
our issues
VREDITS FOR RUHSIA GRANTED BY GERMANS.
100,000,000 marks to the Russian
.Soviet Government to cover purch;uses by the Soviet Trade Department
have been made by a group of German manufacturers, according to a report
to the C:;ommerce Department to-day fiom Commercial Attache Herring at
a credit of
Berlin.
The credit, the attache said, may be increased later to 200,000,000 marks,
German bankers declare that the amount; indicated in the public
but
announcement is nominal and that the initial
credit will not exceed 5,0()0.000
marks. The credit is to be used exclusively, he added, for purchases from
the participating manufacturers.
"The granting of credit," Mr. Herring said, "seems to represent an expectation of a return to more normal conditions in Ru.ssia and the recognition that the Russian market is so vital to Gerju.my's ccoiioiiiic future
that unusual risks are justified in order to lay the foundation for future
business."
German foreign trade for December, Mr. Herring reported, showed the
only favorable monthly trade balance recorded for 1021. Imports for the
month, he said, amounted to 2.000,000 metric tons, valued at 13.700.000,000 paper marks, and exports amounted to 1,030,000 metric tons, valued
at 14,600,000,000 paper marlts, leaving an actual favorable tr.ide balance
in paper marks of 900,000,000 for the last montli of t lie year, although the
trade balance by volume was slightl> unfavorable.
AUSTRIA OBTAINS LOAN FROM CZECHOSLOVAKIA.
Tlie following from Vienna Fob. 9 appeared in the New
York "Evening
Post'" of last night
Conclu.sion of a loan from Czechoslovakia
was announced in the National .\Ksembly
Finance Gucrtler.
The Minister said Czechoslovakia's action
of great significance in connection with the
of 500.000.000 Czech crowns
AVednesday by Minister of
granting the loan would be
forthcoming negotiations for
The Czech loan, he explained, was concredits with France and England.
sidered as an advance on the credit j)ro.iocled with these two Powers, and
if the latter failed to materialize before the end of the present year Austria
would repay Czechoslovakia from the I'aiU-oad receipts.
.
in
Commission of five,
headed by
Commission,"
World War Foreign Debt
conduct
to
authorized
the Secretary of the Treasury, which is
The newly enacted measure
Tinder date of Feb. 3 the New York "Times" published the
following from Washington:
Arrangements to furnish
its
creates a
styled '^\
negotiations to refund or convert the obligations of foreign
GovfM-nments hr^ld by the United States arising out of the
World War. The following is tlic bill as approved by the
Presi<lent
AN ACT
(II. R. S7t)2) to create a commission authorized under certain
conditions to refund or converl obligations of forc;gn Governments
held by the United States of America and for other purposes.
Vniled
lie it ciiaclcd by the Semite and House of Reprcsentatiren of the
Slates of AtiKTica in Cmujrcss assembled. That a World War Foreign Debt
Commission is hereby created consisting of five members, one of whom shaU
be the Secretarj- of the Tnasury, who shall serve as Chairman, and four of
whom shall Ik> appointed by the President, by and with the advice and
coiisent of the Senate.
Sec. 2.
That subject to the approval of the Presid'nit. the
Commission
.
created by Section 1 is hereby authorized to refund or convert, and to
extend the time of payment of the princijial or the interest, or both, of any
States of
oblig.ilioii of any foreign (iovernment now held by the United
\;neri<a, or any obligation of any foreign Government hereafter received
by the United States of America (including obligations held by the I'mted
States Grain Corporation, tlie AVar Department, the Navy Department,
or the American Relief Administration), arising out of the World War.
into l)onds or other obligations of such foreign (Jovernment, in substitution
h-reaftcr
for the bonds or other obligations of such (Jovernment now or
terms,
such
of
and
form
such
in
America,
the
United
States
of
hold l)>with
condit ions, dale or daLe.s of maturity, and rate or rates of interest and
such security, if any, as shall be deemed for the best interests of the United
Act shall be
.Stat<« of America: Pioridcd. That not'iing contained in this
construed to authorize or emi>o\ver the Commission to extend the time of
of
maturil.\- of any suc!i bonds or other obligations due the United States
America by any foreign Government beyond .June 15 1947, or to fix the rate
of interest at less than IS l)<>r <vntum per annum: Prorided further. That
wlnn t^e bond or other obligation of any such Government has been refunded or converted, as herein provided, the authority of the Commission
over such refunded or converted bonds or other obligations shall cease.
That the authority granted by this act shall cease and determine
Sec. 4.
at the end of thiee .veai-s from th? date of th? passage of this Act.
Sw. 5. That the annual report of this Commission shall be included in
the
the Annual Report of the Secretai-.\ of the Treasury on the state of
finances ))nt said ComniLssion sliall immediately transmit to the Congress
approval of the
copic's of any refunding agreements entered into, with the
the authority
of
completion
upon
the
foreign
eacli
Governnicnt
by
President
,
.
grantpd under this
.\ct.
THE CHRONICLE
Feb. 11 1922.]
was reported on tho
It.
Otii inst.
that President, Hardint^;
Avill not designate the members of tlio Commission until
after the treaties growing out of the Conference on the Limitation of Armaments have been submitted to th(^ Srnatc
Secretary of the Treasury .Mellon was recently reported as
conversion of tho
stating that negotiations looldnj: toward
present short-tim<> securities for the debt into long-t ime bonds
would l)e started soon after the President gave; the legislation his approval. It has been said that the preliminavy
negotiations would not necessarily have to await the niming
of the Comi7iission.
FRAXCH CRITICISM OF
BILL FOR
RI':F('\])I:\(:
i':"
ALLIED DEBT.
According to Assoeiated Press advices from Paris Feb. (i.
the passage of the Allied debt refunding bill by the American
Congress is regarded by most of the French press as a .seve:-c
blow to France. We quote as follows these press advices
from Paris:
The newspapers to-day
geiierallj- attribute
what they
call
the hai-sliiuss
to successfid Gtruiau i>ropagaud<j.
It is pointed out in various editorials that France must now pay tlie U uiuO.
States annually 1. 500, 000. 000 paper francs in interest, while the maximum
of the
American attitude
tho United Stales maintain her dc(ision to collect interest and derepayment of the capital in twenty-five years, all measures must
tx> taken as soon as possible to secure p.iyincnt of tho German debt in the
v:anie conditions with intcirest on tho total and full acquittal in twenty-five
or else,
mand
whic-h will probably have to bo taken against Germany to
the more tolerate i)olicy which we have supported.
But wi", hope that if tho attitude of the .American Government makes it
necessary the United States Army will contribute to their enforcement an<l
that it will contribute in proi>ortion as the money recovered from Germany
is destined to pay the Unit<^d States.
"The measm-cs
do
"If these two debts had been combined throe years ago the United States
would have ranked among the direct creditors of Germany. Her presence
would have discouraged those Germans who have preached non-fulfillment
Further, as the United States would harve had an immediate
of tho Ti-eaty.
interest in making Germany pay she might have extended the credit which
would have made Germany solvent. Europe woul'.J have been kept in a
state of economic convalescence, and (lie wheat of the .\merican fainier
would have sold mort; lai'gely.
"The United States has followed the oppo.situ i)olicy. She has withdrawn from European questions and Europe^ has painfully fallen into the
quarrels wliich come from empty iiockels."
The "T(>mps" then goes on to sketch tho present situation in which the
Reparations (7orami.s.sion has extended temporary delay in pajTuent to
Germany and an effort is being made to stabilize conditions for the futiu-e.
France has tried her best to obtain an easier stale of afrairs by concluding
the WeLsbaden agreement.
In France both tho taxpa>^t>rs and dwcUors in
the ruined territories are beaiing tli!) burden and in Enghmd industry is
crushed by the burden of taxation and lack of work.
".Vudin the middle of these grav(> difficulties," t goes on, "'at the moment
gi-oat-hearted men are doing th';ir best in every country to <levelop
a sentiment of international .solidarity, behold the United States. The
United States is making her re-entry into the affairs of Europe. But
what comes to us with the si.gnaturn of tho .\morican Congress? .\ siuiimons to pay both capital and intorest the money which was spent to defend
when
tho frontier of Liberty.
"It is not as debtors that we regret this action.
It is as friends of
It is as partisans of peace.
.\inerica.
But the people of .\merlca are
Sooner or later we are convinced they will recall this wiying
generous.
that .sometimes the he;irt calculates better than the head."
tarily ceded."
The ".lotimal des Debats" thinks Germany's success with propaganda in
the Uni(<,-<1 Stat<« will turn again.s-t her.
It says: "If the bad opinion her
propag.Tnda ha.^ sprea<l aiToss the Atlantic results in the claim for payment of war debts under disohliKing conditions, it is Germany who niust
first pay us.
Wc will pay only after having been paid. The pressure
which It is -iought to bring to bear utxjn us from diffen;nt sides may caus<'
explosions from which wc shall not be the only sufferers."
in
Oermanu Has More
Tinu: to
The National City Co.
.says:
Pay.
this evening also devotes Its Itsiding column to friendly
dlacu-iflon of the action of Congress.
It begins by reminding its American
readers th;it the Tr<;aty of Vers;iil|fs allows fJermany thirty years in whlcli
to pay thd 'lamage they wrought In tho war and that probably It will Uiko
soventy-flvo ywirn for tho strict execution of the accord of Lfin<lon of last
May.
But tho
Uniu^i .Stat<w y<«t«n-day pa.sse<i a mesisuro
to nicovfT within twenty-five yfars money advancfxJ
boro tho burden of tho war for thirty-two month',
ngri-HH of the
(I
1«
Ut "Amrtr\;iiiit"
who
longer than
Ami.Tltai.
rlirl
not only with thn characUr of lh<! men who U>-day govern at Washington,
but aUo with thu Inu-rtvitH of their party and with the lnt<jreHtH of thulr
country.
But It guarrlfl thn right of m-crr Frenchman to havo hlx own opinion on
tb« exlgi-nry of f tongrnw. which (an be above egolxtlc conKldiTallons, and
prorn«wL<i t>i show on follown why. In the odltor'n opinion, "tlKwo exIgi-iicliK
'
K.
•
'
'
'
I
I
<..r,T.,||y e'inflld<Tii<l
may
wliiah<r part of thn mat<irliil bought In
....rlcnn claim w;m n»it uw/1 by tlm AiniTli-aii
•>\>fi.
If that wnji wi, Ihi^ thn ICiirop'uin nallonH whlcli
.in Army with war matnrInU afto- having bought It In
MI In turn criidltor* of thn Unltn<I Htat<«, and wmipmuuv
bftwej-n thn two drbtn.
,i-\n\ wilt.li'iniTii. obvldunly tnrinn part of Ihn ln<Ilvlwibl«
imjiikU tli.it.
Further, thn ncominih; and nuinntary r.<mI
''
Thlr'l
"h/ile
I.
.
thn worlrl
that «u<'h nnornwiiM aumn cannot bo paid on
ciiH- -i'v]. if i|.< y an- IK,
ri<i|v(w| >in ihn olhnr.
'"'
innt of thn .\imT|r.in i|<l,i. In rnpltnl imd lnN'r<««l," c<iiitliiui~i
'h"
l« Ihnn Innnp.irnbly iKiunrl up with Ihn «nM|rmnnt of Ihn
rnp.ir.itli.rn tlnbt.
In thid way rholi-^i hint lit ti<i iiiudn bntwcnn Hoynral
nK'tho'N. >it whif )i \\ii-^4- i.w'i inny Ik> r.,n«i#lnr«wl thn pririrlpal:
"Klthnr arTiii
for willing thn Aiimrlfan flnbt milMt l»n a<l)i>iiriini|
imill It U dptir • 1^
.aown how tho rnparatlona debt will tw nit, \fr>-)\
fllilnriM i.f
I
hi-
pniceedH n>-lnvi'sted
,
.in
(irovldi'il for
above.
It Ik
vn hliiUIng fuiiil priividetl In IIiIh manner Hhouhl
ainoiliit U> approxlin.ttnly nun half of IIiIh Ikhuc by iniiturlly.
'riii-«»n ImimiIh urn lh<! dlriH-t oIiIIk'H loni of Ihi' Ht.iln nt giincnNliind. which
agriM'N that If In Ihn rulurn It nhjill Ibhuo, (iffiT fur puMIe subserlptlon or In
iiiiy inaiini-r dl.>i()<»<n nf any bondN or coiilnict any lo.'in Nccured by any
hargn or pliMlgn nil or of iiiiy rnvnnucM or ii«sil>i nf Ihn Hluln. Ihn unrvlcn
if Ihlx liiiiM Hhiill Ihi xneurnd n<|Uidly find r.it.ilily wlili hucIi Rulmnqunnt loan
'
'
bn rnnold jiiirl
that the
eiiilMiat^'d
....
'
estorda.N'
,
'
r
>
,\h a HiiikiiiK fund, the St;>le of (,;ueeiisluiid agrees Inset niilde $100,000
per .'innum during thn life of this loan, In e<iu:il sejiil :innuiil liistalliuent*,
iM-KliiiiInK ,\ug. I.'i 19'2'J, to bo .ipplled Io the puniia.su of IioIiiIn of IIiIn Innuu
in Ihn 0|Miii market If ol)taliialil«, at not exeeediiiK par and .leerued IntnroNt.
.\iiy Nuch MUiiiN not ex|ieiide<l during any six nidiiths [wiiod shall be InviwttHi
at thn option of thn Government In IhuiiIs of this jswun or any iilher lunun
of thn Hluln of giieeieiliiMil or of the ( 'oiiunonwcitUh of Austnillii. without
r>-ntrlclloii a* to pricn.
IIiimiIn (if this l.soun piirehuM'd Tor Ihn NliiUltig fund
mher Imxui's In the xIiiIiIiik fund
will Im) lii'ld allvn and cannot tin rcNold.
*rn r««ri-tt;ilil<;."
In rl'-flnldkr what In thn rcnl debt of tho Alllm to Am<rlcu, four proImlniiry [iroM'fn.i rriujit be Rznmlnrd.
'''
• ist varlitiloim In the exchnngn rote and future ovon'' '
otal of the debt, on the pnymont of lnt«Te«t and on
^
city aniiouuced
any Australian or Queensland
or futures and i)ayabli> as well in time of war
as in time of peac(>, irrcspccti\(> of (he n;i(i<)nali(\ of the
holder.
The bonds are in coupon form in <ieii<)iniiiations
of ."SLCXK) an<l .S5(K), and aro registerable as to princ.ipal only
Thf^ official announcement of the offering also states:
bruHh<-« axldo InHlnuallonii that tho action of Congress Is
U> bring weight u> b<ar on thn policy of France, or that it is
actiiau:<i by Girman lnl<Tr»rt.
Such Inxinuatlon, It sjiyH, aro Inconipatlbli'
"
tl.i;
ta.xes, pre.4ent
The "Tcmpti"
'
lA'
loan, without deduction for
Dtutido)!
•
.11
(Feb. 10) an offering of .'SlO.OOD.OfX) 2.">-year ()% sinking funtl
external loan gold bonds of the .State of Queensland (Australia).
The bonds, which are non-callable, and which are
offennl at Oo]/^ and inttn-est, to yield over ().25% to maturity, aro dated Feb. 1.") 1022 and are due Feb. 15 1947.
Interest is payable Feb. 15 an<l -Vuf?. 15, and prin(!i])al and
interest are payable in New York City, in United States
gohl coin of tho presc^nt standard of weight and finenes.s, at
the National C^ity Rank of N(nv York, fiscal agent of the
The "Temp«"
of which tho object
0,000, 000 STATE OF Q( EENSLA.\I>
(AUSTRALIA) BOXDS.
OFFER!.\ a OF
a copyright cablegram
York "'Times"
may be cwntrary to
-Ulied debt to .\inerica is ijnpos.sible unless the .Mlies recover the reparations debt from Germany.
'
Paris, Feb. 4, the X<,\v
his
American policy.
"\t the close of the war the United States could have taken the financial
direction of the world," it .says.
"She had only at that moment to take
into account the fact which is now being forced on her: Recovery of the
—
Quoting the Paris 'Temps"
t
Exchanye. of Mmchdiidisf.
"Fourthly, as in the case of all financial settlements between nations, payment of European debts to the United States can only be accomplished by
.\merican consumers, then. mu.st consent to
;in exchange of merchandise,
buy more European products than they aro doing. We arc convinced that
ihey would willingly do so, as the depr«;ciatiou of Europi^an exchange niakcs
European products cheap, provided tho United States Government voted
really liberal laws which would lower the <'ustonis tariff and which would
reopen the frontiers to the wines of Franco, Italy and Germany.
"If the Govei-nment of the United States cannot make such reforms, the
balance of payments can only be made by omrmoiis cash exports from Europe.
To do that there is only ono way, wliich is both disagreeable and insufficient: The indebted nations of Europe mtist make an effort to buy as
little as possible from the United States."
.Vfter making these suggestions as the logical result of the action of Congress, the "Temps" proceeds to read a lecture on the past mistakes ot
cash she can reasonably expect from Germany will be
'^i of 700,000,000
gold marks the amount fixed at the recent Supreme Council meetinp: :it
Cannes or about 1,100,000,000 paper francs.
The interest and amortization in twenty-five j-eai-s of Fi-ance"s debt io
the United States, the editorials claim, will absorb not only all her cash
reparations payments, but the greater part of the values of deliveries in
kind by Germany. Hence, they say, France will be iwiable to coimt upon
anything during twenty-five years for the restoration of her devastated
The work of reconstruction, it Is said, will either have to be di--^regions.
oontinued or France nuLst continue floating interior loans and iucreasins
the interest charge for that purpose.
The comment is mostly moderate, but herf and there a tinge of bitterue.'^s
appears for the first time in the leading editorials on relations with the
United States. The "Echo dc Paris" cites a statement by Bernard Baruch
in support ot its a.ssertion that France will be obliged to pay for war material intended for the use of American troops in March and .\pril 1918, bu'
which was u-sed by the French because the .\mericans were not yet read>"
and French soldiers took their places in the front lines.
"It is an absolutely rigid plan in which no place is accorded to the thesis
that the war was waged in the common interest of the AlUes and associates.'
says the "Echo."
s;tys the "Intran-sigeant."
"Discredit bom of
"It is a hard lilow.
German propaganda since the beginning of the Washington Conference,
has done its work. But if the blow is hard, it has a reverse side, and it wll
be interesting to watch the Genoa Conference and its efforts to lighten
Germany's burden. Is lightening the French burden less necessary to re•tstablish the e'luilibrium of Europe?"
M. Lemery, Senator from Martinique, asks in the "Eclair": "Has Shylock
passed to the other side of the .Vtlantic?" Apropos of a suggestion said
to have been made in the American press that France, if she cannot pay
cash, should cede the French W<wt Indies to the United States, Senator
Ijpinfry say^: "The .\nlilles may be wrested from Franco by violence as
were .\lKace and I»rrame. but ihey an- not for sale and will not be volun-
rom
if
full
years.
.52
—
567
ruiiiuliit
I
•
•
Olhcr iiironimlion
f|. iii.itiil
I.
'
'
is
given
Jis
rullows in the
Mm
I
i-ireiil.'ir:
It
iVncnriqland l« Ihn MMronrI hirgmt Htiitn iin Ihn coiitlnniit of AuHlriillii.
U n« l.irun lui Ihn nnlirn iirna of thn Uiillwl Hliitiw nafit of Ihn MlH'.N^.IppI,
Ttln cn.i .1 lllin In
nxfiudliig Ihn Htnlra of Klnrld/i. Aliilmniu iind (InnrKhi.
ftlHiul ;i,IMIO rnlino
Thn rrliillnn nf Ihn AllHlndljin Mliil.n« to I hi< t 'nnwimnHliili'« of Ihi- I'lillnil Htnliw to
wniillh of Aualrulln !• Hlinllur In lliiil nf
Mill Fn<|nrnl ( tovnrnmmit.
Owing Io llin vi'ry nxlnn«lvn nnluriil nwnurcn*.
allll awaiUn« dovclopffical, Including prnrllcnjly uvery liupnrliml inlnrrni
THE CHRONICLE
568
and farm and pasturage lands and forests, continued expansion of trade
and increase in wealth appears assured in Queensland.
Credit.
—
I'rior to
October 1921 the external loans of Queensbind have been
London and constitute trustee investments in Great Britain. Excluding war loans from the Oommonwealth, over 60% of the funded debt
sold in
Four representative
of Queen.sland bears a 4% interest rate, or lower.
issues sold at annual average prices to yield 4.22% during five years prior
The eight loans now outstanding in London, issued between 1844
to 1914.
and 1914. were offered at prices to yield irom 3.12% to 4.1 1 %. The credit
of the State has been such that it has not been necessary to secure any
existing loan on any revenue or asset of the State.
During each of the last seventeen years revenues, excluding
Revenues.
loans, have exceeded expenditures except three years during the war.
During the last two fiscal years revenue,s have exceeded expenditures.
Debt and Wealth. Over 81% of the tt>tal debt of Queensland up to
June 30 1021 had been issued for public improvements, such as railroads,
tramways, telephone and telegraph lines, water supply systems, harbor and
river developments and public buildings.
The total debt both funded and
floating. June 30 1921, was $392,940,700.
To this should be added the
112,000.000 loan issued in October 1921. About 60% of the debt has l)een
I'rior to
Issued to build the 5,752 miles of railways owned by the State.
1914 the railways earned a surplus after all exx)enses and interest. Even
from 1915 to 1921, inclusive, the deficit after all expenses and interest
averaged only S4, 000, 000. The total wealth of Queen.sland, including private and public property, was authoritatively estimated at $1 ,217.300.000
In 1915, or $1,776 per capita, compared with an estimated per capita
wealth of $2,740 in the United States In 1920.
Purpose.
We are advised that the proceeds of this loan will be used
mainly for railway construction, the opening up of new roads and other
expenditures necessary to develop the Upper Burnett and Callide Valley
lands of Queensland.
—
—
—
The bonds
form are expected to be ready
Last October the National City
for delivery about Feb. 21.
offered an issue of $12,000,000 State of Queensland bonds,
which, as stated in our issue of Oct. 8 (page 1515), was
in temporary'
OFFERING OF CITY OF BRISBANE (AUSTRALIA)
BONDS.
Joseph Walker & Sons, Bond & Goodwin,
Paine,
Webber
5^%
Sterling
Co. and Parker & Co. are offering an issue of
Loan, City of Brisbane, Queensland, Australia, Metropolitan
and Ipswich Water and Sewerage Board, due 1941. These
bonds are non-callable, and are a first charge prior to all
other debt. They are exempt from all British and Queensland taxes, as well as the coupons which are collectible in
New York City at sterling rate with U. S. A. ownership
Interest payable May 1 and Nov. 1.
certificate attached.
The bonds are secured by first lien on taxes which may be
A sinking fund of
levied up to £16,000,000 per annum.
4% per annum will start after the present year and is to be
used for the purchase of the bonds in the market below 100%.
The amount required for interest and sinking fund is only
of the amount available.
These
£105,000 or less than
bonds are being offered at S910 per £200, to yield nearly 6 %.
<fc
M%
ISSUE OF
$75,000,000
M
FEDERAL LAND BANK
BONDS.
A new
issue
of
$75,000,000
10-20-year Federal
Land
5% bonds
wes offered on Monday last (Feb. 6) by the
twelve Federal Land banks, and a distributing group of the
investment banking houses throughout the United States,
headed by Alexander Brown & Sons of Baltimore; Harris,
Forbes & Co.; Brown Bros. & Co.; Lee, Higginson & Co.;
the National City Co. of New York, and the Guaranty
Announcement was made on the
Co. of New York.
9th inst. that the entire issue had been sold. The bonds
are dated Nov. 1 1921 and are due Nov. 1 1941, and are
redor-raable at par and interest at any time after ten years
from (late of issue. The bonds are in both coupon and registers form, are interchangeable, and are in denominations
of .IflO.OOO, $5,000, $1,000, $500, $100, and $40.
They
were offered at 102 ^/^ and interest, netting about 4.70%
to the redeemable date (1931) and 5% thereafter to redemption or maturity. Interest on the bonds is payable
May 1 and Nov. 1 at any Federal Land bank or Federal
Reserve bank, while the principal is payable at the bank of
Bank
I
issue.
The
(a) First mortgages, to an amount not exceeding 50% of the value of
the land and 20% of the value of the i>ermanent improvements as appraised
by United States appraisers;
Limited to $10,000 on any one mortgage:
Guaranteed by the local National Farm Loan Association of whi«A
the borrower is a member and stockholder. The stock of these Associa(6)
(c)
tions carries a double liability;
id)
Reduced each year by payment of part of the mortgage debt.
— The
conservatism of appraisals made for the Federal Land
indicated by the fact that, during the year ended Nov. 30 1921,
4,725 farms against whi<'h the banks had made loans totaling less than
$15,000,000 were actually sold for over $45,000,000.
Operation.
In three and one-half years of active operation the twelve
Federal Liind Banks have been built up until on Dec. 31 1921 their capital
was $28,707,170; reserve, $1,690,000; undivided profits, $2,499,108; and
total assets, $473,799,410.
.Ml twelve banks are on a dividend-paying
basis and every bank shows a surplus earned from its operations.
These bonds are acceptable by the United States
Acceptable by Treasury.
Treasury as security for Government deposits including Postal Savings
funds.
Le^al for Trust Funds.
They are lawful investments for all fiduciary and
trust funds under the juri.sdisction of the United Stales Government.
They
are eligible under the laws of many of the States for investment of all
public and private funds and have been officially held eligible for investment by savings banks in thirty-six States.
The United Stales Government owns over $5,500,000 of the capital
stock of the banks and the United States Treasury has purchased over
$183,000,000 Feder.il Lund Bank Bonds. The banks Ihem-selves are under
the direction and control of the Federal Farm Loan Hoard, a bureau of the
Treasury Department of the United States Government.
Values.
Banks
is
—
—
—
The
the consolidated statement of condition
Land banks at the close of business
Dec. 31 1921, as officially reported by the Federal Farm
following
is
of the twelve Federal
Loan Board:
ASSETS.
Net mortgage loans
quickly absorbed.
NEW
[Vol. 114.
official circular said:
of the United States has held: (a) that these banks
were legally created as part of the banking system of the United States,
and (6) that the bonds issued by the banks are instrumentalities of the
United States Government and are exempt from Federal, State, municipal
The Supreme Court
and
local taxation.
Issues of outstanding bonds dated prior to May 1921 are redeemable
In order to meet the demand for longer
five years from the date of issue.
term securities. Congress enacted a statute authorizing the redemption
period on new issues to begin In the eleventh year from date of Issue Instead
of In the sixth as heretofore. The bonds now offered are issued under this
authority.
Issuing Banks. The twelve Federal Land Banks were organized by the
United States Government with an original $9,000,000 capital stock, which
has since Increased through the operation of the system to over $28,000,000.
Security.
These bonds, in addition to being obligations of the Federal
Land Banks, all twelve of which are primarily liable for Interest and ultimately liable for the principal on each bond, are secured by collateral
consisting of an equal amount of United States Oovemment bonds, or
—
—
mortgages on farm lands which must be:
..$432,523,141
6.917 999
21.346 521
274.919
1.813.082
4.416
12.449
Accrued Interest on mortgage loans (not matured)
U. S. Government bonds and securities
Accrued interest on bonds and securities (not matured)
Farm loan bonds on hand (unsolil)
Accrued interest on farm loan bonds on hand (not matured)
Other accrued interest (uncollected)
Notes receivabli acceptances, &c
Cash on hand and in banks
Accounts receivable
Installments matured (in process of collection)
Banking houses
426 6»2
,
Furniture and fixtures
Other assets
Total assets
07
8,346 338
58.808
1.094.229
174.053
151.811
624.944
35
57
89
50
55
47
73
48
46
68
86
62
48
$473,799,409 71
LIABILITIES.
Capital Stock:
— United
lleldby
States
Nation.il Farm
$6..'598.770 00
Government
Loan Associations 21 ,997.145 00
Borrowers tlTongh agents
101.535 00
9.720 00
Individual subscribers
Total capital stock..
Reserve (from earnings)
$28,707.170 00
.690.000 00
loan bonds authorized and issued
434.534.775 00
Accrued interest on farm loan bonds (not matured)
3.421.694 27
U. S. Government deposits
1.250.000 00
Due borrowers on uncompleted loans
300.965 72
Amortization Installraenls paid in advance
547.719 90
387.382 47
Matured interest on farm loan bonds (coupons not presented)
Reserved for dividends unpaid
84 685 76
1
Farm
Other liabilities
Undivided profits
Total
375.908 42
2.499.108 17
$473,799,409 71
liabilities
The Federal Land Bank bonds have been
eligible for investment by savings banks in
held
the following
officially
States:
Alabama
Louisiana
New
Arkansas
Colorado
Delaware
Maine
Maryland
Minnesota
Massachusetts
North Carolina
Ohio
Oklahoma
Oregon
Georgia
Idaho
Indiana
Mississippi
Pennsylvania
Washington
Missouri
Rhode
West
Nebraska
Island
South Carolina
Kentucky
New
South Dakota
Wyoming
Florida
Hamp.shlre
Jersey
Tennessee
Texas
Ut^h
Vermont
Virginia
Virginia
Wisconsin
Secretary of the Treasury Mellon, in a statement on the
4th inst. relative to the new offering, said:
"These bonds will be for sale by the Federal Land banks. Farm Loan associations, the Federal Farm Loan Board and bond distributers as heretofore.
This is the largest offering of Farm Loan bonds ever made, but in view of the
generally favorable trend of the investment market and th'> continued strong
showing of the Federal Land banks it is believed that it will be readily
absorbed and as the funds will go direct to the farmers of the coimtry it
should do much to improve the agricultural situation.
"The United States Government owns more than $5,500,000 of the capital
stock of the banks and the Treasury has purchas?d more than $183,000,000
The banks operate under the direction
of the Federal Land Bank bonds.
and control of the Federal Farm Loan Board, a bureau of the Treasury
Department. The new offering is being made by the bankers at the request
of the Federal Farm Loan Board, in co-operation with and on behalf of the
Federal Land banks.
Last October an issue of $60,000,000 Federal Land Bank
bonds was floated (see "Chronicle" Oct. 8, page 1518),
while in May of last year $40,000,000 were brought out.
The Guaranty Co. of New York, a member of the group
which offered the new $75,000,000 issue of Federal Land
Bank 5% bonds, has prepared a letter in which it calls
attention to the value of the tax exemption privilege on these
bonds.
The
letter states in substance:
THE
Feb. 11 1922.]
on the bonds
Interest
Is
exempt from Federal.
Cni^ONTCT.E
municipal and
State,
local taxiitinn and tinder the new Revenue Act the amount of the premium
paid at lime of purchase is deductible as a luss In the Income Tax return at
The consequent savinp; of tax is equivalent
the redemption of the bonds.
to additional income and tUo actual yield on the issue is higher than that
shown above.
Glvint? dun consideration to the income value of deducting the premium,
the equivalent return required from fully taxable bonds in the c;use of
individuals and estates with a present taxable income of $20,000 would
be 5.63% to optional date or .5.7.5% to maturity. For such incomts of
.SSO.OOn it would be 6.88% to optional date or 7.% to maturity, on $11)0.000
incomes it would be 10 91% to optional date or II. 02% to maturity, and
on 'ncomes of .$200,000 the equivalent yield required from taxable issues
would be 11.45% to optional date or 11.57% to maturity. For corporations with taxable mcomes the equivalent yield required to optional date
would be 5.39%. or to maturity 551%.
OFFERING OF VIRGIMAN JOINT STOCK LAND
BANK BONDS.
H
At 101
and
yielding
interest,
4.80%
the callable
to
date and 5% thereafter, Brooke, Stokes & Co. of Philadelphia, Washinerton and Baltimore, offered this week a new
issue of the Virginian Joint Stock Land Bank (Charleston.
W. Va.) 5% Farm Loan Bonds. The bonds are dated
Xov. 1 1921 and are due Xov. 1 19-31. They are callable
Interest
at par Nov. 1 1931 or anj' interest date thereafter.
("May 1 and Nov. 1) is payable at the Virginian Joint Stoek
Land Bank. The bonds are in denominations of SI. 000,
$500 and SIOO. They are exempt from Federal, State,
municipal and local ta-ication. The bonds are issued under
the Federal Farm Loan Act. and under the decision of the
Supreme Court of the United States, the constitutionality
of the Act and the tax exemption feature of these bonds were
fully sustained.
The announcement
Brooke, Stokes
of
&
Co. says:
Stock Land Bank was chartered
The
Virjfinian Joint
the seconil Joint Stock
May
7 1917. beinn
Land Bank to receive its charter.
With the exception of one bank located at Norfolk. Va.. this bank Is
the mo«t ea-sterly locnt^d Joint Stock Land Bank.
The farms on which
the mortg.'igHn are placed are located in the States of Ohio and Weist VirKirila.
The policy of this bank in purchasing mortitaees is very cons-jrvative.
The average
percentage of loans to appraised value of lunds an'l
lrni)r(>vf>-
ments underlyinK these bonds is only 35.7%. They are distributed In
925 loans locate<l in 40 counties In Ohio and 42 counties in West Virginia.
The earnings of this bank have been excellent. Prom date of orRinl/.ation
to Nov. 30 1921 It has shown an average profit on Its Capital stock of 7.9%
This record of earning; power has been equaled or bettered
p«r annum.
by only four of the twenty-two other Joint Stock Land )>anks.
Preaent net earnimpi on Capit.il stock after all deductions is 11%. The
preaeot dividend rate on lti> Capital stock Is 8%.
All bonds of the bank are protected by deposit with the Fa.-m Loan
Re^trar reprifiM'ntlne the IT. S. Treasury Department, through thi^
Farm Liuin Bo;ird) of farm loan mortgages or U. .S. Government securitle".
at leHMt equaling the amount of bonds outstanding.
Each of the deposited
farm loan mortgages must be for Icks than one-half the appraised value of
land and Improvements on which It Is socured.
F'<r this hank the appral8e<i
value of lands and improvementa Is on the average of IS0% In excess of
the mi>rtgage loan. Thi bonds are al.so protM-ti-l by the equity of the paid
in caah Capital stock it' the bank, carrying double liability and the accunnr
iated S'jrplas and rrservBH.
The value of the laud and purm'iiieiit linprovemcnifl « apprals^^i by the Federal appraiser, which means Oovernment
inii()«cti'>ii. b>9<idus an executive commission or board of directors of the
bank review* and pa.swx uiKin all appllcttloiis m.ide for farm loans.
During the week ending Feb. 4 1922 the War Finance
Corporation approved a total of 331 advances, aggregating
$9,587,000, for agricultural and livestock purposes.
HEARING ON BILL TO PERMIT STATES TO TAX
NATIONAL BANKS.
The bill introduced in Congress intended to permit the
States to tax the property of national banks was opposed by
representatives of the American Bankers' Association at a
hearing in Washington on Feb. 7 before the House Committee
on Banking and Currency. At a hearing on the bill before
the same committee on Jan. 27 and 28, the proposed legislation was advocated by Judge Oscar Lesr>r of the Maryland
State Tax Commission; Henrj' M. Goldfogle, W. W. Law
and William H. King, Assistant Corporation Counsel, New
York, and Thomas E. Lyons, representi;ig the tax officials
of Wisconsin.
Those favoring the pro':)osod measure urged
that the States should have the right to levy a tax that would
be on a parity with the assessments against State and private banking institutions.
The United States Supreme
Court recently held that under existing law States have no
authority to levy a tax on national banks.
.\s to the representations to the committee on Jan. 27, the "Journal of
Commerce"
said:
ThoTias R. Lyons, reprosentin? the Wisconsin Tax Comm'ss'on. and
ludge William .\. Hou^h of the Ind ana Tax Coramvssion. recorded their
favor of the bill.
Martin Saxe. representing New Vork independent hanks,
and Mr. Sands state<l the oppcxsition of the banking interests to the measure.
Mr. Lyons said the banks, prior to the Supreme Court, ruling in the Richmond case, had acquiesced in the payment of taxes on b.ink shares, and had
This decision he chariicterized as a "fluke."
oroviouslv rais'fd no obiection.
It held for the first time. Mr. L.vons declared, that notes and mortgages in
the hands of private individuals constituted moneyed c.ipital.
As the States are not permitted by Congress to tax bank shares at a higher
rate than other mone.ved capital. Mr. Lyons explained that the States were
therefore enjoined from taxing bank shares if the rate on moneyed capital
was lower.
Some States, among which are New York, Massachusetts and Wisconsin,
exempt money and credits in the hands of private individuals from property
taxes altogether. Mr. Lyons testified: therefore, in these States, scares of
He estimati'd that 70% of the
national banks cannot be taxed at all.
revenues gained through taxes on bank property and taxes had gone to
the cities. 20% to the counties and 10% to the Statt-s.
Eighteen States, he declared, have classified taxes on money and credits
in the hands of individuals lower than taxes on other forms of property.
In the remaining thirty, moneys and credits are taxed in the same way as
other property.
Mr. I>yons asserted, however, that the States having the lower rates in
more money, for the reason that the higher rates drove the taxable
Des-jits the Supreme Court
oroperties into hid ng and into other districts.
ruling, these thirty States can levy and collect the taxe4>. however.
effect got
The pending bill, which was introduced by Representative
McFadden of the House Committee on Binkiig and Curon Dec. 15 1921, is designed to meet the situation
created by the detiision of the Supreme Cotirt, and at the
same time to alter Section .5219 of the Revised Statutes so
as to accommodate it to State tax systems, which wore virrentjy
tually
passed.
ADVANCES AFP ROVED BY WAR FINANCE
The War Finance Corporation announcefl on Feb. 2
from
.Ja'i.
to
.30
F(»b.
1
1922. inclusive,
it
that
approved 177
and
livo-
Htook purposfs as follows:
1
MJ.tXid
In (<e.,rt{la.
.118.000 In
HH.OftO In
Idaho
Iowa
KansaB.
546.000
Mlnn'Huita.
I07.0<^t0 In
In
ta.lyl)') In
in
In
North Dakota.
Oklahoma.
182.000
15.000
oa.
kn.
In
In
282.fK)0 In
i.pI)rovfHl
/KH) for the
purpoMo of financing the f?xportntion of Hugar mill ma*!hin«'ry.
From Fob. 2 t<i Fob. 4 19"22, inclusive, tin- f'orfioration
ippro. <d l.'>4 advances, aggn-gating $1,;'. II ,fKM), fur agri-
and
''ultural
<
>
'.
livftstook purj'OHfs
183.000
ArbMnwM.
H.'j.fKiO In
'
on llreatock
221.000
50 fKiO
In
'
'
'"
'
'
I
I
'
'
I
'.'("Ki
OmrgU.
u Irliiho.
>
".
i*^
Indlxnit.
low,^
K.tniwa.
O.'i.rKIO In
Mlnnnant*.
nmh
Idaho.
I
on
WMhlngton.
5.000 In Wyoming.
Commerce"
in
made more favorable.
Oliver J. Sands, of Kiehmond. Va.. Chairman of the Legl.slallve CiommitUw of the Aiimrican llankerH' AsiiociatUui. declanid that the power to
tax In the power t<i destroy, and that It was his opinion, growing out of the
"lglil<-«iii yeam' experience as a tnember of tli<< Ntat<' Tax Ccmiinltte;-, that
the States will go the limit,
llo expretwod the fear that the national bailkM
will Imi dlwrlrnlnntfsl ngairut.
Othern at thi- hearing were Thomas II. Adams, of KIcliniond. Va I'rwildcnt of the nmr>clatlon; (Ihnrli'S L. F.-\vlnger of Hoston, repnwntinK the
natlotml banks of that elty; John T. IJIlim, of the I'hiladelphin Nullouttl
Hunk, and A. J. KInId of the North Dakota tlankem' Amoclatlon.
.
\tav Chang* Chartrrs,
vorloiM wltnm«c« pointed out that the HtnUt charU'm can Iw inado
mori' lllxTftl than are the charlerN granu-d lo the national liankii, and Mr.
Hanilo declared that the nallon.il baiiks. Iimt< nd of rontlnuliiK fns> aKOllU.
will iHwome HtnUi liwlltutloiifi In order to Iw miansl.
'('lie baiikom onid they would, however, b" agnx'uble lo an amendment t<»
«'xl«iln« law* [M'rmlttliig taiatlon on tin- Ii.inK of Ineoine, prnvldltui that the
rntn iHt not lilghnr than that nppli<'<l lo liii|l\ IduaU.
The fffix-t of thP
legUlatloii. /m II tli» iIo|m«i| In North DnUola. waii
oulllnisl to the rommltt««<
With r.oiM'1 to that H\ii\a>. vHuimmm nuIiI, IhP
li'«iHliilloii wnji »urb iin to nhiit out both iiiitloiial iid MtnU' bnnlt» and rr• iilKwl in Iho formation of a Stale (iovnrrmierit limlltutioti. the lilntory uf
whirh IK a matl4'r of roiiiiiion knowledge. The fear wiia expn-nmsl th.it thU
would 1x1 ropreaUxl In otlnT .Htateii In the nvruil that HiK-lalliiui iiiul radloalIMD liould pmvall.
smm
llvmitook
Wyoming «nd
f.fl.OfKI In
11
of
statute was
before the
bill
trust companies.
Tho
TrnnnuM.
75.0fKl In ToxiM.
I93.0f)0 In
Montanu.
NflbfMka.
In
Orrg.in on llvnitork In
WnJihldKUiii and t>regon.
1«2.000 In H.)Uih <ar.illna.
2H7.fKlO In Hoinh Dukota.
(n MImriiiri.
fHK) In
fJOO In
In
New Mexleo.
North fiirollna.
North Dakota.
Ohio
.39.(KKI In
IlllnoU.
20.000 In Ml««,urt on tlvnatock In
Kafmim. Mehr«ka and MliKwiurl.
1.
In
Il8.rxi0 In Okliihoma.
8.'j.000 In Or«'«on.
'Jkl.ih^ifnA.
'
follow.s:
Al.th«ma.
lo.
01.000 In
a-i
the original
tlon
Wyoming.
1
when
Fear Effect on Banks.
(Hah.
W:i«hlngton.
an wlvanco of .?M
1S64,
witnesses before the commlttoo declared that the State lA-glslaturea will
enact their Im-al laws In such a way as to put the national hanks out of busi.\sked how that
ni-M. charging that they can tax them out of exislencti.
would Iki poKsible and still to permit the o|K'ratlon of State banlis. they declared that the State banks could bo ruorgunizod and the offending legl-sla-
o.
'I
in
In its account of the hearing on the
Proponents of the measun; say it is expected to overcome any question of
the legality of taxation of hank shares and to provide for taxation of other
income of the bank a,ssociations or the shares thereof, whichever method
may be adopted by the resi)<<ctivo States in which the banks are situated,
and to legalize also the tax which has already been Imposed by the States.
The proposed legislation would limit the powers of the State Legislatures
U) tax national banks to rates equal to the taxes imposed upon State banks
and
.38.000 In Houth Carolina.
471.000 In H<.uth Dakota.
30.000 In Terinonaco.
7f¥l,000 In Texan.
Ml«.,iirl.
J JO
15.000 in North Carolina.
679.000
220.000
do.
unknown
committee on the 7th inst., the "Journal
advices from its Washington Bureau said:
CORPORA TION.
advanc»,>s, aj^gregating .S.'>.243,fX)0, for agricultural
569
tftiih.
In
.,
.
TBnS
570
CHEONICLE
story of the framing of the McFadden bill was furnished in the January "Bulletin" of the National Tax Association (the account being prepared by A. E. Holcomb
from notes furnished by Judge Leser), and we quote therefrom the following:
The
Conference on National Bank Taxation.
Prepared by A. E. Holcomb from notes fvimished by Oscar Leser.
of the State Tax Commission of Maryland.
The pos.sible consequences to State taxation systems which might follow
an attempt to apply or to extend the ruling of the Supreme Court of the
TTnited States in the case of Merchants' Bank vs. Richmond, decided
June 6 1921, induced Chairman Samuel Lord of the Minnesota State Tax
Commission to issue a call for a meeting of the officials of States immediately
Interested, to consider the question of amending Section 5219 Rev. Stat.
TJ. S., which governs the method of taxing national banks for State and local
purposes. The conference was held on Dec. 12, 13 and 14, the conference
room of the House Office Building at Washington having been secured for
the purpose through the kind offices of Representative Anderson of MinIt was attended by representatives from sixteen States, these States
nesota.
having a classified system or a State income tax system or contemplating
changes which might be embarrassed by the national bank tax law as interpreted by the Court in the Richmond case.
Those in attendance were: State Tax Commissioner C. P. Link of Colorado; William Bailey of the State Board of Equalization of Utah (representing also Idaho); Judge William A. Hough of the Indiana State Tax Commission; Boy E. Johnson, Secretary of the Executive Council of Iowa;
Attorney-General Charles I. Dawson and State Tax Commissioner James
A. Scott of Kentucky: Judge Oscar Leser and J. Enos Bay of the Maryland
State Tax Commission; William S. Linton, State Tax Commissioner of
Michigan; Samuel Lord, State Tax Commissioner of Minnesota; AttorneyGeneral Harry S. Bowman of New Mexico; State Tax Commissioner George
E. Wallace of North Dakota; Attorney-General S. P. Freeling of Oklahoma
.
Vaughan Gai"y, counsel to the State Tax Board of Virginia; Charles D.
Rosa of the Wisconsin State Tax Commission; Alexander Holmes, Deputy
State Tax Commissioner of Massachusetts; William H. Hitchcock, special
counsel in bank tax litigation, and Arthur L. Hill, corporation counsel of
the City of Boston; Walter W. Law Jr., Chairman, and Walter H. Knapp,
member of the State Tax Commission of New York, and Robert C. CumJ.
ming, legislative bill drafting commissioner; State Senator Frederick M.
Davenport, Chairman, and Assemblyman Franklin Judson, member of
the special Legislative tax commission of that State, and William H. King,
Assistant Corporation Counsel of New York City.
The meeting organized by selecting Mr. Lord as Chairman and Judge
Leser as Secretary. The committee which prepared a draft of an amendment to Section 5219 consisted of Messrs. Knapp, Chairman; Lord. Hitchcock, Dawson and Wallace: while the resolutions committee was composed
of Messrs. Link, Chairman; Rosa, Gary, Linton and Johnson. The discussions were earnest able and thorough, and the draft of a bill finally agreed
,
upon represented the result of the deliberations of the above named responsible and experienced officials, who felt that, without injustice to <any interest, it would overcome the embarrassing situation created by the Court
decision and at the same time adapt the statute to present approved systems of State taxation which were unknown or untried when the Act was
originally adopted in 1864.
Specifically, the proposed Act makes these changes: (a) It allows States
to extend the income tax system to national banks and their shareholders;
(b) it guarantees to them equality of burden with State banks and trust
companies, instead of with the indefinite and unduly broad "other moneyed
capital"; (c) it validates all assessments hitherto imposed on the shares, if
these assessments qualify under the equality clause of this proposed Act,
which means that taxes for the current and past years shall remain undisturbed, where they are no heavier than those paid by State banks and trust
companies for the same years the real and substantial competitors of national banks.
Before the final form of the draft had been agreed upon, the committee
In charge conferred with a committee of the American Bankers' Association,
then in Washington, with the view to reaching an agreement, if possible,
but the members of that committee, while admitting the force of the arguments In support of the changes proposed, without committing themselves,
pleaded lack of authority to bind their association. Accordingly, the conference of State officials, appointed a special committee to secure the introduction of the bill and to further its passage in all legitimate ways, with
power in its Chairman to substitute or add new names; and power in the
committee to make any changes in the text of the measure which they may
deem necessary or appropriate. This committee consists of Samuel Lord,
—
Chairman; William A. Hough, Walter H. Knapp, Alexander Holme.s and
Oscar Leser.
Chairman Louis T. McFadden of the House Committee on Banking and
Currency introduced a bill on Dec. 15, embodying the recommendations of
the conference, which was referred to his committee, which will "^ive a
hearing on it after the holidays, unless the principal interests concerned
reach an agreement. The bill is designated as H. R. 9579 67th Congress,
2nd Session.
The resolutions adopted at the conference are as follows:
—
Resolutions Adopted at the
Washington Conference.
Whereas a recent construction of Section 5219, United States Revised
Statutes, by the Supreme Court of the United States, in the case of Afcrchants' National Bank of Richmond v. City of Ridimond, decided on the 6th
day of Juno, 1921. has created a situation which threatens to disrupt the
entire tax systems of many States of the Union and seriously to affect the
systems of
many
others; and,
the year 1864 and was amended to
h.ilf a century ago, and prior to the
ratification of the Fourteenth Anieiulnieiit to the Constitution of the United
States, which guarantees equal protection of llio law to all, including national banks, and at a time when prejudices against national banks were so
pronounced in some States as to render necessary the restrictions embodied
in the statute; and,
Whereas the national banks have grown to such an extent in prestitre and
resources and have become such an integral part of the local coninnuiity
Whereas Section 5219 was enacted
present form in 1868. more than
in
its
that all danger of discrimination by the States has passed, a condition
which renders unnecessary the special protection afforded by the statute
of 1868. as recently interpreted by the coiu-ts: and.
Whereas the tendency among the States has boon toward the adoption of
more modern systems of taxation, whi<-h have aided materially in bringing
about a more equitable distribution of the burden of taxation: and.
Whereas the results accomplished through such legislation must be sacrificed by a return to old methods, with their .resulting inequalities, or national banks must be favored to such an extent as to bring reproacli upon
the more equitable systems, imless Section 5219 is amended so as to allow
the States to tax national banks in the same manner and to the same extent
as they tax State banks: and,
Whereas the situation Is very acute in all of those States which have
adopted the more improved methods and is causing those States which are
contemplating the adoption of such methods to mark time pending some
remedial legislation which the Congress of the United States alone has
power to enact: and,
Whereiis we are now convinced that a change of the law may be accomplished without any injustice resulting to national banks in any State.
life
fVoi*. 114.
A ow therefore, be it Resolved
That we the tax officials of the various States
conference as.sembled in the City of Washington, D. C, on the 12th
13th and 14th days of December, 1921, for the specific purpose of considering means whereby existing conditions may be remedied, do respectfully
recommend that Section 5219 of the United States Revised Statutes be
speedily amended by the Congress of the United States, so as to adapt the
tax on national banks to existing systems of State taxation and at the same
time to protect them against unjust discrimination in favor of State banks
or trust companies doing a banking business, and to this end we respectfully recommend the following as a substitute for said section"Section 5219 The Legislatm-e of any State,
1
May provide for the taxation of the real property therein of any national banking as.sociation located therein, in the same manner and at the
same rate as other real property in the same taxing district is taxed for
public purposes.
2. May also provide for the taxation of either:
fa) The income of surh association, or
(.b) The shares of such association,
subject to the restrictions that whichever of the above classes shall be chosen
the rate or rates of tax imposed shall be not greater than the lowest uniform
rate or graduated rates imposed in respect of such class on banks, banking
associations, or trust companies doing a banking business, incorporated
by or under the laws of such State, other- than savings banks or similar
non stock corporations organized for the mutual benefit of depositors;
and if the shares of such association are taxed, the shares owned oy nonresidents of such State shall be taxed in the taxing district where such association is located and not elsewhere.
3. May also, if the State provides for the taxation of individual incomes,
include as a part of taxable income the income from the shares of national
banking associations, provided that the income from the shares of banks,
banking associations and trust companies doing a banking business, incorporated by or under the laws of such State, is also so included."
Any tax upon shares of national banks heretofore paid, levied or asse-ssed
which is in accord with the provisions hereof, is hereby legalized, ratified
and confirmed as of the date when imposed.
m
.
,
,
—
The following memorandum has been kindly furnished by Judge Leser,
expressing his personal views on the general subject, but it undoubtedly al.so
represents, in part, at least, the consensus of opinion of the conference:
State Taxation of National Banks and the Decision in the Richmond
Case.
[By Oscar Leser, State Tax Commi.ssioner of Maryland.]
As the Act of 1863, creating the national banking system, omitted all
provision for the taxation of such banks by the States and local divisions.
Congress in 1864 conferred the necessary authority, but limited the subjects to the real estate of the banks and their shares, with the proviso that
the tax on the latter should "not be at a greater rate than is assessed upon
other moneyed capital in the hands of individual citizens of such State."
There have been numerous decisions construing the words "moneyed
capital."
In various cases the Supreme Com-t has held that national banks
could not lawfully complain of lower taxation on property interests in railroads, business or manufacturing corporations, mining investments, insurance companies, building and loan associations, municipal bonds, shares
of foreign corporations of whatever kind, mortgages, judgmexits and recognizances, or even savings banks making loans on personal securities.
The
Court has been astute in differentiating between a ho.stiie and unfriendly
discrimination in favor of other moneyed capital and a discrimination not
unfriendly, but based upon a wise public policy, and it has held that even
the total exemption of moneyed capital was permissible so long as some such
capital remained taxable on an equality with national Iwnk shares.
"It
could not have been the intention of Congress," said the Supreme Court
in Hepburn v. School Directors. 23 Wallace 4K0. 485. "to exempt bank shares
from taxation becau.se some moneyed capital was exempt," plainly intimating that only when all other moneyed <apital as sttch is given preferential
treatment, would the Courts interfere.
These rulings and the repeated statement that the "moneyed capital"
must be of the kind which is employed in a bu.siness competing with the
business of national banks, created the widely held belief among bank
prople no less than among tax authorities and State officials that so long
as a State put national banks on a parity with State banks and State corporations doing a banking business, no ground for complaint existed.
In 1900 the United States Cu'cuit Court of Appeals refused the plea of
the Maryland national banks to give them the benefit of the thirty-cent
local rate applicable under a State Act of 1896 to locally owned shares of
foreign corporations, and to corporate bonds, notes and evidences of debt
hold by individuals
At that time the city tax rate on bank shares and
The fact that the banks took no appeal
general propertv was two dollars
to the Supreme Court and that, after holding up over .$6(10,000. which had
accumulated in disputed taxes, paid the money and acquiesced in the situation without protest for these twenty-one years, certainly argues against,
the theory that they could have been injured b.v the lower rate on intangiThe truth
bles, even though some of them were held by private bankers
is that the banks, in common with the entire <'omniunity. have benefited by
revenue
derived
from inthe
tax
enormously
incroLscd
this law, becau.se it
tangibles * The Court very naturally asked. "If this section [the thirty
cent tax Act] is stricken out, will the national banks be in any better
——
plight'
"
similarity betw(^eii the Maryland Act and the Richmond ordinance,
imposing a rate of thirtj- cents on intangibles of the kind reached by tho
I\laryland .statute, makes it rather remarkable that this deci.sion of tho Circuit Court of Appeals was not even referred to by tho.se who tried the Richmond case. The rea.soning of the (':ourt is nia.sterly and there is much in
the opinion to give aid and comfort to those tax officials who perhaps do
not realize that the question of prohibited discrimination is first of all one
In
of fact, as to the nature and extent of the competing moneyed capital
the Richmond case the Supreme Court rests its deci.sion on certain evidence
submitted "without dispute." In cases arising elsewhere the parties would
not be precluded from disputing, for inst^ince, the inference that all, or a
substantial part, of the particular intangible property assessed under n lowThey could rerate .\ct comes into competition with the national banks.
quire specific proof as to the character of the property and the relative
amounts of the different clas.ses compo.sing it, and. indeed, whether it is
The
—
owned by "individuals" because if held by corporations it doesn't count:
and thev could compare the really competitive capital held by individuals
with the entire loanable capital (and not merely the net as.sessed value of
in the same
State as well as national
the shares) held by all the banks
taxing district in order to determine whether the competition is of reall.v
.substantial proportions
Naturally the national banks will not be oblivious to any agitation of the
question of their present status as taxable subjects. Such indications of
their attitude as have been made apparent seem to show that they appreciate the desirability of an amendment of the existing Act which will provide adequate taxation of banking capital, but that they will nevertheless
urge the retention of some measure of security against discriminatory and
They are fearful of removing
hostile legislation on the part of the States.
all barriers, and of throwing them into the "open sea" of State legislative
—
—
discretion.
They may thus be expected to look with disfavor upon legislation following the resolution adopted at the Bretton Woods conference, as well as upon
the McFadden Bill (H. 9579), wliich follows the suggestions of the Washington conference. Their attitude would doubtless be the same with respect to the other bills pending in Congress, viz.: the Nelson Bill (S. 2200).
the Vol.stead Bill (11. 8015) and the Mills BUI (H. 8784).
Their criticism may be summarized as follows:
All the pending bills are based on tho view that national banks are sufficiently protected where the taxation could be at any rate, provided only
State institutions were equally taxed. Banks, as a class, could b elargely
overtaxed by an unfriendly State Government, as compared with other
property or Income, and such a basis of equality would afford insufficient
protection.
The Nelson and Volstead bills retain the present system of personal property taxation on the shareholder and simply change the basis of equality
See opinion in yalional Baiik of Baltimore v Baltimore. 100 Fed. 24.
shows securities assessed in Baltimore for 1896. under the old full-rate
system $6 481 .047; and for 1S97. under tlio clas>;ified system, .$.58,885,000.
For the vear 1922 the amount is $267,000,000.
*
It
THE CHRONTCLE
Feb. 11 1922.]
from "othflr monoyod capital In the handa of Individual citizens" to "other
ononeyed caiilMl used lo banklnR."
Thf MlIN bill h»x several objactlonahle features. First, as to the taxadon of nntional hanks directly upon their property. The property of a
aatlonal hank Includes all Its rpsoiircps and a .State law ral(?ht d sallow a
deduction of debts, lo which event a national bank could not deduct its deThe nnn alpoalte and might he placed under a very heavy tax burden.
Jowanre nf debt deduction miKht be so generally applied as to constitute nu
cround of rel ef becausp of disoritnination. and bankins Institutions would
pay more hesivUv than those whose dehcs were less. The bill Is further fib
iectlonable in that
permits of double taxation
It
both on the property of
bank and on the property or income of the owner of
«he shares ami In its provision for the taxation of national banks directly
on their property or income "at the same r.ite and in the same manner as
«he property (ir income of banking associations or trast companies organize'!
b) such Slate." the objections to which, as a measure of equality, have been
income of
a iiatlrmal
noted above.
The obJHCtion to the McFadden bill would be similar, because it classifies
aatlonal hHoks with State banks only and becaase it recognizes the propriety of taxing both the property of the bank as such (In part), through
the taxation at the shares or the Income of the bank as such, and alsof Including in a prrsonal income tax, income represented by dividends on
«he shares.
This latter objection Is one which goes to the very foundation of Income
taxation and hence Is likely to create lively d'scus-sion.
It will diiubtless be the further contention of the banks th?t some imitation upon the States should be continued and tha" this should take such
form thai 'ho tax m;<y be compared, not with that upon State hanks alone,
the hanks should be put upon an equality with corporations In genfurthermore that a definite limit should be fixed, beyond which
taxation ctiuM not be imposed such as a fixed percent on the capit:il. surIt is als<i likely
plus and undivided profits or a fixed per cent uimn Income.
that thoy will urgi- the deduction of real estate locally as.sejwed and possible
of the value of nxempt securities, as these claims have generally been urged
in litigation, which has taken place under the existing statute.
but
th;it
eral. atKl
The
—
following
the
is
bill
introduced by Representative
Mc-
Fadden:
Section .5219 of the Revised Statutes of the United States.
To amend
ewicteri
it
America
>f
date.
SPEXCE d
i>'i
and House of Represcntatires of the United Stnles
That Section 5219 of the Revised Statutes
and the same is hereby, amended so as to read as
Ihe Senate
follows:
That the Legislature of each State may provide for the taxaany national banking as.sociation located
ihereln in the ^anie manner and at the same rate as other real property in
the same uixing districl is taxed for public purposes; and may also provide
for the taxatiiin of either the income of such a.s.sociation. or the shares of
«ich aw«ortatlon. subject to the restrictions that whichever of the above
.'5219.
tion of the real property therein of
cis^sen Hhill be chosen the rate or rates of tax impooed shall be not greater
than the lnwest uniform rate or graduated rates imposed In respect of such
dass on banks, banklnj; associations, or trust companies doing a banking
buslnesM. ln<v.rp irated by or under the laws of such State, other than savtogs banic" or similar luin-stockcorporatinns organized for the mutual benefit
nnd
the shares of such association are taxed, the shares
shall be taxed In the taxing di.strict
where Mu<-h aioficiailon Is locat«d and not elsewhere; and may also, if the
State pnivide!< for the taxation of individuni incomes, include as a part of
taxable Income the Income fmra the shares of national banking associntions:
Protidert. That the inci>nte from the 8hare>! of banks, banking associations.
»od trust oimpinle:* doing a banking buslaeM, Incorporated by or under
(he laws of Mu -h State, is aino so included.
".\ny xnx up>n shares of national banks heretofore p^ld. levied, or asleaaed. which is In acci>rd with the provisions hemof. Is hereby legaUzed,
ratified, and tujnfirmed as of the date when imposed.
of dep>«lt<ir<<:
if
owned by non-re>udent« of such State
AGAINST PROPOSAL TO PROVIDE FOR
SOLDIER BONUS BY TAX ON STOCK AND
BOND TRANSFERS.
r'ROTEST
Fordney to impo8«- a tax of
on Btofk and bond fransfors has bronchi
from financial ciroli;s, ono of tho-<o who has
propoflal of Ropres«ntativf
oiK-fifth of
1%
••igorou^ pro*'>«'
dj-clard hi.-na-lf against the proposal is Sr-ymour L.
^'romwell, F'rtjsidont of th«t Now York Stock Exchange,
who in an intorvif^w on thu Hth inst. Bn.id:
much If the advocateo of a dra/ttlc tax on sales of securities
with the projected bonus bill have full realization nf the
ta#iv1l«M«) cr>niin<|unnrMi of sach a mi^asurn.
So intimately »ro the various
departmenui >it our economic life int<!rwoven that the M^rlous crippling of
400 tncta •wvnrvly on all the othon. That to check the free flow of t^ipltai
Which nnnrtnhitt lintabllshed ent«rptHM>i and projftcts new ones by thi*
imp<>«ltl<in of a niinouM harden on thi- dNtrlbuilon of noourltlc^ would apply
l.rikr upon Industry and romin<-rc<- and in: fi^ll ihrouKhfiul our entlro
fi'-spt
f.ibrtr.
It would lnd<f InlU'ly po«tpono bu«ln««N n>cc»vi-ry and
I
NEW
YORK, FAIL.
An
involuntary petition in bankruptcy has been filed in
Federal Di.>Jtrict Court atrainst Spcnco & Co.. stock
brokers, with offices at oo Broadway, this cit.v. Aroording
to the '"Wall Street Journal" of I<>b. n. Judge T-earncd Hand
of the Federal District Court has appointed Alice M. Moran
receiver for the firm under a bond of $1,000.
It is alleged
that the liabilities of tlie firm are approximately $5<»,000
and its assets consist only of furniture and office fixtures.
The firm, it is said, consists of Charles D. Spence and
Harry G. Vanuote.
the
SAMUEL
N.
HALL & CO.. PHILADELPHIA, GO INTO
BANKRUPTCY.
The brokerage firm
of Samuel N. Hall & Co.. with offices
the Pennsylvania Building, Philadelphia, went Into involuntary bankruptcy on Feb. 7, when Judge Dickinson in
in
the Federal E)istrict Court appointed Flnier B. Simon tem[)orary receiver for the firm. The petition asking fur a receiver was filed, it is said. Ity the law firm of Wesscll. Bennett & U'eis.**.
The Philadelphia "I-edger," in its Issue of
I-'eb. D, stated that Henry N. Wessel, Jr., attorney for the
[•eritioning creditors in bankruptcy, had estimated that the
would be about
the assets were not expected to aggregate
or $15,000.
FAIRBANKS, GOSSELIN &
The suspension
$l.'UO.( K)l).
while
more than $10,000
rtouht vnry
la or>nnefTtloii
CO.,
MONTREAL, SUSPEND.
& Co., of Mon-
of Fairbanks, Gosselin
treal, a well-known stock brokerage house, was officially
announced on the floor of the Montreal Stock Exchange on
the afternoon of Jan. 50, according to the Montreal "Gazette" of the following day.
Earlier on the same daj', it is
said, the firm made an assignment to Gordon W. Scott, of
P. S. Ross & Sons, and to G. Gardiner, of Finlayson & Gar-
both chartered accountants. The liabilities of the
it is said, will be in the neighborhood of $750,000,
although no statement of its affairs has been issued as yet,
while the assets will be about $300,000.
diner,
failed firm,
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The following institutions were admitted to the Federal
Reserve System during the week ending Feb. 3:
No. 3
Lemoyne Trust Co., Lemoyne, Pa
District No. 6
Macon County Bank. Tuskegee. Ala
District
A
CO.,
in Cnnari-xx assembled.
of the United Stat«s be.
"Sec.
from Ciru'u.no on Wednesday of this week (Feb. 8),
appearing in "Finantlal America" of this city of the same
disi)atch
liabilities of the failed fiini
A BILL
Be
571
3K%
Total
Resources.
.$125,000 $80,000 il, 106, 149
Capital. Surplus.
485,025
50,000 110,000
VICTORY NOTES CALLED FOR REDEMPTION.
Secretary of the Treasury Mellon announc^ed on Feb. 8
that, in order to fsicilitate the refunding of tho Victory Liberty Loan,
the Victory Notes of the 'S'j4% series have been
on June 15 1922 at par and accrued
interest to the date of optional redemption.
The notes may
be presented for redemption at any tim<) in advance of tho
redemption date. June 15, and it is stated that many owners
of these notes had presented their holdings for rcdomption
at the Federal Reserve Bank immediately following Secretary Mellon's announce.m«nt.
Th(< pros.s advices from
all
called for redemption
Washington Voh.
8,
published in the
New York
"Tribune",
.
'I
""lUld rrlppln Am«'rlca's inf>t'mallonal financial inadcTHhIp.
Ft
(F<l). 10) that Clarke,
city had w-nt a trIrKTam to S«H;rffary
wius iilwj ;inrioun'!<'fl ycHttr'l.iy
Dodgo
&
(.'o.
of
thi.H
TfaHury M«llon
protcstinc atrairmt the ta.\ and
harmful fli;ira<'t«r of thf proi)OHal.
Th«' follouinK t^-U^mm, it jm HtaU'd, has b«'«n Hcnt lo triiHt
fompanifs throuffhout fhf fount ry by th*- TruHl ('o/npany
lit
tho
(Mfintiog out thf
f>iviNion of lh«- Arrnri('an iJiiiiktrH' AKHofialion:
llt^kty daalraMft prompt rurtlon Ixi Inkxn In prott-Kt.Ing agaliuit pro(i<iiial
by (ThjtlrnMn KrirfliMry of Wnr* and Mp.tnn ( '<iinmllt.<i«i to Invy tax on utock
llo p»)r boniw oA anju«t. nifcw^l v n mid tl.inRoroua
airtwly taxiMl Ui ItniukloK p<ilnt.
I
in:hMui<:K
Chan<ll«'r, Jr.. a
firm nt (ThunrJIcr
pCDdM] from thf
p(,'ar
V.rim.
A
Co.,
nil
oxcopt
Sf'crctary Mellon in his umioiinctdiicnl of the Hth inst.
Htatcd that in vitiw of the cull for r<>(l<Mi|>lioii of the 3*4'/(>
Victory noUtH, the privilc^ge of oonvrTHion of Victory nottM of
cither «««ric-s into Vitrtory tiol<H of otlirr Hi'rie.s had bcnm huh-
fonn«T m<>mb(>r of th«' falh'd
r>illn(I«'l|ililii, haM Ixon miih-
Thn Horrotory of Ihn 'I'rnnvury hnrnby kIviw iwiUcii llvtt. Iti iir<lnr l,n fncllllain thn rnfundlni of llin Vli-ttiry l.lburty l/onn. all V clfiry nolra of tho
Hiisi'i:sni:i>
or tuadi:.
CTIilraKo lioartl of TriKlc for fnlilnK to np-
for •xamluutltin of
%
Ihii loan coiulntod of 4 H
no*<w. which wtTii purrhnHcd by
tho vory rich, to whom tho tax conilderatlon was iHiruinoiint.
pcndcd from Feb. <) 1022 to .liino IT* l'.»22. Thf ngulntionH
Kovorniiig the redemption of tho noleH w(<rf iiunlc piiblio as
followH by StH'rtitary Mfllon:
.in..
(jnn'Af/f) iift.iun
TrvdMirk T.
Is significant In that It marki tho oxnrciMu for thi< f r«t time
of the prlvllcKo which the Tnuisury retained In the case of snvoriil of the
war-tlm- loans of cilllng them Ixiforo thu date of maturity. The Victory
loan, tho fifth of the grcjil pfipuljir war-timn flnitncliiK operalloivs, wiui
l>ay»blo In 102.3. and the Tr<vtHUry also t.ook thn option of paying off the
bonds In \9J2. Hocroiary Mellon's ordi-r nffrcts the partially Utxnble
••"i";, victory notoH ulno In so far us tlmlr coiivurtllill ty lnt<i thn totally
tax ozuinpl .'Hi* C4-aH4il on Feb. 9.
Tlio ovi>rwliiilmlngly targir nluirii of
ritoM
an winj.h-.
r.
ami would Impfxin
said:
This step
his hookM, actordinK
to
u
proHii
.'P4 '.o ttfitm arn lallivl for rrdi-mptlon on Juno ITi \\>'/^. ond may bo rodontnnd bofora tlinl dalo. nl th<< option of tho lioldor uihiii tho lio-iiia and
OoodlUons and •ubjocl U> Iho ruloa and rncuUtluun lux-vlnaflrr ptoacrlboil;
—
THE CHKONICLE
572
3%%
%
series
"1. Call for redemption ot
Victory notes— All of the 3Ji
of United States of America convertible gold notes of 1922-23, otherwise
known as 3?i% Victory not. s. are hereby called for redemption on June
16 1922, pursuant to the provision for redemption contained in the not?s
and th? Trecisury Department circular No. 138, dated April 21 1919. under
which the notes were orignally issued. Interest on all Victory notes of
Holders
series will cease on said redemption date. June 15 1922.
of the notes hereby called for redemption, upon presentation and surrender
thereof as hereinafter provided, will be entitled to have the notes redeemed
and paid at par, with an adjustmen*- of accrued interest, on said redemption
Accrued interest to said date will be covered as to coupon notes by
date.
the coupons due June 15 1922, which should bo detached and collected in
ordinary course when due, and, as to registered notes, will be covered by
interest checks in the usual manner.
"2. Suspension and terminatiMi of Victory notes conversion pribilegas
Victory notes on June 15
In view of the call for the redemplton of all 3 Ji
1922, and pursuant to the provisions of said Treasury Department Circular
138, the privilege of conversion of Victory notes of either series into Victory
notes of the other series is hereby suspended from Feb. 9 1922 to June 15
Victory notes
1922. both Inclusi^'e. and on June 15 1922. will terminate.
accordingly cease to be interconvertible, effective Feb. 9 1922, and on and
fifter that date no conversion of the notes may be made.
"3. Presentation aqd surrender for redemption.
(A) Coupon notes
Any 3J4% Victory notes in coupon form should bo presented and surrendered for redemption to the Treasurer of the United States in Washington.
or to any Foderal Reserve Bank or branch, and must have the coupons due
Dec. 15 1922 and May 20 1923 attached. The notes must be delivered in
every case at the expense and risk of the holder, and .should be accompanied
by appropriate written advice (see Form 590). In the event that notes are
presented for redemption with the Dec. 15 1922 or May 20 1923 coupons
detached the notes will nevertheless bo redeemed, but the full face amount
of any missing coupon will be deducted. The amounts so deducted will be
held in the Treasury, to provide for the redemption of such mis.sing coupons
as may subsequently be presented.
3H%
%
—
3H%
"(B) Registered Notes Any
Victory notes in regist- red form must
be duly assigned to the Secretary of the Treasury for redemption, in accordance with the regulations of the Treasury Department governing assignmi nts. and should be presented to the Secretary of the Treasury.
Division of Loans and Currency, Washington, or to any Federal Reserve
Bank or branch thereof. The notes must be delivered at the expense and
risk of the holder, and should be accompanied by appropriate written advice (see form P. J). 591, hereto attached).
Unless instructions are received to thrt contrary, remittances covering payment will be sent to the
last address of record of the registered holder of the surrendered notes.
In
case it is desired to have payment of regi.sterod notes, thus presented for
redemption, made to any one other than the registered holder, the notes
may be assigned to 'the Secretary of the Treasury for redemption for ac-
count of (name of payee).'
"(C) Presentation IVior to June 15 1922. In order to facilitate payment
of the notes hereby called for redemption, any 354 % Victory notes may be
presented and surrendered in the manner herein prescribed at any time in
advance of June 16 1922. for redemption and payment on thai, date.
"4. Redemption ot3h % Victory Notes Before June 15 1922. at Holder's
In order to meet the convenience of Victory note holders and
Option.
facilitate the redemption of 3'X % Victory notes, the Federal Reserve Banks
and the Treasurer of the United States have been author-zed, effective
this date, U< redeem before June 15 1922, at the option of the holder, ?t par
and accrued interest to the date of optional redemption, any of the 3H %
Victory notes hereby called for redemption. Any holder who desires to
effect redemption In accordance herewith prior to Jtme 15 1922, should make
written request therefor and should present and surrender the notes in the
manorr provided In Paragraph 3 hereof, except that coupon notes must,
in that event, have all unmatured coupons attached, including the coupons
due June 15 1922. Appropriate forms of written request will be found In
forms 690 and 591.
—
—
"5. Miscellaneous.
"Any further information which may be desired as to the redemption of
Victory notes under this circular may be obtained from the Treasury Department, Division of Loans and Currency, or from any Federal Reserve
Bank or branch. The Secretary of the Treasury may, at any time or from
time to time, prescribe supplemental or amendatory rules and regulations
on the matters covered by this circular."
"A.
W. MELLON,
"Secretary of the Treasury."
Form 590 and
591, mentioned in Secretary Mellon's
cir-
cular, were issued coincident with the above.
VICTORY NOTES ACCEPTABLE IN PAYMENT FOR
INCOME AND PROFITS TAXES.
The issuance of instructions by Secretary of the Trea.sury
Mellon to Collectors of Internal Revenue to accept Victory
4^%
3%%
or
series in payment of innotes of either the
come and profits taxes due Mar. 15, was made known on the
5th inst. Secretary Mellon's order was issued under the
provisions of the last Revenue Act.
In an announcement
on the 5th inst. regarding the order, Secretary Mellon said:
Victory notes, in order to be acceptable in payment of taxes on March 15
1922 must be in coupon form and must have all unmatured coupons attached;
that is to say, coupons for June 15 and Dec. 15 1922 and May 20 1923.
Settlement for ac<Tued interest on the notes from Dec. 15 1921, the last
interest payment date, to March 15 1922, will be made by check from the
Federal Reserve Bank direct to the taxpayer. Victory notes in registered
form will not be acceptable.
The Treasury is making his offer to accept Victory notes in payment of
March 15 taxes in the belief that it will be a convenience to taxpayers. It
will at the same time provide further for the gradual retirement of the outstanding Victory notes, and thus facilitate the refunding operations which
are noce.ssary in connection with the maturity of the Victory Liberty Loan.
(
SUBSCRIPTIONS TO
U.
S.
TREASURY NOTES.
Under date of Feb. 3, Secretary of the Treasury Mellon
announced that subscriptions of $1,249,965,300 had been received to the U. S. Treasury notes. Series A-1925, dated
Feb. 1 1922 and matiu-ing Mar. 15 1925. The total amount
The amount
of subscriptions allotted was $601,599,500.
offered was $400,000,000 or thereabouts, with the right reserved to the Secretary of the Treasury to allot additional
[Vol.
U4.
notes up to one-half that amount to the extent that pajrment
was tendered in Victory notes. The offering was referred to
in our issue of Jan. 28, page 348, and Feb. 4, page 469.
All
of the Federal Reserve banks oversubscribed their quota for
the offering. The subscriptions and allotments were divided
among
the several Federal Reserve districts.
The subscripin the several districts, ranked in the
order of the percentage of their subscriptions to their quota,
are as follows:
tions
and allotments
Total
Svbscriptions
Federal Peserre District.
Philadelphia
Cleveland
Chicago--
-
Richmond
Louis
St.
Kansas City
New York
Boston
Atlanta
San Francisco
Minneapolis
Dallas
Total
SENATE
PASSES
Total
Subscriptums
Received.
Victory Notes
Accepted in
8165.470,700
153,532.600
194,828,200
47.421,000
53,198.100
48,236,100
372,043,800
86.244.800
28,435.800
60.162,000
27,295,400
13,096,800
845.865,900
40.305.000
84.145.300
14.966.300
17.384.200
21,697.500
254,213,300
51.960.000
11.743.200
34,278,600
15.199,800
9,840.500
Payment.
$17,240,600
4.065,000
28,000.000
1,123,800
1.383,700
5.697,500
117,467,400
17,320,000
63,200
6,038,500
1,359,800
240,500
$1,249,965,300
$601,599,500
$200,000,00
BILL
Allottvd.
.
PERMITTING COMBINES
OF FARMERS.
The Senate on Feb. 8 passed by a vote of 58 to 1 the bill
among producers of
to authorize co-operative associations
agricultural products for the marketing of such products.
The negative vote was cast by Representative Gerry (Democrat) of Rhode Island.
The Washington press dispatches
of the 8th inst. stated that "the Senate's action was regarded b5' some as the most sweeping of the victories yet
attained by the farm bloc, since in accepting the House biU
the Senate overrode its own Judiciary Committee which had
reported a substitute measure." The sub titute measure
was rejected by a vote of 56 to 5. The bill passed the House
on May 4 of last year, as was noted in these columns June 4
1921 (page 2360). As passed by the Senate the bill retains
the provisions which relieve the co-operative associations
from the application of laws prohibiting trusts or unfair
business practices, placing the authority to determine when
such acts have been committed with the Secretary of AgriThe Senate substitute would have made the assoculture.
ciations amendable to the present laws, and it was around
this point that debate revolved in the week the subject was.
During the debate on the bill in the
before the Senate.
Senate on Feb. 6 Senator Brandegee (Republican) of Connecticut, in attacking the proposal to exempt farmers'
organizations from the operation of the Sherman Anti-trust
Law, declared that Congress was going far astray when it
said in legislation that an act by a farmer is not a crime,
but becomes a crime when done by a manufacturer. As to
Representative Brandegee's further criticism, the press dis-
patches from Washington said:
Mr. Brandegee declared that the country need not expect relief from high
prices through passage of the bill, "if the farmers who are Its beneficiaries
choose to inflict high prices." He added that he believed there was "grave
danger of a corner In the food and clothing supplies of the country" if the
proposed exemptions are enacted Into law.
"I do not know," he continued, "whether the Sherman Law should be
roaintalned, but I do know that no amount of apologizing, explaining or
attempts to justify can satisfy me that we should not have laws which are
uniform in their operation. 1 have always insisted that our laws should
be general, and we either ought to keep the Sherman Law or discard it.
one or the other. We cannot make a thing fish for one citizen and fowl
for another."
Mr. Brandegee told the Senate that "he did not take much stock" in the
statements that privileges granted through the bill would not be abused
by the farmers as much as though the same grants of authority were made
He said that human nature had not changed,
to other classes of people.
and he did not believe that the farmers had a higher sense of honor than the
manufacturers or other business folk with respect to taking advantage of
legal methods accorded them.
Senator Norris. speaking in defense of the
bill
on the 8th
inst., said in part:
Most of the people, and many Senators, also, designate this as a
"farmers" " bill. I believe that while it Is not entirely out of place so to
designate it. upon a broader and fairer consideration it will be conceded
that it is a bill which applies just as much to the consumer as it does to the
producer. After all, assuming that any aggregation of citizens is honest.
that any organization is honest and represents an honest Intention to
perform an honest and unselfish work, with that assumption we are all
in the same boat, whether we are producers or consumers.
This is a bill that attempts to relieve from the offeot of the Sherman
Anti-trust Law the farmers and other produCei-s of agricultural products.
intended that
If the Sherman Anti-trust Law were effective, as its authors
legislation would not be necessary,
it should be. if we had no trusts now, this
would not have much interest in it: but, as a matter of practice, as
man who
a matter of practical application, the farmer is almost the only
Law.
It is all right to speak In
is affected by the Sherman Anti-trust
shall
beautiful and glowing terms, as Senators have, abeAit laws "that
I wish we couW prohibit
prohibit monopoly and restraint of trade.
monopoly. We have not done it. We have not prohiljited restraint of
the Supreme
trade, and it does not make very much difference whether
a
Court, after long and tedious litigation, decides a comblnatidn to' be
and
I
I
THE CHRONICLE
Feb. 11 1922.]
dissolvus it, or whether it decWes that It Is a philanthropic
working (oe the good of humanitr and is not a monopoly, like
Wehther you dissolve it or
the Steel Tnist; th« result is about the saron.
not, it keeps on do ng business in the same way. at the same old stand.
Everybody kDo«-s about it. Everybody possessed of ordinary intelligence
and experience in life knows, for instance, that the Steel Trust is a monopoly
and controls prices. I said "evorybody"; I will exempt from that the
members of the Supremo Court. They have not found it out.
The farmer now says, "Let us be allowed to co-operate, do away with
the raiddio man. and reach the consiuner by a shorter route with our products." and everybody raises his hands in holy horror and says. "Great
Ood! That will be a violation of the Sherman Auti-trust Act"; and yet
the farmer must buy nearly e^^^J•tbing that he buys in a trust-controlled
market. He buj-s ids binder from the Harvester Trust. He sells bis hogs
aed his beef to the Packer Trust. He sells his hide,*! to a trust, and he buys
them back from the same trust at a profit of about 10.000%. He has
nothing to do with fix.ng the price of what he sells. He has nothing to do
with fixing the price of what he must buy. The trusts control liim in all
he buys ajid control him in all he sells, and he says, "Now, I should like to
combine with my neighbors and co-operate and act as a corporation, following my product from the farm as near to the consumer as I can, doing away
in the meantime w'th unnecessary machinery and unnecessary middlemen."
That is all this bill attempts to do: and I am not in favor of splitting hairs
or drawing a technical conclusion, from a very finely argued trust case that
has been decided either one way or the other by the United States Supreme
Court.
The Standard Oil Co. and by the waj-, when the farmer cranks up his
oW fliwer he must patron ze the Standard OU Trust, although the Standard
One of the
Oil Co. ha« a clean bill of health from the Supreme Comi;.
famous five to four decisions says that it is a trust, and it is dissolved, and
so it proceeds to go on regardless of the dissolution.
monopoly and
InstitiitioB
—
COMMUNIQUE DEALING WITH TREATIES AND
ARMAMENT
RESOLUTIONS APPROVED AT
CONFERENCE ON THE
4:TH INST.
This week witnessed the conclusion of the Washington
Conference on Limita,tion of Armament which had opened
on Nov. 12 last. The conference was brought to an end
on Monday (Feb. 6") with the signing of four treaties, which
had been formulated during the three months' deliberations,
and an address hy President Harding, whose only other
direct participation in the conference had been the delivery
of the speech which brought the conference under way
President Harding's remarks of this week,
last November.
marking the winding up of the conference, are given elsewhere in to-day issue of our paper. Besides the four treaties
which were signed, the signatures of the delegates to the
conference were also affixed on the 6th inst. to a supplemental agreement to the Four Power Pacific Treaty defining
the 8coi>e of the latter. One of the treaties signed related
to the Root "four point" and "open door" policy in China,
while ajiother dealt with the Chinese tariff (both given
elsewhere in to-day's issue of this paper), both of these
being signed by the full delegations of the United States,
Gr^at Britain, Japan, France, Italy, China, Belgium,
Portugal and the Netherlands. The other two one
limiting capital ships strength (given in our issue of last
Saturday, page 476), and the other regulating submarine
and poison gas warfare (published by us a week ago, page 479)
were signed bj- the representaf ives of the United States,
—
—
France and Italy. The signatories
the agreement supplementing the Four-Power Pacific
Treaty were the Uniti^I States, Great Britain, Japan and
France. While the conference actuallj' terminated tliis
wf»ek, the deliberations ended on Saturday a week ago
^Fob. 4) when, at the Sixth Plenary Session, the treaties
Insaring on the "open door" fwlicy and the Chinese tariff
were a^lopU^l together with various resolutions. Detailing
th»» day'n lakKjri th'> Phihwl«lphia "L<dg('r" sai<I:
Orfjat Britain, Japan,
to
[n thr
r,Tilr:r
for apr>ro'.
Plrwt.
•catlon of ••
arvl V frf
il
f
n-
matt'TW lnlro<lur<-<l by .Mr. HuKhcti,
iMon In th«' rr-cord lnrlijd>-d:
of
',r
i.
I
othrr
H
.
l>oard of ri-f<TiTir<i In CUliui tar invcstlnrininK In ronm-ctlon with Artlrlcs MF.
affrrtlnff thn open do<ir, rallwayx and
rcoii'
Hornrui.
'Jovommnnt not
Acr.
any portion nf
TTilrd.
elai
citln-r
I
.11
admlnr
and more thrifty finnn-
ly.
Fourth
Annoiirj'
f-onfornnc*! prrijKT
tOfMC rnnlr<.
Klflh.
to leawc or allonnN'
I'o-.icr.
:t'n
jri!
Mr
of
'ouImI'Ic tin-
In-iit.y
iKmlcmnni of
111"
.Stmn-
iflon. pl)«lirliiK rrnTinrl.itWm of
.-'
^foop V.
iimliT
of tim twrri'y on<- rl<-iii kn'l;< ami iii.'kklliK olti'T '•
lh« flilio-Jap«nnw< trc^iKK of I'll'i, r<,ininiiit thfo-on by ti
•' diloffaiinn »fKj affirmation hy S"<riiiiry IIukIi'-h In the nnmr of t lii> rnll'xl
Htntr^ of th<i "rontlniiKl fn»liiHTmnr«' of AmiTlcan rlKbt" In tli" D'KIoiui
'
'
•
I'mlun
I
'a'rmmif.
'
fry
ttw
.l.ipir.i
'!•
:•
"'
till
mi|»|)l«<riK'iii<<I
'
I
.
,
/ifl'in
r''inr'llni{
•
:
-tilon
jri
i> F
thAt J.ipiriR itttnlgr^
wcitilil
V tin'
'
I.
n of K.-v»»<Tn .hiIht
'
lit
•'
'•>* i«f K<i
;
by
'lyiii'-nl
th pliiruir
<uldrm!H<n in
wcri' flf^alt with
Imi
trarrlni
'<
of Int.
of I In-
'
(irnmlll'v on l,lml-
iti(i'rir-|>.«
ion of fho 4th IhhI.
roii-
iiIoIuIiik
tnrnt rijiri^tMlnK
out "wlliiin tho
liirlKlii
I141W
.litpnn'ii
niKl
wan
i,f
(
'oininlaMlon
wnrfiiri'
ftlfw»
marked
which the ftchiovimientii of tho conference
by ,\rfhiir James Balfour, hi-nd of thf
573
British delegation; MinisUn- Sarraut, chief of the Prencli
Senator Sclianzer, representing It/aly; Baron
delegation;
Shidehara representing Japan;,
Minister;
Alfred
tho
Sze,
Baron de Vartier, the Belgian
van Blokland, representing the
Chinese
Ambassador;
Netherlands;
Count d'Alte, representing Portugal, while Secretary of
State Hughes, Chairman of the Conference, made the
concluding remarks at the plenary session of a week ago.
All these addresses are given in another part of our paper
to-day.
Secretary Hughes opened the sixth plenary session,
and that part of the communique dealing with the treaties
Jonkheer
and resolutions approved and adopted at
this session follows:
The
a.
m.
sLxth plenary- session of tJie Conference was called to order at 10:35
in Memorial Continental Hall, Washington, D. C, by the Chairman,
the Hon. Charles
Evans Hughes.
SECRETAUY HUGHES.
The minutes
of the last plenary session havQ been distributed and the
necessary corrections have been made. Unless th«M-e is objection, these
minutes will be approved as corrected. It is so orderetl.
On behalf of the committee dealing with Pacific and Far Eastern questions, I have the honor to report that the resolutions which have been
adopted in relation to matters concerning China have been put in the form
of a proposed treaty which is now presented for the approval of the Conference.
The treaty is not very long, and I wUl road its substantive pot^ions.
[This, the Nine-Power Treaty to stabilize conditiousin the Far East,
will bo found in another part of to-day's issue of our paper.)
The proposed treaty is unanimously approved.
The Committee on Pacific and Far Eastern Questions on Feb. 3 adopted
the following resolution and recommended it to the Conference for adoption:
[This resolution, which supplements the Pour-Power Pacific Treaty, wilj
be found in another part of to-day's issue of our paper.)
The resolution is unanimou.sly adopted.
It will be observed that certain of the resolutions adopted by the committee, and on its recommendation adopted by the Conference, are put vQ
treaty form and other resolutions are not put iu that fonn. The distinction is that those engagements which it is dcamed require tho sanction of »
treaty are put in the form of a treaty and proposed for execution by tho
Powers. In other cases the resolutions are of a character not requiring suctl
sanction in the form of a treaty and are deemed to bo binding upon the
Powers according to their tenor when adopted by the Conference.
In accordance with the recommendation of the Committee on Pacific
and Far Eastern Questions, the following declaration on the part of China
is presented, to be spread upon the records of the Conference, as follows:
"China upon her part is prepared to give an imdertaking not to alienate
or lease any portion of her tenitory to littoral to any Power."
Shall this be placed upon the records of the Conference?
The Powers assented.
The Chairman The Committee on
—
Pacific and Far Eastern Questions
dealt with the subject of the Chinese customs tariff.
Certain resolution."*
were adopted on Jan. 16 with respect to this matter.
These resolutions have been embodied in the fonn of a treaty, which to
now proposed, together with the resolutions thus embodied, for tho approval of the Conference. I will ask Senator Underwood to present that
treaty.
[This treaty is given elsewhere in this ismio.)
SENATOR UNDERWOOD.
Mr. Chairman,
del^ates seated, at thiti table unthe nine Powers have agreed with China on tho adoption of a
customs tariff, but in this Twentieth Century treaties have ceased to be
compacts of governments, and if they are to live and survive must bo th«
undorstant'ings of the per>ple themselves.
.
It may seem an anomaly to tho people of the world who have not studied
this question, that this conference, .after declaring th.at they recogmizo th©
sovereignty and territorial integrity of China, should engage with China In a
compact about a domestic matter that is a part of hor sovereignty, and to
announce the treaty without an explantaloii may lead to mieundorstanding.
And therefore I ask tho patience of the conferenco for a few minutes that I
may put In the record a statement of. thO; historic fact« that have led up to
present conditions, that makes It necossary that tlita conferenco should enter
nto this agreement.
The conclusions which have boon reached with respect to tho Ohlneso
maritime customs tariff are two in number, tho first being in the form of an
agreement for an inunodiate rcvijiion ot existing bcIuhIuIos, so a,"! to bring the
rate of duty up to a basis of !i% effective.
Tho second Is in tho form of a
treaty and provides for a special confcronoo, which shall bo empowered to
levy Kiirtiixcs, and to make otlx'r arrangoment« (or-iitcroasiQg the citstoms
»clii-diil«-s above the rate of .">% effective.
In order to understand the nature and tho r(».a,sons for th<<Be agniemonta. It
Id Wfll to Ijcar In mind the hiNtorlcAl background of tho prewMit treaty iidjustmrnt which places such a Large control of the Cbimwe custonks in the hauda
derstand
I
realize fully that the
why
of foreign powerti.
The origin of the Chlmse cUHtnms tariff dates back to the fodrtoenth century.
Kut the adnilnistrntion system wiui of surh a nnliir<> Unit rouHtant
friction arose with fon-Ign niiTchanUs crngnged In trade with that country and
culinltuit4Kl In an ncixlv rontro\ orsy nJatIng to the Nmuggllng of opium, •omotlmi« knf>» n an the oi>liim war of lH:iO-l812.
Thin rontrovnray rndwi in IS12 with the Tr«<aty of N.anKlng. Iietwoon
Chliin and <in'ut lirltaln.
Tim Treaty of Nanking inarki-<l lli<> iMiglnning iif
< 'lilrifm- n'littlotw on ii ri>roRnlz<><l Irgal b.xslM uitli the roiintrliw of tin- Went«-xn World.
And In likewlne tho Ix-glnnlng of tho hl«tory-of 'hlnii'H pn<«ont
tariff KyHtetn.
fly the treaty of Nanking It wtm iigHMtrl fhul five portH nhould Imi oimnnd
or ror»-lKn iriulo. and that ii fiilr and rmnlar iJirlff of ojcport ivnd Import
ciiMlonu and othnr diK-n nhoiilil hn piilillMluyl.
In n nulx««|iiiMit tro.il v <if Oi't H 184.1, a Uirlff wlirdiilo Wim itdo)it<>d for
iMiih liniHirln iiml ••xpurtH. luiwv! on tfie Mri'iiiriil'iMl^i of 'i"/, 'id v.iloroni.
Two ini'iuiurc« wi>ro nr<-<~«««ry In ili-iillriK with Hi" ( 'hltu>w piiHloinw, the
flr«t bring tlint-of tlir rrvUtiiK of tlintiiriff iwImvIiiIi'h kh Ilir>y eilnt. no «• to
mikr thorn ronfonn to thi' nitu of ft'"/, cfTrctlvc. im pnnldi'il by Ihi- Irrnty;
t-o pnvo the wny for the alNilliioii nf Ihfl llklii, which oinnlllul'OM tho
.
of lilghnr rnlrm.
In Uin nirnnllnio. hownvnr, IV I* n'cotml*"! that Um« t'hlnnm (lovnrnntnnt
rt»|iilr<'« nd'lltloniil rpvotnio. nnit In nnlrrr tlmk tihln inny Imi iinpiilliwl n MixH'lal
rnMf<Ti-tir«i In rhnnCMl with the IcvyInK of a NUrtaK of
H on onllnary
liiilr'N, /ind II Niirtitx of
on thn luxurtm. In o^tdltlon to llm iwIaIiIInImmI rat*
of r,'', nfTiH-llvn.
In
iin n(rr«<mi<int wiu< rn/ulr iKrlwrKW) KiMila anil t'lilnii for Ihr ronNtnirtlon of thn r'hlnrHtp t'.nmnrn Unllwny, nnd in a part of thU nwrtMimflnt
nwrrhandlao rnitminn f'hlna tmm UiwHii w>a all<rw«>d to pom tho Itordar •!
"M-'-ond,
liimlN
.
•
'.!
A%
I
mm
%
:
:
THE CnHONTCLE
574
one-third less than the conventional custom duty.' Afterward similar reductions were granted to France, Jap^m and Great Britain, where the merchandise entered China across her land borders and not by sea.
This discrimination was unfair to the other nations, and not the least Important paragraph in the proiwsed Treaty is the one that abolishes this
discrimination entirely.
(Senator Underwood read tho text or tha tariff Treaty which we give
elsewhere in this issue.)
I can say that the adoption of this Treaty and putting it into effect will,
n all probability, double the existing revenues of China received from maritime and inland customs. I say in all human probability, because the
amount of revenue, of course. Is governed by the amount of imports and
exports coming into a country njid going out of a country, and, of course,
hat no one can predict with absolute certainty.
The Chinese Government is biidly In need of this revenue, and It will be a
(?reat relief to existing conditions there If the treaty is ratified at an early
date... I request its ratification,
delegation has been kind enough to waive the translation into
French of Senator Underwood's speech.
Tho resolutions to which Senator Underwood referred, which have been
adopted in the committee, and the Treaty embodying these resolutions, are
«fore you for adoption and approval. Is there any discussion ?
MR. SZE REPRESENTING CHINA.
Mr. Chairman and Gentlemen: With reference to the Chinese Tariff
1 desire to thank Senator Underwood for his clear exposition of its
origin and its historic development, and also for his sympathetic ai>pr('ciatlon of the united and ardent aspiration of the Clilnise peoplo t-o the recovery
question,
of tariff autonomy, so essential to the well-being of (5ii;na; and, as chr" .lews
of the Chinese delegation on the various aspects of this question have bei»n
ully set forth in the various statements made by my colleague. Dr. Koo at
several meetings of the Committee on Far Kastern Questions, I shall content myself, Mr. Chairman, with a request that the following statements he
spread upon the records of this session namely: The statement of Jan. 5
1922; the statement of Jan. 16 1922. and the stat<>ment of Feb. 3 1922.
Senator Underwood's statement that the present customs Treaty is drawn
up to meet only the present temporary conditions In China coincides with the
understanding of the Chinese delegations and the aspirations of the Chinese
people, who loot eagerly toward the earliest restoration of full tariff auton-
omy.
1 may add that the present seeming disarray and unrest in China Is only a
transition, unavoidable In the great change of a country from a d&spotic
orm of Government to that of a democratic republic. This has been the
experience of all the countr es of the world. The Chinese people are fully
convinced that with their genius and tlicHr experience of 4.000 years of Government they will be able to evolve, at an early date, a united and strong
PRESIDENT HARDING IN CLOSING ADDRESS AT
ARMAMENT CONFERENCE SAYS IT MARKS NEW
AND BETTER EPOCH.
President Harding, who delivered the address which signalized the start on Nov. 12 of the Washington Conference
on Limitation of Armament, made the closing address on
the final day of the Conference, which ended on the 0th
Inst, as it had begun twelve weeks ago, with a prayer. The
President's address on ilonday last followed the signing of
en-
gage to limit their navies, to guarantee a new deal
China, and to set up an international concord to keep the
peace in the Pacific. These treaties which were adopted
at the sixth plenary session of the Conference on the 4th
inst., are referred to In more detail elsewhere in to-day's
issue of our paper. President Harding's address of the Ctli
inst. was delivered at the seventh plenary session, which
was the briefest one held, and which lasted little more than
an hour, opening shortly after 10 a.m. and concluding at
In his closing address the President declared that
11 :14.
"this Conference has wrought a truly great achievement.
It is hazardous sometimes to speak in superlatives," he continued, "and J will be restrained. But I will say with every
f'onfidence that the faith plighted here to-day, kept in national honor, will mark the beginning of a new and better
"It matters little," said the
epoch in human progress,"
President, in the course of his address, "what we appraise
Any one of them
as the outstanding accomplishmenta
alone would have justified the Conference. But the whole
achievement has so cleared the atmosphere that it will seem
like breathing the refreshing air of a new morn of pi'omThe President also said
ise."
When you first met I told you of our America's thought to seek less of
for
that we souglit nothing which is another's,
.irmament and none of war
and we were unafraid, but that we wished to join you in doing that finer
and nobler thing which no nation can do alone. We rejoice in that accomplishment.
It may be that the naval holiday here contracted will expire with the
Those of us who live another decade are
treaties, but I do not believe it
more liltely to witness a growth of public opinion, strengthened by the
new experience, which will make nations more concerned with living to
the fulfillment of God's high intent than with agencies of warfare and
destruction.
Since this conference of nations has pointed with unanimity
to the way of peace to-day, like conferences in the future, under appropriate
conditions and with »ixaa both well conceived and definite, may illumine
the highways and byways of human activity.
The torches of understanding
have been lighted asd they ought to glow and encircle the globe.
;
The following
Is
the President's address in full
Mr. Chairman and Members of the Conference:
Nearly three months ago
privilege to utter to you sincerest words of welcome to the
capHal of our Il«pDb]lc^ to suggest tlie spirit in which you were invited,
it
was
my
to i?iitiate the atmosphere in which
very general way, pertiaps, I ventured to
ward which our aspirationa led us.
To-day it is my greater privilege, and
make ackiiowledernient. It is one of the
you were afked to confer. In a
express a hope for the things to-
even greater pleasure, to come to
supreme compensations of life to
contemplate a worth-while accomplishment.
It cannot be other than seemly for me, as the only chief of govemment
so circumstanced a'J to be able to address the Conference, to ^peak congratulations, and to offer the thanks of our nation, our people
perhaps I dare
;
volunteer to utter them foi the world.
My own gratification Ib beyond my
capacity to express.
This conference has wrought a truly great achievement.
It is hazardous
sometimes to speak in superlatives, and T will be restrained.
Hut I will
^ay. with prery confidence, that the faith plighted here to-day. kept in national iionor, will mark the beginning of a new and better epoch in human
progress.
Stripped to the simplest fact, what is the spectacle which han inspired a
for the world?
Gathered about this table nine great nations of
the earth
not all. to be sure, but those most directly concerned with the
problems at hand have met and have conferred on qiie-tion« of great Import and common noncern. on problems menacirig their peaceful relationship, on burdens threatening a common peril.
In the revealing liojht of the
p\il(lic o|>ini()h of the world, without surreiuler of govereigiity, without impaireil nationality or affronted natiorml pride, a solution has been found
in amity and
to-day's
adjournment is m.nrked by rejoicing in the
things acc(itn|)llslied.
If the world has hungered for new assurances it may
feast at the banquet which tlie Conference has spread.
I am sure the peojile of the United States are supremely gratified,
and
vet there is scant appreciation how marvelously you have wrou'/ht.
When
tiie
days were drags;! ng and agreements were delayed, when there were
obstacles within am! hindrances without, few stopped to realize that here
was a conference of sovereign Powers where only unanimous agreement
could l)e made tlie rule.
Majorities could not decide without impinging
national rights.
There were no victors to command, no vanquished to yield.
Ml had vohuitarily 'o agree in translating the conscience of our civilization and give concrete expression to world opinion.
And you have agreed, in spite of all difficulties, and the agreements are
proolaimed to the world.
No new standards of national honor have been
ought, hut the indietments of national dishonor have been drawn, and
the world is ready to proclaim the odiousness of perfidy or i'lfamy.
It is not pretender! that
the pursuit of peace atid the limitatiiiTis of armament are new coni'eits, or that the Conference is a new conception,
either in settlement of war or in writing the con.science of international
relationship.
Indeed, it is not new to have met in the realization of war's
—
The French
whereby the predominant nations of the world
and
new hope
MR, HUOUES.
treaties
[Vol. 114.
supreme
—
penalties.
The Hague eonventions are examples
of the one. the
Versailles are outstanding instances
conferences of
of the other.
The Ilag\ie conventions were defeated by the antagonism of one strong
Power whose indisposition to co-operate and sustain led it to one of the
supreme tragedies which have c<mie to national eminence.
Vienna and
Berlin .sought peace founded on the injustices of war and sowed the seeds
of future conflict, and hatred was armed where conference was stifled.
It is fair to say that
human progress, the gn-owing intimacy of international relationship, developed conununication and transportation, attended by a directing world n))inion. have set the stage more favorahly here.
Vou have met in that calm deliberation and that detennined resolution
which have made a just peace, a righteous relationship, its own best guaranty.
It has been the fortune of this Conference to sit in a day far ervough
removed from war's bitterness, yet near enough to war's horrors, to gain
the benefit of both the hatred of war and the yearning for peaee.
Too often, heretofore, the decades following such gatherings have been marked
by the difficult undoing of their decisions.
But your achievement is supreme because no seed of conflict has been sown, no reaction in regret or
resentment ever can justify resort to arms.
It little matters what we appraise as the oustonding acconipli.shments.
Any one of them alone would have Justified the Conference. But the whole
achievement has so cleared the atmosphere that it will seem like breathing
the refreshing air of a new morn of promise.
You have written the first deliberate and effective expression of great
Powers, in the con.sciousness of peace, of war's utter futility, and challenged
the sanity of competitive preparation for each other's destruction.
You
have halted folly and lifted btirdens, and revealed to the world that the
one sure way to recover from the sorrow and ruin and st.sggeri?ig obligations of a world war is to end the strife in prepnnition for more of it, and
turn human energies to the constructiveness of peace.
Not all the world is yet tranquili7.ed. But here is the example, to imbue with new hope all who dwell in apprehension. At this table c-ime understanding, and understanding brands armed conflict as abominable in
the eyes of enlightened civilization.
Vienna,
of
Berlin,
once believed
of
armed
preporedne.ss.
I advocated it.
But I have
better preparedness in a public mind and a world
opinion made ready to grant justice precisely as it exacts it.
And justice
is better served in conferences of peace than in conflicts at arms.
I
come
in
to believe there
is
How simple it all has been
When you met here twelve weeks ago there
was not a commitment, not an obligation, except that which each delegation owes to the Government commissioning it.
But human service was
calling, world conscience was impelling, and world opinion directing.
!
No
intrigue,
no offensive or defensive alliances, no involvements have
wrought your agreements, but reasoning with each other to common understanding has made new relationships among Governments and peoples,
new securities for peace, and new opportunities for achievement and attending happiness.
Here have been established the contacts of reason
here has come the
inevitable understandings of face-to-face exchanges when pa.sgjon does not
inflame.
The very atmosphere shamed national selfishness into retreat
;
Viewpoints were exchanged, differences composed, and you came to understand
how common,
after all,
are
human
aspirations
;
how
alike,
indeed,
and how easily reconcilable are our national aspirations; how sane and
simple and satisfying to seek the relationships of peace and security.
When you first met I told you of our .America's thought to seek less of
armament and none of war; that we sought nothing which is another's, and
we were unafraid, but that we wislied to join you in doing that finer and
nobler thing which no niition can do alone.
We rejoice in that accomplishment
It may be that the naval holiday here contracted will expire with the
treaties, but I do not believe It
Those of us who live another decade are
more likely to witness a growth of public opinion, strengthened by the
new experience, which will make nations more concerned with living to
tlie fulfillment of God's high intent than with agencies of warfare
and destruction.
Since this conference of nations has pointed with unanimity to
the way of peace to-day, like conferences in the future, under appropriate
conditions and with aims both well conceived and definite, may illumine
THE CHRONICLE
Feb. 11 1922.]
The torches of understanding
the highways and byways of human activity.
have been lighted, and they ought to glow and encircle the globe.
.4gain, gentlemen of the Oonference, congratulations and the gratitude of
To Belgium, to the British Empire, to China, to
the United States!
I can wish
France, to Italy, to Japan, to the Netherlands, and to Portugal
no more than the same feeling which we experience of honorable and honored contribution to happy human advancement, and a new sense of security
in the righteous pursuit* of peace and all-attending good fortune.
—
From our own
delegates
have known from time to time of your ac-
I
of the spirit of conciliation and of adjustment and the cheering readiness of all of you to strive for that unanimity so essential to ac-
and
tivities,
Without it there would have been failure; with it you
complishment.
have heartened the world.
.A.nd I know our gueets will pardon me while I make grateful acknowledgment to the American delegation to you, Mr. Secretary Hughes ; to you.
to all of
to you, Mr. Root
Senator Lodge
to you, (Senator Underwood
you for your able and splendid and highly purposed and untiring endeavors
in behalf of our Government and our people; and to our excellent Advisory Committee, which gave to you so dependable a reflex of that American public opinion which charts the course of this Republic.
—
It
so
all
is
—
;
;
so gratifying,
fine,
so full
so reassuring,
promise, that.
of
above the murmurings of a world sorrow not yet silenced, above the gronn*
which come of excessive burdens not yet lifted, but now to be lightened.
abo\e the discouragements of a world yet struggling to find itself after surpassing uphfeival, there is the note of rejoicing, which is not alone ours
or yours, or of all of us, but oomes from the hearts of men of all the
world.
AND RESOLUTIONS OF ARMS
TREATIES
575
Convening of a special commission of the five Powers to. meet In the
near future and consider rules to govern the use of new agencies of warfare.
By a second resolution on the same subject it is declared t^at the Commission
shall not "review or report upon'' the submarino and poleon gas rules laid
down in the Treaty on that subject.
Recommendation that "better protection" be given the Chinese Ba9t«rD
Railway. Another resohition attached, but not subscribed to by China,
declares the Chinese Government must be held resrponsible for ite obligations
regarding the road. Expression of hope that the Chinese rallwaj^ may bo
developed toward a unified system nnder Chinese control.
Request on the part of the other Powers that China reduce her military
forces.
Supplementary agreement to the Naval Limitation Treaty, declaring
the nations "in honor bound" not to dispose of 8hipe which are listed for
scrapping before the Treaty is ratified.
Supplementary agrecjment to the Pour-Power Pacific Treaty excluding
the islands of the Japanese homeland from the Treaty provisJons.
Of the "declarations" made by the various delegations and formally
spread on the records of the Conference, chief interest attached to those
Regarding Siberia
relating to Siberia and the "twenty-one demands."
Japan disavowed any territorial designs on Russia and pledged herself
to withdraw her troops from Siberia as soon as stable conditions warrant.
While the Unit-ed States reasserted Ite hope that the withdrawal would notbe long delaj'ed. the famous "group five" of the "twenty-one demands'"
was abandoned by Japan along with other concessions relating to economic
and political conditions in Manchuria and Mongolia. China filed a protestagainst the remaining portions of the "demands," and the United States
reiterated its intention not to recognize any of them which might abridg«
American
CONFER-
ENCE SUMMARIZED.
rights.
British declaration of readiness to 'withdraw
from the leased territory
was not elaborated, but will be taken up in diplomatic
exchanges between London and Pekin. As a supplement to the Far Eastern
Treaty. China declared her intention not to ahonate any addit onal portions
of her territory and as a supplement to the tariff treaty she agreed to retain
The
of Wei-Hai-Wei
In detailing the work accomplished at the Washington
Conference on Limitation of Armament, the Associated Press
dispatches of the 6th inst., said:
.Six coTnleted Treaties, two others agreed to in substance, fourteen
resolutions and ten separate or joint declarations of national polic.v comprise the formal and tangible contribution of the arms conference negotiations to history.
By the ma for agreements of the conference the great Powers put a limit
on their naval strength n capital s^ps. abjure submarine warfare against
commerce and a<je of poison gas, give China a new bill of rights based on
territorial integrity and the open door and set up a new international concord to preserve peace in the Pacific.
In addition Great Britain declares
her intention to restore Wei-Hai-Wei to China and Japan hands back Shangtung and promises to withdraw from Siberia as soon as conditions there are
the present mai-icime customs system.
In two supplements to the radio rtsohition, China declared she recognized no right to install foreign radio plants without her express consent,
and tne Powers other than China declared that in future wh'eles.s disputes,
the open door policy must he aiilipd
ARMAMENT CONFERENCE
TREATY ADOPTED
A.T
ROOT'^' PRINCIPLES
'"AND '"OPEN
DOOR" POLICY FOR CHINA.
'EMBODYING
'
limit futur«; C'lastruction that after a ten
At the sixth plenary session of the Washington_Conferenoe
on Limitation of Armament, held on Feb. 4, a treaty embodying the Root "four points" for the integrity of China
(given in our issue of Dec. 3, page 2361) and the rasoUitions
defining the "open door" policy for China, (referred to in
our issue of .Jan. 21, page 253) was adopted. The communique of the 4th inst. reporting the adoption of the
line
Treaty
stabilized.
Six Treaties.
These are the six Treaties which, during the 12 weeks of negotiations here,
have been brought to final completion:
1. Naval limitation Treaty, by which the United States, Great Britain,
Japan, France and Italy agree to scrap or convert 68 capital s'lips and so
ye.-ir building holiday their first
naval strength will remain at 525.000 tons. .525,000 tons. .315.000 tons.
175.000 tots and 175.000 tons, ro^'icctively. The res-wctive tonnage of
airplane c-irriors Is limited to 135.000 tons each for the United States and
Great Britain. 81 Of)0 tons for Japan and 60.000 toas each for France and
Italy.
Indivld'ial capital ships are to be no lareer tlian 35.000 tons and
carry no euns In excess of 16 inches.
Aircraft carriers are limited similarly
to 27.000 toTs and auxiliary craft to 10.000 tons, and neither can cirry a gun
largtsr than fig'it inches.
A fortifications '•status quo" is s^l u in the
I'riciric, und'T which the United States agrees not to further fortify the
Philippitv« and fiimm. and Japan agrees to observe the same restrictions in
Pnrm<n\. the Renins and the Pescadores.
2. The wi'j-narlne and poison gas TVeaty. to which the same five Powers
mm xlgnat^irU*!. By its terms the Powers agree as among thein.s^lves not to
IMS submarirHs "as corameroo d««troyers." In all cas<w to ohs<Tvc the rules
ofrbilt and s -arch and to regard as a pirate any submarine ooinmander who
vlolatea «>xisting taw.
As among themselves they outlaw use of poison gas
>
Altosether.
The
Power Pacific Treaty, by which the United States. Gniat
Britain, Ja')-in and I'Vanon airree to respect one another's rights In relation
to tlleir Inwilar possiswIoT.'i In the Piclfir and to me<-t In consultation when3.
matically ah-o^ati'l »h«-n
The
Dtslring to adopt a policy designed to stabilize conditions In the Far Bast,
to safeguard the rights and interests of China, and to promote int^jrcourse
between China and the other Po'wers upon the basis of equality of opportunity;
Have resolved to conclude a treaty for that purpose and to that end havo
appointed as their respective pleBlpotentiarieB: lUere follow the names
of the plunipotenilaries.l
Who, hav ng communicated to each other their
be In good and due form, have agreed as fallows:
_
The Anglo- lapan-se
««% Tniity
th«;
finally
alliance
Is
auto-
Par K-isfmi Troaty. Higned by the Unit<>d .States. Great
Britain. JaTin. France, Italy, China. Belgium. Poriiig;il and the Netherlands, bind* each of them to rrspoct China's Inte-zrity.
The op<"n door
policy !• to b«- .»n'»lle<l In detail and every opportunity Is to Imi itlvi-n the
(Jhineae pfnrile to d -vflop a stabki government. It Is a'O'ix'd that no Treaty
Inftringln^ tV-*- |irinc:pU« Is to be oonclud>»d. that no contracta vlloatln-^
tlunn are to b<> upheld, that d wrlmlnatory practices In the fhln-ti'i railways
la to end. and that China's riiibts aa a nuutrul are to be r<>M|>ect<*d In future
geo'-ral
powers, found
Article I.
_
tt»
.
territorial
and
administrative Integrity of (7hlna.
2. To provide the fullest and morl unembarrawcd opportunity to China,
to devt.'lop
Is ralifi<'d.
full
The contracting Powers, other than China, agree:
1. To respect the sovereignty, the ludependenco and the
fo'ir
«r«r thoa- rights an- tlintat4ined.
1.
-wnll be found to-day in another part of our paper.
following is the text of the Treaty as approvetl at the
Conference.
The United States of America, Bedglam, the British Empire, Ohliuk.
France, Italy, Japan, the Netherlands and Portugal:
The
and maintain
for bt^rsolf
an
trffectlvo
and
6t;ible
Oovernmnnt.
use their Influence for the purpose of effectually establishing and
maintaining the principle of equal oprKirtunity for the commerce and Industry of all nations throughout the terrllory of China.
4. To refrain from taking advanbtge of condltlotw In China In order to
seek special rights or orlvUxgtM which would abridge the rights of subjects
or cItl/.enH of friendly Ht;ito!<. and from oountetiandng action iniiulcoJ to
the Kucurlty of such Stales.
3.
To
Arllrle
n.
ronlractlpg Powers agre<i not to enter into any treaty, agrtMunemt.
arrangement or undcrHtandlng, either with one another or Indlviilunlly o
cii ItK-llvely, with any I'owtT or Powtim, whleh would infrliig"' or Impair
the principles statod In Article 1.
The
.».
Th<
rlding
by the same nine nations, prt)J m.»<rh(n< ry for in lmm<>dmti" n>vlslon of (;hln«in« cms
ti lAl^ f»f fi'/i,
effitctlve .-ind pcrWxl cal rtivifilons thereartur.
tariff troaty, adhertid to
'
Itr
to'n^
dijt,i«i o 1 .1
together with >-han?<*i which whill permit lmr>onitlou of
.
6. The Shanf'inij Treaty Ijc-twi^m
la rfMtoriid to ''hn'^n- «v,f»frf>l
My otm
of
<!onf«!mnc>..
prUllngiw
afvl
I
of Yi%D,
i
>i !
t'l"
'>
'
affnu-d to In
'.»»
n'l
.llrK; il«i
thai inM, ^'nm to
ttao
siirtati-H.
Japan and China, by which Htukntung
substance during thr
.it<ai thf long -sought rahlc nnd wlrfl'TW*
by the other Ihii five ()rlnri|ial Powcm
th«' forcnur f Jcrm iri o^niMl c i'>l<«i In thr
UnlUsd Htatrai. on«i to Japan and on* to th«
.iivl
f'inuUfn Uufjlulioru
f..'irf<.
rrwolutUiiM ri<r«'lvlnK <;onf<-riinc«: approval emlxMly
ri
Uk
A
Ifti!
In
.'Iriiwsl
Chilli
'I
•.
''
'-<
I
of fortilgn p«i«t
from f!hlnn on Jan. I
(KMlal anrvlm and contlniliii
ofrir»ii
in liniJtlna ,tn nfrirlonl
I'lfl n-rittr 'IciniTil
r
K
iniloiiiil ( 'ominlanlon to Invnatlgnlt' thr ( 'hiniwi
to .'ilKiMllon of ertru (.•rrllorliil rightii
\
•1 fur « roiiKiiliatioii (x'iwnnn fomlun dlitlornat* mid ClilomMoffivln with
t )•.!» u> wllh'Irawal nf forrlgn trtKitM frotn <'hlnn
K^lin'iii • im^nt l.. « imi of iin.tuthorirod fomlgti radio ntntlonn on
•
1
f'hiomn
•n4l. wll>,
O^MOIP* mljf
i
Aarnnmnnt Ut
l>
.
,,.
il.itn.n
that
all
>riirrnatU>n
i
lofrnatinnal rotn
<'reiiiion of a
,.
ptunt*
am
Ui hn
iiiwwl
fiw official
U-y.
«lt<.
»ffr*-t, f
,
.<,
door nnd rallwa|r prnvMXnM of ibo
t'l
amoni
Itir
nations rrgnrdln*
all
'tilni
caana arising und<tr tbc oprn
Fur Ra«t«Tn Trvatjt,
rviiwl'ifr
g>-tM<rml
Arlicit III.
'
effectiuilly the prlndplfiK of tin* i>vrn door
or (MiUHllly of oiiportiiiilly In <'hlnii for the trtuli- and IndiL-^try of .-ill natlomi
th<' ronlriirllng Pow»th. other than Clilna. agrii> they will iiiM m^k nor «up
|Mirt their rcnpocllve niitlonn In i«><'klnK:
(A) Any arrniigi'mi'tit wtildi inlxht i»iirpor» to «>Bt!il)llMh In fa\or nf thsk'
Inlcn-BlK liny Ki-ni-nil nuin-ri-iriiy of rights with ri'«iM-<-t to r*imm<»clBl or
"i"i
is'onoiiilr i|)ivrl>ipin<<Mt In any ilifiigiutlfil rcKl<>i> In Chln.i:
(III ,\ny iiu>'h moiioiMily or pn-fi-ri-nen im would «l«nirlve (he natlonaht
of any otli<T l'ow.>r of tin- rlKhi of uiKlcrlukliiK uuy li<wllliiiiit<' tniile (* In
ilUBlry In ("lilti.i. or of pitrtiel|>iiUiii< with tlw Cliliuwn (lovi'ii.-nu nt or wllb
uiiy l.iciil aiitliorlly In any caU-gory of |Mil>lle I'liUn'rl'". or whlrh lijr rraRoO
of It* iico|i». diirntlon f>r grogritiiliUtil i:«Uiiit 1" ej>ln>liilo<l to frmrtrat-fl th «
prnrtlrnl iipptlciilloii of tlie iirluelidi- of .-qnul oiHxirt unity.
It U undiTKUMxl llinl the forifColiiR «tliiulntloiu< of llil* urtlr-|i> ure not to
br mt coiiKlrutMl na to prolillill the n<-<|Uli<llloii of •iieli pro|)"ril<»i -ir rtghla as
inny be m-owutry to Ibi" rondorl of it parUciilnr ooiniinrrUI. Induatrhil or
With a view to applying mor«>
(
flnitni-l'il iinfliTtiikliiK >ir
to tin- <«ii»turi»»fi'in.iil of lin>'Hlloii .iml ri'(Mnirrb
4
thr fon-golnR
atllMiliitlona of thin t«rllr|e In d-iilliis with uppH'-nllorM for eo.notnlc rlilhU
nnil |irlvlli«i« from «loviTnni<'iil« nn<l nnlloiiiiU of all riir<4cn Cuunurlss.
•'"
ttlirlhi'r parlies Ut tlio pnwnt lr<iily or not
...
«w<.««>* •••
<'liliin
_
un(|i'rtjik<'n
t<i
l«<'
gulflixl liy 'li" prltHiiiiiw «l.i|i'.| In
.\rtict* IV.
rontrsctlns Ihiwrrn itgrt*' not to nupixM-t any •crsmmilx by (hsli
rmprcUvn.natlunals with <«'h <>ih»^. dxalaix d lo cr<«t« aphirra uf Influ
Thn
.
|
THE CHKONICLE
576
of such revision. The said tariff rates shall become effective as soon as
possible, but not earlier than two months after publication thereof.
ence or to provide for the onjoyment of mutually exclusive opportunities
In designated parts of OWnese territory. v •
Arlide
Vr
,
,:
''"'
'
.
that, throughout the
nationals are in a position to exercise
agreement or otlierwlse.
whole of the railways
-view to providing additional revenue to meet the needs of the
Chinese Government, the Powers represented at this conference, namely,
the United States of America., Belgium, the British Empire, China, Prance,
Italy, Japan, the Netherlands and Portugal, agree:
in
That the customs schedule o.f duties on imports into China, adopted by
the Tariff Re\ision Commission at Shanghai on Dec. 19 1918 shall forthwith be revised so that rates of duty shall be equivalent to 5% effective, as
provided for in the several commercial treaties to which China is a part.
A revision commission shall meet at Shanghai, at the earliest practicable
date, to effect this revision forth'Aith and on the general lines of the last
any control in virtue of any concession,
revision.
This commission shall be composed of representatives of the Powers
above named and of representatives of any additional Powers, having
governments at present recognized by the Powers represented at this
conference and who have treaties with China, providing for a tariff on
imports and exports not to exceed 5% ad valorem and who desire to par-
special
Artick Vt.
The contracting parties, other than, China, agree fully to respect China's
rights. as a neutral in time of war to which China is not a party; and China
declares that when she is a neul^al she will observe the obligations of neu-
ticipate therein.
The revision sliall proceed as rapidly as possible, with a view to its
completion within four months from the date of the adoption of this resolution by the Conference on the Limitation of -\rmament and Pacific and
trality.
Article VII.
.
The contracting Powers agree that, whenever a situation arises which, in
the opinion of any one of them, involves the application of the stipulations
of the present treaty, and renders desirable discussion of such application,
there siiall be full and franb: communication between the contracting Powers
Far Eastern Questions.
The
revised tariff shall become effective as soon as possible, but not
than two months after Its publication by the Revision Commiss'on.
The Government of the United States, as convener of the present Conference is requested forthwith to communicate the terms of this resolution
to the Governmnents of Powers not represented at this Conference, but who
participated in the revision of 1918 aforesaid.
earlier
concerned
Article VIII.
Powers not sgnatory to the present treaty which have Governments
recognized by the s gnatory Powers and which have treaty relp.tions with
China shall kve invited to adhere to the present treaty. To this end the
Government of the United States will make the necessary communications
to non-eignatory Powers and will inform the contracting Powers of the replies received.
Adherence by any Power shall become effective on receipt
of notice thereof by the Oov^mmcnt of the United States.
Article II.
Immediate steps
be taken through a special conference to prepare
the way for the speedy abolition of Likln and for the fulfillment of the
other conditions laid down in Article VIII. of the Treaty of Sept. 5 1902,
between Great Britain and China; in Articles IV. and V. of the Treaty of
Oct. 8 1903, between the United States and China, and in Article I. of the
supplementary Treaty of Oct. 8 1903, between Japan and China, with a
view to levying the surtaxes provided for in these articles.
The special conference shall be composed of representatives of the signatory powers, and of such other powers as may desire to participate and
•
Article
IX.
The
present treaty shall be ratified by the contracting Powers in accordance with their respective constitutional methods and shall take effect on
the datoof thedeposltof all the ratifications, which shall take placeat Washington as soon as possible. The Government of the United States will
transmit to th»> other contracting Powers a certified copy of the proces
verbal of the deposit of ratifications.
The present tteaty, of wlilch the EngUsh and French texts are both
authentic, shall remain deposited in the archives of the Government of the
United States, and duly certified copies thereof shall be trasnmitted by
that Government to the other contracting Powers.
In faith whereof the above-named plenipotentiaries have signed the present treaty.
Done at the City of Washington, the sixth day of February, one thousand
nine hundred and twenty-two.
A
resolution adopted supplementing the
giv^u below.
.
above Treaty
ARMAMENT
shall
may
adhere to the present Treaty, in accord with the provisions of Article
VIII., In sufficient time to allow their representatives to take part.
It
shall meet in China within three months after the coming into force of the
present Treaty on a day and at a place to be designated by the Chinese
Government.
Article III.
The
special conference provided for in Article II. shall consider the
interim provisions to be applied prior to the abolition of Likin and the
fulfillment of the other conditions laid down in the articles of the treaties
mentioned in Article II.: and It shall authorize tha levying of a surtax. on
dutiable imports as from such date, for such purposes and subject to such
is
conditions as it may determine.
The surtax shall be at a uniform rate of 2><i
ad valorem, provided that
in case of certain articles of luxury which, in the opinion of the special
conference, can bear a greater increase without unduly impeding trade, .the
total surtax may be increased, but may not exceed 5% ad valorem.
..
RESOLUTION ADOPTED AT
Annex.
With a
China, she will
not exercise or permit unfair discriminations of any kind. In particular
there shall be no discrimination whatever, direct or indirect, in respect of
charges or of facilities, on the ground of the nationality of passengers or
the countries from wiiich or to which they are proceeding, or the origin or
ownership of goods or the country from which of to which they are consigned,
OP the nationality or ownership of the ship or other means of conveying such
passengers or goods before or after their transport on the Cliinese railways.
The contracting Powers, other than China, assume a corresponding obligation in respect of any of the aforesaid railways over which they or their
Cluna agrees
[Vol. 114.
%
CONFER-
ENCE SUPPLEMENTING CHINESE TREATY
EMBODYING ROOT PRINCIPLES AND
"OPEN DOOR" POLICY.
Article IV.
Besides the Treaty which we give above, embodying the
iJrinciples and the "open door" policy for China, the
Conference on Limitation "of Arinament, at its sixth plenary
session, on Fob. 4, adopted the following resolution
suppletnenting that Treaty.'
The United States of America, Belgium, the British Kmpire, China.
Following the immediate revision of the customs schedule of duties on
imports into China, mentioned in Article I., there shall be a further revision
thereof, to take effect at the expiration of four years following the completion of the aforesaid immediate revision, in order to insure that the
customs duties shall coirespond to the ad valorem rates fixed by the special
conference provided In Article II.
Following this further revision there shall be. for the same purpose,
periodical revisions of the customs schedule of duties on imports into China
every seven years, in lieu of the decennial re\ision authorized by existing
treaties with China.
In order to prevent delay, any revision made in pursuance of tliis article
shall be effected In accord with rules to be prescribed by the special conference provided for in Article II.
Root
—
France, Italy, Japan, the Netherlands and Portugal;
Desiring to provide a procedlu^' for dealing with questions that may
arise in connection with tfio execution of the provisions or Articles III and V
of the Treaty to bo signed at Washington on Feb. 6 1922, with reference to
their general policy, designed to stabijize conditions in the Far East, to safeguard the rights and interests of Cliina, and. to promote intercourse between
China and the other Powers upon the basis of equality of opportunity;
Resolve, That there shall be .established in Chin^ a board of reference to
which any questions arising In. connection with ths execution of the aforesaid
Article V.
In
articles may l)e rofprre<i for invqstigatlon and report.
The special conference, provided in Article II of the
matters relating to customs duties there shall be effective equality
and of opportunity for all the contracting powers.
Article VI.
Treaty to be signed
at Washington on Feb. 6 1922, wi^h reference to the Chinese customs tariff,
ebaU formulate for the approval of the Powers concerned a detailed plan for
the constitution of the Board.
The
principle of uniformity in the rates of customs duties levied at all
the land and mar inie frontiers of China is hereby recognized. Thesptclal
conference provided for in Article II. .shall make arrangements to give
practical effect to this principle, and it is authorized to make equitable
adjustments in those cases in wiiich a customs privileg» to be abolished
was granted in return for some local economic advantage.
In the meantime, any increase In the rates of customs duties resulting
from tariff revision or any surtax hereafter Imposed in pursuance of the
present treaty, shall he levied at a uniform rate :id valorem ?X, all land and
maritime frontiers of China.
Article VII.
TREATY ADOPTED AT ARMAMENT CONFERENCE
PROVIDING FOR CHINESE TARIFF REVISION.
Besides the Treaty embodying the Root principles and
"open door" policy for China, the Washington Conference
on Limitation of AiTnamcnf at its sixth plenary session on
the 4th inst. adopted a Treaty embodying the resolutions
relative. to the revision of tJie. Chinese tariff.
These resor
lutions had been referred to in our issue of Jan. 28, page 368.
Ilerowith we give the treat.\ adopted on the 4th inst., and
signed on the 5th inst.
2H%
The charge
until the
for transit pa.sses shall be at the rate of
arrangements provided for by Article II. come Into
ad valorem
force.
Article VIII.
Powers not .signatory to the present Treaty, whoeo Governments are at
present recognized by the signatory powers and whose present treaties
with China provide for a tariff on imports and exports not to exceed 6%
ad valorem, shall be Invited to adhere to the present treaty.
