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finanrlal
ommemH
INCLUDING
& Quotation
Bdnk
Railway-
Section
Industrial Section
SATURDAY, FEBRUARY
114.
— Payable in
—
—
Bankers' Convention
(yearly)
of Advertising
Transient display matter per agate line
Contract and Card rates
45 cents
On
request
Chicago Office 19 South La Salle Street. Telephone State 5594.
London Office Edwards & Smith. 1 Drapers' Gardens. E. C.
—
—
DANA
B.
COMPANY, Publishers,
Fro nt, Pine and Depeygter Streetg, New Yo rk.
Published every Saturday morning by WILLI.XM B. DAXA COMPANY.
WILLIAM
CLEARING HOUSE RETURNS.
—
Per
New York
Chicago
293.000.000
249.OCO.000
111.447.954
a
107.100.000
702.211.195
-1-4.0
?r. '".
week
of the week covered by
— 13.6
$5.8.53.715.0.32
S5.0.59.279.606
1.030.253.8*6
-••'1.52
1
I
Week end' 710
ClMTinQta—
1.170.743,000
— 12.0
$7.024.4.58.0.38
— 13.3
show:
1922.
1021.
Dec.
$
$
%
.3nO..V,7.17l
-(-21.4
610.5. 7(>0.0fX>
ll').IS7.1«7
-9
64.440.731
3I.4QI.M)8
ls,3l8.378
Buffalo
vV'Mhlngtoa
•;>
m7
i~/,
3-
.30
120
1
-10.8
vc
;«.'
—3.8
...
2f(.4»H.li>l3
1'.
-11.7
lO.OOO.OfX)
1.3,740.040
-1-1.7
ld.3V8',5i4
7.393.20S
'.
'i
.
.
.
.
ii).7im.;i95
Albany
K'>fh<it«T
Meriinion
7.I18..308
a
Hyracuae
R««dliw
4 «>67.0I.',
2.372.412
'.'
7.00b.6»8
'
-SCO
.3.100.000
^24.4
2.143.272
«.3oi.nni
-1,
+ 4.6
(-Z.9
2.025.355
4. .589. 789
l.*ll!l.'«09
2.<.(J...ll.^
i-20.Ji
2.fl3/J.74»
9.52.824
-mi
1.299.237
I.I 34..5.53
f-TlMlt«^
3,140.711
1.030.808
a
a
4,03H...H
2.30.'.. 774
Hlmtbarnlon
I.OtI 00')
R3R,2V.
+ 2b.«
-20 6
+ 8.1
M2.000
674, 7mi
1.080.144
73'1 ,'10
,»
f l«.A
3,484.«47
l.9.32.!H!l
*l7.Mfl
+ 0.7
4M,O07
287. 170
4
l.flOO.OOO
\s
3,0(».3..',.S!»
rr<>iiLo(j
.
Ywk
Vjr\r
(irMiMttiirg ...
Alioona
2
Montclalr.
.
••.
..
,
<
.l.W.4fti
Hp€wP^?I*(ii
1.334.242
881 .osn
""
.
•'
*
1
,
»
7.30.71
700,01
I
II
'.'
-liddto.. 4.3;
Tacoma
2
-a
-
349 fKM 426
I
258.972
785.700
503.320
1.400.000
585.695
162.478
789,006,3861
689.906.410
.Sacramento
San Diego
Fiesno
Stockton
San Jose
Pasadena
2,076.446
Yakima
Rrno
lyong Beach
Santa Barbara
7is
'i:
I,l88.40n'
IIH
.
1
i.r
I
.
III, II- iJn'i
iirmnii
IW.
fund"
—8.6
—20.1
—1.6
-1-9.7
-1-26.9
9.5.512.742
98.382.358
32.179.885
17,806.000
14,114.300
460.268.4.53
54.357.474
80.186,964
58.280.466
29.988.581
12.3S3.000
11.707.300
5.121.613
6.399.889
'4.'9¥5.436
5.415.924
2,288,921
1,961.611
4,891,708
2.321.594
""3.6'53".i77
1.6.59.028
1.9.5S.I30
9.623.000
1.344.586
1.408.149
7,221.000
1,497.395
1.400.000
981.483
1.097.079
431.580
4,158,535
2.395,356
1,131.924
3.716.099
1.852.5-11
—0.4
325.019
440.194
882.193
262.083
841.940
1..508.936
74.568
+ 14.3
+ 13.1
+ 30.7
+ 36.6
931,287.466
745.087.511
134. .541. 979
+24.7
30.000.000
13,780.000
107.346.458
33.679.000
28.412.244
26.243.977
13,000,000
f8.3
—7.3
1,146.612
-f^6.3
445.208
+ 15.1
+ 10.1
—10.4
4.6,34.000
1.321.2.59
--.52.8
57.1
2.715.042
929,184
3.7.30.949!
2.732.2971
776.610
306.484.514
—5.4
+ 21.6
—8.7
+
+ 25.5
+ 60.9
+ 36.5
+ 22.8
1.593.827
1,084. .568
65.729.000
36. 989..521
9.665.578
4.462.612
3.224.313
3.813.027
4.860.100
2.077.067
2.087.268
7.139.548
3.373.293
2.463.400
1.307,0-12
826.839
2,867.584
"i.VeV.&is
2.131.6.53
1.449.969
866.560
1.160.974
250,362,180
+19.6
315,405.091
229.258.563
144.1.53.721
42.349.2.55
—15.5
232.041.931
39.120.068
51,206.159
IS, 027. 248
177.713.877
27.S05.281
.57.161.401
*>maha
32.940. 18S
27.160.809
18.142.2S9
8.581.124
8.516.000
5.207.802,
4.107.253
29.721.293
ll.'24l.92l
3.2-16,410;
10.775,005
3.065.214'
1.682.1511
939,0141
718. 7S1
3,309.400
1.724. 104
,363,797
I. .539.457
+ 12
Paul
Joseph
MolnoB
Dululh.
Wichita
Lincoln
Top<'ka
Cedar Rapids
('olnrado Springs
Purblo
Kiirgo
Fremont
Waterloo
Ili'li'iia
HlllltlgH
llHNilnKH
A biTilnon
Tot. Olh, Weat
<>rli«iui.
I.,niil«vllle
.
1
4. 071.855
11.278.883
7.031.599
—23,9
4. .5,84. 875
13.5
—+ 15.5
4.9:13.075
2.7-2S.443
1.731. -100
825,254
855.149
+ 21.1
+ 4.3
+ 190
15.304. .504
17.247.746
10,817.521
9.725.261
0.303,402
17.I9S.079
8.125.302
9.234.905
4.939,930
10,100.232
3.573.592
3, 007. .505
I4.703.'27l
5.247.616
3. 12s. .529
—2.9,
2.472.730
1.193.952
839,940
2.I7S,3S0
559.224
1.801.743
1.640.410
1.250.320
735.925
+ 13.8
Ifl.O,
13.023.022
20.733.4.52
—7.4
—
-tO.7SI.I07
1.793. SON
7.52.1.86
734,533
2. 109. SIS
50 .058
461.017
1.470.830
—21.2
1.245.019
2,929.009
571.992
2.474..S7I
7.30.424
—22,3
+
.5.54.433
448.001
+ 23.5
1.020.-182
98»,08:i
+ 3.1
1,078.4-28
I.OS4.4.33
313.027.138
311.014.114
+ 0.4
442, 179.850
340,440.001
42.047 ,578
22.749 ,500
39.103.438
+ 0.7
08.410,990
15.000.000
ri4.520,0!HI
— 15.7
18.3
1
1.300,222
I. S II. 840
1.012.404
400.037
23.70.5,370
31.804.949
n
llmiiiloii
<
25, .530. 695
+ 34,9
+ 10 8
+ 3
+ 28,9
Loula
.New
iilvriton
0,229
.577
30.753, tIKM
35.7.54
917
0..13ft.746
42,7il't,70S
40,372.70'l
13. 032, 2,111
fl.
+
4 OH7,X27
780 .803
14 I
12.2
02,591,023
14.8
20.044,402
1
:
•nl
03. 1.57.51
•
281.084.970
\\i irlh.
..H
V.irfi.lk
Wit iniliL'tinrii
I
1
"1
0»4
1,1. .
,11',
I
(
M«r«in
'
Aiimlii
10.020 000
14,905 228
+7'.B'
30,000, '242
14,029,740
I2.H70, 000
,K00
I2,.'.3^>.iil0
l-2.7|
Ifl,0'>l,!07
13,IH7.fl03
0H2
7,911.774
I0.N24.573
10.223 ,831
.
3.701 021
8.333 510
10,185 2'J
u
mil
7,1 17 .110
14, 015. 9-18
•.»
-i
Hl'i
MIO
t
i
I
71.3
<
a.M7. 02(1
.
.;
4.90.1.4^.1
I!
lO'l
+ 11.0.
18.950,358
+ 18.4
--12,4'
7,4
""a.«00.7ft3
+18. 1'
4-U.7I
13.483,840
3.558,773
8,401.034
l2,3»N,fl9H
K. 45:1. 229
2.I3I,7NU
N.20A.I30
1,509,474
4.8H4.IO0
iV.iioooou
8.87ft'0ft.3
2.H00 000
403 208
7:H 20H
0.174.880
3HH.9U4
050,0
3<l.040.ljn
I3.fk82,300
c
I0.0-i2 ,742
1,004 .800
000
402 ,0(m
.lii.l.4J,'>
l.:'97 ,101
70,1 Oflit
I.J179
I
I
lU .1
84 3
'i
1
-i
ii
Irt,l'«,
»r
ajilil,
!>
1
.»4hrrvr|i<frt
33.001.103
c
21
110
a-jfi
+
10.0
.1
...
!• •liMwn by ih« dcl'ix
T'.l
k
564.837.339
58.889.215
-M1.9
121.847.855
»1-i
acalnat
-1-13.8
Minneapolis
Jul
fUriirrw of
'%
I
Vli>
'I
-1-3.4
+ 58.2
954.149
Total Pacific.
II
"-4'.»|
-H.8
—13.4
Kansas City
>«B
Ml
-1-42.1
7.502.974
6.071.649
2.402.420
3,875.910
3.408.886;
1,495.097|
a
2,03ri
OH-
106.S00.000
62.400.000
20.567.943
22.632.886
11.000.000
2, 186.300;
>ila..
1
1919.
a
14.900 ,941
l•r,,^l,l„.,„
i.m7.3,-.«i
-f21.0
976,731
1.250,000
a
11.869.846
5.744,310
2.923,314'
3.336,515
Oakland
.
4.M.59.00H.WV4 3,708.840.582
zu
3. 126. .544
280.651
728.736
585,480
1,612.729
644,928
161.880
(
tT
'
Lake City...
Spokane
Hi.
.
I.anraa(rr
Portland
Dm
1019.
-f20.6
2.017.688
1.645.708
3.477.918
1.647,844
1.058.643
1,300.000
6.580.000
2,552.865
120.800.000;
Hloux City
376 WKJ.(KX)
li...:
West
Denver
1920.
3.226.923
3,839,876
I
Hi.
$
$
4-33.6 4.177.300.727 3,l29,'W'l.I2n
3.(IM.iW4.81S 2.7M.7M.303
1
Adrian
St,
l-'ebrwin/ 11.
Inc. or
a
Lan.sing
Owensboro
be given next Saturday.
will
Detailed flgigf^ for the week ending February!
r-i
m..
Lima
Ann Arbor
28.100.901
28.212,99!
9.861.810
"I'-m to-day, rlcarlnc- .-. ...,, .....Ue up by the clearing houfMs
:ind hence tn the above thr last day of the week has to be In
wf; go to pro-ts Friday night.
New York
D.inville
Jacksonville,
Salt
730.595.,344
77.2.59.409
1920.
c
a
Seattle
— 16.0
5 days,
I
O...
Decatur
South Bend
-flO.S
—
12.9
—a14.3
$5, 151, .503.837
for
c;i..
Springfield,
81. ,583.000
S4,328.684.262
day.
Th.
Rocktord
Bloomington
Quincy
Los Angeles
64.210.137
43.161.702
Eleven cities. S davs
Other citJes. 5 davs
We
O] o
58.516.909
40.914.172
Nfw flrlrnim
at Dr<on on
all cawsi Ki;
Voungstown
80.440.000
73.940.000
29.113,179
15.434.000
k26.303,100
a
3,890,997
5,459.915
a
3.784.109
2.055.325
1,701,416
3,012.481
1,876,707
1,184,127
1.189.123
5.260,000
2.511.020
a
1.071,752
1.587.391
—24.4
—9.0
—9.3
—8.9
—5.2
•125.OOO.0OC'
70.009.3.50
-'•'Tot.-;' -••
Kvans\-iIIe
..
Springfield. lU...
Fort Waj'Tie
San Francisco
394..505.877
cities ,
Grand Rapids.,.
Dayton
—14.9
-
1
Peoria
$3,463,111,663
500.724. ,551
387.865.281
224.892.370
127.926,677
a
125.000.000
I37,35I.9S7
San Francisco
Total »a
Toledo
$2,879,100,000
I..oul.t
All clUes.
Columbus
Tot. Mid.
Boston
Pittsburgh
Detroit
Baltimore
Milwaukee
Indianapolis
Cent.
Kansa.« City
St.
Cleveland
Detroit
1921.
.
Dec.
399.814,817 -f 18.4
42.642.189 -1-20.8
89.706.243 —10.4
68.000,000
-f8.7
30.146.256
—3.5
12.606.600 -1-22.4
10.593.500 -1-148.3
51, .525.4 13
1922.
Philadelphia
1921.
473.651,897
Cincinnati
Mansfield
Figures obtained by us by telegraph. &c.. indicate that total bank clearings in
the United States for the week ending to-day are S6.0S9..5,3.3.452. against 57.024.4.58.038 in the same week last year.
In many of the Stales, hotcerer, Monday (.Lincoln's Binhday) was a holiday and the banks vere closed.
In 1921 the holiday came in
the previous ueek
Rnurns iy TeUtraph.
Weekending Feb. 18.
11.
$
Chicago
Akron
Canton
President. Jacob Seibert Jr.; Vice-President. Arnold G. Dana; Business Manager. William
D. RIggs: Secretary. Herbert D. Selt>ert. Address of all. Office of the Compan y.
CUartngs
NO. 2956
18, 1922
1922.
Advance
-$10 00
6 00
13 50
European Subscription (including postage)
7 75
European Subscription six months (including postage)
11 50
Canadian Subscription (including postage)
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
Rail WAT & I ndustbi a L(semi -annually)
Bank andQiiotation- (monthly)
Electric Railway (semi-annually)
Railway Eabntngs (monthly)
Terms
State and City Sectioi^
ItK. 0T\
For Cine Year
For Six Months
State and City (semi-aimually)
Seceeffl^k
Clearings al-
PUBLISHED WEEKLY
of Subscription
Railway
Week ending February
gb^ ^hvonicU
Terms
Electric
Bankers* Convention Section
Raiiway Earnings Section
VOL.
&
•
KiAlmaled
I
.1
'JM7 ^?l
-.1
404
«(11
.7
I
30-, fllO
550
THE CHEONICLE
658
[Vol. 114.
and the pi'obable amount for the com-
175,605,426,
THE FINANCIAL SITUATION.
;
to occupy
everything
almost
men's minds, to the exclusion of
else, and President Harding's letter of this week to
Chairman Fordney, of the House Ways and Means
Committee, contains some pointed remarks indica-
The proposed Soldier Bonus continues
tive of the financial difficulties inherent in the pro-
The course which Congress has been pursuing in the matter cannot be commended. In some
situations it may be helpful to borrow the child's
posal.
prerogative of '^supposing," a process aided rather
than forbidden or impaired by intrinsic grotesqueness in the particular thing imagined. Let us therefore suppose the existence of a man in whose welfare we are seriously involved. This man contemplates building, and sees tliat his project will ex-
tend through a number of years, but he is vague
about its precise purpose and its effects. What
kind of building he will erect, what structural form
it is to take, and what plan is to be followed, are
indefinite in his mind. He only guesses what the
probable or possible cost will be, and he has not the
least idea where he is to get the funds he has none
himself, and of how he can get the money he has no
more definite plan that has the little boy who
thrusts his tiny shovel into the shifting sands of the
;
seaside.
''Supposing" such a man as this, what should v/e
do about him? We could not indifferently leave him
to his vagaries, because they would involve us in
their consequences, despite our efforts. Should we
try to correct his mental condition by remonstrance?
Should we send a hurry call to the most competent
alienists? Or what should we do?
Of course, no such unfortunate man as this "supposed" one is known to be at large, but Congressman Fordney of Michigan talks very strangely about
the threatened bonus. He says he does not know
"how we are going to provide funds for it," and he
adds, "I do not know what it is going to cost"; in
this he speaks truly, since nobody knows and nobody has tried to guess nearer than a paltry billion
or two. "But we are going to pass the bill, it cannot
be kept back," adds Mr. Fordney in the same breath.
Observe that he is not merely a Congressman with
a vote but is head of the House Ways and Means
Committee, and that committee, according to long
custom, is expected to initiate the most essential of
fiscal legislation
;
it is
to discover
and
set
ing year is a half -billion moreover, this will prob
ably increase until it reaches at least li^ billions a
year, and in course of the next forty or fifty years
the due care of the disabled may cost a total which
some have put as high as 100 billions and he thinks
cannot be reasoned down below 75 billions. He
turns to our past experience, and finds that in 1875,
ten years after the Civil War, we were appropriating nearly 30 millions for pensions, and now, four
years after war, we are appropriating 500 millions.
Observe that these present outlays are outside of
any possible bonus commitment and were going on
before the bonus "drive" began. Observe, too, that
Senator Borah gives as one of his reasons for fighting the bonus his doubt whether we are already doing our fnll duty to the disabled, and he puts a ques-
up means
of supplying the funds for
governmental expenditure, yet its Chairman is oblivious about how much
will be required for the bonus or how it will be ob-
tion
which sternly answers
itself,
namely whether
our ability to discharge this duty will not be lessened if we attempt to distribute several billions to
those who have not suffered at all. The disabled
veterans in the Walter Reed Hospital have sent memorial resolutions to the President, urging that their
in parinterests be not imperiled by a bonus, and
inconsiscertain
indefinite
and
even
ticular that
tent provisions of existing law concerning their own
governmental insurance should be corrected before
any bonus law is taken up.
No light is yet found as to the sources from which
funds are to be drawn for a commitment whose requirement nobody has been able to reduce to trustworthy figures; on the contrary, each successive
mention of tax sources brings out energetic protests.
Mr. Fordney's committee evolved an "eight-point"
schedule, but this has been savagely denounced
from the country in every particular. The President
in his letter sees no alternative but a general sales
And
tax, but to this also the opposition is fierce.
whatever
mermind
that
it is always to be borne in
its a sales tax might possess, if intended as a substitute for excessive surtaxes, it is not to be thought
of as an addition to these taxes. More taxes in a period of business depression like the present involve
—
—
a distinct menace to business revival. A recent
headline said that Government "seeks part of rail
excess income of 1920"; but that excess was really
a minus quantity. Shall we resort to a tax on ex-
There are no such; further, it is already known that the yield from income taxes is
falling off, and this will be demonstrated anew in
a month or two, for many a concern has now no
inconme which can be brought under the tax
cess profits?
draft.
But the American people, who must furAs for any bond issuing, the acme of unthrift is
nish the money somehow before it can be spent, borrowing money to give away, and the prospective
ought to do some rapid and serious thinking; for if lender (in this case the prospective tax victim also)
we trust overmuch the men we have sent to Wash- is keenly aware of that. After a gradual and enington to look after our welfare they may push us couraging movement of Liberty bond issues towards
over the brink into unknowably deep and unknow- par, it is needless to teU careful people that any
tained.
ably lasting ti'ouble.
Some of this thinking
is
going on, as the undimin-
ishing stream of protests proves. The bonus touters glibly misuse woi'ds by calling the bill an action
to meet a "debt," and there is a debt due from the
country; but
it is
due
bonds for largess uses will raise
obstacles to the Treasury's impending refunding operations and react disastrously upon the loan marattempt to
to those,
really suffered by the war.
and only
Upon
rah, a sturdy fighter, offered
this
those,
who
Senator Bo-
some figures in
his
speech on Monday. In the last five years, he said,
the appropriations for war participants totaled |1,-
float
ket, the prospects for business
growth, and every-
thing else, including the market for services. If the
expectant recipients of the bonus ever get the cash
for which their mouths are watering, they will quickly run it through, and it will do them harm instead
of good, increasing the cost of living against
and intensifying unemployment.
them
Fkv..
On
THE CHRONICLE
is 1922.]
this point of injurious reaction
659
monthly increase amounting to several hundred. This is an unusual development, and marks an unusual situation. Through-
some very sug-
of these insolvencies, the
gestive opinion comes from the South, where, it
might be superficially expected, there would be a
joyful looking forward to a largess which must be
contributed mainly by other sections having a great-
out this entire time, relatively the larger increase
has been among the trading classes, especially the
smaller business concerns in this department of
business, and in large part the increasetl number
of failures is of new business concerns, who entered business during the recent period of inflation,
and who are now unable to continue.
er concentration of capital ; on the contrary, people
in the South correctly see that a bonus would ap-
peal irresistibly to unthrifty dispositions. As they
put the case, the prospect of $50 in cash every three
months would make laborers.- white as well as black,
In January 1922 the number of all commercial inthrow down their work implements, and an army of
gamblers would move upon the South to get this solvencies was 2,723. In January 1921 there were
troublesome cash from negroes and whites, so that 1,895 such defaults. The total liabilities last month
This contrasts with |87,502,382
there would be fresh economic disturbance and a were -^73,795,780.
month
and with $52,136,631 in Janin
the
preceding
lowering of morale.
This thing is so insane, so abominable, and so uary 1921. Manufacturing defaults last month numpractically "impossible" that if we suppose there is bered only 533 in comparison with 531 in December
an Evil Spirit that is fighting to destroy mankind and 415 for the corresponding month last year, and
we might deem the bonus campaign one of his inven- the liabilities last month were $23,165,663, against
tions.
Its strength is not in its merits, for it has 821,808.187 in January 1921. Trading defaults in
none. Its strength lies solely in the shameful eager- January this year were 2,033, as compared with
ness of Congressmen to secure their own ''come- 1,795 in the preceding month and 1,388 in January
back" by bargaining in advance for a soldier vote 1921. The figures this year are unusually high. Liawhich their fears magnify into a bogy towering over bilities of trading failures in January were |34,171,them like the Afrite that the unhappy fisherman of 786, and are relatively as well as actually very much
the Arabian Kights let loose from under Solomon's higher than the liabilities involved in the insolven-seal.
There is no soldier vote, notwithstanding a cies of manufacturing concerns. In January 1921
minority in the American Legion has been coaxed the trading liabilities footed up $22,594,162. In the
into this latest advance of "Coxey's Army." Out- third class, in which are included agents, brokers,
spoken disapproval even from the Legion increases etc., the number of defaults for January this year
daily.
An article in "The Veterans' Magazine" was 157 and the liabilities $16,458,331, against 92
points out that a bonus must curtail vocational for $7,734,282 in the same month last vear. Of the
training and other helps for the disabled, so that manufacturing defaults there were 47 failures where
those who suffered would be forced to pay for gratu- the liabilities in each instance exceeded $100,000,
ities uselessly bestowed upon the unhurt.
In this the total of such liabilities being $15,205,629, and of
State the bonus eeems to be halted. Governor Mil- the trading defaults there were 43 similar insolvenler has spoken somewhat definitely in the matter. cies, reporting an aggregate indebtedness of $8,940,Having been supposed to favor a constitutional en- 854. This left 1.990 trading insolvents, with $25,abling amendment, he now expresses opposition to 230.932 of indebtedness, an average of $12,679 to
increa.sed taxes, which would harm the ex-service each failure.
Of the 157 defaults in the class of
man more than a little cash would help him he also agents and brokers, there were 19 with liabilities in
touches a vital point in saying that "one of the causes excess of $100,000 each, the total of which was $13,of unemployment has been the drying up of sources 987,000. Among manufacturing defaults, the most
of capital for investment, due to excessive taxation; noteworthy augmentation was in the clothing manuand anything which adds to that taxation will react facturing line, and in the trading classes the inunfavorably upon everybody."
creases were largely among general stores, grocers,
Bring the subject down to a personal bid of Con- dealers in meats, etc., clothing and dry goods.
;
gre.sHmen for the next elections, as with shame we
are forcefl to do, and it ought to be plain to the biddfTH that thf'V have made a blunder. The country is
arou.se<l,
and grows more and
more angry.
For
every vote obtained there will be several votes estranged, and there is no warrant even that the men
who are now scaring Congressmen will not turn
ngalnst ihoHf. wlir> Hurrender to thorn.
The bonus
meirilKTs, of both j):irtieH alike,
looking to the I'rfsident U>
'•atitig
fin«i
some means
were
of e.xtri-
them from a dilemma, but he has nothing to
"oiggeHt except a general sales tax in arldition to the
nntH'arably heavy tax burden under which thecoiintry
JM
alrearly staggrring ruid groaning.
time to burv
il,r.
nnifunni: thing,
Xf)W
otuc and
is
the
f<»r all.
The situation in Ireland has been distinctly unfavorable in several respects. The disorders along
the (lister border, entailing liii-ther loss of life, including four Ulster special constables in Belfast,
have continued. Fatly in the week Tremier Moyd
(Jeorge and Mr. Chamberlain had a conference at
the former's official residence in lioudou, with Arthur (Jriffith of the Sinn h'eiu. The latter announced
that he would go to Dublin and would "do everything in his power" to hasten the release of citizens
who had hecii kidnapped. Sir .lames Craig issued
a statenn'nt. in which he said he was "assun'd that
vigorous action is being taken, and that the British
i(»veni(uent is hopeful of securing the early release
<
of the kidnapjicfl
The marked
infreii,H«'
in
rial failim?H in the lin\U;i
the
nundwr
of
r«»niiiii'r
HtateH eontinuos, as the
record fcr .fnnmry hIiowh. L'.72.'5 such rh-faulfH for
that month appearing in fh«' Mtatonu-nf iMHUcd by
R. O. I>tm k Co. F^Aeh mr.ntli Hi nee Hcptcmbcr last
ha« Hhown a rormtant ntiuhient.'ition in tin- niinil.or
Loyalists."
Is an absolute lack of co-<»])eraon (he pjut i,[ \];\]uin\ de VaJer.-i and liiw IHl
lowerH with the heads of the new I'rovisiorml «Jovernment of Ireiarirl. In fact, he has begun ;i cam
paign against that iovernnient. The first demon
Htration occurred in I>ut»lin last Hiindnv. The As
.Apfiarently there
li<»n
(
THE CHKONICLE
660
sociated Press correspondent said that "the magnitude and the generally enthusiastic character of the
demonstration were a surprise to observers of the
The supposition had prevailed
political situation.
Valera's uncompromising Kepublican following was confined mainly to Cork and Kerry, but
it seemed evident from the applause accorded him
that the Dublin crowds still regard him with their
old fervor." It was added that up to that time "no
arrangements have as yet been made for counterthat
De
[Vol. 114.
it, to have authority or a subordinate Parliament. That would not deny the
unity of the Irish State." Finally "the speaker ppealed to the Irish people again, for the third time,
to defeat at the elections an attempt to misrepresent
the people's views. The resolutions were adopted at
There was
all the platforms amid great cheering.
no indication of any opposition to them."
council votes asked for
On Monday Michael Collins, head of the Irish
Government, Free State, cabled Thomas W. Lyons, National Sec-
meetings on behalf of the Provisional
but it is expected that those siding with the Government will speedily get busy." De Valera was said
to have been "accorded a great reception." He was
.
retary of the American Association for the Recognition of the Irish Republic, Washington, and asserted that ''the Republican extremists are planning
Prominent among
his col- a coup d'etat to overthrow the Provisional Governin
dem- ment." Continuing, Mr. Collins said: "You also
part
the
took
leagues
onstration were Charles Burgess, Austin Stack, know well that the alternative to the treaty sooner
Harry J. Boland and J. T. O'Kelly. Six resolutions, or later is a reversion to war conditions. That is the
outlining the attitude of the Kepublicans, were pre- issue I want the people to decide. If they decide for
sented at the meeting and "adopted amid great war, none of you need doubt where I shall stand."
cheering." They affirmed that "the Irish nation was Presumably as a result of the most recent political
one and indivisible; that all State authority in Ire- developments in Ireland, particularly the disorders
land is derived solely from the Irish people that the along the Ulster border, announcement was made in
British Crown is an alien Crown, and that Ireland London on Monday that "the British military auThey further de- thorities decided to-day to halt the evacuation of
is no part of the British Empire."
clared that "the articles of the London agreement troops from Southern Ireland. The military garrifailed to represent the true desires of the Irish peo- son of West Cork, which was scheduled to embark
ple that the treaty was obtained under duress, and to-day on a warship, received instructions at the last
that the Dail Eireann is not competent to give it moment canceling their previous orders. The saillegal sanction and, tlierefore, it is null and void." ings of troops from Dublin to Holyhead also were
They added that "to force upon Ireland an election suspended." The London correspondent of the New
involving recognition of partition before the Dail York "Tribune," commenting on the situation, said:
Eireann has expressed its sanction is unconstitu- "This new development, coming in the midst of a
tional.
An additional resolution called upon the growing chapter of disorders, emphasized the seripeople for support for the dependents of prisoners." ousness of the situation in Ireland growing out of
the breakdown of the boundary negotiations between
in
as
Mr. De Valera
his speech was quoted
saying Sir .Tames (^'raig and Michael Collins, the leaders
that "it was a lie that the Irish people would by a of Northern and Southern Ireland.
The British
majority accept the treaty." He added that "al- troops in Ulster are to be reinforced." In making
though the meeting had been advertised for only the formal announcement of the decision of the Govthree days, thousands of persons had assembled in ernment in the matter in the House of Commons on
support of the Republic proclaimed during 'Easter Tuesday, Winston Churchill, Colonial Secretary,
Week,' and which was ratified at the Irish elections. said that "the sole reason for the suspension was
The London agreement was not a treaty, but an in- the disturbed situation on the northern border, and
strument which in every line denied Irish sovereign- not because of anything that had happened in the
It was signed under duress, and was no more southern part of Ireland.''
ty.
The Secretary further
binding than the infamous act of union." Contin- made it known that Michael Collins was on his way
uing, Mr. De Valera said that "the articles of the to London ''to confer with the Cabinet members,"
agreement bound the Irish people to exchange their and also that "before he left Dublin he would
republic for a monarchy. He asked if the people take steps to secure the release of the kidnapped
wanted as their monarch 'King George of England,' Unionists as soon as possible." The London correto which there were replies of 'No, no!'
The King spondent of the Associated Press asserted that
would be embodied in the Irish Constitution, and be "Michael Collins's disclosure of an alleged Republireally the authority of Premier Lloyd (ieorge and can plot to overthrow the Provisional Government,
his Cabinet.
The foreign monarch's forces could the suspension of the British military evacuation,
hold the principal forts and have air facilities; and and the tension between the North and South have
when Great Britain was at war, which was combined to produce a situation in Ireland not far
practically always, the Briti.sh Government could removed from a state of war. The prospect of civil
take over the harbors, and Ireland would be war is being seriously discussed in Belfast and elsemade a belligerent liable to attack by Great Brit- where in the North."
The speaker asserted, furthermore,
ain's enemy."
Lord Birkenhead, Lord Chancellor, speaking on
broken
that "Ireland was to be
up into two warring the Irish situation in the House of Lords Tuesday
States in order that England, which was supposed evening, said in part
"We should deceive ourselves
to be evacuating the country, might have the sLx if we blinded ourselves to the fact that within the
northern counties to use. The alternative policy next few weeks we are going through the most grave
was the policy of the last four years, the policy and critical period probably in living memory.
which the present opponents of the Republicans Whether we shall get through it with success or not
once shared with them. His own policy was to allow I don't know, and I make it quite plain that in all
the parts of Ulster which by plebiscite or district that T have said about Ireland since the treaty was
the principal speaker.
who supported him and
;
;
:
I
THE CHRONICLE
Fbb. 18 1922.]
signed I have always safeguarded myself against being unduly saijguine. But I am still of the opinion
that if all men in the two countries who are of good
intention and all men who wish to see the treaty
suoceetl
and carried out
will co-operate there is still
great prospect that we may be so fortunate.'' Relative to the discontinuance of the evacuation of British troops in Ireland, Lord Birkenhead said: "The
(Government came to the conclusion that they would
not be justified in continuing the evacuation of
661
Churchill delivered a speech in which he urged
He explained that
spe(Kly action on the measure.
"the purpose of the bill was to substitute for the
present anomalous position a regular Government
with power to assert its authority and to provide by
the election of a constituent assembly, a fresh, a normal and a sensible Parliament one that should
represent the hope of the future rather than the hate
—
of the past."
He
asserted also that ''the sooner
it
would be for Ireland, To detroops until the time appeared to be ripe. They had lay the bill, he contended, would be to encourage
also suggested to Sir James Craig and Michael Col- bloodshed on the borders of Ulster and to assist the
lins that there should be liaison officers for both extremists to overturn the Provisional Government
sides on the border to keep in constant touch with tliat was faithfully doing its best to keep its word.
each other." He added that -'he was still not with- The Trisli Ministry, he declared, should be given a
out hope that discussions between Craig and Collins chance." It was added that "Churchill declined to
discuss the possibilitj' o f Eamon de Valera and his
would take place again."
discuss the possibility of Eamon de Valera and his
According to London cable advices the situation friends winning." The bill passed its second readin Southern Ireland became so bad that on Tuesday ing in the House of Commons yesterday, according
It was to London dispatches last evening.
British troops were brought into Belfast.
stated that *'they hardly had assumed their duties
There seems little probability that the proposed
before one of the soldiers was wounded by a shot."
Contrary to expectations, in view of tlie events of Genoa Conference will assemble on March 8, the
According to a Paris cablerhe last few days, word came from Belfast Wednes- date originally set.
day evening that ''arrangements for the evacuation gram to the New York "'Herald," "the French Govof British troops from Southern Ireland were re- ernment has selected April 23 as the eai'liest date
sumed to-day after a suspension lasting two days." at which it can be fully prepared for the Genoa ConAccording to the cable advices at that time, condi- ference, and has received information from London
tions in the most disturbed sections of Ireland were that Premier Lloyd George will welcome this postirregularly quiet. Winston (Jhurchill, Colonial Sec- ])onement in order to enable him to solve his own
retary, announced in the House of Commons the interior political problems." The correspondent assame day that "Michael Collins, head of the Irish serted that ''this information was obtained from
Provisional Government, has obtained the release one of the highest French officials who will take
of the Ulster Unionists recently kidnapped." Mr. Collins had arrived in London that
morning, had two conferences with Mr. Churchill,
and expressed the hope that "still more of the prisoners would be restored during the day." Thursday morning's dispatches stated that the number
had been increased to 26. The Colonial Secretary
of fifteen
made it known that "at his sjiggestion Premier
Craig of Ulster and Mr. Collins had agi-eed to the
ai)pointment of impartial commissions Ihat would
go to the border area, ascertain the facts, and keep
in clr>H€ touch with each other in order to allay, if
f)osHible, the great apprehension existing on both
sides of the border at the action being taken on the
other Hide." As a rr'sult of the day's developments,
which included an interview l)etween Collins and
Premier Lloyd (Jeorge, Lord Birkenhead made a
statement in the House of Lor(Js, in which he took
•a mr)re hop«'fiil view of the Irisli situation than lit*
'lid yesterday
Tuesday |, allhongii he f)oint«'d out
that there w<;re several matters of the gravest diffi
nlty whicrh were causing anxiety." Tiie Lord ('han
<<*llor M;ii<l that "just as Craig was in an extrenH*l\
trying and anxious position s<» (Collins was equally
also
f
'
in
the K;ime position."
Fl«'
ttflifvcd
thai
"Collins
was doing
his best to cjirry out the icttiT and spiiil
of hiM obligation, and Dial il Ihcsi* two men, each of
whom WHM
bearing a terrible burden of reHfionsibil
ity, eoidd bf. reinforced by puldie support in lioth
•ountrien they might still enlerlain the hop*- lliaf
the anxiotie**
re«eive a
In
r»t
happy
the last
f«'\\
wej'ks
and days
iniglil
Hohi(i«»n."
moving the wrond reading ol llic hinh Treaty
T'omnKmH on Thnrsdav. Winston
bill in thf. II(niM> of
was held the
better
it
part in the negotiations held shortly, either in Paris
or London, in which experts will arrange a definite
program for the Conference."
It became known here Tuesday morning through
cable dispatches from London that '^a request has
been made to Paris that experts should be sent to
Loudon to confer with the British experts upon certain points in Premier Poincare's recent note upon
the rJenoa Conference."
It was also stated that
"the British request has been equally addressed to
other conveners of the Conference, including Belgium." From Paris the same morning came the
statement that "the French Government has sent an
intimation to Downing Street that it Avas in entire
accord with the necessity of a uuH^ting of a committee of experts to prepare the program of the Conference at Genoa. The note, however, added that in
the opinion of the I'^rench Goverunumt not only the
exjK'rts of the five Allied Powers of Europe but all
other -Mlied and friendly nations, such as Poland
and C/.«'choslovalvia, should be includ(!d."
The Fi'ench experts 'Vho are clutrged with preparing the l-'rench teclinicail program feu* the (lenoa
('((nierence," held Iheir first meeting on Wednesday
"in the famous (Mock K<M)ni of the Quai d'Orsay.**
M. Sey<lon\ presided. The New York "Times" cori-espondenl said thai "after a general review of the
agenda which was drawn up at (^annes, Hub-commi.s-<ions were appointed to disciisH each matter and
prepare reports for a sectnid meeting later in t.hn
week. (1 is in this ihorongh \\;iy that Premier Poincare
en<ieavoring to gel ready Utv Hie Conferen<'e
whenever it may he held." The eor'respondent ;id<l
ed
is
that
Premier IJoyd (Jecnge
was
k<N>pii)g
the
FtriK h Prime Minister gnesMing, Hsserling that "t«
:
THE CHRONICLE
66;^
notes which M. Poincare has sent during the
past weeks lie is too busy to reply." He also declared
that "it is not, in French opinion, any accident which
has caused delay. At the Quai d'Orsay it was at
all the
first set
down
to the English week-end habit
and
to
Governmental complications. But to-day there is apparent nervousness which betrays the belief that the
British Premier is delaying his replies from a deliberate policy."
The London correvspondent
made
[Vol. 114.
posal two panels of technical assessors to advise
them on points arising in labor and transit ques-
There are no Americans on either panel. The
labor panel comprises two assessors nominated by
tions.
each
member
League
Nations and one employers' and one workers' representative from each
member country, chosen by the League's labor office.
The transit and communications panel is composed
of two nominees of each member State."
of the
of
of the Associated Press
the following assertions
relative
to
Great
a cablegram last evening:
"Great Britain in a note forwarded to Paris has said
its last word on preliminaries to the Genoa Conference. France can now either send her experts to
Loudon early next week or not at all. England has
Britain's attitude, in
indicated plainly to the French that until this is
done there is no room for further note writing."
In another cablegram from the British capital, the
following appeared regarding Nikolai Lenin going
to the Conference
"It is considered extremely unlikely that Premier Lenin of Soviet Russia will attend the Genoa Conference, despite the previous understanding that he was to head the Russian delegation, according to the Russian trade delegation
:
here."
Chancellor Wirth of Germany is said to have
saved his Ministry and himself from downfall by
demanding in the Reichstag, a week ago to-day, a
vote of confidence against four adverse resolutions
that had been introduced relative to the Government's management of the recent railway strike.
His enemies Avere reported to have been taken by
surprise by his decisive stand, and it was said that
"the Government parties scurried about in a hasty
effort to draft a resolution of direct approval;" It
seems that such a measure had not been introduced,
although the Chancellor's supporters knew of the
proposed resolutions of censure. The Associated
Press correspondent said that "visible impatience
with this passive attitude on the part of his principal support brought Chancellor Wirth to his feet
just before the hostile resolutions
At at luncheon given on Thursday by
tion
M.
P.'s in
honor of Arthur
J.
the Coali-
Balfour, head of
the British delegation to the Washington Conference on the Limitation of Armament, who recently
returned to London, Premier Lloyd George paid a
high tribute to his work at that notable gathering.
In part he said
"I am delighted to thank the man
who above all others helped to clear the skies. He
treated great problems in a great way. He didn't
haggle. He believed in the permanence of the Conference. Because it reduced the burdens of anxiety,
he has won more than ever the trust and affections
of the multitudes of his feUow-countrymen." In reply, Mr. Balfour said:
"The world owes an unac*
countable debt of gratitude to the Government of
the United States, and it is fortunate certainly for
us that the mouthpiece and spokesman of the United
States should have been a man with the rare and
varied gifts possessed by Mr. Hughes."
:
The inaugural session of the Permanent Court of
International Justice of the League of Nations was
held in the Peace Palace at The Hague on Wednesday. The Associated Press correspondent said that
"the event was hailed by the adherents of peace
ideals as a new milestone in world progress, or, in
the words of Lord Curzon, 'the beginning of a new
era of concord among nations.' " He added that a
large number of congratulatory telegrams were received, and described the meeting-place as follows:
"The first meeting was held in the Great Hall of
Justice, a chapel-like chamber, the carved open walls
were put to a
Rising from his seat at the Government bench,
his voice quivering with emotion, the Chancellor in
a brief but impassioned plea demanded that the
Reichstag give him a tangible and unequivocal expression of its confidence, without which he and his
Cabinet colleagues could no longer conduct the affairs of the Government.
A negative result of the
vote on the four opposition resolutions, the Chancellor declared, would suffice to make the Cabinet
position untenable." Instead of adopting a resolution of support and confidence at that session, "the
House, however, finally voted to defer balloting until [last] Wednesday.
Dr. Wirth, it is asserted,
can safely count on a decisive vote of approval of
his railway strike policy." He was supported by a
vote of 220 to 185. In a dispatch made public here
Tuesday morning the Berlin correspondent of the
New York "Times" asserted that there was no
"crisis," and added that "all the insiders and most
of the outsiders knew perfectly well that Chancellor
Wirth was not going to resign, and that there was
no crisis, and that it was all a political bluff."
The announcement came from Paris last evening
that "the German Government to-day advised the
Allied Reparations Commission that the fourth tenday payment of 81 ,000,000 gold marks was made this
morning to banks designated by the guarantees
committee. This payment is in accordance with the
temporary schedule adopted recently by the Reparations Commission at Cannes."
Paris dispatches
also said that "the Chamber of Deputies this afternoon gave Premier Poincare a unanimous vote of
confidence on his presentation of his Governuient's
vote.
which have not yet assumed the darker tints of
age, but the appointments of which combine to give policy toward Upper
the appropriate atmosphere of judicial solemnity."
of
Attention was called to the fact that the members
of the Court represent twelve nationalities, and both
the Eastern and Western Worlds.
John Bassett
Moore represents the United States. The following
details regarding the working force of the Court
were given in the cable dispatches from The Hague
•'The judges and deputy judges have at their dis-
Silesia."
Announcement has been made in London, through
a statement issued by the American Relief Administration, of
ment
gram
"an
official request
by the Soviet Govern-
for further additions to the child-feeding proin the
of Russia,
Ufa. Orenburg and Tsaritsyn districts
due to the increasingly terrible conditions
According to the state:ment,
in the Volga Valley."
THE CHRONICLE
Fed. 18 1922.]
90,349 children in the Ufa region were
receiving a meal daily, and 109,950 were being cared
for in the Orenburg region, while on Jan. 15 children
to the number of 101,205 were being fed in the Tsar'•'on
Feb.
1,
itsyn district.
But confirmation has been received
by the Belief Administration of such appallng conditions that these figures
must be increased
to avert
an enormous death rate."
Under date of Feb. 11 the Moscow correspondent
of the New York -'Times" cabled that "the Soviet
Government has decided to take religious treasures
for the benefit of the famine sufferers." Commenting upon this step, the correspondent said in part:
•'Throughout the four years of Bolshevist rule the
Church has been relatively little interfered with by
the cyclone of change that smashed down the empire and the aristocracy and uprooted the foundations of commerce, industry and finance. Perhaps
Perhaps they
the Bolsheviki were afraid of it.
thought it could not hurt them. Perhaps, even, they
hoped
it,
too,
would change and become a strong,
helpful force in the task of Kussia's regeneration.
For whatever reason, they left it alone, until now it
—
the only organized element in Russia alien or
It accepted Soviet authorhostile
to Soviet rule.
is
—
because it had to, but did not welcome it or support it. And now with the new economic policy
which at the outset even threatened a split in the
iron disciplined ranks of the Communist Party it.self
the Bolshevist leaders realize that their greatest struggle is beginning. "Will they be able to maintain in Russia those things for which they made the
revolution, or wiU the country gradually slide back
into the old capitalist system, in which they assert
the weak and needy were exploited by the rich and
strong ?"
ity
663
the army, the navy and the air force of Great Brit-
The committee was asked "to show how £100,000,000 could be clipped from the national expenditures." The report "accounts for £75,061,875 of this
amount, and the committee will suggest further reductions of expenses in various Government departments in a later report." According to an Associated Press dispatch from London, "a reduction of
50,000 officers and men in the army and 35,000 officers and men in the navy are the outstanding features of the proposals." The assertion was made
also that in the British army, navy and air forces,
"there is overlapping and duplication throughout."
By way of remedy the committee suggested: "In
ain.
order fully to realize the economies the three forces
must be brought together by creation of the co-ordinating authority of a Minister of Defense responsible for seeing that each force plays its part and is
allotted appropriate responsibility for carrying out
its various functions."
The following feature of the
report may have struck the royal family as somewhat radical: "The committee even challenges the
expenses incurred in operating two royal yachts. It
suggests that one of these, subject to the King's approval, be reduced to a maintenance status during
the winter months and the other one be disposed of,
together with the yachts used by the Admiralty and
the commanders-in-chief in the Mediterranean and
on the China stations."
,
—
,
"'J
The
January showed
£3,011,659 compared
British trade statement for
an increase in total exports of
with the previous month, but a decrease of £31,121,000 from the total for January 1921. Imports were
£8,641,152 less in January than in December and
£40,570,783 less than for January a year ago. The
excess of imports declined £11,652,811 compared
with the preceding month and £9,449,568 compared
For several days European cable advices have
contained rumors that the French Government had with the first month of 1921. The following table
entered into a compact with Soviet Russia. In re- gives a summary of British trade for January of this
ply to questions on this matter in the Chamber of year and last year:
1922-Januart/-1921
Deputies on Thursday, Premier Poincare admitted Imports
£76.480.000
£117 ,050.783
63,140.000
92,756,094
that he had conducted negotiations by wireless rela- Uritish exports
Re-exports
Russian food sufferers. In part he
said:
"I am conducting direct negotiations with
M. Tchitcherin on the point
Yes, direct and pre-
8,450,000
9,955,119
£71, .WO. 000
£102,711.213
£4,890.000
£1-1,339,670
tive to relief of
Total exports
Excess imports..
The Bank of England ,on Thursday of this week,
conversations.
My predecessor also talked with reduced its minimum discount rate from 5% to \\2%Moscow by wireles.s, especially on the matter of the The previous rate had been in effect since November
The new rate is the lowest since July 30
3 1921.
prisoners.
I can state that the tone of the radio
1914, when the .same quotation prevailed.
Willi the
telegrams from Moscow have become
cise,
by means of
tlie
wireless.
I
did not initiate the
particularly
kindly since the formation of the new Ministry."
The I'aris correspondent of the New York "Herald"
asserted that "there is no chance whatever of the
French (i(»vernment undertaking privately or j)ublidy pourparlerH with Soviet representatives on the
subject of a wparate arrangement between the two
cr)nntrieH In-fore the Genoa Conference." lie added
that tills Htatrnicnt was made to him "by a high
Krcnrli
and
hcen confirmed in other
in the Soviet attitude
toward France has been carefully considjired." The
Herlin repreHentative of the "Herald" cabled that
Germany waH excited over the "Franco-Soviet talk."
(official
luarters wln-n-
•
thr*
lias
change
sole excei)ti()n
of this (;huiigo, official diHcounts nt
leading European centres continue to be (luotcd at
in Berlin and Belgium; h]/2% in Paris, Denmark
5%
and Sweden;
6%
in
Ronu!,
Norway and Madrid;
Holland and 4% in Switz<^rland. Cal)h« advices wen; received last evening that both the liaidc
of Bombay and the Bank of Heiigal li.-ul advam-eil
their discount rate from 7 to 8%.
In both instances
the former had been in effect sinct! Dec. 29 last.
Ill London the opim market rates are easier, having
been n-duced to 3 3-10% for short, bills and 3)s(«',
3 .3-16'/,', for three months, jig.-iiiist ir'n'',' for both
long and .short bill.s last week.
Money on call wa.s
reportc'd yesterday at 2^ x'/,
The open market dis-
41^%
in
.
The Committee on Natifinal lOconomy, of which
Hir Krie ({edden Ih Chairman, has presented a re
port in which it rr-comrnends "draslie reductions in
the pernonnel and the eHtimateH for maintenance of
count rate
ill
Paris
Ih,
um heretofore, at
5%, and
in
Switwrlaiid 23/2(^)3%.
The
this
Miiiik
HTek
of
EnglaiKl iinnounctMl a
of £14,159,
^aiii
111
gold
which <'ompareH with a slight
'
THE CHRONICLE
664
week previous, and l)rings the total gold on
hand up to £128,762,519. A year ago gold stocks
stood at £128,305,995 and in 1920 at £108,501,544.
Moreover, there was a further drawing down of note
circulation (£914,000) so that total reserve was
expanded £928,000, while the proportion of reserve
to liabilities advanced to 16.70%, as against 14.50%
At this time last year the reserve ratio
last week.
was 14.62%, in 1920 17-K%,' and 20.60% a year
In public deposits there was an increase of
earlier.
loss the
[Vol. 114.
statement issued as of Feb. 7 the Imperial
Bank of Germany again reported sensational changes
In
its
in nearly all of its principal items.
—
Note
circulation
made another huge advance 1,230,251,000 marks,
thus bringing up the total now outstanding to 117,-
119,000,000 marks, as against 66,482,587,000 marks
last year and 37,988,720,000 marks in 1920.
Gold
remained unchanged. Total coin and bullion dechned 1,071,000 marks. Treasury certificates were
reduced 233,892,000 marks, while bills discounted
in
decline
of
other deposits a
£16,952,- fell 1,331,281,000 marks.
In deposits there was a
£190.000, but
000. Loans on Government secm-ities were reduced contraction of 334,503,000 marks, and in other
£17,798,000. As against this loans on other securities habilities 908,485,000 marks. Increases were shown
gained £140,000. Reserves aggregate £25,460,000, in advances, 67,254,000 marks, other securities
which compares with £18,945,955 in 1921 and 1,137,604,000 marks and investments 297,000 marks.
£33,305,164 the year before. The total of loans is The Bank's gold holdings are now at 995,690,000
In the corresponding week of 1921 the total
£80,565,000, as against £85,201,513 last year and marks.
£88,800,565 in 1920, while circulation is now £121,- held was 1,091,457,000 marks and a year earlier
752,000, in comparison with £127,810,040 a year 1,090,500,000 marks.
ago and £93,646,380 the year before that. As had
been generallj- predicted, the Governors of the Bank
According to the Federal Reserve Bank statement,
of England reduced the official discount rate of the issued late on Thursday afternoon, there was a furBank from 5% to 43^%; thus bringing the British ther gain in gold of $15,000,000 for the whole system,
Bank rate back to the pre-war level. This is in hne though the New York Reserve Bank by itself again
the action of the
pending the issue of
witii
Bank
a few days earlier in sus-
5%
Treasury bonds of 1927
5% rate had been in
operation since Nov. 3 last. We append a tabular
statement of comparisons of the principal items of
the Bank of England's returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT,
until
further notice.
The
1921.
1919.
1922.
Feb. 15.
/•(*. 16.
1920.
Feb. 18.
Feb. 19.
191S.
Feb. 20.
£
£
£
£
£
121,752,000 127,810,040 93,646,380 69,567,235 46,207.340
14,911,000 15,562,933 26,337,153 30,680.323 38,561,994
137,461.000 114,041,917 164,811,850 118,333.046 131.879.319
Other deposits
Goverum'l securities 64,425,000 43,512,016 87,118.306 52,234,744 56,350,582
Other securities
80,565.000 85,201,513 88,800,565 84,147,414 101,441,055
Reserve notes & coin 25,460.000 18,945,955 33,305,164 30,562,149 30,714,127
Coin and bulliou... 128,762,519 128,305,995 108,501.544 81,769,384 58,471,467
Proportion of reserve
Circuiation
Public deposits
16.70%
to liabilities
raU-
Bank
4>'ii%
14.62%
7%
U%%
6%
20.60%
18.02%
5%
5%
There was,
reported a loss, namely, $3,000,000.
however, a marked curtailment in discounting operations in both instances.
In the case of the twelve
banks combined, total bill holdings declined $54,to $863,907,000, which compares with
$2,531,282,000 at this time last year. Total earning
assets were reduced by $12,000,000, but there was
an increase of $3,000,000 in Federal Reserve notes in
actual circulation.
In the case of the New York
Bank, total bill holdings were reduced $33,000,000,
to $160,066,000, which compares with $888,733,000
a year ago. A gain in Federal Reserve notes in circulation of $6,000,000 occurred. In both instances
000,000,
the reserve ratio was advanced fractionally, from
The Bank
76.1% to 76.4% for the whole system, and from
in its gold item, the increase this week being 113,000 81.7% to 81.9% for the local institution.
The Bank's gold holdings, therefore, now
francs.
aggregate 5,525,077,925 francs, comparing with
The most noteworthy feature of Saturday's state5,502,565,165 francs at this time last year and with ment of New York Clearing House banks and trust
5,581,270,066 francs the year previous; of these companies was a loss in surplus of over $18,000,000,
amounts 1,948,367,056 francs were held abroad in which not only wiped out that item, but left a deficit
both 1922 and 1921 and 1,978,278,416 francs in of nearly $2,000,000. Loans were reduced $44,137,During the week silver gained 148,000 francs, 000, while net demand deposits declined $27,381,000,
1920.
of
France continues to report small gains
discounted increased 125,665,000 francs and to $3,805,231,000. This total is exclusive of 3142,general deposits were augmented bj^ 96,389,000 399,000 of Government deposits. Net time deposits,
Advances, on the other hand, fell off 21,- on the other hand, were expanded $17,069,000, to
francs.
while Treasury deposits were reduced $256,818,000. Cash held in own vaults by members
francs,
894,000
23,820,000 francs. Note circulation took a favorable of the Federal Reserve Bank gained $1,964,000, to
There was
turn, a contraction of 269,623,000 francs being re- $63,905,000 (not counted as reserve).
outstanding
is
total
thus
down
held
by State
The
brought
in
the
reserves
likewise an increase
corded.
to 36,434,600,000 francs, contrasting with 38,072,- banks and trust companies in own vaults of $275,000,
353,540 francs on the corresponding date last year but reserves kept in other depositories by State
and with 37,958,541,265 francs in 1920. On July 30 institutions were reduced $752,000. Member banks
1914, just prior to the outbreak of war, the amount again reduced their reserves with the Reserve Bank,
was only 6,683,184,785 francs. Comparisons of the this time $21,095,000, and the result was to bring
various items in this week's return with the statement about a reduction in surplus of $18,515,360; thus
of last week and corresponding dates in both 1921 and eliminating all excess reserves and leaving a deficit
1920 are as follows:
of $1,862,890, this comparing with last week's surplus
BANK OF FRANCE'S COMPARATIVE STATEMENT.
In banking circles this, however,
of $16,652,470.
Stalus as of
Changts
Feb. 17 1921.
Feb. 16 1922.
Feb. 19 1920.
for n'iik.
was regarded as a purely bookkeeping transaction,
Francs.
Francs.
Francs.
Fratics.
Gold Holdings —
3,576,710,869
113,000
3,554.198,109
..Inc.
3.602.991,650
In France..
The figures for surplus
presently to be corrected.
No change 1,948.367,056 1.948,367,050 1,978, '278, 4 16
Abroad
reserves
of
over
legal requirements
are on the basis
...Inc.
113,000 5,525,077,925 5,502,665,165 5,581,270.066
Total
280,8.57,495
262,772.299
...Inc.
148.000
252.
396
Silver
of 13% for member banks of the Federal Reserve
Inc. 125.665.000 2,.538,()S3.298 2,892,273.414
1,900,028.014
Bills discounted
Advances
Dec. 21,894,000 2.298.627,000 2.238.297,996 1,.'-153,116. 628
System, but not including cash in vault to the amount
Note circulation. ..Dec269,623.000 3!;,434,(>00.000 38,072,353.540 37,958,541.265
24.978,000
71.497,406
Treasury deposits.. Dec. 23. S'^0.000
57,244,338
of $63,905,000 held by these banks on Saturday last.
tJencral deposits... Inc. 96,389,000 2.452.778,000
3,130,449,232 3,094.714,204
bills
84.'),
.
f
THE CnKOMTCLE
Feb. 18 1922.]
The
local
money market has been somewhat
puzzling during the latter half of the week.
Call
funds were in abundant supply at 4%. During the
same period time money was 5% bid and not very
In some circles early in the week
freely offered.
made
predictions were rather positively
that the
the New York Federal Reserve
discount rate
Bank would be further reduced. No change was
made. In a single day the Federal Government
of
withdrew S66,000,000 from
this was without appreciable
call
money
here.
The
local
institutions,
effect
but
on the rates for
flotation of securities in this
market continued on a good-sized
scale, yet rates
In fact, about middid not advance.
week moderate sized loans in the so-called outside
market were said to have been made at 2>]/2%-
for call
money
Sentiment
in
international
banking
was
England
circles
665
Banks' and bankers' acceptances were more freely
dealt in, especially during the latter part of the
week, which is explained by the easing in the call
loan market.
Both local and out of town institution? were in the market as buyers on a fairly liberal
scale.
There was a firm undertone and quotations
For call loans against bankers'
were unchanged.
acceptances the posted rate of the American Acceptance Council has been reduced from 43/^ to 33^%.
The Acceptance Council makes the discount rates on
prime bankers' acceptances eligible for purchases by
the Federal Reserve Bank 4]/^% bid and 4% asked
for bills running for 120 days; 43/s@4% for ninety
daA's; 43/s@4% for sixty days and 4y^@\% for
thirty days. Open market quotations were as follows!
SPOT DELIVERY.
90 Days.
Prime
60 Davs.
30 Days.
4«fe3H
FOR DELIVERY WITHIN THIRTY DAYS.
4V«@3K
4K®3%
eligible bills
cheered by the reduction in the Bank of
4"-^ bid
Eligible member banks
discount rate from 5 to 4J^%. The latter figure is Eligible non-member banks
4H bid
45i bid
the same as prevailed shortly before the beginning Ineligible bank bills
This was taken as reflecting easier
of the war.
Effective Feb. 14 the Federal Reserve Bank of
monetary conditions in the British capital and
improvement in the general financial position of Cleveland reduced its rediscount rate on all classes
Great Britain. Both have been indicated bj' recent of paper from 5% to 43/^%. There have been no
Doubtless the easier monetary other changes this week in Federal Reserve Bank
figures.
official
conditions in Great Britain are due in part to con- rates. The following is the schedule of rates now in
tinued depression in business, as likewise they effect for the various classes of paper at the different
are in this country. The discussion of the proposal Reserve Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
to pay a general bonus to American soldiers in the
IN EFFECT FEBRUARY 17 1«J2.
World War has not reached a sufficiently definite
Dills
malurtna
DUcuuntrd
stage to be a factor in the money market.
wUhtn 90 days Mnel memIt seems
ber banks' l5-<tau collateral Bankers'
AffTteulTrade
lurat and
nntisl secured try-acrritentirely reasonable to assume that if a bill is passed
Federal Re»ent
tancen
acrepHre stock
Trensury Liberty
Other.
due led
paper
Bank of—
and becomes a law, however the money may be
tfiiuurinu maturint
/m
n/rfM and,
tcue
bonds
ii-ithln
mfrnher
secured
certtncnle
and
Ul
to 180
raised, it would be a factor in the money, as well as
Vinnry
MO
and
hanks
days
of InrirMedness
unsecurtd
notes
the securities, markets, for a time at least. The
i<18tf)D
44
44
44
4H
4H
*H
continued increases in the number of loaded freight Vew York
44
44
44
44
4H
*H
''tillH'iPlphIa ..
44
4S
4W
4H
44
*H
cars handled by the railroads, while reflecting some
'li-vplnnfl
44
44
44
4H
4H
4H
'tlrhiimnd
6
6
6
6
6
recovery in business in this country, has not reached \i|»rita
S
5
6
6
S
6
lili-aKO
S
S
6
6
6
6
an extent to be generally noticeable or to have any
S
S
6
6
6
6
Irirint polls
6
s
6
6
6
influence upon the rates for money.
KariHHi' (;ity
5
5
6
6
6
6
C'/ii/-e»
dfii/K
,
<I
i.iiij|fi
VI
With regard to money rates in detail, call loans
this week covered a range of 4^5%, as against
4Hfe5H% a- week ago. Monday was a holiday
(Lincoln's Birthday).
On Tuesday b% was the
high, 4% the low and 5% the rate for renewals.
Wednesday a slightly ca.sier undertone was noted and
the call rate did not got a!)fA'e 43-^7^; the low was
.still at 4% and renewul.s were negotiated at 43-^%.
Increased ease developed on ""lliursday, and all
loan.s were made at 4%, which was the only rate
(juoted for the day. {^ Frifjay there was no change
and 4% was again the maxiinimi and minimuTri,
'.i\mi
the renewal
bjixis.
This
i.s
the
|f)vvest
renewal
fi
l)«||U8
6
*^D
44
FrannlMSo
6
*H
6
6
6
6
44
44
44
44
Movements in sterling exchange this week have
been less spectacular, and although rates as a whole
have been well maintained, the trend has been reactionary and for a time demand bills went to as low
as 4 313/2) a decline of 73^ cents from the high point
of last week, while trading quieted down perceptibly.
With the resumption of business, however,
after th(! holiday, there was a renewal of the buying
which figured so conspicuously in last week's dealings, and quotations resjionded promptly by a rise
to 4 3() 7-1 ().
The week, of course, was a broken one,
owing
Day
to the ob.servance of the Lincoln's
holi-
some little time. The figuj-es here given day, so that the volume of transactions was nmch
are for both mixed collattjral and all-industrials alike;. smaller.
Aside from this, the general situation reVoT fixed date maturilicH fiind.s were in rather more nuiins about the; same as a week ago. London conliberal supply, btjt the market was not active.
Few tinu(%s to dominate! the; njarket to a considerable oxif any
large loan.s wfre nicorded.
Some busin<'.sH t(Mit and firm cable (juotatioiis from that centre pracwas done for moderufr amounts in the sixty and tically tlirougiiout have been an important factor in
ninety day rnaturitins. All periods from sixty days stabilizing the local exchange market.
In the latter
to six months continue! to Ix; cjuoted at 4^iQiJi'/i,,
|>art of the we'ck irregularity devel(t|)e<l .nid prices
iinchangeel.
moved rather aimlessly, within nariow limits, finishMercaritiN; paper rat4!.H n-iiiain at \%Qi '^^/, U)V ing at a slight net loss for lUr wv.vk.
sixty and ninety dayH' (rrid(»rs<'d liills niceivablc and
.\ccor(litig to some authorities, the ree-enl. rise? in
six months' nurncs of choice rluiructer, the sam«' as sterling was entirely to(» fast and the reaction <lowna week ago, with nanicM not so well known yfill at wurd of the past wtick was to be exp<M't<'(i.
Opinion
')(";.') 34%.
I'rime bills were in better dfirinnd wifli is still at variance as to whether sti-rling is to go up
most, of the inquiry from country banks, but trnris- or down.
A view (piite widely held is thai, no i>ufigure in
actioDS
at)
a whole were moderate
in th<-
aggregate
|)ortanl
change
is
pr(»liable for the |)resent
,
!UhI fliat
—
666
THE CHEONICLE
between 4 20 and
4 30 for the next few weeks at least. It is noted with
a good deal of interest, as bearing on the recent sharp
sterling checks are likely to rule
-
tervals of strength
[Vol. 114.
and mild
activity,
when
several
European currencies made fresh gains of from
7 to 19 points, the trend was generally toward lower
rise, that the balance of exports over imports during levels, although losses were in no case pronounced.
January has fallen to $63,000,000, as compared with Italian lire acted well throughout, ruling alternatively
a balance of $445,000,000 for the corresponding month above and below 4.91 for sight bills. French and
of 1921.
Concurrently with this, British trade bal- Belgian francs, after a firm opening, moved up to
ances are also showing material improvement, as in- 8.66% and 8.26%; respectively, then reacted to
The interna- 8.613^ for the former and 8.213-i for the latter,
dicated further above in this article.
tional outlook continues favorable and financiers then at the extreme close shot up to 8.79 and 8.49 on
are evidencing an increasing degree of satisfaction a better demand, induced by the sentimental inwith what has been accomplished at the Arms Con- fluence of improvement in the outlook. Reichsference.
The feeling seems to be that a long forward marks and kronen remained almost stationary,
step has been taken in the direction of establishing the one at or near 0.50 and the other at 0.03 for checks.
better European trade relations and paving the way In other sections of the market movements were defor permanent peace, and that, hence, the proposed void of significance and dealers were said to have
Genoa economic conference is less vital than at one once more withdrawn from the market to await developments bearing on the international situation.
time it seemed likely to be.
Referring to quotations in greater detail, sterling Trading, consequently, was, for the most part, quiet.
exchange on Saturday of a week ago displayed a Quotations from London were firm and offerings of
reactionary tendency and demand bills declined to commercial bills light. With the improvement in ex4 31K@4 33M, cable transfers to 4 32@4 33^ and port business which is looked for in the near future, a
sixty day bills to 4 29i^@4 31^; trading was quiet larger volume of bills will, of course, be available,
and the volume of transactions much smaller. which may have a tendency to depress prices. Less
Monday was a holiday (Lincoln's Birthday) Sharp buying for covering purposes was noted during the
rallies marked Tuesday's dealings and as a result week, and it was claimed that realizing sales were in
of renewed buying rates advanced to 4 35@4 36 7-16 some measure responsible for the declines.
The official London check rate on Paris closed at
for demand, 4 353^@4 36 15-16 for cable transfers and 4 33@4 34 7-16 for sixty days.
On Wednes- 49.97, which compares with 50.49 last week. Sight
day the market drifted off into inactivity and frac- bills on the French centre finished at 8.79, against
tional declines were registered, which carried de^ 8.54; cable transfers at 8.80, against 8.55; commercial
mand down to 4 343^@4 363^, cable transfers to sight at 8.77, against 8.49, and commercial sixty
4 35@4 363^ and sixty days 4 323^@4 M}4; some days at 8.71, against 8.43 on Friday of last week.
irregularity was noted, but the undertone was steady. Closing rates for Antwerp francs were 8.49 for checks
Dulriess was the outstanding characteristic of Thurs- and 8.50 for cable transfers, as compared with 8.143^
day's transactions; the undertone was consequently @8 153^ the week preceding. Reichsmarks finished
a trifle easier and the range was 4 34^@4 353^ for at 0.483^ for checks and 0.493^ for cable transfers.
demand, 4 34J^@4 36 for cable transfers and 4 32 3^ Last week the close was 0.493^ and 0.50. Austrian
@4 ^S}/2 for sixty days. On Friday little, if any, kronen closed at 0.02^ for checks and 0.02j^ for
increase in activity was noted and quotations re- cable remittances. Lire finished the week at 4.86@
mained without important change, with demand at 4.863^ for bankers' sight bills and 4.873^ for cable
4 34H@4 35'>8, cable transfers at 4 35@4 363/g and transfers. This compares with 4.85 and 4.86 the week
sixty days at 4 323<^(5)4 35^.
Closing quotations before Exchange on the Central European Republics
were 4 33^ for sixty days, 4 34^/^ for demand and displayed very little change, with Czecho-Slovakian
4 36 for cable transfers.
Commercial sight bills checks 1.903'^ at the close, against 1.89; Bucharest
finished at 4 35^/^, sixty days at 4 30]/g, ninety days at 0.80,] against 0.80; Poland at 0.0290, against
at 4 29 J^, documents for payment (sixty days) at 0.0315, and Finland at 2.00, against 2.02 a week ear4 313^ and seven-day grain bills at 4 M}/2Cotton lier. Greek exchange finished at 4.50 for checks and
and grain for payment closed at 4 353/^. Gold 4.55 for cable transfers, as against 4.46 and 4.51 last
of the
.
.
arrivals were not unusually heavy, comprising
week.
$1,040,000 on the George Washington from England in
The exchanges on the former neutral centres in
and $105,on the Al- a general way followed the course of the other Conbania from England. The Maracaibo brought 2 cases of tinental exchanges, although Dutch and Swiss
specie from La Guayra; the General H. F. Hodges from
currency were both strong and a trifle higher. ScanColombia and the Guiana from Trinidad, each small condinavian exchange likewise showed small gains, while
signments of gold and platinum; the Lake Fillmore from
Colombia 21 gold bars and one box of gold bars; and the Spanish pesetas were firmly held at about last week's
Santa Luisa 16 gold bai's, one silver bar and 1,103 bags of high levels.
This, however, was mainly a result of
gold and silver ores from Chile. More Russian gold has been the lack of offerings, together with the sentimental
received, the Stavangerfjord having brought from Christ ieffect of higher London quotations, as trading was
ania $2,800,000 in Russian gold coin, for account of the
American Relief Commission, the second shipment of its less active and the volume of transactions smaller
kind, and $3,250,000 in Gorman gold coin for ordinary A feature of the week was a rise in Norwegian expurposes. Another .shipment is expected in the near future change to 17.20 on improved prospects in that counon the steamer Malmcn. It is understood that gold is in try.
keen demand in India at a price well above the American
Bankers' sight on Amsterdam finished at 37.65,
Owing to the strike in South Africa, however, it is
parity.
against
37.15; cable remittances 37.68, against 37.20;
not thought there will be much gold in the market for some
commercial sight 37.58, against 37.10, and commerweeks.
cial sixty days 37.24, against 36.74 last week.
The
bars, $57,000 on the Baltic, also from England,
000 in English, French and Turkish gold coins
In the Continental exchanges rates have fluctuated
unevenly, and notwithstanding one or two brief in-
range for Swiss francs was 19.483^ for bankers'
sight bills and 19.503^ for cable transfers, which comfinal
THE CHKONICLE
18 1922.]
B^BB.
pares with 19.41 and 19.43 a week ago. Copenhagen
checks closed at 20.70 and cable transfers at 20.75,
against 20.40 and 20.45. Checks on Sweden finished
at 26.60 and cable transfers at 26.65, against 25.90
and 25.95, while checks on Norway closed at 17.20
667
13,845,606, while the shipments have reached $958,902, as per the following table
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending
Into
Feb. 17.
Banks.
Gain or Loss
Out of
Banks.
to
Banks.
and cable transfers at 17.25 against 16.30 and 16.35. Banks* Interior movement
$3,845,606
$9.58.902 Gain $2,880,704
Spanish checks were 15.73 in closing and cable
As the Sub-Treasury was taken over by the FedA week ago the close was 15.73
transfers 15.78.
eral Reserve Bank on Dec. 6 1920, it is no longer
and 15.80.
With regard to South American quotations the possible to show the effect of Government operaimprovement continues and the check rate on tions on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Argentina closed at 365<4 and cable transfers at 36%,
For Brazil also Clearing House each day as follows:
in comparison with 363^ and 36^.
a fractional increase was reported and the rate for DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
checks finished at 13^, and for cable transfers at 13%,
Tuesday, W<dnesd'v. Thttrsday.
Saturday,
Monday,
Fridnv.
Aggregate
against 13^ and 13^^, respectively, the week
Feb. 15.
Feb. 16.
Feb. 11.
Feb. 13.
Feb. 14.
Feb. 17.
fur Week.
Chilean exchange remains firm and closed
previous.
$
S
S
21.400.000 Holiday 73,200.000 40,300.000 54.700.000 77.300.000 Cr .272.900,000
at 10}4:, as against 10>^. Peru continued to rule
Note. — The foregoing heavy credits reflect the hiice mivss of checl^s which come
at 3 60, unchanged.
to the New Vorls Reserve Ranl< from all parts of the country. Id the operation of
the Federal Reserve S.vstem's par collection scheinc.
These laree credit balances,
Far Eastern exchange was as follows: Hong Kong, dowever. show nothin? to the results of the Ileserve Hank's operations with the
a.s
against
53M@533^,
54H@54%;
73M@
Shanghai,
75K@753^; Yokohama, 47H@47M,
against 47M@48; Manila, 493^@49H (unchanged);
Singapore, 50^@51 (unchanged); Bombay, 2934@
against
74,
(unchanged), and Calcutta,
changed)
29K
29H@29^
Clearinc House Institutions.
Tliey represent only one side of the account, as chcclcs
Reserve Bank itself are presented directly Co the bank and never
«o through the Clearing House,
drawn on
tlie
The following
table indicates the
amount
of bul-
European banks:
lion in the principal
(unFebruary 16 1922.
.
February 17 1921.
Banks ofGold.
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the bu3'ing rate for cable transfers
on the different countries of the world. We give
below the record for the week just past. The Federal
Reserve Bank does not proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
for Thursday noon, announced on Friday:
Total.
SilBer.
Oold.
surer.
Total.
£
£
England .. 128.762,519
France a.. 143. 008.435
Germany
.
Aus.-Hun.
Spain
49.784.800
10.944,000
100.041.000
Italy
N'etherl'ds.
34.000.0011
Nat. BelK.
10.003. 000
Switz'land.
22.000,000
15,246.000
12,685.000
8,183,000
50.497,000
Sweden
Denmark .
Norway ..
£
128,702 519 1-28 .305.995
11,200,000 154,268 43.5 142 .•207.9-25 10.408 ,000
647,9.50 50,432 750 54 .577.250
365, 000
2,309,000 13.313 000 10 944.0(iO
2.309 000
25,140.000 I2.'i,787 000 98 452.000 23.202 0011
2,974.0U0 30,974 000
.768.000
3.000 .000
565,000 51,062 000
012.000
1.885 000
R6 1,000
l,e-.':!,ono| 12,285 000
1.140 000
721.000
4,329,000, 26,329 Olio
5,467 ,000
15.240 000
.6-57.000
"2"l2",600, 12.897 000
643.000
141,000
8.183, 000
,115,000
128 305,995
1,52 ,687,925
54 ,942,850
13 313.000
121 ,6.54.000
35 ,768.000
54 ,897.000
II 801.000
27 ,1.88,000
15 657.000
12 784.000
8 ,115,000
Total week 580.474.754 49,064,950035,539,704 589,064.170 48.049.600637.113.770
Prev. week 586,559,075 49,220,500 635,779,575 588,99 ,469 48,010, Io0l637 ,000,619
a Gold holdings of the
hold abroad.
Bank
of France this year are exclusive of £77,934,682
THE POLITICS OF FEAR.
OABLE BUYTNO RATES FIXED BY FEDERAL RESERVE BANK,
FEB. 10 1922 TO FEB. 16 1922. INCLUSIVE.
Many would
Noon Buying
Rait for Cable Transfer t In Ncv) York.
Value in United Staus Money.
I
I
''>>unlTV
amd Mouetarw Unit.
Feb. 10.
KUHOPE—
Feb.U.
Feb. 13.
A\mr\M. kroat
B«lc%jm, rraoe
t
.000335
.0820
%
.000339
.0816
Bulgaria, lev
.00fl;>«7
.00fl933
C»ecbo-«lov«ku. krooe... .01885
DenniArk. krone
.2(Mn
RMlanfl tH>'\n'\
».3o20
rnArkka
Pfn>>n'1
.01'»'<7l
France, fraoe
Oermaoy, relchnnark
Oreece, flrartima
.OV'
BoUaod.
Haocar]'. kroiM
.(725
.001 v;:i
11*17. lira
.CM'
.01875
.20»I
4.3332
010871
.1
(95
.0*)
oiiy
.rn-,\
riUder.-
riorln or
JufOHlarla. krone
..-5710
001.523
1
.77
o<.
Norway, krone
(
Poland, PolUih mark
Portiual, eacuda
.
Bumaola. leu
.........
Serbia, dinar
)
.'17
^
Sweden, kruoa
OWpa,
1
III!
rraae
r-|M>tootael
**
f
1
n
r,
«
..w
)
oul
m
••
•*
'
-
#
ytiao iMlar
r
I«««r>
dU[
1
•
Hi
.770)1
.7M7
.7708
.7279
7607
.72W1
.77.'.8
.77.13
.MI7
IIOLI
MAY
Feb. 15.
S
t
.000331 .000325
.0824
.0826
.006967 .000942
.019019 .018975
.2005
.2057
4.3r,M
4.3663
.019957 .019971
.0864
.0867
.005045 .004985
.0451
.(M50
.3727
.3740
.001541 .0015.38
.0487
.0487
.003279 .003282
.1070
.1071
.OOOTOS .0003
.0744
.0737
.007979
.0080
.013154 .013133
1571
.1573
.2nn
.2018
.1952
.1948
Feb. 16.
S
.000292
.0824
.007033
.018931
.2070
4.3.')03
.0199
.0864
.0(M9(»1
.04.'>2
.3733
M2
.001.
.0485
.00:1275
.1691
.rK)0272
.0729
007958
.01313
.1573
.2620
.1950
.7675
.7675
.7883
.7683
.7288
.7733
.7683
.7683
.7263
.7725
.M3I
.MI5
Y>3I3
.5421
.530«
.5307
.6301
.7717
.5411
.6290
r,;i)H
-,-,00
.M83
.6467
.V17'>
.72M
»
<lnUmr
ladu.
.
Ar,
pain, pe^ta
lUuland.
ASIA—
8
Feb. 14.
>r
MOHIil AMKRICA—
QHada, dollar.
.6M2
.5M3
.3821
.4744
.-17.17
4983
.4942
4'J.',H
o'rfiazn
.056953
.060313
062000
..183
2HI8
.t72«
.4950
.4731
.DM132)I
.MM
.3826
.4787
.4058
r^ii!
2H20
reverse the sentence, and find a
For the world is full of the fear of
None can know what politics will do next.
larger theme.
politics.
This form of fear has the quality of a nameless
dread. Especially in the wide-stretching field of
the new democracy.
And all fear is unnerving, disconcerting, degrading, and destroying.
But the
cause of the fear of politics is the politics of fear.
We
have abundant evidence of the politics of fear
our own legislative being. We must live under
law, not even republics can dispense with guiding
jii-inciples, expres.se(I by representative deliverance
into rules of right action.
Principles being, however, comprehensive, law should follow; not laws in
infinite variety, attempting the impossible of guiding life in minute dntnil.
As exjiiiiples of the jioliin
lics of
rinding
fi'ai-
wjiy into legislative action
its
we
need luinlly mention the bonus and tiie agricull iii'al
rHief bills. These will at once occur to everyoiu',
ZH.'O
IJiil
what
is
econoinicK
We
the effect of the politics of fear upon
and
biiKiness?
shall attempt to go deepei* thiin the cvldeiKMvs
1
at
»««l'
Vrxm
.
^
TIm!
New York
n\u'r',iti<>r]H
J23I
8294
.1330
.7779
.1310
MlOEl
.8303
.1314
.8004
.8341
.1331
.8034
Clvur'um Itoiiw bankH.
with inferior
hjinkin^,'
in
iri«f iliiliniis,
.8320
.1331
.MM6
from
flu-
interior
hav<'
<-ontaine<l in statules (>na<'leii thi-oiigh
We
in
clutehes of
feiir
ai'c
flifir
liav**
rlare
aj(^;rcj<att'fl
and
an^ constrained to believe that
motion
jiolicles set
than eonMlnielive.
gained f:i,HM<»,7()l n«'t in ciiHh a,M a rfsiilt of flu* cnr
rency inovemimfH for the we«'k cuiilnn l-V-brujiry 17.
Thf'ir rp«'ipt.H
hand
becauHO of fear.
liy
politics shivering in
the
theniHelves destmetive rather
We
are almost t<Mn|ited to de-
a ('ongress living and lireathing in fear of
the po|Milar vol(; is unfitted to enact just and com
th.it
|)relienMiv«»
lawn.
\\herev(?r posseHHed
Fear of whatever nature and
is
a diHorder of the mini!
If
—
!
THE CHKONICLE
668
we may say
so without offense to anyone, as
we have enact laws
[Vol. 114.
for relief
and
help,
when only
the people,
no desire to enter this phase of the subject, religion
is but slowly emancipating itself from the thraldom
of fear. And just as in a universe (we use the word
for want of a better requiring more extended expression) created, guided, enwrapped, by an eternal
and infinite Unity, at once all-wise and all-loving
because all-wise there is nothing to fear so, in
the heart and mind of a people imbued with the
practice and theory of democracy there is nothing
in a last analysis, can help themselves
for politics, or the politician-statesman, to be afraid
politician-statesmen, subservient to party, striving
of.
outdo each other in passing laws that cannot even
people observe them
Fear! forerunner of panic! Fear! that thinks
evil, because itself a foul negation.
Fear! permeating politics, and reversing the order of trust
between voter and representative! The law-maker
afraid of the power that makes him. The people
afraid of the law-maker made by the people. Politics, having no kinship to economics, trying to run
the business of the country the natural expression
of a people in their efforts to live. But nowhere the
fear of fear. Nowhere trust and courage and devo-
—
—
by the primal
and powerful methods written in the laws of work
and worship. Man does not live by ideals alone.
Cringing and cowering governLabor and live!
ments when they have no natural life and are cre-
—
tures
of
human
construction!
Laws
—when
they
cannot build or buy a single necessary to or for man!
A huge knotted tangle of statutes, coiling about
freedom, proclaiming liberty and prosperity
And
!
to
When we
find in our party-legislative system two
parties hastening to procure laws because forsooth
if one does not succeed the other will, going so far
sometimes as to coalesce in the formation of statutes
because of this nameless fear of a rival's success,
we must expect no really constructive legislation
for fear can give rise to none. Indeed the word constructive contains an anomaly for the real constructive policies of a people are not contained in
—
live until the
—
—
—
—
we include really, in reconstruccontinuing
efforts of the peoples
the
themselves not in their laws. Construction and tion to the right, believing in the ability of the peoreconstruction are the natural order. They express ple to work out their own redemption from an awthemselves. Law is good, not as a creative power, ful error and sin. The unbridled egotism of polibut for protection of natural and inevitable effort. tics striving to make something out of nothing. A
The larger laws of life are written in the constitu- rivalry in political policies, born of that spurious
tion of things. Men need only their liberty to act love known as jealousy
Fear put it high as you
it
follows
that
multiple
in order to live.
And
petty may fear that if a party does not do something
laws can only end in restriction of natural laws. for the people the people will condemn the party!
Such laws, enacted by reason of the politics of fear, The panic like to that of the disordered mind which
it follows, tend to make men afraid to act that they admits a crime it did not commit.
And the people
may live. And this irf exactly what is the matter afraid of the politics of fear and the laws that it
with business to-day the world over.
passes, cowering before a government they create
We may particularize. Governments, ruled by but do not command, prostrating themselves before
politics, our own included, are afraid not to do a brazen idol they moulded with their own hands,
something. The need is dire. The war-cataclysm and in their hearts know has and can have no origidevoured lives, dissipated fortunes, destroyed ac- nal power Fear!
cumulated progress, disordered the age-long growth
THE COOPERATIVE MARKETING BILL.
of living procedure.
Of what use, says the overA bill authorizing "farmers, ranchers, dairymen,
bold voter at home and the statesman-afraid in Congress, to have a government that can destroy but planters, and nut and fruit growers to act together
cannot rebuild? Yet a passionate child can destroy in associations, corporate or otherwise, in collectivethe finest, most delicate mechanism ever invented, ly processing, preparing for market, handling and
and has no power to replace. There are those now marketing in inter-State and foreign commerce, the
so afraid civilization is on ''the verge of collapse" products of their farms, dairies, groves and ranchthat they despair of giving it a chance. A writer es," as one correspondent expresses it, and it is perdefines morals as external, righteousness as in- haps as fair an estimate of the purport of the genternal. Not a few would make men "moral," mean- eral measure as needs to be made, passed the Senate
ing "righteous," by means of laws. Morals conform Feb. 8, with 58 Senators voting for and 1 against.
to the conventions of an epoch, or a people. Kight- From the discussion of the bill, under various,
eousness creeps close to God, the only source, in amendments offered on the afternoon of that day, it
contrite and humble spirit. Our laws are not only stands out clearly that the ultimate effect of the
bewildering and inefficient because born out of a bill cannot be clearly perceived at this time.
For
fear of something unknown, and, to repeat, non- instance, whether in its administration it will beexistent, if democracy is to be trusted, but because come a price-fixing measure, was, if the estimate of
they are directed against a void they cannot fill.
statements made may be allowed, both strongly
Here is where the politics of fear most impinges affirmed and rather weakly denied. Senator Norris,
upon economics and actually prevents the return of Chairman of the Committee on Agriculture, seemed
prosperity. "The power to tax is the power to de- to say that the farmer might as well have the benestroy." Put fear of the soldier vote on the highest fit of price-fixing as other concerns generally beplane possible fear of not doing right by the sol- lieved to be engaged in the practice, though dissolved
dier, putting Jiim to the test of doing right, still it is and segregated by court procedure. He admitted, if
a species of fear. Again we recur to advance in re- his language be rightly interpreted, that in the bill
ligion.
"Fear God" is now translated Love God
there was an intent of price-fixing, an element tendfor why sliould poor mortal fear infinite wisdom ing to enhance the price of the product of the farmer
and goodness? Fear the wrath of the people, when
but without increasing uecessarilj' the cost to the
they have no wrath for themselves! Fear not to consumer (which he would not approve), since it
statutes.
All that
tion lies in
—
—
!
—
—
—
—
—
THE CHRONICLE
Feb. 18 1922.]
elimiuated the costs iiud profits of the middlemiiu,
or at least it is expected to do so.
There were many cloudy conjectures concerning
the law. Asked if local associations might not combine into sectional or State, these into national, if
not directly, then through appointed agents, thus
creating a giant monopoly in foodstuffs, no adequate
answer was returned; though one Senator thought
that since the farmer member could have but one
vote in a company or association, regardless of his
monetary interest, this was unlikely, which seems to
be no answer at all. Asked if wool-gi-owers might
combine with grain-growers in the same company or
association, no definite reply was secured. Substitution of the Federal Trade Commission for the
Secretary of Agriculture, the latter being given
power to say token there appeared to be a combine
to raise prices, was voted down, with Senator Borah
asking whether "any greater disaster could befall
agriculture than to give a man the power to fix the
prices of farm products?" To which the answer was
returned by Senator Norris, "that the proposition
goes in that direction. However, I do not think it
will ever be used in the way the Senator suggests."
Xor was
made
it
how
clear
work out
the financial conduct of
For it seems almost at a glance to be a great empowering measure
to do business directly with markets at home and
abroad without very much knowing how the busithe bill will
in practice.
ness is to be done or can be done.
It
ure,
is,
to us, a peculiar constituaut of this meas-
and the same
is
true of the credit associations
provided for the farmer by sanction of special law,
is, majf be, stock companand mutual associations without stock. In the
Farm Loan Act, or under it, are created Joint Stock
Land banks and Federal Land banks. The latter
eventuate in Farm Loan bonds as do the former. In
the case of the; latter, the Federal Government has
become, perforce, it would seem, the purchaser of
that there are to be, that
ies
large blocks of these bonds.
of
them have been
the public
Seventy-five millions
lately independently offered to
— while at the same time respective Joint
Stock Land banks are issuing, without combination
with others, land bank l>onds, at rates of interest
and premiums not in every case the .same, and not
on an equality, with the blocks issued by the combined FwJeral Land banks but all of them being
offered as free from Federal taxation and as "instrumentalities" of the United Stat(;s. Why is there
need, and where is the financial r(Knilrem(;nt, which
calls for these two forms of banks and bonds to do
in the end the same thing?
If the farmers, with
only a nominal investment, are capable of organiz
—
ing their latent crefj it
power
into mntiial asHocia
combining through Federal Land banks,
can reach the whole country with their obligations,
why should Joint Stock Land banks be needed al
tions that,
Is it that the local borrowing associations,
marketing their own bonds, find themselves unable
he
sell
669
in general markets.
Somehow, or somehow
he is, with empty hands, by local associations,
to do business alongside joint stock companies, capitalized, possessing by virtue of capital physical
equipments for marketing, companies that must set
a price on grain received or bought and disbursed
or sold, in order to operate at all, and in justice to
farmer-stockholders. And all under the same law.
Such financial legerdemain is entirely too quick for
The State in North Dakota
the understanding.
tried the mutual marketing association plan, and
miserably failed thougli a possibly unifying power.
Now the people, that is the group-farmers, are to
try the same thing, without ostensibly a dollar inMoreover, there are already grain-marketvested.
ing organizations under State corporation laws that
will continue to do business, not being annulled by
this new Federal law. And when it comes to capital stock corporations, the farmers could already organize this form for mutual marketing. And what
is to prevent these
concerns from transforming
tliemselves into agencies now provided by this new
permission? And if they should, the judiciary substitute being defeated which would have put these
marketing associations under the Anti-Trust Act
specifically, what is to prevent processing and marketing companies now existent and doing business
from reorganizing under Federal statute and sanction, thus escaping prosecution for being in restraint
of trade?
Vt is something of a platitude for Senator King to
talk about ill-advised and hasty legislation, though
it
is proper to inject this into the debate
let it
stick like a burr in the record to confound some
party at some time when sanity returns, though
which party it will be, seeing both are now in the
same boat, no one can divine. In fact, this last atelse,
—
tempt of the bloc
is
a leap in the dark.
ten injr to the debate, it
ment
is
Almost,
lis-
would seem that the enact-
one done in desperation.
A
crisis,
a terrible
Some^/mj.^ must be done. Is it to
"gesture."
Throw out the life-line,
(hough those who are drowning cannot even swim
far enough to grasp it. Save the perishing, though
they must save themselves, yet are too far from succor, and will go down in the dark, deep waters before
any aid can come. Let the farmers organize as capitalists if they can; if they can't, let them organize
nevertheless though the foreign markets are far
away and the little local associations offering produetH have no backing save a desire to get rid of hitherto middlemen, who could be held ai countable to
their contracts. No one can hereafter say that legls
lation did not rise to the occasion.
And though a
brood of "associations" gnthisr like an inxasion of
IociimIh to prey on the farmers at their own com
niand, no on(» can point to the prnfiin of niiddl<>mcn
ever again in the land of the free!
situation, exists.
make a huge
—
all?
cope with ho
Hource of origin
to
a credit i)rf»l)l«Tn, since tlicir
is obscure and tlicir ultimate drsli
nation df)ubtful, without direct Oovernmental aid?
And
it
marketing
bill
i.H
large;
appears the sanif difficulty attaches
organi/.atiftns.
The
Iflea
embrxlied
to
in the
to (NHpr-riHe with the profit
internu'diaricH.
are to
make no
farmer
will
»>«
making and taking
Voluntary marketing aHHoeialions
—
profltn
If ho, what c«»mes to the
the U-nefit of enhanced prices, though
Till':
I'lforosi:/)
soldi i:ii it()NUS—
"A IhlilSTIlI) COMI'IJXSA TIO,\'."
.\<ljuHted to what? No one has compiled, no one
knows, what (he average "compensation" of the
coiiHcrijited civilians in industry was at (he time
No one
suggcHts that this **adjuHtmenl" should he mad<' according to the salary
or wage of (he individual, lorfi from his livelihood
"norms" is (he right
lo serve his country in war.
word a gift, a gratuity, a something, in this case,
of entering the war.
THE CHRONICLE
670
given without reference to previous earning power,
without being conditioned upon the character of the
service rendered, and without a thought of adequacy in pay for the danger and loss incurred. "Adjusted compensation" is mere camouflage. Nothing
is really adjusted; and, in sober truth, no compensation can be made.
But it seems the matter
smaU part of our population. Heavy are the
debts that hang over us all. Oppressive are the taxes
that now, though unevenly, fall upon all. There is
but a
disordered business here, and everywhere.
Eepreown included, are
tensely occupied in making the income and outgo of
governments balance. The power to tax is the
power to destroy. Business halts and hesitates,
knowing not what lies in the near future. Invest-
even now. And one of the first is
that may
that soldiers conscripted to war are not a unit on
the wisdom, need, or sufficiency of this "bonus."
Many of them must question the desirability of a
Government huckstering their devotion and valor
before the world they fought to save. Others, hardpressed by circumstances, feeling keenly now their
be said,
loss in time, earnings,
and place,
silent for the
most
would welcome the help a bonus would be
part,
them.
As
is
to
so often true of so-called "leaders" in
an organization, those who are pressing the matter
no doubt feel that they are performing a duty to
those who have suffered. But a people must consider the matter in the light of a policy; and as a
whole must question this method of showing gratitude and reverence to the millions who at the call
of Government took up the tremendous task of war.
If such sacrificial service
can be paid for in dollars,
then if done adequately it must serve to acquit the
people of a debt that never before has been paid for,
and in fact never can be.
If, as is charged, politic*, and, to be exact, fear
of results in the coming elections, is an underlying motive, the proceexiing can reflect no credit
upon the soldier, and none upon Congress. We
prefer to consider the "bonus'' upon other grounds.
We
prefer to look
upon the soldier as one
ex-
by his willingness to serve, as one entitled to the undying gratitude of his country, &eoause without hope of reward he gave himself that
others might live. In this sense dollars are only a
mockery to his glory and his good. Enshrined in
alted
memory he
will live in the praise of future genera-
and the helpfulness of his work will, in some
measure, even return to him while he lives, in the
mighty resolve of mankind to end war forever, and
set up the reign of peace on earth, good-will to men,
wherein the laborer is worthy of his hire and the
rewards of toil are free and full.
Valor, honor and sacrifice, cannot be commerHeroism and devotion are not measured
cialized.
by dollars. Many a good soldier must look upon
tions,
many
sentatives of
The Republican Party has the power to do this thing and has
decided to do it. There are. however, some things ment
is settled.
[Vol. 114.
new
peoples, our
is at a low ebb.
The profthat
should
prosperous
but
is not,
business
be
taken away in taxes and poured into a void created
by the waste of war, can add naught to employment
in
enterprises
its of
payment of wages and
time a new debt of from two
or the
salaries.
At such a
to five billious is a
serious matter to the millions
who now
live
and
must live by the sweat of the brow.
It is conceivable that much as a nation may desire to reward the soldier it cannot do so without
injustice to the greater
number
of civilians.
Secre-
tary Mellon, in his recent letter to Chairman Ford-
ney of the House
Ways and Moans Committee,
re-
newed his previous protest, and pointed out that a
"bonus" would seriously disarrange our governmental financing.
The President
in his leter of this
week
does the same thing. Secretary Mellon also declares
that the proposal that funds be obtained by using
principal or interest of the debt owing the United
States by the Allied Powers is impracticable, and
"would enormously complicate the international situation without in the end removing the burden from
the taxpayer." Surely, everyone must see, the mere
refunding of a huge foreign debt, on long time with
interest deferred, if not by permission, then by force
of inability of payment, has no real relation to the
financing of this project.
Let the matter be looked at calmly and judicially.
The entrance of politics would be a disgrace. The
soldiery of a country must not be "paid," and by
that discharged from further memory. The people
who did not fight because they were not conscripted are not therefore the slaves of those who did.
Peace is not furthered by the existence through the
Debts are not
generations of a pensioned class.
paid by heaping upon them other debts. Taxes are
not made equable and just by forcing them to seek
devious ways. Business is not helped by new complications and interferences. Militarism is not bauished by unduly
terday,
bound
bowing down
to the soldier of yes-
to be the civilian of to-day.
Fear that
cowardly and constricting legislation
will not conduce to tranquillity and prosperity. A
this attempt at "adequate compensation" as a reflec- "bonus" must be paid for by toil, and it may start
tion upon him. He gave his all— not for pay or pride, evils unlvnown!
but for his people and mankind. To belittle that, to
set up a dollar-standard, is to break down his inner
THE RAILROADS EITHER
And his countrymen must WAS SEIZING
feeling of worthiness.
ask themselves this question, if the giving of this
bagatelle, for it is nothing more, is to corrode the
satisfaction of the soldier, is to commercialize what
he did in the eyes of his peers in the civil life that
now follows, will not the "bonus" merely pave the
way
for future
demands made upon the basis
of
rendered, and
discrimination in kind
upon the broad ground of pensions compel the
Treasury of other years to make other attempts at
of
service
"adjusted compensation"?
And not alone is the soldier to be thought of in
this day and hour. These four or five millions of
men, however true and fine and brave they were, are
is
fruitful in
NECESSARY OR UELPFULf
An
issue has lately arisen between
some railway
executives and former Director-General McAdoo as
to whether the fault for the present unhappy physical and financial condition of the railroads lies
more on the Government control or more on the executives.
As
is
humanly natural, Mr. McAdoo
de-
fends himself, even averring that the roads were returned in better rather than in worse condition than
when taken, and lays all blame on the managements,
He says "it
after and during and before the war.
is inescapable that if there was in 1918 extravagance
and inefficiency these railroad executives were
THE CHRONICLE
Fhr. 18 1922.]
they were not guilty then they
are now, for their own purposes, guilty of an attempt to besmirch the record." Having previously
failed to raise enough capital to keep the property
guilty of
it,
and
if
and the employees satisfied,
he asks by what right they now complain of a Governmental control which established a credit of over
in efficient condition
a billion for capital expenditures, "brought order
out of chaos, got the transportation system of the
country functioning, opened up the lines of communication, and made possible the early ending of
the war." In the second month of 1918, he says, the
war situation was especially black because of the
failure of food supplies at the front, and then one of
the most drastic things ever
known was
done, in the
rushing of empty box cars westward to bring back
food, and "the success of this operation saved the
war": further, that the greater part of any deficit
occurred (in 1918) "while the executives were operating the carriers for the account of their Government." Private control could not have mollified the
effects of bad weather or of influenza, or have better coped with the competition for skilled labor produced by the war; "the inescapable truth is that
private control was powerless to meet the demands
on the roads."
Now the only value of discussing past misfortunes
and trying to discover their causes and allot their
blame is that thus we may draw permanent lessons
and be safeguarded against mistakes hereafter.
Many points of dispute have arisen concerning
money obligations legally or morally due to and
from the roads because of the control; whether the
roads were returned in the condition promised, or
whether (as Mr. McAdoo affirms) the control
worked in 1918 with the .same plant as in 1915 but
did l>etter with it, broke up traffic congestion, met
every traffic demand, paid labor a living wage, and
paid the owners over 900 millions in rentals "which
they could not possibly have earned under private
control." All these questions, still undecided, may
be decided some day, finally if not satisfactorily,
and they are of large consequence; yet they are of
minor consf*qnence compared with the overwhelmingly real question of whether the control was necessary, whether it was well for the country and the
world, and whether it is true that in a great emergency private control fails utterly and must give
way. Tlii.s is- the great becaiis*; the ])ei'nianent (|uestiori, for we still have to rlecide Ix'tween private ownership with such practical improvements a.s experi
ence may have taught us, or a Governmental control with or without (fovernnu-ntal ownership.
We
hIimII make this choice by voluntary action or by a
wcjik «lriftirig with events, and it ih of great prcKcnt
and permanent conse<|ucnce that we discover rightly
the leummn of pawt experience, cnlminating in the
control term. We can aff<tid fo [)ut to one wide, for
the time t»eing, everything except this.
l)oes the recf)rd MUpitofl Mr. .VIcAdoo's laudatory
cJainiH for the control find his sweeping crindeniini
tif)n of the exernfivew?
If it does we might (piote
iIm' i<lenl mott«» of "adversiM major, par .se<iin<liH"
and call itfuMtle*! that a c«»ntrol which proved vi<"tor
in emergency mIiouIiI Im- the ablest in Nniooth gfdnt^;
having eHtal)lisln-d it.sell' in war ue might reaHon
(
ablv Kay> we are naU^ in trusting it alwayn. The
question as to Air-. AIcAdoo therefore seems to \irtnally involve the
<|ni'<4tiori
as to transportation.
of oiir
permanent
jjolicy
671
Now
the "Chronicle" has repeatedly called the
seizure of the roads the country's greatest blunder
in the war, and this was not said hastily. We have
never gone into argument over it, nor is argument
necessary, since it is really so clean-cut and simple
that discussion is superfluous. Let us subject it to
the acid test of a very brief analysis.
The seizure did not add a foot of rail, a track tie,
a car wheel, a pound of coal, or any other item of
equipment and consumption; at the hour of the
taking over, the roads were the same identical physical entity that they were on the day previous. It is
therefore "inescapable" (to use Mr. McAdoo's word)
that in every material particular the roads had the
same defects as before and there was thus far no
As for the human element, "Government is such an easy boss," as everybody thinks he knows not one in the rank and file
of the employees felt a new sense of responsibility
or made a new resolve to stand by his duty with
more effect; on the contrary, the seizure was recognized as opportunity. Sordid opportunity it proved,
for the first act of the new control was to add one
more big wage increase, and, as usual, to make it
And that process was repeated again
retroactive.
potential gain in service.
;
and again.
It is therefore undeniable that
from
Government took
owners a vast and indispensable instrument, did not thereby improve it as to physical capability, and proceeded to pile upon it a huge additional load of expenses, whose effect, according to
its
human
nature,
was detrimental rather than
to the efficiency of the
Then
is
human
helpful
factor in the case.
there nothing to be said for the other side?
Yes; one thing, though qualifiedly. Before the seizure (and this did not all end after it) purchasing
and dispatching agents of Government had been acting without co-ordination, buying and shipping
against one another, taking themselves so seriously
that each claimed priority and marked his goods
"rush"; they figuratively tripped over their own
feet, and so there was confusion and congestion,
as when a crowd in a panic try to escape simultaneously through one door. Admit that in some degree
was cut and ability of movement restored
by the seizure, and give this evei'y ounce of weight
the tangl(!
begging of the
wholi^ (jnestion to assert that this could not and
would not havci Immmi accomplished by private action,
without the seizure. Mr. McAdoo cites the "drastic"
.sending of empty trains westward to bring back food
and avers that "no authority except that of the federal Government coubl have met the emergency."
Ifow nnwaj-rantable an assertion is this! lioth
Thomas A. Hcott and .Vndi-ew Carnegie showed, in
their time with
the Pennsylvania, that proper
thought and propei- d(M"d i-onld <'ome in emergency,
and snch a drastic thing as ditching one train for
the saving of a more important one has been proved,
in r.iilway practice, within the individual resource
By
of employees of not even the highest grades.
what right does anybody declai'e that tlu' nuinagonieni of the \. \. Genlral and the Pentisylvania
could not and would not have dispalcdied trainti
eru|)ty to return filled, had there heen no pnr.iniount
Governmental authority Init only the coiniuand of
an evident emergency'-''
Itui the executives had "fiiiieii so signally to raiHe
cHpital for necesH.'irv ca|>ital cxpenditureH" before
the wai"' Tlie\ lijnl
Thev had failed to work the
it
can justly claim; then
it is
a
flat
THE CHRONICLE
672
aiiracle of
making the private investor
see a prom-
ising financial future for a business so loaded by
putting up its expenses and keeping down its in.*ome, under a long term of strangling "regulation."
government came on the scene and established a
n'edit of over a billion ? Certainly, but how this was
ione needs no pointing out, for the burden of it is
:5till with
us.
Government satisfied the workers
ivith a living wage?
Yes; and we are struggling,
the workers with everybody else, under the mischiefs wrought thereby. And if, asks Mr. McAdoo,
the roads were in '^deplorable condition" when returned, how did they liandle in 1920 "the largest
kOlume of traffic in their history?" His answer is
that this was possible because of an expenditure of
aearly 1^ billions on betterments during the con-
"which made the railroad properties an infinitely better transportation machine than on Jan.
trol,
L
1918,
when
the
Government took possession." But
there is another explanation of the increased traffic:
that
it
was accomplished by starving
better-
ments and overworking the properties physically,
as when the coal bin is empty but a man burns his
furniture and fends off freezing from his family, a
resource justifiable in emergency but not to be mistaken for economy and thrift.
So menacing was the inefficiency of the executives, says Mr. McAdoo, that he had to hint at discharging some of them, to which Mr. Underwood of
the Erie rejoins that he had no power to do so. He
none to do so formally, yet iu practical effect
they were discharged by being pushed aside. Men
ivho had proved executive qualities and the power
to do things by doing thism were virtually ignored.
It was easy (temporarily) for the control to raise a
^credit," having the tax-power behind it, and to satisfy labor by granting whatever it demanded and
putting the burden upon the future. On the contrary, it is an unhappy and really discreditable fact
that railway executives have not now, had not during the war, and had not during a long term prior
to the war, a real control they were free, as a man
is free whose ankles are hobbled.
Their wage schedules were periodically raised and the corresponding increases of rates periodically denied by an authority imposed upon them under limitations, they
tried to do what they could, but it was beyond the
power of mere men to prevent the weakness in which
the suddenly magnified demands of the war found
the properties. To impute all this to their personal
inefficiency and assert that only the seizure saved
or could possibly have saved the war situation is
unjust and without proof. It is of course true that
we cannot now know just what would have followed
had the roads been left to those who had experience
and had also every inducement to the most lively
and effective effort; but the physical side of the
problem was not improved by the seizure, and the
human side was subjected to an impairing influence,
or, if this be deemed mere assumption, it is at least
[Vol. 114.
vided authority to give priority orders was centred
in one man (and that man at the time president of
a railroad) the blockade of Atlantic ports automatically ceased.''
Let Mr. Underwood's statement
stand without comment as he makes it. He is right
in denying that the roads had broken down; they
had not. They had been abused, they had been bled
white, and then an unforeseen and almost superhuman task was put upon them in most blundering
fashion by Government itself, by shipping everything through on priority orders, with no provision
for disposing of shipments at destination, thus producing endless congestion and indescribable confusion. The roads did not fail, and it is an assertion
utterly unfounded to say that the power which had
previously injured them enabled them now to stand
under their new load and improved them while doing it. Where we cannot have proof as unassailable
as a demonstration in geometry we can at least keep
in touching distance of what experience and reason
declare inferentially clear.
But disputing and contradicting and recrimination will not take us anywhere
anywhere we wish
and should strive to be. A clear-headed and truthful understanding that we succeeded by doing wildly
and foolishly, when we could have succeeded with
less waste and hazard, may be of lasting value to ns,
now that we must take, by choice or by vague wandering, one path or the other as to transportation
—
hereafter.
tiad
;
;
probable, according to human nature.
Mr. Underwood of the Erie iudiguantiy denies
that the roads "had broken down." BeCore the war,
he says, export goods were only some 17% of all
goods moved, but the war raised this suddenly to
J)0%, and all of it going to seaports; the ships to
take it did not come, and congestion followed, "but
this congestion was as different froui break-down
as the clogging of a water pipe differs from brealving the pipe in two"; moreover, "as soon as the di-
THE LIMITS OF THE RIGHT OF NATIONAL
SELF-DETERMINATION.
When
the right
of
nounced at Versailles,
self-determination
was
an-
America's prescriptive
policy for settling the problems of the various nationalities occasioned by the war, it was accepted
without debate. It appeared a clean-cut, general
statement, and might be held as universally applicable so far as circumstances would permit. In difficult cases, if backed by the force of a great State, or
some combination of States, it might also be carried
out.
It was understood as expressing established
American opinion and embodied in the form of democracy for which America stands, which was now
expected to expand over the world.
Men familiar with the history of Europe, however,
shook their heads; and those facing the situation in
the Far East wondered what it meant; but all let it
pass for what it was worth, for other matters
here, one of
[)ressed. When it was announced
our wisest public men arose from his chair
in a little company and, walking about in silence for a moment, turned and said simply "That
A host of evils will come out of
is Pandora's box.
as
:
it."
Through the centuries the map of Europe had
been made over again and again, with entire disreThe great Powers had constantly
g;u-(l of it.
seized lands in all the continents and still held them
under various forms of dominion. China stood at
that hour before the door of the Conference with disiiieinbered body, hardly venturing to ask restoration, but hoping to secure deliverance from further
Through three-quarters of a century,
England, France, Russia, Germany, and of late Japan, had vied with one another in tearing away great
Read the story as told
sections of her territory.
anew and at first hand by a wise and sympathetic
couslriction.
American.*
1
THE CHRONICLE
Fhb. 18 1922.]
were not clean. We had not hesitated on occasion when certain advantages were to
be had or valuable concessions were to be granted,
Even our
skirts
to join with the rest.
Though our
relations with
673
The ferment of war spreading in the West permeated the East. The people were ignorant, plunder abounded, plotters from all sides were thick. If
Japan had not defeated China in 1895, Korea would
(•hina have generally been in the hands of kindly still be that country's misgoverned vassal. Had Jaand large-minded representatives, and China holds pan not fought Russia in 1904, the peninsula would
us her best friend, Cuba, Porto Rico, Haiti, San Do- have passed into the possession of the Slav. Time
mingo, Panama, the Pacific, Mexico, all have stories and patience were necessary, and events were movto tell of the little regard the United States has at ing too fast for them. Ito was assassinated, and the
times shown for the rights of small nations. More- powerful military party in Japan, inherited from
over, the right of self-determination found no place the old regime, found its opportunity in Korea and
in our thoughts when the Southern States under- for several years the world for Korea was turned
back. In 1919 new leaders came into power in Jatook to detach themselves in the Confederacy.
By Imperial Rescript the Government of
The most difficult and perplexing political and pan.
economic problems in Europe, to-day confronting Korea was reformed, the military gendarmerie was
the administration of the League of Nations, grew abolished, and a Liberal rule created, which instiout of the attempt made at Versailles to apply this tuted for Koreans the same civic rights, liberties and
doctrine of self-determination. We, for the hour, privileges that the Japanese enjoy. Midzuno, a disare not immediately concerned with Europe but in tinguished scholar and a follower of Marquis Ito,
the problems that press upon us, from the Far East was made the new Director-General of Administrain the Conference that we called, it embarrasses our tion.
Japan discovered that it was "a great mistake to attempt to force upon the Koreans by the
judgments and confuses our people.
It is true that "through our own humanity we un- military, the same mental and spiritual training as
derstand the humanity of others," and by it we are that of the Japanese people." But Korea has her
bound to share with them what we find helpful, but Sinn Fein and Intellectuals, chiefly abroad, who igthe fact is that "self-determination," whether for nore the fact that the majoritj' of their countrymen
individuals or for nations, often has and must have are totally unfit to co-operate in any system of represtricted application. Like the principle of innate resentative government, and that any attempt at
equality and the right to private judgment it de- self-determination could only mean the unchecked
pends for its application upon time and place, and exploitation of the masses by the privileged few.
may even have to be kept in. abeyance for the genMeanwhile, in all material ways the Japanese are
;
;
eral good.
In the questions coming to us from the Orient it
ably discussed in a j^trong and comprehensive
book, "China, Japan and Korea," by J. O. P. Bland
( Scribner)
In the crucial case of Korea he reminds
us that some ten years ago President Rooi^evelt.
when appealed to, declined to intervene in behalf of
Korea's independence, on the ground that "it was
out of the question to suppose that any other nation,
with no interest of its own at stake, would do for
is
.
the
Koreans what they were utterably unable
to
do
for them.selves."
doing wonderful things for Korea, introducing many
new forms of agriculture and factories, before quite
unknown, improving the harbors, opening mines, extending transportation, improving conditions of
health, establishing waterworks,
hospitals and
schools. Korea is an essential part of Japan, in the
estimation of this writer, at least for the present, or
an alternative to Japanese rule is devised,
"which shall give the country and its neighbors a
reasonable prospect of peace and progress."
With Great Britain ruling India and Egypt,
France holding large provinces in China and Africa,
Italy taking possession of Tripoli, and the United
States steadily expanding for the protection of its
until
Korea had a long history of incompetency and
strongly established corruption on the part of her
nilers.
Control had passed back and forth among position at Panama over all the small States of the
contiguous powers, wifh endle.ss rapacity and plot- ("in'ibl)ean seaboard, it would be difficult for any of
ting.
Iler utter helplessness had made her "the these Powers to ask Japan, in the interest of humancockpit of the Far East." and a constant cause of ity and civilization, as identified with a recent powar.s, in which her 20.000.000 people played the part litical theory, to cease to regard it necessary or right
of spectators, all their activities meanwhile concen- to exercise control over Korea.
trated npf)n internal strife, on "trea.sons, stratagems
We
are brought to recognize that self-determinabased on public opinion; and that public
and spoils."
tion
.fapan was at length compelled for self-preserva
tlon to interpose.
For fifty years Korea had been
worthy of the name exists only in those
forms of human society that have some form of organization and of a homogeneity that possesses ready
means of intercommunication and .self-expression,
with snrficient intclligt'tice to undcrsljind and iip|)Iy
methods of stable (lovernnicnt ;in(i ncccplcd respon-
the "lynch pin" of Japanese foreign policy, the keyland of Northeastern Asia. Japan, as a careful student of great political movements in flie Western
World, recf)gnized tlie diffcrenre between evoiiitioii
and revolution, and had in her own case allowed no
is
<iI)inion
sibility.
violent break with the past, but had secured a dcfi
nit«' period for pna!)ling her people to study the ma
rhiriory of reprfHeritntivc govfrrifiicrit before netting'
that this condition of society can
p<'oj)Ie the task
of self ^«)v«'rrinu'nt.
FJnt long experience goes far to
it lip; nx\i]
introduce and eHtalilish the controlling liinitati<m
that fl st.'ible condilioii, snrficient to secnre individnal liberty, regard for the riuhts of othern, (he tenure of prop«'r(y. nnil snfficienl practice of commun-
this harl f»roved ffriiruTitly siicceHHriil.
It
saved the nation from the perils of vinlcnf faction
fJonse<(iiently she sent Iut very best
man, the l(irg«'
minflfd, wlif)lly hiimnne iind honorabh- M«i(|iii'< ll<>
to gnid»? affairs In Korea.
'"rhlnn. rnptlrr or rrrr," hy OlltuTt RoM.
A
(Vi.
D'kM
^fpn<l
Ft
is
best be
clainu'd
produced by crowding upon a
permit the accnmuliit ion of that fund of
NocinI Jind (•coruuiiic wiHdoni which cotiHtiluti's the
found.itifui ffir eHiablishing any just form <»f Inimnn
ily life to
THE CHRONICLE
674
[Vol. 114.
government, that this is necessarj' before Democracy
has a fair chance in any form of representative government.
In a word, we must recognize that this is an ohi
world, and that the sum of its experience, not only
cannot be cast aside, but constitutes the real capital available for the civilized world in the task before it to-day. Mr. Hughes stated a working policy
when for the Conference he gave assurance that "no
one will seek special advantages or privileges at the
expense of the rights of others."
given to the excess men as if they had stayed at
home; indeed, had they stayed there and worked in
some occupation while their names were borne on
the payrolls they might have produced something,
instead of being like brake handles that were never
touched.
ordinary common sense the carrying instruments
which belong in practical fact to all the people. We
must beware of over-confidence which might cause
us to relax efforts towards this better understand-
that used to be wasted, and that the public authority
there has not had to settle any complaint. It is to
be hoped that sanity and reason will speed the ef-
^
The change sought in the law would allow the
men required for running
and the New York Public Service Commission and the New Jersey Board of Public Utility
Commission would have power in the respective
States to prevent undermanning. A similar change
LAW&.
FULL-GREW
TEE
REPEALING
in the old law has been made in Missouri and PennIt is pleasant to note some signs of the spread of sylvania, and is now pending in the Legislature of
a better understanding of the subject of transporta- Maryland. The spokesmen for the roads say that
tion and of a more general willingness to treat with the roads in Pennsylvania are saving four millions
ing, yet it
is
well
to
States are working with representatives of the railroads of the States, in pointing out the source from
which these laws came, their uselessness, and the
waste they entail. Organized labor extorted them
from weak-kneed politicians, and the railway brotherhoods, not yet having learned better, are now opposing repeal, though it is not impossible that oppo-
now
trains,
forts to get these mischievous
laws off the statute
draw encouragement and books everywhere.
strength from every ray of light that comes, in a
time of such world-wide darkness,
A definite and well-backed effort is now making
for amendment of the so-called "full-crew" law in
this State and also in New Jersey, and representatives of business and farm organizations in both
only perfunctory, the leaders desiring
to keep unimpaired their own hold on the rank and
file, still held under their long mis-teaching.
A full-crew law merely forces men upon a railroad
who do nothing but draw pay; it finds jobs for "lasition
roads discretion about the
is
By
RAILROAD GROSS AND NET EARNINGS FOR
DECEMBER.
The character
of the comparisons of the gross
and
net earnings of United States railroads for the month
December, as revealed by the compilations which
we present further below, differs in no essential degree
of
from the character of the returns for the months
immediately preceding. The continued shrinkage in
gross earnings attests the presence in unabated form
of business depression, which was the distinctive
of all the months of the calendar year
1921, while the huge curtailment of the expenditures
feature
not only the falling off in traffic, freight and
passengers alike, as a consequence of the trade depression referred to, but also the tremendous effort."*
which railroad managers are making to overcome the
effects of the loss in traffic.
The changes in both
gross earnings and operating expenses, as contrasted
with the corresponding figures of the preceding year,
are of tremendous proportions both relatively and
This will appear when we say that the
absolutely.
gross earnings for December 1921 fall $120,615,992
below those for December 1920, while expenses (not
counting taxes) were reduced in yet larger amounts,
The loss in the gross
or no less than $144,215,090.
works out 22.87%, while the saving in the expense
accounts reaches 29.84%. It follows that an improvement in net earnings has been effected of
$23,599,098, or .53.33%. This improvement in the
net would have to be accepted as a decided anomaly
suggesting that the less business the roads do, the
better off they are except that the causes underlying
the great changes in both earnings and expenses are
In tabular form the
so thoroughly understood.
comparison of the totals for the two years is ju^
reflects
such laws
the roads were bled, just as they were bled by the
periodical raising of wages through pretended "arbitration," under the long course of folly by which
our roads were weakened, a "regulation" which
operated as cutting down food would operate, though
it were called "dieting." The full-crew law was put
through under the mask of concern for the public
safety, notwithstanding even the ordinary trackwalker knows that nothing is so costly as an accident, and that executives are always open to anything which wiU make for safety. The so-called
"full crew" is an excess crew.
The full and suffitrains;
cient crew operate
the excess men ride idly,
and draw pay for idleness, the whole public bearing
the burden. The arithmetic can neither be deluded
nor avoided money spent on needless men and unnaturally high wages cannot be spent for betterfollows:
ments which go to more effective service and the inInc. + or Dec. 1.—).
1921.
1920.
Month of December—
crease of safety. It is computed that the useless em$
$
S
(191 Roads)—
S
0.37
224.784
-I-S35
225.619
Miles of road
ployees on trains cost |G50,000 last year in New Jer- GroM camlnga
$406,864,055 $527,480,047 —$120,615,992 22.87
—144.215.090 29.84
483.229.957
expenses
339.014,867
Operating
millions
since
it
about
went
into
operasey, and
51/2
$44,250,090
+$23,599,098 53.33
867.849.188
tion, while in tliis State, the full-crew law is held
Net earnings..
responsible for increased operating costs approxiProperly interpreted, the contraction in gross
making
mating .1^2,000,000 a year,
$16,000,000 for the earnings and shrinkage in traffic here disclosed is
eight years the law has been operative. This has even more significant than indicated by the face of
necessarily been paid by every person and all busi- the figures. This is so because in comparing with
ness that uses or depends on the roads; it might December 1920 we are comparing with a month when
have gone into rolling stock or other things which business depression had already begun and a marked
return their cost in service, but it was as effectually falling off in traffic had occurred. This was not indi-
bor," at the expense of corporations.
—
;
—
(
)
j
*
THE CHRONICLE
Fhb. 18 1922.]
675
cated at the time by the figures of gross earnings,
owing to the circumstance that rates had been
heavily increased three or four months before, and
the added gain in revenue by reason of that fact
served to offset the loss of revenue from the
diminution in traffic. Our statement for December
1920 showed a gain in gross over the gross in the
motive power idle and not likely to be called into
immediate requisition there has been no pressing
need for going on with repair work as to the larger
part of this idle rolling stock. The fact must not be
lost sight of, however, that just to the extent that
maintenance outlays are now below the normal they
will have to be increased again, later on, with the
same month of 1919 in amount of S96,073,439, or
21.68%. The Inter-State Commerce Commission,
however, in its decision of the previous July, had
authorized very notable increases in rates and these
had been put in effect toward the close of August;
there was an increase in freight rates of 40% on the
railroads in Eastern territoiy, of 25% on the roads in
the South and in ^Mountain-Pacific territory, and of
35% on the Western roads, and it was estimated
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 pre-
retm-n of business activity and the recall of
which proved not to be the case, depression
coming unexpectedly and with surprising swiftness.
The difference between the $125,000,000 gain in
gross earnings counted upon, and the S96,073,439 then
actually realized, furnishes some measure of the
change which so suddenly overwhelmed the carriers.
.\s it happened, too, of this gain of S96,073,439 in
Dec. 1920, no less than S82.268,614 was consumed by
augmented expenses, leaving onl}-- 513,804,825 gain
in net earnings.
This small gain in net followed a
whole series of losses in net in the same month of the
years immediately preceding.
In the great augmentation in expenses in preceding
years and the huge rise in operating cost, there was,
of course, a legitimate basis for economies and
vailing,
ment
all
equip-
to full use.
December 1920, as "already stated, our
December compilations had yielded veiy unsatisfactory results for many successive years. For December 1919 our compilations showed some increase in
Prior to
the gross, on top of a very heavy increase in 1918,
but it was quite moderate, being only $11,510,209,
or
2.61%, and
was attended by an augmentation in
$17,893,529, or 4.53%, leaving the net
it
expenses of
earnings actually $6,383,320 smaller than in December 1918. Not alone that, but this loss in the net
in 1919 followed losses in each of the three years
preceding, in the face of steadily rising gross revenues, too.
Thus, in December 1918 the addition to
the 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
Accordingly,
less than $143,786,626, or 57.55%.
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
diminution in the net.
by a
It is true that these losses
December 1921. It will doubtless be followed important gains in gross and net alike in
urged that wage reductions must be responsible for 1915, but these gains in turn came after poor results
a considerable part of the reduction in expenses, as to both gross and net in the two years immediately
which, as already noted, aggregates for the month preceding. In the following we furnish the Decemsavings in
no less than S144, 215,098, but the influence of that ber summaries for each year back to 1906. For
circumstance should not be exaggerated. Thus far 1910, 1909 and 1908 we use the Inter-State Comthe wages of railroad employees have been reduced merce totals, but for the preceding years (when the
no more than about 12%, though in July 1920 alone Commission had not yet begun to require monthly
these employees had been awarded a 20'^o increase in earnings) we give the results just as registered by our
their pay, this having followed a long antecedent own tables each year
a portion of the railroad mileseries of wage increases.
Of cour.se with the tonnage age of the country being always unrepresented in the
80 very much .smaller, the exptinse of handling and totals, owing to the refusal of some of the roads at
moving it was necessarily greatly reduced and a that time to give out monthly figures for publication:
further reduction was made po.ssible through tlic
—
(iiaint^niance
of
better
among
emunder Government
discipline
become lax
control, and the same circumstance permitted the
attainment of greater efficiency of operations. Over
and above all these obvious factors working in favor
ployees, which )iad
lower coats, the compelling need that expenses
must be cut to the last d(;gree in order fo leave net
of
income of sufficient magnitude to maintain decent
credit for the carriers, proved a consideration more
controlling than anything else.
To say this is to
indicate that re()air.s and renewals were (hiferred and
eliminated wherever .such a course was consistent
with safe operations uhI iriv()lv(!d no undue tran.sfjortation risk.s.
It is in strict
maintenance
acc(»rdanre with the truth to say that
were eurtaihul to tin; limit and
outlay**
has bern f»ne of the rnf)st iniiKtrtant factors
the grf;at reduetion th;il Im.s l>een effeeted in ex-
that, this
in
lienses.
No
serious
menace
Iijih
Orosa Earnlngt.
the
been involved
in Hii<;h
a course, r;Mpeeially in the cii.se of the maintenance of
fbuipment, since with mo many cars and ho imieli
Year
Dee.
IBOfi ...
1007 ..
I1K)» ...
1900 ..
1010 ..
1011 ..
IIMI' ..
Year
Oltm.
Precedine.
t
S
S
|
Eamlngi.
fifet
Increase or
Decreate.
I35.73.'-|.2^0 124.73.1.4:).'i 4 11,001.701
I.'J2. 109.762 1-1I.3I2.4'.'0
—9,112,007
Year
Year
Increate or
Olren.
Preceding.
Decreau.
t
%
43.831.182 42.0-13.0001
%
-1-887.283
222.«O2.002'2O'V.O7I.HOS f 10,720,104
OS. 40.'.. 740
08. 407. no.'.
— 11.644,048
133,080
10,002, OW
— 18.1.096
08.0-.3.301
23n.«3.'>.304 220.870, l.M
70.3.'.7.00.|!
67.8.-.8..'..'.0
20.i.777.».Mjini,222,.(ll
+
233. 014.012232. 27.'.. 177
203. 708. 003 23-1. ((S7. 3(11
M
1'. s'lP
t^
Il,.'i1.'-,,II0
i.'>.nn.-..i.',3
+
l..^.^o.73.^
34.3.'>1.1.'.S
4.'..008.200
.'.1..
-(
-(
01. 22.'.. 377! .'.0.700.070
81.701.071, 72.032.301)
t-
2,408,4M
4.4.18.407
20,081.242
^ 8.700,614
-12, 00... 787 08.800,020; 82,022,271 -13,822.245
-2.'., 080, 001
-7,130.272
61,134,0.'.0 08.274,222
1^02.438.048 10'.,878,7.'.8i 61 180. ,'..'.8 f 44,002,200
3. (KM. 713
20. 100. '131 K3.237.30,'J 8(1.30 '.lOS
17.8(M.301
20. 03S. (1(1(1 8.,71.^,727'|03..•.20,028,
7(17.
010
41.028,870
1027.'.77'.il 41.738.140 8..
1
'(1(1. 22-1. fl7S
1013
1014
.S,2S.'..270
^^70•^ (»7(f
lOIA
.iij.iri
loin
1017 .. .343,87f.
lOIK ... 438.30.',. ;_
IBIO ... 4A1. 091. 3.10 44((.4SI. 121 t ll,ftlO,200 38. .'.30, 432, 44.01O.7f>J| -fl.383,.3a0
lOJO .. '..l».107.0l.'>443.124,17n
00,073,430 .'.1. 322.070 37..-.17,8:.l' (13.804,82/1
23, .'.00.008
IB2I ... 400.884,
.'.27.480.0-17 -120.01.'1.002 07.810,188 44,2.'.0,000
•
.
(
.1
I
1
1
OM
—
(
IWm
Nnl*.
thr niimIxT of rondi I[iiliiili-<1 d.r tin- iiiodlh of i>i»rctiili(r vow 0(1.
In
In 10(t7. 80; In 1008 the return" wi-n- Iib^kI >iii 21.' 007 nillrai i.f n.iid; In lOOO. 230.481;
In 1010, 241. .36-1
In 1011, 238, .'.«11; In lOIJ. 238.072, In 1013, 243.3..'2. In 1014,
246.807. In 101.'., 248.437. In 1010. 210.811. In 1017. 247. U88. In 1018, 232.774;
In 1010. 33.1.8WI; In tU20. 220.422; In 1021. 22r..fll0.
When we
road.s,
we
DecnMiseH
eonsider
find
them a
tin-
rf^tm'ns
of
the
separate
duplicjile df the general totals.
extend to pr.'ictically
the whf)le body of rojid.'^,
gre:it ninny of the decreawes lifting of very large ni.'igniliide.
.\h ;i matter
of faet, thenr are only two roads that report gains in
groHc of liny m.'ignitude ;iii(l one of theMe is wlwit was
in
gross ('arnings
:i
.
THE CHKONICLE
676
heretofore a quite unimportant line, namely the Trinity & Brazos Valley, and which has had its whole
outlook suddenly transformed by the Mexia oil de-
velopments in Texas. In the net earnings, on the
other hand, the reductions in expenses have operated
to convert many of the losses in gross, even though
of big magnitude, into very substantial gains in net.
And yet that is by no means true in all cases, and
there is a considerable body of roads where heavy
net are reported. The part played by
lower expenses in bringing about improvement in
net is nowhere more strikingly illustrated than in the
losses
in
case of that great Eastern trunk line, the New York
Central.
The Central with $5,669,594 decrease in
$10,375,307 increase in net. These
Infigures relate to the New York Central itself.
cluding the various auxiliary and controlled roads,
the whole going to form the New York Central
System, the result is a loss of $11,095,795 in gross
with a gain of $18,711,151 in net. This is a change
in a single month of almost $30,000,000, expenses
gross, reports
having been reduced to that extent. Exaggerated
importance, however, should not be given to these
and other
similar striking changes, as reflecting
present prosperity; the simple fact is that in the
previous year the roads had fallen heavily short of
meeting bare operating expenses. The Pennsylvania RR. also shows a huge reduction in expenses,
but not sufficient to completely
gross.
.
.
On
offset the loss in
the lines directly operated east and, west
and Erie, there is a decrease in gross
of Pittsburgh
of $19,087,800
and a decrease
of $1,619,469 in net.
For the whole Pennsylvania system the result is
$19,959,214 decrease in gross and $2,209,272 de-
Some
other roads with conspicuous
gains in net, in face of lower gross, are the Burlington
& Quincy $3,231,211, the New Haven $2,089,259,
the Southern Ry. $2,015,569, the St. Louis & San
crease in net.
[Vol. 114.
Dbct cqsb
Decrease.
Norfolk & We-stern
$1,222,039 Florida East Coast
$277,115
Texas & Pacific
1,1.32.138 Chicago & Alton
2.59.587
Elpcin Joliet & Eastern...
1,072 872 Atlantic & St Lawrence..
254.775
Chicago & East Illinois.. 1.067.083 Central RR of New Eng.
253.012
Boston & Maine
1,0.58 366 Duluth Sou Sh & All
240.939
Delaware & Hudson
1.027.106 Lehigh & New England. .
236 ,398
Michigan Central
940.688 Monongahela Ry
235.252
Internafl & Great Nor..
874, ,309 Alabama Great Southern
216,081
N Y Chicago & St Louis.
872.821 Missouri & North Ark-205.627
Buffalo Roch Sc Pittsb..
856 037 Kanawha & Michigan...
182.010
Seaboard Ah- Line
827.740 Rich Fred & Potomac...
164.386
Cen.ral KRof New Jer-.
824,9.54 New Orl & Nor Eastern.
163.429
Minn St Paul & S S M_.
741.074 Carolina Clinch & Ohio..
159.049
Los Angeles & Salt Lake.
731 .880 Pittsburgh & West Va...
156.786
Hocking Valley
722.637 Louisiana & Arkansas
154,079
Ti.ledo & Ohio Central..
635.944 West Jersey & Seashore.
153,771
Wheeling & Lake Erie. -.
618515 Midland Valley
151.165
Bessemer & Lake Erie...
563.567 N Y Ontario & Western.
146.711
Virginian Ry
.552.149 Atlanta Birm & Atlantic.
141,105
Chic St Paul Minn & Om
533,038 Toledo St Louis & West.
141.302
El Paso & South west
.506,480 Ann Arbor
140.226
Cine
Western Maryland
I^-banon
North..
495.633
&
138.400
St Louis Sou ih west (2)..
463 280 Pittsburgh & Rhawmut..
133,684
NashvChatt & St Louis.
458 9.53 BulTah. & Susquehanna.
132,612
Grand Rapids of Ind
444.242 Chicago Ind & Louisv
127.693
New Or! Tex & Mex (3).
442,440 Duluth Missabe & North
123,201
Connecting
423.524 Denver* Salt Lake
117.585
N Y N H & Hartford
410.149 Georgia Ry
114.619
Chicago CJreat Western..
400.162 Port Re.acfing
111,353
Kansas Ci' y Southern
390.570 Glaveston Wharf
110.477
Minneapolis & St Louis..
393, 914 Louisiana Ry & Nav
109. 148
Spokane Portl & Seattle.
388 728 St Louis Mer Edge & Ter
108.656
Pere Marquette
377.992 N Y Phila & Norfolk
108 596
Maine (Central
376,147 Gulf Mobile & Northern.
107.267
Cine New Orl & Tex Pac.
375,315 Kansas Oklahoma & Gulf
104.142
Lake Erie & Western
359,920
Union RRofl^a
Representing 122 roads
346.249
in our compilation. $118,544,152
Central of Georgia
338.125
Note.
.All ttie figures in the above are oa tue b .si,s of tne returns filed
with the later-State Commerce Commission,
Where, however, these
returns do not show the total for any system, we have combined the separate roads .so as to make ttie results co.iform as ne irly as possible to those
given in the statements furnished by the companies thenselves
a This is the result for the Pennsylvania Kli (including the former
Pennsylvania Cnmpnny) and the Pittsburgh Cincinnati C'liicago & St. lyouls
combined, the Pennsvlvania RR, reporting .S13.161.581 deore.ise and the
Pittsburgh Cincinnati Chicago & St Louis .S5. 926. 21 9 decrease
For the
entire Pennsylvania System, including all roads owned and controlled, the
.
NY
—
result
is
a decrrvLse in gro.ss of .SI9.959.2I4
These figures cover merely the opar.itions of the .'^ew York Central
it.self
Including the various auxili iry and controlled roads, like the
Michigan Centrul, the "Big Four." &c the whole goiig to form the New
6
.
York Central SysLem. the
result
is
a loss of $11.01)5.795
PRINCIPAL CHANG 153 IN NET EARNINGS IN DECEMBER
New York
Increases.
Central
Michigan Central
6$l0,375.307
3.741.764
Chicago Biu'l & Quincy.. 3.231,211
N Y N H & Hartford... 2,089 2.59
Clev Cine Chic & St Louis 2.067,056
Southern Ry
2,015 ,569
Baltimore & Ohio
1,827, .594
St Louis San FYan (3)--1,598,679
Indiana Harbor Belt
1.406.569
Union Pacific (3)..
1,276,333
Norfolk & Western
1,272.059
Northern I'acific
1.137 813
Philadelphia & Reading.
1.135839
Central RRofNew Jers.
1,049 705
Lehigh Valley
799 105
Great Northern
767.940
Central of Georgia
701.9.59
Atch Top & Santa Fe (3)
568,409
Pittsburgh & Lake Erie..
508 858
Chic Rock Isl & Pac (2).
456.526
Chicago & Alton
453.314
Mobile & Ohio
423.293
Minn St Paul & S S M..
353 0.53
Bangor & Aroostook
306.901
Long Island
300 340
Chicago Indianap & Lou
297.156
Toledo & Ohio C^entral..
276.062
Central Vermont
265090
Term RR Assn of St L..
2.581 18
Maine (Central
244.626
Norfolk .Southern
241,596
Increase.
Atlantic City.
102,957
Representing .56 roads
in our compilation.. $44, 187,914
Decrease.
Southern Pacific (8)..
Delaw Lack & Western
Pennsylvania RR (2).
.
.
.o
Eric (3>-Atlantic Coast Lme
Louisville & Nashville...
Missouri Pacific
Colorado Southern (2).Missouri Kans & Tex (2)
Delaware & Hudson
Chicago & Northwest
Chesapeake & Ohio
El Paso & Routhvest
Los Angeles & Salt Lake.
Grand Rapids of Indiana
Gaheston Wharf
Virginian
Ry
$3,813,808
1,651.136
1.619,469
1,544.232
1,113.903
1.072,077
972.147
946.091
864.587
699.185
556.079
449.544
460,485
380,049
358.492
326,244
303.779
270.106
266,065
Kansas CMly Southern...
Francisco $1,598,679. &c., &c. On the other hand.
Elgin Joliet & Eastern...
Nashv Chatt & St Louis.
251 .391
the Southern Pacific system shows $3,813,808 loss
Texas & Pacific
248.030
Peril & Seattle.
Sriokare
245,181
in net, and here it is explained that a requirement of
Seaboard Air Line
239 00
Lehigh & New England..
20? .886
the Inter-State Commerce Commission that certain
Host on C& Mauie
198,808
Lake Erie & Western
234 998 Wabash Railway
191,180
estimates of unaudited items such as loss and damage Chicago
.Junction
226,273 c:;hic St Paul Mum & Om
172.290
Ulster & Delaware
224,205 In'ernat Great Norihern
168.470
claims and reparation claims appertaining to opera- Toledo Peoria & Western
219.4,52 Cine Lebanon & North..
157.871
Hocking Valley
194,971 Monongahela Railway..
149.991
tions during the guaranty period (March to August Duluth Missabe & North
NY
Connecting
175,460
149,565
Western Maryland
163,862 Buffalo R.rh& I'itt.sb...
144.474
1920 inclusive) must be included in the December Cine New Orl & Tex Pac
1.53.242 Chicago Great Western134,246
Bessemer & Lake Erie...
Atl.
133.790 PnluHi S( Phrre
119.186
accounts, had the effect of diminishing net earnings CJincinnatti Northern
132,428 Balto& Ohio Chic Term.
116.124
N Y Chicago & St Louis.
122.474 Pittsburgh & West Va..
112,286
Pittsburgh & Shawmut. .
111.010
for December 1921 in amount of about $3,000,000. Minneapolis & St Louis. .
1 5 661
Alabama Great Southern
112.663 Toledo St Louis & West.
104.526
Detroit
of
New
Eng.
&
Mackinac
Central
RR
110.849
102.032
It is added, however, that this, while thus cutting
St l^niis Mer Hdge Term
107.157
Representing 50 roads
Pacific
106,890
down the net railway income, will not affect Northwest
N Y Susq & Western
in our compilation. .$20,870,001
103.479
icluding the former
a This is the result for the Pe.insylvani.i RR
the total income account for the year, inasmuch
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & St Louis
incroise and the
combined,
reporting
$2,436,174
the
Pennsylvania
RR
as it will increase correspondingly the company's
Pittsburgh Cincinnati Chicago & St, Louis $1,055,643 de;reis3.
For the
Pennsylvania System, including all roads owned and controlled, the
claim against the Government on account of the entire
result is a decre.ise in net of $2,209,272,
b Those figures merely cover the opsrations of the New York Central
guaranty. Other roads with important losses in itself
Including the vnrious auxili iry and controlled roids. like the
the net are the Del. Lack. & West., $1,651,136; the Michigan Central, the "Big Four." &c,, the result is ag.iin of $18,711,151
When the roads are arranged in groups or geoErie, $1,544,232; the Atlantic Coast Line, $1,113,903;
graphical divisions according to their location, the
the Louisville & Nashville, $1,072,077, &c., &c.
reduced expenses is again strikingly
In the following we show all changes for the separ- part played by
while every geographical division
For
displayed.
ate roads for amounts in excess of $100,000, whether
shows a heavy loss in gross, on the other hand all
increases or decreases, and in both gross and net:
the different groups, with the exception of the roads
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER
the Southwest and those on the Pacific Coast,
in
Incrrasfi.
Decrease.
I?2,670.865
Trinity & Brazos Valley.. $163.S(i4 Union Pacific (3)
Our summarv bv
register large gains in the net.
Bangor & Aroostook
JOl.Oll ChicaKo & Norl h West.
2 520 It
St Louis-San Fran (3)
2. 181. 089
groups is as follows:
Great Northern
Representing 2 roads in
2.102,564
SU.MMARY BV GROUPS.
$264,875 Southern Railway
our compilation
2.075.173
.
1
H-
I'
1
(i
)
Decrease.
Pennsylvania
(2). .o$19. 087.800
5.795,31')
At ch Top & S Fe (3) - . ..
-. 65,«t;9.594
New York Central
Baltimore & Ohio
5.570.263
..
Southern l^acific (8).- .. 4.732.076
Erie (3)
..
3.517.634
Phila& Reading
-.
3. 167. .582
Chesapeake & Ohio
-3.135.827
Louisville & Nashville. ..
2.938.7.53
Missouri Pacific
-2,927,971
RR
Atlantic Coast Line
LohiKh Valley
Chicago Hurl & Quincy.
1.991. 928
1.958.028
.
Missouri Kan & Tex (2).
Del L.Tck & W<>sforn
Chic Rock
Is!
& Pac
(2).
ChicMilw&Si I'aul
Pitlsburprh & Lake Erie..
Northern Pacific
Cleve Cine Chic & St L..
Colorado Southern (2)..
Wabash Ry
1
.9.56.329
1.9.50
217
1,864 893
1 .861 .682
1.75S.,S91
1
.696.676
1.599067
1
.404 509
1,238.338
1.223,923
-Gross Earnings1920.
Inc. i + ) or Dec (—).
December—
S
S
-2.6,82.933
12.04
22.283.fi64
Group 1 (9 roads). New
39.790.379 23.99
Group 2 (3.'> ro;i(ls). Kii,st & Middle. 12(>.07,'>. 4.52 165,805.831
17.451.668 30.78
Groun 3 (27 ro.'vds). Middl(< West.. 39.24(>.12.5 .56.697,793
15.661.395 21.62
Groups 4 & .5 (32 roads). Southern . 56,7.".7,747 72.410.142
17.142.996 18.31
Groups*) & 7 (2S roads). Northwest 76.470.'i90 93.fiI3,686
21.446.431 24.63
Groups 8 & 9 (48 roads). Southwest 6,5.()30,0')8 87.076.499
-6.440.190 21.81
Group 10 (12 roads). Pacific Coast.. 23.083.242 29,523.432
Section or Group.
Total (191 roads)
1921.
S
England.. 19.000.731
408,864.055 527,480,047 —120,615,992
.
%
22.87
THE CHRONICLE
Fbb. 18 1922.]
Decemtwr—
Group 1
Group 2
Group 3
1921.
Groups
Groups
64 7
8& 9
Group
10
37.490
62.594
52,721
16.732
%
Total
-..225,619 224,784 67,849,188 44,250.090 +23,599,098
NOTE.^-Oroup
1.
inrludes
all
1921
1921.
1920.
7.405
30.537
18,140
Groups4&5
Xei Earnings
——
Inc. ( + ) or Dee. (—)
1920.
$
S
5
7.405 2.428.786 def203.106
+2.631,892
30.490 23.277.210 9,237.408 +14.039.802 151.09
+2,682,506 36.00
18,136 10,120,967 7,438,461
37,403 9.725.8.54 7,962,960 +1.762.894 22.14
61,973 13.277.342 5.579,135 +7,698.207 137.98
52,636 6,603.211 8,496.208 —1.892.997 22.28
16.740 2,415.818 5,739.024 —3,323,208 57.92
UUeaae
of the
U
New England
677
against
207,399
bales
December
for
1920,
299,803 bales for December 1919, 222,039 bales for
December 1918, 431,246 bales for December 1917
and 758,104 bales for December 1916. At the
Southern outports the receipts were 538,451 bales
for December 1921 against 787,355 bales for 1920
and 994,467 bales for 1919. Comparisons for six
years of the receipts at the different ports are shown
in the following:
RECEIPTS OF COTTON AT SOtrrHERN PORTS IN DECEMBER FOR
SIX YEARS, 1915 TO 1920. INCLUSIVE.
53.33
States.
Orovp
Includes all of New York and Pennsylvania except that portion west
of PIti.sbiirKh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the eilreme northern portion of West Virginia.
Group 111 includes all of Ohio and Indiana, all of Michigan e.\cept the northern
pcnln-sula. 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.
Orcmpa VI. and VI I. combined include the northern peninsula of Michigan, all of
Minnesota, WIsconiiin. iuwa and Illinois, all of South Dakota and North Dal^ota
and Missouri north of St. Louis and Kansas City, also all of .Montana, Wyoming
and Nebraska, together with Colorado north of a line pp.rallel to the State line
passing through Denver.
