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INCLUDING
Bank Sz. Quotation Section
Railway Earnings Section
VOL. 116.

financial

rotitri

Railway 8c Industrial Section
Bankers' Convention Section
SATURDAY, FEBRUARY 17 1923

The Thronicit.
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Published every Saturday morning by WILLIAM B. DANA COMPANY,
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
691 and 692.
THE FINANCIAL SITUATION.
Mr. Untermyer has rushed back from Florida to
rescue his pet measures, and the fight over them is
hot in Albany. It seems impossible to add anything
concerning one of the worst of these propositions in
which he is more or less active—the bill to set up a
Trade Commission; it would go counter to sound
reason and the experience already obtained and is
opposed by the weightiest of our business concerns.
What is sorely needed is to take interfering hands
off business and give it opportunity to move and
grow. It becomes necessary to say this over and
over, because the bat-eyed notion persists that size in
business operations is presumptive evidence of
wrongdoing and that success comes only or mainly by
robbing somebody. Mankind never were and never
will be born "free and equal," except in the right to
an untrammeled seeking of their own welfare; tying
up some does not favor the exertions of others, but
the contrary.
Mr. Untermyer has not said and is probably not
likely to say anything too severe of the misdoings of
labor organizations. He cites their limitations of
memberships and apprentices; their arbitrary domination of owners and builders; and so on, having
himself proven much of this by the admissions wrung
from Mr. Gompers. He finds, he says, that the housing emergency is nearly as acute as ever as to accom-




Electric Railway Sectioa
State and City Sectior
NO. 3008

modation for those to whom $10 to $15 per room per
month is the limit of ability; perhaps so, and it is
reported this week that builders in Brooklyn are
looking for fresh demands by building workers, plasterers figuring on $20 a day after April 1 and lathers
contemplating a rate on piecework which would run
the wage "of many" to as high as $30 and $35 a day.
Language can hardly be too severe as to the blind
greed of labor, yet attempts to bring it within the
bounds of reason by statutes and a State regulating
board will be in the wrong direction. The only way
to expedite the natural settlement of the industrial
problem is to keep it out of politics, hold the unions
to a strict responsibility for misconduct (whether
short of or up to the Herrin method) and leave the
open shop to the sure operation of time. To meddle
with it is to muddle it.
The fight is hot also over the outrageous attempt
to set up a State monopoly in compensation insurance. Labor is said to be for it; the insurance companies, the largest employers, and every consideration of justice and reason, are against it. Not one
word can soundly be said for it. If the State Fund
does or can provide better and lower-priced insurance than private companies do or can, it need not
fear competition; the employer has a right to select
his own insurance carrier, and private companies
have as much natural right to sell that form of insurance as any other. A few States have set up this monopoly, and possibly it is within the constitutional
power of the New York Legislature to do so here; at
least, the thing is immoral and anti-American, and
its constitutionality would be an interesting subject
to test, if need comes.
Mr. Untermyer is as savage as ever at the Stock
Exchange, and he sent to the New York "Times" from
Florida a two-column plea for his regulative propositions. It is unnecessary to go over that again. District Attorney Banton calls the present law "a joke"
and says he will clean out the crooks if he is given
power, and his assistant repeats the barren assertion
that the Stock Exchange should not be regarded as
the personal property of any group. In the sense he
means, it is not such and is not so regarded. It is a
private association, keenly alive to its responsibilities and more keenly interested than any private citizen by himself can be in punishing crooked dealing
and making business honesty the rule. Mr. Cromwell, the President of the Stock Exchange, protests
these regulative attempts as "an unbridled slander
against the greatest business in New York." Mr. R.
C. Brenneman of the New York Bar writes a long
letter to the "Times" to propose a Bureau of Free Investment Information, with an advisory board cum-

648

THE CHRONICLE

posed of one representative of the commercial banks,
one of the savings banks, one from the companies issuing guaranteed mortgage loans,one from the Stock
Exchange, etc., this service to consist of facts rather
than advice. To this Mr. H. J. Kenner, Managing
Secretary of "The Better Business Bureau," replies
that this organization, by a group of bankers and
business men, has been doing the thing proposed for
many months,aided by a committee of the Associated
Advertising Clubs.
The practical sense of the subject remains as it
was: leave the responsibility for making fraud difficult with the interests and the institutions best fitted to do the work and most keenly interested in baying it done effectively.

[Dot,. 116.

Political conditions in Ireland have been disturbing
again.
Early in the week at least there weie no particularly striking developments in the Ruhr Valley situation. From day to day the French took further
steps to tighten their hold, as they had done since
their invasion began. The Germans continued to resist. On Saturday, in Paris,"following a conference
between Premier Poincare and II. Jasper, the Belgian Minister of Foreign Affairs, at the Quai d'Orsay
to-day, it was announced that the two Governments
had decided not to permit further visits in the Ruhr
territory by members of the Berlin Government or
members of the Governments of the various German
States." The New'York "Times" correspondent explained that "this measure is the result of the recent
visit to the Ruhr of Chancellor Cuno for the purpose
of bolstering German resistance to the occupation
measures." The decision of the Allies was conveyed
to the German Government in a note that was handed
to the German Charge d'Affaires in Paris.
Cabling on Feb. 10 from Duesseldorf relative to
the success of the French invasion as measured by
the amount of coal and coke shipped to Belgium and
France, the repres,ntative at that centre of the New
York "Times" said: "If the amount of coal shipped
by one side or the other out of the Ruhr is to be taken
as the test of victory then the French are winning
handsomely in this struggle. Three trains of coal and
coke were sent out Thursday through Aix-la-Chapelle and nine more were added yesterday. Four •
trains of coal made up of 109 cars were dispatched
from Herne with French crews aboard and five
trains of from 30 to 35 cars apiece from Wanne. Almost all the coal is intended for Belgium, while
France will take as her share of this booty 146 cars
of coke for the blast furnaces of Lorraine." He
added that "there are more than 20,000 loaded cars
in the Ruhr awaiting traction, and, though the job
may be a slow one, the French are confident all these
carloads will be shifted into French territory during
the next month. On their side the Germans have no
such success to show. During the ten days since the
cordon was closed they have succeeded in getting
only three freight cars across the French lines, and
these only at the very commencement."

Merchandise exports from the United States in
January were slightly less in value than in the three
preceding months, although they continue very much
larger than in the corresponding month of last year.
January exports this year were valued at $339,000,000. These figures contrast with $344,425,364, the
value of merchandise exports in December,and $278,895,191, the total for January 1922. The high point
for exports for the past year was in November, when
the amount was $380,056,542. Some improvement in
our shipments abroad was shown as the year advanced, although in part the increased value that appeared in the last three months of 1922 is attributable to a somewhat more liberal export movement of
raw cotton at a considerably higher value than in
the earlier months of the year or in 1921. The statement of merchandise imports for December is not
yet available, in fact the November figures have not
yet been issued owing to the recent delays in tabulating the import figures. The latest available records,
however, continue to show an excess of merchandise
exports. For the seven months to the end of January of the current fiscal year the merchandise exports foot up $2,350,328,910, as against $2,229,401,075 for the corresponding period of the preceding
year.
Imports of gold in January amounted to $32,817,591, while the exports were $8,472,198, an excess of
imports of $24,345,393. Gold imports in January
were somewhat larger than in the recent preceding
months—in fact, in only two months of last year,
March and July, were they in excess of the January
figures, and in one of these months a special moveThe Paris representative of the "Times" in a cament from Montreal was the occasion of the larger blegram filed on the evening of Feb. 11, asserted that
shipments. Exports of gold in January were also "the doors of Germany's great Ruhr factory will be
larger than in any month of last year with the single shut against her to-morrow at midnight. Premier
exception of October. Silver imports in 1922 were Poincare notified the Berlin Government to-day of
valued at $70,806,653, while the exports were $62,- its decision to halt all exportation from the Ruhr
807,286; for the preceding year the imports were Basin into unoccupied Germany. The Belgian Gov$63,242,671 and the exports $51,575,399.
ernment made a similar declaration to Germany."
He added that "this means that Germany loses for
Seemingly events in the Franco-German situation the time being not only the normally enormous prothis week have been less decisive than during any duction of the finished products of the Ruhr factosimilar period since the French invasion of the Ruhr ries, but what is for the moment more important—
started. Already there is a rather wide difference of her greater supply of steel and iron."
opinion as to what the French have accomplished,
In an Associated Press cablegram from Duesseland particularly as to what they are likely to accom- dorf under date of Feb. 11, General Degoutte, the
plish, with respect to their grim determination to French commander, was quoted in part as follows
make the Germans pay reparations. Various predic- regarding the French policy i the Ruhr Valley:
tions are being made as to the probable duration of "Just one month ago to-day I gave orders to my
the experiment, how the end will come about and how troops to enter the Ruhr and never, until Germany
a settlement finally will be reached. The Near East makes adequate settlement for the frightful wrongs
situation was in abeyance practically all week pend- and damages inflicted upon my country, will I order
ing Ismet Pasha's reply from the Angora Assembly. them to withdraw. Right and might are ours, and




FEB.17 1923.]

THE CHRONICLE

we shall win. We occupied the Ruhr without shedding a drop of blood. We have allowed the population full liberty; we are not crushing the country under requisitions; but we want to get paid, and we
shall be paid."
Additional steps in the general program of the
French with respect to the Ruhr Valley were outlined
by the Paris correspondent of the New York "Times"
in a cablegram Tuesday morning. He said that "tomorrow or the next day the French and Belgians will
announce the taking over of a certain number of lines
of railroad in the Ruhr and Rhineland to assure communication between France and Belgium and the
Ruhr. These lines will be directed by French and
Belgian commissioners, operated by French and
Belgian firemen, engineers and train crews, and
guarded by French and Belgian soldiers." He added
that "the French have named as their Ruhr Railway
Commissioner M. Breaud, Assistant Manager of the
French State Railway System, who several years ago
effected reorganization of the Greek railroads." Definite word care from Duesseldorf the same evening
that "all the railroads of the Ruhr were taken over
by the French and Belgians to-day." The dispatch
also stated that"a proclamation was issued announcing that henceforth the roads will be under orders
of the occupying forces. German railway workers
will be employed if they agree to obey orders." According to several cablegrams from Paris during the
day, "the Rhineland town of Gelsenkirchen, where
two French officers were shot yesterday, was to-day
fined 100,000,000 marks, which must be paid within
24 hours."
In a long cablegram Wednesday morning the
Paris correspondent of the New York "Times" presented a somewhat new phase of the situation growing out of the French invasion. He said in part:
"Within a few days one may see Premier Poincare
at the tribune of the Chamber pleading against being
rough with Germany. If a year ago one had predicted that Poincare would ever lose an opportunity
to spur the Government on to action, would ever let
escape an occasion to condemn Germany, would ever
try to curb French resentment toward Germany, one
would have been thought insane. But what has happened is that a large part of French opinion, important because its representatives control Parliament,
thinks M. Poincare's Ruhr plan is not working well
and won't work well because they think it is mollycoddle. And so we see the former German-baiter
now sitting on the lid of popular eagerness. M.Poincare has practically all France behind him in staying
in the Ruhr. But he has so much support behind him
it is pushing him further than he cares to go. Inasmuch as no important faction wishes to get out of
the Ruhr, we find dissatisfaction pressing for further
action." The Paris representative of the New York
"Herald" touched upon the question of the cost to
the French Government of the invasion. He said
that "Finance Minister de Lasteyrie estimates that
the French occupation expenses under present conditions are 40,000,000 francs a month, to which must
be added the cost of extending the military service
of tht present classes to eighteen months instead of
fifteen, which will mean 750,000,000 francs this year,
unless German resistance is soon broken."
Naturally there have been numerous guesses and
predictions as to the length of the French invasion,




649

by what means it will be terminated, what the net
results will be, etc., etc. The Associated Press representative in Paris cabled Thursday evening that
"some American and other neutral observers here,
declared to be in a position to know with considerable precision the coal stocks of both France and
Germany, predicted to-day that the economic battle
going on between France and Germany in the Ruhr
was likely to come to an end in the early days of
April by the fuel starvation of Germany. These observers estimated that Germany, if the struggle was
not terminated sooner by negotiations, would be unable to operate her railways and factories after that
time. The coal supplies of France will also be running short, but France, they contended, was better
able than Germany to buy of Great Britain, Poland,
Czechoslovakia, and in other quarters. If the Ruhr
battle is fought out on the issue of coal, it is foreseen
that fuel difficulties will grow throughout Central
Europe and other points."
The situation in the Ruhr appeared to be very well
summarized in the following headlines on a Duesseldorf dispatch to the New York "Times" yesterday
morning: "Ruhr confusion and tension worse;
All Essen on strike; French seize Essen town hall
and close theatre after big patriotic demonstration;
Armed rising is possible; Extremists gain control of
resistance organizations and may override Berlin's
policy; Sabotage is increasing; Rhine-Herne canal
blocked by sunken barge; Workers quit mines; More
functionaries arrested."
The conference scheduled to be held in London on
Thursday between Andrew Bonar Law, British Premier, and M. Yoes le Trocquer, French Minister of
Public Works, was adjourned until to-day, "after a
three-hour session, in order to give the French Minister opportunity to talk with Premier Poincare." The
correspondent of the New York "Tribune" cabled
that"the French Minister asked Bonar Law not only
for permission to run trains through part of the area
but demanded that French railmen have the right to
operate the lines there if a German strike developed,
which is regarded as inevitable." He also asserted
that "today's [Thursday] conference is the most important since the British Premier attended the meeting at Paris early last month which resulted in the
Allies agreeing to disagree. Marquis Curzon, Foreign Minister, and Lord Derby, Secretary for War,
supported the Prime Minister in his conversation
with M. le Trocquer and General Payot, the French
representatives." The correspondent also said that
"the latter emphasized that they wanted the British
troops to remain on the Rhine, while Premier Bonar
Law made it clear that the British Government could
not agree to any suggestion which placed such a
heavy responsibility upon it." Continuing his account of Thursday's session, the "Tribune" correspondent said: "The French must revise their plans
for transportation, or the British troops must be
withdrawn, he insisted, and he stood so firmly on this
ground and presented so convincing an argument
that M. le Trocquer decided to get into communication with Premier Poincare before giving the final
French answer. The French admitted they are
highly embarrassed by the question of transporting
food for the troops, not to mention the coal involved.
Recent optimistic reports from Paris are far from
justified by the facts as disclosed to-day, and unless
the situation is eased greatly when the conversations

650

THE CHRONICLE

[VoL. 116.

eign warships, while a similar softening is reported
in Angora's communications directly with the Allies.
Immediate favorable results are looked for on Ismet
Pasha's arrival. It is expected that he will give definite assurances that the peace negotiations have not
been broken off, but deferred, and that the way is
open for the adjustment not only of the Smyrna affair, but the resumption of peace parleys." The
French Foreign Office heard yesterday that "Ismet
Pasha, the Turkish Foreign Minister, returning to
Angora from Lausanne, where he headed the Turkish
peace delegation, arrived in Constantinople this
morning." The Associated Press correspondent at
the French capital added that "he will remain in
Constantinople only one day, conferring with the
Allied High Commissioners, and proceeding then to
Angora. Ismet will be met at Eski-Shehr by Mustapha Kemal Pasha, the Nationalist leader, and it is
expected that Ismet and Kemal will arrive at Angora
The decision of the Turkish Nationalists to agree Monday, when discussion of the Near East peace
to further negotiation of the questions in dispute terms drafted at Lausanne will be begun in the Nawith the Allies naturally eased the whole Near East tional Assembly."
situation again. The Paris correspondent of the
In his address from the throne on Tuesday, Feb.
New York "Tribune" cabled that "a more reasswing
view of the situation in the Near East, and especially 13, "opening the second session of the fourth Parliaof affairs at Smyrna, was held in official quarters ment of his reign," King George "stressed the Ruhr
to-night [Feb. 9]. While it is still no exaggeration question." The Associated Press correspondent said
to say the war clouds are not yet cleared away, a that "the British sovereign declared that although
certain light has been thrown in the last twelve hours the British Government was unable to concur or paron the general state of mind of both the Turks and ticipate in the Ruhr operations, it was acting in such
the British. Paris knows to-night that Britain's in- a way as not to add to the difficulties of Great Brittentions in the Near East are not bellicose, as long ain's Allies, France and Belgium." Discussing the
as there remains a possibility of a peaceful settle- failure of the Near East Conference at Lausanne, the
ment consistent with the concessions offered the King said: "I greatly regret that in spite of the conTurks at Lausanne. Furthermore, Paris is advised ciliatory spirit shown by the Allies and the immense
that the Turks know this and there is hope that the concessions they were prepared to make, the treaty,
Ottoman chiefs in Constantinople will calm down when on the verge of signature, was declined by the
from the state of jumpiness which has been threaten- Turkish delegation." He added, however, "but I
ing at any momnet to precipitate hostile acts."
cherish the hope that when the full report of the proRelief as to the Near East situation never has ceedings has reached the Turkish Government the
proven of long duration. Following the reported latter may still be disposed to accept the treaty, and
willingness of the Turks to renew negotiations, and that the opportunity so earnestly and laboriously
in the meantime, to continue the truce, came this ca- prepared of rebuilding the peace of the East and the
ble dispatch from the Associated Press correspond- stability of the future Turkish State may not be sacent at Constantinople Feb. 10: "It is definitely rificed." As for the agreement for settling the Britknown that the Turks have begun the laying of mines ish war debt to the United States, King George obin Smyrna Harbor. The foreign warships have re- served,"I welcome the prospective settlement of our
ceived two more notices to depart. While the situa- war debt to the United States of America, which retion is tense, the fact that no incident has occurred fleets the determination of our people to meet their
is regarded as a hopeful sign. Rear Admiral Mark obligations."
L. Bristol, who was one of the American representaUnquestionably much more serious attention was
tives at the Lausanne Conference, has arrived here
given to the speeches by Lord Curzon in the House
and conferred with Brig.
-Gen. Harington, Commander of the Allied forces." London heard through of Lords and Andrew Bonar Law in the House of
a news agency dispatch that "The Turks have pre- Commons than to that of the King. The New York
sented a new ultimatum to the Allies, giving them "Times" correspondent said that "In tones of great
three days in which to quit Smyrna." A Paris dis- gravity both Ministers discussed the presence of
patch contained "the report of a Turkish ultimatum British troops on the Rhine. Lord Curzon pointed
to the Allies, allowing three days for the departure out that difficulties were constantly arising about
of Allied warships from Smyrna, and adds that the the levying of customs on'the coal in transit on the
Turks claim all liberty of action at the end of that railways through the British,zone and about the
period."
transport of troops." Bonar Law's concluding
Two days later another change for the better was words were: "The French may occupy the left bank
reported in an Associated Press dispatch from Con- of the Rhine or the Ruhr for ten years, but if the net
stantinople. It stated that "a distinct improvement result is to intensify the feeling of German nationin the situation respecting both Smyrna and the ality, the danger will come later, and I do not think
peace outlook is reflected in official quarters to-night it is any advantage to France. We still have our
[Feb. 12]. It is understood that the Turkish authori- troops on the Rhine. I do not know whether it would
ties at Smyrna have adopted a more conciliatory tone be possible for them to remain there long. Up till
in their exchanges with the commanders of the for- now it has not become acute, but it may. It is per.
are resumed, Anglo-French relations will suffer another severe strain." Premier Bonar Law told the
House that he could not discuss the present negotiations, as they would not be concluded until to-morrow (yesterday). While, according to Paris cable
advices last evening an official statement was not
issued following yesterday's conference, the Associated Press correspondent said that "Prime Minister
Bonar Law at the conferences with the French which
ended this afternoon is reported to have refused
transportation facilities for the French occupational
forces throughout the British zone at Cologne. He is
understood to have offered, however, to transfer a
small section of the zone to complete the French control." In another 'London cablegram last evening
announcement was made that "the House of Commons to-day gave Premier Bonar Law a vote of confidence on his Ruhr policy."




FEB. 17 1923.]

THE CHRONICLE

fectly true that either the German or French Government could easily make it impossible for our forces
to remain, but I think it would be a misfortune.
While we are there we are at least in touch with the
situation and have a chance of having a say in it. I
think it would be a pity to bring an end to the Entente. It is no good appealing to the League of Nations if you are certain that France will have nothing to do with it. I am certain that that would be
her attitude. It may be that in a few months' time
they might look upon that as possible. If so, then,
in my view, it would be time to make the attempt."
The correspondent added that "the Prime Minister's
speech qaused a sensation, but his optimism proved
in the end to be infectious, and general cheers greeted
it."
Announcement was made in Paris on Thursday,
Feb. 15, that "the French .Chamber approved to-day
a bill extending to Poland a credit of 400,000,000
francs in accordance with the treaty of 1921. The
credit is to be used for economic and military purposes, but as a matter of fact, a large part of it is for
army equipment which will be supplied by France.
It is probable that little cash will go from Paris to
Warsaw. The Communists made a feeble attack on
the bill, and when M. Poincare personally' asked for
immediate passage, it was voted 515 to 68. Finance
Minister de Lasteyrie then presented a bill authorizing a new loan of 13,000,000,000 francs announced
several days ago. It was explained that 5,000,000,000 francs would go to meeting the obligations due in
June and 8,000,000,000 for reconstruction. Communists attempted to tie up the bill with the Ruhr
occupation, but de Lasteyrie said there was no connection. The bill was adopted by 512 against 71
votes."
The British trade statement for January made a
favorable exhibit when compared with the returns
for December 1922. It showed an increase in exports of British products of £8,050,000, in total exports of £9,370,000, in imports of £4,780,000, and a
decrease in the excess of imports of £4,590,000. Compared with January of last year, there was an increase in the exports of British products of £3,783,051, in total exports of £5,114,185, in imports of £23,211,769 and in the excess of imports of £18,087,584.
The figures for January compare as follows with
those for 1922 and 1921:
Jan. 1923. Jan. 1922. Jan. 1921.
Imports
Exports, British products
Re-exports, foreign goods

99,690,000
66,930,000
9.790.000

76.488,231 117.041,115
63,146,949 92.756,094
8,458.866
9,955,119

Total exports
Excess of imports

76,720.000
22,970,000

71.605,815 102,711.213
4.882.416 14.329,902

Official discount rates at leading European centres
continue to be quoted at 12% in Berlin; 5]2 in
%
Madrid;5% in France, Denmark and Norway;432%
in Belgium and Sweden; 4% in Holland; 3 2 in
%
Switzerland and 3% in London. In the open market
discounts in London were a shade easier, there having
been a decline to 2 7-16@23/% for short and three
2
months' bills, as compared with 2 9-16©2%% a
week ago. Call money at the British centre, however, was firmer, moving up to 19%, against 1M%
last week. Open market discounts at Paris and
Switzerland have not been changed from 41
4% and
3%,respectively.




651

The Bank of England in its statement for the week
ending Feb. 15 announced a gain in gold of £2,606,.
coupled with an increase in total reserve amounting:
to £764,000, due to a further contraction in note circulation of £762,000. The proportion of reserve to
liabilities, however, was slightly lower, being reported
as 19.98%, against 20.17% last week. In the corresponding week of 1922 the reserve ratio stood at
164% and a year earlier at 144%. There were
substantial additions to deposits—£1,622,000 in public deposits and £3,382,000 in "other" deposits,—
while loans on.other securities expunded £4,811,000.
A small reduction in the Bank's temporary loans to
the Government, amounting to £560,000, was shown.
Gold holdings now stand at £127,493,425. A year
ago the total was £128,762,519 and in 1921 £128,305,995. Total reserve aggregates £25,221,000, which
compares with £25,460,029 in 1922 and £18,945,955
a year earlier. Note 'circulation is £120,718,000, as
against £121,752,490 and £127,810,040 one and two
years ago, respectively, while loans amount to £70,623,000, in comparison with £80,565,926 in 1922 and
£85,201,513 the year previous. Clearings through
the London banks for the week totaled £710,539,000.
This compares with £772,058,000 last week. No
change has been made in the Bank's official discount
rate from 3%. We append herewith comparisons of
the principal items of the Bank of England returns
for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
Feb. 14.
Circulation
120,718.000
Public deposits
19,397,000
Other deposits
105,723,000
Governm't securities 48,507,000
Other securities_
70,623,000
Reserve notes dr coin 25,221,000
Coln and bullion._ _127,493,425
Proportion of reserve
to liabilities
19.98%
Bank rate
3%

1922.
Feb. 15.
£
121,752.490
14,911,673
137,461,763
64,425,565
80,565.926
25,460,029
128,762,519
1614%
41i

1921.
1920.
1919.
Feb. 16.
Feb. 18.
Feb. 19.
£
r
x
127,810,040 93,646,380 69,567,235
15,562,933 26,337,153 30,680,325
114.041,917 164,811,850 118,333,646
43.512,016 87,118,306 52,234,744
85,201,513 88.800,565 84,147,414
18.945,955 33,305,164 30.562,149
128,305,995 108,501,544 81,769.384
14.62%
7%

17%
6%

20.60%

The Bank of France continues to report small gains
in its gold item, the increase this week being 152,725
francs. The Bank's gold holdings therefore now
aggregate 5,535,733,700 francs, comparing with
5,525,077,927 francs on the corresponding date last
year and with 5,502,565,165 francs the year previous;
of the foregoing amounts 1,864,344,927 francs were
held abroad in 1923 and 1,948,367,056 francs in
both 1922 and 1921. Silver, during the week,
gained 68,000 francs, while bills discounted increased
109,587,000 francs. On the other hand, advances
fell off 41,788,000 francs, Treasury deposits decreased
545,000 francs and general deposits were reduced
122,726,000 francs. Note circulation took a favorable turn, a contraction of 233,302,000 francs being
recorded, bringing the total outstanding down to
37,176,064,000 francs. This contrasts with 36,434,600,570 francs at this time last year and with
38,072,353,540 francs the year before. Just prior to.
the outbreak of war in 1914 the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week's return with the statement of
last week and 'corresponding dates in both 1922 and
1921 are us follows:
RANK OF FRANCE'S COMPARATIVE STATEMENT.
Chances
for Week.
Gold Holdings-Francs.
In France
Inc.
152.725
Abroad
No change
Total
Inc.
152,725
Sliver
Inc.
68,000
Bins discounted
Inc. 109,587,000
Advances
Dec. 41,788,000
Note circulation—Dec. 233,302,000
Treasury deposits_Dee.
545,000
General deposits_ Dec, 122,726,000

Status as o
Feb. 15 1923. Feb. 16 1922. Feb. 17 1920.
Francs.
Francs.
Francs.
3,671,388,773 3,576,710.871 3,554.198.109'
1,864,344,927 1,948,367,056 1.948.367,058
5.535.733.700
290,392,000
2,760,216,000
2,092,587,000
37,176,064,000
56,992,600
2,169,320,000

5,525,077.927
280,857,629
2,538,082,855
2,298,627,218
36.434,600,570
24,978,420
2,452,778,230

5,502.565.165.
262,772,299
2,892,273,414
2,238,297,996
38,072,353,540
71,497,406
3,130,449=

652

THE CHRONICLE

The statement of the Imperial Bank of Germany,
issued as of Feb. 7, was only slightly less spectacular
than that of the preceding week, and increases in
nearly all of the important items once more passed
well above the hundred-billion mark. Note circulation recorded the further huge expansion of
268,466,993,000 marks, carrying the amount outstanding to a total in excess of two trillions, namely
2,252,963,353,000 marks. In the corresponding week
of 1922 note circulation stood at 116,605,980,000
marks and the year before that at 66,482,587,000.
Bills of exchange and checks increased 203,916,633,000 marks, discount and treasury bills registered
an addition of 315,312,886,000 marks, deposits
121,662,659,000 marks and "other liabilities" 123,415,526,000 marks. Smaller increases were 7,008,000 marks in notes of other banks,and 26,944,857,000
marks in advances. Treasury and loan association
notes declined 1,722,490,000 marks, total coin and
bullion 106,000 marks and gold 1,000 marks. Gold
holdings are given as 1,004,831,000 marks, in comparison with 995,00,000 marks a year ago and
1,091,457,000 marks in 1921.
The Federal Reserve Bank statement, which was
issued at the close of business on Thursday, was
featured by heavy expansion in rediscounts of paper
secured by Government obligations. For the system
the increase was $84,000,000, and this cansed an
increase in total bill holdings of $83,600,000, to
$837,915,000. At New York bill holdings increased
$75,600,000, to $324,043,000, which compares with
$160,066,000 at this time a year ago. Gold reserves
for the banks as a group were not materially changed,
having expanded $2,000,000, but the New York Bank
in its operations with other Reserve banks lost
$37,300,000. Total earning assets, both locally and
nationally, expanded, while there were also substantial gains in deposits and in the amount of Federal
Reserve notes in circulation. In the member banks'
reserve account large increases were shown; for the
system $59,000,000, to $1,964,561,000, and in New
York $36,000,000, to $755,685,000. As a result of
these changes,reserve ratios were reduced. For the
twelve reporting banks a decline of 1.7% was shown,
to 75.3%. Locally, the loss was more pronounced,
amounting to 5.3%, to 74.9%.
Last Saturday's statement of New York Clearing
House banks and trust companies was in line with
general expectations and showed that the banks had
as usual met with success in their efforts to bring
about a restoration to normal conditions. This was
achieved mainly by calling in of loans, reduced
deposits and an addition to reserves with
the Reserve Bank. Loans and discounts fell $56,360,000. Net demand deposits declined $44,666,000,
to $3,943,115,000, which is exclusive of $42,878,000
of Government deposits. Time deposits were also
smaller, losing $956,000, to $372,466,000. An increase of cash in own vaults of members of the
Federal Reserve Bank amounting to $3,270,600 was
shown, to. $52,846,000 (not counted as reserve),
while reserves of State banks and trust companies in
own vaults gained $167,000. Reserves of these
same institutions kept in other depositories, however,
were reduced $726,000. As already stated, member
banks increased their reserves with the Reserve Bank,
the amount of the addition being $13,408,000, and
this, coupled with the contraction in deposits,




For.. 116.

resulted in rolling up a surplus above legal requirements of $18,678,170, which after eliminating last
week's deficit of $5,730,110, left an excess reserve
of $12,948,060. The figures here given for surplus
are on the basis of 13% reserves above legal requirements for member banks of the Federal Reserve
System, but not including cash in own vaults to the
amount of $52,846,000 held by these banks on
Saturday last.
The trend of the money market was more pronounced this week than for some time. Early in the
period it was evident that higher rates on call loans
would be recorded. This actually happened, as a 6%
quotation was reported Thursday afternoon. While
the higher level of rates on day-to-day, accommodations was attributed partly to preparation for the
mid-month disbursements, it was generally agreed
that the withdrawal of funds from this centre by interior institutions was a considerably more potent
factor. The Government took out only about $13,000,000 from institutions in this Federal Reserve
District. Local bankers stated that the demand upon
institutions in the West and South by their customers in.industrial and mercantile lines has shown a
substantial increase recently and was heavier this
week than at any time since this movement started.
Considerable attention was given in conservative
financial circles to the published statement that
brokers' loans this week had reached $2,000,000,000.
The highest figure previously reported, which was
some time ago, was in the neighborhood of $1,800,000,000. Although there was a disposition by those
who have been particularly enthusiastic about the
stock market to disregard this announcement and its
possible effect upon both the money market and the
stock market, the opinion prevailed'that the figure
should be regarded as abnormally high, particularly
if the demand for funds outside of the financial district is to increase from this time on. Ordinarily it
does as the spring of the year approaches, for the
planting and sowing of the crops, if for no other reason. Building operations promise to be on a large
scale; steadily increasing activity in many industrial
lines is reported. If present indications in these various directions materialize, it would be logical to
expect at least a firmer money market than we have
had for many months. Offerings of new securities
have been on a large scale again this week, and the
total included some good-sized individual issues.
With the loans arranged for this week call money
dropped yesterday afternoon to 4%, after having re/
newed at 514%. This incident was not regarded in
conservative circles as representing any material
change in the position of the money market as a
whole. Naturally there will be more than usual interest in the trend of call money rates next week.

Dealing with specific rates for money, call loans
this week ranged between 4 and 6%. Last week
the range was 4@49%. Monday was a holiday
(Lincoln's Birthday). On Tuesday the high was
4%, with renewals at the latter
6% and the low 41
figure. Renewals were negotiated at 5% on Wednesday, the low figure of the day, while the maximum
quotation was 53/2%. Thursday 5% continued the
renewal basis, also the minimum; before the close,
however, there was an advance to 6%. Friday's
range was 4@531%, with 53i% the ruling figure.
The figures here given are for mixed collateral and

FEB.17 1923.]

THE CHRONICLE

653

aaaaa.i.a.P.aaalik
XXXXX=XX

all-industrial loans without differentiation. For fixed confirmation of the latter report was forthcoming,
date maturities the situation remains unchanged, the depression was short-lived and. quotati
ons
and the market has been quiet with all periods from steadied later on and closed at the top. As a matter of
sixty'days to six months still quoted at 4%@5%, fact the all-absorbing topic
of discussion in financial
the same as a week ago; although most of the limited circles continues to be the unwonte strength
of
d
business passing is at the outside figure. Brokers sterling rates at a
time when sharp recessions would be
attributed the slightly harder tendency to increased looked for; all of
which tends to confirm the belief that
activity on the stock market.
Great Britain's financial and economic position is even
Mercantile paper rates have not been changed stronger than
generally realized. Predictions are
from 432@4%% for sixty and ninety days' endorsed now being freely
made that final passage of the Debt
bills receivable and six months' names of choice Funding Bill by
the Senate should bring sterling up
character. Trading was only moderately active, as to par. It is
becoming increasingly evident that the
offerings are as restricted as ever. Country banks British
Government is now in position to finance her
are still the principal buyers.
obligations to this country without undue strain, and
Banks' and bankers' acceptances ruled firm at the this conviction
went a long way toward counteracting
levels previously current. Owing to the stiffening in other untowar
d influences. On the other hand, in
the call market, transactions showed a falling off some circles
the opinion has been expressed that the
and the turnover was smaller than for some little firmness
was at least in some measure indicative of a
time. Institutional buying, was still a feature, belief that
the Turkish situation, though threatening
though on a smaller scale. For call loans against on the surface,
is well in hand, and that a comprobankers' acceptances the posted rate of the American mise settlem
ent of affairs in the Ruhr is not as remote
Acceptance Council has been advanced to 43/2% as might be
supposed. It should be noted, however,
from 332% a week ago. The Acceptance Council that operators
are still holding rigidly aloof, awaiting
makes the discount rates on prime bankers' accep- developments.
Even the speculative element took
tances eligible for purchase by the Federal Reserve only a small
part in the week's operations.
banks VA% bid and 4% asked for bills running from
Referring to the day-to-day rates, sterling exchange
30 to 120 days and 4h% bid and 4'/8% asked for on Saturday
last was strong and higher, with an
bills running 150 days. Open market quotations advance to
4 68@4 68 9-16 for demand, 4 683i®
are as follows:
4 68 13-16 for cable transfers and 4 65%@4 66 7-16
SPOT DELIVERY.
for sixty clays; no increase in activity, however, was
90 Days.
60 Days.
30 Days.
Prime eligible bll
434a4 noted.
44@4
44ig4
Monday was a holiday (Lincoln's Birthday).
DELIVERY WITHIN THIRTY DAYS.
On Tuesday quotations displayed a reactionary trend
Eligible
.an
4% bid
ember banks
411 bid and trading was dull and featureless; the range for
demand was 4 68 3-16@.4 68
for cable transfers
here have been no changes this week in Federal 4 68 7-16@4 683%,
and for sixty days 4 66 1-16®
Reserve Bank rates. The following is the schedule 4 66%. Some
irregularity attended dealings on
of rates now in effect for the various classes of paper Wednesday and
there was a further decline in demand
at the different Reserve Banks:
bills to 4 673/@4 68 5-16, in cable transfers to
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
4 673 @4 68 9-16, and in sixty days to 4
4
IN EFFECT FEBRUARY 161923.
65/®
4 66 3-16; the volume of business passing was small.
Discounted bills maturing
Thursday's market was a listless affair although
within 90 days (incl, member banks' 15
-day collateral
notes) secured by—
Apricul- rates stiffened, and the range was 4 63%@4 683/i for
Bankers'
accepTrade tural and
Federal Reserve
Treasury
accep- live-stock demand, 4 68%@4 693/i for cable transfers and
lances
Bank of—
notes and U.S.
Other- dlacowded lances
paper
certiftbonds
4 for sixty days. On Friday the
maturing maturing 4 6630,4 663
for
wise
mites of
and
secured member tottlitrs 9110 180
market ruled quiet but steady, with demand at
indebtVictory
and
banks
90 days
days
edness
notes unsecured
4 68V®4 68%, cable transfers at 4 68%@4 693i
Boston
4
4
4
4
4
Newyork
4
and sixty days at 4 663/@4 663 . Closing quotations
4
4
4
4
2
Philadelphia
4
434
4%
45i
4%
434
Cleveland
434
4H
4H
4%
were 4 665i for sixty days, 4
4%
/
Richmond
434
434
434
434
683% for demand,
434
Atlanta
4%
4%
434 ' 434
434
cable transfers. Commercial sight finished
Chicago
434
434
434
434
434
St. Louis
434
414
4%
434
434
68 5-16, sixty days at 4 653 , ninety dhys at
Minneapolis
4
4)4
10,0
414
414
434
Kansas City
43,4
4%
4
434
434
64%,documents for payment (sixty days) at 4 663i,
Dallas
434
43.4
434
434
Ban Francisco
4
4
4
4
4 Aill and
seven-day grain bills at 4 673 . Cotton and
4
grain for payment closed at 4 68 5-16.
Notwithstanding the continued uncertainties preGold imports were resumed this week and comvailing in the European political situation, sterling prised 14 boxes
of gold valued at $475,000 on the
exchange price levels are still on the upgrade and the Carmania from
England. The Carmania gold is the
most noteworthy feature of an otherwise dull week in first lot of
South African metal to arrive since the
the exchange market has been an advance to 4 68% early part of
January, all gold offered on the London
for demand, the highest figure touched (with one market lately
having been taken for India. The
exception) in fully two years. Little or no increase Berengaria, with
$225,000 on board, is expected to
in activity, however, was noted, and the volume of dock to-day
or to-morrow.
business passing was as light as ever. An additional
factor in the dulness, of course, was more or less
In Continental exchange the erratic movements
general observance of the Lincoln's Birthday holiday. of French and
German currencies continue to attract
With the resumption of business on Tuesday there was attention of
market observers to the exclusion of ala slight lowering in prices and some irregularity de- most everyth
ing else. The week under review has
veloped following publication of the somewhat pessi- been featured by
renewed weakness in Paris checks,
mistic utterances of Premier Bonar Law on the together with
a sharp rebound in the price of Berlin
Franco-German situation, coupled with reports of the marks. The
latter came as a complete surprise to
sinking of a French destroyer by the Turks. As no traders, who
were at a loss to account for the phenom


. 434

654

Tu 14 CHRONICLE
:

[von. 116.

enon, although numerous "explanations" were against 0.0029, and on Finland at 2.60, against 2.59
promptly placed in circulation. That most widely last week. Greek exchange finished at 1.15 for
credited was to the effect that Germany, which for a checks and 1.20 for cable transfers, the same as a
long time has.been unloading marks here and at all week ago.
important foreign centres, has withdrawn from the
As to the former neutral exchanges, there is very
market as a seller of marks, thereby causing a rush to
on the part of speculative shorts. Most of the little that is new to report. Trading was dull and
cover
buying appeared to be for foreign account and as a listless and in the main rate fluctuations moved paralresult of the inquiry the quotation, after opening at lel to sterling and the other Continental currencies,
4).0032, was rushed up to 0.0055, an advance of 0.0032 though changes were not particularly significant.
Bankers' sight on Amsterdam finished at 39.45,
points from the extreme low of a week or so ago. It is
also rumored that buying is in progress on the part of against 39.43; cable transfers at 39.54, against 39.52;
British and French interests, the latter for payment of commercial sight at 39.40, against 39.38, and com.expenditures incurred in the Ruhr, also for specula- mercial sixty days at 39.09, against 39.07 on Friday
tive purposes, while there is talk of Germans being of last week. Swiss francs closed the week at 18.77
forced to release foreign holdings because of currency for bankers' sight bills and 18.78 for cable transfers.
shortage. What was regarded as the most amazing A week ago the final rates were also 18.77 and 18.78.
feature of the advance is that it has taken place in the Copenhagen checks finished at 19.01 and cable transface of continued sensational expansion in Germany's fers at 19.05, against 18.71 and 18.75. Checks on
note circulation, which is now advancing at the rate Sweden closed at 26.58 and cable transfers at 26.62,
of about 250,000,000,000 marks a week. Bankers against 26.56 and 26.60, while checks on Norway finhere are not optimistic over the outlook for permanent ished at 18.64 and cable transfers at 18.68, against
improvement and it would occasion no surprise if 18.44 and 18.48 the preceding week. Spanish pesetas
Berlin again turned seller. Dispatches from Berlin closed at 15.62 for checks and 15.63 for cable transof a decision to use part of the Reichsbank's foreign fers. This compares with 15.66 and 15.67 a week
bill holdings to support the mark were not liked, al- earlier.
CERTIFIED BY FEDERAL RESERVE
though there were some who claimed it might con- FOREIGN EXCHANGE RATESUNDER TARIFF ACT OF 1922,
BANK TO TREASURY
FEB. 10 TO FEB. 16 1923, INCLUSIVE.
stitute a movement in the direction of stabilizing
Noon Buying Rate for Cable Transfers in New York.
Germany's currency. Locally, trading in marks was
Value in United Mates Money.
Country and Monetary Unit.
limited.
Fe0. 10. Feb. 12. Feb. 13. Feb. 14. Feb. 15 Feb. 16.
As against the firmness displayed by reichsmarks, EUROPE$
8
3
$
8
$
.000014
.000014 .000014 .000014 .000014
exchange on Paris was heavy and quotations fluctu- Austria, krone
.0546
Belgium, franc
.0540
.0528
.0530
.0537
.0061
Bulgaria, lev
.006171 .006150 .0061
.006157
ated quite sharply, eventually breaking to 5 97/, Czechoslovakia, krone
.029695
.029735 .029633 .029598 .029598
Denmark, krone
.1887
.1892
.1904
.1890
.1905
a loss of nearly 25 points from the opening level; England, pound sterling 4.6885
4.6849 4.6778 4.0888 4.6894
.026222
.025967 .025988 .026128 .026322
the Finland, markka
.0621
France, franc
subsequently there was a partial recovery, but
.0612
.0599
.0611
.0602
.000034
Germany, rel. hsmark
.000038 .000044 .000051 .000052
.012083
close was weak. Unsettling reports from the Ruhr, Greece. drachma
.012117 .012019 .012044 .011972
3952
Holland, guilder
.3952
.3955
.3950
.3953
.000394
Hungary,
.000391 .000389 .000391 .000393
as well as unfounded rumors of attack on a French Italy, lire krone
.0482
.0481
.0477
.0479
.0480
.1848
Norway, krone
.1864
.1860
.1866
.1866
battleship by the Turks, were regarded as chiefly Poland, mark
.000026
.000027 .000024 .000023 .000022
.0435
.0441
.0441
.0440
.0440
responsible for the slump, though active selling of Portugal, escudo
.004863
Rumania,leu
.004839 .004728 .004656 .004622
.1566
Spain, peseta
.1567
.1562
.1565
.1564
Berlin was also said to be a factor. Sweden.krona
franc exchange in
.2654
.2654
.2652
.2660
.2059
.1879
franc
.1878
.1875
.1877
.1877
In the local market the decline was mainly senti- Switzerland,dinar*
.009572 HOLI- .009908 .009970 .01004 .00993
Yugoslavia,
DAY
ASIAmental, and as trading was reduced to a minimum China, Chetoo tael
.7454
.7483
.7479
.7433
.7450
.7458
" Hankow
.7488
.7425
.7471
.7442
there was a dearth of buyers even at drastic conces- " Shanghaitael
.7157
tael
.7205
.7123
.7142
.7202
.7517
" Tientsin tael
.7550
.7492
.7538
.7508
sions. In some quarters it was claimed that the plan " Hongkong dollar .5281
.5296
.5291
.5268
.5279
" Mexican dollar_ _ _ _ .5165
.5203
.5175
.5200
.5163
of the French Government for supporting francs " Tientsin or Pelyang
.5350
dollar
.5379
.5350
.5342
.5354
.5254
" Yuan
.5263
whenever under special pressure had resulted in a India,rupee dollar
.5204
.5242
.5233
.3195
.3197
.3177
.3188
.3192
ex- Japan, yen
.4843
.4844
.4844
.4844
.4845
falling off of speculative dealings in this class of
Singapore (S. S.) dollar_ ... .5492
.5483
.5492
.5492
.5488
NORTH AMERICA
change. Belgian currency followed the course of Canada, dollar
.989201
.088988 .988375 .087587 .988201
.999375
.9905
.999688 .9995 1.000121
French exchange and the extremes for the week were Cuba. Dew
.489583
Mexico, Pen°
.490781 .491458 .490156 .489371
.985858
.986641 .985859 .9850
ruled steady at very close to Newfoundland. dollar- .986953
5.47 and 5.24%. Lire
SOUTH AMERICA
.8407
Argentina, peso
.8417
.8411
.8413
.8412
throughout. Greek exchange, also Brazil, milreis (gold)
4.81 for checks
.1143
.1143
.1146
.1143
.1146
.1191
.1178
.1182
.1177
.1183
of the Central European countries, Chile, peso (paper)
the exchanges
.8283
.8277
.8278
Uruguay, Peso
.8279
.8272
•4 kronen equal 1 dinar.
without essential change.
repained
As to South American quotations the undertone
The London check rate on Paris closed at 76.45,
against 74.75 last week. In New York sight bills was steady at levels previously current and the check
on the French centre finished at 5.99, against 6.233/2; rate on Argentina finished at 37.13 and cable trans2
cable transfers at 6.00, against 6.243/; commercial fers at 37.18, against 37.07 and 37.12. For Brazil
sight at 5.97, against 6.213/2, and commercial sixty the close was 11.55 for checks and 11.60 for cable
days at 5.94, against 6.183/2 a week ago. Antwerp transfers, against 11.60 and 11.65 a week ago.
francs closed at 5.26 for checks and at 5.27 for cable Chilean exchange was easier and finished at 11.95,
transfers, against 5.49 and 5.50 the previous week. against 12.40, while Peru declined to 4 01, against
Closing rates on Berlin marks were 0.00523's for both 4 13 last week.
Far Eastern exchange was as follows: Hong long,
checks and cable remittances, in comparison with
earlier. Austrian kronen remain fixed 523/8@533', against 53%@5332; Shanghai, 73%@
0.0032 a week
5
2
at the nominal figure of 0.00143/ (one rate), un- 74, against 72%@723/; Yokohama, 48/s@48%,
4
/
changed. Lirefinished the week at 4.78% for bankers' against 48/@487 3; Manila, 50@50%, against 493
sight bills and at 4.793 for cable transfers. A week @50; Singapore, 55@553, against 54%@55; Bom1
/
2;
s(:).323/ and Calcutta;
ago the close was 4.823 and 4.833. Exchange on bay, 32 8@323/2, against 323/
Czechoslovakia closed at 2.963.', against 2.98; on 323@323/2, against 323@323..
Bucharest at 0.47(unchanged); on Poland at 0.0023,



THE CHRONICLE

FEB. 171923.]

The New York Clearing House banks in their
operations with interior banking institutions have
gained $1,904,542 net in cash as a result of the currency movements for the week ending Feb. 15.
Their receipts from the interior have aggregated
$3,889,542, while the shipments have reached $1,985,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Gain or Less
to Banks.

Banks'interior movement

Into
Banks.

Out of
Banks.

33,839,542

Week ending Feb. 15.

31.985.000 Gain 31,004,542

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
onday,
Feb. 10. %b. 12.

Tuesday, Wednescry, Thursday, Friday,
Feb. 13. Feb. 14. Feb. 15. Feb. 16.

Aggregate
for Week.

45,000,000 Holiday 5 ,000,000 51.000,000 66.000,000 71.000,000 Cr. 301.000.000
,
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 represent only one side of the account, as cheeSs
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.

The following table indicates the amount of bullion in the principal European banks:
Feb. 16 1922.

Feb. 15 1923.

Banks of
Gold.

t
I
England.. 127,493,4251
France a__ 146,855,551
Germany. 50,100,9801
Aus.-Hun_ 10,944,0001
Spain
ioi.013,0001
35.366.000
Italy
Netherl'd. 48,482,0001
Nat. Beig. 10.757.0001
Switzeri'd. 21,ios.000l
Sweden _ _ _ 15,218,0001
Denmark. 12,680.0001
Norway__ 8,115,0001
Total week 588,218,956
Prey. week 558,520,291

Silver.

Total.

Gold.

Silver.

I

Total.

£ I

£
£
£
I
128.762.519
127,493,425128,762,519
11,600,000 158,455,551 143,068,435 11,200,000154.268,435
647.950 50.432.750
3,268,950 53,378,930 49,784,800
2,369,000 13.313.000 10,944,000 2,369,000 13,313.000
26.078.000127,091.000100,641,000 25,146,000 125,787,000
3,033.000, 38,381.000 34.000.000 2,974,000 36,974.000
565,000 51,062,000
OI3,000 49.095.00050,497,000
2,362,000 13.119,000 10.663,000 1,622.000 12,285,000
4,273,000 25,468,000 22,000.000 4,329,000 26,329.000
15,246,600
15,218,000 15,246,000
212,000 12.897.000
254,000 12,934,000 12,685,000
8,183,000
8,115,000 8,183,000
£

53.850,950642,069.906I586.474,754 49,064,950 635.539,704
53,788.300,6l2.308,591'586,559.075 49.220.500 635,779.575

Gold holdings of the Bank of France this year are exclusive of £74,573,797
held abroad,

THE NORRIS PROPOSITION TO AMEND THE
U. S. CONSTITUTION.
Senator Norris of Nebraska is one of the Congressmen who is not satisfied to let the original foundations stand. He has offered an amendment to the
Federal Constitution whereby the terms of Presidents and Vice-Presidents elected after its ratification shall begin on the third Monday in January following their election, the terms (2 all Congressmen
shall begin on the first Monday in January following
their election, and Congress shall meet annually in
January instead of December. The last provision
would merely change the original second clause of
Secion 4, Article I of the Constitution by substituting "January" for "December." This proposition
was rushed through the Senate on Tuesday by 63 to
6, and in the negative were only Senators Nelson of
Minnesota and France of Maryland, on the Republican side; on the other side were Senators Broussard
of Louisiana, King of Utah, Overman of North Carolina and Reed of Missouri.
It w s said of Senator Norris, several months ago,
that in order to give the people better play for their
independent preferences and emotions he was about
to renew his attempt to change Presidential elections
to the "direct" plan. He has not included this in the
proposition just accepted by the upper House, but it
is a very old one. Benton offered it in 1823 and kept
pegging at it for some years. Jackson recommended




655

it several times, though he made one sage observation, worth remembering now: that "select bodies
are not the places for popular reforms; these reforms
are for the benefit of the people and should begin
with the people." Sumner favored this change, along
in the '60s; 0. P. Morton of Indiana favored it, and
probably there has not been a time in the last hundred years when somebody (in the "forums" of colleges and elsewhere, at least) was not talking about
the admitted singularity and indirectness of our
present method.
By the original plan the people were to elect, presumably, their wisest men as agents to choose their
chief executive officers for them; the motive must
have been a lingering distrust of democracy, as if
persons too ignorant or too indifferent to choose
their leaders would be competent and careful in
choosing agents to make that choice for them. The
Electoral "College" was never anything more than a
college of clerks, although the originally-assumed
freedom of action continues, and if the separatelymeeting electors had chosen Henry Ford in 1920 that
result would have been startling yet legally unshakable.
There is the defect that the existing method is
theoretically undemocratic; any citizen may honestly
believe his neighbor across the way the one man
whom the times need as President, but he has no
power to express his preference; the tickets in the
field may be, to him, crow and buzzard, but a choice
of evils, or liberty to disgustfully refrain, is all our
system allows him. Minority Presidents, meaning
those who have only a popular plurality, have been
many. In 1884 a change of a few hundreds in this
State would have made Mr. Blaine the winner, and
in 1916 a change of less than 2,000 in California
would have carried the day.for Mr. Hughes. In 1912
Mr. Taft had more than one-half as large a popular
vote as Mr. Wilson, but carried only two small
States. These few instances suffice, and there is a
further theoretical defect of our system in the fact
that heavy majorities in some States may be ineffective while handfuls in some other may dominate
the result. As for the individual inequalities of
elective power, due to our action "by States," anybody in New York who has an interest in figuring
may work out his own ratio of power in determining
one electoral vote as compared to that of one voter
in little States like Delaware and Nevada. But what
is to be done about it? The best answer is, Nothing,
except to put some faith in and wait for a gradual
improvement in democracy as we have it. If one
really cares to argue, it could be said that to dump
all votes into a common mass, obliterating State
lines in this respect, would lessen such temptations
to fraud as have existed in close campaigns, that of
1876, for instance; on the other hand, the number
and variety of "scattering" would tend to grow to
monstrous proportions, and the temptation for every
stripe of egotism or of prominence to "run for President" might take us into such a political swampdom
as democracy has not yet known. Human wisdom
cannot devise, nor can human persuading carry into
adoption, any scheme which will work well notwithstanding the defects of human beings.
At present, the incumbents of the two executive
offices are ordinarily known in November, formally
declared in January, and inaugurated in March.
This% interval of nearly four months is not long
enough for a President-elect to forget his "mandate,"
•

656

THE CHRONICLE

[VoL. 116.

if he thinks he has received one; on the other hand, it should grow; as one evidence, the American Bar Asmay be profitably used (and for such use is not too sociation is proposing that a series of papers by
long) in recuperating from the stresses of the cam- thoughtful writers shall try to do now, for the peopaign, in thinking things over, and in trying humbly ple, what the "Federalist" once did—"to revitalize
to devote himself to seeking to reach a standard of the Constitution in the popular mind."
official manhood like that of Lincoln. If there is
The House Committee on the election of Presiany reason or excuse for changing dates on the Exec- dents, Vice-Presidents, and Congressmen ordinarily
utive terms, it is only that they may better match the has little to do, but its present membership of thirproposed change in the time for giving a "new" Con- teen includes six, including the Chairman, who fell
gress opportunity to catch hold. The thirteen outside the breastworks in November; so this Norris
months'interval, every two years, is a little peculiar; plan, advocated as the coup de grace for "wounded
but what are its serious objections? The radical and ducks," seems to be considerably in their hands. The
the insurgent and the progressive element insist that latest report from Washington is that the thing will
last November "clearly reflected dissatisfaction with be left to smother in a pigeonhole. It may be that to
the existing Republican policies, which were held to make the change, some years hence, after the world
be out of touch with public sentiment." Which poli- has settled down, would be expedient; but it would
cies? That "dissatisfaction" was indicated is not be wiser to wait. As for the opinion that Executive
doubted, for the air rings with plaints and with de- sanction is not required, the Constitution distinctly
mands that something be quickly done for "relief" of requires that "every order, resolution or vote," which
some bloc or other by putting more pressure upon must be acted upon by both branches of Congress
everybody else; but the political soothsayers and *shall go to the Executive,for approval or Veto.
analysts had not agreed, when 1922 ended, as to just
what public sentiment called for on Nov. 7 last. If REORGANIZATION OF THE FEDERAL GOVanything was distinctly demanded, that thing was
ERNMENT.
less spending and less taxing; is there an intelligent
Definite information has been given out that the
and thinking man who really believes that if the 68th President will within the next few days transmit to
Congress had met on Jan. 2 last it would have Congress the much discussed report on the reorganipromptly and seriously taken up that mandate?
zation of the Federal departments. It is said that
Congressmen beaten for re-election, dubbed "lame the- manuscript is now in the hands of the Public
ducks," would be deprived by this change, it is urged, Printer. It will no doubt be a document of great inof power to cast any votes, and some wax hot with terest.
simulated indignation that a "repudiated" member
When the first post-war Congress met in 1919 six
should dare to hold a seat. This depends on what is months after the armistice, its attention was enunderstood by action in a representative capacity. gaged by two major administrative reforms—the adIf a legislator is to follow his own judgment as to option of a budget system and the reorganization of
what is best for the country (even supposing his di- the departments of the Government. The movement
rect constituency form the most important part for these two measures had begun on the outside of
thereof) that is the higher view; if the lower view Congress and was strongly endorsed by a non-partithat he should keep an ear on the ground and seek san public opinion. The budget bill was the first
only what the people seem to "want" is to prevail, taken up and the question of reorganization began to
even then defeat may chasten rather than enrage him be discussed along with it. There was, in fact, inand he may be no more dangerous than before. Three corporated in both the House and Senate budget bills
of the six Senators who voted against this proposi- a provision authorizing the President to use the Bution were beaten in November, and it is a serious reau of the Budget to make investigations into the
question whether the President's objection is not whole matter of departmental reorganization with a
sound and that the country should,for its own sake, view to recommending to Congress a plan (or sephave an interval for "cooling off" before a newly arate measures from time to time) which would
chosen Congress should be able to rush along the eliminate waste and duplication and definitely lolines of supposed popular mandates. The interval at cate and fix administrative responsibility. This proleast gives time for a mandate to be clearly under- vision is actually carried in the Budget Act as finally
stood, and our greatest danger is acting upon im- enacted in Section 209, and imposes upon the Bupulse instead of upon deliberation.
reau of the Budget, at least potentially, a continuous
Seventy years ago, the safeguard of our Constitu- and permanent duty.
tion did seem to be the difficulty of changing it—not
In the meantime, however, while the budget bill
the difficulty asserted by Mr. La Follette, but that was passing through the vicissitudes of .its long and
our people were then satisfied with their institutions tortuous legislative career, a strong movement was
and their prosperity and had not been seized by the begun in the House to put the whole question of the
demon of unrest. One batch of a dozen amendments reorganization of the departments into the hands of
brought us down to 1865; then three after-war a joint committee of Congress. A joint resolution to
amendments brought us to 1909, when the present this effect prevailed in the House and shortly thereincome tax came on the scene; of the three since after passed the Senate. It became a law on Dec. 27
then, the 17th, bringing the "direct" electing of Sena- 1920. The joint committee was appointed, but no
tors, was the most wanton and has proven the spawn immediate action was taken by it.
Shortly after President Harding was inaugurated
of "direct" action which may plague us indefinitely
yet; the 19th was inevitable; the 18th is still in con- he suggested to Congress the advisability of permitflicts produced by it. Most certainly it is time for ting the President to appoint a personal representathe country to put reflection before acting, and brave tive on the joint committee—this in view of the fact
patience before complaint and clamor. Particularly, that the Chief Executive was vitally concerned in
we should give our fundamental law a rest. Convic- any movement to reorganize his branch of the Govtion on this subject seems to be growing, and it ernment. Congress acquiesced by the enactment of




FEB. 171923.]

THE CHRONICLE

657

the Joint Resolution of May 5 19,21, and the Presi- which has been making such strides for some years
dent forthwith appointed Mr. Walter F. Brown, a past. The Pennsylvania Railroad, the U. S. Steel,
man of large experience in the reorganization of busi- the Edison Co. in this city and Chicago, the Vermont
ness enterprises. Mr. Brown was subsequently Marble Co. of Proctor—these are a few of the conchosen Chairman of the joint committee.
cerns cited. As a matter of fact, it would hardly be
This was about one month before the enactment rash to say that there are few heavy employing conof the budget law. When, therefore, the budget law cerns which have not one or another form of saving,
came along, the President considered it the intention of profit sharing, and of "welfare" work.
of Congress to limit the reorganization work solely
The purchase of an interest in a trust company
to the joint committee, and under his instructions here by the locomotive engineers (already discussed
the Bureau of the Budget h s not functioned under in the "Chronicle") is cited by this statement as "furSection 209 of the Budget Act above mentioned.
ther proof that old barriers of antagonism and suspiIn view of the fact that the reorganization ques- cion are disappearing; instead of the representatives
tion had already been much studied and discussed of labor being arrayed against the representatives of
and that several bills proposing the details of reor- capital they will assemble harmoniously around the
ganization were before Congress—the most notable directors' table." As we have already remarked,
of which was the McCormick Reorganization Bill— when labor has gotten under way in its new field as a
the question may be asked: Why has the joint com- dealer in credits, it will find that banking is not so
mittee so long delayed its report and recommenda- un-human in feeling, or so greedy, or so easy, as it
tions? The explanation is found in the fact that the had imagined. The old notion that banking consists
Congressional members of the committee entered in lending out othe.r folks' money at interest has no
into a "gentlemen's agreement" with Mr. Brown to more foundation than the other notion that the emdefer all action until he could lay before them a re- ployer grinds up his workers into profits. Business
port on reorganization from the Executive Branch' consists in producing or trading, at a profit, but it
of the Government. When Mr. Brown set about to has its perils, its problems,its worries, and the countget the departments to agree on changes which would ing room is not always or necessarily a happier place
deprive them of some function or activity, he found than the work room. Capital is only the unconsumed
himself in a difficult situation. He was up against product of labor, and nobody has a monopoly of it;
the old departmental inertia, and their reverence for the ardent money-hater needs only to become a
the traditional status quo. It was easy enough for money-getter, by the old processes of industry, initiahim as a business man and an executive to decide tive and saving, and then he will become a moneywhat should be lopped off and what consolidated, but lover; he will love it as a potential doer of good, not
in order to have the full force of the Government be- as something to be hoarded and gloated over for its
hind him he desired to obtain something approaching own sake. Not money, but "the love of money" (the
unanimous consent from the services affected. He perverted love) is declared by Paul to be the root of
has, during the past year, had many conferences with all evil.
the departmental officials and with the President.
Suppose—if anybody insists—that capital is still
The President himself has given much personal at- soulless; it has grown less obstinately headstrong.
tention to this report and has sought to bring his Suppose the employer cares no more now for the lives
Cabinet into voluntary agreement. It has not been and the welfare of the employees than it is assumed
an easy task for him or for Mr.Brown.
he cared, say 80 years ago; the supposition would be
The report which the President appears now about untrue, but allow it; he has learned that selfishness
to submit will deal with subjects of far reaching con- is not expedient. The employing end of the indussequence to the Government and to the public. It trial circle has been learning faster and been trying
will be referred to the joint committee but there is harder to join the ends than the labor end has been.
;
no possibility of action at this session of Congress. Ugly talk and long false teaching have kept these
The time is too short. The Joint Resolution creating natural partners at odds, but they will *come tothe joint committee required the final report to be gether. The encouragement found in labor's entry
made "not later than the second Monday of Decem- into banking and the reason for repeated references
ber 1922." It now appears that the life of the com- to it is that labor will learn what business is
by unmittee will expire without any report from it at all. dertaking to do it and by getting hard knocks
until
Action by Congress on the whole matter cannot be it does learn. The members
of unions, especially of
taken until the next session. In the meantime the transportation
unions, do not lack shrewdness, and
report of the President will be before the country.
those who undertaketo"bank"for them willfind them
just as keen for their own individual "main chance"
LABOR UNIONISM AND BANKING.
as other people are. To sit at a banking table with
A lately-issued statement by the National Indus- employers will carry on the educational process and
trial Conference Board of 10 East 37th Street en- promote the get-together movement. Leaders may
larges further, and quite enthusiastically, upon the rave, for they live by discontent; but they will steadmovement of labor unionism into banking. As a first ily lose power. Give labor liberty, and give it time—
point emphasized, reports from 80 business concerns the two irresistible solvents—and the industrial
which conduct savings schemes show that this makes trouble will settle itself.
for thrift. In many instances, when the employing
concern acts as banker for the workers the interest RAILROAD GROSS AND NET EARNINGS FOR
rate paid is a little above the savings bank rate. In
DECEMBER.
the Westinghouse Electric Co. of Pittsburgh, if an
In reviewing our compilations further below of the
employee deposits 2% of his earnings he is insured gross and net earnings of United States railroads
for $500, this amount increasing $100 annually, af- for December, the closing month of the calendar year
ter the sixth year of service, up to $2,000; this, of 1922, added emphasis must be given to what was said
course, is only one instance of the "group" insurance in reviewing the results for November, namely that



658

THE CHRONICLE

For.. 116.

lowed a moderate gain in the net in December 1920,
making the present December statement the third
consecutive one in which improvement in the net has
been recorded. The improvement in the net in December 1920, however, followed entirely from the
higher schedules of passenger and freight rates which
had then been put into effect a short while before. In
December of that year business depression had already begun and a marked falling off in traffic had
occurred. Owing to the advance in rates referred to,
the falling off in traffic was obscured,these advances
having been of large proportions and having hence
offset the loss of revenue from the diminution in
traffic. The increases in rates authorized by the
Inter-State Commerce Commission the previous July
and put into effect toward the close of August in
that year were notable for their extent; thus there
was an increase of 40% on the railroads in Eastern
territory, of 25% on the roads in the South and in
Mountain Pacific territory and of 35% on the Western roads. The increases were of such magnitude
that it was estimated at the time that the effect
would be to add $125,000,000 a month to the gross
earnings of the carriers. That, of course, was on the
supposition that the volume of traffic would be maintained at the level then prevailing. But as it happened, depression came unexpectedly and with surMonth of December—
prising swiftness. Instead of the $125,000,000 gain
1922.
(193 Roads)—
Inc. (+) or Dec. (—).
1921
2 6,121
3.
Miles of road
—201 0.09% in gross earnings counted upon, our tables showed a
235,920
Gross earnings
8512,433,733 8424,698,143 +887.735,590 20.66%
Operating expenses
400.490,975 347,960,051
+52,530.924 15.10% gain of only $96,073,439 and the difference between
Net earnings
8111,942,758 $76,738,092 +835,204,666 45.87% the two amounts furnishes some measure of the
The increase in the gross is even more significant shrinkage in the volume of traffic which then so sudthan appears by the face of the figures, for it has oc- denly overwhelmed the carriers. Not only that, but
curred in face of the lower schedules of rates in ef- of this gain of $96,073,439 in December 1920 no less
fect. The reader will recall that last May the Inter- than $82,268,614 was consumed by augmented exState Commerce Commission ordered a 10% horizon- penses, leaving only the moderate gain of $13,804,tal cut in freight rates and this has been in effect 825 in the net already referred to. Moreover, this
since July 1. Not only that, but in the case of grain, small gain in net came on top of a whole series of
grain products and hay, in Western territory, a re- losses in net in the same month of the years immeduction of about 162 has been operative since Jan diately preceding.
/
1
%
:
1 1922 by order of the Commission. Obviously, exIn the great augmentation in expenses in Decemcept for these lower schedules of rates, the increase ber 1920 and prior years, and the huge rise in operin the gross earnings would have run considerably ating cost, we have the basis for the reduction in
larger than the 20.66% increase actually shown by operating ratio shown since then. Some of the reour tables. As far as the expenses are concerned, the duction must also be ascribed to a lowering of wage
cut of 7@8% in the wages of the maintenance of way scales, but far less than might be supposed. Aside
men and in that of the shop crafts employees, in ef- from the decrease in the wages of the railway shopfect since July 1 1922, served, of course, to that ex- men and of the maintenance of way employees which
tent, to hold expenses down, though it is a question went into effect July 1 1922, the only other general
if the nominal saving in that regard was not offset by decrease in wages has been the 12% reduction in all
extra expenses arising out of the disorganizing in- classes of railroad employees put in force on July 1
fluence of the shopmen's strike, the complete effects 1921. How relatively small this is will appear when
of which had by no means entirely disappeared in we say that in July 1920 alone these employees had
been awarded a 20% increise in their pay and this
December.
On the other hand, it must not be forgotten that followed a long antecedent series of wage increases
in comparing with December 1921 we are comparing made during Government operation of the roads.
with a period of intense business depression, with re- The lower operating cost, therefore, now achieved
sulting tremendous shrinkage in traffic and gross must be ascribed in the main to the greater efficiency
revenues, forcing the carriers at that time to cut ex- attained through better discipline among the empenses to the bone and that the curtailment was car- ployees and the more effective control of operations
ried to such lengths that the reduction in expenses in all departments.
actually exceeded the falling off in gross earnings,
Prior to December 1920, as already stated, our Dethus leaving a gain in net in face of the enormous cember compilations had yielded very unsatisfactory
contraction in gross earnings. Stated in exact fig- results for many successive years. For December
ures, our tabulations for December 1921 showed 1919 our compilations showed some increase in the
$120,615,992 falling off in the gross earnings, or gross, on top of a very heavy increase in 1918, but it
22.87%, accompanied by a curtailment in expenses was quite moderate, being only $11,510,209, or 2.61%,
in the huge sum of $144,215,090, or 29.84%, leaving, and it was attended by an augmentation in expenses
hence, a gain of $23,599,098, or 53.33%. As it hap- of $17,893,529, or 4.53%, leaving the net earnings
pened, too, this gain in the net in December 1921 fol- actually $6,383,320 smaller than in December 1918.
as the country gets further away from the disturbing influence of the coal miners' strike of the previous spring and summer, and of the railway shopmen's strike of the summer, the returns of earnings
are becoming better. The ratio of gain in the gross
revenues is now rising rapidly, thereby reflecting the
rising tide of activity in business, while at the same
time these gains in the gross revenues are likewise
yielding improvement in the net earnings, thus indicating that the carriers have at length once more regained control of their expenses. For November our
comparative figures—the 1922 results being compared with those for 1921—had shown $57,618,155
addition to the gross, or 12.35%, and $15,846,050 addition to the net, the ratio of increase in this instance being 16.19%, and this comparing with larger
or smaller losses in net in the months immediately
preceding. This was a satisfactory record under
the circumstances, but for December the comparisons are far better. In the gross the gain for that
month, as contrasted with the corresponding month
of the previous year, reaches no less than $$7,735,590, or 20.66%, and though this was attended by an
augmentation in expenses in amount of $52,530,924,
or 15.10%, there remained, nevertheless, an increase
in the net of $35,204,466, or 45.87%, as will be seen
by the following:




FEB. 17 1923.1

THE CHRONICLE

Not alone that, but this loss in the net in 1919 followed losses in each of the three'years preceding, in
face of steadily rising gross revenues, too. Thus in
December 1918 the addition to gross revenues reached
no less than $102,757,756, or 30.62%, but as expenses
were at that time rising by leaps and bounds because
of the great increase in wages that the Director-General had just made, the augmentation in expenses
outran the improvement in receipts, amounting, in
fact, for this month to no less than $143,786,626, or
57.55%. Accordingly, net earnings fell off in the
large sum of $41,028,870, the decrease being 47.84%.
In the two years preceding-1917 and 1916
-the
showing was, as already noted, of similar character,
an improvement in the gross receipts being accompanied in both cases by a diminution in the net. It
is true that these losses followed important gains in
gross and net alike in 1915, but these gains in turn
came after poor results as to both gross and net in
the two years immediately preceding. In the following we furnish the December summaries for each
year back to 1906. For 1910, 1909 and 1908 we use
the Inter-State Commerce totals, but for the preceding years (when the Commission had not yet begun
to require monthly earnings) we give the results just
as registered by our own tables each year
-a portion
of the railroad mileage of the country being then always unrepresented in the totals, owing to the refusal of some of the roads at that time to give out
monthly figures for publication:
Gross Earnings.

Dec.
Year
Given.

Year
Preceding.

Increase or
Decrease.

Net Earnings.
Year
Given.

Year
Preceding.

Increase or
Decrease.

$
t
$
1906- 135,735,226 124,733,435 +11,001,791 43,831,182 42,943,900
+887.282
1907__ 132,199,762 141,312,429 -9,112.667 34,354,158 45,998.206 -11,644,048
1908._ 205,777,451 194,222,311 +11,555,140 68,495,740 51,533,086 +16,962,654
1909_- 222,692.092 205,971,898 +18,720.194 68,467,305 68,653.301
-185,996
1910_ 236.835,304 220,870,151 +15.965.153 70,357,004 67,858,550 +2,498,454
1911_ 233,614,912 232,275,177 +1,339.735 61,225,377 56,766,970 +4,458,407
1912.- 263,768,603 234,087,361 +29,681,242 81,701,974 72,932,360 +8,769,614
1913_ 254,218,891 286,224,678 -12,005,787 68,800,026 82.622,271 -13,822,245
1914._ 232,598,369 258,285,270 -25,686,901 81,134.950 68,274,222 -7,139,272
1915._ 295,202,018 232,763,070 +62.438,948 105,878,758 61,186,558 +44,692,200
1916_- 262,171,169 242,064,235 +20,106,934 83,237,395 86.302,108 -3,064,713
1917-- 343,875,052 317.836,386 +26,038,666 85,715,727 103,520,028 -17,804,301
1918_ 438,365,327 335.607.571 +102757756 44.738,149 85,767.019 -41.028,870
1919.. 451,991,330 440,481,121 +11,510,269 38,536.432 44,919,752 -6,383,320
1920_ 539.197,615 443,124,176 +96.073,439 51,322,679 37,517,854 +13,804,825
192L- 4(.6,864,055 527.480,047 -120,615,992 67,849.188 44,250,090 +23,599,098
1922_ 512,433,733 424,698,143 +87.735,590 111,942,758 76.738,092 +35,204.666
Nole.-In 1906 the number of roads Included for the month or December was 96:
In 1907,89;In 1908 the returns were based on 232,007 miles ol road; In 1909,239,481;
In 1910, 241,364; In 1911, 238,601:10 1912, 238.072; In 1913, 243,322; In 1914,
246,807; In 1915, 248,437; In 1916. 218.811; in 1917, 247,988; In 1918, 232,774:
in 1919, 233,899; In 1920, 229,422; In 1921, 225.619; In 1922, 235,920.

As far as the separate roads are concerned, increases in gross for December 1922 are the rule, and
many of these are for very large amounts, though
their significance, of course, is diminished by the
fact that they succeed equally heavy losses-in some
instances much larger losses-in the preceding year.
There are just a few exceptions of roads which have
suffered losses in the gross, but these do not cut a
conspicuous figure in our tables. The Delaware &
Hudson belongs in this class, which may seem surprising, considering the activity with which anthracite coal production was prosecuted during the
month, the Delaware & Hudson being an anthracite
carrier, but nevertheless shipments to Canada must
have been on a greatly reduced scale under the system of rationing coal supplies which has been in effect and the Delaware & Hudson shipments go almost
entirely to the New England States, which also have
had to content themselves with diminished supplies,
and to Canada. In the case of the net earnings there
is also a long list of increases, many of them of notable size, but there is also a body of decreases, some
of which are likewise of considerable size.
No undue importance should be attached either to
especially large increases or especially large de-




659

creases in the month of December. Being the final
month of the year many adjustments in closing the
accounts for the twelve months are always necessary, the effect of which may be either to improve
the comparisons or to impair their character. Often.
there are extra charges to the expenses in that month
in the process of adjustment, but just as likely there
may be large credits in balancing the accounts. And
the comparison may be disturbed by large additions
or large deductions either in the current year or the
previous year. The Pennsylvania Railroad in its December return shows a large gain in net as well as in
gross earnings, while the New York Central, on the
other hand, reports a large loss in net in face of a
considerable gain in gross. For the Pennsylvania
the addition to gross is $9,586,622 and the addition
to net $6,032,230. This is on the lines directly operated both east and west of Pittsburgh. For the whole
Pennsylvania Railroad System, including all roads
owned and controlled, the result is an increase in
gross of $10,206,040 and an increase in the net of
$6,770,062. The New York Central on its part shows
$7,520,868 increase in gross, but $5,258,404 decrease
in net. This is for the New York Central itself. Including the various auxiliary and controlled roads,
the showing is the same, there being a gain of $13,522,242 in the gross, with a loss of $10,847,815 in the
net. Here adjustments in expenses at the end of the
previous year are responsible for the loss, there having been large credits to the expense accounts then
which were not repeated in December 1922. On the
New York Central proper, for instance, the maintenance of way account shows $3,482,120 expenses for
December 1922 as against $3,609,946 credit under
that head in December 1921, a difference in that
item between the two years of over $7,000,000. And
similarly, all the different subsidiary lines, like the
Big Four, the Michigan Central, the Pittsburgh &
Lake Erie, etc., also compare with credits to maintenance of way in December 1921 and one at least also
with a credit to equipment maintenance. In the following we show all changes for the separate roads for
amounts in excess of $100,000, whether increases or
decreases, and in both gross and nets
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Increases.
Increases.
Pennsylvania (a)
$9,586,622 El Paso & Southwestern-- $382.987
New York Central (b)
7,520.368 Long Island
369,057
Atch Top & Santa Fe (3)- 6,325,035 Cincinnati NO & Tex Pea 367,331
Baltimore & Ohio
5,444,543 New York Connecting_ _ _
359,098
Illinois Central
3,329,384 Boston & Maine
349.065
Erie (3)
3.468,017 Toledo St Louis & Western 346,229
Southern Pacific (8)
2,906.545 Kansas City Southern_ _ _ _
327,703
Chicago Milw & St Paul-. 2,618,876 Virginian
323.'527
2 70
7 3
Philadelphia & Reading.... 2,033,442 Colorado Southern (2)- 307,142
Chesapeake & Ohio
Yazoo MississiPPi Valley 301.347
Louisville & Nashville_ _ _ _ 1:96566 Chic Indianap & Louisv__
997,4887
294.630
&
Michigan Central
1,960,070 Lehigh & New England__
269.712
Clove Cinc Chic & St L.- 1,843,488 Chic St Paul Minn & Om- 269,523
Pittsburgh & Lake Erie-- 1,827,044 West Jersey & Seashore.- 247,062
Southern Railway
246,293
1,720.034 Western Pacific
Chicago Burl & Quincy- 1.676,941 Indiana Harbor Belt
238.208
Chicago & North Western 1,412,317 Riclun Fred & Potomac.- 195,768
Union Pacific (3)
1,400,531 Central Vermont
192,528
Minneap St Paul & SS M- 1,289,249 Texas & Pacific
Atlantic Coast Line
1,053,740 Atlantic & St Lawrence__
18 , 3
8 3773
91
7
Missouri Pacific
182,476
NY New Haven dr Hartf_ 1,001,539 Lehigh ValleyWestern_
918.155 N Y Susq &
_ -173,676
Grand Trunk Western--_ 867.212 Georgia
158,180
Buffalo Roch & Pittsb_ -- 858.809 Belt Railway of Chicago_ _
157.689
Great Northern
\ 858,084 Union fly of Pennsylvania 142,095
Northern Pacific
841,369 Delaware Lack
St Louis & San Fran (3)-- 827,640 St Louis March & Western 141.197
Bdge Term 138,598
Seaboard Air Line
ti No n G r Trk Jo 137,138
& Carthern
N Y Chicago & St Louis_ _ 816
77 :6%2 Cinchma
4 73 Cille pet
132.564
Pere Marquette
743,237 Maine Central
119.430
Central of Georgia
708,355 Duluth South Sh & Atl_ _
113.557
Missouri Kansas & Tex(2) 661,382 Internat
& Great Northern 106.083
Denver & Rio Grande_ _
Los Angeles & Salt Lake.- 655,118 Monongahela Connecting- 105.597
594,681 Wheeling & Lake Erie_ _ _ _
1926.697
: 11
R(
Elgin Joliet & Eastern - _
102,316
Chic Rock ml & Pacific (2) 570,166 MitmeapolLs & St Louis 549,234
St Louis & South West_ _ _
509,205
Representing 102roads
Chicago & Eastern Illinois
in our compilation- -886.748,833
St Louis So West (2)-- - 502,107
499,205
Chicago & Great Western_
Dise2cromeas7:
461,345
Nashville Chatt & St Louis 457,965 Delaware
Hudson
Central RR of New Jersey 448,877 Norfolk &&
Western
241.
141
e3
Hocking Valley
_
2 05, 0
1301 ..3 8
2 385207
5
Bravos
& No th Valley
Detroit Toledo & Ironton_ 42 :238 Trln
-Ark.
6 3 1 Aiisso y
4 3
itur
Bessemer & Lake Erie- _
420,216 Bangor & Aroostook
Chicago & Alton
408,432
Western Maryland
3 237
Representing 5 roads on
487.15
02.
3
Wabash Railway
81.152,667
our compilation
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the sepa-

THE CHRONICLE

660

trate roads so as to make the results conform as nearly 89 possible to those
given in the statements furnished by the companies themselves.
aThis is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $9,586,622
Increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in gross of $10,206,040.
S These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $13,522.242.

[VoL. 116.

Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California. Nevada. Utah
and Arizona. and the western part of New Mexico.

In the matter of the movements of the leading staples, Western roads had the advantage of a much
larger grain movement and Southern roads, speaking
of them as a whole, got some benefit from a slightly
larger cotton movement, but a much greater benefit
from the high price prevailing for the staple, which
latter has put the South in the enjoyment of great
prosperity. At the Southern outports the receipts
of cotton were 575,902 bales in December 1922 as
against 538,451 bales in December 1921, but comparing with 787,355 bales in December 1920 and
994,467 bales,in December 1919, as will be seen from
the following:

PRINCIPAL CHANGES IN NET EARNINGS IN DECEMBER.
Increases.
Increases.
$218,139
Pennsylvania (a)
$6,032,330 Florida East Coast
208,182
.171,535 El Paso & Southwestern_
5
Southern Pacific (8)
205,147
,702,245 Pitts Shawmut & North_
Atch Topeka & S Fe (3)-- 4
204,450
Baltimore & Ohio
3368,406 NYNH& Hartford_ _ _
197,780
.765,787 Louisville Ry & Nay__ _ _
2
Erie (3)
192,183
Chicago & Northwestern 1.866,065 Virginian
1.740,885 Colorado Southern (2)_ _ 181,514
Texas & Pacific
162,934
Louisville & Nashville__ _ 1.741,198 B & 0,Chicago Terminal
159,770
Grand Trunk Western.... 1.601,014 N Y Susq & Western......
Minn St Paul & S S M-- 1.384,006 Pittsb & West Virginia_ _
156.891
146,751
Gulf& Shin Island
1.342,242 Chicago Peoria & St L_ _
143,848
Missouri Kan & Texas (2) 1.334.755 New Orl Tex & Mex (3)- 1,28.920
Chicago Burl & Quincy- _ 1.138,445 Wheeling & Lake Erie_ _ _
123,124
Chicago Milw & St Paul_
979,222 Mobile & Ohio
965,788 New York Connecting....
Atlantic Coast Line
119,267
116,406
854,170 Georgia
Union Pacific (3)
Philadelphia & Reading..
113,297
799.868 Elgin Joliet & Eastern Chesapeake & Ohio
108,777
726,432 Atlanta Birm & Atlantic..
Nashv Chatt & St Louis_
108,532 RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR
713,532 Charleston & West Caro_
106,890
Chicago & Alton
711,558 Northwestern Pacific__ _
SIX YEARS, 1917 TO 1922, INCLUSIVE.
Maine Central
678,909
Chicago Great Western_ _
Representing 84 roads
634,286
December.
Wabash
in our compilation_ _$53,128,173
602,767
Ports.
Southern Railway
588,529
1920.
1919.
1922.
1921.
DecrasNw
1918.
York Central (b)_- - $5,258,40i
Chic St Paul Minn & Om
584.901
1917.
Detroit Toledo & Ironton
4,367,654
554,046 Illinois Central
bales_ 225,884 210,457 332,287 327,677 188,863 165,862
Missouri Pacific
2,381,100 Galveston
515,347 Michigan Central
71,417
92,582
87,134
48,960
15,492
Central of Georgia
485,026 Cleve Cinc Chic & St L
16,509
1,887,871 Texas City, &c
165,205 119.584 242,914 220,663 196,102 230,243
St Louis San Fran (3)
1.368,267 New Orleans
483,170 Norfolk & Western
10,309
8,855
20,650
34,621
28,641
6,201
Western Pacific
463,441 Indiana Harbor Belt_
1.043,324 Mobile
794
116
1,532
2,909
8,939
11,270
Yazoo & Mississippi Vail
462,695 Pensacola, &c
441,366 Toledo St Louis & West.. _
.54,941 178,885 121,023
22,090
58,836
95,353
Kansas City Southern- _ _
419,429 Savannah
394.984 Lehigh Valley
1,500
750
100
9,000
5,150
10,000
'Boston & Maine
362,328 Brunswick
370,038 Minneapolis & St Louis_
9,897
10,004
45,983
12,875
45,983
27,090
Central RR of New Jers_
317,050 Charleston
337.057 Delaware Lack & West
11,931
27,325
9,723
11,812
6.98.5
7,119
Gino New On & Tex Pac _
229,465 Wilmington
302,919 Pittsburgh & Lake Erie
42,184
39,664
54,320
43,788
42,378
41,595
Atlantic & St Lawrence.._
227,773 Norfolk
287,170 Bangor & Aroostook- _
268
502
265
74
873
Galveston Wharf__
202,673 Newport News, &c....
283.700 Ulster & Delaware
Long Island
155,003
277,866 Midland Valley
Total
575,902 538,451 787,355 994,467 644,588 612,115
Seaboard Air Line
146,743
271,487 N Y Chicago & St Louis_
Chic & Eastern Illinois_ _
128,067
261,921 Delaware & Hudson......
West Jersey & Sea Shore
121,081
253,950 Central New England......
Richmond Fred ,Sz Potom
113,162
250,724 NY Ontario & Western_
Lehigh & New England. _
103,406
248,601 Ann Arbor
Detroit Grand Hay & Mil
242.897
Chic Det & Can Gr Trk J
Representing 19 roads
225,923
Pere Marquette
in our compilation_ _$19,295,495
244.863
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids
thel Pennsylvania
reporting $6,032,339
Including all roads owned
t
entire Pen
nian
(k $,770,062.
and controlled, the result is ansdecvrease
S These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the"Big Four," &c., the result is a decrease of $10.847.815.

VP

System,

When the roads are arranged in groups or geographical divisions according to their location, the
distinctive feature of the comparisons is that every
geographical section without any exception registers
an increase in the gross and also every group an improvement in the net, barring only Group III, composed of the roads in Ohio and Indiana and the Central West, and the falling off in the net in this group
follows almost entirely from the losses in net reported by the Western lines of the New York Central.
Our summary by groups is as follows:

Receipts of wheat at the Western primary markets
for the five weeks ending Dec.30 1922 totaled no less
than 53,130,000 bushels, as against only 27,189,000
bushels in the corresponding five weeks of 1921. The
receipts of oats, barley and rye likewise ran very
much heavier than in the previous year, though on
the other hand the corn receipts did not quite come
up to those of 1921. For the five cereals combined,
the receipts for the five weeks of 1922 aggregate 129,017,000 bushels, as against 88,699,000 bushels in the
corresponding five weeks of 1921 The details of the
Western grain movement in our usual form are set
out in the table we now present:

WESTERN GRAIN RECEIPTS.
5 Weeks end. Flour.
Wheat.
Corn.
Oats.
Dec. 30.
(bush.)
(His.)
(bush.)
(bush.)
Chicago'
1922.... 1,566,000 3,391,000 22,159,000 9,419,000
1921_..... 062,000
1,029,000 19,618,000 5,052,000
Minneapolis
19,415,000 1,202,000 2,700,000
1922.
9,833,000 2,095,000
1921_
2,712,000
Duluth
SUMMARY BY GROUPS.
1922_
7,716,000
195,000
9,000
1921._ _ _
3.985,000 1,503,000
318,000
Gross Earnings
Section or Grout
1922.
1921.
Inc.(+)or Dec.(-). Milwaukee
,
174,000
412,000
1922____
1,519,000 2,580,000
December
21,905,854 19.829,938 +2,075,916 10.47
Grout, 1 (9 roads), New England
' 1921....... 158,000
129,000 3,890,000
1,486,000
Middle_166,052.831 135,142,152 +30,910.679 22.87 Toledo-Group 2(34 roads), East and
43,778,393 32,363,533 +11,414,860 35.27
Group 3(26 roads), Middle West
3,855,000
421,000
1922_
754,000
69,286,854 58,515,717 +10,771,137 18.41
Group 4 and 5 (34 roads), Southern
732,000
1921_
995,000
151,000
Groups6 and 7(28 roads), Northwest_ 94,273,451 79,150,424 +15,123,027 19.11 Detroit
Groups 8 and 9(50 roads), Southwest_ 96,021,708 81,469,433 +14,552,275 17.86
181,000
1922.
319,000
456,000
Group 10 (12 roads), Pacific Coast__ _ 21,114,642 18,226,946 +2,887,696 15.85
153,000
297,000
1921250,000
Omaha & Indianapolis
Total(193 roads)
512.433,733 424,698.143 +87,735,590 20.66
1,872,000 5,939,000
1922...... 289,000
1,576,000
3,106,000 5,169,000 1,670,000
1921_
Net Earnings
-Mileage-Section or Group.
1922.
1921. Inc.(+)or Dec.(-) St. Louie
1922.
$
1921.
$
$
%
1922___.. 421,000 3,791,000 2,575,000 2,952,000
Group 1
7,467 7,514 3,758,665 2,304,828 +1,453,837 63.08
1921--__ 433,000 1,949,000 3,942,000 1,792,000
Group 2
34,625 34,509 29,471,910 21,950,199 +7,521,711 34.26
PeoriaGroup 3
15,594 15,600 8,840,762 9,846,569 -1,005,807 10.21
270,000 3,141,000
1922-_.- 207,000
1,650,000
Groups 4 and 5
39,022 39,003 17,188,301 9,261,001 +7,927,300 85.59
1921.... 255,000
76,000 2,835,000 1,225,000
Groups 6 and 7
63,593 63.771 20,666,839 18,395,552 +2,271,282 12.35
Kansas CWGroups 8 and 9
62,185 62,434 26,428,389 11,089,132 +15,339,257138.33
9,871,000
1922_
1,699,000
1,302,000
Group 10
13,434 13.290 5,587,897 3,890,811 +1,697,086 43.62
1921.......
7,431,000 2,062,000
433,000
Total
235,920 236,121 111,942,758 76,738,092 +35,204,666 45.87 St. Joseph
1922_
1,122,000
1,983,000
250,000
NOTE.-Group I. Includes all of the New England States.
1921_
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, alao all of New Jersey, Delaware and Maryland, and Tota22..
l91 o/ A_
the extreme northern portion of West Virginia.
1 2,358,000 53,130.000 40,382.000 23,792,000
_1Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
1921____ 2,097,000 27,189,000 42,676 000 14,945,000
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota. Wisconsin. Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska. together with Colorado north of a line Parallel to the State line
Pasting through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louts and Kansas City, Colorado south
Of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New




Barley.
(bush.)

Rye.
(bush.)

1,112,000
598,000

661,000
153,000

1,907,000 2,290,000
754,000
402,000
110,000 3,936,000
63,000
908.000
1,007,000
650,000

510,000
119.000

2,000

18,000
14,000
7,000

123,000
102,000

13,000
36,000

63,000
21,000

56,000
7,000

4,322,000 7,441,000
2,190.000 1,699,000

The Western live stock movement also appears to
have been considerably heavier than in the previous
year-the receipts at Chicago for the month having
comprised 26,210 carloads in 1922 against 23,706
carloads in 1921, and at Kansas City 10,717 cars
against 7,763 cars.

,
I

FEB. 17 1923.]

THE CHRONrCLE

battalions of gnsintss Atitottg
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, Feb. 16 1923.
A severe cold wave, with great winds and temperatures
in some parts of the country far below zero, has for the moment caused a certain interruption of business, retail and
wholesale. It is only momentary. Great snows have impeded travel at the West and Northwest and car loadings
have fallen off. But all this does not affect fundamental
conditions of American business. They are sound. There
is a good jobbing trade for spring and summer delivery.
Prices of commodities in the main have been either firm or
higher. There has been a remarkable advance in sugar,
accompanied by speculative pyrotechnics which could have
been spared, especially as they appear to have been traceable
partly to a misunderstanding of some Government figures.
Yet sugar has been advancing and to-day settled at 5 cents
per pound for Cuban raw sugar after having touched 6 cents
/
1
2
on Wednesday; this compares with 3 cents at the opening
of February. Speculation has been so excited that on two
days the 100-point limit of fluctuations allowed in a single
day was reached, first on an advance and the next day on
the decline. There has also been heavy speculative trading
in coffee at some advance in prices. Wheat ran up for a time
on the widespread cold wave and fear of damage to exposed
sections of the winter wheat belt, together with some vague
war-like rumors from Europe which proved to be unfounded.
Cotton has advanced as threatened scarcity looms ahead
and the mills buy with greater avidity. Also, there is a great
fear of the boll weevil during the coming season, and members of the New York Cotton Exchange have subscribed
$60,000 thus far toward the fund which is being raised in
this country looking to measures to extirpate or control the
pest. Rubber has declined. Copper has been more active on
foreign demand, that is, from France, Germany and England. All the metals, indeed, are wanted and are gradually
rising.
Such business guides in the great markets of the country
as iron and steel are in sharp demand at advancing prices.
Holland and Japan are trying to buy sheet iron in this country, turning away from the disorganized markets of Europe,
disorganized because of the Ruhr trouble. Some of the German steel and iron manufacturers keep going by buying coal
in England, but it looks as though German mills in not a few
cases will have to close down for the lack of fuel. This has
a direct effect on the American iron trade. German, French
and English iron cannot be exported to America on the present basis of European costs. Meanwhile the tendency here
and at the West is towards steadily rising prices for iron.
Steel is active and rising, with premiums beginning to be
quite general for prompt delivery. Building is still at a high
record for mid-winter. The totals for January have never
been equaled, much less surpassed. The textile trades are
In excellent shape. Mills are busy and prices keep up. In
no branch of trade is there anything like recklessness. But
everywhere supplies have become more or less depleted, and
with the buying power noticeably greater than it was a year
ago, the demand for goods and services has increased accordingly. Employment is everywhere active, although for
the moment it is interrupted in some parts of the country by
bad weather. The consumption of cotton in January was
close to the high record in the history of the business. Only
twice has it been exceeded in any month and that was during the excited days of the war, and then only by a small
quantity. Meanwhile it is an interesting fact that failures
continue to shrink in number. The total for the present
week, of course a holiday week, is stated at only 395 against
405 last week and 522 in the same week last year. Trading
Is clearly on a more conservative basis. Fewer chances are
being taken than in some recent years. Merchants have
profited by the experience of the last three years. But in
the building material branch there is a sharp demand, plainly
warranted by the remarkable activity in construction for
this time of the year. There is great activity in lumber both
in the Far West and at the South. The output of cement is
DO% greater than at this time last year. Petroleum prices
are still mounting. At some of the foreign wool sales prices
have been slightly lower. At Montreal fur sales have been
at some decline. Soft coal has been lower here, but anthracite, by reason of the widespread cold wave, has been firmer.
It has been a severe winter, though until the present week
temperatures have not been extremely low; yet for many




661

weeks past it has been snowing steadily at intervals of only
a few days.
Meanwhile the European political situation is still deplorable. The tension in the Ruhr Valley increases rather than
diminishes. Bloodshed has occurred. The German population shows marked discontent. And France has seemingly
gained nothing very much by the invasion, while there are
signs of coolness on the subject between France and England. To-day it was announced that the British have conceded a small portion of their area to French control. The
French are moving some coal, but not enough thus far to
pay for the vast expense to which they are put in securing
It. The Turk has been less of a factor than he was last week,
although there was a false report at one time that Turkish
batteries had sunk a French destroyer in the harbor of
Smyrna, a report which had for the moment a disturbing
effect on the markets in this country, notably cotton and
grain. But it would seem that Turkey is taking counsel of
prudence. And meanwhile the stock market has been active
and on the whole firm, while latterly foreign exchange has
advanced. Of course, this country cannot hope entirely to
escape the effects from the unhappy state of affairs in Europe. Yet they are in some measure diminishing. The markets, indeed, seem inclined to cut loose from European politics and take their complexion from American conditions
rather than anything else. In fact, London itself has latterly
been steady. And it is pointed out to-day, by the way, that
German reparations due Belgium were paid.
The 2% immigration bill, it is said, will fail in the United
States Senate. A Washington dispatch to the New York
"Herald" describes the effects of the present 3% exclusion
immigration act as disastrous to industrial and agricultural
interests. It calls attention mew to the fact that the demand for labor in all parts of this country far exceeds the
supply because of the inadequacy of present immigration
quotas. The Departments of Labor and Commerce are deluged daily with complaints of large industrial and agricultural units over the shortage of labor generally described
as "common." Some of the most important industries are
short of labor, with no prospect of relief. It is well known
that last year the number of aliens eligible for admission to
this country was only 358,023, and some of the national
quotas were not filled. It will be recalled that allotments
under present immigration privileges provide for the admission of 3% of the aliens who were in this country in 1910.
Under the Johnson bill only 2% of the aliens in this country
in 1890 would be permitted to enter each year. It would admit, it is feared, only 168,000 annually. It souhds incredible,
yet it is declared to be a fact that one of the largest industrial organizations, whose labor requirements are 20% larger
than the available supply, recently estimated in a letter to
the Department of Commerce that at least 600,000 more men
are needed to meet the expanding industrial and agricultural
needs of this country. At Washington Senators and Representatives in Congress admit that there is a shortage of labor. They put the responsibility for existing conditions
squarely on the labor organizations, which vigorously oppose any measures of relief through amendment of the mischievous 3% Immigration Act. At Washington it is an open
secret that Congress is restrained from passing remedial
legislation by the impudent political activities of the labor
unions.
At Winchendon, Mass., one of the cotton mill companies
announces that if their employees organize a union the owners will close the mills and keep them, closed. Paterson,
N. J., the big silk manufacturing centre, complains that a serious labor scarcity is developing in some of its large mills,
which prevents them from operating to more than 75% of
normal. It seems it is difficult to procure enough weavers
and with the shortage of winders, this is causing a delay
in
all other departments. In such plants as the B. Edmund
David, there is a shortage of weavers and some of the warpera have had to be laid off for a time
until the weavers can
catch up to them. Efforts are being made by
practically
every concern in Paterson making broad silks to get extra
,
weavers.
At Chicago on Feb. 13 a blinding snow storm with a.
marked slowing up of traffic marked the beginning of what
the Weather Bureau predicted would be the coldest weather
of the winter. Soon after dusk the mow abated and a
cold
northwest wind sent the mercury down sharply toward a
predicted 10 to 15 degrees. The cold wave was reported
to
be coming from the upper Mississippi Valley, the Rockies
and the Canadian Northwest. At Minneapolis on
Feb. 1It

662

THE CHRONICLE

practically all west bound train service out of the Twin
Cities was cancelled as reports of the terrific storm in the
Northwest reached the Cities. Reports of trains stalled in
heavy drifts or held at stations, were general throughout
Minnesota, the Dakotas and Montana, accompanied by low
temperatures, reaching 18 below zero at Aberdeen. The
storm was declared by railroad men to be the worst in years.
Washington wired that the cold wave of the Northwest
would sweep eastward. It certainly did. Much colder
weather prevailed in all sections east of the Mississippi except the Florida Peninsula. Here for several days it has
been cold, the mercury going to 12 degrees, while on the 15th
Inst. there was a 74
-mile high record wind for this winter.
The cold wave has spread from the far North almost to the
Gulf of Mexico. To-day it was again down to 12 degrees, but
the wind was not quite so strong. However, the cold wave
Is expected to stay until Sunday. Cold weather continues
severe over the whole area east of the Mississippi River. It
was freezing as far south as northern Florida. In New York
State it was colder than yesterday. The coldest point was
at Camden, northwest of Albany, where it was 12 degrees
below zero.

[VOL. 116.

and in our issue of Sept. 16 (page 1287) we gave the first
compilation to be issued as to postal figures for the industrial
cities, the statement showing figures for July last. The
Post Office Department on Feb. 7 issued the following statement calling attention to the indications of prosperity as
evidenced by the expanding receipts at the industrial cities
during January:

If postal receipts in purely industrial cities constitute a barometer of
industrial health, as is believed, then a wave of prosperity in which there
are no barren spots of any size is sweeping the entire Country, according
to an analysis of returns for January from 50 industrial cities in which
each State is represented by its most important industrial centre.
The average percentage increase over Jan. 1922 for the 50 cities was
18.14. While these cities have reported appreciable gains over the preceding
year for each month since the list was first compiled last July, the January
percentage gain is approximately double that of any other month.
The greatest gains were reported by the Middle Atlantic States, with
Harrisburg, Pa., leading the entire country with a percentage increase of
62.09; Wilmington, Del., with 35.14 and Cumberland. Md., with 27.57.
The New England States followed with Lynn. Mass., reporting a gain
of 36.40 and Portland, Me., of 17.50, While Albany, N. Y., although not
in that geographical division, is nearby, reported 28.76% increase.
The Rocky Mountain States are next with Cheyenne, Wyo., leading
with 29.01%, Boise, Idaho, 23.93; Butte, Mont., 23.33; Phoenix, Ariz.,
18.61. and Albuquerque, N.M., with 15.65. This division furnished
the only decrease in the entire country-that of Reno, Nev.-but it was
less than one-half of 1%.
The West South Central section was represented by Oklahoma City with
a gain of 28.71; Little Rock, Ark., 27.65; Shreveport, La., 27.29, and San
Antonio. Texas, 13.19.
Lumber Production for Ten Years
From the West North Central section, St. Joseph, Mo., reported a gain
-Last Eight Months
of 27.31%; Sioux Falls, S. D.,25.96; Lincoln, Neb., 21.11; Topeka, Han..
of 1922 Show Largest Maintained Volume.
20.29, and Sioux City, Iowa., 14.68.
The last eight months of 1922 witnessed the largest mainIn the South Atlantic States, Savannah, Ga.,led with 22.46; Tampa,Fla..
second with 21.99; Jackson, Miss., 21.68, and Birmingham, Ala., 16.21.
tained volume of lumber for any such approximate period
East North Central:
since 1914, according to the graphic charts published on Springfield. Ohio. 9.33. Peoria, Ill., 20.19; Ft. Wayne, Ind., 12.33, and
Feb. 7 by the Economics Department of the National
Pacific: Spokane, Wash., 17.71, and Oakland. Calif., 13.65.
Tabulated figures follow:
Lumber Manufacturers' Association. For those months
Statement of Postal Receipts of Fifty Industrial Mies for the Month of January, 1923
lumber production in the United

States was maintained
at from 110 to 125% of the average monthly production
for ten years; though the first four months of the year were
well below average. The yearly reported figures of the
United States Forest Service and the yearly and monthly
figures of the reporting'associations of the National Lumber
Manufacturers' Association are used as the foundations of
the computations. The percentage which the Association
figures bear each year to the corresponding annual production
.of the country (Forest Service totals) is assumed to indicate
the approximate relationship which the monthly figures would
bear. United States monthly figures are therefore computed
on this percentage basis and the relationship of these is shown
to the average monthly United States figures for the tenyear period.
The average yearly production for the ten years of the
United States. based on the Forest Service figures (plus an
estimate for 1922) is 33 billion feet; the average monthly production is 2.75 billion feet. This 2.75 billion feet is taken
as 100% on the chart. The relation which the production
as reported by the Association bears to the total United States
in each year is shown in the following table:

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922

Reported to
N. L. M. A.
(feet).
13,486.800.000
11.386,300,C00
11.335.300.000
14,621,600.000
15,461,000,000
14,109,000,000
12.711.000,000
12,858.800,000
9,509,900,000
13,428.500.000

OfficesSpringfield, Ohio
Oklahoma, Okla
Albany, N.Y
Scranton, Pa
Harrisburg.Pa
San Antonio, Texas
Spokane, Wash
Oakland, Calif
Birmingham, Ala
Topeka, Kan
Peoria, In
Norfolk, Va
Tampa, Fla
Fort Wayne, Ind
Lincoln, Nebr
Duluth, Minn
Little Rock, Ark
Sioux City, Iowa
Bridgeport, Conn
Portland, Maine
St.Joseph. Mo
Springfield, Ill
Trenton, N.J
Wilmington, Del
Madison, Wls
South Bend, Ind
Charlotte, N. C
Savannah, Ga
Cedar Rapids, Iowa
Charleston, W. Va
Knoxville, Tenn
Schenectady, N. Y
Lynn, Mass
Shreveport, La
Columbia,So. Car
Fargo, No.flak
Percentage
Sioux Falls, So. Dak
N. L. M. A. Waterbury, Conn
Reports
Pueblo, Colo
are of Total. Manchester, N.H
Lexington, Ky
35.1
Phoenix, Ariz
30.5
Butte, Mont
Jackson, Miss
36.3
Boise, Idaho
42.0
Burlington, Vt
46.6
Cumberland, Md
48.0
Reno, Nevada
Albuquerque, N. Mex
36.8
Cheyenne, Wyo
43.0

Total Reported
to Forest
Service
(feet).
38,387,000,000
37,346,033,000
31,241,734.000
34,791.385.000
33,192,911,000
29.362.020,000
34,552,000,000
29,878,360,000
35.2
26,991.798.000
34,800,000.000 (est.) 38.5

Total

January,
1923.
$147,740 96
114,590 99
100,97902
82,387 53
135,499 38
76,086 02
87,630 00
83,282 29
88,916 42
110,104 01
68,354 29
65,933 88
57.081 90
76,934 99
67,173 69
57,652 45
70,563 25
61,557 09
62,378 41
58,637 03
56,318 80
60,329 40
54,991 99
50,071 96
52,408 34
49,506 04
47,510 22
42,242 30
40,733 29
39,866 07
44,692 38
42.679 53
36,129 58
37,378 59
31,194 88
26,008 50
28.205 46
28.665 03
23,988 36
24,145 52
24.740 57
24.04844
21,021 63
24,303 88
19,399 29
17.23700
13,223 71
12,517 79
14,114 71
14,391 95

January.
1922.
8135,128 44
89,028 20
78,424 58
77,790 38
83.597 27
67,218 40
74,441 85
73,272 79
76,508 04
91,531 32
56,873 95
57,847 48
40,791 30
68,488 61
55,461 69
53,390 26
55,275 35
53,079 28
57,082 11
49,901 22
44.237 43
55.806 08
49,908 83
37,050 69
47,175 17
41,645 64
40,704 14
34,494 25
34,975 02
39,211 31
37,473 76
40,459 15
26,489 00
29,366 87
29,043 30
24,252 37
22,392 38
25,359 40
22,803 79
22,348 53
22,441 35
20,276 02
17,045 91
19,974 87
15.652 96
16,128 46
10,367 50
12,579 32
12,205 27
11,156 69

$2,675,609 81 $2,264,757 78

•
o
Increase, Over 1922.
$12,612 52
9.33
25,562 79
28.71
22,554 44
28.76
4,597 15
5.91
51,902 11
62.09
8.86762
13.19
13,188 15
17.71
10.009 50
13.65
12,408 38
16.21
18,572 69
20.29
11.480 34
20.19
8.088 40
13.98
10.290 60
21.99
8,446 38
12.33
11,71200
21.11
4,262 19
7.98
15.287 90
27.65
7,87781
14.68
5,29030
9.28
8,73o 81
17.50
12,081 37
27.31
4,523 32
8.11
5.083 36
10.19
13,021 27
35.14
5,233 17
11.09
7,92040
19.02
6,806 08
16.72
7,748 05
22.46
5,75827
16.46
654 76
1.67
7,218 62
19.26
2.22038
5.49
9,64058
36.40
8,011 72
27.29
2,151 58
7.41
1,756 13
7.24
5,813 08
25.96
3,306 63
13.04
1,18457
5.19
1,798 99
8.04
2.29922
10.24
3,772 42
18.61
3,975 72
23.33
4.32901
21.68
3,746 33
23.93
1,108 54
6.87
2,856 21
27.57
*61 53
*.49
1,909 44
15.65
3.23526
29.01
_

$410,852 03

18.14

• Decrease.

Percent of Increase.
The estimates for 1922 is obivously arbitrary in that the
Oct. 1922 over Oct. 1921, 10.62%
percentage relation' which the association totals bear to the
Nov. 1922 over Nov. 1921, 9.13%
Dec. 1922 over Dec. 1921, 7.78%
United States total is assumed to be 38.5% without other
foundation of fact than that it is an average figure for the
Decline in Postal Savings Deposits During January
preceding 10-year period.
-

Gain in Depositors.
Despite the fact that a net gain of 5,000 in the number of
Increasing Postal Receipts for Fifty Industrial Cities.
Postal Savings depositors was witnessed during January, the
An increase of $410,852, or 18.14%, is reported in the balance on
deposit at all the post offices decreased $670,000
postal receipts of fifty industrial cities in January 1923
In January, or from $132,290,000 on Dec. 31 to $131,620,000.
as compared with the same month last year, the amount
The following is the Post °face Department's announcehaving risen from $2,264,758 in January of last year to
ment in the matter, made public Feb. 12:
$2,675,610 in January of the present year. Last week
Withdrawals in New York City and

two-thirds of a

Brooklyn of more than
(page 560) we referred to the increase witnessed in the case million dollars in Postal Savings deposits during January prevented the sysselected cities. The comparative tem from offsetting withdrawals with new deposits-something which has
of postal receipts for fifty
- not been done for more than two years.
figures for these-the fifty largest cities in the country
Twenty-five thousand new accounts were opened during the month and

have been issued monthly by the Post Office Department
since 1900. The figures for the industrial cities-cities
which, as explained by the Post Office Department, "derive
their life blood from factories and industrial establishments"
.
-have only been made available during the last six months,




only 20,000 old ones closed, making a net gain of 5,000 depositors. In spite
of this, however, the balance on deposit at all offices decreased from $182,290,000 to $131,620,000, showing a net loss of 4670,000.
The withdrawals in New York City and Brooklyn alone totaled $626,426
of this amount. On the other hand, 49 out of the 107 cities having deposits in
excess of $100,000, reported increased balances over Dec. 81.

FEB. 17 1923.]

THE CHRONICLE

663

A feature of the January figures is the fact that Cleveland, Ohio, a city Monthly Labor Review of U. S. Department of Labor
having a population of 796,841, was crowded out of nineteenth place in rank
for January 1923—Labor Efficiency in Saw
by Uniontown Pa., a mining town with a population of only 15,692. Uniontown has been showing steadily increasing deposits since the settlement of
Mills.
the coal strike and the prospects are that Cincinnati. Ohio, now in eigtheenth
Increasing attention is being given by the Bureau of Labor
during January, will follow in the way of
place, and reporting a decrease
Statistics to the problem of labor efficiency as shown by
Cleveland.
Another feature is the rapid rise of Great Falls, Mont., in Postal Savings reports of production in various industries. An article in
deposits. A year ago Great Falls ranked 129th, but now it stands 48th, havthe current (January) issue of the "Monthly Labor Review"
ing jumped from 60th place during the past month, with a gain of $30.125.
The largest gain was made by Boston, with $69,023 ; Great Falls was sec- on the production and labor efficiency in saw mills in the
ond; Astoria, Ore., third, with $21,882; Mount Pleasant, Pa., fourth, with
United States, by Ethelbert Stewart, U. S. Commissioner
$15,025, and Philadelphia fifth, with $14,676. Figures showing increases,
decreases and the rank of cities having deposits of more than $500,000 fol. of Labor Statistics, embodies the results of the most recent
low:
study of efficiency and output. The Department, under
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE MONTH
OF JANUARY 1923. AS COMPARED WITH THE MONTH OF
DECEMBER 1922.
$132.290,000
Balance on deposit Dec. 31
670,000
Decrease during January
Balance on deposit Jan. 31
Post Office—
New York, N. Y
Brooklyn, N. Y
Boston, Mass
Chicago, Ill
Seattle, Wash
Philadelphia,Pa
Pittsburgn, Pa
Detroit, Mich
Tacoma, Wash
Portland, Ore
Kansas City, Mo
Newarx, N. J
St. Louis, Mo
Los Angeles, Calif
San Francisco, Calif
Milwaukee, Wis
Jersey City, N,.1
Cincinnati, Ohio
Uniontown, Pa
Cleveland, Ohio
St. Paul, Minn
Columbus, Ohio
Providence, H.!
Buffalo, N. Y
Passaic, N. J
Butte, Mont
Aberdeen, Wash
Bridgeport, Conn
Denver, Colo
McKees Rocks,Pa
Ironwood, Mich
McKeesport, Pa
Washington, 13. 0
Minneapolis, Minn
Toledo, Ohio
Lowell, Mass
Leadville, Colo
New Haven, Conn
Hartford, Conn
Astoria, Ore
Roslyn, Wash
Omaha, Web
Anchorage, Alaska*
Pawtucket, R. I
Louisville, Ky
Erie, Pa
Kansas City, Kan
Great Falls, Mont
Pueblo, Colo
Oakland, Calif
Pensacola, Fla
Atlantic City, N. J
Baltimore, Md
Jamaica, N. Y
Duluth, Minn
Pocatello, Idaho
Wilmington, Del
Paterson. N. J
Bellingham, Wash
Long Island City, N. Y
Fairbanks. Alaska*
Staten Island. N. Y
Flushing. N. Y
Mount Pleasant, Pa
New Orleans, La
Norwood, Mass
Dallas, Texas
Altoona, Pa
Camden, N. J
Bayonne. N. J
Jacksonville, Fla
Elizabeth, N. J
Gary, Ind
Memphis, Tenn
Birmingham, Ala
Akron, Ohio
Salt Lake City,Utah
Rochester, N. Y
Everett, Wash
Manchester, N. H
Indianapolis, Ind
Centralia, Wash
Breckenridge, Texas
San Diego, Calif
Tampa, Fla
San Antonio, Tex
Oklahoma,Okla
Bingham Canyon, Utah
Willimantic, Conn
Ansonia, Conn
New Kensington
Bremerton, Wash
Phoenix, Ariz
Youngstown, Ohio
Spokane, Wash
Chester, Pa
Hammond, Ind
Dayton, Ohio
Miami Fla
Fall River, Mass
Export, Pa
Norfolk, Va
Lynn, Mass
East Pittsburgh. Pa
Windber. Pa
Boise, Idaho
Norwich, Conn
Tonopah, Nev
Brownsville, Pa
Hurley, Wis
Raymond, Wash
Waterbury,Conn
Augusta, Ga
• December balances.




date of Feb. 6, said:
This study, which was made in connection with the regular investigation of wages, hours, and conditions of labor in the lumber industry, has
the advantage of being country-wide, since the wages and hours investigations of the Bureau have always covered the most typical and representative
establishments in the country as a whole. These studiwi have also to a
great extent covered the same plants from year to year, so that it has
been possible to build up a body of data which is invaluable for purposes
of comparison. While this present study in regard to output and labor
costs relates only to 1921, it presents figures which may ultimately serve
as a basis by which production and costs in this industry may be measured.
The average hourly output per man for all employees in all establishments
was found to be 79 feet. more than double the productivity shown from
computations of the census figures, indicating that the establishments
studied by the Bureau are probably above the average in management
and equipment. Great variations in earnings and output in different
States are shown. The minimum State average output reported for all
employees was 50 feet per hour per employee in Georgia and the maximum
117 feet in Oregon. The extremes of output per man hour found in
individual establishments ranged from 15 feet to 323 feet. Attention is
called to the fact that output figures refer to establishments and not to
individual laborers. The minimum earnings of band sawyers was 40
cents per hour in Georgia and North Carolina plants and the maximum
$1 50 per hour in an Oregon plant. The lowest labor cost for this occupational group was found in Oregon. However, she amount of wages
and the labor cost were found to vary so greatly even within the same
State that the idea of a geographical distribution of wage rates evidently
does not hold good except in a very general sense and is subject to many
exceptions. It appears from the study that as yet there is nothing approaching standardization of wage rates, hourly earnings, and labor cost
either by occupations or as a whole, or of the efficiency and productivity
of labor as measured by a common unit even in this selected and better
grade group of lumber mills.
A discussion of the compensation laws in the different States, in force
on Jan. 1 1923, brings the status of compensation legislation up to date
In such a form that it is available for use by State legislatures in drafting
bills for the establishment of compensation laws or the amendment of
existing legislation.
An article on the union scale of wages and hours of labor in the building
trades on May 15 1922, and the prevailing rates on Nov. 15 1922. gives
the wages and hours of workers in the different occupations in this important industry for the principal industrial centres of the country.
A report as to the strikes and lockouts during the third quarter of 1922
shows that there were 254 labor disputes in that period, according to
Information received by the Bureau, as against 414 in the same period
of 1921. The strikes, however, involved large numbers, since the railroad
strike occurred in July. Other important strikes affected 50,000 garment
workers in New York City, 20.000 street and elevated railway employees
in Chicago, and numerous clothing workers in other cities.

$131,620,000
-—Rank
This Last
Depositors'
Balance.
Increase. Decrease. Mo. Mo.
1
1
$513,183
$42,978.455
2
2
153.243
12,822.325
3
3
6.583.314 $69,023
4
4
3.242
6.150.028
5
5
19.320
3.089.640
6
6
14,676
2.474.721
10.777
2.448.358
8
8
21.458
2.056.593
9
9
12.637
1,537.468
10
10
10.529
1,450.349
11
11
1,309
1.432.124
12 12
9,406
1,350.935
924 13 13
954.266
14 14
4.771
824,682
23.190 15 15
799.355
9.862 16
16
786.992
17 17
12.422
717.110
18 18
14,935
633.222
19 20
11,692
585,893
28,960 20
19
559.511
9,624 21
21
517.699
7,762 22 22
505.899
23 24
859
468.979
6,427 24 23
461.845
6.702 25 25
443.351
26 26
4,987
390.112
27 29
1,136
375.374
8,556 28 27
373.633
8,854 29 28
370,229
30 31
5,944
368.425
31
33
4,365
363.256
7,757 32 30
356.220
33 35
11,027
355,802
34 34
7,548
354.158
35 32
7,671
352,975
36 36
875
342,067
37 38
471
286,709
5.917 38 37
281,791
1,753 39 40
278,553
40 43
21.882
277.477
41 42
10,195
272.596
9.859 42 41
269,760
13,390 43 39
269.352
44 44
5,544
258,996
8,880 45 45
239.930
46 46
2.814
239,644
47 47
2.245
237.731
48 60
30.125
225.478
49 49
3,933
225.005
8,449 50 48
223,965
50
1.712 51
217,062
5.074 52 51
206.712
3,036 53 53
204.426
4,642 54 52
203,854
Retail Food Cost in Nineteen Cities from
3,765 55 54
200,825
56 58
3,210
200.539
December 15 to January 15.
57 61
3.915
198.539
58 57
1.931
195.998
The U. S. Department of Labor, through the Bureau of
59 59
2.938
194.140
4.244 60 56 Labor Statistics, has completed the compilations showing
194,093
10,218 61
55
192,702
...
62 64 changes in the retail cost of food in 19 representative cities
5.434
191.073
63 62
189.518
1.073
64 71 of the United States; in its advices in the matter, made
184,538
15.025
182.676
3,444 65 63 public Feb. 10, the Bureau said:
66 66
182,268
1,352
During the month from Dec. 15 1922 to Jan. 15 1923. 16 of the 19 cities
1,399 67 65
179.640
68 67 showed decreases as follows: Denver, 4%; Peoria and St. Louis, 3%;
179,148
1,077
171,970
2,180 69 68 Butte, Richmond, St. Paul, Salt Lake City, Scranton, Seattle and Wash9
73
169.982
71
4,062 70 6
ington. D. C., 2%; Baltimore, Cleveland, Omaha and Providence, 1%.
168,944
4,406
4,437 72 70 Detroit and Portland, Me., showed decreases of less than 5 10 of 1%.
168,661
73 74 The other three cities showed increases, Little Rock and Manchester,
163.015
837
6,837 74 72 1%, and Chicago less than 5-10 of 1%.
160.133
75 76
158.060
2,672
For the year period, Jan. 15 1922 to Jan. 15 1923. 15 of the cities showed
2,850 76 75
157,554
77 78 increases. Cleveland, 6%; Denver and Seattle, 5%; St. Louis and St.
151,191
1,889
78 80 Paul, 4%; Butte, Chicago, Detroit, Little Rock and Portland, Me., 3%;
147.442
4,759
6.710 79 77
145,488
City, 2%: Washington, D. C.,
5.398 80 83 Baltimore, Providence and Salt Lake
143,576
1,998 81 81 1%,and Omaha, which showed an increase of less than 5-10 of 1%. Four
139,427
82 82 cities showed a decrease as follows: Peoria, 3%; Richmond and Scranton,
1,010
136,153
83 89
133,378
8,613
84 84
6,745 83 87 2%. and Manchester, 1%.
131,811
As compared with the average cost in the year 1913, the retail cost of
130,881
3,388
86 88 food on Jan. 15 1923 was 54% higher in Richmond; 52% in Providence
130,748
3,774
358 87 86 and Scranton; 51% in Washington, D. C.; 50% in Baltimore: 49% in
127,947
88 96
4,550
126,822
3,863 89 85 Chicago and Detroit;46% in Manchester;43% in Cleveland and St. Louis;
126,706
90 90 39% in Little Rock and Omaha; 36% in Seattle; 33% in Denver, and
2,433
124,879
91
92 24% in Salt Lake City. Prices were not obtained from Butte, Peoria.
3,755
123,798
12,963 92 84 Portland, Me., and St. Paul in 1913, hence no comparison for the 9
120.309
-year
93 94
119.885
2,447
2,200 94 91 period can be given for these cities.
118.168
95 93
387
117,326
96 97
2,468
115.995
439 97 95
115.062
Wholesale Prices in the United States.
98 98
114,769
2,701
99 111
A recent report issued by the United States Bureau of
113.825
10.991
100 103
110.022
2.503
101 105 Labor Statistics on wholesale prices (Bulletin No. 320) gives
109.861
2.826
2.188 102 99 the course
109.506
of prices for each year from 1890 to 1921 and by
1,487 103 101
109,503
104 106 months from January, 1913, to December, 1921. The re108,426
2,250
3,822 105 100
107,407
106 110 port differs from previous reports in showing articles under
106.548
3,707
107 108
106.108
22,232
4,641 108 102 more than one classification instead of under one arbitrary
104.228
109 113
103,620
2.295
which reach the consumer
165 110 109 group. For example,food articles
103.589
502 111 112 in practically unchanged form are included under both farm
101.470
112
101.319
1,328
3.639 113 NO products and food, although in computing the general index
100.733

number for all commodities such articles have been counted

664

TTTP

CHRONICLE

[VOL. 116.

only once, so that there is no duplication in the final result. The statistics of cotton in this report are given in running
The number of commodities covered varied from 192 in 1890 bales, counting round as half bales, except foreign bales,
to 404 in 1921. Commodities have been arranged in 6 which are in equivalent 500-pound bales.
groups, as follows: Farm products, foods, cloths and cloth- COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
ing, fuel and lighting, metals and metal products, building
(Linters Not Included.)
materials, chemicals and drugs, house-furnishing goods, and
i
miscellaneous. Sub-groups of closely related articles have
Cotton Consumed
Cotton on Hand
Cotton
During (Bales)Spindles
Jan. 31 (Bales)been placed within these groups. In computing the index
Active
Locality.
Year
Six
In
In Public During
numbers the prices were weighted according to Census figMonths Consuming Storageand January
January. ending Establish- at Corn- (Number.)
ures gathered in 1919,instead of those secured in 1909, which
Jan. 31. mentit. x Presses. x
were used in previous bulletins of this series, thus conformUnited States
1923 *610,375 .3272579.1,986.605 .3,481,689 35,240,853
ing to the Bureau's plan of revising the weighting factors United States
1922 526,698 3,011,657 1,668,668 4,621,708 34,441,419
Cotton-growing
every 10 years as new Census information becomes available. Cotton-growing States_ 1923 384,019 2,084,595 1,231,460 3,174,932 15,966,294
States_ 1922 325,104 1,822,360
860,723 4,243,763 15,631,678
The course of wholesale prices from 1890 to 1921 is indicated All other States
1923 226,356 1,187,984
755,145
300,757 19,274,559
All other States
1922 201.594 1,189,297
807,945
377,945 18,809,741
in the following table of index numbers quoted from the rex Stated in bales.
port. In this table the price for 1913 is taken as the base or •Includes 32,508 foreign, 5,033 Am. Eg. and 559 Sea Island consumed, 78.924
foreign, 16,460 Am. Eg. and 3,198 Sea Island in consuming establishments, and
100.
73,973 foreign, 31,070 Am. Eg. and 5,199 Sea Island in public storage.

INDEX NUMBERS OF WHOLESALE PRICES. 1890 TO 1921.
Year.

1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900

Index
Number. Year.

81
80
75
77
69
70
67
67
70
75
81

1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911

Index

Number.
79
84
86
86
86
89
94
90
97
101
93

Index
Year.

1912
1913
1914
1915
1916
1917
1918
1919
1920
1921

Number.
99
100
98
101
127
177
194
206
226
147

Linters not included above were 49,804 bales consumed during Jan. 1923 and
43,620 bales in 1922; 143,415 bales on hand in consuming establishments on Jan. 31
1923 and 172,341 bales in 1922; and 45,821 bales in public storage and at compresses
in 1923 and 132,963 balm in 1922. Linters consumed during the six months ending
Jan. 31 amounted to 337,068 bales in 1923 and 328,970 bales In 1922.

Imports and exports not available.

Current Plods and NbaCiti3Si.01113
The Week with the Federal Reserve Banks.
An increase of $84,100,000 in discounted bills secured by
Government obligations, as against only nominal changes in
other discounts, acceptances and Government securities, accompanied by additions of $66,300,000 to deposits and of $25,800,000 to Federal Reserve note circulation, Is shown in the
Federal Reserve Board's weekly bank statement issued as at
close of business on Feb. 14 1923, and which deals with the
results for the twelve Federal Reserve banks combined.
Cash reserves show a nominal reduction, though gold reserves increased by $2,400,000. The reserve ratio shows a decline for the week from 77. to 75.3%. After noting these
facts the Federal Reserve Board proceeds as follows:

Dress Jobbers Sign an Agreement with the Union
in New York.
The strike in the dress and waist manufacturing trades
of New York, affecting, it is estimated, between 25,000 and
30,000 workers, which began last week, is still in effect;
but there appeared to be prospects of settlement near at
hand as the week drew to a close. Despite the refusal of
the contractors, who operate the manufacturing shops, to
yield to the union demands for a readjustment of the basis
The Increase In total discountsawas due chiefly to an increase of 473,200,of pay from piece work to week work, the jobbers' association, which distributes the finished garments made by the 000 in the amount of discounted bills held by the New York Bank. smaller
ncreases in discounts
contractors, threw its weight with the strikers on Feb. 14, San Francisco banks.being shown also for the Philadelphia, Cleveland and
Shifting of gold through the gold settlement fund
iaccounts largely for the changes in the gold reserves of the individual banks.
signing an agreement with the union consenting to employ
Cleveland shows an increase in its gold reserves of $15,900,000. Philadelphia
none but contractors using union labor. Upon the refusal an inirease
of $8,300,000. Boston an increase of $6,600,000 and Atlanta
of the contractors' association to come to terms with the an increase of $5,600,000. Smaller increases, totaling 48,100,000, are
reported for the Chicago, St. Louis, Minneapolis and Kansas City banks.
union, the jobbers began the formation of a new contractors'
The
organization in the belief that they could do business with Bankgold movement was away from New York. the New York Reserve
reporting a decrease in its gold reserves of $37,400,000.
At the same time the jobbers opened up their fight on decreases aggregating 84,700,000 are shown for the three remaining Smaller
it.
reserve
the organized contractors by attempting to wean away banks.
Holdings of paper secured by Government obligations show an increase
members of the contractors' association. Jacob Siegel of for the week from 8344,600,000
to $428,700,000. Of the total held on
the Siegel-Levy Co., President of the Jobbers' Association Feb. 14, 8197,200,000, or 46%, were secured by U. S. bonds, 49,600,000.
and the largest wholesaler in the business, called a meeting or 1.1%, by Victory notes, $186,400,000. or 93.5%, by Treasury notes
and $40,500,000, or 9.4%, by Treasury certificates, compared with $165.
of 125 contractors who make dresses for him. It was re- 200,000,41,800,000,8144,400,000 and $33,200,000 reported the week before
ported that he urged the manufacturers to make individual
The statement in full In comparison with preceding weeks
agreements with the union on a forty-hour a week basis and with the corresponding
date last year will be found on
instead of the week work basis as demanded by the union.
subsequent pages, namely pages 697 and 698. A summary of
changes in the principal assets and liabilities of the Reserve
Lower House in New Hampshire Passes 48
-Hour Week banks on Feb. 14 1923, as compared with a week and a year
Bill for Women and Minors in Industry.
ago, follows:
A bill to establish a 48-hour week for women and minors
Increase (4-) or Decrease (-)
Since
in industry in New Hampshire was passed by the House of
Feb. 7 1923. Feb. 15 1922.
Representatives on Feb. 14 under suspension of the rules. Total reserves
-$400,000 +4143.000,000
The measure now goes to the Senate, where a brisk fight is
Gold reserves
+2,400.000
+142,400,000
+84.000.000
57,300.000
probable. The Senate has a Republican majority but a Total earning assetstotal
Discounted bills,
+81.100,000 132,200,000
number of Republicans have pledged support to the measure.
Secured by U. S. Govt. obligations_ _ _ _ +84,100,000
+101.100,000
Other bills discounted
The bill was presented with an unanimously favorable report
-233,300,000
-500,000
+106,200,000
from the House Committee on Labor. The bill, long an Purchased bills
United States securities, total
+400.000
-31.100,000
issue in the State, became a vital question in industry in
Bonds and notes
-2,800,000
+37.600,000
U. S. certificates of indebtedness
+3.200,000
September 1921, when textile plants reduced wages 22%
-68,700,000
+66,300,000
+173,200,000
and increased working hours from 48 to 54 per week. The Total deposits
Members' reserve deposits
+59.000.000
+220,100.000
long textile strike of last year was conducted by the unions
Government deposits
+8,400,000
-35.800,000
Other deposits
largely against the 54-hour week. In the State campaign
-1.100,000
-11,100,000
Federal Reserve notes in circulation
+25,800,000
+73.700,000
last November the Democratic Party pledged its assistance F. R.Bank notes in circulation, net liability-200.000
79.900,000
to labor.
Census Report on Cotton Consumed and on Hand,
also Active Spindles and Exports.
Under date of Feb. 14 1923 the Census Board issued its
regular preliminary report showing cotton consumed, cotton
on hand and active cotton spindles for the month of January
1922 and 1923 and the six months ending with January.
Cotton consumed amounted to 610,375 bales of lint and
49,804 of linters, compared with 527,945 of lint and 49,078
of linters in December last year, and 526,698 of lint and
43,626 of linters in January this year, the Bureau announced.




The Week with the Member Banks of the
Federal Reserve System.
Further net liquidation of $46,000,000 of investments and
of $52,000,000 of loans against Government and corporate
securities, as against an Increase for the week of $67,000,000
in all other, largely commercial, loans and discounts, is
shown in the Federal Reserve Board's weekly consolidated
statement of condition on Feb. 7 of 780 member banks in
leading cities. It should be noted that the figures of these
member banks are always a week behind those of the Fed-

FEB. 17 1923.]

THE CHRONICLE

665

Chairman Fordney of the Committee. who had charge of the bill for the
eral Reserve banks themselves. Member banks in New York
majority, then called for the final vote, asking for a roll call, to show the
City report net liquidation of $23,000,000 of investments, world, as he expressed it, "that the American Congress is practically a
largely of corporate securities, and of $50,000,000 of loans unit behind the Debt Commission in this settlement."
Representatives Burton, Republican, Ohio, a member of the 'American
secured by Government and corporate obligations, as against
Commission, and Garrett of Tennessee, the Democratic leader, took the
an increase of $34,000,000 in commercial loans.
lead in supporting the British settlement, while Representatives Collier of
Changes in the loan and investment accounts were accom- Mississippi and Oldfleld of Arkansas, Democrats,on the Ways and Means
panied by reductions of $52,000,000 in net demand deposits, Committee,led the fight for the opponents.
Representative Garrett brought the members, Republicans and Demoof $6,000,000 in time deposits and of $16,000,000 in Govern- crats alike, to their feet with applause and cheers when, after attacking
ment deposits. Member banks in New York City show an the Republican Party for its stand on the League of Nations, he announced
increase of $9,000,000 in net demand deposits and reductions that he would support the settlement."because of the bigness of the subject
and the bigness of the hour."
of $11,000,000 in time deposits and of $6,000,000 in GovernAs to the origin of the debt funding terms an Associated
ment deposits. Further comment regarding the changes
Press dispatch from Washington, Feb. 10, said:
shown by these member banks is as follows:
Senator Smoot is understood to have told the Finance Committee that
Borrowings of the reporting institutions from the Federal Reserve banks the terms finally agreed upon were those proposed by the American Comdeclined from $379,000,000 to $357,000,000, or from 2.3 to 2.2% of their mission. He asserted that the British made no concrete proposition,
total loans and investments. For member banks in New York City a seeking from the Americans the terms which they felt they could recomreduction from $197,000,000 to $167,000,000 in borrowings from the mend to Congress. He was quoted as having said also that the first Amerlocal Reserve bank and from 3.8 to 3.2% in the ratio of these borrowings ican proposal considered by the British contemplated an interest rate of
to combined loans and investments is noted.
3ti% over the entire period the debt was to run, but that this was unReserve balances of all reporting banks show a decline of $14.000,000. acceptable and had to be modified.
while cash in vault increased by $9,000,000. Corresponding changes for
On the 13th inst., after an agreement had been reached
the New York City banks comprise a reduction of $2,000,000 in reserve
balances and a gain of $2,000,000 in cash.
at conferences between President Harding and Republican

On a subsequent page—that is, on page 698—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:

leaders to lay aside the Administration shipping bill temporarily to conclude action on the debt funding bill, debate
was begun on the latter in the Senate. The following concerning this is taken from special advices from Washington
to the "Journal of Commerce" on the 13th inst.:

Increase (+) or Decrease (—)
Since
Jan, 31 1923.
Feb. 8 1922.
+815,000.000 +$566,000,000
—6,000,000
—173.000,000
—46.000,000
+548,000,000
+87.000,000
+191.000,000
—46,000,000 +1,036,000,000
+499,000,000
—8,000.000
+5.000,000
+480,000,000
—13,000,000
—44,000.000
+101,000.000
—30.000,000
+122.000,000
—14,000,000
+9,000,000
+6.000,000
—316.000.000
—16,000,000
—52,000,000 +1.250,000,000
—6,000,000
+719.000,000
—22,000,000
—38,009,000

Night sessions were ordered, beginning to-morrow night, to expedite
adoption of the debt funding bill and its passage, in slightly amended form.
was regarded as a certainty to-night.
The subsidy bill was laid aside with the assent of the Administration,
though President Harding indicated to Senatorial visitors that, following
ratification of the debt terms he expected a "smashing drive" to pass the
shipping bill before adjournment. With only sixteen legislative days
remaining before the session closes, however, the chances of a vote on the
subsidy bill are seemingly remote.

Loans and discounts
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. bonds
U. S. Victory notes and Treasury notes
Treasury certificates
Other stocks and bonds
Reserve balances with F. R. banks
Cash in vault
Government deposits
Net demand deposits
Time deposits
Total accommodation at F. R. banks

United States Senate Passes British Debt Funding Bill.
The United States Senate last night passed the British
debt funding bill.
The bill, as we indicated last
week (page 562), was passed by the House on the 9th
inst. by a vote of 291 to 44. It was favorably reported
to the Senate on the 10th inst. by the Senate Finance
Committee (the committee ordering a favorable report by a.
vote of 8 to 3), and on the 15th inst. an agreement was
entered into by the Senate for a final vote on the bill before
adjournment yesterday. The agreement limited debate by
each Senator after 2 p. m. to ten minutes, and stipulated
that the Senate be kept in continuous session until the bill
should be finally disposed of. The vote whereby the bill
passed the House a week ago (291) was cast by 227 Republicans, 63 Democrats and one Socialist (Meyer London, of
New York). The opposing votes (44) were those of 43 Democrats and one Republican, Representative McCormick, of
Montana. Regarding the action on the bill by the House,
we quote the following from the Washington dispatch to
the New York "Times" Feb. 9:
An amendment, offered by Representative Hudspeth of Texas, to fix the
Interest rate at 4 and 4 X% was rejected without a record vote.
Representative Rosenbloom of West Virginia proposed an amendment to
compel the United States to credit Great Britain on her loan rather than
make cash payments for money due that country on transportation and for
other obligations. This was defeated by a vote of 111 to S.
Representative O'Connor of Louisiana made an unsuccessful attempt to
have the bill recommitted, with an amendment providing that the terms
• of the agreement should not go into effect until the Hay-Pauncefote Treaty
was repealed. It was defeated on a point of order.
Amendment That Was Adopted.
The amendment offered by Representative Burton clarified the language
without affecting the original terms. It was made to that section which
defines the terms and which originally read:
'At the rate of 3% per annum, payable semi-annually,from Dec. 15 1922
to Dec. 15 1932, and thereafter at the rate of 3l % per annum, payable
semi-annually to final payment."
The section as amended read:
"
Three per cent semi-annually, June 15 1923 to Dec. 15
%semi-annually, June 15 1933 until final payment." 1932, inclusive.
Nearly all the leading Democrats favored the bill. Even those who opposed it based their objection not so much on the terms as on tne way the
terms were arranged by the Debt Commission without first seeking authority from Congress and by a Commission composed solely of Republicans.
There appeared to be general agreement among the speakers that the
terms were the best obtainable and that they would form the basis for
settlements with other debtor nations. Even the Farm Bloc and the
radical group were in agreement with the Administration on this question.

The following is from Washington advices (Feb. 9),
published in the "Journal of Commerce":




Other Nations Not Affected.
The ratification of the British debt terms will not prevent the United
States from granting more favorable terms to the other debtor nations.
Senator Smoot of Utah, a member of the American Debt Commission,
told the Senate to-day when debate was started upon the proposed changes
in the funding law.
At the White House later President Herding confirmed this statement
and indicated that this country would not be governed by the proposed
terms for the British debt as a hard and fast rule.
Emphasizing that the American Commission would never have granted
a most favored nation clause to the British, Mr. Smoot insisted that
there would be no "moral obligation" upon the United States to refuse
more liberal terms to the other nations owing a total of more than six
billion dollars. At the same time he warned the Senate that no other
nations would be in a position to make such favorable settlements at
this time.
The first day's debate was featured by the move to untie the hands
of the Commission in negotiating settlements with other nations, which,
surprisingly, came from the minority side. However, the Democratic
side was insistent that all proposed settlements should be referred to
Congress for ratification. It was manifest that these changes would
prove acceptable to the Administration.
Economic Conference.
The issue of calling an economic conference was raised by Senator
Pomerene of Ohio, who asked if it would not be well to have the debt
question solved by an international parley. Senator Smoot said the
first proposal foreign nations would make would be cancellation of debts.
and next that France be guaranteed from invasion by Germany.
Senator Borah, who has a resolution pending before the Senate requesting
the President to call an economic conference, replied that he would be
willing to cancel "every cent" of our foreign debts if the European Governments would cut down their military establishments, balance their budgets
and restore themselves to a state of productivity that would give the
United States a market for its surplus during the next twenty years. The
mere juggling of debts will not result in the rehabilitation of Europe.
Senator Borah declared.
A running fire of questions was put to Senator Smoot by minority
members to bring out pertinent facts. Answering Senator Hitchcock
of Nebraska, Senator Smoot said that the Debt Commission, after the
British Government had accepted in principle the plan of paying 3%
annually for the first ten years, had complied with the request made
through Ambassador Geddes to require actual payment of only one-half
of the interest during the first ten years. Senator Hitchcock asserted
that thus the United States would make an additional advance of $395,000,000 on which only 3% interest would be paid.
Mao Retire Bonds.
Discussing the provision which permits the British to retire the bonds
to be given the United States upon ninety days' notice, Senator Smoot
said it thus would be possible for Great Britain to pay off the whole debt
within ten years. If interest rates go down below 3%, there is every
reason to believe that Great Britain will float a new loan to refund the
obligation, Snoator Smoot stated.
The displacing of the subsidy bill was made in the face of a warning by
Senator Jones of Washington, that this action would mean the failure
of the subsidy.

As to the debate on the bill on the 15th inst., we take the
following from the "Journal of Commerce":
Senator Hitchcock of Nebraska, ranking Democrat on the Foreign Relations Committee, criticised sharply the interest rate given to Great Britain
and other features of the funding agreement, but said he might be "compelled" to vote for the bill finally. He offered an amendment providing that
the British interest payments should be:the average borne by United States
sureties and paid semi-annually.kille
World Stabilization.
Senator Robinson, the prospective Democratic leader. supported the bill
as a factor for World stabilization.

666

TH Ill CHRONICLE

"It probably will bring about stabilization of business and also of interest
rates," he said, expressing the belief that interest charges probably would
work lower in a few years. Senator Glass said the funding arrangement was
better than the existing obligations and Senator Pomerene, emphasizing the
probable effects upon the world business conditions expected from the bill,
said he would vote for it, "whole-heartily."
Vigorous onslaughts against the measure were made again by Senator
Reed. who attacked British policies, past and present, foreign and domestic.
He declared that the debtor nation was able to pay the original debt, which,
he said, was a "moral obligation," He declared that a debtor which would
not meet such obligation would lose Its credit before the world and also
could be compelled to pay.
Argues Britain Can Pay.
Senator Walsh, Democrat, Montana, argued that Great Britain was able
to pay the original debt and that American taxpayers should not be compelled to aid the British by assuming larger financial burdens themselves. This
argument also was stressed by Senator Hitchcock, who said he objected to
voting for a bill which, he declared, virtually would increase the British
laon by $34,000.000 and cause the United States to lose one billion dollars
in interest payments under the reduced interest plan.
Senator Hitchcock said he realized the importance of reaching an agreement on the funding and did not complain of the sixty-two-year maturity
period. He said Great Britain could not be expected to pay within the
twenty-five years stipulated under the existing law and added that he would
not object to the reduction in the British interest from the present 5% rate
to the 4M% provided generally on Liberty issues.

Last night's Washington advices (we quote from the New
York "Evening Post") said:
The final day of debate opened with an attack upon the bill by Senator
La Follette, who urged that the terms of the present law be maintained.
Objecting to the 3 and 3;i% interest rates and sixty-two-year maturity
term of the British agreement, he said no rates should be accepted lower
than those chargeable on Liberty bonds. He charged both Great Britain
and France with "imperialistic" policies and declared Great Britain's
colonies now are being charged 5% on loans from the London Government.
"The Senator from Utah IMP. Smoot, manager of the funding bill] has
assured us that it is good business to fund this loan for sixty-two years on
a 3)4% basis," said Senator La Follette. "If this is good business why
would it not be better business to loan to American farms at 336% for
,
sixty-two years?
"As I have listened to the defense of this proposed settlement I have
sometimes thought the Chancellor of the British Exchequer was speaking,
so eloquently and with so much feeling does he [Senator Smoot] present the
case for the British Empire.
"He has painted a sad picture of the heavy taxes which the British people
have to pay, but he has not told us what part of those taxes go to maintenance of the greatest navy in the world, what part represents the cost of
keeping in subjection the peoples of India and Egypt what part was spent
for crushing the struggle of the Irish people for genuine independence,
What part went to Greece for pulling the chestnuts in the Near East out of
the fire, what part is now being spent in the struggle of British capitalists
and the British GOvernment to monopolize the oil of the world.
"Propaganda of British and American financiers has been active behind
the bill," Senator La Follette said. Attacking especially the provision
allowing Great Britain to use the Liberty bonds in payment. He said this
would tend to depreciate American securities.

Discussion of British Debt Settlement by King George
of England.
With the reassembling of the British Parliament on Feb.
13, King George in referring to the plan for the settlement of
Great Britain's war debt to the United States said he welcomed the settlement, "which reflects the determination of
our people to meet their obligations." The Associated Press
advices from London further reported him as saying:
The conference which was held in London early in December on the subject of the payment of reparation by Germany was resumed in Paris in
January. My Government in their desire to hasten the complete settlement of the reparation question offered to the Allied Governments far-reaching concessions on the Allied debts to this country. I greatly regret it
proved impossible to reach a general agreement.
The French and Belgian Governments therefore proceeded to put into
force the plan they favored and the Italian Government cell itenanced their
action, My Government, while feeling unable either to concur or participate in this oparat'on, are acting in such a way as not to add to the difficulties of their Allie.s.
During the past three months plenipotentiaries of my Government in
conjunction with those of the other Allied Powers have been engaged in
Lausanne in a sincere and patient effort to bring to a close the conditions of
warfare which for over eight years have desolated regions of the Near East.
I greatly regret that in spite of the conciliatory spirit shown by the Allies
and the immense concessions they were prepared to make,the treaty, when
on the verge of signature, was declined by the Turkish delegation. But I
cherish the hope that when the full report of the proceedings has reached the
Turkish Government the latter may still be disposed to accept the treaty,
and that the opportunity to earnestly and laboriously prepared of rebuilding
the peace of the East and the stability of the future Turkish State may not
be sacrificed.
I welcome the prospective settlement of our war debt to the United
States of America, which reflects the determination of our people to meet
their obligations.

Amounts of Principal and Interest to Be Paid United
States under British Debt Funding Agree..
ment—Senator McKellar's Statement.
A statement showing the amounts of principal and interest
to be paid by Great Britain to the United States under the
proposed World War foreign debt settlement was furnished
to Senator McKellar of Tennessee by Secretary of the Treasury Mellon on the 7th inst., and at the instance of the Senator it was inserted in the "Congressional Record" of the 9th
inst. The table was submitted along with the following
letter from Secretary Mellon:




[vol.. 116.

The Secretary of the Treasury.
Washington, February 7 1923.
Hon. Kenneth McKellar,
United Slates Senate, Washington, D. C.
My Dear Senator—I have your letter of Feb. 6 and note your desire
for
figures showing the amounts of principal and interest, each, to be paid by
the British under the proposed debt settlement plan as published during
each year of tho loan.
In reply. I take pleasure in inclosing herewith a schedule which I
think
will give you just the figures you desire.
Very truly yours,
A. W. MELLON,
Secretary of the Treasury.
(Inclostuoi.)
Statement of Amounts Payable to the United States on Account of the Proposed
Refunding Bmds to Be Issued by Great Britain.

Year.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
38
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
,

Principal,

4,600200,000
4,577.000.000
4,554,000,000
4,530,000,000
4,505,000,000
4,480.000,000
4,453.000,000
4,426,000,000
4,398,000.000
4,370,000.000
4.340,000,000
4,308,000,000
4,276,000,000
4,244,000,000
4,212,000,000
4,175,000,000
4,138,000,000
4,101,000,000
4,059,000,000
4,017,000,000
3,975,000,000
3,933,000.000
3,887,000,000
3,841,000,000
3,795,000.000
3,744,000,000
3,693,000,000
3,642,000,000
3,589,000,000
3.534.000,000
3.477,000,000
3,417,000,000
3,353,000,000
3,289,000,000
3.225,000,000
3,158.000.000
3,088,000.000
3,016.000.000
2,942.000,000
2,864,000,000
2,786,000,000
2,703,000,000
2,618,000,000
2,529,000,000
2,435,000,000
2,339,000,000
2.239,000,000
2.134,000,000
2,024,000,000
1,910.000,000
1.791,000,000
1,668,000.000
1.541.000.000
1,409,000,000
1,273.000,000
1,132,000,000
986,000,000
835,000.000
679,000.000
517.000,000
350,000,000
175,000,000

Schedule of an'
nualinterest installments to be
paid by British
Gorernment on
on refunding
bonds at rate of
3% for first 10
years. 334%
until final
payment.
138200.000
137,310,000
136,620,000
135.900.000
135.150,000
134,400,000
133,590.000
132,780,000
131,940,000
131,100,000
151,900,000
150,780,000
149,660,000
148,540,000
147,420,000
146,125,000
144,830,000
143,535,000
142.065,000
140,595,000
139,125,000
137,655,000
136,045,000
134,435,000
132.825,000
131,040,000
129,255,000
127,410,000
125.615,000
123,690,000
121,695,000
119,595,000
117,355,000
115.115,000
112.875,000
110,530,000
108,080,000
105,560,000
102,970,000
100,240,000
97..510,000
94,605,000
91.630,000
88,515.000
8.5,225,000
81,865,000
78,365,000
74,690,000
70,840,000
66,850,000
62,685.000
58,380,000
53,935,000
49.315,000
44,555,000
39,620,000
34.510.000
29.225,000
23,765,000
18.095,000
12.250,000
6,125.000

Schedule of
annual neincipal installmelds to be
paid on aocount of
principal.
$
23,0
00,090
23,000,000
24,000,000
25,000,000
25,000,000
27,000,000
27,000,000
28,000,000
28,000,000
30,000,000
32,000,000
32,000,000
32,000,000
32,000,000
37,000,000
37,000,000
37,000,000
42,000,000
42,000,000
42,000,000
42,000.000
46,000.000
46.000.000
46,000,000
51,000,000
51,000,000
51,000,000
53,000,000
55,000,000
57.000,000
60,000.000
64,000,000
64,000.000
64,000,000
67,000,000
70.000,000
72.000,000
74,000,000
78,000,000
78.000,000
83,000,000
85,000.000
89,000,000
94,000,000
96,000,000
100.000,000
105,000,000
110.000,000
114,000,000
119,000.000
123,000,000
127,000,000
132,000,000
136,000,000
141.000,000
146,000,000
151,000.000
156.000.000
162,000,000
167,000,000
175,000,000
175,000,000

Total annual
payments.

$
161,000,000
160,310,000
160,620,000
160,900,000
160,150,000
161,400,000
160,590,000
160,780.000
159,940,00C/
161,100,000
183,900,000
182,780,000
181,660,000
180,540,000
184,420,000
183,125,000
181,830,000
185,535,000
184,065,000
182,595,000
181,125.000
183,655,000
182,045,000
180,435,000
183,825,000
182,040,000
180,255,000
180,470,000
180,615,000
180.690,000
181,695,000
183,595,000
181,355,000
179,115,000
179,875,000
180,530,000
180.080,000
179,560,000
180,970,000
178,240,000
180,510,000
179,605,000
180,630,000
182,515,000
181,225,000
181,865,000
183,365,000
184,690,000
184,840,000
185,850,000
185,685,000
185,380,000
185.935,000
185,315,000
185,555,000
185,620,000
185.510.000
185,225,000
185,765,000
185,095.000
187,250,000
181.125,000

6,505,965,000 4.600.000,000 11.105.965,000
Schedule of Annual Principal Installments o Be Paid on Account of
Principal
of Refunding Bonds to Be Issued by Great Britain.
$23.000.000 23
_1
46,000,000 44
94.000,000
23,000,000 24
2
,
45
96,000,000
24.000,000 25
3
51,000,000 46
100,000,000
25,000.000 26
4
51,000,000 47
105,000,000
25,000,000 27
5
51,000,000 48
110,000,00C
27,000.000 28
6
53,000,000 49
114,000,00(5
27,000.000 29
7
55.000,000 50
119,000,000
28,000,000 30
8
57,000,000 51
123,000,000
28,000.000 31
9
60,000.000 52
127,000,000
30,000,000 32
10
64,000,000 5.3
132,000,000
32,000.000 33
11
64.000,000 54
136,000,000
32.000,000 34
12
64,000,000 55
141.000,001)
32,000.000 35
13
67.000,000 56
146,000.000
32,000.000 36
14
70,000,000 57
151,000,000
37,000,000 37
15
72,000,000 58
156,000,000
37.000,000 38
16
74,000,000 59
162.000,000
37.000,000 39
17
78,000,000 60
167,000,000
42,000,000 40
18
78.000,000 61
175,000,000
42,000,000 41
19
83,000,000 62
175,000,000
42.000,000 42
20
85,000,000
42,000.000 43
21
89,000,000
Total 44,600,000,000
46,000.000
22

In presenting the table Senator McKellar asked unanimous
consent to submit as part of his remarks "an article substantially as published in the New York'Times'a day or two ago."
Senator McKellar explained that the article was written by
himself. In incorporating it in the "Record" the Senator
enlarged somewhat upon his statement as furnished to the
"Times"; the following is the statement as published in the
"Times" of the 8th inst.:
The debt settlement proposition with Great Britain is purely a business
proposition. If the proposal submitted by the two commissions is lair and
just alike to the United States and Groat Britain, it ought to be confirmed
by the Congress. If it is not fair and just alik to both countries it ought
,
not to be confirmed. Surely no one can gainsay this proposition.
I take the position that the settlement Is neither fair nor just to the
United States. I take the position we should confirm no settlement which

FEB. 17 1921]

THE CHRONICLE

667

means the cancellation of this principal, while Great Britain's annual in- British Parliament on Feb. 13. Lord Curzon in the House
terest and principal payments combined are not as much as our annual in- of Lords likewise took occasion to refer to the developments
terest payments alone. The result of the proposed agreement is that in respecting the Ruhr and from a copyright cablegram to the
sixty-two years Great Britain, without paying as much in principal and interest combined in any one year as we pay in interest alone will rid herself New York "Times" Feb. 13 we quote the following:
of the whole debt, while we will still be obligated in the principal sum of
In discussing the Ruhr situation both Bonar Law and Lord Curzon did
$4,600,000,000. I cannot give exact figures, but according to figures I not hesitate to explain how delicate in their view was the situation created
be paid by Great Britain, including both principal by the French advance. The Premier as he spoke of French resistance
have the annual sums to
and interest, will not exceed $185,000,000 in any one year, while we are on their plan said:
obligated to pay 195,000,000 per year.
"What could we have done? We could have said to our French friends,
The settlement proposed permits Great Britain to pay interest for the "If you do that, it is the end of the Entente." I do not think it would
first ten years at 3% and thereafter at 33.5% during an additional fifty-two have been wise. I began as head of this Government with the sincere
years. It provides that beginning the first year, with $23,000,000 payment hope of being able to carry through the reconstruction of Europe by the
on the principal,such payments upon the principal will be regularly increased side of France. I think so still. But I felt that in taking that step she
during the life of the bonds until the sixty-second year the amount of the was doing something disastrous, not only to England but to herself, and
installment of principal will be $175,000,000 a year.
even to the economic life of Europe. It has proved so."
The average rate of interest that the United States pays on this debt of
Bonar Law, however, admitted that from the political point of view.
$4,600,000,000 in round numbers is 4%,or $195.300,000 annually. If M. Poincare had little choice in the matter.
this proposed settlement is confirmed by the Congress Great Britain will
"I felt," he said,"he only represented the opinion of the French Chamber
never in the sixty-twe years pay as much as $195,300,000 in both interest and no Government supported by the present Chamber could have existed
payments and at the end of the period she will have paid us if it did not carry out his proposals."
and principal
In full, under the proposed agreement, while we will still owe the entire
May Have to Recall Troops.
$4,600,000,000.
In tones of great gravity both Ministers discussed the presence of British
In other words, her annual payments of both principal and interest will
not amount to as much as our annual payments on interest alone. Of troops on the Rhine. Lord Curzon pointed out that difficulties were connecessity, therefore, we will, in the long run, have canceled the principal stantly arising about the levying of customs on the coal in transit on the
Indebtedness. This was precisely what our commission was prohibited railways through the British zone and about the transport of troops. At
any moment the British might find themselves in a situation of almost inby law from doing.
Great Britain received this money under the terms of these various Acts, tolerable friction, and the skill with which their commanders had hitherto
but instead of selling and delivering to our Government her bonds, she sim- poised themselves on this narrow ledge had been remarkable. But he could
ply made certificates of indebtedness bearing the rate of 5% per annum. not conceal from the House that the strain had been very great. The balThis she did of her own accord and our Government now holds these cer- ance of argument,he thought, however, was decidedly in favor of the British
tificates of indebtedness bearing the rate of 5% per annum and Great Brit- remaining. Neither French nor Germans wanted them to go, and it would
be a great blow to both if they did and would be misinterpreted by both.
ain has paid recently nearly $100,000.000 as interest upon obligations.
Bomar Law's concluding words were:
Insists We Cancel Principal.
"The French may occupy the left bank of the Rhine or the Ruhr for ten
It will thus be seen that the Congress voluntarily and in exact accordance years, but if the net result is to intensify the feeling of German nationality,
with the terms under which the money was borrowed from the American the danger will come later, and I do not think it is any advantage to France.
"We still have our
do not know whether it would
people and in exact accordance with the terms under which it was loaned to be possible for them troops on the Rhine. IUp till now it has not become
to remain there long.
Great Britain authorized the commission to refund the debt at an average acute, but it may. It is perfectly true that either the German or French
rate of interest of 4Si %, that being the average we have to pay, ithout Government could easily make it impossible for our forces to remain, but I
touch
including the cost of selling our bonds, which cost was quite large. This think it would be a misfortune. While we are there we are at least in would
with the situation
of having a say in it. I think it
have a
was the situation when the two commissions met in Washington some weeks be a pity to bringand end to chance
an
the Entente. It is no good appealing to the
ago for the purpose of refunding the debt.
League of Nations if you are certain that Franco will have nothing to do
Why should we enter into this agreement to cancel the principal at the in- with it. I am certain that would be her attitude. It may be that in a few
debtedness due by Great Britain? She is fully able to pay it. Her bonds months' time they might look upon that as possible. If so, then, in my
view, it would be time to make the attempt."
are above par. Her exchange is within 18 cents of normal and going up at
The Prime Minister's speech caused a sensation, but his optimism proved
the time. It has received a large boost by the expected saving of this settlement upon such favorable terms to her. She has nearly all the world, in the end to be infectious, and general cheers greeted it.
Viscount Grey,speaking before Lord Curzon, had suggested an appeal to
except the United States, indebted to her. She will undoubtedly get her
portion of German reparations before the matter is concluded. Our debt the League of Nations to intervene in the Ruhr question. Lord Curzon
replied it was no good proposing intervention, as neither France nor Geragainst her is as good as gold.
There was no business necessity of scaling our debt or canceling the prin- many would at present assent. As for the League of Nations, Lord Grey
cipal. If our commission did it voluntarily, as the Great Britain commis- knew perfectly well England had for long desired the admission of Gersion claims, then our commission was unmindful of American interests and many, but there had always been opposition from other quarters. In
rights, and was violating the law and the Congress ought not to feel in the time he hoped these obstacles would be removed, but as things were now,
any chance of France admitting Germany to the League was hardly to be
slightest bound by its action.
We are trustees of the American people. What man of us who holds a considered.
Hints America May Intervene.
British obligation, perfectly good, bearing 4q%, will to-day refund it for
There was another great nation they still hoped to admit to the League,
3 or 355%? Of course, no individual would do it. Yet because it is so
whose co-operation on these very issues, if not vital, was at any rate very
easy to tax the American people there are representatives in Congress
who are willing to make this gigantic reduction in settlement of the British important. America, strong as her views were about intervention in European matters, was closely and absorbingly interested in this question. We
debt.
We have no right to do it. The war cost America nearly as much as it had indications from time to time that she might move. She should be
cost Great Britain. We received no territory and no reparation, as Groat hopeful as regards the value of her intervention, and if intervention could
Britain did, ard there is not the shadow of an excuse that we can render the not take place through the League, let it not be thought for a moment that
people of the United States in defense of our action if we settle this debt he deprecated the idea of international action to solve this question. 111
Lord Curzon began by irstancing the fact that it was last April when he
upon the terms set forth by the Debt Commission, which settlement means
last spoke in the Upper Chamber as proof of the way in which the interests
a less rate than we are paying and a cancellation of the principal.
There is no necessity for crimination or recrimination in regard to these of the world were becoming inextricably interwoven. He had been in
debts. Great Britain is a mighty nation. Her people are a great people. Paris five times in the last year, be pointed out, and that proved how imThey are a debt-paying people. They are entirely a solvent people. She possible was a policy of isolation.
"The world is growing closer together every day," he said, "not only as
Is not an international bankrupt. She will pay as she agreed to pay if the
Congress so directs. She will not lay down upon her obligations. In the the result of mechanical means, but through community of interests.
National policies are becoming world policies and must be shaped with these
refunding transaction she has overreached our commission. She has obtained the recognition of terms from our commission that are not justified, conceptions in mind."
Then he took up the negotiations for the settlement of the American debt.
that cannot be defended,and in my judgment will never receive the approval
He recounted their terms and declared that it was a terrific debt. Yet it was
of the American people.
The provision for permitting Great Britain to pay only 11.4% interest remarkable fact that he had not seen in any quarter any substantial
during the first five years is wrong. She is paying more interest than that criticism of the settlement. Rather had it been a matter of almost uninow. The provision giving her the right to pay in Liberty bonds for par versal satisfaction that the Government lied been the first to give a lead in
and interest is also to the disadvantage of the United States. She borrowed satisfaction of these obligations of honor incurred during the war and
In dollars and should be required to pay back in dollars.
having been the first to take a definite step, however hard, cruel and even
At the same time the "Times" printed the following reply bitter it might be, for the nation to restore the national credit.
Dealing
-exthe Commons
to the above made by Senator Smoot, a member of the Debt pressed thewith the Lausanne conference Boner Law in yet Angora might
hope of the British Government that even
sign the treaty presented to it. Then he added:
Funding Commission:
"There is undoubtedly war weariness in this country which makes every
Senator McKellar's statement is entirely misleading and, standing alone,
is very unfair. If England pays anything in our bonds she reduces our debt one desire to avoid war, but if it is inevitable it will have to take place.
by so much; if she pays all in our bonds, then she wipes out its total equiva- I sincerely trust there is no danger of it. I do not believe that there is."11111
Lord Curzon, dealing with the same subject, went into more details and
lent in our debt, possibly more, for when she has paid $4,600,000,000 of the
lent in our debt, possibly more, for when she has paid $1.600.000,000 in dwelt especially on the solidarity achieved by the Allies. When they went
principal and interest, $4,000,000,000 of the principal of out debt has been to Lausanne, he explained, the British could count on the support onlyrof
wiped out, and thereafter she will be paying us remaining principal and in- France, Italy and Japan, but they united with them all and the Balkan
terest and we will be paying out nothing at all. Our bonds are for a shorter States in a manner ro one would have dared to anticipate. Why did the
term than her debt, which was, of course, taken into account in fixing the conference fail? At the last moment some malignant spirit intervened;
but he still hoped the Turks would shortly realize their mistake. As for
low rate of interest for her.
Senator McKellar's statement is undoubtedly based on the supposition capitulations, Lord Curzon explained they had merely tried terensure
that we will keep all the money England pays us in the Treasury and not uso for their nationals some system of elementary justice and the question of
it to redee.n any bonds or to pay interest. As a matter of fact. England will Mosul had been raised against his wish. He loathed it. especially with lts
have paid us something like $11,000,000,000 by the time the debt is wiped association with oil, but he hoped to discuss it more fully in the'future.
out. Senator McKellar probably wants to use the money to pay a bonus
The Associated Press accounts of Mr. Bonar Law's re-j
to the soldiers. Of course, the whale argument falls down in face of the marks and
the discussions in Parliament follow in part.
facts.
The Premier devoted almost the whole of his long speech to a review of
I think it is about all I care to say to-night. In due time the whole the
London and Paris conferences of the Premiers, in which he confessed
proposition will be explained to the country in detail, and when that is
his belief that France, in rejecting the British pronesals was largely
,
indone it will be seen that we have made a very good settlement, indeed.
fluenced by the fear that if reparations were fixed at the smaller amount
proposed by Great Britain, Germany would be able to pay the whole off
in fifteen or twenty years, and would then become as strong and as formidDiscussion of Ruhr Question in British Parliament. able as ever.
In
The occupation of the Ruhr by France was referred to creditthis respect Mr. Bonar Law clearly indicated his opinion that full
should be given
anxiety on the score of her security.
the speech of King George and that of Premier He seemed to think alsofor FrenchJustification in the minds of the French
both in
there was
Great Britain with the reassembling of the people for the view that German public opinion would never accept the
Bonar Law of




668

THE CHRONICLE

situation until the Ruhr experiment had been made, and that the French
people themselves would never rest satisfied until the Ruhr plan proved
either a success or a failure. He also said he thought it would have been
unwise to have told the French statesmen that the Entente was at an end.
The Premier aptly described the Ruhr as "the jugular vein of Europe's
industrial life," and made no concealment of his belief that French action
In the Ruhr had not only harmed France herself but had been disastrous
to Europe's economic life.
The speakers on both sides in the main dealt temperately with France.
J. Ramsey Macdonald, the Labor leader, admitted that it would be inadvisable to oppose France directly, while urging the need of having the
Ruhr controversy referred to the League of Nations.
With regerd to the failure of the Lausanne conference Mr. Macdonald
told the Government that it would eventually be obliged to recognize the
Soviet Government, and declared it would have been better at Lausanne
had Russia been taken more into account. On the question of the debt
to America Mr. Macdonald wanted to know whether there had been any
negotiations as to how the debt was to be paid, and whether,if paid in'mods.
those goods would be subjected to the tariff: because in that case, he argued.
England would be paying a substantial percentage in addition to the debt.
A plea for complete understanding between the British and American
peoples was made by Samuel Roberts, son of Sir Samuel Roberts, member
for the Hereford Division of Herefordshire.
Referring first to Great Britain's war debt to America, the member
declared he thought it rather hard that Britain should be the only belligerent
nation to be meeting its debts and balancing its budget, especially as the
debts were incurred not for Great Britain's own obligations in the war, but
for financing such of her Allies as were unable to finance themselves.
At the same time, he declared, there was no use in complaining, for Great
Britain's name was on the back of the bill, and she must meet it. She was
obtaining at least the best terms that could be got at the moment,and there
was a possibility of her being able to take advantage of the market price
in the future.
In the interests of the future peace ofthe world, he added,it was necessary
that there be absolute understanding between the British and American
peoples, and anything Great Britain could do to clear away differences
between the two peoples was a very great thing to be achieved.
Sir Collingwood Hughes, in seconding the address, deprecated the straining of friendly relations between France and England and said that if the
difficulties facing Europe were to be settled it could only be achieved by
Franco-British co-operation.
Labor's battle cry, which may presage the widely advertised attempt to
bring about a capital levy in England. was sounded by Ramsay Macdonald.
Parliamentary labor leader, in opening the debate on the address He
declared the only thing on which the country could congratulate itself was
that the number of unemployed had fallen from 1.500,000 to 1,400,000.
The assumption seemed to be, he added, that England had a surplus of
population and that this surplus was at the bottom.
"That surplus," he continued, "is not going to starve or remain as a
surplus neglected and kicked about fromjpillar to post in a society which
has made them poor simply because wealth is so inequitably distributed,
without doing their very best as citizens to change the system and make
it more economic and equitable."
He added that the Labor Party during the present session of Parliament
would press the Government more and more to deal with this problem.

Stating that the Ruhr question was stressed by King
George in his address from the throne opening the second
session of the Fourth Parliament of his reign, the same
accounts said:
The sovereign declared that although the British Government was unable
to concur or participate in the Ruhr operations, it was acting in such a way
.as not to add to the difficulties of Great Britain's allies.

on Bonar Law's Statements Regarding
Ruhr.
The following copyright cablegram from Paris Feb. 14
regarding the statements of Premier Bonar Law of Great
Britain regarding the Ruhr occupation by France (which
latter we refer to in the preceding article) appeared in the
New York "Times" of the 15th inst.:
French Press

[VOL. 116.

The "Journal des Debats"says the real difference between Sonar Law and
Poincare is that the former trusts Germany and the latter does not. It regrets the British Premier now gives encouragement to Germany. "If the
German Government resists now,it is because it sees its creditors divided,"
it says, and adds that Banat. Law has accentuated this feeling.
The paper
sees no reason for the end of the Entente, and adds:
"On our side we are committed in the Orient to a mistake comparable to
that of the English in the Occident. The Cabinets of London and Paris
ought to try to repair this double error."
The "Presse" observes that the English have the
reputation of being
tenacious, but the French are going to show them what real tenacity can
be like.
"Information" thinks Bonar Law said in effect that since it could not be
seen what the Entente would lead England into,it better quit it,
and adds:
"One might have said as much at the beginning of 1918 when the
troops
of Ludendorff were smashing the English-French front.
We didn't raise the
question then of whether the Entente was a good policy. We
fought side by
side, the Tommies and the Pans, without knowing how It
would all
finish."
Many writers say Boner Law should intervene at Berlin to
persuade the
Germans to give In. Therein they profess to see the only
feasible intervention.
The "Liberte" regrets that after King George said Britain did
not wish to
add to the difficulties of her Allies his Prime Minister made a speech
which
did what the King advised against.

The Associated Press in London advices Feb. 14 reported
the following as to the French view of Bonar Law's speech:

Recent reports circulated in Paris of pcssible British mediation
between
France and Germanyin the Ruhr difficulty are believed to be without
foundation, judging from Premier Bonar Law's speech in the House of
Commons
to-day.
The British Government also is withholding for the present its reply
to the
French request that France be allowed to administer a strip of railway
through the British Rhineland zone, on the ground that It involves a bigquestion cf principle, on which a decision cannot lightly be taken.

Germans Disappointed at British Attitude Toward
Ruhr As Indicated By Sonar Law.
The following from London Feb. 14 was published inithe
New York "Times":
A dispatch to the London "Times" from Dortmund says considerable
disappointment prevails there over Andrew Boner Law's address at the
opening of the British Parliament, as it had been hoped British intervention would be forthcoming.
Hence, the dispatch continues, that attitude of the British Government is
now described in Dortmund as "hostile neutrality."

Developments Growing Out of Invasion of Ruhr by
France.
The barring of German Cabinet ministers from the Ruhr
decided upon at a conference in Paris on Feb. 10, between
Premier Poincare of France and Minister Jaspar of Belgium,
and the decision to prohibit after Feb. 12 the exportation to
unoccupied Germany of metallurgical and other products
manufactured in the occupied territories were conspicuous
among the present week's developments in the Ruhr occupation by France brought under way Jan. 10. The text of a
note delivered to the German embassies in Paris and Brussels
regarding the ban against German ministers was given as
follows in Associated Press cablegrams from Paris on the
10th inst.:

The Belgian and French Governments have established that the visit
of Chancellor Cuno in the Ruhr region and the action he took there had
for its sole object, and really resulted in, the provoking of a dangerous
state of excitement, particularly among the big industrial leaders, chief
functionaries. and Government employees.
Under these conditions the French and Belgian Governments, anxious
Prime Minister Bonar Law's condemnation of the French occupation of to avoid, especially in the interest of the population, disorders that might
the Ruhr is received in Paris with rather more good nature than might have become sanguinary, find it necessary to inform the Goverzunent of the
been expected. There was general knowledge of what the British Prime Reich and the Governments of the States that Ministers of the Reich
Minister thought and so his ideas expressed yesterday could not have come and of the German States will no longer be authorized to enter the Ruhr.
as a great surprise. However, there was some regret that he expressed
The same cablegrams stated that the conference between
them publicly when he did because It is thought his address will give enthe French Premier and the Belgian Foreign Minister, arcouragement to the Germans.
As for Boner Law's hope that the time would come when England could ranged for in Brussels on the 9th inst., after
consultation
intervene usefully the general French reaction is that for the present Paris between the
Belgian Cabinet Ministers and M. le Trocquer,
does not wish an offer of intervention.
With regard to his veiled threat to withdraw the British troops from the French Minister of Public Works, resulted in the reaching of
'Rhine there are varying opinions expressed. Some writers think it would complete unity as to methods of action in
the Ruhr. It
be a good thing, because it would remove the difficulty of movicg repara- was further said:
tions coal through the British occupied territory. But Bonar Law's stateGen. Degoutte, who the Belgians feel is sympathetic toward
ment that it would mean the end of the Entente is taken here as overthem, will
drawn. Hope is felt here that the mission of the Minister 3f Public Works, remain in commard as heretofore, and no Inter-Allied High Commissioner
will be appointed, as had been suggested in some quarters. M.
M. Le Trocquer, who reached London to-night, may solve the transporJasper returned to Brussels at noon.
tation difficulties in the Cologne district.
Ms. Poincare and Jaspar agreed upon closer co-operation between
The lesson to be drawn from the Prime Minister's speech and the French
the
reaction seems to be that at present there is nothing for the rest of'the world French and 131glan Cabinets, with frequent consultations of Ministers of
to do but leave the Ruhr business to the French and Germans until one side the two countries, in Paris and Brussels.
They decided to make greater efforts to operate the railroads in the
or the other seems nearer winning than to-day.
Ruhr
The Paris papers gererally pay a tribute to Boner Law's sincerity and and to protect traffic from German sabotage.
The conference was attended also by M. Magirot, French Minister of
say he is honest, but mistaken. The "Temps" says if Lancashire had been
devastated Bonar Law would not have made his speech of yesterday. War and Pensions: M.Le Trocquer, Minister of Public Works: M. De Lasteyrie, Minister of Finance. and M. Bethel, Minister of Liberated Regions,
However, it says:
"With a man of good faith like Boner Law we can safely leave to experi- as well as by Baron d'Ilestroy, the Belgian Ambassador.
This session was preceded by one of M.Poincare's frequent meetings with
ence—experience which England will not disturb—the justification of the
Marshal Foch, Gen. Weygand, and the French Cabinet Ministers, who atmethods of France and Belgium."
The "Temps" thinks when Boner Law spoke of a Germany of the days to tended the later conference.
Premier Poireare has yielded to the request of the Foreign Affairs Comcome as strong as ever he intended to make France reflect, but that also he
really brought reflection to the families of all British soldiers who died in mission of the Chamber of Deputies to give details of the Ruhr situation to
that body. Waen approached on Wednesday by M. Leygues, Chairman
Flanders.
The "Temps" admits the French are active from mixed motives, seeking of the Commission, Poincare refused to respond while the struggle was gosecurity and seeking money, and adds that Bonar Law's plan gave neither. ing on.
Now he is ready to submit a full declaration of facts next week, but
As for the Britisher's warning France against the wrath of a numerically
greater people. the "Temps" says that is a poor argument under which the would refuse to be interrogated. Contrary to the assertions of the German
press, the general view here is that Poincare was never stronger than to-day.
British should have quit India. where they are so outnumbered.