The Government of the United States undertakes to make the necessary
communications for this purpose and to inform the Governments of the
contracting powers of the replies received. Adherence by anj' power shall
become effective on receipt of notice thereof by the Government of the
The treaty relative to the CTiineso tariff nnd c^jgriate matters reads:
The Unit«d States of America, Belgium, British Kmpire, China, France,
Italy, .iapan. The Netherlands -and Portugal:
With a view to increasing the revenues of the- Chinese Government, have
resolved to conclude a treaty relating to the revision of the Chinese customs
tariff and cogii:<te matters, and to that end have appointed as their plenipotentiaries: lllore follows the names of the plenipotentiaries.
Who, having communicated to each other their full powers, found to be
In good and due fonn, hav« agreed as follows:
\\
United States.
»
IX.
The provisions of the present Treaty shall override all stipulations of
treaties between China and the respective contracting powers, wiiich are
inconsistent therewith, other than stipulations according most favored
Article
Article I.
treatment.
The representatives of the contracting Power.s having adopted, on the
4th day of February 1022, in the City of Washington, a resolution, which is
appended .as an annex to this article, with respect to the revision of Chlne-se
mistoms duties, for the purpose of making such duties equivalent to an
effect'lve ,5% ad valorem, in accordance with existing treaties, concluded
by China with other nations, the contracting Powers hereby confirm the
said resolution and undertake to accept the tariff rates fixed as a result
all
of treatment
ArticleX.
The
I
present Treaty shall be ratified by the contracting powers in accord
with their respective constitutional methods and shall take effect on the
date of the deposit of all the ratifications, which shall take place at WashThe Government of the United States will
ington as soon as possible.
transmit to the other contracting powers a certified copy of the prooes
verbal of the deposit of ratifications.
_,
THE CHKONICLE
Feb. 11 1922.]
'The preoent Treaty, of which tho English and French texts are both
authentic, shall remain dopostttxl In the arrhlvea of the Government of the
United States and duly certified copies thereof shall be transmitted by that
Government to the other contracting powers.
In faith wherijof the above-named plenipotentiaries have signed the
present Treaty.
Done at the City of Washington the sixth day of February, one thousand
nine hundred and twenty-two.
The communique of the 4tli inst. in which reference is
made to this Treaty, is given under a separate head in the
current issue of our paper.
It should, therefore, be recorded in the minutes of the sub-committee and
before the full conference that the Powers signatory of the Treaty of naval
limitation regard themselves in honor bound not to sell any ships between
the present date and ratification of the Treaty, when such a sale would be
VIII.
breach of Article
X
The eighteenth
article of the Treaty (published in our issue
(page 476) binds the signatory Powers not to
dispose of warcraft by "gift, sale or transfer" in such condition that the vessels might be utilized as warships.
of
Saturday
last,
TREATY SIGNED AT ARMAMENT CONFERENCE
EMBODYING SHANTUNG SETTLEMENT— PAY-
ARMS CONFERENCE AGREEMENT SUPPLEMENTING
MENT
FOUR-POWER TREATY.
OF
FIFTY-THREE MILLION GOLD
MARKS TO JAPAN.
On the 4th inst., the Conference on Limitation of Armament adopted an agreement supplementing the Four-Power
Treaty signed on Dec. 13 (and given in our issue of Dec. 17,
page 2560): under the latter the contracting parties, the
United States, Great Britain, Japan and France, agree to
agreement on the principles involved in the plan for
the restoration of the Shantung Province to China was
reached on Jan. 30 by the Japanese and Chinese delegates
to the Washington Conference on Limitation of Armament
and on Feb. 4 the treaty betAveen Japan and China embodj"-
respect each others' rights in relation to their insular possessions and insular dominions in the regions of the Pacific
Ocean. Under the agreement of the 4th inst. the Homeland
of Japan is removed from inclusion within the Treaty's
pro\anoe through the specific declaration that ''The term
"insular possessions and insular dominions,' used in the aforesaid Treaty shall, in its application to Japan, include only
Karafuto (or the southern portion of the island of Sakhalin)
ing the settlement of the controversy was signed (following
the plenary session of the Conference) by the representatives
of the two Powers in the Hall of the Americas at the PanAmerican Union. The treaty was signed for Japan by
Admiral Baron Kato, Ambassador Shidehara and ViceForeign Minister Hanihara, and for China by Minister Sze.
Minister Koo and Chief Justice Wang. Two copies of the
treaty were signed and sealed, one to be deposited in Tokio
and the other in Pekin. The treaty is in English and
signed in English, the English language ha\ing been adopted
as the official language both for the negotiations and for the
Attendant upon the signing were Arthur J. Balfour,
treaty.
head of the British arms delegation, and Secretary Hughes,
through whose offices, together with the intercession of
The proPresident Harding, the settlement was effected.
visions of the treaty were summarized as follows in the
"Washington Associated Press" dispatches Feb. 4:
The treaty comprises twenty-eight articles and six annexes. Japan
agrees, under Article 1. "to restore to China the former German leased
territory of Kiao-Chow," and in the subsequent articles and annexes pro-
,
Formosa, and the Pescadores, and the islands under the
mandate of Japan." The following is the supplementary
agreement:
The United
States of America, the British Empire. France and Japan
have, through their respective plenipotentiaries, agreed upon the following
stipulations supplementary to the quadruple Treaty signed at Was.iington
on Dec. 13 1921.
The term "insular poeaessions and Insular dominions" used in the aforesaid Treaty stiall. in its application to Japan, include only Karafuto (or the
southern portion of Ihe-island of Sakhalin) Formosa and the Pescadores and
the islands under the mandate of Japan.
The present agreement shall have the same force and effect as the said
,
Treaty to which
it la
supplementary.
The
provisions of Article IV of the aforesaid Treaty of Dec. 13 1921. relatlng to ratification shall be applicable to the present agreement, which, in
.-French and English, slwll remain deposited in the archives of the Government of the United Stittes, and duly certified copies thereof shall be transmitted by that Government to each of the other contracting Powers.
In faith whereof the respective plenipotentiaries have signed the present
.
agreement.
Done at the City of Washingftttn the sixth day of February, one thousand
nine hundred and tweirty-t wo.
,
'
577
RESOLUTION OF ARMS CONFERENCE PROVIDING FOR
APPOINTMENT OF COMMISSION OF JURISTS
ON RULES OF WARFARE.
On
a
resolution providing for a commission of
warfare was adopted at a meeting
of the Committee on Limitation of Armament, and the
Conference, in adopting the same on Feb. 4, approved a
further re.solution*iinplomentary thereto, the following being
the te.xt of the oYiginal resolution with the supplementary
portion.
The United .States of America, the British Empire. France, Italy and
.Jan.
27
jurists to consider rules of
Japan have agreed:
First.
Th'tt a Commission composed of not more than two members
reprexentlng oarh of tb« ubove-meationed Powers shall be constituted to
consider the following r|uoHtioos:
(a) Do exi.sting mltw of international law adequately cover now methods
nt attack or dnfea-ie reHulting from the introduction or development, since
tbre iiagu<; fJonfernnre of 1907, of new ag<>nr',i« of Wrtrfaro?
(b) If not vi, wh.'it changnH in th« existing ruliw oUi<ht to be adopted In
conncfiucnce thrnjof om a p irt of the law of n.itloas?
Second. Th »l notlcen of appointment of the members of the Commission
qhall bo t.raniirnlr,t«wr to th« Govornmnnl of the VnlU'A States of Amorlci
within thme m/mthi after the adjournmeni/ of the prt-icnt (7onfercncc.
which afutr coimulUition with the i'onrcn concomud will fix the day and
plfirai for tho nuMiiIng of thn Comml-wlon.
Third.
Th.it ihr rVirruniition Mhall t)o at liberty to rofjunnt aj«i«lanc«
and advice fmm expnrVt in Intematlon.'il law and in land, naval and aerial
warfare.
Foarth.
That the f V>mmlwfl'in «h(«n rf-p'irt Itn cfinclusloni to each of the
Power* rirprfrwnl'-fl In lU /iwrnliorHhlp
Tho<M» Pow^rH Hhall thi-rcupon
confer aa to the acceptance of the mport and tho cnume tu Im followi-d to
secu re the ryin<ild'irnLlon of iOt rncominnndallonji by thn other civlllzod
Powem.
The following mipplrmentary
rrwjiutlon. to be Mlded to the above, whm
approvorl on tho Hh
R*MOltKl
Th-il It in not the intention of the Poweni agrwlng »o tho
iprw.int tiu.nt. tif a ( Vironilmtlon Ut consider and r«p«>rt u(xin thn ruliw of
Ifi'
I.IW r«-^p«r-tjng fvm ;ignnrli«i nf w.irfari' thiil til" < 'nni/niiwiion
.
•h-i.j
fir fpport iip-jn thn niinn or dn''l.iriili(ini rtiliiling Ui nubrn.irlnivi
or the oan of n<iilou< Kaww iind rhrnilrniM nlmady ndript4Hl by thr Power*
.
I
;
In thJa
.
Omfereoce.
RESOLUTION SUI'I'LKM ENTI Nd N.WAL THE
RINDINC POWERS NOT TO SELL SHIPS
OF ANY KIND
Tho
t*ixt f»f
a
'<ij(»(»I('/n(fitarv r<«H()li)lif;ii, hiiidiiik:
^igninif thw fivf-l'fjwir niival
tweon tho dat^ of
ni^nint;
fho nfficiaJ r-oinmiini(|uo
'I'rffil
and
«)f
y
frf»rii
flfllinK
final nitifjcation,
thu 4lh
iniil..
Mm
MY
oh followH:
vides for the details of the restoration.
Machinery is set up through a joint commission to be appointed by the
Chinese and Japanese Governments, to make and carry out "detailed arrangements" relating to the transfer of administration and public properThe transfer is to
ties, and to settle other matters requiring adjustment.
be completed as soon as possible, but in any case within six months of the
coming into effect of the treaty.
Japanese troops, including those along the T.singtao-Tsinanfu Ry., are
to be withdrawn from Shantung as soon as the Chinese police or military
This may be
arc provided to take over the protection of the railway.
done In sections, the date in each instance to be arranged in advance between the Chinese and Japanese authorities and tho complet* withdrawal
to be effected within three months if possible, and not later than six months
after signing of the treaty.
The Japanese garrison at Tsingtao is to be withdrawn simultaneoii-sly. if
possible, with the transfer of the administration of the lea.sehold and in
any ca.se within thirty days thereafter. The Japanese agree that the
custom-s house at Tsingtao shall become an inotgral part of the Chinese
maritiino customs as .soon as the treaty comes into force.
Under articles providing for the transfer to China of the TsingtaoTsinanfu Ry., called the crux of the entire Shantung problem, China
undertakes to pay Japan r>'.iA06.1il gold marks, the value placed on the
road by the Reparations Commission under the Treaty of Versailles plus
Japanese expenditure for permanent improvements and additions, minus
an allowance for <Iepreciation. A joint Chino-Japanese commission will be
appointed to agree on those values.
.\ctual transfer of the railway properties is to bo completed as soon ;is
possible, but not later than nine months after tho treaty i)ocomos offoclive,
and payment Is to be made then with (:;hlneso Treasury notes secured on
tho properties and revoimos of the road running for a period of fifteen
years, redeemable after five years at China's option.
Until these notes are rcdecniod a Japanese will occupy tho post of Traffic
Manager and another Jai)ancse will he (Ihiof Accountant, loliitly with a
Thesis officials
Chines*' Chii-f Accountant with i-o-ordinate functions.
"shall all 1)0 under the direction, control and suporvlslon of the Chinese
Managing Oiroctor and removable for cause."
Extousions of the Tslngtao-Tsinanfu ILillway, already provided fur by
conrensions, shall be open "to tho common activity of an international
financial group on terms to be arranged between this group and tho Chlnose
fiovornraont."
Former Giirman-operatcd minus in tho Province will be hanilo<l over Ui a
to be formiid under a H()<M-lal charter of tho -hinofM.' (iovcrnjnonl
rompiny
<
in wiiich tho .I.'iptnowi capital shall
Jap.m unilortaUcH not to sock the
b«»-
(fjvcn in
Clilti<vH<>
ONt:»bll«hnn>iit of
capital.
an cx<iusivo Jnpamso
inN'rn.itiiiDiil Hotlloinont In Kiao-Cliow Jinil (Miina iigroos to ojion Iho
ontiro formor loiuu<h(iid antl port nf 'i'singtao Ik fun-lgn trade on oqunl
Tho Halt Industry
tormn.
Priipi-rty rlghtH of roroignoi-M wlli !«• rcNiiiTli-il.
In declarrd to lx> a part of the Chlntwo (lovornniint inoiiop^ily and .lapuniww'
ini.<Tit<<t will Im) purrhaHod lit a fair value.
Tho Troiity l«<c<inioii offoctlvo after itn «lgnalun« and oxchangcw iil I'rUin.
whirh mutt taki- place not iator th.in four ninntlw afl^-r NlKiiiiig. 'I''"'
niuiiixoa of tho Troiity provide for ronuticlallon by Jitpuii of proforonlliil
rlghu.
Corliiln dolallH ivincorninn tho tninnfor of pulillc propirllivt. niiirillmo nuUunn at T»lngliio, tlio r»liiKln" TMlnanrti Uiillwny, tho rliofoo
Wolh«lon Uallwny and tho oponlng of tho tonM<d (.orrlliiry.
,
AiirKHiiirTnM'iit
«»f
HrlLN-TMcnt of
»h«<
lh««
••(mirovorHV
was
mmHJon of
by Si-critary HiicIks at Mn' fifHi
ho Conforonce on Fob. I that )»art <»r tho «lay'H oonuniinifjuo
indii-alinif »hiM. an«J si-ltintr out the toxf of Ihi- iiirrci-nnMil
|)l<'niiry
.
I
I'lfwor-t
not cxcchhI
or
iniwlc
warnhipH
wat
An
bt'luK
''U*
followH:
.Hi:iiii:i.\ny m:iini:s.
there wiui mpori«l ami iidnpi-d liy the I 'oinmltl4<<< on I'MOlflo
«nd Kar K«iitern QuiMtionn a roniprolionaivn romilutloii rolntlnic Ut euatom*
On
Jiin.
f»
—
THE CHRONICLE
578
That question, however, is a special and distinct one,
duties in China.
and with the conciirronco of the delegates I shall not report that matter
to the Conference at this session, but shall hold it until the proposed convention in relation to customs duties is ready for submission to the Conference.
1 hear no objection to that coxirse and it is eo ordered.
Here Mr. Hughes presented the resolution adopted in committee Jan. 18
with respect to the open door in China, which the Conference adopted
unanimously; the resolution adopted in committee Jan. 19 against discrimination on Chinese railways, which the Conference unanimously
adopted; the resolution adopted in committee Jan. 20 favoring reduction
of Chinese military forces, which the Conference unanimously adopted; the
resolution for full publicity with respect to all matters affecting the political
and other international obligations of China and the several Powers in
relation to C'hina, which the Conference adopted unanimously; the resolution adopted in committee Dec. 7 relative to radio stations in China, which
the Conference unanimouely adopted.
Mr. Hughes said:
"During the session of the Conference and of
its
committees, conversa-
[Vol. 114.
the direction, control and supervision of the Chinese Managing Director,
and removable
for cause.
"Financial details of a technical character relating to the said Treasurj
notes, not provided for in this article, shall be determined In mutual accord
between the Japanese and Chinese authorities aetsoon as possible and, is
any case, not laier than six months from the date of the commg into forc«>
of the present agreement.
"VI. The Extensions of the Tsing Tao-Tsinanfu Raihray.
aCTeed that the concessions relating to the two extensions of th.*"
Tsing tao-Tsinanfu Railway, namely, the Tslnanfu-Shunteh and th^
Kaomi-Hsuchowfu lines, will be thrown open tor the common acti%ity o*
an international fmancial group, on terms to be arrau{;ed between' tb'"
Chinese Government and the said group.
"It
is
"VII. Mines.
"The mines of Tsechuan, Fangtse and Chinllngchen, for which the mining
rights were formerly granted by China to Germany, shan be handed to b
company to be formed by a special charter of the Chinese Government, in
which the Japanese commi.sslons which are to be amount of tht
Chinese capital. The mode and terms of such arrangement shall be determined by the Chinese and Japanese commissions whi<ii are to be appointed
for thai purpose and which .shall meet Immediately upon the coming into
tions have been had between the representatives of China and Japan for
the purpose of settling a controversy which had arisen in relation to Shantung.
1 am happy to bo able to announce to the Conference that I have
been informed by the representatives of the Governments of China and
force of the present agreement.
Japan that
"The Chinese Government, on its part, declares that the entire area of
the former German leased territorj' of Kiao-Chau will be opened to foreign
trade and that foreigners will be permitted freely to reside and to carry or
commerce, industry, and other lawful pursuits within such area.
"The vested rights lawfully and equitably acquired by foreign national
in said area, whether under the German r€«ime or dtu-ing the Japanest
military occupation, will be respected.
"All questions relating to the status or validity of such vested righui
acquired by Japanese nationals shall be arranged by tho Sino-Japaneso
Joint Commission.
"IX. Salt Industry.
"Whereas, the salt industry is a Government monopoly In China, it v
agreed that the interests of Japanese companies of Japjinese national
actually engaged in the said industry along the coast of Kiao Chau Bay
are to be purchaseti t>y the Chinese Government on payment of fair compensation, and that exportation to Japan of a quantity nf salt produced
by the said industry along the said coast is to be permitted on reasonabkArrangements for the above purpo.ses. Including the transfer of
terms.
said interests to the Chinese Government, shall be completed by the Chinese
and Japanese commissions as soon as possible, and in any ca.se not later
than six months from date of the coming into force of the present agreement
this controversy
has been settled.
TEXT OP SHANTUNG AGREEMENT.
"I
ment
now propose
to communicate to the Conference the terms of settleas they have been agreed upon by the representatives of the two
Governments:
••/.
The Former German-Leased Territory of Kiao-Chau.
"T. Japan shall restore to China the former
German
leased territory of
Kiao-Chau
"2 The Governments of Japan and C^hina shall each appoint a commission with powers to make and carry out detailed arrangements relating to
the transfer of the administration and of public property in the said territory and to settle other matters equally requiring adjustment
For such
purposes the Japanese and Chinese commissions shall meet immediately
upon the coming into force of the present agreement
"3 The said transfer and adjustment shall be completed as soon as
possible, and in any case not later than six months from the date of the
coming into force of this agreement
"4 The Japanese Government agrees to hand over to the Chinese Government, upon thi! transfer to China of the administration of the former
German-leased territory of Kiao-Chau such archives, registers, plans,
title-deeds and other cfocuments in the pos,session of Japan or certified
copies thereof, as may be necessary for the said tran.sfer, as well as those
that may be useful for the administration by China, after such transfer,
of that territory, and of the 50-kiIometer zone around Kiao-Chau Bay.
"//. Public Propcrtus.
of Japan undertakes to transfer to the Government
of China all public properties, including land, buildings, works or establishments in the lea.sed territory of Kiao-Chau. whether formerl.v posses.sed
by the German authorities or purctiased or constructed by the Japanese
authorities during the Japanese administrition of the said territory, save
those indicated in this article (paragraph 3) of this treaty
"2 In the transfer of such public properties no compensation will be
cJaimed from the Government of China except (11 for those purchnsed or
constructed by the Japanese authorities and also (2) for the improvement
on or additions to those formerly possessed by the German authorities
Wit'T rPT.ird to cases under the.se two categories, the Government of China
shall refund a fair and equitable proportion of tho expenses actu itly incurred
by the Government of Japan for such properties specified in (1) or such
Improvements or additions specified in (2) having regard to the principle
of iif pro'-iitio"3. If is agreed that such public properties in the leased territory of
Kiao-Chau as are required for the Japane.se Consulate to be established in
Tsing lao shall be retained by the Government of Japan, and that those
required more esnocially for the benefit of the Japanese community, including public schools, shrines and cemeteries, shall be left in the hands
of the said community.
"Details of such matters shall be arranged by the Joint commission provided for In an article of this treaty,
"
1
The Government
,
.
"III. Japanese Troops.
gendarmes now stationed along the
branches, shall be withdrawn as soon as
the Chine.se jMilice or military force shall have been sent to take over the
protection of the railway.
"The disposition of the Chinese police or military force and the withdrawal
of the Japanese troops under the foregoing provisions may be effected in
.sections.
The date of the completion of such process for each .section shall
be arrange<i in advance betw«>en the competent authorities of Japan and
China. The entire withdrawal of such Japanese troops shall be effected
If possible wiihin three months, and, in any case, not later than six months
from the date of tho signature of the present agreement,
"The .lapanese garrison at Tsing tao shall be completely withdrawn,
simultaneously, if pos.sible. with tho tran.sfer of the administration of the
leased territory of Kiao-Chau to China, and in any case not later than thirty
days from the date of such transfer.
"The Japanese
troops. Including
Tslng tao-Tsinanfu Ry. and
its
"IV. The Maritime Customs.
agreed that upon the coming into force of the present treaty the
Customs House of Tsing tao shall be made an integral part of the Chinese
"1. It
is
maritime cust<mis.
"2. It is understood that the provisional agreement of Aug, 6 191,') between ,Iapan and China relative to the maritime customs office at Tsing-tao
will cease to be effective upon the coming Into force of the present treaty.
"V. The Tsing tao-Tsinanfu Railway.
"1. Japan shall transfer to China the Tsing tao-Tsinanfu Ry. and Its
branches, together with all the properties appurtenant thereto, including
wharves, warehouses and other similar properties.
"China on her part, undertakes to reimburse to Japan the actual value
of the railway properties mentioned in the preceding paragraph. The
actual value to be so reimbursed shall consist of the sum of 53,406,141 gold
marks f which is the as,scs,sod value of such portion of the said properties
as was left behind by the Gcrman.s).
I understand that is the assessed
value as fixed by the Reiiarations Commission."
Baron Shidehara "\'es."
—
The Chairman (continuing reading)
"Or its enuivalent, plus the amount which Japan, during her administration of the railway has actually expended for permanent improvements
on or additions to the said properties, less a suhnble allowance for depreciation.
It is understood that no charge will bo made wi'h re-specl to the
wharves, warehou.ses and other similar properties mentioned in paragraph 1
of this article, except for such permanent improvements on or additions to
them as ma.v have been made by Japan during her administration of the
railway, loss a suitable allowance for deprix-iaiion.
"The Government of Japan and the Government of China shall each
appoint (hree ('ommissioners to form a joint Hallway Commission, niih
powers to appraise the actual value- of the railway properties on the basis
defined In the preceding paragraph, and to arrange the transfer of the said
properties.
"Such transfer shall be completed as soon as possible, and. in any case,
not later than nine months from the date of the coming into force of the
present agreement.
"To effect the reimbursement under paragraph 2 of this article. China
shall, simnlianeoii.sly with the completion of the tran^fcr of the railway
properties, tlcliver to Japan Chinese (government Treasury notes, secured on
the properties and revenues of the railways, and running for a period of
fifteen years, but redeemable at the option of China at the end of five years
from the date of the delivery of the Treasury notes, or ai any lime thereafter upon sK months' previous notice,
"Pending the redemption of the siiid Treasury notes, the Chinese Government will ..-eltK-t and apijoint, for m) long a i)eriod as the said notes remain
unredeemed, a Japanese subject to tho post of Traffic Manatror and another
Japanese .subject to the Chief Accountant jointly wiih the Chinese Chief
Accountant wiiJi co-ordhtato functions. These officials sliall all be under
"VIll. Opening of the Former Qerman Leased Territory.
declares that it has no Intention of seeking'
the establishment of an exclusive Japanese settlement or of an lutemationai
"The Japanese Government
settlement in T.sing tao.
•
"X. Submarine Cables.
"Japan declares that all the rights, title and prlvil^es concerning former
German submarine cable between Tsing tao and Chefoo, ai d IwtweeE
Tsing tao and Shanghai, are vested in China, with the exception of thost
portions of the said two cables which have I)een utilized by the Japanest
Government for the laying of a cable between Tsing tao and Saselxi -it
—
being understood that the questions relating to the landing at.d operation
at Tsing tao and the said Tsing tao-8asebo cable shall lie arriin(.'ea by th*
Chinese and Japanese commissions as subject to th© terms of the existiiv
contracts to which China is a party.
"XI. Wireless Stations.
wireless .stations at Tsing tao and Tslnanfu shall bt
transfiTTed to CJhina upon the withdrawal of the Japaese troops at thost
two places, respectively, with fair compensation for the value of thee»
stations.
.
^
"The details of such transfer and compensation shall be arranged by th«
"Tho Japanese
Chinese and Japanese commissions.
Annexes.
"/. Preferential Rights.
".Tapan declares that she renoimces all preferential rights with regard \a
foreign assistance in persons, capital and material, stipulated in the SlnoGerman Treaty of March 6 1898.
"II. Public Enterprises.
"Enterprises relating to electric light, telephone, stock yards, &c., shal'
be handed over to the Chinese Government, with the understanding that
the stock yard, electric light and laimdry enterprises are. in turn, to bt
harded over to the municipal government of Tsing tao, which will fonr
ChiiKwe corporations in conformity with the Chinese company law U
manage them under municipal supervision and regulations.
"III. Telephones.
agrees to tiun over to the Chinese Government the telephone enterprise in the former German-leased territory of
Kiao-Chau.
_,„
"2 As regards such telephone enterprise, the Otunese Government will
give due consideration to requests from the foreign community at Tsing tAf.
for such extensions and improvomonts as may be rosoaably required by the
general interests of the public.
•'IV. Public Works.
"The Chinese Go\'ernment declares that in the management and maintenance of the public works in T.sing tao, such as roads, waterworks, parks,
drainage, sanitary equipment, &c handed over to the Chiiiesc (^lovernment
by the Jiip.mese (iovernment, the foreign community in Tsiag tao shall
have fair representation.
"
1
,
The Japanese Government
,
"V. Maritime Oustonts.
declares that it will move the inspector
Oei.eral of the Chinese maritime customs to permit the J.ip inese traders at
Tsing l<.<) to conunuuicate with the said customs in the Jap.meso language
ai^d in the selection of a suitable staff for the Tsing tiio custo ns, to givfconsideration wilhiu the limits of its established service regul.itions to tbi
diverse needs of the trade of Tsing tao.
"The Chinese Government
"\'7.
"Should the
The Tsing lao-Tsinanfu Raihcay.
commission fall to reach an agreement on any
joint railway
of the matter entrusted to its charge, the points at issue shall be taker
up by the two Governments for discussion and adjustment by means of
In the determination of such point«i the two C.overnment*
diplomacy
shall, if iiece.ssiirv. obtain re<-ommendtions of an export or experts of a
third Power or I'bwers who sh.all be designated in mutual agreement witb
each other.
"VII. Exlension of the Tsing tao-Tsinanfu Railway
"The Japanese Government has no intention of claiming that the optloc
for the construction of the (^licfoo-Weih.sien Railway should be thrown open
for the common activity of the International Financial Codsortiura if that
railway is to be constructed with Chinese capital.
" VI II. Opening of the Former Lease Territory
"The Chinese Government declares that, pending the enactment au<!
general application of laws remilatlng the system of local self-governmem
in China, the Chinese local authorities will ascertain the views of the forelgi,
In such
resident* in the former German-leased terriuiry of Kl lO-C.i at "
municip 1 matters as may directly affect their welfare and iiit«rest
The Chairman added:
.
.^
.
.
W
Permit me to express what I am sure all the delegates would desire
have expres.sed, the most cordi.il congratulations to the representatives of
the Jap.ino.sc and 'Chinese Government,s uix>n the succes.sful co icluslon of
tliCM' con versa tlon.s, and upon the fact that they Ivive t>een able to veadb
a satisf ictory b.asis of agreement with regard to this most serious subject
of controversy.
Mr. Chairman.
BARON SHIDEHARA OF JAPAN.
H seems fitting and proper that, on behalf of the Japaneot
M
delegation. I should express the profound satisfaction which we all feel
the settlement of this long pending Shantung question.
We are espM-ixlly Indebted to Mr, Hughes and to Mr. Balfour for the good
offices wlilch they have so graciously tendered to pave the way for direct
Thelf
negotiations between Japan and China with such a happy rcMilt.
invaluable services in that direction will no doubt be forevT remembered la
the grateful hearts of the Japanese people, and no doubt in tb«
THE CHRONICLE
Feb. 11 1922.]
of the Chinese people as well.
Adjtistmeots of this kind, however
r»lr Ui both parties, could hardly be expected in the very nature of
What la of suthings t<) sj'tisfy p\rery section of people In every country.
preme inii)iirtance. from a broader scope of vision is that a vpxatious quesJlon so lone standing between Japan and China should be definitely removed.
The atmosphere of unrest and tension which It has created In the popular
ailod must he forever set at rest.
That desirable end. Ind'^ed. has been
tchleved fully and completely. The Governments of both countries have
It
liad to overcome various difficulties in the course of the neRoMacions.
may, however, be stated that both Japan and China have put forth their
Their
best efforts i^ secure an amicable arrangement of this question.
afforts h;ivp now been amply rewarded.
The settlement just reached will
show an earnest desire to maintaio and to promote friendly relations between the two neighboring nations in the Far Bast. It will contribute not
only to ihe r own happiness and well being, but also to the peace of the
world.
Return of Wei-Hai-Wei by Great Britain.
tieartd
}U8t
and
agreement, a statement of
onderstanrlings recorded In the minutes of the conversations, and which
forms a part of the condusons reached. The understaalings follow:
"1 It Ls understood that on t; Id it; over the railway, the Chinese authorities shall h:ive full power and discretion to continue to remove the present
employees of Jipanese nationality in the service of the railway and thnt
reasonable notice may be ^iven before the d\te of the trs.nsfer of the railway
Detailed arraneements regarding the replacements to take effect iiiniediately on the transfer of the railway to China are to be made by the Chinese
»nd Japane«> .Tuthorities
"2 it is u')derstood (1) that the entire subordinate staff of the JapTnese
traffic manager and of the Japanese chief accountant is to be appointed by
5he Chinese Tianaglne Director: and (2) that after two years and a half from
She date of the finsfer of the railway, the Chinese Government may appoint
in assistant tr iffic manager of Chinese nationality, for the period of two
years and a half, and that such assistant Chinese traffic manager may also
t)€ appointed at an^ time after six months' notice for the redemption of the
Trea.sury notes is given
"3 The J ipanese delegation declares that .Japan has no intention to claim
ohat China Ls under any obligation to appoint Japanese nationals as members of the s.iid subordinate staff
"4 It Is u"derstood that the redemption of the said Treasury notes will
not be effected with funds raised from any source other than Chinese."
MINISTER SZE REPRESE\TIXa CHINA.
say a brief word with reference t<i the various rpeolutions that
7oa have read to this conference at the beginning of to-day's session. I.
however, do not intend to detain you long with a statement that the Chinese
delegation had the honor of making in the full committee meeting of the Far
Eastern Commission.
I need hardly add that the declarations made by the
Chinese delf^ation In the commission meeting remain the same. These
ileclaraiinns have already been given out to the public In the official comaiuaiqtieji of the comtniasion.
I shall, therefore, with your permission, not
read thoee declarationa. but Bfmply ask that they be considered as read and I
than now hand them to the Secretariat General.
I'The Ht^atements handed to the Secretary General by Mr. Sze were five in
aomber and dealt with "Foreign troops In China." "radio stattotis." "tariff."
'the open door" xoA "unification of railways tinder Chinese Government
I
shall first
X)nti-or').
Continuing. Mr. 8se said:
With r»^erence to the Shantung question, the Chinese delegation, speaking in behalf of Its Government and of the Chinese people, gladly avails itself
>f this opportunity to gtvc expression to its thanks to you. Mr. Chairman.
»nd to you Mr. BtUfour. for the extension of the good offices which have
aiade poMslble the Shantung conversations, now brought to such a successful
oonclusktn
Rts Kxcelleney. the President of the United States. In his Inttatlon to the Powers to attend the conference, expressed the hope that,
through Vif. facilltk« of InVfrooiirse which It would provide. It might be poe•Ible to arrive at und<irstandlngB with respect to matters which have been of
international concern, and this to promote enduring friendship among the
oatlons whone Intemsta have been lnvol\-ed.
Animated by the same hope
*bA desire, the Otiln'wo delegation, in the conversations which were held,
with the valuable assiataooe of observers so kindly designated by Mr.
Uugheai and Mr. BaKour, sought to accommodate Its views, so far as It could
oondstsntly. witii Ctiinese rights and legitimate interests to those of the
/•panesp dete«atlon so that a mr«tlng of minds might be arrived at, .and a
» program provided whereby an end might be put to a controversy which
aot only has disturbed the friendly relations txftween the fJThinese and
Japaaean people, but has fumlahed a cause of concern to the othtT Powers
This hope and desire on the purt of the Chinese Oovemmont and Chinese
peoplf! now appoMS certain to be reallaed.
Such a program has fotmd em"
Oodlment In agree e n ts and understandings Incorporated into a Treaty to
o«' sUrned by the <^»ov»<mnents of China and Japan.
The Chinese delegailon rBjor«*i In the setttnnient of this question not only because a sourw) of
Yirtlon ^>»^we».n its Ooromment and that of Japan has be<'n removed, but
oecause the miineae Oovcrmnent is able to aid In the realization of the
•J^'neflrent aim for the attainment of which this conference was convened.
m
MR, BALFOUR Of GREAT BRITAIN.
ahoald not havn lnt«rv»nKvl at thin stage of our d'ncusblons, but for two
rvasnns T>ie f Imt Is the most kindly nfeninr»« m;idi) by the representative of
''Ihlna to mtrh iMs'stanon ss Mr lluglif« and I have b«s!n able to give to thiftappy »"til«'inent of thl.'» gnrat and long-controverted qiieNiion.
I am sorry
.hat from ii'yvlral di-f«-u. I mlmrid a slnillar slat/ernent which Ixird Iaw U-\\h
OM «»« m.ide by my friends from Ja|>an. I did not doulit the warmth of
«tMrir fM-llngn. although I h:«pp"n«'«l to hav«i mlww<l thi.i p.-irt Irular <ixr'r<»<«lon
f
d tiMIB.
Sotm can doubt that through all tliis gre.'kt .-tsaembly thfTTfi la not an inwho does not reioton at thin tnost hari|)y ii«ttlement. Hut If thenir». two who >«i>«cJally rxjolnt. I think It iniixt. Ix- our <'halrmiin and. In a
xTondary d^grre. tnywiif. who havn worked l<i«ether In alMKilute harmony
ilvldtial
do what
That l« the
'ft
lav In us to eiwl
flr^l
r,
ajion that
thK loiig-«tandlng and in«mt unliappy
lnt<Tv«'ni- upon vour p;»tl«'nre.
ditpilte.
t
The wTcind rrnwjn Is ntv In wtilrh I siM'ik for llii- llrltlsh Kinpln- diili-guMOO and for ttirm al'.no
Th" nwulf of the t^Tmlnatlon of IhiM Hhantung
4tST>'i»«- l« to hand bwk to th*- wiviTflgiily of f 'hina a grejit port and
immt
r»llw,ty. fhe imri. giving .v< i-*! Ut and the railway giving roini>
'
',n»
within ttial
•
I
l><-|li<v<
\h
the m'iSt thIrWIy
|Hi|iiilati4l provlni-'i
of
itluT l<;i»ef| lorrit^jry. other than iluiwi we tirtvi- lM-«-n
refiT
u Is iirid'T l«^AAl»• to the llrltlsh <»f>v<Tnmi-nl
1
Thtimy wlw> havn followtvl the rt,iirv of events In China during the last gen•»«tlon »!* »wam that a inewt. rrlltr.il [xailtlon arose when ICiiwila and (»nril'kny bf^an tn stt«<mpl to domiii;>t<i triore nnd more i.hr ( 'hlmni. Kcnpire
It
w«a when
l(ina|» srHx/vl I'ort
the JWM Kl.uir-t'
nrrarMremintt was
[Milse to
Arthur that
In
order
t«i
tiring •fim<i ron'Igti equl-
of »urh nfH-rilloiis
*hr>
come to tw^mnm the ('hli«-»e «loviTt.
llw
Hrlfl^^l f)r>\emmerjt liy which V*el 11*1 Wei wns l«:i«««| Ui (li
for
» Utoi of ye^ni under :»rrangnmentx whirh left. It ixiiMllile to iiiM'
Iml. |i<irt lui a
IrfeiMe MTatnst Hiissia. though lm|>i>ull>ln l^i unn It as any gre it 'ooiin<rclsl
wntm or Ml a rival U> anjr exlntlng rommerrlal lni.<T«*t«.
fif
(
The
clrcimistances under which Wei-Hal- Wei thus came under the control
of Britain have now not only provisionally changed, but they have altogether disappeared. The rest of Shantung province is now handed back
und?r suitable conditions to the complete sovereignty of China. Under like
suitable conditions I have to announce that Great Britain proposes to hand
back Wei-Hai-Wei to the country within whose frontier It lies. I doubt not
It has been used so far merely as a sanatorium or Simimer resort for the
ships
of war coming up from the tropical or more southern portions of the China
station.
I doubt not that it will be available for that innocent and healthful
purpose-in time to come.
But the sovereignty will now be restored, as the sovereignty of China has
been restored in other part.« of the province, and wo shall bo largely guided In
the arrangements that we will have to make and that we propose at once to
initiate
we shall be largely guided in those arrangements by the course that
the arrangement in regard to the Japanese lease in Shantung has come to this
so hapiiy and so satisfactory conclusion a conclusion which has met with
your universal approbation in this hall.
When that Lsaccotnplished. this great provinceof China will again be what
every Chinese citizen must diwire that it should bn. In the fullest sen.se an Integral part of that great empire, and I rejoice to think that I am in a position
to-day to add. if I may .say .so. this crowning word to the statement of policy
m.ade by your Chairman on behalf of the country, and responded to in such
felicitous terms by our Japant^ie and our Chinese coll;-ague.s.
I
thought,
Mr. Chairman, that virithout going Into the wider aspect,s of world policy,
which perha[>s will come up more appropriately on another occasion, this
groat audience would wiicome a statement which 1 can assure them It gives
me the utmost pleasure to make in their presence.
—
—
SECRETARY HUGHES.
sboiild h.-vve read. In connection with this
I
579
'hllia. I«i irrevi'Ot ttie Inrrwiuw'
I
i
I
SECRETARY HUGHES.
desire to say, as a personal word that I appreciate mast deeply the reference that has been made by the Chinese and Japanese representatives with
respect to the part taken by Mr. Balfour and mysrlf in the endeavor to secure a satisfacttiry settlement of this controversy relating to Shantung.
It has been a great i)rivilege to be associated in any way with those efforts,
and having by way of anticipation a vision of the possibility of this result,
it seemed that no effort should be lacking to produce if possible., such a
c<mcliision of these negotiations as should be satisfactory to Japan and China
alike because of the falrtie.ss of the terms of the dis|>ositlon.
Let me also express the gratification felt at this announcement by Mr.
Balfour on behalf of the British delegation with respect to Wel-Hal-Wel.
Thus by what he fittingly calls the crownitig act in relation to this prfivlnce.
China has restored to her her most andeiit and most sacred possession in its
ectlrety, free from any foreign domination.
I
.
At the
Si.Kth Plenary Session of the Conference on the 4th
Secretary of State Hughes said:
inst,,
At the last plenary session of the conference I had the pleasure of stating
that the Chinese and Japanese delegates had informed me that they had
agreed upon a sottlement of the controversy relating to Shantung.
I now
have the pleasure of stating that I am inform xl by the Chinese and Japanese
representatives that the proposed Treaty on the question of Shantung has
been agreed upon, the form of teit approved, and is ready for signattire.
MA
SOO,
REPRESENTATIVE OF CANTON GOVERN-
MENT SAYS SHANTUNG TREATY WILL
BE
REPUDIATED.
Ma Soo, representative of the unrecognized Canton Government, in making public at Washington, on Jan. 31, a
resume of the Shantung Treaty, declared that "the people in
China will not recognize this Treaty, and will repudiate it."
Mr. Soo's resume of the Treaty follows:
Renunciation by Japan of
1.
all
rights to foreign assistance in persona,
and materials, stipulated In the Chinese-German Treaty of 1898.
Maritime customs at Tsing-tao returned to China, retaining certain
capital
2.
Japanese privileges.
Former Gorman public properties
Japan for improvements.
3.
rettorned to
China with compensa-
tion to
4. Foreign vested Interests, lawfully and equitably acquired, to be respected by China.
6. Withdrawal of Japanese troops, police
as soon as possible.
and gendarmes from Shantung
6. The Kaorai-Hsuchow and Tslnan-Shentuh raltwayx to bo international
entorprl8<w. the terms to bo fixed by China.
The Chefoo-Tsinan Hallway to
be a Chlni'se enterprise.
7. Tratwfer of leasehold and fifty-kilometer zone from Japan to China,
Klao-<'hau to bo a 8<'lf-opened port, with Chinese municipal govornnaent.
Several other ports in Shantung to lie opened by (Miiiia.
8. Ono Iron mine and two coal mines to Ik( oi)oratod under Chinese dlrtiotlon with Ja]>aneHe capital not exceeding .W^o.
9. Keturn of C.ernian cables to China.
10. Removal of Jai)aiies<! win-less stations, with due compensation.
I'urch.-uw f)f Halt Industry by (Miitta, giving Japan tho right to purI.
I
a iiollon of the iiroduot annually.
China to purchase the Klao-Chau-THinan Hallway with riO.OOO.OOO;
no payment with'n the first flv.) years. afl^T whieli China r.an make a single
payment or iuhtalineiit paymi>nt« for ton years. Heveniie to iMdong to
('h'lia njt soon as transfer is made.
Then' will Ix-. lM'fon» coinpli>te nxlemivlion. a Japanewi Traffic Manager, subject to the dln'<'tloii of a Cliltie«»i
.Manuging l)lre<-tor, a Japanese a<-roUMtant and a ChlneHii atTountJint of
iHjual rank.
Tho .ihovii r^ points will Ik) lticon>orated In the Tn>aty. 'Phi' followliig
thnsi |H>lntM will upiM'ar only In liie nilnnt^iH:
cl a>>e
IJ.
Traiihfer of ilo<MinientH and II le dissls to China.
DIs.ivowal by .lapan of upeel.il Interi-siH In MhiintililK.
ir>. The settlement not to prijudice the right of China and Chlness
dtlzena Ut chiiMi restltutloii of laiids lost and n-parnllon for dainitge MUfferi'd
dnritig Jnpaiww' oecupatloti.
l.'i.
I
I
1.
.Mr.
|
St)()
wiiH
(|ii(»f(xl tiH Hiiyiinf:
Justified In giving out a resume of the Triply In iidvniin'. for It will
hrll> llie AliierliHIi peoplr- to un'liTMt ii ml Ihe dlsniit lof.iel loll nnd nppoHltloli
Mlileh the ( 'hlliiiH' |>«<iple ImiIIi uI honii Hid iiliroml » ill mirely v olee iih H(K>ii
fiMil
s the Treaty
Ih made publlr at UmiorroWH oi»en wvtinn of tin- eonference.
"An etamlnatlon of t' n lernm of the Treaty »lll nhow that the I'ekliuf
dnlricate* In liniidllni/ the Hhanliing i|iii'«lloii with Japiin cotuiiilll" <l a grave
tiwllriil error.
They flrnl imIioIiIjxI .l.»|iiin s rlglilM In HhiinluiiK and then
'riiln eoiirw cuiild f>nly
lrle«l i<i get liarU iM iniii-h from .lupiiii iu> jmssllile
leuft to dlaiMtrous nwuliii for (tilnii
Mow dm-w-lniim Inn lii-i-n t'lilnn's do
fnnt this Tn<nl> clearly s'lown
Home of them are liiiniiless. as, for
"M(«t of the l<.riim am iiliject lnikJilile
Instsnon. tlv np|M)lnt.ineni of n .lr«|iiine««> Iriiffk inmisgi-r. which may seem a
,.
THE CHKONICLE
58U
matter to many people unacquainted withi conditions in China. To
those who know, from experience, of foreign traffic managers in the other
railways in China, it is a very serious matter, for the traffic manager is tlie
man who actually controls the railway, and the so-called Chinese directors
And so, after all, the Shantung Railway is still in
are mere figureheads.
Japanese hands.
"The Shantung question may be now 'settled' and a Treaty signed between the delegates from China and Japan, but I am sure we have not yet
heard the last of the Shantung question. I know the people in China will
not recognize this Treaty and will repudiate it.
"It is hardly necessary for the Canton Government to declare that it does
not approve this Treaty, for its attitude toward the conference has been
made very definite and clear. Being the legal Government of China and
having no representative at the conference, it cannot recognize the decisions
of the Conference relating to China as having validity or as binding upon the
the Chinese people." _^^^^^^_______^^__^_
trivial
PRESIDENT HARDING'S ADDRESS TO SENATE ASKING APPROVAL OF TREATIES AGREED ON AT
ARMS CONFERENCE.
President Harding submitted to the Senate late yesterday
(Feb. 9) six treaties which were agreed upon at the Washington Conference on Limitation of Armament, which was
brought to a conclusion this week, as detailed elsewhere in
this issue of our paper.
The President, appearing before
the Senate and asking its approval of the treaties, addressed
that body as follows:
Mr. President and Gentlemen of the Senate:
I have come to make report to you of the conclusions of what has been
termed the Washington Conference on the Limitation of Armament, and
to lay before you the series of treaties which the United States and the
other Powers participating in the Conference have negotiated and signed,
and have announced to the world. Apart from the very great satisfaction
in reporting to the Senate, it is a privilege as well as a duty to ask that
advice and consent which the Constitution required to make these coven-
ants effective.
Accompanying the treaties I bring to you the complete minutes of both
se-ssions and commi'tee meetings, and a copy of the official report
made to me by- the American delegation to the Conference. Both the
complete miinites and the official report of the American delegation are
new accompaniments to the executive report of a treaty or treaties, but
they are fitting testimonials to that open and simpler diplomacy for which
the world has asked and the practice of which contributed largely to the
plenary
Conference so recently adjoiu-ned. I trust they will facilitate
that ample and helpful understanding which is desirable in the Senate and
reflect that understanding which was the keynote of the Conference itself.
The whole transaction is quite out of the ordinary. I am not thinking
of the achievement which I hope the Senate will come to appraise highly
as I do, and as the world seems to do.
I am not thinking of the commendable processes by which agreements were wrought though this was
a Conference wholly of free nations, exercising every national right and
Indeed,
authority, in which every agieement was stamped with unanimity.
it was a conference of friends, proceeding in deliberation and sympathy,
appraising their friendly and peaceful relations and resolved to maintain
them and give to the world new assurance of peace and actual relief from
the burdens of excessive and competitive armament.
But the out-of-the-ordinary phases which I have in mind are that the
Senate indeed, the Congress has already advised in favor of one and
inferentially of two
of the treaties laid before you to-day, and the naval
pact negotiated and signed Is in accordance with your expressed \\ish. It
calls a halt in the competitive construction of capital ships in the great
navies of the world, and affords the first actual relief from naval burdens
which peoples have been able to acclaim since steam and steel combined
to add to naval strength in warfare.
But though the treaty recommended by the Congress marks the beginning of a naval holiday and that limitation of naval armament which
accords with a world aspiration, the particular justification of this prosuccftss of the
—
—
—
—
and highly gratifying step was the settlement of the international
problems of the Pacific, attended by new understandings in place of menacing disagreements, and establi^hed sureties instead of uncertainties which
easily might lead to conflict.
Much as it was desirable to lift the burdens of naval armament and
strike at the menace of competitive construction and consequent expenditure, the executive branch of the Government, which mtist be watchful for
the nation's safety, was unwilling to covenant a reduction of armament
until there could be plighted new guarantees of po.-ico, until there could be
removed the probable menaces of conflict. Therefore all the treaties
submitted for your approval have such important relationship, one to
another, that, though not interdependent, they are the covenants of harmony of as-surance, of conviction, of conscience, and of unanimity. These
we have believed to be essential to i)erfect the fulfillment which the Congress has in mind.
As a simple matter of fact, all of the agreements, except those dealing
directly with the limitation of armament, take the place of various multipower treaties, arrangements or understandings, formal or informal,
expressed or implied, relating to mattors in the Pacific Ocean, in which
The
all the Powers signatory wore es.sentially, if not equally, concerned.
new agreements serve to put an end to contradictions, to remove ambiguities and establish clear understandings.
No matter what mental reservations may have existed, or what doubts
may have prevailed because here was an experiment new in many phases,
all ol the Powers came to the Conference knowing it was to deal with very
There was
practical situations affecting their international relations.
mutual Interest, quito apart from the greater achievement for world peace,
and a way to common understanding was found to be practical and apecdily
gressive
arranged.
If it has developed a new world school of diplomacy, lot it be so called.
It revealed the ends .aimed at In the very beginning and pointed the way
to their attainment.
The Powers in Conference took the world of the
Pacific as they found It in fact.
They dealt with actualities by voluntary
and unanimous agreement and have added to mankind's assurances and
hopefully advanced international peace.
It is worth while saying that the Powers In this Conference sought no
concert to dispos.scss any Power of its rights or property. All the signatories have given up certain rights which they had, as their contribution
to concord and peace, but at no sacrifice of national pride, with no regret
or resentment to lat«r flame in conflict.
Some relinquished certain rights
or prerogatives which they had asserted, notably In the settlement of the
Shantung controversy, dealt with in a covenant quite apart from the
group herewith submitted. But every concession was a willing one, without pressure or constraint.
[Vol. 114.
The Conference
record
is
quite unparalleled, not alone because there
was the maximum of good feeling and neigh borliness throughout the session
but common rejoicing in the re.5ults, and the separations in departure were
marked by genuine cordiality, good will and new hopes.
It is not nece.ssary to remind you that the Conference work was not
directed against any Power or group of Powers.
There were no punishments to inflict, no rewards to bestow. Mutual consideration, and the
common welfare, and the desire for world peace impelled. The conclusions
reached and the covenants written neither require nor contemplate compulsive measures again.st any Power in the world, signatory or non-signa•
The offerings are free will; the conscience is that of world opinion;
the observance Is a matter of national honor.
These treaties leave no Power despoiled. The delegates of every Power
participating adjourned with every right and every authority with which
thoy came, except that which was willingly and gladly given up to further
the common welfare.
I can assure you the nine Powers have been brought more closely together, they are stauncher neighbors and friends, they have clearer and
better estimates of one another, they have .seen suspicion challenged and
tory.
.selfishness
made
to retreat, they
have keener and more sympathetic under-
standings, and they are more strongly willed for right and justice in international relations than ever before.
I believe with all my heart the Powers
in conference have combined to make the world safer and better and more
hopeful place in which to live.
It was a helpful thing to have the Conference reveal how common our
human aspirations are and how easy it is, when the task is properly approached, to reconcile our national aspirations. There are mutual and
e^.senlial interests affecting the welfare and peace of all nations, and they
cannot be promoted by force. They can be revealed and magnified in that
understanding which, it is now proven, the Conference of peace promotes,
and the same understanding makes compulsion and despoilment hateful in
the eyes of mankind.
The trea ies submitted, seven in number, are:
The covenant of limitation to naval armament between our
republic, the
British Empire, France. Italy and Japan.
The treaty betw een the same Powers in relation to the use of submarines
and noxious gases
in warfare.
treaty between the United States, the British Empire, France and
Japan relating to their lasular dominions In the Pacific.
A declaration accompanying the four-Power treaty reserving American
rights In mandated territory.
An agreement supplementary to the four-Power treaty defining the
application of the term "insular possession and insular dominions" as
relating to Japan.
A treaty between the nine Powers in the Conference relating to principles
and policies to be followed in matters concerning China.
treaty between the nine Powers relating to ChUiese customs tariff.
It is quite impossible to
1 invite your prompt approval of all of them.
readjust our naval program until the naval treaty has your sanction, even
though you urged its negotiation. It is not possible to make the readjustment in full confidence until the whole program has commended itself to
your approval.
I am not unmindful, nor was the Conference, of the sentiment in this
chanber against Old World entanglements. Those who made the treaties
have left no doubt about their true imi)ort. Every expression in the
Conference has emphasized the purpose to be served and the obligations
assumed.
Therefore, 1 can bring you every assurance that nothing .in
any of these treaties conunits the United States, or any other Power, to
any kind of an alliance, entanglem.ent or involvement.
...
It does not require us or any Power to surrender a worthwhile tradition
It has been said, if this be true, these are mere meaningless treaties, and
therefore usele-ss.
Let us accept no such doctrine of despair as that. If
nations may not establish by mutual understanding the rules and principles
which are to govern their relationship; if a sovereign and solemn plight of
faith by leading nations of the earth is valueless; If nations may not trust
one another, then indeed there is little on which to hang out faith in advancing civilization or the furtherance of peace.
Either we must live and aspire and achieve under a free and comippn
understanding among peoples, with mutual trust, respect and forbearance,
and exercising full sovereignty, or else brutal, armed force will dominate,
and the sorrows and burdens of war in this decade will be turned to the chaos
and hopelessness of the next.
can no more do without international
negotiations and agreements in these modern days than we could maintain
orderly neighborliness at home without the prescribed rules of conduct
which are more the guaranties of freedom than the .restraint thereof.
The world has been hungering for a better relationship for centuries
since it has attained its larger consciousness.
The conception of the
League of Nations was a response to a manlfe.st world hunger. Whatever
its fate, whether it achieves the great things hoped for or comes to supersedure or to failure, the American unw.illingnjess to be a part of It bas been
The
A
We
expres-sed.
That unwillingness has been kept In mind and the treaties submitted
to-day have no semblance or relationship save as the wish to promote
peace has been the common inspiration.
The four-Power treaty contains no war commitment. It covenants the
respect of each nation's rights in relation to its insular possessions. In
case of controversy between the covenanting Powers It is agreed to confer
and seek adjustment, and if said rights are threatened by the aggressive
action of any outside Power these friendly Powers, rsepecting one another,
are to communicate, perhaps confer. In order to understand what action
may be taken, jointly or separately, to meet a menacing situation.
There is no commitment to armed force, no alliance, no written or moral
obligation to join in defense, no expressed or implied commitment to
arrive at any agreement e.xcept in accordance with our constitutional
methods. It is easy to believe, however, that such a conference of the
four Powers is a moral warning that an aggressive nation, giving affront
to the four great I'owers ready to focus world opinion on a given controversy. Would be embarking on a hazardous enterprise.
Frankly, Senators, if nations may not safely agree to respect each other's
rights and may not agree to confer if one to the compact threatens trespass
or may not agree to advise if one party to the pact is thi-eatened by an
outside Power, then all concerted efforts to tranquilize the world and
Either these treaties must
stabilize peace must be flung to the winds.
have your cordial sanction or every proclaimed desire to promote and
prevent war becomes a hollow mockery.
We have seen the eyes of the world turned to the Pacific. With Europe
prostrate and penitent, none feared the likelihood of early conflict there.
But the Pacific had its menaces, and they deeply concerned us. Our terriIts waters are not strange seas to us. Its
torial interests are larger there.
Our earlier triumphs of comfarther shores not unknown to our citizens.
merce were there.
We began treaty relationships with China fully eighty years ago. In the
youthful vigor of our republic, and .the sailings of our clipper ships were
the romance of our merchant marine when It euocessfully challenged the
THE CHRONICLE
Fbb. 11 1922.]
Seventy years ago Commodore Perry revealed
Japan to commerce and there followed that surpassing development of
the island empire, with whom our unbroken peace found a most gratifying
competition of the world.
Conference just closed.
century ago we began planting the seeds of American friendship in
Hawaii, and seventy years ago Wet)st«r told the Senate that the United
States could "never consent to see these islands taken possession of by the
great commercial Powers of Europe."
Whether it was destiny or the
development of propinquity, or the influence of our colonists, or faith in
out institutions, Hawaii came under the flag in 1898 and rejoices to-day as
part of our republic.
The lure of the waters, or the march of empire, or the call of commerce
or inscrutable destiny led us on, and we went to the South Seas and planted
the flag in Samoa. Out of the war with Spain came our sponsorship in
the Philippines, and the possession of Guam; and .so we are deeply concerned
in the mid-Pacific, the South Seas and the very centre of the Far West.
We crave peace there as we do on the Continent, and we should be remiss
In performing a national duty if we did not covenant the relations which
tend to guarantee it. For more than a half-century we have had a part
in influencing the affairs of the Pacific, and our part proposed commitments are not materially different in character, nor materially greater in
extent, though fraught with vastly less danger, than oxir undertakings in
the past.
We have convinced the onlooking and interested Powers that we covet
the possessions of no other Power in Far East and we know for ourselves
that we crave no further or greater governmental or territorial responsibilities there.
Contemplating what is admittedly ours, and mindful of a
long-time and reciprocal friendship with China, we do wish the opportunity
to continue the development of our trade peacefully and on equality with
other nations, to strengthen our ties of friendship, and to make siire the
righteous and just relationships of i)eace.
Holding the possessions as we do, entertaining these views, and confes.sing
these ambitions, why should we not make reciprocal engagements to
respect the territory of others and contract their respect of ours and thus
quiet apprehe'nsion and put an end to suspicion?
There has been concern, there has been apprehension of territorial greed,
a most fruitful cause of war. The Conference has dissipated both, and
your ratification of the covenants made wUl stabilize a peace for the breaking of which there is not a shadow of reason or real excuse.
We shall not
have less than before. No one of us shall have less than before. There is
no narrowed liberty, no hampered indei)endence, no shattered sovereignty,
no added obligation. We will have new assurance, new freedom from
anxiety and new manifestations of the sincerity of our own intentions; a
new demonstration ol that honesty which proclaims a righteous and power
reflex in the
A
fnl republic.
I am ready to assume the sincerity and the dependability of the assurances of our neighbors of the Old World that they will resp ct our rights,
jtist as I know we mean to respect theirs.
I believe there is an inviolable
national honor, and I bring to you this particular covenant in the confident
-belief that it Is the outstanding compact of peace for the Pacific, which will
justify the limitation of armament and prove a n6w guarantee to peace and
liberty, and maintained sovereignty and free institutions.
No ailufiion ha.* been made to the tr»»aty restraining and limiting the use
of the submarine, and the prohibition of noxious gases In warfare.
Since
we are asking the world's adherence, it is easily assumed that none in
America wUl hold aloof.
Nor need I dwell on the nine-Power treaty relating to principles and
poUaes to be followed In the relationship of the signatory Powers to China.
Our traditional friendship for the ancient empire, our continued friendship
for tbe new republic, our commitm nt of mre than twenty years to the
open door, and oiu- avowed concern for Chla se -ntegrity and unimpaired
•orerel^ty, make It easy t assume' that the Senate will promptly and
anaobnously assent. China's own satisfaction in the restorations covenanted here has been ofnctaliy expressed, quite apart from the testifying
ignaturen.
Perhaps I qiay flulagly add a word which is suggested by my rolationafaip as a formw member of the Senate.
1 had occa.sionto learn of your
ytry proper jealousy of the Senate's part in contracting foreign relationships.
Frankly, it was in my mind when I ^sked representatives of both
tbe majority and minority to hctvo on the American delegation.
It was
deKfajned to have you participate.
And you wwe ably ropresentod.
The Senate's conomi for freedom from entinglements, for preserved
(ra^liUonii. for malntaine<I Inicpendcnce wa.s never once forgotti-n by the
Amraicin <lrU:^itiiH. If I did not believn thoHe tnatics brought us not
only new K'^arantlcn of peace but greater a.s.<?uranrcs of freedom from
conflict, I would not submit them to your uonsidiiratlon.
\In'-h det><;nd'> on ynur dixisbjn.
\Vi: haxc joinixl In Kiving to the world
^cle of nations (fathering .'ibout the conference table, amid the
in of p*-ai». fn« frofii all pusnlttn. to face each other in the conlac's
rif TKa^ion. to wilve mrnarliiK probk-iiiH and i-nd dLspu'f.s and rloar up mlsundfT^'.-indlneT'licy have agrotxl to r»)nfor again when dfwirable and 'urn
tbe
of world opinion on any nxmaro to peace among thenj.
Y<i
it enfouragi-'l and hat ilKiiitd the oonipac's which li
bad Riurh to do in faMliloning. If to Ihes*- iind'TH'andliigs for pe.ire, If to
tboM) tidvan'Tid t-tpri. ^jijos of the ixjnwlorird of li-.vliuK Powers, if to tho>;o
ooncrirdf
imI, mnflift and lift ihi* burdenM of armament
If to
•\ll i-if »h'
illl not adi-t'O and rr)ns<!nt, then If will b«> fu'llo to
Hem haa iwcn oxcrrW<d ovrry caution ronnlMtcnt with accom.
581
ment (and given in our issue of a week ago, page 476), conwork on fourteen capital ships was suspended on
Feb. 8 by Secretary of the Navy Donby at the direction of
struction
Presi dent Harding.
tions thus halted
000 a month.
patches Feb. 8
It is stated that the building opera-
have cost the Government about
The Associated Press
.'S5,000,-
in Wa.shington dis-
said:
Following ratification of the treaty, contracts for the new ships will be
canceled.
The ultimate cost to the Government of this cancellation cannot be determined in advance, but naval officers believe that a considerable
saving will be made through to-day's action.
Only one capital ship under construction was exempted from to-day's
suspension order. She is the Colorado, now more than 90% complete,
which will be retained in the permanent fleet.
Vessels on which work was ordered stopped were:
First-class battleships
Washington, at the New York Shipbuilding plant;
West Virginia, at Newport News Shipbuilding & Drydock plant: South Dakota, at New York Navy Yard; Indiana, atNew York Navy Yard; Montana,
at Mare Island Navy Yard; North CaroUna, at Norfolk Navy Yard; Iowa,
at Newport News Shipbuilding & Dry' Dock plant, and Massachusetts, at
Bethlehem Shipbuilding plant. Fore River, Mass.
Battle Cruisers Lexington, al' "BethleJiem Shipbuilding plant; Constellation, at Newport News Shipbuilding & Ditt Dock plant; Saratoga, at
New York Shipbuilding plant; Ranger, at NewjHjrt News Shipbuilding &,
Drydock plant; Constitution and United States, at Philadelphia Navy
Yard.
While work on the battleships West Virginia and Washington was
ordered stopped, one of these ships will be added to the fleet when finished.
Which is to be selected for completion ha« not been decided, but the
West Virginia probably will be nam* d. She can be finished mon cheaply
than the Washington, a sister ship of the post-Jutland class like the Colorado.
With the Colorado, tne vessel thus srlected for oomplption will make up
the two battleships "of the West Virginia class" which the United Statea
—
—
•
.
to retain to replace the D'lawafe and North Dakota, which will be
scrapped on completion of the new vessels. The two form the American
equivalent under the five-five- three naval ratio agreement of the treaty for
Japanese retention of the battleship Mutsu.
The other battleships on which work was stopped are of th'e 40,000-ton
type armed with twelve 16-inch "guns excluded from future nava establishments of the treaty Powers.
Of the six battle cruisers, two are to be completed as airplane carriera,
but the work of convprting them to that type will not be undertaken until
the Treaty has been ratified.
Further steps toward carrying th^ naval Umttation Treaty into" execution
will be taken by the Navy Department with the sale of obsolete predreadnoughts slated foi' Scrapping. It' was said to-day that these vessels
were of no military vahie and would have been disposed of even had n«
treaty been negotiated.
Prasident Harding approved 'the "suspension of work on the ships e'veD
before the report of'the American delegation reached his hands.
The report
was in the printer's hands to-day and may be presented to the President
to-morrow. The document Is saiid to' cover more thaji 100 pages and
contain 40,000 words. It nicludes all the treaties and resolutions' of the
Conference, as well as a history of the negotiations and explanations of
the agreements and of the reasons that prevented agreements in some
is
.
.
.-.-.
cases.
Advisability of reducing the enlist«d personnel of the navy, as a result of
agreements reached at the Armarmbnt Ojnfar^uco, will be considered by
the House Naval Committee at hearings beginning to-day, Cliairman
Butler announced to-day.
Although the authorized strength Of the navy is 137,485 men. the enlisted
personnel has been reducedv because of limited appropriations for pay, to
106.000, with a commissionod list of 4,100.
.
A.
.
BALFOUR OF qUEAT BRITAIN COMMENDS
WUliK OF ARMAMENT OONFERENOE.
./.
Arthur .Tamos Balfour, bead of the British delegation at
Washinston Ci)nferenc6.*on Limitation of Armament,
addressed the Conference at fength at its sixtli plenary
session on the 4th inst., Whoii final discussion was had of
the matters conslderc<l during th« twelve weeks the Oonferenco wjis in jirogiess. SiM*nking of what had been accomplished, .Mr. Balfour sjated that "if you would really estimate the magiutnUe of our accompliKhmcnt, and the methods by which our results have been achieved, may 1 ask you
to cast your memories hack. only a few months ago, when a
.sjiirit of deep anxhtty overshadowed
the mliuls of every
the
•
.
mil
wlio <f)nt.«'mpl(ited
II
thft
great Pacific area."
i-ial
on your ndvl'v no
prwrrnm
.nil
jn/ilt«T
when
c/inrrlvnd
lieo.Tu*' iiwiiriMiri- of trao'inlllly
'
and the
wrre deemefl
cxiMTinicnl In arms lliiiitnllnn.
I
my ki)owl«'«lg»» of the vlnw|H)lni r)f he Henat<',
fmm ixvaiiial i-»|i«Ti«-rii-«i KInefi that PttVTrlenee I linvo come Ui knc»w
ihr- ••Ifwtv.'n' m'l t' '-li^pnhlfi re^iponsllilll' y of Ihi- exoriillve.
To the
* Irw of Ko"l»l H'lnt Idtmhlp and a moni Impri-wlve
.'<«, thn .ifitielW-x and Hie iippn-henMlfmN lo Im' rm"'
VVe luve iii> riv.tirH-a In oiir devotion lo Hie thing" wii (till American,
h^rausn thit It rnmrTi'iri f>in'««Tnilon
N'«ifie of u" m^nm in end'ingiT.
iKirw of ii
ri«T> i\ rlirrlxheft iiHilrmnl liil
In inliidfullb**
.
of
th<- gri'.il
I
.
T
"'sof
I
II,
iitimli
rinrve»it»n'«t
wr
*"
'
i<,
If
trip
f»?
->
It'
'
iiili'DMi
'I'l
he !•
wri'e
.
I'ciriimiiii
we
ihln
r
i
I
I
devodmi
t
Kepiilillr.
hi-
riT.-tii
whiTe
render rutiire
lo.4lny
"llnK. |M><-Iiu«e
If.
Ibi^l >U!>.lll)ll
••'I
iti'tt'irl'v
not Jnln In niiil<
'onfennKii wUh A'
>-tin
I
t
lie
i-ffiiri-* fill lie
norlil
iH'ljeve
III
the Heii;itn wIMl every
In
re:Mly 'o
Ihe
Ilierl'"
I'ollf
Ideme
Approve
PRF.SIDI'IWT
Wi)RK
IIAHI>l\(i
ror
OS FOI'RTHHS CAI'ITAL
(OS HTRVCTION
SflirS.
In antifipatirin of thn ratififation of llm naval limitation
Irraty airrr**''! on at thn fonf'Tonfp on f.>imitation of Anno-
lhr>
".Ml th^s*^
moral side,"
w]>o oifhor from
saitl'.Mr. itall'our, "iiMilvCd
upon this competitive building
in
iu
tlic
anuaments, now
feel
labors of this 'onrcrence, by the Hpiril it haf
slidwii. by tlic decisions to wlildi it has come, a new era has
really l)egiin over the wholo world, but more than anywhere
c|h«' over that jtart of the. world in which the great marllime I'dwcrs are most inllmatcly and th^cply citnccrned."
"The <'entre of our ti'buldes,"* said Mr. Balfour, "has Iw'cn
the iH'cullar pnihlcms with whicli the special coiidlthinH of
China have given ri.sc diirhig the lawt (luarlcr tif a century."
.Stating thai the first think' to do wart "to clear away that
which, while It hiid no prciicnt \alnc for any ptirpoHC I kn<»w
of, wan ncveillnlcMH the cnuKe, rl»{lilly »ir wrongly, of iin
by
that
happy
.Mr.
SISI'h;\l)S
or
the
flnan
with hor-
of public feeling
.state
.
(
tlic
KiiKplcloiiM niid (ILhcuhsIoiih
Balftnir
added
:
an to what would
•K.'cur,"
•
riip«e riiiiw« of nilaiiiii|«riil.iii<lMiK
liiivn
lir<'ii
rrmnvrit,
.tint
now
iimirr Ui<
rraiiicmnrtit ull tlie ifreril innrllline Towers <if tlir Paelfh' hiivr
eiilTPil Into a lornilil (iiirl piilille iiiirlritiililiiK. wlilth, an (sr n« I <im i*r,
Tlial yon will ne
miiat rptnovp nil further niunei ef iiilem.ft»in««l (iflriww.
•|nii<lni|il«
llc«
I*
If
th«»
rnunrd lt>» <'lilne<"' |irrtlil«n
I
the ircniid sUkc nl Iho iiroxrwIhufS,
th« first »(•«"; I rrinirtl ll"* nnadniplp armngwnmt as Oi*
root,
u
:
;
THE CHKONICLE
58?
wcond f tags anJ the third stage of tWs great policy of peace and diearmamcnt is the diminution of fleets and the cessatton of rival building between
;
the great maritime Powers.
Mr. Km four declared that "it is to tlie penius and inspiraMon of those who have directed the ix)licy of the United
States in the matter that this stage stands out unique in
as a great and
"tii'-toiy, so far as I know; unique in history
peace, and to
'siK.ce.-^sfiil effort to diminish the burdens of
Mr. Balfour's
render niort^ remote the horrors of war."
1
remarks
foUaw
in full
On Saturday the 12th of >foChainiian and Ladiet; and Gentlemen
of the United States,
President
the
ago,
weeks
twelve
exartly
vember.
asked us to
*n eloquent speech with which he inaugurated our meetings,
working in
approach our labors with the full consciousness that we were
animate us was
the senioe of mankind, and that the spirit that should
the Kpirit nf simplicity, honor and honesty.
without undue
Looki:!^ back over that twelve weeks, I think we may say,
head of the State
self-esteem, that that advice, ko nobly tendered by Uie
been takpn,
under \\-hO'<e hospitality our meetingH hiivc been carried on. has
in the service
working
were
we
that
consciousness
the
wti
have
had
that
itid
mankind that we had the c-on.M;Lousntss that if that service was to be
.-.f
President's
if any avail it must be ciirried out in the spirit, to use the
Mr
:
m
;
and honor.
at tliis plenary conftrence to the record of our work;
and 1 can well believe that the mass of treaties, of resolutions, of state
auditors a
unents put on record may almott produce in the minds of the
feeling ot ouifusioii, as it the mass of work turned out was indeed formidable in (iimiitity, but that tliere was no underlying idea regulating its charplan was by no means
acter; that it was a mighty mass of which the
obvious.
tJjink tiiat those who have been engaged in the work themselves, as
I
well as t\\„<,- who will have an opportunity of calmly considering it as a
whole, will see the great results we have attained, as well as the extraor•j.-ords.
of simplicity, hoiKuty
Vou haM'
listene*!
dinary ma.ss nf debdl with whicli we have had to deal.
We have had to travel over Ui© globe and we have dealt both with thirigs
We
uiost triflinK. apparently, and with things of the deepest importance.
have spent much time over discussing a traffic manager of a small railway in the Far East ; and connected with that are the great moral questions whicli under Mr. Koofs guidance wo have attempted to deal with
and if we have touched upon post offices in China, so also we have traveled over the immense area of the Pacific, and have dealt with questions
which touch not merely the Pacific, b«t touch the whole interests of all
the civilized world.
If you would really estimate the tuagniiude of our accomplishment, and
the method by which our results have been achieved, may I ask you to
cast your memories back only a few monUis ago, when a spirit of deep
inxiety overshadowed tlie miiuls of every man who contemplated the state
of public feeling in the great Pacific area.
You will remember that at
that time, altliough tlie world was still bleeding from recent wounds,
rUthougti every nation was groarilng under the pressure of taxation, nevertheless men who profess to have the gift of foresight talked glibly about
inevitable naval war.s, and when the greatest maritime Powers in the world
felt that they were almost committed to that tat^l rivalry of shipbuilding
which meaul not only ruin to the fiimiices of the world, but was a standing menace to Its peace.
i am not talking about ancient histtry.
I r.m talking about ii state of
things which was pre^'alent within the last twelve months, and indeed up
Ut a time more recent than a year ago.
May we not see in the changed feelings of men that alreadj- the work of
this Conference has produced benefioeni results.
Already this feeling of
^mutual stispicion, of mutual fear, has gtven way to a spirit of a very different oharacterr.
Confidence has taken the place of mistrust.
All those who, either from the financial or the moral side, looked with
hcrror upoi thi.5 competitive building in armaments now feel that by the
labors of Uiis Conference-, by the spirit it has shown, by the decisions to
which it tias oome, a new era has really begun over the vvhole world, but
more thati anywhere else over that part of the world in which the great
maritime P(>wers are most intimately and deeply concerned.
Mow, If you will think for a moment you will see how closely all the
apparently infinitely varied labors that we have undertaken combine to
i,-o-opcrat<.- •with those great results tliat wfi are happy to proclaim
today.
The centre of our troubles has been Uie {veculiar problems with which the
^pecial conditions of China have given rise during the last quarter of a
century.
Through the whole of that quarter of a century the relations
between China and foreign Powers (and still more between foreign Powt'rs theniM-Ivps in relation to China)
have given endless cause of anxiety
and preoccupation
to stateameii.
do not ray tliat difficulties arising in the F^r East are forever at an
end.
It is impossible to apply to China the glmpie formulas
which content
us when we are dealing with Wcstwn nations. That great and ancient civilization iVh^ not easily fit into our more recent schemes
of political
thouglit, an.i China suffers under sources of weakness which
we citizens of
Western countries do not find it alwiiys easy to understand, while she certainly etijoyj. sources of strength wliich all of us would
l)e happy to share.
But we have to recogTiii.x, in the fir.st place, that China must work
out
htr own destiny in accordance with the changes of a changing
world; that
all we can do is to help her along l»er path;
tliat she has little to gain
fr')m our sdu'cc, and tliat ii is upon sources
streiigtii drawn from within
herself, .Tiid tliose alone in thi last resort, that she
must rely.
Nevertlii-less, the great commercial nations that trade
with China have
'^uffere'l iu tlie relations between Uiemselves. owing
to the peculiarities of
the Chines., problem whicli I have vaguely indicated,
and for these many
years past it has iieen found very difficult to reconcile,
not merely the
difficulties arising between China and this or that Power,
but between all
the Power;- in tiieir cjnimon relations to the great empire of the
Far East
1 hope (I do mere than hope, I believe) tiiat the greatest step in regularizing those relations lias been taken by this Conference,
under the leadership of the United States.
I firmly believe that thougli difficiiltics may arise
in the future, people
will ne%er have to go further hack than the- date of this
Conference.
Here
it is that we have endeavored to lay deep and solid
the foundations of hon«st dealini^r between one another and between ourselves
and the Chinese
Empire— .ind if any nation hereafter delil>erately .separates itself from the
collecti\^ action that we have taken in Washington in this
vear of grace,
that nation will not be able to plead ignorance. It will
not be able to
discuss priiate arrangementb which it may have made
with this or that
I
<Jhinese <r<v.eminent.
We
shall
feel
that
we belong
to the comity of nations in our dealings
one of «ir«elves. and that a*, we owe her duties
Bo we owe corresponding duties to every one of
those other nations which
«>ave oommercial or treaty relatioos
with the Far East
with
Chj;.;i.
111
that
China
is
[Vol. 114.
Ii the Far Eastern difficulties were the beginning of the trouble, if it
was from them that this brood of suspicions aro^, how were the difficulThose difficulties were aggravated by a
•ies thus arising to be dealt with?
grouping of naval powers in the Pacific which had, indeed, a very solid
justification in the historic past, although it had no relevance to the exist-
ing situation.
The first thing, therefore, to do was to clear away that which, while it
had no present value for any purpose I know of, was nevertheless the catise,
rightly or vvrongly, of unhappy suspicions and difscussions as to what wotild
occur, should this or that serious international contingency arise, and these
suspicions, thus aroused, made the most fatal contribution to the destruction of that peace and international amity which is the foundation of all
prosperity, either East or West.
and now, under
These causes of misunderstanding have been removed
the quadruple arrangement, all the great maritime Powers of the Pacific
have entered into a formal and public undertaking, which as far as I can
That, you will
see must remove all further causes of international offense.
notice, is the second stage of the proceedings.
I regard
I regard the Chinese problem as the root, as the first stage.
the quadruple arrangement as the second stage ; and the third stage of
this great policy of peace and disarmament is the diminution of fleets, and
the cessation of rival building between the great maritime Powers.
Those are all interconnecting; one cannot be understood without the
other.
The effect of one cannot be estimated unless tlie effect of all the
Thus we come to the crown and summit of
others is taken into account
the great effort tiiat has been made in favor of the diminution of armaments, and with the diminution of armaments a great diminution in the
likelihood of their being ever required.
It ii to the genius and inspiration of those who have directed the policy
of the United States in this matter that this stage stands out unicjue in
history, so far as I Icnow
unique In history as a g;reat and successful effort
to diminish the burdens of peace, and to render more remote the horrors
;
;
of war.
If the United States had not had the courage, the boldness of conception
which enabled them to announce on that fateful Saturday, the 12th of November, what their view of disarmament was, all the rest of our labors
would have lost half, and I think much moro than half, the value that
now
they
possess.
Everything turned upon that
announcement
we
first
sliould achieve
day
From
of their policy.
;
that
everything turned upon the first
moment I had little doubt that
great results.
remember speaking strongly about this subject on the first opportunity
had.
1
think it was on the Tuesday following our Chairman's speech.
1
I
expressed my views on this project, and every consideration which I have
since been able to give to the subject, every result which I have seen flowing from it-, has strengthened my conviction that on this everything deI
pended, and that it was the admirable inspiration of this policy, which has
given to an expectant world all that anybody possibly could hope for,
and far more than experienced statesmen ever dared to expect
Let no one think that this abandonment of rivalry in shipbuilding, this
diminution of fleets, the .'crapping of great weapons of war carries with It
anything in the nature of a diminution of security on the part of any nation.
I do not think we need have feared that, no matter what supplementary arrangements had been made. But we have been fortunate enough
to make a supplementary arrangement that puts the question beyond doubt
or cavil.
I do not think any clause in any treaty is more happily conceived to deal
with the special peculiarities and difficulltes of the Pacific situation than
that which limits and fixes the places where the great naval powers are
permitted to extend and increase their naval bases. I do not say that is a
necessary part of the naval policy.
I do say it is a most happy and fortunate addition to it
that with this
clause in the treaty we can say with absolirte assurance that this diminution of weai>ons of war has been accomplished by great augmentation in
the sense of national security.
Can anything be moro happy? Can anything be more pregnant of good results for the future of the world?
Can
anything more surely allay those susplciMis which make peace intolerable
and war probable?
To that great consummation all have contributed but in particular I
cannot insist too repeatedly, or with too great earnestness, that it was the
inspired moment of Nov. 12 oa which all the greatness of this great transaction really depends.
Yet I think I must add something more, or I should do but scanty justice to the character and labors of my colleagues.
If it is difficult to
exaggerate the magnitude of the work that has been accomplished, let me
assure you that probably nobody exicept those who have had intimate
personal acquaintance with such matters know how difficult machinery an
international conference inevitably is.
Its difficulties are inevitable for
this simple reason, that a conference does not work by majorities.
One
recalcitrant Power can stop the whole machine.
If one Power refuses its
assent, tlie best laid devices for securing the felicity of mankind are brought
to naught.
Unanimity is obligatory ; and when we remember that there are nine
Powers concerned in one set of treaties, and no less than five Powers concerned in another, and that each of tliem, from the nature of the case,
approaches every separate question from the angle of itj: own country, looks
at it first from the point of view of its own national interests, and secondarily sees that the interests of every country here are really bound up
with the interests of the whole
when you remember that this is the method
under which we work. I think you will agree with me that we could never
liave attiined the results we have if the statesmen collected around this
table had not shown themselves sympathetic, clear of comprehension, unselfisli in theif views, and anxious above all to see that we should work by
common means toward a great and common end.
;
;
—
We
—
have been blessed indeed
his clearness of
thrice blessed
—
In
our Chairman
;
but even
courtesy, his unworried
patience would have been insufficient to bring us to this happy conclusion,
of which we shall see the final act on Monday, had he not had for hie
assistants a body of men who I think iiave shown themselves possessed of
all the highest qualities of statesmanship.
If the countries which they
represent are fortunate enough in the future to be guided by wisdom like
theirs, 1 almost feel that perhaps the treaty is less necessary than I believe
his
it
.skill,
tliought,
his
iiivari.ible
to be.
Now,
ladies and gentlemen, so far I have ventured to speak for myself,
hope with the approval of the Britisli delegation. I am now happy
0 carry out a duty which has been entrusted to me by all my colleagues
dtting around this table.
I have to express on their behalf our gratitude
for the labors wiiich the General Secretariat of this Conference have carried out, tor the unwearying zeal and inexhaustible patience and industry,
the courtesy, the ability and the good-will which they have brought to their
most difficult task. Only those who have had an opportunity of seeing the
inside working of the machine know how much of its success has depended
upon the labors of Mr. Oarrett and those who have worked with him.
ind
I
THE CHRONTCl.E
Fbb. 11 1922.]
proud to have been entrusted with the duty of expressing to him and
have done for us.
to nil his collea^es our high sense of what they
One word and one word only more must I say. I think we should all
Camerlynck,
feel that if we separated without expressing our thanks to Mr.
the translator, who has served us so faithfully, we should be accounted
among the nio t ungrateful of mankind. Mr. Camerlynck has an absolute
I do not know whether to admire
genius for the work he has undertaken.
most the skill with which he translates English into French or the skill
with which he translates, when necessity arises, French into English.
I do not know what my French colleagues think when they hear their
I know what I always think
speeches translated into the English tongue.
when I hear my speeches translated into the French tongue, which is that
it i^ a matter of most agreeable surprise to think that I have lapsed into
If all my colsuch unusual felicity in the effort to e.^ress my ideas.
leagues around this table entertain the same views that I do and I believe
they do they will thank me for setting myself up as their mouthpiece and
giving to our friend Mr. Camerlynck our warmest tribute of thanks and
I
am
—
—
admiration.
A.
BALFOUR'S MESSAGE WITH HIS DEPARTURE
FOR ENGLAND.
J.
With
Cunard
England on the 7th inst. on the
Arthur J. Balfour, head of the
delegation
British
at the Washington Conference on Limihis departure for
liner Af'quitania,
Armament, declared that the collective efforts of
those sharing in the Conference "have surely left the world
better than they found it."
They have, he said, "removed
long-standing causes of offense and substituted good-'will for
tation of
They have made peace less costly and war less
The following is the statement given out by
suspicion.
probable."
Mr.
Balfour:
The kindness with which
pitality extended to
mys
-If
would.
In
(
have been welcomed and the unbounded hos-
my
any
colleat^uee of the British Empire delegation and to
case, tiave rendered our visit to the ITnited States a
most memorable event. But I carry away recollections of even ereater
Interest.
For through laborious months I have joined in the work of fulthe proposition originally laid down for us by the rVesident.
has been our prvil^e to share in a conference whose collective efforts
have surely left the world better than they found It. They have dim'n'shed
national armament and Increased national security: they have removed longstanding causes of offen.se, and substituted good-will for suspicion; they
have made peace less costly and weit less probable. To have taken even the
smallest part in such a work must constitute for us all an unforgettable
experience, which will In some meastire justify the regrets with which we
leave your friendly shores.
I well remember the i.ist occasion on wh'ch 1 left America for Europe,
then, as now. I had 'lecn entrusted by my country with a most Important
aiis-sion: then, as now. It concerned not alone the United States and the
British Emp re bu the interests of the world at large; then as now. the collaboration of our two countries was fruitful of great results.
But. whereajiin May 1917 the war was In its most critical stages, February
1922 found the na'ion« stili struggling with the yet hard problem-s of peace.
If civilization Is to stand we must be as victorious in the second of these
Creat enterprises as. three years ago. we were victorious In the first; and 1
cherish the firm conviction that the Confi-rence of Washington has made
filling
It
mo small contribution
to this
tb^t
It it In this spirit
I
much
desired consummation.
say farewell to
my Amer can
all
friends.
MIMSTEIi HAIiRAVT SAYS EXAMPLE AT ARMAMENT
COSFEIiENCE 18 LOFTIEST LESSON TO
MANKIND.
Minister Sarraut of Franc-e. in his remarks at the sixth
plenary Bes.sion of the Wasiiington Conference on IJmitaMon of Armament on the 4th inst., declnred that "it Is in
the example set by the Conference at Washinjrton that renidf'H the lofticHt les.son we can give to raanl<iii(l." "Wliat Is
Kreat and noble here," he Hjtld, "is tlie e.\ampl«' wliich lias
bM'D set by the jfreat countries here repre.'^ented to otlier
rounfrli'8. and wfu-n thcso treaties are signed, they will he
an example to other <ounlrles to settle their differeii'cs and
diMpiitr^ amicably, an an amicable BpIrIt, and not to drain
their n'sr>iir<<-H in onlff to arm, hut to seelv el.><e\vliere for
the exiM-n<litures of the fruits of tlwir prosperity."
We
IClve herewith M. Harraufs remarks In full:
Mr.
and Orntlem^n
no longer a time for wordi, oipeby our modt veiiirralod doyen,
Mr.
whm hr ma'l- bi% admiraMr lyntheiin of the work we have
b«*n ahl* to accompllah In tlilx Ctjtitertuct:
Our work U now roiiclud<fl and at the moment that our work la now
b«lnK Concluded, we •rt- warntil that It !• now our duty to l<-ave the icene,
f"''
iiig In, whow part and duly it ii to Jiidgi- ui.
^''
appreciate our work In full Impartiality ami
Prcslrfpnt
aftrr th<>
Balfour,
rially
rlo<|iviit
It
:
i«i><"fh
Is
delivered
.
'"d'
I
*^'
mm,
mon
/
•»>•
I.,
i;,.)
W h»re
U
do
HupTmir
I
tix)
U
aonipthliix
«UM
We
Mnd wc lark the nrc<iiury p«-r«p<-<llve.
win In- IxtiiT iililo to do it. But, gi-ntle-
near,
()lh'T»
It.
ihjt
rvtrry »ld».
a
it
W" ctn
eti/^jvor;
•hown on
<
do JuUltc
to
uurwlvra
In
our
r<»ni-
and
rfco«nii* the gfMxl will that Imi Ijreri
knot lliat. Wi- know that lj«ihliid u* and above
AijtJi'.riiy
\*li)<li
U
ridnK
to
put
liiml ju'lKtnrnt
upon
Work.
Th*- nalioiia which luvr clrhgitH u» to rnwr lifr*- are goltjg to
•tudy frtjr tuk and t/. iwliff, It. In Uir varloiia forma prr.crllx-il by thf
•tboda In op«ratlon In tl-r varloiia «iunlrli-«. They will aay wli«tinr or
ft«« th«7 »r» (oiriK to valiiUt* and
cinflrm our arta.
Thla la lh« moving hour In whirh e«rh of ua,
i^tK-lriitlnit to thr Ix.ttom
hU Innt^nhMt f.inari/.n. ». will awatt thr final verdlrl of thU country,
will aak hiniaelf wtwth. r U- did what
h» wight to hav* doii« and whetlipi
h» ri»htly a»nr«-d ih, rauw lor whIrh h*
had r.irn» h»r»
«*nvliir«l Utat •< h of ua will )» aliln to rrtum V
«nir
w
'
.
'fl
'""'
'*'"
""
'"II of f»/nfidrnc».
with
lila
iM-ad »rrrl arid
will.
'^"'^ ronrlav. of publlr
opinion In hia cuntrj
"Li'k
WHICH 1« to judff* our cfm.mon work.
I
Ul,.v» th«i rrrryUdy hrrp cai
Ifo ami Ur» the ..pinion of Ui« world,
of lh« fourt of th» unlv.ra^. and pur»To», th«n ih, „„,iu ..f
our »ff.,rU ami our ardent hoiMa for • batUi
firtgr* lor mankind.
"^"
'i
^^
It
that
is
583
It is to mankind
in general that we have worked.
offer the tribute of our lalwra and our pains, the sincerest, the
effort of our labors, as a guaraittee of peace for the world nnd
mankind
for
we now
crowning
humanity.
Gentlemen, when the list is drawn up, when tlie inventory is being taken
of what we have done here, I am sure that no sordid thought will enter
the mind of any of us to estimate what be may have gained on the one side
No one of us will want to measure
or v.hat he may have lost on the other.
his advantages by those that may have been gained by his neighbor, and
the same may be said of the sacrifices which have been made by us all.
Nothing would be more conti-ary to the spirit of the Conference, becaust
here we have never lost sight of this altruistic leading idea of the establishment of the final peace of the world and Its safeguarding, and that that
must be sought for through the suppression of general causes.
The beautiful part of our work is the admirable effort that has beet
made by the Conference, the day after, one might say, the terrible catastrophe which devastated the whole world the admirable effort to drive out
any causes of conflict, by diminishing the causes and also by decreasingthe weapons which might still remain and which ml^t be a temptation tc-
of a better future for
—
resort to force.
is great and noble here is the example which has been set by the
countries here represented to other countries, and when these treaties
are signed they will be an example to other countries to settle their differences and disputes amicably, in an amicable spirit, and not to drain their
resources in order to arm, but to seek elsewhere for the expenditure of the
fruits of their prosperity.
Such is the task we have accomplished, and we may well be proud to
have co-operated in it. It is in tlie example set by the Conference at Washington that resides the loftiest lesson we can give to mankind.
We are entitled to hope that other nations will imitate what has beeu
done here, and that on parallel lines to that followed by the League of Nations Washington has here struck upon a path on which all nations will
be able to enter for the greater happiness of the whole world.
Vou must remember, gentlemen, that our treaties and conventions will
never give beneficent results unless all the countries ultimately fix their
signatures to these agreements, and these additions are as sincere and earnest as our adherence to these principles has been.
This will be all th*
more .so as the United States will understand that the results reached here
are more respectful of the integrity and independence of other countries,
whether great or small.
So that the journey we have undertaken here
will not have been made in vain and our most ardent wishes will have
been fulfilled.
On the eve of leaving these ho.spitable shores we feel a pang of heart a»
when separating from our best friends. This adds to the profound emotion,
with which the delegation that represents the glorious country of the declaration of the rights of man l)ends with gratitude before the country of
Washington, where has just appeared the most promising dawn and th*
greatest hope that could fill the soul of the world.
What
gi-eat
SENATOR SCUANZER OF ITALY DEPLORES LACK OP
AGREEMENT ON LIMITATION OP LAND
ARMAMENT.
At the sixth plenary session of the Washington Conference on Limitation of Armament, at which was concluded
the final discussions of the matters brought l)efore the Conference, Senator Schanzer of Italy declared that "no one
would l>e justified In saying that this Conference has not
found the point of departure of a new era In international
policy, that there has not been laid down the foundations
of a new and more solid equilibrium of the world."
The
agreements for the Far East, he said, "have enforced a
new [)()licy of common action of the various Towers coocerned in giving their contributions and equality of condt
tions to the progress of that great country, China
Tlie otiier agreements, and eKi)ecIally the naval treat.v, have
insured secure guarantt^s of i)eace, where once existed dangers and menaces of war."
Uef erring to the fact that It
liad '"not been possible in this Conference to deal with the
(juestions of the limitation of land armament.s," Senator
Schanzer stated tliat "it is apimrent that without the solution of this problem there is no hoi)e for a return of normal
conditions of production of commerce, there is no hope of
recovery of noriiuU financial and monetary conditions In
lOiiroiK?."
Tlie following Is what Senator Schanzer bad to
say:
A
Mr. Chairman, we came to WaahingUm with our hearts full of hope.
—
voice high and noble
the voice of tlii' President of the great American Ilr
public— hud auMinioned un to work together to the advuntugr of the nation*
wlio knew their puat slrugglfH and were fearful of new and Htill b|iM)dier
tlie end of our work wr cannot
Now that we are
(wnflicU in the future.
,'it
but fully upprec'i.iti! thr very great value, the Importance, of the rr«ult« w»
have achieved, and which liiive toiluy been so eloarly and eloi|Ufnlly liull
rjiU:d by our llluatriuuii coUeugue, Mr. Ujlfour.
.No one would be Ju»tified in ouylng that this Oonference lua not found
the point of dipurture of a new org lu Intrrnutlonul jiollcy, that here ha*
not been hild iluwn the luundatiuiut of a ucw and more Holld (Mjulllhrlura of
Ui« world.
Tho uKroemcDta for Un- Kur Eoat have enforced a uei» policy of c-<immoii
arllon of the \urloua I'owira conef^riied in glvlrijf llwlr .•oiilrlbullona and
M|U«llly of coijilllioni l4i th« pruKrea* of that greut cxiuntry, (ihlna. ao rlob
Th<- other u»recnienl«, and
In rraourcra and In poalbllltlia for the future.
aaiM-ciully
(iiii'<-
uTurn gvurantrm of |M'«i<«, whore
war whluh k'pt the nitlre world In a
the naval Ireuty, Imve Inaured
rxlalril iluiiK' ra
and
iiK-nuiea at
aLat« of iwrioua upprelianaiun.
It haa not iM-rn ptjaalblc In thla ( kinf rrrmir Ut >Wal with the qumllona of
the lliultallon of land armanirnta. rapwUlly o«ln( to thr aliarncr from this
iiaMinilily o{ avvrral nullona dlm-lly <><Mirr-ri>r<l In thr <4iieallnri; liiil no on*
.u.O 4l>-ny llir ruiiiluniviilul imiMiiUiiu-o nl thla problem for (lin fuUirr pro»
,>*rlty of
tlip
olutlon villh
world
111*
anil
llir
nri-raillr.
Ilir
lufiu-y of
flinllriK
a oatlafactory
[MiawibU itulajr.
wllliuut Ihs aululUin
aUiirteal
ill tlila problofn there la no hop*
apparrnt liiut
thrro U bo
return of uoriDal nmiJItliirui nl proOuclUin and rtimmeroe
bop* lor rMxjverjr of burtnal fiiMUMrtal anil BMjiM'lary coiidltJoita In Kurop*.
11
'or a
la
,
'
THE CHKONICLE
584
nations must
It has been rightly pointed out to us that the European
save themselves by reducing their land armament and increasing in the
necessary measure their taxation; in order to re-establish the balance of
But altheir budgets and reduce the circulation of their paper currency.
low me to say that, so far as Italy is concerned, she has to a great extent
already applied the principles of such a policy.' Italy, with her 40.000,000
inhabitants, has already reduced her army frbm 5,000,000 men, which was
Italy has introduced a
its strength during the war, to only 200,000 men.
great many new and very heavy taxes" in order to balance her budget.
Our total taxation is to-day six times what it was before the war. Our
income tax is to-day nine times what it was in 1914. The deficit of the
Italian budget, which was 4S,000;000,000 lire in the financial year immediately following; the war, gradually decreased' to only 3,000,000,000 lire,
and there is reasonable hope that- in. the next financial year it will be comIf, in spite of this the value of our money is still greatpletely eliminated.
ly depreciated, this is not only due to our condittons, but it is due to a
Therefore, it is a
groat extent to the conditions of ^Europe in general.
question of vital importance tor- us, as it is for all, that the settlement of
economic conditions in' Europe shouldtake place.
We must not continue to turn- rn'this' vicious circle, namely, that it is impossible to refluce armaments because certain economic questions are not
settled, or, on the other hand, that the economic questions in Europe cannot be settled because it is impossible -to reduce amraments.
It is is necessaiy to -breakthis vicious circle,- and this cannot be accomplished without the joint co-operstion and the good-will of all nations.
It is necessary to promote, as we have done in this Conference, a spirit of
We all agree that the problem of
peace and solidarity among nations.
armaments is not only a technical military one. It is also,
•
above all, a moral problem.
It would be useless to obtain a material- reduction of armaments, if the
profound and intimate causee of conflict and dissent between nations should
Therefore, let us continue -on the path we have followed in this
remain.
Ccnferencc.
Let us devote .ill our efforts to dissipating such causes and to
bring about an atmospherq of -friendly oc-'existence and reciprocal tolerance,
falling whioli enduring peace is impossible.
What matters most of all is
that the spirit of wisdom, of peace and of co-operation, which inspired this
Conference, should continue to live and to remain the directing spirit of
limitation of
.
.future international enterprises,
We fondly hope that the great people of tlie United States will not renounce the glory of continuing to ^ve. their powerful and necessary contribution to the noble effort of hunsanity toward' the achievement of always
higher ideals and destiny. .To finish, allow me to express our most cordial
thanks to his Excellency, the President of the United >States, to the Honorary Chairman of this assembly, the eminent statesman who has directed
our debates with insuperable ablltiy, -authority and patience
to the whole
American nation for the kbid welcome and courtesies which the Italian
delegation has found in this oountry,:^'
;
The harmony
and moral tendencies and the aspirayour own, for which we have the sincerest
and admiration, have received here new and
fasten, I hope, always more strongly the ties
togeOier, to the benefit of both nations, and
interest of the. restoration of peace and prosperity in the world.
of political, spiritual
our country and of
feeling of profound friendship
solemn confirmation. It will
which link our two countries
tions
of
in tlie
>
BARON SHIDEHARA OF JAPAN ON RESULTS OF
A RMA MEN T CONFERENCE.
Telling the Washington Conference on Limitation of Arma(at the Plenary session on the 4th inst.) that "we
ment
came
to Washiiigton with full oonfidenee in the future of
international relations" Baron Shidehara of Japan added
that "we are now departing with reassured confidence."
"Wo knew," he said, "that the Conference would do' good,
and
has done good.
Competition in nav^al armament,
and harmful to international
now
matter
of
the
past."
a
He further noted that
peace, is
"the Conference has also given occasion to the Povv-ers
directly interested to conclude the Pacific Treaty and to
adjust the difficult question of the Pacific mandates and the
still more difficult question of Shantung."
Baron Sliidehara's remarks in full follow:
We have listened with great emotion to the report mado by the Chairman
it
ruinous to national \velfj;re.
final outcome of the labors of tho Committee on Pacific and Far
Eastern Questions and of the committee relating to naval matters. The
task Imposed upon those committees has by no means been easy or simple.
Unanimity of views could hardly be expected on all questions submitted
for consideration, but after numerous sessions one broad fact has been
brought markedly to tho for6. It has been found that all differences of
opinion which have divided those committees relate not so much to the
tiltimate purposes, tho gresit alms of the nations represented here, as to
tho manns by which such purposes are to be attained.
It has been found that wo are all striving for the samfe goal of life, and
that goal is perceptibly within eight. Take, for Instance, the Chinese
problem, which it was often asserted, would one day lead to world-wide
What has the conference revealed? No sooner had Mr.
conflagration.
Root formulated and presented the four great rules of international conduct
with regard to China than those proposals met a ready, spontaneous and
whole-hearted approval on all sides. They laid the foundation of the
work of the delegations and of friendly understandings among nations.
No one denies to China her sacred right to govern herself. No one
stands in the way of China's working out her own great national destiny.
No one has come to the conference with any plan of seeking anything at
On tho contrary, every participating nation has
the expense of China.
shown readiness at all times to help China out of her present difficulties.
Japan believes that she has made to China every possible concession
compatible with a sensti of reason, fairness and honor. She does not
She rejoices in the thought that the sacrifice which she has
regret It.
made, and that what she has offered, will not be In vain in the greater
cause of international friendslilp. and good-will.
Wo are vitally interested in a speedy establisliment of peace and unity In
China and In the economic development of her vast natural rcsourc&s. It
la Indeed to the Asiatic mainland, that we must look pr marily for raw
materials and for the markets where our manufactured articles may be sold.
Neither raw materials nor tho markets can bo'had unless order, happiness
and prosperity reign in China. Under a good and- stable government,
with hundreds of thousands of our nationals resident in China, with enormous amounts of our capital invested there,, and with o*ir own national
existence largely dependent on that of our neighbor, we are naturally
upon the
•
[Vol. 114.
interested in that country to a greater extent than any of the countries
remotely situated.
To say that Japan has special interests in China is simply to state a plain
and actual fact. It intimates no claim or pretension of any kind prejudicial
to China or to any other foreign nation.
Nor are we actuated by any
Intention of securing preferential or exclusive economic rights in China.
should we be afraid of foreign competition in the Chinese market
Why
conducted squarely and honestly? Favored by geographical
fair knowledge of the actual requirements of the
Chinese people, our traders and business men can well take care of themselves in their commercial, industrial and financial activities In China,
without any preference or exclusive rights.
We do not seek any territory in China, but we do seek a field of economic
activity beneficial as much to China as to Japan, based always on the
principle of the open door and equal opportunity.
We came to Washington with full confidence In the future of Internationa]
relations.
We are now departing with reassured confidence. We knew
that the conference would do good, and it has done good.
Competition
in naval armament, ruinous to national welfare and harmful to International peace, is now a matter of the past.
The relief from tension Is
provided by the agreements reached by the Conference for Limitation af
provided
position,
It is
and having
Naval Armament, for the suppression of the brut-al practices of warfare
and for the definition of a policy on matters relating to China.
The conference has also given occasion to the Powers directly interested
to conclude the Pacific Treaty and to adju.st the difficult question of th»
Pacific mandates and the still more difficult question of Shantung.
In
arriving at this happy result we are under everlasting debt to the President of the United States, at whose gracious initiative the conference waa
convened. We feel no less grateful to our trusted Chairman, to whoae
able leadership the success of our work is largely due.
Permit me further
to express on behalf of the Japanese delegation our sincere appredatioa
of the unfailing spirit of generosity, of conciliation and of ready co-operation
shown by all of our colleagues and friends around this table.
Freed from suspicion by frankness, assured of peace by good-w'U. we may
devoutly give thanks for the opportunity given by the Washington conference, which, we believe, ushers into a troubled world a new spirit of international friendship and good understanding.
SZE EXPRESSES SATISFACTION OF CHINESE
DELEGATES AT RESULTS OF ARMAMENT
CONFERENCE.
DR.
Through Dr. Albert Sze, the satisfaction of the Chinese
delegation with the results of the Washington Conference on
Limitation of Armament was expressed at the si.xth plenary
session, on the 4th inst.
The settlement of the Shantung
question alone, Dr. Sze said, "is an achievement greatly
conducive to the course of concord and good understanding
between nations." We quote heremth his remarks at the
session of the 4th:
Mr. Balfour has most eloquently expressed for us our high esteeifl and
praise for our distinguished Chairman, our appreciation of the kind hospitality of the American nation and the most efficient services, ably rendered
by Mr. Garrett and the secretariat under him, and last, but not least, the
most admirable help that IVIr. Camerlynck gave to the labors of the Conference.
It only remains for mo to assochate myself and the colleagues of th6 Chinase delegation with all the words of appreciation said by my' right honorable friends.
I may, however, be permitted to add a word of thanks and
The Chinese deleof congratulation on behalf of the Chinese delegation.
gation has implicit confidence in the principles adopted by this Conferonce, which China will not fail to invoke to guard against any renewed
claim to special interests in China on the part of any nation.
On the eve of the close of this Conference, tlie Chinese delegation desires
to congratulate you, Mr. Chairman, and through you the President and the
Government of the United States, on the splendid success whicn crowns its
labors.
This great event has brought about great results, and its influence is bound to grow more and more with time.
Not only have the dangers of war been removed to a considerable extent
by calling a halt in tho race of naval armament, but the prospect of police
has been enhanced through tho sottlement of several important questions
which were at one time powerful factors of international misunderstanding.
Speaking more particularly of the questions which are of direct concern to
my country, the Chinese delegation has been greatly impressed with the
s])irit of sympathj- which animated their discussions.
The frank and cordial oxch;inge of views which accompanied this discussion has served very usofulij- to clarify the cloudy atmosphere that used
Much that it seemed possible to
to envelop tho situation in the Far East.
accomplish at the present time has been accomplished, and I feel certain
that it will have a great influence on the future development of China.
Tho sottlement of tho Shantung question alone, thanks to the friendly
offices of you, Mr. Chairman, and Mr. Balfour, is an achievement greatly
conducive to the course of concord and good understanding between nations.
While certain questions will have to be settled in the future, the Chinese
delegation wishes to express its satisfaction with the result of this Conference and its appreciation of the sympathetic co-operation with China of all
the other delegations, and to extend its hearty felicitations to the Government and the people of the United States for ttie great achievements wliich
have been attained by this epoch-making g.athorlng of nations. I wish
also to take this opportunity to express the appreciation of the Chinese delegation for tlio manifold manifestations of sympathy and friendship shown
toward China hy the people of the United States in all parts of this great
We have boon profoundly touched by these manifestations, for
country.
which we shall always remain grateful.
APPRECIATION OF WORK OF ARMAMENT
CONFERENCE EXPRESSED BY BARON DE
C ARTIER OF BELGIUM.'
Baron de Cartier
of Belgium at the Sixth
on Limitation of Armament (on the 4th inst.) were brief, and consisted of praise for
His remarks were in French, and
the work accomplished.
The remarks
of
Plenary session of the Conference
their translation, as given in the
were as
follows:
Communique of the4th-inst.,
THE CHRONTCT.R
Feb. 11 1922.]
At this time, when the Washington conference is drawng to it« close. I
would not have fulfilled my duty if I did not. In the name of Belgium, whose
representative I have the honor to be, express my sincere homage for the
worii accomplished by this assembly.
In presenting to tJie I*resldent of ttie Republic of the United States the assurance of her admiration and gratitude, Belgium echoes with all her heart
the words that have been uttered here. She would be unworthy of her past
and of the sacrifices that she has willingly made for the cause of humanity if
she did not make her voice heard in recognition of the importance and of the
beneficial results of the noble and generous action taken by the head of the
American Government. It is with a feeling of profound satisfaction that
we mark the unanimous agreement that has been reached on the questions on
China and of the Far East, a region to which we are bound by so many ties,
material and moral.
We ha p been happy to have a share in the consummation of the arrangements hAt Jave been made with the object of aiding China in the complete
development of her pol'tical and economic existence.
Belgium, which., throughout her history, has suffered such deep and
grievous Kounds from international disputes, bails with joy the various
resolutions which have been adopted by this conference to diminish-in the
in the future the ravages and the horrors of war.
The result of the labors of this conference will remain an everlasting historical monument and history will tell with what zeal, what ardor and what
devotion the Secretary of the State, who has been our President, has placed
his energy and knowledge at the service of the greit ideal which was his
585
ment
of the Conference, the treatyon the limitation of armaments, present*
our minds, and also the generous part tak*^'n In tho begetting of
that treaty by i'ortugal's ancient ally, the British Empire.
In this tre.aty Kngland has of her own free will relinquished the command
of the seas that she held undisputed for over a hundred years, although she Is
dependent, as no other nation is dependent, on the safety of her communications by sea. for her very existence.
When England thought that the
welfare of the world was in the balance she did not stop to calculate to a
nicety, as others perhaps would have done, what dangers might under the
new conditions thre<iten her Itfp as a nation.
To what is due. gentlemen, this distinctive character of the Conference
of Washington
It is due to the presence at our deliberatlon-s of two members of the Conference who though Invisible, were not silent, for they spoke
directly to our minds and hearts, and had a decisive Influence in shaping our
decisions.
I refer to that epic of human generosity that is the story of
American Relief, and to the shining example of the nation who after being
the deciding factor in the greatest war the world has ever known, retired
from the struggle with empty hands, with not one advantage to show for the
tremendous sacrifices she had made. For that great nation those hateful
words, "The Fruits of Victory," have no meaning.
In the presence of these august shadows we could not revert entirely to the
Gentlemen, as it is my privilege to speak the closing
policies of the past.
words of this Conference of high achievement, on behalf of those invited to
attend it. I will try to express what I believe is at the present time In the
minds of us all that Is. that America Justifies her leadership of the world.
Itself to
'>
—
inspiration.
Belgium thanks you, Mr. Hughes, for having contributed, through the
guidance of our debates and by the bringing together of your colleagues in a
spirit of good-will, to secure the triumph of those principles of justice for
which no country has a deeper attachment than my own, and to establish
the solid foundations of an age of peace and-international co-operation, for
which the Belgium people long with all its strength.
JONKHEER VAN BLOKLAND EXPRESSES APPRECIATION OF NETHERLANDS DELEGATION AT
ARMAMENT CONFERENCE.
In commending the work of the Washington Conference,
in behalf of the Netherlands delegation, stated at the sixth Plenary session on the 4th inst.
that "clouds hanging over the Pacific Ocean have been
ProbDifficulties have been straightened out.
dispelled.
lems have found a just and fair solution." "We rejoice," he
said, "in acknowledging our part in the world's debt of
gratitude to America." The following were his remarks:
The solemn moment that the work of this Conference has come to an
end aSTonU me the gre;it privilege of expressing on t)ehalf of The Nether-
Jonkheer von Blokland.
lands delegation the sincere satisfaction with which it reviews the results
achieved under your most able guidance. Clouds hanging over the Pacific
Ocean have been dispeUed. Difficulcies have been straightened out.
Caases of apprehension
Problem.s have found a just and fair solution.
have been removed and as a result confidence between the nations has been
restored.
Conditions of iDternatiosal relationship have been created under
which all our efforts can continue to be devoted to the peaceful development of our colonial empire in the interest and for the welfare of Its population.
We
acknowledsInK our part
That gratitude is duo in the
In the world's
debt of gratitude to
place to the most noble initiative of the President of the United States.
We owe it no less to you, Mr.
Secretary, who have been our presiding genius and whose fair and straightforward itateaman-shlp had so great a suggestive strength. We owe It also
to our indefatigable and high-minded colleagues. Senators Lodge. Root and
Underwood, who have been the dLstinzuished loaders of our sub-committee.
Our thanks are not limited to Government circles.
I cinnot help thinking that the great results accomplished by this Conference m-iy be a.<trribed in no small part to the highly sympathetic atmosphere In which we have been Invited to do our work.
From thf beginning
we have been favored by the mofrt cordial hospU;ility. We could not fail
to undergo the Influence <if the spirit of cordl.ility which appcjirs to be an
Innate gift of the inhabltanu of the City of Washington.
It was not the
leant during the re<*ent dayi of Washington's sorrow that we felt how much
we had grown tognfher with thi.s generous city.
And now. within a few d;iys, we shall have to separate. It will not be
without regret, and I feel sure that ea<:h of u^ will take to his home, together
wHh the con«rlou<ne»w of great enda attained, the most gratifying recollection of American h><Kplt.-ility.
rejoice In
America.
first
rOVNT D'ALTE OP PORTUGAL ON ACHIEVEMENTS
ARMAMENT
OF
CONFERENCE.
Vincount D'Alt« of Portugal, addrrsHing tht» Si.xtli I'lonary
<!<•SfjitHJon of the fonffrrnce on [..imitation of .Xniiamcrit
"(
that
tho
'onfcronco
boen
to
clarc'l
I)a.s
a far greater e.\t4'nt
than any I can reoall a conferenco of renunciation." lie
,
HUpreme a^^diievement of the ( 'onferenei' ilir
treaty on the limitation of naval armaments.
W<! quote;
what hn ha/1 to nay an folIowH, hh given in the day's com-
doiicrib<;d a« llie
muriif|iif:
Am tho flmt turning the ntiflorn of tho
to rntablliih, nearly four hun«lr«d jrnara ago
nn with Chlnn. Portiig.il tin>i nlwny* parUolpatwl wl'h
pfforu mad" to bring thn nuMit ancli-nl
of oxUtlnir
K Inu) rUmrr umrh with tho WinUTn nation*.
Tho m>^
in nt thn f 'onf'Tcnro will. I am •um. rniitrlhutn powiwfolly Ut firing *tiout that rnoult. «n'l to txTmlt thn ••miTg<-nre of n imltwi.
•trnng in') [,r',i;,iT la '''hln i iirnpor^-d to Ijik" thn part In thn Ki-ni-riil '!<'"
nm^ntii of h<T jMvipIo ronft>l<'ntly liuiil ii» to
Wmt
'•
..
,
"'
•
'
•
tnkn.
In nvirjr word of tliii rivMilutlona
wrttt^-n trio f-.^rnmt rliwlm of all iho I'ownr* parllrlpntlnK at tho
th«t f.hl» m»7 bp thn oiifyom'" of our Inhor*.
'>
wn own to Atnnrl'-a ui'irh ti<-al'lr« thn giniiTou* h'Mpllnllty that
VV« >,wp to hnr thn ln«[ilriill'in ihnt haa
1- d toouf f 'onfiWHnrn
•»t (t la.
Thin t!onfornnr« tiaii lio«^ tr> a fur grnatfT rilnnl than
'h»f T i-«n r'-<-:»||. n ronfTt^r-r of rtmunrlallr>n.
havn hnrn
iljr
•
Wn
"•>
long and dnnply rhnrUh'wl nntlon.-il
pollrloo and n-i,
..^nlAgni
ighl manntlal to thn wolfnro of
their p4vip|n. ari'l ttni not f<ir v.ilun rr»fivn»| ».ut vlruplf out of n d'wi'nl
r<ap«Ll trt tho oplnlooa of mankind. lo thla c<inn«ctlon the auprirmn achlvvogrnwl n«tl.-
,n
I
SECRETARY OF STATE HUGHES IN CONCLUDING
ADDRESS AT ARMAMENT CONFERENCE.
In bringing to a close the sixth plenarj' session of the Washngton Conference on Limitation of Armament, on the 4th
nst., Secretary of State Hughes, Chairmm of the Conference, stated that "we have been successful because we have
not contented ourselves with the expression of pons hopes,
but rather have devoted ourselves to the realization of hopes
which for a generation have been entertained." He also
observed that "we have had what each of the delegates who
has spoken has emphasized, the spirit of generous co-operation."
"It is because of this spirit of co-operation," he
noted, "that we have been able so fully to agree." "What
we have .sought," he said, "is an appreciation of the highest
national interests in efforts making for peace and the removal of unnecessary causes of controversy." Secretary
Hughes's remarks, which brought the sixth plenary session
to a close, follow:
Words so eloquent, comprehensive, felicitous, have been spoken in reviewing the work of the conference that it would be superfluDUs lo make any
additional statement.
The measure of success we have attained. I think is
due to two things. In the first place, we had a definite and limited aim. We
have not occupied ourselves in endeavoring to elucidate the obvious, but
rather we have set otirselves determined to the removal of causes of controversy and to the reduction of armament so far as that was possible of attainment.
We have been successful because we have not contented ourselves with the
expression of pious hopes, but rather have devoted ourselves to the realization of the hopes which for a generation have been entertained.
In the next place, we have had what each of the delegations who has
spoken has emphasized, the spirit of generous co-operation. When we
gathered all promised co-operation, and that promise has been faithfully
kept.
Allusion has been made to the difficult machinery of an intomatlnnal conference and the limitation necessarily imposed by the rule which requires
unanimity of action. That rule, of course, has carried with it the consequence that when It became evident that any pr.iposal would meet with
resistance. It was possible to carry the propos;il forward.
.\s I remarked the other day in committee, thinking nf an early judicial
experience, this is the sort of a body or Iribun.il In which the di.s.senting
opinion is the prevailing opinion. But I am h.ippy to ,ndd that in the work
of this conference there have been no unneocss.iry difficulties, caused by
any controversy over rules of procedure. You have boon very generous in
these statements that have been made regarding the p.irt which 1 have had
the privilege of taking In connection with the deliberations of the delegates
In committee and-ln plenary sessions.
I could not make any adequate response to such generous comments, but
I do wish, on my own purt. to say that there never has been a time when any
ficlegate has raised with the Chairman a question regardiiic procedure, but It
ha.s been always apparent that all tho delegates were do-iirous that In the
most direct manner wo should get at the heart of our probli-mB and that no
parliamentary obslatioK should be iiiterposod in any nMllon.il liiter<'st.
It Is Ix'C.'iuse of this spirit of ro-opcr.itlon that wo h.ivo iMU'n al)l<< so fully
to agree.
No one In an International conforoni'o l.s oxpectod to renounce a
wc|l-cf)ncelvcd ii:itlonal Interest.
It would l>o fulllo to make ii suggestion of
Ruch a renunciation. What we have sought Is an appreciation of the highest
nntlnniil Inloresi In offorta making for peace and Iho removal of unnocomary
cnuw<i of controversy.
It la iH-rnuKe. desplto piirtloular Intorests. this higher and controlling Int4'n'«t han Imh-ii »o well defined that we have boon able In so largo a degree to
aeruro tho unanimity of aeiloii which la recorded In the roaolullonH and the
treatlcK whic-h have been approved.
If you will ptirmit a piraonal word I ahoiilrl like to arM (hat thH HHnoclatlon with my rolleague>t In Mils conference has l)e<'n the liap|ili*it of my life,
and. whilo I nm glad tli.it there In an end U< the labor'* of lie confiTPnce, I
grivitly riftrel that t nhiill no longiT have the privilege of thn dally and
I
the conference hax iifforded.
take grfvit ploaniire, on liehulf of all tho dnlofratna. Without
any forrnnt motion. In nxprewilon our thankn to thoau who hnvo attended
and nldiwl our efforta.
P<Tmlt mn In hr- f Irdt pinre. to ri-f<T t<i the nuinerouo coiiipaiiy of nd vlnnra
and l4«'hnleal aa'^ht.aiitji whoao duyn nod nlghlJi of niixloua loll linvn niadn
It (lowiltiln for the delegatlona Ut be furnliilie<l with ctiinplete and acciirato
Thooo
Information on all the niibJiH-ta that have eiignged our nll-Mitlon.
arn thn «l|>nit. p>irhnt>« unolmi-rvfvl. partlclpanta In our InlMira. to whom
wn ahould not full t» give full (Ti"<llt.
Again, wn havn bn«>n arrnmpanli'd by an Innumerable rrowil of wllneaana.
Thny havn roine from nil pnrU of the world. They liovn aprend broadraat
In all land* Informntlon with rnapnet U\ our priM'oe«|lng».
Wo arn lndelit<v| In n «p<«'l il iii.inruir to the foreign rorrnapondnnia Who
and thneigh lluir i-fforla. I aiippnan,
havn honorixl u* with Ihfir
hub In oth<T landa of cnndlllona ma
Ihnrn haa boon a bnttnr urii
lntlmat.4< contact.* whic-h
And now
I
I
—
THE CHRONICLE
SHG
events in this land than ever before: and ! should not omit those industrious
zealous and patriotic American correspondents whom we have with us always
and whose labors to make thoroughly understood both the perfection and
the imperfection of our efforts have always been under our observation.
But I believe that we have been greatly aided by this company of men
who have had unusual experience and have been selected for their tasks
because of their extraordinary experience, and through whom the work
that has been accomplished here is now known of all men. and to whom we
are indebted for that public opinion aroused n all nations which supports
our work and which will translate these words and sentences and formulas
into action and conduct promoting pence.
On behalf of the American delegation. I wish to express our sense of
Indebtedness to the Advisory Committee appointed by the President, who
have been cotistantly associated with us in the work of the delegation and
whose carj'ful monographs and studies upon the various problems which
have engaged our attention, have so greatly contributed to onr understanding of public opinion in this country, and our better appreciation of the
factors in the problems undfr consideration.
The Advisory Committee has a place In the work of this conference which
I am sure will never be forgotten. And. finally, let me on your behalf
thank the Governing Board of the Pati-Amnricjin Union, and Dr. Rowe.
the Director of the Pan-American Union, for putting at our disposal the
convenient rooms in which the deliberations of our committees have been
held.
am
sure that all Latin America r:?jofces in this effective participation
work of the conference, in which Indeed we should have been glad
If representatives of Latin-American countries: could have taken part directOur work had this limited sphere to which have referred: but. meeting
ly.
Jn that beautiful building, we have been constantly reminded of those who.
in the Governing Board of this Pan-American organization, are constantly
working in this hemisphere to maintain the peace which we desire to have
1
In the
I
secured throughout the w<irld.
And now our grateful thanks to the Daughters of the American Revolution, particularly to Mrn. Minor, the Presidenl-G<!neral. and Mrs. Hanger
the Secretary-General, for permitting us to meet in this commodious building, where we are the guests of this Important patriotic organization.
This buiUting has many memories, but 1 trust in the opinion of the
Daughters of the American Revolution It is now Invested with a si>ecial
sanctity and with a most precious memory, because here the spirit of
democriicy which they desire to see supreme has been evidenced In our
collaboration together as representatives of great peoples. In order that we
may have in place of a worse than fruitless competition a generous co-operation, expressing not of the sinister a'mhitions of despotic governments, but
of the true spirit of the peoples represented in these democratic (Sovernments, and It is that spirit which we, as representatives, have brought
here to evince, because whatever Governments want the peopies of the
earth want, justice, peace and security.
The conference will now stand adjourned until Monday morning at 10
The only proceedings on Monday will be the signing of the
o'clock.
tl'eaties which have been approved, and the closing address by the President
of the United States.
Thereupon, at 12.35 p. m.. the conference adjourned.
COTTON MILL STRIKE SITUATION.
The movement
to reduce the wage scales of Northern cotton mills, which was started in the middle of January last
by three mills in eastern Connecticut, because of Southern
competition, presents numerous features of interest, but has
made relatively slow progress during the past week.
Ten days ago it looked as if the mill owners would quite
generally adopt the plan, either with or without lengthenOn Thursday last
ing the week's work from 48 io 54 hours.
the cotton mill men in New Bedford and Fall River were reported "as not altogether in favor of following the example
of other plants in New England," fearing that it will "react
on the manufacturers by taking away from the efficiency of
the workers."
Possibly this attitude of uncertainty may have been causeH
by the announcement made on Feb. 8 by President W. M.
Wood to the great body of employees of the American Woolen
Co. Mr. Wood says: "There will be no reduction of wages
this season, for so far as the American Woolen Co. is concerned; there is nothing to justify it.
We would be more
justified in increasing the price of cloth than in reducing
wages."
find anything
[VOT..
lU.
unwholesome or unreasonable aboat onr indastry in the
matt«r of hours of Ibaor.
From Connectu'ut
January
wage cutting movement spread
the
Ib
Pawtuxct Valley and
tlience to Providence, accompanied by strikes, until on
Feb, 9 the following mills had been closed, some 7,000 per
into Ifhode Island,
to the
sons being idle on that account:
B. B. & It. Knight Co., Inc.
Pontlac Mill, at Pontiac.
Natick Mill, at Natick.
—
—
Other Properties (Concluded)
at Cronipton.
Berkeley Co., at Berki-ley.
Dexter Yarn Co., Pawtucket.
Crompton Co.,
Arctic Mill, at Arctic.
Centreville Mill, at Centrevllle.
Royal Mill, at River Point.
Vnlley Queen Mill, River Point.
Grant Mill, Providence.
Blackstone Mfg. Co., North Smitbfield.
Narragansett Cotton Co.. Apponaug
Lincoln Bleachery, Lonsdale.
Nottingham, Providence.
Apponaug Bleachexy.
Pontiac lUeachery, at Pontlac.
Slater
Other MilLs—
Hope & Phoenix (Hope Mill
Yam
ai
Apponaug
Co., PawtuckeC.
Lonsdale Companif—
Co.).
InterlHken Mills
Harris & Arkwright.
Arkwright Bleachery.
Ann Hope.
Number Four.
Ashton.
On Thursday of this week it was annoumeed that the Grant
and Nottingham mills of B. B. & R. Knight, Inc., had resumed practically full operation, and that the Silver Spring
and Queen Dyeing branches of the United States Finishing
Co. had also been reopened.
Secretary of Labor Davis has sent as conciliators lo Rhode
Island John J. S. F^ogers, formerly Commissioner of Immigration at Philadelphia, and more recently connected with
the Department of Labor, and Charles Bendheim. .Assistant
District Attorney for the District of Columbia.
The strikers in the Pawtuxet Valley have engaged in several demonstrations, displaying a rather turbulent spirit, and in some
instances preventing employees from entering the plants.
From Rhode Island the announcements of lower wages
made their way to northern Massachusetts, New Hampshire
and Maine, being accompanied in the former Stal« in instances by the 54-hour week.
On Feb. 3 cotton manufacturers employing approximately
50,000 operatives in New Hampshire, Massa<diusetts and
Maine notified their employees Feb. 2 of wage cuts amounting in most cases to 20%, effective Feb. 13.
New Hampshire plants also gave notice of an increase from 48 to 54
hours in the weekly schedule. Fall River, New Bedford
and Lawrence were not affected by the announcements,
and only two of the mills at Lowell had announced the
cut to-day.
The "Boston News Bureau" on Feb. 3 summarized the
situation as follows:
Add ng the splndleage approximating 1,500.000 In Rhode Inland whert
a similar cut was made a rortnight ago, it Is oafe lo say tti:it ai livist 25%
m
II capacity nf New England, about
\H 5(H). INKI spltidlee.
the Cotton
It iii virtually
fortnight hence be operating on the new wagescal-s.
certain that many other mills will take this step which It is everywhere
admitted s absolutely neci-ssary to meet Southern competition and to
tiring u business to run mills at capacity or full time.
In addition to the horizontal cut of 20% from top to bottom, the New
Hampshire mills will also put in force a 54-hour working week as against
the priKi^nl 4S-hour schedule.
The current redmrtion nf 20% is thi- first change in cotton mill wages ol
D«»pite these readjustcut of Dec. 192(1.
New England since the
ments the average wage is far above what used to be reKardml as normal,
the increase over pre-war figures being 95% in the case of New Hampshire
of
all
will, a
22H%
mills.
20% wage
cut Thursday were as follows;
Co the Cocheco
Divis on of I'acific Mills, Great Falls, Siincook. Newmarket hucI Salmon
Falls.
For Mnine: Bates, Edwards, Androscoggin. LewNion Uleacbery.
Cabot and Continental. For Massachusetts: Otis, Thnrndike. Palmer,
Lancnster, Hamilton. Buy State (lutemationaJ
Cordis, Boston Duck
List of mills
For
announcing the
New Hampshire Amoskeag
Mfg.. Nashua, Jack.son
,
However, the following advertisement quoted by the
"Journal of Commerce" as coming from the "New Bedford
Standard" of Feb. 5 indicates that there are still New Bedford interests who feel that lower wages are inevitable there
Cotton), Warner. Lyman, Dwight and Parkhlll.
Other mills underKtood to be participating in the ctit are la) In Massachusitts: West Boyleslon Mfg., Fitchburg Yarn, Orswi-ll, Maiihasset:
(b) In Vermont- Queen Ci\y and Chase: (c) In Maine; Pepperell, York. &c.
In the list are several small woolen manufacturers Ed. "Chronicle."!
The first advertisement is that of a mill stock
as elsewhere.
broker, who says:
Is not reasonable pay and a chance to earn it better than higher wages and
no work? Cuts of 20% affecting over .50.000 operatives have already been
announced in New Kngl.ind. in son\e cases airconip.inied by longer hours
New Bedford mills when running full employed about 40.000 people. Our
mills must eventually shut down or cut wages.
The Amoskeag Manufacturing Co., normally employing
We believe
opinion, If the
make the cut. In our
reduction Is made and accepted. It means, commencing
in March, our mills will run practically full time the rest of the year instead
Jan. 1 the miinufacturers said they
of from 60% to 80% as last year.
would not cut wages, we said they would. We believe the wage cut must
come as the natural sequence of the law of supply and demand and is for
the best Interests of the textile operatives.
It
Is
for the best interests of all Ut
20%
The other advertisement,
fully a half page, says in brief:
Bedford mills operate on a 48 hours per week basis. Except in
cases of emergency that seldom occur the mills are not oi>erated on legal
New
holidays.
Nowhere else in the world do cotton mill operatives have any shorter
hours nor more attractive or healthy working schedules, and In most other
cotton mill centres the workers are occupied six to twelve hours per week
longer.
Although It Is often difficult for local mills to compete with those having
longer working eohedulea and consequently lower costs, certainly no one can
I
—
15,500 persons, on Feb. 3 issued the following statement
connection with the 20% wage reduction:
The textile manufacturers of the North, If they are to continue to operate,
must meet the competition of the South, where wages are 50% to 60% of
in
those In the North, and where the working hours are from 5li to 60 hours
We have no control over the prices of cotton, wool, coal, nor
per week.
of taxes, nor of any of the large factors which enter Into the totai cost of
manufacturing, except the wages paid to employees.
Realizing the impossibility of successful competition with a rival who ha*
not only every advantage in location, but the extreme advantages of lower
wages and longer hours, the management of the Amoskeag Manufacturing
Co. consider the read.lustment Imperative.
Having in mind our full time operation since and on account of tlie
reduction one year ago. the company now hopes tor severed months at least
of Continuous and full operation.
H
A secret ballot is
in New Hampshire
being taken by the employees engaged
mills to determine whether they will
accept or reject wage reductions. The United Textile
Workers of America claim to be able to call a strike of
100,000 operatives if the matter is pressed. American
Federation of Textile Operatives, it is said, have already
THE CHRONICLE
Feb. 11 1922.]
587
authorized a strike in cotton mills cutting wages in Augusta,
I^wiston, Biddoford and Brunswick, Me.
Thomas F. McMahon, President of the United Textile
Workers of America, issued a statement on Feb. 2 declaring
that the local organization would call a strike within its
jurisdiction where notices of a reduction of wages was posted.
Garment Workers, a call to a conference to be held in
Chicago Feb. 20 by "all progressives to bind the worker?
He
W. H. Johnston, Chairman of the Committee, in announcing the proposed conference, stated that it is proposed the
conference should "make use of constructive forces already
said in part:
At the recent meeting of the Executive Counci) of the United Textile
Workers of America, after a full and frank discussion of the reductions in
wages of Rhode Island and other New England workers, it was finally
decided that in the district under this jurisdiction, comprising Rhode
IMand, Connecticut and part of Massachusetts, that full power be given to
John H. Powers of Pawtucket (Executive Board member) and myself to
declare a strike in any mill or corporation where notit^s of reductions in
wages had been posted or lengthening the hoiirs of labor.