December.
Ports.
Galv&ston
bales.
Texas City, &c
New
Groups VI 11. and I.X. combined Include ail of Kansas. Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City. Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
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 ail of Washington. Oregon. Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
1
OrieaiLS
Mobile
!
&c
Pen.sacola.
Savannah
Brunswick
i
Charleston
'
Wllmlngtoa
.
Norfolk
Newport News, Ac
1921.
1920.
1919.
1918.
1917.
1916.
240.457
48.960
119.584
8.855
794
58.836
332.287
71.417
242.914
20.650
116
54,941
327,677
92,582
220,663
34,621
2,909
178.885
188,803
1,500
10,004
9,723
39,664
74
750
9,000,
45.9831
27.3251
54,320
306,476
58.826
160,004
13.997
16,004
93,168
16.500
9,897
11,931
42,184
165,862
16.509
230.243
6,201
11,270
95,353
10.000
27,090
7.119
41.595
873
268
15,492|
196,102
28,641
8.939
121,023
5,150
45,983
11.812.!
42,378'
602
265,'
19. .578
6.855
69,850
As concerns the movements of the leading staples,
Total
538,451
787,355 994,4671 644,588' 612.1151 760,268
Western roads had the advantage of a larger grain
movement, while Southern roads suffered from a
Western wheat receipts
smaller cotton movement.
were on a diminished scale, and so were the receipts
OFFERING OF 5% BRITISH TREASURY BONDS
SUSPENDED.
of barley and r>T, but the corn movement was of
Following the withdrawal of the issue of 5J^% Treasury
tremendous proportions, and the oats receipts also
Bonds
at 99 by the British Government on .January 17, a
ran heavier than in the preceding year. For the five
new issue of 5% Treasury Bonds, maturing in 1927, was
weeks ending Dec. 31 1921 the wheat receipts at the
offered on Jan. 23 at 99 by the Bank of England.
The presWestern primary markets were only 27,189,000 ent week (Feb. 14) it was announced that the sale of the 5%
bushels as against 34,478,000 bushels in the cor- issue had been suspended until further notice. Commenting
responding five weeks of the previous year, but the on the announcement of the 14th inst. the New York "Times"
corn
were 42,676,000 bushels as against
receipts
19,221,000 bushels.
Including oats, barley and ryo
the receipts of the five cereals combined for the five
weeks ending Dec. 31 1921 were 88,699,000 bushels
against 75,-512,000 bushels in the corresponding five
weeks of 1920. The details of the Western grain
movement in our usual form are shown in the table
we now
present.
WESTERN
Five week*
end.Dec.31.
Clticago—
1921
1920
JffUuavku
1931....
1920
—
FLOtTR
AND GRAIN
RECEIPTS.
Flour.
Whtal.
Corn.
Oats.
Barliy.
(.bbU.)
(&tuA.}
(friuA.)
{bush.)
{bush.)
(»iuA.)
962.000
820.000
1.029.000
2,690,000
19.618.000
6.678,000
5,0.52.000
598,000
4.8o5,00O
l,3GG.00O
153,000
796,000
158.000
03.000
129,000
453.000
3.890,000
2,080.000
1.486.000
1.143,000
1,177.000
119,000
348,000
000
304,000
1.949.0OO
3,973,000
3,942,000
1,561,000
1.742.000
1,976,000
102.000
218,000
30,000
14^,000
195.000
317.000
151.000
338.000
2.000
14,000
._
732.000
520.000
H-ji
650.000
*. toirtf—
1921
1620
4.33
ToUdi>—
153,000
166.000
297,000
137,000
2.50,000
71,000
182,000
2.835,000
1,609,000
1.225.000
801,000
21.000
83.000
7.000
46,000
3.985.0OO
1,503.000
6.60'j.OOO
S.iKX)
318.000
246.000
63.000
450,000
l,f.02,000
0.833.000
11.412.000
2.O0.'..OOO
2,712.000
1.780.000
754.000
3,106.000
1021....
7.431.000
......
1920
7,I0O,WXj
OmuJta Jc IndtamapnlU—
1031
1.873.000
a»9.000
1020
3.07ft.000
2.0r,2.000
1921
1820
—
Dttluih
2.55.000
199,000
—
1921
1920
MtnneapolU
—
1921
1030
273,000
1.017,000
908.000
5%
1
by another of 5% bonds, also at 99. Kelsons for this reduction of the interest rate by Ji
The shorter-date<i
ate not far to seek.
.5% War Bonds, those, that is, maturing in 1922 and 1923. were up ye.sterday to 1023-4-102 3-16, and it obviously wa.s profitable to sell at that price
and convert at 99 into a security carrying a higher yield. In fact, taking
the premium on War Bonds into account, the conversion cost of the .5,Mj%
Treasury Bonds was £96 1.5s. and the yield £5 Ms. 2d. That there has
been a good deal of selling of War Bonds for the purpose of conversion is
therefore not surprising, and evidently the Treasur.v came to the conclusion
that the is.sue was too cheap,
'f'he withdrawal, of course, h;is further
stiffened the market for gilt-edged stocks.
At 99 the prospective series will
on February
%
£5
The
Is.
notice of
official
it
appeared
offering of the r)% Treasury
tlu-
.Jan. 2.3, follows:
Kivo p<r cent. Trea.sury Bonds rcpa.val)lo at i).ir on tlu' 1st of February.
1927. I merest payable half-yii.irly on the Isl. of February and Ist of Aucru.st.
payable on application.
I'rico of issue fixed by H. M. Tre.-jsury at £99 ''v
The Covernor and company of the Bank of England are auMiori/.ed by the
l.orrls Conimlwiloners of Ills Majesty's Treasury to receive on the 'J.'lrd of
.lanuarj', 1922. and thereafti-r until further notli-e. appiiciitions for the iiliove
,
444. (KH)
The principal and Interest of the bond.s are chargeable ou the ('wnmlidadwl Fund of tho Unilod KInKdoni.
The Interest on hi' ImjmcI.s will bo exempt frora corporal Ion profits t«x.
The iHin-lM will )m> iKsurd in denonilnatloiui of £:M, £10U. £'.^(1(1, £iJUO,
l.'l,0OU .lod £.j,(KIO, and the iiilertvst (heri'oii will be payable bulf-}e»rly by
coupon. The fimt dlvi<Ieii(l will Ix' p.iyalile on the Ist of AugUHl 1922, and
will ri'pretent inten-st to that date troni the dal4< on which the relative
'ipl>ll< aliou nan lodxed and pnymoiit made lor the bond at liuy olllcu <>( one
I
4.1.1
9-(3.000
n'lO
32'*.'-
.-
i
,
S.03S.OOO
1.676.000
1.430.000
3.aM.000
of
I
he uuderineuti'iiii
'1
li,inKH.
An...
2,007.000
27.IMC.OnO
43.n70.fX)0
Ib2i>
.
l,422.rKX)
3l,47ll.rxX)
10.221.000
14.045,000
13,184.000
2.I0O.0OO
5.399,000
a.22M,(XXl
Injt
r.»2(),
23,706
'i.WJ
1021 as aj^ainBt 7,737 earn in Dcfeiiibcr
he rfM'ci[)tH at <^'liira(jf» coinpriK^d only
•
I
I
Mt^ruin.Ht
?.'.
'H
1
ir,,!
^t
.1 iMihi
i..i
am
port
I)
'
ov
1.1.
.
ri^ij.
'I'tm
whicli
'
'le
:
<
'
or
rdiHl
I
u M' II '.Tin
IHkI
ilMdtuid. due lit nf An
'
I
c
"
I'
t
he
In
nt'i's
I
,
II > ill'
iM
I
I
I
ill
1
1
.ill
i
I
I
the
...
will
1
•
..I. ..I
I
..
by
llrwt
<<>
hiMr Ilium
,„^^J
(>,,,..»,.
),„,,| j,,
'
b«»
tiay-
bn
•
Am reKartU the S(iuthcni cotton
M
'
7,217.
(..
shipmfntM
V
.
iiy, iii.>>
ii
I
ciirlf.M,:
of roRt In the iKMjkH o( the bailli
Hunk Tranitler
•Triin.Hrenilile In the
1,69(1.000
Tlio VVe^l<;^n livc-.stock niovcmeiit Hcenis to have
been flotnewhat Humller tliun in the pr(!vious year.
The receipU at Kan«a.s (*ity wore 7,703 carloadH in
T^» rt inlnir
(r(>e
I
\V1\
.
"Financial News," of
in the l.oinlon
Ixindn.
.'>09.000
KawuuCUf—
Toua of
The London "Financial News" of .Jan. IS, in referring to
the withdraw^al of the b\^% issue and the fact that they were
to bo replaced by
Treasurj' Bonds, had the following to
say.
Yesterday's official ainiouucemeiit that the Issue of 5 H % Treasury Bonds
at 99 has been withdrawn merely fulfilled what for some days past had
beromo a general anticipation. The issue now turned off is to be replaced
Bonds, as
DttrcU—
1S21
1820
1.5, said:
This action was construed as a reflection of the easier condilious of
monoy and the fact that it was the opinion of the Treasury officials abroad
that a Government bond at a lower rate of interest would be as re.adily taken
Those in touch with the situation in England predicted
as the 5% bond.
a lower bank rate within the ne.xt two weeks.
yield
1921..
1920.
PtCffia
of Feb.
niuvutixMit
rlnnd worn 1F»7,3H0 bales for
,
..
I
n j;
'
iliM
DiTcmber
I
hfliili
1
1
1
II
H!
I.
fhn lUnlc nf
iilinl
RnxUnd and
Kliiifdiiml
fir
Ii
III
ii<(4<
4N uli-r
Ihc^ innv im tur-
THE CHKONICLE
678
warded by post to the Bank of England Loans Office, 5 and 6 Lombard
Street. E.C.3.
%
A commission of H will be allowed to bankers and stock brokers on
allotments made in respect of applications bearing their stamp.
Applications must be made upon the printed forms which may be obtained, together with copies of this prospectus, at the Bank of England;
at the Bank of Ireland; of Messrs. Mullens, Marshall, Steer, Lawford&
Co.. 13 George Street. Mansion House. B.C. 4; and at any bank or Stock
Exchange in the United Kingdom.
Bank of England, London, E.O., 2l8t January 1922.
The
1,
was
5H%
offering of the
British Treasury Bonds,
referred to in our issue of Dec. 24, page 2661.
BANK OF ENGLAND'S OFFERING
on Deo.
OF LOCAL LOANS
upon the Local Loans Fund estabDebt Commissioners, and, if such
fund
is insufficient, upon the Oonsolidated Ii^md of the United
the extent of any such insufficiency.
issue of stock bears interest at
£3%
Kingdom
per
annum,
are multiples of a penny and
transfer books" or registered
as "transferable by deed."
Interest on stock is paid by dlvidend'warrants forwarded by post.
Stock may be converted into stock certificates to bearer (in denominations of £50, £100. £200, £500, £1 ,000) with interest coupons attached, and
such stock certificates may be re-converted into stock, without payment of
any
fee.
Transfers and stock certificates are free of stamp duty.
Applications, which must be accompanied by a deposit of £5%. will be
received at the Bank of England Loans Office, 5 and 6 Lombard Street, E.
O. 3. In case of partial allotment the balance of the amount paid as
deposit will be applied towards payment of the first installment; should
there be a surplus after making that payment, such surplus will be refunded
by check.
Applications may be for the whole or any part of the issue in multiples of
£100. No allntraent will be made for a less amount than £100 stock.
Installments may be paid in full after allotment under discount at the rate
of £3% per annum.
In the case of full payments made before the 7th of
February. 1922. discount will onl.v be allowed from the latter date. Default
in the payment of any installment by its proper date will render the deposit
and any installments previously paid liable to forfeiture.
Scrip certificates to bearer with coupon attached for the dividend payable
on the 5th of April, 1922, will be issued in exchange for the provisional receipts.
Fully-paid scrip certificates may be inscribed or registered as stock,
or may be exchanged for stock certificates to bearer, on and after the 2nd of
March. 1922.
STATE DEPARTMENT'S ANNOUNCEMENT REGARDING COLLECTION OF AUSTRIAN PRE-WAR
BONDS HELD BY AMERICANS.
In a statement relative to a recent announcement made by
regarding the disposition of bonds of the pre-war unsecured Austrian debt hold by Americans, the State Department, at Washington, on Fob. 10, makes known that in
compliance with the decision bearing on the procedure for the
collection of such bonds it is prepared to receive for collection
such unsecured bonds owned by Americans and held outside
The
the succession or cessionary States on July 26 1921.
following is the announcement of the State Department
issued Feb. 10:
it
Recently the Dapirtment of State Issued a notice regarding the disposition of bonds of the pro-war unsecured Austrian debt held by American
citizens, as provided for in a decision of the Reparation Commission, esThis decision was based
tablished under the respective treaties of peace.
upon the provisions of Article 203 of the Treaty of Peace between the Allied
and Associated Powers and Austria. Similar provisions are found in the
Treaty of Peace between the Allied and Associated Powers and Hungary
(benefits of which are accorded to the United States by the Treaty between
this country and Hungary signed Aug. 29 1921). regarding pre-war unsecured bonds of the former Hungarian Government held outside of the
succession or cessionary States, and the Reparation Commission has decided to adopt similar procedure with regard to the collection of such bonds.
In compliance with this decision, the Department of State is prepared at
the presenr. time to receive pre-war unsecured bonds of the former Hungarian
Government owned by American nationals, which were hold outside of the
A circular has been presuccession or cessionary States on July 2(j 1921.
pared by the Depirtment of State setting forth in detail the procedure to bo
followed In submitting bonds, and copies of this circular, together with the
necessary blank forms, are being sent to all persons who have heretofore
notified the department that they hold Hungarian pre-war bonds.
The Dapirtm.nt su??Bsts that American nationals who hold such bonds,
but who have not notified the Depatrment of the fact, should write immediately to the Secretary of State, Washington, D. C, requesting copies
of the circular and blank forms.
It is requested that persons desiring to
submit either Hungarian or Austrian bonds to the Department of State, in
ucuordanco with this and previous notices, should do so not later than
March
:u
1922.
is
similarly indebted grant
The resolution also provides that assets pledged by Austria to the Grain
Corporation, when the debts were incurred. September 4 1920, shaU be
released so they may be used "as the basis for a new national loan."
It is
set forth that such a new credit is necessary in restoring Austria's financial
and economic life to "a secure basis."
The Secretary of the Treasury would be empowered to determine when
other nations have performed their implied part in the contract.
Senator Lodge declared through his resolution that the whole economic
structure in Austria was approaching collapse and it was the desire of the
United States Government to offer such aid as was possible to avert complete destruction.
Thousands of people were in "imminent danger" of
starvation, the Senator said, and should conditions continue, widespread
disease would result from the extreme privations and suffering.
to
payable quarterly on the 5th of January, the 5th of April, 5th
of July and the 5th of October.
The first dividend, payable
April 5 1922, is at the rate of 5s per £100.
The official
notice in the London "Financial News," of Jan. 23, said:
The stock is redeemable at par at any time by resolution of the House of
Commons on one month's notice being given in the "London Gazette."
The stock is transferal)le in any sums which
may be inscribed as "transferable in the stock
A joint resolution authorizing the extension for a period of
not to exceed 25 years of the time for the payment of the
principal and interest of the debt incurred by Austria,
September 4 1920, for the purchase of wheat from the United
States Grain Corporation was introduced in the Senate on
Feb. 7 by Senator Lodge, and referred to the Committee on
Finance. The Washington press advices, in reporting the
introduction of the resolution, said:
The resolution carried the provision, however, that the extension may not
like extensions.
Announcement that applications for an issue of £30,000,000 Local Loans Stock would be received by the Bank of
England up to Jan. 27, was made by the Bank on Jan. 23.
The issue was offered at £57%, payable as follows: £5% on
application, £17% on February 7, £15% on March 9, and
£20% on April 4. It was announced that the stock would be
inscribed in the books of the Bank of England and of the
Bank of Ireland, and woitld be consolidated with the existing
Local Loans stock. The official announcement also said:
The new
RESOLUTION PROPOSING TO EXTEND PAYMENT OF
AUSTRIA'S DEBT TWENTY-FIVE YEARS.
be granted unless other nations to which Austria
STOCK.
The principal and interest are charged
lished under the control of the National
[Vol. 114.
REPORTED HOLDINGS OF 50 BILLION (PAPER)
KRONEN BY AUSTRIAN FARMERS.
Press advices from Vienna, Feb. 10, stated:
The farmers alone, of all classes in Austria, have proiited by the economic
breakdown of the country, and are estimated by the newspapers to hold
about 50.000,000,000 kronen (paper crowns worth-In U. S. money at present
about 3-hundredths of a cent) of Austria's circulating currency. Having
supplied themselves with all of the necessities and many luxuries, they are
now investing their surplus capital in securities and have become a factor
of some strength on the Vienna Stock Exchange.
One newspaper tells of a peasant's experience which, while not typical,
illustrates the methods of some of the newly-rich farmers in their stock
speculations.
This man entered a broker's office, ran his finger down the
list of stocks presented to him and picked out the first 12. paying cash for
300 shares of each. Visiting the office a few weeks later he found the
securities had increased in value, sold them, and took down a profit running
into millions of kronen.
DOLLAR ADOPTED AS STANDARD BY AUSTRIAN
GOVERNMENT AND BANK.
The New York "Times" reported the following copyright
cablegram from Vienna, Feb.
10:
According to an understanding between the Austro-Hungarian Bank and
the Austrian Government, the dollar is the standard adopted as the general
basis for calculation, which demonstrates the increasing importance of the
American standard in Middle Europe.
ELLIS & CO. OF LONDON FILES PETITION IN
BANKRUPTCY.
following copyright cablegram from London Feb. 16
in the New York "Times" of yesterday:
Messrs. Ellis & Co., a ivell-known firm of London stock brokers, to-day
The
appeared
a petition in bankruptcy. Until recently their senior partner was
Gerald Lee Bevan. who also was associated with the City Equitable Fire
Insurance Co., whose insolvency created a financial sensation recently.
The liabilities of Ellis & Co. are reported to be about two million sterUng.
Their difncultles are attributed to the collapse of the City Equitable Fire
Insurance Co. Ellis & Co. had been In existence for over a century and
filed
a half.
the difficulties of the City Equitable Insurance Co. were made
was learned that Mr. Bevan. who had resigned his position as
Chairman of the board of directors, had left England for the Continent,
and his present whereabouts are a mystery.
The whole affair is attracting considarabie attention. Several very wellknown people were extensive shareholders in the City Equitable Fire
Insurance Co., among them being Lady Ribblesdale, formerly Mrs. John
Jacob Astor.
When
public,
it
.
GERMANY MAKES FOURTH TEN -DAY PAYMENT.
The New Yprk "Evening Post"
printed last night (Feb.
17) the following Associated Press advices from Paris:
The German Government to-day advised the Allied Reparations Commission that the fourth ten-day payment of 31,000.000 gold marks was
made this morning to banks designated by the guarantees committee
This payment is in accordance with the temporary schedule adopted recently
by the Reparations Commission at Cannes.
The previous payments were noted in these columns
Jan. 21, page 242; Feb. 4, page 460, and Feb. 11, page 566.
CREDITORS' MEETING OF BANCA
SCON TO AT ROME.
ITALIANA DI
In reporting a meeting of the creditors of the Banea Italiana
di Sconto at Rome, Italy, on Feb. 15 a cablegram published
in the
New York
"Times"
said:
report of the creditors' committee showed that the bank had 6,137,000,000 lire in assets, of which 1,208,000,000 lire represented depreciation.
Thus the bank's real assets wore given at 4.929.000,000 lire and its liabilities at 5.917,000,000 lire.
The
The committee proposed immediato payment on a percentage
sum sufficient for the re-establishment of the institution.
reserving a
receivers, however, disagreed with this proposal.
basis,
The
THE CHRONICLE
Feb. 18 1922.]
References to the suspension of the Rome institution appeared in our issues of Dee. 31, page 2768; Jan. 7, page IG,
and Jan. 14, page 128.
679
20, and i)ayment will bo
delivery of the bonds purchasetl, to the trustee.
until 10 a.
m. Feb.
made upon
REOPENING OF ITALIAN DISCOUNT & TRUST
SWITZERLAND TO COLLECT DUTIES FOR PRINCIPALITY OF LEICHTEN STEIN.
The following advicos
Feb.
to thr daily papers
came from Berno
S:
little principality of Leichieusteiu, defeated in its efforts to accomplish a ix>litical union in Switzerland, has arranged by provisional treaty
Switzerland will collect
for a complete customs union with this coimtry.
The
custonos on all goods imported from Liechtenstein, instead of Austria, and
will pay the principality 150.000 Swiss francs annually.
PORTUGAL WOULD RECALL
£100,000,000 CAPITAL.
According to a Lisbon cablegram to the daily papers Feb.
10, the Government of Portugal is considering a plan whereby
Portuguese capital totaling approximately £100,000,000,
now held in foreign countries, may be reinvested there.
EQUITABLE TRUST
CO.
ARRANGING FOR RUSSIAN
SOVIET CREDIT.
The
following is from the ".Journal of
yesterday (Feb. 17):
Commerce"
<jf
Negotiations are being conducted betrween the Equitable Trust Co.
and the State Bank of Soviet Russia looking forward to a working arrangement whereby direct shipments of wheat, cotton and other American
products ean be financed.
While the matter has not yet been whipped into final shape, it is understood that the negotiations are being conducted with the full cognizance
of the United States Government, at Washington, and that nothing wflU
be done without the approval of Government off cials.
The Soviet Government ruble will play no part in the proposition, since
it has been decided that all of the TinanciDg which is conducted will be done
Information available here indicates that Russia
strictly on a dollar basis.
has large stocks of gold on hand at the present time despite the recent heavy
drains on her Treasury and It is expected that this gold will bo used to
sectire any credits which might be arranged.
It Is asserted here that the State Bank of Soviet Russia is in complete
charge of all banking in Russia. While bankers here point out that there
is no ban agahtst direct trading with Russia on the part of American interests
It Is known that the United States Government has refused recognition of
the Soviet regime either as a de facto or de jure government.
Both England and Germany are kno\vn to have been maintaining direct
In the case of the United
trading relations with Russia for .some time.
States a number of obstacles have intervened to prevent the establishment
The chief barrier
of direct business relations between the two countries.
which has loomed up during the past has been the failure to establish any
direct financial communication between the two countries.
For some t Imc past it is known that there has been a certain amount of
indirect trading between the United States and Soviet Ru.ssia.
The manner in which American gfKKls have reached Ru.s.sia has generally been In a
roundabout way via Scandinavian coimtrics. The present situation which
is being developed Ls said to be filled with diffiailtles in the way of accomThe fact that there has been nothing done to
pU.<«hing the desired result.
regularize the situation has cau.sed trouble in the negotiations which have
been going on.
No Idea of the length of time which will be required to close the present
negotiations is possible at this Juncture of the proceedings, but officials who
have had the matter under consideration during recent weeks report that
tome definite announojmenl regarding the entire proposition may be forthcoming In the comparatively near future.
CUBAN COURT DECLARES IMPORT FIRM BANKRUPT.
Thf; Nx'W York "Evening Po.sf" of V(]>. 16 i)rinted the
following a<^l vines from Havana under the .same date:
Vega &'Oo.. importing firm, is declared bankrupt and the arrest of the
manager. Marco* Reslegul. ordered In a decision by .ludgo Nicolas Lozada
Tht; i:ir<tjm.stanrps lurrounding this, the
of the fViurt of First Instance.
first action In a bankruptcy case by any Cuban court In eiglitocn months,
are of interest to .Xnierlcan oxiKirtcr* who liavn fallcvl to realize on go<Kls
•ihlppe*! to Cuba prior to application of th<^ moratorium lato In 1920.
The proceedings wero bniught by five <T<-<lltorH-—the InU-niallonnI Clearing lIouM! of New York; (icvirgo Front Host on: Milium Mays A (3o.. London;
Thomas Adamn. .Nottingham. Kngland. and Fould Sc Co., I'arin. Th'^y
chargrvl that the company's aMsets. ln<-ludlnK in'xchandLso valued at S:{,50,000. a«alnit which thi:y hdd a cl.-ilni for .^ISO.OOO. won' l)elnK Ju(;i{l<?<l Into
the handH of ont; of th<i firm.
Th<i Havana n^pn-t'^ntatlvo of the International ('loaring Houm! of New
.
York wiM nanawl
U.
Ind'T
S.
<Inf^i
tniHtfw.
fRUaUAV.
LOAN
OA' .V.,(HM).(KX) TO
of Vi-h. ]'.i tin- /VH.sofjjittd i'reHs reporN'cl
f»>llowiriij aflvirr-s
tlio
Troni .MoiiUividi-o:
I/'nignayan (Jovrriment hat arr»»jit4-«I an orfrr of .i lu.in of .'l.()CM).0<KI
l/'niiC'i'iyitn gobl p<wo« Uiomutlly about f.'t.OOO.'KK)^ iniuln by a group of
Thi' loan will l>«' i-ffi'di-*! Iiy mi'imn nt an iMiun of
Knvriiitn b«rik<"n'
Treiwiiry not«*« «• p.ir p^iyiblr In oni) y<«ir iiii'l ti»'nrltiK ti'7,
Th« ii<>Koi In
tlonn were conrhnli-<l ihrouKli Miii»«tvI< Hit a. Co
French baiikerx.
.
DOMINICAN REPUBLIC GOLD BONDS.
ajfr""n""nt mii«l<' by an<l b««lwf«!(i Un- iJoiiiiiiiciiii
and .Mort^jn Tnmt (.'o., datod Jan. 17 I'.HiH, in
bo.
offrT»>«l
S«'al«'d
'.
'
to th»"
lh»»
nirikiiij;
riind
In approved depositaries in this
dollar deposits, as well as sufficient foreign currencies
to meet all claims in those currencies, according to the statement of its
In addition, the statement shows that the company's
condition just issued.
capital Is intact, and that the company is not only sound and liquid, but
also in very strong position.
After carefully going over the books, the Superintendent of Banks.
State of New York, has released the company from superv'sion with a
clean slate.
Tntst Co. temporarily suspended business on
The Italian Disconnt
Dec. 29 last due to the unexpected moratorium of the Banca Italiana dJ
Sconto cf Rome and to the urcei^inty as to the payment of it.' lire deposita
with that institution. These deposits, however, have snce been paid In
full through other Italian banking connections and all of the Italian Discount & Trust Co. 's lire dep'^ts have been transferred to the Banca d'ltalla.
the largpst of the three national banks of issue in Italy. The company has
no relations now with the Banca Italiana 'di Sconto. Its dollar deposits
are carried with the Guaranty Trust Co. of New York and the Bankers
Trust Co. It is operating under the supervision of the Italian In.stitiite of
Exchange, which is in charge in this country of the operations of the Italian
Treasury, and all of its foreign drawings will be on the Banca d'ltalla.
Through its new connections, the Italian Discount & Trust Co. will be
in a better position to render service to its customers than at any time
since it was established on Armistice Day, Nov. 11 1918.
The bank had completed a successful year, and only a few days prior to
its closing declared the regular
semi-aunual dividend and
bonus
to employees.
Consequently, the news of the closing of the Banca Italiana
dl Sconto in Rome came to the company without previous warnifg and
afforded the officers no opporttmity to Immediately adjust their own
situation.
The officers of the company will nsnaln unchanged and it is believed
the company will be even more successful than during the last three years,
although its deposits and business increased steadily and considerably
during that period. The officers also express gratification becau.se of the
confidence displayed in the institution by its depositors and customers
during the period of enforced susi>eivsioD.
all
&
5%
on
K.ib.
21
5%
The following statement was issued by the New York
State Banking Department:
As a result of negotiations which began iumiediately after the Superintendent of Banks took charge of the affairs of the Italian Discount & Trust
Co. there has been perfected an arrangement with the Institution Nationale
Per I Cambi Con L'Egtere, Rome, whereby there has been made available
to the Italian Discoimt & Trust Co. a sufficient amoimt of lire which,
when conjidered with its cash and other assets susceptible of immediate
realization, constitutes a sufficient amount of cash on hand to meet all ita
dollar and lire deposits and other liabilities and leave unimpaired a capital
of $1,000,000, which capital is Invested in securities prescribed by the
banking alw.
It was stated that with the resumption of the institution
on Wednesday the dollar deposits exceeded the dollar
A
statement of its <'ondition as of Feb. 11
reports capital of $1,000,000, surplus and undivided profits
of $-524,163, deposits of .1!9, 1.53,956, and resources of $15,076,533. The suspension of the institution was referred to
withdrawals.
in
our
is.suo
of .Jan. 16,
BILL FOR
page
17.
REFUNDING OF ALLIED WAR DEBTS.
Last wotik (page .560) wo publi.she<l tlie newly enacted bill
providing for the refunding of tfm .Mliod war debts, as it
ajjpeannl in the "Congressional Record."
One section of the
measure (Section 3) was left otit of tho bill as there given,
however, and we h<!nct) give that sei;tion liorewith:
Sec. 3. That this Act Hliall not bo iionstrueU to .luthorlzo the exchange of
hondH or other obligations of any foreign f iov»'miuent for Ihoso of any other
foreign Oovcmmont, or cancellation of any part of such liidobicdneiui
except through payment thereof.
RESOLUTION TO ESTABLISH .f5,()00,()(){) CREDIT IN
UNITED STATES FOR LIIIERIA.
\ resolution authori/.iiig the Sccrelairy of tlu! Tmasury to
eBtabllHh a credit of jy"),(«X),(KK) with i\w United States for
the Oovoninient of Liixria wan iiilrodiu'od in tlio house of
on
by
(
"iiuiriiiaii
WayH and M«anH on
Feb.
Fonlrny
The
15.
of lln'
following;
("oiumittee
iH the roRo-
lution:
JOINT RKHOLirnoN
Tn-utory (<> ivttnhtUh n crndlt with tho
llnltxd HtnlcM for thi< ()ovi<riuniuil of IJlH<rtn.
Whnrruui lh» ll«i><il>ll<- ot' LIlMMlt, h.ivliiK tM<«n i<H(nl>tUlicMl through (hr
irffurtt of Aiiii'rli-Jin rHlwini iiikI having lM<«<n i'nlnl>IHii"<l umlfr Ihi foxtorlog rnrti of thin ( lovxronicnt hn>i nl vnrlouM Imi)v( •longlit li« aid nnil cnnnM^l
of >hh< Oiivnninicnl, hikI rulkiwliig tlin ilotlarttl Inn of wnr inniln liy hi* (lovAtitliorl/.inK thii H4«T<<lary of lhi>
I
Tin- (Jiiaranty TniHt Co. of Now York, an Muw)o«Kor »«»
till- Morfxwi TniHf, Cii., finful ntfont iirMl<T Mif fiMcftI nijciify
'
The company has cash on band aud
country to pay
Kepresfiitjilivi'H
The
pr<.
CO.
«&
Discount
Trust
this
Co.,
.399
Broadway,
The Italian
city, which temporarily suspended its activities on Dec. 29
last, reopened its offices Wednesday morning, Feb. 15,
for the transaction of customarj'^ business.
An announcement regarding its resumption, issued by the company under
date of Feb. 11, said:
|{<ipiil»li"
iiivii.ifiK
H>22, of
Miim of S.VK),(KK) nt llm low«'Ht
|»ri<<><
but not I'Xf^eoflinir \(ll2}i% of th»' principal Umnof.
propfwais will bo rrfoiv^nl at the tnint depart iifii*
I
I
,
I
ornnmnt Kgalnat Gonnnny
niailn rnuiiiMiii cnun" with lin (lovcrninrnt and
th>^ oth'^r Allbxl or AHM«»-|i>t<xl ((•viTiinu'iili In Itn ihwliirnl Inn i if war agalnfil
lirniiniiy on AuKii't | 1017.
In r«inw<|iionm of tlin wnr ilm c-i-ononili' »Kui»tlon <if LIIktIb hiw l>Min Impnrllnl nn<l Mm (tnvi>mini<nt hn." ihimIp iirif«'nt ri'iirf^nHnllnnt to Ih" I'nIIrd
Htalrxi fur rintMi'Inl ;ilit iui<| W*' MMit
for Iho ptir(M»i« of <^ini'hii||iiK i I'lnn.
I
ltii
ph'til|i<il«nt lnrlr>^
lo Wnnhlngloli
TliU Ofivrnninnt. Ix-lng nciunti-d hf fivillngN of traditional frlimdohlp for
thn Itnpnhll'- of l.llir>rln nnci «olKI*«ii>' for H" w<<ll-bnlng nnd conllna«vl In-
THE CHRONICLE
680
dependence and for the peaceful development and future advancement of
the Negro race. Therefore be it
Besoked by the Senate and House of Representatives of the United States of
America in Congress assembled. That the Secretary of the Treasury be, and
he is hereby, authorized, on behalf of the United States, to establish a credit
with the United States for the Government of Liberia, subject to the approval of the President and in conformity with an appropriate arrangement
made under his direction for that purpose, in an amount not to exceed the
sum of $5,000,000, and to the extent of the credit so established the Secretary of the Treasury is hereby authorized to purchase from that Government its obligations hreeafter issued, bearing such rate or rates of interest,
maturing at such date or dates and containing such terms and conditions
as the Secretary may from time to time determine; and a sufficient sum of
money is hereby appropriated, out of money not otherwise appropriated, to
carry out the purposes of this resolution.
Under date of Jan. 26 a special dispatch from Washington
New York "Times" said:
to the
Liberia has signified its satisfaction with the draft of the agreement by
which it is desired to negotiate a loan of S5. 000, 000 with the United States
Government. The draft must receive the sanction of Congre.ss before it
can be concluded. This was made clear to the President of Liberia during
his recent visit to America.
It was intimated at the State Department to-day that the United States
feels itself under somewhat of a moral obligation to conclude this loan, a
result of the agreement made by this country during the war for a $5000,000 credit to Liberia, only about $35,000 of which was actually advanced.
RESOLUTIONS ADOPTED BY BANKERS ASSOCIATION
FOR FOREIGN TRADE AT CLEVELAND
CONVENTION.
The Bankers' Association for Foreign Trade, in convention
at Cleveland, Friday, Feb. 10, went on record favoring the
development of the Great Lakes St. Lawrence route for
ocean-going vessels and the improvement of the OhioMississippi and other-inland waterways as definite means of
The resolutions also urged the immediate
facilitating trade.
resumption of the issuance of through bills of lading, asked
the United States to send representatives to the Genoa
economic conference, and pled for an extension of f reign
credit as indispensable to the resumption of industrial and
trade activity. The Bankers' Association for Foreign
Trade, organized last summer, purposes to promote tie
interests of interior banks in their services to exporters and
importers and to co-operate w^ith every agency devoted to the
betterment and furtherance of America's foreign trade, announces the President, W. E. Guerin, Manager of the foreign
department, the Guardian Savings & Trust Co., Cleveland.
Among the speakers at the convention, Feb. 9 and 10, were
—
E. C. Plummer, Commissioner, U.
Shipping Board,
Hibbard, President,
the Cleveland Tractor Co., Limited, of Canada, Windsor;
Dr. Julius Klein, Director, the Bureau of Foreign and Domestic Commerce, Department of Commerce; H. G. P.
Deans, Vice-President and head of the foreign department,
the Merchant's Loan and Trust Co., Chicago; G. F. Towers,
Superintendent of foreign trade, the Royal Bank of Canada;
Dr. J. T. Hold.sworth, Vice-President, the Bank of Pittsburgh, N. A.; D. C. Wills, Chairman, board of Directors,
the Cleveland Federal Reserve Bank; H. C. Robinson,
Senior Vice-President, the Guardian Savings & Trust Co.,
Emergency Fleet Corporation;
J.
S.
L.
Permanent
Cleveland.
officers: elected are:
E. Guerin, manager, the foreign department, the Guardian
Savings & Trust Co., Cleveland: Vice-President, H. G. P. Deans. VicePresident, the Merchants' Loan & Trust Co., Chicago; Vice-President,
J. T. Holdsworth, Vice-President, the Bank of Pittsburgh; Secretary, P. M.
Horton, Vice-President, the Central National Bank Savings & Trust Co.,
Cleveland; Treasurer, A. H. Socly, Assistant Treasurer, the Marine Trust
Co., Buffalo. Members of the board of directors include J. Z. Miller, VicePresident, the Commerce Trust Co., Kansas City; A. L. Eaton, Manager,
foreign department. Manufacturers & Traders National Bank, Buffalo:
Walter Winter, Manager, foreign department, American State Bank of
Detroit; F. J. Zurlindon, Deputy Governor, the Federal Reserve Bank of
Cleveland; C. H. Turner, Jr., Assistant Secretary, Mississippi Valley Trust
Co., St. Louis; C. P. Clifford, Vice-President, First National Bank,
Chicago: G. M. Mo.sler, President, Brighton Bank & Trust Co., CinPresident,
W.
cinnati.
Reference to the convention was
made
in our issue of Feb.
average
maximum
4,
ARGENTINE NATIONAL MORTGAGE BANK BONDS.
Shonnard & Co., of this eitj', members of the New York
Stock Exchange, are offering an issue of Argentine National
Mortgage Bank sinking fund Government guaranteed 6%
Mortgage Bonds (called Cedulas) issued against first mortgages on improved real estate. The bonds are guaranteed,
principal and interest (semi-annually) by the Argentine
Government. Principal and interest are payable in pesos at
the Bank in Buenos Aires and are collectable in New York
at the prevailing rate of exchange at the offices of Shonnard
& Co., 120 Broadway, The Irving National Bank or Tlio
Columbia Trust Co. The bonds are redeemable within
33 years from date of issue by means of a cumulative sinking
fund of
in the
par.
% per annum which
operates bj- purchase of bonds
obtainable below par or by drawings at
This sinking fund may be increased at any time. The
1
market
if
maturity on the 11
series already reyears.
The bonds are Coupon bonds
to bearer in denominations of 5000, 1000, 500, 400, 200, 100
Pesos.
(Peso equals 42.45 cents U. S. Currency.)
deemed has been 19 H
The circular of Shonnard & Co. gives the following information (which it is stated, is similar to our Federal Land
Bank Bonds) and the issuing bank.
—
Issued serially
by the Argentine National Mortgage Bank (Banco Hipo-
tecario Nacional.)
As security behind the bonds, the bank holds an equal
amount of carefullj' selected first mortgage on improved, income producing property in Argentine.
These mortgages cannot exceed 50% of the
appraised value of the property mortgaged, except in case of small loans,
not exceeding $2,600. used for the construction of homes. Many classes of
loans are limited to from 25% to 40% of the appraised value of the properties.
All loans are approved by the directors of the bank. The directors are
appointed by the President of the Republic with the approval of the national
senate.
The Argentine National Mortgage Bank was founded by
Up
the
Government
January 1 1921, it had issued 1,130,850.900 pesos ($480,046,207 U. S. Currency) of Mortgage Bonds and on that date had outstanding 620.255,350 pesos ($263,298,396).
The maximum which it may have
outstanding at any one time is 1.000,000,000 pe.so.s— .S424,.500.000. During
the 36 years of the bank's operations the payments of principal on its bonds
have been made on an average of 13>'2years before duo. In the Baring
Panic of 1890 there was a delay in meeting the interest payment on one
series of bonds because gold was temporarily unobtainable.
With thig
exception, there has never been a delay in any payment of either principal
or interest of these bonds.
Prior to 1914, up to 90% of these mortgage
bonds were held in Europe. During the war large amounts were repurchased and now the majority of them are owned in Argentine.
For the American investor these bonds have four especially attracfcivo
in
1886.
to
features:
First: They are well seasoned, with a clean record of 36 years behind them.
Second: Thoy have an exceptionally high degree of safety, being similar
toU. S. Land B.mk bonds. They are a direct obligition of the Government
Bank issuing them, which has an earned surplus of $34,323,691 U. S. Currency fas of December 31 1920). They are especially secured by conservative first mortgages on income producing properties which have the fall
credit of the borrowers behind them.
They are unconditionaUy guaranteed,
principal and interest by the Argentine Government.
Third: They he'd at present an opportunity for very .^nibstantial profit
and material increase in yield through the increase in the rate of Argentine
exchange.
The Argentine peso is worth at parit.v 42.45 cents in U. S.
Currency and has a gold reserve of approximately 80% back of it. Argentine has no war debts: its natural resources are practically unlimited; its
population is 90% Caucasian: it enjoys high national credit: and in normal
It is only a question of
times it has a large balance of trade in its favor.
time, dependent upon trade conditions, until the peso is again on a parity
with the dollar.
Fourth: These Argentine Mortgage Bonds (Cedulas) have a very wide
international market. They are held by investors in most of the countries
of Europe and are listed on the Buenos Aires and several of the European
Stock Exchanges. In 1920, nearly 400.000.000 pesos ($169,800,000) were
bought and sold on the Buenos Aires Stock Exchange alone.
There are 12 series of these 6% bonds outstanding. The bonds of the
different series sell at slightly varying prices within about the same range
as our Liberty Bonds.
ADVANCES APPROVED BY WAR FINANCE
CORPORA TION.
The War Finance Corporation announced on Feb. 9
that from Feb. 6 to Feb. 8 1922, inclusive, it approved 166
advances, aggregating S5,219,000, for agricultural and livestock purposes as follows:
$15,000
4.000
23,000
in Arizona
in California
in California
590.000
37,000
Texas
in Colorado
in Colonido on livestock in
Utah and Colorado
50.000
lO.ODO
26.000
20.000
427.000
200.000
244.000
37,000
520.000
in fioorgia
in Illinois
in Idaho
in Indiana
in Iowa
in Kansas
in Minnesota
in Missouri
in Montana
LS5,()00 in
$230 ,000
86 .000
on livestock in
Nebraska
340,000 in New Mexico
138,000 in North Carolina
in
in
North Dakota
Ohio
S6 .000 in Oklahoma
43 .000 in Oregon
325 ,000 in South Carolina
329 .000 in South Dakota
294 ,000 in Tennessee
135 ,000 in Texas
18 ,000 in Texas
on
New Mexico
52 ,000
in
Texas
68 ,000
259 000
in
Utah
lirastock
on livestock
Oklahoma and Texas
Utah on livestock
Idaho and Utah
25 ,000 in Utah on livestock
Idaho
99 ,000 in Wisconsin
298 ,000 in Wyoming
in
From Feb, 9 to Feb. 11 1922, inclusive, the Corj^ration
approved 154 advances, aggregating S4 ,821 ,000, for agricultural and livestock purposes as follows:
'
page 464.
[Vol. 114.
$33,000
135.000
162.000
30.000
76.000
100.000
40.000
in
in
in
in
in
in
in
231 .1100 in
20.000 in
172,000 in
50.000 in
29.000 in
20,000 in
Alabama
Arizona
C^olorado
(iforgia
Idaho
Illinois
Indiana
Iowa
ICansas
Miniiosota
Mississippi
Missouri
Mi'^souri on livestock in
Kansas and Missouri
Missouri on livestock in
Colorado
33,000 in Mis,souri on livestock in
40,000
in
$673,000 in Montan
451.000 in Nebraslm
508,000 in New Mexico
25,300 in Now Mexico n livestock
in Texas
180,000 in North "a-ollna
562.000 in North Dakota
11.000 in Oklahoma
290.000 in Oregon
163.000 in South Carolina
1,59,000 in .South
Dakota
75.000 In Tennessee
149.000 in Tc.va.s
80.000 in Virginia
51 .000 in Wisconsin
270.000 in
Wyoming
Oklahoma
During the week ending Feb. 11 1922 the War Finance
Corporation approved a total of 320 advances, aggregating
$10,040,000, for agricultural and livestock purposes.
The Corporation announced on the 16th inst. that from
Feb. 13 to Feb. 15 1922, inclusive, it approved 187 advances,
aggregating $5,735,000, for agricultural and livestock purposes as follows:
THE CHKONICLE
Frb. 18 1922.]
<540.000
$37,000 in Alabama
New Mexico
in
North Carolina
North Dakota
Ohio
21.5.000 in
17.000 in Calirornla
78,000 in Calirornia on livestock In
Arizona and California
45.000 in GeorRia
112.000 in Idaho
68.000 in Idalio on livestock in
729.000
20,000
197.000
34.000
in
in
in
in
.'SO .000 in
43S,000 in
30.000 in
1118.000 in
93.000 in
Oklahoma
.386.00,') in
Minnesota
50.000
194.000
434,000
Missouri
Montana
119,000 in
Idaho and Oregon
in
in
in
Comptroller has been attached to appr priation bills for
is asked tr in the proposed
amendment in order that it may not be necessary to bring
the matter up every year, but that it may remain in force
Representative McFadden's statement in
until repealed.
the matter follows:
Assessment for Examination of Trust and Safe Kcping Departments
some time," but that permission
Oregon
South Carolina
South Dakota
Tennessee
Texas
Texas on livestock in
New Mexico and Texas
155.000 in Wisconsin
30.000 in Illinois
497.000 in Iowa
43.000 in Kansas
681
Wyoming
of National Banks.
The amendment
jVebraska
The Board also approved an advance of $1,800,000 to a
financing institution, organized to promote export trade,
for the purpose of financing the exportation of cotton.
to permit banks to be assessed for the examination of
assets held In their trust and SHfekenp ng departments, is proposed for the
reason that where anything more than a nominal amount of businas.^ is done
in either of these departments it takes as much if not more, t me to examine
them, to verify the as.sets held, than in the case of the examination of the
of the bank i;scir. and there is no way under present law of collecting the
expense from the bank.
AGRICULTURAL LOANS APPROVED BY CALIFORNIA
JOINT STOCK LAND BANK.
Agricultural loans aggregating more than $5,500,000 have
been approved by the California Joint Stock Land Bank,
according to figures made public by the Bank of Italy.
New applications received during .January totaled $1 ,185,000,
of which amount nearly one-half has been acted upon already
"Money available at 6% with the
in a favorable manoer.
loans running for more than 30 years appeal to those engaged in agricultural enterprises," said A. W. Hendrick,
Vice-President of the bank. "In addition, it presents to
many bankers in rural communities the practical solution
By assuming the burden of these
to frozen farm credits.
long-term transactions and extending so favorable a rate of
interest, the Joint Stock Land Bank is taking a very definite
place in present day agricultural readjustments." The
summarized schedule of applications and approvals for
California and Oregon shows:
Cat forn
Total approvals
Oregon.
a.
$3 .9fi9 .800 Total approvals
S1.617,.')00
January applications
178.500 January approvals
January applications
January approvals
479. .500
705.5.50
250,000
The as.sets of various trusts held and the safekeep'ng items are. of course,
not a part of the as.sets or resources of the bank, and under present law only
the assets "r resources of the bank can be used as a b?sis for asses-sment.
Unless It Is permitted '•o assess banks having safckeepng and trust departments for the extra work involved in examining them the only way in which
the expense can be provided for is to raise the assessment on resources of aU
banks, and in this way banks having no trust or s;ifekeeping departments
would be bearing the ex|)ense of examinations of these departments in other
banks. This would be neces-sary for the reason ihat the law says that the
amount shall be assessed "upon the banks examined in proportion to assets
or resources held by the hank upon the dates of examination of the various
banks." It would, therefore, not be pos.sib!e to assess one bank at a greater
rate than another upon Its resources, as this would be disproportionate.
Under the present method of assessment, banks having trust departments of any size, are examined at a lo,^; that is the amount collected does
not cover the salaries and expenses of the examiners and their assistants
making the examination. The Chief Examiner in Boston reports that in
two of the large banks which have trust departments it takes about eight
one-man days for a proper audit. The Chief Examiner at Philadelphia
reports that the safekeeping departments invoWe a great deal of work, ai
least ten times that caused by the trust departments in that city.
The Siifekeeping department does not, of course, refer to safety deposit
vaults and boxes, as in this case the depositor holds the key and (t Is not
necessary to examine the contents of the boxes, the bank not having access
Where the bank has access, items must be examined to see that
thereto.
they have not been placed in the bank's assets temporarily or otherwise to
conceal a shortage.
Appointment of Natinnal Bank Examiners and Assistants
to
Work in
the
Office of the Comptroller of the Currency.
OFFERING OF BONDS OF FIRST JOINT STOCK LAND
BANK OF MINNEAPOLIS.
An issue of .?.500,000 5% bonds of the First Joint Stock
Land Bank of Minneapolis was
16) by Ames, Emerich & Co.
Milwaukee, at 1013^ and
to optional date an^l
5%
on Thursday (Feb.
city, Chicago and
yield about 4.80%,
These bonds, which
offered
of
this
interest, to
thereafter.
are issued under the direction and control of the Federal
Farm L<jan Board, are exempt from all Federal, State,
municipal and local taxation excepting only inheritance
They
taxes confirmed by United States Supreme Court.
are dated Nov. 1 1921, are due Nov. 1 1951, and are redeem-
able at par and interest at any time after Nov. 1 1931.
Principal and interest (May 1 and Nov. 1) are payable at
the bank of issue.
The bonds are in coupon and registered
form, intfcrchangeable, in .SI, 000 denomination. They are
acceptable by the United States Treasury as security for
Government deposits, including Postal Savings funds;
legal investment for all fiduciary and trust funds under
jurisdiction of the United States Government, and of many
of the Stat<rs.
As was stated in the official circular, issued by
the firm last Sepfomber, when a pn-vioiis offering of bonds
of First Joint Stock Land Bank of Minneap<jlis was made
by it, the bonds are issued under the F\'flc'ral Farm I^oan
Act by the First Joint Stock Land Bank of Minneapolis
and are WMSured by the pledge of a like amount of farm loan
mortpages or United Slates bonds dcfmsited with the Registrar of the P'arm I^oan Bureau of the United States Treasury
Department. Thfj farm mortgages are restricted to the
Other parlieulars thedat*States of Minnesota and Iowa.
of the issuance of the charter of the First Joint Stock Land
Bank of Minneapolis, &c., are as given in tho "Chronicle"
of Oct. 1 1921, pat'e. II If)
—
Permission to designate a national bank examiner to act as Chief of the
in the Office of the Comptroller has been attached
to appropriation bills for some time the first e.«aminer having been api>ointed
under this In March 1919. The permission is asked for in the amendment;
to Secflon 5240. U. S. B. S., in order that it may not be necos.sary to bring
the matter up every year, but that ic may remain in force until repealed.
The request for five additional examiners and ten assistants to examiners
for employment in the Examining Division is made for the following
Examining Division
reasons:
The report of every examination of a national bank made, and these
amount to approximately 17.000 a year, goes directly to this Division,
where they are recorded, examined, condition of the bank determined,
the steps necessary to be taken decided upon, and all questions of law
Involved passed upon in the first instance. The correspondence with
banks, based on reports of examination, is all prepared or ginally in this
rtivis'on.
The supervision of the examining force Is also in this division,
and all letters from examiners with respect to a.ssignments. transfers, conditions found in banks, and matters upon which they desire information are
handled
In this illvision.
apparent that this work require* a knowledge of b.onking law. of
banking practices, general financial conditions and experience, none, or
practically none, of which is possessed by the ordinary civil service appointee.
It has been necessary In the past to give people obtained through the civil
service years of training in the rulings of the office and banking practices
In order to develop them to the point where they can handle this work
originally.
It is desired, and Is considered highly important, that the
C<imptroller be able to employ people having had banking experience and
business experience, and of more mature mind to handle this most Important work.
The business bandied In this division Is exceedingly Important to the
country, and the employment of national bank examiners In connection
with this work will bring to It not only the outside experlc-nco but will nUo
result In tiikuiK the Inside office experience and consequent knowledge to
the ex.-imlnurs In the flcWI. as t is contemplated that these examiners
It
is
assigned to the office sh;ill at various times be sent to the (1hl(>f Kx.'inilnert
In the different Federal Hescrvo Districts for tho pur|)oso of g.ilnlng and
giving inrormallon with respect to banking conditions and nMiulrrments.
It a df»lred that two assistants bo di-slgnated or assigned to each of
the examiners to aid them In their duties In the office, and that the.sci
awitKlantH alMo bo obtained from outside of the civil service In order to
permit the Comptroller to pick people who have hail minor banking oxpurlence and are exceptionally bright and CJipable along hanking llniu*.
NORTH DAKOTA BANKERS CRITICIZE BILL TO
PERMIT STATES TO TAX NATIONAL BANKS.
REPRESENT ATI VK McFADDEN'S HILL ASSESSING
"IT
the
ever conies when (he national bank systf>ni
NATIONAL BANK FOR EXAMINATION OF
State.s
in
the
United
is to bt* ai)aii<loned, you could not find
TRUST DEPARTS! EN TS A PI'OINTMENT
a
bettor
way
li(|uidating
of
tho national banks in variouH
OP EXAMINERS.
tiiiii'
A
which would p«rmit national banks
hill
tf)
be
for the piirjKwe of the exariiiriat ion of the UMsets held in th<ir
Inist and Hafekeepim; «le|)jirtriientH was introduee<| in the
Houmi
of KoprewmttttiveH at Wn.Hliiiigt.4in
by R«<|>rnMnntative
which pnjjMjHeH to arn(frid
SlHi
10 of the R4iviMed StiituleH of the United Stalen.
aliio makes provision for tho appointment of national bank
wxaminers and aiwiMtAnt.A to be jmnigned to the office of the
('ompt.roller of the (.'urreney.
Mr. MfVitAMt'u exi>lninH
that "p««rmi<»»ion to d»«i(fnat«i a national bank examiner to
MeP
aot
afl
'
'
on Feb.
CJIiinf
of
tli'
14.
''
The
bill,
lnini;
than by this ta.viition." Tims does A. 0. Divt^t of
Fargo, No. Dak., in a Mtiitoment iiri'.setiled to the American
Bankers' Association, charact.erizo th(» bill of Fleprestmtatlvo
.\IcFa<lden, which proi)oses an amendnient of Section .VJIO
of tln) U. S. Kevised Statuten which rentrict the asHcsMiuont
of natiotuil bank nhanm to that aflHesHttd upon Hlato bankN
and trust co(n|innieH instead of "other moneyed cnpital in
.State.s
a.sHr'Hse*!
DiviHJon in lh« office of the
Thti bill was refern\d to
the hands of inrlividual cili/.ens."
In hia
at length in those columns Inst we(<k, page MW).
criticism of the bill Mr. Divet Huid:
"Thn <|Un«Mon l« runil.iiiieiuiil mid II liivolvm (in tho purl of tho floTmrn^
mont
thla:
Arn thay RobiK Ui chnniin thr policy that hnn
lioon In olloot
•«>
esz
THE CHRONICLE
since the national banks came into existence, of maintaining the bank
independent of State control except under a very drastic regulation ?
"The power to tax includes the power to destroy, and in pursuing this
proposition bear in mind that the bankers are not going to submit their
taxation being placed in the power of local legislatures which may exercise
the power to destroy, limited only by the willingness of that legislature to
destroy along with the national bank, the State bank which does business
alongside ot it."
Mr. Divet outlined in detail the course of events in the
State of North Dakota. He explained that the total bank
capitalization in North Dakota is a trifle under $25,000,000,
both State and national. This, he explained, is taxed on
the basis of 100%, while all the other personal property in
the State is put primarily into the classification of 50%.
In addition, the farmer in North Dakota is assessed on the
basis of 50%, but as a result of other legislation has an
exemption of $1,000 of the value of his assessed property.
There is an exemption on agricultural improvements, $300
to everybody, $300 worth of tools to workmen, and the like,
which, in addition to all other exemptions, wipes out hundreds of millions of dollars of taxable property. Continuing, Mr. Divet says:
"The elimination of the agricultural improvements upon the farm wipes
out close to $100,000,000 from the taxable property of the State. This
$170,000,000 of exemption in the things which I have gone over has to bo
made up from the property that is kept in.
"Up to 1917, we had a regular tax upon moneys and credits which were
taxed according to law and should have been taxed upon its regular value,
and the cry went up that there wasn't much tax in it because money and
credits were taxed so high that they went into hiding.
"Can you conceive of the State of North Dakota wanting to put banks
out of business ? That is preposterous. It cannot be so. Yet it is absoIt is this: This new movelutely so, and what is the answer to this riddle?
ment contemplaces the abolition of the banking business as private business
and the creation of it as Government or State business.
"In North Dakota we created a State banking system. Do not become
confused. Wo have State banks in North Dakota and then we have the
State banking system.
Some of you think only of the Bank of North
Dakota as a single bank. It is the only one under operation, but it is a
banking system to be owned and conducted by the State of North Dakota
that was established and exists in the State."
Continuing, Mr. Divet explained that the law creating
the bank provided that all public money from the State,
county, city and school district, and every place else, should
be withdrawn from private banks and deposited in the State
banking system, thus taking from the private banks of North
Dakota some 33 millions of dollars. He added:
"It the time comes when the national banking system is to be abandoned,
you could not find a better way of liquidating the national banks in various
It would be more gradual but no lass effective
States than by this taxation.
than the repeal of the national banking laws, and 1 want to say, as your
President said, it would only be a few years before this proposed law would
destroy the national bank."
INVESTIGATION OF BROKERS' FAILURES.
Inquiry was begun on Thursday, Feb. 9, into the failure
Tvithin the past two months of thirty brokerage firms, whose
business difficulties, it is said, are estimated to have resulted
in losses to investors in New York and throughout the
country of about $25,000,000. On that day (Fel). 9)
District Attorney Banton began to place evidence before the
Grand Jury. It is reported that the State, through Attorney-General Newton, will co-operate with District Attorney
Banton in the investigation. The failures of Eugene J.
Callahan & Co., E. D. Dier & Co. and J. D. Sugarman &
Co., it is understood, arc among those Tii'hich will be investigated. According to the New York "Herald" of Feb. IG,
five indictments involving nine persons in alleged "J>iicket
shop" frauds were returned by the additional February
Grand Juiy of the Court of General Sessions on Feb. 15.
An involuntary petition in bankruptcy was filed yesterday
moi'ning (Feb. 17) against II. H. MacMasters & Co., 82
Broa<l Street, this city, in the United States District Court.
Judge Learned Hand, it is said, appointed Robert T. Stephenson, formerly an Assistant United States Attorne^^
The firm's
receiver for the firm under a bond of $10,000.
liabihties, it is said, are estimated at $700,000 and its
On the preceding day (Feb. 16) according
assets at .$30,000.
to the New York "Times," the failed firm was expelled from
the Consolidated Stock Exchange on a charge of "bucketIn making the announcement of the expulsion of
ing."
R. H. MacMasters & Co., W. S. Silkworth, the President
of the Exchange, said that the firm had been charged with
violation of Section V, .(\jtiele III, of the Exchange's bylaws in selling for its own account stocks which should have
been carried for a customer. The "Times" further reports
Mr. Silkworth as saying that he would send all the eAidenco
in the Exchange's investigation that morning (Feb. 16) to
District Attorney Banton, and that the Exchange would
assist in any investigation that Mr. Banton might make.
The section of the Exchange's by-laws \iolated by R. H.
MacMasters & Co., as printed in the "Times," reads as
,
follows:
[Vol. 114.
Any member of this Exchange who shall be employed to purchase or sell
any security or commodity traded In on this Exchange, who shall buy or
sell (as the case may be) such security or commodity directly or indirectly
for his own account, thereby nullifying the effect of his client's orders and
under cover of two opposite executions taking the transactli;n to his own
account, shall be deemed guilty of obvious fraud or false pretense and the
Board of Governors after investigating the facts of the case, may inflict
the penalty provided for in Section 1 of Article XIll of the constitution."
SUSPENSION OF CRAWFORD, PATTON & CANNON.
Announcement was made from the rostrum of the New
York Stock Exchange on Tuesday of
this week (Feb. 14)
of the suspension of the brokerage house of Crawford, Patton & Cannon of this city. The assignment was filed in
the New York County Clerk's office, and was made to William Otis Badger, Jr., an attorney of 75 Fulton Street, this
city, for the benefit of the firm's creditors.
Later on the
same day, it is understood, four creditors with small claims
filed a petition in involuntary bankruptcy against the company in the Federal Court. No statement as to the assets
and liabilities of the failed firm, it is understood, was made.
Mr. Badger, the assignee, stated that accountants had been
set to work on the books, and that the exact figures would
not be available for some days, but that according to preliminary reports made to him by the accountants, he estimated
that the liabilities would be in the neighborhood of $3,300,000 and the assets about .$3,000,000. The firm of Crawford.
Patton & Cannon was founded in 1903, and was admitted
membership in the New York Stock Exchange on Nov. 1
1911. It was also a member of the Philadelphia Stock Exchange. Its members were Henry B. Cannon, Harold A.
Chandor, Covert L. Groodlove and H. Joseph Patton. Besides its main office at 61 Broadway, the firm maintained a
branch office in the Hotel St. Andrew at 72nd Street and
Broadway and another in Philadelphia. According to a
press dispatch from Philadelphia on Feb. 14, appearing in
"Financial America" of this city of the same date, the following notice was posted on the door of the failed firm's
office in the Morris Building, Philadelphia
to
:
"Crawford, Patton & Cannon have made an assignment for the benefit ol
creditors to William Otis Badger, Jr., Fulton Street, N. Y.
The assignee
will be represented in Philadelphia by H. P. Dorman and W. T. O. Anderson, 1420 Chestnut Street, to whom all inquiries may be addressed for
the present."
WILSON HERRICK AGAIN MEMBER OF N.
STOCK EXCHANGE.
Announcement was made by the New York Stock
W.
Y.
Exchange on Feb. 9 of the reinstatement to membership in
that organization of W. Wilson Herrick. Mr. Herrick was
suspended from the Exchange on Feb. 21, last, when the
firm of Herrick & Bennett, of which he was the Board member, got into difficulties.
We
ASSIGNMENT OF
MAC DONALD
referred to the suspension of
the firm in our issue of Feb. 26 1921, page 793.
N. A.
&
CO., LTD.,
OF
MONTREAL.
A
voluntary assignment for the benefit of its creditors
of N. A. Macdonald & Co., Ltd., of
Montreal, investment brokers, on Feb. 11, according to the
Montreal "Gazette" of Feb. 12. The company, it is said, is
a branch of the Buffalo firm of that name which failed
was made by the firm
about two months ago, and its failure, therefore, was not
unexpected. It is understood that the Montreal finn wa.*^
largely interested in the imderwriting of the bonds of the
Jlount Koyal Hotel Co., Ltd., of Montreal, but that there
will be no loss on that account. According to a press dispatch from Montreal on Feb. 14, which appeared in "Financial America" of this city of the same date, full arrangements were made before the assignment for the transfer of
the underwriting of the bonds to W. A. Mackenzie & Co. of
Toronto and Montreal.
C. McDOVGAL DEFENDS BANKS AND RESERVE SYSTEM—HIS VIEWS REGARDING
BONUS AND TAXES.
ELLIOT
Speaking at the annual luncheon of the Trust Companies
As.sociation of the State of New York, at the Railroad Club
in this city on Thursday, Elliot C. McDougal, President of
the Marine Trust Co., Buffalo, N. Y., entered into a vigorous defense of the Federal Reserve System and the Reserve
He denied that the average Reserve city bank
city banks.
charged unduly high rates, "except where necessary to curb
overtrading," and averred that "at all times, at all the Federal Reserve banks, there has been plenty of credit, at fair
rates, at the service of country banks which were not dan-
THE CnRONTCLE
Feb. 18 1922.1
man. and that means the country as a whole, is worse off to-day than he
was before the war.
If all those who have suffered loss of position, or money loss, are to be
included, why not include clerks, mechanics and laborers, who have lost
their positions, and merchants and manufacturers who practically gave up
iheir own businesses to take up government work, some of whom, nay,
many of whom, were actually ruined by their sacrifices, and many others
of whom were ruined by their .sacrifices plus Government uiifaimoss and illtreatment regarding its adju.stnients vsitti them of their jii^t and businesslike claims.
I
do not allude to those concerns which served the Government only to make money, and which thought they had a chance to get
rich suddenly.
I allude to those, examples of which have come under my
personal attention, that did not wish to turn over their plants to Government work but which did so from p.atriotic motives, at the request of the
gerously overtruding, avnilable either direct or indirectly
throujrh their Iteseive city correspondents, whicli in turn
they slionld liave furnished to farmers at fair rates, not
for speculation in farm lands, or in farm products, but to
their crops
Krow and harvest
and
liai-vested, for sale at
as soon as
marks on tliat point were:
to
move them
market
market
His re-
_..,.,
object of most ridiculous atassume th;it the Federal Reserve Board would admit that the
su-ceptjhle of improvement, that some of its policies and pracbe fuir subjects for discussion and honest difference of opinion,
Our Federal Reserve System has been the
tacks.
to
prices."
I
System is
tices might
high rates
but when many country banks that have been charging farmers
the risks justified
(I do not say exorbitant rates, because it may be that
the
the rates), are -passing the buck", to their city correspondents and to
Federal Reserve banks, they are doing an unfair thing, not justified by
claim without hesitation that the average Reserve city bank
I
the facts.
did not charge exorbitant rates except where necessary to curb overtrading.
A banker in Kansas City told me that some of the country banks were
helping farmers speculate in grain and produce, and to do so were overtrading to the extent that in some cases they were borrowing from their
(iovernment.
I know of one such concern in Buffalo that after years of
struggle was just getting on its feet and into fair financial condition, that
was almost ruined trying to help the Government during the war, and that
now must commence to fight its way up again.
It
is
several hundred
thousand dollars worse off to-day. Probably every man in this room knows
of such cases.
There are others who have not only suffered, but who are helpless. To
see old men and women, who had their all apparently safely invested for
life, whose incomes even before the war were barely sufficient to live on,
find that during the war almost everything necessary for their existence
had doubled or tripled in price, so that even their full incomes were inadequate, and who now in this depression caused by the war are having
their interest and dividends reduced or absolutely cut off, and in many
cases who are losing not only interest and dividends but part of their principal, is heartbreaking.
When they have to suffer such hardships should
able-bodied men ask for financial assistance, to provide which these helpless people must suffer still further loss?
Every dollar that the Government
takes in taxes to pay a bonus will put additional burdens upon business,
throw men out of work, and still further postpone the business revival for
which so anxiously we look, will add to the losses and privations of men
and women too oid to work, and will take from thera to give to ablebodied men.
Remember that the men in service were the pick of our
young manhood, aud the most physically fit to bear privations.
correspoiidenU practically to the entire amounts of their deposits.
Speculation by farmers is just as bad as
is dangerous and wrong.
Overtrading by
speculation on Wall Street, and should not be encouraged.
No bank, except in the case of a run, or some nnusual
banks is worse.
emergency, should borrow up to an amouat equal to even half of its decity
That
posits.
Reserve banks may have established were
No one was favored. I challenge anyone
to cite one specific instance where a Federal Reserve bank has charged
I go further and claim
rates not justified by the market and the risks.
that the "money kings," as glibly they are called, the large banks in the
I do claim, and verifiReserve centres, did not charge exorbitant rates.
cation very easily can be liad, that many country banks in the South, the
Central West and the Northwest (I omit the Far West, because I have
not had time to verify such reports concerning it), charged their borrowers considerably higher rates than they in turn paid to their city correspondents or to the Federal Reserve banks; in other words, that country
bankers who continually are denouncing the East as a congregation of
bank pirates, were the chief offenders against the farmers whom they proclaim that at all times, at all the Federal Resen-e banks,
I
fess to love.
there has been plenty of credit, at fair rates, at the service of country
banks which were not dangerously overtrading, available either direct, or
indirectly through their Reserve city correspondents, which in turn they
should have furnished to farmers at fair rates, not for speculation in farm
lands, or in farm products, but to grow and harvest their crops and to
Whatever
rates
alike to all in the
the
Federal
same
district.
The question which, by reason
the reply as follows:
market
to
Perhaps the best answer to this question may be found in our present
lamentable condition.
The same cause will produce the same effect. The
President, the Secretai^ of the Treasury, and many of the best business
men of this country, last spring and summer, in plenty of time, in wellconsidered and carefully reasoned communications, explained to Congress
th;it not only would the continuance of hea\y taxation fail to bring increased revenue to the Government, but that it would kill business by
driving capital out of business.
Congress, not only collectively, but individually, by carefully written communications to each member, was told
tl'.at unless it acted properly and promptly,
we probably should have the
worst winter this country had known during the present generation, that
wages would fall, that even at reduced wages many men would be on parttime or entirely out of work, and that women and children would be cold
and hungry.
You al! know what the conditions this winter actually are.
To say that all of the distress is due to Congress would be insincere, but it
seems perfectly clear that the extreme sharpness of that distress, that last
addition on the top of everything else that makes it doubly hard to bear,
;
due to Congress.
is most unscientific.
Take only one phase. Sappose a careful manufacturer year by year gradually should lay aside part of the profits
of his busine.ss, investing them in securities.
Suppose that in time one-half
of what he is worth should become invested in active business and one-half
in securities.
There should be a lower rate of taxation on his accumulated
wealth actively employed in business than on his accumulated wealth not
so employed.
A heavy tax on business di.scourages enterprise, drives capital
out of busine.ss, and throws men oiit of work.
An intelligently calculated
higher tax upon wealth not invested in actual business would not have the
same effect. He still would have the incentive to accumulate capital, even
though, for the time bein?, the return on it might be only moderate
but
it will not do to carry t.'iis theory too far.
Too large an excess imposed
upon accumulated wealth invested in bonds would Ik- apt to destroy tlie
market for corporation bonds not tax free, unles.s the interest on tlie
bonds should be made quite high. That would make the cost of Gipital
to corporations engaged in active business too expen»ive. and, in turn,
would contract business and throw men out of work.
If corporations cannot afford to expand their facilities to keep pace with the growth of this
countr}-, if tliey cannot afford to issue bonds to financM' themselves, then
the iiivehtor must turn to tax-free bonds
with the result that the Government gets less revenue.
Too heavy taxation on production kills business
and dries up the sources of revenue. This principle is as old as the hills.
Our Guvernnient In going even further than that, it is getting to u point
whore not oidy is it driving capital out of business, it l.i Just on the verge
of actually confiscating capital, which Is the liist step towards financial
is
Our taxation
"Concerning the proposed bonus for ex-service men there
great difference of opinion, and many questions," says
Mr. McDougal. and then proceeds as follows:
is
Let us aiwume that proper discuiwion of these quextlons involves long
To form a final opinion now would be premature. We know so
iittio of the details o1 the service that we cannot even state them intelliEven did we know the doLiils, and the argument*' pro and con.
(fently.
they still would need fieveral montliH of careful study.
Tiiat work must
'.f
n^ceMity be Ifft to C"nKre*.-t, but mir citiaens must insist tliat it be
delay.
;
and conscientiously done.
do not doubt the sincerity of the er-service meiu It is very natural
'hat they should feel tnat the Government owef- tb<>m a bonus.
It would
b«!
very natural should their feelings lead them beyond proper bounds.
well
Wc
has been MjgKPnted that there i* a powlbillty of another "hold-up" of
To our shame, be it said, it U entirely conceivable that Conicrcifi might submit, as
It submitted
to the labor unionx when it passed
the Adamson bill. In tim,; of peace, whei. no natioru! emergency threatens,
will Uic cltiwrns of this country tamely sulmiit to a "holdup" evi-n by
thfj** wh'/ni they love?
Alr<>ady we see the firdt sl(rn.i of that public spirit
which in Boston In 1773 first rmisted the Briti»li power, which reallwjs
that unless our citizens resist the first sppi-arjincc of coercion from siiy
source whatever, the persfjiial lltjcrtlc* for wlr-li their forefathers fou((lit
are In JeofMrdy.
Can It be powfbl* that all esservic* omd ir* ucrttd upon Uils matter,
or --- "
"
'
iffjjjf fr,..
\,y J mistaken m-iiwi'
;
It
<>jriicr«i«.
'
"'
TIk*"
'
I
fear
/
.;
'
<,i
^'.ir,'jf.oiiit,
rltl/.en»,
'r:r
by their comradi-nV
not rtlH.-iO:'<J.
I >o
Iht-y nally drsire
In dollars?
Many of them suffered from a
tliat rewpoct a
much larger numljcr of
fi,. r,
of
w<Tr<
pslftollsm
but In
who stayml at hi.tnm,
'
p^'uii.af/
(ttr
I
wy
siiffrr>'l
niarh more.
and
of special training
broad experience, bankers are peculiarly qualifed to discuss and to pass judgment upon, says Mr. McDougal, is
"What will be the effect upon business of the increased
taxation necessary to provide a bonus for all classes of
Government employees who would be considered as having
been in the service during the time of the war?" He gives
as soon as harvested, for sale at market prices.
The speaker has been a banker for over forty years. During all that
time there never has been a time when well-conducted banks have not been
Any
complained of on the ground that they were unfair to borrowers.
bank that is fit to be trusted with other peoples' money, that is careful ia its credits, that will not risk that money by lending it to weak
borrowers, will constantly be complained of. The loudest complaints come
from the worst credit risks. Our Federal Reserve System must be kept
Unless the core
liquid.
It is the core of our national banking system.
This does not mean only that the
be sound the system cannot be sound.
Federal Reserve System must be fairly sound it must not have the slightest
There can be not the slightest doubt that as compared with the
taint
other great Reserve banks of the world, not even excepting the Bank of
England, our Federal Reserve banks are in the aowndest and most liquid
condition of any.
One lamentable thing abont this entire situation is tliat misrepresentation and misapprehension do not abate altogetlier tlie actual facts, which
show that agricultural interests have no ground for complaint, have been
laid before Congress, and can be found in the printed records of the Agricultural Inquiry, of the Sixty-seventh OongresH, First ,Seesion, ander Senate Concurrent Resolution 4, Aug. 2, 3, 4, 6, 8, 9 and 11 1921, in Part 13.
Special attention is called to the te<>timony of Governor Strong, of the
Federal Reserve Dank of New York, beginning about page C35 and running
to about page 663.
move them
683
destruction.
Last year the ruling majority in Congress, part mistakeidy, pjirt dcllbcrand solflshly to liuy votes, fooled the farmer and lalwir.
It suld to
them; ".Set how we tax big businesses, and how we tin or you."
ConKtr-,^ really was closing factories, cutting Hages, throwing men out of
work, n-ducing the purchaHing capacity of labor, thus rnhieiiig the price*
uf farm products, while fiinner and labor applauded their own iiniloiiig.
The situation today Is most critical. Ileciiu»c they dlil not get relief
from Laxalton at thi> time they were \ruHt able to bear It, and because
taxation Is not only pxcoshIvo but unscientific, iniiny buxlnesa men arc dlscourugcd.
Today few men will risk fre»li capital In IiunIiii-m) rnlcrpriw-K.
Il.ii.li.r.
Htiiiot
be lll>erol.
They are trii»ti'eM of other pooples' money.
(ii>
right to risk Die money of their depositors by lending It to
:i.i.n so heavily taxed
that tliry lisve beroiiie p<Mir banking risks.
The l»e«l a bank eiiri do to-duy is to lend fresh funds only to strong conI. ri,
.Nil i/i refrulti from rnlll'ig the loanii to wejik ronreriM which
It a|.
"Ut, unit endeavor to help Ihrni through until lirtli<r tlnirs. Janu ..
wuu • record month for the ntimlter of rnmiiierrliil failures. Hut
for unuiusl banMng usilxtuner tliore failures nilglit huso beoti niorn numn''..
n
,.,„r forty yejirs of the speiiker's liaiiklng
""*
;,,
npnrlenro have
atfly
I
jKipiilar
that during (he laHt few yearn
the Mtay at homcH grew i-normoii.sly rfch out of prorilH iJwy
had no rlglit to keep, and Hhould Hhare tUotw iimfllH wlili
'['hf?
con'-cptloii
other-4. In ineorreef, n»'«M(lliig to .Mr.
McDdiigMJ,
who
jiddH:
mi'l- murh. On- -tr-Mt pr.,flu tax Or\ 1.- Ururr part.
If not,
tl"in other ways
With nomi
frw exccptloni. the
a-'
man was not a pr'ifH«*r, >
ij^h
|,|,
|,„,,rd t/i l.i>.
If"' ofu-n W4< a Um*T.
Mar,y Umt, niti onl/ m ,st or all of what Ui<y llioujclil
th»y bad madn, but mrMt or all of what th-y had
T'i« avvratfr bujinsw
If
'he-/
I
I
'
,
.:
lit
'
hi
)
.,
.'
l...-.;.v..w>s
with debtors, so willing to help, but even with that
will be luiiibl* to pull Ihrniigli should the preneiit
THE CHEONICLE
684
high rate of taxation continue.
Do
the best
we
can, there still
will
be
But still we are hoping for the future. Still further to increase taxes now would kill that hope, would take out of business enterprises what little heart is left, would cause them to give up the struggle,
would be the last straw that breaks the camel's back. We probably should
have a further increase of failures, and, as always, the farmer and labor
would be the cliief sufferers.
After this winter's experience can it be
many
failures.
that they
still
are blind?
While the
full
tide of prosperity,
says Mr. McDougal,
felt until Europe recovers financially and induswe, more fortunate than others, possess to-day potential prosperity sufficient to give us what in other nations would be the full tide. "Congress has only to abolish
the United States War Labor Board, and the Shipping
Board, sell the Government merchant ships for anything
they will bring, repeal our union-dictated shipping laws that
fetter our commerce, tax expenditures instead of production, and help instead of hinder the President in his sincere
efforts to keep faith with the nation and bring about real
economy and relief from burdensome taxation. Discouraged business men would take heart, failures would lessen,
cannot be
trially,
commercial gloom would change to light as suddenly as
darkness flees at the rising of the sun."
Class
Class
District
Class
Class
Class
District
Class
Class
Class
[Vol. 114.
B —Frank L. Stevens, North Hoosick, N. Y.
C— C. M. WooUey. New York. N. Y.
No. 3
—Philadelphia:
A— Francis
Douglas, WUkes-Barre, Pa.
B — Charles K. Haddon, Camden, N. J.
C — Charles C. Harrison, Philadelphia, Pa.
No. 4
—Cleveland:
A^O. N.
Sams, Hillsboro, Ohio.
B —.John Stambaugh, Youngstown,
C W. W. Knight, Toledo, Ohio.
J.
111.
111.
St.
J.
St.
St.
CIa.ss
WESTCHESTER COUNTY BANKERS' ASSOCIATION
OPPOSED TO FARMER MEMBER OF FEDERAL
RESERVE BOARD.
The Westchester County Bankers' Association
at
its
twelfth annual dinner held in this city at the Hotel Commodore, this city, on the 9th inst., adopted a resolution voicing
its opposition to the bill which would increase the member-
"with the expressed
purpose of providing a vacancy to be filled by the appointment of a farmer especially to represent the agricultural
The resolution
interests on the Federal Reserve Board."
declares that the enactment of the bill will not result in anj'
betterment of the farmers' present difficulties, and the Association vigorously opposes "any legislation, the purpose of
which is, or the effect of which will be, either to immobilize
the reserves of the country in long time loans or to subject
the organization or administration of the Federal Reserve
ship of the Federal Reserve Board,
System
to
political
influences
or class
privileges."
The
Association, on the other hand, recorded its approval of
the bill proposed by the Joint Commission of Agricultural
Inquiry which would authorize Federal Land banks to discount agricultural or live-stock paper with maturities running from six months to three years. This recommendation
The
is referred to elsewhere in to day's issue of our paper.
following are the resolutions of the Westchester
Bankers' Association:
County
Whereas it has been charged that the losses which have been suffered by
the fanner and that the present hardships with which the farmer is contending are attributable, in a large measure, to the alleged maladministration of the Federal Reserve System and
Whereas the Senate of the United States has passed a bill (Senate Bill
2263) the effect of which is to increase the membership of the Federal Reserve Board from seven to eight with the expressed purpose of providing a
vacancy to be filled by the appointment of a farmer especially to represent
the agricultural interest on the Federal Reserve Board and
Whereas it is the necessary and fundamental purpose of the Federal Reserve Act that the Federal Reserve System should be a non-political and
non-partisan system, administered by men appointed only with due regard
to the interests of all classes alike, and
Whereas the records before Congress show that the Federal Reserve
System has not discriminated against the agricultural interests in the
extension of credits during the recent period of depression, but has, in fact,
all through that period granted credit to the member banks in the agricultural sections in proportions far exceeding the rediscount for member banks
in other sections of the country, therefore
Be it Resolved that this association is opposed to the enactment of the
pending Senate Bill 2263, which will not result in any betterment of the
farmers' present difficulties and is also vigorously opposed to any legislation,
the purpose of which is, or the effect of which will be either to immobilize
the reserves of the country in long time loans or to subject the organization or administration of the Federal Reserve System to political influences
or special class privileges with consequent and inevitable harm to the country as a whole, but
Be it Further Resolved However that this association is in favor of the
enactment of the bill recommended by the Congressional Joint Commission
of Agricultural Inquiry (House Bill 10058) designed to facilitate longer time
credits to the agricultural interests by authorizing the Federal Land Banks
to discount agricultural or live stock paper with maturities running from
six months to three years and in other ways to provide means of facilitating
the extension of such longer time agricultural loans.
St.
J.
11
Falls,
Calif.
Calif.
Class
C
following directors of Federal Reserve banks have
been elected for the three-year term beginning Jan. 1 1922,
according to the "Federal Reserve Bulletin" for Januarj^:
Boston:
District No. 1
Olass A Edward S. Kennard, Rumford, Me.
Class B Charles G. Washburn, W'orcester. Mass.
Allen Hollis, Concord, N. H.
lass O
The
—
—
—
—
District No. 2 — New York:
Class A — Charles Smith, Oneonta.
«
N. Y.
-Walton N. Moore, San FYancisco, Calif.
FEDERAL RESERVE BANK OF CLEVELAND REDUCES
DISCOUNT RATE TO 4:H7oThe rediscount
week from 5
this
Cleveland
—
rate
on
all
classes of paper
was reduced
the Federal Reserve Bank of
the lower rate being made effective on Feb. 14.
to
43^% by
DOLLAR EXCHANGE— FRENCH WEST INDIES APPROVED UNDER TERMS OF FEDERAL
RESERVE ACT.
From the "Federal Reserve Bulletin" of January, we take
the following:
Under the provisions of Section 13 of the Federal Reserve -A.ct, which
provides that member banks, with the approval of the Federal Reserve
may
accept drafts for the purpose of furnishing dollar exchange,
in foreign countries or
dependencies, or insular possessions of the United States in which it is
determined that the usages of trade require such acceptance facilities, the
Board has designated as such the French West Indies in addition to those
previously designated.
Board,
drawn upon them by banks or bankers located
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The following institution was admitted to the Federal
Reserve System during the two weeks ending Feb. 10:
,
ELECTION OF DIRECTORS OF FEDERAL RESERVE
BANKS.
Ohio.
—
District No. 5— Richmond:
Class A — Charles E. Rieman, Baltimore. Md.
Class B — Edmund Strudwick, Richmond, Val.
Class C — F. A. Delano, Washington, D. C.
District No. 6 — Atlanta:
Class A — John K. Ottley, Atlanta, Ga.
Class B —
A. McCrary. Decatur, Ga.
Class C — Lindsey Hopkins, Atlanta, Ga.
District No. 7 —Chicago:
Class A — George M. Reynolds, Chicago,
Class B — A. H. Vogel, Milwaukee, Wis.
Class C— WiUiam A. Heath, Chicago,
District No. 8 —
Louis:
Class A —
C. Utterback, Paducah, Ky.
Class B — Rolla Wells,
Louis, Mo.
Class C — William McC. Martin,
Louis, Mo.
District No. 9 — Minneapolis:
Class A — W. C. McDowell, Marion, N. Dak.
Class B — F. P. Hixon, La Crosse, Wis.
C — Homer P. Clark,
Paul, Minn.
District No. 10 — Kansas City:
Class A —
C. Mitchell, Denver. Colo.
Class B — T. C. Byrne, Omaha, Neb.
Class C — Heber Hord, Central City, Neb.
District No.
— Dallas:
Class A —John T. Scott, Houston, Tex.
Class B — Frank Kell, Wichita
Tex.
Class C — W. B. Newsome. Dallas, Tex.
District No. 12 — San Francisco:
Class A —M. A. Buchan, Palo Alto,
Class B — William T. Sesnon, San Francisco,
—
—
Total
No. 6
Polk County Trust Co., Lakeland, Fla
District
Capital.
$300,000
Surplris. Resources
-
$438,119
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The
P"'ederal
Reserve Board has granted permission to
the following institutions to exercise trust powers:
The Hudson County National Bank of Jersey City, New Jersey.
The National Exchange Bank of Carthage. New York.
The First National Bank of Holly Hill, South Carolina.
The First National Bank of Bamesville, Georgia.
The First National Bank of Gulfport, Mississippi.
The Galesburg National Bank, Galesburg, Illinois.
The First National Bank of Colfax, Iowa.
The National Bank of Benld, Benld, Illinois.
The American National Bank of Mount Carmel, Illinois.
The Merchants' National Bank of South Bend, Indiana.
DATE FOR PURCHASE OF VICTORY NOTES BY
FEDERAL RESERVE BANKS FURTHER
EXTENDED.
Secretary of the Treasury Mellon announced on Feb. 16
that the authorization given to the Federal Reserve banks
to purchase Victor j^ Notes direct from holders, at par and
accrued interest, up to an aggregate amount not exceeding
$100,000,000, has been further extended from Feb. 16 to
March 15 1922. This authorization applies to
Victory Notes. The Treasury had already announced on
Feb. 9 a general offer to redeem before June 15 1922, at
the option of the holder, at par and accrued interest to the
Victory Notes
date of optional redemption, anj- of the
have
been
called for redemption on June 15 1922.
which
4^%
S^%
THE CHEONICLE
Feb. 18 1922.]
Reference to this was made in these columns Saturday last,
page 571. In our issue of Feb. 4, page 470, reference was
made to the announcement by Secretary Mellon that the
authorization of Jan. 26 1922 to the Federal Reserve banks
to purchase on or before Feb. 1 Victory Notes at par and
accrued interest du-eet from holders up to an aggi-egate
amount not exceeding §100,000,000, had been e.xtended to
Feb. 16. Secretary Mellon's announcement the current
week extends the time another month.
PRESIDENT HARDING ON ECONOMIES THROUGH
BUDGET SYSTEM.
At the second business meeting on Feb. 3 of heads and
assistant heads of departments and establishments, disbursing officers and other officials of the U. S. Government—upon which editorial comment was made in our issue of Feb. 11, page 560— President Harding outlined the
economies effected through the new budget system of the
Government. The meeting of the 3rd inst. had been called
by the President on Jan. 20. In his address at the meeting
systhe President stated that "as a result of the higher
methods,
business
of
co-ordination
better
tematization and
dealt
the Director [Charles G. Dawes, whose remarks are
insigalmost
an
at
that
us
notifies
with in another item]
nificant cost it has been possible to reduce the Govern-
ment's expenditures from a scale based on $4,550,000,000,
which was asked for the executive departments and independent establishments for the current fiscal year, to a
Referring to what has been acscale of $3,974,000,000."
complished in the early months of the organization's operashow direct savtion, the President stated that the reports
$104,000,000 in
of
ings of $.32,000,000, and indirect savings
The report
months.
a period of somewhat more than four
"indicates
of the Director of the Budget, said the President,
co-orthat th'e Executive can maintain, through agencies of
will
dination, an effective control over expenditures which
substantially eliminate the occasion for deficiency approreports
priations." He also stated that "it is true that the
fiscal
current
the
of
one-half
only
cover
us
now before
may
months
coming
the
of
exigencies
"the
year," and that
now
we
which
showing
favorable
the
modify somewhat
hand,"
other
the
on
but
satisfaction,
note with so much
that new attenhe adds, "the Director of the Budget expects
revision of
continuing
the
you
to
tion will be given by all of
whereconomies
further
still
expenditures, with the view to
President's
the
is
following
ever they are possible." The
address in full
the Government's Business OrGeneral Dawes, Ladies and GenUemen of
have been brought together the
'eatherini? is the second in which
of the Government's organization.
heads o( the various business departmenU
meeting of this kind was
Something more than six months ago the fir»t
system of control over
budgetary
the
of
inauguration
the
held to signalize
It is now possible to survey
business.
the deuiled conduct of Government
period, and I think we may
the aceorapli^ments of this first half-year
showing.
the
upon
ourselves
congratulate
well
indicates
The report of the Director of the Budget is in your hands. It
system has jUKtified our most
that even in its formative period the budget
As a result of the higher systcmatization and betconfident expectations.
method' Uie Director notifies us that, at an
business
of
co-ordination
ter
has
been possible to reduce the Government's
It
cost,
insignificant
ahnoit
was asked for
expenditurc-s from a scale based on t4..0.5O,OOO,OOO, which
for tlie current
the executive depirtments and independent establishmenU
It is true that this sliowing is
fiscal year, to a scale of $3,974,000,000.
based on the accomplishments of only on<-half of the fiscal year, but it
demonstrates the possibility of keeping the Government's expenditures measurably within Uie scale forecajit in advance of the fiscal year's opening,
providefl that new leginlatlon shall not be enactwl to increase the expenses.
This gatlierlng has Ijeen summoned In purhUance of a policy of cilling together the business heads of the Government, precis<dy as wouM be done
from time to time In any buniness organization. Here the President of the
buslntw eotabllshment can meet those who arc In direct charge of the busiIn order to Insure continuing contacts with them throughness machinery.
out the busincM year tJicre huM been created by executive order the coordlIn nccompllMhing what
natlng boards whose r«i>ort« are In your hands.
has l)««n achieved In the first six months of this organ Iz^it ion's opi-ratlon,
the Director ti-lls us that a iLaff has Ixvn cnKaged, reporting a scale of
expenditure, not new but newly applied, of only flOW.OOO; while the re-
^Thfs
685
because these officers must be thoroughly familiar with Om
the departments, otherwise they could not deal intelllgCTitJy
witli it.
The liaison officer must, in short, be thoroughly familiar wiitti
the affairs of the department he represents and at the same timo devoted
to tlie purpose of this co-ordination and economy program.
The various co-ordinating boards were created on recommendation e#
General Dawes for the purpose of binding together in a common plan rif
unification the departments and independent establishments which formeTly„
in large measure, operated independently of one another.
Through these co-ordinating boards, agents representing the Executive,
working under the supervision of the Director of the Budget, it is poseitJ*
to impose and execute the general policy of the Executive, involving coIf there were any misunderstandingf
ordination, economy and efficiency.
in the beginning as to the method and purposes in bringing about this coIt :«f
operation, they have now happily been substantially all dissipated.
now definitely understood that in detailing, by Executive order, any officer
or employee of the Government to service as a co-ordinator, as aide to the
Director of the Budget, it is the intention that there shall be created a
primary responsibility to the President as the head of the business organiThat responsibility i.« now recognized not only by the detailed ofzation.
Every person so detailed must understand andt
ficer or employee program.
be assured that his service in this capacity will not be permitted to involve
him in any embarrassment as to his present or future status in the department or establishment under whicli he fonnerly served.
I want you all to be very certain that it will be my purpose to protect
In giving you thip
every one of you in his career and proper activities.
assurance I know I can be confident of tlie loyal co-operation of all the departments and establishments.
This is a good time to have it unanimously understood that we all serve
one and the same Government and the common good, and not departmentttJ
advantage, is the end toward which all of us must aim.
On the other hcnd, I expect that those who are detailed on this co-ordinating work will keep fully in mind as a guide to their actions, the rights,
the requirements and the jurisdieations of the departments or establishments
which they represent. In the inauguration of the budget system it was the
deliberate judgment of the Director that the best results would be obtained
by employing as co-ordinating agents persons assigned from the departments or establishments, equipped with thorough knowledge of their reThe wisdom of that determination has already been demonquirements.
strated.
I believe it will be and is the only method by which to produce
such results as have been presented in tlie report which has been placed ir.
your hands to-daj'.
Constant vigilance and intelligent activity on the part of the co-ordinating agencies make the one price at whicli we may secure and maintaiir
the highest economy and efficiency in the conduct of the Government's routine business.
It is necessary that there shall be not only attention by th«
Executive to the work of the co-ordinating boards, but also executive attention to the departments and establishments in relation to the co-ordinating agencies.
It is gratifying to be able to say that thus far the relations between the co-ordinating agencies and the departments or establishments have been highly satisfactory.
The necessity for the arrangement has been everywhere recognized. A feeling of solidarity in the Government business organization has grown up, and there is a conviction that
the interests of economy and efficiency demand close co-operation undesr
partments,
business
of
central leadership.
So effective has been this department during the four months of operation through these agencies of co-ordination that there have been practically no conflicts between the co-ordinating boards and tlie Government'
business organization requiring decision by me as between any departmenC
on the one side and the Director of the Budget on the other. I want you
know what great satisfaction tliere is in saying this, and I am going to
add to it the statement that in any case which may arise in the futurt
where an honest difference of opinion exists as to the beneficial effect
of a propo.sed order of co-ordination the matter will receive my prompt
attention.
Thus far we have had the most harmonious co-operation, resulting in the institution and functioning of a reorganized system of (Joternment practically without friction. It is hoped and believed that there
will be a continuation of the same harmonious attitude in the future.
The report by the Director of the Budget indicates that the E-xecutiv*
can maintain, through agencies of co-ordination, an effective control over
to
expenditures which will substantially eliminate the occasion for deficiency
appropriations.
It is true that emergencies, changes of legislative policy,
shifting business conditions or excusable errors of Judgment will make
necessary at times deficiency appropriations ; but it is expected that hereafter these will be, as compared with former years, very greatly reduced.
From early in the .Administration the Executive set his face against d«ficiency appropriation;, and an E.xeciitive order was issued discounteniincinf,
them. The fact that it has been possible to reduce the scale of expcnditurcjv
so greatly as we have noted must convince us of the possibility, if estimatefii
are made with proper intelligence, and then Uiere is the necessary care ir.
expenditures, of substantially avoiding deficiency appropriations.
It i^f true that the reports now before us cover only one-half of the <n»rcnt fiscal year.
The exigencies of the coming months may modify somewhat the favorable showing which we now note with so much satialaoliB*,.
Hut, on the other hand, the Director of the Hudget expects that new attaation will be given by all of you to the continuing revision of expcndltuifw
with the view to still further economies wherever thoy are possible.
To
that end the Director exi)e(ts to give especial ooiisldcration to the aeooiBplishments of each de])iirtment for the entire fiscal year.
ports show direct savings of $.32,000,000 that may lj« definitely iiKMiiured,
and Indirect lavlngs of $104,000,000, In a |HTlod of somewhat more than
It is particularly desired that the airefiil and palntaking effort whlca
has biyn made oontinuouHly during the first half year to effect roducUona
of expenses kIiuII be coiitinuvd hereafter.
In a buKinuhS ko great as Umt of
the National Oo\crnmeiit, unexjiecU'd receipts will not lnlrit|uenlly kwcH
the loliil of calculated revenu<^s.
It seems likely that this will Imi tnii>
during the current yejir. Hut ilesplUr this powdhllily It now mvins prolvaVilir
that th" re<itrlcMons upiin expenditurcN whicli have been p(it«.ilile by
reason
«if the Admlnlslrutlon's general policy and
your splendid co operation woiilil
have re«ulte<l in a Mirpliis of recelpis for the year.
The prcwpect of Kuch
four montiis.
HUrplua.
In the Iteglnnlngs of this gorvenimental reorganization thern were s<ime
who fmred that If we detailed frnm earh department or enluhlUhmeiit *oro«
pers/m i n.i.I/...
therrln to serve with the Director of the Budget tli«r«
would
la sort of douhle re<|i<jn<lblllty and divided loyalty which
might 1'
njctlv* of Dm hlgheat efficiency.
It was fcurrd. In short,
that then* aida Ui the Directi^r of the iiiidget might Ixi moveil hy their loyalty to and lnt«re<t In tho departmmt of e«tabll»t>in*nt wlUi which they
w*r« officially conn<Krt«d than by tbair obllKalion to Um budgatary eatabIlshment.
It Is of
Importance that p«nuin« thus delalled nhall undorstand moot
that they are »x|>e( t*d U' exleml Ihelr flrnl loyalty
and obligation to tti* general p«jli(y <if it,* l\iu\itri liureuu as an agency for
the ImtKwillon of •xe<ullv» plans.
In practical o|»«rallon it Is manlf<»tly
tmpo«slhl« to find llalaon officers for this ttrvln outsid* th« varloua del
'
t
'
:
,
when
a
with Ul(> eKtIiniiled deficiency of
was outlined In Uie budget figures mibmltU-d Ui Ooiigrewi
certolnly an occasion of much katlsfai tlon 1« nil of us.
roiiipaieil
that
in Doccinbor, i»
$'.!1..'iOO,(IO(t
In conclusion,
I want to tell you how much I
have lieen pleiised uk the
economy iiiunlfeiilej all over the roiiiitry, not only Lhroughoiii lh»
departmcnla of Government activity hut NiiKing the people ul Uirgu
J
spirit of
nifinol hut
nil
example
I'lnahle.
worthy
If
feel
that the (iovernnienl hui. In llila builgnt organ l»j»l;J.in. M>t
and thrift that has helped greatly to make aavlng f««hsiime extent the (Joveriimeiit hu» lieeii a lender In r<i
priitM>
of care
til
we oiiglit all lo Ik- grallfiixl to have hui| n part In thv
uf
Murli of the extruvagju. e of tioverniitrnl has he^n ilim
to tlin laafe.
of a Sfrioo of lndlvl.lii.ll re.i.oo.lhlllly. ,ii,.| the name
la true of extravaga.*.
In Ihn oorpornle hunlnen.eu „,„| t|„. prlvulfl
iiffalrii .,f the people.
If onr
rfforta hers shall m>1 a standard and Inspire un
amhitlon for irrealor p«mi«mie. and higher efflclen.y, we nhall hav« ocrvrd
iiul ouly Uie (A>v«iiua<iia
fair.
a
riiiii,e,
:
THE CHRONICLE
686
Perhaps our example will be of
ut the whole public particularly weU.
jrrice to the world.
acknowledgments on tliis occasion I desire to commend
whose energy, judgment and ability the remarkable relargely due.
ults outlined by the Director of the Budget have been so
fnder his direction they have performed their work quietly, without seeklo making
my
iose officials to
to thank
I wish
ig publicity or producing unnecessary internal conflict.
Henry C. Smither, Oliief Co-ordinator, General
)r his services Colonel
McI want to thnnk his staff, Lieut.Col. McAdams, I,ieut.-Col.
upply.
jidrews, Lieut.-Ool. Morey, Lieut.-Ool. Wrigiit, Lieut. -Commander Caimes,
ieut.-Commander Stanley, Major Wainer and Commander C. O. Mayo.
I wish I might personally express appreciation and gratitude to every
lember of the co-ordinating forces and
all
of
ributing to the notable success of the budget.
ovemment compensates inadequately, and there
who have been conSometimes, ofttimes, the
those
scant oxpresslon, if any,
that gratitude and appreciation which have been so well earned, but
E
lere must come to you that finer and dearer return which is the highest
wnpensation which men may know in the public service the consciousis
—
good work accomplished.
I suspect sometimes there are public servants in more conspicuous posi!on who find themselves momentarily discouraged by a lack of public
nderstanding of the difficulty o€ their tasks and an ungenerous appraisal
Sometimes: it is partisan, sometimes ignorance,
things accomplished.
E
ot infrequently it borders on the malicious, which is designed to create
ess of a
nrest.
I contemplate the nnresisted flow of extravagance and the tendency
drift the ship of state on the rocks of banki-uptcy, which is far too preva;nt throughout tiie world, I must express to every one of you and to all
When
)
authority who have assisted you, my appreciation for the splendid work
one in bringing Government business activities back to a state which in(Iligence may approve.
Perhaps other Governments were brought to greater strains of expendlire and more difficult financial straits tin-ough their more intimate and
Notwithstanding that fact, and that we suffered
savier burdene of war.
88 comparatively, I doubt if any Goveinment in the world has made a
lore persistent and conscientious endeavor to cut down its expenditures
id institute economies and restore sane and normal ways again.
You have inaugurated a very practical work of exceedingly great im>rtanoe and the results have been so gratifying and have proven of such
Ivantage to both the Government and the public that I want to take this
>portun)ty of openly uttering to you th« assurances of my appreciation
I
[Vol. 114.
bulwark of economy and efficiency in the handling of the business ot
Government.
Under the President's program for reduced expenditures the actual figures raceived from the departments for the first six months indicate that
the
the
the total expenditures for the fiscal year, including transactions in the pul>lic debt, will not exceed the estimated figure of $3.967. 922,.366, a reduction of about $.580,000,000 under the estimates made by the heads of the
departments with the expenditures for 1921.
The total of actual ordinary
expenditures for the last six months, including i)iterest on the public debt,
were $1,837,907,432.80, which is in line with the forecast.
PRESIDENT HARDING SAYS SALES TAX PROVIDES
ONLY FEASIBLE PLAN FOR SOLDIER BONUS.
President Harding in declaring himself this week on the
soldier bonus proposals asserted that he found himself
"unable to suggest any commendable plan other than that
of a general sales tax."
"If Congress," he says, "w^ill not
adopt such a plan it would be wise to let the legislation go
over until there is a situation which will justify the large
outlay." The President's stand in the matter was set out
in a letter addressed on Feb. 16 to Chairman Fordney of
the Ways and Means Committee of the House.
In his
letter the President stated that "the real difficulty lies in
the payment of the cash bonus.
Rather than pro\ide that
the maximum cash pa.yraents shall extend over a period of
two and a half years," he continued, "it would be a vastly
better bestowal if we could await the day when we may
safely undertake to pay at once in full, so that the award
may be turned to real advantage." In stating that the
s'^les tax plan seemed the only commendable method for
raising funds for the payment of a soldier bonus, the President
observed that he had made inquiry into the feasibility of
issuing either short-time Treasury' notes or long-time bonds
meet the financial obligations which the proposed legiswould impose, "but that it was not possible to commend to you either of the plans suggested." The following
to
id congratuiiatlonfl.
lation
DFRECTOR-GENERAL OF BUDGET CHARLES
DAWES ON SAVINGS THROUGH BUDGET
G.
is
the President's letter:
SYSTEM.
THE WHITE HOUSE.
Charles G. Dawes, Director of the Budget, at the business
leeting of the Government on Feb. 3, called b.r President
[arding, submitted his report, showing what had been acomplished in reducing Government expenditures in the
urrent fiscal .year through the new budget s.ystem. and aljrnately praised and criticised Government departments in
A display of
idicating what had been accomblished.
rooms figured in the conference, and were produced at the
istance of Mr. Dawes to illustrate points he wished to emhasize as to measures which might be availed of to effect
"There," Mr. Dawes declared, "is your
urther savings.
specifications. And here are brooms
navy
meets
room that
8i)ecifications, but sweep just as
those
liat do not meet
accounts
of his impromptu remarks
From the press
^ell."
re also quote the following:
"J\k navy bought 18,000 of its specification brooms when it could have
army brooms for nothing."
The Budget Director went on to say it took a month's persuasion to
id 350,000
Marine Corps adopt a slight change in color in order to use 100,shirts and save $24,000.
He told Secretary Denby, however, the record of the na\-y for co-operaion with the bureau w.as the best of the departments.
Ab an instance of co-operation in the Treasury, he declared that when it
as found there were 18 different purcha.sing agencies in that department
leir co-ordination was effected without delay.
"His fur didn't go up,
''Secretary Mellon is a business man," lie added.
r his back arch when my co-ordinators came in."
lake the
00
army
In summarizing his report
)awes said
to
President
Harding, Mr.
In connection with the complC'te reorganization which has been made in
jutine business method.';, under which the President has created by execuive order various co-ordinating agencies and boards to simplify and unify
ijch business, the detailed reports of these boards show that the reorganiition of governmental business, conducted without extra outlay with peronnei selected from present employees of the Government whose total
orapensation was only about $109,000 a year, having effected a direct
nd measurable saving in money to the Government- in about four months
f over $32,000,000 through inter-departmental transfers of property alone,
'hese boards have conducted and supervised inter-departmental transfers
f property aggregating over $112^00,000.
In addition to the large direct cash savings made, which can be measured,
he indirect savings resulting from a proper conduct of current business
re probably as large or larger and should constantly increase as the work
The direct and indirect saving to the Governf the boards is extended.
nent due to the operations of these co-ordinating boards during the last
ix months is estimated by Col. H. 0. Smither, chief co-ordinator, general
Since the institution of
upply, in his report, as at least $100,000,000.
hese co-ordinating tK>ards the average monthly rate of disposal of surplus
tocks of Government has been increased by approximately $40,000,000 a
nonth above the average monthly rat« prior to that date.
These boards which the President has created to give the Director, in
lis relation
to the business administration. Uie same agencies of contact
ind transmission of authority as obtain in any private organization, involve no material addition to the expense of governmental administration,
ire concerned with no questions of policy save those of economy and effi:lency in routine business, and involve no transfer of authority the location
»f which has bo<?n fixed otlierwisc by statute.
They are non-partisan, im)artial and ixipersoEial in their efforts, and constitute at the present time
Washington, D. C. Feb. 16.
Dear Mr. Fordney:
In accordance with the promise made to yourself and your associates
on the Senate and House committees, charged witti the responsibility of
formulating proposed bonus legislation, I have carefully looked into the
program of taxation which has been suggested. In addition thereto 1
have made Inquiry Into the feasibility of issuing either short-time Treasury
notes or long-time bonds to meet the financial obligations which the proposed legislation wll Impose,
it Is not possible to commend to you either
My
of the plans suggested.
It continues to be my best judgment that any compensation legislation
enacted at this time ought to carry with It the provisions for raising the
needed revenues, and I find myself unable to suggest any commendable
plan other than that of a general sales tax.
Such a tax will distribute the
cost of rewarding the ex-service men in such a manner that It will be borne
by all the people whom they served, and does not commit the Government
to class Imposition of taxes or the resumption of the burdens recently re^
pealed, the maintenance of which can be justified only by a great war
emergency.
how great is
the difficulty which confronts the Congress
problem. 1 am aware of the strong sentiment In
Congress in favor of this adjusted compensation. I hare spoken approvingly myself, always with the reservation that the bestowal shall be made
when it may be done without such injury to the country as will nullify
tho benefits to the ex-service men themselves which this expression of
gratitude is designed to bestow.
It is not an agreeable thing to suggest that action be postponed again,
but frankly I do not find myself favorable to the piecemeal payment
plan, which is manifestly designed to avoid embarrassment to the Treasury.
The long-drawn-out payments will not afford an effective helpfulness to
It is fully realized
in solving the difficult
the service men.
We have no serious problem in beginning the allotments of public lands
and the immediate issue of paid-up insurance. The real difficulty lies
the payment of the cash bonus.
Rather than provide that the maximum
cash pajTncnts shall extend over a period of two and a half years it would
be a vastly better bestowal if we could await the day when we may safely
undertake to pay it once in full, so that the award may be turned to real
!
advantage.
In as much as the Treasury Is to be cailed upon to meet more than
.$6,000,000 of maturing obligations in the 16 months immediately before us.
it is not possible to recommend the issue of several hundred millions of
Further excessive borrowings would likely
additional short-time notes.
undo all that has been accomplished in readjusting interest rates and
stKibilizing the financial world, both vitally essential to the resumption ol
industrial and commercial activities.
Granting that It is not fau- to oppose any proposed plan without offering
a substitute, let me repeat that I believe the American people will accept
a \evy of a general .sales tax to meet the proposed bonus payments, and we
should contribute thereby no added difficulties to the problems of readIf Congress will not adopt such a plan, it would be wise to let
justment.
the legislation go over until there is a situation which wiU justify the large
outlay.
are driving for large economies, we are pushing the disposition of
surplus war property, and have other transactions under consideration
which ought to provide great relief to the Federal Treasury. It is not
con.sistcnt to enact legislation In anticipation of these things, but it would
be a prudent plan to await the developmeuvS. and 1 can see in such a postponement no lack of regard for the service men in whom all tho American
people are so genuinely interested.
I take it that tho ox-service men themselves are no less concerned than
others about tho restoration of business and the return to abundant emThose of their wounded or sick comrades who were impaired by
plojTnent.
their war service are being cared for with the most liberal generosity the
nation can bestow. There are here and there exceptional cases of neglect
and attending complaint, but we are seeking them out and correcting with
all possible speed.
We
THE CHRONICLE
Feb. 18 1922.J
a pronounced improvement in bu-sincss conditions.
We are also agreed
that there should be no cancellation of tho Allied loanB.
Great Britain paid adjusted compensation averaging from $140 to $7,20t)
to her ex-service men, and twelve weeks' standard employment wages,
whereas tho United Statas plead poverty to escape a like obligation. Aro
not our ex-service men entitled to the same consideration? The obligation
to reduce the econoimc handicap incurred by all ex-servico men has been
recognized and fulfilled by all tho Allied nations, and partially by tho
American taxpayers.
We loaned S4,000,000.000 to the British Government, which was used te
pay our manufacturers for supplies bought in this country, but shortly after
the armi.stice the British Government sold their surplus materials for
£800,000,000, or -34,000,000,000. Wc believe that the payment of the interest on these loans should be required.
Moreover, we believe that the
British Government has no intention of repudiating or further delaying
the payment of the interest.
For i.he above reasons we believe that the Adjusted Compensation bill
should be enacted into law at this session of Congress wthout any t^x
provis:on.
Respectfully yours,
It has not been poss ble to meet all the demands for spertal bnspitalizatlon,
but we are building to that end. without c<uintingr the cost. We aro
expending $100 000.000 a year in compensation, ho.spitallzation and reThese tilings aro recited to reassure you that such delay
habilitation.
as will enable Congress to act in prudence for the common good, will have
no suggestion of unmiudfuiness or ingratitude.
Yours very truly.
G. HARDING.
Hon. Jos. W. Fnrdnnj.
House of Represcnlatites. Washington, D. C.
is
WARREN
VIEWS IN CONGRESS REGARDING SOLDIER BONUS
AND PRESIDENT HARDING'S PROPOSALS.
The belief that the letter of President Harding respecting
the soldier bonus legislation will have the effect of staying
action in the matter at the present session of Congress is
said to have been expressed by members of Congress in
private conversations, according to the Philadelphia "Record" of yesterday (the 17th inst.), which in Washington
ad\'ices stated that the "sales tax or nothing" proposal did
not strike a popular chord in either the House or Senate,
except among the rabid proponents of a sales tax. From
the same paper we quote the following:
Those like Senator Ed?e of New Jersey. Senator Smoot of Utah and Representative Bachararh of New Jersey frankly say that they think it is worth
while to put the bonus through in order to permanently engraft the sales
tax on the country's taxation sj'stem at whatever cost.
But, while these advocates of "the painless tax" were enthusiastic over
the impetus that they believe has been given to the sales tax by the President's letter, their enthusiasm was ottset by the ind gnation ol many other
prominent Reputilican members who are bitterly opposed to a sales tax.
and do not believe it can be put over even with the bonus as a bait to entice
the unwilling members.
Those from the agricultural regions were especuilly vigorous in condemning the sales tax. and some of the Republicans
say that the odium of such a measure will kill any political party responsible
for it.
Representative Frear. Republican, of Wisconsin is one ol the bitterest opponents oJ the sales tax.
He is likewise a leader in the Hotise "larr.
bloc.
'
"The proposal
to finance the soldiers' bill with a consumption tax means
ot labor when the a\eraf;e man is receiving less than
wage
to tax the living
$500 pre-war purchasing power per family, and it takes ihe farmer whose
average earning is S'2I9 pre-war purchasing power on all that his family
consumes.
In C?anada it is estimated it increase.' cost of living from •S.'jO
to 850 per family, due to pyramiding of pr c^s.
Clothing, shoes, food,
gasoline, machinery, everything not specifically exempted, is incren.sed
In price from two to ten times the amount of tax, according to Canadian
experience.
Sugar, 10 cents per pound there last month, was six cents
here, according to official reports, and articles exempted this year are indtided next year.
It is a gf)ld brick tax to the soldier, who would help pay
hla own bonus whether he has a job or not."
It is no exaggeration to sa.v there is more indignation toward President
Harding growing out of his letter to Congress on th's subject than anything
he has done since entering the White Rou.sc. The members feel that he is
trying to "pa^s 'he buck."
Had the Executive taken a flat-footed .stand
against the bonus. in.stead of approving it with Impossible conditions attached, the membeiT! of his own pany would leel more comfortable about
the matter and he wruld have many defenders.
There is little question that a Ixmus b II with a sale tax provision can be
put through the Ways and Means Commitieo. but it will encounter stiff
opposition in the House.
If the all-powerful Sl<?ering Committf-e. which
reflects the wishes of the .Administration, is in dead earnest, it can put over
the sales tax on the lloor, though after a contest which will leave permanent
dJTislon In the ranks of the majority.
However, the real graveyard of the
mea?mre will be the Senate, where it cannot possibly pa.ss. in the jutlprmont
of the best-posted Senators.
The aginculturtil bloc, headed by men like
^3app«n* of Kansa.s. and N'onris of Nebraska, will fight the sales tax to a finish, and the alfnlfa Senators h;ive demonstrated repeatedly that they are in
tiio saddle.
L'hder these cirrnmntances. which are well known to the
Praiident, the tionuA reconunendatlon becomes nothing more than a meantofiieeB gesture.
087
SAMUEL S. ARENTZ,
HAMILTON FISH JR.,
ROY G. FITZGERALD,
ROYAL C. JOHNSON.
B. CARROLL REECE.
LON A. SCOTT.
ROY O. WOODRUFF.
An expression of opinion has also come from World Wiwr
patients in the Walter Reed General Hospital who, in a
statement and memorial to President Harding, voice their
opposition to a general bonus at this time because it "will
materially prevent the patients who are suffering only
second to the supreme sacrifice from receiving benefits under
their insurance contracts."
From the New York "Herald"
of the 17th inst. we reprint the statement and memorial
to the President as follows:
The patients at Walter Reed Hospital have decided to take the matter
of securing the adjustment of their Insurance differences in their own
hands. At a mass meeting last night in the Red Cross auditorium they
voted unanimously to appeal direct to the President.
The conditions at the hospital as the result of tho inconsistent and discriminating action of the Veteran's Bureau were declared by the patients
to be well nigh intolerable.
The director of the Veteran's Bureau saya
his hands are tied because of the ruling of the Oompl roller-General of the
United States.
Repeated overtures have been made to the leading ex-service men's
organizations to assist in securing legislation wliich will alleviate these
conditions.
These efforts have been in vain. The American Legion a^.
Its Ia.st three national conventions has voied to give legislation for the
disabled priority right over all legi'^laiion for ex-service men. but at the
pr&sent time these resolutions are ignored by tho legislative committee of
the Legion.
The^ie men are the leist of the most seriously injured and disabled of the
war. .some having two dozen or more operations to their credit and have
been continuously receiving treatment for over three years. They are the
residue left in the bottom of the crucible of war; and to use the words of
their secretary, "A general bonus at this time will materially pi-event the
patients who are suffering only second to the supremo sacrifice from receiving benefits under their insurance contracts."
For these patients, the ©ill has ever sounded the war is still on, the battle
Is still raging, and they have the first claim for consideration from the
Amercan people. In the follow ng mimori.il to the Tres dent of tho
United States and the Congress of tho Uniied States they -set forth their
grievance and ask consideration of their Insurance claims before a general
,
bonus
is
granted.
WORLD WAR
PATIENTS' COMMITTEE.
George L. Walters,
Secretary.
memorial to the President.
A memorial
to the President of the United States.
The patients of Walter Heed General Hospital, who aro roprasentatift* ol
every section of the Union, and knowhig the sentiments of tho disabled
veterans throughout tho United Stales of .Vmerica. at a ma-ss meeting on
the 15th day of February 1922, voio<l to prosejit tho following statoment oi_
grievancTB and resolutions to the Prosklenl of tho Unite<l States of America |
the CongreH-s of tho United fltattw of America, and he American people.
Whereas. Tho American Legk>n and the disabled Amoricxin veiorana of
the World War in iholr respi'ctlve conventions voted resolutions approving
legl lation In the resolutions below, and.
Whereas. All civic bodies have advocated a most generous and unstinted
policy toward thohO who aro dlsnbli«l. an»l.
Whereas. Under roguUulon No. 57. lUiionn of War Risk Insnnvnce of
Nov. 'in. 1020. all ixirsoiLS who had b»H!n bi>.sp|ializ<Hl for a i)erlo<l of six
rnontlts or more a-s a nisult of Injurlits rixTclvod during tho World War woi*
gnmtmj thoir Insurance benHflts from dalH of Injury, and,
Whrrtas. On July LTi 1921. the <loini)tnilli'r-(ifnoral of ho UiilKyI States
of Amerlcii nili'd Ihl" niiriila' Ion llU'gul Oitauso It granted tlui dlhbun-enien*
i
Seven of the fifteen ex-service men on the Republican side
of the House on the lOth inst. drew up a letter to Repreflrmtative Fordney in wliich they express themselves in favor
of the Adjusted Compensation measure, and atatf tlmt th(;y
fu^ no ncc<38sity for including a tax provision.
Their letter
follows:
ffear Sir. Fordney:
We. tho undf-nlgned Ucpulillfan rticiT]lH;r» of Con(rre<w w!u> iM>rvcd In the
World W.'ir. :ir.- In r.i.nr of thi' icisMjigo oi tho Adjusted Conipj-nmitloii
moi
'y lor Including a tax prrjvlMlon.
Tht? c^ost of
thrbill, depending on Its final form, will be Imv
and %tOO.rK)fj,0(K) for tho lint two yearn and not more
,;i
<>
'
Tho
l>r.nt
trW.rn.
tfi,
thiTi-aftnr.
niipr'ipri.tiing %.f. 000. 000. 000. 000 to rclniburwi war con\:i(].r.| It..|i,.r (,ill. rnrrylng »IO.OOO.OO(). a SVI.fKlO.OOO
t)i|l.
W.r
sfiipploK Itoaril conlrnrtoni. the Kiillroiid
and anotlKT im-a'.urti calling for iiiiiiiy nilllioti'of l(r[iriwiilutlve>i »rili(iUl wpewliil provlnlon Ui r;i''i<
.1
nl
'
HouM'
tfii!
'h»'
Why
nfiould tin- .\djiiiitcd r'oiiiix-nHntlon lilll for lh«i wildliT^ I"
iitfiTrntly fmin othrr bllln and from tho cuatom and priictlcn of
I
I
of fundH on a presumption, ancli
Whi-Tcas. One of ilm ruiiiloinontal lawn of InKiirunco \n to tho offeot th»l
wheni lhi>n) bi any Innguagit of floubiful ni«>niiliiK I" "" ln^uriiin'i< contract
all Kuch doubtful uieaiilng f.Ua.11 always bo tou.slrucd In favor uf tho insured,
and,
Imw Is Aniblf/uoiis.
shown by Iho acts of tho
f>fri<lnht of fho Ilurrnu O*
k IiiMirancti In ri'iidorliig nwiirdu ut one pi'rl..(l and iliKii In .iluter
IMTlotI dorlurlng Ifii-ni Illegal that liiirii Im u great iiiiililKuKy hi the phruxooliigy of thn war rUk Inidrnnro luw Mholf, which poriiillH dirferent Inter-
Whereas.
Wiir
It hiui b«!«in
Ki'
t
proint|on<< of ninunliig.
M
and
Whereas. The director of IhO
nnnunlly ulnco 101 H ovit n lillllfin
linvit aliwirlMwl prmnplly nnd
Imiiifl
1
In
kI..
l>nnk>«
'hii-
"Wg'Tly
I
onrllllcalfi
In'
1
ind
r<-.r«iirv
'fi.
!'•
t.,fik-i
•
I.
.•
nil Imiii' i:iO(I.OOO.riOti In •ti.,ri
thrm
wlthf>ut
iiffiM'tliiK till-
<
'
iliiir
iiiiiiiul'-
^Ufilllly
Thn
P"**"''!
n.ivy
r.
>'
»l""'"'
'
li»'
UK
m/<rr than
Ik»
onouKh
t<i
provM
ir<-of all thn provUlonii In lli..virnvrr. llml furt hir << <.iii.ii.ii-« will
•
t>ill
of Ihn naval holiday niid the pro
f,n iin-t uiil
'I
'
oil
prndliiK »!,
'in
Idlld,
whkh
will KuU'-
'
.rii
of
i
IM-
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wl-h
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p^tln'
on*
»h.i»
nvrr
%'.'
.',00.000.000 of I.lt.iny
ilhit iIm'
'
hn
hiTiliy
r^lXrti
upon
'
,
I
iiiorti
for f\tn\ui rntpniin Ui licjiiiiUtn
ovir
thnri lln
,.tid
Vlt-tory
our nalUmnl
That wo
p<i«ltlon
tho Prmldrnt of tho
'
,
dcitit
-
,
f
until thnrn
UnHwl
Hl«l»e of Ainrrtoi
kimmI rifUnii loiiv-tirn llio anact.nicnt of Ihn folkiwInM
bill |irl<ir l<i Ihn adJiivNil <'<iinp<-ii«ni Ion bill.
i
"riirroforo. »Hi It. po.irirvl liy ho Hrimlo and Ihn Itoii'ii of ll<'pri<«niiltil 1v<ih
of Ihn linllftl Hi.alrw of Aiiinrlrn. In <'iinKr"«" a^«"iiil>l<H|. that nrcilnii 400
of ArticIn NiimtxT IV. of iho War Ub-k liwurani'o Act. or any iiihtr Actn
o
U'>« hlH liiriueiirn anil
I
I
ir
,
/I'rv./rrrf.
•
'
hurnnu rnnnol di'clde how lonR •
war rl'k liiMiranco ta luw lUolf. which pornili" dlffwont liitorprolalkiii* of
mivinhiK. and.
Whereas. Tho dlrmrlor of thn vefrniiiH' liiirivtii rnnnot «l»>clcli' how long
a Ix-nnflrlnry muxt Ixi toliilly <||rnlili-4l until h<' ln'Coiiiox pcrnmniMii ly dl»
iiblivl mill will not nn«umo Iho nulhorliy of iTiylng a man |m iiiirniaiicnlljr
C
uiid lotnlly ill<iiili|i><l iiiili*"« Hint iiinii h donil. niiil.
Whtiran. From the alMivn fiirl*i. w« U-Ili'vo »P nro not only morally but
nl.o loKiilly ntitlll4<<l loth" lM'n<'fltH of our liH.uraiHti; Ihorxforii. bo, niiil It In
«ny
'l<(l<:ll.
vo'«'ranti
THE CHKONICLE
ess
amendatory thereto, be and
is
hereby amended by the addition of the
fol-
lowing clauses:
Hospitalized for Year.
"Provided that when a beneficiary under this Act has been heretofore
fated by the United States Public Health Service, Bureau of War Risk
Insurance or the Veterans' Bureau as permanently and totally disabled
by either of said organizations and has been continuously so disabled for a
Ijeriod of twelve months ot more, and been found upon examination by competent medical authority to be unable to follow continuously any materially
fjainful occupation, such beneficiary shall be adjudged to be totally disabled
and shall be entitled to all the benefits of such rating under the War Risk
Insurance Act, and Acts amendatory thereto, from the date such total
lisabllity began;
"Provided, further, that the word (permanent), in section 400, Article
N'umljer IV. of the War Risk Insurance Act, be and is hereby construed to
apply to all cases where total dLsability has continued for twelve months or
Euore, and to those who are suffering from chronic or recurring disabilities
ir diseases incurred in the line of duty.
"Provided, further, that this interpretation shall apply to any one who
was insured on date of injury or committed to a hospital and comes under
'ha section above."
WORLD WAR PATIENTS COMMITTEE.
GEORGE
WALTERS,
L.
In my opinion it would be most unwise to issue bonds or levy taxes as
indicated in the Ways and Means Committee program for the purpose of
paying the soldier bonus. In the present state of the nation's finances,
I am hopeful
it would, in my judgment, be a mistake to pay a cash bonus.
that out of the general discussion of this question will arrive some practical
suggestion coming from the veterans themselves.
I would approve of a paid-up insurance that would go to the dependents
9i the veterans in case of their death or to themselves at the end of 20 years.
This would be something really worth while, as it assures the family against
want in case the breadwinner is taken, and the veterans against dependence
In later years.
inst. of
members
of the
House Ways and Means Committee and the Senate Finance
Committee, at which President Harding's letter was dis3ussed, Representative Fordney, Chairman of the Ways
and Means Committee, was reported in the New York
'Herald" (Washington dispatch) as having said:
I am in favor of action on the bonus at this session of Congress.
Now
There can be no delay.
of the Ways and Means Committee will have
^'meeting to-morrow morning to try to adopt a plan which can be put
through. Personally, I do not see why the bonus cannot be provided withthe time to act.
_^The Republican
fa
members
—
aut additional taxation I mean through the sale of foreign bonds.
In studying the saies taxes which have been put in force in different
lountrles I believe that of Canada to bo the best.
I have obtained some
['igures from the Treasury Department showing what revenues would be
lerived from such a tax.
are working upon the theory that the President, in speaking of
"general" sales tax, had in mind a single tax that is, a tax on sales at the
original source, and not on each turnover.
The Canadian sales tax is
ilong this line, taxing the sales by the producer, manufacturer and wholeKiler. but not the retailer.
In addition to this, certain items of foodstuffs
iro not taxed.
I have studied the different means of taxation possible
:o obtain money for the bonus, and 1 am confident that a sales tax, placing
She tax on the producer, manufacturer and wholesaler, will be the least
We
—
SOLDIER BONUS PROPOSALS OF CONGRESS.
While the Republican members of the House Ways and
Means Committee had on Feb. 10 reached agreement on
which were designed
the
to raise the revenue for
bhe payment of the cash feature of the soldier bonus bill,
the legislative plans are still in an undeveloped state, and the
advices of President Harding to Chairman Fordney of the
House Ways and Means Committee on the 16th inst.
(which we refer to elsewhere) seem likely to foreclose chance
af the early consummation of plans for a bonus measure.
[n reporting the taxation features agreed on by the Republicans of the House Committee, the "Journal of Commerce"
ot
the 11th inst. said:
The new features of to-day's
deliberations by the tax sub-committee
was the acceptance of a proposal to place a 2 J^
tax on undistributed
DToflts of corporations netting the Government .522,000,000, and disipproval of the proposed tax on bank checks. A rewriting of the plans
showed a return of .?.32.000.000 from a tax of one-tenth of 1
on Stock
Exchange transactions, $12,000,000 from other stamp taxes, and $20,000,300 from a tax of $4 per $1 ,000 on real estate transfers.
%
%
Opposed by Senators.
These proposals are being opposed by the Finance Committee, it is
inderstood, and the joint meeting today was far from a smooth one. The
Senators propose, instead, an increase in the first class mail rate from two
x> three cents, bringing in an additional $70,000,000.
Other suggestions
ire understood to have been made by the Senators to take care of the
ibortage of $16,000,000 that would come through the rejection of these
leveral tax sources.
l*robably some consideration will be given to Increasing
ihe second class postage rate.
Of the older taxes, the proposal for
a one-cent per gallon levy on gasoline,
knd of 25 cents per horsepower on automobiles, the first to produce .$70,'OO.OOO, the latter $.50,000,000, alone were questioned by the Senators.
>ut it is understood that the protest was very feeble, and it is assured that
iiese and the other suggestions of the Ways and Means Committee will
iud a pUvce in the forthcoming bonus bill.
House Program.
The Ways and Means
Oom.inittee program of taxation is as follows:
Twenty-five cents per horse power on automobiles anfl Ic. a gallon on
gasoline.
Double present stamp taxes on documents, with the exception of sales
or transfer of Capital stock on which the rate would be increased from
one-fiftieth of 1
to one-tenth of 1
Among the stamp taxes doubled
are those on real estate conveyances.
The playing card tax is not increased.
It is estimated that this taxation would yield $316,000,000 annually.
From the point ot view ot estimated revenue, automobiles and their operation
head the list. The tax on automobiles, it is believed by the Committee,
would yield $50,000,000 a year, while taxes levied on the gasoline used
by them would amount to $70,000,000. Yield from the additional tobacco
t.ax is put at $30,000,000, with $25,000,000 of that levied on cigarettes:
documentary taxes would yield $64,000,000; admission, $60,000,000:
corporations, $22,000,000, and parcel post, .$20,000,000.
(Chairman Fordney of the AVays and Means Committee stated that this
sum was considered sufficient to meet the demands that would be made on
the Government for the cash bonus.
If additional funds are required they
can be made up from savings that will be effected in other branches of the
%
%
.
Parcel Post Levy.
The proposed parcel post tax is the one that was recently knocked out
of the Revenue Law by Congress.
It had been reported that the Congress-
men were not particularly jubilant over the proposal to put back into the
Law something which had just been rejected, but they saw in it an easy way
of raising a desirable sum of money, and so buried their objections.
During the discussion to-day there was proposed a tax of $5 per 100
shares of stock sold, which levy, it was estimated, would produce $40,000,000. This brought forth a great deal of protest from Senator Smoot of
Utah, who pointed out that there are a great many mining issues the par
value of which may be only a cent or two. However, it is not believed that
any great stress was laid upon the 'proposal because of its apparent inequality.
Members of the Finance Committee have given assurances that no such
step will be taken and that if it is decided to tax stock transactions it will
be on the basis of the soiling price at the time of sale. They are inclined
toward a rate of not to exceed one-tenth of 1
as advocated by the Ways
and Means Committee, although not viewing the proposal with any degree
of favor.
%
,
The proposals agreed on by the majority members of the
House Ways and Means Committee were presented to the
Republican members of the Senate Finance Committee on
the 10th, but action by the latter went over, and according
to the New York "Herald" when it was found on the 11th
inst. that the full Senate Finance Committee and the House
Ways and Means Committee, meeting jointly, were deadlocked on the House program of taxation, specifically against
the proposals to tax stock and bond transfers one-tenth of
1% and to tax undivided profits 2J^%, the whole question
was referred to'a sub-committee consisting of Senators
McCumber and Smoot and Chairman Fordney of the
House
ays and Means Committee and Representatives
Longworth (Ohio) ahd Copley (111.). On the 12th in stating
that there was "utter confusion in the plans for financing
the bonus for ex-service men," the Baltimore "Sun" in
special advices from Washington, said:
W
The eight-way program of the House committee does not appeal to the
sub-committee of the Senate Finance Committee, headed by Chairman
McCumber and Senator Smoot.
burdensome.
special taxes
An increase ot 2c. per pound on smoking and chewing tobacco and of
50c. a thousand on cigarettes.
Two and a half per cent on the undivided profits of corporations.
Double the present 10% tax on admissions where the charge exceeds 25c.
One cent for each 25c. or fraction thereof paid for transmission of packages by parcel post provided the charge exceeds 25c.
Government.
Secretary.
Senator Calder of New York, who is reported to have,
received 2,000 letters, mostly protests against the bonus
sjave out on Feb. 16 the following statement:
Following a meeting on the 16th
[Vol. 114.
To Abandon Transfer Tax.
certain there will be no radically increased taxes
on transfers of capital stock and bonds. The House committee proposal
was a tax of one-tenth of 1 % on aU stock transfers, whether original or subsequent in change oi ownership. The present tax is only one-twentieth
oi 1 % in case oi original transfers and one-fiftieth on each subsequent transIt
now seems reasonably
fer.
However, there wore authoritative indications to-day that the whole
scheme for increased taxes on stock transfers would go overboard because
of Senate opposition to the House suggestion. If there is any change whatsoever in these documentary taxes it will not exceed a doubling of the present rate, and prospects are there wUI be no change whatsoever, because of
the protest of business
men throughout
the United States.
Smoot Opposes Business Tax.
Senator Reed Smoot, Utah, one of the two representatives of the Finance
Committee at the conference of Senate and House members yesterday, and
who later attended the conference with President Harding Saturday night,
is opposed generally to the levying of additional taxes on business.
"Business has gone about as far as it can go in paying taxes." said Senator
Smoot. "Whether it be an increased tax on capital stock transfers or something else, business feels that it cannot stand it and is protesting to the
Finance and Ways and Means committees.
"There can be no revival of business so long as we pile up addit ional taxes
on it. If business does not revive there will continue to be lack of employment. One cannot expect unemployment to end if business is harrassed
by additional taxes at
this particular time.
Advocates Bond Issue.
and I am hopeful that it will be accepted, that we should
issue short-time bonds for the soldier bonus, such bonds carrying the priv1 am hopeful that this may be the soluilege of recall by the Government.
As to
tion of the present disagreement between the Senate and House.
tlic capital stock transfer tax, I am sure that if it is approved eventually,
which I doubt, it will not be on the House terms and will not represent
such an increase over present rates as was at first suggested. I am aware
of the complaints which have come from New York and elsewhere that the
proposed levies would practically end all stock transfers, because sometimes
the tax would exceed the value of stocks that are selling at practically nothing, such as one or two cents per sh.aro."
Practically every taxation scheme to-day before Congress to pay the soldier bonus has brought its avalanche of protests upon the members of the
Senate and House committees in charge of the legislation. The way out
may be the Smoot plan, which calls for the issuance of bonds, and this
.seemed to-day a fairly good compromise prediction.
"My
idea
is,
1
I
THE CHEONICLE
Feb. 18 1922.]
Real Solution, Smoot Belietes.
was intimated by Senator Smoot that the bond issue might be the way
out, although he declined to discuss the White House conference of Saturday night.
"One of the objections to the issuance of bonds," said Senator Smoot to
the "Sun" correspondent, "is that within the next year or IS months the
Treastiry must redeem some $6,000,000,000 in Victory loan obligations.
However, I am convinced that almost all of these obligations have gone into
the hands of investors who want to hold on to their Government bonds and
It
they will not call for redemption. Out. of the $6,000,000,000 I estimate
not more than 51,000,000,000 will be called in lor payment. Therefore I
insist that a short term bond issue, with privilege of recall when the GovernThere
ment is able to pay is way out of the soldier bonus matter.
is no doubt whatsoever the Bonus bill will pass; it is only a question of how
money
the
will be, raised."
understood that the protests which the taxation
proposed aroused led to an appeal to President Harding
to agree to the issuance of bonds to raise the funds neeessarj'
While the President's letter to
to pay the soldier bonus.
It
is
Chairman Fordney indicating his attitude on the bonus
proposals was not addressed to Mr. Fordney until the
16th inst., there were indications on the 14th inst. that the
President was opposed to the so-called eightway tax program and the short-term bond issue which had been proposed. The President as we indicate in another item,, has
expressed the view that a sales tax is the only feasible means
whereby the bonus might be paid. The view of Congress
on the bonus question, which have been expressed since the
President's letter has come out, ai"e dealt with elsewhere in
the current issue of our paper.
J.
ARTHUR HOUSE AT TRUST COMPANY BANQUET
WOULD BE GRIEVOUS
SA YS BONUS LEGISLA TION
MISTAKE.
Arthur House, President of the Guardian Savings
Trust Co. of Cleveland, toastmaster at the annual banquet
of the Trust Companies of the United States, at the WaldorfAstoria, this city, on Feb. 16, declared it would be a grievous
mistake to put the proposed soldier bonus bill on the statute
books at this time. Mr. House stated:
J.
Congress to place upon the nation's statute books fair
and equitable tax laws which will enable business to go forward and will
encourage flow of capital into investment channels to build up our industries
and railroads, and not, as now, into non-taxable, non-productive securities.
A reasonable income and inheritance tax, supplemented by a general sales
tax, .should be substituted for the present unfair tax imposed on income
It is desirable for
and business.
Our Government should provide for the care and relief of our wounded
soldiers of the great war. but for Congress at this time, in the face of the
existing financial and business conditions to pa.ss the proposed -soldiers'
bonu-s bill would place added burdens upon our already over-burdened,
and would be a grevious mL4take.
wrong in principle, tending to place the sordid mark
of the dollar upon duty and patriotism which every citizen owes his country,
and strikes at the very foundation upon which the safety of our government
tax-ridden, overtaxed country,
•
Such
legislation
Ls
rests.
A
message from P*resident Harding, read at the gathering
stated that "there are many indications of confidence, and
that these will presently begin to lighten the burdens which
the leaders of business have been compelled to bear." The
following is the President's communication:
—
My
Dear Mr. House: \s I have already indicated to you. I would have
very much pIea^*d to accept the invitation to be present and address
the annual banquet of the American Bankers' A.s.soclatlon, had it bfen possible for me to absent myself frf)m Wa.shlngion at the time.
In lieu of my
acorptance, I would be very gla<l to have you expro«« to the gathering
my heartfelt wLshei. I think every American who appreciates the difficulties of the epoch throuKb which we are now pa.sstng must recognize that
the country owes a very grt;at obligation to tho wb^lom and dlsrrr-tlon of
the linking community, which U so well rcpiT~ento»l In your assorlai Irm.
Whether in war or In peace, in the era of hostilities or the equally difficult
one of rocoastruclUjn following hostilities, the bank'-rs hav<- h<fn an able
and Hfiund alliance. They have ably a'<>*|slifl In carrjlng the difflrult Imrden.M of our c<juntry.
There are many Indication.") of <a»nfldfncp, and that
thAM) will pres«mt|y bngin to lighten the bunions which the leaden ofbu-.lnoHS
bare been oompeUcd to b<;ar.
l>een
Very slnrorfly yours,
WAKUKNO. HARDING.
n\ >()LD1ER BONUS
GOVERNOR MILLERS I//,
LEGISLATION IN THIS STATE.
Oovfimor .Millfr of Sew Vork wa.s n-porti-d on tlin l.')th
il
Inst.
OH df^;IarinK
calling for thn
that ho would not npi)n)v« IcKiwIalion
of a Stato wjldifr Imnus oithor frf)rn
paymfnt
fundH or from taxfs.
In HpM-ial advicrH from
Albany Fob. 15 tho Now York "Kvoning I'ohI" rrportorl
him afl saying:
mirT)lu.<<
Thr' fAln of thn r»TvnnuP«i and the eomllllon of the Tro.mnry don't ndtnll
of pnyrri''nl of ihn bonu« dlr«-lly from the Tr<'ii<iiiry without wim" new
and u'I'lillonal tAXntlon U> iirovUle for It. and I believe tliAt the lmi»i«lllon
of addltlonnl t.-»xf« would do tho wrvlre in.m more h.irm Ihnn the Nrniill
•mntint whirh any one of Ihum woiild grt would do him giKxI.
It N *ald that thero are a very Inrgn niitnl>nr nf unemployed e«-wrvlre
Thern nre » Urge mimlier of unernpl'iyetl people tfi-ner»lty
One
of the rau.w* of im< rnplojrment hna beep the drying iiii of •<iiirri<« of rnplt.il
for Invewtment d'l" »<• etreiwlvn t.ixatlon.
Anything that Will add to ilmt
itttMtlon will r".»<i. •infAVor ilily iHKin "verybody. Inrhidlng the »erv|re men.
ami tho very <irnill iiji'.'int wtilrh »nf one would get would. Ill
opinion,
he I I. iiriteii.. roiniiir.d Ui thn gnnira .harm that It would ilo ernrybtMly.
inrhirjing the icrvic»! men Uietasclyea.
mmi.
my
689
NATIONAL ASSOCIATION OF CREDIT MEN OPPOSED
TO CASH BONUS FOR [SERVICE MEN.
The National Association of Credit Men on Feb. 13
issued a statement placing itself on record as registering its
approval of the sentiment expressed at its two latest con^entions which voted against the giving of a general cash
bonus to former service men. The latest stand is a result
of meetings just held by both the Administrative Committee
of the board of directors and the executive members of the
National Banking and Currency Committee who feel that
should the proposed bonus require the imposing of a tax
the additional burden would have an unfortunate reaction
and prove in the final analysis of greater disadvantage to
the beneficiaries than the sum which it is proposed to pay
them. The Administrative Committee statement reads:
There should be no inference assumed of our lack of gratitude to the
men who
served the nation in a serious crisis nor can there be ascribed to
our action the least sense of disloyalty. We take this stand because of a
firm belief in the unwisdom of the plan and a conviction that what men
seek is permanent compensation from lucrative positions and not temporary
compensation with no future ahead. We submit these conclusions with a
desire that their spirit should be thoroughly understood and as an admonition
to Congress, in whose hands the determination of the matter rests, to be
l)rudent and to do nothing that will Impede the restoration of economic
stability.
The Banking and Currency Committee
No
report says:
to alter the position we took at our
two latest conventions. If this land and the ideals for which it stands the
world over are worth having, thoy are worth fighting for. If, in its great
crisis, the young men are not ready to discharge the plain duties of citizenship without thought of emolument, then it were better that this land, for
sound reason has been offered
which our fathers fought and died, had not been born. What the nation
needs and the world needs, is that every mind shall be bent upon getting the
normal course of human activities re-established as quickly as possible.
To make compensation in every way possible to disabled veterans and to
their families is the nation's highest duty and privilege.
But money consideration for men who fought without Injury in the late war is unworthy
of our be.st traditions.
The present demand, made on Congress at a
time when its members should be giving their attention to world reconstruction, has indeed a sinister aspetrt.
LEGISLATION RECOMMENDED BY JOINT COMMISSION OF AGRICULTURAL COMMISSIONPOLICY OF FEDERAL RESERVE BOARD
CRITICIZED.
A
proposal that the Federal Land banks be authorized
through a separate department to rediscount paper on
which money has been advanced to or used by the farmer
for agricultural purposes, having maturity of not less than
six months nor more than three years, at rates to bo fixed
by the Farm Loan Boai'd for any national bank. State bank,
trust company, savings institution or live-stock loan company, is contained in a report ])r(!sentod to CoTigre.=;s by the
.foint Commis.sion of Agricultural Inquiry on Jan. 20. Some
of the previous recommendations of the Commission, as
contained in a report to tho Senate on Dec. 14, wore indicated in our issue of Jan. 7, page 19. The latest, it is stated,
The
is the fifth installment of the Commission's findings.
Commission in its present report states that "the dt^bacle
of prices in 1920 and 1921 reduced the farmer to a condition
worse than he has suffered for tliirty years," an«i tiiat
"farmers are having the greatest dirficulty in paying the
debts incurred in prodiuung tho croi)s of 1920 and in securing
credit nec(>s.sary for now production."
It further stat(>s
that it "believes tliat these difficulties are duo in a measure
to the credit restricitions and limitations of the punt eighteen
months, and in part to the fact tluit tho banking ni:»chin(>ry
of tlio country is not a<loquat(>Iy adapttsd to the farmers'
roquiroments." Tho Cominission criticizes the di.scount
policy of tho Fo<loral Hosorvo BoanI, and o,\i)ross((s flio
l>«liof "that a policy of lower discount rates and greater
liliorality in oxtonditig credits coiiUI have boon luloptod in
tho latter ])art of I'VJO and tlu! onriy months of V.Y2\ and
that such a j)olicy wouhl havt? rotardo<I tho proooHS of litjuidation and thus sjin-ad tho lo.s.sos incitlont to the* iiiovitable
It
tlor-liiio of i)ricoH to a lower level over a longer poriod."
fiirthor contond.H that "a politfy of sharp advaiict^s in discount
niloH should hav<' bocii inaiigurali'tl in the first hIx months
of 1919," and says it "(tannot (^xcusn tho action of tho
KiMJrral ItoHiTvo Moard and Mio Fodoral Itosorvt* banks in
,
iIiIh
oxjmnwhich olmr-
jioriod in failing to titki' nicasuros to roHtriot tlio
HJon, inflation, Hpooiilalion jukI oxtravaganoos
tho period."
AmoMfij other tliingH tho ('omiiiis"dconiH it dcsinililo to iicriiiit (lie Federal Lainl l»inlis
(o mako loanH direct ti» ••o-i)]»orativo a.MHociatioiiH of rivrniiTH
ori;ani/.od iimliT Sliilc Iuwh Tor tho piirjioMc or niiirkoling
Hla[)li> acriciilliinii products when mucIi loans are Keciired by
JM'lori/-od
hIoii
warohouMo roooipUt
legiHliitioii
ineiit
li.\'
(
is
(i|»on
hiicIi
rccorniiioiidod
'oiigrc'is:
prodiKttH."
by tho
(
The
'oinnilMNion
rollowiiitf
for oiuict-
THE OHTtONTCLE
690
1.
eral
That the Federal Farm Loan Act be amended so as to permit the FedLand banks to rediscount paper representing loans upon which money
has been adv^inced to fanners which has been used or is to be used for
agricultural purposes, having a maturity of not less than six months nor
more than three years, for national hanks, State banks and trust companies,
savings instiivilions and Incorporated live stock loan companies, and also
to permit direct loans by the Federal Land banks to co-operative associations of farmers organized under State laws secured by warehouse receipts
upon staple agricultural products.
