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Bank & Quotation Section
Railway Earnings Section
VOL. 116.
rftnanrtt
Ihrontde
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, FEBRUARY 24 1923
Xixe Thronicle.
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
778 and 779.
THE FINANCIAL SITUATION.
Perhaps the most impo-tant cv. nt of the week has
been the action of the Federal Reserve Bank of New
York, as also the Federal Reserve Rink of Boston,in
advancing their rediscount rates from 4% to 4 %.
/
1
2
Announcement of the action did not come until after
the close of business on Wednesday and much interest was displayed in seeing how he step would be
viewed in financial circles. It had no disconcerting
effect on the Stock Exchange yesterday, and there is
no reason why it should. There is an active demand
for money from every quarter, ad an advance in the
rediscount rate was the logical outgrowth of the existing situation. Securities in enormous volume are
being floated and the financing required in connection therewith is no small matter. On subsequent
pages we give to-day our extended tabulations showing the new capital flotations during the month of
January, and they reveal some striking results. The
new stock and bond issues brought out in that month
are seen to have been of such huge size, aggregating
no less than $879,268,265, that they have not been
even closely approached in any month in the past.
Then, Stock Exchange loans are beli 7ed to be
close to the highest figures on record. It is estimated
that they are in the neighborhood of $2,000,000,000.
At the same time the demand for money for business
purposes is steadily growing, and sure to be urgent
and persistent for many months to come. On that
point we wish to direct attention to the statement
Electric Railway Sectioa
State and City Section
NO. 3009
issued yesterday by the Federal Reserve Board at
Washington regarding the member banks, which we
have had telegraphed to us. These returns for the
member banks are always a week behind the returns
Reserve banks themselves, and hence
of the Federal.
show the condition of the bank for last week. The
statement is printed on page 768, and thbre is just
one remark in it to which we wish to direct attention here. The remark is to the effect that since the
close of 1922 commercial loans of these member
banks have increased by about $226,000,000. Of this
increase $118,000,000 has been contributed by the
member banks in the New York Federal Reserve district. Finally, the 4% rediscount rate in New York
/
and Boston was 1 2 of 1% lower than the rate in all
the other Federal Reserve districts barring only
San Francisco. Obviously, with the rate lower here
and the demand for accommodation urgent from all
quarters, the New York and the Boston banks were
running the risk of being obliged at any time to assume more than their share of the burden. A cautious policy is always wise in the conduct of the affairs of the Federal Reserve banks, and in the present instance an advance in the rate to the level of
that which has prevailed so long in the nine other
Reserve districts—which is all that has been done—
was acting merely in accord with what due prudence
would seem to require.
Regarded as a distinct proposition, the assertion
of officials of miners' unions in Pennsylvania that
anthracite is $3 61 too dear will meet general concurrence, and perhaps the consumer will think that
figure an understatement. The heads of three unions
join with two heads of the international organization in a plaint to the "fact-finding" Commission.
Evidently they wish to affirm the guiltlessness of
labor, and they say so, remarking that they are
"tired,in the face of the real figures, of the operators'
common cry that coal strikes are caused by the lack
of ability to pay better wages." The overcharge, they
say, occurs in three divisions: $1 26 added unnecessarily as mining cost, $1 needlessly as carrying
cost, and $1 35 in distribution cost, making the $3 61,
and they add that "in land owning there is an overcharge which we will not attempt to estimate, but
which may become the most disturbing factor in the
industry in the immediate future." Coming to particulars, this committee alleges that six of the larger
anthracite-producing corporations made a total
profit of 32 millions in 1920, against a little over 8%
millions in 1912, and if all others did equally well
the earnings of 1920 would be 51 millions, against
13 millions in 1912. They admit inability to get all
750
THE CHRONICLE
[VOL. 116.
the data desired, but are sure the alleged overcharges anybody's previous impressions or anybody's intertake unnecessarily from the public some 2523 mil- ests except those of the entire people. The field and
/
4
lions a year.
the opportunity are wide.