In pursuance of this order, a strike was declared against the United States
Finishing Co. in all its branches to-day. These at present comprise the
Silver Spring Bleachery and the Queen Dyeing Co. of Providence, and the
Jake Dunnell plant in Pawtucker, to be followed at once in the Sterling and
Norwich branches of this concern in Connecticut if any work is sent from
the above places to these two latter-named mills for finishing.
The unsettlement of prices due to the declining cotton market of recent months and the excessive spread between the
raw material and the cost of the manufactured armaking probable a readjustment of both wages and
cost of the
ticle,
the prices for cotton goods, has resulted in a quietness in
that market that has not, it is said, been exceeded since the
Dow, Jones & Co. report:
closing months of 1920.
with the exception of the sheeting and gingham mills, which have orders
well ahead, mills are gradually curtailing to avoid piling up too large a stock
Some of the fine goods mills are believed to have unusually large
of goods.
^"hile the supply of manufactured goods is probably
stocks on hand,
normal, a large percentage of it is in the hands of the mills.
It Is decidedly a buyers" market, and the buyers refuse to purchase beyond inunediate needs. Only when they are obliged to buy do they enter
Buyers who normally take 50,000 yards at a time are now buythe market.
ing but 10.000 yards.
5%
down
cents, contrasting
to
cents .Jan. 1 1920 and
cents, repsectively, on the
first of January of the four years next pr< ceding.
Print cloths Feb. 6 sold
with 614 cents .Jan. 1 1921,
cents, 9 cents, 6 cent* and
MEAT
9%
14^
3^
PACKERS' STRIKE OFFICIALLY ENDED.
walks of life together" in a common understanding on
behalf of the inherent rights of man guaranteed by our
Constitution," which "are being destroyed by the agents
of all
of privilege."
in existence
and by co-operation bring about
The announcement and
Claim
political unity."
the circular further said:
that Reactionaries Rule.
We feel
that the reactionary forces and special interests now In contro!
of every branch of the Government are pursuing a policy which has already
wrecked Amtrican industry and agricultur.\ causing widespread bankruptcy
and nationwide unemployment which, if not arrested, is destined to destroj
the fundamental principles of liberty on which this Government wsis
We are inviting to this conftrence representative men and
established.
women from
all
groups
In
America
life.
We
believe that there must be some fundamental economic principles
that can be Invoked to restore the opportunities of this nation to the peoplt
of the nation.
In the midst of profusion of wealth we find the farmer unable proTitabl}
to market his crops, factories idle with millions demanding their products,
and men and women who long to labor denied that inherent right.
Would Secure for All
Men
En}nvment
the
oj
Gains Which Their
the
Industry Produces.
There has been no common understanding to bind the workers of all
walks of life together. For lack of this common understanding we have
been dividtd and betrayed. To the end that there may be a beginning of
that wisdom which comes only through understanding, the 16 standard
railroad labor organizations, through their duly authorized conuuittee.
invite you to attend a conference in Chicago Feb. 20.
To this conference representatives of the progressive elements In tht
Industrial and political life of our nation have been invited to dIsciKS and
adopt a fundamental, economic program designed to restore to the people
the sovereignty that Is rightly theirs, to make effective the purpose for
which our Government is established, to secure for all men the enjoyment
of the gains which their Industry produces.
iThe call was signed by W. H. Johnston, President of the Internationa.'
Association of Machinists, Chairman of the committee in charge; Martin F.
Ryan. General i^esident of the Brotherhood of Railway Clarmen of America:
W. S. Stone. Grand Chief. Brotherhood of Locomotive Engin ^rs; E. J.
Manion, President of the Order of Railroad Telegraphers: Timothy Healy,
President of the International Urotherhood of Stationary Firemen & Oilers
and L. E. Shepi>ard. lYesident of the Order of Railway Conductors.)
On Jan. 30 Dennis Lane, Secretary' of the American Meat
Cutters & Butcher Workmen's Unions, sent messages to
the several affiliat-ed unions throughout the country notifying RAILROAD RATE ASSAULT— WARNING TO SECURITY
them that the national union executive council has voted
HOLDERS FROM NATIONAL ASSOCIATION.
to recommend that the strike be ended and that the men be
Mr. S. Davies Warfield, President of the National Assoarhised to return to their old jobs. The mes.sage said in
ciation of Owners of Railroad Securities, in the first number
part: "We advi.se that the strike be called off immediately.
of "Security Owners," issued by the Association on Feb. 5,
Continuance would be useless and would cause unnecessary
warns the holders of railroad securities of the widespread
suffering among our members."
This advice appears to
movement of business and other interests to secure radical
have been followed at all centres.
reductions in railroad rates, reductions endangering the whole
The strike started on Dec. 5 after the packers had nego- fabric of railroad finances. Mr. Warfield says in substance:
tiated agreements with their employees through a plan of
The head of one of the great steel companies has stated in able addresses
plant re^jrese.itation and after wage reductions of about that the railroads should be left alone, like any private basiness: that the;
managed by men who are the peers of any set of men in similar posi10% had been put into effect, the packers refusing to recog- are
tions; that they should be trusted, unmolested, to handle their railroads.
ni/.e the unions in their negotiations.
The railroad executives thus characterized have presented Indisputable
The various packing plants have been in operation ever testimony, evidence and data Ijcfore the Commission, and have elsewhere
that at the present net revenue, which would be less than
irince the strike was called.
The union men insisted that demonstrated
one-half of the return named in the Tninsportation Act, the railroads If
oi)erationfl were curtailed, but, according to the packers,
properly maintained cannot supply transportation.
Yet representatives of this and other groat steel manufacturing corporaall i)iantH were kept going at or near cai)acity.
Many of the
tions are now before the Inter-State Commerce (Commission, the regulatory
strikerH from time to time joined the men who remained
Ijody, demanding that the entire 40% Increase grantixl the railroads In
at th»<ir ixjstfl.
The unions claimed at the outset that Kastern territory In August 1020 be cut out in other words, that a reduc5f),()00 took part in the strike.
The .symimthetic strike in tion of 40% (compare "(.'hronlcle" V. 14, p. 4H,5) bo made in railroad ratef
on basic commodities. The railroad executives have shown amelasivelj
New York City endf>d some time ago.
that under such reductions they r<iuld not successfully operate their proi>er
The Criminal Court at Oklahoma City recently sentence<l ticMi; that If this l>e done It s|k11s rin.
It nviy be asked what reduction in steel products wiU this steel leader now
to life impri.Honment .six or more pa/jking house strikers who
make to railn>udH, his gr<>ati>sl purch;uter7 Would he, too, wish to sell hl(>
had ploadixl guilty to the charge of lynching a nogro j>ackirig output at half the cost to produce It and consent to a 40% reduction In the
hou-H*? employe*) who returned to work in violation of union
pn-sent price of sicel prodiK'ls? To prevent rallrojid niUvt fniin lHHV>mlnK
orders.
Still others are
being pro.secuted on a similar deMtructUc shnulil not everything els«! Ix- pr<nx>rtl(>n:itely and conl<>mp()rancyiu.Hly decn-aned — rails, railroad material. Hupplies, coal, wugOH, and. In
charK", with death scntfince hanging over them in case of fart, cverythlMK that goes Into railroad o|mratlon mid coimi ruction f Home
Indivlduul rateH may hit loo high; If so. they Hhould Im) luljuntod.
cfjnviction.
A diHpaU;h t'i the "./ournxil of Commerce" on Feb. <i
HtateM that thin ca«e ha« had the effect of conHiimmatiiig the
WA(;E HEARINGS
BY U. S. RAILROAD
two yearn' work of the city ('hamber of C-'ommerce in benaif
LABOR BOARD TO BEGIN MARCH (i.
—
1
ANNOUNCED
and that t/j-day all. or imwitically all, tin'mployonfl of (istahlishnicntH in Oklulioma City, ('xcnpting
railrojul men and the j)ririf/«TH prcH.smen, and othern engagir<l
m moc.lianicaJ work in the newMpa]Hir offic<!H, arc frc<- Ihinile of the fJovid nhoj).
of the o]n:u Hhoj),
RML dSlONSCM.L
hftad* of
wx
IDiiding with their rcHpjclive <u)nipiinieH n>«iXHiting wagcK
nilcH.
For Imh rcaHon Iw MoartI |Mmt pnnoH couHiderat ion
ALL WORKhHS TO "COS FERESCE and
OF PRfX.RESStVES" AT
Th«
TIh' Unit<'d States K.iilioad Labor Ho;iril :iiinoii!i<-(«| Feb. 7
that it would begin iHnringH ManOi (» on applituitioiiH for
incrcaHCH or derTeaHCH in railroad wagi-s, o.vorpt for railroad
Tln-m* hwt
<'nii)loy»'«'H in train inul ctigirHi and yiir«l kitvIco.
iii'-liido about
lOO.IKK) i-niploy«<<N who have nrgotialions
(
IIK'ACO
FEF..
L'O,
milroad labor unionn rinintd
b«>low. aflf.injf th<y w»y an a f»jrriniil l«e n prcHiriling nil
Id of th»« mjl uuionii, on Fi-b. 0, outHlri|>(Hrd tlu' HuggcHlion
offornd iMt wfx.k by t.h« coal ojM-rutivi k ff)r n f^ml-rail labor
m»<«>ring ("f "hroni'-lc." F«b. ^, pinji. 4Xi) and wnt l.rou'haMt
In ih«> lab<jr union<< ginjirnlly. not rimitting the l,ftcli«.«
of
Jh«(
t
t
of their
rtiHi'H
until after the olherH
Appii'-iiti'ui fr)r wi
Ro
have
Imhmi lienrd.
cutH or incretiHOH
are
now
jioiidin^
before the MoanI in final form frniij about
railroadH mil
Annotiiic<>nient« th.'it
of npproxiinately 210 ( 'Ihhh I roadn.
(jeereimeH wr»n|(| be ithked liy the <vamerH and e<)iint4ir annoiiiieettienlM that incTeuHeK would Ih> deinnnded by tho union.-"
1.")
wore
fniule pteveral tnoiithn
ru'i).
)
)
THE CHKONTCLE
588
Text of Besolution Adopted by the Board.
The Labor Board has received applications for
a decrease
{n the wages of certain classes of employees of the following carriers (then
follow the names of the companies, some seventy in number, including
several subsidiary or defendant concerns).
Whereas, There has been filed with the Labor Board, by the following
organizations, applications for Increases in wages of certain classes of
employees 'then follow the names of the .several unions];
Whereas, Each carrier has a dispute with one or more of the organizations,
and each organization has a dispute with one or more of the carriers, and
Whereas, the Labor Board has information to the effect that a number of
other carriers are about to file applications for a decrease in wages of
certain classes of employees: and thit the organizations herein named and
other organizations are about to file applications for an increase in the
wages of certain classes of employees on various carriers, and
Whereas, The Labor Board will have decided (he disputes now before it
as to what shall constitute just and reasonable rules governing working
conditions for such'Tjlasses. bfefbre the issuance of the decision on the wage
disputes herein above referred to, and
Whereas, The Labor Board has been informed that a large number of
carriers have re-opened or are about to re-open negotiations with the
representatives of (he employees In train and engine and yard service, for
the purpose of considering just and reasonable wages and rules governing
working conditions of (hese classes, and,
Where&s, In the Judgment of the Labor Board, it is desirable that this
Bdard hear at one time the di.sputes with reference to decreases and increases in wages of classes of employees other than tho.se in train and engine
WhereciS,
held for and used in the service of transportation claimed or reported
carrier and supported by detailed explanations.
—
Matters
commencing 10:00 a. m., Monday,
March 6 1922. hear the representatives of all carriers and employees who
have
filed applications for decreases or increases in
train
and engine service and yard service) on or before Monday, Feb. 20
wages, (except those in
1922.
(2) That the Labor Board will not at this time undertake to limit the
period of oral presentation and argument of any p.^rty to the dispute, but
hereby calls upon the employees and carriers involved for such suggestions
as they may de.sire to offer to assist the Board in determining and setting a
reasonable period of time for such oral presentation and argument. Evidence to any extent desired by either party may be submitted in writing
furnishing the other interested party with copy thereof.
All such evidence
must be submitted prior to close of hearing.
(3) That all such disputes must be filed in accordance with the rules and
regulations of the Labor Board issued as of Oct. 6 1921, and must be
accompanied by application for decision prepared in conformity with
Form RLB-lOl of the Labor Board.
RAILROADS CALLED ON TO TURN OVER TO U. S.
TREASURY ONE-HALF OF EARNINGS OVER 6%
PER ANNUM FOR PORTION OF YEAR 1920.
The Inter-State Commerce Commission on Jan. 28 issued
an order dateci Jan. 16 prescribing regulations for the ascertaimnent and collection of the amounts due the Government
under the so-called "recapture" provisions of the Transportation Act of 1920 in the case of roads earning a net
railway operating income in excess of 6%.
These regulations apply in the first instance to the earnings
during certain portions of the year 1920 and the companies
are required to report respecting the same by April 1 1922.
In the case of roads which accepted the Federal guaranty for
the half year ended Aug. 31 1920, an accounting is required
of the surplus earnings for the four months from Sept. 1
1920 to Dec. 31, while for roads that did not accept said
guaranty the accounting must cover the ten months from
March 1 to Dee. 31 1920.
The "Railway Age" of Feb. 4
says:
selection of the period makes some difference because during the
last four months of 1920 the increased rates were in effect and the volume
For .September the (^lass 1 roads
of traffic was heavy until December.
earned at the annual rate of 4.52%. for October 4.84%, for November
The
3.39%, and for December 0.29%, whereas for the year ending Aug. 30 1921,
The
the net operating Income represented a return of only about 2.9%.
difference, however, is comparatively slight for the roads as a whole,
although wide variations may exist as to different roads, but by segregating the odd months of 1920 it is made possible to proceed hereafter on
the basis of the calendar year, which is also the railroad fiscal year.
Digest of Order,
Somewhat Abbreviated,
In the case of any carrier which accepted the provisions of section 209
o fthe Transportation Act, 1920. the first period for which such computations are to be made shall be Sept. 1 1920 to Dec. 31 1920, both inclusive.
In case of carriers which did not accept the provisions of said section
209 of the Transportation Act, 1920, the first period for which such computations are to be made shall be March 1 1920 to Dec. 31 1920, both
(1
inclusive.
Segregation of Earnings for Periods in Question from Year's Earnings.
(2) The excess income for the portions of a year ended Dec. 31 1920 shall
be preliminarily fixed as the income In excess of such proportions of 6% on
the value of the railway property hold for and used in the .service of transportation as the net railway operating income for the months of September
to December, both inclusive, or for the months of March to December, both
Inclusive, as the case may be. In the throe years ended .lune 30 1917, bears
to the total net railway operating income for the same three years.
Valuations of Carriers' Properties.
value of the railway property of the reporting carrier
or carriers shall be based preliminarily, in the ca,se of carriers which made
such returns directly or Indirectly, upon the amount reported or used by
such carrier or carriers as the aggregate value of railway property held for
and used by them in the service of, transportation in the proceeding entitled
"in the niatter of the applications in official, southern, and western cla.ssiflcation territories for authority to increase rates," Docket No. Ex Parte 74,
with adjustments for (o) new lines, extensions and additions, and betterments; (b) retirements; (c) amounts of property for which permission to
retain earnings under paragraph (IS) of Section 1,5a of the Inter-State
Conunerce Act ha.s been granted; and (d) other lncrea,ses or decreases,
properly affecting the aggregate value of the railway property of such carriers
(3)
The aggregate
by the
The value of such railway property, as reported, will bo corrected and the
actual value will be determined in the manner provided in paragraph (4)
of section 1,5a of the Inter-State Commerce Act, and corresponding adjustments in amounts recoverable by and payable to the Commission will be
effected.
In the case of those carriers which did not directly "or indirectly
make returns in connection with Ex Parte 74. the investment in road and
equipment ;i,s of Dec. 31 1919. with proper adjastments as herein above
indicated will be used for preliminary computations, and these preliminary
computations will he similarly corrected after the determination of actual
values in accordance with paragraph (4) of section 15a of the Inter-State
Commerce Act.
(4) The establishment of preliminary bases for prorating the return of
6%, or a.scertaining property values to which the rate is applicable does
not preclude any carrier from using such other ba:8e8 as it considers more
eriuitable and in accord with the facts; such other bases, however, must be
fully and properly supported.
It is further ordered. Pursuant to the foregoing rules and regulations for
the determination and recovery of the excess income payable tmde'r s^tion
15a of the Inter-State Commerce Act each and every carrier by railroad,
or partly by railroad and partly by water, within the cotitinentaa United
States, subject to the provisions of the Inter-State Commerce Act. excluding
those companies below mentioned, shall on or before Feb. 1 1922', Ithis
dite has been ch.ingod to April 1, Kd.I report to the Secretary of the
Inter-State Commerce Commission, Washington, D. O., the jfollowing
matters:
and yard
service.
Therefore, be It resolved,
(1) Thiit the Labor Board will,
[VoB. 114,
to he
The amount by which
Covered by Reports in Question.
net railway operating income for the period
ended Dec. 31 1920 was in excess of that percentage of the value of railway
property held for and used by it in the service of transportation, established
by the foregoing rules, with explanation and details, of the manner in which
such excess income was computed, or, in the event there was no such
exce-ss railway operating income, that fact, with corresponding calculations
and detailes in support of the return.
(2) In cases where excess net railway operating income is reported, a
statement of the title of the fund account in which one-half of such excess
was placed, when such reserve fund was established, the amount placed in
that fund, and how the as.sets in that fund are represented or held.
(3) The amount of the remaining one-half of the excess Income as preliminarily computed paid to the Inter-State Commerce Commission and
when and how such amount was paid. If unpaid the amount should be
paid by remittance to or draft in favor of the Inter-State Commerce Commission, tran.smitted to George B. McGinty, Secretary of the Inter-State
Commerce Commission, Washington, D. C.
(1
its
(4) The value of the railway property of the rejwrtlng carrier or carriers
with a statement in detail of the manner in which such value is arrived at
and a full explanation as to the method in which the values of properties
of a group of carriers have been aggregated in oases where property values
and income are computed for a system pursuant to the provisions of paragraph (6) of section 5a of the Inter-State Commerce Act. In such cases a
full explanation should be given of the reasons why the group of carriers
used are treated as under common control, management, and operation.
1
Companies Ecluded from
this Order.
Sleeping-car companies and express companies;
(b) Street or suburban electric railways unless operated as a part of a
general steam railroad system of transportation;
(c) Interurban electric railways unless operated as a part of a general,
steam railroad system of transportation or en^ged in the genei^l trans'
portation of freight: and
(rf)
Any belt-line railroad, terminal switching railroad, or other terminal,
facility, owned exclusively .and maintained, operated, and disntrolled by
any state or political .subdivision thereof.
(a)
RAILROAD NEED FOR CAPITAL AND ADEQUATE
RATES AS STATED BY SECRETARY HOOVER—
U. S. GUARANTY FOR EQUIPMENT TRUSTS.
Herbert Hoover, Secretary of Commerce, in. testimony
before the' Inter-State Commerce Commission, on Feb. 3
urged a "courageous program of broad- visioned betterments" bj'^ the carriers, and suggested a guarantj' of their
equipment trusts by the U. S. Government as a means of
obtaining money to prepare adequate transportation facilities.
Press dispatches from Washington would indicate that Secretary of the
is of the opinion that the Government can safelj' guarantee
the railroads the equipment certificates to further rehabilitation work provided Congress will give the necessary authority: but some of the. Cabinet
are said to be doubtful as to the wisdom of .such a step.
As regards rate readjustments Mr. Hoover holds that general rate reductions, without regard to the commodities affected, arc impracticable, but
he advocates a reduction of the rates on coal, metals, wood and agricultural
and other producers' goods before rates on passenger travel and most of the
manufactured articles are lowered. On the other hand, he soys that in
some instances lie would recommend increases to bring about a more
equitable distribution of the rate burden.
Treasury Mellon
Digest of Statement by Secretary of Commerce Hoover Before the
Inter-State Commerce Commission.
General.
In responding to the invitation to discu.ss some of the problems
present in your general railroad investigation, I shall devote myself to three
of the railway topicxs which especially arise from the present situation.
I do not need to review at length that we are recovering from the destrucI would, however, suggest
tion and inflation of the greatest war in history.
that great asoiu-dislocationsmaysoem to be, we relatively are in an enviable
While there is unemploj-ment and lack of profit taking, we are
position.
We are comparatively more restless than injured.' For infree of panic.
stance, as hea%'y as our tax burden is it is still less than one-half as great
in proportion to our national productivity as the other States .in th? war.
The violence of our readjustment, however, is without parallel, but, confident in the future of the United States, our problem is to exp'edlte recovery
to speed up employment of our workers, and thereby find mfirket for
our farmers.
If we look at the national economic situation as a whole, the greatert
impulse that can bo given lo recovery from any source what«ver is a reduction of rates on primary commodities combined with the immediate restmnp-,
The first depends upon. retion of railway construction and equipment.
duction of operating costs, the second upon restoi^tioa' of credit for our
—
—
railways.
^
'
THE CHRONICLE
Feb. 11 1922.1
—
One thing is
Railroad Fariiities Musi Expand or Country Will Suffer.
Our transportation facilities are below the needs of our country
absolute.
and unless we have a quick resumption of construction, the whole com-
munity, agricultural, commercial and industrial, will lie gasping from
strangulation caused by insufficient Iran-sportation the moment that our
For the last five years we have had no consebusiness activities resume.
quential expansion to our railway transportation machine.
The experience of the twenty years before the war has shown that we
must build an extension of lines, including terminal facilities, additional
sidings. &c.. every year equal to the construction of a new railway from
New York to .San Francisco. We must add at least 120.000 cai-s nad 2.,'iOO
locomotives annually to our equipment. Since we entered the war in 1917
we have constructed at least 10.000 miles of railways less than our increasing
population and economic development called for. and we are behind in
and
have an immediate resumption
of construction and equipment, our commercial community will pay treble
the cost of the whole of them in their losses of a single season. The very
moment that we reach anything like normal business we shall see a repetition of car shortages, followed by an increase in the cost of coal to the
consumer from $1 to S3 a ton; we shall again see premiums of 20 cents a
bushel for the use of cars for moving grain; we shall, in fact, see a shortage
of commodities to the consumer; and we shall see gluts upon tlie hanns of
200.000 cars.
rolling stock by about 4.000 locomotives
1 wish to emphasize that unless we can
We
s'all see factories fUled with orders again closed for
the producers.
lack of cars; we shall see large int«rmittency in employment, and we shall
see the usual profiteering in commodities due to a stricture between the
producer and consumer.
There would be no difficulty whatever, by basing such losses on the
experiences we have already had. to calculate a loss to the American people
of $1,000,000,000 for each of these periodic transportation s'^ortages.
Furthermore, there is nothing that is so irrecoverable a loss lo the nation
To-day we have both. There is nothing that
as idle shops and idle men.
will so quickly start the springs of business and employment as an immediat*
resumprion of construction and equipment of the railways. When business
does resume, we shall need all of our capacity for the production of conaoinable goods.
Lack of Confidence Halts Adequate Railroad Financing.
the fundamental reasons for failure to resume equipment,
In the loss of confidence in railways as an investment and
We have passed the period of credit
the competition of tax-free securities.
Surplus capital is pouring by hundreds of millions
strain in this depression.
monthly into tax-free .securities and foreign loans, and yet our railways are
anable to finance the most moderate of construction programs.
I see no occasion to go into the labyrinth of past railway finance, its proThat generation is
priety, or lack of propriety, its foolishness or its skill.
gone by. This Commission approaches the financial problems of the railways upon the actual value, not upon their issues of securities, and I take it
we are living for the future, not for the past. We want transportation, and
we want it with the values of private initiative and clean public service.
Far from it lieing impossible for our railways again to
Railroad Ouil -ik.
I believe it is possible to demonstrate that
return to a profitable footing.
on an average they will become very profitable. If we assiune that the
reduction of prices and wage levels will settle at a plane no lower than 50 'i^
over pre-war, and if we assume that the present rates are to be maintained.
and If we assume restored traffic, then the earnings of our railroads would
exceed 1.5% on the whole of the Commission's tentative valuation. Surely
there Is room here for s^^fety to investment, as well as relief to the shipper.
Wages. We cannot and should not expect wages to come back to prewar levels. Many of our wage scaUs were too low in the pre-war times.
They can follow down step by step with tha cost of living, but there are
permanent changes in this spread f between producer and cotuiumer), such
We
aa the taxes, which will hold the cost of living above pre-war levels.
aon
ir other reductions in the spre.ad by increa-sed national efficiency.
'
Facing the Country.
We are comparatively more restless than
Injured.
The problem is to expedite recovery.
Railroad Rates and Railroad Credit.
If we look at the national economic
^tuation as a whole, the greates-t impulse that can Ihj given to recovery
from any source whatever it a reduction of rates in primary commodities,
combined with the immediate resumption of railway construction and
equipment. The finit det>ends upon n^uction of o|)erating costs, the
c«cond- upon rcstoratton of credit for uur railways.
If
we
we examine
will find
them
—
—
—
•
—
PropotUUm
to
Quieten E^tipment and Improvement Work by Federal Guaranty.
It soems to rne vital that the railways as our greatshould propone a courageouH prf,i<Tam of l>road visloned Iwttorni"
fiece«.iry the (iovernmi-nl, should c-on.sldcr giving the as© of Its
It woul'I nf>t rost the t.ixpiiyer a cunt lo give the (Jovurn
ntpnrUir i-nalit.
ment guarantee u> e'lulpmeiit iru-iis upon the primary responsibility of the
railway* the pmr.mi'lH devot«yl entirely to lmprf)Voment and cxiuipment.
Thin U no pr»>p<«<i.il to tike money from the taxpayer. It Im a proposal
to lave bin from paying treble the oinnunl of his guarantee In profitccrinK
and Inmiem.
It will mnder a reduction of rate* earlier, for unless something Ir done the
Improvcnientii will hiive to be paid over yean* fiut of IniToa.si'd rules.
Nor
woul'l
\mn a c»>nt upon ihf gu.-<r.inl<«'. for If .\merli-an railways can not
earn lnt4Tf>nt uprm lh<:ir Ixirrowlngft lot an throw up our hands and prepare
for a aerond Hwml».
A real pnignm of "^nntnirtlon would In Its varloiM ramifications give
relief
It wriuld enable even
'.f our unemployed.
addMl
.r nt.ind.ird of living and than give Increased
r ..ur farm<TM,
marketa u>
Our farnieni who hwik i/> fon-lgii
markrfn ff,r
.<h'iuld nl<ip in conilder that our hnnie cotijtunipII'
r\y M-ven p-iUti'li [i<r r ipltii In 1921 nioiMy owing
t"
lit If thU d<«r<Mw '-'luld Im; overroinn it would Ixi
Worth iiuifi tb*n .iuy« locreaae In nxporio.
In fho«e rlrcuin.it.ince8
!»'
.
.'
w
The General Price and Wage Situation.
Before entering upon the question of readjustment of rates, I wish to set
out some factors in the present economic situation that bear upon the
The following table shows a few commodities and service
entire question.
groups, compared with 1913 as 100:
98 PigUx>n, Pittsburgh.
128
Farm crops, at the fann
92 Bituminous c&al at mine (estiAll animals, at the farm
150
mated 4 districts) J
160
Retail foodstuffs
136 Bituminous coal (retail various
Cotton, at the farm
101
localities)
ld8-220
Wool, at the farm
213 Yellow pine lumber (at mill)
189
R et a il do t hing
113 Douglas fir lumber (at mill)
125
Steel billets. Pittsburgh86 Lumber (retail) partly estimated 200
Copper
90 Cost of living, estimated.. 162 to 180
Zinc
,
Wage
.
Ktil frrrm
Wa
ow
l»Ik
of
iflD.Iir
'
i
-fiOTHt
'ins
tr
from llrlpiny
the
rrrilllji
wuh to tmy with nil
nixnt up>in A/iierli-nn rallwny* will glvn in'irn ••iiiployp<vi(ili<
i,\i,r- I'l
I'i'c u> KMT lii'lu"irv. innr" .'iJwl«lt«nce lo ciur
fariiMiii. th.tn twic^ rh.i'. •urn • i>'"'l'"'l ouinl'lf ihr fronilem nf the I'nlusl
Hl*t«n and thnro win \tn ttr-\''irlt.y fur the Invenl^ir.
m ,-,i u, n^-r u, Hi<- -.'rii \\,\n wllrhoji' r.iiilflrun heInK fe<l ronFinally.
f.i
^
that »
nrnit U> our
I
ilfir*
.
—
'
<
I
•tantljr w1':
,|
paat. froWi
*•>• rallw»jr«
and
thnir
wm ^r^rrny
r.iir
rallwity*
'
""
rrmii the fnlwl<-..«1« nf rnilw.iy pr«imol<T<i In ihn
the rnllwiiya nnd Ihn fiirinrri. nti't t«.|«i.«.n
..tir><«n
wurkmrn.
in<l
Vrtttn nil thn r<iiiru«l<in thiif
drntroy
nurwlvm
With
Ihl"
It
.
'
••n
the nhliiiK-r nnd thn
wlih i.hr li.tilwny I.ilxif lloird it.%«urlng iu«ilr» In w>irkrr<
with a grral «plrlt nf piilillr •orvlrn In nur giTiiTnUon of
'•
r». It U limn lo rail nff ihr witrhen aii'l t»kp rwirtir vision
3f our nalioiMl situation If mm ar« lo piill ourwilvra out of ihl* ili'iirrcnloii.
''
"
iirlng h<ifi«'niv In fin.iri<-o nn<l JiKlIrr to
...
135 Metal trades
210 Building trades
-
J
I
..
218
190
..173
150|Coal mining scales..... '.-i
...2001
Railways..
This table at once demonstrates:
(1) The inequality in prices and wages between giyjups of commodities.
(2) The increase in spread between "producer's" and "consumer's" goods
(3) The lag in wage scales.
As the population engated in the "deflated" producer's goods agricomrpises one-half the tetal ninnber of
culture, and metals, wood. &c.
the nation, their power to buy the same ratio of consumer's goods has been'
reduced lo less than 70% of pre-war. and is the consequent cause of a large
pai^ of the industrial and commercial unemployment and stagnatiop in our
cities and our transportation.
I wish especially to call attention to the indicated enormous increase in
spread between primary producer's and ultimate consumer's goods. In
considering it, we must bear in mind that when we use 100 Por both consumer's and producers goods of 1913. we have already included the spread
between producer and consumer at that period.
I believe that the index numbers indicate an increase of 100% in actual
It is right here that most of our economic difficulties lie to-day.
spread.
Our increased cost of manufacture and distribution bear« two relations to
the rate question: first, that the increase of rates of from 30% to 100% on
different commodities is part of it, and is in turn partly caused by- it; and
second, the increased rates bear very unequally on different groaps in the
community.
Heavy Taxes. High Wages, Rents. Ac, as Well as Railroad Rates C<mtribute
—
—
to
we search
This Spread.
we shall find therein,
a vast complex of Increased taxation, increased wages, rents, and a dozen
items, all reacting upon each other, and also expressing' themselves In Increased cost of operating the railways.
For instance, the total increase in national. State and municipal taxes
At the present purchasing
since 1913 is approximately S5. 640. 000, 000.
power of the dollar, oiu* total national productivity is prolxibly somewhere
around 50 billions of dollars, of which over 10% must now be devoted to
increased taxes. This sum cf money must l>e obtained either from the producer of the consumer and in any event a considerable part of the (axes
Because the increase in spread due to
contributes to widen the spread.
taxes necessitates a spiral of increased wages, rents, &c., and before its
force expends itself, my own opinion is that possiWy 20 points in the distorted index number flows from increased taxes.
The increase of railway rates since 1913 in Class I railways 1921 is about
82.600,000.000. of which about $1,400,000,000 are duo to wage inci:eases
and atx)ut $160,000,000 to tax increases. If oiu- traffics were normal the
total increase of rates would Ixj more like S3, .500. 000, 000.
These sums
enter Into this increase in the spread and carry with them a further trail of
increased living costs and again a spiral of higher wages, rente, &c.. in all
other branches of manufacture and distribution.
If
for the cause of this increase of spread
,
Prosperity Awaits Loner Costs.
The exchange value of producer's goods will not again line up with consumer's goods unless we can decrease the costs and eliminate the wastes of
manufacturing and distribution. And unless we can sectire their nearei"
proximity we
will retard a return of emploj-ment and prosperity.
recent projects for fixing farm prices by law are apparently founded
on the notion that by raising agricultural prices up (o the levels of consumer's goods we can remedy the extreme hardship of our farmers.
Kvon if
it be po.ssiblo to riaso the prices, much Ic^k advantage would .-vccruo (<> the
farmer than anliripated.
Unless the "spread
is docreji.swl by actua
savings, the costs of manufacture and distribution would l)c at least partially increased by higher prices of producer's goods.
The r<vil reniod.v is
an attack upon the ciuses of the sprcid and thereby to bring eonsumer's
goods down to the producer's buying power.
It Is a certainly that in order to decrease the spread, railway rates must
comd down and for rales to come down costs of railway operation in wages
and prices of supplies must l)c reduced. Wo cannot and should not expect
wag(« to ronie back lo pro-war levels. Many of our wage Kcaliw were too
low In pre war limes. They can follow down step by slop with the cost of
living, but there are pornianiMil charges in this spnvid, such as the lax<^s,
which will hold the cost of living alxjvo pro-war levels. Wr must gain our
other reductions In the spread by increased national efficiency.
The
"
Great Inequality of Effect of Railroad Rate Adrnnre.
The
lncrons<K In railway rnUvi during the past five years have fiilli'n with
i-xtraordlnory incriii.iiliy mi illffiTcnl coniinodlllivs .and dlffiTrnl groups of
p«»)ple In the romiininlly.
Thf incriyisiw In rales since 1!)M, for InNlancti.
have aitdixl probably Iivih th.iii "/„ lo the price of cotton goods on the
nviTag'- haul but It had added probably dO'" to the lirlce of coal.
The
Incri-juiod rnUii Hlnci- 1914 have nddi-d nrarly KK)';;, to the conI of nHNenibllnu
the mat<Tlnls for piK Iron.
All this Is arllflrlally forcing our Industry U\
move Uiward their raw materlnts an enormous duplimtlon of plant and
loHii of en pll.al.
Of iwjual ImiMirlanci' Is the bcll<ir reull/.nllon thai i«ome Incrivinn of ratea
come mrMilly <iff the prodiiciir while oIIhtm ari' palil by the coiinunii<r. In
primary roinmoilllli«i whiTu the price In flxi<<| by lMli<rMalli>nnl -ompctlllon.
'I'ako
Ihr IncT'-nne or decnwiHe In rat** In n di'diiclloii from the prodiic<r.
whi.il for Inalnnrii. the point of cotnpi>lllloii with forrlgn prodiieo |li<ii at
I.lviTiMMil.
Tlin ni'l l<i till- producer Im l.lvnrpool li»«« trniiii|>ortalioii and
othir hnndllnic clmrgeii.
Tlinrnforn lncri«se« of rntm aro a dodiirtton from
the fnrmiTu' prlrr.
'I'hii iinnii' Ihltig apiillxn to tlm (iro'liircT In riTtnlii rnvn of dninrstir coiiipelltlon.
Al«i whiTi- IhiTci U rnpl'l lurnovr<r. mi In rniuiiifnrtiirn. and conwxiurnl nblllly to riwluce aiipply Ihn connuiixT jinyx lb" frolglil lui procnsnirM
In iniMl innniifucliiiyl
of prodiirllvlty will not rfitillnuK brlow profit (lolnl.
r'ommodlllni thn rotmuinnr pay* Mm frclRlit. for proiluillon i|ilt<'kly ulirltih*
when prlnrn at Iho facl^ory linconm iinproflUililn nnd tlf prlrn Ut H(o hnyer Is
For Iriatancn, In hliltw, thn farmir gnta
thn tucUtrr pricp phi* thp frrHahl.
I
—
lliitlniiiiln.
lo foreign ri.imlrlrK Ui lnrn>nHC
n-mHitmltilllty fr)r the utal^-ini-nl
of
Scales (Approximate)
Farm labor
Textile indtistries
Steel industries
'
!
589
.
.
—
.
THE
590
th« iDtemational price less freight.
cost, profit
and
On
cnTio>rrcLE
boots he pays the manufacturer's
freight.
Must Be Overhauled, but the Roads Must be Adequately Stippi/rled.
During the past eight months the railway.s have made many thousand readjustments of Jocal rates in endeavoring to heal local di.stortioD.s, but I am
convinced that tlie whole railway rate structure needs a most systematic
overhaul in the light of these new economic forces that have been brought
Railroad Rates
Into play.
We obviously must maintain the average rate that will support our transportation systems adequately and such an overhauling of rates might quite
well mean the advancement of rates in certain commodities in order that
compensation can be given to others where there is undue duress.
If I were to discu.ss the rates charged to-day I should say at once that a
decrease in passenger rates is not nearly so vital to the community as freight
rates, for passenger rates do not enter into the "spread" in proportion to
the relative volume of earnings.
If I were examining the freight rates 1
should at once say that coal, metals, wood and agricultural and other
producers' goods should be reduced to the bottom before less than carloads
and class rates are touched.
Even if the Commission cannot at the present moment Justifiably reduce ra Iway Incomes a single dollar, it is warranted in investigating the
possibility of some reUef to the more distressed commodities by a revision
An economic analysis will show that class rates and
of some rates upward.
the rates for less-than-car-load freight are far too low compared to the
rates on primary commodities.
With the gradual return of the traffic to normal, with decreased operating
costs, relief in rates will be available, and it would be an economic crime to
apply such relief by horizontal reductions to all rates, thus giving relief to
higher priced goods and travel, when the vital mainsprings of our economic
life, our agriculture and fuel and metals, are choked.
The Immediate Present
—
Ckmdiii^m'i
nt
the
Moment
Preclude
Important
Rate Relief.
If
we survey
the results of the past year,
upon
we
find
many
railways failing
borrowed capital; others more fortunately situOne or two exceptions
ated have earned dividends on their share capital.
of low bonded debt have done extraordinarily well on their share capital.
The whole of Class 1, Southern roads, barely covered bond interest, while
the most fortunate group, the Western roads, show an earning of only 4%
in 1921 upon their tentative valuation.
Moreover, it is obvious that
maintenance has been held to a low level and new equipment and exto earn Intertst
their
tensions practically nil.
The present earnings in their perilous closeness to bond obligations seem
to me to dispose of the question of immediate important rate relief, if we do
not wish widespread receivership and shoclcs to our whole commercial
fabric.
believe there are cases
I
1
.
where earnings could be increased by lower
rates; the rates in special instances are stifling business.
These directions
are perhaps not important In the whole problem of rates, but I am convinced that lower rates would recover lost traffic, such as export coal,
valuations of existing railroad property, not on the mass of
paper in the markets which sells for a dollar one day and t.
hundred the next."
Clyde M. Reed, Chairman of the Kansas Utilities Coram i.sargued that the present passenger rate of 3 6 cents per
mile was economically unjustified and had operated to reducithe incomes of railroads by restricting travel.
Fred W. Puinam, of the Minnesota Commission, and J. F. Shaughnessy ,
Chairman of the Nevada Commission, presented similar
ion,
views.
The Pullman Company appealed to the Commission ti'
reduce the surcharge on travel in its cars, estimating the
drop in its revenues from those of 1920 at $1,030,000 a
month
COAL LABOR TIME LOST THROUGH STRIKES.
Supplementing the
man-days lost on accouni
weekly coal report, the United States
Geological Survey presents data as to the man-days lost
both through strikes and other causes. In the twenty-year
1900-1919, the operators reported a total loss of
124,747,199 man-days through strikes, but the loss attributable to other causes was 1,053,576,000 man-days, or 8J^
times as great as the strike loss. To put it another way, in
two decades American coal miners lost one and a sixth
billion working days, of which 10.5% was ascribable to
strikes and 89.5% to other causes, chief of which are no
market, car shortage, and mine disability.
period,
These statistics of strikes are based upon annual reports furnished by the
operators which give "number of men on strike." and "average number of
days on strike." The man-daj's lost on account of other causes are calculated from the operators' reports of number of days of mine operation,
the full working year being taken as 308 days.
Tho.se facts illustrate what is well known that American soft-coal luinet
are developed so far above the annual demand that full-time operation^
year in and year out, is not attainable (compare "Chronicle," V. 113, p
.'.ITS; V. 114, p. 487, 483. 482.).
DAYS LOST AT AMERICAN COAL MINES ON ACCOUNT OF
STRIKES COMPARED WITH DAYS LOST FOR OTHER CAQ-SES
(Includes both anthracite
of traffics wll increase toward normal
I have the feeling that the railways, being our greatest business, will
agree that all these savings should be instantly devoted to relief in the rates
on primary commodities in order that we should expedite the recovery that
can only come through decreased spread between producer's and con-
sumer's goods.
If our railways were In position to stand the temporary shock it would be
lnfinit<'ly better to drop the rates on primary commodities to-morrow
our hiiBiness recovery would come faster. But we can not a?k the impossible.
Third
— Position of Affairs When Normal Times Return.
If we look further to normal times, we could mnke a rough calculation
that present wages and costs at say 50% above pre-war would show that the
railways can earn somewhere around a billion five hundred million dollars
($1,600,000,000) in excess of the 6% minimum upon tentative valuation.
Some estimates given to me indicate that approximately 35 or 40% of
revenues are involved in the groups more urgently needing relief. I think it
will also bear calculation that in the income assumed above that primary
commodities can eventually be reduced to pre-war rates, and still place
earnings upon a basis that will inspire such confidence in investors as will
secure the free flow of Investment capital into construction.
It is not to be expected that capital for these purposes will be available
at the rate that does not exceed the tax-free securities at least 2% to 3%.
Efficiency of Railways — Consolidations — Government Ownership.
A
great deal has been said about the inefficiency of our railway system.
Comparison with foreign
I do not sympathize with these statements.
railways of the fundamental criteria of per ton mile costs, train loading, and
so forth, in the light of our cost of living, will demonstrate that our railways
are of higher standards, better in methods than others, and are growing
In efficiency.
consolidation of our railways Into larger systems has been contemIt does give hope, however, of
Its value can be overestimated.
economies from more complete utilization of rolling stocks and terminals,
some small degree of saving in overhead, saving in current inventories,
but Its probably greater saving that would be decreased cost of proper
finance, increased financial stability and fuller independence from the
The
plated.
supply companies.
It Is probably unnecessary to refer to the question of Government ownership.
No one with a week's observation of Government railways abroad
or with Government operation of industry in the United States, will contend
»hat our railways cou d ever be operated as Intelligently or as efficiently by
the Government as through the Initiative of private individuals. Moreover, the welfare of Its multitude of workers will be far worse under Gov-
ernment operation.
We are struggling with the great problem of maintaining public control of
monopoly, at the same time maintaining the Initiative of private enterprise.
I believe
that
we
are steadily progressing to solution.
and farm organizations, demanded on cross-examination whether railroad
users should be obliged to paj' rates based "on stock securities issued as bonuses with bonds, created for promoters'
Mr.
profits," and generally, representing no investment.
Hoover rephed that "the Commission is dealing with the
future, not the past.
Its rat^es are based on its tentative
Clifford Thorne, Counsel for shippers
and bituminous
Days Lost on
—
Hne will at least In part follow down to the levels of decreased cost of living;
we must assume that the efficiency that is slowly emerging after the Govern
ment management will still further increase; we must assume that the volume
statistics of
of strikes, published in
substitutions in building materials, gains in water competition, &c.
The Second Period During 1922 Gradual Improvement to be Expected.
We rau.st assume that those railway wages and supplies which are out of
[Vol. 114.
Days Lost Account of No
On Account Market, Car
coal.)
Dans Lost on
Days Lost Accouni of JVo
on Account
Market, Car
—
Year—
Shortage, &c. Year
Shortage, &t.
of Strikes.
of Strikes.
1900
4.878.102
38.122.900 1911
983,737
63.044. 70S
1901. a...
7.33.802
1912
12.527.305
47.506.726
43.780.31
3.0J9.412
1902
16.672.217
40,635.223 1913
49.376.615
1903-a... 1.311,031
11.013,6)7
66.242.28?
48.517.726 1914
1904
3,382.830
69.836.506
59.860.350 1915
2.467,431
49.214.165
1905
796.735
59.267.0.36 1916
3,344,586
1906
19,201.348
40.401.89?
44.595,142 1917
2,348.399
1907.a...
462,392
38.001.284
52.235.292 1918
508.526
1908.a... 5,449.938
72.731.214 1919
61.181,749
15.603,567
1909
731.650
64,332,335 Total
1910
19,250,524
44,693,242 20 years. 124, 747, 199 I.053.576.70fc
a No strikes of cousequence occurred iu the aulhraciiu re^iou in thest
years.
PERCENTAGE OF PRESENT FULL-TIME OUTPUT PRODUCED,
TIME LOST, &C.. IN THE UNITED STATES. IN RECENT
WEEKS.
—
—P.C. Ti7ne
No Other
RR. Labor Labor
Short. Strike. Market. Caust
Produc.
Lost.
isab.
5i.l
2.6
1921-22
1.1
O.J
39.9
60.1
0.5
3.3
0.3
47.7
47.0
0,7
1.0
53.0
2.9
48.7
0.8
0.5
Jan. 14
46.2
53.8
0,9
2.t
4d,8
bJan. 21
48.8
51.2
0.6
0.8
0.4
10.8
10.9
(>.3
1920-21
Jan.
67.0
33.0
5.0
1
5.9
6.0
19.4
Jan.
2.7
8
66.0
34.0
4.0
29.3
6.3
Jan. 15
57.3
42.7
3.1
2.9
37.1
4.4
Jan. 22
2.4
53.2
46.8
Subject to
b Includes estimates for districts and mines not reporting
Week
Coal
Year—
D
Ended.
Dec. 31
Jan.
7
—
—
revision
COMPARISON OF EMPLOYMENT AND WAGES IN
SELECTED INDUSTRIES IN DECEMBER
1921
AND
1920.
statement regarding employment conditions during
December the United States Department of Labor, through
the Bureau of Labor Statistics, reports that figures for that
month compared with those for 14 identical establishments
In
its
1920, show that in eight of the 14 industries
there were increases in the number of presons employed,
The largest increase,
while in 6 there were decreases.
119.9%, it is reported, was in the woolen industry, this
being due to the circumstance that business was practically
suspended tliroughoiit the greater part of that industry in
December 1920. According to the same compilation, the
comparative data for December 1921 and November 1921
for
December
show that
of persons
in 7 industries there
on the pay-roll
November, and
in
number
compared with
were increases
in the
December as
The following
in 7 decreases.
partment's statement made public Jan. 21:
The U.S. Department of Labor through the Bureau
is
the De•
of Labor StatisciOB
received and tabulated reports concerning the volume of employment in
Decpmber 1921 from representative establishments In 13 manufacturing
Industries and in bituminous coal mining.
Comparing the figures of December 1921 with those for Identical establiBhmente for December 1920. it appears that in 8 of the 14 Industries thert
were Increases in the number of persons employed, while in 6 tnduBtrie*
J
THE CHRONICLE
Fkb. 11 1922.]
The largest increase, 1199%, appears In the woolen
ndustry. This ia due to the fact that business w^is practically suspended
throughout the Kreater part of the industry in December 1920. A decrease
rf 29.;?% is shoi¥n in the iron and steel Industry and a decrease of 19.7^4
for car building and repairing.
Seven of the 14 industries show increases in the toUil amount of pay-roll
Tbo remaining 7
for December 1921 as compared w-rh December 1920.
The woolen industry
ndustries show decreases in the amount of pay-roll.
4hows the most import^ant Increase— 113.8% while an increase of 101.7%
>ccurred in men's ready-made clothing.
Percentage decreases of 59.4 and
43.3 appear in iron and steel and bituminous coal mining, respectively.
there were decreases.
—
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DECEMBER
IN
AND DECEMBER
1920
1921.
591
Boots and shoes: A wage decrease of 10% was reported by 6 factories.
affecting all of the men in one factory, 87% of the men in the second, 70%
in the third, 65% In the fourth, 48% in the fifth and 44% In the sixth.
When per capita earnings for November and December were compared,
an increase of 9.1% appeared.
Paper making: A wage-rato decrease of 15%, affecting 94% of the employees, was made by one null.
In two establishments, decreases of 10%
were reported, affecting all employees in one establishment and
in the
second establishment. Improvement in business was reported for this
industry and the per capital earnings wree 1.3% higher for December than
for November.
Cigars: In one factory 75% of the force had a wage-rate reduction of
An increase of 6.5% in per capita earnings was shown when Novem10%
ber and December pay-rolls were compared.
5%
.
1
-'nduslry
%
Number on PayNo. of Period Roll in De.cember
—
Enab-
of
llsh.
Pay-
mencs
Roll.
ax)n and steel.
121
1920.
of Pay-Roll
in December.
crease
or Decrease.
1921.
%
i
1921.
De-
or
'
1920.
of
Jn-
j
crease.
mo. 177.016 125.195 —29.3 §13.7.55,5.57 S5.5S4,635' —59.4
week 94.475 87.090 —6.9 2,651,912 2,316,053 —12.7
\^
VUtomoblles.
52
1
repairing..
Cotton nifg_.
61
58
K mo
Cotton
17
:^ building &
AmowU
of
In-
finis's
1 wefck.
•
5,.3S5,217
821.541
245,894
3,527.457
869.811
—34.5
304,932
+24.0
517,446
-rSO.O
-f-5.9
1
••
62
16.158 29.e32 +S:i.4
49
18.731 41.196+119.9
46 2 wk-s. 15.76S IS. 095 .+-14.8
46 1 week 17.205 31.875 -S5.3
36
12.223 14.385 -17.7
••
82
48.660 64.9S2 -i-33.5
•
31,266 25.599 —18.1
56
—2.7
54
16.879 16 423
87 '^ mo. 24.417 20.908 —14.4
.
'S'ooien
•illk...
Men's clothing
Leather rafg..
Boots 4 shoes.
Paper making.
Cigar mfg
Coal fbitum).
287.397
447.816
688.754
+113.8
76S.743 +11.6
9.57,2.56
962.428 -r 101 7
—0.9
313.124
1,497.209 +39.1
621,023 —27.9
29S.674 —14.7
477.1.'>2
316,118
1,076.147
8"0.949
3.50,216
1.25S.509
2.221,091
—43.3
December 1921 and November 1921 appear in the
following tal>le.
The figures show that in 7 industries there were increases
^ the number of persons on the pay-roll in December as compared with
Vovember. and in 7, decreases. Leather manufactiuing shows an increa.se
if 5.4% and car building and repairing an Increase of 3.2%.
A decrease
<it 5-1% Is shown for bituminous coal mining, and one of 3% for automoComparative
dat.a for
Dilee.
>Vhen comparing December 1921 with November 1921, 12 industries
ihow Increases in the amount of money paid to employees and 2 show
Respective percentage increases of 14.3 and 12.5 appe r in
decreases.
(Ben's ready-made clothing and silk.
A decrease of 10.8% is shown for
bituminous coal mining and one of 7.2% for automobiles.
•OMPARISON OF EMPLO^-MENT IN IDENTICAL ESTABLISHMENTS IN
NOVEMBER AND DECEMBER
ir^eriod.Nuoiber on PaySo ofP
of
Roil to—
PayRoU.
li.ih.
I
merits
ind «eel
120
61
-(
and
.
I
.-,<i.r.L..<_
'Jo'^on rrifg
•TotioD flnlshlns..
et
58
Dec.
1921.
or De
crease
of
In-
^r
in—
Nop.
1921.
Dee.
1921
crease
Ce-
jor
—
mo
Mweek
1
17
"
Vfen'8 clotblnc...
C«atbrr coAnurK..
3ooU and
Rt
OlE>r maaufar'g..
Cottl (bltumlDoiu)
57
57
88
•
"
M
,025'
,196
095
,622
,982
,609
.772
62.8.53
24.722
17,242
u
-5.0
-7.2
56.5S2 58.354 + 3.2 3,388.5.56! 3,487.623: ---2.9
50.,502 50.294 —0.4
869,811+11.3
781.471:
271.808i
13,710 13.667 —0.31
304,932 f 12.2
62
30.674
•
4«
42.041
46 2 wka. 17,93.";
SO 1 week 31.77%
••
35
13.262
utioes..
PmfttT maklnc. ...
Amotttu of Pay-Roll
mo. 125,103 124,871
0. 285,3
..„12.4.53$5,.576,970;
week 90..575 87,833 —3.0 2,489,973, 2,311. 870i
hosiery and under-
wear
Voclen
Mix
;
H
1
1921.
creair
Not.
1921.
\'
of
In-
%.
Bttab-
InAustnt—
.'roc
+ 1.1
+ 0.9
541.943; --7.1
-<-2.7
--5.4
273.23?
.301.9601
-.-2.8
1.328.323
593.381
1.489.78!^
—+ 02
933
1.8
073 —5.1
mo. 22.217
293.302
1,414.025
9.57.2.561
+2.6
.743'
+ 12.5
+ 14.3
+ 11.6
76.'>
983.2891
-r
12.2
602.0661 +1.5
306,687 +4.6
1,261,947— 10.
J%
thr/w< a dncresae of 4
In the p«»r capita earnings, due to part-time oiKir«ti in of shops.
< 'ar btilldlng and repairing:
In one shop a 10% dncmese In wage rates
**m made to 70% of the force,
'i'hf per capita earnings for December
'•Tn 0.3% lower than thoiie for November.
"Vrtton manufa/;tur1nK: An lnrr<-asn In the
amount
of time
worked was
this p<>rt<Ml and the p'-r capita earnings wore 11.8% greater In
r><-rember th.in In Nov«mlx-r
V/tton finishing: Five per c/rnt ttf the ttrnployoes in one pl:int were granted
%n Increase of 10%.
A ian(« porc^ntago of the iKtablishmentn reported
TXitTf time wocWfl ami a gi'neml lmprovem«»nt In liimlnewi was ahown
'Jirotighout th«) lii'liMtry.
The jx* r:tplt:i e.-u^lnKn for l>«'C«-mb«'r weni
12. A';, higher than thf>iie for Nov>-niUtr,
forr
'
U'miirr awl undnrwiiar An Ini.n-.uui of 5.9% In per capital namlnga was
«k«wn whrrn the I>nOiimb<ir pay-roll was comp!ir<v| with thii pay-roll for
^••»v»-m»wr
Mori tim" wan worW«l during thu abeivn p4tI'kI an thi< iiil.nl>-
'vhnM'^U wirm
Whnn
Woolern'
'•"'•• f<f
'
*
"••"l:
«T.vlu.'illy
»r.
t.a/k u> tiormul i>r<Hliimon.
t>*<r capita ««irnlng5i for Di'd-mlxir wi-rn rompan^l with
an Inrrx.uw of 17'";, w.ui nhown.
aao In w;»ifm wa« r«portt>d by 1 mills, affncting all of
•
jnn
iriill.
90%
A wagn-rato
*
n
,.•.
'
grrt.tl'ig
''
•
••n)illshm>'nt
In th.' nw/.t,.! mill, :\f)'f In th" third and H'; In
of H
wrta
to 70'v, of tho omployiM-«
«l«rr<rL»r.
Th«
rt'ixirU
;
madn
from Ihn
nllk
mllU
iihciw th:il In
many
iiwt'Liiri-, rnrirn
tn*. ih/.wn>l
'
timn wa* workral during tlilia pnrlod. Th« p«T rat'lln nnriian Incmnse of 115%, whnn Nov«ni»x»r and Dnc-mlx-r flgurra
ma/ln rtnthlng f>n»> fv-t«irv roi><>rt^1 a dnf-rnnw i.f •„•»'; In
atntn thn numl>«T of rrn|il>ijrr«^ nffrrU^iX
An lnrr"a«<i of
»n whnn por capita xarnlnga for NovBmli»<r and Hi-crmlM-r
'
•lot
*
I
.niiirr
DECREASE IN RETAIL PRICES OF FOOD.
by the United States DepartLabor through the Bureau of Labor Statistics shows
that there was a decrease of 1
in the retail cost of food to
the average family in December 1921, as compared with
Tlie retail food index issued
ment
of
%
November
20
Ian,
The Bureau's statement made
1921.
public
also said:
Prices of 43 food articles are reported to the Bureau of Labor Statistics
each month by retail dealers In 51 important cities. In addition prices on
storage eggs are secured only for five months of the year.
From these prices
average prices are made for each article. The average prices of the 43 articles on which prices are secured each month are then "weighted" according te the quantity of each article consumed in the average workingman's
family.
From January 1913 to December 1920, 22 articles of food were
used in this index, but from January 1921 43 articles are included in the
index number.
Changes in One Month.
During the month from Nov. 15 1921 to Dec. 15 1921, 30 of the 44 articles on which monthly prices are secured decreased In price, as follows
Pork chops, evaoprated milk and oranges, 5%: lard, 4%: bacon, ham.
potatoes and granulated sugar, 3%; butter, bread, flour, com meal, tea,
and raisins, 2%: sirloin steak, round steak, canned salmon, fresh milk.
oleomargarine, nut margarine, cheese, rolled oats, cream of wheat, macaroni,
rice, baked beans, canned com, prunes and bananas, 1%.
The price of
%
decreased four-tenths of 1
.
Six articles increased in price during tho mouth from Nov. 15 to Dec. 15. as follows: Cabbage, 11%; onions.
T%: leg of lamb, 6%; storage eggs, 4%: strictly fresh eggs, 1%. The price
of criseo increased less than four-tenths of 1%.
Prices remained imchanged for chuck roast, plate beef, hens, cornflakes,
navy beans, canned peas, canned tomatoes and coffee.
rib roast
Changes in One Year.
For the year period Dec. 15 1920 to Dec. 16 1921, the percentage decrease
in all articles of food combined was 16%.
The price of onions increased
95%; cabbage 50%, and oranges 2%. The prices of all other articles de,
506.1351
933.142;
683.079'
860.423.
—20
Change* in Wa^fe Rates and Per Capita Earning*.
Darlnu the period November 15 to December 15, there were wage
-AangeB made by some of the establishments In 11 of the 14 industries.
Iron and ateel: One establishment in the iron and steel Industry made
» wage reduction of 20% to 12% of the employees.
Two mills reported
* decrease of 10% In rates of wages, which affected all employees In one mill
»nd 15% of the employees In the »«cond mill. A decrease of 8% was
aiade by one firm to 14% of the forcfi.
Comparing Novemlier and December figures, an Increase of 62% In p<ir r^plta earnings was noted, as employment crBlltlons In this Industry were gradually Improving.
\utomob le<; A docrnase of 30% was reported by one establishment,
»ffectlng 10% of the men.
The warns of the entire force of one plant weni
wduced 20%. A comparison of the November and D<<cember pay-rolls
ibown
,
!
73.455 5&.962 —19.7
44,714 50,294 -t-l2.5
10,089 13.C67I -^35.5
Toslery and
underwear
Bituminous coal: In one mine all tonnage men had wage-rate decreases
ranging from 20 to 25% while tho remainder of the force were cut approximately 31% in wages. -\ reduction of 30% in wages was made to all
men in one mine. A wage decrease to tho entire force was reported by one
mine, but the per cent of decrease was not stated. Due to a small demand
for coal in certain localities, less time was worked by the mines and the
per capita earnings decreased 5.9% In December.
rt, niifkct.iirlng
«>n«- lannrry grnnlMl an \ncr<'aM^ r,f \2',',. U>
*<;'; of thn f<mployn<ii
All •<m\i\i,ynm In two tilantji worn ri-<liir«I 10':!
•!» •agen. whiln anoth>w
|iUnt ri-ix«-U'<| » drrrnuio of
H"„ Ui 7.'!'' of tho
"••n^ Tannnrt«a lncr»aa>xt thnir f(irr«-i U> wimn rni>^nt and whnn thr payMtUs for Nov«mh>n' i»n«> l>«eMntMtr wnrw nnnparsd. an lncr«wa<< «.f :, ?K
*•* 'i<.».«l In per r.i(tli.«
creased as follows:
Lard, 3.S%; storage eggs and rice, 30%; crisoo and prunes, 27%; oleomargarine and corn meal. 25%; strictly fi^sh eggs and flour, 24%: plate
beef, 22%; raisins, 21%; pork chops and nut margarine. 18%; chuck roast.
17%; fresh miik, butter, breakd and cornflakes, 16%; canned salmon,
cheese and baked beans. 15%; round steak and e\'aporated milk, 14%:
navy beans. 13%; rolled oats, 12%; sirloin steak, rib roast, ham, hens and
bananas, 11%; canned corn and coffee, 10%; btkoon, leg of lamb and grHUulated sugar, 8%; macaroni and tea, 6%; canned peas. 5%; cream of wheat
and potatoes, 3%. There was no change In tho price of canned tomatoes.
Changes Since December 1913.
For the 8-year period, Dec. 15 1913 to Dec. 15 1921, the increase In all
articles of food, combined, was 44%.
Tho articles named showed \ncreases as follows:
Lamb, 75%: hens and potatoes, 72%; ham, 68%:
bread. 63%: fresh milk, 55%: flour, 52%c; Pork chops, 60%; strictly fresh
eggs,
48%:
cheese,
47%; bacon, 15%: slrldn
steak,
41%; storage
eggs,
40%:
round steak. 36%,: rib roast, 34%; com meal, 32%: butter, 31%: tea, 24%,:
bujrar and coffet 20% chuck ronst, 19%; rice, 7%,: plate beef, 3% lard, 1 %
Tho indox numbers based on 1913 as 100. were 152 in No\-«mber and 160
In Dec. 1921.
Changes in Retail Prices of Food by Cilias.
During the month from Nov. 15 to Dec. 16 the average tAmily oxp«>ndlturi! for food d<5croa«»Hl In 40 rltloe, lncro:ksed In 8 citi«'s and remained
,
:
:
unch.inged
In 3 cItieM.
In ('inrlnn.itl, Columbus, Indianapolis, Los Auk(4«n, Norfolk, Portland.
Oregriii. St. lyouis and .Sait Lake (Mty the decrejuoi was 3'T i" Hirminghani,
liimton. Cleveland, Memphi«, PittHburgh, Portland, Me., Kloliniond,
.San Franclaoo, H«attle and W.islilngton, 1). C., 2'";
In Haitlnjoni. llriilg»»porl. Iluffalo, Hutte, Diinvtir, lIoUNton, Knasjis City, Little Kwk, l.oul»vlili', .Mf>blle. New Orle.inN. Omaha, Phii.idelphlii. Providence, St. Paul.
Havaimah and .Sprlngfli-Jd. 1%. In Detroit, JiK'km»nvill<». Milwaukee.
Newark and Ni<w Ytirk. the deereaw, wh.i ItwH than flvi>-t«'nH)n of I'v..
In Atlnndi nnd .Hcrtinl.on the inm-aae wa.t I"',
In Cliiirl<"«t<in. (llilcigo.
:
;
.
I>nlliui,
Kail
New
Itlvi-r,
five-tenths of
In
l',„.
and
Ilavi'ii
,M.kncliehl4>r.
I'lxirlu,
IncreiiMc wiiH
tln>
iiml
Mlnn<«i|M>liN
Utw than
then
lt<x-li«<i«t<T
wna no rhange during
I he month.
yimr perlixl. Dec. 15 KKJI) U> llmv 16 1921 Hii> folUiwing (lr<Tea««w
wrri' ahown
In Chitrliwton, '20',: In Norlolk imd St. Iyoul». 19'::; hi
.Xtlanta.
Illrmlnghani. < 'li'vnliinil
<<olunibUH. llo\iAton, LltHe Kook.
Miililii'. New Orii-iiDM unit Hnvannah. IK''<
In IliitH'. Cinrlnnail, InilUn-
For
thi'
.
,
;
I'liiil
nn<l Halt Ukke
Mnniplilii. PItlMliiirKli. I'<irll<in<l, Onv, Ht
llwinili<»>. MInrMv
*'lly. 17";,: In llnltlninn', lliifrnl.i. Diaroll, lx>ul«vlllr.
In Dcnviir. .larlixouvlllti.
niMilU. ilorhn«t4<r :\n<\ Wnahlngt.in.
Ml';
Kan«itM City. l,o«i Angi<l>-a. Ni'W Iliixmi. Oiiiiliii. Prnrlii. Han Krnnrlaoii.
iiImiIIn.
.
M
P C
Hi-i»li|i-
iind H|iriiiKll<'ld.
I'hllndrliilila
Ml-
.
f«>n.
A*
Dnr
r.r,
Ill
,
I.""!';
Prnvldi'iui-.
anil
and KIrhmoiid,
13'!
;
In
;
In
W'.',,
New
.
.
Himton, llrldg'piirt Dalliui. Newark.
In Clili-aKfi. Miinflnwf<T. I'lirllanil,
\ ork. I'J%, In Fall Ulvcr and Mcran,
11%
e(inipari<d Willi
IU'21
III
llir
lli<<
nverago
year 1913 thn ciMt of ftxHl In
HtTanlon.
liMTfaMea:
Kail Ulvrr. rtO"„: N^w \irrk.
i-inl In tin'
varioim rltlro Hhowitl
tlwi follitwlng
6«'/„;
liUliiiKind. t',;f,; IT»vli|. ii<-.\ HI ,.
llfMton. Man«lu-«t.T anil W.ii.hlii«U.n.
N«w
llavmi.
Xi'r
.
lllrmiiiRhnin, SI'.i:
Ilaltliiior'v
<
N«^ark xnd
I'hil
I).
<)
,
67';:
;
lliirr«t<>.
Chlrngo and I»«iir«ilt,
ujriphla. M)'\. Kansas Oily,
harli-oNiii.
M\%.
62%
MU
)
.
THE CHKONICLE
59Z
waukee and Pittsburgh, 49%; Dallas, 48%; Atlanta, Omaha and San
Francisco, 47%; Jacksonville. Minneapolis and New Orleans, 46%; Cincinnati, 45%; Cleveland, 44%; St. Louis, 4'.i%; Memphis, 42%; Little
Rock and Los Angeles. 41%; Indianapolis, 40%; Denver and Louisville,
39%; Seattle. 36%; Portland, Ore.. 34 7o; and Salt Lake City, 33%.
sum no'nd
&
Year
Month.
^(6 Chuck Plate Pork Baroast beef chops con
sleak
sleak
roust
159
KiO
166
167
168
179
179
159
158
1.52
1.59
1.57
1.52
1.57
150
157
155
Ram
But-
LardlHens Eggs
ter
192T)
January _
February
.
March
Jfil
April
May
June
-._
175
168
165
152
177
168
164
1.59
163
1.57
151
1,53
1,54
148
152
154
153
148
138
141
191
December.
177
171
156
202
196
193
188
178
160
Av.
172
January .
February -
March
April
1.57
May
158
June
1.57
July
1.58
July
August
.
.-
18fi
18,5
September
October
..
November
for yr.
161
169
169
176
181
176
166
166
174
179
172
170
162
158
145
170
171
1S2
192
1.57
158
1.54
152
147
146
136
178
180
186
206
202
194
186
186
186
191
195
200
203
203
202
202
208
219
238
238
210
187
188
190
199
215
204
206
215
222
224
224
222
212
240
153
155
166
184
206
234
194
190
196
199
187
175
177
175
179
180
186
189
185
184
177
177
185
183
162
197
210
215
224
221
216
211
212
214
207
201
189
250
268
181
162
192
191
199
161
1.53
157
196
176
151
20 J
194
206
187
210
197
183
171
171
159
148
150
145
101
201
203
202
194
181
182
183
179
175
168
168
139
121
148
147
144
139
135
135
141
131
124
116
106
103
106
115
113
229
166
155
164
180
179
200
1.50
140
138
135
129
130
128
124
120
120
140
129
130
127
124
117
109
112
110
109
106
106
201
204
105
122
134
132
139
139
136
147
133
118
114
186
148
135
1921
August
157
September
1.53
Ootober ..
December.
147
141
139
157
160
160
160
161
160
154
148
139
138
Av.
153
154
November
for yr.
151
161
181
183
181
152
145
159
160
162
159
153
147
143
182
190
197
191
180
170
165
166
158
181
108
177
167
162
103
181
170
171
109
105
99
97
101
122
138
146
171
Year
All Art-
ajul
Month
icles com
ChCse Milk Bread Flour Corn- Rice Potameal
toes
Sugar
Coffee
Tea
245
245
242
245
264
267
264
255
252
236
318
353
400
535
565
606
524
294
229
200
324
342
340
367
462
485
482
416
333
132
131
235
191
135
135
136
136
137
137
137
133
135
133
215
219
219
207
203
198
194
188
165
165
165
165
165
165
165
162
153
146
139
133
-
1920
January ..
February .
_.
184
November
180
176
187
188
187
183
182
182
188
191
193
194
194
189
Av. for yr. .188
196
196
194
194
194
189
186
183
184
March
April...,.
May
June
July
August ...
September
October
111
December.
195
198
200
200
205
211
213
213
213
220
217
217
217
223
230
208
210
211
Mned
201
200
200
211
207
221
193
200
197
183
214
215
215
214
210
202
185
163
152
188
205
245
217
200
371
353
158
135
203
175
183
203
197
173
167
160
176
153
147
135
129
159
129
126
125
123
188
182
176
162
176
176
153
142
129
136
133
125
122
118
133
17i
193
189
188
184
177
175
173
173
137
171
176
169
143
133
138
148
120
120
119
119
119
119
119
]2«
129
126
127
127
127
127
127
124
172
158
156
152
145
144
148
155
153
153
152
150
182
145
122
128
...
211
2.33
230
227
213
2.53
193
178
1921
January ..
February .
March
April
May
158
171
170
16G
163
194
179
173
179
176
173
170
164
155
152
164
177
176
171
167
148
149
162
160
167
161
158
160
December.
151
149
Av.
154
June
July
..
.August . _ _
8eptem^)er
October ..
November
for yr.
161
150
150
147
150
147
143
140
137
121
113
106
101
101
100
101
103
107
108
107
150
109
1.5,.
200
247
235
206
131
131
121
PRESIDENT OF N A TIONAL RETAIL DRY GOODS ASSOCIATION DEFENDS THE RETAILER AGAINST
CHARGE OF HIGH PRICES.
;
_
.
At the oponing
sessions, of the annua,! convention of tne
National Retail Dry Goods Association in this city Feb. 8,
Richard Webber, President of the Association, explained the
factors, which, in bis view have been responsible for retarding the deflation of retail prices, and declared that the new
Administration' ait Washington had failed to keep its pledge
of "More Business in Government and Less Government in
Business."
The retail business, Mr. Webber said, is the
most "highly competitive of all the country's business, and
.during the pas.t year, when it has been such an effort to keep
up the volume, competition has probably been keener than
erver before iti the memory of most of the members of our
Association." "This condition alone," he added "would
make it impossible for retailers to have held up prices unnecessarily."
Mr. Webber spoke in part as follows:
Most stor&s. with the greatly decreased prices of merchandise, have found
impos.sible during the past year to keep up their sales volume, and consequently have had to find ways and means of decreasing their cost of doing
business in order to prevent operating at a loss.
The retail business is, wihtout a doubt, the most highly competitive of
aill the country's business, and during the past year, when it has been such
an effort to keep up the volume, competition has probably been keener than
ever before in the memory of most of the members of our Association. This
condition alone would have made it impossible for retailers to have held up
prices unnecessarily.
It is true that in some of the lines which we carry
the liquidation of prices has not progressed as far as In others, and we can
readily understand the feeling of the consumer when ho roads about the
low prices of certain raw materials and still finds the manufactured products
of these raw materials selling at retail at prices so much higher than before
the War.
Although there has been a largo dccnvise from the peak, many
It
compared with former standards.
know, of course, that the cost of these raw materials
articles are still high
We
is
a compara-
tively small factor in the cost of the completed article.
The very big increase In wages paid to labor, the Increased transportation cost, the gre:itly
increased overhead because of high taxes both Federal and local
high
rents and the cost of all supplias and other'factors which enter into overhead charges, are the reasons for the higher prices.
Although 1 am sure that, as merchants, we eventually look for still lower
prices in practically every lino that we sell, these reductions to come graduaUy, we all want to advocate prices high enough to pay a wage to all workers
—
—
[Vol. 114.
is adequate to permit them to live according to eur American standards and not simply to exist.
In our own stores we do not again want pr&-war condition? but. Instead,
we want to maintain a wage standard sufficiently high to attract the type
of men and women into the retail field who will render intelligent and
painstaking service to the public.
During the past year we merchants
generally have made great progress in increasing the efficiency of our
organizations so as to meet the new conditions.
We have recognized the
demand upon the part of the public for lower prices, wc have realized that
every effort must be made to prevent any increa.se in our cost of doing
business, and, through greater efficiency, and through new economies which
have not yet been discovered, we must prevent costs from increasing. I
feel you will agree with me in believing that equitable wages can be maintained in our establishments without increasing the pre-war cost of doing
which
business.
Early in 1921 the Lever Act was declared unconstitutional and, with the
coming into power of the new administration, which adopted the slogan.
"More business in government and less government in business," we bad
hopes that the singling out of the retailer as the cause for high prices would
cease, but this has not been the case.
The report of the Federal Trade Commission was submitted to President
Harding. Although the Commission did not intend to convey the idea
that all retailers were profiteers, its report was so presented by the newspapers as to carry that thought. Shortly after the Commission's report
was presented. Secretary Hoover made an address. This address of the
Secretary was construed by the newspapers to convey the idea that the
retailers were at fault for high prices.
Shortly after these articles appeared, a committee of merchants, headed
by your president, went to Washington and interviewed the Commission
and Secretary Hoover. We were nicely received and left with the feeling
that, due to our meeting, the Commission and Secretary Hoover would In
the future have a clearer understanding of the retailers' problems and viewpoint. Prom that time on we retailers were fairly free from criticism until
just before Christmas, when the Attorney-General started anotlier investigation, in spite of the fact that the Joint Commission of Agricultural Inquiry, appointed last April by the House and Senate to investigate all
phases of distribution as it pertained to food, fuel, clothing and certain
other commodities, had been working for months to' gather real facts
to distribution.
Retailers and Oovemment Imesligalors.
M
In November your president and managing director and other members
of the Association were summoned to Washington to meet the Secretary
of the Joint Commission of Agricultural Inquiry.
This C.'k>m mission had
very broad powers under the resolution which created It, these powers
enabling it to get at the facts of the retail business.
Instead of summoning
witnesses and making them produce their books and informacion at Washington, this Commission appointed a group of our members as a committee
to assist it in preparing a questionnaire to be sent to a large number of
retail dry goods stores throughout every State In the Union, and it further
called upon the committee to assist in interpreting the results of the questionnaires.
Our committee was favorably impressed with Chairman
Anderson and Secretary Paull of the Commission, and we believe that this
report will be presented in a manna* which will be eminently fair.
SHIPPING BOARD ANNOUNCES ITS NEW POLICY
WITH REGARD TO PIONEER PURCHASERS OF
MERCHANT VESSELS—WILL EQUAL-
U.
S.
'
IZE COSTS TO PURCHASERS.
Plans for helping pioneer purchasers of merchant vessels,
the value of which has declined to one-fourth of the original
price agreed upon, were announced by Chairman Lasker of
The new policy adopted
the U. S. Shipping Board on Feb. 7.
by the Board will permit the pioneer purchasers of vessels
who have defaulted in their obligations to write down the
original price to replacement costs, providing, they buy ad"It will be recogditional ships at present market prices.
nized," said Chairman Lasker, in making his announcemonf',
"that the operating companies who were the pioneers in the
patriotic desire to build a mereliant marine under the American flag should not suffer the insurmountable handicap of
having to compete with foreign vessels whose tonnage value
was not one-fourth that conti-acted for by the pioneer AmerHis statement read as follows:
ican operator."
The United States Shipping Board announces to-day that it has decided
upon a policy with respect to pioneer ship purchasers tiiat the Board feels
have the following results;
Compliance with the mandate of Congress, expressed in the Merchant
Marino Act, 1920. to place ships owned by Ihe Government into private
will
(
1
hands.
(2) Preserve in their oi)eratLng integrity and .eftlclency approximately
70 shipping concerns now actively engaged in conunerce from all the seaboards of tbe United States, with a preservation of their ship organization
and
service.
Put additional tonnage in the hands of these operators for a further
expansion of ships under the A-mericau flag, by private operation.
The program to be followed calls for individual negotiations in each parOn Nov. 9
ticular ca.sc, and follows extended hearings and investigation.
1921, in response to and in recognition of the acute situation in which ship
operators, who forfhe first year or two after the armistice bought tonnage at the then approximate price of from $150 to $200 per ton, had confronting them, the United States Shipping Board granted an open bearing
to all of these pioneer purchasers, whom the Shipping Board desired, if posUnder
sible, to conserve as a major unit in an .\merican merchant marine.
private ownership and operation the pulilic hearing developed the necessity
of Investigation of each iudi\idual operating company and these hearingrs
were completed last week. These hearings developed in detail the financial status of the company, the operating organii^tiou. the essential n.ature
of the trade rout.es in which the ships were engaged, and all of the elements
(3)
that called for consideration.
It will be recognized that the operating companies who were the pioneers
in the patriotic desire to build a merchiint marine under the American flag
should not suffer the un.surmountable handicap of having to compete with
foreign flag ve.«»els whose tonnage value was not one-fourth that contracted
The diffe»ronce in the interest refor by the pioneer American operator.
turn and the insurance cost alone would make it impossible for the American operator at thaso high tonnage prices to compete with the foi^lgn operator with tonnage bused on a so much lower value.
THE CHKONICLE
Feb. 11 1922.]
593
Therefore, to preserve these pioneers from eittinCtion and prevent loss
at the outset which WouW cripple or nullify a large portion of the merchant
fleet in the hands of private operators under the American flag, the United
Stat-es Shipping Board has evolved,- after these extended hearings, a program that the Board feels will ameliorate the situation and in addition to
preserving the ship tonnage at present in operation from suspension, provides for a further increase in American flag tonnage in the hands of these
The Committee stressed that while any herw company that was formed
desired to pay all that the ships were worth, any purchase would have to
bo based on the ships being acquired at a price that made proper earnings
possible, if capital was to be attracted.
operators.
Albert D. Lisker. Chairman of the Shipping Board; Captain Robert
Dollar, San Francisco; Herbert Fleisshacker, San Francisco; William
Pigett, Seattle; O. Ainsworth, Portland, Ore.; K. R. Kingsbury, San
Francisco; John S. Baker. Tacoma; Paul Shoup, San Francisco; R. D.
Pinneo. Astoria, Ore.: H. F. Alexander, Seattle; Joseph H. King, Oakland
Cal.; John D. Fredericks. Los Angeles; George J. Baldwin. San Francisco'
Maynard McFie, Los Angeles; R. L. Hague. San Francisco^ George E.
Chamberlain, member of the Shipping Board; Ed-wln C. Plumber, member
of the Shipping Board; Fred I. Thompson, member of the Shipping Board:
William S. Ben.son. member of the Shipping Board; Myer Lissner, member
of the Shipping Board; Joseph W. Powell, President Emergency Fleet
•
no financial sacrifice on the part of the Government
for the reason that where the pioneer purchaser has defaulted in his obligation, with the ship iuself as a security for the obligation, it was a case of preIt was preferser\'ing the pioneer and his organization or take the ship.
able, therefore,- that the pioneer keep the ship and acquire additional ships
The program
calls for
at a present coarket palue, if in so doing the Government received, in addition to what was paid in cash by the pioneer, an equivalent to the present
market value of the ship that would otherwise be returned to the Government with a cost to the Government in caring for the ship pending a new
sale on a price no higher than -will be realized under the plan provided.
above is to be applied to the fortytwo companies who were original pioneer purchasers of more
than loO ships, each at prices four times the present market
The
polie.v outlined
The
Board
Corporation.
OTTO H.
TO
value of vessels.
A
committee of Pacific Coast shipping men, bankers and
business men conferred with President Harling, Chairman
Lasker and members of the Shipping Board on Feb. 8, following the announcement of the Board's new policy, relative to- the formation of a corporation financed by popular
subscription on the Pacific Slope for the acquisition of Government-owned ships. to be operated on the Pacific. The
committee was summoned to Washington to discuss tentative plans for a S30,000,000 concern to take over combination passenger and freight Shipping Board liners, similar
in type to the American Legion and Panhandle State, now
in commi.ssion on tJie Atlantic, and operate them on the
There being no interests on the Pacific
Pacific trade routes.
Coast deemed capable of financing and operating a large fleet,
it is proposed to have the stock taken up by all grades of investors in the Coast States. President Harding told the
committee that one of his most earnest hopes for domestic
legislation was the establishment of proper aids for American shipping. He spoke of his deep interest in the formation of a popularly financed company that should be strong
enough to form the backbone of .the American Merchant
marine in the Pac^ific, Chairman Lasker accompanied the
committee to the White House and later with other members
of the. Shipping Board was in session for several hours with
the conxmitteefr following which a statement was issued which
read:
Chairman Lasker. speaking
for the Shipping Board, re-viewed the needs
of the United States on the Pidtic Ocean and pointed out that If ruinous
oompotitipa prevailed .between ports and companies there would not be
that opportunity for itm development of the American flag in shipping
In the E.iat that there would be through a popularly owned company,
onlting all the porte of the Paictflc Coast, thus cutting down overheads.
which D\lgbt make it possible for some ports to operate ships of certain
typfs. the trade for which otherwise could not be developed.
The SHljVpIng Board made no ba.sLs of proposal as to the price at which
It held Its comb nation pi«)enger and c irgo ships, hut dd s' ress that. In
lino with the Jonea Act, It was Its duty to make sure that the ships passed
Into private hands at the earll»«t moment compatible with the Government
recplvlng a proper price.
Until the President h;id delivered his address on
Oov«a-nin<!ntr«4rlto tirivat^ shipping to Congress and Congress had tiiken
action on tb^ name, the Board did not feel In a position to name an upact
price.
Imme(lfat<;ly afur Congrewi has expr'sscd Its will on merchant
ffiartn(rli4(1sUtlf)n. the HhfOXtSnit Board d'Mlres to dispose of Its Far Eastern
H»i HiitiT vMiM. fi^-llng that through private oporatlon the trade with the
Ori<jnl can be much btninr dcrv<-lop»>fl than possible under Government
optTatlon.
On brhalf of the Board Mr. La-sker askixi the Committee to
bring about agreiinrnts In principle that would iron out the dlff(!rcnco
b«tw4en 'Oemp'-tlnK portA and make the formation of such a company
—
poxnlNo
ttt th.-kt t.ln)i).
Mr.
(.adcfT o^ImJ Attention to the fact that large banking facilltlefl are
oeccaaary lur Uv> il«vttkipm<!rit of lr:uln to Inmire cargofw; that only through
a privati- cirpoTTktion m>i>l<l tills bo brought about, the Hhipplng Boanl
having fui appfnprtitti>in« nor (kiwits for ntich purpoMn. and without such
banklnR or>nn<'<-llons'lt luul rl'nrly bo^n provtwl ImpoMHlbln to compute with
toT'-iKn prlv:\t>-l|r-<iwD<«l (UHTiparilia who had such oonnoctl'jnH und develop
AintTtcan-Clim Khlim to tlM^r utmost.
Mr. I.a«kw fiirlh<T iitaUn that the Shipping Uonnl. on mitfisuring the
dtimllon, found U>*t tb<T<) wan no tnUtlng group which Hiximml utrong
•no'igh Itt .wTirnplHh the ftttrix-m nwcMHary. ami thKriffom tho Board hopiwl
UlAt
all
th<i
rvimmiinltlin nt
th'-
I'ltfiric
<Unu>t
would unlUi
In
n coiiiiiion.
«urh a cnmpnny.
plain that thiTn wi« nothing In tho miggantetl com-
P'lptibtr rffnrt tow;Lfi| thii forni.illon of
.Mr.
pany
l.-<«>r-r
miuhi
''
It
tiny and all (KirtJi and nil Indlvldunln piirrhaolng nny
•^TKo
-rwl. on th<i Id'-ntlrnl pricn und ttTuin that any fompany.
Including Uw. ^l^<l\umt^^^ onri. r.,ii|.| r,t>tiiln.
Mr. !.iiKk<'r nlmi |Milnt<-d out
thai If a hIgh'T Md for thn p;k<i<u«igtT ahlpii r)t,h<-r Ihnn Ihi- bid of tlm ronIMDplatMl riimpany w;i« rnoalTad. th<i hlghir lildd>-r would, nt cour«4*. obtain
•I'* •>lp" but .Mr
J.«>J<iiT
p ri— l.d tho fi^ir thnt unli-nn lurli n ronitmiiv
.'Ut«'«| w»n brixighl about th<T« might bii no group vlrong onoiigli
*"
'111 vr«B«J«. and llirTifor*- It tir«-urri<' lb" duly of lb" Hhlppliig
lu>.ir'l u, ,>iu-mpt Ui rrifiln a ••iinloun^ If n<inii oiUt^wl.
In thn rr^iillon
of muh n '-uaUiEn'*-. howovjT. Uin Hhipplng Hoard could only cotil<'tiipliit.4i
on* that r>'i«cwint<«l all the propl>' of tlm Tnrlflr <'oa«t. and thiit waa
ormnlJMl In iho rtitUtiruiX lnl<T<«l. rath<T than '-y a ruplialldllc group for
prrifll only.
Tlm rnproanntaUvra of tho ortaat pnrta wtrti unanlnioua and nithualaatlc
In <uh<irrthlng U> thn Mhipping Ilo.ird'n b<-||of ti,,»t n romiwinr oiirh aa I*
prnpowHl waa rwirmllal for l.ho rviimlry, for Ihn I'nrlfir f 'on«t. and to rarry
mit Iho pnrp<Mrn of tho Jonm Art. Thn only r>-««Tv«tlon* w<^r that onrh
port «hoiild l)o frno t4i rrarb Ita rnaximunt (InvrUipnmnl. nod tbnt th" parxnt
OOCBpanr •hoiiH fwi «> ff.rmr.J am in protwt Ih" lni.iT>»ii« of «»rh iHirt. Tha
OnnunltUvt frii mtrn that thla oonid ho •rtil<TTi«l.
<
iiir4\
•>
*
w
following were present at the meeting of the Shipping
offices:
KAHN
SURTAXES MUST BE REDUCED
NORMALCY—
RESTORE
AID TO FARMER.
SA YS
&
Otto H. Kahn, of Kuhn, Loeb
Co. of this city, speaking
at the dinner of the Association of Stock Exchange firms at
the Hotel Astor on Feb. 3, declared that "in order to restore
'normalcy' to our economic life and industrial activities, our
surtaxes must be reduced to the figure courageously recommended and convincingly advocated by the Secretary of
the Treasury in his latest report to Congress, namely a maxirate, which, including the normal tax, does not exceed
33%." Referring to the fact that we have passed through
a period of severe depression and that we have not yet
emerged to broadly diffused prosperity, Mr. Kahn observed
that "the great and vital industry of agriculture is still in
the throes of serious distress, intensified by the fact that the
things which the farmer needs and must pay for have not
declined in price to anything like the extent to which those
things which he produces have declined."
"Generally
speaking," said Mr. Kahn, "most of the proposals of the
eading responsible spokesmen of the farming community
to secure increased facilities for the conduct of their industry
are reasonable and justified by the circumstances as far as I
understand their program and their problems." In urging
that "Wall Street try and help them to realize that program
and to put its business experience at their disposal to solve
their problems," Mr. Kahn said.
"On the other hand, let
us point out to the farmer" that he has been misinformed in
certain matters relating to business, and let us ask him and
his leaders to reconsider their position and to cease from
denying to us needed relief .and "from ..pursuing policies
which do him no good and do us harm."
give as follows
part of Mr. Kahn's address:
The principles of the revenue -measure ©f 1917, re-enacted essentially unchanged for 1018 and 1919 and not modified to any adeciuute degree in the
measure of 1921, stand disclosed as breeders of harm to- all the people by
mum
'
We
"
-
_•
the inexorable test of actual expe,rien(;e.
It is a meajiure unscientific,. inoquitabio In its operation, cumbersome,
vexatious and intolerably complex.
;r
It bears the Imprint of class and .'sectional discrimination.
It penalizes, thrift and Industry, but IfXives. tho wastrel and shirker untouched.
It discourages, disturbs and impedes business and places tho American
business man at a disadvantage as against his European competitor in the
markets of the world.
:
i.
It tond.s to curtail production, it. restrains consumption, it diniinishos the
demand for labor, its effects depress agcicultuEO.
It facilitates Governmental oxtravagiknce.
It Impairs largely the Incentive to effort and to self-denial and saving.
It halts enterprise.
It niakai for higher oosts.
It b;impers and Intercepts and dofWcts the vitalizing flow of capital.
It depleu;s the ne(°o.s.sary cash working fund of industry and stands In
Ihu way of that accumulation of new cyipitaJ which Is ludiH|>ensjibly requisite
,
-
.
.
development.
has Hhoved a clumsy hand into thn delicately adjusted organization of
our cumnicrce and indaslry.
In short. It Is Ixiund to inlerforo, hivs inlerfer»«l and dons Inti'rfcro,
graviily and In many ways, direct and ludlrort, with tho iuxkIh and tlu> ntlalnments and the prosperity and i)ruKrivis of the oouniry.
To Hrstore " Nurmatcv/'
am clear in my mind that In order to rosloro "normalcy" to our economic llhi anri itidUNlrlal actlvlll<>M. our nurl.axi>H nuist Ihi ri'ductnl lo the
rigurn rouriigoously ri><-<)nunciid<>(l and ronvlnWngly advocal^Ml by tho
H.'iTi'tary of the TniaHury In IiIh IhIi-mI, nixirt U> (Jongrofw. niiniiily a maxiniuiM raui which, lu'-ludlng Ihi' iiornial ta%. docs not i'xctimI .'<:(%.
for
It
I
Bui. lutnuiiiltig Hint ( 'ongri'.tn will r<inin to h«i tho wlwloin. and, Indi'wl,
thn long nm. thn m-cuBnlty of nu'-h u nxlucllon. It Is iMroncflviiblo flrom
(tut (xilni of vinw of priirlli-a| pollilcit llutt It will bn ikdopiml without a
•iliiiull.intMiUN niducMon of tlu< iiornml lax and n downwiiril ri'VlNloti of the
I'lillm wule of HUrlitxiNi.
hnvit mild lii-fon'. a rrdudloTi of the
\Vlill<<. a«
hlghrwl Kurtax briirkrlH by llii<iiim'lv<>4 would not iiiniin. In my l\idgini<nt,
n dlinlnullon of thn yUild. Imm'uiim< iia tho rnl-o la lownriol llir nggrricnte
anuiunt of Ini-omn HUliJ»<'t t<> limit Irin will lru-r«ii<«>. a downward mvlnlon
oi lh«i wholn Klnii-iurii of nornnd uinl «urlii«i"< Woulil doubt lr»« nwult In a
In
I
ri'du''llon of ihi'
rKvnnun di'rUiMl from
'I'linrnfom. wii iMUHi look lor n
Ui miih" up for llmi di'fli-l«nry
ndv.inlngo* and
wiurco.
In
.
I
know
which run
lie
lupiiod In order
many
mm-
*
Tat on /iMi/ Hrrrrnm I'rmttiriw.
hu* ahown Ibul thn grrMil ttinlorlly of Ihn hualnnMi men
thn country
>lo not ninnn prlmnrily big liiixliinMN. which
niid
hnvn Ixvome
Ikxiii rulhnr hanging li.uk. but Ihrt nuik'aiid flln
.SfWrt
Kvory mrenl
Inilcotl hill
Ih.ii
wiun-ii
of none which otriTH mi
no fnm from nbjo<;llona a^ Ihn ao c«llcd b.iIi'" i.r
ovnr tnx.
lliroiiKhotil
new
t«<al
I
THE CHKONICLE
594
and advocate its adoption. Personally, I have
doubt that If and when the people have once become acquainted with its
mpUclty. productivity and "painlessness," it will be recognized as what it
an ideal means of raising revenue, and will become a permanent feature
f our fiscal system.
After much reflection on the pros and cons of the different forms of a
lies tax, I favor a tax (at a very low rate) limited to commodities and exmptlng Initial sales of farm crops and live stocks and further exempting
The
lu-novers aggregating annually not exceeding six thousand dollars.
ite of the tax should not be above 1%; I should, indeed, prefer one-half
jiirerted to the sales tax
;,
f
1%.
to begin with.
Urges Campaign of Distribution.
most earnestly do that the views which we hold on
he subject of taxation and other economic questions are more nearly
ight, and their carrying into effect more t>enefic"al to the country, than
hose which are advocated by others, and some of which have found exression in Acts of Congress, our remedy is to start an intensive "campaign
It
we
believe
— as
—
I
f distribution" of tiioso
views.
Kftcctivi distribution is the secret of success.
Whether it be ideas, inormation, political views. Inventions or whether it bo stocks or bonds or
rops or merchandise, their value only becomes realized when they are disributed among the people.
The methods of the wise, experienced and trustworthy salesman are
he instrumentalities needed to launch the wares of oiu- convict ons upon the
reat market of public op.nion.
If they are better wares than those which
'ir competitors in that marlcet have to offer, they will prevail.
But even the best of wares don't sell themselves. They must be pushed
ud advertis«Kj to make a place for themselves, especially when their value
less In their tempting appearance than in their solid siibstance and their
Bsted wearing qualities and when they are matched against loudly, perIstently. skillfully and not always too scrupulously advertised goods of a
3oro showy kind.
They must be pushed not only with energy, patience
nd persistency, but by means of good-will, human sympathy, fairness ,conideration for differing viewpoints, and, above all, sincerity.
1
Ths Public Will Respond to Leadership.
not so much the middleman, i. e., the politician, whom we
lUst seek to reach and convince, though Ils co-operation is, of course,
reatly to be desired, as his constituents ,the ultimate consumers, 1. e., the
And
it
is
eople.
have complete faith in the sound com.mon sense and the right mindedof t.ie American people.
When the pros and cons of a proposition have
«en set before them fully and plainly, the great majority of the plain poo•le can be trusted to form right conclusions and to reject fallacies, howver appealing and plausible.
I have frequently wondered at the tendency of so many politicians to
Bek popular favor by flattery and pliancy and an obsequious "ear-to-theround" attitude, when all experience has shown that the royal road to the
Mting allegiance of the people leads along the heights of their respect and
onfidence, to be attained by Independence, moral courage, intellectual
lonesly and broad-gauged performance.
In sounding the call for a campaign of distribution of views, which
'e beiieve to be sound and making for the welfare of the country, I have
n mind not merely the problem of taxation, important though it is, but
natters even more fundamental.
We have passed through a period of severe depression, and we have not
et emerged to broadly diffused prosperity.
Grave maladjustment still
xJsts.
The volume of business Is still greatly below normal. Our export
fade has shrunk severeiy
Much unemployment is still with us. The great
nd vital industry of agriculture Is stIU In the throes of serious distress,
Qtensifled by the fact that the things which the farmer needs and must pay
or, have not declined in price to anything like the extent to which those
hings which he produces have dedioed.
I
less
.
To Overcome Prejudice.
In order to accelerate our emergence into the light of prosperity, co-operalon, mut'Ual helpfulness, resiiect for one another's viewpoints and legitimate
lalms, must be the order of the day.
Let us so think and act that the
armer will learn to overcome the prejudice which makes the name of
Vail Street to him synonymous with oppression, obstruction and antogolism to his interests and needs.
Generally speaking, most of the proposals
'f the leading responsible spokesmen of the farming community to secure
acreased (acuities for the conduct of their industry are reasonable and
ustltled by the cirouustances, as far ae I understand their program and
heir problems.
Let Wall Street try and help them to realize that program and to put
cs btisiness experience at their disposal to solve their problems.
On the
ither hand, let us i>oint out to the farmer that he has been misinformed in
ertain matters relating to business, and let us ask him and his leaders
o reconsider their position and to cease from denying to us needed relief
from pursuing policies which do him no good and do us harm; and
ndeed, by virtue of the interdependence of ail sections and callings, do him
Jid
i;)rm likewise.
Let u.'H give enlightened and sympathetic thought and understanding to
ho problems besotting the working man. I know it will be very difficult
<) get his confidence, but at least we can so act as to merit it.
As emjloyers let us bear in luind that it is in our best interest, even from the
nerely selfish point of view, not to pay the lowest wages to which labor
'an be squeezed down, but rather the highest wages compatible with the
uccessful maintenance of the country's business and with a reasonable
evel of prices to the consumer.
[Vol. 114.
We
must not put our heads in o the sand In the face of the menacing signs
of the timns, nor musr. we be in fear of them, nor perml' ourselves to be
imduly wrought up. We cannot meet them by blunt denials or by calling
hard names. Social and political economics, the function of capital, the
problems of trade and so forth, are complex and difficult ^iubjects. They
lend themseives ail too easily to fallacies, misinformation and misinterpretation.
Xfust Keep Minds Open to New Ideas.
one of the proper and Indeed necessary functions of organizations
of business men to aid in spreading true Information on such mutters among
of business men to aid In spreading true Information on such muttnrs amoDZ
thu people, to givf facts and figures and reasons, to justify and explain
and to meet desti^ct've agitation whether of the scheming demagogue
or the well-meaning Utopian, on Its own ground of propaganda.
It
Is
We must seek to counteract false or Irresponsible or ignorant assertion
with plain and truthful explanation, but we must be sure to keep our own
minds open to new and sound ideas, we must bn ready to welcome progress,
we miKt do our share in good faith and wiliingy to redress grievances and.
to bring about tlie greatest attainable degree of well-being for all the peopie
If we fall to pljiy our full ()art in striving for the right, we have no title to
complain f things go wrong.
Just as the pric of liberty Is eternal vigilance, so eternal effort in resisting
error, in striving for genuine progress and In spreading and defending the
Immutable principles and doctrines of truth and reason is the price of good
government In a demt)cracy.
TRUST COMPANY CONFERENCE
FEBRUARY
AND BANQUET
16.
The third mid'winter conference of the trust companies of
the United States will be held at the Waldorf-Astoria Hotel,
New York City, next Thursday, Feb. 16, according to an
announcement on Feb. 8, in the headquarters of the Trust
Company Division of the American Bankers' Association.
The first session will begin at 10 o'clock in the morning and
close at 1 p. m., after which there will be a luncheon.
The
second session will start at 2 30 and continue until 4 o'clock.
Theodore G. Smith, First Vice-President of the Trust Company Division, and Vice-President of the Central Union
Trust Company of New York, -will preside at both meetings.
No reports of committees will be submitted, the entire day
being given over to the discussion of problems which trust
companies meet from day to day in the organization, maintenance and development of their work. At 7 p. m. there
will be a reception which will preoede the eleventh annual
banquet of the Trust Company Division and which will be
held in the Waldorf. Hotel reservations, railroad transportation and theatre tickets •will be secured as far as possible
upon request, which should be sent to Leroy A. Mershon,
Deputy Manager, 5 Nassau Street, New York City.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No sales of bank or trust company stocks have occurred
at the Stock
Exchange or at auction
this
week.
Three New York Stock Exchange memberships were reported posted for transfer this week, the consideration being
stated as S88,000 in each case. The last preceding transaction was at $89,000.
American Car & Foundrj' Co. at a
week
resolutions of respect to the
adopted
meeting
Barton
Hepburn, who had been a
late
A.
memory of the
W. H. Woodin, President
since
1907.
member of the board
the
directors relative to Mr.
of the company, in addressing
The
directors of the
this
Henbum's death,
said:
many phases of human thought and
Teacher, iHwyer, legislator, writer, financier and economist, his
long life was one of a>«eful endeavor and always of progress. Success sach
as la gr^nt^d to but few of us was his and his death closed a career of
which his country and his associates may well be proud. Always alert and
vigilant in his watching of events and things, the breadth ol his rlslon,
the ripeness of his judgment, the quickness and accuracy of his decision,
and above and beyond all »he kindliness and sweetness of his sympathies,
endeared him to us beyond measure and won for him our respect and our
He died In the fullness of his years and in the plenitude of his
love.
powers. We here 8h;ill miss him sorely. We grieve for his going, but we
rejoice in his achievements.
The Ufe
of our friend touched
activity.
—
Warns AgainM FaUacies.
of such periods as this that there are brought to the
;>iiblic notice, loudly and fervently, sundry cure-alls for the Ills of the day
which their discoverers proclaim and often hon. stly believe be new and
mfalling remedies, but which, as a matter of fact, are hoiiry with age, hav•ig been tried on this old globe of ours at on^ time or another. In one of-lts
jurts or another
tried and found wanting and discarded after sad dls-
H. Judson, New York agent of the National Bank of
South Africa, Ltd., received the folloAving cable disi)atoh
this week from William Dunlop. General Manager of the
bank at the head office, Pretoria, Transvajil:
Uuslonment.
Nothing in history
tural prices are still low with the exception of wool, which recently recovered
sub.stantlally and is still buoyant.
Although the strike in the coal and gold mines is not yet definitely settled,
It is believed
it is generally expected that it will not last much longer.
that the general resumption of work will be followed by a period of steadily
It Is characteristic
—
—
is
more pathetic than the record of the instances where
»ne or the other of the peoples of the world rejoicingly followed a new lead
*^hich It was promised and fondly bc-lievod would bring it to freedom and
?lenty and happiness, only to find itself, instead, suddenly on the old and
inly too well trodden lane which goes through suffering and turmoil to
ilsappointment and reaction.
We may not flatter ourselves with the hope that the present period will
prove an exception, A philosopher has said that the greatest les.son of
tustory Is that humankind refuses to learn and heed the lcss»ns of history.
Once more, the raucous voices of the promoters of economic, social and
;>olltlcal quackeries, of the vendors of tickets to Utopia, are bein r hoard
in the land.
Even the dead bones of greenbackism and fiat money are
being taken from their unhallowed resting place and an effort is being made
ii> l>r«>attie Ufe again lato that skeietoa.
The
general South African outlook
is
distinctly encouraging.
Agricul-
increasing prosperity in industry, reacting on the whole South African
community. Three low-grade gold mines at Liupaardsvlel, New Ooch
and lloodeport are closed down as the inuncdiat* result of the strike, but
the contraction should then cease unless the strike is unduly prolonged.
Brown Bros. & Co. have reooi\'©d a cable from their
correspondent, Den Danske Landmandsbank, Copenhagen,
stating that this institution haa just declared for 1921 a 10%
I'
X
THE CHRONTCLE
Fbb. 11 1922.]
16,850,532
year amount to 64,521,661
Icroner, less 17.345,507 kroner for general expenses and
taxes.
After providing for bad and doubtful debts of
25,867,937 kroner, and statutoiy contribution to reserves,
9,614,909 kTouer were carried forward. Reserves are now
50,769^0 kroner. Subject to a general meeting of stockholders Den Danske Laudmansbank has entered into an
agreement with the Kobenhavens Private Laaenbank, which
dividend, aaid that
gross profits including
its
la-onor carried forward
from
last
the oldest Copenhagen bank and established in 1854, by
which the two institutions will be amalgamated.
is
and John J. Sample were appointed Vice-Presidents of the Guaranty Trust Co. of New
York at a meeting of the Executive Committee of the
Board of Directors on Feb. 9. Mr. Geer was Manager of
the Pall Mall office of the Guaranty, and Mr. Sample an
Assistant Manager of the company's Foreign Department.
Qeoi^e Jarvis Geer,
Jr.,
Answers to the many new vexatious problems, which will
confront the average individual or business concern this year
in making up the annual income tax return, are supplied in
the book "Practical Questions and Answers on the Federal
Tax Laws," just issued by the Irving National Bank of this
city.
The book is a successor to several similar volumes
published by the Irving in reoent years, but it possesses a
special value because of the recently enacted Federal Revenue
Law of 1921. The book consists of 144 pages, divided into
The first section contains a digest of all importhree parts.
In the
changes
made
in the former law by the new act.
tant
problems,
which
arise
knotty
second section, a wide range of
and
Answer
form.
under the law, are covered in Question
The third section of 87 pages contains the full text of the new
law. The book has been prepared by experts on income tax
laws.
At a recent meeting of the directors of the North Side Bank,
Brooklyn, N. Y., Hem-y Doscher, heretofore Vice-President, was elected President of the bank to succeed the late
Paul E. Bonner whose death was reported in our issue of Feb.
Henry Billman, formerly Vice-President and Cashier of
4.
the institution, was elected first Vice-President and will have
active charge of the bank.
Daniel J. Leary, a director, was
•lecled a Vice-F*refiident, and Arthur H. Walkley, Jr., an
Assistant Cashier, was appointed Cashier.
Frank W. Cabbie
was appointed a director of the institution.
of
•
Lebanon National Bank
York has been approved by the Com",>troIler of the
Currency. The new institution A\ill have a capital of $500,000 and sun^lus of $12.5,000. Its stock, par 8100, will be
The
of
application to organi^^e the
New
sold at $125 per share.
Washington
Mandour,
The bank's offices
The officers
Street, this city.
President; E. J. Dowling,
will
will
Vice-President, and
»
Marsden Hubbard, until recently a member of the wollkno%vn invwtment banking firm of Harris, Forbes & Co. of
this city, was on Jan. 27 elected President of the Connecticut River Banking Co. and the Travelers' Bank & Trust
Co. of Flartfonl (both of which institutions are owned and
L.
controUeil by the Travelers' Ins'jrance ('o.), 8uccee<ling the
Mr. Hubbanl, who assumed his
was l>orn in Wailingford, Conn. He
was fylucated at the Wesleyan Aca/Iemy and at Princeton,
('harles L. Spen(v;r.
now duties on Feb.
1,
grarluaUyl from the latter institution in the class of
He iMigan his business can^r imnuxliately by entering the employ of Harris, P\>rbeH & Co., and for fifteen years
rei»rert«!nUHl the firm jw itH salesinan for the Stale of (^onni!<;ticut, since 1914 making lii.s headquarters at Hartford.
Two ytAfH ago Mr. Hubbard went abroa<l to take charge of
the Ix>ndon offic*- of Harris, Forbes & ('o. arnl to represent
them on an irii(>ortarit mission. Ui)ori liis return he was
ma<^le a memlnsr of the firm.
At the annual meetirjg of the
HUjckholdors of the Coriri<y!tifnt River Hanking ('o., H. W.
KrvKig, a Vic<>-l'reHi<lent of the institution, was elcct^i«i a
The jif^rwonnel of fhf! Conne«!ticut River Banking
«ltre<;tor.
<'o. is now OH follows: L. VIars<leti Hiihlxird, Presidcnl;
Martin We,!Uin and H. W. Krving, Vi(!««-I*residents; Frederick F. Fisher. Cashier, an<l H. J. Mjumiklein, Assistant
^/'jishicr; while that of the Travelers' Hank fi Trust (Jo. is,
L. ."Vlanulen Hubbard, I'nwident; Murlin Welles, Secretary
and TreoHurer; R. C. I>ickenw>n, Trust Officer, ami H. H.
Howard, Assistant Secretary and Assistant Treiwurer.
Ixtinif
19(J5.
At a meeting of the directors of the First National Bank of
Hartford, Conn., on Feb. 1, Robfirt A. Boardman, heretoore Assistant Cashier, was elected Cashier to succeed Emerson F. Harrington, resigned. Mr. Boardman has been associated with the First National Bank since 1897, and became
an Assistant Cashier of that institution in 1916. Besides his
new position, Mr. Harrington is also Auditor of the Connecticut Mutual Life Insurance C-o. and the Mechanics' Savngs Bank of Hartford. He is also Treasurer of South WindMr. Harrington tendered his resignasor, his home town.
tion as Cashier of the First National Bank of Hartford ou
Jan. 25, to take .effect at the close of business on Jan. 31..
Mr. Harrington had been with the First National Bank since
October, 1881, when he entered its servie^e as a messenger.
He was appointed Assistant Cashier in January 1907 and in
1919 was made Cashier.
&
Henry C. Winsor, President of the Asbury Park
Grove Bank of Asbury Park, N. J., died on Feb. 6.
John
S.
Adams and John H. Mason
Jr.
Ocean
have been elected
Assistant Treasurers of the Commercial Trust
of Philadelphia, Pa.
Company
J. Hibbs Buekman has been elected a director of theNorthwestern National Bank of Philadelphia, Pa., to succeed John E. Hanifen, deceased.
A new financial institution, namely the Producers' &
Consumers' Bank of Philadelphia, Pa., opene<l its doors for
This institution is said to bo the first cobusiness on Feb. 1.
profit-sharing
bank to be started in the East
operative and
and the second in the entire country. It is modeled after
the Brotherhood of Locomotive Engineers' Co-operativ*^
National Bank of Cleveland, which was organized the latter
The Pi-oducers' & Consumers' Bank wa*
part of 1920.
organized by the Banking Committee of the Central I^abor
U'^nion of Philadelphia and its plans were originated by tho
late Wharton Barker, a Philaf^elphia financier who died
early last year. The new bank has an author'zed capital of
It starts with
10,000 shares at a par value of $10 per share.
a paid in capital of $150,000. On the opening day the deposits of the Producers' & Consumers' Bank were over
$.500,000, $250,000 of these deposits being made by Philadelphia labor unions.
The officers of the new institutioi)
are:
John C. O'Callaghan, President; Stover G. Snook.
Vice-President and Treasurer; Benjamin B. Bowman, Assistant Treasurer and Comptroller; Graham C. Woodward,
Secretary.
Reference to the organization of this institutior
appeared in our issue of April 16.
be at 59
be: J. A.
if^ad'k Piderit, Cashier.
\a,Ui
595
Paris F. Snyder has been electtni Treasurer of the Agn& Savings Co. of Lancaster, Pa., an institution chartered recently as successor to the Agricultural Trust
Co. which in June last closed its doors following the disr
CO very of the embezzlement by its Treasurer of a large
amount of the bank's funds. Mr. Snyder hiis had 19 years'
banking experience. Ho is considered peculiarly qualified
to fill the position of Treasurer in the new bank for the
reason that when the Lititz National Bank of Lititz, Pa.,
failed in 1909 he organized for the stockholders and depositors the Lititz Springs National Bank, an undertakinj.which has proved very suceassful. After remaining with th«Lititz Springs National Bank as its Cashier for nine yoani,
Mr. Snyd(>r went to Lancaster to become Administrative
Offi(!er of the Slaymak(>r Lock Co.
For the past two and a
half years he has been State Bank Examiner for Pennsylvani;i.
In 1917 when the Lancaster Cha.p(«<r of the Anu^rieai)
cultural Trust
Institute of
its first
On
Hanking was organized Mr. Snyder was elected
is now one of its Board of Governors.
President and
Jan.
.'iO
Hank
the
of Conneautvilh
on Coiineautville, Pa.,
,
wjis phujed in tlu<
a
priviil«« iiislitutiou
hands of Frank
W.
Jackson, a Stale Hank K.xamiiier, as receiver, acu-oniing to
a press diH|)atch (»n that day from ('onneaut ville printed w
the F'hil:id<l|)liiii "Rcconl" of Jan. 31.
The bank has a
eapi'al of $50,()(M)
'I'Imi
lUHlilulion,
{{••serve
it
System.
and drpositH
i-i
sHi<l, wii,h
I'aiil
of api)roxinuiteIy $,5(),()(K)
not a
iiifiiilxir
Stnrtevant of
'resident of the failed bank,
tnrirle
of liiu
New York
a Hta'etiieiil.
l''i«ioraJ
City, th«
it
Ih
said,
on the day of the fuiluD' in which he said
that an exutnirialion of the hooks ordenxl by liini on Jan
.'6, disrl«>M<«d Hiicii irregularities that it won decided to riofte
the institution.
Mr. Stwrlivant is uIh<» rejtorled as nayinir
lo the depositors
THE CHRONICLE
596
that he had made an assignment of all his property and that
He received
of his wife for the benefit of the depositors.
reports
dispatch
The
no salary as President, it is said.
bank,
failed
of
the
further that J. T. Snodgrass, the Cashier
loans
was
due
bad
to
said that the failure of the institution
retrieve
the
which he had made and that in an effort to
mistake, he had advanced further funds, which resulted
A later dispatch
finally in the closing of the institution.
(Jan. 31) from Conneautville to the "Record" stated that
Mr. Snodgrass had been charged by Mr. Sturtevant with
misappropriation of partnership money and fraud in keeping
partnership books and records.
He had been released, it
was stated, from custody in $5,000 bail, pending the action
Crawford County Grand Jury.
of the
A special press dispatch from Elkton, Md., to the Philadelphia "Record" under date of Jan. 20 announced the closing
on that day of the Second National Bank of Elkton following
a run on the institution by its depositors caused by rumors
to the effect that the bank was about to merge with another
institution and also that the bank was not in good financial
condition.
William T. Warburton, the President of the
institution, following the closing of its doors, is reported in
the dispatch as maldng the following statement:
The Second National Bank of Elkton. on account of a run made upon
On account of some slow
It, closed its doors at 2 o'clock this afternoon.
investments and while negotiations were pending for a consolidation with
another bank In the town rumors were circulated which caused the run.
The assets are ample to secure depositors and the bank wUl be reorganized
and open again for business.
The bank has a
capital of $.50,000
and was organized about
20 years ago.
Col. Jeremiah J. Sullivan, Chairman of the Board of the
Central National Bank Savings & Trust Co. of Cleveland,
Ohio, died on Feb. 2, Mr. Sullivan was 77 years of age. He
began his banking career in 1887 when he was appointed a
National Bank Examiner for Ohio by President Grover
In 1890 he resigned this position and began the
Cleveland.
organization of the Central National Bank. Upon the
organization of that institution in 1890 he was made Cashier,
and after successive promotions to Managing Director and
then to Vice-President he finally became President in 1900.
He held this position up till about a year ago, when he was
made Chairman of the Boai'd and his .son, C. E. Sullivan.
President. Mr. Sullivan also organized the Superior Sa\'ings
Trust Co. of Cleveland in 1905, which was merged with
the Central National Bank a year ago and served as President
of that institution.
He has also served as President of the
Chamber of Commeree, President of the National Board of
Trade, President of the Ohio State Bankers' Association,
and was the first President of the Cleveland Association of
Credit Men, being elected in 1899.
&
,
G. G^ddes, Viee-I*resident of the Union Trust Co. of
Cleveland, and head of its Foreign Department, sailed for
Europe on Fob. 7 on ibie "Aquitania" on an extensive
*
same
Slovakia and Germany.
At the reorganization meeting
of the
Aetna Trust
&
Sav-
ings Co. of Indianapolis, Ind., on Jan. 25, the following new
officers were elected: E.'S. Goodrich, President, to succeed
James O. Parker, and Leo. M. Rappaport, Vice-President,
F. M. Costin and Carl H. Mote
to succeed W. H. Latta.
were elected directors.
Controlling interest in the instituhis brother, James P.
was acquired by Mr. Goodrich and
Goodrich, from Mr. Latta recently.
tion
date, the First State Bank of Morris, Qkla.,*has been
It had a capital of $20,000 and deposits of about
closed.
$300,000.
According to recent newspaper advices from St. Louis,
a plan for the reorganization of the Night & Day Bank,
which, as reported in these columns in our issue of Jan. 7,
was closed on Jan. 6, was unanimously approved at a meeting of 1,200 of the 15,000 depositors of the bank on the night
of Jan. 22.
The St. Louis "Globe-Democrat" in its issue of
Feb. 8 stated that the depositors' cotoniittee on Feb. 7 reported that $1,623,674 of the approximately .$2,600,000 of
deposits had been pledged to the reorganization.
Depositors
also subscribed, it was said, for 1,04S of the 2,500 shares of
the bank's stock necessary for reorganization.
It was also
stated that a circular had been issued to the depositors, warning them that if the reorganization plans fail they •«v^ill not
receive more than 50 cents on the dollar in liquidation proceedings.
The "Globe-Democrat" in its issue of Jan. 22
printed the plan in brief, as outlined to that paper.
It
reads as follows;
1. Depositors who do not want to go into the reorganization will get
their deposits in full in the event the bank is reorganized and re-opened.
2. Depositors who go into the reorganization Mill first put up 10% of
their deposits toward the capital stock of S250,O06.
3. Depositors in the new bank will then receive 15% of their total deposits in cash.
4.
These depositors
of 25%
opens.
more of
will
then be assured by contract of the payment
mouths from the time the bank
their deposits within four
'
•.
•
Depositors in the reorganized bank will take the remaining 50% of
their deposits in trust certificates, these to be held until such time as
money can bo realized from the present bank's assets, when what money is
obtained will be pro-rat-ed among them in proportion to their holdings in the
bank.
5.
Following the acquisition of the deposits and good-will of
the United Loan & Trust Co. of Lyiir-hburg, \^a., by the
First National Bank of Lynchburg (reference to which was
made in these columns in our issue of Feb. 19 of last year),
the stockholders of the First National Bank of Lynchburg
on Jan. 10 voted to increase the capital of their institution for
the purpose of liquidating the above-mentioned trust company, from $675,000 to $1,000,000, by the issuance of 3,2,50
shares of new stock of the par value of SlOO per sh^re, 2,250
shares of which are now being offered to shareholders of
record as of .Jan. 17, in the proportion of one share of new
stock for each three shares of old stock, at .$245 per share, and
the remaining 1 ,000 shures of new stock to the shareholders
of the United Loan & Irust Co. (now in liquidation) as of
record Jan. 17 in the i-atio of one share of iu^vv stock for each
three shares of stock of that institution, at the same price,
All shetres o£ aew stock must be
paid for according to terms specified by the resolution of
namely $245 per share.
stockholders, as follows:
.S45
.J.
business trip through England, France, Switzerland, Italy,
Czecho-Slovakia, Austria, Germany, Holland and Belgium.
The puriwse of Mr. Geddes's trip is to confer with European
banks with which the Union Trust Co. has already established
connections, and especially to study conditions in Central
Europe and establish new banking connections in Czechlo
[Vol. 114.
per share Feb. 10 1022;
.$100 per sliare April 10 1922;
$100 i>er .share July 10 1922.
A%
per aunt in will be allowed on
The sale of the new
stock will give the First National of Lynchburg, besides a
capital of $1,000,000, surplus and uiidivided profits of $1,200,000. The statement of eonditiojj of the First National
Bank as of Dec. 31 1921 showed total assets of $9,915,662,
of which $1,134,811 was liquid assets and deposits of $5,831,652.
E. P. Miller is President of the bank.
Interest at the rate of
all
payments from Feb. 10
to July 10.
We learn from the Savannah "News" of Jan. 25 that
William F. Reilley, the former Cashier of the Commercial
Bank of Savannah, Ga. (closed by the State Bank Examiner
in December last) who is under indictment for the alleged
embezzlement of $10,(XX) of the bank's funds and who
had disappeared prior to the bank's failure, returned to
Savannah on Jan. 24 and at once surrendered himself to the
He was released, it is said, in $10,000 bail.
Sheriff.
I
Application has been made to the Comptroller of the Currency to convert the Duluth State Bank of Duluth, Minn.,
into the Duluth National Bank of Duluth.
The institution
has a capital of $200,000.
The Bowman Bank & Trust Co., of Las Cruces, N. M..
with capital of $100,000 and deposits of about .$271,000,
has been closed, according to a press dispatch from Las
Cruces on Feb. 6, appearing in "Financial America" of this
city on the same date.
According to a press dispatch from Guthrie, Okla., under
date of Jan. 28, appearing in "Financial America" of the
State Bank of Caddo, Texas, closed its
doors at noon Feb. 1 and its affairs were placed in the hands
of the State Banlcing Commissioner, according to a special
dispatch from Breckenridge, Texas, to the Dallas "News"
on Feb. 2. The Guaranty State Bank, it is understood,
several months ago took over the First Statue Bank of Caddo
The capital of the
after the latt<>r institution had failed.
it
said,
was
vnth deposits
Bank,
is
State
$25,000
Guaranty
$173,000.
of approximately
The Guaranty
The Comptroller of the Currency, has approved the application of the Citizens National Bank of Lodi, Calif., to
I
THE CHRONICLE
Feb. 11 1922.]
The new institution will have a capital of $200,organize.
000. Its stock (par $100) is being disposed of at $130 per
The new institution will begin business about
share.
March 1 1922. The officers are John B. Cory, President;
Wilson II. Thompson, Vice-President, and Frederic Spoerke,
Cashier.
The following arc the directors: John B. Cory,
.Burton A. Towne, D. D. Smith, Fi-eeman B. Mills, J. S.
Montgomery, H. A. Fairbank, Henrj' Pope, Geo. L. Meiss-
ner, E. A.
Humphrey, Wilson H. Thompson, and
J.
V. Bare.
m'netieth annual report of the Bank of Nova Scotia
In our issue
printed elsewhere in our cohiiuiis to-day.
of last week (Feb. 4), page 492. we gave a brief analysi.s
of the report.
The
is
-••
At the annual meeting
of the directors of
La Banque
Nationale of Quebec, Canada, the Hon. George E. Amyot
elected President and J. H. Fortier Viee-Prebident of
the institution. The Hon. Mr. Am5'ot succeeds J. B.
Laliberte who resigned the presidency on account of continued il! health. J. H. Fortier succeeds Nazaire Fortier as
Vice-President. Three new directors have been added tothe
board, namely Sir George Garneau, C. E. Taschereau and
•Aras
J.
H.
Fortier.
597
resulted in further loss ot (x>nfidonce and the probable precipitation of
a "run" upon the bank.
I hope I have made it clear to you that the directors adopted the only
wise course open to them and the best in your interests and that it is essential to confirm the agreement with the Bank of Montreal.
The alternative
is one which wo hesitate to contemplate.
A press dispatch from Montreal under date of Feb. 9,
appearing in the New York "Herald" of yesterday (Feb. 10),
states thai shareholders of the
Merchants Bank
Clearings by Telegraph.— The subjoined table, covering
clearings for the current week, usually appears on the first
page of ea('h issue, but on account of the length of the other
The figures are retables is crowded out once a month.
ceived by telegraph from other leading
proposal and
13.5
columns, under the
Canada stock
will
As previously stated in these
merger two shares of Merchants Bank of
be exchanged for one share of Bank of
against.
Montreal, plus 81,050,000 in cash, which represents an addiIt is understood that before the two
tion of $10 a share.
banks can be united, it will be necessary to obtain the eon-
Week ending Feb.
Per
.-
.
Philadelphia
Boston „
Kansas City
.
St. Louis.
.
San Francisco
1.
Pittsburgh
Detroit
Baltimore
New Orleans
Eleven cities, 5 days
Other cities, 5 days
Total
all cities,
All cities.
Total
1
1922.
1921.
S2,920.200.000
393.551.578
311.000.000
208.000.000
103.483,680
a
102,900.000
*81. 500.000
61,348.840
54.444.020
43,570,193
$2,764,792,302
399.814.817
309.567.160
218.214,208
123,147,535
$4,279,998,311
813,760,830
$4,206,928,364
884,260,080
$5,093,759,141
1.018.751.828
$5,091,188,444
1,018,237,688
11.
New York
Chicago
cities.
— Returns by Telefraph.
Clearings
Dominion Government.
This, it is said, there
refused.
Sir H. Montagu
reason
believe
will
be
is no
to
Allen, the President of the Merchants Bank of Canada, made
a lengthy address at the meeting. With reference to the
great losses incurred by the bank, he said (as reported in the
Montreal "Gazette"' of Feb. 9):
The two prindpal accounts, which are now in liquidation and in which
we made our heaviest loRsee. are Thornton Davidson & Co., and the
£xclu.<Hve Ladies" Wear. Limited (both of Montreal).
It is Cfjnxmon knowlpd^e now that the bank lost hea\-ily through the
taHnre of Thornton Da\'fd.son Sc Co.. in July 1920. The advance-s to this
firm when the bank's hniiks were closed at the end of April 1910 stood at
sent of the
Canada
authorized Wed. night (Feb. 8), by a vote of 87,.534
shares against 135, its absorption by the Bank of Montreal
under Ihe belief that the losses incuiTed by the bank were
$8, 000 .()()(), were startled to-night by receipt of the information that the total amount of the loss in the bank collapse is
$12,298,000. The dispatch further states that the report of
H. B. MacKenzie (now Acting CJeneral Manager of the
Merchants Bank), stated that he had found $2,000,000 of
loans to officers of the bank, the majority for hciuses and
automobiles, but other loans mainly for stocks and bonds.
In some cases, it is said, the security was deficient and in
a few eases seriously so.
By an
almost unanimous vote the shareholders of the
Merchants Bank of Canada at a special general meeting
held in Montreal on Wednesday of this week (Feb. 8) ratified
the proposed absorption of the institution by the Bank of
Montreal. The voting stood 87,.j34 shares in favor of the
of
who
..
^-
5 days.
day
Cent.
+ 5.6
—
1.5
+
—
—16.0
0.6
4.7
a
a
106.800,000
116,187.167
68.000.000
69.172.874
41.232.301
week
—3.5
—30.0
—11.1
—7.9
+ 5.6
+ 1.7
—8.0
+ 0.1
+ 01
+ 0.1
$6,112,510,969
$6,109,426,132
* Estimated.
the ahove will be given next Saturday.
We cannot furnish them to-day, cleiirinss t)eln2 mode up by the clearing bouses
at noon on Saturday, and hence In the above tbe last day of the week has to betn
ell cases estimated, as we go to press Friday night.
all cities for
No lonspr furnish returns of clearlnqs.
The full details of the week covered by
a
Our usual monthly detailed statement of transactions on
New York Stock Exchange is appended. The results
for the month of January 1922 and 1921 are given below:..
the
-
$.579,200. again.st securities which apparently left a good marfdn in the
bank's favor. These advances, however, increased gradually without the
authorization of the btiard of directors, and. in July 1920 (the date of the
bankrupt.cy). ainount«fl to about Jit.AO^J.OOO. against .securities which have
prove<-l lamentably deficient, and it now appears that the bank is Involved
fti a loss of about »4. 000. 000.
The Exclusive Ladles'' Wear.' Limited. loR? was the outprrowth of an
attempt early In 1916 to save a had debt of S6/).000. With apparently this
end In view, the debtors were allowed advances by the manafjeraent. without authority from the directore, for now ot)erations and they expanded
rapidly on the bank's m<^ncy.
l<ater on. tha affairs of this company and
of two smaller ones of the same kind were ^ouped toKCther under new
management In the vain h< po of bettcrini? the position, but this did not
improve matters. The credl'-s granted to thcse'companics went far beyond
the bounds of prudence and the c<)inblno<l advances increased from $22.5,000
In December 1910 to nearly $1 ..'UjO.OOO in 1920.
These r.dvanccs were
nominally covered by trade paper and pledge of merchandise, Ijut both
realized only a fraction of the value placed upon them.
The result is a
U>ss of about $1 .OOO.OflO-
Wo.
therefore, lost S.">.00O.{)0i)'tjetween thCM! two accounts.
\>e Inadvisable In the intere«t of the customers to prlvo other
dimilar inHtancr* of loww* remiltJnK In the Montreal office in account* or
credits which the dlrect^ipn were not made .iware of.
There are als*) nttw.r losses of a more normal cluiractcr in Montreal, and.
Is addition, we have not e«capefl he3%y lo«s«»i in other parts of the country,
to the extent ol which the directors were not kept fully informi-d.
Ft
would
M
'
Denying an
arjcuHation that the directors
had been stam-
peded into a bargain with the Hank of Montreal, Sir Monta«ru
said:
Your
dlr»yrtom havn b«^n a<»ru>ied of IwiiiK slanipedf-d Into a barxaln
w^Ith the FJank of Montrfxil.
It Is conlcndwl that with (Jovcrrnmeiit ii>*lst»ncf! no Halo of th«i Merch-'ints ti.-mk .-isscts woul'l hnv<: bi-cn nccosKur.v
It In trun that the hank mlicht have continued bUHlinws. for a time at li<;iMt.
by borrowlntt h«'«vlly frf>m the DomlnUm f lovcrnmcnt. If tlio l)anl< had
done %o, howovor. and 'ontlnu««l to carry on. It would hiivc Incurred the
lo«w of c/)nfUI«ince of th»i pulillc when thii Oovummiuit Htal<iinent app<iari'<l
KhowinR th«i r«xluri.lon In the re»t and when It Ix-camc known that tlir
dividend wtiuld hav« to l>0 r»><lu'<!<l to at lea>it half the amount p.ild. wllhoiit
*hc tmnUM. In ordiT to 'mild up tlir- ri'nt nxnin.
The prlrr of the stock
Would ha VI' falirn Immorirntcly to a price tx'low our pn^ciil offer, and there
mlKht have been a panic' on the KxchaliKe. and a "run" on the bank liy
aepf)Hlt/ir».
The fact Is. hf>wever. liiAt. nwtnK to the mvrecy that wax
ohnnrved durlnx our neKoMatlons. no niiiior« of nn aluniilnK nature were
drcnlatml. an<l. notwlthjitandlnjc the hra\y Imw In our lnv)«linent«, we am
• k>nK way short of such a ilkanter.
Your dlrwtors fei-l l.h.it the .itwive ri-<llnl of the facts will ae>|ult tliem
of the chartfi of having ;irt«.d wllhniit flue rlnlllM-rallon.
Another conUintlon hna been ralxed lh.it the Mxrehuritx Hunk shfiuld have l>een taken
over Jointly tiy all the oth»ir liankji.
Il Is hnrtlly nt^-mtmry h«iwever. for
mn to point riiit l.liHt Ihia was Imp'Molble. as rieKotlatlons II n numlHir ol
different rjuarUm would hj»vo txwoxno linme<lliite|y known and would have
,
StookfNumber
of shares
-
L.
.
Par value
Railroad bonds
United States Ciovernment bonds
1
,
.
:
$1,327.5I3.7".'«)
47.351. .300
97.626„500
66.661.900
10,610,000
171). 7 14. 600
51,619.262.200
11,027, 137 J50
',.