2. It is recojnniended that Federal Farm Land banks be permitted to
establish separate departments for the purpose of i.^suing short lime debentures having a maturity of not more than three years, secured by loans of
above.
the kinds desiTlbed in paragraph
In view of the fact that these short time debentures will be materially
different from ilie long time bonds now issued by the Farm Land banks
and will appeal to a difterent market, it is es.sential that the Farm Land
banks should establish separate departments for the purpose of issuing these
short time del)<!nluros.
That will preclude the po.ssibility of a confusion
of either the character of collateral of the long time bonds and the short
Necessary capital for the separate department in the
time debentures.
Land bank so established shall be furnished from the Federal Treasury.
3. As the rates of interest on short time loans will in all likelihood differ
from the rate of interest on the long time loans made by Farm Land banks,
because of their maturity, it should be understood that the rates of interest
on the loans recommended in paragraph
hereof and the rates of interest
on the short time debentures covering those loans need not neces.sarily
coincide with the rates of interest on Farm Land mortgages and Farm
Land bonds covering these mortgages made or issued by Farm Land banks.
4. That the I'cderal Reser-ve Act be amended, if necessary, so as to permit
Federal Keserve banks to purchase debentures issued under the terms of
this amendment under the same terms and conditions as now govern the
purcha.se of Farm Loan lionds by Federal Reserve banks.
5. That the Federal Ueserve Act he amended so as to permil Federal
Reserve banks to rerli.sctmiit for Federal Land banks or Joint Stock Land
banks, with heir indorsement, any loans made under the terms of paragraph
1 hereof when within a maturity of six months.
1
1
i
With
rejrnrd to the
ret^ommendations the Commission says:
The Farm Land banks,
not having any largo fixed capital, must necessarily turn lo ihe inveslnient tnarket for the sale of their bonds or debentures in order to provide wortdng c.ipital with which to make new loans.
In
view, howcvi-r, of the soa.sonal nature of the requirements of the agricultural interests. It would nol he prai'licahle to require the Farm Land banks
to borrow in this mat)ner the
amounts necessary to satisfy the demands of
the farmers at their pe.jk.
For that reason it is believed that it is desirable
If not neces.sarv to permit the Federal Reserve banks to redis''Ount for Farm
Land bank loans made upon the .security of agricultural products in the
manner descrihe<l in Paragraph hereof, whenever these loans come within
a maturity of throe months.
They will then be of a character and maturity
of the kind which Federal Reserve banks are now authorized to rediscount
for their memhi^r h.inks.
It is not believed that it will be advi.sable or necessary to permil Farm Land banks tu become members of the Federal Reserve
system In order lo afford them this one facility, and because of their limited
working capital the (Commission does not recommend that they be required
to make any depo.sit with the Federal Reserve bank as a prerequisite to
their righl loai)|)ly for the rediscount of any of the loans herein referred to.
If these recommendation' of the Commission are approved by Congress,
the result will tw an extension of the powers of present existing agen<-ies in
Buch manner as will best he c.ilciilated to grant to the farmer immediate
and effective i;redit fai-ilities for that intermediate period for which there is
not now sufficient available credit. The approval of these recommendations will. It i.« hclicved, effectively and safely bridge the present gap in the
two kinds of credit without the necessity of establishing any new or untried
machinery and without sacrificing any of the fundamental principles upon
which both the Fann Loan system and the Federal Reserve system must rest.
In its Ciddii jj the Commission says:
The debacle of prices in 1920 and 1921 reduced the farmer to a condition
worse than he has sulft^red under for thirty years. Prices of farm products
are relatively far below the prices of other groups of commodities.
The
products the farmer has to sell will buy less of the products the farmer has
to buy to-day ihan at any time in the last two decades.
Farm indebtedness has doubled in the last ten years, and the drop in prices has the effect
of again doubling th's indebtedness.
Farmers are having the greatest difficulty in paying the debts im-urrcd in producing the crops of 1920 and in
securing credit necc.s.sary tor new production.
The Commission heliev(!s that these difficulties are due in a measure to
the credit restricti<ins and limitations of the past eighteen months, and in
part to the f;ict that the banking m.achinery of the country is not adequately adapted to the farmers' requirements.
The present bankitig system consists of the Federal Reserve sy-stem. including about 0.700 national banks: the State banking systems, which include about 20,000 State hanks, of vvhich .3.000 are members of the Federal
Reserve sy.vtcm: (he Farm lean system, with Its Farm Loan bank in each
State: the .loint-Ktock Land banks, of which there are twenty-two: the Farm
Loan AfiRociations, which are part of the Federal Farm Loan system, and
private farm mortgage and cattle loan companies.
The national and State hanking .systems are the principal agencies furnishing short-time credit to the farmer.
These State and national banks,
together wiih the Federal Farm Loan system and the private farm mortgage compan'es, also lurnish the gre.it bulk of the long-time credit to farmers.
Short-tinto credits. Iiowever, are largely limited to credits for periods
of six monihs or less, owing to the fact that paper of longer maturity than
six months for agricultural purpo.ses is not eligible for rediscount with the
Federal Reserve lanks.
Longer time credit can only be secured on the
basis of farm mortgages, and. e\en If it were possible to do so. it would not
be wise to make farm mortgages the basis of credit for production or marketing purposes.
It is evident that there is n gap between the short and long time credit
furnished hy these hanking agencies which should be filled In some way.
The (Ynmiisslrn l•e^e^es that the credit problem of the farmer can best
be met by aduptirg existing barking agencies to his credit rcqu'rcmcnts
In meeting these re( uircmcnts, there is no reason why, wilhf)Ut destroying
their utility for the purposes for wh'ch they were originally created, all of
the banking jigenc'cs of the c<ninfry can not be used by adapting them t<i
the farmers' requrcments.
These re<iuirements are for credit of sufficient maturity to make pjiymcnt possible out of the proceeds of the
farm.
This means a credit ruiming from six months to three years, depending upon the character of the commodities to be produced and marketed
In the case of cr< ps. six monihs may be In some instances sufficient but In
the case of hvo «trck three years may be required.
The Commission proposes to meet these requirements by authorizing
any Federal Land hank through a separate department created in it under
restrictions, limitations, conditions and regulations adopted by the Farm
Loan Board to rediscount paper on wbicta money has been advanced to or
I
[Vol. 114.
used by the farmer for agricultural purposes having a maturity of not less
than six months or more than three years at rates of discount to be fixed
by the Farm Loan Board for any national bank. State bank, trust company,
savings institution or live-stoek loan company.
In addition the Commission
deems it desirable to permit the Federal Land banks to make loans direct
to co-operative associations of farmers organized under State laws for the
purpose of marketing staple agricultural products when such loans are
secured by warehouse receipts upon such products.
The notes or obligations representing loans or discotmts by the Federal
Land banks are to be converted into short-time debentures and sold to the
public in the same way as farm-loan bonds are now sold.
It is proposed further that notes taken or discounted by a Federal Land
bank shall be eligible for rediscount with any Fedtiral Reserve bank when
such loans have reached a maturity of less than six months. In addition
any Federal Reserve bank is authorized to buy and sell the debentiu'es
Issued by the Fann Loan Board to the .same extent and in the same way
as they now buy and sell farm loan bonds.
The cost of the war could not be paid out of collection of ciurent taxes;
it was necessary to provide for immediate payments by moans of the expansion or manufacture of credit.
This manufacture of crt»dit necessitated
the use of the lending power of the Federal Reserve bank* through loans to
memlier banks at a rate of interest below the rat.-" carried Ijy the bond and
certificate of indebtedness issued of the Government.
This policy induced
large borrowings on the part of member banks from Federal Reserve banks
and larger expansion of loans and discounts of the member banks.
Discount Policy of the Federal
Ri'strne
Bunks.
The
discount policy of the Federal Reserve banks was again subordinated
to the Treasury policy in securing its credit reciuiremt-nls. although at this
time the tendency toward expansion, speculation and extravagance was
beginning to be apparent.
This was clearly the time for a policy of advancing the discoimt rates
of the Federal Reserve bank with a view of curtailing the expansion, speculation and extravagance which was then beginning.
It is tlie opinion of the Conuaission that a p ilicy of restriction of loans and
dis(!ounts by advances in the discount rates of the Federal Reserve banks
Could and should have been adopted in the early part of 1919. notvvithstanding the difficulties which the Treasury Department anticipated in floating
the Victory Loan if such a policy were adopted.
It is also the opinion of the Commi.ssion that had this policy been adopted
in the early part of 1919 much of the expansion, speculation and extravagance which characterized the post^-war period could have been avoided.
The Commission also believes that had such a policy been adopted in
I9!9 the diff culties, hardships and losses which occurred in 1920-1921 as
a result of the process of deflation and liquidation would have been diminished.
No
action in the direction of restriction of expansion, inflation and specuby increases in discount rates was taken hy the Federal Reserve
banks or the Federal Reserve Board until December. 1919, when slight
advances were made in discount rates, followed in January by more radical
advances and by further increases during the remainder of 1920.
In the meantime, there began and continued a period of expansion, extravagance and speculation the like ot which has never before been seen in
this country or perhaps in the world.
This era of expansion, speculation and extravagance resulted in the making of a large volume of debts which was reflected in large increases in the
borrowings of the member banks from Federal Reserve banks. When
finally the Federal Reserve banks and the Federal Reserve Board adopted
the policy of restriction of expansion of loans and discounts and of specndation and extravagance, loans and discounts, currency and prices had reached
such a point that deflation was a process accompanied by perpendicular
and very material declines of prices accompanied by great losses and hardships upon banks, communities and individuals alike.
.\s the pressure of liquidation developed, there began to be demands on
the part of the public for amelioration of the pdicy of the Federal Reserve
Bank with respect to discount rates, based upon the assumption that lower
discount rates and freer money would arre.st the tide of liquidation and reduce the hardships oftho.se who are compelled to sell in a declining market.
The Commission believes that a policy of lower discount rates and
greater liberality in extending credits could have been adopted in the latter
part of 1920 and the early months of 1921, and that such a policy would
have retarded the process of liquidation and thus spread the losses incident
to the inevitable decline of prices to a lower level over a longer period and
that the adoption of such a policy at that time would have been advisable.
About one-third of the banks at this period were greatly over-extended,
and it was the position of the Federal Reserve Board that a policy of cheap
money at this time, coupled with an invitation to them to further extend
themselves and the ratio of loans and discounts to capital, might have resulted in bank failures involving the industrial and commercial institutions
and the Federal Reserve Board and the Federal Reserve banks were confronted with a choice between continuing the high disccunt rates and
the consequent pre.ssure and hardship upon the commercial and agricullural industries of the country on the one hand and a policy of lower discount rates involving a possible financ'al crisis in the midst of an industrial
crisis.
The Federal Reserve banks, with the approval of the Federal Reserve Board, took the first choice, and discount rates were continued upon
practically the same level as before.
It seems probable that a change in the policy of the Federal Reserve system with reference to discount ratf« would have accomplished a reversal
In part of the psychological and economic factors which at this time were
moving in the direction of lower prices, and at the same time would have
tended to induce on the part of banks a more liberal attitude toward furnishing additional credit.
It is without doubt true that the pressure of discount rates and of liquidation in the agricultural sections of the country resulted in great hardship.
loss and sacrifice among the agricultural population of the country.
The
hardships, sacrifices and losses of the period, however, were not confined to
agricultural sections.
The pressure was greater upon the agricultural sections because of the
peculiar conditions surrounding the marketing of agricultural crops, and as
a result of the fact that the cropu of 1920 had been produced at costs greater
than those applicable to any other crops in the history of the country.
It was contended before the Commi.ssion that high rates for call money
on the Stock Exchange during this period brought a withdrawal of fimda
sorely needed by industry and agricultun' during this period to New York,
for purposes of stock speculation.
The rates for call money in New York
dunng the period from January, 1920, to June, 1921. were continuously
below 10%. with the exception of the period from January to March, 1920Beginning with November, 1919. and continuously throughout 1920 and
the first half of 1921, the loans of New VorK hanks made on the Stock Exchange for out-of-town correspondents as well as the balances of country
banks with New York banks continuously declined, and an examination
of the clearings of the Federal Resene Bank of New York through the Gold
Settlement Fund shows a continuous flow of money from the Federal Reserve Bank of New York to othei Federal Reserve banks diuing this period.
•lation
THE CHROT^CT.B
Feb. 18 1922.]
The very
great
demands
money by Industry and
for
agriculture resulted In
withdrawal of funds from New York, causing higher interest rates instead
of the demands of the Stock Exchange resulting in the withdrawal of funds
»«
from the banks serving industry and agriculture.
^''W^?
Reserve Board Criticized.
The position of Federal Reserve banks and the Federal Reserve Board
daring the period of the war and throughout the business cycle of expansion,
extravagance, speculation, deflation and depression, which followed it,
was extremely difficult. The banks were the fiscal agents ef the Government. Through them and their auxiliary organizations the enormous issues
Their policy was not only interwoven with the
of war bonds were floated.
The decisions
policy of the Treasury Department, but subordinated to it.
which had to be made were difficult and important. Doubtle<?- in id' .
clrcumstanpes mistakes of judgment were made which the clearer judgment
of retrospect would change. The Commis-sion believes that a policy of
sharp advances in discount rates should have been inaugurated in the first
six months of 1919. and cannot excuse the action of the Federal Reserve
Board and the Federal Reserve banks in this period in failing to take measures to restrict the expansion, inflation, speculation and extravagance which
characterized the period.
A review of the period preceding our entrance into the war, the period during the war, and the subsequent period of inflation, following the war, shows
that in general prices increased during the pre-war period appro.ximately
75%, while the expansion in banking, in loans and discounts was about
40%: that the increases in prices during the war period were about 17%,
During
while expansion of loans and discounts of banks was about 14%.
while bank
the period of inflation following the war prices increased 33
loans expanded 30%.
A policy of higher discount rates could have been adopted by the Federal
Reserve banks, notwithstanding the flotation of the Victory loan, if the
Treasury Department had been willing to float this loan at a rate of interGreat diffiest high enough to permit an increase in the rediscount rate.
If
culties were foreseen by the Treasury Department in this undertaking.
the Victory loan had been floated by the Treasury Department on a basis of
an interest rate comparable with current rates on other taxable investments.
or on certificates of Indebtedness for short periods or at rates comparable
or
with the interest rate on acceptances, which at that time was about 4 'f
the pressure
on commercial borrowings, which at that time was about 5>S
already felt at that time by the Treasury Department to refund the prior
issues of Government bonds on the basis of a high interest rate on the Victory loan issue would have greatly increased and possibly been irresistible.
In addition, the flotation of the Victory loan at this time on the basis of a
high Interest rate would have had a tendency to ultimately increase interest rates all along the line, and to depreciate the value of the bonds preAgain, it might have resulted
vioiLsly l.ssued at the lower rates of interest.
in precipitating a liquidation of large amounts of securities other than Government bonds, and the depreciation of vast quantities of general secnritie';
held by savings banks, trust companies, insurance companies, &c. Thus,
the advantages of the high discount rates, which might have been used to
prevent speculatlin and inflntion during this period, jielded to the appreheasions of the Treasury Department.
%
,
%
%
.
,
Should Not Have Yielded.
The Commission Is of the opinion that the difficulties anticipated by the
Treasury Department should not have controlled in this period and that the
dtecount policy of the Foderal Reserve Board and the Federal Reserve banks
should not have yielded to the apprahen.slon of the Treasury Department.
The Commission believes that had discount rates been riased by the
Federal Reserve banks promptly and orogrossively, beginning with the
spring of 1919. much of the inflation, expansion, speculation and extravagance which characterized the ff.l'owing 12 months or more might have
been greatly retarded. If not wholly prevented.
Loans and discounts of membur banks and of Federal Reserve banks
continued to expand In spite of the policy of direct remonstrance and repeated w.irnlngs of the Federal Reserve Board and the Federal Reserve
banks. Yet no action In the direction of restriction of expaasion. Inflation
and gpeciilatlon by Increa-ses In di-seount r<ites wa« taken by the Federal
Reser\'e bank.^ or the Fediral Reserve Board until December 1919. when
These advancis were followed In January by
alight advancf«i wf-re made.
more radical Increases and by further advances during the remainder
of 1920.
In the meantime eTpan.<5lon, Inflation, extravagance and speculation continued and prices soarwl to prevloiLsly unheard of levels. Sharp advances
lo discount rates at the beginning of this pf-rjod would not only have servwl
aa a warning to banks and their cusf-.m r. liiit would also have "served tf
check the fores, both <><v)nomlc and
'-al, that were combining to
produce an era of cxpan.Hlon. Infl.ii'.
...lUon, extravagance and high
;
prices unpar;ill-l<vl In the; history
It does n')t. of coiinu-. follow i
tion,
but
ound
policy been adofiter! liv
HtmrmKi hanks at the t.
would liave bc«-n li-ss [r :.
.
.
tt^ndant hardshiiis
and
Insaea
'lie
Hon must
.
altogether probable.
l*
It
perhaps In any other.
be e^iuivalent to inflanot wholly cirtaln. that had n
Ftoserve Board and the Pwlerai
intry. or
.
If It
l.i
V.-'\,t:,\
riod the proce«si.«i of IWiuidatlon
^
.
and the
decline less abrupt
..
.
at-
upon banks, communities and Individual
corrtapondingiy dimlnlsbfld.
Boldmeea of Drflalton MulUplu.
In the «prtngof 1920
r«i.'.ri.. .if firm (ir
ply.
leHatlon
was
at hanri began
'
I
and
'
i
1
.
KOO<U flowing
ellnlng
[.rlf--!
dlsp''
d'irti
'
'
"'
KtKxU
forcM
multi-
money.
keep
i^^ndlng the ol»itiirli.<i of de,r,.|
I'ld fell off thi- dimeiili|e« of
I'nc'M fell r.'ir bftlow thnC'ist': .iT pro
M In any pri.C"dlng year. The ri-<-i-lpt'.
grew c<ifiii..intlr less .»nd hxw adefi'int" to llr|<ilr|.il<- the
<*. thi'm .ind
l/i ttrur\i\n f.,r ni-w iirod union.
More imd
I',
was re/|'ilr"l ty> fin inee new |iro'l>irtlon and In mrry good*
i.lon until they (-.,iil-l ii.. moved.
The |)ror>.<Fi of fr>rr|ng tlii»r)
the miirkei
In (.h- fie,-
price*. «ni|
m
;.--v
Th
.,f
I
|
pay tho
1^
,
er
'
.lit
flem tnd nervKl to
aeriimii|jtt«v| diiliiH
further
of gf)Oi|«
mi«d" In pro-
were
enib.-irrn-MiMl
•*,..riliiK
'Iroppe
und lew nl
in
•'!'
tight
lnf|ii»>ne"s lo
iii
ii|Kin
d'lelnir
"
in
down
b««'.itmn |e«i
^'
t<i
continued to derlln" In volume
'Ion In m.iny llnejt .-lUo begnn Ui docllne; the Ktroam of
froiTi 111" firrii-r In tli- run .'iriier began tfi bark Up In
ilirly
.
Uir-
procmyU of the
rer|iilremenl.«
ntlll
luileii
current wiling prjeeii
ii until a t)nll4tr innrkel rimld be
nt t<i det-rlorntlon iind w I'Me
"ild.ito'l nt
'
"M—l
••'tn'
'I
'
>
fori.ie
""'I'l'
'
i,o
fni'M.le
;> on llie pirt iif ih"
;i,ite Ui iipply til)
T'.
M.I
o
I
'./
.
;
•
.,,.
I
,
T«ry pro«p«rous con<llllon«
,l«K(l"r*
•
'-..fnirnlng piitille rrwirhi'l •iirh
.
kind
tCHit
and mertn.iniM
In their or<|erii.
out nf
This was Urn
dlr»>rt
buyer*' pnnlc.
not
to nxperlenrn a
'if
rimnnnd
linfcim
wm
pmiiorlloii to even
rmult of dupllmtlon.
nil
Many
691
large firms, finding themselves unable to supply their customers,
had adopted a policy of allocation, giving to the buyers only a percentage of
their orders and endeavoring to distribute the supply as equitably as
possible.
This forced or led many retailers to place orders with a number of
different firms, where perhaps they had dealt with but one hitherto.
By
placing two. three or four orders for the same amount of goods they were
able then to obtain perhaps in this way the full amount of the supply
they desired.
This led to a runaway market, a purely sellers' market, and gave a wholly
f ctitious impression of the probable demands of the coming year.
As the
mills running overtime began to catch up with these orders and to complete
deliveries the retailers suddenly found themselves with far larger stocks
tlKin ttiey had anticipated, while on the other hand the rapid rise in retail
price? had. brought about a distinct though probably at the time grossly
exaggerated curtailment of the buying power of the public.
It was Inevitable that this bubble of inflated prices mu,?t burst at some time, and the
warnings that it was coming were found in a cancellation of these duplicated orders. These cancellations, moderate at first, soon became, as the
fall in prices progressed, simply an avalanche, and so far as the most careful
investigation discovers it was this wave of cancellation, the fright which
accompanied it and the exhaustion of credit which preceded it which were the
main or precipitating causes which carried prices down in such a headlong
fashion.
While there were probably many to anticipate a fairly drastic
reaction from the unexampled boom of 1919-20 there were few probably,
and possibly none, really to anticipate the tremendous decline which actually
took place.
Records of price changes run back now to the beginning of the
nineteenth century. In this period of 120 years the debacle of 1920-21
first
was without
parallel.
Admnce
in Discount Rates Perhaps Needlessly Drastic.
be noted that the increases effected In this period were more
radical than any previously adopted.
This Is pnrticularly true of the
increase of the rate on member banks' notes secured by Government
obligations, which in some cases wore raised from 4»4% to 5% and in
other case.s from
to 5i^% and later to 6%.
These increases were
in the direction of the general policy of uniform rates upon all paper
of the
same maturity, without regard to the collateral supporting It.
While the theory upon which this action was taken is doubtless essentially
sound and in line with central banking practice. Its application at this
time resulted In hardship upon some member banks, and was. perhaps,
It is to
4H%
needlessly drastic.
It was the position of the Federal Reserve Board and most of the
Federal
Reserve banks at least, that. In consideration of a change in policy upon
the part of the Board and the banks in the direction of lower discount rates,
due regard must be had for the possible res'ilt.-; of a ch.inga in policy. To be
effective such a policy must result in a more liberal attitude on the part
of member banks in making loans.
As banks lend more money while
prices fall, the stra n upon credit becomes more and more pronounced.
The danger of bank failures, with resulting distress and embarra.ssment
to the whole indu-strial and financial fabric of the country increases.
The
Board and the Federal Reserve banks wore of the opinion thnt the possibility
of bank failures resulting from a general invitation extended through a
policy of lower discount rates to banks to incrense their loans to customers
was H very real menace in this period and t.hat this menace would have been
greatly increased by a di'-co\int policy sufficiently liberal to be effective In
arresting the process of liquidation.
Notwithstanding the apprehensions of the Federal Reserve Board and
Federal Re.sorve banks regarding the po.ssible resuUv in a change 'n policy,
the Commission is of the opinion that a more liberal p(i|jcy could have
been adopted in the latter part of 1920 and the early p;irt of I9?l and that
the adoption of such a policy would have served to arre.st In part the tide
of deflation and to reduce the hardships and tosses Ineident thereto.
Whatever may be said in support of the polii-y adopted hv the Federal
Reserve Board and the Fedaral Reserve banks from the standpoint of Its
wisdem and necesislty. In the ll^ht al.sn of the psycholosrical and economic
factors which it ivas neces.s.iry to consider in determining it It Is evident
that the application of the policy in the rural sections of the ci>imtry resulted
in orr.';,i hnrdshlp and distress and contributed to some results economically
tmdosirable.
Tlii.s h.irdship was due. in largo measure, to the excoRslve costs of producInK the 1920 crop, and to the slower turnover which Is .in incident of farming
operations, which made it impossible for the farmer to liquidate with the
s,-uno degree of rapidity and the same degree of los,s that was possible with
the industries having quicker turnovers of stocks, which could be Immediately put on the market.
Pressure for'tho llq'ildation of hviiis resulting from
the psychology of fear and timidity on the part of bankers generally,
which accompanius periods of falling prices compelled In mjinv Instancoo
the salt" of Immature cattle and calvus. which seems likely to ri^ult In a
••hortigi' of meat supply during the season of prodtictlun Immediately
In
proBpc«ct.
In the gjnoral pre.ssurc of the proces.ses of liquidation sales were compelled
where a wls»>r and more discriminating policy would have siiggestod carrying
the borrower until u less dl.s;i.strous s:ile could be effoctod.
The farmer's difficultliM were undoubteflly increasetl during this period
of pressure for liquidation by the f.ict that prices of eiunmodlth-* tluit he
had lo sell di^i^llned at a faster rate than the prlci-M of the commodltli's that
ho was obllgnd to buy.
If It hud been posslbli; to stop the diM'll ii< in farm
prices, without at tho same time stopping the deellni" of prlees of oiher
rommndltles which wure falling more slowly, the farmer's noslllon Would
iindoulitiHlly Imve been Ini.iroved by a i)ollcv which wo'dd have nccompl|ithe<l ihU ri"(iilt.
Marl a change in policy resulted In arrcUng the decline
In prices of other commodliles without arresting the decline In firm prices,
till- farmer would have been wor«e off than he whs.
The Federal Ki-serve Itoanl. under the (irovlHlons <if the Federal Ro<!nr»
Act I'ould have siisponded the reserve reqilri'inent'". thiih exiianding iho
lending power of the Fivlerul Iti'servn System us a whole.
The kitiiatlon
wlilrli would have r(v<iilte<l from thU course, however, would linve been
iin nnnm.ilou* one.
The purpose of re.luelng the reserve requirement
under the economic and flnanclid con lltlons existing In the lathr part of
l')..'ll must have been to iiertiill n more llbernl polley on llie part of meinbiir
Hunks In making loans to thi-lr custoniTs. The effect of this polley would
h.ive linen 0> Incrmisi) tho liabilities of the muniber banks In the FediTal
bunks.
A s'ispenslon of thn rrftnrvn r>*<|ulrement« under Ihn clr<"imst(»nci>s nnd
eond'tlons existing In the l.iiti-r half .if MI'O therefore. wouM have imt llip
Ke'leral KisuTvn banks In |H>sltl'iii of enciuriiglng borrowings on thn part
of member Imnks on one hand nnd dlscouragbw them on Ih" other li.tnd
by Inerenaea In rodl^roiml rut-es.
In other word*. It ws« n>>t inisslble tii
• iisiivnd the r.sKirve r«<|iilrem.Mits without nl th" »umn lime hrlniilng pressure
on thn membnr bunks to nstoee Itieir liorrowmKs
The liuiiklng rnsources of Ihn Oily of N.'W York reprnsent about tworirtha of the resource* of nil nntloiml banks nnd nliout on" fifth of tha
rn*.iMreiMi of nil the Imnks In Ihii country.
Nnw Vork Is the flii.kiicia
Innlre of tho roimlry and thn money mirknl I'l-dny of Ih" worl.l. The
Influenee of Now York In both maklnir and carry ng out the hanking and
It'isnrvi'
THE CHEONICLE
692
country is indubitably great; and it seems desirable
to consider the flow of money in and out of New York in connection with
the general question of whether credit or funds were drawn from the interior
the financial centres.
fiscal policy of the
Outside Dank Deposits Rrise.
wiU be noted that during 1919 the deposits of reporting banks outside
of New York City rose with great rapidity from approximately S7,500,000,000 to $9,150,000,000, and maintained approximately an even level
during 1920 at that figure. During 1920 the deposits ot banks In New
York City, however, lell .5370,000,000, and by the end of that year the
decline in deposits of all banks was practically accounted for by the loss
During 1921 the deposits of
in deposits in the New York City banks.
banks outside of New York City began to decline, but at a much slower
By July 1.3 1921 the deposits of banks
rate than in New York City.
outside of New York City had fallen from approximately .59,150,000,000
to .88,750,000,000, while the deposits of banks in New York City fell from
approximately $5,000,000,000 on Dec. 31 1920 to .54,500,000,000 on
It
July 13 1921.
During the period of business expansion and speculation in 1919 both the
balances of country banks with New York banks and the loans placed by
the New York banks for country banks increased very rapidly until early
in Jan. 1920, when the balance of out-of-town banks with New York City
banks amounted to $840,000,000 and the loans placed for them on the
Stock Exchange amounted to .5680,000,000, making a total of
about $1,520,000,000.
From Jan. 1920 to the end of the year these balances and loans decreased
$450,000,000 and from Jan. of 1921 to July 20 1921 an additional $175,000,000.
are indicated in tables 43 a, b and
Shoic Relation of Deposits.
Table 44 a and b shows the relation of deposits in New York banks from
points outside the Second Reserve District (New York) to loans by New
York banks to Isorrowers outside of the Second Federal Reserve District.
TABLE 44a—LOANS TO CORRESPONDENTS LOCATED OUTSIDE
SECOND DISTRICT AND LOANS AND INVESTMENTS OF
DAILY REPORTING BANKS.
1.
2.
Agricultural loans
(b) Industrial loans
(c) All other loans
3.
—
$356,890,000
6,547,000
-.
-
Net balance from New York, ordinary transactions
$363,437,000
—
Extraordinary Transactions
Treasurer United States:
Transfers to New York...
Transfers from New York
$304,000,000
188,264,000
Net balance to New York
acceptances. &c.:
Transfers to New York..
Transfers from New York
$35,354, 000
—
Ordinary Transactions
Check and wire transfers from New York
Check and wire transfers to New York
$12,497,721,000
10,765,138,000
New York
$732,583,000
30,362,000
fund
Net balance from New York, ordinary transactions
—
$762,945,000
$464,792,000
141,000,000
$323,792,000
Bills
$262,995,000
19,074,000
Net balance to New York..
$243,921,000
Rediscounts with other Federal Reserve banks:
Transfers to New York
...$160,000,000
Transfers from New York
159,925,000
Net balance to New York
$75,000
Rediscounts for other Federal Reserve banks:
Transfers to New York
$122,207,000
Transfers from New York
90,265,000
New York
$31,942,000
New York, extraordinary transactions. $599,730,000
Net balance from New York, al! transactions
$163,215,000
TABLE 43c— GOLD SETTLEMENT FUND TRANSACTIONS,
JANUARY 1 1921 TO JULY 20 1921.
to
Net balance
to
Ordinary Transactions
—
Chock and wire transfers from New York..
Check and wire transfers to New York
Loss from
Payments
to
$10,187,382,000
9.658,277,000
New York
5%
$529,105,000
80,003,000
fund
Net balance from New York, ordinary transactions
Extraordinary Transactions
Treasurer United States:
Transfers to New York.
Transfers from New York
—
Net balance to New York
Bills and acceptances:
Transfers to New York
Transfers from New York
$609,108,000
$649,800,000
43,500,000
Net balance
$60,600,000
2,001,000
Net balance
$21,455,000
New York, extraordinary transactions.
to New York, all transactions
to
and
637.440.459
(c).
Bank
$1,278,451,698
880.640,000
side of the Second Federal Reserve District from banks in New York City
seems to be approximately equal to the deposits contributed to New York
banks by institutions and persons outside the Second Reserve District.
It is not suggested that legislation permitting branch making in any
The possibilities
general or universal way in the United States be enacted.
of credit control by the large financial centres of the country might constitute a menace which the Commission does not believe it would be wise to
encounter through permitting a general system of branch banking In
this country.
A system of limited branch banking might furnish a possible solution of
this problem.
As the inaugiu-ation of such a system involves a reconsideration of the whole policy of independent banking in this country the Commission does not feel warranted in making a definite recommendation upon
this subject, but suggests that the subject be given consideration by the
appropriate conunittees of Congress.
A further defect in the banking machinery of the country is found in the
fact that about 20,000 of the independent banks of the cotmtry, representing from 35 to 40% of the banking resoiu-ces, are not members of the
Federal Reserve System. These banks are without direct access to the
general reservoir of credit, consequently must rely for the expansion necessary in times of stress or business expansion upon the accommodations
which it is possible to secure from their correspondents. These banks
contribute little to the general reserves of the country, as those reserves
are now represented principally by deposits in the Federal Reserve banks.
Consequently, if they are permitted to borrow either directly or indirectly
from the Federal Reserve banks in times of stress or business expansion
they must do so at the expense of the reserves contributed by the banks
which are members ot the Federal Reserve System.
The outstanding deficiency of the present banking system of the country
six
is the lack of credit machinery which can fin-uish credit running from
months to three years for production purposes. While it is generally
considered that the farmer has an annual turnover, in reality the period
oi credit requirement from the beginning of the crop season to the final
marketing of the crop may frequently be much longer than a year and may
be as long as three years.
The credit requirements of the stock raiser and
breeder may begin with the initial herd, run through the period of gestation
and continue through the period ot raising the offspring to maturity.
The total period of credit requirement may be as long as three years.
It may two or even three years
Prol its come from the increase of the herd.
before the initial indebtedness incurred in purchasing of the herd, or in
eeping and maintaining it during the period when the increase is maturing,
can be liquidated through the sale of the increase to the best advantage,
liven with grain crops the farmer's turnover may require credit for a
longer period than one year.
I
The Commission,
$606,300,000
Net balance to New York.
$58,599,000
Rediscounts for other Federal Reserve banks:
Transfers from New York
$221,000,000
Transfers to New York
199.515,000
Net balance from New York
(b)
In general the accommodation received by corporations and others out-
New York, extraordinary transactions. $407,778,000
$44,341,000
Net balance to New York, all transactions
TABLE 43b— GOLD SETTLEMENT FUND TRANSACTIONS.
JULY TO DECEMBER, INCLUSIVE, 1920.
Net balance to New York
and acceptances. &c.:
Transfers to New York
Transfers from New York.
(a),
$564,173,936
76,837.303
The table is self-explanatory and shows in general that loans to banks,
railroads, for agricultural, industrial and other purposes outside of the
Second Federal Reserve District exceeded the deposits of banks, railroads
agricultural, industrial and other deposits from sources outside the Second
Reserve District by $96,825,052.
Net balance to
Extraordinary Transactions
Treasurer United States:
Transfers to New York
Transfers from New York...
Total of
Total deposits outside second district.
Total borrowings from Federal Reserve
$408,513,000
81,117,000
$1,375,276,750
5,444.680.000
(Figures as of Nov. 15 1920.)
Deposits of banks
.-2. Deposits of railroads and public service corporations..
(a) Agricultural deposits
$24,677,482
(b) Industrial deposits
501,852,738
(c) AU other deposits
110,910,239
...$115,736,000
Net balance from New York
Net balance
1.081.769,069
(c)
1.
3.
Net balance to New York
$327,396,000
Rediscounts with other Federal Reserve banks:
Transfers to New York
$215,000,000
Transfers from New York
215,000,000
Rediscounts for other Federal Reserve banks:
Transfers from New York..
$388,352,000
Transfers to New York
352,998,000
5%
and
TABLE 44b— DEPOSITS OF CORRESPONDENTS LOCATED
OUTSIDE OF SECOND DISTRICT AND TOTAL BORROWINGS
FROM FEDERAL RESERVE BANK.
Bills,
to
(a), (b)
Total loans outside second district
Total loans and investments
„„„
$11,346,902,000
10,990,012,000
---
Loss from New York.
Payments to 6% fund
Loss from
Total of
$249,465,965
44.041,716
$91,427,466
796,872,155
193,469,448
c:
Check and wire transfers from New York
Check and vrire transfers to New York
Payments
(Figures as of Nov. 15 1920.)
Loans to banks
Loans to railroads and public service corporations
(a)
TABLE 43a—GOLD SETTLEMENT FUND TRANSACTIONS,
JANUARY TO JUNE. INCLUSIVE. 1920.
Ordinary Transactions
lU.
Show Transfer of Funds.
Tables 43 a, b and c show the transfer of funds from the Second Federal
Reserve District (New York) to other Federal Reserve districts and the
movement to New York from other Federal Reserve districts.
For the purpose ot this statement, these transactions are divided into
ordinary transactions, which include the checlc and wire transfers necessary
to pay balances on check clearings between Federal Reset ve districts, and
extraordinary transactions, which include transfers, deposits or withdrawal
of Government tunds by the Treasurer of the United States from one district to another, the purchase and sale of bills, acceptances, &c., and rediscounts with other Federal Reserve banks.
The statement covers the
period from January 1920 to July 20 1921.
For the entire period the result of ordinary transactions was a net loss
to New York of $1,735,490,000, and the net loss to New York on ordinary
transactions was offset by net deposits by the Treasurer of the United States,
amounting to the sum of $1,045,828,000, and the net balance in favor of
New York on sales and purchases of acceptances amounting to $629,916,000.
The statement as a whole shows a distinct tendency in the direction of
withdrawal of funds from New York banks through check clearances which
were offset only by extraordinary transactions.
New
York
These reductions indicate a movement of money away from
to the country sections during the period of the greatest stress for loans
in the country districts, and that instead of money being drawn fromthe
interior to New York during this period of stress, the opposite was the case.
This conclasion is fortified by an examination of the transactions of the
New York Federal Reserve Bank through the gold settlement funds, as
[Vol.
$643,444,000
$34,336,000
-which
is
under the Chairmanship of
Representative Anderson (RepubKean) of Minnesota, is
composed of Senators and Members of the House. The
resohilion creating the Commission was given in our issue
of June 11 1921 (page 2480) and on Aug. 6 1921 (page 579)
we referred to the resolution extending the time within which
With the submission
the Commission might file its report.
of the report of last month, Representative Ogdeu L. Mills,
a member of the Commission, presented a minority opinion
stating:
THE CHRONICLE
Feb. 18 1922.]
I cannot afireo with the
I concur in tho report, wltli one exception.
statement that late in the year 1020 'a change in the rates would have
accomplished a reversal in part of the psychological and economic factors
which at this time were moving in the direction of lower prices." Such a
suggestion is out of harmony with tho balance of the report and inconsistent
with tho facts brought out by our investigation.
PRESIDENT HARDING SAYS WE ARE PAST WORST
PHASES OF AGRICULTURAL CRISIS.
President Harding, in a letter read to farmers in attendance
at the annual Red River Valley Farm Crop and Live Stock
Show at Crookston, IVIinn., on Feb. 10 made the statement
that "in the general industrial and business situation there
is much to justify confidence that we are well past the worst
phases of the agricultural crisis, that improvement is well
begun and that it will continue steadily from this time forward." The President thus expressed himself in a letter to
C. G. Selvig, Superintendent of the Northwest School of
Agriculture and Chairman of the Board of jVIanagers of the
midwinter gathering. In his letter the President referred to
the National Agricultural Conference recently held at Washington and said in part:
I am glad to say that my utmost anticipations of useful results from that
gathering were more than realized. I believe it has set a new mark in the
aspirations, not only of the agricultural community, but, indeed, of the
entire country, in behalf of a better understanding ot our agricultural problem, and of more effective measures for dealing with it.
The fine spirit of co-operation among the farmers, and the disposition on
their part to unite their efforts in every possible way with those of the
Government augurs particularly well for our hope of accomplishment. The
conference
gave serious and thorough consideration to the problems
before it, and presented practicable proposals for doing practical and worthwhile things. It avoided all extremism and adopted the wise coxirse of
making no excessive demands for special favors or class treatment. I am
very sure that the wisdom of this course will be demonstrated here.
after.
.
.
.
.
.
In the general industrial and business situation there is much to justify
confidence that we are well past the worst phases of the agricultural crisis;
that improvement is well begun, and that it will continue steadily from this
time forward. This is not only a source of satisfaction to every friend of the
fjirmer, but also to whoever is interested in any phase of American business,
for we have all come to recognize the interdependence of all departments of
the national industrial establishment. No one of them can prosper permanently if any other great branch of national activity is depressed.
Therefore, in expressing my conviction, based on a wide array of information, that the worst is past as concerns agriculture, I am recording my
firm belief that an era of better business and more prosperous times for the
entire commercial establishment of the country lies jvLst ahead of us.
I feel,
therefore, that we are entitled to look with much satisfaction upon what we
have accomplished in the last year, and with all confidence to the future.
PRESIDENT HARDING EXPRESSES WISH FOR MORE
OF PARTY SPIRIT OF LINCOLN'S TIME.
Expressing his belief in political parties. President Harding
Day address at Washington on Feb. 11 stated
that "ours is the representative popular Government,
through poUtical parties, and if I could express one outstanding wish to-night I would rather have a little more of the
party spirit of Lincoln's time than some I know of nowadays."
The President's remarks were made informally before the
League of RepubUcan State Clubs of the Di.strict of Columbia, and we quote his remarks as given in the New York
"Times" Wa.shington dispatch as follows:
I do not think there Is occasion for me to make any remarks except to
congratulate myself that I had the good fortune to come in as I have.
I do not forcgt nor ought you^I do not forget that I first required an
In a Lincoln
expression for tho trust of the Republican Party boforo I could have a
position of trust in the nation.
I never forget that it wa-s not I, the individual, who won the elections of
1920, hut the United States of America give Its expression of confidence and
hope In the part of Lincoln, McKlnlcy and Koosevolt.
I b<!llcvf; In political parties.
Ours is the representative popular government through p')lltical parl.y, and if I Cf)uld express one wish- outstanding
wiab I would rather a little more of tho party spirit of Lincoln's time than
—
—
1 know of nowadays.
do not mean that as Hepublirnns who serve party, but as Republicans
committed to the trust we nerve.
Lincoln, In hln life, when ho met dcrfcat and he thought ho was retiring Into
the shadows never to know public WTrvlce again, .stood for prin<:li)lt'.
lie- biv
llevc<l In party, ho supportefl p,-irty dictum and party policy, and tx^'anso
ho was a partisan, and all that th;it mean.s, Nomehow ho ramc again Into
aome
I
public Horvlro.
Ladicn and gontlcmon and fellow Republicans, I would rathw trust tho
d«!c|,iratlon of a party In national convention, expressing the conHcleticn of
lt»i mernlxTxhip In ri-prow-nlnllvn roiiventloii. Inoklng forward to a HiieceHsful
Appeal to the eonwieoee and ronvUrtloim of the country, than I would to tho
ephemeral wlilmn pawliig whims of pnlillc life.
Lincoln w.t>i the greit partisan.
No Kroat4T, no Iwdt^ir Itepiibllcari over
llve«L
And hi; l>«-llir\e(l, .i.s I know yr)U ln-lleve, tli.it the greati-nt posslltlMlle>i of servle^s are In the party.
>>T eourw, parlli-H cannot forit«e anil divcl.ire u[Kin nil contlngene|(«i unrler our prcwent systeni.
I wish. I d.ire confide
I
will s,iy Itera VII the nliini of Itilelllgent rimventlons In he
I
llepiilillr.
f
had rather h-ivii men npiMtsil fur [xipiilar Nupimrt on he
pronounr«iii)m)tii of party eotiveiitloiix. uiierlng their i-onvlctionii, than Ui
have the apiie.-il of the Inillvl'lii.il for hli i>:ir<l<-iil;ir Inerillty.
I
I
iMi'i{()\
r.MiiNT IS
KiJK<n««
rill':
or f.mim
.Mcyor, Jr., MannKlriK Dln-ctor of
nanofi Coriwrntlon, on
ment
I'laci:
Feb.
12
made
i'uodi/cth.
Wjir Fltho following hIhIc«.^^ „ j r
flic
693
'"JMio opthiiLstic view of the improving conditions in oni
basic agricultural industrioH, expressed by President Har
dins in his letter to the Minnesota farmers and stockmen
is amply borne out by reports received from the agencies
of the War Finance Corporation throughout the country.
"Corn is now selling at country elevators in Nebraska
and Iowa at 40 cents a bushel, as against 20 cents foui
months ago. Hogs command a good market, and reports
indicate that farmers are getting the equivalent of 80 tc
90 cents for corn that is marketed on the hoof. The market for sheep is stabilized. They are selling in large quantities and at prices considered satisfactory to growers and
feeders.
The cattle market is no longer demoralized; th*
breeding herds are being held the young stock is no longei
being sacrificed; and the feeding and fattening business is
proceeding in good volume and with fairly satisfactory returns. There is a broad market for wool and hides at good
;
prices.
The grain markets are showing a good consumpThe movement of cotton has been much
tive demand.
larger this season than last year, and the prices are muct
The large cotton co-operative marorganizations have demonstrated their ability to
conduct their business on a sound basis and have proved
to be a stabilizing factor.
"AU this means that the farmer is being put in position
to liquidate his debts gradually and that his normal purchasing power so vital to the commercial, transportatioB
and industrial interests is being restored."
fairer to the producers.
keting
—
—
The Northwestern National Bank of Minneapolis, in its
monthly "Review" for February, also directs attention tc
the recent marked improvement in the prices of agricultural
products, saying:
The person who starts out
to find a ray of sunshine lighting up tke
hitherto overcast condition of things in the Northwest, does not go unrewarded.
A better feeling is forming in the minds of many peopk, although others seem determined to embrace only the colder facts and refuse
comfort Our country bankers, who are very close to all things Northwestem, are, as a class, in a less tense state of mind. This change has come to
them in a measure from the changed attitude of farmers, and it is carried
on to city bankers like a flow of new blood through chilled arteries. A certain degree of financial inflexibility of the past year has been caused simply
by a .state of mind. In many parts of the country, particularly in the
diversified farming sections, there is a sufficiency of money ; merely, it
not functioning properly.
A better co-operation all around would bring
about the usual interchanges of business.
U
And now, we believe we can truthfully say, this new feeling of confidence is forming in the minds of many people. One reason for the quickenAlready this ining of our hope is the approaching change of seasons.
"Weather, Crops and Marfluence is being reflected in the grain market.
kets," a new publication issued weekly by the United States Department
of Agriculture, cites the fact that the more obvious market factors «t«
"somewhat tempered by the fact that the winter wheat harvest is only
The difference in the feel of things, however, the lew
five months away."
harassed state of mind of farmers and bankers, is not based solely on expectations, on being able to peer a little farther over the boriaon of th»
seasons.
The credit that has filtered through to the Northwest from th«
War Finance Corporation, although this credit is not remarkably large in
amount, has eased the pressure where it has been greatest ; it has been
sufficient to allay a mo.st real anxiety and irritation caused by the longsustained credit deadlock.
Prices of farm products have also quite generally advanced or held their
ground durmg January.
Wheat advanced 14 cents during the month in
the Minneapolis market
com, 4 cents oats, 3 cents barley, from 3 to ©
cents rye, 8 cents durum wheat, 14 cents flax, 25 cents. These increaots
are perhaps no more than were lost during a single day's trading at th»
time of tlie great decline, but advances have been steady and not tho
paroxysms of a diseased market.
Furthermore, there is to be added tothese advances the decrease in freight rates which took effect on Jan. 1,
1922.
This has advanced market prices of grains in the Northwest, accraing directly to the producers, to an amount ranging from 1 to 5 cents per
bushel on wheat, 1 to 4 cents on oats, 1 to 8 cents on com, 1 to 7 cental
on barley, and 1 to 8 cents on rye, the size of the increase depending, «f
course, upon the di.stance from market.
Although coming so late in tb«
season, and at tlie best amounting to but a small sum to each producer. It
is an advance not to be disregarded.
Receipts of grain in Miiuicapolt*
were b<_'low normal during January, but because of tlie.se more f.avorahle
ratei receipts increased during the latter part of the month.
As a matter
of fact, there is not much grain now in the hands of NorthweHtern farmers.
No official report has been made on this point, but this is the prevailing
belief, and private estimat(?s amply bear it out.
;
;
;
;
;
;
It is usually estimated tliat 80% of the corn crop docs not leave th»
counties in which it is produced, but is used for local feeding or Hcert.
The value of corn is thus measured largely by the price of liogs. In the
.South .St. Paul market, this price has been well susUincd during the month.
The iver.ige price for the week ending Jan. 28 wufl .fS 15, for the week
ending Jan. 21, $7 7;J, for tlie week ending Jan. 14, !|l7 '.U, for the ^veeh
ending Jan. 7, $7 0:}, and for the wei-k ending Dec. 31, $<1 07— indicating,
ns will bo ohKorved, a steady advance.
The niarkol for lieef animals has
not been so fivorable, hut has been fiirly well KURtiiiiied.
Wool grower*
have been niienuniged by bettor iiiarkelH for tlieir prodiietH.
In MontaD/i.
piirtleularly. there i* a much belter fisding, nut only bisMuse of the in»proved nwirket for wool, and the f.ivonilile livoNtoek ooiiilitionH that bay
obtained up to the cIoho of January, bill hi-ciiiiHe of the resumption of oopper milling.
(.Vinrerniiig the present stiitus of the liventoek induHtry, It >»
worthy of e.iii,i.lenitlim that the liveHtwk loan biittliiem Is now ronmilered by Nnrlliwestern liaiikerH to be s-ifer tliiin lit any lime Hiiioe 11)13.
In short, even iit tliJN time of mlilHeason, it is lielieveil tlmt tlin renrtloti
from
llie
KuliHlileiiep
the
he
the iigrleiiltiiral eitnimniiltiiM has
that lildiMi and wool iiLurled tb«>
iivalnni-he of dnnieslle ermimorllt
y priri's on (heir ineninriitile ilownwiird cikreer In l!»20.
The N»w Kngliimi Letter (if the Klmt Nalloniil lliiiik of BiifiI'lii.
ilaleil ,|nn. l.'! II»2?., nil authority on these nnd like eimuiuMlllIrs,
any*
Unit "Orders from uhniiid iirc lnl^^u^lllg In lintli leiitlier and raw miiterluLi,
liegnn.
It
iipiiiirently
niriileil
will
in
perliiips
Indii-iiling
the
fiirliiiies
of
reiii<-inlMre<l
long
iinllel|iiiteil
revjviil
iif
for«-l|,»n
Iriidr,
.
piirts of
iiu(t-
what by tile firniiii-«H of foreign exelinnge n-eently.
K**hlUm and ulcliiii from the entire roiiiilry In Nnveniher nnioonJwd to
sotnt
4,164,0H4
pound*,
a»
cmnpiired
with
2,730,r>4r>
poumU
In
.
OcIdIht,
.
anif
THE CHROl^CLE
694
pounds in November, 1920. . . . The American wool manufacturer,
he has anticipated his needs more or less for the coming heavyweight
concerned, as
(,ea«on, faces a grave situation, bo far as wool supplies are
Whereas a year
well as regarding the uncertainties in flie tariff outlook.
igo supplies of wool oeemed well-nigh inexhaustible, we have now reached
he point of comparative scarcity on good wools of almost every grade, and
,n the case of fine wools it would seem as if we are approximating the point
The total wool tops and noils unsold in the Boston market
ot exhaustion.
with
))ec. SI 1921, was 63,642,337 pounds in 'condition as is,' as compared
The quest for fine wool and
139,602,449 pounds ol the close of 1920.
It is perhaps a
fine tops dui-ing tlie past fortnight liaa been very keen."
coincidence that tliis kind of news can be printed concerning the former
leaders in the downward plunge in 1920, and ot course each commodity
has its individual market history ; but It is difficult not to indulge in the
hope that hides and wool may now, following the law ot compensation, be
J»ell-wethers in leading thetr brothers out of bondage.
!.;!5,940
unlcfls
OONTINVED INCREASE SHOWN IN TENANT
FARMING.
I
Tenant farming in the United States is growing faster
than census figures on tiie number of farms would indicate,
according to a statement issuexi by the Unitexl States Department of Agriculture. It is pointed out that the increase
in acres rented, since 1910, has been 20%, as compared with
an increase of 14% for the preceding decade, and that the
increase in value of land rented has been 111%, as against
135, while the increase in number of farms rented has been
but 4%, as against 1G%, for the 10 years— 1900 to 1910. In
the light of this analysis, department economists fail to
see any prospect of early solution of the farm tenancy problem in the mere fact that the rate of increase in number of
farms rented is falling off.
"The tenure of American farm real estate caiinol be correctly stated'
merely in terms of number of farms," said Dr. C. L. Stewart, economist in
"In most sections farms operJand economics, in discussing thewe figures.
by owners.
.•ited by tenants differ in size and value from those operated
Moreover, there are large areas of rented land fanned by so-called 'partowners'
men who own fnmis and rent additional land. This land is not
."iccoiuited for in figures for tenant farms.
In 1920 this part-owner ten(uicy involved 89,000,000 acres, which, added to the 26.5,000,000 acres
—
tenant farms, swells the total of rented land to 3.54,000,000
.acres, and the valuation from $24,000,000,000 to about §28,000,000,000
in 1920.
"On this basis renters operated 37% of the farm lands of the United
Blates in 1920, representing 42% of the improved farm acreage, and 44%
of the total valuation of the land, both improved and unimproved.
What
this means can best bo realized when it is pointed out that tenant farmers
rent land equal to the conil)ined area of Texas, Illinois, Iowa, Arkanssis,
Michigan, Wisconsin and Florida, that the rented improved land alone
equals six times the area of Illinois, and the unimproved land rented
equals more than the entire area of France.
"In point of acreage of all land leased, both Delaware and Illinois have
long since pas«ed the half-way mark and in improved land rented the
half-way mark lia» now been passed by Alabama, Georgia, Iowa, Katisas,
Wiasi.ssippi, Oklahoma, South Carolina, South Dakota, Texas and Washing
ton.
In value of farm real estate rented, Illinois, Oklahoma, Mississippi
and South Dakota show percentages above 50. The highest percejitage of
reported
in
tenancy shown by any State, on the basis of improved acreage, is r>'.).8 for
Georgia, while the highest on the basis of valuation is 60.3, for Illinois."
The \aRtness of the area of farm lands under lease, and
(he seriousness of the problem of farm tonanc.v, are emphasized when it is pointed out that, if all the half billion dol-
made available to borrowers through the Federal Farm
Loan System during the pa.st 5 years had been used to fi-
lars
nance tenants
in buying farms (instead of the .'>% actually
thus used), it would have covered with first mortgages less
than 5% of the $28,000,000,000 worth of land now operated
by tenants.
THE DOWNTRODDEN FARMER IN HIS BRIGHTER
ASI'ECTS.
[Edward
P.
Adams,
in the
San Francisco "Chronicle" of Feb. 6 1922.]
In my opinion the farmers of the United States are the
most prosperous large class now existing among mankind.
am not saying that the farmers are prosperous, but only
that they are more prosperous than other large classes. As
to which let us see.
It seems to me that I am in a position to judge fairly well
1
1 am a downtrodden farmand of that particular contingent of farmers,
whose outcries must reach the sky. I opeiate a marginal
farm a very marginal farm. Having ju.st made out my income tax return, to whose accuracy I shall be compelled to
al)out the farmers' siiniation, for
er myself,
—
make
oath, I am in a position to certify that my practice of
the oldest and noblest i)rofession for the past two years has
HCt me back just $1,420.05. It is a tiny farm. If it had been
bigger I should have been set fartlier back. But on the two
firevious crops I had boon nmking money and by a streak of
good luck had happened not to spend it in joy-riding and
other forms of riotous living, but had kept it where a check
reach it. I have merely paid back a good share of
those unholy war profits and am nearly back to where I
WBS four yeiirs ago and was contented. And I believe that
my case is typical. The trouble is with those who did not
%voiild
[Vol. 114.
lay by for a rainy day the excess profits which they made
in 1918 and 1919, or who speculated with their money. And
of this class there are more non-farmers than farmers. And
it must be obvious that I am giving these personal exi)eriences merely as illustrative and not in a spirit of plutocratic
vain-glory I will go a little further. I was once a dirt fanner, having no means of a living except what I extorted from
the soil by the sweat of my own brow. That was in an earlier generation, but I have not forgotten the strains of the
situation and fully realize how I should have felt as a small
farmer had I happened to owe that $1,426.05 to some wretched bank whose tyrannical and remorseless managament felt
that I ought to pay what I owed. I can well believe that I
sliould have joined the social revolution.
But there is another side to that. During the four years under review, I
have not, to the best of my knowledge and belief, done a
stroke of useful work on mv farm. I have farmed entirely
by the sweat of other peoples' brows. But if I had been a
I once was, and myself done the work which
have paid one man to do, I should not have lost any money
during the last two years and meantime have lived far more
comfortably than I lived when 1 was a dirt farmer and not
worked so hard. Of cour.se in the old days we did not think
about interest on investment, and depreciation and such
things which we have learned from the agricultural colleges and income tax experts.
It was only that we had a
And I am not sure
little free money at the end of the year.
that this new fruit plucked from the tree of knowledge
makes us fanners any happier. We have been taught to
desire what it is going to be extremely hard to get. In one
respect my situation differs from that of many other suffering farmers.
Having owned this farm for forty years
and paid for such improvements as are on it when wages
were $1 to $1 50 per day, with $2 50 for m(!Chanics, I have
dirt farmer, as
I
not speculated in inllated values.
And
this brings
me
to
what I wish to sa.v.
There is no doubt that multitudes of the small farmers
of whom I am fairly t.vpical. and who are making the outcry, are in real trouble if they have bought farms at inflated values, expecting to pay out by the sale of products
A good many such will go broke; so will
some tenants who have agreed to pay rentals which cannot
at inflated prices.
unfortunate. In many cases it
They did not know that
extreme inflation must inevitably be followed by a corresponding depression. The pendidum must swing. Incidenwi.sh I knew when
tall.v
I
it will begin
to swing back
toward prosperity. Of course many large farmers have
been caught, but they are not those who are making the outcry.
I am thinking and writing only of the small farmers,
The big fellows know
like myself, who are the majority.
that they are just having a bad year or two, which they do
not like.
While the census enumerators put down "values" of farm
land as they find them stated and the resulting figures are
approximately the correct values as locally estimated as
nearly as well supervised human ingenuity can manage, to
tlie ordinary person the totals are very misleading.
When
the farmer notes that the value of the farms in the United
States in 1920 was $54.9()3.453.92.'>, as against $28,475,074,209 in 1910, he jumps to the conclusion that the value of
farm lands has almost doubled in ten years, that it is still
rising, and that he is safe in taking large risks in the purchase of a farm on credit. He does not realize that the additional value in 1920 is largely in increased improved acreage in this State nearly 500.000 acres and added values
in orchards, drainage, irrigation works, and other things
which represent not land but invested cash capitaL MoreAssuming
over, aside from that, the values are inflated.
that money, on the best security, is worth 5% per annum,
the value of a farm is twenty times the cash rent which
can be obtained for it on a long lease to a responsible tenant with pr(ii)er covenants for maintenance of fertility and
structures. Varying conditions must exist, both locally and
generally, but upon that basis, or any reasonable basis, land
values can increase oul.v slowly with the increase of popuExcei)t in a comparatively few places where rapid
lation.
development is In progress it is doubtful whether one can
safely pay much more for land now that he could afford to
pay for the same land in l!)10. And yet the census figures
have doubtless done much to induce purchase of rentals
at inflated values, which have brought so many good people
It cannot now be helped, but in due time we
into trouble.
shall get over it; but apparently nothing can prevent multibe got from the lands.
is
pitiful.
—
—
It
It is
cannot be helped.
—
—
THE CHRONICLE
Feb. 18 1922.]
tades from incurring heavy debt during prices of inflation,
which brings troublo when pay day comes.
REPORT OF AMERICAN DELEGATION TO CONFERENCE
ON LIMITATION OF ARMAMENT.
In presenting to the Senate on Feb. 10 the treaties drafted
tho recent Washington Conference on Limitation of
Armament, President Harding also submitted to the Senate
at the same time the report of the Conference as presented
The report— a voluminous
to him by the U. S. Delegation.
document reviews the conference negotiations, contains
abstracts of the treaties and resolutions approved, and quotes
at length from various "'declarations" and speeches made
in committee or plenary session and previously published.
The President's speech to the Senate, laying before the
Senate the seven treaties, was given in our issue of Saturday
The documents accompanying the report
last, page 580.
and Far Eastom problems, and tho President
suggested that tho Powers especially interested in these problems should
undertake in connection with tho conference tho consideration of all matters
bearing upon their solution with a view to reaching a common understandinp;
with respect to principles and policies in tho Par East. Tho suggestion
having been favorably received, formal invitations wero ls.sued to tho
Powers above mentioned to participate in a conference on limitation of
armament to be held in Washington on the 11th day of November 1921.
close relation to Pacific
Regarding the efforts toward land and naval limitations
the report has the following to .say in part:
It was recognized at tho outset that it would bo difficult, if not impossible,
at
—
So far an
to provide at this conference for the limitation of land forces,
the army of the United States is concerned, there was no question presented.
It has always been the policy of the United States to have the regxdar
Tho
.
.
.
military establishment upon the smallest possible basis,
Tho
British Empire has also reduced its land forces to a minimum,
situation on the Continent was vividly depicted in an eloquent address by
M,
Trraiies.
Treaty between the United States. Br tish Empire. France, Italy and
Japan, limiting naval armamout.
2. Treaty between the same Powers in relation to the use of submarines
and noxious gasixs in warfare.
3. Treaty between the United States, British Empire, France and Japan,
relating to insular possession and insular dominions in the Pacific Ocean.
4 Declaration MCCompanying the Four-l'ower Treaty,
5, Treaty between the same four Powers supplementary to the above.
1
future was entirely feasible.
6, A treaty between nine Powers relating to principles and policies to be
followed In matters concerning China,
7, Treaty between the same nine Powers relating to the Chinese customs
tariff.
Resolutions.
2.
For a Commission of Jurists to consider amendment of the laws of war.
Limiting the jurisdiction of the Commission of Jurists provided in
1
Regarding a Board of Reference for Far Eastern questions.
4. Regarding extra-territorlality In China.
6. Regarding foreign postal agencies in China.
6. Regarding armed forces in China.
7. Regarding radio stations In China and accompanjring declarations.
8. Regarding unification of railways in China and accompanying declaration by China.
9. Regarding the reduction of Chinese military forces.
10. Regarding existing commitments of (iJhina or with respect to China.
Approved by aU the
11. Regarding the Chinese Eastern Railway.
3.
powers. incl>idlng China.
12. Regarding the Chinese Eastern Railway.
Powers other than China.
Approved by
all
the
results of the conference the report said:
To estimate correctly the character and value of those several treaties,
resolutions, and formal declarations, they should be cxjnsidered as a whole.
Each one contributes its part in combination with the others toward the
establishment of conditions in which peaceful security will take the place
Summarizing the
of competitive preparation tor war.
The declared object was. In Its naval aspect, to stop the race oi competitive building of warships which was in process and which was so distressingly like the competition that immediately preceded the war of 1914.
Comi)etitive armament, however, is the result of a state of mind in which a
OAtlonal expectation of attack by some other country causes preparation
To stop competition it is necessary to deal with the
to meet the attack.
A belief in the pacllic intentions of
state of mind trom which it results.
other Powers must be substituted for suspicion and apprehension.
The negotiations which led to the Four-F'ower Treaty were the process of
attaining that new state of mind, and the Four-Power Treaty itself was
It terminated tho .Anglo-Japanese
the expression of that new slate of mind.
alliance and substituted friendly conference in place of war as the first
reaction from any conwoversies which might ari.se in the region of the
Pacific; It would not havt; been possible except as part of a plan Including
a limitation and a redunion of naval armaments, but that limitation and
reduction wtjuld not have Ijeen possible without the new relations estabIJnhed by the Kour-I'ower Treaty or something iKiulvalent to it.
"The new relations dwlared in the Four-Power Treaty could not, however,
iniipire confidence or tx- rfawmably a.s.surcd of continuance with')ilt a specific
Such an underundr;nit.;infling :im to the relations of thi! Powers to China.
(anding had two astx^'ts- '>no related to securing fairer treatment to
China, and the other related to the competition for trade and industrlid
ad%'ant:igr;» In China l)<'f.w«!«-n tho outsidr- I'owerM.
"\n agT<^empnt covering lK)th of thes*' grounds-ln a rather (undamcnial
way was emlxxlied In the first art-lcle of the general Nino-Power Treaty n>Kardlng (.'hin.i.
In order. hf>wever, to bring the rules set out in that nrtlrle
oat of the realm of mere ahsirart projK) nit Ions and make thi-in pr.vllcal rules
of conduct It was niy-iiwary lo providi; for applying them so far ,is the pn-wnt
This was domoondillonH of government .uid sorlal order In China permit.
by the remalnintf piihll'-.iilonfl o( the g<-neral .SIni'-l'ower Triraty and ' 'hin«-»Mi
CUHt«rnH Treaty and the <uTlen of formal reiolullons adopted by tho ronfnrcnre In ltd pN'onry wofiionn and the formal (IrTlarallons niade u part of the
r»>c«rd of the eonferenee.
"Tho sum total of tlu^ action taken In tho Cfinferirnco regardlnfc China, to(nther with the return of Hhanfung by dln-rl ngrei'Mient lM)tW(;«Mi f 'hinii and
Japan, the withdrawal of the most uniuil iHfactory of the so-railed twentyor
Me iloHely
lOfl the eKpllrlt dtyluratloii of Japan regarding
'
'
I
the relation of conflden' e and
"f<i In the Ve:iir Power Tn-nly and up<in whirh itie re< ti<i Imi
'ivUlod in the naval Treaty niny \ni conti-jnplaled with n
y."
'iry of e;iiil«m Hlb<!rla, Jiuttify
'
r.'
>
'
.
jrii
r<rririK
t*' l'"'
«liplorrintifr sffjis Icndini;
U) tho (soiiftntici'
Uio report, Htatod:
'
of the l'rr'«lt|ent the Department or Htnle
the grtiiip of i'owent known as the I'rlnelpal
that I*, f.rent llrllnln. Franee. Itnly. and
Would tm agreeable to ihem Ut take part In
<.r limitation riF arinnnient. to Imi held In Wimlilng'
lily .iRree<l upon.
In making this Iminlry It wna
uuini/m iliiit the rinrKilfiii of limitation of armanieiit h«<l a
iO
H'l
>'i
'.
'
'
jH«Jt,U
''
ij"
.
It
was pointed
out, after considering the
endeavors for limitation of armaments, that tho Powers
could no longer content themselves with investigations, with statistical
with reports, with tlie c rcumloculion of inquiry: that the time had come,
and the conference had been cailed, not for general resolutions of mutual
advice, but for action.
It was clear at the outset that no agreement could be effected of naval
armament which did not embrace the navies of France and Italy, At tho
same time it was recognized that neither of the nations, in view of the
failure of earlier
Signed Feb. 6 1922.
Beeolution
Briaiid.
(Here follow quotations from the address of Premier Briand, setting
forth France's reluctance to reduce her army, and from addressea by
Senator Schani^er for Italy and Baron Kato for Japan.)
Further consideration made It quite clear that no agreement for tho
limitation of land forces could be had at this time.
A different condition existed in relation to naval armament. It wae
believed by the Government of the United States that an agreement providing for a sweeping reduction and for an effective limitation for tho
were:
1.
695
'
extraordinary conditions due to the World War affecting their oxisting
naval strength, could be expected to make the sacrifices which necessirlly
would lie at the basis of an agreement for limitation. These sacrifices
could, however, be reasonably expected of the Uniced States, the British
Empire and Japan, and these were the Powers then actually engaged in the
competitive building of warsliips. The American plan therefore temporarily
postponed the consideration of the navies of Prance and Italy and definitely
proposed a program of limitation for the United States, the British Empire
and Japan.
It was obvious that no agreement for limitation was possible if tho three
Powers were not content to take as a basis their actual existing naval
General considerations of national need, aspir: tions and expectastrength.
tions policy and program could be brought forward by each Power In
Justification of some hypothetical relation of naval strength wi4h no result
but profitle.ss and interminable d scussion. The solut'on was to take what
the Powers actually bad, as it was man fest that neither could better i(8
relative pos'toc imless It won in the race, which it was the object of the
conference to end.
It was impos.sible to terminate competition in naval
armament if the Powers were to condition their agreement upon the a<Jvantages' they hoped to gain in the competition itself.
Accordingly when the argument was i resented by Japan that a better
ratio (that is, one more favorable to Japan than that assigned by tha
American plan) should be adopted and empiuisis was placed upon the
asserted needs of Japan, the ans%Ter was made (hat If Japan was entitled
to a better ratio upon the basis of actual exiting naval strength it should
be. but otherwise it could not be, accepted,
"The American Government submitted to tho British »nd Japanese naval
experts its records with respect to the extent of the work which had been
done on the ships under construction, and tho negotiations resulted In an acceptance by both Great Britain and Japan of the ratio which the American
Government had proposed.
"Before assenting to this ratio, the Japanese Government desired a»>
siirances with regard to the Increase of fortifications and naval bases In the
Pacific Ocean.
It was insisted that while the capital ship ratio proposed by
the American Government might be accepUible under existing conditions, it
could not be regarded as acceptable by the Japanese Government if the
Government of the United Sttites should fortify or establish additional oaval
bases in the Pacific Ocean,
"The American Government took tho position that it could not entertain
any question as to the fortifications of Its own coasts or or tho Hawaiian
Islands, with respect to which It must remain entirely unrestricted.
Despite
the fact that tho American Government did not entertain any aggrressive
purpose whatever. It was recognized that the forliricjitlon of other Insular
possessions in the Pacific might bo regarded from the Japanese standpoint
as creating a new naval situation, and as constituting n menace to Japan,
and henco the American delegation expressed ItM'If as willing to ninlntain
the Hiatus quo as to fortifications and naval bases In It.s Insular pos.sesslon In
the Pacific, except ae above stated. If Japan and the British Empire would
do the like.
"It was recognized that no limitation .ihould be made with resiioct to th«
main Island.s of Japan or Australia and New Zealand with tlii'lr adjacent
Islands, any morn than with reH|)ect to the insular poMe.<«loiiH adjacent lo the
couKt of the United States, luchnllng Alaska and the I'anamu Canal /one, or
tho Hawaiian Islands.
The case of the Aleutian Islands, ittretrhlng otit
toward Jaiian, was a S|)erlal onu and lin<l its counterpart In that of (h«
Kurllo iHlands, belonging t<) Japan and reaching oiil to (he Northeast
toward Hid AliiutlaiiH. It was finally agreed thai Ihu status quo should 1)0
'^
both thosu group.s.
"After prolong'^d neKotlatloiiH. tho Throe Powern— tho United fltalca, th«
nrltlwh Kmpiro and Japan
made an agreeinenl that the status (|Uo nl the
llmeof lhl^f•igninK of the naval treaty, with vgard (u forlirirallonii and naval
bawH, should bn maintained la lliulr reKpecltvo (errllorlua and poMOA'
lona.
"AmonK the shlpd which tho American Goviimmpnt propo«*(I ahntiM bt>
ivTnppeil by Japan wan the Mumii. It wai tin- iindemtnndinK of the Amert*
cun Government that tliU slilp wmh stUI iiir<iniplet<' ut the time of (lie nienlInK of (he eonferencu.
Tho .lupaneMii ilelt'Katloii, however. iniilNti'd lliiil tho
Miitnu ariually had been finittliod, w;ui coaimlMliiMoO and fully niannud
nialnl.'ilncd nn to
—
i
...
,
before tho coiiferijiicn met."
olii .'lefeptliiK (ho iillowatira for capital NhlpM Kranrn had madn n distinct
reMrrvailon.
It wiut lutld Ihnt it would lio ini|MiR«llile to accept rrduction*
r<ir light erulM'rs, torpedo boain and nuliiniirineH eorreKpondlng to lli<ia«i
which were aeeepled lor eapilal Nblps. AeeerdliiRly Franrr nialntalnrd
that her neecMiltlefi rei|uli<.'<l that nhn nhiiiilil lie allowed .'CIO.OUU (onn for
crulMim, Ae adiI *IU,00() Xouh for Hiibinarltiefl.
In vlmv of the iimlnlenen on (lie part of thn Frmrb delcRatlon thatthty
roiild not ubnto their io<|iiirenimil>t an lo aailllary rralt and ml'niarlnp.'i.
the llrltlnh ileleKallon ntaticl that thty were uiinlilfi tti eeniirnt lo a limitation of auxiliary craft adapted to meet lubmarliii'n.
For Ihla rcaauD I
,
—
THE CHKONICLE
1896
was found to be impossible to carry out the American plan so far as limita
tion of auxiliary craft and submarines was concerned.
With respect to capital ships, while there are certain changes in detail,
the integrity of the plan proposed on behalf of the American Government
has been maintained, and the spirit in which the proposal was made and
(u which it was received dominated the entire negotiations and brought
Cbem to a successful conclusion.
Probably no more significant (naval treaty limitation] was ever made.
tistoad of discussing the desirability of diminishing the burdens of naval
i-canient. the conference has succeeded in limiting them to an important
'
icgree.
obvious that this agreement means ultimately an enormous saving
The treaty
atid the lifting of a hea\'y and unnecessary burden.
ibsolutely stops the race in competition in naval armament. At the same
time it loaves the relative security of the groat naval powers unimpaired.
No national interest has been sacrificed: a wasteful production of unneces-iry armanjont has been ended.
While It was desired thxit an agreement should be reached for the linii^tton of auKiliary craft and submarines, its importance should not be overautlmated. Ivimitation has been effected where it was most needed, both
with raspect to the avoidance of the heaviest outlays and with reference to
Ktio promptings to war, which may be found in excassive prcpartaion.
Moreover, it is far from probable that the absence of limitation, in the
ihor field, wll lead to production of either auxiliary craft or submarines
11 excess ol
fbeir normal relation to capital ships.
I'eoples are not in a
Liiood for unnecessary naval expenditures.
It Has foimd to be impracticable to adopt rules for the limitation of
aircraft in number, size or character, in view of the fact that such rules
would be of little or no value unless the production of commercial aircraft
were similarly restricted. It was deemed to bo inadvisable thus to hamper
the devfilopment of a facility which could not fail to be important in the
progress of civilization.
money
]Diaovtssing Pacific
and Far Eastern questions the report
'says:
When the conference was called there existed with regard to the Far
East causes of misunderstanding and soiu-ces of controversy which constituted a serious potential danger. These difficulties centred principally
cbout Chiuii where the developments of the last quarter of a century had
produced a situation in which international rivalries, jealousies, distrust and
.
>
sDtagonism were fostered.
Ira the year 1899 Secretary Hay sought to establish the principle of the
open door and its corollary that is, the preservation of Chinese territorial
and administrative integrity. These two related principles have since had
t^eir influence in restraint of the temptation to encroach upon the rights of
China. But it is unfortunat«ly the fact that these prnoiples were never a
matter of binding international obligation among all the Powers concerned,
fcnd although generally professed they were in some instances disregarded.
A situation had thus been created in which the Chinese people nursed a sense
of grievance and even of outrage, and the foreign nations found their relaCioos complicated by mutual suspicion and resentment.
It may be stated without reservation that one of the most important
This
factors in the Far Eastern situation was the Anglo-Japanese alliance.
alliance h:is been viewed by the people of the United States with deep concorn.
Originally designed as a measure of protection in view of the policies
of Russia and Germany in Far Eastern affairs, the continuance of the alliance, after all peril from those sources had ceased, could not fail to be
regarded as seriously prejudicial to our interests. Without reviewing the
reasons for this disquietude, it was greatly increased by the state of interDational tension which had arisen in the Pacific area.
It was a matter of the greatest gratification that the American delegation found that they were able to attain an agreement by which the AngloNo greater step could
Japanese alUance should be immediately terminated
be taiken to secure the unimpeded influence of liberal opinion in promoting
peace in the Pacific region.
The parties (to the Four-Power Treaty) do not agree to give any support to claims, but only to respect rights that actually exist. AVhen controversies arise the Powers merely agree to confer together concerning them.
No Power binds itself to anything further, and any consent or agreements
aiust be reached in accordance with its constitutional methods.
—
.
entering on "a new and even closer phase of friendship."
The Associated Press accounts of his speech quoted King
George as stating:
During the last three months the Washington Conference on the quesdisarmament and the Far East continued its sessions. A treaty
designed to maintain peace in the Pacific has been sig:ned by representatives of the British Empire, the United States, France and Japan, and
tions of
awaits ratification.
treaty replaces the Anglo-Japanese alliance, I am happy to
the long-standing concord between the two countries will remain
as cordial as ever under the arrangements thus concluded.
At the same
time our relations with the United States of America enter a new and even
closer phase of friendship.
An agreement also was reached on the question of disarmament, and a
treaty has been signed pro\iding a large measure of relief from the burden
of armaments.
In all these respects great results have been attained, and
the success of the Conference, for which the world will owe a deep debt of
gratitude to the initiative of the President of the United States of America,
will be the happiest augrury for future international relations.
The problem of securing payment of reparations by Germany in the
manner most comfortable to the general interest engages the continuous
consideration of my Ministers and of our Allies.
The German Government, at the request of the Allies, have themselves
submitted proposals which now are under consideration.
Discussions recently initiated are now proceeding between my Government and France and Belgium, with a view to conclusion of agreement!
tor common action in the event of an unprovoked attack by Germany.
Tlie situation in the Near East continues to engage the anxious attention
of my Government, and it is my earnest hope that the forthcoming Allied
discussions in Paris may result in an early solution which will terminate
the conflict in a manner honorable to all parties concerned.
While
The report goes into the historj' of the Shantung settlement and indicates how through the efforts of Mr. Hughes
and Mr. Balfour negotiations were begun between China
and Japan for a final settlement of the matter.
Regarding the Treaty under which the Powers are to
consult
this
From copyright advices to the New York "Times" Feb. 7,
from London, we learn that the remarks of Premier David
Lloyd George also bore on the Washington Conference, and
in its report of what he had to say on this, on Germany
and on Egypt, we quote the following:
After some general remarks, relating to the previous speeches, the Prime
Minister said:
"Mr. Clynes [labor member of Parliament] referred to the Washington
Conference, and I thouglit he might ha^e referred to it in terms of greater
warmth and cordiality. It is one of the greatest achievements for peace
that has ever been registered in the history of this world.
"I have already expressed elsewhere what I think is due to Mr. Balfour
for the dexterity and high distinction with which he represented the interests of this country in America, and I have no doubt there will be further
opportunities when we shall welcome him here.
"When Mr. Clynes says that it only dealt with what he called the arithmetic of peace I really do not know what he means. All these things resolve into arithmetic
how many ships, what tons, how many guns, what
men everything of that kind if it is to be practical, if it is to reach any
definite conclusion, must be arithmetical.
The arithmetic of peace, then,
moans reducing the dynamics of war, and that was done.
"We lia^e had experience of the other class of conference. Before the
war at The Hague conferences, great resolutions were passed but never
reduced to arithmetic. When the great quarrel came those resolutions were
swept away like cobwebs. They did not retard for a single hour, for a single
second, the march of armies or the steaming of men-of-war.
It is only
when you come to reduce this proposition to arithmetic that you begin to
do the business of peace, and Mr. Balfour has properly interpreted his
business and instead of assenting to vague resolutions, which would have
ended in nothing, he has reduced them to practical proposals.
"It wiO ha\e an effect of millions upon the estimates of this year
millions.
That is the arithmetic of peace which Mr. Clynes is condemning.
concerning
the
application
of
the
principles
to
China, the report says:
This involves no impairment of national sovereigtity, no sacrilice of
national intorests. no provision for agreements reached apart from the
constitutional methods ot the respective Powers but u simple opportunity
tor consultation, examination and expression of views whenever any question
under the .specified stipulations ol the Treaty ma.y rise. It is believed that
tfcrough this Treaty the open door in (^hina has at last been made a fact.
After discussion of the action taken as to Siberia the
report says:
As to Siberia
the report gives in full Baron Shidehara's statement to the
eonferenee regarding Japan's "fixed and settled policy" as to the withdrawal
of .lapancse troops.
"While .lapaii did not fix a date for the withdrawal of her troops." the
•port adds, '.she did Ki\e the most solemn and comprehensi\e assurance
vo aU the l^owcrs represented in the confercn<!e of her fixed and settled
IKjlicy to respect the territorial integrity of Hussia. and to observe the
principle of non-intervention in the internal affaii-s of that country, as well
*s the principle of equal opportunity for the conuncrce and industry of.
U nations in every pari; of the Russian pos-sessions.
This (X)nstitutes a pledge which no doubti will be fully redeemed. While
.lj,pun has not fixed the date for the withdrawal ot her troops from Siberia,
«*>« h;us renounced all claims of territorial aggrandizcniont of political domInaiion. or of exclusive or preferential privilege."
KfFO OEOllGE AND LLOYD GEORGE ON WASHINGTON ARMAMENT CONFERENCE.
Kins: (Jeorge, in his speech at the re-opening of the Brit-
on Feb. 7, referred to the Washington Conference on the Limitation of Armament, which, as we noted
la thet<e tolMmns last weelc, was brought to a conclusion on
t±ie Gtli iQ9t:.
In his reference thereto, King George described G»-V).t Britain's relation with the United States as
ish rtiiiiament
—
—
What
the
Supreme Council Did.
am
not going to say more than a word about the Supreme Council.
Mr. .Clynes said they failed. They disarmed Gennanj-, stopped conscription
in Germany ; arranged, at any rate, that a very considerable sum should
be paid in reparations to France, which was not paid before that.
I do
not say that any single conference has achieved its whole end ; no, it
could not.
"Mr. Clynes was very confident tliat somebody else would be having the
responsibility for the conduct of affairs in this country.
The sooner he
Many of us would be pleased. He will discover that
finds him the better.
when he begins his conferences he will not come home with a finality. If
he attempts it he will fail.
He can only carrj' things forward step by
step.
But tlieir great achievement has been that they prevented conflict
That in itself has been an achievement which has
developing into war.
been of value in the present position.
I
I
lU.
feel that
It Ls
1
[Vol.
"Now
The Agreement With France.
come to the question of tlie compact with France. Mr. Clynes
'What is your policy in reference to France?' Our policy in refI
asked:
erence to France is one of friendship, one of co-operation in the interests
of peace. Friendship does not mean subordination or subsers'ience.
Friendsliip is incompatible witli tJiat.
Friendship means candor, but it means coof)eration for
common
ends.
Our methods may not always agree. That is
wliero discussion conies in, and I liave never seen an occasion where we
have had frank discussion where we have not agreed in the end about methods as well.
"Both my right honorable friends have challenged the guarantee we
ha\e given to France. They are mistaken. From their own point of view
if even Germany regarded that compact with anyI sliould be surprised
Why, you have got to give France the feeling
thing l)ut a friendly eye.
tliut she is not isolated, tliat she is not left alone.
There is nothing more
dangerous than the fear of a gallant, brave nation.
Give confidence and
you give calmness, and calnniess of judgment in the present disturbed state
of llie world is vital to wise decisions.
Our purposes are
alike.
"When you
have got tliat fear which has its ground, its reason, its justithree devastations of France by foreign foes within about a
contury, when you have got that in the heart of France, it is bound to deIf she is invaded in the future,
flect the judgment of French statesmen.
if there is a repetition of 1914, of 1870, of 1814, and without provocation,
and then Great Britain with the whole of her strength is prepared to support France against the invader, it gives confidence to France.
fication,
in
Future Danger from Germany.
of the real dangers of Europe (not to-day, perhaps, not in five years,
perhaps not in twenty years, but may be in the next generation, as we know
"One
THE CHKONICLE
Fhb. 18 1922.]
from the result of 1870 when the present generation had
to
€97
to be any opposition to laying before the Senate the full details of the discussions.
pay the penalty
is that
for the folly of the past with compound interest), the real danger
the young people of Germany will be brought up with thoughts of vengeance against France, and of recovering old positions, old prestige, old
ascendancies, punishing old defeats and generally ministering to the national
Regarding the debate on the resolution in the Senate on
the 16th inst., we quote the following from the New York
pride.
"Times":
"That is one of the great dangers to the peace of Europe in the future,
and when you think of peace you must not think of peace for the moment,
but of years to come. I say you must make Germany feel that that is a
policy which will not pay, that a war of revenge is a war that must bring
not merely France in, but other lands. By that means you will discourage
you will convince every German that it is a
the sentiment of revenge
policy which is fatal to his own country.
'Those are two reasons why we are in favor of this compact. This was
an understanding given by us in the course of the negotiations at Versailles
in order to coHnter what is known as the advanced Rhine policy, the policy
which proposed that there should be something in the nature of annexation
of territory on the left bank of the Rhine in order to establish the frontier
This was given as a guarantee in order to avert what we reof France.
President Wilson,
garded as a permanent disaster to the peace of Europe.
Mr. Balfour and myself agreed to give this guarantee, and upon that guarI think that that consideration having
antee that policy was abandoned.
been paid by France we are in honor bound.
"Readjustment of the war debt is a very difficult problem. It has been
suggested that it would not be possible to reconstruct the world until there
That does not
bad been a readjustment of the international war debts.
depend upon us alone. We have been quite willing to enter into a discussion of that problem as long as all creditors as well as all debtor nations
came in, but for us to forego payments when there are hea'vy claims against
Despite the assurances of Senators Lodge and Underwood that no such
records were to be had, the resolution was passed, only two Senators
(Williams and Kellogg) voting in the negative.
Senator Underwood pointed out that this particular treaty involved the
abrogation of the Anglo-Japanese Alliance, and it was out of the question,
he added, for the representatives of the United Stalies to say publicly to
the representatives of the British and Japanese Empires, "We want you
to cancel an existing treaty," to which the United States was not signatory.
"I shall offer no objection to the adoption of the resolution." said Senator
Lodge, "but I think it only fair to say the resolution asks for records, conversations, minutes and so forth that have no existence as written docu-
;
this country
at once
is
not
fair.
do not think
I
It is
it
not just to the people of this country.
ments."
"It would be an amazing thing," interrupted Senator Hitchcock, the
author of the resolution, "if the Four-Power Treaty, recognized by the
President as the outstanding tretay of them all. should have been concluded
without the same records being kept that were deemed necessary in the less
important treaty dealing with China, We have complete records of all
treaties except the Four-Power compact and it is, I say, amazing to think
that there are no records to be had relating to the negotiation of a treaty
that is the keystone of the arch. Tliis resolution will develop the exact
situation and should at least bring forth some drafts or forms to shed a little
light on a debatable question."
"I wish to enter my objection to the resolution," said Senator Kellogg.
"In a matter such as the negotiation of that treaty there was, in my view,
no occasion for stenographers to be following those who worked out the
treaty around as they did so."
"I suggest that the resolution, which I am also opposed to, be referred
to the Committee on Foreign Relations," John Sharp WUliams interposed.
I say
wise.
"Let all the nations of the world with other claims or debts come together and consider all these war debts, then I do not think that Great
Britain, whoever represents her, would lag behind any other country,
Beyond that it would be a mistake to
either in generosity or in justice.
The time will come, I hope it will be soon, for the sooner the better,
go.
when all peoples will realize that. But until they do. Great Britain cannot
act alone, because if she does she is crippled.
"May I explain," said Senator Underwood, "that the discussions leading
up to the signing of the Four-Power Treaty were not so much discussions of
The Question of Egypt.
"Now," he continued, "I come to the very important question of Egypt.
I must speak here «'ith a good deal of reserve, because a very distinguished
soldier, the High Commissioner of Egypt, is on his way here, and I hope
I shall have the opportunity of discussing the matter with him in the
course of three or four days.
But there are certain general observations
which I should like to make in view of comments which have been made
outside and some of the comments I have heard to-day.
"A previous speaker has referred to Egypt as a sovereign State. It is not
a sovereign State.
Egypt never was a sovereign State. It was a Turkish
province before the war in British occupation.
During the war, in 1914,
we put an end to Turkish suzerainty by declaring it a protectorate; but
Egj-pt did not become a sovereign State and it is not one at present.
"We are willing to meet all the legitimate national aspirations of the
Egyptian people.
We are prepared to abandon the protectorate. But it
must be done upon clear fundamental issues. Any one who imagines that
Egypt is in the position of other nations to whom complete self-determination can be accorded without reference to any external conditions cannot
have given thought to the problem of Egypt. It is a country which is abnormally placed and there is nothing comparable in the whole world. It is
abnormally placed with reference to the whole world and in special reference
to the British Empire.
It a the highway between the eastern and western
part of this Empire.
"Supposing Egj-pt had been an independent country and hostile to us, or
a neutral country over which we had no control.
It would in the late war
have divided the British Empire in a way that would have had enormous
results.
It would have been overrun by Turkish armies, led by Germans,
a calamitouK thing for the Empire and fatal to the interests of Egypt
herself."
SENA TE RESOLUTION A SKING PRESIDENT HA RDING
FOR INFORMATION ON FOUR-POWER TREATY.
The Senate on Feb. Hi adopted a resolution, offered by
Senator Hitchcock on the loth in.st., calling upon President
Harding to furnish the Senate all information, documents,
&c., covering the conversations at the Conference on Limitation of Armament bearing on the Four-Power Treaty.
The
following is the resolution as submitted by Senator Hitchcock:
(H.
RcK.
2.'<7)
thf Prnsidont (m-. and hi- Is hrreb.v. rc(|Ucstod t<i rurni.>>b
U) th«! S<in;it«. it not Inojinpatllih' with thf public Int4'n,'st. all drafts or fortas
priM-.nlKtl to or coiiiiUlcrtjd by tho deh-Katcx of the L'nlt«Kj Ntatr*. the liritish
Emplnj. Jap.iti or France In coa-ildurnK the hubjcct of iho Four-Tower
Tr«ify.
AImo «iplffi of all procecdinKN. rorordji. fiRKotlatloim. ar^imentN. deh.-ites.
dlHCwnlonH an<l eon>«T>tatlonM whlrh o«;rurTefl betwiwn the deleK;it<f> ol the
L'nlt<;d .St.ir-«w, th».< (Iritlsli Kniplre, Japsm. or Fran'-e, or any of them, roverInif thf >iul>J«yn. of »h«» Four-I'ower Trc:»ty or thi- supplementary note which
arcompunWKl !i or th>! mjppleiiientary aKrccnient relutliiK to it imd MubiM>-
that treaty as they were of another treaty, the Anglo-Japanese Alliance.
That was not a matter that could be discussed openly in conference, because
it related to an existing treaty between two nations, a treaty in which we
were not involved. Whatever discussion there was, in reference to the
matter, had to be in private.because we could not say publicly to Great
Britain and Japan, 'We request you to cancel an existing treaty.'
"The matter could not be approached in that way and, therefore, the
conversations and suggestions were necessarily priv-ato. And, as these
private conversations proceeded, it developed that the Anglo-Japanese
Alliance could not be canceled without something being provided to take
its place, and it was then that the suggestion was made that, if the four
Powers participating in the conversations would enter into an understanding
that they respect the rights of one another in the territory of tho regions
of the Pacific, a cancellation of the Anglo-Japanese Alliance could be
brought about.
"When it was agreed that these four Powers would respect the rights of
each other in the I'acific the balance of the work involving the Four-Power
Treaty was merely the work of draftsmen of our own State Department.
That is all there was to it. At least, that is my recollection of it. The
whole matter was discussed from time to time by the American delegation,
and the Secretary of State, who represented this Government in tho negotiations, naturally presented our views to the other heads of delegations with
\vhom he was in conference. The matter was never discussed in meetings
of the Far Eastern Committee, the Disarmament (committee, or In plenary
ses-sions, except on the occasion when the Senator from Massachusetts made
public the completed Treaty.
"Tho American delegation found that by entering into the Four- Power
Treaty to respect the rights of the several nations in the territory of the
waters of the Pacific, the other Treaty— the Anglo-Japanese Alliance
could be canceled. So I do not believe that there is any intormation, that
As
I know of about this Treat.v, that has not been laid before the Senate.
one of the American delegates, I am anxious that nothing shall be withheld, whether it is proper to bo called or or not.
Tho Secretary of State is
absent from tho country and he may be able to give some information that
I do not know about.
He will return in a few weeks. So far as I know,
only one draft, tho original one, came before tho American delegation and
that draft is now bef )re the Senate."
"Yes," said Senator Lodge, "that is the only draft we had and, as the
.Senator from Alabama has explained, the negotiations were conducted by
the heads of delegitions. Mr. Hughes for Ibis country, Mr. Halfour for
(ireat Britain, Ba-on Kato for Japan and Mr. Vivi.ml for France.
1 know
of no minutes or r.-cord.s of those conferences and have never heard of any.
.\k Is m.v colleague, tho .Senator from Alahania. I iini ready to make everything public.
I may add that, if no conferences :ire to be held, except such
.IK are recorded In .shorthand, tluire would not tx! iiiaiiy treaties negotiated.
There was no attempt at secrecy. The private conv(^^sations in this ca.se
were necessary."
Rf.^olmii, ThJit
quently
iilKniyl.
In prcHcntiriK the resolution on the l.'^lh inHt. Senator
Hitchco<;k Haid:
/ had the imprctiMoii. when the Chalnnaii of the Committee on Kor^lKn
Knifttlorwi [Heii.it^ir Iyiili(e| i<iki'd to hnvi- riTtaIn doeumentM prliil<<d. that
thorn woul'l be printed n full report of the neKotljillonn whlrh orr-urre<l Im>Iwomi the Amerlcin de|e«;it«*i and the dnleKnlafi of France, (ireal Ilrllalti
and J:>p.tn which |i>d up to the Fourl'ower Treaty, hut. kfcor it very careful
exaniir. .ii.,M ,.f he recordn prlnUnJ reveaU the fact that thtTij In nlmoluloly
noM
ordn th« neKotlatloiM or the eoiiverHalluiiit or forin»i of
..\lfn which led up Ut the Four-l'owiT 'rrnaty.
dU' u
The irK>' .(.liiiiie which wa« printed (s Doc i:;tl. (i7th ' oiiK -<l H<»«i
v.,, (>.ri«
In divided pr,irtifi||y in
The fiml ludl of It relaltw lo the <|etnil«
of the di«ci|j«i„n of tli
.inrnt Trejity and the liiit«T hull <il the vol
u. dl<«<-u<wloii<i of the t'hiiiiiie (|iii'<.t|oii
umo rel.ilfw alm/eit
,ti,ry ofthe Four I'owiir Trnal y which.
Thfirn U alin/>«t nolhln
an wn all know. I* lli'
,Me of all thone pre«ienl4-d. I may nay
U> the Senate that thl« 1« not without pre<-ivleul
We have tile very iM'xt
poMill>le prr<-<>dent for avklOK for thn Itifortnutloii,
Innainurh an icreat Interjwt attnrhw to tb« Fowr-I'owrr TrMty, It MNmM Ut nie there ou«ht not
i
'
-
I
I
.
i
i
.
i
SIGNING OF TREATY BETWEEN UNITED STATES
AND JAPAN ON STATUS OF ISLAND OF YAP.
Tho Treaty between the Uhited States and Japan fixing
the Hiatus of the Island of Yap was signed at \lw State
De|)artment on Fc^b. 11 by Secretary of Stale Hughes in
behalf of the United States and Baron Kijuro Shideliara
reprcstjniing .faimti.
The Treaty was scut lo Ili(> Sciuitti
by Pri'sidiuL Harding on Feb. Ki and was referred to the
Cominitt(!e on Foreign l^ciationH.
While the jigreement in
the nialter was rear-licti on Dec. I'J last at tlie ( 'oiifei-ence
on liiinitation <of Arniameiit, the negotiations had antedated
The Treaty was not
tli«» confererui* by a ytdir or more.
rnailc ptildio until Kiib.
it
having
b«t«<n
1(1,
the injiinclion of secrecy reg.'irding
removed on that day at the
retiuest of
Senator
the language of
the "iM)inlH «»f agreement" announced by the Sl.nte Department laHt OeeemlMT, and given in our isHue of Dec. 17,
page '2'»71. We Htated at the lime that the agreement
provided that the United States "sliull have free accesH to
thti Island of Yap, on an entire etjuality with .bi|>an or any
iiodge.
IlH text, it iH Kaid, follows dost^ly
other nation, in all tlmt relates to Hie landing ami operation
of the existing Yap-duam ciii>ie or of any (•nhU< which iiiiiy
THE
698
Cni^OTsTTCLE
hereafter be laid by the United States or its Nationals."
It was likewise agreed that the United States be accorded
the same rights and privileges with respect to radio telegraphic service as with regard to cables. Subject to certain
League of Nations mandate over Yap and
Pacific Islands formerly under German
northern
other
all the
given
recognition by the United States,
was
sovereignty
including
among other, provision for free
conditions
these
missionaries
and protection of American
of
admission
any modifications in the
territory,
mandated
in
the
interests
of the United States.
the
consent
subject
to
be
mandate to
condition.s .Japan's
NETHERLANDS AND PORTUGAL RIGHTS IN PACIFIC
TO BE PROTECTED UNDER FOUR-POWER TREATY.
It was made Imown on Feb. 16 that the force of the FourPower Pacific Treaty between the United States, Great
Britain, France and Japan had been made to extend to the
possessions of the Netherlands and the Portuguese Governments in the region of the Pacific Ocean, the four Powers
to the treaty having "firmly resolved" to respect the rights
copy of a note to this effect
eft the two countries named.
A
was sent to the Nethelrnands and Portuguese Governments
on Feb. 4, and its text was embodied in the following letter
from Secretary of State Hughes to Senator Lodge incorporated in the Senate records by Sentaor Lodge on Feb. 16.
The signing of the Four-Power Pacific Treaty was noted
our issue of Deo. 17, page 2.560.
Referring t« our conversations in relation to the note given to the Netherlands Government, I beg to say that the fol lowing is a copy of the note
which was delivered to the Minister for Foreign Affairs of the Netherlands
on Feb. 4 1922:
"The United States of America have concluded on Dec. 13 1921 with the
British Empire. France and Jap.in, a treaty with a view to the praservation
of the general peace and the maintenance of their rights in relation to
their insular possessions and in.sular dominions in the region of the Pacific
Ocean. They have agreed thereby as between themselves to respect their
rights in relation to these possos-ions and dominions.
"The Netherlands not l)einK signatory to the said treaty and the Netherlands possessions In the region of the Pacific Ocean therefore not being
Included in the agreement referred to. the Government of the United States,
anxious to fore«tall any conclusion contrary to the spirit of the treaty,
desires to declare that it is firmly resolved to raspect the rights of The
Netherlands in relation to their insular possessions in the region of the
in
Pacific Ocean."
This
is
Identical with notes delivered
Ministers.
A similar note
by the
British,
French and Japanese
was delivered to the Portuguese Government,
[Vol. 114.
and then announced a 25% reduction in rents of tenements
owned by the company and occupied by operatives. In all,
it is said, 22,000 come under the wage reduction in Maine.
The mills in Massachusetts have thus far been comparatively little disturbed by labor troubles, but that is due,
to the fact that no attempt has been made to reduce wages
or hours in Fall River, New Bedford and, with two exceptions, in Lowell, these being the leading cotton manufacturing centres of the State. At the last named city the
Hamilton Manufacturing Co. forestalling trouble, in accordance with an announcement made Feb. 11, did not open up
on Alonday. The other company in Lowell making the
cut, the Bay State Cotton Mill, operated Monday with
reduced forces. These two mills normally have 1,800
workers. The Lowell Textile Council has signified its
approval of strikes at any of the mills in that city that may
attempt a wage reduction.
Two mills at Fitchburg, which made the reduction in
wage scales were still worldng on Tuesday with diminished
forces.
South Attleboro was also affected by the strike.
Wage
reductions also went into effect Monday at Ware
At Newburyport the Warner division of
the Bay State Cotton Corporation made the 20% cut but
continued operating.
In Rhode Island the number of plants closed by strikes
was increased on Feb. 13 to 27 by the addition of the Crown
Manufacturing Co. of Cumberland, employing 700, and the
Home Bleach & Dye Co. of Pawtueket and Attleboro, Mass.,
employing about 100. Five other plants, including the
larger ones as yet unclosed, it is stated, were then admittedly
running on partial schedules. These last presumably
embracing the Jenckes Spinning Co. of Pawtueket, three of
whose departments were shut down due to defections. The
total persons out of employment in Rhode Island as the
result of the labor trouble mentioned above and in last week's
"Chronicle" (page 586) was estimated Monday at 20,000.
Employees of a small shuttle plant at Woonsocket, R. I.,
struck Dec. 14.
One hundred mill employees at Woonsocket
Falls, R. I., struck to-day as did also 300 of the Home
Bleach & Dye Co., practically closing that plant in Rhode
and Chicopee.
Island.
Governor Emery
COTTON MILL STRIKE SWEEPS NEW HAMPSHIREMAINE STILL EXEMPT— NO WAGE CUT YET AT
NEW BEDFORD OR FALL RIVER.
The 20%, wage cut and 6-hour
increase in the workers'
which were announced last week,
effective Monday Feb. 13, caused an almost complete
stoppage' of operations at the cotton mills throughout the
State of1 New Hampshire. Between 25,000 and 30,000
employees, it is estimated, were thus left idle.
Among the New Hampshire companies whose employees
quite generally deserted their post, making a shut-down
necessary or advisable, were the Amoskeag Manufacturing
Co. of Manchester, employing 15,000 persons, and the
Stark Mills of the same city, employing 1,,500; the Nashua
Manufacturing Co. of Nashua, owning the Nashua and
Jackson Mills, with 4,000 employees; the mills at Exeter,
Newmarket and Somersworth with 3,500 employees, and
also, it is understood, the Suncook Mills, with 890 operatives,
located in a suburb of Manchester, and the Cocheco Mills at
Dover, with 1,200. The Manchester Molders' Union
announced that its members would strike in company with
week
(48^ to 54 hours),
the textile workers.
James Starr, Vice-President of the United Textile Workers
of America, declares that the operatives at the Amoskeag
and Stark Mills as members of his union will hold out against
the return of the 54-hour week "if it takes six months."
Such action was endorsed by mass meetings in Manchester
on Feb. 20 at which the speakers counseled "a fight to a
finish
On
but no rowdyism."
the other hand, a press dispatch describing conditions
at Nashua says the indications are that the mill management is preparing for a long struggle as "orders were given
to cancel all shipments of coal and of cotton."
The cotton mill operatives in Maine and Vermont had at
last accounts, either taken no action in opposition to the
wage cut or have voted not to strike at this time. This
last is true of the mills at Lewiston, employing 12,000, and
the Pepperell Mills at Biddoford and the York Mills at
Saco, Me., which together employ about 5,500 hands.
At Lewston 477 delegates voted for a strike and 332 against
one, the necessary two-thirds being lacking.
The Cabot
Manufacturing Co. made the wage cut of 20% on Feb. 13
San Souci on Feb. 11, while denying
Crompton and other companies and
J.
the joint request of the
also
from B. B.
&
R. Knight, Inc., to send troops to mainPawtueket Valley, issued a proclamation,
tain order in the
saying in brief:
The following facts have been presented
to me:
That riotous assemblies of persons in the towns of Wanvick, West War^
wick and Coventry have prevented by force lawful and necessary work
and have stoned and intimidated the men engaged in such work;
that tumultous assemblies have refused to disperse at the request of the
police, and have prevented the owners of property from entering on their
....
own
possessions.
is my duty to resist such outbreaks of lawlessness.
hereby announce that in case of any further overt acts of violence or
interference with any person or persons in the lawlul pursuit of work or
business, or if property or persons are further menaced. I shall immediately
send sufficient military forces to the place of disttu-bance, with ample
authority to act in the emergency.
The cause of law and order is the cause of all people, and I call ui>on and
request every citizen, employer and employee alike, to stand with me in
preserving the peace of the State.
I pray it may be accomplished without
force. _ But not a moment shall be lost if force is necessary.
James A. Dick of the Amalgamated Textile Workers,
It
I
who
has been directing the strike for the labor organization,
declared that he believed the rioting situation is well under
control.
The State Board of Mediation and Conciliation,
formed to try to settle the textile strike in this State, has
organized with Judge J. Jerome Hahn, of the Superior Court,
as Chairman and has invited employers and employees to an
informal conference at 10.30 o'clock Saturday morning.
Taking the three States together it is supposed that nearly
50,000 operatives are idle and both sides appear to be
preparing for a long fight. So far as the mill owners are
concerned the contest, which they regarded as inevitable in
view of the unwillingness of the operatives to take their
share of the after-war adjustment, is exceptionally well
timed, for business in the last two months has fallen to a low
ebb. For instance, the "Boston News Bureau" of Feb. 16
reports as follows:
On account of lack of orders Harmony MUls of Oohoes. N. Y., will by
end of Che week close down .'iO% of Its loomnge. The Pacific MUls' cotton
and worsted departments closed Thursday night for remainder of week,
and until further notice entire plant, employing 10,000 persons, will work
Print works have been on a four-per week schedule
only four days a week.
Next week cotton and print works departments will
for several weeks.
"N.B." 1 See also
operate only on Monday and Tuesday. Boston
"Chronicle" of Feb.
1
1. p.
686.)
The W. B. Davis Co., cotton mill owners at Chattanooga,
on Feb. 14 announced a wage reduction of from 5 to 15%
to equalize with recent
New
England
mill cute.
THE CHRONICLE
Feb. 18 1922.]
MARKET
COPPER
the renewal of the old
REACTS.
in sentiment appeaxs to have come over
The special
market
in the last two weeks.
the eo]>per
Friday
of last
and
change was first noted on Thursday
had
agencies
Previous to that time the leading
week.
Some change
stood pretty closely shoulder to shoulder for a price of
approximately 14 cents a pound for refined copper, awaiting
favorable trade developments and leaving to outside agencies
it is understood, most of the little floating business.
Possibly the reopening of mines and smelters was thought
to be making too rapid progress, or possible as rumored some
one or more of the large agencies, concluded the starvation
At any rate, there was a slight
diet was pretty tiresome.
change of front and on one or two
fairly lai^e sales electrolytic
copper, delivered, got down on Feb. 10 to 13 to 133^ cents,
recoverirg to 13
to 13 J^.
The feeling abroad is described by the London copper
correspondent of the "Boston News Bureau" who writes
under date of Jan. 25:
K
It is a weariness of the flesh to write about the copper market here at
present, for inti-rest has oozed out of it entirely, and the moderate amount
of trading in standard met.il is of not the least significance.
Prices ebb and flow within a very trivial range, everybody waiting.
Micawber-like. for something to turn up. The optimists of course, arp
waiting for a famine in America, and the pessimists, for a deluge of new
copper. Probably both will be disappointed, but in the meantime there
is nothing in trade conditions, in this country at nil events, to infuse anything but the mo.st modest drgree of satisfaction with the outlook.
The reports emanating from New York published by the daily press
continue to speak in optimistic terms, reporting that nothing 16 available
there below 13 H cents, but private cables received by the big de.alers here
point In a contrary direction, and in fact, sales have been made by dealers
here at distinctly lower prices.
A decent order for wire bars, for Instance, was placed yesterday at
£7.3.5 c. 1. f. Liverpool, part of this being Australian and part American,
but today something under £7.3 c. I. f has been accepted for American.
As a matter of fact, peoplo are looking for a lower dollar, and are no doubt
speculating on this by making forward sates of American electro.
The Hoboken works in Belgium have started a nevr plant for the refining
of Katanga copper.
The "Engineering & Mining Journal" on Feb.
as of Feb.
18, writing
said:
The copper market has been de«Hdedly uncertain during the last week
For several weeks the price declined steadily, and on last Thursda.v an
extreme low of 13 cents delivered was reached for a large lot. This seems
to have cleaned up the market for metal at that level, however, and yesterday and today it was impossible so far as we are aware, to obtain copper
for less than 1.3.125 cents delivf-red.
Most producers were quoting 13.25+13.50 cents all the week, and a fair
tonnage was sold at the lower figure. In general this business was placed
by the larger producers, the custom smelters and outside Interests being
obliged to shade these prices somewhat In the effort to make sales.
Inquiries and orders have not been of large proportions, but have shown a
gain over last week, and it would not be surprising to see sales Improve
again from now on.
A novel explanation of the decline wan pahlished in today's papers, to
tbe effect that a loan had been called, for which 8 or 10 million pounds
of copper had been held as security.
The sudden marketing of this wax
supposed to have weakened the m.-irket. ThLs sounds exceedingly piscatorial.
The smaller Interests would hardly be likely to have as much
copper z» this on their hands and the larger companies have been In no
•ucb urgent nee' of money after the successful business of the last quarter
to compel such a sudden liquidation.
Furthermore, copper Is now
1.5,
I
U
excellent security.
biiHlncfw has improved, sales to Oermany and France being
than for v>ma weeks. Oriental Inquiries have also been
Prices have without doubt had some Influence, for
encouraging.
Kzport
.4atiiifact^>ry
more
more
It
U
understood that the Copper Export Association Is actively competing for
bualncas and has tak'rn Witaf of It from the En|/llsh metal dealers.
Compare "Chronicle" of Feb 1. page 480 to 48^.1
i
COAL MINERS' COS VESTION— REPORT OF WAGE
SCALE COMMITTEE FOR lilTUMINOUS COAL FIELD.
The 28th con.sccutive and fifth biennial conv(;ntion of the
UniUid Mine Workers of .America gathered at Indianapolis
on Feb. 14 to adopt formally a set of demands as to wages
and working; conditionH
to 8Uce<Kl those; jjrovidod for in the
present confnu;tH, in both the bituminous and anthracite
union fieldH, which fxpire March 31. Nearly 2,3fK) dolegates were pres<nt.
As to the number of men iJ«;n1ified
with the United Mine Workers, a staff corrf8))ond(nt of
th«'
New
The
"'iVil)iine" Hays:
100% oricauixcd, acrordlng to iiiiliiii
Ihrlr numlx-r a* 1,35.000.
In the bltuniltKiu.i riddn
i«-<l on a ratio of about KO to 'iff,',
again ;ic<-or<lliiK to
1. whirh iclvo thu total iiuiiiIxt of wift «-o.il worki'm lv^ llTLOOt)
;julcd liy the op«Tnt<ir»i, who rlalni ai>prc<lnl)ln KaiiM for tliir open
wi.rki rn uro nimrly
..rjilir.if it.-
t..
til'
sufficiently radical, to
wage
scale with
bo sure, but
some modifications
laclcing entirely the talk
week and the six-hour day which characterized
the manifesto of 1919.
The report is still awaiting action by
the convention, which has had the orderly course of its procedure interfered with by a heated contest as to whether the
recalcitrant and expelled Alexander Howatt and his followers
from Kansas should be reinstated and otherwise indulged.
The report of the Wage Scale Committee follows:
of the five-day
Recommendations
of Committee.
that this report be acceptetl as a substitute for
wage scale resolutions that have been presented to the convention.
We
1.
Present
recommend
Annual Earnings
of the Coal
all
Mine Workers "Much Below a Deeenl
Living Waue."
We
hold that the mine workers employed in an around the coal mlnea
2.
of the American continent are entitled to receive as compensation for
labor performed an annual income sufficient to maintain themselves and
their families decently, comfortably and in accordance with the American
st-indard of living.
The dictates of humanity, public interest and public welfare demand thi»
be made the preferred claim upon the industry. The present annual
earnings of the coal mine workers of America are inadequate; much below
a decent living wage, consequently a reduction in mining prices would
result in a lower living standard among ail mine workers, and poverty,
suffering and degradation in many mining localities throughout the land.
do not believe the public asks that its fuel eeds be supplied at the
expense of a degraded citizenship, accompanied by human misery,
starvation and want, superinduced by inadequate annual earnings, paid to
tho.se who mine coal. The cost In sacrifice and human wretchedness is too
great.
therefore declare in most emphatic manner our opposition to any reduction in mining prices and insist that the present basic wage schedules
We
i
We
be maintained.
Inequitable Differentials,
<^c..
Must Be Ad'usted.
We recommend
that Inequitable differentials within and between districts, unfair working conditions and internal differences, wherever existing, be adju.sted upon a fair and satisfactory basis, and the joint conference*
in the respective districts be empowered to make such adjustments.
To Limit the Day's Work to Eight Hours Under Oround.
Mining is a hazardous occupation. Men engaged in undergroond
toil work under conditions carrying with it an Intense nervous strain,
superinduced by the constant and countless Injuries and fatalities whlcb
occur and under atmospheric conditions wliich sap their vitality and make
them victims of occupational diseases.
The present eight-hour day is merely theoretical, the mine worken
being compelled to spend greatly In exce.ss of eight hours In the mines.
We
3.
hold that eight hours out of twenty-four
Is
the
maximum amount
of tlm«
any mine worker should be required to spend underground.
We, therefore, recommend that all new agreements be based apon the
eight-hour day underground.
—
Double Pay on Sundays and Holidays.
Where emergencies require such service, overtime shall be paid for at
rate of time and one-half, with double time fur all work done on Sundays
Rale-arid-a-Half Pay for Overtime
4.
the
and
5.
legal holidays.
We recommend
that the
Mine Workers'
their best efforts to secure a clause in the next
representalires put forth
for the
agreement providing
weekly pay.
6. Uecause of the abuses to which it has been subjected, we recommend
that the automatic penalty clause be eliminated from the wage agreements.
and Support of Anthracite Demands of Jan. 17 to 20.
That tills convention go on record as favoring the rutlfli*alion of the
wage demands made by the anthracite min>>rs in their tri-district convention, whlcb wa,s held in Shamok'n. Pa., from Jan. 17 to 20. inclusive
jcailing for a 20% increase], and that we plodgo to the anthracite mine workers our power and influence in aiding them to the fulfillment of their demands.
S. Wo recommend that the next wage scale cover a period of two years,
beginning April 1 1922 and ending March 31 1924.
Ualification
7.
Coal Operators Charged with Breach of Contract in Refusing to Negotiate.
Policy.
On March 31 1920 the coal operators of western Pennsylvania.
Ohio, Indiana and Illinois, which .States and districts comprise the central
competitive field, agreed to the following provisions:
"Resolved, That an liiter-Ht.jiti) joint conference bo hold prior to .\prll 1
1922.
The time and place of holding such meeting is referred to a committee
ol two operators and two minora from each St.ito herein repro.seiitod, together with the intcriiation.al ofricers of the United Mine Workt-rn' orgiini-
—
zatliin."
This HPTocmcnt was entered Into in good faith and the coal operators
carry it out or stand publicly charged with broach of contract.
The mine workers' representatives regard this aKrccintmt as ,1 moral obligation JuNt as binding as any legal obligation ever aMniiiicil, and horefore
Ntand rojttly to dlH<'harK« it by meeting the coal oporatoro' repn's«'iitatlve»
In Joint conference fyr the purpose of negotlatinK a wage agrceiiimit.
Notwit.hstanding a n-fus.-il lieret-oforo m.i(ie by the coal ciiwrtaors of
weHiorn I'eiiimylvania anil Ohio, parlies to this ,igrocniont. to iniHit In intoriiiUKt cither
I
St.iUi Joint Conference, wo iiihtruct the Internal lonal ofllcom to c,-ill u|>on
the opomtors of the central conipollllve field tii comply with the annfment
they hriiiorably made by jiDyalng in Joint coiileronci> at an oiirly a il.-ite an
poHxIliie for the purpose of iieKiitlatIng a w.iKe aKreeniont to beconm effei^tir*
when the e xi wiin g contract expln'H on Mnnli .31 1922.
____
,
ui-
Th
hop,
York
699
c«p«;<-li>lly In
thn
Nnw
Ulynr, KanitwhJi
iitid
Po'iihont.'iM flrlilN.
Un the eve of the fir«f wMHiuri Joiiii \j. I^^wis, PreHidt-nt of
the Mini' Work'TH, iH.Hii<<| this Hlattiiu'iit: "Thr- I'nitfd MiniWorkfTH do not dtxire a strike. We pro|M>He to do cvtrything fH)H«ibl«! in a proper way to prevent siifh an txieiirniicf.
I f»«| Hijr»' wh»n the fonvention hu.M firiishrd its work the piililif will n-nli/,*' this fart."
At tli«) m»'etiiig F<h. 14 the eoirirnittfti to whifli luwl ln'«ii
aflfligTHxl
thr'
fluty of firnftint; u pn>pf>He<l
.sentiid
thn follrtwiiig rejn>rt, which in
makf"!
lU) firninnfl
wagt- Hrulti
spit*- of riyf.imi
j>r«'-
bliiHNr
fnr iner»ns<ifl wjig»<H, nn'n'I.v irmisliiig
on
Joint Bituminous- Anthruriti: I'imfirnxce Pioitosrd.
'i'hec<inimltl<'efurtli('r reeoninieiulN tint the rcesldciil of the Inlcimntioniil
union and the I'riwIdeiitH of DiNlrlcIs I, 7 and 9, <'<iiii|irlMliiK our anthracite
JurUdlcMon, make arrniiKeineiilN for holding a Joint Cdiifereiice with the
aiillirai'lte cout oporatom nl a mutually coiivenlenl time and pl.-icn for the
puriHiw) of negotlatlnK
lU'W wawe .ii.:rectiieiit for the mine workers of thf
:i
nnthraclto ooul
floldji.
Subfrrt to Rrfrrrndum,
The
>il Miiiuiu /'
hu Aiiril I.
Suiii>rn;,iiin
h'lirorrd. l-'altlng
Agrrrmrnt
conlrnel iH'lween the c.i.il nperalurn and the ll|ilt«<«t Mini'
of Anitiricn In Uith the antlir.K llo aiiil liltuiiiliioU'i coal lleldN ternilnnten on March .31 1922.
In the event no iiKr<'<'nu<iit ix reachod b.v
April I, we declnrn In Invor of a Kcneral NiiNpeiinliin of inliiltiK operntloim,
«ucli nrtlon ImiIiir mibject to ii refrreiiilliMi vnin of thn nininbenilllp of thn
rnltml Mine Wurkern of America, nwh refrrcnduin Vote tm Im hold prior
to .March 31
pri«i4'nt
Workem
.
THE CHRONICLE
700
Proposed Policy Commitlee.
For the purpose of meeting in a practical and constructive way all unforeseen emergencies which may arise, a policy committee, composed of
the scale committee of the central competitive field, three represntatives
from each of the outlying districts, members of the international executive
board and the international officers, is authorized to take such action for
the protection of our best interests as circumstances may require, and to
adviso the membership upon unexpected developments which may arise
and which cannot now be foreseen.
When an agreement is consummated in the central competitive field,
the outlying districts shall be authorized to enter into joint negotiations
for the purpose of concluding wage agreements in confortiity with past
custom and procedure. Such agreements shall run concurrently with the
basic agreement in the central competitive field.
Referendum Vote for
Any Wage
Scale.
scale negotiat,ed must be submitted to a referendum vote of
the membership affected for approval before it is finally accepted.
[Signed by Leo Hall, Chjiirman District 6; John Hessler, Secretary
District 11. and some 26 others.]
Any wage
While the demands, as framed by the committee and as
adopted by the convention, will apply specifically to the
comprising Illinois, Indiana,
Ohio and Western Pennsyhania, it is pointed out that the
terms of the agreement ivill affect the entire soft-coal industry in union fields, for wages of the outlying districts
are based on the central field rates.
A siiecial dispatch to the New York "Times" explains the
significance of the move for an "eight-hour day underground"
and other matters, saving;
Acceptance of this by the operators would mean that a miner would begin drawing pay at the moment he entered the mine, although he did no
central
competitive
field,
work perhaps for a half hour, it taking him that long to reach the section
of the mine where he was digging coal. At present the miner has to spend
in excess of eight hours in the mine, and in many instances more than nine
hours, as it takes him from 30 to 60 minutes to reach his work.
The demand for overtime pay Is a new one. No extra pay is given for
overtime work now.
The men are paid every two weeks, and because of
present financial conditions and inability to get credit weekly pay is asked.
The automatic penalty clauses which the miners want eliminated from
the agreement were inserted by the United States Bituminous Goal Commission to punish both operators and miners in the case of contract violations.
The miners contend that these penalties have been applied only
to them, and not the operators.
The present basic wages are $1 08 a ton for pick mining in Indiana and
Illinois, and $1 11 in the Ohio, Hocking Valley and the Western Pennsylvania bituminous district-s. Machine mining wage rates are from 7 to 17
cents a ton less than the pick mining wages. Forty per cent of these
wage rates was said by union officials to represent increases gained for the
miners since 1917, the total amount of increases for pick mining being 44
cents a ton. The anthracite miners, who are asking for a 20% advance in
wages, were said by their officials on the Scale Committee to be receiving
less pay according to tonnage than the bituminous workers.
One development of the day was the proposal by an official of one of the
bituminous operators' associations for the institution of a sliding scale in
the industry. This was regarded by the delegates as worthy of consideration, chiefly as showing some of the operators as more willing to aid in paving the way for conferences with the miners than they have been for several
weeks.
Presentation of the chief points of the union ease against
the mine operators was given the "Tribune" by Philip Murray, Vice-President of the United Mine Workers.
Following is his statement:
The mine workers of the United States have taken their present position
In this dispute because they are not now receiving wages by which they
can provide themselves and their families with even the bare necessities of
alone obtaining a decent livelihood according to the standards of
a majority of other workers.
life, let
Conditions Declared Deplorable.
this may soon attain a change of muid by going into
almost any muilng town and observing the board hovels in which the miners
live, the ragged children in the streets, the hunger-pinched featm-es of the
wives and mothers and the drab, dreary misery .surrounding their whole
existence.
There is a grtiat deal of talk about the costs of necessities coming do\yn, but they haven't yet dropped to the level where the miners can
afford them.
The miner lives in an age that the people of the cities forgot about many
Any one who doubts
years ago.
It is true that the demands of the anthracite workers are for a minimum
of $5 20 a day.
Why, in the name of all that is fair, shouldn't this be so?
Even should they work every working day in the year this would mean only
an amiual wage of about $1,500 and how far does that go in these days of
high costs of everything'' And how close would a mine worker on this
minimum scale come to earning even 81.500 a year on the basis of last year's
employment, which averaged only 260 days a man'?
I deny that Mr. Learoyd's figures on the labor cost of coal production are
truthful; when he places it at 70%, but even if this is accepted at its face
value, it shows in connection with bis other figures that the total cost would
be $5 10 a ton. If that is the case, I would like to know why consumers in
New 'Vork, which Is only 150 miles from the shipping point, pay $15 a ton
—
for anthracite'^
a
.
114.
That the American Federation of Labor intends to support the miners should a nation-'wide coal strike come is
the purport of a statement by its President, Samuel Gompers,
of the American Federation of Labor who on Feb. 9 was
quoted by a United Press dispatch as follows:
For the miners to yield "would be to yield to injustice." The injustice
contemplated by the mine owners is an injustice that is aimed against the
miners and the great masses of the coal consumers of the country as well,
for it is a double-edged injustice that would drive down wages and maintain inflated profits.
"There are more than enough idle miners to bring into being an ample
and more than ample coal supply, and there are more than enough idle
cars in which to haul that coal to market.
There are more than enough
railroad men to maintain and operate those idle cars, and there are people
who would like the coal and who would like it at a price that would allow
the miner a fair wage and the ow-ners a fair profit, but they resent a price
that makes every operator a super-Croesus while the miner either goes
Idle or nearly so as to make his wage a pittance."
The cure for the present situation in the railroad
Mr. Gompers held
and mining industry
and an agreement
the Railroad Labor Board,
to be a return to joint negotiations
with the operators with no intermediary like
which he regards as an mifair institution in its dealings with labor.
"The American labor movement and the American people," he said, "will
be with the miners if they are forced to defend their rights.
"Two of the vital industries have been brought to the verge of turmoil
by governmental intertercnce, by injection of the ancient outworn idea of
compulsion, by arrogant profiteering. It will take the steady, democratic
policy of the American trade union movement, put in practice In its full
implications, to restore those industries to proper fimctioning and to properly serving the people of our country."
President Lewis of the United
Mine Workers, on Feb.
16,
was quoted as saying:
"Every effort is being made to avert a coal strike on April 1, when the
present agreement expires." The adoption of the wage scale report now
before the convention will place on the operators the responsibility for such
a
strike.
"I am optimistic that a satisfactory settlemct will be made in the anthracite coal situation.
Whether this can be done without a suspension of
work on April 1, I cannot predict.
The position of the coal operators and other matters was
covered in "Chronicle" Feb. 4, p. 482; Feb. 11, p. 487, 488.
As to proposed conference with Railroad Labor, see below.
NO CHANGE IN GENERAL LEVEL OF WHOLESALE
PRICES IN DECEMBER.
According to information gathered by the United States
Department of Labor through the Bureau of Labor Statistics, there was no change in the general level of wholesale
from November 1921 to December 1921. The Bureau's weighted index number, calculated from the average
monthly prices of 327 commodities or series of quotations,
prices
stands at 149 for December, as weU as for the month before.
The Bureau in its statement issued Jan. 19 had the following
to say regarding wholesale prices in December:
Farm products and foods again showed a downward tendency, the decrease being more or less pronounced for cattle, hay, hoi>s, peanuts, butter,
cheese, eggs, lard, lemons, oranges and sugar.
Slight decreases are shown
also for cloths and clothing and for chemicals and drugs.
No change in the general price level is reported for metals and for housefurnishing goods.
Fuel prices averaged slightly higher than in November,
while for the group of building materials, in which lumber has a preponderating influence, averaged 3% higher. In the group of miscellaneous commodities, including among other such important articles as bran and miUfeed middlings, linseed meal, lubricating oil, paper, manila rope, Mexican
sisal and tankage, the increase was over 2%.
Of the 327 commodities, or price series, for which comparable data for
November and December were obtained, increases were found to have occuiTed for 89 commodities and decreases for 116 commodities. In the case
of 122 commodities no change in average prices was reported.
Below are shown the index numbers of wholesale prices in the United
States by groups of commodities, as computed by the Bureau of Labor
Statistics for the months named.
The figures for the last named months
are preliminary and subject to revision.
The base used in computing these
Index numbers is the average for the calendar year 1913.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913=100).
Farm products
Food,&c
Cloths and clothing
Fuel and lighting
Metals and metal products
Btiilding materials.
Chemicals and drugs...
House-furnishing goods
Miscellanoous
.(Vll
Huge Dividends Charged.
clew to an answer to this may be found in the statements
of the dividends paid by the coal companies and their subsidiaries.
One
such dividend paid in 1920 was .50% and the same company declared another 35% last year.
Mr. Learoyd is not stating facts In .saying that the anthracite miners
have received increases amoiuiting to 141% since the beginning of the war.
Contract miners have received lass than 70% In increases over the pre-war
rate, and the lowly paid day labor man has had his wages increa.sed only
from $2 to $4 20 a day, the present minimum.
Another point concerning which Mr. Ixviroyd makes no mention is the extreme hazard of mine employment
The average number of preventable
deaths in the industry now runs to ten a day. or 3.650 a year, most of them
caused by falls of coal and slate, cars, explosions and similar accidents.
Many more are permanently maimed each year.
I don't believe the public, in an attempt to obtain cheaper coal,
would
desire to lower the standards of living of the anthracite miners to a point
below the levol of actual sustenance.
Perhaps
[Vou
commodities...
Dec. 1920. Nov. 1921. Dec. 1921'
144
114
113
172
142
139
220
186
185
236
186
187
157
119
119
266
197
203
188
162
161
346
205
189
218
218
145
149
148
149
prices in December with those of a year ago, as measured by
index numbers, it is seen that the general level has declined 21 %
The greatest decrease Is shown for house-furnishing goods. In which prices
have fallen 37%. Metals and building materials have decreased about
24%. farm products 21 H%, fuel 21% and food 19% in average price.
Somewhat smaller decreases ;ire shown for the remaining groups of com-
Comparing
changes
In
modities.
ANTHRACITE COAL TAX IN PENNSYLVANIA HELD
VALID— APPEAL PROPOSED.
The Dauphin rounly Court
at Harrisburg, Pa., on
Feb. 2, in an opinion signed by all three Judges, William M.
Hargest, John E. Fox and Frank B. Wickersham, upheld
the \alidity of the law enacted in Pennsylvania last Spring
("Chronicle"' June 4 1921, page 2374), placing a tax of 1 J^%
THE CHRONICLE
Feb. 18 1922.]
valorem upon anthracite coal that is mined within the
ite and prepared for the market.
Unlike the decision in the Alden Coal Co. case under Act
1913, the present decision holds that there is a difference
kind between anthracite and bituminous coal, which frees
This
3 Act of 1921 from the charge of class legislation.
physical
ferencc, the Court finds, is indicated by (a)
aracteristics; (6) location of deposits,
no county producing
th bituminous and anthracite; (c) origin and uses, anthrae being chiefly employed for domestic purposes, while
burned not only for heat and power, but is
and of a multitude of by-products; (d)
)arate classification of same in the business world and in
Jroad rates sheets and in the legislative Acts of the United
ites Congress and the Canadian ParUament.
Exceptions to the findings of the Court it is understood
ve been or will be filed.
The Philadelphia "Ledger" of Feb. 3 says:
iuminous
3
is
basis of coke
Che decision will be immediately appealed by the companies, which have
If the State Supreme
itended the Act is contrary to the Constitution.
urt sustains the lower court the State will realize, it is estimated, between
and $12,000,000 a year.
), 000. 000
rhe Act of 1921 is the third Anthracite Coal Tax Law passed by the
?islature.
The Act of 1913 was held to be constitutional by the late
Ige George Kunkel. of Dauphin Coxmty, but the Supreme Cotu-t. by a
» of 4 to 3, reversed his decision in 1915. The Legislature of that year
»ed a similar tax bill, and this was held to be unconstitutional by Judge
nkel because of the Appellate Court's decision on the 1913 Act.
rhe present case was brought by Roland C. Heisler against the Thomas
The plaintiff raised 28 questions and asked
[liery and State officials.
Court for findings and the defendant 29 questions. These are answered
arately by the Judges.
The
decision
is
cited in part as follows:
goes without saying that the Legislature cannot revive an unconstiional Act of Assembly by passing it over again, but while the attack on
constitutionality of the Act of 1913. involved in the case of the Comnwealti; vs. Alden Coal Co., was pending, and before it was decided.
Legislature, with the evident purpose of meeting some of the attacks
ich had been made upon the Act of 1913, paissed another Act, approved
le 1 1915, imposing a tax on anthracite coal, and this Court, in a case
cisely similar to the ^Uden case, declared that Act unconstitutional,
rhe Legislature then (in 1 921 ) again attempted to impose a tax on anthraWe may infer from these repreated efforts by the Legislature
coal.
t the people art convinced that some constitutional method should be
nd to tax this important natiu-al resource of the State, which the Court
When a classification
s is very largely shipped out of Pennsylvania.
the purpose of taxation rests upon a substantial difference and a real
tinction, the Legislature has the right to make such classification, and
8 the duty of the Court to sustain it.
["he Court says in conclusion that the Act of 1913 was declared unconutional "because there was nothing shown to the Court upon which a
stantial difference between anthracite and bituminous coal could rest.
But
therefore the classification attempted to be made was arbitrary.
the case before us substantial differences have been shown and found,
we therefore conclude that it is our duty to sustain the classification
de by the Act of May 11 1921.
t
s
I
I
ilLROAD -BIG FOUR" LABOR UMOI^S TO XEGOTIATE IN TWO GROUPS WITH RAILWAY EXECUTIVES IX THREE ADJUSTMENT DISTRICTS.
Lee, President of the union Trainmen, and Warren
Stone, (Jhief of thf Engineers, announced at Cleveland
Fel). 13 that t!ie Big Four railroad brotherhoods have
dded into groups. «ach of which will conduct separate netiation.s directly with the railway managers regarding
W. G.
and wages.
le-rt
In other words, abandoning the methods prescribed l)y the
lited Htates Railroad .\dministration during Federal conand dividing tin- countrj- into throe adjustm(;nt dis»1,
cts, any and all negotiations respecting the matters named
in th<' first in.stance at least, withII in future \k- carrifjd on
.
the int<rvention of the United States iiailroa^i Labor
»ard, and by the Brotherhood of Fjocomotivc Engincrrs
ling jointly with the BrotliiTliood of Locomotive Firc!n & Enginemen. while fhf Iirotlu'rhoo<l r)f Railroad Train;n and the Ordrr of Railway (Jonductors will in like niant
r
present their
A
eavm
in
"Times"
tin-
of
11 fiirtlifr 'Miy^:
he future." Sir Ui- ii'l«li-'l. "l<> h;iii>ll<- hji«i- iiu<wl« our InU-nllon In
'hrouKli our ffKlfin.'il iinw>':liitl(in«, sm wn did prior to th<- n.itlonal ni-iin c-anrli'd on 'liirlnK Ih" war p«Tlod."
iin'l< mUxi'l ituil thlN mi'iin<i ilial [ri.ilUin-widn) ninoortod lurtlon on
riiatlnrH, whifh hut pxNImI wvfr.il yiMrn. U cnflfd for l.lin pri««Mit. ;il
lb.
'It
ris
IC«
Kt
I
Till- lir.ithrrh«K»«|j» lutvt will (Ic.il
mUim, WruU'm
ir-l
.in'l .H(iuih<-rii
in flr»i.-irf»l
ir,
nurh
rirnl
Thin
Is
r<inf«r«-n<j'
with
th<i riiilw;».v« In
intU-.K! nf uh
iiikI'thNhkI
'
rfiprrMsotiitl^'n
I
I
'
•
II
I
•
'il
will
!»«•
RAIL-COAL LABOR CONFERENCE SAID NOT TO MEAN
JOINT STRIKE.
Fifteen out of the sixteen RR. labor unions have accepted
the invitation to meet the coal labor leaders at a conference to
be held at the Great Northern Hotel in Chicago on Feb. 21
All the Big Four railroad brotherhoods will be represented,
although it is stated their rules would not permit them to
take part in a combination coal-rail strike.
President Lewis of the United Mine Workers of America
is quoted as saying:
The practically unanimous acceptance by the representatives of the railroad organizations of the invitation by the United Mine Workers of America
is especially gratifying.
It indicates that the organized railroad workers
and mine workers have a profound appreciation of the necessity for closer
co-operation and reflects a determination to utilize every proper means of
protecting the interests of the men employed in these basic industries. It
is my firm conviction that the Chicago meeting will be fruitful of results
that will reflect credit upon the associated organizations and demonstrate
the capacity of labor intelligently organized for the promotion of its ideals.
By pooling the influence of the interests of the workers in these great
industries, we hope to avert the menace of strikes and to pave the way for
a greater measure of industrial peace in America.
We have no desire and
never have had any such desire to disturb the public tranquility or In any
way interrupt the operations of the nation's industries not even in the
mining industry.
Our policy will be purely one of construction and not of destruction.
Fears that we are attempting to build up a powerful organization to further
our own selfish ends are groundless. The public will find nothing in this
movement to cause them anxiety.
After explaining the "mutuality of interests" between the railroad workers
and the miners, Mr. Lewis said that the raUroad managers, with the aid of
the Railroad Labor Board, were "but jeering the railroad organizations" by
slashing wages, imposing new working conditions and abolishing overtime
rates of pay.
"With a greater degree of co-operation I believe that by force of our numbers we would be able by moral persuasion to get justice for the workers
without any strike or other derogatory action."
Mr. Lewis said that he was confident that "some plan of action will be
agreed upon."
(Compare "Chronicle" of Feb. 4, p. 483, and Feb. 11, p. 587.1
—
RAILROAD LABOR RULES FURTHER REWRITTEN—
EQUIVALENT OF lO-HOUR DAY FOR SIGNALMEN.
The United States Kailroad Labor Board announced on
Feb. 12 that they had adopted new rules, effective Feb. 16.
governing the working conditions and pay of railway signalmen. As so modified, the rules provide that time and
a half pay shall be given only for work in excess of a tenhour day at the usual hourly wage. The new rules also
eliminate time and one-half pay for regularly assigned
work on Sundays and holidays. An Associated Press dispatch of Feb. 12 said
:
The Board's rules affeot more than 12,000 workers. According to figures based on Inter-State Commerce Coriimis.-iioii s*tatistic8, the annual labor
bill of the railroads will be cut about $300,000 by eliminating the overtime pay provisions of the national agreement.
While the new set of rules retains the principle of the eight-hour day,
the door is opened for a ten-hour day.
Overtime pay also is eliminateil for employees paid a monthly salary by
a new formula for determining the monthly rate, based on the standard
hourly rate.
Other minor provisions which will affect the signalmen'H pay envelopes
are uhstitiition of straight time pay for lunch periods when not taken for
the former time and oncliiilf rule
provision for a minimum of three hours
straight time instead of two hours at time and one-half for working les.s
th:iii four hours on Sunday, and complete diminution of the old rule allowing half pay from 10 o'clock at night to (5 a.m. for men traveling on boarding carH.
Other rules were changi'd to eliminate any fixed hour for xlarting work
;
any
sperifieil
lunch
rh.'irgPH,
dfcixioiiN
and
.mil
i<> Ih:
h<»|<l
llinv
Tlic binip limit for investigutions into dl«si'von to ten days.
was extended from
pliiyci-s,
replace the (lovcnnncnt Railroad AJminiHlriition'M workitiK
covering train ilinpatchcrK, firemen and oilers, also exprrss emwill be promulgiitoil within a shurt time.
This will roniplclc the
iliiiird's
work
to
a;rr<'efiients
rrvihlng
o(
the 'rule»
coverliii{
nil
ilii-.'i>i
of
railroad
em-
ployees.
liMLHOM) FREIGHT EQUIPMEST
MORE
SER\
PROPOSAL FOR
KEMiLE AND ECONOMICAL
rcKliitiH
DISTRUiUTION.
wholi' ihrmiuli (ho Liilior
nuriH-tiUU- lo llif riill».i> i!«
In
pi'riod.
njipcals
;i
Now Vork
nn
Mcfon-
Ihe
Inler-Stut«i
lifuring F«l), 15
7'hiinwliiy
thr iTiilninm. conilucttirH nml tin- Kimtiirii KT'iup
Am>th«T r/>nfprcnrp nrxt .Moiiilay will lirliiK toKi-lluT tin- nanir
iV^
/>
'lw<ty trv'iiMvcjt nnd nllict'T^ of llin llrothdrlWMxU of Knillind KntflnciniTi
.vlthin a riinriili In n rllrrctlon nway frfiin thf
1^ wtil> h cijltttxl iliirlnK onri iiln''« ihr Wur.
|'> ri-iurn lo Ihf n-Kloniil l>iml« tif nRri'«inrnt.
mnfhiT w.n itr
runllnnc l»i takr J<ilrit. ;i'-Moii on rwnnr mthinc.ln.
The brill lii-rh"'
r of fhf F.nfflnppm' broihrrhiKnl. Iiiii. In th*" iriAtvtTiWne: 'o
ni.
iiltrT'-nrm hiowprn Ih" rrnT^n nrti wi irrf^iil thai Ino( nil«s l.ln' I'
prndnnf. aitlon wan <-on»l'l«"rp»l llw Itiml.
I
action of the brotherhoods has no connection with the invitation to
join other railway unions in a conference with the miners, it Is declared.
All four brotherhoods will bo represented at that conference.
The end of joint action on wage matters affecting (their related unions]
it is stated, makes it seem improbable that any practical scheme could be
worked out for joint action of the brotherhoods with the shop unions and
miners.
One brotherhood leader pointed out tluit the rules of the four
brotherhoods forbade sympathetic strikes.
UuIph
in unison.
from Cleveland printed
diMi)atch
The
701
.\HMociiilioii
«(r
by
S,
(
'onuiHTcd
('(inimiHKimi
Duvies Warfirld,
Owners
of
Ruilroad
;il
Hie
National
urged Ihe
l'reKi<iont.
.Si'ciiritirs,
IKioling of tin* eoiiiifry's frejghl c.-irs as one of Ihe ineaiiH for
itblnining Hiibstanlial economies in niilroud ndminiHlralinn.
.Mr. Wiirfield s)ijd in p;irl:
Thr "Mtf/rtilnru" l-'rriaM Ciir
Of all railroad f.icllltlrai Ihnro
nono Hint
.
Iti
pri'wnlfl a ifn-al^-r npiHirlunlly for Inlnc iiw nr ri> nrdlnalnd relation
than
railroad frxlulil i-ar. II. Iiaa lla hirlli on tti<< owiinr rallriiail and aiionda
110% of lla llfi' on roD'JKn llima or on Irarks oMii-r lliaii llioaii of lla ownnr.
No onr W'l-nia to rarn wlH-tliiT it* life bo loliK or ahurl. hm-aua* of Ita inlIliK
Itralory habits
and abodn.
I
—
THE CHRONICLE
70^
The corp<irate trustte or. financial agent, usually a trust company,
through which equipment trust certif cates are certified before sale, undertakes obligations of supervision but at the sjime time hedges itself with
unlimited langiuige as protection from liability for failure to supervise the
eQuipment. which is the collateral for the certificates issued and sold.
This is no fault of the trustee, for everyone knows when it undertakes this
semi-obligation it is not possible for the trustee to follow the equipment.
There are ap!>roximately 2. 500.000 units or cars of this migi-atory railroad plant. There is no other industry that capitalizes plant that It uses
only 40% of its life, and over the repair of which it has so little control.
The faults of the system have ransed from ineff ciency and carelessness
to the extent of conviction for causing bills to be rendered for repairs not
made. Such a system cannot produce economical results.
To effect the substantial
Central Agtma/ Needed to Handle the SUualion.
economies, a central agency should be employed for the purchase, in-
—
The
spection, repair, rebuilding and direction of all the country's cars.
National Railway Service Corporation, organized by the Association of
Security Owners, would best supply the purposes of this central agency to
act in collaboration with the American Railway Association, organized by
To secure full results, the present State charter of the
the railroads.
The
Serrice Corporation shiuild be superceded by a Federal charter.
board of trustees of the Service Corporation would be evenly divided
between executives of the railroads and representatives of investment and
business intere.sts. such as compose the present board of the Service Corporation: the trustees representing the railroads to be selected by each of
the four ra Iroad groups now established by the Commission.
The Service Corporation, through loans made by the Commission from
the $300,000,000 revolving fund had financed equipment for carriers under
ttoe plans of the Corporation on more advantageous terms than obtained
out6ide by roads of stronger crtxJit.
The operation of the Service Corporation was not necessarily contingent
upon the pooling of freight cars, though more economical results could be
obtained by such pouliag.
W. W. Colpitis, as a member of the Board of Economies
and Engineering, appointed by the National Association of
Owners of Railroad Securities, presented to the Commission
at the hearing yesterday the report of the Board showing
how
extensive the savings in the cost of operating cars of
the country would, through the adoption of the proposed
plan for the pooling under the jurisdiction of a central
agency such as the National Railway Service Corporation,
heretofore organized by the Association of Security Owners.
An authorized summary shows in part:
Estimated figures were given by Mr. Colpltts under numerous headings,
supported by charts, showing minimum annual savings of 8300,000.000
—
through the operation of the Service Corporation and pool which equals
about one-third of the total (luld out to owners of bunds and stocks of
Glass I railroads as Interest and dividends In 1921.
The plan generalized provides for the inspection, repair and rebuilding
of interchange freight cars, placing all cars normally used in general Interchange, subject to the control of the central agency (The Service Corporation) with the concurrence of the owners, each railroad retaining its local
or special equipment.
The ownership of existing equipment Is not disturbed. Where unequal
ownership of freight ca,rs exists cjirriers would be required to bring up
tbelr quota of cars to meet the country's needs.
The following are headings under which o|)urating details are discussed
and through which the savings are to be brought about (a) Reduction of
empty car mileage: lb) Reduction in f rst cost of new equipment: (f) Saving
n financing the purchase of new equipment: (rf) Reduction In cost of freight
car repairs: le) Saving through retirement of weak cars: (/) Increase in ton
miles per car per day: ((/) Reduction In switching movements; (.h) Reduction
of damage to cars and loading and consequent delays to movement; (J)
Saving through Improved distribution of cars.
Some of the Benefits oi the Plan as Summarized by Mr. Colpitts.
(1) Savings in railroad operation can be effected aggregating more than
$300,000,000 per annum, an amount equal to about one-third of the
$911,000,000 paid in 1021 in interest and dividends to the owners of the
bonds and stocks of Clasts 1 railroads.