FHB. 171923.]

THE CHRONICLE

Regarding the decision to bar the exports from the Ruhr
Basin to unoccupied Germany we learn from a copyright
cablegram from Paris to the New York "Times" that formal
notification was given by M.Poincare in the following note,
transmitted to the German Charge d'Affaires:
As a result of orders given by the German Government to its employees in
the Ruhr Basin and of troubles of all sorts that the German Government
tries to incite, the Belgian and French Governments have decided to no
longer permit, after Feb. 12, the exportation to unoccupied Germany of
metallurgical and other products manufactured in the territories occupied.

669

Commission could only give an interpretation of the peace treaty by unanimous decision. That was not the case on Jan. 26.
If the French Government, moreover, once and for all declines to listen
to the German representations it is demanding that Germany should
tacitly acquiesce in everything it thinks fit to do. That would be contrary
to all the rules of peaceful international intercourse.
The French Government, in its consciousness of the weakness of its legal
position, is apparently desirous of evading the necessity of bestowing
careful consideration on the German objections. That will not, however,
deter the German Government from voicing its objections in accordance
with law and Justice.

'A protest by Germany against the occupation by France
Commenting on this new move, the "Times" cablegram
of the towns of Offenburg and Appenveiler is referred to in
reported the "Matin" as saying:
The decision to forbid passage of metal products from the Ruhr into un- another item in this issue.
The commander of the French troops, General Degoutte,
occupied Germany is of extreme importance. It completes the embargo
begun by the coal edict and will affect directly the supplying of German in advices to the Associated Press at Duesseldorf, Feb. 11,
factories. If it is possible for the German industrials to supply themselves
win, and that it "shall be
with coal at great cost it Is much more difficult for them to get supplies of declared that the French will
paid." He is quoted as follows:
pig iron and steel.
If this measure was not taken sooner, it was because it was necessary
first to prepare a system of licenses for exporters. As in the matter of coal,
the Allies do not wish to embarrass neutrals, hence a complicated system of
control was needel.

It was also stated in the "Times" cablegram that, according to "The Matin," M. Poincare will go to Brussels next
Sunday (Feb. 18) to perfect further plans of occupation.
A protest against the action of France was made to the French
Government in a note submitted to the!French For,
Office by the German Embassy at Paris under instructions
from Berlin. The protest asserts that the "act of force
will not succeed in subjugating the population" in the territory that has been occupied by the French and Belgians.
It charges France with injuring the interests of the other
Allied Powers having reparations due from Germany through
the further lessening of the capacity of Germany to pay.
According to a Washington dispatch to the New York
"Times" Feb. 14, the text of the protest was cabled by the
Cuno Government to the Embassy at Washington, which
made it public on the 14th inst. as follows:
The French and Belgian Governments intend to prohibit the export to
unoccupied Germany of all metallurgic products and other articles manufactured in the occupied territory. They based this measure on the orders
given by the German Government to German officials in the Ruhr as well
as on the assertion that the German Government seeks there to call forth
disturbances of all kinds.
The reasons adduced for this new action are in themselves a pretext and
do not need to be refuted. They are an open avowal of the fact that the
occupying Powers hitherto have not been able with the measures of force
applied to bring success to the wrong done by the occupation of the Ruhr,
and, therefore, are obliged to apply further and ever more serious acts
of injustice.
After having tried first to requisition coal and then having stopped the
exportation of coal to unoccupied Germany, the occupying Powers, now
that these measures have not proved successful, do not refrain from an
action which has no connection whatsoever with the safeguarding of reparations,originally said to be the aim ofthe occupation of the Ruhr,butfrom
which merely the destruction of the economic life of Germany must follow.
The German Government knows that the occupying Powers also with
this act of force will not succeed in subjugating the population of the occupied territory.
The German Government protests against this new injustice and makes
the French Government responsible for bringing about, to the detriment
of all Allied Powers, to an ever greater degree, the destruction of the capacity of Germany to pay reparations.

Just one month ago to-day I gave orders to my troops to enter the Ruhr.
and never, until Germany makes adequate settlement for the frightful
wrongs and damages inflicted upon my country, will I order them to withdraw," said General Degoutte, the French commander, to the Associated
Press to-day.
"Right and might are ours," General Degoutte continued,"and we shall
win. We occupied the Ruhr without shedding a drop of blood. We have
allowed the population full liberty; we are not crushing tne country under
requisitions, but we want to get paid, and we shall be paid.
"We are getting ahead in organizing the region. The Germans may sneer
but we can stand an idle Ruhr longer than they can. The world must realize what a stupendous undertaking is the organization of the intricate network of railroads, industries and mines. Even you in America, with your
tremendous capacity for organization and your great resources of men and
money, might have found it difficult to complete such a work in a month.
We shall carry on."
General Degoutte said his attention had been called to a statement to the
Associated Press made by Chancellor Cuno, and published in the 'United
States and cabled back to the Cologne "Gazette."
"The Chancellor," said General Degoutte, "declares our aim is the economic destruction of Germany. Our aim is much simpler; we want redress;
we want Germany to honor her singature. The economic ruin of Germany
would prevent her from paying up. Germany, by fomenting strikes, is
responsible for the present situation of achieving her own ruin."
Referring to Chancellor Cuno's statement that the entrance of the French
into the Ruhr was "a flagrant violation of the Versailles Treaty." General
Degoutte said the Chancellor might study Article 18 of the treaty, which
empowered the Allied Governments to take whatever action they judged
necessary. The Chancellor's reference to Germany being too weak to
resort to physical resistance brought forth this rejoiner from the French
commander:
"Germany will never fight unlessshe is stronger,or believes she is stronger,
than her adversary. The moment she feels an opponent is more powerful.
she surrenders. She pleaded and begged for an armistice under circumstances in which the Allies would have considered they had just begun to
fight. We did not quit after Sedan. We fought to the finish: we lost, and
we paid.
"Germany is branded as a quitter before the entire world; insolent, arrogant, pitiless in victory, but servile,self-pitying in defeat. How do they like
quitters in America?
"Cuno talks about sabotage by the French in the Ruhr. We continually
are repairing acts of sabotage done by the Germans themselves in their OWD
country. Sabotage, indeed. The accusation coming from men who systematically flooded and destroyed our mines at Lens and our industries at
Lille is typically cynical. We don't have to resort to such acts. We are
not even obliged to rule the country with an iron hand. We are so confident of our strength that we do not have to fight.
"But I solemnly warn Germany if a single one of my soldiers is harmed
and she forces another battle on us, she will not stay our hands by crying
Iramerad.' It will be a fight to the finish—a complete knockout."

As to the situation on the 13th inst., we quote from a
On the 13th inst. the "Journal of Commerce" stated in cablegram (copyright) to the New York "Times" from
Paris Associated Press advices:
Essen, the following:

The latest measure taken by the Allies in the Ruhr, the stoppage of
The tension in the Ruhr was tremendously intensified to-day by the
shipments from the district to unoccupied Germany, is primarily intended French iron and steel blockade which became operative at midnight last
to bring pressure on the heads of German industry, who are regarded as
night. The French blow hit home just as Essen's boycott against the
dictating the German policy at present, it was explained to-day in French
French began in dead earnest marked by a French bayonet charge at
official circles.
noon across the main square to the railroad station and promiscuous
It is possible, nevertheless, it was said, that arrangements might be
shooting, though there were no casualties.
made individually by the manufacturers in the Ruhr to complete conThe boycott struggle took a grave turn to-day after the Germans cut
tracts for the delivery of goods abroad in case they were willing to pay
off light from the Kasierhof Hotel, the headquarters of the French enthe 26% export tax.
Fournier, commanding the 128th Division, sent an
The barrier raised around the Ruhr has two objects, it was stated. gineers. General
ultimatum to the city authorities that if the light was not turned on again
One is to press German industry to the point where it will cease obstruction
evening the French would cut off all lights in Essen. The authorto the execution of the Treaty of Versailles. The other is to produce by 6 this
ities flouted the ultimatum and to-night the French engineers were eating
something to apply on reparations account. Special licenses for the
by candle light.
exportation of manufactured goods from the district therefore are possible
French ire is thoroughly aroused. A company of technical troops with
in case the Allies find these can be given without so relieving the pressure
engineers backed lay machine guns and bayonets went immediately after 6
as to make the economic influence of the measure ineffective.
to Essen's main light and power plant. Arrived there, the engineers
The German Charge d'Affaires in Paris handed the Fre 'neli decided it would take them until to-morrow to study the works. but to—
Government a note on Feb. 10 protesting against a note from morrow the penalty of total darkness will be imposed on Essen unless the
Germans back down and turn on the Kaiserhof lights.
the latter Government declaring that the French GovernBoycott Ordered Stopped,
General Fournier also served a sharp notice on the municipal authorities
ment would receive no further criticisms of reparations. The
anent the boycott. He stated that the boycott was being carried on by
German note is given as follows in Associated Press cable- order of
the German authorities. Then he continued:
grams from Berlin, Feb. 10:
"The military and interallied civilians have the right to be served in all
With its note of Feb.4 the French Government sent back the note of the public places of entertainment. In case of refusal the place will be cleared,
German Embassy of Jan. 31, at the same time intimating that it could in force being used if necessary.
•
"The military and interallied civilians have the right to make purchases
the future receive no more communications containing any criticisms of
in all stores. In case of refusal a store will be closed, force being used if
the reparation findings or the measures taken as a result thereof. ,
In reply thereto the German Government must first point out that the necessary.
"All responsibility for possible incidents will rest on the German authorireturned German note contained an answer to several French notes in which
the French Government imputed various breaches of the peace treaty to ties who ordered the boycott."
The Essen municipal authorities will answer General
7Fournier to-morrow
the Government of the Reich.
The Reich Government has not made any mention of the Reparation saying the boycott was not ordered or inspired by the authorities, but proCommission's decision, but merely called attention to the fact that the ceeded spontaneously on the initiative of the hotel, restaurant and shopGerman action censured by the French Government was simply an inevit- keepers' associations, but that the city authorities approve of and join in
these measures as necessary to conserve the food supply.
able consequence of the march into the Ruhr, contrary to the treaty.
In seeing criticism of the measures of the Reparation Commission therein,
According to Paris Associated Press advices Feb. 15, some
Government evidently takes the stand that the Reparation
the French
American and other neutral observers there declared to
Commission by its decision of Jan. 26 at the same time acknowledged the
legality of the Ruhr action, but, even should that be so, the Reparation be in a position to know with considerable precision the coal




670

TRE CHRONICLE

[Vol,. 116.

stocks of both France and Germany predicted that the battle
German Government's Protest Against French
going on between France and Germany in the Ruhr was likely
Occupation of Offenburg and Appenweiler.
to come to an end in the early days of April by the fuel
At the instance of the German Government the German
Germany. Last night the New York "Evenstarvation of
Embassy at Paris handed to the French Government on
ing Post" printed the following from London:
Feb. 12 a note protesting against the occupation by French
Prime Minister Boner Law at the conferences with the French which
ended this afternoon is reported to have refused transportation facilities military forces of the two Baden towns of Offenburg and
for the French occupational forces throughout the British zone at Cologne. Appenweiler on Feb. 4, referred to in our issue of Saturday
He is understood to have offered, however, to transfer a small section of the
last (page 564). The note was cabled to the German
zone to complete the French control.
[Wednesday dispatches said the occupational authorities sought "a way Embassy at Washington, which made it public as follows
out by allowing the use of a line from Neuss to Duren, which crosses a corner
of the British zone south of Grovenbreich, for French coal traffic. The on the 12th inst.:

question of traffic is vital, as the Cologne area intercepts the main line of
The French Government in the note dated Feb. 2 and transmitted to
communication between the Ruhr and Alsace-Lorraine at a saving of"three the Germany
Embassy on Feb.4 reproached the German Government for a
to four days' time in transit, which would release a proportionate number of
railroad workers and cars, increasing at least three-fold the French capacity violation of the Treaty of Versailles, a violation which was said to have
occurred by the German administration of railways having stopped the
solve their coal problem."]
to
-Bucharest and Paris-Munich
British officials remain mute regarding the outcome of the conference, service of the international trains Paris
but it is believed little was done in the way of healing the Anglo-French Prague. The French Government at the same time announced that for
differences, unless the French Government is satisfied with the British this alleged violation of the Treaty it would occupy as sanction the German
coneo,eions, which are termed considerable less than the French requested. towns of Offenburg and Appenweiler. The occupation of both towns
The House of Commons this afternoon rejected a Labor amendment to actually took place on the day the note was handed to the German Embassy
the address in reply to the speech trom the Throne, regretting "the ab- at Paris.
The German Administration of Railways was, on account of the shortage
sence of any indication of policy" in dealing with the grave situation in
Europe and the Near East, and the questions of unemployment and reduced of coal and other difficulties of transport caused by the Franco-Belgian
invasion of the Ruhr, obliged to suspend a great number of international
wages in England.
and German railway services. Among these were the two trains menThe vote on the amendment was 277 to 180.
tioned in the note. In view of the time and
As bearing on the above, we quote the following London the stoppage of the services of the two trainscircumstances under which
took place, such stoppage
advices (copyright) to the New York "Times" Feb. 15:
obviously amounted to an emergency measure of transitory nature, whereby
The first conference between Great Britain and France since the occu- there can he no question of a violation of the Treaty.
pation of the Ruhr was opened this morning at Downing Street. The BritBut even if, formally speaking, the Treaty has been violated, it would
ish delegates were Premier Boner Law, Lord Curzon and Lord Derby and mock every state of peace if the French Government took occasions of
the French were M.Le Trocquer, General Payet and some railway experts. such minor importance as the suspension of two train services to send,
France is seeking use of the railways in the British zone of occupied without further notice, its troops into German towns.
Germany for the transport of Ruhr coal, and grave issues are involved in • The French Government has, indeed, with a view of concealing the apthe negotiations, which will be resumed to-morrow. To-day's conference parent misproportion between the CallSe of reproach and the French measlasted nearly three hours, and at the end both sides declined to make any ures, tried to enumerate further alleged violations of the treaty by Gerstatement.
many. In reply to this the German Government refers to its former exAlthough on both sides absolute secrecy is maintained, the adjournment change of notes with the French Government. The German Government
of the conference is regarded as a sure indication that issues have been raised points out that in every single case of a reproach made of having violated
by the French of an importance far surpassing that of utilization of a Its obligations, it, by detailed argument, refuted such reproach without the
six-mile stretch of railway line In the northwest corner of the British zone. French Government having even tried to refute on its side the arguments
What the French suggest is utilization of both the main railways passing put forth by Germany.
through Cologne, namely the Cologne-Duren-Aix-la Chapelle trunk line
The French Government does not mention a legal title on which it claims
westward and the Cologne-Treves trunk line southwerd to Lorraine—in to have imposed its sanctions. In this case, therefore, the French Govshort, the whole railway network of the British zone. The Cologne-Treves ernment does not even dispose of visionary grounds for imposing
sanctions.
line would serve as a direct route for Ruhr coke to the Lorraine blast fur- In reality the whole case amounts to one of purely arbitrary action and force,
naces, which are now largely shut down for lack of fuel.
committed by taking advantage of the defencelessness of the German nation.
Even as things are, it is becoming more difficult day by day to keep the The German Government formally protests against
this procedure before the
German railwaymen within the British zone to their task, which by tacit entire world.
consent of German officialdom has included since the beginning of the Ruhr
On the day the French note was handed to the German Embassy in
occupation the facilitation of passage of French and Belgian troop trains.
Paris the Inter-Allied Rhineland Commission in Coblenz transmitted a note
The British view is that an attempt to convey requisitioned coal and coke to the German Rhineland Commission there, in which the
Commission
through the zone would certainly mean the automatic stoppage of work stated that,approving the occupation ordered by the French
Government of
by the railwaymen and the extension into the British area of the passive Offenburg and Appenweller,
it had decided to place these territories under
resistance of the German people. That in its turn would mean the running the auspices of the bridgehead of Kehl and
to extend the powers of its deleof the railways in the British zone by French soldiers and imported French gate at Kehl accordingly.
railwaymen, and the sole function left to the British occupying force would
The Rhineland convention circumscribes the material as wed as the local
be that of "keeping order." which might mean that the British would be scope of the powers of the Rhineland Commission. According to
Article 1
called upon to use arms against civilians.
of said convention, the territory subject to the competence of the Rhineland
As indicating the German stand, we give the following from Commission comprises only those parts of German territory the occupation
of which was provided for by Article 5 of the armistice of Nov. 11 1918,and
Paris Feb. 15, copyright by the New York "Times":
It is reported here that the German Government has warned the British by Article 7 of the additional convention of Jan. 16 1919. The towns of
Government that the cordial relations now existing in the Cologne Bridge- Appenweller and Offenburg lie beyond this territory and no article of the
head between the British and the Germans might not be so cordial if Rhineland convention or of the Treaty of Versailles gives the Rhineland
the British gave the French the right to use the railroads from the Ruhr Commission the right, of its own accord, to extend the scope of its comperunning through the British-occupied territory. In other words, Cuno tence.
has threatened to tie up the railroads, as he has done in territory held by • The approval order passed by the Rhineland Commission of the measures taken by the French Government does not legalize these measures,
the French and Belgians.
If this were done the British would be in a hopeless position and would which violate the treaty, and likewise does not give a legal title to the illegal
ordinance of the Rhineland Commission. The approval shows, however,
be forced to do like the French and run the roads or withdraw their troops.
This possible situation is believed to have actuated Bonar Law's state- anew that the Inter-Allied Rhineland Commission lets itself be made the
ment before Commons that the British might find it necessary to withdraw tool of French policy. The German Government protests also against
from the Rhine. The delay in London may be due to the fact that Boner this violation of the treaty and of right.
Law faces the dilemma of disagreeable Incidents with the Germans or of
rebuffing the French.
Ruhr Town Fined $3,000 for Wounding of French

A clash between the French military and German police
at Gelsenkirchen in the Ruhr on the 12th, when two French
officers and a German police sergeant were wounded, is
referred to in another item.
On the same date the Belgians were reported to have
occupied Emmerich and Wesel.

Gendarmes.
According to cablegrams from Duesseldorf, Feb. 13 (Asso,
ciated Press), the town of Gelsenkirchen was fined 100,000,000 marks (about 83,000), in consequence of the incident
there, on the 12th between German police and French gendarmes, when a German police sergeant was killed and two
French offices were wounded. The Burgomaster, the Chief
German Miners' Unions Appeal for Support.
of Police and the policemen believed to be guilty of involveThe New York "Evening Post" of yesterday (Feb. 16) ment in the affair, have been arrested. The Associated
printed the following Associated Press advices from Biele- Press added:
feld, Westphalia:
According to German sources, yesterday's collision has aggravated the
Declaring that "our victory is your victory," all the German miners'
unions have issued a joint appeal to labor throughout the world for support
of the Ruhr workingmen's battle of passive resistance against imperialism
and militarism." The signatories of the appeal are the Association of
Mine Workers of Germany, the Christian Miners' Union of Germany,
the Miners' Branch of the Polish Trade Union, and the Hirschdunker
Trade Union.
The manifesto asserts that, besides creating the greatest distress, the
occupation is "damaging to civilization, hindering to the reconstruction
Europe, trammelling to populations longing for well-being and intelectual
advancement, and disorganizing to the economic life of the world."
The resistance by German labor will not be weakened by the present
procedure of the occupation forces. it adds, but instead will be strengthened.
Specific incidents are cited of the alleged manhandling of Ruhr miners by
the French and Belgians.
The statement declares that defenceless people are being maltreated
with riding whips along the streets, and that twenty-two cases were reported from Essen alone in one day.
The signatory organizations, in a second appeal to the miners of the Ruhr
for continued calmness and sober-mindedness, warns them not to permit
themselves to be provoked into violence.




feeling between the French and the civilian population of Gelsenkirchen.
Reports that French officers are using their riding whips upon German
functionaries as a means of enforcing orders add fuel to the smoldering
fires of discontent.
•

On the 14th inst. Berlin Associated Press advices stated:

The municipality of Gelsenkirchen, according to advices received here.
has declined to pay the fine of 100,000,000 marks demanded by the French as
penalty for the clash there between German police and French gendarmes on
Monday.
The advices add that in addition to arresting the Burgomaster of Essen for
anti-French activities, the occupying authorities have arrested the Burgomaster of Offenburg, near Strassbourg, for
similar reasons.

Switzerland Objects to Disorganization of Railroad
Traffic Incident to French Ruhr Occupation.
Under date of Feb. 8 the Associated Press reported the
following from Berne:
The Swiss diplomatic representatives in Paris and Berlin have been
Instructed by the Federal Council to make urgent representation to the

FEB.17 1923.]

THE CHRONICLE

French and German Governments regarding the damage done to Basle,
and to Switzerland in general, by the disorganization of railroad traffic
duo to French occupation of the Ruhr and Germany's resistance to occupation.
Switzerland will ask the French and German Governments to try to
avoid creating such difficulties for Switzerland.
The French Ambassador here, independently of these representations,
has explained to the Swiss Government the reasons for the railway disorganization and informed Switzerland that Frence would endeavor to insure
regular railroad traffic.

671

Bank of England Authorized to Increase Fiduciary
Note Issue.
The following is from the "Wall Street Journal" of last
night (Feb. 16):
Bank of England has been authorized to increase its fiduciary note issue
by £1,300,000. This privilege arises from lapse of issue powers of country
banks when absorbed by London banks, and is first increase so sought
since 1903.

Allied Powers Again Reject Turks' Demand for WithFrench Loan to Poland.
drawal of Ships from Smyrna Harbor—Ismet Pasha
On Feb. 15 the French Chamber of Deputies approved a
'
Says Lausanne Conference Is Not Over.
bill providing for a loan of 400,000,000 francs to Poland.
The situation in the Near East this week, following the The Associated Press advices from Paris regarding the apcollapse of the Lausanne conference recently, has failed to
proval of the bill, say:
show any marked change from conditions as reported in the
as "for the purposes of improving Poland's fiIt is
"Chronicle" last week. The Allies and the Angora Govern- nancial officially described
and economic situation so that it may resume its proper place in the
ment still are far from agreement, apparently, on the matter European concert of nations and play the role to which its geographical
of warships in the harbor of Smyrna. The Turks,it became position and history entitle it." to 68. Many of those voting against it
The vote on the measure was 515
known on Feb. 11, had presented a new "ultimatum" to declared the loan, while destined ostensibly for the organizatiot of the
the Allies giving them three days in which to quit Smyrna, Polish army against "unwarranted attack from the East," was really put
from the West."
claiming full liberty of action at the end of that period. To through as"a means of coercion against Germanythe Briand Government
engagement for the loan was undertaken by
this the Allied High Commissioners in Constantinople are in The and provides for "deliveries of materials under special account,reim1921
said to have replied in a joint note on Feb. 15 that the terms bursable at the rate of5% interest."
The report of M.Reynald,reports for the Foreign Affairs Commission,of
of the Turks were unacceptable. Meanwhile no further
which former Premier Leygues is President, says the loan is destined to
action has been taken in the matter either by the Allies or balance Poland's expenditures. The next item, however, says the loan
the Turks. The wording of the joint note the Allied Com- is for the purpose of national defence to be decided upon "by mutualarrangements of France and Poland,in accordance with the decisions of the French
missioners handed to Adnan Bey, Turkish Nationalist and Polish general military staffs."
withdrawal
representative, in reply to the demand for the
Opposition to the measure in Parliament was based on the allegation that
of warships from Smyrna harbor, was left to the discretion the danger of an attack on Poland from the east now was non-existent and
being advanced for military purposes no longer defenthus
of the Allied representatives on the scene. The general sive,the money wasoffensive.
but in reality
line taken by the note, it is believed, is that the armistice of
During the course of the debate Premier Poincare said: "I have stated
soon as our
Mudros, signed when Turkey capitulated at the close of the many time that asthe amounts creditors remitted our debts we would not
duo us."
to cancel
World War, is held by the Allies to be still in force, and that hestitate Moutet retorted: "When a country has not sufficient money to
Deputy
they are entitled to maintain their warships at Smyrna.
pay its own debts it should not loan even to its friends."
The Socialists argued that the situation had changed since the Briand
Ismet Pasha, Turkish Foreign Minister, and head of the
government agreed to the principle of a loan: it was then the eve of the
Turkish delegation, who arrived at Bucharest Feb. 10, with Genoa conference, and the Government desired to strengthen the entente
the other members of the Turkish delegation at Lausanne cordiale with the assistance of the League of Nations. But money adon their way to Angora from the peace conference, said he vanced now was designed for aggressive purposes, while the entire world
a reduction of armaments, France alone was lending funds for
did not regard the Lausanne conference as closed, and favored purposes.
military
must not be
that the departure of the Turkish delegation
M.Poincare replied: "We are lending money to a friend in need. It is
others I might
considered final in the absence of any notification by the the only explanation you will get from me;it is not as bad as
Allies that the conference was ended. Turkey was animated give." Communists bitterly opposed the loan. Deputy Blanc informed the
The
by pacific intentions, Ismet said, but that did not signify Associated Press correspondent that one of the secret clauses of the agreement called for the purchase of war material to the amount of 100.000,000
she would permit her legitimate rights to be ignored.
one of the largest ammunition and gun plants in France.
New Cabinet in Australia.
.
A new Ministry in Australia, formed by Stanley M.
Bruce, to succeed that of Premier Hughes, who recently
resigned, was announced on Feb. 9. In the new Cabinet
Premier Bruce will also have the post of Minister of Foreign
Affairs. Other members of the Ministry follow:
Treasurer—Dr. Earle Page.
Postmaster-General—Mr. Gibson.
Minister of Defence—Mr. Bowden.
Minister of Trade, Customs and Health—Mr. Chapman.
Attorney-General—L. M.Groom.
Minister of Works and Railways—Mr.Stewart.
Minister of Homo Affairs and Territories—George W.Pearce.
Minister Without Portfolio—Senator Wilson.
Vice-President of the Executive Council—Mr. Atkinson.

Germany Meets Belgian Reparations Payment.
According to advices from Brussels Feb. 15 (Associated
Press), German Treasury bills issued in connection with
Germany's agreement to pay Belgian reparations were met
when they fell due on the 15th inst. Regarding this payment previous accounts from Berlin (Associated Press
Feb. 14) said:

trades from
"The loan is plainly directed against Germany," he declared, "in the desire to strengthen Poland to do in Silesia what we are doing in the Ruhr."
Members of the Chamber close to the Government insisted that Premier
Poincare was only fulfilling undertakings entered upon by the Driand Government, in which the word of France was engaged: the Government had
no ulterior motive, but merely wished to "make good France's promises."
M. de Lasteyrie refused to inform the Chamber as to what securities
Polard had deposited with the French Government beyond saying: "The
Polish Government gives us solid guarantees for our investment."
It is understood on good authority that the loan is based on resources ofthe
Polish forest, zinc and lead mines, petroleum fields and salt deposits.

Russia's New Money Plan.
following is from the Brooklyn "Eagle" of Feb. 9:
The

Confirmation of the report that the Russian Soviet Republic has repudiated its entire issue of rubles since 1918, which was published in the "Eagle„
Sunday, was made to-day by Charles Recht of 110 W. 40th St., Manhattan, legal representative of the Soviet in this country since the departure of Ludwig C. A. K. Martens, the Soviet "ambassador."
"I am expecting word from Moscow if its going into effect any day,"
is still diffibe said. "Communication between Russia and this country
cult and slow. I was in Moscow in November, when plans for the new
only detail not completed at that time was
currency were formulated. The
the date of execution. Since returning I have received word of the progress of the plan and finally of the date, Jan. 15."
this
News of the change of the fiscal system in Russia was brought to
country last week by Isadore Rapoport of 83 Crown St., who returned
from a business trip to Moscow.

The Reichsbank, according to a semi-official statement, has already made
Calls Credit System Essential.
approximately 46,000,000 gold marks available in London for the redemp"The fact that a part of the new issue is based on commodities should
tion of the Treasury bills turned over to Belgium six months ago, and which
in the world
will fall due to-morrow. The bills call for a total of 50.000,000 gold marks. frighten no one." 11Ir. Recht said. "There is no country
business has
The statement says that the Reichsbank has not been obliged to touch that has an entire basis of gold. While Russia's foreign
if commerce is
Its gold or other metal reserves for this purpose. The bills will be dis- been hitherto altogether in gold rubles, it is necessary
to increase to have a credit system, as most foreign trading is on a credit
of England.
counted by Swiss banks and will be payable at the Dank
system."
The new currency system, which some experts regard as a materializaReichsbank Fixes Price of 20-Mark Gold Piece at tion of Henry Ford's theory of a commodity backing for money, arouses
no more supporters among local financiers and exporters then did the
100,000 Paper Marks.
Government, they
The New York "Evening Post" of the 15th inst. reported Ford plan. Besides being suspicious of the Russian based on so flexexpressed high doubts as to the worth of any currency
from Berlin that day:
ible a standard as produce. An entire gold standard, they said, would
the following
-mark gold be a firmer foundation than any country excepting the United States
Reichsbank to-day fixed the purchase price of the 20
The
and Great Britain is able to boast. As for commending the new Issue
piece at 100.000 paper marks.
of Russian paper money to inquiring exporters, the financiers said they
would not do so without a wide qualification.
Marks for Bale of Cotton Sold at Bremen. 'llf a gold standard were announced," J. K. Towles said, "it would be
4,595,625
the of far more importance even than a revolution. Even such a fundamental
The New York "Evening Post" of Jan. 30 printed
change as this is the most important thing Russia has yet done to stabilize
following telegraphic advices from Dallas (Texas) Jan. 30:
her money. But there is no record of a commodity standard being acceptabeen sold at Bremen, Germany, for 4,595,625 ble to merchants. and I doubt if it will be. It will be regarded as another
One bale of cotton has
sale. The dodge on Russia' part to Inveigle foreign money into that country."
the
German marks, E. F. Duggan, cotton broker here, made
J. R. Nova, an editor of "Soviet Russia." a publication, said: "It is a
otton brought 324 cents a pound, which amounted to $181 25 American
c
form, in my opinion. The old issue was practically worthless. The only
current rate of exchange.
money at the




672

THE CHRONICLE

effect it will have is inside Russia, and that will be only to make the people's
irallets lighter and easier to carry. Foreigners who trade in Russia do
no busines except with gold money, anyway."
"It is another step in the Soviet Republic's struggle to re-establish its
credit position among the other nations," Sidney Hillman, President of
the Russian-American Industrial Corporation, said. "Russia is headed
toward a sound financial position."
Quote Prices in Nek Rubles.
(By cable to the Brooklyn "Eagle" and Phila. Ledger; Copyright,
1923.)
Berlin, Feb. 9.—Russia is now revelling in a multiplicit
y of currencies
Which are rapidly converting the ignorant muzhiks into master mathemamaticians, able to dicker for eggs, cigarettes, &c., in four
kinds of Russian
money, and to juggle prices from paper millions to gold
kopecs or American
dollars without the loss of time or money. The old Czarist
paper rubles
and other paper currency antedating 1922 are now repudiated
by the
Government after the holders had been given an opportuni
ty, until Oct. 1
1992, to exchange them for up-to-date bills.
Russians now conduct their financial transactions in
1922 paper rubles
and 1923 paper rubles of the now gold-basis currency,
which is backed
by deposits of bullion or pledged commodities of the State
bank or by
actual gold and sliver coins which now are occasional
ly seen.
Losses through the repudiation of old rubles fall chiefly
on foreign holders, few of whom were aware of the Government's
action in calling them
for exchange. The losses represent vast sums at
pre-war value though
of slight worth at last year's rate of exchange.
Price in the markets and stores now are generally
quoted in the new
gold-basis ruble which has rapidly established itself
in commercial and
financial transactions, big and little, since the Soviets
and the State Bank
went over to the new basis this year. Payments,
however, are made in
paper money of various kinds, because the new
money exists rather as
a standard of value than as a medium of exchange.
A merchant quotes
prices to a customer in kopecs and new rubles on the
pre-war basis of two
rubles to the dollar.
The customer then pulls from his pocket the daily
exchange quotation
to determine how many millions or billions of various
brands of paper
money may be required to foot the bill. The
Government and the State
Bank are doing their utmost to keep the new gold-basis
currency stabilized and to bar various kinds of paper which fluctuates
from day to day.

[Vol,. 116.

For the Central Powers—Germany, including reparation
s paid and the
cost of Allied occupation up to the end of
1919,70%; Germany's allies,90%.
These percentages are the result of a careful examinati
on of the best available data.* and they call forth several striking observatio
ns; first, the
uniformity of 70% for each of the four great Powers,
showing that they all
put their maximum economic and financial strength
into the war. Second.
the comparatively small percentage of the
pre-war national wealth involved
In the contribution of the United States
in money to the prosecution of he
war. Third, our realization of the burden which
this comparatively small
contribution on the part of the United States
has imposed upon its nationals, demonstrating in a most vivid manner
the Insuperable difficelties
of the European Allies to solve their financial
problems through taxation
alone.
England's policy from the beginning of the war was
to set in motion a
tax progfam of pay-as-you-go to the full limit of her
capacity. This policy.
however, was not adopted by any of the Continental
Allies nor by Germany
and her associates. To these percentages, therefore,
must he added the
annual accumulating budgetary deficits of the
Continental countries involved since the beginning of 1920, which, in the
case of France. on rehabilitation account, will bring her total cost to well
over
pre-war national wealth; and in the case of Germany, 100% of her total
a percentage so fantastic that it reaches into the clouds, due to her
reckless currency policy.
The absorbing problem of all of these countries is how to
meet the demands
of these huge Government debts, besides providing
funds which are required
for pensions, rehabilitation, and for covering the
cost of the machinery of
State.

The United States alone of all the belligerents is completel
y solvent and
paying its bills day by day in every way. And now
Great Britain triumphantly asserts her financial solidity in accepting after a
few minutes' discussion of her Cabinet, the suggestions made by
our Funding Debt Commission for the payment of her indebtedness to the
United States.
England's high principles and bull-dog capacity
are bound to pull her
through. Let me again say. British pride and
British honor have always
been the best collateral in the world.
How about the others? What will become
of these huge Continental
debts—burdens far beyond the capacity of the nations involved
to bear?
This brings me to a subject that has been absorbingl interesting
to me
y
for months, and which I propose to
discuss with you briefly. The gold •
standard is, after all, and in spite of much theorizing
. the best guarantor of
prosperity for any nation in the world. Is it
now possible or desirable that
Russian Rubles Distributed By Fidelity Trust Company the various depreciated currencies of Europe be brought back to their prewar gold parities—or is it not rather the
course of wisdom and necessity
of Philadelphia, To Depict Fallacy of Wholesale
to stabilize these currencies at or around
their present gold value? The experience of the United States after the Civil
Printing of Notes.
War has been alluded to as an
example to be followed by
Both as an object lesson, as well as for advertising pur- their currencies back to the Continental countries in their efforts to bring
their former gold
poses, the Fidelity Trust Company of Philadelphia, is dis- tions, however,accompanying the omissionsparities. The facts and condiof the greenback, were radically
tributing notes of 100,000 rubles, together with a leaflet different from the European currency emissions as a result of the war.
The greenback, was legal tender for all
public and private debts, but was
describing the worthlessness of the paper, which formerly not legal tender for interest
on the
debt, the coupons
which concommanded a value of 850,000. The trust company has tinued to be paid in gold. Second, public not receivable in ofpayment of
it was
the
purchased for distribution 1,855,000,000 of the notes:—Its duties on imports, which continued to be collected in gold.* Throughout
the seventeen years of our suspension
of specie payments there was paid
leaflet says:
into the Treasury of the United States
in gold, as duties on imports,$2,540,Enclosed is a note of the Russian Socialist Federated
000,000. and out of it, as interest on the national
Soviet Republic.
debt, $1,704,000,000 gold;
Formerly the ruble was worth approximately fifty
cents. At that —ample evidence that oven at the peak of our currency inflation, gold payrate this note would be worth 550,000. It has been
bought by us at the ments, to a very great extent, were still the law. Gold was a free comrate of 2,500,000 rubles for a dollar, equal to
modity, unrestricted by legislation; was
25,000 for a cent.
freely dealt in in the gold exchange.
Please observe the inscription "guaranteed by the
entire resourese of the To be sure, the greenback was quoted at a discount, or gold at a correspondRepublic."
ing premium, so that there was a time
when the United States investor had
How futile to oppose the force of monetary law.
In the words used by the opportunity of purchasing a $2,000 6% U. S. Government bond for
Thomas Jefferson, speaking of excessive issues,
public and private, "The $1,000 in gold; coupons during the life of the bond being paid in gold and the
whole visionary fabric vanishes into air, and shows
that paper is poverty; bonds themselves retired at the end of ten years at par in gold.
that it is only the ghost of money and not money Itself."
Our economic condition at the same
time was unusually favorable.
The United States offered the most inviting
FIDELITY TRUST COMPANY.
field for the investment of foreign capital that could be found in the
Wm. P. Gest, President.
world. Our national wealth was
increasing
The trust company also furnishes the following translati
and bounds. Now how radically different is the situaon tion of theby leapsof to-day.
Europe
During their entire financial history the inof the note.
ternal debt and currencies of the
One hundred thousand rubles.
Continental European countries were
never made payable in gold. This is also
Payment
-note of the Russian Socialist Federated Soviet Republic
true of State, municipal and in100,000 dustrial funded obligations. All of these
rubles, Guaranteed by the entire resources of
obligations have been expressly
the Republic. Counter- made payable in the currency
of the country.
feiting punishable according to law.
What bearing has this important fact
upon the discussion of the subject?
PEOPLE'S COMMISSAR OF FINANCE.
How are these debts going to be paid?
1921
(Signature]
Taxation: I have already referred to
this. Fifteen per cent of our
pre-war national wealth went into the
support of the war. Is it conceivable
that a European tax-payer can pay seven
Alvin W. Krech's Proposals for Stabilizing Currencies us in order to
times the taxation imposed upon
make good the war expenditures
on a strictly taxation plan?
Capital levies have been proposed, but
at Gold Parity.
they are much less talked about
now than at the close
An argument anew for the stabilization of currencies at a capital levy should of the war. The practical difficulties in applying a
make its
gold parity was made by Alvin W. Krech, President of the going to secure for the Stateadvocates pause. How,for instance, are you
a part of the capital of a factory owner who
Equitable Trust Co. of New York, in an address on Feb. 2 has a fine plant but little cash? Will the State be satisfied with a mortgage
on the plant, which mortgage, representi
ng an annual burden to be shouldat the Hotel Astor, this city, before the members of the ered by the plant owner,
would after
Association of Stock Exchange Firms. Mr. Krech's pre- taxation? The only levy on capital all be neither less nor more than pure
which is practical, which is feasible.
vious declarations on the subject were referred to in our issue I. e., the laying hands upon the capital of the bondholder, has been brought
about by the depreciation of the currency in
which the rentier's holdings are
of Jan. 20, page 246. In his later remarks
expressed.

on the subject
Mr. Krech emphasizes his view that "the gold
standard
is after all, and in spite of much theorizing, the best
guarantor
of prosperity for any nation in the world."
Mr. Krech
also says:
I think we may as well look upon
the depreciation of the Continental
currencies as a fait accompli. There is
no other way of paying these huge
debts except at the expense of the bondholde
r and the creditor class as a
whole. Any attempt at substantial deflation is
bound to meet with disaster
in the business of the individual and with
disaster to the finances of the
State.
The water Is over the dam, but this apparent
cataclysm has actually
saved the European Governments from bankruptc
y. The problem Is
solving itself and the day is not far distant when each
in turn can adopt an
entirely new currency in volume ample enough to
transact its business, and
secured by a proper ratio reserve of gold, without
foreign help."

The following is Mr. Krech's address of the 2d inst.:

The money cost of the Great War up to the end of the
year 1919, calculated upon the basis of national currencies on their gold
parity of exchange in
dollars, was as follows:
For Franco, approximately 70% of her total pre-war
national wealth;
Great Britain, approximately 70%; Italy, 70%; Russia,
who quit in 1917,
35%; all the other Allies except the United States, 30%;
United States
exclusive of her advances to Great Britain, 15%.




The most drastic capital levy could not have
yielded more to the State
than the utter depreciation of the mark which
has pulverized the "capital"
owned by the holders of German Governme
nt bonds. I think that I am
not putting it too strongly when I .say that utter
depreciation of the currency
and confiscation of capital expressed in this
currency are synonymous terms.
Now I know that a very fine plea can be made
in the defense of the luckless
rentier's interest. But whether we like it or
not, it cannot be denied that
the capitalist par excellence is the rentier, the
person with a fixed income,
and the undisputable fact remains, that by
depreciating their currencies
the European Governments, whose obligations
were never in gold, have in
a very effective manner appropriated for
themselves a very important part
of the capital owned by their bondholders.
So after all the depreciation of the currencies
, though hitting in a most
cruel manner the person with a fixed income,
has lightened the burden of
the debt of the State, and those who pray for
an improvement in the exchange value of a depreciated currency show
certainly much more concern
for the happiness of the rentier than for the
weal of the State.
Take the instance of France, and suppose
for a moment that the franc
were to return to its pre-war gold parity.
The Government then,instead of
paying off its debt in depreciated paper currency, would have to provide
francs worth practically over three times the
francs with which it takes care
at present of the service of its debt. In other
words,should the franc return
to its old gold parity, the burden of the debt would increase threefold.
But a short while ago Mr. McKenna,a
former Chancellor of the Exchequer,
•"French Public Finance"—Bankers Trust Co.

FEB.17 1923.]

T H II, CHRONICLE

expressed the fear that the pound sterling's deflation might cost a heavy
price to the British taxpayer. In spite of the fact that the sterling is within
almost immediate reach of its pre-war gold parity, so eminent a financier
and an economist warns against the alluring policy of deflation. Consider
then, please, the situation of the Continental Allies and ask yourself whether
it is not sinning against them to wish that their currencies regain their
par positions.
Now stabilization would,first of all, put to an end the harmful endeavors
<d the advocates of deflation. The world at least would be given the
.
assurance that nothing as dangerous as the improving of the currencies
would be attempted. On the other hand, stabilization is devoutely to
be hoped for, because the world cannot afford to see its whole economic life
constantly endangered by abnormal fluctuation in the buying power of the
currencies. When all has been said and done, our economic life resolves
itself into a huge number of contractual obligations between creditors and
debtors. The Government and its bondholder, and banker and his client.
the provider of raw material and the manufacturer,the owner of a house and
his tenant, bind themselves by contracts which call for payments in the
currency of the realm. Now, then, since deflation of the currency hurts
the interests of the debtor, and inflation the interests of the creditor, is it
not correct to say that as long as the buying power of currencies is left in an
unsettled condition it will be very much of a risk for either debtor or creditor
to enter upon a contractual obligation? As the situation stands now the
creditor is hurt in most instances: have but in mind for a moment the unfortunate holder of bonds of the Norddeutscher-Lloyd, which got rid of its
entire obligation for about $10,000; or the landlord of an apartment house
in Vienna who goes begging. I have given here again the extreme cases,
but even where depreciation of the currency has not swept, typhoon-like.
over the contractual obligations of the community, the creditor has been hit
very seriously. Now it is simply impossible—economically speaking—to
live under the constant menace of unsettled currency conditions.
Dr. Lansburgh, in the December issue of "Die Bank," writes: "Unsettled currency conditions make of every single transaction a fraud or a
speculation. The building or purchase of an enormous factory is neither
more so nor less so than the journey in a train for which the price of a
ticket may or may not be doubled the next day, so that it may or may
not prove to have been good business to take the trip one day earlier."
Such an impossible currency situation will simply force the creditor-class
to go on strike unless some kind of stabilization is resorted to.
But to return to my discussion of Government debts. I repeat it.
these debts are expressed In paper. Their burden has been greatly lightened
by the depreciation of the currency, and the French internal debt of
250,000,000,000 francs, represents to-day less than 80 milliards in gold,
which should be still reduced by the payment of the German indemnity.
Germany, whose internal debt has practically ceased to exist, can and
must pay some indemnity which will enable France to materially reduce
her debt.
Germany can save herself; if she la ready to try with all her might she
undoubtedly can issue a reparation loan and guarantee it in so satisfactory
a manner, that not only her creditors will accept it in payment, but that
she will also be able to dispose of a goodly share of this reparation issue
to her own nationals.
Recently, I proposed that Germany should issue in full settlement of
her reparations a 100-year obligation of the Reich with a collateral security
of the obligations of her separate States, free cities and municipalities,
allocated pro rata in accordance with their outstanding several obligations preceding the war, the service upon which should constitute a prior
lien upon all taxation, to the amount of 24 billions gold marks. bearing
5% interest, and charged with a 1% sinking fund on the amount of any
time outstanding, interest to begin, say, in 1927.
This lean, equivalent to 30 billions of gold francs, turned over to France.
would reduce the French debt to less than Si) billions gold francs, requiring annually but 3 milliards in gold for interest payments. The
French budget, which shows receipts amounting to nearly 20 billions
paper francs, can certainly meet such a demand.
I think we may as well look upon the depreciation 3f the Continental
currencies as a fait accompli. There is no other way of paying these
huge debts except at the expense of the bondholder and the creditor class
as a whole. Any attempt at substantial deflation is bound to meet with
disaster in the business of the individual and with disaster to the finances
of dm State.
The water is over the dam, but this apparent cataclysm has actually
saved the European Governments from bankruptcy. The problem is
solving itself. and the day is not far distant when each in turn can adopt
an entirely new currency in volume ample enough to transact its business
and secured by a proper ratio of reserve in gold, without foreign help.
There is but one deterrent, namely, the problem of the payment of
their foreign indebtedness, which must be paid in gold. In the case of
Germany it is reparations. With France and Italy alike. inter-Allied
debts.
In this sense Mr. Hughes is quite right in saying that reparations is
the crux of the whole matter. But universal peace is really the crux
of the whole matter.
I gave you at the beginning of my remarks the startling figures of the
financial waste of the war. Place beside them the hideous cost in lives.
24.500,000 killed and wounded. Can there be a more appalling demonstration of the awful economic waste and desolation—the hopeless futility
of war to victor and vanquished alike?
Has Christian civilization foundered upon the rocks? or has the world
gone so made that it cannot bring forth leaders of vision and courage to
effect some sort of international understanding and co-operation that
will prevent forever a recurrence of 1914?
I believe that a vast majority of the thinking electorate of this country
are asking this question: it is growing more insistent every day, and may
turn into an avalanche when once we begin to feel the repercussion of
Europe's economic breakdown. You recall the fable of Apollo bestowing
upon Cassandra the gift of prophecy, and later, wishing to punish her,
decreeing that no one should believe her. The voice of Cassandra is
heard in the land to-day "beware the avalanche," and the answer of the
unbeliever is—"to hell with Europe."
Do you realize what that attitude means? It means the most humiliating confession of failure that can be imagined. What did we fight
for? We fought first to preserve our self-respect by resisting direct attack,
but we fought for more than that. Mr. Wilson's slogan was "to make
the world safe for democracy": another slogan was "might does not make
right"; and still another "to make possible permanent world peace."
Describe it as you will, our campaign was fired with a Crusader's spirit.
What have our Crusaders accomplished? What is the sum total In
return for the sacrifice of life and the intolerable burden of taxation for
the life of a generation? We have licked the Raiser. Well that was
a good deal, but that is all we wont after? What we really went after
can be accomplished if we will only go to it while yet we are untouched
by European paralysis, and before we too become the victims of a general
breakdown.




673

Our intervention is absolutely essential for the proper and sane solution
of the reparation and inter-Allied debt problems. Why, these are the
very instruments in our hands to make our voice effective—almost imperative. Those questions must and can be solved, but solved only when
the fundamental understanding has been definitely reached.
Europe has come to the point where a super-mediator must step in
and accept the weighty but inescapable responsibility of helping the world
to find itself. Our premier position in the comity of nations gives us
the right and the duty to call the world to order.
Senator Capper on Farmers' View of International
Situation—International Economic
Conference Suggested.

The international situation is dealt with by Senator Capper in his weekly publication ("Capper's Weekly"), in which
a stand is taken against the cancellation of European debts,
and a suggestion is offered for the calling of "an international economic conference to forestall the impending crash
in Europe." The further suggestion is made that the United
States in declaring its stand against the cancellation of foreign war debts, indicate that assistance in behalf of the European countries would be forthcoming on the part of the
United States only when "the people across the seas . . .
abjure militarism and go to work." The account of Senator
Capper's proposals is given as follows in the following special advices from Washington, Feb. 3, to the New York
"Evening Post":
Senator Capper of Kansas is doing some tall talking on the international
situation these days in the columns of his weekly farm paper, "Capper's
Weekly." One edition of "Capper's Weekly" is now being published right
here in Washington, a herald of the enlightened West (as the farmer sees it)
to the reactionary East (as the farmer sees it).
"News comes from Paris that peace and quiet can be restored to Europe
with benefit to us, if we will finance a Franco-German reparations plan and
forgive England $2,000,000,000 of the $4,000,000,000 war debt she owes us.
Propaganda, of course," Senator Capper says in the issue of his weekly out
to-day. "Europe cannot be saved this way.
"Aside from a few American financiers interested in foreign securities, the
American people realize that to cancel Europe's debt would simply be to
finance its new militarism, and they are overwhelmingly against such a fatal
mistake. Of the nearly 200,000 persons polled on this question to date by
'Capper's Weekly,' the proportion against canceling the debt is 22 to 1 and
is growing larger. If we should buy off one fight in Europe now, how long
would it be before it would be demanded of us that we buy off another?
"We can do nothing for Europe, nor for ourselves by furthering, aiding or
abetting directly or indirectly, the war schemes of Europe's diplomatists.
What Europe's Governments seem most in need of from us at this time is a
plain statement of what we will not do under any circumstances, as an earnest of such that we will do if Europe will return to sanity and peace and
industry. Such a statement would do more to clear the atmosphere, and
still more to settle Europe's troubles, than any limited or unlimited access
to Uncle Sam's strong box.
"An international, economic conference might be made the vehicle for
such an undertaking. In the preamble to the American suggestions to be offered at such a conference, certain facts might courteously but plainly be
stated to this effect:
"That the United States on no consideration will cancel foreign war debts,
or any of them; that these billions were borrowed from the American people
and must be returned to them, no other alternative existing.
"That the United States will not pay nor finance any European war debt,
or indemnity.
"That the United States will join no European political league or alliance.
"That the United States will send no more troops to Europe.
"That the people of the United States will go far to find ways and means
to help the peoples across the seas if they will abjure militarism and go to
work.
"That nothing lasting nor worth while can or will be done with the assistance of the United States, under any other auspices.
"The need of an international conference to forestall the impending crash
in Europe, is only less necessary to the old world than it is to us. Next to
Great Britain, Germany is the largest consumer of our foodstuffs. As indicating what the growing strife and the demoralization in Europe is doing to
us, we need only glance at our decreasing exports in 1922. Notwithstanding
the financing we did to support the buying power of European markets, and
its great helpfulness, the Government's Department of Commerce has just
made public the following figure:
"Export of meats: 1922, $134,919,343; 1921, $150,878,243; decrease,
$15,958,900.
"Exports of dairy products: 1922, $24,905,495; 1921, $44,145,749; decrease, $19,240,254.
"Exports of grain and grain products: 1922, $515,913,077; 1921, $758,397,520 ; decrease, $242,484,443.
"If an economic conference of the nations offers even a ray of hope, and
it does offer much more than that, let us invoke it. The sooner the better.
While we are standing on one foot Europe crumbles."

Offering of 825,000,000 Dutch East Indies Bonds.
.
The Guaranty Co. of New York and associates offered
on Feb. 15 $25,000,000 30
-Year External Sinking Fund
534% gold bonds of the Dutch East Indies, to be dated
March 1 1923, and to mature March 1 1953. The bonds
were offered'at 88 and interest, to yield over 7.20% to the
earliest redemption date (March 1 1933), or more than
6.40% if held to maturity. The bonds are to be direct external obligations of the Government of the Dutch East Indies,
and are not redeemable during the first ten years. They
are authorized by Act of Parliament of the Netherlands.
Under the same laws, in addition to the present issue, 131,000,000 guilders have been issued in the Netherlands and
£5,000,000 were issued last month in London. Associated
with the Guaranty Co. in the present financing are Harris,

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Forbes & Co.; Lee, Higginson & Co.; the Bankers Trust
Co., New York; Kidder, Peabody & Co.; the Union Trust
Co. of Pittsburgh; Continental & Commercial Trust &
Savings Bank, Chicago; Illinois Trust & Savings Bank,
Chicago, and the Union Trust Co., Cleveland. The syndicate is the same that has been identified with previous
Dutch East Indies financing in the United States during
the last year. reference to which appeared in our issues of
Jan. 7 1922, page 15; March 18, page 1125, and April 23,
page 1720. The Guaranty Co. of New York is fiscal agent
of the loan offered this week. Interest on the bonds is payable March 1 and Sept. 1 and principal and interest are
payable in United States gold coin of the present standard
of weight and fineness or its equivalent at the main office of
Guaranty Trust Co.of New York,without deduction for any
taxes, present or future, of the Netherlands or of the Dutch
East Indies. Coupon bonds in denominations of $500 and
$1,000, registerable as to principal only. Redeemable at
the option of the Government on March 1 1933, and on any
interest date thereafter, as a whole or in part, at par and
accrued interest. A sinking fund is provided to retire the
entire issue of bonds by maturity through annual payments
sufficient to redeem each year commencing March 1 1934
1-20 of the amount of bonds outstanding on March 1 1933.
These funds are to be applied to retirement of bonds through
purchase at not exceeding par and accrued interest or through
call by lot at par and accrued interest.
The proceeds of this issue will be used to reduce the unfunded debt. The total debt, funded and unfunded, on
Jan. 12 1923 was about $456,000,000, or less than $10 per
capita. More than two-thirds of the debt is payable in
Dutch currency. The estimated net income for 1922 from
Government properties and monopolies, it is stated, is equal
to more than one and one-half times the debt service for 1923,
including the present issue. The Dutch East Indiesj
tender money is identical with the Dutch guilder, which is
quoted in New York at practically par of exchange, 40.2
cents. The following is taken from the offering circular:
Resources and Commerce.
The Dutch East Indies, which include Java, Sumatra and Celebes, have
an estimated population of about 50,000,000, possess great natural resources
and constitute one of the richest of all colonial possessions. Geographically
they belong to the same group of islands as the Philippines and have an area
of more than 735,000 square miles—about one-fourth the area of continental
United States.
The principal products include tin, coal, petroleum and a large variety
of agricultural commodities, and to-day the Dutch East Indies stand first
In the production of quinine, copra and spices; third in the production of
tin,rubber, coffee and cane sugar, and second in the exportation of the latter commodity. They rank fourth in the production of petroleum and are
also important producers of tobacco, tea, rice, rattan, hemp and coal.
These natural resources have enabled the maintenance of a substantial
excess of exports over imports. For the seven years 1914-1920, the Dutch
East Indies had a larger favorable balance of trade than any country in the
world except the United States. For this period this favorable trade balance was $1,593,000,000, as compared with $427,000,000 for the seven
years 1907-1913.
Revenue and Expenditure.
For 116 years from the establishment of the colonial Government in 1798
to the outbreak of the war in 1914,the aggregate ordinary revenue exceeded
the expenditures, both ordinary and extraordinary. From 1906 to 1916
the ordinary budget, exclusive of expenditures on capital account,showed a
surplus aggregating for that period over $43,777,000.
In more recent budgets, owing to an extension in Government activities
and to the large increase in salaries and wages, there have been deficits in
the ordinary budgets, but the Netherlands Parliament has been informed
that, as a result of a policy of retrenchment now instituted, the ordinary
budget will balance by the end of 1925. Moreover,it is significant that the
budget for 1923 indicates that expenditures, both ordinary and extraordinary, are less than in any of the preceding three years.
Out of the surpluses of ordinary revenue and out of the proceeds of loans
a sum estimated at $486,687,000 had been expended up to Dec. 31 1922 on
Capital assets, including railways, tramways, telephone and telegraph systems, tin mines, coal mines, harbor and irrigation works.
Currenrit.
The Dutch East Indies legal tender money is identical with the Dutch
guilder. The Bank of Java, the sole bank note issuing power, had on Nov.
11 1922 a metallic reserve of 54% against bank notes and other demand liabilities. The Dutch guilder is quoted in New York at practically par of
exchange. Dutch East Indies exchange is ordinarily quoted in Holland at
a small discount, which on Feb. 13 1923 amounted to only 2%.

American Surface Abrasives Export Corporation
Organized Under Webb Export Trade Act.
Papers have been filed with the Federal Trade Commission
by the American Surface Abrasives Export Corporation under the Export Trade Act (Webb-Pomerene Law) for the
purpose of exporting abrasives goods and materials. The
corporation, organized in New York, comprises ten member
concerns in the States of New York, Pennsylvania, Illinois,
Massachusetts, Minnesota and Wisconsin. The officers
are: President, L. S. Greenleaf; Vice-President, E. C.
Wright; Secretary and Treasurer, J. S. Frazee. According
to an announcement by the Federal Trade Commission Feb.




[VoL. 116.

11 the members are: Herman Behr & Co., Brooklyn, N. Y.;
Armour Sand Paper Works, Chicago, Ill.; H. H. Barton &
Sons Co.,Philadelphia,Pa.; U.S. Sand Paper Co., Williamsport, Pa.; Manning Abrasive Co., Troy, N. Y.; Minnesota
Mining & Mfg. Co., Troy, N. Y.; American Glue Co., Boston, Mass.; The Carborundum Co., Niagara Falls, N. Y.;
Wausau Abrasives Co., Wausau, Wisc.; Baeder Adamson
Co., Philadelphia, Pa. The Trade Commission also says:
Natural abrasives (mill and oilstones, pumice, emery, garnet, &c.) were
produced in 1921 in 26 States. The total value of domestic abrasive materials exported from the United States•for the year 1921 amounted to
$3.320,590.
While a very substantial business is done in these lines in Canada, the
chief concern of the manufacturers interested in the new company is the
European, African and South American trade, where the distribution of
American-made abrasives has been generally in the hands of European
agents. The chief competition has been of English origin, although in
certain grades of very fine finishing papers the American mills produced
such a superior product as to create a persistent demand abroad, even to
the exclusion of competitive foreign papers.
One interesting example of this has occurred recently in the hat trade in
Germany,where the hat manufacturers petitioned the authorities for prompt
admission of these goods on the plea that there was no product of German
manufacture, or any other available European paper,that would enable the
fine hat manufacturers to continue in certain lines.
The purpose of the new export corporation will be to promote and enlarge
that trade and to insure the co-operation of European agencies on all lines.
The general expansion of business and activities in these lines offer considerable encouragement and these manufacturers are reported to be entering into this new work with real enthusiasm.

Proposed American Tire Manufacturers Export
Association—Webb Act Corporation.
Papers have been filed with the Federal Trade Commission by the American Tire Manufacturers Export Association, New York City, under the Export Trade Act(WebbPomerene Law) for the purpose of exporting steel tires and
steel-tired wheels. Export trade associations formed under
this Act must engage solely in. export trade. The Act specifically exempts such associations from the operation of
the Anti-Trust Law in their export trade, but contains
provision for the protection of domestic trade. The following
four member concerns constitute the association, viz.:
Standard Steel Works Co., Philadelphia, Pa.; Edgewater
Steel Co., Pittsburgh, Pa.; Railway Steel Spring Co., 30
Church St., New York City, and the Midvale Steel &
Ordnance Co., Philadelphia, Pa.
Comptroller of Currency Crissinger, in Annual Report,
on Necessity of Exporting Gold—Other Features
of Report.
The probability that in no very distant future it will be
necessary for this country to export gold is suggested by
Comptroller of the Currency D. R. Crissinger, in his annual
report for the year ended Oct. 31 1922, submitted to Congress
on Feb. 12. The Comptroller states "that from a purely financial point of view the cessation of gold imports would
represent a long step toward the restoration of that economic
equilibrium which is absolutely necessary as a prerequisite
to the re-establishment of sound monetary systems throughout the world." Referring in his report to the condition of
national banks on Sept. 15 1922, Comptroller Crissinger says
that an analysis of the returns from the 8,240 reporting national banks, with aggregate resources and liabilities Sept.
15 1922 of $20,926,099,000, an increase of $1,206,919,000 during the past year, and an increase of $220,089,000 since the
midsummer call of June 30 1922, "warrants the conclusion
that our national banks with resources representative of
41.50% of the aggregate resources of all banks in the United
States as late as June 30 1922, constitute the keynote of
American banking institutions." The most difficult banking situations which confront and have to be dealt with by
his office, says the Comptroller, "are in those areas which
have suffered agriculturally by reason of drouth, of inauspicious conditions in the live stock industry, or in other circumstances which have worked to the injury of farming communities." The areas which have thus been unfortunate
constitute, however, according to the Comptroller, "comparatively a small part of the entire country," and the outlook
for a continuing improvement in the agricultural situation,
he says, finds immediate reflection in a more cheerful banking prospect. In referring to legislation enacted and recommended affecting national banks, Comptroller Crissinger
urges favorable consideration for legislation which would
confer upon national banks perpetual succession in lieu of
the present limitation of 99 years; as provided by the Act of
July 1 1922. The following summary of the report is furnished by the Comptroller:

FEB. 17 1923.1

T H 141 CHRONICLE

General Banking Situation.
The Comptroller calls attention to the fact that although the country
. has been passing through a period of liquidation and deflation which
was doubtless inevitable as an aftermath of the world-wide credit expansion
and inflation incident to financing the world war, the national banking
system has splendidly justified the confidence imposed in it; that a decided
improvement in economical conditions in every section of the country
has been effected within the year covered by his report, and the general
banking situation is thoroughly satisfactory.
The Comptroller states that the most difficult banking situations which
confront and have to be dealt with by his office, are in those areas which
have suffered agriculturally by reason of drought, of inauspicious conditions in the live-stock industry, of inadequate transportation to move
products, or of other circumstances which have worked to the injury of
farming communities. Attention is called to the fact, however, that
the areas which have been thus unfortunate constitute comparatively a
small part of the entire country, while the outlook for a continuing improvement in the agricultural situation, based on increased demands
for the farmers' productions, both at home and abroad, and a consequent
improvement in prices, finds immediate reflection in a more cheerful
banking prospect.
Mr. Crissinger calls attention to the fact that for a series of years this
country has enjoyed an utterly unprecedented favorable balance of trade
with the rest of the world, owing to war conditions, but more recently
the country has been rapidly returning to a more normal relationship of
imports to exports, and suggests the probability that in no very distant
future it will be necessary for this country to export gold. In continuing
his discussion of economical conditians, the Comptroller states that from
a purely financial point of view, the cessation of gold imports would represent a long step toward the restoration of that economic equilibrium which
Is absolutely necessary as a prerequisite to the re-establishment of sound
monetary systems throughout the world, and while it is true that the
paper money of some unfortunate countries has experienced disaster,
It is also true that these very disasters have been a lessen to statesmen and
business men everywhere, and on the whole, have emphasized in the
public mind our dependence upon a sound money system, based upon
gold and enabling international commodity transactions to be conducted
In confidence and security. The Comptroller states further that it is
because we must look forward to the time when we shall have to return
much of cur present gold holdings to those from whom in recent years
it has come to us, that we must give thought to the importance of having
our financial establishment in order and prepared for the demands which
will come to it. The necessity for keeping our stocks of gold well in
hand, our credit so sound, and our banking fabric se secure that we will
be able to meet these demands without shock or jar to the business concerns of the country, is stressed by the Comptroller when he refers to the
importance of the necessity for wisely fostering, promoting and encouraging
the Federal Reserve System and the National Banking Sustem upon which
the Federal Reserve structure is superimposed. The Comptroller also
suggests that if the Federal Reserve System has been a good thing for
the country in the past, if it is a good thing for the country to-day, if it
Is going to be a good thing for the country inthe future, than it is desirable
that this system be strengthened and enabled to attract to itself the backing
and support of the largest possible proportion of the nation's banking
resources.
The Comptroller calls attention to the competition among banks, with
the statement that ultimately money which seeks investment in banking
will tend to enter whatever system of banking which is likely to be most
profitable; that the several States have built up great banking establishments under their own laws which are constantly presenting their particular
advantages to capital which seeks investment in banking and suggests
that the laws and the administration under which the Federal Reserve
System is conducted must be reasonable, practical and adapted to securing
soundness in the banking structure. It is the Comptroller's view that
a fair return upon capital investment must he provided for, and only in
this way will the great national system be assured a sufficient strength
and substance to enable it to do its work of financial mobilization and
equilibration. The Comptroller states his views in this connection are
the result from service both as Comptroller of the Currency and as a
member of the Federal Reserve Board, and he strongly feels that whether
in connection with legislation or administration of the national banks,
or the determination of these broad policies which are entrusted to the
Federal Reserve Board, these considerations ought always be kept in the
fullest view. •
Legislation Enacted and Recommended Relating to National Banks.
The Comptroller calls attention to three measures amending the national
banking law, passed by the present Congress, the first relating to the
qualification of directors of national banking associations; the second
amending Section 5136, Revised Statutes, to provide that national banking
associations shall have succession for the period of ninety-nine years,
and the third amending Section 5211, Revised Statutes, to provide for
not less than three reports each year, instead of five, and urges favorable
consideration in connection with amendments recommended in his prior
annual report, the most particular of which is a further amendment of
Section 5136, Revised Statutes, to confer upon national banks perpetual
succession in lieu of the present limitation of ninety-nine years, as provided
by the Act of July 1 1922.
Condition of National Banks Sept. 15 1922.
An analysis of the returns from the 8,240 reporting national banks, with
aggregate resources and liabilities, Sept. 15 1922, the date of the last report
called for during the year covered by this report, of $20,926,099,000, an
Increase of $1,206,919,000 during the past year, and an increase of $220,089,000 since the midsummer call of June 30 of the present year, warrants
the conclusion that our national banks, with resources representative of
'41.50% of the aggregate resources of all banks in the United States as late
as June 30 1922, constitute the keystone of American banking institutions.
Non-Borrowing National Banks, Sept. 15 1922.
Additional evidence of the stability of the national banking system is
disclosed by the fact that more than one-half, or 56.72%, of the reporting
national banks. Sept. 15 1922, were not borrowing from any source. Loans
and discounts of non-borrowing banks were equal to 47.83% of the total
loans and discounts of all national banks: aggregate resources of nonborrowing banks were equal to 50.13% of the total resources of all reporting
banks; capital, surplus and profits of non-borrowing national banks,
50.14% of the aggregate for all reporting banks and total deposits of these
banks. 51.63% of total deposits of all banks.
Borrowings of National Banks on Account of Bills Payable and Rediscounts.
The liquidation of liabilities on account of bills payable and rediscounts
of national banks, indicated by the returns at date of each call during the
report year, shows that our national banks are rapidly getting back to normal condition, and aro very largely able to meet the demands from their
customers without the necessity of resorting to borrowing.




6Th

On Sept. 15 1922 the total borrowings of national banks on account of
bills payable and incident to the rediscount of notes and bills, amounted
to $429,324,000, compared with $1,019,929,000 Dec. 31 1921, the date of'
the first call during the year covered by this report.
National Banks in Agricultural. Semi-Agricultural and Non-Agricultural
Counties.
The resources of national banks in agricultural counties March 10 1922
were $4,014,701.000. or 20.23% of the resources of all national banks.
The resources of banks in semi-agricultural counties amounted to $1,952,962,000, or 9.84% of the total resources of all national banks, and the
resources of banks in non-agricultural counties were $13.873,919,000, or
69.93% of the total.
Loans and discounts of national banks in agricultural counties March 10
1922 were 21.34% of the total loans and discounts of all national banks.
Loans and discounts of banks in semi-agricultural counties were 9.71%
and the loans and discounts of national banks in non-agricultural counties
were 68.95% of the total loans and discounts of all reporting national banks.
Savings Depositors and Deposits in National Banks.
On June 30 1922 the returns from 5,785 national banks operating savings
departments or carrying savings accounts showed savings depositors to the
number of 8,875,088, with credit balances of $3,046,647,000.
Earnings. Expenses and Dividends of National Banks.
In the fiscal year ended June 30 1922, the gross earnings of national
banks amounted to $1,067,268,000, or a reduction compared with the
gross earnings for the fiscal year ended June 30 1921, of $134,651.000.
Dividends were declared to the amount of $165,884,000. compared with
$158,158,000 in 1921. The per cent rate of dividends to paid-in capital
stock was 12.69, compared with 12.42 for 1921, and the amount of net addition to profits during the current year was equal to 14.05% of capital,
compared with 16.97% during the previous fiscal year. Including surplus and undivded profits with capital, the per cent rate of dividends paid
during the fiscal year ended June 30 1922, was 5.82, compared with 5.66
for 1921, and on this basis the net addition to profits was equal to 6.45%.
compared with 7.73 during the preceding fiscal year.
National Bank Failures.
Thirty-one national banks with aggregate capital of $2,015,000 and total
assets of $20,422,868 were placed in charge of receivers during the year
ended Oct. 31 1922. Five of these banks with capital of $375,000 and assets
of $3,164,099 were restored to solvency during the year.
The first failure of a national bank took place in 1865; from that date
until the close of business on Oct. 31 1922, the number of banks placed
In charge of receivers was 659. Of this number, however, 47 were subsequently restored to solvency and permitted to resume business. The
total capital of these banks at date of failure was $99,560.920, while the
book or nominal value of the assets administrated by receivers under the
supervision of the Comptroller, aggregated $443,197,772. and the total
cash thus far realized from the liquidation of these assets amounted to
$221,170,213.
State Bank Failures.
From data at command of the Comptroller's office, it appears that in the
fiscal years 1864 to 1922, inclusive, there have been 3,280 failures of banks
other then national, with liabilities of $982,976,000.
In the fiscal year ended June 30 1922, information was received in the
Comptroller's office from Chief National Bank Examiners in the twelve
Federal Reserve districts and from other sources, showing the failures of
364 banks other than national with liabilities of $95.933,496. The reports received show the largest number of failures in the State of Texas
where 40 banks with liabilities of $6,277,580, failed; the next largest number of failures was in the State of Georgia where 39 banks with liabilities
of $7,226,938. failed, and the next largest number was in the State of
Oklahoma where 37 banks with liabilities of $8.207,490, failed. In each
of the other States, with the exception of Nebraska where 23 banks with
liabilities of $3,957,576 were reported, the number of bank failures was not
in excess of 17.
In addition to the failure of the 364 banks in this period, there were 229
banks which suspended business of which 55 re-opened: 36 went into voluntary liquidation; 87 consolidated with other banks and 51 converted.
National Bank Charters.
Applications for charters for 272 national banking associations, with
capital of $25.490,800. were made during the 12 months ended Oct. 31 1922.
as compared with 206 applications and capital of $25,370,000 during the
previous year. Of the applications received, 210, with capital of 523.700,800, were approved, as against 153 and capital of $17,595,000. in 1921.
National banking associations to the number of 232. with capital of $24.890,800, were chartered in the year ended Oct. 31 1922, as compared with
169 associations, with capital of $20,005,000, chartered in 1921. Of the
national banks chartered during the year just closed, only 53 became banks
of issue, and of this latter number 27 were converted from or succeeded
State banks, 3 were reorganized national banks. and 23 were banks of primary organization.
Capital Stock Increases.
In order to meet the constantly increasing demands for additional
there was an increase in the capital stock of national banks of $35,027,358
on the part of 229 national banks during the year. The increases of 73 of
these banks were effected partially or entirely by the declaration of stock
dividends from the undivided profits of the banks. The aggregate amount
of stock dividends was $10,790.800. In the previous year the increase in
capital of existing banks was $27,835,800, the number of banks concerned
n the increase being 259.
Liquidation of National Banks.
Exclusive of 25 banks, with capital of $8,295,000,liquidated and absorbed
by other national banks, 78 national banking associations, with capital of
512.615.000. were placed in voluntary liquidation, or the corporate existence
expired during the past year, of which 61 were absorbed by State banks, 16
reorganized as State banks, and 1 quit business. Of the 103 liquidations
for the past year, advice has been received from 25 that their affairs have
been entirely closed. The year before there were 93 liquidations, with
$37,075,000 capital. The number of receiverships was 31, and the capital
Involved was only $2,015,000.
Consolidation of National Banks.
Under the previsions of the Act of Congress approved Nov. 7 1918,pro-1
viding for the consolidation of national banking associations, 170 nationa
banks have consolidated into 84 associations. During the last year 21 consolidations were effected, with capital of $46,425.000. surplus 542,833,404.
and other undivicted profits of $21.494.383, the number of banks concerned
being 42 and their capital $46,750.000.
Growth in Number and Capital of National Banks.
Notwithstanding the liquidations and the consolidations:which took place,
there was a net increase in the year ended Oct. 31 1922 of 83 in the number

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of national banking associations and of $34.973.150 in capital. The authorized capital stock of the 8,262 national banks in existence at the close
of the year was S1.316.968.715.
Banks' Investments in United States Bonds, &e.
Banks statements on or about June 30 1922 show total investments
in United States interest-bearing obligations to the amount of$4,124,463,000
approximately one-fifth of the aggregate interest-bearing obligations of
the United States. The classification of bank holdings in these securities
shows that national banks held $2,285,459,000; State banks and trust
companies. $1.214.708,000; Federal Reserve banks, $556,607,000 and
Federal Land Banks (as of Oct. 31 1922). $67,689,000.
Banking Power of the United States.
The banking power of the United States, June 30 1922. measured by
the capital, surplus and profits, deposits and circulation of all reporting
banks, including national banks and Federal Reserve banks, and estimated
figures for non-reporting private banks, aggregated $50,175,300,000.
which was $1,955,400,000 greater than the total banking bower June
30 1921.
Money in the United States.
From July 1 1914 to July 1 1922 the stock of money increased from
$3,738,000,000 to $8.177,000,000; the amount in circulation per capita,
from $34 35 to $39 86, and the population from 99.000.000 to 109,700,000.
Banks in the District of Columbia.
On June 30 1922 there were 72 banks or institutions doing a banking
business in the District of Columbia, under the supervision of the Comptroller of the Currency. The aggregate capital of these institutions was
$21,614,000, the total individual deposits, $200,567,075. and aggregate
resources. $268,376,755. The increase in the capital of these institutions
during the fiscal year was $649,000, the increase in individual deposits,
• 315,916,075, and the increase in resources. $21,055.755.
Earnings, Expenses and Dividends of Savings Banks and Trust Companies
in the District of Columbia.
Evidence of a prosperous year for savings banks and trust companies
in the District of Columbia is manifested by a comparison of the earnings,
expenses, and dividends of these banks for fiscal years ended June 30
1921 and 1922.
In the fiscal year ended June 30 1922, the gross earnings of these banks
amounted to 36,754,000 and show an increase of $312.000 over gross
earnings for the prior year. The amount of dividends declared during
the fiscal year ended June 30 1922, was $1,092,000. compared with 31.037.000 for the fiscal year ended June 30 1921.
All Reporting Banks Other than National.
Returns relative to the condition of all reporting banks other than
national in the continental United States, received as of June 30 1922,
show 22,140 banks with aggregate resources of 329.719.357,000. a reduction
in the number of reporting banks during the year of 518, but an increase in
aggregate resources of $565,829,000.
The loans and discourts of all reporting banks other than national
totaled 316,435,991,000. and show a reduction of $253,218,000 during the
year.
Capital stock, reported at $1.636.734.000. was 36.663.000 greater than in
1921; surplus funds were $1.648,603,000. compared with $1,515,776,000 a
year ago, while undivided profits were increased to the extent of 526,821,000
during the year, and amounted to $441.409,000.
Individual deposits to the amount of 323,929,952,000 show an increase
of $1,491,011,000 since 1921.

[VOL. 116.

Conclusion.
In concluding his report, the Comptroller states: "No other ictivity of
the Government more directly concerns the interests of the people than the
national bankirg system, representing as it does approximately 35% of
the banking power of the United States.
"Our national banks are the bulwark of America's financial establishment. Their resources June 30 1922, the latest date far which comparable
figures with other banks are available, were $20,706,010.000, or 41.06% of
the total resources of all reporting banks; and their total deposits were
39.69% of the total deposits of all banks.
The success of the national banks is due mainly to the management of
their affairs by competent officers and directors who have generally displayed a desire to comply with the law and to co-operato with the Comptroller. It must be remembered, however, that general economic conditions have had their effect on national banks as well as all other financial
institutions, necessitating the exercise of great care and prudence in their
management. Responsibility, therefore. to a great extent, devolves upon
the corps of national bank examiners, and in turn upon administrative officers of the Currency Bureau. That national banks have been well managed is evidenced by the fact that during the fiscal year ended June 30 1922
the number of failures was only forth ore
-hundredths of 1% of the total
number of reporting banks, and the nominal value of assets of banks placed
in charge of receivers was only one-tenth of 1% of the total assets of all
reporting banks.
"In my last annual report. I called attention to the meager salaries paid
officers of this Bureau, with particular reference to Deputy Comptroller
Thomas P. Kane and Willis J. Fowler, and recommended increases in their
salaries. In renewing this recommendation, the attention of the Congress
is called to the provision of Section 5173, Revised Statutes, as follows:
"
'The plates and special dies to be procured by the Comptroller of the
Currency for the printing of such circulating notes shall remain under his
control and direction, and the expenses necessarily incurred in executing
the laws respecting the procuring of such notes, and all other expenses of the
Bureau of the Currency, shall be paid out of the proceeds of the taxes or
duties assessed and collected on the circulation of national banking associations tinder this title.'
"In view of this provision of the law. It is respectfully suggested that to
increase the salaries to be paid Deputy Comptrollers will place no additional
burden on the Treasury. The net profit to the Government from taxes on
national and Federal Reserve bank circulation, after meeting all expenses
of the Bureau for the fiscal year ended Jund 30 1922, was $2,667,290 10.
This Bureau pays its expenses, earns a large profit to the Government,and
ought to be allowed to pay reasonable salaries."

Resolution of Minnesota Legislature Opposing
Branches of National Banks.—Associations
Formed to Oppose National Bank Branches.
The agitation against the establishment of branch banks by
National banks continues to gain impetus, the formation
of State bodies to combat the movement being supplemented
by action by the State Legislatures. In the House of Representatives at Washington, on Feb. 5 Representative Nelson
presented a resoultion of'the House of Representatives of
the State of Minnesota,(which was referred to the Committee on Banking and Currency) petitioning the President to
direct the Comptroller of' the Currency to cause the suspension of such branch banking in the State of Minnesota.
The resolution declares among other things, that "branch
banking is monopolistic in its operation" and "that the
centralization of the credit power in the hands of the few
would result in the destruction of industry and the depopulating of the rural districts." It is further recited that the
laws of the State "do not permit State banks to operate
branches and no National bank should receive privileges
not accorded to State institutions." The following is the
resolution:

Resources and Liabilities of All Reporting Banks.
The returns from all reporting barks June 30 1922, including national,
State (commercial), loan and trust companies, stock savings, mutual
savings, and private banks, show the condition of 30,389 banks with
aggregate resources of $50,425,367,000. The reduction in the number of
reporting banks during the fiscal year was 423, but resources were increased
$753,977.000.
The loans and discounts of these banks were $27,860,443,000 and show a
reduction of $1,071.568,000 since June 30 1921.
Capital stock was increased during the year 839,989,000 and amounted
to $2.943.950.000. Surplus funds were also increased $155.377.000 in this
period and amounted to $2.67.409,0000. while undivided profits of
$933.843,000 show an increase of $23,100.000 during the year.
Individual deposits show an increase of $2,349.746,000 during the year,
Be it resolved by the House of Representatives of the State of Minnesota now
the amount reported being $37.194.318.000. United States deposits were In
session, That we are of the opinion that branch banking would be espedecreased from 3390,230,000 June 30 1921 to $128,887,000.
cially detrimental to rural banks, and that if the policy of the Comptroller
of the Currency in permitting the establishing of branch banks is continued
Individual Deposits in All Reporting Banks.
it will become a serious menace to the continuation of the present system
Individual deposits in all reporting banks in the United States and island
of independent banking as practiced in the United States, a system that has
possessions, June 30 1922. consisting of time and demand deposits and
contributed very materially to the rapid development of our country;
including postal savings deposits, aggregated $37.194,318,000, and showed it
is further
an increase of $2.349.746,000 over the amount reported June 30 1921.
Resolved, That we are opposed to the branch banking for the following
reasons:
Development of Banking Institutions Since June 30 1914.
1. Our present system of independent banking is adequate to the inThe remarkable expansion of banking business in the United States and
dividual bank.
island possessions since June 30 1914, a few months prior to the opening
2. The individual bank would lose its identity.
of the twelve Federal Reserve banks to Juno 1922, is reflected in a compila3. Branch banking is monopolistic in its operation and not for the best
tion of the returns, and shows that in this 8
-year period the number of incommunities.
stitutions has grown from 26,765 to 30,389, and resources have been in- interests of local
4. That tho centralization of the credit power in the hands of the few
-creased from 526,971398,000 to 350,425.367,000.
would result in the destruction of industry and the depopulating of the rural
Loans and discounts were increased from 315,288,357.000 to 527.860,districts.
443,000. and overdrafts from $51.121.000 to $74,600,000 in this period.
5. The laws of our State do not permit State banks to operate branches
Capital stock of 52.943,950.000 was $811,876,000 in excess of the amount
and no national bank should receive privileges not accorded to State inin 1914 and surplus funds amounting to $2.697.409,000
show an increase stitutions; be it further
of $982,923.000 over the 1914 returns. Undivided profits
in this period
Resolved, That the State of Minnesota adhere to its present laws prowere increased from 5562,032,000 to $933,843,000.
Whiting the transaction of banking business by any bank in this State
Individual deposits show an increase in this period of more than 100%.
through branch banks or by means of branch banks, and calls upon the
the amount June 30 1922 being $37.194,318.000, an increase
of $18.876,- Congress of the United States and the executive officers of the United States
707,000.
Government having in charge the enforcement of the banking laws to
Expenses Incident to Maintenance of Currency Bureau.
adhere to the policy of the State in the transaction of the banking business
The total expense incident to maintenance of the Currency Bureau in this State by national banking associations, to the end
that there may be
during the fiscal year ended Juno 30 1922 was 36,418,861 76. of which no conflict in this State between the policy and
the laws of the Federal
amount $4.698,746 77 was reimbursed ta the Government by national Government and the policy and of the State of Minnesota; and be It further
banks and Federal Reserve banks, and the difference of $1.720.114 99 was
Resolved. That the attention of the Comptroller of the Currency is hereby
'expended from appropriations made by Congress.
called to the fact that national banks are conducting business in part by
That the Currency Bureau is self-sustaining and an excellent revenue the establishment and operation of branch banks in the city of their domicile,
producer is evidenced by the fact that during the fiscal year ended June 30 and we hereby most respectfully call upon the Comptroller of the Currency
1922 national banks paid to the Treasurer of the United States, as a tax to cause said banks to desist from
the operation of their said branch banks
on circulating notes, $3.941,461 17, and Federal Reserve banks paid and refrain from the
establishment of other or further branch banks; and
$445.944 01 as a tax on Federal Reserve bank notes, making total payments be it further
of *1.387,405 18. or a net profit to the United States Government of
Resolved, That we hereby petition the President of the United States
32.667.290 19. after deducting expenses paid from appropriations by Con- to direct the Comptroller of the Currency to cause said branch banks is
•gress.
the State of Minnesota to be suspended and closed and to prosecute or




FEB. 17 1923.]

THE CHRONICLE

cause to be prosecuted any and all such actions as may be found necessary
therefor; and be it further
Resolved, That a copy of this resolution be promptly forwarded to the
President of the United States, to the Comptroller of the Currency of the
United States, and to each member of the Congress from the State of
Minnesota.

We understand that a similar resolution was passed by
the Missouri Assembly at the request of State Commissioner
of Finance Frank C. Millspaugh, who resigned his seat in
Congress to accept that office. Speaking in favor of the
resolution, Senator Walter Brownlee, Chairman of the
Senate Committee on Banking, who is head of the Brownlee
Banking Co. of Brookfield, Mo., said:
This is not a question of politics, as both the Republican and the Democratic State platforms last fall carried planks opposed to branch banking.
I am sure that every bank in the State, with only one exception, is in favor
of this resolution, and that one is the offending bank at which this resolution is directed. However, I am wondering if that bank is opposed to
this resolution; it occurs to me that, realizing its mistake, that institution
may now welcome this resolution as the vehicle by means of which it may
extricate itself from an unpleasant situation.

The Association of Missouri Banks and Trust Companies
Opposed to Branch Banking recently telegraphed Comptroller
of the Currency Crissinger suggesting that as a "matter of
justice and consistency" he should order the closing of the
branch maintained in St. Louis by the First National Bank.
The telegram, signed by Frank T. Hodgdon, President of
the Association, recited that press dispatches told of an order
by Crissinger closing two branches of the National Bank of
Tacoma, Wash., on the ground that State banking laws of
Washington prohibit branch banks. The position taken by
the Association is that since Missouri laws do not permit
State banks to have branches. the Comptroller should take
the same action in St. Louis in respect to the First National's
branch. A decision in litigation over the right of the First
National to maintain a branch is now pending in the Supreme
Court of Missouri.
The "Daily Bulletin" (Feb. 1) issued by the "Manufacturers Record" of Baltimore, calls attention to the formation
at a recent meeting in Kansas City by bankers from thirteen
States opposed to branch banking of an organization entitled
"The United States Bankers' Association Opposed to Branch
Banking." The same paper also reports N. L. Flournoy,
President of the Bank of Millington, of Millington, Tenn.,
as stating in a letter to the Missouri organization: "We are
opposed to this feature of centralization in finances, just as
your 1250 Missouri banking institutions are, and see therein
the death knell to independence in banking." The "Record"
says:
Mr. Flournoy suggests that if the branch banking system should be
developed in force in this country it would "mean that the little fellow will
have to be content with the crumbs that may fall from the table of monopoly, and the small agricultural borrower will be compelled to face so much
red tape and expense to get his financial requirements that he very much
fears that the 30% of the people of the country living on the farms will
have to move to the cities to make a living." He adds:
"It is truthfully said that had it not been for those institutions styled
country banks holding up the farmer during some of our financial crises,
there would have been a worse debacle than that which occurred.
We read
of enormous dividends being paid in cash and stock in the city institutions,
increases in salaries and bonuses being given. Such is not the case
in the
country banks, and you know the patron of these banks is the farmer.
Country banks are reducing salaries and dividends to the minimum.
Our
paternal guardian, the Federal Reserve, claims to have saved the
people
(the interests) the immense sum of $177,000,000 in one year on
their
par clearance plan.
"That sum might have been distributed throughout the country,
where
It belongs by the laws of justice and reason. We are sure it
would do
more good there than invested in marble palaces in the great
cities, grown
too great now by their absorption of the ruralities. We do not
see or hear
of improvements being made on farms, do we? No, and you
will not as
long as the people can see and know that the finances of the
country are
being more and more centralized in the cities. This branch bank
scheme
will but add to the disparity in finances as between the city and country."

As to the organization in Kansas City, Mo., of the United
State Bankers opposed to branch banking the Kansas City
"Post" of Dec. 9 said:

National bankers, in session here, in their efforts to block the
plan of
a few National banks to establish branches in various cities,
selected a
name for their organization to-day.
The organization will be lcnown as the United State Bankers
Opposed
to Branch Banking. Conventions will be held each year in the city
and at
the time of the American Bankers Association convention, the committee
selected to decide those questions reported to-day.
William .1. Rathje of Chicago, was elected President of the United
States
Bankers Opposed to Branch Banking to-day at the conclusion of
the first
annual convention in the Hotel Muehlebach. Mr. Rathje is President
of the Mid City Trust & Savings Bank.
Other officers elected were: H. F. Stewart, President of the Farmers' &
Merchants' National Bank, of Los Angeles; First Vice-President, F. T.
Hodgdon, President of the Farmers' & Merchants' Bank, Hannibal,
Mo.:
Second Vice-President, E. N. Baty, Secretary of the Chicago & Cook
County Bankers' Association; Secretary and Executive Manager, J. D.
Phillips, President of the Bank of Green Valley, Ill, Executive Council, A.'
W. Tromaine, Bridgeport, Conn, and J. Edward Morris, Indianapolis.
The next annual meeting will be held in conjunction with the American
Bankers Association convention.
Membership in the new orgainzation is open to all banks, trust companies, and National bank associations. The body will work for National
and State legislation prohibiting branch banking. An educational campaign will be launched next month by the executinve committee.




677

The issuance of an order for the closing of a branch of the
First National Bank of Minneapolis as a result of the State
bank's efforts to prevent the operation of national bank
branches, was reported as follows in the St. Paul "Pioneer
Press" of Jan. 12:
The First National Bank of Minneapolis was ordered to discontinue
Its branch office in that city on Emerson Ave. and Broadway North,
according to information received Thursday from the Comptroller of
Currency by R. B. Rathbun, State Supereintendent of Banks.
The action of Comptroller D. R. Crissinger, ordering the discontinuance
of this branch, gives Minneapolis the first point in its fight which is is
waging against branch banking in the State, Mr. Rathbun said.
•
The order followed Mr. Rathbun's letter to the Comptroller in which
he called that official's attention to the fact that the First National Bank
of Minneapolis had opened a branch in violation to the orders and practices of the Federal Banking Department.
Purchased ,Several Banks.
The First National Bank, according to Mr. Rathbun, had purchased
several State banks outright, but in establishing this bank they deviated
this course and organized a new institution with branch banking facilities.
Mr. Rathbun advised the Comptroller and called his attention to this
violation and the order of discontinuance followed in several days.
In commenting on the Comptroller's order, Mr. Rathbun said that
he fully realized that the First National Bank officials have a right to
believe that they have not in any way violated any of the practices or
Federal banking, the same as he has in holding that by establishing this.
branch they have violated Federal practices.
Question Remains Open.
Mr. Rathbun was emphatic in stating that he does not criticize the
national institution in Minneapolis from taking their stand, and that
although he is opposed to branch banking, the question now remains
open and these officials have a right to believe that "they are right."
The Comptroller's letter in part follows:
"I am endeavoring in every way to confine the action of national banks
to States where the privileges of branch banking are granted to State
institutions. But the First National Bank has evidently acted upon
the theory that the law grants them irrespective of this Bureau, the
right to open additional offices or branch offices any place in the city of
Minneapolis.
"That contention is being tried in the courts of Missouri and is now
pending in the Supreme Court, it having been argued, but not decided
up to this time."

In our issue of Oct. 28 1922 (page 1893) we referred to the,
proposed establishment of a branch by the National Bank
of Commerce in Detroit. On Sept. 16 1922 (page 1269)
in a reference to the Association of Missouri Banks and
Trust Companies Opposed to Branch Banking, we published
the text of the Dyer Bill introduced in the House of Representatives last August by Representative Dyer, prohibiting
national bank branches except within such States as authorize
their own banks to operate branches. Under a bill introduced by Representative McFadden, national banks would
be authorized to establish branches.
Proposal To Close State Banks of Hartford at 3 P. M.
The proposal to close the State banks of Hartford to
customers at 3 p. m. was referred to a committee consisting of H. M. Sperry, L. Marsden Hubbard and Fred P.
Holt, at the annual meeting of the Association on Feb. 7.
This is learned from the Hartford "Courant" of the 7th
inst., which says:
National banks close at 3 p. m., but most of the other banks have been
closing at 4 o'clock. In some banks the latter time is regarded as imposing hardship on bookkeepers, as much of their work begins with the
close of business. The matter was broached at a recent meeting by
Meigs H. Whaples, Chairman of the Board of the Hartford-Connecticut
Trust Co., and a committee consisting of Mr. Sperry, Mr. Hubbard and
Charles Edward Prior Jr., was appointed.

Hartford Clearing House Association Proposes Service
Charge For Small Checking Accounts.
The following is from the Hartford "Courant" of Feb. 8:
Banks have received copies of the resolution which is to be presented
at a sepcial meeting of the Hartford Clearing House Assn., to be called by
Chairman Meigs H. Whaples,in about ten days and which deals with a proPosed amendment to the articles of association and the rules. The resolution would provide that member banks and non-member banks clearing
through member banks, make a service charge of 50 cents a month on
checking accounts where the balance for the month shall on any day fall
below $100, the first service charge to be made on or before April 30 for
the month previous to April 25. This charge is not to apply to any account against which no check is charged during the month. Barks have
discretion to waive the charge on accounts which ordinarily carry a balance in excess of $100, or accounts which have a close collateral relation
to desirable accounts.
A rule is proposed which authorizes a charge to the drawer's account
50 cents for returning each check, payment of which is refused on account
of insufficient funds. This is not to be made until the customer is notified of intention to make a charge after a definite future date and is intended only for accounts in which a practice is made of overdrawing.

British Exporters to Send Deput'ation to Montreal
to Seek Revision of Canadian Bank Act.
Through special advices from Montreal Feb. 2 to the New
York "Journal of Commerce" it is learned that British
exporters are planning to send a deputation to this country
during the present session of Parliament to demand the
revision of sections of the Canadian Bank Act. This information, it is stated, is contained in advices received bit

THE CHRONICLE

678

[VOL. 116.

representatives of British interests at Montreal. The New System of
Consolidated Stock Exchange for
"Journal of Commerce" in its Montreal dispatch also had
Receiving and Delivering Cash Stocks.
the following to say:
Announcement of the establishment by the Consolidated
They have already dispatched a letter to the Premier and the Minister
of Finance at Ottawa stating that, because under this Act an interested Stock Exchange of New York, of a new and simplified sys
,
bank may exercise a lien on all the available assets of any business that tern of receiving and delivering cash stocks was made on
becomes insolvent, whether the goods that represent part of its assets have
been paid for or not, many concerns are fast coming to the conclusion that the 12th inst. by President W. S. Silkworth. According
to the announcement the new system has resulted in a great
they are no longer justified in extending credit to Canadian accounts.
Representatives of American firms interviewed on the subject report that
saving of time and labor and operates to further protect
American interests also have suffered huge losses in cases of commercial
failure hero. An exporter consigning goods to a Canadian firm on credit firms and individuals in the handling of securities. During
must run the risk of having a creditor bank seize the consignment regardless the first twenty days following the adoption of this system,
of whether the goods are paid for or not in the event of the firm's failure.
it is stated, the face value of checks drawn by members, as
According to one informant, there have been many instances where goods
have been imported to Canada on credit and immediately hypothecated compared. with what is termed, "the antiquated system
with the banks, the importer having devised this method of securing a of security clearances," was reduced nore than 80%.
Presicash advance. "That this is possible tends to seriously depreciate the
commercial credit of Canada and foreign firms cannot afford to extend dent Silkworth had the following to say regarding the new
credit here as freely as they might if the Bank Act did not prevent them plan:
from securing their Just claims upon the assets of their creditors in case of
The Consolidated Stock Exchange has adopted a plan of clearing securibankruptcy." he stated.
ties, which is a great improvement over the methods formerly employed.
The attitude of the Britisher is clearly defined in the letter to the Premier The new system saves time, labor and money, materially lessens the
chance
and the Minister of Finance, which has been widely circulated among the of loss of stock certificates by centralizing all deliveries in a special
security
various British chambers of commerce and which, while dealing primarily clearing department in the Clearing House, which obviates the
necessity
with the demands of English textile interests, is said to interpret the feeling of having boys delivering securities to all parts of the financial district
of British and American export interests generally.
and reducing to a minimum the number of certifications of brokers' checks
The latter said in part:"Canada, at present, and for some time past, has at the banks.
been experiencing a multitude of business failures. In practically every
Under this system, members delivering securities deposit them with the
instance it is found that the interested bank has a lien on all the available department provided by the Clearing House and receive a
receipt. The
assets and the trades creditors have to bear the whole brunt of serious losses. receipt is part of a triplicate form, all three parts of which are filled in at
This is now getting to an intolerable point and unless some immediate alter- one writing. Brokers who have stock coming to them receive the stock at
ations in the Bank Act are made, the credit of Canada is likely to be so the Clearing House and sign a receipt. Each member of the Clearing House
blackened that one dreads to visualize the results. Should our four hundred makes up a cash stock clearance statement, crediting himself with the
firms, the largest textile firms of Great Britain decide that they are no amounts duo him for stocks delivered, debiting himself with the amounts
longer Justified in extending any further credit to Canadian accounts it owed for stocks received by him. This statement is deposited with the
would be a disaster of the first magnitude, and this is a decision many are Clearing House, accompanied by a draft for a credit balance or a certified
fast coming to."
check for a debit balance. The statement is checked up by the Clearing
The textile people place before Mr. King and Mr. Fielding two sugges- House and the drafts approved and paid out immediately.
tions "for the safeguarding of the general creditor from an abuse of the
Under the old method of clearing, it was necessary for a broker to make
unlimited possibilities granted to the banks in this Act." '
out a check to each member who delivered stock to him. For example.
The first requires that "No person or firm shall be allowed in any way to a broker, making fifty deliveries a day, had to send runners out with the
pledge or hypothecate any goods unless they belong to him or them by stock certificates, the runners then had to make a return trip for checks
tight of actual payment. Goods not yet finally paid for in cash shall be for the stock and later have the checks certified at various banks. This
exempt from the possibility of hypothecation." They point out that this system resulted in a great waste of time and labor, frequent mistakes, loss
principle is recognized in other laws and demand it be recognized in the of stock certificates, congestion at the banks where runners were waiting
Bank Act. They ask, further,that the bonus of proof that hypothecated for certifications. Frequently the total amount of a broker's checks,
goods have actually been paid for be upon the bank in case of insolvency. not requiring certification, will run into many thousands of dollars a day
"And if any or all such goods are not actually paid for the unpaid portion Brokers delivering stock accepted these checks without any positive assurshall not constitute a valid lien of security."
ance that the money was in the bank to meet them.
Their second recommendation urges that provision be made for the regisThe improved system of security clearance is not only a great saver of
tration of all liens and hypothecations in some such way as is compulsoty time and labor to our members, but it is of material help to the banks in
for a chattel mortgage or a bill of sale, thus providing a means by which decreasing the amount of bookkeeping and other work entailed by certiany firm which contemplates granting credit can obtain a knowledge of fication. It minimizes the possiblity of error and helps to safeguard the
any such transaction into which their prospective creditor may have funds of every member of the Clearing House. All this has been accomentered.
plished with only a very small increase in the labors of the Clearing House
It is understood that the proposed deputation will strongly urge the adop- and the members of the Exchange feel gratified at the success of the new
tion of these or similar measures for the protection of Old Country exporters, system.
who declare they have suffered undue losses on goods consigned on credit
The Committee, having this sytem in charge, is composed of Leopold
to Canadian firms.
Spingarn, Chairman, Chairman: R. Tracy Falk, L. B. Wilson, John W.
The consensus of opinion current in British circles here is that because Hammond and F. L. Guenther, manager of the Consolidated Clearing
the Bank Act provides for its general revision this year the Government House of New York, and the entire credit for the origination and success
will consider the representations of the old countrymen at an early date.
of the system is due to these gentlemen.
"I believe that the adoption of greater measures of protection for firms
who are willing to extend credit to Canadian business would lend a good
deal of impetus to the development of British-Canadian trade and greatly J. W. Curtis Chosen President of the New York Curb
stimulate Canada's commercial development," was the comment of A. M.
Market.
Wiseman. acting British Trade Commissioner for Canada and NewfoundAt the organization meeting of the New York Curb Marland, when the subject was broached to him.

New York Stock Exchange Strengthens Resolution
Governing Operations of Specialists.
The Committee of Arrangements of the New York Stock
Exchange on Feb. 8 ruled that a broker handling orders
for a specialist must indicate promptly his intention to
accept or reject the offer to trade. The following is the
announcement issued in the matter by Secretary Cox:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
February 8 1923.
To the Members
Referring to the resolution of the Governing Committee of Sept. 27
1922, which resolution reads as follows:
"RPsolred, That it is the opinion of the Governing Committee that
under the resolution of March 30 1910 a member of the Exchange while
acting as a broker, either as a specialist or otherwise, may take or supply
stock on orders which have been accepted by him for execution from
another member or Stock Exchange firm, provided the price at which the
stock is taken or suppded is justified by the conditions of the market,
and provided that the member or firm giving the order, or a broker authorized to act for suca member or firm, having been notified as soon as possible, accepts the trade and reports it."
the Committee of Arrangements rules that when the member or firm
giving the order, or a broker authorized to act for guch member or firm,
has been sent for he must promptly respond and either accept or reject
such offer to trade.
In sending for a broker, it is suggested that a form similar to the following
be used, but no amounts or prices shall be placed thereon:
To
Please send your representative to Post -----in
reference to your order in
And oblige,
JOHN DOE.
By order of the
COMMITTEE OF ARRANGEMENTS,
E. V. D. COX,
Secretary.

ket Association on Wednesday of this week (Feb. 14) J. W.
Curtis, heretofore Vice-President of the Exchange, was
elected President to succeed E. R. McCormick, retired. Mr.
Curtis has been connected with the New York Curb Market
since 1900, when he entered the brokerage house of Gustavus
Maas. Five years later (1905) he joined A. Lincoln Eglington & Co. as junior partner. In March 1911 he was elected
Vice-Chairman of the Curb Association to assist Chairman
J. L. McCormack, and in June 1921, when the New York
Curb Market went indoors, he was chosen Vice-President.
Other elections on Wednesday were David U. Page, elected
Vice-President in lieu of Mr. Curtis; L. M. Teichman reelected Treasurer; A. B. Sturges, re-elected Secretary, and
E. R. Tappen, re-elected Assistant Secretary.
Schedules in Bankruptcy Filed for Failed Firm of
Wasserman Bros., New York.
bankruptcy schedules filed recently in the United
In the
States District Court for the failed Stock Exchange firm of
Wasserman Bros., New York, liahllitie. are given as $607,507 and assets as $600,822. The firm failed on Nov. 14 last
as reported by us in our issue of Nov. 18, p. 2217.

Liquidation of Houston, Fible & Co., Kansas City,
Begins.
J. W. Perry, Receiver for the defunct New York Stock Exchange firm of Houston, Fible & Co., which failed on Dec.
18 1922, announced on Feb. 14 that liquidation of the firm
would begin at once, according to a press dispatch from Kansas City on that date appearing in "Financial America" of
The resoltuion of Sept. 27, given above, was referred to this city of Feb. 15. Federal Judge A. S. Van Valkenburgh,
it is said, has issued an order which authorizes the Receiver
in our issue of Sept. 30, page 1484.




FEB. 17 1923.]

THE CHRONICLE

to dispose of all marketable securities held as assets. The
value of these securities is estimated by Mr. Perry, it is said,
as $4,000,000. A second dispatch from.Kansas City, dated
Feb. 16, printed in "Financial America" of the same date,
states that Judge Van Valkenburgh has authorized Mr.
Perry to sell at either private or public sale the four Exchange seats owned by the failed firm. He was told, it is
said, to make the sale at a figure he deemed fair and without necessarily any previous announcement of his intention.
Purchasers of the Stock Exchange seats, it is said, will receive them free of any incumbrance. According to the dispatch, one of the seats is in the name of William R. Houston
on the New York Stock Exchange, one in the name of William M. Fible on the Chicago Board of Trade, another in the
name of William R. Houston in the New York Cotton Exchange and one in Mr. Fible's name on the Chicago Stock
Exchange. We reported the failure of Houston, Fible & Co.
In the "Chronicle" of Dec. 23, p. 2745.

Elliott C. McDougal's Warning Against Amendments
to Federal Reserve System, Especially in Behalf
of Farmers.
In his annual address as President of the Trust Companies
Association of the State of New York, at the meeting of the
Association in this city on Feb. 14, Elliott C. McDougal,
President of the Marine Trust Co. of Buffalo, warned
against the effect of amendments to the Federal Reserve
System, introduced in Congress, and others of which have
been suggested. The greater number of such amendments,
said Mr. McDougal, "would abolish or weaken the safeguards that the framers of the Act wisely established. The
proponents of these amendments shout for 'easy money' for
'letting down the bars,' especially on behalf of farmers" and
are "wilfully or ignorantly deaf to reminders . . . that
machinery already is set up and in daily operation by means
of which Federal Reserve banks furnish their constituent
banks with credit at very reasonable rates which by the regular operation of that machinery should reach the farmer."
At present, said Mr. McDougal, "the law requires that Federal Reserve notes shall be covered by not less than 40% in
gold and not more than 60% in short time promissory notes
based upon strictly commercial transactions." Should the
law be changed, he pointed out, "should all or the larger part
of that 60% be represented by farm notes, due in a year or
longer, given perhaps to finance the purchase of land or machinery, and should the public suddenly realize what that
means, and lose confidence in our currency, as actually happened in 1895, when they presented greenbacks issued by the
United States and demanded gold, depleting the Government
reserves to the danger point, the consequences might be serious; how serious none can predict." Mr. McDougal also
contended that "not only should we oppose all ,efforts to
weaken our Federal Reserve System, we should, if possible,
add to its membership," but, he observed, "it is doubtful
whether it would be wise to do this by mandatory legislation." Referring to the fact that the two indispensable functions of the Federal Reserve System "are the mobilization of
our gold reserves and the issuance of currency," Mr. McDougal said, "whatever other business Congress may compel us
to divert from the Federal Reserve System, these two functions never should be divided with any 'other agency. . . .
We should have no flat money or debased currency such as
Russia and Germany issue." Mr. McDougal argued that
"should all our efforts to keep the Federal Reserve System
out of politics be unsuccessful, should it become so changed
that State chartered institutions could not afford to remain
as members, should national banks begin to surrender their
national charters and take out State charters, . . . then
the State of New York, with its enormous banking interests,
must keep its system sound whatever happens to any other.
In that event," continued Mr. McDougal, "my suggestion
would be that the State of New York establish a State Clearing House Association or a State Reserve Association." Further details of Mr. McDougal's suggestions are given in his
address, which we give in full herewith, and which was
submitted under the head, "Don't Meddle With the Federal
Reserve System."
A number of amendments to the Federal Reserve Act have been introduced in Congress. Many others are suggested. The greater number of
such amendments would abolish or weaken the safeguards that the framers
of the Act wisely established. The proponents of these amendments shout
for "easy money," for "letting down the bars," especially on behalf of farmers. They are willfully or ignorantly deaf to reminders that Congressional
records show, and bankers know, that machinery already is set up and in
daily operation, by means of which Federal Reserve banks furnish their




679

constituent banks with credit at very reasonable rates. which, by the regular
operation of that machinery should reach the farmer. Any farmer in good
credit can got the benefit of this machinery, and if the rates which he pays
are too high that is not the fault of the Federal Reserve system, but of his
OWD bank, which borrowsfrom a Federal Reserve bank cheap and lerds dear.
Some Congressmen are honestly misled, others are playing politics. From
some sections comes popular clamor for action, or for a show of action. It
is good politics to cater to any considerable class regardless of consequences
and of the merits of the case, providing its clamor be loud enough.
Politics and business have no common interest. Combined they always
spell inefficiency, often failure. In banking they are especially dangerous,
and often result in disaster to depositors. Bankers tirelessly must oppose
any legislation that would impair their capacity to serve the puolic and to
pay their depositors one hundred cents cash on the dollar on demand, or
that would raise the slightest doubt of their ability to do so. The first duty
of a true banker is to his depositors. His next duty is to active business
that must be kept moving. To serve these interests is the chief function
of a commercial bank, and its chief claim to the right to exist. To see that
his bank belongs to the system that best assures this is his plain duty.
Should the Federal Reserve system, because of political meddling, become
unfitted properly to care for the country's business needs, then some other
agency must be found. Business must go on.
Not only should we oppose all efforts to weaken our Federal Reserve
system, we should if possible add to its membership. It is doubtful whether
It would be wise to do this by mandatory legislation. The unwilling partner usually is a source of weakness rather than of strength. We should
make the system so attractive that no State chartered institution having the
necessary capital requirements could afford to stay out.
In what follows the Federal Reserve Board,and the officers and directors
ofthe Federal Reserve banns, may not agree with me. Had I the advantage
of their experience perhaps I would change my mind, but at present I am
strongly of the opinion that we have more gold than we need. Every
unnecessary dollar of reserve is ar unnecessary tax on business, and keeps
State banks and trust companies outside of the Federal Reserve system. I
have not in mind the reserve requirements of all the States, but taking the
State cf New York as an example I would suggest that the present reserves
called for by the State banking laws be maintained as they are, that all nonmember banks, except those in New York City, still be required to carry
10% reserves, part in cash in vault, and part at their option either in cash
in vault or with reserve depositories. I would suggest that the Federal
Reserve Law be modified, cutting these reserves in two. Then a bank not
In a reserve centre that chose to retrain outside of the Federal Reserve system would keep 10% reserves. A bank that chose to Join the system would
keep 5% reserves, and have 5% released all or part of which it could keep
on deposit with other correspondents. This might result in having the
great majority of State chartered institutions join the Federal Reserve system. Bow much it would reduce the present gold holdings would be a
matter of computation, but they surely would not be cut in two, and even
If they were they would be ample.
No well-managed bank would continue to give credit to a customer who
year after year spent more than he earned and borrowed the excess, constantly getting deeper into debt. No nation that year after year spends
more than its income, and borrows to balance its budget, long can keep its
currency sound and its exchange at parity. No nation with an unsound
currency can have good credit, and be able to borrow at regular market rates
when it pleases. To-day our currency is sound and our credit good, but
how long would they so remain should our politicians have their way unchecked
The most dangerous time is when the ways first divide. We are
perilously near that time. We must oppose the first wrong step no matter
how remote the consequences may seem. Should Congress persist in its
attempt to start our Federal Reserve System on the wrong road we must
persist in our opposition.
Should all our efforts to keep the Federal Reserve System out of politics
be unsuccessful, should it become so changed that State chartered institutions could not afford to remain as members,should national banks begin
to surrender their ntaional charters and take out State charters, that they
might be free to leave the system, then the State of New York, with its
enormous banking interests, must keep its system sound whatever happens
to any other. In that event my suggestion would be that the State of
New York establish a State clearing house association or a State reserve
assoc ation. Membership could be either voluntary or compulsory, as
future thought might determine. If voluntary, which is to be hoped.
members should be required to carry smaller reserves than non-members.
As a tentative suggestion it might be assumed that the large institutions in
New York City should carry 10% reserves, and the banks outside of New
York City 5% reserves, on deposit with the State clearing house association
or reserve association. On these reserves no interest should be paid.
Federal Reserve System principles on this point are sound and should not
be departed from.
In addition the association should have power by law to call on members
for pro rata contributions to any reasonable extent, in exactly the same way
that clearing house associations how have that power by mutual agreement.
Such contributions would be for the purpose of making loans to sound but
needy members, or temporarily to increase the fold reserves as emergencies
might arise. On these contributions the association should make no profit.
Every dollar collected in interest should go pro rata to the contributing
banks. As a national system such an arrangement would be unwieldy.
As a State system it would be simple, easy and practicable. It *would give
us an elastic system without the unnecessary fixed expense of carrying at all
times an enormous gold reserve needed only in rare emergencies. The gold
reserves should not be hoarded by the State association. Every dollar
should be re-deposited with the Federal Reserve Bank.
I repeat: Only if Congress should drive State chartered banks and
trust companies out of the Federal Reserve System should such an association be formed.
To the average banker a Federal Reserve bank is principally a place
to get rediscounts, to clear country checks, and to make credit transfers.
While these functions are useful and important, they could, in case of
necessity, be performed by other agencies, perhaps not so well, but still
performed. The two indispensable functions of the Federal Reserve
System, which operate so naturally and silently that often they are forgotten, are the mobilization of our gold reserves and the issuance of currency. Whatever other business Congress may compel us to divert from
the Federal Reserve System, these two functions never should be divided
with any other agency. The entire banking interests of our country
must stand or fall together on that basis. We should have no fiat money,
or debased currency, such as Russia and Germany 'issue. There should
be no rival institution of any kind, holding its own gold reserves and
weakening our central gold fund. For these two functions there is no
other agency, there should be no other agency.
Notwithstanding this it is conceivable that the gold reserve might be
divided, that in emergencies we might find methods of pooling our gold,
which while far less efficient than the Federal Reserve System still might
get us through without disaster. The question of mobilization of gold
reserves, important as it is, falls into comparative insignificance when

•

680

THE CHRONICLE

[VOL. 116.

compared with the importance of having only one bank of issue and of Harding
on Jan. 24. The Senate Judiciary Committee fakeeping the currency issued by that bank sound beyond question. The
greatest danger we face to-day is constant Congressional meddling, greater vorably reported the nomination by unanimous vote. On
because Congress has no real intention of impairing the security of our Jan. 29 press dispatches from
Washington said:
currency issues, and probably is unaware of the fact that although not
It is expected that Judge Sanford will
dispose of certain court business
one of the proposed amendments may even mention currency, some of which has accumulated
in his districts before coming to Washington. He
them unintentionally may contain more possible damage to it than if probably will be able
to be present when the Supreme Court reconvenes on
deliberately so designed.
Feb. 19 at the close of the recess on which it entered
to-day.
Currency is not money. It is only a promise to pay money. By
With Judge Sanford the Supreme Bench will again have
its maximum of
common consent, based on long experience, gold of standard weight and nine members. Several
important cases have been awaiting a full ber,ch for
fineness is the only money of final redemption. Currency is only one argument and these
will be assigned for hearings early in March. Included
credit. Whether a bank enters on its books a credit subject to in the list
form of
are original actions brought by Ohio and Pennsylvania to
prevent
check by its depositor, issues to him its check on itself, its certificate of the State of West
Virginia from placing any restrictions on the exportation
deposit payable on demand, or its note in the form of currency, not only of natural gas,
and the alien land cases from the Pacific Coast
involving the
Is its obligation in every case exactly the same, but the essence of every right of Japanese
to hold lands in those States for agricultural purposes.
transaction is the same. They differ in form only. This is true of Federal
On Jan. 2 Pierce Butler of Minnesota, who was nominated
Reserve notes. Not only the printed currency itself, but on the ability
the ability of the Federal Reserve System promptly to redeem that currency by President Harding on Nov.
23 to be Associate Justice of
in gold depends its soundness. At present the law requires that Federal
the U. S. Supreme Court to succeed William R.
Reserve notes shall be covered by not less than 40% in gold and not more
Day, rethan 60% in short-time promissory notes based upon strictly commercial signed, took his seat on the bench, after be had been
sworn
transactions. Should the law be changed, should all or the larger part In on that day
by Chief Justice Taft. While the'Senate Juof that 60% he represented by farm notes, due in a year or longer, given
perhaps to finance the purchase of land or machinery, and should the diciary Committee had recommended on Nov. 28 the conpublic suddenly realize what that means, and lose confidence in our cur- firmation of Mr. Butler, it was not until
Dec. 21 that the
rency, as actually happened in 1895 when they presented greenbacks issued nomination
was confirmed by the Senate by a vote of 61 to
8.
by the United States and demanded gold, depleting the Government gold
reserves to the danger point, the consequences might be serious, how In reporting the Senate confirmation, the New York "Comserious none can predict.
mercial" said:
The average man does not discriminate between capital investment and
Before the vote on confirmation was taken, Senator La
Follette, of Wisconloans, between notes based upon them, or between long time loans based sin moved to send the nomination
back to the Judiciary Committee In order
upon fixed property and short time loans as represented by notes the that Professor John H. Gray,
of -Carleton College, and other opponents
of
proceeds of which are used to buy lumber, grain or produce, which in a Butler, might be
given an opportunity to appear. This motion was
defeated.
short time will be sold, the proceeds of which will pay off the loans, Short
La Follette received the charges which have been made
against Butler:
time loans of this character are the only proper cover for that percentage That he was counsel for
railroads in valuation cases heard before the Interof currency issues not covered by gold.
State Commerce Commission, and that as Regent of the University
of MinneWhatever amendments may make eligible for rediscount at Federal sota had been
mainly responsible for the dismissal of Professors Gray and
Reserve Banks long time paper, or paper based on land contracts, or on Schaper from
that institution.
assets not quickly convertible into cash, such paper never should be eligible
As we indicated in our issue of Nov. 4, page 2012,
as a basis for circulation. In the conduct of ordinary banking business
Assobanks might have various standards, much slow and even poor paper might ciate Justice Day resigned from the
Supreme Court in Ocbe discounted, with no worse results than reduction or temporary stoppage
tober to assume his duties as umpire of the Mixed Claims
of dividends. but no such risk can be run with our currency. It lathe lifeblood of our financial and busines system. The slightest deviation from Commission named to adjust the American claims against
the highest standard would affect our financial health as quickly and as Germany.
surely as the slightest vitiation of the blood affects physical health. Tampering with the Federal Reserve System is more than tampering with a
mere banking system, it is tampering with the source of our currency. President Harding's Felicitations to Jules Jusserand
Should we debase our currency those of moderate means and the working
Upon Latter's Twentieth Anniversary as
man would be the greatest sufferers. For proof turn not alone to Russia
Ambassador.
but to Germany. All the savings of the thrifty for years now are payable
In debased currency, and are worth practically nothing. The wages a
In a message to Ambassador Jusserand of France upon
German worker gets to-day will be worth he knows not how much next
the occasion of his twentieth anniversary as Ambassador to
week, probably less than now. The same causes here will produce the
the United States, President Harding in conveying his
same effects.
"most
I do not exaggerate. Rather do I understate, for fear of seeming exag- cordial felicitation
s," stated that "it is a very exceptional
geration. To the average man who has not studied this question, who does
not know that the unsound banking practices which led to the collapse of record of service, marked by the growing esteem of the GovGerman currency date from long before the war, the sober truth, expressed ernment to which you are commissioned to service."
The letin adequate language, would be unbelievable. I do not say that Germany ter, given
out by the French Embassy on Feb. 18, with the
deliberately chose the wrong road, but that the first violation of sound
banking principles started her on that road, probably without her knowl- permission of President Harding, was addressed to Ambasedge. Every further violation, even though apparently trifling, took sador Jusserand on the 7th inst., as follows:
her further on that road. When the war brokeout she could not go back
My dear Mr. Ambassador: It has just come to my notice that you
are to,
but had to travel that road to the end. Only when every man who deposits day rounding out a period
of 20 years of service as the Ambassador of France
a dollar in the bank, or carries a dollar in his pocket, realizes that the value to the United States. I write
to convey to you my most cordial felicitations.
of his own dollar is to-day in danger, and when out citizens as a body say It is a very exceptional record
of service, marked by the growing esteem of
to the Congress, "Don't meddle with the Federal Reserve System," tan the Government to which
you are commissioned to service and made memorwe consider our currency out of danger.
able by every happy and helpful relationship in a period marked
by much of
the most significant history-making in all the story of civilization.
I write
Proposed Change in Date of Inaugural of President to assure you of my own most cordial esteem as a supplement to that of those
who have preceded me during the years of your eminent services.
and Assembling of Congress.
I hope you may long continue to represent the great
An amendment to the Federal Constitution changing the near the Government of the United States. You have Republic of France
our highest esteem
both personally and officially. Permit me to add in this friendly
date of the inauguration of the President from March 4 to to
reference
your services here a note of reverent admiration for Madame
Jusserand,
the third Monday in January and also fixing January as who has done her great part in making so notably
successful the services
the time for the assembling of Congress, was passed by the which so greatly redound to your credit.
Very truly yours,
Senate on the 13th inst. by a vote of 63 to 6. The amendWARREN G. HARDING.
ment, as embodied

in a resolution offered by Senator Norris,
was adopted as follows:
President Harding, in Praising Lincoln, Says "Call
Resolved by the Senate and House of Representatives of the United States of
of World is for Preservation."
America in Con yress assembled (two-thirds of each House concurring therein)
That the following amendment to the Corstitution be, and hereby is,
In a Lincoln-day speech, at a memorial dinner in Washproposed to the States, to become valid as a part of the Constitution when
ington before the trustees of Friends of Lincoln Memorial
ratified by the Legislatures of the several States as provided
by the Constitution.
University, at Cumberland Gap, Tenn., President Harding
Article —.
declared that the martyred President's "supreme gift was
Section 1. That the terms of the President and
Vice-President, elected not in construction,
his was the master preservation," and
after the adoption of this amendment,shall
commence at noon on the third
Monday in January folio wirg their election.
he observed, "the call of the world is for preservation, for
Sec. 2. That the terms of Senators and
Representatives elected after the the preserved civilization, which is the
best judgment of
adoption of this amendment shall commence
at nocn on the first Monday
human intelligence since the world began." "Surely,"
In January following their election.
Sec. 3. That the Congress shall assemble at
least once in every year, said President Harding, "it is riot strange that the eyes and
and such meeting shall be on the first Monday in
January, unless they shall the interest of a world should turn
to him now, when all
by law appoint a different day.
mankind feels the need for such leadership and service and
Confirmation by United States Senate of Nomination direction as he gave.". "Humanity," the President added,
"needs to drink of the cup of unfailing confidence which
of R. T. Sanford to United States Supreme Court
enabled him to stand erect and unshaken amid discourage—Swearing in of Pierce Butler.
ments and criticisms which would have crushed any less than
The U. S. Senate confirmed on Jan. 29 the nomination
of a master heart and soul." "One cannot
have failed to
Judge R. T. Sanford, of the Eastern and Middle Tennessee
note," said the President, "that as the fortunes of mankind
Districts, to be an Associate Justice, succeeding Justice Pithave confronted tribulation and distress the minds of men
ney, retired. A bill authorizing the retirement of Justice
have turned to this son of the yearning, eager, earnest,simple
Pitney, who has been in ill health for some time, wa,, signed
people, and have sought in the stori of his life for guidance
by President Harding on Dec. 12. Judge Sanford was nomin the hour of humanity's trial. To me this has been a
inated as a member of the Supreme Court by President
portent of hope, a justification of faith, a reason for con-




FEB.17 1923.]

THE CHRONICLE

681

fidence that men will not only guide the bark of civilization.
through the storms which beset it, but will bring it into the
port of a better and happier day." The dinner at which
the President spoke marked the inauguration of a campaign
for a $5,000,000 endowment for the University. The
President's speech was as follows:

Our coming together to-night is due, in large part, to the interest of
the sponsors for such an institution as Lincoln would have loved. The
Lincoln Memorial University has been truly called a living memory to
the Emancipator. It was founded in pursuance of his expressed desire
that the light of learning might be carried to the people of that strangely
sequestered, mountain community of which his own forbears were members.
These people of the Southern Appalachian Empire number now some
six millions. They constitute one of the world's greatest reservoirs of
purest Anglo-Saxon stock. Pioneers from the day of the first Colonial
movement away from the tidewater country, they passed over into the
mountains to make their homes, and they and their descendants have
lived, curiously, almost unaccountably, aloof from the sweeping tide,
the quickening life of those mighty migrations which subuded the continent and made our country.
Remote from the outside world, well-nigh forgotten in the activities
of the generations that laid down our highways of steel, they have been
at times almost a mystery to us. Sturdy, hardy, independent and selfsufficient, they have lived generation after generation
almost to themselves, but not quite: for it stands to the everlasting credit of these men
and women of the mountains that in the time of national
need they have
been instant in response and magnificent in loyalty.
Their sons have stood in thousands against the barbarians
of our own
wilderness; they battled for Lincoln's concept of
union and nationality
and with equal steadfastness they have taken their place
on battlegrounds
of Europe and contributed their heroic part that a world civilization might
live. The nation owes to them a vast balance
of obligation and the Lincoln
Memorial University represents one installment which
devout and unselfish
people are paying upon that debt.
It is a straw circumstance that in the rush and eagerness
of our continental conquest such a people as this should, almost
by accident, have
drifted into the backwaters and there remained while
the surging currents
of settlement and development left them generation
after generation wellnigh untouched and forgotten. To-day they number
a population double
that of the Thirteen Colonies on the day when they
declared independence:
the greatest single reserve in all the land of untainted, unmixed,
pure and
pristine American stock.
Out of the loins of this community came to us Lindoln, in limb and Ilenement in physical and moral power,in moral and mental ruggedness,
a very
prototype of his own people. From the nation which
owes to them its
debt for Lincoln and for a myriad of humbler heroes, now
most of them
forgot,it is due that the nation should light the way,should
fire the beacons
to guide this people into the ways of ample education and of ripened opportunity to make their full contributions to the national advancement
.
It has been told that nowhere in our country is illiteracy
among AngleSaxons so prevalent,so dominant as among these people of
the mountains.
To state the fact is to confess remissness. It is a condition
which must
not be permitted to continue.
For the sake of Lincoln, who loved them as his own people; for
the sake
of ourselves, who will be the equal beneficiaries of their advancement
; for
the sake of these splendid, loyal unquestioning Americans
of the truest
strain our nation knows,it is our duty to hold up the hands
of the men and
women who are carrying on this work of education, who
have lighted this
lamp, of inspiration and leadership for the men and women who have
already given and may give again immeasurably to American greatness and
the growing glory of the republic.

Mr. Toastmaster and Guests:—No human story surpasses the fascination
and the inspiration of that of Abraham Lincoln. The Republic pays
tribute to-night and most of the world is doing him reverence because in his
unshaken faith the world finds its own hopes mightily strengthened. Our
words are all feeble because we are dealing with the master martyr, the
supreme leader in a national crisis, the surpassing believer in a fulfilled
destiny, and a colossal figure among the hero-statesmen of all the ages.
Turning over in the last few days the promise I had made to add my own
to the testimonies that here are to be spoken, I have been impressively
reminded of the greatly revived interest in everything concerning Lincoln
which has marked the past few years, notably the last two. I have been
thinking of how many times in the recent years of the world's trial and
travail I have received books, letters, articles published literally all over
the world about Lincoln.
One cannot but have observed how greatly the thoughts of people have
turned to this man of vision, the great emancipator, who spoke with the
voice of the common people for truth and for freedom. One cannot have
failed to note that as the fortunes of mankind have confronted tribulation
and distress the minds of men have turned to this son of the yearning,eager,
earnest, simple people, and have sought in the story of his life for guidance
In the hour of humanity's trial. To me this has been a portent of hope,
a justification of faith, a reason for confidence that men will not only
guide the bark of civilization through the storms which beset it, but will
at last bring it into the port of a better and happier day.
It does not seem hard to understand why in times like these in which we
live there should be such a renascence of sentiment for Lincoln, of renewed
interest in the great lessons of his life. For men have come to think of
him as they have not thought of others among the merely human characters
of history. Lincoln has appealed to them as one who manifestly was
brought forth with the destiny or consecrated by an infinite hand to render
a particular service, to save a nation, to emancipate a people, to preserve
in the world the fruits of the American experiment in and for democracy.
Surely it is not strange that the eyes and the interest of a world should
turn to him now, when all mankind feels the need for such leadership and
service and direction as he gave. A world, a civilization, an epoch—all
these are facing the bitter need for the moral purpose, the noble aspirations,
the high courage that he interpreted to our America in the days of its crisis.
More,humanity itself needs to drink of the cup of unfailing confidence which
enabled him to stand erect and unshaken amid discouragements and
criticism which would have crushed any less than a master heart and soul.
The Recent Trial of Civilization.
The world to-day sees civilization brought to its supreme test. Its trial
came when it might least have been expected. At the very apex of material
advances, when sci,pnce and industry and invention and culture seemed to
have united in justifying man's proudest estimate of his destiny,there came
among the nations such a clash ofambitions.such a confusion of ideals,such
a crash ofconflicting aims and aspirations as they had never known before.
It brought bewildering confusion and overwhelming amazement to those
who had been esteemed the wisest among their kind and who in the folly
of their wisdom had been most certain that such a thing could never happen.
President Harding Endorses Legislation for
And in the very face of havoc wrought, of the utter futility of it all, we still
wonder that it could have been.
Conservation of Forests.
But the sober and distressing realization has come at last, that in its
President Harding has given his endorsement to proposed
eagerness to harness and dominate the material forces of the world humanity
had lost its anchorage to the ultimate things of the higher, the nobler, the legislation for the conservation of forests, having expressed
spiritual universe. Turning now in the midst of the wreckage to seek for In a letter to Representa
tive J. D. Clarke of New York, Rewhatever can be trusted as safe and strong and lasting, it is not to be wonpublican member of the House Committee on Agriculture,
dered that people turn anew the pages of Lincoln's story.
In very truth his soul is marching on. To him it has been given to leave a his firm conviction that "national leadership in conserving,
living heritage of vital power and supreme inspiration to the race. Out of protecting and
encouraging the growth of our timber reLincoln came the proof that lofty achievement is not in ideals alone, but in
sources is absolutely necessary." "I feel," he continued,
that spiritual and material justice which is the wholesome blending of in"that legislation along the lines proposed in the draft which
finite purpose and man's capacity for fulfillment.
I spoke a moment ago of the multiplicity of present-day writings about you have submitted
represents an important step in the perLincoln. They embrace everything from the genealogist's delvings into his
ancestry, to the psychologist's and the moralist's searchings into his inner- fection of a truly national forest policy." The President
most motives and objectives. Nothing that might possibly reveal any noted that "the draft bill
which you have presented contemphase of his life and work has been accounted trivial. We are coming year plates
co-operation between national and State authorities
by year to a more truthful and understanding appraisal of him. But all
the researches of scholars and efforts of students have brought us little store to protect timber from fire, the Federal Government to bear
of real understanding, have taught us well-nigh nothing concerning
the a part of the expense. Accordingly it is proposed that the
supreme providential purpose which permits such a light to shine now and
Federal authority may, in its discretion, withhold contributhen upon a generation of men. We know
not whence come such great
souls, such simple wisdom, such capacity for sacrifice and service.
But tions to this end if the States do not comply with the rewe do know that as men contemplate this
strange career and study its won- quirements." This, says the President,
"is an altogether deders and its lessons, they are at least
planting in their minds and hearts a sirable
condition." The suggestion was also made by the •
certain vague realization of what Lincoln
was and meant; a consciousness
of his personal significance to them; and with
all this a keen aspiration for President, "that the Secretary of Agriculture be given ample
some little participation in such a bestowal
of selflessness, sacrifice and authority to study the taxation
policies of the several States
service as was the life of Lincoln. That aspiration,
I firmly believe, is regarding
fixed in a greater number of human hearts
timber lands and growing timber, together with
to-day than it ever was before.
It may be somewhat vague and unformed
yet we readily recognize that it their particular effects upon reforestation, and to collaborrepresents somethilig like the aspirations
of a race for a new incarnation ate with proper agencies
of the States in devising improved
of the spirit and the leadership of Lincoln.
methods of taxing forest lands adapted to their conditions.
"
Salvation in Unselfishness.
The President's letter, dated Jan.
Doubtless It is vain to hope that another
24, and made public Feb. 6,
such as he will be given to us
and to our time. But to the extent that
is as follows:
we shall prove ourselves worthy
of such a leader, to that extent we shall be the
better able to save ourselves
THE WHITE HOUSE.
without him.
The task which men face throughout the
Washington, Jan. 24 1923.
world now is one with which
My Dear Mr. Clark :—I have
must cope as God intended. Their
they
your letter of Jan. 10, with which you
hope, their salvation, their enclose draft copy of a
destiny, must at last be in their own
proposed Federal forestry bill. This measure deals
hands. They will save themselves with a matter in which,
as you know, I have been profoundly interested.
if they will forget themselves.
and which indeed is a matter of
Probably the task would be less difficult if
utmost importance to every man, woman
humanity would get a little and child in the country.
While I have not been able to keep as closely
nearer to God. In times like these the fullest, truest
service that any in touch with the extended
hearings which have been held by the Comnation or any society can render to itself, will be the
service which is con- mittee on Agriculture in the
House during the past year and a half as I
ceived in inselfishness and rendered without thought of immediate
gain, should have liked, I have known of
or even of ultimate personal advantage.
them, and also of the appointment last
summer before Congress
adjourned of the sub-committee of which you
We drink from memory, we find inspiration in example,
we are exalted are a member.
by the eternal truths which Lincoln saw and proclaimed,
but the highest
I was very glad to note the
appointment of this sub-cznomittee and am
usefulness in these things is their practical preservation,
so as to reveal glad now to note in this proposed
bill the beginning of an effort to make
to all the people a true understanding of Lincoln's transcending eminence.
constructive use ofthe results of your
His Supreme gift was not in construction, his
exhaustive study ofour forest problem.
was the master preservation.
The Federal Government has made
And the call of the world to-day is for preservation, for
fine progress in its scheme of forest
the preserved reserves, the development of
methods of forest protection against fire and
best judgment of human intelligence
civilization, which is the
since the insect and plant pests, in promoting
reforestation and methods of timber
world began.
conservation, and in its research looking toward Improved methods
of




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THE CHRONICLE

timber utilization. Some of the States have formulated State programs
been
along the same general lines, and of recent years especially there has
lands.
a steadily growing interest on the part of private owners of forest
that
I am very glad, therefore, that the Committee on Agriculture feels
larger
we have come to a time when definite provision should be made for
private
co-operation between the Federal Government, the States and the
owners, with a view to working out a national policy covering the growth,
protection, conservation and use of timber.
When we remember that substantially one-fourth of the national area
timber
is forest land or potential forest land of little or no value save for
production, the need of such policy becomes apparent. Already we have
consumed or destroyed 60% of our original timber wealth, and we are now
using timber at a rate four times as fast as we are growing it.
Millions of acres which were Once covered with fine forests and which are
suitable for the growing of timber are now entirely barren. Prosperous
communities built up while these virgin forests were being harvested have
appeared,transportation lines have been torn up and social and industrial
-decay has followed.
The growing of timber is the most practical use to which these lands can
be put, and population and industry of these regions may be restored only
by restoring the forests. To this end both Federal and State Governments
may well lend every proper encouragement.
As we have consumed our forest growth nearest to the centres of population and industry, it has become necessary to ship the timber needed for
-constantly increasing distances at steadily growing transportation cost and
inconvenience and with consequent increases in the price of lumber. This
has added to our difficulty in meeting the housing problem and is bound
to mean lower standards of housing and less adequate farm improvements.
These are vital matters striking directly at our sources ofnational strength
Regrowth of our forests on cut-over lands which are most suitable for that
purpose in the more populous portions of the United States is, therefore,
'highly desirable.
It is interesting to note that probably 150,000,000 acres of forest land,
or nearly one-third of such land in the country, is owned in small parcels
by farmers. A well-cared-for wood lot offers a valuable means of utilizing
the inferior soils on many farms, and such wood lots in the aggregate can
make a material contribution to our timber needs. Wise action by Federal
and State Governmenti can do much to stimulate the growth of such
wood lots, to the benefit both of the farmers immediately concerned and
of the general public.
While most of our land in farms is of greater value for the production
of crops than for the production of timber there are not many farms in
the great agricultural surplus-producing area which would not yield their
owners greater satisfaction and greater comfort by the addition of shelter
belts, windbreaks and other forms of tree growth, which would ameliorate
weather conditions, make the farm homes more attractive to bath young
and old, indirectly promote higher standards of living, and at the same
time make a substantial contribution to the material needs of the farm
in the way of firewood, fencing material and other timber requirements.
It is desirable and proper that Federal and State Governments give
the maximum encouragement to timber growing of this sort, especially
by making available the information needed to grow the character of
timber best adapted to the respective regions, by making tree planting
material available at the lowest possible cost and by concessions in taxation which would justify the farmer in setting aside some of his higher
:priced land for this purpose.
The draft bill which you have presented contemplates co-operation
;between national and State authorities to protect timber from fire, the
Federal Government to bear a part of the expense. Accordingly, it is
• proposed that the Federal authority may in its discretion withhold contributions to this end if the States do not comply with the requirements.
This is an altogether desirable condition. The last annual report of
-the Forest Service of the Department of Agriculture shows that in the
• six States of North Carolina, South Carolina, Georgia, Florida, Alabama
and Mississippi, of which only North Carolina is organized for fire pro
tection, the area of forest land burned in 1921 was 58% of the total burned
in the United States and the damage resulting was 49% of the total damage
in the country.
Thisseems conclusively to prove the importance of insisting upon effective
- State co-operation if the Federal Government's contribution to fire protection is to be most useful. I therefore heartily concur in the policy of inducing all the forest States to pass satisfactory protection legislation by providing that the Secretary of Agriculture may withhold co-operation with them
in forest protection unless the requirements which he shall propose are adequately met.
There is every reason why the Federal Government should prefer to spend
its co-operative appropriations in States where they will count for the most
In fire protection. States which are backward in this regard should not participate in the benefits of the Federal policy until they are willing to meet
such reasonable conditions as the Secretary of Agricultuie may prescribe.
I suggest that the proposed draft might be strengthened at another point.
The taxation of privately owned forest lansd is a matter of State policy and
varies widely in different States. Many years are required to grow timber
of merchantable size, and there Is not much inducement to land owners to
incur the expense of forestation, protection and taxes decade after decade
In order to produce at lest a timber crop which a future generation shall
harvest.
Some of the States have recognized this condition by very liberal mtehods
of taxing timber land and thus encouraging private interests to grow timber. Others have failed in this regard, and it is suggested that the Secretary of Agriculture be given ample authority to study the taxation policies
of the several States regarding timber lands and growing timber, together
with their particular effects upon reforestation, and to collaborate with
proper agencies of the States in devising improved methods of taxing forest
lands adapted to their conditions.
No matter how generously the Federal and State Governments may appropriate to create forest reserves or to protect forest lands from fire, private interests should be given every encouragement to do their full share in
,.and one of the most effective forms of encouragement is
growing timber.
an appropriate liberalization of taxation.
Being firmly convinced that national leadership in conserving, protecting
and encouraging the growth of our timber resources is absolutely necessary,
I feel that legislation along the lines proposed in the draft which you have
submitted represents an important step in the perfection of a truly national
forest policy. If I can be of aid to the committee in its further labors on
this proposed legislation. I shall be glad to spend a short time with them
In the near future.
Very truly yours.
WARREN G. HARDING.

President Harding Endorses National Garden Week.
A campaign for a National Garden Week, from April 22
to 28, proposed by the General Federation of Women's Clubs,




[VOL. 116.

has been approved by President Harding. In a letter to Mrs.
Thomas G. Winter, President of the Federation, President
Harding said:
My Dear Mrs. Winter:—I am glad to assure you of my hearty endorsement of the program of the General Federation of Women's Clubs for a
National Garden Week this spring. The benefits both to individuals who
take part and to the community as a whole are so obvious that they seem
hardly to require enumeration. Most sincerely yours,
WARREN G. HARDING.

• In indicating the purposes of the campaign, Mrs. Winter
said:
Perhaps nothing could help to stabilize our minds and spirits in this very
tumultuous time so much as a profound and intimate realization of' the
steadiness of the universe in which we live—its law, its orderliness, its
magnificent long purposes and recurrences.
The garden movement means a great deal more than getting a little plot
of land where the child or the grown-up can raise a few sweet peas or
radishes. It means serene contact with the vitality and reliability and
serenity of nature, of purpose and fulfilment, of human life as related to
force infinitely greater than itself.

Signing of Pacts Growing Out of Conference in
Washington of Central American Republics.
The conference between the Governents of the five Central
American Republics and the United States, which was
brought under way in Washington on Dec. 4 last, was concluded there on Feb. 7 with the signing of a general treaty of
peace and amity, eleven conventions and three protocols, designed to bring about closer relations and to insure the maintenance of internal and international peace among the Central-American Republics. Secretary of State Charles E.
Hughes in addressing the final plenary session of the conference in the Hall of the Americas at the Pan-American
Union on the 7th inst., said:
You have furnished an agreeable and helpful example of the advantages
of conference, provided always that it is dominated by a firm determination
to find the solutions of amity and is animated by the belief that these will
better serve the aims of security and progress than any possible strife.
Your first concern has been to extablish as security as possible the foundations of stability. This object you are endeavoring to attain by your general treaty of peace and amity, your convention for the establishment of an
interantional Central American tribunal, the convention for an international commission of inquiry and the convention for the limitation of armament. The disposition to effect—the method and the assurance of peaceful
settlement are here. Where on this broad earth can be found five peoples,
five Republics, who have more in common;who have more at stake in friendly intercourse; who have less reason for encouraging antagonisms and the
conflict of arms? In truth. you have no serious questions which should vex
your peaceful relations. Of the boundary disputes, you have now arranged
to submit the last to friendly arbitration.
You have development, progress and the utmost prosperity within your
grasp. In these conventions you have recognized the fact that there is no
ground for apprehension in the existence of any controversies Interfering
with each other's concern which would destroy your peace and wreck your
hopes of progress. You have taken here wise precautions against destructive and pernicious influences, and it is because there conventions represent
the fiendly disposition of your peoples and the deliberate resolutions of
your Governments that you look forward with confidence to the future of
Central American relations.
At the beginning of this conference. I stated the relation which the
United States sustains to your Republics, and our earnest desire to promote the general interests of peace in this hemisphere, and to aid you in
finding a solution of your own problems to your own proper advantage.
We shall rejoice in the vigor of your national life; in the development of your
Republics for the benefit of your own peoples: and in the opportunities
of friendly and reciprocally beneficial intercourse between neighbors.

Pointing out that a convention for the limitation of armaments was the outstanding agreament among the pacts
signed, the New York "Times" in its Washington dispatch
Feb.7 said:
In the arms convention the Governments of Guatemala, El Salvador,
Honduras, Nicaragua and Costa Rica agree to limit the number of enlisted
men ir their standing armies and national guard in accordance with a
schedule allowing them an aggregate of 16,400 men. This limitation is
to continue in force for five years. The contracting parties further agree
not to permit the exportation of arms or muritions from one republic
to another, to limit the number of aircraft which can be used in time of
war to ten and agree to acquire no warships.
The Central American Conference has thus carried forward the achievements of the Washington Arms Conference of 1921 and meets the hope
of President Harding that this "little arms conference" would set an
example to the world, and above all the Powers of the Western Hemisphere.
Con.sequendy. it will be with greater confidence that President Harding
will send the American delegation to the fifth Pan-American Conference
to open at Santiago, Chile, next month, the agenda of which provide for
discussion of projects for the limitation of land and sea forces by the South
American nations.

Details of the conventions and protocols signed were given
as follows in the "Times" account
The Central American Conference has been a working gathering, in which
there has been no stage play and little public oratory, but the record of its
achievements, when made public to-day, fairly stunned the diplomatic and
political world in Washington. Af4a result of its various meetings, at which
there was always present one or both of the American delegates—Secretary
Hughes and Sumner Welles of the State Department—these treaties and
conventions were signed to-day:
1. General treaty of peace and amity.
2. Convention for the establishment of an International Central American tribunal.
3. Convention for the establishment of international commissions of
Inquiry.
4. Convention for the establishment of free trade.

FEB. 17 1923.]

THE CHRONICLE

Ogg

5. Convention for the unification of protective laws for workmen and la- dispute has gone on for
several years and has resulted in much friction.
borers.
Francisco Sanchez LatJur, Guatemalan Minister to the United
States and
6. Convention on the bractice of the liberal professions.
chief of the delegation, described the agreement to arbitrate as the
first
7. Convention relative to the preparation of projects of electoral legisla- practical result of the
conference. Dr. Albert Ucles, chief of the Honduras
tion.
delegation, while expressing regret that the boundary disputes of his
country
8. Convention for the establishment of stations for agricultural experi- with both Guatemala
and Nicaragua could not have been settled a the
Ertemts and animal industries.
conference, stated his satisfaction at the agreement.
9. Convention for reciprocal exchange of Central American students.
The following dealing with the signatories to the conven10. Extradition convention.
11. Convention for the establishment of permanent Central American tions is taken from the Washingto
n advices published in the
commissions.
New York "Evening Post" of the 9th inst.:
12. Convention for the limitation of armaments.
The delegates to-day also signed three protocols, as follows:
Costa Rica restrained from signing the convention establishing, with cer1. Protocol of an agreement between the Governments of the United tain restrictions, free trade between the
signatory nations. The American
States of America and of Guatemala. El Salvador, Honduras, Nicaragua delegation joined the other five in
signing only one of the conventions, that
and Costa Rica, whereby the former will designate fifteen of its citizens to establishing international commissions of
inquiry, and a protocol declaring
serve in the tribunal which may be created in conformity with the terms
of the full sympathy of the United States with the convention entered into by
the convention establishing an international Central American Tribunal.
the other five Governments for the establishment of an international
Central
2. Declaration to the effect that the Spanish text of the treaties concluded American tribunal and its willingness
to designate fifteen American citizens
between the Republics of Central America at the conference on Central for service on the tribunals
to be created in accordance with its terms.
American affairs is the only authoritative text.
The other conventions signed by the five delegations dealt with
the
3. Additional protocol to the conventions relative to the establishment
of unification of protective laws for workmen and laborers, the practice of the
an international Central American tribunal.
liberal professions, the preparation of projects of electoral legislation,
establishment of stations for agriculture'experiments and animal
, Treaty of Peace and Amity.
industries,
reciprocal exchange of Central American students, extradition,
The general treaty of peace and amity contains those provisions
establishof the ment
of a permanent Central American commission, and limitation
treaty of peace and amity of 1907 which have been found to be of practical
of
armaments.
value in furthering the maintenance of friendly relations among the
Central
The protocols not participated in by the United States fixed the
American States. It contains likewise certain additional provisions
Spanish
which
text of the agreements as the only authoritative text, and declared that
the conference delegates believe will be of value in the promotion
of those pleadings in the
aims.
international Central American tribunal set up by one of
Chief among its features are the recognition by the Central American Re- the conventions could be effected only directly, without recourse to the
international office also established.
publics that their first duty is the maintenance of peace, the declaration
of
the five Republics that the violent or illegal alternation of the constitutional
With the opening of the conference on Dec. 4 Secretary
organization in any one of them is a merace to the peace •of all, and the
assumption by each Republic of the obligation not to recognize in another Hughes said, according to copyright advices from Washinga Government resulting from a coup d'etat or a revolution against a recog- ton to the Philadelphia "Public Ledger":
nized Government or from the election to power of a person disqualified
The Government of the United States has no ambition to
by the constitution from being elected; the obligation, in case of civil war,
gratify at your
expense, no policy which runs counter to your national aspirations
not to intervene in favor of or against the Government of any
and no
Republic; purpose save to promote the interests of peace and
to assist you in such
the obligation to seek constitutional reforms which would make impossible
manner as you may welcome to solve your problems to your
own proper adthe re-election of the President or Vice-President; the obligation on the
vantage. The interest of the United States Is found in the peace
part of each Government not to intervene in the internal political affairs of
of this
hemisphere and in the conservation of your interests.
any other Republic, and not to permit within its territory the organization
The same desire which now animates you prompted the Central American
of revolutionary movements against the recognized Governmentof any other
Peace Conference of the year 1907. I shall not attempt to review the
Central American Republic, and, finally, the obligation not to enter
coninto ference of 1907. Because all that was hoped for was
not attained in pracsecret treaties.
tice; because all stipulations then agreed upon have not been found to
The convention for the establishment of an international Central
be
Ameri- effective, its results should not be depreciated.
It was a decisive, forward
can Tribunal is a five-Power compact, replacing the convention
of 1907. step. The spirit of co-operatoin which it fostered is
still dominant, despite
which established the Central American Court of Justice.
It provides for all difficulties.
a tribunal to which shall be submitted all controversies arising
among the
I desire to emphasize the fact that, as the separate treaty establishing
Central American Republics which it has not been found
possible to settle the Central American Court of Justice was terminated
in 1917, It is most imthrough diplomatic channels or by other pacific means, provided
that such portant that adequate provisions now be made for
appropriate arbitral discontroversies do not affect the sovereign and independent existence
of the position of controversies, and that suitable methods be
devised for carrying
nations concerned.
out the fundamental purposes of existing treaties in securing a basis for a
The convention for limitation of armaments is intended as a step
toward lasting and just accord.
peace and security in Central America, and will save all the
signatory
It is also earnestly hoped that means may be found at least to curtail,
Powers considerable expense. It takes into consideration
the relative and, if possible, to end unnecessary and unproductive
outlays, as there can
population, area, extent of frontiers and various factors of
military im- be no stability or progress in the absence of a sound
economic basis.
portance, and binds the States for a period of five years,
"except in case
of civil war or impending invasion by another State," to limit
Reference to the then proposed conference appeared in
the number
of enlisted men in their standing armies and National Guard
in accordance these columns Nov. 4, page 1993 and Nov. 18, page
2206.
with the following schedule:
Guatemala
5.200 Nicaragua
2,500
El Salvador
4,200 Costa Rica
2,000
Honduras
French Save Wheat—Cut Bread Waste—Government
2,500
The arms limitation convention further provides that the
Measures Reduce Grain Purchase 30,000,000
contracting
parties bind themselves to establish a national guard organized
in accordBushels.
ance with the most efficient modern method, and for this purpose
will
consider the employment of foreign officers as instructors.
The New York "Evening Post" of the 9th inst. printed the
Finally, the contracting Governments agree that they will furnish one
following special correspondence from Paris, Jan. 20:
. another semi-annually during the life of the convention full
reports on
the measures adopted by each Government for the execution
The French people, all except rich, profiteers—and even these are getting
of this
convention.
frightened—are obliged to scrimp and save to a degree which, it Is to
be
Permanent Commission To Be Formed.
feared, Americans do not yet understand. Ever since the wheat crop
The convention signed to-day for the establishment of permanent proved to be deficient economizing measures have been practiced in the
Central American commissions is likewise a five-Power pact, and
use of bread. And the French are a bread-eating people.
provides
that two permanent national commissions, one Commission
Government had to begin because Government, following war practice.
a
of Finance
and one a Commission on Means of Communicati
still buys wheat for the nation's bread, and because most of the wheat to
ons, will be established
in each republic for the purpose of preparing practical
supply the deficiency must come from America and must be paid in American
plans for economic
reform and for the construction of public works.
money. French money loses dreadfully when it has to be exchanged into
One only of the conventions signed to-day
is a four-Power compact, American money.
that of the republics of Guatemala, El
The first Government measure entered into effect several months ago.
Salvador, Honduras and Nicaragua
for the establishment of free trade.
Millers in grinding wheat into flour were henceforth to bolt it completely
Article IV of this convention provides
so that considerably more than 80% of the entire wheat would go into the
that should the Republic of
Costa Rica later decide to become a party
to the present convention It bread. The second measure has been enforced since December. consisting
will be so considered upon notification
by the Government of Costa Rica in the mixture of rice or rye or other substitutes with all wheat flour to the
of its adherence to the convention to the foreign
offices of the contracting extent of from 10 to 15%•
Powers.
What is the result of these Government measures?
Two of the conventions are six-Power compacts—th
The French people, when they eat bread without restriction,
e United States
consume
being the sixth signatory. The first takes the
form of a convention between normally about 300.000,000 bushels a year. Their wheat crop in 1922
the United States and the five Central American Republics
for the estab- produced only 225.000.000 bushels, which left, if they were to continue to
lishment of international commissions of
inquiry. This convention is in eat bread according to their natural appetite, 75.000,000 bushels to be
general a unification of the conventions
which the Government of the bought for them abroad—or to be gained by economies. In buying, the
United States concluded with the Governments
of Guatemala, El Salvador, high American prices have been avoided as far as possible. Thus 740,000
Honduras, Nicaragua and Costa Rica
in 1913 and 1914, establishing bushels have been bought in Morocco and more will be obtained from the
international commissions of inquiry.
States of Central Europe and Poland, according
to their surplus. This
The other six-Power compact takes the form of
a protocol between will hardly be heavy. The use of flour which is bolted more coarsely and
the United States and the five Central American republics. In this so contains more of the wheat and eking
out such flour with substitutes for
protocol the Government of the United States declares
its full sympathy wheat like rice and rye (and, when practicable, with corn meal) make sure
with the purpose of the convention for the establishment of a Central of a very great economy in the buying of
wheat.
American tribunal and states its willingness to designate
This saving, by act of Government.amounts anywherefrom
fifteen of its
25,000.000
to
citizens to be available for service on the tribunal which may be created to 30,000,000 bushels of wheat, which France
will not have to buy outside.
But it still leaves.more than 45.000,000 bushels the deficit to be provided
in accordance with the terms of the protocol.
of
After the signing of the treaties and conventions by the delegates. for.
Where the power of government ends (for there can he no question of
addresses were made by Francisco Sanchez Latour, head of the Guatemalan
delegation; Dr. Francisco Martinez, head of the Salvadorean delegation; bringing back war restrictions and bread tickets), the goodwill of the people
Dr. Alberto Ucles, head of the Honduras delegation; General Erniliano begins.
A popular campaign has been started all through the country and the
Chamorro, head of the Nicaraguan delegation, and Alfredo Gonzales
newspapers, led by the Paris "Matin," to obtain the neeasaary publicity.
Flores, head of the Costa Rican delegation.
The hint was taken from the organization of women of Alsace.
These
Boundary Dispute to Harding.
succeeded in putting in movement all the local press, the Catholic Bishop,
After the treaties and conventions were signed announcement was made the Protestant Consistory,
the Grand Rabbi, the civil and military authorithat the Governments of Guatemala and Honduras had determined to sub- ties, the great business companies,
and workmen's unions. The slogan
mit their boundary dispute to arbitration by President Harding. This was: "Save bread—do not waste it."




684

THE CHRONICLE

In Paris the police had already received orders to look out for individuals
throwing away hunks of bread in public places, and one zealous policeman
even interfered with a lady who was crumbing bread for sparrows in a city
square.
This bread campaign with the new year has been organized consistently
with the view of reaching everybody. On Jan .15 a meeting was held of all
those who could make their voices heard directly in the exercise of their
profession. In it were represented by their presidents and delegates, the
National Chamber of French Hotel-keepers, the General Syndicate of the
Hotel Industry of Paris, the Syndical Union of Restaurant Keepers, and
the Syndicate of Fixed Price Restaurants, with the Association of Popular
Eating Places, the President of the National Food Committee and the
National Council of French Women.
The Smaller Loaf Illusion.
The first measure adopted is already in operation. Newspapers publish
short appeals for economy in bread: handbills to the same effect are posted
up in railways and street cars. Bakers are asked to make smaller loaves
(these, of course, are sold by weight and not by the loaf), so that the breadeater may have the illusion he is eating as usual.
A second measure was adopted on the initiative of the women's association. There IL to be a Wheat Week, in which Government and private
apostles will speak of the need of producing more wheat in France—and
occasion will he taken to urge economy In bread. Red Cross members during this week will go through restaurants and hotels and eating places in
behalf of this campaign. In music halls, theatres and cinemas some of the
best artists will make five-minute speeches about it. Then on the 17th
and 18th of March. in all churches and schools and public establishments,
there is to be thorough talk of the importance to France of economy in wheat
and bread and also on the importance of wheat growing.
With all this, instead of having to buy 74,000,000 bushels of wheat
abroad, France may only need 40,000,000 bushels—and perhaps not even
as much as that. The spirit of Verdun is still here.

[VOL. 116.

parties was that half of the plants should produce glass
while the other half was shut down."
This organization of the industry into two groups began in
1918, the Judge said, and owes its existence to restrictions
imposed by the Government during the war upon non-essential industries to conserve fuel and labor. It was then
agreed to by the manufacturers, workers and Government
agents. Many of the plants then were idle, owing to scarcity
of both fuel and labor. Then it was discovered that this twoperiod system of operation was beneficial and advantageous
and it was continued." The opinion also pointed out that
the workers who were a party to the wage scale agreement
had twice in polls of their membership voted against the twoperiod system.
Falling Off in Washington Population Since War Days
—Civil Staff of War Department Cut in Half.
The following special dispatch from Washington appeared
in the New York "Times" of Feb. 3:

The business of the War Department, enormously increased on account
of the World War, is now nearly back to normal. The Department was
able to announce to-day that the number of its civilian employees throughout the country had been reduced more than one-half in the twenty-three
months since the Harding Administration was begun.
On March 3 1921, the day before President Harding's inauguration, the
entire force of civilian employees was 90,106. The reduction to Dec. 31
1922,the date of the latest report, was to 47,387. The Department said in
Bread War in Chicago and Portland Results in Giving making the announcement that the annual saving was more than $51,000.000.
Away of Bread.
The pre-war civilian strength of the War Department was 45,911, so
stores in Chicago resulted in that the strength on Dec. 31 last was only 1,476 in excess of the pre-war
A "price war" among chain
strength. The Department accounts for this excess by the establishment
the giving away of bread last week, after a drop in prices to of the Air and Chemical Warfare Services with 4,007 civilian employees.
two cents a loaf. The first reports of the fall in
A great falling off in the population of Washington since war days is
as low as
figures. The pre-war civilian
prices came on Feb. 3, when a press dispatch from Chicago indicated by War Department was 2,911. When the armisticestrength of
was signed
the Department in Washington
said:
on Nov. 11 1918, it was 37,406. On March 3 1921 it was 9,548. To-day
Bread prices reached the lowest level in Chicago in many months to-day. it is 4,609.
On June 30 1916 the number of workers'throughout the Federal service
-ounce loaf sold for 3% cents in stores operated by one firm, while in
A 16
:
stores operated by another organization loaves of similar weight sold for in Washington was 39.442. When the armistice came this number had
been increased to 117,760. On Aug. 1 1921 it had been cut to 76,514, and
4 cents.
Oct. 1922 it
On the 5th inst. a special dispatch to the New York onIt was1estimatedwas 68,718. 1 1922 there were 560,000 Federal workers
that on Oct.
"Times" stated:
throughout the country and its possessions.
-ounce loaf, at that, will cost 2 cents in Chicago to-morrow,
Bread, a 16
and if the "great braed war" which is raging between Chicago's two largest
chain bakeries—the Great Atlantic & Pacific Tea Stores and the PigglyWiggly Stores—keeps up much longer, housewives may soon be carrying
home their broad free for dealing with the respective systems. To-morrow
morning bread in the former concern drops to 2 cents a loaf.
The fight started last Friday, when the Piggly-Wiggly stores came out
with an announcement of a drop in the price of bread from 5 to 4 cents a
loaf. The Atlantic & Pacific stores at once followed it up with a drop to
33 cents. And since then the fight has raged.
The Piggly-Wiggly stores this afternoon announced a drop to 23 cents,
and the Atlantic & Pacific followed this up with the drop to 2 cents for tomorrow.

President Harding Declines Request to Put Embargo
on Coal Shipments to Canada.
A request made by Governor Smith on Feb. 10 that an
embargo be placed on anthracite coal shipments'to assure
sufficient supplies to New York State was denied by President Harding on Feb. 11. Immediately thereafter F. R.
Wadleigh, the Federal Fuel Distributer, went to New York
to take up directly with the Fuel Administration of New
The giving away of bread in Chicago and Portland, Ore., York State the question of embargo against anthracite shipwas made known in the following from the New York "Even- ments to Canada. Despite requests of the New York auing Post" of the 8th inst.:
thorities for such an embargo, it was indicated that Federal
Chicago customers of eighty-eight chain stores of one firm were assured officials do not favor it. They hope to be able to increase by
of a greater supply of "free" bread to-day than yesterday when the entire other methods the supply of anthracite to northern New
product was quickly exhausted. Bread produced by extra shifts of bakers
York, which has been the source of the greatest demand for
goes with a minimum purchase of 50 cents' worth of groceries.
Another group of chain stores in the price-cutting war continued to sell the embargo, it is stated. President Harding in his telegram
a 16-ounce loaf for 3;.5 cents.
Governor Smith in response to his appeal for an embargo
-cent loaves of bread to-day to
Housewives of Portland, Ore., were enjoying 5
as the result of a price war among the bakers, one concern having put the said:
price of pound loaves down to a nickel.

Permanent Injunction against Wage Agreement in
Window Glass Industry Issued by Federal Judge
Westenhaver.
Judge D. C. Westenhaver of the U. S. District Court at
Cleveland on Feb. 2 issued a permanent injunction restraining members of the National Association of Window Glass
Manufacturers and the National Window Glass Workers
from continuing their wage agreement after Mar. 1 and ordering the abolishment of the two-period plan, in operation
in hand-blown glass factories. Several thousand workers
and 56 plants producing hand-blown glass in Pennsylvania,
West Virginia, Indiana, Ilinois, Kansas, Oklahoma, Louisiana, Arkansas and Ohio are said to be effected. The ruling
held that the two-period plan, under which half of the plants
are idle while the other half are in operation, violates the
Sherman anti-trust law in that it curtails production and
boosts prices. "When this agreement took effect," the opinion said in part, "there were 65 factories equipped to make
hand-blown window glass, but of this number only 56 expressed a purpose to operate during the ensuing year. No operator could operate during both periods unless he had two
factories and would operate only one during a given period.
No manufacturer was permitted to operate his plant through
both periods. Therefore, the true purpose and intent of all




Telegram received. I am informed situation in New York is result of failure in transportation rather than of supplies, and I believe conference in
progress this morning between Federal Fuel Administrator and the New
York Fuel Administrator will result in relief.

In his telegram asking President Harding to place an embargo on coal shipments to Canada passing through New
York State, as requested by General Goethals, New York
State Fuel Administrator, Governor Smith pointed out that,
due to lack of fuel, the situation in the northern part of the
State was serious. As a means of relieving the situation, he
suggested that the Delaware & Hudson Railroad, which is
shipping the coal into Canada should first meet the demands
of the State. General Goethals on Feb. 11 supplemented a
previous telegram to the Federal Fuel Adniinistrator in
Washington, asking that the Delaware & Hudson Railroad
be required to supply anthracite coal along its route in the
upper part of New York State, in lieu of making any shipments to Canada, by sending his assistant, George Barr
Baker, to Washington to present to F. R. Wadleigh, Fuel
Administrator, an explanatory report of his findings. In
his letter General Goethals said that the temper of the people was such that a continuation of existing conditions would
not be tolerated. In addition to the recommendation concerning the Delaware & Hudson Railroad, General Goethals
said:
Definite action must be taken, and taken at once; and I recommend that
in view of the conditions existing in 1922 as compared with 1921 the present allotment be exceeded so that sufficient anthracite coal will be moved

FEB.17 1923.]

THE CHRONICLE

without delay into this territory, which, combined with the substitutes that
are required under he district order, will give the people in that part of the
State the fuel they need, and an embargo be placed on the Delaware & Hudson's shipments to Canada.

Then speaking of conferences he has had at Saratoga
Springs, Geneal Goethals said:
Many of the localities are dependent for their fuel upon the bituminous
supply of the industrial plants, and these have responded to the call ungrudg.
ingly and deserve commendation for their action. Most of the churches
through this section of the State have been closed for six weeks and some
longer. The schools are closed intermittently, depending upon the fuel supply. Skidmore College is burning wood and, unless coal can be had, since
the wood supply is nearing an end, the college must close.
A strong feeling of injustice exists with regard to the 60% allotment. In
1921, the winter was an open one and relatively mild. The current winter
has been severe, both as to temperature and snowfall. During the winter of
1921, due to the strike of the employees of the International Paper Co.. a
number of families left that portion of the State, and therefore used no fuel.
This condition does not exist at present, industries generally have expanded
their plants and housing, and what might have been fair in 1921 is
totally
inadequate for the conditions as they exist in 1922.
The situation so far as the consumer is concerned is made worse and more
exasperating by reason of the trainloads of coal that are passing through
their towns into Canada. I found deep resentment as to this on the part of
all I saw on my trip, and there is no doubt that it is causing the strongest
feelings of discontent in the whole community.

Injunctions Granted Against Coal Miners' Union in
West Virginia.
Officers and members of the United Mine Workers of
America were enjoined on Feb. 10 from compelling or persuading miners in Logan County, W. Va., to break the individual contracts under which the Logan coal fields are kept
In non-union status. Two identical injunctions were issued
by Judge Robert Bland in the Circuit Court at Logan, W. Va.,
against the union. Judge Bland, in handing down the decision, said he believed there was no better way of settling
equity matters than by jury trial, but in cases where it appeared that the parties would suffer irreparable damage it
became the duty of the Court to step in and prevent such
damage. He did not think the union had a right to cause the
miners in Logan County in any way to break the individual
contracts with their employers, under which they agreed not
to become members of the union, he said. The injunctions
were granted in separate but similar equity cases, one
brought by a score or more of miners who declared they were
suing not only for themselves but for the other non-union
miners of the county, and the other by the non-union coal
companies in the county, making up the Logan Coal Operators' Association.

A Study of the Position of the Louisville & Nashville
Railroad by Brown Brothers & Co.
With the thoroughness characteristic of the house, Brown
Brothers & Co. have prepared for general distribution a
study of the Louisville & Nashville Railroad. The analysis
is remarkably complete in the summary of the various features which make the Louisville & Nashville Railroad so distinctive among the transportation lines of this country. It
not only covers the traffic of the road with exceptional comprehensiveness, but describes at some length the territory
from which this traffic is derived and also the connections
from which the road receives tonnage and to which, in turn,
it gives tonnage. One of the most valuable features of the
booklet is a map showing the Louisville & Nashville's own
tines and the various areas of coal, iron and steel, cotton and
tobacco within its field of operations.
The physical condition of the Louisville & Nashville has
always been regarded as of the best, and the pamphlet
points out that the company has followed the conservative
policy of spending a dollar for improvements for every dollar
paid in dividends, and in the period from June 30 1902 to
Dec. 31 1921 earned a surplus after all charges of $108,000,000. There is a comparison of the balance sheets of 1902
and 1921 from which figures the present equities of the property are suggested.
The present position and outlook of the property are
summed up in one of the paragraphs as follows:

685

Inter-State Commerce Commission Approves Control
of Central Pacific Ry. By Southern Pacific Co.—
Union Pacific Assured Good Through Service
—Settlement Agreeable to All Parties.
The Inter-State Commerce Commission on Feb. 6 handed
down a decision granting the application of the Southern Pacific Co. to retain its present control of the Central Pacific
Ry. by ownership of its stock and lease f its lines, upon certain conditions. Although the U. S. Supreme Court in a decision handed down May 29 1922 (V. 114, p. 2470) held the
existing merger to be illegal and a combination in restraint
of competition and ordered them separated, the Commission
(with but one member dissenting) declared their maintained
union was necessary in the interests of the Western States
they traverse and the country as a whole. Further, the maj rity declared that the former policy of the nation in demending maintenance of competition above all other things
in transportation service had bee reversed by the Congressional enactment of the Transportation Act of 1920, permitting general consolidation of railroads under Government
supervision. On this ground the maintenance of the merger
of the two roads, notwithstanding the court's decree, was
declared to be legally authorized and advisable in view of
public ncessities. The opinion pointed out, however, that
the conclusions of the Commission would be subject to review by the courts before they could become effective.
Commissioner McChord, in complete dissent from the view
of his assciciates, declared the "findings of the majority contrary to the will of Congress as expressed in the legislative
act which conferred the powers invoked in this case."
With Commissioner Campbell who entered a partially
concurring opinion, he concluded that the Central Pacific
Ry., by its peculiar nature as a corporation, could not legally
lease its lines to the Southern Pacific without special Federal legislation.
. Chairman Meyer and Commissioners Aitchison and Campbell also suggested that in consideration of receiving the
authority to hold. the Central Pecific, the Southern Pacific
should be specifically required to conetruct the Natron cutoff, a contemplated new line of railroad in Oregon.
Traffic agreements reached between the Union Pacific and
Southern Pacific systems and "ween the Western Pacific
and the Southern Pacific, allowing reciprocal rights for
maintenance of traffic service over the Central Pacific lines,
the majority of the Commission held, have eliminated nearly
all the objections which the Western shippers, States and
communities have hitherto advanced to the merger of the two
roads.
The agreements in question, all of which are aimed at
maintaining full transcontinental service over the Central
Pacific route, have satisfied all interests in the territory concerned. The decision said that the present unity of the Central-Southern combination should not be disturbed. The
Commission in its decision stated:

It is ordered. That acquisition by the Southern Pacific Co. of control
of the Central Pacific Ry. by ownership of the capital stock of the Central
Pacific Ry. Co.and under and in accordance with the terms of the proposed
lease, as described in the application and report aforesaid be, and the same
is hereby, approved and authorized; prckided and upon condition, however.
(a) That the Southern Pacific Co. shall join with the Union Pacific RR.
in maintaining via the lines of said companies between Omaha, Nebr., and
San Francisco Bay points, as parts of one connected continuous line,through
passenger, mail, express, and freight train service between San Francisco
or Oakland, Calif., and Chicago. Ill., at least equal in every rcspect to
t at afforded by either with its connections between Los Ange!es, Calif.,
or Portland, Oreg., and Chicago,
(6) That the Southern Pacific Co. shall join with the Union Pacific RR.
in maintaining via the lines of said companies between Roseville, Calif.,
and Omaha. Nebr., as parts of one connected continuoui line, perishable
freight train service from Roseville, Calif., to Chicago, Ill., at least equal
in point of time to that afforded by
either with its connections from San
Bernardino, or Colton, Calif., to Chicago,
Ill.:
(c) That the Southern Pacific Co. shall co-operate with the Union Pacific
RR. in the maintenance of train schedules
under which neither shall discriminate as to time or service against the other in
favor of any other connection through Ogden or Salt Lake
City, Utah:
(d) That the Southern Pacific Co.
shall at the request of the Union
Pacific RR. provide for the publication
and maintenance of rates via the
Central Pacific By. through Ogden,
Utah, between all points on the lines
of the Southern Pacific Co. and
Central Pacific By. Co. In Calif., west of
Banning, and in Oregon on the one hand
and Colorado common points
and points east thereof on the
other, no higher than apply concurrently
the development during the past two decades orthe territory between the same points via any other route in which it participates:
In spite of
(e) That the Southern Pacific Co. shall co-operate with the Union Pacific
served by the Louisville & Nashville, the newness of the growth of this secRR. to secure by active solicitation
the routing of the maximum of freight
tion of the South is one of its chief points of strength. This is the factor
traffic via the lines of the Union Pacific
RR. and the Central Pacific By.
which affords great promise in regard to the future of the road. . . .
through the Missouri River and Ogden.
Utah. as parts of •n° connected
Much of the resources of Alabama, Kentucky and Tennessee remain among
the national wealth of the United States. Their continuous line, between all points in California and Oregon north of and
the great virgin stores of
possibilities are a matter for the next generation to prove. With the including Caliente and Santa Margarita, Calif., and south of and including
full
the Klamath Falls branch and Kirk.
Oreg., on the other hand, and points
development of these vast resources and the consequent growing prosperity
north and west of a line along the northern boundaries of Oklahoma
and
of these States there must follow steadily increasing demands for railway Arkansas,
.
to the Mississippi River, thence along the Mississippi and Ohio
transportation—demands which the Louisville & Nashville, by reason of its
Rivers (but not Including intermediate cities on the Ohio River) to
far-sighted improvements of the past 20 years,
Wheelstrategic location and the
ing, W. Va., and thence on a line drawn just east of Pittsburgh.
Pa., and
should be able to supply.
Buffalo, N. Y., to Niagara Falls,
N.