Total par value
16.144,876
16.472.377
Jl.494.639.000
:
ic, bonds
State, foreign,
January 1921.
Par Value.
January 1922.
Par Value.
DescrlptUm.
22,282,500
Sales of Stocks on the New York Stock Exchange. ^The volume of transactions in share properties on the NewYork Stot^k E.xchange for January of the calendar years 1922
and 1921
indicated in tlle.follo^^^ng:
is
;
1921.
1922.
No. Shares.
Month
of January
16.472.377
Par Values.
No. Shares.
Par Values.
51, .327,513.750
10,141,876
SI .494.639.000
The cour.se of bank clearings at heading cities of he country
last ei,'ht years is
for the month of .Jan. in each of the
shown in the su))j<)ined stalcinent:
BANK CLEARI.VGS AT l.KADl.VG CITIES IN JANUARY.
I
;
(000 OOO.!
nmUlid.)
.\ew York
C-hlrago
,
BoMlon
rhlladelphla
HI
.
1919.
1918.
1920.
1922.
1921.
S
«
$
$
$
Sf.l
14.719
17
23.210
17.296 18.573
2,123 2.414 2.8.17 2.345 2.025
1.159
1.478
1.2.S5
1.339
1 .«<)9
I ..523
I.S32
1.701
1,853 2,176
a
l-oulH
nti».i..ir(!h
nir,
Han IranrlHCO-.i......
882
277
235
Italtliiiore
(Mnclnnatl
KatuuiN city
.
.
r,75
603
720
606
364
778
717
593
721
414
!,T.i
2().'i
30S
724
,
1
23
370
278
816
440
241
21fl
151
101
151
847
188
182
584
350
33A
.TtO
286
172
IDA
127
S3
190
I
2I(»
216
37.'.
490
IXMilnvllle
Oiiinlin
105
140
10')
SO
321
117
173
305
24(1
200
53
112
132
2^16
121
246
226
I
(Ml
71
51
I.OS Aiilfeli*
lliiffalo
.110
36.'i
316
l.'ifl
173
HMI
137
157
109
HI
IIU
123
150
.S7
91
lUO
82
123
67
no
.13
2:14
165
liirllaiin[Killn
Memphis.
Henllln
Hnll l.nkn
i'
llnriroril
r.)lj\l
<»ther rdli-
Tol^lall
(MlUldn New \.»k
rt
\o
66
204
(K)
ll.'l
N4
233
153
100
142
83
03
4A
78
OH
72
51
103
134
87
58
63
ni
47
,18
63
an
64
30
3X
27,840 30,(190 37,975 29. 792 X4.33I
J3.HH;i
18.788
288
2,847
3.091
3ft
2.62H
2.',J00
an
38
39
62
121
44
r,a
40
30
68
40
(13
41
84
74
H7
ni
102
54
77
n«
71
M70
47
44
104
1
124
r>3
on
OH
74
1112
7
1.10
in
Oft
175
85
46
7.'>
.
.
(
71
171
1,015
127
1.38
Klehrnoii'l
1.398
5 (to
1.52
50
riiiil
H60
I
141
1-27
HenvfT
.03
IK4
IIH
ii
1
•278
MIlKiiiiket-
I'rovl'lorici'
,528
.334
377
531
251
1
1918.
«
7,288
1.312
376
Detrnll
341
»
645
662
385
205
5S2
208
353
Cleveland
1916.
12, .127
429
260
648
320
434
.Mliiiirnixdli'
.Vi'W <»rlc:iiiH
f
1917.
$
1.';.I27
2.0.><»
1.737
I
..368
IS,."???
I
,
IM
27!807 ,33,537 41,660 32,420 JO, 831 aft.fl'JO 20.l'23 13.483
I08II I4.W14 18.1511 14.559 11.81'! 10.493 7.708 O.lirS
longer iiiport rIenrlnKa
—
.
7
1
THE CHKONTCLE
598
[Vol. 114.
BANK CLEARINGS CONTINUED FROM PAGE
January
—
549.
Week ending February
4.
Cleartngi ca
OT
Inc.
1922.
Boston
Providence
Hartford
1921.
1,285.000,000
a
41.083.263
24.848.659
17.973.518
11.912.847
New Haven . .
Sprln^neld
Portland
Worcester
Fall RIvor
New Bedford.
S
1.339.357,711
Inc.
1920.
Dec.
—4.1
1,809,484,715
44.131 ,288
—6.9
—4.8
14.7.33.378
26.107 ,367
20.932 ,804
13.242 ,548
17.660 940
— 14.2
— 10
— 16.0
7,948.784
6.651 .729
6.3.'>7.30
+ 19.5
+ 3.3
1
46.086.459
30.423.350
24.332.093
13.619.619
22.004.092
13.072.142
10..5.54.049
3.486.585
6,155 ,108
4.743 ,277
l/owell
4.744.2071
5.251 ,684
KanKor
3.422.706
7,509.300
2,492,318
3.8.56 ,027
— 11.3
4.310.144
5.771.240
3. 932.562
8.013 ,800
2,134 ,093
—6.3
9..379..300
+ 16.7
2,328,311
498.238.376
724.389.243
295.723.881
—20.6
Waterbiiry
Lynn
1921.
S
316,000,000
—24.6
—9.7
35.201.806
24.101.440
17.305.292
11.8I8..532
8. .509.411
4.786.885
4.089.911
3.030.454
1920.
%
S
S
357.871.0I7
i
298.429, 67f
— 12.3
ld."73V.i2.3
7.507,40f
—20.5
6.278.39.1
lO.S
5,000,00(1
3,615,47t'
—12.5
+
+ 2.9
+ 23.5
4.861.013
2.970.000
4.791.109
3.100.571
2,104„579
—5.1
—26.5
l,V6S".2n
394.762.728
234.048.940
44 .030.523
56.468.922
326,329,561'
180.658. lOi
I9..596.I48
15.225. 50;
18.029,402
19.461.674
9.748,37*
—
16.5
16.911.388
8.268.161
9.097.979
3,550.342
4.822.075
2.888.287
8.769.900
2,293.175
3,5.30.000
1,667.613.671
345.136,460
334,664.769
+ 3.1
845.629.958
184.334.679
249.313.677
73.951.705
122.668.462
124.924.1.89
,55.906.473
1.57.590.817
6 1. 288. 8.38
—20.7
33.993.903
30.264.155
1 9..522.961
38,129.873
32.873.117
—10.9
—7.9
20.I-58..5O7
+ 37
90.525. 2.58
10..377.426
1.945.619
1,578.692
a
987,6,32
677,856
1.040.067
921,639
1919.
+4.6
302,620,546
9.700.460
6.OOO.OO0
4.585.444
2.600.000
4.030,205
3.889.205
1,277,304
or
Dee.
819,712
2.700.000
3,50O,26t'
1,784,131
2,136,132
1,025,000
631,687
c
a
New England.
Total
,431.494 .872
Kanais City
574,936 ,5.54
250,614 ,024
139.883 .835
118.878 ,262
123.206 ,862
47.970 .7.55
Minneapolis
Omaha
St.
l,477,.58o,294
1922.
a
Holyoke
Stamford
1919.
Paul
I>enver.
St. Joseph
l)ea Moines
—19.2
—20.9
— 10.1
—13.0
—
1.995.298.076
1,1 23. .302. 272
207.825.7501
305.377.690
87.467.335|
1.59.926.114
92.929.3.561
65. 173 .086
«loux City
Lincoln
29,751.392
27,119.751
15,831.551
12.740.306
20,fl02 ,291
13,763 ,315
12.059 ,589
Topeka
Rapids
8,247
5,138
13,144
10,316
Wat^-rloo
Helena
Sioux Falls
•rtolorado Strings
Pueblo
Fargo
22.737.461
18.404.035
12.903.016
42,351.783
7.865.000
10. too. 473
3,8.59.9.52
10.274,699
+ 2.1
14".5"8"9'.354
—45.5
—22.9
—13.1
—5.3
5..529.684
—30.2
4.814.689
3.187.854
4.584.875
11,929..569
8.222.9161
9.695..508
5.0
—+17.4
—30.2
— 10.5
9.516.963
18.043.077
5.391.614
4.042.762
10.727. .503
+ 33.7
6.129.198
11.034.057
5.333.477
3.499.974
2.922.680
2.077.765
2.339.933
10.306.66*
8.402,718
9.302.6af
4.616.06t
4.181,58S
2,283,014
1,694,66(
3.228,07*
— 10.2
1.224.88-3
832,39*
—28.5
—25.1
051.307
2.044.834
726,671
2.329,96*
Fremont
.
.
—26.2
—14.5
—30.4
l",52V.i36
1.282,318
694. 15S
1,140,401
9,7.32,051
6.215.765
7.530.519
10.119.778
—17.4
4.2.30.250
—5.3
—23.7
—16.9
589
407
Billings
2,674 122
Hastings
1,991 791
5,458, 000
Grand Forks
Lawrence
Iowa City..
Oshkosh
Kansas City,
Lewlstown
Great Falls
a
Rochester
Mlnot
Springfield,
Mason City
4.380.862
8.429.285
6.369.000
6.042.089
2.279.814
4.126.910
2.150.040
5.273.000
2,188, 704
2,761, R59
18.092, 949
1,468, 54'
3,062, 470
1,461. 133
904, 846
Kan
Mo
Kan
l/oulsvllle
I.
Houston
Galveston
Richmond
.\tlanta-
Memphis
Fort Worth
'
tiavannah
.
.
Nashville
Norfolk
Birmingham
.1
A«gU8tu
Jacksonville
Macon
<;harlest4>n
Oklahoma
l.ltHe Rock
.
.
Knoxvllle
Mobile
<%attanooga
Austin
Columbia
Beaumont
2.V90.i.36
2.861.927
21.846.047
2.813.460
+ 74.5
+ 1.9
46.514.515
18.044.097
13.021.058
6.793.595
3.6
7,204,000
13.256.391
3.407.673
3.206.979
12,314.796
7.702.000
5.639.896
3.287.310
6.181.922
2.384.295
6,497,000
'—b.i
2,716.223
3.192.429
4.483.751
1 .968.045
2.045.762
2.461.942
4.367.121
2,949.236
12..544.884
+ 4.7
8.620.840
7.360.278
3.680.798
—24.3
—2.5
—35.2
—7.5
+
6,116.5101
3..545.4.59
—3.5
—17.2
—47.8
6.4.38.815 —51.7
1.689.809 —13.5
C
_.
Ga
2.080.588
1,689,186
-18.2
2.801.678 —17.0
4.116.878
2.842.342
Jackson
Tulsii
2..596,217
1,610.540.138
a
210.465.509
105,065.233
a
34.078.039
173.409.303
175.006.769
75,294 ..300
47,209,192
a
73.373,032
28.425.327
84,146.475
6,926.394
41 .589..366
4,741.280
11,195,493
89,677,060
36,583,426
12,676,425
7,581,333
21,882,867
6,337.198
8,770,000
1,845,551
1.828.760.447
—17.4
2.361.245,022
1.878,122.714
216.420.402
—2.8
—3.2
3.52.695.949
278.319.190
117„332,473
108..504.315
— 11.0
— 15.0
79,770,762
2.198.234
1.239.689
1,877,658
740.452
626.311
1,324.720
823,706
875.448
1.767,405
906.847
423.130
596.489
512,166
1,229, .583
317.9.58,539
a
370.192,873
45.6.54.-577
—20.8
+ 20.3
853.444
1,383.569
774.802
— 14.1
465.538,435
380.736,44»
48.742.083
22,478.559
—6.3
78".y4V.236
+ 1.8
15.500.000
55.099.867
20.674,385
8.925.963
53.007.177
41.509.840
16.993.375
15,086,609
—15.1
494.417
984.296
425,641
Newport News
Montgomery
I..
_
.
72,7.54.366
57.5.55.773
47.389.789
88.176.781
28.074.121
64,529,152
.54.752.2.82
a
15.738.000
6.633.101
16.843 428
14.512.2'i3
1,-508.000
36.100.258
25.498.838
68.752.399
68.829.448
9,775.338
925.207
c
18.126.203
7.857.661
2.800.587
23.499.213
8.986.996
3.214,102
3,562.000
1,930,845
5.356.720
1,248,111
—33.5
+ 4.6
11.634.182
36,938,617
8.871,135
20,390,1641
6,118,816
16.584.220
41. ,325. 293
23.916.908
11.427.825
7.865.800
25.996.918
21.231.642
9. .574. 813
4,497,980
3.241,418
1.739.862
3.499,223
—3.8
—2.3
4,311, .340
3,618.692
'426".689
"444"..578
"-^".2
+9.5
2.694.617
3,812,985
2.288.9.32
2,945,192
836,793
20,.527.276
10,273.219
25.283.465
112.240,428
125.940.5.30
-45.6
-18.9
-10.8
21,076,719
32,207,012
194,760,494
867.184
a
a
119,925,880
25,356,897
—8.7
12,030.718
11.417.128
3.849,083
9.221,622
25,518,821
18.496.000
1.749.754
25,146,176
4.894.707
13.370.181
11.408.496
1.484.009
8.228,466
3.858,389
2,377.168.436
40.260.024.044
17,050,303,938
31.350.168.321
13,489,625,048
76.291. .525
9.468.012
.50.442.780
5.862.791
14.774.496
109.P.5r,.fi04
37.670.743
13.644. .545
8.960.468
25.808.871
6.058.807
9. .509, 841
2,708.967
—14.6
+ 1.2
—23.9
— 10.3
— 18.7
+ 10.3
—26.8
— 17.6
— 19.2
—24.3
— 18.2
—2.8
—7.1
—15.4
—15.2
—7.8
—31.9
16,1.52,173
a
720,434.
Wichita Falls
35.755.828
16.398.007
10.9.34.000
16.080.737
7.803.346
16.187,771
1.943.231
8,705.833
1,381,514
7.6'lV.957
— 18.2
65,-592. .574
—14.0
—3.5
—27.5
30.241.1-57
6.648.904
20.040.045
—2.21
24.734.33,5
—15.0
—10.9
—22.4
12.161.475
17.315.281
+ 12.2
11,589.480
4.8.55.974
4.408,790
53.077. S3e
5.257.381
17.564.64*
14.U34.34C
14.734. 94f
8.581, 12&
11,147.097
2.701.470
8,319,176
—33.0
- -
_
.
—22.9
12.556",228
—12.9
12.991.118
3,714.018
— 12.6
8.901. 45*
5,405.74i
3.149,87?
8.698.669
2,300.000
4,993.39V
8,876.13*
+ 3.6
"ssV.oii
779.820
"443" 705
768,42)
28.730,493
—11.8
89,000,666
25.199,48£
4,284',885
""— 9".9
5,606.666
2",8'7V,42C
+ 54.6
a
12.781.628
22.829,8.59
a
6,271.771
6.867.000
10..549.0O7
10.1,30.000
1.990.236
2.647.403
4.716.922
20.300.873
12.3S4.135
1.615.998
13.703.278
10.241.494
1.608.383
7,447.734
Port Arthur
a
7.-583.249
43.362.811
118.0.53..5.52
81 .760.273
•34.945.376
6.920,6,54
18„548.7.56
Waco
22.891.025
27.252.666
234.637.113
269.276.033
92.881.747
65,625,074
10.492.826
.
.
981.643
£,510,802
35.327,600
330.775.086
363.868.492
162.138.245
97,724,682
38,289,243
203.975,401
204.822.875
74.391.867
62.015.716
a
M
3.8.59.203
3.I26..523
1,661,690
1.863. 780
2,325, 372
3,121,766
1.699,088
3,830,552
V'icksburg
uskogee
El Paso
Dallas
2.861. .588
1.967.316
8.0.55.900
— 14.8
1,132.914
51,0.54.636
c
Total Other Western.
flt. Louis
Mew Orleans
Wilmington, N.
— 15.3
435
07 ,851
3,344 703
7,007 232
5,621 000
4,578 839
1,710 073
Aberdeen
Tampa
3
—3.2
—11.3
33.048,09c
62.922.15f
37,142.267
,421
4,
Joplin
Tcjcarkana
Raleigh
Shrevoport
11.906.867
8,863.793
— 8.S
69.545.5821
29.835.1611
53.578.000!
24..551.910
18,212.166
40. 101 ..302
1.9
In totals
—4.7
47..5.59.177
45.331 ,482
16.238 ,483
Duluth
<iolumbus,
55,141.388
5
39.440 ,782 Not infludcfi
Wichita..
Pittsburg.
1.50.148.121
36. 968. 584
1
39.,324 .704
Davenport
Odar
173.0.30..391
—4
--15.3
Uiwton
+ 4.1
+ 46.7
—24.8
— 8.6
— 17.3
—0.5
—45.7
7.595.000
8.592.207
3.7.57.276
McAloster
Ashovllle
a
Morldlaa
2.798,110
Total Bouthero
Total aU._
Outside New York.
Canada
3.234.353
-13.6
1.474.567.6.53
1.647. .5.55.685
— 10.5
27.807.342.604
10,511,278.769
32.609.114.044
13.036,075.716
4.50,128 863
441,460 191
173,841 ,793
54.150 ,696
<)t(4iwa
Quebec
Hamilton
Victoria-
Kdmonton
Halifax
John
l«ndon
St.
Rcginn
Saskatoon
l.ethbrldge
BTHnlford
N'<'w Westminster.
2 ,,5.36, 424
4,021 773
2 ,,355, 97S
4.643 338
1,988 033
Me<lU'lne Ifat
1.4.55 ,8151
Pet<'rboroiigh
3.065, .5.301
3.437, 2931
4.045 337(
11,480, 379
1.463,
3.980, 8.80
3,247 8231
William
Brandon
Bherbrooko
Kitchener. .
wi lulsor
-
Moncton
Kingston
Total Canada
4I4..365,319
234.762.892
88.553.665
35.298.519
33.866.122
25.915.954
26.290.242
10.687.103
22.179.390
17.289.952
12.929.720
15.082.624
17,621.105
14,386, 809
7.009 ,457
6.107, 264
MooHC Jaw
Prince Albert
494.702,024
27.783 ,821
21.307 ,531
22.070 705
21.307 ,146
8.906 ,37*
18.416 ,519
13,748 ,002
11,516 962
13.694 ,381
Calgary
Fort
%
5
Montreal
Toronto
Winnipeg
Vancouver
.
1.349.680.989'
— 7
— 14
19.4
—6.6
—9.1
—26.0
— 1.1
—21.3
—37.8
— 14.8
—
— 19.2
16.9
— 17.0
—20.4
— 9.0
— 13.4
3.8.S8.379
4.S05..860
.48«,.587.8»2
29.108.399
1.609.3021
24.488.0251
21.488.8591
14.937,1671
15,978.011'
18.129,1191
8.773,3121
7,060,8991
1
180.092.100
100.394.797
40.365.900
123.055.980
103.116.490
62.907.246
45.7.50.031
I2.31S..542
13.545..577
30.007.639
24.782.144
20.940.743
22.321.457
9.004.892
15.962.846
20.504.921
7.266.973
4. 494..502
9.426.704
7.223.000
11.8.32.902
3.982.5,S8|
3. 104. .565
—22.1
—23.0
3.129.439:
2.547.0.57
5.687.1.521
4. 234. .546
2..5..1,2.85|
2.140.165
1.714.013
— 18.2
—28.2
—21.1
—28.4
—0.3
—9.5
—26.7
—4.7
2.24 1. 8961
3.862.216
4.985.9001
5.092.8791
10.819.497l
2,090,030
$
S
106. 985..505
313.6.56.977
— 5.7
3.906.795
12.6S5.0'm
1.990.653
4.178.237
Not Included In totals.
1
64.698.8471
40.971.148,
37.638.401
27.449.109
3.34 ,,5.37,929
298,788.426
7,102.341.890 7, .5.30,712,7,57
2.762,332,725 2,983,045,479
428,538.998
3.,33S,6.54i
— 19.2
—17.1
6.777.067 —24.6
3.023.975 —16.1
2.432.749
2.082.823
8
614.027,196
447.974.237
206.963.731
12.354.748
14.289.483
7.680.804
7.07S.228
3.209.119
8,4.55.627
4.267.9,83
3.025.1.32
5.S16.8.3S
1,695.965.,3.58
3.3'i0.S23
3.601.347
2,964.343
5,.367.278
1,476.136
—10.7 440,449.228 324.833.612
—5.7 8,823.195.219 6.664,383.700
—7.4 3.510.192,408 2,773,588,056
—%13.6
S
143.627.188
—2.0
—23.7
—9.1
102.1.56.934
48..544.050
15,176,091
—22
9
4..5.52.681
4. .524.078
—37.7
5.8-56.748 —22.3
6.417.170 —29.5
1.978.751
3.535.726
2.214.193
6.921.214
3.048.454
3.597.7.59
1.0
-.7
2. .52
2. .549.7.82
2.7^7.803
1.,363. 423
94S.429
623.441
822, .S66
467. ,831
2.900.284
3.051.640
4.185.268
1.782.868
1.308.302
785.113
— 10.6
—
102
— 15.7
—13.0
— 16.6
—.33.1
—23.5
—5.9
—20.5
—2.5
844.3'.4
687.772 —32.0
—
29
1.213.116
486.122
826..509 —41.2
270.974
432.454 —37.3
730.526
924.055 —20.9
820.169
1,061,614 —22.7
K49.923
891,439
—4.6
2,475.733
4,182.4.36 —40.7
390.317
—5.8
414..302
775.774
1,108,766 —30.1
667.3
Not included In total
86>.,55I
S
94,743.387
70.412.545
35..589.2SI
II. 128.915'
7.731.20:
5.273.024
11.026.514
7.973.625
6.867.438
4.95C.,23e
6.282.-538
2,876.-335
5.455.835
2.I14.60C
4..57,«.9S6
3.2.33.12.'
4.694.810
5.052.444
2,496.342
3.275.758
3.030,157
1.738.217
3.4.33.769
3.697.396
3.77C.5I6
1.844.749
1.448.164
764.289
1,064.054
653.840
I
,,379.302
1,.309.85J
693,60S
771,784
501,863
862,335
503, 1 OS
330.94i
648.279
473.051
855.608
1.030.694
1.078.959
2.694.293
422,794
1.011,921
378.864.326
264.334,S9)'
638,27*!
921.093
1.212.124
343.941
1
309,220.630
359.882.420
—14.1
I
THE CHRONICLE
Fbr. 11 1922.1
THE ENGLISH GOLD AND SILVER MARKETS.
Wo ruprint tho following from the weekly circular
vSamuel Montagu & Co. of London, written under date
1920-21,
April ...
of
of
inn. 12 1922:
GOLD.
compared
w)
wiili
reserve against
its
note Issue
£126.617,700.
Is
£126.615.125 last week.
large amount of gold came on offer and was taken chiefly for the
TJnlted Si men of America.
On the 10 h Inst, the price of 97s. 2d. per fine ounce was quoted, which
*as the lowest price for gold carrying an oxpori license since September
This figure repret^enls a premium
1919. when exports in gold were resumed.
of 14.5% upon (he Hank of England buying price of 77s. 9d. per standard
ounce. The average price for exportable gold during 1921 was 107s. 0.5<l
The highest price ever
per fine ounce, involving a premium of 26.2%.
carrietl
fised for exporcable gold
127s. 4d.. on the 5lh of February. 1920
1 premium of .50. 1%.
Toward the end of last year the Banque Natlonale of Switzerland mad*use of a pori ion of its superabundant me'allic reserves and put into circuThe pubirr
lation a cenain quantity of gold coin in different Swiss towns.
did not take kindly to the fresh circula'iiig medium, preferring the small
A
—
—
bank no'&>> lo which it had become accustomed. The gold set free from
the Bank treasury was returned, therefore, to (he custody of the Bank
The ocnirreiice Is odd and remarkable.
The Transvaal gold output for December '1921 amounted to 681 847 fine
ounces, a^ compared with 704.2.S6 fine ounces for November 1921 and
532.215 fine ounces for December 1920.
For some time past the considerable reduciion in the srerling price obtainable by the Rand mining companies from their produce has caused
3onsiderable difficulty in meeiing the demand on ihe pun of miners for inThe disputes between employers and employed have
a-eased wage.s.
and large numbers of miners; have already gone on strike
exaggerate the serious con.sequenf«.s that would ari>e
Che movement were lo spread and supplies of gold from the Transvaal were
The present sa'i-;factory stale of the
to be cut off for any length of time.
sterling exchange with the United States and elsewhere has been largely
brought about by the persistent remittances of gold derived from the South
•eached
a crLsLs
It is difficMilt to
ii
African mines.
The use of gold throughout the world for industrial purposes is commented
jpon by the "Trade Record," published by the National (M y Bank ol
New York. Af'er stating that the normal use is large, the "Record" adds
^hat studkw of this subject made by the Uni ed Staies Mint Uureau in the
fears immediately preceding the war indicated that the world's industrial
3onsxunptii>n of gold had aggregated about two billion dollar's in the short
In
period 189(!-19l0. of which about 20% wa.s used in the Unin^ States.
'.he OccJdenial world alone the total consumed for manufacturing purpose,tMllion dollars in the twenty-year period, and an e-stimate for
3cas about
'.he Orient chiefly India, brings tho total world' consumption in iheiwenlyWhile much of the gold entering
jear period up 'o fully $2,000,000,000.
{ndla dL-.appexirs and is reported as "burled." the Indian Government stales
officially that the uncoined gold imported into India may be considered as
being ased for ornaments and manufactures, and the "Siaiesmen's YearBook" of l'»21. in recording the heavy gold imports of India, remarks tha
These figures, which indi'gold is u.sed chiefly in tne form of ornaments."
cate an average world coasumption of about 8100.000.000 per annum throw
»n Intere-iing sidelight upon that much-discu-ised question of "what be»>mes of the g'lld " World statisticians estimate the total outturn of gold
4lnc8 the di-covery of America as slightly more than $18,000,000 000
irhlle the annual -studies of the United States Mint Bureau regarding gold
CDonetarys ocks in all the countries of (he world have never di-clo.sed the
existence of more than 8H billion dollars as the grand total of vUible gold
Wi h a record of over
oionetary stocks for which records can b; had.
118,000.000 000 of gfild produced and less than 89.000 000 000 known to
.)xUt In monetary form or sis a basis for currency, it Ls quite apparent thai
the share of world gold utilized for other than monetary purposes Is larger
Chan usually supposed.
^
l
.
act Ivlf
4 seller
to
y
Lots
any great ertent.
i>f
Rupeen.)
Dec. 15.
Votes 111 circulation
Silver c«>in and bullion in Indla_
.Hilver noln and bullion out of India
Gold colli and bullion In India
Gold (M>lii and bullion out of India
Seciirlik* (Indian Governmoni.)
_
Dec.
2'Z.
Dec.'.iX.
17103
7697
17322
7466
172,'J3
2432
2432
2432
6440
68-10
.
6840
.
—
—
—
Canh.
6
7..».9
2
Mot.
34'id.
34J/,d.
34!«'l
35 ';d
January
3l%d.
January
::.',>4(1.
January 10
35 '-^'1
.{.'.J-id.
January II..........
35Sd.
:'.r,>,;<\
January 12
35Kd.
.()
.d.
Averaga
.'*4
35.187d.
97Ud.
The nn\fir quoUtlonn to-day for ca«h and forward dellvfry
ttroly Kd. and J^d. aboTA ihonc flxe<l a wook ago.
huvc also ntf<'ivr!d
dato of Jan. 20 WZ'Z.
The n»nk
».i
of
fhi.s
\vc«k
Ot. h'tnr.
07b. Hd.
M.
W7».
»7».
97».
2d.
5d.
,'«!.
•.»7».
5.4d
(»7m.
ar»»
rMiwe-
ttOLD.
KriKUnd gold rm«Tve nKnln«t
m
minus
October
93()
469
1921-22.
minus 866
922
902
266
1,0.32
1.107
897
703
486
Out of a total value of Rs. 88.927,016 in gold received at Bombay and
Calcutta between the 1st January and tho 30th November 1921. about
19% came from London and about 47% from Basrah. Possibly gold
emanating from Russia is included in the latter Item.
SILVER.
There has been some continuance of Indian demand for prompt shipment. This came upon a market somewhat depleted of spot supplies,
owing to the l.irge shipment made last week, and the cash price rose to
35
on the 24th inst., but the quotation for two months has lagged behind.
China has bought and sold on different days for forward delivery, and the
In lian Bazaars have al.so sold for the same period.
The Continent has
I
mo
been a
lerate seller.
Rumors have come from
In'lia as to the possibility of an Import duty
re-imposed u|)on silver. The duty was at the rate of 4 annas the ounce
at the time of iUs removal in February 1920.
In re<H'nt years some very large shipments of silver have been made
from San Francisco to the East. The following details as to such cargoes
have been obtained by the courtesy of New York friends from the San
The value of the .secon!i mentioned conFr;incisco Custom authorities.
signment doubtless constituted a world record on any one ship.
beiiif?
Before the Passage of the Pittman Act.
Cleared April 6 1918—
Ounces.
To In ia— U. S. Mint silver bars
2.002.105
" China— Other silver bars
2,610,516
Value.
$2,002,106
2,432,264
Total
4.612,621 $4,434,369
After Ihe Passage of the Pittman Act.
Cleared December 5 1018—
Ounces.
Value.
To Iniia— U. S. Mint silver bars
13.495.601 $13,495,601
We are accustomed to hear of tho importance of speculative exchange
transactions in Shiinghai. The "North China Herald,
un ler date of
Dec. 10 last, ri'fers to a legal action in Shanghai about a transaction involving 4.000.000 tJiels somi^ £700.000.
Failure to take delivery at the
contract price caused a claim for 430.000 taels (£75.000). Another claim
was maiie in respect to 3.000.000 feiels with regard to the same firm. The
small proportion of the defen lant's means to the .size of his speculation is
shown by the issue of a detention warrant on the grounds that he was
"
—
likely to ab.scon I.
Out of a total v.ilue of Rs.
157,310,254 in silver received between the
1st J;inuary and the 30th November 1921 at Bombay and CalcutUi. London
(Contributed about 55%. Shanghai about 11%, Ba-srah about 9%, and New
York about 8%. The large proportion from Basrah suggests some codiiuction with Russia as a source of supply.
INDIAN CURRENCY RETURNS.
—
Dec. 31.
Jan. 7. Jan. 15.
of Rupees)
Notes in circulation
172.53
17307
17291
Silver coin and bullion in In-'ia.
7351
7397
7335
Silver Coin and bii'lion out of India
Gold coin ani bullion in In 'ia._
2432
2432
2432
Gold coin and bullion out of India
Securities (In 'i;in Government)
6840
6939
6939
Securities (British Government)
584
585
585
The coinage during the week ending 15th Inst, amounted to one lac of
rupees in silver coin.
The stock in Sii^mihai on the 21st Inst, consisted of about 33.600.000
ounces In sycee, 22.300.000 dollars, ani 1,4 '0 silver bars, as compared with
about 33.000.000 ounces in .sycee, 22.000,000 dollars, and 1,300 silver bars
on the 14th inst.
f,In l.ncs
The Shanghai exchange
QuotaHons
Jan. 20
••
quoted at 3s. 6d. the tael.
Bar Silver per oz. Std,
is
—
21
"
23
"
21
"
25
"
26
Average
Cash.
34 '4d.
..34»4d.
34^^d.
34,4d.
34^d.
34Hd.
Bar Oold
2 A/os.
p. oz. fine
97s. 6d.
97s. 9d.
97s. 7d.
97s. 6d.
3,5d.
34»-^d.
3.5<1.
97s. 5d,
34Hd.
..34.896d.
34.562d.
97s. 6.6d.
The silver quotations to-day for cash and forward delivery are, respec"
tively, >^d. above and J^d. below those fixed a week ago.
34?^d.
..,35d.
ENGLISH FINANCIAL MARKETS— PER CABLE.
The
daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week,
r-ondnn,
Week
Feb. 4.
endlni) Feb. 10.
Silver, per oz
OoM. per fine
Consols, 2
^
d.
nnnre ...
per rents
.
9.')3.5d.
95o.
943.9d.
51H
93^
52
52
88
57.90
78.95
S7
KorelKn
w;
.51.70
78.95
priceof silver in
silver In N. V., per ni. (cts.):
Uoiiicallc
34;.|
Q'is.Sd.
87
fr.
34H
.5m
n2'/h
fr.
Wrd.
Tuea.
34^
3-1'-f
Feb. 8.
Feb. 7.
Feb. 6.
Mm.
Sat.
Hrltl-h, 5 per cents
British. 4 V5 per rents
rronfti Rentes (In Purls)
French War I.oun(ln Paris)
93H
99H
66!^
66
87 ^
67.45
78.95
.57.70
78.95
New York on
m%
93H
V<J
the
99H
65H
Feb. 9. Feb. 10.
Thurs.
.^4^
9.">s Id
ZiVi
62H
93H
62H
93^
87
.57
^<i
90
78.95
Frt.
87 H
57.97
78.95
same days has been:
90^
65H
99>»
655^
99?i
65?i
TRADE AND TRAFFIC MOVEMENTS.
STEEL rUODUCTlON IN JANUARY.- Tho American
Iron & Steel institute has issued a statement showing tho
of st(t<<l in .January by the leading coini)anie.s in
From this it a])pearH that the ijroduction
States.
of stoci ingots in January 1*.)22 by .'50 c^)iiii)anies, which in
19'J(J iriatle SL20% of the total outi)ut in that y»»ar, amounted
to but 1,.')0:{.4H2 tons, of which 1 ,2C>(),S(M) tons wo^(^ openhcartii, ;5;J1,.S.')I tons Besstimcr and .H22 tons all other «;ra<les.
In January l'.)21 the make of steel ingots totahxl 2,201 ,.S(U»
My j)ro<'es,ses the output
tons Jiiid in 1920 2,W)(),()()2 tons.
wa.t as follows:
])r()diictioii
the
IJiiitcil
Atontli of January
)p<in-hcnrib
llc>iwmer .
—
All
11120
2.211. 318
331,801
833
3.030
10.(187
749,340
7.370
<lrfMWlon« I.Bn3.4H2
2.201.WM1
2.im(l.(l«l2
3.107.778
.
other
Total
1919
1921.
I..5M9.9IU
008.;t7U
1112^.
Grow toua
<
. 1
,2W) .8011
7H.n«7
2..'1.5
1.153
UNFILLKD OIIDEUS OK STEEL COltl'OHATiON.(Feb. 10)
regular monthly stnletnent showiiii,' iinfilliHi orders
on the books of tlm subsidiary corporatiotm as of Jan. 31
The
I'nitcd States Stettl ('ori»oration y«'st<Tday
iHsiie<l its
ltd
note Imiuo
U
cotn(Mr<t<) with XI2A. 018.780 In*t wwk.
A fair amount of golrl ram'- on off'ir «ni| wan
bkUnoe)
"
311 plus
"
"
Aui?ust
llic circijlnr vvrilt<ii iiii<I<t
1126,021 100,
.
1022 to
taknn chiefly for tho United
matm n* Arn'Ttrn. In'll.t aO'l lh«i (Jontlnmit wwo umall buyerM.
The fnlkrwlDK flir>r<«< «bow th<i monthly Ixilimco of Indian triuin In lttc«
of
paw ("piun" d«not«« bnlanr-<- in f.ivor »f IndLi. :ta'l minu.«" .ulTirso
.
82
1920-21.
I
68,5
200 November
167 December
135 January
2H» February
93 March
7.397
tiovernmentj.
...
634
584
581
No cf>lnag(! waH reported during the week ending 3lRt ultimo.
Tho Hiock in Shanghai on the 7th Inst conslsl^ed of about ,'52.200.000
ouncefl In syone. 2 3. OtJO. 000 dollars and 3.830 silver bars. a« compared with
-vbfjut 30. lOO.rxX) ouncM In (yooe. 23. .500, 000 dollars and 1,350 silver bars
on the Slut ultimo.
The Hhiinghiil exchanK*) I" quoted at '.in. (VAd. thn tael.
QluAatiunt
Bar .Sitrnr prr Oz. Std.
bar (Juld jxr
V\'«!
minus
••
July...
The
.^•curilieH (llrlilnh
.January
minus
ha.s
INDIAK CURRENCY RETURNS.
Hn
1921-22.
I..387
671
June
SILVER.
been shown In the market during the latter part of the
vcek under review. The Indian Bazaars somewhat suddenly began to send
buying orders upf)n a rather dull market. l>rices rose lo 35 Hd. for cash
ind 35>id. for 2 months' delivery on the 9th inst. and remained at thai
figure the su(xeeding day.
The demand was met at first by Continental
When, however, the po.s*;ibillty of a further advance seemed un4ale8.
likely, America, influenced by the falling value of (he dollar, began to offer
illver, and. owing to lessened Indian demand, had (o accept lower prices.
Yesterday a decline of ^d. was recorded, and to-day there was a further
drop of >id. China has been rather inactive, behig neither a buyer nor
Some
pliLs
U.iy
September
The Bank of England gold
599
'
till'
amount
of
1.211,()7.S
ttiiiH.
This
is
a de<TeaHii
the tonnage on hatul at the end of
Difciiiber !'.)2I,
On .bin. ;{! Mt2! iMifiih-d orders on hanti
In the ftillowinrr we pive (-(tmtiKKrvKiiU'd IJtT.i.lM tons.
I>ariHonH with previouN months:
of
2<i.7.'{ti
tons from
—
..
1
THE CHEONICLE
GOO
Tons.
Jan. 31 192?-. . 4,241.678 Feb. 28 1918.
Doc. 31 1921-. . 4,268,414 Jan. 31 1918Nov. 30 K)2l. . 4.2.50,542 Dec.31 1917-,
Oct. 31 1921 -. . 4,286,829 Nov. 30 1917Sept. 30 1921.. . 4,560,670 Oct. ;U 1917.
4..'531,92 6 Sept.30 1917.
Aug. 31 1921..
July 31 192U. . 4.8.30.324 Aug. 31 1917-.
June 30 1921. . 5.117,868 July 31 1917May 31 1921- _ 5,482,487 JuneSO 1917Apr. 30 1921- . 5,845.224 May 31 1917Mar. 31 1921.. - 6.284.765 Apr. 30 1917-.
6.933.867 Mar.31 1917Feb. 28 1921Jan. 31 1921- . 7,573,164 Feb. 28 1917.,
Dec. 31 1920-. . 8.148,122 Jan. 31 1917.
Nov. 30 1920- . 9.021,481 Dec. 31 1916..
Oct. 31 1920.. . 9.836,852 Nov. 30 1916..
Sept .30 1920.. -10.374.804 Oct. 31 1916.
Aug. 31 1920- 10.805.038 Sept. 30 191611.118,468 Aug.31 1916..
July 30 1920.
June 30 1920.. -10,978,817 July 31 1916..
May 31 1920.- 10.940,466 June 30 1916..
Apr. 30 1920.. .10.359,747 M.ay 31 1916..
Mar.30 1920- . 9,892.075 Apr. 30 1916.
Feb. 28 1920- - 9,,W2,081 Mar.31 1916.
Jan. 31 1920- . 9,285,441 Fob. 29 1916.
8,265.366 Jan. 31 1916.
Dec. 31 1919-.
Nov. 30 1919-. 7,128,330 Dec. 31 1915..
Oct. 31 1919-. - 6.472,668 Nov. 30 1915..
Sopt.30 1919-. - 6.284,638 Oct. 31 1915..
Auk. 31 1919-. 6,109,103 Sopt.30 1915..
July 31 1919.. . 5,578,661 Aug. 31 1915.
June 30 1919.. . 4,892,855 July 31 1915.
May 31 1919.. 4,282,310 June 30 1915.
Apr. 30 1919.. . 4.800,685 May 31 1915.
Mar. 31 1919.. 6,430,672 Apr. .SO 1915..
Feb. 28 1919..
6,010,787 Mar.31 1915..
Jan. 31 1919.. . 6.684,268 Feb. 28 1915..
Dec. 31 1918.. 7,379,152 Jan. 31 1915..
Nov. 30 1918.. 8,124.663 Dec. 31 1914..
8.353,298 Nov. 30 1914-.
Oct. 31 1918..
Sept.30 1918-.
8.297,905 Oct. 31 1914-.
Aug. 31 1918.. 8,759,042 Sept.30 1914-.
1918..
July 31
8.883,801 Aug. 31 1914-,
June 30 19l«-. 8,918,866 July 31 1914..
May 31 1918.. 8,337,623 June 30 1914..
Apr. 30 1918..
8,741,882 May 31 1914-.
Mar.31 1918.. 9,056,404
.
Tons.
9,288,453
- 9,477.863
. 9.381,718
. 8,897,106
. 9.009 675
. 9.833.477
.10.407.049
.10.844.164
.11.383.287
.11,886,591
.12,183,083
.11,711,644
.11,576,697
.11.474,054
.11.547.286
.11.058.542
.10.015.260
.
9.522.584
9.660.357
9.593.592
-
.
.
.
.
-
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
-
.
.
.
.
Tons.
4,277.068
4,653,825
5,026.440
4.613,680
4,282,108
4,396,347
4,513,767
5,003,785
5,223,468
5,399,356
5.807.317
6,324,322
6,978,762
7,468,956
7,656,714
7,827,368
7,932,164
7,852,883
7,594,381
Apr. 30 1914.
Mar.31 1914.
Feb. 28 1914.
.Ian. 31 1914.
Dee. 31 1913.
Nov. 30 1913Oct. 31 1913Sept.30 1913Aug. 31 1913.
July 31 1913June 30 1913.
May
31 1913.
Apr. 30 1913.
Mar.31 1913Fob. 28 1913.
Jan. 31 1913.
Dec. 31 1912.
Nov. 30 1912.
1912.
1912.
1912.
1912.
1912.
1912.
1912.
1912.
1912.
1912.
1911.
1911.
1911.
191119111911.
1911.
1911.
1911.
1911.
1911.
19111910.
1910.
1910.
4.1,58.589 Sept.30 1910.
4.032.857 Aug. 31 1910.
3.998,160 July 31 1910-
Oct. 31
Sept.30
9.640.4,58 Aug. 31
9.937.798 July 31
9.829.551 June 30
9.331.001 May 31
8.568.966 Apr. 30
7.922.767 Mar.31
7.806,220 Feb. 29
7,189,489 .Tan. 31
6.165.452 Dec. 31
5.317.618 Nov..30
4.908.4.55 Oct. 31
4.928.540 Sept. 30
4.678.196 Aug. 31
4.264.598 July 31
4.162.244 June 30
4.255,749 May 31
4,345,371 Apr. 30
4,248.571 Mar.31
3,836,643 Feb. 28
3.324.,592 Jan. 31
3.461.097 Dec. 31
3.787.667 Nov. 30
4.213,331 Oct. 31
6,551, .507
6,163.375
5.957.073
5.807,349
5,750,986
5,664.885
5.304,841
5,454,201
5,379,721
5,084,765
4,141,958
3,694,327
3,611,315
3,695,985
3,584,088
3,361.087
3,113,154
3,218,700
3,447,301
3.400.543
3,110.919
2.674.750
2,760.413
2,871.949
3,148.106
3,537,128
3.970.931
.
®0mtuerctal audit*
l3ci;aiias:ouj&^ew-^
Par
Am Vltrlflert Prod, com .50
Am Wind Glass Macli-100
Am Wind Glass Co. pf-100
Nat Gas. com. 10
Bamsdall Corp Class A. 25
Class B
25
Carbo-Hydrogen Co. pf..5
Cameglc Lead & Zinc
5
Consolidated Ice, com.. 50
Prelerred
50
Duquesne Oil
Rarb-Walk Refrac com 100
Indep Brewing, com
Lone Star Gas
Mfrs Light & Heat
50
25
50
Marland Refining
5
Nat Fireproof Ing, com.. 50
Preferred
60
3hlo Fuel Oil-.1
Dhio Ftiel Supply
25
Dklaboma Nat Gas
25
Pittsburgh Brew, com -.50
Preferred
50
Pittsburgh Coal, com -.100
Preferred
100
PIttsb & Mt Shasta CoP- Pittsburgh Plate Glass- 100
^It CYeek Consol Oil... 10
•
r Idal-OsaBe Oil
*
rranscontluental Oil
Jnlon Natiu-al Gas
100
U S Steel Corp
100
West'house Atr Brake.. 60
IV'house El & Mfg, com. .50
West Penn Rys, pref . . . 100
Penn Tr &
P. com 100
of Prices.
Low.
High.
8
69
yoH
69
9M
2M
23H
1%
5>4
60
92
26c
135
9^
87
93 H
52
71
W
W
1.250
300
7
301
235
130
2
5M
60
92
27c
138
9^^
12
12
lOJi 10 M
120
120
95
100
222
2H
17H
87
95
53 H
19
71
19
96
90
96
90
8
Gi'A
97
260
345
365
15
15
10
13.625
88
725
95
100
30
100
323
218
50
50
Pitts
McK &
•No
Conn
.5a.
1931
1931
$2,000
1,000
Feb
Jan
15
16
,Ian
9H
21
20
2%
2H
3
23
2Vg
91
IH
20
45 H
2H
6,H
44H Jan
19
^H
60
92
25c
130
8?4
Jan
Jan
Jan
Jan
Feb
Jan
18
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
95
87!^
Jan
Jan
11
10
115J4
82 K
92
49 M
69H
Bonds
Coal deb 58
PIttsb
1.
High.
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
40
30
25
150
24
47
47 H
20 H
Low.
3.650
23 H
46!^
20Ks
par value.
9
70 }i
100
n'A
21
21
2%
aVs
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
3
25
SVs
95
2
24 >5
47i^
2%
7
I5ii
20
48 >i
21
2H
63
93
290
138
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
\0%
12'A
Jan
Jan
lOH Feb
72 K
20ys
Feb
Feb
Jan
Feb
Jan
Jan
97
90
Jan
Jan
120
87
95
53'/^
^
—
National Banks. The following information regarding
lational banks is from the office of the Comptroller of the
Z!urrency, Treasury Department:
AI'PLKIATION TO ORGANIZE RECEIVED.
Capital.
The First National ]3ank of Kisslmmee, Fla
Feb.
.. $50,000
Correspondent. T.
Feb.
APPLICATIONS TO CONVERT RECEIVED.
2 — The Fir.st National liank of Needville. Texas
Conversion of the Noedvillc Slate Hank & Trust Co.
E. L. Lehmann, Needville. Texas.
— TheCorresiH)ndent,
First National Bank of St. GeorRe, So. Caro-.
Conversion of the Bank of St.
K
Feb. 2
The First National Bank of Dallas, Ga
— 12105
Conversion of Citizens Bank of Dallas. Ga.
50,000
$25,000
President. J. F. Welch; Ca.slilcr. W. F. B\Td.
12106 The State National Bank of Idal)cl. Okia
50,000
Conversion of the First State Bank of Idabel.
President, D. B. .Strawn: Cashier. J. E. Dooley.
12107 The First National Bank of Hlnton. Okla
25,000
Conversion of the Hinton State Bank. Minton. Okla.
Pres.. Harrison W. Miller; Ca.shier. I'Yank W. IlukiU.
1210S The City National Bank of Grand Rapids. Mich.. 200,000
Conversion of City Trust & SavinKs Rfink of Grand
Rapids, with nine branches, all located in the City of
Grand Rapids, County of Kent, State of Michigan.
President. Charles H. Bender; Cashier. R. M. Bremer.
12109 The First National Bank of Leodey. Okla
25,000
Conversion of the Cotton Exchange Bank of I^eedey.
President, A. L. Thurmond: Cashier, C. R. Flint.
—
(to
Feb.
in
VOLUNTARY
Feb.
1
LIQUID.\TIONvS.
Capital.
The Lakewood National Bank, Lakewood, N. Mex..S25 000
— 8782
Effective Dec. 31 1921.
Liquidating agent. G. H. Sellmeyer, Loving, N. Mex.
Absorbed by the First National Bank of Irving, N. Mex.
11699 The First National Bank of Nlland, Calif
25,000
Effective Feb. 1 1922.
Liquidating agent, J. H. Wehn, Niland, Calif.
To be succeeded by a State hank.
Feb. 4 8054 The Farmers National Bank of Stephenville, Tex
50.000
Effective Jan. 10 1922.
Liquidating agent. W. H. Frey. Stephenville, Tex.
Absorbefl by the Farmers Guaranty State Bank of
Stephenville. Tex.
11835 The First National Banlc of South Sk)ux City, Neb_. 26.000
Effective Jan. 11 1922.
Liquidating committee. O. W. Fisher, South Sioux City,
Neb., and H. E. Prown, Dakota City. Neb.
Absorbed by the Nebraska State Bank of South Sioux
City, Neb.
—
—
Auction Sales. Among other securities, the following,
7wt usually dealt in at the Stock Exchange, were recently sold
at auction in
York, Boslon and Philadelphia:
New
By
MuUer &
Messrs. Adrian H.
Sons,
New
York:
Bonds.
Price.
1,800 Ho-Thol Sales Corp., com
325,000 Ctf. of partlc. hi Imp. Rus'n
SIO e»cGo v. $.50, 000. 000 6V<s'19 $180p.$l,000
81.018 lot
20 Kinney. Cohen & Goleno, Inc. $6
75,000 rubles Russian Gov. 5i^s.
1,000 mtemat. Oil & Gas
$211oti
1926
(4 per 1,000 rubles
Shares.
Stocks.
Price.
\
,
;
By
Messrs. Wise, Hobbs
5 U. S. Worsted.
2
—
CORPORATE EXISTENCE RE-EXTENDED.
The City National Bank of South Norwalk, Conn
The First National Bank of Durango. Colo
Co
Nashua Mfg. Co..
Rubber,
Jan. 30 1942
Feb. 3 1942
\
Shares
.
10%
lOOH
pref
1st pref
Messrs. K. L.
Day &
Co., Boston:
S per sh
Bank. Bast. 239)^
Stocks.
Arnold, Boston:
Stocks.
% per sh
100 .Mass. Electric, pref., ctf. of
dep., rep. com. stock only. 4H
2 Nor. Boston Ltg. Prop., pref. 81
2 U. S. Envelope, common
110
136H
3,333 StoUwerck Chocolate, com..
1
97
National
Shawmul
Bank
20
237
72>|
.
177K-177
1st pref
23 Edwards Mfg. Co
25 Wm. Whitman Inc.. pref
^Fisk
&
S per sh
Slocks.
.
\
Shares
tversh.
Stocks.
1 Three Fields Garage, Tnc
50
3 National Shawmut
105^-105% 220 American Foreign Trade Corp.,
25 West Point Mfg
common
.05
9 Pepperell Manufacturing
179H
5 Adirondack Electric Power,
.52 Wra. Whitman, pref.. ex-div.. 97
each
common.
$.50
121 Old Colonv Woolen Mills, pref..
15H
1
SIO each
4]^ 170 New Columbia Co.. no par
5 Turners Falls Pow. & Elec... 84X
110
6 Arlington Mills
15 Gorton-Pew Fisheries, pref
2H
10 Champion Internal., Co., pref. 99
200 Lincoln Motor. Class A, ctf. of
deposit, $50 each
2H
5 Charlestown Gas & Eleetrlo,
$50 each
107J<
5 Acadia Mills
lOoJi
28 Old Colony Woolen Mills, com.,
._.
each
1%
SIO
150
15 Massachusetts Cotton Mills
112
20 Great Falls Manufacturing
8 Boston Belting Corp., pref.,
$50 each
30K
250 Chicago & N. W. Ry.. com... 66
1 East. Mass. St. Ry., 1st pre!.. 65
17
2 East. Mass. St. Ry., com
20 Mass. Electric Cos., pref. ctf.
4}^
dep. for com. stock only
179 K
7 Plymouth Cordage
5
Beacon
Falls
Rubber Shoe,
65
pref.. ctf. of deposit
180
Cambridge Gas Light
Cambridge Elec. Socur.. new.21d^
Machinery
46
Sullivan
Oo10
11
16
148H
50 Continental Mills
Price.
94
Bonds.
20 Hood Rubber, pref
10 American Glue Co., pref
.123H 8.000 Imp. Russian Govt. 6Ws,
flat
ctf.
of
deposit
16%
pref.
1919,
Elec.
Power,
85
1 Adirondack
$1,000 Bell Telephone Co. of Can50 WIckwire Spencer Steel, Ist pf. 65
lOOH
ada, Ltd., 78. 1925
354 U nited Distributing Co
.$25 lot
By
Messrs. Barnes
&
hia:
Lofland, Philadelphia
Stocks
$ p«r »h.
Stocks.
$ per sh Shares
Shares.
1 Guarantee Trust A Safe Dep.. 121
110
2 Franklin Securities Corp
2 West End Trust Co
150K
50 Otto ElsenlohrA Bro., Inc., pf. 93
22 Merch. Union Tr. Co.. $50 each 62^
20
10 Indep. Fire Ins. Securities
..330
20 Commercial Trust Co
12
1 Library Co. of Philadelphia...
12 State Bank of Canastota. N. Y. 126
100 El Progresso Silv. Co., $1 each $1 lot
190
4 Jenktntown National Bank
171
4 2d & 3d Sts. Pass. Ry
3 Peoples Nut. Fire Insurance
21H 20 Guar. Tr. Co. of Atlantic City. 218
Percent.
$100 lot Bonds.
10 Pacific Lime Co., pref
Phoonlxvllle
$40,000 PotKrtown
220
11 Southwark Nat. Bank
.
.
\
&
Bank
2 Glrard Nat.
371)^
370
5 State Bank of Philadelphia
40 Rights to sub. to Bank of North
America
S200--
®
62^
5 Land Title & Trust Co-.480'..<i-480M
5 Real F.state Title Ins. & Trust-352
550 650)i
6 PhUadelpliia Trust Co
$150 lot
1942
$2,000 N. Y. Interurban Water Co.
67
5s, 1931
$1,000 Bethlehem Boro. 48, 1944.. 92>f
$4,000 Oley Valley Ry. 4>^8. 1931. 57
$3,000 Roxboro. Chea. Hill A Nor.
75K
Ry. 5s. 1926
Ry.
68.
DIVIDENDS.
Dividends are now grouped
first
rent
in
two separate
tables.
In the
we bring together all the dividends announced the curweek. 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
Name
CHARTERS ISSUED.
1
TITLE.
.'5
SSO.OOO
George, So. Caro.
Correspondent. C. D. Dulies. St. George, So. Caro.
Fan. 31
2643
2637
Fla_;
race, Santa Rosa.
Feb. 3
Feb.
Rivers, Kissinimee,
AI'T'LK^ATION TO'ORGANIZE APPROVeIT"
The American National Bank of Santa Rosa. Calif
$100,000
Correspondent. Joseph G. Morrow, care Redwood Ter-
—
Feb. 2
M.
CHANGE OF
30 1942
31 1942
31 1942
3 1942
5 1942
5 1942
..
The First National Bank of Motordale. Minn., to "First
— 115.50
National Bank of New Germany"
conform to change in
name of place of location).
4 — 10801 The Peoples National Bank of Harrison, AA., to "First
National Bank
Harrison."
Feb.
Shares.
210
240
40
15
Range since Jan.
Shares
115
198
202
17H
Jan.
Jan.
Jan.
6137 TheGrand Valley National Bank of Grand Junction, Colo -Feb.
6146 The First National Bank of Athens, Ala
Feb.
6149 The First National Bank of Le Roy, Kan
Feb.
By
Week.
2
47
9«
|
95
2H
6M
.....
Sales
for
IH
15
25c
138
8.ii
100
100
^y. 10>^
21
21
21
21
2% 25f
3
3^
3
3
23
25
2M SVs
95
Until Close of Business
Bank of W'aubay. So. Dak
0188 The First National Bank of Gulfport. Miss.6196 The First National Bank of Friendsville. Md
15 Pepperell Mfg.
FTidau
Last Week's Range
stocks-
CORPORATE EXISTENCE EXTENDED.
6124 ^,
The „.
First National
Shores.
—
Sale.
Price.
[Vol. lU.
I
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Feb. 4 to Feb. 10, both inclusive,
compiled from official sales lists.
ArkEinsas
H
.
.
of
Company.
Railroads (Steam).
i., JiT
Chestnut Hill (quar.)
Phlla. Gcrmantown * Morrlstown (qu.).
PIttsb. Youngs. & Ashtabula, pref. (qu.)
Southern Pacific (quar.)
Union Pacific, common (quar.)
thi.s
MLsccllancous.
•1«
Mar.f 3
to
4 •Feb. 21
Mar.TS
to
Mar. 4 •Feb. 3
Mar. 1 •Holders of rcc Feb. 20
•3
2H
IJi
IJi
IH
.
. .
.
Border City Mfg. (quar.)
Boston Mfg. Co. 1901, common..
Preferred
(guar.)
•5
'Days InclusUe.
M.ar.
Apr.
Apr.
Apr.
1
1
1
,
Mar.
Holders of
Holders of
Holders of
rec. Feb. 15a
ree. Feb.'; 28
rec. Feb. i 28
Mar.
1
Holders of
rec.
Apr.
Apr.
Mar.
1
I
Holders of rec Feb. 28a
Holders ol rec Mar. la
Holders of rec Mar. la
16
16
Mar.
1« Mar.
*\H
Atlantic Refining, common (quar.)
Blackstone Val Gas & Eloc com (qu .)
Books Closed.
ir;»fn
Pavable.
Co.'s Bank..
Amer. Beet Sugar, pref. (quar.)
Amer. Sugar Retg.. pref. (quar.)
.._
Per
Banks.
W. R. Grace &
are:
Cent.
Preferred
Street and Electric Railways.
Central Arkansas Ry. * L,. pref. (qu.ir.)
San Joaquin Light & Power, pref. (qu.).
Prior preferred (quar.)
week
Feb."27o
Holders of rec. Mar. 11
1
3 •Holders of rec. Mar. 1
15 •Holders of rec. Feb. 21
•$1.2; Mar. 1 •Holders of
Feb. 16 Holders of
2
Feb. 1 Holders of
4
IK Feb. 16 Holders of
rec.
rec.
reo.
rec.
t
Feb. 16a
Feb. lo
Jan. 27a
Feb. 10,
I
THE CHKONICLE
Fmb. 11 1922.]
When
FfT
Maine a/ Ct.mpanii.
Cint.
Bocka Closfd.
Da'jS Inclusive.
I-ayablc
MfK. (quar.)
2
4
2a
Cities Service Cfl.
Common (monthly payable In scrip)
Common (payable In scrip)
Pref. 4 pref. B (m'thly. pay. In scrip).
.
common
Clty InvcstlnK.
pref. (quar.)...
-.
Electric Investment Corp., pref. (quar.)
Federal Utilities, preferred (quar.)
CJeneral Cigar, Inc., preftrred (quar.)
Harbison-Walker Refrac, com. (quar.).
(quar.)
(quar.)
Hartman Corp.
.
'
Common
Common
Shirt, common (quar.)
(quar., payable in stock)
—
(sjjecSal.
Mills (quar.)
Ohio on (quai.)
Extra
common
(quar.)..
I
'A
IH Mar.
Mar.
Mar.
15i
IH
IH
.4pr.
Mar.
Feb.
25c Feb.
Feb.
2
IH Feb.
1
Mar.
Mar.
Mar.
Mar.
Mar.
SOc.
S2
*50
IH
Apr.
Feb.
Feb.
Feb.
2H
IH
*43Hc Mar.
Mar.
Mar.
*50c
* 16 2-3c
Petroleum (quar.)
Pmtt & Whitney
Co., preferred (quar.).
Quaker OatB, preferred (quar.)
Quissett Mills, common (quar.)
Joseph Lead Co. (quar.)
Sharp Manufacturing, com. (quar.)
Southern Petroleum & Refining (No.
Standard Oil (Indiana) (quar.)..
Standard Oil of N^ew York (quar.)
.Standard OH, Ohio, common (quar.)
St.
Common
Apr.
Apr.
Apr.
Feb.
2
*S1.25 Mar.
•SI. 75 Mar.
.
Philadelphia Electric,
Preferred (quar.)
Preferred (new)
Phillips
Mar.
*/2V<
payable in stock).. •/lO
National Sa?ar Refining (quar.)
Newmarket Manufacturing (quar.)
Xiles-Bement-Pond, preferred (quar.)..
Nyanza
75c Mar.
IJi
HolUnger Consol. Gold MInee (quar.)...
Homestake Minin? (monthly)..
Hoosac Cotton Mills, preferred (quar.)..
Lanaton Monotype Machine (quar.)
Lee Tire A Rubber (quar.)
Ludlow Mfg. Associates (quar.)
Manhattan
Feb.
n^
(quar.)
Preferred
Mar.
*2
*2H
*7H
.'
(extra)
1).
(quar.)
Tucson Steel, preferred (quar.)
United Cigar Stores of Amer., pref.
U. S. Gypsum, common (quar.)
(qu.)
*50c Mar.
IH Feb.
May
*1«
2
Feb.
25c Mar.
Feb.
2
*2
Mar.
Mar.
$1
*4
Mar.
Apr.
SI
Apr.
53
Dye Works
<t
$5
White (J. G.) Engineering, pref. (quar.)
Woolworth (F. W.) Co., pref. (quar.)..
Mar.
1%
*1M
11
Holders
Holders
•Feb. 17
•Holders
•Holders
•Holders
•Holders
Holders
•Holders
•Holders
Holders
Holders
1' •Holders
Mar.
Mar.
Mar.
Mar.
'iH
Waltham Bleachery
•Holders
Holders
Feb. 22
Holders
'Holders
' Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
15|*Kolders
15 'Holders
31 *Holder3
Holders
•Holders
Hqlders
'IH Mar.
\% Mar.
*\
Preferred (quar.)
of
of
•Holders of
Holders of
Fob.
1V5
Eastman Kodak, common (quar.)
Preferred
»H
2H
3
Crescent FIpe Line (quar.)
Crow's Nest Pass Coal (quar.)
Common
9
Holders
Holders
Mar.
Mar.
Mar.
_
(quar.)
8%
Clevelunil Klec. lU.,
Continental Mills
.
Apr.
rec.
rec.
rec.
rec.
of rec.
of rec.
to
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
of rec.
of rec.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
15
15
15
7
15
31
Mar. 15
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Apr.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
11
28
28
28
11a
15
21
18
10
18
10
20
4
18a
15
8
20
20
10
11
7a
8a
2a
24
24
17
17
17
15
Feb.
8a
May
1
Feb.
4
Mar. 20
Feb.
7
Mar. 10
Mar. 14
to
of rec. Feb. 24
of rec. Feb. 24
of rec. Feb. 24
of rec. Feb. 18
of rec. Feb. 28a
of rec. Mar. 15
of rec. Mar. 15
of rec. Feb.
6
of rec. Feb. 15
of rec. Mar. 10
B(low we give the dividends announced in pre\aous weeks
and not yet paid. This list doe.f not inchide dividends
announced this week.
Scmu
Company-
oj
Per
Wlten
Cent.
Payable.
3H
Baltimore A Ohjo. preferred
Buffalo Rochester ii Pittsburgh, com
Prrterred
Preferred
ClD. N. O. * Tmi. Pac.. pref. (quar.)...
Cleveland & Pitts., spec. «ruar. (guar.).
Rec. guar, .fquar.)
Cripple Creek Central, pref. (quar.)
Delaware A Hudson Co. (quar.)
Hum. 4 Broad Top Mt. RR. A C^oal, pf.
Illinois Central (quar.)
Norfolk
Western, com. (quar.)
Western, ad], pref. (quar.)..
Norfolk
Oswego
4
4
4
Syracuse..
Pennsylvania (guar.)..
Pittsburgh 4 West Va., pref. (quar.)...
Reading Company,
first pref.
Feb. 17
IH Mar.
1
2
Mar.
1
2
3
Feb. 15
Feb. 15
Feb. 20
Feb. 20
2H
A Omaha, com
Paul Minn.
(quar.)...
Street and Electric Railways.
Connecticut Ry. 4 Ltg.com.Apf.iquar.)
Montrral I.t Ht. A Pow f;on.'i. (quar.).
Phll.-tdelphia Co. 5% preferred
Tarnpii Elwtrte Co. (quar.)
We«n Penti Tr. A Water Pow., pref. (qu.)
Preferre<I (acct. ac<^umulated dJvs.)
Days
Inclusive.
3,4
Mar. 1
Mar. 1
Mar. 1
Mar. 1
Mar. 20
1
IJi
1
iV*
Feb. IS
SOC.
IJi
.Mar.
1
IH Mar.
18
Feb.
Feb.
Feb.
Feb.
20
28
1
•4H
m
SOc
18
28
500. Mar. »
Feb. 15
Feb. 15
\H
tl.2d Mar. I
2H Feb. 15
Feb. 15
Feb. IS
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Feb. 2
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
rec
rec.
rec.
rec.
rec.
rec.
to
of
of
of
'Holders of
Holders of
Holders of
Holders of
Feb.
1
Holders
Holders
Holders
Holders
Holders
rec. Jan. 20
rec. Jail. 31a
rec. Feb.
8a
rec. Feb. 10a
rec. Feb. 10a
rec. Ffb.
la
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
la
18
10a
\0a
15a
25a
14
3a
28a
31a
8
la
la
17a
Feb. IS
31a
Jan.
Feb.
Feb.
Jan.
Jan.
10a
la
16
16
MUccllaneoui.
1st A 2d pref (quar.)
Allts-Chaliiieni Mfg., rx>mmon (quar.)..
AmfT Art Works, i-'im.
pref. (quar.).
American Bank .Nof:, common (quar.)..
(.onimon (extra;
Acme Tea.
A
American Glue, com.
Am.
r.a
Amcr.
Amur
(qiiar.)
France Ptre Kn8..lDc.,com.(qu.>
common
rtaillalor.
Preferred
(quar
A
Hniclt.
(guar.)
)
Ucf
AmcrU:an H<Kla
AtTnTi'-an 'r«'i«rr(»r>h
(quar)
prrf
,
(quar
J'wint.-'ln
*
'
'/rti
A
•la.
)
CabU- (guar.)
A ron. B. (qu.)
I
lc<pref. (qu.)
I»t pref. (quar.).
.
IK
.Mar.
1
Feb.
Apr.
Feb.
Feb.
14
*l
$1
Holders of rec. Feb. 18a
Holders of rec. Jan. 24 a
Mar.
Feb
Mar.
2
2Bc.
SI
IH Feb.
Hi Mar.
IH Feb.
IH Mar.
151
I
IMar.
3
8%
7% non cum. prrf. (guar)
Bond * Miiriifnw Guarantee (guar.)..
IH iFfb.
IH Mar.
IH Mar,
IH Apr.
IH Upr.
Borden Co., common
'
HUf\. vft- (quar.)
..
(guar.),........,
.il"' line (quar.)
........
UuriiH I'.ri*., flawi A (No. 1)....
...
c\nim B (gunr )
..
"•-'-
«.
<
I'lar.)
ing C'orp. (guar.)
I fd
prt>f. (guar.)
•
,
nmon
(guar.)..
in
'
.lold
dI
.
A
Champion
i,i<„»M,
(guar.)
prri (gunr )
( o
Pr., eoio. (quar.).
Ariz^ina I.t.
rffiTTMl (guar
'
'TT
).
............
oppcr.
.............
Yellow <.nh (qoar.)
'
I'ucI
A
Iron. prrf. (qtjar.).,..
(gunr.)
riu A Hfx'
'o. (gttar
)
\ark 'gunr >..
•IH
2
lApr.
.M.-ir.
•2 50
Wk
3H
IH
•3
4
II
II
H'lldeni of
Holdi'ni of
HoldiTH of
HoldfPi of
H'lld'TH of
Holdi-rn of
•Holders of
n»>ld<rt Ill
.Mnr
ll'ildiTi
K«'b.
MrildlTS
Ffb.
Feb.
tl.M) .Mar.
IH ^nb.
tH Feb.
2H Fob.
H Fnb.
Feb.
3
•1
Feb.
•2
Feb.
,Mnr.
•fi
Feb.
»1
Feb.
3
Fsb.
I
•25«.
1
Molll'T'' Of
Feb.
Feb.
4
'
F<'t>
Apr
Nlar
Feb.
of
of
of
of
of
of
Holders of
Holders of
20
lAcr.
\'At Apr.
4
Holders
Holders
Holders
Holders
Holders
Holders
Holders of
Holder* of
Holders of
I
HirfotKJ prclCTTWI (guar.)
.........
Belhlrhciri .Ht«nl, com. (guar.)...
...
fj/irnmon F'. (quar.).
ciuti. conv. pr^f
(guar ).....
i.dlMin
Companv.
Holder*
K.l>
-I
Hiild)-rs
(liilili-rs
Iloid'-m
Holdnm
Holders
Holders
rec
rec
rec
rec
rec
rec
to
roc
rec
ree
rec
rec
rec
Jan. '28a
Jan. 28a
Mar
.
Feb.
la
la
Mar
15a
Feb.
la
Fill. 22
Jan. 31a
Feb. 28
Feb. lOo
Feb.
la
Feb. 4
Feb. 4
rr-c
Mar Ma
r<"C
Mar. 14a
riT
Mar Ml
r*-e
Mnr
Kib.
rec
rec
Feb
Mar
r<-r.
rer Feb.
<if r»T
Fell.
of rec Feb.
Of rer Feb
Ut
Feb.
of rec Fob.
of rec Jnn
of rw Jnii.
of re<' Feb.
of nt Jiin.
of r<ir Jan.
of rec Jan.
of rec Jan.
.
.
.
.
.
lUlldTS
Holdrrs of
HoldfT* of
Holders of
rec.
rec.
rer.
ll'HoldiT" of tfr
l.'i
2f>
Feb.
Feb.
J»n
M
14t
Na
IH
IH
Mlll8,cm.)qu.)
(guar.)
Copper Range Co
Corr .Mfg. (quar.)
Cosdcn 4 Co., preferred (quar.)
IH Mar.
IH
2
$1
1
IH
IH
Preferred (quar.)
.IH
Durham
Stock dividend
•e2H June
IH
(joodrich (B. F.) Co., pref. (quar.)
Great Lakes Dredge A Dock (quar.).
Hamilton Bank Note Eng. & Printing
2
IHc
Hamilton Mfg. (quar.)
Hart. SchaftnerA Marx. Inc.. com. (qu.)
Helme (Geo. W.) Co., com. (in com. stk.)
Ilium. & Power Secur. Corp., pf. (qu.)..
Indiana Pipe Line (quar.)
Inland Steel (quar.)
Internal. Harvester, pref. (quar.)
Iron Products Corp., prol. (quar.)
Jefferson & Clearfield Coal & Iron,
Kamlnlstiqula Power (quar.)
1
1
50/
IH
S2
*25c.
IH
2
2H
pref.
2
Kelly-Sprlngfieid Tire, pref.
2
(quar.)...
Lancaster Mills, common (quar.)
Lee Tire & Rubber (quar.)
Lehigh Coal A Navigation (quar.)
2H
500.
SI
,
M
Liberty
atch Co
Liggett & Myers Tob., com.&com.B(qu.)
Lima Locomotive Works, Inc., com.(qu.)
Lit Brothers Corporation
5
3
IH
I
Preferred (quar.)
Me.\Jcan Seaboiu-d Oil
Middle West Utilities, pref. (quar.)..
Mobile Electric Co., preferred
Preferred (account accum. dividends).
Mohawk Mining
Montreal IJght. Heat & Power (guar.).
Feb.
Feb.
•ft2
SI
2
IH
IH
(quar.)
(guar.)
•2
25c Feb.
Feb.
2H
Mar.
SI
Feb.
1
IH Feb.
IH May
IH Feb.
Preferred (guar.)
Pacific Gas & Elec. 1st pf.&orlg.pf.(qu.)
Penmans, Ltd., com. (quar.)
Pittsburgh Steel, preferred (quar.)
Pressed Steel Car, pref. (quar.)
Procter & Gamble Co., common (quar.)
Pullman Co. (quar.)
Pure OH, common (quar.)
Quaker Oats. pref. (quar.)
2
Feb.
IH Mar.
IH Feb.
5
2
SOc.
Feb.
Feb.
Mar.
IH
Feb.
Ranger Texas OH (quar.)
Apr.
3
Royal Dutch Co.
SI .824 Feb.
Sinclair Cousol. Oil, pref. (quar.)
Feb.
2
Smith (A. O.) Corp., preferred (quar.).
IH Feb.
Southern California Edison, com. (quar.)
2
Feb.
•$2
Southern Pipe Line (quar.)
Mar.
Standard .Milling, com. ' (guar.)
Feb.
2
Preferred (quar.)
IH Feb.
Standard OH (California) (quar.)
Mar.
SI
•4
Standard Oil of N'. Y. (quar.)
Mar.
Standard OH (Ohio), pref. (quar.)
•IH Mar.
Standard Sanitary Mfg., com. (quar.)..
Feb.
2
Preferred (quar.)
IH Feb.
Stem Bros., pref. (quar.)
Mar.
2
Stewart-Wamer Speedometer (quar.)
SOc Feb.
Studebaker Corp., com. and pref. (quar.)
IH Mar.
Suncook .Vlllla (quar.)
SI. 50 Feb.
Superior Steel, 1st A 2(1 pref. (quar.)
Feb.
2
Swift International
SI. 20 Feb.
Texas Chief Oil (guar.)
Apr.
3
Apr.
Thompson-Starrett Co., pref
4
TobJirco Products Corp.. com. (quar.).
14 Feb.
Union Tank Car, com. and pref. (qu.ir.)
IH Mar.
United Barbershops, Inc., pref. (guar.).
IH Feb.
Unliwl (itw Impiovemenl, pref. (guar.). 87 4c Mar.
ITnlted Profit Sharing (quar.)
3Hc. Apr.
United Profit Sharing, (guar.)
3HC. July
Unl'cd Royalties (monthly)
Feb.
3
Extra
Feb.
1
f:a.st
Iron Pipe A Fdy,. pf. (quar.).
U. K.
IHm Mar.
U. S. Steel Corporation, com. (quar.)..
Mar.
IH
Iteferred (guar.)
IH Feb.
Van Raulto Co.. Ist A 2d pref. (guar.)..
IH Mar.
viriilnln Iron, Coal A Coke, common
60* F«b.
Wahl Co., com. (guar.).
•SI. 50 Apr.
('Diiiiiion (monthly)..
May
•SOo.
('(irntiion (monthly)
June
SOc.
Coiiiiiion (iiionlhly)
July
.. •6(lc.
Warren UroH., fIrHt preferred
Apr.
no
Second iireferred
Apr.
.....
Weber A Ilellbroiier, pref. (guar.)......
IH Mar.
\Ve«l<Tu Grocer, eornriion
•2
Mar.
White (J. (i ) Co.. pri'fcrred (guar.)
14 Mar.
m
Wt.rllilfik-tofi
I'.
A Maeh.,
ITcfirrKl cluHM
II
pf. CI.
IH
Feb.
2
Mar.
IH
14
A. (gu.)
(guar.)
Wright Aeronautical Coriwratlon
Yellow Cub Mfg.. (.'laJM B (guar.)
Mar.
•260.
260.
IH
Aiir.
Apr.
Feb.
Fob.
15
28a
3Ia
31a
10
40
4o
4a
20a
lo
lo
14a
2 la
25o
31
1
220
IS
310
28o
16a
31
24
10
10a
lo
16
15a
150
19
19
18
10
10
ISO
15a
15a
10
10
31
31
31
la
31a
310
14a
of rec. Mar. 5
Holder: ol rec. Feb. 24a
Holders of rec. Feb. 3o
IH Mer.
common
11
Feb. 8a
Jan. 310
Feb. lo
Feb. 20
Feb. ISO
Jan. 31a
Holders
Mar.
150
Mar. 6
Jan.
Jan.
Feb.
Feb.
Feb.
Mar.
Apr.
•3 4
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Apr.
Feb.
IH
1
23a
May
Jan.
Feb.
Feb.
Jan. 27
Feb.
to
Jan. 27
Feb.
to
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of ree. Feb.
Holders of rec. Feb.
Holders of ree. Mar.
Holders of rec. Jan.
Holders of reo. Feb.
Holders of reo. Jan.
•Holders of rec. Jan.
•Holders of rec. Jan.
Holders of rec. Feb.
Holders of reo. Jan.
Holders of rec. Mar.
Holders of ree, Feb.
Mar.
Mar.
2
1
National Grocer, common
National Lead, prel. (quar.)
New Cornelia Copper
17a
la
la
Mar.
Mar.
Mar.
Mar.
SOc
•SI
SOc.
(quar.)
20
L'la
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
3
ExUa
Dock,
Mar.
Mar.
*1H Mar.
Martin-Parry Corp. (quar.)
May Department Stores, com. (quar.)..
common
Apr.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
50c. Feb.
25c. Feb.
Extra
Lord & Taylor, first preferred (quar.).
Madison Sale Deposit
New York
Mar.
S3
rec. Feb.
rec. Jan.
roc. Feb.
rec. Mar,
rec. Feb.
rec. Feb.
rec. Mar.
rec. Jan.
rec. Mar.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Mar.
ree. Jan.
reo.
rec. Mar.
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
•Holders of
Holders of
Feb. 10
to
Holders of rec.
Holders of rec.
Holders of rec.
Feb. 11
to
Holdtrs of rec.
Holders of reo.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
IH Mar.
IH Feb.
IH Feb.
IH Mar.
IH Mar.
IH Apr.
Hosiery Mills, pref. (quar.)..
Elsenlohr (Otto) & Bros., com. (quar.).Firestone Tire & Rubb.. 7% prof. (qu.).
General Asphalt, pref. (quar.)
General Cigar, pref. (quar.)
Debenture stock (quar.)
Gillette Safety Razor (quar.)
Preferred
Apr.
Feo.
Apr.
Feb.
Feb.
Feb.
30c.
(extra)
National Biscuit,
Mar.
Mar.
Mar.
"4
(quar.)
Dome .Mines (capital distribution)
Dominion Bridge. Ltd. (quar.)
Dominion OH (quar.)
Dow Chemical, common (quar.)
8
8
Of rec. Feb.
of rec. Feb.
of
of
of
of
Holders of
Holders of
Feb.
1
Diamond Match
Miami Copper
Holders
Holders
Holders
Holders
Holders
•Holders
Mar.
Davis Mills (quar.)
Deere & Co.. pref. (quar.)
Common
Feb.
Feb.
$1
Wlilu- (J. ti.) .Maniig't, pref. (i|uur.)
Will A Itaurner Candle, com. (guar.)
Wtxilworili (F. W.) Co., corn (guar.)..
la
,
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holdero
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Molderft
Ilolilers
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
ol
of
of
of
of
of
of
of
of
of
of
of
of
rec. Feb.
rec. Feb.
rec. Jan.
rec. Jan.
rec. Apr.
reo. Jan.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
ree. Jan.
rec. Feb.
rec. Feb.
rec. Mar.
rec. Jan.
rec. Feb.
reo. Feb.
rec. Jan.
rec. Feb.
rec. Feb.
reo. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
rec. Feb.
rec. Feb.
rec. Feb.
rec. .Ian.
reo. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
reo. Mar.
rec. Mar.
reo. Jan.
reo. Feb.
rec. Feb.
6o
9o
31
31a
29a
31a
4
15a
7a
25o
31a
15
lo
10
30a
16a
lo
31a
16
17a
17a
20a
24
27
7
7
ISO
310
of
10a
of
1
of
I
of
21a
of
10
of
20
310
of
of
6a
1
of
of ie<!. Feb. 28a
of rec. Mar. flo
of ri'O. June 7a
1
Holder.H of rec. Fob.
Holders of rcn. Feb.
1
Holders of rec. Mar. la
Mar. 2
Feb. 23
to
Feb. 13
to
Feb. 6
Holders of roc. Fob. ISa
Holders of rec. Feb. ilo
•Holders of reo. Mar. 28
•Holders ol rec.
lIoldlTH of reo.
IloUlers of ree.
Holders of roc.
Holilera of roc.
Ilolderii of ree.
Holder-! of rec.
Holders of riHT.
Holders of rec.
Holders of reo.
Holders of r«*c.
HoldiTM of riic.
llollllTM of rec.
lloldern of roc.
HolderH of rer.
22
22
Juno 22
Jan. 10
Jan. 16
Feb. 16a
Fill. 20
Feb. I ft
Feb. I a
Fob.
1
Feb. lo
A|ir.
May
Mar. 10a
Mnr. lOo
Fob. 16
10
Fob.
ir,
2Ha
31
3li
la
lla
no
31
31
io
na
31a
iir
V.I)
lloMrri of T>i- ill Ip
•Ifolflen of rec. Feb,
10
.
Preferred
Bofiks Closed.
Days IncluHot.
Payable
(ConclvdetTt
A Bag
Continental Paper
Cent.
N. Y. Shipbuilding (quar.)
Ontario Steel Products, com. (quar.)
Ontario Steel Products, pref. (guar.)
Book.^ Closed.
Railroads (Steam).
Alabama Grpai ..Southern, preferred
.\tch. Topeka A Santa Fe. com. (quar.).
CJhlc. St.
of
Miscellaneous
Holders of rec. Feb.
Holders of rec. Feb.
Feb.
Feb.
2
When
Per
Name
Mtaceltoneous (ConcMfd)
Butler Mill (nunr.)
C^iiliot
601
'I
• From gnofflelnl (ournni.
t The Now York Htook Fxehongo has ruled that stock
be guoted nx-dlvldnnd on this dale and no! until further nollee. n Transfsr
rt <'orreetlon.
books not oloMid for this divldr-nd,
British Ineorne tax.
l.i-wi
will not
ft
ft On ao» I'nyablo In snrlp.
/ I'nyaliln In eonimon itot'k.
oouni of nrrumulaK-d dividends. < Payable In Liberty or Victory Loan Ixiods.
r
I'nyabln In stock.
i
Payable
In
N. Y. funds.
/Now York HUick Exnluinse rule<l that Va. Iron, Cool A
ex. tlio 50% sUiek divldund on Feb.
and not until Knii. 17.
C:ok« be not quoted
I
m
Dnrlarrd four guart«rly dlvldendn of
I
H%
each,
first
imymnnt on March
l».
nrid «'^„ pref nIooK. linvnbln In giiarlfirly
InstAlliiicntji of Mj 7„ nn<l 2%. riwiieilivcly, on April I. July I, Oct 2 mid Jan,S
WliW to holdern of record ou .Mar. 14. June 15, Hept. 16 and Dee. LI. rntpocUvoljr.
r
I
)rrl,irc<l
nnmrnl dividends on both 7":
.
-
1
THE CHRONTCLE
60^
New York
—
City Banks and Trust Companies.
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
All prices dollars per share.
Oaat-m -v
«t«
*»«
176
Amerlua*
4mer Exob.. 248
182
/
au
B«aaa
Nat
IrviuK
•
2.'5
135
145
Meob A Mel
Bowery*
4.(0
450
140
90
vliitual*
Broad way Cen
BroQx B'lr •Bronx Nut...
Bryant Park*
Butob A r>r(>v
Oent Mercao
Ohase
Cbat A Pben
Oheleea Exob*
Obemloal
Ooal A Iron..
.
- -
120
80
US
130
17 i
285
225
KO
515
270
lii5
Plftb
?lftb
First
I60'
3ii0
13
Public
;tin(lard*..
State*
170
-_ -_
Avenue* 925
150
155
First
250
260
""^
l8o
80
Qotbam
190
198
Mechanloe'*.
90
100
90
Qreenwiob*.
26(1
KAf,
3'>5
Montauk*..
125
Nassau
North Side*
2'n
200
210
Imp A Trad
240
825
3S8
510
520
People's
lo
165
lodijiwnni*
155
165
New York
305
270
450
210
260
207
---.
US
260
300
265
10
125
1
N Y Life Ids
4 Trust
N Y Trust.
600
308
Title Ou 4 Tr 310
U 9 Mtg 4 Tr 2(>5
United States 950
313
320
.
145
1
New
I
cbest«r
1
Brooklvn
Coney Island*
BaiiRn (uarked ivicb (*) are State baolsa.
13.i
Mutual (West
175
Homestead*
*
380
305
2 to
Metropolitan.
205
Greenpolnt..
Harrliiiito
333
Lincoln Trust 155
Mercantile Tr 280
22=.
aanovor
Inter
2(10
310
260
940
...
Tr.
4
Fidelity
Fult.in
930
215
Qarfleld
29(1
265
440
Guaranty Tr. 202
170
Hudaun
Law Tit 4 Tr 130
.
i.m
Krapire
Ggultable Tr.
408
290
2UI
250
Seaboard
>
Parm L
rradesmen's • i IM
_, 23d Ward*... 210
165 UalDQ Exoh
195
262 (Jnltf^ States* 165
225 Waab Ht9*
325
145
YorkvUle*..
420
365
100
Corn Exob*-. 360
'10
Oosmop'tan*
Bast River...
Ml)
Brooklytt
1
Clearing Plouse weekly statement for a series of weeks:
BOSTO.V CLEARING HOL^E MEMBERS.
American
Bankers Trust 327
Central Union 370
295
Columbia
1(15
Commercial.
<!i0
248
Ootn'Dwealtb* 215
.
Hark
232
90
620
Oommerce.
Oontlaeoial
195
245
345
300
404
2t5
Paclflc*
2(>0
(10
Oolumhla*..-
192
235
340
500
Vat Amerloari
315
Nat City
Vew Neth*.. 120
New York... 455
160
166
I to
100
160
Colonial*
vlaabattao
--
Atked
York
/VCfr
N Y
252
AtlADClO
Battery Park.
BU
Trust Co.'s
Ait
of
420
Brooklyn Tr. 410
Kings County 680
Manufacturer 215
300
People's
....
--.----
imer Surety
Bond 4 M O
80
73
atook
Olty Investln.
Prrfon^
Ex-dlvldend.
z
New York
panies.
Vat Surety..
Title *
City
90
100
211
216
144
152
OS
N Y
...
mil
vBx-ngDU
— FollowinfT
Tltl
Sid
107
155
Guar
112
165
Title
A
report
made
80
90
It.--
I6S
to the Clearinj^ PloiiS"
HOUSE.
CLEARING f^apilai.
NON-MEMBERS
I
—
thai
Net
iionns,
ProfUs.
Dls.
StatebksNovIS minis,
I'r. COS. Dec 31
&c.
MemlMjrs of
Fed'l Ren. Bank
Bsttery Park Nat.
Mutual Bank
W. R. Grate* CoYorkvlUe Bank...
Total
State Banks.
three ciphers [000]
Resrree
counts,
Vat.bk8.Dec.31 Invest.
Week ending
F b. 4 1922.
Is,
Cash
Net
Net
'Demand] Time
tcith
In
Legal
DiVault. Depost-^. posits
Nafl
Bank
[>e.
Circu-
posits.
laiion.
I
lories.
.500
1.4.53
10.370
150
200
600
200
813
11,112{
243
2,400
omitted.)
\Averagei Averaoi Average] Actraae Average Average
$
S
$
$
t.247
1,580
7.736
11.062
21S
587
1.191
9.601
1,094
4.670
21
391
l..')93
833
18.312
503
1.460
8.695
4,199 44,464
907
4.679
29.086
11,597
197
197
.Vol Afniiber.i of th'
Federal Rrstni Rank
Bk. of Wash Hts.
Colonial Bank
3.908 000
23,7-50.0)0 Inc.
17,728.000 Inc.
1,011, 000
9,113. OOO
5,910, 030
4.249, 000
Total
i
Reserve
Afimt,<r.t of
CLEARING
HOUSE
Ml-MBKRS
Cnuital.\ ProfUs
(.000 "mtofif)
iNifl.
Iifonl
Members of
Fed. Kes. Rank
Bk of NV. MBA
of M:inh:if,l
Mech A Met
Viit
of America
NiU City Bank
Chemlc:il Nat.
Atlantic Nut.
Nat Biitcn & Dr
Amer Exch Nat
Nat BkofConim
Pi.ciflc
Bunk..
Chat&Phen Vat
Hanover Nat
Corn Exchange
Imp A Trad Nat
$
2.ono!
5 01 11),
$
7.478
1
7..520
16.523
5..51)0
5.855
40 000 61 082
4..500
15.716
1,000
1 .085
10.0(10
634
$
3,510
1.779
14.181
7..580
18.510'
6.864
4S9.I42
116.3S9
1.190
7.250
1.091
359
87
.52..558
225
7 7.54
91.745
34.763
.305.948
l.OiM)
1.727
22,342
8.182
3,0')0 21.314
500
7,.
9.758
1.32,092
1,51 10
8..5(l(»
12.944
165.608
35.854
14.476
7,091
13.783
1
.5(11
48.9.52
15.416
16,165
35.796
.52,.5.56
376.9-57
1.689
19.217
75.5
777
2.107
7
37.543
138.629
2.0(HI
1.001)
5.0(H»
5,591
Equitable Trust
12.0(KI
3,370
5,591
Average Feb. 4 272.9()i»438.120 4,265.716
6.405 a.53.709
17,218
197
—830
+46
-1-1
6.480 a.54.599, 17,172
6.592 355.629 17.148
6.543 a54,879| 17.031
6, .'545 a.'>4.988l 16,894
196
197
197
196
3,929
3.990
4.302
3.300
3..300I
3..300
3,300
—60.
4,29ll
a U. 8. deposit* deducted, 51,407,000.
Bills payable, rediscounts, acceptances and other
Excess reserve, $770 decrease.
168
—
75|
Metroiiolltnn
omUted. Members of
J4. 500.0
13. .567.0
Exchangee (or C;iear. House
Due from banks
93.753.0
596.799.0
29.078.0
84.488,0
Bank
106.1,33.0
Reeerve required
Excess MB. 4 cash In Ttuilt
32,766.0
660.0
459.532.0
14,274.0
579.939,0
$37,975.0
107.320.0
629.565.0
29.738.0
84. ,506.0
106.494.0
""y9V,6
4,020,0
2.829.0
1.191.0
1.005
3.669
16,835
306
1,421
463
434
265
927
6, .574
6.50
1
1.176
2.264
1.751
,684
441
418
477
319
528
565
21. .529
29.071
14.446
123.073
24.128
1.685
1.32.175
16,443
2.942
3.311
1,294
12,096
3.205
19.264
Average Ai'eraue.Awgt.
$
$
$
26.387
8901 1,960
96.461 12.676
140..5S6
2,3021
993
51.778
983;
*628.848 37,503i 1,716
103.778
1,9221
3.50
635
14.712
232
72.
4.070
296
81.015
1, 6061 4,916
265.846
4.2161
22.936
218)
109.841 16,580 4,797
98.733
100
155.393 17,261)
3.5'
27.966
49
129.051
2.,567l 5,446
13,113
1 ,358i
50
167. 9<:
3.586 7.247
186.922
3.578 2,514
looi
5.724
298.786 1 1 ,475] 1,092
I
1
20.5.57
8.534
15.577
13.261
4&'
48.51
44. .57
12.681
782|
8031
16.614
31.376
*234.I47
49.153
•428.418
342
18..54 3
72,139
36,446
121.020
20.447
24..33 7
12.756
*95,181
24,729
*171.I,57
396
248
69
415
395
3,1731
15,326|
1
,6441
15.268
616'
2,7771
1,298
2,029
732
1,201
269
50
16,102
870
5,304
62.577 500.533 03,7.56.707 90,512J33,330
Fed. Reserre BatA
Greenwich Bank
Bowery Bank..
1.000
250
Bank
2. .500
2.008
818
4.351
18.274
5.435
78.197
3,173
1,901
18.372
60
5.202
28.230 47.151
51.804 47.201
1,456
1,907
634
312
7,179
101.906
5,263
4,210
Totals, actual CO ndltion Feb. 4
Totals, actual condition .Ian. 28
Total actual condition Jan. 21
102.814
101.381
101,654
5,297
4,406
4,274
4.373
52,1,58
814
3,231
1,776
29.934
17.030
891
362
1.253
3,7.50,
.
6,.576
6,105
47.181
52.252 47.261
52.289 47.431
Trust Go's
Not \tembern of]
j
Fed. Reserve Bank'
Title Guar A Trl
6.000
13.566
LawyersTIATr
4,000,
6,053
46,300
25,258
Average Fob. 4
10,000,
19.619
71.558
2,113
5,007
46.964
Totals, actual co ndltion Feb. 4
Totals, actual condition Jan. 28
Totals, actual condition Jan. 21
71.580
71.738
73.677
2,148
5,051
5.087
46.592
1.2271
47.72.'
1
5.39-1
60.30
1.2331
1,299
2,176
2,224
.270;
Gr'd aggr. avge.|236,650 464.919,4.439. 180 69,953 509.670 3.856.47 i38.966 33.330
1.743 + 5.3991 -f-291
-1-30.156
2,38S + 1 .676
Comparison, previous week
—
—
Jan. 21
1922.
Gr'd aggr.. oct'licond'n |Feb.
Comparison, previous wieek
4|4,469,I95| 69,386)516.727
-1-66, 930,
1.978! —6.940
—
3.832.612 239. 749)33.357
—278.782 +20059
+32
Total.
18.0
"3,"2"2V.6
51,145,0
7,977.0
59.122.0
47.560.0
11.562,0
Jan. 28
1922.
361,0
19,049.0
413,0
19,823,0
"
lotion.
1922.
Trust
J.33.475.0
deposits
Individual deposits
Time deposits
Total deposlta
U. 8. deposits (notlncl.)..
Res'vc with legal deposit's
Reserve with F. R. Bank.
Cash In vault*
Total reserve and casb held
2.000
16.996
1 .236
3.418
1.525
12,641
1 .743
16.502
I
P.R.Ri/siem Companies
Cireu-
State Banks
Not .Members of
Average Feb. 4
—
Feb. 4
Bank
Deposits.
Net
$1,371,000.
Philadelphia Banks. Th(; l^hiladolphia Clearing House
italement for the week oiiding Feb. 4 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Capital
Surplus and profits
Loans, dlsc'ts 4 Investm'te
10. ODD
2.0(MI
-r
Week ending
Tim*
Demand
Deposits.
4|4.294.801 61,941 507.270 c3. 733.862^1 91. 341133.357
Totals, fctual condition Feb
Totals, actual co ndltioii Ian. 28 4,229.146 63.612 511.306 c3. 761. 419 171,1,59',33,325
Totals, actual co ndltion Jan. 21 4,254.903 63.972 535,720 c3,781,685 187,097 32,947
State
liabilities,
l.-'^Ofl
Tru.st
587
2.265
516
4,2.58
805
855 29.295
668
6.391
1.393 41.328
2.512
326
886
9.482
3,766
1. 135
2.52.682
16..5.52
13.968
1,987
44.'
21,851
4.227 24,348
857
120
6.269 40,152
677 2,808
240.128
191.946
1
5.00(1
649
1,57.023
1
.56.505
1.114 10,933
1.080 34,2.55
941
3,234
5.610 15.609
560 13.377
6.148 22.691
1
329.876
20,189
8.493
16.329
25.00(1
$
37.128;
117,488'
151. .588
.5111)
7.<)')()
A verwe Average
I
5 OIK)
M
New York
[
25.01)0
I
Guaranty Tr Co
Fldellty-Int Tr
Columbia 'I'mst
Arerage
$
Tr
Nassau N It, Bk
Farmers Ln A Tr
Columbia Bank
555
onwei.')
lories.
15.639
5.527
111 01)1)
22.894
Natloniil Park
I.O'K)
751
East River Nat
10.0110 41.292
First National
Irvint! K'lMonal 12. "'(II) 10.856
O'KI
843
Continental
Chase National 20.1)00 21.104
500 2.339
Fifth Avenue
400
896
Commoiiwealt h
,00(1
1..535
Garfield Nat.
.0011
708
Fifth Nationiii
3.00I)
4.973
Seaboard Nat
1.500
..30t
1
Coal A Iron Nat
l.OlM)
Union Eych Nat
1. 410
1.5(10
2.773
Bklvn Trust Co
Bankers Tr Co 20.00(1 20.408
3.0'l(l
4..324
U S trfe A Tr
lln'^oln Tnist
3,370"
ii) )i
Nov.15
30
168
VauU. Deposi
ments,
&c.
21,253
6.907 74.349,
6,9.54 73.925
6,954 73,324
6,963 72.208
In vaulte
Ir. cys.,
wUb
in
1,558
Or'd aggr. Jan. 28
Gr'd atinr Jan. 21
Or'd aggr. Jan. 14
Gr'd aBgr Jan.
Cash
b. 4 IQ22.
15
(
Reserve
Cash
Invest-
2.605
3.869
k. *
Nov
endlnaState.
thru ciphers
is,
Loans,
Discoutu,
20,555
6.907 73.987
362|
(00)
llecSI
that
2,163
347|
Two Cipher t
Net
1
—
700
8.968
.
doi'f
Peoples Trust
200
1.153,000
6.32.000
—
30
Grand aegregate
3.300
Compurlsuu previo us week
48.000
shows the condition of the New York City Clearing House
members for the week ending Feb. 4.
The figures for the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
3.608
17,645
347
420.000
104.000
143,000
332.000
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
229
8.963
281.000
3.59.000
|
1.329
65S
22 739.01)0
8 015.000
14, 492.000
4S 647.000
44 ,585.000
7, 034.000
|
464
2-0
000 400 ,289. ()()() 414 083,000
95 559.000 97 6.58.000
499, 000
693, 000
584.000 Dec.
'
2.141
Federal Keaervf Bank
Total
Bank
3.933
16.622
lit
Mech.Tr..Bayonno
bank and
In
eX'-e-ss
Federal Reserve
1,716
Trust Companies
Sol
i
1,437,
Exchange.s for <;i(>jir(iig House 20.402.0)0 Inc.
Due from other biitiks
,52.896,0)0 Inc.
Reserve 111 Fed Res. Bank . .1 44,086.000 Dtc.
Ca.sh In bank and F R Hank
6.341.000 Dec.
100
6U0
436
S
99.467,0)0 Inc.
Bank
oy clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
RETURN OF NON-MEMBER INaTITUTIONS OF NEW YORK CLEARING
{Stated (n thnunands of dollars
s
I
Due to banks
Timedeijoslt.s
United a(ates depo-iltB
BR
MO
Non-Member Banks and Trust Comis tlip
Jan. 21
1922.
Afk
West 4 Bronx
M irtBaze
S
Jan. 28
1922.
G, OOO
2 ,123.000
2 129.000
7,489, 000 520 ,322.000 .523 190,000
Week
Realty Aasoo
(Brooklyn)
9 Casualty.
Aak
132
Bond
vltge
215
...
'IB
•
8M
Lawyers Mtu'
pretious week.
$
F
A<t
70
67
235
Changes from
1922.
NEW YORK WEEKLY CLEARING HOUSE RETURVS.
City Realty and Surety Companies.
t*»
Feb.i
Circulation
.J 2,129,OTOIno.
Loans. (llsc'Ui<t Investments. 527.811.0)0 Inc.
Individual dc|)oslt8. Iiicl. U.S. 401.726.0)1 Inc.
{Staled In Hinusnnils of
All prices dollars per share.
AUtao Klty.
[Vol. 114.
478. .58 1.0
14.687.0
599.762.0
22.195.0
3.224.0
51.145.0
8.773.0
63.142.0
50.389.0
12.753.0
$37,975.0
107.320.0
626.773.0
22.216.0
79.486.0
106,151.0
471.445.0
14.895.0
592.491.0
9.121.0
2.584.0
47.452.0
9.757.0
59.795.0
50.187.0
9.608.0
not counted as reserve for Federal Reserre members.
$37,975.0
107,320,0
625.918.0
25.508.0
84.786.0
107.222.0
481.466.0
14.482.0
603.170.0
9.753,0
2,343.0
48.753.0
10.066.0
61. 162.0
50.683.0
10.479.0
Gr'd
Or'd
Gr'd
Gr'd
aggr.,
aggr.,
aggr.,
aggr.,
acfilcond'n Jan. 284,402.265 71,364 523.667
act'lcond'n Jan. 214,430,234 72,301 545.487
act'lcond'n Jan. 144.482,795 76.09615;29.314
»ct'l'cond'n llan.
714.464,919 82.69.51.567 .259
3.861..394 219.69033.326
3.884.281 235.761 32.947
3.940.402 240.306 33.251
3.926.017 2.39.525I33.I8O
NoU.~V. 3 depaslls deducted from net demand depaslts In the general tola
.ibove were as follows: Average for week Feb. 4. $97,583,000: actual totals Feb. 4:
$142,661,000: Jan. 28. $58,362,000: Jan. 21. $58,512,000: .Ian. 14. $76,348,000'
Bills p.ayable. rediscount*, aocoirtancos and other liabilities'
Jan. 7. $87,489,000.
average for the week Feb. 4. 8358.985.000; actual totals Feb. 4. $366,901,000
Jan. 28. $391,697,000: Jan. 21. $412,167,000; J.-»n. 14. $3S4. 952.000; Jan. 7. $420."
205.000.
* Includes deposits in foreign branches not included in total footing as follows:
National City Bank. $105,164,000: Banker? Trust Co.. $12,701,000: Guaranty Trust
Co., $102,433,000; Farmers' Loan & Trust Co., $266,000: Equitable Trust Co.,
Balances carried In banks in foreign countriee as reserve for such
$23,518,000.
deposits were: National City Bank, $37,277,000: Bankers Trust Co.. $323,000;
Guaranty Trust Co., $16,094,000; Farmers' I-oan A Trust Co., $286,000; Equitable
Trust Co,. $2,771,000, c Deposits In foreign branches not included.
THE CHRONICLE
Feb. 11 1922.J
ATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
603
COMBINED RESULTS OF BANKS AND TRUST COMPANIE8 IN
GREATER NEW YORK.
artd
Demand
Investments
Deposits.
*Tota] Cash
in Vaults.
Reserve in
Depositaries
S
5.077.382.800
5.054.812.500
5,082.494.800
5.129.620,700
5,106,037,500
5,139,521,900
5,110,207,100
5,096,705,600
5,038,302,500
5,073,132,000
S
4,476.178,000
4,432,387,300
4.490.114 200
4.488,903,800
4,479.192,900
4,594,091,300
4.566.220.000
4.525.120,000
4.467.360.600
4.463.981,500
S
104,664,200
106,038.300
109.700.300
114.718,800
110.207.300
103,995,400
104,881,900
95.694.700
93.598,200
91,150,400
%
595.033.000
578.899.700
608,686.200
601,032,500
607,052,600
1661.340,400
644,736,100
591,642,500
592,588,600
592.291,600
Loans
Averages.
Cash
in
Depositaries
banks*
companies
Feb.
["otal
7,376,000
7.584,000
8.353,000
8.703.000
4
Potal Jan. 28
rotal Jan. 21
Jan. 14
["otal
Total
Reserve
Reserve
Surplus
Required
Reserve
Week ended
$
6.265.730
148,280
75.400
$
S
$
500,533,000 500..3.53,000 494,087,270
9,324,720
9.473,000
4,210,000
5,263.000
7,044,600
7,120,000
5.007,000
2,113.000
leserve banks
ist
Reserve
Reserce
in Vault
jmbers Federal
,te
a
6,489,410
.509,570.000 516,946,000 510,456,590
4,921,220
507,894.000 515,478,000 510,556,780
508,214,000 516,567.000 517,100,100 Def533,100
44,473,330
5.56.386.000 565,089.000 520,615.670
Dec.
Dec.
Dec.
Dec.
Dec.
—
3
10...
17
24.
31.
7
14
21
Jan.
Jan.
Jan.
Jan. 28..
Feb. 4
* This Item Includes gold, silver. .legal tenders, national bank notes and Federal
Reserve notes, z Corrected figures.
Actual Figures.
Cash
Reserr-e
in Vault.
b
Reserve
in
Depositaries
Total
Reserve
jmbers Federal
banks*
companies
ist
Surplus
Reiulred
Reserve
rotal Feb.
4
rotal Jan. 28
$
16.127,710
314,560
210,200
524,172,000|507,519,530
531.419.000 510.683,050
553,816,000 514,190.030
537.717.000 521,558.700
16.652,470
20,735.950
39 625.970
16,158.300
7.445,000
7.752.000
8,329,000
8,403,000
Jan. 21
rotal Jan. 14
["otal
Condition of the Federal Reserve Bank of
516,727,000
523.667.000
545,487,000
529,314,000
of Federal Reserve Bank.
the reserve required on net demand deposits In the case of State banks
1 trust companies, but In the case of members of the Federal Reserve Bank tndea also amount of reserve required on net time deposits, which w?3 as follows:
). 4. $5,715,360; Jan. 28, §5,550.390; Jan. 21, 85,609,280; Jan. 14, S5. 743, .380.
» This is the reserve required on net demand deposits in the case of State banks
trust companies, but in the case of members of the Federal Reserve Bank inles also amount of reserve required on net time deposits, which was as follows:
). 4. .S5, 740, 230: Jan, 28, $5,134,720; Jan. 21, 55,612,910: Jan. 14. 35,744.160.
This
York.
of New York at the close of business Feb. 8 1922, in
comparison with the pre^nous week and the corresponding
Bank
date last year:
Not members
I
New
—-The following shows the condition of the Federal Reserve
507,270,000 507.270,000 491,142,290
9,388,440
9,703,000
4.406,000
5.297.000
6,988,800
7,199,000
5.051,000
2,148,000
S
leserve banks
,te
Reserve
Is
Feb. 8 1922.
Gold and gold certificates
Gold settlement fund F. R. Board
Gold with foreign agencies
1
1922.
Feb. 11 1921.
289,068,245
78,412,287
111,975,000
47,039,000
341,265,416
711,797,278
10.000,000
367,480,533
711,966.978
10.000.000
159,014,000
206,168.000
41,000,000
--1.063,062,694 1,089,447,511
43,059,633
48,612,763
406,182,000
159,337,000
1,106.122,327 1,138,060,275
565,519,000
—
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund..
Total gold reserves
Legal tender notes, sUver.&C-
Fe*.
286.889,883
54,375,532
I
Total reserves
Bills discounted:
Secured by U. S. Gov-
—
ernment obligations for members
All other— For members.
bought In open market
Bills
and Trust Companies Not in Clearing
State Banks
— The
State Banking Department reports weekly
:ui'es sho"wang the condition of vState banks and trust eomnies in New York Citj' not in the Clearing House as follows:
juse.
MMARY
OF STATE BANKS AND TRUST COMPANIES IN GREATER
JEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(.Figure*
Furnished by State Banking Department.')
Differences from
previous week.
Inc. S4, 673, 500
Inc.
27,900
Feb. 4.
and Investments
$633,952,000
Id
4,904,900
rrency and bans notes
16,292,500
posits with Federal Reserve Bank of New York..
52,102,300
tal deposits
655,736,600
poslte, eliminating amounts due from reserve de>ositarie8 and from other banks and trust com)anles In N. Y. City exchanges and U.S. deiKJalts. 608,506,500
serve on deposits
103,919,000
rcentage of reserve, 19.9%.
ins
RESERVE.
rotal
'
533,585,000
Includes deposits with the Federal Reserve
ite
of
New
Dec.
Dec.
New York
—
Companies
13.36%
6.20%
19.56%
102.300.
Banks and Trust Companies in New York
erages of the
1,636.100
2.031,800
York, which for the
$.52.
City.
— The
Total earning assets
Bank premises
5%
redemp, fund agst.F. R. bank notes
Uncollected Items.
All other resources
92,442,392
26.769.956
36.559.698
394.403,000
52»,810,000
14,486,000
193.179,353
29,451,750
155,772,047
24,713,750
929,699,000
1,257,000
33,900,000
69,215,000
35,400,000
47,695,000
59,276,000
2,303,000
325,746,103
6.967.154
1.610,810
92,199,653
2,358,051
263,580,797
6.967.147
1,650,660
115.237.390
2,468,378
992,535,000
4,238,000
2,627,000
119,298,000
2,332.000
=
1,535,004,100
—
—
Total resourcee
lAabiUtUs—
Capital paid In
Surplus-----
26.957.850
60,197,127
-
-
Reserved for Government Franchise Tax
1.527,964,650 1.687,760,000
^=
==
26.452,000
56,414,000
204 ,381
26.957.850
60.197,127
169,805
41,397,259
686,329,753
11,407,856
50,254,909
662,370,687
15.20 3.236
22,007,000
655,629,000
13,497,000
739.134.869
615,027,375
20,262,200
727,828,833
614,030,882
20,518,200
75,373,730
2,888,222
691,133,000
787,938;000
40,124,000
73,961,000
11,738,000
Deposits:
---
--
Another
Total deposits
F, R. notes In actual circulation
F. R. bank notes In ch-curn— net liability
Deferred avallabUlty Items—
All other liabilities-.
70,083,6.38
3,126.65 8
=
—
1,535,004,100 1,527,964,650 1,687,760,000
Total liabilities
—
Ratio of total reserves to deposit and
39.4%
84.8%
81.7%
F. R. note liabilities combined
Contingent liability on bills purchased
8,100,950
12,006,666
11,983,994
for forelen correspondents
.
—
—
NoU. In conformity with the practice of the Federal Reserve Board at Washing
method of computing ratios of reserves to liabilities was changed beginning wit*
Instead ol computing reserves on the basis otnet deposits—
the return for March 1 8
ton,
.
City Clearing House banks and
companies combined ^vith those for the State banks
companies in Greater New York City outside of
Clearing House, are as follows:
ust
id trust
e
All others
Member banks— Reserve account
$70,334,000
banks and trust companies combined on Feb. 4 were
One-year certificates (Plttman Act),..
Government
$48,039,700
22.294.300
20.79%
Bank
5,176,100
Inc.
— Trust
State Banks
..$25,260,000 15.64Co
banks and trust cos
5.15%
8,325,000
Bh In vault
poBlta In
Dec.
86,700
Dec. 3,723,100
Total bills on hand..
U.S. bonds and notes
U.S. certificates of Indebtedness
111.431,635
41,345,134
40,4 02.582
that Is. including In the total of deposits "deferred availability Items" but dcductlni
"uncollected Items"
the new method Is to disregard both amounts and figure th*percentages entirely on the gross amount of the deposits. For last year, however,
the computations are on the old basis; that Is, reserve percentages are oaloulated o*
basis of net deposits and Federal Reserve notes In olroulatton.
—
—
Tile Federal Reserve Banks.
Following is the weekly statement issued by the Federal Reserve Board on Feb. 9.
system
as
whole
a
are given in the following table, and in addition we present the results for seven precedtie figures for the
g weeks, togjether with those of corresponding weeks of last year. The second table shows the resources and liabilities sepaThe Federal Reserve Agents' Accounts (third table following) gives details regarding
tely for each of the twelve banks.
ansactions in Federal R<;8erve notes between the Comptroller and Reserve Agents and between the latter and Federal
In commenting upon the return for the latest week the Federal Reserve Board says:
eserve banks.
Kurthftr (calns of 80.800.000 In (?old, offsftt, however, by aKKro^atc l()s.scs
$8,7fK),000 of othi;r n-wirvc ca.sh, larKoIy jcrf^nhackM and silvnr fxTtlficat<!H
id accompanlfKl by an Inr.rfHHK of $1H.00').000 In doposll liabilities and a
durtlon of ?I1 000 000 In Fwloral Ki-s<;rvi; not*; rlrciilallon arc lndl<:.il^;<l
thf!
njc/l
(tv.
,
rfJs
Kc'I
as
;l
fin
/
weekly roriHollclaU^d bank Ktat<rnient,
Feb. 8 1922. The bunks' rcfw^rvc ratio
V'1.1%.
of paper secured by United .StatoK GovernfJovemriHTit pap«T) nhow ,in Inrroase of $800,000
u'.i,'
1,11
hand declined by 31 200, 000. while
'.;
Khow ;in lnrr<-.i^: of $1.200.00f).
'or.i
,1,-1
notes wiTit up $10,200,000, l.irner
hy tlie New V'ork, i'hiladeiphia, Cleveland, (Jhle.iKO,
City and .San Franeln/o baiiKH belnn offs<'t. In p.irl i)y
'
the Ali.mta Itatik.
I'llliiiaii
bank nol.<'H nhow :i rlecreasi' of
-t.
In eonwtoiieiire of eonNlder-
rlr
'<irlifi««
I
.'i,
i.
'
;
-
-
'
I
'
•
'
'levr-land, liOMtOM and Hi.
.1)0,000
Total eariilOK aw«-l«,
5.;i),(i00,000 larKcr than the week
I.
.
.i.
w.
1.:
f
Combined Resourckh and LiAniMTiKS
Feb. 8 1023.
I
1022.
KKHOlKCKa.
uMl »ntt «oIfl nnrttncAln
Did wittl«m«>nt. F n Board....
old with foreign agf^octflii ......
Total
t'M
3H2.4IR,nOO
814,110.000
388,044,000
600,193,000
hold hy banka
nid witb KcdiTAl ri<-mrv9
old r«d>-mptlnn fund
Total gold tmmry*
.
I
.
thk Fkdkkai> Reserve Banks at tub Ci.ohh ok Businbhh Feu. 8 1922.
op-
Feb.
before, larger increases under this head reported by the New York. Cloveland and Kansas City banks IxitnK offset by liquidation of earning assets
by the other Hc«or\e banks.
Govemmeril paper under discount Increased from $301,100,000 to
Of the total held .«;2(;.''i,:i00.000, or 7:i..3%. were secured
S3fJl,<K)0,00().
by I.lliirtv and other U. H. bonds. $27,000,000. or 7..'>% by VU-lory notes.
$90,200,000. or r,.:i% by Troasurj' notes and $,'i0,;i0O,O00, ori;j.9'/„ by
Treasury eertlfleates, compared with $272,<)O0,000. $27,800,000, $i:},100,000 and $:i7,.IOO,000 reported the week before.
As aKalnst :in Incniase of S2,'), 200, 000 In nK^mbers' restirve deposits, the
b.anliM report decreases of $2,000,000 in (iovernnuuil deposits and of S,"),200.000 In f)lher deposits, composed largely of non-niemlx-rs' cle;irinK
account-"! and cashier's cheeks.
NotwIih.HtanrlliiK larKer fiKures reported by the Now York, Philadelphia
and <;li'veland b.uiks, the total Federal Kf'serve note circulation shows a
decre.iH.- for the wei'k of SI
'1(10, 0(10, conipan-d with a reduction of $2.''»,'I'he li.miis ri'porl, also a
:'.00,(I00 for the corresi)ondliiK week In 1021.
deereas*! of about $100, 0(H) iti their aKKrcKalo net llnbllltles on Keder.il
l{e<ierve bank note* In circulation, iis against ii nxinct.ion of $1,700,1100 In
the ,'iwiount of these noleH outslutiding, shown by llm Treasury Depart nii'Ul.
Jan. 25 1022 Jan. 18 1023 Jan. 11 1023. Jan. 4 1033. Doe. 28 1021 D*e. 31 1021
t
383,841,000
483,233,000
383,400,000
40e.3A7.000
883,138,000
802,010.000
877.078,000
807,830.000
380.01
1,
nno
034,0l>0,0(K)
ttiri. OKI. 0011
HHI.HH.IHH)
8H8,ftl 1,000
n) i.oio,wii.rKm I.oo2,(ti2,ooo i,Kin.:mw.oof)
"><y
agniti
....
........
')0i
H2.<i'i:i.u<i<i
2.021,382,000 2,U1
1
....
.^JOO
lOO.KHO.(KK)
HO,H7ft,0<)0
lOM.J.'I.OOO
V»h. II I9JI.
204.IIH.1,000
380,308,000
680,031.000
4H0,4M0,00*
o;io,HHn,ooo
i,H%.ii,'^.nnn
ION, (KM) I.ih'>,0<7,n0«
Ih7,'t7(.,00n
07,007,(M)O|
1,8.1.1
3.808.880 .OOol2.878.208.0(X) 2,800,000.000 3,870.004.000 3.121.978.000
—
TnE CHRONICLE
604
Feh. 8 1922.
Feb.
S
Ao
Lesal tender notes, sliver,
Secured by U. 8, Govt, obligations.
All other.-
bougbt
In
1922
II
Jan. 4
1922 Dee. 28 1921. Dec. 21 1921. Feb, II 1921.
149.990.000
154 .607.000
$
152,811.000
134.504.000
145.105.000
122,600,000
122.066.000
220.229,000
3,062.029,000 3.001.518,000 3.058.855,000 3.051.503.000,3.041.294.000 3.009.802.000 2,992,200,000 2.993.060.000 2,342.198,000
Bills dlsrouDied:
Bills
Jan. 26 1922, Jan. 18 1922. Jan.
$
141.277.000
Total reserves
1922.
1
[Vol. 114.
94.2.55.000
301.167.000]
476.651.000
90.027.000
357.921.000
492.252.000
82.709.000
917.714.000,
109.919.000.
927.845.000
90.709.000
932.882.000 1.008,766,000 1,074,248.0(10
65,761.000
60.128.000
62.1.50,000
3« 1,906.000,
46I..5.'i3.n00
open market
Total bills on hand
(7.8 boM'lH and nouis
8. c«rliri(;aie9 of Indebtedness:
OiiB-ypur nertlflcatoB (Plttman Act)
Allo'hpr
388,672,000
625.150.000
94,944,000
427.476.000
560.018,000
86,75^.000
477.4.56.000
835. 1 .000
487,193,000
692,640.000
503.770.000 1.011.677,000
126,865.000
114,240,0(10
126. .525. 000
1
1
720. 933. 000,1..10,1, 8.?9, 000
175.873,000
.239.432.000 1,294.073.0(10 1.351.228,000 2,581.389,000
48.675.000
69.472,000
51.084.000
25.868,000
tr.
98.406.000
133.723.000
193.000
Municipal warrants
1
206.000[
1,260.015.000 1.233.462.000
36.407.000
36.406.000
8.029.000
7.8.55.000,
S% redernp. fund agst. F, R. bank notes
Uncollected Items
450.841,000 498.220.000
14,460,000
14,769,000
All other resources
Total earnlns assets
Bank
113.000.000
71.278.000
206,000
13.000.000'
10l.70.i.OOO;
1
iiremlses
113,000,000
63,847.000
216,000
1 i;i, 0(10,
000
113.000.000
69.435.000
379.000
54.010.000
3X5.0(10
119.600.000
62.472.000
334.000
119.500.000
41.127 000
334.000
259.37.S.000
4,199,000
183,127,000 1,235,957,000 1.293.«23.0(IO 1.470.921.000 1.635.851.000 1.563,273.000
36.109.000
35 720.000
35.019 000
35 203 000
35,015.000
34 879.000
7.870.000
7.871.000
7.9,19.000
7.926.000
7.896.000
7.8S0.000
481,7.54.000
654.362.000 648.436.000
638.462.000 659.760.000 592.172 000
12.719.000
12,677.000
12.811.000
14.103.000
20.578.000
19.920.000
2.
870. 831. 000
18,977.000
12.207.000
566 789.000
8,189,000
4,832,779.000 4,851.922,000 4,780,524,000 4,988,090,000 4,939.322.000 5,176.417,000 6,161,306,000 6.211.184.000 5,822.491,000
Total resources
LIABILITIES.
Reserved
OeposltH
for
Govt, francblse tax
1.548 .000
112.717 .000
1.714.668 0(10
31.111 000
— Government
Member banks
— reserve account
—
Another..
103.067.000
215.398.000
103.204.000
103.203.000
215..308.000
215.3nK.(lOO
1.2.')0.000
1.332.0110
853.(1(10
215. .523. 000
4 16.000
103.190.000
103.020.000
215.398.000
996.000
95.915.000
77.734.000
14.744.000
689.422.000 1.652.304.000 1.673,824.000
30.578.000
36,304,000
33,337,000
103.233 000
215.398 ,000
Capital paid In.
Surplus
I
I
1
103.186.000
213.824.000
67.444.000
103.167.000
213 824 000
55.982.000
100.557.000
202.0.^6.000
15.2X9.000
68.307.000
71.634.00(1
54,875.(U)0
48.457,060
,735„563,000 1,731,374.000 1.666.0IH.OO0 1.703 601,00(1 1,740.259.000
26,055.000
29.4.57.000
26,87.;. 000
26.274.000
25.802.000
I-
000 I 840.470.000 .778.797,000 1. 784. .895. 000 1.776.907.000 1.829.138.000 1.764.524 OOI 1.7x4 7.50.00(1 1.814.518,000
2,166,179 000 2 178.053.000 2.184.001.000 2.229.677.000 2.293.799.(1(10 2.405.316.000 2.443.497.000 2.447 .560 000 3,050.416,000
F. R. notes In actual circulation
84.876.000
84.878.000
83.888.000
circulation
83,
.507
notes
In
netllab
000
83.977.000
83.880.000
F. R bank
84, .548 000
82 747 000
l'>8 178.000
397.763.000
463.826.000
388,6.50 000
414. 475. (too
449.455.000
523.293.000
Deferred iivallablllty Items
468,960.(M)0
4 97 205.000
42.) 61.!, 000
Total
1
.8.58.496
1
—
Total
15.198.000
15.768 000]
All other llabllltlles
15,290.000
16.400.000
15.729.000
15.648.000
26.323,0(10
25.94 9. OflO
33.
1
7.^.000
4.832.779.000 4,851,922.000 4,780,524.000 4,898,090.000 4,939.322.000 6,176,417.000 5,151,306.000 5,211,184,000 5,822,491,000
liabilities
Kold reserves to deposit and
F. R note liabilities combined
Ratio of total reserves to deposit and
F. R, not* liabilities combined
Ratio of total reserves to F R notes Id
circulation after setting aside 35 %
Etatio of
76.1%
.
111.3%
aeainst deposit liabilities
72.2%
71.1%
67.9%
68.2%
67.8%
43.6%
76.2%
77.2%
76.0%
74.7%
71.1%
71.1%
70.7%
48.2%
.0%
111.6%
108.8%
105.5%
98.5%
97.2%
96.8%
55.9%
51.708.000
492. 01 1. 000
26.527.000
15.000
13.0X9.000
46.045.000
480.944.000
50.678.000
522.081.000
11.013.000
19.000
32.210.000
69,629,000
651,126.000
68.306.000
569.3IH.O(H)
2.00f .000
S
40.096.000
509.208,000
35.019.000
2.000
16.768.000
81.307 000
2.000 000
Municipal nairants
16-3U day.-' t>illo bought In open market
16-30 days bills dl8(0unted
16-30 diiv I' f certlf. of Indebtedness
Munlcl pal warran ts
81 bu <i»)H i>iiiH bou»;ht In open market
81-60 dayH bills discounted
81-60 daye t' 8. certlf. of Indebtedness
Munlcl pal warrants
01-90 dayif blllH ti ought In open market
81-90 days bills dlacounted
Sl-flOdnysfi 3 certlf of tndebtedoess
Municipal wairants
Ovet UO ilayB bills b ought In open market
_
Over 90 days bills discounted
Ov«r Qo ^,iv K-pril( of Indebtedness..
Municipal warrants
.
87. .36
1.
000
2.009.000
140.000
14.677.000
119.719.000
34,773,0001
l-iO.OOO
16.743.000
113.179.000
9,294,000
.
1.1.50.000
13.000
16.316.000
86.170.000
4.364.000
2.000
12.833.000
143.918.000
20.765.000
Ml ono
11,431.006
82.558.000
38.165,000
51.000
217 000
46.207.000
147.711.000
19.965.OO0i
92.021.000
415.000
6.000
14.673.000
146.787.000
12,971.000
140.000
25.621.000
95.07 .000
1
184.000
16.773.000
152.155.0(10
1.50.000
I2,I47,0(M)
9.384.000[
93.7.56.000
110.092.000
00
3,810.000
2I,223.(H)0
5I.OO0I
366.0001
"""iM.COO
""345.666
"3.606
56.194.000
149,498.000
50.000
59.177.000
136,638.000
60.858,000
126,440.000
51.000
91.344.000:
3.200.'
47.352.000
148.193.000
51,000,
5.719.OOOI
211.000
31.620.000
111.915.000
2.500.000
26.000
19. .529. 000
167.695.000
17.377.000
7.346.000
83.947.000
8,501.000
'l0.V8"7".'00
708. .30
12. .54
1.
000
142.000
6.173 000
118.138 (100
28.634.000
V4.666
60.693.000
133.041.000
1.
2.525.009.000 2.5.59.6.56.000 2.604.9.57.000 2.666.397.000 2.732.861.000 2.786.114,000
3X1,603,000
420,9,56,000,
436,720,000, 439,062,000
380,798,000
358,830.000
--
In actual circulation
Amount chargeable to Fed Res. agem
IB bands of Federal Reserve Agent
13,687.000
34.000
S
52.666.000
735.869.000] 1,431,768,000
12.092.0001
4,82.1,000
24.743.0(10,
18,431,000
116.690.000
127.721 000
2, 500. 0001
182 000'
26.062.000'
161.202.000'
10,763.000
23.000]
25.718.000
171.131.000
10.749.000
28 000
5.1 14.0001
131.936.000]
28,163.000
95.OO0I
15.000!
61,644.000
126,869.000
47.652.000
231.266.000
6.000.000
2,020.000
2
I
1
.000
58.866^000
403.5.55.000
7.646.000
I6.695"o6o
274.716.000
8.858.000
4.279.0(10
129.361 000
24.073.000
95.000
15.000
60.621.000
111.693.000
44.211.000
247,000
2.?6.
2. 796. 540. 000 2. 772,812. 0(K)
363.043.000
325.2.52.000
3,368.644,000
318.228,000
2,166.179,000 2,178.053.000 2.184.001,000 2.229,677,000 2.293,799,000 2,405,3 16,000 2.443.497.000 2.447.560.000 3.050.416.000
3,496,610,000 3,515,117,000 3.530,013,000 3,571,248,000 3,01 ,4«6,()00 3,631 ,389.000 3,6.50.375.000 3.624.622.000 4.193.670.000
925,0.56 ,000, 904.851.000
878,675,000
955,461.000
845,275,000 853,835.000
971,601,000
851.810.000
825.026,000
1
2 ,.525, 009 .000 2.5.59.6,56.000 2,604.957.000,2,666,397,000 2.732.861 .000 2.786. 114.0()0l2, 796. 640. 000 2. 772. 812.000 3.368.644,000
Issued to Federal Reserve banks
—
Bow
000
f
78. 082. 000
—
Outstanding
Held by banks
By
By
73.3%
1 1 1
—
Dtitrit>tttion by MalurUiet
1-16 days bills bougbt In open market
1-15 days blUs discounted
1-15 days V S certlf. of Indebtedness
FeOtrai Reterze Notes
72.4%
72.6%
Secured
gold and gold certificates
ellgllile paper
I
349.013.000 349.013.000
349.012.000 349.013.000
349.012.000
227.385,000
717.740.000
822,300.000! 883.202.000
631. 237.000'
9.50. 171. 000
939.704.000 2.099,607.000
127.943.000'
128.623.000
120. 434.000:
120.962.000
122.166.(100
116.832.000
123.471.000
118.901.000
.462.240.000 1,462.836.000 1.471.121,000 1.441.114.000,1.432.938.000 1.381,624.000 1.360.625.000, 922.751,000
344,013,000
582.2X4.000
134.397.000
1,464.315,000
Qold redemption fund
With Federal Reserve Beard
344.013.000
349.013.000
665.165.000
2,525,009.000 2.559.656,000 2,604.957.000 2,666,397.000 2.732,86 ,000 2.786, 1 14.000 2.796,540.000 2.772.812,000 3.368.644,000
Total
1
Eligible paper delivered to
F R
Agent
WBKKLY STATEMENT OF RESOURCES AND
Ttro cipbtTi (00) omMed.
Ffderal Reseree Rank of
891,048.000'
8.886,807,000
LIABILITIES
902,998,000
964,540.000: 1,027 ,469,000. 1,195,183,000 1,246,507,000 1,302.674,000 2,525.411,000
OF EACH OF THE
12
FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS FEB.
8 I92J
I
—
New
PhUa.
York
Cleveland Richmond
Loula Minneap. Kan.
^(lanfa
Chicago
12,332,0
46,229,0
$
2.846.0
33.173.0
S
5.188.0
26.559.0
$
22.513.0
98.266.0
34.406.0
S
8.475.0
17.673.0
341,266.0 53.868.0! 58.561,0
711.797.0 135.412.0189.036.0
10.000.0' Il.414.0i
2.890,0
36.019.0
29.96a.O
8.246.0
31.747.0' 120.778.0
53.545.0 324.840.0
3.504.0 12.887.0
37.942.0
71.927.0
2.591.0
26.148.0 58 ,625.0; 896.628.0
11.4 75.0 223 112.0 1.942.725,0
I.3.t6.0
7, 986.0
82.099,0
195.865.0 1.063.063.0 200.694.0 250.487.0
Total gold reserves
9.176.01
8.2.56.0
43,0.59.0]
Legal tender ootea, sliver, &a... 24.9.50.0]
74.234.0
6.650.0
88.796.0
220.816.0 1.106,122.0 209.870,0 2.58.743,0
Bottnn.
HEUOURCES.
aold and gold certificates
Gold settlement fund F. R. B'd
—
7,773,0'
35.687,0
2,085,0
51,783,0
286,890,0
54,376,0
St.
CUv
3. .5,36.0
Dallat
San Fran
Total
935,0'
,690.0,
382.418.0
514.110,0
-I-
Total gold held by banks
Gold wKh F R. agents
Gold re<leinptlon fund
43,460,0
135,448,0
16,957,0
1
Total reserves
Beciired
discounted
V 3 Govt obligations
Bills
:
bought
In
open market
on hand
bonds and notes
Total
0.8
bills
O. S cerilllcaios of Indebtedness:
One-year otfs (Plttman Act).