(2) The central agency hert^in proposed would immediately arrange for
the repair or rebuilding, either in railroad shops or those of car builders.
of the 300,000 bad order cars now in the country, and for the retirement
of the much larger number of small capacity weak cars and their replacement wit modern cars of larger capa<'ity so as to provide ample equipment
against the return of normal traffic. The employment of the men and the
purchase of the materials and supplies which this plan involves will aid
appreciably in restoring business activity and In putting to work 650,000
Idle c;irs
the great(^st number In railroad history.
(3) Under the unified operation of freight c^rs, shortages will be le.ss
frequent and of shorter duration, and shippers will have greater assurance
of receiving cars when and where needed.
The program for now construction and replacements will iiermlt of more adequate provision of cars designed and adopted to meet specia' needs such as the movement of the grain
of the West, the citrus fruits and vegetables of California, Florida and the
South, and products of the Kast and Central West.
Through central control of the equipment It la quite possible to establish
a program of replacements which, within a definite period, say five years,
would eliminate all wooden cars from Intiirchange service. In January 921
the total number of wooden cars in service approximated 890,000, with a
1
—
1
capacity ranging from 30 to 35 tons.
RAILROAD RATES—NEW ENGLAND ROADS GRANTED
BY COMMERCE COMMISSION AN INCREASE
OF ABOUT 15% IN AMOUNTS RECEIVED
ON THROUGH BUSINESS.
Inter-State Commerce Commission at Washington
on Feb. 14 made public its order, effective March 1, granting to the New England railroads the right to receive out
of the revenue derived from the tlirough business, which is
handled by them jointly with other companies, a sum larger
by 15% than the sura that they have heretofore received.
Where this order as applied to joint rates would fail to secure
them the 15% increase, a special arrangement is ordered,
so that an approximately equivalent amount may be realized.
The Bangor & Aroostook RR. alouo is excluded from the
The
decision.
[Vol. 114.
Commissioners Hall, Daniels and Esch dissented from
the opinion.
The New England roads
in their original brief claimed
that the exceptionally onerous operating conditions to which
they were subjected as compared with roads in other parts
of the countr5^ such as high cost of coal, heavy cost of terminal service which they perform, &c., made it necessary
that they receive annually an additional 325,000,000 out
of the through rates.
How far the 15% will go towards
remains to be determined.
is suggested in railroad circles that some of the trunk
lines unfavorably affected by this order may decide to carry
into the courts the question of the legality of some phases
this
It
of the case.
New England roads with reference
as the "Divisions Case," has been fully
set forth in the "Chronicle" in V. Ill, p. 1942; V. 112,
p. 744, 987, and in Oldham plan, V. 113, p. 1950, 1951.
Dow, Jones & Co. on Feb. 10, writing in advance of the
decision, said:
Some railroad lawyers believe that if the imminent Inter-State Commerce
Commission decision covering New England rate divisions is favorable to
New Haven and other appellants, sufficient question of unconstitutionality
will be involved to wartant taking the case to court, possibly the Supreme
The
position of the
to this case,
known
Court.
In reargument last December counsel for New Haven asserted the Commission had adequate powers to fix divisions of through rates betweer
the two groups of railroads.
The trunk lines doubt if this is true, at least
in this instance.
Substance of revision proposed, they say, is to take
away the earnings of one group to give as a relief fund to another group
and such a contribution must be made voluntarily, if at all.
Last year some of the trunk lines were disposed to form a pool to aid
New Haven, but this was "out of court," and some of the same companies
might fight compulsion.
Action to enjoin the Commission's order, if taken, very likely would b«
taken by individual lines. It is suggseted Erie and Jersey Central, which
have strongly opposed the plan all along, might lead.
While it is understood that decision in the case has been reached by the
Inter-State Commerce Commission, it is thought nothing wiU be giver
out until Saturday afternoon. Other important decisions have been made
public after stock market closing.
The case is officially known as "Bangor & Aroostook Ry.
Co. et al. vs. Aberdeen & Rock Fish RR. Co. et al.," was
submitted Nov. 29 1921 and, it appears, was decided .Jan. 30
1922.
The
Bangor &
New England, Central
New York New Haven & Hart-
principal railroads participating are
Aroostook, Boston
& Maine,
Central
Vermont, Maine Central,
Rutland RR. and their subsidiaries and operated lines.
In its decision the Inter-State Commerce Commission
takes the same position as on the previous occasion r^arding
business interchanged with Canadian roads, namely:
ford,
With respect to commodities moving in foreign commerce, we are not
asked to determine whether or not the divisions of the rates are just, reasonable and equitable, but to require the cancelation of all joint rates and
charges on such traffic or to authorize such other action as shall asstire
iust, reasonable and equitable compensation to the parties for their services
in connection therewith.
Nothing of record bears on the cancelation ol
the joint rates.
With respect to' the divisions which now accrue to the
complainants out of the joint rates with their Canadian connections, it
sliould be observed that our jurisdiction inheres only in so far as the transportation takes place within the United States.
No reason has been shown for changing this conclusion.
Respecting the interchange of through traffic in the
United States, the Commission says in substance:
Argument. Upon further consideration we are ol the opinion that in a
case involving divisions, wo may, when the public interest so requires,
grant immediate relict, subject to later readjustments, as wo have done in
—
Otherwise, we
cases involving general increases or reductions in rates.
do substantial justice. The Act requires a practical administration and prompt action where that is necessary in the public Interest.
In our former report we recognized the need lor a revision of the divisions.
The course of action suggested In that report having failed to produce
prompt relief, we must adopt another, justified by the record, which will
shall fail to
accomplish what Congress intended should bo accomplished.
We are of the opinion, therefore, that some immediate relief most properly bo granted to compUunants. ponding revision of the existing divisions
upon a more logical and systematic basis; but that relict should be held
The New England lines are in a part responsible
within conservative limits.
for the difficulties which the ciise presents because of their failure until
recently to give the attention and study to their divisional arrangements
It remains to determine what
of which these have plainly been In need.
form this immediate relief should take.
As already stated, evidence is lacking in regard to the divisional arrangements on certain specified classes of traffic. Our action will be restricted
to the divisions of class rates and of the commodity rates which divide on
the class-rate basis.
Connecting Roads in U. S.
Now Oel 66 2-3% New England Roads 33
of Class Rales Other Than Coal and CoKe.
1-3%.
In one of their exhibits complainants showed, for a constructive year
ended Oct. 31 1919. the revenues accruing to them on so-catted merchandise
traffic Interchanged with connecting lines and the revenue accruing to the
other carriers participating in the same traffic. This covers traffic other
than coal and coke. Eliminating hiterchange with Canadian lines, the
total revenue of this merchandise traffic was $117,118,424, and of this
amount (a) $37,974,231, approximately one-thh-d, accrued to the complainants, and the remahider. (ft) $79,144,193, approximately two-thirds,
to connections.
HotD the New England Roads Fared in Rate Increase of 1920.
In the presentation of their case for increased rates, 1920, supra, the
carriers showed that prior to the increase of wages hi 1920 the New England
Ihies required an hicrease of about 47.5% ha theb' freight revenues to meet
their needs, while the other carriers In the Eastern group required but
THE CnRONTCLE
Feb. 18 1922.]
which we subsequently authorized
throuRhout the Eastern group.
If it had been possible to provide at that time that one-half, instead of
lo'-thlrd. of this Increase of the morchnndise interchange traffic should
;cruc to the New Bngland lines because of their greater needs, they would
ive been benefited to the extent of about 57.500,000 additional per year,
id no one, we think, would have regarded such a distribution of the inease as unfair under the circumstances. This amount, moreover, falls
ell below any estimate of the disproportionate buiden which the New
ngland lines have suffered in the past three years by reason of the extraorinary changes in rates and wages.
5%.
was
It
testified that the Increase
37%
reraged about
he Readjustment
Means Much More to N^.E. Roads Than to
Tlieir Connections.
An
increase of this amount In the divisions received by complainants
ould manifestly be of benefit to them far greater than the detriment to
To illustrate this: If the railway operating
lelr Western connections.
come of complainants had been increased by S7. 500. 000 In the 12 months
ided Sept. 30 1921 their deficit of 0.87% on investment would have been
inverted to an income of
0.04%
While if the railway operating income of the other lines in the Eastern
•oup had been decresuMJd by a like amount, the result would have been only
reduction in the amount earned on investnnent from
2.85% to 2.76%
It further develops thai if the divisions now received by complainants on
lis merchandise traffic were increased by 15%. subject to the limitation
srelnafter set forth, the result, as nearly as can be estimated, would be an
crease in revenue of not exceeding
S7. 500. 000
Conclusion.
— We
find,
therefore, that the divisions of the joint class
under consideration and of the similar joint commodity rates
hich divide on the cla.ss-rate basis, ot her than those therein which complainit, the Bangor & Aroostook RR. Co., participates, will for the future be
ijust, unreasonable and inequitable, to the extent thai complainants'
visions thereof shall be less than 115% of their present divisions, except
cases where their present divisions are greater than the divisions accruing
defendants, in which cases the aforasaid divisions will for the future be
ijust. unreasonable and inequitable, to the extent that complainants'
visions shall be less than their present divisions plus 15% of the divisions
>w accruing to defendants.
We further find that the just, reasonable and equitable divisions to be
ceived by the several other carriers participating in the aforesaid joint
ites will for the future t)e the amounts remaining of the joint rates over
id above the divisions so to be received by complainants, to be divided
nong them as they may agree, or. failing such agreement, as may be
stermined by us, upon application therefor.
We enjoin on complainants and defendants the necessity for proceeding
expeditiously as possible with revision of divisions on a logical and systeatic basis which we recoinmended in our former reoprt.
The Commission, it will be observed, estimates that the
tes hero
I
;
bango
add alwut 87,500,000 annually
to the revenues
P^ngland roads, whereas §25,000,000 -was the
Of the 87,500.000
icrease for which they originally asked.
authoritjsuggested
Boston
that
about .?3, 500,000
is
by a
H.
Hartford
&
RR.
nil probably go to the N. Y. N.
As to dissenting opinion*. Dow, .Jones & Co. savs in brief:
Some idea of the extrpme difflcilties presented to the Commerce Com\y\\\
the
New
tission
by the
f
;
New
Ena'land rate divisions case
may be
heir wf;.-iknf«i or ntn-nglh.
S.iying that c^impl.Tinaotn fall Id »wcntlal points to prove thry are enItled to rcvlnlon of their rate onlractii. the fTommlswloner a.'wert<'d he did
lot adhiTe to thp vfi-w that tho f'ommiiwlon could revlno rate decisions
Imply to meet v.jrylng financial nec<ls of particulnr carriers without regard
crmt or value of stirvloii performed by partirliiants, or share of Joint
arnlnga romalninK to (jacb after the change Is m.ide.
Potter Oefi-nds
Ihr.
Drrlnirm ax Merely Insurtru; an Equitable
IHxIrlhiiiiim.
Commissioner Potter uph'ilds the majority report and views 't as In conormancn with powers i^Ten by thi? TransportJttlon Act. In part the C'omDlssioner said'
"The majority report requires do taking from the respondents of anything
It proiKiaes only to Insure a dlKixMltlon of joltii
hat helones t'l thnm.
•mlng* nnc.itinnrj to promof' the piirprHMt for which, iintlor the TransMrtallon Act. earnings were siithorl7.<Hl to he collected from shlpp/irs,
"No carrier '% entllle'l U> e.irnlng* e»c«i|it «» tliey fit the |iiir|i<me for which
bn RkrnlnKS are s<itliort7.ef|. itnJIwnys In fiinilslilng trnni>r>ortntlon ihtorm
a govemmentiil function and are subject Ui re«iilntloti nnd control.
nnder^fso'l the (heory of the 'rrsnsportitlon Act to be th.it Congress
awfully m.Tf pri-srrtbe conditions ut>on which p<Tformsnre of that function
Bny t>e continued not mrrinRlng npon the right Ut enrii a fair rriiirn. nnd
^bat «n ImiMirtAnt slm of the An. wss t»i (irevent cerluln carriers from reiBlvIng morn ihsn they nre entitled to or noed and to Insure that other
»rrlers will rerelve their nnerU
"It Is leffsl and projier that i» rsrrler p«irformln« n governmenUil function
>« rrqulrefl. In Addition to collerilng money n t»> which It Is entlti'vl. u> niso
HirVB as the ngrnt t* c/>llert fun<l« to which other r:irT\iTv nre entlllr-d
*uch Is the spir t nf ihn Trnnsfxirlsllon Act as I undersLiind It. which we
krn l>ound to apply, and such Is Ihn dnfinlU/jn of our power t«) nrfiv:tuiite
••«• mn
Jie Art.
"What wo might hnve done In ex pnrtn 71 we msy do now. The record
hows a disproportions te burden which conditions of reconl years hovo
pUcerl npnn.tiie New Kngtand cjirrlers n« s.wholn. nn compared with the
'.
1
respondents as a whole. We authorized (In exparte 74) the raising of moneys to carry that burden and the Transportation Act gives us power and
imposes the duty to see that those earnings go where they belong.
"The present report Is necessary to carry out that purpose and preveat
misapplication of funds which wo authorized to be raised for another use.
It affords a practituil way of more nearly accomplishing justice.
No other
way Is available. We can protect any particular carrier who brings to oar
attention a situation where application of this method works hardship."
Traffic in coal and coke, fluid milk and its edible products,
high explosives and certain low grade commodities moving
short distances, as well as the traffic interchanged with
Canadian roads, are excluded from the operations of this
decision because of the absence of e-vidence as to the justice
of the di\isions applying thereto.
RAILROAD LABOR UNION TO SHOW CAUSE WHY A
RECEIVER SHOULD NOT BE APPOINTED.
The appointment of a Receiver for
the United Brotherhood
Employees and Railway Shop
Laborers is asked in a petition filed in the Federal Court at
Toledo on Feb. 15 by the Bacon Brothers Co. of Toledo.
The ease is to be heard Feb. 24. The petition is presented
as an amendment to an original suit demanding several
hundred thousands of dollars for breach of contract. A press
of
Maintenance
of
Way
dispatch of Feb. 16 further says:
The petition asks that the Receiver take
possession of all property of the
Brotherhood within the jurisdiction of this Courti, including all money on
deposit in the Brotherhood ot Locomotive Engineers, Co-operative National
Bank of Cleveland, and that a temporary restraining order be issued enjoining E. Frank Grable, individually and as President of the Brotherhood,
and all other officers from withdrawing, transferring, assigning, or encumbering any of the funds of the Brotherhood on deposit in the Cleveland
bank.
The restraining order was issued by Judge Killits. who ordered the defendants in the case to appear before him on Feb. 24 to show cause why a
Receiver should not be appointed.
The application is an amendment, and supplement to the original bill of
complaint in which several hundred thousands of dollars damages for
breach of contract are asked by the Bacon Brothers Co.
The move to place the United Brotherhood of Maintenance of Way
Employees and Railway Shop Laborers In receivership is "part of the old
conspiracy," E. F. Orablo. President of the organization, declared to-day.
He declined to amplify this, .saymg a statement might be given out later after consultation with other grand officors of the brotherhood.
Suit was filed in Circuit Court at Detroit last week against Mr. Grable,
9. J. Pegg. Secretary-Treasurer, and William Rolison. Vice-President,
demanding an accounting of $500,000 allegf>d to have been diverted from
The plaintiff is John F. O'Connor of
the organization's provident fund.
Elmhurst, Long Island, a local official of the union.
gathertMJ from the
apparently pleases nobody, white three of the eleven
Commissioners wholly dissented from findines of the majority, and a fourth,
oncurring. essayed 'a statement making the issue distinct and clear."
Commi.'«'on'>rs FTall an') Danli'ls filed minority opin-ons, both of which
old the majority mlscon^tru'-d the law and the Commission's functions.
In addition. Commissioner Daniels believes the record affords no basis
ir determining whether decreased divisions remaining for trimk lines are
"1'os.sJbly in a small majority of cases the New
lir, on which he says:
Ingland complainants could be shown on an adequate record to be entitled
> grr-ater divisions; and in an unknown percentage of ca.ses. i>os,sibly soraerh.-it l'»w than half, the connecting carriers west of the Hudson could bo
hown to be entille<l to gr(yit<;r division» than they now receive."
'(rmmi^<nrmfT Unit Finit.i Dfci-iifm Ou'b.% the Strong to Fo.tter the IVcak.
CommlssioDcr ITall (!xprf«!Red "profound dissent from most that Is said
nd all that 1» decided" In the majority report. The majority, he said.
In cl<%aring a p^tth to present c^incluslon-s and order has developed a contructirin of the l.iw. and r>f our functions under the law. which, if tenable,
rould Ktamo it a* no law becaase beyond the power of Congress.
Whether or not Congriss can curb the strong and fost<-r the weak under
he guls/> of proU-cting the putjlic Interest, certainly it cannot confer such
ower upon lu ag'-ncy. In admlni)»t«"rlng the Inter-Stato Commerce Act
re can change what the camierH do only as we find violations of that Act
nd must m'^tn out an even handud Justice to all parties before us, whatever
ict that its derision
TommUfiimer
703
SPEECH— DANCE OF
E. MITCHELL'S HAVANA
MILLIONS IN OVER-EXPANSION OF SUGAR MILLS.
C.
Since the reference,
in
our issue of Jan. 28 (page 358),
NaYork, in Havana on .Jan. '26. before
to the speech of Charles E. Mitchell. President of the
tional City Hank of Now
over two hundred of leading financiers and business men
gathered at the Mid-Day Club, n copy of the speech in detail has come to us from the Bureau of rublic Service at
Havana. Mr, Mitchell's remarks came at tlie conclusion of
a trip made by him and associate directors in which a survey of Cuba was undertaken for a hotter nndorstanding of
conditions in the Itopublic. Mr, .Mitchell, during the course
of his remarks, presented a statement as to the policy of
lii.-< bank
with reference to Cuba, in which he set out that
"our institution went through with you the period of the
sugar boom, and I regret to say contributed lier share to the
•(lance of the millions' in giving eucouragemont too frtM^ly
for the over-expansion of sugar mills, and for the carriage
of sugar at hiuh prices." "While a lender popularizes himself while lending freely," Mr. Mitchell ob.servod, "a creditor is seldom popular when pressing a (iel)tor for pa.yment
of a debt the means of pa.vnient for wlil( h are not at hand."
"Of courHo." he said further, "we must ctmtinue to expet't
a certain dr«gree of friction from those whom we are pre»»iiig for payment of just (lol>t.s" but, ho iiildod, "wo shall entloavor to be fair lu that pr(«'e8.s of collection," Mr. MitoliI'll rcforretl to the fact that "In the working out of loans to
l>lantaliou.>4 throughout the Islund. I regret to say we are
In many cnncH in Huch a prcdoiiiinaiit ixtsltlon a.s cnnlitorH
tliat we have found it necoHsary to tom|Miiarll.v take tiver
Ihc niunugeuient t)r HuiK'rvise the control of sugar proiwrlloK."
Mr. MItcliell cxproHsed the hope that "under somewliat ch'arer HkloH original owners may ho iihlo to take
inanaKoinent of tlieH(> proportion Hud oliminut4> uh
from the (irodomlnallng poHltion wo now hold." lie nlm»
Htalofi that "It is but fair tliat an Inleriiallonal l)anklng
hotiMo Hu<-h aH ours Khotild mainluln noiiio lolatloii hotwo4-ti
iho dopoHltH In biamhoH in any Hpoolflo ooiintry and Hm'
hat'k tlie
amount of crctlitN o.\ton(lod In that coiiiitiy." Stating that
"wo are to tiny extondliig ciodll to the ItiiHiiirNH liiloroHtii «f
Ciihii in un amount that Im out of pro|N)rtlon to the dcpoHir^
that the ptHiple of ('iihu have with uh," ho added tliiit, "at*
THE CKRONICLE
704
tlien our extension of credits on
such deposits increase
this Island can be proportionately broadened." The following is Mr. Mitchell's speech, with only the delineation of
the expression of thanks to local interests to which he felt
.
.
.
indebted for courtesies:
matter of regret that I cannot speak to you in Spanish. For one
of an institution which all regard as an institution of Cuba,
head
the
at
people of
and one who carries in his heart a sincere frienrlship for the
that may not
Cuba, it is embarrassing to be forced to speak in » language
only language
be understood by all who are present, but since English is the
want to say,
that I speak with fluency, and there are things that I really
It is a
I
know you will bear with me.
Our institution has substantial
interests in Cuba,
and
my
associates and
primarily perhaps from an institutional standpoint, and secondarily as
American citizens, have been constantly and increasingly feeling the urge
of a better understanding of Cuba and her business conditions and of a
With that in mind, and with
broader acquaintance among her people.
the necessity upon us of inspecting the branches of our bank here, a parly
representative of our directorate arrived in Havana a week ago last Monand since that time, having been afforded every facility for rapid
day
travel, we have traveled over the greater portion of your Island, visited
many of the larsjer important cities, and inspected a score or more of the
larger sugar producing properties, joined in this latter work by engineers
I,
;
and American business men of standing.
We have been privileged to meet and converse freely with many of your
citizens qualifed to speak on your political, financial and business condiWe have made a serious survey, as complete as our rather brief
tions.
time with you would afford. It will take us a long time indeed to digest
and give order to what we have seen and learned, and only in the perspecI know from personal
tive of time can our observation be of serious value.
experience, however, that one usiially has interest in the first impression
gained by visitors, so I will say a word thereon.
We have been impressed with the natural advantages of Cuba, the fertility of her soil, her marvelous climate, the great number of her ports.
We have been impressed with the potentiality in development of the Island
that will come when good roads and improved hotel facilities carry tourist
trade, and in its trail varied business development to every part of the
I speak of the tourist trade especially because the beauty of your
country.
island, combined with its wonderful climate, invites such trade in clarion
tones.
Of course we have seen evidences of the depressed condition of
Having traveled, however, in several foreign countries
business everywhere.
myself within the past few months, and seen the state of depression existing, I do not feel that I can single out Cuba as one country above others
with whom I should weep. All countries are in a state of economic disorganization.
All are suffering from the fact that agricultural commodities
have dropped in price to or below the pre-war level, while manufactured
goods are still selling proportionately at higher prices, a condition bringing hardship and disorganization in its trail.
That is the present condition
In a sense the difficulty is
in the United States as well as elsewhere.
accentuated in Cuba by the fact that you are largely, and to perhaps a regretably large degree, a one-product country. On the other hand, you have
a great advantage over the United States and over many European countries in that labor here has been substantially deflated along with the deflation
in agricultural
commodity
prices.
Cuba, as was the ease with the United States, went through an economic
debauch and is now paying the price, and that price is being exacted by
The faults, if there have been faults, have been the
the economic law.
They have not been the faults of a few, nor have they been
faults of all.
the faults existent in other countries reacting in turn upon Cuba.
But I truly believe that the worst is over and that Cuba is on the mend,
though the mending process will be no more rapid here than elsewhere.
We are entering the period where competition will enforce economical production, and where only that producer, that manufacturer, that business
man, and that laborer who is willing to work hard and with great efficiency can continue in the race.
Only economy, thrift and sound business
practice on the part of the Cuban people will keep the control of Cuban
industry in their hands, where it truly belongs. The time is at hand when
the frills in commercial and individual life can have no place, and where
property and contract rights and the laws of the land will and must be
enforced with all the insistence of the economic law.
The working out of
the economic law is a slow process at best.
I feel, as you all know, that
Cuba is not being treated with great fairness in the tariff regulations of
the United States.
I am not hopeful of any early curative, but I am veiy
hopeful that the burden of the tariff will not be increased.
As time goes
on, justice and fairness will prevail, bringing about an assurance of that
prosperity for the Cuban sugar producer to which the cheape.st producer is
economically entitled. I do strongly feel, however, that to bring about this
end, Cuba needs more friends in the United States, and the business men of
Cuba must not leave to their statesmen alone the burden of presenting
Cuba's case before the tribunal of the American people.
Artificial props
to sugar prices, such a.s regulating commissions and laws for crop curtailment, I cannot find sympathy with.
Obeisance to the law of supply and
demand and watchfulness to have the justice of Cuba's case always clearly
presented to the American public will do more than all el.se to bring about
stabilization of industry and normal flow of trade for Cuba.
I not only feel,
I know, that from the standpoint of government finance Cuba is on the mend. A loan to Cuba, small in amount, to be sure,
a loan in which our institution has participated, has been made in New
York during the past week. It will, I believe, be the forerunner of a
Our own Government is rightfully insistent
larger loan in the early future.
on the balancing of budgets in Cuba, and on a financial program leading
to the establishment of a high national credit here, before permitting our
bankers to proceed with Cuban Government finance in a major way. With
the progress assured, there is little question in my mind that a Cuban
bond issue will be readily accepted by American investors.
If she would hold the respect and confiOnly this I charge you with
dence of the financial world, Cuba must put her house in order.
She must
legislate wisely, she must enforce her laws as enacted, she niu.st have
economical and highly intelligent and honest political and commercial administration.
With these things assumed, the future path is as bright as
for any country of which I know.
I think you, our good friends in Cuba, are entitled to receive, and indeed I am delighted to make, a statement as to the policy of the National
City Bank with reference to this Isl.and.
In accordance with the plan for
international banking development, a branch of our bank was established
in Havana in August IQl.'j, and a network of sub-branches was spread the
length and bre;idth of the Lsland.
This was done with a rapidity that
necessarily carried with it a percentage of error in location of branches
and in development of staff.
Our institution went through with you the period of the sugar boom,
and I regret to say contributed her share to the "dance of the millions"
:
[Vol. 114.
giving encouragement too freely for the over-expansion of sugar mills,
and for the carriage of sugar at high prices.
While a lender popularizes himself while lending freely, a creditor is
seldom popular when pressing a debtor for payment of a debt the means
Thus, it is only to be e-xpected that
of payment for which are not at hand.
we have from time to time been open in Cuba to attacks of those who unjustifiably, we believe, have publicly criticised us and have attempted to
disturb that state of public confidence which must always be one of the
in
greatest assets of the banker.
Since the deposits of our clients in Havana and throughout our Cuban
of the total resources
branches, however, constitute something less than
of our institution, it is obvious that the only possible effect of withdrawal
of funds here as a result of this temporary lack of confidence was merely
to cause us some mechanical inconvenience incidental to the transfers of cash.
The financial .strength of the National City Bank was not affected, and
could not be affected if every Cuban depositor were to withdraw his funds.
The full resources of our world position stand behind each Cuban deposit
The storm in Cuba having passed,
that is lodged in any of our branches.
I am pleased to s.^y, confidence and sanity seem to be again asserting themselves, and our deposits are building up.
Of course we must continue to expect a certain degn'ee of friction from
shall endeavor
those wliom we are pressing for payment of just debts.
to be fair in that process of collection, and it will be our intent to be as
lenient as circumstances can possibly justify.
In the working out of loans to plantations throughout the Island, I regret to say, we arc in many cases in such a predominant position as creditors that we have found it necessary to temporarily take over the management or supervise the control of sugar properties, necessitating on our part
It is our sincere hope that under
a separate owanization for this work.
somewhat clearer skies original owners may be able to take back the management of these properties and find a way to eliminate us from the predominating position we now hold. It is far from our desire to become ownOur institution is a reservoir for
ers and operators of sugar properties.
the surplus f\mds of every community in which we are active and our proper
function is to use these funds in lending operations for the conduct of current business.
It is not our function to use these funds for fixed investment in agricultural or manufacturing properties, and you may be assured
that as opportunity presents, we shall welcome a change in the existing
status, to the end that we will be a factor in sugar mill operations in Ouba
only as bankers and not as owners or managers.
I find that we are criticised here and there for not at present lending
If you wiU realize two factors,
funds more freely throughout the Island.
3%
J
"
We
you cannot but be sympathetic with our present policy of somewhat restricting the extension of credits.
We are essentially trustees of the funds of
our depositors, with whom we contract to pay their deposits at any time
on demand. In the present disorganization of business in Cuba, there ia a
natural restriction of the class of liquid credits which, viewed from this
Again, it is but fair that an inangle, are proper for our consideration.
ternational banking house such as ours should maintain some relation between the deposits in branches in any specific country and the amount of
credits extended in that country.
We are to-day extending credit to the
business interests of Cuba in an amount that is out of proportion to the
deposits that the people of Cuba have with us.
As such deposits increase
with a return of confidence in banks in general, a confidence which has been
shattered by the failure of certain of /our local institutions, and as the
confidence of the Cuban people is established with respect to our instrtntioB
in particular^a banking institution, supervised and regularly examined by
the Government of the United States, and holding the dominant position
and such confidence is
of size and strength in this Western Hemisphere
reflected in their deposits with us, then our extension of credits on this
Island can be proportionately broadened.
Our visit has shown us that here and there are cities on the Island where
possibly our service should be extended by the establishment of branches
where now we have none, and on the other hand it has shown us that we
now have certain branches in localities which can be adequately served by
other nearby branches.
Thus, here and there we may perhaps close some
branches already established.
In recent months we have made mai^
changes in the management of our Cuban organization, and that work will
go on. By training more Cubans in American banking practice and giving
them greater opportunity to study our operations in head office, and by
generally raising the calibre of Americans for foreign banking sen-ice, we
shall hope to
gradually increase the efficiency of our staff in Cuban
branches, concurrently increasing the respect of and cordiality with our
clients on the Island.
The National City Bank came to Cuba believing that with profit to Itself it could be of service to you.
It has lived with you through periods
of inflation and deflation, through prosperity and depression.
It has become an institution in this Island, and it proposes to remain with you and
to take part in your great future development in which we so firmly believe.
We shall endeavor to so conduct ourselves that we will eversrwhere
be regarded as good neighbors, and as an institution whose continuing existence with you, based on mutual interest, and cordiality of relationships,
may be considered an integi'al part in your national, commercial and finan-
—
cial structure.
We return with a better understanding of your business enterprises and
your many problems, with a greater confidence in the ultimate working out
of those problems and in the great future that lies ;ihead for Cuba.
Friends of Cuba, wherever they maj' be in the United States, cannot but
be helpful to this Island, and we return more firmly believing in the Island
of Cuba and in her people than ever before, and with our sense of friendship deepened by the many kindnesses which have been shown us at eveiy
turn.
REPORT OF FEDERAL TRADE COMMISSION ON WESTERN PINE MANUFACTURERS' ASSOCIATION.
A report dealing with the methods and purposes of the
Western Pine Manufacturers' Association, was sent to the
Senate on Fob. 15 by the Federal Trado Commission. Chairman Gas kill,
in his letter of transmission, said:
To the President of the Senate and the Speaker of the House of Representatitea
On three occasions during the past year the Federal Trade Commission
has sent to Congress and at the same time nia<ie public, reports shelving the
existence of practices in restraint of trade, on tho part of various organized
groups of lumber manufacturers. Tho most important of these groups
were the Southern I'ine Association of New Orleans, La., and the West
Coa.st Lumberman's A.ssociation of Seattle, Wash.
Tho reports are tho result of an inquiry made at the request of the Department of Justice, and in each instance, the report and the evidence on
which it is based, has been transmitted to the Department of Justice, as wdl
as to Congress.
il
"
_
•
_
THE CHKONICLE
Feb. 18 1922.]
In two of these reports passing reference was made to the activities of the
Western Pine Manufacturers' Association, with headquarters at Portland.
Ore.
Since the teiTltory in which this organization operates is the nation's
third largest producing section for softwood or construction lumber, and
the lumber there produced is becoming an increasingly important factor in
the construction needs of the country, as a whole, the Federal Trade Oommisslon, having completed its Inquiry as to the practices of this association and their effect upon competitive conditions, acting under paragraph f
Section % of the law creating it, now considers it advisable in the public
Interest to present for the Information of Congress and the public, a special
and more exhaustive analysis of this association's activities.
The
chief subjects treated in this report are as follows:
Origin and Scope of Lumber Inquirj' by Federal Trade Commission.
Position and Influence of Western Pine Manufacturers' Association in
the Industry.
P^ice Activities of Western Pine Manufacturers' Association.
Prices, Costs, and Margins of Western Pine Manufacturers.
Price Activities of Box Bureau of WQstem Pine Manufacturers' Association
Price Activities of Montana Lumber Manufacturers.
Relation between Association's P^ice Fixing Activities and its Use of
Common Freight Basing Point.
Relation Between Association's Price Fixing Activities and Practice of
Scant Sawing.
Relation Between Association's Price Fixing Activities and Uniform
Discounts to and Discriminatory Classification of Wholesale Trade.
"Open Price" Features of Western Pine Manufacturers' Association
Methods.
Between Western Pine Manufacturers' Association and
West Coast Lumbermen's Association.
Cooperation Between Western Pine Manufacturers' Association and
California and Minnesota Pine Producers.
Restriction of Production Under Auspices Western Pine Manufacturers'
Cooi)eration
Association.
Long Continuance of Foregoing
Activities
by West«m Pine Manufac-
turers' Association.
By
order of the Commission:
XELSON B. GASKILL, Chairman.
summary of the report by the com-
(Signed)
The following is the
mission relating to the Western Pine Manufacturers' Association:
Februaru 11 1922.
Acting at the request of the Department of Justice, the Federal Trade
November, 1919, commenced an inquiry into the practices
of various associations of lumber manufacturers more than a year ago and,
as the work progressed, has transmitted to the Department of Justice the
With
results of its inquiry with the evidence supporting its statements.
the consent ot the Department ot Justice, the Federal Trade Commission
has also made public reports covering the same subject matter. This
Commission,
report
in
one of that
is
series.
The present
report deals almost entirely with the methods and purposes of
the Western Pine Manufacturers' As-sociation. and as readily seen is based
ui>on documentary evidence secured from the files of the association and its
more prominent members. It should be understood that even this rather
detailed presentation is far from exhausting the documentary evidence in
the Commission's possession.
The ultimate conclusions of fact which the Commission believes are
warranted by the documentary evidence secured and that analyzed herein,
may be summarized as follows:
First.
The lumber manufacturers of Idaho, western Montana, eastern
Washington and eastern Oregon have organized and conducted the We.stem
Pine Manufacturers' Aissociation for the primary purpose of agreeing on the
prices of their lumber, most of which is sold in the market of the Middle
West. The activities of the as.sociation in advancing prices by concerted
action were contemiKiraneous with a steadily rising price level between 1915
and 1920.
.Second.
Notwithstanding price reductions from the peak of the runaway
market of 1 91 9- 1 920. ranging as high as 88^ on the lower grades, most of
the present prevailing quotations are far in advance of war-time levels and
none touch pre-war levels. On upper grades of Idaho white pine, prascnt
quotations are substantially higher than those prevailing at the peak of the
runaway market in February. 1920.
Third.
The price advances made by prominent members of the Western
Pine Manufacturers' Association, during the runaway m;irkr;t of 1919, were
characterized by the more conservative members and manufacturers as
"radical," "Incredible," and "tremendous."
The President of the association referred to them as "anarchistic" and the secretary warned that they
"were inviting an effort to nationalize the lumber Industry soon." The
directing head of one of the most prominent Interests in the Aasoclatlon
In 1918 characterized a certain price level as "absurd," "exorbitant." and
tatcd "It will never stand InvcKtlgatlon." Yet this level was ruachod and
paswid In 1919 and 1920.
Whon prices had reached their peak In February,
1920. and demand waa wavering, an advertising campaign was proposed to
ttimulatf It.
Fiiurlh.
In perltKls of dopreaslon, the Association members have rem>rU:<l to roncort<:d regulation of production for the purposn of nialnt.-ilnlng
the prices arrlvwi at through cunr.nrU'A action, and as a basis for recurring
cyclos of lncri;;is/;d prlcMi when d<;mand springs up again.
In the fall of
1921. prlc',-s wore again advanced on the l);isls of depletefl stocks brought
ftboiit by a reduction of over r>(}% below normal In the 1921 output. Notwithstanding a n.vtlon-wlde housing shortage, members estimate that their
prr>di.r.lion for l'i2^^ will not be over ."iO to W,o of Ihelr 1921 production, and
there Is trade talk of another runaway market
h ifIh. -Hinm: t.hi-\r •' •i-.i\f,n. In 190.'), the Assf >rla tlon members h;ive
riven united and urii
atl4-ntii<n to the control of prlres and pro
The most n:. ;, .^ ., d efforts of that char;icter were Indulged In
ductlon.
bjr this group shortly following expimure nt lutnlier manufacturers' a»HoelaUon metho<ls by the Mureau of CorpornMons In 191 I
The oxlgenrli-s of
Ihn world war merely streiigtheniHl the efflrlenry of their conclusion and
there bt reason U> believe ilua the Cofnmlsslun's Inviistlgnllon In 1920 has
bAd no deterrent effi-et.
Stlth. — Approilmafyly HI)"',, of the lumber output of their territory In In
tlM bands of members of the W<!<(t<Tn i'liie .Mnnufaetiirers* AsMoclatlon.
Hloct) the owiiernhip of nUndng timber In tlili territory U In the hands of a
relatively few strong ronrerns. most of whirh are member* of the A««orlnMon. the p<»wer of the sMor-latlon over the nmrkei. fur Its wcM)dN will ulmoat
Inevitably ln»Tr ji«»>. unlriw reslr.iintvl by Judleinl action.
Hrtrnlh.
The ajw/irl.ttlon members have been prnrnlnent In the miilnt'v
n»nre <if a I'.ox lliir>au Mirfiiigh whleh prleen df lioxen nnd lnn material Imviboon flie«) l,y r>>n<'erter| arllfin. The prices so fl«e<| have been n dlnei
charge upon Ihr fnilt growing Industry of llie iu>-r;ille<| Inland Ktnpire and
mnuntnio MUl«-s. as well nn up»>n the meal pkcklnff industry c»'nter>>d nt
—
—
—
—
Eighth.
The members of the Western Pine Manufacturers' Association In
Montana have a separate organization which fixes prices within that fltate,
and which are followed by the other districts of the as.sociation. Outside
the State the prices of the Western Pine Manufacturers' Association are
followed by the Montana mnaufacturers.
Ninth.
In order to make the uniform prices promulgated by the Association effective, not only at point of shipment, but at destination, the members have adopted a common freight basing point.
This frequently Involves additions to mill prices in the shape of unpaid but arbitrarily calculated freight.
Tenth.—'Like many other organized groups of lumber manufacturers, the
members of the Western Pino Manufacturers' Association designate and soil
their lumber by dimensions which are larger than the actual size, a practice known in the trade as scant sawing.
The association has standardized
the extent of ttiis dJ.screpancy in an effort to eliminate what was characterized as a form of price cutting.
It has penalized this form of price competition by the imposit'on of a heavy price differential on stock which exceeds the official standard of ttiickness by as little as 1-32 of an inch.
Eleventh.
As an adjunct to maintenance of uniform prices, the Western
Pine Manufacturers Assodafon has endeavored to standardize the discounts from the official prices which its members allow wholesalers and to
secure common recognition of those concerns which are entitled to such
discounts.
Powerful retaii concerns have been given the advantage of these
wholesaler's concessions by individual members of the association.
Twelfth.
The association has certain so-called "open price" activities,
but these have been incidental and supplemental to the fixing of prices by
—
—
—
agreement.
I
,
Otdcmiio.
—
Thirteenth.
There has been an active co-operation between the Western
Pine Manufacturers' Association and the West Coast Lumbermen's A.ssociation, with the purpose and effect of harmonious action on prices and
production. The action taken by each group is promptly communicated
to the other and the information conveyed has frequently been the basis of
similar action by the other.
On certain woods the Western Pine Manufacturers' Association adopted not only the price of the West Coast, but the
coast freight rate as well, although several hundred miles nearer the consuming markets than the coast.
Fourteenth.
There has been active co-operation between the Western
Pine Manufacturers' Association and the producers of pine In California;
with the purpose and effect of harmonious price action on "shop" lumber;
much used in the manufacture of sa.sh and door.
NELSON B. GASKILL. Chairman. JOHN F. NUGENT.
—
VICTOR MURDOCH.
HUSTON THOMPSON.
THE INCOME TAX—INFORMATION ON INCOME TAX
TO BE FURNISHED AT MANY POST OFFICE
STATIONS.
Postmaster Morgan has arranged with Frank K. Bowers,
Collector of Internal Revenue, to afford facilities at the
General Post Office and 11 different stations of the New York
Post Office for representatives of the Internal Revenue
Department to give information concerning the income tax,
and such representatives will also be prepared to administer
the necessary affidavits.
It will thus be possible for a person
who cannot conveniently visit the office of the Collector to
fill in the necessary forms and to purchase a post office
money order in paj^ment of the tax with the minimum effort
and loss of time. The stations of the New York Post Office
are open for the issue of money orders from 8 a. m. to 8 p. m.,
and special arrangements will be made tliroughout the income
tax period for the prompt issue of money orders at all the
The following is a list of stations where the
representatives of the Internal Revenue Department will
be assigned, but the issue of money orders is not confined
to these, and such may be purchased at any station or
sub-station.
General Post Office 8th Ave. and 31st and 33d streets.
Station D
S.W. corner of 13th St. and 4th Ave.
Station H
178-180 West 102d St.
Station J 309-311 West 12.5th St.
windows.
—
—
—
—
Station L— 2089-2097 Lexington Ave.
Y—
Station
205 East 67th St.
City Hall Station Broadway and Park Row,
Grand Central SUitlon— 1 10 East 45th St.
Hamilton Grange Station— .''.21-523 Wost 146th St.
Madison Square SUition 33-39 East 2lKt St.
Times Square Station— 231-241 Wost 39tli St.
Varick Street Station Varick St. between Beach and Lalght.
—
—
—
—
.
705
LUXURY TAXES
STILL IN FORCE.
The following statement was issued on F«>b. 1.') l)y Frank K.
R()W(Ts, CoIIi'ftor of IiiffTnal H(!veiiiio for the 2d District,
Xew
York:
with the repeal by thn Revcmue Act of 1921 of the so-called "hixiiry tax"
on articles of men's and women's wearing ;i|ip,'irel and oilier eh.'ingen In
tux leglNlatlon, the Itureau of liit<irn.il Revenue Ims Issued new regultitlons
(17 and IS) relating respectively to the «rxciso tax on s-iles by the manufacturer of certain arllcli-s, aulomolilleH and accessories, ciinerns, candy
fire urms, cigar and cigarette holders liveries, hunting garuienls. carputii,
rugs, trunks. Sic, and the excise tux on works of art .'iiid Jewelry.
principal changes In the lattiT U'lxes am that (he tax on works of
from 10 to
and thiit the tax on Jewlry and similar articles,
which remiilnM at .'i% no longer Includes gold or silver ornamented gla.ssea
or speetitcles.
The U\x on Works of art atlaelie<< on nil wiliw except thn
original Kile by the ,'irtlst, a side t<i an odurutloual Institution or public
art museum and sidei by ile.diTs for reside.
While the tax on musical Instruments hiis bo«>ii repealed eertiilti Instruments such as ranitieN. clarlnels, Ae,. If mndn of or urnuinents with silver
or other pr<"e|i)us metnls are taxable.
I'ounlidn (Hins ecpdpped with gold ism points nrn nisn tAXablo,
Monthly returnM ami imynients of the Inx on works of art and Jewelry
are rerpilre<| of the vendor.
H.wllon 1K»4 of the Revenue Art of 1921, wblrh In thn Kevenue Act of
1918 IneluderJ the Inx on eertjdn urlleli-d of wenrlng apparel provides only
for a tnx of
of thn amount paid for the following arLlclns In nxress of
The
art Is reduce<l
5%
5%
—
THE
706
CHKOISITCLE
the following prices: carpetB, S4 50 a square yard; rugs. $6 a square yard:
trunks, $35 each; valises travelling bags, suit cases, hat boxes used by
travellers, and fitted toilet cases. $25 each; purses, pocket books, shopping
ftDd hand bags. $5 each: portable lighting fixtures, lamps of all kinds and
lampshades. $10 each, and fans, $1 each. This tax Is not payable by the
purchaser, but by the manufacturer. Importer, or producer, who are
required to make monthly returns and payments.
Copies of regulations 47 and 48 may be had by personal application at
the office of the Collector of Internal Revenue at the Custom House and
St the following branch offices. No. 4 Union Square; No. 1416 Broadway.
at .39th St.; No. 1819 Broadway, at Columbus Circle, and No. 310 Lenox
Ave. at 126th St.
OPINION ON METHOD OF CONVERSION OF STATE
BANKS IN TEXAS TO NATIONAL SYSTEM.
An
opinion relative to the mothd of procedure under the
Texas Banking Law for the conversion of a State bank into
a national bank has been given by the State (Texas) Attorney-General's Department, through Assistant Attorney-General Thomas L. Beauohamp to the State Commission of
The details of the opinof Insurance and Banlring E. Hall.
ion as given in the Dall.us "News" of Feb. 3 follow:
Whenever the board of directors of a solvent bank desires to close its
business for any purpose, whether it be to organize a national bank or
not, the opinion says they shall call a meeting of the stockholders to vote
upon the proposition, first having given sixty days' notice thereof by publication once every week in tiie newspapers published In the county or city
In which such bank is located, and also by mailing notice at least sixty days
prior to the date fixed for such meeting, addressed to the stockholders at
As a matter of course, this notheir usual place of business or residence.
tice may be waived by instrument in writing signed by each stockholder.
Two-Thirds
When
Vote.
hekl. a vote upon the proposition shall be taken
by ballot and there.soliition and vote thereof shall be recorded in the minutes
A vote of two-thirds shall be necessary to auof the board of directors.
thorize the board of directors to wind up the business of the corporation.
Following this copy of such proceedings, certified by President and Secretary, shall be filed with the Secretary of State, after which the board of
directors shall give notice to all depositors, creditors and stockholders of
the adoption of the resolution to dissolve by publication once a week in a
daily or weekly newspaper for throe montiis thereafter, and by a written
or printed notice personally served upon or mailed to every depositor,
The bank should then pay all sums due to the
creditor or stockholder.
depositors and creditors who may have funds and who claim the money due
the meeting
is
George Jarvis Geer Jr. and John J. Sample were appointed
Assistant Vice-Presidents of the Guaranty Trust Co. of
New York at a meeting of the executive committee of the
board of directors on Feb. 9; it was erroneously stated in oar
issue of a week ago (page .595) that Messrs. Geer and Sample
had been made
of thjB foreign
company.
department.
At the annual meeting of the stockholders of the CommerBank & Trust Co. of Bridgeport, Conn., held on Jan. 17,
cial
it was decided to increase the capital of the institution from
$150,000 to $300,000 by the issuance of 1,500 shares of new
stock of the par value of $100 per share.
The new stock is
now being offered to stockholders of record as of Jan. 17 at
$125 per share, on the basis of one share of new stock for
each share of old stock, payment for same to be made as follows: $12 50 per share Feb. 15 1922; $12 .50 per share June
15 1922; $37 05 per share Oct. 16 1922; $51 25 per share
Dec. 15 1922, and $31 25 per share Feb. 15 1923. The bank
plans to erect an appropriate banking home at a cost not exceeding $150,000. The officials of the Commercial Bank &
Trust Co. are as follows: Albert W. Tremain, President;
Roderick J. Mackenzie, Vice-President; Harold C. Main,
Secretary, and AJbert J. Endean, Treasurer.
The Ridgefield Park Trust Co. of Ridgefield Park, N. J.,
announces that the following have been elected to the board
of directors during the past month:
Wm.
P.
New York
Payment of Claims.
Upon the expiration of six months a statement from the books of the
corporation, showing the names of all depositors and creditors who have
not received the balance of their credits with the amount due them, shall
be made and certified by the President and Secretary and filed with the
York City.
State Treasurer, together with a remittance equal to the total sum to be
Tre.iflurer to pay the claims of such depositors
and creditors. When all depositors have been paid in full, and after the
expiration of three months' publication, in the event all depositors are
found and paid, and after six months in the event some of the depositors
and creditor.s are not found within the time, and the money has been placed
with the State Treasurer to meet their claims, the balance of the a.s.sets of
the bank shall be divided among the stockholders ratably. Thereupon
the directors shall file with the Secretary of State the certificate certifying
the steps that have been taken and surrendering the corporate franchise.
Vice-Presidents of the
At a meeting of the board of directors of the American
Exchange National Bank of this city on Feb. 14, Arthur P.
Lee, Herbert N. Armstrong, Charles E. Meek and Howard
Marshall were appointed Assistant Vice-Presidents. Walter
B. TalLman was made Cashier and elected Secretary of the
board. George A. Polsey was appointed Exchange Manager
them.
be deposited with the State
[Vol. 114.
A
Marsh. Secretary and Assistant Treasurer of the Borden Co..
City; L.
M. Adams,
President J. J. Little
&
Ives Co.,
New
meeting of the West Side Trust Co. of Newark,
be held on Feb. 21 to vote upon the proposal to
increase the Capital stock of the company from S200,(K)0
to $300,000.
The neAv stock, par $100. will be disposed of
at $250 per share, and the enlarged capital is to become
operative March 31.
Ray E. May ham, Comptroller and
and Trust Officer of the West Side Trust Co., has been
elected a director.
N.
special
J., will
>
Nathan A. Haas, formerly a Vice-President of the Penn
Trust Co. of Allen town, Pa., was elected President of the
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
institution at a special meeting
No sales of bank stocks were made at the Stock Exchange Mr. Haas, who is a prominent
this week, and only 5.7 shares of the Corn Exchange Bank
stock of this city were sold at auction at 362.
This is an
advance of 02 points since the last previous sale in June 1921.
There were no transactions in trust company stocks.
BANK
Shares.
6 7-10 Corn
Nero York.
Exchange Bank
A New York
Sto.'ik
Low.
362
High. Close.
Last previous sale.
362
362
June 1921— 300
——
Exchange membership was reported
posted for transfer this week, the consideration being stated
an unchanged figure from the last preceding sale.
as $88,000,
In making known the ptirchase of controlling interest in
the stock of the Lincoln Trust Co. of this city by interests
Identified v,nih the Mechanics & Metals National Bank.
an official statement, given out at the Mechanics & Metals
National late yesterday afternoon (Friday) said:
Interests identified with the Mechanics & Metals National Bank of this
,
have today purchased the controlling interest in the stock of the LinMessrs. Krank J. Egan, the Chairman of the board, and
Alexander 8. Webb, the President of the Lincoln Trust Co., under whose
able management the company has shown marked development and progress, will continue in their respective official positions.
These gentlemen,
city
coln Trust Co.
together with the other members comprising the otficial staff, will continue
in charge of the management of (he business under the general banking
policy of the Mechanics & Metals National Bank, with the ultimate object
in view of merging both Institutions and continuing the head office and
branches of the Lincoln Taist Co. thoreaft<>r as branches of the Mechanics
&
Metals National Bank. When in due time this has been accomplished
the Mechanics & Motals National Bank will have twelve or more branches
throu(;hout the city inst«ad of nine as at present.
Brown Brothers & Co. kave issued a table of foreign
currency, giving values in lorms of the dollar, at both prewar and existing rates of exchange. The table"affords a
brief analysis of the money in nineteen oountries, showing
monetary standards, currency unit-s and subsidiary coinage.
of the directors on Jan. 28.
business man of Allentown,
succeeds Martin E. Kern.
Learning, in Paris, that his name
Avas being connected with certain sensational allegations relating to the sale of the Bosch Magneto Co., Mr. Kern on
Jan. 27 cabled his resignation as President of the bank rather
than embarrass the institution. At the same time, he stated
The
that the charges against him were absolutely untrue.
Allentown Clearing House have made a comi)l(!to audit of
the accounts of the Penn Trust Co. and have found the bank
in a safe and sound condition.
According to a special dispatch from Erie, Pa., under
date of Feb. 10, to the Cleveland "Plain Dealer," Judson T.
Suodgrass, formerly Cashier of the Bank of Conneautville,
Conneautville, Pa., whose arrest on charges of misappropriation of partnership money and fraud in connection with the
keeping of partnership books and records following the failure
of the bank Avas reported in these columns in our issue of
Feb. 11, was on that date (Feb, 10) sentenced by Judge
Prather to an intermediate term of 12 to 16 years in the
Western Penitentiary at Pittsburgh, following a plea of
guilty, which he had made the ])receding week in the Crawford
County
courts.
It is further stated in the dispatch that
on the urgent request of the assignee of the bank, its President
and many citizens of Conneautville, Judge Prather was
permitting the prisoner to remain in the Countj' Jail for 60
days in order that his services might be availed of in straightening out the books of the failed bank.
Austin McLanalian, junior partner in the firm of Alexander
Brown & Sons of Baltimore, was elected President of the
Savings Bank of Baltimore at the re-organization meeting
on Fob. 8. He succeeds Charles C.
Homer, who resigned on acoount of ill health. The only
of the directors held
THE CHKONICLE
Feb. 18 1922.]
made at the meeting was the election of
Blanchard Randall as a member of the executive committee
of the bank to fill the vacancy caused by the resignation of
other chango
R. Curzon Hoffman. The officials of the institution are
as folloM's: William H. Conkling, Chairman of the
Board; Austin McLanahan, President; S. Sterett McKim,
Vice-President; Frederick A.
Hoffman, Viee-I^resident;
Thomas Cradock, Treasurer and James K. Steuart, Assistant
Treasurer. The executive committee consists of C. H.
Koppelman, Waldo Newcomer, Harry Pahnestock, W.
Kennedy Cromwell, Blanchard Randall, W. H. Conkling,
Austin McLanahan and S. Sterett McKim. Mr. McLanahan will probably not be able to devote his whole time to
the bank until about JSIarch 1.
Commenting on Mr.
McLanahan's retirement from his firm, Mr. Alexander
now
Brown
said:
Mr. McLanahan
retires from the junior partnership in our firm to accept
the Presidency of the oldest and largest savings bank in Baltimore.
He
is attracted by the opportunity to render a genuine public service in the
management of this great mutual savings bank, and, appreciating his feelings, we have encouraged him to accept the position, although we will
greatly regret the lessening of the opportimity for the intimate personal
association which has existed between us.
Mr. McLanahan was elected a director
Bank of Baltimore at the annual meeting
Feb.
of the Savings
of the
bank on
7.
707
The First Trust & Savings Bank of Rock Island, 111., has
taken action toward increasing its ca))ital from $100,000
to $200,000.
The additional stooJc was authorized at the
annual meeting on Jan. 11 and will become effective about
May 1. The new stock (par 3100) is being sold at $135 per
share, the actual book value.
Tho bank began business on
Jan. 24 1920 and on Dec. 31 1921 reported deposits of $714,018 and total resources of $949,720. C. A. Beers is President; C. C. Clarke and E. J. Dougherty are Vice-Presidents;
P. O. Liitt is Cashier, and R. P. Gilloley, Assistant Cashier.
E. V. Kaiser, office manager of the First Wisconsin NaBank of Milwaukee, was on Feb, 9 appointed Assistant
Cashier. Mr. Kaiser has been with the bank for more than
fifteen years, having entered the old Wisconsin National
in 1906 and worked his way up from the bottom.
He became a member of the First Wisconsin staff on the consolidation of the First National and the Wisconsin National in
1919.
He is one of the charter members of the Office Managers' Association of Milwaukee and the present Treasurer.
tional
•
A
press dispatch from Washington, D. C, on Jan. 30,
printed in "Financial America" of the same date, stated
that the First Territorial Bank, of Lo\ington, N. M., was
insolvent, according to a bulletin issued by the Federal
Reserve Board.
L. Pierce of the New York Trust Co., New York,
was elected President of The Liberty Trust Co., Cumberland,
Md., at a special meeting of the board of directors held at
Cumberland Feb. 10. He succeeds Hugh A. McMullen
who has been the head of the trust company since its organization two years aj»o, and who accepted the responsibility
at that time with the distinct understanding that he would
be relieved when the various departments had been organized
and the bank was running smoothly. Mr. McMullen has
been elected Chairman of the Executive Committee. He is
a former Comptroller of the State of Maryland, having
served two terms in this office.
Recently Mr. Pierce was
Thomas
Cumberland and he impressed those who met him as a
bank man of splendid qualifications. He will assume his
new duties about March 10. The officers of the bank are
now: Chairman of the Executive Committee, Hugh "A.
McMullen; President, Thomas L. Pierce; Vice-President,
Charles G. Holzshu; Tresaurer, William Russell Brewer;
in
Secretary, Thoma-s B. Finan.
industrial activity combined with business
more serious than those already experienced featured
first month of the year, says the Cleveland Trust Co
Increased
troubles
"Business Bulletin" for F'ebruary. Evidence of trade
in Cleveland is found in the heavier bank clearings, increased employment, great<jr iron and steel production and present prosT)ects for an ar'tivo and prosperous
yf«T in the building industry. The "Bulletin" says:
n
its
improvement
liuKintTm lnw)lv«'nci«-« durinK January broke all fBCords.
Such rombinatlond of financial Klrrvi and Improving production fronunnlly have been
noted In the latmr utaifos of prnvlrjus periods of dcproNxlon.
Recovery
from dr!pr«>*«lon U alwayn nrconipanU.-d by Mjvpre oompetitlon, InvolvInK
drantlc rf<lurtlons In ovi-rh't-id omti and railing for every poaslblo effort
of produrioR Utrr.on and wlllnij orgiinlzatlon*.
During «uch pcri'^ln many ririOM thai have b«)en ablti to ride thrnus:h Ihr
nrir>nthH of bu<ilnp»i>i utiiirnatlon prove unahU; t<j put forth additional <>rf<)ri»necBBBary U) rogain formir mnrkciH.
Surh r^tubllHhment"! nro MUbmergc*!
at thn vj-ry tlmo grncT.il hii^lnma rondllloMN am h<-glnnlnK t<» IniproviKvldnn'ii cyjntiiiui-n to accuniUlafc that we arc now In one ol lh<in' prrlndn
<>>mrn»rntlnK iipfin lh#- p«'ndlng wildlpnt' t>onu« bill he bank diH-larf-i thai
tho krguni'-nt ul jir'>|i<iii>-ril« that nnny life t>rt;M'nU-<i nx-»icrvli-o men from
I
enioylng civilian a'l. .iiitngtm during exceptionally proRporoux tiniut. U
not Nound.
Tho fact la that th»i opportunltlm for ncnirinit tho hlghmt wngm rnmr
mtlnr tho war and not durlnx It.
Thn uverHRo mjin wirviwj In the army
r
lUioat i,nf
Kor im.^l 'if th'-m th<i pnrli>d of military ptrrvire benari
nnr\y id nndj-Jl In the Bprlng of \',)IU
Thri grenl Increnmi In wage
r.i'.m. of Ihr.
r&UM
had loft thn army. The pf-ak pricivt paid
for IaIkit v.
In Ihi- niiniiiirr of lO'JO,
Thn aviTagn wililliir or willor
mm
>
•
luui
At a meeting of the directors of the Planters' National
Bank of Fredericksburg, Va., on Feb. 7, Captain H. B.
Rowe was elected President of the bank to succeed the later
Captain R. Conroy Vance. J. Conway Chichester was
elected First Vice-President.
At the annual meeting of the stockholders of the Third
National Bank of Columbus, Ga., on Jan. 10, the shareholders authorized an increase in the capital of our bank from
•5400,000 to $500,000, and an increase in the surplus from
§400,000 to $500,000, effective April 1 1922, by offering the
shareholders of record as of Jan. 10 share for share of their
holdings at that time at 140, $100 per share will be credited
to capital account and $40 per share to surplus.
At an adjourned meeting
Company
ihn highmt wage* prov»JI«l.
cfiartfi!
of
Trust
were
The Federal International Banking Co. of New Orleans,
operating under the Edge Law, in a statement issued this
week, as of Dec. 31 1921 shows total resources of $12,579,063
with undivided profits of $90,310. The bank was organized
last year and its stock is owned by approximately 1,300
vSouthern banks.
The institution has particularly directed
its efforts towards the financing of the exportation of
Southern products.
iBjri
,
«
A. P. Giannini, President of the B:uik of Italy, San Fnmcisco, who has been spending several days in Now York,
before starting an <'ight montlis' tour of the world, contemplates a visit to practically every country of Europe and
.Asia, terminating next faJl, when ho returns lo San Entucisco
by way of tho Orient.
IntHrosls willi whic^h CJiannini is
identified, recently extended their operations in tho East,
through the puriihusn of tho Coniini>rc,i;i,l TniKt C'o. in Now
York ('ity. It is th«'rofor« oxpiMittxl that Mr. Giannini
will devote at least a portion of his Now York stay to matter.i
fjf a buHines.s ruiturc
('ountrit'.s to bo visilod by Giannini
iiicludo Franco, England, lUily, liuHsia, Gn<oco, Turkey,
India, China antl Japan.
PosHiblo jwidilionH or alterations
ill this itiiiomry may Ihi m.-Khi, dopeuiliiig upon traiusportalion fucililioH.
Wo provioiiHly roforred. in "nr is>u4 of
h\h. 4, page 492, to Mr. (lianniiii'H trij).
-
Hank
At a
had
of the shareholders of the
of Georgia, Atlanta, held on Jan. 27, there
to the board three new directors, viz., Thomas K.
Glenn, President Atlantic Steel Co., Atlanta, Ga.; R. D.
Cole, President R. D. Cole Mfg. Co., Newnan, Ga., andf
Samuel Tate, President Georgia Marble Co., Tate, Ga. _Tho
officers for the ensuing year will be elected at a meeting ot
the directors to be held on Tuesday, Feb. 14 1922.
.\t
refill Kiifiini; of thft dlrrrfttors of thr» FirHf, Knifl<<wood
Htat<! Bank of ('hicntro. III., W. M. CloUlMhfrry. AHKJHfnnl
<;a«hif)r, wnn pUh-UhI Vlc«>-I*re»«i«l«'nt.
K. N. Baty, who ha»
»
and
-
I
lxr<ir>-
r><!«iirM
capital of $60,000
added
H. Vernon I^eitch was elected Assistant Secretary of the
Baltimore Trust Co. of Baltimore, Md., on Feb. 9. Mr.
Leitoh has been with the company since the merger of the
Baltimore Trust & Guarantee Co. and the International
Trust Co. in 1910, and has been associated with its trust
department.
ithe
The bank had a
deposits of about $100,000.
th<i 'l«<i)artmi«nt
of
now
hiiHincs-t, aiul .FarinM
ifui^hrw. forini-rly of tlm rontirxtntal A, ConiniDrciul Nali(»iiiil
Mftnk of Chion*ro, w«t»' miuln AiutintAnt
(,'anhi«tni.
^^
u Hpeciul goiiernl tuooling of tho shareholdors of the
of Monln>iil «)fi K«(b. 15 tho pr<)ix)Hod .-ihsorption of the
MerchutilM Bank of
Ciifi.ad.i !)y
llio iiiHtilulion
wuh
ratiriod,
Montreal on Eel). 15
diH|)iit^<li from
of
iIiIh oily of thti HUfn**
the "Evening PoHt"
.ucordiiig lo u j»r<ss
appearing
dale.
in
Ah previoinly
^ln,l<•d
in
these (M)linnnri, tho
HanU
of
M«)iitreal in U» give one nliaro of itn Hlook for eiwh two sharoH
of Iho Mert<hantH Bunk of (/amwia Hlo<)k, pluH il,iVA),(¥H) in
cat^li, whiel) reproM-nlt an u4lditlorukl $10 per nharo.
3
THE CHRONICLE
708
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
ENGLISH FINANCIAL MARKETS— PER CABLE.
of
of
GOLD.
of England gold reserve against its note issue is £126,922.995,
as compared with £126,621,160 last week. A fair amount of gold was
again on offer, most of which was taken for the TTnited Statas of America.
To-day's quotation for fine gold 9,5s. 9d. is a fresh low record since the
Institution of a price for exportable gold in Sept. 1919, and represents a
premium of only 12.9% on the pre-war Bank of England bujing price.
There is no definite news as to when the Rand strike is likely to terminate,
but there are indications that the miners are showing some anxiety to be
back again at work. We learn from Bombay by letter dated 14th ult.
that the report about the strike in South African gold mines has had a
steadying effect on the price of gold in that market. A moderate speculative business was doing in the bazaar and the up-country demand was
about 15,000 tolas per day. The Southern Rhodcsian gold output for
Dec. 1921 amounted to 55,968 fine ounces as compared with 53,098 fine
oimces for Nov. 1921 and 46,190 fine ounces for Dec. 1920. Approximatelv
6% of the gold production of the world is coming from the mines of Porcupine and Kirkland Lake in Canada. The output from these mines during
1922 is expected to reach nearly 1.000,000 ounces. One mine, the Holliugcr
Consolidated, is said to be producing about two-thirds of this output.
The French imports and exports of gold during 1921 were as follows:
—
—
—
Bullion
Coin
-
Imports.
12.654
61,052
Exports.
73,706
100,205
Total..
92,412
7,793
The Statistical Office of the Swiss Customs has issued the following
particulars of the trade in gold in that country during the first nine months
of 1921:
Bullion.
Specie.
Exports.
Imports.
First quarter
Fr. 19,100,000
Fr. 24,900,000
Second quarter
Third quarter
Total
104,500.000
172,300,000
65,490,000
211,380,000
Ft. 301,700,000
Fr. 295,970,000
The imports were mostly from Russia and Central Europe, and
record. The corresponding import figures for 12
5 years are given as follows:
months
1920.
Fr. 6,200, 000
1917.
1918.
1919.
Fr.35, 100,000 Fr.80, 500,000 Fr.30, 100,000
exports were chiefly to the United States, where, it is worth noting,
the Swiss franc maintained its parity on the New York market as a result
of this transfer of gold.
CURRENCY.
The
following extract from the "Times of India" throw light upon
currency conditions in India: "It is possible that some money may return
to the banks after the holidays, but the outlook is one of firmness for some
weeks to come as no fresh money can be brought into the country by means
of council bills which are not on sale, or by the import of sovereigns, as
the latter would immediately be converted into bullion owing to the high
premiimi on gold. In fact the only relief the market can expect, if the
stringency grows, is by the Government coming to its rescue by again
Inflating the currency." (Dec. 31 1921.)
SILVER.
The market has not been active. China markets have been closed since
the 28th ult. until to-day owing to the New Year holidays. The Indian
Bazaars, impelled by a fear that the Indian Budget expected to be introduced at the beginning of March may contain provision for the re-imposition of an import duty, have been buying silver for prompt shipment and
selling an equal quantity for 2 months' delivery.
This operation, coupled
with a certain amount of bear covering, stiffened prices for a while. The
cash quotation went to a premium of Md-. and operators caught short for
delivery within a week had to pay an additional premium for accommodation.
America, assisted by the improvement in the sterling exchange has
been a seller, but Continental offerings have been but small. The following
figures relate to the French imports and exports of silver during 1921:
—
—
—
BuUion
Coin
Total
Imports.
124,236
11,474
Exports.
135,710
264,493
213,896
50,597
INDIAN CURRENCY RETURNS.
In Lacs of Rupees—
Notes
Jan.
7.
17307
7351
in circulation
Jan. 15.
17291
—
Average price
—
..35>^d.
34J^d.
35.035d.
Jan. 22.
17287
7332
—
35'Ad.
34%d.
98s. 4d.
96s. 6d.
97s. 6.3d.
34,775d.
Silver per oz. Std.
Bar Gold
Quotations
Cash.
2 Mos.
per oz. Fi7ic.
Jan. 27...
34T8d.
34^d.
97s. 4d.
Jan. 28.
35)^d.
34^^d.
•Ian. 30.
35?1id.
34J^d.
97s. Od.
Jan. 31
35!<id.
34»id.
96s. 6d.
Feb. 1
35Hd.
34>sd.
96s. 3d.
Feb. 2
35)^d.
3454'd.
95s. 9d.
Average
35.H5d.
34fi87d.
96s. 6. Sd.
The silver quotations to-day for cash and forward delivery are respectively
iid. and Kd. above those fixed a week ago.
—
—Bar
17.
ounce
Feb. 11. Feb. 13. Feb. 14. Feb. 15. Feb. 16.
Feb. 17.
34H
34"^
34J^
34'4
34H
95s. Id.
9.'5a.ld.
95s.4d.
95s. 4d.
95s. 7d.
.
52^
52H
53M
53>i
94)i
94J^
88
58.60
78.95
94K
87M
55H
96H
H
per cents
52M
per cents
93%
British, 4 H per cent-s.
87H
French Rentes in Paris).. fr. 58
Consols, 2
94
Briti-sh, 5
French
War Loan
The
silver in
in Parls)tr.
price of silver
N.
Y., per oz.
78.95
in.
87^
87H
58.25
78.95
58. .52
—
78.95
New York on
the
33J^
89}^
58.80
58.60
78.95
78.95
same day has been:
cts.):
Holiday 99 H
Holiday 64H
%9%
65%
Domestic
Foreign
99H
66M
99H
65H
995^
65%
IMPORTS AND EXPORTS FOR JANUARY.
The Bureau
of Statistics at Washington has issued the
statement of the country's foreign trade for Jan'aary and
from it and previous statements we have prepared the fol-
lowing:
Totals for merchandise, gold and silver for .January:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are In all cases omitted)
MeTChandisc.
OOOs
;
omit-
Ex-
Im-
ted.
POTtS.
ports.
\
Gold.
Excess
Of
Exports.
Silver.
Excess
Im-
Ex-
of
ports. Exports.
ports.
1922
1921
1920
1919
l918
l917
Ezcest
of
Im-
Ex-
ports. Exports.
ports.
S
S
%
$
$
i
279.000 216.000!
63,000
863 26.571/25,708 3,977
654.271 208.797; 445,4741 2.725 33.634/30,909 6,691
722.064 473.8241 248.240] 47,817 12,018 35,799 24,628
622,036 212.993, 409.043 3.396
2,113
1,283 19.615
504.797 233,9241 270,8.55 3.746 4.404
/658
6,628
.
613,324 231,7931 371,531 20.720' 58.926 /38,206
5,887
l916 . 330.036 184.3511 145,685 10.213 15,008 /4.795 4,636
/Excess of Imports.
$
1
%
S
6,498 /2,521
4.835
1,856
!
.
.
8,817| 15,811
5,576 14,039
5,998
630
2,541
3,346
1,852
2,784
Totals for seven months ended Jan. 31:
Merchandise.
Excess
of
Exports.
OOOs
omit-
Ex-
Im-
ted.
ports.
ports.
Gold.
Ex-
I
ports,
j
Silver.
Excess
of
Exports
pons.
Im-
ImI
•
,
ports.
S
'
*
Ezcest
I
1
Exports.
S
S
s
s
s
'21-'22 2,229.572 l,4o'4,658! 824,914 18^064 371, 897/353833 34.511
•20-'21 4,636.303|2. 542,7802.093,523 129.572326.251/196679 ,38,185
19-'20 4,585,068 2.767.6781,817,390 318,994! 38, 107 280.887, 121, 543<
•18-'19 3,796.898 1.098,2012,098.6971 22,963' 14.0321
8,931|178.684
'17-'18 3.450.282 1.633..594 1,816,688ll73.096l 78.694' 94,402! 52,032
•16-'17 3,615.345 1.348.332 2,267,013,110.107,557,937/447830: 45.440;
•1.5-'16 2,182,899, 1.097,1381.085,7611 34, 0571322, 038/287981) 33,385
of
Exports.
!
t
42,290 /7.779
36,815
1,370
55,637 65,906
41,812 136,872
41,186, 10.846
20.197; 25,243
20,594! 12,791
/Excess of Imports.
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.— The shipments of
anthracite coal for the month of .Januarj^ 1922, as reported to
the Anthracite Bureau of Information at Philadelphia, Pa.,
amounted to 4,848,053 tons. This is 892,485 tons less than
The
the movement for the corresponding month last j'ear.
smaller shipments this j'^ear are attributed in part by the
Bureau to the "continued industrial depression." The
shipments for the coal year (beginning April 1) to date aggregate 55,020,356 tons, and compare with 57,662,859 tons for
the corresponding period in 1920-21.
Below we give the shipments by the various carriers for
the month of .January 1922 and 1921 and for the respective
coal years since April 1:
January
10 Mos. Coal Yr. Jan.
1920-21,
1921-22,
1922.
1921.
ton8.1,052,872 1,172.873 10.787.177 11.762,581
Philadelphia & Reading
766.602 1,0,58,127 9.568.941 10.494,542
Lehigh Valley
470.704 5,440,532 4,618,660
542,558
Central Railroad of New Jersey
744,768
910.260 8.414.784 8,199,126
Delaware Lackawanna & Western
619,762
814.491 7.418.935 8.544,900
Delaware & Hudson
451.879 4.001.169 4,480,!531
331,871
Pennsylvania...
606.602 5,734,936 5,309,964
466.495
Krie
156.564 1,251,693 1.701,814
101,779
New York Ontario & Western
221.346
99,038 2.402.189 2,550.441
Lehigh & New England
Pqq^
4.848.053 5,740.538 55.020.356 57,662,859
Total
and bullion in India
7335
and bullion out of India
Gold coin and bullion in India
2432
2432
2431
Gold coin and bullion out of India
Securities (Indian Government)
6939
6939
6939
Securities (British Government)
585
585
585
No silver coinage was reported during the week ending 22d ult.
The stock in Shanghai on the 28th ult. consisted of about 34,900,000
ounces in sycee, 22,000,000 dollars and 840 silver bars, as compared with
about 33,600,000 ounces in syceo. 22,300,000 dollars, and 1,410 silver bars
on the 21st ult.
The Shanghai exchange is quoted at 3s. 5}id. the tael. Statistics for
the month of January are appended:
Bar Silver per oz. Std.
Bar Gold.
Quotations
Cash Deliceru. Forward Del. per oz. Fine.
Silver coin
Silver coin
Highest price
Lowe.stprlce
by
d.
are a
for the previous
The
In Kilograms
closing quotations for securities, &c., at London,
cable, have been as follows the past week:
Sat.
London,
Mon.
Tues.
Wed.
Thurs.
Fri.
dailj'
as reported
Silver, per oz
Gold, per fine
The Bank
1916.
Fr. 117,800, 000
The
Week ending Feb.
Feb. 2 1922:
In Kilograms
[Vol. 114.
®0mmcrcial attdpXisccUaneoits^jettF*
BANK NOTES— CHANGES
AND
IN TOTALS OF,
DEPOSITED BONDS. &C.—We
IN
give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor.
Ami. Bds. on Deposit
Secure Circulation for
National
Bank
|
to
National Bank Circulation
Afloat on-—
Fed. Res.
Bank Notes.
.\'otes.
S
S
729,425,740 126.393.700
728,523.240 126.393.700
728..351,240 139,393,700
727,512.490 140.768.600
727.002.490 1.S5,76S.700
724.770.400 20,S,.355.200
723.075.190 224.105,200
722.898,440 230.605.200
722.491,590 241.605.200
720.012.440 254.105.200
719.040,440 262,105.200
716.977.190 269.105.200
714.973,190 274.105.000
1
Jan. 31 1922..
D(h;. 31 1921..
Nov. 30 1921..
Oct. 31 1921..
Sept..30 1921..
Aug. 31 1921..
July 31 1921..
June 30 1921..
May 31 1921..
Apr. 30 1921..
Mar. 31 I921-.
Fob. 28 1921..
Jan. 31 1021..
—
Bonds.
Legal
Tenders.
711,000.205
702.570.407
712.763,865
S
25,130,609
25,932,109
26,283,132
26.984.017
27,402,759
24.148,669
29.570.407
30.526.509
709.6.57,145
.30,936.214
691.643.480
702.948.007
697,728,580
689,592.883
32.172,872
29.870,477
30,065,284
30,061,044
S
724.480,758
724.2.35.815
723,023,965
7 16, .304, 820
795.,S.36.355
Total.
,
S
749,611.367
750,167,924
749,307,097
743.288,847
743,239,113
730,148.874
732.419.179
743.290.374
740.593,359
723,816,3.52
732.818,484
727,793,864
719,753,927
Sill. 140. 400 Federal Reserve bank notes outstanding Jan. 31 (of which $101,605.400 secured by United States bonds and $9,535,000 by lawful money), against
S225. 938.400 Jan. 31 1921.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Jan. 31:
THE CHRONICLE
Feb. is 1922.]
U.
On
Bonds on Deposit
Deposit
to
S
tr. S.
8,
U. S.
is,
tJ. S.
U. S.
V. S.
is,
tB,
Consols of 1930
Loan of 1925
Panama of 1936- - . . Panama of 1938
1-Year Certlfa. ol Indebtedness
10.413.400
2.593,000
2,57.000
130,300
113 000,000
Totals
APPLICATIONS TO CONVERT APPROVED.
Feb. 8
126.393.700
—The
Farmers National Bank of Toxhoma,
Conversion
Farmers State
of The
On
Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Jan. 31 1922.
is,
—
to Secure
Bonds Held Jan. 31
S.
Held.
S
577.379.300
78.306.100
48.185.940
25,554,400
S
587.792.700
80.899,100
48.442.940
25.884.700
113.000.000
729.425.740
855.819.4 4
—
Feb. 11
foUoTving shows the amount of national bank notes
and the amount of legal-tender deposits Jan. 1 and
1 and their increase or decrease during the month of
The
Fanuary:
—
of
bank notes
—
.$749,611,367
1922
1
Leeal Tender Notes
Unount on deposit to redeem national bank notes Jan.
•Jet amount of bank notes retired in January
Amount on
$25,932,109
801.500
1922
1
bank notes Feb.
deposit to redeem national
1
Jnares.
12113 The Clarks National Bank of Aline, Okla
Conversion of The Aline State Bank. Aline, Okla.
President, E. R. Clark: Cashier, E. V. Parker.
Shares.
Price.
Stocks.
Darlington Mfg.
Spartan Mills
Pocolet Mfg. Co.
National Kittanning Bank, Kittanning, Pa
Fauquier National Bank of Warrenton. Va
Gatesville National Bank. Gatesville, Tex
Caribou National Bank, Caribou, Me.
.
Union National Bank of Minersvillo, Pa
First National Bank of Middlebourne. W. Va
Price.
Stocks.
Co
I
I
Day &
Messrs. R. L.
Stocks
S per sh
9 Commonwealth Tr., Boston... 180 K
14 Great Falls Mfg..
110
6 Fair Alpaca Co_
130H
3 Saco Lowell Shops, com
211H
8 Lawrence Mfg
128
5 Eastern Mass. St. Ry. adj. stk. 30
C:^nverse
21
Rub. Shoe pref..88>f -88H
.
Drug
Stores, com
Circuit, pref
10 Multlbestos Co., 1st pref
$100
30 Orpheum
Boston Wharf
2 GiUette Safety Razor
20 Ma.'M. Lighting Co., 6%
30 Edwards Mfg. Co
25 Mass. Cotton Mills
150H
4 Adirondack Elec. Pow.. com.. 16 ii
1
lot
Bonds.
$16,000 Car.
88
loo
3 Consol. Rendering Co., com
63H
10 Greenfield Tap & Die, pref.
ex. div
88><
3 Fltchburg Gas
Elec. $50 each. 78 )i
10 Plymouth Cordage
ISO'A
Vutre*.
Stocks.
15
10
1
Wm.
Whitman,
12
5
97
150
pref.
Massachusetts Cotton Mills
Feb. 7
$ per sh
1 Lowell Electric Light
10 .Sullivan Machinery Co
BoiuU.
&
St.
Ry.
163
46H
Per cent.
ref
.
5b,
1948
66)i
Lofland, Philadelphia
Share*.
Stocks.
40 Rlghtj< to subscribe to
% per sh.\ Shnrm.
$ per sh
Bank of
20 South wark National Bank. 22 1 -22 1 '/f
North America
5 Peoples' Trust Co., $50 each. . 48 Ji
62H-62H
124 Camden tiK lot. Assoc., fS
40 West Phlla Bank, $50 each. . . 67
«»/;h
lOH
5 Federal Trust Co
175
2 Fire Assoc of Phi la $,50 each. 300
14 Fldellly Trust <;o
430
21 Phlla LIfi- Ifw
S10(«/;h
10
30f;uar Tr. A Safe Dep. Co
122
2 2-3 VaMittu Fire Insurance
125
20 Guar. Tr. Co. of Atl. City
219
4 Phll^ulHpbla f4our»e. pref
Bonds.
Percent.
20 1'Tankrd A Hwark Pass. Rjr...2.J0W $1,000 City of Phlla. 4s. reg., 1941. OHH
4 Little HrhuylktII Nav. RR. A
$2.W0 Manu Club of riilla 68,1940 76
<'-ob\ C/O
38
SI.OOO I'hila A Rciifllng .5h, 1942 . 97
10 Union PMsencer Ry
123
$1,000 Buffalo Crc<k RU. 5s, 1961. 87
ISGtrard Trust <:*>...
760-761
$2,800 Southern Cambria Ry. 5s,
13 F. I I.>upoot de Nemours, de1939
48
bnnture stork
$1,500 Hpringru-ld Cons. Water Co.
70
2 Atlas Powder, common
rm. ]'.<r,H
106
64 li
to c.'ambruiKe Trust Co., Ctaes$200 Borough of Huntingdon 5a. . . 90
l«. P»
136
$.'i00 Buffalo A Sumi
Ist 4b
72
3S WMK End TfTHt
152
$1,000 .N' V. Phlla. A .Norf. RR.
40 IjumAtmot A THibt S«Ttnc
4s. 1939.
72
Fond ATnaMCo
180
$3,000 Waterloo Cadar Falls A Nor. 30
Stocks.
Feb.
Feb.
Feb.
11329 The First National Bank of Willard. N. Mex.,
— First
National Bank of Mountainair." Nj Mex.
111942
12 1942
12 1942
7 1942
7 1942
7 1942
—
to
"The
Canadian Bank Clearings. The clearings for the week
ending Feb. 9 at Canadian cities,
comparison with the
1921 show a decrease in the aggregate of
same week
13.4%.
m
m
Week ending
—
Feb. 9.
Inc. or
1922.
1921.
$
S
Canada
Dec.
1920.
%
$
1919.
758, 513 109.027.316 —17, 6 137 920,302 90.309.029
304 871 105,128,124
15,
101 590,571 77.954,464
465 157 44,069,161
1 3
43 ,076.009 31,048,941
—4, 1 15 ,0.50,292 10,045.752
188 426 13,753,325
721 709
6.111.349
7.639.090
12
8 .174.153
200 ,000
159.591
4,402,873
5.425.147 —22
Montreal
Toronto
Winnipeg
Vancouver
—
—
—
Ottawa
Quebec
118 124
943 ,345
Halifax
Hamilton
St. John
London
3.635.517
5,323,531
2,638,911
3,183„577
,566 ,542
.803 800
882 .447
Calgary
Edmonton
Brandon
Lethbrldge
Saskatoon
Brantford
Moose Jaw
New Westminster
Medicine Hat
Peterborough
Shcrbrooke
Kitchener
WIndwjr
990.299
547.238
440.872
517 743
295 143
621, 831
805, 046
960, 778
792,4'22
949,545
797,135
2,818,340
283.670
.782.554
,195.638
,163.813
,200,000
,810,493
,635,280
—
—20
— 16
11
•-t-4
—22
—
— 19
672,784
664.481
11
.570, .575
1,751,482
1,106.926
1.273.906
,825.410
—7
—2
2.411.580
4.013.393
3.500,247
628, 2S6
,040 ,607
725, 462
Fort William..
—14
6.1.53.658
015 744
810, 919
,715 610
5.57 016
457 181
,576 032
,028, 095
Victoria
Reglna
Stocks.
e
6 Nor. Boston Lt*. Prop's, pref.. 83
MeesTo. Barnes
94
GIUKte Safety Razor, ex-dlv...l80
Newmarket Mfg. Co
166
Jessup ft Moore Paper Co., l8tpf.88H $300 EaBtern Mass.
By
Palmetto
1924
Arnold, Boston:
% per sh. Shares.
8 U. 8. Worsted. Ist pref
&
Yadkin
12,000 United Lt. & Ry. 6s, 1926. S9'A
1,000 Bell Tel. of Canada, Ltd.,
78, 1925
100%
5.000 Clev. Elec. Ilium. 78, 1935. 102 Ji
&
Messrs. Wise, Hobbs
Per Cent.
Jt. 68,
A
By
$ per sh.
73
95yi
185
pref.. 76
..112
.
i
10 1942
11 1942
CHANGE OF TITLE AND LOCATION.
Clearings at
Shares
Stocks.
45 Flsk Rubtjer. Ist pref
^
Feb.
Feb.
Feb.
Feb.
Feb.
.
CORPORATE EXISTENCE RE-EXTENDED.
Co., Boston:
Shares.
J54 Fibre
25,000
2628 The Van Wert National Bank, Van Wert, Ohio
2634 The Pulton National Bank of Lancaster, Pa
2645 The First National Bank of Mitchell. So. Dak
|
By
200,000
Until close of business.
Feb. 7 1942
The
The
The
The
6131 The
6170 The
6127
6126
6150
6190
Monarch MUls
120
44
39
540
30,000
CORPORATE EXISTENCE EXTENDED.
—
25 Eastern Roll. Mills, com.]
J100?f per sb
no par
^$4,200 lot
$76 per sh
$104 per sh
100 Eastern Roll. Mills, prefj
SMacArth. Concrete Pile &
comS121M per sh
Guanajuato Red. & Mines, SI
Foundation preferrcd-S25 per sh
each
50 Northern Fisheries pref
$125 lot
SIO lot
!.400 La Zacualpa-Hidalgo Rubb.f
Bonds.
Per cent.
$5 each
($5 lotj $7,500 Empire Lumber Co. 6s. 1930-36H
100 Am. Finance * Sec
$24,000 Atl. Coast EI.RR.lst5s.l945 25
I
112 Empire Lumber Co
$112 lot $250,000 AU. Coast El. Ry. Gen. 53,
> 7-10 Com
Exchange Bank-$362 per shj
1945
10
1,000 Intemat. Oil & Gas
$16 lot $25,000 Sea Shore Elec. Ry. 1st 6s.
50 Spokane & Inland Emp. RR.
1917
35
Pref. rights stock)
$15 lot $10,700 Chalmers Motor 1st 6s notes
25 Spokane & Inland Emp. RR.
1922
45
common
$6 lot $1,000 Mexican Nat. Pack. Co. 6s,
1,784 Atl. Coast Elec. Ry. com. $200 lot,
1928
$175 lot
:50
$200,000
J.
$25,130,609
1922
Sales.
Among other securities, the following,
wt -usually dealt in at the Stock Exchange, were recently sold
It auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. MuUer & Sons, New York:
Auction
— Pre.sident,
12110 The First National Bank of Ennis, Tex
Edmund Raphael; Cashier, R. T. Blakey.
10
Feb. — 12111 The Security National Bank of Coweta, Okla
Conversion of The First State Bank of Coweta, Okla.
President.
L. Trower; Cashier, W. H. Rust.
Feb. 11 — 12112 The Citizens National Bank of Lodi, Calif
President, Jno. B. Corv; Cashier, Frederic Spoerke.
Feb. 9
$750,167,924
556.557
Feb.
afloat
$25,000
CHARTERS ISSUED.
—
National Bank Notes Total Afloat
Unount afloat Jan. 1 1922
>Jet reduction during January
Amount
OkLa
Bank of Texhoma, Olda.
Texhoma, Okla.
Correspondent, Guy W. .Slack,
The Piivst National Bank of Uriukraan. Okia
25,000
Conversion of The First State Bank of Brinkman, Okla.
Correspondent, West Holland, Brinkman, Okla.
The Security National Bank of Coweta, Okla.
30,000
Conversion of The First State Bank of Coweta, Okla.
State
Correspondent, First
Bank. Coweta. Okla.
The American National Bank of .\pache, Okla
25,000
Conversion of The Apache Slate Bank, Apache, Okla.
Correspondent, J. W. Hannah, Pres't Apache State Bank.
The American National Banlv of Walters, Okla
30,000
Conversion of Security State Bank. Walters, Okla.
Correspondent, H. J. Bro^vn, Walters, Okla.
Standard National Bank of Washington, D. C
200,000
Conversion of Standard Saviusjs Bank, Washington, D. C.
Correspondent, A. S. Gardiner. New York Avenue and
Ninth Street, Washington, D. C.
Total
sifloat
Feb.
709
—10
—7
— 18
—26
—5
Moncton
Kingston
1,352,0-26
616,0'28
693.667
308.926
637.866
798,133
635,078
417,563
871,153
+ 20.
,100,511
979.0.55
-1-3.
,929 261
307. 960
3()8.782
0.
971, 702
1,148,4.54
15
690, 130 Not Incl In totals.
Prince Albert
,879.136
.162,222
,391.332
956.151
—33
—21
— 16
,431,965
—
—
4,366,224
4.564,067
2,722,240
2,548.978
4,817,373
2.069,458
3.473.095
2.679,164
472.721
568,898
441,330
872,989
1,367,148
588.735
1,021,215
313,867
,
.
Total Canada..
2m
.
.
DIVIDENDS.
Dividends ans grouped
in
two separate
— Th*-
following information rejjardinK
office of fhn f !omptroll<;r of (In-
nationul b.'irikH in from th<r.'drnnfy, Tn-a.'iurj' Department:
reb.
f
The dividends announced
K
It iy(iir)ii(l
'I
'
I
R
-Vt'
(iroonu.
Klllf.ff.
llink
'.irl.
'
f/lO OOf)
N. Y.
Ark
.r(.
'
'•"'-•'
f.O.OOO
Ark.
this
week
r«b
V
Miij.r.
n
tt\f,n'i\
I
\] .In
fil.
,,ii(l
.100,000
llrruulwuy, Kiist
.rf.ii ll.tik.
Moot
2.'<,000
,
2A,000
.Mont.
Frh 10
•'•»>
r<il>
I
r.o
I
i':ikiu,
Fsh
— ThP
fl
I
Ai
i
<i
I
iFiiiHuiiii viiin,
hir'X Ninion.il Mjink '.f i;iia<lil|ji, Nnlj,.
'«>nv«T«l<in of Thn llnnl' of l'M,,,|iilt Nrb
,,
.
r«h
if>
I,
40,000
t
Waah.
•«.
!
on
IT I'll. •!
('i>rrc«iKin'l«'nf
<
O.I.....
,
.*:.,,. 11. ,11: ,,| |';,|i,IIAn.
In.' i..u'|.,
iM
I)
M.-IIi.ti.iti. I'.ilr.ii'.^. W(i«h.
ftO.OOO
•3
hern
Itoiiiid
I'ciiiiHvlviifilfi <«|Ufir
.-•ii
U>H
ri'iiii
.
2
6
When
Books Closed.
Davi
Payable
Inclusite.
)
,
iircf. (ijiiiir
n%
pref.
.
.
(iiuiiT.)
)
.
.
.
,
Apr.
Mar.
Fell
Kill
I
I
20
27
lloldrrs of roc.
•IloliliTH of reo,
I'rt)
11
Mar.
Feb. 25
.'.Or.
Apr
•lliilili'm of riT.
•I',
Mitr
lloldiim of
Mar
I
Nntl'iiinl
Ml<
rir
1 1
II
lil
,|
Hi
;
,,
i.,
>n>
I
I,
Jill
riicr
li
nil
I
,
I
,,l
ry, com. (qunr.)
diiinr )
Till (i|unr )
'II
•'
Wlml
iiKinllily)
'
Mil,'
/III.)
(i|imr
'•
lilnioi
'
rri'd
I
.
Mnrli'y, prof..
"iiiii.iifi
lirlMaliAiiiiT rolmrrn, nnl (Int'n'Ini)
Imiiir Mllln i|iinr )
I
iirirr (W llllniiil < 'o
prrf, (qiiar )
( iii-o' iirmiuii Site
nommoo (guar,).
l...!.^...!
....... ,
rrrfi.rr«l (»|iinr
)
,
,
.
diiinr )...
Aiiii» I'liwilrr. riiriiniiin (<|iiiir )
llrii.'lrniii lli'iiilrrwili, I.UI , ronimnii
'
IH
Mar.
1
Mar.
I
lliililiirH
reo.
Mar. 27
Mar. 1
of roc. Feb.
•Fell.
Fob
22
16a
M
ti f.f tti
tjiiinilt
\ t,.,
A
i
21
'200
nank*.
f'lipnilcal
la
Feb. 21
Feb. 10
of rcc. Feb. '25
lo
lldlilrrH
•IIiildiTH of ri'c. Frl)
Feb
lo
•Feb. in
•m
>$l
Strprt anil F.I<M-lrli- Knllwnya.
('«iitral MlJn. Vail. I':ii«i. Proii
(if. (qii.)
\
....... ....Izfi.oon
I
•
.Niiri
Hourjfl I'owrr * I.lulil
Ili'ii'llnu ( iiMipniiy. 2cl iiri'f
(\(i()
I'd.
2«
riirldr', cotiiiiioii (ijuor.)
A
I'lilf'l
A iiiirli'iiti
CfiNVKKT ICKfKIVEO.
.......
.N'fifth
Anirr
Nfb.
Cent.
lirook (quar.)
( irix'ii
Hay A WciiliTn
.Nrw orli-iiiiH 'I'l'tiiH A Nlexlco (quar.)
><'i;i»nrc
2.'5.00f)
Ignite, III
,\
of Company.
are:
Kallrooda (Strom).
Cnnadlnn
\\
iwin
Kiiii.
<•
Name
I
Cnpllnl
In the
have not yet been paid.
f'liiilmmll
APPLICATIONS TO OKOANIXK KKCKIVKD.
.n.il ll.'ink of >r«w>nn, N. Y
fV
tables.
we bring togetlKT all tlie dividends announced Ihe current week.
Tiicu we follow with a .stn-onci (able, in which
we show the dividends i)r('viously aiinounci^i, but which
fir.'^l
Per
National Banks.
—13.4 359,451,487 256,644,446
287,289,664 331.526,839
Estimated.
•
Hi Mar.
>$l
•l«<
•i
14
•3it
3
•IS
f>»
4
a
Apr.
Apr.
Apr
Apr
Mar.
Mar.
•IH
•lliiU|i-r» of riH^
Mnr
IH
Itiilili-rn
III
of roc
•lliilili'm of rno
Mar
In
I
Mar
Mar, 31
Miir 31
Mnr 2M
Miir Ida
Vfh 30
Mar. (I
Mny
•Miililnnt nf roo
Apr.
I
llf
rro
Nov
I
Mar
•llllllllTN
lllllltlTI
llf
oiitip
I'nii
IH Mar
3H
In
IVb 21
•MolilirH ol rro
Mar
Mar
llllllllT'l llf
roiv
llllllllTK llf
riv
No
mil
4
Mnr\ 4
Foil
•lloliliirn of roo
Mnr
*ltoldnni nf rw.
Mar.
—
—
..
..
.
THE CHKOlSnCLE
710
Per
Name
When
Bocks Closed
Dais
Cem. Fayabh
of Ccmpanv.
Per
Name
Inclusive.
Apr.
Common
Apr.
Common
Apr.
Pref. & prof. B (mthly. pay. In scrip)
Apr,
Cities Serv. Ukrs. shares (In cash scrip). •(75c.
.stock
scrip
in
common
Payable
»15HC Apr.
Mar.
1
Columbia Petroleum (monthly)
Mar.
Oonnecticut Power, pref. (nuar.)
1)^
Apr.
Cons Gas, El. & P., com. & pf. (quar.).. •2
*2
Mar.
Oil
Continental
(nuar.)
•Holders
•Holders
•Holders
•Holders
•Holders
Holders
Holders
(monthly pavablc in scrip)..
(payable in com. stk scrip) .
*1
Preferred (quar .)
l
Crucible Steel, preferred (quar.)
pref.
Cuban-American Sugar,
(quar.)
*\H Mar.
iH Mar.
Eastern Shore Gas & Klei:.. prof, (quar.)
Fairbanks, Morse & Co., pref. quar.).
Famous Players-I.asky Corp., com. (qu.)
Fay J. A,) & Esan, common quar.)
*IH
S2
IH
Preferred
quar.)
IJi
1
Federal Mining & Smelting, pref. (quar.)
•2
General Electric (quar.)
ft75c.
Imperial Oil, I,td
International Cotton Mills, pref. (quar.)
15i
International Silver, preferred (quar.)..
IH
Jones Bros. Tea, preferred (quar.)
*1V,
Kayser (Julius) & Co., com. (quar.)
2
(
Mahoning Investment
(quar.)
Mackay Companira, common
(quar.)
Preferred
quar.)
McCrory Stores Corp., com. (quar.)
Merrlmac) Mfg., com. (quar.)
Preferred
Middle West Util., prior Men stock (qu.)
Montreal Cottons, Ltd., common (quar.)
Preferred (quar .)
common
National C^and.v.
and .second preferred
National Cioak & Suit. pref. (quar.)
First
National Lead, common quar.)
Nebraska Power, pref (quar )
Ogllvle Flour Mills, preferred quar,)
Peerless Tniek & Motor (<iuar.)
Peerlos.s Truck & Motor (quar.)
Peerless Truck & Motor (quar.)
Peerless Truck & Motor (quar.)
Mar. 1
Mar. 1
Mar. 15a
Mar. 10a
Eastman Kodak, common
Apr,
Mar,
Mar,
Apr,
Feb.
Feb.
Mar.
Apr.
Mar.
Mar.
Apr.
Feb. 25
Holders
Holders
Holders
•Holders
•Holders
•Holders
Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
•Holders
•Holders
•Holders
•Holders
•Holders
Holders
•Holders
•Holders
Mar. 23
Mar.
Mar.
Mar.
Mar.
Mar.
ir^ Mar.
Mar.
*3<4 Mar.
1% Mar.
IH Mar.
Mar.
Mar,
1-kr
•75c Mar.
Sept.
Dec.
•HOC Feb.
•7-5c
*1M
Mar.
Mar.
Mar.
Mar.
Mar.
•75c. Apr.
*2H
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
$1
2
Mar.
7,5c.
*50c.
'50c.
•4
common
common
(quar.)
(quar.)
Wabasso Cotton Co
Wamsutta Mills (quar)
Welch Grape Juice, pref
IM
(quar.)
Wilmington Gas, preferred
Woods Manufacturing, com. (quar.)
Feb. 15
Feb. 18
Mar. 15
Feb. 20
Feb. 20
Feb. 25
Mar. 8
Feb. 28
Feb. 21
Feb. 28
Mar.
*I 'A
•3!^
Preferred
Valvollne Oil,
Durham
*75c June
Preferred (quar.)
Sullivan Machinery (quar.)
Texas Company (quar )
Texas Gulf Sulphur (quar.)
Extra
D. S. Envelope,
Feb. 23
to
Feb. 21
Mar, 8
Mar, 8
Feb. 20
Feb. 16
Feb. 16
Feb. 2S
Feb. 28
Feb. 28
rec. Feb. 21
rec. Feb. 21
rec. Feb. 24a
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec,
ol rec. Mar. 17
of rec. Feb .18
of rec. Feb. 22
of rec. Mar, 1
of rec. June
1
of rec. Sept. 1
of rec. Dec.
1
of rec. Feb. 23
of rec. Feb. 14
of rec. Feb. 28
of rec. Feb. 28
of rec, Feb. 27
of rec. Feb. 27
of rec. Apr.
1
of rec. Mar. 3
ol rec. Mar.
1
of rec. Mar. 1
Apr.
Feb.
of
of
of
of
rec.
rec.
rec.
rec.
Mar. 10
Mar. 15
Feb.
Feb.
to
Feb.
of rec. Feb.
of rec Feb.
14
20
28
20
25
of rec. Mar. 25
of rec Feb. 18
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announceci this week.
of
Per
Cent.
Company.
When
Books Closed.
Payable.
Days
\H Mar.
2
Chestnut Hill ((|uar.)..
Oblc. St. Paul Minn. & Omaha, com
2H
Preferred
OlD, N. O. * Tex.
IH
3Hi
Pac,
pref. (guar.)...
Cleveland & Pitts., spec. guar. (quar.).
Reg. guar (quar)
Cripple Creek Central, pref. (quar,)
Delaware* Hudson Co. (quar.)
&
&
IH
1
IH
Dllnols Central (quar.)
Norfolk
Norfolk
Wi.
1
Western, com. (quar.)
Western, adj. pref. (quar.)..
I
Oswego A Syracuse
•4H
Pennsylvania (quar.)
60c
3
Phlla. Gerini iiiown
& Morrisfown
(qu.).
Pittsburgh A "AVs; Va.. pref (<iuar )..
Plttfib. Youngs & Ashtabula, pref (qu.)
Beading Coiniiany. first pref. (quar.)..
common
Pacific,
fiuo
2H
(quar,)
2
Preferred
Street and Electric Railways.
Central Arkansjis Ry. & L pref. (guar.)
Philadelphia Co. t>% preferriKi
Sftn Joaquin Light & Power, pref. (qu.).
Prior preferred (quar.)
,
W. R, Grace &
of rec. Jan.
of rec, Feb.
to
Mar.
of ree. Feb,
of rec. Feb.
of rec. Feb.
of rec. Feb,
of rec. Feb.
of rec. Feb,
of rec. Feb.
of rec. Feb.
of rec. Feb,
of rec. Jan.
Holders of rec. Feb.
Holders of rec. Feb.
Feb 2 Id to
Mar,
Holders of rec. Feb.
Holders of rec. Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
1% Mar.
IH
Southern Pacific (quar.)
Onion
I"
Holders
Holders
Feb. 21
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Mar.
Mar.
Feb
Feb
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mux.
Mar.
Apr.
Apr.
Apr.
Holders
Holders
Holders
Holders
of reo.
of rec.
of rec.
of rec.
Holders
Holders
Holders
Holders
of
of
of
of
31a
8a
3
la
10
18
10a
10a
15a
25o
3a
28a
31a
8
la
3
la
20a
Feb. 17o
Feb. 28u
Mar.
Mar.
lo
la
IH
H
2
SI
Oil (quar.)..
Common
2H
(quar.)
Preferred
7i^
((|uar.)
Electric Investment Corp., pref. (quar.)
Federal Utilities, preferred (quar.)
General Asphalt, pref. (quar.)
General Cigar, pref. (quar.)
Debenture stock (guar.)
Gillette Safety Razor (quar.)
Banks.
Co.'s Hank
Mar.
1
rec. Feb.
rec. F'eb.
rec. Feb.
rec. Feb.
15o
10a
28
28
Holders ol rec. Feb. 27a
Amer. Radiator, common (quar.)
Amor. Smelt A lief., pref. (<iuar.)
Amer, Stigar Refg., pref. (quar.)
American Telegraph A Cable (quar.)
American Tolmcco, com. A com. B (qu.)
Aaaoclat^Hl Dry (iooda, Ist pref. (quar.).
Second preferred (quar.)
Atlantic Refilling, fouinidn (quar.)
Bethlehem Steel, com. (quar.)
Common B
Hi Mar.
1^5
IH Apr
2
f.1
IH-
3
IH
Hi
(quar.)
cum. conv pref. (quar.)
Don-cum. pref. (quar.)
Blackstono Val. Gas A Elce., com.
2v
IHr
(qu.)
Brier Hill Steel, pref. (quar.)
Brooklyn Edlfon Co. (quar,)
Buckeye Pipe Line (quar.)
California Packing Corp. (guar.)
Champion Copper
In scrip)..
*%
stk scrip)
9*\Va
(m'thly, pay. in scrip) a 'H
Pref.
&
pref.
B
In
com
.
Cleveland Kle<'. 111., 8% pref. (quar.)..
Colorado Fuel A Iron, pref. (quar.)
Connor (John T.) Co.. eom, (ijuar.)..
Oonsolldut<-d
Oonsumera
(
of New York (quar.).
preferred
Gas
"o
.
Mar
Mar.
Mar.
Mar,
Mar.
Mar.
Apr,
Apr.
Apr.
Apr.
J1.25 .Mar.
•154 Apr.
Mar
2
Mt"r. 15
S2
Si. 50 Mar. 15
•$6
Mar. 1
dtlcs Service Co.
Common (monthly payable
O)mnion (payable
1
Mar, 15
Mar. 31
Apr.
i«
5
l>i
8%
7%
1
•2
2
•250.
m
•3^
Holders ot reo. Feb. 18a
Apr. 15
Mar.
Mar.
Mar.
Mar.
Holders
Holders
Holders
Feb. 14
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
'Holders
of rec.
of rec.
of reo.
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of reo.
of reo.
of rec.
of rec.
flMldcrs of TCC.
Holders of rec.
Holders of rec.
•Holders
•Holders
•Holders
I •Holders
Feb. 25 Holders
Apr
•Holders
Mar. 15 Holders
Feb 20 •Holders
1
Mar. lla
Mar. la
Mar. 16a
Feb. 22
Mar.
la
Feb. 28
Feb. lOo
Feb. 4
Feb. 4
Feb. 210
Mar. 14o
Mar. Mo
Mar. 14o
Mar. 14n
Feb. mil
Mar. 20
Feb. 170
Feb. 210
Feb. 28o
of rec. Feb. 15
of rec. Feb. 15
of rec. Feb. 15
of rec. Feb. 15
of rec. Feb.
60
ot rec.
ol rec.
of rec.
Mar. 20
Feb.
Feb
9
10
IVi
1%
1%
$3
Stock dividend
*e2H
Goodrich (B. F.) Co., pref. (guar.)
Hi
Harbison-Walker Refrac, com. (quar.).
IV^
Preferred (quar .)
Hart. Schaffner A .Marx, Inc., com. (qu.)
Hartman Corp. (quar.)
Heime (Geo. W.) Co., com. (In com. stk.)
HolUnger Consol. Gold Mines (quar.)
Homestake Mining (monthly)
Inland Steel (quar.)
Internal. Harvester, pref. (quar.)
Lancaster Mills, common (quiir.)
Lanston Monotype Machine (quar.)
Lee Tire A Rublier (quar.)
_ .
Liggett A Myers Tob., com.Acom.B(qu.)
.
Lima Locomotive Works.
.
Inc., com.(qu.)
Lit Brothers Corporation
Extra
Lord A Taylor, first preferred (quar.)
Ludlow Mfg. Associates (quar.)
Shirt, common (quar.)
(quar., payable In stock)
(special, payable in stock)..
Martln-Parry C'orp (quar.)
Department Stores, com. (quar.),.
Preferred (quar.)
Mexican Seaboard Oil
Mobile Electric Co., preferred
Manhattan
Common
Common
May
Preferred (account accum. dividends).
Mohawk Mining
National Biscuit,
Preferred
common
(quar,)
(quar.)
National Grocer, common
National lead, prel (ouar.)
National Sugar Refining (quar.)
New C'ornella ' opper
N. Y. Shipbuilding (quar.)
ijiuir
)
Niles-Bement-Pond. preferred (guar.)..
Ohio Oil (quar.)
Extra
Philadelphia Electric,
Preferred (quar.)
Preferred (new)
Phillips
common
(guar.)..
Petroleum (quar.)
Pittsburgh Steel, preferred (guar.)
Pratt A Whitney Co., preferred (quar.).
Pressed Steel Car, pref, (guar.)
Pure Oil, common (guar.)
Quaker Oats, prel (quar.)
Quaker Oats, preferred (guar,)
Ranger Texas oil (guar.)
St. Joseph Lead Co. (quar.)
Sharp Manufacturing, com. (guar.)
(guar.)
Preferred
..
(quar.)
Standard Oil (California) (quar.)
Standard Oil (Indiana) (quar.)
Standard Oil ol N. Y, (quar.)
Standard Oil, Ohio, common (quar.)
Common
(extra)
(quar.)
Bros., pref. (guar.)
Prete red
Stem
Studebaker Corp., com. and
pref. (guar,)
Swift International
Texas Chief Oil (quar.)
Thonip.son-Starrett Co,, pref
Tucson Steel, preferretl (quar.)
Union Tank Car, com. and pref. (guar.)
United Cigar Stores of Amer., pref. (gu.)
United Gas Impiovement, prel. (quar.)
United Profit Sharing (quar.)
United Profit Sharing, (quar.)
United Royalties (monthly)
Extra
U. 8. Cast Iron Pipe* Fdy., pf. (quar.)
U. S. Gypsum, common (guar.)
U.
S. Steel Corporation, com. (guar.)..
Preferred (quar.)
pref. (guar.).
Van Raaite Co., 1st A 2d
Wahl Co., com. (quar.)
Common
Common
Common
Waltham
(monthly)
(monthly)
(monthly)
Bleachery A
Dye Works
Bros., first preferred
Second preferred
Weber A Hellbroncr, pref. (guar.)
Western Grocer, common
White (J. G,) Co., preferred (guar.)...
White (J, G.) Engineering, pref. (quar.)
White (J. G.) Manag't, pref. (quar.)
Woolwortl) (F. W.) c;o., com. (guar.)..
Woolworth (F. W.) Co., pref. (gu-or.)..
Worthlngton P. A Macb., pf CI, A. (gu.)
.
Preferred Class
B
of rec. Feb.
1
of rec. Feb. 15a
to
Mar. 15
of rec. Feb. 11
of rec. Mar. 11
of rec. Feb. 16a
of rec. Feb. 280
Apr.
Apr.
Apr.
Feb.
Mar.
Mar.
Mar,
Apr.
Mar.
June
Apr.
Mar.
Mar. 31o
Mar. 10
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
20a
28a
28a
28a
May
1
Ha
15
lia
210
Mar. 25a
Jan. 31
Mar. 22a
Feb.
Apr.
Feb.
Feb.
I80
lOo
16a
Holders of rec.
18a
134 .Mar.
Feb.
60/
to
Mar. 6
Feb. II
1
Feb,
Holders of rec. Feb. 10
Holders of rec. Feb. 20a
2.5c. Feb.
• Holders of rec. Feb, 10
*25c. Mar.
Holders of rec. Feb. lOo
IH Mar,
Holders of rec. Feb. 20
2H Mar.
Holders of rec. Feb. I80
IH Feb.
Holilers of rec. Feb. 16a
50c.
Mar.
3
Holders of rec. Feb. 16a
Mar.
Holders of rec. Feb. 15a
H4 Mar.
to
Feb. 19
50c. Feb.
Jan. 27
Feb. 19
25c. Feb.
Jan. 27
to
•1!^ Mar. li •Holders of rec. Feb, 18
ot
rec.
Feb,
8
Mar. 11 Holders
S2
Holders of rec. Feb. 2O0
50
Mar.
Holders ot rec. Feb. 200
/2H Mar.
Mar.
Holders ot rec. Feb. 10a
/lO
Holders ol rec. Feb. 15a
50c
Mar.
Holders ol rec. Feb. 15a
Mar.
2
1'4 Apr.
Holders of rec. Mar. 15a
•$l
Mar. 15} •Holders ol rec. Jan. 10
•3H Feb. 25' 'Holders of rec. Jan. 31
•A2
Feb 25i 'Holders ot rec. Jan. 31
Feb 21 Holders ol rec Feb. lo
SI
Hi Apr. 15] Holders of rec. Mar. 31o
\H Feb. 28| Holders ol rec. Feb. 14a
*2
Mar. 15 'Holders of reo. Mar. 6
IH Mer. 15, Holder; ol rec Feb. 24a
Holders of rec. Mar. 11
IH Apr.
25c Feb.
Holders ol rec. Feb. 3a
SI
Mar.
Holders of rec. Feb. 9a
Hiiiilfr* ot ri-c Apr, 2(W
IH May
Holders of reo. Feb. 8a
Feb.
•Holders ol rec. Feb. 24
•SI 25 Mar
•Holders of rec. Feb. 24
•SI 75 Mar.
Holders ol rec. Feb. 170
43?ic Mar.
50c. Mar.
Holders of rec. Feb. 17a
Holders ot rec. Feb. 17a
16 2-3e Mar.
50c. Mar.
Holders of reo. Mar.dHa
Holders of rec. Feb. 15a
Mar.
IM
Holders of rec. Feb. 80
1X1 ,Feb.
Holders ol rec. Feb. 70
IH Feb.
Holders of rec. Feb. 16
600, Mar.
Holders ol rec Feb. la
Feb.
•Holders of rec. May 1
*1H May
Holders of reo. Mar. 10
3
Apr.
Mar. 20
Mar. 11
to
25c. Mar.
Holders of rec. Feb. 7
2
Feb.
Holders o( rec. Feb. 150
2
Feb.
•2
Holders of rec. Mar. 10
Mar.
•Holders of rec. Feb. 15
Mar.
•S2
Holders of rec. Feb. 170
2
Feb.
Holders ol reo. Feb. 170
IH Feb
Holders of reo. Feb. 20a
Mar.
SI
Mar, 14
to
Mar.
•Feb. 17
•SI
•4
•Holders of rec. Feb. 24
Mar.
Feb. 24
•$3
of
rec.
Apr.
•Holders
•Holders of riw. Feb. 24
Apr.
•SI
•Holders of rec. Jan. 27
*IH Mar.
Holdere of rec. Feb. ISo
Mar.
2
Holders of rec. Feb. 10a
IH Mar.
Holders of rec. Jan. 2Ia
SI. 20 Feb.
Apr.
Holders of rec. Mar. 10
3
Holders of rec. Mar. 20
4
Apr.
•Holders of rec. Feb. 18
*\H Mar.
Holders of rec. Feb, 6a
IH Mar.
Holders of rec. Feb. 28o
Hi Mar.
Holders of tec. Feb. 28a
87 4c Mar.
Holders of rec. Mar. 9o
3}iC. Apr.
of rec. June 7a
Holders
July
3Hc.
Holders ot reo. Feb. 1
Feb.
3
Holders of rec. Feb. 1
1
Feb.
Holders ol rec. Mar. la
IWm Mar.
•1
Mar.
•Holders of rec. Mar. 15
•Holders of rec. Mar, 15
*1H Mar.
Mar. 2
to
Feb. 28
Hi Mar.
Feb. 13
to
Feb, 5
IH Feb.
of
reo.
Feb. 16a
Mar.
Holders
\H
•SI 60 Apr.
•Holders of rec. Mar. 23
•600.
May
•Holdej-s of reo. Apr. 22
•.500.
June
•Holders of reo. May 22
July
•Holders of rec. June 22
•60c,
Holders of rec. Feb. 6
Mar.
S5
Holilers of rec. Jan. 16
Ad
Apr.
Holders of rec. J.<ui. 16
hi
Apr.
ol ree Feb. 160
Holders
IH Mar.
*2
•Holders of roc. Feb. 20
Mar.
Holders of reo. Feb. 15
Mar.
Holders of rec Feb. 15
IH Mar.
Holders of rec Feb. 15
IH Mar.
Holders ol rec Feb. 10
Mar.
2
Holders of rec Mar. 10a
IH Apr.
Holders of rec Mar. 10a
Hi Apr.
Holders of rec Mar. 10a
IH Apr.
Holders ol rec Feb. 15
26c. Feb.
Holders of rec Feb. 10
IH Feb.
IM
1
Apr.
Feb.
m
Warren
Miscellaneous.
AooicTea. 1st Ai 2d pref (quar.)
Amer. Art Works, com. A pref. (quar.).
Amer. Beet Sugar, pref (qimr.)
American Glue, com (quar.)
Hi
Inclnsite.
ol rec.
of rec.
of rec.
of rec.
of rec.
of rec.
ot rec.
of rec.
Holde.'s of rec.
Holders of rec.
Holders of rec.
Holders ot rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Apr.
H4 Mar,
(extra)
Books Closed.
Days
Holders
Holders
Feb. 22
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Hold;TS
Holders
Mar.
Mar.
Mar.
Mar.
Mar.
.Apr.
30c.
Prefeired (quar.)
Mar. 1
S1.25 Mar. 1
Mar. 15
Mar. 15
Mar.
•IM
Southern Petroleum & Refining (No. 1).
Southern Pipe Line (quar.)
Standard Milling, com. (quar.)
Railroads (Steam).
hUSb. Topeka * Santa le. com. (quar.).
Baltimore & Ohio, preferred
SI
75c
(quar.)
(capital dietributlOD)
Sinclair Consol. Oil, pref
Inclusive.
PayaHt
Hosiery Mills, pref. (quar.)
PrpfprrpO
•Holders
Holders
Holders
Holders
Feb. 19
Holders
•Holders
•Holders
•Holders
Mar.
3
Mar.
2
Wrlgley (William) Jr., & Co. (monthly)
•n50c. Mar.
Common (payable in common stock). */10 Apr.
Yellow Cab Mfg.. Class B (in stock)
•flOO Mar.
Name
Dome Mines
Whtn
Cent.
1% Mar.
Crescent Pipe Line (quar.)
Crov?'s Nest Pass Coal (quar.)
Davis Mills (qtiar.)
Deere A Co.. pref. (quar.)
•Holders of rec.
•Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
Holders of rec.
Feb. 16
to
Feb. 16
to
Holders of rec.
•Holders of rec.
to
Feb. 19
Holders of rec.
Feb. 21
to
*2y,
(
15
L5
15
15
15
Diamond Match
Vl
Rand Mines, Ltd.
Southwestern Power* Light, pref. (qu.)
•2
Standard Gas* lOleelrie, pref. (quar).
*.•{
Standard Oil Kans.oa) (quar.)
Standard Oil of New Jersey, com. (quar.) •SI 25
Mar.
Mar.
Mar.
Mar.
Mar.
Feb. 20
Feb. 20a
Apr.
$1.50 Mar.
*1H Apr.
*1
Apr.
*7,')C
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Dominion
Mar.
I'A
2
of
of
of
of
of
of
of
Company.
of
Miscellaneous (Concluded)
Copper Range Co
Cosden & Co., preferred (quar.)
Miscellaneous (Concluded)
Cities Service
Crane Company, common (quar.)
[Vol. 114.
(guar.)
Wright Aeronautical Corporation
Yellow Cab Mfg., Class B (quar.)
m
.
.
The New York Stock Exchange
has ruled that stock
t
a Transfer
will not be quoted e.x-dlvldend on this date and not until further notice,
books not closed lor this dividend. & Less British Income tas. d Correction.
iToii. unofficial sources,
•
Payable In scrip, ft On %e/ Payable In common stock.
e Payable In stock.
count of accumulated dividends, i Payable In Liberty or Victory Loan bonds.
J
Payable in
New York
funds,
k Payable in Canadian. funds.
All transfers received in order in Loiulon on or before
10 be passed for payment ot dividends to transferees.
I
ra
Declared four quarterly dividends of
1
H%
each,
first
March 10 wlU be
inltlme
payment on March"16.
n Declared monthly dividends of 50c. each, payable March 1, April 1, May l;
June 1 July 1 and Aug. 1 to holders of record Feb. 25, Maroh 25, April 25,May 25,
June 25 and July 25, respectively,
,
Payable
In
7%
prior preference pref, stock
.at
par.
and S7c pref. stock. payaWe In quarterly
installments ol 1H% and 2%, respectively, on April 1. July 1, 0ct 2 and Jan a.
1923 to holders ot record on Mar. 14, June 15, Sept. 15 and Dee. 15. respectively.
V
Declared annual dividends on both
7%
THE CHRONICLE
Feb. 18 1022.]
New York
—
Boston Clearing House Banks. Wo give below a summary showing the totals for all the items in the Boston
and Trust Companies.
City Banks
All prices dollars per share.
BU
Bid
Ask
American.
Bankers Trust 320
Contral Union 370
295
Columbia
330
3S0
300
160
C)minerclal..( 105
135
National City 314
New Neth*.. 120
317
Empire.
290
135
E
305
268
New
4S0
228
90
Public
235
290
Seaboard
Standard «... 2.'^0
408
240
310
260
52(1
State*
210
Traipsmen's * 20
23d Ward*... 240
Union Fxch.. 1!'5
anks— .V.i".
Bid
Ask
mcrloa*
>7e
1S2
Irving
mer Kxch..
2rAt
255
tlantlr
225
att«ry Park.
135
145
owory*
430
roadway Cen 120
Ironx Boro*.
80
irons Nat.,. 150
irjant Park* 155
450
N Y
Manhattan *. 240
Mech & Met. 340
Mutual*
510
Nat American I to
00
160
170
140
100
2S7
* Drov 130
Mercan. 175
haw ....
284
& Phen. 222
hat
helsea
Exch*
80
515
200
270
hemical
^al & Iron.
«lonlal»
'olumbia*...
155
165
;om'nwealth*
250
215
252
225
-ontlnental
130
145
orn Exch*.. 360
365
100
^mmerce
.
losmop'tan*.
:a8t River...
90
i
Trust Co.'s
Ask
Nrw
Nat or
194
.
140
lutch
'ent
Banks
250
345
1
Tr. 263
210
260
204
200
240
Guaranty Tr. 200
Fulton
Hnlson
170
Tit & Tr 130
Lincoln Trust 155
Mercantile r 2S0
Metropolitan. 260
Law
165
300
1
1
270
Mutual (West
ir5
WU
luitable
Fidelity Inter.
2
'UnltrdStates*
BOSTON CLEARING HOUSE MEMBERS.
Farm L & Tr. 430
1
175
Chester
1
140
i
N Y- Life Ins
& Trust...
N Y Trust. _.
* 325
Wash'n
YorkvlUe*... 420
600
309
310
265
United States 950
314
320
280
Gu &Tr
U S Mtg & Tr
Title
1
Brooklyn
•Coney Island*
First...
170
1
Ifth
ifth
Avenue* 925
Irst
930
215
940
225
Greenpoint
lOtham
185
.reenwlch*.. 240
'anover
825
larrlman
388
mp & Trad.. 510
192
260
845
Meohanics' «.
395
520
ndustrtal*...
165
150
160
260
150
260
.ardeld
155
Bants marked with
•
(*)
Homestead*..
Montauk
185
100
80
90
*...
Brooklyn Tr. 410
Kings County 680
Manufacturer) 220
300
IPeople's
96
125
Nassau
220
North Side*.. 200
210
People's
165
155
420
are State banks,
mi
1
Lawyers Mtge
Mtge Bond..
z Ex-dlvidend
y Es-rights
Yo'-k City Clearing House
The figures for the
separate banks are the a^erage of the daily results.
In the
case of totals, actual figures at end of the week are also given:
in thousands of dollars
CLEARING
HOUSE
N Y
Title
sliare.
Ask
135
142
100
1
US Casualty.
US Title Guar]
218
&
Bid
Ask
107
140
112
160
80
90
West & Bronx
Mortgage..! 144
lOO'
Assoc
(Brooklyn).
[.Realty
152
Title
&
MG
145
^55
—
NON-MEMBER INSTrTUTIONS OF NEW YORK CLEARING
HOUSE.
—
IStaua <• thousands of dollars
Net
I
Res. Bank.
%
1.500
Jattery Park Nat.
lutuai Bank
I
20O
Total..
omitted.)
with
Legal
in
Net
Nafl
Bank
Net
Demand Time
Vavit. Deposi-
De-
De-
Circu.
posiu.
posits.
latum.
tories.
Aterace Average Ateraoe Aterage Aceragi Average
»
S
%
S
S
%
144!
3,142
8,431
1.453 1 1 .338
230
196
813 11.062i
279
1.5471
10.902
594
1.094
20
354
1.717
4.333,
1,185
8.38 18,.5.39,
630
1.512
8,862
9,644
200
600
V R. Grace* Co.
forkvUle Raak..
[000]
Rtterte
Cash
counts,
Nat.bks.Dec.Sl IrwfstStatebks.Novlo merits.
Tr. coe. Dec 31
Ac.
Members of
three ciphers
It.
DU-
CapUal. Pro/iu
Fib. It 1923.
'ed'l
that
Ooaru,
S-ON-MEMBERS;-
Week ending
2,400
973
4.199 45.272
29.912
6.555,
11.653
196
State Banks
Members
of the
'ederaJ Rescrze Bank
}ank or WaRh Hts
Colonial Bank
\f'ot
Loans.
Discount
Nat'l,
Dec.31
ments.
endlngState.
Nov. 15
Nov. 15
&.C.
Net
600
2.153
220
46Sl
3.751
17.431
1,716
700.
Vol Memdert of the
'ederat Hescrre Bank
rtech Tr. Bayonne
ciphers [0001 omitted.)
three
is.
Members
2.299
21.182'
18.503
1.479,
2.764<
1.6991
21,890
30,
200
655
8.8401
380
131
3.2851
5.592
200
655
8.849,
380,
131
3.285
5.592
in
Vault.
s
Chemical Nat..
Atlantic Nat...
Nat ButCQ & Dr
Amer Exch Nat
4..500
1,0001
15,746
1.085
500:
5.000|
225
7.754
Hanover Nat.
Corn Exchange
Imp & Trad Nat
3.000i 21,314
National Park.
East River Nat.
Flrst National..
Irvln? National
Continental
Chase National
Fifth AveniUe.
Boni
De-
Cireih
Deposits.
posits.
la(toa.
I
1.296
3.568
13.432
18,826
6.002
7. .556
.56.747
.066
13,225
1.939
1.973
7.595
1
16,225
5.632
328
82
90.667
307,534
1,129
22. .585
7.500|
9,7.58
1,500
8,500
.36.528
10.000! 22,894
751
1.0001
10,0001 41.292
12.500; I0.R.50
157.374
14.262
242.014
184.902
7.206
327.474
21.079
8.515
586
10.946
984 34.086
969 3.243
131.316
115.916
168.688
CommoDwealtbl
Time
%
582
113.33'5
1
Net
Demand
A neraoe A vernge
490.770
NatBkof Comm 25.000' 34,763
1,727
,000
Pacific Bank
Chat&PhenNatglO.SOOa 9.638
with
Legal
Depoxi
torles.
Average
$
37,463
119.665
1.53. 2«6
52.512
of
Bank
7,478
Bk of NY. NBA 2.001
Bk of Manhat'n 5.000S 17,520
Mech & Met Nat 10.000. 16.523
Bank of America 5,5001 5.855
Nat City Bank. 40 000J 61.082
22.9.56
220
16.632
3,.500i
107 046
100.528
157.215
27.338
16.8031
128.6.55
16. 123
494
6.321
13.478
22 008
621
1.124
303
1.400
480 20.977
4..5.35 24.609
126
845
6,483 38.821
724 2.797
515
1.150
12.706
160 027
184.395
le.S'lO
4.56
14.227
Seaboard Nat.
Coal & Iron Nat
50.784
15.346
287
917
630
1.641
Union Exch Nad
_
Bklyn Trust Co
Bankers Tr Co. 20,000 20.408
16.113
701
36,054
257.880
,53 075
366.339
19.206
76.734
37.723
136.688
21.848
838
921
501
2.235
4.104
29.622
6.480
,
USMt.te&Tr
3,000
4,324
Guaranty Tr Cd 25.00o!
1..500i
Fldellty-Int Tr5.000
ColumblH Trust
16.5.52
1
,
1,689
7.777
2.107
16,996
1,236
3.418
1,525
12.641
1,743
16,502
..sooj
|
TrustJ
10.000'
Lincoln Tnist .1
Metropolltnn Tr
Naswiu Nut, Bk
2.000
Farmers Ln & Tn
Columbia Bank
Ecjultablc Trusd
5,000,
2,0<K)|
1
,ooo;
I
2.ooa
12.000,
Average Average
%
I
i
26.280
891 1.937
96.419 12.817
'901
141.908
2.301
49.901
985
*527.164 37.657 f.706
99.267
2,020
350
14.683
542
246
4.068
70
298
78.170
1,701 4,868
260.732
4,364
5.888
Garfield Nat...
Fifth National.
New York
3. .3871
Tr. COS..
II 1922.
Fed. Res.
Reservf
Cash
Invest-
Peoples Trust
4J6
100
Total
rrust Companl'
—that
Profits
CapUal
(.000 omitted)
Fb.
City Non-Member Banks and Trust ComFollowing is the report made to the Clearing Hoiisf>
>anies.
y clearing non-member institutions which are not included
n the "Clearing Hou.se Returns" in the next column:
CLEARING
Fcjb. 11.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Week
New York
LETTJRN OP
New
of the
week ending
for the
(.Stated
Bid
90
215
Nat Surety..
240
"Ity
95
$
I
—
__--
and Surety Companies.
City Realty
73
M
1922.
!
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
1
New stock,
i
All prices dollars per
Investing
Preferred .
Jan. 28
1922.
1
Ask
80
Bid
Illance R'lty
70
imer Surety.
57
ond 4
G 235
s
Feb. 4
Circulation
2 ,131 000 Inc.
2.000
2 120.000
2, 123,000
Loans, disc'ts & Investments. 533 .134 .0')') Inc.
5.323.000 527 811.000 .520, 322,000
Individual deposits. Incl. U.S. 383 727 .000 Dm. 17.000.000 401 726.000 400, 289,000
Due to banks
95 649 .OUT D3C, 3.818.000 90 4'j7,010 95 559,000
Time deposits
24 574 .Om Inc.
824.000
7.50.000 22 739,000
United States deposits
22 ,302 000 Inc. 4.574.000
72S.O00
8 615.000
Exchanges lor Clearing House 14 0">9 .000 D^c. 6.3(.!.000
402.000 14 492,000
47 546 .000 Di-c, 5,3 "lO. 000
Due from other banks
SOii.OOO 48 647,000
.000 D-c.
Reservein Fed, Res Bank
at. 000
OSf5.000 44 58-5,000
43
Cash in bank and F. R. Bank
631,000
5 710 000 Dec.
341.000
7 034,000
Reserve excess In bank and
Federal Reserve Bank
1,468,000 Inc.
884,000
584,000
632,000
MEMBERS
New York
Chnnnes from
prcBlom week.
$
members
Brooklyn
1
U
Feb.
1922.
shows the condition
I
175
Clearing Plouse weekly statement for a series of weeks:
York
i
York... 470
Paeiflc*
310
Park
404
711
1..50n
327
868
2.056
1 .759
6.810
43.838]
2.304.
9..S09
1.173
3.693i
418
42
15..573
2.96.5
31.0'>0
4.52
15..364
424'
3.387|
1.301
5,8.56
290.8.57
20 998
8.698
15.192
13.230
47.070
12.309
16.535
30.497
•233.586
48.720
*424.269
17.842
72.609
35.545
116.838
1
49
468
794
805
342
3.298
16.553
1.692
615
3.006
1,303
2,133
693
1,209
436
3.30ff
.602
19.402
171.689
396
246
68
415
394
15.094
20..574
25.820
12.914
*94,007
24.779
409 12.79S
122 056
24.071
130,747
4.807
100
17.339
"*9
28
2.477 8.386
1,370
60
5.586 7.313
4.022 2.499
100
11,683 f.OSS
278
60
17.744
890
5.372
Average Feb. 1I276,400|439,5764,273.574 64.644 499.874 c3. 713. 149'l95, 143 33,254
Total.
3raDd aeKreuBte.
"^mouiarm
3.300
prerlo iMweekl
6.907 75.30:j
|+I.316|
4.1 17|
6.907 7.?.««7
8.907 74..'M9
«.!*>4 73.925
8.3R5 •55.087
1.980 +1.378
17,275
+ 57
196
—
8.869
3,929
6.405 a.53.709' 17,218
6,4W) a54..5«t( 17,1721
3,99ffl
6. .592
4.3021
6.543, a54,S70
197
190
1U7
197
+248J +
Totals, pctual condition Feb. 1 1^250.583' 63 905 486. I75c3.707.219 208.316 38,460
Totals, actual condition Feb. 4 4.204,801 61,941 .507. 270c3. 7.33,862 19I„341 33,357
Totals, actual condition 'Jan. 284,229.146 63,012514,306 c3,761.419 171,169 33.326
State Banks
Not .\frmhers of
Fed Reserve Bank
Greenwich BankI
|
Jr-d acer
ird a«ST.
';r"d aKKT.
ir'd asgr.
3,300
8.300
Feb. 4
Jan. 2W
Jan. 21
Jan. 14'
3.3«;0
3.,300
73.-324
6,!»'>4
ft. 8. depofitfl df^'ictr-d. «
Hills payable, rertiv
Excea reaerve. Si )
1.
•...J.02'J
17.148.
17.U3l|
.
18.231
1 ,.554
818
5.489
79.335
..
3.204
311
2,019
18.065
5.191
4.351
28,7.55
47,192
3.760
7.179
103.055
5,377;
4,093,
62.0111 47.242
Totals, actual condition Feb. 11
103.509
5.550
5.207
5,576
3,839
4.400
4.274
52 4.38 47 247
62 158 47 ISl
52 252, 47 261
l.OOO'
I
t
Average Feb.
pequirtrrientH for memlxirs of tho KiKleral lt«}8«rve Sysleni
an- 10% on demand deposits and '.i% on lime deposilH, all
\>f
th(( K<(hiral
tfj
lifMc.rw. Hank.
"CjkIi in
k< fit with
vaiiliH" i.s not a part of legal rewrve.
Ft)r trust eon
nu\ rncrrilxrH of the Federal Ke.serve System the
r
10% on d'rrnand »h'i)OKi1s and ineludes "Koservo
with legal depositnri**" and "(Jash in vaults."
recjiiired is
11
I'otiil
ac'tuiil
.
Trust
Feb.
4
102. '<11
condition ,JaD. 28
101.381
Tottil.t. artu:*! ri) tidltlon
f;«'s
J
Not Xfrmbm of]
Fed Hr^rrvf Bank
A
6.000
4.000
13.666
46.433
24.096
1,344
6.0.53
822
8.IOOI
1.744i
29 620
16 360
877
354
10.000
10.010
71.120
2.160
4.8S3|
45.080
1,331
Totalfl. actual CO ndltlnii
Feb. 11
actual rfindlflon
Totals. Bi-lunl
I-V-b
70,876
71.580
71.73H
2.164
2. 148
2,176
4.806
6,051
5,087
45.674
46,593
47,723
Title
f luiir
Lawyers Tl
Tr'
A Tr
Average Fob.
11
TtiliilH.
Ord
aggr. avi;.
^
.
Week tmtHmt r*.
•MMM
Mtmttnof
11
f.H.ttUsm CompoHlm
»•
4
1023.
Feb. 4
1922.
Trutt
Total,
Jan. 38
Gr'd aggr.. ont'lrnnd'n
('oriipurbwrn. previous ^v
72.187 508.820 3,811
1.447. 7.1H
•
(;omparlwm. prn virtus week
(00)
1,763
reaft.
—
Ctplun
6191
38'.. 000.
"plancen and other Uabllltieo. (1.243.000.
Philadelphia Banks. The- I'liilfwlelphiu Clearing House
it for the weok ending Feb. 11 witii ex>nipiiralivf
lor the two weeks pn"<!«-din{,' iw as follow.s.
Hes«rve
1.^ .,
Am
50
2.008
250
2, .500
Bowery Bank..
Slate Bank
+8. 678 (-2.234
I
I
•"
.266
.277
1.270
1
1
"
''"!
I
33.364
—78
—44
—760
'1
T
1.50
•3
1923.
fir'd
aggr
.
arl'i'nond'n
l-cli,
r;r'i1
mi\ir
,
ncl'lrnmrn
Jnii
4 4,4'Ui.i
?« 4 4(r.'
r,7
126
'
1
."'
SN
,»H .rj.i»47
3.1140.403 240.300 33,361
I
;i
'
2I./.I1.I1
iiTar.lliiii.-.'
IH.d
W). 176.(1
Id- i.H f.
In llir
'
1
.
I'l'll
14
iy.4y7.o
r<-(litu-oii(ti'<
'*;
-k Krb ij. 13(1(1 I'll KOO «
i)(i(); Jan. 2H. 13111. OW7.000. Jan
nr.
ItlllN
lit
itvrr««r
1 1,
. IIIKI.
,1
.
Jitd
lolnll
iti'iKTitl
(U tUftI tdlMll
1:111
>
jl
»
I
1
67il.>JH.J.l>
I
paynbif*.
'
""H
^
.-Irii. :..<
iiiMi
II. ^.in4.*
.(no
I
3.M3.0
n
w rvr
Ku-fMs
Ii
.1.
ij-.-n-.
In r.inlgn tiranrlii^ not Itnlii1
I
1
M3,0
Cm),
lt«
I
4 7.«i;».o
3,404.0
2.70H ri
7,'mi.o
flflfl.O
,
'
r''>|<ilr'>'1
rm A
raiih In
vault
* OMh IB vanlta Mit
,
1
,t
)l
I.4MIII
1
at
ri
• lor r*ri»<
llii'il'.-r-<
A
Irii
ir
I
1
In
r>i-<'
'
I
fiMillnit ns fiillDWC
(MMI (iiiurniiiy I'nist
III
i
r iiulintilr
<•
•
-
-
rriiNl <.'«..
f-
'
-'irh
•
-111;
.Mr
K Ah oI
,
Co.
tt..M'J.UOU.
Krb. a 1033.
Iiiiut
eouoMd
0(10
lot
c Wi'iHMlls
III
litioluii
l>rAlit.lii<!|
lint
liK lulled,
,
.
—
.
THE CHKONICLE
712
8TATEMKNT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
[Vol. 114.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Averages.
Cash
Memb
Rese
Federal
b.nka
State banks*
Trust companies
Total
Total
Total
Total
Feb. 11
Feb. 4
Jan. 28
Jan. 21
DeposUaries
Total
Reserve
Rexerce
Surplus
Required
Reserve
S
$
S
499.874,000 499.874,000 488.563,660
5.377.000
9.361,980
4,093.0001 9.470,000
2,166.000
4.853.000
7.019.000
6.897.000
7.543,000
7.376.000
7.584.000
8,353,000
508,820.000'516.363,000
509.570.000 516.946.000
507.894,000 515,478,000
508,214.000 516,567,000
11,310.340
108,020
122,000
.504.822.640
11,540.360
6,489,410
4,921,220
510.456.590
510..5.56,780
517,100.100 Def533,100
Actual Figures.
Cash
Members Federal
Reserve banks.
State banks*
Trust companies.
Total
Total
Total
Total
•
Feb. 11.Feb. 4..
Jan. 28..
Jan. 21-.
Not members
b
Reserve
in
Reserve
in Vault.
DeposUaries
Total
Reserve
Reserve
Surplus
Reiulred
Reserve
%
S
486,175,000 486.175.000 488,187,950 df2,012,950
5.5,56.000
9,395,000
9,438,840 def 43,840
3,839,000
2,164,000
4.86G.000
7.030,000
6,836,100
193,900
7,720,000
7,445.000
7.752.000
8,329,000
494,880,000 502,600,000 504,462,890
516,727.000 524.172.000 ,507,519,530
523.667,000 531,419.000 510,683,050l
545. 487, 000)553, 816, 000 514,190,030
of Federal Reserve
dfl. 862,890
16,6.52,470
20,735,950
39,625,970
Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes also amoimt of reserve roquU-ed on net time deposits, which Wiis .as follows:
Feb. 11,55,854,290; Feb. 4, $5,715,360: Jan. 28. 85.550,390: Jan. 21, $5,609,280.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the ease of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Feb. 11, $6,249,480: Feb. 4, $5,740,230: Jan. 28. 35.134,720: Jan. 21, $5,612,910.
State Banks and Trust Companies Not in Clearing
House. The State Banking Department reports weekly
figures showing the condition of State banks and trust eom
—
panies in
New York
City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figure* Furnished by State Banking Department.)
feft.
Loans and Investments
Gold
Currency and bans notes
Deposits with Federal Reserve
Bank
of
Total deposits
New
In vault
Deposits in banks
and
State Banks
$26,205,100 15.88%
8,906,200
5.39%
trust cos
$35,111,300
Total
24
31
$
5,054 812,500
5,082 ,494,800
5,129 620,700
6,106 ,037,500
S
4.432 .387,300
4,490 114 200
4,488 ,903,800
4,479 192,900
7
5,1.39 ,521.900
4,594 091,300
4.566 220,000
4,525 ,120,000
4,467 360,600
4,463 981,500
4,415 936,800
Differences from
previous week
Inc. $2,963,400
Dec.
Inc.
Dec.
Dec.
116,100
514,100
195.400
703,000
Week ended
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
21.27%
Dec. 3,709.700
Dee.
327,100
— Trust
—
Companies
13.47%
$47,207,200
21,183,400
6.04%
$68,480,600
19.51%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 11 were $51,906,900.
10
17.
Banks and Trust Companies in New York
City.
New York
— The
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:
The Federal Reserve Banks.
5.110
5,096
6,038
5,073
5,084
14
21
28
4
11
207,100
705,600
302,500
132,000
673,400
'Total Cash
in Vaults.
Reserve fa
Depositariu
.
$
106,038.300
109.700,.300
578 ,899.700
608 ,686,200
114,718,800
601 ,032,500
110.207.300
607 ,052,600
103.995,400 z661, ,340.400
104.881.900
644 ,736,100
95.694.700
591 ,642,600
592 .588,600
93.598.200
91.150.400
592 ,291.600
93,782,400
590 816,600
* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes, x Corrected figures.
of New York.
— The following shows the condition of Bank
the Federal Reserve
Condition of the Federal Reserve
Bank
New York
of
at the close of business Feb. 15 1922, in
comparison with the previous week and the corresponding
date last year:
Resources
Feb. 15 1922.
$
—
Feb. 8 1922.
Feb. 18 1921.
Gold and gold certificates
Gold settlement fund F. R. Board
286,244.451
53.005,213
$
286.889.883
54,375.532
$
122,498,000
82,821,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
339,249,665
711,647,478
10,000,000
341,265,416
711,797,278
10,000,000
185,319,000
205,362,000
41,000,000
1,060,897,143 1,063,062,694
40,364,607
43.059.633
431,681,000
159,465,000
1,101,261,750 1.106,122,327
591,146,000
—
Total gold reserves
Legal tender notes, silver,
&o
Total reserves
discounted: Secured by U. S. Government obligations for members...
\ll other— For members
Bills bought In open market
Bills
—
Total bills on hand
U.S. bonds and notes
U.S. certificates of Indebtedness
One-year certificates (Plttman Act),--
Another
Total earning assets
Bank premises
5% redemp. fund agst. P. R. bank notes
Gold abroad in custory or in transit
Uncollected Items
All other resources
Total resources
86,258.237
54,531,092
19,276,799
111.431.635
41.345.134
40,402,582
375,282,000
495,257,000
18,194,000
160,066,129
37,017,350
193,179,353
29,451,750
888,73.^,000
33,900,000
92,397,000
33,900,000
69,216,000
59,276,000
3,000
323,380,479
7,269,020
1,576,210
325,746,103
6,967,154
1,610,810
122,214,098
3,218,745
92,199,653
2,358,051
949,269,000
4,455,000
2,541,000
1,211,000
144,590,000
2,291,000
= ===
1,257,000
1,558,920,304 1,535,004,100 1,695,503,000
Liabilities—
Capital paid In
,
Surplus
Reserved for Government Francblse
Deposits:
Tax
Government
Member banks— Reserve account
Total deposits
F. R. notes In actual circulation
F. R. bank notes In circurn— not llabUlty
Deferred availability Items
All other liabilities..
27,028,800
60,197,127
249,439
26.957.850
60,197,127
204.381
56,414,000
20,542,538
689,777,604
11,849,136
41,397,259
686,329,753
11,407,856
16,069,000
656,664,000
11,791,000
722,169,278
621,791,246
19,592,158
10-1, 364,869
3,527,385
739,134,869
615,027,376
20,262,200
70,083,638
3,12 6,658
684,524,000
791,991,000
38,478,000
84,761,000
12.877,000
26,4.58,000
= ====:
Total llablUtles.
1,558,920,304 1,535,004,100 1,695,503,000
Ratio of total reserves to deposit and
81.7%
41.7%
81.9%
F. R. note liabilities combined.
Contingent liability on bills purchased
8.099,508
11,983,994
12,000,468
for forelzn correspondents
Note.
averages of the
—
Another
604,796,800
103,591,900
RESERVE.
Cash
11.
$636,915,400
4.788,800
16,806,600
York..
51,906,900
655.033,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N. Y. City exchanges and U. S. deposits.
Reserve on deposits
Percentage of reserve, 20.0%.
Demand
Deposits.
a
Reserve
in
Reserve
in Vault
Loans and
Inveslmerus.
— In conformity with the practice of the Federal Reserve Board at Washing-
of computing ratios of reserves to liabilities was changed beginning witl
Instead of computing reserves on the basis of net deposits—
the return for March 1 8
that Is, Including In the total of deposits "deferred availability items" but deductlni
"uncollected Items"
the new method Is to disregard both amounts and figure tti«
percentages entirely on the gross amount ol the deposits. For last year, bowevari
ton,
method
.