686

THE CHRONICLE

(f) That the aforesaid lease shall contain a provision that the same shall
become null and void and of no effect whenever this Commission shall find
that the control, acquisition of which is herein approved and authorized,
Interferes with the consummation of the complete plan of consolidation
adopted and published under the provisions of Section 5 of the Inter-State
Commerce Act, as amended;
(g) That the control herein authorized by lease and stock ownership
shall be held subject to termination by order of this Commission if and when
found by this Commission to interfere with the consummation of its complete plan of consolidation under the provisions of Section 5 of the InterState Commerce Act and for this purpose the Commission reserves full
Jurisdiction over the case to make such order or orders as, after hearing.
It may deem to be necessary and appropriate;
(h) That the Southern Pacific Co. shall not voluntarily sell, pledge or
otherwise dispose of the capital stock of the Central Pacific Ry. or any part
thereof without the consent of this Commission, except that any existing
pledge of such stock may be ratified and confirmed;
(i) That this proceeding may be re-opened at any time by order of the
Commission either •upon the initiative of the Commission or, in the discretion of the Commission, upon the motion of any person claiming an
interest in the matter, for the purpose of making such orders as the Commission may deem necessary ot appropriate supplementary to the present
order;
DIGEST OF THE REPORT OF THE COMMISSION.
lin this proceeding the Southern Pacific Co. applies for authority under
paragraph (2) of Section 5 of the Inter-State Commerce Act to acquire
control by lease and stock ownership of the Central Pacific Ry. The
application recites that the occasion therefor is a decision of the U. S.
Supreme Court rendered May 29 1922, which held that the existing control
of the Central is prohibited by the Sherman Anti Trust Act of 1890. The
Court directed that the existing control be terminated and the properties
separated. The suit in which this decision was rendered was instituted
in February 1914. The issues were joined, the case tried, and the record
closed hefore the passage of the Transportation Act 1920. That Act was
not mentioned in the decision of the Supreme Court.
The theory of the application is that Section 407 of the Transportation
Act 1920, amending Section 5 of the Inter-State Commerce Act, contains
a grant of authority from Congress to us to permit the acquisition of control
of one carrier by another, by lease, stock ownership, or in any other manner
not involving the consolidation of such carriers into a single system for
ownership and operation, whenever found by us to be in the public interest,
and expressly relieves carriers acting under such permission from the
restrictions of the Sherman Law and from any and all other restraints or
prohibitions by law, State or Federal. It is urged that these provisions
constitute a radical change in the legislative policy of Congress, in respect
of the application of the Sherman Law to the railroads of the country, and
that they evidence a recognition on the part of Congress of the fact that
the comprehensive regulation and control of inter-State carriers now vested
In us renders unnecessary, for the protection of the public, the strict and
inflexible application to such carriers of the prohibitions of the Sherman
Law and similar laws. It is contended further that there may be combinations of railroads that are in the public interest, which are legally impossible
under existing anti-trust legislation, and that Congress intended to afford
a means of permitting or rendering lawful a control or combination of
railroads, whenever in our opinion such control or combination is in the
public interest.
Approaching the situation from this standpoint, the applicant urges
that the decision of the Supreme Court does not in any way preclude us
from the exercise of the powers and the performance of the dutes conferred
or imposed by the Transportation Act. The applicant states further that
It is its purpose to acquire lawful control of the Central under the later law,
to the extent deemed by us to be in the public interest, to the end that the
relations between the applicant and the Central may be brought into
harmony with the existi* policy of the law.
On Oct. 25 1922 the Union Pacific RR. filed a petition in intervention
and moved for the dismissal of the application upon various grounds.
Argument was heard upon this motion on Nov. 4 1922. We thereafter
denied the motion and directed that a hearing be held upon the application,
leaving the questions raised by the motion for such disposition as might
be proper in connection with our disposition of the case upon its merits.
The application sets forth various matters of fact, and evidence was
adduced at the hearing in support thereof.
The applicant emphasizes the long-continued relationship between the
two properties and the resultant interdependent character of the transportation service afforded. It is represented that independent operation
would result in the creation of approximately 20 new Junction points,
that division terminals, shops, and other facilities would be dislocated.
and that necessary duplication of racilities would involve large expenditures.
Testimony was offered indicating that independent operation would impair
the efficiency of the service now offered by both companies and would lead
to the disruption of established freight and passenger train service, thus
destroying existing routes and channels of trade. Increases in operating
expenses, and the substitution of two and three line hauls for one-line
• hauls, in respect of a substantial volume of traffic, were cited as a reason
for the conclusion that a separation of the two systems would bring about
a material increase of transportation charges.
It wA established that the applicant is the guarantor of outstanding
funded obligations of the Central Pacific amounting to $163,237,841,
and that the applicant has outstanding collateral trust bonds amounting
to $34,100.500,. secured by the pledge of 884,675,500, virtually all, of
the outstanding capital stock of the Central Pacific. In addition to the
guaranty, the Southern Pacific was shown to have pledged as security
• for Central Pacific obligations 854.193,250. appraised value, of stock,
and $6,178,000, appraised value, of bonds of various companies constituting the Southern Pacific system, and that other securities have been
pledged for the same purpose which have not been appraised but which
are estimated to be of great value. This interrelation of obligations
and the proviiions of the various indentures of mortgage and pledge
executed in connection therewith would result, in tne opinion of the applicant, in numerous perplexing and difficult problems if the two companies
were separated, involving the rights of the holders of the obligations as
well as the rights and obligations of the applicant and the Central as
between themselves.
Evidende was offered which tends to show that an independent Central
Pacific would have difficulty in financing its capital requirements. An
analysis of traffic was submitted which purports to show the maximum
amount of tonnage which may be claimed tc have been diverted in 1921
from the Ogden gateway by reason of Southern Pacific control. . . .
The Railroad Commission of California, the States of Utah and Nevada,
the Arizona Corporation Commission, and many trade and civic bodies
and chambers of commerce from localities served by the present unified
system, intervened in support of the application. The interest of employees of the Southern Pacific system was represented by the intervention
of the four national train brotherhoods and the Order of Railway Teleg-




[VOL. 116.

raphers. These offered testimony tending to show that dismemberment
would interfere with seniority rights. &c.
•
The Union Pacific RR. alleges an interest in the matter by reason of
the fact that its line from the east to Ogden forms with the railroad owned
by the Central Pacific Ry. a through transportation route between the
Missouri River and San Francisco and other California points. Under
the Acts of Congress of July 1 1862 and July 2 1864, and Acts amendatory
thereof and supplementary thereto, commonly known as the Pacific
Railroad Acts, these lines are required to be operated and used for all
purposes of communication, travel, and transportation, so far as the public
and Government are concerned, as one connected continuous line, and
must afford to each other equal advantages and facilities as to rates,
time, and transportation, without discrimination of any kind in favor
of or against the road or business of either, and are also authorized to
consolidate with each other.
The Western Pacific RR. Intervened, alleging an interest by reason of
its competitive line from Salt Lake City, Utah, to San Francisco Bay,
and requesting that if the Commission should approve the proposed acquisition of control, a condition be attached to the order requiring the Southern
Pacific to enter into arrangements for additional through routes and Joint
rates with the intervener.
Testimony was offered on behalf of States and commercial and public
bodies in the Middle West tending to show that traffic would be diverted
by the Southern Pacific fgom the Ogden route and that various past practices
of the Southern Pacific were in violation of the Pacific Railroad Acts, to
the prejudice of their respective communities. The State commissions
Colorado, Idaho, Nebraska and Wyoming and other interveners from
California, Oregon and Utah took much the same position. * * *
At the outset, it is requisite for us to determine to what extent the scope
of our inquiry is limited by the Supreme Court's decision. We are required
under the statute to scrutinize with the utmost care all of the elements
of the case upon which an ultimate finding that the proposed acquisition of
control is or is not in the public interest may be predicated. Some of these
elements were before the Court in the other proceeding. It is certain that
we must recognize the finality of a court decree upon the questions with
which it deals. In this case the Court directed a separation because the
unified relation was hostile to the Sherman Act. We must recognize as
settled the fact that the relation dealt with was in violation of the Sherman
Act, and if that were the only question before us, we would not have any
function to perform.
Paragraphs (2), (3) and (8) of Section 5 of the Inter-State Commerce
Act, added by the Transportation Act. 1920, became effective subsequent
to the filing of the bill by the Government against the Southern Pacific
Co., although prior to the date of the Supreme Court's decision. As our
Jurisdiction was not invoked ur til after the decision had been rendered, it
is apparent that the change in the law effected by Section 5 of the InterState Commerce Act as amended was not involved, directly at least, in
the issues before the Court. Carriers affected by any order made by us
pursuant to paragraph (2)of Section 5 are under the provisions of paragraph
(8) relieved from the operatien of "anti-trust laws," and all other restraints
or prohibitions by law. State or Federal, in so far as may be necessary to
enable them to do anything authorized or required by such order. Under
paragraph (2) we are given broad power to consider the questions of public
interest involved in an acquisition of control by one carrier of another, and
are given authority by order to approve and authorize such acquisition.
under such rules and regulations, and for such consideration and on such
terms and conditions, as shall be found by us to be just and reasonable in
the premises.
While the Sherman Law has not been repealed, carriers affected by any
order made by us under paragraphs (1) to (7) of Section 5 of the Act are
relieved from its operation. How far our discretion in any particular case
should be influenced by considreation of the evils which the Sherman Law
was designed to prevent is a question necessarily involved in every case
where a carrier seeks to acquire control of a competing line. There is
nothing in Section 5, however, indicating that the Congress intended that
we should refuse to accept jurisdiction upon the ground, solely, that a
proposed acquisition of control would violate the Sherman Law. Full
effect must be given to the provisions of paragraph (8). When by our order
based upon broad considerations of the public interest we in effect grant
relief against anti-trust laws, and other restraints and prohibitions by law,
we are exercising a power which the statute gives to us alone. Evidence as
to public benefits to be derived from commn n control of competing carriers,
which would be immaterial in a prosecution under the Sherman Act, might
be entirely pertinent in a proceeding before us under paragraph (2). There
Is. therefore, an essential dissimilarity in the issues and in the natura of the
proceedirg which in our opinion makes it proper for us to pass upon the
application, while giving full effect to the adjudication ofthe Supreme Court.
The present control of the Central Pacific by the Southern Pacific is
unlawful and, pursuanl to the mandate of the Supreme Court, must be
brought to an end by terminating the present lease and transforming the
present illegal ownership of stock into a lawful ownership. The Court
directed an apportionment as between the two carriers of the several
terminal lines and cut-offs leading to San Francisco Bay which were constructed or acquired during the unified control of the two systems or, in
the alternative, that appropriate provision be made in the final decree for
their joint or common use. A like course was directed with respect to the
lines extending from San Francisco Bay to Sacramento and to Portland,
Ore. This establishes the status of the Central Pacific and Southern
Pacific lines for the purposes of this proceeding. It is our duty to determine
whether two such separate competing systems would be able to function
better in the public interest than a unified system brought about in the
manner proposed by the applicant.
Another question of importance remains to be Considered before we pass
to the consideration of the proposal for unified operation and control. In
the course of the opinion of the Supreme Court to which reference has been
made it is stated: "In our view the lease for 99 years by the Central Pacific
to a rival and competitive company could not legally be made without
authorization by Federal legislation. In the absence of such action the
Central Pacific has not the corporate capacity to make the lease."
The court was speaking of the Central Pacific RR., which was the predecessor of the present Central Pacific, and which was organized in California. The present Central Pacific is a creature of the State of Utah, and
has the authority of the laws thereof and of the States in which it operates
to make the proposed lease. It appears, however,that at the time the lease
which was before the court was executed the California company was
authorized under the laws of California, at least, to enter into such an
agreement. At all events, the court finds that authorization by Federal
legislation is necessary, and its subsequent remark as to the lack of corporate capacity of the Central Pacific must be regarded as relating to the
necessity for Federal authority. It is provided in paragraph (2) of section 5 that "the Commission shall have authority by order to approve and
authorize" such acquisitions of control as we may find to be in the public
interest; and by paragraph (8) of that section the carriers affected by such
order are relieved from all restraints or prohibitions by law, State or Federal.

a

FEB. 17 1923.]

THE CHRONICLE

687

so far as may be necessary to enable them to do anything authorized or Southern Pacific Co. of the Central Pacific the five conditions set out•
required by the order. Whether or not the provisions of paragraph (2) above. We think also that these conditions will so correct and remove
alone may be regarded as constituting a grant of authority to a carrier any suppression of the normal flow of traffic over the Ogden route that
affected by our order to perform an act for which no other authority is the public interest generally will adequately be protected; and that they
claimed, it seems to us that the provisions of paragraph (8) were intended will bring about, in connection with transcontinental traffic, a situation
by Congress to remove all active restraints by law and grant authority so as favorable to the public from a traffic and service standpoint as though,
far as necessary to enable the carriers affected by our order to do anything the Central Pacific were to remain free from Southern Pacific control.
authorized or required thereby. In Pennsylvania RR. Co. vs. St. Louis, The acquisition of control as proposed, subject to these conditions, will also
Sec., RR. Co., 118 U. S.. 290, 309. cited by the Supreme Court in connec- prevent the evils already adverted to, as inc:dent to separation.
tion with the proposition under consideration, it was said, after a review
The extent of the control asked by the Southern Pacific Co.of the Central
had been made of the authorities: " * * * We think it may be Pacific Ry. in the application is as follows: (a) By lease until Dec. 31
stated, as the just result of these cases and on sound principle, that unless 1984, subject to termination
by our order if when found by us to interfere
specially authorized by its charter, or aided by some other legislative action, with the consummation of the final plan of
consolidation when promulgated
a railroad company cannot, by lease or any other contract, turn over to under Section 5 of the Inter-State Commerce
Act as amended; and (b)
another company,for a long period of time,its road and all its appurtenances by ownership of all of
the outstanding capital stock of the Central Pacific
the use of its franchises and the exercise of its powers. * a *"
Ry. during the continuance of such lease. We deem it in the public interThe court thus recognizes that the necessary authority may be supplied est that the applicant should
be restricted from voluntarily disposing of
not only by the charter of the corporation, thus granting specific authority, the capital stock of the
Central Pacific Ry. without our approval, and
but by "other legislative action." We are of the opinion that the present further, that the lease
should by its terms become null and void and of no
impediment to the lease by the Central Pacific of its lines is such a restraint effect if and when
the control herein sought is found by us to interfere
as has been removed by paragraph (8) of section 5 as to carriers affected with the
consummation cf such plan of consolidation.
by our order of approval and authorization. Even if the question were
The question has been raised as to whether an acquisition of control
doubtful, we should consider it our duty to proceed with a consideration under the
circumstances proposed amounts to a consolidation of the carof the unification plan upon its merits. We are an administrative body riers concerned
"into a single system for ownership and operation," as
charged with the determination of the public interest. Any order we may
to which type of control we have no jurisdiction under Paragraph (2) or
make herein is subject to review upon the question under discussion.
5. We have given consideration to the question and find that an
The hearing held upon the application extended over several weeks, and acquisition and
find that an acquisition of control consummated as proposed
a voluminous record has been made. The salient features thereof have
and exercised subject to the conditions to be imposed by our order herein,
already been outlined. It may be taken as established that the Central
dces not involve the consolidation of such carriers into a single system
Pacific Ry. between San Francisco and Ogden, and the Union Pacific RR.
for ownership and operation. It is not enough to constitute such a conbetween Ogden and Omaha, Neb.,and Kansas City, Mo., with the Eastern
solidation that the carriers or their properties be consolidated Into a single
connections of the latter road,form a system of transportation which affords
system for operation, or for management, or for management and operthe most direct and normal route for a large volume of traffic between the
ation, but it must also appear that they are consolidated for ownership.
East and the West. The same may be said also of the Southern route
Since each of the carriers will retain its corporate identity and the legal
over the Southern Pacific lines. In contrast, the Southern Pacific and Centitle to its property, no consolidation of the kind defined by the statute
tral Pacific lines running north and south in California and Oregon with
will result.
their branches afford, generally speaking,a service of an essentially different
Upon the whole record we find that the acquisition of control of the
character, consisting Of heavy local passenger and freight service and the
Central,Pacific by the Southern Pacific Co.. by lease and stock ownership
gathering and delivery offreight for the transcontinental carriers with which
as asked in the application, will be in the public interest, provided that the
such linos connect. The latter element of the service thus performed is
foregoing terms and conditions be imposed up In such control and the
as valuable and necessary in the maintenance of present standards of service
exercise thereof, and said terms and conditions are hereby imposed and the
on the Ogden route as it is to the southern route. From this point of view,
the use by the Central under unified management of Southern Pacific lines Southern Pacific Co. is directed to oberve the same so long as such contro
shall be exercised by it pursuant to our authority.
for gathering and delivery of freight is as important to the Central as the
corresponding use made by the Southern of Central lines is to the Southern.
The record justifies the conclusion that separate operation of the Central
Executive Committee of Association of Railway ExecuPacific lines will disrupt existing routes and service in California
and
between that State and adjacent States, and except to the extent
tives to take up Broad Study of Transit Situation.
that
the rupture may be mitigated by apportionment of particular
lines and
At a meeting of the Executive Committee of the Association
provision of the joint or co-ordinated use of others by the respective
carriers, will render Impossible the continuance of much
valuable trans- of Railway Executives held in Washington, D. C., on Feb.9,
portation service now conducted over the Central Aacific and
Southern the plan of the Chamber of Commerce of the United States to
Pacific lines without regard to corporate ownership. Such
separation enter upon a broad study
of the transportation situation,
will result to an indeterminate extent in increased cost of
operation and
duplication of capital investment in railroad facilities and increased
cost including the relation of the railroads to motor transport
of transportation. . . .
and inland waterways, was considered and a resolution was
It remains to be considered whether these evils can be lessened
or removed adopted assuring the Chamber of the earnest co-operation of
altogether by tho apportionment of particular lines to one
carrier or the
other, or by providing for the joint or common use of lines
strategically the executives in the work it had undertaken and of all the
located. In the decision of the Supreme Court. it is directed
that the aid and assistance possible.
The railroads will generously
decree severing tho present control shall provide for
such apportionment, co-operate with the
Chamber in developing the investigation
or the joint or common use, of the several terminal
lines and cut-offs
leading to San Francisco Bay which have been
constructed or acquired and study. The recent decision of the Inter-State Commerce
during the unified control of the two systems, to
the end that both com- Commission in respect to mileage books at a reduced rate
panies may have such full, convenient, and ready access
to the bay and was considered
and discussed and the concensus of opinion
to terminal facilities thereon that each company will
be able freely to
compete with the other, to servo the public efficiently, and
to accomplish of those present at the meeting was that the railroads should
the purpose of the legislation under which it was
constructed.
move for a re-hearing before the Commission for the purpose
A like course was directed with respect to the
lines extending from of submitting to it further considerations relative
to the
San Francisco Bay to Sacramento and to Portland. The
decree accomplishing this purpose has not been entered, but we have
considered the matter. Other matters were of a routine nature.
various ways in which the directions of the Supreme Court might be
effected. We entertain no doubt that such arrangement would be
practicable, and we aro of the opinion that if the two companies entered fairly Losses of $1,800,000,000 to Government
During War
into the spirit of the Supreme Court's mandate, many of the
disadvantages
Time Operation of Railroads.
to which we have alluded as arising out of separation would be
eliminated
or mitigated. On the whole, however, we are convinced
According to a report transmitted to Congress by James C.
that even if
everything of this nature which can be done were done, the result
would Davis, Director-General of Railroads, and transmitted tobe more expensive and less efficient and satisfactory service
than can be
rendered under unified control. The two systems would
be weakened Congress by President Harding, losses sustained by the Govboth financially and from the standpoint of service. In the
course of ernment from war-time operation of railroads and its aftertime this situation might find partial remedy, but in many
respects no math of earnings
guaranties and damage settlements will
remedy would be possible.
We are thus brought to the consideration of whether it
is possible to total approximately $1,800,000,000. It is stated that not only
authorize the proposed acquisition of control subject to conditions
which does the amount come within Congressional appropriationswill remove the opportunity otherwise existing in the Southern
Paefic
to restrict competition or f,ttor the free and normal flow of inter-State already made, but there will also be a return to the Treasury
traffic by reason of its control of two competing trans-continental
routes, of about $400,000,000 in cash and railroad securities. Assoand will adequately protect the rights of the Union Pacific and all interests
ciated Press accounts from Washington Feb. 3 regarding
of the public under the Pacific Railroad Acts. On Jan. 3
1923 before
the report said:
arriving at any conclusion, on suggestion to us by parties before
us, we
sent a memorandum to persons who had intervened or filed
appearances
Mr. Davis's estimates are based on the showing actually made in liquidain tho proceeding, requesting that expression be made regarding
the tion of accounts between the Government and corporate owners of SO%
arrangement to be sanctioned and required in case the
decision of the of the railroad mileage which the Government took over. Most of theCommission should be favorable to the applicant's proposal,
and asking settlements yet to be made are expected to result in payment to the Governfor specific consideration of the effect of an order of approval made subject ment in
either cash or securities.
to the conditions [as given above].
Accounting in connection with the Government operation has goneWe have received replies from practically all of the irterveners.
. . • through three phases, and involves the Inter-State Commerce Commission
Practically no objection was made to the conditions themselves,
but as well as the Railroad Administration. Losses in direct operation of thecertain interveners suggested that other
elements of public interest should roads and In the later settlement
of capital investment and other claims, as
be safeguarded by additional conditions. .
now practically completed by Director-General Davis.are expected to reach
The Western Pacific RR. has withdrawn its request that our order con- a total of
$1,250,000,000. To this is added a sum of between $525.000,000
tain a provision requiring tho Southern Pacific to enter into arrangements and 9600.000,000
which has been or will be paid by the Commission to
for additional through routes ard joint rates with lines of railroad competi- short line railroads
and to Class 1 carriers. This last amount includes paytive with the lines now owned by the Central Pacific Ry.
ment urder tne guaranty given the roads by Congress of earnings during
By virtue of the Pacific Railroad acts the Union Pacific and Central the six months of 1920
Just after the Government relinquished the properPacific have certain reciprocal rights, including the right to co-operation ties.
in the establishment and maintenance via the Central Pacific-Union Pacific
A remarkable scaling down in claims originally made by the roads against
route of through train service and joint rates reasonbly necessary to meet the Government is shown
by Mr. Davis's report, which marks the begincompetition by other routes, and to co-operation in other respects, to the ning of the end of the
entire venture. To date the roads have demanded
end that the lines of said companies shall no operated and used as one con- $952,642.068 on grounds of undermaintenance, damages, loss of
invennected, continuous line. We think that the rights of the Union Pacific tory and for other reasons. Up
to Dec. 31 final adjustment had been made
and all interests of the public under the Pacific Railroad acts may be pro- with corporations which sought $731.921.814 of that total, the
Governtected by imposing upon the acquisition and exercise of control by the ment having paid out a net amount of
only $171.815,541. Mr. Davis ex-




688

THE CHRONICLE

pects the balance of unadjusted claims, amounting to $220.720,253, to be
closed out by October, without any additional expenditure.
Although much litigation was feared only one road has so far taken the
Director-General's decision in court, It was added. One factor pointed out
by Mr. Davis as facilitating the settlements has been the ability of the railroad administration to pay cash to carriers willing to accept an award.
Government funds for these operations in part were derived from sale of
equipment trust securities amounting to $274,000,000, which were left on
the Director'General's hands but subsequently became desirable to private
investors.
"I believe it may be confidently predicted," Mr. Davis's report stated,
"that there will be not to exceed a half dozen carriers unable to agree
with the Government in arriving at a final adjustment. From the financial
showing it is quite evident that no further appropriations will be required
to complete this liquidation in every particular, and it may be anticipated
with some confidence that, after all liabilities of the Government, of
whatsoever nature arising out of Federal control, have been liquidated,
the railroad administration can return to the Treasury in collectible obligations of solvent companies and unexpended appropriations an amount
aggregating about $400,000,000."
Maintenance of the railroad administration organization which has
checked the railroad claims and accountings in the settlements cost the
Government last year in pay-roll expenditures $3,110,000, Mr. Davis remarked, "but has resulted in the sairing of many hundreds of millions of
dollars to the Government. The number of its employees," he added,"can
now be rapidly reduced."

-S. C. Commission Decides Southern Pacific Can ExI.
tend Steamship Service to New England Ports.
A decision was handed down by the Inter-State Commerce
Commission on Feb. 2 granting to the Southern Pacific Railroad permission to increase sailings of its steamship service
between Galveston and New Orleans and New York to nearly
all New England ports and ports on the Gulf of Mexico west
of New Orleans. Increased service, the Commission held,
will be of advantage to commerce and will not tend to ex-S.
clude competition of independent waterlines. The I. C. C.
authorized the Southern Pacific to operate its Atlantic
Steamship Lines between New York and Sabine Pass, Texas
City, Freeport, Houston and Orange, Tex., and between the
North Atlantic ports of Portland, Me.; Boston, Fall River
and New Bedford, Mass.; Providence, R. I.; Philadelphia
and Baltimore, and New Orleans and Galveston, Tex., as
well as the Gulf ports named above. An exception to the order prohibits service from Philadelphia to Houston by the
Atlantic Steamship Lines, but not from Houston to Philadelphia.
Application for the permission granted was made by the
Southern Pacific Co. under the Panama Canal section of the
Inter-State Commerce Act, prohibiting railroad ownership
of boat lines except under certain conditions, to be determined by the Interstate Commerce Commission. Under previous orders, the Commission permitted the Southern Pacific to own the Atlantic Steamship Lines operating between
New York and New Orleans and between New York and Galveston, Tex. The case was reopened to determine whether
or not the steamship line could give additional sailings not
in existence when the previous orders were granted. Opposition to the application was made by the Mallory Steamship
Co., Southen Steamship Co., Clyde Steamship Co., New York
& Cuba Mail Steamship Co., and New York & Porto Rico
Steamship Co., all or a substantial portion of the capital
stock of which is owned by the Atlantic, Gulf & West Indies
Steamship Lines, and the Luckenbach Steamship Co., United
American Lines and the Gulf & Southern Steamship Co. In
Its decision the I.-S. C. C. said:
"These companies contend that the applicant seeks authority to install a
new service," the Commission said, "and that the paragraph of the Act
which provides that we may extend the time during which service by water
may be continued if such service is operated in the interest of the public and
is of advantage to the convenience and commerce of the people, does not
grant authority to install a new service. It is, therefore, urged that if we
find that the proposed service is a new service and that in that service the
applicant does or may compete with the all-rail routes in which applicant
participates, the application must be denied, whether in the interest of the
public or not."
"During the Spanish-American War and later during the World War,"
the Commission said,(Southern Pacific Co.) "its fleet continued to perform
its duty to the public by maintaining regular coastwise service while the
service of other coastwise lines was either discontinued or curtailed to engage In more profitable business."
Practically the only competition which the A. G. W. I. Lines encounter
between North Atlantic ports and Gulf ports is that of the applicant between New York and Galveston and New Orleans, The President of the
Mallory Line, who is also a director of the A. G. W. I. and the Southern
Steamship Co., testified that his appearance was not prompted by fear of
competition,.as his companies enjoyed harmon ous working relations with
the applicant and had always found its competition fair.
The Mallory Line entered the service between New York and Galveston
before the applicant, and the witness stated that if the Southern Pacific
Steamship Line had not been backed by a railroad it would not have been
there a year. The annual report of the A. G. W.I. to its stockholders for
1920 shows 78 ships in operation and 10 new vessels building, or nearly four
times the feet capacity of the applicant, and assets aggregating over 3100,000,000, of which approximately 824,500.000 represents accumulated surplus and $8,000,000 reserve.
"The purpose of the Panama Canal amendment to the Act was not to forbid railroad ownership, operation or control of steamship lines, but to forbid the use ofsuch ownership or control in such a manner as to restrict move-




116.

ment of inter-State commerce in the interest of the railroads' competing ral
lines. Such a condition is not here presented. The authority sought, instead of restricting steamship service, would provide a service in some instances where none now exists; and where there is now service would create
rather than reduce or prevent competition on the route by water."

In a dissenting opinion, in which Commissioner Campbell
concurred, Commissioner Eastman differed with the majority construction of the law, declaring that the action of the
majority exceeded the Commission's authority and were it
lawful would be contrary to the public interest. As he
viewed the case, it involved the establishment of new service
which he said the law prohibited. Commissioner Potter
also dissented but wrote no opinion.
Railroad Guaranty Fallacy Exposed by Wm. Sproule,
President of Southern Pacific Company.
Neither the Transportation Act of 1920 nor any other law,
State or Federal, guarantees any income whatever to the
railroads, William Sproule, President of the Southern Pacific Co., pointed out in an address before the American National Live Stock Association, which held its 26th annual
convention in Los Angeles in January. "There is no guaranty that any railroad shall earn even 1%," said Mr.
Sproule. He showed that the Transportation Act of 1920
"merely makes a declaration that to a certain percentage
(fixed by the Inter-State Commerce Commission at 5%%
on the value of the physical property used for transportation
purposes), if any railroad happens to earn to that point, it
will not be considered in excess of a reasonable return."
Stocks and bonds of railroads have nothing to do with the
figure upon which they are permitted to earn a reasonable
return, if they can, under economical and efficient management, Mr. Sproule said. A railroad may have outside properties, but unless the property is actually devoted to railroad
business it is not considered in fixing a valuation upon which
a reasonable return is permitted, the railroad President
showed. Mr. Sproule reviewed briefly the war-time experiences of the railroads under which they were loaded with
increased operating expenses with which they are still
largely burdened. He referred also to the collapse in business generally that followed the war. He continued:
Gradually this country, with the capacity for survival and revival that
belongs to a now and glorious and progressive nation, has come up until
to-day your Chairman informs you that the cattle business is coming
Into its own again. The railroad business is gradually coming along
until we are in hopes—but so far it is only in hopes—that it too will come
into its own again.
But in the meantime it is proper that I should say to you that the increase
In our operating costs has been so great and the Increase in taxation has
been so groat that it is impossible for the railroads to make substantial
reductions or for the authorities of Government to produce substantial
reductions in the freight and passenger rates of this country, unless we
are to give the country a new set-back in which your business would share
as well as our own.
All the phases of our national life prove to us that we progress together,
we go back together, we fail together. There is no such thing in this
country as class success; there is no such thing as the success of one industry when the others are floundering, unless under tho abnormal conditions created by war.

After referring to some of the problems of the cattle industry, Mr. Sproule pointed out that the carriers' interest is
not in the management of such industries, but in supplying
the best and most efficient transportation service. In conclusion he said:
We can both settle down to a basic fact, that neither can flourish unless
upon the basis of reasonable returns and as we accord to you that right
we simply ask you to accord to us that basic right. We do not expect
any guaranty for the returns in yours, but we can all work to the common
basis of creating that state of efficient service and of justice in the public
mind which will reward good service with just returns.

Time for Filing Corporation Tax Returns Extended to
June 15.
The time for filing final returns of domestic corporations
for the calendar year 1922, the fiscal year ended Jan. 31 1923
and the fiscal year ended Feb. 28 1923, has been extended to
June 15 1923, inclusive, according to an announcement made
by Commissioner of Internal Revenue Blair on Feb. 6. The
extension of time, which is granted under the authority of
Section 227 of the Revenue Act of 1921, is conditional upon
the filing of tentative returns with the proper collector of internal revenue on or before Mar. 15, Apr. 15 and May 15 1923,
respectively, accompanied by at least one-fourth of the estimated amount of tax due, together with a statement setting
forth the reason why the return cannot be completed within
the prescribed time and a formal request for an extension.
Any deficiency in the first installment as determined upon
submission of the final return will bear interest at the rate
of 6% per annum from Mar. 15, Apr. 15 or May 15 1923, respectively. The text of the order is as follows:

FEB. 17 1923.]

THE CHRONICLE

(T. D.3434.)
Extension of time until June 15 1923 of the final date for filing returns of
domestic corporations. Form 1120 for the calendar year 1922, the fiscal
year ended Jan. 31 1923. and the fiscal year ending Feb. 28 1923.
Under the authority of Section 227 of the Revenue Act of 1921, a general
extension of time is hereby granted domestic corporations up to and including June 15 1923, for completing returns of income for the calendar year
1922, the fiscal year ended Jar. 311923. and the fiscal year ending Feb. 28
1923, conditional upon the filing of tentative returns with the proper
Collector of Internal Revenue on or before March 15, April 15
and May 15
1923, respectively, accompanied with at least one-fourth of the
estimated
amount of tax due together with a statement setting forth
the reason why
the return cannot be completed within the prescribed time, and
a formal
request for the extension.
Tentative returns submitted in accordance with the foregoing
should be
on Form 1120,on which should be written plainly across the face
"Tentative
Return." Only the name and address of the taxpayer
and the estimated
amount, if any, of the tax due need be stated.
Any deficiency in the first installment as determined upon
submission
of the final return will bear interest at the rate of
6% per annum from
March 15, April 15, or May 15 1923, respectively.
D. H. BLAIR, Commissioner of Internal Rerenue.

689

tory notes should communicate with the collector of the district in which
the taxes are payable and request from him authority to deposit such notes
with the Federal Reserve bank in the city in which the notes are held.
Collectors are authorized to permit deposits of uncalled 411% Victory
notes in any Federal Reserve bank with the distinct understanding that
the Federal Reserve bank is to issue a certificate of deposit in the collector's name covering the amount of the uncalled 4)1% Victory notes at
par and to state on the face of the certificate of deposit that the amount
represented thereby is in payment of income and profits taxes. The Federal Reserve bank should forward the original certificate of deposit to
the Treasury of the United States. with its daily transcript, and transmit
to the collector the duplicate and triplicate, accompanied by a statement
giving the name of the taxpayer for whom the payment is made in order that
the•collector may make the necessary record and forward the duplicate
to the office of the Commissioner of Internal Revenue.
6. Victory notes in registered form are not acceptable in payment of
income and profits taxes under this decision. Holders of registered uncalled 411% Victory notes, however, may exchange them through the Federal Reserve banks for coupon notes in accordance with the general regulations of the Treasury Department, and may, in accordance with this decision, present the coupon notes thus received in exchange in payment of
income and profits taxes, provided, however, that such exchange is completed and tender made on or before Mar. 15 1923.
7. This Treasury decision supersedes '1. 13. 3281 of Feb.7 1922.
D. H. BLAIR.
Commissioner of Internal Revenue.
Approved Jan. 26 1923:
A. W. MELLON, Secretary of the Treasury.

Income and Profits Taxes—Instructions as to Accept3
ance of Uncalled 44% Victory Notes for Taxes
Payable March 15.
On Jan.26 D.H.Blair, Commissioner of Internal Revenue
,
issued the following instructions relative to the acceptance of
uncalled 43 % Victory Notes in coupon form for income and Income Taxes—Claims for Refunds on 1917 Returns
4
Must be filed by March 1923.
profits taxes payable March 15 1923:
During the last few years, it is claimed, over $500,000,000
IT. D. 3432.)
have been erroneously paid to the Government by taxpayers.
TREASURY DEPARTMENT.
This makes the question of refunds a very important one,
Office of Commissioner of Internal Revenue.
especially in the case of the 1917 returns, the time limit on
Washington, 13. C.
To Collectors of Internal Revenue and Others Concerned:
which expires on Mar. 15 1923. The subject is comprehen1. Collectors of Internal revenue are authorized and directed
to receive
at par any uncalled 4/4% Victory notes in coupon
form, bearing the dis- sively discussed in Robert H. Montgomery's standard mantinguishing letters. G. H. 1, J. IC, or L, prefixed
to their serial numbers, ual—"Income Tax Procedure-1923," which says:
In payment of income and profits taxes payable

on Mar. 15 1923. The
notes must have the May 20 1923 coupon attached;
but all other coupons
must be detached and collected in ordinary course.
The amount, at par.
of the uncalled 4,i% Victory notes thus
presented by any taxpayer in
payment of income and profits taxes must
not exceed the amount of the
taxes to be paid by him, and collectors shall in
no case pay interest on the
notes or accept them for an amount other
or greater than their face value.
Accrued interest on the notes accepted, from
Dec. 15 1922 to Mar. 15
1923, will be remitted to the taxpayer by
the Federal Reserve bank with
which the collector makes his deposits on
the basis of schedules furnished
by the collector. Receipts given by collectors
to taxpayers should show
the amount and description of the notes
received in payment of taxes.
The term "Federal Reserve bank," where it
appears herein, unless otherwise indicated by the context, includes
branch Federal Reserve banks.
Registered Victory notes of any series, and
coupon Victory notes of either
the 33 % series or the Of% series called for
4
redemption on Dec. 15 1922.
bearing the distinguishing letters A,D,C,P.E,
or F, prefixed to their serial
numbers, are not acceptable hereunder in
payment of income or profits
taxes.
2. Deposits of Victory notes received in payment
of income and profits
taxes hereunder must be made by collectors,
unless otherwise specifically
Instructed by the Secretary of Treasury, with the
Federal Reserve bank
of the district in which the collector's head office is
located, or in case such
head office is located in the same city with a branch
Federal Reserve bank
with such branch Federal Reserve banks, specific
instructions may be
given to collectors by the Secretary of the Treasury
in
deposit with Federal Reserve banks of other districts special cases for
or branch Federal
Reserve banks. Uncalled 41j% Victory notes may
be accepted hereunder by collectors prior to Mar. 15 1923, and
in that case should be
forwarded by the collector to the Federal Reserve
bank or branch Federal
Reserve bank to be held for account of the collector
until Mar. 15 1923,
and for deposit on such date.
3. Uncalled 414% Victory notes accepted hereunder
should in all cases
be indelibly stamped by the collector on the
face thereof as follows, and
when so stamped should be delivered to the
Federal Reserve bank in person
If the collector is located in the same
city, and In all other cases forwarded
by registered mail uninsured:
This note has been accepted in payment
of income and profits taxes and
will not be redeemed by the United
States except for credit of the undersigned.
Collector of Internal Revenue
district of
Each unmatured coupon attached to
each such note must be indelibly
stamped across the face by the collector
with the word "Paid", followed
by his name and title.
4. Collectors should make in
tabular form a schedule in duplicate of
the uncalled 4 3-1 03 Victory notes to
7,
be forwarded to the Federal Reserve
bank, showing the face amount
transmitted, the serial number of each
note, the denomination, and the
name and address of the taxpayer presenting the note. Notes accepted prior
separately, and Victory notes should to Mar. 15 1923, must be scheduled
in all cases be scheduled separately
from Treasury certificates of indebtedne
ss. At the bottom of each schedule
there should be written or stamped."Income
and Profits Taxes$
which amount must agree with the
total
One copy of this schedule must accompany notes shown on the schedule.
sent to the Federal Reservo bank, and the other be retained by the
collector. The income and
profits tax deposits resulting from the deposits
of such notes must in all
cases be shown on the face of the certificate of
deposit (National Bank
Form 15) separate and distinct from the items of
miscellaneous internal
revenue collections (formerly called ordinary). Until
certificates of deposit
are received from the Federal Reserve banks, the amounts
represented by
the Victory rotes forwarded for deposit must be carried
by collectors as
cash on hand or in banks, and not credited as collections
, as the dates
of certificates of deposit determine the dates of collections
.
5. For the purpose of saving taxpayers the expense
of transmitting
such notes as are held in Federal Reserve cities or Federal Reserve
branch
bank cities to the office of the collector in whose district
the taxes are payable, taxpayers desiring to pay income and profits taxes
by uncalled Vic-




for the

An appeal to the Commissioner in the form of a claim for refund is the
first step in seeking relief by a taxpayer. If the Commissioner delays action
on the claim for refund, suit may be brought against the Collector after six
months, without awaiting the Commissioner's decision. Section 1318
amends Section 3226 of the Revised Statutes to read as follows:
"Section 3226. No suit or proceeding shall be maintained in any court
for the recovery of any internal-revenue tax alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have
been collected without authority, or of any sum alleged to have been excessive or in any manner wrongfully collected, until a claim for refund or credit
has been duly Hied with the Commissioner of Internal Revenue, according to
the provisions of law in that regard, and the regulations of the Secretary of
the Treasury established in pursuance thereof. No such suit or proceeding
shall be begun before the expiration of six months from the date of filing such
claim unless the Commissioner renders a decision thereon within that time,
nor after the expiration of five years from the date of the payment of such
tax, penalty or sum."
This section shall not affect any suit or proceeding instituted prior to the
passage of this Act, but shall apply to all suits and proceedings instituted
after the passage of this Act, whether or not barred by prior Acts of Congress.
For instance, if taxpayers file claims for refund four years, six months
and one day after the day the tax was paid and the Commissioner does
not
render a decision within six months, suits cannot be instituted. No suit can
be instituted "after the expiration of five years from the date of the payment of the tax."
Since the Treasury is experiencing difficulties in clearing up claims within
the five-year limit, taxpayers should be careful not to permit the period
to
expire before instituting suit.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
William C. Lane, Vice-President and director of the
Guaranty Trust Co. of New York, died on Feb. 9 after an
illness of more than a month. Bronchial pneumonia was
the direct cause of his death. Mr. Lane attained early
success in the cattle raising business in the West. Soon
after coming East, he organized the Standard Finance &
Trust Co., out of which the Standard Trust Co. was formed
in the early nineties. Mr. Lane became President of the
Standard, and when it was merged with the Guaranty Trust
Co. in 1911 he became Vice-President of the latter company
,
in which capacity he served until his death. In
addition to
his connection with the Guaranty Trust Co.
Mr. Lane was a
director or officer of the following banks and corporati
ons:
Alabama Great Southern RR. Co., Asia Banking Corporation, Chicago Junction Railways an Union Stock Yards
Co., Electric Bond & Share Co., Electrica Securitie Cors
l
poration, Greeley-Hudson Securities Corporation, Hudson
Companies, Standard Safe Deposit Co. of New York, Union
Dime Savings Bank, Virginia & Southwestern Railway Co.,
Bankers & Shippers Insurance Co.

Percy H. Johnston, President of the Chemical National
Bank of New York, was a guest at the annual Gridiron
dinner held in Washington on Feb. 10.
At a meeting of the Board of Trustees of the Fulton Trust
Co. of this city on Feb. 15, the resignation of H. H.
Cam-

690

THE CHRONICLE

mann, Vice-President of the company, since its organization,
was accepted with regret, and the following were elected:
Charles M. Van Kleeck, Vice-President to succeed H. H.
Cammann; Arthur J. Morris, Second Vice-President to
succeed Charles M. Van Kleeck. The following appointments were made: P. W.Shepard, Secretary; John A. Mack
and Harold P. Spurr, Assistant Secretaries.

[VOL. 116.

of $36,997. The officers are: President, Robert L. Chamberlain; Vice-Presidents, John D. Chapman and Ralph E.
Bruch; Vice-President & Secretary, Robert M. Wilcox;
Treasurer, William H. Brettman; Assistant Treasurer,
Albert F. Rippel, Assistant Secretary, A. B. Stanton, and
Auditor, Arthur G. Child.

A payment of $50 per share, payable March 12 1923 on
certificates of beneficial interest of the Columbia Trust Co.,
has been authorized and will be made by Irving BankColumbia Trust Co. as Trustee.
Jesse Lederer has been made a Vice-President of the
new Trade Bank of New York, which opened on Dec. 18
1922. The bank is located at 249 West 34th St. It has a
capital of $200,000 and surplus of $100,000—the stock (par
$100) having been disposed of at $150 per share. The officers
of the bank are, Karl Schenk, President; Isidor Herz, Josseph Roth, Nathaniel Faeder, Jesse Lederer, Vice-President,
and Henry L. Schenk, Cashier. The bank was organized
by Mr. Schenk who was formerly First Vice-President of
the American Union Bank. The bank has about 125 stockholders, among whom, it is stated, are, Samuel Rosenthal
of the Big Six & Monroe Clothes Shop; Simon J. Steiner of
Jos. Steiner & Bro., wholesale furriers; Victor Price of the
New York Merchandise Co; Louis Price of the French
Kreme Co.; Leo L. Doblin, Commission Merchant, and
Emil Lederer, Director Passenger Traffic of United American
lines. There are 18 directors, including Simon J. Steiner,
Robt. P. Zobel of the Brunswick Realty Co.; Wm. J. Rosenberg of the Consolidated Trimming Co., and Edmund
Swartz of the Yorkshire & Quinopoxet Worsted Mills. The
bank's deposits in less than two months reached close to
$1,000,000, we are informed.

A final dividend of 3% is now being ,paid to properly
accredited creditors of the defunct Atlantic National Bank
of Providence, which closed its doors on April 14 1913.
This payment makes the closing of the trust, it is said, and
makes a total of 85% in dividends received by the creditors
on their claims.
George P. Rea, formerly a partner of the investment firm
of Victor, Hubbell, Rea & Common, has been appointed
manager of the investment department of the Fidelity Trust
Co. of Buffalo, N. Y. Mr. Rea has been in the investment
business since his graduation from Cornell University eight
years ago. He has been connected with the securities department of the Guaranty Trust Co. of New York and with
Kean, Taylor & Co., investment dealers. During the war
he served overseas as machine gun captain and commanding
officer of Company B in the 308th Machine Gun Battalion.
The Fidelity's investment department has grown rapidly
during its three years of existence.

William E. Tuttle Jr., State Banking and Insurance
Commissioner of New Jersey, died on the 11th inst. He
was fifty-three years of age. He was elected to Congress
from the Fifth Congressional District of New Jersey in 1910
and re-elected in 1912. In 1915 he was appointed by President Woodrow Wilson as the'Commissioner from the United
States to the National Exposition of Panama. When
United States Senator Walter E. Edge was Governor of
New Jersey in 1918 he named Mr. Tuttle as a member
Bank of the State Board of Conservation and Development.
An application to organize the Flatbush National
I. Edwards in 1921 appointed him to the
of Brooklyn, in New York, N. Y., has been approved by Governor Edward
Currency. The bank is to have a office of State Commissioner of Banking and Insurance.
the Comptroller of the
capital of $200,000 and surplus of $50,000. The par value
Application has been made to the Comptroller of the Curof the stock is $100 per share; the stock is being disposed of
at $125, thus providing a surplus of $25 per share. Jerome rency for permission to organize the Brick Church National
Thralls, Vice-President of the Discount Corporation of Bank of Orange, N. J., with a capital of $100,000. The new
New York, at 52 Wall St., is the principal in the movement. bank will represent a conversion of the Trust Co. of Orange,
Officers of the bank have not yet been chosen, nor has the N. J.
date on which the bank will open been fixed as yet.
Judge Rellstab in the Federal Court at Trenton, N. J.,
handed down by the Court of Appeals at on Feb. 2 sentenced Edward Voorhees, former Cashier of
By a decision
Englishtown, N. J., and James
Albany on Jan. 30 the depositors of the defunct Union Bank the First National Bank of
institution,
, which failed in 1910, lost their test case, the R. Smith, former Assistant Cashier of the same
of Brooklyn
the State Court of Claims, to ten years and seven years, respectively, in the Federal
Court affirming the judgment of
to a press dispatch from
which held that the State was not responsible for the losses Penitentiary at Atlanta, according
depositors of that bank. Mrs. Jennie Trenton on that date to the Philadelphia "Record." Both
suffered by the
to charges of embezzling
Sherlock brought the action against the State. The Brook- men entered pleas of "guilty"
Nain its issue of Feb. 1 had the following to say $76,024 of the bank's funds. On Nov. 29 last the First
lyn "Eagle,"
Bank of Englishtown was closed by national bank
tional
with regard to the matter:
discovery of the shortage, as reported
Thousands of depositors who lost money through the collapse of the examiners upon the
to-day the
-heard with regret
in these columns in our issue of Dec. 9 1922.
Union Bank more than a dozen years ago,
made in their behalf
decision of the Court of Appeals rejecting the claim
losses which were caused by the alleged
that the State reimburse their
the duty of supervising and
negligence of State officials charged with
to their condition. The fight for
examining banks and ctrtifying as
Assistant District Attorney Louis Goldstein
the depositors was led by
passage of a special law permitting the claim to be
and began with the
Claims.
presented before the Court of
full duty in presenting the cause of depositors
"I feel that I have done my
the courts," said Mr. Goldstein to-day, "and
before the Legislature and
of the Court of Appeals."
must bow to the final decision
Court of Appeals was Jan. 15 and the decision
The argument before the
was handed down Jan. 30.

The Mechanics' & Merchants' Bank of Philadelphia, a
new institution whose opening on Dec. 27 was reported in
these columns in our Jan. 13 issue, was closed by Banking
Commissioner P. G. Cameron on Feb. 13 because, he deemed
certain loans made by the institution unsafe, according to
the Philadelphia "Record" of Feb. 14. It is said the bank
may reopen shortly if the above mentioned loans are paid off.
of the Banking Comthese William R. Smith, a representative
of the 'Union Bank in
We last referred to the affairs
mission, is in charge of the bank.
-4-columns in our issue of Dec. 18 1920.

Bank, the Security
The consolidation of the United States
Co. and the Fidelity Trust Co. of Hartford, Conn.,
Trust
Security Trust Co., was
under the name of United States
consummated on Feb. 10, the enlarged institution beginning
the corner of Main and Pearl
business on Tuesday, Feb. 13 at
the proposed consolidation
Sts., Hartford. Reference to
these columns Jan. 6, page 34.
was made in
of Greenwich, Conn.,
On Jan. 20 the Putam Trust Co.
Bank.
h
took over the business of the Greenwic National
business is conducted under the name of the
The merged
deposits of
Putnam Trust Co. On Jan. 20 it reported total
a
8, and total resources of $5,501,727. It has
35,083,17
surplus of $100,000 and undivided profits
capital of $250,000,




A special press dispatch from Holdredge,Neb., on Feb.8
to the Omaha "Bee," reported the closing on that date of the
Citizens' State Bank of that place. The failed institution
had a capital of $52,000. In the spring of 1921 the bank
assumed the liabilities of the defunct Holdredge State Bank.
The stockholders of the Bankers Trust Co. of Knoxville,
Tenn., held their annual meeting on Jan. 23 to elect direcBusitors and hear reports of conditions of the company.
ness was reported as very satisfactory and the officers were
commended for their accomplishments. Following the stockholders' meeting, the directors elected the following officers
for the ensuing year: President, W. B. Townsend; ViceC.
Presidents, J. A. Wallace, H. M. Johnson and H. L.

FEB. 17 1923.]

THE CHRONICLE

Stevens, and Secretary-Treasurer, Walter McCoy. All
the directors were returned, H. L. C. Stevens being added.
Mr. Stevens recently went to Knoxville from Florida to
become the head of the bond and securities department of
the Bankers' Trust Co.

691

Comstock lode of gold and silver, which with the adjacent
mines in Nevada
were the source of some of the greatest of American fortunes,
is, according
to the New York correspondent of the "Times," to be reopened.
For a
quarter of a century they have been neglected owing to the
great cost of
operations.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Jan. 7.
Jan. 15.
Jan. 22.
Notes in circulation
17374
17295
17263
Silver coin and bullion in India
8614
8536
8503
Silver coin and bullion out of India ____
_
Gold coin and bullion in India
2432
2432
2432
Gold coin and bullion out of India --------Securities (Indian Government)
5743
:5743
5743
Securities (British Government)
585
584
585
No silver coinage was reported during the week ending 22d inst.
The
stock in Shanghai on the 27th inst. consisted of about 23,400,000
ounces
in sybee.$31.500,000 and 200 silver bars, as compared with about
22,500.000
ounces in sycee, $31,500,000 and 800 silver bars on the 20th inst.
The
Shanghai exchange is quoted at 3s. Ad. the tael.
-Bar Silver p. or. std.- Bar Gold
Quotations-Cash.
Two Mos.
p. or. Fine.
Jan. 25
32%d.
31 7-16d.
89s. 9d.
Jan. 26
32d.
31 3-16d.
89s. 10d.
Jan. 27
323-16d.
314cl.
Jan. 29
31° d.
31d.
%
90s.
Jan. 30
315id.
31 1-16d.
895. Id.
Jan. 31
31 7-16d.
31 1-16d.
885. 10d. •
Average
31.854d.
31.166d.
898. 6d.
The silver quotations to-day for cash and forward delivery are respectively 1Ad. and Ad. below those fixed a week ago.

The 90th annual statement of the National Provincial &
Union Bank of England,Ltd.(head office London),presented
to the shareholders at their annual meeting on Feb. 1, has
just come to hand. The report, which covers the calendar
year 1922, shows net profits, after providing for all bad and
doubtful debts and rebate' of discount on current bills, and
including a balance of £889,249 brought forward from the
preceding year's profit and loss account, of £2,743,440,
which was distributed as follows: £1,489,507 to pay two dividends at the rate of 16% per annum (not including income
taxes amounting to £390,995); £121,959 transferred to reserve fund; £100,000 contributed to the pension fund, and
£100,000 written off bank premises, leaving a balance of
£931,975 to be carried forward to 1923 profit and loss account. The paid-in capital of the bank is given as £9,309,416, the reserve fund as .£9,000,000, and total resources
as £290,188,155. In August last the report tells us,the busi-,
ness of Messrs. Dingley & Co. of Launceston, Eng., and of
Messrs. Dingley, Pearce & Co. of Okehampton, Eng., was
ENGLISH FINANCIAL MARKETS
-PER CABLE.
acquired, and they are now incorporated in the institution.
The daily closing quotations for securities, &c., at London,
It is further stated that during the year the bank opened
62 as reported by
cable, have been as follows the past week:
new branches and agencies, increasing the total number
of
London,
Feb. 10. Feb. 12. Feb. 13. Feb. 14. Feb. 15. Feb. 16.
offices to 1,074. The firm of Coutts & Co., London (estabWeek ending Feb. 16Sat.
Mon. Tues. Wed.
Thurs.
Fri.
lished in 1692), is affiliated with the National Provincia Sliver, per cm
d 30 11-16 30 15-16 303
30 11-16 30%
30%
l Gold. per fine
ounce
& Union Bank of England, Ltd. This firm has a paid-in
87.9
87.11
88.1
88.1
88
87.11
2%
56%
567,
56%
56%
57
capital of £800,000, with a reserve fund of like amount and Consols,5 perper cents
British,
cents
100%
100% 100%
1003j 100%
total assets of £19,148,624.
British, 434 per cents
96
96
96
96
96
THE CURB MARKET.
Trading in the Curb Market this week was again active
and further substantial improvement was also
noted.
Profit taking at times caused slight irregularity, but
the
undertone continued strong. Standard Oil issues again
commanded attention. Prairie Oil & Gas was an outstandi
ng
feature and on heavy transactions sold up from 236 to
263,
the close to-day being at 258. Standard Oil
(Kentucky)
was also conspicuous for an advance from
953' to 105, the
final figure to-day being 104%. Continental Oil
gained over
73/i Points to 473's. Cumberla
nd Pipe Line advanced from
110 to 1143/ and Eureka Pipe Line from 110
to 1153., the
former resting finally at 113 and the latter at 115.
Ohio
Oil moved up from 773.' to 83% and ends the week
at 833.
South Penn Oil improved from 179 to 196. Southern
Pipe
Line was off from 116 to 110. Carib Syndicate
advanced
from 43 to 63/i and finished to-day at 63.. Gulf Oil of
4
Pa.
sold up from 583j to 67% and at
663. finally. Humble Oil
advanced from 353 to 383 and ends the week at
4
37%.
Mammoth Oil sold down from 553 to 50 and sold finally at
4
50%• In the industrial list Household Products, Inc., was
introduced to trading and advanced from 345 to 36%
,
and
reacted finally to 35%. Cleveland Automobile sold up from
30 to 31% and at 31% finally. Ford Motor
of Canada
gained six points to 420. Glen Alden Coal, after
early advance from 71% to 723, fell to 67, recovering finally
to
3
68%. Shulte Retail Stores sold up from 603j to 67 and
reacted finally to 643 .
4
A complete record of Curb Market transactions
for the
week will be found on page 711.

French Rentes (in Paris), fr_ 58.50
French War Loan(InParis),fr. 76.00

58.70
76.20

58.70
76.25

58.70
75.90

58.30
75.20

58.50
_

The price of silver in New York on the same day has been:

Silver in N. Y., per oz. (ets.):
Domestic
95%
Foreign
63%

Holiday 99%
Holiday 63%

99%
63%

99%
63%

90%
63%

COURSE OF BANK CLEARINGS.
Bank clearings continue to show increase over a year ago.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week eliding to-day, Saturday, Feb. 17, aggregate bank
clearings for all the cities in the United States from which
it is possible to obtain weekly returns will show an augmentation of 15.8% as compared with the corresponding week last
year. The total stands at $7,456,504,935, against $6,436,504,973 for the same week in 1922. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week ending Feb. 17.

1923.

New York
33.296,000,000
Chicago
471,273,978
Philadelphia
355,000,000
Boston
322,000,000
Kansas City
106,862,981
St.
San Francisco
Louisa
123,000,000
Pittsburgh
114,472,225
Detroit
87,851,580
Baltimore
71.070,174
New Orleans
43,154,900
Ten cities, four days
34,990,685,838
Other cities, four days
974,550,110
Total all cities, four days
$5,965,235,948
All cities, one day
1,491,308,987
Total all cities for week
S7 4rs s44 933
a No longer reports clearings. *Estimated.

1922.

Per
Cent.

$2,879,297,957 +14.5
394.505.877 +19.5
293.000.000 +21.2
249,000.000 +29.3
-4.1
111,447,954
a
a
107,100,000 +14.8
-8.4
*125.000,000
70,099,350 +25.3
58,518,909 .+21.4
40,914,172
+5.5
84,328.884,219
820,319.760

+15.3
+18.8

$5,149,203,979
1,287,300.994

+15.8
+15.8

36.436.504.973

+15-8

Complete and exact details for the week covered by the
THE ENGLISH GOLD AND SILVER MARKETS.
foregoing will appear in our issue of next week. We cannot
We reprint the following from the weekly circular of
furnish them to-day, inasmuch as the week ends to-day
Samuel Montagu & Co. of London, written under date
of (Saturday) and the Saturday figures will not
be available
Jan. 31 1923:
until noon to-day. Accordingly in the above the last day
GOLD.
of the week has in all cases had to be estimated.
The Bank of England gold reserve against its note
issue on the 24th inst.
was £125,661,735 as compared with £125,661,280 on the previous
In the elaborate detailed statement, however, which we
Wednesday. A fair amount of gold has been on offer, and a good proportion was
present further below, we are able to give final and complete
taken for India. The Southern Rhodesian gold output
for December 1922 results
for the week previous
amounted to 55,737 fine ounces as compared With 53,255
-the week ending Feb. 10. For
fine ounces for
November 1922 and 55,968 fine ounces for December
that week the increase is 12.8%, the 1923 aggregate of the
1921.
SILVER.
clearings being $7,115,064,427 and the 1922 aggregate
The tone of the market during the week has coincided almost entirely
with the rise and fall of the sterling value of the rupee. Demand from the $6,306,418,749. Outside of this city the increase is 19.2%,
Indian Bazaars is naturally stimulated by the cheapness of sterling as the bank exchanges at this centre having recorded a gain of
expressed in rupees, provided, of course, that up-country inquiry in India only 6.9%. We
group the cities now according to the Fedkeeps good and the price in the Bombay and Calcutta silver markets be
eral Reserve districts in which they are located, and again
maintained. The fact that this week's is the settlement steamer, and also
the last one which is expected to deliver its cargo in Bombay before any the noteworthy feature of the return is that every one of the
official announcement is likely to be made as to an imposition of an import Federal Reserve districts
registers an increase as compared
duty upon silver, contributed to the strength of the demand for immediate with
the corresponding week last year. This is the eighth
delivery. Toward the end of the period under review Indian buying orders
trailed off, and sales began to predominate, with the result that the cash consecutive week that all of the Federal Reserve districts
price fell considerably below last week's closing quotation. The famous have shown increases.
In the Boston Reserve district the



totals are larger by 24.9%; in the New York Reserve District (including this city), by 7.2%; and in the Philadelphia
Reserve District by 17.8%. The Cleveland Reserve District shows an expansion of 23.1%; the Richmond Reserve
District of 24.6%,and the Atlanta Reserve District of 28.7%.
In the Chicago Reserve District the improvement is 22.7%;
in the St. Louis Reserve District 32.3%, and in the Minneapolis District 12.7%. The Kansas City Reserve District
shows a gain of 8.0%; the Dallas Reserve District of 16.0%,
and the San Francisco Reserve District of 22.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

week ending Feb. 11 1923.

1923.

1922.

Inc or
Dec.

$
Federal Reserve Districts.
10 cities 351,718,386 281,505,993
(1st) Boston
9 " 4,010,803,617 3,741,953,091
(2nd) New York
466,854,689 396,457,674
(3rd) Philadelphia__ _ _10 "
347,046,017 281,957,422
10 "
(4th) Cleveland
162,186,428 130,118,047
(5th) Richmond
172,529,336 134,086,582
12 "
(6th) Atlanta
770,461,810 628,014,939
18 "
(7th) Chicago
68,568,537 51,813,214
7 "
(8th) St. Louis
108,803,428 94,735,110
7 "
(9th) Minneapolis_
229,932,329 212,982,644
11 "
(10th) Kansas C ity
66,826,891 48,991,098
5 "
(11th) Dallas
371,284,859 303,802,935
(12th) San Francisco__ _14 "

1921.

1920.

+24.9 289,638,086 382,037,521
+7.22,816,079,076 4,228,143,976
+17.8 328,084,839 405,044,911
+23.1 277,516,412 327,279,711
+24.6 142,895,735 171,657,836
+28.7 133,668,077 202,729,844
+22.7 541,473,704 760,715,348
+32.3 51,388,830 66,018,510
+12,7 78,559,463 69,604,856
+8.0 230,682,221 343,479,008
+16.0 46,626,205 67,433,580
+22.2 253,959,754 312,180,778

119 cItiw ,115,064,427 6,306,418,749 +12.8 5,190,772,402 7,336,325,879
Grand total
,130,258,122 2,616,823,936 +19.2 2,425,980,103 3,158,935,152
Outside New York City
Canada

29 Wit* 276,577,271 287,979,794

-4.0 330,626,839 359,451,487

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending Feb. 11 1923.
Clearings et
1923.

1922.

Inc. or
Dec.

1921.

1920.

%
First Federal Reserve Dist rict-Boston
718,075
770,883
Maine-Bangor__
2.601,326
3,108,382
Portland
-Boston
318,000,000 254,000.000
Mass.
1,459,542
2,204,123
Fall River_ __ _
a
a
Holyoke
1,037,356
1,133,060
Lowell
a
Lynn
1.492,608
1,795,929
New Bedford_ _
3.546,343
4,545,570
Springfield
3,005.400
3,303,000
Worcester _ _ _
8,318,602
10,735,692
-Hartford
Conn.
6,325.741
6.118,807
New Haven_ _ _
a
a
-Providence
R 1.
Total(10 cities)

31,7.8,386

+7.4
+19.5
+25.2
+51.0
a
+9.5
a
+20.3
+28.2
+9.9
+29.1
+14.9
a

880,649
2,700,000
261,999,266
1,582,643
a
1,085,427
a
1,311,038
3,810,495
3,449,224
7,319,344
5,500,000
a

904,429
2,813.827
349,064,426
2,454.851
a
1,138,406
a
2,000,000
4,428,284
4,163.723
9,166,779
5,902,796
a

281,505,993 +24.9

289,638,086

382,037,521

Second Feder al Reserve 13 Istrict-New York
4,277,653
4, 74 353 +26.8
5,893.955
5 543,507
-Albany__
N. Y.
838,254
1,014,000 +30.3
992,000
e1,321.300
Binghamton....
32,657,073
31,491,508 +26.9
29,464,683
d39,967,045
Buffalo
590,276 Not incl.into tals.
Elmira
910,298
881,026 +27.8
1,121,118
Jamestown_ _ _ _
New York_ __ _ 3.944,806.305 3,689,594,813 +6.9 2,764,792,302 4,177,390,727
7.118,308 +36.2
7,000,598
9,692,322
10,318,514
Rochester
3,302,029
4,967,915 +4.1
5,171,029
3,800,000
Syracuse
2,160.699 +27.5
1,952,021
2,753,785
Conn.-Stamford
350,464 +19.5
347,846
418,706
484,097
-Montclair
N. J.
Total(9 cities). 4.010.803,617 3,741,953,091

+7.2 2,816,079,076 4,228.143.976

-Mind elphia.
Third Federal Reserve Dist riot
888,764 +41.5
1,257,677
-Altoona__ -Pa.
*3,000,000
3,744,878
Bethlehem _ _ _
796.623 +45.3
1,157,770
Chester
+22.2
Lancaster
. .
Philadelphia__ _ 441,000,000 376,000,003 +17.3
2.372,412 +19.9
2.844,886
Reading
4..17,768 +29.5
5,848,375
Scranton
2,398,661 +48.2
Wilkes-Bares... d3,555.705
1,039,808 +22.6
1,275,159
York
3,140,7.11 +6.9
3,357,014
-Trenton_ _
N.J.
a
a
a
Del.-Wilm 'gton

837,598
2,407,680
936,742
1,991,354
309.567,171
1,907,134
4,585,621
2,293,273
952,824
2,605,442
a

1,378,928
2,484..417
387,819,228
2.083,634
3,687,402
2,025,335
1,299,237
2,635,749
a

396,457,674 +17.8

328,084,839

405,044,911

Fourth Feder al Reserve D !strict-0er eland5,260,000 +40.4
d7,387.000
Ohlo-Akron _ ___
2,511,020 +66.8
4.187,240
Canton
51,525,443 +15.1
59,307,961
Cincinnati
81,755,138 +12.3
e91,812.354
Cleveland
26,303,100 -40.8
- 15,560,600
Columbus _
a
a
a
Dayton
20.9
576,429
728,736
Lima
1.167,915 +30.0
Mansfield
1,517,907
a
a
Springfield......
a
Toledo
a
a
.
d3,993,526
3,012,481 +32.6
Youngstown
a
9
-Erie
Pa.
a
Pittsburgh- 159,182,333 105,700,000 +50.6
W.Va.-WheelIng
3,570,667
3,993,589 -10.6

6,580,000
2,552,865
42,642,189
89,708,243
10,593,500
a
785,700
1,111,050
a
a
3,477,918
a
116,187,167
3,879,780

58,889,215
95,512,742
14,114,300
a
1,146,612
1,056,447
a
a
4.891,708
a
137,455,898
4,589,789

281,957,422 +23.1

277,516,412

327,279,711

Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'ton
2.110,068
1.334,242 +58.1
d8,528,458
Va-Norfolk
6,998,860 +21.9
Richmond
46,571,612
36,753,089 +26.7
B.C.-Charleston
d2,401,993
2,272,741 +5.7
Md.-Baltimore _
81,760,074
64,440,732 +26.9
20,814,223
18,318,378 +13.6
D. C.-Waah'ton

2,396,476
7,147,316
42,769,768
2,000,000
72,189,187
16,392,988

1,600,000
11,109,082
62,594,623
4,300,000
76.054,131
16.000,000

130.118,047 +24.6

142,895,735

171,657.836

Sixth Federal Reserve Dist rict-Atlant ad5,351,739
5.547,020 -3.5
Tenn.-Charga _
2.695,579
2,761.621 2.4
Knoxville
17,148.152
15,662,677 +9.5
Nashville
47,872,003
35.754,947 +33.9
Ga.-Atlanta
1,373,361 +41.0
1,93 ,588
Augusta
1,004,860 +42.8
1,435,350
Macon
a
a
a
Savannah
9.985.221 +29.6
12,939,327
Fla.-Jackenville
16,223,831 +69.1
27,432,607
Ala.-Birm'ham _
2,025.538 3.2
1,959,953
Mobile
1,297,164 16.5
1,083.007
-Jackson..
Miss.
402,605 21.7
315,195
Vicksburg
42,047,737 +24.5
52,360,436
La -N,Orleans_

4,963.423
2,392,810
14,905,228
40,372,709
1,936,940
1,289,789
a
10,997,753
14,615,958
1,722,909
703,692
363,428
59,403,438

8,295,136
3.500,753
20,600,242
63,157,511
4.008.951

Total(10 cities)

Total(10 cities)

Total(6 cities°-

Total(12 cities)

[vol.. 116.

THE CHRONICLE

692

466,854,689

347,095,017

162,186,428

172,529,338




134,086,582 +28.7

730,711

9,623,000

a
12,398,698
18,959,358
2,131,789
734,208
493,208
68,449,990

133,668,0771 202,729,844

Week ending Feb. 11 1923.
Clearings at
1923.

1922.

Inc.or
Dec.

1921.

1920.

Seventh Feder at Reserve D istrict-Chl cago325,019
162,478
161,880
196,863
Mich.
-Adrian _ _
445,208
503,320
Ann Arbor......
609.085
585,480
98,382,358
68,000,000
107,368,803
Detroit
73,940,000 +45.2
6,399,889
3,839,876
5,809,443
5,459,915 +6.4
Grand Rapids_
1,593,827
1,803,017
1,400,000
1,612,729 +11.8
Lansing
1,961.611
1,879,478
1,645,708
-Ft. Wayne
1,701,416 +10.5
Ind.
17,806,000
18,199,000
12,606,600
15,434.000 +17.9
Indianapolis--1,400,000
2,232,270
1,250,000
South Bend......
1,587,391 +40.6
32,179,285
36,355,612
30,146,256
29,113,179 +24.9
Wis.-Milwaukee
2,472.730
2,218,170
1,731,460
1,682.151 +31.9
Ia.-Ced. Rapids
10,817,521
7,031,599
9,941,560
8,136,512 +22.2
Des Moines....
9,725,261
6,113,194
4,584,875
5,501,139 +11.1
Sioux City......
1,801,743
1,3 8,571
1,245,049 +6.7
1,476,830
Waterloo
1,159,222
1.058,643
1,659,028
1.184,127 -2.1
-Bloomington
Ill.
567,847.450 473,651,897 +19.9 399,814,817 564,837,339
Chicago
a
a
a
a
a
Danville
976,731
1.497.395
1,160,847
1.071,752
Decatur
3,226.923
5,121,613
4,082,500
3,890,997 +4.9
Peoria
Rockford
2,107,588
2,288,921
2,156.725
2,055,325 +4.9
_
Springfield
770,461.810 628,014,939 +22.7

541,473,704

760,715,348

Eighth Feder al Reserve D 'strict- St. Louis
4,140,141
3,784,109 +9.4
-Evansville
Ind.
a
a
a
-St. Louis....
Tfo.
28,809.855
22,749,669 +25.6
Ky.-Louisville_
776,978
644,928 +20.5
Owensboro..
21,780,160
14,960,941 +45.6
-Merlinhis
Tenn.
11,310,567
8,223,610 +37.5
Ark.Little Rock_
281.661
261.034 +7.9
11L-Jacksonville
1.467,275
1,189,123 +23.4
Quincy

3.126.544
a
23,705,376
580.695
13,032.239
9,380,004
258,972
1,300,000

5.415,924
a
15,000,000
1,084,568
29,644,462
12,483,846
431,580
1,958,130

51,813,214 +32.3

51.388,830

66,018,510

Ninth Federal Reserve Dist rict-Mine spoils
d5,389,372
4,167,253 +29.3
64,210.915
57,161,401 +12.3
Minneapolis--30,947,049
27,160,809 +13.9
St. Paul
1,768,289
1,724,164 +2.6
No. Dak.-Fargo
1,122,859
1,020,482 +10.0
So.Dak.-Aberd'n
469,013
571,992 -18.0
Mont.- Billings_
2,895.931
2.929,009 -1.1
Helena

4,933,075
42,349,255
25,536,695
1,539,457
989,683
736,424
2,474,874

6,303.402
39,120,668
18,027,248
2,178.380
1,078,428
1,256,320
1,640,410

78,559,463

69,604,856

461,617
448,601
2,728,443
29,721.293
3,309,466
10,775,605
144,153,721
a
a
23,531,217
a
825,254
14,071.855
855,149

559,224
735,925
5,247,616
51,266,159
3,128.529
14,763,271
232,041,931
a

230,882,221

343,479,008

1,300,000
21,810,225
12,539,216
6,335,740
a
4,641,024

2,800,000
36,640,126
16,091,167
6,780,363
a
5,121,924

56,826.891
46,626,205
Total(5 cities).
48,991,098 +16.0
Twelfth Feder al Reserve D strict-San Franci sco
30,476,968
20,567,943
-Seattle_ _
28,100,001 +8.5
Wash.
a
a
a
a
Spokane
a
a
a
a
Tacoma
1,276,984
929.184
1,495,097 -14.6
Yakima
28,653,895
22.632,886
-Portland _ _
28,212,991 +1.6
Ore.
12,537,643
11,000,000
9,861,810 +27.1
Utah.- S. L. City
a
a
a
a
Nev.-Reno
a
a
a
Ariz.-Phoenix....
3,875,910
d4,115,682
.-Fresno.
3,778,250
Calif
2,732.297
7,417,162
3,730,949 +98.8
Long Beach.....
62,400,000
110,696,000
Los Angeles_
81,583,000 +35.7
7,502,974
14,702,251
Oakland
11,869,846 +23.9
2,715,042
4,479,847
3,408.886 +31.4
Pasadena
6,071.649
d6,409,262
5,744,310 +11.6
Sacramento _ _
a
a
a
a
San Diego_ _ _ _
San Francisco_ 144,800,000 120,800,000 +19.9 106,800,000
1,321,259
2,028.691
2,076,446 -2.3
San Jose
776,610
1,264,974
954,149 +32.6
Santa Barbara..
4,634,000
c2,425,500
2,186,300 +10.9
Stockton

67,433,580

Total(18 cities)

Total(7cities).

68,566,637

94,735,110 +12.7
Total(7cities). 106,803,428
Tenth Federal Reserve Dist rict- Kansa s City
d670,702
363,797 +84.4
Neb.-Fremont...
505,350
504,433 -8.9
Hastings
4,035,478
3,246,410 +24.3
Lincoln
38,937,426
32,940,188 +18.2
Omaha
3,065,214 +29.6
-Topeka... d3,973,973
Kan.
d9,852,517
11,241,921 -12.4
Wichita
Mo.Kansas City_ 128,478,894 121,847,855 +5.4
a
a
a
St. Joseph.....
a
a
a
-Muskogee
Okla.
19,922,742 +5.0
Oklahoma City d20,919,869
a
a
a
Tulsa
1,045,322
939,014 +11.3
-Colo. Sp's
Colo.
20,656,307
18,142,289 +13.9
Denver
853,491
718,781 +19.2
Pueblo
Total(11 cities) 229,932,329 212,982,644 +8.0
-Da Ras
Eleventh Fede ral Reserve District
2,066,276
1,579,606 +30.8
Texas-Austin....
31,011.786
23,991,163 +29.3
Dallas
d10,919,920
12,876,309 -15.2
Fort Worth_ _
8,443,298
6,335,741 +33.3
Galveston
a
a
Houston
4,385,611
4,208,279 :4.2
La -Shreveport.

12;69,009
a
1,193.952
20,733,452
839,940

36,989,521
a
1,307,042
30,000.000
13,780,000
a
a
3.813,027
2,867,584
65,729,000
9,665,578
2,087,268
4,462,612
a
134,541,979
2,077,067
4,860,100

Total(14 cities) 371,284.859 303,802,935 +22.2 253,959,754 312,180,778
Grand total (119
7,115.064,4276.300,415,749 +12.8 5,190.772,402 7,336,325,879
cities)
Outside N.Y...... 3,120,258,122 2.616.823.936 +19.2 2.425,980,100 3,158,935.152
Week ending February 8.
Clearings at
1923.

1922.

S.
$
Canada91,422,194
89,758,513
Montreal
86,160,589
89,304,871
Toronto
36,677.114
43,465,157
Winnipeg
12,614,801
13,188,426
Vancouver
5,925,619
6,721,709
Ottawa
3,940,133
*4,200,000
Quebec
2,597,653
3,118,124
Halifax
4,915,875
4,943,345
Hamilton
4,395,077
4.882,447
Calgary
2,539.277
2,566,542
St. John
5,890,015
2,015,744
Victoria
2,839,623
2,803,800
London
4,173,549
4,810,919
Edmonton
2,782.822
2,716,610
Regina
528,952
507,616
Brandon
595,889
457,181
Lethbridge
1,936,681
1,576,032
Saskatoon
957,424
1,040,1107
Jaw
Moose
895,572
1,028,095
Brantford
789,582
725,462
Fort William......
588,347
517,743
Westminster
New
346,067
295,143
Medicine Hat.....
637,763 .
621,831
Peterborough......
799,687
805,046
Sherbrooke
926.001
960,778
Kitchener
2,776,466
2,929,261
Windsor
334,592
307,960
Prince Albert_ _ _.
977,907
971,702
Moncton
582,900
690,130
Kingston
.”....orso eel.) 276.n77 971 997 070 70a
a No longer report clearings.
b Do not respond to requests for figures.
C Week ending Feb. 7.
d Week ending Feb. 8.
e Week ending Feb. 9.

Inc. or
Dec.

1921.

1920.

S
$
%
+1.9 109,027.316 137,920,302
-3.5 105,128,124 101,590,571
43,076,009
44,069,161
-15.6
15,050,292
13,753,325
-4.4
8,174,153
7,09,090
-11.8
6,159,591
6,425,147
-6.2
3.825,410
3,635,517
-16.7
6,283,670
5,323,531
-0.6
7,1(3,813
-11.8
6,153.658
2,7/.2,554
2.638,911
-1.1
2,200,000
2,411,580
-6.2
+1.3
3.183.577
195 638
3' .
4,810,493
4,613,393
-13.2
3,635,280
3,500,247
+2.5
672,784
628,286
-5.1
664,431
570,575
+30.3
1,879,186
1,751,482
+22.9
1,391,332
1,273,906
-8.0
1,162,222
1,105,926
-12.9
956,151
990,299
+8.8
616,028
547,238
+13.6
417,563
440,872
+17.3
871,153
792.422
+2.6
1,100,511
949,545
--0.7
979,055
797,135
-0.5
2,431,965
2,818,340
-5.2
441,330
308.782
+8.6
1,148,454
+0.6
-15.5
_A n

ann (28.539

359.451.487

FEB. 17 1923.]

THE CHRONICLE

Commercial oildAtiscalm:monsBain
Breadstuffs figures brought from page 746.
--The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour.
IVheat.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs.bush.3216s.bush.481bs.lbush.56lbs.
Chicago
241,000
396.000 2,530,060 1,516,000
150,0001 259,000
Minneapolis_ _
1,807,000
188,000
504,000
266,000 371,000
Duluth
1,315,00
55,011
11,000
11,000
443,000
Milwaukee_ _
18,000
61,001
428,111
451,000
127,000 113,000
Toledo
45,001
58,000
66,000
12,000
Detroit
22,000
49,000
72.6
Indianapolis_
60,000
276,000
116,000
St. Louis
95,000
527,000
679,000
519,000
19,000
12,000
Peoria
41.000
37,000
404,000
241,000
2,060
34,000
Kansas City
570,000
382,000
234,000
Omaha
266,000
625,000
404,000
St. Joseph__
114,001
231,000
46,000
Total wk.1923 395,000 5.220,000
4,260,000 575,000 1,244,000
Same wk.1922 415,000 5,693,000
4,527,060 592,000 337,000
Same wk.1921
337.000 4,340,000
2.191,000 442,000 732,000
SinceAug.1
1922-23.__ _ 14,221,000303,295,000192,823,000141,618,000 25,779,00034,837,000
1921-22_ _ _ 12,291,000 237,231,000 233,655.000 128,976,000 17,962,000 12,258,000
1920-21_ _ _ _ 17,827,000 226,926,000114,893.000121,169,000 17,831,00010,681,000
Receipts at-

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Feb. 10 1923 follow:
Receipts atNew York__
.
Portland, Me_
Philadelphia Baltimore_ _ _ _
New Orleans*
Galveston
_
St.John,N.B.
Boston
Port Arthur_

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

Barrels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
170,000
550,000
641,000
64,000
14,000 150,000
73,000
234,000
603,000
21,000
61,001
724,000
404,000
78,000
1,000
23,601
328,000
19,000
673,000
92.000
77,000
143,000
440,000
43,000
168,000
65,000
763,000
316,000
28,000
41,000
15,000
20.000
18,000
3,001
468,00

Total wk.1923 481,000 3,765,000 2,189,000
SinceJan.1'23 3,117,000 35,195,000 13,912,001

774,060
14,000
305,000
4.772,000 1,055,000 8,238,000

693

Shares. Stocks.
Price.
Bonds.
Price
250 Hudson Companies, pref. $17 per sh. $25,000 Long Beech Power 1st
100 Second Avenue RR. Co
$6 lot
65. 1940
$50 lot
50 Independent Chewing Gum Co.$3 lot $3,300 Indep. Chew. Gum notes__$3 lot
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks
Price. Shares. Stocks.
Price.
22 Merchants Nat. Bank, Boston_ _303
64 Plymouth Cordage Co
10751
24 Chace Mills
10554 200 flaytian Am.Corp.pf.temp ctf_
5 Naumkeag Steam Cotton Co__ _256U 100 do Founders' stk. temp cif_ $101
10 Pepperell Mfg. Co
157
50 do Ord. corn. stk. temp.ctf. lot
50 U. S. Worsted Corp. 1st pref 71% 50 H. D. Foes & Co., Inc., new pf- 53
6 Nashua Mfg. Co.. common
034-3.4 9 Rights Quincy Market Cold Stor50 Lincoln Motors,corn. Class A._$28 lot
2
age & Warehouse Co
10 Mass. Lighting, common
4 Converse Rubber Shoe, pref 85
18
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price. Shares. Stocks.
Price.
1 Sanford Spinning, pref
104
1 Greenfield Tap & DM Corp., pref. 97
10 Arlington Mills
11355 181 Rights Quincy Market C.& S.
50 American Mfg. Co., common_ _105
Warehouse, common
555
22 do Preferred
8655 100 Rights Ludlow Mfg. wets
6
15 Mass. Lighting,common
1854 2 Montpelier & Barre Lt.& Power_ 214
5 Fisk Rubber Co., 1st pref
7355 10 North Boston Ltg. Props., pref_ 91
15 do 1st preferred
74-7355
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares. gl. i.
Price
,,,
Union Traction
6
3954 55 right to Central Nat. Beak.......421
30 Tonopah Belmont Development_ 115 X right to Central Nat. Bank..__.422
3 Atlantic City & Shore, common 55 lot 14 Bank of North America
317
7 Atlantic City & Shore, pret
$5 lot 10 Bank of North America
31651
1 Penna. Academy of Fine Arts_ _ _ _ 29 9 Bank of North America
316
5 Automatic Press, common
$1 lot 10 Centennial National Bank
384.
5 Automatic Press, cum. pref
$1 lot 1 Centennial National Bank
385
59 United Machinery & Engineer'13_51 lot 4 Second Nat. Bank, Frankford 695
32 Harrisburg Transfer
$2 lot 4 Penn National Bank
401
8 Lindner Shoe
$I lot 4 Guarantee Trust & Safe Deposit-150%
60 Baltimore Grain Clearing House.$3 lot 11 Fidelity Trust
535
105 Luhrig Coal Washing & Min .5! lot 1 Commonwealth Title Ins. & Tr_ _335
50 Herr Automatic Press
$1 lot 5 Peoples Trust, par $50
70
17 Coal Lands Securities
$3 lot 20 Commercial Trust
385
10 Merchants Union Tr., par $50 8255 2 Germantown Trust
341
10 do
8055 1 Germantown Trust
339
6
do
80% 25 Franklin Securities Corp
10914
15 Pratt Food
16755 5 Glen.side Trust, par 550
6014
15 Phila. Wareh.& Cold Storage_ _110
100 L. H.Gilmer.common
10
10 Mutual Trust, par $50
5534 350 Darby Media& Chester ft.By- 3054
15 Peoples National Fire Insurance- 2554 16 Fire Assn. of Phila.. par $50-32914
4 Phila. Bourse, corn., par 850._
1234 18 Philadelphia de Darby
25
1 Corn Exchange Nat. Bank
427
2 Victory Insurance, par $515.
100
11 Corn Exchange National Bank_ _426% 5 Keystone Watch Case
57
6 Franklin National Bank
58054 4 Philadelphia Bourse
1214
1 Franklin National Bank
4 Philadelphia Bourse
581
1234
12 Franklin National Bank
58055 10 Newton Coal, common
734
1-3 warrant Franklin Nat. Bank_605
100 Newton Coal, preferred
45
1-3 warrant Franklin Nat. Bank 605
2 Central Nadonal Bank
501
Bonds.
Price.
ii right to Central Nat. Bank. 422
53,000 Columbus Newark & Zanesv.
% right to Central Nat. Bank
421
Elec. Ry.5s, 1924 (ctte. of dep.)- 334

Week 1922_ _
. 485,000 2,973,000 6.013,000
123,000
682,000
94.000
SinceJan.1'22 2.664.000 22.376.000 27.139.000 3.778.000 909,000 1,285,000
•Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
I'll() exports from the several seaboard ports for the week
National Banks.
-The fo lowing information regarding
ending Saturday, Feb. 10 1923, are shown in the annexed, national
banks is from the office of the Comptroller of the
statement:
Currency, Treasury Department:
Exports from
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Mobile
New Orleans
Galveston
St. John, N. B.._ _
Port Arthur, Tex

Wheat, I

Corn,

Flour, ' Oats,

Rye,

Barley, Peas.

Bushels. Barrels. Bushels Busehsl. Bushels. Bushels.
299,274 79,369 10,000 506,383 24,691
21,000
73,000 234,000
43,000
383,000 2,000
8,000
1,213,000
_
532,000 13,000
1,000
11,000 13,000
229,000 873,000 52,000 14,000
9,000
703,0001
41,000
703,000, 28,000 65,000 316,000
468.000,
____•

Bushels. I
1,378,855
603,000
112,000
307,000
617,000

Total week 1923- 5,180,855 2,126,274 306,369 574,000 1,833,383 24,691
Same week 1922._ 2,221,881 4,794,544 234,611 294,751 335,000 120,601

New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Bid Ask
Banks
Bid Ask I Trust Co.'s Bid
Americas__ _ _ 2'4 229 Harriman...._ 360 370 1 New York
Amer Exch__ 293 295 Imp & Traci_ _ 650 ___ 'American_
Battery Park- 135 142 Irving 13a,• k
Bank of N.Y.
Bowery*
410 ....
Columbia ,r 238 243
& Trust Co 455
Broadwayeen 115 135 Manhattan *. 147 152 Bankers Trust 373
Bronx Dom*. 125 150 Mach & Met. 403 410 Central Union 155
Bronx Nat.__ 150 ___ 'Mutual*
Commercial_ _ 115
£300
Bryant Parks 150 165 Nat American 135
315
!Empire
Butch & Drov 130 138 !National City 333 339 'Equitable Tr_ 190
Cent Mercan_ 210 225 ;New Neth•
arm L & Tr_ 525
130
_
Chase
348 352 pacific •
!Fidelity Inter 22
300
Chat & Phen- 259 264 ,Park
255
430 4145 Fulton
Chelsea Exch• 90 100 IPublic
300 310 Guaranty Tr. 265
Chemical _
515 555 Seaboard
2un
330
_ Hudson
Coal & Iron__ 214 224 ,Standard *
165 175 Law Tit & Tr_ 167
Colonial •____ 350 -._ State*
345 365 M etropolitan- 310
Columbia__ 230 240 Tradesmen's• 200 _ _ Mutual (West
Commerce ___ 297 300 23d Ward•
cheater)__. 120
270 300
CoMnwealth .255. 1.65 ,United States* 163
N Y Trust._ _ 345
Continental._ 135 -- Washlt lite._ 215
Title Gu & T 360
Corn Exch
432 437 Yorkville•
312
600 850
Cosmop'tan*. 90
United States 1215
East River__ 190 iilo
Fifth Avenue'10))) ___
Brooklyn
Fifth
213 223 Coney Island* 155 165
First
1195 1215 Flrat
Brooklyn
m echanics. S. 33
12
0 355
Garfield
255
Tr.
T.
140 Brooklyn ure 470
Gotham
is5 ioi Montauk •___ 150
County 800
Greenwich'. 280 ___ Nassau
260
225 iio 2 .
1
1
Hanover
680 .
People's
365
People's
160 .
* Banks marked w th (*) are State banks.
I New stock. x Ex-dividend.
rights. o Ex-100% stock dividend.

Ask

460
378
465
125
325
197
535
2,u
265
280
210
174
320
130
350
322
1235

490

y Ex

New York City Realty and Surety Companies.
Bid
Alliance R'lty 94
Amer Surety_ 87
Bond & M G_ 285
City Investing 65
Preferred
92
S New stock

Ask
99
89
292
68
98

All prices dollars per share.
Bid Ask
Lawyers Mtg 160 165
Mtge Bond_ 114 120
Nat Surety__ 152 155
N Y Title &
Mortgage__ 172 178

Realty Assoc Bid
(Brooklyn)_ 170
U S Casualty.11110
U S Title Guar 115
Westchester
Title & Tr.

Ask
176
122

Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Mul er & Sons, New York:
Shares. Stocks.
Price. Shares. Stocks.
Price.
578 Madeira Hill & Co. Class "A,"
380 Pathe Freres Phonograph Co.
common
$15 per sh.
8% pref. temp. ctts
85 lot
28 Tarrant Mfg. Co
$500 lot 3,000 Pathe Freres Phonograph Co.
2,000 El Salvador Silver Mines
...515 lot
common temp. ctfs., $10 ea.:311_55 lot




APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Feb. 6
-First National Bank in Richmond, Calif
$100.000
Corresandent, E. M. Tilden, Richmond, Calif.
Feb. 6- he People's National Bank of Stamford. Conn
100,000
Corms ondent. Benj. H. Mead, Stamford. Conn.
Feb. 6- he First National Bank of Berwyn, Ill
Correspondent, Edward Stuchlik, 6243 W.22d St., Berwyn,
100.0®
Feb. 6
-The Seaside National Bank, Seaside, Ore
Correspondent, P. C. Alter, Seaside, Ore.
Feb. 7
-The North Wildwood National Bank, North Wildweed. 25N0
N J
100.000
Correspondent, Henry H. Ottens, Wildwood, N. J.
Feb. 7
-The Permanent National Bank of Brooklyn,
in New
York, N. Y
Correspondent, James M.Power, 32 Court St., Brooklyn, N.
Y. 2°"(:)°
Feb. 7
-The Central Isli National Bank of Islip, N.Y
25.000
Correspondent, V. L. urman, Islip, N. Y.
Feb. 7
-Farmers National Bankof Fairfax, So. Dak
50,000
Correspondent, E. E. Kvitrud, Fairfax, So. Dak.
Feb. 8
-The Central National Bank of Sapulpa, Okla
100,000
Succeeds The Sapulpa State Bank, Sapulpa, Okla. - ComeH. A.
SaAulDa, Okla.
ap
a
Feb.srkti
McCauley,3al'
50,000
Correspondent, J. Everton Ramsey, West Chester. Pa.
Feb. 10
-The Union National Bank of St. Paul, Minn
Correspondent, Roy C. Smeller,608 Commerce Bldg., St. Paul, "3.000
Minn.
Feb. 10
-The Merchants & Planters National Bank
Okla. 25.000
Succeeds Porter State Bank, Porter. Okla, of Porter.
Correspondent.
L. M. Garrett, Porter, Okla.
Feb. 10
-The Security National Bank of Wessington Springs, So.
Dak
25,000
Correspondent,____
WessitikiOn _____________ ____
APPLICATIONS TO ORGANIZE APPROVED.
Feb. 8
-The First National Bank of Harvard, Ill
875,000
Correspondent, H. H. Antrim, Freeport, Ill.
Feb. 10
--The Citizens National Bank of South San Francisco. Cal. 50,000
Correspondent, A. J. Scarapinl, Box 581, South San Francisco,
Cal.
Feb. 10
-The Seventy-first Street National Bank of Chicago, Ill... 200,000
Correspondent, W. J. Pringle, Suite 723 108 So, La Salle St.,
Chica ?
10-ç . .
Feb.
he First National Bank of Rocky River, Ohio
100,000
Correspondent, John Hoag, Rocky River, Ohio.
Feb. 10
-Farmers National Bank of Fairfax, So. Dak
To succeed The First National Bank of Fairfax. So. Dale. Cor- 50.000
respondent, E. E.Kvitrud, Fairfax. So. Dak.
APPLICATIONS TO CONVERT RECEIVED.
Feb. 7
-The Farmers' National Bank
$25,000
Conversion of The First State Bankof Blanchard, Okla
of Blanchard, Okla.
Feb. 8
-The First National Bank of Gentry. Ark
25,000
Conversion of The Citizens' Bank of Gentry,
Feb. 8
-First National Bank in Cement, Okla Ark.
25,000
Conversion of The State Exchange Bank,Cement,
Okla. Comespondent. F. M. Bailey, care Tradesmen's National Bank,
Oklahoma City, Okla.
Feb. 10
-The American National Bank of Bennington. Okla
Conversion of The Guaranty State Bank of Bennington, Okla. 25.000
Correspondent, Hugh L. Cox, Durant, Okla.
CHARTERS ISSUED.
Feb. 6
-12,314
-The American National Bank
Gillespie,
Conversion of Gillespie Trust & Savings Bank.ofPresident, R.H. 50,000
Isaacs; Cashier. W. E. Schmidt.
Feb. 7
-12.315
-The First National Bank of Carney. Okla
Succeeds The Carney State Bank, Carney, Oala. President. 25.000
J. C. Jonas; Cashier, Geo, J. Jonas.
Feb. 7
-12,316
-First National Bank
Calif
100,000
President, Austin T. Park; Cashier,in Redlands.
F. N. High.
Feb. 8
-12,3I7
-The Hancock National Bank of Sparta. Ga-25.000
President, Moses W. Harris; Cashier, S. H. Hollis.
Feb. 8
-12,318
-The First National Bank of Gracemont. Okla_ _ _ 25,000
Succeeds The State Bank of Gracemont, Okla. President,
W. T. Clark; Cashier, W. Granger.
Feb. 9
-12,319
-The First National Bank of Kingston, Tenn_ - 25.000
President, D. H. Evans; Cashier, T. E. Eblen.

Capital.
250,000
-12.320 First National Bank in Berkeley. Calif
Feb. 10
Succeeds Commercial Department of Berkeley Commercial &
Savings Bank, Berkeley, Calif. President, William F. Morrish; Cashier, Wade W. Sorrick.
CHANGE OF TITLE.
-The First National Bank of Ford City, Pa., to "The First
-5,130
Feb, 7
National Bank & Trust Co. of Ford City."
VOLUNTARY LIQUIDATIONS.
-3.367 The Northern National Bank of Lancaster, Pa
Feb. 10
Effective at close of business Feb. 10 1923. Liquidating Agent,
E.J. Ryder, Lancaster, Pa. Absorbed by the Northern Trust
& Savings Co. of Lancaster, Pa.
-11,629 The City National Bank of Amarillo, Texas
Feb. 10
Effective Nov. 6 1922. Liquidating Agent, C. H. Wells, Amarillo, Texas. Absorbed by the National Bank of Commerce of
Amarillo (6,865). The liquidating bank has no circulation.
CONSOLIDATION.
-The People's National Bank of Charleston, So. C..
-1.621
Feb. 6
-The Dime National Bank of Charleston, So. Car_
and 12,273
Consolidated unger the Act of Nov. 7 1918 under the charter
and corporate title of "The People's National Bank of
Charleston" (No. 1,621), with capital stock of $1,000.000.

125,000

100,000

500,000
200,000

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

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Canadian Pacific, common (Quar.)
Preferred
Cincinnati Northern
Delaware & Bound Brook (guar.)
Fonda Johnstown & Glov., pref.(quar.)N. Y. Chicago & St. Louis, let pref._
North Pennsylvania (quar.)
Pittsb. Youngs. & Ashtab., pref. (guar.)

Mar. 31 Holders of rec. Mar. 1
Mar.31 *Holders of rec. Mar. 1
Mar. 1 *Holders of rec. Feb. 23
Feb. 20 Feb. 10 to Feb. 19
Mar. 15 Holders of rec. Mar. 10a
vs
Feb. 28 *Holders of rec. Feb. 24
2
Feb. 26 Feb. 15 to Feb. 19
*14 Mar. 1 *Holders of rec. Feb. 20

Public Utilities.
American Power & Light, corn.(quar.)
American Telegraph & Cable (quar.)--Cent. Miss. Valley Elec. Prop., pf.(ciu.)
Cons. Gas,EL.& P., Bait., corn.(qu)
Eight per cent preferred (quar.)
Seven per cent preferred (quar.)
Eastern Wisc. Elec. Co., pref. (quar.)-Galveston-Houston Electric Co., pref
Nebraska Power, prererred (guar.)
Northern Texas Elm. Co., corn. (quar.)
Preferred
Philadelphia Electric, corn. & pref. (qtr.)
San Joaquin Light & Power,Pref•(qum.)
Prior referred (quar.)
Southwestern Power dr Light, pref. (qu.)
Standard Gas & Electric, pref. (guar.)._
Wilmington Gas, preferred
Wisconsin River Power, pref. (guar.)...

Mar. 1 Holders of rec. Feb. 16
*$1.25 Mar. 1 *Holders of rec. Feb. 28
1H Mar. 1 Holders of rec. Feb. 15a
Apr. 2 *Holders of rec. Mar. 15
*2
Apr. 2 *Holders of rm. Mar. 15
*2
4 14 Apr. 2 *Holders of rec. Mar. 15
'
•1
.5./ Mar. 1 *Holders of rec. Feb. 20
Mar. 15 Holders of rec. Mar. la
3
11.f Mar. 1 Holders of rm. Feb. 15
2
Mar. 1 Holders of rec. Feb. 170
Mar. 1 Holders of rec. Feb. 170
3
500. Mar. 15 Holders of rec. Feb. 19
Mar. 15 Holders of rm. Feb. 28
Mar. 15 Holders of rm. Feb. 28
lx Mar. 1 Holders of rec. Feb. 16
Mar. 15 'fenders of rec. Feb. 28
3
Mar. 1 Feb. 18 to Feb. 28
six Feb. 20 *Holders of rec. Jan. 31

Banks.
W.R. Grace & Co.'s

*2
vs
2

s5

Mar. 1 *Holders of rec. Feb. 22

Miscellaneous.
Amer. Brake Shoe & Fdry., corn.(guar.) 411.25 Mar. 31 *Holders of rec. Mar. 23
•1
Mar.31 *Holders of rec. Mar.23
Preferred (quar.)
.330. Mar. 1
American Laundry Mach., corn. (quar.) 4
American Sugar Refining, pref. (quar.). •14 Apr. 2 *Holders of rm. Mar. 1
*14 Apr. 1 *Holders of rec. Mar. 15
Armour & Co. of Illinois. pref. (quar.)_
1
Mar. 15 Holders of rec. Feb. 21
Atlantic Refining,common
Mar. 19 *Holders of rm. Mar. 9
Atlantic Terra Colts, preferred (quar,).. •1
3
Mar. 10 Holders of rec. Feb. 280
Atlas Powder, common (quar.)
1H Feb. 15 Holders of rec. Feb. 7a
Border City Manufacturing (quar.)-....
4
Mar. 31 Holders of coup. No. 951
Brit.-A.mer. Tobacco, ord. (interim)
334 Mar.31 Holders of rec. Mar. 106
Chesebrough Mfg., COM.(quar.)
14 Mar.31 Holders of rec. Mar. 10a
Preferred (quar.)
•1
Mar. 15 *Holders of rec. Mar. 1
Crane Co., common (quar.)
*14 Mar. 15 *Holders of rec. Mar. 1
Preferred (quar.)
Decker (Alfred)& Cohn,Inc., pref.(qu.) •14 Mar. 1 *Holders of rec. Feb. 25
50e. Apr. 20 Holders of rec. Mar. 31
Dome Mines(quar.)
Apr. 2 Holders of rec. Mar. 15a
-Lasky Corp., cont.(qu.) 2
Famous Players
Federal Mining & Smelt., pref. (guar.)._ *14 Mar. 15 *Holders of rec. Feb. 24
Mar. 31 *Holders of rm. Feb. 28
Galena-Signal Oil, common (quer.). _ *1
*2
Mar. 31 *Holders of rec. Feb. 28
Preferred (quar.)
Great Atlantic & Pacific Tea, corn.(qu.) •50e. Mar. 15 *Holders of rec. Feb. 14
*14 Mar. 1 *Holders of rm. Feb. 14
Preferred (quar)
Hood Rubber Products, pref. (quar.)--- *14 Mar. 1 *Holders of rec. Feb. 20
•750. Mar. 31 *Holders of rec. Mar. 15
Internat. Cement, common (quar.)
*14 Mar.31 *Holders of rm. Mar. 15
Preferred (quar.)
Kuppenhelmer (B.)& Co.,Inc., pr.(qu.) *14 Mar. 1 *Holders of rec. Feb. 23
Mar. 1 *Holders of rec. Feb. 24
Lake of the Woods Milling, corn. (guar.) *3
*14 Mar. 1 *Holders of rec. Feb. 24
Preferred (guar.)
2H Mar. 1 Holders of rec. Feb. 23
Lancaster Mills, common (quar.)
Mar. 1 *Holders of rec. Feb. 20
McCrory Stores Corporation (quar.)....... *1
sel0 Mar. 1 *Holders of rec. Feb. 20
Stock dividend
Merrimac Manufacturing, corn. (quar.)- *13 Mar. 1 *Holders of rec. Feb. 15
4 2H Mar. 1 *Holders of roe. Feb. 15
.
Profen ed
.11i Mar. 15 *Holders of reo. Feb. 28
Montreal Cottons, preferred (quar.)---- 4
*12lic Mar. 15 *Holders of rec. Mar. 1
Mutual Oil (quar.)
*2H Mar. 14 *Holders of rec. Feb. 20
National Candy, common
.
03,H Mar. 14 *Holders of rec. Feb. 20
First and second preferred
Mar. 31 *Holders of rec. Mar. 16
*2
National Lead, common (quar.)
14 Apr. 2 Holders or rec. Mar. 10
National Sugar Refining (guar.)
Ogilvie Flour Mills, preferred (quar.)._ _ *14 Mar. 1 *Holders of rec. Feb. 23
Apr. 1 *Holders of rec. Mar. 15
*2
Orpheum Circuit, preferred (quar.)
.100. Mar. 26 *Holders o. rec. Mar. 15
I ennok Oil (quar)
•10c. Mar. 26 *Holders of rec. Mar. 15
Extra
Rand Mines, Ltd
412.35 Feb. 26 *Holders of ree. Feb. 20
Remington Typewriter, 1st pref.(guar) 3H Mar. 5 Holders of rec. Feb. 24
*50o. Mar. 15 *Holders of rec. Feb. 28
Standard 011 (Kansas) (quar.)
Mar. 15 Holders of roc. Feb. 26
Stand. 011 of N. J., corn., $100 par (qu.) $1
25e. Mar. 15 Holders of rec. Feb. 26
Common ($25 par) (quar.)
1H Mar. 15 Holders of roe. Feb. 26
Preferred (war.)
730. Mar. 31 Holders of rec. Mar. 9
Texas Company (quay.)
411.25 Mar. 15 *Holders of rec. Mar. 1
Texas Gulf Sulphur (quar)
Mar. 1 *Holders of rec. Feb. 15
4
.$1
Union Mills, common (quar.)
411.50 Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
United Cigar Stores of Amer., pref.(qu.) six Mar. 15 *Holders of rec. Feb. 28
*4
Mar. 1 Holders or rec. F b. 17
U.S. Envelope,common
Mar. 1 Holders of rec. lb. 157
Preferred
•I
Mar. 31 *Holders of rec. Mar. 15
U.S. Gypsum,common (quar.)
Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
4
1H Mar. 15 *Holders of rec. Mar. 10
Valvoline 011, common (guar.)
*2
Apr. 1 *Holders of rec. Mar. 16
Preferred (quar.)
Mar. 1 *Holders of rec. Feb. 13
4
15
Waltham Bleachery & Dye Works
1H Mar. 15 Holders of rm. Feb. 13
Wamsutta Mills (quar.)
Ward (Edgar T.) Sons Co., pref. (quar.) lx Mar. 31 Holders of rec. Mar.20
six Mar. 15 *Holders of rm. Mar. 10
Warner Sugar Ref., pref. (quar.)
14 Mar.31 Holders ot rec. Mar. 12a
Western Electri( Co., pi eferred (quar.).Mar. 1 Holders or rec. Feb. 22
Manufacturing, common (quar.) 2
Woods
Wrigley (wm.) Jr. co., corn.(monthly) *50c. May 1 *Holders of rte. Apr. 24
*sac. June 1 *Holders of rec. May 24
Common (monthly)
*50c July 2 *Holders of rec. June 25
Common (monthly)




[Vol,. 116.

T H ill CHRONICLE

694

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atoll. Topeka & Santa Fe,corn.(Guar ). 14 Mar. 1 Holders of rec. Jan. 26a
Mar. 1 Holders of rec. Jan. 131s
2
Balt imore & Ohio, preferred
75c. Mar. 5 Feb. 21 to Mar. 4
Chestnut Hill RR.(quar.)
24 Feb. 20 Holders of rec. Feb. la
Chic. St. P. Minn.& Omaha,common
34 Feb. 20 Holders of rec. Feb. la
Preferred
Cm. N.0.& Texas Pac., pref. (auar.).- *14 Mar. 1 *Holders of rm. Feb. 15
Cleveland dr Pittsburgh. guar. (quar.)
874 Mar. 1 Holders of rm. Feb. 10a
50o. May. 1 Holders of rec. Feb. 10a
Special guaranteed (quar.)
Mar. 1 Holders of rec. Feb. 15
1
Cripple Creek Central, preferred
24 Mar. 20 Holders of rec. Feb. 26a
Delaware & Hudson Co. (guar.)
14 Mar. 1 Holders of ree. Feb. 2a
Illinois Central, corn.(quay.)
3
Mar. 1 Holders of rec. Feb. 2a
Preferred
1% Mar. 1 Holders of roe. Feb. 19a
New Orleans Texas 4 Mexico (quar.)..._
1% Mar. 19 Holders of rec. Feb. 28a
Norfolk & Western, corn. (quay.)
$1 Feb. 19 Holders of rec. Jan.: 100
Adj. pref.(guar.)
4% Feb. 20 Holders of rm. Feb. 8
Oswego & Syracuse
The. Feb. 28 Holders of rec. Feb. la
Pennsylvania RR.(quar.)
Phila. Germantown & Norristown (qu.). 31.50 Mar. 5 Feb. 21 to May. 4
Pittsburgh & West Virginia. pref.(quar.) 14 Feb. 28 Holders of rec. Feb. la
Reading Company,first preferred(quar.) 600. Mar. 8 Holders of roe. Feb. 16a
1 374 Mar. 1
Sharon RY
Semi-annual
$ 1.374 Sept. 1
14 Apr. 2 Holders of ree. Feb. 28a
Southern Pacific Co. (quar.)
IN or 13',..lan. 300
4
leO. 2. It.
01+310 81' 1, 01 Wee.. nom.& ore
24 Apr. 2 Holders of rec. Mar. la
Union Pacific, common (guar.)
Apr. 2 Holders of rec. Mar. la
2
Preferred
Public Utilities.
American Railways, pref. an pref. stock) 194 Feb. 20 Holders of rec. Feb. 13a
Holders of rec. Mar. 16
Amer. l'elephone & Telegraph (quar.).. 2% Apr. I
23i fly 16 Holders of roe. June 20
Quarterly _
200 Mar. 1 Holders of rec. Feb. 130
Brooklyn City RR.(quar.)
Mar. 1 Holders of rec. Feb. 15a
2
Brooklyn Edison Co. (quar.)
101 ierl of ree. Jan. 31
M.tr. I
1
Pow.. ordinary (rm.)
rust 1311 r.. 1..
Central Arkansas RI.dv Light, pref.(qu.) 11( Mar. I Holders of rec. Feb. 15a
81 .25 Mar. 15 Holders or rec. Feb. 80
Consolidated Gas. corn.(quar.)
*2
Apr. 16 *Holders of rec. Mar.20
Detroit Edison (quar.)
14
tar. i Ito. 14.rs of rec. Feb. la
I tetroll Imbed ay. (guar.)
500. Mar. 1 Holders of rec. Feb. 15a
Eastern Shore Gas & Elec., pref.
Light & Traction, pref.(guar.).- 14 May. 1 Holders of rec. Feb. 15a
(quar.)Fedl
Mar. 1 Feb. 21 to May. 1
1
Georgia Ry.& Power,corn.(No. 1.)-2
Apr. 20
First preferred (quar.)
Mar. 1 Feb. 21 to Mar. 1
1
Second preferred (quar.)(No. 1)
11‘ Mar. 1 Holders of rec. Feb. 15
Middle West Utilities, pref. (quar.)
1% Mar. 15 Holders of rec. Feb. 28
Prior lien stock (quar.)
Newport News & Hampton Ry., Gas &
1% Apr. 2 Holders of rec. Mar. 15a
Electr c, pref. (quar.)
14 April 1 Holders of rec. Mar.20
North Shore Gas, pref. (quar.)
14 July 1 Holders of ree. June 20
Preferred (quar.)
lx Oct. 1 Holders of reo. Sept. 20
, Preferred (quar.)
$1.25 Mar. 1 Holders of rec. Feb. 10a
Philadelphia Co.. preferred
Hoklers of rec. Feb. 280
United this Improvement, pref. (auar.)_ 874c Mar.
3
July 20 Holders of rec. Dec. 31
Virginia fly. & Power, preferred
ti mgr. 3r) Holders of rec. Mar. 15
West Penn Co., corn.(No. 1)
Fire Insurance.
May 1 *Holders of rec. Apr1120
*5
Westchester Fire (quay.)
*14 May 1 *Holders of rec. April 20
Extra
Miscellaneous.
Mar. 15 Holders of rem Jan. 24
$1
Ahmeek Mining
American Art Works, corn. & pref. (qu.) 14 Apr. 15
14 Apr. 2 Holders of rec. Mar. 100
American Beet Sugar, preferred Omani_
1% Mar. 31 Holders of rec. Mar. 13a
_
American Locomotive. corn.(quar.)._
14 Mar. 31 Holders of rec. Mar. 13a
Preferred (guar)
750. Mar. 1 Holders of rec. Feb. 18a
American Metal, corn. (quar.)
ix Mar, 1 Holders of rec. Feb. 17m
Preferred (quar.)
American Pneumatic Service, lot pref.._ $1.75 Mar. 31 Holders of rec. Mar. 10
500. June 30 Holders of reo. June 9
Second preferred
Mar. 31 Holders of rec. Mar. 15a.
Si
Amer. Radiator, new corn. (quar.)
may 1 iioiders of rec. Apr. 14
smerican eihipbuilding, common (guar.) 2
2
Aug. 1 Holders of roe. July 14
Common (quar.)
1% Mar. 1 Holders of roe. Feb. 6
Amer. Smelt. & Refg., pref. (quar.).....
Mar. 1 Holders of rec. Feb. 10a.
American Tobacco, cons.& corn. B(qu.). 3
.4.34 Mar. 1 *Holders of rec. Feb. 16
American Window Glass Co., pref
,
Associated Dry Goods, let prof (quar.) 14 Mar. 1 Holders of rec. Feb. 100
14 Mar. 1 Holders ol rec. Feb. 100
Second preferred (quay.)
14 Apr. '2 Holders of rec Mar. 20
Babcock .4 WIleox (guar 1
Bethlehem Steel, corn. & com. B (quar.) '114 Apr. 2 Holders of rec. Mar. 1315
Seven per emit ,s.m. preferred (guar.) ix Apr. 2 Holders of lee. Mar. 13a
Seven per cent (urn. preferred (quar.) 14 July 2 Holders of rec. June 15a
Seven per cent cum. preferred (guar.) 14 Oct. 1 Holders of rec. Sept, 15a
Seven per cent rim, preferred (quar.) 14 Jan2'24 Holders of rec. Dec. 15a
ix Apr. 2 Holders o free. Mar. 130.
Seven per cent non-cum. pref. (quar.)_
Seven per cent non cum pref. (quar.). 14 July 2 Holders of rec. June 15a
14 Oct. 1 Holders of rec. Sept. 15a•
Seven per cent non cum. pref.(quar.)
ix Jan2'24 Holders of rec. Dee, 15a•
Seven per cent non cum. pref.(quar.)_
Apr. 2 Holders of rec. Mar. 13a
2
Eight per cent preferred (quay.)
July 2 Holders of rec. June 16a
2
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15a•
Eight per cent preferred (quar)
Jan2'24 Holders of rec. Dec. 15a,
2
Eight per cent preferred (guar)
14 Mar. 15 Holders of rec. Mar. la
Borden Co., preferred (quar.)
14 June 16 Holders of rec. June la
Preferred (quar.)
$1.25 Mar. 1 Feb. 22 to Feb. 28
Brill (J. G.) Co., common (quar.)
$1.7o mar. IT, . 0 11.1, of rec. Feb. 15
.n- (guar.)
e•
500. Mar. 1 Fielders of rec. Feb. 15a.
Butte Copper & Zinc
$1 50 Mar. 15 Holders of rec. Feb. 28a
California Packing Corp.(guar.)
14 Mar. 1 Holders of rec. Feb. 20a
California Petroleum, corn. (quar.)
14 Apr. 2 Holders of rec. Mar.20a.
Preferred (guar.)
$7
Mar. 15 Holders of rec. Jan. 24
Calumet & Hecla Mining
Mar. 1 Holders of rec. Feb. 15
Campbell Soup, Preferred (quar.)
Apr. 2 *Holders of rec. Mar. 15
Can. Connecticut Cotton Mills, pf.(qu.) *2
Century Ribbon Mills, Inc.. prof.(qu.). 14 Mar. 1 Holders of lee. Feb. 15a
62.4c Mar.22 Holders dt zee. Feb. 280 •
Chill Copper Co
Clrirs Service
Common (mthly.y (pay. In cash scrip) .04 Mar. 1 *Holders of rec. Feb. 15
Common (pay.In cOrn,stock scrlp).__ •14 Mar. 1 *Holders of rec. Feb. 15
Mar. 1 'Holders of rec. Feb. 15
Pref. & ord. 11 (Payable in enfin)
Feb. 26 Holders of rec. Feb. 10a
Colorado Fuel & Iron, preferred (guar.). 2
14 Mar. 1 Holders of rec. Feb. 20a
Consolidated Cigar Corp.. Pref. (quar.)_
34 Feb. 20 Holders of roc. Feb. 10a •
Consumers Co., Preferred
50c. Mar. 15 Feb. 24 to Mar. 15
Continental Oil (guar.)
oref. (inlay.)
1.i Mar. I ilruders of rec. Feb. 150
• 0-, re0
*374e Mar. 15 *Holders of roc. Feb. 20
Crescent Pipe Line (quar.)
1
Mar. 24 Holders of roe. Mar. 102
is l 51((is (dour.)
75c. Mar. 1 Holders of rec. Feb. 150 •
Deere & Co., preferred (gnar.)
Detroit Brass & Malleable Wks.(mthly.) *4 Mar. 1 *Holders of rec. Feb. 26
2
Diamond Match (quar.)
Mar. 15 Holders of rec. Feb. 280
Dominion Stores, Ltd.. common (No. 1) 50e. April 1 Holders of rec. Mar. 1
Common
50e. Oct. 1 Holders of rec. Sept. 1
Eastman Kodak, common (extra)
$1
Mar. 1 Holders of rec. Jan. 310
Eastman Kodak,common (quar.)
31.25 Apr. 2 Holders of rec. Feb. 280
Common (extra)
75c. Apr. 2 Holders of rec. Feb. 230 •
Preferred (guar.)
14 Apr, 2 Holders of rec. Feb. 280
Famous Players Can. Corp., prof.(quar.) *2
Feb. 23 *Holders of rec. Feb. 10
Galena-Signal Oil, common (quar.)
*I
Mar.31 *Holders of rec. Feb. 28
Preferred (attar.)
4
1
Mar. 31 *Holders of rec. Feb. 28
General Asphalt. pref. (quar.)
1% Mar, 1 Holders of rm. Feb. 140 •
General Cigar. Inc., preferred (quar.)__
14 Mar, 1 Holders o rec. Feb. 210
Debenture preferred (quar.)
14 Apr. 2 Holders of fee. Mar.26a
General Development (quar.)
25e. Feb. 20 Holders of rec. Feb. 10a •
Gillette Safety Razor (quar.)
Mar. 1 Holders of rec.. Jan. 31
$3
Stock dividend
June 1 Holders of rec. May 1
e5
Goodrich (B. F.) Co.. prof. (quar.)
1% April 2 Holders of rec. Mar. 220
Greenfield Tap di Die, pref. (quar.)
2
Apr. 2 Holders of rec. Mar.15
Guantanamo Sugar, preferred (quay)._
Apr. 2 Holders of rec. Mar. 15a
2
Harbison-Walker Refrac., corn. (quar.). 134 Mar. 1 Holders of rec. Feb. 200
Preferred (quar.)
1% Apr. 20 Holders of rec .Apr. 100
Hart,Schaffner & Marx,Inc.,corn.(qu.) 4
.1.34 Feb. 28 *Holders of rec. Feb. 19

FEB. 17 1923.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded.)
Hartman Corporation (guar.)
131 Mar. 1 Holders of rec. Feb. 16a
Hollinger Consolidated Gold Mines
1
Feb. 26 Holders of rec. Feb. 11
Homestake Mining (monthly)
50c. Feb. 26 Holders of rec. Feb. 20a
Hudson Motor Car (gear.)
50c. April 2 Holders of rec. Mar.220
Extra
• 251. April 2 Holders of rec. Mar.220
Humperewl 011 (quar)
14 homer- of rce 1.,s. lu
75 .
Hupp Motor Car, corn. (in cons stock). ofl
Subject to stockholders' meeting
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 20a
Imperial 011, Ltd.(guar.)
75c. Mar. 1 Feb. 13 to Mar. 1
Extra
Mar, 1 Feb. 13 to Mar. 1
$1
Ingersoll Rand Co., corn. (guar.)
2
Mar. 1 Holders of rec. Feb.:17a
Inland Steel (quar.)
25e. Mar. 1 Holders of rec. Feb. 10
Internat. Educational Publishing, pre_
50c. May 1 Holders of rec. Mar. 1
Internat. Harvester, pref. (guar.)
Mar. 1 Holders of rec. Feb. 10a
International Shoe,common
*75e. April 1
Isle Royale Copper Co. (guar.)
50c. Mar.15 Holders of rec. Jan. 251
Kresge (S. S.) Co., common (quar.)- --- 2
Apr. 2 Holders of rec.
Common (payable In common stock)_ in 1-3 Mar. 1 *Holders of rec. Mar. 12a
Feb.t15a
Preferred (quar.)
*135 Apr. 2 *Holders of rec. Mar. 120
Lanston Monotype Machine (quar.)_ _
131 Feb. 28 Holders of rec. Feb. 17a
Lee Rubber & ,re
.1
50e. ‘I or. I (totters of rev. F,•b. 1 Ifl
Lehigh Coal & Navigation (guar.)
2
Feb.
Holders
Libbey-Owens Sheet Glass, COM.(guar.) *50c. Mar.28 Holders of rec. Jan. 31a
1
of rec. Feb: 19
Preferred (guar.)
elm Mar. 1 *Holders of rec. Feb. 19
Ligg.& Myers Tob.,com.& corn. B(qu.) 3
Mar. 1 Holders of rec. Feb. 15a
Lima Locomotive Works,conc.(guar.)._ Si
Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
lit Mar. 1 Holders of rec. Feb. 15a
Lit Brothers Corp
50c. Feb. 20 Jan. 30 to Feb. 19
Ludlow Manufacturing Associates (go.) $2
Mar. 1 Holders of rec. Feb. 7
Mahoning Investment (guar.)
1.50 Mar. 1 Holders of rec. Feb. 23
Extra
500 Mar. 1 Holders of rec. Feb. 23
Manhattan Shirt, common (guar.)
75c Mar. 1 Holders of rec. Feb. lea
Martin-Parry oi 'oral on (.1.n.r.)
Alia. 1 ilimitys
May Department Stores. sem (quar.)-. 13( Mar. 1 Holders of rec. I. el).
of rec. Feb. lti
May Department Stores, pref. (guar.)._
Apr. 2 *Holders of rec. Mar. 15
Michigan Drop Forge (monthly)
1125c Mar. 1 *Holders of rec. Feb. 25
National Biscuit, common (quar.)
The Apr. 14 Holders of rec. Mar.3i a
Preferred (quar.)
ltd Feb. 28 ;folders of rec.
National Cloak & Suit, preferred (guar.) lei Mar. 1 Holders of rec. Feb. 140
National Enameling & Stpg.,corn.(qu.)- 154 Feb. 28 Holders of rec. Feb. 23a
Feb. 80
National Lead, pref.(guar.)
151 Mar.15 Holders of rec. Feb. 230
New Cornelia Copper
260. Feb. 19 Holders of rec. Feb.
New River Co.. pref.(acct. accum.dive)'hi54 Feb. 27 *Holders of rec. Feb. 2a
7
Niles Bement Pond, preferred (quar.)_
- 134 Feb. 20 Holders of rec. Feb. 8a
Ohio Oil (quar.)
*75o Mar.31 *Holders of rec. Feb. 24
Osceola Consolidated Mining
$1
Mar.15 Holders of rec. Feb. 13
Owens Bottle, common (quar.)
c0c. Apr. 1 Holders of rec. Mar. Ha
Common (extra)
25c Apr. 1 Holders of rec. Mar. 16a
Preferred (quar.)
hi Apr. 1 Holders of
Packard Motor Car, preferred (quar.).- lel Mard15 Holders of rec. Mar. 16a
rec. Feb. 260
Patten Typewriter (guar.)
2).5 Mar. 1 Holders of rec. Mar.20
Petunans. Lid . con, njuar.)
hen 28 t.ol 1..rs of rec. Fen 16
2
Phoenix Hosiery (guar.)
Mar. 1 Holders of roe. Feb. 19
Piney Wiggly Stores, corn,. IA (guar.). $1
Mar. 1 Holders of rec. Feb. 20a
Pittsburgh Steel, preferred (guar.)
131 Mar. 1 Holders of rec. Feb. 15a
Pratt & Whitney Co., Prof. (quar.)
13§ Feb. 20 Holders of rec. Feb. 8a
Pressed Steel Car. pref. (guar.)
15d Feb. 27 Holders of rec. Feb. 6
Producers & Refiners Corp,conc.(No.1) $1
Mar. 15 Holders of rec. Mar. la
Pure 011, common (guar.)
50c. Mar. 1 Holders of rec. Feb. 15a
Quaker inns. pref,
(guar.)
,
154 Fell. 2% • ,o1 •Ts of ree. Feb.
Quaker Oats, common (guar.)
*254 Apr. 16 *Holders
rec.
Preferred (guar.)
sqx May 31 *Holders of rec. Apr. 2
of
May 1
Repuinn• Iron ,
prel f.niar.)
%or z Mar. 16
Reynolds Spring, pref. A. dc B (guar.)._ •14( Apr. 1 'Holders of to Apr. 11
rec. Mard19
St. Joseph Lead (guar.)
25c Mar .20 Mar. 10 to Mar. 20
Extra
25c Mar.20 Mar 10 to Mar. 20
St. Mary's Mineral Land
Mar. 5 'Holders of roe. Feb. 6
Salt Creek Consolidated 011 (quar.).25e. April 1 Holden of rec. Mar. 15a
Seotten-Dlllon Co. (guar.)
Feb. 20 *Holders of rec. Feb. 14
Extra
4.3
Feb. 20 *Holders of rec. Feb. 14
Seaboard Oil& Gas (monthly)
2141 Mar. 1 Holders of rec. Feb. 15a
Monthly
254c Apr. 1 Holders of rec. Mar. 15a
Sharp Manufacturing, coin. (quar.)
Feb. 21 Holders of rec. Feb. 6
_ 81
Sherwin-Williams Co., ref. (quar.). Mar. 1 *Holders of rec. Feb. 15
Sinclair Consol. 011 Corp., pref. (guar.)_
Feb. 28 Holders of rec. Feb. 15
2
Southern Pipe Line
$4
Mar. 1 Holders of rec. Feb. 15a
Southern States 011 (monthly)
•1
Feb. 20 *Holders of rec. Feb. 1
Spalding (A. G.), let preferred (quer.) _ _
131 Mar. 1 Holders of rec. Feb. loa
Second nreforred ('bar.)
Mar. 1 Polders 01 ree. Feb. in
2
Standard Milling, corn. (guar.)
15( Feb. 28 Holders of rec. Feb. 170
Preferred (quar.)
154 Feb. 28 Holders of rec. Feb 170
Standard Oil (Calif.)(guar.)
50e. Mar. 15 Holders of rec. Feb. 20a
Standard 011 (Indiana) (quar.)
.62341 Mar. 15 *Holders of rec. Feb. 16
Standard 011 of New York (quar.)
•35e. Mar. 15 *Holders of rec. Feb. 23
Standard 011 (Ohio), corn.(guar.)
82.50 Apr. 2 Holders of rec. Feb. 23
Preferred (guar.)
151 Mar. 1 Holders of rec. Jan. 26
Stern Brothers, dro. (quar.)
Mar. 1 tioiders of rec. Feb. 15a
Pref
(0us r.)
.1.01e 1
2
of re,
..
lAs
Studebaker Corp., common (guar.).
- $1.50 Mar. 1 Holders of rec. Feb. 10a
Preferred (guar.)
131 Mar. 1 Holders of rec. Feb. 100
Thompson (John Ft) Co.,com.(monthly) 25c. ‘iar 1
of rec.
Thompson-Starrett Co., Prof
April 2 Holders of roe. Mar.
4
Timken-Detroit Axle, preferred (guar.). 1St Mar. 1 Feb.d21 to Mar.20
1
Timken Roller Bearing (quar.)
750. Mar. 20 Holders of rec. Mar. 5a
Truseon Steel, preferred (quar.)
Mar. 1 *Holders of rec. Feb. 18
Union Tank Car, common (guar.)
Mar. 1 Holders of rec. Feb. 51
Preftrred (guar.)
Mar. 1 Holders of rec. Feb. 5a
United Cigar Stores of Amer.,corn.(qu.)
Mar. 1 Holders of rec. Feb. 15a
united Drug, 2nd pref. (quar.)
Mar. 1 Holders of rec. Fab 15
United Dyewood. preferred
Apr. 2 Holders of rec. Mar. 15a
(Cluke.)Preferred (quar.)
July 2 Holders of rec. June 15a
Preferred (0ime.)
Oct. 1 Holders of see. Sept. 15a
Preferred (quar.)
Jan2•24 Holders of rec. Dec. 15a
U.S. Cast Iron, Pipe & Fdy.,
Mar. 15 Holders of rec. Mar. la
Pref.(qu.)
Preferred (quar.)
June 15 Holders of rec. June la
Preferred (quar.)
Seth.15 Holders of rec. Sept. la
Preferred (guar.)
Dec. 15 Holders of rec. Dec. la
U. S. Lumber (stock dividend)
Mar. 1 *Holders of rec. Feb. 1
It, S. 1/..)11i A, Irmo (guar
,
star. If. tinnieru of rec. Mar. So
17. S. Steel Corporation, corn.(guar.)
Mar.80 Feb. 28 to Mar, 1
Preferred (quar.)
Feb. 27 Feb. 4 to Feb. 8
U. S. Tobacco (payable in stock)
A• r. 16 Holders of rec. Mar. Pik
Van Raalte Co., prof. (quar.)
Mar. 1 Holders of rec. Feb. 150
Vivaudou (V.) Inc
Mar. 2 Holders of rec. Feb. 19a
Wahl co.. common (monthly)
Mar. 1 Holders of rec. Feb. 210
Common (monthly)
Apr, 1 Holders of roe. Mar.22a
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 220
Webe & H lib o 1, er, pref (qtr(r)
...Mar. 1 Holders of tea. Feb. 23a
Welch Grape Juice Co., °ref. (guar.)...
Feb. 28 Feb. 21 to Feb. 28
White (J. G.) Co., Inc., pref.(guar.)._
Mar. 1 Holders of rec. Feb. 15
White (J. G.) Eng.. prof.(guar.)
Mar. 1 Holders of rec. Feb. 15
White (J. G.) Mgt. Corp., prof.
Mar. 1 Holders of rec. Feb. 15
(q..rtr,)__ ,
(quar.)Mo•t'
Mar. 31 110..n.rs or re Mar. 20a
Woolworth (F. W.) Co.. common (guar.)
Mar. 1 Holders of rec. Feb. 100
Worthington Pump & Mach., pt. A.(qu)
AprIl 2 Holders of rec. Mar. 10a
Preferred B (guar.)
April 2 Holders of rec. Mar. 10a
Wright Aeronautical Corp.(guar.)
Feb. 28 Holders of roe. Feb. 14a
Wuriltser(Rudolph)Co.Elghtper cent preferred (guar.)
2
Mar. 1 Holders of rec.Feb.I9'23
Eightper cent preferred (quite.)
2
June 1 Holders of rec. May 23'23
Seven per cent preferred (guar.)
14( Apr. 1 Holders of tea. Mar. 22
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this da e and not until further notice. / The New
York Curb Market Association has ruled that stock will not be quoted ex-dividend
on these dates and not wall further not lee.
a Transfer books not closed for this illy. 4 Correction. o Payable In stock.
Payable in common stock. g Payable in scrip. A On account of accumulated
dividends.
P.tA able is dividend obrgstione
k Subject to approval of stockholders.
1 All transfers received in order in London on or before March 5 will be In time
for payment of dividend to transferees.




695

Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-Oust is. three ciphers i0001
omitted.)
New I
Capital.IProfits. Loans,
Reserve
Week ending
Discount, Cash
with
Net
Time Bank
Feb 10 1923. Vat'l, Dee.29 InvestLegal Demond
In
De3tate, Nov.15 menu, Vault. Depost- Deposits. DMUS, Circala(000 omitted.) er.Cos, Nov.15
&c.
tortes.
tion.
Members of Fed. Res Bank. Average Average Away( Average
Average Avge.
Bank of N Y &
$
s
s
s
$
$
5.
Trust Co.__ _ 4,000 11,841
63,799
744 6,39
48,263 5,33
Bk of Manhat'r 10.000d12,500 122,782 2,270 13,946
100,525 17,506
Medi& Met Nal 10.000 17,182 162,029 4,220 20,427
153,37
4,602 995
Bank of America 5,500 4,551
71,404 1,571 9,417
70,74
2,843
Nat City Bank. 40,000 51,071 516,242 6,669 63,198 *612,896 31,12
2,113
Chem Nat Bank 4,500 16,244 123,142 1,276 13,843
101,669 8,172 344
Nat Butch & D
500
203
5,183
66
53
3,652
1
297
Amer Etch Nat 5,000 7,89094,953 1,248 10,997
82.29
7,03 4,958
Nat 13k of Corn. 25,000 37,437 312,181
851 32,759 249,304 12,542
Pacific Bank _. 1.000 1,701
24,018 1,065 3,46
24,180 1,02
Chat& Phen Nat 10,
9,316 149,910 5,186 18,121
121,240 23,227 5,8I5
Hanover Nat Bk 5,000 20,848 124,8521
392 15,050 113,358_--100
Exchange. e9.075e11.92
Corn
172,155 5,652 21,229
154,663 22614
Imp & Trod Nal 1,500 8,636
488 3,635
35,5551
27,611
666
51
National Park_ 10,000 23,882 164,29
129,600 4,805 13.720
899 16,960
goe
East River Nat_ 1,00
13,794
366 1,040
11,628 2,320
60
First National_ 10,000 51,584 334,089
465 20,319
149,817 28,029 :
7 3_32
Irving National 417.500 810,500 265,100 5,022 36,275 269,210 12,2
Continental Bk. 1,000
920
8,031
136
927
6,247
365,
Chase National_ 20,00() 22,057 352,469 4,261 43,498 328,848 25,989 1,092
500 2,430 22,515
Fifth Avenue__
709 3,266
23.5.55
Commonwealth.
400
975,
9,566
496 1,211
8,956
239 _..i .
3mi
.
Garfield Nat.__ 1.000 1,64 ' 15,375
446 2,214
14,916
19
Fifth National. 1,200 1,125 19,025
272 2,137
16,134
751
247
Seaboard Nat__ 4,000 7,079
77,311
839 9,805
73,633 1,630
65
Coal & Iron Na' 1,500 1,36
14,897
606 1,771
12.957
730
Bankers Trust_ 20,000 25,039 267,164 1,087 29,756 *232,903 17,925 422
US Mtge & Tr. 3,000 4,419 56,207
867 6,150
47,246 4,563
Guaranty Trust 25.000 17,654 411,063 1,361 49,707 *448,554 25,725
Fidel-InterTrust 1,500 1,866 20,883
329 2,490
18,744
764
N 17 Trust Co.. 10,000 17,696 135,724
358 15,429
118,186 8,74
Metropolitan Tr 2,000 3,804 38,845t
518 4,548
33.748 3.
Farm Loan & Tr 5,000 15,065 125,7221
514 12.871
*92,781 25,018
Columbia Bank 2,000 2,1451 30,4281
692 3,821
28,826 2,076
Equitable Trust 12,000 15,754' 187,9851 1,339 21,641 *191.697 14,301
Total of averages280,175439,1554,548,68

53,280519,45'
==
316,60431,010
Totals, actual condition Feb. 104,525,884 52,846521,431 3,840,341316:53533.114
Totals, actual co ndition Feb. 34,582,781 49,576 508,0230.885,193 317,45430.911
Totals, actual condition Jan. 274,567,969 52,693 527,448 .874,71: 319,947 .438
State Banks Not Members of Fed'I Res
',e Bank.
GreeliWielitutuk 1,000 2,119
18,367 1,589 1,711
18,8
52
Bowery Bank__
250
877
5,869
360
398
2,821 2,189
State Bank_ ___ 2,500, 4,684 83,672 3,529, 1,82
29.146 52.1371
Total of averages 3,750, 7.681 107,908 5,478 3,93
50,771 54,328
Totals, actual condition Fob. 10 108,393
Totals, actual condition Feb. 3 108,255
Totals, actual condition Jan. 27 108,362
Trust Compan lea Not Members of Fed'I
Title Guar & i'r(10,060(11,414 52,119
Lawyers Tit a:TI f6,0001 [4,750 25,731

5,595, 3,703
5,4731 4,227
5,4671 4.094
Res' ye Ban It.
1,529, 3,663
9481 1,63

51,182 54,353
51,140 54,353
51,291 54,436

Total of averages 16,000 16,164

77,850

2,4771

52,164

1,572

Totals, actual condition Feb. 10
Totals, actual condition Feb. 3
Totals, actual condition Jan. 27

78,090
77,691
79,203

2.44li 5.470
2,396, 5,672
2,4531 5,61

51,592
51,448
52,689

1,57
1,61
1,88

5,29

34,58
16,700

1.000
572

Gr'd ant.. avge 299,925463,001 4,734,446 61,235528,686 f3,971,725372,50431,010
.
Comparison with prey. week_ -37.278+1.527-1,168
_9.879:5, +474
--I
Gr'd aggr., act'l cond'n Feb. 104.712,367 60,882
Comparison with prey. week_ _ -56,360 +3,437530.60410,943,115372,466 31,114
1 +12682 -44.666 -9561 +203
Gr'd
Gr'd
tir u
Gr'd
Geri
Gr'd

UV', galconcrn
&gig, acel cond'n
ago., tic/ i wad's
after.. ace!cond'n
agar.. act ,cond'n
agar.. aracond'n

Feb. 34,768,727
Jan. 274,755,534
Jan. 204.782,324
Jan. 134.783,277
Ian. , 4,820.390
Dec. 3C. 4.852,162

57,445 517,922 43.987,781 373.422 30,911
60,613537,15253.978,698376,252 30,438
60,971537,473 43,944,466 446,07830,624
87.475541.425 4,082.945 102,504 30,524
68,294489,420. 4.004.973405.268 30.447
67.078 556,760 4,042,719 415,83530.437

Note.
-AL S. deposits deducted from net demand deposits
above were as follows: Average total Feb. 10, $45.287,000; In the general total
$42,878,000; Feb. 3, $47,512,000; Jan. 27, 855,574,000; Jan.actual totals Feb. 10.
13, $63,576,000. Bills payable, rediscounts, acceptances 20, $82,376.000: Jan.
and other liabilities,
average for the week, Feb. 10. $521,099,000; Feb. 3, 8549.417,000; Jan. 27, $524,335.000; Jan. 20, $481,518,000; Jan. 13. $465,586,000. Actual
5533,456,000; Feb. 3, 3514,820,000; Jan. 27, 5554.998,000; Jan. totals, Feb. 10.
20, 5516,960,000:
Jan. 13, 5450.236.000.
• Includes deposits In foreign branches not included in total footing as follows:
National City Bank,$136,736,000: Bankers Trust Co.,$10,580,000: Guaranty Trust
Co., 577.623,000; Farmers' Loan & Trust Co., $21,000: Equitable Trust C0.427,317,000. Balances carried in banks in foreign countries as reserve for such deposits
were: National City Bank, $23,345,000: Bankers Trust Co., $1,095,000:
Trust Co. $6,529,000: Farmers' Loan & Trust Co.,.321,000: Equitable Guaranty
Trust Co.,
32,799,00o. e Deposits in foreign branches not included. d As of Dec. 7 1922.
e As of Jan. 3 1923. f Aa of Dec. 31 1922. g As
of Feb. 8 1923.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE
BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks •
Trust companies_

5,478,000
2,477,000

Total
Reserve.

Reserve
Required.

519.455,000 519,455,000 512,557,820
3,934,000 9,412,000 9.138,780
5,297,000 7,774.000 7,689.600

Surplus
Reserve.
6.897.180
273,220
84.400

Total Feb. 10_ _ 7,955,000 528,686,000536,641.000 529,386,200 7.254,800
Total Feb. 3,
7,827,000 529,854,000 537,681,000 530,800,790
Total Jan. 27.._ _ 7,881,000 531,870.000 539.751,000 531,930,730 6.881,210
7.8 0271)
Total Jan. 20._ _ 8,033,000 539.816.000 547.849.000 535.752.410 12.096,590
'Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State
and trust companies, but in the ease of members of the Federal Reserve banks
Includes also amount in reserve required on net time deposits, which was as Bank
follows:
Feb. 10, $9,498,120; Feb. 3, $9,578,610; Jan. 27, $9,961,650; Jan. 20,
310,971,810.

Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve banks___
State banks
Trust comPa11199
Total
Total
Total
Total

Feb. 10
Feb.
Jan.
Jan. 20

[Voi.. 116.

T }c4 CHRONICLE

696
Reserve
in
Depositaries

Total
Readtee.

SurPlus
Reserve.

Reserve
Resuired.

-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

$
$
521,431,000 521,431,000 508,740,380 12,690,620
85,240
5,595,000 3.703.000 9,298,000 9,212,760
172,200
2,441,000 5,470,000 7,911,000 7,738,800
$

8,036.000530,604.000 538,640,000 525,691,940 12,948,060
7,869,000 517,922.000525.791,000 531,521.110 -5,730,110
7,920,000 537,152,000 545,072,000 530,447,480 14,624,520
7,811.000 537.473,000 545,284.000 528,147,560 17,136,440

•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Feb. 10, 39,496,050; Feb. 3, $9,523,620; Jan. 27, $9,598,410; Jan. 20, 311,693,130.

Feb. 14
1923.

Jan. 31
1923.

Feb. 7
1923.

Changes from
previous week.

$
3
Capital
59,000,000 59,000,000
No change
59,000,000
Surplus and profits
83,679,000 83,679,000
No change
83,679,000
Loans, disc'ts & investments. 860.370,000 Inc. 3,463,000 856,907,000 856,807,000
Individual deposits, incl. U.S.628,950,000 Inc. 1,994,000026,956.000634,038.000
Due to banks
121,455,000 Dec. 1,092,000 122,547,000 120,403,000
Time deposits
110,362,000 Dec. 375,000 110,737,000 110,054.000
United States deposits
8,085,000 Dec. 1,044,0014 9,129,000 10,404,000
Exchanges for Clearing House 24,091.000 Dec. 3,570,000 27.861,000 25,771,600
Due from other banks
67,902,000ne. 1,115,000 66,787,000 68,493,000
Reserve in Fed. Res. Bank
42,060 71,825,000 71,972,000
71,867,000 Inc.
Cash in bank and F. R.Bank 9,039,000 Inc.
37,000 9,002,000 9,220,010
Reserve excess in bank and
1,841,001) Dee.
Federal Reserve Bank_ _ _ _
179,000 2,219,000 1,876,000

State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust com- return for the week ending Feb. 10 with comparative figures
in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
panies in New York City not
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by Slate Banking Department.)
from vaults" is not a part of legal reserves. For trust companies
Differences
previous week.
Feb. 10.
3761,753,200 Inc. $1,095,400 not members of the Federal Reserve System the reserve
Loans and investments
2,928,200 Dec. 904,200 required is 10% on demand deposits and includes "Reserve
Gold
281,300
18,859,800 Inc.
Currency and bank notes
and "Cash in vaults."
66,107,800 Dec. 1,257,800 with legal depositaries"
with Federal Reserve Bank of New York
Deposits
791,528,100 Dec. 5,656,600
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City exchanges and U.S.deposits_ 746,954,400 Dec. 2,868,800
117,308,400 Dec. 2,357,900
Reserve on deposits
Percentage of reserve, 19.5%.
RESERVE.
- -Trust Companies
State Banks
$60,966,700 14.06%
*326,924,100 16.21%
Cash in vault
2 1,276,600 04.90%
Deposits in banks and trust cos_ _ __ 8,141,000 04.90%
$35,065,100 21.11%

Total

$82,243,300

18.96%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 10 was $66,107,800.

-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Weekended8. 21
8. 28
Nisv. 4
Nimt. 11
Nixv. 18
)v.25
Ni
Dito. 2
Dito. 9
Dito. 16
Dim. 23
Dito. 30
Jan. 6
Jan. 13
Jan. 20
JaEl. 27
Pab. 3
Pa,.. to

Demand
Deposits.

*Total Cash
in Vaults.

Reserve in
Depositories.

$
5,397,918.900
5,402,995,200
5,394,373,600
5,348.725,300
5,331,639.900
5,314,686.500
5.327,903.200
5,309,488,800
4,798.475.400
5,523,709,500
5.519.496.000
5,630,574,400
5,529.461,100
5.562.902.W
5.522,233,200
5,532,381.800
R JAR 100 90n

$
4.699,067.600
4.650,020.500
4,823,416,200
4,573.740,400
4,569,953,000
4,562,416,100
4,592.129.500
4,542.829.600
4.545,721,000
4,594,948.100
4.733.584.900
4,802,407,700
4,774.730.400
4.7.10.0i2,100
4,734,896,900
4,731,427,200

3
89,793,300
88.484,300
87,353,900
91,084,000
89,248,900
87,309,000
88.954.800
91.41.4.200
93,839,300
100.766,600
100,243,100
90,677,500
93,343.800
fill.946.900
83,614,700
82.113,900
RA 010 (inn

$
642,922.400
616,226,400
623.119.700
614,915,700
617.659,300
613,970,600
612.086.200
609,280.700
609,293,500
818,154,200
632.127,800
856,380,000
642,753,600
1337.700.500
622.630.300
627,114,400

4 71057040n

594911 400

New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)
Loans
Net
Nat'l
Net
Net
Reserve
Capital] ProYits. IllsCLEARING
with Demand Time Rank
counts. Cash
NON-MEMBERN
De- CircaDeLegal
in
Nat.bke.Dec.20 InvestWeek ending Statebks.NovI5 meals, Vault. Dcpost- posits. Posits. titian.
tortes.
Feb. 10 1923. Tr. cos. Dec.30 etc.
Average Average. Average Average A veragt Average
Members of
$
$
8
$
$
$
g
3
Fed'I Res. Bank.
195
472
7,556
186 1.485
Battery Park Nat_ 1,500 1.16:1 11,293
1,939 6,389
520
29
500 1,339 9,742
W.R.Grace & Co_
Total Feb. 10..

2,000

2,502 24,035

195

1,705

9,495

6,861

Not Mc mbers of Fed. Reeve Bank
State Banks
263
594
329 5,390
200
Bank of Wash. HUSOO 1,879 19,748 2,484 1,467
Colonial Bank_....

4,439
20,408

195

1,730

24,8471

1,008

Trust Companies Not Mc mimes of Fed. Rave Bank
1851
385
501 , 341 9,197
Mech.Tr.,Bayonne

1
3,700

5,642

18511

3,700

5.842

_ __ _

1,001

2,200 25,138

9,19

3,078

385
3,658
+152

3,6201238,042 13,511
+165 +378 -196

195

3,500 5,059 54,84
3.500 5,059 54,963
3,200, 5,435 53,881

3,506
3,496
3,747

3,455 a37,064 13,707
3,579 237,380 13,917
3,537 a37,442 12,892

3.944

3.654 .30.227 12.224

195
196
195
196

onnl

SARA .c2014

a U. S. deposits deducted, $463,000.
Bats payable, rediscounts, acceptances and other liabilities, 52,625,000.
Excess r(serve. $255,010 increase.




Jan. 27
1923.

$35,875,0 $5,000.0 $40,875,0 340,875,0
Capital
100,351,0 14,496,0 114,870,0 114,847,0
Surplus and profits
Loans,(Mete & investmls 670,590,0, 43,121,0 713,711,0 715.320,0
582,0 28,162.0 30,406,0
Exchanges for Clear.House 27,580.0
24.0 85,051,0 89,988,0
85,027.0,
Due from banks
723,0 123.048.0 126,903,0
122,325,0
Bank deposits
516,110,0 28,433,0 544,544,0 549,414,0
Individual deposits
702.0 23,988.0 28,629,0
26,286,0
Time deposits
664,722.01 29,858,0 694,580,0 702,948.0
Total deposits
8,808,0
7,708,0
U. S deposits (not incl.)._
3,760.0
3,658.0
7,768,0,658,0
3
Res've with legal deposit's
55,233,0 55,512,0
Reserve with F.R. Bank_ _ 55,233,0
1,512,01 10.758,0 10,424,0
9,246,0
Cash in vault*
5,170,0 69,649,0 65,936,0
Total reserve and cash held 64,479,0
4,317,0 59.408,0 59,583,0
55,091,0
Reserve required
5.829,0 15,217,0 11.555.0
9,388,0
Excess res. & cash in vault_
Cash in vault not counted as reserve for N'ederal Reserve members.
•

340,375,0
115,347,0
709,986,0
29,781,0
91,669,0
128,391.0
553,008,0
24,008,0
705,407,0
10,362,0
3,803,0
55,920,0
10,980,0
66,900.0
59,773,0
12.276.0

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 14 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. It. Board._

Feb. 14 1923. Feb. 7 1923. Feb. 15 1922.
$
141,130,282 148,335,710 286,245,000
53,005,000
194,541,641 224,593,845
370,929,555
035,202.070
8.998,127

339,250,000
711,647.000
10,000,000

Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

335,671,923
635,122,870
7,068,952

Total gold reserves
Reserves other than gold

977,763,746 1,015,129,754 1,060,897,000
26,139.232
40,365,000
25,000,220

. 1,002,763,986 1,041.268,986 1,101,262,000
Total reserves
10,000,636
9,484,009
•Non-reserve cash
Bills discounted:
86,258,000
Secured by U. S. Govt. obligations... 259,758,175 193.108,675
27,924,346
54,531.000
34,491,813
All other
19,277,000
27,410,286
29,793,393
Bills bought in open market
324,043,381
Total bills on hand
24,046,750
U. S. bonds and notes
S. certificates of indebtedness
U.
One-year certificates (Pittman Act)._
29,187.500
All other

248,443,307
25,508,350

160,066,000
37,017,000

26,797,000

33,900,000
92,397,000

377,277,631
Total earning assets
10,515,340
Bank premises
5% redemp.fund agst. F. It. banknotes.
153,979,164
Uncollected items
1,928.571
All other resources

300,748,657 323,380,000
10,515,340
7,269,000
1,576,000
108.508.713 122,214,000
1.846,419
3,219,000

1,555,946,685 1,472,888,754 1,558,920,000

Total resources
Liabilities
Capital paid in
Surplus
Deposits
Government
-Reserve account._
Member banks
All other

28,992,800
59,799,523

28,748,900
59,799,523

27,029,000
60,197,000

12,678,771
755,685,804
10,128,891

13,657,065
719,609,633
10,659,109

20,543,000
689,778,000
11,849,000

778,493.467
Total
560.010,229
F. It. notes in actual circulation
F. R. bank notes in circu'n-net liability
126,130,534
Deferred availability items
2,532.131
All other liabilities

743,922,807
554,344,106

722.170,000
621,791,000
19,592,000
104,365,000
3,776.000

Total liabilities

83,872,555
2,200,861

1,555,948,885 1,472,888.754 1,558,920,000
80.2%

81.9%

11,711,907

12,000,468

CURRENT NOTICES.

348
501
Total Feb. 10_ _
-Grand aggregate.. 3,506 5,050 55,37
Comparison with r reviott week.. +526
5ed aggr.,Feb. 3
3r'd aggr., Jan. 27
Drd aggr., Jan. 2'
rs............. ......

F.b 3.
1923.
Total.

Ratio of total reserves to deposit anti
74.9%
F. R. note liabilities combined
Contingent liability on bills purchased
8,659,616
for foreign correspondents
• Not shown separately prior to January 1923,

1,008

Total Feb. 10_

Week ending Feb. 10 1923.
Two Ciphers (00) omitted. Membersof, Trust
F.R.System Companies

Redmond & Co. are bringing to the attention of business and professional men desirous of establishing a dependable trust fund for beneficiaries of the next generation or large estates interested only in invest-year water
ments of the very highest grade, City of Providence, R. 1., 40
and a legal
gold bonds, duo Dec. 1 1962; exempt from Federal income taxes
investment for savings banks and trust funds in New York and all the New
England States.
-Faulks & Murfitt, 16 Exchange Place, have issued a comprehensive
analysis on "The Great Britain of South America."

FEB. 171923.]

THE CHRONICLE

697

WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Thursday afternoo
of the twelve Reserve Banks at the close of business on Wednesday. In the first table n, Feb. 15, and showing the condition
as a whole in comparison with the figures for the seven preceding weeks and with those we present the results for the system
The second table shows the resources and liabilities separately for each of the twelve of the corresponding week last year.
banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Reserve notes between the Comptroller and
Board's comment upon the return for the latest
week appears on page 664, being the first item in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES
OF THE FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS FEB.

RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board

14 1923.

Feb. 14 1923. Feb. 7 1923. Jan. 31 1923.1Jan. 24 1923. Jan. 17 1923.
Jan. 10 1923. Jan. 3 1923. Dec. 27 1922. Feb. 15 1922.
302,189,000
572,152,000

307,567,000
569,278,000

292,664,000 298.207,000 296,840.000 281,300,000 272,504,000 273,325.000 382,260,000
561.403,000 556,642,000 535,229.003 543,338.000 550.126,000 509,580,000 531,354,000
874.341,000 876,845,000 854,067.000 854,849,000 432,069,000
2,144,036,000 2,139,375,000 2,174,677,0(30 2,181,121,000 2,195,474.000 824,633,000 822,630.000 783,405,000 913,614,000
2,136,191,000 2,165,627,000 2,198.84)1,000 1,940,665,000
60,120.000
59,856,000, 47,066,000
44,167.000
49,949,000
61,194,000
51,873,000
58,188,0001 81,775,000
Total gold reserves
3,078,497,000 3,076,076,0003,075,810,000 3,040,137,000 3,077,492.000
3,049,451,000 3,040.439,000'2,936,054,000
Reserves other than gold
140,464,000 143,288,000 151,333,000 141,844,000 136,645.000 3.062,705.000
124,509,000 113,442.000 108,398,0001 139,886,000
Total reserves
3,218,961,000 3,219,364.000'3,227,143,000 3,221,981,000 3,211,137,000
•Non-reservo cash
3,187,214,000 3.162,893,000 3,148,837.0003,075,940,000
67.789,000
67,770,000
54,452,000
79,958,000
82,178,003
Bills discounted:
92.155,000
94,442,000
Secured by U. S. Govt. obligations
428,724,000 344,646,000 377,482,000 341,649,000 284.017,000
Other bills discounted
281.996,000 351,483,000 316.495.000 327,641,000
224,715,000 224,663,000 219,769,000 228,086,000 229,328,000 230,053,000 276.162,000
Bills bought in open market
313,390.000 457,979,000
184,476.000 184,945.000 188.566.000 204,547.000 201,335,000 225,760
,000 255,182.000 246.293,000
78,287,000
Total bills on hand
637.915,000 754,254,000 785,817,000 774.282,000 714,680,000 737,809,000 882,827.000
U. S. bonds and notes
876,178.000 863,907,000
163,240,060 166,086.000 162,952,000 166.857,000 156.878.000
EL S. certificates of indebtedness
175,709,000 182,315.000 179,192.000 125,633,000
190,283,000 187,038,000
One-year certificates (Pittman Act)_
258,965.000
Other certificates
12,000,000
190.783.003 185.982,000 255.554,000 332,467,000 274,239,000 266,691.000
Municipal warrants
4,000
10.000
39,000
24,000
193,000
40,000
Total earning assets
1,191,438,000 1,107,378,000 1,139.552,0001.127.105.000 1,127,122,000 1,248,009,00 1,339,420.00
Bank premises
0 1,334,101,000 1,248,698,000
0
•
46,777,000
46,640,000
46,471,000
46,400,000
45,895,000
45,281,000
45,521,000
5% redemp. fund agst. F. R. bank notes
47,227,000
36,908,000
311,000
311,000
311,000
310,000
311,000
911.000
2,097,000
Uncollected items
2,520,000
7,930,000
676,805,000 524,354,000 530,431,000 580,148.000 653,495,000 606,541,000 770,070.000
All other resources
757.500,000 556,004,000
16,045,000, 15.518,000
15.180.000
15,497,000
15,329.000
15.506.000
14,894,000
15,226.000
15,583,000
Total resources
5,218,126,000 4.981.635,000 5,013,540,000 5,071,399,000 5,138,467.000
5.193,235,000 5.429,709.00015.305,411.000 4,941,063,000
01.1 BILITIES.
Capital paid In
108,373,000 107,810,000 107,703,000 107,648,000 107,484,000 .107,465,00
0 107.450.000
Surplus
218,369,000 218,369,000 218,369,000 218,369,000 218,309,000 218.369,000 213,309,000 107,258.000 103,325,000
215,394,000 215,398,000
Deposits
--Government
43,492,000
35,131,000
46,014,000
33.042,000
9,341,000
6,193.000
6,630,001)
7.809.000
Member bank-reserve account
79,316,000
1,964,561,000 1,905,530,000 1.913,446,000 1,924,521.000 1,918.468,000 1,960,345,00 1,942,749,00
0
0 1,861,281,000 1,744,430,000
Other deposits
22,639,000
23,780,000
31,602,000
33,263,000
41,642,000
53,337,000
75,394.000
31,165,000
33,728,000
Total deposits
2,030,692,000 1,964,441,000 1,991.062,000 1,990,826,000 1,969,451.000 2,019.876,0 2,024,773,0
00
F. R. notes in actual circulation
2,243.603,000 2,217,817,000 2,203,701,000 2,225,231,000 2,256,491,000 2,312,674,00 2.411,053,000 1.900,255,000 1,857,474,000
0
00 2,464,121,000 2,169,953,000
F. R.bank notes in circulation-net Bob.
3,074.000
3,309,000
3,105.000
3,132,000
3,117,000
2,860.000
2.947.000
Deferred availability items
10,632,000
82,988,000
602,878.000 459,255,000 479.551,000 514,997,000 573,705,000 521,667,000
655,532,000 578,502.000 494,582,000
All other liabilities
11.137,000. 10,634,000
10,049,000
11,198,000
9,850,000
10,338,000
9,580.000
29.247.000
17,343,000
Total liabilities
5,218,126,000 4,981,635,000 5,013,540.000 5,071,399,000 5,133,467,000
5,193,255.000 5,429,709.000 5.305,411.000 4,941,063,009
Ratio of gold reserves to deposit and
F. R. note liabilities combined
72.0%
73.5%
73.3%
70.6%
72.8%
70.6%
Ratio of total reserves to deposit and
68.7%
69.6%
72.8%
F. R. note liabilities combined
75.3%
77.0%
76.9%
76.4%
76.1%
73.6%
71.3%
72.1%
76.4%
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

Distribution by Maturities
1-15 days hills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 (lays municipal warrants
18-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif, of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
81-90 (lays bills bought in open market_
61-90 (lays bills discounted
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness__
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks

70,346,000
524.616,000
13,286,000

S
65.030,000
430,152,000
4,872,000

65,933,000
453,690,000
11,048,000

71,673.000
421,946,000
13,970,000

33,080.000
28,607.000
38,933.000

34,940,000
36,917,000

41,654,000
34,916,000

41,930,000
31,576,000

43,982.000
45,800.000
18,500,000

42,551,000
46,593;000
48,213,000

45,442,000
46,589,000
83,201,000

26.498,000
32,284,000

32,354,000
31,777.000

27,565,000
38,258,000

52,446.000
52,300,000
76,567,000
4,000
29.204,000
36,641,000
14,507,000

50,604,000
48,289.000
71,272,000
4,000
28.628,000
38.848.000

10.570,000
22,132,000
119,564,000

10,020.000
23,870,000
133,953,000

7,922,000
23,768,000
96,534.000

9,294,000
27.272,000
80,918.000

6.886.000
27,441,000
102,658,000

62,988,000
367,072,000
75,710.000
6.000
47,229,000
31,695,000
5,914,000

72,452,000
353,518,000
145,787,000
17.000
48.561,000
34.678,000

97,524.000
143,297,000
100.385,000
26.000
45,049,000
43,826,000

1,000
61.891,000
51,690,000

68,309,000
61.399,000

0,000
35,375,000
43,339,000
81,919.000
1,000
7,481,000
28,824,000
104,761400

6,000
37,180,000
49,550,000
66.616,000
6,000
7,120.000
29,573,000
107,233,003
1,000

$
83,210.000
436,465,000
103,595,000
14,000
50,737,000
48,609,000
18,000
69.056.000
63.372.000
76.000
8.000
38,083,000
50,059,00
62,670,000
5,207,000
31,330.000
112,350,000

28,665,000
485,495,000
23,768,000
142,000
19,161,000
75,271,000
35,999,000
15,137,000
104,904,000
9,671,000
15,011,000
77,396,000
2,700,030
51,000
313,000
42,549,000
186,827,000

2,633,175,000 2,619.758,000 2,632.727,000,2,654,125,000 2,691,511.0
00
389.572,000 401,941,000 429,026,000, 428,894.000 435,020,000 2,747.705.000 2,810.254,000 2,835,092.000 2,507,229,000
435,031,000 399,196,000 370.971,000 337,276,000
2,243,603,000 2,217,817,000'2,203,701,000 2,225,231,000 2.258,491.0
00 2,312,671,000 2,411,058,000 2.464,121,000 2,169,953,000
Amount chargeable to Fed. Res.
'
In hands of Federal Reserve AgentAgent 3,528,348,000 3,535.800,0003,566,210,000 3.588,873.000 3,620,438,000 3,659,303,000 3,683,657,000 3.679.200,0 3,467.995,000
00
895,173,000 916,048.0001 933.433,000, 934,748.000
923,927.000 902,598,000 873,403,00
844.168,000 960,766,000
Issued to Federal Reserve banks
2,633,175,000 2,619,758,000,2,632,727,000 2,654,125,000 2,091.511.0
00 2.747.705,000 2,810,254.000 2,835,092,000 2,507,229,000
How Secured
By gold and gold certificate
330.809,000 329,799,000 339,809,0(10, 339,809.000
By eligible paper
489,139,000 480,383,000 458,050,0001 473,004.000 342.452.000 352,102,000 353,102,000 353,657,000 344,012,000
Gold redemption fund
128,130.000 130,567,000 133,752,000, 133,647.000 496,037,060 561,511.000 644,627.000 636,248,000 566,564,000
With Federal Reserve Board
1,685,097,000 1,679,009,000I1,701.116.000,1,707,665.000 134,719,000 122.876,000 130,431,000 133,090.000 123,374,000
1,718,293.000 1,710,856,000 1,681.734.000 1,712,099,000 1,473,279,000
Total
2,633,175,000 2,619,758,000 2,632,727,000 2.654,125.000 2.09
1,511,000 2,747,705,000 2,810.254,000 2,835,002.000 2,507,229,000
Eligible paper delivered to F. R.
Agent, 800,422.000 721,280,000 753,115,000' 746.805.000 645.399.000 713,616,000
• Not shown separately prior to
850.750.000 836,933,000 827,554,000
January(1923.
In actual circulation

WEEKLY STATEMENT OF RESOURCE
S AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS FEB. 14 1923
Two ciphers (00) omitted.
Federal Reserve Bank of
Boston New York Phila. Cleveland Richmond
Atlanta Chicapo St. Louis Minneap.
Kan. City Dallas San Fran.
Total
RESOURCES.
S.
$
S
S
Gold and gold certificates
S
S
$
S
17,237,0 141,130,0 21,409,0 14,148,0 6,639,0
$
$
$
S
$
5,605,0 52,385,0 1,937,0 7,745,0
Gold settlement fund-F.R.B'rd 40,893,0
2,869,0 11,190,0 19,845,0 302,189,0
194,542,0 28.888,0 87,540,0 28,423,0 25,021,0 36,684,0
14.825,0 26,952,0 39.047,0 11.754,0 31,583,0 572,152,0
Total gold held by banks
64,180,0 335,672,0 50,297,0 101,688,0 35,062,0
Gold with F. R. Agents
158,121,0 635,023,0 160,158.0 201,889,0 67.038,0 30,626,0 89,069,0 16,762,0 34,697,0 41,916,0 22,944.0 51,423.0 874,341,0
111,109,0
Gold redemption fund
8.803,0
7,069,0 6,314,0 2,987,0 3,318,0 1,559,0 406.528,0 81,040.0 47,738,0 58,119,0 14.663,0 202,610,0 2,144,036,0
18,170,0 2,168,0 1,142,0 3,090,0 1,268,0 4,232,0
60,120,0
Total gold reserves
231,104,0 977,764,0 216,769,0 306.564,0 105,418,0
143,294,0 513,787,0 99,970,0 83,577,0
Reserves other than gold
9,922,0
103.125,0 38,875,0 258.270,0 3,078,497,0
2.5.000,0 10,852,0 12,421,0 12,335,0 9,984,0 24,255,0
18,541,0
767,0 5,541,0 5,517,0 5,329,0 140,464,0
Total reserves
241,026,0 1,002,764,0 227,621,0
318,985,0 117,753.0 153,278,0
Non-reserve cash
10,860,0
9,484,0 3,185,0 4,434,0 3,268,0 9,065,0 538,022,0 118,511,0 84,344,0 108,668,0 44,392,0 263,599,0 3,218,961.0
6,897,0 4,285,0 2,153,0 4,283,0 5,151,0 4,724,0
Bills discounted:
67,789,0
Secured by U.S•Govt.obliga'ns 27.721,0 259.758,0
42,084,0 23,680.0 16,009,0 1,819,0
Other bills discounted
23,093,0
731,0 4.328,0 1,308,0 20,995,0 428,724,0
34,492,0 15,170,0 9,867,0 22,358.0 14,443,0 23,394,0 6,897,0
33,140,0 5.828,0
Bills bought in open market
14,160,0
21,955,0
29,793,0 25,021,0 31,282,0
451,0 7,074,0 13,821,0 11,495,0 16,342,0 13,748,0 14,279,0 24.684,0 224,715,0
184,476,0
4,012,0 •
85,0 22.593,0
Total bills on hand
64,974,0 324,043,0 82.275.0
38,818,0 23.336,0 70,355,0 24,220,0
64,829,0
U. S. bonds and notes
6,055,0
21.085.0 18,161,0 38,185,0 67,634,0 837,915,0
24,047,0 24,469,0 12.339,0 1,341,0
583,0 8,185,0 17,971,0 10,414,0 26,930,0 3,289,0 27.617,0 163,240,0
U.S.certificates of indebtedness_ 22,189,0
29,188,0 4,628,0 24,067,0
4.531,0 66,994,0 10,809,0
529,0 11,593,0 8.629,0 7,126,0 190,283,0
Total earning assets
93,218,0 377,278.0 111.372.0 101.235.0 40.150.0
28.4500 145 534(3 RA Culn n 55 050 n 50 004 n fal 1030 102 377
0 1 191 438 0




[VOL. 116.

THE CHRONICLE

698
RESOURCES (Corscluded)Two ciphers (00) omitted.
lank premises
•% redemption fund
F. R. bank notes
hacollected items
LII other resources

against

Total resources
.
LIABILITIES.
1apItal paid in
lumina
3eposits: Government
Member bank-reserve ucc't
Other deposits

Boston

New

$
4,434,0

Phila.

York

,
Cleveland Richmond Atlanta
$
7,580.0

$
660.0

$
10,515,0

$
2,617,0

Dallas San Fran.

Chicago St. Louis Minneap. Kan. City

$
2,091.0

$
8,329,0

$
1,888,0

$
1.937,0

$
4,790,0

S
1,017,0

$
919,0

Total
$
46,777,0

311,0
46,0
200,0
65,0
676,805,0
153,980,0 64,442.0 76,621,0 51,691,0 23,692,0 90,408,0 37.893,0 14.117,0 37,367,0 28,368,0 42,572,0
18,045,0
914,0 1,959,0 4,998,0
530,0 1,765,0
302,0 1,422,0
470,0
758,0
572,0
1,928,0
405,619,0 1,555,949,0 407,852,0 509,613,0 215,958,0 216,878,0 790,677,0 215,138,0 135,424,0 212,904,0 131,956,0 420,158.0 5,218,126,0
55,654,0
427.0

8,165,0
16,312,0
4,998,0
127,504,0
632.0

103,373,0
28,983,0 9.332,0 11,960,0 5,612,0 4,382,0 14,906,0 4.867,0 3,586.0 4,622,0 4,187.0 7,771,0 218,369,0
59.800.0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665.0 7,473.0 9.488.0 7.496,0 15,263.0
43,492,0
2.020,0 2,581,0 1,912.0 2,071.0„
2.137,0 2,317,0 3.118,0, ,
12,679,0 1,932,0
755,686,0 113,327.0 163,919,0 62,425.0 57,923,0 275,902,0 72,254,0 51,367,0 87.540,0 54,361,0 142,353,0 1,965,561,0
22,639,0
375,0 4,409,0
590,0 1,387,0 1,469,0
949,0
355,0
133,0
709,0 1,502,0
10,129,0

Total deposits
133,134,0
P.R.notes In actual circulation_ - 198,457,0
T. R. bank notes In circulation
net liability
3eferred availability items
49,190,0
361,0
111 other liabilities

778,494,0 115,968,0 167,558,0 64,875.0 61.396.0 280,779,0 74,864.0 55,335,0 90.921,0 56,807,0 150,561,0 2,030,692,0
2,243,603,0
560.010,0 204,224,0 234.687,0 89,034,0 122.441,0 386,353,0 87,500,01 55,854,01 65,981,0 31,832,0 207,230,0
3,074,0
427,0
I 2,251,01
I
396,0
126,130,0 59,025,0 71,066,0 44,708,0 19,119,0 76,683.0 37,519,0 12,287,0 39,222,0 29,592,0 38,337,0 602,878,0
11.137,0
998.0
419.0 1,615,0
889.0
723,0
598,0 1,162,0
441.0
847,0
554,0
2,532.0

1

Total liabilities
405,619,0 1,555,949,0 407,852,0 509,613,0 215,958.0 216,878,0 790,677.0 215,138,0 135,424,0212,904.0 131,956,0 420,158,0 5,218,126,0
Afemeranda.
to deposit
;MI° of total reserves
I
and F. It. note liabilities coin1
75.3
73.7
50.1
69.3
75.91
73.0
sol3
83.4
76.5
79.3
71.1
74.9
72.7
bine& per cent
1ontingent liability on bills pures. coo n
i
1 005 n A dq, n I Ana n 1 050 0 I avo n 1 144 fl e one n
1 1100 n
440 (1
a aan n 0740 n 0
rhn0nri fnr fnrnIrn rnrra0nnnfl•te 0 000 n

1

I

1

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY 14 1923
Boston. New York Phila. Clever d Richm'd Atlanta Chicago &louts Aftms. K. City Dallas San Fr. Total
$
$
$
$
$
$
$
$
$
$
$
$
386,690 47,000 34,990 29,900 77,494 104,360 25,990 11,000 20,760 21,504 61,725 895,173
743,832 223,125 252,136 97,337 126,034 443,503 105,245 59,949 73,355 35,322 258,629 2,633,175

Federal Reserve Agent at-

$
(In Thousands of Dollars)
Resources73,700
Federal Reserve notes on hand
214,708
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
15,300
Gold and gold certificates
14,821
Gold redemption fund
128,000
Gold Fund-Federal Reserve Board
56.587
Eligible paperjAmount required
8,387
lExcess amount held

2,400
260.531 7.000 13,275
33,492 11,269 13.614 4,243 4,709
141,889 175,000 62,795 104,000
341,000
108,809 62,967 50.247 30,299 14,925
192.656 8,951 12.308 7,135 8,403

____ 6.461
____ 330.809
12,790 13.052
15,883 4,750 1,686 3,759 2,202 17,102 128,130
390.645 63,500 33,000 54,360 6,000 184,908 1,685.097
36.975 24,205 12,211 15,236 20.659 56,019 489.139
15 8.425 2,925 17,428 11,567 311,283
33.083

511,503 2,067,010502,201 551,570 231,769 337,966 1,024,449 236,495 139,323 170,395 109,576 590,5506.472,806
Total
Liabilities
Net amount of Federal Reserve notes received from
94,115 56,826 320,354 3.528.348
288,408 1.130,522 270,125 287,126 127,297 201,528 547,863 131,235 70.949 58.119 14,663 202,610 2,144.036
Comptroller of the Currency
47,738
158,121 635.023 180.158201.589 67,038 111,109 406.528 81,040 20,636 18,161 38.087 67,586 800,422
Collateral received froml Gold
70,058 24,220
64,974 301,465 71,918 62,555 37,434 23,328
Federal Reserve BanklEligible paper
1G9.576 590,550 8.472.806
511,503 2.067.010 502,201 551,570 231,769 337,965 1,G24,449 236.495 139.323 170.395
Total
214.708
16,251

Federal Reserve notes outstandlng
Federal Reserve notes held by banks

743,832 223,125 252,136 97,337 126,034
183.822 18,901 17,449 8,303 3,593

443,503 105.245 59,949 73.355 35,322 258,629 2,633,175
57,150 17,745 4,095 7,374 3,490 51,399 389,572

108.457

580.010 204.224 234.687 89.034 122.441

386.353 87.500 55.854 65,981 31,832 207.230 2.243.603

Federal Reserve nntea in Aetna! circulation

WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.

of the resources and
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items
banks,from which weekly returns are obtained. These figures are always a week behind those
liabilities of the 781 member
in the statement of Oct. 18
for the Reserve Banks themselves. Definitions of the different items in the statement were given
the figures for the latest
in the "Chronicle" Dee. 29 1917, page 2523. The comment of the Reserve Board upon
1917, published
and Discussions" on page 665.
week appear in our Department of "Current Events
business February 7 1923. Three ciphers (000) omitted.
1. Data for all reporting member banks In each Federal Reserve District at close of
Fedtra2 Reserve District.

Boston

New York

Phila.

Cleveland Richmond Atlanta

Chicago St. LOUIS Mbineap. Kan. CUP

Darks

36

30

78

52

San Fran.

Total

Number of reporting banks
Loan.s and discounts. gross:
Secured by II. S. Govt.obligationa
Secured by stocks and bonds
All other loans and discounts

107
46
g
g
88,871
14,507
247,097 1.632.283
601,523 2,358,719

56
$
20.781
238,656
331,991

84
$
31.209
368.528
653,427

78
S
10.682
123,156
311,131

108
39
$
$
40.523
7,844
59,500 535.916
334,530 1,094,026

8
18,104
138,591
303,599

3
7.768
46,567
191,899

$
8,552
77,018
359,040

$
5.641
49,770
208,966

780
$
3
15.943
270,225
160.107 3,677,189
743,112 7,491,983

Total loans and discounts
U. S. pre-war bonds
U. S. Liberty Notes
U.S. Treasury Notes
U.S. Victory notes & Tress' notes_
U.S. Certificates of Indebtedness
Other bonds, stocks anti securities

863,127 4,079,873
48,462
12,514
77.693 486,849
48,954
6,182
29,582 515.173
93,275
9,239
175,070 747,381

591,428 1.053,164
48.128
11,344
47,785 119,111
9.456
4,753
51,871
56,209
12,430
1,656
186,895 287,219

444,969
30.486
32,508
4.946
11,554
3,257
52,568

401,674 1,670,465
23,963
14,449
98.743
12,137
33,300
3.365
5.697 130,923
26,555
6,985
36,205 361,691

460,294
15,324
24.198
9,931
25,108
3,886
87,960

246,234
8,561
16,590
1,772
25,099
1,963
31,367

444,610
11,973
46,511
4,668
21.512
5,798
59,472

264.377
19,653
11,684
4,157
14.825
4,031
8,715

919,162 11,439,377
281,103
38,246
93,734 1,067.563
13,631
145,115
48,927
936.390
11,260
180,335
157,345 2,191,888

Total loans & disc'ts & investm'ts, 1,173.407 6,019,967
85,019 651.822
Reserve balance with F.R.Bank _ _ _
83.134
18.563
Cash In vault
825,922 4,935,499
Net demand deposIts
243,491 734,670
Time deposits
55,891
9,920
Government demposlts
Bills payable and rediscounts with
Reserve Bank:
Federal
16,678 173.381
Secured by 17.S.Govt.obligations
23.825
19.8311
All nthar

900,0701,581,379
70,119 103,401
31,457
15,904
699,540 915.982
73,833 547,010
7,015
12,870

580.286
37,886
13,305
341,210
140,495
6,196

480,512 2,345,640
:15,609 207,613
62,593
10,233
285,883 1,516,831
162,828 758,559
18,726
3,216

026,611
43,962
8,143
380,930
175,441
6,159

331,586
22,602
6,042
212,258
84,882
4,023

594,566
49,215
11,719
459,775
125,358
1,449

327,442 1,280,305 18,241,771
95,416 1,429,953
27,289
9,271
23,873
284,237
238,140 673,263 11.485,233
73,181 594,014 3,722,782
1,744
8,162
134,371

4.751
6.855

10.293
11 4R 1

12,015
7.561

2,044
1.357

865
3,224

2,086
3,580

20.013
9.141

927
4.429

600
2.351

66

13,686
5.952

257,239
99.574

all other reporting banks.
2. Data of reporting member banks in Federal Reserve Bank and branch cities and
•
Total.
AR F. R. Bank CitiesP. R. Branch CitiesOther SetecledCiqes.
Three ciphers (000) omitted.
Jan. 31. Feb. 7. Jan.31. Feb. 7. Jan. 31. Feb. 7 '23. Jan.31'23.Feb. 8 '22.
Feh. 7. Jan. 31. Feb. 7. Jan. 31. Feb. 7.
3111
807
311
207
780
780
207
262
2621
50
64
50
64
Number of reporting banks
3
3
3
$
$
$
I
$
$
$
$
S
$
3
Loam and discounts, gross:
39,73
39,449
270,225 276,332 443,632
48.334 48.001
188,882
182,157
79,509 82.900 31,197 33,581
Secured by II. S. Govt. obligations
3,129,004
1,458.253 1.505,086 403,604 407,277 2,673,580 2,722,321 543,420 542,272 460.1891 458,589 3.677,189 3,723.182 7,300,518
Secured by stocks and bonds
2063.8372.029.710 639,577 626,026 4,620,248 4,562,63 1,530.7041.533,5291,341,0111,328,989 7.491,963 7,425,153
All other loans and discounts
11,424,667 10,873,154
3,601,5993.617.696 1,074,3781,066,883 7,475,985 7,473,83 2,122,4582.123,8021,840,9341,827,027 11,439,377
Total loans and discounts
76.804 105,980 105,510 281,103 280,684
76,954
,37'
98,169
2,24
2,415
37.836 37,92'
994,836
7.8. pre-war bonds
651,721 650.521 245,058 249,634 170.7841 169,2231,067,563 1,069,378
418.298 415,392 40,959 43,33
bonds
Cr. S. Liberty
31,118 25,5791 26,653
31.469
151,2201
145,115
93.44
88,067
25.958 28.933
37,721
36,631
17,5. Treasury bonds
931.752 458.394
134,678 132,392 77,414
76,467 936,300
485.620 486,255 87,006 83,923 724,298 722,893
193,617 224,250
Cr.8.Victory notes & Treasury no
35.190 39,589
22.133 20,733
180,335
133,29
123,012
14,171
18,471
90.860 98,131
2.091.066
.
7 B. Certificates of Indebtedness
546,777 565.391 187,752 186,264 1,196,192 1.210.942 576,076 589.713 419,620 421,302 2,191,888 2.221,957
bonds, stocks and securities
)ther
. 3
10,357.444110,383,30: 3,221 88 3,243.0522,662;4442,646,91. 16,241,771 16,273,275 14,639.700
1.430.053
Total loans & (Meta & invest'ts,5,217,6215,256,5061,432,639 151.48 1,020,843 1,033.46
238,2951 242,601 170.8151 167,952 1,429,953 1,444,013 1,308,450
605,697 608,194 144,936
274,952 278.695
leserve balance with F. R. Bank
284,237
62,643 56,900 76,7191 76,331
141,721
144,875
67,197 28,809 28,61
69.281
rash in vault
7,930,887 1.908.03211,932,884 1,677,207 1,673,187 11,485,233 11,536,05810,235,655
4447,3434,438,6791.028,432 1,036,336 7,899.9941
3,728,502 3,003.848
demand deposits
get
. ,528 803,388 798,876 3.722.762
.
367,25 1,784,732 1,787.111 t,134 64211 142
482,738 493,60: 366,6
450,272
149.836
rime deposits
110.463 22,505 25,683
12.325 13,810 134,371
99,541
13,244
11,951
51,584 57,159
lovernment deposits
rediscounts with
11118 payable and
202,195
287,301
F. R. Bank:
17,692 257,239
32,502
18,425
205,093 237,107 33,721
1,461
3,671
153,61. 189,385
192,881
92,093
99,574
15,846
Sec'd by U.S. Govt.obligations._
14,581
56,46
21,143 20,145
62,585
6,586
5,758
8,362
14,122
All other
of bills payable & rediscoun..
latio
lo•
2.7
2.2
.2.2
1.4
1.5
1.5
with F. It. Bank to total
2.6
.6
.
3.2
and Investments, per cent
New York City

City of Chicago

1

•Revised figures.