All
80.S84.0
93,164,0 473.317.0 125,221,0
70.619,0
85.048.0
44.701.0 294.235.0 3.002.629,0
14,511.0
27.378.0
7.817.0
111.432.0
41.345.0
40.402.0
.56.629.0 30.492.0
13.131.0' 46.623.0
34.339.0
43.6.36.0
18.560.0
49.661.0
2.415.0
2,459.0
13.754.0
36,939.0
58.0
6,733.0
35.626.0
2.94.^1.0
13.468.0
23.640.0
999.0
5,799.0
33.413,0
17..-)39.0
39.391.0
69.451.0
15;6S9.0
49.706.0
3,469.0
193.179.0
29.452,0
87.299.0
14.044,0
79.530.0
11,550,0
80.434.0
1,233,0
71.166.0 124. .531.0
918,0 16.674.0
38.107.0
2,853,0
39.212.0
181,0
50.751.0
13.885,0
8.4.50.0
33.900.0
69,216,0
8.000.0
27.0
191,0
6.000.0
10.345.0
3.560,0
8,667.0
25,025,0
4.071.0
1,468,0
4,350.0
406,0
2,0
325.746,0 109,561.0 107.431.0
6,967.0
600,0
4,194.0
85.227,0
2„568.0
79,949.0 174.897.0
7,085.0
1,076,0
48,499,0
643,0
188.0
37.809.0
107,0
638.0
21.119.0
95,0
1.665.0
623.0
25.449.0
223,0
10.975.0
1.033.0
26,706,0
other
Municipal warrants
Total earning assets
Bank pmnlses
6%
rodenipiion fund against FedReserve bank notes
eral
nnoull«<;ted items
All other resources
Total resources
88,331.0
4,870,0
422.0
42.202.0
465.0
357,105,0
LABILITIES.
7,969.0
16,483.0
for Govt franchise tax.
47.0
Deposits: Government
16.237.0
Member bak reserve aco't
110.590,0
All other
768,0
Capital paid In
Surplus
Reserved
—
Total deposits
127,585.0
F, R. notes It) actual circulation.. 163,136.0
F,
R bank notes In circulation
net liability
Deferred availability Items
All other liabilities
Total
liabilities.
4.3.58.0
by
Al! other
Bills
38.959.0 289 723.0 2.921.3.52.0
6.742.0
4 512.0;
141.277,0
69.669.0
850.0
8.017.0
33,027,0
841,0
1.611.0
92.199.0
2,502,0
1,.535.
700.0
38.129.0
199,0
539.0
42.863.0
643,0
7,866.0
1,0
52.9.58.0
520,0
15.0
40.710.0
3.917.0
381.906.0
401.553,0
94.255,0
42.374.0
2.630.0
61.425.0
13.026,0
917,714.0
109,919,0
5,320,0
520,0
1,900,0
6,382.0
10,0
98.460,0
133,723,0
193,0
44,151.0
828,0
70,476,0
4,740,0
46.904.0
2,091.0
80,843.0 1,260,016.0
834,0
36,496.0
297.0
916,0
32.266.0
318.0
136.0
22.019,0
2.590.0
.32.8,53.0
16.798.o'
394.0
6.074.0
8.029.0
450.841,0
14,769,0
147,0 359,059,0 414,413,0 206.783,0 196,031,0 710.442,0 198,558.0 127,803.0 193,764.0 118.441.0 415.233.0 4,832,779,0
26,958.0
60,197,0
204.0
41.3C7.0
8,748,0
17.945.0
4,216.0 14.451.0
9,114,0 29,025,0
114.0
274,0
8.810.0
5,255,0
44,707.0 237,754.0
2,324,0
416.0
4.601.0
9,388.0
64.0
2,554.0
66.093.0
710.0
50,377.0 248.888.0
96,379,0 109,438,0 360,925,0
69. .3.57.0
7.933.0
45.161.0
3,945,0
11.134,0
22,509,0
191,0
4.636.0
6.713,0
99.987,0 136,131,0
1.016,0
765.0
5.460,0
11,030.0
216,0
3,397.0
53,939,0
442.0
739.135.0 105.639.0 143.609.0
616.027.0,182,439.0 192,920,0
.57,778.0
686.3.30,0
11,408,0
20.272.0
70.084.0
3.270,0
1.53.0
7.343.0
36.317.0
47S.0
5,764.0
37,560,0
726,0
357,105.0 1,535.147.0 359.059. 0414, 413.
3.058.0
32.274,0
688,0
6,564.0
15,322.0
727,0
206.783.0 196,031.0 710,442
4.578.0
9,046,0
122.0
7,408.0
154.0
4,238.0
43,934.0
477,0
70.258.0
580.0
103.233.0
7.371.0
15,199.0
215,398,0
9.0
1,548,0
.5".b58".6
9,742.0
112.717,0
44.980.0 119.985.0 1,714,668.0
747,0 11.469.0
31,111.0
84.323.0
48.649.0
52,526,0
75.518.0
02,223,0
.50.765.0 141.196.0 1.858,496,0
30,507,0|216,336,0,2, 166. 179,0
3.827.0
26,388.0
607.0
3.837,0
10.698.0
1,015,0
9,550.0
31,365.0
762.0
2.582.0
21,395.0
1,609.0
198.558
3. .556.0
127 803
4,6.80.0
193.764
4.189.0
7,394,0
4,760.0
29,159,0
1,203.0]
IIX 141 O 415 233
83,507,0
388,660,0
16,768,0
4 X3? 779,0
THE CHRONICLE
Feb. 11 1922.]
LIABILITIES
(CoiKrIudaJ)—
Boiton
Tito ciyhiTt (00) ontUied.
605
Nev Yon
PIMa.
Cletelan/t
Rtehmond
Atlanta
CMeaoo
$
S
?
S
S
S
Memoranda.
LouU Minneav. Kan.
SI.
$
S
Citv
Dana$
San Fran.
Total
i
$
i
S
Batlo o( total reiMrves to deposit
n
sod F
DOte
com-
llabllltlea
bined, percent
CootlDgeot llshlllty on bills purobJMed for forelgD correapood'ta
76.0
81.7
72.9
76.9
52.5
58.3
77.6
81.5
C9.7
61.7
55.0
82.3
76.1
2.336.0
U. 984.0
2,560,0
2.624.0
1,568,0
1,152.0
3.808.0
1.504,0
864.0
1.536.0
832.0
1.472,0
32.240.0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OP BUSINESS
FeOtral
Raon'ces
Aotnt
Retertt
—
at
—
Boston.
(/n Tfioiuamla of DoUarB)
SIS
s
$
378.510 48..3fi0 38,300 27.1.55
795,931 200,920 213,573 102.533
%
I
Chicago
S
156 280
S
1
75.386
14,578
^f^nn. ^K.City. Dallaa.lSan Fr.l
25.4*)0
9.180| 13.440 21.630 48.300
971.601
54.909, 67.963, 33.665 260.896 2.525.009
5.960 13.0521
14 .196'
4.6671
1.646!
1.906
310 ,644 61.3001 9.200 .30.360
73 .055 32.984 31.011 35.697
5.112
51 .458
6.773 15.054
I
== ==
St. £.
397 895 104,911
13.376'
296.924
2.400;
4.674'
33.873 10.023 15.660
5.645
381.000 125.3S9 160.000 25.295 45.500
84.134 65. .508 24. .537 72.564 61.033
93.099
9,887 .54.709
7.101
9.803
—
i
I
Cleve. iRtchm'd Atlanta
Yorkl Phita
Afetfl
129.600
Federal Rt-Berve notes on hand
171.2351
Federal Reserve antes niitAtandlng
Collateral wTurity for Federal Reserve notes outstanding:
5.600
Gold and Kold certificates
19.848
Gold redemption fund
.
110.000
Gold fund Federal Reserve Board
35.787
Eligible paperl Amount required
13.919
Excess amount held
== =^=
Total.
344.013
3.290 18.969
134.397
1.484 204.143 1.464.315
5.'<2.284
22.190 43,784
20.150 17.4.58
,304.523
6.70l'
I
==
III''
485.S89 2.063.471 460.087 520.155 239.322 314,345 1.003.528 240.394 125.771 164,420 109.110 509.550 6..326.142
Total
^=^
UalMiHet—
Bet amnuni
FEB. 8 1922
'
^=^= ==^
Federal Reserve notea received froml
300.835 1.174.441 249.280 251.873 129.688 189.964
Comptroller of the Currpncy
71 1.797 135.412 I89.0:<6 29.969 53. .545,
135.448
Collateral received from Gold
'49.7061
75.305 79.246 79.665 70.386J
177.2.33
Federal Reserve Bank EUglble paper
of
I
I
I
I
I
I
==:
=^=^
—
5.54.175 130.371 64,089' 81,403
324.840 7I.207| 23.898 32.266
1
38.096
124.513
I
37,784
.,
55.295 315.196 3.496.610
11.475 223.112 1.942.725
42.340 .61 .242
886,807
50.751
'485.989 2.063.471 460.087 520.1.55 239.322 314.345 1.003.528 240.304 125.771 164,420 100.110 .599.5.50 6.326.142
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
|17l .235]
8.099
In actual clrcnlatlnn
Federal Reserve not*«
163.136
795.931 200.920 213.573 102.533 114.578
180.904 18.481 20.6.53
6.1.54
5.140
397.895 104.911
36.970 20.588
54.909
615,027 182.439 102.920
360.925
52.526
96.379 109,438
67.963, 33.665 266.890 2. ,525.009
5.7401
3.1.58 50..560
3.58.830
2.383,
84.323
62.223
30.507 216.336 2,166.179
—
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 Member Banks. Definitions of the different items
statement of Dec. 14 1917. published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWINQ PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
B4NK AND BRANCH CITIES AND ALL OTHER KEPORTINO BANKS AS AT CLOSE OF BUSINESS FEB. 1 19'2.
statement were given
In the
in the
Aggregate additions of about S23,5.000.000 to investments in Government
secuiities in connection with the allotment on Feb. 1 of over §600.000.000
of Treit-iury notes, acrompanied by an increase of * 182.000 000 in Government deposits, are the main changes for the week in the banking situition
ae indicated by the con.soliduted statement of conditioa on Feb. 1 of 806
meml)er hanks
The
in
iocre.tse in
Trea.sury notes, while the increase in Treasury certificates apparently
represents to a large extent the amount of certificates maturing Feb. 16,
dL^iivered by outside investors to the banks to be used in payment for
Treasury notes. For member banks in New York Citv in<Te.i.ses of $7,000.000 in U. S. bonds, of $77,000,000 in Treasury notes, of $9 000.000 In
Treasury certificates, as against a reduction of $.34,000,000 in Viclor.v notes,
Investments in corporate and other .securities show a" decline
are shown.
of $19,000,000. of which $3,000,000 repre.sents the decline in New York
City. Total loans and investmenls. in conseciuence of the changes indicated, were $174,000,000 larger than the week before, the corresponding
lncrea.se in New York City being $95,000,000.
Accommodation of all reporting banks at the Reserve banks shows a
relatively small reduction from $409,000,000 to $400,000,000. or from 2.8
to 2.7% of the banks' total loans and investments.
For the member hnnlis
in New York City a decrease from $62,000,000 to $.59 000.000 in lotal
accommodation at the local Re.serve bank and from 1.3 to 1.2% in the
ratio of accommodation is noted.
Since Feb. 4 of the p.ist ye.ir total
loans and investments of the reporting member banks have decreased by
$1,516,000,000. their borrowings at the Reserve banks by about $1..500.000. 000. and their ratio of accommodation from 11.7 to 2.7%.
Total reserve balances held with the Federal Reserve banks show an
Incre^use for the week of $35,000,000. the New York City banks reporting
an increase uuder this head of $9,000,000
Cash in vault shows
further
decline of $12,000,000, of which $1,000,000 represents the reduction in
cash held by the New York member banks. Since Dec. 28 of the p,ist
year cash holdings of the reporting institutions have decrea.sed bv $74.000.000. or by over 20%.
For the New York Citv banks a decrease
during the same period of $23,000,000. or of over 24% is noted.
leading cities.
Government
on the iMwks of the reporting
deposit.? shown is made up largely of credits
in.siitutions to the Government in paJ^nent
Other demand deposits,
for Treasury notes allotted.
of
becau.se
the
substiiiiiial incniiuse in the amount of bank balances shown
institutions in
York and other Federal lleserve b
by the reporting
New
mk cities, were
$27.000 000 larger than the week before. Corresponding changes at
New York City institutions compri.se incrciiscs of 590.000.000 in Government deposlus and of .i'lS.OOO.OOO in other demand deposits.
Loans secured by Government obligations .show a nominal decrea.se for
the week, loans secured by stocks and bonds increased by $39,000,000.
while other loans and di.scounts. largely of a commercial and industrial
character, show a decline for the week of $78,000,000. Corresponding
changes for nieml)er banks in New York City comprise a decre;use of 5-5.000.000 in loaiis secured by Government obligations, an increase of $54.000.000 In loans secured by corporate obligations and a reduction of
$11,000 000 in commercial loans propr.
Afl against a nominal ch.inge In the noldings of U. S. bonds the banks
report a redu<tion of $47 000.000 lo the amount of Victory notes held, an
Increa-se of $• 1.5. 000 000 in Trfsisiiry certificate holdings and an increase of
$235,000 OOO in the total holdings of Treasury notes. The decrca.sc in
Victory noi«s shown represe ts approximate amount accepted by the Federal
Beserve baniu from the reporting banks in payment for the newly issued
Data
1.
tor all reporting
member banks
.i
eacb Federal Reserve District at close of business Feb.
lo
Th ree ciphers
922.
1
(000)
omltteu
1
WtAeraX Ketertt DUtrta.
Nomber
discounted
Lauusm; by
wUb F R
U a Govt
Ail other loans
obligation*..
A
s
R
37
S
45.333
318.423
609.851
S
17.722
107.084
S
13.470
.54. .534
%
09,524
434.578
314.081
288.897
S
18.435
123.010
292.420
3.50.910 1.563.0.59
IS4
321.l.il
803 241 4.000. 2:n
48 217 404.l.'in
.3. 4 03
fi'J 0S1
584. 690
47.884
12.804
973.607
439.787
122.0.57
01. .387
15.401
1.0<:5
21.642
10.320
208.087
48.5115
1«2..5.>7
25.103
130.712
744. .004
lfi2.«30
8.81-1
1
.0.58.957
27.301
1,340
70 .01
15.43S
370
85.(100
.673
23.817
383.917
5.032
5.487
1
35,831
Hank... L0in,8l3
.
1.411.774
92.514
25.202
014..123
769.514
47.234
425.923
37,815
18.280
604
7
-.fl
H4.4-.f,
7(10.24.14.71.5. 214
18',.
OovemtnDiil depoalcs
.
Bills oayablo wltb Fedrral Reaerve Bank:
Heciir«rl by U. H Govt oblHallons...
48«.4«3
103.617
041
33.709
662.163
822.02.')
(;8..324
13.4»i7
6..520.3.32
81.873
18.214
Ttmedei^odu
423.497 2.147.244
20.025
179.702
31.781
12,702
10.0.57
•18.794
224.370 1.280.785
141.428 047.536
7,005
21.108
3110.810
130.413
6,053
21.395
71.977
14.885
27
18.102
0,185
ottmr
2U0
434.780
20.020
3,005
5.820
6.317
68.400
2'13.0(l7
4.30.801
10..327
34,011
3.3G1
13,900
8,773
545.701
41.280
0.020
308.723
156.405
0.080
297.710
18.388
0.178
175.200
70.270
13.709
637.781
40.517
10.954
372.354
105,34 1
15.147
4.042
953
G.003
.33.145
305
3.245
10.032
20.534
S
234.947
34.014
1
.2S.^
1.708
3.3SI
9.037
4e.23fi
Total.
68
806
18.0.50
S
449.734
1.3S.28'1
3.112..8fi5
075.1.30
7.315.444
$
5.3'-0
39.59<i
189.!I9I
832.381 10.887.043
9!i8 .525
95.384
12.99,s
141.387
355 0,53
242.037
15.09!)
15.42..
105.52'
2.092.675
285.272 1.137.408 14.707.720
21.120
78.823 1.2,85.175
9..3.30
189.709
5!;. .500
3.730
143
.38«
479
6.378
1.IS4
688
lO.IOI
17.4-,0
I2.2nr,
31.870
21.020
Data of reportlna member banks
AU
F.
It.
Ftb.
I.
353
28.772
1,493
10.030
Bank and branch
In Federal Reserve
CUyo/Chteaeo.
Nei£ York CUy.
Ttru
200.935
04,217
350.804
17.371
R
2.
9..527
S
15.720
San Fran
53
20(,.I08
211.1144
580.387 10.297.990
510.757 2. 979. 403
24.735
350.490
1
4.170
All othnr
Bills rndliHouoted wltb F
Rank:
Herurwl by U. 8. Govt, obllsalloos
AU
79
S
Dallas
CUii
35
1
Bank
.
no
4G.68«
14.002
LouU Mlnneap Kan.
St.
43
19«.8.",3
7.«8-.
139.27.'5
Chicago.
82
1.58..324
SO.finS
lovenitneots. Incl.
bills redbiroiinled wltb F
B««>>rve b«l.iare wltb F. R.
1
AllarUa
85
2i:5.f5lt5 l..387.7-'r,
5.18. 'jr,8 2.4.54.
Casb Id »»iilt
Net dem&nrl depoalta
Rlchm'd
Cleteland
58
107
s
t>ank:
and discounts
(lliic''.8
YorK PhUadel
49
Total loans and dlacouota
O. 8. b<iu'l«
C. 8 VIrUiry oot«s
O. 8. Treasury ootM
U. 8. eertirii-a'>e of lof1<>hti>(ln<><M
Other booda. stocks and securities
Total lokos.
New
Botton.
banks
of reporiln*
F
Bank CUUt
R. Branch
13.035
354
1.130
400
13.277
13.SI9
204.415
1.001
87
700
62
13.425
3.811
17,.500
5.203
and
cities
2.409
410
all
other reporting banks.
Other 8eUaeaCUU$
CUU*
181.217
Total.
eipheri (000) omUlt4.
Ftb.
IVambrr
.;iks
.,
Loads >'>:
,1 bills r(!<ltoeouuiMl *lii>
II
Hank:
IXMlu sno by U H <U>il obltk'o*
Lo«iM cnrurwl by «VK-ks A b<>nds.
AU otber loans anO 'Ilacouols
1.
Ftb.
Jan. 26.
1.
Jan. 26.
SO
87
Jan. 26.
376
00
Feb.
376
I.
Jan. 26.
313
"22.
Feb. 4 "21.
800
838
t
449.734
3,112.805
I.290,8I7|I,200,357 7,315.444
450. .S02
800.127
3.074.170 3.074.985
7,303.407 9.021,194
Ftb.
212
Jan. 26.
1.
\Feb.
317
318
I
t-
%
t
I
'
140.4,5.5
14.5.,50,5'
214 lOI
.Ti'LLlCr
2.i:
,
I
52.150
S
315
,581
IHH
:ii 'i.';..'i;
.'.."I
iij,l
'I
i:>:l
..'
S
t
55.187
1
.3
A
-,(1
',,•)
II
313 907
S
73.931
S
74.058
10
4.'.(i.7:iii
4.5.3.1.50
t
:'.H";
1717
'I
.'.
•I',
:
I
:ri.:,7'.!i 1.37'i
I
17
S
02.237
•
00,222
427.112
424.1.80
S
Total loans and dIaoounU.
O.S.lKiads
U.S.
.
-n
O.B.Tr
1,
784. I61I1. 782. 774 10,878.043 10.018. .529 12.005,300
I
.1
.,
ln'1nhf.»^nr«n
c
O.
!3.'.
.
Vl/-..'y
875,120
107,000
'I
'
I
222.059
Otfearb',
ToUl
Inrl
2.(lj;i.70ft
1
.
K<'v
,nw
..
._
wttb W. K. Hank.. I.irui.u.i/
C.i>.i
e,r,i
Net fl»im*n't ilapatfia
TliMdwartta
-.'.Hy
\.i'
II.
.120,
4122
014 017
I.
Ht't.
MM
I
/H 2.792.202 2.4.54. 10
041
R Rank:
Govt. obll«atU»na..
witn V
rt.
A
• Ith r K Hankd
.'.vt obllsatlofts.J
an,'
H.,
All i.tbrr
Batto nf bill*
.
I
parabUt A rxdianoiinui
wltb r R lUnk lo total loafM
lovmtmoniii
vt rwni
lad
MHO
:
'
4..'
00. .3.1
1.459.01
002.049,
61. /I4
2<H.4iOi
I6.7i>l
l>',,4.il
fl06
1.310
146
63
96.310
146
32'>
H 471
I3.II,V'.
97.340
2.42l.i;iO
I
'
145 340
10.224.1.50
3ill 114
I
•
-i;
:
:
I
I
Idl.nViH
40,4i/
Jb,i4J,
31.047
lu,4<ii|
<iv>U,4UUi
10».4<ii
.''.',;.
lUl.iUU
MI.M7
66.031
63.840
.30.007
44U
181.317
I.I3A
660.104
730
31.738
330
170.061
63
350
3.476
47.003
3.000
53.H05
.:
.
161. 4Mf
I
144.217
I
OoTBfniiinfit dapcalla
Bli!
If*)
837
1
.308
I
90
11.330
I
103
7fi6|
2.3,30
7,1(.I0<H
3.100
03.070
13.277
10.215
314.314
304,416
321.500
1.126.408
4.1I
3.7
3 H
11.7
I
I
3
3
I
3
1'
87
4
.
THE CHEONICLE
606
—
^aulijers'
Wall
[Vol. 114.
United States Bonds. Sales of Government bonds at
Board are Umited to the various Liberty Loan and
Victory Loan issues.
^a^jettje.
the
Friday Night, Feb. 10 1922.
Street,
—
Railroad and Miscellaneous Stock. Business in the
stock market has been affected this week by the diverting
influence of a highly interesting bond market, by an advance
of nearly 10 points in Sterling exchange, by an upward movement of about 20 cents per bushel in the price of wheat in the
Chicago market and by a sharp recovery in cotton. Notwithstanding these influences there has been a fan- volume of
business in stocks and prices have generally been maintained, but fluctuations have been narrow and a large part of
the transactions limited to a few issues. The best prices of
the week for rails were recorded on Wednesday when practically the entire active list was from 1 to 2 points above last
week's closing figures. Industrials have been more irregular,
although none have declined, and some show a net gain of
from 3 to 6 points.
These results in the stock market are chiefly due to the
advancing tendency of other securitj' and commodity mar-
Daily Record of Liberty Loan Prices. Feb. i.
First Liberty
Loan
4%
Close
Total sales In $1 .000 units
Converted 4:H%
1
1
1
96.24
96.30
182
96.30
96.02
96.10
172
98.10
98.10
98.10
96.30
96.04
96.20
98
Close
m%
(Second 43)
Total saici in $ 1 ,000 units
Close
Range for Week.
(Third
Lowest.
100
1
100 90 M
100 116
100 94
200 83 K
100 29
200 61
349 20
100 65
100 23%
65 112
100 95
ctfs*
*
M & Om pref 100
Ch St P
Crex Carpet
Deere & Co, pref
Duluth Sup Trac
100
100
•
Gilliland Oil. pref... 100
Int Combustion tem ctfs*
Kayscr (J), 1st pref. .100
Kelsey Wheel, pref.. 100
*
200
25
Pittsburgh Steel, pref 100
Prod & Ref, pref
50
4
Marlin Rockwell
Ohio Fuel Supply
200 85
100 36
400 luO
425 17}iS
Pure Oil, pref
Rutland RR. pref. -.100
•
No
7H
48
Lowest.
Highest.
Par. Shares S per share.
Burns Bros prpf tem
Preferred (7%)
TRANSACTIONS AT THE
Week ending
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
S per share.
Feb
9 91
Feb
9 116
Feb
Feb
8 94
9 84
Feb
4 29
Feb
9 61J4Feb
9 20
Feb
10 65
Feb
10 24",^ Feb
9 115
Feb
10 95
Feb
8
Feb
4
Feb
4 48
Feb
6 85
Feb
8 36
7 lOOJi Feb
6 19
Feb
7
Highest.
$ per share. S per share.
Jan
1%
Feb 91
Jan 116
Feb 94
Feb 84
Feb 29
7
Vi
9 90
9 112
1
94
8
7 83)2'
4 29
9 61
9 20
10 45
10 23%
9 112
10 90>i
4!
7Ji
Feb 61!.2
Feb 20
Jan
Feb
Feb
Feb
Feb
Feb
Close
4'4'i)
Loan
..
...
Tuesday...
Wednesday
Thursday .
I'rlday
Total
notes of 1922-23.. Low.
(Victory 4 Ms)
Close
Total sales In $1 .000 untts
notes of 1922-23
High
(Victory 3Ms)
Low.
Close
Totalsalesin $1,000 untts
3M%
Jan
47
Jan 48
6!
85
Feb 85
8 36
9 100
Jan 39
Feb
Feb
Feb
Jan 65
Feb 24%
Feb 115
.Tan lOOJi
17^ Feb
gl
19
Jan
Feb
Bonds.
Bonds.
.?3,876,100
6.102,000
65.997.000
64.100.800
64,000.000
6,.323.000
6,388.000
6,342,000
8.804,000
64,.500.000
1922.
$1,387,000
1.659.000
2.862.500
3,243.000
2,691,000
2,116,000
U. S.
Bonds.
10.
—
.
Jan.
$55,449,500
1 to
Feb. 10.
1921.
22,758.481
$2,061,560,925
20,364,929
$1,680,599,950
$274,861,050
53,081,500
206,292.100
$248,725,200
31,045,500
125,004.500
$534,234,650
$404,775,200
and municipal bonds.
Boston
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares.
95.96
95.88
95.90
96.16
96.00
96.02
29
96.24
96.00
96.08
934
97.36
97.22
97.30
698
3
497
764
96.28
95.92
96.10
402
1,705
100.24
100.22
100.24
1,637
100.24
100.22
100.22
106
96.18
96.02
96.06
777
97.26
97.10
97.16
1,183
96.30
96.14
96.28
1,553
100.24
100.16
100.20
1.076
100.24
100.20
100.20
486
96.26
96.01
96.00
936
97.26
97.10
97.12
402
96.38
96.12
90.16
1.154
100.18
100.10
100.12
594
100.16
100.12
100.12
190
96. .38
96.26
96.26
1,540
100.14
100.10
100.10
1.012
100.04
99.98
99.98
118
96.66
96.00
96.00
2
96.18
96.02
96.00-
411
97.38
97.22
97.80
440
96.44
96.24
96.34
937
100.12
100.04
100.10
435
100.00
99.96
99.96
208
Philadelphia
.Bond Sales
14.796
23.622
24.350
25.536
29.286
22,081
$29,100
63.600
1.39.071
Shares
Bond
Sales
Baltimore
Shares
Bond
Sates
80,550
40.950
34.000
12.235
10.265
18.243
15.736
14.090
9,162
$54,400
100,700
130,000
38,350
164.050
14,500
1,089
1,381
2,210
4.852
2,256
1,109
$47,500
107,000
68,200
46.000
58,800
139.300
$285,750
85,731
$502,000
12.897
$466,800
47,5.50
—
62 1st
1st
1
3 2d 4s
63 2d 4 Ms
95.70 80 Victory 4Ji3
96.08|
95.90 to
95.88 to
Quotations for Short-Term U.
April
1
1922
S.
^99.96 to 100.10
Govt. Obligations.
Int.
Rate.
Int.
Rate.
Bid.
5M%
5H%
1003S2
lOO'^i
lOOj/Tr jSept.
15 1922
Sept. 15 1922
5>i%: lOOH
100^0=
m%
5H%
lOO'H
100
lOOVe
100 H
June 15 1924
102%
5%
5M%
Asked.
Maturity.
lOOM'e Sept. 15 1924
100%, Dec. 15 1922
lOOM June 15 1922
Mar. 15 1925
100%
4M%
5%%
5H7o
4%%
4M%
4M%
Bid.
lOK-ft
102S.rf
lOOM
Asktd.
100 5i
100 /S
102%
W2M
100
100%
100%
100>,-6
lOO'ii
—
Foreign Exchange. The market for sterling exchange
continued strong and quotations again advanced to a new
high on the current movement, but with a reaction at the
close.
Continental exchange followed suit and high records
were established in lire and francs.
^
To-day's (Friday's) actual rates for sterling exchange were 4 30%@
for sixty days. 4 32 %(a;4 36 3-16 for checks and 4 33?^(S)4 36 11-16
for cables.
Commercial on banks, .sight, 4 32 M (?)4 ZbYs; sixty days, 4 28@
4 31=^8; ninety days, 4 27(5)4 30'%, and documents for payment (sixty
4
34%
for
28'i@4 30^. Cotton
payment, 4 32M@4355i.
for
payment, 4 32]4@4 355^, and grain
To-day's (Friday's) actual rates for Paris banker's francs were 8.42(2
German bankers' marks are not yet
8.57 for long and 8.48@8.63 for short.
for long and .short bill.s.
j\msterdam bankers' guilders were 36.74@
36.84 for long and 37. 10(?'" 37.20 for short.
Exchange at Paris on London, 50.49 fr.; week's range, 50-49 fr. high and
51.45 fr. low.
The range for foreign exchange for the week follows:
Sixty Days
Checks.
Cables.
Sterling Actual
High for the week
4.385^
4.36J^
Low for the week
4.31 1-16
4.28 15-16
4 31 9-16
Paris Bankers' Francs
High for the week
8.64
8.72
8.73
Low for the week
8.35
8.36
8.27
Germany Bankers' Marks
0.53 V;
High for the week
0.52 J4
Low for the week
0.48^
0.49%
Amsterdam Bankers' Guilders
37.48
37.53
High for the week
37.07
36.74
37.15
37.20
Low for the week
Domestic Exchange.^Chicago, par. St. Louis, 15@25c. per $1,000
Boston, par. San Francisco, par. Montreal, $45 per $1,000
discount.
premium. Cincinnati, par.
quoted
—
—
1922.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHI.A. AND
BALTIMORE EXCHANGES.
Feb. 10 1922.
96.08
95.84
96.00
758
97.16
97.00
97.16
96.46
96.22
96.24
1,155
100.26
100.24
100.24
831
100.24
100.24
100.24
days), 4
83.529.000
5,806,000
5,514,400
3,942,900
6.466,000
5,155.000
$37,895,100 $13.958.500 $30,413,300
1921.
$82,266,900
Mun.
and Foreign
79.4.30.475
Week ending Feb.
* Includes $51,000 State
State,
<fec..
4.314,443
Stocks No. shares...
2.250.523
Par value
$381,847,375 $188,537,200
Bank shares, par
Bonds.
Government bonds
$30,413,300 $35,306,500
State, mun & for'n bds.
13.958..500
4.716,000
misc.
bonds..
RR. and
37,895,100
15,427,000
Total bonds
96.50
96.20
96.30
196
—The
June 15 1922
Aug. 1 1922
Jan 95
Feb 10
4'
$43,819,100
4.314.443 $381,847 ,.375
exchange.
96.34
96.12
96.20
68
above table includes only sales of cou])on
Transactions in registered bonds were:
95.06 to 96.84(239 3d 4Ms
96.70 to 97.20
3Hs
41 4th i'4a
95.90
95.90 to 96.16
4Ms
Note.
Mar. 15 1922
Mar. 15 1922
Mar. 15 1922
Feb
Feb
Feb
Feb
Feb
Railroad,
Par Value.
486,019
869,425
793.940
708.663
705.09G
751,300
Sales at
New York Stock
High
i'A%
Maturity.
.\ND YEARLY.
Stocks.
Shares.
Monday
High
1933-38.. Low.
(Fourth 4 K 8)
Close
Total ialcs In $ 1 .000 units
Jan
NEW YORK STOCK EXCHANGE
WEEKLY
Feb. 10 1922.
Saturday
97.34
97.12
97.16
4J4% bonds of
1.
par value.
DAILY,
High
Low.
J
549
97.46
96.50
97.00
2,529
96.20
96.20
96.20
2
96.56
96.10
96.42
139
bonds.
Week.
10
Assets Realization
Brown Shoe preferredlOO
Range since Jan.
630
Total sales in $1 ,000 units
pages Avhich follow:
Sales
for
96.34
96.10
96.14
Total sales in $1 .000 units
bonds Of 1928
Feb. 9. Fe6. 10
96.54
95.50
96.46
1.847
96.20
96.20
96.20
95.36
95.16
95.30
4
1
Converted 4 >4 % bonds of High
1927-42 (Second 4KS). Low.
Third Liberty Loan
Fe6. 8.
32
95.76
95.76
95.76
Close
Victory Liberty Loan
10.
427
95.70
95.70
95.70
95.30
95.16
95.16
279
96.04
96.04
96.04
96..50
and completeness of the important work
done by the Washington Conference.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
STOCKS.
95.20
95.10
95.20
Low.
Total sales in$l .000 units
Second Converted
High
bonds of 1932-47 (First Low.
Second 4>i8)
Close
Total sales in S 1 .000 unUs
Second Liberty Loan
fHihg
^Low.
4% bonds of 1927-42
4M%
Feb. 7.
bonds High
of 1932-47 (First 4 Ms)
kets, to the favorable bank statements, to the more hopeful
outlook in the steel industry and, last, but perhaps not least,
Week ending Feb.
95.52
95.20
95.36
121
96.40
96.34
96.40
Low.
(First 3^3)
\rlose
Total sales in $ 1 .000 units
Converted
bonds of High
1932-47 (First 48)
Low.
Fourtli Liberty
to the excellence
fHIgh
3H% bonds of 1932-47..
Feb. 6.
State and Railroad Bonds. No sales of State bonds
have been reported at thi; Board this week.
Interest in the general bond market has been stimulated by
important new offerings including Great Northern's 30 miilion output and 7.5 millions by the Federal Land Banks, and
also by Secretary Mellon's call for redemption of the Government Victory Loan 3}4s. The effect has been better prices
for practically all classes of bonds, especially of some foreign
issues dealt in hero and the Government war loans.
The
movement has not been limited to these, however, and
several high'gradolindustrial, as well as a few railway bonds,
have advanced within the week.
—
—
The Curb Market. — Trading
in the Curb Market this
Avas decidedly irregular, actiAity for the most part
being confined to a few issues. Pi-ice changes except in a
week
few instances were unimportant. Tobacco shares were conspicuous, Philip Morris Co. closing over two points to 11,
wth the close to-day at 11 M- R- J- Reynolds Tobacco B
stock sold up from 39 to 41 J4 during the week and to-day
reacted to 38 M- Lincoln IMotor was notably weak, mo-ving
down from 6 to 1 and recovering finally to2}4- Cleveland
Automobile Co. dropped from 32 to 30. Glen Alden Coal
was off from 46K to M^H Init recovered to 46 and closed
to-day at 45 J^. Intercontinental Rubber sold down from
11^ to 7%. Tobacco Products Exports advanced from
.5^ to 7J^ and ends the week at 6^. In the oil group
Kirby Petroleum was a strong feature, registering a gain of
The final figure to-day was 23 Mthree points to 243^.
and
International Petroleum eased from 15}^ to 14
Maracaibo Oil Exploration dechned
closed to-day at 14%.
from 22 3^ to 21 M and sold finally at 21 M- Merritt Oil
receded from OJ^s to 8H and closed to-day at 8^. Mexican
Seaboard Oil broke from 3654 to 02 H- Simms Petroleum
rose from 914 to 10-% and finished to-day at 10 H- In bonds
Columbia Grapliophone 8s advanced from 32 % to 36 and on
the announcement of ai)plication for a receiver broke to
27 >g, the close to-day being 28J/2.
A complete record of Curb Market transactions for the
week will be found on page 617.
%
H
M
607
York Stock Exchange -Stock Record, Daily, Weekly and Yearly
New
OCCUPYING FOUR PAGES
For salea during the week of stocks usually Inactive, see preceding page
PER SHARE
Bran AXD LOW SALE PRICE—PER SHARE. NOT PER CEXT.
Thursday,
Feb. 7.
Wcdnesdai/.
Feb. S.
U
S per share
10
8
S per share
•S
10
$ per
•8
30
•27
Saturday,
Feb. 4.
Mondau.
Feb. 6.
S per share
•8
10
*27
30
$ per share
901
•861;
1
«87l2
341;
55
*50
•8
•27
9638
8612
tMi-Ti
87
I
1
I
8812
34I2
88I2
55
55
60
50
9I8
9"8
125
125
125<g
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5613 56»4
188
*184
3%
6I2
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16
18»4
3134
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87
88l2
3434
11
9
97I4
5658
338
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13
3I2
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33
32
6I2
6I2
16
16
1918
19lg
32I4
64^8
32
6534
105
109
35
5512
60
31;
67,
ISSs
33
6I2
16
1938
32^8
6738
105
88
74I4
74I4
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741
3934
58
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46
109%
114
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gig
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9
74
33I8
397g
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6
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35I4
634
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3612
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23I4
545g
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11
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407,
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liri
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11
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31
9
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100
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83 14
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7
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1
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2218 Jan
5284 Jan
.
Wlinelliig A I,aIio ICrlo
I*"
prof
10
9
10
4
3
10
16
3
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7
9
9
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11
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Feb
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7
9
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72
74 14
1034
19
63
5018
11
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
171s Feb
2078 Feb
Feb
36
677s Feb
lOS's Feb
341. Feb
88I2 Feb
75I2 Feb
54
56
Jan
Jan
Jan
17I4 ^an
46
Jan
2458 Jan
14
Jan
8
8
10
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60
27
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90
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358
51;
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1714
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761.
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312
958
245s
551s
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Feb 9
Feb 8
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Feb 10
Feb 10
Feb 7
Feb 9
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Jan 17
Feb 3
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Feb 9
Jan
Jan
Jan
Jan
Jan
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334
20ij
431.
9
SI;
Feb
Feb
Feb
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4
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10
10
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Jan 24
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May
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15
26
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8512
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lig
314
Dec
Dec
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57g
16
287g
Jan
Jan
May
J.an
55
Nov
Mar
1758 .\Ug
234
12
27
4I4
5ig
67
Feb
Feb
Feb
Feb
Feb
83
June
Apr
Dec
Dec
Aug
Aug
Aug
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Aug
Aug
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Dec
Dec
2234
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16
33I2
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46
6418
June
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39
58
54
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581;
7
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Jan
74I2
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Nov
Nov
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May
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3I8
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263s
23I4
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658
Jan
Dec
Dec
May
Nov
Feb
77 12 Feb
Dec
76
6138 Sept
71
Dec
68I2 Sept
231; Jan
23I4 ^•fopt
May
Sept
13I4
10
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1047,
Feb
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80 Feb 10
35 Feb 9
12
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227s Feb 10
67 Feb 9
00 Fob 9
251. Feb 10
7812 Jan 20
Jan 16
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June
eiU June
32I4 June
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10
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25-34
2778
191.
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June
Oct
391.
301;
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Aug
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May
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May
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7
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8338
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May
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051.
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Feb
Feb 9
Feb 10
Feb 10
Feb 10
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12
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I
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Nov
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243s
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9I4 Jan 13
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243, Jnn 13
2014 Jan 9I
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2558
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1
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60
16
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9
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Feb 4
Feb 10
Feb 10
Feb 10
Feb 4
Jan 20
Jan 16
Feb 10
Feb 10
273.J
Apr
35g
63
31s
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June
June
Feb
Jan
Jan
Jan
ISg
6512 Jan 18
90 Jan 17
21s
July
225s Mar
68*4 Mar
5612 June
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42 Feb 10
561. Jan 31
50 Feb 2
11034 Feb
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8OI4
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50
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101*4
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6
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5478 Jan 10
7234 Jan
5118 Jan
72
18
2934
6038
11534
49I2
9
Hlghett
S per share $ per share
5
Mar 1234 Feb
32 14 Dee
Apr
1
20
7718 June
94
Deo
10
75I2 Jan
18
88 Nov
26
Dec
71; Jan
1
77
Apr 91 Nov
18
36i4 Feb 8
4238 May
3038 Mar
5578 Feb 3
47
Mar 561% No*
491. Dee
7234 Mar
53
Jan 12
1238 Feb 2
1478 Jan
6
Deci
3I2 Sept
978 Feb 2
10
Jan
12718 Feb 10
101 June 12378 Nov
190 .Ian 13
186
Oct 209
Mar
5858 Feb 8
651. May
46 June
5
Jan 6
534 Jan
4
Nov
Jan
301s Jan
100
Jan
8818 Jan
11; Jan
9038 Jan
lO's
Jau28
55s Jan
Jan
5
Jan
63
8978 Jan
38 Jan
11; Jan
71. Jan
year 1921
Lowest
$ per share
14
Jan
Jan
Jan
Jan
17
351. Jan
17
03,
10
18
1334 Fell 9
91, Feb 10
12»»
8'Vi
Aug
AUK
Due
20
Mnr
Mnr
24'i
1)00
1)00
12I4
Apr
Deo
Mar
Mar
May
May
157,
Nov
Ms
May
May
May
1
\r,^|,
I
19
I4I4
105,
Jnn 23
Jan 24
1 5
SI'S
I'cli
H
oil
Doe
lU'iMay
SNU Jun
10
10
OI4
12 If
23
Ool
a7i| Majr
Jnn 12
Jnn 19
Jnn 12
Jnn
3
45'i
0014
oil
10
20ig
Jnn
53«4
|.,.|.
X
Inu
131, .Ian 10
17
13
Ml. Jan 30
Feb
At'-,
Ry.IOO
n
100
too
2A
Wiron«ln Coniral
9
11
3138
23
.
I'ttilflr
73I1
87,
«'«
50
50
recta
r
I
M
Herl(-i
oSg
33I4
Twin riiy unpid Transit., ioo
341;
|.{)
8^11
31',
•I3«4
9
I
I'eli
2
9U Jnn
4
Jnn 10
54
7'T|
147,
I
'I'll
Doe
21
307,
701.
Di'i'
111,
1
)oo
Jnn
Mny
'>fi«-*llaneau,
<t
'-.
38 ij
•.33
I29I4
H'4|
.;
'•I
37
34
Preferred
e
l«
!..
28
30
3«
^l\ 2S
201,
•.331-
I
531,
J«
I
73
H
28H
30i4
34
297,
32««
•52
la'i
1
•721,
•14
in
•34
129
73
9
«it
2OI2
20
311;
217,
•19
20
.34 'i
3»
1287,
•22»«
20
•19
30',
2134
Jan 4
Jan 4
Jan 11
I1918 Jan 6
189 Jan 24
64
Jan 10
138 Jan 24
3I8 Jan 25
1258 Jan 25
32
Jan 30
50
6
SO
iHt pref
Jan 9
3312 Jan 27
521; Jan 11
834
9614
100
100
100
100
100
100
60
West Va
287g Jan2G
9134 Jan 3
845g Jan 3
*4 Jan 14
83
1
Highest
S per share
Jan 3
10
100
100
100
100
800
2d pref
20,500 8t LoiiN'San Kran tr ctf8..100
4..500
Preferred A trust ctfa... 100
10.300 St LoIlM .Southwestern
100
Do pref
7.700;
100
0.300 Seaboard Air Line
100
0.100
Do pre!
100
45.700 .Southern Pacific Co
100
19,00(1 Southern Kali way
100
l>o
14,020
pref
100
Texa»
A
Pacific
43.300i
100
..
0.400; Third Avenue
100
To! «i I, A Wiffi trrocM
Hcrlcx It
A.200
52I4
31*,!
Do
Do
1.100
243,
411,
31^4
22
We.stem
Preferred
20.100' Northern Pacific
II. SOOi Pennsylvania
9
2I7»
&
horn
1
[
2»It
22'i
.•'^out
i
581;
251;
771;
741.
25
•75
N Y N H & Hartford.. ..100
N Y Ontario & Western... 100
1..500
07
•flCi
1
74I8
241*
22
347g
12
227s
57I;
55
N
1838 533.900
345,
I
I
55
25
prof tru.st ctfs_ _ .100
3.300 Nat R.vs of Mex 2d pref... 100
3.000 New Orl Tex <k Mex v t c. 100
14,900' New York Central
100
Y Chicago & St Louis... 100
4,200[
FIr.st preferred
100
'2,6661
Second preferred
100
07
80
Do
18.400'
023,
77
79
I
11>2
207,
Preferred (new)
11.200,
10.200 MLssourl Pacific trust ctfs.lOO
101;
1007, IOI34
74I2
•70
I
73
•75
334
I
i
737.
77
358
73
77
73I4
•75
481;
2734
19
487,
j
24I2
•75I2
731;
24I4
238
IOI4
10
I81|i
21
3412
2l8
3
1018
65
111;
1003s 1007,,
78
2I4
173,
21
•70
2i8
04
187,1
91;
09
051.
18ig
43I2
81.
85s
65
I
100
•70
4I4
8I2
95
9'8l
714
43
68
87
Iron Ore properties.iVo par
100 Gulf Mob & Nor tr ctfs...l00
Do pref
100
900l
1,800] Illinois Central
100
8, 800 Interboro Cons Corp..iVo par
Do prof
4„500|
100
8,100, Kansas City Southern
100
Do pref
1,100
100
1,100' Lake Erie & Western
100
1,900
Do pref
100
6,200 Lehigh Valley
50
1.100, Louisville & Nashville
100
2. .300 Manhattan Ry guar
100
SOOi Market Street Ry
100
300
Preferred
100
Prior prcferrtHl
3.800
100
600
2d preferred
100
9,000! Mlnneap & St L (.new)
100
100 Minn St P & S S Marie... 100
Do pref
100
16,575 Miiisouri Kansas & Texas. 100
Do pref..
800|
100
42.6001 Mo Kan <t T( xa.s (new)
229I
3512
4
9
•65
2.500 Chicago Great Western
100
nig
2,800
Do pref
100
2OI4 21.200 Chicago Mllw & St Paul.. 100
3478 65.400
Do pref
100
077s 43.200 Chicago & North Western. 100
10638
Do pref
500
100
341. 35,000 Chic Rock Isi & Pac
100
881.
600
100
7% preferred
75I2
1,200
100
6% preferred
56
1.600 Chic St P Minn & Om
100
56
400 Ciev Cin Chic & St Louis.. 100
8OI4
1.000
Do pref
100
42
5,300 Colorado & Southern
100
58
100
Do 1st pref
..100
52
Do 2d pref
100
112
3.400 Delaware & Hudson
100
112
3.-300 Delaware Lack & Western. 50
100
Duluth
S
S <fe Atlantic
100
35s
200
9
Do pref.
..100
ll's 21.0001 Erie
100
I7I4 22,400
Do l.stpref
100
HI.
6.300!
Do 2d pref
100
761.1
8.3OOI Great Xorthern pref
100
7
101
10134
258
25s
8
8
24
243s
54I2 .54I2
12*4
13
301.
29
581. 595,
1131; 1135s
4834 487g
2014
42I2
8*4
71;
^*-
63
7
4
3*4
.334
93,
I7I4
351s
Fc.lOO
RR
2OI2 21
59
3
I
1078
I6I2
111.
74 12
'113
II3I2
457g 461.
2121
95gl
77
631;
41;
29
938
57
•72
621.
46
7
21
29
59
i
2I2
57
75
•56
mi
II2
75I4
411.
lOll.
10134: '101
278
27g
3
2"'s
8I2
738
71;
8
23I4
2458
2338 24381
o41;i .541
55
.54
lllj
12
12
1
35»
581;;
70i»;
58781
.54 1;
79
I
3558
3434
2
358
1
163sl
1114,
74l„l
>20l2
1*8
5814
55
74I2
II4
171;
55
'
9
55
•71
•6II2
24I4
I8I2I
40
3'8
1934
67
5I2
11
458
10*4
161s
10*4
743g
11«
..
335,
1
'
I
40
58l4
7618
•.54
111;
1 001;
lOO's'
•71
74I2:
06
•53
Vi
355s
677s
112 I' '1091.
Ill
11134 113
3I8.
358
3
21
21
101
!
•3=8
I8'2
35*
7514
•9
343g
•lllj
207«
7
27
»7I»
678
65!g
17
53
110
I
44
2'-.»«!
78
.5434
26
167g
2OI4I
41*8
5712
46
3I2
5I2
1114
I6I2
III4
57s
261s
58'2 581;
5834 595s
587s
'H3I2
'113
11438
11412,
1141s
4.5
44»4 45
48
Jol-
*2I)
1
SI4
J81I
16^
I
7I8
95*
•741-
21
100
258
29
1
634!
9
9I4
62
IO34I
I6I1'
338
•25g
•54
20
100
684
-9*41
4034
571;
58
•2l»
*4l»
IOI2
6
77
7934
413g
55
110
113
9
100
3
33 14
7
541; 55
.55
77
73I4
3l8
9S»
75
55
I
11038 11034
II3I2
113
3I2
•2I2
634
33
33I2
I
7934J
190
581.
S's
534
141;
514
651; 6714
IO5I4 1061 105ii> IOOI21 IO5I4
3378
331; 341;;
331s 34
8SI2 S8'2 8712 88I21 *87i2
7.5
75
75
7434 743j
.521.1 521.
52
527s .5312
55
4
2%
III4
131-'
,
I4I4
66I4
•40
110
113
3'8
68
.34'->
0*4
1678
.5734
234
33
.36
52
I9I2
6
2078
9
6I2
19I2
58
5I2
I4I1
.325s
•46
1434
575s
2I2
678
161s
1934
51
10
1271s
•185
190
05s
1634
193s
40
58
IH
3*4
14
3338
56l2
1*4
481;
1.358
40
58
1'4
91,
318
612
7414
8%
6
•63
5858
234
6i|
39I2
561-.
IIII4
II.3I4 11312
2I2 3I2
4I2
•3I2
93s
12.534
12638
321
75
3934
91s
93,
125
190
.565s
.5334
ini
Santa
16,600 Baltimore & Ohio
100
Do pref
2,500
100
Buffalo Roeh & Pitts
100
8.400 Broolil>'n Rapid Transit.. 100
2.500
Certificates of deposit..
15,400 Canadian Pacific.
100
Central RR of N J
100
9.100 Chesapealte & Ohio
100
5,810 Chitago & Alton
100
2.600
Pieferrcd
100
1.600 Chic & East 111
(new)
Do pref
3,300
00
9I4
61'
I6I2
1938
3311
.5.334
77
9
192
II4
1134
<k
,300
Do pref
100
1.000 Atlanta BIrm & Atlantic 100
600 Atlantic Coast Line RR.-lOO
1
36i8
1078
.33I2
3234
6534 6-38
1051s 10518
3338 3378
881; 8812
75
53
•54
1034
1251s 1261s
101"
7418
II312 114
4.5I8
4513
334
77I2
6I2
163g
191s
10=8
5314
50
60
100
100
13.200 Atcn Topeka
89
3538
53I2
53
50
60
•81-
36
On
Par
Railroads
PER SHARE
Range for previous
1922.
basis of 100-share lots
Lowest
.Kon .Vrbor
Preferred
861.
I'l
87
8912
355s
53I2
3
S6'4
II4
114
50
188
86I2
Range since Jan.
EXCHANGE
Shares
S ptr share
8
10
27 30
30
973g
97
98
88
88
36I4
3514
^;
IOI4
I5I4
1034
1 8*4
1834
IOOI2 101
3I4
3
9
9
S.i
2338
54
5434
•IOI2 12
•25I2 29
59
53
55
110
9l8
I3I4
I
60
57
88
39l2
•50
10
9
3I8
•ei'
1312
3314
8712
•561-.
3478
5478
5634
3334
53
•54
77
•Hi
88
1
88
35I2
5534
33g
6»4
1312
3238
77
*h
88
j
STOCKS
YORK STOCK
NEW
10
9634
S55s
87
Feb. 10.
Week.
iliart
•27
971"
965s
861;
87
567g
3234
53
54
97I4
.
Fridai/.
|
Feb. 9.
30
30
965s
86I2
llSg
914
91;
I26I4 I25I4 I26I4
•188 1901192
1138
3218
87I2
53
54
•76
Tuesday,
Sales
for
the
I
.'ji
l.-.'t
14':
37
53
I3'(
I
L'.'sl
30'i
I4«t
371,!
54
M
15
10
13
13
".15
I
I<K)J
•
I'"
Sfll}
,53
M
I5J«||
IA«|
I
1,1
>
•
*H
Mr
I.V,
I'.,,
H
I,
Jl.''
«.
'•'
|ire(
\
I.
\'
.
i
IM....NO
ItiililuT
Ine
<;..ld
Mlnmi
I
'
.
I'irieau (fold
"
<Wi1*r.
i«l
<)>
t
K(
T
MIo'B
Mf«
UK)
KMI
.
I
rUhU
I
.
,: iril flil-di
3.3Sl
l.nn
«t fi u^r •I,-" «(il
t>i*ri
>
:X
I
14*4
37 1„
50
niiin
101
.17 "4
Jnn 13
Jnn
Jnn 3
Jnn 3
Jnn 4
Jnn 5
IIHI
h,.>,
MM)
2IM4 .Inn
ri«tiu.
'
I
si'ilrU;
107,
'4
Nopnt
'•r,
113
,
48
aiihi
10
10
.
* Uye
•
1
100
IOO
par
50
.
l(i-<|i|i',|iiri.
'>
•III
.
H
3
••tfivUaiid.
All*,
105
I'
I
34«4
ii'i
<
Jnn II
Jan 231
Jan in
Jnn IH
Jnn 14
I
I'll
Jnn
l,.'l
lii'i'
I4
Dor
o,t
1|
11134
Doo
Jnn
1)00
ai'it
Jnn
Ml Fnb
l«4 Fnb
Auk
5914
83
Jiinn
10.134
311*4
2XI4
10
20!
07'i
20i|
•S»-fl«lili
.'ill
34
Oi
401, Fell
9-'i|
1
I
(JUM
Auk
Auk
Auk
lA)
90
l>no
linn
Ilflc
l>no
0M| Jan
to •ubeertbe
4
1
New York Stock Record— Continued— Page
608
1
1
2
For sales during the week of stocks usually inactive, see second page preceding
HIOH AND LOW SALE PRICE— PER SHARE, NOT PER CENT
Saturday,
Feb. 4.
Mnnday,
$ per share
S per share
57i2
57
Tuesday,
F^.
Feb. 6.
Thursday,
IVednesdai/.
Feb. 9.
Feb. 8.
7.
Friday,
Feb. 10.
Week.
S per share
Shares
PKR SHARE
STOCKS
Sales
for
Range since Jan.
NEW YORK STOCK
On basis
EXCHANGE
the
1
PER SHARE
Range
1922
0/ lOO-share
Lowest
Highest
Loteest
for
preHcut
year 1921
lots
Highest
1
•57
•60
S2l2
351'
•62
36Sg
69'2
68
64
521;
52%
523g
36
35'2
3<>l4
67
37I4
60
•100-'4 104
3734
3 8 '8
96
96
I4«l4 14«l4
43'2
9I2
20^8
44I2
5I4
5-l8
9'i
•132
14^4
62
67
3678
60»4
•101
3678
60^4
96l2
135
1
4^8
3778
96I2
14678 148
..9I2
•9
20^8 2OI2
4434 4434
5I2
6
13434 13434
1538
15
6478 67I2
6412
6434
95
96I2
7534
93«4
42-'8
42l8
96S4
7612
43I2
9%
934
7512
42
9"2
3178
•58
32I2
59
76
32
5714
3212
5812
IO7I2 1083,
•113
82
4'8
878
46i2
90
•87
122
32
•91
6678
90
IO7I2 1091,
II5I4 •113
1 1434
82
8712
9
8312
*4
8I2
4'll2
46%
4634
901
41s
9OI4
89
122
32'.8
137U
7'2
7I2
•71 14 75
2258 23
*87'2 91
8212 S3i2
IO4I2 IO4I2
27
1338
•3612
4812
54 12
75
•73
9934
•3
2714
1338
3934
49
5434
912
123
33
6634
94I2
2834
29l'>
6778
58
II8I4
I36I4
•9812 10034
I32I2 13278
•7
8I2
71 14
64
57
64
52I2
*5I34
52I2
5278
200
3578
36 14
67
37
30
67
37
63
607g
5878 5878
10134 10134
37
3712
*3fii2
3778
75
2278
*89
91
8318 84I4
10434 10434
2712 27I2
I47I2
147
'11814
8I2
1934
534
9%
20%
534
I34I2 I35I4
14% 15
671
66
9
9
1934
1934
42
137g
1434
6434
66
95
7634
42I2
97g
7634
4334
77
7734
32
32%
978
57I8
IO712 IO9I4
57 Is
113
89"l2
90
87
41»4
934
3II2
55
37g
4
9
9
46%
91
45I8
90ig
89
87
87
120
120
66I2
67%
94I4
95
3134
91
657g
9434
2734
29%
26%
66
57
95
•99
133
•99I2 10034
I32I2 134
10034 101
712
2212
89
83 ig
104
101
13434
8I2
73
75
23
00
22I4
27
751s
7634
751s
7634
101
55
77
77
G9I2
1011
74
3
99
3%
151
•75
78I4
*3l2
4
•IOI4
15
988s lOJij
•105
•47
•89
•20
2OI4
10«i34
48
95
22
•8912
6134
92
•109
•6I2
•8>2
•59
•22
•106
•70
45
•238
117
47
20
21
2034
10634
47
95
22
34
•57
62
62I2
92I4
9134
92%
110
7I4
934
64
23
108
74
45
58
107
107
634
9
60
45
•2%
3
•534
92
6
32I2
3334
27 12
2234
U6I4
4«l4
234
II712
32I2
32
91
578
2234
09
46
•2%
U6I2
32
III4
111
1II4
117s
III4
70 Is
70 14
7012
48I4
85I4
5I2
4878
4
•69
14
3I4
•69
534
5934
14%
69
5I2
1414
72I2
72 12
32% 33%
6t>l2
6<)7g
67 1»
33I2
3734
3334
3734
3378
341s
88
64
37
63 14
6434
6234
17
26ls
1713
1678
I7I4
267g
2612
27
56
57
52
53
91
91
4478
•91
44 14
443i
26I4
26 14
44I2
26I2
60
6912
69
2I4
2
10
67I2
27
60
•I4
%
9034
9034
13
5612
•100
•66
22I2
•70
45
47
234
II7I2
32 12
92
6
104
68
103lj 1047j
•113
116
347g 35I8
62
6234
8212 8212
10
10
23I2 2378
27
70
2 Is
8%
8%
6712
O8I4
26
26
597g
60
I4
3234
657g
3334
%
91
I212
S«l4
13is
14
7II4
49I4
87
97s
10
2312
24
*Bld and asksd
prtoea.
3134
91I2
105
61% 6412
92I2 93
IO8I2 IOSI2
234
116%
3II2
32
3
33%
66
«6%
3334
26%
2612
26ig
2034
5278
53
52 12
53
2l8
65 14
1634
16%
15%
314
3284
66I2
3334
8912
6oi8
6734
%
9034
13
64
100
•66
102
113
50
68
%
l«
9112
z89i2
I3I4
54
102
114
34% 3478
60% 62%
81% 81%
8
6712
72
49
I5I2
3l->
1578
33I4
35
5%
59 12
4
73
3273
66I2
33I4
38
*S<
26
26%
5313
5312
45%
097g
100
1,000
200
600
7,000
887s
66
600
3178
9112
5%
'4511
27
70
1%
1%
6I4
678
pref (nem)
common
Wat Wks &
Baldwin Locomotive Wks. 100
100
8% pref. 100
No par
British Empire Steel
100
1st preferred
100
2d preferred
100
Brooklyn Edison, Inc
100
Brooklyn Union Gas
100
Brown Shoe Inc..
103
Brunsivi,:k Term & Ry Sec. 100
Burns Bros
100
class
B com
Cluctt, Peabody
Preferred
& Co
100
100
No par
Coca Cola
100
Colorado Fuel A: Iron
Columbia G.ih & iOlectrlc. 100
Columbia Graphophone No par
Do
Computiui{-Tab-Record
68%
7,60.)
18%
20'4
1,203 Consolidated Cigar
48
50
lo"
IOI2
10
IOI4
934
24
25I2
2334
24%
13
5284
100
67
800
%
9012
13
53
104
67
10212 10334
114% 114%
34 12
Olig
6,300
1,800
400
48,100
450
91"
978
2312
24I2
SI
jitld
1,200
25,300
18,600
No par
No par
Do
29%
56
102
112
82
334
5I2
4,3%
8618
87
IO9I2
3084
91
Feb
5418 Jan
84
6
67
Do
Cuba
Do
< l!:\-rlguC9.
100
par
of America. 100
100
pref
No par
Cane Sugar
100
pref
i iji-dividead
«
6
4
8
3
26
8
4
Jan
3
90
Feb
78I4
IO2I2
8
10
$ per share
% per share % per share
5913 Jan 5
Aug 90
51
Jan
4612 Jan
64
Jan 18
5612 Dec
52I2 Jan 17
43I2 Jan
SOI- Dec
37 14 Jan 26
2412 Oct
51
Feb
64'2 Jan 23
5434 Dec
7478 JaD
Ig
Aug
38% Jan 30
29
6512 May
6284 Jan 20
42
Jan
56% Dec
IOI84 Feb 8
8884 Jan 100
Dec
3734 Feb 4
2312 June
3512 Dec
97% Jan 16
Feb 6
7684
II5I4
June
June
Jan 20
11
Jan 14
2212 Jan 17
108
May
15114
II6I2
Nov
29
Deo
Dec
Dec
Jan
2434
Nov
67
Apr
148
II8I4
4434 Feb 6
6I2 Jan 2(
13612 Jan 17
15% Feb 6
6712 Feb
99I2
79
4334
10
33I4
5912
IO9I4
Feb
Jan
Feb
3
17
28% Jan
19
87 14 Jan 3
53g Jan 9
2812 Jan 18
3I2 Aug
4I4 Aug
29% Aug
63I4 Aug
101
13434
8
Feb
lO
Jan 9
Jan 16
Jan 18
Feb 7
Feb 9
Feb 7
Jan 14
47% Oct
17
2OI2
Feb 4
Jan 21
84I4
Jao
Jan
Jan
Jan
Jan
Jan
Feb
8
19
227s
3134
Aug
Aug
6
24
Feb
7
5584
Jan
Jan
Jan
31% Jan
23
Jan
19
45
Jan
Jan
Jan
20
23
3
91
397g
5012
50
77
77
IO2I4
3I2
24
25
14
Jan
Feb
Feb
IOi% Feb
Feb
107
47% Feb
27
18
80
5I4
I5I4
9
-.1
10
10
8
21
%
5834
65
93
109
.Tan
67
1584 June]
Aug
10
50% Aug
212
10
Jan 25
2484 Jan 20
Jan 3
Jan 18
48I4 Feb 6
Olo Jan 14
108
74
119U Jao
32% Jan
917g Jan
64 Jan
Feb
34
28i2 Jan
Jao
12
41
24
6434
1'4
5
6514
18%
U
12%
45»4
IOOI2
66
OtU
111
31%
5714
80
Sig
I514
20
Dec
96I4
8312
IO4I2
3913
June
Deo
Dec
Jan
14% Dec
4078 Dec
50% Uot
5OI2 Doc
7684 Dec
78
Dee
IO7I2
Mar
Jan
Jan
44I2 Jan
9
76
25% Dec
6214
95
29
70
20
De,
June
I2
Aug
12
3
8I4
55
22
Jan
Dee
Dec
Aug
1484
41
70
June
June
June
Aug
Dec
Dec
Dec
Jan
Jan
88
51
27
35
1
6212
65
93 14
112
Jan
Det
May
Jan
Jail
May
May
Jan
Sept
713
Dec
9
Dei-
58% Dec
23% Dec
Dec
Nov
46% Nov
101
7612
33
Feb
2I2
8114
Aug
5I1
Jan
Jan
I22I2
19
31is
Dee
3334
Dec
Doc
18
1S734
Nov
3'4
Dec
Aug
90
25
6I4
33=4
Dec
14
87
1578
07% Jan
18
3534 Jan 21
3734 Feb 4
89% Feb 2
«5l2 Feb 10
66 14 Feb 10
18'4 Jao 23
2884 Jan 19
6OI3 Feb 3
Jan II
911- .Ian IS
Jan 3
4578 Feb 10
Jan 5
2934 Jan 20
Jao 10
Feb 6
70
Jao 4
278 Jan 5
Jan 26
Feb 9
12% Jan 28
Jan 20
Jan 3
70
Feb 10
30 ig Jan 9
Jan 9
Feb lOl 64
84 Jan
9
Jan I7|
94I2
Jao 20
Jau30|
1434 Jan 13
JauSOJ
5612 Feb 4
Jao 4
Jan 14! 1001- Jan 14
Jan 25
Jan 201 67
Jan 4' IO5I4 Feb 6
Jan 10: II6I2 Jan 13
3684 Jan 3
Jan 10
67I4 Jan 3
Jan IS
S6I2 Jan 5
Jan 17
IO84 Jan 24
Jan 111
Jan 3
25% I'Ob 7
Par vaiua «iu per aoare.
Oct
60% Dec
Dec
87
90
Feb
Dec
Dec
Deo
5I4
Feb
10
7
991I31I2
6I2
Feb
Apr
15
June 100-%
June zl05
41
Jan
Jan
86
Sept
3912 June
Jan 20
96
a820 June 11125 May
103% July II3I2 Nov
8l8 June
I3I4 Jan
5
43
85
Sepi
Oci
June
Feb 10
Feb 10
9% Feb
984
I84
18
Feb
Jan 4
Jan 16
Jan 13
85
4734 Jao 5
Jan 14
60
loig Jan 5
Feb 10!
26
Aug
684 3epl|
6934 Jan
35
Nov
25
Jan 24
23
95
Feb 10
4
Jan IS
7212 Feb 6
33% Jan 20
3234
9IS4
II9I2
13684
110
4
3
4
29% Jan 10
63% Jao 6
88
Nov
Oct
Jan
Sept
48 Sept
8I2 Sept
9018 Jan
Feb
57
Feb
93
7«l4
35
Jan
Jan
Aug
Jao 20
6% Jao 20
OOI2 Jan 25
3I4
90
88
Jan
Jan
Dec
Dec
Dec
Dec
Dec
Dec
Mar
80
3
9
24
11
11
14
47I4
Dec
Dec
Nov
IO7I4
Jan
June
10
Jao
Jan
68
43 Ig Jao
Jao
83
512 Jan
68 Jan
11
Jan
IOI4
115
91
10
Dec
67I2
28i2
6434
9534
IIII2
I412
4
no
95I4
3
21
18
Feb lO
72
4934 Feb 6
20% Jan
11% Apr
6212 Jan
93
Jan
II4S4
23
Feb 4
Jan 20
3
31
16
14
10
66% Jan
Not
53% Mar
Aug
Aug
20%
3
397,
7313 June
98I4 June
73I4
18
19% Jan
Jan
Jan
Jan
70
42
Jan
2% Jan
II312 Jan
Aug
Aug
Aug
Aug
7'8
I7I4
78
Jan
211s
2114
Jan 17
Jan 20
Feb 4
9612
6S84
951s
3534
71
11812
13734
90
100
Jan
Jan
Jan
Dee
Dee
62% Dec
8312 Dec
137
16
33% Jan 20
122
8912 Jan 21
16
I9I4 Jan 9
I2 Jan 14
61
Jan 10
55I2 Jan 3|
9ll3 Jan 25
104
Jan 4
434 Jan 10
8I2 Jan 9
58I4 Jan 3
42
67
884
Jan
Jan
23I4 Feb 9
10
14 1020
Jan 4
9 II5I2 Jan 17
17
Jan 27
5
Jan 9
312 Jan 3
14
Jan 10
93 12 Jan 13
Jao 13
104
40
Jan 19
6I2
157, J u ne
35I2 July
4
June
114
Julv
Apr
8
4012 Feb
97
63
95
14%
<1
Jan 25
Jan 19
Jan 19
9|l2 Jan 18
89 Jan 19
3
18
31
5
30
3
IC
7
978
29'2
17
31
3
6
48
13
6
Feb
Feb
Feb
115
Jan 21
8912 Feb 8
434 Jan 6
105
1
68
S5>2
No
31
3
Jan 4
Jan 4
Consolidated Gas wV Y)..100
Consolidated Textile. ..A'o par
100
Continental Can, luc
100
Do pref
25
Continental Insurance
100
Refining...
Products
Corn
pref...
30
I7I4
48
Do
12
2434 Feb 10
52I2 Jan 27
11412 Jan 4
I2918 Jan 5
pref
100
Consol Distributors, Inc.Vo par
35% 23,203 Cosden & Co
63% 30.703 Crucible Steel
SOI2
AssoMuidai
"2",963
.100
pref
6684
90
t
100
c.
5
100
Buttcriok
Butte & Superior Mining.. 10
2, 60 J Caddo Central Oil&Ret No par
4, 10 J California Packing
No par
18,203 California Petroleum
100
500
Do pref
100
1,700 Callahan Zinc-Lead
10
lOJ Calurajt ArUona Mining
10
10.03J Car.-!on Hill Gold
1
No par
200 Casi.' (J I) Plow
100 Cas.^ (JI) 1 liresh M, pf ctf . 103
16,80) Central Leather
100
Do pref
2,90J
100
16,010 Cerro de Pasco Copper. Afo par
No pur
lOJ Cenain-Teed Prod
l.st prcfeircd
100
No par
62,103 Chandler Motor Car
3,000 Chicago Pneumatic Tool.. 100
22.60J Chile Copper
25
6
6.100 ChiuoCopper
lOJ
16.0JJ
1.30J
10.800
30.10)
9.700
918
12
13
5
16
10
4
6
7
10
5.300
8.400
2.03!)
3818
Jan
Jan
Jan
Jan
Jan
Jan
Jao
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
100
50
2OI2
%
Jan II
Jan 31
Jan 4
Jan 18
32 14 Jan 5
93 14 Jan 3
141
Jan 10
II.512 Jan 6
7 Jan 27
19I4 Jan 10
41
Jan 11
412 Jan 13
12784 Feb 1
12
Jan 18
Jan 3
58
3II4
51
98I4
W
New
3
61
Jao
Jan
22l2 Jan
Auer Zinc. Lead & Smelt. 25
1218 Jan
Do pref
25
36
Jan
Anaconda Copper Mining. 50
47
Jan
Associated Dry Goods
101)
43
Jan
Do Ist preferred
100
76
Jan
Do 2d preferred
100
76
Jan
Associated Oil
100
99
Jan
2I4
Atlantic Fruit
par
Jan
No
2434 Jan
Atl Gull &
I S3 Line... 100
Do pref
19
Jan
100
Atlantic Petroleum
Jan
25
21
Atlantic Refining
100 975
Jan
Preferred
Jan
100 113
Austin Nichols & Co
No par
914 Jan
300 Bush Term Bidgs. pref
1,000 Butte Copper & Zinc v
7
Jan 12
3184 Jan
3
3
Class B
El V t c.-llO
l.-t prof 0%) V tc
100
Panic pref (6%) v t c.lOO
-•im Whole-sale Corp, pref. 100
Amer Woolen
100
Do pref
100
Amer Writing Paper pref. . 101)
Am
Jan 16
96l2 Jan
100
100 •126
Jan
Do pref
1,100
Do cum conv
8.515
1.800 Booth Fisheries
3,400
32
Do
Do
450
Do pref
100
200 Baniet Leather
No par
Preferred
100
100
Barn-sdall Corp. Class A
25
Class B
700
.25
Balopilas Mining
..20
12,400 Bethlehem Steel Corp
100
Do Class B Common.. 100
40,000
284
8678
5I2
5912
32I4
166, .500
1-3
100
100
100
Amer Sumatra Tobacco
100
Preferred
100
Amer Telephone & Teleg.. 100
American Tobacco
100
60
25%
•
711s
48
2OI2
6278
8112
10
t Bx-divldand and rlghca
3II2
90
4"534
Am
Preferred
1.100 Auto Sales Corp
Preferred
400
11678
I6I2
67
!-0l2
2%
66 14
IO2I4 10334
114
II4I4
34I4 35
6O34
70
40
2238
16
13
05
65
108
72
46
66 14
S9i2
13
5234 5312
100 101
68
103%
938
9I8
641s
53
0634
2OI2
21% 23
%
65
93
IOS'2 1081
1678
II4
9114
13
6318
66
21s
67
6884
8912
6512
6934
2
•48
84
58
63
27
OS
25
68
55
534
53
5
25
22
11
27
9
96I4
11
69I4
Ig
48
26%
6934
2
107
478
15
5%
26%
45%
500
3II2
2534
26 18
90
117
14
107
*45
22%
12,900
500
300
46
104%
93
710
100
100
990
578
27
67
25
10
2334
6412
2684
2OI2
23I2
IO2I2
90
20
20
14,900
4,900
500
3
3II2
2634
1112
38
6378
6412
76
77
79
91
69%
8I2
%
3II2
46lg
10
12%
234
90
45I4
26
•8I4
91
331s
35
86
37 12
I6I2
70
14
11634 •116
73
3218
66I2
S9l2
I7I4
2684
Is
63
4778
5278
75
478
10
9ig
59
I4I4
14
66 12
34
6912
2
58
5934
4
26%
512
534
73
33
3312
3712
23
9
92
5%
534
Is
Y6'l4
91
9112
32I2
•86
63
64
•1814
*970
•114
9%
70% 71%
71%
47% 48I4 47% 49
85% 85% 8534 8684
3
3
26
21,200
39
•
*99i2 IOII2
7OI4
*11
71
•65
511s
94
47%
70
UI4
1334
3612
59
26
5812
13I2
104
26I2
I4I4
1312
64
25I2
5934
500
1,400
1,200
22 14
108
11638
1,700
25I2
6%
45
600
104%
104
'2%
1,100
9.800
8,700
25I2
66
22 12
108
«
600
10114
8
64
1,400
6,100
4.300
1,900
100
8334
9I4
22I4
75
23
*'2
58 14
6I4
36,500
3.100
3.700
800
39.400
200
2,725
*89l4
8234
•lo
'
57
7
1634
447g
48
96 14
26
22
90
20
20
»4
65I4
0412
90
5I4
107
•45
31
5%
38
89
I4I2
5l8
32
11
1
I5I4
15
IOO84 10334
32
534
55 12
100 102
100
104
67
67
67
67
10278 IO5I4
10278 104
11478 11478 113
116
35
35% 3434 35%
62 14 6338
6334
62
82
8218 8II2 83
56%
78
631;
63i2
53
9i
75
73
116
23
990
78
45
23g
534
331s
2734
1134
73
86
64A|
5578
14
•37
38
89
86
6412
6334
13
5%
59
104
314
71
3278
60
48
5834
60
14I4
66 12
2
•9
67 ij
•26
71
*85i4
3234
•86
63
26I2
65
23
108
74
1
117
677s
9I4
27%
88
23
980
8
23
75
•9913 IOII2
3
3
2534 2612
20I2 2OI2
21
934
578
71
4934
•76
8
76
77
77
*II5
•14
•I2
57
912
32
*85i4
512
21
3
68
6l2
33I4
28I4
851.1
22
70
96 14
26
7I2
3212
2714
8 If
25
90
20
'
6l'>
91
92
6
14
75
•37
6178 63
6I34 6234
92I2 92I2 9214 92l'>
101)34
10634
•IO714 IO8I2
104
108
73
69
20
•I2
57
59
65
2234
n73j
634
10
104
15
78i2
4
15
IS's
135
52
72
39,200
67%
56
5812 Jan
1.200
100
Do pref..
100
Araer International Corp.. 100
.American La France F. E.. 10
American Linseed
100
Do pref
100
American Locomotive
100
Do pref..
100
American Radiator
25
American Safety Razor
25
Am Ship & Comm
No par
Amer Smeltlns - Refining. 100
Do pref
100
Am Smelt Secur pref ser A. 100
Americran Snuff
..100
9434
66
% per share
78
4.400
2278
50
50
American Beet Sugar
100
Do pref
100
Amor Bosch Magneto.. A^o par
Am Brake Shoe & F No par
I»ref erred
100
American Can
100
Do pref
100
_.
American Car & Foundry. 100
Do pref
100
American Chicle
No par
American Cotton Oil
100
Do pre!
100
.\mer Drui;i<lsts Syndicate. 10
American Express
100
American Hide & Leather. 100
Do prof
100
Preferred
24%
94
72
75
227g
Mlscell. (Con.) Par
Agrlcul Chem pref
100
9,100 American Ice
131%
117
15
*3l2
4
5
I4I2
•IOI4
16
10134 10378 1007s 102%
IO6I2 106l> •105
107
•4OI2 48
471s 471s
•20
21
*l2
'4
14
75
•8912
57
62
31^ 32%
92
I4I2
7812
•3I2
4
IOI4 15
IOII4 104
106
•"2
•55
I412
75
72
Am
&
10,900
Steel Fdry tem ctfs.33
100
I'ref tem ctfs
21.000 American Sugar Refining..
2.400
Do pref
SI4
5334
115
;
32
3.600
900
5.200
9,009
134% ziZO
53 12
*U5l2 117
•14%
7%
47%
11434
116
23
90
90
II8I2
327g
300
300
54
•115
21
23
2812
21
23I2
9%
32%
1.300
4,400
IOII4
481s
•980 1000
21
133
500
100
13%
40
48
980 1000
24
2734
2OI2
*22l2
94
79
43 14
I3412 13778 Tl33
9OI2 89I4 93
82I2 84
8212 83%
IO412 IO4I2 •IO4I2 IO5I2
2612 2634 26 12 27
55
77
117% 118
8
75
23
38l2
6534
9518
27ig
54 14 54I4
11778 118is
90
84I4
104i'>
27
7I4
«37i2
47I2
53I2
3%
27% 28%
6778
54
I4I4
*91
94
5534 56
1181s II8I4
I36I2
136
•980 1000
31s
2734
2084
3>l2
32
I18is 118'4
I36I4 13734
3
3
26l2 2712
2034 2034
2234
23i
'985 1000
2718
•I9I2
•22I2
II6I2 122
91
9I2
U8I2
95
487s
77
*87
28
58
SOU
IOII2
j-90
90
95
54I4
3I4
87s
91
3.100
3li2
57I2
56
10634 IO8I2
11434 11434
*85i4 8712
378
378
812
8%
4512 4578
4578
9112
87
I47I4
•984
8I2
2'il4
48%
•99
4
200
16.400
47
6
135
14
65I4
45 14
65I2
48% 49 "s
•74I2
S7i2
4
9434
28I4
36i» 3812
9934
108^4
66%
13is
56
77
32
115
85
91
13I8
•75
934
58
113
32%
I3I4
75
77
43
I0'il2
2.100
2,300
21
5%
4134
•3II2
461s
91
61s
80
56
6712
3684
59I4
37I2
9OI2
9
2OI2
•42
94
78
934
85
9I4
20
47
9478
41%
68
9612
147
133
78
l.COO
II8I4
I34I2 I34I2
I4I4
14
647g 65%
94
3134
9
4is
9I4
1934
37
Indus.
American Bank Note
35
IOOI2 107
37I2
96
•42
6 Is
35I2
58
59
102
147%
10<il4
85
36%
96
97,
10734
11334 11334
59
50
36% 3478
67I2 63
14634
•II8I4
43
13
*37l2
13l2
3678
I34I2
133
93I4
4I8
101
6i8
95
9
46
5878
48
5%
92
87
65I2
361s
96% 96%
97
14778 148
118
•71I4
2278
13
60
800
64
5134
120
120
32 14 3278
94%
118
136
9512
56I4
60
52I2
3684
106
3714
91
96
0618
IOOI2 IOOI2
13178 132I2
4ij
90
92
96
67
90
2834 2934
5838 5838
11818 II8I4
136
90is
•86
*I15
32
36l2
6078
S per share $ per share
56I4 57I2 56l2 57
64
57ig
57
60
52
3634
62
•101
107
37I4
•118
•118
20
64
«fiO
$ per share
10<4
734
53%
Jan
June
Dw
Aug
Dec
19% Apr
July
74
22
Nov
Jan
68I2 Jan
50%
Ow
88
Dec
Aug
712
25
3'4
Jan
41I2
Jan
60
De<-
11
Dec
Not
3
Nov
15I2
IOI4
63
Dec
85% Feb
22% Aug
,57 '8 Aug
Mat
23
22
Aug
70
38I4
June
Oct
43 14
96
Apr
Jan
Jan
3612
Dec
44
86
86
De<'
Jan
Apr
Jan
Aug
70"4
167g
r>ec
191:
Mar
Mar
2913
Dec
3OI4
June
47
9
79 12 Apr
19
Feb
22
62
July
021- J an
89
I>ec
Dec
June
4312
3284
6734
2% Aug
1284
Jan
Dec
6214
587<
Feb
Dec
8I2
28^4 June
1312
53
l2
7713
Dec
Dec
S
.
Jan
Aug
34% Aug
82i2 Aug
58% Aug
1284
59
96
2212
49
77
June
June
Aug
\ ..
June
5% Oct
131s Dec
May
Dec
59 14
Jan
80
FVb
10
Mar
Nov
95
2178
66
10034
73
99I4
112
4384
1071-
91
26
68I2
Jan
Jan
Dec
Dec
Dec
Dec
Apr
Jan
Jan
Feb
Feb
New York Stock Record— Continued— Page
For sales duilng the week of stocks usually Inactive
UIQH ASD LOW SALE PRICE—PER SHARE, SOT PER CENT.
o
Mundav
Tuesday.
Feb. 6
Feb. 7
Feb. 4
S per Shan
18^4
•
1812
"eoi'z
6OI2
•leu
1678
18%
19
85
•
1678
•100
106
23ij
23
690 690 •680
14312 I4412 143
105
2318
15H
14%
14%
312
•3I2
8118
4
82
*10'>34
107
79I2
9312
80^4
78^4
80
95
94
94I2
12»4
13«2
•56"
5934
95
•68
•100
146
h
14%
I4I3
54
53
53
6278
6II2
53
63
98
68
•95
97I2
14612
•95
14*4
•
l8
97
100
68
0934
97I2
14034 1477g
914
9
71
71
145%
80
3134
37»4
83
S3
28
3'i%
85'2
27'2
18'4
I8I2
27% 27%
•2578
8
%
72i2
74»4
1^
II2
2%
^
1'4
%
178
7712
2>g
•isi's
16%
•is"
lY
ns"
•57
67
•58
6OI2
•60
7514
7534
13%
13%
•3
"zIh
8^8
37
31
82«4
•IO8I4
5I4
3%
39"
878
37
31%
39
37
30
37
30
80
8312
•IO8I4
8312
'
16
1534
68^4
31
7112
f.9»4
69i8
31
12*8
56'
•«9
15
28»»
Wt
3%
8%
8%
3<i34
3034
•29%
30%
83
•109
8334
111
15%
70%
70%
70%
CO
58
58
57
57
57
57
12>4
12%
127,
I2I2
12*4
12%
12%
«>%
6934
50',
4812
50%
70
69»4
4812
6912
6912
69
69
69%
48% 50%
69
69%
15%
1+%
I5I2
1434
15
1434
28*4
297,
2934
30
28
2l2
127,
•51
2«4
2%
'
1
6*4
98
38
98
78
63
'
I318
12(4
1234
521:
53
3';34
3712
37I2
6%
67g
3M«
6%
•90
98
3734
9434
38*4
94>4
7«
70
62
947,
7«l4
70I4
28*4
1034
17',
130%
I3II4
1
4<;i2
4<-.34
4X
47
47
47
287,
12%
•51
3434
01.
90
98
3834
947,
Wt
16
129
481.
4812
47
•45
4778
35
034
90
95
81
62% 62%
27% 27%
28%
1078
130>4 131
•47
12%
53
37% 38%
•93
•70
65
28
15
29%
2% 2%
67,
38%
•60
62
28
287,
•6834
53
•90
151:!
2%
27^2
10%
129
47%
47
I»13
no
no
•M
1
,
••71*
I'si'S
108
•79
«1
W
•971;
•100
IS2I2 •160
•79
•CO
82
«I
IBl4
1
44
4«
407|
407,
2S
2ft
2A
32
25
12»,
I2»,
•ion
•106
1
1
37%
30% 37%
85
85
85
74
7438
14
3%
3%
38
38
•8
•351.
•2934
37
•35
30
30
•l»J
•IIH
83
83% •83% 84%
107% 109% •10V% 110
153,
15
15% 15%
69% 71%
27% 29
•M>|
12%
12%
28
z68
r57
12%
6834
6S34
69%
•54
i'l
40'
Oil
91'
69U
691.
70
49
69
49%
69%
14%
15
1434
29
29%
29%
15
2934
2%
2%
49% 49%
•69
2%
12%
•50
35
6%
•87
37%
95
•76
91
113
•14^
M
82lf
•A3
•I6"i
Aft
1
.',.Vi
«»»
2«'t
9<1
•l|l«
95%
•76
81
81
62
2734
61% 63
27
27%
16%
I6I4
15*4
16%
132% •1273,
128>4
47
47%
47% 49%
•46%
48
28%
•100
•150
•108
•79
48
27%
103% •160
110% 1007,
9')
•90%
100% •98
11*4
11%
i»34
10%
•38
40
•97% 99
•97%
28%
164
10- 178
97%
10')%
11%
n
40
99
1st prefen-ed
Do
no
•100
no
151
•I5li2 152%
•no 112
•79
Ml
2d prefer ed
400 Mackay Oiiupaoles
33
28
32
26
26
32% 34
27% 31 12
27%
32%
28%
3334
283«
32*4
33I4
32
32%
32*4
32% 23.20
3.10)
33%
13%
12%
12%
12
12
lOS
110
2%
2I2
1161,
117%
88
2%
20% 26%
12%
12%
12%
31
29% 30*4 30% 31%
67% 08% •07% 68
•<.7i;
•104
•W)
207,
«8
.... •104
12%
....
12%
•KM
I4l|
13%
1:1%
13%
14
27 1|
2«l4
2H<4
27%
•10%
2OI4
12
134
20
1214
•IfH,
12%
77
131
12
131
134
no
119
no
•no
32
77
31
31
41
•00
02
A/>
W
21
U>»S
40',
r,i,u
1
I'l
14%
.:.i|
30%
m
•10%
67% 67%
13%
28%
28
28%
12%
•11
133
•IIU
13
I3i
120
1
v.i-i
21
f/is
1
40«,
40,
t
*
0%
"
1
W)
00
•HH
8J1% MH%
NM1| HH%
•III
112
•III
112
14
1
11%
68% 00
30
•63
6ft
•c,.l
1.
.'(
110
112
,
-
12%
30
00
00
-
Kii ,
40%
77%
1%
•IM
.;
2%
2%
80%
20%
•17
14%
M't
I4it
r>o%
1:1*4
!.,
Aft
•63
6A
•63
•10
OA
in
in
AA
67%
41
41
41
7
M
'
20
•36%
7^
(IffbUi.
'{*'
I
May
Do
1.000
12 20
1.10.20
Mrlni
I
•91%
13
Umt tted
.
DcpartniHul dloros. .100
pn-f
yrr I'nr
luo
Minoi
.
.Mftl. all P.troleuin
100
|00
M Mlnnii ('(ippor..
6
M MlildlirHtulm Oil Corp
10
JI.SD'll Mlilviilr .Hixi-I iV Ordiiaooe. 60
4«>l .Moiiiiina Powrr. ......... 100
l>o
prpf
].!!l(M)
1
iin
rr.fi:rri«l
1
.
Mont Ward* Co IllsCorpVop/jr
I3.9(r)
9.I(X)
40:)
HO')
3IK)
No
MulllriK Hoily
.S'ltllnnal
.Nnlloiiul
I'll
Do
2fK)
i.fCC)
pref
IIMJ
*
too
Suit
prrf
liHJ
.Val Coiidull A ('nliln .No
.\»l Knitin'u 4t Hump'ii. . .
Do prnf
.Vitdiiiiiil \AttA
'> t'-f
12.400
1,400
2,20't
..^>-.
lOO'
-Uo
VV
fV>pp<T.
Mrakn
.
1
.
prnf
M.,(,,t,.ill(|lng
No
<u»Oo
.
.
pur
100
1(H)
100
100
A
...100
'^k
1
3A
10^
pir
Artna .......... 80
Itlnoult....
100
Nkllon»l Cloak
.WIO
1
21
7%
36
1
"\%
60*4
41
100
25
no par
.
•','fi
,
Co.. ATopi/^
.Martin. I'urry (Jorp
No pir
Miirhl.»".n Alkali Works ...'.0
.Maxw-i II Mot clniw It . .Vo par
-•1
•2M4
M
100
it
ManiillH.iifar
1
MH
31
)
MU
•28*4
AA
"^
887,
n.!
3f)
40«4
•24
04
H.H%
112
pref
Miirilialtiin .Shirt
39.10',i M.iTl.iiKl Oil
10914
115% 110%
ItKl
10.40J
)|
13
134
120
31
7,.t0f)|
70
43
02
.
29
K>0% 106%
•lOrt
Do
303 Malllnnon (H R)
04%
113
1
19
•29%
30
31
77% •73
77% •73
77%
l«4
1%
1%
1%
IS
42%
40<4 4 %
40% 411,
>
li|
60%
•104%
137*
»&
•lOij
2%
114% 117%
I2'i
42l|
'M
2%
114% 110*4
88
30it
l>iH
7H
,
109%
I2it
2UH
I
;
IOSI4
108
307,
OIHi
•NO
2A7,
-
2%
•107
109% •106
80% 80%
20% 20*4
89
•90
92
•110
KKI
•100
•60%
•183,
100
100
100
!00
.
2d
preferred
Lor1liard(Pj
'"'mo
27I4
•100
100
25
100
1
2OI4
no
& Co
(Julias)
Laclede Giis (St tjon\a)
100
""2',
200 Lee Rubber A Tire ...No par
203 LiKKett A. .Myers Tobacco. 100
Do pref
300
100
2,300 Lima lyoom Wks Inc
lO:)
Preferred.
100
6,700' Loew'H Incorporated... jVfl par
2,400; Loft Incorpor.ited
No par
1.800 Loos&VVIIee Blucull tr ctfs. 100
2.'>i2
31%
10
203
6% pref.'JTed
800 Keisey Wheel Inc
..I'O
31.300 Kenne<«ll Copper
No par
10.903 Keystone Tire & Rubber.. 10
4,203 Kresge (.S S) Co
100
6,800 Lackawanna Steel
00
26i2
31 iz
31%
•12%
Tea, Ino
Gulf
6%
27%
129
Kayser
10
100
100
100
pref
7,100; KellySprln,'fiel(l Tire
600
Temporary
pref
61
•46
Do
Kansas*
4,930
ion
48% 48%
35% 3534
1
Hid.
92
38
96
48%
39%
2«
1
95%
634
"
40*4
3834
1
31
371,
61.
•87
37
4U>«
60
«0>t
634
93
on &Tran3pvtc..
1,90)| Jones Broa
36
47%
1%
1
•35
Island
403|
3834
41
hh
35%
100
2,701 Jewel Tea, Inc..
40
'IHi
.
1234
47
M'l
1
1234
152% 55
40«4
28>4
137
133
•118
119
32',
32
2»*4
11/
12%
2% 38,000
54
pref
Ist
701
Do 2d pref
100
9,003 International .\'ickel (The) 25
2O0
Preferred
100
4,303 Interuailonal Paper
100
500
Do stamped pref
100
11,80) Invincible Oil Corp
50
4,500 Iron Products Corp
No par
40
•132
•118
II
12%
Do
1,803
V)
I'l
40'4
57
19
•73
•Ml|
5.
19
M'4
2»*i1
7034
70%
2 %
69%
•60%
•09
IIU
6934
I914
•103%
I3;i
9
36
30
0034
12
301,
;
38%
•18*4
26i2
.
3734
•8
•00%
127,
2A7,
8%
19%
3'>'4
1
•7
10
No par
300| Hydraullo Sloel
4,800 Indiahoma Refining.
S
Indiana Refining
10
3,400 Inspiration Cons Copper.. 20
700 Internal Aijrlcul Corp
100
50:)
Do pref
100
2,103 International Cemenl.. No par
4,50J Internal Harvester Kneic).. 100
90J
Do pref (n««i)
100
10,600 Int .Mercantile .Marine
100
34,203
Do |)ref..
100
5,901 Internal .Motor Truck.. jVo par
603|4
2'2
11414 II.V,
Ml,
3%
3%
7%
19%
•V)
70
14%
3%
3%
100
100
Houston Oil of Te^as
30,000 Hupp Motor Car Corp
4«1
•2%
8<l
14%
""6",466
00*4
iu7lt lOSit •106
11.0*,
III
81
3%
3%
7%
Homestake Mining
67
74% 70%
74%
14%
25
1
Hl7i
2««,
I8««
2S«4
lll|
162
'l634
•61
67
100
par
100
No
4,600 Freeport Texas Co
No par
300 Gastoa,
& W, loc... No par
500 Gen Am Tank Car
No par
73,100 General Asphalt.
100
Sno
Do pref
100
2,700 General Cigar, Inc
100
100
Debenture pref
100
4,500 General Electric
100
64,300 General Motors Corp..7Vo par
400
Do pref..
100
Do Deb stock 6%)... 100
3,000
1,400
Do Deb stock (7%)... 100
2.500 Goodrich Co B F)
No par
500
Do pref
100
700 Granby Cons M,
Fowl 00
3,700 Gray& Davis Ipc
.Vo par
100 Greene Cananea Copper.. 100
4,700 Guantanamo Sugar
No par
Rights
20.734
42,000 G'lll .St.;tes Steel tr ctfs... 100
14.700 Uai bishaw Elec Cab..jVo par
Ha.Hkell & Barker Car..;Vo par
Hendee Manufacturing
100
4<i%
421,
117,
IH'i
•louH
163
161
10914 lOflU •109
•79
81
17g
15s
"l"6"3i
•62
7634
•is"
Smelting 100 «
*
100 Fisher Body Corp
2,900 Fisher Body Ohio, pref
2.400 Flai Rubber
I9»4
30
2«lt
no
74
1%
1*4
•is"
100
Sm&
27%
7%
7%
%
%
7034
&
700 Federal Mining
Do pref
300
81
61
•106
2H
99
•100
1
\ll^>-,
IMli
•971.
99
no
•70
81
61
403,
i
107-;
•80
•97li
•100
•150
loni; •1021: 10712
19"4
3l<t
99
110
152
82
82
70%
277,
28% 28% 28
28% 28%
•100
1031. •160
10012 I6OI2 •100
104
•108%
109
•108"2 IIOI2 •IO8I2 IIOI2 109
97I4
9734 99
97"4
•95% 96
95
90%
97
•96
•97
IOOI4 •98
100
100% •98
100
Ill2
IH4
11 "2
II '2
11'8
I0»4
11% 11%
11%
III*
111,
107,
10*4
1034
11
11
11
10*4
•39
•38
^39
40*4
40*4
40>4
41
40
3»
27I2
•160
•80%
70%
70%
•80%
30%
7
"3"8i"4
29%
17
lC7t
12912 129':
•46
15
4
69'4
2938
6»4
•74
63
69%
74%
71I4
37
377g
•91
"1634
SQig
2»4
12«4
53»4
•90
"38"
77
2
7II4
21*
12»4
53<4
•36
4
..
73
•20%
3%
1638
7178
9%
878
73
70
27%
27% •26
8
7%
8
7%
I4
'4
%
%
70%
29%
2812
146
146
9
9%
•7134 73
18
13%
85
95%
68%
•07
17%
134
•108
•93%
•100% 102%
140
146%
18%
•16"
9
30I2
3OI2
6 134
18%
Y6I2
'39'
60%
ISI4
73%
50
W
%
S3
ISI4
30's
72
27^
98
68
98
•26
534
312
1334
%
53
S5
29
15
.
%
2S% 28% •28
1378
15%
9%
13%
13*4
28%
74
2978
•8312
•94
98
Eastman Kodak
48*4 Jan
15%
100%
18%
600
100
100
par
•Jii
2%
76%
104
75%
91%
9
38
75
76%
11%
Feb
7
13% June
21
IJan 18
93% Nov
100
Jan
Oct
Apr
9 700
Jan
a596
Nov a690 Feb
18 14534 Feb 3
124% Dec 124% Dec
25
16% Jan 3
Jan
16
25% May
4
3=4 Feb 10
978 May
2% Dec
10
82% Feb 2
Deo
Jan
81
52
5 109
Jan 20
87
Jan 100% Dec
10
84% Jan 10
44% July
82% Apr
2S
99
Jan 14
7434 July
97
Dec
3
10
Jan 12
13% Dec
5% Julie
17
41
.Su>
Jan 25
21
43% Deo
3
17
11
100
23% Feb
4
4
16
85% Jan 30
85% Feb 10
5
5
10
12% Jan 24
% Jan 20
1278
Jan 20
1434
Feb 6
4534 Jan 14
% Jan 20
54% Jan 19
55% Jan 26
6534 Jan
Jan 10
90
67
94
136
8%
69
69%
79%
34%
80%
26%
12
26
7%
%
447.
34
76%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
4
9
5
24
4
I
4
7
5
19-%
12
28I4
9
10
10
%
9
20
90%
2%
5
84'%
12
17%
55
14
70
9
59%
77%
fi
14%
15
Jan
Jan
10% Jan
Feb
3%
3% Jan
Jan
5
9
27
20
Feb
10
3734
6%
3%
7918
10534
13%
62%
25%
69%
54
11%
60
40%
67%
1278
24
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9% Jan
23
7
4
4
13
9
9
4
17
9
5
19
2% Feb 9
10
Jan
38% Jan
35% Jan
6% Jan
81
Jan
34%
i-.iu
90% Jan
71% Jan
3
13%
4
4
5334
3
39
7%
17
17
4
4
90
43%
96
76%
3
Feb 9
25% Jan 4
4
13
6
19
10
3
30
20
9
7
Jan 3
Feb 4
147% Jan 6
109
Jan 13
97
72
67
15%
.30'
3334
22',
20%
22
11%
101
107%
2%
lO*)',
79%
20',
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
13
16
3
4
7
2%
117%
85ii
27%
13%
32%
69%
10 1%
4
17
3
44% Jnn
4
38
Jnn
3% Jnn
32% Jnn
0% Jnn
II
Jan
7
ilvldcud.
14
14%
Ian
|.«II
30
Aug
Aug
Feb
Jan
59% Jan
Juno
Jan
55
21
O.u
18
Juno
12% A.ig
Sipt
13
11% Aug
8 Juno
65%
96
Jai!
Jan
12% Dec
434
Nov
40*4
3.SS4
Deo
9
Nov
Dec
54% May
Jan
June
Nov
27% Dec
17%
102
June
Jan
May
Dec
58% Jao
57% May
30
Dec
104
I>ee
no
Nov
Dei
IOOI4 Doc
21% Mar
12% Jan
Jao
42
98% Ap""
Mar
100
104» Feb
III
Dec
72
Deo
62
Dec
Sopt
18
8'i% Fob
3'i%
Do«
30% Nov
Dec
22
24
Nov
15%
l>cc
Jill
IN
Mur
109
Dor
Dec
9
'84 "i 'AiU
7
6
21
3
'i.V% Jan
July
10
20
22
43
n
lO'a
102
106
16
%
Jnn 7i\
Inh 10
'Jm
28
Doc
10% Nov
31'] Jnn
0I-, Doc
101
2A
Dor
May
28% Jaa
30
Jui
Jnn
I2M%
lino
Aug
120
Jmi
Jut
Oi-i
3.^%
79% Mar
Jao
Feb
H.U1I
A
30
Aug
89
Juno
05
96
Mnr
M7
ION
Mnr
7*4
'
167%
i>oo
H..|il
44%
11
'
Juii.'
Aug
92% t>cl
12% Dor
17% July
2
2
'
b t'J(-rl«hW.
7334
20
40
Aug
87% Aug
734
Jan
May
May
May
75% Nov
177
July
l)«c
100
9
Juno
Mur
47% Aun
20% Kitb
l%% fHw
NO
Knh
46
Jnn
A7% Mar
13
l)n.>
32% Aug
31', Aug
1,
i:i*4
85
Jan
June
Jau
17% Jan
138% Jan
07% Jan
93% Jan
*[
III
7
ir
94% Juno
2N% Jnn 20
10
1
16
Mar
May
04% Apr
80
09
4
"
II
42
70
May
4
II
4
100% Feb
no Jan
17% Jan
07-% Dec
70
35
M
'8
13%
85
10
112% Jnn m
16% Jnn 23
02% Jnn 4
33*4 Jnn 23
64% Jnn N
.
7
91
04
4:1
i'ob 7
01
Jnn A
94I4 Jnn 17
\H
1
20% Jan
70% .Mav
130
32
40
A
80
4% 0.1
08 Mar
32% Aug
8% Jan
Jun Mt
Jnn 20
137
119% Jnn J.'i
loh 7
32
Jnn 20
79
1% l-ob K
.'1
0\
8%
13',
i:i% Knii 10
Jul! 3
AH
Oct
4
2S*4 l""b
1
O^-t
63 1,
54
4
16% JuD 18
20
Jun 17
Jun 5
69
1% Jun 10
30*4 Jnn
82% Jun 18
Jan 12
86
Jun 10
lOH
Aug
10
1091,
10
10
30
25%
Jan 24
Jan 25
108
May
May
0% May
61
Jao
Jan
100
3
No»
25% Apr
Nov
17
8
13% Jao
82
29
Sept
Jan
Jau
IK
18
Mar
Deo
2
Jan
Jan
Jan
Jan
Feb
Jun
Jan
Jnn
Jan
Fob
Fob
10'i4
29% Dec
57
25
Fcl)
34% Nov
4214
38% Aug
67
Aug
5% Aug
22% Sept
Feb 10
Feb 7
Dec
Dec
Dec
lO'j Jan
75
Dec
73% Deo
Dec
85
441, Jan
80
Dec
I4;t%
Dec
June
67% Aug
99% June
718 Aug
11% Aug
Dec
60
1
May
7'i%
9.".%
29% Mar
6
Aug
1.30
3
Dec
June
D03
31
21
3
I'eb 10
Feb 7
117%
Jan
Jan
61.
3
Jan
1534
2
1
1
June
6
1
l.'>.%
N'ov
49% Mar
4012 Aug
10%June
20
5>,
59% Dec
78% May
10% Jao
13
10
10
20% Jan
"507^ "Dec
50% June
23
May
June
%
6
18
18
Jan
Dec
19%
5% Dec
Jan 17
Fob
62% Jan 21
331
1
July
25
no
29
34
1
Jnn
5
42% Feb
6
Aug
Aug
19
20
20
Feb
Feb
152% Fob
60
1
11% Jan
20% Jan
63
Jan 4
100', Jun
12% Jan 31
19% Jun 7
I0>| Jun 9
123% Jun 4
113% Jun 4
13
20
99
100
I9S4
12
Ian 7
Z2H% I'lib
63% Jnn
7
81
6
June
20% June
02% June
15
Aug
9% Jan
<
100
Jan
63
60
69
Jan 19
29 Fob 3
18% Jan 17
174
Jan 3
60
Jao 20
Jan 10
48
2834 Jan 17
IO334 Jan 11
11134 Jan 25
100% Jan 10
1071: Jan 5
13% Jan2i
11% Feb
4|34 Jan 21
3
10
Oct
80% Apr
100% Aug
9% Aug
05
61
15% Jan
Jan
110
44% Jan
43
Jan
26% Jan
Jau
158
108
Jan
91
Jan
93
Jan
11% Jan
Jau
9
36
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Sept
54
80 Feb 6
110% Jan 18
16% Feb 7
7178 Feb 7
Jan 20
34
74
Jan 20
59-14 Feb
3
12% Jan 2-)
85
Jan 20
52
Jan 3
71
Jao 5
1578 Jan 10
Jan 20
30
3
90
84
Jiini'
39% Aug
77
Aug
3
3
17
18
2
3
10
3778 Jan 27
3138 Feb 4
10
75
57
3978
17
5
714 J.in 3
4i
Jan 21
7% Jan
33
26
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
21*4
Aug
9% Aug
% Oct
3034 Jan2'i
3
10% Jan
8*4
Jan
73% Jan
102% Jan
148
Feb
10
Jan
73
Feb
73
Jan 12
85
Jan 10
3838 Jan 20
87
Jan 18
103
Feb 8
SO
100
Vn IM'
.1
14%
Highest
Lowest
S per share
S per share S per share
21
Jan 20
10% Oct
33% Feb
Oct
84% .Ian 17
95
Feb
C8
62% Feb 4
Mar 59% Nov
23
17
10
fto
.
,t<>
125
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
year 1921
\
Highest
14% Jan 3
78% Jan
Range for pnvUms
1
tvto
•
PER SHARE
1
1922
1
\i\r\.ah/,ri,
tnl»
• *< ..
S per share
10
100
par
par
100
10
100
100
50
100
200 Emerson-Brantlngban
8,800 Endicott- Johnson
Do pre!
300
12
84%
•61
36
98
•8
•27%
70%
'383,
•8I2
6734
60
•95
68
101,
711,
3034
72I2
/Hj
334
38% 38%
5378
6134
5378
Par
78% 79% 42,400 Famous Playere-Lasky-ATo par
Do preferred (8%)
4,000
100
92% 94
1234
*....
Shares Indus. 8c MIscell. (Con.)
14,500 Cuban-American Sugar
Preferred
200
56.100 Davison Chemical v t c.no
De
Beers Cons Mines.. A'o
300
1,200 Detroit Rdlson
3,300 Dome Mines, Ltd
15
334
nr
'
f)09l9
Lowest
5,800 Electric Stor Battery
400 Elk Horn Coal Corp
16%
7134
71
81
3034
84>2
6912
3%
9%
6OI4
7412
•4
312
3834
•9
I5I2
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14
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5*4
312
3H
77%
7534
I312
81*4
1234
1334
%
81
3034
19%
28
4
74
14
70%
8%
77g
8>8
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72I4
I4
71
1234
53 14
6 134
9
7134
81
3034
8512
2712
803.1
85
84
145% 146
7134
7034
70
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%
67
9%
9
•7034
80
8I2
14
I4
97% 97%
•27
18
82%
12%
127g
1234
70
80
28
700
143%
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1038
334
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85
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700 •630
144
142
85
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68
37
86
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61
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58%
84
69
•8278
61%
85
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69"2
80
60%
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71-18
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19%
80
85
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378
1834
80
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15%
314
11
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143
16
15%
1914
80
•17
103
On
EXCHANGE
the
18%
80
•17
IS
•IOII4 103
18
103
22%
$ per share
$ per share
Range since Jan.
NEW YORK STOCK
Week
4012
•7
•38
64
60% 61%
Friday,
Feb. 10
8O34 81%
10034 107
11
•
•17
103
80
Feb. 9
Thursday,
SOI4 81
8178
81
80
10078 10078 •10034 1O8I2 •10034 107
791.
77%
77% 79%
78^ 80
•93I2 94I2 *93i2 94%
93% 94
•7
•8
•8
12
11
12
•38
40
40% 40% 3838 38%
40
85
34
12»4
6OI2 62
16% 17
IO212 103
2234 23
143
144-34
3'2
8178
•8
•38
83
84
•70
•680
700
•14l2
82 ig
•10638 107
1934
85
*
621,
6O34
•I6I2
•100
23
J per share
181. I9I4
$ per share
S per share
1918
85
Wednesday,
Feb. 8
PER SHARE
STOCKS
Sales
for
G09
3
see fourth page preceding
l)o<'
Nov
8% M.tr
7% Nov
20',
3U
m
40
Mar
FVb
Doe
41% No*
% IHa
Mar
SO
12%
Jan
l|t«
Dor
"
New York Stock Record— Concluded— Page
610
For sales during the week of stocks usually Inactive, see
HIGH AND LOW SALE PRICES— PER SHARE, NOT PER CENT
Saturday,
Feb. 4.
Monday,
Tuesday,
Wednesday.
Thursday.
Feb. 6.
Feb. 7.
Feb. 8.
Feb. 9.
130
04
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131
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6388
54I2
99I2
3334
44I2
89
iieis II6I4
6058 6158
1212 1284
3414 3578
•9112
95
3OI2
673g
30
•66
30l8
85
•8II4
84
1238
12I2
82
82
82
90
95
89I2
95
53I2
3Si2
8958
•9312
5284
3778
8
533s
38
9ig
I6I4
538
•1434
5I4
27U •28
34" 33I4
1514
538
2878
27I2
27I2
74
73
878
5I2
5I4
33I4
73
884
34
•73
9
34I4
74
1511
15112 1511
3-149i->
I49I2
119
119
•119
47
•84
69
120
47
119
45I2
46 Is
87
•85
46
90
691
•68I2
691;
7I0
8
day,
i
• 7I'
LeM than
8
7I5
100 shares.
100
100
par
25
M
N
.Vn par\
I,td
4,700 Ray Consolidated Copper. 10
3,000 Remington Typewriter v t clOOl
v
t
c
No
3,400 Replogle Steel
12,.500 Republic Iron & Steel
900
Do
pref
100
100
par
100
.100
5,200 Republic Motor Truck. ATo par.
19,900 Royal Dutch Co (N Y shares).
2,100 St Joseph Le.ad
10
600 San Cecilia Sugar v t c.No par
1,800 Savage Arms Corp
100
1,300 Saxon Motor Car Corp. A^o par
11,000 Sears. Roebuck
100
Co
Preferred
100
5,000 Seneca Copper
No par
800 Shattuck Arizona Copper
10
1,200 Shell Transp & Trading... £2
18,800 Sinclair Cons Oil Corp. iVo par
1,000 Sloss-Sheffield Steel & Iron 100
Do pref
100
100 So Porto Rico Sugar
100
Standard Milling
100
8,100 Standard on of Cal
25
2„500 Standard Oil of
J
25
&
1,800
Do pref non voting
100
100 Steel & Tube of
pref. . 100
700 Stern Bros pref (8%)
100
6,900 Stewart-Warn Sp Corp.A^o par
2,100 Stromberg Carburetor. A*o par
242,600 Studebaker Corp (The)
100
300 Do pref
100
4,400 Submarine Boat
No par
2,400 Superior Oil
No par
Superior Steel
100
2,100 Temtor C & F P. cl A..Aro par
Tenn
20,200
Copp & C tr ctfs.A'o par
30,900 Texas Company (The)
25
39,200 Texas Gulf Sulphur
10
7,300 Texas Pacific Coal & OIL. 10
Tidewater Oil
100
6,900 Tobacco Products Corp
100
700
Do pref
100
21.000 Transcontinental Oil
No par
300 Transue & Williams St.A''o par
800 Union Bag & Paper Corp.. 100
11,800 Union Oil
No par
Union Tank Car
100
2,100 Vlrslnla-CaroUna
19,300
500
3,800
12,700
7,600
4.600
2.700
8.600
1.100
1.900
100
2.400
200
7l2
Jan 4
Jan 28
891k Jan 7
28I4 Jan 11
1318 Jan 5
277g Feb 8
Jan 20
9
60 Feb 7
5878 Jan 30
90i8 Feb 3
3II2
83
14I4
Bx-rlshts.
Jan
Jan
Jan
66
Jan
IO5I2 Jan
31
Jan
33 ig Jan
94
Jan
IO8I4 Jan
I9I2 Jan
12
9II4
2418
5
10
7
6
4
31
10
Dec
Mar
381s
341s
Aug
Aug
Aug
Aug
Jan
14
24
>
I
!
i
>
I
I
i
I
i
1
>
>
I
I
;
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jau
12
21
3
27
8
7
May
88
1418
Mar
Nov
78
66
93
Dec
Dec
3OI2
52
July
827g
Jan
12lg
Mar
48
83
Aug
June
Oct
67
July
98
Apr
109
19
11
1718
Apr
Mar;
June
47I4
4784
Nov
Nov
Oct
Aug
May
Nov
Jan
Dec
Dec
Mar
2684 Sept
16 May
3884 May
80
Jan
75
May
18 June
41i8June
39I2
73 14
Jan
Jan
7514
Oct
5
Dec
96I4
2412
6978
May
1418
512
Dec
Feb
II4
Oct
Oct
Oct
Dee
878
2ig
54I4
Nov
1284 Mar
478
Jan
SO's
Oct
16i8
Aug
32i8June
68i4June
Oct
26
88
Aug
6784June
124i2June
10518
Jan
66
Sept
Oct
81
21
25I4
4288
83
3
334
26
2
June
Aug
Jan
Jan
Oct
Aug
June
Dec
Jan
684
Apr
Jan
June
104
251?
Nov
93g
Dec
May
2888 May
49
56
75
103
119
119
Aug
37
46
93I4
103-84
Jan
Jan
Jan
2584 Jan
48
1584
Aug
Mar
6
28
57
15ig
Aug
June
4218
3678
175
72
91
13
44I2
Sept
75
Aug
2512
S7i2 Sept
107
Oct
June
101
19
July
46 Sept
3058 July
100
19584 June
4678 Aug
III2
38
Jan
Aug
Jan
Apr
Apr
Deo
1088
I3I4
2-3258
Sept
Jan
II4I2
85I4
9812
192I4
11
76I2 June
Jan
Nov
Dec
Deo
Dec
Dec
Deo
48
45
Jan
9884
Aug
119
Mar
2338
June
Dec
65g
29
92
Dec
Dec
Dec
Jan
May
Sept
Jan
Apr
Apr
Jan
May
Mar
Nov
34
Jan
IO6I2
Nov
106
47
207
Feb
62I4
19
57I2
7
27I4
74I2
Jan
Jan
May
May
Nov
Jan
Jan
588
8I2
35I4
June
95
84
July
102
Mar
64.8s
4Il8
4012
Mar
Aug
Aug
63I2
7934
10378
381s
4412
Dee
Apr
86 12
May
lO's
4512
74
26
37
70I4
105
41l8
7
25l8
100
par
921" Jan 17
33I2 Feb 7
70
Jan 12
94I2 Jan 18i
Feb 10
S
1378
83I4
9212
9384
5358
40
lO-ig
1658
57g
30
34I2
Feb
Jan
Jan
Jan
Feb
Jan
S5I4
69
8
18
17
10
7
19
Jan 3
Jan 20
Jan 1
Jan 18
Feb
73 Feb
1527g Feb
119
Feb
4884 Jan
7
8
3
9
20
Jan 18
Jan 17
Sij T-in 18
<
May
Jan
Jan
Aug
.Ian
Jan
Dec
89lg
2484
2II2
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
i Ex-dlvldend.
I6I2
Jan
96
104
3412
7014
II4I4
51I2
4038
9912
85
..ATo nnr
Apr
42 14
5
Feb 4
Jan 21
M
I512
Oct
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan 20
Jan 31
Jan 13
Jan 3
Feb 10
Jan 13
Jan 10
Jau 4
Jan 9
Jan 4
Jan 4
Jan 3
Jan 6
Jan 16
Jan 18
Jan 5
Jan 13
7812
Jan
Aug
IOI2
10
3
4
9
26
10
5
Deo
Dec
June
9
30
Feb
13I2
Dec
Dec
Dec
40I2 Oct
27
Nov
7988
7184
35I2
10518
9OI2
3414
Apr
1
10
4
21
58
Jan
Mar
54
23
26
Jan
Dec
Dec
67
16
2088
1714
5088
643fi
Aug
5I4
Nov
17
2612
3712
914
Feb 8
Jan 6
100
a Ez-dlv.aad rignts.
68
2712
38I4
21
Feb 2
63
Chem..l00
Aeron'i'itlcal
Jan
Jan
Jan
June
June
3358 Jan
100
C&C
100
No par
No par
Weber & Hellbroner
Wells Fargo Kxpress
.100
Western Union Telegraph. 100
Westlnghousc Air Brake
50
Wesllnghouse Elec & Mfg. 50
50
White Motor
White Oil Corporation. A'o par
5
Wickwlre Spencer StccI
25
Wili.vs-Overiand (The)
1)0
Preferred (.ticw)
100
Wilson & Co, Inc, v t c.No par
1 00
Preferred
100
Woolworth Co (F W)
100
Do pref
Worthlngton P &
v t c. . 100
...100
Do pref A
.100
Do pref B
300
200 Wrleht
16
5458
1934
978
678
10
No
96
Nov
Nov
68
M
1st pref.
June
8
6
700
Preferred
100
700 United Alloy Steel
No par
United (?Igar Stores pref. . . 100
3.200 United Drug
100
600
1st preferred
50
3,400 United Fruit...
100
26,800 United Retail Stores
No par
48,180 U S Cast Iron Pipe & Fdy.lOO
4,800
Do pref
100
U S Express
100
62,300 U S Food Products Corp.. 100
16,300 U S Industrial Alcohol
100
3,4.50
Do pref..
100
22,300 U S Realty & IraprovementlOO
14,200 United States Rubber
100
900
Do 1st pref
100
900 U S Smelting. Ref &
50
500
Do pref
50
116.000 United States Steel Corp.. 100
4,100
Do pref
100
t c
7934
Jan
Aug
6 May
Dec 30=8 Apr
Aug 148 May
Dec
4
46 14 Jan
Aug
8
Am
13.900 Utah Copper
10,500 Utah Securities v
2,800 Vanadium Corp
4
2484
B
Class
Highest
May
I84
3i2
14
87
100
..5
Electric
I
per share % per shara
1
2.500 PhlKadelphla Co (Plttsb).. 50
1,500 Plilllip-.Tones Corp
.V« par
Preferrtd
100
2,600 Phillips Petroleum
No par
38,000 Plerce-Arrow
Car
No par
19,100
Do pref
100
8,700 Pierce Ol! Corporation
25
Do pref
1,700
100
12,900 Pittsburgh Coal of Pa
100
Do pref
300
106
7,200 Pond Creek Coal
10
3,400 Pressed Steel Car
100
Do pref
100
'
"2,766 Producers & Refiners Corp. 50
4,400 Public Service Corp of
J. 100
27,500 Pullman Company
100
I0„300 Punta Alegre Sugar
50
11,100 Pure Oil (The)
25
4,100 Railway Steel Spring
1 00
10
Do pref
100
1.600
88
69
year 1921
Lowest
Highest
300
Do pref
300 Virginia Iron.
12,900 VIvadou (V)
671;
7I2
1284
712
basis 0/ 100-share lots
100
50
50
Panhandle Prod & Ref. .no par
Preferred
100
1.800 Parish* Bingham
No par
19,300 Penn-Seaboard St'I v t c No par
17.400 People's G L & C (Chic).. 100
Do
Van Raalte
95
PER SHARE
Range for previous
1922
Par
5
100
N
176
69
53I4
46
•83
•68
47
94I2
19
95
•73
94I8
68
38
15178 15178 151
II7I4 11714 •118
50
I9I2
52I4
34
20
41
76
52
122
687s
•80
27I2
I9I2
I9I1
8284
8912
34I2
8
3812
*33l2
82
89
588
8
40
1212
35I4
6 134
1688
38
34I2
678
1378
29
75
978
95
33I2
68
684
I3I2
878
558
8
4334 44I4
2478 2588
12912 13012
63
6314
94U 94I2
8412
*14l2
15
3
IO84
4434
3OI2
67I2
8412
•93
95
5358
391
1678
38i8
*1I7
29I2
39I2
9478
6334
I6I2
122
115
•76
100
2I4
9I84
95
3484
42I4 43I2
86I4 8938
II6I4 II6I4
61
6178
1238 I2I2
33I2 35I4
S7I4
II6I4
6118
12I2
63
2is
1478
2l8
*H7
•93
95
6II0
53I2
9938
34I4
•9II2
3OI2
'31"
4312
•93
98
6212
•3438
44I4
132
63l2
•108
69'
2l8
14
53
2684
26
26
•108
6912
67
•92
9
6358
27I2
•108
69
•4414
132
63I4
•94
102
69
45
25I4
14
71
378
34
70
102
I34I2 13434
55I2 56 14
44
14
1978
*5l2
•2784
384
I4I4
40
77
53
5U
11
4518
4458
2538
5I2
51 14
1958
94
176
5334
8312
5
Gas &
300 Pacific Mail SS
27,300 Pacific Oil
Pacific Tel & Tel...
28..500 Pan-Am Pet & Trans
1st preferred
5OI4
40
4I2
30
83l2
Am
2d preferred
5O84
2 Is
71
104
105
978
•93
»26l2
!)678
33I2
•6712
19
98
"
99I4
3OI4
3978
10
102
28
80
443.J
•127
96
102
2718
176
384
IOI2
6378
*93
108
95I2
•28
132
I9I2
122
43g
5I0
4558
4538
26I4
69
1978
86
66
55
32
52
1358
2I4
8
38
40 Is
77
54
943g
III4
35
69
20
98
68I4
2018
8I2
•76
99
29
39
105
30
4
934
17
I6I2
381.
9478
47g
534
•33
*91l2
1147g 115
2912
4012
95I2
•28
II'4
1684
*8l4
•3714
1912
4018
*71
63
3OI4
518
•2
63
95
3178
53I2
On
1
900 Pacific Development
300 Rand Mines
20
14Is
83
176
SOI4
4I2
512
478
6
30
I9I2
20
5158
53
51s
9584
*76l4
113
112
3778
3434
97I2
II5I4
1984
31
*50
*117
122
9688
18034 *175
78
99
37
34
9684
14
31
3OI2
515g
6258
*91
41
95I8
7934
1534 1165s
•50
.1.71
124
34I2
97I2
79I4
1
63
41
93
52
5I4
7884
II7I2
55
37I4
20l8
9II2
5I4
116
3378
*965s
95
27I2
27
6712
I6I2
*8i8
9034
9I4
78
16
66I2
*50
30
365g
35
15
2618
I5I2
66I2
*92
•61
I7I2
8I2
35
82
95
6212
6284
92I2
61%
54
3612
201s
9938
•sou
1534
66
95
27
91s
90
68
17l8
8I2
99I2
67g
I5I2
66
•92
3O84
I5I2
3178
61
*48
54
84
*91
55
12I4
1634
6538
6318
55
6%
15
641
95
»lll2
92
2I4
6278
5584
99I2
•82
6212
6258
92
I3I2
61 18
5434
9938
3484
•4258
8678
s'o'si
9I4
2I4
*93
69
85
9
6212
6II2
2
95
•67
95s
I3S4
61
'3034
1458
2988
9
2 Is
•93I2
59I4
»42l2 43I2
8684 87I4
11534 11534
63
63'2
I2I4
12
34I2 35
1534
3258
2
95
3018
141.1
29I4
1358
I9I4
96
3OI2
1478
2I4
6712
10334 10334
•26I2 27I4
*29l2
89
2958
2I2
1518
•33
35
30
2ig
*93
96
94
90
90
"178
•127
133
3378
I43!J
6278
*91
17
75I2
•61
53
9I8
76
54
32I2
16
8I2
74I4
68
31
84
5
80
16
90
178
103
30
50
50
IOI2
3334
6588
&
8,500
3378
2618 27
2734
78I4 79
79I2 8038
H5l2 11684 11534 11658
3612 3834
363s 37I4
35I2
35
341s 35I4
97I2 98
9878
98
II3I4
•111
II3I2 •111
•20
2OI2
*20
21
1418 1418
14
14
3II2 3II2
3II2 3II2
•61 1£
68
8I2
5378
90
93
62I4
92I2
•92
48
90
•89
I614
214
19^8
44
3184
*92
27
3334
178
69
58
I4I4
67
95
3384
64
63
6II3
*91
62
52I2
4678
*
72
9OI4
137s
2778
938
IOI2
7II2
1534
2I4
1918
•108
69
21
5OI2
•1334
6884
•94
113%
141g
3I84
9588
2812
1478
66
3734
3534
179
78
99
1478
67
96
367s
3518
1978
4612
6134
9012
1512
79I2
6
14
66
697$
9OI2
118
83
5118
60
60
281a
79I2
116
SQis
5284
2I2
1558
288
I6I4
93
*60
*48
»2l4
*91
651s
*20
21
66I2
92I2
11318 •111
1414
3218
*634
5018
*13l2
*178
1558
*59
*90
28
21
•84
9%
88
•89
30
5314
Ranee since Jan.
Lowest
1.600 Pacific
641'
4658
46
47
I6I4
884
9
778
12
64i2
PER SHARE
STOCKS
YORK STOCK
EXCHANGE
the
4
page preceding
Shares Indus.
MIscell. (Con.)
5.300 Oklahoma Prod &Ref of
300 Ontario Silver Mining
I6I4
15.100 Orpheum Circuit, Inc
127
900 Otis Elevator
95
300
Preferred
1084
1.700 Otis Steel
No
29
17.600 Owens Bottle..
77g
1534
8'2
1534
2878
8
80
*
80
884
7984
52I4
4684
•Sig
IOI2
•15
9I4
•89
4658
53I8
47I2
52
4012
•Sig
"
16
*92l'>
65
4534
47
•15
9
12
6418
*55
I5I2
60
8
12
62
47
46I4
527g
47I4
IOI2
6912
«6
10'4
2618
*
»59l4
9334
Ills
287g
9
71
914
127
1058
878
7OI4
3078
95
11
62
*91
•9334
1614
11
"i£i2
*91
3078
16
11
1584
8'8
7OI4
884
5I4
•484
I5I4
NEW
fifth
Week.
per shart
2I2
288
•484
514
11
6410
46I4
52I4
4684
*8lg
I?
11
80
•
5
478
1584
1584
*55
"46I2 "46S4
5218 5234
4634
46
»8
11
5I2
•434
Sales
for
Friday.
Feb. 10.
3 per share $ per share S per share S per share $ per share
2I2
2I2
2I2
258
2l2
238
258
2
2h 212
*478
1378
8
1
Bedaoed
Sept
Nov
Apr
Aug
June
June
Aug
Aug
May
Jan
Dec
Jan
66.-'8
Dec
Dec
1258
Mar
115
June
41
Jan
72
Mar
Dec
20.54
July
SSI'
4212
5784 July
102.84
59
5.'i8
Aug
Mar
8i«
.lau
4912
Jan
76
Aug
8II2 Sept
3878 Aug
2914 June
7
July
8I2
458
Nov
Nov
Aug
Nov
23
27I2
65
Oct
105
105
Aug
June
3012 Aug!
7012 Aug
54
61?
Aug
June
to basla ol S35 par.
95
914
I3I2
Jan
Jan
Jan
May
Oct
Jan
72
94
Apr
9678
Jan
52 12 Dec
44 May
1758
1834
IOI2
42
47
Jan
Dec
May
May
Jan
Feb
Dec
8978
13984
11384
Nov
55 14
May
85
70
938
Dec
Nov
Nov
i
New York Stock Exchange-Bond
Jan.
N. Y.
I
1909 the Exchaueo method of <,uollm, bonds
BONDS
STOCK EXCHANGE
Price
Week's
Friday
Range or
ending Feb. 10.
Feb. 10
Last Sale
Week
U.
Government.
S.
Bid
First Liberty Loan
of 1932-1947Conv
of 1932-1947
Conv4U-% of 1932-1»47
2d conv i\i% of 1932-1947
3M%
J
i%
J
J
97.00 Sale
36.42 Sale
J D,
Second Liberty Loan
MN
MN
MS
4%
of 1927-1942...
Conv i'i"o of 1927-1942
Third Liberty Loan
iH%
4K%
D
D
D
of 1928..
Fourtli Liberty Loan
of 1933-1938.-
98.10
Range
Since
Jan.
High'
yoJ'Low
97 46 5262 94 84
96 40,
7 95 70
96 56! 862 96.04
98 10
32 9682
Wee
Canada Sou cons gu A 53
1982
Canadian North deb s f 78. - . 1940
25-year s f deb 6 H3
1946
Car Clinch & Ohio 1st 30-yr 5sl938
Central of Ga 1st gold 53..-P1945
9910
96.00 Sale
97 30 Sale
97 00
97.38 4184 go 74 98 20
1925
coupon
1925
Panama Canal 10-3(>-yT 2s..*1936
3s g._
100.26 5635 100.02
99 96 100 24 1510 99 96
102 14 Jan'22
IO2I4
100i» June'20i
105
J an '22
105
104'4 Jan'22
104
100
July'21
96.44 8444 95 86 98 20
__196i;
1961
QM
QM,
10178
101"8
104^8
10458
10134
79
79
100.10
83
75
Berne (City oO
83
i
19451
MN
Bordeaux (City of) 15->t 63.. 1934.M
Brazil. U S external Ss
194l|j
Canada (Dominion oO g 53.-1926
do
do
do
5s__1931
N
D
78
IO7I4
9934
IO6I4
1C9
110
8312
IO314
97%
9634
Sale
Sale
Sale
Sale
Sale
llO's
Sale
Sale
9734
Sale
100 32
100.30
IO2I4
IO4I4
9834 Sale
10-year o'As
1929
Chile (Republic) ext s f 83.. . 19411 F A 101"8 Sale
External .S-year a f 8s
1926 A O 10058 Sale
25-year s f 83
Sale
1946M N IOII4
Chinese (Hukuang Ry) 03 of 1911 J
I 4812 Si le
Christlania (City) s f 83
1945 A O 109 Sale
88I4 Sale
Copenhagen 25-year s f 5'/iS.1944 J
--- 90
Cuba External debt 53 of 1904. .Im
Exter debt of .53 1914 ser A. 1949 F
83
77I2 78
External loan 4 Hs
1949, F
IO712 Sale
Danish Con Municipal 8s •A"1946| F
SIO714
Sale
Series B
1946 F A
1945' A
10334 Sale
Denmark external s f 8s
IO8I2 10334
Dominican Rep Cons .\dm s f .5s' 58 F
10134 dale
French Republic 2.5->t ext Ss. 1945
9514 Sale
20-year external loan 7 is. 1941
Great Brit & Ireland (U
of)
99 Sale
20-year gold bond 5;'23
1937
IO3I4 f^ lie
10-year conv 5Hs
1929 F
I03I4 Sale
3-year conv 5}^3
pl922iF
93 12 Sale
Italy (Kingdom of) Ser A 6 Hsl920| F
Japane^ie Govt
Sale
£ loan 4HS.1925 F
t 88
Second series 4Hs
t 87 14 Sale
1925 J
Sale
Sterling loan 43
t 74
1931 J
Lyons (City oO 1.5-year 68. . . 19341
8312 Sale
N
8312 Sale
Marseilles (City of) 1.5-yT 63.19.34iM N
Mexico Exter loan £ .58 of 1899 Q .1 { 5714 Sale
45I4 Sale
Gold debt 43 of 190t
1954 J
110>4 Sale
Norway external s f 83
1940 .\
IO6I2 Sale
Queftfi.'-liind (.Sr<>te) e.xt 3 f 73.1941
10034 Sale
Rio df? .Janeiro 25- year s f 83. . 1946
10114 dale
Jan Pa.ulo f.Slatej ext 3 f 83.. 1936
Swwliiii 20 vf-nr 63
97 Sale
1939
Swi-.H f •onf.^lrrn 20-jT 9 f 8.^. 19401J
11434 Sale
Tokyo CJlty .5-i lo.in of 1912..