—
the computations are on the old basis; that Is, reserve percentages are calculated o»
and Federal Reserve notes In circulation.
basis of net deposits
—
Following is the weekly statement issued by the Federal Reserve Board on Feb. 16.
the system as a whole are given in the following table, and in addition we present the results fer seven preceding weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilities sepaThe Federal Reserve Agents' Accounts (third table following) gives details regarding
rately for each of the twelve banks.
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
The figures for
Continued gains of $14,700,000 in gold, as against a loss of $1,400,000
In other reserves cash, largely silver certificates and green-backs, accompanied by a reduction of about $1 ,000,000 in deposit liabilities and an
increase of $3,800,000 in Federal Reserve note circulation, are Indicated in
the Federal Reserve Board's weekly consolidated bank statement issued
as at close of business on Feb. 15 1922. The reserve ratio shovps a rise for
the week from 76.1 to 76.4%
Bill holdings of the Federal Reserve banks show considerable liquidation
for the week: bills secured by Government obligations (so-called Government paper) totaling $34,200,000 less than the week before, other discounts
These
.t3.(i00.000, and bills purchased in open market $16,000,000 less.
reductions are partly offset by increases in the lioldings of Government
securities: thus U. S. bonds and notes are shown $15,700,000 larger than
the week before, while Treasury certificates, held largely under repurchase
agreements by the New York bank, show an increase for the week of
No change Is shown in the totals of Pittman certificates or
$26,800,000.
Total earning assets, in consequence of the
of municipal warrants held.
changes noted, were $11 ,300,000 less than the week before, increases under
this head reported by the Boston, Philadelphia and St. Louis banks being
offset by liquidation of paper or securities reported by the other Federal
Reserve banks.
Government paper held under discount shows a decrease for the week
from $361,000,000 to $327,600,000. Of the total held $241,700,000, or
73.8%, were sociu-od by Liberty and other U. S. bonds, $26,800,000, or
8.2%. by Victory notes, $22,700,000, or 6.9%, by Treasury notes and
$36,400,000. or 11.1%, by Treasm-y certificates, compared with $265,300,000. $27,100,000. $19,200,000, and $50,300,000 reported the week before.
As against a reduction of $33,400,000 in Government deposits, the banks
report increases of $29,800,000 in reserve deposits and of $2,600,000 in
other deposits, composed largely of non-members' clearing accounts and
cashiers' checks.
For the first time during the present year Federal reserve note circulation
shows a gain for the week, an increase of $14,400,000 in Federal Reserve
note circulation reported by the New York. Philadelphia, Chicago and
St. Louis banks being largely offset by further decreases shown for the
other Federal Reserve banks. The banks also show a <lecrease of about
.$500,000 in their aggregate net liabilities on Federal Reserve bank notes
in circulation, as against a reduction of over .$2,500,000 in the amount of
these notes outstanding reported by the Treasury Department.
A substantial shift of gold holdings for the week is noted. Thus Boston
reports a loss of $10,200,000, San Francisco a loss of $3,000,000 and Philadelphia a loss of $4,200,000, while smaller losses aggregating $8,300,000
are shown for the New York, Richmond, Minneapolis and Dallas Reserve
banks. The largest gains are reported by Atlanta, $12,200,000; Chicago,
$11,200,000 and Cleveland, about $11,000,000, while smaller gains aggregating $6,000,000 are shown for the Federal Reserve banks of Kanass
City and St. Louis. Since Feb. 18 of last year gold holdings of the Federal
Reserve banks have increased by $803,400,000. New York shows a gain
in gold for the period of $629,200,000. Chicago a gain of $106,600,000 and
San Francisco a gain of $96,800,000. while smaller gains for the period
are reported by Minneapolis, Philadelphia, St. Louis and Kansa-s City.
The largest losses for the period are shown for Boston, $-16,000,000, and
Cleveland, $43,200,000, while smaller losses are reported by the Richmond
and Dallas banks. Losses of gold by the first two named banks are due in
a large part to the return of their notes by other Federal Reserve banks.
Combined Resources and Liabilities op the Federal Reserve Banks at the Close op Business Feb.
Feb. 15 1922.
Feb. 8 1922.
Feb. 1 1922.
15 1922.
Jan. 25 1922. Jan. 18 1922. iJnn. 11 1922. Jan. 4 1922. Dee. 28 1921. Feb. 18 1921.
KSSOVKCSS.
Gold and gold certificates
Gold tettlement. F. R. Board
Total gold held by banks
Qold with Federal Reserve agents
Qold redemption fund
Total gold raeerve
382,260,000
531,354.000
.
.
382,418.000
514,110,000
386,044.000
609.193,000
383.541.000
483.222.000
382.460.000
469.367.000
382.138,000
502,010,000
377,676.000
607.836,000
380.911.000
634.099.000
S
210.978.000
511.751.000
851.827.000 884,148,000
885,611.000 915.010.000 722.729.000
913.614.000
898,528,000
894,237,000
866,763,000
1,940,665,000 1,942,725,000 1,928,419,000 1,939,792,000 1.948.657,000 1.910.561.000 1.902.912.000 1.846.369.000 1,260,546.000
149,377,000
81,776,000
98,208.000
100,880,000
86.875.000
108.221,000
82,099,000
97,693,000
88,872,000
12.936,064,000 2.921,352,000 2,011,528.000 2,904,248.000 2,898.692.000 2.895,589,000 2,876,298.000 2,869,600,000 2,132,652,000
THE CHRONICLE
Feb. 18 1922.]
Lag»l tender notea, illver,
Ao
149,990,000
141,277,000
139,866,000
Jan. 25 1922, Jan. 18 1922. Jan. 11 1922. Jan. 4 1922. Dee. 28 1921. Feb. 18 1921.
Feb. 1 1922.
Feb. 8 1922.
Feb. 15 1922,
713
152,811.000
154,607,000
146.106.000
134.604.000
122,600,000
220,338,000
3,075,940.000 3,002,629,000 3.061.518.000 3,058,855,000 3,051.503,000 3.041.294,000 3.009.802.000 2,992,200.000
Total reeervee
2, .152, 990, 000
dlRcouDt«d:
Secured by U. 8. GoVi. obUgatlona.
--Another
aula bougbt Id open market
327,641,000
457,979,000
78.287,000
361,906,000
461,553,000
94,255,000
361.167.000
476.651.000
90.027,000
3,57.921.000
49-J.252.000
on hand
0.8. bonds and notes
863,907,000
125,633,000
917.714.000
109.919.000
927,845,000
90,709,000
932.882.000 1.008.766,000 1,074,248,000 1,239,432,000 1,294,073,000 2,531,282,000
60,128,000
65.761.000
62,150,000
48.675,000
69,472,000
25,867,000
98.466,000
160,499.000
193,000
98.466.000
133.723.000
193.000
113,000,000
101.702,000
206,000
113.000.000
71,278.000
206,000
.248,698.000 1,260,015,000 1,233,462,000
36,496.000
36.407.000
36.908.000
7,855,000
8.029.000
7.930.000
450.841.000 498,220,000
555.990.000
14,460,000
14.709.000
15.583.000
,183,127,000
36,199,000
7,870.000
481,754.000
12.719.000
Sltls
Total
1
blllB
427,476,000
660,018,000
86,754,000
477.46fl.000
487,193,000'
692.640.000
114,240,000
635.111.000
126.865.000
990,182,000
I. .174. 226,000
166,874,000
8. certificates of Indebtedneea:
CT.
Oue-year certKlcatea (Plttman Act)..
Another.
Municipal warrants
Total earning asaeta
Bank premlsea
f
388.672.000
526.150.000
94.944.000
82.709.000
%
redemp. fund agat. F. R. bank notes
Uncollected Items
411 other resources
-
113,000,000
63,847,000
216,000
113,000,000
54,040,000
385,000
113,000.000
69.435.000
379.000
119,600,000
62,472,000
334,000
,235,957,000 1,293.823,000 1,470.921,000 1,635.851.000
35,720,000
35,019.000
35.203.000
35.015.000
7,871,000
7,939,000
7.926.000
7.896.000
554,362,000
548,436,000
638.462.000 659.766.000
12.677.000
12,811,000
14.103.000
20.578.000
259,36.S,000
2,384,000
2,818,908,000
19,309,000
12,114,000
3,300,000
640.972,000
8,428,000
4.941.O49.00O 4,832.779,000 4.851.922,000 4,780.524,000 4.988.090,000 4.939,322,000 5,176,417,000 6,151,306,000 5,856,021,000
Total reeourcea..
LIABILITIES.
103.020.000
103,190,000
103,067.000
103,204.000
103.233.000
103.203.000
103,325,000
103,186,000
215.398.000
215.398.000
215,398,000
215.398,000
215.523,000
215.398.000
215,398,000
213,824,000
1.332.000
996.000
853.000
1.548.000
1,250,000
416.000
1,504.000
57,444.000
114,744,000
95.915.000
77,734.000
15.289.000
68.307.000
112.717.000
79.316,000
71,634.000
,744,430,000 1.714.668.000 1,689,422,000 1,652.304.000 1,673,824.000 1,735.563.000 1.731.374,000 1.666.018.000
30.578.000
33,337.000
36,304,000
26.055.000
29.457.000
31.111.000
33,728,000
26.872,000
Capital paid In
Surplus
aoaerved for Govt, trancblae tax
Oeposlte
— Government
— reoerve account..
Meinber banks
Another
'6Y.5"l6'o66
,720.855,000
24,609,000
1,857.474,000 1,858,496.000 1,840,470,000 1.778.797.000 1,784.895,000 1 ,776 .907 .000 1 829 1 38 .000 1,764,524.000 1,806,980,000
2,169,953,000 2,166.179.000 2,178,053,000 2. 184.001. 000 2.229,677,000 2,293.799,000 2.405.316.000 2.443.497.000 3,037,444,000
84,876.0001
84.878.000
83.880.000
83,888,000
83.977.000
83.507.000
82.988.000
Uab
84.548.000
193,431,000
463.826.000 449.455.000
397,703.000
523.293.000
388.650.000 414.475.000
494,568,000
458.960.000
479,799,000
15.290.000
15.400.000
15.768.000
15.198.000
15,729.000
16.648.000
15,839,000
25.323.000
35,591,000
Total
!
F. R. notea In actual circulation
cet
7. R. bank notes In droulatlon
Deferred availability Items
—
An other
100,740,000
202.036.000
llabUltllee
.
.
4,941,049,000 4,832.779,000 4,851,922,000 4.780.524.000 4,898.090.000 4,939.322,000 5.176.417,000 6.151,306.000 5,856,021,000
Total llab'.Utlea
aatio ol gold reserves to deposit and
72.2%
73.3%
72.4%
71.1%
67.9%
72.6%
72.9%
liabilities
combined
68.2%
44.0%
F. R. note
aatlo of total reserves to deposit and
77.2%
76.0%
76.2%
74.7%
71.1%
76.1%
76.4%
71.1%
48.6%
F. R. note llabUltIco coaiblned
Ratio of total reserves to F. R. notes 1l
DUtribution by MaiurUiet
35%
aside
after setting
against deposit liabilities
irfrcolatlon
111.6%
108.8%
105.5%
98.6%
97.2%
49,096,000
509.208,000
35,019,000
2,000
16,708,000
81,307.000
2,000.000
140,000
16,743.000
113,179,000
9,294.000
51,708,000
492,041,000
26,527,000
15,000
13,089,000
87,361,000
2,009,000
140.000
14.677.000
119.719.000
34.773,000
69.629.000
654.126.000
6,719,000
211,000
31.520.000
111.915.000
2.500.000
26.000
19.529.000
167.695.000
12.541.000
142.000
6.173.000
118.138.000
28.634.000
68,306, 000
708,361, 000
13,687. 000
Td,i87',roo
91,344,000
3,200,r00
51,000
366,000
47,352,000
148.193.000
50,678,000
622,081,000
11,013,000
19,000
19,965,000
92,021,000
415,000
6.000
14.573.000
146.787,000
12.971.000
140.000
9.384,000
93,756,000
3,810.000
32,210,000
669,318,000
2,000,000
Tf,43V.6o6
46,045,000
480,944,000
1,150,000
13,0C0
16,316,000
86,170,000
4,364,000
2,000
12,833.000
143.918.000
20.765.OC0
141.000
7,346.000
83.947.000
8,501.000
169.000
55.194.000
149.498.000
60.000
345,000
59,177,000
136,638,000
51,000
3,000
60,858,000
126.440,000
51,000
111.3%
28,665.000
485.495.000
23,768.000
142,000
19,161,000
75,271,000
35,999,000
—
S
I-IP days bills bought In open market
1-16 days bills discounted
certli. of Indebtedness
1-15 days
US
Mtinlclpnl warranta
id-SO days bUla bought In open market
16-30 days blila discounted
13-30 days U. 3 certlf. of Indebtedness
-.
Munldpiil warrants
11-60 days btlle bought In open market.
11-60 daya bills discounted
8. certlf. of Indebtedness.
81-60 daya
Uoolel pal warrants
—
15,137,000
104.904,000
9.671,000
U
T5',bVr,666
77.390.000
2,700.000
51.000
81-90 daya bills b ought In open market
81-90 daya bills discounted
81-90 days U B. c ertlf of Indebtedness
UonldDal warrants
.
.
111.0%
111.4%
82,558.000
38,165.000
51.000
217.000
46.207.000
147.711.000
313.000
42.549,000
186,827,000
Over 90 daya bills bought In open market
-Over 90 days bUla discounted
Over 90 day fcertll. of l-debtedneee..
8
Uunldpal warrants
NoU*
Ftderal Retertt
Oitstandlng.
a«ld by banks.
—
—
25,021,000
95,071,000
"""l84',060
16,773,000
152,155,000
17,377,000
150,000
12,147,000
110,092,000
21.223,000
56.6%
s
50.848.000
.444.358,000
6.323,000
34, 000
24.743. 000
116.690. 000
2.500, 000
"54Vr72^666
223.858,000
7.581.O0O
182, 000
26.062, 000
161.202, 000
10.753, 000
"44".5y6'.060
389,479,000
6,949,000
23, 000
6,114, 000
131,936, 000
28,163, 000
"lV.666
95 000
15 000
60.693.000
133.041.000
61,644 .000
126,869 000
T7,y2's^000
266,151.000
6,813,000
40,562,000
234,093,000
2,507,229,000 2.525,009.000 2,559,656,000 2.604.957.000 2,666,397,000 2,732,861,000 2,786,114.000 2.796,540,000 3,349,950.000
420.956.000 436,720.000
381,603,000
439.062.000
380,798,000
358,830,000
353,043,000
337,276,000
312,506,000
2,169,953,000 2,166,179,000 2.178.053,000 2.184.001.000 2.229.677.000 2,293.799.000 2.405.316.000 2,443,497,000 3,037,444,000
Id actual circulation
Amount chargeable to Fed. Res. agent 3,467.995.000 3.496,610.000 3,515,117,000 3.530.013.000 3.571.248.000 3,611,486,000 3.631.389.000 3,650,375,000 4,158,802,000
904,851,000
925.056.000
955,461,000
878,675,000
845.275.000
971,601,000
853,835,0001 808,852,000
960,766,000
fD bands of Federal Reserve Agent
laatied to
2.507,229,000 2.525.009 .000'2.559.656,000 2.604.957.000 2,666,397,000 2.732.861.000 2.786.114,000 2,796,540,00013,349,950,000
Federal Reserve banks
—
Bom
StcuT'.a
Br gold and gold
8y eUglble paper
349,013,000 349.013.000 349.013.000
344.013.000
349,012,000
344.013.000
349. 013.000' 227,386.000
717.740.000
665,165,000
631.237.000
883,202,000
582.284.000
822.300.000
950. 171. 000' 2. 089. 404. 000
128.523.000
122.160.000
127,943,000
120.962.000
120.434.000
134.397.000
115.832.000
123.374.000
113,831,000
1.473.279.000 1.464.315.000 1.462.240.000 1,462.836.000 1.471.121.000 1,441.114,000 1.432.938.000 1.381.524,000
919,329,000
344,012.000
oertlflcatee
566,.V;4.000
Oold redemption fund
With Federal Reserve Board
2.507,229,000 2.525.009.000 2,5.59.656.000 2,604.957.000 2.666.397.000 2.732,861,000 2,786,114.000 2,796,540.000 3.349,950,000
Tout
KlUrtble paper dellvorefl to F.
^nM,%j,y 8TATBMCNT OP
Two eiphtT$ (00) omuttd.
rtAeral ReMtrte Bant of
R. Agent-
—
New
Bottom.
York
Phila.
Heeured
Govt. oMtsallODS
:
09.077.0
711.647.0 130. .508.0 185.099.0
0.760.0
fl.UlO.O
lO.OOO.O
34.590.0
27.942.0
9.943,0
37,167,0 132.0.30.0
69,917,0 327,115,0
3,868,0 10,517.0
t
Total
31, .3.36,0
2.600.0
2,779,0
8.330,0
72.476.0 100.962.0 409.062.0 114.978.0
0.778.0
4.100.0 H.O.IO.O 14.247.0
66,986.0
800.0
82,392,0
6,781.0
37.194,0 280.716.0
5.900.0
4.688.0
210.531,0 1.101.262.0 205.620.0 200.8«i,0
79.253.0 106.118.0 483,718,0 129.225.0
67.786.0
89,173,0
43,094.0 291.304.0 3,075,040,0
5.480.0
32.395.0
10,301,0
33,7.M),0
0,471.0
33.777.0
3.S. 270.0
45.0
15.0
6.2-13.0
327,641.0
457,979,0
78,287,0
37.S8I.0
210.0
44.090.0
17.381.0
40.263.0
2.C.30.0
60.819.0
12.164.0
863.907,0
125,633.0
5.320.0
620.0
.900.0
0..382.0
98.400.0
160.499.0
193.0
63.104.0
1
96. .IS 1.0 261,620,0
0.089.0
3.509.0
34.053.0
S
lO.OfiO.O
43.773.0
t
382.200.0
631.364,0
2.9.30.0.'i4.0
139.886,0
b7
59.502.0
20.472.0
17.229.0
29.411.0
43.909.0
2.310.0
34.990.0
41.823.0
97.203,0
14,475,0
76,090.0
70.1W1.0
1.233.0
8,000,0
27,0
191,0
0.000.0
10.366.0
3.600.0
323.380.0 119,890,0 103 .OCX) .0
4.220.0
000.0
7.20U.0
83.979.0
12.997.0
86.258.0
2»).'iH3.0
64. .'.3 1,0
.33.9W.0
othw
37.017.0
92 .397.0
.
Total rarnlnc
Rank prrmlom.
S% rMlrmptlon fund acalnat Federal Hrwruft bank notes
00,390.0
4.800.0
OMonaetfd n«nM
M.HHA.O
422.0
.
Allot»srri
477.0
Total ttmt\iTr.tm
.......
I.IAhlt.lTIMa.
7.009.0
l0.4H;t.O
Govt, franeblas tai
fJo»»rnin»nt
-r«i»T»« aee't .
1.670.0
122,214.0
3.210.0
700.0
52,754,0
IH3.0
1 1
.60
1
2.3(14.0
.0
10. 100.
.35.238.0
43.448.0
2.390.0
04.491.0
10.101.0
01.944.0 115.800.0
1 10.0
21.124.0
8.007.0
24.793,0
4.071.0
4.747.0
4. .3.00.0
00,927,0 170.474.0
1,082,0
7.129.0
62.360.0
043.0
43.300.0
828.0
600,0
33,191,0
114.0
623.0
28.208.0
278.0
7,800,0
1,0
833.0
1
17.300.0
10,0
2.0
2.6<I8.0
6.30.0
IHR.O
66.322.0
343.0
39.8i;H.O
(IH.O
1.006.0
70.730.0
716.0
07.317.0
4,740,0
44.793.0
2.009.0
79,306,0 1,248.098,0
834.0
30,908,0
.306.0
910,0
12.024.0
1.046.0
3 4. :i 20.0
130.0
20.473.0
3(12.0
2.07.'i.O
304,0
39 ,,300,0
0.074,0
7,0,30,0
666,990,0
16,683.0
3A7 .510.0 1,668,920.0 379.763.0 433,880,0 206.914.0 I09.03N.0 734.440.0 211.293.0 126.964.0 190.834.0 119.270.0 417,337.0 4,941,049,0
p«l>l lo
nurpliiii
K
San Fran.
23.1.30.0
8.460,0
20,810.0
3H,0
for
27.029,0
00.197.0
•.'I'l
«.74«.0
l7.tM'..ll
')
11.13:1.0
22. .'.Oil. (I
I
-;(!
r,.
1
403.0
1.(1
'.II. (I
4.216.0
0.114.0
•."i<i
(I
ll..l(IH
M.46H.O
29.026.0
()
.1.146.0
lfi.H43,0
l3.r,H7.0
I
O
4.004.0
U.3NK.0
02.0
0.106.0
71.306.0
oth«
I.
In •/-tiial rJrmiUttoa.
16'j.<;8:;.u.
liank noU'i In rtrrulalloo—
nwi llnhlll'y
8.231.0
r)«rrrrr.1 nv,! n- lltf ItfflM.....
88,270.0,
P.
P.
DaUa$
24,448,0 02.8.33.0
913.614,0
10,925,0 218.947.0 1.940.665,0
1,821,0
4.936.0
81,775,0
19.277.0
All
Cite
48,277,0
.339.249.0
100. 000.0
Total drpo«lts
Minneap. Kan.
41.244.0
.33 ,.373,0
U. 784.0
MTnliT bnk
Loillt
37.622.0
75.213.0
2.143.0
25,518.0
51.444.0
3.560.0
Hnwrvr-d
%
2.862.0
31.728.0
Total bllli on hand
D. H. bonrtit and not**
O. B. rrrtirirkini or IndfibtMloeaf
(ynn-yf*r cift. (Fltlmao Aet).
iMpfjaltii:
%
%
12.301.0
57.310.0
286.244.0
53.005.0
7.8.V5.0
Bnia bought In open market
Capital
St.
%
8,635,0
15,813,0
All other
Municipal warrants
CMcato
i
2.575.0
45.702,0
132,880,0
19,493,0
Total reserves
All
AUanta
15 1923
8
9.270.0
31.90S.O
185,746.0 1.060.896.0
Total fold res^TMi
40. .366.0
Lecal tender notes. illTer. Ao... 24.7S.-,.0
F*
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB.
13
%
5.111.0 22.630,0
32.0.56.0 109.400,0
%
2.082.0
51.022.0
t
Total cold held by banks
Gold with ¥ R. a«ents
OoM rednnptloD fund
dlsrcniDled
ClttelanA Richmona
964.540.000 1,027,469,000 1.195.183.000 1,246,507,000 2,471,746,000
I.
Gold and gold rertirieates
Gold iettleDjftDt fund— P. R. B'd
U.
902.998.000
RKSOURCE3 AND LIABILITIES OF EACH OP THE
RBSOVRCKS.
Bflla
891,648,000
827,5.54,000'8.886, 807,000'
notra
'jl,l.ll.(J. 1(11. ;i I.I.I)
•iji.;'jj.Oji'i;,.'jo;.()
11.
".0
709 .0
103,326,0
7.377.0
216,398.0
6. 199.0
0.0
1.604.0
7n.:iio,o
:mi:i.(i
7.710,0
4J.7(tH.(l 122.79M.0 1.711.1:10.0
T.H.'i.O
10.9112.0
33.728,0
.0
70,410,0
01,366,0
40.o(m,o HI. 62 1.0 l,H67,474.0
2U.HU6.0 213.763.0 2.100,063.0
3.656.0
4..'.S(1.I1
7.4r,S.(l
9.01(1.0
103,0
tiM.O
2.7(i:i.ii
^',:ii,'i.<i
42.6:1:1.(1
7:i,:i.'i;,(i
.'.J.KIJ.O
L.ih.S.O
4.191.0
7.:i9I.O
1
R
All othor
ll«l. !::'•
Total llahtlltiM
WO.Oj
10.602.0
l(M.;iflr>.(l{
3.627
.01
7.HO3.0
6.1.703.0
4HM,0|
6,7HH.n
4H.nM),0
7^1.0
.
l»r,7,r,io,o'i
3.00.1,0
0.100.0
7.0H7.0
3.070.0
3.71.1.0
0,002,0
.•|:i..?t'i.0
I7.OUO.II
flI.UOO.O
20.01 1.0
12.169.0
34, .168,0
Mil.O
702.0
3.003.0
607.0
90 4.0
726,0
I.
•.1.020.0 370.763,0 *:^^,HHn.U ^(Ifi.'iU.O 100 W3H.II 734.4411.0 211.2(13.(1 1/6, U.M.O lun.MII
(I
2.640.0
20.N24.0
1.617.0
11(1.^70
(I
.33.021.0
H2.0NH,0
404.60N.O
100.0
16.8.19.0
4,088.0
1.
117
3:i7
'I
4.941.040,0
4
.
THE CHRONICLE
714
LIABILITIES (Concluded)—
NetnYOTk
Boston
TtPO ctplten (00) omUted.
Memoranda.
S
S
Cleteland fUchmond
PhUa.
$
i
aatio of total reserves to deposit
aod F. R. note liabilities com-
on
liability
bills
Chicago
$
S
73.7
81.9
70.7
78.2
52.0
65.0
2.336,0
12,000,0
2,560.0
2,624,0
1,568,0
1,152,0
bined, per cent
CODtlngent
Atlanta
i
[Vol. 114.
St.
LouU Mtnneap. Kan.
S
$
City
DdUat
Son f ran.
Total
%
S
S
3
79.1
60.2
64.7
56.1
82.0
76.4
1,504,0
864.0
1.536,0
832,0
1.472.0
32.356,0
78.
pur-
Otuteed for foreign correapond'ta
3.808,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS
Agent
FeAiral Ketertt
—
(In TtMuganOa ot Dollars)
Resoarcea
New
Boston.
PMla.
York
Cleee.
Rlehm'd Atlanta] Chicago
Sis
$
s
378.510 42.880 37.300 27.fi.55 74,29fil
793,890 202,495 212.036 100,505 114,040
S
130,200
Federal Reserve notes on hand
168,067
Federal Reserve notes oiitatandinR
Federal
Reserve
for
notes
outstantUng:
Oollateral security
5.600
Gold and gold certificates
17.280
Gold redemption fund
110.000
Gold fund Federal Reserve Board
35.187
Eligible paperl Amount required
10.277
Excess
amount
beld
i
296,924
Citt).]
s
150,280 25.260
8,855 11,990
390,170 103,798, 53.972, 68,483
S
13.375
2,400
11.119 11.724' 2.647
4,017
381.000 125,389 IBO.OOO 25.295 53,.500
82.243 65.987 26.937 72. .503 54,123
61.077, 17,298 48,0531
2,821]
7„503
S
$
5.900
I
33,7231
—
15 1922
Minn. \K.
L.
St.
FEB.
15.471!
1.884'
2.976
28,300
37,147
0,937
8.200
30.836
6.002
28.585
10.820
s
I
13,052
2.9.53
66. .300
311.044
69,055
46,836
I
Dallas. San Ft.
s
Total.
s
960,76«
33,214 260,559 2,507,229
.52.010
21,.530
6,701
344,012
2.740 10.840- 123.374
1.484 202.107 1.473.279
22.289 41.012
566.684
17.861 18.9051 260,990
482,611 2.027.367 465.108 510.025 231.486 309.879
Total
lAabilUies—
Reserve
from
Federal
notes
received
of
amo>iDt
Ret
298.267 1,172,400 245,375 249,338 128,160 188,.336
Comptroller of the Currency
711,047 1.30. .508 185,099 27.942 59,917
132,880
Oollat«ral received from\Oold
143.320 83.285 75.590 75.384 61.626
51.464
Bank/Eligible
paper
Federal Reserve
989.456 243.676 122,801 155,893 105.819 592.033 6.236.214
482.611 2.027.367 465.108 510,025,231,486 309,879
989.456 243.6761 122.801 155.893 105.819 592.033 6,236,214
Tote!
Vederal Reserve notes outstanding
Vederal Reserve notes held by banks.
Federal Reserve notes In actual circulation.
540,450 129,0581 62,827
327.115 75.213 23,130
115.891 39,405' 36.838
80,473
31,336^
44.084
168,067
8,382
793,890 202.495 212.036 100,505 114,040
172,098 10,588 19,411
6,0741
5,0971
390.170 103.798i 53.972' 68.483
31,782 18.781
1.810
7.128
159,685
621,792 185,907 192,625194,431108,943'
364,388
85,017' 52.162
54.744 312,569 3,467,995
10.925 218.947 1,940.665
40.1.50 60.517
827.554
33.214 260.559 2. .507 ,229
3.319 46.8061 337,276
61.355' 29.895 213,753 2,169.963
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different itemi
In the statement
were given in the statement of Deo. 14 1917, published
in the
"Chronicle" Deo. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OP REPORTING MEMBER BANKS IN FEDERAL RESBRVB
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OP BUSINESS FEB. 6 1928.
AfrKTesate reductions of
SB."?. 000,
000
In
Investments, of which §45.000,000
and investments, in consequence of the changes indicated, were $68,000,000
less than the week before, the corresponding decrease for member banks Id
New York City being $.19,000,000.
Accommodation of all reporting banks at the Reserve banks shows a
slight reduction from $400,000,000 to $395,000,000. the ratio of accommodation continuing unchanged at 2.1%.
For the memlier banks in New
York City an increase in total Ixirrowings at the local Reserve Bank from
$.59,000,000 to $96,000,000 and in the ratio of acconimodation from 1.2 to
2%, Is noted. Since Feb. 11 of the past year total loans and invastments
of the reporting member banks have decreased by $1,470,000,000, their
Ixirrowings at the Re.serve banks by about $1,478,000,000, and their ratio
of accommodation from 11.6 to 2.7%.
Aggregate reserve balances with the Federal Reserve banks show an
increase for the week of $23,000,000. all in New York City.
Cash in vault
for the first time during the present year shows an increase for the week,
though the Feb. 8 total shown. $279,000,000, is $61 .000.000 less than
the total reported for Dec. 28 of the past year.
For member banks in
New York City an increase of $5,000,000 in cash holdings Is shown. This
item constitutes 2.7% of net demand deposits of all reporting banks, as
compared with about 3% on Feb. 1 of the past jear. For member banks
in New York City this ratio was 1.9%, compared with 2.1% the year before.
irepreKonls a decrease in the holdings of Treasury notes, accompanied by
a decline of .S;62. 000. 000 in net demand deposits, an Increase of $100,000,000
Jn Government deposits, and of $2.5.000,000 in time deposits are Indicated
Sn the Federal Reserve Board's weekly consolidated statement of condition
on Feb. 8 of S07 member banks In leading cities.
Loans secured by United States Government obligations show a decreJise
of §6.000,000 for the week, loans secured by stocks and bonds increased
by $16,000,000, while other loans and discounts, largely of a conn ercial
and industrial character show a decline for the week of $15,000,000.
Corresponding changes .shown for member banks in New York City include
a decrea.se of S2. 000. 000 in loans secured by Government obligations, a
reduction of $22,000,000 In loans secured by corporate obligations and an
increase of $.3,000,000 in commercial loans proper.
All classes of investments show smaller totals than the week before:
United States bonds and Victory Notes by $11,000,000, Treasury notes
by $45 000 000. Treasury certificates by $6,000,000 and other, including
corporate seciu-ities. by $2,000,000. For member banks in New York f'ity
a, nominal reduction in United States Ixinds and Victory notes, an increase
of $7 000 000 In Treasury notes, and reductions of $14,000,000 in Treasury
Total loans
certificates and of $9,000,000 in other seciu-itio?. are noted.
1.
Data for
all rcportlDit
member banks
Number
York PhUadel. Cleveland
Richm'd.
108
58
85
$
$
29,142 l.''),">,575
223,301 1,362,949
554,7912,402.245
S
45.773
214.238
320.620
323,439
608,290
807,234 3,980.769
48.719, 400.918
71,332
3,210
16.435 172,322
6,814 122,735
142.2.58
727,822
580.631
49
banks
of reporting
Loans and
Id eacb Federal Reserve DUtrlct at close of business Feb. 8 1922.
New
Boston.
FeAeral Reserve District.
1
Chicago.
Atlarua.
43
St. iC/OiiL«
Three ciphers
.Minneap Kan.
Citi/
110
37
35
79
$
17,902
107.990
316,188
S
S
13.369
67.166
55,278 443.722
283,904 1,048,854
S
16.521
123.761
295,774
11.471
32,302
199.394
8
14.970
63.703
352,551 1,559,742
28,354
75,084
1,137
12,060
43,1971
2,303
5,064
16.484
35,589 381.844
436.056
25.345
4.157
3.988
6.370
68.436
243.167
18.796
424,998 2.088.411
27,940 178.524
8,968
48.894
223.895 1.287,629
145,395 653,582
12,775
59.704
644,352
44.374
6.636
312.973
156.448
296.402
21.027
7.174
174.941
75.613
13,700
82
(000) omltte<^.
Dallas.
Xan Fran
63
68
5. .5.30
S
21.763
137.321
Total.
807
dlscnutits, Including bills re-
dtecounted with F. R. bank:
Loans 880 t)y U S Govt obllaatlons. .
Loans secured by stocks and bonds
All other loans and discounts
.
.
.
.
Total loans and discounts
C 8. bonds
Victory notes
8. Treasury notes
C
Indebtedness
C
Otber bonds, stocks and
Cf. 8.
S. certificates of
securities
Total loans, disc'ts & Investments. Incl.
1,624,6705,485,898
bills redlscounted with F. R. Bank
75„508| 630,145
Beserve balance with F. R. Bank
90,995
18,128]
Cash In vault
741,8544,636,2,53
Net deraaud deposits
Time deposits.
186,824 491.607
Ooveniment deposits
34.611 165,726
Bills payable with Federal Reserve Bank:
Secured by O. S. Govt, obligations
3,050
92,145
$
44,4,50
48,0.57
976,179
120,750
7,922
22,484
8,980
162.253
16,261
20,539
9,893
273,226
442,080
61.463
2.040
7.347
4.093
48,343
830.327 1,416,848
63,100
93,297
14.938
28.070
623.839 789.000
47, .562
430.105
37,595
47.325
565,366'
32,168;
13,992'
305,076(
130,516;
12.919|
14,474
27
16,400
651
37,346
947
20,917
60S
3.125
10.073
20.633
13.641
S
41.000
188.328
350.,502
429.175
36.218
3.047
10.946
234.858
34.64e
5,9.59
5,8.50
46.656
9,199
632.001
374.029
105,731
15,147
290.052
22.813
9.283
192.166
62.513
11,429
6,526
1.848
1,210
4.289
41. .587
11.76
S
443.632
3.129.004
671.628 7.300,518
830.712 10,873,164
06.486
994,836
11.303
134,287
14,698
321,673
22,369
224,684
164,80
2.091,066
,140.375 14,639,700
77.967 1,308,450
19.850
278.695
574.000 10.235,656
517,952 3,003.848
25,700
450.272
I
19,878
All other
redlscounted with F. R. Bank:
Secured by U. S. Govt, obllsatlons...
AU other
S
5,675
993
185
3,200
13,294
145,
610
9,145
299
186.628
1,266
Btlls
Data of
3.
598
772
80,376
32.487
reportlnit
5,819
6,810
member banks
NetB York City.
la Federal Reserve
CUy of Chicago.
All F. R.
1,390
13,398
587
682
77
(08
52
3,384
15,567
18,883
11,128
S.144
14.449
4,434
8.243I
191,616
Bank and branch
cities
and
all
otber reporting banks.
Bank CUUs F. R. Branch CUtes Other Selected CUies
Total.
Three ciphers (000) omiued.
Feb. 8.
Number
of reporting
banks
Loans and dlsrounts. Incl. bills rodts
counted with F. R. Bank:
Loans sec. by U. B. Govt, obllg'ns
Loans secured by stocks & bonds.
All other loans and discounts
Total loans and discounts
D. 8. bonds
O. S. Victory notes
0. 8. Treasiiry notes
U. B. certificates of IndolitcdncM..
other bonds, stocks and securities.
Total loans
A
dlsc'ts
A
67
Feb. 1
Feb. 8.
67
50
$
i
137.958
140.455
191,874 1.214.161
176.057 2.173,327
52,824
328,640
660.017
$
Feb.
1
Feb. 8.
Feb.
1
275
50
Feb. 8.
213
Feb. 1.
213
Feb. 8.
319
Feb.
[Feb.
1.
318
8 '22. Feb.
807
1 '22.
Feb. 11 '21
806
828
$
S
S
t
S
S
S
$
60,322'
73,931
61,803
443.632
449.734
794.619
315,581
72,886
308,943
425.9801
427.112
3.129.004
3.112.865
450.730
3.057.468
319,188 2,245,269 2,229.023 457.755
667,150 4,616,382 4.625.828ll. 385,266 1.392.7991.298.8701.296.817 7.300.518 7,315,444 8,966,467
5
55,18'
,605.489 3 527,94311,041,481 1,041,525
350. .527 3.53.828
:3,773
24,273
64,128
61,734!
5,565
6,140
163,928 1.50,8021
24,527
69,078
117.021
131,416
6,440
5,835
558,443 567,214| 173,353 174,736
7, 170,.594
637,939
84,767
240,251
100,649
1,141,522
7,170,4321,915,9071,923.4601,786,653 1.784.151 10.873. 1.S4 10.878.043 12.818.554
994.836
998.625
866,385
639.330 229.073 2.30,945 227,824 228,250,
19.144
134.287
141,387
.30.376
32.156
19.3901
89,841
202,566
48.248
27.747
33.1221
321.673
366,543
285.173
53.675
224.684
28.810
29.S.36
29.347i
230.547
34.199
208,296
172.390
359.901 2.091.006 2.092.675 2.014.440
1,150,215 585,47,3 582.5.59 .364.071
Invest'ts,
with F. R. Bk.
Reserve balance with F. R. Bunk.
Cash In vault
Incl. blllH redlHC'tod
Net demand deposits
Time di-poHlts
Oovernmcnt deposits
payable with F. R. Bank:
8oc"d by V. 8. Govt. obllKatlons..
All other
Bills redlscounted with F. R. Bank:
Sec'd by U. 8. Gov't obligations.
All other
Bstlo of bills payable * rediscounts
with F. R. Bank to total loans
•nd Investments, per cent
.759.5304 798.937 1.275.139
585.364 662,281 126.244
78.987
73,03
28,754
.169.276 247.320 888.079
305.541 304.2721 314,746
163.524 151,494'
44,721
.322.187 9. ,335 .722 9,407,381 2..84S,703 2.846.178 2.455.275 2.4.54,161 14,639,700 14.707,720 16.110.241
144.217 1,308.4.50 1,285,175 1,308.755
949.9171 200.215, 191.0111 148.585
130.456
959.050
51.295'
69..331'
73.208
278.695
266.108
52.233
314,358
145,482
28.453
1.53.194
889.442 7.189.163 7,268,784 1,570,081 1.569,595 1,476.411 1,4.59.611 10.235.055 10,297.990 10,630,941
311.230 1,349.208 1,343.208 952.749 943.546 701.891 692,049 3.003.848 2,979,403 2,917,771
43,717
360,490
60.824
31,647,
450.272
278.416
75.065
15,761
331.490
40.427i
Bills
76,373
84,100'
275
145
806
145
111.305
145
95,219
145
46,221
55,031
684
739
29,102
437
30.9671
186,628
181,217
252'
1,266
1,136
662,333
790
I
681
429
300
20,024
4.679,
4.918
2.0
.4
30
11,230
11,113
94,729
2.3
8,471
97,346
43,188
2,476
47,963
3.2
3.7'
2,1,36
2,318
63,698
3.;
2,330l
59,106!
15,587
191,615
3.S
2.7
13,277
207,962
204,415 1,102,049
'2.7
11.6
THE CHRONICLE
Fed. 18 1922.]
715
—
United States Bonds. Sales of Government bonds at the
Board include S7,000 4s coup, at 104^ and the various
Libert J' and Victory Loan issues.
Wall Street, Friday Night, Feb. 17, 1922.
Railroad and Miscellaneous Stocks.— The security
markets have again beeu overshadowed this week by a
further advance in commodity prices and under the additional influence of easier money market conditions at home
and abroad and by the steadily increasing number of freight
the latter undoubtedly indicating a general
cars loaded
broadening of industrial activity. Wheat sold up to S1.42^|
or higher per bushel, which compares with SI .07 3^ in Jan.
and S1.03J:t in Nov.; and corn at 63 H """as more than 10
Sterling exchanges decents higher than a month ago.
clined somewhat early in the week, but recovered later, and
current rates seem to be warranted by reports of international
trade in Jan., which show that while England's excels of
imports is smaller than last year our exports diminished
The Bank of England reduced its
nearly §375,000,000.
discount rate from 5 to 4H%. the lowest rate in vogue since
Dailv Record of Liberty Loan Prices. Feb. 11. Feb. 13. Feb. 14. Feb. 15. Feb. 16. Feb. 17.
3H%
pages which follow:
STOCKS.
Week endtnt
Feb. 17.
4%
Range since Jan.
Range for Week.
Close
%
Highest.
Lowest.
96.40
96.24
96.34
97.00
96.40
96.86
327
347
96.14
96.10
96.10
3
96.22
96.06
96.20
1,237
97.30
97.10
97.26
96.12
96.12
96.12
2
96.76
96.22
96.76
2,088
97.64
97.20
97.56
71
552
96.50
96.30
96.44
1,527
100.12
100.12
100.10
96.56
96.40
96.54
1,986
100.14
100.10
100.12
958
97.30
96.50
97.30
3.324
100.18
100.12
100.16
525
100.00
99.98
99.98
823
Close
Total sales in SI .000 units
Second Converted
bonds of 1932-47
Second 4*^3)
4M%
96.14
96.14
96.14
5
96.16
96.00
96.14
•^Low.
of 1927-42
(Second 4s)
Close
t
Total sales in 81 .000 units
Converted
bonds of High
4^%
1927-42 (Second 4>i8)- Low.
Close
High
Low.
bonds of 1928
(Third 4 lis)
97.30
97.34
Close
in 81 ,000 units
High
1933-38.. Low.
bonds of
(Fourth 4 >4 9)
Close
Total ''alcsinil.OOOunits
High
Victory Liberty Loan
4Ji% notes of 1922-23.. Low.
Close
unto
435
455
High
Low.
3Ji%
notes of 1922-23
(Victory 3H8)
1
DAY
97..36
Fourth Liberty Loan
%
HOLI-
469
Total sales in SI .000 units
Third Liberty Loan
4>4
100.00
99.98
99.98
14
Close
Total sales in tl, 000 units
Par Shares % per share.
$ per share. S per share. $ per share.
Jan 112
Feb 14 112
Feb 141 107
Feb
.\J1-America Cables. . 100
30 112
15
.\SBeta Reallzatloa
lOl
Feb
600
% Jan 1 H Jan
IH
IH Feb 15!
*l
Jan
Feb 16 135^ Feb 161 l3Ji Feb 16
AUas Tack
100
Feb 17; 73
Feb 78
Feb
Boftalo&Susq
lOOj
200 73
Feb 15 78
Feb 95
Feb
Feb 17 95
Feb 17: 94
BoTBS Bros, pref
100 95
'I
Jani 116
Feb
Burns BrosPrPf t«m ctf
200 116
Feb 15 116
Feb 15, 112
Jan
Feb 141 51
Feb 14;i 51
Feb' 53
Oanada Southo^
100,
166 51
Febi 84
Feb
OhlcStPM 4O.pf.100. 300 83 Feb 14 84 Feb 151 83
Feb
Cleveland * Pittsb....50
40 65
Feb 16 65
Feb 16i 65
Feb 65
100'
Feb
Feb 15! 61
Feb 62
Deere* Co. pref
400 filH Feb 15 62
Feb! 108
Feb
E^amman Kodak, pf . _ lOOi
15 107
Feb 16 108
Feb 14. 107
Emerson-Braot'in. pf lOOi
200 23 }i Feb 15 23 H Feb 17: 23'4 Feb! 23 H Feb
Jan
100 101
Feb 16 101
Feb 16, 100>3 Janl 101
Ftehcr Body. pref. ..100
Jan 75
Onilland on. pref...l00|
Feb 15l 45
Feb
100 75
Feb 15 75
151
Feb
Ouantan Sug pf sub rctsl
Feb
15
Feb
Feb|
80
100 80
80
80
Hartman Corp
lOOl
Feb 15 84 5^ Feb 16i 82
Jan 84 H Feb
200 83
Inter Combustloo ICng.* 21.700 24
Feb 16 25 H Feb 14 23H Feb 25^ Feb
Febl 115h' Feb
Kayser (.lul). lat pref 100
50115H Feb 16 115H Feb 161 112
5
Keokuk A Dee Mot. . lOOi
Feb 16i 5
Feb 16
Janl
5
Jan
200 5
100110
Feb 17|110
Feb 17i 106
Jan llOli Jan
(8 8) Krestie. pref... 100
Llgg A Myers. CI B. . lOO!
230x150 Feb 15^1.50 Feb 151 100
Jan| 150
Feb
Maxwell Motor. CI A lOl'
Feb 14 47
Feb 14 46}:; Feb; 51
Jan
200 46
Michigan Central... 100
Feb 14 120
Feb 14 120
Feb
10 120
Feb' 120
'
UH
.
Mo K & T
warrants,
anessment paid
MorrlB A. Essex
Ohio Fuel Supply
Ist
*
im
8ool
50
25
571 76j^
lOOl 47
lOOi 45
Otto Steel, pref
100
Pure Oil, 8% pref...lO0;
200 100
Sec III CCD 9tk ctf 100
10 61
Rutland RFt. pref... 100' 1.515 19
Standard MIIUdk. pf.lOOi
15 88
Texas Pacific L T. . . lOO!
401 340
RR
R T.
Twin City
pref
.
lOOl 73
1001
Weyman-Bnium Co. lOOl
*
No
491
180
Feb
Feb
Feb
14
14
12H Feb
Feb
Feb
Feb
Feb
15 ^ou' Feb
16 88
Feb
15 400
Feb
161 73
Feb
16-180
Feb
47
11
Feb 17 45
Feb II 100
Feb 14 61
17
11
Feb
Feb
Feb
Feb
Feb
low
16
76 K Feb 14
75
47
1
42 K
100
II
14 60
17
17
16 83
16 340
16 73
16 ISO
i
1
H
K
Jan 12H'
Jan 77 }i
Janl 48
Jani 45
Feb
Jan! 100
Jan
Jan
!4
Jan
Feb
Feb
Jan 61
Feb; 20 ^i
Jan; 88
Feb
Feb
Feb400
Feb
Feb 73
Feb 180
Feb
Feb
par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCH.A.NGE
DAILY, WEErKLY AND YEARLY.
Week ending
Railroad,
Stocks.
Ft». 17 1932
dec
Shares.
Saturday
Par Value.
|
Bonds.
$3,438,000
6I.0OO..50O
5.«.V),000
3.4.SI.OOO
68..570..'iOO
6.105.000
H 2:U .OOf)
« 367. fXX)
2.815.000
5,382.000
8,710,000
8.215.000
6.314.000
Wndnenday
644.."M5
787.79.0
Tliunday
7.'>0..1H7
.
Friday
HOLIDAY
67.000 000
63.H23 (^K)
698.200J
Total
Sew
3.1.57.3.1-}
1281.291. 500
I to
Feb. 17.
1022.
Stoek*— No. Aarm.
3.157.333
2.797 5.53
S2 1,291,600 <233,423,400
Par vahie
S32.0.'/J.OOO
•12. 1?', fKX)
.
t
.'
!'i
WfW.fl20.(150
65. 956.500'
«SH,OI»l».10O
O'M),
'.0,
l'.35.1)95.900|
139.0611.000
8A08. 872,450
8402,333,600
l,<,'f''
96.76 to 97.00 47 3d 4«s
96. 12 to 97.00
51 4th 4^3.
-.96.22
109 victory 4Ji8
95.98 to 96.86
lst4>is
2d 43...
2d 4>4s
U
Quotations for Short-Term
Int.
Rate.
Afaturitu.
35,255,.'><IO
96.94
96.76
96.94
7
97.08
96.84
96.98
1,434
97.74
97.54
97.62
1,598
97.60
97.40
97.42
1,349
100.30
100.22
100.26
428
978
100.02
100.00
100.02
100.00
100.00
100.00
25
45
4^%
6H%
lOOli't
100°,,
100
100
100'^
6«%l lOOM
.
97.00 to 97.62
.96.22 to 97.40
96.96 to 100.12
Int.
Rate.
Sept. 15 1922
Sept. 16 1922
H June 15 1924
lOO'^j Sept. 15 1924
100% Oec. 15 1922
100 H June 15 1922
Mar. 15 1925
lOO'ii
100'4i
100',,
5%
1922
1
96.70
96.34
96.34
9
97.00
96.68
96.80
1,699
97.90
97.60
97.60
1,929
97.60
97.14
97.40
3,068
100.24
100.14
100.22
17.*
Govt. Obligations.
UaturUy.
Atted.
Bid.
5>i%
June 15 1922
Aug. 1 1922
S.
!
5H%
Mar. 15 1922
Mar. 15 1922
Mar. 15 1922
April
97.38
97.06
97.06
above table includes only sales of coupon
Transactions in registered bonds were:
lst3MS-
Bid.
6H%
4H%
6H%
100 H
lOOH
ioo-!-r,
1005^5
102 H
6Vi
\02^it
102 H
102 H
7o
•)«% 1005^
4X%
4
i
A$k44.
100
5i%l lOOH
lOOlii
100 H
i005<;
—
Foreign Exchange. Th(! slerUug exchange market ruled
?uiet and featureless, with the trend of prices slightly lower.
Continental exchange moved iiTegularl\'. with French francs
the strongest feature in the list.
@
To-<lay's (Fr day's) actual rates for sterling exchange were 4 32 J*
for sixty days, 4
35^A for checks and 4 35©4 363^ for
cables.
Commercial on banlcs. sight, 4 31® 1 35)^; sixty days, 4 295-4^
4 30?,;: ninety days, 4 285-4(44 29''A: and documents for payment (sixty
days), 4 30(3*4 31)^. Cotton for payment. 1 34@4 35H. and grain for
pajinent, 4 .34@4 35 Ji.
To-flay's (Friday's) actual rates for Paris bankers' francs were 8 61@
8.71 for long and 8.67(5>S.77 for short.
German liankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
3C.98(",37.2C for long and 37.32@37.60 for short.
Exchange at Paris on London, 49.97 fr.; week's range, 49.97 fr. high and
,50.80 fr. low.
The range for foreign exchange fpr the week follows:
Sterling Actual
fHxly Days.
Checks.
Cables.
nigh for the week
4 317-16
4 36 7-16
4 36 16-16
Low for the week
4 29.'-$
431><;
4 32
Paris Hankers' Franca
High for the week
M.79
8.71
8.80
4
33^
34H@4
—
—
Low
for the
week...
8.3S
—
8.4.5
(lermttnu Hunkers' Marks
Fllgh for the week
Low for the week
.\inslfrdnm Bankers' Guilders
High
2ft9lfi,8M
23,162,482
S2,342,8«2,426! 81,914,023,350
t.)'i.J>^ i.'XK)
;;•
bonds.
70
6
2
86
97.50
96.90
97.00
233
— The
—
1921.
par
BondM
OovrraoirDt bonds.
(Kate. DTun A for. bonds
RR. and mUe. tMinds
Total
2.218.000
Jan.
.lalfs at
York .itock
aiiarea.
3.2.10.000
S29.703.S00 S12,87.5,000 832.0.59.000
Eiclumte.
Bank
1
SI, 111.000
820.897,500
.
U. S.
Bonds
.
S3.I47.800
287.600
Monday
TueMlay
State. .Van.'
and Foreign
Bonds
.
Note.
677
.
fHlhg
bonds
Tot'il sales
680
97.30
97.00
97.14
Close
Total sales in $ 1 .000 units
iH%
97.06
96.88
97.06
High
Low.
(FlrstJ
Second Liberty Loan
4%
96.98
96.72
96.84
It
3
96.40
96.26
96.38
36
Low.
Highest.
Loicest.
96.34
bonds High
of 1932-47 (First 4)iB)
97.10
96.94
96.95
654
96.S4
Total sales in SI .000 t;nlM
Converted 4 K
;
Weti.
97.20
97.00
97.08
753
96.40
High
Low.
bonds of
1932-47 (First 48)
(Victory 4348)
Total sales in S 1 .000
Sales
for
97.28
96.92
97.00
834
(First 3^is)
\( lose
Total sales <n SI .000 units
Converted
—
1914, and the Federal Reserve Bank statement suggests the
possibiUty of a drop in its rate also.
The stock market has been fairly active and after a substantial reaction in some cases prices in the active Ust of both
railways and industrials are an average of a point or more
higher than last week.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
(High
Loan
bonds of 1932-47.. Low.
First Liberty
Low
week
the week
for the
for
8.46
0.60>i
0.51
0.47H
0.48W
37.2l>
.17.6.">
37.70
:Hi.h2
3ti.93
,36.98
Domeiitic I'.xchanite.- -Chliyigo. pjir. St. Louis, I,5<'»2.5c. per Sl.OCMt
dincount.
Boston, pur. Han FrancLsco, par. Montreal, $36 2.5 pei
$1,000 premium, dnrlnnatl, par.
The Curb Market. —Tnuiing in the Curb Market i\n>
week was ng.-iiii ruiid and irregular though on tlin whole
prices show »light iiiiproveniciil DiirnnlMoIors of liid. wii.^
In-aviiy Inulcd in and rose from Sj.f to
iiiid .sold riii.illy
.
• In'liid<
DAILY
'MflLADELPHIA
liv/..-.^/^
Bonan
rnuadelphus
AND
BalHm4)re
Wsek ending
Bond Balu
Bharu.
Ftb. 17 1922.
aatnnUy
8.011,
823.I0O
t
4M
30,706
19.765
33.450
M)5.U70
18,824
:?o oof)
Moodajr
ToMday ...
flO
.
Wr<ln«Mday ......
rhurwlay .......
frtday
Satrr
302
861,500
.INO
Illl,.'>«t0
1,387
711
4M.I)(N)
ii.7;<o
tor.
!i.-.7
I
M.12K'
12.4H7I
133.3
r,
I
State and Railroad Bonds.
iJour<l ;ir.
Til
anioii.i
Bond
HOI.iiDA^
18,40«
Total
.TAare*.
limit.*! to .VJ(J,0<)0
,\.w
iiH fifKil
!
;
«.|.H()((
7
I. (MX)
r.
.Milfs of Sliil« Im.ikIk uI tinV«>rk Ik Hl«i2 ut l(X).
Iwind ninrk«t ha.M
hi>«>n ai'.li\i\ thf tnuiM/uttJMii.s
inilliotM on -."mtjiI <I;i_\«<. aful in >«imi'
l.ii',
df<partin<iit
,iTif
Kdrt'iirn issiicH and LiliiTly lyoiins
liavt^ b<«>n in favor at
liijf pricis.
Kaihsiiy uikI industrial tiond-t liavf hil'.
or firni ')n lil« nil offirimc-i,
.
il
<
III
nr!'.
.
J.S
.
'
than half
unuhaD((od.
jiikI iiiori'
th«> a<-livi' fi-atiirvn
have ndvaiu'cd or
nr<-
I
at 11
I
V-,
.Xiitomobilc afli'r »;(r!.\ jmIvjiiko of :i
point I0 30?i <lroj)[wd to 20.
(i.irdntr Motors soM iiji from
13 I0 MIh and at 11 finally.
Peerless Trii<U iV: Motor advanced from 'A'.ili to 37 's with the final transaction at ;{'>^,^.
Inlcrcoiitiiifntal UiiIiIkt iinprovcd froni 7^-i to H-}4 but fdl
l)u<'klo7^i,
.luliiis Kii yscr iV, ( "o. iww slock, "when issued,"
was triidi-d in down from '22 to 20 'j. Triidiiig \v:is bci^iin
Ihis week in I'ohIiiiii < 'crral ('»>. sloi-k. Ilio coinnKiii movin^;
up from .")7 to (Il and down lo .V). U. .1. Hcviiolds Tob.
H Mto<'k improMd from HS-'s to 10'.. iind closod to-day at
•10.
Tol»a<!co I'rofliii^ls KxpcirlK drcliiud from 7 to .'">3^'j and
•nds Ihii week at iiJi'.
Tradinjf was li»clit in oil Hloeks.
Kirby I'elioNiirii was aclivtiy (hull in up from 2.3 to 2.'»S
and at '2!'t fiiinlly. lulrrtiiiliontil I'l'lroleiim 4<aHi>d off rroiii
to I 1 '
.MaiiKMiilto Oil Mil\ iiiK'd fioiii '.'I', lo 2,3 ami
roncti'd finally lo 22.
.Simiiis JNlroIvum improvi«il from
10' lo 10; H and cm Is he week nt 10*h.
A rc.iture in IioimI(
J-H.
Mi-Vf-liind
•
l.""*
I
.
I
.,
was he Hliiirp diimiml for N \ N II & Hartford Ih, which
jumped ii|i from 7."» to SlJ'i with Ihe cIonh to-day ut HHH.
For re<-ord of Ciirli .Market iritnsactioiiN rimj pnf{e 7ii6.
I
.
.
,
,
2
..
OCCUPYING FOUR PAGES
For
durtnfi the
sale!)
week of stocks usuillv
Inactive, see preceding
page
PEK SHARE
1
HIOB AND LOW SALE PRICE--PER SHARE, NOT PER CENT.
.
Feb.n.
Feb. 13.
S per share
•8
10
*27
S per share
vn
$
10
97'2
8<)''8
8'-.l4
•1
1^
•lU
88
8SI4
35I2
35I4
•53'4
*60
3518
5419
•50
Il<4
93g
Il<4
9^8
12r)li
12')-l4
•188
•87
54
65
Ills
938
127
•18'')
192
S per share
•9
11
•27
30
$
30
9778
8684
97I2
861s
98
86M
138
*ll4
8734
3618
5412
88I4
13s
65
•50
III2
938
3578
5414
S93s
3-1 1-
5434
65
11
938
11-3R
93,
r>'.r
•9
11
•27
30
861s
8618
8618
861s
II4
II2
1'4
1'4
54I4
•50
10
III4
9I2
858
12934 131I4
I29I2 1311?
192
•187
192
190
190
5778 5812
6838 6884
58
5
5
I4I4
I4I4
1538
33'2
33
34
33
34
15
3334
7
7
7
658
1738
2OI4
I712
20i8
171?
•33
65$
678
•I6I2
19'8
17
2OI4
33l4
6634
67I4
10^.^>8
100-^8
33I4
•87'2
3tl8
75
75"2
•52I2
•5412
•8712
5
67g
17
20
3118
88
5(1
56
42
427,
5Sl2
55
112
llOIj 111
•3
4
•5I2
7
10''4
11
lO's
1
Ifilj
1684
K.u
ir,7g
11
1014
74*8
7434
1934
757a
35
353s
•1034
7458
35I4
35
7I2
*«»4
•2018 23
101'2 lOI's
2I4
3
7^8
23Sj
•6412
•I2I2
•28
7l8
4458
77g
23'->8
SI2
27I2
514
Stock
24I4
4714
48
Exchange
9
•65
68
•85
95
9
Closed-
2I4
2'8
3
Lincoln's
27I4
2712
187r
18->8
48'2
48I4
3^8
334
CO
76 Is
C2i«
80
•06
6O34
1758
22
•65
22I4
35I4
35
35I4
7I2
7'2
27r
81;.
8'8
49
334
75I2
6II4
6212
*.'j.358
30
•29
30
76
6I4
66 14
94
73-18
73I2
7412
45
49
45
4478
45I4
23I2
41
2334
4II4
25
25
37'8
37^8
4I4
•47
50
6OI2
384
76is
7-1-34
62 12
621-^
75
67
48i2
3-84
37s
60
7Vii2
61
771s
63
63 14
lOO's 10084
•731 2 75
*66l2 67I2
I8I2
1778
2134 2178
13
13
IOOI2 101
•70
•70
68
58
2484
•75
74
•4588
4818
24is
42I4
75
805s
35
12
23I4
75
•21
•1258
2II2
1,000
100
•70
13I2
lOOlg
74I2
79I2
80-'s
34-34
34^8
34-58
7934
347g
•1184
2258
I2I4
•1184
12I4
7918
57
2334
24
77
•75
•75
77
7478
74I2
75I2
46
46
46
481s
4818
24-3,
24
42
49124I2
19-3s
42I2
74I2
•45
•50
2234
7538
4fil2
6OI2
23I2
24%
43
43
25
25-34
25I2
2578
38I4
38-I4
39-38
479
412
3914
41?
438
S's
4I2
24I2
3734
4
8-34
734
412
8I2
8378
1878
51
8418
19
SIN
8384
18
6078
8434
19
5134
30-18
31-38
30
2214
2314
31
2278
I8I2
23
3II4
231?
"
"27"
•25i'8
"34r2
35"
•33
130
37
27
"25"
"34r4
3V14
"3384
•31
38
•34
1311'
131
7384
7334
9 Is
978
978
2478
2(ll4
26-38
13018
V512
34"
38
Vi\\
737,
73-->8
7
718
738
714
738
7I4
7I4
2138
2178
217,
2178
2218
1412
13^8
884
1534
14l8
2214
15
•14
9I4
1534
1534
9-l8
9
15
91)
1534
1534
1534
•15
1534
1534
15-34
9I4
1584
12
62is
12
52 12
•5112
521?
7i2
7ij
7I2
7l2
7I2
•HIj
1534
1484
I4I2
I4I2
7I2
I4I2
•26
28
27
15
28I4
734
1412
28I4
29
28I4
2884
65
HU
3<ll2
511.
5|i,
63
63 12
16
IOI4
16
I6I4
641:
66
•13
•35
52 12
IG
14
•51
52
7I4
6384
64-84
130'2 131
73I2
•73
2II4
1418
9
•15
9I2
25I4
7'8
2184
1418
9
1558
•51 12
1534
1534
10.300
200
37
13
3578
5414
•52I2
54
•51-58
966
1614
1512
1534
15-58
2
l2
•-'8
l2
•Is
88
'H
•58
78
84
4478
4514
92
92
34
3334
I**'**
*""* '"'"'"^
irT lor aaire.
are
m
"'"'"'"'
uoot. ot
45
92
92 12
3:t7,
:t4^.
45I2
.(11;.
36
.5814
1
03
'8
4434
927,
4.5I4
3
(
-.-Is
•84
78
5712
103 •8
-)27s
-.;,
5712
7g
58
10378 10378
44I4
45
92I2
•91
3
13,
3
-.7,
72
8.300
ma
23
70
71ig
44I4
B
45
20Sg
36
20-38
32-38
258
4l8
7818
1714
46
2458
14
13
14
.
.
.
100
.100
.100
WIconsIn Central
Industrial & Miscellaneous
Adams Express
.100
Advance Ruinely
.100
.100
Do pref
Air Reduction, Ino
No par
.
50
AJax Rubber Inc
10
Alaska Gold Mliie.s
.
Alaska .liincau Gold MIn'g 10
Allied Cheiu A Dye
No par
.100
Do pref..
Allls Chalmers Mfg
.100
.100
Do pref
A«Trl''tiUiir-il
Chem
23
22lj
Ry .100
pref
500
9.100
1,100
8.000
700
4.000 A 'ner
5018
.50
.50
pref
Do
63
50
2d pref
Scrle-s
1084
19
.
.
'hm day. t (!:i ruuui
) 1^49 iu,>u luo snares,
Qlja \Haa Coal Oo. at ttt oar daare auJ dt-aivldead 100 %
"
96 14
.
St Louis San Fran tr ctfs. .100
Preferred A trust ctfs. .100
St Lolls Southwestern
100
Do pref
100
Scaboanl Air Line
. 100
Do pref
100
Southern Pacific Co
100
Southern Railway
100
Do pref
100
Texas & Pacific
100
Third Avenue
100
Tol St L & West tr rects..
1,200 WhcellnK * Lake Eric
•12
•35
57I2 58I4
10312 103>4
4478
4558
925s 93
Ist pref..
Do prefA
100
0,800
300
Do pref B
.100
Western
Maryland
{new).
.100
3.000
Do 2d iircf
200
.100
lOU
900 We.itern Pacific
1,400
l2
5888
103
100
100
100
13,200 Union Pacific
Do pref
400
.100
4.700 United Railways Invest.. . 100
Do pref
6.600
100
2,500l Wahasli
.100
2812
78
58
9.800
2.400
6,900
5.600
4.900
3.700
30.400
11.200
5.600
16.400
3,400
,500
•88
103
.
Eastern
pref
Do
Do
600
500
14-34
'2
58'<8
lO.Jij
<fe
39,606 Reading
•1338
•27I2
H
I2I2
1984
884
74I4
Do
H
72
61 •84
33 14
Northern Pacific
Pennsylvania
Peoria
52
63
3
6478
7284
5118
100
7I2
5912
44
60
.100
Pere Marquette v t c
.100
800
Do prior pref v to... .100
Do pref V tc
3.600
100
1,600 Pittsburgh & West Va... 100
22,000
6,800
100
11,200
7I4
•88
68
100
.100
.100
Preferred
3<)i2
I3I4
Southern
Western
<fe
38
5313
16
103 ij
400 Norfolk
2.000 Norfolk
•35
I3I4
100
.100
N Y N H & Hartford
.10(1
N Y Ontario & Weatern.. .100
•34
*8i->
21^8
.
First preferred
Second preferred
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34
125
71 '4
7'2
2OI4
6
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jao
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
\ix
Sloes
(.K\Xi.
ii).
for prevtotu
year iQ^i
Lowest
Jan
9088 Jan
36i2 Feb
5.578 Feb
Jan
63
1218
97s
24
1
192
26
77
3
47
5384
24
25
2a
1.578
30
3412 Jan 16
3
9
10
9
9
11
6
4
5
3
10
5
11
3
2
5
Jan
6-84
Feb 6
Feb 15
Feb
Feb
21)78 Feb
Feb
36
BS-84 Feb
10678 Feb
31-18 Feb
89
Feb
77 14 Feb
7
1778
82I4
27
49
42
15
1
90
93
Feb
Feb
72
67
131s
IOI84
Feb
Feb 7
Feb 8
Feb 15
Feb 10
75
Jan 26
1.S78
22-is
Feb
Feb
Feb
23 1< Feb
6812 Feb
60 Feb
25i! Feb
80-58
35
12
2284
May
May
1.57,
Jan
79 14 Deo
Nov
Dec
Dec
Feb
16
2878
May
Jan
55
Nov
Mar
Aug
June
Apr
Dec
Dec
97
284
Aug
Aug
Aug
12
4I4
8
Dec
Aug
Aug
Deo
Dec
Deo
223,
16
3313
Dee
Mar
Mar
5 Is
1
2
Dec
June
284
46
6418 June
IHsMay
578
Jan
Jan
1413
Jan
30
Deo
60»4 Deo
1 1 8
July
5813 Jaa
7
May
l8i2May
4513
8-i8
14-84
7413
9384
3 Is
May
May
May
Nov
Nov
Nov
5-84
Jan
978
26-88
Deo
Deo
23 14
May
49ig
65,
7713
Nov
76
Feb
Feb
Deo
39
58
64
June
June
618, Sept
71
Deo
68I2 Sept
12
16
Nov
Mar
23 13 Jan
23 14 .<ept
July
Sept
88*8 June
62 June
8I4
15
9
10
15
14
9
10
Jan
Jan
lis
32
6
10
May
Feb
63
83
J an
Dec
Nov
Nov
55I3
IIOI2
Nov
3I4
Feb 17
Feb 10
Feb 4
51? Jan 20
Jan 16
61
77 18 Feb 16
6212 Feb 15
Nov
69
10013
1813
4513
10
175,
4718
305,
19
4918
467,
Mar
Jan 17
Feb 15
Feb 4
Feb 16
11
Dee
Deo
85I3
Feb
25g
75
5713
26
67
3 Is
Deo
Deo
34I3
90
1078
Jan
Jan
Jan
Jan
Sep
June
Dec
Dec
1
5
Dec
Dec
Dec
June
May
May
J an
Aug 249
484
17
8984
718
1514
27
912
77
63
4I3
Fpb 1
Feb
Feb 10
14
June
June
June
Feb
Jan
Jan
Jan
Apr
Nov
15
17
35
Mar
10
14
110
Mar
Mar
15,
I5I8
7
9ig
35,
10
Jan 18
49i2 Jan2t
6I2 Feb 17
Feb 14
28
9
6
27
60
1
255,
487,
10
17
6
50
32
Feb 15
Feb 16
103
Feb 16
3I2 Feb 3
9-5g Feb
2
24-84 Feb 15
6518 Jan 16
14
Jan 20
7
14
6613
7-i8
1 1.5-84
4
5
6
5
5
9
3
9
9
10
3
68-84
22I4
9
6
10
225,
3012 Feb
6112
IG
10
16
15
15
60
31
28
207g
31
46I3
71
Feb 10
Feb 9
Feb 8
17-I4 Feb 16
II'2 Feb 10
7612 Feb 10
3
16
17
16
Dec
June
17I4 Dec
29i3 Dec
eO's Apr
95 July
6I4
358
512
111,
8
28
9
No/
Mar
14
8
8
15
5
7284
147g
Jan
Sept
10
Jan
June 1237g No\
186
Oct 209
Mar
46 June
6512 May
4
Nov
884 Jan
6i8 Dec
12
Apr
I3I2 Dec
167, Nov
3313 Dec
37
Nov
9
Jan
II9-I4
May
56-88
312
16
15
16
Jan
Not
91
428,
6
6
Feb
Feb
45
5S'8 Feb
54
Feb
Ill7g Feb
Deo
Nov
713
101
Jan 20
Jan 13
54
66
88
Dec
Dec
4912
Feb
Feb 2
Feb 15
Feb 17
Feb 15
94
Jan
Mar
Mar
30-1,
12
2
June
Dec
Apr
1
18
15
10
11
7718
75ij
16
8818 Jan 18
II2
Hfgheit
% per share $ per shart
1284 Feb
8
Mar
32 14 Dec
20
Apr
Jan IS
Jan
100
13112
1314
May
1047,
Feb
74-84
Dec
88
Jan
Jan
Ian
61 14
32I4
June
June
4184
8
Nov
Mar
12
237g
May
Apr
Jan
Oct
6513
6684
Deo
Deo
15'4
60
35
23
70
Mar
32
Jan
80
Deo
13
3
781* Jan 20
17
60-84
June
8914
Jan
Jan 4
Jan >1
Jan 16
Feb 1
Jan 3
Jan 10
Jan 4
Jan 13
Jan 10
Jan 10
Jan 10
Jan 6
Jan 6
Jan 20
Jan 24
Jan IS
Jan 20
Jan 12
Jan 10
Jan 7
Jan 6
Jan 9
Jan 30
48I4 Jan 18
June
55
Feb
Jan 20
3513
3JiB
Aug
57-84
Jan
2412 Feb 16
I9i8
Mar
Aug
43
Feb 17
Feb 16
Feb 15
Feb 14
Feb 14
Feb 16
1958 Feb 7
Feb 8
54
3l5s Feb 9
2384 Feb 2
I8i2 Fob 3
3OI4 Feb 10
3112 Feb 3
39
Feb 9
277s
191?
June
June
June
2i8 Oct
Dec
3
67I3 June
17i« June
42 June
I6i8 Jau
2584
3912
3013
28
41
3913 Jan 23
I8II2 Feb 14
74is Jan Ig
10
Feb 15
2H8< Feb 15
7-i8 Feb 10
Jan
12»4 Jan
8I4 Jan
Jau
13
I4I2 Jan
51*8 Feb
6
Feb
914 Jan
25
Jau
19
75-18
51-18
-s
22I4
5
I418
30
9 Is
17
1578
30
1
Feb
2578
3914
478
91.
8418
25
10-58
54
Feb
Feb
Feb
Feb
10
29
48
12
66
Feb
1078
19
12
3
10
13
24
14-84
Feb
Jan
Jan
3158 Jan
451
Jan
13 13 Jan
I4 Jan
"8 Jan
6538 Jan
lOl
Jan
3784 Jan
86i2 Jao203, I.sn
15
8
37 Is Feb 28
56
Feb 3
3
3
Jan 9
Jan 23
78 Jan 16
6958 Jan 18
105
Jan 14
4
5
46 14 Feb
93
Feb 14
3
36
17
1
A Bi-rtgnta
Jan
Jan
Jan
60
27-84
Deo
2038
17
Mar
Nov
IS
Aug
2713
Nov
3 Us Dec
111
June
651 3
13178
74I3
1214
6214 July
Aug
Aug
6
17
6-88
1
8
26
Dec
9
Mar
Mar
24I3
157,
Apr
Nov
Deo
Mar
Mar
May
May
Nov
May
May
May
I212
Dec
Dec
Dec
Dec
Dec
Dec
23
Oct
3712
May
May
May
26I3
Jan
Dec
Dec
June
Dec
Dec
Oct
5384
Deo
IOI3
3
111
30
I514
>•
Feb
101
247,
Apr
125,
888
I414
15
61 Is
6I4
15
May
May
Aug
15
15
19
Jan 23
Jan 24
Jan
714
1212
8
1
4
784
Nov
May
1213
1
Feb 8
Feb 14
Feb 15
2
s Bx-dividdud.
''-»'<» ""i
lOis
3018 Jan
6
24I2 Jan 27
Jan 10
16
New Orl Tex <t Mex v t c. 100
New York Central.
100
N Y Chicago & St Louis. .100
Preferred tr recta
Series B
"l'566
100 Twin City Rapid Transit.
•24I2
7
7
4358
25I4
3878
h
II2
7I2
Texas (new)..
"'r,666
978
8978
.10(1
31
34I2
2684
5
63
Texas .100
25
9-34
2188
•1384
•14
23I2
Mo Kan &
•33I2
•30
25I2
10
2(i-34
217g
•17
20,500
2,400
MLssoiirl Kansas
Do pref
Do
3838
"26'
Oltj
•13
•35
22,000
5778
6 1-34
37
300
1734
24-34
5110
3078
61
14
67I2
I7I2
58is
5134
3
22I2
58
75
•6'!l2
68
soio
3038
2214
•35
64
57I2
9
•1284
76I4
63
*73l2
67 14
25
77
2.00U
61
767g
22-18
84I4
1.^)34
378
23
9
•51
4878
68
1878
1534
187s
57I2
2412
8358
1584
7,706
3
10
68
912
•61
2-58
68
193fi
10
&
22.800
Preferred (new)
6.600 Missouri Pacific trust ctfs .100
Do pref trust ctfs
7.500
.IOC
2,500 Nat Rys of Mex 2d pref.. .lor
27,
234
558
.
305s
S.-i-'s
9I4
17
35I2
297,
181s
4734
3I2
18 Is
9
•15
.100
19
491s
82 ?8
9
1,600
1,000
35
Preferred
.100
Prior preferred
.100
2d preferred
.100
Mlnneap & St L (new)... .10(1
Mliui St P & S S Marie.. .10(1
Do pref
10(1
3034
9
2434
8-34
Ry
108
3l8
I8-34
8318
19
6II2
30'»
87,
.
5658
30is
9
2334
600
25
13138
7312 73I2
.
10
26 ig
.106
100
Lehigh Valley
50
Louisville & Nashville... .100
Manhattan Ry guar
.10(1
6.800
200
67
95
1
.101)
3OI4
1878
493r
4
61
2778
I8I2
4884
8278
19
•5012
SOlj
2178
_.
34I2
34I2 3412
12984 1298*
•73
7312
312
22i8
6284
4712
14
•8I2
66
•88
95
1,900
Do pref
100
2.800 Kansas City Southern... .100
1058
4I2
34
878
661
2
3I8g
5
16
9712
Range
i per share
11
Jan 27
Jan 7
Jan 9
7
iHg Jan 9
718 Jan 10
7014 Jan 10
Iron Ore properties. A''o par
400 Gulf Mob & Nor tr ctfs.. .100
Do pref.
400
100
2,300 Illinois Central
.100
4.300 luterboro Cons Corp..Aro par
31,900
100
2.200
3.300 Market Street
4
4
258
384
4,600
300
Do pref
200 Lake Erie & Western
300
Do pref
1
10
9
10
4
3
10
16
3
106-84 .Ian 4
Feb 14
IDS
%
41,3001
8I2
28
1
•9I2
6
32
.
lOlg
4l2
27
878
66
•88
5-34
•24
45
A Pac
•4
24'l8
22
4784
12
.
Isl
27
Jan
Jan
Jan
20
Jan
59
Jao
Jan
100
30-84 Jan
8314 Jan
7OI4 Jan
Jan
51
54
Jan
7284 Jan
Jan
38
55
Jan
49
Jan
100
100
.100
7% preferred
preferred
6
.100
Chic St P Minn & Om... .100
Clev Cin Chic & St Louis. .100
Do pref
100
Colorado * Southern
100
Do 1st pref
100
Do 2d pref
100
Delaware & Hudson
100
Delaware Lack & Western 50
Duliith S S & Atlantic
100
Do pref
100
Erie
100
Do Ist pref
100
Do 2d pref
100
Great Northern pref
100
pref
10
23>8
41
24I2
37I2
42
28
5,600
Do
9
55g
1412
I714
.100
Chicago Mllw & St Paul. . 100
Do pref
.100
Chlcaso & North Western .100
Chic Rock
3
3
14
Jac
83
Jan
3312 Jan
52 12 Jan
Jan
60
Jan
6
05g Jan
IlOlg Jan
189 Jan
Jan
54
l-ig Jan
318 Jan
12-5g Jan
32
Jan
pref
1078
7934
3434
12
227,
6884
24I2
77
6
•18
46
•10
600
Do
Jan
84
..
.
IOI2
15
10034 101
24
•75
6I2
166
5,600
8.200
.
•4
ISi-j
23
30
100
1.200
3.400
pref..
258
21-34
fi8'2
13
300
200
5,000
300
Do
PER SHARE
1
1922.
Highest
845, Jan
Chlcaso Great Western.. .100
10-34
I3I2
12
54I4
1,100
1.400
4.400
10,500
18.300
100
45.100
1.100
1,800
2I4
2lt2
80
35
•28
278
8l8
24
1.800
4,900
91-14
1
100.s/inr/> ints
% per share
10
Jan 3
2878 Jan 26
100
100
Ateh Topeka & Santa Fe.. 100
Do pre!
100
Atlanta lilrrn <fe Atlantic. 100
Atltintlc Coa.st Line RR.. 100
Baltimore & Ohio
100
Do pref
100
Buffalo Roch & Pitta
100
Brooklyn Rapid Transit.. 100
Certlflcatat of deposit..
CanriiUan Pacific
100
Central RR of N J
100
Chftsapeake & Ohio
100
Chloiso & Alton
100
Preferred
100
Chic & East 111 RR (new) _ _-
•3I2
1018
22
75
541
14
31
13
8
235g
•5384
13
1
181?
34
98
59I2
6OI2
(iO-ig
6 '2
69
11334 11334 •II2I2 II3I2 •11284 11378
44I4
45
47
4412 451?
44
1734
1
24-38
7I8
21
IOII2
6858
•72
67
67
7l8
21
2-5g
8I2
8-38
5434
13
lO-'s
3
2-84
24
24
6OI2
7'il4
22I4
2214
IO2I2 103
•5358
13
•88
7
14
24-34
131?
87s
60
57's
49
3478
7-->R
221)
I8I4
68
77I2
•75
73
353r
738
•9I2
884
661
59
3434
•1134
22I4
67I2
2-l'2
35
487,
2778
19
•70
79
67
5784
24i«
7538
28
•13
I2-18
7'iis
6
271 4
•2
21
21
13
13
•lOO'z I0I'4
*70
75
78^8 79 14
14
7512
4858
10
I7I2
35
6I2
1678
2018
34I4
7OI4
28
IOI4
•73
•66
18
3484
•11 '8
34
6I2
7558
838
2I4
2
Birthday
•I8I2
GUs
•3334
1078
1758
Ills
7578
fi
95
•334
73
4,1-20
1712
11
1 1
4334
14
68
lO's
•58
76
3.800
484
I5I2
20
11
1734
66
3
20-I4
1 1
f
200
•I6I2
1034
1678
,
3,90f)
684
n-'g
17
1
2.000
15,200
58
I5I2
34I4
17
2038
1
778
192
258
5
10
57I4
2l2
412
I5I2
192
2I2
4I2
III4
28
•87
10
*3l2
2034
347,
68I4
758
11
278
2412
14
838
•6512
5
48
157r
IO2I2 lOi'i,
.')4i4
54 14
I3I4
•13
3OI2 31
59
59
•1133g 114
44
45
5434
14
31
58'4
_
5
8-14
12914 13012
1084
1684
III4
•22
22
102
284
3
8
8
68I4
•II2I2 114
22
71R
22
102
24
4t2
2-34
9.200
1,100
54I2
33-I4
34I4
3.->i4
34I2
3434
67I4
67I2
68I2
6738 6818
67
6818
114-14
•107
•107
11434 •107
•107
114
115
34I2 3.584
3.->i4
3-")38
3II4
3513 3018
35^8
•SSI2 89
89
89
SS's
8838 89
88
•76I4
76l2
77I4
7r>i2
77
7.'>78
7718
76
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6-3
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•53
•53
56
56
55
•54I2 56
54-84
*5484 55
•5484 55
55
•81-34
8212 *8.'l2 83
8214 82I4
82
82
44I8 45
44I4
44I8 45
4538
43
44
•57I2 59
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•5713
59
58
59
5S7«
•49
•50
•50
54
54
54
64
54
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•111
HI 11184 IIII2 I I 178
112
112
IIII2 11184
108
11212 11084 IIII4 111
1121s
•3
•3
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4
4
4
4
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34
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234
200
3--I-38
60
•50
127->8
I4I4
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2'g
363g
54I2
65
10.660
1,200
700
bo-tl.t fif
Lowest
Par
Railroads
100 Ann Arbor
89
35I4
5412
EXCHANGE
Preferred
97I4
89
On
Sharei
30
89
Rnnje since Jan.
.'^TOCK
Week.
98
89
36
NEW YORK
the
97I4
258
414
15I2
58's
Friday.
Feb. 17.
•27
97
STOCKS
Sales
for
$ per share
•9
11
share
5734
238
•4I2
58>8
\
Feb. 16.
Feb. 15.
nhtre
10
•27
97
30
9714
86I4
Phnraday.
Tn-adaii.
Feb. 14.
5
15
4
1
11
Stock Exchange—Stock Record, Daily, Weekly and Yearl/
New York
716
2
4
11
I4
ij
34
83
28I4
6713
2<ii3
(June
Aug
June
Aug
Aug
Aug
16)
1 1
13
21
3078
7013
1 1
Is
191s
Jan
1984
Jan
52 Is
50
Feb
Deo
3913
90
Jan
Feb
Feb
Deo
Deo
Deo
Deo
6513
Jan
lij
l»4
5914
10384
3984
to aabsorlbe
New York
Record— Continued— Page
Stock
717
2
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE—PER SHARE. NOT PER CENT
NEW
Ranoe since Jan.
On
EXCUANGB
&
Miscell. (Con.) Par
Agrlnul Chem prer
100
Am
American Baak
Preferrefl
American Beet Su?ar
Jan
Jan
Jan
31'4 Jan
Jau
51
OSU Jan
32'4 Jan
9314 Jan
141
Jan
II5I2 Jan
7 Jan
52
61
pref
raer i^nsch
100
A
Magneto.. TVo par
Am Brake Shoe & F No p'K
Preferred.
100
American Can
100
Do pref..
100
American Car &. Foundry. 100
Do pref
100
Am9rican Chicle
No pi'
American Cotton Oil
100
Do pref
100
Amer Dnj^^ists Syndicate. 10
American Rxpres3
100,
Amerl;!an Hide & Leather. 100
Dj pref...
101)1
Do
100
100
100
pref
Do
pref
American Radiator
Arnerican Safety Razor
25
25
Ship (fe Ciimm
No par
Amer Smelting - Refining. 100
Am
Do
100
pref
861,
Am Smelt Swur pref 3er A. 100
American Snuff
100
Am Steel Fdry tem ctf3.33 13
129'8 130
•7»4
8>4
•72
•22
75
23
94
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82U
827,
103««
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26
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52
77
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617$
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Stock
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48
76
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23
Liacola's
14'4
94
83
47 ij
53
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79
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117
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990
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13'4
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101
258
23
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117
14'2
75
75
74
23
92
8378
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2533 2512
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78
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78
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91
39
54 14
48I4
5512
100
12.400
6,800
7.jl!.
7'jl?
210
78
100
100
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9934
27
20
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28
20
2'il4
990
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975
23
950
980
117
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117
115
117
•2»4
2012
23'2
141-
1312
1434
9934
3
27I4
2018
234
1934
23>2
14'4
700
800
300
2.300
200
300
23
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1.5"2
1.166
6
4
3
2fi
Do pref
Amer .Sumatra Tobacco
84
1
4
3
137
16
Feb 15
Feb 14
Feb 7
42
57
Jan
Jan
8312
73 14
Nov
2II4
May
77,
I7I4
Aug
Aug
Aug
Aug
533,
Jan 25
Feb 15
Jan 17
111,
Apr
Jan
Jan
36
Jan 10
Jan 11
Jan 13
Jao 3
Jan 18
47
Jail 31
W
1218
Jan
Jan
Jan
Jan
2I4 Jan
2434 Jan
19
Jan
21
Jan
975
Jan
113
Jan
914 Jan
43
75
76
99
5
6
17
31
3
30
93
17
66-3,
Jan
312
414
29^8
63I4
Aug
Aug
Aug
Aug
63
95
Jan
Jan
11434
18
Aug
Aug
9514
Feb 16
Jan 20
78
no
Dec
Deo
115
91
Nov
10
14
Jah
Jao
4714
Dec
Dec
Deo
Deo
Dec
Dec
90
88
35
Jan 20
Oct
96
951s Feb 10
3534 Jan 9
67 12
Oci
10714
Jan
Jan
2812
6434
Dec
88
Mar
Nov
95-14
Jan
Nov
11112
June
9134
II912
13634
86
Aug
-Ian 16
17
7
8
7fii4
23
95
84I4
105
2912
14'<8
39'8
SO'a
56 14
77
7734
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3i2
3
lis
Jan
Jan
Feb
Jan
Jan
Jau
Jan
Jan
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Jan
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Feb
Feb
Jan
Jan
Jan
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no
14
4
24
4
48
21
8
17
Jan
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SL-pt
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57
9912
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20
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283, Jan 19
8714 Jan 3
51, Jan 9
28i2 Jan IS
201, Jan 4
Jan
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431, Jau
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83
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78
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91
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9
3
14
9
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76
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7
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4
5
29 •, Jan
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20
85
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43
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41
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Jan
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23
22
70
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3
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361, Doo
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7
25
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01 7, Jan l.S
6 4 Jan 25
31
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Jau 18
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86
27
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90
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Oct
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80
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9
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67
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19 >8 Jan
1914 Jan
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51
Jan
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Deo
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23 14 Feb
10
14 1020
Jan 4
9 1151' Jan 17
17
Jan 27
5
68
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New class B com
100 Bush Term Uidij<. pref
100
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5
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3,90);
100
2.900' Butte A Superior Mlfiln« . 10
SOO Cuddo Centr.il illl.VRef No par
12.0 )i) C.illfornla I'uckinu
No par
California Petroleum
U,00
100
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100
92
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53,
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313,
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21
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32
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116
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pref
No pir
PreferreJ
..100
Barnilall (^orp. Class A. ..25
Class B
25
300
700 Ba'.oiill.'U .Mining
..20
Bethlehem
Steel
Corp
1,400,
100
Do Class B Common.. 100
35,9001
Do pref
400;
100
400'
Do cum conv 8% pref. 100
200 Booth Fisheries
pir
No
1,003 British Kmplrc Steel
10;)
10,')
Isi preferred
21 prcferrel
700
101
Brooklyn Edison. loc
100
400 Brooklyn Union G;is
lOJ
Barnet Laathar
61?
31
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31
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49
87'4
25
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50
100
Preferred
10
71.400 Baldwin Locomotive Wks. 100
581, 59
851,
62^, 643,
•92I2 93
9il2 03
'107
107
107
108
9i(
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534
32
2614
15%
'Vt
32
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92
4i?i
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'
60
Preferred.
400
300 Auto Sales Corp
76
16
10334 1051?
IO7I2
107
47I2
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47'2
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11612 II6»4
327,
4
1534
105
107
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64
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lot
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75
Feb
8312
10412
3912
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Dec
Deo
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23
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Jan r.
Jan 19
48
Jan to
9|i2 J»n 18
89
Jan 19
Feb 9
Feb V
Feb 8
62^8
Feb
101
13434
78I4
IO2I2
2212
8-'4
397,
73I2 June
98I4 June
Feb 17
3
3
90
fan
Apr
40I2 Feb
5
100
Do pref
100
Amer Writing Paper pref.. 100
Aner Zinc. Lead & SmelC. 25
Do pref
25
Anaconda Copper Mining. 50
Associated Dry Goods
10(1
Do 1st preferretl
100
Do 2d preferred
100
Associated Oil
100
Atlantic I''ruit
No pa
Atl Gulf A
I S3 Line... 100
Do pref
100
Atlantic Petroleum
25
Atlantic Refilling
100
Preferred
100
Austin >fichols & Co
No par
29
June
July
9612 Jan
Wliolesaie Corp, pref. 100
Mov
15'g
114
8
Feb
Feb
Amer Woolen
11612
Jan-'l
71
1714
14
May
6i2
Apr
Jan
Dec
Dec
137-'4
67
3512
97
Dec
Dec
Dec
Deo
Deo
Dec
Nov
119
100
(7%) V to
(6%) v to... 100
56-3a
100
2434
4
pref
May
67
Ian 2 <
Ian 17
68-34
Jan
Jan 7
Jan 4
Jan 4
Feb
Jan
51
7478
6512
3512 July
4 June
I14>2 Jan
1291, Jan
126
6
.5612
151
1514
108
9612 Jan 17
23 14 Feb 14
52I2 Jan 27
Do pref (ni-ifl)
100
Do common Clasa B
100
Am Wat VVks & Ei V t c.-.l(.0
Am
Feb 15
Feb 15
33i>8
Jan
than
Jao
Dec
,5012 Dec
per
90
June
June
76-ij
15
15
23
138
Feb 8
1st pref
in
17
17
414
9',
3
91
Panic
1,000
30
31
30-34
160
14
4
5
Jan
20
Ji'i 14
100'2
82I4
4314
10
33-%
5912
109'8
115
895,
12
5ti8 Jan
3(1
Feb 6
67l2 Feb 6
12
13
5
16
10
Ian
17
26
23
l.T<8
tem ctfs
100
American Sugar Refining.. 100
200
25 14
101
3
100
3
27 18
3.800
8.100
25
487,
5ol4
1.100
S27s 8334
IO3I4 105
•371?
4734
•76I4
•213
26^4
•I9I1
•89
39
77
5^518
75
23
*I3
*7o
481?
•2258
1334
55 Is
•76
•23
•950
•115
1312
*72
•22
*72
49
56
77
•99
27I2
2OI2
100'4 101
ISOi-. 13218
•734
8
S3
2518
1334
3912
2518
10034 10034
I3OI4 130'8
•7%
8
•89I2
83'8
10312 105
54I2
•9fl0
74
23
92
83
=103'2 I04ij
25I2 2'il2
13^4
1334
365g
S-V-S
40
*7^
100'4 100^4
ISO's I3OI2
•734
8
lOO'i IOOI4
12934 130
•7'4
8
1
Hlohent
S per share
Aug
51
461j Jan
4312 Jan
2412 Oil
5434 Dec
291, AUi!
Jan
42
8S34 Jan
2312 June
l.S
11
4314
6I2
13612
Feb 8
87
100
100
Preferred
100
12.800 Amer Telephone & Teleg.. 100
4,200 American Tobacco
100
101
6
27
10012 Jan
Pref
•noo
3
10
Jan
72
Jau
3818 Jan
918 Jan
293, Jan
56
Jan
102
Jan
112
Jan
82
Jan
3-34 Jan
513 Jan
43'i8 Jao
American La France F. E.. 10
American Linseed
100
American Locomotive
fiJ34
IO2I4
4018
9S>8
5
78
100
pref
100
International Corp.. 100
Do
4
18
Jan 18
Jan 3
58
American Ice
Amer
31
Feb
12
Feb
37'4
64'2
381,
Jan 1
J-m 13
4i2
127-i4
119>2
52 12
3
II
19I4 J.io 10
41
149
12
31-34
Do
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
1921
Lntoesi
$ P'r share
59I2 Jan 5
64
for previoui
Vf.a'
Hlgltesi
S per share
56
Jau 16
SSij Jao 7
50
50
100
.Vote
Range
1922
1
*'u«» 0/ I0r)-^ftare lots
Lotee-it
Indus.
PER SHARE
PBt SHARE
STOCKS
YOItK 3TOCK
.ill
N2<l
•(
N.»V
'•
66
Jun
Juo
7.1
Duo
Dim
Ui)<4
l>ao
A. 14
54 « A.IU
AU J.iuo
J'lMo
I00«4
112
Dm
Aug
«ii4
I07',
01
Apr
Juo
Juo
m
221,
49
77
A<i
1)',
«
1
Junn
(III
Dm
26
0S>|
Kalt
r«b
—
2
New York Stock Record— Continued— Page
718
3
For sales during the week of stocks usually Inactive see third page preceding
nian and low sale price— per share, not per cent.
Saturday,
Feb. 11.
Monday,
Tuesday,
Feb. 13.
Feb. 14.
Feb. 15.
{ per share
S per share
S pf^ share
? per share
18?4
I8I2
I884
18
•104
700
139
14012
82i«
•83
680
I6I4
4
7918
80%
105
12
•S
10
38
38
39I1
8218
39I4
83
83
I2I4
12%
82
82lg
1334
13^8
53I2
68
68
98
28
62
97
6812
IOOI4 IOOI4
146
8% 9
•7IS4 72
70
70
•80
8212
•37
38
83 86
146
147
8I2
9
72
72
70
70
81
3778
•801.1
37 14
83
28
1784
26
18
85
29I2
1814
27
7%
7l2
734
778
7OI4
73%
72I2
74I2
1%
I's
1%
184
•16
I684
*16
I684
•62
74
67
76
6II2
65
14I4
6I2
3%
74I2
14
75I2
14I2
3I2
41
7I4
7I4
7I4
3784
3784
9%
8%
•35I2
3534
•28
83
30
3618
29S4
48
83I4
Y6%
70
6984
2612
6912
Stock
Exchange
I2I2
69I4
Closed
49
70
1478
ais'
1484
69I4
•14%
•1234
84 12
57
29
54i'>
Birthday
6%
16
127
47I8
47I4
»27i8
•160
•108
95
•98
1134
lO's
•37
•97I2
•100
30%
•95
65
1534
I25I4
4718
47%
50%
501s
28
164
llOls
79
1
10%
112
81
48
•183i
45I2
•8884
81
61 84
19
•171
1184
11%
11%
IO6I2 107
10912
8OI2
2612
SOI2
2612
12l8
12%
I2I4
29%
30
67
I2OI2
13
2734
12
83
55
12%
68
2%
61
6II2
77
74I4
1438
75
I4I2
378
378
8I4
7
38
9I4
37I2
377s
29I2
I5I2
711s
2684
7118
•54
1534
72I2
27
721-
67
15
71
I5I2
721
26I4
26%
68
54
70
57
1218
12%
481.
67
68
1434
14lg
I41"
1378
I4I2
33I4
31% 33
2%
2%
3OI2
32
2%
65
6712 68I2
134
2I4
16
I6I4
I5I2
I684
16%
1734
56
36
67
56
58
57I2
5812
36%
3612
6
3684
6I2
36% 36%
90
97
3678
3734
6I4
76
6I4
90
3734
97
81
65I2
2778
16
•.r93
98
12
IOI2
397s
*97l2
100
98-34
IOOI2
I2I4
IO84
3978
99
110
I0OI2 1501:
•110
81
120
96
•76
66
27%
157s
684
534
*91
98
37
•95
37%
96
81
76
67%
27%
*68i4
27I4
I6I4
1534
16
I27I4 I27I2
4612 47I2
158
110
•95
•98
1218
IO84
127
97
81
72
27%
158
155
IIOI2
IIOI2 IIOI2
95
9612
99I2
*98
073.1
IOOI4
121''
107s
40
•97I2
99
*97l2
99
461
3934
461s
3934
•167s
401.1
47
39
27
271,1
26
267s
25I4
x29h
3OI4
27I2
29%
31
31
31
11%
I2I2
*10f)
2%
109
112
2%
I2OS4 I23I4
82
107
106
2I2
123
12%
lOSM
2I2
•85
I3I4
3OI4
303i
66I2
12l8
12I4
12%
27I2
26I4
11
U
132
132
1%
42%
lis
30
76
1%
42%
30
66
3OI2
67
13
33
79
1%
43
11»
214
17*
4234
4384
41%
8S
7I2
9%
2434
•25
•25
9l2
26
10
•12Is
14
1234
I2S4
•9l2
•I2I2
10
13
on this day.
1334
2612
7'8
7%
2612
7'^s
734
734
91
89
1121
14
13%
59%
59
29
53
30
571
4II2
41%
7%
•9I2
•I2I2
13
•121''
7%
25
9l2
'
10
13
Island Oil
&
Transp v
t
Jewel Tea. Inc
Do
pref
Jones Bros Tea, Inc
Kansas & Gulf
6%
2,000
13.000
4,000
2,400
4,100
2,500
600
600
200
600
& Co
c.
10
100
..100
100
10
100
25
100
preferred
iro
Kelsey Wheel Inc...
Keunecott Copper
No par
Keystone Tire & Rubber.. 10
Kresge (S S) Co...
100
Lackawanna Steel
100
Laclede Gas (St Louis)
100
Lee Rubber & Tire
No par
Liggett & Myers Tobacco. 100
Do pref
100
Lima Locom Wks Inc
100
Preferred
13.100 Loew's Incorporated
2,300 Loft Incorporated
100 Loose-Wiles Biscuit tr
100
900
50
200
600
3,400
2,200
4,200
13,300
25,500
1
,300
4,100
46,500
10,600
800
100
No par
No par
ctfs.lOO
100
100
Loriilard (P)
100
2d nreferied
!00
100
Mackay Companies
Do pref
100
Mulilnson (H R) & Co.. No par
Maniitl Sugar
100
Manhattan Shirt
25
Marland Oil
no par
Martin-Parry Corp
No par
Mathlcson Alkali Works
50
Maxwell Mot. class B..N0 par
May Department Stores. .100
100
Do pref..
McIntjTe Per Mines
Mexican Petroleum
100
Preferred.
100
Miami Copper
6
10
Middle States Oil Corp
MIdvalc Steel & Ordnance. 50
100
Montana Power
100
Do pref..
Ist preferred
Do
2d preferred
17,100 MontWard&CoIUsCorpiVopar
..No par
2,200 Mulllns Body
800 National Acme
600 National Biscuit
Do pref
200
1,100 National Cloak & Suit
Do pref
700
3.100 Nat Conduit & Cable.. ATo
10,800 Nat Enam'K & Stamp'g
Do
pref
1,600 National Lead
Do
5,.i00
1.000
200
19
56
100
7,400 Kelly-SprinKfleld Tire
Temporary 8% pref
100
5434
*15I«
25
§
94
90
111
26
10
tEx-rlghts.
2
4234
pref
300 Kayser (Julius)
900
I3I4
I3I4
1278
2678
2612 2634
12
1084 11I4
11
107s
132
134
13434 •130
134
11978 119
11978 •II912
"
31
31
36
36
77I2
77I2 7812
81
1384
27is
44,700
22,700
3,100
1,400
8,600
1,700
2.S00
89
263.1
Do
200 Homestake Mining..
100
3,300 Houston Oil of Texas
100
7,500 Hupp Motor Car Corp
10
300 Hydraulic Steel
No par
3,000 Indluhoma Refining
6
3,900 Indian Refining.
10
3,500 Inspiration Cons Copper.. 20
700 Internal Agrlcul Corp
100
Do pref
1.000
100
700 International Cement.. jVo par
2,300 Internat Harvester (»eu>).,100
350
Do pref (new)
100
3.000 Int Mercantile Marine
100
Do pref
30.000
100
5,300 Internat Motor Truck. .iVo par
600
Do 1 St pref
100
300
Do 2d pref
100
9.200 International Nickel (The) 26
Preferred
1.000
100
7,600 International Paper
100
600
Do stamped pref
100
13.100 Invincible Oil Corp
60
18.700 Iron Products Corp
No par
12
2%
Deb stock (7%)_..100
Co B F)
No par
Rights
31,000 Gull States Steel tr ctf8..-100
5,600 Haiblshaw Elec Ca.\>.. No par
Haskell & Barker Car..iVo par
400 Hendee Manufacturing
100
IO9I4
01.,
Do
Granby Cons M, Sm & PowlOO
500 Gray 4 Davis Ipc
No par
200 Greene Cananea Copper.. 100
2,900 Guantanamo Sugar
No par
118% 125% 184.700
26%
27I2
100
31
106% 106%
131.1
IO3I2
2914
12
IO9I4 •106
I26I2
4812
3978
2512
28
30ii
I2I4
66I2
300
1,600 Goodrich
110 100
no
150
1497ji 14978
•110 115
115
81
•79
81
82
6018 6 184 •60% 61 '4
I.8I2 19
ISI2 19
I884
4Gi2
3934
31
11
10%
*38
60%
19
I4I4
1284
1078
40
100
149
110
10
100
par
par
100
10
100
100
1,100 Freeport Texas Co
No par
3,200 Gaston. \V & W. Inc
No par
3.100 Gen Am Tank Car
No par
42,900 General Asphalt
100
Do pref
1.000
100
900 General Cigar, Inc
100
300
Debenture pref
100
8,000 General Electric
100
30,200 General Motors Corp..Aro par
200
Do pref
100
Do Deb stock (8%). ..100
1,400
155
39
81
6II4
IO3I2
sales
3778
29I2
62
47
2434
no
3778
2912
831-.
12%
481
59
53
16
prices:
9I4
68
•89
91
91
S9l2 891
.S9
88
90%
II2I2 •111
II2I2 •111
1121;
I3I4
1334 14
13% 1378
13%
58I4 5812
59% 59
59
29I2 30
2884 30
2Sl2 30
•53
•53
55
55
5434
• 1510
•16
19
19
21
57I4
5734
5612 5714
66 >4
57
41 >8 41I2 41l| 4111, 41% 411^
712
39
8
12%
88
66S4
41
83^
38
12%
88I2 93
21
6
4
68
48
68
111
I3I2
Bid and ashed
30
14%
334
884
851
85
85
IO6I2 IO6I2 IO6I4 IO6I2
27
10
*
3812
81"
16
5
26l2
1334
13
3034
2934
•6512
66
•IO3I2
;
58% 59%
•25
5
85
303i
1%
6412
I4I4
4I2
85
07
41
6II2
75%
88
jll?!; 1197s
30
30
75
76
76
66
65
•15
2612
07
107g
3078
•S3
•16
3%
1%
I5I2
15
2534
2978
132
136
119
31
3%
178
26I4
IO3I2
•104
7I2
2%
119
8OI2
257s
56l2
41
112
2I2
2%
118%
•2834
76%
14% 14%
3I2
4
IO9I2 1109
107
106
•106
I3I2
II2
74I4
72%
II2
2784
1114
94
90
1%
7%
7I2
50
2734
31 14
31 14
113
76
2578
678
27I4
39M
•87
7334
65
1734
49
2984
31i«
•HI
7684
75
1778
27I2
27
134
27
778
I7I2
•2578
7
8478
29I2
1884
2578
50
3914
4012
6II2
I712
16
27
4984
27I2
2734
3178
321-
1%
16
29
4878
40
4012
•8812
II2
27
27
Par
647 Eastman Kodak
5.400 Electric Stor Battery
1,900 Elk Horn Coal Corp
200 Emenson-BrantlnghaD
81
37% 37%
48
27I8
3II4
32I2
•130
•118
•20
•73
7%
73
85
29I2
884
73
6978
6978
127
112
64
12
27S4
•11
85
27
I7I2
26
8I2
7OI4
26 Is
112
•79
•46
67
85
*84l2
37l2
•84I2
878
48I4
51I2
1501.1
•60%
2I-.
80
64%
ISOli
•60%
117
SII2
3734
27
99
110
•100
I49I2 150
S012
81
3778
63%
98I4
67I4
9812
•95
73
70
70
%
66
6II2
9734
67I4
8%
65
40
*97l2
99
no
98
151
I3I4
h
*70l2
0978
271
1584
IO84
•38
98
•13
5514
884
3678
*95l2
IOOI2
1184 12
117g
10^8
99
6712 68I2
I2I4
7134
37I2
98
40
131s
147
82
8I2
87
95% 95%
95
IOOI2
15178 15i
•110
97I2
1584
12684 127
48I4 48%
501s 51
27S4 277s
27I2 271
160
160 zl56
15984
1]0'4 IIOI4 110
IIOI2
127%
61
38
7134
69I2
8OI4
37I2
90
81
2678
16
3584
97
76
64
81
55
6i
•87
27%
68
148
3II4
684
2678
6714
97I2
147
1318
97% 96
14I4
35I4
*60
97
67
53
37I4
Is
5812
6284
487,
34I2
97
Is
57%
1218
34I2
76
>8
68
48
53
90
I3I2
12%
2I4
1418
&
pref
Navada Consol Copper
New York Air Brake
New York Dock
Do pref
N Y Shipbuilding
4.700 North American
Do prel
1,100
Rights
3.S00
No
Co
60
100
100
100
100
par
100
100
100
100
6
100
100
100
par
60
60
200 Nova Scotia Steel & Coal. . 100
Nunnally Co. (The)...A'o par
No par
300 Ohio Body & Blow
Less than 100 shares,
o Ex-dlvldend and rights,
1
PER SHARB
Range /or previous
1922
basis of lOO-share lots
Lowest
50
100
80
7.400 Endlcott-.Johnson
50
IO8I4
900
Do pref
100
8178 45,800 Famous Players- Lasky.iVo par
931
1,000
Do preferred (8%)
100
10
Federal Mining & Smelting 100
39^8
200
Do prof
100
82
300 Fisher Body Corp
No par
85
200 Fisher Body Ohio, pref
100
12%
3,000 FIsk Rubber
25
8
8312
57I2
6234
69
49
2%
8218
IS's
61%
5
8
"S4l"2
I2I4
68I2
6S
14% 1478
28
31%
Lincoln's
2I4
•95
55
47I8
13
•87I2
3612
12%
69
13
6284
6I2
I2I2
8412
8412
7I2
7I4
7
38I4
39
38
Is
8
3fil2
3612
37
3OI4
29% 29%
84li.
8412
847s
IO6I4 »10Cl4 IO6I2
I5I2 I5I2
15
701
6984 71
27I2
2612 28I4
691
69
70
IO6I2
•69
29
3%
3I2
37I2
29
83
s
•93
146
17«4
•257^
12%
'63l"2
•67
29
8314
I
"8
54
27
•82
85
8314
I2I4
I39I2 140
1434 16%
79I2
79'4 8OI1
•105
10434 105
8078
8 184 8234
94I2 •92
•92
3978
61
»295
I2I4
69I4
5
*38l4
96
•54
5
12
60% 61
69I4
13934 14112
171s
•16%
40
•93
•28
141
I7I2
7
8O34
104
IO412
8178 8284
•1614
•4
8OI4
931.1
13«4
*106l2
16
6912
140
93 14
•8
94
EXCHANGE
the
665
650
675
675
94
JO
'8
•8
690
On
SO
82I4
13'4
3I2
80
Range since Jan.
Week.
S per share
S per share
93
•8
I2I2
•3
Feb. 16.
80
I2I2
14I4
Friday,
Feb. 17.
Thursday,
NEW
PER SHARE
STOCKS
YORK STOCK
Shares Indus.
Miscell. (Con.)
I8I2 1878
1912
9,700 Cuban-American Sugar
18% 1878
187a
90
•80
90
Preferred.
90
56S4 58% 25,500 Davison Chemical v t c.no
5818 59%
6884 60'4
•18
20
19
400 De Beers Cona Mines. -A^o
18
18
18
10412
IO6I2
*105
10634
300 Detroit Edison
105
106
2278 23%
23% 2312 4,50C Dome Mines, Ltd
23'4
23
6(10
4
•104
86
»62l4
23I2
lOig
4
80%
106% 106%
78% 80»4
•8
•38
18
IO6I4
I39I2 14034
18
80
92I2
6OI4
23%
•665
690
90
59%
68«4 5934
•I6I2 18
•104
106
23I4 233s
J638
•3I2
187s
*80
90
•
Wednesday.
Sales
for
Jan
3
78% Jan
17
4834 Jan 10
15I2 Jan 3
100% Jan
II
4
9
18
11%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
I2I4
Jan 24
I8I2
600
125
I4I4
2%
76I4
104
75%
9II2
9
38
75
7612
Low St
Highest
$ per share
I412
year 1921
26
4
10
109
Jan 20
44% July
99
10
Jan 14
Jan 12
Jan 25
85% Jan 30
7484 July
41
21
S-iot
75
June
67
Sept
84% Jan
3
17
6
8512
6
10
Feb 10
12% Jan 20
1484 Feb 6
% Jan 20
% Jan 20
4534 Jan 14
5812 Feb 17
6684 Jan 3
103
Jan 3
7312 Jan 17
IO2I4 Jan 18
151
Feb 10
10
Jan 3
Feb 10
73
90
67
94
Jan 10
Feb 8
Jan 4
Jan 9
8I4 Jan 5
69
Jan 24
69I2 Jan 4
136
7912
34I2
8OI2
26l2
12
26
Jan
Jan
Jan
Jan
Jan 12
Feb
7
% Feb
447. Jan
84
76I4
16
16
10
9
Jan
Jan
10% Jan
3'2 Feb
3I4 Jan
5
Jan
27
20
Feb
11
7% Jan
Jan
33
26
Jan
79% Jan
6
37I2
IO5I2
69I4
6
9
4
17
15
5
19
2% Feb
9
Feb
Feb
43
26%
4
Jan 13
Jan 6
Feb
17
Jan
91
Jan
Jan
93
IIU Jan
Jan
9
Jan
36
10
3
30
26
Jan
3
165
108
97
100
22
11
Feb
109
72
67
I5I2
3OI4
3334
22%
2OI4
101
Jan
1071* Jan
2% Jan
June
49% Mar
40% Aug
10% June
«
Dec
2 June
6% Dec
29% Mar
Aug
6
Dec
31
June
21
16
3
11
6
4
11
13
3
3
10
10
11
7
9
4
4
20
17
69
6
16
11
18
12
10
16
1314
Feb
58
Jan 3
Feb 4
Jan 17
6078
Mar
Dec
13% Jan
No*
82
26% Apt
61
86
May
May
16»4May
2O84
Jan
7% Jan
1534
Jan
42% Deo
67
JaD
Jan
29
Nov
1384
34
74
5984
Jan 20
Jan 20
7% Aug
36
Aug
26% Oct
63% Oct
42
76
Feb 3
64
Feb 7
7212 Feb 16
12% Jan
Jan
Jan
71
Jan
15% Jan
33I4 Feb
3
Jan
1784 Feb
5812 Feb
39
Jan
7I3 Jan
97
Feb
4312 Jan
85
62
51l2
2884
6334
111^4
IOOI4
IO7I4
85
3
6
16
16
16
17
14
3
16
3
Jan 17
Jan 3
Jan 20
Feb 14
Jan 17
Jan II
Jan 25
Jan 16
Jan 5
I4I4
99
100
15212
112
81
Feb 4
Feb 4
Feb 14
Feb 1
62% Jan
1934 Jan
Jan
50
42% Feb
29
34
33I4
1584
24
24
25
6
Feb 10
Feb 7
Feb 8
Jan 18
IO9I2
Feb
14
108
Jan
5
2% Feb
11
16
12612
Feb
85% Jan
27% Jan
1384 Jan
32% Jan
2
4
Sept
Jan
8% Jan
14% Jan
4% Oct
68 Mar
May
May
May
76% Nov
Jan
Jan
26
40
484
Jan
12% Dec
4684
3884
9
Nov
85
Dec
Dec
Nov
64%
May
94
70
35
16
80
69
Jan
June
May
Mar
Mar
8% Jan
1778
177
Aug
87% Aug
102
64
784
June
164
Dec
Dec
no
Nov
30
Dec
Dec
21% Mar
IOOI4
1284
42
100
Jan
111
72
69% Jan
June
Jan
Oct
June
55
10
21
18
12% Aug
Sept
13
11% Aug
Juno
65% Jan
8
Mar
95
Jan
Jan
98% Ap'
94% June
186
Feb
100
May
Dec
68% Jan
57% May
Jan
June
Jan
17% Jan
138% Jan
97% Jan
130
32
40
Nov
27% Dec
Mar
164% Feb
Deo
Dec
Dec
62
18
Sept
89% Feb
3684
Dec-
30% Nov
Dec
22
24
Nov
15% Dec
114
109
Deo
Dec
84% Aug
167% Jan
Jan
Deo
16% Nov
33% Jan
64% Dec
Deo
101
5
1534
10
July
20
22
43
June
3
4
18
Jan 31
5734 Feb 15
7
13
41% Jan 20
4
28% Jan 20
Jan 23
II
10
Jan 26
10
1334
Feb 10
6 Ex-rights.
17
32% Aug
70% May
21
3
69I2 Feb 2
103% Feb 2
I5I4 Jan 18
2884 Feb 8
13% Jan 16
Jan 20
137
119% Jan 25
36 Feb 16
Jan 20
79
2I4 Feb 16
4334 Feb 16
01
Jan 5
94I4 Jan 17
112% Jan 30
16% Jan 23
62% Jan 4
3384 Jan 23
6478 Jan 28
884
Jan
64% Apr
7384
25
Dec
May
38% Aug
67
Aug
6% Aug
22% Sept
Feb 10
Feb 7
67% Feb 16
29 Feb 3
1
6784
60
76I4
18)2
11% Aug
Dec
Jan
17% Jan
25
20
96
174
60
Oct
Jan
5
13
I684
29% Dec
16% Jan
110
93I4
6
13
Jan
Dec
73% Deo
86
Dec
44% Jan
86
Deo
34% Nov
75
June
Aug
Aug
4
6
i Ex-dividend.
13
30
6
Jan
44% Jan
38 Jan
3% Jan
2212 Jan
914 Jan
11
Jan
60% June
17% Jan 18
6H2 Feb 17
Jan 21
Feb 4
2612 Jan
13
8434 Jan 18
4I84
Jan
63
100% Jan
12
Feb
I9I2 Jan
10% Jan
53 14
June
7
11
J2834
5% Dec
25
9
11% Jan
Jan
Jan
1% Jan
3O84 Jan
82% Jan
Jan
85
Jan
108
July
19
10
10634 Jan
79I4 Jan 12
2584 Feb 15
I23I4 Jan
II3I2 Jan
26% June
62% June
15
Aug
9% Jan
Feb 17
11% Feb 3
Feb 4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
I47I4
Aug
Aug
Dec
Dec
Dec
67% Aug 100% Feb
Feb
61
25I2 Jan
Jan
Jan 10
June
May
May
99I4
Jan 17
34I4 Jan 4
9012 Jan
7II2 Jan
I5I2
39% Aug 7838
Aug 117%
Jan
70%
80% Apr 95%
109% Aug 14334
9% Aug I6I4
Jan 18
11
15
4412 Jan
20% Jan
5% Jan
59% Dec
77
64
63
60
69
Jao
Deo
May
Feb 6
81
110
19%
86
Jan 4
3812 Jan 4
6I4
Oct
90
84
IIOI4
1638
10
34I2
3978
% Nov
9% Jan 26
37% Jan 27
31% Feb 4
3
Jan
III4 Jan
Jan
60
46% Jan
67 Feb
12% Jan
Jan
24
Aug
9% Aug
% Oct
884
6
7712 Jan 16
14% Feb 10
0% Jan 17
4
Feb 17
884 Feb 17
4i
Jan 23
Feb 9
64
18
5% June
106% Dec
82% Apr
Dec
97
1384 Dec
43% Dec
Jan 26
2% Feb
23
Jan 4
62 14 Jan 4
25I2 Jan 13
7
%
16
I3I4
19% Feb
10
20
9012 Jan 20
14
9
6
9
Feb 14
25
12
28I4 Jan 20
Jan 5
10
Jan 20
Jan 5
Jan 12
55
70
Jan
Jan
38% Jan
87
Jan
3084 Jan
73
85
Feb
Jan
87
16
10
28
55% Jan 26
HighfSt
per share
S per Share
$ per share
21
Jan 20
1078 Oct
96% Feb
84I4 Jan 17
Oct
96
Feb
68
62I4 Feb 4
23
Mar 69% Nov
19
Feb 16
13% June
21
JaB
106
Jan 18
Oct
93% Nov 100
23I2 Feb 17
21*4 Apr
10% Jan
Jan 16 fi596 Nov 0690
700
Feb
14,584 Feb 3
I24I4 Dec 124% Dec
18
Feb 11
16
Jan
2584 May
5
Feb 16
9'8 May
2% Dec
82% Feb 2
62
Jan
81
Dec
Aug
92% Oct
12% Dec
1734
July
10% Deo
102
105
16
28
26
May
28% Jan
30
Jan
Jan
128% Dec
Aug
120
Sept
Jan
35% Jan
79% May
4478
Oct
%
Sept
5
Jan
Aug
66
96
Mar
87
108
May
26
89
June
6784 July
100
June
Mar
47% Aug
20% Feb
9
45
Jan
Dec
32% Aug
3178 Aug
% Dec
20% Nov
13
8% Mar
7I4 Nov
Feb
Dec
15% Dec
89
39
Feb
33
46
Feb
May
67% May
Dec
41% Nov
39
% Dec
Mar
12% Jao
11% Dec
J
New York Stock Record— Concluded— Page
719
4
for aalea durlaft the week of stocks usually Inactive, see fourth page preceding
Hiaa A>fD LOW SALE PRICES— PER SHARE.
Monday,
Saturdai/,
fcb.
U.
S per share
23,
•414
Feb. 13.
Feb. 14.
IVednesdai/.
Feb. 15.
S per share
$ prr share
S per share
2 It
2H
21.
514
514
5h
16
16
127
127
95
•93'*
•lO's
271.
127
lOig
28
275*
8
6»4
64i2
•64
•11
63
12
461.
12
46%
46
•55
•65
62
5254
47
•8I3
14*4
29l2
29I2
8»4
9'2
58I4
61
6114
6138
92lg
15»4
95
26t2
787g 787»
11514 llSij
36»2
36
3412 3412
97I2
•95
1912
14
3II2
66
52
•83
5
50
6212
84l2
30
•1^8
63
621s
95
•9134
12I4
»7io
•3778
1612
8
38
8
Stock
19^ 19)( Exchange
•39U 40
•71
76
Closed
•45
52
•117
94
122
9413
•1751s 179
115
•76
•991
30»4
38I4
II5I4
80
lOOU
313g
38<4
943g
10214 10214
92 ig
4l2
5^8
29
I»4
10^
44^
42
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•03
•102
•2<il4
•isu
8%
76?4
341.
343.;
57
61
15*4
65lg
65%
95
92
92
29
•26%
27
Lincoln's
Birthday
67
55
311s
53I;
8534
5I2
507s
55
6OI2
921-
15
633^
91
26% 28
781. 79
116
118
6%
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631-
95
I5I2
J>
3 834
76
50
123
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115%
7812
103
4ls
51;
30
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2%
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9134
13
641;
9134
95
•38I4
39
38% 38%
19%
19
I4I4
19l8
•40
•71
•51
'S
S
41l2
115% II5I4
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4
5U
•29
2%
41
76
521.
115
•76
3
24I4
•126
63
62»i
1371
547e
'i41,
24% 26%
•991.
101%
32
33
39
•381.
94
95I4
•125
63
621.;
6834
19
•40
44
26
130
62%
94
9%
9% 10
341.
34% •32
•67%
69
68%
191.
08
44
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niit
6.'.«4'
r,Vt
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•33«4 3'1
I
'
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43"2;
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IIII4 llflU
61%
niH
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•/»«%
5314
on%
61%
00%
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5.'i%
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UO
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303
4.«il
43%
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43%
01%
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llt%
iin<4
36%
34%
34%
06
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02
61% 62
14%
13*4
14
34
34%
31%
311,
317,
31%
31*4
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H
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06
U
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06
63 '•
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30
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30
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0%
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10
16
4%
26%
2«4
26%
AH
37I4
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a7%
«%
16%
14%
6%
2»%
37
6%
13%
6%
34
74
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27
37
74
140
110
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160
120
34%
40 .
47
HH
70
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AH
70
7«.
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140
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nod nakwl pf\»m: oo
37
74
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76
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120
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26
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161
161
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31%
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34
37
76
IMP,
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no
V/iiio/lliim
No
(,'orp
100
Cbsm.. KM)
100
100
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\„ par
100
Dh 100
(iref
t
Unit
.
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1
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60
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21 2111
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71
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par
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47
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67
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07
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10,103
31
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(K)
100
100
I
II.
par
S
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llm).
26
.
Prifi-rrnd in-iri .
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<
o. Inc. V t c.No par
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1.000 WiKilworUi
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P
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100
100
100
IIMt
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71
7*4
Itt-rtgou
a
Ki dl*. and rlghu.
24*4
Feb 4
66% Feb 17
HI4 Feb 14
4
Dec
73
46% Jan
Aug
8
27% Mar
38% Jan
38% Aug
34% Aug
Aug
6
Aug
68
7678
June
June
33% Jan
56% Feb
51% Feb
7% Feb
.6
17
13%
277g
Feb
46
92
16
17% Jan
3638 Jan
12
Jan
71
Jan
63% Jan
93
Jan
1S34 Feb
67 Feb
93
Jan
30*4 Jaa
80% Jan
1187g Feb
39*4 Jan
38% Jan
100% Jan
114% Feb
Jan
22
15*8 Jan
3234 Feb
20
20
Feb 2
Jan
91
Feb
12
16
24% Jan
10
Jan
7
49*4 Jan 27
82 Feb 17
5
Feb 7
47% Feb
I2I4
734
Feb 14
Feb 15
1834 Jan 10
Jan
76
81
24%
35I4
79%
100
3%
•5%
26
1*4
9*4
42
>4
38%
23
127%
61%
88%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
n
3
65
110*4
50%
16%
60
6
2*4
37
00
66
61%
00
33%
42%
Fob 17
Fob 10
Jan 4
Jan 5
Jan 13
Jan n
Feb I
Fob
Jnn
Jan
Jan
Jnn
Feb
Jun 31
i-ob
9
Jnn
82
113% Fob
60% Jun
0% Jan
30>4 Jun
6
02
3
6
18
10
Jail 17
27% Jan
ID
Jnn 31
Jnn 23
6% Jun n
10*4 Jnn 16
A6I4 Jnn 4
67
7M
HO
03
Fell
KrI)
H
2
40% Jnn 4
36% Jnn n
7% Jnn
IS% Jnn
1%
21
27%
.10
II
Fell 17
»tI) it
Jnn 1
1% Oct
Oct
2% Oct
54 14 Dec
85 Nov
17
14
307g
a KchIIvI'IoikI,
Jan
Oct
16% Aug
32% June
68i4June
26
Oct
88
Aug
June
25% Aug
42% Jan
18
83
Jaa2G
3
Jan
Oct
Aug
Sept
Mar
3
21
334
20
2
1
June
Dec
6% Aug
7
29
June
11
34%
71%
20%
97%
Jan 17
Jan 5
Jan 16
Jan 9
28
67
Jan
Jun
Jan
Jun
Jan
Feb
Jun
Feb
June
Sept
15% Aug
July
Sopt
3'i% July
17
16
17
rU5*4
June
8%
Sept
84
July
411,
Mar
Apr
Jan
June
104
25% Nov
9% Dec
49
May
28% May
56
75
103
119
85%
119
37
46
Jan
Nov
Jan
Dec
Dec
Dec
Dec
Deo
Aug
Jan
Apr
93% Apr
103*4 Dec
10% Jan
13% Jan
Jan
25*4 Jan
11
Deo
Deo
48
42% Dec
36% Jan
48
175
72
91
13
May
Sept
Jan
Apr
44% Apr
75
Jan
25% May
KHll-
106
47
207
Mar
Nov
Jan
Nov
Jan
Feb
Jan
72
70I4
16
lO.'i
'I
16
Jnn 12
04% Jnn IH
Feb 10
N
13% Feb H
Fell
K6
02% Jnn 17
1
Aim
June
Juni'
Mnr
6% Mnr
H<r
Jnn
40% Jnn
Aug
76
Nl% Hept
38% All!
20% Juno
.'.
leli 14
in
Jnn 10
64% Fab
10% Jnn 3
16% Jnn 20
6% Jnn
Apr
20*4 J.iiy
67*4 July
60
Alia
7
I'i'b
70
7
July
8% Nov
4% Nov
IN
Aug
27% Nov
30
Jnn IH
23
:iH
Fell 16
Irli 1 1,
66
on
106
106
Juno
Knrlu«i*d to
onnU
Aug
30% Aug
70% Aug
Au>
1
ul
Mar
63% Dec
102
Jan
17
12
17
Jan
27% Jan
71% Muy
Apr
20
18
7
May
711%
74
26
37
14
19
103%
02% Jnn
40
634
98*4
A UK
41% Auu
A III!
7
36% June
0.'.
23% Jan
40% A 118
Jun
Jnn
Jun
Feb
Jun
Jun
Feb
Jnn
.33%
Jan
14% Dec
5% Feb
67% Nov
Jun 18
377,
Mar
May
62% May
04% I'eb 7
66% Jun 20
11%
Jao
Jan
11% Jun
Aug
38
6% Juno
9.^
66%
697g
Jan
May
46% Aug
Nov
41
Mar
10
I'ob 10
:isu
01%
Jan
Jan
20
Fel> 10
IIH
75
104
34
19
100
46
6% Jun 17
10% Jun 3
37
80
39%
73%
96%
24%
Oct
June
92
in
21
May
26*4 Sept
16 May
38*4 May
107
46%
101
109
87% Sopl
20
Jan
Dec
Dec
40% Dec
99% Dec
81
21
.Jan
Sept
Oct
Mar
Nov
114% Nov
51% Jan
14
9
Jan
Dec
34% Dec
70% May
114%
66
76% June
Aug
6
64
16%
96
104
105%
45
56%
27%
88
14%
78
66
93
16
21
119
i9%
17
64*8
98%
15
18
Jan
13% Dec
78% Dec
15% Apr
192%
3
46 14
71*4
6734June
1
<
Mar
Jun
72%
60% Dec
58 Nov
79% Feb
124%June
7f.
Jnn ID
Jnn n 1A2% Fob S
137
Irb
Jnn II nil
117
4H*4 Jnn 20
43', Jnn 1'
H.'.l,
Inn IN
Jnn I2|
84
711
ell 14
64«4 Jnn U,
6
Jnn J7\
H% Jnn II
66
12*4
47g
Feb 10
Jan 3
105
29
108
1
878
65% Jan 20
Jan 16
25
Nov
18 June
z32% Deo
15*4 Aug
33
10434 Jan
47*4
6
3
9
18
Apr
Apr
Mar
20
134
17% Jan 5
19
11
45% Feb
26% Jan
95
67% Jan
98
July
Jan
Jan
Feb
11% Feb
46
Jan
3
Feb, 14
Jan
Dec
68
17% Jan
19*4
3
Jan
Jan
100% Feb
34% Feb
43% Jan
96*4 Feb
106
Jan
4%
6%
31%
5%
64% Jan
Jan 16
79
4
Oct
19
31
16
12
16
3
17
98% Jan
183
9
67
3
Feb 4
3
11
13
10
4
Jan
21% Aug
16
121
31
13
June
9
115*4
1
24*4
Jan 20
Jan 17
Jan 19
43
11338 Jan
89% Aug
44
75
55
69% Jan
Jan
110% Jan 26
91*4 Jan 10
169% Jan
54
15
25
Aug
Feb
2% Jan
1738 Jan
234 Jan
647;, Jan
9434 Jan
23% Jaa
Jan
9
39 Feb
21% Jan
8%
35% Jai30
27
12% Mar
48
83
41% June
75% Oct
Dec
5
40% Oct
10% Aug
14ij
Jan
20% Oct
Jan
827g
6
12% Jan 9
1% Jan 10
11% Jan
Feb 17
2
91
17
July
52
47% Nov
5234
60% Jan 27
Oct
17% June
I
Jan
Nov
90% Dec
34% Dec
42% May
5% Aug
30% Aug
.'3
16
Mar
3
33%
53%
87%
May
June
28
23
25
61
3
148
96
16
21
23
30% Apr
67
13
3
3
16
8
6
16
18
15
6
JaD
May
35% Jan
105% Doc
9% Aug
3i
4
6
26% Aug
37% Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
65
Jan 21
25% Jan
35
.Ian 13
32% Feb
63
51
15
105% Jan 3
7
8
978
67g
11
5
Jan3C
90% Feb 3
66
3434
Feb
Feb
11
5878
I4I4
17
16
17
4
Jan 10
1638 Jan 20
IOI4 Jan 3
28
89%
28%
3
Feb
12% Jan
Jan
Jan
Jan
Jan
Feb
Aug
June
Nov
Nov
31% Jan 4
83
14
87
7934
8
61 '4
44
3,800
41*4
734
Dec
12% Jan 20
47% Jan
10
31
17
3
17
4
May
1*4
3% Aug
29% Feb 8
12
50
UnlU'rt Fruit
100
UiilliKl Ilutall Stores... A^o par
U ft Civtl Iron Pipe & Fdy.lOO
Do pref
100
U 8 Exprisw
100
U H I'lKxl I'rcMluoU Corp.. 100
U H IndiiHirlul Alcohol
100
00 urnf..
100
U H lli.'iiily <1c IrnprovnineatlOO
Uiilt<N| Klutoi Rubber
100
1 Jo
iKt pref
100
UHMfnoitliiK. IlofAM
60
Uo |)r.-l
60
United Hijitca ttloel Corp.. 100
IJi>
prnf
100
12.003
•94
c.No
t
10
par
iHi (ircferri'd
3'4
11%
5934
3
15
Feb 6
Feb 17
Jan 21
11
Feb 9
43
441,
8%
69
IS
10
102
16. 30.)
•6".
44
30
500
Preferred
100
900 United Alloy Steel
No par
United ('Igar Stores pref... 100
2,100 United Drug
100
fll%
•*«
•7*4
66%
487g
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Highest
per share S per share
9
Jan 13
n2<4
• 2ttlj
77»
no
11
58
14
96
25%
62%
IIAi<
ni',
I3*t
14
98
5t><,
n%
314
7, .300
139%
60
45
800
10*4
I.37I4
621.
;>.i
7*4
•41
•61.
>.•
7*4
13
66
621.
f.2'i
M
110%
6:t
3
22.400
102>. 1027g
•28'4 27
•13
fl2
7«4
19
•94
53%
24%
4414
1.J0
•90
25%
31,
4,800
3.403
19.987
10,100
6,900
100
2.100
10%
94*4
2.1
fi%
2,100
2,700
30
3
62%
26 U
ir.'i,
•HI
•124
65%
3
U%
2*4
IOI4
Y shares).
100
Stewart-Warn Sp Corp.^o par
Stroraberg Carburetor . A^o par
StudPbaker Corp (The)... 100
Do pref
100
Submarine Boat
No par
Superior Oil
No par
Superior Steel
100
Temtor C & K P, cl A..A^o par
Tenn Copp <t C tr ctfs.Wo par
Texas Company (The)
25
Texas Gulf .Sulphur
..10
Texas Pacific Coal A Oil.. 10
Tidewater Oil...
100
Tobacco Products Corp
100
Do pref
100
Transcontinental 01I...Aro par
Transuo * Williams St.A^o par
Union Ba« <t Paper Corp, . 100
Union Oil..
No par
Union Tank Car
100
200
100
45% 45%
42% 43
25
25%
25I4
•«lt
400
12,203
•62I4
I37I2 138
64 14 54*4
I3S
•28
5412
11
06
45%
43%
1021- 1U2*4
26»4 27
•11016Dl2 •681. 68
«7.
00
ll»%
3%
10%
1027g 1027,
2^4 2634
3<«
14»4
34il
•32
•94
27,
•00
Ol8
!iS
•fli,
06
•90
34l«
44
•93
6I>4
12^
421.
24I2
130
3*«
I3>«
44%
30
No
non voting
pref
& Tube
of
stern Bros pref
503
39%
93% 94% 85,800
100
100
par
100
100
Truck. .Vo par
pref
Do
2,700
Steel
5%
4411
341i
43lt
78
99%
34%
•28
30
3
44
•oa
A5%
00% 100
II5I1
78
•noil U'i
63 1»
64
115%
781
4*4
98
2«»4
115%
102
c
N
177% 178
5I4
•94
1.''.7
97
180
4%
08
6bi2
•40
96I4
121
5*4
U»l.
081
44
•114
50%
4%
68%
1027, I027t
2*^>4
26*4
40
75
19%
4
lOlt
'I10>4 114
S
5I4
671:
•04
I3I4
40
•71
.50%
t
Savage Arms Corp
95
39
v
60
Fob
Lotoest
5% Feb
105% Jan 6
31
Jan 4
33% Jaa31
94
Jan 10
108% Jan 23
19% Jan 26
1334 Feb 11
24
Jan 6
100
Jan 12
55
1,603 Saxon Motor Car Corp. A'o par
9,903 Sears. Roebuck & Co
100
103
Preferred.
100
90,030 Seneca Copper
No par
103 Shattuck .\rlzona Copper
10
703 Shell Transp & Trading... £2
18,603 Sinclair Cons Oil Corp.iVo par
800 Sloss-Shefrield Steel & Iron 100
Do pref
100
""
.565 So Porto Rico Sugar
100
Standard Milling
.100
8,703 Standard Oil of Cal
25
4.420 Standard on of
J
25
6334
4%
20>»
•.32
97I4
2
5I2
69
.341
121
8
10
1.000 Republic Motor
13.220 Royal Dutch Co (N
1.003, St Joseph Lead
200 San Cecilia Sugar v
214
38119
100
100
100
Pa
pref
Do
14%
99I2
3234
•3812
100
103
19%
51'.
•117
9512
95
180*4 178
•76
834
40%
•n
76
53
122
13%
•91%
12%
25
100
100
Producers & Refiners Cotx>. 50
Public Service Corp of N J. 100
Pullman Company
100
Punta Ale?re Sugar
50
Pure Oil (The)..
25
Railway Steel Spring
100
Do pref.
100
Rand Mines Ltd
No par
Ray Consolidated C!opper. 10
Remington Typewriter v t clOO
Do
503
13*4
2
631.
No
No
2d preferred
2,103 Replogle Steel
7,300 Republic Iron & Steel
5I4
13%
1%
14%
*1%
par
100
par
par
100
Pressed Steel Car
1
13%
1%
•14
M
Do pref
Pierce Oil (Corporation
Do pref...
3,003
2,800
31
51%
•14
No
Petroleum
Plerce-Arrow
Car
1st preferred
50%
64I4
•67*4
19
61
65
55
5034
2'4
20ig
niH
31%
•60
•50
•30
5OI4
•21&
637g
•9184
12I4
734
OI2
II'IU
•3012
•13%
2
pa.'
(PIttab).. 50
Corp
Phillips
600
203
500
98
113% 113%
19% 20%
13% 13%
1312
9
HVt
*96l2
5034
1334
2
I4I2
978
IIAlf
37% 38%
33% 34
5OI4
1414
2I4
Co
Philadelphia
Phillip-Jones
Preferrtd.
2.600
209
1.900
1,200
12,503
5,100
6,703
•78I4 7834
11534 11634
5OI2
94*4
3<it
•«l't
«Hi(
27%
83
•90
«U
•26%
52%
94*4
63
92
82
*5
5
50
50
2»4
116
93
44%
903 Pond Creek Coal
151.
63% 64
•88I4
513.
•90
9
•32
134
92
53%
5I4
140
95
5
Ref. .no
<fe
1,200 Pittsburgh Coal of
Do pref
61
84
247,
'126
130
•43
5134
84
43%
68
S
52*4
43'2
247«
62»4
31%
5I2
7812
IOOI4 IOOI4 •7991. 101
32»4 35
33% 34I2
39
39
39% 39l2
93% 94I2 93^4 95%
4'8
15%
53%
•115
9778
95
179
17774 179
100
46
•60
•84
*15
32
83*4
4012
115
•76
3II2
7%
6,403
1,103
200
9.003
23.603
8,403
21.503
3.303
98%
91%
5I4
39%
50
•116
•97
55
3134
65
55
14%
30%
Jan 4
Jan 7
9% Jan 7
247, Jan 27
100
Parish* Bingham
No par
12.303 Penn-Seaboard St'l v t c JVo par
9.003 Peoples G L & C (Chic).. 100
8334
20
•71
•60
•50
31
66
45%
H
I.5I2
65%
91
98
*89
32
17
Preferred
52
/V4>t
•OPl
34
601e
•90
1578
•61
•50
3II4
2W«
OO't
33*4
921s
.'.3H
«71i
34I2
•90
42%
33<«
44>i
75%
61
45
M
7612
92I2
3
BA
8I4
7534
8I4
Panbandle Prod
1534
734
32
7%
8I2
8%
2% Jan 20
4% Jan
Pan-Am Pet & Trans
Do Class B
54.503
17.803
Highest
% per share
12% Jan 6
100
vear 1921
Lotoest
1
100
PER SHARK
Range for previous
1922
$ per Share
6*4
&
1
basis of lOO-share lots
100
..100
l6o
No par
25
Pacific Gas
Electric
Pacific Mall 33
Pacific Oil
Pacific Tel & Tel
503
6 134
56I4
511-
80
•1514
16
31I4
8I2
•8%
E
9II2
321.
IOI4
n3i2
4734
81.
96
3I4
C8«i
•4312 44
U4I4 134 >4
•43
34
95
•89
31
95
10%
«7t2
•il#»
7534
4512
4312
247,
104
271z
33<4
8
IOI4
•110
•«(
52
•8%
45
69
•M*
497g
8I2
IOI2
10
34lj
•32S
49I2
2'4
10l2
0444
!IH
53
4434
63
•90
56%
2'4
lOlf
42*s
25ig
26
1271; 12712
<)2l4
55
33
19%
4«2
55b
•27S!4
55I:
14%
1578
•14
2
2lg
16l2
15,96')
6 134
31
8
•55
61
658*
5>«
49^8
1312
14
2
15
•37
14
46% 47
611.
16
157g
*84
50%
61S»
•9112
14
47%
15I4
65»4
3018
62>g
5
Zig
13%
46l2
597g
16%
59
•62
»50
55
2
•14
•13%
9II2
31*4
58
900 Pacific Development
1,400
2.103
80
Am
Oklahoma
8
66I4
66
6512
Mlscell. (Con.) Par
Prod * Ref of
5
10%
28%
95
65
16
•90
•89
7I2
&
Indus.
Ontario .Silver Minlug
l,60a Orpheum Circuit, Ino
4.200 Otl3 Elevator
Preferred
1.40") Otis Steel
3.909 Owens Bottle
7l2
65I4
311.
2978
•2612
28
76I4
147g
14*4
297s
8»8
•92
28*4
271.
*7l2
79
78*4 79%
79
II5I2 1167g 117
118%
3634 37%
37% 371. 3678 371
34I4 34%,
33% 34I4
331s 34
95I2 951.
9712 9712
98
98
•113
II5I4 IH't 1141s •1131. 11334
•20
2OI4
201
•I9I4 2012 •19%
13»4
14
13% 14
13% 137s
311; 32%
31% 32%
SOU 31
115914
•63
•50
29I»
34S4
9212
9II4
3112
6OI4
26
•I5I4
3354
•90
IOI4
2834
80
878
7612
92 12
*90
31
66U
13»4
48*4
•8I4
•9334
On
EXCHANGE
3.80f)
1,9U;)
137
136
10'4
14
'54%
15*4
Ranoe stnce Jan.
NEW YORK STOCK
the
212
512
1534
•5%
IOI2
46%
I
2%
21.
5l2
I6I4
IOI4
137g
7512
Share'
1381? 140
•9334 95
46U
16
S per Shan
7l2
80
»15l4
8i!
S per share
95
14ia
8I2
Feb. 16.
Week.
PER SHARE
STOCKS
Sales
for
Frldau.
Feb. 17.
I35I4
7I2
Thursday,
2I2
5I2
I6I4
4612
48*8
1412
31Ii
65
•S's
30
igij
13»4
63
47^
33t2
93I2
9II2
3II4
•113
28
101
331;
93I2
01
15»4
2812
7
47»4
85»
767g
66
•92
16%
IOI4
53
75I2
•90
5%
lO's
53%
16
8t2
2I2
5%
•93»4
95
62
54
80
•isi'z
21.
16%
133
13378
•9334
11
«73«
Tuesdan.
PER CE.VT
,VOT
M0%Jun»
tiA pnr.
38% I>oo
44% Jan
86% May
116
66%
l>w
l>«p
12% Mar
41
Jun
KH% Deo
42% Jon
102*4
06
Jan
Jan
0% May
13%
l)el
72
04
JaD
Apr
06',
Jao
62% Dnr
44
May
17% Jao
18% IHW
10% Mny
42
47
May
Jnn
Fob
HO',
130*4
113*4
Nov
66 1«
Mny
86
70
"•f
l>W)
Dor
Nov
No*
————
2
New York Stock Exchange-Bond
720
-/an- 1
BONDS
li.
S.
Government.
J
.
.
J
.
J
MN
MN
MS
of 1927-1942
of 1927-1942..
Conv 4'^%
Third Liberty Loan
4 <i% of 1028
Fourth Liberty Loan
i'4% of 1033-1938
D
D
D
D
.J
4%
..
97'. 08
97 62 Sale
.JA O
(
9G.30
100
m
A
A
—
O
N
m
Adm 9 f .53'5H F
M
French Republic 25-yr ext 8s- 1945
20-year external loan 7!^s.l94I
Great Brit & Ireland (U K of)
20-year gold bond 5Hs
1937
10-ycar conv 5\^a
...1929
3-year conv 5!-iiS
pl922
J
—
1939 J
Swiss Confeder'n 20-yr 3 t 8s- 1940 J
City 5s loin of 1912
Uniguay Republic ext 83
1946 F
Zurich (City of) s f 83
.1945 A
{These are prices on the basis of $5
4}<sCo poratestock
N
N
J
M
& W 1st gu fold
& Sav 1st gold
O
J
D
S
N
LAN
Sav F
J
J
m
J
J
D
D
M
M
8834
90
83
79
22
20 77
21 76
78
28 IO5I2 108
7812
IO7I4
108
108
ion
IO8I4
8738
10138
211
611
96%
'8
1126,
94
99%' 600
105% 1765
96
9318
88I2
5.534
88
74
84
8312
57I2
65
458
110'2
1071s
100
100%
101"4
102
92I2
i
108
88I2
102
9634
99I4
105%
lOiJY.