FBB. 17 1923.]

THE CHRONICLE

itiankers'

azzit

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Wall Street, Friday Night, Feb. 16 1923.
Railroad and Miscellaneous Stocks.
-Judging from the
volume of business and the trend of prices in the security
markets this week, a general feeling of optimism prevails
in Wall Street. If there are misgivings as to the outcome
of the Franco-German situation, they are obscured by a
preponderance of exceptionally favorable reports of domestic
activity in all departments. The operations in stocks involved nearly 1,400,000 shares per day, and in bonds the
par value averaged upwards of 814,000,000, making it the
most active market of the year thus far. Prices for both
have been somewhat irregular, owing in part to a rate of
from 5 to 6% for call loans, a matter which is not fully
underatood by the average layman. The favorable industrial reports mentioned include that of freight cars loaded
during the week ending Feb. 3, showing the number to be
200,000 in excess of any previous record; the Census Bureau's
report that American spinners took more cotton in January
than any other month in the history of the industry except
two during the war-time demand, and reports of unusually
heavy traffic on all the great Northwestern systems.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Feb. 16.

Sales
for
Week.

Par. Shares

Rangefor Week.
Lowest.

I

Highest.

Range since Jan. 1.
Lowest.




Highest

per share. $ per share. $ per share. per share.

•
Railroads
CRRoiNewjersey.lii
200225 Feb 16225 Feb 16 10
C C C & St Lours_ _ _I
2
15% Feb 1 77 Feb 13 75%
CStPM&o,pref.lei
100100 Feb 13100 Feb 13 00
Duluth S & A
10
2
3 Feb 16 331 Feb 15 3
Preferred
5% Feb 10 5% Feb 13 4%
60
iii
Int & Gt No Ry(w 0_10
2
22% Feb 10 2234 Feb 14 22
Iowa Central
431
1
3
6 Feb 14 6% Feb 1
Manhattan Elev scrip_ _ 1,1
4% Feb 1
4% Feb 1
M St P&SSM preLl
300 90% Feb 10 90% Feb 13 8431
M K ar T full paid
1,100 38 Feb 10 38% Feb 14 3531
Nash Chat & St L_ _1
10 122 Feb 10122 Feb 10 20
Nat Rye Met 1st pref 1
7
8 Feb 14 931 Feb 16 6,1
N Y Ch & St L 1st pi_ lii
20 95% Feb 14 9534 Feb 14 79,4
Tol St L ar. W ser 13 pref.
500 52% Feb 10 53% Feb 16 51,4
Indus. & Misc.All American Cabie&1is
400l03 Feb 16 104 Feb 14 02
Am Beet Sugar pref 1i
3
76% Feb 10 80 Feb 1 76%
American Chicle pf..iiI
200 22 Feb 14 25 Feb 14 22
Amer La France Fire En
7% cum preferred_ 1
800 95 Feb 15 96 Feb 16 95
Am Rolling Mills pf_ _1
Feb 14 100 Feb 10 98
1,900 98
Am Teleg & Cable__ _100 200 57% Feb 16 58 Feb 16 57%
Am Metal tern cti pf_ 1
Feb 10117 Feb 13 115
700116
1% Feb 10 2% Feb 14 134
AtlFruitCoITCoctfordep 8,7
Auto Sales pref
12% Feb 10 13 Feb 13 1234
2
131kyn Edison Inc rights. 14,826 6% Feb 14 8 Feb 13 2%
98 Feb 15 98
BrownShoe Inc, pt.. _100 1
Feb 15 98
Burns Bros Prof
206 105 Feb 151053.4 Feb 16 C491
1
Prior preferred. _.100 100 120 Feb 15 120 Feb 15 120
Cert-Teed Prod let pf 100 10 87 Feb 13 87 Feb 13 87
Cluett. Peab & Co pf_100 1001109% Feb 101003-( Feb 10 10231
1
94% Feb 10 94% Feb 1(Y 9234
Coca-Cols pref
IOC
Cora Solvents CI A_ --• 40 40% Feb 13 41
Feb 141 39%
* 10 1931 Feb 16 1934 Feb 18 18
Conley Tin Foil
Feb 14 107 Feb 14 106
50 107
Cont Can Inc pref._ -1
200j107 Feb 16109% Feb 14 101
Cosden & Co prof
10.7
8% Feb 5 9% Feb 16 1 8%
Cuban Dom,Sugar
1,100 52 Feb 16 .55 Feb 15 52
Preferred
.15 9001 934 Feb 13 13 Feb 14 9%
Fairbanks Co (The).
Fid Phoenix Fire Ins...25 611011934 Feb 14 126
Feb 13 102
100 11834 Feb 15118% Feb 15 116
Fisher Body pref_ __ 10
12,900 37% Feb 16 3894 Feb 15 3734
Fleischmann Co
700100% Feb 10
GenAmTkCar7%111100
General Baking Co....' 500 80 Feb 10 84 Feb 1611 73
Gen Cigar inc pref_100 200 109 Feb 15 109 Feb 15 104%
Gimbel Bros pref._ _ _100 500 100 Feb 1510134 Feb 13 90
Gt Western Sugar pf _100 1,100105% Feb 10105% Feb 10 105
10010534 Feb 1010594 Feb 10 101
Gulf States St'l 1st pf 100
,
5.800 40 Feb 15 4134 Feb 15 40
Hayes Wheel
International Salt__ _100
1001 903.4 Feb 101 9034 Feb 10 88
Shoe__• 3,000 6634 Feb 141663.4 Feb 13 6534
Shoe....'
100105 Feb 10105
Iron Products pref__ _100
Kelly spl
ine6% 1::1_100 200 87 Feb 10 89 Feb 10 9934
Feb 16 8434
Lig&MyersTobserBlil
100 217
Feb 13217 Feb 13 116
100
Macy prof
10011534 Feb 1311534 Feb 13
* 9,700 32 Feb 10 3434 Feb 10111234
Magma Copper
2994
27298 Feb 13299% Feb 15 296
Nat I3k of Commerce 100
200102 Feb 10102 Feb 10 9934
Nat Enam & Stpg pf_100
• 2001 123.4 Feb 14 1334 Feb 16 12
N Y Shipbuilding
North American B righ
1031 2334 Feb 14 2334 Feb 14 18
0
Orpheum Ciro Inc pf-100
1
893.4 Feb 14 8934 Feb
843.4
100 1,900 533.4 Feb 10 62 Feb 14 47
Otis Steel prof
161
pacific Tel & Tel pref 100 200 02 Feb 14 923,4 Feb 15 913.4
100 9834 Feb 14 9874 Feb 14 93
Packard Motor pref_100
Philadelphia 6% pref_50 800 443,4 Feb 16 4594 Feb 13 4234
Phillips Jones Corp pf 100
100 92 Feb 13 92 Feb 13 89
16.5001
Pierce Arrow rights
% Feb 14
94 Feb 16
31
Porto-Rican Am Tob 100 1,6501 60 Feb 10 723( Feb 14 60
Prod & Ref Corp rights..85,7003 % Feb 14
% Feb 10
%
Prod & Ref Corp pref_50 200j 4734 Feb 15 4734 Feb 15 45
P S Corp of N J pref _100 600107 Feb 1010734 Feb 13 106
• 2001 1634 Feb 14 1691 Feb 13 16
Reis (Robt) & Co
Reynolds Spring rights__ 8.7001 43,4 Feb 13 594 Feb 13 4
Shell Union 011 pret_100 2001 9134 Feb 14 91% Feb 14 9131
Simms Petroleum____10 14,800 1331 Feb 10 1434 Feb 13 1234
8,200 2434 Feb 15 3134 Feb 15 2434
Simmons Co
2,000, 9634 Feb 16 9931 Feb 14 9634
Sinclair Cons Oil pref 1
So Porto Rico Sug pf_100 400 94 Feb14 95 Feb 15 9231
Tobacco Prod Met--100 4,300106% Feb 10114 Feb 14 10494
Transue ar WIlliams___* 200 24 Feb 15' 25 Feb 15 24
Underwood Typewr_100 100l145 Feb 10 145 Feb 10,136
United Cigar Stores_ _ 100 800185 Feb 10223 Feb 141 185
100 4001 734 Feb 14 7% Feb 15 7
U S Express
LT El Realty & Imp full pc! 500103% Feb 15 104 Feb 13 102%
500 67% Feb 101 69 Feb 131 57
U8Tobacco
100
20011113.4 Feb 10'112 Feb 15 11034
Preferred
Va-Carolina Chem B___• 3001 1474 Feb 13 16 Feb 13 1434
• 4001 5994 Feb 151 60% Feb 15 58
Van Raalte
West Elec 7% cum pf 100 6 114 Feb 10114% Feb 16 11234
West% E & Mfg let pf 50 1001 75 Feb 16 75 Feb 16 72
1001 83 Feb 15 83 Feb 15 83
Worthington prof A._100
1
4
69 Feb 16 70 Feb 15 6634
Pref B
Feb 16 78 Feb 13 76
Youngst Sheet & Tube. l,20 76
•No par value.

699

Jan231
Feb177
Feb 102%
Jan 3%
Jan 5%
Jan 2334
Jan 6,4
Jan 431
Fe. 90%
Jan 3831
Feb 122
Jan 9%
Jan 97
Feb 56%

Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan

Jan 106
Feb 80
Feb 25

Jan
Feb
Feb

Feb 96
Feb 100%
Feb 58
Jan 117
Jan 2%
Jan 13

Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan

Jan 99
Jan 120
Feb 120
Feb 88
Jan 110
Jan; 94%
Feb: 45,1
Jan 2234
Jan 108
Jan 109%
Feb 9%
Feb' 55
Jan' 13
Jan 126
Jan 119
Feb 38%
Jan 101%
Jan' 89
Jan 109
Jan 102%
Jan 106
Jan 10594
Feb 41%
Feb 92
J• 67
Ja 105
Jan 89
Ja 217
Jan 115,4
Jan 34%
Feb 299%
Feb 102
Feb 13%
Jan 23%
Jan 89%
Jan 62
Jan 92%
Jan 99
Feb 45%
Feb 94
Fe
2
Fe 84
Feb
%
Fe 47%
J 10734
Jan 18,1
Feb 534
Jan 93%
Ja 1431
Feb 24 34
Feb 99,1
Jan 99
Feb 109%
Feb 33%
Jan 145
Feb 223
Jai
Feb105
JanI 69
Jan1112
Fe 16
Jan.1 64
J 114%
J
75
FebI 83
Jan( 70
Feb80

Week ending
Feb. 16 1923.

Railroad, State. Men.
and Foreign
die.,
Bonds. I Bonds.

Stocks.
Shares. I Par Value.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

675,900 062,000,000
1,419,0841
1,388,910
1,365,725
1,492,000

Total

125,000,000
123,000.000
122,500,000
123,500.000

U.S.
Bonds.

$876,000 82,470,500
$5,359,000
BOLL DAY
9.683,000 2,077,000 2,580,500
8,928,000 2,445,500 2,750,850
7,514.500 2.997,000 2.036.400
5.936.500 2,724,5001 1,922,000

6,341,619 8556,000.000 $37,421,000 '11,120,000 811,740,250

Sales at
New York Stock
Exchange.

Week ending Feb. 16.
1923.

Jas. Ito Feb. 16.

1922.

1922.

1923.

-No. shares__
Stocks
25,915.814
6,341,619
34,316.090
3,157,333
Par value
$556,000,000 $281,291,500 83.157,388,000 82,342,852,425
Bank shares, par
Bonds.
Government bonds
811,740,260 $82,059,000
$306,920,050
8115,322.700
State. mu n.&for.boncls 11.120.000 12,875.000
65,956,500
79,178.000
RR.and misc. bonds
37,421.000 29,703,800
235.995,900
240.435.000
Total bonds
0608,872,450
$60,281,250 $74,637,800
$434.935,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Roston

Week ending
Feb. 16 1923.

Balmer*

Philadelphia

Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

18,742

$66,460
25,170
33,600
40,000

148,457

Total
Prey, week revised

$21,000

30.320
23,980
33,706
41,709

$186,230

39,715

173,931

8272,050

50,241

923

$18,000

1,594
2,610
1,084
1,856

$70,7130
57.600
32,500
29,000

$100,800

8,067

$207,800

$181.400

8,074

$247,100

5,362
$13,000
BOLL DAY
9,221
$18,300
9,711
29.200
9.165
19,500
6,256
20.800

Gaily Record of U. S. Bond Prices. Feb.10. Feb.12 Feb. 13.Feb.14.1Feb.15. Feb.16.
First Liberty Loan
HIgh
334% bonds of 1932-47._ Low_
(First 3348)
Close
Total sales in $1,000 units__ _
Converted 4% bonds of {High
1932-47 (First 4s)_ _ _ Low_
.
Close
Total sales in $1,000 units_
Converted 44% bondrigh
1932-47 (First 4,18) Low_
Close
Total sales In $1,000 unUs___
Second Converted 431% High
.borate of 1932-47 (First Low.
Second 4%s)
Close
Total sales in $1,000 units...
Second Liberty Loan
rah
4% bonds of 1927-42._ _ _ Low_
(Second 4s)
Close
Total sales in $1,000 units__ _
Converted 44% bondsrigh
of 1927-42 (Second
Low_
4318)
Close
Total sales in $1,000 units...
Third Liberty Loan' {High
4y,% bonds of 1928._ Low_
(Third 4%.)
(Close
Total sales in $1,000 units__
Fourth Liberty Loan
{High
4%% bonds of 1933-38._ Low_
(Fourth 4349)
Close
Total sales In 31,000 units...
Victory Liberty Loan (High
4,1% notes of 1922-23_ Low_
(Victory 4918)
Close
Total sales in $1,000 units _ _ _
Treasury
{High
4318, 1947-5
0
Low.
Close
Total sales in 81.000 maim.

101.10 101.80 101.84 101.78
101.76 101.64 101.74 101.70
101.76 101.74 101.78 101.74
314
210
91
133

101.84
101.74
101.74
287
____
____

----

99.08
98.80
98.84
28
98.80
98.80
98.80
20
____
___- •
____
____
---98.88 HOLI98.72 DAY
98.72
288
99.10
99.00
99.02
259
99.04
98.84
98.88
535
100.20
100.20
100.20
5
100.00
99.98
100.00
150

vIiii
98.86
98.88
45

----

----

----

9.068 2of
98.86
98.86
119

98.80
98.82
100

98.80
98.84
171
--

----

-- ---

----

----

9 .5
-8
98.70
98.70
11
98.84
98.70
98.74
490
99.14
99.00
99.10
507
98.98
98.80
98.98
811
100.20
100.20
100.20
56
100.04
100.00
100.00
172

--:___
____
____
___
98.88
98.74
98.76
282
99.18
99.06
99.08
526
99.68
98.90
98.94
1.121
100.20
100.20
100.20
54
100.02
99.98
100.00
396

is:i98.70• ____
98.70
98.70
2
98.80
98.60
98.66
376
99.08
99.00
99.00
299
98.98
98.80
98.86
835
100.22
100.18
100.20
42
100.02
99.98
100.02
226

---_
98.76
98.62

wee

150
99.08
98.94
98.96
322
98.94
98.78
98.82
870
100.20
100.16
100.16
55
100.02
99.98
100.00
245

Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
13 1st 33.48
2 1st 4,18
1 2d 4s
39 2d 4348

101.54
23 3d 4348
98.64
101 4th 4318
98.22
17 Victory 4345
98.60 to 98.66
3 Treasury 4316

98.86 to 99.04
98.66 to 98.98
100.00 to 100.04
99.80 to 100.00

Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.

Inf.
Rats.

lone 15 1924.-Bept.15 1924...
Mar.15 1925._
Mar. 15 1926._
Mar. 15 1923._
June 15 1923--

54%
54%
434%
434%
494%
834%

BM.

Asked.

Maturillt.

10134, 101134, Dee. 15 1925._
1017
4 10113 Sept 15 1923._
-fl
10034 100% 1 Sent 15 1926...
10034 10014 man 15 1623 __
.
100
100% 1 June 15 1925...
9994 100
Dee. 15 1927.._
rum 1 r 109•1

154
Rats.

Bid.

494%
334%
44%
334%
434%
434%
4 72,
,

9994
99Si
100
99%
99)(
99
9934 100.
991% 100'
991%1003.1
9034 100

Asked.

Foreign Exchange.
Today's (Feiday's) actual rates for sterling were 4 663404 6694 for
sixty days, 4 68,104 67% for cheques, and 4 68%04 603-4 for cables.
Commercial on Banks sight.
clays 4 65%04 6534.
ninety days 4 64%04 65. and4683404 6834. sixty
documents for payment (sixty da)s) 4 6634
04 6634. Cotton for payment 4 68%04 6896, and grain for Payment
4 68%04 6894.
Today's (Friday's) actual rates for Paris bankers' francs were 5.930
5.99 for long. 5.9606.02 for short. Germany Bankers' marks are not
yet quoted for long and short bills. Amsterdam Bankers' guilders were
39.07039.09 for long, 39.38039 40 for short.
Excnange at Paris on London, 77.85 fr., week's range, 76.12 fr. high and
77.85 fr. low.
The range for foreign exchange for the week follows:
Sterling ActualCables.
Sixty Days. 4 Checks.
High for the week
56 :
4 8
.99
4 66,1
Low for the week
4 67%
4 68
465%
Paris Bankers' FrancsHigh for the week
6.22
6.21
6.16
Low for the week
5.97%
5.92%
Germany Bankers' MarksHigh for the week
0.0055
0.0055
Low for the week
39. 31,4
05
.
0.0031%
7
_
Amsterdam Bankers' GuildersHigh for the week
39.58
39A9
39.13
Low for the week
39 06
Domestic Exchange.
3 42
9.
--Chicago, par. St. Louis, 150250. per $1,000
discount. Boston, par. San Francisco, par. Montreal. 812.1825 pea
$1.000 discount. Cincinnati. par.

The Curb Market.
-The review of the Curb Market is
given this week on page 691.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly

'700

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive. see preceding pat!,
Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Shares
600
4,700
900
1,000
800
18,700
800
21,600
8,400
6,400
5,400
1,000
5,200
1,900
2,200
400
1,800
3,300

9,500
3,800
7,600
28,700
6,100
21,500
200
8,400
1,100
2,900
1,800
3,800
1,700
3,200

Railroads
Par
Ann Arbor preferred
100
Atch Topeka & Santa Fe 100
Do prof
100
Atlanta BIrrn de Atlantic..100
Atlantic Coast Line RR
100
Baltimore & Ohio
100
Do prof
100
:trooklyn Rapid Transit
100
Certificates of deposit
Canadian Pacific
100
Chesapeake & Ohlo
100
Preferred
100
Chicago & Alton
100
100
Preferred
Chic & East Ill RR (new)
Do pref
Chicago Great Western_ __100
100
Do prat
Chicago Mllw & St Paul 100
100
Do prof
Chicago & North Western_100
Do pref
100
Chic Rock IA & Pao
100
7% preferred
100
100
6% Preferred
Chic St P Minn & Om
100
Colorado & Southern
100
Delaware & Hudson
100
Delaware Lack & Western_ 50
100
Erie
100
Do 1st prof
100
Do 2d pref
100
Great Northern pref
Iron Ore properdes_Ars par
100
Gulf Mob & Nor or ctfe
100
Do prat
100
Illinois Central
Interboro Cons Corp__No Par
100
Do pref
Interboro Rap Tran w i
100
Kansas City Southern
100
Do pref
100
100
Lake Erie & Western
Do pref
100
50
Lehigh Valley
100
Louisville & Nashviiio
100
Manhattan By guar
Eq Tr Co of N Y ctf dep_100
100
Market Street Sty
100
Do prof
100
Do prior prey
100
Do 20 pref
100
Minneap & St L (new)
100
Minn St P & 159 Marle
Missouri Kansas de Texas .100
Mo Kan de Texas(new) •
Do pref (new)
Missouri Pacific trust ctts_100
100
Do prey trust Ws
Nat Rya of Mex 20 pref __ _100
New Orl Tex & Mex v t c 100
100
New York Central
100
N Y Chicago & St Louls
100
Do 20 prof
100
N TN II & Hartford
100
N Y Ontario & Western
100
Norfolk Southern
100
Norfolk & Western
100
Do pref
100
Northern Pacific
50
Pennsylvania
100
Peotia & Eastern
100
Pero Marquette
100
Do prior pref
100
Do pref
100
Pittsburgh & West Va
100
Do pref
50
Reading
50
Do let pref
50
Do 20 pre
100
Rutland RR pref
St Louis-San Fran tr erfs 100
Do pref A trust etfs__ _100
100
St Louis Southwestern
100
Do pref
100
Seaboard Air Line
100
Do pref
100
Southern Pacific Co
100
Southern Railway
100
Do prat
100
Texas & Pacific
100
Third Avenue
Twin City Rapid Transit__100
100
Union Pacific
100
Do pref
United Railways Invest__ -100
100
Do pref
100
Wabash
100
Do prat A
100
Do pre( B
Western Maryland (new) 100
100
Do 2d prof
100
Western Pacific
100
Do pref
Wheeling & Lake Erie RY-100
100
Do pref
100
Wisconsin Central

71 8 73
,
1,500
723 7314 73
4
/
4
7312 *721 73
18 8 18 8 .
,
, 17
300
1833 *17
1812 *1712 1812
*53
5412 5312 543 *47
200
53
52
52
6214 6212 6212 6514 8412 65
643 6512 6,100
4
1412 1434 14
1412 14
143
8 1418 1414 9,800
3
8
*14
14
14
400
14
14
*14
12
•1
118 *1
118
1
4,200
118
1
1
763 77% 76
4
77
76
77
763 787g 14,700
4
*11018 11114 *110 111
11012 111 *11018 11012
200
4812 4914 43
4812 4814 49
4912 5114 7,100
*95
98
96
97
*9612 98
200
*97
98
,
334 33 8 3214 33% 33
/
1
3314 3212 3314 4,400
62 8 62 4 623 634 63
,
*
,
63
900
633 833
4
4
84
84
86
*83
200
*85
95
*50
56
56
*50
*50
56
*50
56
47
/ 4912 4414 4812 4514 457
1
4
8 4614 4714 19,100
4012 *37
3912 4012 *39
3912 40
1,900
41
82
80
82
793 8214 *80
4
82
8314 2,800
1095 1097 •109 110
10912 10912 110 110
8
8
400
9412 9412 9314 9612 9814 142,000
8918 9014 90
1133 113% 11312 11418 .114 115 *114 115
4
300
185 185
184 184
185 188
900
1857 185%
8
125 125 •123 126
•123 126
300
1253 1254
4
6
/ 7
1
4
612 634
612 612 1,200
64 7

Industrial & Miscellaneous
100
Adams Express
100
Advance Rumely
100
Do prof
Air Reduction, Inc.__ _No par
50
Ajax Rubber, Inc
10
Alaska Gold Mines
10
Alaska Juneau Gold MM
Allied Chem & Dye___ _No par
100
Do peel
100
Allis-Chalmers Mfg
100
Do pr .f
Amer Agricultural Chem_ 100
100
Do prof
50
American Bank Note
50
Am Bank Note pref
100
American Beet Sugar
Amer Bosch Magneto__No Par
Am Brake Shoe & F---No Par
100
Do pref
100
American Can
100
Do pref
American Car dg Foundry_100
100
Do pref
No par
American Chicle

-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday.
Feb. 10.

Monday.
Feb. 12.

Tuesday,
Feb. 13.

Wednesday: Thursday.
Feb. 15.
Feb. 14.

Friday.
Feb. 16.

per share
$ per share $ per shaer $ per share $ per share $ per share
38
37
37
*3712 38
38
38
38
3718 37%
8
8
1013 1021a 101 1017 10111 10112 1013 10112
4
10114 102
/
4
90
8912 89% 891 90
89% 89% *89
.89
90
214 2%
238 238
214 233 *214 212
s
23
s 23
11818 11818 118 118%
119 1193 119 119
4
4
11912 1193
513 5218 5112 5218
513 5212 50% 52
4
517 523
2
8
6018 6012
60
60
60
6018 6012 60
60
60
1114
/
4
*
107 1214 105 111 1012 1118 11
8
115 12%
8
9% 9%
10
104
9 8 93
,
4
1014 12
95 11
8
14718 14818 148 14812 148 141312
148% 149
14712 14814
74
7412 751
743
4 74
741 753
.
/
4
4 74
76
76
10238 1023
4
1023 10212 10214 10212 102 102
8
10212 10212
32, 338
5
312 358
312 3 8
3% 33
4
,
314 3 4
5
/ 6
1
4
6%
53
4 6
8
57
8 61s
*5% 5%
*3612 37
4
*37
3714
3712 383 *3612 37
3714 38
5613 5612 *5612 57
*56
573
5712 57
58
*56
614 64
612 63
4 *612 64
64 7
4
63
4 63
4
15
1518 15
15
154
154 143 15
15
15
2412 25 4 25
25 4
2514 26
,
25% 25
,
24% 2514
421. 4414 41
4312 4412
43 8 4314 44
,
,
4112 42 8
,
/
1
8512 85% 84 4 8512 834 84 4 8312 8412
,
85%
85
117 117 *116 117 *116 117 *116 117
*11612 117
,
36
36% 3512 36 8 35% 3618 3512 357
8
36%
36
94
*9314 95
9412 944 94
/
1
59312 95
94
94
8412 8412 8412 8412 *84
*84
85
85
8
84% 843
*75 8 77
,
75 4 75 4
,
7612 77
77
77
,
76
76
44 8 44% *4412 45
,
4512 4,512 *44
45
4414 45
1224 12214 122 12214 12312 124
12324 12412
122 122
12514 127
4
12912 1297 12812. 1283 127 127
8
129 129
12 8 12
,
/ 1212 1278
1
4
12 4 1312 124 13
,
13%
13
19 8 19
,
,
193 203
4
1914
8 18 4 1912 19
201
/
4
20
/
1
8 144 1412 *1312 1412
,
13% 1514 14 8 143
4
*143 15
77
774
8 7612 7818 7714 78
7714 787
/
1
4
763 77
,
3512 33% 3414 3312 34
31% 3412 34
31% 3112
17
1714 17
17
17%
17
17
17
1718
17
51
54
5212 51
51 4 51
,
52
51
5018
50
4
1123 1127 11212 11212 1123 1123
4
8
4
113 113
1127 113
8
*14
3,
14
1.
14
1.1
14
3
8
14
14
34
3
4
*53
8
4
"8
3
3
4
*5
8
3
4
3
4
%
1984 19
187 19
8
1911
1914 1912 19
19% 19%
23
,
23
23% 23 8 2312
23
23 4 23
,
23% 23%
56
5512 *5514 56
*55
*55
5512 *55
55
55
32% 321a 32% 3218
/
4
321 3218 *321 33
/
4
.3218 34
*68
70
69
70
69
*68
*68
70
70
*65
8918 6912 691 701
/
4
69%
69 8 7012 69
,
/
4
8
693 7012
,
14112 14214 1401 14218 140 140 *139 140
14014 14112
53
53
53
*5212 5312
*52
53
52
513 52
4
4212
42
42
*42
43
43
4312 44
43
43%
9
/ 91
1
4
/
4
/
1
4
912
912
9
/ 9
1
4
912 97
8
*9
912
*41
43
4318 43
/ 4218 4214 *4112 43
1
4
*4212 4312
,
693 69% 6912 6912 6914 6914 68 4 69
8
69% 69%
*24
2512 *21
25
25
2512
*2412 26
25
2512
9
918 *812 9
9
9%
9
912
84 84
,
,
*70
72
687 687
70
8
7112 7214 70
71
71
8
4
1114 1114 1114 1114 *1112 1212 11113 1212
11
11
4
8 1612 17
1618 1614 1618 167
Stock
16% 163
1618 1614
4418 44% 44% 4512 44% 4518 4414 44%
8
4414 443
183 187
8
8
8
18 4 1914 187 19% 18% 19
,
1812 18% Exchange
4712 48
,
4714 48 4 46 4 4812 4712 48
,
477 49
8
44
,
/
1
4
412 4 4
4
33
3 3
,
312 3 4 Closed•
3
3 4 34
,
9112 9214 92
92
9212 9112 92
93 8
,
92% 9212
,
,
96
9712 9634 98% 96 4 971 9718 97 4
/
4
96
963 Lincoln's
a
80 4 8112 8212 8312
80
80
,
*8012 82
*8012 82
89
90
864 88
/
1
86
89% 90
86
*86
87 [Birthday.
20% 1914 20
2214
20% 20
18 4 2112 20
,
22
*2012 21
21 8
,
2012 204
2112
2114 2112
/
1
*1414 16
*1414 18
17
*141 16
/
4
17
*1712 18
8
11612 11714 11514 1163 116 11614 116 1167
8
8
1167 117
76
*76
80
78 .
*76
78
78
*76
*76
78
78 4 794 7812 7912 78
,
7812
/
1
787 80
8
7812 79
/
1
4
4 4612 46 4 4612 464
46 8 464 4612 463
,
/
1
4678 4678
,
*1412 1612 *14% 1612 *14
*14
1512
*15
1612
15
40
404 3912 4014 3912 393
40
4018
8
4
4 393 393
74
74
*7312 74
- *7312 75 *73% 75
*6618 0712 -al,i
/
4
fo12 6612 6612 66 4 661
,
*6618 6712
383 391 3717 3812 37 4 38 4 *3812 35 4
4
/
4
,
,
3812 39
,
*891, 9012 *8912 9012 *8912 9012
9018 91
*8912 91
7912 8012 78 4 79 4 7914 7912 79 4 81
,
,
,
7914 80
*5412 55
5412 55
56
56
54
56
56
54 4
,
55
55
8
*54
55
*547 55
8
55
544 547
/
1
5512
*34
38
*35
40
35
35
37
37 4
,
*33
36
24 4 25
,
,
,
,
2514 25% 24 4 25 8 24 8 25
25% 25%
/ 49
1
4
48
48
483 49
4
463 4731
4
/ 4612 4812 48
1
4
8
3412 3412
8
354 343 35
/
1
3512 35
35
3614 363
6112 60
604 614 61
6112 62
6112 62
/ 6112
1
4
712
6
/ 714
1
4
7
7
7
714
7
7,
1
7%
1212 1318 12% 12% 12
12% 13
12%
123 12%
4
,
9312 92 4 93% 9312 93 8
,
9318 941s 93
92% 93
,
,
3318 33 4 32 4 3312 32% 33 8 3212 33
323 3318
.1
,
,
69 8 68 4 69
,
6812 68%
,
6914 69
6914 69 8
/ 69
1
4
,
/ 2412 23 4 233
1
4
24% 25% 23
4 2414 2414
23
/ 2412
1
4
*1712 1812
18% 1712 18
187 187
8
187 1914
8
8 18
61
*58
*'"f)
61
*59
6012 *5812 61
*6012 61
14114 141%
14114 142
1411 142
/
4
140% 142
140% 141
753 753
8
8 7514 75% 7512 7512 7512 7012
75
7514
15 8 1614
5
1612 1512 16% 1512 16
,
15
1514
433 4518 4112 4418
8
43
36
3614 4014 39
363
4
103 10% 1012 103
4
4
,
10 4 1118 10 4 11
,
1012 107
8
3018 30%
31
29% 3012
30
297 3112 29 4 31
,
8
*2012 22
*2012 22
1912 20
*2014 21
*2012 21
1414 14%
133 1313 1312 14
8
14
14 8 1312 14
,
247 247
3
8
24
24
,
23 4 2418 23 4 23
,
/ *2414 2412
1
4
183 183
4
4
*173 18
4
19 8 1912 18
,
4
181 173 18
/
4
6112 6112
613 62
4
6012 6012 59% 59%
6112 62
103a 10 s
3
10 8 1012 10
3
8 1018 10%
1014 1014 103
1814 1814
183 19
1812
4
1812 187
8 1812 1812 18
3018 31%
314 33
32
4
31% 3314 *313 3214 32
70

7012
18
*16
54
*52
6212 63
143 1412
8
34
*14
•1
114
75
763
s
*10912 11012
4812 4918
98
*95
33% 33%
623 62%
4
*82
____
4314 473
4
40
40
*7912 793
4
*1083 1093
4
4
885 893
8
4
*112% 115
*183 185
*123 126
*6
63
4

27,000
41,800
6,400
400
15,800
400
300
600
1,300
1,800
1,200
16,100
7,000
300
10,600
9,500
2,000
2,200
2,100
2,100
700
2,000
3,300
200
200
100
10,300
2,000
1,005
1,400
1,100
400
800
200
1,800
665
800
24,700
8,000
5,700
7,000
7,700
5,700
36,700
1,500
1,600
20,300
1,000
100
7,100
9,400
7,800
8,600
100
600
4,500
200
18,900
900
1,000
400
6.900
2,500
4,200
5,500
5,800
10,100
19,100
77,400
4,000
5,200
1,800

PER SHARE
Range since .150.1 1923.
On basis of 100-share lots .
Lowest

Highest

PER SHARE
Range for Previous
Year 1922.
Lowest

j Highest

527 Jan 13
8
3134 Jan 30
66 Jan 11
6612 Jan 10
13012 Jan 30
4514 Jan 25
35% Jan 25
814 Jan 23
3912 Feb 2
66% Jan 10
2112 Jan 31
53 Jan 8
4
6014 Jan 4
9% Jan 12
1312 Jan 16
37 Jan 9
1512 Jan 18
413 Jan 9
8
2% Jan 17
84 Jan 16
93 Jan 22
78 Jan 22
7612 Jan 2
1612 Jan 15
1918 Jan 17
14 Feb 1
1094 Jan 10
7512 Jan 3
72 Jan 23
46 Feb 2
12 Jan 17
36 Jan 11
7212 Jan 2
65 Feb 1
33% Jan 17
89 Jan 18
7638 Jan 17
52 Jan 4
51% Jan 5
3212 Jan 18
21 Jan 12
3212 Jan 3
233 Jan 12
4
56 Jan 4
514 Jan 2
85 Jan 18
8
87 Jan 9
24 4 Jan 6
,
4
643 Jan 8
193 Jan 16
4
1412 Jan 10
5814 Jan 19
8
1353 Jan 22
74% Jan 23
4
113 Jan 2
2612 Jan 17
814 Jan 18
2314 Jan 17
1612 Jan 18
105 Jan 16
8
2218 Jan 12
16 Jan 2
5612 Jan 8
814 Jan 18
14% Jan 17
26 Jan 10

$ per share 5 Per share S per share
271 Jan 52 Aug
/
4
384 Feb 7
/
1
102% Jan 2
91% Jan 10818 Sept
904 Feb 7
848 Jan 9512 Aug
513 Apr
8 Jan
4
2% Feb 6
8
83 Jan 1247 Sept
121 Feb 8
n27 Feb 6
8
3312 Jan 6014 Aug
6012 Fe1113
5212 Jan 6614 Aug
Jan 29 June
1614 Jan 2
6
55 Jan 247 June
13 Jan 12
149 Feb 13 11918 Jan 1515s Aug
54
Jan 79 Aug
76% Jan130
102% Jan 4 10038 Dec 1055* Oct
33 Febil3
4
13 Jan
4
123 May
4
44
07
6% Feb 8
J
1348 jan 23 May
2
38% Feb 13
573 Febl 3
4
3118 Jan 6412 Aug
33 Dec 103 May
4
7 Feb 7
17 Feb 6
7 Dec 2412 May
26 Feb 13
1714 Jan 36% Aug
4458 Feb 15
Jan 5514 Sent
29
857 Feb 13
8
Jan 951a Sept
59
117 Jan 19 100
Jan 125 Aug
36% Feb 7
3012 Dec 50 Sept
95 Feb 9
8314 Jan 105 Sept
84% Feb 9
7014 Jan 95 Sept
51
77 Feb 13
Jan 90 Sent
4512 Feb 13
38 Jan 53% Apr
12412 Feb 13 1063 Jan 14112 Sept
4
13012 Feb 8 108 Feb 143
Oct
1312 Feb 13
Jan
183 May
4
7
20% Feb 7
1118 Jan 28% Aug
14% Feb 6
718 Jan 2014 May
78% Feb 13
7014 Jan 95% Oct
2818 Nov 45% Apr
3518 Feb 15
Jan ' 19 May
17% Feb 16
5
16
Jan 47
54 Feb 16
Oct
1133 Feb 8
4
9712 Jan 1153 Sept
4
18 Dec
3 Jan 4
8
5 Apr
4
3 Dec 123 Apr
8
% Jan 5
17% Dec 3214 Aug
20% Jan 2
17 Nov 301.4 Apr
23% Feb 13
5912 Apr
55 Jan 29
5214 Nov
8
34 Jan 2
10 Feb 397 June
2618 Feb 77 Sent
6912 Feb 6
565 Jan 72 Sept
8
71% Feb 7
Jan 1447 Oct
8
1423 Feb 8 108
4
Jan 58 Aug
35
55 Feb 13
4412 Aug 5512 Aug
44 Feb 13
11 Mar
9% Jan 13
/
4
31 Jan
Jan
17
43% Feb 13
UN Apr
Jan 76 Nov
35
7012 Jan 2
8
2612 Jan 2
65 Jan 32 Apr
Jan 14% Apr
5
912 Feb 13
4
55 June 753 Oct
7214 Feb 13
15% Deo
3 Jan
8
12 Feb 6
3
7% Jan 19 4 Aug
17 Feb 15
2412 Jan 48% Aug
4512 Feb 14
/
4
151 Nov 254 Apr
8
/
1
193 Feb 14
4
49 Feb 10, 40 Nov 033 Sept
2% Nov
434 Feb 15
714 May
54% Jan 87% Dec
93% Feb 6
988 Feb 14, 72% Jan 10118 Oct
51% Jan 9112 Oct
84 Jan 29
61% Jan 93 Sent
90 Feb 15
1213 Jan 38 Aug
2212 Jan 30
1812 Dec 3012 Apr
21% Feb 13
83 Jan 2212 June
4
18% Feb 9
9614 Jan 12518 Sept
117% Feb 9
72
Jan 82
Oct
78 Jan 29
73 Dec 9038 Aug
80 Feb 13
3314 Jan
4984 out
47% Jan 29
103 Jan 263 Aug
4
8
15 Feb 9
19
Jan 40% Aug
4034 Feb 6
63 Jan 82 Aug
75 Jan 5
4
5018 Jan 743 Aug
7012 Jan 9
Jan 41% Aug
23
39% Feb 6
Jan 95 Nov
76
93 Jan 9
71% Jan 8718 Oct
8118 Feb 7
43 Mar 57 May
5612 Feb 7
Jan 5912 May
45
56% Jan 30
1712 Feb 5314 Juno
4
373 Jan 10
2014 Dec 32% Aug
25% Feb 6
34% Nov 56 Aug
49 Feb 13
8
20 8 Jan 367 Nov
,
36% Feb 10
59 Nov
/
1
4
32% Jan
62 Feb 10
10 Apr
2% Jan
712 Feb 10
143 Apr
4
4
/ Jan
1
4
1318 Feb 14
7818 Jan 96% Oct
9418 Feb 6
8
17% Jan 285 Aug
4
333 Feb 10
46
Jan 71
Oct
69% Feb 13
36
183 Nov
4
Apr
25% Feb 13
1318 Nov 25% May
19% Feb 10
34
Jan 62% Sept
61% Feb 9
Jan 1543 Sent
142 Feb 13 125
4
71 14 Jan 80 Aug
7612 Jan 6
8
712 Jun 19% Apr
167 Feb 15
2014 Jan 3612 Apr
45% Feb 15
143 may
8
6
Jan
1118 Feb 13
19
Jan 3512 Aug
3112 Feb 12
1214 Jan 247 Aug
3
20 Feb 8
1714 Aug
814 Jan
15 Feb 9
Jan 2812 Do*
13
25 Feb 9
8
13% Jan 247 Apr
20 Feb 6
5112 Mar 647 Sept
8
62 Feb 12
1612 June
6 Feb
1012 Feb 13
914 Jan 29% June
19 Feb 13
Jan 3314 Mar
25
3314 Feb 13

68 Jan 2
1212 Jan 2
461 Jan 18
/
4
5718 an 10
1212 Jan 9
14 Jan 4
1 Feb 15
71% Jan 16
109 Jan 30
45 Jan 10
94% Feb 2
2912 Jan 16
58 4 Fob 1
,
77 Jan 6
545 Jan 16
8
36 Jan 31
37 Jan 9
70 Jan 3
10612 Jan 20
7312 Jan 2
11114 Jan 3
178 Jan 17
123 Jan 10
5% Jan 30

7312 Jan 15
18% Feb 13
54% Jan 14
6512 Feb 16
14% Jan 13
3 Jan 9
3
114 Jan 5
80 Jan 2
111% Jan 9
5114 Feb 16
9712 Jan 27
33% Feb 13
633 Feb 16
4
86 Feb 14
65 Feb 7
4912 Feb 13
423 Jan 12
4
8214 Feb 13
110 Jan 14
9914 Feb 15
11418 Feb 14
187 Feb 8
1257 Jan 18
7% Jan 3

$ per share
3213 Jan 10
100 Jan 16
8814 Jan 17
112 Jan 3
11014 Jan 17
40% Jan 17
573 Jan 24
4
10% Jan 11
812 Jan 11
14014 Jan 17
69 Jan 17
101% Jan 22
214 Jan 4
33 Jan 12
8
2618 Jan 16
51 Jan 17
4 Jan 18
812 Jan 18
205 Jan 15
8
3212 Jan 13
77 Jan 23
115 Jan 4
3112 Jan 15
89 4 Jan 18
3
81% Jan 24
71 Jan 9
40 Jan 11
103 Jan 11
122% Jan 11
1012 Jan 18
15 Jan 17
1118 Jan 22
71 Jan 23
30 Jan 18
12% Jan 12
444 Jan 2
/
1
110 Jan 17
18 Jan 17
12 Jan 4
15 Jan 16
1812 Jan 12

48

Jan

107 Jan
8
315 Jan
8
Jn
45938142 July.Tan
18 Dee

83
Oct
23 Aug
3012 Aug
60 MayA
128
% O
Apr
7 May
8

4
553 Jan 913 Sept
Jan 11112 Sept
101
4
4
373 Jan 593 Sept
8612 Jan 104 Sept
/
1
4
/
4
271 Nov 42 June
Jan 7214 Sept
56
Deo
Jan 91
58
51 July 55% Deo
489 I3Aevprt
4
8
4
314 Jan 8921 Juno
Jan
9581.14
325*

113

Oct

Noe
cC
14314 jjaanu 5713671
91 s
15
CI
6
jan 20118 Nov
Jan 12
14 May
5 Nov

to eub9cribe
•Bid and asked prices; no sales on this day. 8 Ex-rights. I Less than 100 shares. a Ex-dividend and rights. a Ex-dividend. 5 Ex-rIgtite (June 15)
share tog share to stoat o then Alden Coal Co. at 45 per share and ex-dividend 100% in stock (Aug. 22).




New York Stock Record-Continued-Page 2

701

For sales during the week of stocks usually inactive. see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
fialurday,
Feb. 10.

Monday.
Feb. 12.

$ per share $ per share
17% 18
3512
35
g
'634 67
*16312 141
13
*12
671 6914
109 109
.8614 89
29
2914
4
1112 113
328
*32
557 558 °
8
12814 12812 •
*121 122
5212 533
84
84
4
833 83
20
203
6133 6414
101 101
*146 1497
8
391g 3912
*105 110
80
/ 83
1
4
1063 10634
4
293 323
4
4
61
62
1221 1223
,
4*
1588 1597
*1033 104
4
157 1587
/
1
4
8
*2712 29
*9112 92
5318 5318
*98
993
4
1004 10112
/
1
*1092 11012
4
2712 28
1612 17
.51
51
478 488
*6812 6912
*8812 90
91
91
127 127
3
3 14
25
26
20
20
*140 143
*119 120
191 1912
/
4
32
32
*8514 87
1357 137
*11512 11614
*51
55
*293 3112
Stock
*1812 1912
/ Exchange
1
4
*1
/
4
5512
*54
6512 6512 Closed;
6312 6312
65
65
/ Lincoln's
1
4
*96
9714
*1103 11112 Birthday.
4
9718 9718
*6
7
p83
4 913
*67
70
*2434
__
11612 171- 3
78
124 124
*603 61
8
*2
212
*138 140
4014
40
10
/ 10%
1
4
*18
1918
31
318
71
, 712
8612 8633
8114 813
4
9812 983
4
1114 1112
*551 58
/
4
-;3- -- - 3
35
741 7412
/
4
35
/ 3638
1
4
7314 7314
43% 44
*42
4812
7214 7318
87% 8878
2914 2938
25 4 257
3
8
72
72
k
767 773
4
2814 29
110 11014
212 21
,
*1012 11
771 7734
/
4
37
3714
*8112 84
•14
1,
-ail 168-4
137 1414

48
-i13- 1- 9
*100 102
Kg 1032
1343 13512
4
*121 1213
4
8
5514 557
763 7 4
4 93
*9114 93
19
18
5412 .5914
3114 33
/
1
4
*101 10112
/
1
324 3212
25
*24
10812 1081z
4112 42
104% 10614
112 113
/
1
4
86
86
56% 5714
*16% 17
7
7
9014 9114
0113 114
•

an

Tuesday.
Feb. 13.

Wednesday. Thursday,
Feb. 14.
Feb. 15.

Friday.
Feb. 16.

Sales
for
the
Week.

LAO sales an




F.

Sz-clIv. and rights. a

aaleoaaalaal Vaal

5 daqianaa.

$ per share
1414 Feb .5
253 Feb 5
4
61 Jan 3
/
4
133 Feb 6
11 Jan 6
6612 Jan 2
9812 Jan 31
8512 Feb 1
243 Jan 30
8
1114 Jan 17
30 Jan 2
50 Jan 13
12018 Jan 17
119 Jan 4
/
1
4
51 Jan 15
76 Jan 2
67 Jan 6
g
1818 Feb 1
53 Jan 17
7838 Jan 18
140 Jan 10
3512 Jan 17
102 Jan 23
78 Jan 17
10612 Jan 23
2414 Feb 1
5533 Jan 16
1213 Feb 1
4
150 Jan 17
103 Jan 9
148 Jan 10
2712 Jan 29
853 Jan 3
8
481 Jan 3
,
9314 Jan 2
93 Jan 19
1097 Jan 25
26 Jan 24
15 Jan 23
4818 Jan 29
4518 Jan 18
6214 Jan 5
8212 Jan 18
8818 Jan 9
1201.4 Jan 3
134 Jan 17
181 Jan 30
/
4
1478 Feb 2
119 Jan 2
119 Feb 6
4
153 Jan 2
29 Feb 7
87 Feb 3
12914 Jan 17
114 Jan 19
47 Jan 12
29 Jan 31
183 Jan 19
8
Feb 14
50 Feb 7
/
1
4
51 Jan 2
5912 Jan 22
6014 Jan 16
9214 Feb 1
1073 Feb 2
8
9312 Jan 31
5 Jan 3
8 Feb 3
/
1
4
6612 Feb 5
2412 Feb 7
109 Jan 23
10914 Jan 19
60 Jan 6
2 Jan 25
13812 Feb 8
39 Feb 2
914 Jan 17
1712 Feb 1
2912 Jan 17
5 Jan 24
7912 Jan 24
6614 Jan 3
943 Jan 2
4
9 Jan 24
/
1
4
52 Jan 23
7 Jan 4
/
1
4
3 Jan 2
693 Jan 4
4
3212 Jan 4
6753 Jan 8
4212 Jan 17
411 Jan 9
/
4
618 Feb 1
82 Jan 10
/
1
4
273 Jan 2
4
2433 Jan 29
653 Jan 5
4
74 Jan 16
254 Jail 17
/
1
103 Jan 17
/
1
4
2 Jan 5
/
1
4
83 Jan 2
4
69 Jan 8
33 Jan 24
8012 Feb 8
la Jan 30
120 Jan 2
60 Jan 2
10% Jan 31
115 Jan 2
433g Jan 2
92 *Jan 6
97 Feb 9
8
12312 Jan 16
118 4 Jan 5
3
503 Jan 4
4
6812 Jan 11
8814 Jan 2
123 Jan 17
8
371s Jan 17
2312 Jan 16
10012 Jan 11
29 Feb 1
23 Jan 24
/
1
4
1067 Jan 8
8
4
393 Feb 1
8954 Jan 2
1061 Jan 17
/
4
8414 Jan 16
54 Jan 17
1612 Feb 1

$ per share
20 4 Jan 4
3
383 Jan 4
4
718 Feb 16
142 Jan 2
13 Feb 16
713 Feb 14
4
110 Feb 15
8712 Jan 2
298 Feb 9
1212 Feb 16
36% Feb 15
59 Feb 15
1297 Jan 4
122 Feb 9
5433 Jan 11
847 Feb 14
8 8 Feb 15
7
213 Jan 5
s
64 Feb 13
/
1
4
10112 Feb 14
15214 Feb 14
393 Feb 13
4
10514 Feb 9
85 Feb 13
1083 Jan 3
4
363 Feb 14
8
6534 Feb 13
124 Jan 5
1613 Feb 13
4
10718 Feb 2
1593 Feb 9
4
31 Feb 16
93 Jan 16
5612 Feb 16
9814 Jan 31
102 Feb 14
1113 Jan 3
4
30 Feb 15
1914 Feb 16
5612 Feb 16
507 Jan 3
8
71 Jan 12
89 Feb 13
91 Jan 23
133 Jan 12
312 Feb 14
27% Feb 16
23 Feb 16
15312 Jan 10
120 Jan 18
2012 Feb 14
3512 Jan 12
8912 Jan 23
1411 Feb 16
/
4
1163 Jan 4
4
55 Feb 16
3412 Jan 3
22 Jan 2
12 Jan 2
607 Jan 12
8
6933 Jan 20
65 Feb 14
67 3 Feb 15
3
961 Jan 2
/
4
11118 Feb 9
971 Feb 13
/
4
74 Jan 18
/
1
914 Jan 6
6914 Feb 15
26 Jan 4
12112 Jan 9
128 Feb 7
637 Jan 19
8
2 Jan 25
/
1
4
14412 Jan 2
43 Jan 2
113 Feb 14
4
21% Jan 4
343 Feb 16
91 Feb 16
/
4
87 Feb 9
88 Feb 16
993 Feb 16
4
1214 Feb 4
6018 Feb 18
9 Jan 18
/
1
4
3 Feb 16
/
1
4
78 Jan 16

90'J%*tk
I Ex-

Jan 3

die.

Highest

$` per share $ per share
1514 Nov 3012 May
33 Nov 61 May
/
1
4
4
/ Jan
1
4
74 Aug
/
1
Oct
126 June 162
1018 Dec 173 Apr
/
1
58 Jan 744 Sept
78 Jan 122 SePt
72 Jan 9514 Aug
2433 Dee 50 June
/
1
4
14 July
9 Jan
/
1
4
28 Nov 4212 Oct
48 Nov 6412 Oct
4
Jan 1363 Oct
102
/
4
Jan 1221 Deo
112
44 Sept 5314 Dec
Oct
82 Jan 129
3% Jan
8
/ Oct
1
4
512 Jan 2414 May
4333 Jan 6713 May
88
/ Jan 10412 Oct
1
4
10912 Jan 159 Sept
30 4 Jan 4618 Sept
3
91
Feb 10814 Oct
g
544 Jan 857 Aug
/
1
Jan 112 Aug
84
2314 Feb 47 May
Jan
5214 Feb 71
1144 Jan 1334 May
/
1
/
1
1294 Jan 16911 Sept
/
1
964 Jan 1083 Oct
/
1
8
3
126
Jan 165 4 Sept
6
Jan 3314 Nov
7 Sept
87
Jan 93
/ Oct
1
4
1714 Jan 55
Jan
86
Oct 95
Oct
7814 Jan 105
102
Jan 1111 Dec
/
4
2212 Jan 5514 Sept
121g Jan 21 Sept
36
Jan 57 Sept
45 Nov 57 May
g
43
Jan 707 Dec
75
Jan 86
Oct
76
Jan 9112 Oct
99
Jan 1354 May
/
1
112 Dec
5 Apr
/
1
4
1938 Dec 4314 May
15 Dec 3114 May
1117 Dec 1575
Oct
113
Jan 11912 Dec
13 Feb 2212 May
/
1
4
914 Jan 403 Sept
8
68
Jan 91 Sept
9312 Jan 1423 Oct
4
104
Jan 118
Oct
40
Jan 67 Sept
/
1
4
1933 Jan 564 Apr
/
1
17 Nov 39
Apr
14 Dec
11 Mar
/
4
33 Apr 85 Sept
30 July 53 Dec
/
1
4
51
Jan 79 May
5512 Jan 82 May
/
1
4
90 Mar 166 Nov
/
1
4
104
Jan 1164 June
/
1
94 Nov 101
Oct
4 Nov
10 Aug
/
1
4
812 Jan 15 Sept
58 Mar 763 Apr
4
19 Mar 39 Sept
/
1
4
100
Jan 1244 Aug
/
1
70
Jan 12412 Nov
42 Jan 64 Sept
/
1
4
112 June
538 June
11312 Jan 147 Dec
Oct
28
/ Jan 53
1
4
514 Mar
1018 Dec
15 Nov 34
Feb
20 Jan 35
/
1
4
/ Oct
1
4
6 Dec 154 Apr
/
1
4
/
1
68 Jan 864 Sept
/
1
43 Jan 717 Jan
/
1
4
s
83 Jan 9812 Apr
514 Feb 1133 May
5012 Nov 6612 June
614 Dec 183 Mar
8
3 Mar
912 June
/
1
68 Feb 934 Aug

383 Feb 14
8
21133 Jan
7514 Feb 14
63 Jan
/
1
4
323 Jan
4
468 Feb 15
84 Feb
44 Feb 7
4734 Jan
75 Feb 18
80
Jan
8
887 Feb 9
151 Jan
/
4
3018 Feb 15
2214 Nov
273 Jan 4
4
43 Jan
7214 Feb 9
41
Jan
81 Jan 3
24
Jan
311 Feb 15
/
4
634 Jan
/
1
1133 Fob 15
4
11 Jan
/
4
2% Feb 6
5 Feb
1212 Jan 15
78 Feb 13
5514 Jan
1833 Feb
3953 Jan 3
47 Feb
8212 Jan 11
/ Jan 30
1
4
14 Feb
137 Jan 26
8512 Jan
57 g Dec
7
693 Feb 7
8
1412 Feb 9
9 July
1313 Jan 31
4
453 Jan
4
493 Jan 31
4
10312 Feb 15
66
Jan
1214 Jan 19
1114 Dcci
13914 Feb 6
911 Jasij
/
4
12112 Feb 13 111
JanI
60 Feb 16
311 J
/
4
52 4 Feb
3
8212 Feb 15
80 J
93 Jan 8
20 Feb 13
818 Jan
1514 Jan1
603 Feb 13
4
37 Feb 13
/
1
4
144 Jan
/
1
7818 Jan
10212 Feb 15
2318 NovI
34 8 Jan 5
3
25 Jan 15
1512 Jan
109 Jan 11 1003 Jani
g
4418 Jan 4
1812 Jani
70 Jul
107 Feb 8
1234 Feb 16 105 Dec1
/
1
8612 Feb 14
80 Junel
58 Jan 2
40 Jun
/
1
4
203 Jan 2
4
1414 Jan
244 jan 4
7 J
44 j
2
321 Jan
1
an

8
7 112 Feb 15
64
5
112 Feb 7 118

a al
-di,.

Lowest

Highest

Lowest

$ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par
16
/ 177
1
4
1778 18
178 1734 1714 1714 3,300 American Cotton 011
100
33
353 353 *33
4
4
Do pref
35
35
*34
35
700
100
67
8 7
67
7
7
7 18 5,900 Amer Druggists Syndleate__10
7
7 18
13912 13912 13914 13914 *13612 140 *1363 14012
8
100
200 American Express
1212 1234 1212 127
12
12
124 13
/
1
2,600 American Hide & Leather.100
70
69
70
713
4 71
Do prof
7112 3,700
7112 71
100
109 110
10812 1093
108 110
108 109
4 3,600 American Ice
100
*8712 89
*871 90
,
Do pref
*8712 90
*8712 90
100
29
28
28
29
2933 273 29
2812 6,600 Amer International Corp 100
111 111 1112 12
/
4
/
4
117 12
1218 1212 2,300 American La France F E__10
3212 3412 34
343
4 3412 363
4 3518 3614 10,800 American Linseed
100
55
57
56
56
Do pref
4.100
57
59
100
58
58
12412 12612 12512 12712 15,300 American Locomotive
12534 127
12612 128
100
*122 123 *122 123 *122 123 *122 123
Do pre!
100
523 533
52
/ 543
1
4
5212 534 13,400 Amer Metal temp etts__No par
8
4 523 54
4
/
1
844 84
/ 8412 847
1
4
/ 1,200 American Radiator
1
4
8412 8412 8412 84
25
818 85
8
/ 87
1
4
8
3
25
83
4 83
4 7,100 American Safety Razor
833 87
20
203
4 1912 20
1934 20
1914 19 4 5,200 Am Ship & Comm
No par
3
633 643
8
8 6112 633
4 6312 6412 83
/ 64
1
4
/ 39.100 Amer Smelting at Refining_100
1
4
101 10112 1003 1003 10118 1011 1,300
1003 101
4
Do pref
100
4
/
4
4
14912 14912 147 147
145 145
100
14914 15214 1,400 American Snuff
3914 39
/ 387 3912 383 39
1
4
s
/ 39
1
4
39
/ 9,000 Am Steel Fdry tern etfs_33 1-3
1
4
*10434 10512 *1043 10512 1043 105 *10419 106
4
Do pref tern ctis
4
300
100
84
8312 8212 8314 24.600 American Sugar Refining_ _10
8218 848 82
85
107 107
107 107
10714 10714 *107 108
Do pref
100
500
3333 35
/ 323 3633 333 3512 3314 3414 14,100 Amer Sumatra Tobacco. 10
1
4
4
4
6218 653
. 6512 6512 64
,
65
Do pref
100
*624 643
/
1
700
12212 1227 1225 123
8
12278 123
/ 123 12314 9,700 Amer Telephone dr Teleg_.100
1
4
1591, 1613 158 1603 157 1593 158 15812 7,900 American Tobacco
4
4
100
4
1033 1033 *10312 1033 1033 1033 *10312 104
4
Do pref (new)
4
4
4
100
600
1584 1593 157 1587 1563 15712 15718 157% 7,600
/
1
4
4
Do common Class B
100
28
28
2914 2914 2912 3013 30
31
4,100 Am Wat Wks & El v t e__.100
9112 9112 91
903 92
GI
Do let prof (7%) v t 0_10
*91
4
400
92
534 5312 53
/
1
/ .14
1
4
Do panic pf(8%) v t a 100
5533 5612 3,900
5412 56
*96
9934 *9612 9934 *961 98
,
Amer Wholesale. pref
*9612 993
4
100
1007 10214 9912 102
8
4
/
4
100
10033 10112 1003 1011 33,600 Amer Woolen
*110 111
111 111
11112 11112 *110 112
1,400
800
Do Prof
29
293
4 298 297
a 29
30
2,200 Amer Writing Paper pref 100
2812 29
1612 1712 17
17
18
a
1914 4,900 Amer Zinc, Lead dr Smelt___25
1733 177
*521 55
/
4
5412 5412 55
55
5612 1,500
55
Do prof
25
491 497
/
4
/ 49
1
4
48
4812 47
8 4918 498 45,780 Anaconda Copper Mlning__5
6912 704 69
/
1
*69
69
/ 6912 71
1
4
69
10
1,300 Associated Dry 000ds
8814 89
*881, 89
89
Do 1st pre
100
8814 8814
*88
300
*90
92
*90
*91
91
91
91
Do 2d pref
100
9112
300
12712 13012 128 129
100
130 1307
1284 129
/
1
8 3,550 Associated 011
3
312
No par
313 312
3
/ 318
1
4
314 314 4,100 Atlantic lanlit
251 2614 244 253
,
/
1
4 26
274 27
/
1
277 12,300 Atl Gulf & WI 88 Line__ _100
3
19
19
*18
Do pref
100
1912 2012 20
19
/ 21
1
4
2,100
*14012 144
142 142
100
14512 14512 1,400 Atlantic Refining
142 147
119 119 *119 120 *119 120
100
Do pref
200
120 120
19
19
No par
19
2012 195 2018 20
8
4,300 Atlas Tack
20
3112 303 3114 30
31
3112 31
No par
303
8 2,100 Austin Nichols di Co
4
*8514 8114 *8512 8712 *8514 8712 8712 8712
100
100
Do pref
137 140
135 1383 13614 13812 13712 1411 138,800 Baldwin Locomotive Wka100
/
1
4
4
/
4
511512 116
100
116 11614 *11412 11614 *1141, 1161
Do pref
300
/
4
*51
60 .52
No par
*52
62
60
200 Barnet Leather
54
55
30
30
293 3012 29
4
4 4,600 Barnsdall Corp. Class A__ __25
32
31
313
*1812 1912 19
25
19
Do Class B
19
/ 20
1
4
2012 203
4 1,200
20
/
1
4
12
200 BatoPlias Mining
3
8
*
/
1
4
33
12
*
/
1
4
12
No par
56
5514 5514 *55
56
56
300 Bayuk Bros
5514 5514
65
20
6212 63 4 63
64
3
3,800 Beech Nut Packing
8
6412 647 65
64
100
65
65
65
600 Bethlehem Steel Corp
6512
*64
6512 *64
6.57 67
6514 6612 661s 673
Do Class B eoninson_ _ _100
3
/
4
8 661 67 '33,600
100
*96
9714 *95
Do pref
97
*95
*95
97
97
Do cum cony 8% pref-10
1103 11034 110 1101 *10912 110 4 *1093 11012 1,300
4
3
/
4
Preferred new
100
97
/ 9718 96
1
4
963
8 96
961 1,500
/
4
963
8 96
No par
63
4 63
4
63
4 63
400 Booth Fisheries
612 68 *614 63
4
4
100
*9
10
British Empire Steel
*83 10
4
*9
938 *9
10
100
6712 67
Do 1st pref
/ *6814 6912 6912 6912 6914 6914
1
4
300
100
Do 24 prat
__
400
2533 253
8 253 25 4 26
26
4
3
100
*241211634 1
-1812 1153 117
4
/ 11418 115
1
4
1143 1154 12,300 Brooklyn Edison, Inc
8
/
1
100
123 123
1211 124
/
4
12212 1223 121 12114 1,500 Brooklyn Union Gas
4
•
100
6012 61
6018 6012 61
2,400 Brown Shoe Inc
6112 62
62
Brunswick Term & Ry Sec 100
2
/ *2
1
4
2
/ *2
1
4
2
/ *2
1
4
233
100
14014 1403 *13912 140
4
500 Burns Bros
139 139 *138 140
40
Do new Class B corn
40
3914 39 4 391 40
4
/ 2.100
1
4
3
393 39
/
4
107 1112 1114 113
8
4 11
/
4
1112 1118 111 39,100 Butte Copper & Zinc v t e__ _ 5
100
20 20
400 Butterick
*19
19
/
1
4
193 • 193 19 4 *19
4
4
3
3114 3314 32
/ 19,800 Butte & Superior Mining-10
1
4
33
324 3333 3318 34
/
1
72
4 73
4
72
4 812
812 812
812 918 4,900 Caddo Central OildeRef No par
No par
8612 8634 8534 8612 8612 863
4
/
4
4 853 861 5,400 California Packing
100
8112 827
4
80
8214 80 8 8514 853 88 111,500 California I etroleum
3
100
Do pref
9812 9812 987 9912 99 991 9912 993
4 4,000
/
4
8
10
28,700 Callahan Zinc-Lead
1114 1112 103 113
4
/
4
4 1112 111 1112 12
700 Calumet Arizona Mining__ _10
*57
57
/ 57
1
4
57
/ 6018
1
4
57
*57
58
1
800 Caraon H111 Gold
63
4
94 914
/
1
8
/ 814
1
4
7
*814 9
/
1
4
200 Case (J I) Plow
No par
312 333
*3
3
/
1
4
31
*3
312 *3
300 Case(11) Threat M,pf ctf 100
76
*73
77
*73
76
*74
78
76
100
20.500 Central Leather
/ 38
1
4
/
1
/ 367 3833 3712 384 37
1
4
3612 37
/
1
Do pre!
100
7312 7438 7353 7514 741p 7434 743 754 4,900
4
437 4514 4333 4514 4518 463
26.100 Cerro de Pasco CoPper_No par
2
8 453 46
42
44
300 Certain-Teed Prod____No par
ell
433 *42
/
1
4
*413 43
4
45
32.900 Chandler Motor Car_ ..No par
721 7312 711 7234 73
/
4
7412 7312 75
/
4
/ 8,200 Chicago Pneumatic fool 100
1
4
864 873
/
1
8 86s 87
/
1
8853 8878 864 881
29
69,000 Chile Copper
293
8 29
25
293
8 2912 3018 29% 30
26
283 31.200 Chino Copper
8
2638 251 261
/
4
5
264 26
/
1
26
7112 7214 701 7133 *6912 72
70
7112 2,800 Cluett, Peabody & Co____100
/
4
7512 7734
/
4
No par
4
/
1
7512 764 753 761 15,950 Coca Cola
74
/ 76
1
4
2912 31
100
4 3012 3114 7,800 Colorado Fuel & Iron
2912 31
3012 313
43,300 Columbia Gas & Electrie 100
11014 1113 1111 114
/
1
4
4
4
,
112 1133 109 112
212 2
/ 4,800 Columbia GraphophoneNo par
1
4
/
1
4
233 2
212 23
23
8 233
4
*1012 11
Do pre(
200
100
10
10
10
10
10
10
76
e
/
1
78
/
1
/ 767 .774 4,500 ComputIng-Tab-RecordNo par
1
4
754 771 764 77
/
1
/
4
37
373
8 37
378
4 3612 37
3618 363
8 3,600 Consolidated Cigar____No par
82
82
200
Do met
100
,
8212 8212 *811 83
*8214 84
Conaol Distributors,Ine No par
*14
-iii. .6ii _iiii, _6_6_3s _13.4 _665_ _6i. _6_6as 5_ :i65 coW orted Gas (N Y)_ _100
6 38 04 34 5
_
nsh issued
8
_ *14 52 04 4 _ 0 .
No par
137 1412 1312 14
133 131g 47,900 Consolidated Textile. No par
8
13
/ 137
1
4
Continental Can, Inc
100
When issued
.
-4gis ii2 -, 712 - - - --iig - 1i.
4£i
.
I
4£1- -iii, li ii:ioo
1011 102
,
25
10212 10312 10312 10312 10212 10212 1,300 Continental Insurance
1014 103
2 10
_re_No par
/
1
9
/ 104 6,900 Continental Moto
1
4
1018
91/4 10
1347 13638 1327 135
8
13414 13512 134 13412 19,900 Corn Products Refining-100
12112 12112 *121 122 *121 122 *121 122
Do pref
100
100
557 577
No par
573 .587
4
8 5814 60 162,200 Cosden & Co
55%56
80
8114 781 81
/
4
8
79% 8212 8118 823 54,100 Crucible Steel of America_100
Do pref
100
100
No par
/
*91271 9312 994 93 8 "314 9414 62,950 Cuba Cane Sugar
/ 19% 171 177
4
1712 184
/
1
*196213 2903
5714 603
4 54
Do pref
100
5878 , 5314 551
4 5512 5714 113,200
4 3214 35
3412 3733 321, 363
3414 35 182.600 Cuban-American Sugar____10
/
1
4
102 102
0
1212 10212 1021 10212 102 102
Do pref
100
600
/
4
324 337
/
1
32
323
4 3114 3212 313 3384 6,900 Daviiion Chemical v t c_No par
4
2414 2412 2412.243
8 2414 2414 2433 243
1,900 De Beers Cons Mines__No par
4
1083 1083 '
4
4 310834 109 .10834 109
100
400 Detroit Edison
109 109
42
427
4 40 4 42
10
3
397 407
8
g 4014 4112 11,950 Dome Mines, Ltd
10614 107
106 1063 10612 1065 10618 1064 6,900 Eastman Kodak Co____No par
4
/
1
4
11312 114
/ 1128 11412 118 1217 11954 12312 22,500 El du Pont de Nem & Co 100
1
4
4
s
85
/ 86
1
4
8612 8
6% cumul preferred__ _100
612 86
8612 1,300
86
*86
/
4
571 571 561 .58
/
4
/
4
5612 573
4 57
5712 8,400 Electric Storage BatteryNo par
17
1914 17
50
183
4 17
1712 7,100 Elk Horn Coal Corp
1714 17
*612 8
7
7
100
50
.612 8
*81 8
/
4
300 Emerson-Brantingharo
91
917g 9012 '9134 751
/ 7714 763 7714 12,200 Endicott-Johnson
4
4
114 114
115 116 *115 116 *115 116
100
Do pref
100

PER SHARE
Range for Previous
Year 1922.

PER SHARE
Range since Jan. 1 1923.
On basis of 100
-share lots

STOCKS
NEW YORK STOCK
EXCHANGE

44 Sept
/
1
4
8233 Sept
46 Dec
/
1
4
534 June
/
1
791 Apr
/
4
89% Sept
2914 Nov
333 June
8
7014 Dee
823 Oct
4
37 May
11433 Sept
5 June
/
1
4
21 June
79 4 Apr
3
4233 Oct
87 Nov
/
1
4
214 Mar
145 4 Sept
3
82 4 Dec
3
153 Apr
8
11514 Dec
93 4 Aug
8
1853 Dec
1343 Oct
4
122 Nov
/
1
4
,54 Dec
983 Sept
2
100 Sept
18 4 Mar
3
417 July
8
28 Aug
10212 Dec
653 Apr
8
2533 Sept
11812 Aug
4612 Nov
9012 Dec
169 Nev
/
1
4
90 Sept
/
1
4
583 Dee
4
2412 Dec
211 June
147

104
JanI 119 Dec
Par value $161 Per a sare.

New York Stock Record-Continued--Page 3

702

For sales during the week of stocks usually inactive, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGFI AND LI1W SALE PRICE
Mtwara/
Feb. 10.

Morgan?,
Feb. 12.

Tuesday. !Wednesday. Thursday.
Feb. 13.
Feb. 14.
Feb. 15.

Friday,
Feb. 16.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Ante Jan. 1 1923.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1922.
Lowest

Highest

$ Per share $ per share $ per share $ per share 5 per share $ per share Shares Indus.&Miscall.(Con.) Par 3 per share $ per share $ Per share $ per share
500 Exchange Buffet
*2812 2912 2812 2812 2814 2814 28
No par 26 Jan 4 31 Jan 10
28
264 Dec 314 Oct
8
28% 285
887 90
8
88
4
9012 893 903
3
893 908 17.300 Famous Players-Lasky_No par 823 Jan 19 - 93 Jan 2
8
7518 Jan 107 Sept
8812 883
4
Do preferred (8%)____100 94% Jan 16 993 Feb 14
9812 99
99
99 3
4 9912 9912 9912 9912 1,000
a
4
9112 Jan 1073 Sept
*9712 9812
900 Federal Mining & Smelting 100
1014 113
4 11
117
8 1212 1212 1212 123
1612 May
83 Jan 23 12% Feb 10
Jan
4
9
4
*8
912
Do pref
100 44 Jan 23 6012 Feb 13
51
6012 5812 6012 58
593
4 5514 5812 11,600
3712 Mar 6234 Sept
5014 5012
800 Fifth Avenue Bus
77
8 8
7 4 73
3
4 *77
No par
7% Jan 17 10% Jan 2
8 8
83 Dec 10% Dec
73
81 818
/
4
4 73
4
200 Fisher Body Corp
161 163 *157 160 *160 165
No par 150 Feb 1 21214 Jan 11
165 165
75
Jan 218 Dee
*160 170
500 Elsner Body Ohio, prof__ _ _100 Ms Jan 24 101 Feb 8
1004 10014 100 100
99
99
*99 100
764 Jan 1034 June
*10014 101
No pr 1314 Jan 2 1612 Feb 13
16
1612 1512 1618 155 16
8
26,600 Fisk Rubber
153 16
4
105 Nov
8
1918 Apr
157 1614
8
32,800 Freeport Texas Co
207 215
8
8 197 21
8
2018 2114 2018 21
No par 187 Feb 1 22 Jan 13
8
1214 Jan 2714 Oct
21
2114
89
6912 *6812 70
No par 66 Jan 5 707 Feb 16
703
8 69
8
4534 Jan 80
Oct
*6812 70
685 708 3,100 Gen Am Tank Car
8
4612 47
4618 4814 47
8
100 4112 Feb 1 497 Jan 2
4818 4712 483 2.5,900 General Asphalt
3714 NO 733 July
4614 47
8
4
Do pre
*7714 80
*76
79
100 76 Feb 1 8012 Jan 2
*76
79
7918 791s
*7714 80
69 Nov 111 July
92
93
9012 91
100 81% Jan 4 934 Feb 8
9018 907
8 904 9018 3,700 General Cigar, Inc
9112 92
85 Mar 833 Dee
Debenture pref
100 10412 Jan 2 109 Feb 10
200
*109 110 *109 110 *109 110 *109 110
94
Jan 109
109 109
Oct
100 179 Jan 10 19018 Feb 2 136
1867 18812 18518 1863 1863 188
8
8
4
Jan 190 Dee
187 18712
186 186% 4,750 General Electric
Special
*1114 1112
1112 115
8 1112 1112 113 1112 1112 11% 1,200
10 11% Jan 3 12 Jan 2
1011 Oct 12 Sept
143
8
14
143
8 1418 1412 143 147
14
8 143 151 184,700 General Motors Corp__No par 1318 Jan 17 154 Jan 4
814 Jan
154 July
/
4
Do pref
400
8412 85
*8412 8512 85 85
100 833 Jan 20 85 Jan 16
4
8412 8412
*84
86
69
Jan 86 Sept
Do Deb stock (6%1_100 8312 Jan 9 85 Jan 17
85
*8414 85
*8414 85
673 Mar 0614 Oct
4
84
85
85
8412 8412 1,400
Do Deb stock (7%)___100 96% Jan 10 100 Jan 17
200
99
98
9818 *9818 99
*9818 99
7914 Mar 100 Sent
*98
*97
98
8
41 Jan 3 483 Feb 8
3,100 Gimbel Bros
4712 48
48
4818 *45
*47
48
4738 48
384 Oct 454 Oct
4712
/
1
No par 10 Jan 18 12% Feb 9
93 Nov
4
114 1118
11
1114 107 11
8
105 1053 1058 108 1,600 Glidden Co
8
57
57
57
8 8 Jan 4
,
No par
4% Jan 2
1.800 Goldwyn Pictures
43 Dec
4
618 618
618
6
6 18
6
6
363 37
14 34 Ma et
2818 Nov 48871'8 juO y
37
37
37
375
3618 37
8
37
3738 3,600 (loodrieb Co (B F)___ _No par 34 Jan 4 3918 Jan 19
nc
Do pref
8
600
8912 8912 8812 8812 8912 893
791 Nov
100 84 Jan 3 92 Jan 22
8912 8912
*8912 90
AMaypr
3951
4
*26
2614 2638 2712 2738 2912 6,700 Granby Cons M,Sm & Pow100 23 Jan 25 2912 Feb 16
22 Nov
*25
26
2512 26
8 Nov 19% may
No par 11 Jan 23 1414 Jan 27
134 1212 1212 1218 1214 12
*133 1312
13
3
1212 2,C00 Gray & Davis Inc
22 Nov 345 May
1,000 Greene Cananea Copper_ _100 234 Feb 1 29 Feb 16
*2514 27
27 27
*263 2712 2718 2812 28
4
29
8
9% Jan 5 1412 Feb 14
10.800 Guantanamo Sugar___ _No Par
8
8
13
1412 13
7 Feb 14% Mar
117 127
134 14
1314 13
13
44% Jan 94% Oct
923
4 9234 9612 933 0534 50,300 Gulf States Steel tr ctfs_ _ _100 78 Jan 10 9612 Feb 15
883 91 14
8
9214 933
4 89
4
212 Jan 12
112 15
8
112
158
3% Mar
114 Jan 2
*112 13
4
158
15
8
112
178 1,800 Harblahaw Elea Cab No par
3 Jan
4
1,600 Hartman Corp
93
94
2584 m ar
94
947
8 93
94
100 8312 Jan 4 9514 Jan 28 8014 July 103 sept
*914 93
938 94
15
Jan
22
1914 1914
19
2312 2214 233
2058 2012 22
4 8,400 Hendee Manufacturing_ _ _100 18% Jan 8 23% Feb 16
55
Jan 82 Nov
200 Homestake Mining
8
*7212 75
*68
75
715 7138 *7112 78
100 75 Jan 31 79% Jan 2
7312 7312
6114 Nov 91% Oct
28.509 Houaton 011 of Texas
77
753 775
4
75
774 75
100 6914 Jan 10 78 Feb 16
754
75
8 7512 78
1912 Aug 26% Des
8
29
2914
8 2853 2918 287 2914 283 2914 13,100 Hudson Motor Car____No par 253 Jan 10 2912 Jan 26
4
29
293
4
107 Jan 264 Dec
8
263 27
4
2614 27
2812 2612 2614 268 4,400 Hupp Motor Car Corp
2614 27
10 22% Jan 11 27 Feb 9
1418 June
612 Jan 8
8
34 Feb
414 Jan 29
12,100 Hydraulic Steel
412 45
412 53
8
5
514
47
5
5
5
No Par
153 Dec
4
314 Jan
*1312 1414
1412 1412 1512 2,400 Indiahoma Refining
5 13 Jan 3 16 Jan 6
1414 1414 1413 1412 *14
712 Feb 8
5 Jan 11% June
100 Indian Refining
53 Jan 24
4
*7
712
712 *7
712 *7
10
714 714 *7
712
31 Nov 45 June
3412 3412
3514 36
3638 39
39
3418 35
20 33 Jan 18 4018 Feb 16
4018 29,200 Inspiration Cons Copper
4
5 8 Dec 113 May
,
714 Jan 4
93 Feb 13
4
500 Internat Agricul Corp
5
9
9 12
4 *912 9 8 *912 93
100
3
4
9 4 9 4 *912 93
3
3778 377
284 Nov 4318 Mar
Do prof
36
37
36
36
38
3812 1,600
100 31 Jan 22 3812 Feb 10
*35
36
8
20
Jan 383 May
4
3
395 4014 394 4012 39
8
3812 38 4
3834 407
393 21,100 International Cement__No par 3412 Jan 2 407 Feb 13
4
2018 June 304 Sept
244 2412
No par 24 Feb 3 26 Jan 3
244 2518 2414 2412 241 2412 2458 2412 3,600 Inter Combus Eng
1,500 Internat Harvester (new)__100 873 Jan 17 9812 Feb 7
9614 *9514 9814 96
702 Jan 11578 Aug
96
95
96
96
9714 96
4
Do pref (now)
011312 11612
*____ 11612 *1134 115 *11312 116 *11412 115
100 115 Jan 25 11614 Jan 4 10512 Feb 119 Sept
5,300 Int Mercantile Marino._ 100
113 ____ ____
8
8% Dec 2712 May
3 1118 1138 11
8
103 1112
4
85 Jan 13 115 Feb 14
8
1058 113
4412
Do pref
4314 4238 4312 4238 425
415 Dec 87% May
8
8 7.300
44
44
443
4 42
100 3712 Jan 29 47 Jan 5
1114 Jan 19% Apr
143 143
4
143 1518 147 1514 147 1512 1512 1614 21,300 International Nickel (The) 25 14 Jan 2 1614 Feb 16
4
400
4 7812 7812 *75
Jan
60 Jan 85
Preferred
76
78
4
7718 774 783 783
4
100 693 Jan 4 783 Feb 14
4
7812
5418 5312 547
8 5314 5418 10,900 International Paper
4318 Mar 63% Oct
525 5438
8
55
53
54
100 4912 Jan 22 5552 Jan 15
Do stamped prof
500
i1
7112 81 12 *70
72
704 71
59 Mar 8012 Sept
*71 18 7112 71
100 69% Feb 3 7518 Jan 5
1712 1718 1712 32,100 Invincible Oil Corp
4 17
17
4 1714 173
173
4
1714 173
121s July 2014 Apr
50 144 Jan 17 17% Feb 13
8 4912 505
8 4912 504 23,500 Iron Products Corp___ _No par 4112 Jan 17 5018 Feb 13
Jan 5318 Oct
4714 48
4
24
4712 504 483 503
1
12
12
12
12
12
12 19,000 Island Gil & (Vamp v t c
12
12
14 Jan 2
4
Jan
14 Nov
Stock
3
12 Jan 17
10
19
193
4 19
*19
10
1838 1812
18 4 1912 19
3
8
Jan 2212 May
100 17% Jan 24 203 Jan 2
1912 1,900 Jewel Tea, Inc
100
*71
74
Do prof
*71
74
*71
76 Exchange
74
74
75
8
*72
38121 Jan 763 Dec
100 6914 Jan 29 7712 Jan 2
554 5512 5512 6,900 Jones Bros Tea. Ins
5512 *55
563 567
344 Feb 57% Sept
8
5512 5612 54
100 50 Jan 17 5814 Feb 7
400 Jones & Laughlin St. pref_ _100 1073 Jan 29 107 8 Jan 8 10712 Dec 1093 Dec
4
4
.10712 1075
8 Closed;
8
107% 10738 1075 10738 1073 1073 108 108
8
7
8
8,200 Kansas & Gulf
2
218
2
218
2
2
2
2
113 Dec
2
214
112 Jan 2
10
718 Jan
34 Jan 12
3
433 433
43
4238 4338 4314 4312 2,100 Kayser (J) Co. (flew)(flew)__No par
43
8
34 May 485 Aug
4238 425 Lincoln's
40 Jan 8 43% Jan 2
8
•104_ 14 102
4
100
102 102 *10012 1013 *300% 10184
'1005 102
8
1st preferred (new)_ _No par 100 Jan 29 103 Jan 8
94 May 10612 June
3 538 Birthday.
533 5418 533 545 34,000 Kelly-Springfield Tire
8
53
53
5412 514 54
4
4
3414 Jan 533 May
25 46% Jan 4 54% Feb 16
100
*105 10614 108 106 *104 107 *105 107
Temporary s% pref____100 1023 Jan 2 108 Jan 18
104 10612
,
4
4
901 Jan 1073 May
,
110 11134 1103 1103
'109 111
11014 11012 1101 113
4
4
100 101 Jan 23 1113 Feb 15
4 1,900 Kelsey Wheel, Inc
61 Feb 1154 Dec
8
385 3958 398 4012 40 8 4112 88,200 Kennecott Copper
,
3814 38 8
5
384 39
No par 35 Jan 18 4112 Feb 16
2513 Jan 39% May
97
8,300 Keystone Tire & Rubber__ 10
10
938 104
912 9 8
7
1018
912 9 4
3
98
5
43 Nov 24% May
4
83 Jan 17 103 Feb 9
8
240 240
245 248
240 240
230 235
240 24712 1,700 Kresge (S S) Co
183 Jan 10 24712 Feb 18 110 Jan 18912 Nov
,
84
86
84
831 84
*85
88
1,200 Laclede Gas (St Louls)
*82
*85
86
43 Jan 944 Aug
101 83 Jan 10 86 Jan 26
3012 303
4 30
3018 293 293
*3012 31
4
4 2953 3014 2,400 Lee Rubber & Tire_ _ _ _No par 275 Jan 16 307 Feb 9 ,2414 Nov 3514 Mar
8
8
222 222 '
0214 222 *214 220 *214 220
218 223
100 Liggett & Myers Tobacco_100 208 Jan 25 2223 Feb 9 15314 Feb 235
Oct
4
*121
____ *115 1163 *115 1163 *114 1163
4
100
4
Do pref
1183 1163
4
4
100 116 Jan 15 11818 Jan 8 108 Jan 1234 Nov
4
4
8 6814 7014 6814 70
78,900 Lima LocoWketempctisNo Par 58% Jan 17 724 Feb 13
69
7214 673 713
653 697
4
8
52 Nov 117% May
1918 203
8 2014 2114 205 21
8
1918 1914
2018 20% 32.900 Loew's Incorporated__ _No pat 184 Jan 17, 21 Feb 15
10% Jan 23% Sept
11
107 11
8
11
11
11
11
1114 11
1114 2,200 Loft Incorporated
No par 1014 Jan 15 113 Jan 5
4
9 Jan 144 May
*55
5912 *55
5912 5912 5912 58
500 Loose-Wiles Biscuit
5612
*55
100 • 517 Jan 4 6114 Jan 13
593
4
8
8
Jan 877 Sept
36
174 1753 *172 175
1753 17714 *174 175
4
1,000 Lorillard (1')
17612 1763
4
4
100 16114 Jan 8 178% Feb 9 14714 Jan 180 Sept
117 119 *117 119 *117 119 *11612 117
118 120
Mackay Companies
100 105 Jan 22 121 Feb 6
72 Jan 117 De(.
700
Do prof
70
7014 704 7014 *70
704 7012 7012
*6914 70
100 69 Jan 16 7012 Feb 16
57 Jan 70 Nov
72
727
8 70 8 727
3
723 7412 733 747 14,600 Mack Trucks, Ins
7112 7212
No par 5818 Jan 2 733 Feb 8
8
8
2518 Jan 017 Sept
800
Do let pref
9412 94 4 *94
3
95
*9412 95
9412 9412
95
100 9212 Jan 3 954 Feb 16
9512
68 Feb 944 Dee
*88
89
*88
90
*8812 90
*8812 90
Do 26 prof
*8812 8912
84 Jan 3 8812 Feb 9
4
Jan 873 Sent
54
2.200 Macy
6812 8812 *68
6812 6712 674 674 69
No par 6118 Jan 8 7112 Jan 20
*6714 68
59 Nov 62 Dec
36
36% 35
3618 35
30
3514 3512 8,800 mallinson(H R)& Co No par 3418 Jan 24 40 Jan 2
36
3612
1518 Jan 40 Aug
5512 5714 *564 5712 9,200 Manati Sugar
6012 5712 60
100 4318 Jan 17 6012 Feb 13
58
55
563
4
3014 Jan 52 Mar
400
Preferred
100 82 Feb 3 86% Feb 13
867 86% 8612 8612 854 8512 8612 8612
*8512 87
7314 Apt 8414 Sept
54
5812 2,900 Manhattan Eleo Supply No par 5118 Jan 3 5812 Feb 16
8
8
*54
5512 5383 535 *537 54
*5412 55
41 Mar 6914 Apr
25 4314 Feb 2 47% Jan 5
4
1.000 Mannattun Shirt
*45
457
8 4438 4518 445 4512 443 45
.45
457
8
32 Mar 5844 Oct
3988 40
No pat 2714 Jan 6 404 Feb 6
393
4 394 397 26,800 Marland Oil
3912 39
393 4014 39
8
22% Jan 463 June
Marlin-Rockwell
No pat
13
*1012 12
*9
12
*11
912 Feb 1
*9
12
.10
13
11 Jan 16
8
518 Mar 263 Mar
800 Martin-Parry Corp_ __ _No pat
29
2712 Jan 31 31 Jan 3
*2712 2912 29
*2812 30
293 30
30
30
4
2014 Jan 364 June
4.800 Mathieson Alkali Works__ 50 49% Jan 2 02 Feb 14
4
60
603 6114 60
62
60
6112 61
59
60
54 Nov
Jan
22
7
1,700 Maxwell Mot Class A
100 4334 Feb 2 5412 Jan 4
4
49
474 4712 473 47
5
48
4812 48 8 *45
48
4114 Nov 74% May
1412 Feb 1
8
0183
4 1614 1812 ' 8 1612 163 1812 4,100 Maxwell Mot Class B_ _No par
173 Jan 4
4
1614 1612
1618 163
11
Feb 25% June
8
8
8 7,105 May Department Stores 100 675 Jan 5 783 Jan 13
8
7212 7312 715 7253 7212 737
4
73
73
727 737
8
6512 Dec 1743 Dec
175 Feb 1 19% Feb 14
8
1918 198
1914 195
8 194 19% 1914 1912 5,800 McIntyre Por Mines
1914 195
215 Mar
8
10% Jan
100 270 Feb 8 293 Jan 2 1063 Jan 322 Deo
Mexican Petroleum
265 290
4
*265 290 *240 270 *240 270 *240 260
100
Preferred
*95 105
*95 105
*95 105
*95 105
794 Jan 108 Dec
*95 105
1614 Jan 12 19 Feb -5
8
4 183 1838 7,100 Mexican Seaboard 011 _No par
183 188
8
15
1814 183
4 1814 183
Oct 3418 July
1814 19
1518 Jan 17 18 Feb 9
Voting trust ctfs
2
4,100
8
8
8 175 18
1714 177
12
Oct 324 July
8
8 175 175
1714 18
1712 175
5 263 Feb 1 291 4 Feb 16
4
*2718 275
8
4 283 2914 6,200 Miami Conner
4
8
8 275 283
25 Nov 3138 May
274 2712 2712 275
1114 1112
16 Apr
Nov
1118 1133 11 18 1133 1118 1112 57,900 Middle States 011 Corp _ _ _ _ 10 11 Jan 24 124 Jan 12
11
11 18 113
8
29
8
2912
2618 Dec 4514 May
2912 30% 297 30% 19,400 Midvale Steel & Ordnance_ 50 27 Feb 1 303 Feb 16
2912 30
2912 30
100 6512 Jan 24 7212 Feb 10
2.000 Montana Power
7012 7112
717 717
8
63 Jan 763 Sept
71
72
7112 7212 7112 72
20 8 Jan 17 26 Feb 13
,
8,500 )4ontWard Collis CorpN_o_
2438 25
3 2512 244 25
2412 247
12 Feb 25% Aug
25
26
23
par 173 Jan 17 2412 Feb 14
4
22
2214
8 238 244 4,100 Moon Motors
13 Aug 19% Dec
2214 223
4 227 244 2312 245
4
114 118
8
8
8
1214 Dec
93 Nov
8
4 113 1212 123 127 , 7,100 Mother Lode Coalition_No par 11 Jan 2 127 Feb 16
4
1118 11% 1112 113
No par 22 Jan 24 2712 Feb 9
Muffins Body
027
2812
1714 Deo 34 Mar
28
*27
2712 *26
27% *26
*26
26%
No par 754 Jan 2 11412 Jan 12
1,500 Nash Motors Co
106 106
70 Dec 525 July
1047 105
8
1047 104% 1013 104% 104% 105
8
4
100 99 Jan 2 1015 Jan 17 10112 Aug 108 Dee
Preferred A
1,200
99
99
*98
99
99
9912 *98 100
99
99
50 11 Jan 30 1514 Feb 15
1412 1412
1,500 National Acme
912 Nov 214 Apr
14
145
8 143 1514 *1512 16
4
15
*14
100 38 Jan 5 434 Feb 16
367 Dec 270 Dec
8
39% 401
413 4314 . 1,500 National Biscuit
4
/
4
40
4012 39% 4014 4014 42
100 1205 Jan 15 125 Feb 2 11318 Jan 120
Oct
100
Do prat
123 125
124
12312 1234 *123 125 *123
*12212 125
_100 60 Jan 17 65 Jan 8
1,100 National Cloak & Suit__
Jan 66% Sept
60
6412
65
65
*84
65
20
65
*6412 65
6.5
1 Jan 25
418 Apr
700 Nat Conduit & Cable_ _No rar
1 Dee
1 ,Jan 4
1
14 114
114 *114
112
14
112
114
112 112
69
4
883 69
4
6912 703
303 Jan 6818 Oct
4 69
6912 70% 69
7014 8,200 Nat Enam'g & StamIeg---100 654 Jan 9 7034 Feb 15
100 12312 Jan 25 13314 Feb 14
4,300 National Lead
Jan 12014 Dec
13014 132
4
85
13012 13314 1313 13314 13112 13218 13014 131
100 1124 Jan 3 114 Jan 4 108
Oct
Do prof
200
Jan 117
114 114
4
114 114 *113 114 *113 114 *1133 114
Copper
5 1418 Jan 29 17 Feb 16
7,000 Nevada Consol
1514 153
153 16
4
1612 163
4 1634 17
1318 Nov 194 June
16
16
4
8
8,900 N Y Air Brake (new),_No par 265 Jan 2 3912 Feb 13
3678 3714 37
244 Nov 4158 Sept
3218 333
38
3414 3912 3712 39
4
No par 40 Jan 9 5112 Feb 13
3,400
Class A
51
51
51
454 Nov 5114 Oct
5018 50%
4
508 514 503 5114 51
100 2112 Jan 16 25% Feb 16
500 New York Dock
23
*2312 27
2412 2412 25
20 Nov 46 June
25
*2212 26
253
4
100 46 Jan 31 493 Feb 16
Do pref
47
47
46 Nov 684 Juno
600
'4512 49 4
477 48
8
4
493 493
4
3
4612 47
4
50 1001 Jan 16 119 Feb 15
,
112 113%
4418 Jan 10614 Dec
1,500 North American Co
115% 11858 11638 119
4
1153 117
1163 1173 '
8
4
50 4412 Jan 17 4812 Feb 14
483
Do prat
48
38 Jan 4714 Aug
4814 484 4812 4814 4833 4758 484 3.600
48
'27
29
28
4
600 Nova Scotia Steel & Coal_ _100 27 Jan 10 293 Feb 13
2812 29
203 Feb 40 Sept
4
4
29
28 4
293 293 *27
4
3
4
94 Jan 5 1018 Feb 9
200 Nunnally Co (The)._ -No Par
10
10
1012
10
10
8 July 123 Mar
1014 10
*10
*10
1014
144 Apr
No par
5 Nov
612 Jan 2 1018 Jan 29
500 Ohio Body & Blow.
*9
912
938
94
3
93
4
9 4 93
3
4 *9
93 10
4
43 June
8
1% Dec
1% Jan 2
23
4 27
234 28 5,400 Oklahoma Prod & Ref of Am 5
27
8 3
27
8 3
27
8 3
318 Feb 8
9% Mar
5 Jan 6
418 Jan
Ontario Silver Mining____100
*5
618
614 *512 614 *512 614 512 Jan 14
618 *5
*5
Oct
1 174 Jan 5 2114 Feb 16
19
12% Jan 28
191
1914 1914 1914 2114 2034 2114 7,500 Orpbeum Circuit. Ins
/
4
1918 193
14A 14Q
Id. 140
MOS. 1403. 1.14 tail.. 1S1I. 1 kg
Jan 168% Oct
100 144 Jan 24 153 Feb 16 110
6,500 Otis Elevator
•BM and asked price. no smut on this <Jai. I Lass than 100 snares. o Es-dividend and rights. s Ex-dividend
,




Es
-rights.

New York Stock Record-Concluded-Page 4

703

For .81428 dozing the week of stocks usually Inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW HALE PRICE
as/orday.
Feb. 10.

Hondas.
Feb. 12.

Tuesday.
Feb. 13.

Wednesday.' Thursday,
Feb. 14. 1 Feb. 15.

rriaay.
Feb. 16.

Sales
for
tee
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

$ per share 3 per share $ per share 3 per share 5 per share S per share Shares Indus.&Miscall.(Con.) Par
No par
104 10 4 1012 107
3
8
1014 1014
107 113
8
4 1112 117 43,700 Otis Steel
4412 447
8 4438 447
25
4
8 45
467
8 4512 4614 22,90( Owens Bottle
443 45
78
1
3
4
7
8
3
4
3
4
7
8 1,70( Pacific Development
3
4
3
4
3
4
8213 83
813 823
4
100
825 823
8
4
s 82 8284 813 8212 3,30( Pacific Gas & Electric
4
*1213 14
*12
14
*1114 12
*1114 13
5
113 113
8
8
10( Pacific Mall SS
437 453* 44
435 44
8
4514 441, 45
45
47
45,80( Pacific Oil
8
8
1418 143
1414 1412 14
143
8 1414 1438 1412 143 23.901 Packard Motor Car
8
10
7938 80
797 81
s
7814 803
4 79
50
857
8 803 8313 88,60( Pan-Am Pet & Trans
4
7218 7212
7214 73
7014 723
Do Class B
50
4 7114 725
8 7212 7414 88,101
43
4 43
4
*43
4 5
412 43
4
43
4 43
4
43
4 43
4
70( Panhandle Prod & Ref_No par
12
12
*12
No par
1312 *1212 134 *1214 1312 *123 1312
4
201 Parish dr Bingham
3
338 33*
8
3 4 45
3
8
413 4 4
45
8 518
518 57 39,201 Penn-Seaboard:51'1v t c No par
92
93
91'2 93
913 92
8
9112 92
93
93
3,001 People's G. L dr C (Chic)_ _100
447 4512
2
451, 463
4 46
4712 46
4712 4618 4714 29,201 Philadelphia Co (Pittsb)__ 50
*70
77
No par
*70
77
Phililp-Jones Corp
*70
77
*70
77
*71
77
548 5512
4
No par
55 4 59
3
8
66,901 Phillips Petroleum
5733 5913 585 593
8 5918 61
123 127
4
8
1212 13
121 1213 1212 1338 13
,
133
8 7,901 Pierce-Arrow M Car_ No par
3012 3012
30
100
304 3012 3012 32
Do pref
2,10(
333
4 317 33
3
514 6
512 57
8
55
8 55
8
548 518 7,40( Pierce Oil Corporation
53
8 53
8
25
•414 43
100
•42
43
pref
42
42
*42
43
10(
Do
*41
43
62 62
627 63
6114 6214 6014 6114 59
493
4 1,901 Plgg Wien Stor Inc"A"No par
6312 64
100
64
64
63
634 6413 6612 66
6714 11,801 Pittsburgh Coal of Pa
*98 100
*98 100
100
Do pref
*98 100
*99 100
9912 9912
10(
4338 4338
4358 43 8 *4313 4338 435 437
10
5
4312 2,301 Pond Creek Coal
8
8 43
132 133
No Par
132 133
131 131
128 12914 129 132
2,301 Postum Cereal
•114 11412
100
11414 11414 *113 11414 *11312 11414 *112 114
101
8% preferred
6813 6812
100
69
6914 683 69
70( Pressed Steel Car
4
67 6718 *6718 6813
*93
95
100
Do pref
201
*93
95
*93
94
93
93
93
93
515 52
8
52
53
513 53
8
524 525
8 515 523 87,50( Producers & Refiners Corp_ 50
8
8
99 10014
*
9914 10038 9812 100
2
99
997
8 997 1013 32,60( Public Service Corp of N J100
8
1293 131
4
100
13114 13178 1293 13118 1293 13012 1293 13112 8.80( Pullman Company
4
4
4
5314 5514
50
55
5912 544 5938 55
565
8 5612 573 54,801 Punta Alegre Sugar
4
303 3114
4
25
3113 32
31
317
8 303 31
8
305* 3114 25,801 Pure Oil (The)
*9912 100
100
101
8% preferred
*9912 100
9912 9912 *9912 100 .99 100
13114 116
100
4 1,001 Railway Steel Spring
11412 11512 116 116
1163 1163
4
11618 117
*337 3412
8
No par
4
101 Rand Mines Ltd
*343 3538 *3353 3412, 333 333 *333 3412
8
4
4
1414 1413
1518 1538 9,901 Ray Consolidated Copper- 10
145 143
8
4 1438 145
8 1453 15
443 4512
4
4414 464 43
4314 4212 433
4 4214 4214 3,701 Remington Typewriter vi 0100
*100 104
100
g
201
1st preferred v t c
104 104
104 104 *102 105 *104 1047
100
*86
88
101
2d preferred
90
*8718 90
8713 8712 *8513 8812 *87
2753 29
No par
8 307 313 70,801 Replogle Steel
8
4
2813 30
2914 307
8 3012 313
100
5212 55
8
57
593
8 5618 5818 5753 587
8 573 5812 34,601 Republic Iron & Steel
101
923 027
4
Do pref
8
927 9278 927 933
2
8 933 9312 9312 9378 2,401
8
Spring
No par
215 215
8
8
217 223
8
2254 2218 2214 5,51)1 Reynolds
8 22
223
8 22
5812 59
8
58
52 5913 583 595
595
8 585 5918 15,101 Reynolds(R J)'fob Cl B__ 21
4
8 59
118 118
105
7% preferred
301
118 118
11712 11712 *11612 118 *11612 118
50 8 51
,
22.501 Royal Dutch Co(N Y shares)
5152 52
5112 523
4 5314 544 5412 55
194 1912
10
1914 1914 1918 1918 193 193
8 1912 1912 1,601 St Joseph Lead
8
35g 413
43
4 5
12,50( San Cecilia Sugar v t c..blo par
418 5
378 438
353 4
24
24
100
2414 253
s 2453 253
8 2334 233
4 2414 244 2,101 cavage Arms Corp
893 9113
4
100
91
15,201 Sear:, Roebuck & Co
9112 923
8 90
92
908 9113 90
4
10111 112
Prefel red
100
101
112 112 1311212 117 *113 117 *113 117
9 4 97
3
8
No par
18,401 Seneca Copper
10
12
107 1112 1112 1218 1134 12
8
•83
4 9
97 10
97
3,401 Shattuck Arizona Copper__ 10
9
9
938
953
9
374 3718 3714 373
8
8 373 3814 383 384 1.401 Shell Transp & Trading__ £2
4
-15i.? 1624
No par
31,801 Shell Union Oil
152 1614 154 1614
8
1553 16
1538 16
3353 34
Stock
337 3414 333 34
3
4
3313 34
337 3514 90,501 Sinclair Cons 011 Corp..No par
8
8
113 1112
10
1138 117
8 113 12
4
1134 1218 117 1218 73,301 Skelly 011 Co
8
4812 49 Exchange
4953 50% 4912 503
5013 5112 8,701 Sloss-Sheffield Steel St Iron 100
8 5012 52
•75
82
Do prof
201
100
*75
81
*72
81
80
78
7914 *75
493 53
4
Closed;
100
613 64
4
55
64
58
4 59
5912 8,101 So Porto Rico Sugar
583
2214 223
4
No par
2212 238 2318 24
24
2714 54,301 Spicer Mfg Co
2514 25
1394
07
Preferred
Lincoln's *94
100
97
97
*95
97
•88
97
*95
*8613 8712
401 Standard Milling
100
87 87
8712 8712 8712 8712 *85
86
594 597 Birthday.
8
593 6014 59
4
25
597
5913 603
8 593 6012 18,201 Standard 011 of Cal
4
407 4138
8
25
4034 415
8 407 418
413,s 61.901 Standard Oil of N J
8
41
4 4118 42
117 117
Do pref non voting_
100
11712 11713 11718 1173 11712 11712 1,001
8
11714 1178s
1043 1053
4
8
10413 1053 1045 10513 104 10413 10418 105
7,30( Steel & Tube of Am pref...100
8
8
6112 62
No par
585 6113 597s 6112 6013 6113 62
8
8,501 Sterling Products
63
•114 116
•114 116 13110 116 *108 114
100
101 Stern Bros pref(8%)
111 111
9514 9513
-Warn Sp Corp_No par
951 98
,
94
947
8 9413 9412 *9413 95
1,701 Stewart
*67
68
68
683* 67
673
* 67
/ 6,501 Stromberg Carburetor_No par
1
4
6753 6712 69
1173 1203
4
8
11914 12012 11712 1193 1188 1195 11914 12014 92,301 Studebaker Corp (Tbe)_100
4
8
8
gill. 115
•1111, 115 *113 115
1133 1133 1138 11334
Do pref
100
4
4
4
201
1214 1278
1212 137
8 12
13
No par
121s 123
4 1214 13
30,70( Submarine Boat
54 6
3
No par
5
/ 6
1
4
6
64
63
8 63
8 8,801 Superior Oil
64 64
32
32
32
3213 323 323 *31
8
2
323 *314 323
1,001 Superior Steel
100
4
4
*218 21 r
.218 24
24 218
214
212
23
8 212 2,70( Sweets Co of America
10
1134 113
4
117 12
8
1131 12
117 1212 1238 1253 16.301 Tenn Copp & C tr ctfs_No par
8
4878 49
4878 4914 485 49
8
487 494 4914 508 73.60( Texas Company (The)
8
4
25
6012 613
8
6118 613
4 613* 62
4
10
6012 614 6118 613 18,501 Texas Gulf Sulphur
,
23
231
2314 2414 23
24
2313 24
2312 2418 17,101 Texas Pacific Coal & Oil_ 10
1295 1295
8
8
12918 12918 129 12918 131 13273 134 135
3,101 Tidewater Oil
100
373 3818
4
375 3818 373 3738 3713 38
8
2
377 3914 39,700 Timken Roller Bearirug_No par
8
5514 5512
554 564 5412 563
8 557 56
g
5512 5612 10,401 Tobacco Pt°ducts Corp_ _.100
817 8218
82
83
8114 827
8 82
823
4 8212 8313 24,601
Do CIA (since July 15) 100
117 12
8
114 12
118 117
8 115g 1178
113 13
4
29,300 Transcontinental 011_ _ _No par
68
68
*64
69
*6412 69
*65
69
*68
6814
10( Union Bag dr Paper Corp100
18
18
18
18
18
18
18
*I8
14
18 1,100 Union Oil
No par
.80
83
823* 8238 8212 8212 *80
8213 8253 8238
401 Union Tank Car
100
*110 112
110 112
1117 1117 *110 112 31110 112
8
100
Preferred
100
7k *3614 37
363 3612
8
3612 37
37
3714 36
3718 3,201 United Alloy Steel
'Jo Par
8112
.81
813 83
4
82
823
4 82
823
4 83
8313 4,601 United Drug
100
*4614 4612
463 4612 4614 4614 47
47
*4614 47
50(
1st preferred
50
165 165
166 1703 168 1704 168 1683 169 1693
.,
4
8 5,60( United Fruit
100
73
75
743 76
4
74
757
8 743 77
4
763 7818 29,101 United Retail Stores_ __No par
3213 32%
3218 3212 31
32
31
324 .3113 32
4,201 U 8 Oast Iron Pipe & Fdy_100
73
*70
71
71
70
70
7114 718 3171
72
601
Do pref
100
47
44 412
47
47
47
5
5
43* 47
1,701 U S Food Products Corp_ _ 100
221 2212
,
21
2213 2112 2112 22
2318 221y 2312 7,001 USHoffmanMachCorp No par
663 6814
4
68
694 6713 698 6814 713
8 701 717 60,801 U 8 Industrial A Icohol ___ _ 100
/
4
*9614 9814
9814 984 *9614 9814 *9614 98
1397
98
101
Do prof
100
93 4 937
3
8
94
945
8 9318 933
8 9278 937
8 9314 93 8 3.401 US Realty & Improvement 100
7
6012 6113
603 62
4
59
61 18 6013 613
8 603 6114 20,001 Unite81 States Rubber
*
100
102 102
102 10214 10214 10214 10214 1023 103 103
2,000
Do tat pref
4
100
3814
37
3818 383
4 3612 38
10,601 US Smelting, Ref & M
383 4112 4014 41
4
50
•45
46
,
*45
46
455 45 8 46
8
,
46
46
46
700
Do pref
1063 107 2
4
,
10712 1077 1063 1077 107 10312 10712 10814 120.001 United States Steel Corp.. 50
8
*
100
1201 121
,
12014 12013 12014 1203* 1203 12013 1203 1203
8 1,800
Do pref
8
8
100
66
85
6534 6614 654 6712 677 693
693 33,300 Utah Copper
4
8
4 69
10
215s 227
8
2114 2212 213 2212 213 227
4
4
8 228 2433 42,400 Utah Securities v to
100
394
38
39
394 393 4214 411
4
76,300 Vanadium Corp
4 427
4
8 413 44
No par
9812
*98
*88
9813 *98
9813 9613 9612 96
200 Van Raalte let prat
9614
2414 2412 238 2438 2418 2413 2358 2412 3,500 Virglnia-Carolina Chem_ 100
23
2318
100
.63
63
6314
63
63
633
700
Do pref
4 6312 633
4 6314 633
.,
100
544 547 *55
*534 54,
2
59
*54
300 Virginia Iron, C & C
59
5512 5512
100
*80
.80
83
82
*80
82
*80
82
Preferred
*80
82
100
19
193
1918 1912
8 183 19
4
183 19
4
187 1912 7,600 Viyaudou (V)
No Par
124 1218 *12
1212
*12
124 1218 1214 1214 125
8 1,300 Weber dt Heilbroner_No par
954 96
954 957
9512
95
8 95
2,800 Wells Fargo Express
9513 95
95
115 11512 1133 11438 11313 1 143* 114 1144 2,600 Western Union Telegraph,101)
.
4
1141 11512
101)
11014 11014 11114 113
11012 11012
11313 115
3,700 Westinghouce Air Brake__ - 50
115 118
623 63
4
623 6278 6314 657
8
6212 6212
6718 64,500 Westinghouse Elect St Mfg_ 50
8 66
283* 283
8 283 283
2813
8
8 284 2838 283 283
28
4 8,700 White Eagle 011
8
No par
5313 538 5212 533
4 523 53
5314 5313
53
5353 5,100 White Motor
50
53
8 553
518 53
8
54 538
54 514 4,000 White 011 Corporation-No par
518 53
8
123 14
8
124 133
8 1213 13
123* 1213
1212 1318 11,100 Wickwire Spencer Steel_ _ _ 5
77
8
74 8
73
8 77
8
784
77
7 4 77
3
6,200 Willys-Overland (The)_ _
25
4813 4934 4838 4934 4913 4912 4953 51
Do Preferred (new)
4812 497
10,100
_100
41
4112 40
41
41
41
4114
41
4114 417
8 2,900 Wilson & Co. Inc, v t c_No par
1386
87
*86
87
*86
*86
87
87
*86
Preferred
87
100
21914 223
218 219
2153 21713 214 21514 5,000 Woolworth Co (F W)
4
2143 22078
4
100
35
3813 39
348 35
3413 3412
4018 3918 397
8 5,200 Worthington P & M v t c_100
9
or,,
9
9
*83
4 9
834
881
*RI, 9
900 Wright Aeronautical_ _ No par
,
Ex 4,0 tend awl rights.
•Bid and asked prices, ID sales on thin hay. I Less than WO ahares
t Ex-rights.
Range Muer maim (Jule 151 with United Retail Stores Corp 0 Ex-dly. of 25% In common etook




PER SHARE
Range since Jan. 1 1923.
-share lots
On basis of 100
Lowest

Highest

PER SHARE
Range for Previous
Year 1922,
Lowest

Highest

8 per share $ per share $ per share $ per share
77 Jan 4 117 Feb 16
8
1612 Apr
6 Nov
g
247 Jan 42% Sept
3638 Jan 2 46% Feb 15
12 Dec 1418 Apr
118 Jan 18
12 Jan 2
8
60
Jan 911 Sept
783 Jan 25 85 Jan 5
4
19 June
11
Jan
113* Jan 15 1212 Feb 8
3
4212 Nov 69 8 May
4218 Jan 30 48% Jan 4
10 Dec 21 Nov
1018 Jan 8 1412 Jan 18
48% Jan 1007 Dec
4
794 Feb 8 9313 Feb 7
404 Feb 953 Dee
4
7014 Feb 14 86 Feb 7
3 Dec 1212 Jan
5 Jan 5
4 Jan 16
17 Apr
712 Nov
113 Jan 25 1414 Jan 27
8
23 Dec 13% May
8
5% Feb 16
212 Jan 2
593 Jan 99 Sent
4
90 Jan 16 9413 Jan 30
3112 Jan 45% Sent
4114 Jan 2 4712 Feb 15
7314 Oct 10518 Jan
76 Jan 11 7858 Jan 15
2814 Jan 5914 June
4712 Jan 2 61 Feb 16
8 July 24% Apr
1118 Jan 27 1514 Jan 9
187 July 49 Apr
8
273 Jan 27 35% Jan 9
4
3% Dec 12
Jan
6 Feb 13
4 Jan 25
Jan
32 Sept 71
38 Jan 24 45 Jan 4
39 Nov 5914 Dee
4
5514 Jan 17 643 Jan 23
55 Nov 72% Sept
/
1
58 Jan 16 674 Feb 16
9014 Feb 10012 Sent
98 Feb 7 9912 Jan 4
144 Feb 41 Dec
/
1
3818 Jan 3 47% Feb 15
Oct
653 Apr 120
8
113 Jan 6 134 Feb 6
8
11018 Jan 3 11414 Jan 25 10512 Apr 1121 Oct
63 Jan 954 Sent
58 Feb 2 8112 Jan 2
91 Feb 106 Sept
86 Jan 22 9934 Jan 5
2418 Jan 51 Sent
47 Jan 16 53 Feb 14
14
66
8
Jan 100 Nov
933 Jan 6 1013 Feb 16
4
1264 Jan 17 133% Jan 4 10513 Jan 139% Sept
31
Jan 5314 June
43 Jan 18 5912 Feb 13
2612 Nov 38% Jan
27 Jan 24 32 Feb 13
97 Jan 25 99% Jan 4
94 July 10234 Apr
94
Jan 12614 Sept
1104 Jan 30 11912 Jan 3
4
3212 Jan 23 333 Jan 12
1912 Jan 364 Sept
8
1218 Nov
1312 Jan 25 153 Feb 16
19 May
24 Jan 42 Mar
3312 Jan 11 4614 Feb 9
101 Jan 18 104 Feb 13
55
Jan 105 Dec
80 Jan 3 8713 Feb 13
5012 Feb 80 4 Dee
3
2314 Jan 2 314 Feb 16
21 Nov 3812 May
434 Nov 7812 May
47 Jan 31 58% Feb 15
74 Feb 954 May
89 Jan 9 9313 Feb 15
1214 Nov 50 4 June
163 Jan 23 25 Jan 2
8
3
43 Mar 633 Nov
47 Jan 10 594 Feb 7
4
114% Jan 19 118 Feb 9 11118 Apr 1183 Oct
4
47% Jan 67 June
4213 Jan 31 55 Feb 16
12% Jan 2014 Sept
18 Jan 2 194 Feb 6
112 Jan
5 Feb 14,
2 Jan 17
614 Mar
1812 Jan 3 253 Feb 14' 10 Aug 244 Apr
59 8 Feb 94% Aug
3
8
8313 Jan 17 923 Feb 13
91
Jan 112 Aug
11012 Jan 26 112 Feb 13
6
Oct 2314 Jan
7% Jun 17 1218 Feb 15
612 Nov 12 June
818 Jan 2 10 Feb 18
3413 Dec 4813 May
4
34% Jan 31 383 Jan 2
/
1
4
12% Jan 8 1614 Feb 14 .1218 Dee 13 Dec
183 Jan 383 June
4
31% Jan 19 35% Jan 2
4
8% Nov 1178 Oct
9% Jan 2 1218 Feb 16
3412 Ma
5413 May
42 Jan 3 52 Feb 15
66 Mar 80 Aug
68 Jan 13 8312 Jan 20
33 Nov 5714 Mar
40 Jan 13 64 Feb 14
15 Nov 24 June
19 Jan 17 2714 Feb 16
84 Apr 96 Sept
90 Jan 3 97% Feb 2
843 Dee 141 Sept
4
8517 Jan 10 9012 Jan 23
914 Jan 135
54% Jan 25 12313 Jan 2
Oct
3812 Dec 25013 Oct
3914 Feb 1 434 Jan 12
8
11612 Jan 31 1177 Jan 4 1133 Jan 11612 Nov
8
68 Mar 90 May
85 Jan 2 107% Jan 12
4518 May 6334 Dec
5853 Feb 13 64 Jan 11
Jan 109 Dec
10912 Jan 2 115 Jan 5
81
2412 Jan 79 Dec
7914 Jan 2 97 2 Feb 5
,
6214 Jan 10 694 Feb 16
3514 Jan 71 Dec
4
11218 Jan 16 12214 Feb 7
7918 Jan 1413 Dec
112 Jan 4 1133 Feb 16 100 Feb 11814 Nov
4
tog Nov
7 Jan 3 144 Feb 8
34 Jan
1014 June
4 Nov
63 Feb 15
4
48 Jan 23
2914 Jan 3 3213 Feb 14
Jan 3918 Apr
26
5 Mar
1% Nov
2 Jan 2
27 Jan 12
8
1038 Jan 2 125 Feb 16
83 Nov 12% May
$
*
524 Oct
47% Jan 17, 508 Feb 16
42 Ma
587 Jan 10 65 Jan 15
3812 Jan 6718 Nov
20 Jan 24 2414 Feb 2
323 June
4
13 Nov
112
120 Jan 2 135 Feb 16 1093 May 154 Oct
4
Oct
3314 Jan 2 3914 Feb 16
2812 Sept 35
5018 Jan 171 5818 Jan 2
494 Nov 844 June
793 Feb 2 8412 Jan 4
4
76% Aug 8912 Sept
10% Jan 9 1412 Jan 5
712 Mar 2018 May
634 Jan 16 69 Feb 8
65 Mar 78 Sept
18 Dec 25 June
18 Jan 4
14 Jan 3
81 Feb 1 8512 Jan 3
85 Dec 1344 Dec
108% Jan 3 112 Jan 19 102 Feb 113 SeLlt
/
4
3318 Jan 5 37% Feb 13
25 Jan 411 May
Oct
78 Jan 24 8312 Feb 16
607 Mat 85
8
41 1s Feb 51% Oct
8
464 Feb 14 477 Jan 6
Oct
15212 Jan 17 1704 Feb 13 119% Jan 162
4312 Feb 8712 Oct
643 Feb 1 783 Jan 5
8
4
164 Jan 39 Aug
29 Jan 31 33 Feb 9
Jan 78 Aug
50
69 Jan 25 723 Jan 3
4
2% Feb 1018 Jan
33 Jan 30
4
5 Jan 2
1812 Nov 25'a May
187 Jan 26 25 Jan 27
8
7
Jan 72 8 Oct
37
62% Jan 22 717 Fcb 16
8
Oct
7213 Dec 102
98 Jan 2 9814 Feb 13
3
Jan 027 Oct
56
8812 Jan 24 9513 Jan 12
46 Noy 6712 Apr
55 Jan 10 62 Jan 15
91 Sept 107 July
99 Jan 2 105 Jan 13
33 Feb 4834 Oct
34% Feb 5 41 Feb 16
424 Feb 49 Aug
45 Feb 9 484 Jan 3
104 Jan 31 1083 Jan 4
82 Jan 11112 Oct
4
119 Jan 31 12312 Jan 15 113% Feb 123 Sept
7112 Sept
6213 Jan 18 69% Feb 16
59 Nov
9% Jan 234 Sept
153 Jan 26 24% Feb 16
4
33% Feb 1 44 Feb 16
3014 Jan 53% Aug
954 Jan 8 98 Jan 25
Jan 100 Oct
92
21 Feb 2 254 Jan 3
234 Nov 36% Mar
/
1
Oct
61 Feb 5 633 Feb 16
58 July 83
4
5312 Jan 31 5512 Feb 16
43 Mar 944 Jan
Oct
80 Jan 29 80 Jan 29
66 Mar 88
16 Dec
1514 Jan 17 195 Feb 9
64 Jan
8
1038 Oct 17 Apr
1214 Jan 27 127 Jan 4
8
6014 Jan 984 Oct
91 Jan 5 96 Feb 13
109 Jan 22 11512 Feb 9
89 Feb 12114 Aug
107 Jan 20 118 Feb 16
80 Mar 114 Dec
494 Jan 6518 Aug
584 Jan 11 6718 Feb 16
25 May 33% Nov
24% Jan 16 2914 Feb 7
3518 Jan 54 Sept
483 Jan 3 53% Feb 14
8
218 Dec 12 May
51, Feb 13
3 Jan 24
8
813 Nov 217 May
103 Jan 2 1318 Feb 16
4
10 May
412 Feb
67g Jan 2
814 Jan 5
24 Feb 4912 July
424 Jan 2 51 Feb 16
2714 Jan 5012 Sept
36 Jan 10 4214 Feb 5
66 Jan 91 Sept
86 Jan 17 87 Jan 3
Jan 223 Nov
19918 Jan 24 22412 Jan 5 137
8
5
267 Nov 557 June
303 Jan 30 35 Feb 7
8
11 Aug
Jan
6
814 Jan 17
912 Feb 8
a Ex-dividend. S Redacted to basis of 5-5 oar.

704

New York Stock Exchange-Bond Record/ Friday, Weekly and Yearly

h-nop and prices are now-"and inieresi"-ercept for income and defaulted bonds.
,
Jan.1 1909 the Frcbqoac method Or rioting bonds was,
BONDS.
N. Y.STOCK EXCHANGE
Week ending Feb. 16

Price
Friday
Feb. 16
Bid

U. S. Government.
First Liberty Loan
3D
33.% of 1932-1947
3D
Cony 4% of 1932-1947
JD
Cony 44% of 1932-1947
cony 454% of 1932-1947___.. 3D
2d
Second Liberty Loan
MN
4% of 1927-1942
MN
Cony 414% of 1927-1942
Third Liberty Loan
MS
414% of 1928
Fourth Liberty Loan
AO
43j% of 1933-1938
Victory Liberty Loan
in
4(% Notes of 1922-1923
Trea-sury 4148 1947-1952
Be coneol registered
61930 Q J
Is coneol coupon
61930 Q
Ca registered
1925 Q F
65 coupon
1925 Q F
Panama Canal 10-30-Yr 28-41936 Q F
Panama Canal 3e gold
1961 QM
Registered
1961 QM

Range
Since
Jan. 1

Weere
Range or
Lag Sale

High NO. Low

Ask Low

BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 16

High

101.74 Sale 101 64 101.90 1035 100.94 101.90
98.70 98.90 98 70 Jan'23
98.64 98.90
98.84 Sale 98 80 99.08 492 98.50 99.08
98.52 98.90 98 80 98.80 20 98.10 99.00
98.62 98.76 98.70
98.66 Sale 9880

98 70 13 98.08 98.44
98.88 1595 98.10 98.88

98.96 Sale 98 94

99.18 1913 98.74 99.18

98.82 Sale 98 78

99 03 4172 98.34 99.18

100.16 Sale
100.00 Sale
------- ------95

100.18
99.98
10212
1034
10212
10318
100
Sale 95
9312

100 22 232
100.04 1189
Apr'22
Mar22
Dec'22
Jan'23
July'21
95
9312

100.10 100.30
99.84 100.04
_
10318
95 95
9312 94

Foreign Government.
10214 Sale 10138
10212 203 100 10222
Argentine (Govt) 78
Argentine Treasury 5e of 190_927 r31 9 81 Sale 8012
82
6 8014 82
__
140 9114 102
Belgium 25-yr eat of 748 g_ _1945 3 D 99 Sale 99
100
96
41 93
5
-year 8% notes
Jan 1925 .1 J 9518 Sale 95
983
8
99
142 9414 10114
Sale 9 14
9814
20-years f 8s
8
B rgen (Norway) e I 88
Ng rl e 10812 109 10812 108% 10 10712 10922
26 11012 112
111 Sale 111
112
Berne (City of) 8 f 8s
9212 Sale 9112
9222 110 89% 94
Bolivia (Republic of) 88
Bordeaux (City of) 15-yr 6e 1934 MN 7512 Sale 75
76,4 36 6914 78%
9814 102 9414 99
o 9812 Sale 963
Brazil, ti S external 8s
4
,
8422 Sale 84
75
85
94 81
8614
NE
1037
8 99 963 103%
4
1952 7 0 103 Sale 102
A a
4
10018 84 9912 10112
Canada (Dominion of) g 58_1928 A 0 10018 Sale 10018
101
104 99% 101%
do
do
de
5s 1931 A 0 11,034 101 10.1
103 10112 102%
10
-year 5595
1920 F A 10134 Sale 10112 102
9912 236 9822 102
994 Sale 9918
58
1033
Chile (Republic) ext 8 f 88_1 9 2 F N 104 Sale 103
4 67 10212 103%
4
195 1 M A
External 5
-year e 1 Se
1926 A 0 1017 Sale 10114 10134 511 10128 102%
97
326 95
4
9614 Sale 953
75
97
10334 21 10912 103%
25
-years 18e
191 1 1 4 104 Sale 10314
( 5 1
5112 31 5012 52
Chinese (Hukuang Ry) 5e of 1911 .1 D 5114 Sale 5022
110
7 107% 110
Christiania (City) a f 8s
1945 A 0 110 Sale 110
94
P 90
Colombia (Republic) 659e
1927 A 0 93% Sale 938
4
913
90 4 49 8912 9112
3
Copenhagen 25
-year 5154e 1944 J .1 90 Sale 90
9424 12 93
9412 9512 94%
Cuba 5e
9612
Ester debt of 50 1914 Ser A_1.9 4 M A
9F S 9412 Sale 90 Feb'23 -- 00
1944
934
4
83 833 8333
833
8 22
External loan 459e
9912 107 8112 87
994 Sale 9933
54e
9914 9912
85% 68 75
Czechoslovak (Repub or) 8s 1951 A 0 84 Sale 83
8912
4
109
Danish Con Municipal 8s "A"1946 F A 1083 10912 10814
1' 107 1093
8
11 107 109
109
Series B
1946 F A 010814 Sale 10814
10912 35 1077 110
Denmark external e 1 88
8
1945 A 0 109 10912 109
9712 112 9514 99
4
9714 Sale 963
20
-year 6s
1942 J J
9912 33 95% 100
Dominican Rep Cons Adrn 5153'58 F A 99 Sale 9814
4
88% 27 84
531s
91
1942 M S 873 Sale 8712
2 1095 9224 9512
Dutch East Indies ext 6e
1947 J J 94 Sale 933
95 1748 9224
93 Sale 93
1.0-year 69
95
97
361 8812 98 8
8
French Republic 25-yr eat 814_1942 M S 947 Sale 9418
5M
1 6
,
93
448 84
20-year external loan 7423_1941 J D 9118 Sale 91
95
Great Brit & Ireland (UK of)
138
10312 Sale 103
20
-year gold bond 54e
1937 F A
10
1113,1n531:28
-year coax 5319
,
1929 F A 115 Sale 1147
10313 143622
,% 9642 2
15
2
1
Greater Prague 7598
1942 M N 7012 Sale 6912
7512
"l"° 65
'
135
95 4
3
4
7
6
Haiti (Republic) 6.1
644.1955 F 0 953 96
1 922 A A
9412 Sale 9414
Italy (Kingdom of) Ser A
91% 96%
9312 Sale 93
Japanese Govt
-R loan 4318_1925 F A
993411
: 612 92
5
94
4
Second series 4388
923
4 35 9214 9333
1925 -I J O 923 Sale 9214
8112 8212 8012
Sterling loan 4s
8112 70 80
82
4
Lyons (City of) 15
77
35 6914 7914
-year 68_ _1934 j it 753 Sale 7
3 1M )
77
28' 6912 79
75
75
76
Marseilles (City of) 15-yr 88_1934 M N
55
283 49
4
O 513 Sale 528
Mexico-Extern loan £ 6e 01 1899
55
8
Gold debt 4e of 1904
1954 .1 D 357 Sale 3322
37
33
3
n5
,
89
4
Montevideo 711
1952 J D 893 91
'
018
9912 Sale 1 4;914 ' 44.'1 8924 1( 15828
10
Netherlands e f 6s
97
1972 M S
9
)0
4
Norway external 818e
1940,A 0 11112 Sale .1103
0812 Sale ; 98
8s
1 3
1
312 93,5 19 12 1 10
5 9
6
9
02
9812 97
Porto Alegre (City of) 8s____1953 J 0 97
97
„ 9312 100
„
9
1 61 A 0
Queensland (State) ext e I 78_1941 A 0 10812 10834 10712 10812 6.6 10512 10922
10133 3-3 1003 1023
25
-year 65
1947 F A 10114 Sale 101
4
4
9812 Sale 9612 100
Rio Grande Do Sul 8s
12
100
Rio de Janeiro 25
196
-year el 8fi 1946 A 0 9312 Sale 9312
.
973
8
3 90
2,
94
95
ay
85
1947A 0 9334 Sale 9312
,
9812 29 9941 99 2
San Paulo (City) s 1 88
1952 M S 9822 Sale 97 8
9
8
9124
7
100 Sale 99
100
San Paulo (State) ext e f 88_1936 .1 J
25 9522 100
!
8533 12
74 4 ;7 765612 877814
Seine (France) ext 7e
1942 J .1 8312 Sale 8233
61
ea 54
7012
61 Sale 6014
Serbs, Croats & Slovenes 88 1982 Ni N
75 Sale 7422
Solssons (City) 68
1053
8 62 10412 106
Sweden 20
-year 6e
i
l
31 p 105 Sale 105
11712 Sale 11712 1183
4 79 11722 11924
Swiss Conferer'n 20-yr a 188._1940
7222 oo
Tokyo City 58 loan of 1912
M S 7212 Sale 7224
106
13
Uruguay Republic ext 88____1946 F A 10512 Sale 10433
3 101148 17212
0 7
2 1
13
07
Corieb (City of) s f 8s
1945 A 0 112 11312 11211

A
13, i';',1 14
I 13

1 2Y `.1
3

1338

State and City Securities.
N Y City-44e Corp stock_ 1960 M
44s Corporate stook
1964 MS
4518 Corporate stock
1966 AO
4.345 Corporate stock
1971 in
4119e Corporate stock_ _JUIY 1967 3.8
4.34s Corporate stock
1985 3D
434s Corporate stock
1963 MS
4% Corporate stock
1959 MN
II% Corporate stock
1958 MN
4% Corporate stock
1957 MN
6% Corporate stock reg_1958 MN
New 419e
1957 St N
44% Corporate stock
1957 MN
834% Corporate etock
1954 MN
-4e
New York State
1961 MS
Canal Improvement 48
1961 J
Highway Improv't 4385.. 1963 MS
Highway Improv't 452e
1965 MS

100 8 10118 10033
,
10212 103 10'27a
10212 103 10212
107% 10814 108
10712 10814 107%
10712 10824 107
10712 10814 10733
99% Sale 99%
0912
99% 100
99% Sale 99
%
993 993 99
8
4
107 1073 10‘la
.4
107 1073 1067
4
9118 913 91
4
10312
10312
10912
10412

Feb'23 -- -4
10278
1
10212
Jan'23 -Feb'23
-Jan'23 -107%
2
993
4
9
Feb,23
100
5
990
4 24
2
107%
2
10718
2
91
Jan'23
Jan'23 -Apr'22 - --Apr'22

100% 100%
1017 102%
8
102% 10212
10724 108
107 107 2
,
107 10718
107 107%
9912 10014
9922 10312
100 10014
993 9912
8
10612 107
10612 10718
9012 9114
10312 10322
10312 10312

Railroad.
Ala Cl Sou 1st eons A 6e_ __ _1943 J 0 95% 957
1928 M N 997 100
Ala Mid lot guar gold 5s
1946 A 0 8114 8112
Alb & Susq cony 33.45
1998 A 0 8312 86
Alleg & West lot g 4s gu
1942 M S 890
92
Allen Val gen guar g 411
41995 Q .1 8433 65
Ann Arbor 1st g 48_
-Gen g 4s_..1995 A 0 8914 Sale
Fe
Atch Top & 8
1995 A 0 8712 92
Registered
78
83
41995 Nov
Adjustment gold 48
8
41995 Nov 8012 807
Stamped
1955 .1 D
Cony gold 48

9
6
998
8112
8312
898
641
883
4
8814
805
4
8
012
79,
8

Jan'23
96
997
8
99%
7 8112
8122
Dec'22
Jan'23
89%
65
6 6414
,
8914 108 87 8
83
Feb'23
1 80%
803
15 8012
817
8014 11 79%

•000 price Friday; latest bid and asked. aDU- Jan. aDue April




96
997
8
8212
90
85%
9018
8712
8212
827
8
8212

Price
Friday
Feb. 16

Week's
Range or
Lag Sale

4
44A

Range
Since
.749. 1

Bid
Low High
High No.!
Ad Low
At.1), Top & S Fe-(Conatzied)
Cony 49 issue of 1910
1960 .1 D 101 10212 10134
10134 10 100 1013
4
East Okla DIv 1st g 4s
2 933 9613
1928 M S 9512 99
9612
4
9612
Rocky Mtn Div 1st 4s
1965 J J 8212 83 4 82 Feb'23
8112 83
,
Trans-Con Short L let 4s1958 J J 833 8614 8514 Feb'23
4
85
863
4
Cal-Ariz let & ref 445"A" 1982 M
9214
6 9118 93
9214
9214
All & 131rm 30-yr let g 4s_e 1933 M S 67
6712 6713
6818 13 653 6818
4
At Knoxv & Cin Div 45
1955 M N 8518 86
4 85
85%
86
8518
All Knox dr Nor 1st g 5s
19483 D 99 2 10212 9913 Feb'23
,
9912 9912
Atl & Charl A L let A 448_1944 J J 91
913 913
4
3 913 91%
4
913
4
4
let 30
-year 58 Ser B
1944 J .1 99
9912 9913
1 9812 100
9923
531 Coast Line let gold 48_41952 M S s 88 Sale 88
12 87
89
88 4
,
10
-year secured 78
1930 IVI N 107 10712 10723 10712
4 106 10712
General unified 454s
1964 .1 D 87
5 8812 88%
873 8718
4
8814
L & N coil gold 48
01952 M $ 81% Sale 903
81% 40 8018 82
4
Atl & Danv lst g 4s
1948 3 J 7523 7713 77
Jan'23
77
77
2d 48
8
19483 J 655 72
72% Nov'22
Ati & Yad 1st g guar 4.8
1949 A 0 7718 SO
7718 Feb'23
77% 77%
A & N W 1st gu g 58
8
1041 3 .1 957 --__ 9512 Jan'23
9523 9512
oalt & Ohio prior 3198
1925
.1 94% Sale 93%
95% 63 9314 9512
Registered
41925 el 3 9214 943 9312 Feb'23
4
- 9322 9312
lot 50
-year gold 48
41948 A 0 78 Sale 78
89 7614 80
80
Registered
7S7
41948 Q J
1 77
787
2
78%
10
-year cony 419e
1933 M 8 81 Sale 8012
8113 139, 7712 8218
Refund & gen 5s Series A _1995 J D 8312 Sale 831
8414 104' 8012 85
Temporary 10
101 sale 10012 101
-year 6s
1929 J J
53 10018 1017
a
P June & M Div let g 348_1925 MN 923 Sale 923
8
2
9238 15 9114 923
8
PLE&W Va Sys ref 4e__ _1941 NS N
76 Sale 75 8
8 25' 7413 7912
763
Southw Div let gold 319e....1926 J .1 93% Sale 9314
94
9 91% 94
Tol & Cie Div let ref 48A 19119 J J 65% 6614 6578
663 16 6112 67 8
,
Battle Cr & Star 1st gu 38..
1998 J D 6113 ____ 60 July'22 -Beech Creek let gu g 48
1936 J J 8714 9114 895 Dec'22 -8
_
Registered
1938 J J
86
86
1 86
86
26 guar gold 55
4
1938 J J 953 ____ 134 Marti;--__
Beech Cr Ext latg 319e____81951 A 0 713
4
60 July'22,---oellev & Car lot 68
10015 Oct'22 -1923 .1 D
Big Sandy 180 48
8012 85
8313 .Jan'23
1944 J
8322 8312
& N Y Air Line let 45
1955 F A 58% 78, 75 (Oct'22
4
Brune & W let gu gold 4s_
4
1938 J J 883 -- 91
Oct'22 -Buffalo R & P gen gold 5e
8134 Jan'23
1937 MN 10118
-if3- 83
4
Consol 419s
1957 M N 9014 Sale 9014
9012
4 8914 9214
Burl C R & Nor let 58
1934 A 0 99 Sale 9861
9922
7 9812 9912
Canada Sou cone Cu A 5s
9914 18 9814 10012
1962 A 0 9914 Sale 9814
Canadian North deb s 1 7s.._ _ 194 3 D 114% Sale 114
11412 16 113 1140
94
0
63 i
112 11212 112
25-year e deb 6345
113
4 11033 11314
6
Canadian Pac Ily deb 45 stock _ 114
8018 Sale 80
1552 .1
8022 58 78
8012
Carb & Shaw let gold 4s
87% 90
9213
Caro Cent let eon g 4s
1949 J J 7012 7212 7004
Car Clinch & Ohio let 3-yr 521938 J D 90 Sale 90
91
17 90
0
92
Cart & Ad let gu g 4s
19813 D 7923 8312 8112
7312 7033 Dec'22 ----1 1 _
Cent Br U 1st g 4s
1948 J D • 68
57
;gut New Rag let gu 45
0
8
101 6 . 58
101
57
. 18
6
1961 .7 .11 15132
Central of Ga let gold 55_2) 945 144 N
12 Jan'23 -T 1011 105
,4
1945 F A
11 951 9112
C
Congo' gold 5s
00 8 ---- 907
'8
10
-year temp emir 65_June 10293 D 1963 Sale 10 14
1003
4 61 99% 101
Chatt Div our money g 45_ 1947 j D 7414
Si
Jan'23 ---- 81
91J j
5
81
Mac & Nor Div let g 5s
96%
1946 J J
9212
Mid Ga & All Div 50
9512 June'22
9414 100
Cent RR & BOX Ca coil g 58_1937 MN
93
Jan'23
925 933
8
Central of N J gen gold 58....ii1 98 (4 3 10514 sate 10.613
.1 1)87 2
10614 4 105 108 4
10312 107 109 Sept'22
Registered
867 76 8434 8754
8
Cent Pae lot ref gu g 49
1949 F A 867 sale 6612
91
Mort guar gold 34s
Feb'23 ---- 9033 9118
#19293 D 9014 91
8
,
1e
Through St L 1st gu 45. ___1954 A 0 ,434 Sa512 984514
84
Ches.& Ohio fund & ingot 58_1929 J
90
1st consol gold 55
10113
1939 M N 10118 102 10118
6 104482 183 2
980
0644
9
9833 100 100 Dec'22 -Registered
1939 M N
General gold 445
8512 13 84
1992 AI 8 8512 Sale 843
M S
864
86 Nov'21
Registered1092
20
-year convertible 43.9e. 1930 F A 87% Sale 8712
87% 90
- 2
1T6130
-year cony secured 58...._19415A 0 9112 Sale 9414
9514 287 9314 9818
4
Craig Valley 1st g 58
95
Jan'23 ---- 95 95
1940 J .1 913 _ _
'
7818 84
Potts Creek Branch 1st 43_194133 J
79 June'22
_
R & A Div let con g 45
81'o
1989.2 J 784 83
_
211 consol gold 48
1989.1 J 7518 9818 7722 Dec'22
!
Warm Springs V let g 58
803 Dec'21
4
1941 M S 93%
523 Sale 5112
4
Chic dr Alton RR ref g 3e
19491A 0
523
4 15 -i61- 523
4
Railway let lien 359s
2912 73 25
1950 J J 29 Sale 2813
2912
8
31 80-8 83
Chic Burl & Q-III Div 348_ 19 9J J 803 Sale 803
8
81
94
89% Sale 883
Illinois Division 48
4
894 10 8824 90 4
,..
,
4
Nebraska Extension 4e___ A927 M N 963 Sale 9612
9714 _3i 9812 9714
9014 002219
Registered
1927 M N
General 4s
88 ' "i61- 3911
1958M S 871g Sale 57%
7
2
1st & ref 5e
1003
1971F A 10014 Sale 100
4 83 99 10118
Chic & E RI1063s
BA cense! gold 65
1063
1934 A 0 108
8
2 10538 10812
80% Sale 8012
C & E Ill RR (new co) gen 58_1951 SIN
8112 73 78
8112
9012 9113 91% Feb'22 -Chic & Erie 1st gold 5e
1982 M N
92
9713
4
5212
Chicago Great West let 43
54
90 50
1959 SI S 523 Sale 97
51
2 0 12 97
_
2
s,,1‘12
Chic Ind dr Loulsv-Ref 6s 1947 J J 106% 1073 18712 Jan'23- 197 10712
4 01
95% 97 2
,
Refunding gold 5s
8112 Sale
Refunding 45 Series C
1947
JI
J
8112 8112
General 5s A
84
1966
N 84 Sale 83
.- 815 84
General 51.v
a
! 1i
l
98
c19(16 J J 98 Sale 97
in
G
111 9533 98
74
773 78
tile 1st au 48..1958 .1 J
4
Jan'23 ---- 78
78
414
155
Chic Ind & Sou 50-year 48_1956 3 .1 1 _ 4. 8112
8123
1 8112 688411:
91 18 Sept'22
Chic 1.S & East let 4195_ _1969
D
4
C M & Puget Sd 1st go 48.._ _1919 J J 663 67
67
6818
63
7414 Sale 733
7422 23 72
4
7412
Ch M & St P gen g 45 Ser A _e1989
2 627 9522
11
General gold 319e Sex B_.(21989 J J
8
64114 84314 842'3
82 3 62 4 62 2
General 4550 &ries C_ e19893
6 17
831:
4
Gen & ref Series A 44(4...0014 A 0 613 Sale 61
1 9 4 J A 6914 Sale 683
Gen ref cony Ser B 58„....a231312 F T
4
)
69 1 ,
232'4 21 14186 64
7 % 62377'8
689 1
67% Sale 0612
4103
6734 416 63
073
4
192530 6012 sate 785
1925 J D
45
81
181
81
19343 J 6134 Sale6712
,
0
25-year debenture 45
8223 1,1 54
978223
98
& Mo Rio Div 58....1626
Chic
9718
6 0818
%
18 19927,
1 11 ,
Chic & N'west Ext 4s___188 : 9828
A 9712 9814
NA
• 943 8_l_ _ 94
7 8 _a e 73
6
% Jan'23 ----"---- 93
76% 99361%
6
General gold35413
75
1 7212 77
Registered
---- 8 3 De8e4'212
731
:
,
4
p1987
19
General 4s
N 8414 SaleF
-g38 -if1Stamped 4s
4
1987 SIN 823 8423 8218
84%
„ 8218 8714
8
10414 Sale 10418
General 5$ stamped
10414
6 10324 1(151,
10314 1001.1 10614
85
Regi.f u e
1879-1927 M O
19 9 A N
8
Sinking torn d
Feb'23 ---- 10318 10614
1379-1929 A 0 10112 10412 1017 Apr'22 -8
Sinking fund 55
1879-1929 A 0 983 __-- 983 Feb'23 -- - (iili i
4
8
i58Registered
1879-1929 A 0
100 Aug'22 ---,,,,,- 100 Rif- 1003 Feb'23 ---- 1003- I"
9735
Sinking fund deb 58
:
4
1933M N
9 3M
3
0412 May'22 -- -2.r..- 6 42 g
79.
30-year
g
10Registeredeeaa
5_
193 ./ D 10822 Sale 10812 1083
,3 M s
0
6
4 23, 1073 110
, _4
,
110
15
24 108% 110.4
109% Sale 1008
-year securedsecured
Chic R & P-Railway gen 48 1988
J 81 Bale 79%
82
94' 78 4 82
3
Registered
7714
787 Jan'23 -r-- 78% 787
8
s
5: 4 046. 79: i 1 3
gold 41
5
gN o 00 5.
: 18 .6. 3; 8i .2
5
nj A 0 802 Sale 8014
2
4
4
35
6
100 10314 10013 10112
012ic f :t L192
RoI :
oe S 93
1951 jJ
95
,10014 10112
jo n s lst re
Reigittered I 5
is ---- ---- 99
793 -- 4
1951 J
65%
Series A
4
1963 J D 913 951s 943
4
. (.2t s g 5
11 10n g 4.
5
1951 J D 82
83
8214
. 1042 May'22 ---1932A 0 100
4e1n1hFDIar
h14...4t P M 0cons 68
91M
C
Feb'23 ---- ioi iCii12
1930.8 D 1031 i 1_0_ _6
_ 92 sept'22 ----------Cons 6s reduced to 34a...1930t D 8923
193 i 8
0
Debenture 5s
3 9412 9634
.9412 97 0415

cEue May. gDu (June

04121
hDue July

4Due Aug oDue Oct. 01)0e Nov. ,Due Dec.gOptionsale.

New York Bond Record-Continued-Page 2
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 16

t

Price
Friday
Feb. 16
Bid

Ask Low

111

Rang,
Since
Jan, 1

High NO. Low

High

7918 13 77
79
7912 78
81
0218 923 9114
9238 19 90
8
923
8
9914 10012 100
10012 13 993 10012
4
11518 11512 115
2 1127 11513
11512
8
105
__ 105
105
7 105 105
74 Sale I 7312
75
30 7212 757
8
1023 10212 10214
10212 12 10113 1023
8
4
967 93
8
9634 Jan'23 __-- 963 963
4
4
Marl
---- ---- 83
89
894
893
4
4 5553 -55 4
3865 8912 873 Dee'2..
8
4
_
9012 um'22 -:
853 .
4
853
4
853
4
I -8.5 4 -5E334
9818 100
99 Aug'22
97'g
9012 Jan'22
787 7913 79
Feb'23
,9
8218
923 93 I 925
4
9318 28 9112 9318
9818 100 t100 Feb'23 -- 100 100
1017 ,me '10118
8
102
38 101 10218
3512 8634 8612 Feb'23
8512 38
783 80
783
4
788
1 77% 78%
7934
793 Sale 7828
2 7818 813
4
3
8318 ---- 8212 Jan'25 -- 8213 821:
8318
- 813 Nov'22 -8
10614 10912 10638
1063 -- 106'4 10653
8
967 ____ 971: Feb'23
8
96% 9712
525
89
Jan'23 -- 95
95
9334 9512 9212 Dec'22
9528 ____ 91 Nov'21
9518 ____ 104 Dec'15
803 ____ 0612 Feb'12
4
8118 -___ 9018 •Dec'12
8218 84
67
Jan'21
957 98
08
Feb'23 _ _ _ -554 -5E10334 Sale 1033
4
10414 38 103 106
85 Sale 8412
85
6 83 85
9212 Sale 9212
9213
2 9218 9313
8534 32 841s 8718
85 Sale 8412
8312 Nov'22
80
88
Dec'22
ec'22
85
8512 1G -5E 4 -5E38'1'
5
79
38534 85 4 8842
4
10412 106 10414
105
9 1033 105
4

913 Jan'23
Day & Mich 1st cons 440_1931 J J 9134
8
laelaware & Hudson
1st A ref 48
883 88
2
883
4
1943 MN 83
95
110-year cony 55
1936 AO 9378 9478 9412
lIla
1937 MN 10013 Sale 10013 10114
10
-year secured 7s
109
1930 3D 109 11013 109
017 - _- 87 May'22
8
D K RR & Bdgelet RU 42 a
1936 FA
7412
Oen & R Gr-let cons g 40..A936
75
'
3 7413 7.5
79
8
Consol t1 gold 4440
Feb'23
'
3 793 80
1936
Improvement gold Is
83%
1928 ID 8314 8513 8313
6;03 Sale 5212
let & refunding 53
53%
1955 FA
4912 51
48
Trust Co certifs of deposit. _ _
Feb'23
4418
48
Des M & Ft D let gu 4s
4418
1935 ,13 44
9314 Sept'22
Des Plahms Vol let gu 4343 1947
9118 - - 7518 Feb'23
7518 80
Del & Mack-1st lien g 43_1995 J
6218 76
()old 43
70% Oct'22
1995 J D
893 Sale 893
4
Dot Riv Tun 4443
4
90
1961 MN
Dul Mlesabe & Nor gen 5s_1941 J J
9914
99%
Dul & Iron Range 151 65
9912 Feb'23
4
1937 AO 993 155
Registered
- 9812 Jan'2.1
1937 AO Dul Sou Shore Az All g 5s
'
7912
3 7614 7913 7912
1937

BONDS."
1-4 ts
,...,,:tl
a
N. Y.STOCK EXCHANGE
,..
Week ending Feb 16

915 91%
8
29
25
10
10

863 90
3
9214 98
10014 10213
105 1113
4
- -24 7312 76
7814 80
8318 88
74 50% 57
48
53
43
45
7518 7518
_
78812 -9034
2 983 99%
4
9912 100
9812 9812
3 75
7913

E Minn Nor Div lot g 4s____1948 A 0 8514 ___
89 Feb'33
89
90
E Tenn reorg lien g 5s
13
95
9353 z.ov'22
1938 M
9812 _ 99
E T Va Az Ga Div g 5e
Jan'23
10303 J
99 . 90
Cons 1st gold 5s
97%
07%
1956 M N 97% Sae
9712 9912
Elgin Joliet & East 1st g 53_1041 M N 993 100
9912 Jan'.:3
4
9913 100
Erie lot consold gold 73 ext. 1930 M S 1033 1033 1033
4 104
8
4
17 1033 1043
8
4
let CODS R 48 prior
57% 40 543 587
1906 J .1 57 Sale 57%
8
3
Registered
57 Mar'22
_
1996 J J
_
1st cowed gen lien g 43 1996 J J
47% Sale 4712
108 4312 4914
48
Registered
51
Aug'22
1996
J
- - _
Penn colt trust gold 40 1951 F A 85
8514 85%
4 82 8512
8512
50
-year cony 45 Sec A
4
49
18 4115 52
1953 A 0 48% Sale 483
do Series B
8
5012 26 4214 52
1953 A 0 487 4912 50
Oen cony 46 Series 13_1953 A 0 51% Sale 6014
5414 48 43 4 5412
3
Erie & Jersey let e 1 68
3 87
8914
1055 .1 .1 8914 Sale
8912
Erie & Pitts gu g 344s B
1940 J J 8312 - - - - 8414 Dee'22
SericaC
19403 J 8313 8712 7914 May'19
--Evans & T H 1st gen g 53
88
Apr'21
1942 A 0
--- - Mt Vernon let gold 60._ 1923 A 0
6912 Apr'21
Sul Co Branch 1st g 53
6912 Apr'21
1930 A 0

rP ice
Friday
Ft b. 16

Bid
Illinois Central (Concluded)
1953
Collateral trust gold 45
Registered
1953
15-year secured 5445
11)34
15
-year secured 6443 g
1936
Cairo Bridge gold 45
1950
Litchfield Div let gold 38_ _1951
Louisv Div & Term R 33511-1053
Omaha Div let gold 3s
1951
St Louis Div &'Term e 3s 1951
Gold 334s
1951
Springl Div 1st g 3 J4 s
1051
western Lines iota 4s
1951
Registered
1951
Ind B & W 1st pref 45
1940
Lod III & Iowa lot g 45
1950
fat & Great Nor Adjust68_1952
Iowa Central 1st gold 58
1938
Rebinding gold 4s
1951
James Frank & Clear 1st 45

Week's
Range or
Last Sale

Ask Low

3012 Sale 803
4
_
_ 82
155 5iie 113134
11014 Sale 10912
86 __
87
6838 7212 6938
76
777 76
6918 -___ 69
7018 1112 71
773 7953 7714
8
7718 _-- 7813
83 89
83

411 1
g ,1
,
ta

Range
Since
Jan. 1

High No. Low High
8112 11
Aug'22 -------10224 55' cif iiii
11011 34 10912 111
Jaa'23 ---- 87
87
Feb'23 --- 693 73
8
797
e
Feb'23 ---- 76
Feb'23 ---- 683 695
4
8
Feb'23 ---- 71
71
Feb'23 ---- 7714 80
July'22 ---- _ -Jan'23 ---- 83
83

gi ____
8514 Sale
49 Sale
73 Sale
39 Sale

8712
85
41
7112
36

86

1959

Ka A & G R let Cu g 58
1935
Kan & M 1st gu g 43
1990
25 20-year 58
1927
K C Ft S dr M cons g 65
I928
K C Ft S & M Ry ref g 4s_ _1936
K C & M It & B let gu 5s
1929
Kansas City Sou 1st gold 3s 1950
Ref cis impt 55
Apr 1950
Kansas City Term lot 4s___1960
Kentucky Central gold is ___1987
Keok & Des Moines 1st 53___1923
Knoxv & Ohio 1st g (is
1925

8713 Feb'23 ---,_
8518
8518
5
4618
49
481
7212
7318 11
3814
40
23
8512 Jan'23 ----

8512 87

87

7712 .
7812 7/ 8
7
3
9612 977 9613
102 Sale 102
77 Sale 763
3
9213 95 923
8
68 Sale 68
86
8612 3614
813 82
8112
4
83 ____ 837
8
90
92
90
10118 ____ 10118

8717
8513
49
7313
40

Fa;'21 ---, 7i 8 76738
9612
5 9612 97
10218 36 102 10212
2
7713 14 763 791
:
Feb'23 --, 925 95
8
6814 37 673 687
3
s
863- 38 83
4
8938
817
14 81
833
4
Feb'23 ---- 83 8 8353
7
Feb'23 ---- 90
92
Jan'23 ---- 10118 10153

Lake Erie& West let a 56._1037
94
95
95
97
8 94
95
2d gold 58
85
86
86
1941
86
3 8512 86
Lake Shore gold 334s
7614 12 7212 7812
753 763 76
4
8
1997
Registered
7412 7512 7114 Dec'22 --,-,
1997
_
Debenture gold 4s
943 943 9414
8
4
9478 28 92
1928
96
25
-year gold 4s
93 Sale 9234
1931
933
8 2 92
7
9312
Registered
1931
Leh Vol N Y 1st gu g 4445
-9 -1- -95 - 81112 iulr. :
-4 8 -- 92 2 Jan'23 -- : il2 "if1940
-Registered
.90
90
1940
Jan'23--, 90
90
Lehteh Val (Pa) cons g 4s._ _2003
7912 Sale 7913
80
6 7912 8112
General cons 444s
90
9014 90
2003
9014
,
4 8912 921
Leh '.1 Term Ry 1st gu g 55_ _ 1941
101 ____ 16314 Dec'22 ---- ____ ____
Rem,tared_
--------113 Mar'12
1941
Lab Val RR 16-yr coil 130_ _81928
10212 10312 103
10314
ti 1023 105
4
Leh & N Y 1st guar grid 4s 1946
833 8714 86 Aug'22 ---- ____ -- -8
Lex dr East 1st 50-yr Is gu_ 1085
99
9912 9812 Feb'23 ---- 9813 9912
Long Dock Consol g Oe
1053 110 10812 Nov'22 ---- ____ __4
1935
Long Isld let cone gold 53__ h1931
4
9812 ---- 971 Dec'22 ---- ____ __ _ _
let consol gold 48
893 __-_ 8914 June'22 ---- ____ _ _
8
121931
General gold 45
84
88
8512 Jan'23 ---- 84
1938
8512
Gold 45
81
81 Nov'22 ---1932
__ _ _
Unified gold 4s
7914 793- 793 Feb'23 ---__ -763 81
4
4
1949
4
Debenture gold 5s
0212 95
94
Jan'23 ---, 94 94
1934
20-year p m deb Us
833 85
4
1937
833
4
833
4
1 8312 8513
Guar refunding gold 45._ _ _1949
7838 7912 7914
7914
3 79
83
Nor Sh B let con ago 53_31932
92
9412 95 Nov'22 ---- ____ _ __ _
Louisiana Sc Ark let g 5s
9314 95
94
Feb'23 ---, 94
1927
94
Lou & Jeff Edge Co gu g 4s 1945
7012 793 703
4
8
793
8
1 7814 80
Louisville & Nashville
Gold 65
103 Sale 103
103
1937
1 102 103
Unified gold 43
903 Sale 903
4
4
92
17 8938 92
1040
Registered
1940
Collateral trust gold 5e
L'i ___ 101 Dec'22 ---,-, _,___ -- 1931
10
-year secured 7s__ _ _ _1930
107 1073- 107
8
10713 F.4 106 1083,,
4
let ref 5443
104 Sale 104
105
2003
0 10314 105
.)
N 0 & 141 1st gold Gs
10214 ____ 1013 Jan'23 -- -- 1013 1013
1930
4
s
2d gold 6s
10118
101 Dec'22 ---- ____ ---1930
Paducah & Mem Div 4s
843 863 86 July'22 ---4
4
1946
_ -St Louts Div 2d gold 3s_ _ _1980
603 613 6012
9 - -612 51
3
6
4
61
L &N&M& 851st g 444e-1945
97 ____ 96
Jan'23 ---- 96
96
L & N South Joint M 46_ __ _1952
7753 7912 7913 Feb'23 ---- 79
SO%
Registered
-- ____ 9G
Feb'05 ---- ____ -,.Loulsv Gin & Lax gold 4443._1931
111952-963 9818 97
4
Jan'23 ---- 97
97

- -iAntax;4zzooviwoo-s.
.0 02azr12"^co

Chic T H & So East lst 53__1960 J D
Chic Un Stan 1st gu 4445 A__1963 J 3
1963J .1
53 B
1963 .1 J
lot Ser C 64s (otis)
Chic & West Ind gen g 62_81932 Q 51
19523 J
-year 4s
Consol 50
-year s f 71 43
.
15
1935M S
Choc Okla At Gulf cons 55
11)52 M N
C Find & Ft W 1st gu 43 5-.1923 M N
CM H At D 2d gold 4 Wt
19373 J
C I St L & C let g 4s
91036 Q F
Registered
k1936 Q F
din Lel)& Nor en 48 g
1932 MN
On S & Ci cons 1st g 53
19283 J
Cleanf & Mob 1st gu g 5s
1943 J J
oteve Gin t)h & kit L gen 4s 11193 J D
20-year deb 4440
1931 1 J
General 53 Series B
1993 J D
Ref & impt (Ss Series A
1929 J J
Cairo Div let gold 4s
1939 J J
Cln W & M Div lst g 43
1991 J J
fit L Div lst coll tr g 4s_'....19110 MN
Spr Az Col Div lst g 45
1940 MS
W W Val Div Ist g 43
1940J J
CCC&Igenconsgas
19343 J
Clev Lor & W con 1st g 58
1933 A 0
CIA Mar let gu g 444s
1936 MN
Cleve & Mahon Vail g 5e_
1038 .; J
CI & P gen gu 444e Ser A
1042 J J
Series 11
1942 A 0
lot reduced to 344s
1942 A 0
Series C 3448
1943 MN
Series D 3445
1950 F A
Cleve Sher Line let gu 4448_1961 A 0
Cleve Union Term 540
1972 A 0
Coal River Ry let gu 45
1945 J D
Colorado & South let g 4s
1929 F A
Refunding & eaten 4440._1935 M N
Col& H V lot eat g 4e
1048 A 0
Col Az Tot let ext Is
1955 F A
Cuba RR 1st 50
-year Is g__ A952 J .1
lot ref 7448
1936 J D

Wenk's
Range or
Last Sale

705

i gi-Li

--

-, co z- 1 42-.
c
." 0.10
0.4,14.E




-..-

____

••=zr:1=;400.4tpcu.glzult--.
,

Mahon C'l RR 1st 55
99
990 Dec'22 --- _ - 4
1934
693
Manila RR (Southern Lines)_1939
4
693 Sale 69
4
4 &is 55 4
3Manitoba Colonization Us__ _1934
9618 Sale 96
967
8
7 96
97
14
Nian G B & N W 1st 3tas_1941
7 8 8214 70 MarT1 ---- ____ --67
Max Internal 1st cone g 43_ 1977
Vfichigan Central Sts
1931
Registered
1931
Is
87 5i 9012 Oct'22 ---- ____ ---14
Fla Cent & Pen 1st eat 6s
1940
100
Jan'23
1923 J .1 9913
00 100
Registered
--------7414
let land grant eat g 5s ....1930 J J
1940
923
9312 Aug'22
3
J L & Slot gold 3,143
(8138 Oct'22 ---- -------1951
Consol gold 55
91% Jan'23
923 a
1043 J J
-513; -ilia
let gold 3440
83
Florida E Coast 1st 4'4s
83
833 Feb'23
4
1952
02
-14 89 Feb'23
3 813 84
1959 J D 88
8512 89
20
-year debenture 49
9114 915 92 Feb'23 ---- 0012 92
Port St IT D Co let g 434e1941 J J
8
1929
6
6
Apr'21
7814
Ifld of NJ let ext 55
-------95
Ft W & Den C let e 544 s_ _1961 J D 102 1043 10
1940
8 3
Jan'23
1161- 103
Milw LB St West imp g 58_1929
ol____ 9934 Jan'23 ---- 553- 9934
Pt Worth & Rio Gr let g 45._1928 J .1 8418
4
87% Feb'23
85
87%
Ashland Div let 565
1013 ____ 10112 Nov'22 ---- ____ -8
Frem Elk & Mo V 1st 65
1925
109
4
1933 A 0 1083 - Jan'23
1075 109
8
Mich Div let gold 65
101 ___ 100% Dec'22 ---' _ _ ---1924
Mllw & Nor 1st ext 4443
91 Sale 91
G LI &S A M&P 1st
93
91
11434
8
963 - - 983 Jan'211
4
1931 M N
983 993
8
s
Cons extended 4448
893 907 9012 Jan'23 ---- , 9014 92
4
2d exten 59 guar
0622 Sale 9612
1934
2 9612 97
10313 J
9613
Sill Spar & NW lot gu 42__1947
87
031v Hone & Bend let 53
88
87
89
3 , 87
87
8518 8712 8712 Jan'23
1933 A 0
8712
Milw
76
86
6613 Aug'21 ----1 ____ -aenessee River lot s f 6s
1941
34411
8618 8612
87
6 8513 8813 Minn & S List gu1st 78
11437 J J 86
86
101 ____ 101
& St Louis
Ga & Ala Ry 1st con
1927
Feb'23 --r' 101 101
83 Feb'23
3112 82
J J
81
81
1st consol gold 53
---- 76
Gs Car Az No 1st gu g 55
753
4
5 , 7438 76
76
1934
993 Feb'23
4
95
903
4
19203
9(112 903
4
let & refunding gold 4s
3914 3912 393
(3a Midland let 38
8
40
13 . 37
1949
40
8
Feb'23
1946 A 0 615 6412 61
6112 65
Ref & ext 50-yr 55 Ser A
39
40
3712
0118 VGA- N 1st gu g 5s
393
4
1962
393
8 : 35
4
9912 993 9912 Feb'23
4
1924 MN
0912 9913
M St P & S El M con g 48 int gu1038
8314 Sale 8514
Or it & I ex 1st gu g 4tis....„1941 J J
887
8 25 : 8712 90
9112 0114
91
0114
911s 92
1st cons 55
10014 ___ 100
Grand Trunk of Can deb 713_1940 A 0 11412 Sale 114
1938
Feb'23 --,-I' 9818 13911
115
10 112 115
104 Sale 104
10
-year coil trust 83.4e
lfi-year s f tie
104
47 10313 106
1043
1936 M S 10434 Sale 104
4 97 10214 105
1931
let Chicago Term e 14e
903 94
8
4
Great Nor Gen 73 ser A
0212 Dec'22 ---- ____ - - - 1941
10978 140 10814 11112
1936 J J 1093 Sale 10914
M S8 85 & A let g 43int R11.--1926
967 ---- 9614 Jan'23 ---- , 9614 963
8
let & ref 4345 Series A__ 1961 J J
90 Sale
s
92
26 901 9213
:
Mississippi Central let 5
90
92 833 Jan'23 ---- ____ - - - Registered
.
8214 Oot'21
8
1949
1961 J J
8
NI K & Okla let guar 5s_.1942
9312 ____ 94
51se
Jan'23 --e
, 94 94
4
10214 57 1561- i55 8
1952 J J 101-1- Sale 1011
8
7Mo Kan & Tex-1st gold 45_ _1990
7834 Sale 7853
Green Bay & W Deb Ws "A"____ Feb
75
Feb'23
GO 85
79
56 78
8014
70
75
_
2d gold 48
72__ ____ 6814 Aug'22 ---Debenture etre "14"
1213 Sale 1012
1212 24 93 1314
Feb
4
-- - --31990- 14 ____ 713 Jan'23 ---- -703 -713
Trust Co centre of deposit_
Greenbrier fly let gu g 43__1940 SIN 8413
69 Apr'21
4
5
4
1st e., refunding 45
Gulf & S I let ref de 1 g 58_51952 J J 8014 8312 8014
--------90 Nov'22 ---- 89
205i
8014
2 -5514
89
Trust Co certlfs of deposit___
51914
8912 Jan'23 ---- 89
8912
Gen sinking fund 444e
Harlem 11.-Pr Ches 1st 4e____1054 M N
-__ ____ 6412 June'22 ---, - - _ - -, 77
883 77 Feb'23 10 77
4
7812
,
Trost Co eertifs of deposit__
1936Rocking Val lot cons g 440-1909
6912 ____ 7114
4
7114
8412 857,
J 8318 8314 853 Feb'23
5 6813 71 3
4
'
5% certfs for notes "ext"
7312 June'18
Registered
80 ___ 53
1090 J J
Oct'22 --- -- . -T,
Nth K & T ity-Pr I 58 Ser A__1062
97
82 Bale 313
H & T C 1st g 52 int et]
1937 J J "978 -55
Jan'23
4
823
8 56 803 8338
8
97
973
8
40-year 45 Series B
92
nounton Belt At Term let 58_1937 J .1 9512 92
6618 67
6612
Jan'23
1962
9 6614 6713
67
92 92
10
-year 6s Series C
9718 98
HoueE&WTlstgSlb
98
Jan'23
1933 M N
1932
953 Sale 9513
4
79 95
96
963
98
4
98
Cum adjust 5s Series A _ _ 1967
627 Sale 6134
8
let guar Sc red
1933 M N 971s - - - 9413 May'22
63
7 t 59
63
33
1413souri Pacific (reorg CO)80 Dec'21
,.
Housatonic fly cons g 5s
8
1037 M N 837 95
1st At refunding 55 Ser A .._ _1985
827 Sale 82%
2
83
58 sec A
Huil & Manhat
1857 F A
8612 867 863
4
126 82'4 847
2' 8614 862
867
s
let & refunding 55 Ser C _ 1926
4
Adjust income 55
1957 A 0 633 Sale 6314
63% 84 613 65
8
let & refunding 13s Bar D 1949
9965122 8390.622 99651122
General 4s
9954141 1489, 5451 699369:44
52
6 999
Illinois Central 1st gold 4s-1951 J J 901g 9113 96 Sept'22
i
1975
6138 Sale 615
62
41Issourt Pacific8313 Sept'21
1951 J J •____ 91
Registered
35 7s extended a14%
Sill 82
795 Feb'23
8
1951 .1 J
1938
let gold 344e
7714 83
14°6 & Elr prior lien g 56
80
1051 J I
1945
923 _ __ 753 19tur'21 --- -, - - - - --3
8
Registered
Oet.'22I____
-- Mortgage gold 4s
2 733 733
4
1945
735 78
8
733
733
4
Extended lot gold 3345-.1051 A 0 -if- -55 8013 031'21
4
4
--- 11oblie de Ohlo new gold 6s_....1927
82
1951 A 0 79
1033 1033 10312 Feb'23 ---- 10312 1043
8
4
4
Registered
-1st ext gold 6s
, 4 10013 1037a
121927
10114 10112 10312 1031
1051 M S 6028 6712 831s Mar'22
let gold 30 sterling
General gold 45
8458 8312 Feb'23 _- 83 857
84
1938
753 ____I 7513 Jan'23 ---- 7513 76
8
1952 M
Collateral trust gold 48
Montgomery Div let g 58.._1947
4
4
4 943 043
943
4,
1952 A 0
4
9414 9513 943
3
--- 95 8 Sept'19
Registered
8t Louis Div 55
. 2418
go Sale 8'1
:
.
Jan' . -_-_ 9_4
..5
2
95 I 94
1927
94
1055 M N
4
let refunding 45
84, 1i9 54 - 14 -7 -73
U 5-45
7912
1938 M S 7812 70
n. ----r il'S 40
1952 3 J 783 ---- 79
4
Purchased lines 3345
Jan'23
Mob a: Mal 1st gu 54s
199041 S; 8213
8
8212, 2 823 8314
823
8
I
II
1
• 140 price Frldey; lateat bid and Baked 1910 went. •DUO Jan. 0 Due Feb. 5 Due June, 1 Due July. a
Due Sept. I Due Out. a Option sale.

I

New York Bond Record-Continued-Page 3

706

Price
BONDS
N.Y.STOCK EXCHANGEFriday
Feb. 16
Week ending Feb. 15

.1n.