Well, all experience shows that God does not love
us in the manner of the love of earthly parents. He
Imports of merchandise in November last, as just
does not pet and coddle us; on the contrary, he lets made known (the new tariff law having occasioned
us butt our heads against the immovable, and he sets delay in the publication of the figures, as previously
difficulties and problems before us, that we may de- pointed out by us), were valued at
$294,000,000.
velop by solving them. This is the very nub of ex- These figures contrast with $276,082,699 for the
preplanation of permitting war. We are to find a way ceding month and with $210,948,036 for
November
out and to struggle out of all our troubles. Our in- 1921. The latest report is for the second
month undustrial problems are one, our fuel problems are an- der the new tariff law, and it is apparent
that notother, our transportation problems are another, our withstanding the higher customs duties,
the movebotchy democracy is the biggest. It is plain enough ment of merchandise into the United
States from
that our coal mines are overmanned, that the output foreign countries continues to expand.
Naturally,
and the distribution are too spasmodic, that the most the merchandise imports in September were
excepfavored mines must be permitted (as also in the mat- tionally heavy,for it was during that month
that the
ter of transportation) to make perhaps undesirable new law became operative and there was a
rush of
profits, in order that the lean mines may be worked. goods to our shores from all foreign ports in
an effort
So some persons call for "standardizing," that is, a to secure entry here in advance of the new law.
Impooling, to which the first objection is that it brings ports showed steady growth each month during
.
1922,
in Government,thefactor which should be kept out of the amounts for both October and
November exeverything until the very last. One straight way out ceeded those of every other month—barring
Septemis to lessen the dependence upon anthracite and ber—for two years, or since November 1920,
and the
upon all accumulated fuel stores by utilizing great November imports, as shown above, were larger
than
natural forces now running off to waste; therefore, those for October. For the eleven months of 1922
the
the "Chronicle" views with keen interest all hydro- value of the merchandise imports into the
United
electric schemes, anxious only that political and States was $2,821,132,000, as compared with $2,271,Governmental meddling be kept away from them.
652,000 for the eleven months of the preceding year.
The miners are tired of being unjustly accused, Merchandise exports in November, it may be
rethey say; the fault is elsewhere. Somebody has just called, were valued at $380,056,542, so that the
exwritten to the "Herald" that he was formerly a re- cess of exports over imports was $86,056,542; for
the
tail coal dealer, equipped with all labor-saving de- preceding month the excess of exports was
$94,635,vices, but he did not discover profits, and therefore 896, and for the eleven months of 1922 the excess
of
sold out, to his present thankfulness. Not long ago, exi orts amounts to $674,374,675.
he says,in Manhattan Borough there were more than
Last week we reviewed the statement of exports
125 retail dealers, and "those that made some money for January, giving the figures for both
merchandise
could be counted on your fingers." He admits that and for gold. The figures for silver exports were not
the dealer buys at 2,240 lbs. to the ton and sells at available at that time. Imports of silver • January
2,000; but, he adds, a shortage of 1% on the barge is were valued at $5,824,637 as compared with $6,495,allowed by law, which may run to 5 tons on a 500-ton 758 for January of the preceding year, while the exbarge and formerly reached six times that when coal ports of silver in January this year were $6,921,002,
pirates were busy in New Jersey. Coal is friable, as as contrasted with only $3,977,118 in Jan. a year
ago.
everybody knows, and there is a consequent waste of
some 5% in handling; in loading, some falls on the
The tug-of-war between the French and Germans
ground and is smashed under the wagon wheels. All in the Ruhr Valley continues, with little apparent
adthe sorting and handling processes in the yard cost vantage to either side. Ex-Premier Lloyd
George
money and involve waste; at one time, says this man, made a speech in the British House of Commons
in
he had to load the dust and pay 50 cents a load to which he urged the Government "to invite the
United
take it to scows to get rid of it, and so there is little States to approach France to ask her to accept
medileft of the 240 lbs. Most of the business is also done ation." His proposal was defeated by 305
to 196.
in seven months, leaving men and animals and mate- The British have turned over to the French
and Belrials to be "carried" in idleness during the other five. gians a narrow strip on the western end of
their zone
Could he have netted one-fifth of the 60% profit in the Rhine country "so as to give those
two nations
somebody says dealers make, he would not have sold complete control of the double track
railroad line
out, concludes this man.
from Duesseldorf" Fresh trouble has broken out
The truth lies somewhere between extremes and between the Poles and Lithuanian
s, for which the
extremists. Some half-century ago, the Nast car- latter are blamed by the former.