94
80% 88I2
86% 88
72% 74I4
8OI2
8OI2
lU
84i2
85
9918 IO2I2
49 100 '8 102%
9734'
96
89
90
85
58I2
54
176 3934 47'4
83 10734 IIOI2
84 105% 108
4.534
I
70
9834
13
32 7
199
70
85
4314
IO9I2
IO6I2
IO3I4
10834
85'2
105 J4 3219 100
83
I14I2
105
99 14
260
102
95%
8512
8412
55 IO712 IO9I2
88I2
184
94
9734
75 11212 II5I2
14 67
7038
53 IO2I2 105%
33 106 109%
115
70%'
10434
109%
J
Q
104
85
90
89
93
9934
105%
Feb'22
Jan'22
Dec'20
Jul.v'20
Jan'22
110
110
GO
87%
6034
Sale
Ocl'20
J
J
J
60% Feb'22
8734
8S%
8718
Sale
8UI4 Sale
79%
70
20
2'
6
6
3
1
97%
97%
92%
92%
81% Jan'22
86
80
1
86
1
«|
85
14
I
83%
86
Jan'22
78
I
Sale
90%
91
'77I2 Sale
91%
Jan'22
76%
77%
96%
9734
87 14
Sale
Sale
8834
'86"
78
79
(jrtij
99
'79'%
93
75
74
77
j
68
63
84
75
77%
94I2
79
99
-„- 112
88
88%
Jan' 12
88%
10
87
90
74.8
8734
7.5I2
28
6
7234
71!%
86
89%
74% Sale
8734 Sale
I
A O
J
D
O
90%
94%
94%
1
90
1
1
85
Mar'20
99%
J
64i| S.ile
99%
92%
90
99
100
1
Feb'22
Dec'21
'o'o""
64%
100
89% 89%
89%
A O *79%
80% Dec'21
8934
J
J
90% Jan'22
89
6'2'%
36
1
1
3
'
,
'90"
J
D
100
ro-l.
101
rtr>.,
100
.Ian.
Jan'22
dDae
O
O
deb 6'/^'s
1046 J
Car Clinch & Ohio Ist 30-yr 531938 J
Central of Ga Ut gold 5s
Pl945 F
Consol gold 53
1945
lOye.ir temp sccur 63. June 1929|
Chatt Dlv pur money g 43.195l|j
Mac & Nor DIv Ist g 53... 1946 J
Mid Ga& Atl Dlv 53
19471 J
Mobile Dlv 1st g 53
19461 J
Cent RR A B of Ga coll g 53. 1937! IW
J
2.5-year 3
f
D
Sale
83%
90
92
D
96%
74%
.Sale
J
8!t34
Registered
General 4s
_
Chic A K 111 ref A Imp 4s g... 1955
U S Mtge A Tr Coctfsof dep .
1st consol gold 6s
1930
General consol l.st Ss
1037
US
M
9534
7034
N
10534 Sale
j
j
'
83%
Feb'22
9234
9634
1
High
3 93
96
54 108% llO's
39 107% 110%
4 83
84%
95% 97
89% 93%
13
27: 94
97
Dec'21
88% 90
105%
10534
21 103% loe
Dec'21
100% June'21
80
Aug'21|
95
94
95
4 90% 95
95% 94%
9^%!
4 94% 101%
78% June' 20
Sale
83
83% '54 '82'% '854
100
100%
J
S
85
J
94%
90%
N
N
83%
86% Nov'21
85% 85% 83
83% lis '82'% "85%
85 ig Sale
85
85% 133 84% 86%
76%
76%
76%
1
76% 76%
76%
75
Dec'21
85%
80 Nov'2l
73% 76
73%
73%
10 71
73%
82% 827g 82% Jan'22
82% 82%
75
79% Jan'22
79% 79%
77%
69
Apr'21
85%
8O34 Dec'21
5.'';% Sale
55%
55% 50 52% 59
39% 3934 39%
3934
25 37% 40
79% 80
79%
79%
8 77% 81%
88% 89
8988
19 87% 90
94
95% 95% Feb'22
96%
93
90% Oct' 19
"8(3% "87% 86%
*86"%
'89%
88% "i
34% Dec'2l
33% Jan'22 ".'. '33"% '33%
I
1
,
S
O!
}
S
J
J
I
'
N
N
1
A O 1U2
M N 101%
101
102
105
104% Dec'21
Mtge A Tr Co ctfs of dep
Stamped
Guar Tr Co etfs of deposit.
103
84»4
10134
.
A
j
10S%
90 May' 18
89%
8334 De!;'21
89%
Apr'2ll
83
88% 89% 88% Feb'22
J
J
J
1927ilW
1927 IW
1958,
0.5
110
Sale
Q—
Nebraska fSxtenslon 43
9434
93
MN
..1949 J
High No. Low
109%
10S%
83%
96%
A
N Y&
Illinois Division 4s
98%
109% Sale
10S% Sale
MN
Central of N .1 gen gold .53... 19871 j
./il987,Q
Registered
Am Dock & Impt gu .53
192l|j
Long Br gen g43...194l|M
ChesA Ohio fund* Impt 53.. 1929' J
1939 IW
l3t consol gold .5s
Registered
1939 IW
General gold 4!^3
1992 IW
Registered
1992 IW
20-yo.ar convertible 41-^3... 1930 F
30-year conv secured 53
1946 A
Big Sindv l3t 43
...1944'J
Coal River Ry 1st gu 48... 1945 J
Craig Valley Istu 53.
1940 J
Potts Creek Branch Ist 4s- 1946'
1989 J
R A A Dlv 1st eon g 4s
.1989 J
2d consol gold 43
Greenbrier Rv 1st gu g 48.. 1940
Warm Springs V Ist g .53... 1941 Ofl
Chic A Alton RR ref g 3s
1049 A
RaUwav 1st lien 3Ss
1950 J
Chic Burl A
III Div 3HS- 1049 J
Ask Loio
Since
Jan
Feb'22
Jan'22
Jan'22
10434
102
102
103
103
8434
81
10434 10434
1
C Ry
1936 J J
1st .5s
32
Mar' 17
(new en) gen 53.195i;MN| 71% Sale
71
7134 '293 'ei' '72"%
S
61
S:»le
Chicago Great West Ist 4s. .1959
60%
61
43 59
61
Chic Ind A Loulsv— Ref 63..1947|J J 103% 105 103
Jan'22
103
101
92
J
J
Sale
Reftmdlng gold 5s
1947
92
49 87% 92
90
75
Refunding 4s Scries C
1946 J J
7512 J.an'22
81%
75
67%
Ind A Loulsv 1st gu 43
1956 J J
75
Jan'22
75%
75
82
83% 81% Feb'22
Chic Ind A Sou 50-vear 48... 19.56, J J
81% 82
8
J
85%
Chle L S A East tst 4'/$s
1969
79% NoV21
Ch
ASt P gen g 4s3i!r A.P19S9 J J 73 Sale 73
73% 46 "71"% 76
64
64% 64% Feb'22
General gold 3i^3 Ser B..el9S9 J J
64l» 66
80% 81% 80^4
el9S9,J >
8134
18 79
General 4^3 S-rles C
84
A
O
57
Sale
5634
Gen A ref Series A 4^3.. .02014
117 54% 58%
58
f"
A
63%
63
Sale
B
30
Gen ref conv Ser 5s
a2014
'8
64%
64%
62
62% Sale 62%
Convertible 4 t^s
1932 •• D
63% 76 60
64
72 Sale
Permanent 4s
..1925 J 1>
71''l
72% 157 69% 76
57%
J
*
58% 5-5%
9 54
1934
5!!%
25-year debenture 43
58%
92
93% 92%
5 92
Chic A Mo RIv Div 53
1926 J J
92%
94
C A PugetSd I3tgu43..l949 J J 66 Sale 65
66% 44 63% 67
97
1924 J J
Fargo A Sou assum g 6s
102
Sept'19
Milw A Nor 1st ext 4(^3.. ..1934 J D 83% 'ii' 79 July'21
83% 87
1934 J D
84% Jan'2l
Cons extended 4 43
93% 04
Chic A N'west Ext 43 ..1886-1926 F *
93% Jan'22
-92% 93%
93% 92
1886- 1926 F A *92
Registered
Dec'21
N 74
75% 75%
i '7'2" "Sl"
1987
General gold 3^3
75%
pl9S7 Q F
70
Dec'21
Registered
N 83
83% 83
11
1987
General 43
83
82% 843*
N 8'
82
19S7
81% Feb'22 ... SH' 83%
Stamped 4s
N 99% 10
1987
General 5s stamped
100% Feb'22 ... 9978 105
1879-1929 A O 103
101
4 102 103
1103
Sinking fund 6s
99% 102
1879- 1929 A O
Registered
98% Feb' 21
95
98
9334 Dsc'21
1879 1929 A O
Sinking fund 53
9li<>
1879- 1929 A O
94% Feb'20
Registered
N 96% 97% 96% Feb'22 ... 96 96%
1933
Sinking fund deb 5s
N
95
1933
Registered
Nov'21
10->% "41 i()5" ioo'%
1930 J D 108% Sale' 10534
10-year secured 73 g
29 106 108
1938 M S 106% Sale 10-3%
I0-134
1.5-year secured 6'.^s g
85
S,
101% Oct' 19
Des Plaines Val Ist gu 4 ^s 1947
10334
A
O
10734 105% Jan'22
Frem Rlk A Mo V Ist 63.. 1933
ios'^i lOSTj
J|
Ist 348. .1941 J
70
Man G B A N
Mar'21
70% .
J,
1941 J
Mllw A S L lstgu3 4s
66% Aug'21
Mllw L S A West imp g 53. 1929 F A 98 100
91
June'21 .
Ashland Dlv 1st g 63
1925 IW S| 10034 .. . 99
Mar'21 J, 101% 102%
Mich Dlv 1st gold 6s
1924 J
98% June'21 .
84
86% 85% Jan'22 - ... 85% 87
1st gu 43. . 1947 IW S|
Mil Spar A N
Istgu .53..1948 J J, 85
10234 Feb'22 . ...
95 10234
St L PeoA N
83 Sale
82
21
Ra«uia,ygen43.l988 J J
ChlcRT A
83%
S3
79
J
.-J|
78
Registered
1988
Jan'22
V8
78
77% Sale 77%
1934 A O
Refunding gold 4s
77% 179 75% 79»»
40 76% 79%
78
R I Ark A Louis l3t 4 48.. 1934 M S 77.8 Sale 77
95% 9634 9534 Dec'21 .
Btirl C R A Nor Ist .53
1934 A O
1
A
O
l.st gu 53. . 192
97% Feb' 19 .
C R I FA N
"88'% .III
4 89
89
89
Chio Okia A Gulf cons 53.. 1952 M Nj
89
80
83
80
1
80
81
Keok A Des Moines 1st 5s. 1923 A O
72
77
Sale
77
79%
St PaulA KCSh L Ist4 43l94l F A'
77% 11 76
104%
Sale
104%
Chic St P
A O cons 6s
105
8 104% 107%
1930 J O
.. 87
Cons .5s reduced to 3 4s... 1930 * D *83%
Feb'22 . ... 87
90%
92% 94
94
Debenture 53
1930 IW S
Feb'22 . ... 91% 94
118
North Wisconsin Ist 6s
Nov' 16 .
1030 J J, 102% .
92% ... 95 Ma.v'18 S
Superior Short L Isl 53 g..el930
ChlcT H A So Ra,3t Ist 5S...1980 J O 78% Sale 77
4 73»4 78%
78%
103
104
104
2 103
Chic A West Ind gen g 63... « 1932 Q
104
104
70
70% 70
66 68% 74%
Consol 50-ye.ar 43
1952 J J
71%
100%
S
101% 100%
11 99% 102
15-year s f 743
1935
101%
85
87
87%
3 85
Cln n A D 2d gold 443
1937 J J
87%
87%
N
C Find A Ft
88 Mar' 17
Ist g>l 4s g. 1923
81
Day A Mich Ist cons 4 43.1931 i J 8734
Aug'21
7084 777j 77%
4 76% 79%
Cleve Cln Ch A St L gen 43. . 1993 J D
77%
86
17 85
87
20-year deb 443
84%
1931 J J
87
86%
93
92
General .5s Series B
1993 J O
4 86% 93
93
97 Sale" 96%
Ref A Impt 63 Series A
1929
97%
97% 82 95
83% 85
Cairo Dlv Ist gold 4s
83%
5 7934 85%
1939 J J
83%
77
Cln
Dlv Ist g 43... 1991 J J
77% Feb'22
A
77%
76
N 78 "79": 78% Jan'22 ... 77% 78%
St L Div l3t coll tr g 43
1990
81%
S
77 June'21
Spr A Col Dlv 1st g 43 ...1940
7934
J
Val Dlv 1st g 43
78
1940 J
Nov'21 .
CI St
80% Dec'21 .
Ist g 43
tl936Q F 84
Registered
*1930 Q F
82% Sept' 19 .
94%
Cln S A CI eons 1st g 53... 1928 J J
94
94
94
Jan'22 .
107% 104
A 1 genconsgOs
1934 J J 103
104 104
Jan'22 78%
Ind B A
Ist prof 4s...
1940 A O
75
Nov'21 .
82%
l.st pref .53
ill938 Q J
O Ind A
71% 72
7134
Pwrla A East 1st cons 43. . 1940 A O
5 70% 73
72%
23% 24% 25
Income 4s
1990 Apr
10 22% 25
25
92
Clevc Short Line 1st gu 4 4s. 1961 A O
92% 92
94%
2 90
93
90% 911^ 90%
Colorado A South 1st g 43... 1929 F A
91% 32 84% 93
8534 Sale
Refunding A exten 4 4s... 1935 IW N
S43i
8534
52 81% 8534
A Den C 1st g 63
Ft
1921 J D
100
Dec'21 .
Conn A P,as.s Rivers 1st g 43.. 1943 A O
Cuba RR 1st SO-year 53 g...l952 J J 76% 7734 7734
'7'8"i' 15
79%
77
A E I.stgu3 4s2000 J D 7634 78 777«
D
4 7778 78%
77%
Y Lafk A Western 5s... 1923 F A 99% S.ale 9J%
99%
2 98% 99%
Terminal A Improve't 43. 1923 IW N
98% 99% 98
98%
Feb'22 . ... 97
Chic
CA E
111
Ind
RR
M
D
M
!
M
M
M
M
M
.
I
«
«
W
W
.
W
W
i
I
M
I
;
M
M
W
M
M
WW
M
,
M
M
LAC
W
W
,
W
6'o"
98% 100
89% 90%
1
'
1962 A
7S-..1940 J
3
Bid
95
Range
'
I
8epl'21|
(-,4%
100
1
f
CCC
Jan'22 -.-- "9'2" '92"
92
S
8S
53
Caniidian North deb
W
91
76% 79%
114
I
Canada Sou cons gu A
Week's
Rant/e or
Last Sale
Feb. 17
i
8834
91
47.
72% 76% 75
Jan'22
76% Sale 76I4
77
78
89%
22 10434 107
129% Aug' 15
78
78% 78%
79
23
105
100% Nov'20 ....
97% ^-,- 95% Dec'21
91
90
'sf
78% 81%
70
80%
91% 97%
91% 92%
78
81%
7934 86%
86% 90%
I
P'ice
Fridai/
17.
W
85
'7"7'%
,-
S
M N
80%
80%
80
M
A
A O
Nov'21
82
79%
58% 63
157,
ending Feb.
P—
Jiily'20
7II4
88
J
J
M
99%
97%
Sept'20
110
95
111% --
'
J
98
I
O
D
J
10334
23
40
46 103% 104%
41 103% 10412
15 103
10434
11 103
105%
.1
93% 94
9334 94
11
93% 94
94
94
17 103% 104%
. IO3I4 105
-._- 84% 85
Feb' 22
94 '8
Feb'22
Jan'22
88%
88%
94% 96
92% Dec'21
87 14 87% 87%
88
106 Sale 106
106%
85% 86
87
Feb'22
9834 99% 95% Dec'21
J
J
J
93I2
83i2 86
88I2 Sale
MN
A
94
94
78I4
MN
Q
I.
109
26!
107
,
49
88I4
82 '2
I
102
87%
87%
87%
73%
82%
,
80% 82
O
O
bn
109
93
95
95
95
J
J
M
N
PLE& W VaSysref4s...l941 M
MN
-•I
10834
44
13 106
49
99
09
92i2 Sale
1934 A
1934 A
1925 J
W
49
106
86 100
9834
S
J
J
Clcv Lor &
con 1st g 63.1933
Ohio River RR 1st g 58
1936
General gold Ss
1037
Pitts Clev * Tol Ist g 63. .1922
Tol & Cln dlv Ist ref 48 A 19.59
Buffalo R & P gen g 58 .
1937
Consol 4^3
19.57
All & West Ist g 48 gu
1998
Clear & M.ah 1st gu g 5s ..1943
Roch & Pitts Con Ist g 63. 1922
10134
48
98l2 10134
7512 Dec'20 ....
Nov
1930 J
Southw DIv 1st gold 3 H3. . 1925
Cent Ohio 1st con g 4!^s 1930
101
10238
6658
J
43..I93S J
1
lOO-'is
98'4
100
100
100
100
S
S
I>
IstgoIdSs
_
Bait & Ohio prior 3'Ab.
Registered
»1925
1st 50 year gold 43
*1948
Registered
ft 1948
10-year conv 4H)S.
1933
Refund A gen .5s Scries A. . 1995
Temporary 0-year 6s
1 929
Pitts June 1st gold 6s
1922
P June &
DIv 1st g 3 Hb. 1925
98%
IO8I2
110
47 96
90
68 ^434 98%
484 9538 98%
43 100 Is 102%
97
101%
100%
94
J
N
01952
98
10138
IO4I4
8OI2 84%
lUi
148 103
105
IO3I2
98I4
102
10334 Sale
IO3I2 105
8434
J
J
gold 43
VV Ist gold 68
Sale
Hale
Sale
8712 Sale
74 Sale
83 Sale
83 14 Sale
66 Sale
43"2 Sale
110 Sale
107 Sale
lOOig Sale
10134 Sale
97 12 Sale
115 Sale
7038 Sale
10434 Sale
IO912 Sale
94
94
S
IW
coll
&
I
IUII2 Sale
10034 Sale
lOlU Sale
X 48>2 Sale
10834 Sale
88 '4 Sale
89'4 Sale
8312
7812 7J
IO7I2 Sale
IO7I2
107
108'2 Sale
88 Sale
101% Sale
96 '8 Sale
9-)l2
N
N
S
S
S
.
9834 lale
151 105
22 106
110
84
98'4
9S34
99 14
9834
951
Dec'21
10412
104%
IO4I2 Sale 104'2
104%
lO't'2 10434
10434
IO412
IO4I2 10434 IO4I2
104%
S
M
7s.
99
105
80
8 77
58 10334 10734
2041 04I2 9934
87 I10412 10634
IO7I2
9914
IOOI2
IOSI2
1
98l2
98i2
9Sl2
S
—
Bruns
79
7734
106 '8
Sale
Sale
105
104
to ^)
Railroad.
Ann Arbor ist g 43
»:1995 Q j'
Alch Top * S Fe Gen g 4s. . 1995 A O
Registered
1995 A O
Adjustment gold 4s
tl995 Nov
Charles
IO2I4 IO2I4
I
IW
IW
—
1995
Conv gold 48
1955
Conv 4s Issue of 1910
1900
East Ok la DIv 1st g 48
1928
Rocky Mtn DIv l.st 48
1965
Trans-Con Short L let 48.. 1958
Cal-Arla Ist& ref 4'.^s"A" 1962
8 Fe Pres & Phen 1st g Ss. . 1942
Atl Coast Line l.st gold 48..*1952
10-year secured 78
1930
General unified 4,4s
1964
Ala Mid l3t guar gold 5s.. 1928
July'21
1
t
MN
N
MN
MN
ft
75
99
t
I
1964
4 Jis Corporate stock
1960 A
4 >^ 8 Corporate stock
1971
4J^8 Corporate stock. July 1967 J
1065 J
4M3 Corporate stock
1963 m
4M8 Corporate stock
4% Corporate stock
.19.59 M
19.58
4% Corporate stock
4% Corporate stock
1957 IW
4% Corporate stock reg..l956
New 4^3
1957
Corporate stock
1957 M
Corporate stock
1954 M
Y Stat« 4s
1961 IW
Canal Improvement 4s
1981 J
Can.al Improvement 43
I960 J
Highway Improv't 4!^8...1903
nighwav Improv't 4 14s... 1965 IVI
Virginia funded debt 2 33
1991 J
58 deferred Brown Bros ccrtifs
Stamped
Dec'21
10434
106
108'2 108
107
IO9I2 Sale 109
83 Sale
83
10312 Sale 103
9778 Sale
97I4
96>2 Sale
96 's
J
M
State and City Securities.
10434
July'21
83
12
100'2June'20
105
Jan'22
9313
t 8SI4 Sale
Sweden 20-year 6s..
NYCity —4 l<s Corp stock.. 1960
100
79
79
99
Q
Tokyo
J:in'2i
105
105
93
M
M
—
IO2I4
I0(>38
J
95 86 98 20
90 98
F a'
1925 J
Sterling loan 43
.1931 J
Lyons (City of) 15-year 6s... 1934
Marseilles (City of) 15-yr Os. 1934
Mexico Exter loan £ 5s of 1899
Gold debt 4.<i of 1904
19.54 J
Norway externtil 3 f 8s
1940 A
Queensland (Stete) ext s f 78. 194 1 A
Rio de .Janeiro 25-year s f 83. . 1946 A
San Paulo (State) ext s f 83. . 1930 J
11254
10134
10134
1045g
lOlSg
10134
F A
F A
A 6Hsl925 F A
4}^S-1025 F A
97.60
100.30 2821 100.02 100 32
100 J 907 99 9(i I0n..10
7734 Sale
IO714 dale
D
O
O
M
N
10
97.90 5112 96 74 98 20
100.26 Sale
100 00 Sale
Q M
Q M,
8s
lil4.T
Bordeaux (City of) 15-yr 6S..1034
Tirazll. U S external 8s_
1941 J
Oanada (Dominion oO g 5s.. 1926 A
do
do
do
58.. 1931 A
10-year 5 i^s
..1929F
Chile (Republic) ext s f 8s... 1941 F
External 5-year s f 8s
1926 A
25-year s f 8s. __
1946
Chinese (Ilukuang Ry) 53 of 1911 J
Chrtstiania (City) 3 f 8s
1945 A
C^openhagon 2.''>-year s f 5HfS- 1944 J
Cuba External debt 5s of 1904 .
Exter debt of 53 1914 ser A. 1949 F
External loan 4 !^s
1949 F
Danl.sh Con Municipal 8s "A" 1946 F
Series B
,..1946 F
Denmark externa! s f 83
1945 A
4H%
3H%
97.10
97.42 Sale
M
MN
MN
Ser
80
30
I
of)i
of)
00
'
Foreign GoTernment.
Govt— £ loan
series 4^3
98
OS
98
99
I
Argentina Internal 53 of 1909
3
Belgium 25-yrext 8 f 7^8 R.. 1945 J D
5-year 6% notes
Jan 1925 j j
20-year s f 8s
1941 F A
Bergen (Norway) s f 83
1945
N
(Kingdom
90.00
BONDS
STOCK EXCHANGE
Wee
26 95 76 97 84
96 94
97.08 6927 95 32 98 16
96 10
I
1925
1025
Panama Canal 10-30-yr 2s..* 1936
Panama Canal 3s g
1061
Keglstered.
1981
Italy
Sale
income and defaulted bonds.
High
97.28 3598 94 84
I I 95 70
98.34
97 30
06 24
97.50 1116 96.04
98.10 Feb-22
96 82
96 98 Sale
49 reKlstered
4a coupon
Japanese
Second
High No. Low
Y.
1
I
3M%
Dominican Rep Cons
Since
Jm.
9672
97.06 Sale
Victory Liberty Lorvn
4'4% Notes of 1922-1923
Notes of 1922-1923
28 consol registered
dl030
23 consol coupon
dl930
Berne (City
A?i Low
now-"and Iruereir^icept for
Rang
Co
1
Second Liberty Loan
4%
Ranae or
Last Sale
Bid
First Liberty I^oan
of 1932-1947
Conv
of 1932-1947
Conv 4 '4% of 1932-1947..
2d conv i'4% of 1932-1947
3H%
Week's
Price
FrUay
Feb. 17
1
Record. Friday, Weekly and Yearly
1909 the Exchanpe method of quoting bonds was changed and prices are
N. Y. STOCK EXCHANGE
Week ending Feb. 17.
J
.
..." 00% 90%
... 100
100
.\;)ril.
f
D
le
.\r:iv.
!;D
L&
N
n Ju:ie.
W— M
/jDi' laly. ftDue Aug.
oDae
Oct.
pDue Nov. jDue Dec. sOptlonsale.
New
5-«
BONDS
STOCK EXCHANGE
N. Y.
WeeU eadlDg
Feb. 17
A Western
(Conci.)
Del Lack
—
No. Low
'
Week
1
9753
8534
8934
5 107
32
-..
73
103
3
!
;
5
42
77
79
81
47
4OI4
44
lOig
7334
6218
i
65>2
82
19
9538
8412
9934
NOAM
X
9634
Padueah A Mem DIv
St Louis DIv 2d gold
97I2
W
54I4
6058
259
'3914
"45"
4
99
60
62
---
32
I
9
25
90^
7812
7933
84^8
S3»4
M
gold3Ka
rlln«
Cotiin'T
'.Id*)
•
-
.
Recti"—
4i
•
lat rofuri'iiu
Purchawvl Mnea 3 Win.
L N O A Texas Bold 4s
.
Rediaer^
.
16-7ear a«ciir«d ftHt*.
'^1 g
15- VAT vrrtrni
IJ'
Mo
M
M
DIv
J
.1
A O
F A
J
J
J
J
m
m
M
M
M
tut
11"
*;.ir
rriii-
J
J
J
O
O
H
H
«l2
1
1
:
•
1
lo'-i
78
/;
78l«
'
m
80
82<«
H4>|
7HH
AH
9^':
107
w
t
.
I'lM
1')
t
I
9«l4
11)9
74*4
70
. - - .
<Hl
fVt'n
MH
76 '1
77
M
....
'
"sO'i '96
85 -...I
3
Feb'22
22.
79
Dec" 20
9H*4 "hi3
I09>4
82l||
'86U
781,
78i»
78';
8OI4
i»'W4
9(»»4
81«4
ioo
ifKI^
81*4
M ....
Jnn'22
Tl
77
'"
H/j
1
.Sov'li)
I>
UH'l m»m ^
n
H7
__
r>
09
Halo
U4
May'2l
W
Mar' 19
99
119
72'.
ll-.l,
o
o
o
Ul
rt^li-
77
HI
s
<(3'
Hud
NoVlO
40
85
Dec-21
Jan'22,
8234
7H8
75
5112
5II2
5312
39I2
75l2
25
75
575$
5718!
57 Is
Jan'22
,...!
27
29I2
6334
80>s
7158
7OI2
77
77
JaD'22
""7'34
8S'2
9918
8734
89
.,8l2
9978
9.114
94
9|l8
9558 Sale
58
77
83^8
92
g.^v^g
102
8.'38
Sale
6514'
79
137
62
89
65I4
4334
47e»
84l8
97I2
9OI2
6934
895g
997«
62U
7638
77
83)2
8412
9258
4758 1714
18
35
2
129
6178
83^8
U
Feb'22
. . .
95»s
July' 14
83
.1
K
I
?.?.^
.,0l8
90 's ....
ll|l2 '0^
9712
1
101^1
I
93
97 14
92
92
21
94l8
9«lt
45
7878
831*
io '7538
7711
8rt
I
90
10 lOUg 102U
10l»i)
Doc' 21
Jan'22
8-112 Fcb'22
Jair22
8 Us Jan'22
99
9834
July'2l'
90
25i» Feb'22
...
8734
87"2
8ii«
7634
Dec '2
O'llg
67-'8
6S
OS's
6768
86I2
87*8
81
...
...
...
...
2
.30
•
"4
3314
•"4
22>4
I
•30
2
1
MO
81
7II4
7I»4
98 '8
64
O"*'!
25I4
I>o<'21
30
Jun'22
'>|44
70T|
98'8
ni-'4
(11
98^4 SillO
3
2I«4
Jan'22
81
I
13
7l'i
I
OS's;
64
B9ii
,105
i'l7
86 1]
875»
86
00^
:il>8
30>4
28
80
2l<t
80l4
70i|
9&I1
2I>4
84
72l»
09>|
nj
65
Ih.l
OH
87
I0ft««
100
107
65
1
l)S«4
I
lor>»4 »<»'"
79 Hiklo
675«
97
I
IOO
II II
I'il4
n3i
'"7"S4
7634
458
94
79
81
79
273
Oct'lS
77
June' 19
68
;
78I4
I2
8
8734
93'8
I
5812
80
78I3'
83-->8
120
6334
May'21
9314
6II2
50s
53 !•
5214
Jan"22
78
85
39I2
52 14
5758
771?
64'2
913l
4534
72
48>2
35I2
7612
751s
Sale
65't Sale
92i^> Sale
47I2 Sale
1
6
27
2
72I2
734
6 -'4 Sale
4033
78'2
7;
8-234
73
Jan'22
Jan'22
Jan'22
79
32
11'4
941s
73
4838
18
9
80
8018
73I2
3812
...'1
Feb'22
79
94I4
2' 8234
136
7378
5534
54'2
2912
62>2
71'2
40
89
2 97I2 100
22 IOOI2 102^
87
94I2
8234
75
101
101
9, 695s 73>2
37I2
37I3
211; 31
81 30
13 36
2 70
47 32
10 8558
IO«l
79
T9^'
i.3
79
851]
8ll«4
Wt^
867t
31
8a>4
88
7aif
74ii
HO'4
Halo
75ls
75"4
70
»
741,
78
87
H6I|
I
Itlvir
'II
I
July'20;
Onl'l7
I'107
. .
Mar' 10
3912
7«'8
.
w
'w
\ilK'2l
I >.-.'!
77
51I4
70l2
80'4
81
83l8
97i2 100
95I2 95I2
7978
77
9512I
78'2|
98I4I
lords'
80
'83"i4
1020
1033
Rlv A G DIv 1st R 4s
1026
Ist g 59
Verdi V 1 A
1027
Mob A Ohio new gold 69
A 1027
Ist ext gold 6s
1038
Oener.il gold 49
Montao'ni-ry Olv 1st gSs.. 1947
1927
fit l>ouls DIv .5s
1931
St L A Cairo guar g 49
Na«hv Chalt A SI L Ist 5s. . . 1028
.Jasper Branch Isl g 6s . . 1923
Nat Itysof Mex pr lien 4^9.1957
1077
OuaninUovl gcn'-ral 4s
Nut of Mex prior Hen 4'^".- 1926
..1951
I »t consol 4s
Nf ) A S-y. Ml ref A Impt 4 ^s A'52
Ti-rrn
Ist
^^
Orlrann
1953
Now
1025
N OTc'X A M'"(lco Isl 69
Non-rum liirome 5s A .... I03'>
N Y Onl RU eonv dob On... 1935
1930
10 year roll Ir 7s
Crm-t'il I1 S-rte.« A
199S
2013
A"
7(>».
HO
M
Ist ext g 4.S.
Pac R of
2d extended gold 59
A S gen con g .5s. 103
8t L Ir
Gi>n con stamp gu g 53.. 1031
1020
Unlflwl A ref gold 4s
Sept' 19
Hl'4 F.lj 22
5SI; Hi»pi'2l
*)**
M
79I3
Si^S
O8I4
IOII4
I
9
78
74
33
57I4
"
3214 "36
0SI4
6168
8318
77"4i
7034
3812
57's Sale
7938
Feb'OSj
Oct'2l'
73>2
3712
37I2
40I4
75'2 Sale"
62i2 63
81
96
Jan'22
Sale
,)3''>
91
Nov'21
72
34
"o^
M
F
F
F
9S'4
98'i2
8712
81
101
SB's
9518
8234
7412 Sule
_
W
July'09
82
81
9M«
79
A
A
78
— --
78*4
D
D
It
U
95''4
9s"i2
93
75
99
347g
3078
7OI4
lOUs Sile
Rcglstere<l
J
J
8334
77I4
i
,
If
J
J
1975
1945 _
1038
1948 J
.. 1938
1938
General 4s
Missouri Pac 40 years 49
3d 79 extendfxl at 4%
Cent Br U P 1st g 49
'7818 Vs'ij
"***
H
N
J
J
75
87
84
1
9I2
'8»3i 'ii»\
96
(M*^
84
n
J
I'.-'
I
37 14 Sale
3712 Sale
40 Sale
7034 Sale
38 J Sale
8658 Sale
ivi
—
7SI4
101
73I2 Sale
89»2
Sl'2
795g
Feb'22
0.51s
D
D
8912
78
75>2
Nov'21
87
100
30
s
s
Q
I
Mo
88^ 92
Hb
I
1951 V
1951 F
1023 J
fl<l
1
s
84I4
77I4
9512
77I4
78
I
95
9II2
94"8
7dl2
74
76
72
80
58
8II4 Feb'22
9034 Nov'21l
100
Sept '21
8034 Feb'22
95
100
73I4
IO6I2 109
9334 9418
60
95
98
|..
10-year 6s Series C
adiust 5s Series A
Missouri Pacific (reorg Co)
Ist A refunding .5s Ser A.. 1965
l8t A refunding .5s Ser B.al923
1st A refunding 5s Ser C..1926
7flis
77i»
I
.
8II2
'
77
7fli|
f
72
;
M^
A
1stg4a
M
M
Cum
I
•xn9H»
J
J
40year43S»rie9 B
.19-.1 J
1
J
M
Mo
1
m in-ii- rn-
ii
M
.
Omaha
F
—M
—A
1st gu g 5s
1
J
M
M
28
81
60
83
96
97I2
83I4
M
1
1044
.2001
61
8234
95
87
F A
A O
3
Oct '21
Feb'20
100
.
J
Q
10
Apr'21
.'100
82''4, 81
7612 '77I4
1942 A
KA E
K A Okia Ist guar 53... 1942
K A T of T l3t gu g 53. . 1942
Shnr Sh A So 1st gu g .5s. . . 1942 J
Texas A OkIa Ist gu g 5s.. 1943.
K A T «v— p 53 Ser A
)
l>«i
m
1938 J
sinking fund 4'^s
|..
Tnist Co certfs of deposit
ref
43
2001
DIv
1st
St Loul9
1916
"exf...
..
note9
gecured
5%
Dall A Waco 1st gu g .5s... 1940
Kan City A Pac 1st g 43... 1990 V
N
1
ctfs of deposit
Gen
I9'.5
n'f,
a
98
.7812
9934 9934
1
9 153
Silo
5958
81 14
9518
101 14
81
4s. lOOi) j
(71990 F
A
.19.34 J
I",
J
J
MN
M
99^^
8934
95I2
77
89"2 Jan'22
S978 8II2 Feb-22
90I2 Nov'20
98i2 Feb-22
90
80'4
90
8118 Ocf21
9>l:
9112 Dec'21
Sale 107
108
9334
9334
9414
102'8
F A
IVI
83
l()7i->
M
M
1st ext gold .53
refunding 4s.
1st
Trust Co certfs of deposit
O
1053
9 '.3
J
J
89'^
9118
8912
8318
9534
MN
61^3
coll tr
2d gold 4s
Trust Co
1952
1952 A
.1952
J
1951 IVI
Int gu.'38 j
Mo Kan A Tex— 1st gold
1951 i
1951 i
1951 J
1951 A
1951 A
1951
:
.1
1038 ..
1931
1041
1st Chic Terra s f 49
A A Ist g 4s Int gu."26 J
S S
Mississippi Central 1st 5s_..1940 j
.1
I-
-il
m N
A1952
M
10-vear
7412
D
.1
Jount 43..- 1052 J
R"funding gold 4s
con g 43
St P A S S
lstcons53
M
I
IBI
^!
MN
1936
1053
Gen consgu
1945
La A Jef Bdge Co gu g 4s
Mex Internal 1st cons g 4s... 1977
1977
Stamped guaranteed
Midland Terra— 1st 9 f g 59.. 1925
1927
Minn St Louis 1st 73
1034
Ist consol gold 59
1040
1st A refunding gold 43
Ref A ext .50-yr 5s Ser A... 1962
Des
A Ft D Ist gu 4s..-193'>
Iowa Central 1st gold 53.. 1938
W
1st
j
M
I'.ny A
Deb ctfs "A"
Feb
Debenlurc ftfs "'B". .
Feb
Gulf A .S
« ref A I g .5a.. 61952 J J
Hocking Val Ist cooa K 4 }^g. . lO^ri
J
KajfcJtwM
I
tvi
.50-yr 53
M
vrr)
f>>l A H V Ist ext g 48
1948
Col A Tol Mtext 4<t
1955
Houston B<-lt A Term In Sa. 1937
nilooto Central Ist gold 48... 1951
A
M
M
SAN Ala cons gu g 5s
goi'"
S
9718
Ocf21|
July'21
95I2
95'2
82ii June'2r
78I3 Feb'22
9934
9934
9914 OcfO<)
7334
7334
83I2 Dec'21
77I4
77I4
74'38
7 38
95
Jan' 11
87
July'21
7334
7534
73^8
High
96I4
70
87
Q
1937
NFIaA S 1st gug.5g
N A C Bdgegengu4V^3...l945
80
nn
87 14
96
88I2
7812
99I3
8234
7358
lv|
1031
1030
1931
1030
1950
43... 1046
3s... 1080
4s... 1055
.5s... 1046
Registered
40
40
43
87
34.14
:i
M
LAN South M
I4
8
79
34I4
D
^
S
D
Knox A Nor 1st g
J D
S
Hender Bdge 1st 3 f g 6s- . 103 1
1087
43.
gold
Central
J
j
Kentucky
Lex A East 1st 50 vr .5s gu. 1065 \ O
s
L A N A M A M 1st g 4 '-^3. 1045
W
Rc(flHt<,Ted
Clu DIv
7818
9.512
High No. Low
Jan'22
Ocfl3
83ig
J
J
N
Since
Jan. 1
Last Sale
105
S
IVI
Range
9718
M
j
Weth'a
Range or
Ask Low
Q
Q
ivi
.
28
D
I
Know A
Atl
Atl
.1
J
Collateral trust gold 53
10-ye.ir secured 7s
Cin A Lex gold i\ii
1st gold 6s
2d gold 6s
L
j
J
..1037
1940
1940
.53
Unified gold 43
Registered
j
J
J
M
M
N
N
IQig
70
Gold
4
gu g 59.. 1933 j
1
73
I
Igt
1933
Registered
1933
1st Int reduced to 49
Leh A N Y 1st gu.ar g 49
1945
Long Isid Isl cons gold 59.. A 931
...A1931
Ist consol gold 49
1938
General gold 49
Ferry gold 4^jS
1922
1932
Gold 4s
1040
Unified gold 4s
103
1
Debenture gold Ss
..1937
20- year p m deb 53
1040
Gu:ir refunding gold 43
1049
Registered
1035
.5s.
YBA
B 1st con g
1027
Y A R B 1st gold .5s
Nor Sh B 1st con g gu 53.al932
1027
LoulsianaA Ark 1st g .5s
Loulsvi'le A Nashv gen 63... 1930
93
109
78''8
Bid
97
\
9958
90^4
7658
7612
74I2
16
—
Gre<*n
ending Feb. 17
Leh Val Coal Co
25
30
Price
FrUlni)
Feb. 17
High
'
1922
1st Men equip g 4!^9.
1943
Ist* ref 4s
1935
30-year conv 59
1930
lO-year secured 79
1946
Alb A ausq conv 3 ^3
Renns A S:iralO!!a 20-yr 69. 1941
Den A R Or— 1st cons g 4a.. 1936
..1936
Consol eold 4 4s
Improvement i?old os
1928
1955
1st A refunding 59
Trust Co ccrtlfs of deposit
1'339
Rio Gr June Ist i^ 53
1940
Rio Gr Sou 1st gold 49
Guaranteed
1940
Rio Gr West 1st gold 43... 1939
Mtge. A co!I trust 49 A.. 1949
Det & Mack 1st Hen g 43... 1995
1995
Gold 49
1961
Det Rlv Ter Tun 4!^9_
Dul Mlssabe A Mor sen 53. ..1941
DulA Iron Range 1st 53
1937
1937
Registered
Dili Sou Shore & Atlgog
1937
Elgin Joliet A Ea^t 1st g 53.. 1041
Srie 1st consol gold 79 est.. 1930
1947
Y A Erie I3te\tg43
3rd ext gold 4^3
1943
1930
4th ext gold 53
192S
5th ext gold 4^
1st 79 ext.. 1930
Y LEA
1996
Erie 1st cons g is prior
1996
Registered
1st consol gen Hen g 49.. 1996
1996
Registered
Penn coll tru9t gold 49.. 195
1953
50-year conv ta Ser A
.1953
do Serie9 B
1953
Gen conv 43 Series
1982
Chic A Erie Irt gold 59
Cleve A Mahon Vail g 53.. 1938
1955
Erie A .Jersey l3t s f 6s
Genessee River 1st s f 63. .. 1957
1935
l>ong Dock consol g 63
Coal A RR 1st cur gu 69... 1922
1943
Dock A Irapt 1st ext 53
1946
Y A Green L gu g 53
1st ref 58... 1937
Y Su-sq A
1937
2d gold 4'^3
1940
General gold 59
1943
Terminal Ist gold 53
1940
Mid of N J 1st ext 59
Wllk A Ea.st Istgu g 53
1942
EvA Ind 1st con9 gu g 69
1926
Evsing A T H 1st gen g 53... 1942
1923
Mt Vernon 1st gold 69
1930
Sul Co Branch Ist g 59
1959
Florida E Covsl Ist 4 !^3
Fort St V D Co Ist g 449-. -1941
Ft Worth A Rio Gr Ist g 49.. 1928
1933
GaJv Hous A Hend l.n .5s
Grand Trunk of Can deb 78. . 1940
1936
15-year 3 f 63
1936
Great Nor Gen 79 ser A
1961
Ist A ref 4 Vis Series A
Reeisf^red
1961
A Man 49
1933
St Paul
1933
1st consol g 69
R'-i,'Ht<»r<?d
1933
Reducfid to gold 4K8...1933
Registered
1933
Mont ext Ist gold 48
1937
Registered
1937
Pacific ext guar 49
1940
E Minn N'or DIv 1st g 48.. 1948
Mlna Union In g Os
1922
1937
Mont C 1st gu g 89
Regl9t/!rod
1937
1st giiar gold .5a
1937
Will A 9 F 1st gold .^...igSS
N
N
N. Y.
Since
721
2
BONDS
STOCK EXCHANGE
Range
Jan.
Warren 1st ref hm g 3>^s...2000
Delaware & Hudson
N
Record— Continued— Page
York Bond
I
'...I 74
17 84
Jim"'!;)
7ft
«'1'S
H7
June'aO
'
I
85
I'MIH
7|i|
7ft
80i|
•
83
H.Mf Jair2;i •
'33 A0>4
73
72'i 7."«
7i .. .1 64
Nov'21'.
"5 'iiu
7I'4 7a»s' 7I"4
7I"i
74l|
...
7«ij Jnn'22
1912
807,
"m7'
8AI1
78
I
19(1 >l
io
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f|H
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21
1
..
1
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•
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-
1
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i
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77
HI
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,
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I
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00
60
88
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(10
Jun'JJ
H2
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104
I
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t
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a U'lR Jad.
6 II
i
I
ii
,
g
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"i
Iniu July,
n
no
K4l4
N.1I|
77
7BH
\A
8II>4
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V*
02
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-
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00
3
I
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—
BONDS
STOCK EXCHANGE
Week ending
2:S
Price
Week's
i
5"^
FHdav
Ranje or
Febi 17
Feb. 17
Last Sale
N Y Cent & H R RR (Con)—
Mahon CI RR 1st 58
1934 J
Michigan Central 53
Registered
43
Registered
J
l9t gold
LAS
N
N Y& Harlem g3H3
2000 M
N Y & Northern 1st g 5s.. 1923 A
N Y & Pu 1st cons gu g 43. 1993 A
Pine Creek reg guar 63
1932 J
R W & O con Ist ext 5s. 1992 A
. .ft
1st
con g 4 ^s
Og & L Cham
194
A
NYC
N YChlcA
3t
Registered-.
L I3tg43
Debenture 48
Y Connect l3t gu
N
NYNH&
M
j
A
1937
1937
1931
A
IVI
4Ws A. .1953 F
9978
997g
83
83
66
50
6854
A
35
41
j
4958
'
45«4
51
Sale
42ig 4534
50
I
I
46
3912
4778
4812
4413
1
78
1
66
83
66 >2
99I4
Income
37
7812
8212
11
7658
78
8234
86I4
1
23
--I
way & land
I
I
14''
2
I
j
167
80
83
8II2
841'
4612
4612
44
48
38"4
39I2
40l'>
50
41
5II2
3738
45
71
57
3812
31
71
35
"23
60
Dec'21
M
m
July' 14
Aug' 13
4212
A
J
310
3812
4534
75
60
5978
6II4
60
33
4212
Sept'17
Jan'22
Feb' 18
M
JU
)
j
>
M
M
Dec' 19
70
>
j
(
F
!
M
m
F
A
12
5878
>
Jan'22
Jan'22
Jan'21
Dec'21
!
87I2
69
7058
I
83^8
106
8478
8918
8312
86
80
44 10314 10618
85
39 84
83I4
8534
84
84
60
87
84
rall|
grant g 4s
Q
.1997Q
Registered..
a2047 Q
General Hen gold 3s
a2047 Q
Registered
2047 J
Ref & Impt 63 ser B
2047.1
Ref & Imp 4 ^s Ser A
St Paul-Duluth Dlv g 43..199fi J
1938 J
N P-Gt Nor Joint ei-^s
1923 F
8tP&
gen gold 63
1923
certificates..
Registered
Q
St Paul & Duluth Ist 5s. -.1931 Q
1988 J
1st consol gold 43
1948 Q
Wash Cent Ist gold 43
Nor Pac Term Co Ist g 63... 1933 J
1961 J
Oregon-Wash 1st & ref 43
1946 J
Pacific Coast Co 1st g 53
Paducah & Ills 1st s f 4!^s...l955 j
Pennsylvania
1st g 43... 1923
1943
Consol gold 43
..1948 IVI
Consol gold 43
Consol 4Hs
.1900F
1...1965 j
GeneraMKs
..1968 j
General 5s...
1930 A
10-year secured 78
1938 F
15-ycar secured <SMa
1942
Alleg Val gen guar g 43
D R RR & B'ge 1st gu 43 g. 1936 F
Pennsylvania Co
Guar 3!^s coll trust reg A. 1937
Guar 3^s coll trust Ser B-1941 F
1942 j
Guar 3Hi3 trust ctfs C
1944 j
Guar 3 Hs trust ctfs D
Guard 15-2.5-year gold 43.. 1931 A
40-year guar 43 ctfs Ser E. . 1952
1942
Cln Lcb& Nor gu 4s g
1935
C1& Mot Istgu g 4!^s
01& Pgengu4K8Ser A..1942 J
1942 A
Series B...
Int reduced to 3HS...1942 A
1948
Series C 3His
Sale
t
IO6I2
8712
!
••— —
>
[sale
1
I
9712
8784
guar
guar
1942
1942
1945
D 4s guiir
Scrle8E3!^8 guar gold. .1949
Scries F guar 43 gold
1953
Series G 4s guar..
1957
Series 1 cons guar 4 His.. 1983
General .5s Series A
1970
C St L A P 1st oons g 53... 1932
Phlla Bait A
Ist g 4s... 1943
Sodus Bay A Sou 1st g 53. . 1924
UNJ
A Can gen 4s. . . 1944
Pero Marquette IstSer A 63..1956
l8t Series B 48
...1956
PhlUlpplne Ry 1st 30-yr s f 4s 1927
W
RR
price Friday; latest bid
.
1
99
95
I
89
88
98
87
96l2
8758
9618
10012
:
87 14
1
1
I
lOuU Sale
10512 106
87>4 — w— —
8518
M
M
A
A
M
M
F
J
M
V
J
7418
7312
73I2
74
!
1
9OI4
82
M
M
J
J
J
and asked,
79
Nov'21
81'2
88I2
91
Dec'2r
Nov'21
79I4
86
78
93 <8
94
93
7618
9II4
9I>4 ... .
]
76-')i
1
Ask Low
J
J
A O
Nl
W 1st g 4s bond ctfs.
.
.
N
A O
A O
.53.
LS
8ll2
60lj Sitle
59'2
101-8 10212 101'4
95I4
9818
6S5j
67
8518
IO2I2 102
102
75
75^8 75
8918 90 2 88I4
7534 Sile
75
65
673g 66
72
7212 72
75 Sale
7! '4
7218
9S'2
7II2 70''8
71
53I2
50
52I2 5312 52'2
20 Sale
19'4
3634 Sale
38 14
4912 Sale
49
62
6212 62lr>
I
J
J
J
MN
1989
ctfs. p 1989 J
1932
1st terminal A unifying 53.1952
Gray's PtTer 1st gu g 53.. 1947
1943
S A A A Pass l3tgug43
1950
Seaboard Air Line g 43.
1950
Gold 43 stamped
ol949
Adjustment .5s.
1959
Refunding 4s
1945
1st A cons 6s Series A
Atl A Blrm 30-yr 1st g 43.el933
1949
Caro Cent Ist con g 43
J
J
D
J
J
J
J
D
J
A O
A
O
F A
A O
M
M
S
S
60
J
FlaCent APen.l3text6s..l923 J
1st land grant ext g 5s.. 1930 J
1943 J
Consol gold 5s
AlaRy 1st con 5s...ol945 J
GaCar A No 1st gu g 53... 1929 J
Seaboard A Roan 1st 53... 1926 J
Southern Pacific Co
Gold 43 (Cent Pac coll)...A:1949 J
tl949 J
Registered..
.-ffl929
20-year conv 4s..
1934 J
20-year conv 53
9334
85
83
70
GaA
M
Cent Pac
Ist ref
83
85
D
S
D
1949 F A
Mort guar gold 3WS---tl929 J
Through St L 1st gu 43.. 1954 A
lst53..-1931| M
193 J
2d exten 5s guar
Gila V
A N Ist gu g 53.. 1924
1933 IVI
T 1st g 53
Hous E A
1933 IVI
1st guar 53 red
1937 J
l3tg53intgTi
dlv Ist g 6s. . 1930 (VI
Waco A
1941 J
53
1st
gu
AA
g
193S A
No of Cal guar g 53
1927 J
Ore ACal 1st guar g Ss
1937
So Pac of Cal— Gu g 59
So Pac Coast Ist gu 43 g... 1937 J
1943 J
Tex A
O con gold 53
1955 J
SoPacRR 1st ref 43
19i0 A
San Fran Terml 1st 43
1994 J
Southern— 1st cons g 5s
1994, /
Registered. _
Develop A gen 43 Ser A. ..1958 A
Mob A Ohio coll tr g 4s... 1938
1998 J
Dlv l3t g 4WS-5S
1951
St Louis dlv 1st g 4s
Ala Gt Sou 1st cons A 53.. 1943
Atl A Chart A L 1st A 4 ^^ 3. 1944
1944
1st 30-year 5s Ser B
1948
Atl & Danv 1st g 43.
1948
2d 43
Atl A Yad 1st g guar 4s... 1949 A
1930 J
E Va A Ga Dlv g 53
1958
Cons Ist gold 53
1938 IVI
E Tenn reorg lien g Ss
1946 A
Ga Midland Ist 39
1922 J
Ga Pac Rv 1st g 6s..
1925 J
Knoxv A Ohio Ist g 6s
Mob A Blr prior Hen g 53.. 1945 J
1945 J
Mortgage gold 4s
Rich A Dan deb 5s 9trapd.l927 A
1948
Rich A Meek 1st g 53
So Car A Ga 1st ext 5!^3.1929 IH
1928
Virginia Mid Ser E 5s
1928
Series F 53
GHAS AM AP
M
W
HATC
NW
NW
D
O
N
1938
2003
So'w'n 1st gu 59
1958
Ist cons 50-year 5s
1924
Ist oy gu 43
OA
1955
Spokane Internal 1st g 5s
>^s.
1939
4
Term Assn of St L Ist g
1984-1944
1st cons gold 5s
1953
Gen refund s f g 49
Bridge Ter gu g 53. 1930
St L
GGn9raI53
J
875$
J
J
W
W
M
2000
Texas A Pao 1st gold 53
«2010
2d gold Income .5s
1931
La Dlv B L 1st g 5s
1st gu 53. 1930
AN
MIn
Tol A Ohio Cent Ist gu 5s... 1935
1935
Western Dlv 1st g 53
W
89 14
J
J
W
W
89 '8
O
84^8 S.ile
8OI2 S.ile
J
90
Sdle
J
S
6 134 Sale
68>2 Sale
J
90
76
9234
-
8734
89
98
7378
58
O
Sale
75
62
O
N
93I8
.V
58
Aiir'21
9534
9315
9078
9214
8014
M S
M S
MN
Jan'22
DeD'21
Dec'21
Deo'21
Oot'21
Jan'22
97
95
A O
F A
95I4
90'8
7512
9134
J
"'2
J
A O
F A
92
80
74
,:,-
93
Mar
J
-
J
A
O
J
D
J
85
77
F A
J
-:^
83
91I4
J
&2l2
72
72
86
87^
22
78
81
86
89»4
1
9512
97
82
81 14
861;
86
877g
8OI2
21
20
...
.
.
...
78>4
94I4
98
92
97
92
97
5
96
7
95I4
8634
IO31J
98'2
"88V2
88«2
89
90I4
8ei|
8684
.
.
'.'.'.'.
114
167
8358
80
82
137
8718
91
182
6II4
66I4
63l»
1
1
89
70I4
91I2
7
73
77
7
11
...
87
88I2
9612
75i8
91
72
I
'..'.
'ibh 'ih't
...
9588
9334
...93
96
"58"
"ie
63'
'."
""3
'ii-i't
9878
'7"5"'
"75"'
9434
95»4
74
74
92
96
8838
7612
9478
I
85I4
91I2 Sale
7634 79I4
94»4 «i
9II2
60 Sale
J
95
90
60
75
CO'* -^.,9112 9a'2
8212
,
997s
9978
99"
J
J
J
63
96
Sept'21
73
9t
»*'»
63
63
96
132
I
8434
8O34
9012
7.5->s
60
69I2
2118
3314
5II4
6212
85I2
8734
Jan'22
8838
s
O
54
1312
3118
41
1
62
61'4
6SI2
681?
9112
911?
7612
78'4
83^4 Sept'21
881"
8734
941"
93
75I8 Jan'22
7534
95I8
J
J
9314
8II4
S9i8
89'4
63
93
4812
03t'21
Deo'21
Fob'22
Feb'22
Feb'22
Dec'21
63
Deo'21
Jan'22
Aug' 21
75
Dec'21
7538
9514
94I2
89^4
J
-
I
Feb'22
Feb'22
Jaa'22
D3C'21
Mar'21
83
O
60
.50
48
290
337
282
I
5118
62l2
...
Mir' 19
- - 8O34 Feb'22
99 102»4 100
103
97I4 9734 97
9734
9tl2
Jun8'21
94
83I2
8Sl2 Jan'22
O
J
21
3314
9538
J
MH
Va A
54
80
N
I
Fob'22
97I2
-
98
12 "to" '7f»4
66
7212
79
--
8412
943g
71
Jan' 13
7II2
7534
95l2
95I2
8212
83
Sept'
16
8212
877g
8O34
79I1
7912
91
70
82
75^
Jan'22
88''8
9014
91l2
95I8
68
68
10212
... 101
28 7234 76
88I4
88'4
...
3 7234 7712
7 64i2 66»8
59 68I2 7378
7558
39 71
7534
80
Nov'2l
N
M
93 '8
Ool'20
Jan'21
Feb'22
Feb'22
Jaa'22
S51r D3C'21
82'2 Jan'22
Jan'22
72
Jan'22
80
873i Jan'22
98
92
97
89
80
90
91
657s
78
6058
54
5 101'4 103
3 95
96^8
I
0058
881.1
-N
N
70
10114
Sale
9512 Sale
83 Sale
.- . 83
867s 8 7 '2
97
249
40
88
327
955
6834
8278
9612
88-38
90
1
I
Feb'22
79I4
J
Stncf
Jan.
Hlih No. Low Htalt
9534 100
Feb'22 .
D3f'17 .
"39
8212
"so" *85"i8
Aug'21l.
Feb'22 . "n "8II2 '85'i8
791" Sale
N
MN
T
86
Range
a5
*
63
90
d'
gu g 43... 1949 F A
Registered
93I2
1
SiU
Mar'21
727r Nov'21
92i8
94<4
781-
3
2
9218
9412
7612
4
81
"i
95
50
89
95
50
S5
lO-il;
8712 '9II4
6
11
Nov'04
Feb'22
Jan'22
90
Jan'22
85
Jan'22
78
Fcb'22
94
231? Dec'21
88
88
50
50
79I2
89
'91'" '»4i8
'..'.
91ih
...
90
A O 91
8l7g.-..
.
.;
Si's
1935 J D
General gold 59
93
70
7513
...
1990 A O
1st gu g 4s
Kan A
92
91»4
...
91
J
J
1927
2d 20-year ,5s
25'£ 32
1917 J J
1st gold 43
Tol
8712 88
3 84
J
pr Hen g 3V4S.1925 J
Tol St L A
62
61
3 56
60'2
61
1950 A O
50-vear gold 4s.
3034
15>4
June'21
F
A
1917
Coll trust 43 g Ser A
30^8
I....
24
3I5s Feb'22
Trust CO ctfs of deposit.
77I2
"'x --„-,- 77I; Jan'22
Tor Ham A Buff 1st g 43...tl946 J D
8934
89
89
89
89
1928 J D
Ulster A Del 1st cons g 5s
58"8 65
55
Dcc'21
1952 A O
1st refunding g 43
Sale
91
917«
102
J
J
86
91
1947
Pacltlc
4«
1st
Union
g
5 88
895(1
8934
1947 J J
Registered
Sale
9114
9158
49 89
91
1927 J J
20-vear conv 4s
81i2
8478 8512 84
16
8434
S
((2008
Ist A rehinding 49
10 102
103
lO-vcvr perm secured 6s.. 1928 J i 10212 Sale 1021?
85 Sale
10 83I4
85
86
Ore RR A Nav con g 43... 1946 J D
9978
9978 Jan'22 ....
1922 F A
98
Ore Short Line Ist g 69
97I2
97I"
Sale
96i2
97'2
22
J
J
1946
Ist consol g 5s
8SI2 SS>4
8SI4
86I2
12
J
D
8834
4s
1929
refund
Guar
97 ---- 98
Feb'22 ... 961s
1926 J J
Utah A Nor gold 53
Ig
86
12
86
J
7978 Sppt'21
1933 J
1st extended 43
"7"8"li
1955 F Al 8312 - - 7SI4 Jan'22
V'andalla cons g 43 Ser A
N 8l»4 - - 721. Jaa'2l
1957
Consols 4s Series B
.30
28
Feb'22
20
Vera Cruz A P Ist gu 4 lis... 1934 J Jj
88I4
9034 "67
N 901s Sale 90
1982
Virginian 1st .53 series A
94!-'8
9538
94»4
18
M
N
1939
9338
Wabash Istgoid 53
953s
S,ale
Al
8434
F
3
85
1939
S4»4
gold
,5s
SUs
2d
1939 J J
Aug' 18
90
Debenture series B Os
7034 62
66
J|
19.54 J
Feb'21
Ist Hen 50-yr g term 4s
9II4
1941 J
J
91
Jan'22
91
Det A Ch Ext 1st g 5s
.501" Aug'21
Dea Moines Dlv Ist g 4s... 1939 J J| 6558
6II2 65
1141 A O
6078 Dec'21,
Om Dlv 1st g 3^3
77 Sale
19411*1 S
77
77
3 69
TolAChDIvg49
1945 F Al 7334
Jan'22
76
7258
Wash Terml IstguSi^s
83I4 85
1945 F A'
78 June'21
l3t 40 yr guar 43
M
PAW W
79
July'20
,
'
90
86
78
94
90
I
61
I
Dae' 15
Feb' 12
I
Dec'12
Jan'21l
Apr'20
May'19
Jan'22
Sept'20
86
86
M
I
Mar'lO
I
Jul.v'21
Dec'20
84
Nov'21
88
84
Nov'21l
Jan'22
80
88
May'21
Dec'2r
92
90
91
102
921;
Aug'21i
91
88I2
8838
6
91
91
84
84
90
93I2
—
M
M
—
Due Feb.
29
.
I
1
'91" '6i'
i
-I
26
6
5
y
88I2
76I4
4118
Due
91
77I4
June,
791s
89
92
89*4
92«2
87I4
IO3I2
87ls
IOOI4
100
9OI4
98
'7'8'li
28
91l2
97la
87
-
I
1
45
31*4
I
I
Jan'03'
sole June'2l!
8934'
8938
75
76'8
4412
44
o Due Jan.
List
,
Sept'21
91
Jan'22
91
Jan'22
S3I4 Sept'21
84I2
92I2 Siile
44
'80"l8
1
77
87 14
84 '4 - -- 81
84
84 ....
87lt 91
9014 _ - _ 87I4 - - - 8912 Sale
7238
7512
8458 'ss'li
81'2
86
80
93
84
82
78I4 --.-_
76
43
72I4
7512
67
85
A
J
72:i8
75I2
96I4
9018
-«-_
>4
74
32
35
41
Nov'2l'
Jan'22
Jan'22
Apr'21
70
8712 Fcb'22
7612
7612
91
82
72
-------
104
925k
77
75
Feb'20
911s
91
76
76
76
Si
82
9634 97I2
8712 89
8518 90
92I2 9612
8534 89
9312 9734
I05I2 lOS's
10338 10^34
87>2
86
22
100
Jaa'22
!
>
87
80'8
80'8
381
Feb'22
1
Sale
9512 Sale
M
M
PC C& StLBU4HsA...1940
Sept'21
79
Jan'22
Sept'21
Jan'22
Jan'22
I
J
M
Feb'22
85 's
19.50 F
Scries
3^s
Eric A Pitts gu g 3 !^8 B. . - 1940 J
1940 J
Series C
I ex l8tgUg4H3..194l J
1943
Ohio Connect Ist gu 48
Pitts Y & Ash Ist cons 58.. 1927
Tol
A...1931 J
V&
1933 J
Series B 4Hs...
Series C 43
1942
Ogu4H3
86
May'21
I
I
76I4
M
QrR&
i65"7i iio'
11
July'21
1
"78''8
M
M
M
D
"24
6238
May'21
9718
7Sl2
81>4
M
M
M
I
"39
109"
10834 'i7i i65"i4
IOOI4 100'4
Feb'22
I
NP
RR
Jan'22
61
D8C'21
107
87
03t'21
i
60
1
45
8434
i
1
Oct
ftl980
63
Mem
Dec'21
Feb'22
!
59I4
79I4
80
IO5I2
84I4
!
50
106
Oct'20
84
Fob'22
Apr'21
Apr'21
'85 "I
M
26
Oct'21
i
10458
IO4I2 IOSI2
86I2 8712
11
I
26
Nov'20
!
A
K
M
KCFtS A M Ry ref g43..1938
K C A M R A B 1st gu .1929
G
j
j
Series
I
Feb'22
Jan'22
1997
B 4^8
C 4W8
6
I
4534
Sale
E
2d g 4s Income bond
Consol gold 43
Jan'22
F
Feb. 17
Bid
93
St Louis A San Fran gen 6s.. 193 1
1931
General gold 53
at L AS FRRcon3g4s...l995
5s
1947
Dlv
l3t
Southw
g
C Ft S A cons g 63. ..1928
9912
Oct' 17
July' 18
m
m
£^l
ending Feb. 17
100 100
1940 A O
95I2
..1943 J J
9714
8212 Sale
Reading Co gen gold 4s
1997 J J
82
82
Registered
1997 J J
73
Jersey Central coll g 43
1951 A O "8412 85
85
74I2
Atlantic City guar 43 g
1951 J J
St Jos & Grand I3I Ist g 4s. . . 1947 J Jj 6714 6712 68
St Louis & San Fran (reorg Co)
Sale
Prior Hen Ser A 43
68
..1950 J J
8234 83
1950 J J
Prior Hen Ser B 53
82
98
9J'4 96
Prior Hen Ser C 63
1928 J J
75I4
7534
Sile
A1955 A Oi
Cum adjust Ser A 6s
St
51I2
4412
71
M
M
M
Hen
50
J
j
l3tcon3g4s...l99RlA
Northern Pacific prior
Jan'22
46
Jan'22
70
1996 a
Registered
DIv'l 1st Hen & gen g 4s. 1944 j
1932 j
4s
tO-25-year conv
1932
10-20-year conv 4s
10-25-year conv 4^8... 1938
1929
10 year conv 6s
Pocah C & C joint 43...1941'j
O C & T Ist guar gold 5s. .1922 J
Sclo V & N E l3t gu g 4s. . 1989
No
9978
May'21
F
W
N& W Ry
•
99'^
.Tan'22
46I2
4812
j
J
RR
Series
Series
Scries
7712
Jan'22
13018 JaQ'09,
95I4 June'20,
80
7934
80
7712'
77 18 77.2 7712
99I2 Feb' 19
::::;:::i 67I2 June'20
8512 82^4 Feb'22
84
85 Nov' 17
82 Sale
8312
82
85
8684 Feb'22
M
B& N
W
7712
2
9978
90
Week's
Ringe or
'
Feb'21
85'4 Deo'2l
Nov' 16
103
99I2 Jan'22
995))
86% 89
Apr'2i;
June"21
Dec'21
95
77>2 Jan'22
113 May' 15
103i«
9958
79I2
M
M
1947
1947
1954
1955
1956
1956
1948
1930
1955
195R
1957
4% debentures
Harlem R-Pt Ches 1st 4s.. 1954
Y Air Line Ist 4s. ..1955
Gent New Eng 1st gu 43. . . 198 1
Housatonlc Ry cons g 53. . 1937
1954
Ist 43
Naugatuck
1942
N Y Prov & Boston 4s
1
4
N Y Wches& B Ist Ser Hi 8' 46
1945
New England cons 58
1945
Consol4s
1957
Providence Secur deb 4s
Providence Term 1st 43... 1956
1943
& Con East Ist 4 !^s
(71992
rer Ist g 4s
O&
Registered $5,000 only...(?1992
1955
General 4s
Norfolk Sou 1st & ref A 53. . . 198 1
1941
Norfolk A Sou Ist gold 53
1931
Norf &. West gen gold 63
Improvement & ext g 63. .-1934
1932
63
gold
New River Ist
deben 43
deben 3!^3
deben 3!^s
deben 43
deben 4s
3 !^s
debenture
Conv
Conv debenture 68
0>ns Ry non-conv 43
Non-conv deben 43
Non-conv deben 4s
W
68
1
83
Hartford—
Non-conv
Non-conv
Non-conv
Non-conv
Non-conv
NY
75
99%
90%
J
A
7034
683g
8878
OOig
Rut-Canada 1st
St Lawr & Adlr 1st g 5s... 1996 J
J
J
J
J
7458
78
66
gu 4s g . 1948 J
gu g 43.1949 J
82>4
I
S8I2
975s
7974
IO214
99>4
1st
2d gold 6s.
1996
Dtlca& Blk RIv gu g 4s... 1922
&
53
al928
C
Erie
2d
Pitts
g
Pitts McK & Y 1st gu 63.. 1932
1934
2d guaranteed 63
2361
West Shore 1st 4s guar
2361
Registered
Lines eq tr 53... 1920-22
Equip trust4!^8... 1920-1925
79
78
88
J
1
Feb'22
74 14 Sept'20
GO'S Mar'20,
78
78
Fcb'22
88
Fridjy
Price
Sh
L Ist g 5s
1st consol gold 53
Pltti
83
G9l2
istgoid 3123
20-year debenture 43
1929 A
J June RR guar Ist 4s. . . 1936 F
3
High
A
3.
.
I
BONDS
STOCK EXCHANGE
Week
1
9812 Nov' 18
M
3^8
Jan.
"S
i
901s JuQe'2l
83
N. Y.
Since
93U May'20
9414
1931 Wl
1931 Q
1940 J
1940 J
1951
1942 m
§^
High No. Low
Ask Low
Bid
94
|
Range
f
-g
I
S:
I
Rutland
1
New York Bond Record— Continued— Page
722
N. Y.
—
—
ft
Due
July,
t
Due Aug.
o
Due
Oct.
p
Due Nov.
j
Due Dec.
,<:
Option
91
77
76
sale.
New York Bond Record— Concluded— Page
BONDS
STOCK KXHCNAGE
N. Y.
Week
ending Feb. 17.
Week's
Range or
Feb. 17
Last Sale
1952 A O! 6134 Sale
93
96
1937 J J
72I2 74
1943 A O
p 1943 Nov
1946 M S '8412 "ssu
Income'59
Western Pac Ist ser A 58
Wheeling & L E 1st g 53
Wheel DIv Ist gold 53
Exten & Impt gold 5s
Refunding 4Ks series A
RR
1928 J
1930 F
1906
1949
M
M
1st coDSOl 43
A
943j
913g
8512
S
60
S
62^8
A O
192fi
J
WInston-Salem S B 1st 4s. --I960 J J
1949 J J
Wis Cent 50-yr Ist gen 43
Sup & Dul div &. term 1st 4s '36 M N
95
Sale
64
'.8
80^4
75'4 Sale
77
Range
I
Since
Jan. 1
N. Y.
61
Feb'22
36
Oct" 17
84>«
9318
9II4
90^4
Feb'22
Jan'22
85%
78
32
8418
92l2
9II4
52
02
61
64
Feb'22
"4
77
78
74I3
75ig
77I2
1
1945
2002
3S
secured notes
;tl921
Certificates of deposit
Certfs of deposit stamped
19.i0
Bklyn Un Kl Ist g 4-53
Stamped guar 4-03
1956
Kings County E 1st g 43- ,1949
Stamped guar 48
1949
Nassau Elec guar gold 43- -1951
Chicago Rys 1st 5s
1927
Conn Ry & L Ist A ref g 4H3 1951
bii
4OI4 ---
3-yr7%
F A
F A
30>8
727g
72
66
18
Sale
15^4 Sale
64 14 Sale
62
62
5218
6734
83>i Sale
90'4 92
46'J
A O
MN
6s.
194S'
M
J
N
A
N
J
J
J
O
J
O
J
.V
J
J
J
Bklyn Edison Inc gen Sa A-.1949 J
J
J
J
Groat Falls
i
J
D
M
J
-V
A O
J
J
J
J
Columbas Gan 1st gold oe. - - 1932 J J
Conaol Gas ."J-yr coov 78
1925 Q F
Detroit 'Ity Gas gold .59
1923 J J
Detroit Edison Ist coll tr 5s.. 1933 J J
1 1840
B
tl940
Daqnesne Lt IstA eolISs
1049
Havana \-'.\nr co(iV)l g 5a
1952
Hudson Co r;a.i lit g !m
1949
Kan City rMo) Gail Intgea.. 1922
1937
KlrKS Co El L A P K 5a
Purcha»p mon-jy ««
1997
Convprtlhle dob 6«
lOJ'i
Ed El 111 nvn Ist con g 49. 1039
Lac Gas I. of 4t L ref A ext 5a 1934
Mllwaukw Gaa L Ut
M
M
B
J
J
d
f A
N
A O
••
A O
A O
W
3
J
J
A U
1927 «* N
4a
Newark Con Oaa « Sa
1948 J D
If Y I-^lliioa in A ref (IHs A.I04I A (>
WYGELAPgiVi
N
1948 J
Purcluutc money c 4*
1949 '
Ed Elec til III cons g .'la .. 1995 J
Y A Q Fn L A P Ist noo K S« 1930 '
Pacific r;
unifying
<Uir\>
Pacific
a K Cn
«•;
A K
OA
-(;n\
*
rr-f
Iv—
,>i
A r<-f 'm
in A r.rf 20- yr
i{irn
.
Pac Pow A l.i
Pal A Parnate O A Kl .5a
Peop Oa* A <: i<t rouii K
.
I
M
1037
1942 *
59 '30
••'
O
A
i
A
**
J
A
1049 ^( ^
n*. . 1943 * O
*
Riifundliig gold .'19
1947
.
••
f.TjfJ L A fok«! Ulgil gSa 1037 J
Con f»f;oof <;b Ingu g.'xt. 193'! J •*
M
Ind NatGvt A Oil 30 yr .> 103^,
' • '- /u c fm. 19*7
M
VI'! •
Phll^
1922 ^' **
« Vi
Bta;,
,, H ffln....1926 J
•
19'.
iTBcuic ^^n\l'.\uJ^ im g .>
iJxhi A i'ii-«<«' r^
M
.
M
M
.
.
menaa
TrantoB
.
OA
Unkm KXm
f:i
t.t
1
A
>
%\
g
I'
ut (
M
nn <
Rataodlng A «Ttnnilon .'m
Uoltad PuH rjjw ut n f a*
PowT A
Utah
Utioa
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n«-r'
I.
1. 1
4 !
1
I9i'( *•
r^
in
rm
]<t g 5a
.
.
.
I
Adii
J
<
AJa^i
f>.
V
I
A
.
.lOM
Am
«
M
1048
.103A ••
.
19%*
f
(U
•
K
A
1031
10 Ti
I'Jfi-,
Drl«
rrld«y
15»4
6-3%
18i2
1634
6434
63
64
65U
M
65I4
82'8
56
17 Is
1712
84
50
34
30
8
6'4
66
83I4
83I4
60
8212 Sale
78'2
55
56
30
9012 Sale
7234
laUt^
bM
75
7034
63>2
7034
34
75
79
59
93
71
47I2
1
92
89
260
374
934
19'.2
7^
17
54
65
57I2
57I2
4334
6412
65-54
31
9034
92
91
101
9934
Sale
1U2>4 105
1U'>2
89 dale
933g 94
90 Sale
100%
171'
20
1
29
7914
79I4
S3
85
714
56
38
SO
9
661s
83I4
17
3
25l2
32%
24
32
51s
434
61
12
913
7I2
6712
85
81
4 78Is 85
23 ,102 IO4I4
84
I
56% 62
Jan'22
Jan'22
217
83ls
56
Mar'2l'
Jan'22
I
5
1412
671.1
88
8934
96
73
98%
60
60
75
8312
51 12
'7'2"
73
56
'lih
•4
„8 89% 91I2
26 100
101%
9112
101
105
106
21 IO6I2 108%
10734
89
89
93"8
I
^\
8712
•^
I
90 14
91
92
93%
88I4
9014
90I4
V*
90
90s 90
90'4
80
75 Sepl'21
l-«8 io'3'" 105%
104 Sale* 103
104
95 >8 '97" 03
Jan'22 -."I 93
93
U5
94 's
96
96
yi>4
91%
89I4 92
01%
92
33
IOC'4 Sale
9912
10034
9912 lOl'a
86l
101 7« Sale 101 >2
102
100 10234
12 77I4 87
Stf-n Sale
82
8-1%
<
I
I
ton
87
»4'4
97I2 Sept'2I
9tl2 86
109'2 lOtf'j
lOl
82I4 8 7'
82
0<)'4
5
87
06
88
9712
7812 .Vlay'20
04
81U*)
87*4
Knlj
HH
H51<
101
105
IM
85
00
9714
aaJo
86
S7»4
8Mt
Wt
»'<l]
HH<«Hal«
HH
%\^
.-
fM
81% S^
86
87 "i
90
8912
314 I05»4 108
6 92% 9512
70
80
a 97I4 9714
>.)
J
03
87
69
5
87»«
go
88'4
8812
i6n4 ioMi
Fnb'J2
t)irc'2l
85
80
Olio
78i2
87«4
I
SO
M.VM7
Jaa'22
78'j
Feb'2'i
09% 100
e.jii
m\,
04
04
Kcir22
79
73
lire' J
80
8«
Junr'JI
H3>* Hnpt-21
(Vpf 1
8
Oft'l
O-.i;
M7i»
HH'4
.Mar '20
Nov' 10
95
M7
77
7ft'l
J
"'
oau 97
87% sy%
«al«
H'«
H
HaJn
73
M
72'1
Ml;
i
7'4
HH
n
"bS
'
10
70
2H
"»
HOIt
23l|
0.'.
Q.'ilj
Hi
ViUii
VrUli
l(>4>S
(hVi\
•ioi*
H«l«
HH'«
•Dm
H'l
76
*2
lot
Hi
»
7'«
72«4
HH«4
Babi
H'O,
a
101%
69
f
'>2
'»
70
95
88%
91% 91%
82%
Diamond Match
Distill
E
dii
I
dil
s
A Co 7 Ms '31
8s
f
IW
M
O
D
N
S
D
A
S
A
N
A
N
D
J
N
M
A
M 79
193
91% Dec'21
A
mA
Imp
9
59
f
A S'lS'i Iron 8 f 5s
D"bi"nture 59
Colo F A I Co gen 8 f .5s
J
J
J
U
r
fls
of I'll 9 f 7« A
llln Trl lit 30 yrnr 5«
r'-liMi'i
u'runiTrltil
Ist B 4h
f'lilili'
10
Ciinih T A T Ist A gen 59
Mli-b Hlntr Tnlpph Ist rm
74
HO
N V
.
.
.
T'-l'-p fnt .* ifni 9 f 4i<,9
l\»
f
.111
I03I4 I0'»
No
"da" '6a'
i4/„,ih Holt
r»rlf|p
i<
gold
r
in
:
in *
I
I
nl lat
TH * T
'I
.-b
11,1
7i
\
59
tat 9
ir
f
rm
rur 59
li
74
74'4
IO4I4
Sale
86
10214 Sale
93
98
46,
84
87%
95
101%
83
88
84%
82
99
1
4
103%
100
76
100
76
9434
09%
Sale
103%
104
101
IOH4
75I4
104%
112
11234
98%
74
74
104%
8.5%
10234
103%
II5I4
95
114%
94
Jan'22
Feb'21
97
99%'
100
Jan'22
95
96
12
1
Sale
9934 Sale
105% Sale
106%
I
87
40 104 106'8
7
X)% 98%
95
IS
93%
90%
93%
92%
104%
9934
98%
96%
93%
88%
05''4
.S;il(;
03
88
78
8I34
8I34
80
04
liS'i
1
40
33
68
AUK'2I
Apr'2I
I
82
84«4
71
Hi
72
80
89^ "28 «(?% "do
99%
62l 96% 99%
98% 20 93«« 09
86%
86%
32| 82
'liio
•
July'2I
01
01
04%
03%
93%
70
OH
Sl>^
117
Si
Jaii'22
lOD
100%
'
92
'19 14
"7.'.
52
05
00
6
I
163
1,
'.i:>,t
S,il.,
0,'.«4
07%
11(1%
107*4
111%
lllMI.-
98%
72
Hain
'7'2»4
Hiili<
07
Hiiln
oim
HnO-
108*9
A
to
H9%
00
07
ao
20
00%
37
0(1
1019
103%
1941
UK"- Huln
1(12%
1(13
mil
Itl7i.
Halt
Hal«
I(l7i«
107%
nn7
or.
1911
II4<4 Kill.'
I'lIK
02%
M
N
03
I OH
tl>UA Ant.
0i>:
Hftir
Hnio
oDun
113
ON
73
07
1)4 >4
05%
04
04
03
06
I07S
or>4«
08
01% 07%
112
i07«« 112
97% ON
72
78
HH% on
07%
NN% 01%
02 101*4 ia3%
250 101% 103%
09 1117
I0H«4
an 01% OAi*
11
oa
DA%
3 90«4 OA
A 88% 03*4
0»%
03
tOH
82
00
00% 101%
00% 09^
228 ION
72
OH
03%
86% 80%
N0% 8a«<
3
tH6
0(1%
lll'i rtulK
"87"%
87" "00
Feb' 22
.-i.llci
90
78
07
99I4;
011%
si'
89' 'of
Fel)'22,
88 Bale
HHu'
WJ\
82% HiH 82% Krh'22
0«t%
89
6
84%
87% 91% 85 Nov '2
Bull'
87
87%
S6%
't'd'u
m
21
Salo
IUOI4 dale
96% 96%
89% 93%
87
Doc'2I
8.S»4
79
96%
03%
71%
8I34
9,8%
011%
70
93
92
37 90% 95
26 99
100
73 105 107%
21
97
99%
10«i
97%
Sale
Salo
!
95
93
Sale
100
88% 88%
97%
96%
Sale
8134 100
96
97
56 104 ioe«b
14 «.)2
95
10 100% 10134
55 86
88
94*1
101
9934
88%
94I4
100%
100%
103%
99%
97%
Ocl'2I
Jan'21
105%
97% 08
98
11
98
94.'>s
100
9834
86%
94
106%
92% 94%
92% 92%
99
82
3
38
I
84
!
3
55
'
88% Jan'22
,
1
I
96
98
78
10)
159 110% 113
208, 9734 99%
5' 72% 75
1 102
104%
18 86
87%
44 101% 10494
6 112
11.5%
45 91% 95
3 112 115%
86
102%
'iMu" dily
95
23 103
104%
99%
99%
7OS4
31
98
9734
110%
46%
93% 93%
13
78
100
106
34
145 103% 105
661 99% 103
93% Jan'22
89
951
I
I
I
8'*
91
85
MN
M .N
J
J
M H
16 107
14
35
33%
74% Sepf21
96
100
79
59 60
74 54% 77
34 101% 104%
104%
108%
103%
107%
I
98%
88%
93% 96%
96
96
98% Feb'22
76i2
75%
74
75%
88
97
'
Jan'22
96
UVi'* ini'i
«,'.<)
3; 99%
100%
76
76
11
22
9538
97
Sale
Sale
1
IO3I4
115
01%
96%
81 81% 98%
S3 100 102
27, 81
84%
37 86% 89
116 80% 84%
11 103
104%
8834
81%
Safe' 93%
114,% Sale 112
93 Sale
93
94
9434 92%
08%
11139
I'llrt'
May. fDun Jonn
Sale
112% Sale
98 Sale
891.1 .Safe'
1925
1945
1943
2397
1937
Hli4
I
Jaa. tfDua April. af>ua Mur. «Oua
9934
103
9s-'4
Am
ronvrrllbin
77%
03%
tVlcKriiith and Tolcphono
Ti'Ipp A Tolntt coll tr In. . I9a9
Coiivnrtlhtn 49
1930
1933
JO yi-ar conv 4 Ha.
III v<'i«r tJ'inp coll tr 8a
. . . 1940
•.< ir
27
85
95
71% 71%
.
M
76
99 14
87
MIA
dions
9 t lOflO-yr 59|r«w
Victor F^icl l9t 9 f
. 1953
Va Iron foal .It f-'olin Ist g 5a. 1040
^ale
IOII4 Sale
9334
"843J Sale
.
rfl961
103%
lilO
.
.
103% 103%
1
"
95%
100%
106 14 Sale 105%
9434 Sale
94 14
100% ^ule 100%
80% Sale 86%
10414 Sale 104
9734 97
97
coll .5s gu
1st
ref .59.
H Hl/wl f:orplroup
77%
83
89
aI926
1943
1931
1950
A
Cons Coal of
192
Elk Horn floal conv Os
1940
Illinois Steel <yi>h 4Uj9
1952
Indiana Htivl 1st 5i
Lackawanna HipH iRt g 6s. -. 1923
19.50
Ist cons 6s series A ,
I^-hl'fh r. A Mttv 9 f 4 ^9 A . 1954
MI'lvrtIc SKwI A O conv 9 f ,59 1936
Pli!Jisant Val Coal Ist 9 f ,59 . 1928
PiK-tth c:on Colliers in 9 f 6s. 1957
Ifti'ib I A rt 10 30 vr .In 9 f . 1940
I» 59 HtmiKl. . 1955
Hi I, rio''k
1951
TiTin Coil I A RH gen fm
Col Indus IstA
8434
90
MN
J
MN
1942
1936 J
1932
Buff
103%
103%
94%
N
MN
guar A
10734 Sale
34 14 Sale
OS
92
WIckwIre Spen Steel Ist 79.. 1935
C->al. Iron and Steel
1926 J
Beth at.ep| Ist ext s f .59
ref 59
lit
2f>-vr p
77%
97%
I
Jan'22
87
IOOI4 103
94I4 Sale
94 '4
1932
1922 J
Dec
10134
S
M
12-year s f 7Vis
Wi-Mt Klpctrlc 1st 59
Woslln-jhouse K A
99
103%
O "93%
A
O
D
J
MN
MN
O
MN
conv 63.-1926
S Smelt R"f A
Va Caro Chem 1st 15-yr 53.-1923
«1924
Conv deb flfl
IO5S4
102
94% Sale
84% Sale
•
M
U
85
76
94
6
348 98 102%
76 ,105% 107%
3 92% 99
30 100 103%
32 10184 105
87
87
100%
105
99
104
M
1941
FIsk Rubber
General Baking 1st 25-year 631936 J
1942 F
Gen Electric det) g 3 Hs
1952
Debenture 5s
1940 F
Feb
20-vear deb 69
Goodyear Tire A Rub 1st s f 83 '41 IVI
el931 F
lO-vears f deb g Ss
Int \irrie Corp Ist 20-yT 58.-1932 IW
1926 J
Internal Cement conv 8s
1947 J
Int»matlonal Paper 53
1931 IW
Kellv-Sprinifleld Tire 83
Liggett & Myers Tobac 7s.. .1944 A
1951 F
.is
194-1 A
I»rlliard Co (P) 78
1951 F
.is
Nat Enara A .Starapg 1st .59. . 1929 J
Nat Starch 20-year deb 53- . - 1930 J
1952
National Tube 1st .59
N Y Air Brake 1st conv 63. ,.1938
Packard Motorcar 10-year 8sl931 A
1931
Porto RIcan Am Tob 89
Sharon St^l Hoop Ist 83 ser A 194 1 IVI
1930
Ist
.5s
Milling
Standard
Steel A Tube gen 9 f 79 ser C. 1951 J
Union Bag A Paper Ist 59. . - 1930 J
1930 J
Rtamood
Union Oil Coof CftI Ist .53.. -193 1 J
1941 J
Unlti^d Drug conv 83
U 9 Realty A t conv deb g 53- 19'J". J
1923
U S RubbT 5- year sec 73
1947
Ist A ref 5s series A
1930
10 mar 71^9.
Ist s
95%
76%
99%
lOUo 101% 101%
M
Sec Cor conv 1st g 53. 1927 A
1938 J
Pont Powder 4 (^3
Pont de Nemours
9«%
|
deb 7^9.1936:
f
3
11
93
99%
102
I
103
95
88
98%
F
89
90
99
93
78
27|
I
79
Sale
94% 96
2 100% 102
101
Jan'22 ..
95
95
46
89
88% 8934
3 90
91%1
92
Jan'22
79
79
"42
97%:
94% 98%
11
7714I
73
78
95
SS34
9S
86
1!
124
39
97%
103
3
123
77
91
111% 114
1
83%
10134 101
88'2
9II4
96>2 Sale
76% aSIe
100 Sale
105% Sale
194 1 A
1928 j
.
83%
75%
97%
87%
fil
86 J
89
04
1
llrll
2
Bait
Bait
S3l|
& Co
63.
f
87
Sale
9234 Sale
99 Sale
101%
Sale
"
95' Sale
83% 85
77 Sale
97% 9712
9»i
M
m
7
.MBy'2l
75'4
87
87
m
92
93% 96
1928 A O
1941 F A 100% Sale
1931
N 83% 8.5
88% Sale
1947 A O
81% Sale
1939
j j
f
IO3I4
1936 F A 103
Atlas Powder conv 7 Wsg
99I4
101
1940 M N
Baldw Loco Works Ist 53
76
Sale
1931 F A
Cent Foundry 1st s f 6s
95%
Sale
1925 A O
Cent Leather 20-year g 53
1931
N 95% 98
Com Prod Refgs f g 59.
1934
N 95 98
1st 25-year s f 59
Cuba Cane Sugar conv 7s ...1930 J J, 76 Sale
75
75%
Conv deb»n stamped 8%
3 104% Sale
Cuban Am Sugar 1st coll 8s.. 1931
(.'.Til
7ai, rtalo
93
87
Md
78l2
m
'iji,
HS'2
101
87'!
H5>| -•-
on
88
July'17
Jan'22
H'J'il
87>i -.--70
...
78
047| ...
0^14 ...
87
I08I2 I09'2
98 lOI
I09'2
1
83'(
8512
0^f2l
Jan'22
Feb'22
Sale
»;
8
UO'2 8912 Jan'22
84*4
lOllj Apr' 17
100 Sale IO.VI4
\mh
95 Sai«
9.)
9
7812 7V-, 7«i2
79
il7>4 Salfl
"
88%
89
1958 J
<;1946
1st 25-yr 3
|
30
9
84
m
5s.. -1946
Am Agric Chem 1st c 03
Istref sf 7^9g
Am Cot on debenture 5s
Am Sm A R 1st 30-yT 53 ser A
Am Writ Paper 3 7-63
Feb'21
Dec'21
32I2
98,
Manufacturing and Industrlal|
64l2
8334
9234
50
87
89
Dec'21
80
87
Feb'22
87
87
96
96
93
92%
99
99
102
100%
9184
95
89
87
87
86
1939 j
A
D 73.
10-year conv s
50
SS^s
99
1939 j
53
f
114
38
1951, p
Ist 5s.. 19321 j
ser
27
90%
10034
g 43
lstseriesC63...
1st series
Wilson
39" 40
79I4
8412
93%
89%
109
uO
West Penn Power
65I4
I
105
107
Wash Wat Powers
111
1
High
100%
M
66
I
102
19
55I2
66%
High No.^ j^ru)
35 111
111%
113
m
84
38
6
83'4
92»4
81
3412
Feb'22
6412 Jan'22
92
75I2
4^3
Since
Jan.
90
1
Ist s f
.50-yr 1st
Ask Low
Range
112
Niagara Falls Power
al932 a
Ref & gen 69
Nlag Lock & O Pow 1st 5s.. 1954
1941 a
A.
Nor States Power 25-yT 53
1943 F
Ontario Power N F l.st ,53
1945 ivi
Ontario Transmission 5s
Pan-Araer P A T Ist 10- yr 73 1930!..
Pub Serv Corp of N J gen 5s. 1959 a
Sinclair Con Oil conv 7^^3 ..1925 m
al93l f
Standard Oil of Cal 73
1925
Tennessee Cop 1st conv 63
1931 F
Tide Water Oil 6^3...
1930
Union Tank Car equip 78
F
66I2
64
66
f
Week's
Sail!
ivi
1940
1st 9 f 59
Marine s f 63. .19411
& Co
N Y Dock
68
63
Last Sale
90
m
Morris
-iO's
o4
75
Range or
I12I2 113
N, IOOI2 Sale
8tii2 Sale
o'
Ss with war'ts 193 1 a
1936
Mexican Petroleum s f 83
Nl
1943 j
Montana Power 1st 5s A
38
27
67
50
59
I9-,.-,
flill
I
Jan '20
151
79
301
59
92%
IV.
f
3412
70"-
18
73
tl
104
1
1
81
75
Jan'22
92%
7o
034«
.1050 J
fm.
,
June'21
70^ Jan'22
65
06
77I2
5734
81 58
5812
10
29
7
6
5
...1
54
IO3I2
10334'
87
9034 Febl7|
87
8II4 Dec'21
83
32
61 Sale
60 14
6II2
66I2
57I4 178
5578
88I4 Feb'22
91 >8 92
98 '4 U8I2 98I4
98"4
19.V> i
I<t4l f
•out
63
84
103>2
88
I0.S7
W<»<^
Sale
Sale
8312 Sale
66
84
\'IM
.llCiO *
,
31
70
61
6612
31
35I2
1925
83
Pow
Inter Mercan
arland Oil s
80
|
General 6s seripfl B
1930
General 73 8erle< C
1930
General 79 scrleB D
19 10
Bklyn Un Ga.i 1st cons g oe. . 1945
Ctncln Gas A Elec lat A ret 5s 19.56
Oolnmbla G A E 1st 5s
1027
Stamped
1927
ref 59 ser A
ref 09 aertea
8I4 Sale
7
A O
Va Ry Pow 1st A ref 53
1934
Gat and Electric LICht
eOSj
29<2
6'4
United Rys Inv 5s Pitta Issue 1926
United Rys St L Ist g 4a
1934
St Louis Transit gu 53
1924
A
Sale
29% 30
al942
81
75
7914
Sale
StJig
66'2
62=4
82'4
11
Jan'22
Dec' 11
7513 Sept'21
79I4
84
4J
40
66
38
Feb'22
68
40
54
92
Y State Rys Ist cons 4^^3.1962
Portland Ry 1st A ref 59
1930 .M
Portland Ry Lt A P Ist ref 58 1942, F
l8t A refund 7Ks 8ef A.-.1946 M
Portland Gen Klec 1st 53- -1935 J
9t Pau' City Cab cons g oa.. 1937' J
Third Ave 1st ref 4a
I960 J
AdJ Income 5s
..ol960 A
Third Ave Ry 1« g .59
1937 J
Trl City Ry A Lt Ist 9 f 59- . - 1923 A
Undergr of London 4H3
1933 J
Ut A
60
1712
40'4
N Y Munlclp Ry 8t3f53A.1966
N Y Rys Ist R E A ref 4S-..1942
iBt
64
64
60
56
37%
58
Sale
57^4 Sale
W
Income
Sale
56
79
N
N
68
55
70 '8 Sale
1957
1957
1932
Y
Interboro Metrop coll 4HiS--1956
Certificates of deposit..
Interboro Rap Tran 1st 53. ..1966
Manhat Ry (N Y) cons g 4s.. 1990
Stamped tai e.'cempt
1990
2d 43
.-.2013
Manila Elec Ry A Lt a f 5s.. 1953
Market St Ry 1st cons 5s
1924
5-year6% notes
1924
Metropolitan Street Ry
B'way A 7th Av l.st c g 53-1943
Col A 9th Av l3t gu g 53.-1993
Lex Av A P F Ist gu g 53.-1993
8 El (Chic) Ist g 4s. - 1938
Met
Mllw Elec Ry A Lt con3 g 53- 1926
Refunding 4 cxten 4!^s.--1931
Montreal Tram 1st A ref 53. .1941
New Orl Ry A Lt gen 41^3.-1935
Certificates of deposit
30-year adj Inc 53
Certincates of deposit
66)4
62^4 Sale
82>4 Sale
81
82'4
66^4 18
6tti>4
A
53 ser
Adjust income 5s
A Jersey 1st 53
67
60
Stamped guar 44s
1951
Det United Ist con.'* g 4^3... 1932
Ft Smith Lt iTr Ist g 5s
1936
Hud & Manhat
3934
Price
Frldai/
Feb. 17
111'4 Sale
M
Granby Cons
Stamped
Conv deben
Street Railway
Brooklyn Rapid Tran g 5s
Ist refund conv gold 4s
j
j
Coraputlng-Tab-Rec s f 63...1941I j
S A P con 6s A '28 u
1928 ivi
9313
91'4
8
77
Sale
J
1983 j
C 6Hs (ctfs)
Chile Copper lO-yr conv 7a-. 1923 M
Coll tr A conv 6s ser A
1932 a
87
34
75I4
7454
193llj
ChlcUnSta'n lstgu4^i3A-.1963 J
1st Ser
esu
61
17.
Cerro de Pasco Cop 83
Mar' 17
59 '4
63
gS
aC
^a-
Bid
915s Dec'21
74
S3 -a
BONDS
STOCK EXCHANGE
Week ending Feb.
High No. Low High
6IS4
40 5812 61^4
Ask Low
Btd
West Maryland Ist g 43
West N YA Pa latgos
Gen gold 4s
its
Price
Fridau
7 23: J
4
,
'
27 106% I0N%
Oct. (l>ua Dnr. fOtitlon snip
—
"
1
BONDS
BOSTON STOCK EXCHANGE— Stock Record
724
HIOH AND LOW SALE PRICE—PER SHARE. NOT PER CENT
Saturday,
Monday,
FeD.W.
Feb. 13.
Thursday,
Wednesday,
Tuesday,
Feb.li.
Feb. 16.
Feb. 15.
STOCKS
BOSTON STOCK
Sales
for
Friday.
Feb. 17.
See next page
Range
sirtce
Jan.
Ranje for previous
1.
year 1921
EXCHANGE
the
Week.
Lowest
Highest
Loioest
Highest
I
136
78
•95
136
78
96
136
78
98
*17'4
17I4
17li(
20
48
78I4
96
1758
•21
20
27
39
37
*26
39
'35
136
27
•37
36
48
•140
t
27'
39
37
*3»4
30
18
17»4
*70
•70
•77
20
80
20
30
I7I2
I8I4
1934
28I4
75
Y9"'
18
37I2
•3634
40"
49
140
1
•3OI2
3OI4
1778
74
•70
80
1778
18
75
75
75
75
SO
20
81
2034
82
20
85
1934
1978
85
593*
5012
5934
50
59
•.03
.05
.03
.05
31
•312
4
I.5I2
15%
118%
•15I2
83
108
83
108
•83
•I3I2
16
8212
*82l2
50
60
5012
50
60
•03
.10
312
1534
31
19
74
80
5012
59
•85
90
50
59
51
59I2
770
52
231
West End Street
67
69
84
38
•3634
100
100
-.100
100
100
Do pref.
Do Series A 1st pref. .100
Do Sarles B Ist pref.. 100
Do Series C 1st pref.. 100
Do Series D 1st pref.. 100
Boston & Providence
100
Bost & Wore Elec pret.No par
Cblc June Ry & U S Y
100
Do pref
100
Maine Central
100
N Y iV H & Hartford
100
Northern .Vew Hampshire. 100
Norwich & Worcester pref. 100
Old Colony
100
Rutland pref
100
Vermont & Massachusetts. 100
11
49
140
90
82ij
28
40
38
12
45
Jaa'22
Feb'22
Feb'22
*30l2
I7I2
31
102
1734
,106
32
3
193
20
85
21
86
59
59
Railroads
Albany
Boston &
453 Boston Elevated
Do pref
38
517 Boston* Maine
78
"1712 Y7'l2
2OI2 2OI2
Last Sile 334
List Sile 130
List Sile 85
•130
•84
30
136
77I2
98
28
40
•334
30
•70
•70
77
17
•2OI2
24
40
140
•84
7812
3034
48
136
78
98
39
48
130
*
9718
I8I4
9718
1734
136
136
136
78
•21
27ii
140
"*33«
*130
•84
136
78
Shares
57
70
Do
50
50
pref
13OI4
75
95
14
20
22
36
30
40
Jan
Jan
Jan
Jan
Jan
Jan
Feb 4
Jan 18
4
136
11
12
80
98
10
I8I4 Feb 15
24l2 Feb 2
28I4 Feb 15
41
Jan 31
37I2 Feb 7
9
5
Janl7
Jan
Jan
125
Jan
384 Jan
130
Jan
8012 Jan
2712 Jan
26
I214 JiiD
9
12
12
19
9
49
140
334
130
Jan
119
6178
78
16
Jan 30
Feb I
Jan 27
Jun 19
Apr
133
Jan
Jan
79
Nov
Nov
100
Deo
Dec
2584
Nov
Aug
Nov
Nov
Nov
30
33
47
June
314 Jan
Feb
130
63i2 June
133
I3I4
16l2
19
27
24
36
110
40
58
384
130
85
33
Feb 7
Jan 4
30
3
19
Jan 10
Jan 17
Jan 6
15
Jan 20
78
Jan 23
4812 Jan 5
68
Jan 11
75
75
Feb 15
Feb 2
Feb 16
60
Dec
Dec
Apr
61
Nov
76
50
75
21
78
30
69
58
57
12
82l2
43I2
Feb
Jan
Jan
Feb
Jan
Jan
Jaa
Feb
Feb
Dec
Feb
23 14 Jan
75
Feb
Jan
Jan
Jan
8478 Jan:?I
21
Feb 17
86 Feb 17
15
Oct
Apr
69
Nov
Feb 4
Jan 20
40
40
Jan
Jan
61
Aug
3
Jan
584
Dee
51 12
60
6II2
Deo
Deo
Deo
Miscellaneous
3l2
3lz
1534
117^8 11818
*15->8
118
106
•83
10812 IOSI2
83
83
•1234
•13"2
*.60
*.17
*.04
j
.75
.25
.07
53
•46
100
5
I3I4
53"2
47
5
•I3I4
14
5612
*3l2
•10
*2l4
5I4
10
*82
•2l8
•514
lOU
10
8512
•83
1334
.65
2534
25I4
295g
2578
30
Ys"
6618
6612
87
67
66
66
661
I8I2
1814
78
78
IOI2
IOI2
334
114
114
*12l2
loig
•167
Stock
Bxchange
Closed
Ifil;
113
*12l2
14
Lincoln's
IC8I4
I6I2
168
334
114
14
I6I2
169
312
2I4
5I2
IOI4
21s
10
•82I2
87
67
•4
•4
5
101% 102
•62
*11
38
•25
22I2
285x
8^8
6412
8:
8
23
8
23I2
3II2
•31
•32
•I5I2
*1'4
I3I2
5
101% 102
6412
12
38I4
25I2
2268
28^8
1418
13I2
56
5834
*16
4')l2
56l2
4612
I4I4
25I4
2578
2934
461
16078
160
6
I3I2
581,
478
1334
47g
I414
.75
2512
29I2
2578
2934
.75
'
•75
Jan'22
*3l2
7734
4I2
III2
*2l8
2%
514
5I4
•75
7734
4I2
III2
*3l2
•10
2
2l8
Ids
IOIr
Last Sale 8312
Feb'22
65
*12l2
16
108
168
•378
114
168
Do pref
50
20
Amer Telephone & Telcg..l00
No par
245 Amoskeag Mfg
No par
Do pref
260
Art Metal Construe Inc.. 10
25 Atlas Tack Corporation No par
Beacon Chocolate
10
Boston MexPetTrustees.Vopar
Century Steel of Amer Inc. 10
.580 Connor (John T>
10
520 East Boston Land
10
3,267 Eastern Manufacturing
5
25
4,641 Eastern SS Lines Inc
Do pref
14
50
572 Edison Electric Ilium
100
160 Elder Corporation
No par
No par
4,770 Gardner Motor
50 Gorton-Pew Fisheries
50
3.594
1.247 Greenfield Tap & Die
25
944 Internat Cement Corp.ATo par
Internat Cotton Mills
50
Do pref...
22
100
No par
29 Internat Products
100
Do pref...
100
830 Island Oil & Transp Corp. 10
50 Llbby, McNeill & Libb.. 10
25
386 Loew's Theatres
McElwain (W H) 1st pref. 100
100
1,090 Massachusetts Gas Cos
231
6412
14
•4
14
5
10134 IO212
*63l2 65
168
1134
1134
III2
3734
25I2
22I4
38i2
25I2
22I2
3734
•2514
22I4
2812
29
8%
7%
8%
24I4
24I2
7%
32
•32
32
34
16
•I4I2
16
138
II4
.60
•.50
35
II2
12
38I4
26
221
29 14
29
8U
81,
8
25
32
•32
8
26
32
•I4I4
•II4
15
I3I2
•4
102
*61
31
4
III2
III2
III2
38
38%
38
251s
22I4
251
22I2
29I4
25i8
381;
25I2
29
8
•8
8%
22% 22%
28
29
8I4
8I4
8I2
8
8
27I2
26
32
27
32
32
34
Last Sale I5I2
Last Sale 1%
615 Swift
10434
6312
Feb'22
Feb'22
& Co
15 Torrlngton
.02
284
13
25
17
.05
IS84
3
914
3812
42
159
4%
10
.35
19
26
30
77
314
7
2
6
8I2
81
63
62
130
2O84
13
72I2
8
3%
109
III4
13
100
7812
10
6
100
25
13
4
5
304 Union Twist Drill
United Shoe Mach Corp.. 25
Do pref
247
25
1,464 Ventura Consol Oil Fields.
10
1,714 Waldorf System Inc
772 Waltham Watch.
100
685 Walworth Manufacturing. 20
50
1 ,755 Warren Bros
Do Ist pref
314
60
pref
Do
2d
50
10
Wickwire Spencer Steel
5
Wollaston Land
5
1 ,30-3
Feb 8
Feb 4
1412 Jan
114% Jan
104
Jan
28012 Jan
166
Pacific Mills
Plant (Thos G) pref
4
102
•61
100
pref
36 Reece Button Hole
100 SimmsMagneto
14
III2
34
II2
14
5
10238
6312
2OI4
3134
34
I3I2
Do
100
29 Mergenthaler Linotype
40 Mexican Investment Inc.. 10
100
1,523 Mississippi River Power
100
343
Do stamped pref
10
463 National Leather
540 New England Oil Corp
224 New England Telephone. . 100
Ohio Body & Blower
No par
1
185 Orpheum Circuit Inc
La.U Sale 7914" "Feb'22
13
I4I2
41s
I.3I2
4'4
1378
67
65
6512
65I2 651"
66
65
65
•14212 143
145
142
143
2II2 •21
2II2
2034 2034
19
19
19
20%
187s
78I4
79I2
7812
78
78
lOij
IOI2
IOI2
1034
lOis
4
334
4
378
37s
II4I2 114
1147g 115
115
Last Sale 13
14
Feb'22
16
16
16
16
16
651-
Birthday
I4I2
83
Dec'21
4I4
*10
10
'5I4
•143
'143
145
207* 2078
21
18l2 1834
19
78I4
77
78
IOI2 1034
IOI4
334
Y734
10
66
83
Last Sale 32
3I4
414
1134
212
512
1014
•1512 16
11878 II9I4
IO8I2 10812
4I8
29 12
30
•32
•75
334
Sile I3I2
I412 •1312
1412
Sale 50
Fcb'22
Sale 18
Feb'22
Sile 05
Jan'22
1934 20
20
I6OI2 161
5I4
I3I4
.65
66l8
145
*2034 21
46
•5
312
83I2
Last
*13i2
Last
List
List
160U 161
1334
.75
66
•143
54
46
108
20
13%
16
nS's 119
20
1934
13»4
78
414
1212
2'2
5I4
.25
.07
I3I4
32
Ys"
*3l2
•10>4
*.17
*.04
4I4
2612
2912
30
1
4I4
.75
26I4
26
29
•32
•75
1334
4
13
14
13'4
.75
4
53 18 54
•46
47
161
160
5I4
•5
I6OI2
•
107
*19% 20
20
4
13
11818
10734
83i2
•1234
•1312 '14
•.75
1
•.17
.25
*.04
.07
Y4'l4
•19%
4
16
118%
4
*3h
10
Amer Oil Engineering
250 Amer Pneumatic Service.. 25
Feb'22
List Sale .05
92I4
60
101?
37
25
2178
2612
7
7I2
I712
3012
34
I4I2
1
3
3
10
17
Jan 7
Jan 20
Jan 18
Jan 20
Jan 4
Jan 4
Jan 19
Jan 4
Jan 7
Jan 30
Jan 20
Jan 12
Jan 27
Jan 26
Jan 20
Jan 16
Jan 11
Jan 9
Jan 6
Feb 17
Jan 4
Jan 3
Jan 24
Jan 3
Jan 3
Jan 3
Feb 9
Jan 6
Jan 9
Jan 4
Jan 6
Jan 4
Jan 11
Jan 10
Jan 6
Jan 5
Jan 5
Jan 17
Jan 3
Jan 3
Feb 4
Jan 6
Jan 3
Jan 27
Jan 4
Jan 3
Feb 7
Jan 3
Jan 4
Jan 3
Jan 31
Jan 9
.05
414
17
11914
117
85
Jan 25
Jan 27
Jan 16
.04
2
8I2
Feb 17
Jan 24
Jan 16
Jan
Jan
Jan
Jnn
15% Nov
96 Is
74
73
Feb
12
Jan
11912
1284 Dec
.15 Dec
.16 July
.0312 Oct
912 July
20
109
Nov
Deo
84I4 Deo
16
Sept
Apr
16
Jan
Jan
Jan
.05 Jan
21
Feb
4I4 Feb
I4I4 Feb
5818 Feb
4612 Feb
165
Jan
21
60
20
9
20
11
I42I4
Oct
5% Jan
I4I4 Feb
28
3
Nov
16
19
9%
Sept
16512
17
23I4
1
Dec
Dec
8
Jan
1914
29
Nov
287g
4ii2
Dec
Feb
18
1
27I4
3II4
2
15
10
17
6
Jan
Feb 27
Feb 4
86
Mar
2
6
2
Sept
13
Nov
32
Jan
Jan
16
5ig
P8I4
Dec
Dec
25
73
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
11%
6
115
13
17
17212
80
14
5I4
24
6
9
4
4
20
Sept
June
17
17
2
85
64
Sept
13ij Sept
Sept
11
136
June
84
60
2I4
Dec
4
Aug
9512 Jan
7
July
28
19
9
26
.412
24
146
Jan
87
14
Jan
Apr
Dec
88I2 July
June
10
Dec
33
Sept
22I4
Apr
I6I4
July
J»n
17
6
1)HC
Jan 20
S
Sept
27 12 Feb 3
36
Jan 13
41
Jan 14
16
Feb 9
I84 Jan 4
11
Apr
17
16
8
Aug
884
A pr
Aug
Dec
Deo
Apr
Dec
Feb
Nov
16/8
6
Apr
Mar
171
121.
Jan 25
914
Nov
Jan
78I4
47
35ig
1412
Jan
May
11284
II84
3014
4
3
Mar
Dec
Feb 7
Jan 21
Feb 17
8% Jan
47g
13
Jan
18 June
9212 Feb
5384 bopt
6812 Oct
117
10434
65i2 Jan 24
I4I4 Feb 3
3934 Jan 6
27
Jan 21
24I4 Jan 3
31
Jan
Apr
Dec
Dec
3
a
13
87I2
20%
Jan
Dec
Deo
Dec
July
Feb 6
79I2
Dec
Feb
19
IO84
143
23
Nov
1778
412
23
42
45
32
74
Jan 27
7812 Jan 6
6
Jan 13
68I4
42
»l8
32
67
16
Oct
Oct
uan
3
Jan
Jan
Us Jan
4
.95
Oct
July
.35
Oct
.4
Mar
9i4May
10584
Jan
61
22
Feb
3914
2512
2412
297a
17
17
221*
3312
3584
Jan
Jan
Deo
Dec
Deo
Jan
Feb
Apr
Deo
Deo
18U Jan
I84 Dec
Mining
'.SO
•6OI2
h> .20
2812
234
884
t
62
.20
2812
234
9
13
•275
I3I2
42'4
•2I4
61
2818
•234
2812
3
8I2
834
I3I2
280
16
•12
275
15
1538
I2I2
42I4
3I2
•12
41
734
8
•214
734
1034
*ll2
•214
11
IOI2
•2
85
•88I2
•23
3Mi
II4
2
2I2
86I4
25
•20
.50
28
28
•234
•834
9I8
•1314
275
*.55
•61
*.20
27
3
1334
280
•234
834
•1314
280
.60
63
.50
2734
3
9
1334
280
15l2
I2I2
15
12
I5I4
1434
153s
12
12
42
42
4234
42I4
*2h
12
4234
3
778
778
3I2
2I4
2I4
734
734
1034
10l»
81s
IOS4
IS-l
*U2
2
212
•214
2'2
2 '8
851
134
85
8778
88
88I2
88I2
23 >4
23
23
2
.50
61
•.20
•25
314
•3
•II4
3I4
II2
•3
I '4
•2I4
234
2
Last Sale
•134
2
IJli IJii
*2l2
234
4l8
4I4
3I4
1'4
II4
•1314
14I2
•11
42
2%
734
•3
3I4
*1'4
2I2
Fcb'22
•134
2
•1%
1'2
23)
234
4I2
4%
2
27i
*21'>
"
278
4
2
378
2I4
4
•134
2I4
1»4
134
•184
67
67
66 18
6614
56I4
6634
5634
5634
•55%
18
I8I4
I7I2
18
18
17%
1778
Last Sale
Last Sale
•I7I2
4
•134
•.75
•38
•76
6
1178
•2
•23
•33
•4212
•44
1'4
.75
Ye"
•75I2
6
578
IH2
1178
2I2
•2
•23
25
•32I2
•4212
3312
44
46
44
II4
76
6
1178
2I2
24
33
44
44
•17%
•.75
•75I2
578
11
•2
•24
33
421'>
44"
4
II4
76
6
*75l2
77
578
6
12
11%
21
25
33
4312
45I2
11%
Last S lie
24I2
32I2
24
32 14
•43
•44
44
46
1134
2i8
Feb'22
2334
3214
•43
•45
•1
Us
!•
II4
1
•.65
1
•.65
1
Last Sile 1
Last Sale .65
•212
27«
•2l2
3
•21'>
"
2»4
234
1>S
H«
1
1"8
•1
2
•.60
2I2
.65
2%
2%
.«0
.60
•2
*.60
3
3
3
3
*2"4
2I2
214
2.4
I'g
1'8
•Iig
1'4
•2
•.45
2I4
2
.60
.45
1012
•10
III
'Bid and aaked
prloe*.
3
•2
IK.
2.4
2'4
2I4
I's
214
.45
IOI2
•.45
•IOI2
.60
111;
oo Kale* uu
1
CQtii
dav
>
1
1
2I4
•00
2%
.01
578
II84
578
I'S
2*4
2
66I2
18
Jan'22
1
40
Feb'22
76
76
•1
•.65
21
.61
3I4
147s
1214
7I2
234
•212
1334
43
•134
•II2
178
884
•2I2
•2%
178
3
280
275
178
•134
»ll2
.50
27
•234
834
•II2
•2I2
378
•134
•238
2334
32I4
44
4')ij
Feb'22
Feb'22
•2I2
3
•I
II4
•2
2 Is
.60
.60
278
3
2
3
2
2
2I4
Us
1%
1
Us
•134
.45
IOI2
2I4
•134
2l8
.45
IOI2
*.40
.50
III2
Lww
III2
Chau too aad
100 Adventure Consolidated..
185 Ahmeek
10 Algoinah Mining
135 Allouz.
100 .arcadian Consolidated
,520 Arizona Commercial
.60
61
IOI2 10^8
1034 1034
•II2
'II2
2
2
2I4
List Sjle
Jan'22
*2i2
•134
278
87I4
8fll2
86I2
86
88I2 88I2 *87l2 89
23I2 2334
23
23
1'4
*3
318
1'2
234
I's
l^S
278
14
275
.50
62
I84
85
88
23
89
..50
.50
61
2I4
2
21.
.60
61
•.20
3
itiitrefl
25
25
25
25
25
5
600 Bingham Mines
143 Calumet* Hecla
7,650 Carson Hill Gold.
11
313 Copper Range Co
25 Ualy-West
205 Davis-Daly Copper..
1,790 East Hutle Copper Mining
175 Franklin
Hancock Consolidated
115 Helvetia
1,540 Island Creek Coal
Do pref
22
34; Isle Royale Copper
Kerr
Lake
250
90 Keweenaw Copper
LakeCopiier Co
100 La Salle Chopper
20n Mason Valley Mine
10 Mass Consolidated
1
Mayflower-Old Colony
75 Michigan
70 Mohawk
770 New Cornelia Copper
10
640
New Idrin (Juicksllver
New River Company
Do pref
NIplssitiK
13
265
37I2
10
10
6i2
IOI2
25
25
25
2
Shannon
South Ijike
< b^t-rlghCs.
d Ez-dlvlduad rights.
IS4
SHi
88
221*
3
II4
2%
II2
5
1%
25
25
25
25
2i2
214
5
15
25
25
25
25
25
10
25
25
30 Superior..
735 Superior A Boston Copper. 10
5
2,620 Trinity Copper Corp
700 Toulumne CopiJcr
3,740 Utah-.\ppx Mining
605 Utah c;onsolldaied
1,055 Utah Metal & Tunnel
466 Victoria
300 Winona
1(0 Wolverine..
li2
1
6
5
100
100
North Butte
OJIbway Mining
Dominion Co
Old
22
55 Osceola
65 Quincy
55 SI Mary's Mineral Land
I84
1
5
1,366
1084
9i2
25
25
20
25
25
25
Mines
8I2
10
25
,530
60
25
1
Centennial
Jan
Jan
.20 Jan
Jan
22
284 Jan
.50
5
6
1
1
25
25
25
lu
631:
1712
I
37
73
534
1 1
2i8
23
31
6
13
9
Feb 14
Jan 20
Feb 15
Jan 20
Jan 4
3012 Jan
42i2 Jan
5
41% Jnn
Jan
1
60
Jan
2t2 Jan
.92 Jan
9
3
31
9
2
60
21:
4
II
Feb 8
Jan 30
Jan 19
H: Jan
1
Feb
1%
18
15
Jan 5
.25
jHn
10
Feb
16
10
7
Jan
.20 Jan
3212 Jan
314 Jan
984 Jan
25
40
13
.15 July
Apr
16
2412
lis
Sept
384
67s
Jan
65
II
Jan 5
Jan 5
Jan 4
Jan 16
Jan 3
Jan 9
Jan 3
Jan 5
Feb 6
Jan 13
Jan 10
Jan 10
Feb 14
Jan II
Feb 6
Jsn 6
Jan 27
Feb 6
Jan 4
Jan 9
Jan 20
Jan 16
Jan 7
Jan 3
Jan 18
Jan 6
Jan 7
Feb
.55
14
285
16
26
3
25
2
284
238
877s
91I2
26i2
3i2
1%
2%
2
1%
3
4I2
2ii
59
Par value $100.
.60'
10
Mar
Dec
Apr
Nov
Jan
Apr
Col
Deo
Jan 21
Jan 23
Mar
14
210
Apr
230
II
7
Dec
leig
Jan
Jan
Jan
10
4084
Dec
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
1
40 Feb
7713 Feb
7
Jan
I414 Jan
214 Jan
Jan
27
37 ij Jan
47
Jan
4612 Feb
II4 Jan
.65
Feb
3
Jan
II4 Jan
3
Jan
84
Jan
3I4 Feb
2I4 Feb
II4 Jan
2I2 Jan
.50 Feb
Jau
12
19
.76
63
Feb 10
Feb 1
8
1312
4514 Jiin25
2I4 Feb 8
914
12I4
Aug
27
1% Nov
414
Mar
Aug
7I2
1184
314
312
26
26
6I4
7
19
1% Apr
30
II2 8<'|it
23
1
15
10
48
76
24
24
I6I4
June
Jan
Jan
Jko
2% Mar
3
.98 Sept
10
Jsn
Jan
lU Jan
.65 Apr
10
10
4
17
2
II4
2% Aug
II4 Aug
23
26
4312
Jan
23
I211
Sept
.40
Nov
18
9
I
4
21
16
25
26
25
2
40
74
4
8
1
28
23
9
.75
.35
17
7
17
2
1
.34
7
I84
11?
8
Deo
Feb
514
Sept
Jan
Jan
312
May
2
3%
69
I884
2
Deo
Deo
Deo
May
Mar
8I3
1414
212
2584
Dec
Dec
July
Mar
Aui:
Aug
Aug
Jan
Jan
Nov
Sept
June
Aug
Aug
Nov
Jan
May
25
8l2
July
Old stock.
312
2I4
57
7
30
88I2 Dee
9012 Dec
241t Deo
Sept
4
2
Deo
95
.95
,40
.35
5
Jaa
Jan
Nov
Feb
1'X.July
3
Jan
Jan
Dec
Dec
15% Jan
21
3312
27g
Jan
Jan
3512
46
45
1%
2
412
214
412
.85
312
5
Jan
Nov
Dec
Dec
Dec
Deo
Jan
Feb
Feb
Nov
Dee
Oct
Jan
2M« Jan
214 Feb
.80
14
x-a vidend.
Mar
Feb
THE CHRONICLE
Feb. 18 1922.]
Friday
Last Week's Range
Sale.
of Prices.
SJtod(_Exch^^^
Outside
Stocks
—
Boston Bond Record. Trausactious in bonds al Boston
Stock Exohangrr Feb. 11 to Feb. 17. both inciusive:
Bonds
U
Last
Week's Range
Sales
for
Sale.
Price.
of Prices.
Week.
96 64 96.74
96.14 96.80
95.94 96.54
96.14 97.04
95.84 97.01
97.04 97.58
96.04 97.34
100 100.20
IIOH; llOH
94
94
50 K 53
105
105
75 JS "5H
97
'
104,'<;
102
82
82
1st
W
K
Income 5s
Mass Gas 4^9
Miss River Power
& Co
.5s.
Warren Bros 7^Js
i
1931
1951
1932
1925
..1944
1937
53
Western Tel
"75>i
97
102
81
88K
SIK
S8^
90
"94H
89
93.4
19.34
X E Telephone os
Seneca Copper Ss
l«wUt
52
105
92
92
97 K
97
92
Tel 59. 1932
Range since Jan.
I
H
89 H
94,"-j
105
92
98 K
93
1.400
1.770
150
3.300
15.900
10.900
24.100
16,150
5.000
2.000
47,000
6.000
1,000
27.000
14,000
4.000
Jan
Feb
Feb
Jan
94.64
95.94
95.84
95.94
95.26
96.24
95.64
99.82
1083^
94
50 H
100
Jan
Jan
Jan
Jan
Jan
9534
101
79 'A
Feb
80 H
2.000
10,500
10.000
3.000
10.000
17.000
9.000
86
88
93
105
91
97 H
90
Jan
Jan
Jan
Jan
Jan
Jan
Range since Jan.
Par. Price. \Loic.
Feb
Jan
1.
Week.
American Radiator
.\nnour & Co. pref
100
100
Armour Leather
Beaver Board
Case (J I)
Chic C'y A Con
(«)
Motors
(•)
Prior Preferred
6H
'4
3
2
116
BH
5H
62
2 hi
109
lOOH
82,4
14
K
49 «i
10
New
Albert) 4 Co... (•)
Stores Inc "A" (•)
of .Vor III , com 1 00
<iuaker Oats Co
100
Reo Mou>r
10
8nra, Roffbuck, com ioo
atandarrl Cas 4 Klec....50
Pick
Wl8
.Ser\-
com.. 100
100
s^-
15
.1
T.
Th',
•
"A"")
Vt.
Vr
<k
Ky.
1
f-
2H
24 4
38
88
155
18 K
32 H
104
22
3
/.
'.v
.V
r;,
H
oc
J.
,
1
1[
60
62
24
109
109 4
96>4 101
82
84.4
794 79,4
14 H 14H
i9H
300
145
91
12
Jan
Jan
Feb
120
1.650
5
Feb
3
14
IH
1.760
2,355
1.810
555
225
100
830
550
200
300
200
2,000
450
75
114>a
5
S9>^
5k-
55
2K
60
105
SI
81
4
73
lOJf
5H
150
4,120
4,4
.50
49 Ji
4
4
27
880
655
80
920
270
39
65
90
24
2H
lOJi lOH
24
25 ?i
35>i 394
88
88
154
155
Jan
Jan
Jan
Jan
Jan
44
sy»
19
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
62
6
62
109 '<•
Feb
.Ian
1.615
914
20
43,4
30 H
43,4
100
215
10-1
143
13?f
59.4
13
42
24
22 y,
2
41
2,055
2
Feb
43
2.4.35
40
6ft
46 >i
51
20.100
43
6
Jan
Jan
Jan
Jan
Jan
Fob
Jan
H
7
7
H4
40
40
43 }<
75 H
754 76
134 134
6SH
O MH
800
52o
250
60
550
M
\2H
5H
3
6
4,.595
16
84
50
29
714
13H
50
54
59,"^
106
85
85
15H
I...
Feb
Feb
Jau
Jan
Feb
Jan
Jan
Jan
5H
4K
39
65
90
2%
1I.»^4
28
.394
SS
160
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jun
64
Feb
Jan
16 )f
Jan
i9;4
104
23 H
SH
4
51
9H
43
43.4
76 4
Feb
Feb
Feb
i><<>il
-^
1.050
Preferred
100
Con.soIiUation Coal
100
Cosden & Co, pref
5
Hous Oil pref trust etf.S-100
Manufacturers Finance. 25
Mer & Miners Trans. . . 100
-Mt \ -Woodberry MillsPreferred V t r
100
Xorthom Central
50
Pennsji Water & Power 100
rnited Ry &- Electric... 50
Wash Bait & .\nnap. pf.50
Jan
Jan
154
Jan
Jan
Fob
lob
7
1.'>.50U.
"""
.J7.4
.Jitol
240
66 4
Feb
72
Jnn
42
Foil
Jar.
•''
'•'
notes
7,4% notes
1945
Consollda Coal ref 53.1950
C'o.«den 4 Co conv 63
David.'on Sulphur 6.s_ . 1927
Elkhoru Coal Corp 6s. 1925
Fair & ClarKs Trac 5s. 1938
Fairmont Coal 53
1931
C;oor^'ia & Ala cons 5s. 1945
Ga C'aro & .Vor 1st 5s. 1929
M.ncon Dub & Sav .5s. 1947
Maryd Elec Ry 1st 5s 1931
Monon \'all Trac 5s 1942
7.S
1923
United Ry A Elec 4s.. 1949
Income 4s
1949
Funding 5s
1936
6'"; notes...
V'a Mid 5th series 59. .1926
Wa.sh Bait & Annap .">s 1941
•
79
4.1'
2.(WU
...
77,4
;...
,..,>j
Frt)l
79
r*
'
11
foF.b.
No
.'ilit'
>or.
uMMack.
100
100
Prirr
Stock*
Par
17. fKJlhinciucivo.
~70
W
244
244 244
35
35
25 J-
25 H
26}^
Bank
Hull
ol
A
f .onHOl
50
.100
•26
4
99
1104
80 K
A-
04
U4
«:..
3
3
Corp v
c.
t
Iron.
Trac
ol ,V J
I
Floe .Storage Hatleiy..lOO
<
'
'
'-forp
100
10
100
50
50
ioo
'lou
.50
i.lialf
•
'DOlNA
". prof
Ki i.iKin
'
Telophone
~
474
30
2
V^
%
h
A
•"*
»•
•".r
r\
4N
30 ii
34
«4
1104 llOH
170
91
105
80% 814
31
SO
4H
500
<
Mai
444
4'.
I'l
1
7 ;'
rir
T-IO
.T40
.1
.1,
30
Jnii
\wu
4>l'v
Jiin
35
34
26 ?i
24
25
25?;J
4K
104
104
103i
30,4
30ii
31
365
90
29
99 H
994 99 H
954 954
83 >^ 83 4
874 87 «
$11,000
102 34 103
99 >5 99%
107
106
86
86
2,000
1,000
4.500
30,000
5,000
80,000
16,000
1,000
5,000
1,000
30
29 'S
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
26
50
26
24
35
264
964 994
44
78
80
72
9
57;
SU.Mfp
ao
'
10
.<
7
nn
<
ontral
LAP,
It
ill
.
.
1004
86
97'
1004 1004
99
99
97
100
1<
95
95 ?i
91
91
92
72
84
92
72
84
41
87
78
40
41
87
78
704
'99"
664
98 4
90 4
78
1,000
5,000
16.000
11,000
1,000
5,000
1,000
6,000
974 974
69>ii
704
49 h'
584
5%
49 ?i;
66 4
99
96 4
78
Ml(j
,50
50
60
.)
50
.0(6%). 80
Pa
36
3S
57
54
22
92%
1,000
62.000
1,000
1,000
5.000
2,000
4,000
984
93
82
824
99 Ji
1024
99;is
106
34
Jan
Jan
Jan
Jan
26 5i
Feb
24 'A
45
26% Feb
111
83>-s
4K
84
43
88
.()
Jiiri
*""
I,IM
•
45
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99% Feb
Jam
H
Inn
I'l
r
Jan
74% Feb
974 Feb
Feb
Feb
lOJi
31
87
92
70,4
84
38,4
86
75
95
66 Ji
46
66
834 Feb
4
894
100
104
96
91
93
73
85,4
41
87
78
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
78
Jan
Jan
Jan
Jan
Jan
103
100>«
107 4
Feb
i)4
Feb
Feb
88
100%
Feb
9,S
Feb
95
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
97,4'
70,4
50
67,4
99,4
96%
784
— Kecord of transactions
83
114
84
84
9
52
69 4
34
34
314
37 4
2-14
27 M
27
23
'k
4
.37
27
J3
694
38
4
34
1,276
25
9
578
55
1,478
'.J
314
4
IK)
279
24 4
2Nii
24
5,191
1.735
7.187
4
235
22,298
27 4
24
flA
137
8
74 A<
40 4
H
75
4<14
4IP|
5(K)
14
I. '200
14
14
4
.1114
.'.1
,50
.<40
•i
2.785
l,7Hrt
02
40 4
'.
52
7i>
7
4
no
3(1
1110
404
62
.•12
4
4
2, I'lM
1..
nn
nil
u
13
13
4U0
3,t
;i.t
4
74
20
4
.55 'v
7
10
IOO
85
34
"
76
4
411 1|
"i8
10
79
84
28
94
35
X27H
14
I'cb
30
4
H
123
20
31
.501
76
52
314
66,4
67
02 4
20
69»«'
64
2..594
38
44
120
704 714
59
804
20
70
50
.510
46
27.4
6;Vi
30
99
130
63
744
39
4i
14754'
65
32
79
28
9
4
714
no
20
H
Juu
Jan
Jan
:j3i^
Jan
32,4 Jan
Jnn
31
Jnn
:i6
23
Fob
Jnn
27>ii
14 Jan
274 Fob
Jnn
17 4
Mi
Jun
5
Jan
72
Jnn
44
Jnn
49 4 lob
1
10 Jnn
Jnn
1 ,4
34
Jnn
177
Jan
!•<
Jnn
Jnn
lob
Jnn
«
11/
Jan
II
Jnn
314 Jan
73
Feb
Jon
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Fob
Feb
Fob
Fob
Jan
Jnn
60
.Fan
Jnn
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
JOD
Jan
Fob
Jao
Feb
Jan
90
120
100
522
20
1394 1414
28
704
4
39 4
47
79
Jan
Jan
549
434
74
1
High.
47
4
20
2.003
39
304
Low.
Shares
9!)
'63
62
Range since Jan.
Week.
28
39
47
'1404
Sales
for
76
53
72
48 4
69 4
35
34
4'
314
3S
2.5',
2.S4
I-ob
1-ob
214
lob
65
8
J*n
K«b
Feb
7.5
.1.1'.
III.
14
Ju
3
37 4
KMI
41
52 4
N
Vek
Fab
lob
r>-
Feb
r«b
Fal>
134
rob
Jan
Jib
Foh
34
lol.
1)7
00 Fob
III) Jnn
34
70
,<i
II.•
I'l
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
94^
130
5%
624
74%
.'\
1
I
Jan
Feb
Jan
Jan
Jan
100
Feb
86
99
96,4
225
248
38
624
I
1
60
,4
'<>
W
High
Low.
122
..60
prcl...
-'1
fi.i
Feb
Feb
.
264
i
•
1.
High.
CO
7
pv
i>,
15
10
20
70
368
50
35
441
522
32
Ml
Low.
92>=:
pref. .50
l'r.iriHli,
i
u.
i
Feb
Jan
Range since Jan.
Shares
44
MI
Tl
26
Kill
I
Sales
for
57
.50
1
1-.
Feb
4
54
Feb
107
I>
<
Feb
74
100
444
744
974
3A
1
69
44
74
97
93
<'.
47
Jan
Jan
67
74
100
74
97 4
-.0
Jan
Jnn
Jnn
14.000
25,000'
41
..'lO
7
.Tan
18
41
100
50
124
100
50
100
•
IS*t
20 K
494
79
43
88
*
.50
I
94^ Feb
78
42 4
88
•
Amor warr w
.\'o
.Sus<)
70
1
26
34
f
87
S2.000
29 4
294
574 574
294
111)
«;»'.,
High
Low.
'26"
Price.
100
!'
uf Prlf
Lotr.
II
91
Jau
Jan
Jan
Week.
of Prices.
Friday'
Last Week's Range
Sale.
of Prices.
Hair,
•tecka
42
.Tan
par value.
r
k't Hnnijf
Jan
82 H
92
Stock K.xcliangc, Feb. 11 to Feb. 17, bothF
inclusive, compiled from official sales lists:
'
I'l
Feb
Feb
40
Pliiladclphi;!
at
Fob
Fob
PittaburRh Stock Exchange. — liooonl of transaction.'^ at
68!
74
100
I
Fob
Jan
.
4.0!,:.
544
19%
Philadelphia Stock Exchange.
I'rrlorrod
1,"
1M4
H64
.534
19 Ji
45
315
800
100
684
6%
lb
I
71 'J
1
High.
Bonds
City & Suburb l?t 5s_ _ 1922
Consolidated Gas 5s..l939
General 4 4s
1954
Consol G. E L 4 P 4Ks '35
7% notes
1922
7s
1931
Feb
Feb
14
CI
86
79
Consol
Prolorrod
Ainorlcan Stores
1 St proforrod
684 Feb
Jun
J an
12j'i
2.480
••'
<M4
B
25
G.1.S, E L & Pow.lOO
Preferred
Cambria
i3H
6H!
1
Cent Teresa Sugar, pref. 10
Commercial Credit, pref .25
American Gaw of N J
.\inorlc:in Railways
1104
tA)
Sand & Gravel. 100
Baltimore Tube, pref.. 100
•
I Benesch & Sons
Preferred
25
JuD
Feb
75
C4
Stocks-
434 Fob
344 Feb
'I
YHIow MfK.
YHlow Tail
Bood*
,.
Jan
Jan
54
Wriitlpy. Jr. oomri.on
rrhi-M...,. f
Feb
Feb
Feb
Feb
Feb
117
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.53
Jan
6'A
Feb
Feb
Feb
Feb
115
42.400
18M
62
16
3a5
89
96
Feb
82
25
80 H'
Jan
8,4
3^s
4
18^4-
.J4
8.000
7.275
124
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
62
;.,
83
2.ft30
50
iH
150
21H
8H
iLvm
62
High.
42 H
IZH
•V
oH
58
24
101
Bd. com. 100
V.
BH
37 H
64
90
38
50
ed,
3
117
59K 59H
5H
.
National Leather
at.
34
64
44
3
Co, pref
Uhby. McN'eUl 4 Ubby. 10
Lindsay Light
ID
Middle West UtU, com. 100
Preferred
100
Pub
12M
Ry pt sh-
100
Diamond Match
100
Great Lakes D & D
100
Hartman Corporation. . 100
Hart Shaf A- Marc, com 100
Hnpp .Mutor
10
Inland Steel
100
PIK
12^8
(•)
Continental Motors
10
Cndahy Packing, com. 100
4
88
96
()
Preferred
Deere
86
95JJ
15
Chic Elev Ry, pref
100
Chic Rys part ctf Series 2
Oommonw'Ith Edison.. 100
Consumers Co, com. .100
Preferred
100
Earl
88
96
Low.
High. Shares
10
91
955'5
74
100
74
8s
Sale.
Par. Price.
Celestine Oil
I
Stocks
42
S9%
94
Friday
Last Week's Range
Jan
Jan
Jan
Jan
—
Sales
for
Low.
par value.
Anintlel
98 H
93 K
42
42
'9.54
53,4
Range since Jan.
for
Week.
Shares
—
Jan
92?-4
High
Low.
Baltimore Stock Exchange. Record of transactions at
Baltimore Stock Exchange, Feb. 11 to Feb. 17, both inchisive, compiled from official sales lists:
Feb
Feb
Feb
Feb
Chicago Stock Exchange. Record of transactions at
Chicago Stock E.xchangc Feb. 11 to PYb. IT.both inehisivc.
compiled from official sales hsts.
Friday!
Last IWeek's Range
Sale.
0/ Prices.
No
*
Mach
Jan
95!-;
Jan
S Hoffman
Feb
Jan
110
Feb
Indep Brewing 6s
1955
Pittsburgh Brew 6s... 1949
U
Feb
55 H
105
76
97 5i
105 H
82
83 K
89;;
90
Jan
500
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
96;-s
Price
.Sales
Bonds
llOH Feb
Feb
Feb
Jan
Feb
Jan
7iH
S Glass..
...100
S Stoel Corp. com. . .100
Wcst'house Air Brake
50
W'hou.'o El & Mfg. com. 50
Ponn Tr & WT, com . 100
U
W
I.
97.72
97.44
97.44
9S.01
97.86
98.10
98.24
100.50
Par
(C'onel.)-
U
High.
Low.
High. Shares.
Low.
S Lib L'n 3 VO. 1932-17
Lib L'n 4a.. 1932-47
2d Lib Loan 4.s.. 1927-42
1st Lib L'n 4 S^fs. 1932-17
2d Lib L'n 4 J^i's. 1927-12
.3d Lib Loan 4 ^ s. . . 192S
4th Lib L'n 4 K3. 193.3-38
Victory 45^3
1922-23
.\m Tel <fe Tel conv 63. 192,5
5s
1946
At! G 4
I SS L 53. . 1959
Carson Hill conv 7s
1936
Chic Jet Ry i U S Y 4s '40
Hood Rubber's
1936
Internat Cement 8s_..1926
C Mem & Bit 43
1934
725
.
'
I
1
'H
'
1.
I
'.i;i.uii
J..II
Nl
JnnI
I
'
(Ml. .Ill
Inn
iiin
Inn
Jau
•
tJr,;
Nit
"4
Frti
Mb
—
—
K
.
K
Friday
Last Week's Range
Sale.
Price.
{Concltided)-
BaldwiD Locora 1st .5s. 1940
Bell Telep ol Pa 1st 7s. 1945
Elec A Pcop tr ctfs 4s. 1945
Keystone Telep Ist 58.1935
Leh C & N cona 4 Hs. . 1954
Lehigh Val coll tr 63.. 1928
Peop Pas3
1943
Phlla Electric 1st 5s. ..1966
small
1966
do
1941
68
small
do
Spanlsh-Amer Iron 6s. 1927
United Rya Invest 5s. 1926
•
No
tr ctfs 4a.
par value,
. .
73 H
91K
101 JT
0/ Prices,
High
hmo.
100
100
108 34- 108 =<
04 !4 64!^
73 H 73 i4
•il\4
102 M
9P4
101
101
67
93
94
67
101
Ji
67
95 Ji
96
102
J^'
J^
102
102K
100 J-5 100 J^
78%
83
Former Standard Oil
Low.
Week.
7,000
1.000
18.000
1.000
10.000
2.000
9.000
20.000
1,500
22.000
2.000
1,000
51,000
1.
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
lOSH
62
72)^
90 M
101
64
93
94
Feb
lOOH
lOOK
100
Jan
Feb
Feb
Feb
Feb
100
109
65 K
TiH
91J4
102
K
Jan
Feb
Feb
Feb
Feb
67
98 H
96
K
Jan
102
Jan
Jan
Jan
102K
100%
Subsidiaries iCon.) Par
83
Week ending Fei. 17
Friday
iMSt Week's Range
Stocks
Sale.
Price.
Par
Industrial & MIscell,
Acme Coal Mining
1
Acme Packing
10
Amer Hawaiian SS
10
Allied Packers cortlfs
com
of Prices.
High
Low.
Jan
Allied
Amer Fuel
IH
I5fc
27c
23
5
23
30c
23
Automatic Fuel Saving ..*
Beaver Board Cos. com..*
Borden Co. common... 100
Bradley Fireproof Prod..!
46 H
6
94
95c
Preferred
95c
Brlt-Amer Tob ord bear.fl
Car Lighting & Power.. 25
Carlisle Tire
13'^
69c
100
lOO
Central Teresa Sue. com. 10
Chicago Nipple Mfg cl A 10
"B" stock
Chicago Yellow Cab.
Cities Service com
166
Preferred
loo
Cities Serv Bankers" sh
•
Cleveland Automobile..
Colombia Emerald Synd
Conley Tin Foil
& Co
Durant Motors Inc...
Durant Motors of Ind w 110
Eastman Kodak, new com*
Electric Stor Batt. new w I*
Parrell (Wm) A Son com
&
Federal Tel
Tel
Gardner Motor Co
Georges Clothing cl B
Gillette Safety Razor
Glen Alden Coal
Geldwyn
Goodyear
Pictures
T&R
29
65c
Kayser
20K
20"-^
90
23
90
23
67 J<
45
45i
10 H
Liggetts Inlernat. com. 100
Lincoln Motor Class A.. 50
Mercer Motors
*
Morris (Philip) Co., Ltd'io
Nat Leather, unstamped
New Mex &
^f
90C
7«
20 H
65
2M
ll'A
2H
w
Pyrene Manufacturing.. 10
Radio Corp of Amer
•
Preferred
5
Banger Rubber incIIIIII
Republic Rubber
*
Reynolds (R j) Tob B.I25
Preferred
Saguenay Pulp
4
t
Wayne Coal
West End Chemical
6
I
Willys Corp, Isl pref.. 100
8Ji
110
22
66
20V>j
5H
r>%
65
2H
2H 2H
lO'A IIM
2% 2%
2
I'A
20
514
3<4
6 '4
IH
IH
9H
»H
2%
9>i
iH
3
m
10
1,000
34
15.000
200
5,700
100
500
25
700
700
1,000
1,300
100
5.700
.•510
•2H
»lc
3'A
1
1
3H
22 W
22^
1
&%
1
6H
7
76 H
76
18c
18c
48
48
l'»/li
5H
I'Vf.
6
13K
I2H
84c
13H
78c
8.5C
IH
IM
8c
110
8c
lie
9c
12c
97 H
46
uv h
46
97 W
1
1
73c
8
73c
8
1«
7«c
8%
60
300
100
14,000
26,700
100
400
6,200
410
100
100
10,800
0,600
800
2,400
500
13,0 )0
3,000
150
5
2,000
4,000
200
Jan
rVi
Feb
13M
Jan
Jan
Jan
Feb
Jan
Feb
Continental Oil.
Eureka Pine Line
Galen.i-Slgnal Oil
Ohi«
Oil
Penn-Mex Vue\.
Prairie Oil A Gas
17
H
60
100
100
com. 100
Pipe Line
Indiana Pipe Line
National Transit
New York Transit
Northern Pipe Line
Illinois
£1
100
60
92;
130
92
m"
88
43
104 ")i
"
'26
3
17>^
93
132
400
60
29
92
10
47
170Jli 174
65
40
70
90
12.50
100
100
26
25
ioo
17 H
90 H
28 « 28 5i
168
168
104 Ji
104
270
270
18« 20
546
645
100
10
50
20
300
20
1
Keystone Ranger DeveL.l
*
Klrby Petroleum
Livingston
Lyons Petroleum
Refining
Maracalbo Oil Explor
1
*
Jan
National Oil of
66 M
21>i
32
SI
Ian
.Ian
Feb
34
60c
20 «
Feb
90
Feb
H
Jan
66
35
Feb
Feb
73
38
Jan
Jan
Jan
Feb
17H
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18 Vi
Feb
5M
11
14
169
42
4
9M
24
noc
10
Feb
Feb
26
im
6H
Jan
Jan
Jan
Jan
IH
Jan
Feb
Feb
IK
Jan
5H
IK
Feb
20
2
5H
80C
34 K
2H
55
2
20c
36
108
I
3
70
6c
44
Jan
3'-,
13J^
3
IVi
61
I'eb
104
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
9?..r
4Ji
Z\4
IH
35c
41
K
110
3
3>i
2\i,
Z%
Feb
Feb
Jan
23
Jan
Jan
Jan
Jan
Jan
79
K
68c
Feb
7
.Ian
Jan
Jan
Jan
Feb
6
lie
15c
46
97
1-:
ui
87c
Ian
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
16H
84}.j
125
79 H
40
161
84
28
142
90
257
17
620
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18
Feb
95
Jan
Jan
140
92
47
174
90":
29
160
104 1
280
20
655
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
IH
"22"
Low.
20
11,920
10
224
181
77
62
83^
90
170
341
10
299
29
ll'A
5H
2H
18c
.
1
Tidal Osage Oil.
Victoria (Jll
19c
6e
70c
5%
6
6
6>^
4
3
10c
85^
6
2^
19c
IH
22c
6c
78c
5H
oH
o>A
22c
4Ji
14
3
900
23c
3H
4H
'A
lOH
ISc
I
1
2'A
6c
1
,500
61,100
24,800
lOH
5'4
3H
16c
1%
62c
60c
11
IIH
85c
61c
90c
51c
3
90c
26c
2K
75c
1.5c
I'A
30
8
6O0
1
9H
500
7.700
14.800
4
83c
2H
7c
SH
1,100
35c
2H
*
A Gas
3Ji
94c
Oi'i
214
17c
29
4H
8K
\7% 17^
28 W 31
1^ VA
2Vi
2'A
21^
2H
74c
74c
12
IIH
H
5H
"55c'
10,500
100
8
16c
70c
300
1
2%
5c
1%
5
5
_
71, .500
SH
3, .300
9H
1^8
"22c"
6c
75c
660
1.000
2.300
2c
19c
25c
2
3.700
16.000
55c
1
lOo
8H
9,000
1,000
4.000
4^
2m
3
Refin
1.