70 Sale
.M S
Cruguay Republic ext 8a
1946 F A IO312 Sale
Zurich (City of) s f 88
1945 A O 109 Sale
(These are prices on the basis of %ato
D
9334!
106121
IO7I2
ilO
8438'
10358
08
I
0634
23 77
80
125 10334 10734
765 94l> 9934
156 10412 10634
150 105 108
40 106 110
1
28
98l'>
100
158'
44
64 106
66^
7'
10134
102
48l2
109
85I2
84l2
88I2
77
76
85
78
IO5I2
107U
Corp
Mt,
irto«k.
.
4).ig Co.-porateirtock
M
1964, M
1960
ritnmpnj
Omv
gold 48
Conv
4« l«iniK of IftIO
H
lf.tA
IThh
K<!
r.-( 4''iii
a Phen
l<t
g
.-S
cl9S9
;;
.
Debenture .5s
Vorth Wlsnonsln
1st Ah
L
1st Bs
Hiiperlor Hhort
f
/ta
(
T
f
.V r.,
Hnv K A
.
A Ho
'.
II
I'tflO
.
.ir H f 7''i;n
II A 1) -Jd gold 4V{s
."»'
r> .-.il
111
H.
95
S
J
I9:t7
I1I_M
N
A I'l W irit gu 4s g
A MIeh iHl eons 4>^iH
(
'In ( 'h A HI I, gmi .In
20 yi'iir deb -i'^n
.
GeniTal rm Kerli-x il
Kef A Impt (Is Merles A
Cairo Dlv Ixl gold -In
('In \V A M Dlv l«l u Ih
HI I, Dlv 111 roll ir g is
Hpr A <'iil Dlv Ul u 4x
\V
Vnl Dlv IstK
W
I
Ht
I.
A
U
(' lut,
Ind It
ind
,.,
..
.
J
i'l.ll
J
J
j
|ii:t|
iri'i.'j
J
l'i'l((
J
Mill) J
J
HMO g
F,
J
?
.
•
8314
I
.(
A
()
'.»
.1
77
771.
IMtlJl
Til *
(lev *
f
In
II,
I
I
'
M
•
No
prlMs Friday; laMat
aXtJM Jaa,
4U1M AprU.
«Dm
.May. gltrm iui.
VU«.
D
81
22
8318 8434
-8II2 83I2
21 9978 105
-- 102
10234
96
965s
io 105
6 106
10658
108
10578 1057j
99
Mftr'2l'";
98I4 Juuc'21
8512 Jan'22
10234 Feb'22
8II4
82
„
8512
Jau'22
771.
78
Deo'2l'
96-'4
95
79
78
"28
78
77
77 12
75I2
76I4
20(1
32
78
79Hi
79I2
I
I
2
72
70
3
Jau'22
105
Fob '22
87
94
87
10234
8312
...I
79"2
7712
6
I
Nov'18
MiiylH
81
79I4
IO7I4
901"
91U 94
I
•
7(1
3
I
73»4
Jan'22
103
60
7."
II8I2
76
104
74l|
I
lOI'i
102
-M
85
86
1
80
7612
7Ul2
3
85
87
I
M»r'17
Au.('21
7H
87
7(iia
mil:
I
86 >4
Jmr22
96
Ki
l''.ib'22
'74
U7«»i
77's
771-
7M<ii
Jan'22
Nov'al
.~t<',>riU
J unit' i
H'lU
Deo '21
J«n'22
IO3I4 iU7>ii 1U4
.Iiur22
76
H6t4
I
97111
7U««
7(1
77l|
77ia
78i|i
I
U4
7i«4
72
24ir
241,
7lii
2314
U.'l
U4
Ui
1ll>t
Hnlii
.
04
104
„.
94
104
Novaii...
72
I
241I4
lAtl'it
91
M's
lUU
I
I
13
Mar21
•JO
7N
*l
S.
nilUeOet.
rtals
77't
7H
U9
UN
Wli,
eu><
;)I)Un
M
24»4
U4I|
H4'4
81 '«
it:i
77
7H
70'l
7H»«
l)N>s
III)
<l
JAn'.^2
NOV. (UUl
227,
1)0
Hri|
••
77
7H
ii«
70Ni
Nfiin
Dr.-
73
la
70
.-
t»l'3
1
g JH
I
June'21
HOi|
HU<4
I
1
1
91
7H
UII4
I
64
54I2
6618 Aug'21
7Niii
I
A
60
Oct'lU
Jan'22
77
H.'i'i
A'.--
5812
641'
10638
10034
Niiii
in\
IKtIO
I
79
75
66
84
7fl'ii
A It
iilM Apr
,
84^8
7112
64l2
62
I
MN
M S
g 4i
W
|
j' j,
82
'
77.•«
Ul)
J
81 12
753$
79
I
Feb'22
85
HM
81
rtiilt
U2
U7i:Salo
75
75
8II2
93I4
Nov'21
I
Hl.l'l
ri'll
771s
«5i8
.1,
7212
92I4
lOl
71
100'«
'«?' rrri
D
.
77
101
7II4
72
10 1 "2 SiiU)
8538 SiUii
I'I2(»
/m VV
A
M
M
l!i<i:i
'
f>
J
..1935 J
i'lnil
76
103
68
"72"
Wn
87
94
IIH
05
70
103
IO2I1
921s
84S4
755g
97 >4 Febl9
90
Nov'21
94
103
81
Jan'22
Dec'21
95
79i« 80
79i»
77
7038
78
104-% 10534 106
92
103
213
267
117
124
I
1
8.! '8 -
102
31
120
985g Fet)'21
9334 Deo'21
94I2 Feb 20
'
97.-H,
33>2
102
Dec'21
IO5I2
lOO
85
lOlij
10334 10734 1057»
88
8912
3318
Jan'21
Sale
Sale
.
86is
Juiy'2l!
Jan'22
77I4 Sale
7734 Sule
59
4
65
102
82
I
'12
Sept 19
103
101
81 14
9612
75
Feb'22
95
81l!>
90
94
67
811?
IOOI2
Jj07g
77 14
8712
93
58I4
811s -_
IOOI2 101
84
40
92
6312
92
8412
70
59
37if.
54
82I4
7118
U9I4
9612 100
10034 ..
10034
521s
691s
84
103
98
71
61
59
101
103
84 87l2 91
58
7434
*9l38 ...
9638 9034
.M
rl'Ct.'.)
..1!I.V2
.'leve
(1
g
72I2
82I4
79I8
66
Nov'21
6978
5573
|
71
82I4
7913
1
9012
64
8512
86I2
,
Jau'22
Jan'22
82
61
8212
84I4
1
61
56
85»4
1
Jan22
63 14 Sale
72 Sale
53
5812
92
931,
81
!i
7212 1202
6212
I
Sale
823s
»l
Nov'21
Mar'17
6-t'2SaIe
103
106
30
Feb'22
Deo'21
103
Jan'22
8434 Jau'22
7338
6412
8212
58I4
6412
95
13
102
70
.;
9OI2 95
97I2 lOlSg
IO4I4
83
.
.
gold .!
37I2
7512 Sale
_H»30 .M S
g .«I930J D
Emit Ist r,n
hie A West Ind gen g rts
'<.n"il .lO year 4fl
'hie
11*30 J
.
95I2
9078 Oct'19 .
8634
8734
3414 Dec'2i
33'8 Jan'22
92
6418 66I2 64
97
102
8238 87
79
82l2 87
84U
93I4 95
93I4
92
92
W
•A"
95 '8
9515 Sale
58
m
A w
Nov
1
88I2 90
21 10378 106
Dec'21 ___
10658
10014 June'2l ...
835s
80
Aug'21;„.
95 Sale
9334
95
93
96 lOlij Jan'22 -..
78% June'20 ..
83 Sale
83
84 t 71
8658 Nov'2l'
8312 8334 83
84
149
8512 Sale
85
8684 323
7555
7018 Sept 21
75
75
Deo'21 ..
8418
80
Nov'21 ..
72
76
71
Jan'22 .,
82
82 14 Jan'22
83
79ig Jan'22
75
.. .
76I4 ...
69
ADr'21
837s
8O34 Dec'21 ..
55I4 55
55
5538
36
3978 Sale
39 12
40
99
7jl4
79'2 Sale
79I2
5
88I4
88I4
88>s 89
14
7OI2
7112 Sale
6O34 Sale
6018
10318
103
90
9OI4 90
75I2
75
67'4 ._
75
81'2 8178 Sl7s
82
79'2
7358 74
72
64
6412 64I2
82I4 83
8II2
W
W
M
88I2
IO512
32
M
Ch.k/,.....
.
C
ADr'21
88I2
1051.-.
9OI2
W
M
83
88I2 Sale
IO0I2 106
J
^,
"^
1
May'18
Dec '211
8334
87 Is Sale
m
Ilnv
prior
s
m
C
Ohio
J
^
N
^
(.In
'
J
m
Al.i
A
J
111 RR {new CO) gen 5s- 1951 "i
Chicago Great West 1st 43. . . 1959 ,
Chic Ind & Louisv— Ref 6s. -1947 i
1947 ,
Refunding gold 5s
1946
Refunding 4s Series C
1958
Ind & Louisv 1st gu 4s
1956
Chic Ind & Sou 50-year 4sChic L S & East 1st 4 V<is. . _ .1969
& St P gen g 4s Ser A.el989 "i
Ch
General gold 3Ws Ser B..el989 j
I
I.
S
C&E
lit 40
ArU
N
O
M
4«
Cil
J
M
.
I995I
ibl995
"
J
1932 ,
Convertible 4^3
Permanent 43
1925 T
1934 j
2.5-vcar debenture 4s
1920 j
Chic .fe Mo Riv Dlv 5s
C & Puget Sd 1st gu 4s. . 1949 j
Fargo A Sou assura g 6s . . 1924 •
Milw& Nor 1st ext4Hs... 1934 j
1934 p
Cons extended 4^3
Chic A N'west Ext 4s . . 1886- 1G26 ],1886-1926
Z
Registered
...1987 q p
General gold 3!.<s
pl9S7 ;^j f^
Registered
19S7 j^j f^
General 4s.
St!inipe<14s
1987
n
General .5s .stamped
1987 \ q
.1879-1929 \ q'
Slnkln': fund 63
1879-1929 a o'
Registered
1879-1929 v o'
Sinking hmd 53
Registered
1879-192'J jyi xl
\Sinking fund deb 53
1933
Regl.stcre<l
-1933 j
1930 ivi
10-year secured 73 g
1938
1.5-ypar secured aiiti g
Des Plalnes Val 1st gu 4'.<;8 1917 a
Frem Elk & Mo V 1st 6s. .1933 j
Man G H A N
1st 3 Hs. . 194 1 j
MllwA S L l.stguSlJS
1941 p
MIIw L S A West Imp g 53. 1929
Ashland Dlv 1st g 6s
1925 j
Mich Dlv 1st gold 6s
1924 m
Mil Snar A N
1st gu 4s . 1947 j
St L Pco A N
1st gu .5s
KMS J
ChlcR i A P-ftaMm<w gen 48.1988 J
Reentered
1988 A
Refunding gold 48
.I93»
R I Ark A Louis Ist 4^h 1931 a
Hurl c It A N'or Ist 5s
1931 A
(• R I F A .V
1st gu .5s
1921 IW .\
c;hlr Okia A f Julf eons .5s. . 1952 A O
Kwik A DcH MolneH 1st .5s 1923 F V
St Paul A KCHh L iRt 41^41911 J I)
f :hle Ht P
A O eons (Is
I!l.«) J
I)
Cons rm reilMee<l to 3^jS . . 1930 IW S
.
R«rt«ter«l
Adju.ir.mcnt gold 4«
J
.
.
.
J
Gen&ref Snrles A4Hs_..a2014 p
a2014
Gen ref conv Ser B 53
M
M
M
M
M
M
M
.
D
D
M
'
.
S
A
O
S Mtge & Tr Co ctfs of dep
Stamped
Guar Tr Co ctfs of deposit
J
1936 J
- ,
Chic & Ind C Ry 1st 53
General 4'«s Series
S
88
88
I
S
.
1966'
4}i8 Corporate .itock
4H8 Corporate stock .... 1971
4Hb Corporate stock. July 1967
1965., ^
4M8 Corporate stock
196."?
4 ^J8 Corporate nock
S
4% Corporate xtock
19.59
.\
4% Corporate Htock
1958
N
1957
N
4<5i Corporate stock
4% Corporate stock res;.. 19.56 .N
New 4I/5S.
1957
N
fVjrporate Htock.. -.1957
N
i\^% ('Atrx)C)Tii.Xjp. stock.. ..I954!m
>I Y State— 4.1
.1961
Canal Improvement 4.i. .. .19«iIJ
Canal Improvement 4.'! . . I960 J
Highway Improv't 4ljf.. 1963
lllghw.iy Improv't 4««.. 1965
/Irglnlu riind<-d debt 2 .3ji .
..,„
.V) defi.-rrwl Urown HroH certlfa
Railroad.
Inn Arbor lit g 4j)
tl995 Q
Itch Top A .S Ffr—Ofln K 4a. . 1995 A
4M%
J
N
N
'
State and City Securities
Since
^^
3258
O IO2I2
N lOJis
---l*100i8
--- *80is
U
M
Y City—
S
'
—
Rantc
Jan.
4 St Low
High No. Low High
94I4
9514 Sale
95I2
20 93
96
110 Sale 10978
llOij
22 IO8I2 llOl'
10878 Sale 10878
10978
30 IO7I2 IIOI2
84
84I2!
8412 84i2
8 83
84'2
951?
96
97
11 95I2 97
9238 Sale
923g
92I2I
14 8958 93I2
9534 Sale
95
96
25 94
97
74I4 77I2 7OS4 Dec"2ll
M
—
S'
M
U
89
IO712
IO7I2 109'2
85I9 SSI"
99I4 102
94
9612
—
Last Sale
Wtek's
100
Q—
105
M
K
9838
169 953s 9878
144 lOOij 1027s
117i
N
RR
I
102
IOO34I
10178'
—
i
9434
Range or
90
R&
203 8OI2 8438
291 103
105
73 96
99
97i
9878'
MN
M
Dec'21
IO7I4
F
N
105
July '21
80
J
RR
Govemment.
Foreign
Argentina Internal 5s of 1909
IW S
Belgium 2.5-yr ext s I 7Hs g..l945 J D
5-year 6Ti notes
Jan 1925 J J
20-year s f 8a
1941IF A
Bergen (Norway) sf 8s
1945|M N
J
1945
10-year temp secur 63. June 1929
Chatt Dlv pur money g 43-1951
Mac & Nor Div 1st g 53. - . 1946
Mid Ga & Atl Dlv 53
1947
Mobile Dlv 1st g 53
1946
Cent
& B of Ga coll g 5s- 1937 IVI
Central of N J gen gold 53.. .1987 J
A 1987 Q
Registered
1921 J
A\\\ Dock& Impt gu 5s
Y & Long Br gen g 4s_ . . 1941
Ches & Ohio fund & impt 53. . 1929 J
1939 IW
1st consol gold 5s
1939 IM
Registered
1992
General gold 4^3
1992 IW
Registered
20-year convertible 4 Hs. . - 1930 F
1946
30-year conv secured 5s
1944
Big Sandy 1st 43
1945
Coal River Rv 1st gu 4s
1940
Craig Valley 1st g 53
Potts Creek Branch 1st 4s-1946
1989
ADiv 1st con g 43
1989 J
2d consol gold 43
Greenbrier Ry 1st gu g 4s. . 1940 .M
IW
Warm Springs V 1st g 5s. - - 1941 A
1949
Chic & Alton
ref g 33
1950 J
Rnilwau 1st Hen 3Ks
Chic Burl &
III Dlv 3;~is.l949
\
1949 ^
Illinois Division 4s
1927 52
Nebraska Extension 4s
1927 IW
Registered
19.58 IW
General 4s
Chic & E 111 ref & imp 4s g. _ . 1955 J
S Mtge & Tr Co ctfs of dep.
1930 A
1st consol gold 6s
1937
General consol 1st 53
I
<il930
<fl930
Registered
95 92
A
J
Consol gold 5s
36 95 76 97 84
96.34 4447, 95 32 98 16
100.10 Sale
99 96 dale
611
Bid
98 00
98 SO
98 30
96 10
Prlci
Frldaij
Feb. 10
3
ending Feb. 10.
High
9576
9584
96.34 Sale
BONDS
STOCK EXCHANGE
N. Y.
I
I
A O
consol registered
consol coupon
registered.
Panama Canal
95 10
95 70
96 04
S-o
I
Victory Liberty Loan
45^% Xotes of 1922-1923
Zii% Notes of 1922-1923
2s
23
4s
48
Ask Cow
Record, Friday, Weekly and Yearly
changed and prices are ,iow~-and
now~"and iiueresc"—
uueresf^xceot
for ln.-n,n.
H.r.,.,.J.
except /or
Income n„„
and defauUed
bmdi
wo.-
Ha<4
—
BONDS
STOCK EXCHANGE
Week
&
Del Lack
Warren
I^elaware
Price
Friday
Feb. 10
ending Feb. 10
Western iConcl.)—
gu g 3>^s.-.2000
1st ref
4H8
1943;iVI
88
1935!A
1930 J
9II2
92
Den& RGr— lstcon3g4s..l936
refunding 53
Trust Co certlfs of deposit
1939
Rio Gr .lunc 1st gu 5s
1940
Rio Gr Sou Ist gold 4s
..1940
Guaranteed
Rio Gr West 1st gold 4s. .. 1939
Mt?e. & coll trust 43 A. .1949
Det & Mack— Ist lien g 4s.. .1995
..1995
Gold 4s
1901
Det RIv Ter Tun 4^8
1941
Nt)r
gen
5s
Dul Missabc &
DulA
1937
Iron Range 1st 5s
1937
Registered
1937
Dul Sou Shore & Ati g 59
Elgin Jollet & East 1st g 5s. .1941
aie 1st consol gold 7s ext.-1930
1947
Y & Eric 1st cxt g 43
1943
3rd ext gold 4^3
1930
4th ext gold 03
1928
gold
4s
ext
5th
Ist 7s ext. .1930
N YLE&
1996
Erie 1st cons g 43 prior
1996
Registered
gen
lien
1996
consol
4s..
1st
g
1996
Registered
Penn coll trust gold 43.. 1951
1953
50-year conv ia Ser A
1953
do Series B
1953
Gen conv 4s Series
1982
ChlC& Erie lat gold 53
Cleve & Mahon Vail g 5s. . 1938
1955
f
6s
Erie & Jersey 1st s
Genessee River Ists f 63,..1957
1935
Long Dock consol g 6s
Ist cur gu 6s. . . 1922
Coal &
1943
Dock & Impt 1st ext 5s
1946
N Y & Green L gu g 53
N YSu3q& Istref 5S..-1937
1937
2dgold4K3
1940
General gold 5s
1943
Terminal 1st gold 5s
1940
Mid of N J 1st ext 5s
1942
Wilk & Eiist 1st gu g 53
1926
Ev& Ind Ist cons gu g 6s
gen
1942
&
T
H
1st
5s...
Evans
g
1923
Mt Vernon 1st gold 6s
1930
Sul Co Branch Ist g 53
1959
Florida E Coast Ist 4^3
1st
4!^s...l941
Co
Fort St U
g
Ft Worth & Rio Gr 1st g 4s. . 1928
1933
Galv H0U3& Hend Ist 5s
N
W
D
RR
W
D
1.5-year s
of
Can deb
63
f
Great Nor Gen 7s ser
&
7s. .1940
ref 4 !4S Series
A
A
Registered
St Paul
M & Man 4s
1st consol g 6s
1936
1936
1961
1961
1933
8F
W
88I2
9112
88341
Y.
BONDS
STOCK EXCHANGE
Week
ending Feb. 10
Week's
Range or
Range
Last Sale
Jan.
High
A'o.l'to!i-
92
A
J
D
42
80
J
J
J
J
J
J
J
D
J
IW
O
D
D
N
J
J
A
J
J
A O
108
7734
M N
M
IVI
M
a
J
M
S
N
S
O
D
S
j
J
j
j
j
j
j
j
f A
o
a O
a O
mN
a
j
j
j
J
j
i09
77
1018
lO's
42
87
77
171s
6IU Apr'U
40
74I2 7478
03I2 Sale
6718 76
j
N
j
mN
J
j
F A
f A
N
a O
wi
J
j
D
j
j
O
O
O
D
J
j
J
J
a
a
A
A O
A O
M
S
j
j
J
.7
j
j
j]
j
J
j
J
j
j
J
j
D
D
j
j
A
O
,1
J
j
J
J
J
J
j
J
D
1951 J
1951 J
...1951 J
1951 A
Extended 1st gold 3m;s
1951 A
Registered
1951 ivi
1st gold 33 sterling
Collateral trust gold 4s
1952
1952 A
Registered
1st refunding 4s
..1955,M
1952 J
Purchased lines 3^8
19,'i3
L N O & Texas gold 4s
Registered
1953
1934 J
15-year secured 5V<;s
1936
l5-yi'ar swured OVijS g
1950 J
Cairo Bridge gold 4s
Litchfield Dlv Ist gold 3s.. 1951 J
Loulsv Dlv & Term g 3 His. 1953 J
1951 F
Omaha Dlv 1st gold 39
St Louis Dlv & Terra g 38. . 195 J
1951 J
Gold 3Us.
1951 J
Sprlngf Dlv 1st g 3,^8
195 F
Western Lines Ist g 43
.1951 F
Ri«lstered
1923 J
Bel lev & Car 1st 6s
Garb & Shaw Ist gold 43. . . 1932
Chic St
N O gold 5s... 1951 J
1951 J
Registered
...1951 J
Gold 3^8
Joint Ist ref 53 Series A. 1963 J
1951 J
Memph Dlv 1st g 43
1 95
Registered
J
St Louis Sou Ist gu g 43... 1931
1950 J
Ind III & Iowa 1st g 43
Int& Great Nor Ist g cxt 73.. 1922
James Frank & Clear 1st 4s.. 19.59 J
Kansas City Sou l3t gold 3s.. 1950
19.50
Registered
Ref & Impt 53..
Apr 1950
1960
Kansas City Terra 1st 4a
1937
Lake Erie & West Ist g 5s
1941
2d gold .53
North Ohio lat guar g 5s.. 1945
Lch Val N Y 1st gUK4!^s... 1940
Registered
_ 191
Lehigh Val (Pa) cons g 4s-..20n3
General cons 4(^3
2003 IVI
Leh V Term Ry Ist gU g 58... 1941 A
Registered
1941 A
lO-yr coll 6s..nl928
Registered
1st gold 3 'is
Registered
M
M
M
.1
O
A
J
J
J
J
J
j
I
J
M
M
99i>8
86'2
94I2
IO2I4
77^8
97I2
10034
5934 Sale
44^8 Sale
gu g 5s.. 933
933
933
reduced to 4s
945
Y Ist guar g 4s
56
42
85
'56"'
84
7812
90
88I4
89I3
90
99
106
9434
9812
501
Aug 10
60%
55% Dec21
45
41
AU«
99%
85
95
87
96
9718
70
38
86
Gold 5s
Unified gold 4s
Registered
Collateral trust gold 53
10-year scicured 7s
L
79I2
80
97 June'21
Jau 16
103
8312 Dec'21
Jan 18
^a
54
reb'22
40
AUf'i
3812
8212
5212
2312
69I2
6912
8312
7534
92
8833 95
87 ?8
81%
66
78
88
84% 85
79I2
78% 79
40
3434
42
80
8/
90^8
8312
78li
54"
"
S
Ist consol gold 53
Ist& refundln-; gold 4s
ext .50-yr 5s S;r A...
Ref
5612
M
951
Retundin'? gold 4s
con g 43 Int gu .'38
St P & S S
93s
1st cons .5s
931
10-year coll tr 6'/<s...
941
4s..
f
s
1st Chic Term
& A 1st g 4s int gu -'26
S S
Mississippi Central 1st .5s...' 949
Mo Kan & Tex— 1st gold 43. 990
? 990
2d gold 4s
Trust Co ctfs of deposit.
944
1st ext gold 5s
2001
1st & refunding 43
M
17
<ii
M
85
Jau'22
9512
9ii2
88
80
89I4
36 lOS^'lt)'^
lO^'s
9tt 100
248 1071s ^'^'^^i
8912
6 88
an '22
Mayoa
sinking fund 4(^3..
Trust Co certfs of deposi
St Louis Div 1st ref 4s
5% secured notes "ext"..Dill & Waco Ist gu g 53...
Kan City <fe Pac 1st g 43...
Mo K & E 1st gu c 53
K & O'tla 1st guar 53...
165'ig
lOSig
"93I4
'•>5'4
'88
88""
"
M
M K&T
88
88
{d9"ig
i09'g
Mo K & T Rv— P
9
40-year 4s Series
72
9
75
8II2
8334
6I2
Jau'22
82% Feb'22
7012
8934
Dec 21
"78" '75"
M
7812
7812
Rlv&G
July '09
8OI4
95% Sep. '19
84%
85%
78I4
78
08
8OI2
78l4
21
4
78 's
3«|
8218
7SI4
7818
95
86I2
78I4
801.;
Dfto'^u
9834 ^ale' 98%
109'4 Sale IO8I4
8I34
8134
99
9634 100
9934 10934
81»4 8I34
IO9I4
8I34
Sept ^i
Dec'21
Jau'22
0338 Jau'22
77
77
.•8it
743j
0934
77
70
66
80% Nov
74 14
OS'g
85I4
98'g
66
66
77
77
la
Oot'21
Miiy'2:
73
Mar' 19
.
10-year coll tr 7s
Consol 4s Se.rles A
08% Deo'21
87 '8
6534
"72"7g
94% 94
76ll
"8212
87%
86
93
97
85
SO
64 14 Sale
9012
81 14
68% '96'
8934
'79'
"781s
87
9012
941-
N1W17
Sept'2l
Fob'22
93
8OI2 Jau'22
6434
64
8412
79I2
89
79
Oot'iiu
8514
80
Feb' J2
Jau'21
08%
68%
46% Deo'2l
811
85
23
97
8012
"45
63
13
8578
84
38
,
79% 81%
85
...|
86
98
85
65
90'4
79
--JI 77
3 68
68%
,
Jul.' 21
77I4
8734
99I8
99I4
98ig
113
lOIij 101
101
and asked tUs week,
17
Deo'21
76
65
80
85
98
(1
8434
Sale
Dec'2l
9412
a
79I2
Fcb'2i
Jan'22
8 7734
...I 85
Due
Jan.
81
88ls
98% 100
...
Mir
12
IO2I4
W
NO & N'E Ist ref >t Impt 4H8 A'52
1953
New Orleans Terra 1st 4s
1925
N O Tex & Moxico Ist 63
1935
Non-cum Income 5s A
N Y Cent RR conv deb 6s. . 1935
63% 63%
Nov' 10
02
94
M
S
86%
J
J
7634
Q
J
F A
J
J
F A
A O
M S
.M S
M
I
'25 iooij 16234
6
Due
Feb.
g
...1930
1998
J
J
M
M
Q
D
D
N
S
F
98
94 Ig
10
25
,
73I4
74
76
72
78
75)2
89% 89%
81%
78
NoV20
98l2
98% 98%
87% 91
2
34
90
73
J
MS
MN
J
J
J
D
F A
MN
MS
J
A O
M
F A
F A
F A
IW
S
m'n
J
D
F A
J
J
A O
A O
J
J
J
J
fW
IW
J
N
Q
J
M
S
D
J
J
J
J
J
A
O
J
A O
M
F
J
O
N
S
Al
J
J
J
J
IW
IW
7312
*-*53"34
N
Mir'l
Wav'lO
99
Jaiy'2
3184
Mi
38
70
69
33
87
98
95%
9412
87
70
73
96
'79"%
Jan'22
73
34
36
39
70
97% 100
"7"7""
"7"9's
lOI
101
69% 73
31
36%
15
123
17
36
53
30
36
70
32
87%
8
10
85% 89
97% 100
45
2
98I4
102
Dec
73t2
3P
65 100% 10284
Jan'22
JuW
36
39
2
94I4
94%
73
76%
51
5184
39I4
74I4
21
74%
178
51
5II4
51 14
1
52
40
74
75
51
37
73 14
5112
66
48%
48%
35%
73^8
16
72% 75
52 14
52 14
27
54
77
79
Jan'22
Jan'22
73%
53%
54I4
73
54
51
Sale
54 14
54%
20
30
Sale
29 12
Jan'22
62
Jan'22
Jao'22
Jan'22
,0
80
7OI2
7112
79 14 81
81
Sale
79 14
79
81
7a
III4
32
9
9334
94
95%
95I2
81
77
79
!t6l2
88'!
"7"l4""7"34
7634 79
Feb'22
Jan'22
61%
62
5S
Oct'18
77
Jau'22
68 Jjj '13
83l2
8,%
y2
92
95
9434
65%
62
89
4334
307
"7"6"%
July'U
83%
80% Oct'17
76
76%
93
46
84% 89%
97% 98^
90% 97%
5934 62%
11
t)8'2
70% 78
84 s
45%
233
6434
99
9l34 27S
46 1493
7734
93I2
6 134 Sale
40'8 ..
76% 7712
83 14
91
Jan'22
91
Sale
9'ii2
93
78%
M>y'
77 14
6tl4
Sale
64 12 Sale
9134 Sale
45% Sale
54%
29%
58% 62
80
80%
70% 71%
190
81
Jau'22
734
77%
87
81
"•74""
2!'4
62
80
7 1%
Oct'21
77
75
32
80
93
1
78
Feb'05
79%
69I4
Sale
35
N0V31
79%
101
80
58
61%
79% 83%
54%
"77"
5
84% 84%
1
92
92
18
94% 96%
87
78%
75
75% 77%
1
101% 102U
2
67% '67"%
86% 861s
87% 87%
102
"8212 Sale"
82I4
7612 Sale
90 Ig
O
A
50
51
37
IOII2
A
IW
25
74I2 Sale
S
J
J
J
95
82
94% 94%
Nov'21
9.518
Sale
86% 87I2
98I4 Sale
10134 Sale IJIij
85
83%
D
F A
J
95'
33I2 S.ile
3u Sale
J
3 10610 109
8I34
Nov'21
Feb'22
Dec'21
87
100
101
3o
J
9112
77%
s
J
84I4
767g
77^8
85%
IW
1997
Morlgiige 3'^3
1997
Registered
1934
Debenture gold 43
1934
Registered
1942
30-year deb 4s.
1998
coll
!^s
Lake Shore
g 3
199S
Registered
Mich Gent coll gold 3Hs..I99S
1998
Registered
Battle Cr & Stur 1st gu 33. 1989
Beech Creek 1st gu g 4s. . . 1936
1936
Registered
1930
2d guar gold 53
Ext
1st
3Hs.ftl95I
C
Beech Cr
19S1
Cart & Ad 1st gu g 43
Gouv A 0-!we 1st gu g .53.. 1942
Ka A & G R Ist gu g 5s.. 1935
1997
Lake Shore gold 3;iis
1907
Registered
1928
Debenture gold 4s
1931
25-year gold 43
193
Registered
1991
Moh & Mai Ist gu g 4s
A Due July,
16
74
100 Sapt Jl
7 )%
81
95
95
95
D
O
June.
77I4
Vib'Z
Jan'22
Feb'22
97I2 iod
37
69 14
J
2013 A
Ref & Inipt 41/^9 "A"
New York Cent & Hud River—
Due
15
Dec'21
10)
80
S
B
Mo
"89*34 '8"9''4
Feb'.'-
Nov'21
8b
83 >8 tjeot 21
7812 Jan'22
Muv 15
84
Ocf21
72
8O34
A..
73%
On Jl
8II4
9034
M
M
10-y car fis Series C
Cum adjust 5s Series A
Missouri P.icific (reor? Co)
Ist & refunding 53 S-!r A. .1965
1st & refunding 5s Ser B.al923
1st & refunding 5s Ser C..1928
1975
General 4s
194 d
Missouri Pac 40 years 4s
1938
at
4%
extended
.3d 7s
1948
Cent Br U P Ist g 4s
1st ext g 4s. . . 1938
Pac R of
1938
5s
2d extended gold
& S gen con g 53. 1931
St L Ir
Gen con stamp gu g 53..1931
1929
Unified & rcf gold 4s
1929
Registered
1933
Dlv 1st g 4s
1926
1st g 5s
Verdi V I &
1927
Mob & Ohio new gold 6s
.ftl927
1st ext gold 63
1938
4s
gold
General
Montgomery Dlv Ist g 5s.. 1947
1927
St Louis Dlv .5s
1931
St L & Cairo guar g 4s
1928
.
1st
5s.
&
St
L
.
Nashv Chatt
1923
Jasper Branch 1st g Rs
Nat Rys of Mox pr lien 4Vds.l957
1977
Ouiranteed general 4s
Nat of Mex prior lien 4'-a3...1926
1951
1st consol 43
~|
Fob'22
53 Ser
Ost'O-
100
01
—
41
78
1
I78I2
Nov'21
107%
10784
94% Jan'22
936 J
001
916
98
"77""
1
81 ig Oot21
91i« D2C'21
940
N
990 F A
942 A O
942 IW N
S
of T 1st gug53.. 942
SherSh&Si 1st gu g Ss... 942 J O
S
Texas & Okla Ist gu g 5s.. 943
Dec'21
Jaa'2i
Dec'21
834
Co
98
•
SII2
9912
981'
8912
certfs of deposl'
Gen
211
S3
Mar'20!
88
Jau'22
99
Mar'^.l
109 18 Jan'22
90
65
Trust
Dec'21|
Mar
M
;
J an '22
Sepi 201
Jau'22
J
M
2
7812
Jan'22
962
&
& Ft D 1st gu 43... 935 J
Des
93S J
gold
5s..
lowa Central 1st
53" '55"
8OI2
Ala cons gu g
Stamped guaranteed
Midland Term — 1st s f g 53..
Minn St Louis 1st 73
Apr'2;
Apr*2i
108
&N
50-5T 53
La& Jcf Bd?eCo gu g 4s
Mex Internal 1st cons g 4s...
is'ii
84
Apr-21
gug5s
Gen cons gu
40"
55
ft
Ist
'
Ao-<
931 .M S 101 14
9S7 J Jl 8034 Sale
95
97
965 A O
N&C Bd^egen gu4V^3...
53
79% 80
3
S
Jnae
97%
Jljl/'2
980
955
948
945
952
952
937
945
935
933
945
977
977
925
927
934
949
i
Jan'U
9t(>
M Jount 4s...
Reiglstered
NFIa&
Feb'.;.;
80
84
11
Jan'22
Jao
Apr
32
90N
Nov'19
/2
M&
L & N South
8214
7812
98i2
9914
7312
831a
931
930
030
Ist gold 6s
.
1
High
96I4
Jan'22
930
4Hs
—
'45"
39I2
Lc\ gold
Paducah & Mem Div 4s...
St Louis Div 2d gold 33...
Atl Knoxv & Cin Dlv 4s. __
Atl Knox <t Nor 1st g 5s...
Hender Bdge IstsfgOs
Kentucky Central gold 43.
Lex & East 1st 50-yr .5s gu.
M l3tg4^s.
L& N&
60%
34I4
&
2d gold 6s.
80
79
8i
134
12
Cin
NO&M
21
7312 J'lae'l
'76%
39"l4
8?
75
83"%
I
556
90% Jan'22
8312
81%
9I4
70%
64I4
111
Jan'22
13614
93I4
80
N
O
O
9538
97 12
99
96
77
8412
9634
10518
95
80
90
82
Jan'22
89
8912
10514
"S4"'
17
17
NoV2l
N0VI6
Oct'21
Dec'21
94
65I2
100%
82I4
6634
7612
70-%
lOig
—
M
N
N
76
Feb'22
11012
IO2I2
78I4
lOig
7334
621s
102
Sale 10934
Sale 102
107'8 Sale
88I2 8934 88 14
78
3
01
16
9612
102
8234
44
9612
10218
-!%
104^8 ..
8^8
15
277
70
Jui
931
931
938
922
932
949
934
937
949
949
935
927
932
927
930
937
940
940
931
1st
Low
.Vo.
Jan'22
Oct'13
Oct'21
1st
cons gold 53.. ft
ft
1st consol gold 4a
General gold 43
Ferry gold i'As
Gold 4s
Unified gold 4s
Debenture gold 5s
20 -year p m deb 5s
Guar refunding gold 4s
Registered
B Ist con g 53.
YB&
Y & R B 1st gold 5s
Nor Sh B Ist con g gu 5s.
Louisiana & Ark 1st g 53
Louisville & Nashv gen 63...
,18
40
42
47
56 ig
4OI4
761^
7412
Jan'22
3912
44
86 14
42
77
79
79
47
73
Mar
36I4
63I3
78
84
110
8534 9034
8934 93
2 107-% 109
76% 783g
10512
8634
«6l4
3612
81
8312
72^4
96
9i)%
93 12 Dec'21
39
8918
78
82
55
84
82I4
Sjle
4112 Sale
87 Sale
9OI2
8312 84
83 14
80
4()l8
Leh & N
Long Isld
44
20
May'2l
39
80
40
7212
N
63%
Oof21
97 12
92
89
8018
3818
Ist int
80
64 Is
D
63%
t>y)
65
M
IQis
74 ?8
8314
s
s
N
N
1018
621?
97% 99%
49
5
Since
High
Leh Val Coal Co
21
74 14
8353 "se'ii
O
O
o
N
Nov
57 14
98
94 >g
78I4
4612
43I4
78
43I4
Sale
j
a o 102%
88 >8
|v|
109
10434
A O "83%
J J
.1999 j
1948 A
1955 F
5s- 1937 J
Central 1st gold 4s... 1951 j
price Friday; latest bid
99%'
74I2
7734
C0I& H V 1st cxt g 43
Col&Tol 1st ext 4s
Houston Bolt & Term 1st
I^hVaRR
97%
7312
7734
Registered
L&
995g
7334 Sale
7734
78l4 Sale
44I4 Sale
J
r
No
High
109
Jan'22
I
*
Since
7734
Deb ctfs "A"
Green Bay &
Feb
Debenture ctfs "B"
Feb
Gulf & 8 I Ist ref & t g 53_.61952
J
4l^s..
1999
1st
cons
Hocking Val
g
J
Illinois
Jan. 1
78^8
...1933 j
j
j
1933
Registered
Reduced to gold 4^3..- 1933
1933
Registered
1937
Mont ext 1st gold 4s
1937
Registered
1940
Pacific ext guar 43
E Minn Nor Div l3t g 4s. .1948
1922
Minn Union 1st g 63
1937
Mont C 1st gu g 6s
1937
Registered
1937
1st guar gold 53
Istgold 5S...1938
Will&
J
N
O
D
A O
IW N
1936 J
1928 J
.1955 F
Consol gold 4!X8...
Improvement gold 5s
Grand Trunk
Last Sale
102>g Feb'OSj
70>2
9934
S8I2
.1922,1
10-year secured 73
1948
& Snsq conv 3 Ha
Renns & Saratoga 20-yT Os- 1941
1st
F
Range
2
Registered
Alb
&
Bid
|
Week's
RaTwe or
Ask Low
& Hudson
1st lien equip g
lst& rcf 4s..
3(>-year conv 5s
1st
1
New York Bond Record—Continued— Page
61^
N. Y.
o
2
1
1
90
i02'i4
97
68
8534
85I4
88
8lia 86
9834 Sale
100
*i5
SOU
'8
IJII2
D6it
67%
86I3
870,
8412
9834
Jan'22
Jau'22 ....
99
6
2)14
Oeo'3l
Jan'22
30
32
2134
2il!
81
84
30
72
98 14 98^
65 Sale
6312
9912 Sale
79%
85%
86
9938
36
21%
I
21%
"2"6"%
"a'd"
21% 21%
8
Jan'22 ^^
28"
1
80 14
84
72
,2
98%
98 11
65
6
10
70% 72%
95% 99%
81
62
235
98
6S
100
99%
9934
IO512
79
8612 8534
106%
8684
40
85% 88
75I2
76%
S
74% 78
S.ile
3.ile
76
*73
76 >4
8612 Sale
7512
.•5
79%
100 10538 107
61
79
807g
Jan'22
87%
8612
54
75
84
12
83
85%
69% 73
66% Jine'20
85>2 Jan'22
N|
71
64
71% 72
57
87
81
97
Jill/'.
.!64
80
105%
86%
25%
21
7OI4
101%
Dec'2l
Jan'22
99
'26'4
33I4
DdC'2l
83>S
72%
Nuv'2l
Dec'2l
Jan'22
Jan'22
60
86% Jan'22
71
74ij
60
88I2
7ft
89%
.
7"4"%
74%
60
60
8484
85%
77
79%
94
J ll/'21
101
Mar' 10
66I4
59
Jdaa'2i
82
83% Dec 21
79
86%
9412
S
92% 92%
76I4
76%
73% Nov'21
92%
92%
N
N
9012 Sale
9014
76I4 Sale
M
IW
IW
M
n Due Sept.
731!
S
75
Oct.
21
S934
9034
67
88% 92
85% J.11V21 '."
82% Jan'22
'8212 "'.'.
Due
6
s
Option
sale.
"82"% "g'ilj
I
New York Bond Record— Continued— Page
BONDS
It
trrOCK EXCHANGE
Week ending Fetx 10
Y.
>f
5'^
Y Cent A H R RR (Con)—
RR
Mahon CM
1934
1931
..1931
Registered
1940
Ls
1940
Registered
1951
.J
1st gold 3^3
194^
1st gold 3123
1929
UO-year debenture 43
J June RR guar 1st 43... 1933
Harlem B 3 !^3
2000
X Y & Monhern l3t g 5i..l923
N Y & Pu l3t cons gu g 43. 1993
1932
Pine Creels reg guar 63
R i O con 1st ext 53. . .ft 1992
1941
Rutland 1st con g 4 4s
1st 53
Michigan Central 5a
M
.S
Q
.r
J
J
M
S
J
J
J
Lawr
J
J
Adir Ist g 53... 199S J
1996 A
UticaA BIk Riv gu?43...1922 J
<t
O
2d gold Gs
4L
Pitta
Pitts
l3t
1934
2351
.2351
Registered
Lines eq tr 53.. .1920-22
Equlptni5t4i.<s... 1920-1925
2d guaranteed 6s
1st 4s guar
Weal Shore
NYC
N Y Chic&
L lstg43
St
deben
deben
deben
deben
N'on-eonv deben
3V43
43
4s
N'
85'^
80^3
9933
go's
10312
99^8
78
8234 Sale
"sf's Sale"
C
dcio
V4 X E
Northern
way 4 land zrant
R^svre<J
g
44
39I2
45
49
49
40i2
13
18
41
4914
115
373s
57
45
70
6234
44
75
Feb" 2 2
59
Jan'22
5Tl2
60
80
Dec'2l
87
Jul7 14
70
83
40^8 Sale
80"s
6518
3934
5S'2
Re-ilsf.T'.-d
Jan'22
J
52
S
S
70
70
.StP4SP-
Co
Penasylvania RR
Conv)l goi'l
Conv)l gold 4.3
f
4m...
Ist g
H
19-»^
!
ifUrt re-* A. 1'»17
triit »;r B.I'M I
81'i
107'2
78-ii
1048
I»V0
j
j
i>
o
A O
F A
M
87I4 88
94<4 96
8714 -Hale
95 d^le
10) Htle
loa's iaie
H
F A
M
S
F A
O
MM
F A
J
IIMO J
•<4v<i .I9il J
RA
I
Ohlof.'.
Plll«
Tol
I
\ \ \ -.1
V A O cu
li.
W
«'Tlr-,
tl
t '.^3
I
U
.
i:ona 53
4
4< A.
.
.rin
.19.'/
I
'I
M
M
(I
.!'••.
;
I
I
.I'M.' VJ
I
gu
4W« A.
i*fii
Ht
85
33
44
75
R3gi3tered
20-year conv 4s
20-year conv ,5s
597g
Cent Pac
8434
Jan'22
t
8358
106
19, 8478
3
83l2
1
80
"s'o'is
1950
1994
..1994
R?7i3t»red.-.
.1955
A..
S«r
gen
4s
A
Develop
Mob A Ohio COM tr g 43...193S
1995
Mem Div 1st g 4Ws-5s
1951
St LoMis div 1st g 4s
.1943
A
.5s
cons
Ist
Ala Gt Sou
.Vtl AChirl A L 1st A 4 Us- 19 4 4
194-4
1st 35 year 5s S?r B
1948
Ist g 43
Atl A
1948
2d 4s
-Vtl A Yad 1st g guar 4s.. .1949
1930
Va A Ga Div g 5s
1955
Cons 1st gold 53
193S
F, Tenn reor-; Hen g 53
1915
Ga Midland 1st 3s
19 2 2
G I Pac H V 1st g 6s
192 5
Know A O'lio 1st g 6s
Mob A nir prior lion g 53. .1945
86
SO
220 10314 1061s
20 84
85
SSU
2
Dmv
8534
91
i5
9fli2
lOG
ia5"8
N712
10612
1051;
J;in'22
8J
Fab 20
349
77
75
..
6^^'^
871:
80
8d<(
reb
a
lui-2l
Apr' 20
I
'II
MkT'lO
01
81
J 11/ 21
0.1
S2
D<io'30
8«ut 31
01
01
OS
Hi't
Ui't Hatn
II2U
1«1
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M
lUih
III
01
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M
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•
84
k <
.
.'
.
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.
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r
'
.1.
1-it .411
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l
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.
A
lil ^* sirloi
.
1931
195 2
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.
>
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I
I
/«n01
1
iiinn 21
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34
70
4
17
43
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ft
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II
c.
t.fiii
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Hoot 31
7fti4
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7SU 7714
411)
9
70
W
.
.
;
..
.
.
•
U
Otn DIV lit « 3i{3
Tol * «'l| f»lv K 4s
4.5
Due Junn
.
Dm
Jul,,
i D.|..
AiU,
<
79
95
83
82 12
72
86
8518
I'll
.
M
.
28
28
CSI2
71
737g
74I2
70
50
7134
J
m^z
Sale"
95
9518
S3I4 3 lie
..
S2I4
8212
_- . S6I4 S7l2
.
.
93 12
901s
.
90 is _^
911s 95
90
Oi;t'21
94
Mar'19
87.5,s
>
88
99
97
8634
10214 IO312
9734 97
,''8
94
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8914
84 14
A
'
"62""
A
90 14
Jair22
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7912
90
83
J
70
89
I
7612 Sale
7512
I
921;,
J
87
9 Us
J
72's
85
61>8
62
63
77
95I4
M
M
A
95
89I4
5612
93'2
•
573s ..
-
gi'-s
95
Dec'21
Jau'22
Deo 21
Dec '21
7338
72',
92
92
F
9414
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1141.,
78
78^
7Sl2
93
I
50
8II2 ..
33
.'1
79
89
54
Sale
OII4
Main
OH
1
.
50
60
79I2
7»'4
Dno'il
92
Jan'22
92
H8>(
'87"
13
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.
08
'
.
101
...
80
02
KH
67
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01
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1
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60
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i
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n5S
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103I2
871,
10014
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fio' '70«i
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in
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i
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04 >K
90
.
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no
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t
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01
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ng
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p
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.
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I
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10 I::
8Ul| 8«i»
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05i« 44l*
F
F
96
88%
I
00
85
65
Ul
I
M
92
3
8
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01
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.
87
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1
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r
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941s
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m
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.
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27
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flClg
97
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.
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86
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M/»4
8S11
'9878
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78
91
9 '4 9lit
251s iSale
87
J
21
81
J ilv'2t
007« Feb '22
90
85
1
85i»
'.'.'.
95
"
. .
93
J
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tfl
119/,
93
'58
-
Jan'22
UWij X
94
8178
91
6
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7812
9538
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79'|
83
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7.5.34
9334
Mar'21
50
-
9II4
F
) DiH' Oi'l.
4
"88>"2
9OI2
751s
91
"
92
1
"87"
Jun'22 ::.:
\
77
77
Dho'21
J
77
89
73
SOU Oot'21
90
90
45
89
72
Jau'22
90 's
92 >4
9434
91
70I4
7534
951s
74
85
A
82
S7i8
'63"l2
1
95
90
68
941,1
J
SO
66I4
"T
I
Jan 22
Dtl0'21
80
90I4
86I2
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1
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9318
913)
7512
83.5s
3
931
951
95
i
A
F
9812
424
75I2
70
Nov'2
93 >t Dec'21
4i)i''J|i
58
95 14 Jau'22
....
9412
M
M
M
123
212
132
62^8
7OI4
7534
951s
94
73
91
89
S4I4
83 >4 Sj.i '21
87
87
J
A
95I4
8654
IO3I2
'88"i2 "8812
Jan'22
93I2
7518
J
43
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81 14
9012
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9.1
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92
97
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97
96
85
.
85l2
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---
9812
87S4
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7314 8OI2
94I4 98
8634
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--
86
81 14
3
--.
i
72
8512
8734
78
81
"86" "89*4
95I2 97
74
I
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72
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0912
Is
Fei>'22
SSit
8Ui2 Sale
90 Sale
J
32
181
21
I
86 '8
8OI2 Feb'22
95
98
92
92
17
Jau'22
89
Dec'21
86
Mar'21
•J7
63
96
I3I2
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1
63
96
31
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9S
83 's
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41
5912
52I4
21l8
3884
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59I2
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'
88'4
77I3
60
147
642
307
503
I
85
784 SO
95%
90
1
7
7934'
7858
72
Nov'21i
8Si,i
8834
7934
nil A
I'MI
I
ft
Oi's
8518
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ri.i J
I'MI J
rii9 J
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1955 F
1,
I
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W
.
gold 5«
1
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ii
«:on
Jitii'^.'
J
S3I4
80'2
,1945 J
.
rcfiind 4s
A Nor
I
.19.''
1
3
.
flu
73
7334
Jairi3|
71I2
4
W
Ist K
eo-ig
63
Jau'22
Djc'21
JaQ'22
Jair22
Jau'22
Jan'22
W
l.liin
8SI4
72'4
6413
17
5/i2
J
J
965s
1
7512
6|l2l
5912
M
M
J
60
G 101
102«2
22 72'4 76
7512
Jan'22 ..
35 '4
51 14
M
AW
9658
Jan'21
102
31'S
44
\
193l|J
Ist g'l 5s. 193 )F
MIn
A M
Tol A O'll') f;i!iil Ist gu 53. .. 193 5 J
1935 A
W.(3tern DIv lit g 5s
.I935'J
G -inral gold 53
1999 A
Kan A
Isl gu g 43
1927IJ
2d 29 voir 53
I9I7|J
•fol P
l3t gold 4s
pr lien g 3^^i. 1925 J
Tol Ht L A
43 .
r,'t ynir gold
1950 A
I9I7|I'
Coll tnm 4s g Sir A
Tnnl CO rifs (if d pi>3ll
Tor Ham * Huff Isl g 43 ..*I9«5'J
i;ist.T* D -1 1st cons «f»3
I92S J
195 2 A
111 r-fuii'llng « 4s
i;iilon Pi-lflc Iilg4«
1917 J
ll-«lil'iri-d
1917 J
yrar
conv
43
29
19 27 J
Isl A rrfundliit 4l
..b2I)'IHM
.
10 yi'ir pcni sp'tiired Ms .I9'2H,J
< >rr R II A N IV rot. g 4s
1945 J
W
76
103
I514
J
(/2I))),M
gold ln-;on^ 53
1,1 Div li L l3t g 53
•Jd
Vmid
Nfi»-2I
N'lV'il
>
71
29 Is
36
4 J '2
62
63
91
dale
dale
8a;e
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94% 98
54
103
9 95
\
75 «
2953
5s
84l2
F
•
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9978
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W
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811%
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gu
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193
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j(nr22
102
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sa
53
84
40
415
Oct '20
77
IO214 102
75'8 7412
9914 8814
72I4
Sile
6 413
67-1s
71.34
Sale
Sale
72
9Si2
_
7112 7II2
9.85s
19 58
cons 59-year .5s
19 21
l3t cv gu 4s
1955
.-loo'taiK! Int'-nvit Islg .5s
Term Assn of Si L Ist 8 41-^3. 1939
1984-19 44
1st cons gold 53
1953
G->n rernd s f g 4s
Urid ;e Tor gu g 53. 1935
St L
2955
T[-\ IS A P i<! 1st gold 53
W
Orr« -Itvirt
Jni>'22
•4314 8 <p( 2 I
(»'J
'tid<(
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Jar.'2J
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H8
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Ml
HH
8814
E
Sar
53
53
VaASo'w'n
W
S*H
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8712
87i»
8712
79
Nov'21
8<ig
80'3
HS'i Deo' :l
91
Nov'2
8')
H„\n
89
5 «5is <I0
9 9212 tMl"
114 85I4 89"
74 9312 971*
66 IO5I2 1081"
167 103% lf>',Ji
751s
77'4
93',
92<]
0I<4
7/V^
"97I2
76'|
80
S rrl-ji F
Gm'^ril
70
8312
90I2
76
60 '1542
J
1945 J
19 25
19 25
68
68
50
M
Mid
Vir.;inla
82
78
Jan'22
Apr'2l
Dm'
4s.
0578
121
50
Rl?h A Din dib 5s stmpd.l9 27|A
1948|
R'ch A
y\ 1st g 53
So Car A Gi Ist ext 5!.<;3.1929 M
'si' 'ii'
721,1
n
Morf:age gold
3
69
J.an'22
J
M
"5
72I4
Mafia
HUU
10314 100>4
J.in'22
/lU
H7'4
90I4
86
Nov'2
85
01
i»*l«nl.
87S8
'17
H7I4
Phllllu.
87
75'i
7»'l
roif
H4
"4
i;
3
153 ioSh 109
,
9HI«
10 Ig
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877*
75'i
75'«
71
ET
6238
'21
9 (13
104
Ol'l
H7'4
H«
HO'l
1^
87
S4
'is ids's lid'
Jan'22
Jan'22
87'8
70
9I<«
S:^
88
7313
87
HO't
70i»
82<2
S4
84
60
2
M»y'2l
o2
1051s Sept 21
7812
79
76
Jan'22
7238
75i»
HH
I
Fr!b'22
82
73
82
87
...
8518
49I3
19 5 5 J
5s
8 Hz
5134 Sale
M
Southern— 1st cons g
10
70 'g
53
1:1949 J
!7l9!9
So Pac RR 1st ref 43
Sin Fran Terml 1st 4s
Sale
Sile
Sale
9534 100
'5I "so" "ssis
\
J
M
59I4
Miy'2i
Jily
.tl949
721s
7134
1
W
W
C>cf2
07.1s
. .
73
J
J
Gila V G & X 1st gu g 53.. 1924 H
1933 VI
l3tg5s
HousEA
1933 VI
1st guar 5s red
1937 J
A T C 1st g 53 int gu
div Ist g Ga-. 1930 VI
Waco & X
1941 J
Istgu g 53
AA X
193S A
Xo of Cil guar g .53
1927 J
Ore A Cil 1st guar g 53
1937
So PacofCil— Gug 5s
So Pac Coast Ist gii 4s g... 1937 J
19 43 I
5s
gold
Te-c A X O con
Dec"2
1
coll)
>
82
96
74
57
103
8 lie
67
65
e\t?n 5?
2(1
7058
106
54
IO712
8SI2
5S-.-192
6SI2
Sale
951.;
885s
75I2
..15
1
High
,
825s
9'Jl4
102
75
J
100
D3.17
Aiu'21
85
eS'is
84'g
WT
50
79'
60
No. Low
68
101
A P l3t.5s_..1931 «
GH&S A M guar
1931 J
26
69
61
73 't
73'2
1,1.
.'.'!
84 14
84
A
..1934 J
gu g 4s...l9 4'> F
19 49 F
Mort guar gold 3V4s...tl929 I
Through St L l3t gu 4s..l954 A
H
—
68I2
83 -.a
9612
75I2
J
J
J
1st ref
R?-)!i3t3red
41'2
26
8512
60
741,
I'M') A
•1
10578
85I3
7»ig
9434
95
88
.V
Krt«* r\ua KU g »H» B. ..I9t0
Hortai I"
Sale
97I2
IntrnlirMl lo3yf*...IU(2 A
C 3 '.<3
Hm1otD3^<
82':
7fl'4
-
Hetitn
3812
Dec '2
»2
75I4
«4
i
<ir
Sale
76-14
M
M
I
90
too
1912 J
D. . .1944 J
(i„
4s
1911 A O
.I'i'd
r;ti,i,..V
40-ynor «iiir 4s rifi Hir K. 1052
19(2
N
';iD !/»*> * ^'<r 101 43 «. .
193 >M X
gil g 4i<1 ..
CI '
i'/intt/iT A. lOli J
J
Ci
1912 A O
1
84
93 >8
'ss'i*
Seaboard & Rom 1st
.-io'ithirn Pi'Mflo Co —
SlU 60
274
Oct'2u
84
80
Apr-21
Apr'21
<0
93»4
f^G
<•„,
5914
eo's
60
-s
103^8 .Sale 106^8
88l2
87
8712
87'3
85li
103
IO5I4
lUOlj lOOi; IOOI4
F A
I
.1
"15
83^ Jan'22
1
M
«»
M
4a...l»i3
"•''• '')-
r:<.
5Sl2
92-34
Gl
59
1951 J
10 16 J
19')"> J
19*8
1950
(•A,nv,\ 4^3
195 5
C>ncraI4t^s
10^8
(Maienl^
1930
lf>-year (lecunKl 73
1935
6
1.5-year securwl
VJ3
\Ile-< V-il R-n guarg 43 ...1942
U K RR A »g(! Ist gu 4« K. 1935
r;.,
86
841- Sale
.
lit g 5s
tlU I<t «
58 n
Nov 20
Oof2
T87g
'JVi
N '85^
Q
Nor
Oregon-Wash lstAr.;f4»
Penxi-
89
...I
6912
99
4
Paducah4
S.ile
Ga&
Oeo'lS
IO5I2 Salo 105
84i8 S534 8II4
DihiKi Ist id... 1931 Cj
195S J
Ist conv)l gold 4i
1948
C<mt lit gold 43
Pao Term Co Ut g 63.. 1933 J
Co%st
6513
59
84
unityin? 53.1952
Gray's Pt Tor Ut gii g 53. . 1947
1915
S
A PiSS Istgu g43
19 55
Siaboird -Air Lins g 43
1959
Gold 4s stamped
ol919
.^diustment 53
1959
RefuadlnT 4s
1915
Ist & coas 6s Series A
Atl & Birm 39-yr Ist g 43.cl933
1915
Giro Cent 1st con g 43
FlaCr^nt * Pen 1st eKt 65.. 19 23
1st UtI grint est g 53. .1959
1943
Consol gold 53
AlaRv 1st con 5s.. .01945
53...1921
r,aCar& No 1st g'i g
Gold 43 (Cent Pac
381;
31
71
59
47
Jan'22
I05's IO8I2 106
I04ij
106
Jan"2
IO2I2
i0Si2
104
Dec'2l
86I2
86^8 Sale
8712
Q
Q
WMh
Pa/;lflc
63'>s
i..l923ti
Reglstertxl
9t Paul
Sale
J
.1
&
1st terminal
82
73
85
8412
7418
67i8
.
Sa:) '17
Pevia
...ri35J
.1923 F
.Vor
70
4112
A
I4
9
Since
Jan.
Iltgn
^95.34
Sale
Range
sue
Ask Low
J
L&S F RR cons g43_.. 199! J
1947 A
Southw Div Ist g 5s
KC FtS& M cons'; 6s... 19 iW
KC FtS& M Ryr3rg4s..l935>5 AA
K C A M R & B 1st TJ 53. 19
StLS W lstg45bondctfs...l')S'1 M
Au?l<
26
Ref 4 Impt Gs ser B
Ref 4 [mo 4 '.^3 3^ A
.St Paul lilluth DIv ? 43.. 1995 J
V P-Cl
59%
81
45
I
417s
88^8
7412
6JI2
6912
02917 Q
020 1 7 (i
2017 J
2017 J
rjcneril ll^n {old 33
49
44
49I4
45
70
Oct 17
50
July 18
3812 Jan'22
J
J
1931 J
-5s
Li^l
Bid
9S
98
82
St
I
1997
l»97
4.3
4612
44
84
M
gu g 4s.. 1989
prior lien rail
8412
4612
38I4
4OI2
M
Ist
Pa/rlflc
8II2
Jan'22
Jan'22
Jan'22
74
.M
.M
J
J
Feb '2 J
Feb '22
J
J
10-2-5-year conv 4V53-..I93>«
1929
10 year conv 63
Pocah C & C joint 43... 1941
C 4 T Ist guar gold 53. .1922
83
833g
A
a
A
30
3912
j
W
82'4
86I4
so
40
F A
11,
8234
S
D
F A
M N"
mX
76-'s
78
44
^i;
W
8212
43
Cent
M
M
7812
Nov'17
48
44
67
50
Gener-al gold
We(k's
Kingc or
Prfc,"
/a950 O:
63
Sin Fran gen 6s.. 1931
A&
67'2 Jua'i'20
8234
85
4612
A
Series
&
2d g 4s inooTje bond ctfs-Pl9S)
1932
Consol gold 45
441;
67
J
99I2
44ij
IW
M
99'4
1-1
821s
8634
A
J<?
Jan'22
43!'>
F
Providence Term 1st 43. ..1955
1943
VTA Con East Ist 4!^ 3
(71992
N Y O * ref 1st g 4i
Registered 55.000 only... (71992
19i>
General43...
Norfolk Sou 1st &. ref A 53...19tI
1941
gold
5i
Norfolk & Sou 1st,
1931
Norf 4 West gen gold 63
Improvement & en g 63... 1934
19 5 2
New River 1st gold 6s
V&
Ry Ist cons g 43... 1995
199B
Reglst =red
DiVI Ist lien 4 gen g .43. 1944
1932
lO-25-year conv 43
1932
10-20-year conv 43
Dec21
Nov'ie
Jaa'09
45U Jaoa'20
79
80
7712
78
99I2 Feb' 19
85
'40" '45I2
New En^ Ist gu 43...1951IJ
Housatonic Ry cons g 5s. .1937 MX
1954 M .V
Naugatuck RR Ist 43
1942 A O
N Y Prov & Boston 43
N Y Wches& B Ist Ser I 4 ^'46 J J
1945 J J
New England cons 53
194iJ J
Consol43.
Providence Seour deb 43... 1957 m \
83
66 12
May '21
90
79I:
Air Line 1st 4s. ..1955
lat
78
66
ISO's
79%
'43"
75
d.^b^ntires
St Louis
Frldiy
Feb. 10
-2
—J
Income
Jan"22
Jan'22
Jan'22
Keo'/l
83
66
50
85I4
103
995s 9913
77'2
J
J
Harlem R-Pt Ches
Dec'21
Jan-22
9934
83
68
1943
1939
1955
1955
1957
43.. 1954
M
9934
79
89
May 16
113
Sale
44I4 44"2
67 Sale
F
9958
7634
8638
89
Aug'21
77I2
45^8
J
77I2
83
June'2l
68
95
,
F A
19 >5 J
Cons Ry noa-conv 43
Non-conv d^ben 43
^fon-conv deben 43
NY
J
77I2
1910
1!H3
1997
1997
Registered
Jersey Central coll g 4s
1931
1951
.\tlantic City guar 4s g
St Jos .t Grand Isl lit ? 4s. . . 1947
St Louis & S in Fran (reorg Co)
1950
Prior lien Sar A 43
..1959
Prior lien St B .5s
1928
Prior llnii S^r C 6s.
/il955
Cum adjust Ser A 6s
S2I4
79
7034
7S
66
J
M
M
3^3
i>>nv debenture 63
B<1:
J
1947
1947
1954 A
1955 J
1955 M
43
Conv debenture Si^s
4%
J
J
M
Hartford—
Mon-conv
Non-con V
Non-<»nv
Non-conv
J
J
J
79
89
8758
797$
IO214
9934
A O
A O
.1931
Debenture 43...
Y Connect 1st gu 4!^9 A.. 1953
<t
7S
8S
73
75
MN
1937
1937
Registered
N
NYNH
J
al928 A O
gu 6s.. 1932 J J
Erie 2d g 53
McK & Y
S3
79
88
lstg5s
1st fi(msol gold 53
Reading Co gen gold 4s
8epf20
6 Us Mar'20
66'4
2;
ending Feb. 10
Sh& LE
Pitts
74I4
N'
lstgu43?.l94S J
Rut-Canada 1st gu g 43.1949 J
Og& LCham
83
S3
MN
W
High
Nov
F A
A O
J O
A O
High No. Low
Week
I
93<4 May'20
90l8 Jaiia'21
9812
18
94li
A O
A O
.fan.
00 ^tj
BONDS
STOCK IC.KCIIANGE
X. Y.
.S'mri
Last Sale
Ask Low
1*1
J
M
N
V Y&
St
Wok's
Range or
Bid
94
J
J
L&S
Price
Friday
Feb. 10
613
3
7-l'«
76
•t5'i
in
Dun Nov.
ff
JAn"i3
I.i'i><'3l
Du* Di*.
.
.
.
,
7KH 7«
.
»
DpIJon
Hair.
—
J
-
I
1
I
BONDS
STOCK EXHCNAGE
Week
ending Feb. 10.
Price
Week's
Friday
Feb. 10
Range or
BaTige
Since
Last Sale
Jan.
1952
1937
1943
1st g 4s
1st g 53
62
94
74
Sale
85
Sale
93
pl943 Nov
1946 IW S
Western Pac 1st ser A 5s
1926 A O
Wheeling & L E 1st g 53
J
192; .J
gold
5s
Wheel Div 1st
1930 F A
Exten & Impt gold Ss
S
Refunding 4K'S series A... 1966
S
1949
RR 1st consol 4s
J
1960
J
1st
4s_
.
Wlnston-Salem S B
1949 J J
Wis Cent 50-yr 1st gen 4s
Sup & Dul dlv & term 1st 4s '36 M N
621^
771r
J
J
2002 J
conv gold 4s
7%
ftl921 J
secured notes
Certificates of deposit
Certfs of deposit stamped-..
1950
Bklyn Un El 1st g 4-5s
1956
Stamped guar 4- .5s
1st
4s.
. 1949
g
Kings County E
1949
Stamped guar 4s
78
76
77
75%
7614
76
77
D
M
S
M
65
6418
6312
6234
61^8
00
50
71I4 June'21
J
83% 85
84
50
34
32
89
72
1930 J
General 6s series B
1930 J
General 7s series C
1940 J
General 7s series D
Bklyn Un Ga.9 1st cons g 5s.. 1945 M
Cincin Gas & Elec 1st &. ref 5s 1956 A
1927 J
Columbia G & E 1st 53
1927 J
Stamped
Columbus Gas 1st gold 5s... 1932 J
1925*4
Con.sol Gas 5-yr conv 7s
1923 J
Detroit City Gas gold 5s
.
Detroit Edison 1st coll tr 5s . 1933 J
41940
1st & ref 5s ser A
A 1940
1st & ref 6s series B
1949|J
Duquesne Lt 1st & coll 6s
1952 F
Havana Elec consol g 5s
1949 M
Hudson Co Gas 1st g 53
Kan City (Mo) Gas 1st g 53. . 1922 A
1937 A
Kings Co El L & P g 53
1997 A
Purchase money 6s
1925J1V1
deb
6s
Convertible
Ed El 111 Bkn 1st con g 4s. 1939 J
Lac Gas L of St L ref & cxt 5s 1934 A
I
[
J
D
N
M
M
O
93
J
90
1948,
E—
F
'
J
S
»
J
A
N
O
9OI4
IO9I2
S
ii9
J
82I4
D
A
J
^
94
87%
85
89
U
|
L&
Wat Wks & Elec 5s
Armour & Co 1st real est 4 ^is
-iVm
\
1948" S
1920|'VI
S,
S
1934] A O]
1939 J D
Atlantic Fruit conv deb 7s A. 1934|J D
S
Atlantic Refg deb 6^3
193 1
Booth Fisheries deb s f 6s .-.19'26A O
Braden Cop
coll tr s f 6s..l931 F A
Bush Terminal Ist 48
1952 A O
Consol .'3s
..1955lJ J
Building .5s guar tax ex
1965 A O
M
M
•
No
price Friday. latest bid
9%
7%
61% 67%
434
56% 62
44% .56S4
168
225
5
3
981s
88
8934
90
73
98%
60
60
75
79
73
51% 53%
7234
91I4
89% 91%
78%
72
105
2
881;
87%
Jau'22
"13
44
90
90
8912
Sepi'2
75
101%
1 102
106
32 106% 108%
10734
89%
751s
19
12 100
100%
92
"9()l2
91
92
92
88I4
901,1
88
90
1
10338
10234
SoiJi':
Oct 2
86
108% Feb'22
87
108% 10f»
98 101
Jan'22
82
101
82
9434
8,84
8914
9334
87%
88
Jan'22
8)
Jau'22
86
85
90
89% Fob'22
87% Dec'21
Mar- 17
89
78% Jau'22
99% Feb'22
93% Feb'j2
99%
93
8734
03% U6
Feb'22
Dec'21
June'21
83% Sept 21
80 Sept 11
93I;
Jan'22
88
8884
83%
88
85
89%
87 1" Sale
871;
86
95
84%
87
77
Mar'20
Nov'19
May'21
76
10
75
Jan'22
88
75
7%
87
75I4
9
234
6
32
35
90
16s
92% 95%
76
93
87
80
9334
S834
8734
10114 10114
16 85
8734
9II2
.89
78% 7812
99% 100
I
and asked. aOue Jan. dDue
86
gu4Hs A..1963
J
M
92%
1st series
1st series
A
82%
& Co
N
A
Manufacturing and Industrial
1928 A
Am Agric Chem 1st c 5s
1941 F
Istrefsf 7V<3g
-.1931 IW X
Am Cot Oil debenture 53..
A O
Am Sm & R 1st 30-yr 5s ser A 1947
1939 J J
7-6s
Am Writ Paper s
i-*5o F A
S
b
D
1927 A
Distill Sec Cor conv 1st g 5s.
J
E I du Pont Powder 4 ^s.lJ3b
31 IW N
du Pont de Nemours & Co 7 af1941
S
Fisk Rubber 1st s f 8s
J D
General Baking 1st 2.5-year 6sl936
M
I'^^f F A
Electric deb g 3 J^s
S
Debenture 5s
V
riaio
F A
- -^^^'
20-year deb 6s
^^1?
Goodyear Tire & Rub 1st s f 8s 41 IW N
10-vear s f deb g 8s... ..61931 F A
1932 m N
Int Agric Corp 1st 20-yr 5s..
1926 J D
Internat Cement conv 8s..
J
1947
International Paper 5s
Gen
M
.5s
Lorillard
Co
N
1931
1944
1951
1944
Kelly-Springfield Tire 8s..
Liggett & Myers Tobac 7s.
(P) 7s
D
Nat Enam'&'stampV ist 5s. . 1929
Nat Starch 20-year deb 53. . - 19.50
19.>2
National Tube 1st 5s..
J
X
N
A O
IW X
IW
IW
N Y Air Brake 1st conv 63. .-1938
Packard Motor Car 10-year 8s 1931
Porto Rican Am Tob 8s.... -1931
1941
Sharon Steel Hoop 1st 8s ser A
Standard Milling 1st 5s. . . -^-1930
J
Steel & Tube gen s f 7s ser C. 1951 '
1930!
Union Bag & Paper 1st 5s...
IW
M
S
N
•]
J
-.
"J^,? t
Cal 1st 5s.. .1931 J J
D
.
. 19411
United Drug conv 8s
J
J^
U S Realty &-I conv deb7sg 5s. 1924
1923 J D
U S Rubber 5-year sec
1947|J J
lst& ref .5s series A...
of
1930 F A
conv 6s. . 1926 F A
U S Smelt Ret & 15-yT
5s.. 1923 J D
Va-Caro Chem 1st
el9'24 A O
Conv deb 6s
N
12-year s f 7H3
.^- -,„,.,
1922 J J
Dec
West Electric 1st 5s
N
1931
.
7s.
&
_^.
.
Westlnghouse E
Wlckwire Spen Steel 1st (3.. 1935
Coal. Iron and Steel
J
. 1926 J
Beth Steel 1st ext s f 5s_
1942 IW X
Ist&ret Ssguar A
.1936 J
20-yr p ni & imp s f .5s
1932 J
Buff & Susq iron s f 5s
10-year 7 Vis
M
M
M
M
.
Debenture 5s
'^^t^iV
1943 F
Colo F & I Co gen s f 5s
gu
.1934 >
5s
coil
&
1st
Col Indus
Cons Coal of Md 1st & ref 53. 1950 J
1925 J
Elk Horn Coal conv 6s
A
Illinois Steel deb 4Hs
-l^t^
.53.
...._..19.^2 M
1st
.
Steel
Indiana
Lack.awanna Stool 1st g oS__.1923 A
1950
1st cons 5s series A
Lohlgh C & Nav s f 4 ^s A ._. . 1954
t .is 1936
s
conv
&
O
Steel
Midvale
Pleasant Val Coal 1st s f 5s.. 1928
Colliers 1st s
f
37
93% 97
88% 89%
5s. 195
Reptib I & S 10 30-yr 5s s f.-1940
St L Rock Mt & P 5s stmpd. . 195., J
1951 J
Tenn Coal I & RR gen 5s
4s
.
.
;50-year temp coll tr 5s
7-ye.ar convertible Os
Bell Teloph of Pa s f 7s A
1929
1936
. 1933
1946
1925
.
41
37
10
6
70
10
8
74
86% 89
23% 30
194.)
N
O
S
J
S
J
J
o
J
J
J
IW
IW
J
s
31 103% 105
April.
13
5
23
93
80
96
85%
82% 89
86 14 89%
s
D
F A
A O
D
1st 30-year 5s. .1943 J
Commerotiil Cable 1st g 43... 2397 Q J
1937
J
J
gon5s
lst&
1924 F A
Mich State Toleph 1st 5s4
N
'^8.1939
X Y Telop 1st & gen6s.s f. Feb
A
1949
30-voar deben s f
O
0s..l941
gold
•'O-yo.ar refunding
A
Xorthwost'n Bell T 1st 7s A. 1941
J
1937
Pacific Tel & Tel 1st 5s
J
South Bell Tel & T 1st s f 5s. 1941
J
1938
cur
.5s_
coll
tr
.
Western Union
IWN
4;2S..1950
estate
real
g
Fund&
1936^
15-year 6V-^s g
CumbT&T
M
.
cDue Mar. oDue May. ?Due June. /iDuc
July.
76
9934
105%
9434
"84%
93% 95
92
10034 Sale
100%
83
94% 98%
17|
73
78
100% 212
98
102%
146 105% 107%
92%
-48'
100
9474
103%
19 10238 105
87
87
Jan'22 ...
103% 103%
54 93
96
96
103%
Sale
8434 Sale
I
20
106
Jan'22
102
105
Jan'22
10234
77%
97
3, 100% 102
95
95
24 88% 8934
92
21
90
79
79
95%
77%
95%
91% Deo'21
85
93%
101
83
83
8734
-
84
18'
81% 98%
144 100
2 81
8834
87%
30,
86%
97|
102
83
89
82
16 80^8 84%
4 103 104%
103
Jan'22
99% 100%
99% 103 100
77% 73% Dec 21
76
95
22 93% 96%
94% Sale 94%
96
98
96
Jan'22
96
97
96 100
97% 99 Is 98% Feb'22
7534
79
79
159 60
78 Sale
74
139 54% 77
77 Sale
77
91 101% 104%
104 Sale 103%
104%
108
107% Sale 107 14
110%
28, 107
35
15 34
33
32
35%
46%
76
747s Sept 21;
85' 103% 105
104 Sale 103%
105
102
94 99% 103
101% Sale lOlis
9334 96
93% Jan'22
93% 93%
2 7O84 76
74
75% 74%
74%
100
97%
23
99%
95
99%
99%
19 103
105 Sale 104%
106
106%
113
176 110% 113
112% Sale 111%
9734
98
197i 9734 997s
98 Sale
75
73
74%
75
72% 75
105 104%
104%
104%
t' 102
5'
85% S.i.ie 8418
85%
86
87%
103%
82 10178 10484
103% Sale 102%
114
115%
115%
18 112
9334 Sale
93%
94% 29 9178 94
Sale
81
114%
Sale
Sale
93
114%
94
9434
92% Jan'22
91%
96%
88
97
99
Feb'21
98
Feb'22
99%
100
Jan'22
96
97
99I4
9934 Sale
104% 103
95%
96
94%
Sale
Sale
Sale
98%
99
88% Jan'22
84
106
94%
100%
87 14
104%
97
95
93
92
9934
86%
105
Sale
Sale
101
Sale
Sale
93%
100%
86%
104
9514
Sale
Sale
99%
Sale
9734 Sale
106
94%
92% 92%
I
94% 98
99
75
98
100
28 96
3 96
18 97
I
104
92
94%
87%
86
104
92%
9984
10534
9734
9534
96%
9578
92
93
106
95
88
106%
96% 98%
97%
95%
91
100
100% 101%
101
93
99%
97%
88% 88%
Oct'21
Jan'21
106
95
92
100%
100%
103%
|
105
97% 96%
115%
9218
3,
i
9878
83
89
112
1
29
I
96
98%
88% 89
93
92
91
99
105
97
99^8
106
98%
95I4
93%
95
100
107%
99%
92
96%
93%
15
95% 96%
89% 93%
88% Sale
88%
89
69
86
89
8134 100
78
83
82
83%
71%
71
72
100
87%
93%
88%
J
Cent Dist Tel
76
19
91
79
87
7134
MN
tr
95
88
Sale
83
dl963
S Steel Corp\coup
dl963 MX'^
sf 10-60-yr Ssjreg
J
.5s
f
. 19o3 J
s
1st
Victor Fuel
Va Iron Coal & Coke 1st g 5s. 1949 IW S
U
Tolep & Tcleg coll
Convertible 4s
20-year conv 4 i-jS
2
8718
O
A
O 114%
A 93
1951
Stamped
Union Oil Co
9534
I
N
.'
85
96%
I
A O
IW
78
76
94
102
Jan'22
89
91
Jan'22
95
82
1931 IW N
---- .1934 IW
1st 25-year s f 5s
.1930
J J
Cuba Cane Sugar conv 7s..
Cuban Am Sugar 1st coll 8s_. 1931
Diamond Match s f deb 7 Hs. 1936
12
99%
103% 103% 103
Atlas Powder conv 7 J^s g
1940 IW N
Baldw Loco Works 1st 5s
Cent Foundry 1st s 1 6S-----1931 F A
Conv deben stamped 8 %.----
1017*
5
S8is Sale
f
99
93
77%
94%
82
113
29
77^8
9634
92%
103%
192»
89
90
9234,
211
83
90
96
205
9234
99
101% Sale 101%
103
86
82%
Sale
Sale
105% Sale
1
19 25
94% 95
76
100
6
.-;--'^}?,a,
6s-.194l
Cent Leather 20-year g 5s
Com Prod Refg s f g 53
3
'96%
9534
19j8
1st 25->T s
10-year conv s f 6s
Wilson
98
92
91
N
5s..-l.»-tb
C 6s
D 7s
1
1
87
8684
96
95%
88% 89
MN
ser
87
86=4
100%
95
94
87
87
87
96% 97%
102
101%
M
West Penn Power
873s
95
Sale
83% 85
761s 78
91
37 111% 114
25 99 103
71 84
88%
2 91% 93
100
95
Ret & gen 6s
"\^^/,
N
Niag Lock & O Pow Ist 5s 19..4
1941 A O
ANor States Power 2.5- jt 5s
J«
F
5s
1
A
1st
F
Ontario Power N
87%
2
903s
91%
99% 99
10014 Sale
Low High
98 111% 114
113
103
Sale
99
194.5
Montana Power 1st 5s A
1939
Morris& Co Istsf 4J^is
1951
N YDock50-yr 1st g 43 5g..i9i2
Niagara Falls Power 1st
Ontario Transmission 53.. -1J4.> IW
Pan-Amer P & T l3t lO-yr (S 1930
Pub Sptv Corp of N J gen 5s.l.9o9 A
Sinclair Con Oil conv 7Hs --1925 IW
Standard OH of Cal 7s. . . ..ol93l F
Tennessee Cop 1st conv 6s..- l»^a
19^ 1
Tide Water Oil 6 J-ls
1930
Union Tank Car equip 7s
1939
Wash Wat Power s f 5s.
87
1
No.'
92%
92%
80% Deo'21
9218
87
87
86
94
Since
Jan.
High
112%
Sale
100% 101 100%
86
86% 86
M
\m
7
!
9-3%
86
Ask Low
111%
90% 90% 90%
112% Sale 112%
(ctfs)
Ranee
e'S
Last Sale
Ul
Telegraph and Telephone
"1
6%
73% 73
88% 88% 88%
921"
Wee}:'s
Range or
J
1963
J
Chile Copper 10-JT conv 7s.. 1923 IVl N
1932 A O
Coll tr & conv 63 ser A
Computlng-Tab-Rec s f 6s. . . 1941 J J
S & P con 6s A '28 IW N
Granbv Cons
19-8 IW N
Stamped
1925 IW N
Conv deben 83
1940
N
Great Falls Pow 1st s f 5s
Inter Mercan Marine s f 6s.. 1941 A O
1931
war'ts
A
O
with
Marland Oil s f 8s
1936 IW N
Mexican Petroleum s t 8s
C 6Hs
Pocah Con
6%
8l4'
10,534
8734
73
89
29
2734
28 Sale
105
104%
104%
104
67% Oct 'il
96
95% Sale 9414
Feb'22
82
82% 85
89
88%
88% 89
88 14
89
89 Sale
6
7234
^'^
87% 89%
86
79
73
8J'2
Is
July'i;
105
IO1I2 IOII4
70
78
92
9334
8734
871i
M
M
M
32
53 12 Jan'22
36
Mar'21
7234 Jan'22
.S51?
01
N
Fuel Gas 1st gu g .5s.. 1947
N,
1922
Philadelphia Co conv g 5s.
1926 J O
Stand Gas & El conv s f 6s_
J
1951
SjTacuso Lighting 1st g 5s.
Syracuse Light & Power 5s 1954J J
S
1949
.5s
_
Trenton G & El 1st g
S
.
Union Elec Lt & P 1st g .5s. . 19:52
N
Refunding & extension 5s. . 1933
J
J
United Fuel Gas 1st s f 6s... 1936
1944|F A
Utah Power & Lt 1st 5s
Jl
19.50 J
UtlcaElec
P Istg 5s
1957 J Jj
Utlca Gas & IClec ref 53
1950i-I '»|
Westchester Ltg gold 5s
1925
85
5%
80
.
A
83
85
81
42 7812 85
IO4I4
3 102
8734 86%
87%
88I2 89I2 89% Jan'22
86I2 -104% Adf'i;
IO6I4
10534 Sale 10534
95%
95-%
93%
7584 77
79
7;
95I2
89% Aug'21
SSig
78% Ma7'20
O
.
M
40
24
Jau'22
Jan'22
97%
O
O
m
M
M
39
I
1937 M N
& ref 53
Pacific G & E gen & ref 53. . 1942 J »
Pac Pow & Lt 1st & ref 20-yr 53 '30 J, A
1949 M S
Pat & Passaic G & El 59
Peep Gas & C 1st cons g 6s. 1943 A O
1947 M S
Refunding gold 53
Ch G L & Coke 1st gu g 5s. 1937 J Jl
Con G Co of Ch 1st gu B .5s. 1936 J j!
Ind Nat Gas & Oil 30-yr .53. 1936 M N
.
56%
134 163" f65'is
Jan'22.
93
93
9338
93
95I4
Feb'22
93
9/
93
91I4 Sale
92
91
S9U 92
101
IOCI2 100% IOOI4
99% 101%
102
101% Sale 10134
100 10234
86I4
86% 86
77I4 87
86
Jau'22
86
8512
85% 86
Corp unifying
Mu
50
7838
103 14 Sale
1927|1VI N
Milwaukee Gas L 1st 4s
1948. J "
Newark Con Gas g 5s
N Y Edlaon lst& rel6J^3 A.1941 A O
1949, F
Purchase money g 4s
Ed Elec 111 1st cons g 5s. . . 1995| J
Y & Q El L & P 1st con g 5s 1930 ^
Pacific G & E Co— Cal G &
92
60
78
80
Jj
J
98
73
8934 Sale
3
8334
81
9034
25% 32%
33
87
220
93
31
6II4
5612
S8I4
5518
88I4
OOI2
9114 Sale
100 10034 IOOI2
105 Sale 105
10718 107
107
88
88 Sale
J
Bklyn Edison Inc gen 5s A.. 1949 J
10
912
7I2
6OI2
76
59
J
J
17
67
66
Feb'22
84
85
8i
IO3I2
104
9034 Feb'17
SlU Dec'21
98I4 '98'i2
50
64% 64%
32%
31%
7
85
4834
Feb'2i
Dec'21
7I2
61 Sale
S5I2 dale
7612
55I2
1
84%
3OI4
31
712 Sale
7^8
734
17
57% 6534
57% 65
41
20
Jan'22
Deo'll
92
19%
65
54
8312
SO's
3212 Sale
934
734
7
61
50
Jan'22
F
1934
Va Ry Pow 1st & ref 5s
Gas and Electric Light
Gold
deb 6s
Conv deb 6s series B
65
J
43
44
279
206
536
17
76% Sepf21
al960 A O
Adj income 5s
1937, J
J
Third Ave Ry 1st g 53
Trl City Ry & Lt 1st s i 53... 19231 A O
1933;J J
Undergr of London 4Ms
1948 -- - Income 6s
issue
1926 m A
Pitts
Inv
5s
United Rys
1934 J i
United Rys St L 1st g 4s
1924 A O
St Louis Transit gu 5s
Ala.ska
93
I9I2
1
Miscellaneous
5734
92
3
39
1930|M N
Portland Rv 1st & ref 5s
Portland Ry Lt & P 1st ref 53 1942 F A
A
A...1946|IW
1st & refund His Ser
Portland Gen Elec 1st 5s.. 1935 J J
St Paul City Cab cons g 5s-. 1937 J J
1960 J J
Third Ave 1st ref 4s
63%
341
1634
1534
66^4 Sale
8314 85
84 Sale
IO3I2 Sale
7034
6534
47%
F
MN
7034
71
59
92
20
- -
32I4
56
92
Sale
30
27
67
66%
79
56%
A O
6534
75
20
40
54
J
64
66
78% 114
56%
J
J
27
81
78
5618 Sale
al942
Adams Ex coll tr g 4s
6534
J
J
79
39
63
Jan'2u
S8
92
M
M
35% 40%
66%
58
58% 66
June'21
Jau'22
64^4
38
31
80
39
295
3234
71
92
S
15
12
Jan'22
Jan'22
A O
cons 4^8-1962
_
75% 80%
6412
8134
- - - -
N
10
6712
82^4 Sale
92 Sale
New on Ry & Lt gen 4HS-.1935
N Y Munlcip Ry st s f 5s A. 1966
N Y Rys 1st R E & ref 4s.. -1942
NYGBL&Pg5s
17
80%
I8I2 Sale
J
80
8234
71
65
77%
7914
7912
6534
7034
64
62
52
64
78
74I2
75I8
o4
75
70
Sale
Sale
62
77
63
61
16
58"
66
2934
7Sll Sale
59 Sale
A O
77
321s 32^4
701s 70»4
6214 _-_ _
64%
621s
Feb'22
76
66%
66
'52"
77
10
61
40
----
9II4
91>4
Marl?
64
40
56
92% 93%
6512
37
75
66
87
8434
1st
1931
8s
•a 13
Price
Friday
Feb. 10
Bid
Cop
Cerro de Pasco
1st Ser
3812
401
661
3S'2 Sale
ending Feb. 10.
ChicUnSta'n
08U
6218
100
66^4 18
66^4 70
coll
1st
Feb'22
Jan'22
8()34
65'4
W
N Y State Rys
9318
91I4
90»4
81
1951
Stamped guar 4!/:jS
Det United 1st cons g 4)^s_.. 1932
1936
Ft Smith Lt & Tr 1st g 58
1957
Hud & Manhat 5s ser A
1957
5s
Income
Adjust
1932
N Y & Jersey 1st 5s
Certificates of deposit
30-year adj inc 5s
Certificates of deposit
31
62i2 Sale
80ip 82i«
1927
Chicago Rys 1st 5s
Conn Ry & L 1st & ret g iV^s 1951
4!2'S--195G
Certificates of deposit..
Tran
1st
5s. . . 1966
Interboro Rap
Manhat Ry (N Y) cons g 4s. _ 1990
1990
Stamped tax exempt
2013
2d 4s
f
5S--1953
&
Lt
s
Manila Elec Ry
1924
Market St Ry 1st cons 5s
1924
5-year 6% notes
Metropolitan Street Ry
1943
5s.
1st
c
7th
Av
g
B'way &
Col & 9th Av 1st gu g 5s_ . 1993
Lex Av & P F 1st gu g 5s_ . 1993
S El (Chic) 1st g 4S..193S
Met
Mllw Elec Ry & Lt cons g 5s_1926
Refunding & exten 4 Ms.. .1931
Montreal Tram 1st & ref 5s.. 1941
85I4
64
66
60
Nassau Elec guar gold 4s.. 1951
Interboro Metrop
8ih
BONDS
STOCK EXCHANGE
Week
1
08I2 6II2
60
55
N. Y.
4
High
LoiD
63
91=8 Dec*21
74
71
Oof 17
36
Sale
58
Street Railway
Brooklyn Rapid Tran g 5s.. .1945 A O
1st refund
95':
Sale
91^8
913s
84&S
M
M
High
Ask Low
60
Bid
West Maryland
West N Y & Pa
Gen gold 4s
Income 5s
3-yr
JJ
-
New York Bond Record— Concluded— Page
614
N. Y.
'
1
99
72
Sale
8884
Sale
98% 98%
85
Sale
87% ---85% Sale
70
91
93%
80
98
1001')
81%
dale
75
52
90
88%
82% 83
3734
82%
Sale
96
9514
1103, Sale
108% Sale
97
72
97
901-
IO7S4
95
111%
IO8I4
112
73
86
97
Sale
Sale
Sale
Sale
Sale
Sale
73
89%
97%
86
89
90
78
91
I
97
I
93%
82
99
99% 101%
I
3
9935
99»4
87
90
86% 89%
80% 8234
I
9534
98
91% 96%
245 108
65 108
112
112
97% 97%
I
73
10 73
88% 90
26 9434 9734
24 88% 91%
61 IOI84 103%
103%
103
269 101% 103%
10734
108%
103 107
Oct.
91
95
94
93
938j
93
108% 107%
ADue Aug. oDue
83
9334
90%
102%
102%
94%
9334
82
99
99
85
96%
88% 115
1
82%
97%
10
96% 290
95%
110%
91% 94% 94
92%
94% 95
93
108
86% 90
97% Jan'22
99
88% 90
102%
102%
88% 89
Jan'21
95
Sale
96
96
Aor':'.!
Feb'22 .
72
87
89
94
Dec'21
24
89
88%
98
99
72
37
99
98%
57
83%
85
85
Nov'21
8434
86
100
79
July'21
91
91
93 14
93%
82
Jan'22'
97
Jan 22
100%
101
193
9934 Feb'22
I
8iis
"92"
Au'4'2l
8184
85
11'
108%
I
IO884
11
91% 95
8
10
93
9.5%
9O84
95
88%
9384
37 106% 108%
«Due Dec. iOptionsale.
BONDS
BOSTON STOCK EXCHANGE— Stock Record
HiaU AND LOW SALE PRICE— PER SHARE. NOT PER CENT
Saturdau.
Feb. 4.
136
79
135
7912
Mondav,
Twsday,
Feb. 6.
Feb. 7.
•134
79
99
79I2
17
•20
25
28
43
36
48
28
•38
36
48
140
140
28
17%
3713
•3I4
m
85
•28
28"'
•70
70
Yo"
•70
•69
83
84
16
16
•78
SUg
60
60
98
I7I4
I7I4
•40
•35
49
4II2
37I2
49
140
"
1758
•68
•66
5OI2
•02
.10
334
60
40
37
48
48
140
T40
50
59
Lowest
95
"1.50!
14
27
•
3"7""
•3512
63
106
4
Jan'22
11
•84
ISI4
1778
297g
18i8
70
78
72
72
•68
78
297g
80
20
•181
4,490
10
9
181
294
"isia Y8">2
...
•80
50
4934
oO
60
59
5912
50
59
•80
33
158
10
--
5OI2
60
1,016
160
Lowest
Hlohest
Hlahest
Railroads
Boston & .Albany
H60 Uo3too Elevated
Do pret
59
1.0231 Boston & Maine
•130
70
•68
80
80
20
88
•80
80
1778
•3512
1738
"76"
18
5OI4
5912
I7I4
30
29^8
I8I2
80
19
I7I4
Last Sale 334
•29
76
83
98
•130
•84
•84
1834
7914
27
40
year 1921
Week.
Shares
47
78
95
Ranje for previous
1.
EXCHAXGE
Laia Stle 2412 Feb'22
"2"7""
•334
85
30
83
•18
80
85
50
59
78I4
Range since Jan.
Bosrorvr
the
136
135
78
98
79
•130
•130
18
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17
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»70
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81
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98
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135
135
78
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Friday.
Feb. 10.
Feb. 9.
•134
99
25
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Feb. 8.
135
79
•20
28
•40
36
140
130
•85
30
134
79
135
E
Thursdau.
Wednesday.
STOCKS
stock
Sales
for
615
See next page
Jan 4
Jan 11
Jan 12
14
Jan 10
20 Jan 9
Do pret
22
Jaa 5
Do Series A
Jan 17
36
Do Series B
Do Series C Ist pref..lOOi 30 Jan 9
Do Series D 1st pref-.lOO 40 Jan 12
Jan 12
Boston & Providence
100 125
334 Jan 26
Bost & VVorc Elec pref.N^o par
Jan 19
Chic June Ry & U S Y
100 130
8OI2 Jan 9
Do pret_
100
27 12 Jan 30
Maine Central
100
I2I4 Jan 3
N" Y N U & Hartford
100
69
Jan 10
Xorttiern New Hampshire. 100
58
Jan 17
Norwich & Worcester pret. 100
Jan 6
57
Old Colony
100
Jan 20
15
Rutland pref
100
Vermont & Massachusetts. lOOl 78 Jan 23
100
100
100
..100
100
1st pref..lOO
1st pref_.100
West End Street...
Do
50
50
prel
13014
75
95
4812 Jan
5
Jan 11
58
Feb 4
Jan 18
136
80
98
Jan
16
Feb 10
24I2 Feb 2
28
Feb 4
Feb
334
1
85
Feb 7
Jan 4
Feb 7
Feb 2
Feb 6
Jan^l
Feb 10
Feb 7
Feb 4
Jan 20
33
1834
75
70
8178
1812
80
51 12
60
Dec
2534
1612
Nov
Aug
Nov
Nov
Nov
30
33
47
40
58
June
Jun
133
130
Feb
63l2 June
130
110
Jan 27
J!«n 19
I314
27
24
36
Jan 30
130
78
19
41
Jan 31
371. Feb 7
133
79
100
Jan
Jan
6178
1778
49
140
Apr
119
314
Dec
Dec
Apr
30
12
60
Nov
51
50
334
8212
4312
Nov
Nov
Deo
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Dec
Feb
23 14 Jan
75
Feb
Jan
76
75
Jan
21
Jan
Deo
78
15
Oct
Ap'
69
Nov
40
40
Jan
Jan
61
.04
2
8I2
9618
Aug
3
Jan
Jan
Jan
Jan
Jan
534
1538
Dec
5112
Deo
Deo
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3:^14
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31
•34
24
10
Amer Oil Engineering
Amer Pneumatic Service.. 25
Do
50
pref
Amer Telephone & Teleg..lOO
No par
686 Amoskeag Mfg
Do
96
No
pref
25
4.186 Greenfield Tap & Die
2,710 Internat Cement Corp. ATo par
Internat Cotton Mills
50
100
14
Do pref
No par
600 Internat Products
590
Do pret
100
545 Island Oil & Transp Corp. 10
1.479 Libby, McNeill & Libb.. 10
25
377 Loew'3 Theatres
10
McKlwaln (W H)
1st pret.
590 Massachusetts Gas Cos
.560
1.086
Reece Button Hole
10
5
100
Slmms Magneto
Swift & Co
20 Torrlngton
25
Union Twist Drill
b
United Shoe Mach Corp.. 25
Do pref
25
228
1,909 Ventura Consol Oil Fields.
5
10
1,218 Waldorf System Inc
70 Waltham Watch...
100
400 Walworth Manufacturing. 20
796 Warren Bros
50
1,303
1.528
Do
Do
125
36
2d pret
125 WlrkwIPK Spciioer Steel
300 Woliaston Land
I5I2
.60
•60
.60
6112
6II2
6II2
100
100
100
100
244
Do pref
75 Mergenthaler Linotype
1,425 Mexican Investment Inc.. 10
100
848 Mississippi River Power
100
158
Do stamped pret
674 National Leather
10
792 New England Oil Corp..
80 .New England Telephone.. 100
25 Ohio Body & Blower
No par
1
2.845 Orpheum Circuit Inc
99 Pacific Mills
100
5 Plant (Thos G) pref
31
1SI2
par
Art Metal Construe Inc.. 10
40 Atlas Tack Corporation No par
10
230 Beacon Chocolate
Boston MexPetTrusteesiVopar
Century Steel of Amerlnc. 10
10
2,315 Connor (John T)
10
300 East Boston Land
5
10.380 Eastern Manufacturing
25
6,866 Eastern S3 Lines Inc
Do pref
.- 50
40
100
688 Edison Electric Ilium
par
No
Elder
Corporation
1,135
No par
2,675 Gardner Motor
50
25 Gorton-Pew Fisheries
10
5I2
•4I2
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29
138
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Lint SHe .18 Feb"22
List Sile .05
Jan'22
1912 1978
1934 20
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434
108
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16
9
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74
73
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Jan 7
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136
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Auk
40 1| I'ob
28
Jun
F«li
l>4
.nr,
I
Jnn 30
3>t Jnn 19
Jnn IN
Jnn 24
Jan 6
'2^ Jmi in
84
Ml
12
Pm
Jan
Fob
3
ID
Nov
Sept
Dofl
3
•I'.
2412
li8
678
74
I)
l'.'li
Deo
Apr
40
2>l
I
.50
63
9
.Ui Jitn II
Full H
2
35
35
Mar
Apr
16
Aui;
77'a Fob
Jan 4
7
I4I4 Jan 21
214 Jan 111
Jim 26
27
3/li Jan 2n
47
Jnn ill
40
M
00
.75
.15 July
40
I3I2 I'd)
4514 Jan 25
A
A
A
I
• Bi-fVlliM.
2
16
tu
lO'l
Itea lOU aiKl •bar«.
134
6I2
IOI2
II2
Jan 21
Jan 23
Feb 10
14
285
4
26
'IIOI.....
I '4
37I2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jun
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Juu
Jan 25
.20 Jan 13
3212 Jan '28
3I4 Jan 3
934 Jan 25
65
p......
3'|
•2
36
1034
91.
.55
fJvppor,
3
•40
10
10
1
a
3
•.44
•3'«
•II,
13
1
Mining
1
3
2
MplwliiK Mlil«
HulKi
234
834
265
100
......
6
lA
.Niirili
30' (Mlliwnv
40
"f
VS.
•
43.'.;
3.160
I
1*
Il>
2
13
2't
pref
211
1
.45
•2'i
ii'«
D'p
24r,
22
10
.
24
32
42
43
44
•I
76
.20
25
26
l.jikc'( :opiMrr (.'o
...... 2
l.a S\ili' < 'Miipcr.
26
.Mm
MIllO
6
•M
l.iti'U
26
.M.wi...^w-wia Colony
26
26
Mohawlf
2b
.Vow Coniplln Copper
6
Nnw IdrlagulrkMllver
6
.Ni'w HlviT Company
100
24
32
42
•44
3.1
2'»
MM M IMi
150
27g
4
2i2Jan'22
67
67
44
lO'l
Kcwivnaw Copper
120
120
4.1
nt)
I '2
200
46li
46
3'2
2»4
25
25
25
6
25
26
25
Hancock Conaolldaled
I'll
43
•
376 Franklin
2
lyim Sale
Copper Mining
.50
60
2
25
25
20
'"625 HHvclla
I't
25
1
634' iHland Creek Coal
101
Do prof
24oi iHle Itoyalc Copper
435 Kerr l.ako
24
•3'8
•II4
•23,
llccia
Copper Huuge Co
8601 Kaxt Itutiv
2
'2
1^
60
24
2
86I2
8912
ct
Hill Gold
Centennial ..
Carson
779 Daly-VVc«t
Davis-Daly ('opper
l»4
43
'4
2
8534
•88I2
MInoa
BliiKhuin
<;alumci
.67*;
2
I
2
I
.^7
1
2»«
44I4
v%
aad Mk«l orVM*: D«
89
2*4
a
•II
2
S«l2
iH
3
»)
H's
3
a
42 >4
31
•I««
•1'4
2'.
27«
4l8
'.,%
12l2
4II2
•238
26
34
1^
•12
16
715
219
2415
22.215
3lg
3212
•.m
I3I2
31.
•II4
'76
I3>4
2't
234
9I4
281
1538
t'4
74
29
•2I4
3'2
734
778
III4
ihk "'4
1034
1'2
1»4
I»4
•I't
Last Sale 214
Jan'22
•2
•24
•32
3>t
1.5Sg
43
•64
•I
I
.43
3'4
•I'*
•76
•38
75
4
I3't
3'1
47
3>2
.Aa
3*.
il»
37,
2>2
I8'4
•46
•40
•2^
l«4
64
•4.'J
I
2»4
2
67lt
Wi
44I1
I'l
•2'1
•I
12
•2
ll2
•2
64
4I«
«2l4
2lt
•34
43
4«i«
•38
77
*1'4
•238
•1«1
•112
•2l2
37»
68
I
2'»
3
•2
!••
V»
3>t
l'»
2I2
4
•2
3Ji
3I11
•13
280
121
851.
•«8l2
2434
241.
2'»
•12
86'
89
24<8
2*2
1414
2
84
89
1»4
•7flis
138
86*4
3
13I2
281
2
2&I2
'4
•13
2
8'Jl2
•l'4
2*4
•834
73h
2A
•I
3
9
•2'4
2'2
Jan'22
•2812
9
SI2
11'4
IH
20
•2»4
2I4
•2'4
S'lU
20
42
43
H6
l»4
4
IIU
121;
NOI2
'2
2't
8^ii
14I4
87
2'2|
I
2
Out
29
280
8U>2l
251,1
2'2
4
80"
2'2
I3I1
281
1334
12
421
2
3'»
•I'l
2I2
•I'«
I3I2
280
2
2
l'2l
3
I
•III4
•1'2
•2I4
•I'll
2«i
•%f^
8'4
2
\Vt
•BM
•13
13>2
28012 281
•2
C8
•11
27g
938
43
iVi
2
234
9l8
938
2'2
H»»
III4
•6«
•2N
28>4
45
8"^
•2
• fl«
.50
28>4
•2
3<:
•I
•2*4
9)8
.50
28>8
3
44
4
•2
4«'l
•.20
2818
62
61
•20
l'«
8^
IH
V»
•2
•2511
6212
4444
•I'l
•2'»
•7712
9'4
280
3'2
•75
.60
29
3
I3>4
275
•31,
•II4
•2I2
•1»<
itiH
62
64
400 Adventure Consolidated..
180 Abmeek
Algomab Mining
265 Allouz
265 Arcadian Consolidated
785 Arizona Commercial
*»lu« AlUO.
'4
2
J nil 23
loll 9
Jan 17
Jnn 7
Jan 17
Jnn 3
3'4 I'oli
2>4 roll
7
N
2'l
Jnn A
Jnn an
.fill
loll
7
J'lii
in
tl«
Uld
ttoofe.
I
Aiiv
.76 Jan
.36 Nov
3
Aept
I
44
46
Juno
Ana
1*4
Autf
I'l
Nov
.05 Jun
.40 May
.36 Jnn
Ni| July
Dim
1)00
rS. Dno
Jno
3
1% July
..34
Doo
2534 N.iv
3r>i| line
4I|
I'ob
314
4I3
Nov
.86
ai|
Hob
l>nr
3<i
Oct
Jnn
Jno
Kob
.80
Mnr
3'/U
1
t-J VKlaMl.
Kob
—
—
.
THE CHKONICLE
616
Stocks
Boston Bond Record.
—Transactions in bonds at Boston
Sale.
Price.
Bonds
V
S Lib Loan 3^8.1932-47
1st Lib L'n 4
1-4's.
2dLibIx>an4KS
1932-47
1927-42
3d Lib Loan 4J^s.._1928
4th Lib lX)an 4;fS •33-38
1922-23
Victory 4Ks
194fi
Am Tel & Tel 5s
I SS L 5s.. 1959
Atl G &
Carson Hill conv 7s. _ 1936
Chic June Ry & U S Y 4s'40
1949
Copper Ranee 5s
1936
Hood Rubber 7s
Internal Cement 8s... 1926
Blr
Inc 5s. J934
C Mem &
4s
..1934
do
MLss River Power 5s.. 1951
E Telephone .5s
1932
Y N H & H deb 4s. 1956
1948
do
deb 6s
do
4s.
1957
Seneca Copper 8s
1925
Swift & Co 5s
1944
Toronto Ham & Buff 4s "46
Warren Bros 7^3
1937
Western Tel & Tel 5s. 1932
W
K
N
N
52
105
83
96 MS
104 H
94H
43 M
92
98 V^
Low
High. Shares.
Low.
101
Range since Jan.
H
74 ;i
83
96 M
104H
83 H
79 Vj
89
94 M
I.
Week.
0/ Prices.
94.84
95.94
95.84
95.94
95.70
96.84
95.84
100.00
95J^
52
Loan 4s. . 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib
Sales
for
96.04
96.34
95.84
96.60
96.20
97.44
96. 2G
100.34
96'A
54
105
75 Ji
83
97
105'^
85
SI. 750
100
450
4.100
10.350
29.1.50
16.600
24,200
3.000
35.000
25.000
2.000
1.000
20.000
19.000
4.000
I'eb
.Tan
7iH
l-eb
78
9534
Jan
Jan
Jan
Jan
ieb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
101
80 'A
79'/;
1.000
79K
89 kr
94!^
iftVe 49 K
70
70
42J^ 43 M
105
105
90K 92
78 K 78»/r
97 5i 98 K
931^
93
6.000
3.000
2,000
3.000
19.000
88
93
43 «
62
1,000
17.500
1.000
33.000
2.000
High.
Jan
feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
94.64
95.94
95.84
95.94
95.26
96.24
95.64
99.82
94}^
52
100
41
105
91
78?i
97 M
Feb
Jan
90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
97.72
97.44
97.44
98.04
97.86
98.10
98.24
100.50
96 J^
55 MS
105
76
83
I'eb
Jan
l-'eb
Jan
Feb
Jan
Feb
97H
105H
83 M
79Mj
I'eb
I'eb
90
95 H
493^
70
Jan
Jan
l-eb
I'eb
Feb
Jan
43 Ji
110
92 3<
78 3i
98 K
Jan
Feb
Feb
Jan
93J'5
—
Chicago Stock Exchange. Record of transactions at
Chicago Stock E.xchang(^ Feb. 4 to Feb. 10, both inclusive,
compiled from official sales lists.
Stocks
Sales
Friday
for
Last Week's Range
Week.
Sale.
of Prices.
High. Shares.
Par. Price. Low.
—
American Radiator
Armour & Co.
Armour
pref
Leather
...
Beaver Board
*
Preferred
Booth
*
new
Fisheries,
Preferred
Case
100
cm*
pt sh
*
Preferred.
Chic Kiev Ry, pref
100
Chic Rj'S part ctf series 2.
Commonwealth Edison. 100
Motors
Continental
10
Cudahy Packing Co, cmlOO
Decker
& Cohn,
(Alf)
5%
2H
VA
m
57'A
Inc.*
*
Earl Motors.-
Deere &
35
*
(J I)
Ch Clry&Con Ry
00
Diamond Match
100
Great 1 akes D &
100
Hartmau Corporation.. 100
C^o, pref
2H
1
D
HuppMotor
10
109
98 >1;
14H
nilnols Brick
...100
Libby, McNeill* Libby. 10
Lindsay Light
10
Middle West Util, com. 100
Preferred
100
Prior preferred
*
Mitchell Motor Co
Xat Carbon, pf (new). .100
National Leather
10
Preferred
.
SVs
37>i
63 'A
87
4
2M
& Co
Wigg Stores InC'A".*
Pub Serv of No 111, cm. 100
Pick (Albert)
Plgi;
Preferred
Preferred
100
100
100
Reo Motor
10
Quaker Oats Co
Sears-Roebuck, com. -.100
Standard Gas & Electric. SO
Preferred
SO
Stew W.arn Speed, com. 100
Swift & Co
100
Swift International
15
Temtor Prod C & F "A".*
Thompson, J R. com
25
24
36 J^
87
19}i
3
41 >i!
»
65 MJ
1-20
13'A
7h
Mill.'?..*
com
Jr.
Ry &
25
Light
Preferred
107
42 5i
.
Yellow Mfg
Yellow Taxi
10
Bonds—
(.•hie City & Con Rys 5s. "27
Chicago Railways .5S-.1927
..1927
.5s, .Series "A"
-IV
48. Series
219
60 K
41
70
51
& Co4Hs
Peoples G I. & C rcf g 5s. '27
.South Side I'^Iev 4 js. .1924
Swift, & Co Isr s g .fe- 1944
• No par value.
IH
I'A
U4»A
3H
86
91!
Low.
S3
91
12
6
22
5
35
3
5V,
550
2H
2,050
n5«
500
265
860
m
1>4
Tl%
25
Jan
Jan
Jan
Jan
Jan
F'eb
1.226
55
Jan
71
50
71
Feb
2,740
371
100
3.300
60
105
50
81
2M
3k
60
109
106
82
]33i
15k
56
57 y,
5H
sy.
0,110
100
7.010
4k
300
39
31
1.090
60
63 k
86
87
4
4k
113
113
2 'A
2X
72
10k
16k
H
25 k
75
23
35 3f
81
38 -k
87
82 k
ISJf
19k
til'A
63
42 V
28 H
100 >i.
20
3
41}^
46
k
15k
43
30k
102k
23
4
42
H
«
47k
65 k;
68 k
7
9^
14 H
5
o'A
105 >A 108
13J-8
38
k
42 k
74 5«
75^8
217
220
59k' 61
>
5
81k
10k
113
Feb
Jan
Jan
Jan
Jan
Jan
Jan
1,225
4,150
11.200
62 k
19
25
80
82 k
150
60
8k
k
2k
Ik
115 k
6
85
Jan
15
k
57k
5k
4k
Feb
Feb
39
Feb
Feb
Feb
iH
.Tan
102
k
k
k
13
42
24
3
40
43
6
50
12
5
k
97k
29
71k
170
57k
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
35 k.
.Tan
67
49 ?4
33
98 «
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Fob
Feb
Feb
93
104
83
k
85
77k
90 k
1 1
16 ;k
43
30 5i
Feb
19k
Sale.
of Prices.
High.
Par. Frlc^. Low.
Stocks—
k
.\rundel Sand & Gravel .100
«
1. Beufifch
Sons
I'referred(.'destine Oil-
-.25
27
26 k
24 k
1
.35
Cent
-.10
Ik
i
Teri-sa
Sugar
Preferred
Commercial Credit . _
Preferred
.
10
25
..25
3H
.
25^
3k
.40
10
2.700
k
955
2
.30
25
26
26
24
68 H
k
k
Feb
Feb
15
7
Jan
Jan
1107-^
42 5i
76 y>
Feb
Feb
Jan
Jan
Jan
224
k
4U^
71k
.35
1
4
1.785
2!i,
50
50
65
25! 4
25!
49!,
25
-J
110
41
44
21
72
92
390
10k
1,000
30
15
30 k
30
11
22
130
k
Feb
k
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
14k
29
83
4
k
k
84
43
45
74 k
97
.Tan
Jan
Feb
Feb
10k Feb
15
31
Jan
Fob
Feb
Feb
81
70 k
Feb
Feb
Jan
99k Jas
78
83 k
88
103 W
lOQi^
Feb
Feb
Feb
Jan
Feb
Bonds
Cons C & I 5s
1930
Chicago Ry Ist 53
1927
City & Suburban Ist Ss '22
.\la
City & Sub(Wash) 1st 5s '48
Consol Gas gen 4ks-.1954
Consol G.EL&P 4ks.l935
7s
1931
78
1922
6s
81
83 k
103
6s..6s. 1927
6s. 1925
5s. 1 938
1931
eons 6s '23
Fla Ccnt&Penm
Georgia & Ala cons
100
106
99
100
95 k
92
96 k
1945
Ga Sou & Florida 5s.. 1945
Macon Dub & Sav 5s. 1947
Md & Pennsyl 1st 4s. .1951
Income 4s..
..1951
Mcnon V Trac 5s
1942
7s
1923
Pennsy
& P 5s
1940
United Ry & E 4s
194!)
Income 4s
...1949
Funding Ss
1936
Conv 7)^s
1931
,5s.
83
97
93 K
70 k
%
notes
Va Mid 5th series 53..1926
W"ash B & A 5s1941
88
89 k
99
1.000
78
83 K
88
103
5.000
2.000
3.000
4.000
6,000
2.000
12.000
100!^
107 !<
88
89^
99k
1.500
1,000
000
48.000
1.
138.000
25.000
95
90 H 16,000
90
92
92 H 11.000
96 If 96 k
5.000
70 If 72
6,000
83
HSU 15.000
41
14.000
38
20
5.000
20
20
20
3,000
77
77
6.000
4.000
96 k 97
93
93 k
5,000
70
70 !< 29,000
49k 49 k 18.000
67
07
2.700
1.000
106^4 106!^
98 k 991^ .34.000
2.000
96
96 k
78
78 ?< 17,000
100
k
k
103
96
k
W
6
70 k
99 k
100k lOOH
Con.sol Coal ref 4ks..l934
Refunding Ss
1950
Cosden & Co conv
DavkLson Sulphur
Elkhorn Coal Corp
Fair & CKtrks Trac
Fairmont Coal .5s
k
102
10)
106
7ks
SI, 000
81
70 k
99 k
78
83
87 k
99
'78"
H
k
81
70 k
98 k
78
82
82 H
102
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
if
99 k
99 k
106
85
^
8fik
99
96
94
M
k
87
92
96 tf
70 !i
83
38 k
20
20
75
95
92
66 k
46
66
103
98
k
94
78
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
JOO^
.Tan
^4-
Jan
88
89 ^
Feb
107
100
104
56
91
93
96 k
73
83 k
41
20
20
77
97
94
70 'A
50
67k
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
99 k
96 k
Feb
Feb
Feb
78
Jan
106
'X
k
—
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange. Feb. 4 to Feb. 10, both
inclusive,
compiled from
official sales lists:
Jan
Jan
Jan
Jan
51k'
40
9SK Feb
95
104
H
Jan
Jan
S3k Jan
Jan
86
77k Feb
Jan
92
High
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
k
4!^
78
Jan
Jan
.
Week.
28
26 k
24 k'
74 k
94
lOJi
15
80
Feb
Feb
Range since Jan.
Low
100
2.025
103
4H
Feb
Jan
Jan
Jan
Jan
23 k
5k
43 k
47 H
Sales
Shares.
50
50
82
79 k
42
44 k
74 k
97
.Tan
111
.Tan
—
.for
k
80 H
78
42
44 if
100
Jan
Baltimore Stock Exchange. Record of transactions at
Baltimore Stock Exchange, Feb. 4 to Feb. 10, both inclusive, compiled from official sales hsts:
Friday
Last U'crt's Range
Annap
'96
470
High.
Jan
Jan
Jan
Jan
91
105
Feb
Feb
64
61
Bait &
Preferred
Wash
44k
351
111
4k
Low.
Shares
97 k
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
9
M
High.
k
UOH
96
Jan
Jan
Jan
Jan
Jan
k
k
16 k
75 k
28
38 k
Feb
Feb
13
4k
78
Low.
l.
Jan
Jan
633^
87
11
96 k
110!^
81
Range since Jan.
Feb
Feb
106
Jan
Week.
of Prices
Jan
62
109
F'eb
Sale.
Price.
Jan
Feb
Feb
Jan
71
6
114
2
100
100
Co9den & Co pref
5
Houston Oil pf tr ctfs..l00
Mfrs' Finance
25
Mt V-Wood
pf V t r.lOO
Northern Central
50
Pennsyl Water & Power 100
United Ry A Elec
50
Sales
for
Feb
Feb
Feb
6
58
20
143
94
E L & P-100
Consol Gas.
Friday
Last
Week's Range
Jan
Jan
i-<
yik
k
k
59
1,000
2,000
3.000
1.000
1.000
2.000
3.000
21.000
3,000
8k
87
83
160
95 k
12
680
50
285
23.600
950
250
313
95 k
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
1.150
1.855
10.535
1.395
2,295
11,880
6,630
6,490
4,250
150
5,175
Jan
Jan
Jan
Jan
F'eb
Ik
lOk
500
60
Jan
Feb
56
4
4
27
53
82
4
795
200
500
SOO
$17,000
5,000
83
86
77 k
91
100
550
50
7,415
41
70
51
S3
86
77
oi;.
990
2k
J-in
Jan
Jan
58
60
109
98
82
3J-8
12
114k Feb
5k
7 k'
35 k
Jan
Jan
Jan
Jan
Feb
Feb
71
5ys
M
Feb
Feb
Feb
89
Feb
4%
1.
High.
Jan
Jan
6'A
55
«
a
350
Range since Jan.
100
38
38
98 K 98 k
94 H 94 k
104
104
i
f
3H
%
5H
70
1943
1939
Morris
100
51
1927
6s
35
41
Chicago Telephone .5s-1923
Commonw Kdiwon 5&. .1943
Do
35
k
7
15H
43 k'
30
101?^
21'A
Wahl Co
Ward. MontK & Co. w
Unlte<l
7
95'/«
82 5f
152
155
94 k; 94 k
47
Wrigley
24
7
16i-4
75H
Union Carbide & Carbon.lO
United Iron Works, v t e.50
Western Knitting
23
H
10 J^.
JO'A
Orpheum
*
12
89
4
New
Circuit, Inc
1
Peoples' G.Ts Lt & Coke. 100
12
6
250
875
348
775
550
50
88
95
100
100
..15
Par
(ConcJ.)-
Preferred
Consolidation Coal
Stock Exchange Feb. 4 to Feb. 10, both inclusive:
Friday
Last Week's Range
[Vol. 114.
29
26 k
245^
.45
2
k
k
3}-;
51
26
* Ex-warrants.
Pittsburgh
the
Stock
Exchange.
— This
week's record on
PiUsburgh Stock Exchange will be found on page 600.
New York Curb Market. — Below is a record of the
New York Curb Market from Feb. 4 to
transactions in tho
Feb. 10, both inclusive, as compiled from the
•
Jan
Jan
Jan
Jan
I'^eb
Jan
Jan
Jan
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
whicli forms the basis of the compilations below.
THE CHKONICLE
Feb. 11 1922.]
Friday
W—
Friday
Week's Range
Last
Sales
Par.
Range
for
Sale.
Wtek.
ofPricm.
Price. Low.
High. Shares.
Industrial & ^fiscell.
1
Acme Coal Mining
10
Acme Packing
*
AUIed Packers
12.100
42.000
100
Tfedc ending Feb.
Stocks
Last
Range since Jan.
XVcet's
Other Oil
1.
Stocks
Ccrti ricates
Prior preferre<l
5Ji
30
*
Amalgam I./eatb com
8
Amer Light & Trac com 100 114
15
-ixmour Leather com
Audubon Chemical
1
AutomaMc Fuel Savings..'
61
Beaver Board Cos. cora_.*
.100
Preferred.,.
Bradley Fireproof Prod..l
i'/6
Brit-Am Tob ordlnar}'..£l
10
Brooklyn City RR
Car Lighting & Power. .25
Carlisle Tire
Celluloid Co. pref
13J-4
*
2K
100
109
2 '4
Central Teresa Sug, com. 10]
10
Preferred
Chicago Nipple Mfg cl AlO
"B" stock
Chicago Yellow Cab
3H
2K
100
Cities Serv Bankers' sh..*
•
Cleveland .\utomoblle
Colombia Emerald Synd..
..*
Conley Tin Foil
100
M
com.'
Common
fWm) i Son
•
•
w i*
corn.*!
5
Tel
*
Gardner Motor Co
»
Garland Steamship
*
Georges Clothing cl B
Gibson-Howell Co. com. 10
•
Gillette Safety Razor
*
Glen Alden Coal
G«ldwyn
4}4
30 H
89
w 110
Earl Motors. Inc
Goodyear
75
•
Eastm Kodak new com
Elecrrlc Stor Batt. new
&
•
Pictures
T & R com.. 100
67)i
"\s"
•
Mercer Motors
Mlastas'pl RIv Pow com 100
Mom* 'Philip* Co
N
.
2Ji
19
11^4
193-^
6.3001
17
3,500
800,
20
55c
12
9c
12
9C
200
11
Union
V:
75
75
26 H
15
com
1
j
50c
85c
8
65c
1.200
1.000
2.800
20c
85c
8
30
22
4SV«-
75C
2Ji
4834
6
3}J
19
19
11
78.200
4.300,
200!
1.3201
4
oH
501
90,8001
1«
...10
10
I
•p&Heal...
i;
;p
40
35J4
36H'
2J4'
2*4-1
2'^
9K
4!.i
2»4
2'^
21 Ol
38K
900'
20c
200
2Q'A
'\
1
6^
I
6«
73
46
n
77c
12e
!
IH
8
920
I
1
IH
2c
13c
46
3
I
77c
KHe
9
..I
.100
9^
I
48',i
Feb
White
75c
Feb
Jan
Wilcox Oil
2
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Woodburn
3H
2H
.'.i
I
3
70
44
\^i<.
7H
4H
2001
11,900;
900;
20«!
12,000;
7.'ic
1
1
10c
200
42 ii
300|
2-,
1,900;
IO.3OOI
300
Feb
Victoria Oil
Vulcan Oil
20
1
68c
7
fan
F(?t>
23>ii
4834
8Ji
3;i
19
13H
3
33f
7Vi
2
40
37;.,
3vi,
9J4
*H
Z>4
IH
20c
41
33i
Jan
Jan
Jan
2H
Feb
Feb
Jan
23 Ji
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jim
Jan
Fob
Feb
Jan
Feb
J»D
79
48
4'i
3H
\H
7'-U
I3~J
2H
8.4
5H
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
&
5
•
&
Jan
Fob
Jan
Jan
Feb
Feb
Feb
Jan
I'eb
lU
Jan
Jan
Jan
I75i
I7H
18
i.xm
Ifl*
Jan
I
')>
f»2
tt2
J
MM
1.10
1.10
.1
111
34
«7
42
38
H»
43
no
120,
20,
3«
MX)]
8(»
30
I,',l»
1
.'.'1
I
'I
711 V4
Jan'
•HI
I
<l(
40
84
2S
Jiin
Jnii
Jnii
l.i
i
I'll
•1(1
M2
Jan
Jan
Jan
..•0
Inn
i4
Jnti
Juri
Juii
M)
I.Uif
••.7
ml
U4
AO
A2
77
A3
70,
30l
•
11
Jan
Jan
J»n
I
ill]
t^alumet
<t
Canada c:opper Co
^
,
...
40n
i.ooni
4<'
4«<-
ue
"i'M
.Unl
A:
N
r«
Oil
At.iMiii.t
fUKiri''
;i-..u wi«t
«.;<
IIXl
,'lh
Feb
Jan
SH.iKXl
Jan
Jan
I
.Ion
IHr
Ki-I.
4
5
57c
H
9335
93 H
43^
53-4
.600
2%
33-3
1
1
700
300
200
1 000
177 200
200
9K
10 ?4'
IW
2c
6tC
12
Soc
50c
23
33^
81
32C
"27c'
23f
70e
25c
3
2%
'23c'
7'A
4c
22c
50c
3^8
7?i
4c
26c
51c
45c
5c
20c
29c
21c
51c
• 6c
35c
29c
23c
liiild
(Jold
llanl
1
M M.
Jc
I
10c
28c
O
M
2'V6
18c
2-A
17c
99c
50c
4c
20c
.lOc
60c
20c
3c
33c
34c
2c
lOc
34c
15c
6H
6
Jerome Verde Dcvul
Jim Hutlcr I'onopah
4
too
19c
334
1
2
7c
18C
3!-i
«c
'
ic
4ii
8
lOc
6
lines
''iM'enl
33*
4e
26c
2c
«r
80
1
iiiiiiig
1
6
6
^i»v
.
3034
I'-;
18c
.
30
l'>
Iftc
33c
la..
H',
12S
7*4
I2>t
11
«W
/•.•,
Juii
aor
Um
Ik
24 3i
12c
10k
IS
42
Ik
Jan
2H
SVs
9H
5k
2k
Feb
Feb
Jan
Jan
Jan
I2k
Feb
13c
Jan
Jau
Jan
Jan
Jan
Jan
\H
70c
2I0
10c
4k
k
2k
k
k
6k
3
12
3
14
I9c
2k
87c
6
5k
6
Feb
Jao
Feb
Jan
Feb
Jao
Jan
Jao
Jan
Jao
Jao
Jan
Feb
Jan
Feb
Feb
Feb
35c
Jao
10c
Feb
6k
k
Jan
14
2^8
4
Feb
Feb
3 3^
Jao
Jao
Jan
4
Feb
9»/S
Jan
12
93
4
m;
k
2k
1
1
2c
tOe
Feb
12k
100
Jan
5
Feb
Jan
Jan
Jan
Jan
5
k
k
60c
25c
2
k
Jan
Jan
Jao
Jan
Jan
Ik
Ik Feb
3c
75c
.200
.300
.000
,400
Ik
400
6k
3k
$1
38c
Jao
Jao
Jao
Jao
Jan
Jao
Jao
Feb
Jan
. .
.500
.lao
5c
..500
330
Feb
40c
Feb
,00c
10
Jun
,000
,000
,800
,400
9c
Fob
ISO
lie
Jan
Jan
2c
130
3Sc
160
Jan
Jan
Jan
400
1
1
,300
300
5 ,000
168 ,500
2.5o
.500
100
,200
»H
2M
700
13c
lOc
4h
6c
4o
94c
7c
13c
35c
40c
24c
18c
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
SOc
60c
Feb
Feb
9.5c
Jao
25c
19c
1
84c
2k
I7c
90c
SOc
4o
4k
7H
2k
20.k
Ik
Juii
ec
oou
I80
2H
00
2n
Hie
80
,ll<l<l
2r>n
,(NH)
I
'
3k
illll
,
,1100
I
2n
.50
33r
N<.
I
!)')•»;
18 100
'
I
I
400l
J(l 30(1
17 noo'
.-rid
111:
w
He
ee
I
I
111
I
'lat
I
ll
,tl,
1
.
"^
Ki
3e
Mic
30
Jv
4<,
IOC
»•'
Ic
ati..
2 Ml
'i«lr
ji
,
III
.!
s<
3
140
32c
4.k
Oc
4c
3k
80
31c
4c
100
80n
non
3Uc
k
Wn
2e
.50
10c
Ic
44 Hi
Jc
4W
IU«
J mi
111)
Jan
Jan
Jao
Jan
,
.Ian
Inn
:i.5c
I
.fan
Jao
Jan
Jan
Feb
Jan
Jan
Jan
Koh
Jan
Jan
Vito
*.,<•
Jan
Jan
Jnn
Feb
Jan
Jan
Fob
Jan
Jun
Jan
Fob
Jan
k
Ian
Jnii
Feb
Fob
Fob
Jan
Jan
Ik
32
'I
n
i.UOII,
nott^
«>.
Ian
7(Mll
.
17c
5U
Jun
Jan
I
.1
|i
60c
28c
flk
3
134
I
32c
Ilk
l.iO,
•'
Ik
57c
60
I9n
4rc
320
17k
III'
Ik
90c
3
210
Jan
Jun
lie
i:.i
r,
Ian
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
,0110
50
3 Ac
Jan
Jan
Feb
17 ,0110
,000
i\
13
Feb
Feb
Feb
,100
,oao
.il.i;t
2c
7c
32'
4c
22c
50c
3
42c
5c
S
7c
29c
75c
Ilk
1
3k Jan
.>c
10 000
.Wc
OOC
23c
100
A
lOr
2c
Jan
Jan
35C
,000
I>-
t.
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jao
Jan
Ik
12
Inn
3
IOC
84c
51c
24 k
26 100
230 950
3 000
73 400
3 000
IK
.10.
Jan
Jan
Jan
Feb
Feb
Jan
Jan
18c
3(H!
Ala
III
40
Feb
Jan
Feb
Jan
Feb
Feb
Feb
20c
24 k
Jan
Feb
Jan
Jan
Feb
000
5 200
50c
4c
I
;.3fl
8H
Feb
Feb
Jan
Jan
Jan
SOc
23
4 300
6 000
Jitii
.lilt.
9c
15?^
23 '-i
Ian
Jan
Jan
Jan
Jan
Jan
Tan
Jan
Jan
I'-lS
100
300
12 100
Jf-
.