The Turkish Natoons in "Harper's Weekly" disturbed the peace of tionalists are still considering
their reply to the
mind of the Tweed Ring more than almost anything peace proposals of the Allied
Powers.
else. One of those showed the members of the Ring
standing in a circle, each of them with a smirk on his
The French Mission, headed by Yves le Trocquer,
face, and with one hand at his side and the thumb Minister of Public Works, returned
t Paris from
pointing to the next man as the culprit. That is in hu- London a week ago last evening,
after a conference
man nature. And now the miners ask the Commis- with Andrew Bonar Law, British Prime Minister,
sion to examine into the coal industry "with a view relative to a request of the French Government to
to eliminating everything which is unnecessary and operate its trains within the Btitish zone on the
unwarranted." That would be well. What we need Rhine. The early dispatches indicated that the
of this investigation is that it shall search out facts British had granted only a small part of what was
which are real facts, without respect or care for asked. The London correspondent of the New York
FHB.24 1923.]
THE CHRONICLE
"Times" said,"but it [the Mission] has a proposition
which it will present for Premier Poincare's consideration." The Associated Press correspondent in
the British capital asserted in a cablegram dated
Feb. 16 that "it is known that the French Mission on
Cologne transit was a failure, as the French proposals—the chief one of which provided that they should
receive the privilege of running trains on the main
lines in and out of Cologne—were not accepted." He
explained that "the conference was wrecked on the
same rock as attempts to solve the reparations problem; that is, the impossibility of separating economic
from political questions. The French spokesman
came to arrange what the French regarded solely as
an economic proposition, only to find himself immediately involved in the political implications of his
demands, that acquiescence by the British Government would bear the aspect of approval of the French
action in the Ruhr."
Announcement was made in Paris on Feb. 16 that
"the Interallied High Commission decided at Coblenz to-day to take over the German customs in the
occupied territory and levy 4 tax of 10% on imports.
Allied officials will at once take over all customs
offices they wish to keep open and close the others.
The German personnel of the customs will be at first
entirely removed and later allowed to re-enlist for
service under Allied officials if they like. It is probable the Germans who do not choow to serve under
the Allies will be expelled." The same day Chancellor Cuno "made a strong personal appeal to the German Agricultural Council, in session in Berlin, imploring its membcrs and circles influenced by it to
forget all class differences and by all means to refrain from extortionate practices, because, he declared, one who in these times committed extortion
was a traitor to his country."
In their efforts to carry out their plans in the Ruhr
Valley the French authorities convicted by courtmartial Oberburgomaster Havenstein of Oberhausen
and Vice-Lord Mayor Schaefer of Essen. The former
was charged with "refusal to obey French orders and
received a sentence of two years' imprisonment."
The latter "was charged with not supplying automobiles and coal for the troops." It was announced
that "he also was sentenced to two years in jail and
a fine of 10,000,000 marks." It seems that "Herr
Buszmann, Director of the Essen light,plant, was
fined 5,000,000 by the same court-martial for interference with French orders."
It soon appeared that the British Government was
prepared to yield in part at least to the French demands. The report came from Paris a week ago this
afternoon that "Britain has agreed to withdraw her
troops from a portion of the occupied zone on the
Rhine so that the French may occupy and utilize the
Duren line for transporting coal from the Ruhr, Yves
le Trocquer, Minister of Public Works, reported to
the Cabinet to-day. He has just returned from London, where he conferred with Premier Bonar Law."
The dispatch also stated that "Gen. Godley and Gen.
Degoutte are to discuss the utilization of Cologne
for troops and foodstuffs, under arrangements made
at London, le Trocquer said." The correspondent
added that "Premier Poincare announced that Britain showed the greatest desire not to hinder execution of French projects."
There has been a surprisingly small amount of disorder in the Ruhr Basin as a result of the French in-
751
vasion. Duesseldorf dispatches made public here a
week ago this afternoon and the following day told
of a bomb explosion in that city. The New York
"Times" representative at that centre cabled that "a
bomb exploded in one of the side streets of Essen late
'
last evening near he Kaiserhof Hotel, which is the
headquarters of the French Engineering Mission and
is guarded day and night. It was the first bomb
which has played a part in the occupation, and luckily it was a small part, for beyond broken windows
and a chipped wall, no damage was done. The bombthrower escaped." He added that "the incident, however, serves well to show the tendency of events in the
capital town of the•Ruhr. Under the strain of occupation and intense underground fighting which have
been going on during the last two weeks, the town
has reached a point at which violence seems almost
inevitable. If it does come, it will be spasmodic and
sporadic, and for that reason perhaps even more difficult to deal with than if its organization could be
discovered."