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
245
Jan
195
98
66
8854
171
368
340
Feb
Feb
Jan
Jan
Jan
Jan
6
101
14>^
200
300
200
800
100
4,000
400
376.500
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Ian
Jan
Jan
Jan
Jan
Jan
58c
IH
18
H
4c
23c
48c
Jan
Feb
Feb
Jan
Jan
3
11
9H
29c
78c
30
4>i
4H
2H
60
9H
74c
mi
11>5
S'4
IH
3H
350
H
13
9
108
165^
I'/fi
25 H
I'A
84c
1%
24H
IH
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
Feb
90
120
28 H
1'^
Jan
Jan
Jan
Feb
42
Jan
IH Feb
2}^
Feb
Feb
2'A
8H
15H
2H
9H
5%
2H
70c
13c
IH
15c
5c
70c
^H
4
5
21c
lOH
18
Feb
2H
Jan
Jan
Jan
76c
Feb
3
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
19c
214
22c
7c
87c
6
6H
6
Jan
Jan
2H
Feb
3c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
6
18c
2H
4
9%
1
10c
10
6!c
600
214
60c
I60
Jan
H
35c
12H
Feb
Feb
e>H
12
Feb
Feb
Jan
Feb
Feb
700
7,900
1,600
13,000
100
87,800
Feb
14H
IH
300
1.900
2,900
100
18.800
Jan
Feb
4.100
2,300
79,200
100
3.000
7.000
10,200
2,200
1,700
100
17.000
Feb
Feb
Feb
65c
300
14.000
1.500
100
19.900
92.000
100
Jan
Jan
Feb
Jan
6H
3H
Jan
Jan
Jan
Jan
4
Feb
12«
Jan
Jan
Jan
14H
6H
Feb
1% Feb
75c
12H
i'4t
61c
3H
SI
asc
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mining Stocks
Alaska Brit Col Metals -.1
Alvarado Min A Mill., .20
Belcher Extension
Big Ledge Cooper
Bo.ston
5
A Montana Corp 26
A Montana Dev..
Candalaria Silver
1
Casli Boy Consol
1
Con Arizona
Consol Cooper Mines
6
Cortez Silver
1
Cresson Con Gold
I
Divide Extension
1
Dolores Esperanza
5
El Salvador Silver Mines. 1
M AM.
Emma
Silver
.1
Eureka Croesus
Eureka Holly
Gold field Florence
Gold Deep Mines
Golden Stale Mining
Gold Zone Divide
Hard Shell Mining
Harmlll Divide
Hecla Mining
HoUlnger Cons
I
M
24c
46c
21c
26c
5c
1«
91c
2»16
17c
IH
MacNamara Mining
1
Magma Chief...
Magma Copper
6
"ili
lie
6c
7c
SOW
87c
Mohican Copper
1
*
Mother Lode Coailtioo
National Tin Corp
60c
Nevada Oohir
1
IH
w i..
Mm
1
San Toy Mining...
1
Seven Metals Mining
1
.Silver King Coalition Mines
IH
91c
17c
IK
6
8W
2H
90
19c
4
4c
3Ji
4c
2c
2c
6c
7c
30
IH
18c
IH
6c
20
24c
90c
25c
2c
34c
20c
6
40
SH
00
2c
20
7c
70
31
4c
1%
34c
7H
18
5J,
2c
900
8;'s
12,000
2,000
1,000
19.000
1.000
6.700
2,000
1,700
4,500
1,000
5,000
10.200
13..S00
1
1
7c
17c
6c
17c
3c
3c
3c
7c
170
3a
8c
2
1.200
30
100
3,100
3,000
IOO
21,000
1.000
2,000
1.000
100
Jan
4c
Feb
29c
6
94c
Jan
Jan
Jan
Jan
7c
19c
4c
2o
Feb
Feb
1
Jan
Jan
Jan
Jan
Jan
84c
2H
17c
90c
Feb
Jan
Jan
Feb
Jan
Ic
Jan
32c
9c
Feb
Feb
15c
lie
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4H
7H
2H
Oc
iSo
2H
2c
3H
30
Ic
2c
oc
6c
26ki
4c
IH
lie
4c
32c
6H
47c
30c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
5
Jan
Jan
Jan
Jan
Jan
SH
Feb
20
Jan
1
Feb
60
I60
Jan
Jan
Jan
17>i
2
124 H
10
3c
2
Feb
Feb
Jan
8
35c
40c
28c
6c
4c
50c
15o
300
3)i
Jan
Jan
Jan
700
7.000
4.300
2,000
Jan
Jan
Feb
Feb
Jan
Jan
Feb
13c
25c
3e
43,000
100
1
42c
5c
2c
18c
40c
2>4
136
137
5H 5Ji
oH 6
2c
3c
3
25,.500
.52c
18
2Ji
4c
22c
4.500
107,500
17c 186.500
5,200
5<A
100
S^i
2,200
2?i
84.000
12c
32c
47c
30c
1.000
31,100
18.500
293.200
1.000
28,000
14,500
16.000
18.000
2,000
1,800
38.900
4.900
16.300
48. .500
32c
7?4
6H
3.5c
18c
5o
50(5
IH
300
10c
18c
5c
40c
1,100
30.400
19.000
6.100
11.000
18c
5c
New Cornelia
New Dominion Copper 6
New Jersey Zinc
100
N Y A Honduras RosarlolO
6
6
5c
3c
2'%
4c
1
6
McKinley-Darragh-Sav .-1
Mlz|)ali ICxtension
Hercules M, Inc,
Rex Consolidated
Rochester Silver Corp
1«
33c
160
1
Marsli Mining
Mason Valley Mines
Ray
5c
27c
27c
28c
320
9c
25c
14c
oy,
4c
25c
4
46c
5c
Ic
..26c
6
2H
7H
20c
25c
21C
5C
2c
26c
1
1
Nipissing Mines
Ray Hercules
7
4c
22c
3?i
42c
3c
20
210
70c
21c
2c
220
I
1
10c
G
2H
10:
Co
Independence Lead Mto..
Iron Blossom
10c
Jerome Verde Devel.
I
Jumbo Extension
1
Kerr Lake
6
Knox Divide
10c
Lone Star Cons.
1
MacNamara Crescent
1
2H
im
"25"
5
Howe Sound Co
18c
70
40
35
113.800
lOH 13>A 82.150
3.104
7H 9
140
103
102
7.400
15
\4»i
3.400
67c
75c
23
25H 62.600
1% 1% 1.300
8.300
70c
78c
600
1^ Ihi
2,200
23
5>s
Jan
Feb
Jan
Feb
Feb
Jan
48
33c
83c
2^j
23c
IQ
Feb
1%
Jan
Jan
Jan
Jan
Fob
Feb
Feb
4
9H lOH
7H 8ii
10^
15i
13'-,;
1
A
Tox-Ken on Corp
Texon Oil A Land.
SVi
19c
710
29 K
1
9%
7%
94c
2%
*
7H
Jan
Jan
Jan
Jan
Feb
Feb
Jan
8'A
o2c
6
6
Oil
Jan
Jan
Feb
8c
10c
Sapulpa Refining
Caledonia Mining
1
Calumet A Jerome Copl.l
Canada Copper Co
6
7J4
2
37; i
3>»
Jan
Jan
9H
64c
13 ^
.Ian
.Ian
Feb
Jan
3J4'
4o
21c
i'A
Stanton Oil
4C
23c
35c
2'^
9^4
2H
5c
13)2
Savoy
Range since Jan.
Shares
364
335
xiH
"ill
21c
4Ji
Boston
Jan
Jan
Jan
Jan
Jan
Jan
16c
70c
29 J«
Salt Creek Producers... 10
Feb
Feb
20
12H
42 H
97 K
Ian
Feb
75c
1
Jan
19c
70c
29 K
Red Bank Oil
Ryan Consol
Feb
Feb
Jan
Jan
iH
2H Feb
750 Jan
2% Jan
20y^
M
8 'A
10
••Y" Oil
11
o
hi
Premier Ref A Mfg
Producers A Refiners.
Jan
Feb
Feb
Jan
Jan
Jan
10
10
Feb
6>4
760
2
1
Gas
5'A
my.
65
1
1
9%
22
36c
10
Vulcan Oii_.
6
Wilcox on A Gas.. _I"I" 6
*
Wood burn Oil Corp.
Jan
6
.ran
1
10
4%
35i
Oil A
Oil
Skelly Oil
South Petrol
16X
187
49>i
6
12 H
2B'A
3c
23c
25c
6
Fennok
Slmms Petroleum.
U
20 '"
66
7H
Omar
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
20c
85c
N J, com
Noble Oil A Gas
North American Oil
Northwest Oil
Ohio Ranger
14!^
Feb
4c
77c
Magna Oil A
Feb
Feb
Jan
High
241
245
185
189
91
94
61
61
85 h' 86 5i
170
170
360
336
•
Petrol
5
Feb
62
197
85 >i
26
Preferred
Imperial Oil (Canada) coup
•
Internat Petrol
Feb
Z% Jan
2% Feb
Former Standard Oil
Subsidiaries
Anglo-American Oil
Buckeye Pipe Line
Oil
Imperial Oil (Del)
20e
2%
1
Hudson
10
A. 10
Jan
Feb
Jan
Jan
Jan
6c
5\i
2H
-4
2%
1%
Gllllland Oil, com
Gleiirork Oil
Granada Oil Corp, Cl
Jan
Jan
43,100
18.200
109
3
2H
Jan
Jan
Feb
*
•
12
102
91i
OHH
8H
5
Fensland Oil.
.ran
600
5,400
Un
%
7H
4
c..5
U
U
US
U
300
1,600
100
1,400
7,300
40
United Profil Sharing.. 25c
Retail Stores Candy..*
S Distrib C;orp, com. 50
8 Light & Heat com.. 10
Metal Cap & Seal.
S Ship Corp
10
U 8 Steamship
10
U 8 Toba<;co new.
UUih Pow A Light, 7 pref
1,200
100
I 'A
3.5c
•
Union Carb & Carb
600
64
95
Federal Oil
11
17
Jan
W'A
9>4
Feb
Jan
Jan
6
20
55c
60
158
61
Feb
Feb
Feb
8K
800
394
7
91
Low.
3>i
Jan
Jan
Jan
Jan
Jan
2
2
100
•i^'A
15
Triangle Film Corp v
1
70c
23
Week.
6
Marine Oil
1
Meridian Petroleum.. 10
Merritt Oil Corp
10
Mexican Eagle Oil.
6
Mexican Seaboard Oil
Mexico on Corp
10
Mid-Colombian Oil & Dev.
Midwest Oil. corn..
1
Mountain AGulf01I..IlIl
Mountain Producers
10
Mutual Oil
IJi
12,100
1,400
1
Co
2Ji
103
110
3!^
Feb
Jan
200
5
Oil
High.
Jan
Jan
Jan
Jan
Feb
27
7%
4H
\H
100
108
82
22'^
35c
Tenn Ry. L & Pow com 100
Todd Shipyards Corp
Boone Oil
Boston-Wyoming
5
10
84c
10
40
lOO
Tob Prod Exports Corp..*
10
Oil common. . 10
Preferred
10
Arkansas Nat Gas. com. 10
Atlantic Lobos Oil, com..
Cnshlng Petrol Corp
Dominion Oil
Jan
Jan
Sales
for
of Prices.
Oil
1.
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
25
38c
20 y»
WH
1
\2%
55c
Jan
Jan
Jan
Jan
500
900
800
26 34
90c
10
SOc
85c
7'4
4
10
IH
1,400
100
1,600
99c
70c
900
200
500
3.5c
& Pow com5
Swift International
1,200
4.900
1,000
1.200
1,000
Preferred
Southern Coal & Iroa'.'.'.'.h
Sweets Co. of America .10
200
500
450
1,400
2.000
1
6
94
10,400
iVi
33 K 37 K
3
3
55
61
02
101
2'%
IH
35
200
500
700
45«
45 if
4'A
2%
55
15
1,000
UM
1%
166
i
5%
5
7)i
16 H
100
20
6.000
800
12.800
2.700
200
K
6H
13
15'4 16
184
187
20
5H
19H
300
Z5%
18
65
N
Preferred
67
K
66
5H
Arizona Land.l
Y Transportation
10
North Amer Pulp & Pap
Packard Mot Car com.. 10
Parsons Auto Aecessorles
Peerless Trk & Mot Corp 50
Perfec'n Tire & Rubber.
Postum Cereal, com, w i .
UH
m'A
18
«
.
5M
35
»
Co. w i
Lehigh Val Coal Sales
50
Llbby, McNeill & l.lhby 10
2O0
8H
5K
&
im
5
34
58c
20 M
loO
(Jul)
66c
500
5H
14
15'A
184
Hcyden Chem
Hudson Cos. pref..."'.100
Hudson & Man RR com 100
Intercontinental Rubb.lOO
ZOH
200
b>A
5
30
50n
»
•
•
Grant Motor Car
10
Hanes (P H) Co. com. B. 10
Havana Tobacco. pref.lOO
172
54 Ji
19
11
6
com.. 100
Preferred
2
62
29
loo
_
_ .
2%
18K
M
Dort Motor Car.
du Pont (E I) de Nem
6nc
214
103
109
2
2
2
2
61
168
54
18H
*
Continental Candy...
Continental Motors
10
Ourtiss AeroDi &
com
Da vies (Wm A) Co, Inc •
Denv & Rio Or RR, pf . 160
Common
6Ic
108K
171
\%
13H
2K
2K
95
13H
102
109
56 5i
6
i'A
•
com
Celluloid Co,
Preferred
25c
100
IK
1
IH
6.800
8.000
100
400
7 '4
.
Low.
Week's Range
New stock
25
Week.
Last
Sale.
Price.
Oil Stocks
British-American Oil
Carib Syndicate
Cosden & Co, pref
Creole Syndicate
Range since Jan.
Shares.
Other
Engineers Petrol
•
l.eath
Sales
for
Prairie Pine Line.
100
South Penn Oil
100
Southern Pipe Line
100
South West Pa Pipe L.lOO
Standard Oil (Ind)
25
Standard Oil (Neb)
100
Standard Oil of N Y...10()
Vacuum Oil
100
Feb
Feb
Ex .dividend.
r
[Vol. 114.
Friday
Range since Jan.
Salts
for
New York Curb Market. — Official lran,sactions in the
New Yorii Curb Market from Feb. 11 to Feb. 17, inclusive.
Amalgam
J
THE CHRONICLE
726
Bonds
H
5
J
I'H
91c
3
210
IH
60
2c
32c
950
28a
2o
40c
130
38c
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
17o
6'
Feb
Feb
Feb
3
14c
320
6
4c
Jan
Jan
Jan
8M
3«
60
6c
4c
lOc
7c
32
60
H
IH
19c
6c
47c
9-8
67c
45c
18H
2H
137
5>A
6>i
13c
IH
7o
21c
3o
3c
2
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.fan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
F^
THE CHRONICLE
Fhb. 18 1922.]
FHitav
Week't Range
Last
Simon ailver-Lead
Sout b A mcr Gold 4
. 1
Standard Sliver- Lead
Stewart Mining
TIntIc Standard Mining
12c
3c
1
1
—
United Eastern Mining.. I
United Verde Exten.. ..iOo
10c
Victory Divide
Weet End Consolidated..
West E^nd Opetlca Minins.
10c
White Cap Mining
WUbert Mining
Yukon Gold Co
IH
I'Mi
10c
6c
60c
2
28
8 Contln'tal Mines new.
5
Unity Gold Mines
IH
1-^6
9c
U
63c
60c
IH
IH
60c
2'46
28!"^
I'Ms
2S
50c
4
2c
73c
3c
3c
2c
4H
75c
3c
1
2C
5
IK
Ajax Ruhber 88 w 1...1936
AUled Pack conv deb f.s '39
Certificates of deposit...
Allied Pack 8s Ser B w "39
Aluminum Mfrs 7b
1925
i
ibiM
lomc lOlK
Ifl.'^S
102
.4mer Cotton Oil Bs... 1924
94
100
78
Amer Llcbt A- Trac
Amer Tel 4 Tel 68
68.192.5
1922
1924
Amer Tobacco 7r
1 923
Anaconda Cop Mln 79 1929
69r notes Scries A.. 1929
Anglo-Amef Oil7Hs. -1925
68...
100
lOOW
100!^
lOi^
102
^
103»4
Beaver Board Cw 88.. 1933
Bethlfhrm Slce} 78... 1923
Equipment 79
1935
Canadian Nat Rys 7b. 1935
Canadian Pac Ry 63.-1924
Central Steel 8s w I...I941
CiUes Serv deb 79 Ser
66
D
Col Grapbopbooe 88.. 1925
Consol Gas N Y 7b... 1922
Cons Gas Kl L 4 r Bait 78 '3
Consol Textile 8s
1941
Consolidation Coal 58. 19.50
Copper Exp Assn 88..1923
8% noies Feb 15. ..1924
8% notes Feb 15. ..1925
Cuban Tel Ist 7^8... 1941
Cudaby Pack 79
1923
4 Co 7H8
1931
Duqu€«ne Light 7^8.19.36
Empire Gas 4 Fuel 68.1924
Deere
Bank 58.1941
Federal Land
FlelahmAn Co 88
1930
Galr (Roben) Co 7s.tr.37
Oalena^llfnal OH 78.. 19.30
General Asphalt 88... 1930
Goodrich (B K) Co 78. 1925
Grand Trunk Ry 6H8. 103«
Gulf on Corp 7«
193:<
Helni (n J) Co 78
193(1
Hood Rubber 7% nofeo '3fi
I02H
lOiH
100 H
96
86K
102
102»/f
103H
lOOH
96 H
93
102 K
97 H
103H
103
H
lOtH
97
101
loterboro R T 78
1921
88 J P Morgan receipts.
K«y8er(Jul)4 Co 78.ir. 1042
Kennet'Olt Chopper 78.1930
Laclede Gas Light 78
LlbhyMcNelll4Llbby78'31
Manitoba Power 79... 1941
MaflaDd01l7^<8
1921
Morns 4 Co 7H8
1930
Nat Acme Co 7 '^»... 1931
Nat Cloak 4 Suit
8a.
.
193i'
National l^eatber 8a.. 192.'.
Y N n 4 Hartf 4a..l922
Ohio Cltle« Ga« 7i
1922
Philadelphia Co Sa...lU44
Phil* eircinc 6s
1941
Pbllllpa Petrol 7 i^a. . . 1 93
Procter & Gamble 7s. . 1923
Public Serv ( V>ro 7« w 194
Sotn. ftoeburk 4 Co 7l 2^
N
1
7%
dou«
aer
f>ct 15
'Z.'.
Stewfbero Mills 7s...n3i
Bkelly Oil 7Ks w \...inu
Bolvay 4 Cle 8a
South Ry 6% not«!
Boutbw
flUndOllof
7%
7%
7%
7%
103
W
94
98 H
96H
8dH
94 H
lOlK
102^
i.'2
1
aer
Co 7»
I02W
101
lOOM 101 K
lOlH 1024
101 '/< 106
100!^ 100»4
98 4
85 4
35
98
85 K
28 K
101
101
H
102H
10314
97
86,4
102
102
102 •<
'4
10354 101
103S 103 H
94
86
lOm
lOOH
5.2.50
101
1 1
10m
101
S
97
4
1004
lOf)
000
44.000
13 000
1.
'
7
99«
H
rK»0
1
81
1004
102H
93
96
99 H
99 '4
98
65
10-1 J^
99 K
98
85 K
22 4
101
102H
94
86
Jan
Jan
Jan
Jan
Jan
102
102 J^
102K
103
«
I'eb
1024
lOOK
Jan
Jan
103
10-2 Vs
4
?5
102
964
102
102K
4
95
99 M
76
72
K
lom
102
108
••
•;
I'M
'»(
.
UHM
TOI
101 •;
.,
41.000
n? 'Kto
,,
•
,
103
103
104
104
7.
K
101
104 4
93
103
104 4
96 H
103M
Feb
Jan
Jan
Jan
104 J^
Feb
98
1014
88
84
99
^
4
974
103
99 H
l-eb
96
Jan
Jan
Jan
Jan
Jan
4
984
100
974
86H Feb
Jhii
io«H
105H
,
1004
Feb
95 »4
Jan
102H
Feb
103
102
98ii
l-pb
1104
1004
101 '4
Jul!
|ii3
Jin
Jan
103
101
104
100!
103
Jan
Jan
Feb
Feb
Jan
Jan
J
106
I0fl4
106 4
107 4
108'.'
101
|(X)4
Fell
102
994
Jan
Jun
lOl
10 54
«
Jnn
Jun
1(H)
Feb
Jan
1014
\(>l\
Jnn
107
07
4
4
.
For
V4.H
M
vtH
A
4H
5H
1
»
^
1..
A
1
fi4
1
1-
,v<
It
Hwi/
|VltIij4il
4K
73H
to
«
|-
m
4
/ernoMB^—
.
JW.OOO
MH
Fab
100 950
100 115
Borne SorymserCo
100 325
Buckeye Pipe Line Co... 60 •92
Cbesebrough .MIg new
100 185
Preferred new
100 109
Continental OH
100 ZI28
Crevjent Pipe Line Co
60 •33
Cumberland Pipe Line
100 135
90
Eureka Pipe Line Co
100
Galena Signal OH 00m. ..100 48
108
Preferred old
100
Preferred new
100 103
Illlnoli Pipe Line
100 172
Indiana Pipe Line Co
60 •91
Jun
Jan
lOU
Mo
.
IMH
.
»7H
4H
43
A
104
241.000
97
IM
fflO.OOO
4
Fab
7J',
S
4",
..
,,,.,,
<i
72
44
43
A
43
"'''
!'
MH
AK
Jan
Feb
Jan
Feb
Feb
73'*
A
AJ<
43
i/»r,
i,. ..
00
97
'
'
t 0<1<1 la«a.
0«
I
r K.i-ngttia.
onr>
miu\K
t F.i
«
1
Buff Ruch
Equipment
lOfi
21
Equipment
Jan
Jnn
Fill
Fell
Jnn
F'l.
F.b
Jon
Jr.
ft
1
',
.
.i-— w ....-; ..-*.J
«...,
Jan
Jan
Erie 448.
.
..
IfJatari
.stuck
Marks,
t
mi th* ^tonk Ktehnng*
Srnm niyrk
dWIdt^d.
Oomatton
|
»
f"ill*n (>w
Whrn.
(hia
waak.
Iwiii«d.
I.O(XJIIr«. nal.
mh'f
4
fis
es
Illinois
4 6a.
Central 44s. Ss
Equipment 78 4 6Hb Kanawha 4 Mich 44-, 68
LoulBvHle 4 Nashville 8a...
Equipment 69 4 6 4a
.
M
11512 IHi'a
100
100
100
Preferred
Swan 4 Finob
Union Tank Car Co
40
94
MlBBOurl Pacific 69
50
98
Eqjipmcnl 6346K8
Mobile 4 Ohio 4H8. SB
Preferred
100[ IO2I2 10278 New York Cent 44s, OS...
Equipment 68 4 78
Vaeuum OH
lOOi 337 340
28
32
N Y Ontario 4 West 4 49..
Washington Oil
10
Norfolk 4 Western 4H8...
Other Oil Stocks
Equipment 6s
Imperial Oil
8A| •102 'l04
160
Northern Pacific 78
Magnolia Petroleum
lOOl 150
•SSg
8^8
Pacific Fruit Express 78
Mer.-itt OH Corp
lOl
•17lj 19
Pennsylvania RR 49 4 4H9.
Mexican Eagle Oil
6|
Equipment 89
Midwest ReflDlng
60 •165 175
Pltt9b. 4 Lake Brie 68 4 G!<
Tobacco Stocks—
70
Reading (3o 449
American Cigar (mmmoo.IOO 67
86
82
St LoulB IroD Mt 4 Son Sa.
Preferred
.100
Amer Machine 4 Fdry..l00 200 250 St Louis 4 San Fran:!rao Ss
122 125
Seaboard Air Line 4 49 4 68
American Tobaooo sorlp
I
'
I
|
Brltlsh-Amer Tobao ord..£I •13
Brlt-Amer Tobao, bearer.. £1 •13
Conley Foil (new)
00 par •10
Helme (Geo W) Co, com. 100 193
Preferred
100 104
•10'2
Imperial Tob of O B 4 Ire.
Johnson Tin Foil 4 Met. 100 86
MacAodrews 4 Forbes. .100 105
Preferred
100 92
28
Meng.'l Co
100
55
Porto RIoao-Amer Tob.. 100
•76
Sorlp
Reynolds (R J) Tobaooo. 26 •eo
B oommoo stook
26 '40
Preferred
100 109
Tobacco Prod Corp 8% sorlp •99
•99
1% scrip
Weyman-BrutoD Co, oomlOO 179
Preferred
100 lii5
80
Young (J 8) Co
100
90
Preferred
100
I3I2
13'j
13
198
103
Soutborn Paolflo Co 4H8...
Equipment
78
Southern Railway 44s, 6a46e
Toledo 4 Ohio Central 4b..
Union Pacific 7a
IIU Virginian By Ai
96
107
96
6.65 6.26
6. 80 5.60
6,85 5 60
7 00 6 00
S,50 6 76
6 70 5,40
5 85 6 60
5,90 6 60
7. .50 6.60
6.70 6,40
7 00 6.00
6.12 6.75
5 90 6.60
5.80 6 60
6.85 6.60
6 10 6.76
6 00 5 80
5.75 6 55
6.50 800
6 75 6.55
6 15 6.75
5.85 6.60
6 70 5 50
5 80 6 60
6 80 6 50
6 75 6 60
6 85 6 60
6 15 5.76
10 5,76
6 50 6.00
6 50 6 00
b 10 6 70
6 10 6 76
6 85 6 60
5,85 6 60
6,75 6,00
6 75 6,40
5.80 6 50
6,80 6 55
55
6 75
6 80 6 60
5 90 6 66
6 90 6 60
6.80 6 60
7.00 6 00
6 50 5 75
30 5 eo
6 75 6 60
6 70 650
6 10 6 76
H,10 6 66
6,70 6 40
6.10 6,66
11
<•
Public Utilltlas
SO • I37I2 13312
43I2
SO •42l2
Amer Lt 4 Trae, eom
100 113 IH
94
91
X&
Preferred
100
70
Amer Power 4 Lt, eom. .100 74I2 78
81
84
42
Preferred
100
IIOI2 Amer Public Uttl, eom. ..100
9
28
22
102
Preferred
100
34
101
Carolina Pow 4 Lt, eom. 100 31
172
i85
Cltle9 Service Co, eom. ..100 171
6.I2
65
109
Preferred
100
1212 14
86
Colorado Power, eom ...100
87
83
95
Preferred
100
18
Rubber Stocks (Cleeel and pr icea) Com'w'tb Pow, By 4 Lt.lOO 16
43I2
45
67
54
Firestone Tire 4 Rub, 00m 10
Preferred
100
Olij
9Ul2
90
85
Bleo Bond 4 Share, pref.lOO
6% preferred
100
15
13
75
80
Federal Llgbt4 TraotloDlOO
...100
7% preferred
82
80
Preferred
Oen'l Tire 4 Rub, i]om...l00 195 200
100
85 100
19V 20U
Preferred
MlBBlsBlppI RIv Pow, oom 100
100
79
78
lOij Hfi^
Preferred
Qoodyear Tire 4 B, eom.lOO
100
90
8W
27
2638
Prefe.-red
First Mtge Ss, 1961. ..J4J
100
90 101
60
63
S f g dob 7s 1935..
Prior pr,.f
100
6
6
63
57
Ooiidyear T4Rof Cud pf 100
Northern Oblo Elv30. (do par)
21
19
74
70
Miller Rubber
Preferred
100
100
89
87
92
88
Preferred
North'n States Pow, eom, 100
90>2
95 100
Preferred
Mohawk Rubber
.100 .s9
100
82
Portage Rubber, 00m
North Texas fUeo Co.oomlOO 79
100
86
82
Preferred
Preferred
100
100
8lilt
88>l
40
Pacific Gas 4 El, Ist pref 100
Swioehart Tire 4 R, oom.lOO
30
Puget Sound Pow 4 Lc.IOO 34
Suitvr Stocks
OlPs'
15
Caracas Siuur
Preferred
100
5u •10
Com Agiilrre Hugnr 00m 21' •61 64
Gen m 74s 1941 ...M4N lU3>tl06
M4I Ol|
Central Sugar Corp. (no par)
Republic Ry 4 Light
100
3li8 33
6
100
Prrferred
Preferred
100
98
50
70
loO
Cuiiey Sugar common
South Calif EdlaoD, oom. 100 96
(iO
40
Preferred
Preferred
100 109
100
•K5lj'
I0'»
64
52
PaJHrd'i .Sugar
Standard Gas 4 El (Del).. 60
100
Amer Gas 4
32
62
eom
Bteo,
Preferred
I
I
I
I
I
MAM
I
I
.
I
Fe<leral Hiigar Ref,
com. 100
.
100
I'ri'fi-rrisl
Uodchaux Sua Inc.. (no
par)
Pri'rerriMl
UKJ
Great Wi-ntem Hug, com, 100
yTi-f-rni\
1(X)
(lolly Hug Vorv,
Prvferreil
(H,.!!
(no pari
loo
Junc<i« Central Sugar
1(M)
^
-' •'
ir Ui'fiiiing.
'
I(K)
ig
100
100
•10
63
122
OH
•12
39
60
III
lodtotrlal Ik MUrrllansou*
Aiiixriiinn ll>rdwnrn
100
•27
77
60
UO
oom
I
I'rrfprrwl
16
67
128
102
17
4(1
100
lit
30
I
(Ml
|(K)(
Amer
Co.
100
KKI
•!»•.
l«is !m.
I
1033.. JAI),
InUTnail.iiial Halt..
KNI
lis
I
<-«
..
oal
<.rp
U'.,al iiakliig i'liw,
KKi;
Halm M>
KM)
notn KM)
KM)
.
III
.
•luaaf MaiiulMturlti|...lUol
<h6o
•
Ii
ADacniiaCip Mln
7a
HiTliw
1I4;'U
fl7
ir.5
00
06
70
100
lOJ
Aa'30
II
.
.
43
74
20
7B
31
7Ull
77
loll* ioi>i
I02'4ji02>a
J4J
J4J Klin
I02>«
AAO
lllM'^'llia's
Arin'r4Co7iiJul) 16 30JAJ1S
ioJ»ii I'U'a
IIHI jlOOIt
Dell
Dull
Bnth
4a°2a
(ill 7
tin
Jill'
I'i '2.!
J.Vl)
(Im
J
Ift '^il
J.lrDlf.
'21
JiiliU.
III.
If.
.I'lii'
Ht7%
July 16
Par nn
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MAMS
,14
II
I
KAA
KAA
FAA
OWi| lUU
lllHl 100
liiiaa
101
lUI|l|'l<(l'«
11SI4
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117 14
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-
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1923
not.'«
7:"• I.'
.
:
'illvrr. prrf
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notm 23 MAN'
Iiili T,',.
7%
IU4
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l>a
lOU
41
.
Di'l, «..
110
43it
om
48
93
08
94
•42ij
P.oomlOO
Shore I'crm .Seriirltlct P* Vmt
051|
Am Col Oil «» 1024 MA.Sa] „. ll>OI|
Amer Tnl 4 Tel n« IU24 P4a| MIOV
A40 lousiooif
e% noiKS 19'ja
70
167
4
L
100
UnlttHl I, I 4 Rys, oom. ..100
iHl prefiirred
.100
WesiiTii I'owcr Oorp
100
Pref.rr.Hl
100
83
no
60
Preferred
Tonnetineo Ry,
Preferred
Anglo-Amnr
Ad
46
87
Bllm (K v\ Co, IU1W..110 par, •23
|»rr(i>rrpd
60 •56
HoT'lcn 'V.iiipaiir, coin.. 100
04
01
100
100' 101
MOjr.
loo 112
OU
PrnflirriH)
KM)'
HH
(la yi'iniK I) da NamACoHM)
70
n
.look
100
Ainnr rypft'iundnrn,
105
105
10
C'.rp, pfl(M)
ri^m (no paii
ITiItrr.il
100
Wml India SuK Flo, oom. Kill
I'r.'t.-rr.-d
100
vr.
'
t
464s
69
176 178
Michigan Ceatrai 5b. 69
Preferred
100 Holj 115>4 Minn St P 4 S S
44b4 5
Equipment 6ij8 4 78
Standard OH of New Y'k.lOO 362 365
Missouri Kansas 4 Texaa Ss
Standard OH (Ohio)
100 385 390
'.'
J...
6 Ha.
111
Great Northern 6b
Hocking Valley 4 48, 68 4(^8
86
560
405
175
177
.
Eastern
Chicago R 1 fi Pac 4 48. 6S.6S
Colorado 4 Southern 68, 68
Delaware 4 Hudson 6b
96^4
•853,
4
W
273
•96'.!
4 6129.
Cblo In.j 4 Loulsv 4 4s
Chic St Louis 4 N O 68
Chicago 4 N
449
157
63
6s
6b
Chicago 4 Alton 4 4b. 68..
Chic Burl 4 Qulnoy 6s
14"8
29't Chicago
60
4 Ohio
Chesapeake
•28'!
185
4 4 Ha
Pittsb 4s
Caro CllnobOeld 4 Ohio Si.
Central of Georgia 449
Central RR of N J 6s
50
545
245
380
94
190
4
Bguipment fls
Canadian Pacific < 4s 4 Oa..
34
!»2
640
455
,106
1.32
112
105
175
•270
•19
535
242
3eO
92
100
102
99
101
104
RR. Egulpinents P»r Ct Ba$U.\
Atch Topeka & Suuta Fe68..
6 65 5.35
Atlantic Coagt Line 69 4 6 48
5, SO 6,60
Baltimore 4 Ohio 4 48 & 69
6.15 6.75
145
154
104
"f.'
94
195
112
•H5s
'
i
additional tranaartlons will \m foiind
daod.
117
3.50
1
International Petrol. (do par)
JliU
1
-.^.
-.
par ^utnm.
5a 1951 opt 1931
6is9 1981 opt 1931
National Transit Co... 12,60
New Yors Transit Co. ..100
Northern Pipe Line Co. .100
Ohio OH Co.
25
Penn Mex Fuel Co..
26
Prairie OH 4 Gas
100
Prairie Pipe Line
100
&olar Refining
100
Southern Pipe Line Co-.lOO
South Penn Oil..
100
Southwest Pa Pipe Lines. 100
Standard OH (California). 25
Standard OH (Indiana) .. 2fi
Standard Oli (Kansas)... 100
Standard Oil (Kentucky), 100
Standard OH (Nebtaaka) 100
Standard OH of New Jar. 26
I'rnlnrrnl
•
980
Atlantic Refining
Preferred
)
.1933
Afrf.
I
Ii'li
;
;
WM WH
Jul.
F.ti
Jul.
nont
'
-
«l
prices arc "and Interest" except where marked
All Joint Stk. Land Bk. Bonds
Standard Oil Stocks Pat BI4
Anglo American Oil nsw. £1 •17»8 1758 ClIu Joint SIk L.nd Bk 58 '39
•
F.I.
.',S
wia<:bH«i»tAniM7vta
Jnn
Jun
Jan
Jan
Jun
Jun
Jan
Jun
Jan
Jan
Jan
Jnn
Jan
Jnn
Jnn
Feb
Jnn
Jnn
99 H
Jan
Jan
Jan
'
Jun
Jan
Jan
Jan
Feb
Jan
Jun
Jun
944
104
1004
0.5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99i<
Jan
Feb
Feb
Feb
4
4
104
98
104
Feb
1024
Jan
Jan
Jan
Feb
I'eb
98 Vi
97
101
Feb
974 Feb
Bfl'4
lOOX
90
of llav 7
4
98 4
88
Kcl.
I
Jan
Jan
Jan
Jan
103
1014
93
j
I02K
I'eb
40
Jan
Jan
Jan
Jan
Feb
Icb
.
a
884
Feb
Jan
d«»».
A
Jan
Jan
Jan
1024
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
4
I'eb
Jan
Jan
Jan
Jan
Jan
94 H
68 4
99 '4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1004
101 >4
Feb
F.b
Feb
1014
96
H
72
Jan
1024
t'eb
101 '4
994 Feb
99
89
1024
102H
99
l-eb
1004
Jan
Jan
Jan
103
103
l-eb
92 K
100 '4
100 '4
101=4
994
Feb
95
Feb
94
Jan
Jan
Feb
Jan
Feb
feb
Jan
Feb
Jan
leb
Jan
Jan
10:14
'
88
604
I'eb
101
Jan
Jan
leb
Jan
Feb
Feb
Jan
I'eb
1004
1004
"i-
1
•
l>i
Feb
Juo
Jan
Jan
lom
2c
71
102H
1
7a.
Feb
96
Jail
94
95
95
Jail
Jan
Feb
Jun
Juo
96 K
104
Jan
Jan
Feb
1004
1015^
(
7"?
85c
3c
Jan
Jan
Jan
Jan
Jan
Jan
103
24
29 4
55c
54
Feb
Feb
teb
96
59
60 H
ii
fM
l'-4«
I'eb
104K
1
75c
teb
104
104
1
J:in
Jan
Jan
Jan
IH
teb
Jan
I'eb
iMi
1
1
^
29c
2c
1004
i
Jan
Jan
73c
3c
3c
Jan
5-8
10c
100
,0*JO
1
2
80c
101
1
J.in
Jan
I'Kt Jan
Jan
28
Jan
48c
3^ Jan
Ic
'
;
1'
101
.000
97 H
103 4
93
12c
4C
I'eb
6c
650
$
$5,000
64.000
7.000
2.000
15.000
30.000
5.000
25,000
44.000
3S.O00
8.000
49 000
80.000
16.000
52,000
22.000
9.000
74.000
36.000
8.. 00
14.001
13.000
3.000
49.000
86.000
13.000
40.000
105.000
9,000
31,000
17,000
9.000
5H
Jan
Jan
AH bonds
.
Jan
Jan
58c
I'eb
55c
1.200
1.900
2.000
3.600
5.000
2.000
1.000
1.000
61.000
5.000
103
2,000
92 ;i
102 H 103-4 160.000
2.000
lOtH 104K
95
96 H 16.000
7.000
1024
101
1.000
103 >< 103 4
97 i< 97 U 79. 100
34.000
103
lot
103 '4 103 4 35.000
103K lOlH 15.000
121.000
96 i^. 97
110.000
lOOH 101
9.000
85
85 ^
107.000
81
82
mn. 99K 17.000
102 H 102!^ 1 1 .000
94 H 95 K 24,000
99 H 99 H 35.000
94 H 130.000
91
23,000
96
96
6.000
102 »i 103 4
04
94 H 24, IKK)
98
98 H 50 000
33.000
96K 97
75
8fiK 124.000
1.000
100
100
94 i< 94 H 75,000
lOlH 101 '4 23,000
lom 1024 29.00)
95!^
iMe
1
7«
Tn<K Co
98 ii
68
60c
12.800
100
20,100
1
i
4 Co
Swift
9S34
ftflH
!<
14
f>tv.
Y
.
7%
100
98
65
97
100
«er gold 'J
..
i,
aer gold dcb...li»^fl
aef gold iift>.. n27
a«f It
7% Mr
7% mr
Son
.V
99 if
102 H
95 H
99 K
93
96
10^:
Til"
I'.ell
84H
8tW
94
103H I03H
102K I02H
98 ii
85 H
34 Vi
lOIH
102M
2 '4
1
mvi
6S
lOl
14
lOOM 100^
lOOH 100'^
10 >
102K
101 J^ 1024
9S?-^
Armour 4 Co 7"^, notes. '30 102 H
Bamsdall Corp Se
1931
98 H
96
70
55
82
96
69
53 K
82
69
53 H
20c
3.000
1.500
14.100
5. 800
IK
Bonds—
IH
700
52c
5Vf
2c
76c
3c
3c
2c
IH
10c
2c
6.000
7.000
IH
63c
4H
1.500
25c
25c
25c
Feb
49c
2,200
2K
Hi
Tonopub Belmont Dev
1
Tonopab Divide
1
Tonopah Extension.
-.1
Tonopab >tlnlnB
Tri-Bulllon Smelt A Dev.
.1
Tuolume Copper
Quotations for Sundry Securities.
1.
H.gt
Low
Shares
50c
5
12c
4c
49c
4~i
50c
4Ji
-1
Plat.
High.
Low.
Par. Prtce
(Concl.)
Range stnee Jan.
ITwt.
Sale.
MIolntt—
Sales
for
3'
7
KAA
IHJI4 ntit^
101 lioiu
Il4>4
I'.-l
n> 'J°^ MA.SIA
aun« 7s 1036.
IO0'4,IOfi>l
I
'1,1
MAfI
I
K
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t
lAat nnlr
d Purrhaapr alao pays arrruMl dWIrtend.
r t',t..|lvldp|id
y Kl rIgliU
n NoiMliinl
fH«W
Mook.
.
.
...
t
12S
1
Invizstmimt EttA §,mlxo:xA %nUllx^ntit.
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly reiurn*
following table shows the gross earnings of various
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railway
are brought together separately on a subsequent page.
The
Jan. 1
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
$
Alabama & Vicksb. December
268,055 340.221 3,394,210
Amer Ry Express-. December 14624 283 21001 807 160035 162
446,952
1st wk Feb
75.992
Ami Arbor
96.997
Atch ToDeka & S Fe Decern l)er 13645 282 8550 944 189217 5
Gulf Colo & S Fe- December 1,932,410 2.689,283 29,209,224
814,502 9.531.957
Panhandle S Fe.. December
681,722
Atlanta Birm & Atl. December
300,200 447,.305 3,201,634
3.645,603
154749712
.534,483
21.54-14 414
27,548,089
9.355.874
5,829.849
268.355 2.4 7 11. 6.55 3.040,100
171,637
4.667.067
245,462 4.615,848
236.747
6.075.617 8.067,-545 66.552,681 74.121,937
1
& West
I't.
Detenibcr
Atlantic City
Atlantic Coast Line.
December
December
Atlanta
& Oiiio-- December
B&OChicTerm. December
Bangor & Aroostook December
Baltimore
Bellefonte ( 'entral . Novenilier
Belt Ry of Chicago. December
Be.ssemer & L Erie.. December
Bingham & Garfield December
Boston & Maine
Bkiyn E D Term...
Buff Roch & Pittsb.
Buffalo & Susq
Canadian Nat Rys.
Canadian Pacific
Oaro Clinch & Ohio.
Central of Georgia. .
Central RR of N J..
Cent New England.
Central Vermont
Charleston &
Car
Ches & Ohio Lines. _
Chicago & Alton
Chic Burl & Quincy.
W
Chicago* East
111..
Chicago Great West
Chic Ind & Louisv..
Chicago Junction..
Chic Milw & St Paul
Chic & North West.
Chic Peoria & St L_
Chic R 1 & Pacific.
Chic R I fz Gulf..
Chic St P
& Om.
Olnc Ind & Western
Colo & Southern
& Den City.
Ft
Trin & Brazos Val
Wichita Valley...
M
W
Cumb
Detroit Tol
&
Iront.
Det &T0I Shore L.Dul & Iron Range.
Dul Mi.ssabe & Nor.
Dul Sou Shore & Atl
Duluth Winn & Pac
East St Louis Conn.
Eastern S S Lines..
Elgin Joliet & East.
El Paso & Sou West
Erie Railroad
Chicago & Erie..
N J&N YRR---
Plorida East Coast-
Fonda Johns &
(Jlov
Ft Smith & Western
Galveston Wharf
Georgia Railroad
Georgia & Florida..
Grand Trunk Syst__
& St Lawrence
ChDetCanGTJct
Det G H & Mllw-
Atl
Grand Trk West.
Great North System
Green Bay & WestGulf Mobile & NorGulf & Shi|) [.sland.
Hocking Valley
November
Central
Internat & Grt Nor- December
Internat Ry of Me. - December
Kan City Mex & Or December
Kansas City South
Texark& PtSm.
Tol:il .'^.vstem
December
December
December
December
Kansas City Term.
November
Kan Okla&
December
Gulf..
Lake Sup & Ishpem
Lake Term Ry
Lehigh & Hud River
Lehigh & New Eng
Lehigh Valley
Los Ang & Salt Lake
Louisiana & Arkan,
Louisiana Ry & Nav
& Nashv.
Louisville
Loulsv
lleiid
&
St
L
Maine Central
Midland
V;illey
Mineral Range
Minnex'ip
MlnnSt
&
P&S S M.
Ml.ssissipi)i
Mo &
St Louis
Deccml)er
105.088
331.962
296.38-.
2 556,359
3.370.000
7.i4,103
1.943.798
4,961.689
882,228
617,393
301.277
8.645.800
2.7.33.143
15271910
A
087,976
2, 087, .567
1.337.949
395,6.34
1.193,520
1,917,169
•2,7<
2,0
3,107.467
9.596,364 13,488,440
13.815,000 17. .578. 000
7,464,112 7,560,880
22,185,3.59 25.082.290
52,660 997 51,989.303
8.382.790 7,818,475
6.633,401 7,170,606
3.276.543 3.504 899
83.864.027 90.190,744
31,049,259 30 374 ,934
168643 539 186270 768
27.099 146 .•(1 ,-!07 4.17
24.273.653 23,889,976
15.162.870 15,952.5.53
5.261.832 3,614,122
t9.2t8
3,501,011 2.260,169
S3K.1 14
1.7 '3.109
1.421,228 1.070,191
45.718.029 45,289.014
86.243.394 83.593.315
30.246.118 36..533, 707
2.879,058 2,953,647
1.972.441 2,077,931
6.634.6.5H 4.711.939
2.807,447 2,385,942
4.972.514 11.075.9.52
12.374,949 19.623.476
1.298.7:-i7 11.334,9.56 13.1
296.815
191 086
258,601
4.757.831
6.619.9.54 8.484.847
1
Central. D(!ccnil)er
North Ai'kan. December
11124067 13330130
1.192.146 2.066.4.55
310,737
390,3.30
113,776
164.843
247.173
165.009
1.419.918 1.810,488
150,795 226.387
1„582.747 2.035.517
139.809
144,676
210,705 314.84
7.259
.459
1
92.001
168.911
2.55.917
315.335
277.7.57
514.1.55
5,317.267 7.275.295
1.418,384 2.1.50.264
400,291
246,2r>
248,5.55
3.57.703
8,405,120 11343873
216.533
28 ..S36
1,5 7. ,535 1,893.682
346,217
497.382
1
1
3.171
491 .297
2,498,223
l,512.5i.=i
4,661,355
25. 689. .586
14,872 614
109242428
MoK&TRyof
Nevada Northern-. December
Newbiiruh «: Sou Sh Dcceiii cr
Orl Great Nor. December
New
N O Texas & Me.Kico
Beaum S L & W
St L Browns & M
New 'vork Central..
.
Ind Harbor Belt.
Lake Erie & W est
C^entral
ClevCC&
StL-.
Cincinnati NorthPitts & Lake Erie
Tol & Ohio Cent.
Kanawha & Mich
N Y Chic & St Louis
N Y Connecting
N YN H & Hartf-Y Out
Wi'^ierii
N Y Susq & West-iV
ifi.
Norfolk Southern .
Norfolk & Western.
North ern Pacific
Northwestern Pac.
Pennsylv RR & Co.
Bait Ches & Atl..
Cine Leb & Nor..
Grand Rap & Ind
Long Island
Mary
Del
& Va..
Monongahela
NY
& Norf
W Jersey && West.
Seash
Pitts C C & St LPemisylvania Syst.
Peoria & Pekin UnPhila
Tol Peor
_
Pere Marquette
Perkiomen
Phila & Reading--.
Pittsb & Shawmut. .
Pittsb & West Va..
Port Reading
KC
Quincy Om &
Rich Fred & Potom.
Rutland
& Grand
St Jos
Isl'd
St Louis San Fran
.
FtW&RioGrande
StL-SFof Texas-
St Louis SouthwestSt LS
of Tex..
W
Total system
St Louis Ti'ansfer--
1.980.567
Atlantic S S Lines
jVrizona
1,519,192
.54.285
16.4.57
299.730
1.514.112 1.786. .305
3,108.623 3,849.697 42,938.421 49.162.796
117.469
74.655 1,198.143
OI7.364
def.500
205.127
661.973 2. 130..362
1
Eastern
Galv Harris & S A
Hous & Tex Cent-
HousE & WTex.
Louisiana Western
Morg La & Texas
Texas & New OrlSouthern Railway.
Ala Great South
Cin N O & Tex P.
Georgia Sou & Fla
New
Orl
& NorE.
Northern Ala
Spokane Internat. .
Spok Port! & Seattle
Staten Island
RT
.
Tenn Ala & Georgia
Tennessee Central. .
RK Assnof St L
L Mer Bdge T_
Texas & Pacific
Toledo St L & West
Ter
St
& Delaware..
Union Pacific
Total system
Oregon Short Lme
Ulster
Ore-WasljRR&N
Union
Utah
RR
(Peun)--
Vicks Shreve & Pac
Virginian Railroad.
Wabash Railroad .
We.stern Marvlaud-
Western Pacific
Western Kv of All .
Wheel & Lake Erie.
Wichita Falls &
Yazoo & Miss Valley
NW
AGGREGATE OP GROSS EARNINGS— Weekly
Citrrent
Weekly Summaries.
4th week
Nov
week
week
week
week
week
week
week
week
Dec
Dec
Dec
Ist
2d
3d
4th
Ist
2d
3d
4th
1st
(17 roads)
(19 roads)
(19 roads)
(17 roads)
Dec. (20 roads)
Jan. (12 roads)
Jan (13 roads)
Jan (20 ro,ads>
Jan (19 roads)
weelc Feb (18 roads)
Year.
S
18.569.139
13.245.646
13. 637. .534
12.981.310
18.070.117
7.088,258
10.374.306
11.726.774
15.675.432
12.204.2.34
Previous
Year.
Increase or
Decrease.
18.644.887
18.549,807
17.143.966
22,884.014
9.400.099
13,0,88,878
13.906,660
19.735.072
14.767.834
—4.162.6,56 24 28
4. 813. ,897 21.04
24..59
—2,7
20 74
—
—2.179,8.86 15 67
14, .572
1.0.59,640 20 57
—2. .563, 600
Month In
Hi>er
December
December
December
76.942
164 .011
2.34,420
190.996
202.782
269.802 408.423
185.394
279,9.50
378.128 587,389
26340 8,S7 32OI04S1
683. .384
736.449
662.712 1.022.632
5.8,57,005 6.797.693
6.0.30.609 7.435.118
213.057
276.446
1.908,146 3.604.822
710.145 1.346.089
283.341
465..351
2.245.0.52 3.117.873
139.604! 283.920
9.899.414 10309563
9'r' ,s3r
17.36
1
Current
Year.
Previous
Year.
15
<t
33,488,.591 40.376,706
26,797,515 29.845,054
63,112.491 72,914,737
109745 072 118721428
1,637,665 2.117,795
1.594.291
1
.881 .560
824.143 2.944,586
1.408.939 1,677,361
20.924.603 24,481.634
17 791
25.,S04
345.064
1.588,636
1.496,8
1
1,920.2,37
2.546.145 2.670.578
2.720.388 3.185.035
2.164.146 2,372.625
5.872.676 7.573,926
3225 <H 217 372961 666
9. 034..538 9.615.785
9.061.493 11 .970.927
72.911.8.52 87.790.799
79. 793. .593 88.862.078
3.757,713 3.642.728
23.226.0.59 35.740.951
10.711.986 13.548,.570
4.785.1611 5.404.6.56
27.030,664 28. 6.55. ,548
2.912 321 1.761.676
116405233 123512310
867 13 I.M,689
273,020 4,208.711 4,446,292
631.099 8,0.56.795 7.7.W.826
139
,5
IS 14,1 27
277.692
680.846
7.218.894 8.440.933 80. 760. .590 88.489.3.55
7,500,813 9.099.880 94, .538, 0.59, 11 3084 408
569.462
526,365 8.609.7321 7.8.50.607
39482919 52644500 500175084 569205971
Df'^emiier
101
December
December
December
December
December
December
December
December
December
December
December
Decemoer
December
December
December
December
December
December
December
December
December
December
December
December
December
December
1st wk Feb
December
December
December
December
December
December
December
December
December
December
December
December
December
December
1st wk Feb
December
December
December
December
December
December
December
December
68.787
366.730
,--1
13 (,.588
<.
2, 009. .38)
207.187
810.972
1
.931 .299
89.386
107.828
62-?. 84 5
3.87. 3'3
374.861
483,457
1.59.053
163.434
723.732 877..503
7.069.350 12995569
50992145 709513.59
148.601
164.082
2.644.110 3.022.102
124.461
109.385
6.82''>,184 9.902.766
89..881
223,565
207.256
1.606.419
1.196.170
8.504,188
28,720.911
1.251.171
4.394.105
6.161.602
1.692.410
12.929.706
96.717,043
6627.56803
1.696.110
38.161.240
1.285.803
84.924 227
1,272.028
364.042
2,798,2.55
1
,672,960
1,426,719
9.269,277
25.797.110
1..3.38. 518
4. 676, .500
7,896,314
2.090.667
13.924.051
113582614
744848984
1,674.010
40,372.816
1.272.286
94,819.7.55
1
,8.58,381
3,476,832
162.9.56
274. .309 2.236.444 1.9.54.470
126.875 1.306.820 1.366,645
96,389
871.662 1,036.048 10.002.075 11.049.884
437.797 .531.265 5.811.5.56 5.979.621
2.50.391
274,922 3,3.55,356 3.433,707
6.1.57,005 8.313. .59,^ 81.851,289 93.743.863
162.372
161.752 1.771.261 1.961,144
166.717
180.836 1.937.998 1.816,776
1,518.498 ,835.675 17.366.132 21,311,705
694.062 840,165 7.774.033 9,267,392
144.223 .530,441 2.236.791 2.662,866
81.005
129. .542 1.111.430 1.392. ,581
5.58.623 6.322.114 6.042.948
480.723
76,825 1.149.443 1.442.189
60.879
3.731.504 4„559.244 42.875.257 49.266,030
13217381 171 48337 1X999674 20 894 93
20222070 26005246 269494 365 282269 504
886.524
872.<<59 10.656.078 7,238,800
138.6.53
295.733 2. 647..503 4,091.004
1.940 541 2..5.59. 894 25 063.536 27,312,110
1.776,082 1.260,809 14.843.6.58 12.186.749
249,475
287.216 2.994.772 3 082 409
332.370 492.080 4.387.857 6.436.768
685,813 1.004.693 8.789.650 10.484.444
878.2.54
931.796 8,804.746 10,140.115
2,863.251 3 396 342 15.060,440 17.640,.592
828.932 1.045.013 9, .542. 224 11..588. 805
1
1
1
1.366.412 1.741.727 17.170.444 20,888.5,59
464.145
463.1.59 4. .586. 771 5.330.811
497.999 661.428 6.329, .587 7.728.116
908,3.35 1.501 .881
98.5,57
119,217
96.212
163.458 1.300.060 1.566.776
663.319 1.0.52.047 1.959.290 9.449.743
181.740
202,745 2.511,467 2.417.0.58
4th wk Jan
9,387
2.098
3,803
7,1.3S
December
168.578 222,514 2.338.815 2,926,860
December
370.148 281,1,59 4. .527. 866 4.649.623
400,644 3.6.58.660 4..365.491
December
291 ,988
1st wk Feb
.551.086
791,905 3.061.4.56 4. 330.402
December
785 990 927 292 9.503, 970 11,7.58.721
December
102.673 1.713.501 1,486.612
105.513
December 8, .369,448 103791,55 114783971 131093.304
December 13724.535 16396401 181445913 209019510
December 2..868,188 3.524,714 36,843,202 44.896,0.36
December 2.486.900 2.491. .532 29.818.740 33,060,168
December
702.817 1.049.066 9.435.212 10.977.141
December
97.644
191.165 1.213. .535 2. 009..520
December
341.460 427.912 4.1.55.637 4.682.408
Dt!Ceraber 1.165.916 1.718.096 18.024.357 18.1.58.8.53
Doceniber 4. 447,.S3 5.671.7.54 .59.217,692 60,510,686
1st wk Feb
383,020 375.205 1.8.'59 096 2.076,487
December
775,210 778.109 12.100.611 15.612.842
DetMvnber
2'il.2i)
234.363 2 531.4,57 2 786,399
December
938.199
.5.56.714 14.770,707 17.9.52.2.57
December
1.57.864
189.414 2.734.870 2.639.108
November 1.978.751 ,206,987 18,988,365 26,041.661
.
and Monthly.
Sumr}iaries.
Year.
'.
|
Previous
Year.
Increase or
Decrease.
%
Curr.Yr. Prev.Yr.
S
$
S
234.832 233.839 456.978.940 458,462,330 —1,483,390 0.32
March
220.340 219.743 411.279.831 .381.112.844 +30.166.987 7 91
April
235.333 234.916 144,028,885 457.243.216 —13.214.331 2 89
Mav
235.208 235,059 460.582.512 494,164,607 —33,582,095 6 79
June
230.991 230.410 460.989.697 .527.396.813 —66,407.116 12 .59
July
233.815 233,067 504. .599 664 5.54.718.882-50,119.218 9 03
August
September --235. 155 234,559 196.784,097 617. .537 .676 -120 753 579 19 55
235.228 234.6.86 5.34.332.833 640.2.55.263 —10.5922 430 16.64
October
November ..2.36.043 2.34.972 464.440.498 .590.468.164 —126027 666 21.34
December. . .225.619 224.784 406 861.055 527,480.047 -120.615,992 22.87
Mileage.
—5.750.515 23.65
—5,399.241 28,96
—4.912,273 26.48
—
—2.311.841
Ofce
December
December
21,120
Current
%
,«
24,319,6.54
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
Decem l)er
6.574,.336
3,464,023
1.824.743
4.665.641
15,891.748
124897 865
1.294,184
4.147,962
3 061 I'S
17,145,167
130040639 132036726
17,639.782 19 ."^l 1.092
2,808,902 2.890,171
1,789.643 1.714.891
2.199,355 2.001 ..506
19. 609. -^83 19,76?.433
2.177,755 2,295,762
21.768.14') 22 355,226
1,486.011 1,467.164
2.330.969 2,803.0.56
411.615 1.6.59.705
1.201.90
1.449.021
3.242.290 3. 177. .571
4.775,737 4,820,406
74,929 913 75,223,862
19.,524, 305 20.898.126
3,380 764 4, ''95 053
3.863.970 4.275.834
117149124 127958737
2,64 1.457 2.895,817
30.590.064 21.3.57.508
4.462.7.58 5.191.843
10. .503
.308.411
Michigan
2.045. .504
10. 916, .301
Previous
Year.
Kan & Tex December
San Ant & AranPass
San Ant Uvalde & G
Seaboard Air Line-Southern Pacific
Southern Pacific Co
12.920.673
1.347.009
13,701,191
1,431.662
Current
Year.
2,548,741 3.439,477
Tex December 1,792,8,34 2,852,315
Total system
December 4,.590. 954 6.514,955
December 7,7 5,J.5i 106.53 227
Missouri I'acific
1st wk Feb
Mobile & Ohio
293.201
373.799
Columbus & Gr-. December
1.53.409
198.812
Monongahela Coun. December
96.876
139.936
Montour
December
89.401
163,331
Nashv Chatt & St L December 1,542.897
2.001.8.50
7
Nevada-C lif Ore.. 4 th wk .Im
5. '"7
8.323
1.318.072
1,622.972
13106 676 146765 766 1681.587.34
13098 7.52 144775476 16.'-i692 399
236.828 2.086,331 2,776,278
11879492 139272 023 142026 152
69?. .509 7.510.'^';5 6,883,934
2,639,343 28,047,675 31,955.612
388,643 3,716,572 4.512.465
515.981 2,114.961 3.080,785
1
December
December
December
December
December
December
December
December
November
December
December
1st wk Feb
1st wk Feb
December
1.399.493
Missouri
7,199.9.58 78.289.750 86.652.744
2,828.226 4.077.095
148,192
265,777
146.485
125.471
November
681.052 481.032
December
231,669 247,489
December
96.507
157,411
December
135.510 2.58.711
1st wk Feb
64,.501
92.332
3.50.331
December
175,165 213,625 2,344,817
December
116.734
1.54,400 1 .598.645
December
255,725 182.046 5.207,441
December 1,.591 .021 2.663 ..893 19.3.34, 94 2
December
787.030 1.293,510 10.910,087
December 7,020,062 10082173 102835505
December
657,415 1,116.192 10.703.591
December
120.655
117,401 1,487.9.54
December 1,220,293 1,497,408 13.558,013
December
123.11.56
11 3..596
1.355.659
December
135.837
213,0091 1.773,094
December
136.622 247.099 2,608,285
December
373.2.52
487.871 6.1.54.986
December
130.835 1.389.678
115,686
1st wk Feb 1.906.308 2.038.601 9.245.913
December
265.865 520,.540 2,787,169
November
153,675
255.777 1.793.213
November
464,264
582.730 4.117,322
November 1,246,424 1.306,1.54 13,521.493
December 7.675.481 9.778.045 101317204
December
109.876
114.217 1,395. .576
December
336,885 444.152 4.086,217
Decem lier
247,176 2.85' 9''.0
229,9'
December
870,753 1,593.390 14.093,001
Illinois
K C Mex & O of Tex
178.322
32,421
11.380
<
& Mart.
Delaware & Hud.son
Del Lack & Western December'
Denv & Rio Grande November
Denver & Salt Lake December
Detroit & Mackinac December
Vail
15504563 21074826 198622373 231944445
208.890 2,55.106 2.628.783 2.318.294
638,024 537,013 7.348,709 6,675,481
69.4«9
112.737
12.616
6.812
472.868 5,495,789 4,704,.324
436,432
697.074 1.2li0.641 13. .534 .011 15.883.839
December 6,141.592
December
107,0.59
l.st wk Feb
305,028
December
163.77
1st wk Feb 1,821,7,32
1st wk Feb 2.749.000
December
575,054
December 1.605.673
December 4,H6.735
December
629.216
December
529,471
2.'-i5,.304
December
December 5.509,973
December 2. 473. .5.56
December 13315581
December 2,0-'0,893
December 1,687,405
December 1,210.256
December
439.973
December 11347 782
December 10.578 608
December
170.273
December 10000 258
December
469,930
December 2,106,305
December
321. .534
1st wk Feb
422.986
December
8'8 0(9
December
460.679
December
127.001
December
164,332
December 3.730.725
Week or
Month.
Previous
Year.
1 to Latest Dale.
Jan.
Latest Gross Earnings.
to Latest Date.
ROADS.
.
THE CHRONICLE
Feb. 18 1922.]
Latest Gross Earnings by Weeks.
— In the table which
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
follows we sum up separately the earnings for the first week
The table covers 18 roads and shows 17.30%
of February.
decrease in the aggregate over the same week last year.
Week of February.
First
1922.
S
Ann Arbor
Buffalo Rochester
&
Pittsburgh
Canadian National Railways
Canadian Pacific
Colorado & Southern. __ __
Duluth South Shore & Atlantic
Grand Trunk of Canada
Grand Trunk Western
Detroit Grd Ilav & Mllwauk
Canada Atlantic
Mineral Range
&
Minneapolis
St Lotiis
S
3,370.000
515.981
92.332
1.906.308
2,038,601
132,293
3.171
10,503
30o,411
7,332
8,681
373,799
530.441
3,396.342
791,905
375,206
80.598
86.218
533.091
240.819
299.730
293.201
444.223
2.863.251
551,086
383,020
.
Maryland
Wftstern
S
21 ,005
26".934
734,627
621 ,000
2.5.56.3.59
92.995
27,831
Total (18 roads)
Net decrease (17.36%)
12,204,234 14.767.834
'7',8i4
28,819 2,592,419
2,563,600
-
Net Earnings Monthly to Latest Dates. In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the" Chronicle," we give the December figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the December results for all the
separate companies.
In the following we give all statements that have come
in the present week.
We also add the returns of the industrial companies received this week.
—Gross from
—
Na
Railtccv
1921.
from RaU-aay
1921.
1920.
1920.
Net
ajter
1921.
Taxes
1920.
S
S
S
S
$
S
.Uabama & Vlcksburg
December..
268.055
340.221
—17.534
4.880
43.316
28.639
From Jan 1 3.394.210 3.645.603
342,105
296,107
109,782
121,769
Baltimore <t Ohio
December.. 15.504,563 21,074,826 2.540,101
712.507 2.021.738
22,999
From Jan 1 198622 373 231944445 32.165,349 5.545.137 24,886,985- -1,516.330
Baltimore & Ohio Chicago Terminal
December..
208,890
—33.421 *— 194,729 —65,372
255,108 «— 149.545
From Jan 1 2.628.783 2,318,294 *— 239,069 -1,132.665 *— 705.047 -1.512.797
Cbesapeake * Ohio
December.. 5.509.973 8.645,800 1,020.392 1,469.937
982.222 1,239.755
From Jan 183,864,027 90,190,744 17.039,137 12.446,223 14.452.513 9,446.263
Chicago Peoria & St Louis
December.. •170.273
236,828 —*135.210
—72,794
60.743 —•148.629
From Jan 1 •2,086,331 2.776.27o —•436.638 —498.334 —•566.834 —586,600
Grand Trunk System
.Vtlantlc 4 St Lawrence
December..
265,765
320.540
90,073
119.216
79.992
82,093
From Jan 1 2.787,169 3,464.023 -361.155 —809.066 —564.817- -1.044,747
Leiilgb A New England
December..
277,757
514,155
^6,219
156,667
—68.289
100.089
From Jan 1 4.775,737 4.820.406
979.990
899,262
753.559
671,487
Los Angeles <fc Salt Lake
Dec€ml)er.. 1.418.384 2.1.50.264
135.820
515,869
95.716
421,425
From Jan 1 19.524.305 20.898,126 3,113.659 4,876,970 1.986.171 3,769,112
Missouri & North ArkansasDecember.
500
205.127
—11.523
10,140
—11,556
5,727
—
—
FromJaol
661,973
—112.547
2.136.362
Mlaonrl Kanoaa ic Texaa Synem—
December.. 4.500,053 6.514,955
734,777
From Jan 63,112.491 72.914.737 13,697.884
Sew York Connecting
1
Decemlier..
N
139,604
283.920
Prom Jan 1 2.942.321 1.761.676
Y 8ufV)U«baoDa A Western
Decern l>cr
277.692
273.020
From Jan 1 4,208.711 4.446.292
A Hbawmut
—171,242
—461.779 —224,264
1 .048.378
634.112
3.033.858 11.086.921
939,863
945.003
—103.175
2.531
1,811,399
377.93'J
—92.231
—246.105
165.276
—229.030
—982.739
1,858.381
—13.985
—7.219
97.025
292.373
-13,005
-17.962
280,908
295.733
4,091,004
29.213
380.679
42.846
850.617
1.929
103.311
409.270
— 127,031— 1.259.4.'il
xa.!Ul5
94.,335
SaatiMm Padflc HyMem
Eaaum—
A/tionji
Daet bcr.
m
138.663
2.647.503
.
FromJaol
Oalveaton Harrtaburc
A
2
WO
1,.
Ban Antonio
December.. I.»(0,54l 2.559,894 —2.38,141
From Jan I 2A.063..'S3« 27,312.110 3.106.250
HoiMloii A Texaa r:entral —
December.. 1.776.082 1.260,809
221.4.33
From Jaa 1 14,843,658 12.184,749 3,610.941
1.030.512
2.630.721
—417.068
2.61B.414
1,246.887
1.804.740
—33.228
84.031
2.065.273
— 37.t.4!)l
—64.203
— 128.063
343.071
—448,277
216.486
287,216
3.082.409
24«.47fi
FromJaol
2,904.772
<)r\fHnit December..
H7H.2rA
931,706
FromJanI 8.804.746 10.140.115
—24,616 —126.063
433,051 —344,676
--.13.S.-,0
Teua A New
Toledo Bt
F/nito
Deeemlier..
I'nlon Paeinr
Decern br
I
Decern b«T
From Jan
74,320
2,184.008
RH —
<t
From Jan
Rt Jowph A
—409.174
1.122.971
-260.046
— 199,755
-5.30.158
-1.480.711
•
785.090
027.292
0.003.070 11,758.721
FromJaol
178.846
3.265.804
30.862
1.740.433
iri8.H-l(.
l.Ol.MMJ
'. '„<
60.363
--•7.636
436,0110
—341.230
4,R0U
223.010
745.306
473,371
0,431.003 12.770.068
080.001
0.2iM,020
<!
I
3.524.714
From
Or^oT
4A
.1
i;nt"n
1-
!.•..•
/.-.(^
Uofi —
IH7.80O
/
.^41,102
:.
6.-.
701
5-S..HI
I
88.704
345,3.51
Noveini)er
66,269
Lid November 145550UII
16,455
12s 9<7
191,311
188,363
1.262.779
3147,789 37.700.430 32.078.222
47,650
657.190
471.186
6H.I3H
663.131
72»).7I5
77,315
915.624
764.372
290,909 3.647.791 3.266,907
60,346
687.723 562,589
12199000 155462 000 122306000
1.4 -'0.-171
I
874,610 10,434.835
i
-
1
)
.
I
:
'i
'.
1
Co auO
Pbiludiilpbla
Com.
(iiit
I'lill.i .t
I
December
I
Co
A
Itv.
(.'cike
1,1
.'i
Pow A
Tr*Lt
l<<1|Hll>lll \l\ \
<
'
'
'
V
s
l.li
He<(iii<l
1
,
I'r
Co
I'.l
.
H.ivf !
-4,
I,
I
irii
II.
(
A vuiiUM.
I
..
'
. . .
..
,
Co
Nii\eiiii'iir
Decembur
N oveinlMT
lie
"1
Co
I.I
(',,
e,ai8..'i04
r,2'i,8;(i
I
iiHH.IdJ
I
•|
.
I'OWW, .VovDinbor
\
Irli
I
;
'•>....
I
'
Hlrrri4
.
1'.'
i.,.
•
'
I
I
I
I
I.t
•
I
l:i-
380 097 3.SK'1 .91
12.4 10.60.5 ,38,807,3,54
790.030
762,087
67 .880
69 .587
NiivumlHir
217 In6 3.1.30.211 2,352.270
2(11, 42S
<)<)'•
)i'i i-riiher
MS 91 'I; ••It 9 .s
24 2 9 ,56 1. 61
Deromber
Oil 939 9.H) .901 10 03H..M4 10,000.4.30
"ember
.3.16
3.026 661
2,991.367
262 410, 264
vemlMfr
16' •7.
631 •8.302 2IH
6(1
171
7
669.981
..jvemlKir
599.34.3
65 .8.51
r>7 015
DiTember
5.50.146
566.197
46 Hlljl 52 1113
600.860
713.2.50
Deeelillier
K(l
.:t(i()
2S7
70
19(1 228
I)e<"fmlier
Ml (III
170.789
18 '.'(i;(
limi.724
Noveinbur
793.723
72 ,(I.5N
76 fi'.l.t
iDocomber
I'oriliiiid (Jits
l'<iriliri>l
168 •114 1313 .377 10.209.563 14. 709. ,363
1.880.487
1. 118. 168
132 102 231 .4.57
SO 1. 162
812.210
()H IKI
67 ,059
Triiimit C«i' Deeeinher
366.307
113.036 2.7HI,n<n
\.:jj jj\
100.675 38.0M.084 40.011. lUU
I
December
Wesiern
Run
I'liil.i
No
I
II
f
71
13117
71
I'Mi Iter
(i.S
'•(
I
H.'.i'
Deeelillier
Noviiflllier
I
I
IS
t
I
I
4
.101
872.729
579
1
<
Ml
t
•
I
,
.
.
I
- lit 1 M V It
IIiiIImI (Inn
\
a
I
1
.
KI
(
I
I
!•
,
From Jau
— Deficit.
i
i.r
».',i.'
33.03.-.
79,HI7
730,730
0<10,1HO
1,040
637 .MS
53,607
430.440
48
• (V/rrccted rigurea.
i»
*
*iiei
I
litlMir
I
196
I.er
I.
9.016.374
173 650
,150
.
I
1.310
770.244
10 .571 14. .138. 980
November
1
36.24
l.(HI,(H2
i
,
PhlLidiliihli Oil Co..!D<«t!lilber
I
—330,382
3,74A,U7
i
|
4(rj 4."i
r
It
Vlrk^i
—
Previous
Year.
.
'ri
Deeeri'
Current
Year.
9.032,808
6,03 9
66.005
69,831
132,498 2,lvr3,.565 1,555,993
190,290 2,573,537 2,146,741
4,112
146.265
122.636
370.036 4.366.113 5,113.714
1707.098 20,358,614 18.622,235
83.270
929,814
850,613
68,748
694.596
632.007
Central Miss Val Elec December
46,753
44.915
621.020
490.984
133.1^.i 115.841 1,385. 28s 1.327.910
Chitlauooga liy .s Li Oeceiuoer
(Mtie.s Service Co
December 1193.140 1826.493 13.461.770 24.698.039
Cit Trac Co & subsid. December
85,969
98.812
950.648 1.004,079
I'ity Gas Co, Norfolk .N'oveiimer
77,3^;
S9.M,s
826.30(1
806,282
Cleve Painesv & East! November
56.771
61.464
705.714
735,344
Colorado Power Co- December
90.160 102.688
998.843 1.121.036
Columbia G&E & Sub November 1799,313 1.598.136 1.799,313 1.,598, 136
Columbus Elec Co
December
167.388 122.083 1.807.298 1„547,353
Coiti'w'liii (', liy ,s: Li Deee iiher
2.S33 Ui.> 29S_',9."> 31.3 19.2.59 31.235,981
Connecticut Power.. December
115.296 134.371 1.499.153 1,473.161
Coiisuiiiurs Power C<^ iJeeeuilior
126S./"93 13J1.316 14.(173.293 14.157.453
Cimih County P & Lt December
324.«17 286. 0S8 3. ,305. 110 3.114.008
Dayton Power & Lt. . December
434.939 400.660 4.183.9,53 3,734,487
December 2370.594 2329.727 23. .382.898 21.990,351
Detroit Edison Co
U ul u t h -S up Trac Co No vem ber 141.366 154.760 1,622,824 1,753.745
Duquesne Lt Co subs
light and power cos December 1456 881 1386, 685 16.092 ,270 15.006.173
4,3n8.922
E hi i.oais >!c Suiiur >. iJuCeiiiOer
351 .55.' 443 37.i| 3.X1H 30
East Shore Gas & El. December
63. 877
49, 316
624 025
506.160
Eastern Texas Elec.. December
138 972 145, 204 1.670 328 1.619.242
Edison El 111 of Brock December
125 347 109 654 1 .256 549 1.302.700
30. 125
Elec Lt& Pof Ab& R December
32 311
347 737
336.978
December
El Paso Elec Co
196 778 196. 319 2.290 ,405 1.931.629
Erie Light Co & subs. December
109 449 125, 089 1.011 .414 1.230,797
Fall River Gas Works December
82 410
84, 647
1.006 .947
909,699
441 5.2 455, 4S9 4.822 242 4.606,421
Feder.tl Lt iS True Co Decemoer
November
676
Ft Worth Pow & Lt..
281, 536 2,165 936 2.348,809
225
Galveston-Hous Elec. December
283 386 342, 133 3,679 867 3.808.9,53
Gen Ga.s&El&SubCos December 1041. 925 1082. 199 11,456 294 11.364,560
Great Western Power November
710 975 766, 428 6,698 .858 5.874.325
September
Barrisburg Ry Co
128 938 149, 112 1.247 ,782 1,314.011
lis 1037. 3.5_' 11.731 928 10,366.709
llavan.i f.lec Kv >.t Li >,'ovi».iib -r
II 12
Haverhill Gas Lt Co. December
521 071
450.642
42 701
39. 704
Honolulu R T & Land D<«ember
80, 715
76. 386
939 .624
840.624
Houghton Co El Lt.. December
52. 502
68. 058
651, 694
672,156
206 992
Uougblou Co TracCo October
16 629
23. 282
264.194
9')5 417
Hudson & Manhattaii December
924. 181 10.515 ,711 9.220,266
Hunting'n Gas & De\ December
105 507 111. 3.58 1.0.>5 591 1,496.875
November
Idaho Power Co
190. 734
181. 607 •2,288 .226 2.282.163
Vovember 1951 nifi 1914 271 20.0.57 .439 18,823.429
Illinois Tr:ietion
Interboro R T System November 4542, 930 4813, 587 49.461 ,126 49.267,505
Keokuk Electric Co.. December
32 239
31, 803
373 ,851
356.842
Keystone Telephone. November
138 ,360
138. 360 141, 639
144.639
December
Key West Elec Co
263 .667
260.003
21 817
26, 007
Lake Shore Elec Ry.. November
187 203 232, .563 2,363 .867 3.039.263
Long Island Electric. November
25 855
21 389
351 .104
.300,366
Ujwell Elec Lt Corp. December
117 3H5 107 377 1,180 510 1.235.878
Manhat Bdge 3c Line November
23 507
24. 441
261 270
256.177
Manhattan & Queens November
27 ,454
19, 254
310 773
209,402
Ueceiiiher
M mill KleeCorp.
316 -'3.H 315 397 3.677 50
3,417,366
• Market Street
Ry... November
774 195
6.276 .650
December
Metrop Edison Co
2.50 203 258" 769 2.666 248 2.8b9',832
Milwaukee El Ry&LtjD3cember 1666 039 1715, 497 18.244 ,237 18,867,763
Miss River Power Co. December
230 ,171 249, 131 2,742 621 2,827.964
Munic Serv Co &. subs December
221 ,894 240, 821 2,473 .165 2,520,473
.Nashville Ry & Lt Co December
335 (180 3.8.57 .852 3.(575.209
3.>l 9.'i3
Nebraska Power Co.. November
254 ,554 276, 711 2,812 .644 2.599.104
.S'evnda-C;ilif Elec. . November
215 185 205 052 •3 178 3S2 3.0.57.898
New Eng Power Syst.! November 484 699 499 0,50 6,395 .027 6.937.639
New Jersey Pr&Lt Ooj December
51 448
492 .694
465.116
48, 133
.Newp N & li Uy ti&E' ."^ovenibiir
163 561
230, I,>|
2.379 .604 2„534.7,5S
New York Di>ek C'o iDeeember
3 77 04 6 518 971
5.478 ,.562 6,K36 931
N Y & Oueens County 'November 104 726 93 903 1.182 .440 1.089.908
.551 .111
486.516
N Y & Long I.sland..:Novembor 44 8r.9 41 024
6 New York Railways' November
746 815 763, 313 8.748 322 7.889.668
4S2
b Eighth Ave RR.. November
936.781
102 760
90. 39-J
1.II2
November
500 874
b Ninth Ave RR
373.014
47 315
43, 879
No (;.iro I'lili .Serv Co] DiH-eiMi>er
KM 4.<1 95 .SOI 1.135 3.53 1.025.705
Norn Ohio Klor Corn Novomlx>r 7fin 149 8.52..222 7.8.58 .361 10.161,183
Northw Ohio Ry & Pr Dc^oember
468 8.59
467,113
32 437
35..070
Norlbeni Texas Elec. December
343,.770 3..538 .729 3,951.6,50
277 5;i
Ocean Electric
November
293 .600
242.0-19
13 811
11 .381
I'anric (ias At Electric November ,<()3.) .(HO 311)3 .,5J1 •.37.5.50 663 •3420M 978
I'Hciric Pow fi 1.1 Co. November
271 OlO 2.56 .116 2.73 919 2,415,206
r>2 118
l'a<Jucnh Electric Co. December
483.570
529 .886
48 ,791
I'unii (cut Ll & I'ow. DeeemlxT
22S 896 232 ,8.36 2.351 .397 2. 310,,501
Punn EdI.s Sl Bub Cos. December
216. 144 256 .628 2.461 148 2,300,183
I
I
3820.393
50.628
November 939,801
November
5.693
November 207.908
November 207.819
November
5,216
November 395.450
November
1847.921
N Y Consolidated.
November
South BrookljTi
82,814
Cape Brelou tl, Ltd. December
63,748
I:
3.466,076 1.070,038 2,063,814
1,680.048
13.304 37,171.041 36.503,470 30.760.314 30.107.643
•
13-.'.:fl<)
Brooklyn Rapid Tran
aBklnCityRll(Rec)
aBklnHeights(Rec)
BiUn Qu Co & Sub.
Coney Isl &. Bkln..
Coney Isl & Graves
Nassau Electric
fWeton
From
Co
Hrn/iliati TrL.tl'
R.Mil
irtitt 10170.166
I
15.423
0<'tober
December
JfeBarcelona Tr, L & P December
Baton Rouge Electric December
IJ .aver \ illtn Tr uDece.iiber
Binghamton Lt Ht&P December
Balckstone Val G&E. December
I'ugi't H<l
A WMitrm
Latest Date.
1 to
December
490.078 446.699 4.817.225 4,714,526
December
43l.77(> 3<.»4 .373 4. .542. 3.57 4,190,496
November 2109.416 2202.187 •24687 159 •21154 468
December
225,450 213,798 2.487.606 2.265,611
November
81.349
91,313
990.078 1,094.080
^Sc
I'Ine Illuff
-101.878
70,183
Jan.
Previous
Year.
$
Adirondack Pow & Lt
.Alabama Power Co..
aAmer Pow & Lt Co.
Appalachian Pow Co.
\rKuQsas Lt & Power
Atlantic Shore Ry
B iniror Hy
Klcc Co
.\.. liir.il
HMHtoo EsM A Wort Texan—
OaMOiber..
Month.
Current
Year.
j
195.776
738.473
RR—
December..
H0.881
From Jan 1 1,272.028
Road
or Company.
of
.
46,211
2,264,841
146.916
.
Plttaburgb
Latest Gross Earnings.
Name
Bradford Klec
-_.
St Louis Southwestern
Southern Railway
Texas & Pacific
S
75.992
331.962
Irtcrease. Decrease.
96,997
305.028
1,821.732
2,749.000
422,986
64,501
..\
Iowa Central
Mobile & Ohio
1921.
7^9
1
40.>.
,..,i*.r
s
—
THE CHRONICLE
730
a The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transl
System, the receiver of the Brooklyn Heights RR. Co. having, with th'
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919, the Brooklyn City RR. has iDeen operated by its owners
6 The Eighth Avenue and Ninth Avenue RR. companies were formerlj
eased to the New York Railways Co., but these leases were terminated oi
July 1 1 1919, respectively, since which dates these roads have lieen operatei"
d In
separately, e Inchides Milwaukee Light, Heat and Traction Co.
e Includes
constituent or subsidiary companies
eludes all sources.
h
Includes
Tennesse'
Earnings given in milreis. g Subsidiary cos. only,
Railway. Light & Power Co., the Nashville Railway & Light Co., thi
Tennessee Power Co. and the Chattanooga Railway & Light Co. i In
eludes both .subway and elevated lines, j Of Ablngton & Rockland (Mass.)
/ Thesp were the earnings from operation of the nrooer
k Given In pesetas.
• Earnings for twelve months,
t Started
tJes of suh.sidlary companies.
operations April
1921
1
Electric Railway and Other Public Utility Net EarnThe following table gives the returns of ELECTRIC
ings.
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—
Gross
Earnings.
Q'
Colorado Power Co Dec
mos
90.160
•20"
102.688
ending Dec 31 "21
998,843
'20 1.121.036
'21
Net
after
Taxes.
O
Bnlance,
Surplus.
C
Fixed
Charges.
^
153.523
-
---
.350.021
Z451.183
1528.819
325.949
338.783
125.234
190.030
1.799.313 zl.l62..364
1.508.136 zl,0,'>9,.503
138.360
55.142
Keystone Tel. Co. Jan. '21
•20
144,6.39
40,694
J After allowing for income received.
472.066
428.688
41.885
37,838
690,298
630.815
12
&
Columbia Gas
&
Elec.
Jan. 21
Subsid.
•20
New York
RR
BklynCity
(Rec).a.Nov
939.801
Jan 1 to Nov 3010.434.835
5.693
Bklyn Heights (Rec).a.Nov
Jan 1 to Nov 30
66,005
Nov 207.908
Bklyn Q C & Sub
Nov 30
Coney Isl & B (Rec)...Nov
Jan 1 to Nov 30
Coney Isl & Graves'd.Nov.
Jan 1 to Nov 30
Jan
1
to
2.123..565
207.819
2,573.5.37
5.216
146,265
395,4.56
Nassau Electric (Rec)..Nov
4.366,413
Jan 1 to Nov 30
N Y Consol
(Rec)
to Nov 30
Nov
1.847.921
20,358,614
Nov
82,814
Jan 1
South Brooklyn
929.814
Jan 1 to Nov 30
New York Railways-6..Nov 746.815
8.748.322
Jan 1 to Nov 30102.760
Eighth Avenue RR-h--. Nov
1,112,482
Jan 1 to Nov 30
47.315
Ninth Avenue RR_6-.-Nov
500,874
Jan 1 to Nov 30
Interboro
Rap Tran Sys
Subway
Division
to Nov 30
Elevated Division
Jan 1 to Nov 30
Jan
1
Nov
2.856
2,961,809
874,610
9,032.808
6.039
69.831
132.498
1,5.55.993
Current
Year.
Previous
Year.
^
9C
129,634
1,678,488
2,169
4.708
54.108
434.048
51.241
632.464
1,284,678
—63.818
—436.953
1..532
19.193
——24.551
159.506
—34.759
—11,465
—3,376
9,995
—83.914
—450,733
60.036
1,913.936
28.173
198,100
67.046
—625.4.52
—
—19,518
—301.983
—19.268
—139,530
1,159,495
31,524,7.54 30,563.029 11,871,426 11,835.225
Nov 1..581. 121 1,703.321
408.977
312.415
17.936.372 18,704,476 3,655,379 3,692,515
23.507
24.441
2,597
2.151
256.177
18,206
261.270
25,931
Jan 1
—7,362 —14.551
76. ,593
72.058
Second Avenue (Rec) --.Nov
—77,903 —113.493
909.724
793,723
Jan 1 to Nov 30
—12,424 —31.4.50
104.726
93.903
Queens County. -Nov
1,182,440 1.089.908 —271.787 —203.096
Jan 1 to Nov 30
—3.698
—2,821
Nov
25.855
21.389
Long Island Electric
306,355
351,104
28.215
22,936
Jan 1 to Nov 30
13.811
11,381
—2,481
Nov
1,917
Ocean Electric
242.049
Jan 1 to Nov 30
293,609
120.103
40.790
27,4.54
—1.893
19.254
2.673
Manhat & Queens (Rec) Nov
310,773
209,402
Jan 1 to Nov 30
39,251
277
—8.412
Nov
44,869
41,024
7,068
Y & Long Island
—54,498 —58,978
551,111
486.516
Jan 1 to Nov 30
—7.934
57,045
65.851
60
Richm Lt & RR (Rec)..Nov
599,343
669,981
142,663
—33,858
,Jan 1 to Nov 30All the above net earnings arc after deducting taxes.
Note.
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RK. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue Railroad companies were
formerly leased to the New York Railways Co., but the.se leases were
terminated on July 11 1919 and Sept. 26 1919, respectively, since which
date these roads have been operated separately.
Line-. -Nov
to Nov 30
Manhat Edge
.3c
NY&
—
N
—
—
^
— Deficit.
—
Damages. Injuries and damages increased somewhat, due to collisions
with motor vehicles.
Insurance. -In 1920 the Public Trustees established a fire Insurance
fund of .$100,000, which will be increased to S200.000. The fire losses for
1920 and 1921 were S28.779, and the insurance premiums at the usual rates
would have been approximately SI20,572. All important car barns have
—
sprinkler protection.
Labor.
The agreement with our employees having expired on May 1
1921, the State Board of Conciliation and Arbitration reduced wages an
average of 12% and reUeved the company from certain burdensome and
expensive war-time conditions. The Trustees immediately passed along to
the car riders by reduction in fares the entire saving made possible by the
State Board award.
One-Man Cars. In December 1921 96% of the total car miles operated
were by one-man cars. These cars have provided the means of reducing
fares and continuing in existence a large part of the .system, including many
city lines which otherwise could not have been operated.
Changes and reconstruction have resulted in providing adequate car shop
—
—
facilities.
—
Readjustment Plan. The readjustment proposed by the Public Trustees
was declared effective on Jan. 3 1922, and it is hooed to have all details
consummated within a few weeks, (Compare V. 113, p. 2079; V. 114, p.
197.)
COMBINED FINANCIAL STATEMENT OF THE
FINANCIAL REPORTS
17
OPERATING
1921.
1920.
.?;10,681,351
$12,374,410
286.404
Dec. ( ).
Jl.693.059
249,504
DISTRICTS.
Inc.
Calendar Years—
Passenger revenue..
Freight and other revenue
Rentals, advertising,
Interest, other
36,899
265.123
334.892
.
&c
income
—
Way and structures
Equipment
Power
Car operation
Injuries and damages
Expenses
Net Earnings
190.290
2.146.741
—1.358
4.412
122,636
45.089
96.670
370.036
5,113,714
737.107
538.289
1.707.098
18,622.235 4.399.547
30.969
83,270
850.613
324,978
—708
763,343
15.395
7.889.668
—2,199
90.394
936,781 —135.704
—7.405
43.879
373,014 —220,814
3,110,266
—
Operating Cost. This shows a reduction of $2,347,236. Of this saving
$1,250,216 Is attributable to the operation of one-man cars.
Totalrevenue
Street Railways.
Gross Earnings
Current
Previous
Year.
Year.
Q
4C
Companies.
13.2.57
[Vol. lU.
Insurance
Law expense
-.Rent of tracks--General wages and expenses
Miscellaneous expenses
(Report for Fiscal Year ending Dec. 31 1921.)
report in substance:
Earnings.
Gross receipts from car fares in 1921 were .?1 .693.060, or
13% less than in 1920. This was due principally to the continued indusIn the textile
trial depression affecting every city and town m the system.
and shoe and leather centres, cspeciall.v, the prolonged unemployment
The Trustees
—
of thousands of operatives inevitably caused a large falling off in revenues.
A considerable part of this shrinkage of receipts, however, is accounted
for by fare reductions made in difforent districts, in accordance with the
These reductions have
sorvice-at-cost plan of the Public Control Act.
resulted in a saving of approximately .S600.000 to the car riders, a material
aid In maintaining friendly relations with the public.
In the past year 35.000 joints have been electrically
Maintenance, i^-c.
welded, a larger number than in the entire previous history of the company.
Welded joints contribute very largely to the comfort of the passengers.
prolong the life of the track and reduce cost of repairs to cars. It is expected
that track work during another season will put the operated rails in satisfactory condition.
Equipment expenditures were reduced 8355.797, or 19%. Contributing
causes were the operation of 250 new one-man cars, improved track condiK(iiupment expenditures were 7.67c.
tions and better sholi management.
per car mile, comi)ared with 8.30c. in 1920. The equipment is rapidly bemg placed in first-class condition.
Fare Reductions. During 1919 and 1920 expenses increased rapidly, and
In 1921 exit was necessary to raise fares under the service-at-cost plan.
penses gradually decreased, and the Public Trustees have reduced fares
accordingly.
Net earnings so improved in some districts that more than
one fare reduction was made during the year.
cents a ride
One dollar punch card tickets are now sold at the rate of
Lowell, Salom and Quincy; 5 15-17 cents a ride In Lawrence and BrockAbout
ton; 5 5-9 cents a ride in Lynn, and 5 cents a ride In Fall River.
87% of the city riders on this property are now using reduced rate tickets,
railway
earnings
will
business
revives,
street
improve
miwhen general
and
further fare reductions may then be expected.
Power cost.s were reduced !?;699,123, or 34%. Reduction in coal prices.
Installation of oil-burning machinery at the Quincy station, the use of
lighter weight cars and more efficient power house operation have been factors in this large saving.
The company operates seven power plants.
Power Is piu-chnsed at three, and soon will be at four points.
—
—
6K
-1-11.125
+54.427
—$1,877,011
$8,454,103 $12,063,648
348,750
204.017
2,515,411
927,610
1,623,021
1,588.146
Gross income
and rentals
Net income
$892,390 def. $660, 536
—•?205,505
—355.798
—699.124
—2,347,237
-1-48,674
+12,912
—5,872
—
——26,123
29.715
1,756
—$3,609,545
+144,733
+1.587,801
+34,876
+$1,552,926
a Includes $80,000 added to insurance fund.
Note.
"Cost of service" requires gross income of approximately $2,400,000.
Operating expenses includes depreciation charges amounting to
$1,146,806 in 1920 and $992,847 in 1921.— V. 114. p. 197.
—
United States Rubber Co., New York.
(Advance Annual Statement, Fiscal Year ending Dec. 31 1921.)
Chairman C. B. Seger, Feb. 17 1922, wrote in substance:
—
Advance Report
Under date of Aug 27 1921 you were advised as to the
As the annual
months of 1921 (V 113. p 1062)
meeting does not occur until April 18. and the annual report will not be
sent out for nearly two months, your directors feel that, owing to the
unusuiil conditions experienced, the stockholders should be advised as early
as pos.sible of the results for the year and of the comp iny's position at the
As it is .so soon after Dec 31, it wa.s necassiry to estimate
close thereof.
.some of the figures; they should clo.sely reflect actual results
Explanatory of Year's Results
The .vear 1921 was one of readjustment
and liquidation, and, therefore, due consideration mu.st be given to the conditions which confronted the compan.v Jan 1 1921, as well as during the
year, and especi illy to the extent to which liquidation, both as to inventories
iind financial obligations, has been effected during the year, in connection
with operations. The volume of business during 1921 expres.sod In tonnage
or units rather than in dollar volume of sales was satisfactory in view of the
general business depre.s,sion that prevailed practically during the entire
year throughout the country, and in fact the world.
.
results for the first six
—
As hereinafter explained
In
detail:
Financial obligations, including forward commitments, were reduced
approximately $40,000,000, all accounts being met as they fell due and
full advantage being taken of all cash discounts;
Approximately $1 0.000.000 of excess cost of finished goods carried over
(6)
from 1920 and sold in 1921. as compared with the average cost of
Sroducingsiniil.irgoods in 1921. was absorbed in operations for the year:
irasbic trade reductions In selling prices, made aft(T Jan 1 1921. decreased the amount which otherwise would have been received for the
goods sold during the year by approximately $18,000,000, thereby
reducing net profits to the same extent;
((f)
Inventories of materials and finished goods were finally adjusted by
further write-down amounting to approximately $18,544,000. and as
this was definitely allocated to 192i), $8,011,000 whs charged against
re.serves previously created, and the remainder, amountiug to $10,533.000. was appropriated from corporate surplus
Operations for Year 1921
The net sales amounted to $164,470,368.
being a decrease of .$91,679,762. or 35 79%. compared with 1920. which
were the largest In the history of the company
After absorbing approximately $10,000,001). representing the excess cost
as compared with
of finished goods carriaid over from 1920 and sold in 192
the average cost of producing similar goods in 1921. but before the adjustallocated to 1920
definitely
ment of ijiventorles, all of which adjustrnent is
as hereinafter explained, the net profits for the year amounted to $470,817.
after all interest and other current charges, notwithstanding a reduction of
approximately $18,000,000 in the income from sales, caused by the drastic
1921
1
tr.ide reductions in selling prices made after Jan
Further Writing Down of Inventories of Dec. 31 1920 to Sound Values.
The .Tbsorption of the excess cost of finished goods c:«rried over from
1920 resulted from following the established practice of using the cumulative average cost per unit, .irrlved at by taking the units on hand as of
Jan. 1 1920 and the cost thereof, and adding thereto the units manufacInventories of finished goods were
tured during 1920 and the cost thereof
not written down as of Dec 31 1920, except in special cases of obsoletes,
&c., because the .selling prices then in effect had produced a satisfactory
net profit, and It w.as believed that substantially such sellins prices would
This procedure was conbe maintained long enough to effect liquidation.
sidered economically sound
above, it was found
referred
to
After the absorption of $10,000,000
necessary to make further adjustment of the finished goods carried over
from 1920, in order to bring them down to sound values, amounting to
approximately 55.769.000, of which amount .$2.01 1 .000 was charged against
reserves previously created, and the remainder, amounting to $3,758,000,
was charged against corporate surplus
, .-.
o.
In the ca.se of raw materials and supplies the inventories as of Dec. 31
1920 were written down to what were then considered fair market prices.
This ^vrite-off proved to be ample as to all commodilie.s except cotton fabrics
.\t that time there was no real market for cotton fabrics, and it was
On this basis Innecessary to rely upon the be.st information available
ventories of cotton fabrics were written down $6,425,000 as of Dec 31 1920.
created, and in
previously
which amount was charged against re.serves
.addition $6,000,000 was appropriated from the net surplus for the year
1920 and set aside as a reserve for contingencies
Throughout the vear 1921 the market for cotton fabrics was demoralized.
found necessary to
On the basis of repl.icement values during 1921 It was
use the reserve of »6. 000, 000 and to make a further adjustment amounting
to $6,775,000, which was charged against corporate surplus, as being
definitely allocated to 1920.
Liquidation of Inventories and Contractual Linhilities.
Total Inventories as of Dec 31 1921 amounted to $76,691 777. as cpmnared with $123. .503 .030 as of Jan 1 a reduction of $46.81 1 .253. or 37 90%.
Approximately 66% of all the finished goods on hand as of Dec. 31 1921
was located at the company's sales branches.
(a)
—
1
Eastern Massachusetts Street Railway Co.
or
$11,318,265 .S13.195.276
.Jl.768.0r9 $1.9r3.584
1,518,279
1.874.0r7
1,350,997
2.050.120
2,658,888
5,006,125
313.6:^8
362.313
141,051
al53,962
15.785
9,912
79,018
105,141
263,910
293.625
288.745
290.502
-
Interest
——
—
280.465
Total operating expenses
Taxes
25'<.998
(+)
.
.
THE CHRONICLE
Feh. 18 1922.]
LiabiUiit«,s were decroa-sed .'523.20(>.()00. of which SIS.UC.OOO was in notes
PHjablc, $8,930,000 in accounts and acceptances payable and accnicd liiihilities, including Federal (axes and dividend provisions, and $1 .07.T.000 in
bonds and notes retired.
In addition to the liquidation of liabilities reflected by the balance sheet
us iudicatcd above, consideration should be given to contractual liabilities
While
represenliuK forward coniniitraents for raw materials and supplies
it is not customary to take such liabilities into account until after the groods
have been received, nevertheless they are financial obligations and should
be taken into consideration
As of Dec. 31 1920, the contractual liabilities of the nature referred to.
All of the maprincipally for cotton fabrics, amounted to $24,000,000
rerials represented by these commitments (except S300.000 not yet required) were delivered and taken Into account during 1921. in accordance
with the original terms of the contracts
The corresponding contractual
liabilities as of Dec 31
1921 amounted to ST. 200. 000. all at or below
current market, and as to quantities covered oaly currs'it requirements
This reduction in contractual liabilities represents a further liquidation of
financial obligations in the amount of S16.800.000 in addition to the reduction of S23.200.000 in liabilities reflected by the balance sheet, making a
total liquidation of $40,000,000 during the year, as pre\-ioasly stated
Balance Sheet Dec 31 1921
Current assets as of Dec 31 1921 amounted to S134.766.062. after
^rriting down inventories and aft«r deducting from accounts receivable
Inan amount considered adequate to cover doubtful accounts
ventories of raw materials and supplies, including crude rubber as of
Inventories of
Dec 31 1921. were valued at or below market prices
finished goods were carried at the average cost of production, which will
produce satisfactorv net profits on the basis of prevailing sellins prices
Current liabilities as of Dec. 31 1921 amotmted to S49.232.561. All
accounts were met during the year as thej- fell due, and fuU advantage was
taken of aU cash discounts.
The consolidated surplus as of Dec. 31 1921 amounted to S30.031.633,
being a decrease of S17.293.747 as compared with Dec. 31 1920. viz:
-1) Deductions of $10,685,809 from surplus with respect to prior periods
Appropriation of surplus for further depreciation of cotton fab.?6. 775,000
rics on hand and on commitment Dec. 31 1920 (see above)
Appropriation of surplus for depreciation of finished goods on
hand Dec. 31 1920
3,758.114
Sundry charges, less credits, to surplus, in adjustment of transactions of prior periods. &c
152.695
(2) Dividends: (a) Paid April 30 1921 on Common stock, Sl,620, (KM): (b) on Pref. stock, including accrual of dividend payable Jan. 31 1922, charged agaLn.st current income, $5,458,755 7.078.755
$17,764,564
470,817
Total
Xet income from operations
year 1921, as above
for the
Pressed Steel Car Company.
(Report for the Fiscal Year ending Dec. 31 1921
text, signed by President F. N. Hoffstot, will be cited
.
The
fully
INCOME ACCOUNT FOR YEARS ENDING DECEMBER
Net sales...
Xet income before int.. Not shown
See text.
Net Interest charges
Net profits
470.817
Preferred di vidends
5.4.58.755
9urp. for Com. divB-.def4,987,938
Common dividends
1,620,000
Divs.. subsid. cos
def6.607.938
47.325.380
Surplus
Previous surplus
Contingency reserve
Other deductions
xlO.685,809
... 30.031.633
Surplus
20.191.097
4,119.055
17.7.30,237
16,072.042
5,041,476 _-1^96 1,992
12,688.761 11.110,050
2,098.576
19,567
^'i¥,56s
10,570.618 11, 090. .541
41,848,051 31,891.20?
108,506 _f,'l33',695
52.310,163 41,848,053
55.832.428
.\dj'astment credit..
^tirplus.
492.9.52
30.031.633 $56 .325 3H0 $,52,310,163 .$4lT8T8;053
Stk.dlv. Feb. 2012H%
9.000.000
Bal.. p.&i. sur..Dec. 31. 30.031.633
47.325,380 52.310.163 41,848,053
X Other deductions Include the first three items in first table above.
AsseU
Cash.
—CONSOLIDATED
BALANCE SHEET DECEMBER
Total current assets
$141 ,895, 516$194,.5.^8,4
owned and held In insurance fund
$2,442,0.32
$2,486,920
stock IT. 8. Kubber Co. under contracts
and acTMinents
2.305..336
2.427.705
Securities •wn«! incinriit.Lr ^ti« u of V. H. Rubber
1
Hecuritlea
4..321,9«9
Plants. pr(i;<
ber plant
Prepaid
7, 167, .5.36
Including rub-
an-I
:
I
^u
!
$14,677,900 $15,120,993 $14,464,187 $12,704,412
31.
1920.
192!.
1920.
LlabllUtes—
S
S
$
Prop. & franchise a26.462. 234 26 .680.020 Common stock .12 .500.0fl0 12.500.00(1
Sec. & stks. owned 5.936.574 6 ,000.374 Preferred atock__ 12 ..iOO.OOO 12,500,000
Impts.Pa.Mall.Co 5130.833 .
Accounts payable 2 ,063,915 10,530.724
Taxes & insurance
Notes payable
1 .600.000
3.550.000
not accrued
11,450 Accr.salary&wages
131,206
465,344
1921.
I
Xotes & accounts
receivable
7,52.'>.167
9.,052.208
Material on hand. 2,939,771 11 ,237.622
Cash
1.497,192 2 .954.136
Total
a«i«t«
$341.071.398$.389.2.52,696
lAahllUiet. Reatrces and Capital
r.iyabln. Inrludlng arceptancca payable
atloa of crude rubber
9.r,\7 .210
14 Oft 1..389
i,:lu.if»<
A'
3,505,3-11
3,874.1.58
M :,,,.blc
..
N'.
36.210.000 49,405,fKKJ
—
H
.\'
.
I
.
i
'"—
| '.
Fir
.V>. a
lO-ye-ir 7 ;,
Can;k<ll.kn
due
•
^,.,rirl..
1
(.oil .Noi.
Ui-r.
Co
Kulilxr
•<«1
$49.232. .Wl
$*'.7
.373
y'J .r,r,\
%:,h
•IL'I'.
20
«%
Md..
.
2.600.000
M7
Kf)0
00ft 1100
0(KJ 000
(,
.
1
--
>l
.hiKI
1923
»i.000.00(»
..rluiiAuK. 1 1930 I9.HfK).000
:•
'
10-17
'
ll
i:
It-
.
M<l r«HKyrv«i
"f proprrtv nnri iilant
i'rt'forreu and
.
.
Common
I 31
rnvl
I.»H1».»W7
.116 4 HO
2. 975. WHO
,H.'.5 :<!7H
I,.3W).WKI
sfl.'i.l
(KtO
IXUt (too
Kt.fXHI
Ittib <•€,
I,l4l., stock..
ry >'om|i,inl<'4 _.
HI (Kid
277.000
.
6
L'dd
(I
-
.
-
.
,
Baldwin Locomotive Works.
Including Standard Steel Works Co.
—
Annual Report Year ended Dec. 31 1921.)
ANNUAL RESULTS BALDWIN LOCOMOTIVE WORKS. CAL YE.-iRS
{i\th
1921.
1920
1910
1918
aS49,945,506 $73,542,666 $84,307,777 $123179,252
5 41.832,812 65.987.827 75.465..535 305.322.455
Gross sales
Cost
Manufacturing
Otherincome
profit. c88, 112.694
$7, .554.839
2.512.763
4.200.361
$8,S4^,2!2 .$17,856,796
1,903.644
1,103.430
-$10,625,457 $11.755.2"0
1,663,184
3.347,931
$0,945,673 S19. 760.441
1.074.429
1.498.329
Gross profit
Deduct
&c.
taxes, int.
.
Profit
$8,962,273
Special Deductions
Reserve for depr.&adjiis $1,000,000
Reserve for taxes
600,000
Charges and adjustments
Amortization of machin-
—
buil'Mngs,
.
.
.
.
.
$.M
,(j/
1
t7 T'l
i
1',I
..;'in>.i-.'i
<.!li<
r
2l.7.-.(i
><
I
,.
.,..1
;
.ii.(j<)<)
111. U
.$600,000
$1,005,000
2,000.000
500,000
$1,8.50.000
6„500,000
460,895
&c
3,698,921
Deferred profits.
2,318,177
2.878,751
Total special deduc'ns S3. 918.177 $3,978,751 $3,095,000 $12, .509,816
Xetprofit
$5,014,096 $4,428,518 55,776,213 $5,752,295
Di v. on Pref. stock (7%) 1,400,000
1,400.000
1,400,000
1,400,000
Div on Com. stock. -(7%) 1,400, 000 (7)1,400,000(3^)700,000
Surplus after dividend $2,24-1.096
Less unexpend. approp
_
^
_
Surplus brought forward 11.018.-437
$1,628,518
$3,676,243
6. .554. 413
1.907,612
1,315,241
1,515,264
Cr. 970. 528
Total prof &losssurp-$13,257, 5.34 $11,013,430
$6,551,413
Unexpended approp
SI. 35?. 295
-. .--. (fc62..500,000
55.346
.less
patents, good-will, &c
liquidated
Eddy M Co
-
$1,907,642
a Sales: Cash basis. .$40,562,860: deferred basis, $9,382,646. b Costcash ba.sis. $34,768,343: defemnl b;isis. $7.W>4. 169.
c Manufacturing
profit, cash Ijasis, $5,794,517: deferred basis, $2,318,177.
SSCtS
.A
Real
—
zl92 1.
1920.
S
$
ma-
estate,
1921.
TAnMUHri TAnMUtiry
Prpferr(Ml stork
31.
1920.
S
$
.20. 000.000 20, 000.000
chinery, 4c. ..y27.079,542 27.439,263 Common stock ..20 000.000 20 000.000
Stand. S.Wks. Co. 4. 041. .501 4,04 1. .-iOl Bonded debt
10, 000.000 10. 000.000
Chicago plant
381,915
37 1 .624 ArrountH p.tyablc. 5 .114.840 8, 061.859
Olhrr real (wlatc.
T,. 000 000
5,HS0
.i.NSO UlllH pny.'ihle
10. 000.000
InventorleH
4.840,000 16,321.Kon \<lviinccs
1 Otl,l.'iO
AcrtH rrrclvHble.. 6,902.425 18.517. 2.36 SiivlriKs fund"", Ac. 1 ,503. .'>77
1.898,544
UlllH receivable... 10,231, 809
6,.5.52,6.').'->
,\(Tr Int. on bonds
83,334
83,334
Mnrkctahlfi hocut.
...
.'i82.2«0 Intermt reoelv. la
I.lbprty IwndH.
451. R05
.
1.000.000 1.000.000
advanrn, Ac
600,683
U. .4. Trcas. wrtf.
Ueftorve for taxes.
699,7.53
791. 200
500.000
For. C;ovt. scour. »17. 042. .Il.l 13.164.664 Rcservo
r'>r
doMisc. oecurltlos...
2i,878.75I
fprred pr-iflts
558. 4K4
4, 204.425
t'ash..
2<i0,72.'i
19 1,42.%
2.0,56.200
1.3711.508 Int. lnHln>.iiii< luad
Dffc-rrpd nhaTRcs.
IS ,257,534
013,437
320.223
307.351 Surplus
.
."i.
U
.
KltMi
Mtiri!.
bond
Total
.iljil
1,103.425
Total
.81.931,020 91,070,156
-81,931.020 01,070,156
X Includes: Uepiiblle of Poland fi% bondH. .S6.80tl.(>00: Runmilati Tr.vnsiiry
not<M. $1 ..565. ,569: \rgeiitlne State Rv notes. 5;."i.S71 ..MO; Mexican
Icun
fiovt RyH. noUm. $2,802,106
y l-:in(l iiml buililliigM, $ll,.S(i,3,615: ni,iehliiery and flxlures. $I3.215,H9(): U-^-* .lepreehitloii In 1921. $1,000,000.
z 1921. subject Ut any changes in IntiirproUiliuii of KKtl'T.tl kkx Iuwn, reguInlloiiH or nilliiKM
f onllngent ll.iblllty for note's dl-M-ounUKl, $1 .4.S5,(K)0,
Nntr
7%
CONSOLIDATED
AfcU
IlPAl
«I»2I.
1920.
t
•
-
««lt«t4<.
. .
.3n..'..SH.i
.
,
i:t
,i7.i(Mi..'.!Mi
.I77.'.01
-•"
:"i ":
.
7.(MK).7.'m
\rr\m rrrclvnhip
..
lO.IIMI.IHM
.
lo,2ii:i.tiiH
lilllH
rm-rlvahli-
Miirki'iiilflc iv*ciir
iMiiidn. riolm.Ac
' iwli
•
'
<
niiiiiiiiii
24.4'M.in(l U.HOd.OOl
l.r.4:t.082
307.360
.
piiyuhli'
llllln pnviitile
^nvliiitu fundi
do
do
I
I'll
000
I.'
KMI.IKMI
/..'.f'O.VIH
I0.(|-.lt.(l10
% ll(l<l.(KK)
10. OIK). (HI,
1.670,993
uii iMiiidfi
ltr«<rv<' for
nV).7A\
2.113.788
720.604
I,04l.lfi0
tuxtm
I.ririn,7l3
I..'i09.0«ll
f.irrontliiu
drrd proflls 4,2(14,436
2.H7H.7AI
H H
W Cii
171, .».•<,'•
HiiniliM
2,800,000 2.nOO,(K>0
I7.NA0,60N 16.072,177
Intiil
93, gHa.S.tH 104.633,486
HInk
M
I
l.'..'<MI
\rrti
iKir
Adviiii.ci
1920.
•
20,000.000 20.0' O.OOtI
21), II 10. 000 20 (100.000
Nl>M k
Molldl'd dilll
(lit
2,172.11:*
irfrrrfd rliaruns,
320,32.3
Hiiikltis
fund for
liKldwIn
\jnronmilvi' \Vk» i*t
Isr
ttuiuls
l.n7N.73A
I
1921.
•
•
.1H7.7(I.'.
IijvrtilnrlPii
LANCE SHEET
M'lM/'/H
l>ri'firn'il HK^k
niu
rhlnrry, Ar.
II. \
fd
1.'
H7.
Total
0a.gWI.33N
l<
.,..
li»(j>a.
iK-jfl
i
no
O'lt'l
Ii
1 1
88,871,243 $18,262,112
$8,407,269
(
ri;
d.
Ui\
000:
000
Tfi'i .'7.
hllipIlM
-
_.. 44,491,771 55.935,811
—
Invmlriirrils
16,7.53,482
1922
X Inrtttrfm- Vn«(^ rr rc trnblo of rmnlnrr/'a
lo.
y i; H
sob'oob
.14 ,677,900 15,120,993
Total
44,491,771 55.935.811
218,750
250,000
800.000
—
2,600.(KK)
81.000.fMKl
Total
Surplus.
218,750
86 V!i% of the stock.
Note.
Contingent liabilities consisting of endorsements for subsidiary
companies. $1,650,000, and bills receivable and trade acceptances discounted, $178,370, not included in above. V. 114. p 86.
includinR provision for Federal
fi
Accrued pref. divs.
Accrued com. divs.
Res've for conting.
a Includes property and franchises Jan. 1 1921, $26,680,020: additions
and betterments during 1921. $182,214: less depreciation, obsolescence, &c..
sharged off at close of year, $400,000. b Pressed Steel Car Co. owns
Hlnklng fund ... 1,678 725
Tot.-il
$2,107,035
10.597,377
.
186.980.377 177.227.137
4.126.168
5..38-l,986
.
$1 ,759,775
12.704,412
BALDWIN LOCOMOTIVE WORKS BAL.ANCE SHEET DEC
Common
31.
1918.
BALANCE SHEET DECEMBER
1921.
'
$656,805
14,464,188
1919.
X Includes: Operations, $947,847: from di-sidends on stocks and securities
owned, interest and discoimt and other sources, $134,059.
31.
1920.
»13,81«.477 $14. .5.34.8-16
Accounu receivable
41. .543.883
46.329.739
Notes and loans receivable (Including notes of
employees given for purcrhasc of capital Kto<:k
ana secured by such Htockj
x9, 843,379
10,190.796
Pinlshnd goods
51.248,059 77.3.53,921
Materials and supplies, including goods in process 25.443,118 46,149,109
Co. h^ld
def$443,094
15,120,993
Total surplus
21,396.099
3.665.862
26.864,297
5,643.314
21,220.983
5.200.000
16,020.983
6,480,000
18.718
9.522,265
52,310.163
6,000.000
'
1
1920.
.?3, 194.277
Balance, surpltis
Previous surplus
—
1921.
1919.
1918.
1920.
$
S
S
S
164.470.368 2.56,150,130 225.589,465 215,398,425
1921.
-x$l,081,906
Earnings, allsotn-ces.
$5,338,640 $4,818,893
Repairs and renewals
400,000
662,472
1,073,408
468,108
Divs. pref. stock (7%)
875.000
875.000
875.000
875.000
Divs. common stock-..(2%)250.000 (8)1,000,000 (8)1, 000'.000(7J4)968.750
Depreciation of plants.630,456
400.000
in surplus
.517.293,747
It should be borne in mind that if the reductions in selling prices and
other disadvantages referred to could have been anticipated, they could
have been provided for by appropriation of corporate surplus, applied to
the further writing down of inventories as of Dec. 31 1920, in which event
the final surplus as of Dec. 31 1921 would have been the same as resulted
INCOME ACCOUNT FOR CALENDAR YEARS.
i
another week.
Net decrease
from the procedure that was followed, as hereinbefore explained.
Outlook.
As indicated by the balance sheet, the company closed the year
in a strong financial condition.
Substantial liquidation having been effected, overhead expenses having been reduced to the minimum consistent
with efficient operations, and with inventories of finished goods substantially reduced and adjusted on a basis of sound values, and inventories of
raw mateiials and supplies, including forward commitments, on the basis
of current requirements, at market prices or lower, your company is in a
strong financial and trade position to meet the future. The results for the
future depend entirely upon general business conditions.
731
by
>
II.
11
<y
II
1921 In mibjoft l4i
rngiilnMon*
i« or rullngn
ruling*
Nolo
Contingent
any rhniiKiv In liiHTpretiilliiM of KimIctiiI t*x laws.
Hull
for notes dlsootintrKl. $1 ,4H,5,(KM)
V
111
pM3.
..
1
THE CHEONTCLE
733
Gillette Safety Razor Company.
(Report for Fiscal Year ending Dec. 31 1921.)
The text signed by Pres. J. E. Aldred will be cited fully
another week.
NET EARNINGS WITHOUT RESERVE FOR TAXES— SALES.
The
[The sales include the sales of subsidiaries
Tot .Sates{incl .Sub .Cos .)
No.Razors. Ddz. Blades.
4.248,069
2.090.616
2.315.892
1921
in
England. France and Canada.
-Sales to U- S. Govt
No. Razors. Doz. Blades.
Company's
Net Earns.
.-
$7,Of)8,.564
19, .531. 801
-
19.0)1.268
6.803.407
1920
17.320.517
417.457 2.214.566
6.025,350
19194, .580,987
12.895,618 .3,479,442 3.002,3.55
5,252,136
1918
1,094,182
4,603.782
9.619.0.i0
1917
782.028
7.153.466
3,192,832
1916
3.50.765
4.414.1.53
1,673.436
1914
405,292
2.869. ,576
1.1.55.669
1912
During 1920 the company paid $12 per share (cash) dividend on its
capital stock as follows: March 1. $3 per .share: June 1. $3: Sept. 1, $3; and
Dec. 1, $3. On Dec. 19 company paid a stock dividend of 10%.
—
BALANCE SHEET DECEMBER
1921.
1920.
S
$
Assets—
Real
&
bldg3.
2.653.374
(after deprec'n)
est.
&
Machinery
tools 2.970
Patents
Cash
Acc'Us reeeivableInventories
Investments
Deferred charges.
1921.
—
2.742,432
3.037,812
057
31.
4.239 000
2.434.437
4,22)000
5.3.52.343
2 932.fi09
7.907.r,97
5.922.5.53
3.022.0'?9
8,480,88.S
63).470
1920.
TAnbllUles
$
S
Capital (representing shares of no
par value)
a23,700.000 21,200.000
Accounts payable.
2i5.87S 1,923,627
Surplus
5,177,405 4,905,315
come some time. Having an adeouate surplus ard no uncomfortable
debt, it seemed to us in keeping with our conservative policy to pay oiu*
usual dividends throughout 1921.
Outlook.
Now that the acute stape of post-war deflaticn is over, the
directors l^elieve that the kind of merchandise in which we specialize will
be in greatest demand and that our economical way of sellirg through "OiuDrummer c;italogue gives us a decided advantage. Ve enter 1922 with
the cleanest stocks of merchandise we have had in many years. Om' overstocks are negligible and we own practically no unde-^iral"le roeds. Under
present market conditions, and at the rate of sales diu-ing January, we believe we are now on a money-making basis.
[Louis O. Hiirr has been elected Vice-I'ras'dent ard Fdwaid Sheehy as
Treasurer, to fill the vacancy caused by the death of John R. Schofield.-Ed.]
—
'
INCOME ACCOUNT FCR CALENDAR YEARS.
Cdlrnrfar Years—
1921.
Net prof. aft. Fed. tax.loss$3,607, 550
Dividends paid
Pension fund appropiat'n
a The ,stockholders Nov. 18 increased the authorized capital stock from
250,000 no par value shares to .500,000 no par value shares, and the directors
then declariKi a 10% stock dividend, brin ;in-.; the total shares outstanding
up to 252,500 shares, no par value. In ,lanuary last a further stock diviwas declared, payable June 1 to holders of record May 1.
dend of
Compare V. 113. p. 1893. 2189.—V. 114, p. 203.
BALANCE SHEET DECEMBER
—
eral industrial activi y. however, can be reasonably expected in this country
until a fairer rai io e>i!-tK be ween the prices of farm prt due's and the products of high-priced labor. For the pretent, therefore, inlelligout conserva-
tism seems wi.'e.
There was expended for new construclion and new equipAdditions.
ment $3,434,009. The major part of ihis was completing work started in
Requii-cments for now work for 1922 will be comparatively small.
1920.
The plants and equipment have been well maintained and are in good con-
—
—
Thee have been reduced in volume to current requirements only ard wrlten down to pre ent values. There was a heavy dethi;- did not. affect the statement adversely because
of the plan adop'ed In 1917 of carrying an average stock for the end of the
year at a pre-war price. All loans were paid off and the accounts payable
Lower prices have lesbened working capi.al
repre.«ent only current Items,
requirements.
Munition Claiyns. The claims against the U. S. Government arising
from munitions cxintracts were finally rejec ed by the War Department;
no recovery can be expec'ed unlcs by 11 igaiion, which is being considered.
Appeal Dismissed. The Government appeal to the U. S. Supreme Cour'
from the decree of the U. S. Di frict Court denying its petition for the
dis.solution of your company urder the Sliermaii Act, was dismisi-ed in
Jimelaston mot ion of the S( licitor-General of the U. S. (V. 112. p. 2539).
cline in tin plate, but
—
—
YE.ARS
1921.
—
Deduct
Depreciation
Int. on debenture bonds _
Reserve for Federal taxes
Preferred dividends (7 %)
Balance, surplus
ENDING DEC.
1920.
1919.
000
3. ,500. 000
575,.508
(100
;;3i
$1.944 587
$2,293,894
$3,114,495
.000 .000
3.000
2,886
520, 9.58
2 886 33
BALANCE SHEET DEC.
AssHs —
1921,
1920.
S
S
Plant, real estate.
new constr.95,873,347
94.1.56,020
Other Inv. Items.. 2,731,662
U. S.Govt. securs. 6,028,013
3,373,602
incl.
0,641,376 4.or)3.on8
Acc'ts & bills rec- . 6.520,301 10,9.55,301
Materials & prod17,192.301 27.823.229
ucts
7,000 000
2,880.333
31.
1921.
—
$
Preferred stock
41,233,300
Common sto^k 41,233,300
Debenture bonds. 9.655,500
Accrued bond int.
20 1 150
Acc'ts & bills pay. 4,729,204
Dividend Jan. 3..
721,583
Contingent funds. 11,302,543
Res. for Fed. taxes 1,000.000
Surplus
24,916.413
Liabilili'S
,
Cash
...134,993,000 140311,310
Total
1918.
2.000.000
548 .533
4 000,000
2 886 331
1..5()0
$1,141,531
31.
$9,851,876 $11,728,758 $17,076, 33.''j
1,500,000
492.400
1
Total
1920.
S
41,233,300
41,2.33.300
10,233.000
213.187
10.747,019
721,.583
3.000.000
23,774,8S3
.134.993,000 140311,310
Butler Brothers, Chicago.
(Annual Report for Year ended Dec. 31 1921.)
President P. S. Cunningham, Chicago, F'eb.
1,
says in sub.:
since incorporation 35 years ago,
— For the
All of the
was
the directors report a net loss on the years busii
first tin'.o
cs^s.
loss
1921. The net earnints of the last four months of 1921
were sub.stAntially in oxters of the iin oiint rofiuirtd to pay two qiiartcilr
dividoids. The net loss for the year w;i:; S3, 605, 207. Of this amount
$2,082,971 was a final inventory depreriatitn written off Jui e 30. The
remainder. $1,522,236, represents the operating loss proper for the full year.
Invinlory.Inventory a ye^ir ago was taken on the lowest possible basis.
The market continued to fall throughout the first ei^ht months of 1921.
So sudd(!n and .sharp were the declines that we were forced to sell luany
million dollars' woth of gocds with little or no {.to.'^s profit.
Sales.
In January of 1921 oiu- sales fell off 40% as crmpartd with the
same month of 1920. It took six nonths of the mo.st intense eff< rt to
reduce the expense ratio in anything like projiorlion to the dedire in sales.
The combination of shrunken velun:c, hi>!h vxpen^e and little ktc>s pi'ofit
In each of the last
resulted in a substantial lo.ss for the first eij-hl n onths.
four months our sales have come steadily clo.>.er to the volun e of 1920.
has
five
houses
sliowii
Since Jan. 1 1921 each of oiusubstantial gains
over hist voar.
No Hank Debt. At the Ijeginning of 1921 we owed to the banks $10,300,000, whi(h was paid off by June 1. IJoiTowings during the fall did not
oxceetl $2,000,000. all of which was pai<l before Dec. 31.
Our quick assets
are more than eight times our qtiicK liabilities.
Diridend I'olicy. Cm* policy in re,>-pect to dividends has always been
conservative. Every year from 1887 to 1919 we carried a substantial
amoimt to surplus against the period of loan years which would inevitably
prior to Sept.
1
—
—
—
—
1921.
1920.
LiabllUie.1—
$
S
$
2. 134, .505
2 ,714.0521Capital stock
a22 ,010,030 22.011,960
Md-sc. inventory
12,7,56,859 22 ,304,607 Real estate, printAcc'ts receivable
ing
12,485,038 10. 957.820,
plant
and
Real estate, plant
equip, depr. res. 1.375. 640 1.123,910
and equipment- 8,769,166 8,513,043 Reserve for taxes.
448. '533
323.616
Employees' stock
Accounts payable. b2. 525, 887
742,449
fund
557,337
632,372 Bills payable
None 10,300.000
Pension fund
32t,074
316,156 S.Tlal gold notes.. 3,649.4-9 4.313,021
Supplies
266, 398
1.000,765 Dallas mortgage..
321,600
382.805
Surplus.
6,9TJ.0'8 13,321,084
A.'isetS
Total
37,293.378 52.498,825
Total
37.293.378 52.498,825
course of
bills in
Continental Can Co., Inc. (of N3W York).
Report— Year endid Due. 31 19J1.)
(dth A't'iual
President T. S. Cranwell says in subs'^anee:
—
Business for 1921 was about G2>|J% as compared with 1920
business, entirely due to the restricted volume of canning throughout the
country and no' at ali to the loss of customers. Careful atte ition has been
given to econcmies in ail departments. Liberal allowance has been made
for depreciation, tax&s and bad or doubtful accounts.
Invei.torii;s.
Inveiiiories have been taken either at co.st or at market
price, wtiK'hevei is the lower.
Inventory has been reduced from $8,960,366
on Dec. 31 1920 to $3,394,909. and this reduction in inveitory is reflected
in the biJs and accounts payable as compared with last year.
Jersey City Factory.
Our new general line factory at Jersey City was com
pleted about the middle of last year, and has been in operation ever since,
and with normal conditions returning this unit ought to prove the source
of a larger volume of business and increased earnings.
All the plants have
bee 1 and will be full.v maintained to secure the greatest efficieicy.
Stocks of canned foods are below normal in the ha ids of both
Outlook.
Results.
—
—
—
distribut.iT.
This should mean that preparations will be
for a fair sized production during the season of i922, and, therefore,
an increased volume of business for yotu- company. Hence wo can look
forward with a degree of confidence to this year's results.
producer and
made
RESULTS FOR YEARS ENDING DEC.
1921.
1920.
$2,198,341
31.
1919.
1918.
$1,529,042
$4,139,779 $3,728,269
250,000
210,000
850 .OOT
900,000
6<.4,815
Depreciation
468.038
437.721
629,226
P/eferred dividends (7%)
304,150
307,037
318,552
327,250
Common dividends.. (3 H%)472.500(7%)945,000(6>i)877,358(6%)809, 776
R.demption pi ef. stock.
165.000
165,000
165,000
165,000
Net earnings
Res. for taxes
& conting.
def. $130,646
Balance, surplus
& L. surp. prev. year. 3,879,960
$131,583
3,748,377
$1,264,053
2,623,258
5,226,241
Total
$3,749,314
Less Fed. tax to Dec. 31
over e.stimate
Stock dividend of 35%--
$3,879,960
$3,887,311
$6,123,258
Bal., P. & L. surplus. $3,749,314
Surplus used to date to
redeem pref. stock... 1.320,000
$3,879,960
$3,748,377
$2,623,258
1,155,000
990,000
825.000
& pf. stk. red. $5,069,314. ,$5,034,960 $4,738,378
CONSOLIDATED BALANCE SHEET DEC. 31.
$3,448,258
P.
Tot. sur.
1920.
1921.
Assets
S
Real estate, buildings, plant, &c.all.712.54S 13,907,114
P.itenls and good-
—
8,035.000
44,049
3,394,909
will
Investments
Inventories
Accounts and
Dills
2,320,035
1.121,681
Cash
134,406
Prepaid insurance.
receivable
9.1.55.03S
-V. 114. p. 201.
Results for 1921.
31.
1920.
Cash
—
87.020.262
1921.
S
—
—
Tie earnings were $7,020,262. Afier depreciation, fixed
Results.
charges, re^e^^e for taxes and divicieiius on the Preferred stock, there was
to
surplus
carried
$1,141,531.
There was a contiderable falling off in volume of trade as compared with
the previous year. The year just cloted was marked by careful, buying,
limited to the bare wants of customers, having in mind .stocks of all kinds
This was general throughout the entiie country.
carried over.
The past year was one of readjust rrent of cordi ions created by the war,
with decliring values rece'.'ltating reductions in operaiing and overhead
expenses. TheKe have been brought down to levels in keeping with pre.'-ent
conditions.
It is fair to assume that stocks of goods in customers' hands and
Oullook.
on retailers' thelves have been reduced to normal, and busine.ss for 1922
should at least represent current cons uroption. All ii)dications point to
an Increas-ed vohine of trade for your anrpary in 1922. No broad, gen-
Calendar Years-
None
* Includes $2,011,960 "paid in surplus" in 1920.
[The regular quart c:ly dividend of 3 H % on the stock was payable Feb. 15
to holders of record Feb. 3.]
(Report for Fiscal Year ending Dec. 31 1921.)
President F. S. Wheeler says in substance:
Net earnings
None
1918.
$4,934,251
2.900,000
20,000
1919.
$3,139,911
2.900.000
20.000
a Authorized capital stock, .§30,000.000. b Current
payment, not yet due for discount. V. 113. p. 1891.
American Can Co. New York.
INCOME ACCOUNT FOR
3,463,189
Balance, surplus. -_def..$6,.3.58,986def$27.56,617
$219.91 1 $2,014,251
TotalsurplusDec.31-.. $6,962.078*$13,321,064 $14,065,705 $13,845,794
2H%
dition.
Inventories.
1920.
S70<).588
2.751,436
I
22,747 Total (eachsldc).. 29. 143,283 28.088,942
653.766
[Vol. 114.
138,934
3,500,000
1921.
1920.
S
Liahlliltei—
S
stock.. bl3 .500.000 13, .500,000
Pref. stock (7%)..c4 ,180.000 4.345,000
Common
Xotes, accounts
payable, &c
3,560,395
3
8,035.000
70,038
47,049 Divs. payiihlc Jan.
8.900,366 Surplus for rcdcmp,
of pref. stock
1.320,000
2,392,697 Rcs've for deprec.
1,027,259 Rcs've for taxes &
contingencies
376.881
262,051
Profit and loss
3 749.314
.20.702.627 34.631,536
Total
$897,017
Total
8.4(M,431
312,287
1,1.55,000
2,694,081
340,776
3,879,960
.26.762.627 34.631.535
a Book value Dec. 31 1920, $13,907,115: net expenditure on additions
and betterments during 1921. $958,261; less reserve for depreciation, $3.152.828.— y. 113, p. 1159.
Under'wood Typewriter Co., Inc.
Antninl
R( port for Year ended Dec. 31 1921.)
(12th
Underwood,
N. Y., Feb. 11, reports in subsl.:
Pres. .J. T.
Net profits for the year amounted to $1,489,522, from which
Results.
—
dividends of
dividends of
7%
htivc
2'^'/;
.
or
been paid on the Preferred shares and 4 quarterly
10'";-, on the Conmion -shares.
—
After providing for the re.mired pjiyments of Fedit-Sharing' Plan.
eral and other taxes, dividends and the annual ajuorti/»ation of the Pref.
stock, nothing remained for distribution among employeos under the
profit-sharing plan.
Operations.— A considerable niunber of unfilled orders carried over from
1920 permitted the company in the operation of its main factory at H.artWith
ford to run full time and overtime for the first few months of 1921.
tlie .slowing (lown of busine.ss. both domestic and export, the operations at
the Hartford factory were curtailed, and beginning with July company
reduced its hours of operation to 31) hours per week and continued with an
even jirodtiction throughout tlie latter half of the year, with the result that
prndtiction for the full year was approximately <5% of normal.
I'ndrruood Standard Portable Typewriter. At Bridgeport plant No. 2
operations were begun with a small force the first week in January, producing exchisively the Underwood standard portable tj-pewriter, the newest
The plant ran full time throu?;hout the 12 months.
product of the conipany
The .sales of the portable typewTiter have shown not only a progre.ssive
increase, but have kept pace with the increased production.
The it-em of "notes payable" is largely account-ed for by
\otes Pau'ilile.
the increased inventory of $1,128,318 and an amount of $561,513. which
I'rol
—
.
—
was expended during the year in unprovements and additions to factory
plant and in new tools and equipment.
THE CHKONTCLE
Fkb. 18 1922.]
—
Invflsiments.
Company holds in its treasury investments amoimtini; to
$945. S47. mainly in U. S. Victory and Liberty issues and somo foreign
1920 IS caused by larger quantities being carried in storage, which becomes
neces.sary on account of larger refined business.
Further In 1920 there
was a shortage of fuel oil and gasoline on the Pacific Coast so that tho
quantities now in storage are on a more normal basis.
The crude and
fuel oil owned (incl. 1,931.217 bbls. duo us in Metlco) az?re:;ate-! 10 562 042
bbls. and including stocks controlled through the Indopondont Oil Producers
Agency, about 10.900.000 bbls. Tho State Storage at Dec. 31 1921 was
about 31.000.000 bbls.
Capital Slock.
During the year there was no change in the capital stock
outstan ling of $50,000,000. The book value of the stock at Dec 31 1921
was about $175 per share, but this figure does not take into accoimt the
enhanced value of our oil territory.
Stockholders.
The number at Dec. 31 was 3,914.
Liahililics.
The total debt retirements for 1922 amount to $1,500 000
the larger portion of which has already been provided.
During 1921' liabilities decreased $1,579,128, as follows: (a) First Mtge. bonis
S575 000'
(h) current liabiUties. SI. 284, 752; (c) increase: purchase money
obligations.'
Government bonds.
—
Outlook.
No attempt will bo made to forecast the outcome for tho present
year, but a ciirefully planned publicity campiiui. desi rned to advertise tho
vari(«is products and ialended to cover the entire yeir 1022. ^ves us confidence that the busino.ss will show a decided and continued increase.
INCOME ACCOUNT FOR CALENDAR YEARS.
—
1920.
S3. 141, 698
1019.
1918.
S4. 121.913
$4,020,436
269.540
330.118
3S0.422
210.317
— Depreciation
$1 ,489 .522
$3,471,816
$4,502,335
$4,230,754
charged off. &c
Reserve f.5r employees'
profit-sharing plan..
Res. for Fed. war tax--
S183.343
$225,784
$230,615
$200,071
Trans, to surp. account.
S13.179
lf>21.
Net earning
$1,219,976
Other net income,
received,
e.st
inter-
&c
Total net income
Deduct
——
$280,625.
376.836
421.738
333.309
1.250.000 xl. 250. 000
120.000
665.485
Preferred divs. (7%)
273,00')
273.000
273.000
273.000
Common dividends. --(10%)900.000(13H)1215. 030(18) 1620.000 (11)073.500
—
1921.
S
'.995.720
machinery. &c..
Stock in other cos-
.2.53.536
Assets
Pat's. tr.-mks..<fec.
Real estate, bidg.,
255.164
Invest.. special sTirplus capital res.
Inventories, (cost
Liabilities
2»4.500
4.912.639
Go vt
.
bds
.
& not€S .
945.847
34S.232
15S.021
(ixtiores.&c.
Prepaid insur., &c.
Total
—V.
26.226.191
112, p. 1279.
.250.000
606.687
'V2V,728
&c
pay-rolls.
for
—
exp.,
for
Reserve
Fum.,
;.9oo.ooo
i.ooa.ooo
S
3,900.000
9 000 000
:
2S0.500
.ISO.filO
1920.
S
.
or leas)
6.040.957
Accts. <t notes rec.
less reserves
,767.605
1
1921.
—
7.995.720 Pref. stock. 7%...
Common stock
3.692.0221 Notes payable .
205.026 Accounts payable.
Reser\-e
Cash
31.
1920.
245.337
358.128
526,410
1.013.526
Federal
and other taxes.
Bonus to employees
PRODUCTION OF COMPANY AND CONTROLLED COMPANIES.
333.30G
4.835.854 Prelened dividend,
payable Jan. 2.
68.250
1.203.984]
68.250
1,284.599 Common dividand,
225,000
462,596
payable Jan. 2.
225.000
i.391,.328
71,329 Profit and loss
8,633.090
SurpliLS for year-.
13.179
758.238
24,918,2691
Total
-.26.226.191 21.918.269
Netbarrels
—
Provision for war income
an .1 excess profits tax.
Cash dividend
Stock div.paiJ Mar. 10'18
Total surplus-
not
mliiii
The
i'^r.i
771
,,...;..,.
'1
i
.
,
&
County.
Miscollancous..
•
profl
.11
Kern
J tooN
jirfxlui
ui
.-
II,
Id
.iiifiirnla
<
:
.
.
40,3,53
7.039.253
.104.615,637 101,905.202
Hcporl Jor the Year
litidintj
Co., Chicago.
Dec. iil 1921.)
President Saiiiucl liisiill s:iy.s in subsUiiicc:
-While the gro.is income shows an Increase over
"
i
25.000,000
5,566,092
and leases" does not include $57,350,532, representing
The Peoples Gas Light & Coke
(.Xiiiiudl
:;jjinent,
»,Mbl..J17.
IH
.
284,670
3,963,625
765,606
—
lopiiiciil,
Ir
$
50,000.000
9,245,000
I
m
1
1
.V'
Tot.ll
COS.).
1920.
appreciation of the proJucing properties in California ;»s of March 1 1913,
an 1 territory brouijht in as producing since that cate. less depletion to
Dec. 31 1921. This appreciation has been set up in tho books to comply
with certain governme;ntal requirements in the matter of claiming lull
depletion in fillnu Feaeral tax returns.
a Inclu ie< in 1921 oil lands, rights and leases, $33,096,035; oil wells and
development, $14,504,5,59: pipe lines and storage .system-i. $11,296,720;
steamdilps' marine equipment. $1 1,'410,108: refineries an
absorption
plants. $10,481,093: marketing stations, $12,200,010: loss resiTvo for depredation and ueol tion, .S26.t'i,'>5,968.
b Investments in alTiliatcyl companies; stocks, $984,540: advance accounts, $609.
c Inclu .o: .•tocks,
.$505,742: bonds, $774,000; and advance accounts, $1,011,439, wbk: i are
staluj net afur deauctin,; .tmounts duo to controlloa conipanioH, $90,211.
V. 114, p. 206.
iluable light oil ti-rritoryj;
uniliT leasi; practkMlly
•'•). and .'<.(i00a<T<-s In .S.iu liunitoC'o.
iimtfly 7(Xj.0IX) acres of land, and our
..,.,.:
ln'.>(> In about
121.000.000 bbls.
•-••^
for n>-v, flrlllln? anfl fl'-l'l 'I'vclopnient
"
.Dor and
:i
Liabilities-
..104.615.637 101.905,202!
..
* "Oil Ian is, rights
less labor
$5,359,036;
1..5(X) .icres:
334.313
5.871.524
313.297
Cash
Total
1.59
5.043.389
Insurance
.icTiis
1.5
.
4.096.
&
1921.
S
59,236,257 Purchase money.
1,461.711
Ac, obli<4'ns5G5.295
2,313.323 Res, for taxes, <&c 4,042,285
Oper'g reserves.
777,281
8,361.880 Surp. approp. &
Inv. In add'ns
13,541.922
4.136,624
to fixed a-sspts,
work'g capital 25,000.000
7.786,954
Acc'ts payable. .
4, 199.258
26-1.906 Accnie<l Interest
44,376
4,452,743 ProfU and loss. . 11.317,141
348,880
750,2.50
& supp
accts rec
Prepaid taxes &
Bills
$4,326,716
OWNED
31 (INCL.
Capital stock.
50. 000,000
First mtge. bds.
S. 670.000
18, .537. 811
Materials
_
1.
1.550,000
4,252,519
1920.
S
S
treas, certfs.
Oil. Ac., Inven'y
of the purchase In fr«? of about 425.000
C'olotiibia. S. A.: 6.K(X) arri-s of oil shale
,f I. .,,.,1 territory in Wyoming, and
'
!
1921.
gas and water
lines, &c
866,392,557
Inv.lnalfll'dcos
b985,155
In
Inv.
contr.cos c2, 291, 182
U.S. Govt .bonds
,..
tl
'
1.750.000
4.395,053
-(10)3,951,193
•Oil land?. rights.
20'^
j)ri'
3,000.000
5.043,760
1,650,000
6,000,000
-$11,317,141 $27,039,253 $10,282,968
Assets —
during the year aggregated $16,133,245.
— Additions
cost
new drilling and other items written
acres or pr
$517,164
537,542
313,371
4,862,626
577,803
Cr. 16,950
CONSOLIDATED BALANCE SHEET DEC.
-
off,
$610,635
886,219
540,757
5,740,465
541,378
Cr. 175.220
S19,310,979 $18,481,961 $14,289,287 $16,545,268
S.S4.528,208S.$6,995.122S.$6.213.201 D$2. 180.573
Adjustments
.-.£)e&.250.321 Dc&.283.990 De*. 286,919 Cr.269 403
Previous surplus
7.039,254 10,282.968
4,326,716
6.237 886
Amt.transf. to surplus-10,000.000
Cr. 45, 155
Res. auto, insurance
f-
'-f
$713,000
1.351,708
770,183
7,920,705
474,864
Cr .792, 259
Total deiuctions
Balance, sur.ordef
but refined busini-jw shows an increa.se of 11%.
of fuel oil s.-il<si during the year declined, there was,
While
-<•
in our deliveries on exchange account so th.it the
however.
In crude and fuel oil storage was relatively .small when
Kaln of 711)
compared Hiib ihu increase hi State storage of approximately 12,000,000
$1''
1918.
8.271,084
—
$1,637,896: general expense, taxes and employees' share of profits aggregated $3,026 f32. an increase of S192.039: interest showed a charge of
S3. 249. as against a credit of $317,395 in 1920: provision for depreciation,
depletion, and labor and incidental cost of new drilling amounted to
$8,630,799. an increa.se of $710,094: and provision for income and excess
profits taxes and other contingencies amounted to SI. 6.50. 000. a decrease of
$1 350. (XX). lea\Tng a net profit for the year of $10.528. 208, against $12,0.38. 8S1 in 1920.
The general slowing up of industry caused a decline in the volume of our
fuel oil bu-slness and a reduction Ln the market price of 50c. per bbl.. also
\n e had no production last
the price of gasoline was reduced 4c. per gal.
year in Mexico, against over 4.000.000 bbls. of crude oil produced in 1920.
account
for
the
decrease
in
profits.
largelv
The results also reflect
These
the effect of two strikes: the Marine Engineers in May-July 1921, and the
oil workers of the San Joaquin Valley in Sept. -Nov. 1921.
Production during the year of crude oil in California (incl. 3,007 bbls.
produced in Texas) by the company and controlled companies combined was
Altogether 51 wells
10.220.842 bKls. as agaiast 8.681.308 bbls. for 1920.
were br-'U^'ht in, during 1921 in California, which, at the close of the year,
were producing about 16,000 bbls. per day. Six wells were brought in in
AVyoming with a potential output of about 2.050 bbls. per day. One well
was brought in In Te.xas, now producing about 50 bbls. per day.