Jan
Jan
Feb
15c
2c
1
I'.i
ft.'.*
I
10k
Feb
Feb
Jan
Jan
Jan
Jan
10k
.700
90c
A4c
11..
7k
108
l.in
9c
28c
10
5lc
.53
2c
2c
10c
10c
30c
:mc
IOC
1 2c
t'5u.
5>i
8
.Sound Co
1
Ind'-iyndenrc I.co'l MId..
Iron ltlo<«wmi
..10c
'
86c
22c
1
llcila Milling
llulllnKir <.'onn
90c
21c
50c
Mining
lliirmlll DIviile
Howe
ii4
I
1
Diep Mines
Zone Divide
Slii-ll
5c
AOn
3nr
Jan
1
4
3Jj
47c
Jnii
SflM
I
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jao
Jan
Jan
Jau
Jao
Jao
Jao
Feb
Jao
Jan
Jan
Feb
Jao
Jao
Jan
Jan
Jan
Jon
Jan
Feb
Jan
Feb
Irb
IVIi
.600
100
500
20
85c
500
23
2%
4H
14
33^
4
2c
55c
11
5
iin.
40n
500
000
400
300
400
5
Copper Mines
,
40e
4K
100
SH
25c
Candalarla Silver
Other Oil Hlorh*
oil
AllUwl Oil
900
514
IK
Jerome Cop..
'
\llr>n
6
4H
2H
7k
Ik
3k
Ik
5V^
2IC
10c
13^
Ilk
Ik
5
25c
10c
60
lOc
o
74c
3c
2c
1'^
Jan
Jan
Jan
Jan
1
^%
IOC,
fill
W
2k
4k
15k
4k
2k
Ik Jan
100
2>t0
Jam
IH
18
7Sc
1%
70c
5H
3K
li
>rh
1V«
m
125i
16c
10>i
Ho.^lon <t r;iy ..
1
Bo.ston & Montana Corp..
Bosrton & Montana Dev..5
t;aledon!a Mining
1
liiii
fts
5C
58c
300
300
500
400
.178
,100
.600
,IOG
9K
1
111'.
143^4
3
13k'
18c
lOc
1'.')
I
14k
65c
20c
100
100
Jan
."'
6
101
.900
,500
4
Alaska Brit < :ol Metala...l
Alvarado Mln & Mill.. .20
.^nie- Tin f: Tungsten
1
Big Ledge Copper Co
5
l-.l.
70
2}^
2c
7c
Jan
Jan
78C
Mlnlnit Stocks
'•'
«l'
Feb
3%
ZH
5%
2H
4K
1
8S0
12 J^
6
83-2
113-5
Ref...*
Corp
Gas..
Oil
Jan
Jan
Jan
..500
14
3
.Iiiniliii Dxtt'iinliin
f'.i,
^
••V" Oil
Oil
& Gas...
Dolorw lIsiRTanza
5
Dundii- .Arizona Copper..!
El Salvador Silver Mines. 1
Kurika Croesus
1
i;iircka Holly
First National Cooper
S
Goldlleld Florence
1
Goldftcid Kcwanu.s
fiolden State
Subiidlarlc*
>-Ani<Ttran <>M
E.'iijle
m
i«
200
200
I
4
I'A
2\i
1
Feb
Jan
3
8H
5
,300
,200
Feb
I5i6
5H
5%
1
*
Cortez Silver
CTesson Con Gold
Divide Exienslon
5c
46
87c
& Land
Tidal Osage Oil
IVs
22 K
Ic
VA
55-4
*
100
Feb
36 5i
73c
10
5
5
Jan
Jau
Feb
/an
1
Oil
9c
IH
73c
1%
Jon
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30
3c
8
SOc
3c
29 V^
23c
Con.sol
Jan
Jan
Jan
Feb
!'•;
Texon
1%
2ni
IH
IH
8c
IK
3H
5H
4H
293-2
\H
•
15
70C
16 h
17c
10
Feb
Pormcr Standard Oil
Aflt'l.
1.
High.
Lote.
16
5%
Spencer Petroleum Corp. 10
Tex- Ken Oil Corp
..5
Tc\a.s-Rans:er
5
Tan
12. .500!
780
90c
65c
6H
2
Range since Jan.
9c
8?f
i6kr
12
Sinclair Cons Oil. pref.. 100
Skelly Oil
10
South Petrol & Refln
4
100'
!
5}^
17c
Jan
Feb
18,400
7H
5S
2H
...6
235
400
47 W
48?,-
I
300;
24.200i
Feb
28 i$
Feb
1%
3H
IK
9'/^
H
4H
20c
30
2\i
75c
....
49}i
6
4
700
18.700;
900!
4^1
•J-4| 25.700,
Oil
11^4'
1.000
U.500
100
ihI
Red Bank
Royalty Prod Corp
Ryan Consol.
Salt Creek Producers
Sapulpa Refining
Savoy Oil
Simras Petroleum
12
66c
2'/i
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
21 3i
5c
1
Refiners
1
92
73-4
23 Jf
1
Preferred
Jan
Jan!
2H
10
*
Jan
9!.-
5
Producers
14H
21
2K
10
'.10
6
14
Ic
15i-f
IH
29
28c
10 '2
SOc
20c
24 3 J
15-8
1
7H
65c
20c
21
Feb
Feb
29
6
80c
38
34 ^
1
m
67C
1«
*
1634
17
187
Jan
Jan;
100
100
50.7P0
28.000
1«
20c
38 «42'4
95c
IS
10
l>i'
38
m
1,1
100
200;
200I
I
•!
f-
3'i
Jan!
Jani
Jan'
Feb!
Jan]
Febl
Feb!
Refining
1
Ic
14!-3
70c
Jan
Jan
Jan
Jan
6%
K
103
105
101
•
Mountain Producers
10
Mutual Oil
National Oil of N J, com. 10
New York Oil
Noble on i Gas
1
North -American Oil
5
Omar Oil & Gas
10
Fennok Oil
10
Premier Ref & Mfg.
25
6
800
10
Jan
Jan
Jan
75
lau
Magna Oil &
59c
3c
19c
10
7H
1
83-8
25c
14
4
5c
6c
95c
3>4
103
400
401
003
000
000
400
600
000
000
400
600
400
200
700
000
000
600
600
oSO
700
700
000
400
000
400
4M
2H
85c
3
10^
700
133"j
90C
3
ic
1
25
Maracaibo Oil Explor
Marine Oil
Marland Oil of Mexico
Meridian Petroleum
Merritt Oil Corp
Mexican Easle Oil
Mexican Seaboard Oil
Mexico Oil Corp
Midwest Oil. com
1
.700
.100,
33-i
10'4
1
Petrol
Jan
Feb
Feb
Jan
Feb
354-
1.900
n%
21 J,
4
oii
lOO!
orp
I
24
10c
IH
t
9H
3.0O0I
7H
Jan
85c
42
4
Shares.
72c
2ii
10
654
7H
A. 10
Lyons Petroleum
Feb
l'4i
10
Livingston
15c
6%
& Gas
Jan
12
&4c
1
Feb
Jan
Feb
Jan
Jan
14
IbVi
169
17c
9-A
32
$1
Co
Ian
IS^i
6Vi
17c
5
29
2Ui
Oil
Keystone Ranger DeveL.l
Kinney Oil. pref
Kirby Petroleum
Lance Creek Royalties
1
Jan
Jan
Jan
300
1
55 «
Feb
Feb
Jan
73
38
83i
2
66
6,200l
l,600i
1,600!
200!
\%
60 ^i
197
Preferred
Imperial Oil (Canada) coup
•
In'ernat Petrol
Jan
Feb
Feb
67c
265^
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
300
800
400
514
5
Feb
Feb
33-^
Feb
5^i
11
113-i:
3H
2%
2&%
nv,
oOOl
200;
4^
4
Jan
•
*
82
36 Ji
17 H
105^»
Feb
5
Gilliland Oil. com..
Glenrock Oil
Granada Oil Corp. Cl
Har\-ey Crude Oil
Hudson Oil
Imperial Oil.(Del)-
Jan
Jan
Jan
100
I
110
Ic
Fensland Oil
Feb
23!
300
60
100
850
tj
2;i
Jan
Jan
I
Federal Oil..
82
22-^
1,800
1614
84c
1
214
4c
6c
854
50c
3c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18
13
H
13
4;s
"'2H
5
..1
10
Jan
Feb
25
87
18
75c
1%
Feb
Feb
Feb
Feb
Feb
69
38
h'
21
5
5
Oil
Dominion
ZH
12
iH
5
Esmeralda Oil
Faj' Petroleum
4'4
66
36 H
15M
64
Denny
1%
Jan
Jan
20
30 >^
89
82
24 «
High.
70c
7 la
1
*
Engineers Petrol
Jan
23H
67c
1%
Oil
Brazos Oil
Carib Syndicate...
Continental Petrol
Cosden & Co. pref
Creole Syndicate
Cushlng Petrol Corp
Feb
Feb
Feb
82
3K
9»4
117
12 5i
Feb
10
6001
18
10)i
42
20
1.100
S9
7
5K
75
2%
20
30H
7
1,300!
lOj
4'4
35f
Jan
70c
Jan
Jan
Jan
Jau
Jan
Jan
6c
20
29
89
6
-'.
'
oH
Jan
Jan
Jan
Feb
IH
1.000
3H
ini Corp.. 'I
I
60 Ji
15S
51
l>-.'
8wlft tnlematloruil
Tob Pf'.'i
Todd -
'4
it;
2
f'ow pref
Iron
5
I'liv
2
6!.<;
BtADdard Mou>r Constr.lO
Hweeta Co. of America.. 10
Tenn Ry. L A
\H
3W
2H
50
Tob B..25
.>al ic
1%
106
32
75c
:ic
...
iH
55c
100:
H
8ou....
600
667
400
12 Jf
13M 32.800
6
A
21
70c
2^4
•
'()
i
6J-i
.50
PjTene ManuU<;turlu;..10
•
Radio Corp of Amer
Sa
603-4-
174
55
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
30
68c
7H
Car com.. 10
Jj
no
3J»
r..*
R.
2H
28
Parsons Auto Aceeasorics..
-'
^ I nisi
Patcho
-p50
Pe«-I«~
R,i
2Ji
1
"ili
61
6
'l...
l.ld.lO
Pertec'i.
169
100!
19
5Mi
•
N.
N-
"
4
44K 46K
4H
lOH
RR comlOO
LIbby. Mc.VelUA LIbby.lO
Llcectts Intcmat. pref. .50
Lincoln Motor Claaa A.. 50
'
3H
1654-1
16}4
182
186 ?4-
*
Intercontinental Rubb.lOO
•
Int Combu-stlon Eng
Internal Products, com..*
T~
2)-<
45 >^
100
Pa/,kiird .Viol
62c
110
186 5i
100
Pref--rred
:
m
13
16
100
Preferred
Heyden Chem
Hudson Cos. pref
.Man
Hi
3^
2K
200I
lOOi
13!4'l
1%
108
12>/4'
S.700
9.40"
50
4,100
1,000
181
4,100
1,000
4,900
eK\
100
Preferred
&
125^
iVi
55c
8
113^i
1
100
I
IK
9.5c
OH
3H
10
Grant Motor Car
Havana Tobacco com.. 100
HudiKin
61
^
21
30
lOOi
IH
Cl
6
21
5J-i
100
Duraci Motors
Durant Motors of Ind
Federal Tel
117
12 ;f i2;f
oAH
18H
30
69c
10
Davles CWm A) Co. Inc.*
Del Lack & West Coal.. 50
du Pont (E I) de Xem & Co
Farrell
8>-4'j
114
60
169
•
Continental Candy
Continental Motors
&
S
25c
Low.
High.
Low.
300
200
300
240
|
100|
Preferred
Preferred
Curtiss -Aeropl
Preferred
30
35c
6
6»f
31
•2H
I
com
Cities Ser\'ice
29c
6
65i
Sales
for
Wetk.
of Pr'ces.
Sale.
Pr'ce.
Par.
(.Coiieludcd)
Boston-Wyoming
30C
617
l^>.
I3<l
uk
II'.
I
lie
Jun
Jan
lob
Jikii
Jnn
Jan
Jan
Feb
Jan
:ir
Jaa
Jan
Jan
Jan
Jan
Ann
Jan
130
Ik
70
3lc
r.i
Ak
lac
*•
,'Hr
Jah
Jan
Jan
Jnn
Foil
I
—
—
.
W
«
51
1
—
K
H
THE CHKONICLE
618
FTiday
Week's Range
Last
Mining (ConcJ.)—
Tonopah
Tonopah
Tonopah
Tonopah
Tonopah
Par
Belmont Dev
1
Divide
Extension
1
Sale.
Price.
IM
Trinity
Tuolume Copper
m
1^6
60c
65c
I'/fe
5c
1%.
6c
1%
6c
2M
& Dev-5
7c
151-6
6c
United Eastern Mlnlng_.l
United Verde Exten.-.50c
Contln'tal
1,600
18,400
1,300
3,000
200
1.000
2%
2%
2K
62c
57c
2
29
53c
1
Mines new.
US
5
Unity Gold Mines
West End Consolidated..
Western Divide Mining10c
White Cap Mining
..5
Yukon Gold Co
Range since Jan.
Week.
Htoh. Shares.
IH
1
Sales
for
29 H
54c
4H
73c
73c
78c
3c
6c
3c
6c
3c
1«
VA
600
2,500
12,300
1J4
75c
1% Feb
5c Feb
V4( Jan
Feb
6c
2)4 Feb
55c
I'^/Te
28
48c
3)4
73c
6c
4c
Jan
Jan
Feb
Feb
Jan
400
1%
Jan
7c
Feb
I'fi
Jan
Feb
Jan
Jan
Jan
6c
3
80o
Jan
Jan
Jan
1,500
1,700
4,100
5,000
2,000
800
Jan
Jan
I'He Jan
Jan
Jan
60c
2H
29 !4
55c
534
Jan
Jan
Feb
85c
Jan
6c
5c
Feb
Jan
Jan
Bonds
AUIed Pack conv deb 6s '39
Certificates of deposit.
Allied Pack 8s Ser B w i '39
1925
Aluminum Mfrs 78
1933
78
Amer Light Trac 68. 1925
Amer Tel & Tel 68
1922
&
1924
American Tobacco 7s. 1922
1923
78
Anaconda Cop MIn 78 1929
notea
Series
A.
1929
.
6%
Anglo-Amer Oil 7K8. 1925
69 J<
54
81
100 ".f
lOOH
68
.
Armour & Co 7% notes. '30
Barnsdall Corp 88
1931
Beaver Board Cos 8a. . 1 933
Bethlehem Steel 78... 1923
Equipment 73
1935
Canadian Nat Rys 7s-1935
Canadian Pac Ry 6s.. 1924
10054
Consol Textile 8s
1 94
Consolidation Coal 5s- 1950
Copper Exp Assn 8s.. 1923
8% notes Feb 15.. .1924
8% notes Feb 15... 1925
Cuban Tel 1st 7^8.. .1941
Cudahy Pack 7s
1923
Deere & Co 7,^s
1931
Duquesne Light 7HS-1938
Federal Land Bank 58_194i
Gair (Robert) Co 7s.«).'37
Galena-Signal Oil 73.. 1930
General Asphalt 88... 1930
Goodrich (B F) Co 73.1925
Grand Trunk Ry 6^8. 1936
I Great North Ry 5Hs.l952
Gulf OH Corp 78
1933
1923
68
Heinz (II J) Co 73
1930
Hershey Chocolate 7Hs '30
Eood Rubber 7% notes '36
Humble Oil & Ref 78..1923
Interboro R T 78
1921
88 J P Morgan receipts..
Kennecott Copper 78. 1930
Laclede Gas Light 78
Llbl)yMcNeill&I.lbby7s'3I
Manitoba Power 73
1941
Marland Oil 7Ms
1921
Morris & Co 7Hs
1930
Nat Acme Co 7^8... 1931
Nat Cloak & Suit 88.. 1930
National Leather 8s.. 1925
Y N H & Hartf 48.-1922
Ohio Cities Gas 78
1922
/Oregon Sh Line
5s '46
Philadelphia Co 68... 1944
Phlla Electric 6s
1941
lOOK
7%
7%
7%
7%
7%
7%
7%
Swift
78
& Co
lOOK
lom
102%
102 J^
1,000
102
103J
104
95
103
96
102
"97K
103 Ji
lOOM
104
96
H
lOOH
81
95
995^
91H
96
94 5f
98K
96 H
75
94
K
lOlK
lom
96 Ji
99
102 H
102 H
ioi^
106
104
loeM
107^
1931
100
1925
101
16 1931
102K
Texas Co 7% equlp'8.1923
Tidal Osage Oil 73
1931
Toledo lOdlson Co 78 u; 194
101
101
90 H
UnlU'd Oil Producers 8s '31
United Rys of Hav 7>^b '3(i
Vacuum Oil 7s
1936
Warner Sug Ref 78. «i. 1941
Western Eloc conv 78.1925
WVA
107 H
95 H
104 Ji
Winch Repeat Arms 7^8 '41
101
102
108
100 5i 101 )S
98 Ji
S8K
87 H
36
96 K
86
1015<
102 Ji
103?i
103
10034
95
103 H
103
95 ?i
lOlJi
97
.
Aug
31 .000
101!^
Telep 78.1925
73
30,000
54.000
.W.OOO
13.000
39.000
199,000
79,000
25,000
82.000
6,000
28 H
N Y deb 6 Hs '33
Sun Co 78...
.TO-Oon
101>i
98>^
I
gold
gold
gold
gold
gold
gold
gold
68,000
5.000
15,000
98
86
87
27 K
deb... 192
deb. .1926
deb. .1927
deb.. .1928
deb.. 1929
deb. ..1930
deb... 1931
Stcwart^Wamer Sp 8s 1926
ser
ser
ser
ser
ser
ser
ser
.SI18,000
97.000
70,000
24.000
45.000
24,000
4,000
5,000
93.000
105,000
1941
Reynolds (R J) Tob 6s. 1922
Sears, Roebuck &. Co 78 '22
7% ser notes. .Oct 15 '23
Shawsheen Mills 78... 1931
Skelly Oil 7Hs w i...l939
Solvay & Cie 88
1 9'27
South Ry 6% notes.. 1922
Bell
67
WIH
M WV4
102
105
Phillips Petrol 7Vis...l93l
Stand Oil of
103K 103 Ji
102
102 J^
98 3i 99
65
67
RR
w
99
fl8H
102K
N
Public Serv Corp 7s
81
101
101
102 H 102K
100
lOOH
lOOK 100"^
100 iC lOOJi
lOOM 1013^
102
102K
lOlM 102«
102
98 ?4
103 J^
Central St«el 8s w 1... 1941
Cities Serv deb 7s SerD '66
1966
7s, SerlesC
Col Graphophone 88.. 1925
Consol Gas N Y 7s. ..1922
Cons Gas ElL&rBalt7s'3l
70
56 H
82
69
52
6,000
36.000
12,000
102M
8,000
103
37,000
104
104
34.000
2,000
lOOJs
12,000
96
3,000
104
176,000
103
24.000
19.000
102
1. 000
lOt^ 10 tM
97
97 W 167.000
-6.000
103
103 !4
96 3i 97 M 307.000
88.000
103
103?^;
3.000
lOOK lOOH
104
lOlJi 20.000
6.000
100
lOOM
96
96 Ji 10 '.000
100 ?-J 1 OJi 87,000
84
87!^ 26.000
80M 83>i 258.000
102)4 102!^ 61,000
94 5i 95)-S 47,000
99
32.000
99
34,000
90H 91
6,000
96
96
102 Ji 103 H 44,000
94
98 K 117.000
98
98 Ji 16.000
96
96 Ji 53,000
75
76 K 114.000
100 )i 10.000
100
1,000
99 Ji 99 Ji
94>i 94 H 65.000
20.000
102 J
66,000
101
102
97
H 67,000
96M
100 >^ 100
1,000
100
100
27 .000
99
99>i 52,000
25.000
102)4. \02%
100
100
11.000
12.0(0
102 H 102
5,000
99 K 99 J^
1015^ 16,000
101
106'^ 47,000
106
2,000
104M 104,^
1 4
104 ^
8,000
105
\or>H 12,000
105
106M 22.000
107 H 107 H 12.000
108
108 H 26,000
107 Ji 108H
5,000
lOOJi 101
5,000
99 H 100
46,000
lOOK 101!^ !)9,000
102H 102 1^ 65.000
101
10 134 100,000
lOOK 101
18,000
105
i05>.<;
58,000
90
91
28,000
lOOK 1013-4 22,000
107 H 107 J^ 13' ,000
95
96 H 130,000
104 Ji 106! J 157,000
15,000
97M 98
97
88
m%
WIM
Jan
Jan
59
50 Ji
81
100 i^
102>|
71
60 H
88
Feb
96
99 J^
99 J^
100 Ji
lOlK
100 '-i
96 Ji
102 J-l
10134
98
65
100 H
100 ii
104 K
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
102
i02y»
100 Ji
lOOJi
Feb
Jan
Feb
72
101 Ji
102
108
Jan
101
Feb
Feb
Feb
100 ^i
88 3i
87 J4
Jan
99 J^
98
86
87
22!^
101 Ji
101 Ji
102 J4
102J^
99 H
103 Ji
103
99
Jan
'-i
40
lOU^
Feb
lOlJi
H
Jan
Jan
103^
102
96 J4
86
101
102 >i
Feb
Jan
1035'J
Feb
103
103
104 Ji
102 h;
lOOJi
Jan
Jan
104
100 Ji
Feb
Feb
Feb
Feb
96
104)4
103
98 Ji
102
104 !4
98 Ji
104
97 Ji
103
100'^
104 Ji
100)4
98
lOlJi
Jan
95
103 H
103
95 Ji
1003^
102
9614
102
96 Jf
102 Ji
99H
103 J^
100
95
99 K
76
72
101
H
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
H
88
84
103
Feb
94 Ji
99
89
96
10234
94
95
9534
68 H
99 ?i
96 3i
93
100)4
101
98 Ji
1003^2
98 H
97
101
100
10214
99 K
100 >i
106
104
104
104 Ji
105
105Ji
106 ^
107 Ji
100 Ji
98 3i
100
Jan
Jan
Jan
Jan
88
li
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
101
Jail
10034
Feb
Jan
Jan
Feb
Jan
99 H
1033^
90
100
100
95
103 H
97 }i
)i
97 V^
99 Ji
91J^
96
104
)i
98 )i
100
97)4
76 Ji
100 )i
99 Ji
95 Ji
102 J4
103
98K
101 Ji
100)4
99Ji
103
101
104
100 Ji
103
108 Ji
105 Ji
106
106 Ji
106 Ji
107)4
108 Ji
110J4
101
100 K
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
lo3
102
Jan
Jan
Jan
Jan
101
Feb
105 Ji
Jan
Jan
Jan
lOlH
97
Jan
101)4
107 J'i
Feb
96 Ji
Jan
Jan
106 )4
100
Feb
Feb
Jan
Jan
98 Ji
74 Ji
Jan
Feb
Jan
Feb
Jan
Government
and Municipalities
Forelfin
Argentine Nation 78.. 1923
1945
97M
5s small bonds
Berlin 4s
97 Ji
733^
I
Seine,
Dept
of.
7H8
1942
104
Porto A leKre((:) Brazil 8s'6l
Queensland (Stale) 6s. 1947
Russian Govt 6HS.-.1919
H
99K
96 K
Certificates
Govt 6Ha 1929
par value,
t
Odd
97
lota.
M
I
D Ex-rlghta.
per 1.000 marks,
Jan
90 Ji
Jan
43i
103 >i
Feb
Feb
193.4
15K
153-i
1.000
15'.i
4Ji
105
100
97)4
22 Ji
21
22
19?i
97 Ji
30o
97 5« 140.000
32c 105,000
95 Ji
25c
«
H
o
New
Ex-stock dividend.
q Marks,
19
17 'Ji
99
96 Ji
13!^
1334
1334
Jan
Jan
Feb
Jan
Jan
Jun
Feb
Jan
Jan
97H
32c
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Ltstud on the Stock Exchange this week, where
additional transactions will be found,
dend.
5)i
903.J
16
16
18
1921
CcrtI ricates
No
Feb
23.000
60,000
7,000
30.000
81.000
33,000
14.000
6.000
905^
4Ji
4Ji
1043^,' 104 !i
993^ 99!^
96 K 97 H
17Ji
6|'jB
•
97
72
4}i
74Ji
4>i
OOi'i
Sllaniburg 43..
Philippine Govt 5'/<i8.1941
Switzerland
i Vienna 5s
256,000
22,500
10.000
i}i
French Government
98
k Correction.
:
stock,
w When
Dollars per 1.000
Issued,
lire, flat.
.
[Vol. 114.
bonds prices are "and Interest" except where marked "f,'
Standard Oil Stocks Par, Bit. Atk Joint Stk. Land Bk. Bonds
Anglo American OU new. £1 *nh 1734 Ciilc Joint Stk L ind Bk 58 '39
99
All
High.
Low.
A
Quotations for Sundry Securities.
I.
of Prices.
Law.
610
1
Midway
MinlnK
Tri-Bullion Smelt
Southw
—
i Ex-diviJ Dollars
950
990
5s 1951 opt 1931
115
117
6>8S 1951 opt 1931
Borne Sorymser Co
100 325
Buckeye Pipe Line Co... 50 *91
Chesebrougb Mig new
100 185
350
AUantlo Refining
Preferred
Preferred
new
lOO!
lOOl
100|
Continental Oil
100
Crescent Pipe Line Co
60
Cumberland Pipe Line. -.100
Eureka Pipe Line Co
100
Galena Signal Oil com.. -100
Preferred old
100
Preferred new
100
Illinois Pipe Line
100
Indiana Pipe Line Co
60
International Petrol. (no par)
National Transit Co. ..12.60
New York Transit Co.. .100
Nortbern Pipe Line Co. .100
Ohio Oil Co
26
Penn Mex Fuel Co
26
Prairie Oil A. Gas
100
Prairie Pipe Line
100
Solar Refining
100
Southern Pipe Line Co.. 100
South Penn Oil
100
Southwest Pa Pipe Lines. 100
Standard on (Califorals). 26
Standard Oil (Indiana) .- 26
Standard Oil (Kansas)... 100
Standard Oil (Kentucky). 100
Standard Oil (Nebraska) .100
Standard Oil of New Jer. 26
Preferred
100
93
109
128
*32
132
88
•14'4
•29
154
102
•2ri9
•18
535
240
Baltimore ft Ohio 4 Hs ft 6s.
Buff Rocb ft Plttsb 4s ft 4H9
34
ft
6
Equipment 6a
Canadian Pacific 4^8 ft Os.
Caro Ciinobfleld ft Ohio Oi.
Central of Georgia 4H9
Central RR of N J 68
Chesapeake
ft
Equipment
Ohio 6sft6i2S.
6s
..
91
15
Chicago ft Alton 4Hi9. Sa
Chic Burl ft Quinoy 68
29lt Chicago ft Eastern III 8 Via
157
Chio In;J ft Loutgv 4Ji8...
105
Chlo St Louis 4 N O »e. ..
272
Chicago ft N
t)48
W
19
1)4
I'<5
190
60
64
95
•94I4
•86 "8 86%
550
455
Ws
112
132
545
244
380
98
3fi0
Per Ct
Atlantic Coast Line 63
142
90
44
110
103
172
42
107
100
168
•89
RR. Equipments
AtchTopakaft Santa Fe6s..i
l')5
570
485
175
Equipment
69
ft
6)^s
Chicago R I 4 Pac 4 )^s, 6'i.69
Colorado ft Southern 68. 6s
Delaware 4 Hudson 69
Erie 4^8, Ss ft 68
Great Northern 6s
Hocking Valley 4^8, 68&ns
Illinois
Central 4J49. 68 4 6s
78 4 6Ji8 ..
Equipment
Kanawha 4
MIoli 4)i'. 6s
Nashville Ss
Equlpmant 6s 4 6)49
Michigan Central 5s. 09
Minn St P ft S8M4Ji8ft Sf
Equipment 6i|S ft 7e
Missouri Kansas ft Texai 8a
Misso'irl Pacific 65
Louisville
4
100
101 102
104 105
BaiU.\
6.70 5.41
5.80 6.60
8.15 6.76
6.65 6.2s
6.85 5.60
5.87, 5.60
7.00 6.i0
5.45 6.75
6 70 8.40
5 87 8.60
5.90 6.60
7 50 8.60
6.75 6.60
7 00 6.00
6.12 5.76
6.00 6.66
5.85 6.60
6.85 6.60
6.10 6.76
6.10 5 80
5.75 6.60
6.50 6.10
6.76 6.55
6.20 6.76
5.85 6.60
6.75 5.50
5.85 6.60
6 85 6 60
6 80 6.50
6.87 6 60
6 15 5.75
R.20 5.85
6 50 6.00
6 50 6 00
b.25 5 80
6.20 6 75
5 85 6 50
6.87 6 60
6.75 6.00
6 75 6.60
5.80 6 60
5.85 6 60
6.75 6 70
6 85 8.60
5 95 6 60
6 87 6 60
6.85 8 60
7.00 6 00
7 00 6 00
6.50 6.00
6 75 8 60
6.70 6.60
6.15 6.75
6.10 5.76
6.75 6.40
6.15 6.65
165
178 178'4
115 115U
Standard Oil of New Y'k.lOO 360 365
Standard Oil (OWo)
100 380 390
Preferred
100 115 116
50
40
8»ao ft Flnoh
Eqjipmi'ni 63&8!48
100
94
98
Ualon Tank Oar Co
100
Mobile ft Ohio 4H8, 38
Preferred
100 102 104
New York Cent 4 Vis. 8s...
Vaeuum Oil
Equipment 69 ft 7s
100 334 337
28
32
Y Ontario 4 West 4)48...
Washington on
N
10,
Otber Oil Stocks
Norfolk 4 Western 4Ml8
28*102i2
lOSlj
Imperial OH
Equipment 6a
Northern Pacific 78
Magnolia Petroleum
100 158 160
'S'z
Merritt Oil Corp
9
Pacific Fruit Express 7a
10
*16'2 18
Pennsylvania RR 48 4 4)48..
Mexican Eagle OU
80*165 175
Equipment 68
Midwest Refining
Plttsb. 4 Lake Brle6aft 8 4
Tobacco Stocks
70
67
Ainerioan Cigar oommoo.lOO
Reading Co 4Ka
82
86
Preferred
100
St Louis Iron Mt ft Soa 89.Amer Machine * Fdry..lOO, 200
8t Louis ft San Franclsoo 08
124"
122
Seaboard Air Line 4 )48 ft 6s
American Tobaooo scrip
13I2 Southern
•13
Britiah-Amer Tobao ord-.£l
Pacific Co 4)48
13>2
Brit-Amer Tobao. bearer. .£J •13
Equipment 78
14
Southern Railway 4)4*. 69ft69
Conley Foil (new). ..no par •11
Toledo ft Ohio Central 4a.
aelme (Geo W) Co, com. 100 188 195
Preferred
100 105 109
Union Paolflo 78
•11
12
Virginian Ry 6a
Imperial Tob of G B * Ire
96
Johnson Tin Foil 4 Met. 100 90
Public Utillttas
MaoAndrewg ft Forbes. .100 108 109
92
96
Amer Gas ft Eaeo. com
100
80 137 139
Preferred
44
32
28
iOO
Preferred
80 •43
.Vlengel Co
60
66
Amer Lt ft Trao. eom
100 114 115>2
Porto RIoan-Amer Tob. .100
•75
94
91
«5
Preferred
100
Scrip
79
70
Amer Power ft Lt, 00m. .100 77
Reynolds (R J) Tobacco. 26 •60
41
100 82l2 85
Preferred
B common gtook
26 •40
9
Amer PubUo UtU, eom. ..100
Preferred
100 108'2ll9
'99
28
24
102
Preferred
100
Tobacco Prod Corp 8% scrip
34
•99
31
101
Carolina Pow ft Lt, oom.lOO
7% scrip
172
Cities Service Co, eom. ..100 171
Weyman-Bruton Co, oomlOO 179 l85
Si's 55U
Preferred
lOO;
Preferred
100 1U4 108
11
12
80
86
100
Ck)iora(lo Power, oom
100
Young (J 8) Co
83
86
90
95
Preferred
100.
100
Preferred
17
prices)
16
and
Lt.lOO
Oom'w'tb Pow, Ry ft
Rubber Stocks {Cletel
42
44
54
55
Preferred
frirestone Tire ft Rub, 00m 10
100|
9OI4
Ollj
87
Elec Bond ft Share. pref.lOO
...100 85
6% preferred
75I4 80
15
13
Federal Light 4 Traction. 100:
100
7% preferred
82
80
205
195
100
Preferred
Gen'lTlreft Rub. 00m. ..100
1734 18<2
85 100
Mississippi RIy Pow, oom 100
Preferred
100
lO's 10^4
100 7612 77I2
Preferred
Goodyear Tire ft R, 00m- 100
00
89
2612 27
First Mtge 6b. 1961. -.JftJ
Preferred
100
99 101
67
63
5 f g deb 78 1935...MftN
Prior pref
IOO
6
5
55
Northern Ohio Elec. (no par)
Goodyear TAR Ol Can pf 100 45
21
19
75
70
100
Preferred
100
Miller Rubber—
89
87
92
87
North'n States Pow, eom. 100
Preferred
90
95 100
100 89
Preferred
100
Mohawk Rubber
82
North
Texas Eleo Oo,eoml00 79
com
100
Portage Rubber,
83
80
100
...100
Preferred
Preferred
86 '2 88la
40
Pacific Gas ft El. let pref.lOO
Swinebart Tire ft R. com. 100
33
31
Puget Sound Pow ft Lt..lO0
Sugar Stocks
95
93
15
100
5U •10
Preferred
Caracas Sugar
65
Cent Aguirre Sugar com .20 •63
Gen m 7Ji8 1941 ...MftN IO3I2 105»i
9I2
'2 Republic Ry 4 Light
884
100
Central Sugar Corp. (no par)
32
30
5
100
100
Preferred
Preferred
96i2 98
50
70
100
South Calif Edison, oom. 100
Cupey Sugar common
60
40
100 109
100
Preferred
Preferred
•15
16
54
52
100
Standard Gas ft El (Del).. 60
Fajardo Sugar
60 •42lf 43IX
Preferred
Federal Sugar Ref. com.. 100 100 105
II2
34
100
105
P.oomlOO
100
Tennessee Ry. L ft
Preferred
9I4 lOU
15
100
Preferred
Godchaux Sug Inc.. (no par) •10
43
42
57
53
100
United Lt ft Rys, oom. ..100
Preferred
74
76
100
let preferred
Great Western Sug. com. 100 120 125
31
29
100
86
100
rrpfnrred
100
Western Power Corp
79t2
77
14
lOOl
Preferred
Holly Sug Corp. com (no par) •12
41
39
100
Short Terra Securities— P«' Cent 93I1
Preferred..
60 100
Am Cot Oil 69 1924..MftS2 9254 10012
100
Juncos Central Sugar
Amer Tel ft Tel 6b 1034.FftA| 1003s
National Sugar Refining. 100 109 112
1712
17
AftO 100-'« lUU>i«
e% notea 1922
Santa Cecilia Sug Corp. pf 100
30
Amer Tob 7% note8'23 MftN IOII4 10112
Savannah Sugar, com (no par) •27
73
MftN 102 '4 10212
68
100
7% notes 1923
Preferred
AnaoondaCop MIn 68'39. JftJ 9 5s 9S'g
West India Sug Fin. com. 100 60 110
78
JftJ 10 Is 102>8
73
100
Preferred
79 1929 Series B
Anglo-Amer Oil 7)49'20 AftO 103i2l03'4
Industrial & Miscellaneous
100 155 168
Arm'rftCo7B July 16'30 JftJlfl 10^'2 102»4
American Hardware
Deb 63 Jne 15 '22 .J4D15 lOO'sAmer Typefounders. 00m. 100 45 48
92
87
100
Deb 68 J'ne 15 '23 .J4D15 O9I2 100
Preferred
Deb 6s J'ne 15 '24 .JAD15 9912 100
Bliss (E W) Co. new.. no par •23
60 •65 "(To" Beth St 7% July 16 '23 J4J16 lOO's 10 Ug
Preferred
98
94
Canadian Pac 6s 1924. MftS3 100'4 101
Borden Company, com.. 100
98 >4 084*
94
Federal Sug Ref 6e 1924MftN
100 91
Preferred
97I2
Goodrloh(B F)Co 7s'26.AftO 97 14
100 100 103
Celluloid Company
Hooking Valley 6s 1924. HftS 98<4 98^8
100 112 115
Chllds Co com
88
85
99 101
-.100'
Interboro R T 78 1921. .MftS
Preferred
14
92
KCTermRy 69 '23.M4N18 100 100
du Pont(E I) de NemftColOO 87
103
71>2
70
-JftJ 102
6 ^'.8 July 1931
100
Debenture stock
95
951t
sl7c Laclede Gas 78 Jan 1920 F4A
100
Havana Tobacoo Co
85
85H
100 «50C i65c Leblgb Pow Sec 68 1927. F4
Preferred
•)2
90
.JftD
Slosa Sbef f SftI6a'29..F4A
lstg5s. lunel 1022.
100
'i(
45
Southern Ry 6b 1922.. .M4S 99%
100
International Salt
101
•94
101
14
97
Swift ft Co 7% '25..A4018
International Silver. pref.lOO
1U2'S
1023s
70
67
7% notes Aui; 18 1931..
Lehigh Valley Coal Sales. 50|
190
MftS 101 lOlU
Texas Co 78 1923
100 17.)
Phelps Podge Corp
99 102
U S Rubber 7 He 1930- .FftA 111412 .i'5
Royal Baking Pow. com. 100
99I2
94
91
Utah Sec (3orp 6a '22-MftSie 99
100
Preferred.
91
95
Weat Eleo oonv 78 1926. AftO IO4I2 106
Singer Manufacturing... 100
1
I
I
|
I
I
I
I
I
I
I
I
I
I
I
• Per share. 6 Ba9l9. 4 Purchaser also paya acorued dividend.
/ Flat price. » Last eale. n Nominal. • Ex-dlvld ^nd. f Ei-rlgbta.
*
Now
atook
619
unA ^ailr^ad %ntdl%Qjmti.
Itwjjestm^Ht
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly returne
following table shows the gross earnings of various
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railway*
are brought together separately on a subsequent page.
The
Week or
Month.
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
Prerious
Year.
Current
Year.
S
S
S
302.980 330.022 3.126.155 3,305,382
Deceiuuer 14b_'4 283 2100180' 16003.5 lb: 154749 712
335.503
3d wk Jan
244.515
97.050
80,709
December 13C,.t.T28'2 18^.^0 944 189.'17.V>0 21.5444414
December i.932.410 2.689,283 29,209.224 27,548.089
Panhandle S Fe. . December
814,502 9.531,957 9.355.874
681.722
Atlanta Birm & Atl. December
306,200 447,305 3,201,634 5.829,849
Atlanta Jc \v est I't
2ikS.35o 2,470.6.55 3.0l>).4i)
171.637
Atlantic City
December
236.747
245.462 4.615.848 4,667.067
Atlantic Coast Line. December 6.075.617:8.067.545 66.552.081 74.121,937
Baltimore & Ohio.. N'ovpm ler 1.5901094 232803.52 183117810 210809019
B & O Chic Term December
208.890 255.106 2.628.783 2.318,294
Bangor & Aroostook December
638.024! 537.013 7.348.709 6.675.481
Bellefonte Ceiiiral
69.4H9
iNnveniier
112,737
12.616
6.812
Belt Ry of Chicago. 'December
436.432
472.868 5,495,789 4,704.324
Bessemer & L t-iie_- Decern uer
697.07411,200,641 13.534,011 15.883.839
Alabama & Vlcksb. November
Missouri
Total system
Mobile
4th
Buffalo
December
&
.Sus(4
wk Jan
wk Jan
511,357
7731
2<i''..3S.=.
1
^
1,585,207
1,317.943
2.05 '.73;
3
1(1,'
7
•
Canadian Nat Rys. 4th
1,998,7712,802,112 6,695.480 8.781,839
14.20>.i 01
Canadi m ra.;ifi _. it «>; J .. 3 02
4.43 < 000 U.b-.b.o
Caro Clinch & Ohio. December
575,054 734.103 7.464,112 7,560,880
i
Central of Georgia.. Decem <er
Central R R of \' J.. December
Central Vermont
Charleston Jc \V Car
Ohee & Ohio Lines..
Ctiicatro Ac Alto
Chic Burl & Quincy.
Chicago l^c East III..
Chicago Great West
Chic Ind &: Louisv
Chicago Junction..
Chic Milw & St Paul
December
73 1.943.79^ 22.1h5.3.5 25.082._i.O
4.961.689 5'?.«''0 997 51 9S9.:?03
629.216 882.228 8.382.790 7. 818.475
529.471, 617.393 6.633.401 7,170,606
Decern er
.55.
Chic R T fc Gulf..
Chic St P
& Om.
Olnc Ind & Western
Colo & Southern
D(K"ember
Cent
l,iiO.T.'
4. r<';. 735
New England. December
-.01!
:i01.277
3. 27'. ..543
3..51)i
i
Dmh dt
2.173.^.50 2.733.143 31 '1.19.9.5913
December
13315581 15271910 168643 539 185270 768
I"
() 8 >•! < nX7.970| 7 009 M>i (1
07
Decern <T
December
Decemoer
December
December
ChJc & North West. December
Chic Peoria & St L. December
Chic R 1 & Pacific. December
M
December
December
4th wk Jan
Ft
& Deii Citv Ueceiii'ier
Trin & Brazos Val December
Wichita Vallev
|De<-eiM'icr
15 952.5.53
3.014,122
2.770,278
142020152
8«-^.Q34
524.065 874.849
-S o<" 1 .'OS 7(7 11 3:-t4 9.5'i i:< 1 IQ MS
460.679 296,815 3.501.011 2.260.169
1 -7 no
191 OH^ 1.7'3.10'i
83X.1M
Cumb VaU & Mart. December
164,332
258,601 1.421.228 1.070.191
Delaware &. Hud:>onl De<'eini<er 3.730.725 4,7.57,831 45.718.029 45.289.014
De! Lack & Westernl December 0.619.9.54 8,484.847 86.243.304 S3.593,315
Denv & Rio Grande' November 2,828.226 4.077.095 30.246.118 36. .533. 707
Denver & Salt Lake December
148,192
265.777 2.879.058 2.953,647
Detroit & Mackinac|Ue<-einoer
125.471
146.485 1.972.441 2,077. 9<1
Detroit Tnl A Imnt. N'o\pmher
.052
681
481 .032 6.634.658 4.711.939
Det & Tol Shore L. . December
231.669 247.489 2.807,447 2.385,942
Dul Sc Iron Kange. . U<:<:t;inijer
96.50
157.411 4.972.514 11.075.952
Dul Missabe k Nor. December
135.510 2.58.711 12,374.949 19.623.476
S7.6c,.'5
Dul Sou .Shore * Atl|4th wk Jan
129.8".309 OC-,
285. S3
Duluth Winn & Pac December
175.165 213.625 2.344,817 2,498,223
Ea.st St Louis Conn. JDr-(<iiii.«T
11.7 14
151.400 1.5'>S.045 1 512. .505
Eastern S S Lines.. 'December
255.725
182.046 5,207,441 4,661.355
Elgin Jollct ic Ka.st. Decemoer 1..59 1.021 2.603.893 19.334.942 25.089. .580
El Paso & Sou West December
787. 03O 1.293.510 10 910 OS 14 «72 614
Erie Railroad
iDecember 7.020.062 10082173 102.835.505 109212128
Chicago Sc Erie.. December
6.57.415 1.116.192 10. 703. .591 12.920.673
J * N Y RR. - . {December
120.6.55
117.401 1.487.9.54, 1,347,009
Florida Ea.st Coa-st. December 1,220.293 1.497.408 13,558.013 13,701,191
Fonda Jonns Ac i;|t,'. Doi-mber
123.0.5'
3 59':
.355.0.59
,431 .5'12
Ft SmI'h fi Wf^teriiiDecirnber
913.000
135.8'C
773 004 9 Ot"^ ."jot
Oalvwton Wharf
Deo-mber
136.622
247.099 2.608.285 1.980. ,567
Georgia Railroad
December
373.2.52
487.871 5.1.54.986 6. .574 ..336
Georgia & Florida. . Decern Ixt
115.686
130.835 1.389,678 1,519.192
Grand Trunk .Sy,
juu w,<..(in 2.4H7 7 10 2.923 OOH 7. .339 HI )5 8 H77.7"3
St
Lawrence
Atl A
November
237.411
396.924 2.521.404 2,943.483
ChDetCanGTJct Vovember
153.675
2.55.777 1.793.213 1.824.743
Det G H & Mllw. November
454.264
682.730 4.117.322 4.665.641
Grand Trk
h,.r
1.210.42'1 1.300 154 13. .52 1.493 15.891.748
Great North
'.<'r
7.07'- '1HI 9.778.045 lor<17''0) 1 ?.Hi07 Sf,.l
ji
Oreen Bay A;
jljcr
109.876
114.217 1..395..576 1.294.184
Gtllf Mobile ii, Nor.|Dt*:cJober
.336.885
444.1.52 4,086.217 4.147.962
f Juir A .Ship Island. D'ccmtxjr
2.«5' O'.O 3 O'll
-H
229 9
247
W
8
1
1
i
>
I
N
I
;
1
I
I
I
'.
I
1
I'
I
''-• Valley
jDecembcr
iNovember
j
111 24067
V (irt Nr)r. I)<*<*eriiiKr
1.19M40
870,7.53 1,693,.390 14,093,001 17.145.167
I
Interaat Uy of
Kan City .M<,-x
K C Mei A
Me. D(!cembcr
A Or iJ.'.inber
310.7.37
.
of Tex D<-<<mber
KanH.-iii City So'ith. Dxernber
Texark Sc Ft Sm. Decern ber
f
)
|
I
.
!
Total Svn'etn
.|I)'-<e
her
KanjwB city Term.. November
K».
>'>cember
p.
!
'
'
••iniH^r
fernlwr
113.770
165.009
I
'. .'ilx-r
A n% A Hh
I»i|ImI -mi
ibflT
ii-r
.V
,biT
I...
.
455 I7.f.;9 7S
2.808.902
390. .330
101.843
1.789.043
I
9. 'I 1.0'"
2.890.171
1.714.S91
2 001 ..500
247.173 2.199.3.55
OIK I.RIO 1«S 10.609 'H-^ 10 7';'' 4'(3
1
1.50.795
226.387 2.177.755 2.295,762
I.,5H2 717 2.035.517 21. 70S
I'l 22 3'>5.22'l
144.676
139.809 1.486.011 1.467.164
210.705 314.847 2.3.30.969 2,803,0.56
7.259
,(,5'l,705
411.015
1 .459
-'fil 'if>'
92 001
108.911
.44'! ft2l
I
1
I
1
I
2.55.917
315.3
3, 177. .57
.368.71.;
514,1
1.8 '0.400
5.317.207
75.2;*
;3 SO'!
1,602,751 1.876,113 18.105.921 lis. 747. S02
''«<l 'I
400 "1
:< •yi\ ?'. i'
"r. <\
1
218,55.5
357.703 3
8.105, 20 1|:!I3S73
'
1
1
.b<!r
.|IifirtTinli<"r
1
I
.ill'.. .5.1.!
''17
31
•I'-
ll.!
•
361.410
K
455.276 648,225 1,344,464 1.743.996
Columbus (Sc Gr.. December
1.881,500
153.409
19.S.812 1.594.291
Monongahela Conn. December
96.870
139.936
824,143 2.9-14.586
December
Montour
89.401
163.331 1.408.939 1,677.351
Nashv Chatt & St L December 1.542 807 2.001.8.50 20,924,603 24.481.634
'7
S.323
25.804
17.791
X-'vada-O I'f Ore.. 4th wk J.-vn
5 7
Nevada Northern. . December
21.120
76."42
345.064 1.588.636
I'vl.llll
NeMb ^r"h A: Sou Sh Di'<rem'>er
234 4 '0 l.49';.8;i 1 .920. .'37
New Orl Great Nor. December
190.996 202.782 2,546,145 2.670,578
N O Texas & Me.'uco December 269.802 408.423 2,720.388 3.185,035
185.3941 279,9,50 2.164,146 2, .372. 625
Beaum S L & W.. December
December
St L Browns &
378.128 587,389 5,872,676 7,573.926
New 'lork Ceatral.. December 20340 Ss7| 32O10 isi 3;:;53S217i372901 0.>6
Ind Harbor Belt. December
683,384' 736.449 9.034.5381 9.615.785
Lake Erie & West December
662.712 1.022,632 9,061.493 n. 970.927
Michigan Central December 5.8.57.005 6,797,093 72.911.8.52 87,790.799
Clev C C & St L.. December 6.030.009 7.435. US 79. 793. .593 8S,.S62.078
Cincinnati North. December
213.057
276,446 3.757.713 3,642.728
Pius & Lake Erie December 1. 90S. 140 3.004,822i 23.226.0.59 35.740.951
Tol & Ohio Cent. December
710.145 1,340,089 10.711.9,86 13. .548, 570
Kanawha & Mich December
283.341
405,351 4,785,161 5,404,6,56
N Y Chic & .St Louis December 2.245.0.-2 3.117.873 27.030.004 28.0.55. .548
November
N Y Connecting
2.53.,538
297.23,5 3.081.925 1.477 756
N Y>" N H & Hartf.. December 9,899.414 10309563 116405233 123512310
lilt \ W -jtern ID.-ce D.T
N
'HI
S3 7 1.131
s I4.|97.s!i7| I3.'.M.'iS9
Y Susq & West.. December
277.692
273.020 4,208.711 4,446,292
Norfolk Southern.. December
680.840
631.099 8.0.56.795' 7,7.50.826
Norfolk & Western. December 7.218,894 8,440,933 80. 760. .590 88.489.355
Northern Pacific
December 7.500.813 9.009.8S0 94..538.0.59, 113084 408
Northwestern Pac. December
569,462
526.305 8.609.732 7.8,50.607
Pennsylv RR & Co. December 39482919 52644,500 500175084 569205971
Din-em
ier
H:ilt Ches ct .-Xtl..
13 .=iS8l 1. (in;. 4191 1.07 '900
101 "I
Cine Leb & Nor.. December
68,787
207,187 1.106.170 1.426.719
Grand Rap iSc Ind December
366,730 810.972 8.504.188 9,269.277
Long Island
December 2,009,381 1.9f1, 99 28.720.911 25.797.110
Mary Del & Va.. December
89,386
107.828 1.251.171 1.338.518
fi9o s t5 4. 394.105 4.070 .500
Mono'icrahela
December
387 "^'''^
Y Phila & Norf, December 374,861 483.4
57 6.151,502 7.896,314
1 -.Q.0-<3
Tol Peor & West. December
103.134
1.092.410 2.000.667
Jersey & Seash' December
877.503 12.929.706 13.924.051
723.732
Pitts C C & St L. IDecember 7,069.3,50 12995509 96,717,043 113582514
Pennsylvania Syst.. November 55960543 75243480 6117646.58 673897625
Peoria & Pekin Un. December
104.082 1,696,110 1.674.010
148.601
Pere Marquette
Decemoer 2.644.110 3.022.102 38.161,240 40.372.815
Perlciomen
December
109.385
124.461 1,285,803 1.272.285
Phila & Reading... December 6.825.184 9,992.706 84.924.227 94,819.755
189 117 1.03a .816
191.990
Pittsb A- Shawmut.- November
1 >9. >'l
Pittsb & West Va.. December
364.042 2.798.2,55 3.476,8,32
207.2.56
I'ort Reading
December
162.9.50
274 ,,309 2.230.444 1,954.470
Quincy Om &
December
125.875 1,306,820 1.366.645
96.389
Rich Fred & Potom. December
871.662 1.036,018 10.002.075 11,049.884
Rutland
December
437.797
,531.265 5.811.556 5.979.621
Si J.is.lc Grand Tsl.. Novembi^r
309.I00 3.104.905 3.1,58.785
257 .337
St Louis San Fran.. December 6.1.57.005 8.313..50's 81 .851 .289 93.743,863
FtW&RioGrande December
161.752 1.771.261 1.961.144
152.372
Stl^SFofTexas. December
180.830 1,037.998 1.816.776
165.717
St Louis Southwest. December 1,518,498 1.835.675 17.366,132 21,311,705
St L3
of Tex.. December
694,062 840.165 7.774,033 9,267,392
Totil System
.5H7.9';s
7' 10.0 13
4tii WK Jan
1,792.5 8 2 132.415
St Louis Transfer.. December
190. .5 12 1.111.430 1.399. .581
81 .005
San .\nt A Aran Pass December
558.623 6.322.114 6.042.948
480.723
San Ant Uvalde & G December
60.879
76.825 1.149.443' 1,442.189
Seaboard Air Line.. December 3.731. .504 4. .559. 244 42,S75.257i49,265,030
Southern I'.rific.
Oece 'iber 132'73S' 17' 1S337 isoooi;7»i 2 >is'iii03
Southern Pacific Co December 20222070 2.5005245 269404 365 282269 504
Atlantic S S Lines December
886..524
872.<S59 10.6.56,0781 7,238.800
Arizona Eastern. November
193,871
425,617 2,508,8,50 3,795,271
Galv Harris
November 2.089.180 2,767.270 23.123,085 24.7.52.216
Hour A Tex Cent. November 1.571.6.53 1.249.101 13,067, .576 10.925.940
Houc E A
Tex. November
272. 6S0
299.896 2,745.297 2,795.193
Louisiana W'e.stern December
332.370 492.080 4, .387 .8.57 5,436.758
Morg La A Texas December
685.813 1.004.693 8.789.650 10,484,444
Texas A New Orl. November
7*2.4.34
977.6.53 7.926.492 9,208.319
Southern Railway.. 4th wk Jan 3.833.928 4.647.402 12,197,189 14,244,2,50
Ala Groat South December
828.93 21.045.01 .39. .542. 224 ll.,5S8„S05
Ciii N O A Tex P. December
1.306.412 1.741.727 17.170.444 20.888, ,5.59
Georgia Sou A Fla December
464.145
463,1.59 4, .586, 771 5,330,811
Now Orl A NorE. December
497.099
661,428 6. 329. ,587 7,728,110
Northern Ala
90S ,,335 1..50 1, 881
December
98,5.57
119,217
Spokane Intornat.. December
1..560, 775
96.212
1.53.4.58 1,,300.060
Spok Portl A Seattle December
663,319 1.0,52.047 1 .9.59.290 9,449,743
St.iten Island R T
December
202.745 2.511,407 2,417,0.58
18I.74'>
Tenn Ala A Georgia 4th wk Jan
9,3,87
7.138
3.803
2.098
Tennessee Central . December
168.578
222.514 2..3,38.8 15 2,99r),860
T.T UK Assn of SI I, Di'cembir
2S1 .1.59 4.527.800 4.0 10.023
370.1 IS
SI L M'-r H'IgoT
400.»;44 3.0.58 000 4.3'-.5.491
Di'ceinber
201 OSS
Tex.iB A P.iclfic.
4th wk Jan
761. .580 1.122.994 2,510,370 3. .5.38,497
8t
Toledo
L A Went November
940. K3s 1.077.100 8,717,980 10,831,420
Ulstor A Delaware. Do<'embor
102.073 1,713„50I 1.486,612
105,513
Union I'aciric
Novrmb.T 9,732 SI3 I24.SOS5I 1004 1523 120714 149
Totjil MVKtem ...
November 1.56604 OS 19.5471.52 10772 37 s 1926.54110
Oregon Short Lino Novombor 3,402.320 4,174.174 33.975.014 41,371,322
On-Wash RR.VcN Novemb'T 2,.53l 30.-, 2 S02,r.',3 27.3.31.81(1 ,30.5r.s.r.36
ITnlon UK (Penn)
December
702.817 1,049,060 9.435.212 10.077,141
rt.-ih
Dociiinber
101,165 1.2 3..53 5 2. 009.,520
97.044
Shrove A F*ac. November
.384.748 3.814.177 4.2.54.466
347,023
Ill
Ic.'illro.'i'l
)i'riMlll»'r
1.105 910 1.718,005 IS.O 1. 3.57 18.1,58.8.53
Uillroiil
l).-<-e'ilb.T
4,447 S3 5,071 751 59 217 (i<i'„> 00 510.080
'11 Marvliind
544 801 1.476,076 1.701.280
41 h wk Jan
.535,7.54
II
I'aelfic...
December
775.210 778.109 12,100.611 15.612.84a
\\
23l.3'i,3
..'5'
2..''kM.I57 9.7sr. ,390
r
Kv of M
i-r>' nbcr
II
'J'
Wh.w4 A Lnko Erie December
03S.IO0 1.556.714 14.770.707 17. 052. 9.57
Wichita F.iIIh A
180,414 2.734.870 2.6,30,108
December
1.57.864
Ya^oo A MIm Valley Novunibfir 1. 978.751 2.206.987 18,988.365 20 ,0-1 1. OS 1
Currfnt
I'l
(.'17
I
!
2-'
I,214,3S2i
1' 'f'M I'l
M
wfwk Not df)
4th Wr4.k
N'f.v
M7
Tr>\i\n>
r,./.,1;.>
11
rt
:
1
KC
W
ASA
W
.
I
1
.
1
.
>
I
.
1.47
I'l
l(.
,
I
'
.K'M
T'l'l
1
I
.
I
NW
and Monthly.
nt
*Mnnlhlu Sumtivn
Prirlnit .1
Yfitr.
--
/
•
I'tr
%
;
«
I''.l24.fl«fl
I
1
W
Pri^nui
Yirar.
*
•.
N
AQQRgQATB OF QB08S EABNINQ8— Weekly
•K.
>
wk Jan
li
1. 517. .535
•y
8
-
1
iwr
I>.
1300400.39 1320.36726
1.3.3.301.30
2.00<1
no
'•remtWTr
'< ember
Lorn
1
I
I
entral..
/
4th
<
10S15S734
105092 399
31,955.612
4 512 ! 5
•i.716 5
1.691.975 2.564.804
1.531
3
23,889,976
fi
S
2..548.741 3.439.477 33.488.591 40.375.705
December 1,792,834 2.852.315 26,797,515 29.845.054
November 5,161,6»y 0.900.224 58.521.537 66.399.781
10'.53
December 7. 7'5.
7 109745 072 1187 '1428
'
I
1,687.405 2,087,567 24,273.653
l,210.256,l,3:-i7,949 15,102.870
439.973
395.634 5,261.832
11.347 782 13106 670 140705766
10.578 608 130987.52 144775476
197.3.58
236.828 2.113.416
10000 258 11879492 139272 023
oo-^,.=;n^
7.510.2
2,106,305,2,639,343 28.047.675
Previous
Year.
N
371. "31
.'
& Ohio
Current
Year.
,
Si)9
November 6.602.125 8,500,831 78,174,054'81.544,944
i
Previous
Year.
Dale.
1 to Latest
M
32.421
178, .322 1.399.493
ll,380i
6, 141, .592, 7,199.958 78.289,750 80.652.744
in7.0"9i 105.088 1.318.072 1.193.-"'f>
526,150,
Current
Year.
'--.';
Misso'iri Pacific
)
December
December
December
Kan & Tex December
Mo K & T Ry of Tex
Amer Ky Express,.
Ana Arbor
Atch Topeka & S Fe
Gulf Colo & S Fe.
Bingham & Garfield
Boston & Maine
Bklyn E D Term
Buff Roch & Pittsb.
Jan.
Latest Gross Earnings-
1 to Latest Date.
Jan.
Latest Gross Earnings.
BOADS.
<i
io.r,-i .075
19.107.127
1
I
1
'""
-
4.A9
8j
\n<
'.n
3d
M
70
S(
-Ifl.
l«t
3<l
1
3d
4ih ».
.0
i<
I
.
t,
1
1
'*\tt
•
Hl.li
10
r.f.
16.54
:>.*
H4
—————————————————
— ——
————————————
———— —
THE CHRONICLE
630
Latest Gross Earnings by Weeks.
—Gross from Railway— —Net from
—In the table which
follows we sum up separately the earnings for the fourth week
The table covers 19 roads and shows 20.57%
of January.
decrease in the aggregate over the same week last year.
1921,
S
1922.
'
1921.
Increase. Decrease.
Buffalo Rochester & Pittsburgh
Canadian National Railways
526,150
511,357
1,998,771 2.802.112
3.502.000 4 433 000
X7d 84q!
624 065'
87,665
129.805
.
Colorado & Southern
Duluth South Shore & Atlantic.
Grand Trunit of Canada
Grand Trunk Western
Detroit Grand Haven & Mil
Canada Atlantic. ...
Mineral Range
Minneapolis* St Louis
Iowa Central
&
Ohio
Nevada-California-Oregon
St Louis Southwestern
Southern Railway
Tennes.see Alabama & Georgia..
.
Texas & Pacific
Western Maryland.. .
Mobile
Total (19 roads)
$
$
14,793
3
i
803", 341
931,000
350,784
42,140
2,487,740
2.923,098
435,358
4,629
362,095
14.181
9,552
2.324
364,419
648 225
8:323
706.613
4 647 402
3,803
1.122,994
544.891
192,949
2.616
118.645
813,474
1,705
361,408
9,137
15.675.432 19.735.072
14,793 4,074,433
455,276
5,707
587,968
3,833,928
2.098
76l,.W6
535,754
Net increase (20.57%)
4,0.59.640
Net Earnings Monthly to Latest Dates.
— The
table
following shows the gross and net earnings with charges and
surplus of
railroad and industrial companies
reported this week:
STEAM
—Gross from Railway —
1921.
S
1920.
$
Atchison ToDeka & Santa Fe System
Gulf Colorado & Santa Fe
December.. 1.932.410 2.689.283
From Jan 1 29,209.224 27.548.089
-Net from Railway1921.
1920.
S
$
-Net
after Taxes-
1921.
S
104.336
7.845.111
322,449
546,983
38.019
6,991,082
1920.
S
266.337
—368.784
& West Point
December..
171.637
From Jan 1 2.470.655
268.355
3.040.400
6.346
311,047
44,199
621,596
16,032
190,696
—43.023
Bangor & Aroostook
December..
638.024
From Jan 1 7.348.709
537.013
6,675.481
238,648
1,510,257
—68,253
194,455
1.095.782
—117.361
& Lake Erie
December..
697.074
1,200.641
From Jan 1 13.534,011 15,883,839
255,587
2,234,634
*244,421
121,797
3,357,151 *1,852,268
-1,058,367
2,004,047
Atlanta
435.529
612.404
277,645
& Maine
December.. 6.141.592 7.199,958
317.860
From Jan 1 78,289,750 86,652,745 4.456,278
Carolina Clinchneld & Ohio
December..
575.054
734.103
178.044
From Jan 1 7.464.112 7.560,880 2,143,941
Central New England
199.499
December..
629,216
882,228
From Jan 1 8,382,790 7,818,475 2,360.303
Central Vermont
December..
529,471
617,393
92.955
From Jan 1 6,633,401 7,170,606 —235.305
Alton RR
December.. 2.473.556 2.733,143
From Jan 1 31,049.259 30,374,934
Chicago
595.027
4.846.710
Chicago Great Western
December.. 1.687.405 2.087.567 —135.679
From Jan 1 24.273.653 23.889.976 3,283,672
Isl
&
226,387
2.295.762
24.465
774.544
84,172
856,191
47,282
715,168
76,103
733,606
248,555
357,703
3,863,970 4,275,834
Louisville & Nashville
December .. 8.405.120 11.343.873
V om Jan 1 117149.124 127958.737
Missouri Kansas & Texas
December.. 2.548,741 3.439,477
From Jan 1 33, 488,.591 40,375.705
—133.735
—54.193 —157,480
-96,805
Kansas City Southern
Texarkana & Ft Smith
December..
150,795
From Jan
Chicago
1,802,112
131.766.857 135258,495 24,596,525
R
I
& Gulf-
469,930
December..
From Jan 1 7,610,255
Chicago St
—
692,509
*20,615
6,883,934 •1,702,975
Ry & Navigation
December..
Cumberland Valley & Martlnsb
258.601
164.332
December .
From Jan
1
.
December
From Jan
.
1
107,960
3,628,252
72,856
706.398
85.751
—465.790
—178.596
-1,260,729
141,713
1.697.713
493.936
3.809.855
68,484
909,483
—172,135
^81.163
—1.433 —219.048 —71,301
—954.308 2.382.086 -1,827,552
1.173.430 1.464.720
9.390.091 19,049,040
695,487
3,904,965
—
151,541
*20,076
1,052.935 •1.574,402
143,710
872,682
336,354
2.232,481
129,907
1,738,975
280,250
3,521,104
70,28\
624,92 6
63,391
—368.607
62,68
455,42
40,736
43,689
—670,519
&. .\tl—
533,316
292,377
4,464.860 5,949.890
—28.991
—100.340
90.195
351.189
——67.390
457.870
—5,274
— 22.5S7
—12.001
—31.3.52
—24,100
—92,587
120,738
—216,328
Pacific
213.625
2,498,223
FromJanl 102,835,505 109242,428
Chicago & Erie1
657,415 1,116,192
10,703,591 12,920,673
125,449
66,485
86,201
494,383
—53,348 -1,409,366
7,942,296 -12176,408
8,534
—254,196
439,643
—
47,.502
1,325,348
Jersey & New York
—6,034
16,662
117,401
120.655
December..
168,118
60,821
From Jan 1 1,487,954 1,347,009
Florida East Coast
210,191
234,136
December.. 1,220.293 1,497,408
From Jan 1 13,553,013 13,701.191 2,254,586 2,951,822
Galveston Wharf
90,291
247.099 —235,953
December..
136.622
458,873
695,976
From Jan 1 2.603.285 1,980,567
Geori^la Railroad
li.
December..
373.252
»k
December..
115,686
1,389,078
FromJaul
Green Bay & Western
December..
109.876
487.371
6.574,336
130,835
1,519,192
—
—314,839
—131,667
—6,770
135,173
99,303
1,449,628
—
— 13,347
—
—
4,010
890,432
14,074
20,439
150,411
2,330,234
495,759
—24,089
—83,918
-63,748
—58,531
2fl,75't
—45,602
-18,714
—68,380 —778,044
-147,157
-18,922
—862,585
—
27,412
134,216
60,887
222.498
16,728
46,819
444.152
4,147.962
46,092
433,200
64,110
—701,141
27.569
198,736
—941,,544
DiH-ombcr..
870.753 1.593,390
I'rom Jan 1 14,093,001 17,145,167
203,821
2,520.607
1,622,603
Gulf Mobile
&.
December..
FromJanl
Northern
336.885
4.086.217
December..
From Jan
1
Orl Tex &
December..
New
2 ',120
76, 942
345,064
1,588 ,636
—1,400
—26,287
17.636
506,687
—7,563
—123,323
7,769
385,369
Mex
408, 423
269,802
FromJanl 2,720.388 3,185, 035
Beaum Sour Lake & West^
159,0.50
153.4.52
877,130
642.215
139,221
678,468
103,645
460,711
December..
51,9 7
654,651
66.002
467.611
47.342
509,526
64,466
435,419
13.254
1.357.811
47.244
1.320.763
4,334
1,184,164
1,166,601
129,974
1,115,422
—2.454
42,689
840,448
—475,121
45,085
185.394
279, 950
2,164,146 2,372, 625
St Louis Brownsv <fe Mex
Decembe _.
378,128
587 391
F om Jan 1 5,872,676 7,573 .926
New York Central
Cincinnati Northern
December..
213.057
276,446
From Jan 1 3,757,713 3,642,728
FromJanl
643,527
25,831
NYNH&
HartfordDecember.. 9.899,414
10. 309. ,563
1,484,519 —604,740 1,309,129—1,012,863
116405,233 123612,310 10,002,938—2,834,074 6,513,942—7,349,936
Western
December..
277,092
273.020 —125,551 —229,030 —114.607 -246,105
From Jan 1 4,208,711 4,446,292
124,540 —982,739 —149.407—1,259,451
Pennsylvania RR & Co
December. .39.482.919 52.644.500 4,703,057 2,266,883 3,141.924 1.087,548
From Jan 1 500175,084 569205.971 69,416.455-27,988,824 48,485,067-46,922,943
Cincinnati Lebanon & Nor
December..
68,787
207.187
—79,180
78,691
85,987
71,728
From Jan
NY
Susq
1
&
1.196.170 1.426.719 —191,746
—82,472 —294,199
Grand Rapids & Indiana
December..
366.730
810.972
415,873
-57.381
458.063
From Jan 1 8.504. ISS 9.769.277
-78.233
-10.376 —529.531
N Y Phila & NorfolkDecember..
374.861
4S3.457 —268.814 —237.486
-250,386
From Jan 1. 6.151.502 7,896,314 —749,980 —634,236 -968.007
West Jersey & Seashore
December..
723.732
877,503
186.952 —180.692 —193.006
From Jan 1.12.929,706 13,924,051 1,246.058 —184,824
534,286
Pittsburgh C G & St I^
December.. 7,069,350 12.995.569- -1,513,047 2.542.596—2,054.348
rl89,460
—
-101,444
-150,970
—252.681
—812,613
39,78 2
Hocking Valley
68,850
—
From Jan 1.96.717,043 113682.514
323,454
1,708,545
—10,613
583.862
—180.719
—743,039
2,225,060
5.412, 460— 3,222,917
289,648—7,652,128
2,571,885
538.915
Pennsylvania System
December.. 50. 992, 145 70.951.359
December..
From Jan
Ft Worth
-107,697
-867,390
152.372
1,771,261
1.
3,092,349
4,589
—144,849
—21.208
—86,130
•1,193,558
-276.210
47,130 —195,758
23,570 —901,387
161,752
1,961,144
St Louis-San Fran of Texas
December..
165,717
180,836
From Jan 1. 1,937,998 1,816,776
St Louis Southwestern System
December.. 2,212,559 2,675.840
From Jan
1.25,140,164 30,579.098
St Louis Southwestern
December.. 1.518.498 1.835.675
From Jan 1.17.366.132 21.311.705
St Louis 3
of Te.xa.s—
December..
694.062
840,165
FromJanl. 7,774,033 9,267.392
—
W
76,825
1,149,443 1,442,189
Seaboard Air Line
December.. 3,731,504 4,659,244
From Jan 1 42,876,257 49,265,030
—198.621
—46.182
17,576 — 946.852
75,852
133,696
—92,737
-519,374
95.178
111,136
—95.043
—546.636
739.580
6,050,605
702,488
5,616,864
628.025
4.927.841
600.421
4.413.369
720,500
6,738,461
792,293
7,779,161
633.607
6.905.623
636.920
6.864.357
19,281
—80.805
—6.581 —136.499
—687.856—2.162,299 —977.782- -2,450.988
San Antonio Uvalde & G
December..
60,879
—53,217
—302.144
—2.737
215,361
178.961
—53.250
—335.627
750,677
5,865,409
989,777
752,228
623,525
3,970,188
—942.908
2.311
FromJanl.
Southern
4,781,157
& Rio Grande
December..
From Jan
364,042
3,476,832
1
862.014
P.aclflc
December.. 13.247.384 17,148,337
991.636 4.000.337
168,826 3.097.928
From Jan 1 189996.741 201894,193 48,707,940 39.098.123 35,975,086 27.570.494
Louisiana Western
December..
332.370
492.080
—89.932
42,279
—98.480
7.936
From Jan 1. 4,387,857 5,436,758
891,602 1,159,843
583,985
735.987
Atlantic Steamship Lines
December..
886,524
872,859 —374,144 —146.914
3S7.666 —158.661
From Jan 1 10,656,078 7,238,800
213,537 -4,883,497
69,238 --5.020,103
Morgan's Louisiana & Tex
December..
685,813
1,004.693 —1.57,572 —112,767 —193,007 —183,196
PYomJanl. 8,789,650 10,484,444
228,089 1,151,641 —271,171
601,860
Wabash Railway
December.. 4.447,831 5,671,754
318,283
509,463
136,266
263,123
From Jan 1 59.217,692 60.510.686 8,711,523 —196.903 6,846,804 -1,891,451
Western Ry of AlabamaDecember..
201.250
234.363
—3.719 —21,135
16,098
—2,668
From Jan 1 2. .530. 457 2.786.399
329,122
398.968
217.539
299,523
Wichita Falls & N
December..
157.864
189.414
20.634
29,410
24.123
194,940
From Jan 1. 2.734,870 2,639,108
914,165 -189,428
746.371 —322,569
—
W—
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name
Road
or Company.
Current
Year.
Month.
.\diroiidack
Pow & Lt December
Al.ib.iina Power c;o..
a.\mer Pow & Lt Co.
Appalachian Pow Co.
Vrkans.is Lt & Power
Atlantic Shore Ky
Uan^^'or
Hy
.v
KK^r
Co
* Barcelona Tr, L & P
Baton Kougo Electric
H \ IT V illi'i' IV ic
'
-
Jan.
1
to Latest Date.
of
—10.141
—166.588
75,678
318,717
1,395,576
—
Nevada Northern^
66.886
252,755
114.217
1,294,184
FromJanl
December.. 1,792.834 2.852.315 —283.048
204,549 —307,655
195,628
From Jan 1 26.797.515 29.845.054 5.326.804- -1,862,683 4.702,844—2 438,965
Missouri Pacific
December.. 7,725.256 10.653.227
54r.059 1,512,206
136,381 1, 464,684
From Jan 1 109745,072 118721,428 17,702,616 5,401,488 13,364,877
705,371
iMtcst Gross Earnings.
243,4.i3
29,508
^14.958
64,760
451,617
4,732,254 --15580,874
New
rt^omJanl 5.154.986
Georgia & Florida
Mo Kan & Tex Ry of Tex
207.256
2,798,255
St Louls-San Francisco
283,828
5,878
-679,564
December.. 7,020,062 10,082,173 -1,368,190
December..
5.56,651
,381,004
From Janl 662.756.803 744848,984 82,445,964-26,685,284 52,420.651-53,390,385
Pittsburgh & West Virginia-
Erie Railroad
From Jan
181, .521
4.891,212
—817.260
49.808
145,867
175.165
2,344.817
.249,748
127.888
2,062.216
265,777
2,953,647
From Jan 1
Duluth Winn &
4,616,531
301,531
—579,198
Duluth South Shore
December
641,489
4,788,426
668,903
136,170
1,197,908
185,449
92,275
2,879,058
264,499
6,724,223
61,667
—403,744
153.440
1.702.140
99,282
562,223
Denver & Salt Lake
148,192
December..
8.192.000
1,044.909
5,047,918
146,341
1,569,609
1,070,191
1.421.228
1
—27.168
433,717
162,823
<fc
From Jan
263.523
-7,385,901
&
Southern
Brazos Valley
460,679
296,815
December..
From Jan 1 3,501.011 2.260,169
Trinity
634.549
1
415.794
P Minn & Omaha
December.. 2,106,305 2,639,343
From Jan 1 28,047,675 31,955,612
Colorado
2,177.755
1
1,780..528
Pacific
December.. 9.538,005 11.177.108
From Jan 1
Taxes
1920.
516,668
-4,336,687
&
Chicago Rock
after
1921.
FromJanl
Bessemer
Boston
—Net
Railway1920.
$
From Jan
$
1920.
S
1921.
S
Louisiana
Fourth Week of January.
[Vol. 114.
.
December
November
December
Noveiuoer
October
D.'.'i' iii>er
December
December
Current
Year.
Previous
Year.
$
$
$
490.078 446.699 4,817 225 4,714,526
431,776 394,373 4,542 357 4,190,495
2109.416 2202,187 •24687 1.59 •21154468
225,450 213,798 2,487 606 2,265,611
81,349
91, .n3
990 078 1,094,080
15.423
16,453
188.363
191 311
i:i!,M9 12,S 9(7 1 .4i0 471 1.2iii.779
3820,393 3147,789 37.700 430 32,078,222
50,628
47,650
557 190
471,186
I) •,( ,U)e"r
Bingh.amton Lt Ilt&P December
Balckstone Val G&E. December
November
Bradford lilec Co
/B-i/ilianTrLt'* l/'l
Precious
Year.
I
liS.CjS
88,704
345,351
66,269
77,315
290,909
60,346
5">.s
1
1
--,-,•
I
rttill
72(>.71.S
1.11
915 624]
3,617 .791
•687 723
on'i
1
754,372
3,266,907
•562,589
122306 000
THE CHEONICLE
11 1922.]
b^KB.
Latest Gross Earnings.
Xante of Road
Jan.
to Latest Date.
1
Company.
or
Month.
Current
Preciotis
Year.
Year.
Prrrinus
Year.
Current
Year.
621
Electric Railway and Other Public Utility Net Earnings.
The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—
$
Rap Tran
ra
Syst
City RR (Re OSeptem'r
31dn Heights (Re OSeptem'r
968.124 347.763 8.502.504 7,259,375
57,612
54,239
5.924
4,810
212.307
53,462 1.699.639 1.290,838
64.819 2.142,686 1.762.923
248,766
134.888
113.064
18,057
2,597
419.589 135.547 3.554,605 4.364,644
1816.972 1334.403 16,647.009 15.167.283
695.737
762.600
97.317
38.315
694,596
632.007
68.748
63.748
521,020
490.984
44,915
46,753
3k:ln
QueensCo&Su bsSeptemr
kin
oney
oney
& Brookl ynSeptem'r
& Graves dSeptemr
Isl
Isl
September
assau Electric
ew York ConsoldiSeptember
)uth Brooklyn. -;September
e Breton El, Ltd. December
.
Miss Val Elec December
tral
Decemoer
December
subsid- December
ttanooija Ky .Sc Li
>« Service Co
Co &
rrac
133.1
115. S41 1,385.28s 1,327.910
1193 44«|IS2fi.493 13.461.771 24.698.039
950.6481 1.004.079
85.969!
98.812
826,3001
^06.2^2
77.3.-S7
89.1
Gas Co. Norfolk Novenil)er
•
&
Painesv
'e
East November
Co.. November
imbia Gas & Eler December
December
mibus Elec Co
irado i'ower
705.714
735.344
61.464
56,771
70.579 104.407 •1,011,4031*1,106.567
1524.504 14.58.145 15.156.284 14.616.742
167,388 122.083 1.807.298 1.547,353
2.S33 !').j2y>)2.9.". 3 1, 3 ,'9. 2.59 31. 2S5, 981
115,296 134,371 1.499,153 1.473.151
i2(is.r93 i3n.3iti 14.(l73.293'l4.157.4r)3
3?4.«17 2S-).0S8 3,30.'>.110i 3.114.008
434.939 400.660 4,183,953 3,734.487
2370.594l2329.727 23,382,898121.990.351
141,3661 154.760 1,622.824 1.753.745
Ky & LtiDec-enber
necticut Power . . December
suiners Power Co Ueceiuber
lb County P & Lt December
ton Power & Lt.. December
December
•oit Edison Co
itti-Sup Trac Co. November
uesne Lt Co subs'
1456,881 1386,585 16,092,270 15,005,173
;ht and power cos December
rvv'lt:i H,
,
l^ouis
SuDUr
»;
Shore Gas
;
em
&
>_|
351 .1.T/;
53.8771
138.972
125.347:
32.311
196.778
109.449
UeCiiiiiber
El.! December
Texas Elec.. December
on El 111 of Brock December
Lt & P of Ab i R December
December
aso Elec Co
Light Co & subs. December
River Gas Works December
& Trac CojDecemuer
i'orth Pow & Lt.. 'November
eston-Hous Elec. December
3.^1S 30
524.025
1.670.328
443 37
49.316
145.204
109.654
30.125
196.319
125,089
84,647
i
4.3
9
IS
'2
506,150
1.619.242
1,256,5491 1,302,700
347.7371
336.978
2.290.405 1.931.629
1,011.414 1,230.797
1,006,947
909.699
82,410
441 5 .2 455.4891 4.8J2.24-' 4. 60'). 4 J
225.676! 281.536' 2,165.936 2,3*8.^09
283.386 342.1.33 3.679.867 3.808.9.53
Gas&El&SubCos December 1041.925 1082.199,11,456.294,11.364.560
PoweriNovember
,t
Western
710.975! 766.4281 6.69«.858 6.871.325
September
128.938' 149.112 1.247.782 1.314.011
isborg Ry Co
>-Afr Ky vV Lir^"\e
br 142 IrtsllDS." 3')2!ll.73t.92X 10.36ii.7o9
\in
39.7041
521.071
erhill Gas Lt Co. December
42,70ll
450.642
:ilulu R T ifc Land December
80.715
76,386
939.624
840,624
52,502
ghton Co El Lt.. December
68.058
551.694
572,1.56
ifbtoQ Co Trac Co October
16.629
206.992
23.2b2
264,194
9(i5.417 924.181 10.515.711 9.220.2fiG
son & Manhattan December
December
tinu'n Gas <Sc Dev
105.507 111.3.58 1.0)5.591 1.496.875
NovemL>er
190.734 181.607 •2.288.226 *2.282.153
Power Co
November 1951.046 1914.274 20.057.439 18.823.429
jis Traction
boro R T System September 4191.645 4326.560140,310.3X6 39.720.7.56
cuk Electric Co.. December
32.239,
31.803
373.851
3,56.842
itone Teleoh Co. December
164.277 169.631 1.739.043 1.758.231
December
West Elec Co
21.8171
26.007
263,667
260.003
Shore Elec Ry.. Noyember
187.203 232.563 2.363.867 3.039.263
l>|;>rid fc,le<'ric. SeMiemrjer
.30.1.54
295.2.58
25« 0.'>7
36..i06i
117.385' 107,377 1.180.510 1.235.878
;11 Elec Lt Corp. December
hat Udge 3c LinelSepiemi)er
23.337
26.982
213.194
205.629
hattan & Queens September
30.537
7,100
252.696
169.290
Deceiiber
3IH _'3s 315.397 3. 877.506 3. 4 1 7. .366
ill EIpc Corp
November
6.276.6.50
rket Street Ry..
774.195
December
250.203 2.58,769 2.666.248 2.809".832
op Edison Co
aukee El Ry&Lt DScember 1666.039 1715.497 18.244.237 18.867.753
River Power Co., December
230.171 249.131 2.742.621 2.827.964
rv Co <k subsl Uecemljer
221.864 240.821 2.473.165 2.520.473
liy ic Lt Col De'jf;ml)er
3.>l.9.'.5
335.080 3.857.852 3.675.209
.
-J. Power Co.. 'November
2.54.554 276.711 2 812 544 2.599,104
Novfnilx-r
irl;».<:;ilir Klec.
.
215 185 205 052 •3"l78'3S2l*3 057 «9S
En«? Power Syst. November
484.699 499.050 5.395.0271 5.937.5.39
Jersey Pr*Lt Co December
51,448
48.1.33
492,594
465.116
lf>^.5^)!
2.3W.15I
p N * II U> OAct NoveiulKT
2.379.604 2.534.75*5
December
York Dork Co
377.046 518.971 5, 478. .562 5.836.931
k Queens County September
113.465 110.690
961.988
890.876
September
Sc Long Island.
56.704
49.2.33
454.679
398.183
r York Kallwaya.
September 843.598 813.816 7.219.010 6.297.19('
September
Igbtb Avenue
105.256
95.374
901.656
745 755
'fept'^mber
Inth Avenue
283.nAr
45.484
40.931
404.929
ii>er
aro Cub Serv
135.
101.4.34
95 SO I 1.
'53
1.0 .'5.705
J f)hlo Elec r-.
ber
700.149 8.52.222 7.8.58.361 10.161.18.^
tiw Ohio Ry k 1 r .j.^., uityer
32.4.37
.35.070
468.8.59
467.113
hern Texas Elec. December
277.531 343.770 3.5.38.729 3.951.650
a klectrlc
September
38.188
29.079
262.407
216.40V
ic (iitti St. Electric November .3035.040 3 103..524: •37.5.50 663'*34209 973
Ic I'ow A Lt f'o. November
271.040 2.56.1 I6i 2.735.919 2.415.20.5
cah Electric Co. December
52.118
48.791
529.886
4 83..570
'
ent Lt ft I'ow. Oecemfjer
228.896 232.836 2. 351. .397 2. .340. .501
Edit A Sub Cos. December
216.144 256.528 2.451.148 2.300.183
Bangor
12
Ry &
Dec
Elec
mos ending Doc
"20
31 '21
•20
Blnghamton Lt Ht Dec
& Power
12 mos ending Dec 31
Chattanooga
Ry &
i
I
1
:
•
.
I
I
.
.
'
Co and
riia
-
Derember
ilaOilCo.. De<»)rnber
,
Decemb«r
K..n Tran«lt
'
'r
/aa
A
C<<
icy.
I.f
V
'
I
Co
Co
Pow
TrALt
Itv A i..
f.t A K
'
.-Ml
'
•
'•
:
.•/
l.t
('.
A !
l>prftmh'T
1168.414 1313.377 10. 209..563 14.709.363
132.102 231,4.57 1,118.168 1.880.487
68.181
67 959
KOI. 162
812.240
iH«\ 007 3HH'>
t
42.440.605 38.807,35.1
790.0.39
762.087
3,130,211 2.352. 27«'
9 0" M2 '• 5'.1.<115
10 038. .544 10.000.4.30
2. 99 1.3.-.7
3. 026. .551
*^.:u»2 2I>
533 (>fl'
m
.566.497
743.2.50
'.9
..-Ifl
170.789
634 .6H7
II 301
11. 31?'
872.729
779.244
.-'S
4
'/
13'.),'..
,
1
/
,
6. 440. .57
I
I
1. 3.38. 98*
71 777
'20
'21
'20
Dec
'21
Dec
'21
'20
Citizens' Trac Co
& Subsidiaries
'20
mos ending Dec
12
31 '21
9.50.048
'20
1.004.079
324.617
286.088
3.305,110
3.114.008
351.557
443.373
3.818.302
4.368.922
53.877
49.316
524,025
Cumb'land Coimty Dec
Power & Light
'21
mos ending Dec 31
'21
12
•20
'20
East St Louis &
Dec
Suburban Co
12 mos ending Dec 31
'21
'20
•21
'20
Eastern Shore Gas Dec '21
•20
& Elec & Subsids
12 mos ending Dec 31 •21
Erie Lighting Co
& Subsidiaries
12 mos ending
Dec
•20
•21
•20
Dec 31
•21
•20
General Gas & Elec Dec •21
•20
& Subsid Cos
12 mos ending Dec 31 ^21
Dec
RT&
Land Co
mos
ending
Dec
12
31
'21
Honolulu
'20
'21
20
Dec
Huntington Devel
& Gas Co
12
mos ending Dec
'21
'20
31 '21
'20
$
Su(plus
S
24.316
22.909
282.286
263.707
.52,.344
50.045
543.258
462.002
17.150
25.924
1248.128
1182.237
40.898
50.506
458.927
461.862
35.970
29.125
290.305
246.302
140.865
94.627
1,062.275
971.173
151.403
131.606
840.873
1,040.223
19.165
12.793
148.242
118.128
52.564
44.576
376.341
441.988
303.851
213.114
3.232.925
Ualance,
Fixed
Charges.
after
Taxes.
80.715
76,386
939,624
840,624
105,507
111.358
28.028
27.136
260.972
198.295
120.688
71.323
19.923
28.986
196.664
207.910
26.966
20.466
182.436
147.870
82.221
38.566
364.399
303.690
99.663
79.959
186.488
398.951
10.621
127.440
110.914
20,975
21.520
262.263
253.952
9.004
8.658
107.869
98.432
58.644
56.061
697,876
667,483
51.740
51.647
654.385
647.272
8.544
7.055
95.239
80.838
15.687
15.205
185.249
181.376
53.003
37.290
36.877
29.371
191.092
260.612
2,020.162
1.212.763
13.294
13.945
163.786
168.361
19.386
16.526
208,904
194,613
13.506
4.067
161.220
112.953
10.432
21.383
174.008
491 .846
1.065.591
1.496.875
615,346
539,496
211.075
471,937
334.324
520.299
604.480
2.733.822
2.476.354
47,619
26.800
18.012
325.006
281.314
29.818
37.909
382,912
686,459
82,881
76,614
11,087,283
1873.820
250.203
Dec 21
Metropolitan
20
258,769
Edison Co
ending
Dec
21
2,666.248
12 mos
31
20 2.809.832
Dec 21 1.666.039
2731. .374
Milwaukee El Ry
z592,584
20 1.715.497
& Light
12 mos ending Dec 31 21 18.244.237 15.149. 157
20 18.867.753 24.275.442
221.894
i87.89S
Municipal Service Dec 21
'20
240. ^21
174,839
Co & Subsidiaries
"21
1819.923
ending
Dec
31
2.473.165
12 mos
'20 2,520.473
1628.844
Nashville Ry & Lt Dec '21
354,953
106.380
335.080
75.468
Co
20
881.220
12 mos ending Dec 31 '21 3,857,852
'20 3,675.209
695.877
New Jersey Power Dec '21
51,448
16.152
20
48,133
13.568
& Light
'21
492,594
1158,208
12 mos ending Dec 31
'20
1152,318
465.116
North Carolina
Dec '21
104.434
27.214
Public Service
20
95.804
24.673
319,794
12 mos ending Dec 31 '21 1,135.353
'20 1.025.705
285,614
Northwestern Ohio Dec '21
32.437
1,215
'20
—1,056
Ry &. Power
35.070
'21
468.859
169,036
12 mos ending Dec 31
'20
z74,262
467.113
'21
94,362
Penn Central Lt & Dec
228.896
'20
Power & Sul>sid
232. S36
81,700
891. .306
12 mos ending Dec 31 '21 2.351.397
Dec
Penna Edison ti
Subsidiary Cos
5.7.38
12
mos ending Doc
& Sub Cos
12
mos ending Dec
Ry Lt A
Sandu.sky Guh
4.324
'20
18.203
19.044
190.22N
170.789
'21
2.405.607
"20
2.45H,h:U)
Dec
'21
'20
31 '21
1-
Tennowioo Ky LiKht
12
moK
oiiuiiig
A
Dec
Powi-r31 '21 6.636.799
'20
Hydro-
'
Doc
I'Ciirp
I. >«•« •inilUiK
1'
'21
•;•<)
Doc
1,542.188
1,641.999
zl 73.842
31 '21
moa nndlng Doc
2.310.465
2.118.K52
690.8119
743.2.50
•21
20
Co
635.192
636,602
Z132.899
12.346
'21
'20
Sayro Kloctric
936.619
921.742
566.497
70.287
80.360
Dec
moa ending Dec
31..587
'20
Ele<-trlc
12
22.829
21.373
11.56,653
Dec
Sc
131.713
5.59.145
31 •21
Dec
92.371
'20
31 '21
•21
•20
I'ower <•()
12 mos ending
81.471
68.942
276.068
301.035
2.929.916
2.888.458
72.837
13.451
1336.1 -22
2271,149
•20
Rutland
.59.067
33.-186
886.919
•20
Lt
97.586
99.413
z.5.54.021
U.443.414
46.3K4
43.775
31 '21
'20
670.4HI
28,06-1
3.56.400
61..'}29
9.922.242
9.564.615
262,410
264.336
2,991,357
3,026.551
46.492
52.013
Dec
Reatling Trans
487
247.286
183.108
183
913.9.58
77.970
79.479
13.219
10.790
152.186
124.342
88.837
88,041
T741.609
31 '21
68,549
68,903
30,359
.36,363
410,138
216.651
333.236
128.917
93.114
128.487
822.183
786.843
76.139
2. .300.
80,238
72,839
13,995
13,883
167.608
161.272
.38.509
3.54,952
222.762
67,817
408,373
425.104
182.954
172.548
2.107.733
2,101,615
756..331
216.144
256.528
2.451.148
20
Portland Ry, Light Dec 21
Power
20
A
—11.896
2.415.335
1,799.088
40.279
36,330
464.971
406.082
38.563
39.105
471.082
479,326
338.265
2..340.501
21
21
-
5.359
64.003
53.636
534.906
418.066
'20
20
mos eadlng Dec 31
12
TenneRNoe Powor Co
12 moH ending Doc 31
H
506.1.50
109.449
125.089
1.011.414
1.230.377
1.041.925
1.082.199
11.456.294
Net
•20
12
1
'21
'20
Light Co
12 mos ending Dec 31 '21
;rai l^t
i
'21
Gross
Earnings.
$
132,349
128.937
1.420.471
1.262.779
88.704
77.315
915.P24
754.372
133.123
115.841
1.385.288
1,327.910
85.969
98.812
9. .544
90
11.411
i:.S3.()()0
3. .344
j.5-1.116
14.0.58
10.340
.301
.427
285,140
774.277
676,«6;»
)l,HOO
-
1,242
ZI79.247
Z207.267
1.12.247
100.00-1
47.666
107
ti
X /\fl<<r
iiMowInK for otlinr Inninix rix-olvcd.
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hy
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ur
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-
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<i,
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i
In
tnd 'Maaa
''Mli.k" fruM, (.;,«ifa(,l(,f i.f thn firrtprf
inKK for twriro month*,
t Htart«4
I
FINANCIAL REPORTS
U.rt
Financial Roports.
An
index to iinnu.'d reportK of
Nt(>:uii
rniMcclhinoDiiH compunicH which
liuvn been piibliMJii'd during tin jiriic iljn^f Miotith will be (fiveti
on the JiMt Hnturdiiy of eiu-li iikiiiiIi. TIuh iiwlcx will not
incliiil«> r<'i)ortM in tlw Immuc of lln> "Chronicle" in whidi i| in
|iiilili';li<d.
Tin- liitfMl iiidfx will l>" fiiiinrj in the Ihmuu of
'I'lie ni'Xt, will uppi-ar in lluit of Feb. '2G.
•Jan. 2y.
r.'iilrciiidH,
hIiicI railwiiy
and
-
THE CHRONICLE
62Z
[Vol. 114.
BALANCE SHEET DEC.
Northern Pacific Railway Co.
(Preliminary S'aI.ement for Year ended Dec. 31 1921.)
PRELIMINARY INCOME ACCOUNT, YEAR ENDED DEC. 31 1921.
Operating 12 Months
Inc. ( +) or
—
Operating Revenues
Freight
Passeager train
Other operating revenues
1921.
$69. 246, .505
21.657. 733
Ratios.
3,633.821
Total operating revenues
Operating Expenses
—
Dec. ( ).
-311,843,885
—5,484.275
—1,218,189
.$94,538,059 —$18,546,348
—
Way
and structures
Equipment
Equipment depreciation
15.1% $14,312,916
19.6% 18,491 ,,360
3.5%
3, .334, 457
1.6%
1,537.545
37.9% 35.797.967
1,585,337
1.7%
2,868,490
3.0%
Cr.3% Cr.297.205
Traffic
Transportation
Mi.scclUincous operations
General
Transijortation for investment
Total operating expenses.
Operating ratio (per cent)
Net operating revenues
Taxes and uncollectible revenuas
—$6,699,882
—3,905.351
+ 137,244
+395,228
—12.641,0.35
—562,610
—276, .522
+ 199.921
82.12%877,6.30,867 -323.353,007
82.12%
—7.18%
$16,907,192
9.032,016
+$4,806,659
—1.095,139
$7,875,176
1.445,606
1.523,044
+$5,901,798
-$10,843,826
- 26,552,683
+ 82,894,368
+ 19,002.850
-$37, .396.509
+$21,897,218
Railway operating income
——
Equipment rents net
Joint facility rents net
Net railway operating income
Other non-operating income
Gross income
Other deductions from income
3. 2.50, .556
+243,126
15.331.110
+ 2,662.869
.$22,065,399
+319.234,349
.
Net income
Dividend appropriations
—
17.360,000
Income balance
.$4,705,399
in road and equipment
$3,525,048
Included in "Other non-operating income"' is $12,451,530 for the addiThis
tional dividend received from the Burlington in December 1921.
payment was made out of .savings accimiulatcd since the purchase of an
interest in the Burlington 20 years ago in 1901.
During the year the company has paid obligations aggregating $9,165,000
Investment
as follows:
5-year 6% note to Govt..
7% Equip, trust certifs..
not due until Nov.23'25 $6,000,000 Prior Lien bonds
St. P.-Duluth Div. 4% bds.2,403,000 St. Paul-Nor. Pac. bonds
—V.
$4.50,000
276,000
,36,000
114, p. 410.
Erie Railroad.
{Preliminary Statement for Fiscal Year ending Dec. 31 1921.)
The following official summary ftn* 1921 was given out
Feb. 7:
Erie RR Go's (incl Chicago & Erie RR. Co.) net railway operResults
—
as reported to the I -S C Commission, is-$2, 133,697
This amount is after charging in the accounts for 1921 approximately
$3,000,000 on account of transactions applicable to the guaranty period.
Excluding such guaranty period charges, the net railway operating in'._
$5,062,541
come for 1921 would have been
In 1920 the company reported to the I.-S. C. Commission a net railway
The improvement in 1921, therefore,
operating deficit of $16,991,118.
over 1920 in figures reported to Commission, may be stated at__$19. 127 .815
Operating revenues for the year 1921 aggregated
Operating Accounts
$113,539,098, as compared with $122,163,099 in 1920, a reduction of
approximately
or
7%.
$8,624,001,
Operating expenses for 1921 were $105,157,156, a reduction from 1920
of $27,8,57,003, or approximately 21%.
Transportation expenses were reduced from $69,152,499 in 1920 to
$52,289,221 in 1921, a reduction of $16,863,278, or 24%
Maintenance expenses in 1921 were $10,921,306 less than in 1920, but
were .$4,497,734 greater than in 1919 and .$3,493,304 greater than in 1918.
Due to the recent decision
Distortion Due to Federal Guaranty Period
of the I.-S. Commerce Commission requiring carriers to malie in their
accounts, as of Dec 31 1921, on either an actual or estimated basis, provision for transactions relating to the guaranty period, which would otherwise not have been recorded in the accounts, the Erie Co 's income statement for month of December and for year are in consequence distorted.
It was necessary to malie in the accounts for the month of December and
for the year substantial charges (largely estimated) to operating expenses
on account of guaranty period transactions in order that the same would be
considered at the time of final settlement with the Government for the
guaranty period.
ating income for 1921
.
—
—
"Tiic income statement for the year 1921 (including the
Erie company's non-operating income, which consists chiefly
of dividends from its coal companies and claim against the
Government on account of guaranty period ti'aA.saetions
charged Jn the op(*rating expenses and other accounts during
1921) is as follows":
CALENDAR
RESULTS FOR
YEAR 1921.
(Figures for the years 1918 to 1920 Inserted by Editor.]
1918.
1919.
1920.
1921.
$98. 895.284$102.198,906$122.163.099$113, 539,098
Operating revenue
Maint. of way &struc-. 12.612,403 11,626.081 17. 175. 194\ 46,506,455
30,400.747 30.382.639 40,252,567/
Maint. of equipment
—
Transportation expenses 50,540.040 50.270.377 69.152.499 52,289,221
Cr. 40.068
Cr.33,7571
6,361,480
Transportation for inv.- CV.71,749
3.923.454 _4,232,.534 _6^ 467^656/
Traffic & oth. op. expen.
Total oper. expenses. .$97,404,896 $96,471. ,563$1.33. bl4.1,59$105, 157, 156
Vet operating revenue.. SI .490.388 ~5.727.342df$10851,060 $8,381,942
13,781,355
Railway tax accruals and uncollectible railway revenues.
1
$4,600,587
Operating Income
income
after
allowing
for
about
$3,000,Net railway operating
000 of debit items applicable to half-year guaranty period
2 .133 ,697
of 1 920 (see text above) Non-operating income, consisting chiefly of dividends from
claims
on
companies
and
account
of Federal
subsidiary coal
- 14,682,0 32
guaranty period in 1920
$16,815,729
Gross income
Interest on funded and unfunded debt, rentals of leased lines
,
14,121,3 04
and other fixed charges
---.
$2,694,425
Net income1,099,17 1
Applied to sinking funds
$1,595,254
Surplus for the yejir
"In the year 1920, during two months of which the railroad was operated
by the Director-General, and during six months of which it was operated
under the guaranty, the net income was S4.138.5S5. or ,?1,744,160 larger
than the year 1921. The surplus in 1920. after applying $976,015 to sinking funds, was $3,462.570."— V. 114, p. 521.
—
The Milwaukee Electric Railway & Light Co.
{Advance SUitcmcnt for Calendar Year 1021.)
INCOME ACCOUNT FOR DECEMBER AND CALENDAR YEAR.
Month
Operating revenues
Operating expenses
Taxes
Net
.
oper. revenues
Non-opor. revenues
Gross income
Int. on funded debt
Other interest charges-.
Balance, surplus
1921.
$1 .666.039
S978 ,549
Dec.
of Dec
1920.
$1,715,498
$1,080,810
13.716
76^,909
$673,775
57,600
$731,375
$186,695
24,380
$520,300
$557 ,'77'9
34,806
$.592. .584
$1.57,695
Cr. 169..591
$604,480
Calendar Years1920.
1921
$18,244,237 $18,867,754
$12,322,311 $13,866,057
922,835
992,063
$4,929,863 $4,078,861
219,295
196,58 2
$5,149,158 $4,275,443
82.099,930 $1,914,789
315,405 Cr. 115,700
$2,733,823 $2,476,354
Assets
1921.
$
—
Property
&
S
I*ref erred
Common
general account. 59 398.548 55,870,608
Capital expend's.
current year
3 ,85.5, .324 3,680,761
Treasury securities
500,000
Sees, with trustees 13 .500,000
Sundry investm'ts
55,000
Cash
512.172
Xotes & bills rec.
19.097
I
,279.910
,,577,279
Kquipment
1
,633,319
0.966
732.133
leased.
•
1921.
1920.
S
«
6 ,073.600 4.500.000
9 .850.000 9,850,000
50 ,296,250 30.497.000
8%
lO-yr.
equip.
trust certificates
&
pay.
28.000 Acc'ts payable
589.250 .Sundry..
& sui)plles. 2 ,002.229
Inter-co. acc'ts
665.964
1
stock
stock
Funded debt
Notes
Mat'ls
Prepaid accounts.
Open accounts
Romi &. note disc't
—
Liabilities
plant.
Acc'ts receivable..
31.
1920.
1,090,000
1,100,000
,088,089
217,25
7.981,930
171.825
925.000
020.198
bills
255..383
20,386 Intcr-co. accounts. 4,642,133
2.081.083 Taxes accrued
202.575
3,106,399 Interest accrued..
488.133
9.56,406 Divs. accrued
54.977
9,141 Sundry accr. liabil.
3.538
731,006 Open accounts
435.291
1,143.900 Reserves
10.610.690
261.256 Surplus
1,880.171
Total
86,337,940 68,-538,256
-V. 114, p. 410.
Total
462,192
45,000
•^844
441,178
9,024.866
2.068.082
86,337,940 68,538,256
Brooklyn Union Gas Co., Brooklyn, N. Y.
{Ficport for Fiscal Year ending Dec. 31 1921.)
President James H. Jourdan at the annual meeting Feb. 2
r-ad some interesting data, from which the following
facts are taken:
Gas Sales. The gas sales of the company's sj'stem in 1921 were 17,651 -
—
844,083 cu. ft as compared with 19,724,213,421 cu. ft. sold in 1920, or
a decrease of 10 51%.
As against last year's decrease in gas sales, there was in 1920 an unprecedented increase of 16 23% in sales over 1919
Virtually all large cities
showed smaller gas sales in 1921, Chicago showing a decrease of 8 13%;
New York City of 6 61%; Milwaukee, 5 67%; Detroit. 20 277„; Boston,
4 247„; St Louis. 5 60%. and Baltimore, 1 5%
The Public Service Corporation of New Jersey, however, made an increase of 1 03% in 1921, and
Philadelphia oi' 1 37%.
Litigation to Invalidate 80-Cent Gas Law
.A.pplication has recently been
.
—
made
to the Supreme Court to advance the company's case and argument
has been set down for Mar. 6
There is reason to anticipate a favorable
decision in the company's rate ca.se
Ezcess Gas Collecliuns
The company collected, from
1919 to Dec.
31 1921, $7,339,000 above the statutory rate of 80 cents, and its subsidiaries .$.551,000, making an aggregate of $7,891,000, while about $500,000
excess collections billed but not collected bring the total for the whole system up to *,S. 591.000
Of the excess collections by the parent company,
$5,730,000 was collected last year.
When the Court on
3 1921 made it optional with the company to
fix its own rate, it relieved the company of the necessity of impounding" excess collections and permitted it, upon filing an undertaking of $5,000,000.
to collect and use excess revenues up to that amount
Cheaper Materials Offset by Lower Gas Rales
The decrease in oil costs in
the last half of 1921, amounting to about 25 cents per 1 ,(100 cu. ft., was offset by a voluntary reduction in the rate b.v that amount
Tbe cost of gas per 1.000 cu ft delivered at the consumers' burner rose
from 54 cents in 1916 to 63 62 cents in 1917; 71 28 cents in 1918; 79 81 cents
in 1919; 89.14 cents in 1920, and $10225 in 1921.
Tae gas r,ite collected last ycir was !$! 10 .Jan 1 to
14. $1 .50
14 to Aug 1. and $1 25 .\ug 1 to date, per 1.000 feet, the latter
rate now being in effect
Coal is still high, costing neirlv S500.000
more in 1921 than 1920
Taxes of various kinds in 1921 aggregated $841 ,000, when the company showed a large operating deficit, as against $785,000
in 1917 when it had good earnings.
Labor costs increased $425,000 over
192)
T.ie cost of oil used i.i tni.mf iciure of l.'M cu ft of g is sold w,»s
39 74 cents, as against 13. 64 cents in 1916: coal used cost 18 cents per 1,000,
as ag.uast 8 ce.its, and labor cost of gas made was 7 34 ceats. as compared
—
May
May
—
May
May
t
with 3.35 cents in 1916
Additions, &c.
In 1920 and 1921 additions and alterations were made
to manufacturing plants at a cost of $3,000,000, increasing the company's
d.iilv m uiuf .ct.uri.ig cjoicity fro.n Si '4
nillio
to
11 :.5 )),()),) cu
ft
Total capital expenditures for additions and extensions of the system
in the last three years aggregated $6,377,000, viz. $877 ,000 in 1919, $3,000.000 in 192J and $2,5l)U.()UO in 1921
Kep lirs in 1921 amounted to $1,5511.000
In 1921 15 miles of mains were laid, giving the system a total of
1.610 miles, and the system also installed 5.770 new services and had
207.528 service at the close of the year. There were added 2,980 meters,
making a totil Dec 31 1921 of 573.000.
Output.
Of the daily average sales in 1921 of 53,000,000 cu. ft.. 28,000.000 cu. ft., or about 54%, occurred during daylight hours, indicating expanding use of gas for industrial and fuel purposes
Sale
During 1921 the company sold vacant property at the foot of
Hudson St. and the East River for $1,000,000 cash to the Brooklyn Edison
Undir tfto mortgage, this money was required to be used for improveCo
—
i
I
,
—
—
ments to propf^rty
—
Finances
The liabilities include $7,701,490 of excess gas collections,
which, in case of a favorable decision by the
Supreme Court, will be
transferred to profit and loss account, wiping out the $3,427,425 of excess
Uabilities and sub.stituting a profit and loss surplus of $4,274,065
The company closed 1921 with notes payable of $3,280,000, obligations
wliich it intends to liquidate, and with this in view the company and four
of its subsidiaries have applied to the P. S Commission for permission to
for
capitalize money spent on properties to the extent of $10,929,000. viz
parent company. $5,582,000, and for subsidiaries. $5,347,000; this last
amount embracing Flatbush Gas Co $2,909,000; Newtown Gas Co.,
$1,749,000; Jamaica Gas Light Co
3360.000. and Woodhaven Gas Co.,
•$329,000.
None of the subsidiaries has any bonded debt, and the parent
with property
Flatbush Gas Co
company holds all the issued stock
valued at $5,500,000, is capitalized for but $200,000; Newtown Gas Co..
with $3,700,000 property, has but $80,000 capital.
1920.
INCOME ACCOUNT FOR CALENDAR YEARS 1921
US
.
.
,
,
AND
1920.
1921.
a$14. 109.663 $15,894,532
17,841,158 17,311,773
Operating revenue
Operating expenses, taxes, &c
Net operating
loss
Other income
Balance, deficit.
Interest on funded debt.
&c
-
Reserve for renewals and replacements
$3,731,495
Cr.462.465
$1,447,241
Cr.380.785
$3,269,030
1,300,997
208.133
$1,066,456
1,074.504
236.976
Total deficit for year
$4,778,160 $2,377,936
a Does not include $5,730 ,458 (approximate) excess collections above
80-cent rate collected diu-ing 1921 by parent company.
BALANCE SHEET DECEMBER
—
1921.
31.
1920.
1921.
1920.
Liabil Uies—
s
s
Assets
S
$
18 000.000 18.000.000
46,4.56.009 45.,811,289 Capital stock
Fixed capital
2 ,000,000
2,000,000
.000.125 Debentures.
Material & supp. 2.364.488
14 ,7.36,000 14,736,000
97 1 .734 MortK!ic[es
Ciish
1,103.604
.6S3.42llcillzens
bds..
264.000
Gas
264,000
receivable..
7,
.803,401
Accts.
(In
5. 130, Debentures
5.130
Accrued Interest..
treasury)
650.000
607,400
667.400
Liberty bonds
192,5'.»6 nills payable
2.685.276
3. 280.000
Inv. In assoc. cos.. 1.192,596
499.784
1.2.55.848
C^onsumors'
deps..
1.
G.
Mtge.
B. U.
727 .443
868.699
38,000
38,000 Interest accnied..
bd3. (In treas.)..
Accounts payable.
995.065 2,053,585
650,000
Debcns. In treas..
67^137 Accr. amortization
65,051
Special deposits. . .
847.516
942.811
of caplt.ll
Special dep. (gas
16,409 Contingencies
12 ,589.976 12.589,976
211,678
Injvnic. money).
11.451
12.551
122.456 Unclaimed deps
104,757
Prciiald Ins., *c..
Reserve tor taxes. . 1 ,463.243 1,172.228
(billed
Susi)euse
382.998
1,'242,5.52
428,524
lns\irancc
reserve.
999,699
but uncoil.)
1.971.032
7 701,490
aSuspense acct
Oth. stispensc, exFront & loss... dor .3 427 .425sur 1338. 157
cess (bllliHl but
217,201
342,905
uncollected)
I
.
...62,004,718 60,035,510
Total
...62.004,718 60,035,510
Tot al
a Suspense account: money collected above 80-cent rate, V. 114, p-
—
525, 201.
1
THE CHRONICLE
Feb. 11 1922.]
(5
(Report for Fi!<cal
—
GROSS SALES
AXD
Assets
Real
PROFITS FOR CALENDAR YEARS.
Year
Profits.
Sales
$147,654,047 $13,792,960 1915
9,775,2.52: 1914
140.918.981
119.496.107 10.361.557 1913
7.088.716 1912
107.179.411
9,252,349 1911
98.102.858
8,713.44511910
87,089,270
ar
BALANCE SHEET DEC.
and 10-Cent
Stores), N.
Year Eitdimj Dtc.'il 1921.
W. Woolworth Co.
—
Profits.
Sales.
20
19
18
17
16
$7,548,210
6,429.896
6.461.118
5.414.798
4,995,255
5.065.031
$75,995,774
69.619,669
66,228.072
60.557.767
52,616.124
50,841.547
INCOME ACCOUNT FOR YEARS ENDIND DEC
31.
1918.
1.039
$147.654. 647S140.918.981$119.496.107$107. 179.411
9.775.252 10.361,557 x7, 088,716
13,792,959
I.
of stores Dec. 31---
!t
sales
income
Deduct
^t
1919.
1.081
1920.
1,111
1921.
1.137
S857.500
4,600.000
S875.000
4.000.000
S875.000
4,000,000
$5,970,000 $5.457. .500
Total deductions
-7.822.960
4.317,752
lance, surplus
Xot shown
d. tases for pre v. year.
S4. 875. 000
5.486.557
932.121
S4 .875.000
2.213.716
1.232.209
54.317,752
25.144.435
$4,554,436
20.590.000
S981.507
19.608.493
$770,000
5.200.000
dividend (7%)
Bf.
rmnondivs. (8%)
S7.S22.960
14.361.366
Surplus
Bvious surplus
$22,184,326 $29,462,187 825, 144,436x$20, 590.000
100,821
145.375
15.000.000
1920 (307c)
Fotal
em
onpref. stk .&c.-
k.div. June
1
Total surplus
$22,038,950 S14.361.366 825,144.436 820,590,000
X Note
"Net income" in 1917 and again in 1918 is shown subject to deletion for Federal taxes payable on account of earnings of each year reTax for 1917 paid in 1918, it wiU be observed, is here charged
ectively.
ainst the balance, surplus, for 1918
1913. 1914. 1915. 1916 1917. 1918. 1919. 1920. 1921.
Jt
earnings on
sales (9^)
9 76 9 23 9 93 1001 943 5 46 789 701 9.34
;t
earnings on
common stk...l0.82 10. 87 13. 19 15 57 16. 72 9. 96 17.11 13. 87 20. 04
—
BALANCE SHEET DEC.
31.
1921.
1920.
S
S
Preferred stock.. clO. 000. 000 12.000.000
al estate, franstock..
c65. 000. 000 65.000.000
chises, ic
320,427.644 16.424.127 Common
50.000.000 50.000.000 Mtges. payable--- 1,914,500 1.524,500
K)d-wlU
b472.04o 2.590.890 Accts. pay., aocr.
eaaury stock
int., (tc
21.030
661,965
831,988
imiDon scrip
1.340.903 Preferred dividends
curltles owned-. 1.3.30.8-34
payable
Jan.
3..
175,000
4,267,345
210.000
11.050.799
fb
468.308 Reserve, depr.. fur703.033
<;ta. receivable-niture & fixtures 3.474.384 2.966.117
ven. (mdse.. Ac.) 16,194.461 18.500.668
94.714
193.568 Res've Fed. taxes,
Isrellaneous
coming.. &c
3.500.000 2,300.000
prem.
5,514.561
4.241.527
ip. leased
100.000
100.000
1,163.605 Employ, ben. fund
}re supplies. Ac- 1.002.459
22.038. SoO 14.361.366
74.250
82.000 Surplus
igea. receivable.
Asstu
1920.
S
1921.
S
—
—
LiamUUs—
106.864.800 99.293.971
-.106.864.800 99.293.971' Total
a Includes in 1921 (book values) real estate and buildings owned,
1.933.368: buildings owned on leased ground to be amortized over period
b Pref stock
lease. $2,305,160: furniture and fixtures S12.099.115
429.300 par value) acquired for retirement $451,015 is included in this
c .Authorized pref. stock
lount. t')i<ether with Common wTip of $21 .030
5,0OO,0fJ0 (par $100); less $5,000,000 retired and canceled, leaving
Authorized Common stock at $100 par value
0.000.000 outstanding
ch: of these $100,000,000: unissued .$35,000,000. leaving 650,000 shares
V. 114. p 88
65,000.000) outstanding
Total
.
—
& Co., Incorporated.
{Annual Report for Year end"/ lJ.:c. 31 1921./
President Theodore F. Morseles, Feb. 2 1922, report.s:
1921.
1920.
S
S
.
Durintf the year inventorien were reditred from
as of Dec. 31 1920.
rt,2S2,672 to $16,707,593. and notes apj-ablo from .«10.463.969 to
The balance sheet includes no Item for good-will. whitJi is one
1. 972. .500.
our principal assets and which has be«n conservatively eKtimated at
1
f)^t(i
1921 were $68,523,244. against $101,745,271 for 1920.
an of Dec. 31 1921 were (iirefuily analyzed and priced at fr)st
whichever was the lower. Our .stock now c-oiislsts
!. salable merchandise carriKl at the present low rantre of prices.
„ :;
ExiHrrience during
e benefit of which we are able to offer our customers.
i21 d'Tn'>nviratt!d that nufflclent depreciation on merchandise, factories,
at
Deo.
was
not
taken
a4Met«
31
1920.
curl'
'h«r
„' low for the year was $2.9.5-1.370.
The n-mainder of the
Th<:
KK i,
of depreciation and Io«« In inventories. $4,725,929: depre$361.00^1: losM in value of securities* held in the
<r.lr.<,for
<•<*
irket value,
.
.
.
$-5«2.4-'<7'
•
,
^
on and allowance
lo«m
...........
.
..
,
--
for accounts
$170,574. and
.
.
ip.iny
has b<tn taken.
I
Dui
now on
Is
10 cut CXIMJIIHO;.
il «;ffl>rt
(•xp«'n.s4-s wire
developing the
igo iJTOductlon per employee having
Ithoi
-<-r
of
<>r<l'
'1
r.itlfylng pj.iKi.-^
Preferred
Total
.
Ill
of the big ri«luctlon In the
it the nunilMT of ord<TH luis
,
iliat voiir c.i'ii.i
Ib r<-t;tliiitig
iid that In .-idJl'loi.
'irdirt^ r<-<<lM<l li;.
iIIowh;
third
.v
cuHloiiierH
for the year
iIm. .i-i-.
(HUirter. 21.87'
17.92'';
'fid
riu.iri«T.
In''
KImt
inih.i. with the drastic rf»liictloii In (•xp«Tin'«.
Ith a fair n«pr>nite from Ihu buying public,
:
Hhow a
;il)iuil,
profit.
4c., •«;
unilta-
"Invcstnicnt
INCOME ACCOUNT FOR YEARS ENDING DEC.
,,
tlm
...
refer
dividend* rt6).
'>n
Mfi.Mft
1,066.036
..|..nd»
..,
>
I/'
220.017
.-ntU
'
•
d»«f.rtef
•
...
«<W).(KK)
2.(HK),(K«l
.541. 71M
.5irVi.l.',
2.421*. 772
7%
—
Peabody &
Cluett,
(Anniial Report for Fiscal Year Ending Dec. 31 1921.)
CONSOLIDATED INCOME ACCOUNT FOR YEAR ENDING. DEC.
31.
1920.
Calendar Years—
19211918.
1919.
Total income
$25,714,618 $32,817,628 $32,421,816 $21,490,554
Oper.. ,&c.. expenses
24.667,277 17,837,412
do incl. tax reserve.- 24.686.288 30.048.701
Net income-'.
Bond. &c.. interest
$1,028,330 $2,768,927 $7,754,539 $3,653,142
.547.831
463.028
189.877
279.663
Depreciation
282.804
289.902
293.592
327.315
Federal taxes
Included in oper. exp.
1.175,000
2.117.941
Deprec. in Inventories-2.356.060
Res. for committments637.758
574.070
Pref- divs. (7%)590.940
490, COO
488.950
Common di-s-idends--(l>^%)270,000 (8)1,440.000 (6)1.0S0.C00 (6)1.080.000
Total deductions
$1,613,870 $5,838,523 $4,170,360
Balance
def.585.54Cdef3.069 596 sur3.584,179
Balance brought forward 5,770.772
8.840.368
4,236.484
Add special surplus
1.019.705
Totalsur.Dec. 31
$5,185,233
*
.
.!7i;
IfM
I
».r$j, .11. .;.
If)
(rtl.'i
.'.<'.«
1921.
S
—
Assets
Real estate
rights,
|mW
18 275,000 18.275.000 Accounts payable211.505
1.771.794 Res. for ta.xes
Cash
-.- 1 986,414
41.524
Accts. receivable- -a2, 864,886 4.086.184 Pref. dividend payable Jan. 1
Lib. bds. & Canada
147,735
Victory bonds..
64.959 Res. for comm'ts.Miscell. Invest
Surplus
13.100
5,185,233
Merchandise
6 650.262 15.885.633
Pref. stk- In trcas.
40,000
43.067
ToUl
a
34,067.997 44.538.235
ritO. fiOO
"i^r,
.(MHI'.r,
000. less
p- 526.
f'.r
I'ilT
34.067,997 44,538,235
Total
—
Company.
«&
The year just closed has probably been the worst year in the histoid of
both the livestock and packing business. The tremendous drop in all livestock and wholesale meat prices to below pre-war levels has made it Impossible to operate except at a loss: a largo part of which, of course, was
caused by readjusting inventor}' values to new Ixi.sis.
Prospects for the coming year are better.
We have already had some
rea<-tion in prices and our inventory to-day Ls worth considerably more than
at ilie close of our fiscal year.
Every effort is Ijeing made to gel expen.ses
in line.
.Sinc<' he close of the fiscal year a new wage .scale with an annu.al
saving of $1,500,000 has been effected.
Unfortunately our labor rate Ls
still higher than that for the local packers in the smaller points and a further
re<lucilon may Ix; necessary.
Office and adniinistrailon expenses h.ive
Ix-en greatly re<luced.
Wo are still handiaippcd by higher freight rates,
but It |i hoped that some reduction will Ik- ordered by the Inter-Stato Commerce <'onimi.s.slon during the year. In a business in whidi the margin is as
small as ours, tlmse savings are of groat impiirtance.
It will be noted that we arc in excellent financial position, having made
con.'-lderable reduction In our fixed Investments and also in our bills payable.
IThe report shows that their surplus has decreast-d during the period
$11,900,000. The volume of sales is dcstTilx>d as (juiio satisfactory, compantl Willi previous years; InventorUw have lx"en priced at the market;
cash in bank Is over $2. .500, 000, and the quick llabllliles. including acceptance drafts against export shipments, are about .$7.K()(),000.
y\s the
i|iii<k assets ainoiint to over .'?.'<9 OOO.OOO. the ratio is hIkiuI five to one.
which under pre.scut-day coaditioiis the co. considers very satisfactory.)
INCOME ACCOUNT YEARS ENDING
Years ending
Net proniH
AND
—
NOV.
1919
1
OCT. 29 1921, OCT. 30 1920
AND
191«.
Nov. 1 '10. Nov. 1 '18.
$6,845,472 $10.0.58,078
487,500
.575.7.50
1.602.033
2,047,627
Oct. 29 '21. Oct. .'iO 20.
/OSS $5,003,500
$-».270..59«
Interes- on bonds
Arlniini^trallve expetiM-^
lilt
on lMirro»r<l money.
1.913,000
702.2,50
1.7,57,980
2,78,t.;t92
inxi-N. Insurance. Ac
2,713.0.54
Preferred illvldeiidn. (5U 7o)526,000
3.680.665
.
dof.$l
Ilnlaiicc
/tcfd prevlouji
1
.972, .54
1
4.290,086
3.518,453
...
....
DIv.onold .t.mmonulk
(10)300,000 (101.300.000
sr. $40.1. 042sr$3. 017, 8.58
df$2.955.709
NurplUM... 13.271.7»»0
52.823 K04
.53.227.500
37. 203. .556
Total Mirplii*
$1,208,266 $50,271,797 $63,227,600 $41,211,41.1
Kevalual Ion of property
11.012.461
for Ntork dIvH
x37.0(M).(MM)
...
Deduct
& loM. $1,209,255 $13,271,797 $63,227,600
Common Htork, $27. 000, 0(H). and 333 1-3% In
S62„H23.8e4
lialanco, iiniflt
xltOO*;;,
In
HALANCE SllKKT
-
xtock.
l*n<f.
I.
1.11
<
..
,..IIii.,i>r..
1
t
I
I
I I,
•.inn,
(XT
2V2t
f)d
.10
t
i'l
Ac
1
r,.\\H.7'in
4, HI'
b.H2l.Ui7
2,ANA,D4H
li.7i,-
II'"
.
I
I
H M
I
I
M
(100
lion
II
I7.<12(1 rMKI
i
J
I
4.H.'l.t.(ll
I
11
4,fi7I.W.
'la
3i.r>Ht.3r>g 30.n34.011.
7.fl31.WI4
ic
I
M-'
II
hi
..f
TolAl
V 112,
>>
.'tn,
..
1920.
Oct. SO "JO.
I
^
in*.
:
1
'21
AND
OCT. 2U 1921
()rl.aO'20.\
I'krkliui hoiwr, real
*.
n-.ii,.
,1.1,001, 7B7 .•i3,474 ."»s
Vr
<!7>^
ENDED
YEAR.f
fieljn
.'.
»2, 42!». 772 $I.'.'MJ
.1
147,735
637,758
5.770,773
deducting reserve for Cash discount,
b Preferred stock S9.000.unissued $518,000, elaving $8,482,000 as shown above. V. 114.
liH'
nT.t's Pt
473,176
251,793
.^.fter
•7
&att7.H77.lAi
payable
names, &c
",
ToUl
$5,256,190
31.
1921.
1920. ^
$
$
18.000.000 18.000.000
x8. 482. 000
8.482.000
2.000.000 10.775,000
—
Bills
$3,351,978
sur301.164
3.935.321
1.019,705
$8,840,368
LiabtlUies
4,411.598 Common stock
Prefoired stock
-S
patent
trade
•4-1.5. r/)]
_
1920.
4,,238,336
Goodwill,
fi.VI
tZ.87fi./74 •16.320.7(10 $l2.'i6M.22ll
iued.
$5,770,772
CONSOLIDATED BALANCE SHEET DEC.
i
.
Co., Inc. (and Sub. Co.'s)
SKl.OOO.IHM).
r.^M
T.iv
1017 t»xm
40,884,155 62.695,030
cumulative, authorized, $10,000,000:
a Surplus, x Preferred stock,
issued. 88.000.000: less purchased in the process of the reorganization held
in treasury. 83.7.50,200.
Includes
205.000 shares class "A" stock and
y
95.000 shares class "B" stock of no par value, z Common stock represented
by 1.141.251 shares of no par value, including 231 shares class "B" stock
stUl to be exchanged.
V. 114. p. 529.
Aftrf
.deft7.A77.ft41
$
cum.
<m\
I
|IO.I07,413«lfs
.
jjllj,
053 $7«.l<lti.MH
170 $«.:j!Hi ISI
t
;«. »r'.r .l.i<rnr"n..«lef
arnrt«X«a...
News"
31.
.,.,,
.,..,.
7%
Total
40,884.155 62.695.630
<•
i
1920.
$
stock.!
8,000,000
15 014,269 14,842.051
4, ,249,800
Sink, fimd pf. stk
200.000 Class "A" stock. y 5 .594.037 8,186,396
200,000
Cash
3,415.829 Common slock-z.28 .279.880 25.687.530
1 497.531
Marketable seeur.
398,393 Accounts payable. 4,.566.998 5.042.932
290.904
Accts. receivable.. 3 ,955,384 7,318,190 Notes payable
2 .972.500 10.463,969
Notes receivable.
573,752 Accrued taxes
223,122
332.763
920.857
Investments
1,141.925 Reserve
1,761,908
1 ,977,714
1 843,211
Deficit
Notes <fe accts. rec.
7 677,640 a2,429,773
subsidiary co's..
380,535
382,500
Invcntorj16 767,593 30,282,673
Pref. stock purch.
3.780,400
Pref. stock expense
361,882
Morris
ctirrent assets totaled $23,226,674 and current
ibllitics JH. 460. .355. a ratio of 2.75 to 1 as compared with a ratio of 2. ,55
fKK)
1»21.
{Report for Fiscal Year ending Oct. 29 1921.)
As of Dec. 31 1921. the
Thr.
—
&c.
Montgomery Ward
'0
31.
Liabilities
bidgs.,
est.,
plant,
i
21
6^3
1
1. 071.
HIS
lA.n/Mi.dH.-i
'jrt.HHi .iir.i
M.UIN)
N,4I0
0l,4Oft,34O IIA,M3,03ll
n--
l.imO.OOd
i<rM
ni.l.7MH
iftt
i«i 700
("i ticpr.,
HiiriilUK
Tot
II
n.AOO.OOO
tl>l
1,
034, .131
im inn
1
M
I
9i.«nri.!i4H nn,i«43.03t
RESULTS FOR YEAR ENDING NOVEMBER
for tho year Nov. 30 1921
Less Provision for Federal taxes
Dividends declared Pref. stock $1,128,191;
$1,536,654; total
—
—
—
finally settled.
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years
$5,025,442
859,247
>
stock,
-- $1,501,350
-
CONSOLIDATED GENERAL BALANCE SHEET, NOV.
(Including the assets and liabilities of
W. H. McElwain
30 1921.
Co., Boston)
Assets
1921.
—
1920.
ASSETS—
Physical properties at t;innorios, factories,
&c
(sec
note below). S9.891 ,.564
1,702,889
accounts
Salesmen's traveling advances and sundry accounts
Manufactiu-ed merchandise
5,792,731
Raw materials, supplies, and merchandise in
Process
13,722,391
2,237,329
17,727,463
247,844
34,221
—Total.
V. 110. p. 567.
19,515.121
Good-will, trado-marks and brands
12,750,000
Loans to employees and others, secured by Co.'s stock and by
personal guarantees
447,233
Expenses paid in advance insurance premiums, interest, taxes
etc
280,441
Investments in stocks and bonds of other companies at cost..
646,010
—
Earnings.
Gross earnings for the eight months to Aug. 31. being end of
from operation, $347,941; deficit carried
forward, $997,299.
Pendinej Sale of Power.
The proposed sale to the Hydro Electric Commission of Ontario of the power and radial railway interests of the company
(as outlined in V. 113, p. 1472) was presented at the annual meeting Sept.
30 1921, and unanimously approved. It looks now as if an agreement
sati.';factory to the parties may be completed within a few weeks, when it
will require to be submitted to the trustees for the bondholders in London
—
Phy.sioal properties at tanneries, leather and slioe factories, and disNote.
tributing warehouses: Land and water rights, $605,923; buildings and
structures, $7,703,732; machinery and equipment, $7,674,010; total, $15,983.665; less reserve for depreciation, .$6,092,101; net depreciated cost,
$9,891,564.
—
LIABILITIES—
—
Preferred stock 8% Cumul.: auth.
250,000 shares of $100
each; outstanding, 177,643 shares
$17,764,300
stock auth.