In a long cablegram last Sunday, the Paris correspondent of the New York "Times" gave in considerable detail the request of the French Mission in London on Feb. 16 and also the British reply. He said
that "the French asked of the British two things:
First, free use of the railroad line from Duesseldorf
to Duren and Treves, which for a distance of nine
kilometres runs through the British occupied zone,
and, second, free use of the Rhine railroad line running through Cologne for the transport of troops
from the zone of Mayence to the Ruhr." He added
that "M. le Trocquer reported that on the first request the British Government was ready to give complete satisfaction by withdrawing their zone so as to
leave outside it the section of the Duren-Treves railroad line, which means leaving the whole railroad in
the control of the French and Belgians. The French
Cabinet agreed tentatively to this arrangement,
which will relieve the pressure on the DuesseldorfAix-la-Chappelle line, the only one hitherto open between the Ruhr and France and which also serves the
Belgians." Continuing his outline, he said that "on
the second request M.le Trocquer reported the British not disposed to grant readily the complete request but had suggested a compromise by which the
line through Cologne from Mayence could be used
for the transport of French troops in the same proportion as prior to the occupation of the Ruhr—that
is, for the movement of troops to and from Duisburg,
Duesseldorf and Ruhrort, occupied in 1921 with the
full consent of the British." As a consequence, he
stated that "the Cabinet decided on a conference between General Degoutte and General Payot, commanding French communications in the Ruhr, and
British officials at Cologne to study this proposal
and perhaps work out a substitute which will be acceptable to London."
Although the French authorities had stated emphatically that German Government officials would
not be permitted to visit the occupied portions of the
Ruhr Valley, the Germans continued to go. As a
consequence, in Paris, on Feb. 18, announcement was
made that "hereafter if Chancellor Cuno or members
of his Cabinet visit the Ruhr in defiance of the Allied orders they will not brag about it, the French
say." The New York "Times" correspondent added
that "to meet the situation the Allied command has
decided that communities visited by German
minis..
752
THE CHRONICLE
ters in the future will be fined heavily." In their
determination to hold their ground, French military
officials in the Ruhr Valley made further arrests of
prominent German Government officials. From
Duesseldorf Monday morning came the announcement that "Dr. Gruetzner, President of the Prussian
Government District, in which are included Duesseldorf and the Ruhr area, was arrested this [Sunday]
afternoon by the French and expelled from occupied
into unoccupied German territory. He was charged
with writing an insulting letter in protest against
the conviction of Dr. Jarres, Mayor of Duisburg, and
received one month's imprisonment for defying the
French authorities."
•
It became known in Paris on Monday that "Premier Theunis of Belgium is coming to Paris Wednesday to discuss the Ruhr situation with Premier Poincare." The New York "Times" correspondent there
said that "it is believed the two Premiers will decide
on a common policy toward offers of mediation or
intervention which may come from London, Washington, Rome, Geneva or elsewhere." The London
representative of the "Times" cabled that "one of the
chief features of to-day's [Monday] debate in the
House of Commons on the Ruhr question was an appeal made by tormer Premier Lloyd George to the
Government to invite the United States to approach
France and ask her to accept mediation. The amendment was defeated by 305 to 196, the Government
thus securing a majority of 109 despite the united
opposition of the two wings of the Liberal Party and
a majority of the Labor Party." The next day the
British Prime Minister stated in the House of Commons that "it would not be proper for Great Britain
to initiate a discussion with the American Government as to whether the French action in the Ruhr
was in accordance with the Treaty of Versailles,
since the United States was not a party to the
treaty." The Premier's statement was made in reply to a question of J. C. Wedgewood, Laborite. In
a subsequent cablegram the New York "Times" representative in Paris cabled that "Premier Poincare
of France and Premier Theunis of Belgium spent
five hours in conference to-day [Feb. 21] on the Ruhr
situation and will continue their talks to-morrow."
He added that he learned that "two decisions were
reached: First, the establishment of the civil administration of the Rhineland and Ruhr railroads
on a business basis, and second, the creation of special Rhineland money to meet the difficulties which
will arise when the supply of marks in the occupied
territory becomes short." The correspondent further
stated that "the project of a profit-taking administration of the railroads is to be put into effect at
once. Instead of the lines being run as at present,
on a military basis with no fares charged and under
the direction of a General, it is proposed to put them
on the basis of charging for transportation. The
French and Belgians believe they can greatly extend
operation by using the German railway men who
wish to go back to their jobs. It is stated here that
5,000 have now been enroled and that more will return as the days pass."