The company's most notable discovery in virgin territory was at Santa
Fe Springs. <;alif.. where In Novemljer last, on the Bell property, a well
wa.s brought in at a depth of 3.788 ft., which is now producing 4,000 bbls.
per day of very high gravity refining crude. We have about 1,300 acres
of leased land in the area of this discovery.
The production for the year, together with regular purchases and agency
and other deliveries, aeeregatcs 25.3H5.801 bbls., or about 23% of the
In addition,
111 000.000 bbls. of nuirketable oil produced in Califjrnia.
there was purchased in N'exico 1.155.931 barrels of crude oil.
Sales for the year amounted to $.59,027,577. a decrease of .S3. 330, 221,
or 5'// from the year 1920. The value of fuel oil business decreased 20%,
PrrpTtir-t
1919.
8,705,447
Deduct
$786,3.58
General expenses
1,500,654
Taxes
739,920
Employees' share in prof.
8,630,799
Depreciation
448,183
Interest on bon Is
Misc'llaneous intarost.. Cr. 444, 934
Oil Co. of California.
(Report for Fiscal Year ending Dec. 31 1921.)
The report, dated Los Angeles, Calif., Feb. 7, says in sub.:
General Results.
Profit from oi)erations was $23,839,187. a decrease of
and Incidental
1920.
8,681,308
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Union
bbU
1921.
10.220,842
(Including proportionate share of the operations of controlled companies.]
1921.
1920.
1919.
1918.
Gross sales
S59.027.577 $63,430,146 $53,360,926 S43,863..562
$23,839,187 $25,477,083 $20.532.4«8 $14,364,695
Total profits
I
I
t't
—
—
Surolu.'!.
The surplus and operating reserves at Dec. 31 1921 were
$37,094,422.
Cash dividends paid and stock distributions (at par) made
Dividends.
during the past 22 years approximate $57,642,222. equivalent to 11% p a
on the average outstan ling capital stock for that period, while there has
been adde i to the surplus about $35,844,914. equivalent to 7% per annum
on the average outstan jing capiUil. stock, making the total of cash dividen Is, stock uistributions an additions to surplus equivalent to 18% per
annum on the average outstanding capital stock for tiie perioj from Jan 1
19 JO to Dec. 31 1921.
Outlook.
In 1921 production in California for the first time in the company's history crossed the 10,000.000 bbl. mark, an.i the outlook encourages
the belief that a further increase will be ma.ie during this year.
Refined
basiness has shown a gratifying increase, and. witli some large business
recently taken an 1 our entry into British Columbia, wo anticipate a favorable growth uuring the current year.
$1,157,346
$706,952
S758.238
BALANCE SHEET DEC.
733
that of tho yoar
not bccaii.sc of an liierea.sc In .sales, but Is <luo to ilin iiicre.s,aiy|
rai'
during the |):isl year. Owing to the geiioial d(i|>i(vssii>ii in all
ss. the voliiiiie of gas .sold was K.:{:i% lesslii \\M\ ihaniii
lln.
<tJO
1
The aff.iirs of the coiiiii;iny are now In such Kalisfaclory
ciindilKiii hat it was warraiiltvl In paying a quart<'rly dlvidoi d iit thu rate
of ,5'/! tier annuiii to Ktoekholders of record on ,liiii.
VVIil|(< ii general
1922.
liiisiiieiH de|)re>vsl<in hIIII exisls, the board fei'ls thai the conipaiiy Ii;in now
siiriiHMinliil lis I'biel' iiiiibli-K. and liopi-s hal ii u ill be ;ible In lliii future to
in.'iliilain its past iinliev of [layliig qiiaiU'rl.v illvideiidH.
Rexitlts.
In (.'allfomia,
TnxaH and
1920. H
with a dally production
li
"
I
•
rr/i..ii
I
Wyoming w«
hold 2.1'X) aiTCH under
for 2.0fM> bbls iHT day.
In Texas we
l«T (l.-ty and holJ under leaw about 500
in
428
'1
'
i.VKt.lihli
II.
iin-M
'
'o
ily
1>I<U.
iiilli-«»
.'1
of trunk pipe
I
of all iTUdi? and riifiiiiMl
(^onibini-d dally iiuixl-
I
I
(
'oiiipiiny
water giiH
wlih the
,
details
The eiMislriietJiiii of Ilin Haier k'in iiliinl
eiinipleted .April 1,5 1II2I.
II
wiih not iimrllenblo Ut
be/lii the opurulioii of the »uler gas plant until Ihe I'onipliitioii of the ck>ii1
gas plant
(l^lnf '• •'• •'! (ilher dlffleultli-N the i'oiihI met loll of the eoiil gnN
<i|.\
eiiinpleliil III perniil of llH iiperiitliiii unlll let, (I
plain H
when Ih
liiilh plaiils began iiiiil
he flrNl t^ns wmn roceheil frnm
iMj lilt. 1(1
Tlii'M- |il:uil'. will mil bo priMliielng at full
Ihe eiiiiiliig ,S|irlMK. lull llie
>iill'. In dale deniiinsl iiile
li.ii
l«ii iiliiii' III.' Iiii/l.ii (livree 111' efriilemy mil (I'linniny In
I,1
Hlutn of lie iirl liiis I>i«mi nlUiliiiol,
Ul« iiiiiiiiilai'iiire
i;,-i 1,1 I'liiiil 111
iif Ihe I'liiil KiiK plniit will be
iti.'il eoNi
eteeptlnn
iindiT the lanllon of "»l«'iiniHhlpH anil
nte imerM.
< (t.itjnnv nwn'^
111 077
%'',
I
Chii'iiin Hu-I'roaiutu t'ukf t'n. I'liiuts Coiiipli ted.
The Koi>|M'rN
hail coiiipleti'd the const ruil Ion of (lie coal gii.s pl.iiil ami
he
plant for < 'hleago lly-rrcMliiel ('iiknt'o. aeeordliig to lis eoiitrael
and the norm;il
about Od.lKlO bbU,.
I
I
WHS
I
,.)iK.
ilii,
.ml
Home
iif
iiiliior
NiibHtiiiiilnllv
I
I
lit
I
I
1
I
I
1
I
.
rannpanr (nrmi 402 Uink rani, H03 nuto tnickn, 402
«*. and IhWf nre now IH4 dnim-xlle ami foreign Males
•I'ln aRonfim In operation,
OiMTnle* or h/m leiised IH/
ii\'i
;
'.r
.ill
ll
ill
i,u
.III.
'ind<i aiiiiiiinii'il
III
--
.
III
I
iiF
iiiiiIiIiiimI
:'l'>
>>"
iill
tinrlliiii iif
Mir'
-
!
I
'iititnitt'^
I
<'iiiJ1.774, n de
,k
mil
1
i,i.g.
(ifdnr nil .Inn
(
!iiiiifiilMiliiii
nnd
Uanfiil In
I
iiii
I
-I'll
1)
<
I
(
'
M.I
.
r
.-,
.-,
Inu: In
Si III
ntlt
ll.illiiii re lUlrllig llie
"it
V
Ai.
ur« per
I
'
/'
iir
1)1)
lieM* |ia>ii
pi i,|,i
iiieiil re'
!
iiri<
anil refined prmliii Ih
III iimI anil laiilnLnnlUliv
vnlm- nf invetitiirlna over
niTKreKnle
Tlie tnrTrnmf In
i
'
•HiiiiiY
.,•
rk!l Value
_
eonli.i.l Willi l^mipers
dy
I
I
/.
ib-
fit lotli ll
ereciliiii iif nil mlilll liiiml
and iillier' inliinr aililll liiiii.
\U iii\iii.-ntH !>> Ill*' iiiiipiii
n;
>-.iliiK M..illiin.
'
f
!
null
•!
Ine:'
i
I'J
riiiliiil
a liiarliig
1.)',!.'
thai
u
ri<lii< liif
I
hi
1
1'
I-.
I.
I
,'>
lie
"1
.Slnee
lien niirli
^^
I
nnd there
•
Ui iipralliint.,.
nininei ee 'iiiii-
III
'
.
I
iiiii|i.>ii
!
He
liii'i
miller
•
-'
I
I
Tlie'lly nf
lie reiliii'iil
mid
I
\
Inoj"
eapllal
III!
111
battery of
I"
the unn buvlncwi iiiiinuullnii
*
<
i
,
in
:
111."
I
(
n
liy lit, )(aH
tt« n |iiiily lo
.iiiHii
a|i|ie.m"<|
In n Imnpnrnrv
V II I. p .11,11
The
II" III llie |iri>|mrty ii'iml
3J,i>l.'i.0(MI, Kliioo Iho «nlry nf
'lil* iiK.
'
iiiliiiiiixl
.
1
.
.
..
.
THE CHRONICLE
734
the order in the valuation case of Dec. 21 1920. thus making the total
value of the property for rate making purposes $87,645,000. The rates
per month fixed by the temporary order were 60c. for the first 400 cu. ft
$1 for the next 9,600 cu. ft., 9oc. for the next 40.000 cu. ft., and 90c. for
all over 50,000 cu. ft.
The Commission estimated that imder these rates
the company would receive a return equal to at least 7% per annum upon
the value of the company's property.
Right of Company to Recoup Losses.— The company has filed a petition
for reahearing with the Commission, and in case the petition is denied an
appeal will be taken to the Stat« courts for the purpose of securing a decision
on the legal questions raised, the most important of which is as to the right
of the company to recoup for the losses sustained under its temporary
rates in the years 1918, 1919 and 1920.
Return Under Temporary Rates Should Justify Dividends. The board is of
the opinion that under pr&sent prices for production material and by the
practice of strict economy, the return under the temporary rates w'iil be
sufficient to ju.stify the continuance of the dividend policy above referred
to, unless there should be a still greater shrinkage in business, which is
—
not anticipated at this time.
Valuation Case Pending.
Referring to the valuation ca.se which was
concluded Dec. 21 1920, the petition for rehearing filed with the P. U
Commission by the City of Chicago was denied and the City appealed from
the order of the Comtmission to the Circuit Court of Sangamon County.
Both the appeal of the company and that of the City in that case are
now pending in that court. The company will prosecute its appeal to a
speedy conclusion. It is deemed wise to continue the present accounting
methods of the company pending this appeal.
Indiana Natural Gas & Oil Co. This company and its subsidiaries during
the past year made net earnings which almost equaled the amotmt of the
interest on the bonds of the Indiana company.
The Peoples Gas Light &
Coke Co. was not called on to make any payment for such bond interest
for 1921 under its guarantee.
Employees Representatimi Plan. This plan was put into effect between
the company and a portion of its employees in March 1921.
Under this
plan employees are given a voice in the settlement of all questions which
may properly arise between employer and employee. The plan is working
very satisfactorily.
Life Insurance.
Employees through the Employees Representation Plan
expressed the desire to have the form of the Christmas remembrance
changed to Life Insiu-ance. Acting on this recommendation on Dec. 24
1921 each employee received a life insurance policy for one year in an
amount depending on length of service.
Stockholders.
The company has 6.699 stockholders; 3,589 are residents
of the State of Dllnois, and of these 2 ,895 are residents of the City of Chicago.
—
—
—
—
—
Statistics
Miles of
RESULTS FOR CALENDAR Y EARS.
—
1921.
street,
1920.
1919.
mains.
.3,102
Meters
701,211
Data not reported.
Gas stoves
Public lamps
Arc lamps
6,066
96,985
Gas made (1 ,000 cu. ft 22,005,445 24,905,509 24,310,206
Gas bought
6,474,786
6.413,926
4,270,180
"
"
Gas sold
26,758,-528 29. 175. 810
26,529,678
Income from gas
$31,911,174 $29,818,514 $22,995,395
Income other sources
992,947
1,417,821
1,548,403
Total income
Deduct Expenses
Steam material
do
cts. i>er
Oil
per
Piu-ifylng material
cts.
M__
M__
M..
.Station supplies
$717,710
{3.38
ct.s.)
4,905.281
(23.08 cts.)
3,690.936
(17.37 cts.)
98,214
215,290
1.174,805
Manufacturing labor
cts. per M_(5.53 cts.)
do
Maintenance and repairs
478,512
Superintendence
Engineering depai-tment
Gas bought
Gas prod, at
exp. stat..
Cost of gas
do
per
1918.
3.080
669,350
511,109
6,865
103,379
22,636,485
5,273,758
25,955,900
$19,630,979
2,242,237
-.$32,904,121 $31,236,335 $24,543,798 .$21,873,216
—
Fuel (gas making)
cts. per
do
do
M--
1.55,070
216,361
2,292,406
386,130
$789,978
$1,1.34,443
(4.56 cts.)
.$914,681
(3.77 cts.)
(3.49 cts.)
0,379,238
4,694,626
3,864,000
(25.61 cts.)
(19..30 cts.)
(17.07 cts.)
6,343,748
5,817,350
(25.70 cts.)
85,620
308,426
2,080.319
4,931,972
(20.29 cts.)
109,910
218,069
1,496,989
(8.35 cts.)
(6.16 cts.)
(6.12 cts.)
590,670
175,186
104.923
1,705,695
519,227
95.592
02,188
813.235
379,973
(25.47 cts.)
124,721
190,2.58
1,386,044
81,353
833,4,55
$14,330,715 $18,947,370 $13,886,489 $13,428,033
(50.32 cts.)
(60.50 cts.)
(48..59 cts.)
(48.11 cts.)
Distribution
Utilization
2,266,576
341,2.33
1,6.57.981
,511,372
Commercial expense
1,885.840
232 .982
2.149.316
1,117,187
265,997
1,649,462
330,204
1,891,118
71,618
2,072,093
1,218,802
52,385
819,830
203,935
1,246,150
501,324
1,637,460
280,344
1,452,385
1,112,975
1,190,686
429,312
1,055,249
249,667
1,167,921
1,034,107
259,.559
858,980
76,679
cts.
New business expense
General & misc. expense
Depreciation
Contingent
Taxes
Uncollectible biUs
Rent for leased plant and
equipment
on Ind. N. G. & O.
Co. guaranty
Amortized rents
MisceUaneousdeductions
818,212
166,972
793,305
352,667
345,989
422,975
300,000
204,637
66,857
300,000
204,637
54,197
300,000
204,637
42,070
300,000
204,637
44,704
Int.
Cost of gas delivered to
$25,934,31
$28,358,006 .$21,995,007 $20,722,509
consumers
(97.94 cts.) (82.90 cts.) (79.84 cts.)
cts. per M-- (96.98 cts.)
do
2.364,321
2,360,538
2.366,150
2.366.150
Interest on funded debt.
133.256
125,264
Int. on unfunded debt..
117,434
68,851
Total cost of gas delivered to consumers.. $28, 420, 113 .$30,855,583 $24,478,691 $23,1.57,510
(92.26cts.) (89.22cts.)
do
cts. per M..(106.27cts.) (106.56cts.)
Net income
$4,484,009
Other deductions
.- 10,718,084
Previous surplus
$380,752 sur.$65,207df$I,284,294
82,335
10,790,883 11,047,599 12.137,025
$15,202,093 $11,171,635 $11,112,806 $10,770,396
57,450
169,503
10,762
Total
def.393.971
Add sundry credits
Withdrawn from contin-
1,092,814
gent fund...
..$14,808,122 $11,229,085 $11,282,309 $11,873,972
Total
xNone
None
None
None
Dividends.
511.000
491,426
826,374
Deduct sundry charges.
$14,808,122 $10,718,085 $10,790,883 $11,047,599
was paid on the outstanding $38, .500, 000
xA quarterly dividend of 1 "4
In Aug. 1917 a dividend
Capital stock Jan. 15 to holders of record Jan. 7.
of 1% was paid; none In 1918-1921 incl.
Balance
,
%
BALANCE SHEET. DEC.
1921.
Assets —
HabilUles—
S
malDH, &o
Materials
Accts. receivable
I^ns. & notes rec
Int.
fd.
Cash
Hcacciulred eecs.
SlnklDK lunds..
Reserve funds.
Sundry dcps. &
advances
1921.
1920.
$
$
Cap.stk. (auth.
$50,000,000)
100,6-18,.'>40
98,907,932
1,559,795
3,605.-187
53(1,802
1,244,027
863.719
debt
dep
Deterr( d cliarKes
Gas bills rccclv.
31.
1020.
Real estate, tranchise.'i, tiiDDels
Mat.
.
338.160
6,165,747
1,801,022
2,051,535
12,009
1.590,853
229,430
Issued
-. 38,500,000
Underlying prior
.
bonda
23,911,000
24,020,000
Ret. mtge. bonds 20,5.54,000
Gen. & Ret. bds 1,712,000
Gas bill deposits
889,423
Accts. payable..
853,593
Ta.xes accrued.
1,870,183
Bond Int. aecr..
481,400
20,55-1.000
1,712,000
lien
336,.500
6,094,495
1,997,830
710,302
50.000 Dep., &c. res
11,792,000
70,780 Lns. & notes pay
do contr. cos.
1,450.941
Matured Interest
338,160
73.6.54
104,962 Sundries..
Deferred ci edits
14,075
Surplus
14,808,123
Total
115,797,610 115,173.862
V. 114, p. 636.
38,500,000
Total
Hercules Powder Co.
Annual Report Fear Ending Dec. 31 1921.)
President R. H. Dunham says in substance:
—
(Qth
Balance Sheet.— The consolidated balance sheet for 1921 Includes Yaryan
Rasm & Turpentine Co. and.Hercules Explosives
Corp. of New York, whose
Capital stock IS owned by the company.
It should be parthat the Aetna bonds, appearing as a liablUty on the
sheet, are a liability of the Hercules Explosives Corp.
*^
and not of Hercules Powder Co.
Assets.— Gross as-sets show an increase of $6,000,000 over 1920, representing principally plants and good will acquired from the Aetna Exploaves
CO., Inc. An Item ofapproximately $240,000 appears as a contingent
asset.
Preferred Stock —The is.suod Preferred stock has increased
pnncipally because of the purchase of the Aetna Explosives Co$2,562,000
Inc
Aetna Bonds. The Aetna bonds .shown are not aU in the hands of the
public as the company carries among its investment securities enough
of
these bonds to cover the sinking fund requirements for several years
Hercules Explosives Corp. After securing from the Federal Court a
modification of the decree under which it was created, the company formed
a subsidiary, Hercules Explosives Corp., New York, which purchased the
assets and business of the Aetna Explosives Co., Inc. (V 113
p 8.55)
This purchase brought the company manufacturing facilities and estai)lishe(i
busin&ss equal to approximately one-half its own in dynamite and onequarter in black blasting powder and also facilities for the manufacture of
blasting caps and electric blasting caps sufficient to supply not only the
business acquired from Aetna Explo.sives, but aiso all such requirements
formerly purchased by your company from other manufacturers
Advantages of Aetna Acquisition. The location of the former Aetua
plant^ opened fields where explosives are used in large quantities heretofore
closed to your company because of the relative remoteness of its plants
Company's manufacturing and distributing facilities are now so favorablv
located throughout the United States that during the vear it sold high
explosives and black blasting powder in practically every State in the
United States where explosives in any .substantial quantities are consumed.
Undetermined Claims of Aetna Taken Care of. During the negotiations
for the purchase of the .Aetna as.sets and business it developed that there
were outstanding certain claims against the Aetna company, the amount
of which could not immediately be determined.
To take care of these
indefinite claims there was set aside out of the Aetna assets $1,000,000 of
Liberty bonds and the remainder of one of the Aetna war plants, estimated
to have a realizable value of $250,000, but carried at $1 on the consolidated
balance sheet.
These assets were excluded in determining the purchase price to be paid
for the Aetna properties and, as an additional protection, part of the pupchase price .$1.3.50,000 Preferred stock was placed in escrow. After
June 7 1922, the amount of such claims, if any, remaining unsettled, is to
be determined by arbitration. If the remaining claims shall exceed the
then remaining balance of assets set aside, then, before the stock in escrow
is released to the Aetna Company, it shall be reduced by returning to
Hercules Explosives Corp. Preferred stock, at par, equivalent to such excess.
Adjustments. A radical adju.stinent of values of finished product and
raw material inventories and commitments was made last year, but there
were further price declines during 1921, especially in Naval Stores. As it
has always been the company's policy to supply customers with products
at prices consistent with current material and labor costs, the net income
has. of course, been reduced even further than would normally be expected
from the reduced volume of business enjoyed.
Inventories of raw materials are now carried at current market prices
and finished products at current cost of manufacture. The volume of raw
materials on hand and on commitment is consistent with current reduced
f/^,'P i^^^^'i,
""der.stood
^i.^=
,-J
con.sohdated
balance
—
—
—
—
—
—
—
volume of business.
Plants Closed During 1921.
Plants manufacturing Naval Stores rosin,
turpentine, and pine oil closed down early in 1921 -vvith stocks sufficient
to supply customers' reduced requirements for several months.
During
September the Brunswick plant was put in operation and this branch is
now operating practically without loss notwithstanding the very low
prevailing prices, which are generally conceded to be below the cost of production by the ordinary method of obtaining rosin and tuf pentine from the
— —
living trees.
482,076
10,742.987
1.295,211
975,000
336„500
78.283
14,873
10.718,085
115,797,610 115,173,862
—
—
Common Dividends. The Common dividends for the fii'st three quarters
of 1921 were paid out of previously accumulated surplus.
Because of the
conservative dividend policy in the period of larpe earnings during the
early war years and the accumulation of this large surplus equity belonging
to the Common stock, directors have felt that the Common dividend
should be continued while the company's financial position permitted,
even though, for a reasonable time, the current net earnings should fail
to equal such dividends.
The continuation of the present Common dividend disbursement seems to be dependent upon the continuation of business
on about the same basis as the last quarter of the year.
Loans Liquidated. At the time of the purchase of the Aetna Company,
company borrowed about $3,000,000 from its banking connections, but
such loans have now been entirely liquidated. At the s.ame time inventories
and other working assets have been reduced until the enlarged business la
now being conducted with the same amount of working capital as was, at
the end of 1920, used in your company's business before the acquisition of
the Aetna business.
No Additional' Working Capital. Directors can foresee no immediate need
for additional capital, but as the surplus is now all permanently invested in
the business, a substantial part of it should be converted into Capital stock
to more truly represent the company's actual situation.
It is also believed
that an opportunity to exchange their bonds for your company's Preferred
holders
attractive
to
the
of
Aetna
bonds.
stock will be
Directors expect to submit a plan for
Expects to Increase Capital Stock.
the enlargement of the authorized capital to the stoclcholders at a special
meeting, after which the Aetna bondholders would be offered the opportunity to exchange their bonds for Preferred stock on a basis that would
net them approximately the same income.
N^umher of Stockholders. At this time the company has a total of 3,245
stockholders, of whom 672, or 20.71%, are employees.
—
—
—
—
INCOME .\CCOUNT FOR CALENDAR YEARS.
1920.
1919.
1918.
Calendar Years—
1921.
$16,091,391 $20,384,806 $20,539,737 $45,556,052
Gross receipts
$492,'250 $1,579,795 $2,315,603
Net, from all sources... x$820,965
419.384
572,030
374.500
374.500
Preferred dividend
$72,866 SI .205.295 $1,941,103
$248,935
Available for com. divs.
144,000(16)1
dividends...
000(16)1
144,000(17)1215,500
Common
(12%)8.78.
$61,295
$725,603
Balance after dividend. def. $609. 065df$l, 071, 134
X After deducting all exiienses incident to manufacture and sale, ordinary
maintenance
of
plants,
actridents,
depreciation,
repairs,
and extraordinary
taxes, &c.; also interest on Aetna bonds.
CONSOLIDATED BALANCE SHEET DECEMBER
1921.
Accounts recelv... 3,669.255
868.219
Collateral loans
Investment secur's 1.256. .589
78.925
Liberty bonds ...
Materials & supp. 3,2.S4.654
2.260.531
Flnlsbe<l product.
105.905
Deferred cliargcs.
Lib. bds. res. for
238,713
Aetna obllg
Total
-
.
31.
1921.
S
1920.
$
LtabllUUs.A.iseis—
S
Plants* property. 22,568,400 I6,.544.412 Common stock
3.133,1-23
1.177.090 Preferred stock
Cash
780.620
4,004, .561
9.59,600
[Vol. 114.
1920.
$
7,150,000 7.150,000
_
7.840.500 6,628.600
2.774.282 Pref.stk. In escrow 1,350.000
Bills payable
306,890
489.065
1.325.97,3 Accounts pjiyable449,084
396,680
2,624.802 Bond Interest anc
Pref. dividend..
80,417
58,000
4.679.768
5,626
82,143
2,140.239 Dc f erred cred Its..
58,378
14,932
82,046 Fcd'l taxes (est.)..
Ri»ervcs
1,756,912 1,520,586
Aetna Co. obllg...
238,713
Profit and loss. . . 14.362.096 14,971,161
Aetna bonds
3.909.145
37.464,314 31.354,613
Total
.
.
37.464.314 31,354,613
— For 1921 the consolidated balance sheet includes Yaryan Rosin &
Turpentine Co. and Hercules Explosives Corp. of New York. For 1920
Powder Co. proper only. — V. 113,
2509.
Hercules
the
Note.
p.
Associated Dry Goods Corporation, New York.
{Report for Fiscal Year Ending Dec. 31 1921.)
President Samuel W. Royburn says in substance:
—
The consolidated cash account of the seven stores wholl.v owned and the
parent company as of Dec 31 1921 shows cash and treasury certificates on
,
THE CHRONICLE
Feb. is 1922.]
CONSOLIDATED BALANCE SHEET OCT.
Iviiiks of Sli.OOIl.Ol 1 (cash $2.()07.653. treasury certificates
asaKainMl$2.r(27.241 oasn for Di-<- 31 1920
The part'iiL company and its subsidiary companies have no outside indeljtodiicss for borrowed motiey except in the throe instances where real
biind
;iiKl
in
$4.'>5.34S>,
.Assets
1920.
$
1921.
$
—
is owned and pirfinllv cirried by niorlfjaote
Lord & Taylor, durins the year, have paid off the remaininp; SfiOO.OOO of
which Indebtedness was originally 35.000,000, and
furthermore paid 12% in dividends on their first Preferred stock, being the
dividends for tlie two years ending June 1 1916
(Compare Lord & Taylor
V. 113. p 2S26 )
statement in
The net earnings of the .seven stores wholly owned, before making provision for Federal taxes for the year ending Dec 31 1921, amounted to
The decline in
$3,105,758. as ag.ainst SI. 831. 928 for the previous year
tholr debenture bonds,
—
has. of eonr.^e. affected the results ad-
Inventories at the end of 1921 were at replacement costs as nearlj- as the
values could be a.sc^rtained for the seven whoUj' owned stores they
We have
amounted to .58.677.315 as against $8,740,924 on Dec 31 1920
more items of mercliandise than a ye:ir ago. and our stoclvs are better
assorted
After making charges for dividends paid, reserves and all adjustments
Lncluding a reserve for Federal taxes, the surplus account shows a balance of
.$5,807,295. as against a balance of .54. 876. 3.57 on Dec 31 1920.
The financial position of the companies is .such as to enable them to take
advantage of all good opportunities for extending their business
—
Total
Total
92,702,082100,685,6151
Add
Co
Total
Deduct
52.065.342
54.244.486
51.831.928
.396.194
348,162
117,846
134.394
S;5..501. 9.52
52.180.090
.54.362,331
$2,199,736
44.756
3,337
45,790
21,970
.92,702,082100,685.615
10.862
30.366
bank loans, and the note of $843,538 given to the Government by the
Southern Express Co. on account of operations .Ian. to ,Iune 1918, was
reduced to $632,054 iu December, and since that date $200,fl00 additional
has been paid upon it, the amoimt now due being $432,654.
The progress in disiwsing of claims and suits against the association and
Southern iSxpress Co. has been such that yoiu- managers feel that the
$1,318,519 reserves set up are sufficient.
expen.ses other
than
those
reimbursed by subs CO.Int paid by parent co
Accts rec'le. .Sec. writ-
73.287
1,100
29.6.55
1.367
.
ten
off
Reserve for Fed. taxes of
the parent co
&
wholly o^vned stores
.592.000
.'32.500
1.000,000
528. .500
Net current profit..
(6%)..
(7%)..
(4%)--
52.835,565
829.122
470.785
-53.297,375
829.122
470.785
$1,573,110
829,122
470.785
Divs on treasury stock
Cr<2.721
31.916,568
829,122
470.785
(3)449,550
Cr 2,621
Cr 2.321
Cr 2,321
First Pref div
divs
Common divs.
2nd Pref
.599.400
—
Value of Collateral. The decrease in market value of eollatwal .seciu-ing
the 1947 Trust Bonds of 5228.000 as against the retirement of only $200,000
in bonds, is due to a change ifi system of accotmting to one more nearly
Hence, notwithstanding some actual apprereflecting actual conditions.
ciation in market value of these seciu-ities during the year, the adjusted
account .shows an apparent slight decrease as compared with December
The present market value of the collateral secm-ing the 1947 bonds
1920.
is 67.5% of the face liability; that of the 1948 bonds is 88.5%.
1921 Iticome. Total net income of the Association and Southern Express
Co derived chiefly from dividends of the American Railway Express Co
and interest on other seciu-ities, after payment of operating expenses and
fixed charges amoimts to
5804,524
Simdry profit and loss credits of
88,564
—
Balance surplus..
$169,732
1,999,789
5275,524
$938,979
a Profits of retail dry goods stores wholly owned, after deducting from
their sales the cost of merchandise sold, .selling and general expenses and
Interest paid by them, and all other adjustments except reserves for Fed-
.
eral taxes
BALANCE SHEET DECEMBER
1921
Total
1920.
5
—
1921.
$
Total
25.625,342 24.692.816
INCOME ACCOUNT YEAR ENDED DEC. 31
Adams Express Co. & Southern Express Co.
—
Revenue
on balances
Int.
Int.
25.625.342 24,692,816
&
Co., Moline,
Total
(b) int-
,
The
r»-[jres«nt>i
loss
amounts
from
to
WorHno
f...
'hn
wre
In\ oiitorliM
- i'
$'<
•
ing fro
of $2
State Industrial Commission
2d Mtge. bonds of Adams Exp. BIdg. Co., un-
f'
in;
r
the fact that
lunger CTcdlts, the
p. 748).
-101.331.
not««(V. 112.
;
not.
I
'1.
'-ar.
.
In 1921
'
•
-
'I
•
(c)
lo.ss
Tol.il
l.iriliillHen
red
l.<illtis
|].i'.
Dill,
..i-'l.
A<-.
xiock1920.
the dlvl-
.
.
J.> I'JJl ri-<lu( 111
ly to ;« of
INCOME ACCOUNT FOR
1%
432.989
2.126.792
$28,606,046
$;i0.24r,..579
1921.
I9'20.
$10,(H)n,000 $I0,<MM1,(KKI
S,997,.5(M)
H, 797, .500
7.297,<HMi
7.271.500
.590,00(1
.-
HallmndH (Soutborn Exp. Co.)
and acrrucfl
"II Adiiiiis h.xp. <'o.
III'
III'
U'lii-
'111
Coll. Tr. Itoiids
held by Ulr.-Oon. St K(<cur«<d
632,054
H4;<,.5:iS
9,17'i
2H3.500
121.670
277.510
KM
2.797
!
<juarl<irly.
dnmnge
iiiiiiii'y nrdem
.V
iiiiii.ild
YEAR.H KNDKtJ OCT.
4.'i5,071
(deficit J
.ilile
.
1
Proffi
31.
A
209.289
232.987
N().4'24
—
.
112. .569
104.1.59
Ccnertil of
tiir
11,904.300
$'28.003, 80ft $27,226,370
12. 585
17,1.52
Canltal stock
Coll. Trust 4h, 1947
( cill. Trust Is, 1948
contlnKi;/icleH,
il'i'j
.
&
I'r'ifii
.531 and on Doc. 31
'by $298.
-MiMjTty and ofiulpmenl.
;6;
9,089
2,240.000
671,277
and
liu:.'
H.
10.313
IninrcHt ciilliict<'<landaccru<'<l fn)m Collateral Trust
SiTiu-ltles (for payment of lul. on Adams bonds).
I>i:
6,124,874
pledged, at par
2.220.000
.Securs. of other COS.. unpledged, at market valuo
842,792
<'apital .stock of the American Ry. Exp. Co. at
I>ar ($1.2.50. 000 deposited as collat«ral with
l)ircctor-(icn. of RK. for debt of Southern
Exp. Co. for express privileges)
11.904,300
Seciu-llies of subsidiary companies at fair ^Tilue.
64».719
Total Investments
Ijind. buildings and equipment
Treasury cish
.Accdunis receivable Si. acfTUefl..
,1 to
'"
'1
in liabilities
lotcs).
7"
$6,164,261
1
line In inventory values during the current
a' cost or market, whichever was lower.
piuh the reduction In the valuo of Inventories.
rfsiHi)
1920.
1921.
market value held by trustees for
.Vdams Express Co. Coll. Trust 4% gold bonds:
(iuaranty Trust Co., trustee for bonds due
June 1 1947
$5,936,707
(6 Hankers Trust Co., trustee for bonds due
March 1 1948
.
0,440,614
.\dams Express Co. Coll. Tr. bond due 1948,
held in treasury (ar market)
363
Securities at market value deposited with N. Y.
dc
._.,..
$893,087
loss
(aj
n»» working capital d«'<TfaK»v| 56, 826. .547, result-
f'l'
from profit and
Asuets—
t.ik'-n
,,
to siu'plus
203,319
Inrestmenls:
Securities at
—
which
$786,184
804,524
291,883
.APPROXIM.'iTE STATEMENT OF ASSETS AND LIABILITIES. DEC. 31
(Adams Express Co. & Southern Express Co.)
erest on notes payable. Sec. (net) and amortization of discount on 1()-Year
noten, $914, .349: (c) miscollaneous charges. $71,787; total lo.ss for the year
$2.7.52.801 Icomparod with an Income of $4,647,718 in 1919-20.) Dividend
on Preferred stock, •2,450.000; surplus at Oct. 31 1921, $12,0.34,686.
This unprecedented loss was due to the great depression in the price of
£krm products, and the consequent impairment of the buying power of the
farmer, who is the only user or our product.
Sales declined 03% from 1920.
It was impossible to reduce expenses in
the same proportion, although radical reductions were made throughout the
entire orffanization.
Fa<;lorrer., with one exception, wore closed during the late winter and
•pring. and remained closed during the remainder of the year.
Eastern
iMUlnesa. however, continued on a fairly good bahis, enabling the Syracuse
Cr>.
(N. Y.) Chilled Plow
Ui operate a portion of the time.
ReMcrtet.
During the war period and the years 1919 and 1920. the company croatc-d a rcwjrve of $9,409.73.3 againxt anticipated inventory loses*.
due to falllriK markotji. Against this reserve we have now charged $0,317,-
ycir.
Total
$1,590,708
Net credit
local taxes, depreciation, cash discounts, possible losses of receivables, &c..
wa» $945,118 [contr^ting with an income of $6,499,908 in 1919-20). De-
0.59.
72,536
Le.ss
—
Administrative and general expenses. $821. .547;
$69,466
644,182
ex-
credit (exch. & sale of securities)
sundry profit & loss charges (cost of settling old transportation accounts & loss on securities)
Pres. William Butterworth, Molinc.Jan.SO, wrotcinsub t.:
Results.
Lo88 from operations, before deducting administrative and
Keneral expen.ses. intereet, &c., but after making provision for Federal and
(o)
on loans...
$2,650 Int.
~
189,157 Ont. on bonds
709,478 General salaries and
penses
689,424
Net income for year
Simdry profit & loss
(Report for Fiscal Year ending Oct. 31 1921.)
dactlona were:
Expenditures-
to seciu-e bonds
111.
1921.
I
on securities owned.
Divs. on securities owned.
Income from coll. pledged
a Against which there has been is.sued $13,318,700 First Pref. stock.
$6.725. .500 2d Pref. slock, and $14,985,000 Com. stock.— V. 112. p. 2308.
Deere
,
Credit to surplus from income & profit & loss account from oper..$893,087
1920 Deficit Converted in Surplus. The increase in value of securities as
compared to that of a year ago amounts to $777,437. The reduction of
reserves for claims unsettled and money orders unpaid amounts to $797,045.
The net reduction in current liabilities (principally the paying off of loans)
amounted to 5714,473. The face value of collateral trust Donds retired
amounts to 5225.500, and the net reduction of the real estate amoimts
to $4. .566. converting a deficit of 52.126.792 as of Dec. 31 1920 into a surplus
of 5383,097 as of Dec. 31 1921.
31.
1920.
LlaMliUes—
$
t
Net tangible aaaeu
aStated capital.. .16.001.000 16,001.000
of retail stores
Capital reserve... 3,578,742 3. .578.742
owned
19.524.-191 18,758,475 Res' ve for expenses
46,435
51.536
Other Investments
Tax reserves, &c- .
157,435
1 55.436
Dividend reserve. and special ac28,765
23.955
counts recelv'Ie. 5.327,288 5.270,106 Depos. by trustees
5.790
5,670
Cash
62.5.620
575.089 Surplus
5,807,295 4.876.357
Income accrued...
123,613
64,696
Treasury stock...
24,330
24.450
Assets —
2,000
14,365,549
3,308,300
4,707,347
8,021,032
17,237,487
The Adams Express Co.
(Annual Report Year Ended Dec. 31 1921.)
Pres. William M. Barrett, New York, Feb. 2, said in subst.
No Bank Louns —Government Note Reduced. —The association has now no
.
53.105.758
139,500
—
1918
1919.
1920
1921.
before
&c
tax
oth. inc of parent
Fed
1920.
S
35,000,000
17.904,400
X Inventory at lower of cost or market, $29,664,604. less reserve for
possible inventory losses, $3,092,674.
y Pref. stock issued, $37,828,500,
less stock in treasury, $2,828,500.
z Common stock is.sued, $21,572,80(),
less stock held in treasury, $3,668,400.
a Reserves: against property and
equipment, $4,978,929: against current assets, $1 ,602,236; against insurance
and pensions, $651,335; against contingencies, 5490,000. V. 114, p. 632.
CONSOLIDATED RESULTS FOR CALENDAR YEARS
a Prof..
31.
1921.
—
LlahilUlcs—
LlabilUlcs
S
Real estate, bldss.
Preferred stock.. y35 000.000
and equipment. 21, 086, 151 20,512,847 Common stock.. zl7 904,400
Timber lands. Ac. 3.191,127 3,300,100 10 Year7Ji% gold
Trade-mark.s. patnotes
10,040,000
ents & good-will 17,904.400 17,904,400 Subald. companies'
Pref. stock owned. 1,422.600
1.451.000
bonds & mtsea..
55,000
Com. stork owned 345.2.50
Stocks of sub.skllInventories
ary companies..
x26, 571,930 26,717,366
Prepaid insur., Ac. 1,358,730
772,795 Notes payable
4,878,000
Govt, bonds
48,342 2,442,068 Accounts payable. 1.424,209
Cash
3,787.892 5.553.493 .Accrued taxes
3,683,285
Notes & accts. rec. 16.890,344 21,891,430 Reserve
..a7,722,501
Ins. .fund invest..
Surplus...
95,315
139,215
12,034,686
estate
commodity prices during the year
versely to some extent
735
rialmii.
St
Kxpnms
m
|)rlvllc«<-
contlnKoncliyt
i.:nK.5
.519
:<K.'i .097
loH* niirplu*
I'r.'i -M
Total
-V
I:
!'.»
\i
*7
:,,'n.^i,:,
»jo,.ii'.
lOO/MI
ttl,767
'-
I-
*'«"
IH.
S2S,«1MJ.01(I t30.245.fl70
p. 620.
!
'MKKt
Toi
flM.
.
:;
(of N. J.i, Now York.
Yntr itidimj l>tr. .'tl 1921.)
Weynian-Bruton Co.
1
i'ift/Kwi
(
f{< jiiirl
iiiinT
.
Ualati'
I.
'
for Fincdl
li.
'I..
Klliott. .ffrHiiy City,
'
f
('•'
'
•
N.
.1.,
M/ir. 7, n>porlM:
>
.n-''
I.:-
I.-:-,
Pr»Tvli>ii..
Total
iiiiri>l'i«
•
I
.
'I
.
I
'.-s'l
*l
,
•./.I-*-*
}l
j.ii ;'t.,(i'.i
51J,
<l.'i
I
imrj
l.-'w..
•
,i l.iti
III
c
llui'lll
> i^ll
viuir for 111!
ixi
diMtui'l lull!,
I
« Afinr dndiirt.InK proTUIon tnr Kninral and local
.-a^h .iu. ...ioi-« poMtrM^ o^JMi*
of r^<'-«^Vab|e«, Ac
(
I
lui
'
^>r rbJirsni
1
i
and
r<
'M(,
..'. UIkI nil
ihnnot mrnluKM nro $1
,N73,'i3',<.
.
THE CHKONICLE
736
lN<^OMB
ACCOUNT FOR CALENDAR YEARS.
1921.
1919.
1918.
$1,873,232 .$1,80.5.535 .$1,727,205 $1,487,984
Net earns, (see text)
(>)mniondivideiidK^..(10%)662,.S60 (10)662,360 (10)662,300(21^2)138,000
Prcf. div-idcnds (7%).-341,341
328,216
328,216
323,554
Balance, sorplus
$869,531
2,634,761
l*i-evious surplus
'IVans. from pro v. for
—
Total
of
$814,9.59
$736,689
1.819,802
1,083,114
$1,026,430
976.683
$2,634,761
$1,819,803
$2,003,113
ad-
vertising to surplus
.Stock divB.
1920.
20% on
1.250.000
$4^754,292
Conunon stock
1,324,720
Balance, surplus
$3,429,572
920,000
Assets
Real
—
est.,
1921.
1920.
S
S
LinlHtilies
maeh'y.
tradepatents,
good-will, &e
6.695,773
Leaf, mfd. Btoek.
supplies, &o
717,064
Secur. of other cos.
537.20S
,.518,190
Casli
acc'tflrec_.
Bills
430,951
marks,
Prcf. (llv.
6.474,701
$1,083,113
31.
1921.
1920.
4,9.38.800
4,688,800
6,623.800
—
Preferred stoclc
Common stock
fixtures,
&
$1,819,803
.$2,634,761
BALANCE SHEET DEC.
7.948,520
86,429
165,590
pay .Jan.
Com .div .pay .Jan
82,0.54
165,590
Prov. for adv., in6,07.i,496
901„516
&c. 2,585,487
pay. 2,544,789
3,429,572
sur., dLse'ts,
P.ill.'^
&
acc'ts
Surplus
3,605,170
3,322,546
2,634,761
6,289,434
Total
21,699,186 21.122,722
114, p. S31.
Total
—V.
21,699,186 21.122,722
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
followine: table summarizes recent railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Larger Share of Joint Rates Granted to Nein Enqlmid Roads by J .-h. C. ComSee "Current Events" and "Times" Feb. 15, p. 15; Feb. 16, p. 14.
mission.
Regional Wnge Conference Beqvn in N. Y. Thursday
Union Representatives to Take Part Next Week.
Fob. 16. p. 18.
Lmver Freight Rates for Coal Sought by Newly Organized Consumers' Association of N. Y.
Henry M. Payne is President. Official program. "Post"
—
—
—
—
l-'eb.
II, p. 11.
—
Railway Executives Favor Reappointment to RR. Labor Board of Col. J. II.
"Times" Feb. 16, p. 20.
Road's Receiver to Rimeio Operations Asks Permission to Cut Wages 25%
and If Necessary for Open Shop. See Missouri & North Arkansas RR. below
and "Eve. Post" Feb. 15. p. 12.
Receiver is Asked for a Railway Union.
See "Current Events" and "Eve.
I'ost" Feb. ir,, p. 10.
No Sympathy Strike by Railroad Workers. May give moral and financial
support to miners.
"Sun" Feb. 16, p. 22.
Rait Managers and Union Chiefs Meet.
Regional conference at Hoover's
sugs;es-tion ovpo<-ted to reduce disputes.
"Times" Feb. 17, p. 23.
Oppose Rail Wage Cut Regardless of Rates. Unions Deny any relation between transportation tariff and pay to workers. "Times" Feb. 11, p. 6.
Passenger Rates Reduced.
Chicago Great Western announces a reduction
in regular passenger rate from Chicago to St. Paul from $14 27 to .$12 77
to Omaha from $17 93 to $16 43 as soon as tariffs can be prepared.
'Phila. N. B." Feb. 15. p. 3.
Coal Rate Reductions Upheld. Proposed reductions in inter-State rates
on coal from Springfield, 111., district, served by Chicago & Alton, and from
minas in Mo. Kan. Okla. and Ark. to Kansas City and intermediate points
held by Commerce Commission as justified.
"Boston N. B" Feb. 17, p. 5.
Soo Line Grain Rates Cut.
Reductions filed 30 days ago are now effective.
Hates on coarse grain for domestic consumption oast are reduced from 49^<i
to 45 cts. and export rates from 41 to 34 cts, "IJost, N. B." Feb. 17, p. 5.
New Jersey Legislature Has Bill to Abolish Present Tunnel Commission and
Name a New Board. "Times" Feb. 11, p. 6.
Says Freight Rates Keep Food Costly.
Head of wholesale grocers cites
200% increase in sugar cliargcs since 1914. "Times" Feb. 17, p. 24.
Calls for Pooling All Freight Cars.
Association of Owners of Railroad
.Securities urges adoption of WarfieJd plan as way to save many millions.
"Times" Feb. 17. p. 24.
Loadings of Raiheay Freight Much Larger.
Increa.se of 10.158 cars over
precedmg week and 54, 168overl921. See below and "Times" Feb. 17, p. 22.
New N. Y. City Transit Counsel.—George O. Redington appointed as
counsel to .succeed Col. Howard Thayer Kingsbury, who has resimied
private practice.
"Times" Feb. 17, p. 28.
N. Y. Port Project to Be Put Through by Assembly Republicans Probably
Next Week. Ameudmenls voted dowu. "Times" Feb. 15, p. 15; Feb.
miiotl.
—
—
—
—
—
—
—
md
—
—
—
—
—
—
—
16, p. 22, 26.
City TransW.— Daniel L. Turner. Consulting Engineer of Transit
<";ommis.sion. says a new order is at hand; favors consolidation plan.
"Times" Feb. 16, p. 26.
Many N. Y. State Car Lines Ask Legislature for Relief from Cost of Paving
Between and Alongside Tracks.
"Times" Feb. 16, p. i(j.
Appraisal of N. Y. Transit Lines Nearly Finished. Figures to be made
public soon and hearing on consolidation resumed.
"Times" Fob. 15, p. 15.
Railroad Car Orders in January Exceed 10,000, Compared with 28,358 for
Entire Year 1921.
"Times" Feb. 12, p. 23.
"Big Four" Railroad Unionsto Deal ivith Roads in Three Regions Instead of
as a WhoUi.
"Times" Feb. 14. p. 12.
Rail Union Chiefs Will Meet Miners at Chicago Feb. 21.
Fifteen of sixteen
principal unions to be represented at mooting in Chicago.
"Times" Fel). 12,
N. Y.
—
—
—
—
—
—
—
—
—
p. 5.
R. R. Economies Reducing Damage Claims. Ac.
"Times" Feb. 12, p. 19.
F.J. Warne. Unvm Labor Slalislician, Insists Railroads .Are Concealing Unsurpassed Prosperity and Should Cut Rales. Not Wages.
"Times" Feb. 12, p. 12.
Say New Jersey Full Crew Law Wasted $5,500,000.
Railroads, farmers and
business men urge repeal; traimncn defend Act.
"Times" Vob. 14. p. 19.
Railroad Men Fear Political Control if Commissioner-General of Transportation Is Inaugurated.
"Times" Feb. 12. p. 17.
Puts Signalnton on Eifuivalent of Ten-Hour Day with Same Rate for Sunday.
—
— See "Current
Events"; "Tunes" Feb. 13, p. 15.
Must
Water Rates Between Atlantic
—
W.
Roads
Meet
and Pacific. (G.
l>uco. Freight Mgr. Sou. Pac. Co.)— "Times" Fob. 13. p. 19.
U. S. Can Pay All Claims under Rail Control Without Fxirther Grant, Harding Tells Congress.
See "Current Events" and "Times" Fob. 14. p. 29.
British Raitiray Securities Rise on Hopes for the Future.
"Times (cable)
Feb. 13. p. 19.
Allahban-Cawnpore RR. in India. "Times" Fob. 13, p. 15.
Strikers Tie
Montreal Plan to Compete with New York for Dealings in Canadian Pacific
i'tocJfc.— "Times" Fob. 14, p. 25.
General Railroad Tic-Up tn Bolivia.
"Timos" Feb. 12. p. 8.
Cars Loadid. The total nunilicr of cars loaded with revenue freight
—
—
—
Up
—
—
during the week ending Fob. 4 totaled 753,886, compared with 743,728 cars
previous week. This was 54,168 cars in oxce-ss of the correponding
in 1921 but 8,794 less than in 1920.
I'rincipal changes as compared with the week before were as follows:
Merchandise and miscellaneous freight. 429.705 cars, increase 9,295 (and
26,94-1 more than In 1921); coal. 186.151, increase 4,185 (and 27,597 more
than in 1921); forest products. 50,204. increa.so 2,831; coke, 7,844, increase
342; ore, 4,015, increase 8; grain and grain products, 48,969, decrease 1,911;
livestock, 27.998. dwi-envsc 4,592.
Matters Coivrcd in "Chronicle" of
(a) Heads of six rail unions
Feb. 11.
,
call all workers to "conference of progrossivas" at Chicago Fob. 20. p. 587.
(b) Railroad rate a.s,saull; warning to socurit.v holders from national association (8. Djivies Warficld), p. 587.
(c) Wage heiirings announced by
U. S. RR. labor Board to begin March 6, p. .587. (d) Railroads called
on to turn over to U. S. Trcasiu-v one-half of earnings over
per annum
for portion of year 1920, p. 5SS.
(e) Railroad need for capital and adequate
tile
week
,
—
6%
rates, as stated
p. 588. 590.
[Vol. 114.
by Secretary Hoover; U.S. guaranty for equipment
trusts.
—
American
A committee
—
Cities Co.
Pref. Stockholders to Fioht Plan.
representing the holders of the Preferred stock has been
formed to "take such action as may be necessary in the circumstances" and
has announced its intention to fight the reorganization plan (V. 114. p. 76)
The committee consists of Samuel A. Trufant, Chairman, W. J. Behan.
J. C. LeBourgeois. Jac Bloom, and Duralde Claiborne.
Holders of Preferred stock have been requested to deposit it with the Marine Bank &
Trust Co.. New Orlenas.
Mr. Trufant says in part:
"Almost all of the Preferred stock is held and owned by residents of New
Orleans.
If the proposed plan of the Newman interests is consummated
this stock would have absolutely no value.
In fact such stockholders as
accept what is offered them under this plan of the bondholders are faced
with an additional loss on the new money which they are required to invest
in order to have any interest in the reorganization.
"In a word, the bondholders' plan amounts to a practical 'freezeout' of
the Preferred stoclcholders and unless some concerted action is taken in
their behalf to prevent the proposed reorganization the Preferred stock
\vill represent only an unpleasant memory in this community.
"If any fair plan of reorganization is proposed whereby the equity of the
Preferred stockholders in the assets is given fair consideration, I feel sure
that the large majority of the holders of the Preferred stock, of which
there is $20, .500, 000 out.staniug as against $7,500,000 of the bonds, would
be quite willing to co-operate." V. 114, p. 518.
—
Atchison Topeka
&
Santa Fe Ry.
—40-Mile
Road.
—
company, it is stated, will .shortly begin the construction of a 40-mile
branch from Owen to Pawhu.ska, Okla. V. 114, p. 625.
Tlie
—
—
—
Aurora Elgin & Chicago RR. Reorganization Plan.
The committee for the holders of certificates of deposit for
the 1st & Ref. Mlge. 5% bonds, due 1946, and the 3-Year
Collateral Trust Notes, due 1921 (secured by 1st & Ref.
Mtge. bonds), R. M. Stiason, Chairman, has announced
that a plan for reorganization of the "Third Rail Division"
has been approved and adopted by the committee.
The plan provides for the formation of two new companies,
one, the operating company, to take over the "Third Rail
Division," and the other, the holding company, to take title
to certain small interests and stocks which cannot be properly
held by the operating company.
The holding company will
also own all the capital stock of the operating company.
The "Fox River Division" is not included in this plan, and
the committee regards the equity of the 1st & Ref. Mtge.
bonds in this division as of small value.
Under the plan, the A. B. & C. Ry. 1st os remain undisturbed but no pro\ision has been, made for stockholders or
creditors or for non-depositing T)ond and note holders.
Data from Circular Signed by Committee Feb.
—
11.
History of Foreclosure Proceedings, itc.
The committee in Nov. 1919
purchased, in conjunction with War Finance Corp., the 1st & Ref. Mtge.
bonds consiituting the collateral security for the 3-Year Coll. Trust Notes.
For .some years the El,.jin Aurora & Southern Division (Fox River Division) liad not earned the interest on its bonds, if proper charges for depreciation and for power supplied from the Batavia power station had been made.
In Sept. 1920 the trustee under the Elgin Aurora & Southern Mortgage
(interest having been defaulted) iustiHited a foreclosure suit, and in connection therewith a.sserted a lien on tlie Batavia power station and the
Third Rail Division superior to the lien of the 1st & Ref. Mtge. Efforts
to effect an amicable adjustment of the matter were unavailable, and it
became necessary to litigate the question of the alleged liens.
The decision of the U. S. District Court, rendered in Oct. 1921 (V. 113.
p. 2310), denied the existence of the alleged lien of the Elgin Aurora k
Southern Mortgage on either the Third IJail Division or the power plant.
The committee thereupon promptly took steps to bring about a foreclosure
sale of the Third Rail Division.
An agreement was effected by the committee with the trustee of the Elgin
Aiu-ora & Southern Mortgage by which the latter withdrew objection to the
separate sale of the Third Rail IJivision and both agreed not to appeal from
the decree of the U. S. District Court fixing the liens. As a conlitiou to
this settlement, the Third Rail Division, as owner of the power plant, obligated itself to supply power to the property covered by the Elgin Aurora
& Southern Mortgage for a period of 2 years, upon satisfactory terms,
which agi-eement has been embodied in the foreclosure decree establishing
the liens of the respective mortgages and directing the sale of the Third
Rail Division on March 16 next.
No date has been fixed by the Court for the sale of the Elgin Aurora &
Southern Division and this division remains in the hands of a receiver.
As the Court has decreed, the lien of the 1st & Ref. Mtge. covers all of
the property of the Third Rail Division, subject only to $2,380,000 Auroia
Elgin & Chicago 1st Mtge. bonds, duo 1941. and also covers the Elgin
Aurora & Southern Division, subject to $1,5-16,000 Elgin Aurora & Southern
Traction Co. 1st Mtge. bonds.
Elgin Aurora ct Southern Division. The portion of the property upon
which the Elgin Aurora & Southern .Mortgage constitutes a lien (the Fox
River Division) consists of a light and power property in Elgin, intenirbnn
electric railway lin&s and street railway lines in Aurora and Elgin, comprising
all told about 75 mile.s of track.
A 10-cent fare, ^vith a ticket rate of 8 1-3
I'ents per ride, prevails on the city lines, while 3 cents per mile is charge*! on
the interurban lines. The Elgin light and nower business is profitable, but
the profits therefrom are more than offset by the losses on the city and intci-urban railway lines.
In addition, both the railway and lighting franchises in Elgin expired Doc. 10 last, and satisfactory renewals have not thus
far been secured.
The division is biu'doued with onerous franchise requirements, and at least $500,000 of now capital is urgently required by this
division, exclusive of paving requirements.
Third Rail Diiision. This division constitutes tlio valuable portion of
the propert.v.
It consists of a i-ailroad. operated by electricity, with over
102 miles of track, .serving and connecting Chicago, Maywood, Bellwood,
Ardmoro, Ifilmhurst, Lombard. Glen Ellyn. Wheaton. Aurora. Elgin.
Batavia, West Chicago and Geneva, together with electric light and power
properlies in Ardmore and West Chicago.
The Third Rail Division is engaged in a highly competitive busme.ss. its
competitors being tho Burlington. St. Paul, North Western and Great
Western railroads, offering a high standard of suburbaji service. The
f iniuicial collapse of the compan.v was in part due to the detorioration of the
physical condition of the property, which resulted in a marked reduction
—
—
in traffic.
Following the appointment of a receiver (V. 109, p. 675) stcpti were taken
to improve tho standard of service, insofar as t he limitod funds would po)-No receiver's certificates have been is-sued nor is tho roorganization
mit.
embarrassed by a large floating indebtedness of preferred claims. Tho
improved service has brought about an increase in traffic, revenue passengers increasing some 30',',' in 1021 over tho business handled in the corr»>
spending period from the beginning of the rece.ivei-ship to the end of 1919.
Tho traffic of this division during tho hust 6 months of 1921 increased
5% over tho corresponding period of 1920, while the traffic of neighboring protierties. operating under substantially similar conditions, showed
Future growth in business and revenue is
decreases of from 5% to 20'";,.
impossible until additional facilities are provided. Twenty new cars are
necessary to handle prasent traffic and to relieve the badly overworked
about
equipment now owned. The main line from Wheaton to Chicago must
be rcballasted and rehabilitated. Additional sub-station capacity is reImprovements in terminal facilities in Chicago will yield large
quired.
The present equipment must bo thoroughly
reluiMis in increased business.
At least Sl,rehabilitatod as soon as new equipment is ready for seiT^ice.
000.000 of now money must be provided in connection with tho reorganization to meet the immediate re(iiiinnit'iiis.
Results of operation during tlie receivership for the purpose
Earnings.
of excluding from operating expenses all it*ims reprasenting the cost of reThe estimate for 1922
habilitation or defcrretl maintenance hxs been made.
is arrived at, assuming the continuance of the business depression and no
the new money.
result
from
th<>
investment
of
earnings
to
increase in
—
THE CHRONICLE
Pub. 18 1922.]
oaminKS
flross
X1919.
$546,989
81.770.956
1921.
$1,819,241
$1,916,616
429.392
1.436.466
1.504.218
1.535,400
S117..597
S334,490
126.350
$315,023
120.085
.S381.21t)
48.201
208.140
125,280
194.938
124,987
188.416
125.220
$19,548
$82,860
$69,952
$63,190
Oper. exp. (incl. uornial
maiatonanco & taxes)
Net earnings
Int. on A. E. &C. IstSs.
Int. OD new bonds
.SinkinK fund
.Vccruals for deprecia'n. -
1920.
49.848
l<t22
[I'sl
119,300
y73.500
67".749
Balance
Prom
be?innins? of receivership. Aug. 10 1919. to Dec. 31 1919.
y Assumint? SI. 050. 000 new Ref. & Inipt. 7s issued by new operating
company arc out.slandinj< 12 months, of 1922.
X
Plan for Reorc;anization of the Third Rail Division Dated Feb. 1.
Sale Set for March 16.
Sale of the Third Rail division has l)eeu fixed for
March 16 and the commit'ee proposes to bid in the property so sold, to
pay for it, by tender of 1st & Ref. bonds in its possession, to pay the balance
of the purchase price in cash, to transfer most of the property so bought
to a new operating company, the capital stock of which shall be owned by
a holding company.
—
Securities of Old Comvany.
Chicago Ry. 1st Mtge. ,5s. due 1941
(which are
Aurora Elgin &
to remain undisturbed)
$2,386,000
Elgin Aurora & Southern Traction 1st Consol. os. due 1921 (now
in default): these bonds are a lien only on the Fox River divi-
and are therefore not considered
1.546,000
in this plan
<'hicapo RR. 1st & Ref. 5s. due 1946 (now in
default): (o) directly sold and now outstanding in hands of the
public, S3.'~9.fO0: (b) originally deposited as collateral to
.sectu-e $1,219,000 3-Year Coll. Trust notes but now o^^-ned by
owners of said rotes through sale of said collateral, $1,656,000- 4.7.35,000
.Stocks— Preferred. $3,100,000: Common, .$3,100.000
6.200,000
Xeic Cnmpanirs to Be Formed.
It is proposed to effect the reorganization
of the Third Rail division through the formation and useof two corporations:
(1) JN'f-if oprrating ccmpany to be known as Chicago Aurora & Elgin RR. (or
some appropriate name) is to be formed in lllinoi.s. to take title in reorganization to most of the property and franchises of the so-callfd Third Fail
division, which intli.des the following: (a) The Third Rail lines extending
from Chicaro ihrcuvh V heaton to Aurora, Elgin, Gene^-a and Batavia,
and from Bellwcod to Hillside, 111.: (6) the power plant at Batavia, the substations at Maj-wocd. Lomlard, Ingalron, Warrenville, Clintonville and
Aurora, all of the high-tension transmission lircs acd the car shops and
car hou.se at ^Vheaton, subject to the prior lien of the S2. 386. 000 1st Mtge.
(2) Holding compani to be called Chicago Aurora & Elgin Corporation (or
some appropriate name), to be organized in Delaware, to take title to
certain small interests and stocks which cannot properly be held by the
new operating company and of owning and holding the entire Common
capital stock of the new operating company.
sion
Aurora
Eljjin
&
—
Securities of New Operating Company.
Improv. Gold 7s (auth. $50.000,000). The new operating company shall execute a mortgage covering substantially its entire propei^y
to seciu-e the above descri'^'ed bonds, of which shall be pre^'ently issued
only 51.0.50,000, dated April 1 1922. mature April 1 1947, and red. at 101
and int. on any int. date. This initial issue of 1,050. 000 of bords shall be
subscribed for by the committee on terms approved by the Illinois Commerce C^mmis-sion. The proceeds of this SI .0.50,000 issue shall \'-e used for
capital expenditures, cost of reorganizing arid rehabilitating company, c&c.
Bonds under this mortgage may be issued in series, all ratably secured,
and the amoitit of bonds to l)e included in each series, the rate of int. and
redemption price shall be determined l>y the directors. The dates of maturity shall not t>e later than Jan. 1 1997.
Bonds may be issued in one or
more series to refund other maturing series, and, par for par, to reflmd the
bonds purchased by the trustee imder the Aurora Elgin & Chicago Ry.
1st Mtf-'e. wi'h the proceeds of the annual sinking furd pa>-n-,ent.
Provision may also Ix; n-ade to refund Aurora Elgin & Chicago Ry. 1st .5s
outstanding at any time by the issue of one or more series cf l>ords secured
under this mortgage. The mortgage may also provide for additiora! bonds
to be isBued to provide for the cost of new property, extensions, additions
betterments, &c.
(6) Common Stock.There shall be presently i.ssued .such an amount of
C/ommon stock as shall be approved by the Illinois Commerce Commission.
all of which, excepting dire<:tors' ciualifying shares, shall be owned and held
by the proposed new holding company.
(a) Ref.
—
&
.'i
—
Securities of Iloldinu Conipar.y.
This corporation shall own and hold the entire
stock i.ssue.
except directors' flualif^i^gshares.of the new ojxTa ting <-ompany and certain
interests and stock.s which cannot properly be held by the new operating
company, and .shall itself issue the following securities:
«</nrfx.— Bonds issued under this indenlure shall
(1; $6.0f)0,nr.f) /
provide: (a) The
with any accrued ard uni)aid interest Ihcreon,
lihall constitute an
i
of the company, due and payable to the holders of such Ixind.s >r
!072. but red. at 102J'i and int. on any int. <iate.
(6) So long an delu outstanding, the corjioration will not sell the
f
sto<)'
- .operating r-^ •;-• •• owned l)y it nor mortgage or
pli-<lKe said <
tock or oth<r
or fiirnings to se<ure any
obligation or '.
s in excels of >.
pri>vid( d. however, that the
mrixjrat ion hh.i!l l« auth'iri/ed to is^tuc pun li;isc money mortgages or colUiler;il trust lior d>, spc urwl sr.lely by the pledge of any property whitji it
Common
*
:
Common
may
-
herrofter lawfull> a<:<iulre.
InKroM unon such tKji.dii shall be payable from the net profits of the
corporation at the ra'c of 6'X fxT finn.
No intt^ust shall accrue prior to the
<• of the -icf|ulslilon of the Third
n of two
Rail
iry the i)>
ny.
ii th<- net inconn- of the l^iolding
.;..,
i.ot Im; suffirlcnl to pay Interest at the
J in any y...
rate of 6% per ann.
tx>nd.<(, sui-h Int. remaining unpaid shall
accrue and the accru(,<!
y shall bo payable Ix-forc any div. shall Ik?
paid on the Common st'x k. ijui failuri; to pay Interest shall not constitute
a default
(2; Crrmmrm Stock.
27.500 sharM of no par \-aIiie Common stock whicli
may Ix; held in a votlnK truiit for three yearn. The oomtnittee Nhall name
the voting Irujitees.
(c>
:
•
—
Mathod
\) h'ir^t
t
at
to
f
;
A
of Participation
Rt funding Himds.
jrard Trunt <'o,. I'hila.
%:ir, jur f^rh %\ Of»0
----''•'•-•,
tiorid
and Diitribution
and upon
.
.
of Securitiea.
<'(Tl Ifli ale of di'iMisit
iwj-ment of thi? exiHTiscs. amount Ing
— Upon ,UiTi;n<liT of his
M>fh
tif^itrmitur <ih;«ll
-
'
,
'"
'
,
t-nUi
!>«•
«| .(KK)
1i,r <-.i<-h
\i-t\
'
'
'
I
'
'
]llllI•<•
oni
to
'I.
I"
A. lllJ|il
boiids of
lioldinK oiinpanv: 'rj
'
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.
'if
it
(.:
at
Trii.^l
<
MUit
.\ot-
\
IJ[K»ri
I
|K(slt
u;.'.
lo
(iir
i.ll.iU r.il iiu:i^ mIi.iII U- i mi II led.
••Ive nti InNTliM '••ti Ifuiile (-allltiir fipf
«.Vi.
for
.r
of
(
ny
.
|jtt«<n«i
ikch HI
I'
.
.!<
! '•<'
'••r lit
IiIkI
rovl^loii
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'
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h.-
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)
—
—
(See advertising pag-^s.)
Dated Jan. 1.5 1920. Due approximately S791.000 each Jan. 15 1923
to 1935.
Authorized and issued, S17.800..500: matiu-ed and retired. $2,37.3,40(): held by Dir.-Gen. of RR. and to be .subordinated to remaining notes,
$5,142,800.
Interest payable J. & J. at office of Guaranty Trust Co. of
New York, trustee. IJenom. $1,000 (c*). Red. as a whole only on any
interest date on 00 days' notice at 103 and interest.
—
Sccuriti/.
The Director-General by supplemental agreement has subordinated the lien of the Goverrunent on this equipment to the extent of 33 1-3 %
of the notes of each matiu-ity, which notes will be stamped to that effect.
The unstamped notes now offered represent a first hen on standard railroad equipment described below, to ttie extent of approximately 58% of
the original cost thereof: 100 light Mikado locomotives: 30 light Pacific
locomotives; 26 hea\'y Mallet type locomotives; 40 light 6-wheel switching
locomotives: 500 50-ton box cars, 500 70-ton steel gondola cars.and 1,900
5.5-ton steel hopper cars.
V. 114. p. 403.
—
Boston Elevated Rv. I nvestiontion of Control Art Refused
(Jovemor Cox has refused Mayor Ciirley's request for a speci;U message
to Legislature calling for investigation of Public Control Act.
& Maine RR. — Would Merge
Boston
—
Brooklyn Rapid Transit Co. — To Sfov Sellinq Mdse. —
On the ground that it is contrary to the terms of the Rapid Transit. Act
and of Contract No. 4 wiih the ci y. the Tran-it Commission h.ts directed
Receiver Garrison to stop the sale of merchandise upon subway stations of
the company and ei'her to remove or relocate all news stands located on
Mand platforms in those subways, so as not to interfere wiih the pas-senger
traffic.
The sales at the stands, it is said, net the company about S200.0<)0
a year as profits on gross sale.s. V. 114. p. 518. 408.
Dt'^idend No. 103.
Carip.d.ian Pacific Ry.
A dividend of 2'A% has been declared on the Common stock for the
quarter ended Dec. 31 last, being at the rate of 7% i>er annum from revenue
and 3% per annum from Special Income Accoimi, payable April 1 to
—
—
frir
I
The
I.-.S.
Eastern Illinois Ry.
wt.
I
Val.
Suit.
C. Commission has placed a tentative value of S69.206.753 on
New
Cincinnati
Orleans
i
'
'
,
1,
I
«l,fK)f)
'rr)
I Ih.ii
on
.
fif
O"
I
V
(
i
h
I
M>
III
j
1
1
Cincinnati Newport
.'
'
who hi"!
-
.
March
.jjldrrn, f
pmvi^ton whfcUnrtir
U
„,
1.-
mirtw In thl« plan for aiixfnnl>l«T or
;.
l«t
*
Ill'
.
,
M«-r.
&
—
Trac. Co.
among other
'
I
\iMis
III
C.
pay
New
~
Northeastern Ry.
Si
-S.
/'. S. Loan.
aiipiovi-*! ii l.i.iii of .JIJA.OOO for .% p<Tl»d of
iliarn"' ifrliiln •limi lime iioli»i.— V. 113. p. 2AI3.
Ci.iniiii"' Ion
offaiiil
ill
>iirU Sinik
li^i'
Km
&
tiolel Ixinil
I-I
ll«-f. MiniIn (III a "wlii'ii Issiird" biisi,
III
&
&.
Qiiincy RR.
l.itiHiig.
luf .iiliniMiil In lie Hot (oni|)oniry .'%
1971. prrvloujily trndud
mtIi-s A. dm- I'i>l>.
hantfi'
..
I
I
\
\\\. p.
Rio Grande RR.
lil'.5,
.519.
-Sutro Commitlrr for Ad^usi-
7%
liniiii-i
I
,
hon'lx
which K'liillnMn TniM Co im lni«l<v» iinilnwn- I>lnliillff. h" Wouirrn
I'n.lflr Hv
''
friiin ll"
A
nil
(1) .\« a rowill iif lllli^nilon In
t-'t
Mtfti" of Ihi' iilil
Wmlnrn
th"
II
Cirp
l(l(
'
Covinpfton Lipht
S.
I
r.r I-
.
fr
mailers, will vote on authorizing sui-h nKKllflcation of the agrixTnenIs with Coliiinhli <:.»s fi IChx-trlC
Co. .-iM niav be rli.«'med bv Hie iliriM-lors nc<-i"?.s.irv or desirable in ordiT to
rirovldn for the refiinding iif the bonds of I lie CIiicIimmI NewiK)rt A. t^ovlngloii Ry. (;o. and of the South <:ovlnglon A Cinclnnaii St. Ry. Co. and for
I'xlen.Hlons and iiddlMoiis to the street railway nropirt les opurikliid by said
r short- lorin iioleMaiid (ort bonds and Iheiwenilion
coinpaniiw. by II
•s bv Iho Cincinnuii Newiwirt .V (lovlngUiu Ry.
of a nioriifiiK" ><
n A Cincinnati St. Ry. <"o. .'vnd (or) other sub
<'o.. the Somh
sjdlnry cornpaiilun.-- V
112. p. 2189.
stockholders on
Till-
.1
:.lr..
'
— Bridge.
complete conMru<-tion of the new
Tilt' i-onipanv. it is
brldi-'e across the Ohio River, which Is Ijeliig erecU-d oyer the old brUlae
wiihout Interruption of traffic, at Cincinnati, t)., before Sept. 1. This Is
a doiii«le-in»ck steel supi'rslruci lire. i-oiicret<> sub-structure, costing about
$3,000,000 when completed— V. 114. p. 625.
p|<
nru'''
r
Texas Pacific Ry.
Mi'-li IkmiiIm, nfiTriiii; 1<» tin- n <iri;,iiiix-ii.li«m pl;iii. cjills; tint
.ilNiiliuii of llii' liii|il< rHof A<l|iiHifiiiMii liiiif's lo till- fill low iiii;:
11
.I..I
&
slaMnl. rxpci-ls lo
.
.
\',)22.
driiw Int
•
—
— Tentative
( um.
Ayniiisl I'lnn.
'I ln' roiimiit ti-f for llld
.Xdjiist. \\\K>-- Im'IwIh. of whii'h Kirlm.nl Siitro in C'lminiiJin,
in u no! ice lo the holiliPH llmnor luid tin- hoIdiTs of itertific'lifv r.f ilcpoMit of till! \(.w V Ork Trust Co. in r«'Hp<^t of
'
*»l
I
to
the property as of June ,S0 1915.
The N. Y. Stock Exchange has been eliminated as a defonditnt in a suit
brought in the Supreme Court in behalf of former stockholders for $25,000.000 damages, on the ground that the reorganization committee dispos(>d of
certain coal rights for $3,000,000 to the l>ondhoIders although tlio rights
were worih many times that sum. and caused such depreciation in the value
of the stock that the stcckholdcr.s were forced to sell out at a fraction of the
real value of the stock.
The suit was brought in the name of the Mercantile Mutual Fire Instirance Co, and Narragansett Mutual Fire Insurance Co. The defendants
other than the New York Stock Exchange were the members of Kuhn.
Loeb & Co.. the individual members of various protective and reorganization commiitees of the Chicago & Eastem Illinois, the II. S. Steel Corp.,
and a number of well-known Irusi companies as bondholders.
A similar suit was filed last May in the F»Hleral Court, when an injunction ri>straining the carrying out of the reorganization plan was sought
wii hout success.
The case came before Siiprenii- Court Justice Delehanty Feb. 14 on an
application by the Now ^'ork Stock Exchange to du-miss the complaint
The plainaK.iins! the Exchange because no cause of action was .sot forth.
tiffs made no objection and the order elimUiatuig the Stock Exchange was
Kraiilfd.— V. 111. p. 408. 304.
.',
Is
—
—
&
Chicago
mi
ihi' rati'
lit
tn<tn Ai.rll
WTfWt
u,
—V. 114. p. 304.
dismiss the action of certain shareholders protesting against the sale, as
made, of the Lehigh & Wilkc.s-Barre Coal stock to the RejTiolds Syndicate
for .?:<2,490.9S0. and stating that the bid of .such sjTidicate was the highest
and bosi of the proposals submitted for the stock. V. 114. p. 77.
Cisco
rTin»<t •.Mrrf-fi'l«-r
firtfl
I
i
pnr ann
rrom
1.
Central RR. Co. of N. J. Asks Dismi.-^.^nl of Coal StiU.
The company has petitioned the Federal District Court at Philadelphia
Denver
JUIK*
March
holders of record
VU"
I'li'i
III'
—
.
rill-
wtlKtl
urilli-n
Sub. Cos.
Legislation designed to allow the company to merge with a number of
its subsid iary lines in New England for t he purpose of establishing one headquarters and having only one general manager, has been introduced in the
New York Legislature by Assemblyman Arthur Cowee. A companion
The B. & M. expects to reduce operatbill was introduced in the Senate.
V. 114, p. 408.
ing expenses through the proposed merger.
y
'
See letter in
Boston "News Bureau" Feb. 17. p. 2.
The Boston Elevated management and the (Question of restoration of
5-cent fare in Boston was the subject of discus.sion at a conference Mayor
Curlev had Feb. 15 with Sherman L. Whipple and John A. Sullivan.
V. 114. p. 625, 518.
Chicago Burlington
<u-h
—
Baltimore & Ohio RR. Equip. Notes Offered. Bankers
Dominick & Domiuifk, Union Trust Co. of Pittsburgh, Hornblower & Weeks, Harrison, Smith i& Co., Marshall Field, Glore, Ward & Co. and Northern Trust Co. of
Chicago are offering at prices ranging from 100.47 and int.
to 102.27 and int., to yield from .5.50% to 5.7.5%, according
to maturity. $10,284,300 Equipment Trust 6% gold notes.
Tru.st Co.,
for
.
riirl'ii-;
.
or Collateral notes who docs not deposit under the deposit agreement and
assent to the plan; nor is any pi-ovision whatever made in the plan for any
creditor or (Commoner I'referrcd stockholder of the Aurora Elgin & Chi. RR.
Cominiltcf.
11. M. Stinson (t.'hairnian), R. M. Stinson & Co., Philadeli)hia; Gwrgo II. Stuart 3d. V.-Pros. Oirard Trust Co., Phila.; Lewis B.
Williams. Hayden, Miller & Co., Cleveland: W. T. Goodale, Treas. Saco &
Biddeford Savings Institution, Saco. Me.; A. B. Conant, A. B. Conant &
Co.. Boston.
Depositar.v, Girard Trust t^o., Phila.
Counsel, M. B. &
H. H. Johnson, t'levelaud. Secretary. A. E. Pfahler. 319 North American
Building, Philadelphia.— V. 113, p. 2817.
'ol
'
737
..
:.,!
poMXl plan.
h
«
iiii|iilr"<|
liiriri' .iiiiiiuri'
It i>rr«rK l<i
ThU
wmn
<
i
I
liilliiir:i
I.I
rnliirn to n.
VSnulrrn I'nclflc
•
'
UK. Corp.
mpany
la
v
i»
.n*NpoilMir (of lUv proiii.i.
;
—
.
THE CHEONICLE
738
posed plan and asks that you deposit your bonds thereunder with this same
trust
company.
(2) The proposed plan fails to provide for the acquisition by the reorganized company of the equity in the Utah Fuel Co. stocli [now pledged
under the Consol. Mtse. of Rio Grande Western Ry.]. In fact, it provides
for a complete recognition of the title to that stock in Western Pacific RR.
Corp., and would thus deprive the reorganized company of the control of
a part of its fuel supply and of the large amount of traffic that has heretofore
been furnished to it by the Utah Fuel Co., as well as of the earnings of that
company, which have averaged approximately $,500,000 per annum.
(3) The proposed plan requires holders of Adjustment and Refunding
bonds to permit an unlimited Unifying Mtge. to be placed on the property
ahead of all other securities to be issued under the plan, and requires the
holders of Adjustment and Refunding bonds to take a (non-voting) Pref.
stock in respect of 50% of their present holdings of bonds.
which the holders of
(4) Although the projx)sed sinking fund bonds
Adjustment and Refunding bonds are asked to take, in respect of the other
50% of their present holdings are to be .subordinated, by the proposed
plan, to this unlimited issue of new Unifying bonds, the proposed plan fails
to accord any representation whatever on the board of directors of the reorganized company to the holders of these sinking fund bonds or Adjustment bonds, thus denying to holders of the.se bonds any effective check upon:
(a) The i.s.sue of Unifying bonds for purposes not in the interests of the
holders of the propo.sed sinking fund bonds; (6) the diversion of traffic or
earnings (by inequitable divisions of rates, traffic and trackage contracts,
and otherwi.se); and (c) the impairment of the assets of the reorganized company by unwarranted dividend payments on its Common stock.
Under the proposed plan all the Common stock of the reorganized company will be owned by the Western Pacific RR. Corp., which also owns all
the stock of the Western Pacific RR., a connecting line of the proposed
reorganized company, and the dangers involved in leaving those matters
unchecked and solely within the discretion of the Western Pacific RR.
Corporation must therefore be apparent.
(5) It appears that, for the 10-year period ending Dec. 31 1920, the average earnings of the railroad company, exclusive of dividends, interest on
securities and interest on bank balances and excepting only dividends on
the stock of the Rio Grande Junction Ry., applicable to interest on funded
debt, averaged over 36,500,000 per year, or about $1,000,000 per year in
excess of the total interest requirements on the Adjustment bonds, the
refunding bonds and all underlying is.sues.
ft is difficult therefore to conceive of the necessity for the drastic plan of reorganization that has been
proposed.
—
—
—
Stockholders' Committee Seeks to Block Reorganization.
stockholders' protective committee has served on the trustees of
The
the 1st & Ref. Mtge and the 7% Adjust. Mtpre. Ixmds, notices setting forth
the rights of the stockholders in the pendinjr legal proceeding in which they
are seeking to recover the property.
The eonimitlee is seekin.a; to block the
reorganization negotiations, and has asked the trustees of the two mortgages
to pass the notice on to their bondholders.
The committee also sent a notice to the stockholders, in which it says:
"The Western I'acific's alleged title to your properties is still in litigation.
The order of t,he lower court, confirming the .sale to the Western Pacific,
was in no sen.se final, and an appeal has heen allowed and has yet to be
determined. We have convincing reasons for our belief that the stockholders may confidently expect the restoration of their properties at the
hands of the higher courts."
The committor also asks for further deposits of the stock. Compare
V. 114, p. 625. 519, 515.
Des Moines & Central Iowa RR. — New Name. —
RR.
Eastern Massachusetts St. Ry. — Report — l-Man Cais. —
Co. below.
See Int-erurban
See annual report under "Financial Reports" above.
Loring, Chairman of Public Trustees, at hearings before Street
Homer
Railway Committee on Feb. 13 declared that the one-man car is a success
and, if continued, service will be improved and fares lowered. He further
said that "doing away with one-man cars would leave communities served
by 300 miles of trackage without transportation." C. W. Kellogg, representing Stone & Webster, also opposed bills to do away with the cars.
Representatives J. J. Heffernan of Brighton and Charles A. Kelley of
Worcester and Senator John P. Englert of Roxbury were among those favoring bills to prohibit use of one-man cars.— V. 114. p. 197.
— Not Included
—
Green Bay & Western RR.-— Annual Dividends. —
Elgin Aurora
in Aurora Elgin
& Southern
Traction Co.
&
Chicago RR. Reorganization Plan.
See Aurora Elgin & Chicago RR. above.— V. Ill, p. 792.
The directors have declared di\'idends of 5% each payable on the Class
"A" debentures and Capital stock and }4 of 1% on Class "B" debentures,
all
payable Feb. 27 to holders of record Feb. 25. In 1920 an annual diviH of 1% was paid on the Class "B" debentures. V. 114, p. 626.
denedof
RR. — Stockholders
—
Illinois Central
to Vote April 19 on
Creating ,iii. Authorized Issue of $50,000,000 Convertible
To Be Issued as Company's N^eeds Shall Require.
Pref. Stock
The stockholders will vote April 19 on creating an authorized
issue of $50,000,000 PrefeiTed stock, which shall be issued
from time to time as the company's needs shall require.
The new stock shall be convertible into Common stock.
Other ])rincipal features are outlined below.
Data from Letter of President C. H. Markham New York Feb. 17.
—
New
—
capital will be required principally for the electrification of the
company's
lines within
the City of Chicago, the reconstruction of
its
principal passenger station and freight terminals there, and the improvement of lands acquired under the contract ordinance witli the City passed
July 21 1919. The work is to be done within the next 18 years, and is
divided into various stages over that period. The ordinance was accepted
after much consideration, in the belief that the improvements contemplated
will be profiuctivo and remunerative and will permit the use for railroad
purposes of much valuable real estate of the company which otherwise
would be practically useless.
The directors h;ive decided that the financing necessary to carry out these
Improvements c:in best be done l)y the i.ssue of Preferred stock. Increasing
the amount of Capital stock relative to the bonded debt increases safets',
since thereby no addition is made to the fixed charges which must be met.
The effect should be to improve the credit of the company and enable it to
borrow upon more favorable terms in the future if and when necessary for
other purposes.
The Preferred stock, if authorized, would be a high-grrade investment
security, and should be readily saleable as and when funds are needed.
The directors do not think it practicable under present market conditions
more Common stock.
The present amount of stock authorized
to Issue
Is
$123,552,000
(all
common]
of which $109,296,000 is outstanding.
It is not contemplated to issue
the entire $50,000,000 new Preferred stock at this time, but that separate
series wiU be issued over a jMJriod of years as the needs of the company
shall require.
The authority to issue the new stock will be so framed as to enable the
directors to take advantage of market conditions
As the Preferred stock
is is,sued it will bo «ffered to the Common stockholders ratably, and such
stockholders as do not care to subscribe will be given the opi)ort unity to
sell their subscription rights.
In this way the Common stockholders will
have an opportunity to benefit from whatever advantages may be given
the Preferred stock.
Principal Features of the Proposed Preferred Stock Issue.
Authorized Preferred Slock. The amount of Pref. stock at any time outstanding shall not exceed one-half of the t-omnion stock at the time outstanding.
Provisions
Rights.
Preferred stock shall be preferred both as to dividends and assets; and in case of dissolution .shall be entitled to receive
the redemption price thereof before any distribution shall be made to the
Common stock.
Preferred stock shall be non-participating and shall not be entitled to
any dlvs. in o,<ce.s,s of 7% p. a., or such less rate as shall be determined by
the directors iit. the time of the is-suance, nor to more than the redemption
price In caso of dissolution, and shall not be entitled to any pre-emptive
or otlier right to subscribe for any shares of I'rof. or Com. stock which
may lie is.sued, or for a,av other sectirities which may be offered for sub-
—
&
scription
.
—
..
[Vol. lU.
—
May be issued from time to time as the directors shall deterone or more series, all series being of equal rank, but differing as
to terms in the respects hereinafter stat«d, as the directors shall determine.
All shares of any one series shall be alike in every particular.
Dividend Rate Noji-cumulative
Shall be entitled to receive from the
surplus or net profits, in each fiscal year, divs. at such rate or rates, not
exceeding 7% p. a., as shall be determined by the directors in connection
with the is.sue of the series, respectivelj-, before any div. shall be paid upon
the Common stock; but such dividends shall be non-cumulative. If at any
time, when Pref. stock of more than one series is outstanding, a div. on
Pref. stock in an amount less than the full amount payable on all Pref.
stock of all series outstanding, is to be paid, such div. shall be di\ided
between the series outstanding in proportion to the aggregate sums which
would be distributable to the Pref. stock of each series, if full divs. were
Issuance.
mine
in
—
—
The
declared and paid thereon.
be identical.
div. dates for all series of Pref. stock shall
Common
No
divs. shall be paid on the
the full div. on the Pref. stock for
provided for.
Full Voting Rights.
such
stock in any fiscal year unless
year shall have been paid or
fiscal
—have
For the
voting
election of directors and in all other matters.
rights.
Conrertibfr.
Preferred stock or any series thereof may, if the directors
so determine at time of the issuance, be convertible into Common stock
within such period and at such rate, taking the Preferred stock at par
and the Common stoei at not less than Par, as the directors shall determine
at the time of the issue of such Pref. stock.
Redemption.
The directors may at the time of issuance provide that the
Pref. stock, or such series thereof, shall be subject to redemption as a
whole at a premium which shall not exceed 15% and dividends. V. 114.
Preferred stock
—
full
.shall
—
—
p. 409, 521.
— Executive Committee.
Interborough Rapid Transit Co.
stockholders Fe)). 15 approved the plan to amend the company's
charter permitting a change in the number of members of the executive
committee from 5 to 7. V. 114, p. 626, 521.
The
—
— Name Changed. —
company
—
Eastern Traction Co. — Would Suspend. —
Interurban RR. of Des Moines.
stockholders lia\ e voted to change the name of the
Des Moines & Central loua Railroad. V. 112, p. 2537.
The
Joliet
&
to the
F. W. Rekman, Receiver, has petitioned the Illinois Commerce Commission for authority to discontinue operations.
The company, it is said, is
financially imable to continue business.
V. 107, p. 1385.
—
Kansas City Northwestern RR.
— Claims.
In a final report just made to Judge Walter H. Sanborn of the U. S. Circuit
Court, St. Louis, Arthur M. Jackson, special master appointed to determine
all claims against the road or its receiver. Jay M. Lee, Kansas City, finds
that the total indebtedness of the railroad aggregates $1,038,305, which
amount is all owed as the exact liability of the receiver to creditors. Of that
amount, $73,797 is found to be due on payroll claims or claims of employees
Total of clainu;
of the road, since it pa.ssed into the hands of the receiver.
disallowed. $14,903.
The companv, which .suspended operations Nov. 1
^V. 114, p. 626.
1919, has applied for a Government loan of $1,.300,000.
—
Lake Superior & Ishpeming Ry. — Tevta'ire Valuation. —
The I. -8. C. Commi.s.sion has placed a tentative valuation of $4,902,156
on the road as of June 30 1916.—V. Ill, p. 2423.
—
Manhattan (Elev.) Ry. 42d St. El. Removal Demanded.
Spokesmen for property owners on 42d St. appeared at Albany Feb. 14
to make demands for legislation to effect the removal of the Manhattan
Elevated Rv. spm' connecting the Third Ave. line with the Grand Central
Station.
— V.
114, p. 410. 306.
Missouri Kansas
The
I -S
C"
&
— Receiver's
Texas Ry.
Ctfs.
Extended.
Commission Feb 8 authorized C. E. Schaff,
receiver, to
further extend the maturity of $3,000,000 receiver's certificates from Feb
The receiver stated that the owners and holders of
15 to May 15 1922
the greater part of them have agreed to their extension and that he believes
that by May 15 the reorganization plan which has been declared effective,,
will have progressed to a point where funds will be available to satisfy and
retire these certificates.
The U. S District Court, by its order dated
V. 114, p 627.
Jan 25, has authorized the extension
—
Missouri
& North Arkansas RR. — Would Cut Wages 25 %
The United
States Raih-oad Labor Board Feb. 15 opened a hearing of the
request of receiver of the road that he be permitted to reopen the line
The receiver proposed to
(closed in July 1921) with a 25% wage decrease.
the Board that the wage reduction of 25% be ordered for one year witb the
agreement that at the end of that time any surplus over actual operating
expenses would be divided among the men. After one year he projxised
the standard wage would be restored and for ten years all profits would go
to the payment of debts.
Mr. Murray, tlie redeiver, said that if possible
he would employ only union labor, but he requested permission to operate on
the open shop plan if it was found necessary. V. 114, p. 6'27.
—
New Holland
Higginsport
&
Mt. Vernon RR.
Commi.ssion Feb 7 authorized the company t.o construct a
and granted
line of road in the counties of Washington and Hyde, N. C
The proposed line will extend from
permission to retain excess earnings.
a connection with the Norfolk Southern RR at Wenona, N. C. to New
Holland, 35 miles. The line in question was projected in 1919 by the
North Carolina Farms Co., and has been practically completed, and this
compan.v has been organized to take over the propierty. complete It and
The
I
-S
C
.
place
it
in
operation
New York New Haven & Hartford RR. — Seeks
—
Govern-
ment Loan of .?31, 324,000. The company has applied to the
I.-S. C. Commission for a Government loan of $31,324,000
for ten vears.
pay off the $26,258,000 European Loan
next (total outstanding. $27,582,163) (b) to meet
$2,066,000 equipnient trusts and other maturities and (r) to provide
$3,000,000 for additions and betterments. The company in its application
The loan
is
neces.sary (a) to
Debentures due April
1
:
stated:
"If vour applicant is unable to obtain the $26,258,000 neces.sary to pay
off the' debentures, a tentative plan under consideration is it« only recourse.
"This plan involves an cxten^ion of the debentures for three years at 7%
and will require, in addition, the payment of French taxes, the customary
commissions and expen.ses incidental to the negotiation and handling of
such an exten.sion.
"The American bankers through whom the 'European loan' was negohave undertaken In behalf of your applicant to secxire an extension
of the franc and pound sterling debentures, and are of the opinion, after
several months of conference with the French representatives of the debenture holders, that it is essential that a small paj-ment on the prmcipal should
be made.
"It is their opinion that the exten.sion cannot be obtamed unless .such
payment is made. This phase, however, is still a subject of negotiation,
but it is expected that the pa>'ment, if made, will approximate 10% of thi
tiated
It is improbable that the dollafranc or sterling debentures outstanding.
debentures held in this country can Ix' extended on any terms more favorable
than those on which the franc debentures are extended."
Slalmenl by President E. J. Pearson.
"The application of the New Haven for a loan of $31,324,000 which has
been file<f with the Inter-Stato (.'ommercc Commission was submitted for
the purpose of presenting the entire situation of the New Haven to the
representatives of the Government.
".\s yet there has been no formal action by the GoTornment in the
matter.
"Negotiations in connection with the extension of the European loan
which matures on April 1 are still ui progress. There Is nothing definite
in connection therewith yet to announce."
[If the companj- obtains the $31,324,000 loan from the Government it
will bring its total borrowing from Government sources, including the
Director-General and revolving fund to about $110,000.000] V. 114. p.
—
410.300.
New
—
—
York Rys. Sale of Car Barns.
Joseph p. Day, auctioneer. Feb. 16 sold under the direction of Nathaniel
A. Elsberg. special ma.ster, the car bams on the west side of Madison Ave...
extending from Soth to 86th Streets. The property was purchased for
THE CHKONICLE
Feb. 18 1922.]
"During the year 502 miles of tracks were completely ballasted and
$92o.000 by M. Turner Brockway, subject to the approval of the Federal
Court.— V. 114, p. 306.
Ninth Avenue RR.
— Meeting. —
special stockholders' meeting will be held March 7 to cousider the
financial condition and meau.s for paying or refunding outstanding obligations, and to vote upon such resolutions as may be proposed to provide for
financial needs.
The question of the sale of any part of its property and
the Issuance and sale of notes or bonds secured by the mortgage will also
be matters considered at the meeting.
V. 113, p. 293.
Tennessee Central Ry.
U.S. Government securities in its treasury and invested the money Instead
In P. R. T. stock, which will be voted in favor of the Mitten management
at the annual meeting. In addition, the Mitten management purchased
10,000 shares of stock, making it and the employees' organization the largest shareholders of record.
A letter of the Montgomery group of directors, opposing the Mitten management, sent out soliciting proxies, said in part
"On Jan. 20 1922 Mr. Mitten made certain statements in his talk to the
men which have given the impression to the pubhc that a dividend of 6%
on the stock will be paid during 1922 and that a bonus will be paid to the
employees out of earnings over and above said 6% dividend.
'As the board of directors is the only body which has authoritj' to declare
dividends, the impropriety of such a statement, without previous consultation with the board, is manifest.
Moreover, the statements have given a
false impression which the 'undersigned] directors desire to correct.
They
are themselves hea^T owners of stock of the P. R. T., and are anxious as
any stockholders that the company shall resume the payment of di^-idends
at the earliest possible moment
We hope that dividends may be paid during the year 1922, but there is no certainty that this will be the case.
"The company, along with other public utihties companies, is still struggling with conditions brought baout by the war, and while the financial
condition of the company is improving, due to the increase in fare by the
Public Service Conunission to 7 cents, against Mr. Mitten's protest and
active efforts in opposition thereto, it is not possible to forecast with accuracy when the resumption of dividends can be made." See also V. 114, p.
627.
—
Balance
Gross income
Fixed charges
34,069,951
3,720,463
52,740,000
3,424,498
.?349,488def.S6S4,499
damage
186,498
_
Net income
225,559
$162,990def..?910,058
—
Paget Sound Power & Light Co. Directors Declare 20 ^o
on tke6% Preferred Slock, Payable in. 7% Prior Pre/, at Par.
The directors have declared a 209^ stock dividend on the 6'^ Cumul
—
Pref. stock, payable in 7% Cumul. Prior Preference at par, in adjustment
of balance of dividends accumulated on the Preferred stock after the payment of an extra ca.sh dividend of S2 50 on the unstamped and 25 cents per
share on the <!tamped stock
V 114, p 199
—
Reading Company. — .S5,000.000 Equipment Order. —
The company announces
that orders for 35 pas.senger coaches have been
placed with the Bethlehem Steel Co 's Harlan & Holllngsworth plant at
Wilmington. Del
The remainder of the $5,000,000 equipment order,
which called for the construction of 2.500 coal cars, has been divided equally
smong the Standard .Steel Car, Pressed Steel Car. American Car & Foundrv
and Midvale Steel companies. V. 114, p 307
Republic Railway
—
&
—
Light Co. Annual Report.
Inrome Account. Including Subsidiary Cos for Calendar Years
IncTiuse
Per CI
1921
1920
.
Gros.s earnings.
_
..$7,321,080 $8.420..387 d<'r$i .098.707
Operating fxpenses and taxes. 5..39I. 370 6.."m6..394 dec 1,165.024
13 04
17 77
Net »amings.
Other income
..$1 .9.30.310 $1 .863.993
Grosa income
/>rfucl— Intr- -
$2,.302.688 $2,020,212
.$282,476
13 98
$1,419,249 $1,076,295
101,112
1,52,682
$.342.9.54
3180
dec 51 ..570
33 78
4.'}4,.^35
310.064
124,271
40 07
$.347,992
$481,172
1.33,180
27 68
Di.srount
JJivs on
.372..378
cos In h.»ndJ.
Sal fordepr
—V
113.
.
3.56
$66,317
216,159 138 37
1.56.219
'<
of sab
of public. . .
'
I
div«
lurp.
ft
d<?c
p 2819
San Francisco-Oakland Term. Rys. — IntercHt
(
Nu
jD'ls for th<- p.vrn<:,f of cDipori
''!'r
;.'<'! First f:«nHol
''
'
.',
I
cjiii-
.
July
" ^San Joaquin Light & Power Corporation.
-
I
Calendar Ytart
—
GroMmrningi
Net kfter taxM, malDtcBAiice,
NoD-oporatiiiK Income
T
t4)
Bond dlwount .xp-noe
—
Net
*
.
b«for.; dcprw
1 14.
p. 411.
capital
w $145,000
•. f.
Southern Pacific Co.
'' '
''
:
Di'
'f'-r
.
f'
••<(iil[im<-ni
!'-(iri-<Ml(,ii
I'hiii
iniri
J*'
*''
UK
—
$-l,:j-10,905
2,239,922
155,.334
131,89-t
847,614
23,440
$3,242,871
1020.
Inrrrasr.
$1.2.V1.2fm
$2,371,816
$871.0,15
\.rMr,..\77
307.4H.';
1.0,';7.6:j4
477.8.j:j
151.131'
l.''.6.3.V{
Cr. 230. 7H7
H7.4.'i7
Cr iH7 .9M
60.103
Dec. ,57, 166
$1.4*3.2.39
$1,390,000
$92,338
Slalun.
of Pi-h.
Report.
3.087..5.37
-
L«ihn l(ii*T.Hi, lU.vrnitt
Oak-
1921.
%h.f,9h.\\2
Ac
.,nM
•
B'
O'f
—
Paul.
1919. froni the
I
.Mtgc 5',; gold bonds. dat^-<l July 1
l"'l »fith the Wellv-Kargo N"e\ada National Bank of
M, p 190
-'
—Operations.
—
'''-' ••-•
nay
K',,
.1(1'!
87,3.')3
;»
,.-•
j.
I
niiM'Jl',
Mil-
'K'tr
'I
f.niin.
Hiirp.iHHiiiK not only thi- HI20
pr<^ vl'iuK hluh nwrord of
'irn(>:iiiy'(i
'
2"
*fi.n tlw
''
i;
.irliltnirlly
w>
»
—
'
says in substance:
—
—
—
—
—
Present Plan of Committee Consists of Temporary Extension of Bonds.
Temporary Extension. The committee has decided to adopt a temporary
extension program under which the bond and interest cnargoa will be
allowed to conthnie for the time being, and the mortgage securing same
allowed to remain undisturbed, without limiting (ho rights of the committee
or the bondholders to take legal steps atany time to fororlo.so the mortgage.
This action is taken in the hope that within a rea.sonable time oarnlugs and
the market for railroad securities will improve sufficiently to make it po.sslble
to carry out a n^rganization and refinancing program.
To Pay Defaulted Intercst.^lt is contemplated that the company durinK
1922, 1923 and 1924 will pay not only current interest hut also all the back
interest (with int.).
The prasont schedule conlomplatojf the resumption of
current lnter(!St payments on Nov. 1 1922, on which date and on ejich Interest-paying date llKTcafter the compjiny hopes to be able l^o pay off a substantial portion of the accumulated liitrrest now in default.
The comniltlee will Insist upon i)ayineiits to depositing bondholders on
account of accumulated interest at the earliest possihlci datu, l)ul the chief
aim of the conunlltee Is to have llin company i)lace iiM'lf within the next
r<!W yiwirs upon such a sound basis with respect Ut both earnings and credit
With this
aH to nuike possible the rnriii.-incing urogram nuMitU)ntHl above.
In view the committee will favor a distribution by the coinpuny olacctiniu-
—
only to the extent thai, the finances will permit.
Drpfifilino llondhohlrrs to lirrcirc 2'
.Xddilirmiil.
It is t>climfxl that out of
till! oixTatiouH all depositing bondholderH will receive not only principal .ind
.')';
<in their Investment
but al.so Int. on the <lefaulte<l int.. and. on final
witjcnK-nt,. and nddltiimal 2'''r. per annum iiHcoinpenHst Ion for the extenKlon,
iidon of the uddlllonal 'J':^ per arm uiioii riiiil setlliMiient will
TIm
'<> those liondholders who h.-xve (lcposne<l Ihilr honils.
In the
be III
eviitii
urn Nhould become iKM-essary l>v failure of the bondholderH to
ai-cept the proponed exletiHUin (irogram. or through the failure of the properiv lf> (iiMllfv the exiiectiitlonH of the committee, non (Icnxmitlng bond'^':
•'
'1: of InivltiK the property purch.isi-d under the fore<'loNUrfl
itlng bondholderH, who would of courNO bid it In at the
e and presumably at such a low Tlgure hn to ni.iUo the
ilihii itdii uc hli.uc or Hiii'h non deposit lug bondholders sc.'iri'ely more than
nominal. The cominlllee urgi't »ll bondholders who havr not yet deiiohitiMl
Iheir honfU do mi liniiKMllutvly with one of the above mentioned depoHllnrlOfi.
lat<Kl Inleri'Mt
',.
,
'
S
KU,
AdniliilH-
who
wlih patronx
CniiHitUuiliiin KIrxi Morii' ../....
foil
due Nov.
Tni
l.liiia
IV
iioteii
..ledii
Kv
Kill
'
'oni«. nmoiinlfd to JO. 189 7.0H (KiO.
'(HfiiiMrtnon w|i|i }•)•<>
K irl i-i
,\Mllutri:rH ttulsliindlnp.
iKKl.tHMI
».' .'.00,0(10
«»
1921
due
,Iuly
IhI
.'>>•
•
I
'\iv/r,
•'
!
c*rlo«rti»
iltiiiicnt
<:lnili.
for
.ili'l
of
oil
I
.'LOOQ
324,000
ii,'.(KI.IK)0
•ri(>0,00(»
k .p
•iOII
:ill
.
(K)0
(MMI
476,
OW
4.'.0.fMX)
.((I
(MKl
hv >
Jepodiml hn
iJito iat I'rnr. aUM-'Ic. $-l7tl.<i<Mi
•'! '"'»
nofiv ' '-'Tivm-i.ixl InUi |»t Prof.
I,.,.. ..
.'f<
ciiihitnrnl <o bunk
x ' '.inci'iml, *.
".
held In coiiipmn
''-ill.
r
I.
fjfmdrnttd Furteail of Nrl Inr.mne anil Vroponntl Itittnbuiutn
11 'I
iiii/i.M ).'.%
Ti'iali,
\\>y\
1922.
1.000
"itmlnRs... $'(24,000 %
I'nririi:
llJ'
zlDO.OIHl
.'.<»0,(KI0
Mil
>'i
'''•^
',
v,',(i(l.(l()(i
i9;U)
i
I.,,
J'",*' ?
"•T'"';."f
'
I
.
an
lo.
—
—
•
Th.
—
Xnw But One Committee. Incident to the default, Nov. 1 1921, of both
principal and interest of the 1st Mtge. 5s, two committees were organized
to protect the interests of the bondholders (V. 113, p. 1252. 1362).
The
Buffalo interests have now been merged with the so-cailed Cleveland committee, so that there now exists but one committee.
Present Committee. J. P. Harris (Chairman), V.-Pres. Union Trust Co.,
Cleveland; A. M. Chambers, A. L. Chambers & Co., Buffalo; I. F. Freiberger. V.-Pres. Cleveland Trust Co.; Heman Glfford. Blair & Co.. N. Y.;
E. J. B. Huntoon. Stone & Webster, Boston; L. J. Wolf, Cleveland; Thos.
H. Jones. Sec, 12th floor, Williamson Bldg.. Cleveland; Tolles. Hogsett.
Ginn & Morley, Cleveland, counsel; John W. Van Allen, of Wilcox & V^an
Allen. Buffalo, associate counsel.
Depositary, Union Trust Co., Cleveland, Sub-depositaries, Fidelity
Trust Co., Baltimore; State Street Trust Co., Boston; Marine 'Trust Co.,
Buffalo: Empire Trust Co., New York City.
In response to the call issued by the comMajority of Bonds Deposited.
mittee, there are now depo.sited under the Cleveland agreement $1,800,000
out of the total 82,500.000 i.s.sue.
Foreclosure Suit.
The Union Tru.st Co., Cleveland, as tmstee, has filed
It is not contemIn the State Court at Luna, O., formal biU of foreclosiu-e.
plated, however, that any formal request for a receiver will be made.
Physical Condition.
The bondliolders' committee after insp(x:tion of the
property finds the property as a whole in excellent physical condition.
There are indications of a high d^n'ee of efficiency on the part of the management. Operating costs show a declining tendency, and the company
has reason to expect a normal growth in its bu.siness.
A>it' Capital Expenditures.
The committee looks witii approval upon the
proposal of the company to make inunediate additional capital expenditures
It is
for new and lighter rolling stock and power house Improvements.
proposed that the additional rolling stock will be purchas«i on credit without
improvements,
the expenditiu-e of any present money.
power
house
The
involving the expenditure of $35,000, will be made out of funds which the
company states It has arranged to borrow from parties interested in the
protection of the Preferred stock.
|i«|
'?''..*"'-
Li.^tinq.
—
f
['*
—
Western Ohio Ry. -Plan to Extend Temporarily 1st Mtge.
Bonds Due Nov. 1 1921 Reorganization Latere The bondholders' committee, J. P. Harris, Chairman, has adopted
the plan outlined below.
The committee in its circular
l'«
COII.i.'.i
Co.
—
'
''
& Power
Virginia Railway
'
the itimitiiiij ..ln.u.il liH ili-itirt- to n-hiMjiKl
tiiH and to iirii 1< Iij.iHj Incri'iuwKl d'-iiiaiidt
fo•*"
—
Rate Ruling Upheld.
handed down a decision upholding the right
Commission of Utah to increase power rates notwith-
Coiu-t has
of the Public Utilities
standing a previous contract for lower ones, even when the law giving the
Commission authority to increase rates was passed subsequent to tiie
making of the contract. The decision was rendered in a suit brought by
the Utah Hotel Co. against the company and the Commission to prevent
an increase of rates granted the company on the groimd it had a prior contract calling for a lower rate.
V. 113, p. 2081.
'
•
r
Ihi
;ini|
—
Utah Power & Light Co.
$127,648
standing Pref. stock, payable Feb. 1 1922 to holders of record Jan. 10 1922.
making the total amount listed $8,988,200. V. 114, p. 628.
$2,567,708
172,292
—
1919.
1921.
1920.
311,863,881 323, 119, .360
.$21,541,312 $21,322,503
-.. 17,661,992
18,754,795
Receiver's
114, p. 199.
$194,837
S105.741
113, p. 1252.
The Utah Supreme
—Earns.
$5,291,328 $5,444,836 $4,597,537
4,068,777 4,117,824 3,346,868
1,222, .551
1.327,012 1.250,668
640,400
628,805
620,154
44,734
44,195
43,716
27,500
27,500
278.999
282,404
285,544
152,677
149,271
146,105
Rentals & other deductions sub. cos
Sinking fund. sub. cos
Int. & sink. fd. on Div. bonds of CO
Interest on T. H. I. & E. bonds
Sinking fund on T. H. I. & E. bonds
—V.
Co.
1920.
The Phila. Stock Exchange on Feb. 11 listed ,?.508,800 additional 6%
Xon-Cumul. Pref. stock, par $100, issued as a stock dividend on the out-
$3,879,320
190,631
—V.
—
Report. —
Operating income
Xon-operating income
Receivers' net income, surplus
Less verdicts, settlements, pre-receivership
claims
1921.
Netearnings
.
..-
& Eastern Trac.
Terre Haute Indianapolis
Calendar Years
Gross earnings
Operatmg expenses and taxes
'
Pittsburgh (Pa.)
Government Loan.
to the I.-S. C. Clommission for a Government
loan of .$2,250,000, with which it proposes to extend and perfect its operations.— V. 114, p. 628.
an announcement that the P. R. T. employees' association had sold .$220,000
Calendar Years—
Passengers carried
Operating revenue
Operating expenses and taxes
— Seeks
The company has applied
Phila. Rapid Transit Co.
Management Controversy.
The developments in the Philadelphia Rapid Transit situation embrace
Rail'ways. —
.
V. 114, p. 628.
—
—
re-
24.8 miles of new sidings were con6truct<!d 361 miles of new
90-pound rail, 13.7 miles of manganese rail and 169 miles of second.hand
rail were laid. 2.650,000 new ties were placed in track and 4,240,000 tie
plates were used.
"The company also spent $8,252,000 on structures and improvement of
right of way with the Idea of increasing its capacity for serving the public.
inforced
A
—
739
',.'.
,
In
**
fl'-r
|it> IIH'MtH,
.,...,,
.
107. 4H»
I
rl:i.7.f.'i
1
Ml
OT.,.:.l
.lO-»,3uC'
»H,ftin
$291,0fl«
I',-
Mnliincn
'
(mpMe.V.
%TJ.h:'.
^
Il», p. JliOO, ;JIH<.
'
.
THE CHKONICLE
740
INDUSTRIAL AND MISCELLANEOUS.
—
General Industrial and Public Utility News. The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Steel and Iron Production, Prices, &c.
STEEL AND IRON MARKETS
— — " Iron Ago" Feb 1*1 says in substance:
"Operations of steel mills have Improved
(1) Operations Improved.
slightly following the broadening sc.-ile of purchases last week, but fresh
buying has fallen off somewhat^ Both consumers and jobbers are freer
buyers, but only for immcidiate needs. Tlie week's bookings have relatively few items of l;irge tonnage
"The potentialities of railroad demand, in the light of
(2) RR- Orders.
—
Meanwhile new
recent equipment sales, arc again encouraging producers
rail business calls for 23.000 tons, including 18.000 tons for the Chesapeake
& Ohio, and three roads have bought 10.000 tons of tie plates, with 5,000
tons from anotlier pending.
"Active railroad car infiuirics in the West exceed 8,000 and an order has
been placed by the Reading for 2,000, the first of any size in the Ea.st in
many weeks. The Ijackawanna is considering repairs to 98.5 hopper cars
"The heavy tonnage products are none too steady, but the
(3) Pricis
uninterrupted succession of reports of operating losses sustained by large
producers appears to have doDC much to discourage belief in lower prices
Some observers regard po.ssible freight rale reductions as alread.v discounted
Producers emphasize thai plates, shapes and bars, bringing
1. 40c., Pittsburgh, to-da.v. averaged in 1913 1 55c on bars and 1 ,")0c. on
.shapes and plates, and mills did not have to-day's freight, fuel and labor
costs to absorb
"Following the reduction of wire nails to .S2 40 per keg. plain wire is
now quoted at S2 15 Incidentally, this brings "The Iron Age" composite
price to 2 005c. per lb., the lowest yet on the receding movement which
began in September 1920.
"Leading sellers of foundry, malleable and basic grades of
(4) Piq Iro7i
pig iron in the Chicago district are making an attempt to advance the selling
price to $20. but the latest sales were madt^ at $18 to .flS .50 and the new
quotation has not been established
Prices of Be.ssemer ferrosilicon and
silvery irons have been reduced .$2 per ton.
In nearly all centres the pig
iron market is extremely quiet and sellers are maintaining recent quotations
with difficulty
At Pittsburgh concessions have been made on foundry
and malleable irons.
"Makers of cold finished bars and of
(5) Manvfacturcd Iron and Sleel
bolts, nuts and rivets have encountered some liquidating .sales.
These are
taken to indicate the final clearing up of accumulated stocks in purcha.sers'
liands.
The Ford Motor Co bought 10.000,000 nuts at a .sharp concession
"The outstanding new item in fabricated steel is 2.3.000 tons for a bridge
across the Hud.son for the New York (Central.
Outside of that, new projects
total barely 10.000 tons and awards amount to .about 7.000 tons
"Gas companies in Cliicago and Milwaukee are in the market for 15,000
and 4.000 tons, respectivelv, of cast-iron pipe
"" are even more fully engaged than they
(fi) Tin Plate
''^Tin plate mills
were last week, independent mills in the Pittsburgh and Valley districts
averaging close to 90% of oapicity
(7) Foreign Business
"Exporters look for business in semi-finished steel
with Europe, matching low prices here with advancing exchange there
For the Par East 17,000 tons of rails has been closed.
"British producers of ferronianganese have advanced prices to $62 50,
seaboard, and American makers are expected to follow suit.
Stocks of the
higher grade of spiegelei.sen have been exhausted and prices for the lower
grades have been advanced $5 per ton, or to $30. furnace
"Coke prices have advanced .as a result of demand in antici(8) Coke.
pation of a coal strike 15 cents a ton, or to $2 90 on furnace coke and 25
cents, or to $4. on foundry coke." (contrasting with $i 50 and $5 50,
respectively, Feb 15 1921 .]
—
—
—
—
—
—
Coal Production, Prices, &c.
Age" Feb 16 reports in brief:
Bitvminovs Coal Market
"The menacing strike cloud has enlivened
buyers' interests and orders for storage coal are increasing dail.v
While
much of the heavier production is going to reserve piles, reports from industrial centres show that current consumption is al.so heavier
Prices
"Coal prices have risen, or. rather, the low .and unprofilaijle
distress quotations have about disappeared
'Coal Age' index of spot
bituminous coal prices stands at 183 as of Feb. 13, as compared with 182
for the week of Feb 6
A price boom is imlikely. as too many idle minco
are standing ready to fill in the gap between supply and demand.
Threatened Strike in Bituminons Fields
"Former conditions are reversed
to-day.
A strike, if it comes, will flow from the demand for lower wages,
which will result in reduced prices for coal
In other words, the outcome
Vf^EEKLY
REVIEW— "Co-.il
—
—
—
of the
.strike is likely to be cheaper coal, whereas conflicts in recent .vears
have been followed by higher fuel
U.sers are taking this aspect of the
situation into con.sideration and argue that there is little inducement to
stock up greatl.v in excess of needs now. The only point of perplexity is
the length of the shutdown
Anthracite Business
" Retail anthracite business has been stimulated
by more seasonable weather
Hoti.soholders are still keeping orders at the
minimum, but as this polic.v has been followed throughout the season an
nerease. caused by weather conditions, has been immediately app:irent
Retail stocks continue to dwindle as replacement orders to the mines are
being withheld with a view to going into April with stocks at a low point
Proriiiction
"Bituminous production continues to increase. The total
output dnring the first week of February was 9.708.000 net tons, an increase of 88.000 tons when conip ired with the output for the previous week
At the current rate of production and consumption reserve stocks are
.steadily growing
That this rate is increasing is indicated by reports of
loadings for the first two days of last week, when 2.000 e:!rs more were
loaded than in the corresponding days of the week preceding.
"Anthracite production increased to 1,811.000 net tons during the week
ended Feb 4 from 1 .607.000 tons the week before
AVhile the retail Inisiness
has improved hand-to-mouth h'lvi^tr is still t'lo order of the day"
Soft Coal Miners. After All, Will Not Ask Warie Raise.
Scale committee
decides to centre its energies on keeping present pay rates. United Mine
Workers will try to avoid strike. Committee reports to union convention.
See "Current BvenUs" and "Times" Feb. 14. p. 30: Feb. 15. p. 19.
Ask Aid for 35.000 Sinking Coal Miners. West Virginia labor committee
in N. Y. socks food, clothes and medicines.
"Times" Feb. 12, p. 5.
Bituminous Wngr Scale CommiUce Coiiiisels No Strike l/nless Wages Are
Cut. Ar
Would .subject to referendum present wage contract to avoid
awalkout. See"Current Events" and"Times" Feb 15. p 19;Peb 16. p 2
Hoicatt at Coal Miners' Convention Gels Hearing in Spile of President
Leicis
"Times" Feb 16. p 2.
Coal Miners Deny Effort to Get Rail Strike
Lewis says conference in
Chicago is soli-l.v to "co-ordinate economic interests" Says proposed scale
—
—
—
—
—
—
—
s certain of
adoption
—
opposes an.v cut. "Times" Feb. 17, p
it
17.
{Vol. 114.
Prices of Common Lime, All but One Brand. Reduced from $4.40 to $3.75 a
Barrel. Delivered in N^eur York.
"Times" Feb. 13. p. 21.
Onion Speculators Reap Rich Profits. Sell at $8 25 for 100 lbs. "Times"
Feb. 12, Sec. 2, p. 8.
Chicago again sells hogs at $10
Lambs at $14 30 for Westerners exceed
top prices for 1921. Hogs at best price since August
"Eve. Post" Feb.
—
—
—
10.
Sec 2. p
—
1
•Wheat Prices Make Spectacular Rise but Subseguently Slip Back in Part
•Po.st" Feb 14. p 9; "Times" Feb. 17, p. 26
Cotton Values .lump to Fresh High Level
March touches 18; net advances 11 to 23 points
"Fin
Feb 16. p 3
St Louis cement price cut 10c per b;irrel by a large cement manufacturer to .?2 30 per barrel in carload lots to dealers, bringing the new price
25% below the peak of 1920 "Fin
Feb 17. p 7
Cotton Textiles Unsettled
Prices have dropped about 5% since beginning
of labor troubles: goods not moving
"Boston N B " Feb 17, p. 6.
Platinum Is Down Again
Market price of platinum, which rose to
$105 a troy ounce Jan. 16, h.as fallen to 890
Some Soviet platinum has
been coming in through England and Sweden. National City Bank early
in Feb received from Sweden two ca.ses with 240 trov ounces, valued at
$19,680, or -SS'^ an ounce
"Bost. N. B." Feb 17. p 4
Prices on Women's Wearing Apnarel at Chicago 40% Lower than Last Year.
"Times" Feb 11. p 3
Mills Curtail. On account of lack of orders Harmony Mills of Cohoes.
N. Y.. will by end of the week close down 50% of its loomage. "Boston
—
Am"
Am"
—
—
—
—
N. B." Feb.
16. p. 10.
Pacific Mills' cotton and wor-sted departments closed Thursday night for
remainder of week, and until further notice entire plant, employing 10.000
persons, will work only four da.vs a week.
Print works have l)een on a fourper w'eok .schedule for several weeks. Next week cotton and print works
—
will operate only on Monday and Tuesday.
"Boston N. B."
Feb. 17, p. 3.
$19,250,000 Lowest Jersey Tunnel Bid. Booth & Flinn, Ltd.. probably
will get contract to build the vehicular tubes.
"Times" Feb. 16. p. 1.
Mrlropolitan Life Announces Buildinq and Farm Loans Amounting to
$4.000.000.
Over $1 .500.000 on dwellings and apartment houses to accommcdate 473 families, and $1.846. 000 farm loans. "Times" Feb. 15. p. 15.
More Arrests Made in Bischoff's Get-Rich-Quick Scheme in Chicago.
"Times Feb. 15. p. 8.
Contracts to Refit SS. Leviathan Let to Newport News Shipbuilding & Dry
Dock Co. at .$6.110.000.— "Times" Feb. 16, p. 17.
Pc tells Minnefiota Conference
Farmers' Crisis Pasl, Declares Harding.
that an era of better business lies ahead.
"Times" Feb. 11 p. 28.
Domestic Sulphur Producers Face Strong Competition. "Eng. & Mining
Journal" Feb. 11. p. 249.
Citii Exnert Values Property of N. Y. Telephone Co. at $82,116,400 Instead
o/$121.066.554.— "Times" Feb. 16. p. 6.
New Offer for Muscle Shoals. Alabama Power Co. a.sks 50 j'ears' lease of
dam. agreeing to complete it; would pay $5,000,000 cash. "Times"
Feb. 16, p. 17.
Dollar Value Soars on Feb. 13 to 960,000 Rubles, Then Falls to 650,000, on
Moscow Curb. "Times" (cable) Feb. 16.
Soviet Can't Sue, But May Be Sued, in U. S. Court, Justice Giegerich Rules.
"Times" Feb. 15. p. 5.
N. Y. Waist Strike Averted. Manufacturers agree to stop dealing with
non-union contractors. "Times" Feb. 16, p. 9.
Quebec Printers Strike— A\l printing plants in city affected by a strike
of printers for a 44-liour week. "Boston N. B." Feb. 16. p. 9.
Plan to End Milk Unions. Big distributing companies will follow system
of Borden company of labor representation. "Times" Feb. 3. p. 8.
Says City Neglects 400.000 Idle in N. Y. City. Unemployment problem
never more serious. "Times" Feb. 17, p. 18.
Chile Has "General Strike" But Many Workers Refuse to Heed Call to Walk
"Times" Feb. 11, p. 3.
Out.
"Sun" Feb. 14, p. 22.
British Workers Accept Big Reduction in Wages.
From 40.CK)0
Strikes Shut Down Many More New England Textile Mills.
protest to 20% wage cut: Amoskeag
to .50.000 textile operatives now out
plant closed; Maine operatives work at lower wages for time being, at least:
little trouble at Lowell: no trouble at New Bedford and Fall iRver, where no
wage reduction has been announced. "Times" Feb. 14. p. 19.
Audit puts price of last year's strife
Strike Cost Huqe to Clolhino Union.
"Times" Feb. 12, Sec. 2. p. 3.
at .«;2.n00.000: deficit. $2.50.000.
National Machinists' Head Attacks President for Stopping Navy Yard Work.
—"Times" Feb. 13. p. 3, 12.
French Labor Appeals to Moscow Followers to Return to Federation.
"Times" (cable) Feb. 14. p. 12.
Times" Feb. 14, p. 28.
Rand Gold Mines Reopen for Workon Small Scale.
U. S. Unbleached Cotton Cloth Exports in 1921. 218.000.000 Yards. In'Times" Feb. 12. Sec. 2. p. 20.
crease of 50% over 1920.
Fake Aircraft Concerns. Associated Advertising Clubs of New York
promotion schemes. "Times"
retain investigator to look Into stock
Feb. 12. Sec. 2, p. 2, 10.
Legal Matters, Legislation, Taxation, &c.
Define Functions of Trade Bodies. Departments of Justice and Commerce
Put ban on prico-fixing; but
a.gree on proper activities of a.ssociations.
standard cost accounting systems and grading of products may be estabSee "Current Events" and "Times" Feb. 16, p. 24.
lished.
To Keep Immigration Ban. House Committee favors extending it for
another vear. "Times" Feb. 15. p. 27.
Unemployment Bill Killed in U. S. Senate. Kenyon measure sent back
to committee after adoption of amendment. "Times" Feb. 17, p. 3.
"Time to fry our
A'ew York Water Power Users Told They Must Pay.
Ex-Conservation Comfat." says Justice Staley in supporting Miller bill.
missioner a.sserts Niagara Falls Power Co. has exceeded its rights. "Times"
Feb. 16. p. 2.
^
Proposed N. Y. Marine Insurance Bill. Under^vTIterR and companies
agree on remedial legislation (announcement by Francis L. Stoddard Jr.,
State Superintendent of Insurance). "Times" Feb. 16, p. 21.
Judge Hand signs decree which
Sheet Metalware Exchange Dissolved.
orders ending of price-fixing; stops prosecution. "Times" Feb. 15. p. 26.
Fountain Pens Pay Tax if Gold Tipned. Are included among articles of
jewelry on which 5% levyremains; fans above $1 a lu.xury: works of art,
undor"ncw law, must pay 5%, which is a reduction from 10%. "Times
Feb. 15. p. 26.
^
. ^
^
Pay Bonus by Sales Tax or Delay It. Harding Adnscs. Congress opposes
See "Current Events" and "Times" Feb. 17, p. 1.
sales lew.
Cancellation of Contract of Leviathan Explained by P. A. S. Franklin, Presi"Fin. Am." Feb. 16. p. 1.
dent of International Mercantile Marine Co.
Offer Neic Anti-Trust Act for Ncto York .Sfa^c.— Minority leaders Walker
and Donohue declare court decision leaves State helpless. "Times" Dec. 14.
departments
—
—
—
—
—
.
—
—
—
—
—
—
—
—
m
—
—
—
—
—
—
—
—
—
—
.
—
—
.
—
—
p
—
19.
York Legislature Votes to Adjourn March 17. "Times" Feb. 14. p. 19.
York Merchants Oppose Roosevelt and Armistice Days as Stale Holidays.
"Times Feb. 13. p. 23.
New York State Bills Would Increase Pensions and Provide for Additional
Sums for Police and Firemen. "Times" P'ob. 13. p. 15.
New York Realty Men Oppose New Hou.fing Bill.^ReKl Estate Board sees
danger of speculative construction under $100,000,000 plan; denies emergencv exists. "Times" Feb. 13. p. 14.
.$50,000,000 Yearly Ship Subsi<ly for Private Owners Advocated by bdwara C.
Plwnmer, of Shipping Board. Vessels built during war for $3..500. 000. 000
"Times" Feb. 12.
asset.
require $4,000,000 monthly to melt "frozen
New
—
NeiL'
•
—
—
"
Oil Production, Prices, &c,
Fice Netn Oils Brought in Last Week tni Mexican Petroleum. Inc.
Expected
to increase it,s production by 400,000 barr(<ls dailv
See that co. below
France Suddenly Raises Tar an Imported Oils 200%
"Wall St. .1" Feb. 15.
.\mericnns Barred from Djambi Oil Fields by Netherlands Government
'•Times" Feb 16, p 1
V. S. Crude Oil Output Ci//— Daily average for week is 4.700 barrels
under previous period; averaged 1.41,'!, 000 barrels dail.v, against 1.4 IS. 300
barrels in the week of Feb. 4, .and 1,273.200 in the corresponding week
last year "Timi's" Feb 17, p. 22
Mexican Oil Supply.- Oovemment says there is little danger of early
exhaustion.
"Times" Feb. 13, p. 21.
U. S. Oil Independents Hit. Price of fini.shed products forces 125 Western
refineries to suspend.
"Times" Feb. 12. p. 16.
—
—
—
—
—
Sec. 2. p.
1
Merchants' Association Questions Value of St. Lawrence Canal Project to
United Stales. "Times " Feb. 13. p. 28.
Inter-State Commission worte
Year's Auto Thefts Put at $100,000,000.
'Times" Feb. 12.
out clearance test to cut down lasses; owners' aid asked.
—
City's Right to Tax Bank Slock Upheld by State Supreme Court in Test Suit of
Hanover National Bank. "Times" Feb. 12. Sec. 1. p. 14.
U. S. Court holds that collecJewelers' Directory Wins Copyright Suit.
"Times Feb. 12,
tion of names, singly uncop.vrightable, can be protected.
—
—
"
Mississippi. —-Penalties
Insurance Companies Sued for Violating I^iws of
'Timos" Fob. 12, p. 5reaching $89,000,000 sought from 41 life concerns.
Decrease of
World's Gold Production in 1921. £66.000.000 (Est.).
Estimate of London
£.3. .500, 000 from 1920 and of £30.400.000 from 1915.
"Times" Feb. 12. p. 17.
bullion house of Samuel Montagu & Co.
American Textile Slocks in Cuba about $10.000,000.— "Times" Feb. 12,
—
Sec. 2. p. 9.
„
„
Lines to Start Moderate-Priced One-Cabin Summer Service
28.
The Old North St.ite. CenU-nnial State and Panhandle .State,
vear in first-cla.ss passenger trade, will begin March 28 to run as on^
U.
Copper
46H
.ralnst
Prices.
See
,
—
"
<'urifnt
Linseed Oil Up Again.
"Time». " Feb, 13, p. 4.
/
Events"
—Compare
Now 86
-
alxive.
cts. a gal. In lots of less than 5 bbls.
'Fin. Am." Feb. 16. p. 2.
S. ,'iteamship
March
last,
—
and charge pas.sengors to Ix)ndon and Plymouth $120 up, and
cabin
"Times" Feb. 14, p. 18.
to Cherboiu-g $125. plus $5 war tax.
ves.sels
THE CHRONICLE
Feb. 18 1922.]
\nrth German Lloyd Steamer on First New York Trip Since the IV^ar.— Suppiemen tluf? service of U. S. Steamship Lines. "TimRs" Feb. 11. p. 2*
Germans Comment on Their Reported Ia>ss of Ground in Competitive Export
"Times" (cable) Feb. 13. p. 19.
Markets.
A'o Free Gold Market in London Just 'iX.^Sir Robert Home enunciatvsa
"Times" Feb. 14 (cable), p. 28.
Drinciple, not a prophecy.
American Supar Refininp Co.
—
DeciMon.
D. Babst has made the following statement:
"The Pennsylvania Supreme (\)urt has handed down a decision affirming
judgment in Franklin Sugar Refining Co.'s suit against Hanscom Bros.,
Pres. Karl
.
—
—
741
Inc. of Philadelphia, involving the enforcability of sugar contracts made in
1920 at 22.50c. per pound. The decision of the lower court awarded
Franklin damages of the difference between 22.50c. per pound and 6.85c.
per pound, being the full amount for which Franklin askod judgment.
"The Supreme Court decided that alleged ropresontations that th''
scarcity of sugar would increase and the price would advance were n:>
defense to a suit upon the contracts, even though the predictions tumeJ
out to be incorrect.
"The Supreme Court further stated that the Franklin Co.'s method of
equitably alloting its production to old customers during an acute scarcity,
when the entire community was clamoring for sugar, appeared to be beneficial to the buyers.
The lower court was upheld in its deci.sion that Franklin was not required to make any deliveries against the contracts until
specifications or assortments were furnishefl by the buyer."
"V. il4, p. 413
.
—
(a) Suggested means of payMatters Covered in -Chrnmiclc" of Feb. 11.
(b) Protest against proposa
ins the soldiers' bonus (editorial), p. fitil.
of Representative Fordnej- to provide for soldiers' bonus by tax oir stock
and bond transfer, p. 571. (c"> Senate by vote of 58 to 1 pas.ses bill author-
—
Shippir? Board announces its new policy ".vith regard to pioneer
purchasers of merchant vessels: will equalize costs to purchasers, p. 592-593.
(k) Surta.xes must be reductd to restore normalcy: aid to farmer (Otto H.
(m) Hearing
Kahn), .593.594. (1) Our foreign trade in 1921. p. 562-565.
on bill to jK-rmit States to tax national banks, p. 569. (n) ZH'-zo Victory
(o) Coal labor time lost through
Is'otes called for redemotion. p. .571.
American Sumatra Tobacco Co.
(j) TJ. S.
.strikes, p. 590.
Air Reduction Co., N. Y.
Earnings.
Years—
Results for Calendar
Thomas
S5.338.869 $7,189,767 S6.083.588
1,733.0.55
2,373.278
1.674,140
699.984
1.256.440
630.524
Net
For the quarter ending Dec. 31 1921 the company reports: Gross income.
SI. 404. 866: operating expen.ses, .$954,296: operating income. S450..570:
.idditions to resenes and bond interest. $274,498; net profits before Federal taxes, $176.071.— V. 113, p. 630.
—
Muacle Shoals Offer.
15 submitted an offer to Secret'ary of "War Weeks for
the Government water power project at Muscle Shoals. Ala. The offer
was made, it is asserted, after the companj- had obtained assurances that
it would be possible for it to obtain the funds necessary for the completion
and development of the project.
The offer differs materially from the Ford offer in that the Alabama con>em would agree to take over the project under a .50-year lease, instead of
for 100 years as proposed by Henry Ford, without further advances or
expenditure to the United States. The company offers to complete the
oroject at its own expense, to furnish to the Government free or to any one
it mav designate 100,000 h.p. from the hydro-i>ower plant, and to take the
V.l 13, p. 2408.
llcen.se out imder the terms of the Federal water Power Act.
&c.
Anaconda Copper Mining
—
December
$76,503
93.972
y213.558
S355.93S
345.805
337.218
Total
$4,645,054
S9. 5.58.063
$384,032
$1,038,962
X Net proits are shown after res:ei-ve for Federal taxes,
y This includes
an adju-stment of SIOO.OOO ou the contingency and tax reserve set up in
excess of requirements in the early part of 1921 and now written back to
—
The
stoclchold
Co
Tru.st
rs'
Me
th(!
—
Beaver Board Companies.
now
pr.
p
rf<1
same among the holders of
To distribute the
14!*,-
!
sharps of stock of Brass Conip:iny,
placed in the control of the committee
— V.
111. p. 521.
American Can Co.
•
lT(«i'!.
an increase
tion for
b
,
-
till-
-r
'•e
II'*-.
-J
li
.i> I'jr
J
The annual
.i>
(iir-'iLor. hh'''-'-*"!'.
;i
report for 1921
ix
i
'm'
stated
ii
—V
.
ITem. from
-jil«~
i
i
fliirplun
— V.
end of
114. p.
r4,
p 201
-'05
$1,101, i72
142
297,j:t4
$510,063
$804. 43H
•1'
Cr.l9u,«v«
7.003
'.,.•
l>-t,
.
••;,!
&c.
—
Receivership Appli-
—
made in the U.
appointment of a receiver
Application was
S. District Court at St. Ixniis. Feb. 11.
for the company engagixl in liio manu-
facture of tal)le preserves, and for a temporary restraining order to prevent
interference in the comjiany's business.
The apiilicatlon was filed by the pref. stockholders' conmiitire consl.sting
fif Mark <". Steinberg, Sam B. .Jeffries. L. D. Dozior. AllxTl N
I'.dwardsand
Kdward DieKTle.
The suit Ik the outcome of negotiations looking towards the roorgnniza
lion of the company which have l)<>en in progress for .some time, and in
which one of the problems has Ih-cii whellier fresh fimds should IX' rals(>d by
eoniriliiii Ions of holders of ilic coniinon slock, or wheiher the preferrod
sKK-kholdiTs .should al.so 1h> railed upon lo incroaso their sul>s(Tipt Ions.
Tlie preferred siockholdcrs have bivn adversi^ Ui approving a plan of.
c.-ill on
them for additional funds.
reori'anl/..'i(ion which would iiiivin
Several reorganiwil ion jjlans have iHM'ti propo.sed. il is iiiidej'sUK>d.
The iietllion allei-'cs ihat the lU*;! Clynier Co. eiilere<l liilo a contract
Willi ihi- Temlor Corn it Kriiil Products Co.. March 2-1, last, lo purch:u>i>
from tlii<Ti'iiiior Co. SI .1)1 ).!I06 of ni«rchaiulls<-. of wliiih $l4.')0i> was iKiid,
the renuilnder lo Ix- paid In negoiiable pi-oiiilssory noU-s of $,50,000 ivich
on Oct. aixl April I of oa<'h ytar. Tho iiotok, uiidur the toniiN of Ihii con
Iran. Ix-Jir liiKrcst at K';; per annum. Tho petition a.sles that the court
<-i
def $60:j.'_Mn
$2S8.046
629
r,-\
Sales,
.
191S
1919
American Laundry Machinery Co.
Thi- '\\r'-U,T,
1
.
><..>
Best-Clymer Manufacturing Co.
ention,d'c.
for the
iloyt
kM«
Rurp. rliarjr**.
KmI. incomo and
it
-^arni»i<7.s.
l't2'>
Total
DIvii.. Jkc.
\\\:'.\
Its re^i
late Hrir.\"
112. p. 2193.
Son, Inc., Baltimore.
President .\aron Uenesch states thai, gro.ss s:ilt's for 19'21 showed a satisfactor.v iiicrea.se over those of 1920 and that cash receipts licreisod :iboti»
Surplus for the year 1921 totaled approximately S598.000, briugirg
5't
the total profit and loss surplus as of Dec 31 1921 to $2,716,691
V. 113,
irs, is.sued
l.i.->'
&
p 421
'cr^n financing this
-lOi'i ;i ton. aK-iinst
-
given on a previous pagu'
American Druggists Syndicate.
H'-tuUi fur Cat. Yftii
Profits for y(AT
Previous. surpluH
.
1
'
— V.
in rates.
Benesch
(Isaac)
—
—
— /Vo I^'ew Finandnqr— Director.
M
1,
not
—
—
.Vo Rn!e hicrcnae.
Bell Telephone Co. of Canada.
The Canadian Railway Commission has di.smissed the company's applica-
•-
.\rthur C. .Jain(«.
—
limit for the deoosit of the seciu-ities under the roorganlKation
plan has been extended to March 1. Sec plan in V. 114, p. 413, 525.
)0
John D. Ryan, Cbairman, Cornelius F. Kelley, President, and Benjamin
B. Thayer. Vlce-Prw-ident. all of the Anaconda Copper Co.. have been
electe<l directors siiccoeding T. Brownell Bumham, Cleveland H. Dodee
Time Extended.
The time
I
'•..'
for 1921.
sales
for d^-iiv*-ry
•Ail!
Annual Report
(including miscellaneous income of $25,051), $4,900,905;
administrative, selling expenses and .sales discoiuit $448,931: interest paid.
$7,980: reserve for Federal income taxes. $72. .597; sinking fund, $60,000;
reserve for contingencies, $58,839; dividends on Preferred stock, $131,600:
balance, surplus, $13,158.- V. 113. p. 2822.
.
:
O
md
—
.
Metals National Bank. New York, and Colonial
Conn dpposit;iries, have received from the .\n;iCo the $150 in cash and certificates reprtwenting the
of Au.icutida .stock for each share of deposited Brass Co'np:in.v
three .shares
stock, and arn
-
Report.
of
1920-21.
.
conda Coppf-r
the'-
29
Net
Anaconria Acquires Control.
ronnmittw, C'hnrles P llrooker. Chairman, announces
^^
.
Anmtnl
Control
Acqtiires
114, p. 525.
Barnet Leather Co., Inc.
earnings.
Note.
Unfilled order.> on hand Dec. 31 1921 a^n-egated $7,300,574.
as again-st $17,046,724 Dec. 31 1920.— V. 114. p. 200.
American Brass Co.
years—
Co.
1919-20.
1918-19.
1917-18.
def. $7,564,196 def. .$4,313,653 $8,407,941 $4,2.58.357
Net profits
def.
..def.
7, .564, 196
4,313.6.53
Net after taxes.
6.195.825 3,707.145
The balance sheet, as of Oct. 29 1921, shows: cash, $2,594,767 (against
$3,578,271, Oct. 29 1920) inventories. $13,961,254: investments in allied
COS.. $2,595,000; accounts and bills receivable. $4,131,889; notes payable,
SI 5, 185,500: purchase notes payable, $.569,600: accounts payable, $.560,075; due Armour & Co., .$3,190,366; profit and loss deficit. $11,877,850.—
V. 112, p. 2416.
1920.
1921.
1920.
$3,209,110
3.125.964
3.222,989
that
— V.
Armo'ir Leather Co.
Oft.
1921.
_
6%
Arnciicd)! fira.s.s Co.
See American Bra.ss Co. above
Net Profiis-
$1,429,617
1.519,733
1.695.704
%
4H%
—
-\
&c'
.
A
6%
May
—
-Sale!},
-
New
The company Feb.
October
Xo^-Bmber
-
for the distribution of news, anoimcemeiUs and musical
programs to
anybody who wants to hire the radio
The work on the station will start at once, and will be followed by the
opening of other stations at important cenlre_s throughout the country.
The sy.stem will be hoolced up with the Bell telephone service
GovernYork .station has been issued. The steel towers
ment permit for the
supporting the antennae will be 100 feet high, bringing the top of the
antiMinao 4-50 feet above the street level
The Philadelphia Stock Exchange on Feb. 11 listed $1,005,800 additional
capital stock. S10,.'H00 in exchange for $11,900 Com-. 41'i
bonds, due 1933:
Conv. bonds, due 1925. canS7O<),600 in exchange for $709,600 7-year
celed and stricken from the list, and $285,900 on account of 100.000 shares
offered under employees' stock plan, dated
1 1921. making the total
amount of said stock listed Feb. 11 $553,181,400, and reducing the amount
bonds listed to $10,952,100 and the amount of Oouv.
of Conv.
bonds listed lo $30,481,800.
Vice-Pres. W. F. Gifford has been elected a director.— V. 114, p. 309.
piofits before Federal taxes
-Sales Billed-
Wirelesf; Sendee,
1
Wa
and
Gross income
Operatiag income
Allis-Chalmers Mfg. Co., Inc-
Co.
"
telephone
Alabama Power Co.
—
director, succeeding Sidney 11.
V. 114. p 201.
& Telegraph
Amer. Telephone
The CO
1919.
1920.
Thalmann & Co
:\larch of Ladenl)urg.
—
1921.
Neic Director.—
Thornton has been elected a
F.
'•i.h.r.M.JI
Lnrgrr Diriiliiid.
'm
V.
on a
'I
(C,'
of
1
-
per nnnnni
>-i",
.
been on a
pnyjible
I
'
,
per
I
followiiiK ruling!!:
iiuiki- llie
That the court decreo thai $1 .000.000 In notes IssukI by the defond.mlK In March, 1921, were not aiilliorl/.cd by 90', of the pn-l'i-iTed stock
( 1 )
American Smelting
triiil
/^
withoi.
iiiu-
Simon
rr
m
<ii.
indiiHtrial
w'hir-ii
&
Refining Co.-
mjiromi halu.y-
I
of iiitu- viur.s' oix-rntioti
of till- urhi<v«iiniits noted i»y
r«-cf>ril
i
,.**
'.••
im.s
ol'
l'r<'si<iitit
in
Thai the
i2i
.•mil
ihf
1
n
.
I
.
'I
iMKiic<l,
of IriiMl cif April I 1921 U'l \vi><<ii lli<> dofeiKlants
Triisl Co.. Irusli>e. by which tin I lest < 'lyiiitir Co. Imund
Orin.llOO in notes and iifillK.'iled llselflJi pay inUinwt on lhi>
'I llie [MiwiT of llie (leli'iKlaiil s lo icinlnK't
iir.iels lM'i»eeii the defeinlaiils. Ilesi < lyiiier <'o. ami the
date of Miircli 4 1921 In) caiicol(<d, bocaUM* of lh« hiMilvenry
lii<li-nl lire
Meminl Me
"
|i
a (f*'n''rnl n-port on improvcmi-nt in
lM'lw<«n tli*- fomimny and ilH •inploMcs,
juhI iMH-n
•
holdi-m.
plniit'^
o.
'
n'
.
Co.
.Kir
;
the out come of Ihe slill nn ItiJiiiicI Ion be lssiii'<l to stop
of liileresi lo iiH'iiers or Hole-, v.liiili ueee IvhiiMl iMiinli 21
I'llliK
•
tir,
I
.
Injiiiiel
ill
Ion
smii4| to pre\i>nl
Imi
" fiiml for the
firii.
••nhHm ahoaa
I
Hint
fnntjnny
lh«-
«<irlv n'lopf-wl
nn K-lmtir
•
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,
lion
ln> lssiie<l
lerliiK Willi
Co. or nireclnNlPK
paj
on
restrain
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Milil
htmn arnrrmu
In
lU nntlnv nrmpnnilltiirm thai
hhiiIiI
'I'lie
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n
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HOI.
Off.
off 2.01X1
llltili III
lltitlilellelu,
,
.
'•I
i
V. 112, p.
giiiliwy. Miiw
followlnR word
|)l.inl
Nliip norl< nil war crnfl, giiiix iiiiil armor
III
Shnrrn. .\'o
p.ir viiliie of tlin (Vininioii
p.ir V line, tlliil the illlllllter of >ill:iri<«i
V
.llie
\
I
I
Hint
pir
'
II.,;
-
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i.\
Bigolow-Hartford Carpet Co.
'
Cor
tin- l.llKTiy liidllNlrlal
llie pni|Hrly of Iho Ilewt
m.'i
|.
I
'
»lll
l(l\er
l-iire
I
r
li>.
..ri
lori'iioil'.
.ii'i'iirilliiK
"I
Inx
Inleii"-!
li
of
properly.
Bethlehem Steel Corporation.
li.'i*
lie <-<iiii|>iiiiy rn>iii <°ntiil
I
MM
nuiiiiiKenieiil
till'
lien
II
of
iiieiil
I
.
t>
Par
llie
V.illie
'I'"
>.|llll'e
be
liliellllllK<«l
for lw<i
IH,
Birtiiltivham (Ala.
tli-f
i
@FedFRASER