Mont C let gu g Os
Registered_
1st guar gold 5s
Will & SF let gold 55
MdsE1etgu3Ii8

1937 3
1937 .1
1937 J
1938 J
2000.1

Bid
Ask
J 10812 113
.1
.1 idfis iiiii2
8
D 995 ____
D 7714 7S

Week's
Range or
Last Sate
Low
114

, z
,
q
roio

Ran
Since
Jan. 1

High No, Low High
111 114
Jan'23

1013 Me y;98
3614 F b 23
8
101
Jan'23
77 Feb'23
/
1
4

idi" icifis
101 101
774 7814

993 101
4
Feb'23
1928 A 0 100 101 101
Naeby Chatt & St L let 5s
1937 F A 9612 10112 9212 N-ov'22 -----------N Fla a:8 let in g 58
31 Sept'22
1957 J .6 - - - Nat Ry of Mex Dr lien 4349
11 -Z6 - -if 3112 Sale- 29
31
July coupon on
30 do off
8
264 - a- y .
i61J- n 23
- 8 "i61General 48 (Oct on)
1977 A 0 -- .
26 April coupon on
2718 2912 _
off
do
- __
3814 June'22
_
Nat of Mex prior lien 43i,._1926 J J
-a93- -3912 3918
8
5 -3612 -3918
394
July coupon on
____ 3812 _
off
do
8
25 s -ig55
8
.
1st consol 48 (Oct on)____195I A 0 ---- __ _ _ 255 Feb 23
2412 2614
2614 Feb'23
____
April coupon on
2712
i 26
263 2714 2714
8
2712
do
off
Naugatuck RR let 45
1954 M N 6818 --__ 87 July'14
"id - "8612
New England cons 5s
1945 j j 8812 -_-_ 8912 Jan'23
79
70 Sepr17
Co:19014e
1945.1 3 73
81
8212
82
J 8.013
0
NJ Juno RR guar let 49
4 82
1986 F A 82
4
80
81
N 0& IV E lst ref & imp 44s A '52 _I .1 80
3 7612 793
7712
7712
4
/
1
New Orleans Term let 4s..,._ 3953 3 .1 764 78
8 10018 1014
101 18
NO Texas dr Mexico let 69_1925 J D 101 Sale 101
8
83
/ 30 7712 837
1
4
8112
/
4
Non-cum Income 58 A
1935 A 0 811 83
" ____ 8914 8912
4
N & C Bdge gen gu 434e
1945.1 J 893 ____ 8912
9613 15801'22
3
N Y B & MB 1st con g 59_1935 A 0 95 4
1041 260 103 1053
/
4
/
1
4
N Y Cent rat cony deb 69_193,5111 N 1044 Sale 104
8
8
8
813o 78 805 825
Consol 48 Series A
1998 F A 81 Sale 805
4 8518 8878
8612 86
87
Ref & 'rapt 4;48 "A"
2013 A 0 86
4
983 182 9614 983
4
4
Ref &'mot 58
2013 A 0 97 Sale 963
N Y Central& Hudson River
8
4
30 745 773
757
Mortgage 3349
19973 .11 75 7513 7514
78 Dec 22 _
.
Registered
1997 J .6 ,
8
8
90
/ 17 8934 915
1
4
903
91
Debenture gold 48
1934 IN N 90
,
Registered
1934 M N ---- ---- 89 2 Nov 22
9014
30
-year debenture 4s3ms...1948 3 3 8714 9014 9014
1 92 F
9
4 6 1-4
6
73 Sale 723
5 -7q31-4 -76
4
4
723
Lake Shore coil gold
72
72
Jan'23 ___-1 72
Registered
1998 F A 7014 79
/
1
3 754 77
Mlch Cent coil gold 3345_1998 F A 77 Sale 7612 Feb'23
75
Jan 23 ._..I 75
7612 75
75
Registered
1998 F A
8912 13 8714 9014
MY Chic & St L let g 4s__1937 A 0 883 8912 8714
4
Regletered
1937 A 0 --------8612 Jan'23 .,--I864 8612
3
871 16 8612 877
/
4
8712
Debenture 49
1931 M N 8712 88
2 8512 885
8
NY Connect 1st gu 4348 A 1953 F A 8612 871 8712
8712
/
4
N Y & Erie let art g 49
19471W N -------- 87 July'22 .--- .... _ ___ _
994 Jan'23 --_- 9914 9912
3rd ext gold 4 lis
1943 M 5
9:
13
1,5
4th ext gold 59
1930 A 0 924 -_ 941 Nov:22 __:... _-- - - - - ---- --5th ext gold 43
1928 .1 D
8613 Noy 22
.
-N Y & Green L gu g 5s
19461W N 142
8
773 Feb'23 ____ 1-773 -774
8
NY& Harlem g 3 As
2000 M N 7718 SO
100
2 100 100
100
N Y Lack & Western 58
AI N 10013
F A
9912 993 994 Feb'23 ____ 9914 995
8
4
Terminal &Impreve't 48.__1192333
9
1034 Jan'23 - -- 10312 10312
N Y L E es W let 78 ext
1930 M S 10314
9714 9) 975 Jan'23 -- 974 98
8
NY es Jersey let 55
1032 F A
4
N Y & Long Br gen g 48
1941 M S 843 _ __ 91 July'22 ____ ____ _ __
NY N H & Hartford57
47 F
50
Ja
48
Non-cony deben 45
1947 M 8 47
4478
Feb'23
Non-cony deben 390
1947 M S 4414 55
5013
0
47
4314 19 40
8
Non-cony deben 3345
1954 A 0 425 4412 45%
3 4514 5112
48
Non-cony deben 48
19553 J 47
51
4714 31 43
1988 m N 47 Sale 43
Non-cony deben 42
48
465
8 31 40
1958 2 2 43 Sale 42
Cony debenture 33411
352 6714 7314
Cony debenture65
19482 .1 8818 Sale
4/
0
4
42
72
" 5 4014 42
4812 ---- 671
Cone Ry non-cony 43
1930 F A
60 july'18
1
Non-cony deben 4s
10552 3 4212 __
- -- _ _ _
4') Dec'22 .: -11- - Non-cony deben 45
1956 .1 J 424 52
42
4% debentures
21 1 3912 42
1957 M X 42 Sale 42
62
.2
9
N Y es Northern let g 55
1027 A 0 9914 ___ 6,912 0et71
11 663 707
4
3
N Y 0& W ref let g 43____01992 M 8 6612 Sale
.
Registered $5.000 only_p1992 M S -------0912 Nov 20
624 10
6212 62
68
Generality
1955 1 D
83 Aug'13
NY Prov & Boston 45
1942 A 0 70
824
9 8212 823
/
1
4
824
8
N Y & Pu lot cons gu g 49_1998 A 0 825 85
96 Dec 22
.
N Y dr R B let gold 59
1927 M S 964 99
- - -593
ii
49%02 4
Feb'23e3
15 F
7
NY Sum & W let ref 59
1937 J .1 57 60
42
2d gold 434e
1937 F A 48
45
49
5118 46 Feb'23
General gold 53
1940 F A 49
8
_- 034 935
Yeell;:n
8
Terminal 1st gold 55
843 89
1943 IN N
103 46
48
5014
4
cbes& B lat Ser I 4348_ 46 J j 453 Sale 46
NYW
.
.
8
7018 46 6318 71
Norfolk Sou let & ref A 59
1961 F A 69 Sale 683
Norfolk & Sou let gold 5s
1941 M N 9214 934 .1(4412 Feb'23
2 5
0814 8142
----1 10 3 10 3
______ 9"4 93"
Nonf & West gen gold 6s_1931 M N 10812 ---- 3
1083 Jan'23
4
8
Improvement& extg
1934 F A 1085
109
'107% _
New River let gold
1932 A 0
D 43 _ 14 -fici -9
je 2
:
-314
N & W Ry let eons g 45
1996 A 0 91
91% _9_1
881 90
,,IAI_
89
Registered
1996 A 0 81
4
4
71 853 863
"3
8512
8
DWI let lien & gen g 49_1944 .7 j 863 Sale a6
108
Jan'23 - _ - -1 108 108
10-25 year cony 434e
1938 M S 10914
117
57 111 1174
10
-year cony 63
1929 M S 115% Sale 115
3 864 883
87
8
4
Pocab C & C joint 42_1941 J D 863 8712 87
Jan'23 -- --I 83 83
North Ohio 1st guar g Ss.._.1945 A 0 774 8512 83
Northern Pacific prior lien rail1
4
52, 843 87
86
1997 Q .3 35 Sale 85
way & land grant g 45
1997 Q J 8218 884 834 Jan'23. 1 8318 8312
Registered
28 893 693
62
6014 5214
8
02047 Q F 6113 Sale 6012
4
General lien gold 35
/
4
. 591 Jan'23
62047 Q F
Registered
8
2047.1 J 1077 Sale. 1074 10814 107 1074 1093
4
Ref & irupt thy ser B
86
864
9013
4 86
8
20 47 J .1 863 Sale
Ref & imp 434e BerA
91,14 35 95 100
.2047 J J 98 Sale 95
5e
St Paul-Duluth Div g 45 1996 J D 8514 ---18090 Jreb 2 ---- 89
une 3
.2
89
_
St Paul & Duluth let 5s__1931 Q F
844 Jan'23
- , 1- -gili
§i 4
1968 J D 8014
let consol gold 49
_ 84 May 22
1948 Q M 7814
Wash Cent let gold 48
110 11012 1088 June'22
1033
Nor Pao Term Co let g 65
1
.13i- idti
Jan'23
1938 A 0 10115 ____ 102
No of Cal guar g 59
4
19303 .1 1043 ____ 118 Norio
North Wisconsin 15165

62 76;
5

Og & L Cham lstgu is g
Ohio River RR 18t g 58
General gold 55
Ore & Cal 1st guar g 56
Ore RR & Nav con g 49
Ore Short Line
let consol g 59
Guar COD 56
Guar refund 48
Oregon-Wash lot & ref 49

19483
1936.5
1937 A
1927.1
19463

J
D
0
.1
D

6914
98
9512
993
4
87

698
8
96
954
100
87
/
1
4

1946 3
19403
1929.1
1961 J

8
.1 10212 1033 10212
8
J 1034 Sale 1035
8
.
D 921 924 923
4
J 80 Sale 703

10212
1033
4
923
4
8012

(383 70
8
96
/ 9812
1
4
9234 96
997 Sale
8
87
88

2 6914 71
934
1 98
1 9512 9512
13 9914 100
6, 8614 8712
1
1 10212 10412
11 103 105
923
4
52 91
125 793 82
8

7912 Jan'231-- 794 7912
4
1946 .1 D 743 78
Pacific Coast Co let g 59
8
864 865
4
8
1938 F A 853 ---- 865 Jan'23
Pao RR of Mo let ext g 4s
1938 J .1 95 - - 97
extended gold 55
2d
951
1' 904 -61
905
8
-1
4345_1955 J .1 so% 9 12 904
Paducah es Ills let 8 f
71% 171 , 6312 0
1958 F A 70 Sale 7
7314
Paris-Lyone-Med RR 65
993 Dec22- - 4
.
Pennsylvania RR 18t g 48-1923 IN N 994
1 93 -93%
/
1
4
1943 IN N 8914 9314 9314 Jan'23
COnsol gold 45
91
01
14 89
90 Sale 90
15408
Coneol gold 42
98
1 97
98
9614 100
984
1960 F A
Consol4O48
/
4
92
8
92 903 9278
19053 D 92 Sale 911
General 4345
127 9912 1011
4
8
101
1968 J D 1003 Sale 1003
/
4
General 58
11014 43 10912 1103
1930 A 0 110 Sale 10912
4
-year secured 75
10
4
1936 F A 1093 Sale 10912 11018 76 109 11118
-year secured 0345
15
Pennsylvania Co
8412 Noy'22
Guar 3
/ coil trust reg A_1937 M 5 8312 83
1
45
'di' "di"
Jan'23
Guar 3345 coil trust Ser B_1941 F A 814 --- 83
'No price Friday; latest bld aria asked this week, aDue Jan. ODue Feb




51
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 16

Price
Friday
Feb. 16

Week's
Range or
Last Sale

_ 1 1 Range
4
Since
Jan, 1
Os

1

High NO, Lots High
Bid
Ask Low
Pennsylvania Co (Concluded)
Guar 334e trust ctfs C____1942 J O 804 83
83 July'22
Guar 394s trust ctN D____I044 J
834 Nov'22
8012
92
Jan'23 ,.__'92
Guar 15-25 year gold 45_1931 A0 9214 93
92
40
-year guar 49 ate Bet E....1952 MN 85
87
Jan'23 ____ 87 87
88
1 74
78
Peoria & East let cons 4s____1940 A0 7634 763 763
7634
4
4
6 27
30
Income 45
29
2
1990 Apr. 2814 297 2814
Pere Marquette let Ser A 5s 1956 3, 96
4
8
9612 96
963
4 28 943 977
let Series B 45
8212
3 76
82
1956 J
8112
814 82
Philo, Bait dr W 1st g 45
1943 MN 9052 -- _ 8914 Jan'23 ---- I 8914 9212
/ 497
1
4
8
Pnilippine Ry let 30-yr e f 45 1937 '.1 47
1 40
4712
4712 4712
P C C & St L gu 434e A
_ 9718 Feb8
947 9718
23
1940 A0 9478
Series 13 4149 guar
9478 944
/
1
9.11 Jan'23
/
4
1942 A0 953 98
8
Series C 434s guar
95 NoV22
1042 MN 96%
Series 13 48 guar
4
.
1945 MN 894
893 Feb 23 ----I 894 893
4
Series E 334s guar gold
Attg'22
1949 FA 8912
8912
Series F guar 45 gold
Feb'23
89 8912
89
1953 J D
Series CI 4s guar
. 8714 Noy'22
1957 MN 8912
Series I cons guar 41
1 941 95
9413
/
4s
9412
1963 FA 9413 95
975
General 55 Series A
8
8
3 967 991s
8
1970 3D 975 98
9814
99 NOv'22
Pitts & L Erie 2d g 5s____a_1928 AO 9618
sitts McK & Y let gu 6s
105 Dee '22
1932.12 102
0814 jotie'20
2d guaranteed Cie
1934 J J 993
4
PittsSh& LE let g 59
91.14 Jan'23
1940 AO 100 191
9214 994
let consol gold 59
1943 J J
1893
9714 .. .17
_ 98 June'22
Pitts Y dr Ash 1st cons 55_ 1927 MN 9918
3412 4812 3858 Jan'23 ---11 38 8 385
N
Providence &cur deb 45
8
5
1957
7514
885 Feb 18
8
.
Providence Term let 48
1956 M
,1
853
4 40 85
tieadgnstered
Neii g Co gen gold 48
1997 J J 8512 Salo 85
86
83% 843 83,
4
4
4
833
85
Jan'23
97
51
86
Jersey Central coil g 413_19 j O 8412 85
19 A i
--II 81
I U4
/
4
1
aenss Jr Saratoga 20-yr Os _1941 NI N 10918
74
74
Bich & %.eck Is • 58
1948 Mei 72
_ 8 12 Jan'23 ---_ 1 8513 873
1939 J D 8418
Do Or June let go 58
4
1018
1012
Do Gr Sou let gold 40
1940 .1 .1
1212
_. lois Fely'22
_
Guaranteed
764 Sale 7514
Do Or West let gold 45
5 751 78
/
4
1939 j i
94 J J
704
34 65
Mtge & coil trust 45 A
5 6412 6712
1949 A 0
65141
_4
_4
[loch & Pitts Con let g es__ 1922 J D _13 _ _ _6. 10014
794 79
80
19 7778 81
it I Ark & Louie let 44s_
1934 M S 79
Jan'23 --- 70
70
1049 J J 6818 734. 70
Rut-Canada lot go g 48
8
1941 J J 805 84 1 8012 Feb'23 ---- 804 8012
outland let con g 4345
747 74
8
74
2 74
75
/
1
4
1947 J J 74
St Jos & Grand Isl let g 4s
9213 9212
9312 9212 Feb'23
tt, Lava es Adir let g Se
1996 J J 93
._-_jI
98 -___ 103
96
211 gold 65
88
90, 8814 Feb'23 ____ 8814 90
St L & Cairo guar g 48
98 I 34 954 9912
/
4
A 03
11199931 Aj 0 973 Sale 1 971
it L Ir hi & S gen con g 5s
con stamp CU g 58
1931 A 0
Gen
8614
86% 30 85
897
8
1929 J J 8612 87
Unified & ref gold 45
82 1 23 8112 86
8133 814 8113
Illy & CI Div let g 45
98
98
Jan'231
. 98
3
St L M Bridge Ter gu of 58
19 0 AO 954 96
9 3M N
It Louie & San Fran (reorg Co)
- ___,"
69141 312 6713 707
.1 .1 6823 Sale I 68%
J J
Prior lien Ser A is
834 Sale 1 8312
/
1
844 41 8212 847
8
Prior lien Ser B 5.9
8
1,1t121 7 97 1004
11 9
1% 925
1942 J J 924 Sale 1 923
5345
98 Sale 1 98
.19283
Prior lien Ser C Os
80
208 754 80
j
jA O 7912 Sale ' 7933
51928
Cam adjust Set A 68
.1 9
h 5
64 Sale 64
/
1
4
65
314 58
65
Oct
Income Series A 69
31 Louie & San Fran gen (3e__119999 J.11 10314 . .-- 10333 Jan'23 -.-_ 10338 10333
h 31
9634 99 1 974
974
1. 964 99 4
/
1
1
General gold 5s
96
St L & S F RR cons g 49
3 J J
19 1 j i 8212 --- 67 4
1947 A 0 874 _-- 90
Southw Div let g 58
4
4
it L Pee & N W let gu 59
1948 J J 1003 1023 10218 Jan'23 ----I 10212 10218
4
It Louis Sou let gu g 48
1931 M 5 863 . _. _ 8612
77 sale 77
/
1
4
7712
7 75
78 4
3
St L 8 W let g 4s bond ells__ _1989 M N
71
7312 6914 Jan'23 ____' 691 694
/
4
26 g 48 income bond ctts_p1989 3 J
7612 173 7412 773
751 Sale 754
/
4
4
Oonsol gold 4s
8114
8014 81
807
8
3 7813 8219
1st terminal & unifying
7812
793
4 11 78
8113
F I 7812 79
St Paul& IC C Sh L Ist 434 _ 1E 1 D
7
9414 !13 Nor22 ----1
4t Paul M & Man 4s
19553 J 94
10914
1 1081- 10933
4
1933 J J 10918 11012 10914
let consol g 69
99 Seto 20
Registered
1933 .1 .1 108% 110
97
98 , 974
98 1
1 , 9713 9912
Reduced to gold 4368
33
Aut(22!_II____ ____
945 98 1 (17
8
Registered
93 1
7„' 90
93
1
Mont ext let gold 4e_.
19937 j D
119 .1 I 9112 Sale ' 911s
5914 ____ 80 Mar'211--11____ --Registered
Pacific ext guar 49
19 0 .; D 844 ---- 85 Dee'22
3
47 J J
Jan'23 __-- 100 100
Q A __-- ---- 100
F
it P & N P gen gold
Registered certificatee
652
1199233
75 Sale 74
75 4 93 734 754
3
/
1
19433 „I
S A & A Pass 1st gu g is
/
1
4
81%
5 8014 83
/
1
4
O 8114 9,e 80
San Fran Terml let
853 _87
8: 2: 864
61
4 8614 874
58
874
459MN
8
iclo V & N E Ist gu 66 48
193
99
58
7 53 53
1950 A 0
Seaboard Air Line g 4e
56
57
57
577
2
9 52
577
8
Gold 45 stamped
6958 sale 6 4
2712 Sa
2
6
8
295 319 2234 295
8
8
Adjustment 5s
46
324 39
46
11
Refunding 4s
11 11 ri ; 4533 Sale 4414
) A 0
9
lst & cons 68 Series A
1945 3 S
4
_
934 Feb.8 3 _3 9 983' 93
6 2 2
_
34 8 4
8
Seaboard es Roan let 55
1926 J J 94
42
Sher Elb & So 1st gu g 5s
mg F
: 36 .
10012 1023 98
4
Jan'23 ---- 98 10114
8 & N Ala cons gu g 58
9812
9812
11 6652 99
Gen cons guar 50-yr 53.-1963 A 0 984 100
11
Southern Pacific Co
8414 42 82
85
D 8212 Sale 8212
Gold 48(Cent Pee coll)__..k1949
9214 134 9114 9233
20-year cony 48
p1929 M S
11)2 4 Sale 1092
9
24 Rdle
/
1
112 10214 18 1004 10214
20
-year cony 58
101 ---- 10312 July'22
So Pee of Cal
-On g 55
7 i‘ J
199334 J1IN 894 9018 8918 Jan'23 ---II 894 91
11937 j )
So Pee Coast let gu 45 g
863 sato 86
8
87
47 86
8813
So Pee RR let ref 45
9612 118 95
9814
1994J j 96 Sale 9581
993 i J
Southern-1st cons g Os
933 96
4
953 Deo'22
4
Registered
A
122 664 6912
68
69
gen 45 Ser A
956 A j
Develop
1994 3 0
U8 2
102
130 100 102
16.66 A 0 161314 Sale 101
Temporary 6 34e
14
96
964 Jan'23 _--- 96
/
1
97
Mem Div 1st g 4349-58_ _1996 J J
7814 793 793
4
4
80
8 7914 80
St Louis div let g 4e
_
9914 Jan- ---- 1 983 91 4
23
° a
- 1921 l j
4 .'
So Car es Ga 1st ext 5142.19 9 i N 99 100
2 93:2 5:3
_
Spoken° Internal 1st a 59._ 1955 J J 8312 .___ 8312 Feb'23- 85 2 93
---Superior Short L let 59 g____81930 M S 9514 ____ 95 May'18 --1
95
95
Term Assn of -4 L 1st g 4349_1939 A 0 93
9814 Sale 981
/
4
99
2 974 99
1944 F. A
1st cons cold Ss
82
3113
82
82
15 80
1953 J J 81
Gen refund s f g 4.
904 95
Tex & N 0 con gold 58
3
0
2
3 . Ji 9 2
6i I 9 14'
8
3
1913 j S 93 .
943 M i 33 93% 94% jon: 33 ---- ' 0414
a94
2
' 9
Texas & Okla let gu g be
2000.5 13
Pexas & Pa et gold le
99014 .1cebb 3
7
3
;
21 96012 69012
1 6
_
33
2d gold income 59.. __ _ _42000 Mar 9754 ____ 4012 1an " 43884 4153
90
9118'
19313 J
____ I 90
La Div 13 L lst g 5e
1935 ..1 J
Tol & Ohio Cent let gu 55
96
Western Div let g 59
1935 A 0 9312 95 1 06
Jan'23
89% 91 I 9013 Sept'22 ---I "
____ -General gold 50
"iiii
1935 3 D
2
Tol St L& W pr lien g 3348_19 9.1J 9333 9414 9314
93%
F O 73 Sate 1 73
A A
73
2 721 7514
/
4
e tr aold
ta ust 4s
-.. _ .. _;;3 951 .1 ov'2I
0.,
32
151 ;e.2
:1 n
Coil
; A_
4 Ser
11995197
Trust CO otfs of depotit_._
rot w v Ag o gu 4345 A
1J--i
9 ' 9168 De: 32
.8 1 3 4 Fe .
3
2
&deg B 4349
1033 J .1 -93
4
. I 867 Noy'2 '
4
B rC B
t arA A45
1942 M S 863
8114
let g 493194 .1 D 05
78%4 9314 64% Jan.
6
85
: 9 114
Tot [lam
_
0458
23
1 945 951
8
/
4
lister & Del let cone g le_.__1928 J D
67
Feb'23 --_- 66
721 66
/
4
1st refunding g 45
1952 A 0 64
4
nlon Pacific let g 48
1947 3 .1 923 Sale 9212
9314 58 9114 9514
89
/ 92
1
4
,
Registered
92
99 4 92
1947 J J 8514 8 10 94% Jan'23 148 9434 954
20.year Cony 15
1927 J J
88
8512 25 84
let & refunding 48
85
/ 85
1
4
p2008 M S 85
4
/
4
-year perm secured 68_1928 J .1 10433 Sale 104
1041 85 10314 1053
10
June'21
Li N J RR & Can goo 4s
19441W El 914 ____, 8013
-------

-

sDue June. liDue July. 3Due Aug. *Due Oct. pDue Nov. (Due Dec.

"ii"

*Option sale

New York Bond Record—Continued—Page 4
Week's
Range or
Last Sale

707

.
‘21.§
11
Week's
13
Range
Price
Range orSince
Friday
I t. 41
,
cn
' Jan. 1
Last Sale
I ...."
Feb. 10
—
Bid
High No. Low High
Ask Low
High,N0 Low High
Ask Low
.
Did
i
1926 j 1 994 9912 998 Jan'23
9912 99% Crown Cork &Seal Coot Balti1
Utah dr Nor gold 59
3 9112 9212 8612 'eb22
1933 J
94% 29 90
more lot et JO-yr 5s.......1943 F A 9312 94121 94
95
let extended 45
226 85% 94
Cuba Cane Sugar cony 79_1930 j J 93 Sale I 9012
94
861s ____ 86
Apr'22
Cony deben stamped 8%.1920j J 953 Sale I 9514
4
Vandalla cone g Is Set A_ _1955 F A
981 709 9014 9814
/
4
8618 __ _ _ 8514 Nov'22
1957 M N
Cuban Am Sugar 151 coll 8s__1931 au 9 1073 Sale 19612 1073
4
Consol 4s Series B
4 42 10612 1073
4
35l
2 34
351s
Cumb T & T 1st & gen 5s____1933
9312 Sale 03
Vera Crum de P let gu 45,0_.1034 J J ---- -__ _ 3518
931z 10 9238 9612
98 Sept'22
1926 M S. 0812 Denver Cons'Danny 55
Verdi V I & W 1st g 55
1933 j 0
9712 June'20
____ _.__
A 3
9612 Deny Gas& E L lat & ref et g 5s'51 MN 8714 Sale 87
96
Jan'23
1926 M S 9818 _
Virginia Mid Ser E 5s
96
8712
5 87
90
4
4 97% 97% Deny Corp D G lets t 20-yri,421 m s
973
97%
977
8
General 50
1936 M N
1
91
3 93
931s
9318
2003 J J
Va & So'w'n at Cu 59__
98
gold 75
99
3 96
9814
9314
9814
99
1 79
1958 A 0 7914 81
7914
9714
Decrolt City Gas gold 59
9938 Jan'23
1st cons 50-year 59
81
1923)..2
9972 997
9
9612 Sale 9612
letrolt Edison let coil tr 69:9 0 j
Virginian let 55 Series A __ 1962 M N
193 m
963
4 39 95 4 98
9838 9912 99
29 9814 100
43
,
99
1st & ref 5s 3er A
9612
k1940101 S 96% Sale 9612
7 9512 98
98
99
Wabash lot gold 55
10314 Sale 10234
let St ref Os series B
9 9714 99
1939 M N
9812 98
10312 43 102 104
8612 8812 87
2d gold 55
/et United let cons g 4%9_1932 J J 83 Sale 83
1939 F A
/ Feb'23
1
4
40 82
8614 9214
8312
6'2 7234 6812 Jan'23 -- 6812 6812 Diamond Match a I deb 7349_1936 01 N 108 Sale 10712
1st lien 50-yr g term 4s_
1954 J J
5 107 108
108 4
Det & Ch Ext 1st g 52_ _194I J
Distill See Cor cony 1st a 110.1927 A 0 60 Sale 5612
9612 9,3 953 Feb'23
- 9534 95
103 4912 61
61
4
70
735 Jan'23
8
Des Moines Div let g 49._1939 J J
79
61 Sale 51
Trust certificates of deposit_ _
5 49
60
7314 73 8
,
60
Om Div let g 334e
6612 6614 Jan'23
1941 A 0 65
833 Sale 833
4
_1943 .7
6614 Dominion Iron & Steel 5s
4
65
83
/ 10 83 85
1
4
/
1
4
Tol & Ch Div g 45
80
_ 774 7718 liouner Steel lot ref 20-y
1941 M S 75
7718 Jan'23
Warren let ref go g 355s
7318
0000 F A
7412 Nov'22 9012 .54 84
rsr 7s1942 J .1 90 Sale 86
9012
W 0 dr W 1st cy gu 4.9
9714 Aug'22
8
1924 F A
90 Dec'22
E S di" A t Powder 4 Sys__ _ _1936 J 1) 893 90
IeruPonA
_
West, Term 1st Cu 3555
7814 80
7138 Jan'23-- 793 793
1945 F A
1081
1044
du Pont Ile Neruours & Co 755s'31 M N
8414 _
let 40-year guar 4e
994 104
/
1
Jur:mama Lt let & coil 69_1949 .1 I 104 8°1°12 119513
_ 814 Nov'22
1945 F
03
274
6
7
l04z
W Nfin W & N W lat gu 59_1930 F A
10712 541C 10714
Debennure 134e
77% 88
86
Jan'23
10712 4 1414 10412
"ge - 89
1 67 -3
eat Maryla d let g 45
3
8
/
1
4
655
8 38 62
1932 A () 63 4 Sale 63
11314
93 M S
653
4 East Cuba Sug 13-yr s f g 7559193 1 .1 j 1077 Sale 10514
7
11314
est N Y dr Pa 1st g 5s
9912 993 953
10373 J
.
sat El ill ilkia let eon g 45_ 1935 3 , 89 Sale 1 89
981
/
4
89
1 985 100
02 3 )
9
8
J
10138
Gen gold 43
101ts Dec'22
'77
let cons g 59
Jan'23 _
Ed Elcc
1943 A 0 7712
7
_
1995 J
81
77
Western Sac bit Set A 55
9814 9914 9914
4
22 81 8 8312 Elk Horn Coal cony Os
83
1946 M S 823 Sale 8212
iro
991
,
West Shore let 4e guar
821e, 83
8212
83
5oapire Gas & Fuel 7%9_1937 st N 933 Sale 9312
4
5 8112 837
236) 3
941 15 -98-3 4 -998
° 99:2 9i
4
194 1 M s
8
7- - -9
1
Registered
107 Sale 106
4
2361 J J 803 Sale 803
4
1071
Fisk Rubber islet
80 4
3
1 7918 82
3 106 10812
2_4_
Wheeling & LE let a 5s
9812
Smith Lt & Tr tat g 5s
1926 A 0 9819 95
Jan'2
9812
1936 M IS 80 ____ 58
2 9712 99
Wheeling Div let gold 59_1928 J J 96% 973 98% Feb'23
8
8
89
76 8338 913
953 98% Frame,lc Ind .4 Dev 20-yr 755e '42 J J 877 Sale 8712
8
8
Eaten & Impt gold 59
100 Fe01
2
0
2
905 973 94 Seet'22
lb21
8
1930 F A
Francisco Sugar 7558
.
1942 M N 19 78 1_0_2_1f 10
3 100
03
Refunding 4558 Series A _1966 81 S 603 611 603
62
4
17 90
4
144 & El of Berg Co coos g 5s 1949 J D
62
RR let consol 41)
6412 19 60% 6518 General Baking lot 25-yr 69_1936 J ii 100 103 101
64
65
634
/
1
Feb'23
1949 M
Wilk & East let go g 69
7914 8114 80% Feb'23
1 59
/ 09
1
4
1942 J D 5612 59
50
Gen Electric deb g 355s
1942 F A
60
19 : 16
7
8: 6 2
0
8
0:
Winston-Salem S B let 49_1960 J J 785 8212 8112 Jan'23
8
102
Debenture 55
9 101 10214
1952 M S 10112 Sale 101 12
8114 8112
Wis Cent 50-yr let eon 49____1949 J J 7712 75
7714
78
-year deb es
20
Feb 1910
7714 82
105 10518
RIM & Dul div & term let 49'36 M N
78
795 78
4 77
100
8
78
2
Gen Refr Ist s f g Gs Ser A...1952 F A 99, Said 9914
18
8058
W & Con East let 4555
58
1913 J J
65 Mar.:"
10112 39 100 102
Goodrich Co 6M
1917 j j 10118 Sale 101
N 116 117 11614
117% 123 11434 117%
Goodyear Tire A Rub let s f fis '41
4
106 1823
10-year a f deb g 85
el931 F A 106% Sale 1033
INDUSTRIALS
Ranby Cons M S & P con Os A '28 M N 88 ____ 9112 Jan'23 _
9912 196
9 1% 9112
95
92
Feb'23
Stamped
_ 921, 300
1928 m N 92
92
9
0
9712
N
9812
Adams Express coil tr g 4s...1948 al
80
cony delve $s
81
11 80
80
80
100 I 88
1025
80%
Ajax Rubber 89
1931, 3D 99 Sale 99
9914 22 96
9914 Gray & Davis 1st cony s f
Alaska Gold 01 deb 69 A __ 1925 M
9812 9812 Feb'23
61.1*
-61 Jan'23
/
4
1932 F A
gold 75
614 8
, 9912 100% 100
Cony deb Os series B
1..”.,er ler s r 58_195 44 4
100
1926 M
618 Feb'23
0
64 8
3 9 12 190
942
09
98
614 61
/
4
• j 81'a__._ 82
Am Agri° Chem 1st 59
1o0
e
100
82
9 9912 10012 Hackensack Water 48
1928 AC 13 Sale 100
8
1
ref s f 7,55s g
1st
Sale 10312 104% 33 10254 104%
1941 FR
9194 ---- 9014 Feb 23 --..
_ _1982 F A
,aee consol g
Am Cot 011 debenture 5s___ _1931 MN
7812 Sale 75%
84% 12 : 18212
78
30 7412 8012 Havana E Ry 1,3, Pima 55 A _ _'54 M S 8412 Sale 8414
8714 90
8911 04
88 : 1
9812 Sale 9812
Am Dock & Impt gu (3s
99
. 1057 Dec'22
151
8
1936 J J 1 6%
1942 NI N
_
_ Hershey Chug 1st s f g So
901
/
4
Am.Sm & R let 30-yr 5s ser A 1947 AU 90 Sale 90
90ree 30
91
220 -891 923
1947 MN
2
4 liolland-American Line (39
9414 Feb'23
American Sugar Refining 6s_ _1937 33 103_ Sale 1025
8
8
91) 95
10312 55 1013 104
fudson Co Gas lot R 55 _ _1049 M N
8
4
Am Telep & Teleg coil tr 46_ _1920 3) 92 Sale 9214
987
/
1
4
4 77
925
8 92 9118 924 Humble Oil& Refining 554e _1932 j j 983 Sale., 9814
/
1
4
87% 88% 88
9212 53
Convertible 49
/
4
1938 M
88
1 8684 88
1940 A 0 911 Sale 913
Illinois Steel deb 4 55e
20
,
10112 78 107213%3 101111
-year cony 4559
1933 MS 10114 Sale 10114
101 14
1952 m N 101 Sale 100 8
Indiana Steel let 55
999594;
5 10014 10212
9990
• j 95 ____ 96 Nov'22
30
-year temp roll tr
_
130 9734 101
_1946 Jo 9812 salo 9812
99
Ingeraoll Rand Is), gold Ss__ _ 1935
7
8%
-year convertible 69
10
812
1 -- 8 -11) 8
115% 24 11412 11718
1925 PA 11512 Sale 11518
aterboro Metrop colt 4342.195(1 A(
i1.
8
10
Am Wat Wks & Flee 5e
63,, 912
912
8414 Sale 8312
912 14
Certificates Of deposit
1034 AO
85
85
51 1 83
7114 Sale 711
/
4
727 109_ 69
Am Writ Paper a f 7-69
84 Sale 8414
aterboro Rap 'Fran let bs__ _1966 J J
1939 J J
85
727
4
13 • 84
8512
_
69
72
Anaconda Copper es
97 Sale 96%
97
819 96% 97
1953 FR
Stamped
6918 .° 1: 004
71 4 'a
,..,1
79
/
1
2
7s
7112 I:g 807 7318
2
1938 PA 1102% Sale 10214
8
10312 2312 100 10312
s-year
Armour & Co Istreal ost 4558 1939 J L 8812 Sale SS%
90
8914 55 88
Is
1932
3
e
Atlantic Fruit cony deb 7s A.1934 J
12
39% Sale 3812
39%
2,1 32
394 lot Agric Corp 1st 20-yr 58..1932 M N %% t ff2
116•8 Sale 116
,
Atlanta Gas Light 5s
12 3
8
0 4 59 109 1203
Inscrnat Cement cony 89._ _ _1926 J
1947 J I) 943
4
Atlantic Refs deb be
8858 124 8414 903
4
1937 J J 99 Sale 98
/
1
4
9914 47 97i, -664 Inter Mercan Marine s f 0s_ _1941 A 0 8612 -dale 8612
Baldw Loco Works let 5s _ _1940 MN 10114 1013 10114
87
35 853g 8812
10112
International Paper 5s
4
1947
J 8012 Sale 8613
0 1011 4 103
87 _ 2711 8413 WU
Barnsdall Corp s f cony 8% A.1931 J J 10012 Sale 10014
11,211 21 997 10313
4
let & ref 58 B
1947 J J 8618 Sale 8614
110 No,
j
Series 1.1
.'22
1017 Dec'22
s
• nvineible 0118e
1931
1031 M
-Bell Teleph of Pa a I 75 A _
117,14.2 Sale 1083432 j:117,a72141
7 1.c
21
7,811
90 :
y009
.
1945 A 0 10758;4,11e 10712 107% 92 lois; 1084 Jurgene Works de
19473
Os
1048J .1 9812 Sale 998
19 10
7.1 1073
9812 141 983, 9912
1942 F A
59
1
9912 12 98
Beth Steel 1st eat a ISa
Sale
10 1083 10912
9912 Sale 99
K 1 y-s & Co
e.
1926 J .1
4
9912 K°11rer pr ngf e718d. Tire Se_ _ 1931 M N
Ist & ref 5s guar A
9312 Sale 93
31 93
1942 M N
94
,
11 3
7
9712 Keystone Telep Co let 5s_ _ _ _1 135
20-yr m & imp s f 59
/ Feb'23 ---, 9858 99
1
4
8912 Sale 90
10383 J
/ 98
1
4
91
98
/ 99
1
4
36 9
j
A
9312 Kings Co El L & P g 55
60A
5912 Sale 9914
,
194S 1 A
Purchase money 65
993 204 97% 993
4
112
,
1997 A 0 11218 ____ 1 12's
/
1
9 1107 1114
8
4
555s
9312 423 9212 93
8
Convertible deb 65
1953 F A 927 Sale 9212
1925 M S 10914 Sale 10514 Apr'22 ---11____ _ _ _ _
Booth Fisheries deb 8 f Os_ _ _ _1926 A 0 71) 80
74
77
76
Dec 2'2
0712 Oct'21
Kings County 11 let g 44
1949 F A
Braden Cop 01 coil tr 9 f 69_1931 F A
9914 9912 953
Stainoed guar 45
4
9912 74 9838 it
1949 F A
4
Brier Hill Steel 1st 5559
4
21 94
95
1942 A 0 943 Sale 943
1954 J J
9714 Kings County Lighting 5e
797 e 799
8
B'way & 7th Av let a g 55
793 2 E'ee328
1
:
68
1 62
67
07
6558
1943 J D 06
3
:1: -99 2
1954 J J 9412 911 98 3 Feb'23 :::
46812
7
10014 1011 101 1z
Brooklyn City RR 5s
8518 90
19111.1 J
8713 Feb'23 _
867 8712 Kinney Co 7.55s
2
1036J
10112
5 9914 10112
Bklyn Edison Inc eon 59 A _ _1949J J
1)618 Sale 9618
Lackawanna Steel lot g 5s._.1923
28 95
97
OS
0
General(le series B
9211 68 1 902 199 4
9
104
10303 J 103 164 103
5 997g 923
let cons 55 series A
1950 1V1
8
9 102 104
General 7s series C
19303 J 106 10712 10512
106
7 1051 10814 Lay GUS L of St L ref & ext 5e 1934 A 0 9
/
4
999542 SaThlee 947 Jun9 21 --1711 ._1 -9
12
1:
9914
General 75 series D
e9
Lehlah C & Nay f 4 SO
. .2
1940 J D 108 Sale 10712 108
. 9 ! - -If
6
33 107 109
Bain Qu Co & Sub eon gni 53_1941 MN 64
100 102 100
68
66
Jan'23 ----I 58
Feb'23 ---- 100 10214
Lehigh Valley Coal 55
1923,
66
let 5s
7912 Nov'22
45
1941 J J
1933 J J 89% ____ 831s oak. 21 -8
Brooklyn Rapid Tran g 5e
44
48
183
67% Oet.'22 -Lex Av & P F 1st au g 5a
1945 A 0 7712 Sale 76
79
--_-_- -_ -. -. 1993 Al
79
77% Sale 7514
Trust certificates
169 54
79
11714 12 i153- 117%
Liggett & Myers Tobae 75_ _1944 A 0 117 Sale 117
79
4
let refund cony gold 4s._ 2002 3 J 66 Sale 65
97% 973
4
97% 17 97
109 54
68
5
.
984
/
1
1951
68
A 97
11-yr 7% secured notes
210 87
96
116 1
Lorillard Co (P1 7e
11921 J J 94 Sale 93%
5 115 1163
4
1944 A 0 115 116 116
96
Certificates of deposit........... 94 Sale 94
95h, 9712
9512 60 8,513 9512
Os
1951 F A
Certfri of deposit stamped__ _.
0012 Sale 8912
9518 148 82
112 118
9518 Magma Cop 10-yr cony g 75..1932 J D
Bklyn Un El let g 4-58
85
96
Manatl Sugar 755e
9812
1950 F A 85 Sale 84
6 8114 8,
1942 A 0
Stamped guar 4-59
85
84
84
Atinnat fly(N Y)eons g 43_ _1900 A 0
813
4 11 8112 85
1056 F A
6012 6478
Bklyn Un Gas let cons g 59_1945 M N 9612 98
9 95 100
Stamped tax exempt
97
99
1990 A 0
75
11612 23 110 116
20 4
1932 M N 11118 110 116
2013 J D
let lien & ref 6 Series A
84
2 F512 8112 141A
:
15
1947 M N 10414 Sale 10514
84
10514 17 10338 10514 .fardla Elec Ry & Tit s 59_ _1953 M
Buff dr Buse Iron e f 53
79 Au4'21
9212
91
darket St Ry list coLs 5S
1032 J D 92 __
1924 M S
--Bush Terminal let 4s
8512 87
94% 96
Feb'23
5
-year 6% notes
1962 A 0 S118 837 81
1924 A 0
Consol 5s
10 86
11112 122
1955 J J 87% Sale 8812
89
/ 8914 Mariand Oils 8s with waente '31 A 0
1
4
Building 59 guar tax ex
20 895 93 4
90
100 107
1960 A 0 8818 Sale 89%
without warrant attached___ A 0
8
3
Cal G & E—
108 113
71 5s Ser
.
1931 F A
Corp unifying & ref 5s
9914 Merchants & Mfrs Ezell 7s 1942 J D
9912
_1937 M N 9612 973 9634
98
97
11
4
Camaguey Sug 1st f g 7s _ _ _ _1942 A 0 963 Sale 9612
4
98 100
Metr
31 9512 98
' 9';7g
Ist&ref g 6s Ser 13_ _ _1952 F A
Canada SS Lines let colls I 7e1942 M N
13
50 9212 96
96
mexlcan Petroleum s I 89
_ 95
1936 j 0 :8199969989:900098583998937 3
M N 1119961999:1':315 1,
-11 011 45,42214844z 8sa8_Sasas_ssal
31 8:448 sa5
1-90638892 4 8 Saa86k000
6 10
Canada Ge11 Hier Coils
Sa-8Is 101993aa '13,2 1 1 1999609(90096
S:ee_1it1i:l718 5i0e1l e ,e:_42:509 i
099
3
8,
i
:,
3
102
1042 11 A 102 Sale 1017
8 1003 10312 Mich State Teieph let 5s _
4
1924 F A
1 )927569 059 69 781 54908 597 3 .7154 18 AFJse8
91
8098
6838
3
111
Cent Dist Tel 1st 30-year 59_1943 J D 995, 100
1111 b9. :243' :_. .
1p0099089854 2 1-2
116999 4 :. 43
.1738:33(-2-1. 233645 3
91 1 4821 5:
869 9.08 22
233690 0 i :
90
2 99% 100
Feb'2362887272:127''33141:
8
993
4
Midvale Steel &0cony s f 55_1936 M 5
a2373:
711:
" 199,::
9148-35 . 8°87134
600 09889 8585 8
350
1: :
Cent Foundry 1st f as
:99:
::008997s
1999::4
dilw Mee Ry & Lt cons g 59.1926,F A
1931 A 0 S93 9312 90 2
4088 2
4
,
9012
i 13
3 8838 9012
4
4
Cent Leather 20-year R 5e
1926 A 0 99 Sale 983
Refunding & exten 455s _1931J J
4
99
68 9812 10018
Cerro de Paseo Cop Ss
9934 91
13812 114 130 13812 Milwaukee Gas L 1st 43
4 4
4
12
1931 J J 1. 3 sale 133%
1927 wi N
Ch L dr Coke 1st gu g 59_1937 J J 963 Sale 064
I 9514 95% Montana Power let 5s
.4
903
4
/
1
1
A____1943 J J
Chicago KS's 1st 56
38
1927 F A
dontreal Trans let & ref 53__1941 3
81
8112 81
4
824 144,1 7614 823
Chicago Tel 5s
13
1923 J D 1,(Ps 10014 100, Feb'23 8
997 1604 Morris & Co let s f 43.58
8
1939 J J
Chile Copper 10-yr cony 7s 1923 M N 11834 Sale 11518
1195 53 113 1203
4 Mortgage Bond 45
4
0
1966 A 0 70
Coll tr & cony Os ser A
3
_1932 A 0 102 Sale 100
92
Ji,C1 23
10012 381 06% 10012
1932 A 0 92
Mein Gas & Elec 1st & ref be 1956 A 0 9812 99
97121 14 97% 985
8 Mu Fuel Gas let cu Sc. _..1047 M N
9712
94
95'4
555s Ser 1.1 due Jan 1
_9' 1V12 Sa9 1 ----i -;-;
_9 4
__
1961 A 0 97% 973 98
Yr 9
1
-9812 'Scat Un gtd
Feb'23'..
1 96
4
93
6 eat 5.-1
4
,
1
1941 M N
Colo F Al Co eons f Ls
1943 F A
S618 8912 88
Nassau Elec guar gold 4s_
/ Jan'23
1
4
'
I 8814 89
1951 J J
Col Indus lot & coll 5s gu
1934 F A 77 Sale 7612
07
97
8 Nat Enam & Stamina let 5e_ _1929 J D
77
19 1 7512 777
Columbia 0& E let bs
1927 J J 95
/ 963 95 8
1
4
29' 95% 97
Sept
Nat Starch 20-year deb 5s_..1930 J J
8
,
96
Stamped
1027 J J 9012 95% 955
971 i6112
',rational Tube lst 5s
8
964 3 9514 97
6
_1952 M N
01 & 9th Ay let gu g Ss.
.1992 M S 131g 20
3513 Jan'231„--1 14
1512 New England Tel & Tel 5s ..1952 J D
38
Columbus Gas let gold 59_1932 J 1 93 _ _
sew Orl fly
9412 Dee'22,-- Lt gen 434e..1935 .1 J
g 45_ _2397 Q
Commercial Cable 1st
74 Sale 74
75
5 iia; 7512 N Y Air Brake let cony 69_1928 M N 10212 10234 102
Commonwealth Power 6s__1947 M N 8814 Sale 8712
89
26 8614 89
N Y Dock 50-yr let g 4s
7718 S..,: 71134
1951 F A
1912
Compania Azurarera Baraqua
8 0 4 72
1 79
N Y Edison lot & ref 655s A.1941 A 0
1974 6:9 196312 100
703
19 4
11
100 10014 9914
1st s 15-year g 750
1937 3
30 9812 10058 NYGEL&Pg 59
100
9914 993 99
4
1948
Computing-Tab-Rec at 6s
1941 J 1 98
8312 181 82
9814 OS
Purchase money g 48
835
8
9 9612 9814
984
76
1
1949 F3 A 831 Sa.19_ , 82
F AJ 79;
Conn Ry & L let & ref g 45591951 3 J 8
Jan'23 -- _ _1, 76
2; 84
84
875
76
8 71 Y Mimic Fly 1st 5 f 55 A.1966
84
1951 J J 8412 8, 84
Stamped guar 41-65
,3
322
97,88
Feb'23 -II 9
NYOEIL&PIstges
8418
1930
Cone Coal of Mil let & ref 59_1950 3 D 89 Sale 8812
90
8914 32 , 87
Y Rya 1st R & ref 4s_ _1942 3 J 3412 35
9512 95 4 9512
Con G Coot Ch 1st cue 5e..1936 .1
3
9512
Certificates of deposit
41 9512 9512
Consumers Power lien dr unifying
30
-year ad) Inc bs
al942 A 0,
4
9212
be Series C interim certife 1962 MN 90 Sale 89
618 35 1 412 6
Certificatee of deposit ___ ____ _ _I
9012 68 1 89
458 6
54
3
1931 M N 99%.100 Dec'22 —11_—
Corn Pro(iRefg s f g Is
687
8
6812
N Y State Rye let cons 449_1962 MN 683 69
19 66
69
4
1934 M N 9912 1131 12 10012 Feb'23
let 25-year e f 5e
98
24, 97
9$
A Y Steam 1st 25-yr 6s Ser A.1947 M N 97 Sale 97
9912 i5f
•No price Friday: latest bld and 'eked. oDue Jan. aDue April. cDue Mar. eDue May. oDue June. aDue July. kDue Aug. oDue Oct. /Due Dec. &Option sale.
Price
BONDS
Friday
N. Y.STOCK
EXCHANGEb 16
Week ending Feb. 16




az z.

Range
Since
Jan. 1

11

BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 16

It"4 ;4 r4
4.4
1

r38 traeLT -_-_--_ n7
,
_ ;
5

331

1.0x, 708

THE CHRONICLE

Jew York Bond Record-Concluded-Page 5
C.:1

Price
Friday
Feb. 16

Week's
Range or
Last Sale

in

Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f.'

Range
Standard Oil Stocks Par Bid. Ask. 2411. Equipments-Per Cr. Bags
...,
Since
Anglo-American Oil new. El
18
1814 Atian Coast Line es
5.60 5.25
0
:1- Jan. 1
Atlantic Refining new __100 143 147
Equipment 633s
5.30 5.05
Preferred
100 119 120 Baltimore & Ohio Os
5.75 5.35
Bid
Ask Low
High No Low High Borne Scryrnser Co
100 110 115
Equip 4338 & 5s
94 Sale 9312
514 5.10
N V 'Telep let & gen s I 4330_1939 MN
94
30 9253 94
Buckeye Pipe Line Co__ _ 50 *90
92
30
-year deben s f 6s__ _Feb 1941/ F A 10634 Sale 10013 1068 30 10518 1053
8 Chesebrough Mfg new_100 222 228 Buff Koch & Pitts equip 65_ _ 5.50 5.10
Canadian Pacific 433s & Os_ 5.25 5.00
-year refunding gold 68_1941 A 0 106 Sale 1053
20
4
106
92 10112 10714
Preferred new
100 111 115 Central RR of N J 6/3
5.50 5.25
8
Niagara Falls Power lot 5s_ _1932 J J 995 Sale 992
1003
3
9 991z 101
Continental 011 new. _
4712 Chesapeake & Oblo 65
25 47
a1932 A 0 104 105 104
5.75 3.40
Ref & gen Oa
10512
8 10312 106
Crescent Pipe Line Co
50 *222
24
Equipment 6335
5.40 5.10
Niag Lock d, 0 Pow lot 5s__ 1954 MN 973 ___ 977 Jan'23 ---- 9712 98
8
3
Cumberland Pipe Line now., Ill 113
1952 WI S 935 Sale 9312
Equipment 5s
5.30 5.00
8
No Amer Edison Os
95
9412 77 93
Eureka Pipe Line Co_ _100 114 116
Chicago Burl dr Quincy 69_ _ 5.80 5.25
Nor Ohio Trot & Light 65_1947 M 8 935 94
8
935
94
8 935 95
Galena Signal 011corn
100 68
69 Chicago & Eastern Ill 5148
6.00 5.50
Nor States Power 25-yr 5ei A_1941 A 0 91 Sale 91
9212 38 91
93
Preferred old
100 110 112 Chicago & N W 433s
5.20 4.75
1st & ref 25-year Gs Ser B_ _1011 A 0 1003 Sale 1003
4
4
7 10013 102
101
Preferred new
100 106 108
Northwest'n Bell T lot 70 A.1941 F A 1077 Sale 1073
Equipment Os
5.00 5.35
8
8
108
61110714 108
Illinois Pipe Line
100 168
Equipment 6335
5.35 5.05
NorthW T 101 fd g 41 gtd_ _1934 J 3 --------94 Aug'22 __ i _
50
_ --- Indiana Pipe Line Co_ _ _ 50 .9612 170
9712 Chic R & Pao 43358, Se..,. 5.50 5.00
1946 A 0 106 Sole 105
Ohio Public Serviee 734s
100
11 101 100
_International Petrol (no par) *2312 233
4
Ontario Power N F lot 5s__ _ _1943 F A
Equipment6s
5.75 5.40
95 4 Sale 9512
3
96
5 95
9914 National Transit Co .12.50 .2
83 29 Colorado & Southern Gs_ _
4
Ontario Transmission 5s_ _ _ _1945 M N
94
5.65 5.30
95 94 Feb'23 -- _ _1 94
943
New York Transit Co_ _ _100 135 137 Delaware & Hudson 6s
5.50 5.20
Otis Steel 80
1941 F A 101 Sale 9912 101
101
31, 9712
Northern Pipe Line Co 100 158 110 Erie 430 & 5s
1st 25-yr s f g 733s Ser 11_ _ _1947 F A 945 Sale 933
0.00 5.50
4
943
4 42 92
942
4 Ohio Oil new
25 *8212 8312
Pacific G & El gen & ref 5s__ _1942 J 3 913 Sale 91
Equipment (Is
6.20 5.75
4
92
48 9012 931 Penn Nlex Fuel Co
/
4
25 *1812 1912 Great Northern Os
Par Pow & Lt lot & ref 20-yr 58'30 F A
9214
92
5.55 5.25
9212
94
9 91
9212
Prairie 011 & Gas new.,.100 255 259 Hocking Valley Os
Pacific Tel & Tel let 55
1937 J J 9814 Sale 983
5.70 5.40
8
99
31 9814 995
as
9114 Sale 9114
1952 MN
9212 Prairie Pipe Line new _ _100 11412 11512 Illinois Central 433s & 5s_ _ _ 5.95 4.85
917
8 70 91
Solar Refining
100 183 187
Equipment Os
Packard Motor Car 10-yr 8s._1931 A 0 1073 Sale 1073
5.60 5.35
4
4
108
88 107 10812 Southern Pipe Line Co_ _100 169 110
Equipment 75 & 633s
Pan-Amer P & T lot 10-yr 7s_ 1930 F A 10312 Sale 10212
_ 5.30 5.00
10312 20 102 1058 South
Penn 011
100 194 196 Kanawha & Michigan Os.
Pat & Passaic G & Eicons g 5s 1949 M S 9318 96
5.85 5.35
94
94
Jan'23 ___
94
Southwest Pa Pipe Llnes.100 82
85
Equipment 433s
Peon Gas & C 1st eons g 6e_ _1943 A 0 1078 Sale 1072
5.60 5.30
10753
I 107 1075
8 Standard Oil (California) __ .60
6014 Louisville & Nashville 5s_ _ _ 5.20 4.75
Refunding gold 58
1947 M 5 923 Sale 9214
4
9318 25 9112 9312 Standard 011(Indiana) _ 25
.863 6612
3
Equipment Os
Philadelphia Co 65A
5.55 5.35
1944 F A 1013 Sale 1007
3
8
10112 92 997 102
Standard 011 (Kan) new 25 *47
4712
Equipment6 Ms
Pierce Oil 5 i Se
9714 9712
5.30 5.05
1931 J D 97
9712
11 94
98
Standard 011 (Kentucky) 25 *104 105
Michigan Central 5s, es__ _ _ 5.25 5.00
Pleasant Val Coal lot get 58_1928 3 J 87 -___ 90
90
5 90
90
Standard Oil(Nebraska) 100 225 228 Minn St P&SSM 433s & 5s 5.50 5.10
945 93% Feb'23 --__1 91
Pocati Con Colliers let *1 58_1957 J J 92
945
Standard 011 of New Jer_ 25 .41% 4112
Portland Gen Bloc let 53
Equipment 633s & 7s_ _ 5.65 5.25
1935 J J
933 95
4
938 Feb'23 --.... 93
9414
Preferred
100 117% 11712 Missouri
Portland By let Ac ref
_ _1930 MN
8653 87 8414
9 8414 87
84%
/ Standard 011ot New Y k. 25 *4714 4712 Missouri Kansas & Texas 5s 5.60 5.25
1
4
.
Pacific Os & 6 Ms_ _ 5.75 5.25
Portland By Lt & P 1st ref 5s 1942 F A
843 8412 813
8
5s_8
8438
8 833 8612 Standard 011 (Ohlo) new___ 300 305
4
Mobile & Ohio 4 Ms,55
let 4, refund 7348 See A.._1946 M N 1063 107 1063 Feb'23 ____ 1065 107
8
5.60 3.25
3
s
Preferred
100 .117 118
New York Central 4Ms,5s_ _ 5.20 5.00
Porto Mean Am Tob 8s
977 104 10354 Feb'23 ---- 103 1033
1931 M N
4 Swan & Finch
100 34
33
Equipment &
Prod & Ref s f 8s(with warnts)'31
5.65 5.35
14 127 Sale 126
127
7 123 127
Union Tank Car Co_ _ _100 8252 83
Equipment 75
5.40 5.15
4
without warrants attached__ _ J D 1033 Sale 106
10814 ,38 107 1083
4
Preferred
100 110 112
Norfolk & Western 4 Ms
Pub Sent Corp of NJ gen 58_1959 A 0 85 Sale 843
_ 5.25 4.75
4
85
18 8118 86
Vacuum 011 new
25 *4918 49% Northern Pacific 7s
1937 ,j 3 112 Sale 111
Punta Alegre Sugar 78
5.30 5.00
115
667 10514 115
10 *26
30 Pacific Fruit Express 7s_
Remington Arms Si
5.30 5.05
1937 M N 933 Sale 933
4
9812 Wa.slaington 011
4
9 93
95
Pennsylvania RR equip
Repub I .1, S 10-30-yr 52 s f _ _1940 A 0 948 Sale 9412
_ 0.50 5.00
945
8 37 9412 9614
Pitts & Lake Eric 633s
5.35 5.00
5145
454
1953 J J 9412 Sale 9412
9412 31 9412 9
Other Oil Stocks
Equipment Os
5.70 5.40
Robbins & Myers let 25
-year s f
1
Atlantic Lobos 011 (no par) *53
4 614 Reading Co 4 Ms
5.15 4.80
gold coupon Is
1952 1 D 9814 9812 9812
9812
1 977 983
4
Preferred
20 St Louis & San Francisco 15s_ 5.50 5.15
'0 no
Koch & Pitts Coal & Iron 5s., A946 M N
983
91 - - - _ 988 Jan'23 ---- 983
8
Gulf Oil (new)
*6614 6612 Seaboard Air Line 433s & 50_ 6.00 5.50
Rogers
-Brown iron Co 20
I
-year gen
Humble Oil & Ref new _ 25 *373 38 Southern Pacific Co 4 Ms_
5.15 4.75
4
& ref Wee gold 7s
92
1942 M N ---- 90
Jan'23 --__ 92
93
25 •11812 119
Equipment 7s
5.30 5.00
70 ____ 7512 Sept'22 --__ ___ _ -- - - Imperial Oil
St Jos By,L.11 & P 58
1937 M N
Magnolia Petroleum
_100 183 165 Southern Ry 433s & 55
5.60 6.20
St Joseph Stk Yds lot g 4338_1930 1 3 8638 85% Dec'22 --Merritt Oil Corporation_ 10 •107 1118
8
Equipment es
5.75 5.40
St L Rock Mt & P 50 atmpd_1955 J J 83
86
85
-1;3 - -g - Mexican Eagle 011
85
5 •1014 11 14 Toledo & Ohlo Central Os_ _ _
5.75 5.30
St Louts Transit be
1924 A 0 --------55
Oct'22 --- ____ --- - Mountain Producers
Corp_ _ •193 197 Union Pacific 75
4
8
Bake Co 75
5.20 3.00
1942 NI 5 102 Sale 10112
102
24 10012 10214 Salt Creek Producers
*2478 25
Sharon Steel Hoop '.0 0,, ser A1941 M S 100 Sale 9912
100
9 9714 100
Sierra & San Fran Power 5s_1949 F A 87 Sale 87
Tobacco Stocks
8712
2 86
8712
Sinclair Cons 01115
74
AmerIcan Cigar common.100 72
0% Sale 100
M S 10
-year 7s...1937
10012 194 100 10112
Public Utilities
Sinclair Crude 011 533s
Preferred
92
4
20 189
0 15
4
1926 6 o 973 Sa1,3 975
9812 508 973 100%
4
Amer Gas & Elec, corn__ 50 *172 175 Ameer
Sinclair Pipe Line 20-Yr of g 5e
& Fdry
Prr 'l
1
50 *46
Preferred
47
15 iii512
__
due
Tobacco
4
1eLlerlnmerbao cc
2 h A To Tc s ord.p _ ..zi 15
1942 A 0 873 Sale 87
873 215 854 8911
4
Deb 68 2014
MAN 96
Baum Porto Rice sagar 7g_ _ _ igc J 1) 1003 Sale 993
97
20
4
101
62, 99 101
Amer Light &Trac,corn 100 136 138
South Yuba Water 69
1923 J J 9212 ____ 112 July'04
( ea
m Tta ,,2orerig .8iz 20
ff
24
1
obea m
Preferred
100
South Bell Tel & T let s f 55_1941 J J
250
94 4 9512 9412
954
/
1
5• ill/ 953.1
4
4 Amer Power & Lt,corn_ _100
Stand Gas & El cony s f 6s....A928 J D 993 Sale 9914
r1V 148100 114 118
8
e l
t
6
95 Pi Preferred
993
3
4 967 99%
8
Preferred
100 8412 8
Standard Milling let 55
1930 131 Pi 963 Sale 9612
4
mofG 13 & Irerd *1712 18
arTob
963
4
2 9534 973
4
Deb 65 2016
MAS 9512 9612 Int. Cig. MAC191101
Standard 01101 Cal 75
55 60
4
a1931 F A 1055 Sale 103
106
1'
95 103 10712
Amer Public Util, com 100 20
Steel & Tube gen 5 875 eer 0.1951 J J 103 Sale 102%
23
Johnson Tin Foil & Met_100 80 90
103
21 101 106
Preferred
100 46
Sugar Estates (Orient!) 7s___1942 M 5 9712 Sale 9714
48
MacAtuirews & Forbee_ _100 126 139
973
973
4 28 96
BlaeltstoneValG&E,com 50 *76 ____ 'elrreit
Syracuse Lighting 1st g 5s___1951 I D 935 0712 9112 Jan'23
ngfe
re
100 99 101
Light & Power Co col tr s f 5554 J J 83
30
61
's 87
86
Co
Me
l
100 28
Jan'23 ---- 86
8 Carolina Pow
----11 9112 863
9112 Cities Service& Lt,com_100 64
Co, com_ _100 187 189 Porto Rican-Amer Tob_ _100 70
Tenn Coal I & RR gen 55_ _ _ _1951 .1 .1 1003 10031 1001
8
75
/ 10031
4
3 10014 101
Preferred
Tennessee Cop 1st oonv 6s___ 1925 M N 100 10012 10014
*80
90
12 6912
Scrip
10014
1 100 10014 Cities
Service BankersShat9s 68
le
0
Tenneseee Klee Power 6s.._ _1947 J D 94 Sale 9312
66
9414 50 9312 9412
Wttres.
S
Schulte
(no par) *134
Colorado Power, con)._ _100 1 124 P41124
Third Ave lot ref 4s
6114 18 58
1960 J J 6014 6112 8012
e red
erBet
100 112 118
r
62
Preferred
AEU income 5s
100
115 120
61960 A 0 6012 Sale 60'2
ieaf Tob cora_
62
yefsaLl
92
3
252 5614 62
8
UT2e
Third Ave Ity la 4 58
u(
)
)
94
1937 3 J 9414 96
94
100 101 104
6 9312 9514 Com'w'th Pow,Ry & Lt_to0 IA
Preferred
Tide Water 011 tiyls
1931 F A 1033 Sale 1034 10312
3
100 103
72
/
1
100
Young (J S) Co
5 10212 105
Tobacco Products s f 75
1931 J D 10112 Sale 104
102 107
97
10412
1 10234 10412 Elee Bond & Share, pref _100 96
Toledo Bdison 75
1941 34 S 1C7 Sale 1063
'2
4
e
PrIl 2ui8ber Stocks (Cllr71 and zir ices)
10712 25 106 1074 Federal Light & Tree__ _100 5412 56
e err
.
Tol Trac, L & P 65
Preferred
85
A 99 Sale 9838
9912 19 9812 9912
1920 F
ig 80
Firatopre e rred Rub,com
ne Tire St
Trenton G & El lot g lia
Lehigh Pow Sec__ _(no par) 7o
99
97
20n 1
1949 0 5 9212 95
11
9
5
Jan'23 ---1 95
96
Tel City Ry &. Lt 1st 5 f 56_1923 A 0 100 __ _ _ 100
Mississippi Riv Pow,cam I 00 27
95
98
10014
28
7% preferred
6 100 10014
Undergr of London 4A5
Preferred
100 82
1933 J J 9214 9614 907 Jan'23 ----1 90% 907
s
.50 100
Gen' ferred Rub, corn..,
eTire &
l
First Mtge 50. 1951_J&J 9214 983414
Income 65
99 for
1948 1 J 834 _ ___ 743 Nov'22 ---- ____ __ _
s
S f g deb 7s 193.5._ _NUN 100 tog Gol) e erredtre & R,corn.100 1412 15
Union Bag to Paper 1st 55_1930 J J
1013 JUne 22 ---- ____ ---_
4
.
i.r 3fe ar T
d
68
/
4
5
1942 MN 9712 iii 0714
9712 19 9612 98 8 Nat Pow & L, com_(no par) 43
100 4912 501
,
Union Elec Lt & P 1st g 55-1932 M S 9/1 Sale 97
87
Preferred
(no par) 8412 8512
100 85
97
Prior preferred
97
1 95
1931 j J 9314 99
92
Inc 7s 1972
Union 011 55
87
J&J 92
95 Dee'22 _
•7
90
6s
8
8
1042 F A 1013 Sale 013
711 13,1 11Terr T
C 9 t RIttlr Call'9f-igg 85
10112
9 101 102% Northern Ohio Elec (no par)
10312 105
Preferred
Union Tank Car equip 78_ _ 1930 F A 104 Sale 0312
100 31
104
33
Preferred
20 103 104
15
United Drug cony 8s
1941 J D 11214 Sale 12
__ Mohawk Rubber
100 12
3 112 11312 North States Pow, com_ 100 96
8
113
70
Preferred
65
United Fuel Gas 1st s f 6s
100 92
4
9734 30 96 3 98
193(1 J J 975 Sa,c 9654
21
United Rys Inc 58 Pitts(Nue 1926 M N
9012 Sale 89
9012 28 8714'9012 Nor Texas Elec Co,corn.100 81 81ire& R.com_100
Preferred
100 78
United RyS St L 1st g 45
:
1934 J .1 611 6212 6315 Jan'23 ---- 6118 631s
rs .
tlgar
i
Sugar Stocks
20
St Louis Transit gu 5s.... _1924 A 0 --------63 Doe' ---- -- - - - -- - Pacific Gas& El, let pref 100 90 2 CaracasSwin
e2
60 *17
Preferredeha
22
Puget Sound Pow de Lt__100 51
89
53 Cent Aguirre Sugar corn_ 20 *87
United OS Co Ltd (The) Copen•12 2
100 79
13% preferred
hagen int rcts 15-yr s f 65_ _1937 M N 8814 Sale 8812
6
8812
Sugar Corp.(no 91)1.4
Central
9 8612 90
7% preferred
100 103 Igg 2 Fa efo u gar
3
ttnited Stores Realty Corp 20-yr
(
lgr terrwl
Gen M 7SO 1941_ __M&N 101 1051
4
s f deb gold Os
100 99 102
10038 10 9914 10114
1041 A 0 10012 Sale 993
Republic. Ry & Light...100 14
73
10212 103
03
CI 8 Hoffman Mach 8s
10312
9 10212 10312
15 Federal Sugar Ref, com_100 68
1932 3 3
101
Preferred
4212 4413
997 100
8
10
IJ S Realty & 1 cony deb g 55_1924 J J
Preferred
100
100 90 105
1 997 100
South Calif Edison,com AO( 103
26
322
U S Rubber 5
__ 02 Nov'22 --- _ _ __
Inc_(no par) .
-year see 7s__ _ _1923 J 0 -,,
100 121 19
Preferred
94
26 69Pireelfuerurxed969.
4
3
let to ref 58 series A
8912 129 87
1947 J 3 887- Sale 8812
100 89
8912
Standard Gas & El (Del) 50 *2312 1112 Gretie 22e
90
1
1930 le A 10814 Sale 08
1083
3 2 107 109
10
-year 710
i r t'LVostrn Sag neW25 100 85
i
4
50 .483
Preferred
4
17 14 Smelt Ref dr M cony 65._ 1929 F A 10012 Sale 00
1004 18 100 101
100 105 106
par) •1712 1812 Holly Sue Corp,com.(noparl *34
Elec Pow
Tenne8see
40
Cr S Steel Gory)
10313, 190 10212 104
coup
d1963 MN 103 Sale 103
(no
•53
2d preferred
SO
58
s f 10-60-yr 5slreg
Preferred
103
100 80
Jan'23',2 1027 103
(11983 MN -- _
8
0) 70
(
United Lt & Rye, corn_ _ 101
72 Junerxr Central Sugar__ _100 50 100
Utah Light St Traction 5s____1944 A 0 8612 Sale 8612
87
20 8512 88
76
let preferred
78 National Sugar Refining.100 107 109
Utah Power & Lt let 55
00
38 90
1944 F A 91% Sale 10
9214
11(
Western Power Corp_ _ _ _ 20) 32
/0
19
34 SantaCeetliaSugCorP,Pf•100 16
Utica Elec L & Pow 1st s f 55_19.10 J 3 96
95 Mar'20 ---, ____ __ _
Preferred
81
55
83 Savannah Sug.com_(no par) .52
Utlea Gas & Klec ret 5.3
1
1957 J J 913 9314 9138
91%
1 913 -921
8
/
4
Victor Fuel Co Is* 8 1 55
100 105 107
70
58 Nov'22 ---- .._
60
1953 J J
Short Terrn Securities-Pe Cent g2 WITt ie221:a
60
Va-Caro Chem let 15-yr 5s._1923 3 0 100 4 1003 100
9re err d
2 nd iSug Fin.com_100 40
10014
9 1011 10014
'
8
45
Cony deb 6s
100 40
3 . 10014 Feb'23 '--. 100 10012 Am Cot 011 6s 1924_131&52 91
01924 A 0 1003
Amer Tel & Tel as 1924.F&A 1'014 1007 Industrial &Miscellaneous
70
98
612
19473 D 97 Sale 9
97 2 79 90
,
Anaconda ConMin68'29 J&J 102% 1023 A merlean I lardware_ _ _ _10(
49
48
4
12
-year s f 7335
0412
1937 J J 9414 Sale 90
9412 98 91
J&J 10312 12 74 Arreferrpt4ounders,com.100 67
75 1929 Series B
70
rr T y ed
1,8
1
without warrants attached_ J J 90 Sale 8812
90
8 86
90
Anglo-Amer 0117 455'25 Aalr()
Va Iron Coal & Coke lot g 5s.194; M S 934 96
100 98 102
/
1
95 Feb'23 ---, 93 9512 ArmlIzCo7sJuly15'30J&J15 103
105 10514 Atlas Powder
va Ry Pow 1st & ref 55
100 159 185
1034 J J 85
86% 8512
8512
1 84
8512
Deb 6s J'ne 15 '23 J&D15 10014 10012 111188(EW)Co,new_(no par) .33
34%
Vertlentes Sugar 75
1942 3 D 9714 Sale 9718
98
63 96
98
Deb Bs J'ne 15'24 J&DI5 10014 10012
65
60
50 .
Warner Sugar 7s
Preferred
1941 .1 D 105 Sale 10412 105
22 10312 10(3
July 15 233&.115 10514 1053 Borden Company,cora_ _100 113 116
.
4
Wash'Wat Power s 1 be
1039 3 .1 99 ____ 98 Dee'22 ---- .. _ _ -- Beth St 7%
Canadian
100 102 104
•
Westehe0 Leg g 58 stmpd gtd_1950 J D 97% 99
964 Jan'23 ---- 963- 971 Federal Poe es 1924 MlieS2 10118
4
/
4
Sug Ref 6024_ MArN 101 10114 Celluloid Company
95 100
West Penn Power Ser A 5o...1946 M 8 927 Sale 913
9" 18
51 2
0
10(
4
8
9278
6 9134 93
Hacking Valley Os 1924 M&S 10012 1 07
3
100 100 110
let 40-year 6s Series C_ _ _ _ 1958 J D 1011 Sale 1013
/
4
Preferred
4
102
3
3 1013 1021
/
4
terboro R T Ss 1922_M&S
100 141 145
lot series D 75
ChilderifeC2r02,,fommon
r194(I F A 10514 Sale 10411
10514 12 104 10514 In Term Ry 63;23 M&NI5 96
niy 190
0
1003
4
100 108 110
West Eleetrle lot 5s._ _ _Deo 19223 J --------997 Dee'22 -=,. _ _ _ --- K64s j
J&J
100 108 112
Western Unton coil Or cur 5)4_1938 J J 98 Sale 98
987
13 975 9912 Lehigh Pow Sec (Is'27_E&A 10312 10412 Hercules Powder
4
100 102 105
4
Preferred
Fund & real estate g 4%5...1950 61 N 913 9212 91
9212 Sloss Sheff S & 1 60'29_ F&A 11212 9314
9 91
4
913
95
97
100 88
I5
11430 F A 1093 Sale 10938
4
-year 633s g
110
15 10918 1117
s U S Rubber 7130 1930_F&A 1073 98 International Salt
.1 1081 1 Intanityion1Sliveri3.ie2 121 104
1931 MN 108 Sale 108
l 0f- - 0
Westinghouse E dtSf 713
, tr t ey
.
10812 38 10718 110
92
*89
Joint Stk Land Bk Bonds
Wiekwire Spen Steel let 70_1935 .1 J 97 Sale 97
9714 16 9614 98
Chic St Stk T.and Ilk 5s_1939 9934 10012 Phelps Dodge Corp com.10( 155 175
Wilson Az Co let 25-yr e f 0._1941 A 0 101 Sale 10014
101
48 993 102
4
5s 1951 opt 1931
10( 125 130
10
-year cony s f Os
1928 3 D 9712 Sale 95
9712 269 9214 9712
99 102
50 1952 opt 1932
19:31 F A 10412 Sale 1037
Temporary 7049..
8
3
10412 3 102 105
534s 1951 opt 1931
1(10 10712
1)
!ara:In e o ir
el Br
33.
Winchester Arms 7348
10512 10612 sI nfe c i eknt:artiw I ng _
1941 A 0 10214 Sale 10114
10212 25 10038 10
4
• Per share. b Basis. 4 Purchaser also pays accrued dividend. e New stock.
/Flat price. k Last sale. p Ex-special lividend or $15. n Nomlna . z Ex-dlv.
*No price Friday; latest bid and asked a Due Jan. a Due Apr. c Due mar. e Due
pEx-rights. 1F.x-stock env. u Ex cash and stock dividends. o Ex400% stock
May. 0 Due JUne. h Due July. 8 Due Aug a Due Oct. q Due Dee, a Option sale. dividend.
C
D

c/8110

BONDS
• Y.STOCK EXCHANGE
SVeek ending Feb. 16

ii....,
•Z
it
.
Z., a.

[VOL. 116.




Arl

'212

12 lop Royal
o,

BOSTON STOCK EXCHANGE-Stock Record se.B T0...
.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday:
Feb. 10.
*14612 148
82
82
_ _ _ __
HO no
*103 10312
153 183
4
4
-55i - 2
2 i61
48
46
3312 3912
59
*58
*180_
16
19 - 71
*69
57
*56
35
35
•35
36
39
39
2212
*22
84
*82
;i512 ii.
.1
;55 4 -_-_-_-_

Monday.
Feb. 12.

Tuesday.
Feb. 13.

Wednesday
Feb. 14.

Thursday,
Feb. 15.

Friday.
Feb. 16.

Sala
for
the
Weelc.

STOCKS
BOSTON STOCK
EXCHANGE

Shares
RaBroach
146 147
146 147
145 146
--------368 Boston & Albany
100
8114 82
81
82
81
81
--------177 Boston Elevated
100
97
97
97
9712 *97
99
____ ____
Do pref
13
100
120 12012 *120 12012 120 120,2 --------78
•
100
Do 1st pref
10212 10212 103 103
103 103
103 103
94
100
Do 2d we!
18
1812 18
18
18
1812 18
183
4
548 Boston & Maine
100
2512 27
*24
27
2414 2414 2412 2412
Do pref
72
100
2912 293
4 2912 2912 .28
2913 --------132 Do Series A 1st pref_100
4512 46
4312 45
*41
44
____ ____
Do Series B 1st preL_100
95
40
40
*3812
*37
391 --------14
100
Do Series C let pref
5812 5317 56 56
56
--------236
56
100
Do Series D lot pref
180 160 *160
_ __ *160
4 Boston dr Providence
100
19
1912 1812 19
18
1912 1812 19
474 East Mass Street By Co_100
69 69
*67
69
*65
67
6
Do lot pref
100
5612 5617 *55
57
*54
57
55
Do pref B
41
100
59
-12
3412 35
343 3434 3434 35
4
--------101
100
Do adjustment
*33
36
•33
35
3412 3412 35
35
25 East Mass St By (tr etts)_100
39
3912 387 3S8
8
__ ____
__
20 Maine Central
100
1914 21
20
204 38-20
2012 1952 -2012
948 N Y N H & Hartford
100
82
82 *____ 8312 81
82
____ ____
10 Northern New Hampshire_ 100
_
___ ____
9612 9612 --------2 Norwich de Worcester iaref_100
-i,5- goii -7912 81
79
7912 793 80
4
215 Old Colony
100
---_ _ *36
3812 *__ __ 384 ____
___ ---Rutland prof
100
9612 9612 *94
98 •____ 98
97 97
17 Vermont & Massachusetts_100

Range since Jan. 1 1923.
Lowest
1443
4
8012
97
118
102
1652
2112
2712
40
36
56
159
IS
68
55
3412
3412
38%
163
4
81
9612
73
33
96

Jan 3
Jan26
Jan 9
Jan 2
Jan 2
Jan19
Jan 2
Jan24
Jan17
Jan22
Jan22
Jan 2
Feb15
Jan29
Feb16
Feb13
Feb15
Feb 7
Jan15
Jan30
Jan29
Jan20
Jan26
Jan16

Miscellaneous
I
3
3
3
*23
4 3
234 23 --------400 Amer Pneumatic Service
4
25
23 Jan18
4
1714
1714 1714 1714 1714 174 1714 174 1712
Do prof
305
50 1718 Feb15
12234
12212 123
12212 123
12212 12332 1223 12314 2,502 Amer Telephone & Teleg 100 12152 Jan31
4
95
95
95
95
95
94
9412 94
94
222 Amoskeag Mfg
No par x88
Jan 8
83
82
83
83
83
82
82
____ ____
79
Do pre(
No par 813 Jan16
4
16
*15
16
*15
16
*15
16
__ ...
____
Art Metal Construe Inc___ 10
_ _.
. 1
1013 1912
•19
20
19
2012 *20
20
1914 -21
475 Atlas Tack Corp
No par ____.
17 ... 2,
106 106
10612 10612 ----------------20 Boston Cons Gas Co, pref_ 105 105
Jan22
.25
•.15
•.15 .25 •.15 .25 *.15 .25 ---- --Boston Mrs Pet Trus No par .10
Jan18
26
264
2514 257
2512 257
2514 25% 25 2512 9:447 Connor (John T)
10 20
Jan13
37
38
--------25 East Boston Land
*312 4
2 *312 4
312 37
10
312 Jan27,
312 10
10
103
4 10
10% 1014 1012 1014 1012 2,448 Eastern Manufacturing- 5
712 Jan25
92
94
94
97
9614 9712 957 974 9619 97
2
4,000 Eastern SS Linea Inc
25 8112 Jan10'
Do pref
50
1
iiiii- 166- iii§- 16
1683 163 16812
- 4
593 Edison Electric Ilium
100 2167
Jan17
*912 10
•912 10
*912 1012 *912 10
912 912
150 Elder Corporation
No Par 10
Jan25
*2712 2912
291p 2912 *2712 29
*2714 29
____ ____
5 Galveston-Houston Elee100 2712 Jan121
143 143
4
1434 143 *14
4
4
1413 14
14
1312 1334
145 Gardner Motor
Vo par 103 Jan 2
4
2212 24
24
23
2212 2312 22
2212 22
224 2.121 Greenfield Tap & Die
25 20
Jan 2
*5712 5813
58
5812 5812 5812 *58
5812 58
58
240 Hood Rubber
No par 54
Jan 8
•38
39
4
4 393 403
3812 403
2 40
40
39
39
1,345 Internet Cement Corp_No par 35
Jan 2
22
22
20
20
20
20
2112 --------10 Internat Cotton Mills
*20
50 20
Jan 8
*75
_
*75
*75
79
79
*75
80
75
75
13
Do pref
101
7112 Jan 2
*212 23
*212 - 34 .212 23 ____ __-4 *212 23
24
4
International Products_No par
Jan15
2
2.5
612 .5
*5
612
612 *5
612 ____ ____
Do peel
_100
512 Jan19
____ _ __ ____ _ __ ___- _ __ ____ _ __ ___
__
Island Oil & Transp Corp__ 10 _ __
1
63
612 63
7
4
612 - ,
74
612 - 4
63
612 283 Libby, McNeill & Libby__ 10
7
814 Jan 2
10
*210
10
1012 10
10
10
1012 10
1012
446 Loew's Theatres
2' 10 Feb 8
84
84
83
83
84
8314 8212 824 8212 831
:
479 Massachusetts Gas Cos___100 5212 Feb15
7114 7117
7112 72
7112 7112 7012 7012 --------344
Do pref
100 70
Jan 3
__ 178
*____ 178
175 178
175 178
175 176
288 Morgenthaler Linotype_ 100 175 Feb 5
Stock
914
9
9
9
917 103
8 1012 113
4 1112 125
2 2,820 Mexican Investment Inc
73 Jan31
4
10
274 27% 2712 2712 2712 277
2712 2712
8 274 277
8
226 MLssissippl River Power_100 27
Jan 9
83 Exchange *82
83
84
84 84
8112 82
53
Do stamped pref
Jan16
100 80
7
14 812
818 84
8
83
4
814 83
4
8
- 8 5,785 National Leather
85
10
Jan 2
7
.
3.25 .50 Closed;
*.25 .50 *.2.5 .50 *.25 .50 __-- ___
New England 011 Corp
.25 Feb 3
118 11812
118 11812 118 118
11714 118
11772 117%
-343 New England Telephone_100 116 Feb 1
*1914 193 Lincoln's *19
4
1912 1914 193
2 193 21
2
2014 21
1,985 Orpheum Circuit Inc
1 1712 Jan 6
99
99
98
9914 9717 98
9712 9712 9712 9814 1,069 Pacific Mills
Jan 3
295
*16
1612 Birthday.
16
1612 *1512 1614 18
16
--------135 Reece Button Hole
10 1512 Jan 4
*2
214
*2
214
2
2
*2
214 --------89 Reece Folding Mach
10
2 Janll
*118
*112
•118 ___
•118 __
____
__
___
Strums Magneto
5
1 7 8 10i A
0 , -- 7
10713 170012 108 109
10814 1087 10312 1083
- 2
- 4
845 Swift dr Co
100 10612 Jan31
463 463
4
4614 4634 4617 483
4
4 463 47
4
4612 47
303 Torrington
25 48
Jan 2
*712 9
*712 9
*712 9
*71
---- -_
.
Union Twist Drill
74 Jan19
5
5452 55
543 547
8
2 5314 543
5314 54
5312 533
-- 8,323 United Shoe Mach Corp
4
25 447 Jan 2
27
27
27
27
267 27
27
27
27
27
532
Do pref
25 25
Jan25
23
28 4
,
2814 2812 2812 283
2 2832 287
2312 2912 7,787 Ventura Consol 011 Fields_ 5 2718 Jan22
41
414 4112 4114 417
4114 417
2 403 414 7.989 Waldorf System Inc
4
10 36
Jan10
*214
23
*214 23 ____ ____ ____ ____ ____ ____
4
4
Waltham Watch
100
23g Jan 9
4
.8
9
*717 812
Do prof
100 1212 Jan 2
1512 154
1514 1512 1512 16
1614 1612 1612 1714 1,190 Vi'alworth Manufacturing- 20 1114 Jan 5
2912 3014
3014 31
2912 3014 29, 2912 29
14
2914 1,675 Warren Bros
50 2512 Jan31
3312 3312
*3314 3412 34
34
3412 3412 34
34
100
Do lot prat
50 33
Jan17
37
38
*37
39
*37
39
*37
39
____ ____
34
Do 2d pref
50 36
Jan25
•12
1212
•123 1314 *13
4
14
*123 1312 ____ ____
4
Wickwire Spencer Steel__ _ 5 114 Feb 6
Mining
•.25 .50
*.25 .50 *.25 .50 *.25 .50
.2.5 .25
50 Adventure Consolidated_ 25 .25 Feb16
*2
59
534
5913 5912 58
5912 5917 62
6212 6412
838 Ahmeek
25 56
Jar47
•.25 .40
•.25 .40 *.25 .40 •.25 .40 *.25 .30
Algomaly Mining
25
*2112 2212
22
*21
22
22
22
23
23
465 Allows
25
25 19 Feb 5
318 34 34 31
3 4 31.1
,
,
,4
31: 37
312
314
3,990 Arcadian Consolidated_ 25
31 . Feb 9
4
2
814 814
814 84
814 84
812 94
103
2 7,342 Arizona Commercial
9
5
7 2 Jan 6
3
*1712 18
•1712 18
*1712 18
*1712 18
173 18
4
150 Bingham Mines
iol 1712 Feb 3
300 300
295 299
298 300
300 305
305 310
208 Calumet & Heels
Jan 9
251 285
854 872
878
83
4 9
9
8
9
834 1,420 Carson HIII Gold
O3e
Ii
712 Jan 2
*812 10
9
93
*8
9
*8
812
40 Centennial
8 2 812
,
25
7
Jan18
3712 38
3712 38't 37
3812 40
38
397 4012 1,728 Copper Range Co
25 3534 Jan20
3
3
3
3
3
3
3
318
3
312 1.092 Davis
-Daly Copper
10
25 Jan 5
a
814 8 4
,
93
812 84
812 812
9
9
10
2,495 East Butte Copper Mining_ 10
74 Jan29
•134 13
4
ig4
*132 14 *114
13
4
112 2
14
165 Franklin
25
1
Jan18
212 212
24 212 .23
*214
*214 212
254
4 3
50 Hancock Consolidated
25
24 Jan10
•.70
1
•.70 1
1
*.70
•
.70
.70 .7'
1
95 Itelvetla
2 .60 Feb 2
104 104
104 105
10312 10412 10312 10317 103 10313
747 Island Creek Coal
1 10112 Jan 4
95
95
9414 9414 95
95
9312 9312 95 95
33
Do pref
1 9312 Feb15
2214 23
23
2412 2412 26
24
24
2512 27
1,695 Isle Royale Copper
25 21
Janll
344 31*.
*3
314
314 314
115 Kerr Lake
3
3
3
3
5
3 Feb 2
---1°4
*112 2
2
112
112
112
112
130 Keweenaw Copper
25
14 Jan 5
3
312
*34 31
: 314 314
4
312 312
665 Lake Copper Co
3
2
3 Jan 9
•112 2
114
14 *112 17
2 *112
172 *152 2
10 La Salle Copper
25
14 Jan29
*134 2
*112 2
*112 2
*11
: 2
*14 214
Mason Valley A1100
5
15
8 Jan 8
*134
2
2
2
*112 2
14
*13
4
2
*2
10 Mass Consolidated
2
25
112 Feb 1
013
7
6
65
6
64
612 63
4
612 7
6,070 Mayflower-Old Colony
25
312 Jan 2
.212 3
3
3
*214 3
24 24
142 Michigan
2
23
4 23
25
2
Jan 8
573 574
55
4
5614 54
5512 5612 5712 58
59
781 Mohawk
25 5414 Feb 1
1818 1812
1814 1812 18% 183
193
19
4 1812 19
4,255 New Cornelia Copper
5 165a Jan 1
____----10
New Idris Quicksilver
5
•____ 37
*---- li •__ 37 •____ 37 •____ 37
New River Company
100 36
•
Jan 9
_ 83
•---- 83•
s82
_ ---- 85 •____ 85 •_
Do prof
100 80
57o 9
Jan22
53
4 5 2 *54 6
,
53
4 64
6
520 NU/lasing Mtnes
614
5
5 12 Jan 4
93
351
93.,
95
934
914
934 10% 101s 103
4 4,935 North Butte
15
9 Jan 9
*12
8
152
117 13
4
112
112 *138
213 Oilbway mining
13
4
13
4
112
25
114 Jatilli
no 21
21
1912 194
21
23
23
188 Old Dominion Co
24
24
9
5 1812 Jan 5
23112 32
31
3114 32
30
32
325
938 Osceola
3218 3312
25 2912 Jan27,
34 312
312 312
34 34
..
400 Park City Min & Smelting...5
3 2 312 -77f
,
3
Jan 9
35
36
36
36
3612 3712 39
•35
3872 --.516 Quincy
41
25 3212 Jan30
41
41
41
41
4112 42
41
4412 44
540 St Mary's Mineral Land
444
25 39
Janll
.60 .65 •.65 .70
•.55 .75
.70 .90
.80 .90 1,850 ShannoL
10 .40
Jan 9
•.50 .75 *.50 .75 •.50 .75 .
•.50 .75
3.50 .75
South Lake
25 .45
Jan 5
•
112
Ai .14
•112
1
13
4
134
*112 2
*112 2
Superior
25
15 Jan20
3
34
3
314 31 '
34 314 5.446 Superior & Boston
34
42
27
3
Copper_ 10
2
Jan 3
114
13
8
112
118
1
112
•1
13
8
112 3,242 Trinity Copper Corp
114
5 .85
Jan24
.40 .62 •.60 .62
.62 .63
.62 .62
.60 .65 3.630 Toulumne Copper
1
5 .45 Feb 5
35 3
3
3.14
%
3% 33
4
34 4
3,225 Utah-Apex kilning
358 35
5
23 Jan 9
4
1(t 1° 2 •1f
,
2 2
1.4 1 11
,,'
13
4
340 Utah Consolidated
14
I% 1%
14 Jan19
.96 .96 •.96
1
1
1
14 112 2,585 Utah Metal & Tunnel
3
1
1
1 .85
Jan31
14
118
112 14
114 14 *1
1
112
1
295 Victoria
21
Ila Feb 6
14
114
114
114 *1
14
1
1
275 Winona
1
1
25 .65
Jan22
41.
41.
9
9
814 812
84
812
812
390 Wolverine
82
,
91
71. Ton99
•Bkland aaked prices.00 Wee 00 t15 dal/.I IL:right* I Ex -dIvidend and sigma z Ex-dividend. 5 lex-atock dividend
a
3
174
12212
95
83
*15

Jai( 1-6.8-i;

4078




ia§-

709
PIPC WI A Kg.

Range for Previous
Year 1922.

Highest
149
81
9812
121
10434
2014
27
31
43
41
59
1604
213
4
72
61
393
4
39
43
2212
84
100
81
36
98

Lowest

Jan 9
Jan 5
Jan 4
Jan10
Jan 6
Jan15
Feb13
Jan 4
Feb 6
Jan 9
Feb 7
Jan25
Jan 6
Jan16
Jan23
Jan16
Jan 4
Jan 2
Jan30
Feb 3
Jan 3
Feb14
Jan13
Janll

Highest

13014 Jan
7312 Feb
9414 Mar
116 June
10114 Nov
14
Jan
20
Jan
22
Jan
38
Jan
30
Jan
40
Jan
125
Jan
18 July
66
Aug
51 July
28 July
99 July
2712 Jan
1214 Jan
69
Jan
58 Jan
57
Jan
15
Jan
78 Jan

152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3/12 May
37
Apr
4412 Apr
62 May
54 May
7712 May
163 July
2852 July
77 July
60 Nov
47 Aug
47 A112
55
Oct
347 May
96 July
1033 Dee
4
9814 May
523 June

Jan 9
Jan10
Jan 5
Jan 5
Jan 5

212 Dec
13 Feb
1144 Jan
104
Jan
80 Nov
14 Nov
Feb14
13
Jan
Jan12 10434 Alt
Jan25
10 Sept
I3 4 Jan
Feb10
3
Jan 2
3 Jan
Feb13
7 Dec
Feb14
384 Jan
42
Jan
Jan 3 156 Mar
172
3 Mar
10% Jan 2
2912 Feb 5 I 28 Dec
15 Feb 9
9 Nov
17 Dec
24 Feb10
5914 Jan15
43 Mar
403 Feb13
4
26
Jan
22 Feb19
20 Nov
7912 Jau10
60 Aug
212 Jan21
1 1 Dec
8
74 Jan19
512 Dec
.62 Apr
73 Jan 9
2
15 Apr
2
8 July
103 Jan 4
4
8712 Jan 2
63
Jan
Jan25
62
73
Jan
Jan 6 130
179
Jan
11 Dec
113 Feb15
4
13
2814 Jan31
Jan
84 Feb14
724 Jan
83 Feb13
4
0% Dec
Jan24
.22 Dec
.70
Jan 3 109
122
Jan
Feb15
21
13
Jan
Jan 2 1543 Oct
190
4
1612 Jan25
1212 Apr
Janll
152 Dec
2
.50 Nov
924 Jan
10917 Jan 6
4812 Jan 8 239 July
8 Mar
9 Jan15
37 Jan
55 Feb10
25
2814 Jaul 1
Jan
30
Jan 2
21% Jan
284 Jan
41% Feb14
54 Jan 3
214 Nov
11 Nov
153 Jan 4
4
1714 Feb16
712 Feb
Feb13
31
17 Jan
12
4
3012 Jan
343 Jan31
Jan17
31
38
Feb
1118 Feb 6
83 Nov
4
312
20
12414
112
88
_
2012
10814
.30
4
263
4
103
4
974

Jan 3
.62
6412 Feb16
_____
25 Feb16
44 Jan 4
103 Feb16
187e
310
95
94
4012
312
10
2
212
.90
1073
4
96
27
38
5
2
4
112
18
2
7
3
60
198
3612
82
614
103
4
2
24
334
312
41
4412
.90
.50
2
3/4
112
.65
4
2
14
112
114
9

Jan 5
Feb16
Feb13
Feb13
Feb16
Jan20
Feb161
Feb16
Jan 8
Jan31
Jan 2
Janl 1
Feb16
Jan 2
Feb13
Feb16
Feb 5
Feb 5
Jan 5
Feb10
Jan 3
Jan 3
Feb16
I
Jan18
Feb 61
Feb161
Feb16
Jan .51
Feb16
Feb16
Jan 9
Feb16
Feb16
Feb15
Jan 3
Jan 3
Jan 3
Feb15
Feb16
Feb16
Jan 3
Feb15
Feb16
Jan 4
Pohl 3

A31433331131r94

100

Aug

414
2014
12814
121
91

Jan
Aug
Aug
Dec
Aug

2012 May

22 May
107 Dec
.50 May
307 Dec
8
d
Apr
1414 Feb
8912 Oct
48 Sept
185 Sept
13 May
39 Aug
161 Apr
4
2714 Feb
543 Dec
2
353 May
2
32
Jan
85 Dec
64 Mar
17 Apr
3 Jan
1112 June
13
Jan
9018 Nov
74
Oct
181
Oct
273g June
34
Aug
8512 Oct
111* Jan
5
Jan
125 Sept
28
Oct
192 Dec
16 July
Mar
74 Apr
11012 Sept
8112 June
1414 Feb
45 Ma/
2712 July
3312 June
39 Dec
143 Apt
4
49
Am
13
Oct
354 Sein
3814 Gel
443 July
4
21 May

.50 Jan
1
Aim
56 Nov 86 May
.03 Sept
.50 Api
19 Dec 3212 Jar
2 Mar
45 May
8
6 Nov 1012 Junt
13 Jan
1854 Sepi
248 Nov 301 Am
Vs Nov
163 Mai
4
8 Nov 1312 Fel
3518 Dec 463 May
4
218 Nov
914 Jut
712 Nov 1214 Jar
Apr
1
3 2 Ap
7
112 Aug
312 Ma
.50 Dec
21 i Ap
,
8112 Jan 11858Juni
88 Feb 9712 Not
18 Nov
263 Ma;
4
47 Ap
3 Feb
Feb
1
34 Ap
24 Feb
53 Ma;
4
1 Nov
214 Ap
13 Jan
8
23 Ma:
4
112 Dec
44 Ap
212 Dec
64 Ap
.75 July
7 Ap
52 Nov 88 Jun
1514 Dec 2012 Jun
.05 Dec
24 Ma
37
Jan 40 Fe'
Jan 85
Oc
73
7 .1a:
5 July
84 Oct15 Ma,
44 Ap
14 Deo
Ja
16 Nov 27
384 Au
25 Nov
34 No
218 Jun
30 Nov 50 Ma
37 'Nov 48 2 Ma
,
154 Ma
.25 Mar
114 Ma
.25 Dec
44 Jul
112 Dec
214 Or
.90 Mar
afe Dec
34 AP
92 Ma:
.40 Nov
4 Ma
11 6 Oct
,
Feb
312 Jun
I
24 Ap
.80 Dec
212 Jai
.75 Nov
.25 JA13
23 AD
4
714 Nov
le MB'

maid.

710

THE CHRONICLE

Outside Stock Exchanges

Bonds
-

54%
Atl Gulf& WI SS L 58 1959 56
82
Chic Jet & U 13 Y 48_ _1940
1940 9311 93%
58
70%
East Mass St RR A 450'48
1948
74%
Series B 5s
1948
84
Series C 68
1936 102% 101%
Hood Rubber 78
1928
Internal Cement 8e
115
1929 9551 9551
Mass Gas 411e
93
Miss River Power 5s..1951 93
98%
New England Tel 58_193p 99
Old Colony RR Is_ _ _ _1924 96% 96%
1925
95
Seneca Copper 88
1944 96% 95%
Swift & Co 53
Warren Bros 751s__ _1937
.10731
1932
Western Tel 5s
96%

Range since Jan. 1.
Low.

High.

56% 531,000 51% Jan 5631Feb
82
Feb
2,000 81
Jan 8
93;1 9,000 93
je
94
Feb 7211 F b
71
4,000 69
Jan
75
Jan
4.150 74
Jan
84
Feb
1,750 84
Feb
102% 12,000 100% Jan 102
Jan
:
8
7
1
b
120% 5,000 111
2
Jan 120531
Feb
95% 11.000 95
Jan
9351 24,000 92% Feb
Jan
9599
e
99
3,000 9751 Jan 999( Jan
98% 2,000 96% Feb 06% Feb
95
Feb
1.000 95
Feb 95
96% 33,000 9551 Feb 98
109
6,000 105% Feb 109
Feb
96% 7.000 9511 Jan 97
Jan

Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Feb. 10 to Feb. 16, both inclusive, compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High. Shares.
4331
9631
5
2351

.40
331
10934
61
26
27
115
117

8631
18

19
156

8351 8355
42
44
9611 9611
5, 5
55
55
160 160
20
2331
3331 3331
2651 2631
151 151
.40 .48
251 21(
331 411
10931 10951
6031 61
26
26
2751
27
64
62
111 115
10531 10551
117 11731
9211 9334
87
87
47
47
130 130
17
17
17
17
9034 9151
265.1 2631
2531 2551
8531 8631
18
18
1431 1534
6231 6434
3631 3651
76
7651
10551 107
19
1931
15331 156
1311 15
3031 31

7714

M

77

M.

77

82
Jan
Jan
40
9451 Jan
4
Jan
55
Feb
155
An
1731 ''fan
3231 Jan
2531 Jan
145
Jan
.32 Jan
131 Jan
251 Jan
10831 Jan
.58
Jan
26
Jan
27
Jan
5831 Jan
108
Jan
10534 Jan
117
Jan
90
Feb
80
Jan
4631 Feb
120
Jan
17
Feb
17
Jan
9031 Feb
26
Jan
2531 Jan
83
Jan
18
Feb
1431 Feb
.54
Jan
3534 Jan
76
Jan
10531 Feb
1851 Jan
147
Jan
1251 Jan
29
Jan

High.
85
44

47
130
1831
17
95
2631
2631
90
1831
17
66
37
77
10854
2051
164
15
31

Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
J
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb

9631
101
88
9231
100
10331
108
90
97
9931
93
9631
9931
8234
87
5131
96
9751
9831
95
7434
55
7734
98
10251
9931

Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb

7714

To.,

sog
5
55
160
2331
34
2611
151
.50
231
431
11031
61
27
2731
64
115
10731
120
98

so

Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
wog Jan
9811 Feb
701%

'Pah

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Feb. 10 to Feb. 16, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

American Gas of N J--100 79
79
7951
American Railways
50 16
14
1651
Preferred
100 73
70
73
American Ship
20)1 20%
• 166% 16651 172%
American Stores
Baldwin Locomotive_ __100
13751 139%
100 65
Brill (J G) Co
60% 68%
100
Preferred
88% 90
46
Consul Tree of N J_ -100
47
24% 25
East Shore G & E 8% pf_25
100 79
78
79%
Eisenlohr (Otto)
100
100 100
Preferred
5751 57%
Elec Storage Battery_ _100
•
25% 2511
Elle Lighting Co
Insurance Co of N A____10 4511 44% 45%
711 75(
Keystone Telephone_ _50
6
6
6%
Lake Superior Corp_ __ _100
50 73% 73% 74
Lehigh Navigation
21% 21;1
10
Lit Brothers
10%
Stock allotment warrants 1011 10
42
42
50
Little Schuylkill
5211
Mine= ds Schuyl Hav 50 52% 52
351 3%
Pennsylvania Beaver Oil__
58
58
Penn Cent Light & Power.*




Low.

High.

82
4631
41
42
3031
3031
48
30
64
8
3511
77
151
3831
50
5511
8
33
80

Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

85
4734
4651
4531
3371
3331
5031
33
67
831
3631
80
134
403.4
54
5611
9
38
8254

Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb

Bonds
Amer Gas& Elec 5s_ _ _2007 88
8751 90
$3,500 85
Elee & Peep tr ctf 4s__1945
ssg 69
5,700 6651
Equitable Ilium Gas 581928
10234 1023' 4,000 10254
Indianapolis St Ry 4s_ 1933 6431 6434 6434 3,000 6434
Phila Co CODS & stpd 581951
9231 9234 1,000 9134
Phila Co 1st 5s
1966 9931 903110131 29,600 9951
let 4s sinking fund 1966
8034 8034 1,000 8031
1947
5115
101 103
14,500 100
68
1941 10454 10431 10511 9,000 104
United Rys Invest 58_1926 90
90
90
19,000 88
WPItahnnh rn it
1020
00if 00 NZ
1 non
aa

Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan

90
7151
10211
6434
9254
103
8011
103
10634
90

Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb

Ton

005%

7...

85
45
3151
3131
32
66
3551
40
54
5611
9
3734

84
4651
4534
4434
•31%
3051
48
3034
66
8
3551
79
131
3911
5131
56
854
3731
82

85
4634
4634
4551
3131
3134
49
33
66
8
3551
7951
175
40
54
5611
9
38
82

64
2,661
168
421
4,213
3,493
20
4,688
65
60
30
189
1,565
546
3,222
225
189
155
162

! par value.
No

Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Feb. 10 to Feb. 16, both inclusive, compiled from official sales lists:
Stocks-

rrictay
arms
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.

Am Wind Glass Mach_ _100 88
100 95
Preferred
Arkansas Nat Gas, com..10
834
Carnegie Lead & Zinc_ _ _ _5
6
Consolidated Ice, com50
Preferred
50 27
Herb Walker Refrac, pt 100
Indep Brewing, corn__ _50
Preferred
50
9
Jones & Laughlin St, pf__ 108
Lone Star Gas
25 2634
Marland 011
Mfrs Light dc Heat_ _ _ -100
Middle States 011
10
Nat Fireproofing, com50
Preferred
50
Ohio Fuel Oil
1 1811
Ohlo Fuel Supply
25
Oklahoma Natural Gas_ _25
Pitts & Mt Shasta Cop__.1 270
Pittsburgh Oil & Gas__ _100 10
Pittsburgh Plate Glass_ _10
Real Estate Trust Co _100
Salt Creek Cons Oil._ _10 14
.
Tidal Osage 011
*
Union Natural Gas_ __ _100
U S Glass
100
West'house Air Brake__50 116
Whouse Ni & Mfg,com_50 6831
%Vest Penn Tr&WP com100 3534
Preferred
100
1nrlan Tirol:alms Re

9531
100
8731
8711
9831
10231
106
87
96
9834
92
9511
9934
8151
87
4974
95
9631
9831
9434
72
5231
74
9734

• No par value.

Stocks-

Pennsylv Salt Mfg
50
Pennsylvania RR
50
Philadelphia Co (Pitts)_ _50
Preferred (cumu16%).50
Phila Electric of Pa
25
Preferred
25
Phila Insulated Wire
•
Phila Rapid Transit____50
Philadelphia Traction_ _50
.
Phila & Western
50
Preferred
50
Reading Company
50
Tone-Belmont Devel__ _1
Union Traction
50
United Gas Impt
50
Preferred
50
Warwick Iron & Steel__ _10
West Jersey & Sea Shore_50
Westmoreland Coal
50

Range Since Jan. 1.

Range since Jan. 1.
Low.

8751 8851
700 79
95
120 93
93
751
731 811 2,060
965
534 6
374
451 5
210
434
27
31
30 26
10 10251
10234 10234
3 51 354
320
311
9
9
75
9
430 107
107 108
26
2611
851 24
30 3034
3831 3831
180 5534
57
58
1151 1134
30 1134
210
751
854 834
320 1831
2034 21
1631 1811
680 1534
6451 65
470 59
2051 2251
790 1934
26e 28e 56,000 22c
934 10
1,030
834
170 175
70 165
10 130
130 130
14,600 10
1134 14
1111 1134
130 1011
2051 27
340 2334
27
90 25
27
113 116
72 10734
630 69
63
6834
680 30
35
36
71
71
10 7051

Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

High.
89
95
911
6
7
36
115
4
911
10854
2634
3831
58
'1154
851
21
1811
66
27
28c
10
205
130
1634
1111
27
27
116
6834
36
7834

Feb
Feb
Jan
Feb
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan

Bonds00000§000§80§000§880§008§8E
00000 000
0 00
0 MOO
00_000 000 00 000 000 0N0 0C

Bonds
Ball Electric MN 58-1947
9631 9631
Consolidated Gas 5s__1939
10034 10054
1954 8731 8731 8731
General 4518
Consol G,E L & P 4118'35
9131 9131
1952
58, Series E
9831 9831
1949 10331 10334 10331
68,.Series A
1931 10731 10751 108
7s, Series C
1950
Consul Coal ref k
8851 8931
Davison Sulphur 68._1927
96
9651
Elkhorn Coal Corp 68_1925 9831 9831 9831
Fair & Clarks Trac 5s_1938 93
9251 93
1931
Fairmont Coal 5s
9631 9651
Fla Cent & Penin 68_1923 9931 9931 9951
Ga & Ala eons 5.4_ _1945
8234 8231
Lexington (KY) St 58_1949 87
87
87
Macon Dub & Say 58.1947
5031 5131
Md Elec Ry let 58_1931
9531 96
Penne Wat& Power 581940
9731 9731
Ral .gc Augusta 6s_ _1926
9831 9831
kaboard & Roan 5s...1926
95
95
United Rys & El 4s__1949 73
7231 73
1949 54
Income 45
54
54
1936
Funding 58
7454 75
1927 9731 9731 9751
65
1949 10131 10134 10131
Os
Ira Mid 5th series 5s_1926
9831 9931
Wnsai Ralf. Ar. A nnan 00 1041

000.*pc.1000.0t.00=.0000vN000N00,r00.0=0Mt-0000.4.
b.00C NOMm0.NMONO C.N.4.000=NmerNt..00 000m.
0 M
OMN N
..N
.
v.
N
.0 M.

Alabama Co, let pref__100
Arundel Sand & Gravel 100
100
Preferred
Bait Brick, corn
100
100
Preferred
Baltimore Trust Co
50
Baltimore Tube
100
Benesch (I), com
•
Preferred
25
100
Canton Co v 1
1
Celestine Oil
Central Teresa Sug,com 10
Preferred
10
Ches & Po Tel of Balt_ _100
Commercial Credit
25
25
Preferred
Preferred B
25
.
Commerce Trust Co_ _ _50
Consol Gas,E L& Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _100
East Roll Mill 8% pref_100
25
Equitable Trust Co
50
Fidelity & Deposit
Finance & Guar, pref_ _ _25
Finance Service,corn CIA 10
Houston Oil pf tr ctfs 100
Mfrs Finance, let pref__25
25
2d preferred
Maryland Casualty Co_ _ 25
Monon Val Trite, pref__25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Mnsterd'm Cas Co100
50
Northern Central
Penns Water & Power_100
United Ry dr Electric_ _ _50
U S Fidelity di Guar __ _ _50
Wash Balt & Annap-__50
Preferred
50

Range since Jan. 1.
Low.

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shires.

Stocks (Concluded)

-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Feb. 10 to Feb. 16, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High.

[VoL. 116.

Range since Jan. 1.
Low.

87 79
4,891 11%
236 63%
10 20%
665 163
300 131%
3,445 49
218 88%
105 46
58 24%
178 78
26 99
195 54
836 23%
255 42%
330
7%
2,485
534
315 72
100 21%
535 10
10 42
91 son
200
1%
33 55

High.

Jan 82
Jan 1651
Feb 77
Feb 20%
Jan 180
Jan 139%
Jan 68%
Feb 90
Feb 49
Feb 26
Feb 85
Feb 100
Jan 5751
Jan 25%
Jan 46
Jan
851
Jan
7%
Jan 75
Feb 22%
Feb 13
Feb 42
Jan 52%
Jan
311
Jan 58

Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan

1005

021?

021%

*2 000

AR

Rah

71

Inn

• No par value.

Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb. 10 to Feb. 16, both inclusive,
compiled from official sales lists:
ou..

rrmuy

Stocks-

Last Week's Range for
Week,
Sale.
of Prices.
Par. Prim. Low. High. Shares.

American Shipbuilding_100 71
Armour & Co, pref.__ _ 100 9011
15
Armour Leather
934
100 87
Preferred
American Public Service_ _
9231
Armour & Co (of Del), Pier 9951
•
Beaver Board
15
First preferred
27
Borg •ig Beek
10
Bunts Bros
•
Case (J I)
Second preferred__ _100
Chic City & Con Ry ptsh•
lg
Common
•
834
Preferred
551
Chicago Elev Ry, pref.100
Chic, Rys Part Ctf Ser 1,,, 18
Part Cal Series 2
Commonwealth Bdison.100 130
Consumers Co, corn_ _ _100
100
Preferred
Continental Motors _ _ _ _10 1011
Crane Co, preferred
Cudahy Pack Co, com_100 62
Daniel Boone Wool Mills 25 4531
Rights
Deck(Alf)8: Cohn,Pret_100 75
100 73
Deere & Co, pref
100 118
Diamond Match
•
1
Earl Motors Co
Eddy Paper Corp (The)._• 2711
105
Fair (The) Corporation
; 2234
Godchaux Sugar,com
Gossard, H Br, pref._ .... 1110 2611
Great Lakes D dr D.._ _100 82
Hartman Corporation_ _ 100 9234
Hart,5chaff&Marx,e0m100 10634
Holland-American Sugar.10
• 403.4
Hayes Wheel Co
Hibbard,Spencer & B_.._25 64
100
Hydrot Corp, pref
10 2634
Hupp Motor
100 82
Illinois Brick
25 4734
Inland Steel
Libby, McNeill& Libby_10
631
10
Lindsay Light
33
Lyon & Healy. pret
Kuppenheimer (B), pref.,..._
Middle West Util, com-100 41 -5Ii
Preferred
100 85
Thin,' lien nrrfarrivl

1054,

70
86
931
87
92
9934
4
15
2534
10
3%
534

85
71
9354 11,900
298
934
173
87
730
9251
1,560
100
10
4
200
16
27
8,205
100
10
100
3g
551
150

Range since Jan. 1.
Lew.
6934
86
93-1
87
90
99
4
15
25
10
211
351

1
31
134 3,495
5
631 951 11,455
551 634 2,039
354
275 10
15
18
245
251 3
2
129 130
1,452 129
611 611
300
6
6511 6534
5 6314
051 103-4 3,890
951
114 114
35 11251
6134 63
155 6151
45
4554 6,676 3151
451 5
16,588
451
75
75
100 70
73
74
115 7251
118 11834
78 117
51 1
395
54
2754 30
3,435 2251
104 105
685 100
22
24
6,035 15
2451 27
1,340 2434
82
86
. 290 82
9231 9451 1,445 84
103 107
415 98
5
63.4 1,380
411
3751 41
915 37
64
6431
45 64
2351 2434 6,920 1831
6,735 2134
2674 27
82
82
105 78
370 43
4734 4751
631 751 1,583
631
311
311
200
33
10034 101
75 100
9,04 95
85 93
4511 4634
658 4534
450 84
8454 86

inn

inn,

i 10n
•

10114

High.

Jan 74
Feb 9651
Feb 10
Jan 87
Jan 94
Jan 100
Jan
4
Jan 17
Jan 27
Feb 10
Jan
311
Jan
551

Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb

Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

151
934
634
18
3
131
651
70
12
11434
645-4
6234
5
75
7434
121
131
3211
106
25
27
9434
9534
107
634
43
66
2434
27

Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb

454
101
95
47
8651
104

Jan
Feb
Jan
Jan
Jan
Jan.

Feb

9634 Jan
Jan
48
84 Jan

THE CHRONICLE

Fim. 17 1923.]
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Shares.

Stocks (Concluded)
•
Mitchell Motor Co
National Leather, new._ 10
People's CL & Coke_ _ _100
Philipsborn's, Inc, corn_.5
•
Pick (Albert) & Co
Plant Wigg Storos,Inc"A".•
Pub Serv of Nor III,com 100
100
Preferred
Quaker Oats Co, prof..100
10
Reo Motor
Sears-Roebuck, corn_..100
Standard Gas Fs Flee__ _50
50
Preferred
Stew War Speed, corn. _100
100
Swift & Co
15
Swift International
25
Thompson, J R, com
Union Carbide & Carb_ _10
United Iron Works v t c_50
United Lt& Rys, 1st p1100
Participating pre(..100
United Paper 13d, com_100
20
U S Gypsum
•
Vesta Battery Corp
Wahl Co
•
Ward, Mont, & Co, p1_100
When issued
20
Class "A"
,
Western Knitting Mills...
Wolff Mfg Corp
•
Wrigley, Jr, common__ _25
Yellow Cab Mfg, CI "B" 10
Yellow Taxi Co
Bonds
Armour & Co (of Del)
1943
53%s
Chicago City Ry 5s_ 1927
Chic City & Con Rys 59'27
Chicago Rys 5s
1927
5s, Series"A"
1927
4s, Series"B"
1927
Adjust Income 4s..1927
Commonw Edison 5s_1943
Met W Side Elev 1st 4s1938
South Side El 4 As_ _ _ _1924
Swift & Co 1st aft 58_1944

8%
30
3435
60

1023%

96
100
13%
24%
49%
9431
108
1815
48
64%
13
77%
16%
71
30
56"
110
2455
8
2935
104
268
7451

96
81
65
49

I
134
735 831
92
92%
34
30
3035 3431
Si)
62
10114 102%
9536 96%
9915 100
13% 13%
9031 93
23
26
4835 4956
93
9631
107% 109
18% 19
48
4855
64
66%
8% 133/
77
7735
91
92
16% 1634
71
73%
30
30
5531 5731
9535 110
2451 25%
9455 96
7
9
2831 2954
104 108
265 274%
7151 75

96
81
54
82
64
49
263%
9774
6534
92
96

700
3,225
210
625
675
1,095
200
80
435
1,765
552
5,625
495
26,080
2,645
3,005
1,045
15,800
29,140
83
405
40
260
230
1,060
163
17,650
125
2,155
1,990
2,043
1,790
13,065

96
65,000
81
12,000
54 313,000
82
6,000
66
23,000
50
17.000
263% 5,000
9855 9.00
5,00
653%
923% 34.00
96
3.000

Range since Jan. 1.
Low.
1

High.

9155
30
3051
55%
101
95
9655
1151
85%
1731
48
79
10655
18
48
62
6
75
91
16
61
26
53%
9516
2055
93
7
28%
100
223
7031

Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan

1%
8%
91
38
3634
6511
104
98
100
1455
93
28
49%
9735
109%
21%
51%
67%
13%
77%
95
1615
7351
30
58%
110
25%
98
10%
2954
108%
275
75

Jan
Feb
Jan
.an
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb

96
7655
47
77
59
44
2655
97
65%
88%
9555

Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb

96
81
5715
82
66
50
2614
99
66
9211
9751

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan

• No par value.

New York Curb Market.-Off'cial transactions in the
New York Curb Market from Feb. 10 to Feb. 16, inclusive:
Friday
Sales
Week ending Feb. 16,
Last Week's Range for
Sale.
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
Acme Coal Mining
1 61c
60c 690
Acme Packing
10 29c
23c 35c
Aluminum Mfrs, corn _ _• 22
22
223%
Amalgam Leather. corn_ •
15
1711
Amer Cotton Fabric, pref. 100
1003% 101
Amer Gas ./e, Elec. corn_ _50 176
170 176
Common, new, w 1__ •
34
353%
Preferred
50
4655 463%
American Hawaiian SS_ _10
17
1756
Amer Lt & Trac, pref. _100
94
95
Amer Type Fdrs, cons.100 98
98
98
Armour & Coal Del. p1100 9994 99
9935
Armour & Co of III, pret100
93
93
Arnold, Constable & Co. •
193% 203%
Atlantic Fruit Co
•
155
23%
255
Auto Knitter Hosiery_ _ _.
• 2335
23
243%
Borden Co,corn
100 114
113 115
Brit
-Amer Tob ord bear./11 20
20
203%
Ordinary
fl
20
20
20
British 1 nt , urn ••last .4.• 16
% 16
155
Brooklyn City 11.11.
10
954 10
934
Buddy-Buds, Inc
154
115
•
135
Campbell Soup pref w 1_100
109 1093%
Caracas Sugar
50 173%
17
183%
Car Lighting & Power_ _25
156
115
Celluloid Co. corn
98 100
100 00
Preferred
100 10851 10351 1083%
155
2
255
Cent Teresa Bug, com_ _10
Preferred
335 455
10
Centrifugal Cast! Pipe__ _• 143%
14
15
Century Ribbon Mills eom•
2715 28
3
Charcoal Iron, pref
3
3
Chic Nipple Mfg I A._10
334
355 415
Chicago Steel Wheel
33%
355
355
Preferred
33% 955
93%
Cities Service corn
100 189 z187 189
100 693% 69
Preferred
693%
Cities Sexy, bankers' sh__• 193% Z1.834 1035
Cleve Automobile, com_ _• 3156
30
313%
Colombian Emerald Synd. 32e
31c 35c
Colorado Power, com_ _100
24% 243%
Columbian Carbon v t c__• 413% 41
413%
Cox'a Cush Stores
555 83%
6
Cuban-Dominican Sug- •
815 1055
Curtiss Aeropl 451.corn.*
5
53%
Cuyamel Fruit Co
• 603% 603% 62
Del Lack & West Coal_ .50 833%
833% 8335
Dort Motor Car, corn_ _ _ _•
.5
5
5
Dubiller Condenser & Bad'
535
555 611
,
• 603% 603% 823%
Durant Motors, Inc
Durant Motors of Ind_ __10 1831
1631 173%
Federal Tel A! Tel
5
534 514
Film Inspec Mach Co__ _ _•
6
6
6
I Fleischman!' Co coin _ __ _•
3755 383%
Ford Motor of Canada_100
414 420
Gardner Motor Co
• 133%
1355 143%
Gillette Safety Razor....' 278
2763% 280
Glen Alden Coal
• 6831 67
723%
Goodyear Tire & R corn 100 1431
14
163%
Preferred
100 503%
4716 51
Gt West Sug new con" wt 25 88
85
90
Griffith(D W)Inc Cl A_ •
334
335
Stall Switch & Sig, corn.100
2
2
100
Preferred
7
7
Hanna (51 A), lot pre!_100 102
102 102
•
1 Hayes Wheel
363% 403%
•
215
Heyden Chemical
2
234
Ilocking Val Products_ _10
256
251
251
Household Products,Inc_ _• 3535
3415 3
83%
100 17
17
Hudson Cos pref
1735
113% 123%
Hull & Manhat RR corn100 113%
100
Preferred
4734 48
• 233% 234 2451
Hydrox Corp. corn
110 --- - 97% 9751
Preferred
18
18
18
Imp Tob of G Brit & Ire.£1
855 834
Industrial Fibre Corp corn•
655
551 635
Intercontinental Rubb.100
27
27
Kup'heimer(B)& Co.com5.
Lehigh Power s
ecurities_ • 20
19% 2055
88
88
Lehigh Valley Coal Sales 50
631 7
Libby. 151cNeill & Libby_10
1351 1451
50
Lucey Mfg class A
.
__ ...-.. ...-...._ ...., • •
.
171Z
101.4 171,
-




19.500
43,000
200
1.700
1,900
85
300
200
200
70
10
2,900
30
800
16,800
19,500
95
2,100
100
300
4,500
11,700
400
400
800
40
10
11,100
2,900
13,700
600
200
7,700
600
2,400
63'
1,200
700
3,000
11,000
165
3,000
7,800
11,900
300
2,500
375
300
1,100
17,000
4,300
100
100
33,300
150
1,800
1,285
8,500
29,100
19,100
1,500
200
100
100
300
8,800
4.400
100
101,700
2,000
4,500
200
1,200
100
1,800
200
2,100
100
1,200
25
400
200

Range since Jan. 1.
Low.
60c
23'.
213%
1116
100
165
3351
44
153%
94
98
99
93
19
IA
23
113
1934
193%
153%
754
134k
10036
17
111
95
100
13%
255
10
243%
255
23%
316
854
173
67
173
%
293%
*tie
223%
41
355
6
5
5534
82
5
431
40
123%
5
6
303%
400
1034
259
58
93.4
2955
77
334
2
7
102
363%
131
151
3435
143%
113%
43
20
9855
17
855
4'
26
18
8015
6
8)6

ununit1

Jan
Feb
Feb
inrr
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
.is.
Jan
Jan
Jan
Jan
Jan
Feb
J.,.
Jan
Jan
Jan
Jan
Jan
!an
Feb
at
Feb
Feb
Jan
Jar.
Jan
Feb
Jan
Feb
Feb
Feb
Jun
Jan
Jan
.1on
Feb
.1,1
Feb
Feb
Feb
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jai,
Jan
Jan
Jan
Jan
Jan
1 eb
Jan
Jan
Jan
Jan
Jan
Jan

High.
85.:
3 .0
2231
193%
101
176
353%
463%
183%
98
98
993%
93
21
234
2435
122
21)3%

20
11
1035
1'6
1097.4
183%
(34
100
1103/,
23%
5
15
28
3
431
334
915
1'9
(951
1 93%
33
44e
243%
423%
3
103%
555
633%
84
6
655
84
253%
7
631
383%
420
(.534
280
723%
1615
51
90
355
2
7
102
43
216
23%
363%
1754
1255
48
243%
9751
18
1034
644
273%
2055
90
755
20

Jan
Ja•
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Juu
Jan
Feb
Feb
. ..
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
1., .
Feb
Feb
Feb
Feb
Feb
Jan
Jar,
Feb
Jaii
.Tan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
J1111

Jan
Jan
Feb
Jan
Jan
inn

711

Sales
Friday
Lan WeeldsRange. for
El
Week.
Sale.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Marlin Firearms corn A _5
Mercer Motors
Voting trust certifs
•
Mesabi Iron Co
Morris (Philip) Co, Ltd_10
Motor Wheel Corp, com 10
Nat Dept Stores.Inc.com _•
100
First • referred
10
Nat Leather new
NatSupp Co(of Del)corn 50
New Fiction Pub Corp._ -5
New Mexico & Ariz Land _1
N V Canners, Inc,com__-*
N Y Tel 655% pref.__.100
•
(Nelda Corp
Paige-Detroit Motor Car 10
5
Fatten Typewriter
Peerless Truck & Motor_50
Penns. Coal & Coke_ _ __ 50
Philadelphia flee. pref. 25
Phoenix Hosiery corn_ _5
ioo
Preferred
1
Prima Radio Corp
Pub Serv Corp of NJ,p1100
Pyrene Manufacturing_ _10
Radio Corp of Amer tom_•
5
Preferred
10
Reo Motor Car
5
Repetti, Inc
Republic Rubber
Rosenb'm Gr Corp. pf_ _50
Schulte Retail Stores,com.•
Southern Coal & Iron_ __ _ 5
Stand Gas & Elec. com__50
50
Preferred
Stand Mot Construction 10
•
Stutz Motor Car
100
Swift & Co
15
Swift International
Technical Products Corp-5
Tenn Elec Power, com._:,
'
Second preferred
Tenn Ry, L & P. com_100
_10
Timken-Detroit
Axle_- _.,
ob Prod Exports Corp....'1
Todd Shipyards Corp_ _ __•i
United Profit Shaeg,new_l
Un Retail Stores Candy...'1
Founders shares
United Shoe Mach corn--_•i
S Light & Heat, com_101
U
101
Preferred
Universal Leaf Tob,com100
10
Utah Idaho Sugar
5'
Wayne Coal
Western Knitting Mills..'
WIllys Corp Ist prof.. _100
Yale & Towne life new-25
Yellow Taxi Corp, NY....
Former Standard 011
Subsidiaries
Anglo-American Oil... _ £1
Borne, Scrymser & Co.100
50
Buckeye Pipe Line
25
Continental Oil, new
50
Crescent Pipe Line
25
New stock
Cumberland Pipe Line_ WO
100
Eureka Pipe Line
Galena Signal Oil corn.
.1001
100
Illinois Pipe Line
501
Indiana Pipe Line
National Transit____12.501
1001
New York Transit
Northern Pipe Line.....100
25
Ohio Oil, new
251
Penn-Mex Fuel Oil
100
Prairie 0116r, Gas
100
Prairie Pipe Line
100
Solar Refining
100,
South Penn 011
100,
Southern Pipe Line
South West Pa Pipe L 100
Standard 011 (Indiana)__25
Standard Oil (Kan) new_25
Standard Oil (Ky) new. _25
Standard Oil (Nob) n w100
Standard Oil of NY new_25
Stand Oil (Ohio),com 100
Vacuum 011, new
25

2
135
1055

100
62
1034
2834
111
1415
1536
7815
4334
4254
101
1056
355
334
13%
51
6451
30c

1955
107
755
183%
5031
11
5
57
531
6
53°6
15.13
3;5
214
63
137

4
435
131
21.6
116 2
1031 1034
17
18
1355 13%
3331 3431
100 100
7% 855
6111 64%
935 11
311 334
2834 2951
111
111
12
15
14% 1515
611 731
77
80
423.4 4336
3054 3014
4235 43
101 102
680 70e
100 100
9% 1014
3% 334
3546 3%
13% 13%
13.1
155
35c 45c
51
5114
6014 67
25c 310
2355 25%
4854 49
3
3y,
1855 1935
107 10831
19
19
734
1555 17%
5011 53
2
235
10% 11
451 555
5555 5955
531 534
5
8
436 5%
53
55
135
1%
11 k 1%
/
116 117
356
355
2
255
955 955
GI
130

900
13.200
17,000
2,700
700
1,000
1,600
2,200
900
21,100
9,000
800
2,500
75
2,500
800
1,000
1,600
2,510
100
300
400
500
100
1,; 00
13,400
7,600
24,000
1,500
6.000
8,900
8,700
33,000
400
300
600
4,400
160
600
1,000•
1,750
200
200
500
3,300
1,095
2,800
29,600
2.000
2,100
3,600
1,200
20
200
3,000
100
100
800
63
14335 6,700

1755 1815
18%
113
113 113
9356
91
91
4755
4734 42
4856 4714
2615
23
23
113
110 11456
115
111 115
6856 6735 70
169
168 170
97;5 9635 9736
29
23% 29
13855 135 137
109 109
8331 7736 8355
19
1855 19%
258
235 263
115
11315 11555
183 185
198
179 196
110
110 116
8455 80
8445
6635 64% 6635
47% 45;5 47%
10451 95% 105
227
228 227
4734 46
47%
304 308
4954 4835 4931

Range since Jan. I.
Low.

4,100 17%
50 108
120 M8
1,900 383/
47' 43
740 23
655 r85
60 95
2,26
5715
525 16535
565 95
3,100 26%
345 129
10 105
4,600 74
300 17
3.265 1222
1,335 110834
80 180
645 166
360 97
•
GO 6655
96.600 60%
6,200 4155
13,300 030
60 186
19,100, 4551
50 274
15,600 4331

High.

531

211
117
3%
2'.
9%
11%
63
148%

Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
.1an
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
.lan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb

Feb
19%
Jan 113
94
Jan
Feb 4754
Ian
4756
Feb 2655
Jan 163
Jan 115
Jan
70
Jan 171
Jan 93
Jan 29
Jai 137
Feb 109
Jai
83%
Jan 1951
Jan 700
Juts 335
Jan 185
Jan 193
Jan 116
Jan 84%
Jai
C635
Jan 4755
Jan 133
Jan 228
Jan 49%
Jan 309
Jan
49%

Jan
Feb
Jan
Feb
Feb
Feb
.lan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
.lan
Feb
Jan
Jan
Feb

Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
7344 Jan
4234 Feb
3036 Feb
35% Jan
100
Jan
55c Feb
100
Feb
93.4 Jan
35.4 Jan
21',143 Jan
.
13% Feb
1,5 Jan
Jan
230
Feb
50
Jan
53
29er Feb
2154 Feb
4855 Feb
2% Jan
17% Jan
Jan
107
1831 Feb
Jan
7
14% Jan
4355 Feb
2
Feb
Jan
10
Jan
55
Jan
4% Jan
Jan
5
34 Jan
,
Jan
49
1
Jan
90c
Jan
115
Jan
3
Jan
1% Jmn
831 Jan
711 Jan
55156 .Tan
100
Feb
334
13.4
15.5
103
,
4
16
1135
3335
100
736
51
655
351
28
110%
1015
14
5%

4
354
1234
1854
1331
37
100
834
6474

1616
335
3034
112
15
1534
731
to
4355
3056
45%
103%
1
101
11
4
334
1451
2
45e
52
67
40c
2555
49
355
24%
10351
21
95(
1711
53
234
1151
515
5955
5%
534
55

Other 011 Stocks.
Allen 011
1 27c
2
7c 380
350 Feb
6,000 20c Fe
Allied Oil
Jan
17c Feb
Sc
15c
130
3,000
American Fuel Oil, com 10
7c Feb
3c
7c
9,000
3c Feb
Ark Natural Gas, corn...10
9% Jan
8
8% 3.100
8%
7, Jan
4
Atlantic Gulf 011
8
Feb
554
555
100
34 Jan
,
Atlantic Lobos Oil, corn...
.lan
•
8
Jan
5%
63.4 3,800
Big Indian Oil & Gas
Jan 240 Feb
24e
21e 240 54,000 150
Boston-Wyoming 011____1
1°,4 Feb
Jan
1
1%
6 1% 7,300
151
Cardinal Petroleum
755 Jan
Jan
7
7
100
7
Carib Syndicate
535 Jan
4°1 Jan
654
855 29,100
45.4
Creole Syndicate
5
Jan
4%
3% 455 7,400
231 Jan
Cushing Petroleum Corp..5
Jan
Jan
3c
20
lo
2c
3,000
Engineers Petroleum Co.
Jan
25c
.1 20c
Jan
190 210 37,000 14c
Equity Petrol Corp Prof....
1431 Jan
14% 14%
200 14% Feb
Federal 011
Jan
5 ---z-- 850 920 49,600 690
1
8,c
Jan
Fensland 011
• 1811
1834 Jan
Jan
18% 1815 4,500 16
Gilliland 011, corn
5% Jan
Jan
3
43.4 4% 5,000
Glenrock 011
10
*
2346 Jan
19
4
Jan
1
1%6 1% 32,100
Granada 011 Corp, Cl A_10
Feb
3
1, Jan
1
255
800
.45 6634 58% 3
Gulf Oil Corp of Pa
6731 56,700 5535 Jan 6731 Feb
Harris Consol Petrol Corp_
17
4
17
4 Jan
1%
3
155
800
1% Jan
Hudson 011
1 12c
Jan
Jan
18c
10c
13c 25,000 10c
Humble 0114 Ref
25 37%
Feb
3531 33
14,050 243.4 Jan 28
Humphreys Oil
3011 30
Feb 30% Feb
3034
30° 30
Imperial Oil (Canada) coup 119
116
Feb
3,935 11035 Jan 120
International Petroleum__• 23% 21% 120
Feb
24
43,200 2011 Feb 24
Keystone Ranger Devel_l 390
40c
Jan
330 400 42,000 220
Jan
Kirby Petroleum
•
Jan
3%
4
234
335
4,000
2
Feb
Lance Creek Royalties__ _ I
3c
Jan
3c
3c
Jan
3c
3.000
2c
Latin-Amer Oil DeveloP 1 77c
71c 77c
Jan 770 Feb
4,500 660
Livingston Petroleum_
* 94c
80e 99c
Jan 99e Feb
5,700 750
Lowry 011 Corp
5 151 1% 1% 1,200 155 Jan 151 Feb
Lyons Petroleum
•
13%, Feb
97e
Jan
154 15,400 800
Magna Oil& Refining._ _.1 610
Ole 61e
100 610 Feb 610 Feb
Magnolia Petroleum_ __100 16335 161
Jan
Jan 168
166
585 155
Mammoth 011, Class A
Feb
50% 50
55% 14,300 47% Jan 5^
Maracaibo 011 Explor
* 12
13)1 Jan
955 Jan
11% 1235
2,400
Margay Oil
•
1% Jan
Jan
111
1
300
131
Marland 011
331 Feb
314
1,55 Jan
3
3% 12./00
/garland Refining
5
331 Jan
3% Feb
331 335 8,500
Merritt 011 Corporation_ _1
1035 Feb
1031
85( Jun
1031 10%
1,900
Mexico 011 Corp
10
1,4 Feb
Jan
135
1%6 136 118,400 80c
3
Midwest Texas Oil
1 150
30e • Jan
Jan
Sc
120 180 24,000
Mountain & Gulf Oil....1
135 'Feb
154
1% Jan
1%
6 134 3,500
Mountain Producers_ ___10 1951
17% 1934 32.600 1651 Jan 10% Feb
Mutual 011 vot trust cgs__
1555
1455 1515 116,700 12% Feb 1555 Feb
New England Fuel Oil
Jan
Feb 46
40
4355
GOO 40
New York 011
1574 1634
000 1455 Feb 16% Feb

THE

712
Other Oil
Stocks (Concluded) Par
Noble(Chas F)011 & Gas_ I
1
Preferred
1
Northwest Oil
1
Ohio Ranger
10
Omar Oil dr Gas
10
Pennok 011
Pennsylvania43eavcr 011_1
Red Bank 011
•
Ryan Consolidated
Salt Creek Consol Oil
Salt Creek Producers_.10
5
Sapulpa Refining
5
Savoy 011
5
Seaboard Oil& Gas
South Petrol & Refining I
Southern States 011
1
Texon 011 & Land
•
Tidal-Osage Olt
1
Turman 011
5
Wilcox Oil & Gas
I
"Y" 011 & Gas

Sales
Friday
Last Week's Range for
Sale.
Week.
of Prices.
Price. Low. High. Shares.
280
720
160
60
13(6
,
1131
160
13%
24%
354
70
17%
52e
920
0%

260
70c
160
20
11 '.
4
10%
3%
15c
5%
12
22%
3%
3%
2%
60
17%
45c
12
900
9
11c

300
730
18c
7e
1%
11%
4
160
6%
14
25%
334
3%
3%
7c
18
720
12
970
10
120

224,800
2,600
3,000
55,000
48,000
18,300
12,900
18,000
14,700
12,100
16.100
7,200
300
11,700
54,100
18,200
170,100
300
24,400
58,400
8,000

Range since Jan. I.
Low.
25r
600
10c
20
1
9%
2
140
4%
10%
20%
251
34
2%
50
13%
450
10
900
6%
Sc

Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan

High.
30c
78e
220
70
154
11%
4
16e
6%
14
25%
314
3%
3%
130
18
890
12
1%
10%
toe

Mining Stocks.
Alaska Brit-Col Metals_ _ _ I
Alvarado Mtn & Mill_ _20
Amer Comm
Arizona Globe Copper._._
ArizonaSilver
10e
Belcher Extension
Big Ledge Copper Co__ _.5
10c
Bison Gold Inc
Black Hawk Cons Mhics.1
Booth Mining
_5
Boston-Montana Dev
Calumet & Jerome Cop..!
Calaveras Copper
5
Caledonia Mining
1
Canada Copper Co
Canario Copper
.5
Candelaria Silver
1
Cash Boy Consolidated_ _1
Chief Consolidated Mining
Consol Copper Mines new.
Consol Nevada Utah Corp
Continental Mines, Ltd__ _
Cork Province Mines....l
Cortez Sliver
1
crackerjack Mining
Cresson Con Gold M & M.1
Davls-lJaly
_ _ _10
Dean Consolidated Corp_ I
1
Divide Extension
Dolores Eaperanza
Dryden Gold Corporation_
East Butte
El Salvador Silver Mines_1
Ely Consolidated
EMMA Silver
1
Eureka Croesus
1
Fortuna Cone Mining
Forty-nine Mining
1
Gadsden Copper
Gold Coin Mines
Golden State
Goldfield Consol Mlnes.10
Goldfield Deep
5e
Goldfield Development ___
Goldfield Florence
Goldfield Jackpot
Goldfield Oro
Gold Zone Divide
1
Green Monster Mining -500
Bard Shell Mining
1
Harmill Divide
be
Heels mining
25e
Henrietta Silver
Billion-Nevada Mining_ _ _
Bollinger Con Gold Mines 5
1
Howe Sound Co
Independence Lead Mln
Iron Blossom Cons M___ _1
Jerome Verde Devel
1
1
Jim Butler l'onok.ab
Kerr Lake
5
Kewanus
1
Knox Divide
100
La Rose Conan! Mines._ _5
Lone Star Consolidated..!
MacNamara Development.
MacNamara Alining
1
Mammoth Divide
1
Marsh Mining
Mason Valley Mines
5
McKinley-Darr-Say Min__
1
obican Copper
Morington Mining
Napoli Consul Alining_
National Tin Corp
500
1
Nevada Oph1r
Nevada Silver Horn
New Cornelia
New Dominion Copper_ _ _ 5
New Jersey Zinc
100
N Y Porcupine
Nipissing Mines
6
Nixon Nevada Mining....
Ohio Copper
Park Utah Mining
Ray Hercules, Inc
5
Red Hills Florence
Rex Consolidated Mining.'
Richmond Cop M & Dew..
Rochester Silver Corp__ _ _1
Sandstorm Kendall
San Toy Mining
1
Silver Mines of America__
Sliver Queen Mining Corp.
SilversmithMining
Simon Silver Lead
1
South Amer Gold & Plat...1
Spearhead
Stewart Mining
1
1
Success Mining
Superior & Boston
1
Superstition Cons
Sutherland Divide
1
Pock-liughee
Tonopah Belmont Devel_ I
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
Tonopah North Star
Tr -Bullion S dr D
5
1
Tuolumne Copper
United Ea.stern Mining__ _1
United Verde Extension...
S Cont Mine., new
Unity Gold Mines
5
Victory Divide
10c




2%
100
78e
2c
250

.50
3%
2%
31e
3)1
14c
4%
13c
17
/(6
3
110
I%
81c

40
290
43c
13e
650
350
Sc
190
250
650
45c
70
90
9%
550
1%
13%
3Si
31e

3%
5c
20
7c
100
70
20c
37c
22e
160
19%
35(
47c
6
470
1%
3c
28e
180
3Sc
470
450
33e
9C
640
3
ric
95c
690
3%

640
2%
28%
lie
Sc

2% 2% 2,300
4% 4%
200
9c
10c 9,000
35c
780 309,400
200
25c 10.000
40
4c 13,000
lc
2c 32,000
25e
250 9,000
100
14c 2,000
7c 1,000
7c
11c 9,000
10c
Sc 1,000
5o
2% 3% 3,300
9c 1,000
90
30 3,100
20
2% 2% 3,000
320 166,000
300
110 4,000
110
5
500
5
334 3% 6,100
150 14,000
100
7,800
4% 5
13c
13c 2,000
4 40,600
15fi 17
7c 4,000
70
300
2% 2%
400
2% 3
700 6,600
580
120 3,000
11c
1,500
1%
I%
810 6,400
78e
100
8% 8%
30 6,000
Bc
40 3,000
40
40 47,000
30
30e 83,000
27c
550 112,900
400
130 4,000
10c
700
200
700
650 11.300
64e
350 27,000
300
10c 8.000
90
21c 101,000
180
30c 223,800
230
700 44,800
640
500 24,200
450
30
40 13,000
80 1,000
8c
7e 2.000
70
lle 21,500
90
Sc 13,000
50
8% 954 2.700
660 26,900
50e
1% 1% 31.700
13% 14
3,500
3
3% 2,200
310
350 43,000
31c
31c 13.000
2%.' 1,500
60 1,000
Sc
3
3% 1,200
70 15,000
Sc
20 5,000
20
350 5,000
300
Sc 49,000
60
40 8,000
30
5c
50 1.000
100 4,000
7e
7c
80 2.000
1%
2%1 5.900
20e 7,000
17c
400 85,000
260
20 8,000
le
Sc 4,000
50
250 43,000
210
160 8,000
150
20 Mom
2.3
1,200
18% 1931
3% 3% 6,500
65
170 171%
49c 52,000
410
6
6% 4,300
70 2,000
30
500 18,500
460
4% 4%
100
1% 1% 16,300
4c 60,000
20
80 9,000
70
290 41.000
27c
18c 1,000
180
3c 2.000
30
40 1,000
40
3Sc
400 82,000
460
49e 20,000
450
500 9,000
310
330 17.000
3% 3%
800
80
120 103,000
Sc
60 10,000
600
64c 17,100
3% 3%
100
60
9e 8.000
30
6e 14,000
930
980 18,500
1546 114
.
500
700 28,900
640
31
4 33i'c 5,500
21 6 2%
,1
1,300
So
50 1,000
140
150 5.000
560
670 22,200
1,516 2% 17,600
/
2754 28%
1,700
1.6c
220 7,000
3% 3%
500
Sc 8,000
20

[Ivor,. 116.

Jan
2
5
2% Jan
Sc
Jan
11c
10c Feb 780
20c Feb 250
Jan
40
4c
lc
Jan
Jan
250
210
150
9e
Jan
Jan
So
16e
95 Feb
17e
130
50 Feb
2% 'an
3%
80 'Jan
9e
40
2e
Feb
2% Jan
Jan
30c
38c
130
10e Feb
Jan
5
4
3% Feb
Se Feb
15o
4% .lar,
5
lle Feb
15e
1% Jan
Jan
20
150
2% Jan
2%
3
2% Jan
68c Feb 76c
Jan
110
13e
1% Feb
2%
63, Jan
81c
. Fob
8%
2c
.1a
, 40
4e Feb
fle
40
Jan
20
270 Feb 37c
250
Jan 74e
Jan
15c
60
600
Jan 700
620 Feb 650
30c Feb 300
lie
Jan
7c
24c
Jan
9e
Jan 34c
40
29c
Jan 760
350 Jan 520
jun
Ito
to
8c Feb
llo
70
7c Feb
Jun
3e
130
Jan
7e
5c
Jan
9%
8
Jan 66e
35c
I% Jan
14
11% Feb
3%
216 Jan
Jftil 42 •
300
Jan 380
28c
2% Jan
Jan
6c
4e
lao
3
3%
Jan
80
30
3e
Sc
Jan
25c
Jan 35c
Jan
8c
Sc
30 Feb
Sc
7c
4e1 Feb
7c Feb
be
110
6c
Jan
234
134 Jan
17e
Jan 20e
100
Jan 4Cc
be
Jun
40
4e
Jan
60
20c Feb 32e
100
Jail 190
Jan
20
lc
16% Jan 10%
2% Jan
ma% Jan 173
Jan 490
30o
5% Jan
Jan
8c
30
370 .13n 590
4% Feb
Feb
1%
1
Sc
Jan
20
Sc
Jan
5o
290
Jan
210
Jan
180
16e
Jan
5c
20
40
Jan
30
Jan
40c
14c
Jan 490
35e
450 Feb 535
360
Jan
300
Jan
3
I3u
Jan
70
80
Jan
15c
Jan (140
460
334
3% Feb
be
Jan
11c
lc
Jan
1
Jan
81c
15
4 Feb
64e
Feb 78c
314
2,3 Feb
4
1)16 Jui
,
2%
Sc
30 Feb
16c1
Jan
60
490
Jan 670
1%
251
Jan
2634 Jan 28%
Feb 23.
16 •
3% Jan
3%
30
lc
Jan

Jan
Jan
Jan
Feb
Feb
Feb
Ja LI
Jan
Feb
Feb
Feb
Feb
Jun
Tail
Pio
Feb
Feb
Feb
Jan
Jun
Jan

Frklay
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Mining (Concluded) Par. P7tee. Low. High. Shares.
West End Consolidated...5
West End Extension Min_
Western Utah Copper_ _1
White Caps Mining_ _100
Torrington Cons Co
Yukon Gold
5

30
2c
76c

1%
6
3c
400
Sc
2e
76c

1?.(
6 2,200
4c 36,000
45c 3,000
70 2,000
20 2,000
76c
200

Range since Jan. I.
Low.
1% Jan
Jan
3c
Jan
200
Jan
2e
20
Jan
Jan
75c

High.
1% Jan
lie
Jan
55c Feb
12c
Jan
be
Jan
Jan
860

Bonds
Allied Pack cony deb 65'39
8s Series B w 1
1930
Aluminum Mfrs 7s
1933
7s
1925
Amer Cotton Olt So...1924
Amer G & E deb B 63_2014
Amer Lt &'Frac 68. _1925
Without warrants
Am Republic Corn 6e w 1.'37
Amer Rolling Miii 6s__1938
Am Sumatra Tob 72 1938
Amer Tel & Tel 6s...1924
American Thread 6s._1928
Anaconda Cop Min 70_1929
6% notes Series A..!039
Angio-Amer Oil 7345..1925
Armour & Co of Del 5345'43
Armour & 00 7% notes_'80
Atlantic Fruit Ss
Atl Gulf & NV 1 SS L 58 1959
Beaver Board 8s
1933
Beaver Products 7145_1942
Bethlehem Steel 75._ _1928
Equipment 75
1935
Boston & Maine RR 68.'33
Canadian Nat Rys 75_1935
58
1925
Canadian Pacific Os__ _1924
Central Steel Its
1941
Charcoal Iron of Am 85.'31
Cities Serv 75, Ser C
75 series D
Columbia Graph 8s ___I925
Certificates of deposit...
Cons GEL &P Balt Ss 49
1931
75
1952
5%s Series E
Control Textile 85
1941
Copper Export Assn. 88 4
'
1925
8s
Deere & Co 7345
1931
Detroit City Gas Os__ _1947
Detroit Edison Os....1952
Dunlop T &It of Am 78_1942
Fisher Body Corp Os..192
Ga
1924
Gale (Robert) Co 7s..1937
Bateau-Signal 011 7s_ _1930
General Asphalt 8s..1930
Grand Trunk Ry 6%0_1986
Gulf 011 of Pa as
1937
Hood Rubber 7% notes_ '36
(lamb RI'88 J PM rect.
,
Kansas City Pow &Lt50'52
Kansas Gas .1.; El 65.. _2022
Kennecott Copper 78_1930
Laclede Gas Light 75
LibbyMcNeill& Libby 78'31
Liggett-Winchester 78_1942
Loulsv Gas & Elee 58_1952
Manitoba Power 7s___1941
Without warrants
Maracaibo Oil Expl 70.1925
5/eras& Co 7%s
1930
Nat Acme Co 7%s__ _1931
Nat Cloak & Suit 85_1930
National Leather 8s....1925
Y Chic & St L RR 65.31
Series C
Nebraska Power 6s. _ 2022
New On Pub Scry 55_ _1952
19.52
Ohio Power Is
Penn Pow & Lt 50 B..1952
PhIla Eke 534s
1947
(35
1941
Phillips Petrol 7%s._ _1931
Without warrants
Pierce-Ar Mot Car 88.1943
Public Serv Corp 7s w 1.'41
Sears, Roebuck & Co 75.'23
Shawsheen Mills is. _1931
Sheffield Farms 6%s_ _1942
Sloss-Sheffield S-I 63.1929
Solvay & Cie 8s
1927
South Calif Edison 55.1944
Southw Bell Telep 78_1925
Stand 011 of NY 65481933
7% serial gold deb_ _ I925
7% serial gold deb._1926
7% serial gold deb_ _1927
7% serial gold deb..1928
7% serial gold deb 1929
7% serial gold deb..1930
1931
Bun Co 75
Swift & Co 75_ _Aug 15 1931
1938
5s
1931
Tidal Osage 011 7s_
United 011 Produc 8s 1931
United Rys of Hav 7545 '36
1938
Vacuum Oil is
1937
Valvoline Oil 65
1937
Wayne Coal as

71
71
7134 $4,000
80% 81
13.000
106% 106 106% 17,000
103% 103%
5,000
90
91% 46,000
9634 96% 26,000
10954 110
6,000
10134 101 101% 9.000
89
89
7,000
99% 99% 100% 11,000
97% 9754 6,000
10054 100% 101
29.000
103 103
4.000
103% 103% 103% 70,000
102% 102 102% 118,000
103 103% 45,000
96
96
96% 259.000
105
105 103% 172.000
38
38
1,000
58% 54% 58% 32.000
67
67
69
7,000
100% 10034
1,000
105% 105% 105% 69,000
10251 102% 102% 36.000
94
93% 93
79,000
22,000
108 109
108
99% 99% 99% 29,000
101% 101% 101% 19,000
106% 106 106% 9,000
4,000
9434 94% 94%
93% 95
14.000
90% 9314 25,000
26
2,000
26
26
103% 103% 103% 16,000
9,000
107% 103
27,000
98% 99
104% 100% 101% 51,000
2,000
100% 100%
101% 102
9,000
10154 10354 40.000
102
10.000
100% 100% 101
103% 102% 103% 47,000
95
95
95% 22,000
98% oag 98% 6,000
25,000
100 100
loo
os% 98% 98% 22,000
104% 1053.4 15,000
105
10434 103% 101% 13,000
1055.1 10.5% 105% 8,000
50.000
96% 96% 97
26,00'
101% 1013( 102
4,000
9634 97
934 904 90% 64,000
6.000
8534 85
8014
10434 104% 101% 24,000
6,000
10034 101
101% 100% 10151 15,000
102% 10334 9,000
89
89
89% 41,000
66.000
102
100 102
14.000
99% 99% 102
11.000
1193( 119 123
l00% 108% 3,000
96% 9534 9614 35,000
106 106% 17,000
101% 10155 101% 25,000
13.000
100
99% 100
9934 loog 33,000
100
1,000
86
80
89% 8934 4,000
88% 89% 50,000
89
7,000
895( so% 90
100% 101% 3,000
15,000
10154 104 105
124% 128
24,000
128
70,000
1015£ 101% 102
77% 82
50,000
104% 104% 10634 68,000
101% Rag 101% 17,000
23,000
10454 104 105
100 100
100
11,000
98% 98% 4,000
13,000
104% 104% 105
9134 92% 16,000
102% 102% 102% 42,000
107% 107 107% 39,000
105 105
14,000
105% 105%
1,000
106% 106% 2,000
106% 107% 21,000
107
10755 10754
1,000
108 108
11,000'
101% 101% 102
15,000
10354 103% 103%
1,000,
92% 92% 94 107,000;
103
103 103% 31,000;
985( 9154 99% 31,000
105% 105% 106
29,000
10754 107% 107% 14,000
10254 10234
1,000
71
71
5,000

70%
80
10514
103%
85
or,34
109%
100%
88
99%
95%
Ion%
103
10344
191 34
103
nal
105
38
5154
65%
100
104%
103(4
SO
108
99
101
106
'Cl
91
got(

Feb
Feb
Jan
Jan
Fob
Jan
Jan
Jan
.1 an
Feb
.131,
Feb
Feb
Feb
Jim
Feb
Jan
.fan
Feb
Jan
Feb
Jun
Jan
Tan
Feb
Feb
Jan
Jan
Feb
Jun
Jan
Feb

76%
8134
107
104
96%
97%
110
101%
90%
100%
97;4
101%
103
lot%
/0214
103%
9631
10534
38
58%
89
100%
105%
103%
94
110%
99%
101%
107%
9451
95
9334

2234 Jan 35
1,)114 Jar, 103%
105% Jur 108
CH.% Feb 100
Is
104%
100% Feb 101%
101% Feb 103%
101., Jaf 103%
100% Jan 101%
102% Jar 104
95
Feb 07
99% Feb 98%
100 • Feb 100
.1.451 Jat, 9(51
103% Jul, 105%
103% Jan. 105
101% Jai 107
96% Jar
97%
100
.1 117 102
.
95% Jan 97%
80%
91%
85
Feb 86%
103
in, Utah
100% Feb 101%
99% J,,,, 102%
10'2
Jan 103%
89
Jan
91%
97
Jan 103%
96
Jan 102%
118% Feb 126%
108
Jnt 196%
95% Jan 96%
105% ha,, 101%
101 1 i Jan 102
99% Jan 101
99% Jan 100%
86
Feb 86
8914 Feb 89%
87% Jai
94
89
Jar
90%
100% Feb 102%
103% Jan 105%
120
Jan 128
102
Feb 10334
7734 Feb 9054
102% Jan 104%
101% Jan 1013(
1.4% Feb 105
99% Feb 10054
96% Jan 98%
104% Jan 105%
91% Feb tag
103% Feb 103
10614 Jan 10754
103% Jan 10654
104%, Jai 1055(
106% Jan 107%
106% Jan 107%
10734 Jan nog
107% Jan 109%
101% Feb 10214
10234 Feb 103%
9134 Jun 04
103
Jan 1035(
96% Jan 10154
104% Jan 107
107
Jan 10754
102% Jan 10331
6914 Fob 73%

Jan
.Tan
Feb
Jan
Jan
J In
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jull
Jan
Fob
Jan
Jan
Fob
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jun
Jan
Jan
Jan
Jan
Feb
JILl
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jaa
tan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jam
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan

Foreign Government
and Municipalities
Argentine Nation 7s_ _1923 100% 100% 100% 220,000 100
Dutch East Indies 554E4.'53 8834 885( 88%
1.000 8834
39% 39% 30,000 3954
Italian Govt 5s
1945 39% 38% 39% 90,000 36%
Mexico 45
15% 16
5s
50,000 15
54% 53% 553( 91,000 505(
-year series B
(115 10
10%
3s
105( 11
50,000 10
Nethcriands(Kingd)6511'72 99
99 100% 230,000 97%
Peru(ltepubile) 85w 1_1932 98
97% 98
21.000 97
Russian Govt 6%o...1919
13% 13% 10,000
Certificates
10% 11
22,000
9
Russian Govt 5345- _ -1921
13
11
13
24,000
Certificates
11% 11% 5,000 10
Switzerland Govt 5345 1929 103% 103% 103% 104,000 103%

Jan 10034 Jan
Feb 88% Feb
Feb 3934 Feb
Jan 4154 Jan
Oct
Jan
16
Jan 5714 Jan
Feb
Jan
11
Jan 100% Feb
Jan
Fob 99
Jan 13% Feb
Feb
Jan 11
Feb
13
Jan
Jan
11% Feb
Jan
Jan 104

1' Odd lots. * No par va us. II Dollars per 1,000 marks. a Ex-100% stock dividend. g Marks. It Correction. tn Dollars per 1,000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions will bo found. I Ex-special
dividend of 325. n Ex-extra dividend of $20. o New stock. p Er-special dividend
of $80 and regular dividend of 53. r E0-100% stock dividend. s Ex-50% stock
dividend. I Ex-200% stock dividend. I/ Ex-66 2-3% stock dividend. o Ex-stock
div. o140%. w When Issued. z Ex-dividend. y Ex-rights. e Ex-stock dividend.

burtstuunt and Sail:rout intellignice.

713

RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or
monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and
the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns
of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.

ROADS.

Week or
Month.

Current
Year.

Jan. 110 Latest Date.

Previous
Year.

Current
Year.

Latest Gross Earnings.

ROADS.
Previous
Year.

$1$1$
$
Akron Canton & Y.. December
198.836 129,574 2,209,489 1.658,542
Alabama & Vicksb- December
303,506 273,0331 3.063,635 3.397.144
American Ry
October
13344143 14624283 125206735 160035162
Ann Arbor
1st wk Fob
86,715
88,6571 513.086
442,678
Atch Topeka & 8 Fe December 19091741 13645282 191506230 189217
520
Gulf Colo & S Fe_ December 2.690,963 1,932,410,24,392,120
29,209,224
Panhandle S Fe December
801.755 681,722' 8,119.141 9.531,957
Atlanta Birm & Atl_ December
391.850 306,2001 4.017.228 3.201.634
Atlanta & West Pt_ December
242.064 171,637 2,606,416 2.470,655
Atlantic City
December
259,025 236,7474,626,
Atlantic Coast Line. December 7,077.193 6,023.453 74%823,346 4,615.848
66.730.768
Baltimore& Ohio-- December 20949 106 15504
563 200843170 198622373
B &0 Chic Term_ December
269.316 208.800 3,116.202 2,628.783
Bangor & Aroostook December
638.024 7,436,968 7,348,709
Bellefonte Central_ November
9,773
6.812
98,468
69.489
Belt Ry of Chicago_ December
594.121 436.432
Bessemer & L Erie December 1.116.657 696.441 6.184.668 5.495,789
14,511.803 13.527.593
Bingham & Garfield December
.628
11,380
237,324
178,322
Boston & Maine
December 6.793.630 6.444,565 79,8110.123 78.477.418
Bklyn E 1) Term_- December
122.875 107.059 1.573.325
Buff Roch & Pittsb_ 1st wk nth 495,681 339.079 2,681,321 1.318.073
1,674,418
Buffalo & Susq
December
240.620 163,822 1,675.822
Canadian Nat Rye. 1st wk Feb 1.885,611 1,883,607 11,100,151 2.052.782
Canadian Pacific_ _ _ 1st wk Feb 2.691.0002.749,000 15,539,000 10,183.705
13,815,000
Caro Clinch & Ohio- December
648,997. 575.054 7.608.602 7,464.112
Central of Georgia_ _ December 2.184.168 1,477,813 23,263.021 22.057,499
Central RR of N S... December 4,585,612 4,136,735 49.488.471 52,660.997
Cent New England_ December
585.247 629.216 6.790,751 8,381.790
Central Vermont.. December
758,781 566.253 7.626.626 7.135.753
Charlton & W Car December
267.406 254.549 3,221.2433,282.057
Ohes & Ohio Lines... December 7.511.792 5,513.905 83.511,56 83.687.959
Chicago & Alton_ _ December 2.881,9882.473.556 27.593.925 31.049,259
Chic Burl & Quincy_ December 15061 251 13384 310 164916 470 168712268
Chicago & East III_ December 2,523,000 2.020.893 24.731,348 27,099,146
Chicago Great West December 2.148.750 1,687.405124.224.78R
Ohic Ind & Loulsv-- December 1.504.886 1,210.256 16,031.586 24.273,653
15.162.870
Chic Milw & St Paul December 13966658 11347782 156950628 146765766
Chic & North West- December 11990925 10578608 146100437 144775476
°hie Peoria & St L. December
170.005 170.273
2,086,331
Chic River & Ind_ _ December
589.143
4.299.810
Chic R I & Pacific_ December 10006036,9,538.005 119204558 131766857
Chic R I & Gulf.. December
551,1331 469.930 5.881.674 7.510.255
Chic St P M & Om- December 2,375,8282,106.305 27.801.007 28,047.675
Cinc Ind & Western December
406,503 321,534 4,363,694 3,716.572
Colo & Southern_ -- December 1.245,200 1,023,230 13,196,236 13,223.220
Ft W & Den City December
913,211 828,039 9,717,037 11,334.956
Trin & Brazos Val December
209.371 460.679 2,777.179 3.501,011
Wichita VLII, _ _ December
189.900 127.004 1.415.488 1,723.109
Columbus di Greenv December
161.742153,
1.581.751 1.594,294
Delaware & Hudson December 3.432.888 3,740.129 37,722.123 45.723.398
Del Lack & Western December 8,761.151.6,619.9.74.873,605
Deny & Rio Grande December 3,030.419 2,375,301 33,350,594 86.243.394
32.621.419
Denver & Salt Lake_ December
172.999
1,580.509 2,879.058
.
Detroit & Mackinac December
130,192 125.471 1.875.864 1.972,441
Detroit Tol & Iront- December
761,611 337,380 9.004,474 6,453.669
Det & Tol Shore L_ _ December
323.105 231.650 3.585.716 2.918.040
Dul & Iron Range_ December
146,747
96.507 6.818.658 4.972.514
Dui Missa be & Igor. Decemeer
163.270
Dul Sou Shore & Atl 4th wk Jan 150.103 135.510 14,976.811 12.374.949
87,665
429,227
285.830
Duluth Winn & Pac December
186.842 175,165 1,998,372 2,344,817
East St Louis Conn_ December
205,700 116,734 2,099,554 1.598,645
Elgin Joliet & East_ December 2,161.187 1,591,021 21.483,415 19.334.042
El Paso & Sou West December 1,170.017 787.030 10.421.837
10.910.087
Erie Railroad •
December 9,989.141 7,020,062 95,292,290 102835505
Chicago & Erie_ December 1,147.171 657,415 11,581.813 10,703,591
N.1 &NY RE.. December
129,837 120.655 1,502.772 1,487,954
Florida East Coast. December 1.274,968 1,220,293 13.427,625 13,558,013
Fonda Johns & Glov December
130.468 113.596 1,409,648 1.355,659
Ft Smith & Western December
164.921 135,837 1,692,267 1.773,094
Galveston Wharf... December
135.117 136.622 1.597,862 2.608.285
Georgia Railroad... December
516.577 358,397 5,241.926 5.197.503
Georgia & Florida.. December
124.398
,
1,362,046 1.389.678
Grand Trunk Syst.. let wk Feb 1,915,415 1,906,308 10,538,763 9,245,863
Atl & St Lawrence December
342,390 155.217 2,88'1,859 2,676.621
Oh 13etCan TM December
300,366 163,228 2,383.677 1.959,197
Det G H & Milw_ December
378,233 446,633 5,335,380 4.608.548
Grand Trk West_ December 1,403.843 5,16,631 18.3(12.623 13.954.333
Great North System December 8,533,565 7,675.481 103452937 101317204
Green Bay & West. December
106.395 109.876 1.349,240 1,395.576
GulfMobile & Nor_ December
432.956 336,885 4.541,436 4.086.217
Gulf & Ship Island. December
249,625 229,1;21 2,947,651 2,852,960
Hocking Valley- -- - December 1.297,091 870,753
Illinois Central_ - December 14415811 11086427 13.855.464 14.093.001
Internet & Grt Nor_ November 1,359,020 1336.432 154860 387 141127066
13.375,887 16.447,636
Internet Ry of Me.. December
329,086 310,737 2,658,610 2,808,902
Kan City Mex & Or December
140,168 113.776 1.375,952 1,789,643
K Mex &0of Tex December
195,968 111),(109 1,600,62 2,199,355
Kansas City South_ December 1,747.621 1,419,918 18.221.027 19.609,283
Texark & Ft Sm. December
205,094 150,795
2.177,755
Total system.... December 1,953.614 1,582,747 2.140.153 21,768.140
20.361379
Kansas Okla & Gulf December
287,55r 217,263 2,933,928 2,337,527
Lake Sup & Ishpern December
7,882
7,259 1.073.498
411.615
Lake Term Rs
,
- December
50,273
92,001 1.012,304 1.201,902
Lehigh & Hud River December
211.189 255,917 2.412.760 3.242.288
Lehigh & New Eng_ December
073 4,775,737
'
,. .
Lehigh Valley
December
Los A ng & Salt Lake December 5.494.765 5,312,289 62.418.889 74.997.799
2,013.065 1.418,384 20,115,00 19.524.305
0
Louisiana & Arkan_ December
304.352 246,212 3.294.233 3.380,764
Lonislana Ry & Nay December
334.277 248,555 3,604.117 3.863.970
Louisville & Nashy. December 10370586 8,405,120 121140 207 117149124
Louisv Rend & St L December
294,591 221,586 5,274,808 2,863.043
Maine Central
December 1.636,964 1,517,535 20.387.172,20,590, 64
0
Midland Vallee_
December
388.935 346.217 4.661.0011 4,462.758
Mineral Range.
4th wk Jan
12.492
7,078
13,286
4,629
MinneaP & St Louis 1st wk Fob 318,218 302,187 1.798,156 1,599,516

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
Minn St P & 8 M. December 4.204.891 2.915.642 47.107.105
42.745,440
Mississippi Central_ December
132,987 117.469 1,502.610 1,198.143
Mo & North Arkan_ December
128.931
753,508
Mo Kan & Tex Syst December 5,143,443 4,499,438 55,035.701 63,020.975
Mo K & T Ry of Tex December 1,946.705 1,792.834 „ 26,797,515
Mo Kan & Tex Syst November 5.142.552 5.161,68949.892.258
Missouri Pacific-- December 8,726,795 7,725.258 99,921.331 58.521.537
109745072
Monongahela Conn- December
202,473
96.876 1.715.4171
894.143
Montour
December
141.415
89.401 1,138,757 1.408.940
Nashv Chat & St L.. December 2.000,862 1.540,897 22.353.763
20,924,603
Nevada-C .1-Oregon 1st wic Feb
3.550
2,946
27,669
22,229
Nevada Northern
December
44.272
21.120
57.5.771
345.064
Newburgh & Sou Sh December
183.359 164.041 1.950.343 1.496,821
New Onl Great Nor_ December
224,021 173,380 2.547,752 2.528.529
N 0Texas & Mexico December
304,640 269.802 2,939.171 2.720,388
Beaum L & W._ December
186,822 185.394 2.054.198 2,164,146
St L Browns & M December
421,077
5.872.676
New York Central December 34979130 2745$262 36312i527 339475455
Ind Harbor Belt_ December
921,592 683.384 10,299.400 9.034.338
Michigan Central. December 7.817,075 5.857,005 83.426.407 72.911.852
_ December 7,874,097 6,030.609 84.665,690 79,793.593
Cincinnati North_ December
345.621 213.057 3,505,287 3.757,713
Pitts & Lake Erie December 3,735.191)1.908,146 29.570.983 23.226,059
NY Chic & St Louis December 3.682,446 2.907.764 39,406,081 36.092.157
N Y Connecting... December
219,494 139.604 2.929,211 2,042. 21
NYNH& Hartf__ December 10817569 9.899.414 123246641 116405233
N Y Ont & Western December 1,005,439 992,837 12.341.912 14.127.867
N Y Susq & West__ December
451,368 277.692 4,188.873 4,208.711
Norfolk Southern__ December
734.487 680.846 8,412.957
Norfolk & Western_ December 6,960,753 7,218,894 90,314,743 8.055.795
Northern Pa(ific_ _ _ December 8.342.182 7,500,813 96,076.067 80.760.590
94.538.059
Northwestern Pac__ December
587,302 569.462 8.008,843
Pennsylv R it & Co_ December 57444562 47857940 646352108 8.609.732
615723905
Balt Ches & AU__ December
100,471 101.513 1.564.866 1.606.419
Long Island
December 2,378.441 2,009.384 30,951.540 28,720.911
Monong:Lhela.--. December
407.901. ,.
3.723.939 4.396 316
Tol Poor & West_ December
143.374 163.434 1.705,418 1,692.410
W Jersey & Seash December
970.794 723.732 14,018.091 12.929.706
PennsylvaniaSystem December 61198185 10206040 696599
768 662756803
Peoria & Pekin Un_ December
. •
148,601
Pore Marquette_ --- December 3,390,331 2,647,094 1.803,775 1.696,110
38,397,934 38.303.029
Perklomen
December
113.710 100.385 1,293.261
Phila & Reading.... December 8,858,626 6,825.184 81.934,751 1.285.803
84,924,227
Pittsb & Shawmut- _ December145.0381 89,881 1.090,985 1,272,028
Pitts Shaw & North December
149.191 110.179 1.271.751 1.195.797
Pittsb & West Va.. December
282,465 207.239 2,835.601 2,798.255
Port Reading
December
246.627 162.956
Pullman Company_ December 6,291,232 5.158,358 1.898.438 2.236.444
65,582,291 64,438.763
Quince Om & K C.December
114,956
1
16,38)4
Rich Fred & Potom_ December 1,067,430 871.662 1.242.291 1.306.819
10,975,812 10.002.075
Rutland
December
500,265 437,797 5,803.158 5.811.556
St Jos & Grand Isl'd December
271.136 250,391 3.171.594
8t Louis San Fran.. December 7,001,9008,157,005 79.170.251 3,35.5.356
81.851.289
FtW & Rio Or_ December
144.195 152.372 1.407.622 1,771.261
St L-S F of Texas_ December
157.449 165,717 1,709.052 1,937.998
StLouisSan Fran Sys December 7.328.001 6.501.767
82,570,845 85.812.595
St Louis Southwest_ December
St Louis S W of Tex December 1,983,049 1,518.498 18.548.233 17.366.132
728,716 694,062 7,611.691 7.774.033
Total system_ _ _ _ let WK Feb 529,630 442,793
3,104,495 2,388,213
St Louis Transfer.. December
76,540
81.005
759.648 1.111.430
San Ant & Aran Pass December • 472,979
480.723 5.78%169 6,322.114
San Ant Uvalde &0 December
70,639,
1,033.30e 1.149.443
Seaboard Air Line... December 4.517.453
Southern Pacific_ _ _ December 15780061 3.701.180 45.679,048 42,844,933
Southern Pacific Co December 23436662 13247384 183675381 189996 741
Atlantic SS Lines_ December 1.121.883 202221170 262519169 2694%4365
886.524 12,030.072 10.656.078
Arizona Eastern.. December
297,311
Galv Harris & A December 2.136,908 138,653 3.175.311 2.647.503
1.940.451 22,254,213 25.063.536
Hous & Tex Cent December
Hous E & W Tex_ December 1,399.984 1.776.082 15,087,424 14,843,658
291,465 249,475 3,173,666 2,994,772
LouisianaWestern December
441,686 332,370 4,303.197 4.387.857
Morg La & Texas December
Texas & New Orb. December 1.022,143 685,813 8.533.387 8,789,650
785.469
Southern Ry System let wk Feb 3,560.969 878,254 8.747,308 8.804,746
2,871.695 18,977.495 15,064,312
Ala Great South_ December
867.211
.
.5 . 4 9,542.224
Cin N 0 & Tex P. December 1,733,743
1.366,418 16,861.374 17.170,444
Georgia Sou & Fla December
403.060 464,145 4,518.016 4.586.771
379,442 294,521 2,231,691 1,644,084
New Orl & Nor E_ 13
583,296 497.999 5.506.622 6,329.587
Northn Alabama December
157,105
98.557 1.443.503
908,334
Spokane Internal,.. December
110.769
96,212 1.229.532 1,300,060
Spok Port]& Seattle December
716.708 684,959 7.382,886 7,980,930
Staten Island R T _ _ December
193,649 181,724 2.422,259 2,511,441
Tennessee Central.. December
227,662 168.578 2,518.908 2.338.815
Term R R AssnofStL December
386.373 370.148 4,498.456 4,527.866
St L Mer Beige T_ December
430,586 291,988 4,118,952 3.658,660
Texas & Pacific_ _ _ _ 1st wk Feb
529.172
3,136,141
. .
Toledo St L & West December
Ulster & Delaware.. December 1,132,219 785.970 11.542.343 9.503,970
116,651 105,746 1,652.803 1.747.687
Union Pacific
December
St Jos & Grand lab November 9,507,117 8,369,448 107842566 114783971
306.217 257.337 2.900.458 3.104.965
Oregon Short Line December
Tot tl syst3M. _ _ _ December 3.323,022 2,868.188 36.779,501 36,843.202
17138 131 14142919 192877 121 200970 218
Ore
-Wash RR &N December
Union RR (Penn).. December) 2,294.928 2,486.900 28.140.055 29.818.740
844.912 702,817 11.184.564 9,435.212
Utah
December
182.529
97,644 1,769,642 1,213,535
Vicks Shrev & Pac_ _ December
373,655 345,955 3,717.970 4.151.552
Virginian Railroad_ December
1,489.473 1,165,946 19,000,444 18.024,357
Wabash RR
Western Mar viand _ December 4.835,046 4.447.831 57.662,496 59.217,692
1st wk Feb 417,754 376.010 2.140,242 1,854.276
Western Pacific_ _ December
Western Ry of Ala._ December 1,021,503 775.210 12.494.040 12.100.611
253.687 201.250 2.741.539 2.530,457
Wheel & Lake Erie_ December
Wichita Palls & NW December 1.040,812 938.199 13,153,888 14.770.707
140,485 157.864 1.575.260 2.734.870
Wichita Valley
189,900 127,004 1,415.488 1.723.109
Yazoo & Miss Valley December
December 2.072.391 1,771.044 19.914.961 20.759.409

AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly
Weekly Summaries.

Current
Year.

Previous i Increase or
Year.
I Decrease.

4th week Nov 15 roads)_
15,338,192 13,917,120
1st week Dec 17 roads)____ 15,442,132 13,397.109
21) week Dec 17 real
15.477.466 14.922.832
3d week Dec
roads
13,924,548 13,021.648
4th week Dee 14 roads
10,977.911 9,873.503
1st week Jan
roads
17
13,055,010 10.606.706
21) week Jan 17 roads).... 13,413.517 11,169,71,6
3d week Jan (17 roadsi_
13,209.182 11,735,734
4th week Jan (16 roads
18.741.873 14,988,968
1st week Feb (16 roads
12.813.157 11 819.434
• Grand Rapids & Indiana and Pltte. Gin.
Chic. & St

114




Current I Previous
Increase or
Monthly Summaries,
Year.
Year.
Decrease.
Mileage. Curr.Yr. Prev.Yr.
$
i
+1.334.972 9.95 March
'
S
234,986 234.202 473,433.88 457.374,460 +16.059.426 3.51
+2,045.023 15.26 A rd
234,955 234.338 416.240,236 432,106.647 -15.864.410 3.67
7
+554.634 3.72 h ay
2
34,931 234.051 447,299.150 44:1.229.390 +4.069.751
+902,900 6.93 June
235.310 234,51)8472.383.903 460.007.081 +12.376.822 0.92
+1.104.408 1.02 July
235.082 234,556 442.736,397 462.696.086 -19,060.569 2.69
4-2.448.304 .3
4.31
August
- e
+2.213,811 3.0? September_1 5,:__0_ 235,090 472.242.561 504.154.065 -31.911.054 6.35
23
:1
3
235.205 498.702.275 496 978.503 +1.723.772 0.33
*1,473,448 12.50 October
872 232.882 545,759.200 532,684,914 +13.074,292 2.45
+3.7.52.905 2.03 November.-235.748 23.5,079,52
3,748.483,466,130,328 +57.618,155 12.35
+993.7237..6De ember - -23.5,920 236
1 21 512.433.7331424.698 143 +87,735,590 20.66
Louis Included In Pennsylvania RR. x Lake Erie
& Western included in New York Central.

pt

[Vot.. 116.

THE CHRONICLE
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of February. The table covers 16 roads and shows 7.56%
increase over the same week last year.