Word came from Cologne Monday evening that
"the British to-day turned over a six-kilometre strip
on the western end of their zone so as to give the
French and Belgians complete control of the double
track railroad line from Duesseldorf, a short stretch
[VoL. 116.
of which ran through the British area." The New
York "Times" correspondent at Duesseldorf reported the incident as follows: "General Arthur Godley,
British Commander-in-Chief at Cologne, handed
over this afternoon to French engineers control of
the short section of railroad track which passes
through the northern part of the British bridgehead
and now gives the French troops and missions operating here double-line communication with the forces
in Lorraine and with France." London sent word
that "the first French train passed through the new
Rhine territory transferred by the British to the
French, at 4 o'clock yesterday [Monday] afternoon,
dropping off French officials at various stations."
Speaking for three and one-half hours in the
French Chamber of Deputies on Monday, Premier
Poincare"exposed the situation of France in international matters." The New York "Times" correspondent cabled that "in concluding his explanation of the
Ruhr occupation he said: 'Our policy moves along
without precipitation but with system and with necessary firmness. We can have confidence in the future.' He also said that "among the facts the Pre"
mier gave the committee were the folowing: 'We occupy 2,800 of 3,300 square kilometres in the Ruhr
district. The region we occupy produced 91,000,000
tons of coal annually. The rest of the district produces 8,000,000 tons. There are 14,500 coke ovens, of
which we hold 14,200, which can produce 90,000 tons
daily. The population of the Ruhr is 3,500,000. We
control 3,000,000. There are 500,000 miners, of
whom 450,000 are in the occupied region. We control nine-tenths of all the Ruhr production.'" Continuing his synopsis of the Premier's assertions, the
"Times" representative said in part: "M. Poincare
made the important statement that the policy of the
French and Belgians was not to exploit the Ruhr but
to control its production. The Premier said 283 officials had been expelled from the Ruhr and 55 from
the occupied Rhineland. In regard to the railroads,
he said that before the occupation the average circulation in the Ruhr was 585 passenger trains and 620
freight trains. At the present time the circulation
was 70 Strains daily, including both passenger and
freight. There were 946 French railroad men in the
Ruhr. In the six weeks of occupation 1,026 cars of
coal had been delivered from the Ruhr to
France."
The attitude of the Germans was shown in the announcement from Duesseldorf on Feb. 20 that "as a
protest against the arrest and expulsion of District
President Gruetzner and, Oberburgomaster Koerdgen, all the banks, post and telegraph offices and
schools closed this afternoon and public service was
suspended."
Announcement was made in Berlin on Thursday
that "in reply to seizure by the Franco-Belgian military of the German customs tax offices in the occupied area the Federal Government at Berlin has forbidden the inhabitants to pay taxes to the occupational forces. It states that any payments would be
invalid and would not release the taxpayer from
these obligations to the Fatherland." The Associated Press correspondent said that "a proclamation
from the Federal Minister of Finance impresses upon
customs tax officials of the occupied areas their duty
to the nation and expresses confidence they will oppose the Interallied Rhineland Commission's order
FEB.24 1923.]
THE CHRONICLE
for seizure of the customs offices with 'the same firmness and endurance as manifested heretofore in other
German circles.'"
According to a report in circulation in Berlin last
evening, martial law had been proclaimed in Bochum. From Essen came an Associated Press dispatch stating that "the French have decidcrl to replace German customs officials by French throughout the Ruhr." In a dispatch from Duesseldorf it
was said that "the French maintain that their customs barrier is secure and that th course of Germany's economic lifeblood has been diverted."
Fresh trouble has broken out between Poland and
Lithuania. Word came from Paris Monday morning that "Polish forces have invaded Lithuania and
attacked the Lithuanian troops, according to a dispatch from Kovno issued by the Lithuanian Legation
here. The dispatch adds that dozens of persons were
killed and hundreds wounded." In the same message it was also stated that "the Lithuanian Government has telegraphed the League of Nations reporting the fact and asking it to take the necessary steps
to prevent an extension of the conflict." The next
day the Paris representative of the New York
"Times" reported that "the Polish Minister called on
Premier Poincare to-day and delivered a note from
his Government denying the report that Polish soldiers had crossed the Lithuanian border in the Vilna
region. He repeated that his Government was ready
to accept the League of Nations line, which up to this
time the Lithuanian Government has not accepted."
