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DV tininurci31 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. PlITBLISFIED WEEKLY Terms of Subscription—Payable in Advance For One Year $ For Six Months 10 00 6 European Subscription (including postage) 13 50 European Subscription six months (including postage) 7 75 Canadian Subscription (including postage) 11 50 .• NOTICE --On account of the fluctuations in the rates of exchange. remittances for European subscriptions and advertisements must be made In New York Funds. Subscription includes following Supplements— BANS AND QUOTATION (monthly) 1 RAILWAY & INDUSTRIAL (semi-annually) RAILWAY EARNINGS (monthly) ELECTRIC RAILWAY (semi-annually) STATE AND CITY (semi-annually) BANKERS CONVENTION (yearly) Terms of Advertising Transient display matter per agate line 45 cent Contract and Card rates On reques CHICAGO Orricc-19 South La Salle Street. Telephone State 5594. LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C. WILLIAM B. DANA COMPANY, Publishers, Front, Pine and Depeyster Streets, New York. Published every Saturday morning by WILLIAM B. DANA COMPANY, President, Jacob Seibert; Business Manaker, William D. Riggs; Secretary, Herbert D.Seibert; Treasurer, William Dana Seibert. Addreesee of all, Office of Company. 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, 674 THE CHRONICLE 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 676 THE CHRONICLE 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 682 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 ° 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 We Specialize in City of Philadelphia 3s 3 / 1 2s 4s / 41 4s 4 s / 1 2 5s 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. T. FINANCIAL FINANCIAL MUNICIPAL BONDS Underwriting and distributing entire issues of City, County, School District and Road District Bonds of Texas. Dealers' inquiries and offerings solicited. Circulars on request. HAROLD G. WISE HOUSTON COMPANY 104 South Fifth Street Philadelphia Private Wire to New York Call Canal 8437 BALLARD 6c COMPANY Members New York Stock Exchange HARTFORD Connecticut Securities TEXAS Established 1915 51/ s 4 52s / 1 Biddle & Henry [Vol.. 116. 3E.igatbation United States and Canadian Municipal Bonds 0 141) ;:,GORDON WADDELL Ground Floor Singer Building New York 89 Liberty Street 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.