Latest Cross Earnings.
Name of Road
or Company.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

Hudson & Manhattan December
983.675 96a,416 10.096.713 10.515.711
flunt'g'n Dev & Gas_ November 109.486 98.512 •1.191.367 *1,071.442
Idaho Power Co... ___ November 199.406 190.733 *2.432.747 *2.288,220
1.11nois Traction
(
November 20 15.544 1051.046 20.433.196 20.057.439
3
8
1.942 Inter Rapid Transit.._ December 4905.698 4831.743
88.657
86.715
Ann Arbor
Subway Division_ December 3262.701 3194.197
339.079 156,602
495,681
Buffalo Rochester & Pittsburgh
Elevated Division_ December 1642,997 1637.546
2,004
1.885,611 1.883,607
Canadian National Railways
58,000 Kansas City Pr & Lt_ November 760.856 661.648 *7.742.801 *6.783,558
2.691,000 2.749,000
Canadian Pacific Ry Co
373,851
Keokuk Electric Co__ December
388.421
35.681 32.239
Grand Trunk Ry System
Kentucky Trac Term. December
132.964 117.439 1.629.574 1,817.320
9,107
1,915.415 1,906,308
Grand Trunk Western
138.360
Keystone Telep Co-- January
144.111
144.111 138.360
Detroit Grand Haven & MIL.
263.667
Key West Electric... December
248.696
22.147 21.817
Canada Atlantic
Lake Shore Electric__ December 234.846 200,290 2.519.303 2,564.157
16.031
302,187
318.218
Minneapolis & St Louis RR
Letting n UtilCo&Sub. December
88.659 84.2q0 1.117.994 1.092.079
Iowa Central
351.104
Long Island Electric_ November
26.656 25.855
358,106
84,921
379.442
294.621
Mobile & Ohio RR
Lowell El & Lt Corp.. December
160.421 117.385 1.363.077 1.180.510
604
3.550
2.946
Nevada California & Oregon
261.270
Manhat Bdge 3-C L._ November
24.380 23.507
261.557
3.560,969 2,871.695 689.274
Southern Railway System
310,773
Manhattan & Queens November
33.043 27.454
354.413
529.630
442.793
86,837
St Louis Southwestern Ry
838.821 815.276
33.459 Market Street Ky... December
562.631
529.172
Texas & Pacific
Metropolitan Edison_ December
632.758 524.629 6.279.136 5.824.593
376.010
41.744
417.754
Western Maryland
Milw Rice Ry & Light December 1904.905 1722.448 19.370.425 18.744.894
93.401 Miss River Power Co_ December 238.951 230.171 2.906,667 2.742,621
12,813.157 11.819,434 1.087,124
Total (16 roads)
Mimic Serv Co & Subs November 410.221 214.103 *3.397.839 *2.491.367
993.723
Net increase (7.565t)
Nebraska Power Co__ November 334.683 254.5..4 *3,447.852 *3.100.859
Electric
218.962
-The table Nevada Calif0 & Lt_ November 310.181 215.185 *3.327.976 *3.178.382
November
New Bedford
2.997.502
Net Earnings Monthly to Latest Dates.
Eng Power Sys_
following shows the gross and net earnings with charges and New Jersey Power... December 687.957 535.599 5.880.436 8.412.780
December
79.776 51.763
New
700.924
493.526
surplus of STEAM railroad and industrial companies Newpt News & Tramp
Ry, Gas & El Co..- November 165,435 163.561 1.910.213 2.379,604
reported this week:
275.91'' 31.1.020
December
- New York Dock Co._ December 2039.530 1980.872 3.825,826 5,116.210
-Cressfrom Railway- -Na from Railway- -Net after Tares
N Y Consol RR (Rec)
1921.
1921.
1922.
1922.
1921.
1922.
December 766.500- 778,429
N Y Railways
$
November 100.985 102.760 1.114.224 1.112.482
Eighth Avenue
Chicago Indianapolis St Louisville
470.096
43.431
47.315
November
500.874
329,283 Ninth Avenue
391,735
378,743
307,253
December._ 1,504,886 1,210.256
57.237 104.726 8.412.953 1,182.440
N Y & Queens ltec). November
From Jan I 16,031,586 15,162,870 3,870.442 2,980,920 3,095,140 2,242,920 N & Harlem nee). November 135.145
1.420.526
40.864 44,860
524.332
551,111
N Y &Long island._ November
Which Winnipeg & Pacific Ry3,400 -31.352 Nor Caro Public Sure December
12,556 -22.587
175,165
118.003 104.434 1.233.987 1,135.354
December.. 186,842
-1,406 -216.328 Northern Ohio
107,302 -92,587
November 820.1041 701,91') 8,474.839 7.911.068
From Jan 1 1,998.372 2,344,817
880.126 761.010 0,354,964 8.672.078
December
Nor Ohio Elec Corp
Grand Trunk System
814,831 694.002 7,569.543 7.144.204
Nor Ohio Tr lc & Lt.. October
Atlantic & St Lawrence
482 949
468.859
30.044 31.437
22,175 --285,069 Nerwest Ohio Ry & P December
32.182 --254,988
155.217
December__ 342.390
275.428 277.511 3.069.517 3.538.729
From Jan 1 2.880.859 2,676,621 --34,011 --706.216 --219,135 --909.878 North Texas Elec Co_ December
3280.274 3035.040 35.748,172 34.272.147
Pacific Gas & Elec Co November
Chic Det & Can Ord Trunk June
173.743 --49,739 Pacific Power & Light November 272.709 258.916 *3,003.039 *2.852.627
183,828 --42.095
163,228
December.. 300,366
561.187
529,886
68.160 52.118
397.353 Paducah Electric_ _ _ December
469,296 1,045,009
From Jan 1 2.38.3677 1,959,197 1,171.260
49,033 51,958 *579,689 *578.193
Palmetto Pow&Lt Co November
Detroit Grand Haven & MilwaukeePenn Central Li. &
27,527 --215,370
21,285 --227.88
446,633
Deeember.. 378,233
258.198 207.168 2,494.343 2.231,492
Power Co & Subs
2.208 1,195,947 -73.386 Pennsylvania Ediron. December
FromJan 1_ 5.333.380 4,608,548 1.255.144
256.372 216,145 2,651.997 2.451.148
December
Phil,, Co Subs and
Grand Trunk Western
253.994-1,331.145
322,555-1.278,459
536,631
December._ 1,403.843
Natural Gas Cos December 1417.216 1168.415 13.662.351 10.209.564
912.301 1,118.169
77.343 132.102
December
From Jan 116,302,623 13.954.333 3.560.776 --72.714 2,722.247 -728,859 Philadelphia Oil Co
R25.159
e12.240
72.863 68.18,
& We•st. December
1901
Lake Superior & Ishpeming IV
7.259 --27.852 --29,086 --54,387 --34,445 Phlia Rapid Transit December 3881.825 3801.096 42.529.543 42.420.605
7,882
December..
71,965 34.467 *832.441 *339,629
November
346.426 --209,210 rine Bluff Co
434,719 --143,947
411.615
From Jan 1 1,073,498
Portland Gas& Coke_ November 280.803 261.428 *3,377.108 *3.391.266
Louisville Henderson & St Louis RyNovember 882.197 820.146
41,660
83,751
122,625
32.166 Portland fly. Lt & P. 'November re450,os 6463.671 *10084 228 *9.949,281
221,586
Dtrember_. 204.591
13W t75283802
'741 7,
454,802 ihth tcor Corp of N
550,783
712.107
941,741
From Jan 1 3.274.81)8 2,863,043
Puget Sound Pow & Lt December 1013.644 943.939 10.477.610 10,038.544
i
.! 413.231 2.991.357
267.85, 262.41
Missouri & North Arkansas
Reading 'Pransit & Lt December
14,017
6,259
128,931
December _
Republic fly & Lt Co_ November 770.268 607.171 *7.956.505 *7.433.634
149,670
168,095
From Jan 1_ 753.508
734.352
599,343
62.354 57,045
Rich L & RR (Roc)... November
568.352
559.145
45.167 46.492
Pullman Company
Rutimid fly, Lt & IV. December
The
773.248
79.858 70.287
690.869
.
Sandusky (ins & Eke December
Decent her_ 6.291,252 5,158,358 1,626.768-3.522.300
138.918 141.816 1,603.092
Savannah Elec & Pow December
From Jan 1 65,582,291 64,438,763 12,552,884 -305.040
185.533
3
18.25
105.229
18.19
St tyre
Ttric Co.... Demi/0).T
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Second Ave (Rec)___ November 82.613 76.593 917.429 909.724
38.188
2.1432
2.900
44.133
17th St Incline Plane. December
910.378
December
80.674 71.852
872,729
Jan. 1 to Latest Date. Sierra Pacific Electric November 1443.498 1397.113 16.754.458 16,440.571
Latest Cross Earnings.
Southern Calif Edison
Name of Road
i21.620
78.352 714.508 1.128.617
South Canada Power. Decemher
Current Previous Current
Previous
Week or
or Company.
Southwestern Pr & Lt November 925.546 851,392 '9,746.243 *10049797 '
Year.
Year.
Year.
Year.
Month.
172.094 158.650 1.809,252 1.715.904
Tampa Electric Co._ December
4.646.659
706.779
Tennessee El Pr.& Lt. October
8
S
S
S
247.181 245.941 2.709.393 2.889.838
Texas Electric Ry___ December
Adirondack Pow & Lt November 557.7f46 454,8147 *5,610.166 *4.7 3.846 Term Power St Light_ November 469.134 414.511 *4.847.060 *4.946.033
Alabama Power Co.. December 583.624 431,776 5.745.321 4.542.357
_ December 434.266 418.542
Third Ave Ry
Amer Pow & Light Co Nov mb r 2592,269 2327.660 *27837695 *27226412 Twln City It Tranett. November 1133.413 1158,652
American Tel & Tel.. November 5755.2224998,041 59.463.547 53.123.388 United Gas & El Corp December 1233.701 093.963 12.488.623 II,4414.920
.
2483,,31) I.; i2 392
1Vatur NA ks Elm Det,,ber
Amer
United Lt& Itys&Subs November 1024.253 961.473 0116483w *11407983
mAm Wet Wks & Sub November 2550.142 1691,541 23,404.182 19.824.936 United Rys & Electric November 1370.680 305.093 14.861.079 15.039.479
276.111 225.459 *2.949 602 *2.487.606
App..1 will rn Pow Co. December
703.460 605,1711 7.1.15 06n 6.716.642
98.899 85,177 *1.278.391 *1,113.097 Utah Power & Liaht. December
& Power November
Arkansas Lt
December 854,306 761.750 8.840.905 8,031.001
76.284 70.605 *896.448 *851 .354 Utah Securities Corp_ December
.
Ashev i I le Pow & Lt .November
582.912
46 385
523.548
57.371
198.652 173,388 1,973.402 1.725.454 Vermont Hydro-Elee. December
Associated Gas & glee December
036.449 876.425 9.513 005 10.173 334
VIralnk Re St Power.
Bangor ity & Electric November 136.363 1211,057 *1.484.078 •1.417.059 West Vs Utilities Co. November 100.105 83.075
kii,,re,,len.. Tr. 1.t & 1 14,stember 4531.1).61 3,81',343 46,728.3.10 37,70 1.43 ) Western Union Tel Co November 0001.149 104.997 06.331.336 95.410.878
557.191
53.945 50,628
585.104
Baton ROLM Elec Co December
14244524
West Penn Co & Sub_ November 1822.579 212.882 816639664 •
663.431
642,711
62.727 55.814
Beaver Valley Tree.- December
556.687 5 t7 352 5.517.076 5.570.430
Winnipeg Electric fly December
lia) 7 I 7 8.8.7.I4 1.199.657
915 624
Dingattinton it. HAI' I)'cc 111).T
Yadkin River Pow Co November 101,869 101.705 *1.219.513 *1.047.085
3.647,791
397.772 345,354 4,003,445
Blackstone Val 0 & E December
799,770
62.250 60.752
736.468
:13591897 York Hay Wat & Pow December
Boerne"L" Railway_ November 31488700 29175959:145166757 170487,es)
I Iir,z111m Tr 1,1 .It l' December 17873 109 1.5405 'I' 197744 eio
Brooklyn City 1111. Is no longer part of the Brooklyn Rapid Trandt
e The
Bklyn Rapid Transit_ November 2943.069 2738.046 :15083247 :14240242
System, the receiver of the Brooklyn Heights RIR. Co. having, with the
Dkiyn City Rit (Ree) November 986.010 939.801 10.872,144 10,434,835 fipproval of the Court, declined to continue payment of the rental: therefore
66.005
5.693
81.364
7,454
.November
(
D k I yn heights Reel
4thre Oct. 18 1919 the Brooklyn City FtR has been operated by its owners.
MIen QC& sub(nee) November 218.199 207.908 2.357,947 2.123..565
Avenue and Ninth Avenue RR. companies were formerly
Corley 1& itklyn (1tec) November 218.959 207.810 2,515.247 2,573.537 b The Eighth New York Railways Co., but these lease, were terndnated
13:1.007
146,265 leased to the
5.576
5.216
Coney Island & Gray_ November
reepectively since which dates these roads have been
(nee) November 433,211 395,456 4.735.059 4.366.413 on July 11 1019,
Nassau Electric
upworod separately. f Earnings given In mlbels. 0 Subsidiary companies
N l' Consul (Rec.). _ _ November 1981.321 1847.921 21,566.971 20,358.614 only. 1 Includes both subway and elevated [Ines. j Or Abington & Rock929.814
92.126 82.814 1.084.046
November
South Brooklet)
694.596 land (Mass.). k Given In pesetas. I These were the earnings from operas
626.238
64.962 63.748
Cape BretenE)Co.Ltd December
than of the properties of subsidiary companies. m Includes 1Vest Penn Co.
C11114,11t1:1 Power & Lt. November 197.782 161.444 *1.961.842 *1.666.468 • Earnines for 12 months. t Three months ending Dee 31. z Mirnings
521.020
547.933
Cent Miss Vol El Co_ December • 52.497 96.753
for 10 months. U Earnings for 11 months. Five months end. Nov. 30.
December 1287.670 1193.449'14658970 •14461 770
Cities Service Co
908.688 s Four tnonths.
911.951
86.373 82.388
,
City Gas Co Norfolk. 11 eember
772.048
817.343
84.316 71.051
CitizensTracCo&Sub. December
Electric Railway and Other Public Utility Net
7)41.593
7(8.571
60.706 55.879
CleVO PiIIIIINV & East December
-The following table gives the returns of
998.844 Earnings.
Colorado Power
December
94.865 90.160 1.028,079
Columbia Gas & Sub sibetember 1949.429 1524.504 18.620.044 15.235.446 ELECTRIC railway and other public utility gross and net
188.697 167.020 *1.961.341 *1.761.996
Columbus Electric
November
Com'Wit h l'ow Corp. November 2186.785 1999.391 21,327.18020,411.211 earnings with charges and surplus reported this week:
Cross
Net after
ComW.11 h Pr Fly & Lt November 293)075 2726,494 29.213,806 28.476.063
Fixed
Redone.,
Earnings,
Conn Power Co
164,020 115.296 1.759.323 1.499.153
Taxes.
December
Charges.
Surplus.
Con gimers power Co NOvonber 1389.097 1240.054 •148358.52 *14105815
1)
S
S
$
Cum b Co POW & LC-. N ovem her.273.127 3,456,872 *3.266.582 Amoclated Gas &
Dec '22
198.652
.66.289
33.095
33.194
Detroit Edison Co.._ December 2765.095 2370.594 26408 159 *23382898
'21
173.388
65.490
42.844
Itloctric Co
22.646
14b.h5.t 113 220 1.203 941 1.310.580
Dube h-superew Trae September
12 mos ending Dec 31 '22 1.973.402
31,8,112
645.239
337.127
DunuesneLtCosubsid December 1826.691 1456.882 16.928.746 16.092,270
'21 1,725.454
223.983
476.169
252.186
457.692
502.005
48.682 45.329
East Sb O&E Co&Sub December
Dec '22
1.6740
60.796
15.910
14.270
162.510 138.072 1.789.685 1.670.328 Cleve Painesv &
East Texas Mee Co__ December
'21
---6.159
Eastern RR 6yst
55.879
7.726
13.885
138.603 125,347 1,382.038 1.256.649
MIN El Ill of Brock'n December
31.513
728.571
198.317
166.814
12 naos ending Dec 31 '22
204.407 196.778 2,290.841 2.290.405
El Paso Electric Co._ December
'21
24.121
761.593
1116.262
190.383
Elsc Lt & POW Co of
167.489
347.737 Interborough Rapid Dec '22 4.905.698 1.771.288 1.603.798
39.882 32.3r1
382.276
Abington & itockl'd December
19.317
'21 4.831.743 1.844.503 1,825.186
132,167 169.449 1.175.155 1.011 .414
Transit Co
Erie Ltg Co dr Subs_. December
86.957 82,410 1.006.686 1.006,947 lnterborough FAev Dec '22 1.642.997
Full River Use Works December
573.062 ---186,647
346.415
495.450 453.406 5,012.490 4.845.123
'21 1.637.546
Federal Lt & Tree Co December
790.492 -353.055
437.437
Foul. Worth Pow & Lt November 231,815 225.676 2.501.045 *2.610.757 Teterboro Subway Dec '22 3.262.701 1.381.871 1.030.735
354,136
295.764 283.386 3.317.581 3.679.867
(.1alv-Hous Eiec Co._ December
372.373
'21 3,194.197 1,407.066 1,034.693
OM (1 & KI & sub Co. December 1271).827 11110,2116 13.099.300 11.456.291
18.466
43.703
62.169
144.111
Derember 1479.1468 1439.8513 14.866.688 14.431.828 Keystone Telep Co Jan '23
Georgia fly & Power_
13.257
41.885
'22
55.142
605.395 600.842 7,683.123 7,290.701
138.360
Great West Pow Syst December
19.895
31.133
Dec '22
Haven:, El Hy I. & 1' December 1129.971 1147.7h6 12.9(1.76 12.882.654 Lake Shore IClea
54.028
234,486
521.071
5.809
46.097 42.701
545.847
Haverhill Clas Light__ December
• '21
200.290
05
40.711
3 10
. Ry System
939.624
88.324 80.716
413.310
973.129
175.053
December
Honolulu Rap 'I'ran
588.393
12 num ending Dec 31 '22 2.519.303
551.694
51.773
548.946
53.057 53.402
419.704
Lt December
Houghton Co Elm
'21 2,564.157
471.477
First Week of February.




1923.

1922.

Increase. Decrease.

FEB. 17 19231

THE CHRONICLE
Gross
Net after
Earnings.
Taxes.

Fixed
Charges.

Balance,
Surplus.

715

stock. Of this 513.516 shares are owned by the parent company and
6.998,660 shares by Du Pont American Industries, Inc , while the remaining
111,169 shares represent company's equity in General Motors Corp. ComN Y Consolidated Dec '22 2,039.530
595,382
466,285
129,097 mon stock held by Chevrolet Motor Co. and Canadian Explosives, Ltd.
21 1,980.872
574.677
445.566
129,111 Du Pont company has outstanding 950,609 shares of its own Common stock.
N Y Railways Co Dec '22
766.500
16.933
22,079
-5.146 Thus it will be seen that its direct and indirect holdings of, and equity in.
'21
778,429
13.359
24,371 -11.012 General Motors Corp. Common stock amounts to approximately 8: shares
for each share of Du Pont Common stock.
New England Co Dec '22
687.957
299.656
82.751
216.905
Liquidation of Export
-Early in the year 1922 E. I. du Pont
Power System
'21
535.599
89.773
68,478
21,295 de Nemours Export Co.Company.
12 mos end Dec 31 '22 5,880.436 2.000.011
982.956 1.017,055 handled by the selling wasALacontinued and that business has since been
branches of the several industrial departments, as it
'21 5.412.780 1.336.319
870.703
465,616 was believed that it could be handled
to better advantage In tials manner.
Third Ave By System Dec'22 1.202.559
263.577
222,989
40 588 (V. 114, p. 1291.)
'21 1.179,560
239,310
222.787
16,523
Liquidation of Du Pont Chemical Co.
-Du Pont Chemical
accomplished substantially the purposes of its organization inCo., having
that it had
sold most of the property which it acquired in the year 1918, was dissolved
n May 1922. (V. 114. p. 1895, 1770.)
Industrial Salvage Co.
-A new corporation organized in Delaware, purchased such of the Chemical Co.'s assets as could not be readily disposed
of, giving in payment 708,542 shares of its capital stock (par $1). In addiFinancial Reports.
tion, as a part of the consideration of the purchase of said assets, Industrial
-An index to annual reports of steam
Salvage
railroads, street railway and miscellaneous companies which ical Co.Co. assumed all of the liabilities and obligations of Du Pont ChemAfter
sale the assets of
have been published during the preceding month will be given were distributedthis the stockholders: Du Pont Chemical Co., as follows,
to
(a) 51,665,074 in cash, equal to 52 35 for each outstanding share of
on the last Saturday of each month. This index will not Du Pont
Chemical Co.
(b) 88,567 shares of debentures toxic of
include reports in the issue of the "Chronicle" in which it is du Pont de Nemours &stock)equal to one-eighth of a share for eachE. I.
Co.,
outpublished. The latest index will be,found in the issue of standing share of Du Pont Chem. Co. stock: (c) 708,542 shares of Industrial
Salvage Co. stock, equal to one share of said stock for each outstanding
Jan. 27. The next will appear in that of Feb. 24.
share of Du.Pont Chemical Co. stock.
Bonus Plan.
-Directors have continued the bonus plan. The lessened
earnings of the company. due largely to the continuation of the depression,
Mobile & Ohio Railroad.
have materially restricted the operation of this plan. However, bonuses
(Preliminary Report for Year ended Dec: 31 1922.)
aggregating about 2,300 shares of Common stock, costing approximately
$230.000, will be awarded to about 300 employees for 1922.
INCOME ACCOUNT FOR YEAR ENDED DEC. 31.
A change in the terms of the bonus plan seeming desirable, a new plan
1922.
has been formulated which his been approved by the
1921.
Gross operating revenues
$17.878,005 $18.190.180 approval asked at the annual meeting of stockholders in directors and its
March.
Total operating expenses
13.834.221
16.124,530
Pennon Plan.
-Company has continued its pension plan by which employees who have become mentally or physically incapacitated after 15
Net revenue from operation
$4.043.784
$2,065,650 or more years of faithful service are granted a pension. Pensions
Taxes and uncollectible railway revenue
paid
$762,876
$739.667 during 1922, amounting to $301,446, have been taken up In the cost
Equipment and joint facility rents
587,627
151.009 operations, leaving intact the capital amount of $1,400,000 set up asof
a
reserve for this purpose in 1920. The pension reserve has been
Railway operating revenue
$2,713.282
$1,174.974 from $1.400,000 to $2,338,000 by transfer of $938.000 from otherincreased
Other income
reserves.
3.583
a786,679
Stock Subscription Plan.
-The employees were advised that the stock
subscription plan would be continued for 1923 with two important changes
Total gross income
$2.716,865
$1.O61.644 from the plan which was effective for 1922. These changes include a
Interest and rentals
1,697.903
1.759,938 of 10 shares in the amount to which an employee may subscribe, andlimit
Dividends(4%)
it is
240,672
b240,670 further provided that only those employees receiving not more than
$4.000
per year are eligible to subscribe. In response the employees have subBalance carried to credit of profit and less__ _ _
$778.290 bdef $38,967 scribed to 6.127 shares of debenture stock under this plan.
a Includes adjustment of guaranty period account with the Government.
Group Insurance.
-Group insurance has been in effect since
Is Dividend for 1921 charged to profit and loss.
During
-V. 116. p. 410.
the period from April 30 1919 to Doc. 31 1922 a total of 347 1919. and disdeath
ability claims have been paid to the beneficiaries, aggregating S463,200.
(E. I.) du Pont de Nemours & Co.
Number or Stockholders.
-Stockholders Dec. 31 1922. 11,430, of whom
3.120, or 27%, employees.
(Annual Report-Year Ended Dec. 31 1922.)
Dividend Record.
-During 1922 regular dividends at the rate of6% p.
on the debenture stock have been paid. Also quarterly dividends of an.
President Irenee du Pont says in substance:
2%
Scope of Report.
-This report covers the results of the ?with/ties of E. I. each have been paid on the Common stock, aggregating 8% for the year.
du Pont de Nemours & Co., together with the various subsidiaries owned On Dec. 29 1922 there was distributed to the Common stockholders a 50%
dividend payable in the Common stock.
or controlled by it. The balance sheet and income account for 1922
in- CONSOL. PROFIT & LOSS ACCT. FOR YEARS
clude in consolidation the assets, liabilities and earnings of E. I. du
END. DEC. 31 (See Text).
de Nemours & Co. and of those subsidiaries. The minority interest in Pont
1922.
those
1921.
1920.
subsidiaries, not owned entirely by the parent company, is shown among Net sales
$71.956.448 555.285.181 $93.983.291
the liabilities in the balance sheet, and the earnings with respect to that Net income from oper. & investments 12.920.458 x7,258,072
minority Interest are deducted from total earnings on profit & loss account. Profit & loss on sale of real est.,sec.,&c.Cr.334.233 Cr.200.883 15.058.022
Loss494,789
This represents a departure from previous practice of
consolidation with the parent company only E. I. du Pont doshowing in& Co.
Total earnings
Nemours
$13.254,691
Pennsylvania, E.I. du Pont de Nemours Export Co.and.Rokeby Realty of Deduct bond int.. Incl. propor. of disc. 3.263,575 $7,458.955 $14.563,233
1.696,538
The companies included in the consolidation. in addition to those Co.
heretofore included, are the following:
Balance of income for the year__.... 59.991.117 55.762,417 $14.563,232
(1) Du Pont American Industries. Inc.
Company's portion thereof
-Owner of 6,998.660
9,445.751
5.762.417 14.563.232
General Motors Corp. Common stock. These should not be shares of Surplus at beginning of year
confused
y69,061.369 69.659.748 71,741.304
with other shares owned by the parent company.
(2) E. I. du Pont de Nemours Powder Co.
Total surplus
-Previous owner of
578.507,121 575,422,166 586.304.537
the properties now owned by the parent company and at the most of Deduct-Deb. stk. dm. (cash)
present
$1.103,432 $4.273,602 $3.813,424
Unto holding certain securities of the parent company.
Common stock div. (cash)
5,068.878
5.0 7.9 t
6,267.747
(3) Du Pont Nitrate Co.
-Owner and opetator of nitrate-producing
Common stock div.(stock)- (50%)31.682,600
(714)4,524.135
properties In Chile, South America.
Discount on debenture stock
a. 9,482
(4) Flint Varnish & Color Works
-Owner and operator of two properties
In the Middle West for production and sale of paints, varnishes, &c.
Total deductions
$40,854,910 59,311.506 $16.644.788
(A) Du. Pont Plbersilk Co.
-Manufacturer and distributer of artificial Profit and loss surplus
$37,652,211 $66,080,660 569.659.748
fiber silk. (61 Du Pont Building Corp.
-Owner of the Du Pont Bldg..
x Inventories were revalued
Wilmington, Del. (7) Play House Co.
-Owner of the theatre adjoining of 59,070.543. Of this amount Dec. 31 1921. resulting In a total writedown
$8,681,455. together with 52.161.355, coverthe Du Pont Bldg. Wilmington. (8) Hotel Du Pont Co.
-Operator ing extraordinary items (representing adjustmenta
resulting from
of the Du Pont Hotel. Wilmington.
prior to 1921) were charged against reserves previously created operations
for contin(9) Associated Securities of Canada. Ltd.
-Owner of company's interest gencies. y Includes $2,980,710 surplus
of subsidiaries not heretofore InIn Canadian Explosives. Ltd., and Northern Giant Explosives, Ltd.. manu- cluded
in annual report.
facturers and distributers of explosives throughout Canada.
CONSOLIDATED BALANCE SHEET DEC. 31 (See Text).
(10) Du Pont Engineering Co.
-Owner and operator of company's
machine shops and foundries in Wilmington.
Assets1922.
1921.
1920.
(11) In addition to above, there are several companies for manufacture and Cash
•
sale of nitro-glycerine and for holding of certain important patent rights. Notes & accounts receivable. &c- _ _$17,960,392 $16,988,206 513.479.364
15,762.569 12.918.752 21.058,355
Red rat of Business.
Materials & finished products
-The business depression of 1920 and 1921 continued
25,114,281 24.874.567 52,096,917
for this company into the earlier months of 1922.
is shown by industrial Advances to controlled companies_
8,774.144 10.629.801
sales of the parent company alone for the first halfas 1922, which aggregate Marketable securities & call loans_
of
4,156,449
1.269.589
1.507.509
$25,950.053. As compared with corresponding sales for the first half of 1921 Securities held for permanent invest.. 89368,269 98.099.236 62,811.801
of $24.378.917. Conditions improved materially during the last, half of Realty, not incl, plant real estate- _1105,364.335
j 2,425.964
1.019.174
1922. which is shown by the sales of $34.449,538 of parent company alone. Mfg. prop., patents, good-will, a.m.(
compared with corresponding sales of $27,208.619 for the last half of 1921. Deferred Items (incl. bond discount)_ 1.846.606 184.674.231 90,527.629
2,183.730
199,286
These figures do not show the full extent
recovery because of the
Total
.208.4181253.389.806
lower unit price level ruling over the later of the
as compared with the e artier
Liabilities
periods. Also the coal strike which greatly restricted the
for coal mining purposes undoubtedly delayed revival sales of explosives Accts. & notes pay., incl. accr. diva.
on deb. stk. & accr. int. on bonds_ $8,289.007 $3,726,379 518.913.260
In the explosive
business, which business comprises some
40% of the total sales of the Deferred liabilities & credit items
936,741
574.148
4,477.863
parent'company alone for 1922.
Advances
7,286.296
4,894.310
The much larger volume of manufacture has enabled company to re- Bonds of from controlled companies_
sub. cos. in hands of public_ 2,798.500
employ additional men. This, however, has occurred almost entirely in
bonds, due 1931
734%
30,778,000 35,001,000
the pay-roll group. since it had been necessary to retain
Debenture stock tanned
68.411,280 71,243.250 70.629.050
complement of salaried men oven with the lesser volume a reasonably full Common stork
of business which
issued
95.060.900 63,378.300 63.378.335
existed during the depression.
Cap atck & sur.of sub. cos. minus int_ 2.901.745
Operating Organization.
-The segregation of
organization Res,for depree.,pensions.bad dts.,&c. 12,844.517
6,870.222
8.540.233
into five principal Industries (mentioned in 1921 the operating
continued Reserves for contingencies
411.118 10.47.5.083
and the principles extended by separating from report) has been
the explosives department Surplus
:37.651.211 66.040.661 6e 65 1.748
,
smokeless powder department. This type
a
of organization is very defiTotal
nitely yielding good results.
5259,612.9,11$252,208,4185253.359.06
Capital Liabilities.
-A total of $3.709.389, covering the purchase of -V. 115, p. 2798.
$3,449,000 7 is % 10-year bonds in the open market,
has been expended
United Fruit Company.
In 1922. These purchases, added to those bonds purchased during 1921.
bring the aggregate amount now held in the treasury
(Report for Year Ended December 31 1922.)
The 'bonds have not been canceled and are available for up to 54,222,000.
resale, If desirable. INCOME & PROFIT
A 50% dividend, payable in Common stock, was
& LOSS ACC'TS, FISCAL YEAR ENDED DEC. 31.
on Dec. 29
1922, thereby increasing the outstanding capital distributed$63,378,300
1922.
stock from
1921.
1920.
1919.
to $95.060,900 (V. 115, p. 2566).
12 Mos.
12 Mos.
12 Mos.
15 Mos.
Listing of Securities on N. Y. Stock Exchange.
-On May 25 1922 the Net income from oper_ _ _$20,476.759 $18.827,979 543,661 238 537.351,729
Common and Non.Voting Debenture stocks were listed,
Interest, dividends, &c_ 2.084.790
1,751.857
954,06
1.031.579
Common stock paid as a dividend in Dec. has been listed and the additional
on N. Y.Stk. Exch.
Inrestment in General Motors Corp.
Total net income
-During 1922 company received
$22,561.549 520.579.836 $444.615,274 538.38578
$3.756.088 as Its portion of a dlv. of 50c. per share declared
by General Lem Interest charges_
58.906
$25,187
5206.685
Motors Corp. This represents 4.7% on t he total cost of our holdings. The Estimated taxes
3.710,231
3.595.167 15.581.780 18.016.116
preliminary statement of General Motors Corp.. which was made public Dividends (see note)..
'10,000.000 8.000 000
6.518.990
6.289.562
In Nov. 1922. estimates that the earnings accruing to the Common stock
Rate per annum
(13%)
(10%)
(3%)
(124%)
will be upwards of $2 25 per share for 1922, so that there has accrued to
the benefit of the company as a Common stockholder approximately Balance, profit,for year_ 58.851.318 58.975.763 822.489.317
513.873.955
above the dividend, making total earnings
$13.150.000 over and
of $16,- Accum. profit Jan. 1___.34.955.774 25.980,011 49.109.723 35.040.154
906.000, or 21% on your investment.
In tho report for 1921 attention was called to the organization of Du Pont
Total
543.817,092 534,955.774 571.599.040 548.914.109
Nobel Co. as a means of carrying stocks for joint account of Nobel's Ex- Less: Stock divs.(100%)
50.000.000
plosives Co., Ltd., and this company The need for carrying this
Joint
account having ceased, Du l'ont-Nobel Co. has been liquidated. Accord.:
Balance, profit
$438 `7.0‘41 534,955.774 521.599.040 548.014.109
.
inlay 200.000 shares, being half its holding's of
General Motors Corp. Credits to profit and loss 1,162.1)30
4.380.970
195,613
Common stock. are now owned directly by the Du Pont company.
) It la Interesting to note that company now owns, directly and indirectly.
Profit & loss balance-344.970,022 $34,955.774 $25,980,010 849,109.722
an aggregate total of 7.623.315 shares of General Motors Corp. Common -V.115,p. 2805.

FINANCIAL REPORTS.




716

THE CHRONICLE

Gillette Safety Razor Co.
(Report for Fiscal Year ending Dec. 31 1922.)
The remarks of J. E. Aldred, Chairman of the Board, are
given in full in our advertising department.
-SALES.
NET EARNINGS WITHOUT RESERVE FOR TAXES
[The sales include the sales of subsidiaries in England. France and Canada.]
Tot. Sales(incl. Sub.Cos.) -$ales to U. S. Govt.- Company's
No. Razors. Doz. Blades. 1Vb. Razors. Doz. Blades. Net Earns.
3,420.895 24.082.970$7,602,939
1922
564
4,248,069 19,531.861
1921
, .
6 803.407
2.090.616 19,051,268
1920
6,025.350
2,214,566
447.457
2,315.892 17.320,517
1919
5,252,136
3,002,355
3,479.442
4.580.987 12,895,618
1918
4.603,782
1,094.182 9.619,030
1917
3,192,832
7,153.466
782,028
1916
1;673.436
4.414.153
350.765
1914
During 1922 the company paid $12 per share (cash) dividend on its
capital stock as follows: March 1. 53 per share; June 1. 53: Sept. 1. $3: and
Dec. 1. $3. In addition company paid a 5% stock dividend June 1 1922
and another 5% stock dividend Dec. 11922.
BALANCE SHEET DEC. 31.
1921.
1922.
I922.1921.
3
LiabilitiesAssetsCapital and earReal est. & bkigs.
plus (represent(after deprec'n)_ 2,653,018 2,653,374
Machinery & tools 3,008.897 2,970,057 lag shares oi no
par value).....a30.515,897 23.700,000
4,239,000 4,239,000
Patents
265,878
45,718
4,089,477 2,434,437 Accounts payable_
Cash
Accts.receivable._ 6,775,853 5,352,343 Accept. discount__ 1,504,919 5,177,405
See a
2,932,609 Surplus
3,024,010
Inventories
7,781,C82
Investments
653,766 Total(each side)._32,066,534 29,143,283
Deferred charges._ 495.196
a Capital stock and surplus is represented by 303,170 shares Common
-V. 116, p. 183.
value.
stock having no par

[voL. 116.

-Accrued dividends on Prior
Prior Preference Stock on Dividend Basis.
Preference stock have been declared and settled, and the stock placed on
a current dividend basis beginning April 1 1923.
-The peak amounts of bonds,
Summary of Retirement of Securities, etc.
debentures and Prior Preference stock issued as a result of the reorganization
$87,402,500. Under the program above stated and by regular annual
was
retirements of bonds and debentures, this aggregate amount of senior
securities should be reduced as follows: (I) On March 15 1923 to a total of
572.750,000, or a reduction from peak of $14,652,500:(2) on March 15 1924
to a total of $64,750.000, or a reduction from peak of $22,652.500.
On March 15 1924 the year's current disbursements on account of interest
and dividends on bonds, debentures and Prior Preference stock and retireraent charges on all three issues should aggregate $9,080,000. Of this total
$3,600,000 will be in retirement of debt or stocks senior to the Prof. and
Common, and therefore result in an equivalent addition to the book value
of those junior stocks.
The total annual charges for interest, dividends and retirement of Lhasa
three senior issues aggregated at the peak $10,292,200,80 that the net result
on March IS 1924 should be a reduction of annual charges prior to Prof.
and Common stocks of 31,212.2W, with further automatic reductions each
year thereafter. [As to settlement of suits against reorganization plan.
see a subsequent page.]
INCOME ACCOUNT FOR YEAR ENDED DEC. 31 1922 AND TEN
MONTHS ENDED DEC. 31 1921.
Year Ended 10 Mos.End.
Dec..ec. 311922.Dec.31 1921.
PeriodNet sales (less returns. discounts & freights), inc
102,904,177 82,1f5,550
shipments to sub. co's & foreign branches
82.114,356 62,351,301
Deduct manufacturing cost of sales
20.789,821 19,844.249
Add surplus net profits of sub. co's and foreign
2,074,747
3,235,686
branches and other income
24.025.507 21,918,996
Deduct selling, administrative & general expenses_ 13,086,759 12,278,761
10.938,748
x837.317

9,640,236

Hercules Powder Co.
(Annual Report for Year Ended Dec. 31 1922.)
The remarks of President R. H. Dunham, together with
a comparative income account and balance sheet for the years
1913 to 1922, inclusive, are given in the advertising pages
of to-day's issue.

10.101,431
Balance,surplus
2,589.779
Interest on bonds (including premium)
2,200,000
Interest on debentures
6,038
Other interest
Loss on property liquidated, dm
Adjustment in respect of investment in sub. co's
Proportion of bonds & debenture discount and re854,242
organization expense written off
Balance of carrying charges (int. insur., &c.,) on
900,190
deliveries of materials purch. prior to reorg_
def.

9,640,236
1.714,862
1,308,598
506.163
352.733
1.508,830

INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
1920.
1921.
-1922.
Calendar Years
418,728,881 516,091.391 $20,384,866 $20,539,737
Gross receipts
$492.250 51.579.795
$820.965
from all sources_ _ _s$2.264,895
Net,
374.500
419,384
572.030
667,620.
Preferred dividend

3,551.183
837.317
3,620,043

3.620,043

Add profits of California Co. as above
Previoussurplus
Profit and loss surplus

8,008,543

3,620,043

1.205,295
72.866
248,935
Available for corn. divs_ 1.597.276
Common dividends_ _y(1034)858.000 (12)858,000(16)1144,000(16)1144.000
$61,295
$739,276 def$609,065df$1,071.134
Balance after dividend
14,362,096 14.971,161 16.042.295 15.981,000
Previous surplus
515.101,372 514.362,096 314,971,161 316,042.295
Total surplus
Stock dividend_ __ _(100%)7,150,000

Total earnings
Profits of California Co.

629,017

x Applled in reduction of California deficit and consequently an addition
to parent co equity but not available for int., &c. V 116. p. 417 302.

American Can Co.
(Annual Report, Year Ended Dec. 31 1922.)
President F. S. Wheeler says in substance:

-Earnings for 1922 were $14,898,925. After depreciation.
Results.
Profit and loss surplus. $7,951.372 $14,362,096 514,971,161 $16,042,295 debenture interest, reserve for taxes, and dividends on the preferred stock,
a balance remained of $7.547,019. After deducting the first quarterly divix After deducting all expenses incident to manufacture and sale, ordinary dend on the common stock declared payable Feb. 15 1923, there was carried
and extraordinary repairs, maintenance of plants, accidents, depreciation. to surplus 57,031,603.
-The financial position of the company has
Financial Position Improved.
taxes, dm.; also interest on Aetna bonds.
y Common dividends of 3% each were paid Jan., March and Sept. 1922 been further improved. During the year there wore purchased $2,76,000
of
on the then outstanding $7,150,000 common stock. In Dec. a dividendin- debentures in the market at a cost of $2,732,189. This nearly provides for
114% was paid on 514.300.000 common stock, the stock having been
the-remaining sinking fund requirements and leaves in public hands $6,372,creased by the payment of a 100% stock dividend on Nov. 25 1922. See 500, due in 1928, callable at 102%, which is the only funded debt and the
V. 115, p. 1948.
only charge against the plants and property, there being no mortgages.
•
Inventory -The inventory has been carefully taken, and, while a little
CONSOLIDATED BALANCE SHEET DECEMBER 31.
larger than last year, is normal for the present velume of business.
1921.
1922.
1921. 1
1922.
Construction Expenditures. &c.-Expendituras for new construction and
$
IS
I
LiabilitiesIS
Assetsnew equipment were $1,627,461. For the coming year these expenditures
Plants dr property-22.911.967 22,568,400 Common stock__ _14,300,000 7,150,000 -will be larger, as additions have become necessary to adequately meet
1,338,438 3,133.123 Preferred stock__ _10,086,900 7,840,500 trade demands at various plants. The volume of business done in 1922
Cash
1,350,000
Accounts reccivle_ 3,967,104 3,669,255 Prof. stk. in escrow
and with the exception of 1918 (a war
3,891,475 3,909,145 largely exceeded the previous year,
868,219 Aetna bonds
Collateral loans__ _ 1,680,836
history.
the largest in
306,890 year) was-Business for the company's least equal 1922, judging from
24,332
Bills payable
Investment securi1923 should at
Outlook.
449,084
2,530,700 1,256,589 Accounts payable_ 372,882
ties
indications in the lines of trade served by your company.
present
78,925 Bond interest and
Liberty bonds_ _ ... 1,351,283
It should be borne in mind. however, that the present bases for industrial
80,417
88,260
preferred
Materials and supare of uncertain duration. Labor costs are high,
5,626 activity in this country are high, and, therefore, all costs of manufactured
6,601
3,333,082 3,284,654 Deferred credits._
plies
14,932 fuel and transportationlong the present general activity will continue is a
Finished product 1,933,368 2,260,531 Federal taxes (est.) 292,502
goods are high. How
2,101,339 1,756,912 question for individual hudgment, but your officers believe it to be the
105,905 Reserves
68,075
Deferred charges
Profit and loss.._ _ 7,951,371 14,362,096 part of wisdom to keep in strong condition to meet a recession when it may
39,115,752 37,225,601 occur. Common Dividend.
Total
39,115,752 37,225,601
Total
-The directors in December last were justified
Initial
%
Note.-Tho consolidated balance sheet includes Yaryan Rosin & Turnen- in beginning dividends on the common stock at a conseravtive rate of
-V. 115. la 2598.
tine Co. and Hercules Explosives Corp. of New York.
payable Feb. 15 19231. This has been made possible by the many years of
close application and labor of an organization remarkable for its devoted
The Goodyear Tire & Rubber Co.
loyalty to the company's interests.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
(Annual Report-Year ended Dec. 31 1922.)
1920.
1921.
1919.
1.122.
Calendar YearsPres. E. G. Wilmer, Akron, 0., Feb. 10, said in substance: Net earnings
314,898.925 87.020,262 19.851.876 511.728.758
Deduct
-Not sales (exclusive of subsidiary companies) were $102,904,177
Results.
before interest and
2.000,000
1,500,000
2,000,000
1.500,000
in 1922. as against 394.328.803 in 1921. Total earnings, interest and other Depreciation
492.400
.548,533
520,958
465,575
Int. on debenture bonds_
other charges, were $10,938,747. After deduction of
to
1,000,000
4.000,000
3.000,000
charges the net balance to surplus was 54.388.499. the addition of which 31 Reserve for Federal taxes 2,000,000
2.886,331
2.886.331
2.886.331
Preferred dividends(7%) 2,886,331
previously reported, gives the company a total surplus at Dec.
surplus
$21,531,500. x Common dividend_ (1;.,, %)515,416
1922 of 38,008.542. Cash and marketable securities totaled
The ratio of current assets to current liabilities was almost 12 to I. Neither
57.031,603 $1,141,531 $1,944,587 $2,293.894
had any indebtedness to banks.
Balance, surplus
the company nor its subsidiaries
-The number of automobile tires sold during 1922
No. of Tires Sold.
x The directors in December last declared an initial Common dividend of
including sales by the California or Canadian companies) was approxi(not
mately 150% of the number sold in 1921. All other major products were flj%. payable Feb. 15 1923, to holders of record Jan. 31.
sold in considerably gteater volume than the year before.
BALANCE SHEET DECEMBER 31.
-The company's plants at Akron, as well as the plants of the
Plants.
1921.
1921.
1922.
1922.
Canadian and California companies, have all been in heavy production
Assets
throughout the present winter. Our deliveries of tiros and other products
Preferred stock_ _ 41,233,300 41,233,300
Plant. real estate,
than those of 1922.
are to-day at a rate substantially heavier
.
incl. new constr94.415,293 95,873,347 Common stock_ 41,233,300 41,233,300
Inrentories.-During the last two years we have labored under the burden
9,655,500
of high-priced raw materials specified under purchases made prior to Other inv. items_ 2,372,286 2,731,662 Debenture bonds 9,139,500
201,158
Accrued bond int. 190,406
consumption Dob,bonds owned 2.732,189
March 1 1921. All of these materials have been taken in and
4,720,204
thereof was completed late in 1922. The company is again operating with U.S. Govt.securs 8,528,236 6,028,013 Accts. dz bills pay. 5,733,182
721,583
10,398,209 6,641,376 Prof. div. (Jan.). 721,583
Cash
average cost of which is at or under current market.
inventories the
Accts.& bills roc_ 7,092,855 6,526,301 Com.dlY.PaY.Feb. 515,416
Digest of Circular Accompanying Annual Report.
Materials and
Contingent funds13,045,444 11,302,543
20,211,079 17,192,301 Res.for Fed. taxes 2,000,000 1,000,000
-The aggregate of bonds and debentures which the comproducts
;kinds Retired.
31,948.016 24.916.413.
Surplus
pany will have retired by March IS 1923 is 31.750,000.
-Company has purchased and retired $3,195.500
.
Pref. Stock Retired.
145,750,148 134,993.000
145,750,148 134,993,000
stock shown on balance sheet of Dec. 31 as held in escrow
Total
Total
Prior I'reference
Prior
and in treasury. Company has purchased and retired $9,902,500 shoot
x Consists of $2,891.126 insurance reserve, $3,121,857 inventory reserve.
Preference stock out of the $29,902,500 shown en the same balance
Prefer- and $1.266,869 miscellaneous reserve.
-V. 116. It 617
.
as issued and outstanding, so that the total aradunt of such Prior
ence stock issued and outstanding now is $20,000,000. to purchase and
Further Reduction in Preferred -Company has arranged
Baldwin Locomotive Works.
retire on Feb. 1 1924 an additional 55,000.000 of Prior Preference stock, as
315.000.000.
[Including Standard Steel Works Co.)
of which date total outstanding should be reduced to for the surrender
Common Stock -Arrangements have been concluded
(12th Annual Report-Year Ended Dec. 30 1922.)
cancellation of .50,000 shares of Common stock.
and
Preference
President S. M. Vauclain says:
Equities of Stock Increased -By reason of the purchase of Prior
of the
than
stock already retired at a price less 1923. par and the cancellation ComThe period of readjustment referred to in the 1921 annual report conthe equities of Pref. and
thereon to Jan. 1
business of the
accrued dividends
retirement of the tinued during the major portion of 1922. The general a satisfactory
Upon the
mon stocks have been increased by 53,010,360.on Feb. 1 1924 the purchase country greatly increased, and during the last few months
$5,000,000 of Prior Preference stock
maintained in a creditadditional
thereon to business was secured. The property, having been
thereof at less than par and cancellation of accrued dividends increased able manner, is fully prepared for the improved situation which will characJan. 1 1923. the equities of Prof. and Common stocks should be
terize the coming year.
$1,270,000.
by an additional




THE CHRONICLE

FRB. 1T 1823.]

ANNUAL RESULTS BALDWIN LOCOMOTIVE WORKS, CAL. YEARS.
1920.
1919.
1922.
1921.
Gross sales
1433,087,259 $49,945,506 $73,542,666 $84,307.777
b31.092,897 41.832,812 65,987,827 75,465.535
Cost
Manufacturing profit _c$1.994,362 $8,112,694 $7,554,839 $8,842,242
1,103,430
2,512,763
4,200,361
Other income
6.078,574
Gross profit
Deduct taxes, int.. &c

$8.072,936 $10,625,457 $11.755,200 $9,945.672
1,074,429
1,307,422
1,663,184
3,347,931

Profit
$6,765,514 $8,962,273 $8,407,269 $8.871,243
Special Deductions
Reserve for depr. Sr adj_
$600,000 $1,000.000
$600.000 $1,095.000
600,000
500.000 2,000,000
Reserve for taxes
300,000
Deferred profits
658.995
2,318,177
2,878,751

717

CONSOLIDATED BALANCE SHEET DEC. 31.
1922.
1922.
1921.
Assets$
$
Common stock__618,000,000
Real estate, buildings,plant,dee _ al1,700,588 11,712,548 Pref. stock (7%)_ _66,015,000
Patents&good-will 8,035,000 8,035,000 Notes, accounts
payable, &o ___ 681,342
141,477
Investments
44,049
Inventories
4,929,387 3,394,909 Divs. payable Jan_ 340,263
Surplus for redemp.
Accounts and bills
of Pref. stock.., 1,485,000
receivable
1,831,833 2,320,035
2,314,753 1,121,681 Res've for taxes &
Cash
contingencies_ _ 807,677
Prepaid insurance_ 117,040
134,406
Profit and loss_ _ 1,740,797
Total

29,070,078 26,762,627

Total

1921.
13,500,000
4,180,000
3,580,395
76,038
1,320,000
376,881
3,749,314

29,070,078 26,762,627

Book value Dec. 31 1921, $14,865,376; net expenditure on additions
and betterments during 1922, $469,946; less reserve for depreciation.
13,629.734. bStated capital. 125.500.000. represented by (a) $7.500.000
7% Cumul. Prof. stock (par $100), of which $1.485.000 have been acquired
for retirement and (b) 360,000 shares of Common stock of no par value
(out of an authorized issue of 500,000 shares). The stockholders on Dec. 29
last changed the Common stock from shares of $100 par value to shares of
no par value (see text above).
-V. 116. p. 620. 415.
a

Total special deduc'ns. 81.558,995 $3,918,177 $3,978,751 $3,095,000
Net profit
$5.206,519 $5,044,096 $4,428,518 85.776,243
'Div. on Prof. stock(7%) 1,400,000
1,400,000
1,400,000 1,400.000
Div. on Corn. stock_ _
(7)1.400,000(7)1.400.000 %)700.000
(3

%)1,400,000

Surplus after dividend $2,406.519 $2.244,096 $1,628,518 $3.676.243
Surplus brought forward 13,257,534 11,013,437
1.907,642
6.554,413
Adj.S.S.W.Co.stk.div_ _Cr3,000,000
Sinking fund interest... Cr.266.725
Unexpended approp..less
patents, good
-will, &c.
1,315,241 Cr970,528
EtixtY M.Co.liquidated_
1,515.264
Total prof. & loss sur418,930.778 $13,257,534 $11,013,436 $6,554,413
a Sales: Cash basis, $30.264,458; deferred basis, $2,882,801. b Cost
cash basis. $28.929,092; deferred basis, $2.163,806. e Manufacturing
profit, cash basis, $1,335,366: deferred basis. $658.995.
Note.
-Report Is subject to revision to meet any changes in interpretation
of Federal tax laws, regulations or rulings.
BALDWIN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31.
1921.
21922.
z1922.
1921.
Assets$
Liabilitiess
$
$
Real estate, niaPreferred stock__ _20,000,000 20,000,000
chinery, &6__ _726,898,185 27,079,542 Common stock_20,000,000 20.000.000
Stand.S. Wks.Co. 7,041,501 4,041,501 Bonded debt
10,000,000 10.000,000
Chicago plant__ 388,782
381,915 Accounts payable_ 6,370,582 5.114,840
Other real estate_.
5,000,000 5,000,000
5,880 Bills payable
5,880
549,000 1,041,150
Inventories
10,855,176 4,840,600 Advances
Accts. receivable_ _10,497,234 6,902,425 Savings funds, &c_ 1,594.236 1,583,577
Bills receivable,__ 7,012,871 10,231.809 Accr. int. on bonds
83,334
83,334
Liberty bonds._,..
1,000,000 Interest 1 ecelvable
609,682
IT.S.Treas. certif_
5,791,200
in advance, &c_ 496,177
For'n Govt. sco_.x20,010.108 17,042,515 Reserve for taxes_ 492,068
699,753
Miscell. securities_ 561,983
558,484 Reserve for deCash
2,216,677 2,056,200 ferred profits_ 4,359,375 4,294,425
320,223 Int. in sinking fund
286,725
Deferred charges._ 418,927
1st M.bond sk.fd. 1,968,225 1,678,725 Surplus
18,930,778 13,257,534

The Pullman Company, Chicago.
(Results from Operating Cars for Year ended Dec. 31 1922.)
-S.
A statement filed with the I. C. Commission shows:
CAR AND AUXILIARY OPERATIONS.
-Calendar Year- -Month of December
1921.
1922.
1921.
1922.
Berth revenue
$62,730,379 $61,290,850 $5,272,166 $4,479,317
763,341
678.560
Seat revenue
8,915,545 8,840.198
840,339
27.308
Charter of cars
1,100,806
27,716
Miscellaneous revenue-.
63,621
658,130
5,002
741.222
482,921
Car mileage revenue_ _ -32.633
40.026
473,497
7,079,166
Contract revenue Dr._- 8,379,158
462,734
71.855
Total revenue
$65,582,291 $64,438,763 36,291,252 85,158.358
Maintenance of cars_ -.424,570,185 $31.525.477 $2,324,418 $3.453,881
All other maintenance...
286,685.3,040,755
21,980
2,735.238
Conducting car opera'ns 26,022,330 28,136,322
2.128.010
2.317,580
General expenses
2,150,207 2,041,249
190,076
173.958
Total expenses

853,029,407 $64,743,803 $4,664,484 $8,680,658

Net revenue
$12,552,884def.$305,040 $1.626,768 $3,522,300
Auxiliary Operations
Total revenues
$1,136,652 $1,144,934
$87,430
$92,241
1,029,519
Totalexpenses
1,067.200
80.600
91,695

Net revenue
$107,133
$77,734
$6,830
$546
Total net revenue
$12,660,018 def$227,306 81,633.598def$3521.754
Total
87,875,551 81,931,020 Total
87,875.551 81,931,020 Taxes accrued
4,120,258
3,049,964
446.784
49,999
x Includes: Republic of Poland 5% bonds. $6,800,000: Rumanian Treasury 7% notes, $1.443.765; Argentine State Ry .notes, 86.971.450; Mexican
Operating income.-- 38.539,759d1$3,277.270 $1,186,814df$3,571,753
Government Railways notes, $2,908,665: Chinese Government (Kinhan
.Statistics of Car Oper
Ry.), $1,485,000; Republic of Colombia (Notes). $401.327. y Land and No. of rev. passengers__ 31,748,385 31.225,324
2,725.171
2,369.431
' buildings. $14,625,195: machinery and fixtures, $12,872,990; less deprecia- No. of car miles
820,827.020 799,572.465 70.237.134 66,396.127
tion in 1922. $600.000. z 1922, subject to any changes in interpretation Rev, pass. per car per day
12.70
12.67
12.94
11.66
of Federal tax laws, regulations or rulings.
Rev. per berth pass
$3.11
$3.18
$3.15
$3.07
Note.
-Contingent liability for notes discounted, $500,000.
Rev, per seat passenger_
80.74
$0.75
$0.74
$0.75
$0.08059
$0.08957
$0.07769
CONSOLIDATED BALANCE SIIMET (B4LDW(iV LOCOMOTIVE Revenue per car mile... $0.07989
Company reports the railway mileage on which it was operating Oct. 31
WORKS AND STANDARD STEEL WORKS CO.).
1922 as 121,328 miles, compared with 122,473 miles on Oct. 31 1921.-V.
x1922.
1921.
x1922.
1921.
115. p. 2167'.
Asietst
$
Liabilities$
$
Real estate, maPreferred stock,. 20,000,000 20,000,000
Certain-teed Products Corp.
COMILIOn 8[0a-20,000,000 20,000,000
chinery, &c____36,460,587 36,538,113
Investments
387,795 Bonded debt
394,662
12,000.000 12,200,000
(Annual Report
-Year ended Dec. 31 1922.) •
Inventories
13,503,946 7,000,736 Accounts Payable_ 7,956,320 5,590,718
Accts.receivable 12,052,347 10,100,486 Bills payable
6,106,000 5,000,000
President Geo. M. Brown, Feb. 8, says in brief:
Bills receivable.... 7,131,381 10,293,918 Savings funds.. 1,726,585 1,676,993
Marketable scour.,
Interest accrued on
A kw of the important features are as follows: All plants have been
bonds
bonds,notca,&o_20,845,932 24,491,199
579,511
959,741 maintained in excellent condition by the expenditure of $444.356, which
Cash
2,392,882 2,172,142 Advances
549,000 1,041,150 was charged off for repairs: a depreciation charge of $307,488 was made
Deferred charges__ 418,927
320,223 Reserve for taxes_ 1,450,001 1,559,713 for the year; working capital has been increased by $341,093. resulting from
Sinking fund for
do def'd profits 4,359,375 4,294,425 the application of 51% of the net profits to increase of working capital;
Baldwin Locom.
Sink.fd.S.S.W.Co.
2,800,000 inventories are priced at cost or market whichever was lower; fixed assets
Wks.1st M.bds. 1,968,225 1,678,725 Surplus
20,442,098 17,860,598 were increased by $54,874; allowances for defective goods, and losses due
to waste represent the smallest per cent to sales for many years. Total
Total
Total
95,168,890 92,983,338
95,168,890 92,983,338 expenses were nearly $200.000 less than in 1921. We believe that a high
degree of efficiency prevails throughout the organization, and that we are
x 1922 is subject to any changes in interpretation of Federal tax laws, in a better position to meet any situation to-day than ever before. For
regulations or rulings.
proposal to create new bond issue and increase Capital stock. &c., see
Note.-Oontingent liability for notes discounted. $500.000.-V. 116, p. V. 116, p. 619.1
618, 413
INCOME di SURPLUS ACCOUNT YEARS ENDED DEC. 31.
1922.
1921.
1920.
1919.
Continental Can Co., Inc.(New York).
xGross operating profit_ $3.439.869 $3,620,091 $5,116,771 $3.6.37.125
Inc. from other sources_
(10th Annual Report-Year ended Dec. 31 1922.)
29,735
24,455
21,960
63,199
President Thomas G. Cranwell says in brief:
Gross income
53.464.324, $3,642.051 $5,179,970 $3.666.860
satisfactory year in 1922. The volunie Sell., &c.,exp.& interest 2.694,308
Resulis.-The company had a very
2.562,261
2.885.056
3,631,059
of business was large and compared favorably with other good years. The Allowance to empl. under
profits for the year are $3,161.603. after liberal allowances for depreciastock purchase plan
30,146
tion. for taxes and for bad or doubtful accounts. The cash position is ex- Inventory losses
622,032
' 315,598
cellent.
Federal taxes
211.544
98,000
126,444
43.000
No Rills Payable.-Co&pany has no bills payable except purchase money Sundry surplus admst._
Dr.220
Dr.8,121
Cr.16,717
mortgages amounting to $117.150 and only current accounts payable.
28.120
Donations to charities
N 11 Financing.
,,
225,750
-In Dec. 1922 company sold the 20.000 shares Preferred 1st Pref. divs. (7%)- _ _ _
219,188
249.900
211,750
stock remaining in the treasury, receiving for same approximately $2,075,- 2d Pref. diva. (7%)_ __ _
134.750
147,875
187.250
187,250
000. being $105 per share less a small selling commission, thus adding ma- Common dividends
•($5)362,000
terially to the working capital and strengthening cash position (V. 115. p.
2797).
Balance, surplus
$474.289
$63.252
$234,646
$16,114
Capital Distribution. &c.
1,223.880
-Company also transferred $4.500.000 from Previous surplus
1.698.169
1,777.535
1,761,421
surplus to capital account. New Common stock of no par value to the
amount of 500,000 shares was authorized by the stockholders Dec. 29 1922.
Profit & loss surplus,. $2,012,181 $1.777,535 $1.761,421 81.698.169
to be exchanged for the 135,000 shares of old stoek (par $100) on the basis -of 2 2-3 shares of the new no par value for each share
a After deducting repairs, maintenance and depreciation.
the old stock of
$100 par. This exchange calls for the present issue of 360.000 shares of
CONSOLIDATED BALANCE SHEET DEC. 31.
new stock, leaving in the treasury 140,000 shares to be used for corporatte
needs, to provide stock for sale to employees. or for distribution among
1922.
1921.
1921.
1922.
Assetsthe stockholders (see V. 115,p. 2909, 2690. 2586).
$
s
$
Liabilities$
Outlook.
-The outlook for 1923 is favorable. Stocks of canned foods car- Id.. bidgs., mach.,
1st Pref. 7% cum.
&c
ried over from the pack of 1922 are comparatively small and will be largely
54,616,183 4,749,310 stock
3,540,000 3,660,000
consumed before the packing season of 1923 begins. The market prices of Water power rights 289,630
289,630 2d pref. 7% cum.
canned foods show the canner a satisfactory margin of profit, and these fac- Good-will, trade
2,675,000 2,675.000
stock
mks., pats., &c_ 3,916,301 3,916.301 Common stoek_z2,720.000 2,720,000
tors insure preparations for a full pack in 1923. and if the canning house
Cash
crops are at all normal, there will be a good production of canned foods,
350,453
632,058
359.331 Acrounts payable_ 581,701
Notes receivable
99,313
consequently a big demand for your company's products.
41,793
67,342 Divs. payable
108,763
Accts.receivable_ _ 1.219,842 1,158,006 Accr. local & Fed.
RESULTS FOR YEARS ENDING DEC. 31.
Inventories
1,5
1110
2,104,291 1,775,244
taxes
Empl. stk. purch.
1919.
1922.
1921.
1920.
Purch. money obliga1. 0 30
. 1 40. 81
5 00
4
Net earnings
accounts
$4,438,508 $1,5'9.042 $2,196,341 $4,139,779
Y638.751
2,012,181 1.777,535
689,175 Surplus
Res.for taxes & conting_
850,000 Inv. in other cos
59,718
800,000
250,000
210,000
88,538
664.815 Sink. fund, 1st pfd
Depreciation
476,906
468,038
437,721
1,151
Pref. dividends (7%)
318,552 Exp, paid in adv'e
289,713
304,150
50.063
307,037
62.987
Common dividends_ (75c.)270,030 34)472,500 (7)945,000(634)877.350
(3
Total
Redemption Prof. stock.
165,000
13,287,025 13.157,015
13,287,025 13,157,015
165,000
165,000
165.000
Total

or

x Land.
mach. & equip, at mfg. plants. warehouses and offices
at sound value as determined by appraisal prior to Jan. 1 1917. plus expendibldgs..
tures on additions since dates of appraisal less reserve for depreciation.
y Balance due thereon (payable in installments over a period of 7 years)
Total
$6,240,796 83.749.314 $3,879,960 $3,887,311 secured by stock of corporation. The market value of tlae stock collateral
Less Fed. tax over est138,934 held against employees 'stock is in excess of the amounts due by them.
z Common stock: 82.000 shares of no par value at value declared under
Transferred to capital
laws of Maryland or at issue price. a Purchase money obligations with
account (33 1-3%)--- 4,500,000
Surplus used to date to
respect to the acquisition of the Capital stock, business and good-will of
redeem Prof. stock.-- 1,485,000
1,320,000
990,000 Thomas Potter Sons & Co., Inc., Phila., maturing in equal annual install1,155,000
ments from 1925 to 1931.
Tot.sur. & pf.stk. red. 83.225,797 55,069,314 35,034.960 $4,738.378
Note.
-Contingent liabilities, none ascertained.
-V. 116. p. 619.

Balance, surplus
$2.436,889 def.$130,646
P.& L.surp. prey. year. 3,749,314
3,879,960
Prem,rec.on Pt.stk.sale Cr.54.593




$131,583 $1,264,053
2,623,258
3.748,377

Continental Motors Corporation.
(Report for Fiscal Year ending Oct. 31 1922.)
President R. W.Judson, Jan. 17 1923, wrote.in substance:

Adams Express Co., New York.
(Report for Fiscal Year ending Dec. 31 1922.)
President William M. Barrett, Feb. 8, wrote in brief:

Results -The income account for the fiscal year ended Oct. 31 shows
$2.955.691
Profits from operations
Deduct-Int. charges, $506.092; prov. for deprec., 8888,655--- 1,394.747
$1,560,945
Net profit, before providing for Fed. inc. & profits taxes
The year is epochal in the history of the corporation as it marks the
emergence from a period of Intense depression into one of extraordinary
activity. From practically shut down and inactive plants in the first
few months, to unprecedented activity in the closing months of the past'
fiscal year, is the story of what has taken place in this brief space of time.
So rapid has been this change that readjustment has been a difficult problem.
-Important changes have taken place in plants and
Plants ei Equipment.
equipment. A large part of the extensive plant at Muskegon has been
rearranged and changed into the manufacture of low-priced passenger car
motors, a field of business that is new to the company but offering very
attractive and profitable opportunities and adding to the large production
volume of the corporation.
Increase in Sale of Truck Motors.
-There has been an increase in the
sales of large truck motors, amounting to nearly 234 times the sales of the
previous fiscal year. While far below normal, with the return of general
business prosperity throughout the country, they should soon reach and
possibly surpass former volume.
Unfilled Orders.
-The volume of unfilled orders on the books now far
exceeds any previous year in the history of the corporation.
Depreciation.
-Very liberal but Justifiable provisions for depreciation
were set up, amounting to $888,655.
Property Account.
-Property account was increased $717.752, largely
on account of new equipment required for taking care of increased business
at our Muskegon plant.
-A slight reduction of $613.868 in inventory is
Reduction in Inventory.
very satisfactory when considering that a proportionately larger inventory
is necessary to meet our increased manufacturing schedule, which at the
present time is 350% greater than one year ago.
Deferred Liabilities.
-Deferred liabilities were reduced $498.165 through
the redemption on April 1 1922 of $oompo of serial gold notes.
Redemption of Pref. Stock.-Prefeeecl shares of the par value of $259800
were acquired during the year for retirement. The stockholders on Oct. 25
1922 voted to redeem Pref. stock amounting to 82.015,500 on Jan. 15 1923
[at 107 and div. at Security Trust Co., Detroit].
No Par Value Common Shares.
-During the year the stockholders voted
to create no par value Common stock and the authorized number of shares
were, at the same time, increased to 3,000,000 (V. 115, p. 1637, 1946).
Thus permanent capital requirements may, in the future, be met through
the sale of Common stock. The new Common stock has been listed OD
the New York Stock Exchange.
Value of Sales Orders.
-The value of sales orders on our books on Oct. 31
1922 was $54,000,000, or 39% more than at the close of the previous year.

The comparative income account was given in V. 116,
p. 301.
BALANCE SHEET OCTOBER 31.
1921.
1922.
1922.
Mb/MaAssets$
$
Property accounta14,931,781 14,214,030 Preferred stock...42,015,500
Patents, good-will,
Common stock__e14,608,450
1,695,711
trade name, &c_ 5,908,316 5,908,317 Notes payable. _
Investments
102.133 Res've for renting
169.928
Cash
1,258,915 1,205,133 Accounts payable_ 1,938,670
Notes receivable
3.065 Weer. pay-rolls, &c 566,520
34.993
Accts. receivable.b1,119, 82
550,466 7% ser. gold notes
& obligations__ .f4,521,735
Sundry debtors.__ c94.936
169,008
Inventories
6,106,926
c7,800,654 8,414,522 Surplus
Prepaid Int.,taxes,
&o
64,625
122,558
Discr.on gold notes
70,183
108.497
Total

[vol.. 116.

TtiE CHRONICLE

718

31,453,512 30,797,726

Total

1921.
2,100,700
14,607,250
3,275,247
269.172
512.653
233,739
5,019.900
4,779,066

31,453,512 30,797,726

a After deducting $4,004,887 for depreciation and accruing renewals
b After deducting reserve for bad and doubtful balances. $105,438. c Valued
at cost or market, whichever is lower. d Preferred stock called for payment Jan. 15 1923 at 107 and div. at Security Trust Co., Detroit. e On
Oct. 25 1922 stockholders changed authorized Common stock from 1,500,000
shares (par $10) to 3.000.000 shares of no par value, the exchange of the
outstanding shares to no par value shares on a share for share basis was
made as of Dec. 1 1922. f Includes 8750,000 notes due April 1 1923,
$750,000, due April 11924. and $3,000,000. due April 1 1925, and purchase
money obligations, $21,735.-V. 116. p. 301. 182.

Consolidated Cigar Corporation.
•
(Annual Report
-Year Ended Dec. 31 1922.)
INCOME ACCOUNT YEARS ENDED DEC. 31.
Calendar Years. 1922.
1920.
1921.
Gross profit on sties
$3,225,653 $2,168,165 $3.845,861
Belling, administrative & gen. exit
1.697,867
1,428,650
1.226.309
$1,527,786
137,693

$739,515 $2,619,557
123.602
151.917

$1,665,479
Total income
495.189
Int. on loans, disc. & miscel. losses..
115,000
Federal & State income taxes (est.)
Inventory depreciation written off.
Bal. advertising expend, written off_
68,189
Preferred dividends
12.201
do
do "44 Cigar Co., Inc.
Common dividends
Stock dividend on Common
Approp. for Pref. stock skg.fund..

$863,117 $2,771,474
597,754
626,884
688,273
707,007
258,023
276.332
260,491
12,201
631,125
181,071
(15)540,000
80,000

Operating profit
Other income

,

Balance, surplus
Previous surplus or deficit
Disc. OD Pref. stk. repur. for skg.fd

$974,900loss$1,278,401
$53,831
def.879,287 sur.379,226 sur.514,966
Cr.3,776
Cr.19,888

Notwithstanding the fact that the 1947 and 1948 bonds were reduced by
8966.000 during the year, the market value of other collateral securing
the bonds in the hands of the public as of Dec. 311922, Is $571,455 in excess
of the market value of collateral securing a greater face value of bonds in
the hands of the public as of Dec. 31 1921. The reduction.in deficiency_ of
market value of collateral securing the bonds amounts to 81.537:455. The
market value of collateral securing the 1947 bonds shoes 76.7% of the
face liability as against 67.5% in the preceding year; that of the 1948
maturity 97.1%, as against 88.5%.
Progress continued during the year in the disposal of suits and claims
against the companies. The reserves for such items would have shown a
greater decrease were it not for additional suits Instituted. It is believed
that the reserves set up are ample to provide for contingencies.
In connection with the amount shown for dividends on securities owned,
It is proper to explain that, due to a change made by the American Railway
Express Co. in dividend payment dates, there were received during the
Year 1922 five payments of 114% on the 103.103 shares of regular stock and
2 dividends of 6% on the 15. 40 shares of qualified stock owned, or a total
of $964,553. an increased income of $262.503 over the preceding year. It
is expected that the current year's income from that source will be at the
regular rate of6% on the total holding of both classes of stock, viz..$714,258.
Dividends were resumed by the declaration of $1 per share. payable Dec.
30 1922. It is the intention to matte payments of dividends quarterly.
Company last March instituted a flexible and highly specialized service
by armored motor cars manned by trained employees fully armed, and is
now furnishing such service to banks and bankers as well as to commercial
concerns in Greater New York. The experience thus far justifies the
belief that this enterprise when fully developed will be a source of net
revenue to the company.
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
(Adams Express Co. and Southern Express Co.)
Revenue-1922.
1921.
Expenditures1922.
1921.
Int. on balances...
$5.085
$2,650 Interest on loans__
$9,605
$69,486 •
Int. on secs. owned 206,093
189,157 Interest on bonds. 621,614
644,182
Divs. on securities
Salaries & exp..inel
owned (see text) 967,981
709,478
insur. & taxes_ 160.828
72,536
Income from coll.
Dividends
(1%)100,000
pledged
632,800. 689,424
Miscell's Income_
68,679
Total

$1.880,637 $1,590,708

Balance, surplus x$988,590

$804.524

x The profit and loss account for 1922 snows: Balance, surplus, Dec. 31
1922, 8988,590; appreciation in market values of securities and adjustment
of book values of collateral securing Adams bonds, $1.537,455: miscellaneous
credits, $183,483; previous surplus. 8383,097: total, $3,092,626: less miscelaneous debits, 318.124: profit and loss balance Dec. 311922, 83,074,502.
APPROXIMATE STATEMENT OF ASSETS AND LIABILITIES,DEC.31
(Adams Express Co. and Southern Express Co.)
Assets-.
1922.
1921.
1920.
Investments:
Securities at market value held by
trustees tor Adams Express Co.
Collateral Trust 4s:
(a) Guaranty Trust Co.,trustee for
bonds due 1947
$6,444,355 $5,935,707 $6.164,261
(b) Bankers Trust Co., trustee for
bonds due 1948
6,503,421
6,440.614
6,124,874
Adams Exp. Co. Coll. Tr. bond due
800
363
1948, held in treas.(at market).Adams Exp. Co. Coll Tr • bonds due
4,485
1947, held In treas.(at market).&cur. at market value depos. with
N. Y. State Industrial Comm
10,986
10,313
9,089
26 Mtge. bonds Adams Exp. Bldg.
Co., unpledged, at par
2,200.000
2.220.000
2,240,000
Misc. securities at market value...,
864.309
842,792
671,277
Capital stock of the American Rail11.904,300 11,904.300 11,904,300
way Express Co. at par
518,013
Securities of sub. cos. at fair value_
649,719
112,569
$28,450,670 $28,003,806 $27,226,370
Total Investments
Land, buildings and equipment
$58,886
$12.585
$17.152
528.983
Treasury cash
80.424
209,289
Accounts receivable and accrued_
154,344
164,159
232,987
Int. collected & accr.from Coll. Trust
Securities (for payment of int. on
417,365
435,071
Adams bonds)
432,989
12.421
Other assets
Profit and loss (deficit)
2,126,792
Total
$29.622,668 $28,696,046 $30,245,579
'
Liabilities
$10,000,000 810,000,000 $10.000.000
Capital stock
8,405,500
Collateral Trust 45, 1947
8,797,500
8,997,500
Collateral Trust 4s, 1948
6,697.500
7,271,500
7,297,000
Loans
590.000
Dir.-Gen. of RRs.(Sou. Exp. Co.)632,654
843.538
Accounts payable and accrued
17.195
9,172
121,670
Int. payable account
On Adams Exp. Co. Coll. Ti. bonds
274,440
283,500
277,510
On note held by Director-General
104
2,797
Reserve for loss and damage claims,
•
express privileges, unpaid money
orders and contingencies
1,153,531
1,318,519
2,115,564
Profit and loss surplus
3,074,502
383.097
Total
V. 115, p. 2479.

$29.622,668 $28,696,046 830,245,579

George W. Helme Company, Inc.
-Year ended Dec. 31 1922.)
(Report
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1922.
1921.
1920.
1919.
x$2.005.612 $1,538,464 $1,362,550 $1,254,967
Net earnings
Preferred dividends(7%)
280.000
280.000
280,000
280,000
Common dividends____(945)900,000 (14)560.000 (14)560,000 (14)560,000

Balance, surplus
$825,612
$568,797
Profit and loss surplus
f.$879,287
$698,464
899,390 de.
$522,550
$414.987
Previous surplus
3,728,179
3,029,715
2,507,165
2,092,199
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1922.
'
Total surplus
$4,553,791 $3.728,179 $3,029,715 82,507,166
1921.
1922.
AssetsLiabilities$
Com. div. In stock__(50%)2,000.000
$
$
Real estate, bldgs.,
7% cum. pref. stk. 3,896.500 4,000,000
Profit & loss surplus.- 82,553,791 $3,728,179 83,029,715 $2.507,166
machinery. &c...x1,155,481
810,264 7% pref. stock
174.300
Good-will, brands,
"44" Cigar Co. 174.300
x After deducting all charges and expenses of management, and making
trade-marks,&c. 3,016,063 3,006.114 Common stock.„y5,168,550 4,140.000
Cash
668,366
656,908 Notes payable____ 1,150,000 1,175,000 provision for the estimated amount of Federal tax on profits, and making
suitable additions to the general funds for advertising, insurance, &c.
5.919 Accts. payable and
U.S. Govt. secur_
5,919
50.182
34,927 accrued liabil__ 1,591,139 3,313,044
Notes& accep. rec.
BALANCE SHEET AS OF DEC. 31.
Accts. ree.. less res. 1,959,067 1,579.127 Federal & N. Y.
1922.
1921,
102,872
State tax (est.). 115,000
15,650
13.500
1921.
Loans & advances_
1922.
Assets
11,245
-3
33,449
Depos.& trust ids.
Adv.on merch'diss
$
$
Liabilities
-$
Real est., mach.,
0,466,801 5,58.5,902 Bills payable
1,320.000
Inventories
Preferred stock__ 4,000,000 4.000.000
dm
6.300
IA3,406,7301 1,664,093 Common stock._ 8,000.000 4,000.000
Insurance reserve_
10.162
Shares in & loans
80.000 Trade marks,&c_ J
17,045 Pref. stk. skg. M.
80.000
70.000
I 3,140,699 Pref. dividend____
to other co's____ 106,945
70.000
5,336,495 5,885.261 Corn. dividend._ 420,000 c260.000
80,000 Profit & loss surp99,390 def.879,287 Supplies. &c
Pref, stk. skg. fd, ,
155,114
Cash
1,331,073
Deferred charges__ 127.119
,228 Prov.for depree'n.
Bills & accts. rec._ 3,976,331J 1,261,455 Prov. for adv., in13,605.042 12.034.193
Total
13,605,042 12,034,193 Municipal stocks &
2.178,233 1,978.220
Total
bonds b
685.938
1,086,124 Bills & accts. pay. c555,023
a Real estate and bldgs.,$790,678, ess reserve for depreciation,$181.515. Liberty bonds
1.824.818 1,125,550 Sur irusce. &C.--- 2,553.791 3,728.179
siplaa
and mortgages assumed at time of purchase, $206,765, leaving $402.398:
Total
machinery, fixtures and equipt.. $618.558, less depreciation reserve, 3222,15,777,046 16,053,410
15,777,046 16,053,410
Total
622, leaving $395,936; add premiums paid on leased machines, less anion'
a After deducting depreciation funds. b Also non-competing corpora=don.$357.148, total as above,$1,155,481. y Common stock authorized,
-V.116,P.620 tions. c Including provision for income taxes.
150,000 shares, no par value,issued,144,642 shares, no par.
-V. 116. p. 622.




FEB. 17 1923.]

THE CHRONICLE

GENERAL INVESTMENT NEWS
INCLUDING ELECTRIC ROADS.
RAILROADS,.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last tveek's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Street Railway Employees Request New Wage Scale.
-Brockton division of
Eastern Massachusetts St. By.requests 90c. an hour maximum for operators
.
of one-man cars to be effective May 1. 'Boston Fin. News" Feb. 9. p.3.
New York State Rys. Increases Fare.
-P.S. Commission grants permission
to charge 7c. fare on Oneida lines. Company originally asked for 10c.
fare. "Boston Financial News" Feb. 9, p. 3.
Erie RR, Plans To Carry Chtly to Jersey Terminal.
-To quit Manhattan
piers because of high rents, lack of adequate return from produce men
and burden of lighterage charge across Hudson River. H. C. Snyder.
General Freight and Passenger Agent, states that fruit and produce wholesalers would have to go to Jersey terminals for goods. "Times" Feb. 14.
Security Owners' Car Pooling Plan Analyzed.
-Special committee of
American Railway Association finds proposal unsound.
and based on many false premises. "Railway Age" Feb. 10, impracticable
p 373-376.
I.
-S. C. C. Urged To Define Valuation Method.
-Forms used in tenattive
valuations criticised as evasive, ambiguous and misleading. "Railway
Age" Feb. 3, p. 329.
Car Loadings.
-The number of cars loaded with revenue freight continues to run unusually heavy for this season of the year.
The total for the week which ended on Feb. 3 was 865.675 cars. This
was an increase of 117.780 cars over the corresponding week last year.
an increase of 165,957 cars over the corresponding week in 1921. Compared with the preceding week this year, however, this was a
decrease
of 5.489 cars.
Principal changes compared with week ended Jan. 27 were: Merchandise and miscellaneous freight, which includes manufactured
505.286 cars, increase 7.319, grain and grain products, 41,736 products,
cars,
crease 5,083, live stock. 33,675 cars, decrease 1.761, coal. 189.773 dedecrease 4.965. forest products. 69,767 cars. increase 154, coke, cars.
14,199
earn, decrease 314. ore. 11,r39 cars. decrease 849.
Car Surplus.-Reports received from
Division
American Railway Association from thethe Car Service country of the
carriers of the
showed
surplus on Jan. 31. compared with that on Jan. 23, as follows:
Freight cars on Jan. 31 numbered 26,568 cars, Increase of 103
box cars 6.976, increase of 47: coal cars, 7.208, increase of 509: stock cars:
cars,
5,810. Increase of 73 cars: refrigerator ears, 4,842, decrease of
229.
Car Shortage.
-The shortage in freight
totaled 73.269. an increase of 515 cars cars of all descriptions on Jan. 31
Jan. 23. The shortage In
box cars amounted to 26.815, decrease since coal cars, 38,477,
140;
increase
969: stock cars, 1,499, decrease 511.
Matters Covered in "Chronicle" Feb. 10.-(a) Unprecedented car
loadings,
p. 559.
(b) Shopmen's strike on Northern Pacific
(a) Lehigh Valley RR, proposed amendedRR. ended. p. 576.
plan of dissolution filed with
U. S. District Court, p. 576.
(d) U. S. RR. Labor Board postpones action on wage revision
of train
yard and engine ervice employees, p. 577.
(e) International-Great Northern RR.
-present position and prospects.
p. 577.

American Electric Power Co.
-Listing.
-

The Philadelnhia Stock Exchange has added
to the
temporary certificates for $9,460.000 Common stock, unlisted department
par
000 7% Cumul. Pref. stock, par $100, in exchange for $50, and $4,000.a
outstanding Common stock and 7% Cumul. Pref. stock of like amount of
American Railways Co. Transferable at the office of the
company, Witherspoon Building
Phila., and countersigned and registered
by the Continental-Equitable
Title & Trust Co., Phila,
The American Railways
Pref, stock certificates will Co. Common stock certificates and 7% Cumul.
be stricken from
at the close of business March 15 1923.-V.the regular list of the exchange
116. p. 514.

Ann Arbor RR.
-New Director.
-

5. E. Summerfield, President of
Gotham
City, has been elected a director. the 116, p. Silk Hosiery Co. of N. Y.
-V.
409.
Atchison Topeka & Santa Fe RR.
-To Lease Road.

The company has applied to the -S. C. Commission
for authority to
acquire by lease the Rio Grande El I.
Paso & Santa Fe RR., now operated
as an independent subsidiary line between
El Paso. Tex., and the New
Mexican-Texas State line, a distance of 20 miles.
-V. 116. p. 615, 74.
Brooklyn City RR.
-Not in Reorganization

Plan.
See Brooklyn Rapid Transit Co. below.
-V. 116, p. 616.

Brooklyn Heights RR.
-Proposed Reorganization Plan.
-

See Brooklyn Rapid Transit Co. below.
-V. 112, p. 1616.

Brooklyn Queens County 86 Suburban RR.
-Proposed
Reorganization Plan.
See Brooklyn Rapid Transit Co. below.
-V. 114, p. 1285.

Brooklyn Rapid Transit Co.
-Proposed Plan of Reorganization.
-Judge Julius M. Mayer in the U. S. District Court
on Feb. 9 announced a proposed reorganization plan for the
B.R.T.system,agreed upon by the committees representing
the 7% noteholders and the Common stockholders, the two
largest interests involved. The committees representing
substantially all of the other securities of the system have
approved the plan in its general outline.
The proposed plan does not include the surface lines of
the Brooklyn City RR. but provision has been made for
their inclusion later if an agreement on terms can be reached.
As the proposed plan provides for the sale of the old company's properties at foreclosure, holders of old Common
stock who do not participate in the plan may be wiped out.
The proposed plan intends to accomplish the following:

719

as well as to meet certain obvious future requirements. The money needed
under the plan proposed (including that expected to be available from
funds In hand) is $34.000,000.
The task of working out a plan of such magnitude has been one of great
difficulty in a very complicated situation in which there are many different
kinds of securities and claim.s.
After months of study and of conferences, with the essentials of which
the Court has been familiar, the negotiations have reached a point when
it may be announced that the noteholders' committee, War Finance Corp.
and the stockholders' committee, as well as substantially all of the other
committees of security holders, have reached an agreement as to the main
features, leaving only to be worked out the details, which are inherent in
every important plan of reorganization.
The plan, among other things, contemplates and provides for the payment
of 100% of the principal of the tort claims in cash. It will be recalled that
at the beginning of the receivership, when Lindley M. Garrison was appointed permanent receiver, the Court expressed its purpose to do all within
Its power to accomplish this result and counsel for certain of the security
holders, then present, assured the Court of their co-operation in that
regard. That co-operation has been faithfully tended with the result
indicated.
In due course the receiver will present a report of the affairs of the
receiverships. This will show, among other things, the completion during
the receivership of the B. R. T.'s part of Contract No. 4 entered into with
the city in 1913. During the receivership the new tunnel under the East
River has been fully equipped and placed in operation in conjunction with
the line running up Broadway, Manhattan and the Brighton Beach subway
connection and other new lines In the Borough of Brooklyn have also been
placed in operation. During same period 400 new'steel passenger cars of
latest type have been provided for use in the subways, and in addition to
other improved facilities on the rapid transit lines many miles of surface
railway track have been reconstructed and new cars bought and put into
service.
Notwithstanding these and other desirable results, those familiar with
legal procedure will appreciate that, under the limitations of a receivership.
this great system of transportation cannot reach its fullest progress until
the receiverships shall have been ended.
In accordance with law it will he necessary to submit certain matters
affecting any plan to the public authorities and, therefore, the Court has
discussed informally the general features of the tentative plan with the
Transit Commission and the Commission is acquainted with the larger
details of the plan. The Commission has expressed the view that it is
greatly in the public interest that the B. R. T. receiverships be wound up
and a reorganization effected upon a stable and economically sonnd financial
basis. The Court is able, therefore, to state that the Commission is accordingly well disposed toward the efforts which have been under way toward
reaching a final solution of the questions involved. The (7ommission. of
course, has reserved complete liberty to act in the matter after such further
study and procedure as may be necessary when the plan is formally presented to it.
Summary of Proposed Plan of Reorganization.
Cash Requirements of Proposed Plan $34.000.000.
•
The cash required to consummate the proposed plan including the
provision of a fund of $5.000.000 for rapid transit capital requirements is
estimated at approximately $34,000.000. This amount will be provided
asgollm
le
sale to stockholders or to underwriters of new 6% bonds
and new 6% Preferred stock and Common stock on the basis
set forth. approximately
00
Cash estimated to be available in the hands of receiver or in$96 0.000
treasury of subsidiary companies not in receivership
8t.h0a0t0.0th00e
Method et* Reorgantzation.-The proposed plan contemplates
properties of Brooklyn Rapid Transit Co., consisting of its power plants
and the securities of its subsidiary companies. when sold on foreclosure,
will be acquired by a successor corporation organized in accordance with
the statutes of the State.
New Securities to be Issued Under the Plan.
(1) New 6% Sinking Fund Bonds -To be secured by the pledge. at the
rate of 6 for 5. of 5% bonds of the company or companies owning and
operating the rapid transit subway and elevated lines and the power house
properties. Pending the creation of these underlying bonds, the security
will be all or substantially all of the Capital stock and obligations of the
companies at the time owning and operating the rapid transit subway and
elevated lines and the power house properties. The new 6% bonds are to
mature
fua d a ym approximately 45 years and are to carry cumulative sinking
m ntu in a
ents beginning July 11926.
(2) .N-ctif 6% Preferred Stock.
-Cumulative after three years.
(3) New Common Stock.
-Without par value.
Prior Lien Mortgage.
-The plan also contemplates the authorisation of a
Prior Lien Mtge. on the rapid transit lines and power house properties to
such an authorized amount as may be later determined by agreement with
the committee. Bonds are to be bumble hereafter under this mortgage
for the purpose of providing additional equipment and for capital improvements for the rapid transit lines and for the power house properties after
July 1 1923. and after the exhaustion of the funds provided for such purpose
in reerganization. The authorization of this Prior Lien Mtge. isintended
to make certain that the new company will at all times be in a position to
finance the requirements of its contract with the city. None of these bonds
will be issued under the plan. It is also contemplated that the entire
investment of the new company In the surface railway companies will be
available hereafter for the future financing of the surface railway properties.
Stock Assessment.
-The holders of the $74 422.959 stock outstanding
will he riven the privilege of purchasing for the aggregate purchase price
of $26,048.015. $16,280.009 of the above new 6% bonds and $9.768.006
of new 6% Preferred stock and 744.229 shares of new Common stock
without par value. The payment by stockholders for this purpose amounts
to 535 per share.
What Stockholders Will Ref-dec.-tinder the plan, each stockholder on the
payment of $35 for each share of old stock deposited will be entitled to
receive on consummation of the proposed reorganization $21875 face value
of new 6% bonds. $13.125 par value of new 6% Preferred stock: total $35.
and also 1 share of new Common stock.
Treatment of Tort Claims.
-The principal amount of the claims arising
out of the Malbone Street accident and other unpaid tort claims are to
be paid in cash.
Treatment of General Contract Claims.
-The so-called general contract
claims are to receive 50% of the principal of the claims in cash, and the
balance of the claims, including interest on such claims as are entitled to
interest in new 6% Preferred stock.
Table of Proposed Readjustments of Old Securities and Claims for New Securities.
Will Receire
Corn..51k.
Unpaid
Held by Interest to
Cash
Par
Existing Securities Public. July 1 '23. New 6% 6% Pref. No
Stock.
Shares. Received.
Bonds.
and Claims
.R.T .50-yr .58_ 8,983,000 1,653.712 8,268,700
870.375 11.315
348.150Per 111,0e0 bds.
1,000
50
237.50
125 1.625
900
B.R.T.lst Ref.45 3,433,000
817.940 2,471,780
137.320343,300 10,988
Per $1.000 b45
1,000
180
40
720
100
3.2
B.R.T.7%Ns.,11.57,243,700 20.035,295 82,988.070 10,303.868
____ 4,007.059
PerS1.000notes
1.000
71)
350
1,100
180
13.R.T
nts.:18 475,00(1
118,750
23,7ta:
522.500
47;500
Per $1.000 nts1,000
250
1,100
100
N.Y.M.Ry.Corp.
1st M. 55
2,055.000
102,750
513,750 2,260,500
205,500
Per $1,000 bds
1,000
50
250
100
1,100
Bklyn Rats. RR.
1st Mtge. 5s
250,000
53,125
250,000
Per 81,000 bds
1.000
212.50
1.000
B.R.T.bk.loans_y3.300.000
1,991,488
937,188 1,991.468
254.230
(47%)
(47%)
(8%)
Tort claims (est.) 2,200,000
2,200.000
General contract
creditors (est.) 1,500,000
750,000
400,000
1,150,000
Receiver's ctfs. dc
car lease Waret.1.12.485,001)
12.485,000'
B. R. T.stock on
pay.o135p.sh.74,422,959
18,280,009 9,788,008 744.229
Per 100 shares_
100
2.187.50 1,312.50
Total
164,327,859 24,329,738 92,781,007 23,192,777 788,530 22,045,497

(1) The early termination of the receivership.
(2) The funding into long term 6% bonds of over
$60,000,000 of short
term obligations, most of which now carry 7% interest.
(3) The payment in part, and the adjustment of
accumulated arrears of interest amounting to over the balance, of the
$27,000,000, on the
bonded debt of the system so as to permit the resumption
of the payment
of current interest.
(4) The payment in cash of the principal amount of the tort claims for
personal Injuries, as allowed, estimated at approximately $2.200.000.
(5) The adjustment of the claims of the general contract
creditors, as
allowed, estimated at approximately $1,500.000.
(6) The payment of receiver's certificates and other claims against the
properties aggregating over $12,000.000.
(7) The provision of $26.000,000 of new money by stockholders or underwriters for the purposes of the reorganization. This includes, in addition
to the above cash requirements the immediate provision of a fund of $5.000.000 for the requirements of the rapid transit lines, among which Is
the equipment of the lines still to be completed by the city under the existing
contract, and the provision of working capital.
Statement by Judge Julius M. Mayer.
For now a considerable period, the Court has been anxious that the
covering both the rapid transit and surface lines of the B. R. T.
receiverships
system should be wound up and that an appropriate plan of reorganization
should be developed to that end.
At the outset it was plain that It would be necessary to provide for the
x Interest on these obligations is paid currently by the receiver. y Secured
raising of new money, with which to dispose of certain existing obligations. B. R.T.4% Reloading
bY
bonds.




{VOL. 116.

THE CHRONICLE

720

Underlying Bonds Undisturbed,
86,980,000
Kings County El. RR. 1st Mtge. 4s
15,956,000
Brooklyn Union El. RR. 1st Mtge. 58
2.241,000
Atlantic Avenue RR. of Brooklyn Gen. Consol. Mtge. 5s
1,986.000
-year 4s
Coney Island & Brooklyn RR. 1st Consol. 50
1.988.000
Brooklyn City & Newtown RR. 1st Mtge. 5s
231,00
Jamaica & Brooklyn RR.58
Underlying Bonds to be Reinstated with Adjustment of Unpaid Interest (Unpaid
Interest is Computed to July 1 1923, if an .Tett. date; Otherwise to Nearest
Date Preceding Said Date).
$118,928
aBrooklyn Bath & West End RR. Gen. Mtge. 5s
215,000
-year Impt. 5s
bAtlantic Avenue RR. of Brooklyn 40
10,660,000
eNassau Elec. RR. 1st Mtge. 55
337.000
xNassau Elec. RR. Consol. Mtge. 4s
1,500,000
-year 4s
dOoney Island Sic Brooklyn RR. Vonsol. 50
1,497.000
.Brooklyn Queens County & Suburban RR. 1st Mtge. 58
yBrooklyn Queens County & Suburban RR.1st Consol. Mtge.58 2,803,000
Note.
-Defaulted interest amounting to: a $23,796 ($200 per $1.000
bond); b $43.000 ($200 per $1,000 bond); a $132.000 ($200 per $1,000
bond); d $270,000 ($180 per $1,000 bond); e $336,825 ($225 per $LOW
bond, will be paid in cash. x Defaulted interest amounting to $1,860,660
($180 per $1,000 bond) will be paid at rate of $140 in 6% Pref, stock and
S40 in cash per $1,000 bond. y Defaulted interest amounts to $560,600
($200 per $1,000 bond) will be paid $150 in 6% Pref. stock and $50 cash
per 11.000 bond.
-The plan as proposed does not include the Brooklyn
Brooklyn City RR. Co.
City RR.lines. Provision has been made, however, to make possible their
inclusion at a later date if satisfactory terms can be agreed upon.
-The plan also provides that
Brooklyn Queens County & Suburban RR.
the securities of, or claims against, Brooklyn Queens County & Suburban
RR. which is included in the reorganization. may be excluded if a satisfactory adjustment of certain claims by and against Brooklyn City RR. be
not effected.
-V. 116, p. 615, 175.

-Definitive Stock Certificates.
Bangor & Aroostook RR.

Definitive 7% Preferred stock certificates are now ready to be issued
in exchange for outstanding temporary certificates at the Central Union
Trust Co.. N. Y.. and the Old Colony Trust Co., Boston. (For offering
of Preferred stock see V. 116.p. 1428).-V. 116.p. 175.

-Consolidation Only Solution.
Boston & Maine RR.

President James H. Hustis in an address before the Chamber of Commerce at Concord. N. H., stated that consolidation offers the only permanent solution under the provisions of the Transportation Act for the problems of the B. & M. road. Sentimental considerations aside, he thought
the consolidation most advisable would be with some system outside New
England. As yet, however, the management and directors have had no
negotiations, and have not committed themselves for or against any plan
of consolidation.
President Hustis said that until a satisfactory plan was developed (remarking parenthetically that so far as the Boston Rz Maine was concrened
no consolidation should take place in the immediate future), the road should
be given an opportunity to demonstrate its value under the new conditions
created by tne Transportation Act. "The management believes that
regardless of the ultimate disposition of the property it has latent earning
power much greater than has been indicated under the abnormal conditions
-V. 115. p. 2476.
of recent years," he said.

Canadian National Rys.-Amalgamation of Grand Trunk.

Denver & Northwestern Ry.-Stockholders' Committee.
See Denver Tramways CO. below.
-V. 101, P• 1188•

Denver Tramway Co.
-Protective Committees Formed.

The noteholders have formed a protective commi.ttee to look after their
interests. Holders are asked to deposit their notes with the Bank of
America, New York, and the Denver National Bank, depositaries. The
committee representing the noteholders consists of George O. Clark Jr.,
Chairman, E. W. Clark, J. Cunliffe Bullock and C. M. Clark.
The stockholders of both the Denver & Northwestern Railway and the
Denver Tramway have also formed a protective committee, consisting of
S. M. Perry, Chairman; W. N. W. Blayney, Hume Lewis, 0. R. Martin
and Henry W. Bull, with the International Trust Co., Denver, the Illinois
Trust & Savings Bank, Chicago, and the Industrial Trust Co., Providence,
R.I., depositaries. Robert M.Perry, Sec., P. 0. Box 838, Denver, Colo.,
and Lawrence Lewis, counsel, Equitable Bldg., Denver, Colo.
-V.
114, p. 1099.

Detroit Toledo & Ironton RR.
-To Examine Ford.
In a decision handed down by Justice Gavegan in the New York Supreme
Court. Henry Ford has been ordered to stand examination by a commission in regard to the affairs of the Detroit Toledo de Ironton, of which
road he is President. The decision was given in favor of Leon Tanenbaum,
a small stockholder, who is seeking to obtain a permanent injunction to
restrain the execution of a lease of the railroad properties.
-V. 116, p. 75.

Detroit United Ry.-Officers-Annual Meeting Date.
At the annual meeting Feb. 6 the directors elected officers as follows:
Pres., Elliott G. Stevenson; 1st V-.Pres., Charles Laurendeau; V.-Pres. &
Gen. Mgr., of Operation and Maintenance, E. J. Burdick; Treas., A. A.
Gingras; Sec., A. E. Peters.
The date of holding the annual meeting has been changed from the first
Tuesday in February to the third Tuesday in March to provide a longer
interval for compiling statistical information not immediately obtainable at
the end of the fiscal year.
See also annual report for calendar year 1922, published in last week's
"Chronicle."
-V. 116, p. 610.

Erie RR.
-Extension of Bonds.
-President F. D. Underwood, in a notice to the holders of the $4,617,000 New
York & Erie RR. 3d Mtge. Extended bonds, due March
1 (see advertising pages), says:
The company offers, subject to the authorization thereof by the 1.-S.
C. Commission, to extend the above bonds so that they shall mature
March 1 1933 at interest at the rate of 43% per annum payable March
1 and Sept. 1 subject to prior redemption, as a whole only at 105% and
interest, both principal and interest to be payable at the office of the
company, New York, in U. S. gold coin of the present standard of weight
and fineness, the present lien of the mortgage indenture securing such
bonds to remain unimpaired.
The company has agreed with Drexel & Co. and White, Weld & Co.
to provide them with funds for the payment to the holders of the bonds
of the sum of $42 50 for each $1.000 of bonds so extended.

Terms of Extension.
-Drexel & Co. and White, Weld &
Co., referring to the extension, say:

Co-ordination of the Canadian National and Grand Trunk Railway systems has been carried out, according to announcement made Feb. 1 by
Prime Minister Mackenzie King. The voting capital stock of the Grand
Trunk Ry. Co. of Canada, amounting to $37,073,492. being now held by
the Minister of Finance in trust for his Majesty,in the right of the Dominion
of Canada, has been transferred to make the amalgamation of the system
complete.
An Order-in-Council dated Jan. 30 provides for the necessary transfer of
stock. The directors of the Canadian National Ry. are authorized by the
order to take all necessary steps to complete the amalgamation and to carry
the same into effect. The Canadian National Ry. as constituted by such
amalgamation is to have a capital stock of $180,424,327 and one share is
to be issued for the whole of this amount. subsequently to be divisible into
any number of shares of lesser denominations as may be requested from
time to time by the Minister of Finance. The Minister of Finance will be
registered on the books of the amalgamated company as the holder of this
share of stock in trust for his Majesty.
The Grand Trunk as a separate system no longer exists. There is only
one national railway system; only one head office; only one managementand
only one board of control.
The total mileage of the system is given as 22,646 miles, valued at
$1.892,577,750.-V. 116, p. 409.

The extension privilege applies only to such holders of bonds as shall
deposit the same with us at our respective offices, on or before Feb. 28
1923. At the time of receiving such deposit, the coupon due March 1
1923 will be cashed by us if presented with the proper income-tax certificate.
The company has agreed to provide us with funds to make payment
to the holders of bonds deposited for extension of the sum of $42 50 for
each $1,000 of bonds, payment to be made only upon presentation to us
of the temporary receipt on or after Feb. 28 1923, for the notation thereon
of such payment. The investment yield of the extended bonds will this
be about 5.05% per annum.
On March 11923, or at any time prior thereto, we will buy, at our office,
at par and interest, the bonds of holders who do not desire to avail themselves of the above privilege of extension. This offer is made subject
to the authorization by the 1.-S. C. Commission of the proposed extension.
-V. 116. p. 515.

Central Pacific Ry.-Lease by Southern Pacific Allowed
by Inter-State Commerce Commission.

Total Income_ _
_
Interest and discount_ _ _

-V. 116, p! 294.
See under "Current Events" above.

Central RR. of N. J.
-Decision Reserved.
Judge Charles F. Lynch in the injunction proceedings brought by Newark
to prevent the company from construcitng a new bridge over Newark Bay
-V. 116. p. 74.
from Bayonne to Elizabeth has reserved decision.

Charlottesville & Albemarle Ry.-Annual Report.
-1922.
1920.
1921.
Calendar Years
$259,955 $236,557 $198,229 $15 1911
19 , .
30
Gross earnings
$79.161
$125,316 $119,162 $110,754
Operating expenses
36,012
37,634
35,499
33,115
Fd charges
8,589
8,589
8.589
8,589
Preferred dividends
Balance, surplus
Miscellaneous income

$90,038
3,065

$71,172
1,426

$43,387
634

$32,147
762

Federal Light & Traction Co.
-Earnings.
Results for December and 12 Months ending Dec. 31.
1922
1922--12 Mos.-1921.
-Dee.
--1921.
$453,406 $5.012,490 $4.845,123
$495.450
3,330,972
3,284,150
302,212
272,766

Gross earnings
Oper., adm. exp. & taxes

6193.238
62,490

$180,640 $1,728,340 $1,505,1.51
681,039 . 662,295
55,356

Net income
$130.748
$125,284
Central Arkansas Hy_ & Light Corp. division__ Springfield R.& Light Co. division
Federal Light & Traction Preferred dividends_ _ _ _

$1,047,301
85,522
54,113
250,500

$842,856
84,000
52,531

706.325
Balance
$657,166. $
-The Willapa Electric Co. was acquired as of Nov. 11922, its earnNote.
ings are included for Nov. and Dec. 1922 and for Nov. and Dec. 1921 for
comparative purposes only.
-V. 115. p. 2477.

Georgia Florida & Alabama Ry.-Successor Company.
-

See Muscle Shoals Birmingham dr Pensacola By. below.
-V.115, p. 2158.

Grand Trunk Ry. of Can.
-Amalgamation Complete.

See Canadian National Rys. above.
-V. 115. p. 2905.

Illinois Central RR.
-Improvements-Lease, &c.

The company plans to expend $45.500.000 in 1923 on improvements and
extensions of its facilities. The expansion program consists of new equipment costing 118.500,000, which Ls no'w being ordered, and the construction
of roadway improvements that will cost $27,000,000, work on which will .
$24,021
$32,908 commence immediately. New equipment will include 50 locomotives.
$42,098
358.104
Net surplus
-V. 4.000 open-top cars, 1.500 box cars, 500 automobile cars. 60 all-steel
elected directors.
.1. L. Newcomb. and H. S. Hedges have been
passenger and baggage cars. 5 dining cars and 125 caboose cars.
116. p. 175.
The 1.-S. C. Commission has conditionally approved the acquisition
-Proposed Plan.by the company of control of the Chicago Memphis & Gulf RR. by lease.
Chicago Peoria & St. Louis M.
In a petition to the I.-8. C. Commission, James '13. Searcy. Assistant The former already controls the latter through stock ownership.
This company has applied to the 1.-8. C. Commission for authority
Attorney-Generai of Illinois, proposes to place the road under the direction
of W.C. Hurst as General Manager and receiver and has submitted a plan to execute a contract between the Paducah & Illinois. the Nashville Chatwhereby, he says, a saving of $500.000 may be effected annually through tanooga & St. Louis, the Union Trust Co. of Chicago and the Illinois
the abandonment of all passenger trains, conservation of equipment and in Central, under which it agrees to reimburse the N. 0. r. St. L. and the
pay-roll expenses in maintenance and operating departments, elimination of C. B. & Q. for a portion of the amounts they may be obligated io pay on
attorneys and receivers' salaries and taxation of the road on basis of account of their guaranty of the Paducah & Illinois 1st Mtge. bonds.
The Illinois Central proposed to acquire one-third interest in the stock
$2,000,000 valuation instead of the present valuation.
-V. 116, p. 409.
the railroad in order to obtain the use of its bridge over
Chicago Rock Isl. & Pacific RR.
-Would Acquire Line. of acquiring 16 2-3 shares of stock each from the N. C. & the Ohio River
by
St. L. and the
The company has applied to the I.
-S. C. Commission for authority to C. B. de Q., which will be assigned to the Union Trust Co. of Chicago
acquire by purchase the line of the Rock Island & Oklahoma, which it now as trustee.
-V. 116, p. 76.
operates, and to issue against the purchase $452.000 1st de Rel. Mtge. 4%
Kansas City Mexico & Orient Ry.-Suggest Plans.
gold bonds. The line runs from Chattanooga to Grandville. Okla., 15 miles.
-V. 116, p. 409.
Under resolutions introduced by Senator Sheppard and Representative
Hudspeth of Texas, the payment of the $2,500,000 debt owed the GovernChicago Surface Lines.
-New Officer.
road is
ment by the road would be postponed for 20
G. A. Richardson of Philadelphia has been elected Vice-President in purchased at receiver's sale by persons who will years provided the operaguarantee adequate
-V. 115. p. 1631.
charge of operations.
tion for a period of 10 years. The resolutions also would authorize the
0.
- I.-8. the Commission to suspend all transportation regulations in dealing
Coney Island & Brooklyn RR.
-Proposed Reorg. Plan.
road, in order to prevent its abandonment.
with
See Brooklyn Rapid Transit Co. above.
-V. 114, p. 1650.
W. T. Kemper, receiver, has filed a petition in the Federal Court at
-Favor Return to Stockholders.
Connecticut Co.
Wichita. Kan., asking a restraining order against the Atchison, which is
The Railroads Committee of the Connecticut General Assembly has constructing a cut-off between Cottonwood Falls, Han., and Eldorado.
firepared a resolution which if passed would place the Connecticut LegisThe petition alleges that the Santa Fe line follows the right-of-way of the
-V.116,1T. 515.
lature on record as favoring the return of the company to its owners and Orient so closely as to render the latter's property valueless.
discharge of the Federal Trustees who are now in charge of the road. By
Louisville & Nashville RR.
the Federal decree dividing up the "New Haven" road property. the Con-Equip. Trusts Authorized.
-S. C. Commission on Feb. 9 authorized the company to issue
The I.
necticut Co.'s affairs have been administered by five Trustees. The
, resolution provides for an investigation by the Railroads Committee and $6,300.000 41.f% Equipment Trust Certificates, Series "E," to be issued
the Committee is authorized to subpoena witnesses or documents and to by the United States Trust Co.. New York, under an equipment trust agreerecommend to the General Assembly such penalties as it sees fit for persons ment dated Dec. 11922. and sold to J. P. Morgan & Co.at not less than 96.
failing to appear when summoned. The Committee'will recport its recomThe certificates will be secured on 30 class J-3 light Mikado freight locomotives, 12 class J-4 heavy Mikado freight locomotives,8 class K-5 Pacific
mendations to the General Assembly.
-V. 116, p. 409.
Total income
Depreciation
Income tax




$93.104
25,000
10.000

$72,598
20,000
10,500

$44,021
20,000

$32,908

FEB. 17 1923.]

TILE CHRONICLE

721

type passenger locomotives. 1,000 steel underframe box cars and 2.000 Issued by the constituent companies. Of the total amount of capital stork
-ton steel hopper cars, costing a total of $7.951.115.
55
initially to be authorized $45.880,000 will be Cumulative Preferred stock
The company 11 exchange the temporary 1st & Ref. Mtge. 5}4% gold and $59,620,000 will be Common stock. Of the total amount of capital
bonds, Series 'A,"for definitive bonds on and after Feb. 20 at Its office, stock presently to be issued $32.720,000
is to be 6% Cumulative Preferred
71 Broadway, N. Y. City.,z
stock and $46,247,900 is to be Common stock.
What the Stockholders of Constituent Cos. Will Receive (See Table Below).
Final Guaranty Payment.
Stockholders of constituent companies will receive, under the plan.
-S. C. Commission has certified to the Secretary of the Treasury
The I.
the payment of $2,181.061 to the company as final payment under the in stock of the consolidated company, par for par ef their shares of stocks
6 months' guarantee provision of the Transportation Act. Total payment of the constituent companies and will retain:
(1) For each 100 shares of 1st or 2d Pref. stock of Now York Chicago
under this provision to the company aggregates $8,931,061.-V.116, p.410.
& St. Louis RR., 100 shares of Preferred stock;
(2) For each 100 shares of Common stock of New York Chicago & St.
Mexico Tramways Co.
-Interest.
-On and after March 1 coupon No. 20, dated Sept. 1 1916, detached from LouisRE.. 100 shares of Common stock;
(3) For each 100 shares of Preferred stock of Lake Erie & Western RR..
the Gen. Consol. 1st Mtge. 50
-Year 5% gold bonds, will be paid at the
Bank of Montreal, Toronto, Montreal or London, England. or at the 50 shares of Prof. stock and 40 shares of Common stock;
(4) For each 100 shares of Common stock of Lake Erie & Western RR.,
agency of the Bank of Montreal, New York, N. Y., at the holder's option.
45 shares of Common stock:
-V. 115, p. 2577, 869.
(5) For each 100 shares of Prof. stock of Toledo St. Louis & Western
of Preferred
Michigan United Railways Co.
-Plan Declared Operative. RR., 65 shares 100 shares ofstock; andstock
(6) For each
Common
The reorganization committee (G. R. Cottrelle, Chairman) in a notice
of Toledo St. Louis & Western
Feb. 1 1923. to the holders of the several securities announced that the Bit., 80 shares of Common stock.
plan of reorganization (V. 115, p. 2684) has been declared operative.
Plan for Exchange and Disposition of Capital Stock.
The time within which depositors of First & Ref. Mtge. Bonds deposited
Balance Con:range Is
with the protective committee might withdraw, has expired. The reor-StockholdersWillReceive- -Como:. Co. TretaS.ganization committee has now deposited with it approximately 90% of the
Eristing StockIssued.
Preferred.
Common. Preferred.
C0171171011.
outstanding bonds and a large amount of the outstanding capital stock and N.Y.C.&St.L.,Pref. 35,000,000c $5,000.000
debentures.
Each $100
100%
The committee will now move to acquire the property at receiver's sale,
do 2d Pref
11,000,000c 11,000,000
or otherwise, for the benefit of its depositors, as provided in the man.
Each 5100
100%
While the time fixed by the plan within which deposits of bonds, debentures
'14,000,000c
do Common
$14,000,000
and stock might be made with the reorganization committee has expired.
Each 5100
100%
the committee is still affording to those who have not deposited and who C.& State L.1st PL
250,000
a$250.000
desire to avail themselves of the benefits of the plan an opportunity
do 2d Pref
550,000
to make
2550,000'
deposits.
do Common__
700,000
a$700.000
In a circular to the holders of income debentures and preferred capital Lake Erie & W.Prof. 11,840,000 5,920,000 4,736,000
61.184.000
stock of Michigan United Railways Co., the committee says that it has been
Each $100
50%
40%
10%
advised of the contents of a circular letter and so-called summary of its plan,
do Common____ 11,840,000
5,328,000
1)6,512,000
addressed to debenture holders, dated Jan. 25 1923, and signed by Myron
Each 3100
45%
55%
W. Mills. James R. Elliott and A. D. Bennett. who solicit the support of Ft. W.C.& L.Com. 3,787,900
a3,787.900
the debenture-holders for the purpose of contesting the plan. The com- Tol.St.L.& W.Pref. 10,000.000c 6,500,000
b3,500,000
mittee also understands that a similar effort is being made to
Fad' $100
65%
35%
support et the non-depositing holders of preferred stock for enlist the
do Common__-- 10,000,000c
the ,same
8,000.000
b2,000.000
Each $100
80%
20%
e r. rganization committee states that it will welcome any act that will
seeo
provide an additional test of the equity and soundness of the plan and has
Total
$78,967,900 $28,420,000 332,064,000 $4,300,000 $14,183,900
no desire either to impede Mr. Mills and his associates in making any suggestion or offer that will improve the equity of the plan.
a The entire capital stocks of the Chicago & State Line RR. and of
As a means to an end a rec.iver has been appointed. The receiver, CM.& Louisville RR.are owned respectively by the New York Chicago Ft. Wayne
& St. Louts
however, was appoirted at the instance of the trustee for the bondholders RR.and the Lake Erie & Western RR.and the stocks Issued will be
who are foreclosing under the mortgage. The receiver was recommended solidated company as fully paid up treasury stock, the proceeds held by the conto be used for any
by the bondholders' committee, not the Commonwealth Power, Ry. & Light lawful corporate purposes. b This balance representing the
difference between the
Co.
stock of the consolidated company issued par for par for the stock of the constituent
Arrangements have been made with the Commonwealth Power. Ry. & companies and the stock of the consolidated company retained by stockholders of
Light Co. to underwrite this plan. These arrangements, however. were not constituent companies as above shall be contributed by the respective stockholders
completed until after Myron W. Mills and James R. Elliott failed to con- to the consolidated company to be held In Its treasury or disposed of as fully paid
tribute to the underwriting offered to them for themselves and the debenture treasury stock. (c) The amount of stock Issued by New York Chicago &
St. Louts
and preferred stock holders. Compare V. 115, p. 2684.
RR.Includes $2,100 1st Prof.. $200 2d Pref. and $10,400 Common held In the company's own treasury and the amount of stock Issued by Toledo St. Louis & Western
Milwaukee Electric Railway & Light Co.
-Listing
.- RR. Includes $42,660 Pref. and $4,570 Common stock held in Its own treasury.
The New York Stock Exchange has authorized the listing of Ref. & These relatively small amounts of the stocks of these two companies held In their
let Mtge. gold bonds,
, Her,
'due June 1 1961, in denom. of 2100. own treasuries are treated the same in this plan as the Issued stocks actually outInterchangeable for Series"B" bonds of the denom. of $1,000, $500 already standing In the hands of the public, but the amounts distributable In respect thereof
will be paid into the treasury of the consolidated company together with the amounts
listed.
-V. 116, p. 616.
distributable In respect of the stocks of Chicago & State Line RR.and of Fort Wayne
•
Missouri Kansas & Texas Ry.-Sale Confirmed.
Cincinnati & Louisville RR. which are owned by affiliated companies.
-The

pugi

receivership sale of the lines north of Texas was confirmed in
the Federal District Court at St. Louis Feb. 9. The lines
were sold to the reorganization committee at Colbert, Okla.,
Dec. 13 for $28,000,000.

Listing of Certificates of Deposit for Stocks.
-

The New York Stock Exchange has authorized the listing of certificates
of deposit for (1) New York Chicago & St. Louis RR.$4,997,900 list Prof.
stock, $10,999,800 2d Prof. stock and $13,989,600 Common stock:(2) Lake
Erie & Western RR. $11,840,000 Prof. stock, and $11,840.000 Common
The Court decided that the unsecured creditors of
road, reorganized stock; and (3) Toledo St. Louis & Western RR.$9,957,340 Prof. stock
as the Missouri-Kansas-Texas. should receive 23.6% thetheir claims. with $9,995,430 Common stock, on official notice of issuance in exchange and
for
of
outstanding respective stocks of the above mentioned companies.
interest from Sept. 1915, which would bring the sum to about 36%.
The certificates of deposit
The I.
-S. C. Commission on Feb. 9 authorized the Missouri
-Kansas
- 1923, between Oris P. Van are issued under an agreement dated Jan. 15
Texas RR. Co. of Texas to acquire the lines of the former
Sweringen, John J. Bernet and Walter L. ROSS,
& Texas Ry. of Texas and to issue $51,260.650 Gen. Mtge.Missouri Kansas as the committee, and such stockholders of New York Chicago & St. Louis
bonds, Series A, RR. Chicago &
and $1,400,000 Common stock (par $1001.-V. 116, p. 616.
State Line RR., Lake Erie & Western RR., Fort Wayne
Cincinnati & Louisville RR. and Toledo St. Louis & Western RR. as may
become parties thereto. Certificates of deposit are signed by Guaranty
Mobile & • Ohio RR.
-Equip. Trusts Sold.
-Clark, Trust Co. of New York, Union
Co. (Cleveland, 0.), or Continental
Dodge & Co., New York, have 4 at prices to yield from & Commercial Trust & Savings Trust (Chicago, Ill.) a-s depositary.
1
Bank

80

5% to 5.20%, according to maturity, $1,600,000 Equip.
5% Gold bonds, Series `14" (see advertising pages).

Stockholders' Proteetive Committee Formed.
-

Walter E. Godfrey, attorney for protective committee, 198 Broadway.
N. Y. City, states that a protective committee has been formed by certain
1st and 211 Preferred and Common stockholders of the Nickel Plate company believing they are entitled to a greater return and a more substantial
equity than is allowed under the proposed plan of consolidation, and that
they intend to secure for the stockholders more favorable terms, by application to the Inter-State Commerce Commission and (or) to the courts.
Re further states:
"Under the laws of' Ohio, where the New York
Louis RR.
Is incorporated, a stockholder refusing to convert Chicago & St.that of the
his stock into
consolidated company must be paid the highest market price the stock has
reached during the past two years before the consolidation can take effect.
The preliminary income account for 1922 is given under The highest prices during
1922 were, respectively,
Pre_ .f
"Reports" above.
93 for the 2d Prof. and 91 Si for the Common. The102 for the 1st prices
-V. 116, p. 410.
of the stock are considerably below these figures. present marketin the
Furthermore,
committee's opinion, the let Pref. stock is worth at least $150. the 2d Prof.
Montreal Tramways Co.
J. W. McConnell recently resigned -Resignation.
as Vice-President and a director.
-V. $125 and the Common stock $100 a share, and in an equity action they
believe these prices could be recovered.'
115, P. 1731
.
Dated Mar. 1 1923. Due $54.000 temi-annually from Sept. 1 1923 to
Mar. 1 1928 incl., and $53,000 semi-annually from Sept. 1 1928 to Mar. 1
1938 Incl. Int. payable M. & S. at office of Central Union Trust Co..
New York, trustee. Denom. $1,000.
These bonds are to be issued in part payment for standard railroad equipment consisting of: 10 Mikado type locomotives and tenders, 3 Pacific type
locomotives and tenders; 400 40-ton 36-it, box cars; 200 50
-ton composite
hopper-bottom coal cars: 100 40
cars;
1
pr&ft. car; I baggage mall car. -ton stock cost 2 passenger coaches;to exThe total
be
of this equipment Is
about 22,041,800, of which about $441.800, or 21.6%, is to be paid In cash.

Muscle Shoals Birmingham

&
This company has applied to the 1.-S. Pensacola Ry.C.
issue $2,500.000 of stock, $3.000.000 mortgageCommission for authority to
bonds and $1,500,000 income
bonds for the purpose of taking over
& Alabama RR.(V. 115. p. 2158) and the property of the Georgia Florida
will give lines from Pensacola. Fla., tobuilding some additional lines which'
a tioint near Muscle Shoals, with a
branch line between Gateswood Jct. and
Gateswood. Ala., and between
Pensacola and the U.S. Naval Air Reservation,
a total distance of 354 miles.
See V. 114. p. 1891.
Nassau Electric RR.
-Proposed

See Brooklyn Rapid Transit Co. above. Reorganization
-V. 114. p. 1534.

New York Chicago & St. Louis

Plan.
-

-Consolidatio

RR.
n Plan.
The plan for the consolidation dated
cago & St. Louis RR., (2) Chicago & Dec. 28 for (1) the New York ChiState Line RR., (3) Lake Erie &
Western RR. (4) Fort Wayne Cincinnati &
Louisville RR. and (5) Toledo
St. Louis & Western RR. provides that these
single corporation to be known as "The Nowroads be consolidated into a
RR. to no incorporated under the laws of York Chicago & St. Louis
"
Illinois, Indiana, New York,
Ohio & Pennsylvania. Application for authority
'
is now pending before the 1.-S. C. Commissions. to consolidate the roads
The stockholders of the above roads will vote on the consolidation on
March 12, 13, 14, 15 and 16 in the order named.
Digest of Consolidation Plan Dated Dec.
28 1922.
The unification of operation and ownership of the properties of those
companies will make possible economies in operation and general administration, and will enable them to compete more effectively
larger
systems serving the same territory and to give improved with theto the
service
public.
The consolidated company will operate 1.695 miles of road, its main lines
extending from Buffalo through Cleveland to the three Mid-Western
gateways at Chicago. Peoria and St. Louts. Its lines will also reach
Ft. Wayne, Indianapolis and the important Lake ports of Sandusky and
Toledo and the company will own half the capital stock of the Detroit &
Toledo Shore Line Ry., connecting Toledo with Detroit.
Capitalization of Consolidated Company.
It is "Hammed that the consolidated company shall authorize initially
$105,500,000 of capital stock, corresponding to the sum of the now authorized capital stocks of the constituent companies, of which there shall be
presently issued $78.967,900. corresponding to the sum of the stocks now




Dividend of 5% Declared on First Preferred Stock.
-

The directors have declared a dividend of 59" on the First Prof. stock,
payable Feb. 28 to holders of record Feb.
The company in 1922 paid
four quarterly dividends of 1St% each on 24. 1st Prof. stock. (For comthe
plete dividend record from Jan. 1917 to Sept. 1921. see V. 113. p. 1156.)
The Guaranty Trust Co. of N. Y. announces that it will deliver on and
after Feb. 19, definitive 2d Equipment Trust 5% Serial g.old certificates
of 1922, in exchange for outstanding trust receipts of the Union Trust Co.
of Cleveland, 0.-V. 116. p. 296.

New York Consolidated RR.
-Proposed Reorg. Plan.
-

See Brooklyn Rapid Transit Co. above.
-V. 112. P• 744.

New York Municipal Ry. Corp.
-Proposed Reorg. Plan.

See Brooklyn Rapid Transit Co. above.
-V. 112, p. 2084.

New York New Haven & Hartford RR.
-Listing---

The New York Stock Exchange has authorized the listing of $24,823,946
(closed) extended 7% European Loan Debentures of 1907. due April 1
1925. consisting of $12,706.200 of dollar debentures, par $900, and 62,786,250 francs principal amount of franc debentures, par
450 francs, or of dollar
parity of $86 85 each.
The income account for the 10 months ending Olt. 31 1922 shows: Total
railway operating revenues. $101 487.178; total rat way operating expenses.
$81,666,234; net revenue from railway operations, $19,820,943; railway tax
accruals, $3,852,572: uncollectible railway revenues, $17,238; railway operating income, $15.951,131; equipment rents (debit), $1,483,119; Joint facility rent (net debit). $3,485.913;
$10.982.099; total non-operating income, net railway operating ineOnle.
$5.521,884; grow[
nom° 816L
,
Deduct rent for leased roads, $4.873,740; interest on funded debt, al.2.580,503.984.
863; other deductions, $1.972,911; net corporate deficit. $2,923,530.V. 116, p. 616. 410.

Norfolk & Western Ry.-Equipment Trust Application.
-

The company has applied to the I.
Commission for authority to
-S.
guarantee the payment of principal and C.
dividends on $8,000,000 414%
Equip. Trust certificates. The certificates will be offered for sale by the
Virginia Holding Corp. at 9514 and the proceeds used In part by it in the
purchase of 1,000 box cars, 2,000 hopper cars, 12 passenger locomotives
and 30 freight locomotives which will be leased to the railway company.
No contracts or other arrangements for the issue and sale of these securities
have a.s yet been named.
-V. 116, p. 609. 410, 176.

722

[Vol,. 116.

THE CHRONICLE

involving heavy additional expense in the sale of the power and radial interests and (in order to bring about a successful termination) the abandonment of certain claims which it had been hoped might have been established.
These unforeseen contingencies, together with the very prolonged arbitration in connection with the taking over by the city of your company's street
railway system, extending over the past 17 months, entailing heavy additional expense which no one could reasonably anticipate, have caused the
estimated surplus above mentioned to be seriously diminished. NotwithFirst National Bank of New York, trustee (Philadelphia Plan). Dated standing this, the directors are
glad to be able to state that there will still
Aug5 1922. Serial maturities of $450,000 per annum. Aug. 15 1923
be an available surplus of about $1.000.000 to be added to the amount
15 1932, both inclusive. Divs. F. & A., payable in New York of the street railway
to Aug.A
award, as the sale
City at office of J. P. Morgan & Co. Issuance authorized by the Inter- other than that taken over by the city of property owned by the company
under the award, will make good the
State Commerce Commission.
Certificates were issued to provide for part of the cost of the standard shrinkage in the estimate referred to.
'The directors cannot advise
new railway equipment, the total cost of which will be approximately stock will be until the award you what the value of the company's capital
is finally cetermined and the company's res6.257,000. The equipment will consist of the following: 70 passenger maining
train refrigerator cars. 1,000 automobile box cars, 1,000 freight train foreseen properties disposed of, but if the award stands and no further uncontingencies arise, it should be worth par and perhaps better.
refrigerator cars and 750 gondola and covertible cars.-V.116,p.609,516.
"While as indicated in the circular above referred to, a cash distribution
by way of return of capital to as large an amount as possible will be made to
Northern Texas Electric Co.
-Fares.--the shareholders immediately after payment of the award, the shareholders
A. Dodge, referee in the increased fare hearing, recently recommended should remember
N.
tnat the sum of $4,000.000, or roughly $33 for each $100
-cent
that the Northern Texas Traction Co. be given the right to charge a 7
street-car fare. The city of Fort Worth, Tex., had sought to have the share, represented by bonds of the City, of Toronto, must remain deposited
In the hands of a trustee until after July 11924, by reason of the outstand-V. 112, p. 745.
fare reduced to 6 cents.
ing guarantee by the company of $4,103,200 of bonds of the Toronto Power
date. Payment of these bonds was assumed by the Hydro
Pennsylvania-Ohio Power & Light Co.-Pref. Stock Co. due on thatpart of the sale agreement,
Commission as
Offered.-Eastman, Dillon & Co. and W. C. Langley & Co., the deposit referred to must remain, after but until they are actually paid
which final distribution to the
New York, are offering at 933/i and div., to yield about shareholders will be made as quickly as possible."

-J. P.
Northern Pacific Ry.-Equipment Trusts Sold.
Morgan & Co., First National Bank and National City Co.
have sold privately on a 5% basis for all maturities $4,500,000 1 to 10 year 43/2% Equip. Trust Ctfs. (See advertising
pages.)

7.49%, $1,000,000 7% Cumul. Pref. (a. & d.) stock (see
advertising pages).
•

City Objects to Award of $11,118,500.
-

The award of $11,118,500 fixed by the board of arbitrators for the upset
price of the Toronto Railway Co. to the city of Toronto has been objected
to by the city as excessive, and preliminary steps have been taken to have
it set aside. Hearing has been set before the Supreme Court of Ontario
for Feb. 19.-V. 116. p. 516.

Issuance.-Autborized by the Ohio P. U. Commission.
Data from Letter of Vice-President H. A. Clarke, Jan. 31.
Cornpany.-Owns properties which supply electric power and light,
within a territory of about 600 sq. miles in Pennsylvania and Ohio midway
Tennessee Electric Power Co. & Affil. Cos.
-Report.
between Pittsburgh and Cleveland. including the city of Youngstown, 0.,
Income Statement for 6 Months ended Dec. 31 1922.
serving a population in excess of 300.000. Also owns certain electric
Gross earnings, $4,140,861: oper. exp. & taxes, $2.305,488; gross
railway lines directly or through subsidiary companies.
income
The growth of the electric light and power business of the properties
$1,835,374
owned or controlled is indicated by an increase in kilowatt-hour output Int., &c., and divs. on Nashville By. & Light Co. Pref. stock
not owned by Tennessee Co
from 96.989.498 k.w.h. in 1915 to over 248.000,000 k.w.h. for the 12
858,264
Dividend First Preferred stock
months to Dec. 31 1922, or more than 150% in the last 7 years.
335,063
398,792
Combined Earnings of the Properties Now Owned or Controlled, Calendar Years. Depredation
1922.
1921.
$243,255
Surplus
Gross income
$4,289,439 $4,673,998
Consolidated Balance Sheet Dec. 31 lip.
Operating expenses, taxes and maintenance
2,420,234
2,188,179
Liabitiltes.
Assets.
Fixed charges
1.358,028 Plant property and seFirst Pref. 7% stock--_ $6,566,400
curities
$50,090,021 First Prof. 67 stock- _ -- 4,081.800
Balance available for dividends and depreciation reserve___..$895,736 Advs. & owned
misc. invest'ts
152.471 x Second Pref. stock--_ 5,000.000
Annual Preferred dividend requirement (including this issue)__
282,000 Special deposits
45,765 y Common stock
1,404,000
Capitalization Outstanding After Giving Effect to Present Financing.
Cash
476,772 Nash. By.& Lt. Preferred
555,400
$1,851,000 Acc'ts & notes receivable
Fret. stock, 7% Cumul_-$1,000,0001Underlying Div. 5s
651,630
do Common stock__
7,000
Prof. stock, 8% Cumul__ 2,650,000 1st & Ref. 734s
12,870,200 Materials and supplies_
528,866 Funded debt
29,905,600
Common stock
6,000,000 10
-Year 8% notes
2,841,900 Def'd & prepaid accounts
68.015 Acc'ts & notes payable
210,777
Purpose.
-Ptoceeds will be used to reimburse the treasury for expenditures Unamortized bond dieAccrued accounts
831,272
made on account of additions, extensions and improvements.
-V. 116,
count and expense_ _ _ _
301,742 Deferred items
103,576
Operating reserves
p. 411. 296.
1st 6% Prof. stock held
66,448
In escrow
555.400 Depreciation reserve_ ___ 2.028,052
Peoria & Eastern Ry.-Directors Re-elected-Outlook for
Contingency reserve__ __
427.024
Total (each side)
$52,870,681 Capital surplus
94,400
Income Bondholders.
Surplus
1,588.932
At the annual meeting of the stockholders held in Danville, III., Feb. 14.
x 2d Pref. stock; 50,000 shares, no par value. y Common stock, 156,000
A. H. Smith and W. A. Carnegie Ewen were re-elected directors. No shares, of no par value.
-V.115. p. 2687.
attempt was made by the minority interests to elect a director. These
interests, who own and represent 34,060 shares out of a total of 100,000
Union Pacific RR.
-Relation with Central Pacific Ry.
shares of stock outstanding. are understood not to have accepted the pro- Under I.
-S. Commerce Commission Decision.
posal made in 1921 by the Big Four to purchase their stock and the income
See under "Current Events" above.
-V. 116, p. 78.
bonds, paying therefor with certain securities.
The minority interests have asked the officials of the Big Four to issue
a bond carrying a fixed rate of interest and guaranteed by the Big Four,
-Final Settlements.
U. S. Railroad Administration.
In exchange for the 4% income bonds. So far as can be learned, the Big
The U. S.
Four management has not come to a decision with respect to this request. tlements for Railroad Administration hag announced the following final setperiod of Federal control, with the following roads: Chithe
It is now expected that minority interests will take their proposal to the cago Indianapolis & Louisville, $150,000; Washington Terminal
Co., 31,
I.
-S. C. Commission. No interest has been paid on the income bonds Sunset Ry. (paid Director General), $100.000; Houston Belt & Terminal
since April 1 1913.
By.(paid Director-General), $11,500;
River Ry.,
A meeting of the directors of the Peoria & Eastern will be held between Lime Rock RR., $3,500; Lake Erie New Castle & Ohio Director $3.000;
& Eastern
-General).
now and March 1 to determine what if any balance of income for 1922 is $110,000: Dayton Union (paid Director-General).(paid
$11,500;
applicable to interest on those bonds. ("Financial America" Feb. 15.) tain. $3,750; Wisconsin & Michigan, $35,000.-V. 115, p.Sterling Moun2906.
-V. 116. p. 516.

Potomac Public Service Co.
-Officers-Directors.
At the annual meeting (Feb. 6) of the stockholders of this company,
formerly the Hagerstown & Frederick Ry., M.F. Riley was elected President
succeeding Emory L. Coblentz, who becomes Chairman of the Board.
C. F. Floe& has been elected a Vice-President.
The executive committee consists of E. L. Coblentz, M. F. Riley,
Alexander Armstrong, C. F. Flook and Henry Holzapfel.
Mr. Riley, Clarence M. Stickel!, H. E. Beater, R. J. Funkhauser and
3. C. Bryan, Hagerstown, Md.; W. R. Voorhis and W. J. Findlay Jr.,
New York, have been elected directors, succeeding 0. B. Cobientz, Charles
C. Waters, Alexander Armstrong Jr., Edwin 0. Blair, M. E. Stollenberger, A. R. Warner and F. H. Warfield.-V. 115. p. 2906.

Richmond Fredericksburg & Potomac RR.
-Div. &c.

Utah Power & Light Co.
-Report.
[Including Western Colorado Power Co. Inter-co. charges eliminated.]
1920.
1921,
Calendar Years1922.
1910.
Gross earnings
57,125.090 $6,746,642 $6,730.848 $5,655.960
3,599.449
Oper. exps. and taxes_ _ _ 3,612,342. 3.502,637
2.869.546
Net earnings
Other income

$3,512,748 $3,244,005 $3,131,393 $2,786,414
133,135
148,311
203.761
112.612

$3.716,509 $3,377.140 $3,279,710 $2,899,026
Total income
1.277,845
1,211,970
1,574,919
Interest on bonds
1,178,300
440,896
493.641
288,854
Other interest, &c
490,520
660,221
591,500
786.402
Divs. on Prof. stock---575.456

$998,178
$982,599
$654,750
The stockholders on Feb. 5'increased the authorized Capital steel from Bal.for 2d Pt. diva., &c.. $1.066,334
$9,500,000 to $15,000,000 and authorized the issuance of dividend obliga- -V.116, p. 78.
tions to the extent of 100% of the amount held by each holder of the guarUnited Power & Transportation Co.
-Earnings.-anteed stock. the Common voting stock and dividend obligations. Com.
1920.
Calendar Years1922.
1919.
pare V. 116, P. 516. 296.
$554,781
$509,527
Inc.from stk.. bonds, &c $560,189
$564,019
33,202
36,433
26,682
-Commission Allows Company to General exp. & taxes_ _ _ _
Southern Pacific Co.
29,342
payments
247,656
252,140
252,140
252,140
- Interest
Retain Control by Lease and Ownership of Central Pacific.
278.875
265,937
Dividends
230.000
280,312
-V. 116, p. 516.
See under "Current Events" above.
$456
$271
Balance, surplus
$705
$2,225
-Merger Approved.
- -V. 116, p. 517; V. 114. p. 628.
Springfield (Mo.) Traction Co.
-V. 82,
See Springfield Gas & Electric Co. under "Industrials" below.
-Fare Petition.
Virginia Railway & Power Co.
p. 282.
The company has applied to the Virginia Corporation Commission for
Steubenville East Liverpool & Beaver Val. Trac.
authority to increase car fares to 7 cents in territory served by the Norfolk
A 20% petition for a special referendum election Feb. 27 on an ordinance Division of the company. The Commission fixed March 14 as the date for
-cent cash fare, or 4 tokens
granting the company a 7
-cent city fare, a 10
-cent intercity fare and a 1-cent a hearing. The proposed increase calls for a 7
transfer, was accepted by the Columbiana County Election Board on Feb.6. for 25 cents, in each zone or any part thereof as now established. Uniform
A 10% petition to defer the vote until Nov. 6 was filed.
transfers would be allowed, as now, and school tickets would continue to
-V. 115, p. 2906.
Under the ordinance, the traction company, which had charged a 5
-cent sell for 23i cents apiece.
tare for 30 years, agrees to restore street car service which has been suspended since last May.
-V. 116, p. 78.
Penn Co.(& Subsidiaries).
West
-Income Statement.
1922.
1921.
Texas & Pacific Ry.-Bill to Authorize Incr. in Capital.
- 12 Months ending Dec. 31revenues
$17,323,089 $14,189.777
The House on Feb.5 passed the bill which had previously been passed by Operating expenses, taxes and depreciation
11,858,045 10.244,677
the Senate, amending the act of incorporation of this road in order to re- Operating
move the limitation of stock issues to $40.000 a mile and a total of $50.000.Not operating revenue
$5,465,045 $3,945,100
000. The bill would permit it to increase its stock with the permission of
income
638,216
566.158
-S. C. Commission to an amount not exceeding $75,000,000.-V. 116, Non-operating
the I.
D. 411.
Gross income
$6,103,261 $4,511,257
Deduct-Interest and amortization
3,377,843
2,438,561
Toronto Ry.-Shareholders May Get Par-Appeal.
Pref. dirs,of subsidiaries & minority interests_ _ _
982,331
608,188
A price of par or perhaps slightly better is the estimate placed upon the
larospective return on the stock by the directors, providing the award of
Net income
$1,743,087 $1,464,508
stands and no further contingencies arise. A circular has been
311,188,500
-Monongahela Power & Ry. Co. included from
Note.
1
issued to shareholders by Sir William Mackenzie, reviewing the affairs of ures for 1922 are subject to annual audit now in progress. July 1922. Fig-V.116, p. 296.
the company and the prospects of holders of stock. The circular reminds
award is not necessarily final, and an appeal may
Washington Baltimore & Annapolis Electric RR. 7the shareholders that the
be taken from it by one or the other of the interested parties or by both,
Co. Changes Name and Proposes to Issue Bonds.and in the result it might be either increased or decreased. Sir William Sub.
The Maryland P. U. Commission has authorized the Annapolis Public
'refers to a former circular. dated Sept. 22 1921, in which it was pointed out
that so far as could then be foreseen, after making provision for all of the Utilities Co., a subsidiary, to change its name to the Severn Light & Power
liabilities of the company proper and of its subsidiary companies, there Co.
The Commission has also authorized the new company (a) to issue 39,721
would be a balance of $1,008.823, which, added t: the amount of the award
of the arbitrators, would represent approximately the capital value of the shares of Common stock of no par value, in exchange for the outstanding
1.727 shares of Common stock of the Annapolis Public Utilities Co., par
company's outstanding shares. The circular continues:
At the time the above prediction was made,the directors could not fore- $100. the basis of exchange to be 23 shares of no par value stock for one share
see the future difficulties to be overcome, which resulted in over a year's of the par value stock: and (b) to issue $700,0006% 25
-Year bonds (of a total
further negotiation with the Hydro-Electric Power Commission of Ontario, authorized issue of $2,000,000). These bonds are to be used to retire at




FEB. 17 1923.]

THE CHRONICLE

105 the $179,500 bonds of the old Annapolis Gas & Electric Co., to pay off
a debt to the Washington Baltimore & Annapolis of $384,000. to acquire
-V. 114, p. 2014.
new properties and to provide working capital.

West Penn Rys.-To Increase Indebtedness.

The stockholders will vote Feb. 28 on increasing the indebtedness of the
company from nothing to $50,000,000.-V. 115, p. 2048.

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's 'Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The "Iron Age" Feb. 15 said in substance:
Prices.
-"Indications are that a double standard of prices, like that of
1920. may obtain. It is already apparent in plates and wire nails. Purchases at to-day's minimum commonly carry no promise of definite delivery,
and while the attitude of the larger producers is against two sets of prices.
buying pressure is encouraging a higher level when mill space allows for
early shipments.
"There is reason to believe that large regular buyers have lately obtained
protection for the second quarter at a 2.15c. Pittsburgh, basis, for steel
bars. This is significant in the light of the Usual $1 a ton concession on
attractive mill business.
"The week's advances include $3 a ton in black and galvanized sheets,
$1 in blue annealed sheets, $2 a ton in plain wire and wire nails by the
Steel Corporation and as high as $4 in wire and $6 in nails by some other
makers. Nails promise to be strong at $2 80 a keg, seeing that this is
only 15c. more than the plain wire cost and the keg itself costs 16c. A
general advance of $3 a ton to 2.90c. has been made in hot
-rolled strip
steel: a $5 advance has been made in cold rolled strip, and light and narrow
hoops are quoted at 3.50c., or $5 up.
More is heard of buyers trying for heavy bookings, with the mills
accepting only a portion of the offerings, thus to prevent overbuying.
Jobbers are finding much coming their way that would ordinarily go to the
mills, and their prices in the face of depleted stocks are strengthening.
"Prices of furnace coke have declined only slightly and the coke situation
promises to have less influence on pig iron than was expected.
"Buying has been active in New York, Cleveland and other centres,
and steel making grades have advanced 50c. in the Mahoning Valley. In
the South $24 .50, Birmingham, was the lowest price recently made and
$25 is generally quoted. Leading merchants at Chicago have marked up
prices 50c., but the new schedule has not been established. Stocks in the
South were reduced 22,000 tons last month, although the production
record was the greatest for any month since 191'Z.
Output.
-"Operations will shortly be increased by the blowing in of 3
blast furnaces, perhaps more, by the Carnegie Steel Co., and the 2 Youngstown steel companies are making ready to start each another furnace.
Inadequate coke deliveries are interfering with expansion in Chicago.
There it is feared the withdrawal of labor in the spring will counterbalance
the betterment of transportation and increase in production is as yet
doubtful.
"January's indicated steel ingot production was close to 140.000 tons a
day, 814% better than December (compared with less than 5% increase
In pig iron), a rate of about 43,500,000 tons per annum, exclusive of steel
castings, and representing an operation of about 84% of the country's
capacity.
"Oil tank awards of the week called for 16,300 tons. For a building in
Philadelphia, 6,000 tons of structural steel was closed, and fresh inquiries
Included 7,500 tons for the Inland Steel Co., for an open-hearth plant
addition and a mill for merchant bars and strip steel, and 10,000 tons for
the Commonwealth Edison Co. in Chicago.
"Motor truck manufacturers are reaching a largo production basis.
The Ford Motor Co. has ordered 25,000,000 hexagon nuts in Cleveland
and is closing for second quarter needs with regular sources of supply of
parts. To maintain schedules, a premium of $15 a ton has been paid on
sheets."
Coal Production, Prices, &c.
The United State Geological Survey Feb. 10 1923 estimated production
as follows:
"Present estimates of soft coal production in the week ended Feb. 3,
indicate a total output, including coal shipped, mine fuel, local sales, and
coal coked, amounting to 10.587,000 net tons. Revised estimates for the
week before show 10,985.000 tons. Instead of nearly uniform rate of
production at about 11,000,000 tons a week as indicated by early returns,
there is now indicated a gradual decline in the production since the beginning of the year.
"Tae production of anthracite also declined slightly in the week ended
Feb. 3. The total output including mine fuel, local sales, and dredge and
washery output, is estimated at 2,056.000 net tons on the basis of 39,321
cars loaded as resorted by the principal anthracite carriers. Early returns
from the railroa s on loadings this week (Feb. 5-10) indicate a somewhat
smaller output, probably a little less than 2,000.000 tons."
Estimated United States Production in Net Tons.
1923
1922
Bituminous
Week,
Cal.yr.todate.
Week.
Cal.yr.to date
Jan. 20
10,925,000 33,135,000
8,782,000 24,544.000
Jan. 27
11.985,000 45,120,000
9,615,000 34,159,000
,Feb. 3
10,587,000 56,707,000
9,714,000 43,873,000
Anthracite
Jan. 20
2,010,000
5.848.000
1,443.000
4.328,000
Jan. 27
2
.119,000
7,967,000
1,607,000
5.935,000
Feb. 3
2,056,000 10,023,000
1,811,000
7.746,000
Beehive Coke
Jan. 20
328,000
960,000
115,000
342,000
Jan. 27
343.000
1,303,000
113,000
455.000
Feb. 3
345,000
1,648,000
122,000
577.000
The "Coal Trade Journal" Feb. 14 reviewed market conditions as follows:
"The collapse in buying interest in the bituminous trade, foreshadowed
by the indifference displayed by industrial consumers as soon as the strike
menace was out of the way, is now being felt in production as well as in
prices. Although the tonnage for the calendar year to date is ahead of that
for the corresponding period a year ago, the declining rate of production
Is not auspicious.
"Spot quotations showed marked decreases last week. Compared with
prices for the week ended Feb. 3, changes were shown in 74.3% of the
figures. Of the changes, however, 87.1% represented reductions ranging
from 5 cents to $1 per ton and averaging 36.9 cents. The advance ranged
between 5 and 50 cents and averaged 21.5 cents per ton. The straight
average minimum on all the bituminous coals listed below was $3 01, as
compared with $3 43 the week preceding; the maximum dropped from
$4 04 to $3 65. A year ago the average minimum was $1 99: the maximum. 52 34.
"Demand is at its lowest in the States west of the Mississippi River;
at points further east, particularly east of Illinois and Indiana, the 'no
market' losses have been practically negligible, but losses in that direction
are increasing as traffic conditions improve. Even • where transportation
disabilities are at the worst, as in the central Pennsylvania region, prices
are falling. Domestic buying, of course, continues to be a weather proposition.
"Generally speaking there has been no change in the anthracite market
conditions. Now England and New York keep up their clamor against
the shipment of hard coal to Canada and the Inter-State Commerce
Commission starts an investigation into the anthracite transportation
situation to-day. It is significant that Eastern buying of beehive coke for
domestic purposes has ceased to be a factor of importance in the Connellsvine region.
011 Production, Prices, &c.
-Bradford Dsitrict (Pennsylvania) crude advanced
lor Crude Oil Prices.
25c. to $4 25 per bbl. "Boston News Bureau" Fob, 16. P. 4.
0 Independent refiners are paying $4 20 per bbl. for Pennsylvania crude,
American" Feb. 16. p. 5.
or 20e. above posted price. "Financial 25c.
to $1 per bbl. "Times' Feb.
Texas Co. advances Healdton crude
11. p. 17.
Prairie Oil & Gas advances 10c. to prices ranging from Si 40 to $2 50
,
per bbl., according to gravity. This advance was met by all other big
'
producers. "Times Feb. 11, p. 17.




723

Magnolia Petroleum advanced from 10 to 20c. per bbl. making present
prices range from 85c. to $2 50 per bbl., according to gravity. 'Financial
America" Feb. 13.
Canadian Crude Oil Price.
-Imperial 011 Co.. Ltd., advanced price
10c. to $2 88 per bbl. "Times" Feb. 14, p. 30.
-Advanced lc. a gal. in Boston to 23c. tank wagon,
Gasoline Prices.
and 25c. service station price. "Boston Financial News" Feb. 7, p. 3.
Advanced lc. a gal. In Colorado, Wyoming and Montana. "Boston
New Bureau" Feb. 9, p. 12.
Standard Oil Co. of Ohio advanced price lc. a gal. to 20c. tank wagon
and 22c. service station. "Boston Financial News" Feb. 9, p. 3.
-Bayonne (N. J.) plant
Vacuum Oil Employees Win Wage Increase.
to changc hourly wage schedule to conform with changes recently made
by other leading companies in vicinity. "Financial America" Veb. 13.
-Senate grants extension of time for
Tea Pot Dome Inquiry Continues.
inquiry into Tea Pot Dome controversy so that investigation will not die
with close of session March 4. "Financial America" Feb. 12. p. 2.
The American Petroleum Institute estimates the daily average gross crude
oil production in the United States for the week ended Feb. 10 as follows:
Feb. 10 '23. Feb. 3 '23. Jan. 27 '23. Feb. 11.'22.
(In Barrels.)
409,250
403,600
405,950
Oklahoma
330,000
Kansas81,250
81.800
82,000
53:750
57.550
53,900
54,625
North Texas
Central Texas
124,950
125,650
125,800
204,300
69,200
74,300
73,000
99,150
North Louisiana
97,450
110,950
109,550
37,000
Arkansas
113,500
113.750
126.250
119,525
Gulf Coast
115,000
108.000
114.000
Eastern
109,000
Wyoming & Montana
97,450
121,150
115,050
57,000
California
565,000
550,000
550,000
315,000
Total

1,719,600

1,747,200

1.755,300

1,413,600

Prices, Wages and Other Trade Matters.
-Advances to 1511c., with sales of appreciable volume at
Copper Prices.
1531c. per lb. "Eng. & Mining Journal-Press" Feb. 17, p. 340.
Price of electrolytic copper reached 15ijic. a lb. "Wall St..'"Feb.15,p.1.
Gas Rates Reduced.
-Worcester Gas Light Co. will make further rate
reduction as soon as possible. Company has reduced rate from $1 50 to
$1 40 per 1,000 cu. ft. Boston "Financial News" Feb. 14. p. 7.
Radiator Prices Advanced.
-American Radiator and U. S. Radiator companies each advance prices 231%, effective Feb. 13. "Financial America"
Feb. 14, p. 8.
-Plasterers in Brooklyn (N. Y.) demand $16.
Wages in Building Trades.
$18 and $20 per day. Union scale $10 per day with bonuses of $2 and $4
in many cases. Boston "News Bureau" Feb. 15, 9. 3.
Carpenters(about 400) in Portland vote to demand $1 per hour beginning
May 1. Present rate is 80c. per hour. Boston "Financial News" Feb.9,9.3.
Contractors in Pittsburgh figure bids on probability of $1 to $2 per day
wage increase. "Wall Street Journal" Feb. 14, p. S.
-Stationary firemen employed in
Mill Firemen Demand Wage Increase.
mills in Fall River, Mass., district demand 29% wage increase. Boston
"Financial News" Feb. 7, p. 3.
-"That One-Day Strike" editorial on strike called
Textile Situation.
because of substitution of non-union man for union employee who was sick.
Boston "News Bureau" Feb. 14, p. 1.
-hour-per-week bill passes New Hampshire House by
Much discussed 48
65 majority. Boston "News Bureau" Feb. 16, p. 3.
Union Sues to Make Member of Union Quit His Non-Union Job.
"Times" Feb. 16. p. 15.
-About 15.000 wet wash workers notified to
Laundry Workers Strike.
quit, says General Organizer Novodoss of United Laundry Workers of
America. To fight for better "sanitary conditions" and for abolition of
individual contracts. "Times" Feb. 10, p. 25.
Employers deny that so-called strike is effective, stating that only about
200 workers are absent. "Times" Feb. 15. p. 23.
-Secretary of Labor Davis states
Diamond Workers' Strike Settlements.
that about 60% of strikes have been adjusted. 'Wall. St. J." Feb. 15.p.8. •
-Dress contractors' association voted not to
Garment Industry Situation.
accede to demands of union or jobbers, holding out for "a reasonable agree-hour week." "Times"
ment on the old terms and no week work or 40
Feb. 16, p. 6.
-During the week sensational changes have occurred
Refined Sugar Prices.
in sugar prices due to a statement issued by the Department of Commerce
indicating that prospective supplies of sugar would 'be insufficient to meet
world requirements. In the upward movement Cuban raw on Feb. 14
reached 5%@)6c. from 4 7-16c, the day before. On Feb. 15 the price
%
dropped back to 41 c. and yesterday was 5c.
All the refiners withdrew from the market on Feb. 13. The American
Sugar Refining Co. returned on Feb. 15 at 8.25c. a lb., lc, advance over
previous price. Arbuckle Bros. advanced 25 pts. to 8.25c. a lb. Federal
Sugar Refining Co. returned to market Feb. 15 at Sc. a lb. and withdrew on Feb. 16. National Sugar Refining Co. returned on Feb. 15 at
8.25c, alb. Pennsylvania Sugar Co.returned on Feb. 15 at 8.300. Revere
Sugar Refinery returned on Feb. 15 at 8.25c. a lb. Warner Sugar Refining
Co. withdrew on Feb. 10, returned to market on Feb. 15 at 8.300. a lb.
The Michigan Sugar Co. on Feb. 9 advanced price of beet sugar 15 Pts.
to 7.15c. and again on Feb. 15 lc. to 8.15c. a 1h.
Matters Covered in "Chronicle" Feb. 10.-(a) Strike for week work in waist
and dress trades, p. 560. (b) Amalgamated clothing workers to establish
a bank in New York, N. Y., D. 560. (e) Offering of $1,500,000 First
Carolina Joint Stock Land Bank 5% bonds, p. 569. (d) Offering of $1.000,000 New York and Pennsylvania Joint Stock Land Bank 5% bonds, p.
569.
'
(e) Repayments received by War Finance Corporation, p. 575. (1)
Advances approved by War Finance Corporation account of agricultural
and livestock purposes, p. 575.

-Contract.
Aluminum Co. of America.
The company, it is stated, has been awarded a contract for 530 miles
of steel reinforced aluminum cables, totaling 1.800,000 pounds, for the
Hetch-Hetchy Moccasin Creek (Calif.) power plant project-V.115. p. 185

-To Increase Capital.
American Bank Note Co.
The stockholders will vote March 6 on increasing the authorized Common
stock from $5,000,000 ($4,949,550 outstanding) to $19,000.000, par $50.
It is stated that it is not the intention of the directors to issue any additional stock at this time.
-V. 115, p. 2688.

-Acquisition.
American Bosch Magneto Corporation.

The company, it is stated. has purchased the plant of the Reading
Standard Motorcycle Co which it will equip for its own use.
-V. 116, p.
2907.

American Brake Shoe & Foundry Cc.
-Div. Increased.

The directors have declared a quarterly dividend of $1 25 per share on
the Common stock, no par value, payable March 31 to holders of record
March 23. This compares with dividends of $1 per share paid quarterly
from 1920 to Dec. 31 1922, incl.-V. 116, p. 179.

American Brass Co.
-New Director.
-

Edmund H. Yates, of Waterbury, Conn.. has been elected a director.
-V. 115, p. 1323.

American Can Co.
-Annual Report
-New Officers

For annual report see under "Financial Reports" above.
H. W. Phelps, formerly Vice-President, has been elected President,
succeeding F. S. Wheeler, who has been elected Chairman in place of
D. G. Reid. Mr. Reid will continue as a director. Harry Craven has
been elected a director succeeding Franklin Rudolph.
-V. 116, p. 617.

American Chicle Co.
-Annual Report.
-

The company reports for the year 1922 operating profits of $2,006.139,
compared with $1.930.395 in 1921 and a deficit after interest of $169,215,
against a deficit of $1,378,015 in the previous year. Profit and loss deficit,
$4,153,296, compared with $2,977,479 in 1921.-V. 115, p. 1841.

American La France Fire Engine Co., Inc.
-Report.
-

The report for the year ended Dec. 31 1922 shows net income after
taxes and all charges of $736.944.-V. 115, p. 547.

American Laundry Machine Co.
-Dividend.
--

A quarterly dividend of 33 cents per share has been declared on the
new Common stock, par $25, payable March 1. Quarterly dividends of

724

T1TF CHRONICLE

1 3. % each were paid on the old $100 Common stock from March 1 1922
to Dec. 1 1922 inclusive. In December last the company also paid a
50% stock dividend on the Common stock.
-V. 116, P. 79.

American Power & Light Co.
-Dividend Increased.

Balance .
Sheet as at Dec. 311922.
Assets.
Liabilities.
Cash
$86,318 Trade creditors
$71.319
Acc'ts receiv., less reserve
55.443 Due to officers & employees_ 12.637
Merchandise inventories__ _ 430,920 Commissions, ins. & wages4,717
Other current assets
15,095 Advance payments
4,160
Inv.in Prov. Needle Corp
8,367 Reserve for taxes
87.692
Land, bldgs., &c..less depr_ 211,415 Capital (100,000 shares)--- 250,500
Prepaid expenses
150.948 Undis. earns. Dec. 31
527,481
Good-will and patents
1

A quarterly dividend of 234% has been declared on the Common stock,
payable Marcn 1 to holders of record Feb. 16. Dividends at the rate of
4% per annum were paid regularly from that date to March 1 1922, when
the rate was increased to 1 % quarterly; this same rate was paid on June 1
last. On Sept. 1 1922 the rate was increased to 2% quarterly and on Dec. 1
1922 a quarterly dividend of 2% was also paid.
An official statement says: "For the 12 months ended Dec. 31 1922,
Total
gross earnings of the subsidiaries aggregated $28,695,707, while net earnings -V. 116. p. 618.
aggregated $1.1,808,920."-V. 116, p. 413.

American Sugar Refining Co.
-Acquires Pref. Stock.
See Continental Sugar Co. below.
-V. 116, p. 179.

American Water Works & Electric Co., Inc.
-Earns.
[Including West Penn Co. and other subsidiary companies.]
Calendar Years1921.
1922.
Gross operating earnings
$24.351,179 $19,796,313
Operating expenses, taxes and depreciation
16,074.177 13,579,753
Net earnings
Miscellaneous income

$8,277,002 $6,216.560
777,954
903,320

Gross income
$9,180,322 $6,994,514
Deduct-Int. & arnort. of discount, sub. cos
3,741,412
4,958.176
Int. on A. W. W. E. Co. Coll. Trust bonds,..
&
799,966
770,502
Pref. dividends of subsidiary companies
829,927
1,300,867
Minority interests
302,721
409,766
Total deductions

$7,439,311

$5,674,026

D. Lorne McGibbon, President of the reorganized company, who bought
$1,000,000 1st Mtge. bonds of the new concern for $950,000, is offering
shareholders of the old companies an opportunity to buy these bonds from
him at 95 with 100% bonus of no par value Common. they may subscribe
for $1,500 bonds for each 100 shares of old Common or Preferred stock held.
Interest on the new bonds is deferred two years from Sept. 1 1922, and on
completion of the purchase there will be delivered to buyers 10
-year coupon
notes representing the deferred interest.
-V. 115, p. 5908, 2583.

Armour & Co., Chicago, Ill.-Fiscal Year Changed:

The company's fiscal year having been changed to Dec. 31, the 1922
statement(now in process of compilation) has been delayed.
-V.116, p. 80.

$958,506

Total

$958,506

Baldwin Locomotive Works.
-Equipment Order.
-

The Pennsylvania RR. has placed an order with the company for 275
locomotives to be delivered before Nov. 1 next. This is in addition to an
order for 100 engines placed with the company in August last.
-V. 116.
p. 618, 413.

Barnet Leather Co., Inc.
-Annual Report.
Calendar Years1922.
1921.
1920.
Sales
-net
$3,816,150 $4,881,854 18.893,777
Cost of sales, including depreciation_ 3,187,272
4,113.800
7,259,750
Admin.& selling exp. and sales disc
331,968
448,931
775.060
Net income
$296,909
$319,123
$858,967
Miscellaneous income
58,568
25,051
7.686
Gross income
$355.477
5344.174
$866,653
Interest paid
9,380
61,936
Depreciation on inventories
851,944
Federal & State tax reserve
42,278
72 0
77597
Contingency reserves
58,839
Preferred dividends
126,000
131.600
197:655
9 14
0
Sinking fund provision, 1922
60.090
60,000
Sinking fund prov., addl for 1921.. _ ..
81:08075
10 0

Net income
$1,741,012 $1,320,488
Note.
-Monongahela Power & Ry. Co. included from July 1 1922, and
Potomac Public Service Co. from Aug. 1 1922. The figures for 1922 are
Balance, surplus
subject to annual audit now in process.
-V. 116, p. 618, 413.
-V. 115, p. 1841.

Ames-Holden-McCready, Ltd.
-Offer to Shareholders.

[VoL. 116.

$85,944

$13,158 def$314,022

Bayuk Bros., Inc., Phila.-Plan Approved.
The stockholders on Feb. 13 approved the plan of recapitalization recently proposed by the directors.
The present outstanding 18%1 1st Pref. stock has been called for redemption April 16 at 110.
Second Preferred and Common stockholders will be entitled to subscribe
to the new 7% First Preferred stock on a pro rata basis. The company's
bankers have arranged for holders of the 8% Preferred to exchange their
shares for the new 7% Preferred on a basis of 11 new shares for 10 shares of
old stock. See plan in V..116, p. 618, 518.

Bessemer American Motor Corp.
-Capital Increase.
-

The company has filed notice with the Secretary of State of Delaware
- Increasing the authorized stated capital from $110,000 to $22,000,000
Associated Gas & Electric Co.
-7'o Increase Capital.
stock and 200,000 shares
The stockholders will vote Feb. 28 on increasing the authorized Capital (consisting of 32.000,000 8% Participating Pref.consolidation of American
Company is a
stock from 150,000 shares (100,000 shares of Common and 50,000 of of Common stock, no par value). (V. 115, p. 2583), and Bessemer Motor
Motors Corp. of Plainfield, N. J.
Preferred) to 210.000 shares, no par value, to consist of 110,000 shares of Truck Co. of Grove City, Pa. (V. 115, p. 2584). See American Motors
Conunon and 100,000 shares of Preferred.
If the plan Is approved, it is said, the new stock will be sold and the Corp. in V. 115, p. 2584.
proceeds used to continue improvements which the company has now
Bethlehem Steel Corp.
-Additional Bonds Placed.
-The
under way and possibly to eliminate the company's funded debt by offering
conversion privileges to bondholders.
-V. 116. p. 618. 299.
Guaranty Co. of New York has disposed of $2,500,000 6%

Atlantic Refining Co.
-Dividend of $1-Listing.-

•

A quarterly dividend of $1 per share has been declared on the outstanding
$50,000,000 Common stock, par $100. payable March 15 to holders of
record Feb. 21. This compares with $5 per share paid quarterly prior to
the distribution on Dec. 20 of the 900% stock dividend, and is at the rate
of $40 per share on the old capitalization of $5,000,000.
The New York Stock Exchange has authorized the listing of $15,000,000
15
-Year 5% gold coupon debentures, due July 1 1937. (See offering in
V. 114, p. 2721.)-V. 116, p. 299.

Atlas Powder Co. and Subsidiaries
.-Annual Report.
Calendar Years1919.
1922.
1921.
1920.
"Gross sales"
$24,393,568 $19.107,341
"Net sales"
$16,723,735 $14,495,016
Cost of goods sold, deliv•
ery, &c.,expenses_ _ _ _ 14,511.109 13,593.044 21.848.786 17,429,043
Netprofit
Other income (net)

$2.212,626
1°8823,023

$901,973 $2,544,782 $1,678,298
1°8817.679 loss77,687 1°8818.209

Series A Consol. Mtge. bonds by private sale at prices very
near par.
This block of Series A bonds was a part of the $11,976,000()onset Mtge.
6s, due Aug. 1 1948, and were in the treasury of the company,

To Increase Capital Stock and Ratify Acquisitions.
-The
stockholders will vote March 12(1) On ratifying the purchases of certain properties and assets of Midvale
Steel & Ordnance Co. and of the franchises and all the property of Cambria
Steel Co. (as outlined in V. 116, p. 303); (2) on increasing the authorized
capital stock by $119,500,000, the additional authorized stock to be Common stock;(3) on authorizing such action on the part of the corporation as
shall be deemed necessary in order that the contracts may be performed.
including the ISS1113 of such an amount of Common stock as shall be required
by the terms of the contracts; the pledge as security for the bonds of Midvale
Steel & Ordnance Co. of all the capital stock of Bethlehem Steel Products
Co., the guaranty of the bonds of the Midvale company, and the issue of
Common stock against the surrender and cancellation at the rate of $500 in
stock for each $1,000 of Midvale bonds.

Net income
$2.189,603
$884.294 $2,467,095 $1,660089
A circular to the stockholders dated Feb. 14 says in subst.:
Int. & amort. on cony.
The chief purpose of the meeting is to submit to the stockholders the
gold bonds
182.940
249,810
matter of the purchase by this corporation and the conveyance to Bethlehem
Prem. on Corn. stk.,&c.. Cr.279,546
Steel Co. of all the properties of Midvale Steel & Ordnance Co.(except the
Adj. of inv. to mkt. val_
x1,409,314
1,032.402
Nicetown, Pa., plant and certain other assets and the stock owned by it in
Pref. dividends (6%).__
540,000
540,000
540,000
540,000
Common divs.(12%)_...
600,288 Cambria Steel Co.) and also of the purchase of all the properties of Cambria
852,882
660.360
607,479
Steel Co.
do (in stock)
(10)512,225
Under the terms of purchase, all liabilities and obligations of the Midvale
and Cambria companies (except certain thereof relating to the operation of
Total
$1,296.276 $2,859.484 $2.692,106 $1,140,288
the Nicetown plant), including the outstanding 5% bonds of the Midvale
Balance
sur$893.327def1.975,190 def225,011 sur519,801 company, are to be assumed by one or more of your subsidiaries,
and the
Total surplus
$3.982,117 $3,088,790 $5,063.980 $5,288,991
bonds are to be guaranteed by your corporation. In addition thereto your
x Adjustment of inventories and commitments to current market values corporation is to issue in payment for the properties purchased 1697,861,400
and reversion of Common stock bonus to employees for the years 1917-1920, Common stock. Corporation has also agreed to issue its Common stock
inclusive.
-V. 115. p. 991.
against the surrender and cancellation of the bonds on the ba.sis of $500 of
the stock for each $1,000 bond.
Auto-Knitter Hosiery Co., Inc.
-J. S.
-Stock Sold.
Directors believe that the acquisition of the Midvale and Cambria
increase
Bache ez Co., New York, have sold at $22 50 per share properties will prove exceptionally advantageous. Not only will itofingots
the steel capacity of corporation from approximately 4,890,000 tons
75,000 shares of capital stock of no par value. Auth. 125,000 par year to 7.600,000 tons per year but it will enable corporation to produce
products which it does not now produce,
shares; outstanding, 100,000 shares. Company has no Pref. a large line ofproducts, steel freight and mine cars, large such as wire rods.
plates and special
wire and wire
stock and no funded debt (see advertising pages).
plates for boiler construction, flanged plate products, pressed plate
quality
axles, car wheels,
Data from Letter of President Oscar P. Kunau, Buffalo, Jan. 31. products, boiler tubes, car products used in car underframes and trucks.
number of steel
the manufacture of agricultural
Company.
-Organized in Aug. 1921 to take over the business of Auto and a large
With these additions to the list of products which your corKnitter Hosiery Co., Inc. which company established the business in the implements. manufactures, it will be a producer of all the important
poration now
year 1915.• Business consists of the manufacture and sale for domestic use commercial steel products, except pipe and seamless tubes.
of hand operated knitting machine, which is adapted to the knitting of seamAmong the properties to be acquired are very valuable developed
less hosiery. Does a large and profitable business in selling knitting yarn and coal properties, the ownership of which, in conjunction with theiron ore
properto the purchasers and users of these knitting machines, and arranges to ties now owned by corporation, will permit of better mixtures of ores and
repurchase from these users the completed wool hosiery produced by them. coals and their distribution to the plants where they can
be assembled-at the
This hosiery is then resold by the company through a number of large discosts; and the unifying of the operations
tributers, as well as retail concerns. This hosiery is sold nationally under lowestwill enable corporation to make a more of the manufacturing propadvantageous allocation of
the registered trade-mark "Olde Tyrne" Wool Socks. Plant located at erties
orders. Through these important advantages as well as by a reduction of
Buffalo, N. Y.
overhead expenses and the elimination of duplications in
costs.
In 1910 Mr. Hunan founded the Auto Knitter Hosiery Co. Ltd., of corporation will be able to place its products upon thedistributing prices
market at
Leceister, Eng. In 1915, shortly before the establishment of the American which will enable it to,compete more effectively
'
with its rivals in the steel
business, Mr. Kunau also founded the Auto Knitter IIosiery Co.. Ltd., of business.
Canada.
Furthermore, by the acquisition of the plants of the Cambria company
Sales, Calendar Years.
located at Johnstown. Pa., corporation will become established in the great$20,235 11920
1783.725 est steel producing district of the country from which it will be able to enter
1916
54,612 1921 _
1917
1.704,349 the very large steel consuming markets of the Central States on a more
140,300 1922
2.491,273 favorable basis of competition with the other largo steel companies in the
1918
291,769
Pittsburgh and adjacent districts to the west.
1919
Since the agreements covering the purchases above mentioned were made
Egriangs.-During the early years large sums of money were expended
against
on national advertising in order to establish the business. During the past the Federal Trade Commission has dismissed its earlier complaintalso the
been well established and the company has shown the Lackawanna transaction and filed a now complaint covering
two years the business has
expected.
Its earning power. There has been drawn or charged against the profits Midvale and Cambria transactions. This action was fully directors were
Prior to entering into the agreements above referred to,
of the company since Jan. 11917.in dividends,royalties, &c.,&c., the total
advised by counsel for corporation that the Midvale and Cambria transof $911,292.
similar advice
For the years 1921 and 1922 the company earned, respectively, $434,230 actions were lawful, and the directors of Midvale received new complaint
and $713.434. These figures are based on an adjustment of book earnings, from its counsel. Inasmuch, therefore, as the issue•of the
complaint, merely
so as to reduce royalties to the basis on which they have been fixed for the is. as the Commission stated in the case of the previous of the transactions
future, and after deducting fair rates of depreciation and provision for in- the institution of a formal proceeding to test the legality
and a final decision thereon cannot be expected for a considerable period of
come taxes at 1922 rates.
-It is the purpose of the management to inaugurate dividends time, directors have decided to consummate the transactions relying upon
Dividends.
the advice of counsel.
-V. 116, p. 518, 412, 408, 299.
on the stock in the near future at the rate of $3 per share per annum.




FIB.17 1923.]

THE CHRONICLE

(The J. G.) Brill Co.
-Earnings.
-

Calendar Years1922.
1021.
1920.
1919.
Total sales
$10,177,583 17,647.899 $17.537,293 $14,210,622
Oper., gen. & adm. exp.
& deprec. reserve
9,103,291
7,484,499 16,121,972 13.293.752
Net profits
51.074.291
$163,400 $1.415,321 4916,870
-Div.on pref. atk_(7%)320,600 (7)320.600 (7)320,600(10:1)721350
Less
Reserve for Federal taxes
119,323
240,000
278.044
do do contingencies
150,000
Balance. surplus
Previous surplus
Total
Adjustments
Total surplus

$634.368 def$157.200
2,904,252
3,351,193

$704,721
2,585.761

def$82.524
2,659,532

$3,538,620 $3,193.993 $3,290,482 $2.577,008
Cr.44,351 Dr.289,741
Cr.60,710
Cr.8,753
$3.582.971

$2,904,252 $3.351,192 x$2,585,761

x Federal taxes for 1919, now est. at $85,000. must also be deducted.
-V. 116, p. 619. 519.

British-American Tobacco Co., Ltd.-Interim Div.
-

The directors have declared the regular interim dividend of 4%, free
of British income tax, on the Ordinary shares, payable March 31. A
like amount was paid a year ago.
-V. 116, p 73.

British Empire Steel Corporation.
-Production, &c.
-

The company's mines in January produced 473,385 tons of coal as compared with 22,688 tons mined in Tanuary 1922.
The company's iron mines at Bell Island were re-opened Feb. 5 with the
full force of 2,000 men laid off recently
from the French occupation of the Ruhr. because of complications arising
-V. 116, P. 180.
.

British International Corp.
-Expansion.
-

725

Coca-Cola International Corp.
-Not Admitted to List.
-

It is reported that the New York Stock Exchange has refused to list
Coca-Cola International Corp. stock on the ground that the formation
of the holding company has resulted in disenfranchising about 74% of
the Coca-Cola Co. stockholders. A meeting of stockholders of the company has been called for Feb. 24 to consider whether or not application
will be made to list the stock on some other exchange, it is said.
-V. 116.
p.300.

Columbia Gas & Electric Co.
-Capital Changes.
-

The stockholders will vote April 10 on changing the capital stock from the
present 500,000 shares, par $100, to 1,500.000 shares of no par stock, to be
exchanged on the basis of three shares of the no par stock for each share of
the present outstanding stock.
-V. 116, p. 415.

Commercial Solvents Corporation.
-Annual Report.
-

The company reports for the year ended Dec. 31 1922 gross profit of
$433,206, net profit, before Federal income tax, $212.766; net to surplus,
after bond interest and Federal taxes, 5156,990.-V. 115, 13- 1538.

CommonwealthEdison Co., Chicago.
-To Increase Stk.