The Associated Press correspondent at Moscow cabled that "Russia is alarmed by the situation on her
southwestern border, declares Foreign Minister
Tchitcherin in a note to Poland and Lithuania under
date of Feb. 17 proffering the friendly assistance of
Russia in settling the disputes over Memel and the
neutral zone in the Vilna region." Premier Sikorski
of Poland gave out a statement on Tuesday in reply
to a recent communique by the Lithuanian Legation
in Paris, in which the Lithuanians were blamed for
the trouble between the two nations. It was asserted
that the Lithuanians had provoked hostilities by attacks in the neutral zone. The Paris correspondent
of the New York "Times" cabled that "proof that
Moscow is urging the Litheanians to refuse to accept
the decision of the League of Nations in the frontier
dispute between Poland and Lithuania is afforded
in the text of the note from George Tchitcherin, the
Soviet Foreign Minister, to the Kovno Government,
a copy of which has reached Paris." Commenting
upon the note, the correspondent said that "since the
Poles have occupied the district allotted to them by
the Council of the League, it is evident that any action by the Lithuanians to recover it may result in
war. It is believed here that the Soviet Government,
thinking that England has her hands full in the
Near East, and that France has all she can attend to
in the Ruhr, is considering the advantages that it
might gain from a new conflict in Eastern Europe."
He added that"Tchitcherin in his note argues that the
Poles and Lithuanians agreed by the Treaty of Riga
to settle their frontier dispute between themselves,
without the participation of a third party. Therefore he protests against a set lement by the League,
and then says that Russia would be glad to help settle it. The note is regarded as a patent effort to stir
up the Lithuanians against their neighbors."
753
Ismet Pasha, Turkish Foreign Minister, arrived in
Constantinople a week ago to-day "for a conference
with Gen. Harington, British Commander in the
Near East." London received a news agency dispatch from Constantinople a little later stating that
in his conversation with Gen. Harington Ismet Pashaw "reiterated his sincere desire for peace. He
emphasized the necessity of reaching a settlement before spring and expressed satisfaction at'having virtually reached an agreement with Great Britain."
The correspondent said that "Ismet added that the
obstacles were economic questions, which were of
primary importance to Turkey, a poor country economically, but far less essential to the Allies." Mustapha Kemal Pasha arrived at Eskishehr from Smyrna on Tuesday, and was met by Ismet Pasha. The
New York "Herald" correspondent at that centre
cabled that "they immediately began a long discussion of the report regarding the Lausanne Conference which Ismet is to make before the National Assembly in secret session at Angora to-night" (Feb.
20). In an Associated Press dispetch from Constantinople last evening it was stated that "Turkey's answer to the peace proposals of the Allied Powers, as
set forth in the draft treaty presented at Lausanne,
has been framed by the Council of Ministers after
protracted discussions in secret The reply will
probably be presented to-morrow [to-day] to the
Grand National Assembly, and it is thought action
will be taken by this body almost imr ediately, allowing submission of the answer to the Allied High
Commissioners here next Monday."
No change has been noted in official discount rates
atleading European centresfrom 12%in Berlin; 51 %
4
in Madrid; 5% in France, Denmark and Norway;
43% in Belgium and Sweden;4% in Holland; 332%
in Switzerland, and 3% in London. Open market
discount rates at the British centre remained practically unchanged, being quoted at 2% (@,2 7-16%
for short and three months' bills, against 2 7-16@
23% last week. Money on call, after touching
2%, closed unchanged at 1Y
1%. At Paris the open
market discount rate continue4 to be quoted at
41 8%, and 3% in Switzerland, unchanged.
/
A further small increase in gold, amounting to
£5,761, was shown in the Bank of England's weekly
statement. Note circulation expanded £22,000,
so that total reserve fell £17,000 and the proportion
of reserve to liabilities declined to 19.56%, as against
19.98% a week ago. At this time a year ago it was
18%%, and in 1921 15%. Deposits were again expanded—public deposits £2,519,000 and "other" deposits £65,000. Loans on Government securities
were reduced £1,190,000, but loans on other securities increased £3,812,000. The Bank's stock of gold
aggregates £127,499,186, as compared with £128,7t)1,537_ last year and £128,327,987 in 1921. Total
reserve stands at £25,204,000. A year ago it was
£25,665,842 and in 1921 £19,080,077. Circulation
stands at £120,740,000, as against £121,545,566 in
1922 and £127,697,910 a year earlier. Loans amount
to £74,435,000, in comparison with £81,638,700 and
£95,220,101 one and two years ago, respectively.