1,400,000 shares no par value; outstanding. 911.279 .shares)
34,784,370
Notes payable: banks and brokers, $6, .500, 000; individuals
and companies, $224,500
$6,724,500
Accounts payable for merchandise, expenses, payrolls, etc
4,300,648
Officers and employees balances, deposits, etc
479,760
Reserve for income and profits taxes
9.50,000
Reserve for dividends on Preferred stock
88,821
Minority stockholders of W. H. McElwain Co. (est. amount
payable to minority stockholders of W. H. McElwain Co.
under exchange offer of International Shoo Co., for which
Pref. and Common stock of the latter has been reserved) . _
353,487
for ratification.
Total
— Contingent
ascertained — guarantee
extended to foreign representatives, $288,000
Note.
liabilities
following
is
given to explain the
Common
—
—
$65,445,894
on bank credits
1921:
Common stock outstanding at Nov. 30 1920. having a par
value of $100 per share exchanged for 765,000 shares of new
Common stock, no par value
$12,750,000
stock equity at November 30 1920
stock issued during year ended Nov. 30 1921 as part
consideration for actiuisition of tannery and other properties of Kistler, Lesh & Co., stock of W. H. McElwain Co.,
and stock sold for cash 146,279 shares
Balance surplus (after dividends) for year ended Nov. 30 1921
Net earnings
$347,942
Interest on bonds
$113,625
1,004.894
226.722
1921.
1920.
S
$
AsS€tS
I
I
Road, equip, &c.. 19, 893, 885 19,681,262
Advances to sub-
(George W.) Helme Co., New York City.
Ending Dec. 31 1921.)
The New York Stock E.xehange has authorized tho listing
on and after Feb. 23 1922, of $2,000,000 additional Common
1,341,345
116,622
sidiary cos
1,800,076
Stores on hand...
107,926
190,166
Accts. ecelvable..
(Report for Fiscal Year
434,858
109,087
485,935
Cash
,
1921.
1920.
1919.
1918.
$522,550
$414,967
$394,702
X After deducting all charges and expenses of management, and making
provision for the estimated amount of Federal tax on profits, including
war profits and excess profits tax for the year, and makmg suitable additions to the general funds for advertising, insurance, &c.
BALANCE SHEET AS OF DEC.
1921.
—
1920.
$
Liabilities
ma-
—
Preferred stocl:
Common ytock
31.
1921.
S
4,000,000
4,000.000
3 528,422 Pref. dividend
c70,000
Com. dividend... c2CO,000
ent.'i. K'd-wlll,&c. 3,140,099)
6 178,088 Prov. for deprec'n
Supplies, &c.(cost) 6,88.5, '261
990,228 1 101,386,
&obsoIe.scence.. 1,331,073
Casli
,Prov. for adv., InBills & acc'ts rec'le al. 261,4551
2 189,117
mirancc, &c
Municipal stocks &
}
1,978,220
Bills & acc'ts pay. d685,938
bonds
bl,986,124J
Liberty bonds
1.125.550
1 125,550 Surplus
3,728,179
1.664,0931
Trade marks, pat-
}
1920.
S
4,000,000
4,000,000
70,000
260,000
Chicago City
&
Total
{Report for Fiscal Year
Dividends received
$1,290,514
90.007
-.
38.467
Interest received
Other income...
Gross income
990.245
3.029.715
105,000
37,620
2,123
on hills payable
Divs. on pref. participa-
surplus $12,610,923.
imagine worse conditions than those that preFrom the beginning of
tool industry during 1921.
329.926
(4%)480,000
Ending Dec. 31 1921.)
None
None
9,240
12. ,504
$207,954
$194,633
tion shares (iu$)
Taxes
Assets—
1921.
Cash
Bills receivable
5350,902
267.000
274,183
cost).
16,053,410 14,122,562
(Report for Fiscal Year Ending Dec. 31 1921.)
Pres. Jas. K. Cullen, Fob. 8 1922, wrote in substance:
The net loss for the year, after charging general, selling and other
expenses, repairs to buildings and equipment, taxes and usual allowance
for depreciation, &c.. was $2,737,434; dividends paid during year aggregated S620. 925; balance, deficit for year, $3,358,359; making the present
inipos.siblo to
285,014
31.
1921.
1920.
LiabilUles—
S
$
Capital
12,000.000 12.000,000
Bonds outstanding 2,274.360 2,274.360
aCity of Toronto
2.000,000
on acct. pur
70,000
Mortgaess
70,000
;14,209
45,487
Accrued Interest..
808,212 1,031,634
Accounts payable352,908
Injuries fund
367,010
7.58.962
749,117
Renew. & oth. res.
4,163.802 5,161.101
Profit and loss
$1,442,503
$1,062,300
105,000
4S.2S8
19,778
$1,0.57,0.50
Int.
1,772,603
Niles-Bement-Pond Co., Including Subsidiary Cos.
machine
1,1.52.515
1919.
$1,170,635
96,715
20,100
interest
191S.
$1,127,595
103,843
5-1,337
64,1:^2
$1,285,776
$1,072,815
105,000
79,798
None
Nouo
$50,768
.$28,163
$1,287,4,50
$l,0f)7,5.50
STATEMENT OF CURRENT ASSETS AND
—
almost
$138,660
1.046,495
,33,027
$1,418,988
Bond interest
Bond redemption
General expense, &c
Accrued
It Is
$128,433
1920.
$1,316,514
92.962
1921.
Balance, surplus
a No provision for bad debts, b .Vlso non-competing corporations,
c Paid Jan. 31 1922. d Including provision for income and war profits
and excess profits taxes. V. 114, p. 527.
vailed in the
$1,.579, 237
Connecting Railways Collateral Trust
Other investments (at
16,053.410 14,122,6621
Total
$1,283,384
$109,175
1,308.340
283,295
—
xSl.538.464 $1,362, .550 $1,25-4,967 $1,074,702
Preferred dividends (7%)
280.000
280,000
280,000
280,000
Common dividends
(14),560,000 (14)560.000 (14)560,000 (10)400,000
$698,464
4,509,651
.$2,010,651
22,477,988 21,683,174
Total
22,477,988 21,683,174
Total.. ._
a $1 ,000.000 of this sum was paid City of Toronto by order of the Court on *
account of percentage due them. V. 113, p. 1773.
Net earnings.
Balance, surplus
5.655.659
BALANCE SHEET DECEMBER
V. 114, p. 416, 194.
stock par i^lOO, on official notice of issuance as a stock 50%
dividend making the total applied for -156,000,000; authorized
$8,000,000.
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
6.626.508
Total
$1,345,241 $1,700,810 SI. 565. 962 $1,995,081
Surplus or deficit
dcf.$997.299 def!S417.426 sur813.274 sur$21,.570
X Eight months ending Aug. 31, being the end of the franchise.
4,689,182
1,501,350
$34,784,376
Stock equity at November 30 1921
4,782,490
(Mty percentage on earn.
Pavements, &c., taxes..
Dividends paid
28,593,844
—
above)
Operating expenses
14,843,844
1,000,000
Common
Common
ENDED
ACCOUNT
stock equity at Nov. 30
Surplus, as at November 30 1920
Reserve for trade conditions affecting raw material market
—
Toronto Railway Arbitration.
The franchise of the company e.xpired on
Sept. 1 1921.
Tho arbitration between the City and the company in connection with the taking over of the railway .system by the City has been
proceeding as rapidly as possible, but is not yet completed. The City is
asking for one month's adjournment before commencing to put in their
evidence.
The expense of the arbitration and that of the clean-up (deal)
will be very costly to the companies, but this cannot be avoided.
Bonds Due Aug. 31 1921. The 4 3^% 1st Mtge. bonds fell due Aug. 31
1921.
The original issue was for $4,550,000, wMch has been reduced by
As the amount to be paid to
operation of the sinking fund to $2, 274, .360.
the company by the City of Toronto under the arbitration proceedings will
not bo received for some time, payment of these bonds has been delayed,
[and the company will pay interest at the rate of 6% per annum for tho time
V. 113, p. 1157.
wliich must elapse before payment of the .said bonds.
FOR YEARS
DEC. 31.
INCOME
1918.
1920.
1919.
X1921.
Pa.sscngers carried
135,947,869 197.346,726 182.377,494 166,510,326
63,176,397
Transfers
53.086.895 77,911,713 70,446.128
Gross earnings
.$5,130,432 $7,909,892 $7,234,895 $6..">26,302
—
Common
34,221.334 38,510,939
Total
franchise, .$5,130,431; net balance
$65,445,894
—
,334 38.510,939
—
—
Total assets
Assets
estate,
ohluery, &c
1920.
Toronto Railway Company.
Annual
Report
Year Ended Dec. 31, 1921.)
(30th
President William MaeKenzie reports in substance:
—
Real
1921.
—
I
LiabiUHes
S
S
S
S
Property account. 19,155,474 19,307,623 Common stock... 8,500,000 8.500,000
In v. In other COS..
1.57,789
150.287 Preferred stock... 1,674,200 1,674,200
Inventories
10,890,931 11,851,791!
do Jissoc. cos.. 2,300,200 2.300,600
Accts. & notes rec. 2,086,522 5,091.847 Notes payable
308,012
600,381
Cash
799.846
947,008 Accounts payable. 2,262,764 1,471,483
Securities
Tax
reserve.
1,584,706
1,130.771 1,162,380
Contracts, res., &c
130,885
106,864
Res. for dcprec... 6,419,371 6,240.403
Surplus
12,649,922 16,008,281
I
Cash in banks and on hand
Notes receivable, consisting principally of Installment Notes
accepted in disposing of branch houses and other investments
Customers Accounts, less reserve for discounts and doubtful
Common
1921.
1920.
1919.
1918.
$3,007,812 $4,897,661 $8,220,777
716.855
652,285
1,079,944
$3,724,667 $5, .549, 946 $9,300,721
Expenses, taxes, &c
1.895.018
2,693.145
3,269.322
6,118,788
Net profits
1
s$2 ,737 ,433 $1,031,522 .$2,280,624 $3,181,933
Preferred dividends (6%)
238.425
238,664
233,351
238,674
Common dividends. . (4 j%)3 8 2,500 (8)680,000(8^)727.500(12)1020,000
Balance, surplus-. .def.$3,358,358
$112,858 $1,319,773 1^923 ,259
COMPARATIVE BALANCE SHEET DEC. 31 {CO. & ASSOCIATED COS.)
2,664,845
Balance surplus, Nov. 30 1921-
—
Manufacturing profits.. IoS5$969. 8,59
Miscellaneous income
127,444
Total income
loss$842 ,4 1
30, 1921.
--
Common
lU.
when business was already at a low point, there was a steady
decline until the end of September; since then there has been continuaJ
although very slow improvement. At the present time it is impossible to
make any prediction as to when we may be able to operate at a profit.
Our works are operating upon short time with only enough men to
maintain efficient organization.
Product made during the year has been inventoried at value which
would represent normal costs not the actual cost of production.
The matter of Federal income tax for the years 1917-20 has not yet been
112, p. 2196, 2311, 2418.)
Net earnings
[Vol.
the year,
International Shoe Co., St. Louis, Mo.
{Financial Statement as of Nov. 30 1921.)
A financial statement as of Nov. 31 1921, which should
be read in connection with the circular of Deo. 21. cited in the
"Chronicle" of Jan. 14 1922, page 194, gives the following
particulars as to earnings and balance sheet, which it is
understood cover the results for Kistler Lesh & Co. from date
of acquisition of properties (see V. 112, p. 1872, 2196) and for
W. H. McElwain Co., from date of acquisition of stock (V.
(see
J.
THE CHKONICLE
634
The
5
}
,
105,000
LIABILITIES.
LiabVUtes
1921.
1920.
1920.
S37,07S Accrued Int. payable. -$264,263 $265,575
5.302
3,329
267.000 Reserves
Excess over current in
442,96a
liabilities
650.018
375.879
I
re-
ceivable..
Accounts receivable.-
26,823
33,310
Total (each side)-.. $920,484 S713,S67
1,516
FIX.'iXCI.lL ST.\TE.MENT DEC. 31 1921.
Sinking fund 5':^ gold bonds outstanding, .$21,141,000 fseo pagoI28.
Kleetric Railway Section"); Pref. l'articii)atiou shares. 250,(K)0, and
(^ominou Participation .shares, 150,000, Iiaving no par value.
^
Stocks (par) .Of Total Iss. Bonds (par)
.\ssels (nlcdgi'd to secure said bds.)
x
..$16,971,900 $18,000,000
Chicago Citv Rv
10,000,000 10,000,000
y
Calumet & .South Chicago Ry
2.400,000
2,400,000
Southern Street Ry
Hammond Whiting & East Chic. Ry. 1 ,000.000 1 ,000,000(aU)l ,000,000
72,000
72,000
Chicago & Western
X y Outstanding bonds not pledged to secure aforesaid bonds, vU.:
•
—
-x"
$:«, 926,000;
—v. U4.
p. (OS.
"y"
.*5. 393. 000.
THE CHRONICLE
Fbb. 11 1922.]
625
costs well above normal, the labor situation attended with more or leso
doubt, and the legislative situation, so far as it affects railroads, far fronci
GENERAL INVESTMENT NEWS.
settled."
Of the 1922 expenditures,
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
following table summarizes recent railroad and electric railway new3 of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
either in the week
(if not in the "Editorial Department"),
the matter becomes public or shortly thereafter.
—
Hoooer Would Uphold Credit of Railroads. See "Current Events" and
"Times" Feb 4, p 12
RB Labor Board Will Begin Snecial Wage Hearinga on March 6. S'.-c
"Current Events" and "Times" Feb 8, p 6
Lower Passenger Rail Rates Adrocaled by Kansas Utihlies Chairman
Present charges, he claims, discourages travel on roads "Post" Feb 3. p 2
President Loree of Delaware & HudRail Wage Delay is Laid to Hooter
negotiations. "Times"
son, criticises regional plan as holding up labor
—
.
.
—
—
—
Warns the Owners of Rail Securities National Association of Security
Owners tells of plan of business interests to seek rate reductions. See
"Current Events" above and "Tin-'es" Ppb 6. p 23
Roads Cite Equipment Orders as Replu to McAdoo. Present heavy purchases
"Times"
of equipment cited as telling story of imder-maintenance.
—
RR Valuation as Fixed by Commerce Commission by Rate Purposes Criticised
by Fri-d Pc'tnnhn. I'ormer Chief Cost Accountant of U. S. RR. Administration
— "Tirpps"
Full
Utility
Feb o. p 6.
Crew Law Repeal Sought in X. Y. Legislature. Measure gives to
Commission power to fix number operating trains. "Times" Feb.
—
—
'
Refusal of Chicago Great Western to
Thri-a'.en Passenger Rate War
accept uniform charge likely to cause rate war in Northwest. Boston
"News Bureau" Feb. 4. p. 3.
„
„
„„ ^
p. 22: Jan. 24. p. 23
" Sun Feb
Hearing as to Baggage Rates in
Brotherhood chiefs is.sue call for conference
Railmen Seek All Labor's Aid
No new partj'. Sfie"Curin Chicago Feb 20 with view to political unity
rent Events" above and "Sun" Feb 7, p 23: "Times" Feb S. p 18
Pennsylcania RR. Injunction Case Against Labor Board Delayed Till
Bost. N. B." Feb. 8. p. 11.
feb. 17.
Canvass Begun for Labor Board Xominee to Succeed Colonel J. H. Elliott.
•Times" Feb. '8, p. 23.
Eieculites of Trunk Lines Except B. A O. RR. Disapprove of Board of
"Times''
Estimate Plan for Tunnel from Staten Island to Bay Ridge, Brooklyn.
Feb. 4, p. 7. 16: Feb. .5, Sec. 2. p. 2.
"Sun"
Goternor Edwards of X. J. Takes Step to Restore 5-Cent Fares.
Feb. 7. p. 5.
Bill introduced in bot
Serrice-ot'Cost for X. Y. State Street Railways.
Houses a« Albany. "Times" Feb. 4, p. 15.
.v. >'• Dual Transit System Uncompleted for Lack of Appropriations by
"Times" Feb. 5, Sec. 9, p. 19.
City Estimate Board.
Boston Mayor in Inaugural Address Favors Restoring o-Cent Fare.
•Post" Feb. 6.
In Great Britain Fares, Wages & Prices are All Being Readjusted. "Elec.
Ry. Journal' Feb. 4, p. 00.
Midland & London and the Xorthicestern Unite as Result of Gotemment
Grouping.
•Times" Feb. 7. p. 17; "Ry. Age" Feb. 4, p. 19.
Erie to Drop 2,000 Shopmen on Sunday.
Will turn over to contractors
maintenance of e<iuipment work in this district, in interest of economy;
employees can work for contractors, officials say; union leader sees "serious
situation." "Times" Feb. 10, p. 10.
Rail Credit Issue Divides U S Cabinet
Hoover and Mellon favor
*
Governn
'.ing for efiuipment trust certificates.
See need of quick
action
hold carriers should be aided in rchabilitatinu lines
vives fully "Times" Feb 10. p .3
before U
Labor Bixird to Begin Hearings March 6 on Wage Applications Except as to
See "Current Events" above.
Trcin and Yard ^fen
Ff-tr Wage Cut .\ppUaiti'ins
Labor Board surprised at few demands of
railroads for reductions and rules revisions •'Wall St J." Feb. 8, p 1.
Bangor A Aroostook RR .Also .idopt.i the lO'v Rate Cut on Farm Products
To apply to jjotatoes. apnlcs and hay in carload lots, effective April 1 to
.\prll 30. on shipments originating on the Bangor & .Vroostook.
"Post"
Feb. 8, p. 12.
Plan for a Commissionrr-Genrr'il in TransportatUm Opposed bi/ Hoover.
Cummini and Others '•Times" Feb. 9. p 27 Compare plan in Railway
Age" of Jan 2H. p 373
Sum-ner Ratr.i u> Pacific Cut 20*^0 by C. B. A Q Great Xor. and Xor. Pac
R|/— Fin Am " Feb 9. p 8
Centra! Vrrrrumt Ru. Clerks Accept d'ri Cut
"Post" Feb 9, p 10
fVirth Condemns flerman .Strike as "Rerolt"
Municipal workers return
Y—
—X
,
—
—
—
—
—
—
—
—
—
'
>
—
—
—
—
'
.
—
and trnln wrvlce
p •,: F.h I. n I
Cart
Is
-The
f.i,/ii!fil
Feb
3;
6,
p
Feb
1;
1920.
\u
Coal
d with the week before were as follows:
.S7.^j (and
\1 .Tuid cars in excess of 1921);
,
Ml.
7.
pro<Juct,s.
ive stock, 32. .590. Incr^aos 629; grain and grain
1.301: forest products, 47,373, decreaw; 2.9,'),5;
rieouH freight, ilncl. manufactured products).
.')(!
'
420
."'
/'
Thr-
to'ril
i
lit f,',.r,\
wbiN-
•!
of freiirljt cars idliJ,in 23. or a reduction
serviceable freiitht cars.
tiuaiber
Jaii_.il
,.
,,
'luctlon of 26.93."> sine3, ur a reduction wit hln
the saij.e lii-riod i.f .!s.t)H6.
The muijLpcr of hurplus stock cars totaled
I0..'>J2, or 1.137 l<-s than on Jan. 23.
r nhout Fimt of Month, on April
Idl' '
S'2l (Peak) and on Jan 'M '22
11. 31
to'
'oal carh
•"i-
Jan
'
.
i
.
In
./anM. Jan.
I
'""
2H3
471
.331
Oa-i
Xor.
22. iJer. 21.
^'
148
172
In "rrri'nUti" ,,'
'-rid
at
Di
''!•
F,t,
—
<
I
'
r<..n.r..l.p 1 K-t
4H4.
'A) K.-illroad
'c) Hnllroiid
ril«-« for ili'
.
•
i-.iv
J
to
'.lovis.
Ac,
•!>'(;
i%i
f«»riii
J'nb.
I.
riiKloiiAl
,_
J
cnnimltle
li;
'
'
(I)
I
—
Atlanta Birminffham & Atlantic Ry. Loan Denied.
The I.-S. C. Coimnission has denied the company's application for a
Government loan of $615,592. The Commission declared the prospective
earning power of the road and the character of the security offered did not
furnish reasonable assm-ance of ability to pay.
Boston Elevated Ry.
r.
t""
I
i|i.
\;,
1
i
(
, . .
i
,
—
ii.i-ii
I
I
:
,
.
I
—
Canadian Northern Ry.
r. ,;.,
I
M
1
1
1
I
...
<
,
EC
i
.l,.|
<
I'll
I
Topeka & Santa Te Ry.
H>22 Cpkr,/, CiIIh
—
Chicago Surface Lines.
—
New
Cincinnati
&
Orleans
Texas Pac. Ry.
See U. S. Railroad Administration in V. 114, p. 523.
Cleveland Cin. Chi. & St. Louis Ry.
The New York Stock Exchange has authorized
Settlement.
—V. 114, p. 197.
Listing
— Earns. —
the listing of $1,052,600
Ref. & Impt. 6s. Series C, dated Jan. 1 1921. duo,Tan. 1 1941.
The bonds were issued to reimburse the treasury and refund the following
underlying bonds: (a) $.567,000 Cincinnati Indianapolis St. Louis & Chicago
Ry. Co. 1st Consol. Mtge. Gs, due May 1 1920: (6) S1.5S.000 Cincinnati
Indianapolis St. Louis & Chicago Ry. Gen. 1st Mtge. 4s, due Aug. 1 1936;
(c) $327,600 Cleveland Cincinnati Chicago & St. Louis Ry. Gen. Mtge. 5s.
due June 1 1993 (acquired by the company upon retirement of and in exchange for Cincinnati Indianapolis St. Louis & Chicago Ry. Gen. 1st Mtge.
4s, due Aug. 1 1936, through sinking fund provisions).
The income account for 10 months ended Oct. 31 1921 shows: Railway
operating revenues, $67,370,598: railway operating expenses, $54,921,888:
equipment retirements and depreciation, SI .803.261; net revenue from railway operations. $10,645,448; railway tax accruals. $3 ,,309 121: uncollectible
raliwav revenues, equipment rents (net) and joint facility rents (net).
$1,169,938; net railway operating income, $6,166,388; compensation accrued under contract with Dir.-Gen. of RRs., $117,694: guaranty under
Transportation Act of 1920, $64,087: miscellaneous operating income,
.$1,735; non-operating income, $2,611,899; g.-oss income, $S,9til ,804.
Interest on funded debt, $5, .367. 283; interest on unfunded debt, .$902,101;
other deductions, .$605,110; not income, .$2,087,309.
V, 113, p. 2719.
—
Cleveland Southwestern
organized.
—
& Columbus
Ry.
Being Re-
ilayden. Miller & Co., Cleveland, in a notice on Jan. 23 to the holders
of bonds and stocks below said in substance:
have con(Jn .Ian. 20 1922 F. 11. Wilson was appointed receiver.
sented, at the request of more than a majority of the 83.628.000 First Consol. Mtge. gold bonds due 1927. to undertake as reorganization managers
the formation and accomplishment of a ])lan of reorganization.
The extreme loss in gross operating revenues due to the unfavorable
economic and industrial conditions, so decreiised the net revenues that the
company lias been unable to provide funds to pay taxes and bond interest
maturing .Ian. 1 and Feb. 1 1922: and the receivership was necessary In
.Mthough
order to preserve the integrity of the road as an operating unit.
noe<led ;is a measure of preservation of the property, it is believed that the
receivership will offer an opportunity for a reorganization advantageoUK
We
to all securit.v lioUIers.
Ha-sed on carcjful studies which have been made for some time of the propertii*. I'.'irnings and future opportunities, a plan of reorganization is now
in course of preparation whicli, it is hopo<l. can bosubmilted to the security
holders within the next 30 days.
Ujjon submission of such plan, all securbo given the opportunity of depositing their securil,i<vs witiv
trust company doposit.irltw in < 'leveland aii'l in several other financial
centres.
.No deposlus of sccurilles will be asked except upon final forni.atlo
of lie plan.
-It
The terms under which the undersigned have undertaken the reorgaiilza"'
reorganlzalion cash ('h:irgo or expense of any kind is to
b
iiy fleposlilni^ bondholder of .in issue nia<ie prior lo the
<
irn & Columbus Uy. Cons()liilale<l bonds.
Funded IMit and Capital Slock Outstanding [.-Xmounls Inserted l>u Editor].
Xnmr nf SrruritU'
.Xinnunt.
Rule.
MdlurUll
,V2()(I,00(>
Ivria Klctrlc
Feb. I 1923
7-;^
lOlt.OOO
Kleciric Kv
Aug.
19J2
ity holders will
I
•
'
I
'
RU
I
•
::
(
.
I
:
6%
7%
7%
5%
A%
...iKlyria At)l)erllnKy
levelnnilKlyrlii
Ky
Soulh.Tn Ry
iV
.V
\\.«iiTii
.slernTracllouOo
Co. IxukIm
ill
'•
Co
III
ern
oo
In
A
.
..
.
Ky
Cohiinhiin
7'"„
r,'''„
Mnr.
&
Rio Grande RR.
.IniiKH
I
127,000
1,073,()0(»
UlO.OflO
1.100.000
',l,'..MO(l
30.5,00(1
11(23
1922
Feb.
Apr, 11927
(')';;.
110,0110
I
5%
x9l.'..00<>
2,112,000
l'rererr(«l hl.iclc
(1(1
do
Coiniiioii hTocU
(1(1
(III
\ Al lull ikccoilliljl $91.5.000 »i'i'e oiil'.l.'inillnK
$2.f.h3.00() di<p<H.ll«d iiM loll.ileral for iioltw. ttc.
iiinviittrc.
I
Feb. I l>)2;i
Feb. 11923
Jan. 11922
P"b. Il92:t
Feb. 1 1923
I'lTliiriH,
il.
4.2.'I6.00I»
ImndM of the
III
—
and
lillbllc
V, 114, p. 409.
-Prrkivx An.sifrrs limn nun,
Chiiiriiuiii of th<> Ho-ttallt-tl
"iNrkifiH Coiniiiitlfc," of Ihr Dr-iivcr
.\<ljiiHttiiiiiL 7m, HavH:
iV:
Uio
I{cf.
fir.-iiidi-
."is
iiinl
^m
I
.•d-i
II
i\e reml
I
he
lid
vei
'
»hU
^-rr^^^rrv Mn»l«T
firrtrnble
nndlMona
'
'
'I'he eiiiiiinll IIIIt
II
eiiliilnll I'
II wiiK not. roriiie<| iinill ilie
rnrriiMl iMN'niiw Ihii \Veil< ni
U
n»'<
wo'i
Restraining Order.
—
Denver
.
—
Judges Carpenter. Evans and Page have formally entered an order
temporarily restraining the Illinois Commerce Commission and the citj'
V. 114, p. 519.
of Chicago from enforcing the five-cent fare ruling.
fH¥)
rin
Buys Equipment.
cirs, I.S'IO refrigerators, 500 stock
It is reported that the company is also in the
cars and 1,500 gondolas.
market for 500 box and automobile cars and 1.500 gondolas, the order for
which is expected to be placed within a few days. -V. 114, p. 518, 408.
(
111
& Quincy RR.
Chicago Burlington
The company has bought 2.000 box
irlcCo
2310. 2078.
EC.
—
•'
.iii
—
First Mtge. Land Grant bonds, which the company intends to
redeem on April 18 nert, must be presented for payment at the Canadian
Bank of Commerce, 2, Lombard St.,
3, or at the office of Messrs.
Lazard Brothers & Co., Ltd., 11, Old Broad St.,
2., both of London.
V. 114, p. 518.
I
A'-h'-'in
Bond Redemption.
The
•
-V, in. p
—
Bridge Operating Co. City May Operate Cars.
The Court of Appeals at Albany, Feb. 3, handed down a decision upholding New York City's right to operate trolleys over the Williamsburg
Bridge. This decision reverses an opinion siven by the Appellate Division
of the Supreme Court of the Second Department.
When the city contended that the Commissioner of Plant and Structures
had the right to issue a permit for city operation over the Williamsburg
Brid,ge without the issuance of a certificate by the Transit Commission,
the coinpanies now operating over the East River bridges, which are the
Brooklyn City RR. and the Brookljn Rapid Transit Co., took the matter
to court and sought an injunction to restrain the city.
V. 113, p. 2404, .530.
i
Hund Completrd.;,
—
Curley, in his inaugural addre.ss, Feb. 6, stated tha
the restoration of the 5c. fare for street car rides within the limits of thit
citU will be sought of the Leglsliture at once.
V. 114, p 518, 197.
fi
r
114, p. 408.
Mayor James M.
r.lvrla (iprifn.n
Alaska Government Roads.
—V.
Fire-cent Fare Sought.
1
lalMir
p. .M6.
\'-r<,r'l|.. / I,,
—
i
rf)
Hln>
niatlnm: fxn:w\
Thi) (jemuin railroad itrlke tx-Kun.
i,.,..t\
p. 487:
n. 48.1.
N. y.
-
_.
i
and others.
T'lppltin;
.\
'
.
P"'
la«
Jan
I9S
246
,V»7
172
203
221
111
.\,
fa) Rallniad rate red'icilr.iiII
KiriilngN (ex Dlrwlor .nn r.il
under Fwlenil criiilnil dcfiiidKl
184
iir«»'
I.
Apr.H.
Sept.
Oct.
HO
l.W
amounting to upwards of 8,500.000 a year.
Following are some of the larger items in the budget:
Additional main line
$6,662,298 Shop buildings
$1 ,041 .350'
Satanta branch line
1,400,000 Addl yd. tracks & sidings.
946.148
Bridges, trestles & culShop machines and tools.
724,281
verts
1,512,893 Assess, for public imps..
533,633
Rails & other track mater. 1,101,868 Widening cuts, fills, &c.
459,701
Stations & office bldgs
1,056,639 Signals & interlockers
446, 289'
V. 113.p,21&l.
o.
This was an Increase of 42,123 cars compared with
I'
mcrf'
p
10.
total number of cars loaded with revenue freight
rinK the W(;<:k ending Jan. 28. compared with 738.27.")
to'alMi 7
cars th«192! ^
coke,
—
resumed "Times" Feb
train mileage,
.
—
—
.$11,7.50,000 will be for the completion of work
hand; $22,000,000 for now work, including 75 miles of now second track
Arizona from Yampai to Griffith; $8,000,000 for new equipment, and
$1,400,000 for a new lino from Satanta, Kan., 55 miles west.
In the construction of the Arizona second track there will be a grade
reduction from 95 to 75 feet to the mile, saving from 20 to 25% in freight
in
in
,
V.
t I
p, xxl V of In' II iniiiioinl ( 'niii.lielong l» not ii Ml .oiiil I'.iiiric eiiin
I<' otille I li-IU er l-oiid
I
I
.
>
<
,
piiIiIInIhmI, iudI »iii>
\
n fulr lo the
I
Meiner
Ixiiidliiilili'rn.
<
ii.
>iir e(iiMiiillle<<
It.
bellnvi'K
liver liondholiUtrH
the Deiivnr
June a
rltftil
U
n very vnhinble iiropiMly
Ui a pinu
which
.
mid
will propeii^
Unit,
<< I'li
i
i
—
— — ——
—
—
THE CHKONICLE
626
that value. Our committee will, therefore, oppose any effort to jam
through before March 1 a plan which it regards as unfair and unduly in the
Western Pacific. Deposit with the Hammond Committee
now means that the bondholder irrevocably consents to the Western
Pacific plan before he knows whether he has trot the best terms available."
The independent protective committee, of which
Sub-Depositarifs.
James H Perkins is Chairman, has arranged for the following sub-deposiChicago. III.; National Bank of Comt.iries: Merchants' Loan & Trust Co
merce. St. Louis, Mo Bankers Trust Co., Denver, Colo., and Hope &
interest of the
—
,
:
Co., Amsterdam, Holland.
Made
—
Adjustment Bondholders. AlvinW.
Krech, Chairman of the Western Pacific RR. Corp., issued
a letter Feb. 7 to holders of the Adjustment Mortgage 7%
cumulative gold bonds of Denver & Rio Grande RR., and
Definite Offer
to
4%
10-year secured notes of Western Pacific
RR. Corp., setting forth the provisions for the exeha^nge of
The letter
these securities under the reorginization plan.
states the offer made to the Adjustment 7s is the best that
(Sse adv. pages.) Chairman Krech says
can be made.
to holders of the
in T)art:
"In the plan agreed upon there was reserved to this corporation the
privilege of offering to holders of the Adjustment bonds who elect to participate in the plan, the right, in the event that (he plan is carried out, to
receive in exchange for each adjustment bond of the face of .$1,000: .$500
of -5% sinking fund bonds and $.500 of 7% cumulative preferred stock of the
reorganized company; and sinking fund bonds and preferred stock C50%
of each), equal in the aggregate face value to the interest upon the adjustment bonds accrued and unpaid at the date as of which interest and dividends begin to accrue upon such sinking fund bonds and preferred stock.
"The foregoing is the utmost which under the plan this corporation has
the power to offer or which can be offered to holders of the Adjustment bds.
"The corporation offers to such holders of Adjustment bonds as desire to
participate in the plan the privilege of so doing upon the basis of patricipatlon above stated, provided that on or before March 1 1922 (or such later
date as may be fixed) they deposit their bonds with the Oct. 1 1921 and all
subsequent coupons attached, with Equitable Trust Co., 37 Wall St., N. Y.
"The corporation (which is the owner of a majority $5,175,000 out of
$10,000,000) of the outstanding Adjustment bonds, has agreed in the
event that the plan is carried into effect, to exchange the bonds owned by it
upon the same terms which are accorded to other Adjustment bondholders."
In the event the plan becomes operative, the holders of the 4% 10-year
secured notes of the Western Pacific will be offered the privilege of converting their notes,
if
and when the plan
carried into effect, into sinking
is
fund bonds and 7 % cumulative preferred stock of the reorganized company
upon the same terms which would have been available to them had they
retained the Adjustment bonds which were exchanged for the notes which
they now hold. Compare V. 114, p. 515, 519.
Adjustment Mtge. Bondholders Cautioned Against Depositing
Bonds with Any Committee Except the '' Sulro" Committee.
The committee of which Richard Sutro of Sutro Bors. &
—
Co., is chau-man in a notice (see advertising pages) to the
holders of the Adjustment Mtge. 7s, or certificates of
deposit therefor, says:
The committee is transmitting to holders of the 7% Cumul. Adjustment
Mtge. Bonds and certificates of deposit a circular letter specifying its
objections to the proposed plan of reorganization promulgated by the socalled Hammond committee and to the offer made oy Western Pacific RR.
Corp. to the holders of Adjustment bonds.
It is the opinion of the committee that, by proper co-operation between
the holders of Adjustment bonds, on the one hand, and Refunding bonds,
on the other hand, such steps may he taken as will result in a reorganization
of the properties concerned on a more satisfactory Ixisis than that specified
in the ])roposed plan, and free froiii its objectionalile features.
By I'equ&sts already made bj- the committee to the trustee imder the
Adjustment Mortgage, the committee hopes to secure action designed to
facilitate a reorganization that will conserve the interest of the Adjustment
bonds.
Accordin.gly, it desires to ciiution all holders of Adjustment bonds not to
depc^it their Ijoiids with any other committee, and not to commit themselves
to the proposed plan.
The holders of Adjustment bonds and certificates of deposit of the New
York Trust (^o are urged to deposit their Ixmds or certificates of deposit
with American Exchange National Bank, 12H Broadway, N. Y. City, on or
Compare V. 114. p. 515, 519.
before Feb. 28 1922.
.
—
Detroit United Rv. New Directors & Officers Earnings.
At the annual meeting Feb. 7 the stockholders virtually took control of
the company from the group of Americans and placed it with a group of
French-Canadians by the election of practically a new board of directors.
it is stated, leans favorably toward Mayor Couzens' proposal
that the city acquire the D. U. R. city lines.
The new directors are: A. Avila Gingras, Charles Laurendeau, L. A.
Oos.selin, P. A. Bovin, Honoro Blouin, J. O. Desmarsis and J. B. Gill, all
of Montreal. The directors re-elected are J. C. Hutchins and A. F. Edwards of Detroit, E. W. Moore of Cleveland and A.J. Ferguson of Montreal.
The retiring directors are Alex. Dow, J. R. Nutt, J. M. Wilson, B. W.
Martin, Harrison Williams and J. C. Donnelly.
The directors on Feb. 8 re-elected J. C. Hutchins, Detroit. Chairman,
and A. E. Peters. Sec. E. J. Burdick waa elected Gen. Mgr. A. F.
Edwards, Vice-I*res. & Treas., was not re-elected and those positions were
left vacant.
The office of he President, vacant since Frank W. Brooks
retired last year, was not filled.
The directors also named a new committee to confer with Mayor Couzens
regarding his proposal to purchase the city system of the company for a
sum between $16,500,000 and not more than $20,000,000. The committee .selected consists of J. C. Hutchins, Elliott G. Stevenson, E. J.
Burdick, Detroit, A. Avila Gingras, Montreal, and John C. Butt«rworth,
This group,
Ottawa.
Earnings All Lines, Calendar
1918.
1919.
$23,329,067 $28,986,228 .$24,683,038 $19,014,018
19,428,779 25,025,165 19,792,528 14,758,339
Gro.ss earnings
Operating expenses
Not earnings
Other income
Total income
and
taxc-s
Dei)ro<iation rt\serve
Reserve for Federal taxes
Res' ve for contingencies-
$3,900,288
716.224
$3,961,063
676,118
$4,890,510
546,406
$4,255,679
449,735
$4,616,513
$3,351,068
$-1,637,181
.$5,436,916
$2,868,2.50
$4,705,414
$2,610,830
600,000
50,000
$3,003,606
200,000
150 000
400,000
OOO
(4M %)x675,000
Dividends
Ycar.s.
1920.
1921.
Balance, surplus..
(8) 1
600,000
200,000
150,000
,200,000 (8) 1 ,200,000
$190,444
$33,575
(8) 1
$418,666
,200,000
$144,584
[Vol. 114.
and will carry out the orders of the Commission
thereby making immediately effective the $1 55 gas rate
^^^'^ ^^^ company will appeal the recent
gas^dld^i'"^"—"v'"n4°" "^306^^
decision of the Court
Great Northern Ry.
Bonds Sold.
—
J. P.
Morgan &
B
Dated.Tan. 1 1922. Due Ian. 1 19.52. Not redeemable before maturity.
Int payable J & .1
New York City. Denom. $1,000, $500 and $100
c* & r* $1,000 and authorized multiples thereof. First National Bank
""^.
New York, trustee.
Authorization.
Issuance has been authorized by the I.-S. C. Commission.
Data from Letter of Chairman Louis W. Hill, St, Paul, Minn., Feb. 4.
Security.
The General Mortgage covers as a direct first lien 238 miles'
and. subject only to 1st & Ref. Mtge. bonds, is a direct lien on 2 112 miles
and a collateral lien on 545 miles. The total mileage under the Gen Mtge
by direct mortgage or collateral lien is 7.675 miles, and company's outstanding mortgage indebtedness is at the rate of about $37,500 per mile
includ-
m
,
—
—
'
ing the present issue.
As a result of the conversion of Northern Pacific-Great Northern
bonds into Great Northern Ry. Gen. Mtge. bonds, stock representingjoint
approximately (829,327 shar&s] one-half of the ownership of the Chicago Bur^
hngton & Quincy RR. is pledged, free from prior lien, under the General
Mortgage. Bonds of a total of $115,000,000 have been Lssued agamst the
ownership of such stock, which amount, deducted from the total bonded
debt, would leave a balance of debt outstanding at the rate of approximately
$22.,500 per mile of road.
The General Mortgage covers the terminal properties in Superior, Duluth,
Minneapolis, Sioux City, Spokane, Seattle and elsewhere, and also all
equipment, subject to liens of underlying mortgages so far as they attach.
Purpose.
To retire S2. 800. 000 Minneapolis Union Station bonds due
July 1 1922, to pay entire indebtedness to the U. S. RR. Administration,
to pay for new equipment and for additions and betterments.
—
Income Account Years Ended December 31.
Income Arail.
Gross Operating
Rcrcmies.
$88, .598, 735
X 100, 698, 520
1917
1918
1919
1920
1921
xl06,562,144
yl24,916,776
101,317,204
for Chnrqes.
$35.340.'307
34.063.039
36.386.807
32.106,299
40,204,124
Charges.
Surplus.
$12,309,135
13,999,769
14,247,221
12,802,202
17.517.300
$23,040,172
20,063,270
22,139,586
19,304,097
22,686,824
X U. S. RR. Administration,
y U. S. RR. Administration 2 months;
guaranty period 6 months; corporate period 4 months.
B. & Q. Income, &c
The above income account includes the company's cash div. income from its holdings of C B & Q stock, as well as int.
payments by it on obligations issued in connection with the acquisition of
the Burlington stock.
During the period in which the Burlington has been
controlled by the Great Northern and the Northern Pacific companies, its
surplus income and miscellaneous profits have amounted to approximately
$406,000,000 after charges, while it has paid out in cash dividends on its
stock about $228,000,000.
The Great Northern's proportion of the Burlington's surplus income for
10 years prior to July 1 1921, when the Great Northern-Northern Pacific
joint 4% bonds matured, averaged approximately $10,481,913 annually
but of this amount the Great Northern received in cash dividends (with the
exception of an extra dividend in 1917) the sum of only $4,304,540 annually,
sufficient to cover its share of the annual interest on such joint bonds.
For the 6 months ended Dec. 31 1921 cash dividends received by the Great
Northern on its Burlington stock were more than sufficient to cover interest
for that period on its 7% General Mortgage bonds issued in conversion of
joint bonds.
Inrestments in Road and Equipment.
Since July 1 1901 the Great Northern
has invested more than .$440,000,000 in road, equipment and other capital
assets, and in addition approximately $10,000,000, proceeds of the present
issue, will be similarly invested: whereas during the same period net funded
debt has increased $188,091,192, an amount less than 43% of the amount
added to assets. Of the amount added to assets, more than $123,000,000
was derived from surplus earnings and r&serves. and approximately $142,000,000 from stock sold at not less than par.
Dividends.
Smcc 1900 regular dividends at the rate of 7% annually
have been paid on the capital stock, the rate prior to thiit time having been
at least 5% annually since 1892.
Present outstanding stock, $249,478,250.
Listing.
The New York Stock Exchange has admitted the bonds to the
list "when issued."
V. 114, p. 521.
—
C
—
—
—
Green Bay
—
& Western RR. — Acquisition. —
The company has taken over
the Waupaca-Green
Bay Ry.
— V.
1573.
Gulf Mobile
2%
cash dividend and
Fort Worth
& Denver
2}^%
stock dividend.
City Ry.
—
V. 114. p. 409
/w'.s/?;u/.
The New York Stock Exchange has authorized
the listing of $8,176,000
1st Mtge. 6% bonds, extended to Dec. 1 1961, with int. at the rate
of 5)^%.
The company is controlled by the Colorado & Southern Ry.
—V. 114 .p. 409.
Galesburg
& Western
Railway.
—
Sec Rock Island Southern Rli. below.
Georgia Railway
& Power
Co.
113. p.
—
& Northern RR.
Seeks U. S. Loan.
applied to the I.-S. C. Commission for a Government
loan of $1,088,188 for 15 years, for the purpose of financing additions and
betterments. The carrier offered as security for the loan $2,177,000 1st
Mtge. 6% gold bonds.— V. 113, p. 2818.
The company has
Hagerstown & Frederick Ry.
—Earns. —
Stock Tncrense
9 increased the authorized Pref. stock from
$1,500,000 to $5,000,000 and increased the dividend rat-e as of Feb. 1 1922
from 6% to 7%. It is understood that about $400,000 of the increased
stock is to be offered at the present time and that stockholders have waived
The stockholders Feb.
their rights.
The operating revenues for 1921 were $2,047,012 (1920. $2,016,227);
expenses and taxes, $1,285,808 (1920. $1,345,504); operating income.
$761,804 (1920, $670,723); non-operating income. $41,871 (1920, $3,166);
interest and amortization, $521,055 (1920, $398,998); net income avaUable
for depreciation and dividends, $282,621 (1920. $276.891K
From the net income, available for depreciation and dividends, $62,394
was deducted and paid as dividends on the Preferred stock, leaving a balance
of $148,988, which is equal to 9.85% on the Common stock, as compared
with approximately 63-^% in 1920. V. 114, p. 521.
—
Indiana Railways
&
Light Co.
— Merger. —
See Indiana Electric Corporation under "Industrials" below and in
V. 114, p. 528.— v. 113, p. 2185.
Indianapolis Street Ry,
Files
Demurrer.
—
demurrer in the Marion County (Ind Superior
Court to a suit brought by former Corporation Counsel Samuel -^^sriDy
of Indianapolis, to recover for the city the unpaid balance of tne lazi
franchise taxes and the penalties amounting, it is stated, to SSOO-'IU"
The demurrer says that the corporation in Jutie 1921 siirrendcrea \\&
franchise and received an indeterminate permit for operating tne street
The effect of this
railwav svstem under the l»ublic Utilities .\ct of 1913
The surrender of the city trancmse
action was to extinguish the obligation.
by the company, and the acceptance of the indeterminate permit, it saia.
were made before the beginning of the action
j »u„
, ^,
The demurrer sivs further that the surrender of the franchise and the
acceptance of the permit from the Public Service (Commission was the
making of a new contract between the State, for which the city acted
simplv as an agent in making the franchise contract for the company
v. 114. p 306.
-,..«-
The companv has
filed a
)
,
X Include.s
Co.,
First National Bank and National Citv Co. have sold at 96
J^
and int., to yield about 5.75%, $30,000,000 Gen. Mtge.
514% Gold bonds. Series
(see advertising pages).
,
Int(;rest
^
Rapid Transit Co.— Mcelinq
.
— ——
—
Decision
amending the certificate of IncorIt
committee.
poration to permit a change in the number of the executive
„
is proposed to increase the membership froni 5 to "
The Court of Appeals at Albany, in a decision handed down Feb. 3, sus-
Interboro.
The stockholders
will
vote Feb
15 on
.
Lower Cas Rates.
—
The Federal Court has handed down a decision denying the petition of the
company for an order preventing the Georgia Railroad Commission from
cutting Atlant:i's gas rate from $1 65 net per 1,000 cu ft to SI 55. with
proportionate cuts for suburban towns
Under the ruling, a reduced gas
rate of $1 55 in-r 1.000 cu ft will become effective and will be rotroMctive to Jan 2 1922, wiiile the now rate for suburban communities will be
$1 (15 per 1.000 cu. ft. net.
President P. S. Arkwright says: "It seems that it will be inevitably
noce-s-sary to appeal the case and have a decision by the Supremo Court of
the United States.
In the meantime, the company will abide b.v the
not
tained the contention of Comptroller Craig of N ^ City that he could
legally pay to the company S 1. 750. 000 to help it meet the ™st o^ Ao^^^ iHf
tne
the multiple car door svstem. .'V commi.s.sion awarded $2,200,000 to
company in settlement of its claims for extra work on the origmal subway,
—v. 114, p. 521, 403.
.
Kansas City Northwestern RR.
.
—
Seel(s U. S. Loan.
applied to the I.-S. C. Commis.sion for a Government
certificates,
loan of $1 .300,000 with which it proposes to pay off receivership
buy new equipment and do some new construction, so as to resume operations suspended about Nov. 1 1919.— V. 112, p. 562.
The companv has
THE CHRONICLE
Feu. 11 1922.]
&
Knoxville
A pphcafton.
Carolina Ry.
—
—
applied to the I.-S. C. Commission for authority to issue
$400 000 of capital stociv and $300,000 1st Mtge. bonds, for the purpose of
acquiring the Knoxville Sevia-ville & Eastern RR. (V. 113. p. 2183).
The company
V. 114. p. no.
Knoxville Ry.
&
Bonds Authorized.—
Lierht Co.
The Tennessee P. U. Commission has authorized the company to issue
$195,000 bonds. These bonds represent 80% of the improvements made.
The money derived from the sale of the bonds will be used by the company
V. 114, p. 79.
for further improvements.
—
Maine Central RR.
—
Rnvadci Lakes RR.
Ivteresf.
The Maine Central directors voted Jan. 30 to pay the interest due
It had
Feb. 1 on the bonds of the Sandy River & Rangeley Lakes RR.
been feared by some of the bondholders that the interest would be defaulted
521.
V.
114,
turned
over
to
the
stockholders.
p.
be
the
road
and
—
—
—
Mexico Electric Tramways, Ltd., To Extend Debs. &c
The holders of the £400.000 5% 1st Charge Debentures are to vote on
certain proposed modifications of the rights of the Debenture holders,
substantially as follows:
(a) That the irustoes as holders of all the £321.000 2d Debentiu-es which
form part of the specific securiiy for the 5'^ 1st Charge Debentures, consent
that the 1st Debentures be extended from Dec. 31 1921 to Dec. 31 1926.
and that the inlerest on such Debentures be Increased to 8%, such Debenture holders being paid a cash bonus of .=>% on the Debenttu-es on Dec. 31
1921, and such Debentures be made payable free of all Mexican taxes and
in gold pesos or at -ihe option of the holders in U. S. dollars at the exchange
of one U.S. dollar for two Mexican dollars:
(6) That the trustees consent that the 2d Debentiu-es be extended to
Dec. 31 1959, on similar terms to those arranged with the 1st Debentures.
except that no cash bonus be paid for the extension of the 2d Debentiu-es;
(c) That company create a'cumulative sulking fund of 1*1; per annum,
commencin;? in 1922. for the purchase below or redemption at par by anunal
purchases or drawings of the 1st Charge Debentures which are not payable
at any fixed date.
Decision. —
Midland Pennsylvania RR.
Decision was reserved Jan. 30 by the Dauphin County Courts in Harrisburg on exceptions made by Commonwealth Title Insurance & Trust Co.,
Philadelphia, to the method ordered by the Court for the distribution of
proceeds derived from the foreclosure sale of the road. The Court had decided that distribution should be made only to the holders of S704.000 1st
Mtge. bond.s. They would receive S24 on each SI. 000. The Court ruling
barred holders who are unknown of .$203,000 worth of bonds from
receiving any share. (Phila. "News Bureau.")
V. 113, p. 960.
—
—
Missouri Kansas
—
—
Texas Rv. Foreclosure Siiit.
New York, has filed a suit in the
«fe
The Central Union Trust
Co.,
U. S.
District Court at Topeka, Kan., to foreclose the 1st Extension Mtge. bonds
and other issues. This is one of the formalities in connection with the reerganization plan (V. 113. p. 2311).
— V.
114. p. 522, 410.
& North Arkansas RR.
Missouri
Ordered.—
Sale
Federal Judge Tricher at Little Rock. Ark., has ordered the sale of this
road, which suspended operations last July.
The upset price has been
fixed at 83,000,000.
J. C. Murray is receiver.— V. 113, p. 2614.
—
—
Montreal Tramways Co. Lis'inq Earnings.
The New York Stock Exchange has authorized the listing of $4,750,000
additional 1st & Ref. Mtge. 5% 30- Year Collateral Trust Coupon bonds.
Seriw A. due July
1941. making the total applied for $18,085,000.
^o"" ^^^ y^''^^ ended Oct. .31 1921 shows:
Gross earn""t,"?*^^®^^^*^iy"^
ings
$11,784,965: Net earnings after operating expenses, $2,726,758: inter«t allowance, $2,324,693; financing allowance, $181 ,431 balance, $220,633.
This amount applicable under contract to the City of Montreal account
rental.
v. 114, p. 79.
1
•
:
—
New York
Central RR.
—
Ac, Approved.
Leases,
stockholders Feb. 3 approved the lease of the Toledo & Ohio Central
KK. and other proposals recommended by the dh^ctors last December (see
V.
p. 2614).
stated that the minority Common stockholders are organizing a
protective committee to oppose the prospective offer of the New York
Central to acquire their stock. Of the $47,056,300 Common stock outstanding the
Central owns $30,207,700. A protective committee
ror the Preferred stockholders was formed last December (see V. 113
p
2719). but we understand this committee is in no way interested in "the
Common stock.
1 l.j.
It is
NY.
—
Road Held to Have Acquired Title by Adverse Possession.
In an action In ejectment by the City of New York to recover possession
or a strip of land 6f; feet In width running from 72d St., New York to
Spuyten Duyvil Croek, now used by the N. Y. Central as a part of its system, thi^ New York Appellate Division holds that, the railroad having
CfjnstrurtcyJ Us tracks on land owned by the city under a claim that Its
rranrhiM- from the S'ale entiled it to do so. and having nsed the land as a
rlgnt or way for more than 70 years under this claim, and paid taxes
thereon
as Its property, the raiIroa<l had acquired title to the land
by adverse
po««vv>ion.
Judgment of dlhrnlsyal was therefore affirmed. V. 113. p.
—
New York Chicago &
Louis
St.
Calfmflnr Ye'irt-Oro«.s Income
Bxpen-MCH, taxo». Ac
OptTatlng Income
Other Income
.._ «3.'9ri2;030
$4,488,270
297.145
2.664. 8H5
Totnl Income
Inum-Kt. rent, Is.
'," $8
$4,785,415
2.304.135
$3. 769..331
l.927.9nr;
8«-tilom»-nt with
&c
U. 8.
RR
Admin.
5.5
1
715
7
)
.
.
1
Net lironr" ."";-,--:;.-,
a f;,
<3
I
-
$2,481,280
$087,702
comiH-imatlon for KedrTil
.er lt<!in.H
b Includes exju'ii.He
'iiial
'I
114.
N
New York Ontario & Western
Ry.
" '*'"
k.iys
,"\
f^r„y,'
"
•'"*'?
'"
•*
"tatement
'"" ".r»<''f'''l-'«70 plac«yj
Tl
p
.306
—th«Tocompany
Oppose Valuation
cont.wl
will
Hn prolHirly by
uf«.n
th.i
<;
I. -.8.
valuation Ih nltit«l at $.55 207 742 tin of
on pricw. ax of 1911. from which waw d«iiirti<l
l)ro<luctlvf!
June
l.ruMfl
for
«,o-calUKl
"""'
""
(Itipruclalkin
'"
''
"
"
IwivIiik
.
luatlon
tl,
I'
^^^
'
jj,
(
'."
•«
'"
"iTPnt op-rri'lom
,,
'
$4.5, 051. .370.
and
'Mvf! valuiiili.ii
fl
>"
—
Oregon-Washington RR. & Navigation Co. Bonds
Sold.
The bankers named below acquired and sold, at
—
783^ and
int., yielding over 5.30%, a block of .S8,800,000
Ref. Mtge.
Gold Bonds of 1911, due Jan. 1 1901.
Guaranteed by the Union Pacific RR.
Bankers Making Offering.
Harris. Forbes & Co.; National Citv Co.;
Guaranty Co. of New York; Kissel. Kinuicutt & Co.; White. Weld & Co.;
Clark. Dodge & Co.— V. 114, p. 198.
I.Hill
li-anl
4%
&
1st
—
Ottawa Traction
"Miallvo
I,,
fho
fljoiro
will In due conntc
$3:i.(K)0 (H)0 l<»Jt
v/iliiiilliiii
I'l.M
I
I
Dividends.
—
report for the calendar year 1921 shows $279,060 received
from the Ottawa Electric Ry. Co. with which was paid the usual quarterly
dividends of 1% and a bonus of 1%. V. 113, p. 2614.
—
Philadelphia Company, Pittsburgh.
The Guaranty Trust Co.
of
N. Y..
Tenders.
6%
Philadelphia Rapid Transit Co.
Mitten.
Opposition
President
— Tivo Groups Seek Proxies for Annual
Meeting.
to
Proxies for the annual moetln.s March 15 were sent out Jan. 31 and run
to T. E. Mitten, Pres.; W. C. Dunbar. V.-Pr&s., and G. A. Richardson.
V.-Pres., the last two names supplanting the names of W. J. Montgomery
and Frank Buck, in whose favor the proxies were made out last year.
Statement Issued by Five Stockholders Opposing President Mitten.
A statement issued Feb. 3 and signed by Jeremiah J. Sullivan, Charles
J. Ma*^t}ipws. Wm. Y. Trinple. Frank Riidc and Wm. J. Montgomery <ays:
"Your board of directors consi.sts of 11 members, of whom 3 (the Mayor
and two other citizens chosen by the City Council) represent the city; the
remaining 8 member are elected by the stockholders, but 3 of these are
officers and primarily represent the management.
The above 5 directors
are the only ones representing the stockholders, aside from officers.
"Under the existing by-laws of the company, the business has been conducted without consultation with the board of directors, and many important steps have been taken without their previous knowledge. This
method of conducting the business of the company is in our opinion not satisfactory either to the city or to the stockholders, and changes should be
made in the by-laws so that the board of directors shall have a real part
in the management of its affairs.
"Without consultation with the board, a request for proxies has been sent
out in advance of the usual time, and, contrary to custom, proxies have
been requested only for officers of the company. The aobve directors
are of opinion that proxies should not be given exclusively to the officers
of the company as requested.
"A more complete statement r^arding the affairs of the company will
be sent about Feb. 21, the date the transfer books are closed prior to the
annual meeting. Mar. 15 1922. with a request for your proxy. Meanwhile,
you are earnestly requested to withhold your proxy and await our further
commimication."
Statement Issued by Drexel & Co.
"Drexel & Co. are not interested in the management of the company,
nor have anv of its partners the slightest desire or intention to seek a position on the board or a voice in the control or operation.
"Drexel & Co. are and have been for a long period of time the company's
bankers, and as such have from time to time made large loans to the company and sold many millions of its securities. This is the only relationship
the firm bears to the company or its affairs.
Neither Drexel & Co. or any
of its partners have now. nor did they ever have, any considerable holdings
of the company's stock, or the stocks of the underlying companies which
form part of Its .system.
"Our attention has been called to a contest for control which has arisen
between those directors who are known as the stockholders' directors and
the management of the company, and this statement is made in rt>;ponse to
a question as to what position we occupy with regard to the company and
its directorate.
While we have not the slightest personal interest in the
result of the contest, nor are we in any sense principals thereof, our sympathies, by reason of our business relationship as bankers, as before stated.
are with those directors who are seeking to operate the company under the
control of a board of directors, rather than with those who are seeking to
operate it under what is popularly known as a 'one-man control.'
".Such shares of stock as we ourselves happen to own. or in which we are
we would therefore vote in favor of Mcs.srs. Montgomery. Buck.
Matthews. Sullivan, Tripple and the policies which they represent."
Mayor Moore also voiced his opposition to the Mitten management
and expressed an opinion that President Mitten is without authority to
pay a co-operative dividend to employees from earnings which might be
In excess of the amount necessary to pay 6% divs. to the stockholders.
The Mayor quoted a paragraph in the P. R. T.-City 1907 agreement which
reads: "The company shall not declare or pay any dividends to Its stockholders beyon<l a return of 6% per annum, cumulative from Jan. 1 1907,
So
on the actual amounts of capital paid into the treasury in cash.
interested,
the city shall share with the stocltholders equally in all net earnings
firoperly distributable as dividends over and beyond a return of 6% cumuatlve from Jan. 1 1907."
In a statement Issued Feb. 3 the company said: "The amount paid to
the men Is extra compensation paid for servicas as a, commission in addition to their regular wage, and is a cost of operation.
It Is therefore not
'earnings properly distributabh' .as dividends,' to use the language of the
1907 contract witn the city.
And hence the city has no right or Interest In
the sums thus to be p.aid to the men for their work."
See V. 114, p. 522.
th.it
Public Service Corp., N. -J.—-Engineering and ConstrucCo 0''ii'inized — Wants Uniform (las Rale.
—
tion
The
Public Service Corporation n-cenlly announced the organization of
the I'uhlir Srrrirr Proilinlion Co., with an autliori/.ed enpllal of $5,000,000
8% Preferrei stock (p.ir $100) .ind 50.000 sh;ire,s of cNininion s(<>(i« (no
par v.ilue), of wliiiii 1 .000 sh;ires have Ix-en ls>iue<l at SlOO |)er share, which
are all owni^d by the I'uhlU- Service Corporallon.
The company beg.in business effective Feb. I. Huslness U englne<'rlng
and conslnietlon of puhlle ullllty and in luslrial pl.iiil.s, public works and
road blllMlng. lo the l.itter of whUil p:irtlculjir alleiillon will be given.
The directors anil orflccrs .ire: Thoniiis N. Mct'artrr (Pres.). I'ziil II.
McCirl.r, Anthony H. Kuser, K.
Wakelee (V.-Pres), P. S. Younn
by
nliitefl
vmn nx Rood
Newark, N.
fV.-l'res.),
W
Walter
J.;
.
Morgan, Lewis
K.'indal
(!lark.
W
T.
Mlddleworlh
TreaHurer and I'ercy Ing.tllx Secriit;iry
the P. V Coininl.ssloii In a gas rale ca-^e, Pnw. Mc(\'irl.«>r
iiiiiroiiii nil es lor gie. In iill if lie IIIH lil les served by Ihe
TeMllfylng iH'fore
<tr<iii"!v
III
Ih
.
voiaii'il
I
Mili.lilirli's II. iigiiiir.l r.ile
\iiri"il lo niiel Ihe co-In In
iidlvlHliiiis
'I'liilower cohIm In ceriiilii dlvl'loiis M-rved li,v the
I'f iiMixl hirt^iiy froiii a i-otil iini for gas niiide w IMi a coke eoiiipiiiiy
11 the territory.
TIiIm roiilrael luei been i'iitei-e<l Into with Ihe Idea
lie iiiiiing all 'if die conhiiiiier^ and lliere was no good reiiHoii
one ilivi loll alone >lioiilil rr:i]> Hie eiilli'e iiilviiiilaKe
In Hie
of iievN riH-IIJilii wliliii lliii colii|i:iiiv ciitii i-iiipl.il ill Il wii-- nervlee
.iiiil
llii<
li'i
why
(
»•.
I
.-..r,,,.
,..
...
.
in
th;ir
,'„i'r^'^['' ^'^'"{\'^'
Norfolk
p"/,22
'"'"''
'"""
'"'"'* '""'
"" '"""' ""'
.
he
iiilliil.
Weitern Ry. -Notrn
''""
loiinv pari
iiol
V. III. p
dU l.loii
Iriiliir
.
lliecoinpniiy
Iliiil
III.
ri-iiorlM lo tl
ITii'i lliiii Ihe rii'i'lviTHhlp nrthlscoinpiiny
iliK roiid reluriii-d lo IIh owiier-t were iirriiiii>oi|ii.
'1
The
III
out
-
Cnllrd.
:iiii|
-.lilit
hwl
it
I
RorV Ti?nnd Southern Railroad.
.11
%
r..r
liiiil
III
lerrllorv
'lie
I
,,,,
I
Llllle,
Phlliidiiphln. Pa.
cmuI.I
.vny o|M<ratlnK I'x'OKi"
,.
—
trustee, will, until Feb. 17. receive
bids for s:ile to it of Fh-st Ref & Coll Trust Mtge.
gold bonds, due
Feb 1 1944. Series "A." to an amount sufficient to exhaust $120,000. and
at a price not exceeding 105 and int. (see offering in V. 113, p. 1888).
V. 114. p 410
of iirfifMT'y u^<e<l In i>|iiTiii Inn
ii'l are liii riti' li-ally worth iiiorn
tht- rwiiilt
Co.. Ltd.
The annual
1,153.632
no. 072
.
''
$104,415
,1.5.3.032
Wj/ltf
,h.
'i
bi;232 041
Orangeburg (S. C.) Ry. Sale.
This road, 17.7 miles long, from Orangeburg to North, So. Car., was offered for sale Feb. 5.
C. E. Dennlston is receiver. The I.-S. C. Commission issued an order in July last authorizing the abandonment of the lino.
Service was discontinued In Oct. 1920.
V. 113. p. 183.
...
Rj.— Earnings.
lOvi
rnrrms"
1920
$27,030,(163 $2S,225.187rfec$1194..52«
22.4.37,948 23.736.917
1.298.969
$-1.592
en
ire
'I
1. 1
"
Hniitherii
'•
<•"
Nalhrau
•
by the MlmlMilppI Vnllev
ii«"Hllre«l
'
I'"
'
«'
MI'.'O.
11
ll:ir(>M. Iiavliu:
illtl rlii of
onli'tixl ihiil IIiIn road
\|.r'l.
III
'
T
ml
II
.
the Hoiltlinni
'I
Northern
C*>-nUn.\
Ry.
»
lit
I"
1
I
P.nrut
f'nr.rrl.rf
11.
'III!
.
I
fl.
!• .1
•
III'
'
1
\
Ml-,
ji
!,
I
.
In
mill
r
till ir-r
The
'
I
1
'VUf properly of thin
III/
ei.iMi.
.
,
.»
I:
rrri Hull'
ri-i-i-lver. tin
ml
.
II
iIn.
imi'l
liii\
Iny
|.<
•
n
..IM
i
o
\\
.
•
I
1-1
>
iiK II
now
l
l.iiiiiii(in«,
i
ii',
<
!/. ir«nf.iml liy ;i
il iiniiufl
of
lln'
THE CHEONICLE
ees
bondholders Protective Committee. This sale has been confii'mod by the
up to the present time, the bidder has not taken possession of the
property.— V. 84, p. .52, 104: V. 101, p. 1014; V. 102, p. SSti: V. 109. p.
271: V.'llO. p. 659, 872. 1013: V. 114, p. 80.
court but,
—
—
Rock Island Southern Ry. Receiver&hip Terminated.
The receivership oftliis company was terminated midnight, Dec. 24 (.see
Kock Island Southern RR. above), E. C. Walsh has been elected Pres.;
M. A. Wjil.sh, V.-i'res.: G. W. Quackenbu.sh. V.-Pres. in charge of operation, traffic and purchases: C. H. Walsh, Treas.:.T. W. Walsh. Gen. Mgr.
V. 81, p. 212: V. 89, p. 1668; V. 95. p. 545;
449; V. 105, p. 607.
RR.
See Maine Central
above.
— V. 94, p. 699.
—
Interest.
—
which the above Bonds may be deposited with the Bondholders' Committee
without projudico or penalty, has been extended to April 30. V. 113, p.
—
—
—
Bonds Offered. Blair & Co., Inc.,
KoUins & Sons, are offering, at 89-M and int.,
Yielding about 5.35%, a block of $2,000,000 San Francisco
Terminal 1st Mtge. 4% Gold Bonds, due April 1 1950.
Southern Pacific Co.
II.
These bonds are the direct oblisation of the company and are secured
by a first mortgage on the terminal property in and adjacent to the city
of San PYanci.sco.
Explains Sale of Oil Lands, &c., to Pacific Oil Co.
Regarding a newspaper report that some company employees believed
the sale of the railroad company's oil lands to the Pacific Oil Co. has
resulted in an increase in expenses of the railroad, the Southern Pacific
—
"Bulletin." just off the press, gives the following facts:
"The operating expenses of the company have not been increased one
dollar through the sale of its oil lands: instead they probably have been
decreased through some employees being paid by the oil company who were
formerly paid by the railroad. Away back in 1903 the rule was established
that the market price of oil used for fuel should always be charged in the
operating expenses of the company. The company has not at any time paid
more than the market price and it is at that price that it is now purchasing
oil and charges are being made.
"Thepracticeof the company was adopted by the U. S. Railroad AdminisThree-fourths of the oil produced was and is light oil not suitable
tration.
for fuel, and it had to be sold for refining purposes at market prices and
fuel oil purchased or exchanged for it on the basis of market prices.
"The amount of money received by the company for these oil lands was
It has had this much more money to invest to provide addi.143,750.000.
tional railroad facilities, which means offering more opportunity for employment. In other words, this amount of capital has been released from oil
lands where it was tied up and put into active railway service. It was not
S!iven to the bondholders or stockholders or anybody else, but has been put
to work.
The rate of dividend to stockholders of the Southern Pacific
remains as it has been for many years, 6%. Interest charges remain unchanged by this transaction except that as the company has had this liquid
capital on hand its need for borrowing money has been lessened.
"The lands that were sold to the oil company were not a part of the
Southern Pacific's property devoted to railway operation. The value of the
land itself was not included in the valuation of the proprety on which a
return is to be earned under the Railway Transportation Act, and its
revenues and expenses were kept independent thereof. The company's fuel
oil supply has been protected in connection with the sales whereby the
company pays only the ruling market prices for its fuel oil." V. 114, p.
—
.522,
317.
—
—
Southern Pacific RR. Bonds Sold. Harris, Forbes &
Co., National City Co., Bro'wn Brothers & Co. and Wood,
Stnithers & Co., have sold at 845^ and int., a block of
Gold Bonds, due Jan. 1 1955.
$4,900,000 1st Ref. Mtge.
These bonds are guaranteed, principal and intreest by endorsement, by
the Southern Pacific Co. and are listed on the New York Stock Exchange.
4%
V. 113, p. 2615.
Southern Railway.
President Fairfax Harrison says in sub.stance: "Regarding the outlook
for 1922 we expect earnings to at lea.st eqtial those of 1921.
So far as our
Regarding
road is concerned we believe that the bottom has been reached
earnings for 1921 we will do a little better than we expected and will show
about $2,000,000 above fixed charges. Our roadbed is now in good condition, but. of cotirse, we have a number of cars that need repair, but these
repairs in general are minor and when business resumes it will require a
very short time to put these cars through the shops and into service."
—V. 114, p. 522.
Tennessee Central Ry.
— Successor. —
St.
& Western RR. — Tiyne
Louis
Expires.
—
The time
limit fixed by tho stockholders' protective committee for the
<'xchange of original certificates of deposit for Series B O-rlificates of Deposit for both common and nroferred stock without penalt.v cxpii'os tto-daj')
Feb. 11
It is stated that dose to 99% of holders of common and preferred
shares have deposited their certificates in accordance with tho plan.
V. 114,
307, 199.
—
.
—
—
,
1
1906, to an
amount
Dot exceeding 105 and
Trinity
&
sufficient to ab.sorb
interest.
V. 112, p. 2750.
—
Brazos Valley RR.
$250,000 and at a price
— Mexia Oil
—
Fields.
The comi)any has asked
the Texas RR. Commission for permission to
drill six oil wells ui)on its right of way in tho Mexia field, the first application of its kind tliat ever came before tho Commission.
Tho question
involved is whether or not under its charter the railroad c:ompany can
legally engage in the oil production business, and the public hearing on the
question brought forth strong opposition. This opposition came chiefly
from Morris I'Yankel and a.ssociatcs who asserted that tht>y had paid $1 .000,000 for a lease of 10 acres of land, bordering the right of way of the railroad
and that if the road should be permitted to drill for oil it would mean a
heavj- loss to him and his associates.
"Railway Age" Jan. 14,. V. 114,
p. 308.
—
United Power
&
T'Calendar Years—
—
Transportation Co.
1921.
— Earnings. —
1919.
1920.
1918.
Income from stock, bonds,
&c
-.
General expen.ses & taxes.
Interest pajTnents
&
$509,527
26.682
252,140
$564,019
29,342
$523,962
2.52,140
257,332
.33,288
$266,208
.$230,705
1,009,016
......
1,008,311
$282, .536
1,006,977
265,937
23a6oo
889
1,023,151
5,141
280,312
244,375
loss surp.$l. 009.287
$1,009,016
$1,008,311
$1,006,977
Balance, surplus
Previous .surplus
Profit
$554,781
36,433
252,140
loss adj. (debit)
Dividends
Taken
Bay & Western RR. above.
— V.
Orcr.105. p. 608.
—
General Industrial and Public Utility News. The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
on preceding pages under the caption
Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
treated at length
'.'Current
Steel
and Iron Production,
Prices, &c.
9 .says In substance
STEEL AND
—IRON MARKETS.— •'Iron Age" of Fob.
"A broadening demand, though without appreciable'
(1) Market.
increasingtonnage and still largely for replenishment, has marked the weekWith it has come a crystallization of prices on heavy tonnage productsConsumers may now buy bars, plates and shapes in smaller lots at 1.40c.Higher prices obtain on orders in
Pittsburgh, than they could a week ago.
which delivery is a prime factor.
"Railroad buying has now taken the stage. The
(2) Railroad Business.
Burlington has bought 6,800 cars, involving 85,000 tons of steel, the largest
order of the kind in many months. The road has 500 more cars to place
and the St. Paul, the Norfolk & Western and other lines bring up the total
Most of the business stiU remains in
of pending cars inquiries to 6,800.
the West.
"A large amount of passenger equipment is under negotiation, including
50 cars for the Central RR. fo New Jersey and 50 for the Baltimore & Ohio.
The Union Pacific has bought 45 cars for passenger service. The Burlington will also buy 55 locomotives, the Denver & Rio Grande 20 and other
roads 10.
"A total of 15.500 tons of rails has been awarded, including 8,500 for the
Southern Ry., which, however, has postponed until the spring the purchase
of 26.000 tons of 85-lb. rails. Other pending rail business approximates
50,000 tons.
"Fabricated structural steel is maintaining its
(3) Fabricated Steel.
conspicuous place, with awards approximating 15,000 tons and fresh
projects under active consideration amounting to 17,000 tons.
"Mill operations have, if anything, imijroved. Chi(4) Operations.
cago district activity is probably in excess of 50% of capacity; the Steel
Corporation as a whole is operating at fully 50%, while the East approximates 35%. Pittsburgh reports a fiurther increase in tine plate miU opera-
—
—
—
tions.
— "Steel production
for January, based on the ingot statistic*;
Steel Institute for 30 companies, was
1 .892,500 tons, or an annual rate of 23, .542, 500 tons compared -with Docemmaking
of steel slumped in December
tons.
The
ber's rate of 21,084,250
while pig iron manufacture then increased; and January in -steel represented
a close return to the November steel rate, while January in iron remained
above the November iron rate.
(6) Pig /rem. ^"January production of pig iron was practically at a
The total was 1.638,697 tons, or
standstill as compared wit^h December.
52,861 tons per day, as compared with 1,649,086 tons, or 53,196 tons per
(5)
Steel.
collected
by the American Iron and
.
in December.
_, , .
"On Southern pig iron, $15 50 is now the usual quotation, but $15 has
been named [contrasting with $27 50 Feb. 8 1921), and, for the first time in
several years, this iron is becoming a real factor in the North, particularly
A rail and river route, which will be inaugurated
in the Chicago district.
Feb. 15, will still further reduce the price of delivered iron from $1 to
$1 50 per ton.
"Basic iron in the Valley has receded to $17 75, the lowe.st price since
1916 [as against $30 Feb. 8 1921], and malleabie has declined 50 cents [to
In the East there has been considerable
$19, against $30 in Feb. 1921).
buying by heater manufacturers, including one lot of 5,000 tons by a New
day
,
.
Jersey company.
,
,
...
"Increased activity is noted in the export market.
(7) Foreign Orders.
Manchuria is
South
for
100-lb.
rails
tons
of
Following closely the 7.000
an inquiry for 10,000 tons of 60-lb. rails for the Imperial Government
Railways of Japan. Nail business with Japan is good. American plants
have difficulty at present with markets othat than the Far East because of
high ocean freights, particularly in competition with Europe for the heavy
tonnage products. A 12,000-ton rail order for Brazil was lost to Belgium:
and transportation cost is interfering with a plate order with India.
"Germany has practically ceased to be a factor in international markets.
German
What with increased ocean freights, international exchange andthan
they
export taxes, prices on some products to-day are 50% higher
were in November.
^
,..
cc„
b5c.
at
bought
"High-speed steel is weak, a 10-ton lot bemg
(8) Prices.
.
......
..
" 'The Iron Age' composite price for pig iron is now $18 10, the lowest
The
since Sept. 1916, and hardly 15% above the 10-year pre-war average.
At 2.019c. it is not
steel composite price is the lowest since Dec. 1915.
average."
quite 20% above the 10-year pre-war
Coal Production, Prices, &c.
See
Decision Upholding Pennsylcania Anthracite Tax Act tu be Appealed.
"Current Events" and Phila. "Ledger" Feb. 3.
^
Y. Citizens Organize to Cut Con! Prices. Anthracite Consumers
Association hopes to save city $30,000,000 annually. To take fight to
Lower railroad rates and cleaner fuel expected to save .52 b.l
Senate.
on each ton. "Times" Feb. 5, p. 16.
„ „ ^ _
Gompcrs .'^iivs Labor Will Support Coal Miners.— "Times Feb. / p. 8.
Monongnhcla Wac/r Cm/.— The Monongahela Coal Association, representing 65 mining concerns, has voted to abolish tho chock-off system and has
ordered a 30'; reduction in wages. "Post" Fob. 6. p. 13.
,
,
REVIEW. "Coal Age," New York, reports in brief:
"Invitation to the railroad lalwr unions to .loSn the
(1) Strike Outlook.
United Mine Workers in a collective effort to prevent nation-->vide wage
reductions and tho apparent willingness of some of the railroad workere
tuiions to participate on this basis gives a more serious aspect to the a"t'^|r
on
patcd coal strike next April. If John Lewis cannot call out the non un k?miners on this strike he will gain the same result if the raih-oads emp'o>
—
—
N
.
PTri-Citv Railway & Lie:ht Co. Tenders.
The New York Trust Co New York, will, until Feb 24, receive bids for
the sale to it of 5% Coll. Trust First Lien sinking fund gold bonds, dated
April
Waupaca-Green Bay Ry.
See Green
—
Tlic new (tomp.any succeeded to the old company, the Tennessee Central
RR., midnight. Jan. 31, under the management of Pres. H. W. Stanley ad
its new owners.
The road has discontinued the service of the American
Expre.ss Co. and has established the Southeastern Express Co.'s service.
V. 114. p. 523.
Toledo
.$235,4.57: gross income. $3,341,129; taxes and licenses .3698 112
applicable to fixed charges and rentals, $2 643 017.
Interest on
outstanding funded debt, $1,163,052: .sinking fund payments, .$202 500
miscellaneous interest, $95,894: Norfolk Railway & Light Co rental"
$99,000: direct charges, $92,471: surplus. $990,099; net accumulated surplvi^
i"i««s
Dec. 31 1921, $1,783,437.— V. 114. p. 308.
mcome
—
—Outlook. —
•
mcome,
INDUSTRIAL AND MISCELLANEOUS.
—
Savannah & Atlanta Ry. T-hnr Extended. —
Raymond K. .Tones, Chairman of the protective committee for the 1st &
Consol. Mtgo. Con. 6% Gold Bonds, due 1935. slates that the time within
2506.
[Vol. 114.
V. 97, p. 951; V. 101, p. 371,
Sandy River & Rangeley Lakes RR.
and E.
—
—
.
.$2.33. .342
WEEKLY
——
.
go on strike;
(2)
Supplies of liituminotts Coal on Hand.
.
•Stocl« of bitum'nous coal
consumption prevailing during December.
,
„, ,i,„ i„^ T^r.i„t in
">
"lYoduction of bituminous coal has climbed back from the lowv.Pomt
ill soon
is maintained
production
rate
of
present
if
the
and
December
not
have
reach tho IcVel of October, the high point in 1921. So far Pr'ces index lor
Coal Age
been affected l>y this incipient buying movement.
,..,,
Feb. 6 is unchanged at 182.
„„„„„,.,„!
,
,
Anthracile.— So far there has l)een little concern maniSupplies
,
,
of
(H)
Stocks of
fested ovei- the possibility of a strike in the anthracite reg,ion.
ngt the
anihra.ite in the hands of 648 representative dwlei^. accord declined
-^"t
Bureau of Census, averaged 50 days' supply on Dec. 1 19^1
several months suppl>
to 1 1 davs' supply on Jan. 1 1922. which is equal to
Therefore, if pr.Kluction of anthracite is mauitained
in the summeJ time.
oyer a
equal .consumption until April 1 there need be '><? "PPrehcns.on
the hands ot prodiicert.
Stocks of prepared sizes
short.age of hard coal.
reserve is. of course, in addition
is a little short of 2.000.000 tons, which
to that in the hands of retailers and household consumers.
to 9.626.000 net tons during
rose
pniduction
(4) Output —••Bituminous
ended Jan. 28. according to the tJeological Survey, an increase
m
.
Total profit
—V.
&
114, p. '111.
—
—
—
lAstinq
Virginia Ry. & Power Co.
Earnings.
The New York Stock Exchange has authorized the listing of
$508,800
additional G% Non-(>unnilativo Prcf. stock, par $100. on official notice of
issuance as a 6% stock dividend on the outstanding Pref. stock, payable
Feb. 1 to holders of record Jan. 10.
The income for 12 months ending Dec. 31 1921 shows: Gross earnings,
$10,173,335; operating revenue over operating expenses $3,105,672; other
the week
production
of 835 000 tons from the output of the preceding week. That
two days
continues to gain is shown by reports of loadings for the first
the correexcess
of
in
ctirs
which
were
5.000
of last week— 65.000 cars
sponding davs of the week preceding.
,
.,
,
T
the week ended Jan.
•Production of hard coal was 1.607.000 net tons
previous. Retail
28. an increase of 16 1.000 tons as compared with the week
Retailers are order
business has been greatly stimulated by the i-old spell.
Independent prices mo\ea
ing for replenishment only and not for reserve.
—
m
.
THE CHRONICLE
Feb. 11 1922.]
a lu-s;
on
being in Improved
sizes, the latter also
domestic and steam
l>oth
New
England was 2. RIO cars
'•-,'f"s/H();»im/*— "All-rail movement to
the yreceding
ho "veek ended .Ian, 28, only 160 cars less than
•i.iK
as ruh-oadsUnd utilities
l""ter reports indicate a Wttcr movement,
»k
purposes.
trtkinK an increase<l tonnage for stocking
m
Hampton Uoads during the week ended Feb. 2 were 2/1,compared with 235,800 in the previous week, when severe
Coastwise freishts have risen as a
the movement.
It her hindered
Ivittoms and the fact that many yes.sels
lilt of a temporarv scarcitv of
inclement
irwlfor New England simultaneously with the lifting of tlu'
•Diimuins" at
I
net ton'r\is
tnnible
her thereby increasing the possibility of demurrage. Therequired,
the Kew England textile mills tends to lower the tonnage
weeks
lias
few
last
lativelv eood movement to Now England for the
ced that territorv in verv comfortable supply and only motlerate buying
against any April 1 operatmg disturbances.
1 Ix- neccssarv as"a safojuard
tietter
Other maruels. esoecially in the Midwest, are experiencmg a ordei-s
nand. Domestic producers are actively shipping the hea\T
become
finally
has
a
strike
of
spall.
Fear
hercd during the recent cold
Prices on
jarenf and the stocldng movement is gathering momtmtum.
grades of coal have firmed up. in some cases premium figur^ being
shipping
busily
en for cars in transit. The Northwestern docks are
h domestic orders, but the steam trade is unimproved.
'Directors of the Sewalls Point Coal Ex6^ Future of Coal Erchnngrs.
not they
inge will meet in Washington Feb. 11 to decide whether or
The Virginia Ry. will ask. it is understood.
1 continue the exchanse.
is
settled,
coal
strike
threatened
It the exchange be continued until the
operation l-eb. lo and
e Lamt)erts Point Coal Exchange will go out of
Chesapeake & Ohio Coal Exchange, at Newport News, will continue.
7^ Hanf5.—" Another union producing section has come out flat-footed
The coal opera' reduction of wages and the abolition of the check-off.
These
rs of Indiana held an interesting meeting in Chicago Feb. 2.
iducers are confidently expecting a shut-down that will last for some
Wages
le, as it is felt that the present is no time for a compromise.
St be reduced, the check-off must be abolished and other reforms must
inaugurated."'
Oil Production, Prices, &c.
On Feb. 7 Standard Oil Co. of New York reduced
"rices of Gasoline.
price of gasoline 2c. a gallon at N. Y.. to 24c. a gallon wholesale,
Jersey also announced a cut of Ic. a gallon for
New
indard Oil Co. of
w Jersev to 23c. wholesale. Price of gasoline for export at N. Y. also
:uced Ic". a gallon: gasoline in cases to 31.2.5c. a gallon, as compared with
"Post" Feb. 7. p. 9.
2.5c previously, and 33.25c. on Jan. 1 last.
standard Oil Co. of Indiana Feb. 6 advanced gasoline Ic. a gallon in
22c. a gallon at filling stations in Missouri. Kansas and Oklahoma in
ler to eoualize prices.
It
Invincible Oil Co. has reduced gasoline 4c. a gallon, from 24 to 20c.
xpected that the Standard Oil Co. of Louisiana will also reduce prices.
4. reduction of 2c. a gallon in the New England States was announced
b. 6 by Gulf Refining Co. and Atlantic Refining Co.. making tank
gon price 24c. a gallon, but in New Haven and Bridgeport 22c.
rhe Standard Oil Co. of Louisiana on Feb. 9 reported to have reduced
Drice of kerosene ic. a gallon. "Times" Feb. 10. p. 23.
Meiia Oil Field Produces 10.000.000 Barrels in 5 Months. There are
» more than 600 derricks in the field compared with 50 five months
—
)
—
!
—
—
•
). "Wall St. J." Feb. 4. p. 9.
Market Vabie of Securities of 23 Oil Companies. Table showing the
ent of depreciation since highs of 1919. "Bost. N. B." Feb. 10. p. 6.
Production in U. S. for week ended Feb. 4
Zrude Oil Output Gains.
>raged 1,418.300 bbls. daily, against 1,415.950 in previous week and
in
"Po.st"
Feb.
1921.
10.
S2.615
—
—
employers, workers and the Government, on Feb. 7 rejected a motion
presented by the employers' group for the abolition of the eight-hour day.
The vote was 33 to 14. "Times" Feb. 8, p. 28.
Civil rights for people.
Soviet Reforms in Russia.
"Times" Feb. 7, p. 6.
Higher German Prices. Steel mark(^t forced to advance by rise in railway
rates.
Cable to N. Y. "Times" of Feb. 6, p. 19.
Record Cigarette Output in Year 1921.
1920.
Year
1921— December 1920.
1921
Cigarettes
51,844,378,478 44,645.823,212 2,998,779,838 2,821,277.863
7,967.021.692
506,126.135
Cigars
463,663,809
6,7.58,749,826
Mfd.tob.,lbs.
363,688.795
22.0.57.104
15.4,57,.561
350.705,049
36,126,387
2.225,333
Snuff, lbs
2,978,106
35,791,386
The output of cigarettes gained 16% over 1920; cigars decreased 15%
"Times" Feb. 17. p. 20.
Japan Big Cotton Buyer. Purchases here in the last year set new high
records.
"Times" Feb. 6, p. 16.
Stolen American Autos Clog the Mexican Market.
"Times" Feb. 5. p. 1.
§191.339,000 being distributed in.
Soldier Bonuses Now $347.339.200.
cash: §156.000,000 in "adjusted compensation '; aid given in 44 States.
"Times" Feb. 5, Sec. 2, p. 1.
Legal Matters, Legislation, Taxation, &c.
Armour & Co. Allowed Until Aug. 27 lo Sell Outside Interests. See that
company below and "Journal of Commerce" Feb. 4.
Court for Modification. of
Attorney-General Refers California Canners lo
.^' 'Times"
Feb. 8, p. 24.
Deciee Forbidding Sale of Unrelated Commodites
Mellon Makes Victory 'Notes Acceptable for Taxes. Mellon orders collectors
due
on
March
"Times"
payments
15.
Feb. 5. p. 7.
to take coupon bonds for
Senate opposes modifying decree on auxiliary
Votes to Curb Packers.
bu.siness.
See Armour & Co. below and "Times" Feb. 4, p. 15; Feb. 7, p. 13.
Magazine publishers protest against Mellon's
Object to Mail Rate Rise.
bonus suggestion. "Times" Feb. 4, p. 12.
Harding Bars Bcmus Based on Allied Payments. Holds plan lacks safety.
"Times" Feb. 8, p. 1: Feb. 9,
Revenue Act of 1921 allows all
Liberalizes Income Tax Rule for Gifts.
manner of deductions up to 15%. "Times" Feb. 5, Sec. 2, p. 8.
Problems in Wool Tariff. Letter to former Senator Kenyon of agricultural bloc from Hobbs & "Taft, wool merchants. Boston "N.B." Feb. 6, p. 3.
Farmers' Bloc Put Higher Rates into Fordney Tariff Bill. "Post" Feb.6,p.l.
A'. Y. State Business Tax Bill 0//ereti.— Unincorporated firms would be
made to'pav. "Sun" Feb. 7. p. 3.
"Times" Feb.8,p.l
Anti-Strike Bill Introduced at Albany by Senator Duell.
Mexicans Seek Repeal of Agrarian Law. Say present crop shortage is
caused bv Act. "Sun" Feb. 7. p. 22.
For Rigid Control in Stock Dealings. President N. Y. Stock Exchange
would check up firms' books to protect small investors and punish "bucketing." "Post" Feb. 4. p. 7.
"Times" Feb. 7, p. 26.
Carpet Association of America Discontinues.
George W. Jackson, Chicago Tunnel Engineer, Dies of Pneumonia.
"Times Feb. 5. p. 13.
Donnelly Anti-Trust Law Held Unconstitutional in Buffalo Grarel Case.
Supreme Court Just. Charles A. Pooley o ruled in a decision handed down
at Buffalo, Feb. 10. District Attorney Guy B. Moore announces he will
immediatelv appeal to Appellate Division. The result of the decision is
that about 100 indictments found against local corporations and individuals
as the result of the Lockwood committee investigation are void if the deci"Post" Feb. 10, p. 1.
sion is sustained in the higher courts.
Indictment against Glass Men Invalid. Judge Knox rules it fails to specify
Prosecution to continue under Sherman
that offenses were committed here.
Anti-Trust Act. "Times" Feb. 9, p. 8.
22 Eastern Steel Companies Lose Appeal against Federal Questionnaire.
Charges made by Trade Commission remain on the court records for time
Times"
being. Court asks a speedy settlement of the controversy.
Feb. 9. p. 13.
U. S. Court Refuses Piel Bros. Right to Make Medicinal Brew. Judge Gar'Sun"
vin at Brooklj-n finds malt liquor more beverage than medicine.
Feb. 8, p. 3.
Ladd Bill Fixing Farm Prices Opposed by National Grange Spokesman
"Times" Feb. 10, p. 14.
as Worse than Disease.
House committeeDraft New Taxes to Provide Funds for Soldier Bonus.
men would raise 8325.000.000 on gasoline stock and real estate deals, higher
parcel post rate, double theatre ticket tax and 25 cents per horsepower on
motor cars, leaving .S21.000.000 yet to bo found. "Times" Feb. 10, p. 14.
New York Legislature May Quit March 17. Lawmakers a month .ahead
Democrats seek repeal of Governor's water power bills passed
of work.
"Times" Feb. 10, p. 2.
last vear.
U. S. Senate Passes Farmers' Co-Operative Marketing Measure. Onlyone
vote opposed. "Times" Feb. 9, p. 17.
Harding Signs Allied Debt Funding Bill. "Post" Feb. 9, p. 1.
New Bill Aimed to Prevent Strikes in New- York State. As.semblyman
——
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
"
—
—
'
Wages and Other Trade Matters.
Prices,
—
N Y
^rics
Wholesale prices for cash in
City were marked up on
5. 10 for wheat to $1 40(against$] 19 Jan. 3). for corn to 72i.£ ct« (against
cts Jan 3). and for flour to S8 25 (against §7 25 Jan 3)
l-i
Oats on
iy
6 were up to 48)4 cts (against 46H- Jan 14), and lard at $11 10
ainst $9 40 Jan 3)
Ml the other hand, beef on Feb. 9 sold down to $14 (against S16 Jan 3).
1 lead on Feb
3 down 4 67)^ (against 4 85 Jan. 6), and print cloths
:H\ on ?'fb 6 down to HH against 6 to BH in Feb 1921r/,.r;r,,.i .....r -.t ^hr.if.s^le was reduced
on Feb 8 by American Sugar
^ar Refining Co &c from 5 10 cents to 5 cents
This follows the reduction announced by the
lining <:<> a short time ato
lower, offered at 2 1-16 cts
'Post" Feb 9. p. 10.
.,t,t ,i',r,l,l,
i3if cts delivered
Larger producers beEuropcan conditions and too uian.v re:)reaking the m.irkct
Calumet k Arizona
If
G*/!9
.
.
.
—
•
\\:.ll
J." Feb 9. p 9. and
>,'.
fJhlcago. .SIO a hundredweight,
ber
"Post
Fib
"
V with prirT! levels 25'c
N '""'
"'"'
\m" Feb
—
shows a $2 10
—
p 7
—
Plan lo Build Highway Briage Across Hudson Near Peekskill. Senator
C. E. Smith introduces bill at Albany permitting Bear Mountain Hudson
River Bridge Co. to build a suspension bridge, 1 ,650 ft. between towers,
George W. Perkins is
for automobiles. &c.
Estimatecl cost, $5,000,000.
one of the organizers. "Post" Fob. 8. p. 4.
Matters Covered in "Chronicle" of Feb. 4.
(a) Agricultural conference
(e<litorial). j). 452.
(b) Failures. mcrcantiU! and liank. in 1921. p. 457.
(c) CulKin loan and sugar situation. &c. fCharlcs E. Mitchell. I'res. Nat.
City Bank), p. 462.
(d) (Canadian r<nur\ rules that city of Regina (.Sas
katchewan) sterling bontls must be met at par. p. 163.
(e) SetTi-tarv Mellon opposes soldiers' Iwnus; country's financial position,
(President Harding),
p. .170.
(f) F"e<leral aid In alleviating untimplovnient
p. 471.
(g) National agrUiiltural conference faxors parlicipatjon by U. 8.
In Kunipe.'in conference; credit re<iuests; other resolutions, p. 472. (h) Cop-
•i.il
)
I
o b
Case for tractor and plow
I
'" bv 'Feb
Feb
i.u
p 12
.J
;
-'s
•
s
V. ill
lo
—
fi.
fi:
McNLihon
of Liiited Textile
be ordered in every mill
"
:tr of hours are pos'ed
Finishing f"o In I'rovi4'lO workers it Qnecti
ton mills In Hlackstone
,,t
B • Feb 4. p 3
."-ay dry ismuU nii.-i. .Viiional Retail A."««)riat Ion to
the public; will fight valuation pl^ii
"Tiniis"
-
•
•'
Co of
^PloyfiI
X
—
'
—
'igr^
See ••f,'iirrent Events" above
V V/irrf» Oriffr-^
••I,,..,v,. ,vf(hniit pay"
—
'
per outlook: re<rird for 1921. p. 4H0.
(i) Theoll siirmly ofthe V S. as rvstlniatotl by loading oil geologists, p. 482.
(j) Cor>l T,nl)or Hoard ,ind the incorporal Ion of io.tI lalx)r unions iidvocat<Hl
Iiy Mintro Invest Igalors. !>. 182.
(k) Coal miners seek to pool
villi r:illro.id lalMjr in figlil
against wagi- nMluitions. ji. -IS'.i.
rige rt^uctlons in bituminous field, p. 487. (m) Housing emer
gency Mtill cxlsta In New York, I^ockwood legislative committee reports,
.
for
thouNimds of
1.
l>
in
—
Miller's measure drafted by State Chamber of Commerce authorizes State
Industrial Commission to hold up strikes for six months. supor\ise labor
unions and superintend the taking of strike votes. "Times" Feb. 9. p. 17.
Seek lo Improve New York Corporation iMirs.
Nine measures offered by
"Times"
State legislative commission to remove "vexatious" faults.
Feb. 9, p. 27.
over those in September
7.
—
—
1919
".Sun Feb. 7. p 21
Harvester $230 (with plow or
Tractor Co (General Motors Corp
on
•
—
—
10
p
7.
—
compare" Chronicle"
igs at
1
—
of 40 KhlllliigH for
.li-'.
I
'.r.iportionate
s.
!
effectlvt!
!
p. 4K8.
lull lint'
irriiVi\, HJ.n 9
Tunnrl Funti.1 Aicatt Atriird nfConlracl
10 p HI
'itrmnimin 1021
from .32
10 712 to 30.42
to 2fl.7!t2
—
1
•r
1
Adams Express
Tl.
1
I
j.i.
growiTi
.
27
J.
I'n-^ld'nii
.1
-
.
f.
.f,
„, n(
f,„\ ,|„(|j.
||-
\t(irk'>i.
nnd profoMloniil men
1
I
.'^.
for 1022,
Wesidti i-silinales 1922 sales at $20,000,000, Including
-'•
'
',-'1'^,
yi
..,i(,v ,\,l,ni:%
'"ruiif"!" I'l-b 10. p
1Va<7i!».— Ho« that company ImiIow
Hio
nn tlnnnl
Cut
Trnni
•Jhtpt
'
nt,
.Sfilpmwicri'
h<i
I'nrl'ir
I'.j'
ni Im.
"I'ont
About 12l<%. to
'
'fl
I.-..1.
and
.,
t
11
I'
Iliirliti /1..M
.S....
American
'
I'renlileiit <'.
fir
.
!.
Amorican Gas Co.
pny now
l||gli>'<it
new working
ii„i
{)((()
payable nnd hns
111.
,"?
nnd alHo est Inmles profit nil volume
Mr. Wcsioii slalcN Hint the rniiipan^v
-V,
$.H()0.(l()0 cjisli on hand.
iti(lli|r-yc|(< tires,
<1.
Vn Co. Want Cut
—
Ajax Rubber Co,, Inc. -Oullimk
1
-
ii-.iii
.
Co. -Atmunl Report
Adams
.ilil.ited Incoini' account of
Express Co. and Southern
the yciir ende<l Dec. 31 1921 shows; Total reviMiue. $1 ..5(M),idlturew, $7H(',.1,H4; net Income. S.H01.523; KUiidry profil nnd
--SI, ,564; net cr<>dlt to surplus from profit and loss. .?.S'.I3,(IS7.
V. 113, p. 030.
Inlcnfl »<i hold li-af until their
192.tKtO.fKKi ll>« owned by farnuTH ut
')hlo. Went Vlrglnl.i, Indiana and nnrln
•
.M
I
|<l'/|
wllhnii).
,
I.IkIiI
.V
nunrrtnty.
I'liwi.f t't).
H. <i(idr|nrd
it
-V.TM, p. nZ."!.
-Slnlus.—
Miylng 'hnl Iho company
Syndicate.
Druf^dfistR
nwlnv
-
li.-lciw.
U
r|iioi<<<|
an
dollnr In bnnkN nnd wUli no
(iiiIhIiiiiiIIiiu
rliiNed
nnlcii or
Ihi' ciiiniiMMv jiliiiixl n vnlile on liind build
iiiiHMil b-.M iji'iirr- l;iMoii :iii(l r<>m"rve. of «.'..M)().IH)lt
i'l.'l I, 111 on |i;iimI ciixh, Ir'iiHiirv citi lflcnt<w
:;i
'
.if IM'.'I
.
,
i"
ri»l hiin'I.'
'
%\ fK)0
|-.li
H
M'lfi
'iiilon itmir..
thrnetita.
p
t>'»0 .'^uil fiir
"Tlnii-*'
DamaaeK
—» Aaalnnl
V
Food
/n<l<<i
.
..,
.,...
Arhltratlim—" Vo0l" Fob.
Prnptunl
"nu
fi.
—
&.
n
Loather Co.•' EnminaK. "'1
•
".!0
"
1.12
«?.
n
-twun with UwlnMtinM,
lawlraannM, Mr*
Ml
but Arrept
«,,,.n.v.r
American Hide
Warr
Inmirr M'orkrrB.
ftuU in
|.i..
','1
.trite
iii'roiiiilii recclvnltle, dixliirlliiK
,0.000. IniiMitorleN liiki'ii at innrkcl
n^i. i.p«.-T, -I .,',0(l.(MH).
V. 113, p. 14W*.
MHO,
I
Sl3
llalnnec
$207.Wldf-
i.Hwin7nH'i2n
After clLirKlrig rcpilr^*. IiiUtiviI ml loiiiui nnd re»erve«i for taxeii
f Aft4>r kIvIiiu pftni to .Klj'iii iniMil* of Invenlorv of nni)roiliniitnl,v
V 113,
t{)V),orMI am «honn nn re|H>rl of .Miin h 31 19:21 (V I I'j, p I04(1i
I
i»fn<i-il
ln<.t\i>,>i-
r,t
''irm«
'..
nm of
i.
inM.'>
—
.
THE CHRONICLE
[Vol. 114.
American Ship Building Co., Cleveland. — Majority of
Brown Shoe Co., Inc., of
luouis.— Shipments.—
Deponled — Time Extended. — Sec. F. M. Secrest,
an
month. The number
was 96%
Feb.
says
substance:
630
St.
Stocks
2,
in
majority of the Preferred stock, including most of the larger holdings,
has been deposited under the plan for change of Capital stock and retirement of Preferred stock. A majority of the Common stockholders have
also consented to the plan.
In view of the shortness of time as originally
limited the lime for depositing has lieen extended to Feb. 28.
All Preferred stockholders who have not yet deposited their stock are
urged to do so at once, either at Equitable Trust Co., Ne\v York, Union
Trust Co., Cleveland, or Flr.st Trust & Savings Bank, Chicago. Compare
plan in V. 114, p. 82.
A
American Smelting & Refining Co.
— Wages Lower. —
An
analysis of the wage scale paid by the company in American plants
shows that readjustments brought about further slight decreases in Dec.
1921, compared with November, but the wages paid in December were stili
65 to 66% above pre-war rates. In a statement issued the company says:
"Indicating how labor costs were factors in increasing the cost of production, the analysis shows that, in 1014, repair, supply and construction
labor was paid an average of $2 42 for an 8-hour day, while in Nov. 1920
the rate was S.5 .39. an increase of 123%. The rate for direct operating
labor in 1914 was $2 02 per 8-hour day.
But in Oct. 1920 it had risen to
$4 ,55, an increase of 125%.
"In Doc. 1921, through various readjustments, the rate for repair, supply and construction labor had been reduced to $4 for an 8-hour day.
This was a decrease of J^ of 1%. compared to Nov. rates, but 25.9%
below the highest rate, S5 39, paid in Nov. 1920.
"Similarly the rate of .S3 37 in Dec. 1921 for direct operating labor was
1.1% beiow the November rate, and 25.9% less than the record rate of
$4 55 for this class of labor
October 1920."— V. 113, p. 2314.
m
American Tobacco Co.
—
Nem
Director.
Paul A. NoeU of Durham, No. Care, has been elected a director.
114, p. 525.
American Woolen Co.
—V.
— No Wage Reduction. —
President William M. Wood, in a statement issued Feb. 7, reassured the
employees that their wages will not be reduced this season. He said:
"There are mischievous rumors afloat calculated to disturb you to the
effect that your wages are going to \w reduced
It ought not to be necessary
for me to reiterate to you tliat your wages for the coming season will not
be reduced
I'ut your minds at rest and have confidence in your directors
"There will be no reduction of wages this season, so far as this company
is concerned.
There is nothing to justify it. We would be more justified
in increasing the price of cloth than in reducing wages."
V. 114, p. 301.
Arizona Copper Co.,
—
Ltd, —
—
Retires Preferred Stock.
The proposal to reduce the capital from £755,000 to £715,000 by the
cancellation of all the 160.000 "A" Pref. shares, par 5s., was approved
Jan. 17. Those shares have been issued but no amount has been called up
and the £7,480 10s. paid up in advanceof calls will be returned. V. 84, p. 83.
Arlington Mills (Massachusetts).
D(C. 3, '21. Nov.
s
—
Assas
and
Plant
'20
10.304.328 9,.';08,4.54
debts rec. . 4,029,168 4,442,192
Inventories
1 1 ,690, 811 10,082.462
Prepaid accounts.
439,314
556,654
&
Tot. (each Bide). 26, 463,622 24,589,762
114, p. 525
—V.
Dec. 3,
$
Liabilities
fixed
assets
Cash
— Balance
—
—
Sheet.
21. A'oc. 30,*20
S
Capital .stock.12,000,000 12,000.000
Accounts payable.
.328,535
801,717
Notes payable
7,370.000 5,165,000
Res. for deprec
1,628,034
1,361,128
Res. for Fed. taxes
(estimated)
100,000
125, ono
Profit & Loss
5,037,052 5,136,917
—
&
Armour
Co. Public Offering of Interests in Stock Yards.
Under the plan for the dispo.sltion of stock yards intere.sts, filed with and
approved by the Supreme Court of the District of Columbia, the shares of
stock owned by the Armour and Swift groups in Public Stock Yards Marked
Companies are offered for sale. The stock is offered subject to prior sale
and to the right of the owners to reject in whole or in part any or all bids.
Bids will be received up to April 1 1922. bj' Illinois Trust & Savings
Bank, Chicago, for such shares of stock as are owned by the-^e groups in
Public Stock Yard Market Companies. The stock ownership of such
groups in Public Stock Yards Market Companies includes also th3 stock
ownership in Stockyard Terminals Rys. serving the respective stock yards.
Acting with the consent of the Department of Justice. Justice Stafford of
the District of Columbia Supreme Court, Feb. 2 granted the company six
months' additional time to dispose of its interest in industries not allied
to the meat business, the extension running to Aug. 27.
V. 114, p. 525.
303, 310.
—
-
Atlantic Gulf Oil Corp.
—
—
Oil Output (in Barrels).
During January the company's production amounted to 691,821 bbls.,
as compared with 2,437,225 bbls. in Jan. 1921.
Production During the Last Eight Months of 1921
Mav.
June.
July.
August.
Sept.
October.
Nov.
Dec.
1.136,274 938.376 847,262 958.336 522,563 520.911 510,181 475, 11«
—V. 114. p. 201.
Bergner & Engel Brewing Co.
— Tenders. —
Sealed tenders will be received uutil Feb. 23 at the Merchants-Union
Trust Co., trustee, 715 Chestnut St., Phila., for the sale to it of so many
of the 1st Mtge. 6% gold bonds, .series "A" or certificates of deposit for such
bonds at a price not exceeding 75 and interest, as the fimd available for the
purchase of bonds will pay for. V. 113, p. 74.
—
—
Braden Copper Mines Co. —-Tenders.
of Now York, trustee, will until Feb. 16 receive
bids for the sale to it of 1.5-year 6% sinking fund bonds of 1916 to an amoun.
\'.
The Bankers Trust Co.
sufficient to exhaust $067,052 at not exceeding 105
Brill Co. — Earnings.-
and int.
—
Net
profits
do
do
$163,400
Les-i—Div. on pref. stk.(7%)320,600
Keservo for Federal taxes
contingencies
Balance, surplusPrevious surplus
Total
$704,721
$195,520
2,659,532
$975,110
1.744.546
JDr.289,741
$3,290,482
Cr.60,710
$2.855,0.52
Cr. 8,753
82,719.656
Dr.60.124
$2.904,2.52
$3,351,192 x$2,585,761 x.S2,6,59,532
$3,193,993
Adjustments
x$916.870 x$l,341,510
$1,415,321
(7)320.600(155^)721,350 (8)366.400
240,000
150,000
2. .585,761
-def.$157,200
..
3,351,193
Fed. taxes paid in year..
Total surplus
—
278,044
X Federal Uxes for 1919.
V. 113. p. 1891.
now
Brooklyn Edison Co.
est. at
$85,000.
must
also
— Earninqs. —
$4.825..3.36
Gross income..
and discount
2.052.915
Dividends, &c_
..1
1.534.509
Employ's' profit-shar'gj
Contingencies
982 ,837
Surplus for the year..
Adjust, prev. years
$255,075
156.345
Credit to profit & lo.ss.
$98,730
X Deduction. V. 114. p. 201.
—
Burlington
(Vt.)
Light
& Power Co.~Bonds
in
Sold.—
Co., Stroud & Co., E. B. Smith & Co. and Janney
& Co., Philadelphia, have sold at 9134 and int., yielding
SI, 100,000 1st Mtge.
gold bonds.
6M%,
Dated Jan. 2 1922, due Jan. 1 1942. Donom. $1,000 (c). Callable at
any int. period at 105 and int. Philadelphia Trust Co
Philadelphia
trustee.
Guaranteed principal and interest by American Gas Co. Int.
&
Bioren
6%
J., free of 2% normal Federal income tax.
Penn. 4-milis tax
Auth. $4,000,000.
Data from Letter of Morris W. Stroud, President of the Company.
nropcrty, Ac.
Consisting of hydro-electric plant located on Winooski
River, Vermont.
Leases all the property of Burlington Gas Light Co.
Company operates under direct franchises from the LcLjislature of the State
of Vermont.
The Vermont P. S. Commission Jan. 17 1922 authorized the
issuance of bonds. Preferred and Common stock of the company amounts
ing to $1 ,950,000, together with an additional issue of $300,000 of Preferred
stock for the acquisition of equities in the Burlington Gas Light Co.
Earnings for Past 2 Years, incl. All Leasehold Obligations in Opcr. Expenses.
payable
&
J.
refunded.
—
1920.
Gross operating revenue
Net after oper.
exps., incl.maint., depred., rents
&
Interest on
—
V. 107,
this issue requires
p. 2291.
1921.
$476,857
taxes$141, 281
66,000
$478,640
$134.4.36
66.000
—
California & Hawaiian Sugar Refining Corp. Bonds
Sold.— Blyth, Witter & Co. announce that the $7,000,000
1st Altge. 7% gold bonds due Feb. 1 1937, offered by them
at par and int., were all taken the first day of offering.
V. 114, p. 83.
California-Oregon Power Co. Bonds Offered. Mercantile Trust Co., San Francisco; E. H. Rollins & Sons,
National City Co. and Harris Trust & Sa\ings Bank are
offering at 9.3M and int., yielding about 6.60%, $1,000,000
1st & Ref. Mtge. Sinking Fund 6% Bold Bonds, Series "B."
Dated .Ian. 1 1922. Due Jan. 1 1942. Callable all or part on 60 days'
—
—
—
notice on any int. date at 107}^ and int. up to and incl. Jan. 1 1927 and
for each full year, or fraction thereof,
thereafter at a premium equal to J^
of unexpired term of bonds.
Int. payable J. & J. at Mercantile Trust Co..
%
Trust & Savings Bank, Chicago, and National
City Bank, New York, without deduction for any normal Federal income
Denom. $1,000. $.500 and $100 (c*).
tax up to 2%.
Authorization.
Is,suance authorized by California RR. Commission.
Data from Letter of John D. McKee, San Francisco, Jan. 30.
San
Franci.sco, trustee; Harris
—
—
Company. Owns and operates 7 hydro-electric plants, total installed
capacity of .33.980 h.p.
High tension transmission lines aggregate 473 miles, extending from
Glendale. Ore., to Delta, Shasta County, Calif., where connection is made
with the transmission system of the Pacific Gas & Electric Co., to which
There are about 810 miles of
this company wholesales electric energy.
distribution circuits. Also owns and operates the domestic water distribuPopulation
tion .systems in Klamath Falls, Ore., and Dunsmuir, Calif.
over 77.000.
,„,„
1919.
1920.
1921.
Earnings Years Ended Dec. 31—
$726,079
3948.277
$1,001,272
Gross earnings
295.744
398,041
449,083
taxes.Operating expenses, maint. &
Net earnings (before depreciation).
Annual bond int. charge(incl. thisiss.)
Capitalization after this
Common
st
financing —
$430,335
$550,236
$5.52.189
261.020
AiUhorized. Outslarvlino
$4,441,100
.. $7, .500.000
2,220.000
7,.5oo,ooo
.
ock
7%
(Cumul. after 1924)... :::
Pref. stock
First and Refunding Sinking Fund 7Hs "Series A" 1941.
6s ".Series B" this issue...
do
do
Underlying bonds (closed mortgages)
Purpose.
— To construct a
,2'5nn-,?no
^'oi
ri%n
9t)l.tKJU
115 mile high tension transmission line which
.-staces
when completed will connect with the system of the Mountain
Power Co. and will wholesale power through the new line to the Mountain
States Power Co. under a 30-year contract.
Link River Dam.
^ ^ ^^,
that, tne
The company, through Its publication "The Volt." announcesThis
Link River dam is completed and also says in substance; througnaam
tne
was constructed under contract with the U. S. Government
a pan oi
Reclamation Service of the Department of the Interior and is Irrigation
the Government's plan for the full development of the Klamath
project and the full utilization of the Klamath water-shed. .Jro"'-,"^J
—
Jt^ay now
company's point of view the dam may be used to create which
»
down the Kfemath River and thus prevent the waste of waterdam h'tJierto
'»
has always occurred during the high-water season. The
'"^J^^
tne
below the second reef at the head of the Keno Canal and just apovetaiiB
Klamatn
of
city
natural rapids in the Link River from which the
derives its name.
.
»„,:__ „.
, „
oi
"The dam, which is in reality a series of piers raised on a rounaation
pr reintight bedrock 7 feet below the natural stream bed, is a structure
average
an
with
abutments
forced concrete and measures 435 feet between
hei,'ht of 20 foot.'— V. 114. p. 202.
California Wine Association. A ^m. ])ir. Bond Call
,
—
—
$3,082,949
1.420.333
(1..387. 366
121.897
1
$3,351,012
$1.53.3.53
$318,007
X240.47S
x.53,351
x$87.125
$264,656
LOSS. 448
1.381,650
106.756
456,149
each were paid.
.
1918.
$8,854,302
6.162,445
$2,691,856
898,677
1.374,216
.
„...!_,.
,
time
recently announced that it is ready to purchase at any
outstanding
on or before Feb. 27 1922, at par and int. any or all of its 2&US.
V. 113. p.
20-year 1st Lien Conv. 5% gold bonds, due 192o.
The company
—
Calumet
&
Arizona Mining Co.— Resumes Oprrations.-»^
fnr°ac«i
it is stated, has started two reverberatory
'^
The company, it is said, has ».»?""« ;??r?s"m^
smelter at fiouglas, Ariz.
"-sumea
-Mining, it is .stated ^v'" "?* '>e
supply of ore in the smelter bins
114. p Jiu.
at Bi.s'bee until considerable of tliis ore has been smelted
The company,
—V
P^>;*^^—,.
Case Plow Works Co.— Reduces of
,^,^,^,
t |o \\ alli^ tra^
it is announc od. has reduced the P^ice
this combination
ago
and J. I ('.ISC three-bottom plow to $995. A year
sold for $2,023 —V. 114. p 414.
Cash Cotton Mills, Gaffney, So. CaTO.—Sale.—^I^^mith
(J. I.)
-The
company,
the ;i'«^ivers to C^
it is reported, has been .sold by
Merchants & Planters Bank, Spartanburg. So. Caro., for $300,000.
This cmniany
be deducted.
1920.
Calendar Years—
1921.
1919.
Total revenue
$16,515,098 $13,308,868 $10,850,114
Rxpenses, incl. taxes and
reserve for renewals
and replacements
11.689.762 10.225,919
7.499,102
Interest
—
113. p. 1577..
(The J. G.)
Calendar Years
1920.
1921.
1919.
1918.
Total sales
$7,647,899 $17,537,293 $14,210,622 $16,761,155
Oper., gen. & adm. exp.
& deproc. reserve
7,484,499 16.121,972 13,293,752 15,419.645
—
.Shipment-s for the quarter ending Jan, 31 1922 totaled 36,834.937
average of $2,278,312 per
of pairs shipped
exce-ss of the corresponding period a year ago.
V. 113. p. 2403.
Pros, of
.
Central Illinois Light & Power Co.— Bonds Sold.—
Federal Securities Corp. and Ames ^\'^^^^''';}K^Co \\iicago,
S2.7o0,0CKJ
have sold at 94^ and int., to yield about ().oO%,
paying
bonds
6%. An
gold
1st & Ref. (now First) Mtge.
to-aays
advertisement as a matter of record appears in
consolidated interest certificates
the 5% coupons
''^^y^li'l.ifV'l^.,^:!^! -The-;e bonds bo;,r
per annum, replacing
at tlic rate of
•ind
Such cons"oli\latc,l interest
ori^ginan.r."ua''ch«L
A>mons
6%
^fll'fiff
,t,
the 1st
arc secured by a general mortgace ranking next after
l°te?Tow
& Ket. inow
121. .534
199.620
$97,809
$97,809
or part on any int. date upon 60 days'
Trust Co. of New York, trustee.
"je
Sinking Fund.— Sinking fund provides that company pay to bonds
^^«
of
annually an amount equal to >i of 1% of the total amount
all
standing.
THE CHRONICLE
Feb. 11 1922.]
&
a from Letter of R. S. Wallace, V.-Pres.
Illinois Light To.— Incorp. in Illinois.
Gen.-Mgr., Feb.
3.-
Supplicsrl^'CtJVI'.'J^l
'entral
''^.';
631
"I am confident that the suit will have no effect upon the carrying out
of plans under consideration for the adjustment of the company's financial
structure .so as to insure the succe.ssful com lunation of Hie company's business.
I know of no grounds whatever upon which a stockholder could ba.se
the application for the appointment of a receiver, as the company is being
conducted by the management elected by the stockholders and everything
poiisible is being done in co-operation with the company's creditors to preserve the stockholders' equity."
—
—
Capitalizalion Outstanding After This Financing.
„_,._
stork
mmon stock
--?
,ferrfd stock (6% cumulative)
•ferred stock (7% cumulative)
St & Rof (now first* M- gold
bonds. 1943:
(a)
os.
$5,000,000
o qkq nnn
^•'iS-cnn
bso.buu
coupon.
;4.410,000: <b) 7'<s. Sl.053.000 (V. 113. p. 1679): (O 6s (this
8,213,000
32,7.50.000
Bsue).
Earnings for the Twehe Monlhs to Jan. 1 1922.
Total.
Heating.
Gas.
Eleclricitu.
-57.30.0.57
S207.205 S2.713.91.;.
.-..$1,776.6.5.3
OSS earnings..147,4,6 1,48.0,10.2
494.271
843.3.58
crating expenses
464,4 ^o
jiual interest charges on funded debt (Including this issue)
$764. .335
-Balance -- -.
raxes for the period shown above equaled .S166.000. Net earninss of the
on
charges
interest
ire propertv after taxes equalled 2.28 times annual
total funded debt and before ta.tes 2.64 times such charges.
Earnings, Expenses and Sales. Catendar Years.
Gas Sales
*Xet All Interest Elec. Sales
Gross
(Cu.Ft.).
Earninos. Earnings. Charges. Balance. (K. W.H.^i
388.669.800
15.085.693
13. -$1,198,839 S^.28.2.36 S294.279 S.3.33.9.57
848.110 373.720 474.390 45.987.019 ,564.833,400
2.102.251
19
951,234 367.011 .58-1.193 66.789.843 64<S.073,900
>0
2,728. .5,vi
398.927 663,838 52,927,344 598.172,000
>1 1.- 2,713. 91'i 1.002.809
' Net earns, after oper. exp.. incl. taxes, current maint. and repairs.
Purpose.
To retire $2,500,000 Peoria Gas & Electric Co. bonds due
The company will also be reimbursed for expenditures made
3. 1 1923.
improvements to property. V. 113. p. 1679.
>
—
—
—
Central Massachusetts Light & Power Co. Bovds Of~gfl
c. D. Parker & Co., Boston, are offering at 95 and
Series "C."
t. .S300,000 6% Convertible 5-Year bonds,
—
nireular shows:
Dated Jan. 3 1922. Due Jan. 1 1927. Int. payable J. & J. without
duction for normal Federal income tax not to exceed 2%. at the office of
Denom. .?1.000,
First National Bank of Boston, Mass., trustee.
Callable, all or part, at 103 and int.. on anj' int. date
00 and $100 (c*)
e
.
on 60 days"
notice.
—
Authorized.
6.500 shs.
stock (no par value)
x83,200,000
Preferred stock (par value SlOO)
c
inded debt fall equally secured)
100.000
Series A 6% bonds, due Apr. 15 1926.
100.000
=>fnes B 6^ b-jnds, due Sept. 11926
1 1927 (this issue)
500,000
Se.-ies C 6% bonds, due Jan.
CapiiaKupon completion of present financing)
mmon
Outstand'g-
6.500 shs.
$1,485,200
100.000
40.000
300,000
57,000 shares reserved for conversion privilege of bonded debt.
"urpose.
Proceeds will be used to purchase notes issued and to be L^ued
the companies whose shares are owned.
"onrerlible.
Convertible par for par with adjustment of interest and diviads on any int. date on or before maturity, or in case of cill, on or before
lemption date, into the 6% Preferred shares of the Central Mass. Light
—
X
—
Power Co.
—
Owns entire capital stock of the following electric light and
in Ma.s.sachusetts and furnishing the
re<-4uirements for the electrid li(?ht department of the Spencer
electrical
tire
« Co. and the municipal electric light plants of Mansfield and North
•''-iro.
Total pop-'-*' - 108,010: Blaokstone Electric Light Co.,
"ompan'j.
wer companies, serving 23 towns
Massachu-set
C;o.. Norton Power & Electric Co., Union
Power Co., \'>
trie Co.
turnings of Central Mass. lA. <S Pow. Co. Year ending June 30 1921.
ital net income
.$100,223
Trustees' expenses
2.014
•
V
Net Income of trustaes
$98,209
V. 113. p. 9C4.
Pasco Copper Corp.
'^^rro de
II
.linnan/-
f
output
(In
— PrnriucHon
1922
4.726.000
pounds).
1921
4,086.000
IM, p 202
r*
; «•
;
or
-D.-
Co.
f?»"'-vice
dendn Payable in Scrip.
"I
—
H%
.'ular monthly dividends of
• H stocks, payable in script,
df<-|;i
i.-js
—
(in Pounds).
1920
1919
4,616.000 5.836.000
I'i'l
on tho
and the
Common
'in the
stock payable In Com.
lie .\Ianrh 1 to holders of re-ord Ki-b. 1.5.
ini.i iiiiiuthly in scrip since -Vug. 1 last.— V. 114'.
.525.
202.
&
Peabody
Cluett,
For annual r<-port
vf»!
Co.,
under
Inc.— ftrpor/
"p'lnan^'ljil
Tho company
ilfry
and
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.
announr-i?* th.-it I)
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Coca-Cola Co.
> .
.11
of th«
.
II
V
.
t:
.-»<•<
Dtan. who have been cr
retired.— V. 114. p. 526.
— ShareholderH
to a derision
•
.»
A. K. Cluetl, A. fJllH. M. firout
relary and Treasurer, rCHl)ectlvelirs.
I'resldentH.
'ID
(•
Diredorti, <tc.
Rnports" above.
W. C. Morgan, S. J. Mc-
—
in Atlanta to Pay Taxes.
handed down by the Oeorgia Supremo Court,
rrirnr>:»nv.
r«-<ld'Ti>H
of .Mlanla.
ir<-4.
;.<Tlor
:
nr<-
II
f '(.
of
li'<l
to pay
follows ;in
rfi-ilrerl
Til'
fcillowjng
tloldcTN.
1
.
only oviiry municipality
'
'f I"
hi-ld In rfrifi
i«,
have
•
llju. of
courwi. IhAt rlKhl
1™ cuiifiutia
ilml
mlu.
,,f
U» nmtdonta
Status
Creditors Representing $15,000,000 InOutlook
debtedness Grant Relief.
Harold Stanley, C^hairman of the .5-year 8% gold notes committee, commenting on th'j letter of Chairman P. S. Wliittcn (seo below) says in part:
"As you will see from the letter the representatives of bank creditors and
merchandise creditors sneaking for over $15,000,000 of the company's
—
debt are agreed that the company must be relievwl for the time being
from pa.NTuents on account of its indebtedne.^s, and that the only alternative
to this course is an expensive and protracted court reorganization rasulting
in ii""dless loss for all concerned.
"With practically all of the corhpany's other indebtetlness rcpre.sented
by committees favorably dispo.sed toward a voluntary readjustment of the
company's finances, it remains onl.v to .secure tho co-operation of the 8%
noteholders to bring .-.bout the desired readjustment. This committee has
bee-.i organized to furnish a medium whereby tho individual noteholders
may be repre,sented in fixing the terms of such readjustment.
"It is ob\iously in the interest of the noteholders to co-operate with the
other creditors. The notes are wholly unsecured and the noteholders have
no better position that the bank creditors and the merchandise creditors.
Vou -ire th-'rcfore urged to denosit your notes as nromotly as possible with
Guaranty Trust Co.. New York, depositary. The Feb. 1 1922 coupons
on notes depo.sited on or before Feb. 15 1922 ^vill be acquired by tho committee representing bank creditors and held for such disposition' imder the
plan of readjustment or otherwise as shall be equitable.
Data from Letter of Chairman Francis S. Whitten Feb. 1.
In common with many other companies, we
Falling Off in Business.
have been through a period of severe shrinkage in the volimie of our business,
accompanied by large depreciation of inventory values and other unfavor-
—
able factors.
At the beginning of the period we had outstanding contracts for large
amounts of cabinets and other materials necessary for an extensive manufacturing program, anticipating that 1921 business would be commensurate
with 19'20 business. However, 1921 sales were approximately $19,000,000
as against 547.000,000 in 1920.
On Dec. 31 1921 company
Direct Indebtedness Amou7ils to 323,200,000.
owed large amounts to banks and merchandise creditors; this debt with
S6. 000.000 5-year 8% gold notes, and about $250,000 real estate mortgages,
made a total direct indebtedness of about •S23.200.000.
As a result of efforts of the company's creditors sub.stantial concessions
have been made by the merchandise creditors and marked progress has
been effected in the reduction of the company's commitments. In my
judgment the company has a good future under fair normal operating conditions, with economies that have not been possible in the circumstances
with which we have been confronted.
On Dec. 31 1921 the company had current assets
Assets & Liabilities.
valued on a con.servative going concern basis in excess of $21,600.0(30 after
In addition company's plants and
writing off upwards of 87,700.000.
investments are carried at a figure in excass of .S9. 000. 000.
The company has also contingent liabilities in respect of $1,625,000 1st
Mtge. bonds and .SI. 925. 000 Pref. stock of Columbia Graphophone Factories
Corp. which owns the plants in Toronto and Baltimore, leased to this
company which owns all the Common stock of the Faaories Corp. The
matter of the company's obligations on the Factories Corporation's lease
—
—
is
now under
Outlook.
consideration.
company, like many others,
— This
now obtaining a volume of
than may be reasonably expected
is
when general conditions
business less
improve. Every possible reduction in operating and overhead expense is
being made so that upon readjustment of the company's financial structure
it will be in a position to take full advantage of a revival in businass. Profits
for many years preceding 1921 have been sati.sfactory
indeed every year
When the country emerges from
since 1910 has .shown substantial profits.
its present business depression I see no rea.son why this company should
not enjoy its fair share of business and prosperity.
Company is faced with the necessity of being
Creditors Grant Relief.
relieved for the time being from payments on account of its indebtedness.
The representatives of the banks and merchandise creditors, speaking for
over 515.000.000 of the debt, are agreed upon the necessity for this relief,
and it is hoped that the noteholders committee will co-operate with them
to obtain this result.
Prompt action by the noteholders is essential to carry out necessary plans
for a voluntary readjustment of the company's finances and is to the
—
—
interest of all creditors, including noteholders.
See V. 114, p. 526.
—
Conamercial Cable Co. Bonds Offered. National City
Co. arc offering at 72^ and int., to yield about 5.50%,
1st Mtge. 500- Year 4% Gold Bonds (non•SI, 870,000
red('(>mable prior to Tnaturity).
Dated .Ian. 1 1899. Duo Jan. 1 2397.
Authorized and outstanding,
Interest payable Q.-J. at Farmers' Loan & Trust Co., New
$20,000,000.
York, without deduction for the normal Federal income t;ix up to 2%.
Donom. $1,000 (c*&«), $1,000, $5,000 and $10,000. Listed on tho New
York Stock Exchange.
The company opioratcs one of the most important land and ocean cable
and U'lcgraph systems In the world. Owns 5 submarine trans-.'\tlan(ic
cables between the United States and Nova Scoll.i. Ireland, England.
France and the Azores, as well as a number of cable lines along the North
Ameri<!an coast.
In addition, it owns in fee tho comprehousivc telegraph
sysu-m extending throughout the United States, knowu as the Postal Telegraph System.— V. 88, p. 999.
Consolidated Gas, Electric Light & Power Co. of
Balto. - /Vf/. Slock Offend.
Spencer Trask & Co., New
York, and Chaso & Co., Ho.sloii, .in! offering at 110 and
divs., to yield about 7.27%, $1 ,S(X),(K)0 87(, Cumulative Pref.
la.
d.) stock. Series "A," par value SIOO.
(P\)r description of stock 8(!(! previous offering in V. li;}, p. 9G5, 2011).
See also advertising pages.)
Data from Letter of Prci. Herbert A. Wagner, Baltimore, Feb. 1.
Ciimpanu. -Does the entire g;is, electric light and power business In City
of It illltiiore. iiK-liidliig the suiiply of all power usisi liv In- strei-t railways.
OlM-ratlons also ••'.lend Into the suburlis and siirrouiidiiiK counties.
I'oiml,illon about 775. (K)0.
In Us electric division the company has t<eiier,'itii)K
Ntatlons ng'^rcKating over 210,000 h, p. capaelly.
.Steam ;iiid eleelrli'
i'i|iil|iini-iit
of (he most modern type.
Conip:iny Is :il«o fuiiilshisl. iiniler
'nlracl. with power from he li.vilroM'lis-lrle ileveloiinieiit
\\'ii(<T .'w Power Co. at llolluoii'l. I',i., anil has iheex'iiitput of this development for M.iltlmore and vicinity
liiU*oo<l U the 1,'irgest water power plant in operiilltin cant of tlui
;.i aiicl MMiih of Nlag.'ira.
The Pi'iinsylvanla Water A Power Co.
ilpnieiit for
IH.OdO h. p.
All kuh maniir.'ietur<sl by
'I
at Us .Spring (l.irdenH pliinl, which has a dully
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'ilvp thn votliiK tni.st
iilin-mii Court, hnti with
by the r/inipriri'-lpnl irrounil
|>luuu-<l ri'i'l.'ilii cllvliliinl
mill
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Upon Completion
rl.
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of Vrtittnl Financing.
$.'.,II(M).(MH)
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—
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Manufacturing
@FedFRASER