The stockholders will vote Feb. 26 on increasing the authorized Capital
stock from $80,000.000 to $100,000,000, par $100.
President Samuel Insull recently stated that the company's construction
program for 1923 calls for the expenditure of 535.000.000 in the Chicago
and northeastern Illinois territory for additional facilities to meet the
growing demands on its power capacity. Pres. Insull also stated that the
company expects to double its present capacity within 6 years. Present
plans for the construction of new stations to bring the total capacity up
to 3,000.000 h.p.-V- 115. p. 2585.

Consol. Gas Electric Light & Power Co., Bait..
To Issue $2,922,000 Additional Common Stock.
-

Plans are under way, it was announced, for an
The directors have voted to issue $2,922,000 additional
wide activities of the corporation It is expected expansion of the world- to be offered at par to Common stockholders of record Common stock,
that alt of the Eng&h.
French and South American interests of the company will be amalgamated proportion of 1 share of new stock or each 5 shares ofMarch 5, in the
old stock held.
into one corporation which will be combined with the Anglo Commercial The proceeds will be used to provide in part funds for new construction,
Corp., the River Plate Commercial Corp. and the Compagnie Commerciale which this year calls for $6,500,000. The company at present has outNord Arnericaine. The plans are understood to involve the raising of standing 114.610.200 Common stock, par 5100.-V.
115, p. 2051.
fresh capital.
-V. 112, p. 2540.

Burns Brothers.
-January Earnings.
-

Net earnings in January were $393.364, the best month in over a year.
February earnings are expected to at least equal those of January, as the
company is reported to be operating at capacity to fill orders now on the
books.
-V. 116. p. 414.

Continental Sugar Co.
-Bonds Offered.
-Parke & Co.
and Hambleton & Co. are offering at 96 and int., to yield
about 7.40%, $1,700,000 1st Mtge. 15
-Year 7% Sinking
Fund gold bonds.

Dated Feb. 11923. Due Feb. 11938. Denom. $1.000 and $500 (c5
)•
Interest payable F. & A. at First National Bank, Detroit, and Bankers
Callahan Zinc-Lead Co.
-Shipments.
-Shipments in January last amounted to 4.220.000 lbs. of zinc concen- Trust Co., New York, trustee, without deduction for any normal Federal
Income tax not in excess of 2%. Red. on any inc, date,
trates, 2,400,000 lbs. of lead concentrates, and 22,800 ozs. of silver.
In December last shipments were 3,400,000 lbs. of zinc concentrates, days' notice at 105 and int. Penn. and Conn. 4-mills all or part, on 30
taxes, Maryland
2,340,000 lbs. of lead concentrates, and 22,200 ozs. of silver. &e V. 116, securities tax not in excess of 4% mills, and Mass, income tax not in excess
of 6% per annum refunded.
P. 181.
Sinking Fund.-Comoany covenants to pay trustee, in cash or In bonds
Canada Cement Co.
fat face value), annually, beginning Mar. 1 1924 and to and incl. Mar. 1
-Annual Report.
Calendar Years1928,$100,000,and beginning Mar. 1 1929 and thereafter to maturity $120,1922.
1919.
1920.
1921.
Income from operations_42,403,101 12.636,461 $2,862,742 13.057.553 000. such cash to be used and applied as a sinking fund for the purchase
Bond interest
376,684,
360.250
406.793 or redemption of bonds at not exceeding 105 and int.
Fire ins, tr. to res. acct.
140,516
1.011.120
148,732
159,177
Data from Letter of President C. 032Edgar, Toledo, Feb. 5.
Contingent reserve
.
275,000
172,842
Company.-Incorp. Nov. 20 1899 in Ohio. Is engaged in the manufacRenewals, &c.,reserve
25,000
35.000
25.000
ture of sugar from sugar beets. Company produced 32,540.000 pounds in
Depreciation815.530
810.491
1,149.584 the season
Pref. dividends (7%)_
Just ended. Product is marketed through W. H. Edgar & Son,
735.000
735,000
'
735,000
735,000
Coin.dividends(6%)
810,000
810,000 Detroit, wholesale distributers. The stock is largely owned by American
810,000
810.000
Sugar Refining Co., Horace Havemeyer and associated interests.
Company
Balance, surplus
$39,118 defS284,930 def$525.888df$1,252.786 1.100 tons operates modern plants at Blissfield. Mich., daily capacity
of beet: at Findlay, 0., daily capacity of 900 tons of beet, and at
x Income from operations and investments for year 1922 after making Fremont, 0., a daily capacity of 775 tons of beet.
provisions for depreciation.
--y. 113, p. 1679.
Net Earnings After Maintenance and Depreciation. Applicable to Bond
Interest, Years Ended Feb. 28.
Chicago Railway Equipment Co.
-New Director.
A. T. Moore has been elected a director, succeeding E. T. Walter.1920.
1921.
1923.
51.0 46
109159.13
V. 115, P. 2585.
5851,845
x 5435,634
x S11,922427;837
y 5330,140
x Loss. y Estimated on the basis of the sale prior to Feb. 28 1923 of
substantially all of the sugar unsold Dec. 31 1922.
Chicago Yellow Cab Co., Inc.
-Annual Report.
Purpose.
-Proceeds (together with 1588.000 from the sale of Preferred
Report for tho year ended Dec. 31 1922 shows net earnings of $1,773.072 stock
to American Sugar Refining Co. and Horace Havemeyer) will be
after taxes.
-V. 115. p. 441.
used to reduce current liabilities.
Oullook.-During the coming season company expects to slice a crop
of
Chino Copper Co.
-Listing-Earnings.
200,000 tons of beets for which 63% of the necessary acreage has already
The New York Stock Exchange has authorized the listing of $150,000 been contracted for with the contracting season only Just under way. This
additional Capital stock (par $5) on official notice of issuance, making compares with 122.300 tons
sliced during the past season. Based on the
the total applied for $4,500,000 (the
entire
• average sugar content of beets for the last 10 years, applied to this increased
The directors on Jan. 26 1923 authorized authorized amount).
tonnage, company should obtain, with reduced costs of manufacture, a
the sale
shares for the sum of $750,000. The ;proceeds are of the above 30,000 production of about
in reducing
to be used
50,000.000 pounds of sugar.
-V. 110. p. 2079.
obligations the company has contracted in connection with the acquisition
ofstock and notes et the Gallup American
Corn Products Refining Co.
Coal Co.and bonds of the under-Acquires "Sealite" Rights.
lying lien of the Victor American Fuel Co.
The company has acquired from the Standard Develorment Co. a
Standard Oil subsidiary, control of the
Income Account for Calendar Years.
manufacturing "Sealite,"
which is a solution for the preventionrights for
of evaporation or loss by fire of
*1922.
1919.
1920.
*1921.
crude oil and refined oil products held in storage.
Copper produced (lbs.)_ 28,406,314
-V. 115, p. 2798.
9,137,282 44,051,849 40,488.706
Average received per lb_ 13.584 cts. 13.026 cts. 17.397 cts.
18.05 cts.
Revenue from copper_ _ _ $3.858,633 51,190.204 $7.633,780 57.308.598
Crescent Insulated Wire & Cable Co., Inc.
-Bonds
do from gold & silver
17,928 Offered.
9.579
-Morrison, Dinkey & Todd Co., Pittsburgh, and
34,860
4.289
Moore, Leonard & Lynch, New York, are offering at 985'
Total revenues
$3,868,212 11,194,492 $7,698,640 57,326,525
Operating Expenses
and int., to yield 6.65%,$500,000 1st (closed) Mtge. 15
-Year
Mining, milling, &c__
$937,476 $3.542.723 83,587,946 654% Sinking Fund
Treatment, rag. & fght_ $2,555,558
gold bonds.
1,835.288
2,162,939
820,301
Selling expense
409:105
Dated Feb. 11923. Due Feb. 11938. Denom. $500 and 51.000 (cs
70.043
61.926
61,553
30,546
)•
Stripping
794,340 Interest payable F. & A. In Pittsburgh without deduction for normal Fed828,853
eral income tax up to 2%. Red, all or part on any int. date after 1924 on
Total expenses
60 days' notice at 105 and int., as provided by the sinking fund, except that
$3,437,412 $1,377,128 56,5913,441 $6,287,617
Net profits
5430.800 loss$182,636 $1,102.199 $1,038.909 during the last year the Premium shall be 3i of 1% for each full six months
Other income
69.589 of unexpired life. Dollar Savings & Trust Co. of Pittsburgh. trustee.
217.341
234.187
54.871
Pennsylvania 4-mills tax refundable.
Total income
$661,987 loss$127,785 $1.319,540 $1.108.498 Data from Letter of C. Edward Murray, President
Depreciation, &c
of the Company483.685
474,305
Company.
Adjustment of charges
-Organized in 1891 in New Jersey. Products cover almost
0'4193.299 the entire field
Shutdown expenses
of the electrical wiring industry and consist in part as fol1.030.087
610,348
Loss on copper sold
lows: Rubber insulated wires and cables; lead-covered wires and cables;
101,787
magnet,office and annunciator wires and cables:lamp,reinforced and heater
Dividends (earnings)_
$326,242
do '(capital dIstrib'n)
cords;
2.609.940 sidiaryspecial cords and cordage of every description. Through its sub652.485
Total rate per cent
Crus.cent
(60%) are produced. Armored Wire Co., all kinds of armored wires and cables
(22%%)
Purpose.
Balance, deficit
-Payment
y$848.786 11,314,205 sur$340,813 $1,308,143 ness, and to furnish of indebtedness contracted in the expansion of busi-additional working capital.
x Stripping expenses in
Assets.
-As of Jan. 11923.after giving effect to this financing, net tangible
1922 and 1921 are included in mining and milling. assets were
y Loss for the year, exclusive
$2,552,410, or approximately 55,105 per
of any deduction for depletion.
* The mines were shut
assets were $1.076.611, against current liabilities 51,000 bond. Current
of 5191.151.
down April 8 1921 and reopened April 7 1922.
-V. 115. p. 2383.
CapitalizationAuthorized. Outstand'g.
! -Year 6 % First (closed) Mortgage
5
5500,000
$500,000
Citizens Gas
1.000,000
, Quincy, Mass.
1.000,000
-Gas Rates.- Common stock
•
The company has Light
notified Co' Massachusetts Department of Public
the
Earnings, Calendar Years.
Utilities that it will reduce
its
Operating
1,000 Cu. ft.
Deffe-V. 113, p. 187. rate to consumers from $1 69 to 11 59 Per YearInterest,
Federal
Profits.
Times Earned.
ciatOn
Taxes.
1917
5256.852
$15.166
City Ice & Fuel Co.
7.8
$76,534
-Stock Offered-Earnings.
1918
245.042
58,588
The stockholders are given
7.5
70,255
the right to subscribe for 11,300 additional 1919
197,539
43,250
shares of capital stock at par,
6.1
30,334
payment to be made in full on or before 1920
141,229
51.286
Feb. 19. The proceeds
4.3
7,062
from the above will be used in part to effect Pay- 1921
113.277
52,010
ment for two Columbus ice
4.028
3.5
companies
188.812
54.874
14.200
5.8
exchange of stock, par for par. The recently acquired on a basis of an 1922
properties _purchased are the Crystal
Sinking Fund.
Ice Mfg. & Fuel Co.
-Commencing
and the National Ice & Cold Storage Co., both of loss than $25,000 bonds during Feb. 1 1924 shall be sufficient to retire not
Columbus.
each succeeding 5 years and not less than
$35.000 bonds during each next 5 years, and not less than $50,000 each next
Net earnings for the calendar
and reserves for accidents and year 1922. after Federal taxes, depreciation 4 years, at a price not to exceed 105 and int. with the exception that durworkmen's compensation, totaled $1,180,137. ing last year the premium shall
Total revenue from sales for 1922 amounted
be 3-6 of 1% for each full 6 months of unexto $7.997.519.-V. 115. p.2797 pired life.

Coca-Cola Co., Atlanta, Ga.-Sales.-Crucible Steel Co. of America.
-Suit.
Th. coninally in January last sold about 1,100,000
Herbert Du Puy, former Chairman, has lost out in a suit against the
gallons of sireP.
emnpared with about 500,000 gallons sold in
Jan. 1922.-V. 116. p. 410, company for $117.000 claimed as deferred compensation while Chairman.
It].
-v. 115 P. 2384.




-Listing.Cuban Dominican Sugar Co.

The New York Stock Exchange has authorized the listing of $7,710,700
of Common
8% Non-Cumul. Prof. stock (par $100) and 1,019,522 shares in the hands
stock, no par value, which have been issued and are outstanding and 49,641
public, with authority to add $490,500 8% Prof. stock
of the
making
shares of Common stock on official notice of issuance, Commonthe total
stock.
applied for $8,201.200 Prof. stock and 1,069.163 shares of
was incorporated in Maryland Mar. 22 1922 as a holding comCompany
100%
pany. Owns stocks of operating subsidiary companies (throughowning
of
stock ownership), which subsidiaries are engaged in the businessDominican
sugar plantations and factories in Cuba and in the
and operating
Republic. and in the growing and grinding of sugar cane and manufacturing and selling of raw sugar and related products.
Company was organized to acquire all of the assets of the Cuban Dominican Sugar Development Syndicate, including all proceeds of any claims
against defaulting subscribers, in accordance with the plan for the liquida-Compare V.
tion of the syndicate dated Mar. 8 1922 (V. 114, p. 1185).
116. p. 620.

-New Director, &c.
Cudahy Packing Co.

Witham Diesing, in charge of the beef department at Omaha, has been
elected a director. Frank E. Wilhelm has been elected Vice-President.
-V. 115. p. 2901.

-Annual Report.
Deere & Co.
1918-19.
1919-20.
1920-21.
Years ending Oa.31- 1921-22.
x Total earns.(all cos.)loss$1.019.328 1os4945,118 $6.499,908 $6,555.807
$796,547
$821,547 $1,121,884
Admin., &c., expenses.._ $568,397
410,316
570,265
914,349
933,054
Int. on deb., &c.(net)-91,767
,,
160.041
71.787
Depletion, misc., &c___
2,450,000
2,450,000 2,450,000
Preferred diva. (7%)___ 1.312.500
Total deductions
Balance, surplus
Previous surplus

[VoL. 116.

lab CHRONICLE

726

$2.813,951 $4,257.683 $4.302,190 53.748,630
def.3.833,279d1$5,202.801 $2,197.718 $2.807,177
$12,034.686 $17,237,488 $15,039,769 $12.232,593

$8.201,408 $12,034,686 $17.237.488 $15.039,769
Total surplus
x After deducting provision for taxes, depreciation, cash discounts,
-V. 114. p. 735.
possible losses in receivables, &c.

-Listing-Earnings.
Denver Gas & Electric Light Co.

Is entitled to subscribe for anti purchase at par 1 1-3 shares of new Common
stock, par $25, for each share of stock owned. This right expires Feb. 24.
The proposition on which the stockholders voted Jan. 25 read in part
as follows: "To increase the capital stock from 56,000.000 to $12,000,000,
said increase to consist of 240.000 shares, par $25, of Common stock. and
.to pay for $4,000.000 of the par value of such increase out of the surplus
and to provide for its distribution among Common stockholders of record
Jan. 25, giving the Pref. stockholders their pro rata right to purchase same,
and to offer the remaining $2,000,000 of such increase pro rata to all the
stockholders of record on Jan. 25 1923 at par."
Results for Year Ending Nov. 30 1922.
Earnings after making provision for Federal and all other taxes
$1,138.489
payable in 1923
Dividends paid: 1st Prof.(7%),E105,000;2d Pref.(6%),$90,000:
435,000
Common (8%),$240,000; total
$703.489
45,011,081

Balance, surplus
Profit and loss surplus Nov. 30 1922

x After adding previous surplus of $4,127,592, reserve for dividends
Nov. 30 1921 of $375,000. and after deducting $195 reserves for dividends
on Preferred stocks payable during 1923.
Sales, Years Ended Nos, 30.
1922.
1921.
1920.
$44,908,090 $44,047,539 $60.727,751
Gross sales
42,873,591 41,772,658 57,179.173
Net sales
The balance sheet of Nov. 30 1922 shows: Land, buildings, equipment,
&c., $840.075. and current assets of $20,245,592, consisting of a) inventories, $9,718.633;(b) accounts and notes receivable, less reserve or doubtful accounts, $9,106,707; (c) cash, $1,290,128; (d) advances, partially secured, $130.124: capital stock, authorized and issued, $6,000.000, consisting
of $1,500,000 each of 1st and 2d Pref, stock and $3.000.000 Common stock;
current liabilities of 510.314.734, consisting of(a) notes payable. $6,395,0004
(b) accounts payable, $3,568.399; (c) sundry accounts, $351,335; reserve for
dividends on Pref. stock, $195,000; surplus of $5,011,081.
Nathan Rounds has been elected Treasurer, succeeding J. H. Jones, who
-V. 115, p. 2272.
has been made a Vice-President.

-Listing.
Endicott Johnson Corp.

The New York Stock Exchange has authorized the listing of $3,378,000
additional Common stock, par $50, on official notice of issuance as a 20%
stock dividend payable Feb. 15 to holders of record Jan.25, making the total
amount applied for $20.268.000.-V. 116, p. 621.

The New York Stock Exchange has authorized the listing of $353.000
additional 1st & Ref. Mtge. Sinking Fund 5% bonds, due May 1 1951,
-Listing-Earnings.
Famous Players-Lasky Corp.
making the total amount applied for $8,777,000.
-For the 12 months ending Dec. 31 1922, company reports:
Earnings.
The New York Stock Exchange has authorized the listing of an additions/
Gross oper. rev.,$5.971.037;operating exps., maint., deprec.(incl. $149.600 15,000 shares of Common stock, no par value, on official notice that said
for Fed. taxes), $3,942,639; net operating rev.,.82,028,397; non-oper. rev.. shares have been Issued and are outstanding in the hands of the public,
$260,481: gross income, 52.288.878. Interest on funded debt, $849.550; making the total applied for 320,552 shares of Common stock.
int. on floating debt. $104.343: bond discount and exp., $123,810; Pref.
The 15,000 shares are to be issued in payment of, or for the acquisition of,
diva. paid and accrued. $80,781; Common diva.. $600,000; adjustment notes of and accounts payable by the corporation, or Its subsidiaries, to an
of account (debit),$11,854; net to surplus. $518,540; profit and loss surplus aggregate amount of $1,500,000,such issue to be at the rate of one share tot
Dec. 31 1922, $1,079,841.-V. 116, p. 301.
each $100 of notes or accounts. This isuse was part of a transaction also
involving the exchange between the corporation and the holders of notes and
-Investment in accounts of other securities and properties
Du Pont American Industries, Inc.
General Motors.
Consolidated Profit and Loss Account Nine Months Ended Sept. 30 1922.
-V. 112, Operating profit.; for 9 months,$3.328,056; provision for Federal
See E. I. du Pont de Nemours & Co. under "Reports" above.
$2,869,272
V. 109, p.479.
taxes,$458,783; balance carried to surplus
p. 2541,2087;
$7,663,989
Surplus at Dec.31 1921

-Liquidation.
Du Pont Chemical Co.

-V. 114,
See E. I. du Pont de Nemours & Co. under "Reports" above.
D. 1895, 1770.

-Investment in
(E. I.) du Pont de Nemours & Co.
General Motors Corporation.
-V. 115, p. 2798.
See annual report under "Financial Reports" above.

-Liquidated.
E. I. du Pont de Nemours Export Co.
114,

-V.
See E. I. du Pont de Nemours & Co. under "Reports" above.
P. 1291. .

-Liquidated.
-Nobel Co.
Du Pont

See E. I. du Pont de Nemours & Co. under "Reports" above.

-Permanent Bonds Ready.
Eastern Cuba Sugar Corp.

-year 7%% Mtge. S. F. gold bonds are now ready
Permanent engraved 15
for delivery in exchange tor the temporary bonds at the Chase National
Bank,57 Broadway. N. Y. City. For offering of bonds see V. 115, p. 1326,
1538, 2910.

-Earnings.
Edmunds & Jones Corporation.
Calendar YearsGross sales
Net !mom,.
Federal taxes
Preferred dividend
Common dividend

1919.
1921,
1920.
1922.
$4,200.000 $2,894,241 Not stated $5,134,868
562,497
108,226
108,215
444,638
154.136
10,867
54.108
10.634
62.480
60.870
55.090
58,219
60,000
80,000
60.000

Surplus or deficit
-V. 114, p. 2722.

sur$275,440 sur.$39,362 def.$43,511sur.$285,881

Elder Steel Steamship Co.,Inc.-Rebrganization Plan.

$10,533,262
Total surplus
-Dive.: On Common, $1,255,742: on Prof., $556,200; subLess
1,812.205
sidiary companies' outside interest, $262
58,721,057

Surplus at Sept. 30 1922
-V. 116, p. 302, 410.

-Dividend Increased.
Federal Mining & Smelting Co.

A quarterly dividend of 13.1% has been declared on the Prof. stock.
payable March 15 to holders of record Feb. 24. This compares with
dividends of 1.4.i% each paid quarterly on the Pref, stock from June 1922
to Dec. 1922, inclusive.
1921.
1920.
1919.
1922.
Results Cal. Years$4,653,023 $3,848,687 $4,259,370 $2,474.864
Operating earnings
3,316.527
1.417,356
2.188,356
3,655,424
expenses
Operating
Balance
Taxes

$997,599

$532,160 32,071.014 53,057,508
51,442
52.518

Balance
Other income

3997,599
208,214

3532.160 $2,019,572 $1,004,990
183.588

Total income
Charges
Dividends

$715.748 $2,019,572 31,004,990
$1,205,813
505,729
286.841
241,096
235.482
)
(4 % 569,345 (4)479,448 (6)719,167(3f)449.478

$794,676
$268,671
4400,986 def.$4,795
Balance, surplus
x Profit and loss account for 1922 shows: Balance, deficit, Jan. 1 1922,
$5,933,614; depreciation, $101,627; ore depletion, $657,730: Preferred
dividends, $569.344; total deficit, $7,262,317; deduct not earnings for 1922.
$970.331; balance deficit Dec. 31 1922. $6,291,986.-V. 115. p. 1435.

-Report.
Federal Motor Truck Co. (Detroit).

The company for year ended Dec. 31 1922 roports not profits of$403,065.
The protective committee for the holders of the 1st Mtge. Serial 7%
Gold bonds has prepared a plan of reorganization. Approximately 82% of compared with $176,800 in 1921. Total sales amounted to $4,810.587.
-V. 114, p. 2829.
of the bonds have deposited their holdings with the Guaranty against $3.268,000 in the previous year.
the holders
York, as depositary, and the time for
Trust Co., 140 Broadway, Newand including
March 17. Copies of plan
-Exchange of Stock.
Fensland Oil Co.
deposit has been extended up to
from
A circular has been sent to stockholders announcing that the Producers.
may be obtained York. the depositary or Edgar E. Caffall, Secretary,
Wall St., New
& Refiners Corp. offers to stockholders of the Fensland Co. opportunity
14
-Ernest W. Niver, Randolph P. Compton, Morris S. Rosen- to exchange their stock on or before March 17 for stock of the Producers
Committee.
Producers
wald, Wilbur H. Russell, with Bigham, Engler & Jones, counsel, 64 Wall at the rate of 1 share of Fensland for 35-100 of 1 share of depositing
-V. 116, D. 81.
Common stock (par $50). Such exchange may be made by
New York.
St..
with the Central Union
the certificate or certificates of Fensland stock
-Annual Report.
Trust Co.,80 Broadway,New York, Any Fensland stockholder exchanging
Electrical Securities Corp.
$1 a share diVidend payable
from investments of
1'he company reports total incomeincluding interest and $702,814 for his stock prior to March 1 will receive thestock on March 1. Prensland
discount, of March 15 to holders of record of Producers
and net profits after expenses amounted to
1922
$50,000, and Common stockholders desiring to make the exchange should deposit their stock
Preferred dividends paid
6465,942.
be paid directly to the
dividends to $200,000. Surplus as of Doc. 31 1922, was $1,727,243. prior to March 1 in order that the dividend may
person entitled thereto. Stockholders of Fensland Oil Co. representing'
-V. 114, P. 858.
the outstanding capital stock have deposited their shares with
51 % of
-See also
the Central Union Trust Co. for exchange for Producers stock.
-Defers Preferred Dividend.
ElkHorn Coal Corp.
Producers & Refiners Corp. below and V. 116, p. 621.-V. 115. p. 2829.
on the
The directors have deferred action June. quarterly dividend of 144%
$50, until
on the Preferred stock, par
-Listing.Fleischmann Co.
on account of unsettled
An official statement says: "This action was poor and erratic railroad
past year. due to
The New York Stock Exchange has authorized the listing of 1,500.000
conditions in the coal field the strike,
and consequent inability to supply shares of Common stock, no par value. Compare V. 116. p. 82.
the shopmen's
car service and company might have supplied under normal conditions.
the demand the
-A cquires Glass Plant.
Ford Motor Co., Detroit.
to labor and railroad conditions,
The outlook for the present year is bright,as the coal It can mine and ship.
market for all
It was announced Feb. 14 that Henry. Ford has purchased the Allegheny
and the company has a ready
situated on a site of 40'
tonnage for the current year to date IS over double the amount shipped Plate Glass Co. at Glassmere, Pa. The plant Is 6,000,000 and 7,000.000
The
period last year. If the car situation continues to acres and, it is stated, has a capacity of between
in the corresponding maintain the usual dividend on a semi-annual basis."
of plate glass a year.
Improve, it Is hoped to of 1 i4% each were paid on the Preferred stock from sq. ft. Ford Motor Co. has orders for 148,407 cars and trucks booked for
The
dividends
[Quarterly
The1922, incl.; prior to March 1919 semi-annual dividends February delivery. Orders for Fordson tractors total 13.283. 9,000.
March 1919 to Dec. this Issue.j-V. 115, p. 2910.
company has advised dealers that not more than 124.394 cars and
of 3% were paid on
-V. 116, p. 621, 302.
tractors can be made during the month.

-Stock InEly & Walker Dry Goods Co., St. Louis.
'creased-Par Value of Common Stock Decreased to $25
Stock Dividend-Earnings.stockholders and directors held on Jan. 25
of the
meetings
At the special
was increased from $3,000.000 to $9,000,000 and the
the Common stock
was decreased from $100 to $25 per share
of the Common stock payable to the Commoh stockholders of
par value
dividend declared
and a stock 1923. The stockholders have the right to purchase certain
record Jan. 25 increase at par.
portions of the
follows: (1) Each let and 2d Pref. stockholder of
These rights are as
entitled to subscribe for and purchase at par 2 2-3 shares
record Jan. 25 isstock, par $25, for each share of Pref. stock owned.(2) In
of new Common
1st and 2d Pref. stockholder of record Jan. 25
addition. each Common and




Foundation Co.
-Contract.

company
A iircliminary contract. it is stated, has been signed by the contract,
The
for the construction of subways in Tokio, Japan. basis, present to $15.amounts
which, it is said, has been obtained on a cost-plus
000,000. and provides for the construction a the first of three subwaysystems, to cost about $40,000,000.
were being
It is stated that negotiations for financing the first subway
outcome
carried on with New York bankers, and it is expected that the
-V. 116. p. 183.
will be satisfactory.

-Du Pont Interests.
General Motors Corp.

-V. 116,
See E. I. du Pont de Nemours & Co. under "Reports" above.
p. 621. 521.

FEB.17 1923.]

THE CHRONICLE

-Annual Report.
General Baking Co.
-

(1922 and 1921 figures include the subsidiaries.)
1Cons Mated--Company Proper
1922.
1921.
Calendar Years1920.
1919.
Net aft. taxes & bond int $5.272,472 $2,697,981 31.429.519 81,178.914
571.050515.486
Reserve for depreciation
343.294
308.308
Preferred dividends---($8)703,79e.,';'%)494,046
600,262 (7)414,750
Common dividends_ _ _(38)1,108,624 k7%)238.0001 Reported separately
Kolb Bakery Pref. diva_(7%)13.990 %)140,000i
(7
in these years.
Balance. surplus
92.875,012 31.310,449
3485.963
3455.856
surplus
Previous
3.013.115
1.702,665
2.124.402
1.668,546
Total surplus
$5.888,127 83,013.114 32.610,365 $2,124,402
xStock div. on Common_ 4,157,340
Pt. stk. issued to pay
accum. diva. balance_
1,132.800
Profit & loss surplus
$1,730,787 $3.013,114 31,477,565 32.124,402
x The directors on Dec. 13 declared a 200% stock dividend (2 shares, no
par value, for one share outstanding, or 277.156 shares) on the Common
stock, payable Dec. 28 to holders of record Dec. 22. See V. 115. p. 2691;
-Y. 115. p. 2800.

General Railway Signal Co.
-Balance Sheet Dec. 31.1922.
1921.
1922.
1921.
Assetsmacyy,
&e__2,924,746 2,804.947 Preferred stock
2,000,003 2.000,000
Pats, good-will,.40_3,000.000 3,000,000 Common stock
3 000,000 3100,000
Cash
362.278 346,155 Bills & a cc'ts payable1,220,134 1,097,304
Acc'ts & bills recelv.1,343,689 1,243,045 Accrued dividends &
Royalties accrued
47,412
loser. premium
32,938
30,000
Liberty bonds
45,000 OR.S. Co. bds.,67; 950,000 950,000
Senior N.E. Mutuals
Reserve
1,468,224 1,437.818
Ins. deposit
16,100
21,410 Surplus
569,831 5.54,629
Securitle. owned_ _ 177,343 163,378
Inventory
1,301,577 1,271,586
Bond discount & tax.
being amortized
56,826
69,453
Prepaid items
17,152
14,777
Total(each side)__9,247,128 9,069,751
The comparative income account was published in V. 116, p.
521.

Gilliland Oil Co.
-Proposed Reorganization Plan.
-The
Preferred stock protective committee (Theodore G. Smith,
Chairman)on Feb. 12 approved a plan for the reorganization,
which provides (briefly):
(1) To discharge company from receivership.
(2) Authorize an issue of $10,000,000 1st Mtge.
with sinking fund provision, of which 24.600,000 is 6% Serial Gold bonds
to be presently
the balance to be issued only for the acquisition of additional issued,
property
by the reorganized company.
(3) The .Atlantic Refining Co. through its subsidiary.
Atlantic Oil
Producing Co., offers to underwrite the 84.600.000 bonds at 90
and acquire
from the reorganized company the right and option to
purchase all or
any poen of its production of crude oil and casinghead gasoline
for a period
ears from Feb. 11923.
of 10y
(4) Establish a voting trust of Preferred and Common stock to continue
until such time as the bonds are paid or redeemed.
(5) The Atlantic Refining Co. is to name the treasurer
of the company
during the life of the bonds.
(6) The issue of 188,312 shares of Common stock
(previously authorized
but unissued) are as follows:
(a) 32,366 shares pro rata to the holders
stock outstanding in consideration of the of the 32.366 shares of Prof.
relinquishim
accrued unpaid diva, to date of reorganization and the ent by them of
fund provision during life of the bonds and a reduction waiving of sinking
of div. rate to 6%
during lifetime of the bonds
-dividend rate to
as formerly) after retirement of the bonds andbecome 7% (Instead of 8%
relinquishment of all conversion privileges. The new ellv. rate on Prof. stock
shall be effective from
date of reorganization, except that divs. do not
become cumulative until
18 months after date of reorganization. Prof. stock
fund provision for retirement at 110 as said bonds to have same sinking
have after retirement
of the bonds.
(b) 100.000 shares to P. J. Hurley for services
the company and with the understanding that rendered in reorganizing
he will
as Pres. and Gen. Mgr. of the reorganized company. accept the election
'
(e) 50.000 shares to J. H. Maxey for services rendered
in assisting the
reorganization of tho company.
(d) 5.946 shares to be distributed to employees as the directors
may
determine.
Data from Letter of Chairman
The plan has been approved by theTheodore 0. Smith, Feb. 2.
Preferred stockholders' protective
comrn Weeand by the Common stockholders'committee
and by the creditors.
By this plan alone can (1) the creditors of
company be discharged from the existing the company be paid; (2) the
receivership; (3) the interest of
both Preferred and Common stockholders be saved
and preserved, and
(4) the company again become a going concern.
The properties have been recently appraised to
approximately $7.700,000, but this Is not the salehave a workout value of
value of the properties.
It takes approximately $5,400,000 to pay creditors
penses, &c., and, in addition, there is outstanding and receivership ex$3,236,000 Preferred
stock. The creditors are accepting bonds, which they
can
on tho dollar, for their claim. The Preferred stockholders sell at 90 cents
agree to waive
their accrued diva, and to accept in lieu thereof one share
of Common stock
for each share of Prof.; and also agree to rearrange
interest rate, sinking
fund, &c., and the Common stockholders agree to an
issue of 188,312 shares
additional Common stock to go to the Preferred stockholders
and those
Who have worked out the plan making the
rehabilitation of the company
possible.
-V. 115, p. 2587.

Glen Alden Coal Co.
-No Action on Dividend.

No action has been taken by directors on thedeclarati
on of
President W. W. Inglis after the meeting said: "Our the dividend.
last quarterly
dividend of $1 50 was paid out of last year's earnings, and
is up, we have a scant two months' earnings this year while tho quarter
declared..
and, therefore, no
dividend was
See V. 115, D. 2273.
• Glidden Co., Cleveland, 0.
-Bonds Called-New

Director
Certain 1st Mtge. 8% Sinking Fund Gold bonds, dated
Sept. 1 1921.
aggregating $119,500, have been called for redemption March
1 at 1071i
at the Union Trust Co. Cleveland, Ohio.
Eugene Quigley has been elected a director, succeeding F.
K. Glidden.
-v. 116. P. 521
.
Goodyear Tire & Rubber Co., Akron.
-Settlement of
Suits Attacking Refinancing Plan.
--

A settlement of tne six lawsuits attacking the
was approved by Common Pleas Judge Ahernrefinancing of the company
at Akron, Feb. 10. The
settlement provides for representation of original stockholders
on the
of directors, for retirement of $5,000.000 Prior Pref, stock at $90 board
60, for
dropping of bonus to Leonard Kennedy Co. during the rest
of the term of
management contract, for return and cancellation
of 50.000 shares of
Common stock, and for waiving of salary and expenses
amounting to
$40,000 a year to the trustees of management stock.
The Goodyear bonds and debentures as
refinancing program are not affected by the originally disposed of in the
settlement.
Joint Statement of All Parties Concerned.
In connection with the court decree all parties to the suits joined In a
statement about the affairs of the company, in which they said:
"After 13 years of real progress in the rehabilitation of the business the
present litigation was started. Judge Ahern's decision has now ended that
litigation and settled all the matters on a sound business basis. While
deciding that all the securities issued in the reorganization are legal and
valid, he has approved and ordered carried out a plan arrived at by the
parties under which the company will retire substantial blocks of its Prior
Pref, stock at a favorable price, In addition to other Important savings,
and the way is now clear for the continued progress of the company and the
increase in value of its stocks and securities commensurate with that progress.
"In the post-reorganization period up to date named material changes
have occurred, all inuring to Goodye.r benefit, and particularly to the interest of holders of Pref. and Common stock. In addition to the regular requirements of bonds and debentures, the company has retired 39.902400




727

Prior Pref, stock and will retire an additional 55.000,000 thereof u ithin
12 months. The purchase by the company at less than par of the Prior
Pref, stock already retired and the additional stock to be retired, plus
the
cancellation of accrued dividends thereon to Jan. 11923. will effect a
reduction of charges prior to the Prof. and Common stock of $4,280.000.
In
addition thereto, management stock fees amounting to $30.000
_per year
will be canceled and the cost of management has been reduced
from a
possible maximum of $750,000 per year to $250,000.
"The peak amount outstanding of bonds, debentures and Prior
Pref.
stock issued at reorganization and senior to the Pref. and Common stock
was $87,402,000. On March 15 1923 the aggregate amount outstanding
of the same issues will be $72.750,000. or a reduction from the peak of
214,652,000.
• "On March 15 1924, with the retirement of the additional 85.000.000
Prior Pref, stock completed and the regular retirement of bonds and debentures, the aggregate of the three aenior securities outstanding
should be
264,750,000. or a reduction from the peak of 322.652.000.
'At that time, viz., March 15 1924, the year's current
account of interest and dividends on bonds, debenturesdisbursements on
and Prior Prof.
stock and retirement charges on all three issues should aggregate $9,080,000.
Of this total $3,600,000 will be in retirement of debt or storks senior to
Prof. and Common, and therefore result In an equivalent addition to the
the
book value of these junior stocks.
"The total annual charges for interest, dividends and retirement of these
three senior issues aggregated at the peak $10,292,200, so that the net result
on March 15 1924 should be a reduction of annual charges prior to Prof.
and Common stocks of approximately $1,202,000, with further automatic
reductions each year thereafter."

Another Stockholders' Suit Against Company.
-

A suit to enjoin the settlement of the six stockholders' suits against
company as approved was filed Feb. 13 in the Federal Court at Akronthe
by
attorneys representing W. T. Sawyer, a stockholder. The injunction
against the decision of the Akron court is asked on the ground that the
,
agreement reached with the directors and bankers who handled the company's financing, amounting to 885.000,000, is "unjust and detrimental
the best interests of the stockholders." Personal judgment of 8308,000to
is
asked from Leonard, Kennedy & Co., Clarence Dillon, E.G. Wilmer (Pres.)
and other company officials and bankers. This sum was paid the Kennedy
company which furnished executives to the Goodyear company under
the
original contract -V. 116, p. 417, 302.

Great Lakes Coal Mining Co.
-Bonds Called.
-

All of the outstanding 1st Mtge. 6% Gold bonds, dated March 1
have been called for payment March 1 at 102 and int. at the Union 1917,
Trust
Co., 814 Euclid Ave., Cleveland, 0.-V. 104, p. 2015.

Greenfield Tap & Die Corp.
-Sales.
-

Sales for January showed an increase of 80% over Jan. 1922.
of 1922 tho increase in sales was 28% over 1921. the improvement For all
coming
chiefly in the last 8 months of the year. (Official.)
-V.115. p. 2273.

Hawkesbury Electric Light & Power Co., Ltd.

-Bonds.
All of the outstanding 1st. Mtge. 15
-year sinking fund gold
Oct. 30 1914. have been called for redemption May 1 at 105bonds, dated
and
the Montreal Trust Co.. Montreal. Quebec,or at the Royal Bank of int., at
Canada.
London, England.
-V. 101, p. 134.
Hayes Wheel Co.
-Listing.
-

The New York Stock Exchange has authorized the listing of 200,000
shares of no par value capital stock (total authorized).
Company has outstanding $682,100 10
-Year 7% Series "A"
bonds, due Feb. 1 1929. Company has issued and outstanding1st Mtge.
$750,000
Series "B" bonds (issued under the same indenture), dated Feb.
1 1923
and maturing Feb. 1 1929. These bonds were issued to provide
funds for
the acquisition of the Imperial Wheel Co., Flint, Mich.
Income Amount Year ending Dec. 31 1922(Subject to Final Audit).
Sales, $13.483.916; cost of sales, $11.640,421
31,843.495
Discount on purchases
82.051
Total gross profit
Deduct-Adm.expense, $737.427;cash discount on sales. 22.594-$1,925.546
$740,021
Interest, $53,451; discount, $7,096; hit, on bank loans, $11.733
72,281
Net profit
81,113,244
The Hayes Wheel Co. ended the year 1922 with all bank loans
and a ratio of current assets to current liabilities of approximate paid off
ly four to
one. Sales for Jan. 1923 amounted to $1,342,523, against
$538,346 for
Jan. 1922.-V. 115, p. 2911.

Hotel Planters & Theatre Building, Chicago.
-Bonds
Offered.Hyney, Emerson & Co. and Equitable Securities
Co., Chicago, are offering, at 100 and int., $525,000 First
(Closed) Mtge. Leasehold 6y2% Serial Gold Bonds. A circular shows:
Unconditionally guaranteed by Al H. Woods. Denom.
$1,000,$500 and
$100 (e). Dated Feb. 1 1923. Due semi-annually from Feb. 1 1924 to
Aug. 1 1933, inclusive. Int. (F. & A.) payable at Central Trust
Co. of
Illinois, Chicago, trustee. Redeemable, all or part, on any
interest date
30 days' notice at 105 and interest. Free from normal Federal income on
tax
not exceeding 2%.
The Hotel Planters & Theatre Building was recently purchased by Al H.
Woods•of Chicago and New York, theatrical producer, who
remodel the theatre at a cost of $150.000. The property will entirely
is owned by
9 to 19 North Clark St. Building Corporation, Chicago.
The purpose of the issue Is to provide funds for completing
of the above property and for making extensive alterationsthe acquisition
The earning power of the property securing this bond issue and improve.
demonstrated and for the past four years net earnings of the has been a moly
Hotel Planters.
applicable to payment of the hotel lease rental of $45.000 per annum, have
annually averaged over twice the rental requirement.
a well-established earning power and the lease of The theatre also has
the Woods-Adelphi
Theatre Corp. requires the payment of a fixed annual rental in the amount
of $65,000.
combined total of the rental payments of the two tenant corporations
The
aggregates $110.000 per annum, which must be paid to the trustee of the
bond issue in equal monthly installments.

Household Products, Inc.
-Stock Sold.-Hornblower
& Weeks, Blair & Co., Inc., and Bell & Beckwith, New York,
have sold at $34 per share 275,000 shares of no par value.
Authorized and outstanding, 500,000 shares. No Preferred
stock or bonds. .
Data from Letter of President A. H. Diebold.
New York, Feb. 10.
Company.
-Has been organized in
stock of the Centaur Co. Business Delaware to acquire the entire capital
consists of the manufacture and sale
of "Chas. It. Fletcher's
In 1877 under name of Castoria." Business itself was originally incorp.
Centaur Co. Product is sold generally throughout
the world, shipments being
the Bahamas, India, China, made to Cuba, Mexico, Colombia, Panama,
West Coast of Africa, England and elsewhere.
Company also maintains
through the drug trade. a branch in Canada. Output is distributed largey
Main plant located in N. Y.
City, occupying an entire 10
-story building
completed in 1921 and leased for
a period of 21 years; has a total floor space
of about 110.000 sq. ft.
Branch plant under lease to Feb. 1 1925 located
at Montreal.
Output -Shipments over a
lows: 1910, 11.688,884: 1914, period of years compare (in bottles) as fol12,657.744; 1918, 18,701,136: 1922, 20,778,192.
Net Profits, After All Expenses,
Incl. Deprec. ot N. Y. State Taxes, Cal. Years.
1918.
1919.
1921.
1922.
1920.
Net before Fedoral taxes
$2.315,607 $2.411,788 $2,314,665 $1,730,603 82,187,769
Net after Federal
taxes (actual)_81.025.591
81,376.579 31,454.665 $1,150,603 81.903.504
Diridends.-Cash distributions,
made in each of the last 10 years equivalent to diva., have been regularly
tions averaging over $1,400,000 -1913 to 1922, inclusive-such distribuper
to pay dividends on the new stock at year. The new management expects
the annual rate of $3 per share in the
near future.
Management.
-Sterling Products, Inc., is purchasing a one- ourth int.
(125.000 shares) In Household Products. Inc.. and interests associated
with

THE CHRONICLE

728

100,000
the bankers and with Sterling Products, Inc., are also purchasing
the manshares. The management of Sterling Products, Inc.. will assumeProducts,
agement of Household Products, Inc. Directors of Household
W. E. Weiss of SterInc., will include H. F. Behrens, A. H. Diebold andAssociation), John W.
ling Products. Inc.: F. A. Blair (Pres. of Proprietary
Elisha
Prentiss(Bomblower & Weeks),James B.Bell (Bell & Beckwith) and
Walker (Blair & Co., Inc.).
-Application will be made to list stock on N. Y.Stock Exchange
Listing.
Balance Sheet as at Dec. 31 1922.
Liabilities.
Assets.
-Ex$199,534 Sundry creditors
Fixed assets
penses,accr'd wages,&c $248,594
Formulae processes, good336,533
14,000,000 Res. for Fed. & State tax
will, &c
268.681 Excess of assets over haMerchandise & supplies_
26,384
}Unties, represented by
adver. matter_
Supplies.
510,000 shares of Corn567,534
Accounts receivable
non stock of no par val. 15,000,00a
494.721
Cash
$15,585,127
Total (each side)
28,272
charges
Deferred

-Shipments.
Hudson Motor Car Co.

The company in January shipped approximately 5,600 Hudson and
Essex cars. This was at the rate of more than 67.000 cars annually, and
compares with deliveries of 61,233 cars in the fiscal year ended Nov. 30
1922.25.415 in 1921, 48,439 in 1920 and 39,286 in 1919.-V. 116, P. 417.

-Earnings.
Illinois Bell Telephone Co.
Calendar YearsTotal number of statIons
Telephone operating revenues
Total gross income
Rent and miscellaneous
Interest
Dividends
Balance, surplus
-V. 116. p. 417.

1920.
1921.
1922.
, 6,624
1.259,778_. . .
547.667.284 $44,469,882 $33.201.708
2,833.543
7,849,120
8,628.893
135.699
180.841
203.229
1,271.383
2.042.327
2,072.036
3,200.000
3,600.000
4,000,000
$2.353,629 $2.025.952df$1,773,539

-Valuation.
Indiana Bell Telephone Co.

An exhibit recently filed with the Indiana P. S. Commission shows the
company's appraisal of the value of all its property in Indiana for rate-making purposes at 542,611.591.-V. 116, p. 622.

-Report for Years Ending Dec. 31.Indiana Pipe Line.
1919.
1920.
1921.
1922.
51,073.685

[VOL. 116.

-Bonds Offered.
Lake Sunapee (N. H.) Power Co.

Damon & Bolles Co.. Boston, are offering at 94 14 and int. 5200,000
1st Mtge 6% sinking fund gold bonds. Dated Feb. 1 1923. Due Feb.
11943. Callable on int. date at 105 and hat Denom. 51,000. 5500 and
$100 (c). Int. payable F. & A., free of the normal Federal Income tax
up to 2% at International Trust Co., Boston, trustee.
-Outstanding let (Closed) Mtge. 6% gold bonds, $200,Capitalization.
000: 7% Preferred stock, 5100.000. and Common stocic (no par value),
730 shares.
-Incorporated in Aug.. 1922 in New Hampshire and acquired
Company.
all the property, rights. Scc.. of two water powers on the Sugar River.
Company owns about 5 acres of land in Sunapee. on the Sugar River. A
fireproof generating station which will house a 650 h. p. vertical water
-cycle. 2300-voltgenerator
-phase, 60
wheel, connected to a 550 k. v. a. 3
and all other equipment, Is practically completed. At Wendell, company
owns another development formerly used by a paper company. This plant
wheel direct connected to a new 250 k. v. a.
is now operating a 300 h.
p.
-cycle, 2300-volt generator. Further additions will bring the
-phase, 60
3
total hydro-electric capacity of the 2 plants to 1900 Is. p. Also owns a
600 Is. p. turban steam auxilliary. Has a contract with the Newport
Electric Light Co. and the Sunapee Electric Light & Power Co. for the
output of its plants for a term of 25 years at advantageous rates.
The minimum amount guaranteed under this contract assures the coma sufficient revenue to earn over twice the interest on these bonds.

-Objections to Sale.
Lehigh & Wilkes-Barre Coal Co.

A hearing on the objections to the s de of the stock of the company to
Reynolds Syndicate of N. Y was held Feb. 15 in U.S.District Court,Phila.,
before Judges Buffington, Davis and Thompson. Objection to the sale
had been made by Isaac T. and Mary T. W.Starr. C. J. Hepburn, acting
counsel for the Starrs, declared that directors of the Jersey Central made no
honest effort to secure the highest possible bid for the stock, but had designed to have it sold to a favored and selected bidder because he was an
associate of this directorate and also was a director of the Lehigh & WilkesBarre Coal Co. He said that the Reynolds hid 'was the lowest of the three
bids, but in spite of this, directors had attempted to sell the stock to this
bidder. The Reynolds Syndicate bid was approximately 531.500,000.
A. F. Myers, Assistant U. S. Attorney, made a statement to the Court
In which he said that while the Government did not go to the extent of asking
that the sale be set aside, he asked the Court to give a full hearing to the
many complaints that have been made on the legality of the transaction
and that the Government reserve the right after all the testimony was in in
the hearings to take whatever action was necessary to see that the decree
of the Court was strictly obeyed -V. 116, p. 522, 303.

$958,301
$1,532.856 51,163.551
-Sub. Co. Bonds.
Loew's Ohio Theatres, Inc.
(60%)3.000,000 (16)800.000 (16)800,000(20)1000,000
All of the outstanding Stillman Investment Co. 6% 1st Mtge. leasehold
$73,685 gold bonds. maturing Mar. 1 1924 to M ir. 1 1928, have been called for
5158,301
5363.551
Balance,surplus_ __ _def51,467,144
Co.. Cleveland, 0.
int., at the
-Included in the item of dividends for 1922 is a special cash divi- payment Mar. 1 at 102 andwas 5200.000Union Trust 1 1927. All of the
Note.
dated Mar.
dend of $20 per share, amounting to 52.000.000. distributed on Dec. 30 The original amount issued Co. Is owned by the Loew's Ohio Theatres, Inc
stockholders of record Dec. 1 1922, all of which was paid out of capital stock of the Stillman
1922 to
-V.110, p. 1647.
earnings accumulated since March 1 1913 (V. 115, p. 2386)•
•
.
-Offer to Stockholders.Balance Sheet December 31.
Lyons Petroleum Co.
1921.
1922.
AssetsThe Producers & Refiners Corp. offers to the stockhclders of Lyons
$5,088.422 55.381.373 Petroleum Co. the opportunity to exchange, on or before Mar. 17. any or
Pipe line plant
131,547
125.737
Materials and supplies
all of the shares of stock of Lyons for Common stock of Producers at the
4,867.295 6,253,402 rate of one share of stock of Producers (par $50) for each 50 shares of stock
Cash, other investments and accounts receivable
of Lyons (par $1). Such exchange may be made by depositing certificates
$10.081,454 511.766.321 with Central Union Trust Co., 80 Broadway, N. Y. City.
Total
Liabilities-.
Any stockholder of Lyons Petroleum Co. who delivers his stock to Central
$5,000,000 $5,000,000 Union Trust Co. on or before Mar. 1 for exchange will be entitled to receive
Capital stock
1.108,299
Acc'ts pay., Incl. res. for taxes, fire ins., annuities,&c.1,159,690
the dividend of 51 per share payable Mar. 15 on the stock of Producers
2,275,023
2,165.910
now owns over 50% of the outstanding stock
Reserve account for accrued depreciation
3,382.999 & Refiners Corp. Producers makes this offer for the balance of this stock
1.755,854
Profit and low
of Lyons Petroleum Co. and
the acquisition thereof will permit a consolidation of propbelief that
510,081.454 511,766,321 In the and reduction in expenses that will be of material benefit to all parTotal
erties
-V. 116, P.
-V. 115, p. 2386.
ties concerned. (See also Producers & Refiners Corp. below.)
625. 525.
-Status, &c.
Industrial Salvage Co.
-V. 115,
McCrory Stores Corp., N. Y.-10% Stock Dividend.
See B. I. du Pont de Nemours & Co. under "Reports" above.
The directors have declared a 10% stack dividend and a quarterly diviP. 442.
dend of 1% in cash on the Common stock, both payable March 1 to holders
-Obituary.
Inland Steel Co.
of record Feb. 20. It is stated that It is not the intention of the company
to alter its previous policy of paying regular quarterly dividends in stock
Alexis W. Thompson, a director, died Feb. 13.-V. 116, p. 622,522.
for the remainder of the year. Complete dividend record on Common
Notes.
-To Retire
International Cement Corp.
-year 8% Cony, gold notes im- stock follows:
The directors have voted to retire the 5
Dec.'20. Mar.'21. June'21toSept.'22. Dec.'22. Mar.'23
1%
mediately at 110 and int.-V. 116, p. 82.
1%
uar. div. (in cash)
1%
1% 1% quarterly
---Earnings 9 Mos. end. Dec. 31. uar. div. (in stock)
International Nickel Co.
ibk;
10%
20%
__-div. (In stock)
1919.
1920.
1921.
1922.
1921.
1922.
9 Mos. to Dec. 311923.
Month of January$143,714 54,415,774 $44,326.898 Sales
5696,959
5903.358
Earnings
5960,617
$1,226,611
79,562
920,165
220,561
81,661
Other income
-V. 116, p. 303.
-Status.
5364.275 55.335.939 54,406.460
5778.620
McIntyre Porcupine Mines, Ltd.
Total income
400,751
311,874
495,218
261,318
Admin.and general exp_
Plans of the company, it is understood, call for maximum production
654,341 within the next ten weeks. Beginning with April. the principal property of
70,128
534,840
44,872
tax_
Res. for U. S., &c.,
During
228.265
454,494 J
Maint. & shutdown exp_ I
the
will be in a position to double Its production of gold.
1,551,410 the company the capacity of the mill has been increased by 75%. At the
I 395,685
1,685,007
Depr. & mineral exhaust.I
past year
401,067 same time the underground workings have been extended to the lowest level
401,067
401,067
401,067
Prof. dividends (4A %)
property will
so far reached in the Porcupine field. It is expected that the
Balance. tmr. or der_ _def.5383.130df$1.042,745 sr$2,219,807 sr$1,398.891 be able to handle 1.000 tons of ore a day, recovering approximately 512 50
Consolidated General Balance Sheet.
-V. 116. p. 522.
a ton in gold.
Dec.31'22. Mar.31'22.
Dec.31'22. Mar.31'22.
Colo.
-Bonds
McPhee & McGinnity Co., Denver,are
Liabilities
$
$
Assetsoffering, at
50,717.884 49.761.055 Preferred stock___ 8,912.600 8,912,600 Offered. Boettcher, Porter & Co., Denver,
Property
558.485 Common stock_ _41,834,600 41.834,600
558,614
Investments
100 and interest, $1,000,000 First (Closed) Mtge.6% Serial
6.162,513 9,340,599 Accts. payable and
Inventories
688,810 Gold Bonds. A circular shows:
tax reserves_ -__ 442,552
776,149
Accts.& bilis ree'le 1,492,059
to 1937, inclusive. Interest
133,689
144.890 Pref. div. payable_ 133.689
243.810
Dated Feb. 11923. Due serially Feb. 1 1928 Denver. Colo., trustee. or
Advances
Co.,
100,000 Accident!men and
. 100.000
payable F. & A. at International Trust
.
Govt securities__
865.413 Bankers Trust Co., New York. without deduction for the normal Federal
centins. reserves 912,531
1,011.000 1,013,000
on call
Loans
0. Denom. $LOW and $500 (0). Redeem9,632,710 10,015.840 income tax not in excess of 27
756.774 Surplus
982.803
Cash
sixty days' notice.
able, all or part, at 103 and interest upon
organisation in the
61,868,682 62,450,952
Total
-The largest lumber and building material
62,450.952
Company.
61,M8.682
Total
Founded in 1869. Present activities include many
Denver territory.
-T. 116, p. 622, 184.
assembling, &c., in addition to jobbing
phases of manufacturing, buidling,
products and the various specialties and
-Earnings.
Iron Products Corp.
and retailing lumber, lumber and construction work. Main plants and
contracting
Net earnings for January were approximately 5200.000.-V. 115, p.2053. materials utilized in
subsidiaries ten lumber yards in
in Denver, also control through
yards
- Colorado and a retail paint store in Salt Lake City and through stock owner-Preliminary Results-Sale.
Kelly-Springfield Tire Co.
in 35 other lumber yards.
figures for 1922, it is understood, should snow net profits ship have a substantial interest cast of extensions and improvements
Preliminary
inter-Proceeds will defray
Purpose.
ot approximately $3,000,000 after all charges, including $800,000 note
provide additional net working capital.
est, and taxes. Deducting Pref. dividends of approximately $638.000, already made andthe five years ended Nov. 30 1922 the average net income
-For
Earnings.
$2,350,000. Net lass for 1921 from operathere will remain approximately
interest and Federal taxes was 5324,030, or nearly 514 times
tions and after inventory adjustments and div. payments was 51,479.928. available for
this issue. During corporate life $1 27 of earnings
The company has disposed of Its Buffalo, N. Y.. and Wooster, 0., plants, Interest requirements forbusiness for each one dollar disbursed in cash diva.
but is still operating at capacity the Akron unit, in addition to the principal has been retained in the
Authorized. Outstandino
Capitalization
factory at Cumberland. Md. Eventually all activities will be centred
$1,000,000 $1,000,000
at the Cumberland, but the Akron plant will be retained until the main First Mortgage 6%
2,000.000
2,000,000
unit can increase production sufficiently to offset Akron operations. Capital stock
-v, 116, p. 418.
-V. 116, p. 418.
Profits for year
Dividends

-New Officers, &c.
Kirb Petroleum Co.

James M. Baird has been elected Secretary, succeeding C. A. Richardson. J. W. Link has been elected let Vice-President. Mr. Link, R. W.
Ford and George Sawtelle of Houston, Texas, have been elected directors,
-V. 114, p. 1293.
succeeding J. A. Elkins, A. J. Stallings and J. G. Bass.

-Balance Sheet Dec. 31.Laclede Gas Light Co.

1921.
1922.
1921.
1922.
Liabilities
Assets40,394,603 Common stock_ _ _10,700.000 10.700.000
Plant & inveatm t_40,458,888
797.800 1,425,953 Preferred stock__ 2,500,000 2.500,000
Stores
77,031 Ref. & Est. M.5s.10,000,000 10.000,000
290.350
CAW
Bills & &eels rece_ 1,417,246 1,030,130 1st M.Coll.& Ref.
16.000,000 16.000,000
7% bonds
422,373
Deterred charges- 362,034
Bills de acc'ts pay- 792,445 1,425.843
•
Liabilities accrued,
672.800
not due
852,239
Common div. res_ 391.249
Total (each side)_43,325.348 43,350.089 Surplus & reserves 2,090,415 2,051,446
Mee offering of 517.500.000 1st Mtge. Collateral & Refunding 30-Year
)5% geld bonds in V. 116. p. 184. The comparative income account
Was publlaluid IA V.116. p. 622.




-Report.• Mackay Companies. end.
Years ended
11 Mos.

Feb. 1
1919-20.
Dec. 31 '22. 1921-22.
1920-21.
Period58.623,181 $4,309.253 54,868.988 55.021.095
Receipts
644,884
535.400
164.272
82,771
Oper. exp.. Fed. tax.. &c.
1,873.164
1.747,512
1.697,517
x Preferred dive.(4%)-. 1,714,933
(6)2,482,824
a Common divs--(1651%)6.724.315(6)2,482.824 (6)2,482.824
520,223
5103,252
546.141
$19,661
Balance, surplus
to the
x The dividends as reported by the company are not apportioned
different classes of stock. but are stated in a lump sum ($8,439.248 in 1922,
54.180,341 in 1921. 54,230.336 in 1920 and 54.355.968 in 1919). Knowing
assumed
that the company has been buying in its Preferred shares, we have$41,380,that the outstanding Conunon stock has remained unchanged at
and that the sums disbursed as dividends on the Preferred shares were
400.
of Comthe amounts remaining after deducting the 67 on the full amount
company
4
mon for the years 1919 to 1921 Incl. and 1614 0 for 1922 (the cash tilt.
,
dive. of 134% and an extra
having paid three regular quarterly
method be correct.
of 10% and a quarterly div. of 154% in 1922). If this
the average amount of Preferred stock outstanding In 1922 was $42.873,325
2357
and the total amount retired to date about $7.126,675. V. 115,11.2693,

FEB. 17 1923.]

THE CHRONICLE

(George) Mabbett & Sons Co., Plymouth, Mass.
Preferred Stock Offered.-Riehardson, Hill & Co., Boston,
are offfering, at 100 and div., $.300,000 7% Cumul. First
Pref. (a. & d.) stock, par $100. The bankers state:

729

Niagara Falls Power Co.
-Consolidated Income

Account.
Calendar Years1922.
1921.
1920.
1919.
Total oper. revenue_ -__ $6,601,690 56,083.713 56,031,950 55,098,10
0
Operating expenses
1.031,859
1.092,241
1.201.163
1,077,946
Amortization
675,674
565,617
606,000
264,000
Operating taxes
Redeemable, all or part, at 110 and diva. Dividends payable Q.
777.590
728.868
544,860
585,611
-J.
Sinking fund, 10% of net earnings. Transfer agent, First National Bank,
Operating income.... $4,116,566 $3,696,986 $3,679,928 $3,170,543
Boston.
Non-oper. income (net).
380.682
325,655
Capitalization (No Bonds)317,874
274,745
Authorized. Present Issue
7% Cum. First Pref. stock (par $100)
$300,000
$300.000
Gross income
$4,497,249 $4.022.641 33,997.802 $3,445,286
7% Cumul. Second Pref. Stock (par $100)
100.000
100,000
Interest on funded debt_ 1.722.896
1,725,342
Common Stock (no par value)
1,442.389
1,319.760
10,000 sits.
Company.-Buelness established at Plymouth, Mass.. in 10.000 abs. U. S. Fed. & Can. taxes
1900 and
and miscellane
379.945
318.707
Incorporated in 1902. Business consists in the manufacture of high-grade Prof. dividends ous..
314,264
41,470
(7%)_
1,055,908
812,719
fancy worsteds for men's wear. Company has always adhered to policy Common
806,078
806.078
dividends_ _(6%)1.015,542 (6)869.510 (6)651,807 (4)579,384
of making goods only on order.
Earnings.
-Net earnings have averaged for 12 years to Dec.30 1922. after
Balance, surplus
6322.957
all charges including depreciation and Federal
5283,567
$783,263
5098.594
$72.695 per year, or
3.46 times the $21,000 dividend requirementtaxes, First Pref. stock. -V. 116. p. 419.
on the
Average annual net earnings for two years to Dec. 30 1922 were $94,602.
North American Co. and Subsid.-Preliminary Report.
or more than 4.5 times this requirement. Federal taxes are computed
Calendar Years1922.
1921.
1920.
1919.
on the basis of current rates. Company has shown profits every year
for Gross earnings
$55,234,491 $38,853,190 $39,611,162 $30.343,837
20 years except 1920.
Oper.exp. and taxes__
35,812,043 26,791,256 30,110,351 21,604,199
Maracaibo Oil Exploration Co.
Net income
-Debentures Bold.
$19,422,448 $12,061,934 $9,500,812 $8,739,638
The 5750,000 2
-year 7% convertible gold debentures, recently offered to Other income
407,182
307,196
208,673
207,644
stockholders, have been fully subscribed. See V. 116. p.
418. 303.
Total income
$19,829.630 $12,369,130 $9,709,485 $8,947,282
Metropolitan Edison Co.
Interest charges
-Listing.
-6.667,283
4,603,114
3,459,304
3,547,438
The Philadelphia Stock Exchange has authorized the listing
Pref. divs. of sub.
1,318,172
684,565
of 38.753 Minority interest cos
525.906
448,782
shares of 7% Cumul. Pref. stock, no par value.
540,444
-V. 116, p. 623.
370,310
327,986
370,362
Metropolitan 5 to 50 Cent Stores, Inc.
-Sales.
-

Month of JanuarySales
-V. 116, p. 522.

1923.
$426,760

1922.
3323,726

Moon Motor Car Corp.
-January Sales.

President Stewart McDonald states that
came within 71 cars of equaling the combinedthe company's January sales
sales of the first 4 months of
1922. The company has orders for 4,700 automobiles to be shipped
in the
first 3 months of this year.
-V. 116, c. 419, 185.
Motor Wheel Corp., Lansing, Mich.
-Acquisitions.

The company recently purchased from the Detroit Pressed Steel Corp.
the trade-mark, fiscal assets and good-will
wheels. The
company has also absorbed Forsyth Brothersof the Disteel Ill., manufacCo., Harvey,
turers of Forsyth steel wheels.
-V. 114. p. 1187.

New River Co.
-Production.
-

The mines in January produced 146,000 tons of coal, compared
130.000 tons in December, 111,000 tons in November and 1113.000 with
tons
in October.

New York State Gas & Electric Corp.
-Increase.

The stockholders will vote Feb. 28 on
stock from 66,484 shares, no par valueincreasing the authorized Capital
(46,484 shares of Common and
20,000 shares of Preferred) to 125,000
no par value, to
25,000 shares of Preferred and 100,000 shares,of Common stock.consist of
shares
-V. 116.
P. 185.

Balance for depreciation. divs,and surplus $11.303,731 $6,711,142 $5,396.28
8 $4,580,701
Consolidated Balance Sheet Dec. 31.
1922.
1921.
1922.
1921.
Assets$
S
Liabilities$
Proply & plant. 188,860,469 129,218,529 Preferred stock_ 18,963.201
14,896,650
Dep.& trustees_ 1,838,670
38,828 Common stock_
Investments -__ 13,201,169 5,242,960 Sub. Pref. stock 21,085.800 15,033,200
Cash
4,069,042 3,093,734 Mln.int.sub.cos, 22.313,204 11,908.200
5,074,708 2,025.335
Govt.securities_ 4,710,600
Funded debt_ _-114,629,600
Notes& bills rec. 1,538,876
118,128 Notes& bills pay. 2,999,677 71,854,450
Accounts recelv_ 7,064,541 4,716,257 Accts. payable_ 4,755,317 1,752,422
2,439,735
Mat'ls& supplies 7.181,849 5,274,254 Sundry liabilities
1,199,654
890.125
Prepaid accounts
158.352
138,984 Accrued taxes,
Bond and mtge.
Interest. dic._ 3,78.0,901 2,388,068
discount
7,799,955 3,131,873 Reserves
29.566,738 19,824,116
Prem, on emir_ 2,488,506 4.815,111 Surplus
14,543,029 12,776.357
Total
238,911,829 155,788,658
Total
238,911,829 15.5,788.658
Unconfirmed rumors state that at the meeting of directors
to be held
shortly it will be decided to declare a dividend payable in
which will be underwritten so as to afford the stockholders Common stock
the
of receiving cash at the annual rate of not less than 20% or alternative
$10 a share.
- 116. 13• 84.
V.

Ohio Public Service Co.
-Bond, &c. Application.-

The company has applied to the Ohio P. U. Commission
to make a stock and bond issue amounting to $2,125,000 for authority
to be used to replace capital expenditures for improvements , the proceeds
and extensions.
V.
- 115, p. 2694.

New York United Hotels, Inc.
-Guaranteed Bonds Offered.
-John G. Quinby, New York; Sweet, Richards & Co.,
Orpheum Circuit, Inc.
-New President.
Albany and Rochester, and W. A. MacKenzie & Co.,
Marcus Heiman has been elected President, succeeding Martin
Beck,
Toronto, are offering at par and int. 33,500,000 Guaranteed who has become Chairman of the Board.
-V. 115, p. 1437.
7% Cony, Sinking Fund Debenture gold bonds. GuaranPacific Gas & Electric Co.
-Offer to South Yuba Water
teed principal and interest by United Hotels Co. of America. Co. Bondholders.-Valuation.
(See advertising pages).
The company has made an offer to the holders of the

Dated Jan. 11923. Due Jan. 11943.
Int. payable J. & J. at Metropolitan Trust Co., N. Y., trustee.
Callable on any hit, date all or partDenom. $5,000, $1,000 and $500 (e5)•
Convertible before Jan. 1 1928, into upon 30 days' notice at 105 and int.
7% Cumul. Pref, stock at par, plus
a bonus of 134 shares of Common stock for
each $1,000 of bonds.
Capitalization Authorized and to be Presently Issued.
*7% guaranteed debenture bonds
$3,500,000
*7% convertible receipts
3.500.000
Coin. stock, no par, (United Hotels Co. owns a
majority)-65.000 shares
* For the retirement of these two issues
an issue of $7,000,000 of Preferred stock has been authorized.
Data from Letter of Frank A. Dudley, Pres., Jan.
29.
United C)tnp
-Directo operation of 16 different hotel companies,
successfully operating as many hotels in different parts of the United
,
States
and Canada and Is interested in several others;
and desires to have a representative hotel in New York City.
To this end, the New York United Hotels,
ware. Under a lease for 21 years, with a Inc., was organized in Delamore, and a right of renewal for an additionalright of renewal for 21 years
purchase the building, this corporation has21 years. if the lessor does not
leased from the New York
State Realty & Terminal Co.(subsidiary of Now
York
located on the east side of Madison Ave., between Central RR.),ground
45th and 46th Sts. and
extending to Vandrpilt Ave., N. Y. City, on which
property it will erect
a hotel to be called "The Roosevelt," having
which will cost, complete with its furnishing a capacity of 1.107 rooms.
s, approximately $10,000,000.
600 h. p. steam turban auxilliary. Company has
a contract with the Newport Electric Light Co. and the Sunapee
Electric Light & Power Co.for the
Tao New York State Realty
towards the construction of this& Terminal Co. will advance $3,000,000
be met by the issue of $3,500,000hotel; a further portion of the cost will
which the United Hotels Co. of Guaranteed 7% Debenture gold bonds,
America, guarantees, both as to principal and interest. The balance of
the
of an issue of $3.500,000 Convertible cost will be provided by the sale
receipts, which already have been
oversubscribed, bearing int. at rate of 7%.
which receipts are to be converted
into a like amount of Prof. stock on
or before Jan. 1 1924.
Retirement Fund.
-The Indenture securing these 7% Debenture gold
bonds contains provisions which
provides that the company pay to and set
aside in the hands of the trustees, for
earnings and receipts after payment the retirement of these bonds from the
ance, rent, &c., necessary charges,of all operating expenses, taxes, insur$35,000 and him-easing $10,000 eachcertain amounts, as follows: 1928.
year
1934. In 1935.
$110,000; 1936. $120,000; 193'7, $130,000; to 395,000
1938, $145,000; 1939, $160,000:
1940, $170,000; 1941, $185.000, and
1942, $195.000.
Earnings -An estimate of the
earnings of The Roosevelt, is as follows:
Estimated gross earnings from hotel
operation, including rooms
(allowing for 25% vacancy),store and
office rentals and concessions
$4,460,287
Estimated total operating expenditur
es,
penditures of existing hotels, to which based on operating exhas been added a liberal
percentage for contingencies and
varying conditions, including
taxes and all payments to the lessor
3.189.361
Estimated net earnings
$1,270,926
Annual int. of $3,500.000 Guaranteed 7%
Debs. (which will be
reduced by retirement of bonds)
245,000
Interest on Convertible receipts and dividends
on Preferred stock
on conversion
245,000
Net profits available for Common Dividends (equal
to $12 per
share on 65,000 shares issued.)
$780,926
Construction to Be Completed in 1924.
-The contract
"Roosevelt" has been given to the Thompson-Starrett for building The
Co.. and calls for
Its completion by April 11924; and a surety
completion of the building on that date hasbond for 8S,000.000 to insure
been written by the leading
surety companies.
-V 116. P. 624.

Nobel Industries, Ltd., London.
-Debent

According to cable advices received from London, an ure Stock.
53'4' Debenture stock offered by the British Foreignissue of 41,750,000
& Colonial Corp.
was heavily oversubscribed. Compare description
of properties, &c., in
V. 111, p. 1956.




$1.500.000 South
Yuba Water Co. Consolidated Mortgage 6% bonds due July 1
next, to redeem these bonds before their maturity, and at any time prior
1923. at $1,000, the full face value, plus accrued int. calculated to Mar. 1
at the
of 6% to the date of delivery, and plus a premium which. if added rate
to the
principal, will enable the holder to reinvest the proceeds for as
low a rate
as 5% and still enable him to obtain the same yield on his
investment as if
he had held the bond until maturity.
Holders of the South Yuba 6s desiring to avail themselve
may present their bonds for cash redemption at the office of s of this offer
the
445 Sutter St., San FrancLsco, or, if they prefer, may transmit company.
to the company through any bank. Holders preferring to their bonds
bonds for the new $10,000,000 issue of Pacific Gas tlr Electric change their
Co. 534s may
do so through the bankers who made the offering (see
offering in V. 116.
p. 624).
Hockenbesmer,
A. F.
& Treas.. In a statement says that the
valuation recently placed upon the electrical properties of
the California Railroad Commission took into account the company by
operative investment during 1922, and did not include only the average
dollars expended on hydro
-electric development on the many millions of
t
of the company's gas, street railway. irrigation, water Pit River, or any
properties, from which 40% of gross operating revenues or steam heating
are derived.
Mr. llockenbeamer says: "As a matter of fact, the reproducti
on of all
of the company's tangible properties would at this time involve
an estimated
expenditure of at least $240,000,000. on which amount the
1922 not revenues
from all sources yielded a return of only a little more than 5%.
On this
basis, which many Courts have held should be taken for rate
purposes, the
equity per share of Common stock, after deducting all bonds and Preferred
,
stocks at par. would amount to approximately $223 per share.'
-V. 116.
p. 624. 420. 305.

Pacific Lighting Corp., San Francisco.
-Annual Report.

Consolidated Income Account for Calendar
[Including Pacific Lighting Corp. and Los Angeles Gas &Years. Corp.]
Electric
1922.
1921.
1920.
1919.
Total gross income
$12,037,727 89,841.705 $7,748,158 $6,167,269
Op. exp. tax., int.. &C- 10,398,408
,
8,933,571 15.955.893
4,511,490
Depreciation
A 663,645
605,975
Preferred dividends(5%)
208,100
208,100
208,100
208,100
Common dividends...
(14%)672,000 (14)672,000 (13)624.000 (12)576000
Surplus for year
$759,219
$28.034
$296,520
$265,704
-V. 114, p. 744.

Pacific Mills.-Stock Offered.
-Lee, Higginson
Jackson & Curtis, Brown Brothers & Co., Spencer & Co.,
Trask &
Co., W. A. Harriman & Co., Inc., Marshall Field,
Glore,
Ward & Co. are offering at $97M per share, to
yield over
6.15%, 55,000 shares Capital stock (par value $100).
-A
circular ahows:
[This is not a new issue of capital
existing capital. It is understood stock by the company, but is part of the
that
been purchased from the Greelock Co., 45,000 shares of the 55,000 have
being about half of that company's
holding in Pacific Mills,'
Capztalizatian.-Capital stock
Company has no funded debt. (400,000 shares all one class), $40,000,000.
Listed.
-Stock is listed on Boston Stock Exchange
and application will
be made to list on the New York Stock
Exchange.
Corn pang.
-The largest
bleached cotton goods, andmanufacturers in the world of printed, dyed and
of cotton-warp and all-wool drossgoods. Plants
at Lawrence, Mass., Dover, N. H.,
and
of 182 acres of floor space, contains Columbia, S.C.,with an aggregate
and 15,951 looms. About 40% of the663.232 cotton and worsted spindles
cotton cloth woven by the company
Is manufactured by its mills in the South
for finishing and printing at its
print works in Lawrence.
Earnings.
-Average annual profits applicable to dividends for the seven
years ending Dec. 31 1922 were $3,544,10
2, or
$2.400.000 required to pay 6% dividends on $1,144,102 in excess of the
the present stock. These
seven years include the very unfavorabl
e year
decline in price of cotton and cotton cloths, 1920 (when the sudden great
and consequent heavy writing
down of inventories at the end of the year, resulted in the only
operations in the company's history), and also include 1922, loss from
when the

THE CHRONICLE

730

New
Northern plants. in common with many of the large textile plants in
of
England, were closed down during a large part of the year, by reason
showed a substantial
strikes. Notwithstanding the strike the company
profit for the year 1922.
been
Since the resumption of operation on Sept. 1 1922, company has
producing and selling goods at the highest rate in its history. Its profits
running at a rate of more than $400,000 per month or more than
are now
12% per annum on its $40,000,000 stock.
dends.-Company has paid cash dividends in every year (except 1882
in 1859.
and 1883) during the 63 years since dividends were inaugurated
320,000.000 stock,
.The regular rate paid in 1920. 1921 and 1922 was 12% on$40.000,000 stock.
which is equivalent to the 0% rate now being paid on
have aggreTotal cash dividends traid during the last 60 years, since 1862,329.000,000
gated 336.432.528. In addition, stock dividends aggregating $20,000.000
been paid, viz.:36.000.000 in 1912.33,000,000 in 1917 and
have
(100%) in December 1922.
Condensed Balance Sheet Dec. 31 1922.
LiabilitiesAssets$6,960,000
Notes payable
xCaeh & acc'ts receivable.
50,901
$11.741,406 Accounts payable
(lees reserves)
40,000.000
Inventories (less reserves) 16,194,638 Capital stock
7,663,961
61,650 Surplus
Sundry securities
Plant account(less res've) 26,677,168
Total

354.674,862

354,674.862

Total

x Reserves include $600,000 reserve for Federal taxes. It is believed that
this reserve will be sufficient to cover all unpaid Federal income and profits
taxes accrued to Dec. 31 1922.-V. 116, p. 420.

-Bonds Called.
Packard Motor Car Co.

-Year 8% gold bonds, dated April 15 1921,
All of the outstanding 10
have been called for payment April 15 at 107ei and int. at the Guaranty
-V. 116, p. 624.
Co.. 140 Broadway, N. Y. City.
Trust

-Annual Report.
Parke, Davis & Co.

1919.
1920.
1921.
1922.
Calendar Years36.590,813 34,349.497 *4,558.900 36.604,703
Gross earnings
Cr31,644
Cr489
Recovery of rtuss'n assets
Reserve to equalize value
of accts. roc. and cash in
European banks with
116,266
1.009,341
424,436
market rates of exch'ge. 125,886
Reserve for deprec'n of
194,845
204,889
216,724
bldgs. machinery, &c.. 304,169
'
Add war taxes paid on in15.817
6,084
come of pre ous year__
Cash dividends paid_ __(30)3.555,114(22)2605,479(20)2368,139(20)2367,532
850.000 2,000,000
835.000
Federal and foreign taxes.. 900,000
$120,936 91,941,886
$267,857
Bal., sur, for cal. year_$1,705,645
37.109,627 36,841.769 96,720.833 34,778,946
Previous surplus
100,000
Employees pension fund_
Formulae processes, trade
Cr.10,500.000
marks Ike
Stock dividend_ _(100%)11,854,485
Profit and loss surplus_$7,360,786 $7,109,627 $6,841,769 $6,720,833
-V. 116, p. 624.

[VoL. 116:

-Listing.
Producers & Refiners Corp.

The New York Stock Exchange has authorized the listing of $13,629,906
Common stock (par 350) on official notice of issuance (a) in exchange for
outstanding capital stock of Fensland 011 Co. and (b) in exchange for outstanding capital stock of Lyons Petroleum Co.. and (c) on official notice of
Issuance and payment in full, making the total applied for $43,629.900
Common stock.
Of the above stock (1) $44_,978,400 is for the acquisition of the remaining
284.480 shares of stock of Fensland Oil Co. (no par value) by exchanging
Common stock for Fensland 011 Co., on the basis of .35 of one share of the
stock for one full share of stock of Fensland Oil Co. On completion of
exchange company will own the entire outstanding capital stock of Fens
land Oil Co., amounting to 381,621 shares.
(2) $1,151,459 of the stock Is for the acquisition of the remaining 1.151,4159
shares of the outstanding stock of Lyons Petroleum Co. (par $1) by exchanging Common stock for stock of Lyons Petroleum Co. on the basis of
$50 of the stock of the company for $50 of stock of Lyons Petroleum Co.,
it being contemplated that on the completion of such exchange company
will own the- entire outstanding capital stock of Lyons Petroleum Co..
amounting to $2,392.032.
(3) 37,500.000 of the stock is offered to stockholders of record Feb. 9
for subscription at par on or before Feb. 24. Proceeds from the sale will be
used to extend and complete oil pipe lines in Wyoming and Oklahoma, for
additional refinery construction at Parco, Wyo., and Tulsa, Okla. for the
extension of gas lines and construction of gasoline plants, for the purchase of
tank cars, for additional storage facilities, for the further development of
properties and for general corporate purposes. Compare V. 116. p.625, 525.

Public Service Co. of Nor.Illinois.-New Officers.
Britton I. Budd, President of the Chicago Elevated Rys., has been
who has been elected Chairman.
elected President.succeeding Samuel
Julius L. Hecht and John G. Learned have been elected Vice-Presidents.
-V. 116.
succeeding Charles A. Monroe and the late Frank J. Baker.
p. 625, 525.

-Bonds Offered.-Merohants Trust
Purity Baking Co.
& Savings Bank and Northwestern Trust Co. St. Paul, are
'
offering at prices ranging from 97.91 to 99.54 and int. to
yield about 6.25% for all maturities, $1,000,000 1st Mtge.
6% Serial Gold bonds. Dated March 1 1923, due $50,000
annually March 1 1925 to 1934 and $500,000 March 1 1935.
Further description of bonds, history, security, earnings,
&c., are given in the advertising pages of to-day's issue.
Quincy Market Cold Storage & Warehouse Co., Boa-Stock Offered.
ton.

The stockholders on Jan. 30 last increased the authorized Common stock
from 93,000,000 (all outstanding) to $3,500,000, par $100.
The Common stoekholders of record Jan. 30 are given the right to subscribe at par, on or before March 1, to the $500,000 new Common stock, at
the rate of one new share for each six shares now held. Subscriptions must
be paid in full at the office of the State Street Trust Co., 33 State St.Boston, on or before March 31.-V. 112. la• 568.

-Dividend on "American Shares."
Rand Mines, Ltd.

The Bankers Trust Co.. as depositary of certain Ordinary sterling shares,
has received dividend No. 39 of 80% and is paying to holders of its certifi-Note Redemption.
Motor Corp.
cates for "American" shares (each certificate representing 23-4 deposited
Peerless Truck &
-Year 6% Secured Cony, gold notes, due Nov. Ordinary shares), 32 35 per "American" share, the equivalent of such
All of tho outstanding 10
for redemption May 10 at 102 and int. at the dividend at the current exchange rate. The dividend will be paid Feb. 26
10 1925. have been called
-V. 114, p. 1898.
to holders of record of "American" shares on Feb. 20.
Bankers Trust Co., trustee. 16 Wall St., N. Y. City.
Jan. 1923. Dec. 1922. Nov. 1022, Oct. 1922.
Month of-Notes Deposited.
Steel Corp.
790,000
764,000
778,000
Penn Seaboard
764,000
Copper output (lbs.)--It is stated that over 90% of the outstanding notes holders have depos- -V. 116, p. 306. 187.
ited their notes for extension with Commercial Trust Co., Phila.-V. 116,
Co.
-Bonds Offered.
Reid-Cashion Land & Cattle
p.305, 420.

0-Extra Cash Dividend of 17.
Pennok Oil Co.

An extra dividend of 1% has been declared on the stock, par $10. in
addition to the regular quarterly dividend of 1%, both payable March 26
to holders of record March 15. During 1922 the company paid four quar-V. 115. p. 2389.
terly dividends of 1% each.

First Securities Co. and Blyth, Witter & Co., Los Angeles,
are offering at prices to yield 7%, according to maturity,
$525,000 1st (closed) Mtge. 634% Serial gold bonds. A circular shows:

Dated Jan. 11923. Due serially Jan. 1 1924 to 1938. Denom. $1,00c
and $500. Int. payable J. & J. at Pacific-Southwest Trust & Savings
Bank, Los Angeles, trustee, without deduction for normal Federal income
tax not exceeding 2%.
-Either owns in fee, holds under leases or controls by waterCompany.
rights over 770,000 acres of well-watered range lands, located in Coconino.
Yavapai and Yuma counties, Ariz. Its ranges are stocked with over 18,800
Dated Dec. 11922, due Dec. 1 1942. Non-callable before Dec. 11927. head of cattle and more than 14,000 head of sheep, valued in excess of $800,Interest payable J. & D. at First Wisconsin Trust Co., Milwaukee. Wis., 000. This company (or its predecessors) has been in successful operation
without deduction for normal Federal income tax not in excess of 2%. since 1909.
Earnings.-Average annual net earnings for the 4 years and 11 months
First Wisconsin Trust Co. and George B. Luhman, Milwaukee, trustees.
Denom. $1,000, $500 and $100 (c5). Callable all or part on any hat, date period ended Nov. 30 1922, available for interest charges and subject to
depreciation, exceeded the maximum interact requirements of this Issue.
beginning Dec. 11927. on 60 days' notice, at 105 and Int.
-Organized in June 1922 in 'Wisconsin to acquire all of the although this period included the years 1920 and 1921. during which the
Company.
properties formerly belonging to Peshtigo Fibre Co. and Peehtigo Pulp livestock industry witnessed a severe depression. For the 11 months ended
& Paper Co. When improvements, nearing completion, have been finished Nov. 30 1922 such net earnings were over $127,000.
-Bonds will be guaranteed, principal and intereat, jointly
Guarantee.
company will have complete, modern and well equipped pulp and paper
mills for the manufacture of bleached sulphite pulp and high grade medium and severally, by F. A. Reld..T. A. Cashion. J. W.Sullivan and.!. W.Markbleached sulphite papers and sulphite bond papers. ham, whose combined net worth, aside from their interests In the company,
and light-weight
Properties comprise:(1) Sulphite mill:(2) paper mill, and (3) hydro-electric is in excess of 31.500.000.
plant. Plants are located in the spruce and hemlock area of Northern
-Annual Report.
(Robert) Reis & Co.
Wisconsin and Upper Michigan, adjacent to large bodies of standing
1920.
1921.
1922.
1919.
Calendar Yearstimber, which insures an abundant supply of raw material for many years'
-year contract with Net profit from operat'ns $337.838
$115,509
$797,433
$768,212
reasonable costa. Has a favorable 20
operations, at
66,323
37,199
44,130
Cr.1,553
the Sawyer Goodman Co. for a substantial part of its annual pulp-wood Int. paid, net received__
13,930
277,593
Federal tax reserve
requirements,
Authorized. Outstanding. Adjust. of inventories_
240,000
782,873
captlalizalum$2,000,000 $1,100,000 1st Prof. diva.(7%)
157,500
157,500
-Year 7% 1st Mtge. bonds
20
600,000 2d Pref. diva.($7 sh.)
600,000
52,500
52,500
-Year 8% Debenture bonds
10
957,020
1,700,000
7% Cumulative 1st Preferred stock
234,200
300,000
$286,709 loss$190,813 10335239.571
Balance, surplus
3282.173
Cumulative 2d Preferred stock
7%
20,000 abs. x$235,410 -v. 116, P. 187.
Common stock (no par)
--First Preferred Dividend.-Remington Typewriter Co.
x Book value.
The directors have declared two quarterly dividends of 1%% each
-Upon completion of alterations and enlargements
Estimated Earnings.
company should show annual net profits, available for bond ($3 50 per share) on the 1st Pref, stock. payable March 5 to holders 01
(early in 1923)
This will
Int. charges, of not less than 3475,000, or over 6 times such annual interest record Feb. 24.(see also V.leave 53(% accumulated but still unpaid on the
115, D. 22710.-V. 115, P. 2804.
1st Pref. stock
cequirements.

-Morris F.
-Bonds Offered.
Peshtigo (Wis.) Paper Co.
Fox & Co. and Henry C. Quarles & Co., Milwaukee, are
offering at 98M and int., to yield about 7.22%, $1,100,000
1st Mtge. 7% Sinking Fund Gold Bonds Series "A."

-Obituary.
Phoenix Iron Co.

-V. 106. p. 933.
President David Reeves died Feb. Sat Phoenixville. Pa.

-Capital Changes.
Phillips Wire Co., Pawtucket, R.I.

The stockholders recently (a) reduced the Issued Capital stock from
$2,500,000 to 31,250,000 by reducing the par value of each of the 25,000
shares outstanding from $100 to $50; (b) amended the charter so that the
authorized capital stock shall be 50,000 shares, of which amount 25,000
shares shall be 6% Cumul. Preferred stock, par $100 (callable at 110 and
-diva.), and 25,000 shares shall be Common stock, no par value: (c) canceled
and retired, as of Dec. 30 1922, at their aggregate par value of $1,250,000.
all issued shares of stock with par value, and for that purpose issued 25,000
shares of stock of no par value: (d) authorized the directors to declare a
stock dividend, payable in Preferred stock.
in
The company on Dec. 30 1922 paid a stock dividend of $2,500.000
Capital
Preferred stock, pro rata, one share of Preferred for each share of
-V. 115. p. 2913.
stock held.

-Statement of Earnings.
Pittsburgh Steel Co.
Increase.
1921.
1922.
sir Months ending Dec. 31912,062,938 $6,609,876 $5,453,062

Sales
Net profits
-V. 115, p. 2487.

404,770

242.035

162.734

-Liquidating Dividend-To Dissolve
Pond Creek Coal Co.

The directors have declared a dividend in liquidation of $35 per share
tout of earned and paid-in surplus), payable March 1. to holders of re-cord Feb. 23.
The stockholders will vote in the near future on authorizing the dissolution and final liquidation of the company, which recently sold all its coal
properties In Pike County, Hy.. to the Ford Motor Co.-?. 116.p.420. 85.




Renfrew Manufacturing Co.
-Balance Sheet.Dec.30'22. Dec.31 '21. LtabtuttesDec.30'22. Dec. 31 '21
AssetsReal eat. & mach_52,208,735 $2,149,879 Preferred stook__ $400,000 2400,000
405.801
128,112 Common stock._ 1,200,000 1,200,000
Cash
84,842
190,084 Eitic. Fd. note Issue- 1,000.000
Awlsreceivable_ ..
Depreela'n reserve 064,911
541,ibs
Liberty bonds_ _ _ 150.241
7,500 Tax.& int. reserve
7.500
Treasury stook__ 45,000
26,667
Aeole payable_ _ _
406,733
Exps., dlset., 5ie.,
213,159
59,396
Notes payable_ ___
170,000
on S.F. note iss.
1.436,686
972,464 Surplus
864,610
Inventory
889,384
Investments
160,543
Deferred charges
40,921
26,159 Total(each side)_ -$4,394,122 $3,634,742
The comparative income account was published in V. 116, p. 625.

Rockaway Rolling Mills Corp.
-Annual Report.

Loss for the 12 months ending Dec. 31 1922 amounted to $8,359 after
deducting administration, selling and general expenses and depreciation of
-V. 114. p. 1774.
properties.

St. Maurice Power Co., Ltd.
-Debenture Stock Taken.

Aldred & Co. announce on behalf of Aldred & Co., Ltd., that the offering
of £200,000 133--5, % Debenture stock made in London has been over-subscribed. This was the first offering of Canadian securities In the London
market since 1914, it was explained. On Feb. 6 $9,026,600 1st Mtge.
4
61 % bonds of the same company were offered in the United States and
Canada, and have been over-subscribed.
-See offering in V. 116. p. 626.

Schulte Retail Stores Corp.
-January Sales.
Increase.
1922
1923

Month of January.
Sales
-V. 116. p. 188.

0
$ .020,084 $1.635,979 $384,105

FEB. 17 1923.]

THE CHRONICLE

Severn Light & Power Co.
-New Name-Bonds, &

See Washington Baltimore & Annapolis Electric RR.under "RRs."above.

-Listing-Earnings.
Simmons Co.
The New York Stock Exchange has authorized the listing of 86,635.900
7% Cumul. Pref. stock, par 8100, and 876,540 shares of Common stock.
no par value.
Company is a holding and operating company and is engaged in the business of manufacturing metal beds, bed springs, couches, cots, metal furniture. mattresses and kindred articles.
Consol. Income Acct. 11 Mos. end. Nor.30'22[Simmons Co. ek Simmons Ltd.].
Net sales to trade, $25,149,433; trading profit, $3.114,382;
additions to income, 8256,419
$3.370,802
Deductions from income. $780,635; res. for Fed. taxes. 5250.000_ 1,030,635
Net for surplus
$2,340.166
Balance at Jan. 1 1922, $5.495,907; apprec. of Kenosha. Wis.,
property and plant, $3,368,147; difference in purchase cost
and paid in capital of Simmons, Ltd., Canada, $155,411
9,019.466

Sinclair Crude Oil Purchasing Co.
-Notes Sold.
Blair & Co., Inc., National City Co., New York, and First
Trust & Savings Bank, Chicago, have sold at 99 and int.,
to yield about 6%%, $20,000,000 3
-Year 6% gold notes,
Series B.

Total
-V. 116. p. 626.

871,110.061

Total

$71,110.061

Skelly Oil Co.
-Earnings-Production.
-

The preliminary report for 1922 shows net earnings of
85,500.000 before reserves for depreciation and depletion. approximately
The foregoing
are provisional but conservative.
Not oil production is now running at
casinghead gasoline 'production at about about 17.000 bbls. daily, and the
35,000 gallons daily, which
will be Increased 53,000 gallons daily by or shortly after April 1 figure
next.
The company's refineries are running 7.000 bbls.
of crude oil daily and work
has begun on the program of enlargement
and
plant at El Dorado. Kan., which will Increase betterment of the Midland
from 6,000 to 12.000 bbls. daily and will involve the capacity of that plant
the installation of pressure
and cracking stills of modern and efficient
type.
that the advances already registered in the crude The report also states
oil
co's net earnings by not less than $250,000 monthly,market will increase
-V. 116, p. 306.

Southern Coal & Iron Corp.

Springfield (Mo.) Gas & Electric Co.
-Merger Approved.

Attorney -General Jesse W. Barrett recently approved the
,
merger of this company and the Springfield (Mo.)'Fraction Co., proposed
both controlled by the Springfield (Ill.) Railway & Light Co.
-V. 102, p. 256.

Standard Oil Co. of Kansas.
-2% Cash

Dividend.
A quarterly cash dividend of 2% has been declared on the outstanding
$8.000.000 capital stock. par $25. payable March 15 to holders of record
Feb. 28. On Dec. 30 last a 300% stock dividend was paid on the
outstanding $2,000,000 capital stock, par $100. Prior to this stockthen
distribution the company paid quarterly dividends of 3% each,
,
together
with extras from time to time. For dividend record (since
Dec. 1911)
see V. 115, p. 2279.-V. 115. p. 2592.
Standard Oil Co. of N. J.
-Quarterly Dividend

81.572.111

Dated Feb. 15 1923. Due Feb. 15 1926. Auth. $50,000.000. Outstanding, $30,000,000 Series A 554%;820.000.000 Serles B 6% (this Issue)
Interest payable F. & A. without deduction for normal Federal income
tax up to 2%. National City Bank, New York, Chase National Bank,
New York, and First Trust Sr Savings Bank, Chicago, trustees. Denom.
81,000 (0). Red. all or part at any time on 30 days' notice at a premium
of 4% for each 6 months or fraction thereof between date of redemption
and Feb. 15 1926. Company will refund Penn. 4
-mills tax.
-Application will be made to list notes on N.Y.Stock Exchange.
Listing.
Data from Letter of President H. L. Phillips. New York. Feb. 10.
-Organized Feb. 15 1921 with a paid up capital stock of $20,Company.
000,000, which has been increased to $35,000,000 through the issue of additional stock for cash. Company, engaged in the purchase, storage and resale of crude oil, owns and leases steel tanks located lathe States of Kansas,
Oklahoma. Texas and Wyoming. At the present time owns approximately 30.000,000 barrels of crude oil, the market value of which is in excess
of cost. The Kansas. Oklahoma and Texas tanks are connected through
field lines with the main trunk lines of the Sinclair Pipe Line Co., and the
Wyoming tanks are in process of being connected therewith, thus affording
connections with various refineries of the Sinclair Refining Co.,a subsidiary
of the Sinclair Consolidated Oil Corp., and with the large Whiting, Ind.,
and Sugar Creek, Mo., refineries of the Standard Oil Co. of Indiana.
Company has established relations with a large number of producers of
crude oll in the Mid-Continent field and through its connections with the
extensive system of gathering lines in this field owned by the Sinclair Pipe
Line Co. It Is assured of an abundant supply of crude oil at all times.
The Standard Oil Co. of Indiana and the Sinclair Refining Co.are the largest
purchasers of the crude oil acquired by this company.
Purpose.
-The primary purpose of this present financing is to extend the
operations of the Sinclair Crude Oil Purchasing Co. to the Wyoming field
and to establish the same relations with the crude oil producers of that field
and extend to them the same facilities as are maintained with and extended
to the producers of the Mid-Continent field.
Oil Purchase Contract.
-The Standard Oil Co. of Indiana and the Sinclair Consolidated Oil Corp. entered into an oil purchase contract under date
of April 14 1922 with the Sinclair Crude Oil Purchasing Co., the payments
tinder which the latter company has assigned in the trust agreement securing these notes to the trustee for the benefit of the notes. In addition,
a contract supplemental to this original oil purchase contract will be entered
Into and payments thereunder similarly assigned to the
security for the notes. Under these contracts, the twotrustee as further
purchasing companies will agree to buy, at any time, on demand of the Sinclair Crude
Purchasing Co. or assigns, the entire amount of crude oil then owned Oil
by
the company for an aggregate sum of $53,600,000 in cash, each of the two
purchasing companies agreeing severally to purchase one-half of the crude
oil then owned for one-half of the agreed sum.
Balance Sheet Jan. 31 1923 (Without airing Effect to Present
Financing).
Assets.
Liabilities.
Real estate, tanks and
Capital stock
$35,000,000
tank equipment
$9,058,756 3-Yr.5%% notes,Ser.A_ 30,000,000
Cash in banks
628,753 Notes payable
8,000
Accounts receivable
2,103,150 Accounts payable
3,081,241
Crude oil on hand,at cost 58,223,988 Miscellaneous accruals
684,205
Materials and supplies_ _
21.311 Depreciation reserve_
457,646
Prepaid Ss def'd Charges_ 1,026,363 Insurance reserve
896,892
Profit and loss
47.740 Miscellaneous reserves- _
982.077

Springfield Body Corp.
-Chairman of the Board.
-

Charles C. McElwain has been elected Chairman of the Board.
-V. 116.
p. 306.

of
The directors have declared a quarterly dividend of 1% on 1%.
standing Common stock, par $25, payable March 15 to holders the outof record
Feb. 26. This is equal to 5% (81 25 per share) paid quarterly
on the Common stock prior to the distribution (on Dec.20) of the 400%
stock dividend.
-V. 116, p. 422.

Total surplus
$11,359,633
Pref. and Common dive. paid, $990,437; amount transferred to
capital account, $8,765,400; sundry adjustments. $31.685--- 9,787,522
Balance at Nov. 30 1922
115. p. 2804.

731

Standard Textile Products Co. & Mobile Cotton Mills.

The company reports for the year ended Dec. 30 1922:
Orissa
of 82.663.757, administrative and general expenses. $797,382, earnings
income.
$1.866.375. gross income, $1,893,262, interest, $645.056.
depreciation,
$318.532, Pref. dividends, $565,461, balanee. surplus,
$364,212. profit
and loss surplus. 82,345,362.-V. 115, p. 2805.

Sterling Products, Inc.
-Acquires New Interest.

See Household Products. Inc.. above.
-V. 116. p. 826. 422.
Stewart Mfg. Corp.
-To Retire Pref. Stock.
-

The directors have called the balance of the Pref, stock
April 1 at 110 and diva. The balance sheet of Dec. 31 1922 for retirement
300 Pref. stock outstanding. The entire issue of Common showed $256,stock is owned
by Stewart
-Warner Speedometer Corp.
-V. 115. p. 445.

Stewart
-Warner Speedometer Corp. (Incl. Sub. Cos.).
-Earnings Calendar Years.
1922.
1921.
1920.
1919.
Profit & inc.(see note)-_ $6,019,725 $1.106,573 $3,092,384
$3,161.634
Adjust.ofinventories,&c
•
363,912
Dividends received
Cr.79,267
Federal taxes
684,563
67,000
517,544
368.341
Dividends paid
Y1.875,085
1.172,105
1.674,267
900,000
Surplus not income_ _ _ $3.460,077 def$132,532
$615,927 $1.893.293
Adjustments
Cr.1,000 Dr.410,079 Dr.88.444 Dr.829,719
Apprec'n from appraisal
137,908
Previous surplus
7,637.235
8,041.938
7.514,454
6.450.880
Total surplus
$11,098,312 87,637.235 88.041.937 87,514.454
Note.
-"Profits and income" are shown,"after deducting all manufacturing, selling and administrative expenses. Including adequate provisions
for
discounts and losses on doubtful accounts, depreciation on plant equipment,
&c." y Of which $231.948 paid from 1921 earnings and 81.643.138
from
1922 earnings.
-V. 116, p. 422. 306.

Sun Company of Philadelphia.
-Tenders.
-

The Bankers Trust Co., trustee; 10 Wall St., N. Y. City, will until
April 2 receive bids for the sale to it of 10
-year 7% sinking fund gold bonds.
dated April 1 1921 to an amount sufficient to exhaust $250.000 at a
price
not exceeding 103 and int.-V. 115, p. 1438.

Swift & Co., Chicago.
-Year Book.
-

The company has issued the 1923 edition of
book for
information both of the shareholders and the its 55-page yearcovering the
general public,
the
activities for the year 1922.-V. 116. p. 73.

United Cigar Stores Co. of Am.
-May Readjust Capital.

The "Wall St. Journal" says: "For purpose of facilitating growth
company has been divided into 12 zones, each operating as a separate the
unit.
This plan was put into operation at the beginning of the year and
successful. It is the intention of the management ultimately has proved
to capitalize
these units and split the present shares of United Cigar Stores by exchanging
them for shares in these individual companies." Company
has 2,520 stores
and agencies and these are being steadily increased.
-V. 116, p. 513.

United Coal Mines, Inc., Pittsburgh.

-Receiver.
Judge Gibson. In the Federal Court at Pittsburgh has appointed
Louis
Caplan receiver.
United Hotels Co. of America.
-Guaranty,

See New York United Hotels, Inc.. above.

United Profit
-Sharing Corporation.
-Earnings.
-

Calendar YearsNet profit
Dividends

1922,
1270,650
245,722

Balance, surplus
Profit and loss surplus.. _

424.928
$478,833

1921.
$266,801
122,861

1920.
$240,222
40.954

1919.
$407,130
122.861

$143,943
$537,906
x Subject to Federal taxessiV. 114, p. 207.

$199,068
$468,968

$284.269
$452.459

United states Envelope Co.
-Earnings.
--

Calendar Years1922.
1921.
1919.
1920.
Net profits
$1.088,026
8728,154 82,275,697 81,630.189
Interest
117,625
134,125
116,646
77,292
Depreciation
435,874
423,728
686,287
463,934
Tax reserves
30,000
410,000
250,000
Other reserves, &c
550.000
49.5.000
Preferred diva, (7%) -280,000
280,000
280.000
280.000
Common dividends_ __ _(8%)140,000
x365,000(12%)90,000 (9 SS)71.250
Surplus
$84,527
$142,764
def$7,287
Profit and loss surplus- _ $1,963,551 def$474.699
$1,879,024 81,736,236 $1.442,426
x Includes 33 1-3% stock dividend ($250,000) paid
March 2. and 10%
in cash dividends paid as follows: $3
%
1 and 4% regular Sept. 1.-V. 116. p. 306.regular and 2Si% extra March

-To Acquire Properties.
The stockholders will shortly vote on approving
a plan whereby the company will come into ownership in fee of the Catawba
iron property in Virginia. comprising 7,600 acres of proven iron,
as well as the amiss iron property and the coal, limestone and timber,
Rittenhouse iron mines, both
located in the eastern Pennsylvania furnace
of low phosphorus iron ore. The proposal alsodistrict with large deposits
provides the company with
United States Gypsum Co.
sufficient new capital to pay all current
-Earnings-Director.
indebtedness and leave a substantial
Net earnings for 1922 after all
working capital -V. 114. p. 861.
were $3.119,033, compared with charges, including depreciation and taxes.
$2,247,325 in 1921. Gross sales in 1922
were $19,630,017. or an increase of 44%
Southern New England Telephone Co.
over
H.E. Brookby has been elected a director 1921.
-Increase.
The company is seeking through the present Connecticut
to succeed the late F. L. Kane.
General Assem- -V. 115. p. 2280.
bly, an amendment to its charter whereby the capital
stock
from $20,000.000 to $40,000,000. From the company'swill be increased
U. S. Hoffman Machinery Corp.
present forecast
"it appears that gross plant additions to the amount of
-Director.
-Earnings
-Net earnings, after Federal taxes, &c., in
sulting in net additions of $15,403,000, will be required $21,402.000, re1922 were $887.550. Gross
within the next 5
year period and will call for the utilization of approximately one-half of business for the year was $5,535,506 and gross income, $1,497.582.
Herbert W. Stone. Jr., has been elected a director.
the proposed increase In capital stock. In view of the plant requirements,
-V. 1113. p. 526.
the company's next step in permanent financing should be taken
as early as
United States Printing & Lithograph Co.
next fall and should consist of an issue of $3,0110,000."-V.
-Offering of
116. p. 626.
(Bell)

Southern
Telep. & Teleg. C120.--iMprOSSMentS.
The company. it is stated, will spend $1,277,000 in Atlanta, Ga., during
1923. for improvements necessary for the expansion of the system. The
major portion of the fund will be used, it is said, for the laying of underground and aerial cables to care for several thousand new applications
for service.
-V. 114, p. 2368.
Southern Sierras Power Co.
-Tenders.
-

The International Trust Co.. Denver, Colo., will until Feb. 20 receive
bids for the sale to it of First Mtge. bonds, dated Sept. 1
sufficient to exhaust $17,654 now in the sinking fund. 1911, to an amount
-V. 115. p. 554.




Preferred Stock.-Staoy & Braun, Richards, Parish & Lamson
and W.E. Hutton & Co., New York, are offering at par and
div. $615,000 7% Cumul. 1st Prof. (a. & d.) stock.

Dividends Q.4. Registrar and transfer agent, Union Savings Bank &
Trust Co., Cincinnati. Callable as a
notice at 105.
Listed on Cincinnati Stock Exchange. whole on 30 days'
Data from Letter of John Omwake, President of the Company.
CapitalizationAuthorized. Outstand'o.
7% Cumulative First Preferred stock
$3,800,000 83,357.774
6% new Cumulative Second Preferred stock
2,000,000
1.923.315
Common stock
4,200,000
4.049.893

THE CHRONICLE

732

-Organized in Oct. 1912 to act as selling agents for the U. S.
Company.
Printing Co. of New Jersey and the U. S. Lithograph Co. of New Jersey.
In Nov. 1915 the following companies were merged: The U. S. Printing Co.
Co.
of Ohio, the U. S. Printing Co. of New Jersey and the U. S. Lithograph and
Company is engaged in the manufacture of all kinds of color printing
color lithography, such as labels, cartons, show cards, cut-outs, calendars,
pictures, post cards, window trims, posters, &c.
Statement of Production and Net Earnings, Calendar Years.
Net Earns.
Production.
Net Earns.
Production.
31.581.843
$842,176 1920 ---$12.514,499
$9,692,842
1917
109,283
6.288.571
710.441 1921 '
8.114,133
1918
x501,756
7,294,779
725,359 1922
8,047.745
1919
Gross profit for 1922.$892,512;reserve for plant depreciation,$390,756;
x
net profit. $501,756.
Balance Sheet as of Dec.311922.
Liabi:ities.
Assets.
$404,476
Acc'ts pay., taxes, &c_ _ _
Cash, U.S. Government,
91,360
$1,596,598 Dividends payable
&c., bonds
3.357.774
1st Preferred stock
Trade acceptances, ac1,923,315
counts, &c., receivable 1,577.175 2d Preferred stock
4,049,893
2,360,497 Common stock
Merchandise
2,550,108
Surplus
Real estate. buildings,
4.213,665
machinery, &c
812,376.926
2,628.991 Total (each side)
Good-will
-V. 116. p. 422.

-12th Annual Report
United States Steel Corporation.
-The United States Steel
of Pension Fund-Unfilled Orders.
and Carnegie Pension Fund, established Jan. 1 1911 and
applicable to the employees of the United States Steel Corporation and its subsidiary companies, has issued its 12th
annual report, showing disbursements for the year 1922 of
$1,266,662, compared as follows:

0

[VoL. 116.

merits of the situation in placing such securities on their list of 'legals.
It is to be hoped that New York State will soon add the authority of her
prestige by appropriate legislation to permit investment by savings banks
and trustees in this type of security."
-The 63rd annual statement of the Equitable Life Assurance Society of
the United States gives evidence of the company's continued progress.
The new insurance written in 1922 totaled 8495,000,000, excluding over
848,000.000 of group insurance. The outstanding insurance on Dec. 31st
exceeded $3,000,000,000. Upwards of $111,000,000 was disbursed to
policyholders and beneficiaries during the year in death claims, matured
endowments, dividends, annuities and other payments, making a total
return of 81,569,676,000 to policyholders since organization. Nearly
$35,000,000 has been set aside for dividends to policyholders in 1923. A
large Increase was made in the issue of policies payable on the monthly
Income plan, as well as those taken to protect business interests and to
provide for inheritance taxes. Over 98% of the domestic death claims were
paid within 24 hours after receipt of due proofs of death. The statement
calLs attention to the broad scope of Equitable service, and to the many
Insurance needs covered by the company's wide range of policies.
-Haley Fiske, President of the Metropolitan Life Insurance Company.
states that the amount of insurance placed on the books of that company
in 1922 was $1,802,110,686, a greater amount, he asserts, than any company, at any time, anywhere ever placed in a single year. The other
Items of the company's business went along proportionately during the last
year so that in all essential items the world's record was broken. The
assets increased in 1922 5144.267.300, bringing the total to 81,259,850,325.
The Mame increased 338.685,601. making the total for the year $340,668,301. The number of policies on the books at the close of 1922 was
27,384,455, the face of the policies amounting to $7,807,556,957. Mortality for 1922 was slightly in excess of that of the previous year, the number
of policy claims paid being 365,276. which is an average of one claim paid
every 24 seconds of each business day of eight hours The statement
says that the life expectancy among Metropolitan industrial policyholders
has been extended &Wit and a half years since 1911.

Pension Fund Disbursements for Calendar Years.
$712,507
$1,266,662 1917
1922
711,130
947,879 1916
1921
779.767 1911 to 1915. inclusive-- - 2,234.411
1920
733,707
1919
.
$8.095,122
Grand total
709,060
1918
-Active as of Jan. 1
-Summary of Pension Cases in 1921.
Beneficiaries
745; total. 4,182; discontinued during year,
Dorton & Borten, members Cleveland Stock Exchange, Hanna Build1922,3,437; added during year.
296; continued beyond Dec. 311922, 3,886.
ing, Cleveland, Ohio, have prepared and published for general distribution
for cases, 1911 to 1922. inclusive: Age, 66.28 years; service, a Pocket Manual of Cleveland Securities, giving much valuable data on the
Average
31.39 years; monthly zpnsion. $25 75.
-V. 116, p. 511, corporations whose securities are bought and sold in that market. The
See also under "Trade and Traffic Movements" above.
Introductory page states that, while accuracy is not guaranteed, nevertheless
306.
the contents of the manual have been accumulated with great care to insure
-No Preliminary Report.
United States Rubber Co.
and that with very few exceptions the material
It is announced that the company will not issue a preliminary report for accuracy and completeness
the fiscal year ending Dec. 31 1922. as has been done heretofore. The has been verified by an active officer of each corporation represented. The
will be issued the latter part of March. The scope of the booklet is comprehensive, embracing, as it does, the stocks and
complete pamphlet report
annual meeting of stockholders will be held April 17.-V. 116, p.423,86.
bonds of banks, public utilities, railroads and Industrial corporations, both
-Reorganization Plan.
listed and unlisted. For each corporation all reading matter Is classified
United States Worsted Co.
It is stated that the response of the shareholders to the reorganization and arranged under appropriate headings and all statistical data tabulated,
plan surpassed all estimates. Preliminary figures, it is said. indicate the thus affording easy amass to all information. A copy of this manual will be
84% of the now securities were subscribed, leaving only l6'. or approxi- sent on request to those interested in Cleveland securities.
mately $400.000, to be taken up by Kidder. Peabody & Co., P. S. Moseley
& Co., underwriting syndicate. See plan in V. 115. p. 2696.-V.116.p.306.
-The new 6% sinking fund bonds, now 6% preferred stock and new
- common stock to be issued under the proposed plan of reorganization of the
-Annual Report.
Van Raalte Co., Inc., N. Y. City.
1920.
1922.
1921.
Brooklyn Rapid Transit Co. are being actively traded in in the "over the
Calendar Years$2,752,005 $3,284.690 $2,631,058 counter" market on a "when, as and if" basis. Wm. Carnegie Ewen,
Gross profit on sales
1,389,835
1,358.024
expenses_ _ _ _ 1,371,268
Selling, gen. & adminis.
specialist in New York City Tractions, reports that trading in these new
31,380.737 81,926,666 81.241,222 banes commenced on Saturday morning, Feb. 10, the day on which details
Net profit
148,938 of the proposed plan of reorganization appeared in the press, and has
45,342
115,597
Other income
in good volume. Quotations as given by Mr. Ewen at the
$1,496,334 $1,972,009 $1,390.161 continued
Gross income
168,562 present time are approximately 78 bid. 79 asked for the now 6% bonds:
242,636
356.483
Income charges
290,000 46 bid. 48 asked for the new preferred, and 18 bid, 20 asked for the new
330,000
156,556
Federal income taxes (est.)
227,500 common.
224,788
220,325
1st Preferred dividends(7%)
70,000
70,000
70,000
2d Preferred dividends ($7)
Warren P. Andrews, Vice-President of the First National Bank of
$634,098 Fort Worth, Texas, will on March 1 1923 become associated with B. J.
$990,739
$806,816
Balance, surplus
-V. 115, p. 2805.
Baker & Co., Inc., as Vice-President, specializing in the investment require-Annual Report.
ments of banks. Insurance companies and other institutions. Mr. Andrews
Wahl Company, Chicago.
1919.
1922.
1921.
1920.
Calendar Yearshas for some years been in the higher circles of Texas banking activities
$6,198,510 $6.795,312 $7.382,850 $3,662,616 and in 1921-1922 was President of the Texas Bankers' Association, In
Netsales
5.067.369 4,543,584 2,592,974
Mfg.,selling & adm.exp_ 4,496,951
1919-1922 he was a member of the Executive Council of the American
$1,701,559 $1,727,943 $2,839,266 $1,060,642 Bankers' Association and he is known throughout the South and Middle
Net profit
41,905 West for his able and progressive work in financial matters of that section
64,981
112,314
126,480
-Miscellaneousincome_
$1.828,039 81.792.924 $2.954,581 $1,102,547
The International Bank, 807 15th St.. N. W., Washington, D. C.
Gross income
$58,628
$129,263
$172,184
Miscellaneous,&c., exp- $305,546
established a special service department for the convenience of its
341,239 has
772.003
417.015
189.767
Federal tax reserve
This department, with
34,451 stockholders and patrons in all parts of America.
79,408
77,957
107,967
Preferred dividend (7%)
Its elaborate organization, is equipped to represent the business and finan(86)928,241 (84)618,204 (84)619,584
Common dividend
cial interests of its clients at the national capital, and Is prepared to give
$677,229 attention to all governmental matters including patents, trade-marks,
$506,113 $1,322,765
$326,528
Balance, surplus
-V. 116, p. 627.
Income tax adjustments or departmental claims.

Waltham Watch Corp.-Organigd.-

The Waltham Watch Corp. has been incorp. in Mass, with an authorized
capital of 17.000 shares Cum.7% Pref. stock (par 8100), 50.000 shares 6%
Pref.(par $100). 25,000 shares Class A and 120,00 shares Clasit B Common
without par value. (Compare reorganization plan in V. 116. p. 189, 627.)
F. C. Dumaine has been elected President,succeeding Gifford K.Simonds
-V. 116. p. 627.

-New Headquarters.
Western Electric Co.

Transfer of the headquarters of the company's manufacturing department from Chicago to New York was recently announced. The change
Is made in connection with plant the company is about to build at Kearney,
N. J.
-V. 116, p• 526.

-Bookings,
Westinghouse Electric & Mfg. Co.

New business booked in the nine months ended Dec. 31 last totaled
8106,587,569 and billings were $86,574,270. Bookings for the nine months
exceeded the previous year by about $40,000,000. See also V. 116, p. 526.

-Obituary.
(F. W.) Woolworth Co.

Charles F. Valentine, Secretary and Treasurer, died in Brooklyn, N. Y..
Feb. 13.-V. 116, p. 627.
CURRENT NOTICES.
-John Moody, President of Moody's Investors Service, in a special
analysis of the "Public Utility Field" under date of Feb. 8, said:"We have
come to regard public utility securities taken as a whole as the mast desirable
and attractive class in the investment market to-day. More favorably
and intelligently regulated than the steam railroads; fundamentally more
stable in every respect than the average industrial enterprise; the public
utilities of the country face an assured future confronted by one great
problem-to finance expansion of their facilities rapidly enough to take care
of the steadily increasing volume of business offered to them." He also
said: "It is evident that the power companies represent one of the most
Important and most stable of the basic industries; that their future, simply
on the basis of past acomplishment, is definitely assured for a considerable
time to come; and that well-placed mortgage bonds of the strongest of these
companies may be freely classified among the highest grade of investment
securities. The New England States in particular have recognized the




-Carden, Green & Co., 43 Exchange Place, N. Y., members of the
New York Stock and Cotton exchanges, have issued a unique calendar
showing the dates upon which the important cotton and print cloth statistics
are issued throughout the year, and giving tho figures for 1922 and in
some cases 1921. A blank space is left for the 1923 figure, which may be
filled and a comparison readily made.
-Evans, Stillman & Co. have published a manual giving the essential
details of the more important equipment trust issues now outstanding.
This important and useful reference book is In concise form and conveniently arranged for practical utility.
-G. Vinson Grace, of II. M. Jacoby & Co., has left for an extended
trip abroad, including Japan and India, where he will study financial
conditions.. He will return to New York in July.
-R. M. Grant & Co., located for the past 19 years at 31 Nassau St.,
announce the removal of their New York offices to the third floor, 115
Broadway. telephone Rector 0200.
-Roosevelt & Son announce that a block of 10,000 shares of Union
Pacific RR. 4% preferred stock which was offered by them on a 5.40%
basis has all been sold.
-Joseph D. Hanley, previously with Salomon Bros. & Hutzler, 18 now
associated with J. C. Bavetta & Co.,specializing in listed and unlisted short
term securities.
-Richard W. Clarke, formerly of Stroud & Co., Inc., has become
associated with Bolster, Pratt & Gillespie, Inc., 120 Broadway, New York.
-George W. Lent, formerly with Federal Trust Co. and West Side
Trust Co.. Newark, has joined the sales force of Hoagland. Allum & Co.
Irving Bank-Columbia Trust Co. has been appointed registrar of the
voting trust certificates for capital stock of the Invincible Oil Corp.
Thomson & McKinnon have removed their New York offices to the
sixteenth floor of the New York Stock Exchange Building.
-Clayton B. Weed,formerly with Cassatt & Co., is now associated with
Gardner, Pogue & Willard.
-Redmond & Co. announce that Mr. Frederic L. Putnam has become
associated with them.

FEB. 17 1923.]

Xixt Tolnutercial

Til-F CHRONICLE

gimes.

COMMERCIAL EPITOME
[The introductory remarks usually appearing here will be found
i
to-day in an earlier part of the paper, immediately following the
editorial matter, in a new department headed "INDICATIONS
BUSINESS ACTIVITY.")

COFFEE on the spot in rather better demand and firmer;
No. 7 Rio, 133@133/2c.; No. 4 Santos, 153/2@160.; fair to
good Cucuta, 163 @17c. Futures have been active, irreg%
ular, excited and at times sharply higher. Big reactions
have also taken place. In the main the tone has been
stronger on the technical position and also the facts of
supply and consumption. The spectacular rise in sugar
also had some effect on coffee, as may be easily imagined.
Naturally it made coffee shorts nervous. The March
situation has been strong for some time past. But during
the past week May option has also shown independent
strength. Last Saturday trade interests bought coffee
futures heavily, with small offerings. It lifeted prices 25
to 30 points. Coffee available on contracts continued
scarce. On the 15th inst. prices declined under stop orders
and closed some 23 to 25 points lower. To-day prices after
a decline, rallied, regaining the early loss or most of it.
Santos was 100 to 250 reis lower. Only 27,700 bags of
Rio are afloat for New York. Final prices show a rise for
the week of 33 to 40 points.
11.58011.59ISeptember.10.09010.10
Spot (unofficial)1314-14 May
March_ _ _ _ 12.28 ©12.291July
10.88 ®10.891December - 9.750 -SUGAR.-Raws have been active, excited and higher.
There has been a big speculation in futures, something
beyond anything that was at all expected. Wall Street and
the West have been large buyers of sugar futures. Daily
transactions have been estimated at 55,000 to 65,900 tons.
On Saturday last futures advanced 35 to 40 points on a
report that the United States Department of Commerce
would issue a report this week that there would be a shortage
of about 750,000 tons of sugar this year. It electrified the
market. There was large buying for both long and short
account. New buying of distant months offset realizing
sales. Sugar, it was remarked by many, has powerful
friends. Cuban interests sold at one time. At other times
contracts were scarce. Havana newspapers on Feb. 14
said that a prominent Cuban sugar operator had offered to
wager E. A. Spreckels of the Federal Sugar Refining Co.
$60,000 that the Cuban crop will not exceed 3,800,000 tons.
On Feb. 14 opening prices on futures here were 28 to 72 points
higher; later they were 80 points higher in all. Still later
they broke the limit for one day or 100 points, just as they
advanced the limit on Tuesday of 100 points. On the 15th
inst. a flood of selling orders at the opening caused a decline
of 56 points on March and 70 points on other months, but
after the opening buying became large. It looked like new
long buying, and there was a quick rally of fully 50 points,
which was not, however, fully maintained at the close.
May was freely offered.
A summary of the week would be as follows: On Wednesday a cut in a Cuban crop estimate by 300,000 tons and the
first statement by the Department of Commerce that world
production would be 700,000 tons less than world consumption, caused an excited rise of 100 points, the limit allowed
for an advance or decline in one day. On Thursday there was
a complete somersault due to a reiteration by another Cuban
crop estimater of his previous total of 4,100,000 tons, and
by the complete figures of the Department of Commerce
which with the last carry-over of 1,203,000 tons points to a
surplus at the end of the year of 475,000 tons. The price
promptly fell 100 points. To-day Cuba on the spot sold
at 5c. Offerings at 43 0. c. & f. were all taken on Thursday.
/
On Wednesday the price had touched 6 cents. To-day
40,000 bags for February-March shipment sold at Sc. and
40,000 Porto Rico at 67 e. c. i. f. Refined was fairly active
4
at Sc. though some other refiners ask 8.25 to 8.30c. Beet
granulated is 8.150. seaboard basis. Futures were again the
centre of speculative interest and at one time were roughly
25 to 30 points higher, reacting later, but closing at a substantial rise for the day. Net changes for the week show a
rise of 80 to 90 points. Guma-Mejer & Co. have reduced
their estimate of the 1923 Cuban crop to 3,800,000 tens.
This is a reduction of about 300,000 tons from their previous estimate of Dec. 18.
Willett & Gray's weekly Cuban ports statistics state the
receipts 151,397 tons against 165,526 last week, 100,452 in
the same week last year and 147,838 two years ago; exports
89,602, against 80,835 last week, 37,043 last year and
73,984 two years ago; stock 335,930, against 274,135 last
week, 227,075 last year and 325,012 two years ago; centrals
grinding 170, against 164 last week, 157 last year and
174 two years ago. Secretary Hoover is quoted as declaring
there will be an ample supply of sugar this year. With
the carryover he also thinks the surplus at the end of the
year will be 476,000 tons. Cuba is becoming excited
over the big rise in prices at New York and the great
activity here. It is said in a Havana dispatch that the
traffic over the Key West-Havana submarine cables of
the American Telephone & Telegraph Company and the
International Telephone & Telegraph Corporation has broken
all records this week. Much the same situation exists on the
long distance lines of the Cuban Telephone Company




733

throughout Cuba. It is figured that an even average price
of 4Me. for Cuban raw sugar this season would mean about
$400,000,000 for the crop, against $200,000,000 last year.
Washington wired Feb. 13: "Alleged misrepresentations
of the semi-annual sugar statement issued by the Department
of Commerce last week, which brought forth a deluge of
telegraphic and telephonic inquiries, was the cause of the following statement to-day by Dr. Julius Klein, Director of the
Bureau of Foreign and Domestic Commerce: 'The Department of Commerce has made no statement that there will be
a sugar shortage. The total stock and production collected
from all parts of the world, and issued on Friday last, showed
an estimated total of available sugar for consumption in
1922-23 of 19,511,000 tons, against an estimated world consumption of 19,035,000 tons, thus indicating a surplus of
476,000 tons at the end of the year. The only basis for misrepresentation in certain dispatches of the Department's
statement, which you probably had not seen, is that the statistical position indicated that the end-year carryover
would be less than the abnormally heavy carryover since the
war.'" The smallest carryover for years, however, is shown
by the Department's figures. The raw sugar carryover in
pre-war times averaged, it appears, about 750,000 tons; in
1920-21 it was 1,700,000 tons; in 1921-22, 1,203,000 tons;
in 1922-23, 476,000 tons. The rise, it is supposed, caught
refiners and shorts napping.
Mr. Pierre J. Smith, President of the Federal Sugar Refining Co., said on the 13th inst. he was in touch with officials of his company in Cuba and that the information thus
obtained did not substantiate the reduced estimate made by
Guma & Mejer. He is quoted as saying: "To-day I talked
over the long-distance telephone with M.A. Himely, who is
now in Cuba, and whose estimates in regard to the Cuban
crop have in other years been remarkably acourate. He
told me that he saw no reason for changing the totals reached
by him some time since, when he figured that the Cuban
crop would be approximately 4,100,000 tons, which it, 300,000
tons larger than the Guma & Mejer estimate. He emphasized this conclusion. He declared that sugar operations in
Cuba were working out favorably and that plantations generally were in excellent shape. He authorizes me to state
that he is prepared to stand by his figures as being a reflection of the true situation."
Spot (unofficial)_ _ 6.78c. I May
March
5.07 ©5.08 I July

5.50
0
5.22 5.231September_ _ _ 5.490
0
5.35 5.371December_ - _5.39 5.40

LARD.
-Spot quiet; prime western, 11.75@11.85c.; refined to Continent, 12.75; South America, 13c.; Brazil in
kegs, 14c. Futures have shown steadiness despite big receipts of hogs over the holidays and selling by packers.
For grain advanced at one time and Continental buyers
have been buying lard and meats in this country. Also
Liverpool on the 13th inst. advanced 3d. to 6d. Later
prices fell, despite a sharp decrease in receipts of hogs
and a rise in Liverpool. Packers sold heavily for hedge
account and it hurt. The break in grain of course also
counted. On Thursday clearances from New York were
heavy, the day's total including 10,604,708 lbs. of lard and
3,545,500 lbs. of bacon. The semi-monthly statement of
Chicago lard stocks showed an increase of 2,141,000 lbs.
To-day prices advanced. They end, however, at a net
decline for the week of 8 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Frt.
Sat.
Wed. Thurs.
Mon.
Tues.
March delivery_ _ _ _cts_11.25
11.17
11.15
Holi- 11.25
11.27
May delivery
11.32
11.40
11.27
day. 11.40
11.40
July delivery
11.45
11.42
11.52
11.55
11.52

PORK quiet; mess, $27@$28; family, $30@$32; short,
clear, $21 @$28 50. Beef quiet; mess, $16 50@$17; packet,
$17@$17 50; family, $19@$20 50; extra India mess, $32@
$34; No. 1 canned roast beef, $3 25; No. 2, $2 35; 6 lbs.,
$15; sweet pickled tongues, $55@$65 nom. per bbl. Cut
meats steady; pickled hams, 10 to 20 lbs. 16 ®16%43.;
pickled bellies, 6 to 12 lbs. 15@,16c. Butter, creamery,
seconds to high scoring, 45A @51 Mc. Cheese, flats, 24@
29e. Eggs, fresh gathered, seconds to extra, 37@43c.
OILS.
-Linseed quiet and practically devoid of any new
and striking features. What little business that is being
done is believed to be against old contracts. Large consumers are not inclined to purchase for the present, being
content to await further developments. Specialty oils are
in rather better demand. Spot carloads, 96c.; tanks, 92c.;
less than carloads, 99c.; less than 5 bbls. $1 02. Cocoanut
oil, Ceylon bbls., 93/2c.; Cochin 10@103c.; corn, crude,
%
103.4.@10Mc.• refined, 13@13V
tc.; olive, $1 15@$1 17.
Lard, strained, 14c.; extra, 13Mc. Cod, domestic, nom.
Newfoundland, nom. Spirits of turpentine, $1 50. Rosin,
$6@$7 95. Cottonseed oil sales to-day, 21,500, including
switches. Crude, S. E., 9.75@10.00. Prices closed as
follows:
Spot
10.75
0
February_ _ 10.75
___ ItP
May
March_ __ -11.00011.02 June

11.52011.54
11.15011.251July
11.52011.55
11.33011.35'August_
September.11.49011.52
11.40011.47 I

PETROLEUM-Northwestern refiners early in the week
advanced gasoline prices M to Yic. per gallon and neutral
oils 3 c. per gallon On the whole gasoline is much stronger
in sympathy with the advancing tendency of other oils.
The tank wagon market is rather firmer. Mid-Continent
crude oil prices were advanced 10c. per gallon on the 10th
inst. by the Prairie Oil & Gas Co. This advance was met
by the Sinclair Crude Oil Purchasing Co. Kerosene quiet
and rather easier. Stocks are liberal. Export business

734

THE CHRONICLE

estnut sizes. Pea coal, $11; some tried to get $12. Furnace coke was weak and quoted at 36 50.
COPPER has been higher both here and in London, with
trade better. Electrolytic 153.4c. early. Export prices
have also advanced. Leading exporters early in the week
quoted 15.05 to 15.150. The statistical position is strong.
Output is not up to expectations, owing to a shortage of
labor. Much interest is being shown in copper securities in
the stock market. The following is the production during
January by some important companies: Old Dominion Co.,
2,395.000 lbs.; Calumet & Arizona Mining Cc., 3,738,000
lbs.; New Cornelia Copper Co. 3,034,093 lbs.. ArizonaCommercial Mining Co., 775,00d lbs.; Mother Lode Coalition, 2,058,097 lbs. In sympathy with the strength of cop-




[VOL. 116.

per, many brassTproduct prices were advanced M to Mc.
early in the week. A sale of 3,000,000 lbs. of copper to the
Western Union was reported at 15c., but it is said that this
purchase may have been made before producers raised their
prices to the present level. Wire makers here are the best
buyers. On the 14th inst. a rather better domestic and foreign demand was reported. Exports from New York thus
far this month are nearly treble those of the previous month.
Later in the week large foreign buying was reported here and
153'e. was quoted. Much higher prices are predicted.
France as well as Germany was in the market here on Thursday for large quantities, and on Wednesday large sales were
made to England. Domestic buying has been steadily increasing.
TIN advanced to 41c.for spot Straits on the 13th inst.,
the highest price reached since the fall of 1920. London
was also higher. There was heavy buying early in the week
in anticipation of this rise. Buyers are not inclined to commit themselves at the present level, and therefore business
has fallen off to some extent, which is only natural after
such a rapid advance.
LEAD quiet and rather easier. However, consumption
is very heavy and higher prices are predicted by some in
the near future. Spot New York quoted at 8@8.15c.;
East St. Louis, 8.10 ®8.15c. East St. Louis receipts for
the week were 50,340 pigs against 54,600 in the previous
week; since Jan. 1 they are 348,400 pigs against 500,300 in
the same period last year. Shipments for the week were
22,290 pigs against 23,370 in the previous week; since Jan. 1
they are 167,270 pigs against 228,940 for the same period
last year.
ZINC higher. Statistics for January are expected to be
rather bullish, especially as regards production and shipments. In December stocks decreased 1,245 tons to 18,252,
and it would not be surprising to many to see stocks go below
1,700 for January. Receipts at East St. Louis for the week
fell off slightly, being 29,860 tons, against 30 600 in the
;
previous week; since Jan. 1 they are 190,700 against 298,070
in the same time last year. Shipments for the week were
30,110, against 50,300 in the previous week; since Jan. 1
they are 225,380 tons, against 515,990 in the same time last
year. The stocks in the United States later on were put at
only 16,574 tons, which is a decrease for the month of
1,678 tons.
STEEL is in brisk demand and advancing. Only the
lack of crude steel holds business in check. Prompt steel
is more generally bringing premiums. Large mills do not
want a runaway market, however. Some of them are trying to get crude steel in the open market. Much of the business has to be refused because of the uncertainty of deliveries. It is hard to get exact stipulations on that point.
Producers are beseiged. As in 1920 it is suggested there
may be a double standard of prices. In fact it has begun
in plates and wire nails, though big mills are averse to it.
It is intimated that large regular buyers have lately paid
2.150. for steel bars second quarter, Pittsburgh basis. That
made people prick up their ears as a new sign of the expanding times in steel. Among the advances in prices
latterly have been $3 a ton in black and galvanized sheets,
$1 in blue annealed sheets, $2 a ton in plain wire and wire
nails by the steel corporation and as high as $4 in wire and
$6 in nails by some other makers. Nails firm at $2 80
a keg. A rise of $3 a ton to 2.90c. has taken in place hot
rolled strip steel, $5 in cold rolled strip and light and $5
also in narrow hoops now quoted at 3.500. The American
Iron and Steel Institute reports for Jan. the third largest
increase in steel ingot production in the last three years,
based on a survey of companies which made 8714% of the
nation's steel in 1921. In great Britain the Jan. production of pig iron, steel ingots, castings, &c., is reported at
568,000 tons or 34,000 tons above the •figures reported
for the previous month. This is the largest monthly total
since the coal strike. In Jan., 1922, the output was 646,000
tons being the highest figure reached since Dec., 1920.
Furnaces in blast at the end of Jan. totaled 169. On Jan.
31 1922 the figure was 169.
PIG IRON has been in better demand and stronger.
Buffalo iron seems to be edging up towards $28 on not a little
business, though New England pays only $27. More furnaces are to start up. Philadelphia reports a larger inquiry.
Eastern Pennsylvania quetations have been $28 for No. 2
plain $29 for No. 2x, and $30 for No. lx. Basic iron is
$27 ' $27 50. British sellers are quoting $31 for iron deto
livered to the American seaboard. But Great Britain is
really out of the running now. Its prices are too high. They
reflect the Ruhr situation and the scarcity of coal and the
sharp falling off in supplise of iron abroad. The embargo
on iron and steel exports from the Ruhr to unoccupied Germany declared by the French overshadows the European
markets. Not a few German plants may have to shut down.
It is stated that German iron and steel plants outside of the
Ruhr keep up production at present by importing British
coal and coke. British prices threaten to rise very rapidly
into something like a wild market. Importations of British
pig iron into this country have naturally ceased. Holland
and Japan want sheet iron from the United States. Larger
buying of American pig iron for the second quarter of 1923
has appeared. A Cleveland furnace has recently, it is said,
sold more than 200,000 tons.

FEB. 17 1923.]

THE CHRONICLE

WOOL has been firm though not active. There has been,
however, a steady demand. Recent London prices, it is
true, were somewhat irregular and now and then lower.
Quotations here: Ohio & Penn. fine delaine, 56@i58c.; XX
blood, 52@53c.• X blood,
52@54c.; M blood, 55@i56c.;
50(4)51c. Territory, clean basis, fine medium staple, $1 38©
1 42; clothing, $1 22(4)31 26; X blood staple, $1 26@$1 31;
blood, $1 02@)$1 07; X blood, 96(4)98c. Texas, clean
basis, fine, 12 months, $1 36@$1 41; 10 months, $1 20©
$1 25; 6 to 8 months, $1 10@$1 15. Pulled, scoured,
A super, $1 17(4)$1 22; B, $1(4)31 05; C, 80@,86c.; Mohair,
best combing, 78@83c. Australia, clean basis, in bond,
64-70s.; combing, $1 16(4)81 20; 64-70s. carding, $1 08©
$1 11; 58-60s., 94@)970.; 56s. 75@80c.; 50s., 65@68c.;
New Zealand, grease basis, in bond, 56-58s., 54@)56c.;
50-56s., 47@500.; 48-50s. 40(4)42c.; 46-48s., 36©38c.;
Aires, grease basis, in bond III
44 46s., 30@)31c. Buenos'
high quarter, 32@33c.; IV (low quarter), 24@26c.; V
Lincoln, 19©21o. Montevideo, grease basis, in bond,
58-60s., 53(4)550.; I (505.), 48®50.3.; II (50s.), 43@4.5c.;
III (46-48s.), 35(4)37c. Cape, clean basis, in bond: best
combings, $1 12@$1 14; average longs, $1 08@$1 10; best
shorts, 94@970.
In Boston recent quotations were: Domestic: Ohio and
Pennsylvania fleeces-Delaine unwashed 57(4)58c.; fine,
51@52c.; M blood combing, 57@583c.; blood combing,
%
56@i57e. Michigan and New York fleeces-Delaine unwashed, 550.; fine, 48@50o.; M blood, 53(4)54c.; M blood,
54@55c.; X blood, 52@o. Wisconsin, Missouri and
average New England, M blood, 48©50c.; M blood, 53©
54o.; X blood, 50(4)510. Scoured basis: Texas, fine, 12
months, $1 38@$1 42; fine 8 months, $1 25(4)$1 28. California Northern,$1 35(4)$1 40; middle county,$1 20(01 25;
Southern, $1@$1 05. Oregon-Eastern No. 1, staple, $1 40
(441 42; fine and fine medium combing, $1 25@$1 35;
Eastern clothing, $1 20(01 25; Valley No. 1, $1 20@$1 25.
Territory-fine staple, choice, $1 42©$1 45; M blood combing, $1 25(01 30; M blood combing, 95c(01 05; X blood,
combing, 90@,93c. Pulled-Delaine, $1 40@,31 43; AA,
$1 25@$1 35; A supers, $1 15@$1 25. Mohairs, best
combing, 78@83c. best carding, 70@75o. The Boston
"Commercial Bulletin." in its issue of Feb. 17. will say:

735

Dealers held 167,900,495 lbs. and manufacturers 222,912,387lbs. of raw wool. The figures indicating dealers' holdings
represent wool in their possession in the form of stocks owned
by them or lots held by them awaiting delivery instructions
and wool owned by them which is in warehouses. Stocks of
wool held by wool pools and wool growers' selling organizations are included in dealers' figures. Of the total amount
of raw wool reported 67.6% was foreign and 32.4% domestic.
Of the raw wool reported 21.6% was fine, 8.9% 14 blood,
12% M blood, 22.8%
blood, 6.1% low, 24.6% carpet.
In Bradford, England, woolens last week declined shghtly.

COTTON
Friday Night, Feb. 16 1923.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
83,079 bales, against 87,381 bales last week and 135,820
bales the previous week, making the total receipts since
Aug. 1 1922 4,681,208 bales, against 4,036,847 bales for the
same period of 1921-22, showing an increase since Aug. 1
1922 of 644,361 bales.
Receipts at-

Sat.

Mon.

Wed.

Tues.

Galveston
2,091 4,683 9.634
Texas City
Houston
New Orleans.... 4,847 5,200 6,131
24
Mobile
____
47
Jacksonville
Savannah
1,359
646 1,357
Charleston
249
436
121
Wilmington
60
24
57
510 1.331
Norfolk
501
New York
241
Boston
374
499
Baltimore
Philadelphia ------------136
Tntale

Mi. week

0.381 12.774 18.483

Thurs.

Fri.

4.479

3.357

1.502
387

8,128
7,862
14

1 356
488
28
548

1,310
83
21
561

Total.

3,167 27.411
139
139
-___ 8,128
5,767 31.309
400
872
1
1
662 6,690
408 1,765
41
231
770 4,22i
84

90
352
447 2,003
93
93
------------136
8.878 21.66R 11.1M5 RAMO

The following table shows the week's total receipts, the
total since Aug. 1 1922 and stocks to-night, compared with
the last year:

1921-22.
1922-23.
Stock.
Receipts to
This Since Aug This Since Aug
Feb. 16.
The demand for wool has been rather Irregular, and on the whole
Week. 1 1922. Week. 1 1921.
1923. i 1922.
hardly so heavy as a week ago. Prices, however, keep very
ought, in view of the fact that this is still the cheapest marketfirm, as they
in the world.
27,411 2.093.922 31,898 1,850,052 296.706 309,726
Foreign wolls have comprised the bulk of the business. Although some Galveston
139
18,728
68,561
9,560
441
12.697
domestic territory and bright fleeces have been moved, also, at firm prices. Texas City
8,128 623,506 16,343 291,617
Contracting in the West is still evidently very desultory, and last week's Houston
___
2,000
10,305
high prices do not appear to have been topped, in fact, it would seem as If Port Arthur,&c__
31.3112 1,024,969 14,268 777,362 178.236 289,111
Ices buying had been done this week than last. The goods market is New Orleans
8.123
Gulfport
healthy, but not especially active.
872
96,216
73.346 2,147
5,683
10.247
Mobile
500
7.873
Pensacola
In London on Feb. 9 at the final session of the first 1923 Jacksonville
2,032
1
8,952
7.237
139
1.795
6,690 299,267 7,569 482.011
Savannah
58.257 146,393
series of wool auctions, joint offerings were 13,500 bales, Brunswick
27,548
2,461
16,176
50
732
making the total for the series 184,000 bales, of which Charleston
1,765
42,212
82,639
79,914
55,525
723
164,000 bales were sold. British buyers took 94,000, the Georgetown
231
74,173
Wilmington
75.338 1.565
19,053
30,573
Continent 58,000 and the United States 12,000 bales. Norfolk
4,221 237,356 3.481 250,288 101,099 134.661
583
Compared with prices ruling at December, sales merinos N'port News, acc_
80
4.799
68,982
9,772
50
72.929
were unchanged to 5% higher, with fine crossbreds up 5%, New York
2.003
Boston
33.081 2.498
12.648
7,011
22,113
93
medium crossbreds up 5 to 10%, and coarse crossbreds up Baltimore
13,471
44.273
2.269
559
1.895
136
Philadelphia
4.580
5,648
542
7,484
26,998
10%. Sydney, 2,198 bales; greasy

merino, 20d. to 303%d.,
the best lots going to America. Scoured merino, 15d. to
45d. Queensland, 2,599 bales; greasy merino, 203%d. to
30d.; scoured, 40d. to 433%d. Victoria, 2,532 bales; greasy
comeback, 143%d. to 20d.
At Auckland, New Zealand, on Feb. 12, 22,000 bales were
offered and 20,000 sold. Good selection. Demand excellent, partly from Americans. Compared with the Wellington sale of Jan. 18, good wools were slightly higher; inferior
unchanged.
At Melbourne, Australia, on Feb. 14, 4,000 bales were
offered and 3,600 sold. Selection excellent. Americans and
Japanese bought freely. Otherwise quiet. Compared with
the sale of Feb. 5, the choicest grades were slightly weaker;
others unchanged to 5% lower. The seaon's record of 393%d.
was paid for Mooramong Mark. At the sale at Wanganui,
N. Z., on Feb. 15, 20,000 bales were offered and 13,000
sold. Offerings inferior. Demand slow. The English
were the principal buyers. The Continent took small
lots. Nothing suitable for the American market was offered. Compared with the Wellington, N. Z., sale of Jan.
17 last, crossbreds fine and average to good were unchanged
or lower; inferior medium to coarse, ld. to 13%d. lower.
Lambs, greasy, were id. to 1 Md. lower.
Washington reports stocks of wool in and afloat for the
United States on Jan. 1, including tops and noils, at 515,543,585 lbs., grease equivalent, or 9,630,033 lbs. less than
those reported for September. These are the figures of the
Departments of Commerce and Agriculture. Stocks held
by dealers fell off 17,923,523 lbs., but this was partially offset by an increase of 8,293,490 lbs.in the holdings of manufacturers. Total reported stocks of domestic raw wool in dealers' hands were 48,634,367 lbs. less than in September,
manufacturers 2,638,194 lbs. less, while an increase of 16,253,159 lbs. is shown by dealers and 5,177,149 lbs. by manufacturers in stocks of foreign raw wool. Little change is
noted in figures for tops, although reported holdings of noils
are greater by 5,203,282 lbs.. The figures by grades show denranly infme, M blood and carpet
creases to have occurred.
wools. Stocks by condition consisted of 328,136,771 lbs.
of grease wool, 42,745,813 lbs. of scoured wool, 19,930,298
lbs. of pulled wool, 23,869,007 lbs. of tops and 13,801,722
lbs. of noils.




83.079 4.681.208 82.273 4.036.847

Totals

810.051 1.105.168

In order th t comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1923.

Galveston..._ _
Houston. &c_
New Orleans_
Mobile
Savannah _ __ _
Brunswick
Charleston__
Wilmington....
Norfolk
N'port N.,&c_
MI Others.....-

27.411
8.128
31,309
872
6.690

2,452

Total this wk_

83,079

1.765
231
4,221

1922.

1921.

1918.

1920.

1919.
27,802
8,135
31.627
1,103
12.936
200
2.865
946
4,478

20,131

1,341
1,646
4,345
47
3,455

46,149
9,625
24.165
3,270
13,793
2,000
83,259
1,042
4,022
92
2.313

868

27.954
1,840
37,282
3,305
13.388
1.000
1,011
771
7.827
128
4,289

82,273

83.292

189,730

90.960

98,793

31.898
441
14.268
2,174
7,569
50
723
1,565
3,481

37,093
2,363
24,766
1,654
6,602

Since Aug. 1 - _ 4.681.208 4.036.847 4.301.886 5.187.355 3.645.458 4,414,648

The exports for the week ending this evening reach a total
of 98,03.5 brles, of which 29,961 were to Great Britain,
4,299 to France and 63,775 to other destinations. Below
are the exports for the week and since Aug. 1 1922:
Exports
from
-

Week ending Feb. 16 1923.
Exported to-

Great
Britain. France. Other.1 Total.
Galveston._ 10,21
2,367 36,126 48.705
Houston __- 7,12
- - -- 1,000, 8,128
Texas CityNew On
8.742 1,15 22,7821 30.679
Mobile
400
400
Jacksonville
Pensacola _
Savannah
2,0
2,050
Brunswick._
Charleston _
Wilmington
Norfolk.
'I
2,500
New York.. 2,431
1:1356 3,461
Boston
_
Baltimore_ _
Philadelphi
Los Angeles
1,727
San Fran__
110
Seattle
2751
275

II=

From

1922 to Feb. 16 1923.
Exported to
-

Atli. 1

Great
Britain. France.

Other.

Total.

385,420 259.876: 836,26 1.481,561
225,917 129,787' 265,4 I 621,194
3,785
3,76
158,867 53,340 339,939 552.146
22,11
4,645 25,506 52,286
650
57
75
7,873
71
7,183
4,269 58,342 179,110
116,499
25,618
6,6
18,968
12,299 40,635
27,242
61,400
49,8
11,6
99.869
6i5 19,49
79.754
49,042 31.495. 120,414 200,951
4.084
1,826
2,258
648
16
479
291
291
2,91- 15,325
i977
10,436
75,937
85.93
.28
8,252

Total_ __ _ 29,961
63,775 98.0351,115,83 487,1061,818.632 ,421,573
Total'21-'22 28,27 17,371 48,187 93,833 982,529 459,253 2.189.38 ,831,171
Total'20-'21 28,822
398,187 7.114,0 .265,885
72,303 99,1251.153,;

736

THE CHRONICLE

[VoL. 116.

In addition to above exports, our telegrems to-night also good deal of covering of shorts there, as well as some buying
give us the following amounts of cotton on shipboard, not of October by London. Bear pressure was lacking.
On the other hand, some believe that there is no likelicleared, at the ports named.
hood of another big speculative campaign in old crop cotOn Shipboard, Not Cleared for
ton. If it is to advance it must be under the auspices of a
sharp and persistent trade demand. They believe that the
Leafing
Other CoastGerGreat
Stock.
Total.
next big factor in the making of prices will be the outlook
- Britain. France. many. Cont'nt. wise.
Feb. 16 al
the next crop. That means that before long the question
16,493 7.000 7,382 31,000 8,000 69.875 226,831 for
Galveston
210 4,802 11,347 5,932 28,455 149,781 of acreage will come up. For some weeks past there has
6,164
New Orleans
57.757
500
500
Savannah
42,212 been a question of weather. Was Texas getting enough or
Charleston*
3.869 too little rain? Was the winter mild or otherwise? And
-0(16 1.814
-§14
Mobile
487 100,612 how about the boll weevil? Was there going to be enough
Norfolk487
500 9,000 118,858
3,000 1,000 2,000 2.506
ports*
Other
calcium arsenate? Would the South plant a big acreage in
Total 1923.. 26,571 8,210 14,184 44,847 16,319 110,131 699,920 view of the persistent reports that the labor supply was
Total 1922.... 16.057 5,538 27.167 18,038 4.787 71,587 1.033,587
Total 1921_ _ 26.023 15,508 28.469 33.693 5,575 109.268 1,289.480 dwindling? All this was, of course, preliminary to the actual
planting of the vast cotton field which is called the cotton
* Estimated.
Speculation in cotton for future delivery has latterly been belt in the South. There has been much field work done,
for the mild winter has favored it. In the lower Rio Grande
quiet, but with prices firm and higher on a large consump- Valley some cotton has, seems,
it
actually been planted. Of
tion, frim spot markets and an evidently strong technical po- course, this is exceptional. But it is added that the winter
sition. One of the surprises of the week was the Government has been so mild that the work of planting has begun there
statement on Wednesday of the American consumption in at a far earlier date than usual. And it seems to be accepted
January. It turned out to be considerably larger than had as a foregone conclusion that by reason of ruling prices there
been expected. It reached 610,375 bales, against 527,945 in Is every likelihood that there will be a big increase in the
December, 526,552 in January last year, 366,270 two years next acreage. The average date to begin planting in the
ago and 591,291 in 1920. The total up to Jan. 31 is 3,272,579 southern part of Texas is Mar. 15. Over much of the belt
bales, as against 3,011,457 bales a year ago. The January it does not begin until Apr. 1 to Apr. 15. But it is plain
consumption was the largest on record for that month. The enough that more than usual attention will be given to
number of active spindles is the largest ever known in Janu- weather, acreage and crop news this year. For it is a critary. It exceeded 35,000,000. It was 35,240,853, to be exact, ical year in the history of cotton culture in the United
an increase over a year ago of some 800,000 spindles. In States. Many think that present prices discount anything
January 1913 the total, by the way, was only 30,359,843. at all bullish in the situation at this time. To-day prices
These figures offset the total mill holdings of 1,986,605 bales were 40 to 50 points higher owing to strong spot markets,
on Feb. 1, which was some 320,000 more than at the same bullish week-end statistics, trade buying and covering. Contime last year and 723,000 more than two years ago. The tracts became scarce. The technical position is considered
fact that the mill stocks approximate 2,000,000 bales at- strong. Prices show an advance for the week of 50 to 70
tracted attention. At the same time, however, the total points. Spot closed at 28.20c. for middling, an advance for
mill and warehouse stocks in this country are some 800,000 the week of 30 points.
The following overages of the differences between grades,
bales smaller than a year ago. It is, of course, a fact of no
little significance that the January consumption in the as figured from the Feb. 15 auotations of the ten markets
United States should reach 610,375 bales, or within 5,000 designated by the I. ecretary of Agriculture,are the differences
bales of the high record for any month in the history of the from middling established for deliveries in the New York
American cotton trade. That record was made in May 1917, market on Feb. 23.
91 on *Middling "yellow" tinged
95 off
when the total reached 615,413 bales under the stress of war. Middling fair
.68 on *Strict low mid."yellow" tinged_1.40 off
Meanwhile it is said that last week the sales of print cloths Strict good middling
47 on *Low middling "yellow" tinged__ l.9)off
Good middling
.26 on Good middling "yellow" stained_ .68 off
really reached 500,000 pieces or more. Dry goods sales are Strict middling
28 off *Strict mid."yellow" stsined____1.29 off
low middling
large at Chicago and throughout the West. Southern mills Strictmiddling
1 76 off
68 off *Middling "Yellow" stained
Low
1.18 off *Good middling "blue" stained__ .05 off
are busy. Manchester is to all appearances doing a fair *Strict good ordinary
1 73 off *Strict middling "blue" stained_ _1.35 off
*Good ordinary
trade. Some recent British statements seem to indicate that *Strict good mid."yellow" tinged .40 on *Middling "blue" stained
1 75 off
Lancashire has not been in such a bad way, recently, as Good middling "yellow" tinge,
!..evei of. 'These ten grades are not deliverable
least, as has been commonly supposed. And although there Strict middling "yellow" tinged .38 oif upon future contracts.
have been some alarmist rumors about the Turkish situaThe official quotation for middling upland cotton in the
tion, they have not been confirmed. The other day there New York market each day for the past week has been:
Sat. Mon. Tues. W.d. Thurs. Fri.
was a sensational report that the Turks had sunk a French
Feb. 10 to Feb. 16Rol. 28.05 28.05 28.20 28.55
28.00
destroyer in the harbor of Smyrna. It turned out to be Middling uplands
wholly untrue. It is a fact beyond question that the situaNEW YORK QUOTATIONS FOR 32 YEARS.
tion in the Ruhr is still very tense. Yet, while there have
The quotations for middling upland at New York on
been reports that thirty cotton textile mills had closed in Feb. 16for each of the past 32 yeirs have been as follows:
11.00c, 1899
6.62c,
8.65c.11907
the Ruhr district, official reports from Washington state 1923
28.55c. 1915
11.25c. 1898
6.25c.
12.90c.11906
17.90c. 1914
that textile trades in Germany are active. And Japan is 1922
7.90c. 1897
7.00c.
12.70c, 1905
13.20c. 1913
1921
7.88c,
13.50c. 1895
evidently waking up. A dispatch the other day stated that 1920
10.35c. 1904
38.984. 1912
9.80c. 1895
5.62c,
14.00c. 1903
27.20c. 1911
150,000 bales of American cotton would be shipped from 1919
7.94c.
R.81c. 1894
14.80c. 1902
31.45c. 1910
1918
9.18c, 1893
Galveston during February and March to Japanese ports 1917
9.12c.
9.884.11901
15.95c. 1909
8.88C.11892
7.19e.
11.35c.11900
11.85c. 1908
and that twelve ships had already been chartered for that 1916
purpose. Meanwhile spot markets are strong. It is true
-The highest, lowest and closing prices at
FUTURES.
that there has not been much business, but of late there has New York for the past week have been as follows:
been some increase. What is more, holders throughout the
Saturday, Monday, Tuesday, Wed'clay, Thursd'y, Friday,
South are very firm. This of itself partly accounts for the
Feb. 10. Feb. 12. Feb. 13. Feb. 14. Feb. 15. Feb. 16. Week.
falling off in sales. And the firmness of the spot situation
is strikingly illustrated by the situation at New Orleans. February
Range
Futures there crowd close on New York prices. In fact,
21.51 27.86 -27.82 -27.99 -28.36 -- - Closing
points higher March
March at New Orleans has been some 25 to 30
27.75-109 27.84-105 28.00-.14 28.14-.50 27.75-150
27.90-.99
Range
than March in New York. It is supposed to cost about 80
27.21-.22
27.96-.97 27.92-.94 28.09-.10 28.46 - - Closing
points to bring cotton from New Orleans and deliver it in April
28.51 -28.51 Range
New York. It is pointed out that big spot merchants at the
28.12 -28.07 -28.21 -28.51 - -28.07 Closing
South own a good deal of March, May and July cotton in May
28.06-41 28.13-43 28.30-47 28.34-8228.06-82
28.22-.34
Range
New Orleans against sales of the actual cotton to the mills.
28.26-.29 28.23-.25 28.32-.34 28.73-.75-- 28.25-.29
Closing
And of late there has been less pressure on March here. June
28.03-.15 28.18-.25 27.91-125
27.91118
Range
Liquidation, in fact, has recently been of a thoroughgoing
- 28.01 bid 27.98 -28,07 -28.38 28.18 Closing
kind. It the same time it may be mentioned that there is a July
very general impression that a large short interest exists in
27.64-.75 HOLT- 27.53-85 27.03-.87 27.76-.90 27.80130 27.53130
Range
Closing
Wall Street, partly in the next crop months. The next crop August ____ 27.66-/1 DAY 27.71-13 27.70-.73 27.77-.81 28.23-.25- has of late shown less depression than recently. Central
27.15 -27.20-.42 27.10-.42
27.10 Range
- 27.18 -27.15 -27.22 -27.40 -Closing
Texas still needs rain, although the State very generally has September ___. 27.13 recently had considerable moisture and latterly after a spell
- - Range
25.89 25.86 -25.85 -25.92 -26.38 -- Closing
of mild weather the thermometer has dropped well below the October
freezing point in many sections of the belt, and in all likeli25.27-.40
25.10-3825.14-44 25.31-43 26.43-.82 25.10-.82
Range
25.25 -25.25 -25.37-.39 25.78-.82- - Closing ___. 25.28 hood has destroyed considerable of the pest.
November
But the trade has been a steady buyer here. Spot louses,
Range
25.11 -25.10 -25.22 -25.61 - - Closing_-___ 25.19 Indeed, are generally understood to be looking for higher December
prices. A speculative element in Wall Street and elsewhere
25.01-.12
Range
24.92-110 24.88-110 25.04-.13 25.13-45 24.92-145
25.06 bid
24.97 -24.96 -25.07 -25.45 ---Closing
Is arrayed on the short side. And at times cotton has been
helped during the past week by active and rising markets January
24.87-.88
24.74-.97 24.73-.80 24.00 -25.00-.08 24.73-106
Range
24.90 bid
'24.75 -24.73 -- 24.88 -25.26 -----Closing
for grain and stocks as well as a brief but spectacular rise
/28e. 1284
In sugar and coffee. These things tended to dampen the
THE VISIBLE SUPPLY OF COTTON to-night, as made
ardor for short sales of cotton as well as other commodities.
Later on coffee, sugar and grain all broke badly. The un- up by cable and telegraph, is as follows. Foreign stocks, as
dertone in cotton is considered firm on the basis of supply well as the afloat, are this week's returns, and consequently
and demand, present and prospective. On Thursday spot all foreign figures are brought down to Thursday evening.
business in Liverpool increased noticeably and there was a But to make the total the complete figures for to-night




THE CHRONICLE

FHB. 171923.]

(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Feb. 16Stock at Liverpool
Stock at London
Stock at Manchester

1922.
1923.
bales_ 778,000 1,009,000
1,000
4,000
73,000
69.000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam. &c
Stock at Barcelona
Stock at Genoa
Antwerp
Stock at Ghent

1920.
1921.
994,000 1,063,000
10,000
3,000
106,000 181.000

851,000 1,083,000 1,103,000 1,254,000
36,000
2,000
84,000 299,000 165,000
179,000 173,000 178.000 300,000
12,000
7,000
12.000
82,000
93,000
116.000 140,000
54,000 219.000
3.1.000
31,000
2,000
25,000
21,000
3.000

737
•

Spot
Market
Closed.

SALES.

Futures
Market
Closed.

Spot. Contr't. Total.

Saturday- _ Quiet, 10 pts. adv_ Steady
Monday
HOLIDAY
Tuesday
Quiet, 5 pts. adv__ Steady
Wednesday.. Quiet, unchanged _ _ Steady
Thursday _ Quiet, 15 pts. adv_ Steady
Friday
Steady. 35 pts. adv.. Steady
Total

Total Continental stocks
437,000 707,000 527,000 601,000
Total European stocks
1,288,000 1,790,000 1,630,000 1,855,000
'India cotton afloat for Europe
----1922-23---49,000
78,000
75,000
182,000
Feb. 16American cotton afloat for Europe 301.000 305,000 410,045 621,199
Since
Week. Aug. 1.
Egypt, Brazil, &c.Afloat for Eur'e 137,000
67,000 Shipped
74.000
98,000
Stock in Alexandria, Egypt
Via St. Louis
18,159 555,869
293.000 315,000 228,000 183,000
Stock in Bombay,India
2.420 200,028
Via Mounds, &c
697.000 1,135,000 979.000 896.000
Stock in U. S. ports
Via Rock Island
215
810,051 1,105,168 1.398,748 1,435,611
7,073
Stock in U. S. interior towns
Via Louisville
187
47.906
1,017,565 1.418,643 1,723,223 1.275,968
Uf. S. exports to-day
3,602 109,441
Via Virginia points
31.848
5,006
8,393
--- 10,331 276.822
Via other routes, &c
Total visible supply
4,725.616 6,250,204 6,526,022 6.414.626
34,914 1,197,139
Of the above, totals of American and other descriptions are as follows:
Total gross overland
Deduct Shipments
American
Overland to N. Y., Boston, &c_ _ _ 2,312
Liverpool stock
55,831
bales_ 447,000 590,000 613.000 842.000
Between interior towns
525
Manchester stock
16,804
48,000
95,000 139,000
52,000
15,092 330.531
Continental stock
Inland, &c.,from South
378.000 593,060 456.000 533.000
American afloat for Europe
621.199
301.000 305.000 410,045
U. S. port stocks
Total to be deducted
17.929 403.166
801,051 1,105,168 1,398,748 1,435.611
U. S. interior stocks
1 017.565 1,418,643 1,723.223 1,275,968
U. S. exports to-day
16,985 793,973
Leaving total net overland *
31,848
5,006
8.393
-Total American
East Indian, Brazil, &c..
Liverpoolstock

3,001,616 4,072,204 4,701.022 4.878.626
331,000 419,000
1,000
4,000
21,000
21,000
59,000 114,000
182,000
75,000
137,000
98,000
293,000 315,000
697,000 1,135,000

London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American

381 000
3,000
11,000
71,000
78,000
74,000
228,000
979,000

221.000
10,000
42,000
68,000
49,000
67.000
183,000
896,000

1,724,000 2,178,000 1,825,000 1,536,000
3,001.616 4,072,204 4,701.022 4,878,626

nil

nil

nil

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1921-22---Since
Week. Aug. 1.
16,964 602,666
5.056 267,163
7,601
74
2,381
52.422
5,328 157,548
9,243 268.955
39,046 1,356,355
3,649
622
6.158

108,156
17.136
267,206

10,429

392,498

28,617

963,857

*Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 16,985 bales, against 28,617 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 169,884 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Feb. 16
Net overland to Feb. 16
Southern consumption to Feb. 16a

1922 - -1921-22
-23
Since
Since
Week.
Aug. 1.
Week.
Aug. 1.
83.079 4,681,208 82.273 4,036,847
793,973 28,617
16,985
963,857
83,000 2,388,000 78,000 2,079,000

Total visible supply
4,725,616 6,250,204 6,526.022 6,414.626
183,064 7,863,181 188,890 7.079,704
Total marketed
Middling uplands, Liverpool
15.93d. 10.01d.
8.27d. 30.51d. Interior stocks in excess
501,574 *32,145
301.395
*72,191
Middling uplands, New
28.55c,
13.40c. 39.00c.
18.10c.
Egypt, good sakel, Liverpool_ -18.90d. 20.50d. 17.50d.
156,745
Came into sight during week_ - _110,873
Peruvian, rough good. Liverpool- 18.75d. 13.00d. 15.00d. 97.00d.
39.90d.
8.364.755
Total in sight Feb. 16
7.381,099
Broach fine, Liverpool
13.60d.
9.10d.
8.15d. 24.85d.
Tinnevelly, good. Liverpool
15.00d. 10.10d.
8.65d. 25.10d. Nor, spinners' takings to Feb. 16_ 77,560 1,663,013 37.494 1.583,500

Continental imports for pose week have been 84,000 bales.
* Decrease
The above figures for 1923 show a decrease from last week available. during week. a These figures are consumption; takings not
of 131,722 bales,a loss of 1.524,588 bales from 1922,a decline
Movement into sight in previous years:
of 1,800,406 bales from 1921 and [a decrease of 1,689,010
Bates.
Bales. I Since. Aug. 1Weekbales from 1920.
8,674,704
163,238 1920-21-Feb. 19
1921-Feb. 19
7.718,097
-Feb. 20
-20
302,043 1919 -Feb.20
1920
AT THE INTERIOR TOWNS the movement
8,830.056
206,49011918-19
-that is, 1919-Feb. 21
-web.21
the receipts for the week and since Aug. 1, the shipments for
QUOTATIONS FOR MIDDLING COTTON AT
the week and the stocks to-night, and the same items for the
-Below are the closing quotations for
corresponding periods of the previous year-is set out in OTHER MARKETS.
middling cotton at Southern and other principal cotton
detail below:
markets for each day of the week:
Movement to Feb. 16 1923.
Shipments.
Week.
Ale.,firming
Eufaula
Montgomer
Selma
Ark., Helena_ _
Little Rock_ _
Pine Bluff__ Ga.. Albany
Athens
Atlanta
Augusta
Columbus....
Macon
Rome
I.e., Shreveport
bra.,Columb
Clarksdale
Greenwood _ _
Meridian_ _
Natchez
Vicksburg_ _ _
Yazoo City_ _
Mo., St. Louis_
N.C.,Gr'nsbor
Raleigh
okle., Altus_ .._
Chickasha__ _
Oklahoma _ _ _
S.C.,Greenvill
Greenwood_ _
Tenn..klemphi
Nashville
l'exas, Abilene_
Brenham....
Austin
Dallas
Honey Grove
Houston
Paris
San Antonio.
Fort Worth

Movement to Feb. 17 1922.
Shipmews.
Week. Season. Week.

413

36,440
5251 5,934
40
24,761
822 11,359
8,337
1001 4,600
7
5,398
7
3,650
103 53.935
7951 15,692
19
43,746
81 29,147
6
52,400
70 4,997
166 37,377
246 13,423
396
33,508
956 13.695
53 30.104
332
661
,
534 163,644 5,8461 45,455 4,359 148,820 3,0771 64,315
904 117,849 5,109 52,300 1,92
105,352 1,2761 59,551
1
6,235
2,551
5,874
___
3.962
63
37,286
527 24,408 1.64,
- 5 80,49
2,
44,034
2,977 237,135 5,334 74,512 3,388 178.9911 3.3231 49,789
1,56 224,756 2.703 57,482 4,693 255.1501 5,909127,676
96
104,739 4,403 9,560
848 42,371 2,2161 22,419
162 36,574
378 14,387
443 28.029
39 14,136
652 38,394 1,100 6.005
4
27,759
313 11,246
70,300 2,000 8,900
100
54,413
43,900
-95 23.16
855 3,684
122
17,623
2
5,608
655 124.557 3.610 47,315 1,000 126.577 3,
63,341
1,000 105,372 5,000 40,514
224 86,546 1,003 43,724
156 31,755
390 6,672
233 28,992
468 17,099
41
31,13
1,129 7,012
22
28,751
190 11,906
24 22,296
153 7,308
24 24,996
296 11,915
29 28,032
598 17,849
84 29,752
918 16,005
17,827 553,580 18,159 18,192 16,603 622,903 16,964 28,991
1,534 82,484 3,304 30,775 1,389 40,008
735, 22,784
92
150
151
51
7,407
50'
9.7321
311
338 60.160 4,134 12,530
516 75,216 1,4621 15,536
553 80.8111 2.1711 5,748
494 53,469
815, 8,901
1,116 77,419 5,149i 11,295
603 55,393 1,510, 20,480
4,858 119,956 4,269 47,620 1,718 115,067 1,983. 59,627
7,692-1 10,218
121
11,746
344 8,642
26,857 016,047 33:672125,949 13,323 685.503 18,995221,368
287
45
5
126
308
48
782
' 136 44,651
174 1,170
-i3i9 76.473,
783;
705
16
18,986
152 4,137
25
11,075
sa 4,390
200 35,232
200
951
214 25,759;573
341
234 56,019k 2,4711 11,732 1.487 149,898 3.889 47,749
0
-19,700
_ _ _1 11,43)
25,3202.534,660 44,473254,919 34,6292,057,002 47,777284,315
57 71,2471
7591 3,188
651. 46,9111
887 9,699
200 57,489
200 1.400 2,126 40,054 2,367 2,447
279 59.420
468. 6.524
675 53,859 1,774 11,871

Total, 41 towns 91.0326,373,721161,491'1017565 94,2885,559,627128,2111418643

The above total shows that the interior stocks have deduring the week 72,191 bales and are to-night 401,078
bales less than at the same time last year. The receipts at
all towns have been 3,256 bales less than the same week
last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
crenSed




Week ending
Feb. 16.

Receipts.

Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore

Closing Quotations for Middling Cotton on
Saturday, Monday, Tuesday, Wed'day. Thursd'y.I Friday.

28.25
28.50
28.00
28.30
28.31

28.38
Augusta
Memphis
28.50
Houston
28.15
Little Rock_ _ _ _ 28.00
Dallas
27.20
Fort Worth__ --

28.00
28.25
HOLT- 28.75
DAY 28.38
28.25
28.15
28.00
27.30

28.25
28.50
27.75
28.25
28.25
28.75
28.38
28.50
28.15
28.00
27.30

27.20

27.20

28.25

28.40
28.50
27.75
28.36
28.31
28.75
28.38
28.50
28.25
28.00
27.45
27.35

68.75
128.63
127.25
128.75
128.75
128.75
128.88
128.75
128.60
128.38
127.95
127.75

NEW ORLEANS CONTRACT MARKET.
-The closing
ouotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
'
Saturday,
Feb. 10.

Monday,
Feb. 12.

Tuesday, Wednesday, Thursday,
Feb. 15.
Feb. 14.
Feb. 13.

Friday.
Feb. 16.

February. 28.40-

28.65 -28.36 -28.4728.20-28.22
28.16-28.18 28.27 -28.4823.50
27.95-28.00
28.01-28.02 28.12-28.13 28.41-28.44
tuly
27.50-27.53
27.55-27.57 27.65-27.69 27.97-28.01
)ctober
24.78-24.80 HOLIDAY HOLIDAY 24.78 -- 24.972.30 -December_ 24.58 bid
24.53 bld 24.7'2 bid 25.05 bid
tannery
24.38 bid
24.33 bid 24.52 bid 24.85 bid
Tone
Spot
Quiet
Quiet
Quiet
Quiet
Options_ Steady
Straub"
Steady
RteadV
klarch__

qay

WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
rainfall has been general in almost all sections and precipitation heavy. The early part of the week temperatures
were about normal, while the latter part they have been
unusually low, the cold wave, which has covered nearly the
whole country the present week and which has been the
most intense of the whole winter, having extended well into
the South-Florida alone excepted.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
Antonio
Taylor
Shreveport
Mobile, Ala
Selma
Savannah. Ga
Charleston, So. Caro
Charlotte, No. Caro

Rain. Rainfall.
3 days 0.49 in.
1 day 0.54 in.
33
ys 0. 1 In .
s 3 28 n
.
6
days
2 days 0.02 in.
3 da y 0.8
1 days 0 4
0
5 days
4 days
5 ys
4 days
5 days
2 days
2 days
7 days

Thermometer
high 76 low 46 mcen 61
high 76 low 26 mean 51
mean 62
high 82 low 42 m
gh

ean 59

high 76 I 3
_
mean 53
m
4
high 72_ lo 31 mean 64
h g _
low
eanS
0.46 in. high 80 low 38 mean 59
0 68 in. htgh 7_ ! 38 m
1..22 m . h 8h _3 low
35 mean 54
w
1.16 in. high 79 igw 41 mean 60
1.15 in.hIghmean 51
mean 59
0.19 in. high 7
44
0.12 in. high 73 low 30 mean 52
0.57 in. high 60 low 21 moan

7g 1°,ww

738

THE CHRONICLE

RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the orop whioh finally reaches the market through the
outuorts.
Week
sotto

I

Receipts at Ports.

Stocks at Interior Towns.

MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market for
both cloth and yarns is quiet. Demand for home trade is
improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison.
1922-23.

RecetptafromPlatuattoni

1922-2. 1921-2 1920-2 1922-23. 1921-22. 1920-21.

N9e. d.
15 20
22 2034
29 21
tan.
11 2034
12 2011
19 2111
26 2211
reb.
2 22
9 22
16 2141
,
*

1921-22.

831 lbs. Shirt- Corn
linos. Common Mid.
to Final.
Uprs

32, Cop
Twist.

1920-21

1922_2311921_2
Dee.
1- 215,4 167,93 231,76 1.457.1 1,546,811 1.543,053242,942 172. 291,675
8.. 158.801 116.081 210,301 1,445,00 1,576,304 1435,7231146.6 145.57 253,971
111__ 138.94 113,81 189,04 1.426,3 1,593.18 1,640,145120.266,130.692243.064
141,
178.07 1,384.I. 1.608,3 1.686,965 94,666156,7 224,898
MI..- 136,
29-. 113.03 122,031 143,23 1.391.87 1,622,81 1,734,703120.77 135,31 136.472
Jan.
IL- 94,39 1 76.58 127,15 1.355.8941.614,00 1.743.741 58,412 67.76 138.190
12_ 124.95.1 93,51. 124,46 1.300.28: 1.595.588 1.743.905 68,34. 75,000 124,632
in.. 92,23 103,60" 125.04 1,261.82 1,555.078 1,757,995 57,781 63,097 139,131
26-- 101.41 92,47 141,8 1,224,01 1,516,756 1.753,910 59,71 54,140 137,773
Feb.
, 1,150.9061.488.2841,738.118 65,66 38.081133,645
2-. 138,82 66,55
9.._ 87.381
,
118.122 1,089,756 1,450.778 1,728.475 26,231 44,
108,479
16-- 83.0 82,2731 83.292 1.017.5651.418.643 1.723.223 10.888 50.128 78.040

[VOL. 116.

32. Cop
Twist.

834 lbs. Shirt- Corn
inv. Common Mid.
Up!'.
to Finest.

d. s. d.
s. d. d. d.
d. s. d.
6 2034 157 (416 4 14.56 1734 41 2011 166
kii 2034 15 7 016 4 14.96 18
(4 21 16 8
0 2211 16 3 (416 7 15.16 1811 0 2011 16 3
© 22 16 3 016 7 15.06 1.834 i:aii 2034 18 0
0 22 16 4 017 0 15.6018
0 20 16 0
2234 16 5 017 0 16.20 1714 0 1911 155
Ig
® 2354 172 (4175 16.32 17
0 19 153
® 23
(4 23
at

17 2 ®17 5
170 (4174
n ralo 4

211,f 17

s. d. d.
(3176 10.
56
017 3 10.87
(417 3 11.36
ig 17 011.04
0 17 010.71
10.18
(4165
9.26
@163

15 28 1611 (4 1811 15 3 ig16 3
15.74 16 11 (4 1734 le 0 @160
lit in 1414
.
.
IS

It o

IS n

9.35
9.47
In /11

SHIPPING NEWS.
-As shown on a previous page, the
"'The above statement shows: (1) That the total receipts exports of cotton from the United States the past week have
from the plantations since Aug. 1 1922 are 5,250,993 bales; reached 98,035 bales. The shipments in detail, as made
in 1922 were 4,346,232 bales, and in 1921 were 5,164,868 up from mail and telegraphic returns, are as follows:
bales. (2) That although the receipts at the outports the
Bales.
past week were 83,079 bales, the actual movement from NEW YORK-To Antwerp-Feb. 7-Concasier. 50
-Feb. 7-Concasier, 97
To Ghent
97
To Liverpool-Feb. 9
-Cedric, 2,431
plantations was 10,888 bales, stocks at interior towns hav2,431
To Bremen-Feb. 13-Flannover. 250
250
ing decreased 72,191 bales during the week. Last year reTo Stockholm-Feb.14--Gustaysholm,200
200
ceipts from the plantations were 50,128 bales and for 1921
To Genoa-Feb. 14
-City of St. Joseph, 333
333
-City of St. Joseph, 100
To Leghorn-Feb. 14
100
they were 78,040 bales.
-To Havre
-Feb. 10
NEW ORLEANS
-Jacques Cartier, 1,155..
1,155
To Liverpool-Feb. 15-Kamesit,4,742
PR WORLD'S SUPPLY AND TAKINGS OF COTTON.
4,742
To Manchester-Feb. 15-Kamesit, 2.000
2.000
The following brief but comprehensive statement indicates
-Jacques Cartier. 383
To Antwerp-Feb. 10
383
-Mar Caribe, 4,738___Feb. 15-Samnanat a glance the world's supply of cotton for the week and
To Bremen-Feb. 9
ger, 3,767
8,505
since Aug. 1 for the last two seasons, from all sources from
-Sou,8,151
To Genoa-Feb.9
8,151
which statistics are obtainable; also the takings, or amounts
-Feb. 13-Lisbeth, 100
To Vera Cruz
100
-Nelda, 4,393
To Venice-Feb. 14
4,393
gone out of sight, for the like period.
-Nelda,600
To Trieste-Feb. 14
600
-Louisiana, 650
-Feb. 15
To Gothenburg
650
GATVESTON-To Japan-Feb.9
-Morioka Meru,6,156-Feb.10
-Victorious. 4,325
10,481
Week.
To Bremen-Feb. 9
-Nord Schleswig, 1,517_-_Feb. 9
-West
Season.
Week.
Season.
Tacook, 12,361
13,878
Visible supply Feb. 9
4,857.338
-Nord Schleswig, 700
To Hamburg-Feb. 9
6,332,033
700
Visible supply Aug. 1
-Feb. 11-Farnworth, 2,367
3,760.450
To Havre
6,111,250
2,367
American in sight to Feb. 16..
110,873 8,364,755 156,745 7,381.099
To China-Feb. 10
-Victorious, 1,700
1,700
Bombayreceipts to Feb. 15-- 140,000 1,678,000
To Liverpool-Feb. 13
-Colorado Sprhigs, 8,228
8,228
87,000 1.879,000
Other India shipments to Feb.15
11,000
To Manchester-Feb. 13-Colorado SprW8s, 1,982
178,550
1,982
102,000
6,000
Alexandria receipts to Feb. 14.
30,000 1.088,800
-Infanta Isabel, 4,319
To Barcelona-Feb. 14
4.319
11,500
531,950
Othersupply to Feb. 14_ *_b_
13,000
To Antwerp-Feb. 15--Greystoke Castle. 1,100
168.000
192.000
1,100
14.000
To Ghent
-Feb. 15-Greystoke Castle, 3.950
3,950
-West Durfee, 4,528
Total supply
-Feb. 12
5.162,211 15,238,555 6,607.278 16,197.299 HOUSTON-To Liverpool
4.528
Deduct
-West Durfee, 2.600
To Manchester-Feb. 12
2,600
Visible supply Feb. 16
4.725,616 4.725,616 6.250,204 6,250,204
-Feb. 13-Greystoke Castle, 900
To Ghent
900
To Antwerp-Feb. 13-Greystoke Castle, 100
100
-To Japan-Feb. 12-Hayo Meru, 2.050
436.595 10,512,939 357,074 9.947.095 SAVANNAH
Total takings to Feb.
2,050
Of which ..imerican
-Hastings. 400
313,595 7,327.389 199,574 7,383,125 MOBILE
-To Rotterdam-Feb. 9
400
Of which other
-Manchester Exchange, 400
-Feb. 10
123.000 3,185.550 157.500 2.563.970 NORFOLK
-To Manchester
Feb. 14-Conehatta, 200
600
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
To Liverpool-Feb. 12-Barrymore, 1,900
1.900
a This total embraces since Aug. 1 the total estimated consumption by
PORT TOWNSEND-To Japan-Feb. 12-Toklaw Maru, 275.-- 275
Southern mills. 2,388.000 bales in 1922-23 and 2,079,000 bales in 1921-22
-San Francisco. 500
-Feb. 13
-To Liverpool
500
takings not being available-and the aggregate amounts taken by Northern SAN DIEGO
-President Taft. 100
-To China-Feb.8
100
and foreign spinners-8.124.939 bales in 1922-23 and 7,868,095 bales in SAN FRANCISCO
To New Zealand-Feb. 9-Waihemo, 10
10
1921-22. of which 4.939,389 bales and 5.304,125 bales American.
-Charlton Hall. 450
SAN PEDRO-To Liverpool-Feb. 7
450
b Estimated.
-Alaska, 777
-Feb.8
To Havre
777
Cotton Takings.
Week and Season.

1922-23.

1921-22.

INDIA COTTON MOVEMENT FROM ALL PORTS.
1922-23.
Fob. 5.
Seestpts at
-

1921-22.

Since
Wed. Aug. 1.

Since
Since
Week. Aug. 1. Week. Aug. 1.
140,000I1,°78,000 87,00011.879,000 90,00011.148,000

Bombay

For the Wee*.
Export:.

Total all
1922
-23_
1921-22_
1920-21_

Since August 1.

Great Conti- Japan&
Great
tibia. sent. China. Total. Britain.

Bombay
1922-23_
1921-22_
1920-21_
Other Indl
1922-23_
1921-22..
1920-21_

41,000 4-,000 91,C
19.000 53
72,
86,
11.0001

1

1920-21.

73,
12,
15,

11,0
6,000
1,0

52,000 4.00007,00
35,000 5!,III 78.000
86.111 87,0

ContiWIL

Japan &
China.

Total.

956,5 1,397,C00
212:00 976,00 1.233,000
'
339,11: 405,00 759,000

33,0
141,r5i
5,000 89,000
14,000 127,00
106,000 512,0"
17,
334,
29,0
466,

s,
26,00

178,550
102,000
167,000

956,r 1,5'4,5()
984.00011.335,000
431.008 926,000

It.According to the foregoing, Bombay appears to show an
increase compared N%,ith last year in the week's receipts of
53,000 bales. Exports from all India ports record a gain of
29,000 bales during the week, and since Aug. 1 show an increase of 239,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria. Egypt,
February 15.
Receipts (cantars)This week
Since Aug. 1_ _
Exports (bales)-

1922-23.

150,000
II 015.649
Since
Week. Aug. 1.

1921-22.

110.000
4.1141122

1920-21.

1 0.000
2.965.446

Since
Since
Week, Aug. 1. Week. Aug. 1.

To Liverpool
__- 163,437 2,250 111,423
__._ 67,096
To Manchester, &c
_ 108,862 6,000 91,826 4,250 54,971
To Continent and India.. 7,003 194,144 3,250 131,930 7.000 76,626
To America
- 168.192 16.750 133,897
_ _ -- 22.967
,
ANA &OA ingX

no nen AnA fsoIe! II nen nni start

Note.
-A cant.ar is 09 lbs. Egyptian ha as weign about 750 lbs.
This statement shows that the receipts for the week ending Fab. 15 were
150,000 oantars and the fbreiga shipments 7,000 bales.




Total

98.035

-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, dre., at that port:
F"er"='eb. 9.
Jan. 267
33,000
47,000
27,000
23.000
16.000
12,000
4,000
5.000
3.000
14,000
61,000
56,000
854,000 812,000 813,000
479,000 469.000 459,000
65.000
69,000
66,000
39.000
38,000
23,000
200,000 231,000 242,000
91.000 125.000 120.000

Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American

PeriT
31,000
17,000
7,000
68,000
778,000
447.000
36,000
30,000
266,000
118.000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.

Spot.

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Market, f
Quiet.
Quiet.
Firm.
Firm,
12:15 i
Moderate
P. M. Lidemand.
Mid.1.1pF

16.16

15.97

15.84

15.85

15.93

Sales

6,000

6,000

6,000

8,000

7,000

HOLIDAY

Steady,
Quiet,
24(435 pts. 5648 pts.
decline.
advance.

Futures.
Market 1
opened I
Market, 4
4
4
P. M. t

Quiet
but
steady,

Steady, Quiet but
1®0 pts. steady,60
8 pta. adv.

Quiet,
Steady,
13030 pts. 41.48 pts.
advance,
decline.

Steady,
Steady.
208 tits. 11(416918.
advance
nth/1mm.

Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues.
Fri.
Thurs.
Wed.
1211 1211 1211 4:11 1211 4:'i 1211 4:01 1211 4:11 1234 4:00
P.In.9. 92.P. ra.P. m.P. m.P. M. I.M P. M.P. m P. ra• v. m•P. in
'
d. d. d. d.
d.
d. d.
d.
d. d. et.
d.
February
____ 15.4. 15.5715.52 15. 15. 15.4. 15.4615.53 15.58
March
__ _ 15. 15.51 15.4. 15.3815.3:'15.39 15.4015.46 15.51
April
15.31 15.42 15.3. 15.2915.2 15.3015.3215.38 15.43
May
15.2. 15.35 15.2 15.23 15.2 15.2 15.2 15.3215.37
June
.
15.11 15.22115.1 15.0915.0'15.1 1 15.1 15.1 15.24
HOL1- .
July
15.1115.1015.0 14.9 15.0 15.9815.0115.0 15.13
DAY ._._ 14.7214.8114.7 14.6714.6 14.0: 14.7114.7 14.82
August
September_ _..
--__ 14.2214.2 14.1: 14.1 14.1 14.1 14.21 14.2 14.34
October
-___ 13.8 13.0813.7!13.7413.7' 13.7 13.81 13.89 13.94
November_ _
____13. 13.7313.5213.5 13.58 13.62 13.6 13.7213.77
December
13.52 13.5 13.4 13.3' 13.41 13.4613.4' 13.56113.61
January
__ _ 2.42 12.47513.3. 13.2813.3013.36 13.3: 13.46,13.51
Feb. 10
to
Feb. 16.

..

FEB. 17 19231

THE CHRONICLE

BREADSTUFFS
Flour has been quiet despite a rise in wheat, and at times
prices have been little better than nominal. At Minneapolis
a 4c advance in wheat on the 14th inst. had little effect on
flour. The sales there have been light. At Kansas City
prices for flour have had a higher tendency owing to the
advance in wheat. But there, as well as elsewhere, business
was small. Buyers seem to hold aloof everywhere. They
appear to question the stability of the recent advance in
wheat based on the cold wave at the West and reports that
the Turks had sunk a French destroyer at Smyrna, reports
which turned out to be false. It is true that there has been
some buying by those whose stocks need replenishing. The
rise in wheat would naturally have their effect. But to all
appearances many consumers are pretty well supplied for the
Immediate future. Traffic conditions at Buffalo and lathe
Northwest have been deranged by bad weather. But in the
nature of things this is only temporary. Quite a little export
inquiry has been reported, but the trouble was that bids
were usually below a working basis. That foreign inquiries
have increased has encouraged not a few, but the fact remains that actual business for foreign account as well as for
home consumption has left very much to be desired.
Wheat has had an erratic week, rising at one time 2 to
2%c., and then on Thursday dropping 2% to 4c., the latter
on May owing to heavy profit-taking. But previous to that
there was a rise due to war rumors from Europe and a cold
wave at the West. There have been complaints of icy fields
and very low temperatures striking unprotected wheat. One
complaint all along has been that there was little snow over
large tracts of the winter wheat belt at the Southwest. Over
a large part of the wheat belt from Indiana to Kansas and
Nebraska, it was said on the 14th inst., that the danger to the
crop from extreme cold was aggravated by the ice formation
in many of the fields. That, it was contended, would smother
the plant. But there was an increase in the visible supply
In the United States last week of more than 1,031,000 bushels, and this had a rather sobering effect in the middle of the
week. Still, for a time the price held firm owing to persistent buying. As noted above, there was a false report that
the Turks had sunk a French destroyer in the harbor of
Smyrna. There were vague rumors that Germany might be
joined by Russia or by the Turks. The situation in the Ruhr
Valley became more tense. Nobody knew what might happen. And other commodity markets were moving upward
for a time. Shorts were badly punished in coffee and sugar.
The events in those two markets certainly made more or less
noise in the speculative world. This may have had some
slight effect. The cold wave at the West not only hit the
winter wheat belt, but interrupted the movement of grain in
the Northwestern States, something which of itself had no
little influence for a time. Yet, on the other hand, export
demand was to all appearances lacking. Moreover, the
amount on passage to Europe increased more than 2,000,000
bushels. Receipts at primary points were fairly large. Statistics, in other words, were considered rather bearish, especially as actual foreign business was small. Cash premiums
at the seaboard and the Gulf dropped. Export sales on the
14th inst. reached about 200,000 bushels. But this, of course,
was nothing important. Besides, there were reports of moderate resales by exporters of Gulf wheat. On the 15th inst.
large holders seemed to be selling out. May holders were in
particular liquidating on a considerable scale. Some think
that there will be large selling of May by traders who will
take up later deliveries at the big discounts, I. e. 5 to 7c. per
bushel, especially if cold weather at the West should continue with a poor snow covering for the plant. Later in the
week Eastern interests sold heavily. Export sales were only
200,000 bushels. Some despaired of an early passage of the
exports credits bill by Congress. All this offset higher Liverpool cables and the cold wave. It meant the loss of all the
rise of the last 10 days. It was denied, however, that Western shorts have settled with Eastern bulls. The official
Argentine crop estimate is reduced to 195,424,000 bushels,
compared with the preliminary estimate of 216,820,000 bushels. To-day prices declined and then rallied, with less pressure to sell and shorts covering. World's shipments are
likely to be smaller. Argentina shipped only 4,388.000 bushels. For the week the changes are irregular. May ends 1%c.
,4c. higher.
lower and July 11
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
ets_139% Hol. 140,4 Nom. 144 149
No. 2 red
PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_12234 Hon- 12334 123, 120 120
4
May delivery in elevator
11534 day. 1163 1174 115 115
July delivery in elevator
114% 1154 1133i 1133
September delivery in elevator- --112%
Indian corn advanced at one time, but on the whole has
remained rather cool towards the rise in other grain. It is
true that early in the week prices reached new high records
for the season with considerable speculation. And there
were even reports that about 1,000.000 bushels had been
taken over the holidays for export. It was said later that




739

this foreign business had really reached nearly 2,000,000
bushels. Yet it was noticed that on the bulges there was a
great deal of profit taking. These naturally caused reactions. Meanwhile receipts have been quite large, especially
at Chicago. On the 14th inst. they were stated at some 1,500,000 bushels. They were an accumulation over Lincoln's
Birthday on the 12th inst. On the upturns the selling was
heavy not only in profit taking, but also in the shape of
hedges by cash concerns against large purchases in the interior. And on Thursday prices gave way noticeably. They
closed on that day roughly 1% to 2c. a bushel lower, in sympathy with a bad break in wheat at Chicago. On that day, it
is true, corn opened higher on lighter receipts and reports
of a fair demand for export and domestic feeding. But when
wheat broke some 2 to 4c. corn naturally reacted. Germany
at one time was said to be an active buyer of corn. Nothing,
however, seemed to restrain operators from selling out on
the upward turns. They acted as though they had no faith
in the permanency of the rise. The decline late in the week
was due both to the collapse of wheat and to rains in Argentina. Broomhall said: "The continued lack of rain in
Argentina is causing considerable apprehension and moisture
is urgently required for the growing crop of corn at this
time. Farmers are not offering old corn in any sizable quantities, as they are not anxious to sell while the present out10k for the new crop is so uncertain." To-day prices dedined slightly and then rallied and ended at a small net rise,
despite the reports of rain in Argentina. But shorts were
covering, owing to light receipts at the West and the cold
wave which will cause increased feeding to live stock. Last
prices, however,show a decline for the week of,f to 1c.
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 94% Hol. 93( 9334 91
92
DAILY CLOSING PRICES OP' CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 76,4 Holl- 75
76% 74$ 75
July delivery in elevator
77% day. 76
77
75
76
September delivery in elevator
77
77
7734 76
775c.
Oats advanced under the spur of a rise in other grain.
Early in the week, too, there was a broader demand. Like
other grain, oats attracted more attention. Reports of very
cold weather at the West were not without their effect. It
is true that no particular activity developed. There was a
fair cash demand in the middle of the week at the West. At
the same time cash houses were selling futures on the advances. As already intimated, speculation at one time was
more active. But it was noticed that on the upturns there
was considerable profit taking. Oats followed corn with
more or less docility. They showed no independent strength
of their own. And later there has been enough realizing to
cause some setback, especially as other grain turned downward. In a word, while interest in this grain has widened
somewhat, it has not cut loose from the rest of the grain list
and on Thursday prices dropped rather sharply when wheat
fell 2% to 4c. To-day prices declined at one time and rallied
later, recovering the loss with other grain. Closing prices
show an advance for the week of % to 1%c., the latter on
July.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 56
Hol. 57
57
5634 5634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Tues. Wed. Thurs Fri.
Sat. Mon.
May delivery in elevator
cts_ 4634 Roll- 46% 4634 4634 46
July delivery in devator
4534 4534 4534 4534
4434
September delivery in elevator__ _ - 4334 day. 4364 4334 433 4334
Rye has followed other grain upward and also reacted
with them. There were rumors of export business early in
the week, but they could not be confirmed. New and striking factors indeed have been lacking. As a rule the foreign
demand has been very moderate, where there has been any
at all. The actual business with Europe is described as very
small. And the domestic trade has not been of a kind to excite comment. It has to all appearances been of a purely
routine character. Speculation has kept within very moderate limits. Rye itself has plainly lacked initiative. Nothing, indeed, has happened to give it a chance to develop an
individuality of its own. In short, it has been mere reflex
of the markets for other grain, taking its tone wholly from
them and developing nothing new and striking on its own
account. To-day prices advanced on rumors that Germany
was in the market for a considerable quantity. This had an
effect, but the report could not be confirmed. Closing prices,
however, show a decline for the week of % to 3fie.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 8934 Holt- 89,4 89,4 8734 8834
July delivery in elevator
8734 day. 88
8734 ---- 8534

The following are closing quotations:

GRAIN
Oats
56.i
No. 2 white
55185534
134
No.3 white
Barley
Nominal
92
Feeding
811882
99
Malting
FLOUR
Spring patents soft_F 90 Barley goods—
$6 4056
winter straights.
75
5 90 6 25 No.
Hard winter straights_ 6 00i 6 40 Nos.1 3 and 4 pearl_55 50
6
2,
First spring clears
5 750 5 90
5 50 6 00 Nos. 2-0 and 3-0
Rye flour
Nos. 4-0 and 5-0-- 600
Corn goods. 100 lbs.: 4 90 5 50 Oats goods—carload:
Yellow meal
2 5234@ 3 06
205@ 220 Spot delivery
Corn flour
1 950 205
For other tables usually given here. see page 693.

Wheat—
No. 2 red
No. 2 hard winter
Corn—
No.2 yellow
Rye—No.2

31 49

740

THE CHRONICLE

The destination of these exports for the week and since
July 1 1922 is as below:
Rxports for Week
and Since
July 1 to-

Flour.
Week
Feb. 10
1923.

Since
July 1
1922.

Wheat.
Week
Feb. 10
1923.

Since
July 1
1922.

Corn.
Week
Feb. 10
1923.

Since
July 1
1922.

Barrels. Barrels. Bushels.
Bushels.
Bushels.
Bushels.
United Kingdom_ 101,767 3,610,815 1,257,617 68,997,058 568,710 21,818,921
146,500 4,153,032 3,878.238 160,953,698 1,531,564 40,418,675
Continent
304,332
34,000
45,000
So.ea Cent. Amer_ 2.000
190,000
46,000
811.800
West Indies
31,000
26,000 1,041,700
2,000
Brit. No.Am.Col.
13,700
544,170
Other Countries__ 10,100
13,500
1,850,705

[VoL. 116.'

and the tips were browned in the eastern portion of that State. Alternate.
thawing and freezing caused some heaving in Kentucky and lack of moisture continued harmful in Nebraska, part of western Kansas and western
central and northwestern Oklahoma. Otherwise conditions were favorable
for winter wheat generally.
Grain fields were well protected by snow cover from Pennsylvania and
New Jersey northeastward where the cover was mostly adequate in the
western Lake Region and the extreme upper Mississppi Valley. Extremely
cold weather had overspread the northwestern wheat belt section at close
of week but was preceded by snow which generally protect the grain fields.
Conditions were generally favorable for winter cereals in the Middle South
Atlantic and Gulf States and plowing and planting of barley continued in
California.

THE DRY GOODS TRADE.

New York, Friday Night, Feb. 16 1923.
Despite the holiday on Monday, activity has continued in
7,101 1091-99
markets for dry goods during the past week, and prices have
maintained a firm undertone. In fact, upward revisions
The world's shipment of wheat and corn, as furnished by continue to be made on bleached goods and other cottons,
Broomhall to the New York Produce Exchange for the week wherever mills find it necessary to bring prices in line with
ending Friday, Feb. 9, and since July 1 1922 and 1921, the increased cost of the unfinished cloths. Print cloths have
are shown in the following:
been especially firm during the week, and goods in wide constructions available for February and March delivery are
Wheat.
Corn.
said to be in a very closely sold up condition, with sellers
Exports.
1921-22. I
1921-22.
1922-23.
1922-23.
unwilling to accept further business at what are considered
to be top prices of the current movement. The uncertainties
Week
Since
Since
Week I
Since
Since
July 1.
Feb. 9.
July 1.
Feb. 9.
July 1.
July 1.
surrounding the raw material and wage situations tend to
make manufacturers cautious. In regard to cotton goods,
Bushels. Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
North Amer_ 5,812,000309,935,000287,604,000 2,070,000 67,683,000 87,448,000 raw cotton is twice above normal values in other years, while
Russ.dr Dan.
3,911,000 3,040,000
I 3,717,000 10,990,000 many of the manufactured products are, too, but wages In
Argentina__ 4,258,000 64,370,''' 31,503,000 2,200,000 91,324,0
86,452,000
Australia ___ 2,216,
21,300,1114 61,704,000
textile mills as well as in many other industrial occupations
India
712,000
688,000 6,380,000
arg also twice above normal levels. What is true of cotton
0111. countr'
4,521,000 8,707,000
Is 'likewise true of silk, wool and other lines that figure in
Total
2,974,
405,896,000384,563,000 4,270,000167,245,000193,597,000 the costs and prices of textiles. Any price may be considered
The visible supply of grain, comprising the stocks in gran- or called high if there is no buying power, but the situation
ary at principal points of accumulation at lake and seaboard in regard to textiles at the present time is quite the reverse.
Instead of the high prices having the effect of checking deports Saturday, Feb. 10, was as follows:
mand, there continues to be a general disposition on the part
GRAIN STOCKS.
all sections to build up their stocks,
Corn,
Barley, of buyers throughout
Wheat,
Oats,
Rye,
bush,
bush. and their desire in this regard appears to be warranted by
bush,
bush,
United Statesbush.
246,000 steady improvement in retail trade. Demand for napped
New York
613,000 1,467,000 1,606,000
318,000
4.000
33,000
Boston
2,000
Philadelphia
638,000
792,000
2,000 cottons is expanding, and has about reached a point where
328,000
9,000
62,000 more withdrawals of merchandise will likely be announced.
Baltimore
748,000 1,774,000
399,000 1,819,000
65,000
Newport News
12,000 While the buying has not been as heavy in all cases as in
New Orleans
192,000
32,000
1,695,000 1,003,000
Galveston
2,159,000
126,000
some former years, it has been of large enough proportions
601,000
461,000 1,177,000 1,033.000
Buffalo
2,737,000
250,000 to absorb the offerings of mills. All things considered, in" afloat
2,027,000
62,000
133,000
279.000
2,000 cluding the clean-up sales in many lines, the rapidity with
Toledo
11,000
855,000
39,000
Detroit
156.000
24,000
22,000
328,000 which fall woolens and worsteds have been taken and the
237,000
Chicago
1,763,000 10,322,000 7,698,000
176,000
752,000
248,000
more active demand for silk goods, there is a greater degree
" afloat
258,000
407,000
885,000
236,000
Milwaukee
187,000
current
121,000 of stability in the high primary markets than some
642,000 5,873,000
Duluth
117,000
7,316,000
3,000 talk would indicate.
St.Joseph, Ma
570,000
154,000
19,000
1,086,000
Minneapolis
375,000 11,282,000 2,195,000 1,047,000
15,321,000
DOMESTIC COTTON GOODS: Firmness continues in
8,000
St. Louis
678,000
9,000
973,000 1,031,000
markets for domestic cotton goods, with merchants buying
Kansas
141,000
5,970,000 1,013,000 1,063,000
Peoria
371,000
413,000
2,000
freely. Finished cottons are being patronized on a liberal
Indianapolis
453,000
327,000
565,000
29,000 scale by jobbers and leading lines of blankets, napped and
Omaha
342,000
2,109,000 1,695,000 1,921,000
13,000 fleeced cottons, according to reports, are sold well ahead.
Sioux City
31,000
432,000
595,000
429,000
On Canal and River
32,000
381,000
10,000
Dress ginghams are being purchased for fall and they are
Total Feb. 111 1923_47 1
307,000 22,531,003 30,540,000 12,793,000 3,014,000 also moving better at retail. Wide sheetings, sheets, pillow
Total Feb. 3 1923
46,776,000 21,558,000 30,861,000 11,688,000 2,975,000
Total Feb. 11 1022__42,117,000 34,773,000 68,170,000 7,110,000 2,244,000 cases, bedspreads and towels are likewise selling well to reNote.
-Bonded grain not included above: Oats, New York, 189,003 bushels: tailers, and the movement of goods is very full. Jobbers are
Boston, 3,000: Baltimore, 50,000: Buffalo, 1,175,000: Buffalo afloat, 502,000;
business, and are having unusual sucDuluth, 26,0011: Toledo afloat, 587,000; total, 2,635,000 bushels, against 1,114,000 doing a satisfactory
bushels in 1921. Barley, New York. 230,000: Buffalo, 746,000: Buffalo afloat, cess in shipping goods due on old orders. The goods under
648,000; Duluth, 58,100: total, 1,682,000 bushels, against 337,000 bushels in 1921. order are badly wanted, and in many cases buyers are enWheat, New York, 1,720,000 budiels; Boston, 164,003; Philadelphia, 1,212,000;
Baltimore, 1,840,1100; Buffalo, 5,355,000; Buffalo afloat, 10,207,000: Duluth, deavoring to have deliveries anticipated. Primary print
150,000; Toledo, 392,100; Toledo afloat, 1,350.000; Chicago, 382,000: total, 22,652,- cloth markets have been more active during the past few
000 bushels, against 12,989,000 bushels in 1921.
days, and some orders have been placed for delivery as far
Canadian
Montreal..
1,588,000
162,000 ahead as May. While the market for cotton duck is moder323,000
496,000
151,000
Ft. William & Pt. Arther.26,186,000
2,654,000 ately quiet, there are sufficient new orders being received
3,977,000
" afloat
163,000
Other Canadian
6,709,000
1,066,000 for all constructions to keep mills sold up well into April.
1,033,000
An outstanding feature in textile markets during the past
1923.. -34,646,000
Total Feb. 10
323,000 5,506,000
151,000 3,882,000
has developed for novelTotal Feb. 3 1923____35,988,000
325,000 6,031,000
172,000 3,824,000 week or so has been the craze that
Total Feb. 11 1922_ _ _ _30,104,000 1,245,000 7,651,000
18,000 2,570,000 ties in fabrics than ever before. In any novelty season, howSummary
there is always the likelihood of a quick style change,
47,807,000 22,531,000 30,540,000 12,793,000 3,014,000 ever,
American
34,646,000
323,000 5,50(1,000
Canadian
151,000 3,882,000 and merchants do not want to be caught with unsalable merchandise on hand. Print cloths, 28-inch, 64 x 64's construc82,453,000 22,854,000 36,016,000 12,944,000 6,896,000
Total Feb. le 1923
Total Feb. 3 1923_ _ _ _82,764,000 21,883,000 38,892,000 11,860,000 6,799,000 tion are quoted at 8%c, and the 27-inch, 64 x 60's, at 8%c.
11 192272.221,000 36,018,000 75,821,000 7,128,000 4,814,00
Total Feb.
Gray goods in the 39-inch, 68 x 72's, are quoted at 12%c. and
WEATHER BULLETIN FOR THE WEEK ENDING the 39-inch, 80 x 80's, at 14%c.
WOOLEN GOODS: The amount of fall business placed
-The general summary of the weather bulletin
FEB. 13.
issued by the Department of Agriculture, indicating the in woolens and worsteds has been very satisfactory, and the
influence of the weather for the week ending Feb. 13, is as comment heard in various quarters against the high prices
fails to fit in with reliable reports of large purchases of
follows:
Cold and stormy weather prevailed in the Northern Border States and men's wear and dress goods. It is claimed that some of the
from the Rock Mountain region westward during the week ended Feb. 13 larger mills have already reached a condition where they
although the total snow fall was not great in most places. Rather heavy
precipitation occurred from the lower Mississippi Valley northeastward to will be obliged to limit and revise orders if they are to make
the southern New England coast. The continued cold weather was unfav- prompt deliveries as required by buyers. While the strike
orable for stock in the western range country's and minor losses resulted.
industry has no doubt crippled manufacturing
The temperature average slightly above the normal in the lower Great In the dress
Plains and central and eastern Gulf regions. The week was too warm for operations, it has so far had little effect from a merchandisrather warm in parts of central and southern Florida.
some crops and
standpoint. As it was known some time ago that the
There was insufficient moisture also in the western lower Great Plains ing
and New Mexico, but elsewhere there was sufficient for crop needs. Slight strike would take place, production was speeded up, with
frost damage occurred in California and in the eastern Gulf region.
the result that stocks are now quite liberal, and a shortage
Field work was delayed by wet soil in most of the South from Kansas
and eastern Oklahoma and Texas eastward while the ground was covered by is not considered likely unless the strike is greatly prolonged,
snow in most northern districts. Unimproved roads in poor condition which seems improbable.
throughout Southern and most Central regions and roads were blocked by
FOREIGN DRY GOODS: There has been no slackening
drift and snow in the Northen Border States from Michigan westward
to Montana. Railway traffic was interrupted in North Dakota and greatly In the demand for linens during the past week. Buyers have
mountains in Montana.
impeded through the
lines,
Highways were s3riously drifted in central and northern Utah. Con- been plentiful, and there has been a good call for all
including towels, towelings, napkins, damasks, dress linens
ditions continued favorable for lumbering in New England.
Serious damage to citrus fruit in Texas by the recent cold weather was and house furnishing lines.
In many cases buyers are antiprevented by heating and but little injury appeared to have been done
to fruit buds in the South Central portions of the country. The weather cipating their requirements further ahead than usual, due to
was dangerously cold for citrus fruit in Arizona and California but no seri- the fact that there is little possibility of any lowering of
ous damage was reported. Citrus fruit continued in good condition in
values. Burlaps have ruled quiet and featureless. Light
Florida.
Later reports on the severe freeze that overspread the principal winter weights are quoted at 7.30 to 7.35c., and heavies at 8.95 to
wheat belt at the close of last week, indicate that wheat was not affected
sariously by the clic], although some was frozen down in central Kansas 9.00c.
Total 1923




306,369, 9,427,049 5,180,855 231,987,461 2,126,274 63,340,493
9252111 2721 901 9 991 401 052 A0001, A ,AA KAA 01 Amo 202

FEB. 17 1923.]

THE CHRONICLE

tate anti 1!ity Ptpartintnt
NEWS ITEMS

741

tending school in temporary buildings. The old High School was destroyed
by fire some time previously.

Apparently the bonds involved in this litigation are the
ones which last summer were contracted to be sold to Blyth,
-V. 115, p. 463.
Witter & Co. of San Francisco.

-Bonds Sold in
Dutch East Indies (Government of).
-During the week just past a large- syndiAmerican Market.
BOND PROPOSALS AND NEGOTIATIONS
cate of American bankers, including the Guaranty Company
of New York, Harris, Forbes & Co., Lee, Higginson & Co., this week have been as follows:
Bankers Trust Co., New York, Kidder, Peabody & Co.,
ABERDEEN GRADED SCHOOL DISTRICT (P. 0. Aberdeen),
-BOND OFFERING.
-Sealed proposals will
the Union Trust Co. of Pittsburgh, the Continental & Com- Moore County, No. Caro.
received by H. M. Doub, Secretary, Board
Trust & Savings Bank, Chicago, Illinois Trust & be m. Mar.9 for $75,000 coupon (with privilege of School Trustees, until 2
mercial
of registration as to princip.
savings Bank, Chicago, and the Union Trust Co., Cleveland, pal only) school bonds. Denom. $1,000. Date Jan. 1 1923. Prin. and
int
gold
New
offered and sold to the investing public an issue of $25,000,000 semi-ann.Jan.(J. & J.), nayable inincl. coin in check York. Due $3,000
yearly on
1 from 1925 to 1949,
A cert,
upon an incorporat53/% coupon (with privilege of registration as to principal) ed.bank or trust company (or cash) for $1,500. payable to the District
and
int. will
interest, Treasurer, required. Bids for less than par The accruedwill be not be
gold 30-year external sinking fund bonds at 88 and
considered. Int. rate
to exceed 6%.
to yield 6.40% if held to final maturity date and 7.20% if under the supervision of not United States Mtge. &bonds Co., N,prepared
the
Trust
Y. City.
redeemed by the Government March 1 1933. These bonds which will certify as to the genuineness of the signatures of the officials
and the seal impressed thereon, and the approving opinion of Chester B.
are in the denominations of $500 and $1,000, are dated Ma.sslich, N. Y. City, and J. L. Morehead of Durham. will be furnished
March 1 1923, and mature March 1 1953. Principal and the purchaser. Delivery on or about April 1 1923 in N. Y. City or elsewhere at purchaser's expense including New
Proposals to
semi-annual interest (March 1 and Sept. 1) are payable in be made on blank forms to be furnished by York exchange. or said trust
above Secretary
U. S. gold coin of the present standard of weight and fineness, company.
or its equivalent, at the Guaranty Trust Co. of N. Y. withADAMS COUNTY (P. 0. Decatur), Ind.
-BOND OFFERING.
-Hugh
until 10
out deduction for any taxes, present or future, of the Nether- D. Hite. County Treasurer, will receive bidsfollowinga. m. Feb. 19 for the
purchase at not less than par and int. of the
% road construclands or the Dutch East Indies. Further details of this tion bonds:
loan, with statistics of resources, commerce, debt, revenues $36,800 Warren M. Striker Wabash Twp. road improvement bonds. Denom. $920. Due $1,840 each six months from May 15 1924 to
and expenditures may be found in our "Department of CurNov. 15 1933, incl. Dated Feb. 15 1923.
4.800 David J. Mazelin Monroe Twp. macadam road bonds. Dated
rent Events and Discussions," and in the advertisement on
Feb. 15 1023. Denom. $240. Due $240 each 6 months from
a preceding page.
May 15 1924 to Nov. 15 1933. incl.
2.080 Wm. F. Meyer Blue Creek Twp. macadam road bonds. Dated
Montana.-Soldiers' Bonus Act Held Unconstitutional.
Aug. 15 1922. Denom. $104. Due $104 each 6 months from
May 15 1923 to Nov. 15 1932, incl.
4:30n Feb. 10 the State Supreme Court, hearing a test suit
Int. M.& N. 15. If bonds are not sold on above date the sale will be
brought by R. M. Mills, an attorney of Helena, to prevent continued until the bonds are sold.
the State Board of Examiners from issuing $4,500,000 bonds
ALTOONA SCHOOL DISTRICT(P.O. Altoona), Blair County,Pa
tor payment of a bonus to ex-soldiers, which was authorized -BOND SALE.
-On Feb. 5 the Mellon National Bank of Pittsburgh, purchased $500,000 44% Junior high school
by the Act approved by the voters last November-V. 115, equal to 101.048. a basis of about 4.15%.bldg. bonds. paying $505,242 55,
Denom. $1,000. Date
p. 2818-declared the Act unconstitutional. Associate Jus- 1923. Int. M. & S. Due serially from 1924 to 1948, inclusive. Mar. 1
tice A. J. Galen, who wrote the opinion, held that the State
AMARILLO, Potter County, Tex.
-CITY COMMISSION ADOPTS
-The City
was under no obligation to the men who fought for the MOTION TO TAKE OVER LIGHT AND WATER PLANT.
of Amarillo have
nation, and that therefore the payment of a bonus would be Commissioners over properties of adopted a motion made by the Water
Board to take
City Light & Power Co. and also the
•in violation of Section 1 of Article XIII of the State Consti- construction dam.
ATLANTIC COUNTY(P.O.Atlantic City), N.J.-BOND SALE.
-On
tution, which prohibits the State or any subdivision from
of registration)
44%
giving or lending its credit in aid of any individual, associa- Feb. 10 the issue of $50,000offered coupon (with privilege 537) was awardtemporary road impt. bonds
on that date(V. 116.t.
tion or corporation. The "Montana Record" of Helena ed to J. S. Rippel & Co. of Newark,on a bid of $50.017 100.034) and int.
for $50,000 bonds, which is on a basis of about 4.49%.
ate Dec. 30 1922:
on Feb. 10 said in part:
Due Dec. 30 1926. The Union National Bank and the Equitable Trust

Justice Galen in his opinion stated that "of the several grounds for attack Co., both of Atlantic City, each submitted a bid of par and interest.
against the constitutionality of the Act, in our opinion but one thereof is
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
-On
'necessary to be considered, determinative of the case: Does the Act contravene the provisions of Section 1 of Article 13 of the Constitution, in that it Feb. 14 a temporary loan of $50.000 dated Feb. 14 and maturing Nov. 14
authorizes or purports to authorize the State to give or loan ts credit in aid 1923, was awarded to Harris, Forbes & Co. of Boston, on a 3.94% discount
basis.
of individuals, or make donations or grants to individuals?"
The opinion continues to the effect that "that section of our Constitution
BALTIMORE COUNTY (P.O. Towson), Md.-BOND OFFERING.
'reads in part as follows: 'Neither the State nor any county, city, town or Sealed bids will be received until 11 a. m. Mar.27 by John R. Haut, Clerk,
municipality, nor other subdivision of the State shall ever give or loan Board of County Commissioner, for all or any part of $750,000 434%
Its credit in aid of or make any donation or grant by subsidy or otherwise. public road and school bonds (Tiegotiable, payble to bearer and coupons
to any individual, association or corporation."
attached). Denom. $1,000. Date Feb. 1 1923. Prin. and semi-ann.
It is pointed out that taxes shall be levied and collected by general laws int.(P.& A.), payable in lawful money of the U.S.,at the Second National
tor public purposes only, according to the provisions of the Constitution.
Bank of Towson. Duo yearly on Feb. 1 as follows: $25,000, 1924;
Citing an opinion on constitutional law, regarding the sovereign power of $30,000, 1925; $35,000, 1926; $40,000, 1927; $45,000, 1928; $50,000.
the United States, it is held that "there rests no legal duty on the State to 355.000, 1930; 360.000, 1931; $65.000. 1932: $70,000. 1933; $75,000, 1929;
1934;
reward those who battled for the preservation of the nation; the legal obli- $80,000. 1935;$85.000, 1936, and 335,000, 1937. Certified check for 1% of
gation runs the other way. The individual owes a duty to societY to come the face value of bonds bid for, 'payable to the County Commissioners,
time of war, insurrection, or invasion, required. Legality approved by Edward H. Burke of Baltimore. Bonds
to the defense of his country in
whether compensated or not.
authorized by Chapter 243 of the Acts of the General Assembly of Maryland,
"Nor can the Act be sustained within the limitations of our Constitution of 1922. Official announcement states that
exempt from
upon the ground that the money authorized to be paid is for a public State, county and municipal taxation in the these bonds are
State of Maryland and from
purpose," Associate Justice Galen a opinion holds.
Federal taxation. The official
"Baltimore
payment of a bounty to those who served in the military County has no incorporated townsannouncement also says: of approxi"Clearly the
and has an assessable basis
.establishment of the United States during the World War is not a public mately $144,000,000 and no debt with the exception of $450,000 annex
purpose of the State after the termination of the war, within the purview notes, all of which are secured and which mature serially 1923 to 1928, incl..
of the Constitution. The obligation rests primarily on the United States and $150,000 of serial sewer certificates, for which the Towson sewerage
Government, if anywhere, to make suitable provision and allowance to area is primarily liable. The county's tax rate for 1923, including the levy
those who rendered military service rather than upon the State as one of the for interest on this issue, is 31 64. Total State and county rate is $1 94."
units of the United States, rather than of the State of Montana.
These are the bonds which on Jan. 23
Iglehart
"There being no legal obligation to pay. it amounts to a mere gratuity or & Co. of Baltimore, who later refused were awarded to J. A. W.
'donation and the expenditure proposed, not being for a governmental pur- the advertisement of offering was notto accept the issue, contending that
published in the Baltimore papers
pose, cannot be considered as a public purpose within the purview of the
Constitution. Decisions from a number of States have been by us con- the required number of times.
BEAUFORT COUNTY DRAINAGE DISTRICT NO. 11, No. Caro.
sidered and reviewed, upholding a cash bonus under somewhat similar
Constitutional limitations to our own, but we cannot and do not agree to the BOND OFFERING.
-Sealed proposals will be received by J. P. Clark,
reasoning or applicability thereof to our Constitution. Rather, we are Secretary, Board of Drainage Commissioners, at the offices of MacLean
Impelled to follow and apply the very plain mandates of our Constitutional & Rodman in Washington, N. C.. until 12:30 p. m. Mar. 1 for 357.0006%
drainage bonds. Date Nov. 11922. Int. semi-ann. Due serially on Nov.
limitations."
In conclusion Justice Galen said: "It must be plain that the Act in ques- 1. A cert. check for 5% of bid, payable to the Board of Drainage Commistion, if upheld by this Court as Constitutional, would afford but little and sioners, required.
only temporary relief in individual cases. The author of this opinion is
BETHEL VILLAGE SCHOOL DISTRICT (P. 0. Bethel), Clermont
'himself an ex-service man, having served several months in camps in this County, Ohio.
-BOND SALE.
-The $5,500 5% refunding bonds which
-country and with the A. E. F., Siberia, overseas for one year. His sympa- were offered for sale on Feb. 10 (V. 116. p. 641) were purchased by the
thies and those of each and all of his colleagues are with the ex-service man the Bethel Bank of Bethel, at par and int. Denom. $500. Due $500
and woman; but were we to do otherwise than declare this Act unconsti- yearly on Sept. 1 from 1924 to 1934. incl. W.L. Slayton & Co. of Toledo.
'
tutional, we would be derelict in the performance of our duty, recreant in also submitted a bid.
our duty, and forfeit our self-respect.'
BINGHAM TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0. St.
This opinion decides a suit that was brought to restrain the State Board of Johns), Clinton County, Mich.
-Sealed bids
-BOND OFFERING.
Examiners from proceeding to issue State 1Pends of 34,500,000 to meet the be received by Clark A. Putt, Secretary Board of Education, until 5 p.will
m.
soldier compensation provided for in the referendum measure voted by the Feb. 27 for the purchase of $225.000 5% coupon school site, building and
people last fall. As a result the Board of Examiners is permanently re- equipment bonds. Auth. Sec. 5712.
5713, Compiled Laws of Michigan.
strained from issuing bonds.
Dated Jan. 1 1923. Denom.$1,000. Int. J. Ss J., payable at the People's
State Bank of Detroit. Due Jan. 1
2%, payable
-Suit Against to Asa Gibson. Treasurer Board of 1952. Cert. check for Bonded debt
Santa Rosa High School District, Calif.
Education, required.
Bond Issue Dismissed.
-The California Supreme Court on (excluding this issue) Feb. 12 1922. none. Assessed value 1922, 33.796.200
Feb. 8, according to reports, dismissed an appeal brought Total tax rate (per $1.000). $28 00.
BIRMINGHAM,Jefferson County, Ala.
-BOND OFFERING.
-Sealed
by Sampson B. Wright from the Sonoma County Superior proposals will be received until 12 m.Feb.20 by D.E. McLendon,President
Court, on which he initiated an action to prevent the Sonoma of the City Commission for $134.000 54% public impt. bonds. Date
Mar. 1923.
in
County Supervisors from issuing bonds of the Santa Rosa at the1Hanover Denom. $500. Prin. and semi-ann. int,1 payableThe gold
National Bank, N. Y. City. Due Mar. 1933.
city
High School District for a new school building, contending reserves the right to redeem not exceeding one-fifth annually beginning
Mar. 1 1924. by paying
that the election at which the bonds were voted was illegal. on the bonds redeemed. the holders, as a bonus, one-half the annual int.
Legality approved by Jno. C. Thomson. N. Y.
We quote the San Francisco "Chronicle" of Feb. 9:
City. A cert, check for 1% of the amount bid for, payable to the City
A new high school for the City of Santa Rosa. the building of which has of Birmingham, required.
been held up by proceedings in tne State Supremo Court. is now a surety,
-BONDS PURCHASED BY CITY
BLACKWELL, Kay County, Okla.
according to a ruling handed down in that Court yesterday.
-The $50,000 park bonds recently voted (V. 116, p.
SINKING FUND.
This decision upholds toe sale of bonds for the new school. The bond 538) have been purchased by the City Sinking Fund.
issue was attacked by Sampson B. Wright, a wealthy farmer residing near
-The 827,000 7%
BLAKELY, Early County, Ga.-ROND SALE.
Santa Rosa, in proceedings brought before the Supreme Court to restrain
317
-were awarded to J. S.
the Board of Supervisors of Sonoma County from placing the bonds on the city bonds offered on Feb. 12-V. 116, p.1923.
market. Wright charged that the election authorizing the bond issue was Sherman of Blakely at 101. Date Feb. 19
BOWDLE INDEPENDENT SCHOOL DISTRICT NO.9 (p. o. Bow.
illegally conducted and, therefore, the bonds were illegal and void.
-The $15,000 53%
A demurrer to Wright's complaint, interposed in the lower Court, was die), Edmunds County, So. Dalc.-BOND SALE.
properly sustained, the high Court ruled, basing its decision upon the fact coupon school bonds offered on Jan. 26 (V. 116, p. 317) were awardedto
that Wright admitted himself to be a resident taxpayer in the Wright Ballard & Co. of Minneapolis, at a premium of $780. equal to 105.20, a
Elementary Common School District, and not in the proposed high
basis of about 5.09%. Date Jan. 11923. Due Jan. 1 1943.
'district. Plans for the new school were complete and construction school
BOWIE COUNTY COMMON SCHOOL DISTRICT NO. 11, Texas.
have begun some months ago had it not been held by by Wright's would -BONDS REGISTERED.
-The State Comptroller of Texas registered
court
action. In the meantime, Santa Rosa High School pupils have been at- $4,500 6% 10-20 year school bonds on Feb. 10.




742

THE CHRONICLE

BFtADDOCK TOWNSHIP SCHOOL DISTRICT, Allegheny County,
-Sealed bids for the purchase at not less than
-BOND OFFERING.
Pa.
par and interest of $10,000 4 Si% coupon school bonds will be received until
2 p. m.March 5 by Elder W.Marshall, Solicitor, at 408 Union Arcade Bldg.,
Pittsburgh. Denom. $1,000. Date March 1 1923. Int. semi-ann. Due
on March 1 as follows: $2,000 1928,$3,000 1933 and $5,000 March 1 1938.
Certified check for $500 required. Purchaser to pay for printing of bonds.
Bonds are said to be free of State tax.
BRADY'S BEND TOWNSHIP (P. 0. Kaylor), Armstrong County,
-The $80.000 4% tax free coupon (with privilege
-BOND SALE.
Pa.
of registration) road bonds, which were offered for sale on Jan. 31 (V. 116,
p. 201) were awarded to Glover & MacGregor of Pittsburgh, for $81,826,
equal to 102.282, a basis of about 4.33%. Date Mar. 1 1923. Due on
Mar. 1 as follows: $30.000, 1937; $22,000, 1944, and $28,000, 1951.
Other bidders and premiums offered were:
Premium.
Names.
Premium.
Name,
Graham, Parsons & Co.,Phila_4160 J. H. Holmes & Co., Pitts- $81881
Harrison,Smith & Co.,Phila..- 680 Redmond & Co.,Pittsburgh 1,396 00
Biddle & Henry, Philadelphia-- 688
BRIDGEWATER, McCook County, So. Dak.-BOND ELECTION
-In answer to our inquiry regarding the date of an election
CALLED OFF.
to be held in this city, the City Clerk says: "Bond election called off."
BRYAN VILLAGE SCHOOL DISTRICT (P. 0. Bryan), Williams
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by
E. E.Culbertoon, Clerk of the Board of Education, until 7:30 p. m. March
2for the purchase at not less than par and interest of $25,000 5Si% coupon
refunding bonds. Auth., Sec. 5656-5658 of the General Code. Date
Dec. 10 1922. Denom.6 for $500 and 22 for $1,000. Prin. and semi-ann.
int. (May 10 and Sept. 10) payable at Village Treasurer's office. Due
yearly on Sept. 10 as follows: $1,500, 1924 to 1929 incl.; $2,000, 1930
to 1937 incl. A certified check drawn on some bank doing a regular
banking business in Ohio, or a New York draft, for 5% of amount of bonds
bid for, payable to the Treasurer of the Board of Education, required.
Bonds to be delivered and paid for within 3 days from date of award.
BYESVILLE VILLAGE SCHOOL DISTRICT (P. 0. Byesville),
Guernsey County, Ohio.
-BOND OFFERING.-Willlam Slay, Clerk of
the Board of Education, will receive bids until 7:30 p. m. Feb. 28 for the
purchase at not lees than par and interest of $150,000 5Si% school house
bonds issued under authority of Sec. 7630-1, Gen. Code. Denoms. 1 for
$7.000 and 22 for 36,500. Date Feb. 1 1923. Prin. and semi-ann. int.
(M. & S.) payable at the office of the Clerk of the Board of Education.
Due $7,000 Sept. 1 1924 and $6,500 yearly on Sept. 1 from 1925 to 1946
incl. Cert. check for $1,000, payable to the Board of Education, required.
CALHAN,El Paso County, Colo.
--BOND ELECTION
-BOND SALE.
-Boettcher.Porter & Co.of Denver have purchased $25,0006% 10 -year
-15
(opt.) bonds subject to being voted at an election to be held on April 3.
CALHOUN COUNTY (P. 0. Marshall), Mich.
-BOND OFFERING.
Sealed bids will be received by George E. Chapin. County Treasurer, until
12 m. (Central Standard Time) to be opened 1.30 p. m. Feb. 21 for the
purchase of $100.000 5% county public hospital bonds, Series B. Dated
Nov. I 1922. Denom. 31,000. Int.(M. & N.). Prin. and int. payable
at County Treasurer's office. Due $10,000 yearly on Nov. 1 from 1928 to
1937. incl. All bonds are callable after 5 years from date of issue. Cert.
check for $5,000, payable to the County Treasurer required. Bonds to
be delivered and paid for $50,000 July 1 1923 and $50,000 Aug. 1 1923.
Bonds to be sold subject to the approval of any competent bond attorney;
expense of such approval to be borne by purchaser.
Financial Statement.
Assessed value, real and personal property 1922
$91,683.155
Valuation as equalized by State Board 1922
98,731.000
Total bonded indebtedness, including present issue
995,300
Other indebtedness, none. Population 1920, appro]dmately 73,000.
CAMPBELL COUNTY (P. 0. Newport), Ky.-BOND OFFERING.
Sealed bids will be received until 10 a. m. March 19 by William Menus,
County Clerk, for $250.000 5% 'coupon bonds. Denom. $500. Date
May 1 1923. Prin. and semi-ann. in (M.& N.), payable at the Campbell
County depository, the Newport National Bank of Newport. A certified
check for 2% of amount of bid, payable to the above official required. The
bid
purchaser will be required to
up and pay for bonds on May 1 1923, or
as soon thereafter as bonds are ready for delivery.
CAMPBELL COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Adon),
Wyo.-BOND SALE.
-The 35.000 6% negotiable coupon school bonds
offered on Feb. 10-V. 116. p. 538
-were awarded to Benwell, Phillips &
Co. of Denver. Date Dec. 16 1922. Due Dec. 16 1932.
CANAJOHARIE, Montgomery County, N. Y.
-BONDS VOTED.
The proposition to issue $10,000 5% paving bonds, which was submitted
to a vote on Jan. 27-V. 116, p. 317
-carried by a vote of 188 "for" to
'
9 "against.
CANAAN TOWNSHIP RURAL SCHOOL DISTRICT, Wayne
County, Ohio.
-BOND OFFERING.
-Bids for the purchase at not
less than par and interest of $65,000 554% coupon school building bonds,
issued under authority of Sec. 7630-1. General Code, will be received
until 1 p. m. March 7 by G. U. Baumgardner, County Superintendent
of Schools. Denom. $1,000. Date March 1 1923. Prin. and semi-ann.
Int. (A. & 0.) payable at the Stebbins Bank of Creston. Duo $4.000
on Oct. 1 in 1927, 1931, 1935, 1939 and 1943. and $3,000 on Oct. 1 in
each of the other years from 1924 to 1942 incl. Certified check on a
solvent bank or trust company,for 2% of amount of bonds bid for, payable
to the Board of Education. required. Bids must be made on blanks
furnished by the County Superintendent of Schools.
CANYON COUNTY (P. 0. Caldwell), Idaho.
-BONDS SOLD SUBJECT TO BEING AUTHORIZED.
-Our 'Western representative advises
us in a special telegraphic dispatch that the Lumbermen's Trust Co. of
Portland has purchased $200,000 4I% funding bonds subject to authorization.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
Bids will be received by J. J. McCormick, County Treasurer, until 10 a. in.
Mar. 10 for the following 5% road improvement bonds:
$28,000 Newman-Harvey et al. road Miami Twp. bonds. Denom. $700.
Due $700 May 15 1924 and $700 each 6 months thereafter.
20.400 Norman Meyers road Noble Twp. bonds. Denom. $510. Due
$510 May 15 1924 and $.510 each 6 months thereafter.
Date Mar. 15 1923. Int. send-ann.(M. & N. 15)•
CHARLOTTE, Mecklenburg County, No. Caro.
-BIDS.
-The
following is a complete list of the bids received for the $700,000 street
improvement and $100,000 sewerage bonds on Feb. 1:
For $100,000
For $700.000
Issue.
Issue.
*Geo. B. Gibbons & Co.,
N. Y_-43i% $100,030
% 3702,912
Geo, B. Gibbons & Co.. Inc., N. Y-- A % 101,340
Inc.,
4i% 704.970
National City Co.. New York
5%
101,279
5%
708,953
Lamport, Barker & Jennings, Inc.
New York
.
5%
101,580
5%
711,060
Lampert, Barker & Jennings, Inc.,
New York
% 100,000
5%
707,140
Bankers Trust Co., N. Y., and Claiborne, Royal & Co.. Goldsboro
103,026
5
707,685
Wachovia Bank & Trust Co., Win.-Sal_5
101,217
708.519
5
Wachovia Bank & Trust Co., WIn.-SaL43j% 100,217
5
701.519
Stacy & Braun, Toledo: Blodgett & Co.,
and W. A. Harriman & Co.. Inc.,
New York
5%
705,407
100,778
55
Kaufman-Smith-Emert & Co
Inc..
St. Louis and Charlotte National
Bank, Charlotte
4Si% 100.020
4Si% 700,140
Kauftnan-Smith-Emert & Co.. Inc..
St. Louis and Charlotte National
Bank. Charlotte
% 100,420
4Si% 702,940
Old Celery Trust Co.. Boston. and
Charlotte Nat. Bank, Charlotte_ _
% 100,000
709,600
5%
Union National Bank Charlotte y
American Trust Co., Charlotte
5%
101,560 • 5%
709,230
Independence Trust Co., Charlotte, and
A. B. Leach & Co., Inc., New York_4S1% 100,137
% 700,959
* Successful bidder; for previous reference to same_see V. 116, P. 538.
y Conditional bid.




[VoL. 116.

CEIBA (Municipality of), Humacao County, Porto Rico.
-BOND
OFFERING.-Lauro Pinero Riveria, Commissioner of Public Service, will
receive sealed bids until 2 p. in. Feb. 26 for $75.000 coupon impt. bonds.
Denom. $1,000. Date Jan. 1 1923. Prin, and semi-ann. tot, payable in
Porto Rico, Washington, D. C., or New York. Int. rate not to exceed
6%. Due on July 1 as follows: 32,000. 1929 to 1939, incl.; $3,000. 1940
to 12
50. loel. and $4.000. 1951 to 1955, Incl. A cert. check for 2% of
amount of the bonds, payable to the Commissioner of Finance, required.
'
CHAMBERSBURG, Franklin County, Pa.
-BOND SALE CONTRACTED.
-E. E. Martins. City Clerk, informs us that on Mar. 1 the
city will sell $80,000 5Si% electric light bonds to the Chambersburg Trust
Co.,the Farmers'& Merchants'Trust Co.,the National Bank of Chambers
burg, and the Valley National Bank,all of Chambersburg,at par. Denom.
31,000. Date Jan. 11923. Int. payable quarterly, Jan., April, July and
Oct. Due serially.
CHELTENHAM TOWNSHIP (P. 0. Ogontz), Montreimery County,
Pa.
-BOND SALE.
-On Feb. 6 an issue of $100.000 4347 coupon road
0
bonds was awarded to Lewis & Snyder, of Philadelphia. at 103.77. a basis
of about 4.11%. Denom. $l.000. Date Jan. 1 1923. Principal and semiannual interest (J. & J.) payable at the Jenkintown Bank & Trust Co., of
Jenkintown. Due $25,000 on Jan. 1 in each of the years 1928, 1933, 1938
and 1943. Bonds are said to be free of Pennsylvania State taxes, except
succession or inheritance taxes.
CHESTER COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Chester),
So. Caro.
-BOND OFERING.-J. C. McClure, Secretary of the School
District, will receive sealed bids until 12 m. Feb. 28 for $150.000 4Si9'
coupon school bonds. Denom. $1,000. Date Jan. 11923. Principal and
semi-annual interest (J. & J.) payable at the County Treasurer's office.
Due on Jan. 1 as follows: 32,000, 1924 and 1925; $3,000. 1926 to 1931.
inclusive; $4,000. 1932 to 1938, inclusive: 35,000, 1939 and 1940; $6,000.
1941 to 1945, inclusive; $7.000. 1946 to 1950. inclusive; $8.000. 1951 and
1952, and $9,000, 1953. A certified check for $1,000 required.
CHESTERHILL, Morgan County, Ohlo.-BOND OFFERING.
Sealed bids will be received by C. I. Schofield, Village Clerk, until 12 m.
Feb. 24 for the purchase at not less than par and hit. of 33.0006% Coupon
North Street and Mill Street improvement bonds. Auth. Sec. 3939 of
the General Code and Ordinance No. 69, passed Jan. 22 1923. Dated
Mar. 1 1923. Denom. $500. Int. M. & S. Due $500 yearly on Sept. 1
from 1924 to 1929 incl. A cert. check for 5% of amount of bonds bid for.
payable to Village Treasurer, is required.
CHINOOK,Blaine County, Mont.
-BOND OFFERING.
-Sealed bids
will be received until 8 p. in. Feb. 23 for $17,200 5% coupon water bonds
by A. M. Allison, Mayor. Date July 1 1923. Principal and interest
payable in New York. Due in 20 years. optional after 15 years. A certified check for 5% of issue required. All legal work to be done by purcnaser.
CINCINNATI, Hamilton County, Ohio.
-BOND SALE.
-An issue
of$500,000 5.Si% Rapid Transit Railway bonds was purchased by the Sink.
ing Fund Trustees of Cincinnati. Dated Jan. 2 1917. Int. (J. & D.),
payable at the City Treasurer's office. Duo Jan. 2 1967: optional Jan. 2
1942.
CITRUS COUNTY (P. 0. Inverness), Fla.
-BOND ELECTION
An election will be held on Mar.6 to vote on the question of issuing $750,000
6% highway bonds. Denom. $1,000. Date May 11923. Duo on July 1
as follows: $50.000 1928: $20,000 1929 to 1938 incl., and $25,000 1939 to
1958 incl. J. K. Kelley, Chairman Board of County Commissioners.
CLAY COUNTY (P. 0. West Point), Miss.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. March 5 by L. J. Howard, Clerk
Board of County Supervisors, for $40.000 5)i% refunding bonds. Date
May 1 1923. A certified check for $1,000 required. Due serially, 1 to
25 years.
-BIDS.
CLEVELAND, Cuyahoga County, Ohio.
-The following 18
the complete list of bidders for the $4,721.000 4 & 4)4% (with privilege
of registration) bonds on Feb. 8:
Estabrook & Co., Haligarten & Co., Blodget & Co., Merrill,
Oldham & Co. and A. G. Becker & Co
44,824,862 00
Kissel], Kinnicutt & Co., Halsey, Stuart & Co., Barr Bros.
& Co., Inc., and Graham, Parsons & Co
4.811.496 85
Eldredge & Co., Kountze Bros., E. H. Rollins & Sons and
Redmond & Co
4.809,75500
Harris, Forbes & Co., National City Co. of N. Y. Remick,
Hodges & Co., Curtis & Sanger and Hayden, Miller & Co_ 4,787,991 00
Otis & Co., Lampert, Barker Sc Jennings, Taylor. Ewart &
Co.,
Austin & Co.. Seasongood & Mayor and
Jilke,Ogilby. Co
Hood &
4.785,831 00
Bankers Trust Co. and Tillotson & Wolcott Co
4,765.364 00
Equitable Trust Co. of N. Y. and Syndicate Managers Co_ 4,774,000 00

*Notice that this bid had been the successful one was given in V.116,p.641.
COLUMBUS SCHOOL CITY (P. 0. Columbus), Bartholomew
County, Ind.
-Sealed bids will be received by the
-BOND OFFERING.
Board of School Trustees until 2 p. m. Feb. 20 for the purchase at net less
than par and accrued interest of $55,000 436% coupon school bonds.
Dated Feb. 20 1923. Denom. 31.000. Int. F. & A. 20. Principal and
interest payable at the Union Trust Co., Columbus. Due yearly on Feb. 20
as follows: $3,000. 1929 to 1933, inclusive: $4,000, 1934 to 1943, inclusive.
The expenses of printing the bonds will be paid by the issuer. Legal
opinion of Smith. Hamster, Hornbrook & Smith, approving the issue, will
be furnished, to be paid for by purchaser.
CONEJOS COUNTY SCHOOL DISTRICT NO, 2 (P. 0. Antonito),
-Subject to being voted at an
-BOND SALE.
-BOND ELECTION
Colo.
election to be held soon, $8,000 school bldg. bonds have been awarded to
the Bankers Trust Co. of Denver.
CONEJOS COUNTY SCHOOL DISTRICT NO. 6, Colo.
-BONDS
-At a recent election a proposition to issue 310,0006% school
DEFEATED.
bonds failed to carry. These bonds had been purchased by James H.
Causey & Co. of Denver, subject to being voted at said election. Notice
of the election and sale was given in V. 116, 1). 818.
CONGRESS TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
-Sealed bids will
Wooster), Wayne County, Ohio.
be received at the office of G. U. Baumgardner, County Superintendent of
Schools, until 1 p. in. (Eastern time) Mar. 7 for the purchase at not less
than par and int. of $15.000 5% coupon wheel bldg. addition bonds.
Auth., Sec., 7630-1 of the Gen. Code, Date Feb. 15 1923. Denom. $500.
Prin. and semi-ann. int.(M.& S. 15), payable at the Farmers' State Bank
of West Salem. Due onSept. 15 as follows: $500. 1924; $1,000, 1925:
500. 1926:/1.000, 1927; 3500, 1928;$1,000, 1929;$500, 1930:31,000, 1931;
500, 1932; 1,000, 1933;$500, 1934;$1,000, 1935; $500, 1936;$1,000, 1937;
500, 1938: 1,000, 1939; 3500, 1940: 31,0100, 1941; $500, 1942; and $1,000,
1943. Cert. check for 2% of the amount of bonds bid for, on a solvent
bank or trust company, payable to the Board of Education, required.
CONNERSVILLE SCHOOL CITY P. 0. Connersville), Fayette
-BOND OFFERING.
County, Ind.
-Bias will be received by the Board
of School Trustees until 2 p. in. Feb. 17 for the purchase at not less than
par and int. of $280,000 4)49', coupon school bonds. Dated Feb. 17 1923.
Denom. $1,000. Int. (J. & J.). Due $1,000 yearly on July 1 from 1924
to 1943 inclusive.
CORPUS CHRISTI, Nueces County, Texas.
-BOND ELECTION.
An election will be held on March 5 to veto on the question of issuing
8350,000 5% gas plant construction bonds. C. J. Iloward, City Engineer.
COTTAGE GROVE, Lane County, Ore.
-BOND OFFERING:Sealed bids will be received until 8 p. in. Feb. 19 by Homer Galloway. City
Recorder, for $13.000 6% Series "J" improvement bonds. Denom. $500.
Date Dec. 12 1923. Due in 10 years. A cert. check for $200 required.
Bids for lees than par and accrued int, will not be considered.
COVINGTON, Kenton County, Ky.-BOND SALE.-Farson. Son &
Co. and J. S. Bache & Co.. oth of New York, have purchased $97,000
refunding bonds as 4)4s at 102.77. Although $100,000 bonds were offered
for sale on Feb. 8-V. 116, p. 538
-only $97,000 were sold, as no more
bonds are allowed to be awarded than will produce a premium of $1,000
over the amount offered.
-The State of NebrasCRETE, Saline County, Nebr.-BOND SALE.
ka, purchased 339,814 3564% district paving bonds at par during the
month of January. Date Jan. 1 1923. Due Jan. 1 1943, optional 10
years after date.
BOND SALE.
-The Allied Contractors Inc., of Omaha have purchased
$14,555 34 district No. 3 bonds.

1

FEB. 17 1923.]

THE CHRONICLE

CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
On Feb. 14 the 2 issues of coupon special assessment bonds offered on that
date . 116, P. 538) were awarded as follows:
,
$60,
4%% County Sewer District No. 1 Water Supply Trout. No. 23
bonds to the Provident Savings Bank & Trust Co. of Cincinnati.
for $60,864. equal to 101.44, a basis of about 4.58%. Due $3,000
yearly on Oct. 1 from 1924 to 1943, inclusive.
100,000 iv County Sewer District No. 1 Water Supply Impt. No.16 bonds
to Hayden, Miller & Co. of Cleveland, at 104.041, a basis of about
4.54%. Date Mar. 1 1923. Due $5,000 yearly on Oct. 1 from
1924 to 1943, inclusive.
Denom. $1,000. Prin. and semi-ann. int. (A. & 0.), payable at the
County Treasurer's office.
BOND OFFERING.-13Ids will be received until 11 a. m. March 3 by
A. J. Heiber, Clerk of the Board of County Commissioners, for the purchase
at not less than par and interest of 3100,000 494% coupon special assessment Sewer District No. 1 Improvement No.9 bonds,issued under authority
of Sec. 6602-4, General Code. Denom. 51,000. Date April 1 1923.
Prin. and semi-ann. int.(A & 0.) payable at the County Treasurer's office.
Due $5,000 yearly on Oct. 1 from 1925 to 1944 incl. Certified check on
some solvent bank other than the one making the bid. for 1% of amount
of bonds bid for, payable to the County Treasurer. required. Bonds to
be delivered and paid for within 10 days from date of award at the County
Treasurer's office.
DAKOTA CITY DRAINAGE DISTRICT, Dakota County, Nebr.BOND SALE.
-During the month of January the State of Nebraska, purchased $70.000 6% drainage bonds at par. Date Nov. 27 1922. Due on
Nov. 27 from 1924 to 1933, inclusive.
DAVENPORT, Thayer County, Nebr.-BOND ELECTION.
-A special election will be held on Feb. 27 to vote on the question of issuing the
following bonds:
$5.000 water extension bonds. Date Jan. 1 1923. Due June 1 1943.
optional after 10 years.
21.000 water works bonds. Date Mar.1 1923. Due Mar.1 1943, optional
after 5 years.
Denom. $500. B. Frank Cowery, Village Clerk.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
The following 5% road construction bonds. aggregating 528.300. which
were offered for sale on Feb. 5-V. 116, p. 202
-were awarded to the
City Trust Co. of Indianapolis for $28,767 50, equal to 101.65:
$18,300 Andrew T. Myers et al. bonds. Denom.$915.
2,500 Lewis J. Franklyn et al. bonds. Denom. $125.
7.500 Ray Walick et al. bonds. Denom. $375.
Date Feb. 5 1923. Int. May 15 and Nov. 15. Due serially on May
15 and Nov. 15 beginning 1924.
DE BEQUE, Mesa County, Colo.
-BOND SALE.
-The $35,000 6%
water-extension bonds offered on Feb. 6-V. 116, p. 538
-were awarded
to Benwell, Phillips & Co. of Denver. Date Jan. 11923.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Moines), Polk County, Iowa.
-BOND SALE.
-Ballard, Hasset & Beh,
Inc., of Des Moines, advises us that they have purchased
5210,0004% and
$330,000 43. % school bldg. bonds at a premium of $378, equal to 100.07.
BOND ELECTION.
-An election will be held on March 12 to vote
on the question of issuing $2,631,000 school bonds.
DICKINSON COUNTY (P. 0. Iron Mountain), Mich.
-BOND
ELECTION.
-An election has been called for April 2 for the purpose
of voting on a proposition to issue $90,000 5% infirmary erection
and
site purchase bonds, maturing in 15 years.
DORCHESTER COUNTY (P. 0. Cambridge), Md.-BOND OFFERINC.-Sealed bids will be received until 2 p. m. March 6 by Louise Leonard.
Clerk of County Commissioners, for $30.000 4%% coupon lateral road
bonds, issued under authority vested in the County
Dorchester County by Chapter 203 of the Act of the Commissioners for
General Assembly
of Maryland, 1922. Denom. $300. Int. semi-ann. (J. & J.) payable
at the County Treasurer's office. Duo $1.500 yearly on July 1 from
1923 to 1942 incl. Certified check for 5% of the face value of the bonds
MA for, payable to the County Conunissioners, required. Bonded
debt
(excludirg this issue), Feb. 15 1923. $460.506: assessed value,
$17,652,150;
State and county tax rate (per 51,000). $21 50.
DORMONT, Allegheny County, Pa.
-BOND SALE.
-The $75.000
431% tax-free improvement bonds, offered on Feb. 9-V. 116. p. 434
were awarded to J. H. Holmes & Co. of Pittsburgh for $76,060,
to 101.413, a basis of about 4.14%. Date March 11923. Due on mutat
March
1 as follows: 55,000. 1928, 1931. 1934, 1936, 1938. 1940, 1942.
1944:
$8.000. 1946 and 1948: 89,000. 1950: and 510,000. 1952.
EAST AURORA., Frie Count N. Y.
-BOND SALE.
-The following
three issues of bonds, offered on Feb. 14-V. 116, p. 642-were
awarded
to the Peoples Savings Bank of Yonkers at par for 4
'
,
Ss:
$14,600 Maple St. paving bonds. Denom. 10 for $1,000 each, and 5 for
$920 each. Date Dec. 1 1922. Due $2,920 yearly on Dec. 1
from 1924 to 1928 Inclusive.
4,000 Maple St. bridge bonds. Denom. $1,000. Date Dec. 1 1922.
Duo $1,000 yearly on Dec. 1 from 1924 to 1927 inclusive.
8,000 electric motor and pump, water bonds. Denom. $1,000. Date
Jan. 1 1923. Due $1,000 yearly on Jan. 1 from 1924 to 1931 incl.
Int. J. & D. The following bids were received:
Name
Premium.
Peoples Savings Bank, Yonkers
Par
4 1
141 %
.25
D. W. Wallace, Buffalo
$122 32
5.004
Erie County Trust Co., East Aurora $ 22 40
4.75Y
Q
Sherwood & Merrifield, New York
$46 16
4.75%
Union National Corp., New York..($46 26 ($22„600)
York
4.75."/
$3 60 ($4,000)
. *
Geo. B. Gibbons & Co., New York._ Per $14,600 bid $14,036 40 5 004
4.75%
$12,000 bid $12,040 40 4.75%
EAST FELICIANA PARISH ROAD DISTRICT NO. 1 (P. 0.
Clinton), La.
-BOND OFFERING.
-W.E. Woodward.
Jury, will receive sealed bids until 12 m. March 14 President of the Police
for 5150,000 5%
bonds. Date April 1 1923. Principal and annual interest payable road
in gold
at toe Marine Bank & Trust Co., New Orleans. Legality approved
by
Wood & Oakley, Chicago.
EASLEY Pickens County, So. Caro.
-BOND OFFERING.
-Sealed
proposals will be received until 11 a. m. Feb.
$.50.000 street and sidewalk and $30,000 past 19 by the Town of Easley for
indebtedness bonds. Denom.
$1.000. Date March 1 1923. Prin. and semi-ann. int. (M.
-S.) payable
at some bank in N. Y. City. Due in 40 years; optional after 20 years. A
cert. chock upon a bank or trust company in South Carolina or a
national
bank in any State for 2% of amount bid for, payable to the Town
required. The bonds will be sold subject to the approval of Storey, Clerk,
ThornPalmer & Dodge of Boston.
dike,
EAST OMAHA DRAINAGE DISTRICT NO. 21 (P. 0. Council
Bluffs), Pottawattamie County, la.
-BOND DESCRIPTION-The
544,000 6% bonds awarded as stated in V. 116, p. 642, are
follows: Date Feb. 7 1923. Int. ann. (April 1). Due April described as
1 1931.
EAST WINDSOR TOWNSHIP SCHOOL DISTRICT (P. 0. Wind.
sor), Mercer County, N. J.
-BOND SALE.
-During January a block of
school-house bonds In the amount of $154,100 was purchased
Teachers' Pension & Annuity Fund, of Trenton at par. Denoms.by the
SSW
11 for $100. Date Jan. 1 1923. Due serially for 40 years.
-BOND ELECTION.
EL PASO, El Paso County, Texas.
-On Merril
19 an election will be held to vote on the question of issuing $50.000 fire
station, $230,000 flood protection, and $360,000 park bonds.
ELTON, Jefferson Davis Parish, La.
-BOND SALE.
-The $35,000
534% water works and iceplant bonds offered on Feb. 12 (V. 116, p. 318)
were awarded to the Hibernia Securities Co., Inc., of Now Orleans. Due
serially for 30 years.
EUREKA COUNTY (P. 0. Eureka), Nev.-BOND OFFERING.
-Bids
will be received by E. A. Skillman, County Clerk. until 7 p. m. March 5
for $90,000 high school bonds. Denom. $500. Date Feb. 15 1923. Int.
J.
-J. A cert. check for 2%% required. Bids for less than par will not be
considered.
EVANSVILLE SCHOOL CITY (P. 0. Evansville), Vanderburg
-The issue of $700,000 4. % bonds,
-BOND SALE.
County, Ind.
1
4
which
was offered for sale on Feb. 15(V. 116, p. 318) was awarded to the National
City Bank of Evansville, for 5708.001, equal to 101.143, a basis of about
434%. Date Feb. 15 1923. Due yearly on Feb. 15 as follows: 535.000,
1925 to 1942, incl., and $70,000, 1943.




743

EVERETT, Middlesex County, Mass.
-BOND SALE.
-On
the following three issues of4% coupon bonds offered on that date Feb. 9
13• 642) were awarded to Eldredge & Co. of Boston at 101.19. a (*V. 116.
basis of
about 37 %:
$152,000 high school bonds, in denominations of $1,000 each. Dated
July 1 1921. Due $38,000 July 1 1934. 1935. 1936 and
1937.
Int. J. & J.
20,000 Ward 1 School loan bonds, dated Nov. 11922. maturing $1,000
on Nov. 1 in each of the years 1923 to 1042 incl. Int. M.& N.
13,000 Beacham St. Extension notes, dated Dec. 1 1922. maturing $.2,000
on Dec. 1 in each of the years 1923. 1924 and 1925, and 51,000
Dec. 1 in the years 1926 to 1932 incl. Int. J. & D.
Prin. and semi-ann. int. payable at Old Colony Trust Co., Boston.
The following bids were received:
Eldredge & Co., Boston
101.19 Kidder,Peabody & Co..
,
Merchants' Nat, Bank. Bos_101.02 Stacy & Braun, Boston Bos_100.749
100.469
Biodget & Co.. Boston
101.018 Merrill, Oldham & Co., Bos_100.349
Everett Trust Co., Everett_ _101.01 B.J. Van Ingen & Co.. BOIS--100.296
Curtis & Sanger, Boston---100.978 National City Co., Boston ..l00.271
Harris, Forbes & Co.. Boston 100.831 Estabrook & Co., BostonR.M.Grant & Co., Boston--100.762 R.L. Day & Co., Boston --_100.173
-100.049
'FAIRBURY SCHOOL DISTRICT (P. 0. Fairbury), Jefferson
County, Neb.-BOND ELECTION.
-An election will be held on Feb.
23 to vote on the question of issuing 8200,000 school building bonds.
FARMINGTON, Oakland County, Mich.
-BOND SALE.
reported that the $23,500 4%%_water works bonds recently voted--It is
V. 115. ,
-have been sold to
P. 2929
ittiesey, McLean & Co. of Detroit at
100.706, a basis of about 4.44%. Due $10,000 in 15 years and $13,500
in 20 years.
FELICITY,Clermont County,Ohio.
-BOND OFFERING.
be received by Ray Canter, Village Clerk. until 12 m. Feb. 26-Bids will
for the purchase at not less than par and accrued int of $4.130 6% funding bonds.
Auth., Sect.. 3916 of the Gen. Code. Denom. 7 for $500 each,
$630. Date Sept.6 1922. Int. payable semi-ann.(M.az S.6). and 1 for
yearly on Sept. 1 from 1923 to 1929, incl., and $630 1930. Cert. Due $500
check for
3% of amount bid for, payable to the Village Treasurer, required.
FORT SMITH, Sebastian County, Ark.
-BOND
Pagan Bouriand. Chairman of Paving District No. 16, will OFFERING.
5% Paving District No. 16 bonds at public auction at 2:30 offer $150,000
p. m.
Denom. 51.000. Date April 1 1923. Due serially on April 1 Feb. 27.
from
to 1933 incl. Int. F. & A. A certified check for 55,000, payable 1924
to the
above official, required.
FOSTORIA, Seneca County, Ohio.
-BOND SALE.
-An issue
$17,690
% water works improvement bonds, which was offered of
sale on Feb. 10, was purchased by Weil, Roth & Irving of Cincinnati for
for
517,959 38. equal to 102.624, a basis of about 4.95%. Date Nov.
1922. Denom. $500. Due semi-annually from 1924 to 1932 inclusive. 1
FRAMINGHAM, Middlesex County, Mass.
-BOND & NOTE
-John P. Dunn. Town Treasurer, will receive proposals untl OFFERING.
1 p. m.
Feb. 19 for the following 4% coupon bonds:
$25,000 permanent pavement bonds, $5,000 maturing Aug. 1 in each of
the years 1923 to 1927 inclusive.
60,000 Water Act of 1906 bonds. $3,000 maturing on Aug. 1 In each of
the years 1927 to 1936 incl., and 52,000 Aug. 1 in each of the
years 1937 to 1951 inclusive.
173,000 Saxonville School bonds, $10,000 maturing on Aug. 1 in each of
the years 1923 to 1927 incl.: 59,000 1928 to 1930 Incl., and $8,000.
1931 to 1942 inclusive.
Denom.51.000. Date Aug. 1 1922. Prin. and semi-ann. lot,. (F. &
payable at the Old Colony Trust Co. of Boston. These bonds will A.)
be
engraved under the supervision of the Old Colony Trust Co. of Boston.
Mass. The favorable opinion of Ropes. Gray, Boyden & Perkins
the validity of these issues will be furnished without charge to theas to
chasers. All legal papers inc!dent to these issues will be filed withpurthe
Old Colony Trust Co., where they may be inspected at any time.
At the same time bids will be received for $5,000 4 % coupon sidewalk construction notes. Denom. $1,000. Int. Feb. 15
Notes are dated Aug. 15 1922, and mature 51.000 on Aug.and Aug. 15.
15
the years 1923 to 1927 incl. These notes will be certified as to in each of
genuineness
by the Director of Accounts of the Commonwealth of Maasachusett
s.
Bonds and notes are said to be exempt from taxation in Massachusett
s.
Delivery on or about Feb. 26 1923.
FREDONIA, Wilson County, Kan.
-BOND ELECTION.
-An election
will be held on Feb. 27 to vote on the question of issuing
$150,000 electric
plant bonds.
FREMONT COUNTY SCHOOL DISTRICT NO. 17(P.O.
Coaldale).
Colo.
-BOND ELECTION
-BOND SALE.
of Denver has purchased an issue of school--The United States Bond Co.
building bonds,
voted at an election to be held soon (amount not stated). subject to being
GAGE AND SALINE COUNTIES SCHOOL
6 AND 62 (P. 0. Beatrice), Neb.-BOND SALE. DISTRICT NOS.
-An issue of
534% compromise bonds was awarded to local buyers. Date $18,191
Oct. 2
1922. Int. ann. Jan. 1. Due Jan. 1 1938; optional at
option of the
Board of Education.
GENESEO TOWNSHIP HIGH SCHOOL DISTRICT
(P. 0. Cambridge), Henry County, III.
-BONDS DEFEATED.
township high school bonds which was submitted to -An issue of $20,000
the voters on Jan. 30
was defeated. The result was 205 "for" and
343 "against."
GERMAN FLATTS (P. 0. Mohawk), Herkimer
County, N.
BCND SALE.
-Award of the $16.000 highway and bridge bonds Y.offered
on Feb. 10(V. 116, p.642) was made
on a bid of 101.38 for 4345, a basis to Sherwood & Merrifield of New York
of about 4.35%.
Due $1,000 yearly on Mar. 1 from 1927 to 1942 incl. Date Mar. 11923.
GIBSON COUNTY (P. 0. Princeton), Ind.
Earl M. Miller, County Treasurer, will receive -BOND OFFERING.
for the purchase at not less than par of the bids until 10 a. m. Feb. 23
following 5% coupon road
Improvement bonds:
$12.400 Geo. W. Newman et al. Johnson Twp. bonds.
23,000 Frank Englehart et al. bonds. Denom. $1,150. Denom. $620.
24.000 J. R. Townsley et al. bonds. Denom. $1,200.
13.800 J. P. Emerson et al. Johnson Twp. bonds. Denom.
$630.
1,900 Eugene Neubling et al. Union Twp. bonds.
25,000 Victor Lenune et al. bonds. Denom. $1,250. Denom. $50.
28.500 Wm. M. Chappell et al. bonds. Denom. $1,425.
Date Feb. 151923. Int. M.& N. 15. Due
one bond of each issue each
six months from May 15 1924 to Nov.
15 1933 incl.
GILLIAM COUNTY (P. 0.
Condon),
-BOND SALE.
-The
$125,000 5%% road bonds offered on Feb. 10 Ore.
(V. 116. 13• 539) were awarded
to the Security Savings & Trust Co.,
loch Co. of Portland at a premium Cyrus Peirce & Co.and Ralph Schneeabout 4.85%. Date Jan, 1 1923. of $6,787 50, equal to 105.43, a basis of
Duo Jan. 1 1943.
GLENDALE, Los Angeles County,
.-BOND SALE.
-Freeman,
Smith & Camp Co. of Los Angeles have Calif
pure.hased *23,000534% municipal
Improvement District No. 7 bonds.
Prin. and semi-ann. int. (J. & D.) Denom. $1,000. Date Dec. 1 1922.
payable at the CitY....Trea,PM's
or through the offices of
orrice
from 1926 to 1948 incl. Freeman, Smith & Camp Co. .1-we ,000 Yearly
These bonds were recently authorized-V. 116.
p. 319.
GLENS FALLS, Warren
-BOND OFFERING.-Blds
will be received until 8 p. m. County, N. Y.
lain, for $25,000 434% sewer Feb. 21 by Kathleen Kelleher, City Chamberbonds. Denom. $1,000. Date Feb. 1 1923.
Prin, and semi-ann. Int. (F. &
Glen Falls. Due Aug. 1 1938. A.). Payable at the First National Bank of
Cert. cheek for 31,000, required.
GLOUCESTER COUNTY
-BOND SALE.
,
-The issue of 434% coupon(P. 0. Woodbury) N. J.
13-V. 116.
road bonds offered
-was awarded to Geo. B. Gibbons & Co. ofon Feb.
P. 539
New York. who submitted a bid of $475,221 for $471.000 bonds, equal to 100.89, a basis
of about 4.36%. Date Dec. 15 1922.
Due yearly on Dec. 15 as follows:
593.. 492age l9 75.4 .
1317 00 1 er tolif , incly
0
v 3
e2
0 .)
:132,000. 1928 to 1936 incl., and $28,000,
GLOVERSVILLE, Fulton County, N. Y.
-BOND OFFERING.
Arthur Cotton, President of the Board of Water Commissioners. is receiving
bids until 8-p. m. March 6 for the purchase at not less than par and interest
of*100,0005% coupon water works bonds. Date April 1 1920. Prin. and
semi-ann. int.(A.& 0.) payable at the Mcehanim & Metals National Bank
of N. Y. Due $12,500 yearly on April 1 from 1933 to 1940, incl. Certified
check, N. Y. draft or cash for 5% of amount of bid required.

744

THE CHRONICLE

[Vor... 116.

-at a premium of $192 50, equal
bonds offered on Feb. 5-V. 116, P. 539
to 100.77, a basis of about 5.85%, if called after 5 years from date of issue
and 5.95% if allowed to run to maturity. Date Jan. 1 1923. Due Jan. 1
1943; optional Jan. 1 1928.
-On Feb. 1
-BOND SALE.
JAY COUNTY (P. 0. Portland), Ind.
the $12,567 44 6% Frank W. Wilt et al. drainage ditch bonds, offered'
on that date
-were awarded to the City' Trust Co. of
-V. 116, p. 319
Indianapolis. Date Jan. 2 1923. Due $1,567 44 July 2 1924; 82,000
each six months from Jan. 2 1925 to Jan. 2 1927 incl., and 51,000, July
2 1927, payable at the County Treasurer's office.
JEFFERSON DAVIS PARISH SCHOOL DISTRICT (P. 0. Jen,
-W.P. Arnett, Secretary of the Parish
nings), La.
-BOND OFFERING.
School Board, will receive sealed bids until April 5 for $78,000 6% school
building bonds.
JERSEY CITY, Hudson County, N. J.
-BOND OFFERING.
John Saul, Director Department of Revenue and Finance, will receive
veiled proposals until 12 m. Feb. 23 for the purchase at not less than par
and accrued interest of $3.100.000coupon (with privilege of registration
as to principal only, eras to both principal and interest) tax revenue bonds
of 1922 at not to exceed 6T; interest. Denom. $1.000. Date Feb. 11923.
Prin. and semi-ann. int. (F & A.), payable in lawful money of the United
.
States at the City Treasurer's office. Due Aug. 1 1926. Certified check
on an incorporated bank or trust company for 2% of the amount of bonds
bid for, payable to the city of Jersey City, raquired. The bidder offering
the lowest interest rate expressed in multiples of 1-100 of 1% will be awarded
the bonds. The bonds will be delivered at the office of the Comptroller
on or before Feb. 28, and must then be paid for by a certified check on an
incorperated hank or trust company. If the deficitive bonds are not then
ready temporary receipts, each of which will entitle the bearer to $100.000
of the bonds will be issued in lieu of the bonds and exchangeable therefor.
The successful bidders will be furnished with the opinion of Hawkins.
Delaffeld & Longfellow. New York City, that the bonds are binding and
legal obligations of the city. The bonds will be prepared under the supervision of the U. S. Mtge. & Trust Co., which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon.
Financial Statement.
$38.778,786
Total outstanding bonds
$15,802.155
Water bonds
* Notice that this bid had been accepted was given in V. 116, p. 642.
6.048.524
Sinking funds, other than for water bonds
21,850,679
GRAPELAND INDEPENDENT SCHOOL DISTRICT (P. 0. Grape.
-BOND ELECTION.
-An election will be
land), Houston County, Tex.
$16,928,107
Net bonded debt
held on Feb. 20 to vote on the question issuing $25,000 6% school bldg.
13,009,964
Floating and temporary indebtedness
bonds. W. L. Smith, Secretary, Board of Education.
GREEN TOWNSHIP RURAL SCHOOL DISTRICT, Wayne County,
829,938,071
Total
-Bids for the purchase at not less than par Assessednet debt
-BOND OFFERING.
Ohio.
valuation-Real property, including improvements_ _412,715,131
and Interest of $50,000 551% coupon school building bonds will be received
52,794,795
Personal property
until 1 p. m. March 7 by G. U. Baumgardner, County Superintendent
Denom.
of Schools (P.O. Wooster). Auth., Sec. 7630-1. General Code.
5465,509,926
Total
$1.000. Date March 1 1923. Prin. and semi-ann. int.(A. & 0.) payable Tax rate fiscal year 1922
534.48
at the Farmers Sr Merchants Bank of Smithville. Due $2,000 in even
The proceeds of the sale of $3,100.000 tax revenue bonds will be applied
years and $3.000 in odd years beginning Oct. 1 1924, the last coming to the payment of a like amount of floating and temporary indebtedness.
due Oct. 1 1943. Certified check on a solvent bank vr trust company and the issuance of the said bonds will not therefore increase the city's debt
for 2% of amount of bonds bid for, payable to the Board of Education,
-BOND SALE.
KALAMAZOO COUNTY (P. 0. Kalamazoo), Mich.
required. Bids must be made on blanks furnished by the County SuperinThe $202,000 Assessment District Road Nos. 10, 38, 41 and 42 bonds which
tendent of Schools.
-An were offered for sale on Feb. 8 (V. 116, p. 438) were awarded to W. L.
ELECTION.
County, Texas.
-BOND
GREENVILLE, Hunt
Slayton & Co. of Toledo as 5s for $202,673 74 (100.333) and interest.
election will be held on March 19 to vote on the question of issuing $65,000 Due serially from one to ten years.
water extension and $20.000 sanitary sewer bonds.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
-The $50.000 County, Mo.-BOND OFFERING.
-BOND SALE.
GREER, Greenville County, So. Caro.
-E. F. Swinney, Treasurer Board of
street impt., $10,000 funding, $10,000 water works and $5,000 sewerage School Directors, will receive sealed bids until 11 a. m.Feb.27for $1,000,000
bonds offered on Feb. 10(V. 116. p. 642) were awarded to the First National 434' school bonds. Date Jan. 11923. Prin. and semi-ann. int. (J. &J.)
Bank of Greer, as 5s at par.
payable in Now York. Due Jan. 1 1943. A certified check for 5% of
-The Canal- the face value of bonds, required. Legality approved by John C.Thomson,
-BOND SALE.
GULFPORT, Harrison County, Miss.
Commercial Trust & Savings Bank. Sutherlin, Barry & Co.. Inc. and the New York City.
Whitney-Central Trust Co.. of Nop Orleans, have purchased /3175,000 551%
KNOX COUNTY COMMON SCHOOL DISTRICT NO. 16, Texas.
school bonds. Denom. $1,000. Date Feb. 1 1923. Prin. and sem-i BONDS REGISTERED.
-The State Comptroller of Texas registered $4.000
ann. int. (F. & A.), payable at the National Bank of Commerce. N. Y. 6% school bonds on Feb. 8.
City. Due $7,000 yearly on Feb. 1 from 1924 to 1948. inclusive.
-BOND OFFERING.
-11. 0.
LAKEWOOD,Cuyahoga County, Ohio.
-Sealed
-BOND OFFERING.
HAMILTON, Butler County, Ohio.
. Guild, Director of Finance, will receive sealed bids until 12 m. March 5
proposals will be received by Ernest E. Erb, City Auditor until 12 111 , for the following 514% special assessment bonds:
March 20 for the purchase at not less than par and interest of $96,511 70
Owego Ave. bonds. Denom. 2 for $1.113 each and 11 for $1,114
5% funding bonds. Dated Dec. 1 1922. Denom. to suit purchaser. $10,024 each. Duo $1,113 on Oct. 1 in 1923 and 1924 and $1,114 Oct. 1
Int. semi-annually (J. & D.). Principal payable at the City Treasurer's
1925 to 1931 Inclusive.
office. Due $9,651 17 yearly on Dec. 1 fom 1924 to 1933,incl. A certified
5,760 Olive Ave. bonds. Denom. $1,152. Due $1,152 on Oct. 1 from
check for 5% of the amount of bid, payable to the City Treasurer is required.
1924 to 1928 Inclusive.
-BOND SALE.1,218 Alger Road bonds. Denom. 1 for $218 and 4 for $250 each.
HAMILTON COUNTY (P. 0. Nobelsville), Ind.
Due $218 Oct. 1 1924 and $250 on Oct. 1 in 1925, 1926, 1927 &1928.
The $10,000 454% John Rupe road, White River Twp., bonds, which were
Date March 5 1923. Prin. and semi-ann. int. (A. & 0.) payable at the
offered for sale on Feb. 10(V. 116, p.539), were awarded to the City Trust
Co. of Indianapolis at par and bit. Dated Feb. 10 1923. Due each 6 office of the Director of Finance. A cert. check for 5% of the amount bid
for, payable to the above city, is required. All bids must include accrued
months beginning May 15 1924. Int. M.& N. 15.
interest.
-BOND OFFERING.
HANCOCK COUNTY(P.O. Greenfield), Ind.
-BOND OFFERING.
LAKEWOOD, Cuyahoga County, Ohio.
Bids will be received by James L. Allen. County Treasurer, until 10 a. m.
of Finance, until
Feb. 19 for the purchase .of $11,740 45.4% Wrignt and Wickard et al., Sealed bids will be received by A. 0. Guild, Director than par
°Center Twp.raod impt. bonds. Date Jan. 15 1923. Denom. $587. Int. 12 m.(Eastern Time) March 5 for the purchase at not leas5 1923. and int.
Denom.
% special assessment bonds. Dated March
M.& N. Due $587 each 6 monthsfrom May 15 1924 to Nov. 151933.incl. of$22,3505and 4 for 54,500. Principal and semi-annual interest(A.& 0.),
1 for $4,350
HANCOCK SCHOOL DISTRICT (P. 0. Hancock), Houghton payable at the office of the Director of Finance. Due on Oct. 1 as follows:
-BOND SALE HELD UP.
-It is reported that the district, $4,350 1924, 54,500 1925 to 1928, incl. A certified check for 5% of the
County, Mich.
because of litigation, has not been able to complete the sale of the $275,000 amount of bonds, payable to the city of Lakewood is required.
5% school building bonds, which were awarded to John Nuveen & Co. on
LAKEWOOD CITY SCHOOL DISTRICT (P. 0. Cleveland), CuyaNov. 21-V. 115. p. 2605.
-BOND OFFERING.
-Bids will be received by
hoga County, Ohio.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO, 25, Nassau G.-W. Grill, Clerk of Board of Education, until 7:30 p. m. (Cleveland
-On Feb. 15 Lampert, Barker & Jennings, Time) Feb. 26 for the purchase at not less than par and interest of all or
-BOND SALE.
'County, N. Y.
% coupon any part of $350,000 4(% coupon school improvement bonds. Auth..
Inc.,of New York,were the successful bidders for the $175,000
(with privilege of registration as to principal only, or as to both prin. and Secs. 2294 et seq. and 7625 et seq., of the General Code. Date March
int.) school bonds, offered on that date (V. 116. p. 539) at 104.028 a basis 15 1923. Denom. $1,000. Int. (A. & 0.) payable at Cleveland Trust
of about 4.20%. Date Mar. 1 1923. Due yearly on Mar. 1 as'follows: Co. of Cleveland. Due $17,000 yearly on Oct. 1 from 1924 to 1943 incl.,
and $10,000. Oct. 1 1944. (Average life about 11.2 years.) Certified
$5,000, 1927 to 19.51, incl., and $10,000. 1952 to 1956, inclusive.
Other bidders were:
check on a national bank or trust company for 5% of the amount bid for,
Price Bid. payable to the Treasurer of the Board of Education, required. These
Name.
$180,040 00 are part of a total issue of $700,000 which was authorized on Nov. 7.
Sherwood & Merrifield. New York
175,000 00 1922 by 9,145 to 3,001. Official announcement states that there is no
First National Bank. Freeport, L. I
175,241 97 litigation pending or threatened against this or any other issue of bonds
W. A. Green & Co
50,000 00 of this district and that this district has never defaulted in any of its
(on $50,000 only)
Freeport Bank
178,902 50 obligations.
Union National Corporation. N. Y
178,300 00
Clinton H. Brown & Co
,
-Bids will be received by G. W. Grill, Secretary
BOND OFFERING.
179,482 00 Board of Library Trustees, at 15425 Detroit Avenue, Lakewood, until
Parson. Son & Co., N.Y
178,570 00 8 p. m. Feb. 27 for the purchase at not Ihss than par and interest, of
Robt.8. Ross and H.L. Allen & Co.(Jointly)
• Geo. B.Gibbons & Co. Inc. N.Y.
179.497 50 5150,000 5% school bonds. Auth., Sec. 4007, 229.5-9, 7635, 5649
-lb.
- Gen. Code. Denom. $1,000. Date April 1 1923. Prin, and semi-ann.
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
The temporary loan of $500,000 offered on Feb. 13 (V. 116 p. 643) was int. (A. & 0.), payable at the Guardian Savings & Trust Co., Cleveland.
awarded to the First National Bank of Boston on a 3.94% discount basis. Due $10,000 yearly on Oct. 1 from 1924 to 1938, incl. A cert. check drawn
Notes are dated Feb. 13 and mature Nov. 7 1923.
on some solvent national bank or trust company,for 5% of amount of bonds
HOT SPRINGS, Fall River County, So. Dak.-BOND OFFERING.
- bid for, payable to the.aboye official is required. Bonds to be delivered
Bids will be received until 7:30 p. m. Feb. 26 by J. A. Pfeller, City Auditor, to purchaser at the Guardian Savings & Trust Co., Cleveland.
for $75,000 554% sewer bonds. Date Dec. 1 1922. Int. semi-ann. Due
Financial Statement.
on Dec. 1 as follows: $6,000, 1932 and 1933, and 57,000, 1934 to 1942 incl. Assessed tax valuation for 1922-1923
A cert. check for 5% of amount of bonds bid for, payable to the City Estimated actual value of taxable property
Treasurer, required.
.
Estimated value of property of Board of Education
ILLINOIS (State of).
850
,880
-BOND OFFERING.
-Until 9:30 a. m. Feb. 20 Bonds outstanding issued by the Board of Education, not5107607.:816858:0
3,801,000
Cornelius R. Miller, Director of Dept. of Public Works and Buildings, will
including this issue
receive sealed bids for the purchase of$6.000,000 4% coUpon (with privilege Tax rate, 1922, for all purposes, $100
of registration) highway bonds. Denom. $1,000. Date March 1 1923. Tax rate, 1922, for school purposes, including State school taxPrincipal and annual interest March 1) payable at the State Treasurer's
84521the
Population, 1900, 3,355; 1910, 15,181: 1920, 41,732. The gain in 4630
office and in New York and Chicago. Due $1,000,000 yearly on March 1 last decade was 175%. Present population, estimated, 52,000.
from 1938 to 1943,incl. Certified check for 2 of amount of bonds bid for,
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 7, Texas.
payable to the State Treasurer. required.
-BONDS REGISTERED.
-On Feb. 10 the State Comptroller of Texas
ISLAND COUNTY (P. 0. Couperville), Wash.
-The
-BOND SALE.
-year school bonds.
drainage bonds offered on Feb. 5(V. 116. p. 435) were awarded to registered $3,000 6% 1-20
$22,000
LIBERTY TOWNSHIP SCHOOL DISTRICT NO. 1, Yadkin
Jonn E. Price & Co. of Seattle, and A. F. Berkenholz of Clinton, as 6s
County, No. Caro.
-J. A. Logan, Secretary Board
-BOND OFFERING.
at 94.57.• Denom. $100. Int. semi-ann. Due in 15 Years.
-The of Trustees (P. 0. Yadkinville) will offer at public sale, at 12 m. Feb. 24.
-BOND SALE.
ITASCA COUNTY (P. 0. Grand Rapids), Minn.
5% road bonds offered on Feb. 6(V. 116, p. 539) were purchased $15.000 school bonds. Date April 1 1923. Int. rate not to exceed 6%.
$38,000
-Dickey Co of Minneapolis at par plus a premium of o1,498 60, Due on April 1 as follows: $500, 1926 to 1949 Incl.; 151,000, 1950 to 1952
by the Wells
equal to 103.94, a basis of about 4.53%. Date Oct. 1 1922. Due on incl. A deposit of 2% of the face value of bonds required.
Oct. 1 as follows: $10,000, 1932 to 1934. incl., and $8,060, 1935.
-On Feb. 9 the following
LIMA, Allen County, Ohio.
-BOND SALE.
-The First Na- two issues of 5% special assessment sewer bonds offered on that date
JACKSON, Breathitt County, Ky.-BOND SALE.
-were awarded to Breed, Elliott & Harrison and the Title
tional Bank of Jackson has purchased the $25,000 6% gold water works V. 116, p. 320
GOETHE AND LAWTON TOWNSHIPS, Hampton County, So.
-BOND OFFERING.-Sealed bids will be received until 11 a. m.
Caro.
Mar. 3 by Hugh 0. Hanna, District Attorney (P. 0. Estill), for $75,000
coupon road bonds. Denom. to suit purchaser. Int. rate not to exceed
6%. A cert. (or cashier's) chock for $1,000, payable to the above official,
required.
GRAFTON SCHOOL DISTRICT (P. 0. Grafton), Walsh County,
No. Dak.-PURCHASER-DESCRIPTION.-The purchaser of the $15,000
-was the Merfunding and $25,000 warrants recently sold-V. 116, p. 539
chants Trust & Savings Bank of St. Paul. The bonds are described as
-J. Due Jan. 11933.
follows: Denom. $1,000. Date Jan. 1 1923. Int. J.
GRAND ISLAND SCHOOL DISTRICT (P. 0. Grand Island),
-At the election held on
Hall County, Neb.-BONDS DEFEATED.
-the proposition to issue $400.000 school bonds
Feb. 1-V. 116. p. 319
failed to carry by a vote of 577 for" to 795 "against.
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids),
-The following are the bids received on
-BIDS.
Kent County, Mich.
Feb. 5 for the $675,000 454% coupon school bonds:
$684,427 50
Old Colony Trust Co., Boston *
683,032 50
Eldredge & Co., New York
Michigan Tr. Co.. Grand Rapids. and Detroit Tr. Co., Detroit_ 682,866 00
etroit; Northern Trust Co., Chicago, and
Security Trust
681,986 00
Co..do., Inc., Chicago
A. B. Leach &
681.426 00
Harris, Small & Lawson. Detroit
681.280 00
First Trust & Savings Bank, Chicago
Wm. R. Compton Co. and Harris Tr. & Savings Bank, Chicago 681,277 77
681,075 00
Prudden & Co., Toledo
Fenton Davis & Boyle, Grand Rapids, and Bankers' Trust
680,933 25
Co., betroit
680,872 50
Blyth, Witter & Co.. Chicago
680,434 50
Halsey. Stuart & Co., Inc., Chicago
680,339 25
B. J. Van Ingen & Co., New York
680,231 50
Taylor, Ewart & Co., Chicago
679,253 00
Keane. Higbie & Co., Detroit
Stacy & Braun, Toledo
bid
All the above bidders offered accrued interest. A conditional
of 100.529 and interest for 58 was submitted by R.L. Day & Co. of Boston.




FEB.17 1923.]

THE CHRONICLE

Guarantee & Trust Co. of Cincinnati and R. M. Grant & Co. of N. Y.,
on a bid of $730.397 43, equal to 101.549, a basis of about 4.75%:
$581,700 South Main Street and Watt Town relief sewer (contract No. 11)
bonds. Denom. $1,000, except one for $700. Due yearly on
Jan. 15 as follows: 648,000. 1925 to 1931, incl.; $49,000, 1932 to
1935, incl., and $49,700, 1936.
137,550 Bellefontaine Ave. relief trunk sewer (contract No. 11) bonds.
Denom. $1,000. except one for $.550. Due yearly on Jan. 15 as
follows: $5,550. 1925, and $12,000, 1926 to 1936. incl.
Date Jan. 15 1923. Prin. and semi-ann. Int. (.1. dr J.) payable at the
depository office of the Sinking Fund Trustees in Lima.
A complete list of the bids follows:
BiddersTotal Premium. Rate.
Title Guarantee & Trust Co.,Cincinnati
it M.Grant & Co., Chicago
811,147 43
101.549
Breed, Elliott & Harrison, Cincinnati
Stacy & Braun,Toledo
8,344 00
101.16
Halsey, Stuart & Co., Chicago
Otis& Co., Cleveland
Curtis & Sanger, New York and Boston
7,767 90
101.08
Hannah,Bailin & Lee, New York
Sidney Spitzer & Co.,Toledo
Well & Roth & Irving Co., Cincinnati
1.24775
100.17
Seasongood & Mayer. Cincinnati
Provident Savings & Trust Co.,Cincinnati
LINCOLN COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Hugo),
-BOND ELECTION
Colo.
-BOND SALE.
-The U. S. National Bank of
Denver and Crosby, McConnell & Co., both of Denver. have jointly purchased $48.000 44% school bldg. bonds at 100.16, plus all legal expenses
and cost of blank bonds, subject to being voted at an election to be held
soon.
LINCOLN COUNTY (P. 0. Troy), Mo.-BOND SALE.
-The
5% Series"0" road bonds offered on Feb. 6(V. 116. p. 643) were6200.000
awarded
to the Mississippi Valley Trust Co.of St. Louis, at 105.64. Date Feb. 1
1923. Due serially on Feb. 1 from 1930 to 1943, inclusive.
LINDENHUFtST FIRE DISTRICT (P. 0. Lindenhurst), Suffolk
County, N. Y.
-BOND OFFERING.
-Bide for the purchase at not less
than par and interest of 635,000 coupon fire house bonds, to bear interest
at no more than 6%, will be received until 8 p. m. Feb. 23 by August
Voldenauer, Treasurer of the Board of Directors. Denom. 81,000. Date
Dec. 11922. Prin. and semi-ann. Int. payable
the First National Bank
of Lindenhurst in New York exchange. Due at
115,000 yearly
from 1926 to 1932 incl. Cert. check on an incorporated bank oron April 1
trust company, for 5% of amount of bonds bid for, payable to the Treasurer, required.
LOGAN CITY SCHOOL DISTRICT (P. 0. Logan), Hocking
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by
Rolland Bright, Clerk Board of Education, until 12 m. March 2 for the
purchase of $25.000 5% school bonds. Auth., Section 7630-1 of the
General Code, and a resolution passed by the Board of Education on
Dec. 15 1922. Denom. $1,000. Date March 1 1923. Int. (M. & S.)
payable at the District Treasurer's office. Due $1,000 yearly on March
1 from 1924 to 1948 incl. A certified check on a solvent bank, for 5%
of the amount of the bid required.
LOS ANGELES, Calif.
-NO AWARD MADE AS YET FOR THE
$2,000,000 BONDS.
-A special wire from our western representative
advises us that no award has been made as yet for the $2,000.000 water
works bonds offered on Feb. 13-V. 116. p. 540. The wire also states
that the First National Co. of New York submitted a bid of 101.94 and
the Chase Securities Corp. of New York one of 101.31.
LUQUILLO Municipality of), Humacao County, Porto Rico.
BOND OFFERING.
-Jose Camalpo. Commissioner of Public Service,
will receive sealed bids until 10 a. in. Feb. 28 for 390.000 coupon improvement bonds. Denom. $1,000. Date Jan. 1 1923. Interest rate not
to exceed 6%. Prin. and semi-ann. int. payable In Porto Rico. Washington, D. C.. or Now York. Due on July 1 as follows: $2,000. 1929
to 1939 Incl.; $3,000, 1940 to 1944 incl.; $4,000, 1945 to 1948 incl.:
1949 to 1954 Incl., and $7,000. 1955. A certified chock for 2%65.000.
of
par value of bonds, payable to the Commissioner of Finance, required. the
MADISON, Morris County, N. J.
-BOND SALE.
-On Feb. 12 the
issue of 414% coupon (with privilege of registration) grade-crossing and
improvement bonds offered on that date
-V. 116, p. 540
-was awarded to
J. G. White & Co. of Now York on a bid of $47,421 for $46,000 bonds,
equal to 103.089, a basis of about 4.28%. Date Sept. 11917. Duo yearly
on Sept. 1 as follows: $2,000, 1943; $5,000, 1944; $6,000, 1945 to 1950,
incl., and $3,000, 1951. Other bidders:
Name-Price Bid. Amt. Bonds.
Madison Trust Co., Madison
$47,073 00
N.J. Fidelity Plate Glass Insurance Co., Newark.. 47.15000 $46,000 00
47.00000
H. L. Allen & Co., New York
47,071 80 46,000 00
Harris, Forbes & Co., New York
47.791 00 47,000 00
Graham, Parsons & Co., New York
47,729 20 47,000 00
MANHAM, Richland Parish, La.
-BONDS VOTED.
-At an election
held on Jan. 4 a proposition to issue 8100,000 bonds for a high school bldg.
carried.
MARICOPA COUNTY (P. 0. Phoenix), Ariz.
-BOND SALE.
-James
N. Wright & Co. of Denver have purchased $110,000 road bonds.
MARION TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Chester.
hill) Morgan County, Ohio.
-BOND OFFERING -Sealed proposals
will be received by 0. L. Schofield, Clerk of the Board of Education.
until 1 p. m. (Standard Time) March 3 for the purchase at not less than
par and interest of $50,000 515% school bomb.. Auth., Section 76257628 of the General Code and a resolution passed by the Board of Education on Jan.22 1923. Denom.$500. Date March 11923. Int.semi-ann.
Duo yearly on Sept. 1 as follows: $2,500, 1924 to 1931 incl., and $2,000,
1932 to 1946 incl. A certified check for 2% of the amount bid for, upon
some solvent bank, payable to the Board of Education, required.
MARYLAND (State of).
-BIDS.
-The following is a complete
of the bids received at the offering on Feb. 8 of the two issues of list
415%
coupon (with privilege of registration) certificates of indebtedness, of
which $500,000 were awarded to the Merchants National Bank of Baltimore at 103.62. a 4.04% basis. and $587,000 later sold to the State Sinking
Fund Commissioners at par
-V. 116. P. 643:
Amount
Price
Bidder-Bid For.
Bid.
Proceeds.
First National Bank, N. Y., and
Stacy & Braun, N. Y.a
$1,087,000 101.22 $1,100,251 40
Lamport,Barker & Jennings, N. Y. a 1,087.000 1102.081 1,104,444 00
1101.20*
Geo.B. Gibbons & Co., Now York a_ 1,087,000
101.855
1.105.000 00
Safe Deposit & Tr. Co., Baltimore b.. 500,000 102.80
511.500 00
Graham, Parsons & Co.. Bankers Tr.
Co., and Eldredge & Co., N. Y. b.. 500,000 102.698
513,490 00
Barr Bros. & Co., New York b
500,000 102.767
513,835 00
Owen, Daly & Co. and National City
Co., Now York b
500,000 102.209
511,045 00
Alex. Broyrn & Sons b
500,000
101.523
507,615 00
Dillon, Read & Co. b
500,000
102.377
511,685 00
Bros. & Boyce b
Stein
500,000 102.2076
511,038 00
Guaranty Co.. N. Y., Wm.R. Compton Co.and Hambleton & Co. b_
500,000
102.157
510,785 00
Salto. Tr. Co., Mackubin, Goodrich
& Co. and Jenkins, Roland &
Dancy b
500,000 102.510
512,550 00
Nelson, Cook & Co., R. L. Day & Co.
500,000 102.292
and Remick, Hodges & Co. b
511,480 00
Eaultable Tr. Co. Redmond & Co.of
N. Y, J. 8. Wilson Jr. & Co., Jenkins, Whedbee & Poe and Con500,000 102.354
tinental Trust Co. b
511,820 00
Mercantile Tr. & Dep. Co., Baker,
500.000 102.35
Watts & Co.and Estabrook & Co. b
511,750 00
500.000
J. A. W.Iglohart & Co. b
101.7724
508.862 00
37,000 101.00
Baltimore Commercial Bank c
37,37000
500.000 103.62
Merchants National Bank b
518,100 00
•Separate bids; construction loan bid, 102.08: bridge loan bid, 101.20.
a Bid on both issues. b Bid on construction issue. c Bid on bridge issue
series L.




745

MARTINS FERRY SCHOOL DISTRICT (P. 0. Martins Ferry),
Belmont County, Ohio.
-BOND OFFERING.
-H. H. RiethmMer.
Clerk-Treasurer of the Board of Education, will receive bids until 3 p. m.
Mar. 15 for the purchase at not less than par and interest of $41,000 5%
school bonds issued under authority of Sec. 7625 to 7828, Incl., Gen. Code.
Denom. 81.000. Prin. and semi-ann. int. (M. & S.) payable at Martins
Ferry. Due yearly on Mar. 1 as follows: 62,000 1925 to 1943 incl., and
$1.000 1944, 1945 and 1946. Cert. check for $1,000 required.
MAUMEE, Lucas County, Ohio.
-BOND OFFERING.
-F. C. Lautzenheiser, Village Clerk, will receive bids until 12 In. March 5 for the
purchase at not less than par and interest of the following 6% street
Improvement bonds:
$27,970 Harrison Ave. improvement bonds. Denom. 1 for $220, 16
for 6500. 1 for $750 and 19 for $1,000. Due yearly on Sept. 15
as follows: $1,970. 1924: $3,000, 1925 to 1930 incl.. and $4,000.
1931 and 1932.
19,520 Conant St. improvement bonds. Denom. 1 for $450, 37 for
6500. 1 for $570. Due yearly on Sept. 15 as follows: 82.020.
1924: 62,000, 1925 to 1929 Incl., and
Date March 15 1923. Int. semi-ann. $2,500, 1930 to 1932 incl.
,
amount of bonds bid for, payable to the Certified check for 1% of
Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from date of award.
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.On Feb. 13 a temporary loan of $75,000. Issued in anticipation of revenue,
maturing Nov. 8 1923, was awarded to Harris, Forbes & Co. of Boston on
a 3.95% discount basis plus $1 25 premium.
MELLEN,Ashland County, Wisc.-BONDS NOT SOLD
-TO BE SOLD
PRIVATELY.
-The 324.000 5% 12
-year service bonds offered on
(V. 118, p. 643) were not sold as all bids received were rejected. Feb. 6
Date
Mar. 1 1923. The Finance Committee has been instructed
to dispose
of the bonds at a private sale.
MELROSE, Middlesex County,
-TEMPORARY
temporary loan of $75,000, maturingMass.15 1923, which LOAN.-Tho
Oct.
Feb. 12(V. 116. p. 643), was awarded to the First National was offered on
Bank of Boston
on a 3.97% discount basis plus $4 premium.
MESA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Palisades),
Colo.
-BOND ELECTION
-BOND SALE.
-Boettcher. Porter & Co. of
Denver have purchased $12.000 5(% 10-20-year
(opt.) funding bonds.
subject to being voted at an election to be held soon.
MICHIGAN (State of).
-BOND SALE.
-The
of road assessment district bonds offered on Feb.following three issues
were awarded to W. L. Slayton & Co. of Toledo as8-V. 116. P. 540
5145.
$20.000 Assessment District No.326, Branch County,
bonds.
21,000 Assessment District No.283, Hillsdale and Branch
counties, bonds.
23.000 Assessment District No.384, Calhoun and Branch
counties, bonds.
Due serially from 2 to 5 years.
MICHIGAN CITY SCHOOL CITY (P. 0. Michigan
City), Laporte
County, Ind.
-BOND OFFERING.
-Sealed
will
Board of School Trustees until 3 p. m. Feb. 24bidsthe be received by the
far
purchase of $200.000
5% school bonds. Date July 1 1923. Denom.
$500. Int. (J. & J.)
Bonds payable at the Merchants Nat.
of Michigan City. Due on
July 1 as follows: $15.000 from 1928 to Bankincl.;
1931
620,000, 1932 and 1933
incl., and $25,000 from 1934 to 1937 incl. A cert.
payable to the Board of School Trustees, is required. check for $10.000.
MINNEAPOLIS, Minn.
-BOND SALE.
-The
street improvement bonds offered on Feb. 14-V.116. 8914.890 25 special
p.435-were awarded
to Eldredge & Co. and the Bankers Trust Co. of New
York, and Wells
Dickey Co.of Minneapolis, as 4 34s at a premium of
$12.235,
Date March 1 1923. Maturing one-tenth and one-tw equal to 101.34.
entieth each year
thereafter, as the case may be, the last one being payable
March 1 1943.
BOND SALE.
-The Minnesota Loan
of
purchased the following two issues of park& Trust Co. an Minneapolis has
bonds offered
Feb. 14-V.116.
p. 540
-at par, plus a premium of $2,550, equal to 100.66.
a basis of
about 4.4770:
$100,000 5% bonds. Date May 1 1922. Due $10,000
yearly on May 1
from 1923 to 1932, Inclusive.
285,000434% bonds. Date Oct. 11922. Due $28,500
yearly on Oct. 1
from 1923 to 1932, inclusive.
BOND SALE.
-The Bankers Trust Co. and Eldredge
& Co. of
York and the Wells-Dickey Co. of Minneapolis
, have purchased New
the
following 434% bonds offered on
Feb. 14-V. 116. p. 320
-at 103.17, a •
basis of about 4.20%:
$1,000,000 school bonds.
I $30,000 library bonds.
50.000 water-works bonds.
25,000 refuse destructor bonds.
80.000 city hall bonds.
75,000 bridge bonds.
90,000 permanent inapt.
Date March 1 1923. Duebands.
845.000 yearly on March 1 from 1924 to
1953. inclusive.
MONTEZUMA COUNTY SCHOOL
DISTRICT NO.9 (P. 0. Lewis),
Colo.
-BOND SALE.
-Boettcher. Porter Se Co. of Denver have purchased
82.000 6% 15 -year (opt.) funding bonds.
-30
MONTGOMERY COUNTY(P.O.
-BOND SALE.
-The
Houston "Post" of Feb. 8 had the Conroe),Tex.
following to say regarding the sale of
$100.000 road bonds:
"One hundred four thousand, one
hundred forty-five dollars has been
received by County Judge W. H. Lee from
Sidney Spitzer & Co. of Toledo.
Ohio, being the amount of money
derived from the recent sale of $100,000
worth of Montgomery County road
bonds.
"The above company was the
highest bidder of several concerns, they
agreeing to pay par, accrued interst
and a premium of $3,268 60 for the
Issue.
"This money will be used in the
construction of a highway running north
and south through this county, which
will be built under the supervision of
the State and Federal Highway
Commissions, these organizations agreeing
to put a like amount to that of the
county for the purpose of building the
highway."
MORRISTOWN, Hamblen COunty, Tenn.
-BOND NOT SOLD.
-At
an offering of $124,300 street bonds
on Feb. 8 the bonds were not sold as
all bids received were rejected.
NAVAJO COUNTY SCHOOL DISTRICT
NO. 6 (P. 0. Taylor),
Ariz.
-BOND OFFERING.
-Wallace Ellsworth, Clerk Board of Supervisors, will receive sealed bids until
10 a. in. March 5
bonds. Date Jan. 15 1923. Denom.81,000 and 1 for $14,500 6% school
for $500. Due Jan, 15
1943, optional Jan. 15 1928.
County Treasurer, required. A certified check for 5%, payable to the
NEOSHO, Newton County, Mo.-PRIC
$65,000 5% sewer construction bonds awarded E-The price paid for the
as stated in V. 116,
Was par plus a premium of
$750. equal to 101.15. Denom. $1,000.p. 541,
Feb. 1 1923. Int. F. & A. Due serially.
Date
NEWBERG, Yamhill County, Ore.
-DESCRIPTION.
-The $13,643 75 6% impt. bonds awarded to the
United States National Bank of
Newberg as stated in V. 116, p.
$1,000 and one for $643 75. Date 321. are described as follows: Denom.
Dec. 11922. Int. J. & D. Due Dec.
1932, optional on any interest-paying date
one year after date of issue. 1
NEWMAN GROVE, Madison County,
Nab.
-BOND SALE.
T. Wachob & Co. of Omaha have
-James
offered on Feb. 9-V. 116, p. 541 purchawd the $60,000 Paving bends
-taking
534s at par plus a premium of $670, equal $24,000 as 5s and 636,000 as
to 101.11.
NEWPORT NEWS Warwick
Roth & Irving of Cincinnati have County, Va.-BOND SALE.
-Weil.
5% coupon bonds offered on Feb.purchased the following three issues of
-at a premium of
$23,700, equal to 107.90, a basis of 12-V. 116, p. 436
about 4.57%.
$150.000 publlc school bonds. Due
100.000 sanitary sewer bonds. DueMarch 11968.
March 1 1953.
50.000 street impt, and sanitary
sewer bonds. Due March 1 1953.
Date March 1 1923.
BOND OFFERING.
-J. L. FIcklen, City Clerk, will receive sealed bids
until 2 p. m.Feb.26 for
8150,0005% coupon school bonds. Denom.$1,000
Date March 1 1923. Prin. and
semi-ann. int.(M. & S.). payable at the
National City Bank, N. Y.
by John C.Thomson, N.Y.City, Due March 11958. Legality approved
City. A certified check for 2% of the par value
of the bonds, payable to the
City, required.
NEWTON, Middlesex County,
-BIDDERS.
-Other bidders for
the two issues of 4% coupon (withMass.
registration) bonds aggre- ,
Eating $310.000, which on Feb. 9 privilege of
Boston at 101.42, a 3.78% basis (V.were awarded to Edmunds Bros. of
116, p. 644). were:

746

THE CHRONICLE

Price Bid.
Name101.02
Blodget & Co
101.011
Wise, Hobbs & Arnold
100.93
Harris. Forbes & Co., Inc
100.93
Old Colony Trust Co
100.909
Newton Trust Co
100.713
R. M. Grant & Co
Brown Bros. & Co. and
Stacy & Braun, jointly-100.427
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND OFFERING.
Etta G. Hess. County Treasurer, wi I receive bids until 11 a. m. Mar. 15
for the purchase at not less than par of the following 5% road bonds:
$14.450 Edward Sinks et al. Beaver Twp. bonds.
12,600 Wilson Potts et al. Beaver Tarp. bonds.
14,100 Walter Hadden et al. Lake and McClellan Twps. bonds.
18,000 Michael Duffy et al. Colfax Twp. bonds.
16,140 Samuel Butts et al. Colfax Twp. bonds.
Date Feb. 5 1923. Int. M. & N. 15. The first three issues mature
serially for 10 years,the other two 15 years.
NIAGARA FALLS, Niagara County, N. Y.
-BOND OFFERING.
Edwin J. Fort, City Manager, will receive sealed bids until 10 a. m. Feb.
21 for the following 45i% coupon bonds, aggregating $833,987:
$485.500 school bonds. Denom. 11.000 and $500. Due on Feb. 1 as
follows: 1'40.000, 1946 to 1951 inclusive; $50,000, 1952 to
1954 inclusive, and $95,500, 1955.
164,957 water Ponds. Denom. $1,000 and $957. Due on Feb. 1 as
follows: $32,000, 1941 to 1944 inclusive and $36,957, 1945.
73,560 repaving bonds. Denom. $1.000 and $1,560. Due on Feb. 1 as
follows: $15,000, 1932 to 1935 incl., and $13,560. 1936.
55.490 sewer bonds. Denom. $1,000 and $1,490. Due Feb. 1 1939.
39.480 bridge bonds. Denom. :*1.000 and $1,480. Due Feb. 11938.
15,000 grade crossing bonds. Denom. $1,000. Due Feb. 1 1937.
Data Feb. 1 1923. Prin. and semi-ann. int. payable at the Hanover
National Bank, N. Y. City. A certified check for $20.000, payable to the
City Clerk, required. Legality approved by Clay & Dillon, N. Y. City.
-Morten
NOBLE COUNTY(P.O. Albion), Ind.
-BOND OFFERING.
P. Thomas, County Treasurer, will receive sealed bids until 2 p. m. Feb. 19
for the purchase at not less than par and accrued int. of the following 5%
coupon township road unit bonds:
$8,360 Fred Domer et al. road Elkhart Tern. bonds. Denom. $418. Due
2 bonds each year for a period of 10 years.
25,600 William Appleman et al. road Wayne Tern. bonds. Denom. $640.
Due 2 bonds each year for a period of 20 years.
19,760 Freedom L. Gandy et al. road Noble Twp. bonds. Denom. $494.
Due 2 bonds each year for a period of 20 years.
9.720 Frank Howard et al. road Washington Twp. bonds. Denom. $486.
Due 2 bonds each year for a period of 10 years.
13,200 Edward Gump et al. road Swan Twp. bonds. Denom. $660.
Due 2 bonds each year for a period of 10 years.
17,200 Clarence Leiter et al. road Swan Twp. bonds. Denom. $430.
Due 2 bonds each year for a period of 20 years.
Date Feb. 15 1923. Int. M. & N. 15.
-On Feb. 7 a
NOCONA, Montague County, Tex.
-BONDS VOTED.
proposition to issue $50,000 6% sewer bonds carried by a vote of 151 "for'
to 70 "against" at an election held on that date.
-On Apr. 3
NORFOLK,Madison County, Nebr.-BOND ELECTION.
an election will be held to vote on the question of issuing $10,000 city hall
bonds.
-An election
NORFOLK, Norfolk County, Va.-BOND ELECTION.
will be held on Feb. 20 to vote on the question of issuing $200,000 market
bonds.
NORTHAMPTON,Hampshire County, Mass.
-TEMPORARY LOAN.
-On Feb. 10 the temporary loan of $200,000 issued in anticipation of revenue. dated Feb. 12 and maturing Oct. 24 1923(V. 116. p. 644), was awarded
to Grafton Co. of Boston on a 4.08% basis, interest to follow.
-During the
IIINORTH BEND, Dodge County, Nebr.-BOND SALE.
month of January the State of Nebraska. purchased $30.000 5% District
paving bonds at par. Date Oct. 1 1922. Duo Oct. 1 1942; optional 1
year after date.
NORTH BRANCH, Chisago County, Minn.
-BOND OFFERING.
Bids will be received by C. R. Swenson, Village Clerk, until S p. m. Feb.
19 for 160,000 5% water works bonds. Date Feb. 1 1923. Denom.
$1,000. Int. F. & A. Duo $6,000 yearly on Feb. 1 in each of the years
from 1934 to 1943. incl. A cert. check for 10% of amount bid for, payable
to the Village Treasurer, required. The village will furnish blank bonds
and approving opinion et Ambrose Tighe, St. Paul.
NORTH PLATTE, Lincoln County, Nebr.-BOND .SALE.
-The
State of Nebraska, purchased $122,000 6% District paving bonds at par
during the month of January. Date Sept. 1 1922. Due Sept. 1 1932;
optional any time.
OAKLAND, Burt County, Nebr.-BOND SALE.
-During the month
ef January the State of Nebraska, purchased $68,579 76 5% District paving bonds at par. Date Jan. 271923. Due Jan. 27 1942; optional any time.
OGDENSBURG, St. Lawrence County, N. Y.
-BOND SALE.
-On
aving bonus offered on that date
May 8 of last year the 829.865
-V.114.
-were awarded to the 0 ensburg Bank at par. Denoms.$1,852 23
p.2049
and $1,504 76. Date May 1 1922. Int. M.& S. Due $14,817 84 Sept. 1
1929 and $15.047 60 Sept. 1 1931.
ONEIDA, Madison County, N. Y.
-BOND SALE.
-On Feb. 13 the
following two issues of 43.5% bonds, offered on that date (V. 116, P. 644)
were awarded to Sherwood & Merrifield of New York at 100.777 and int.,
a basis of about 4.34%:
$47,561 80 paving bonds. Denoms. $1,000 and $756 18. Due $4.746 18
yearly on Mar. 1 from 1924 to 1933, incl. Cert. check for
$2.000 required.
2,256 80 sewer bonds. Denom.$225 68. Due $225 68 yearly on Mar. 1
from 1924 to 1933, incl.
Date Mar. 1 1923. Other bidders, both of New York, were:
For Both
For Paving
Issues.
Bonds.
100.15
Union National Corporation
Geo. B. Gibbons & Co., Inc
-BOND SALE.
ORANGE CITY, Sioux County, Iowa.
-The $45,000
electric light bonds offered on Feb. 9-V. 116, p. 541-were awarded to
Geo. M. Bechtel & Co. of Davenport as 55 at a premium of $603, equal to
101.34. Denom. $1.000 and $500. Date Feb. 1 1923. Int. F. & A.
Due yearly from 1025 to 1942.
-BOND SALE.
ORANGE COUNTY (P. 0. Paoli), Ind.
-The 2 issues
of road bonds which were offered for sale on Feb. 5 (V. 116, p. 321) were
awarded as follows:
$5,900 5%, J. A. Martin et al.. County Line road bonds to Orange County
Bank of Paoli, for $5,995, equal to 101.61, a basis of about 4.695.
Denom. $295.
434% Orleans and Liberty road bonds to Paoli State Bank of
18.600
Paoli, at par. Denom. $930.
Date Feb. 5 1923. Int. M.& N. 15. Due one bond of each issue each
6 months from May 15 1924 to Nov. 14 1933, inclusive.
OZAUKEE COUNTY (P. 0. Port 'Washington), Wis.-BOND
-John Bichler, County Clerk, will receive sealed bids until
OFFERING.
10 a. m. March 7 for $160.000 5% road improvement bonds. Date April
Due on April 1 as follows: $60,000 1924 and $50,000 1936 and 1942.
1923.
A certified check for $1,000 required.
Price Bid.
NameE.H. Rollins&Sons, Eldredge
& Co., Nat. City Co., jtly_101.41
Curtis & Sanger and Blod101 321
get & Co., jointly
R.L. Day & Co.and Merrill.
101.199
Oldham & Co.. jointly
101.039
Estabrook & Co

-BOND SALE POSTPONED.
PENNS GROVE,Salem:County, N. J.
The sale of E50,000 5% coupon street improvement bonds, which was to
taken place on Feb. 13 (V. 116. p. 205) has been postponed. All
have
bids received on Feb. 13 were returned unopened.
-BOND SALE.
-On Feb. 14 the city awarded
PHILADELPHIA, Pa.
coupon (convertible) bonds,for which bids
the 18.000,0004% registered and
date (V. 116, p. 321). to a syndicate composed of
were received on that
Drexel & Co., Philadelphia: Brown Bros. & Co.. Philadelphia: the Guaranty
Co. of New York and Union Trust Co. of Pittsburgh. on a bid of 101.09567
for all or none, a basis of about 3.94%. Date Feb. 1 1923. Due Feb. 1
1953. The successful syndicate is now offering these bonds to investors




[Vor.. 116.

at prices to yield about 3.88%,in an advertisement appearing on a previous
page of this Issue. A complete list of the bids received follows:
Bid.
Amount.
NameDrexel & Co.. Phila.; Brown Bros. & Co., Phila.;
101.09567
Guaranty Co. of New York, and Union Trust $8.000,000
(All or none)
Co.of Pittsburgh
First National Bank of N. Y.; Harrison. Smith &
Co.. Phila.; Wm, R. Compton Co., Phila.;
100.38
Hallitarten & Co.. Phila.; West & Co.. Phila.;t$S.000.000
Biddle & Henry. Phila.; Edw. B. Smith & Co.. (All or none)
Phila.; W. H. Newbold's Son & Co.: Redmond
& Co., Phila., and E. Lowber Stokes & Co..
Philadelphia
100 & int.
100,000
Commercial Trust Co., Philadelphia
100
1,000.000
Central National Bank of Philadelphia, Phila
100.27
700,000
Charles Fearon & Co., Philadelphia
100
100,000
West End Trust Co., Philadelphia
100
10,000
Jonathan Coal Mining Co. Philadelphia
100
20,000
Philadelphia Trust Co.. Philadelphia
100
17,000
William V. Sonuner, Philadelphia
Ponca), Kay County, Okla.
PONCA SCHOOL DISTRICT (P. 0.
-An election will be held on Feb. 20 to vote on the
BOND ELECTION.
question of issuing $119,000 5% school building bonds.
PORTAGEVILLE, New Madrid County, Mo.-BONDS DEFEATED.
-At an election held on Jan. 30 a proposition to issue $40,000 water-works
bonds failed to carry.
-The $16.000
PRESHO, Lyman County, So. Dak.-BOND SALE.
6% electric-light-plant bonds offered on Feb. 5 (V. 116, p. 321) were
awarded to McNear, Hooter & Co. of Minneapolis at par plus a premium
of $689 50. equal to 104.309, a basis of about 5.61%. Date Feb. 1 1923.
Due Feb. 1 1943.
-At the election.
PRIMROSE, Boone County, Neb.-BONDS VOTED.
-the proposition to issue $3,500 electric
held on Feb. 9-V. 116, p. 436
- At the
light-system bonds carried by a vote of 56 "for" to 26 "against.
same time an issue of $8,000 electric-light-transmission line bonds carried
by a vote of 54 "for" to 28 "against"
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac), Ind.
Bids will be received by A. B. Diggs. County Treasurer, until 3 p. m.
Feb. 26 for the purchase at not less than par of $6.300 5% coupon Jefferson
White Post, Salem and Beaver Townships, William Koster, et al., gravel
road bonds. Dated Feb. 15 1923. Denom. $315. Int. M. & N. 15.
Due $315 each 6 months from May 15 1924 to Nov. 15 1933 incl.
-R,M. Grant
RADFORD, Montgomery County, Va.-BOND SALE.
& Co.. Inc., of New 'York have purchased $135,000 5% coupon (with privilege of registration) general improvement and school bonds at par. Denom.$1,000. Date Jan. 11923. Prin. and semi-ann.int.(J.& T.) payable
In N. Y. City. Due Jan. 11953.
-At a recent
RAMONA, Lake County, So. Dak.-BONDS VOTED.
special election the voters authorized the issuance of $42.500 school bldg.
to 92 "against." The "Argus-Leader" of
bonds by a vote of 133 "for"
Feb. 7 says: "These bonds had previously been voted several years ago,
but the election was declared illegal and it was necessary to hold another
one."
RANDOLPH TOWNSHIP SCHOOL DISTRICT (P. 0. Dover
-The issue of
-OFFERED.
-BONDS RE
R. F. D.), Morris County, N. J.
$30,000 coupon school bonds offered unsuccessfully as 4Hs on Jan. 20
-V. 116. p. 436 and 541-is being re-offered on Feb. 24 at 5%. Charles
Coe, District Clerk, will receive sealed proposals until 2:30 p. m. on that
date. Denom. $1,500. Prin. and semi-ann. Int. (J. & J.) payable at the
Dover Trust Co. of Dover. Date Jan. 1 1923. Due $1,500 yearly on
Feb. 1 from 1924 to 1943 incl. Certified check on an incorporated bank
or trust company for 1% of bid required.
-Sealed bids will.
RAYNE, Acadia Parish, La.-BON11 OFFERING.
be received until 10 a. m. Feb. 27 by the Town of Rayne for $90,000 water
and electric light system impt. bonds.
-The fol-BIDS.
REDONDO BEACH, Los Angeles County, Calif.
lowing is a list of the bids received for the $125,000 5% municipal park
acquisition and impt. bonds on Feb. 5:
Premium.
Premium.
$3,680 00
*Citizens' National Bank_ -$4.273 75 M.H.Lewis & Co
1,310 00'
4.07950 California Company
Wm.R.Stoats Co
1,252 00
3,475 50 First National Bank
R. H. Moulton & Co
1.27500
G. G. Blymyer & Co
All of the above bidders are located in Los Angeles.
* Successful bid: for previous reference to same see V. 116, p. 645.
RICEVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Rice-BOND ELECTION.
yule), Mitchell and Howard Counties, Iowa.
An election will be held on March 9 to vote on the question of issuing school.
bonds in an amount not to exceed $70,000.A. G. Dunton, Secretary of the
Board of Directors.
-BOND SALE.
-The following
RIDGEWOOD, Bergen County, N. J.
two issues of 4 Si% bonds which were offered for sale on June 6 of last year
-were disposed of on June 13 as follows:
-V. 114, p. 2395
$136,000 general improvement bonds to the First National Dank of Ridgewood,to 100.612, a basis of about 4.44 o
for 1136.833 33, equal
Due yearly on June 1 as follows: $4,000 from 1923 to 1931.
inclusive, and $5,000 from 1932 to 1951. Inclusive.
110,000 assessment bonds to J. S. Rippel & Co. of Newark for $110,095,
equal to 100.086, a basis of about 4.48%. Due yearly on June 1
as follows: $12,000 from 1923 to 1929 incl. and $13,000 in 1930'
and 1931.
Denom.$1,000. Date June 11922. Prin. and semi-ann. int. (J. & D.)
payable at the Citizen's National Bank, Ridgewood.
-Wilbur Morris, Village Clerk, will receive sealed'
BOND OFFERING.
bids until 8 p. m. Feb. 27 for the following 4%% coupon or registered'
more bonds of either issue to be awarded than will produce a
bonds, no
premium of $1,000 over the amount of the issue offered:
$228,000 assessment bonds. Denom. SLOW. Due on Jan. 1 as follows:
$26.000, 1924 and 1925, and 122,000. 1926 to 1933 inclusive.
39,000 sewer bonds. Denom. $1,000 and $500. Due on Jan. 1 as
follows: $1,500, 1924 to 1943 incl.; $2,000, 1944 to 1947 incl.,
and $1.000, 1948.
Date Jan. 1 1923. Prin and semi-ann. int. payable at the First National
Bank of Ridgewood. Legality approved by Hawkins, Delafield & Longfellow, N. Y. City. The bonds will be certified as to the genuineness by
the First National Bank of Ridgewood. A certified check for 2% or
amount of bonds bid for, payable to the Village Clerk, required.
ROBERSONVILLE GRADED SCHOOL DISTRICT (P. 0. Rober-BOND OFFERING.
sonville), Martin County, No. Caro.
-Sealed bids
will be received until 2 p. m. March 1 by H.0. Norman, Secretary Board
of School Trustees, for $40.000 5 % coupon school bonds. Date March 15
1923. Denom. $500. Due March 15 1943.
ROCHELLE SCHOOL DISTRICT (P.O. Rochelle), Wicox County,
-The Trust Company of Georgia, of Atlanta, has purGa.-BOND SALE.
chased $60,000 6% school bldg. bonds at 101.50. Denom, $1,000. Date
Sept. 1 1922. Int. M. & S. Due in 30 years; optional $2,000 yearly.
beginning Sept. 1 1932. Notice that this District had disposed of this issue
was given in V. 116, p. 542.
ROCHESTER, N. Y.
-NOTE OFFERING.
-Sealed bids will be received
by J. C. Wilson, City Comptroller, until 2:30 p. m. Feb. 19 for $150,000
overdue tax notes, as per ordinance of the Common Council of Jan. 23 1923.
Notes will be made payable eight months from Feb. 21 1923 at the Central
City, will be drawn with interest and will be delivUnion Trust Co., N.
Y.
ered at the Central Union Trust Co., New York. Bidders to state rate of
Interest designated denomination desired and to whom (not bearer) notes
shall be made payable.
ROCK RIVER CONSOLIDATED SCHOOL DISTRICT (P.O. Rock-The Harris Trust &
ford), Winnebago County, 111.
-BOND SALE.
Savings Bank of Chicago has purchased and is offering to investors at prices
to yield 4.60% an issue of $35,000 5% coupon school bonds. Denom.
$1.000. Date Feb. 11923. Prin. and semi-ann. int. (M. & N.) payable
at the Harris Trust & Savings Bank of Chicago. Duo yearly on May 1
as follows: 12,000 1924 to 1939 incl. and $3.000 1940.
ST. LOUIS, Mo.-BONDS VOTED.
-At the election held on Feb. 9.
(V. 115. p. 2823) the propositions submitted to a vote of the people carried.
The vote was as follows:

FEB. 171923.]

THE CHRONICLE

Amount.
For. Against.
listablishing, opening and widening streets----$8,650.000 70.022 18,035
Acquisition of land for a plaza opposite Union
2.600.000 68.605 21,741
Station
5.800,000 74.020 16,133
Improvement ofstreets and highways
8,000.000 71.918 18.610
Electric street lighting system
4.000,000 67,350 22,848
New court house
Construction and reconstruction of publlc sewers 8,000,000 74,780 15,588
Conversion of River des Peres to a public sewer..11.000,000 70,916 19,596
Acquisition of land for new parks and playgrounds
2,500,000 69,098 21,486
Improvement of existing parks and playgrounds 1,300.000 69,612 21,044
Aquarium in Zoological Park
40000062,633 27,919
Municipal light, heat and power plant
1,000,000 69.595 20.716
Hospital extension and improvement
5,000.000 77,162 12.903
Municipal auditorium
5,000.000 66,238 23.507
Memorial plaza
6,000,000 64,080 25,789
Fire department improvement
772,500 76,750
Elimination of railroad grade crossings
1,600,000 74,206 15,465
West approach to Municipal Bridge
1,500,000 66,793 22,870
East approach to Municipal Bridge
1.500.000 65,315 24,636
Reconstruction of public markets
1,250,000 67,647 21,690
Water-works extension
12.000.000 77,170 12,325
BONDS DEFEATED.
-The proposition to issue 81,000,000 bonds for
the construction of a new armory, which was submitted at the same time,
was defeated by a vote of 58,639 "for" to 30,736 "against," a two-thirds
majority being necessary to carry.
ROSENBERG, Fort Bend County, Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas registered $20,000 city hall and $50,000
sanitary sewer 6% bonds on Feb. 7.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Buchanan
County, Mo.-DISTRICT OFFERS TO BUY ITS BONDS IN ADVANCE
OF' MATURITY.
-A. L. Loving, Secretary and Business Manager of the
District, sends us the following communication under date of Feb. 8:
"The School District of St. Joseph has the following bonds of the maturities stated remaining outstanding:
Issue.
Rate.
Outstanding.
Due.
Mar. 16 1914
$20,000
Mar. 16 1924
44%
May 2 1904
4%
May 2 1924
78.000
"For acceptance within 30 days from date, the District offers par and accrued interest for any or all of the above, delivered to this office or through
any St. Joseph bank, without collection charges, exchange or any other
expense to the District.
Please ship bonds only upon these terms,as they cannot be accepted otherwise.
"This is not a call, as the above bonds and their coupons are perfectly
good up to the maturities stated, but an offer to buy them up now if any of
the owners want to soli."
ST. PETERSBURG, Pinellas County, Fla.
-BOND OFFERING.
Sealed bids will be received by H. T. Davis, Director of Finance, until
7:30 p. m. March 5 for the following 5)% bonds:
$125,000 land purchase and incinerator erection bonds.
.463,000 drainage bonds.
- 79,000 for constructing of bridges, walls, conduits and approaches.
15,000 for the final payment for Crescent Lake Park.
. 20,000 for the construction of a City warehouse.
160,000 for extension to city water works system.
50,000 for extensions to city gas system.
30,000 for the purchase of municipal street cars.
75.000 for the construction of a wing to the city hopsital.
10,000 for the construction of Mercy Hospital (Colored).
8,000 for an addition and repairs to Fire Station No. 1.
2,000 for the installation of toilets under the band stand in Williams
Park.
'
Denom.$1,000. Date Dec. 1 1922. Prin, and semi-ann. int. (J. & D.)
payable at the Seaboard National Bank, N. Y. City. Due Dec. 1 1952.
•genuine certified check for 2%, payable to the above official, required.
Bonds will be printed, executed and delivered, together with the opinion
ef Storey. Thorndike, Palmer & Dodge of Boston, without any expense
to the purchaser. The official clreular states that interest and principal
en former bonds have been promptly met, and the proceeds derived from
the sale of these bonds will be used for the above purposes.
ST. THOMAS SPECIAL SCHOOL DISTRICT (P. 0. St. Thomas),
Pembina County, No. Dak.-BOND SALE.
-The $50,000 5% school
house erection bonds offered on Jan. 31 (V. 116. p. 542) were awarded to
the Minnesota Loan & Trust Co. of Minneapolis and the Northwestern
Trust Co.of St. Paul, Jointly, at 99.60.
SALEM SCHOOL DISTRICT (P. 0. Salem), Columbiana County,
Ohio.
-BOND SALE.
-The $50.000 5% school bonds which wero offered
for sale on Feb. 10 (V. 116. p. 645) were purchased by John Nuveen & Co.
of Chicago for $51,035 (102.07), a basis of about 4.75%. Denom. $500.
Date Jan. 11923. Int. J. & J. Due $2,500 yearly on Jan. 1 from 1924
to 1943 incl.
SAMPSON COUNTY (P. 0. Clinton), No. Caro.
-BONDS
AWARDED IN PART.
-Of the 8100,000 road and bridge bonds offered
en Feb. 8-V. 116, p. 322-830,000 were awarded to the Hanchett Bond
Co. of Chicago at a premium of 8900, equal to 103. Date Jan. 1 1923.
Due Jan. 1 1943.
SAN DIEGO COUNTY(P.O. San Diego), Calif.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. Mar. 5 by Geo. W.Heston,
County Treasurer, for 8600,000 5% highway bonds. Denom. $1,000.
Date Feb. 5 1923. Int. F. & A. Due 824,000 yearly from 1924 to 1948
Incl. A deposit of 2% required.
SANDUSKY CITY SCHOOL DISTRICT (P. 0. Sandusky), Erie
County, Ohio.
-BOND OFFERING.
-Sealed proposals will be received
by Alice Baumeister, City Clerk, until 12 m. Mar. 2 for the purchase at
not less than par and int. of 820,000 5% school bonds. Auth.; Sec. 7629
the Gen. Code and the other sections of the Gen. Code therein incorporated
by reference and a resolution passed on Jan. 26 by the Board of Education.
Date Feb. 1 1923. Denom. $1,000. Int. semi-ann. Due 81.000 yearly
on Feb. 1 from 1925 to 1944. incl. A cert. check for 10% of the amount
bid upon, on some solvent bank, payable to the Board of Education, is
required.
SAN JOSE, Santa Clara County, Calif.
-BOND OFFERING.
J. Lynch, City Clerk, will receive sealed bids until 8 p. m. Feb. 19-John
for the
following 7% assessment bonds:
$2,937 301 impt. bonds. Denom. $250 and 843 73. Due $297 73 on July
2 from 1924 to 1933, inclusive.
2.220 96 inapt. bonds. Denom. 8222 09. Due 8222 09 on July 2 from
1924 to 1933, inclusive.
Date Jan. 29 1923. A cert. check for 10% of amount of bid, payable
to the City, required.
SCOTLAND INDEPENDENT SCHOOL DISTRICT NO741776.
.
Scotland), Bon Homme County, So. Dak.-BONDS DEFEATED.
-At
the election held on Jan.30(V. 116, p. 206) the proposition to issue 830,000
school building bonds failed to carry by 29 votes.
SHERIDAN, Yamhill County, Ore.
-BOND ELECTION.
-A special
election has been called by the City Council for Feb.24 to vote on the question of issuing $23,900 water bonds.
SIOUX CITY, Woodbury County, lowa.-BOND OFFERING.
C. A. Carlson, City Treasurer, will receive sealed bids until 2 p. m. Feb. 21
% fire fund bonds. Date March 11923. Due on May 1
for $100,000
as follows: $8,000, 1924 and 1925: $9,000. 1926 and 1927: 810.000, 1928
and 1929: $11,000. 1930 and 1931, and $12,000, 1932 and 1933. Legality
approved by Chapman, Cutler & Parker of Chicago. A cert. check for
82,000 required.
SOUTH EUCLID SCHOOL DISTRICT (P. 0. South Euclid),
-BOND SALE.
-The 832,000 5%% coupon
Cuyahoga County, Ohio.
bonds which were offered for sale on Feb. 5-V. 116, p. 322
-were awarded
to Richards, Parrish & Lamson of Cleveland for 834,181, equal to 106.81,
a basis of about 4.88%. Date Jan. 15 1923. Int. A. & 0. Denom.
24 for $1,000 and 4 for $2,000. Due $1,000 1924 to 1947 inclusive, and
$2.000, 1948 to 1951 inclusive.
SOUTH PASADENA, Los Angeles County, Calif.
-BOND SALE.The Security Trust & Savings Bank of Los Angeles, has purchased the folowing 4%
bonds offered on Feb. 13 (V. 116, p. 437) at a premium of
$671, equal° 100.71, a basis of about 4.38%:
to




747

$50.000 public park bonds. Due on Dec. 1 as follows: $3,000. 1923 to
1938. incl., and 82,000. 1939.
40.000 sewer bonds. Due 81,000 yearly on Dec.1 from 1928 to 1962,incl.
Date Dec. 1 1922.
-Redmond & Co.
SPANGLER, Cambria County, Pa.
-BOND SALE.
of Philadelphia, have been awarded an Issue of $12,000 5% local inapt.
bonds, it is reported.
-The $14,00077o
SPARTA, Monroe County, Wisc.-BOND SALE.
improvement bonds offered on Feb. 8 (V. 116. p. 542) were purchased by
Stacy & Braun of Toledo at a premium of $425, equal to 103.03, a basis of
about 4.70%. Date Oct. 2 1922. Due Mar. 11937.
-BOND SALE.
-The $43.000
SPEARMAN, Hansford County, Texas.
water and $12,000 light 6% bonds offered on Jan. 31-V. 116. p. 437
were awarded to H. C. Burt & Co. of Houston. Denom. $1,000. Data
Feb. 15 1923. Int. F. & A. Due serially.
-The
SPINK COUNTY (P. 0. Redfield), So. Dak.-BOND SALE.
$20,000 Drainage District No. 4 bonds offered,on Feb. 6 (V. 116. p. 437)
were awarded to McNear, Fleeter & Co. of Minneapolis as 6s at a premium
of $10. equal to 100.05.
-An issue of
-BOND SALE.
SPRINGFIELD, Clark County, Ohio.
S29,979 54% special assessment paving bonds was purchased by the Sinking Fund Trustees at par on Jan. 12. Denom. $1,000 and one for 8979.
Dated Sept. 1 1922. Int. M.& S. Due serially.
STANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Stanton),
-PRICE
-DESCRIPTION.
-The price paid
Marion County, Texas.
by J. L. Arita of Austin for the $40,000 scnool building bonds recently
by him-V. 116, p. 543
-was par. The bonds are described
purchased
as follows: 'Denom. $1,000. Date Feb. 1 1923. Int. F. & A. Due in
40 years; optional after 15 years.
-BOND OFFERING.STEUBEN COUNTY (P. 0. Angola), Ind.
Bids will be received by Earl Little, County Treasurer, until 10 p. m.Mar.
1 for the purchase at not less than par and Int. of $33,531 60 6% coupon
Thos. Malone drain construction bonds. Date Mar. 1 1923. Denom.
8670. except 1 for $701 60. Int. M. & N. Due on Mar. 1 as follows:
$3,350. 1924 to 1932, incl., and 83,381 60, 1933.
-BOND SALE.
-The $5,000
STEWART, McLeod County, Minn.
514% village hall bonds offered on Feb.6 (V. 116, p. 542) were awarded to
McNeal., Hooter & Co.of Minneapolis at par plus a premium of $100. equal
to 102, a basis of about 5.31%. Date Jan. 11923. Due Jan. 11943.
STILLWATER COUNTY (P. 0. Columbus), Mont.
-BOND SALE.
-The Bankers Trust Co. of Denver has purchased $50,000 55.4% refunding bonds.
-BOND ELECTION.
-An
TAMPA, Hillesborough County, Fla.
election will be held on Mar.6 to vote on a proposition to bond the city for
$2.650,000 to purchase the plant of the Tampa Water Works Co. and to
provide a new and more adequate supply of soft water.
-BON
3
THOMPSON (P. 0. Monticello),_ Sullivan County, N. Y.
New York. bidding 102.11 for 4%s, a
SALE.-Geo. B. Gibbons & Co. of N
basis of about 4.34%, acquired on Feb. 13 the 8210.000 refunding bonds
offered on that date (V. 116. p. 645). Date Mar. 1 1923. Due yearly on
Mar. 1 as follows: $5,000, 1924 to 1952,Incl., and $65,000. 1953,(average
life about 19% years).
-BOND OFFERTIPPECANOE COUNTY (P. 0. La Fayette), Ind.
-Bids will be received by Charles E. Calsbeek, County Treasurer,
ING.
until 2 p. m. Feb. 23 for the purcnase of $14,300 5% John Gushwa et al.
Perry Township road improvement bonds. Date Jan. 6 1923. Denom.
.
$715. Int. May 15 and Nov. 15. Duo $715 each six months from.May
15 1924 to Nov. 15 1933 inclusive.
SCHOOL DISTRICT(P.O.Toledo), Lucas County,
TOLEDO CITY
-Sealed bids will be received by Lillie I.
-BOND OFFERING.
Ohio.
Donat, Clerk of the Board of Education, until 12 m. Mar.5 for the purchase
of any or all of $125,000 414% coupon school building bonds. Auth.
Sections 7625 to 7627 incl. of the General Code. Date Mar. 1 1923. Denom. $1,000. Int. M. & S. Prin. and int. payable at the U. S. Mtge. &
Trust Co. of N. Y. Due yearly on Sept. 1 as follows: $5,000 1923 to 1942
incl. and $6,000 1943 to 1947 incl. A cert, check for an amount not less
than 1% of the par value of bonds, on one of the banks doing a regular banking business in Toledo, or a New York draft, payable to the Treasurer of
the Board of Education. required.
TOWNS OF NORTH LANCASTER, SOUTH LANCASTER AND
THE CITY OF LANCASTER JOINT SCHOOL DISTRICT NO. 3,
-The $140,000 5% high school
Grant County, Wis.-BOND SALE.
bonds offered on Feb. 8-V. 116. p. 207-were awarded to W. L. Ross
& Co., P. W. Chapman & Co. and the Seeond Ward Securities Co. on
their joint bid of 101.587. Date Feb. 1 1923.
UPPER GLENDIVE-FALLON IRRIGATION DISTRICT (P 0.
-BONDS NOT SOLD.
-The $100,000
Glendive), Dawson County, Mont.
6% negotiable coupon bonds offered on Feb. 7 (V. 116, p. 207) were not
sold. Date Jan. 1 1923.
-BOND OFFERVANDERBURGH COUNTY (P.O. Evansville), Ind.
ING.-Bicis will be received by Walter Smith, County Treasurer, until
10 a. m. Feb. 24 for the purchase at not less than par and int.of $24.200
414% Louis Gerhardt et al. Green Road. Center 1ownship bonds. Date
Feb. 24 1923. Int. May 15 and Nov. 15. Due $1.210 on May 15 1924
and $1,210 each six months thereafter.
VERMILION PARISH ROAD DISTRICT NO. 2 (P. 0. Abbeville),
-A syndicate composed of the Hibernia Securities
-BOND SALE.
La.
Co., Inc. Marine Bank kTrust Co. of New Orleans. and Caldwell &
Co. of Nashville, has purchased $500,000 5 % road bonds. Denom.
$1.000. Date Jan. 15 1923. Prin. and semi-ann. int. (Jan. 15 and
July 15) payable at the National Park Bank, N. Y. City. Due on July
15 as follows: $10,000, 1924 to 1928 incl.: $15.000. 1929 to 1933 incl.:
$20,000. 1934 to 1938 incl.: 325.000, 1939 to 1941 incl.: $30.000, 1942 to
1944 incl.; 835,000. 1945 and 1946, and $40,000. 1947.
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
Bids will be received by Geo. A. Schall, County Treasurer, until 10 a. m.
Geo. Woodsmall et al. Honey
Feb. 19 for the purchase of $25,000 5%
Creek Township road bonds. Date Jan. 1 1923. Denom. $1,250. lot
May 15 and Nov. 15. Duo $1,250 each six months from May 15 1924
to Nov. 15 1933 inclusive.
-The 114.950 83
-BOND SALE.
WABASH, Wabash County, Ind.
5% bonds which were offered for sale on Feb. 12 (V. 116, p. 322) were purchased by the Wabash County Loan & Trust Co. of Wabash.for $15,341 83,
equal to 102.61, a basis of about 4.605%. Date Feb. 12 1923. Int. F.& A.
Due yearly on Feb. 12 as follows: $1,000. 1926 to 1929. incl.: 12.000, 1930
to 1934, incl., and 8950 83, 1935. The City Trust of Indiananolls, also
submitted a bid of 815,341 83.
WAKULLA COUNTY (P. 0. Crawfordsville), Fla;-BONB - - 6 PEAING.-Sealed bids will be received until 12 in. Mar. 19 by G. W. Tully.
Chairman Board of County Commissioners, for $100,000 6% coupon highway bonds. Date Feb. 1 1923. Prin. and semi-ann. int. (F. & A.) Pay
able at the National City Bank, N. Y. City. A cert. check for 2% of
amount bid for required.
WARE, Hampshire County, Mass.
-LOAN OFFERING.-Stas Will
be received for the purchase on a discount basis of a temporary loan of
180.000, dated Feb. 21 1923 and maturing Nov. 8 1923, it is stated.
WASATCH COUNTY SCHOOL DISTRICT (P. 0. Heber), Utah.
BOND ELECTION.
-BOND SALE.
-Subject to being voted at an election
to be held on Feb. 26 $50,000 school bldg. bonds have been awarded to the
Palmer Bond & Mortgage Co. of Salt Lake City.
WASHINGTON COUNTY (P.O.Salem),Ind.
-BOND OFFERING.
W. L. Taylor, County Treasurer, will receive bids until 1.30 p. m. Feb. 20
for the following 5% highway improvement bonds:
15.900 John W. Poison et al., and Elmer Nice at al., county unit bonds.
Denom. $295. Due 8295 each 6 months on May 15 from 1924 to
Nov. 15 1933, inclusive.
2,000 David F. Voyles et al., Howard Township bonds. Denom. $100.
Due $100 each 6 months on May 15 from 1924 to Nov. 15 1933, incl.
16,200 Lewis Dennis at al.. Washington Township, bonds. Denom. $810.
Due $810 each 6 months on May 15 from 1924 to 1933,incl.
Date Feb. 5 1923. Int.(M. & N. 15).
WASHINGTON COUNTY SCHOOL DISTRICT NO. 66 (P. 0.
Cope), Colo.
-BONDS VOTED.
-At a recent election an issue of $6,000
-30
6% 15 -year (opt.) school building bonds was authorized by the voters.

748

THE CHRONICLE

These bonds had been purchased by the International Trust Co. of Denver,
subject to being voted at said election. Notice of the election and sale
was given in V. 116, P. 207.
WATERTOWN, Jefferson County, N. Y.
-BOND ELECTION.
On Feb. 24 the voters will have submitted to them a proposition to issue
$365,000 water power bonds.
•
WEBSTER CITY, Hamilton County, lowa.-BONDS VOTED.
-At
a recent election an issue of $45,000 bonds was voted by a count of 310
"for" to 69 "against."
WEST PLAINS, Howell County, Mo.-BONDS VOTED.
-At an
election held on Feb.9a proposition to issue $25,0006% water system bonds
carried by a vote of 345 to 72.
WEST TAMPA, Tampa County Fla.
County,
-BOND OFFERING.
-Sealed
bids will be received until 6 p. m.
26 by James H. Lockhart, City
Clerk, for $65.000 city bonds. Denom. 31.000, $500 and $100. Date
Feb. 1 1923. Prin. and semi-ann. int. (F. & A.) payable in gold at the City
Treasurer's office or in N. Y. City. Due
$600, payable at the City of West Tampa,Feb. 11948. A cert, check for
required.
WICHITA, Segewick County, Kan.
-BONDS TO BE SOLD "OVER
THE COUNTER."
-In answer to our inquiry regarding the offering of
$600.000 paving and sewer bonds, E. Small, City Clerk, says: "Selling'
our bonds to local investors'over the counter.' Will not advertise for bids.'
WICHITA COUNTY (P. 0. Wichita Falls), Texas.
-BOND SALE.
A special telegraphic dispatch from our Western representative advises us
that R. M. Grant & Co. of St. Louis have purchased $750,000 irrigation
bonds.
WILKINSBURC, Allegheny County, Pa.
-BOND SALE.
-On Feb.
13 the following 2 issues of 4)1% coupon bonds which were offered on that
date (V. 116, P. 207) were awarded to the Mellon National Bank of Pittsburgh, for $513,815 16 (102.763) and int, a basis of about 4 04%:
$350,000 due yearly on Mar. 1 as follows: $7,000 from 1928 to 1936,incl.;
$11,000 from 1937 to 1944. incl.: $14.000 in 1945: $21,000 in
1946: 824.000 in 1947: $28.000 from 1948 to 1952, inclusive.
150,000 due yearly on Mar. 1 as follows: $3,000 from 1928 to 1936, incl.:
$5,000 from 1937 to 1945. incl.: $8,000 in 1946: $10,000 in 1947:
12,000 from 1948 to 1952,inclusive.
Other bidders were:
ames.
Premium. Name.
Premium.
Union Trust Co.,Pittsburgh_$13,135 Lewis & Snyder,Philadelphia.$10,350
Peoples'Sav. & Tr.Co.,Pitts_ 5.485 M.M.Freeman & Co.,Phila_ 10.875
REmond & Co., Pittsburgh_ 8,325 J. H.Homes & Co.,Pitts- _ _- 8,216
National City Co., New York 2,745
WILLOUGHBY, Lake County Ohlo.-BOND SALE.
-The $24,491 45 5K% sewer bonds which were offered for sale on Jan. 6-V. 116,
p. 2716-have been sold to the State Industrial Commission at par and
interest. Date Oct. 1 1922. Denom. 24 for $1,000 and 1 for
91 45.
Int. A.& 0. Due $3,000 yearly on Oct. 1 from 1924 to 1930, and 491 35
en Oct. 1 1931.
WINCHESTER, Clark County, Ky.-BONDS VOTED.
-At a special
election held on Jan. 29 a proposition to issue $150.000 school bonds carried
by a vote of 755 "for" to 266 :'against."
WOOD COUNTY (P.O. Bowling Green). Ohio.
-BOND SALE.
-The
$24,000 5% road bonds which were offered for sale on Feb. 5 (V. 116, p.
438) were awarded to the Provident Savings Bank & Trust Co. of Cincinnati for $24,048, equal to 100.20, a basis of about 4.93%. Denom. $1,000.
Dated Mar. 1
Due $5.000 on Sept. 1 from 1924 to 1927 incl. and
$44.000 Sept. 1 1923. The following blots were received:
1928.
Provident Savings Bank & Trust Co., Cincinnati
$24,048 00
Citizens' Trust & Savings Bank, Columbus
24,036 25
Sidney Spitzer & Co., Toledo
24.033 60
Prudden & Co., Toledo
24,005 00
WOODRUFF, Marion County, Ind.
-BOND OFFERING.
-Bids will
be received by John M. Dils, Clerk-Treasurer of Board of Town Trustees,
until 7.30 p. m. Feb. 26 for the purchase of $5,000 45(2% refunding bonds.
Dated March 10 1923. Int, payable semi-annually. Due March 10 1933.
A certified check for $100, payable to the order of the town of Woodruff
is required.
WORCESTER, Worcester County, Mass.
-BIDS.
-On Feb. 9 the
following bids were also received for the $940,000 4% coupon (with privilege
of registration) bonds which were awarded to Kidder, Peabody & Co. of
Boston at 100.719 and hit.. a 3743
basis, as reported in V. 116 p. 646:
.
Old Colony Trust Co., Edmunds Bros. and F. S. Moseley &
Boston, jointly
100.561
Estabrook & Co., Boston
100.537
E. H. Rollins & Sons, Eldredge & Co. and National City Co., Boston, jointly
100.421
R. L. Day & Co. and Merrill, Oldham & Co., Boston,jointly
100.289
YONKERS, Westchester County, N. Y.
-BOND SALE.
-On Feb. 15
the following coupon (with privilege of registration) bond, in the amount
of $1,258,000, which were offered on that date(V. 116. p.542) were awarded
to Sherwood & Merrifield of N. Y. at 101.83, a basis of about 4.04%:
6280,000 43(% water bonds. Due $7,000 yearly on March 1 from 1924
to 1963, inclusive.
316,000 4K% refunding bonds. Due yearly on March 1 as follows:
816.000, 1924 to 1939,Inal., and 815.000, 1940 to 1943, inclusive.
195,000 4K% refunding bonds. Due $13.000 yearly on March 1 from
1924 to 1938, inclusive.
230,000 434 assessment bonds. Due $23,000 yearly on March 1 from
1924 to 1933. inclusive.
27,000 41i% Fire Bureau equipment bonds. Due $3,000 yearly on
March 1 from 1924 to 1932, inclusive.
30,000 4;i% Dept. of Public Works equipment bonds. Due $5,000
yearly on.,_arch 1 from 1924 to 1929, inclusive.
180,000 43 % local improvement bonds. Due 830.000 yearly on March
1 from 1924 to 1929, inclusive.
Denom. $1,000. Date March 1 1923. Prin. and semi-ann. hit. (A. &
0.), payable at the City T4easurer's office in U. S. gold coin of the present
standard of weight and fineness, on in N. Y. Exchange, at holder's option.

NEW LOANS

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3s
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CANADA, its Provinces and Municipalities.
BARTON
TOWNSHIP, Ont.-DEBENTURF. SALE.
-Nesbitt.
Thompson & Co. of Toronto Were awarded $6,$00 53% 20
-year debentures at 100.39, a basis of about 5.47%.
BERTIE TOWNSHIP, Ont.-DEBENTURE SALE.
-A. E. Ames
& Co. of Toronto have purchased $31,000 5K% school improvement
debentures. Date Dec. 1 1922. Due serially on Dec. 1 from 1923 to
1942 inclusive.
BRANTFORD, Ont.-DEBENTURES VOTED.
-At the election held
on Jan. 1 (V. 116, p. 2932) the following debentures were voted:
$85,000 extension to collegiate institute debentures.
45.000 public school in West Brantford debentures.
Notice of the $124.000 Lorne Bridge debenture issue, submitted to a voto
at the same time, being voted was given in V. 116, p. 101.
BURNABY, B. C.
-DEBENTURE OFFERING.
-Arthur G. Moore.
City Clerk, will receive sealed tenders until 5 p. m.(to be opened 7:30 P.in.)
Feb. 19 for the following 5 % debentures:
$70,000 school debentures. Due Dec.311942.
70,000 sidewalk debentures. Due Dec.31 1937.
25,000 water works debentures. Due Doc.311937.
A cert. check for 31.650 is required. Prin. and int., payable at the Royal
Bank of Canada, at New Westminister, B. C.
ETOBICOKE TOWNSHIP, Ont.-DEBENTURES AUTHORIZED.
-At a meeting held on Feb. B. $50.000 bridge debentures were authorized
by the Council.
HULL SCHOOL COMMISSION (P. 0. Hull), Que.-DEBENTURE
OFFERING.
-Jas. Provost, Secretary-Treasurer, will receive tenders
until 4 p. m. Feb. 20 for $100,000 5K% debentures. Denom. $500 and
$1.000. Prin. and semi-ann. hit.
& J.) payable at the Secretary
Treasurer's office. Due July 11952. Certified check for 1% required.
MIDLAND, Ont.-DEBENTURES NOT SOLD.
-C. S. Smith, Town
Clerk-Treasurer, advises us that the report published in V. 116, p. 13, to the
that this town had disposed of $80,000 debentures, was erroneous.
MIMICO, Ont.-DEBENTURE AUTHORIZED.
-At a meeting head
on Feb. 5 the Council passed by-laws authorizing the issuance of $70,000
local impt. debentures.
MONTREAL ROMAN CATHOLIC SCHOOL COMMISSION (P. O.
Montreal), Que.-BOND SALE.
-The $2,000.000 bonds which were
offered on Feb. 8(V. 116.543) were awarded to Wood, Gundy & Co. of
Toron, at 103.07 for 5345, a basis of about 5.25%. Date Feb. 1 1923.
to
Due in 20 years. The following bids were received:
5%%.
5Ve.
Wood. Gundy & Co
98.29
101.71
A.E. Ames & Co.,Dom.Secur. Corp., R. Leclerc & Co.
and Hanson Bros
95.70$
101.103
National City Co., Harris, Forbes & Co., A. Jarvis & Co.
and Beausoleil & Co
95.68
100.79
R. A. Daly & Co., R.C. Matthews & Co. W.A. McKenzie
&
Newman, Sweezey & Co. and McLeod, Young,
Weir & Co
94.84
100.47
Mun. Deben. Corp. (for $1,000,000 only)
93.45
99.50
Bank of Ilochelaga
95.75
NEWMARKET, Ont.-DEBENTURE OFFERING.
-Tenders will be
received until Feb. 19 for the purchase of $94,000 5K % 15
-installment
bitulithic pavement debentures by P. J. Anderson, Treasurer.
NEW TORONTO, Ont.-DEBENTURES AUTHORIZED.
-At a
meeting on Feb. 5, the Council passed a by-law authorizing the issuing
of $35,000 debentures for school purposes.
OSHAWA, Ont.-DEBENTURE SALE.
-Stewart, Scully & Co. were
awarded an issue of $234.420 5K % lb-. 20- and 30
-installment local impt.•
debentures at 100.91. The following bids were received:
Stewart. Scully & Co
100.91 Dyrnent, Anderson & Co_ _ _ _ 99.63
Nesbitt, Thomson & Co
100.61 Municipal Bankers Corp_ _
99.63
C. H. Burgess &Co
100.123 A. E. Ames& Co
99.59
Macneill, Graham & Co
100.118 Dominion Securities Corp__ 99.15
Gairdner. Clarke & Co
99.91 McLeod, Young, Weir & Co_ 99.13
Wood, Gundy & Co
.
R.O.Matthews &
98.87
Bell, Gouinlock & Co
99.77 Murray & Co
.98.49
OWEN SOUND, Ont.-DEBENTURES VOTED.
-The proposition
to issue $18.000 debentures for the erection of a building for the agricultural
fair and 840.000 debentures for extensions to the gas system submitted
to a vote of the ratepayers at an election held on Jan. 1 (V. 115, p. 2825)
carried by large majorities.
ST. JOHNS, Que.-DEBENTURE SALE.
-According to the Toronto
"Globe," R. 'I'. Leclerc & Co. of Montreal have been awarded $85,000
54% debentures due in 1927 and $65,000 04% debentures due in 1933
at 99.07, a basis of about 6.65%. The following bids were also received:
Beausoleil & Co. and A.Jarvis & Co
98.83
Beautien & Co
98.81
Municipal Debentures Corp
98.77
Hanson Brothers
98.70
Wood, Gundy & Co.and Goudreau & Garneau
98.637
Versailles, Vidricalre & Boulais
98.12
McLeod. Young, Weir & Co
98.07
Credit Canadien
97
SEAFORTH, Ont.-DEBENTURE SALE.
-According to newspaper
repiirts, an issue of$22.5006% debentures was awarded to Gairdner. Clarke
& Co. of Toronto at 106.17. a basis of about 5.52%. The following bids
were also received.
R.0. Matthews & Co
105.71
C. H. Burgess & Co
105.55
Wood,Gundy & Co.and Dominion Securities Corp
105.07
A. E. Ames & Co
103.75
STURGEON FALLS, Ont.-DEBENTURE AUTHORIZED.
-At a
meeting held recently the Council passed 2 debenture by-laws, one for
$3,000 and the other for $2,800, both for water mains.

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[Vol.. 116.

3E.igatbation
United States and Canadian
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0
141) ;:,GORDON
WADDELL
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Telephone Cortlandt 3183

NOTICE.
THE FIRST NATIONAL BANK IN
ELYRIA, located at Elyria, Lorain County,
Ohio, is closing its affairs. All note holders
and other creditors of the association are therefore hereby notified to present the notes and
other claims for payment.
(Signed) S. II. SQUIRE,
Vice-President.
Dated Elyria. Ohio. December 29. 1922.