Clearings through the London banks for the week
were £692,081,000, against £710,539,000 a week ago
and £789,334,000 last year. The Bank's minimum
discount rate remains at 3%. We append herewith
comparisons of the principal items of the Bank of
England returns for a series of years:
THE CHRONICLE
754
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1921.
1920.
1922.
1923.
Feb. 26.
Feb. 23.
Feb. 25.
Feb. 22.
Feb. 21.
£
£
Circulation
120,740,000 121,545,566 127,697,910 96.526,440 70,335,745
Public deposits
21,916,000 27,808,127 15,987,902 17.322,060 25,823,907
Other deposits
105,788,000 109.947,335 111,259.206 172,824.755 119,169,536
Governm't securities 47.317,000 48,545,566 31,030,156 85,152,523 50,196,744
Other securities
74,435,000 81,638,700 95,220,101 90,704,526 83,130.366
Reserve notes & coin 25,204,000 25,665,842 19,080.017 32,369,259 29,742,648
Coln and bullion127,499,186 128,761,537 128,327,987 110,445,699 81,628,393
Proportion of reserve
to liabilities
20.50%
14.99%
19.56%
17.00%
181%
Rang rate
5%
7%
3%
436%
6%
The Bank of France in its weekly statement shows
a further small gain of 30,100 francs in the gold item
this week. The Bank's gold holdings are thus
brought up to 5,535,763,800 francs, comparing with
5,525,250,928 francs at this time last year and with
5,503,010,259 francs the year before; of these amounts
1,864,344,927 francs were held abroad in 1923 and
1,948,367,056 francs in both 1922 and 1921. During
the week silver gained 177,000 francs, advances rose
11,336,000 francs and Treasury deposits were augmented by 28,211,000 francs. Bills discounted, on
the other hand, fell off 76,379,000 francs, while general deposits were reduced 34,829,000 francs. A
further contraction of 120,710,000 francs occurred
in note circulation, bringing the total outstanding
down to 37,055,354,000 francs. This contrasts with
36,150,809,365 francs on the corresponding date last
year and with 37,808,110,675 francs in 1921. Just
prior to the outbreak of war in 1914 the amount was
only 6,683,184,785 francs. Comparisons of the various items in this week's return with the statement of
last week and corresponding dates in both 1922 and
1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Feb. 22 1923. Feb. 23 1922. Feb. 24 1921.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
30,100 3,671,418,873 3.576,883.871 3,554,643,203
Abroad
1.864,344,927 1.948,367.056 1,948,367,058
No change
Total
Inc.
30,100
Silver
Inc.
177,000
Bills dlscounted
Dec. 76,379,000
Advances
Inc. 11.336,000
Note circulation...Dec. 120,710,000
Treasury deposits_Inc. 28,211,000
General deposits...Dec. 34,829,000
5,535,763,800
290,569.000
2,683.837,000
2,103,924.000
37,055,354,000
85,203.000
2,134,491,000
5,525,250,928 5.503,010,259
264,114,644
280,980,120
2,726,320.509 2,961,714,037
2,250,877,471 2,191,521,331
36,150,809,365 37.808,110,675
35,224,518
57.494,241
2,371,532,734 3,257,319,191
The Imperial Bank of Germany issued, as of
Feb. 15, another of its characteristically sensational
statements, this time showing an expansion in note
circulation of no less than 450,831,325,000 marks,
thus carrying the total note issue outstanding up
to • the colossal sum of 2,703,794,678,000 marks,
which compares with 115,755,409,000 marks last
year and 65,933,800,000 in 1921. Treasury and
loan association notes increased 214,451,972,000
marks, bills of exchange and checks 444,009,728,000
marks, discount and Treasury bills 376,654,318,000
marks, and deposits 281,252,846,000 marks. "Other
liabilities" were also heavily increased-313,278,432,000 marks. Smaller increases included 12,077,000 marks in notes of other banks, 77,508,000
marks in investments, and 90,925,069,000 marks in
other assets. Advances declined . 80,768,050,000
marks and total coin and bullion 19,000 marks.
Gold was unchanged and remains at 1,004,831,000
marks, as against 995,689,000 marks in 1922 and
1,091,600,000 marks a year earlier.
The Federal Reserve Banli statement, issued on
Friday (Thursday was a holiday) afternoon, showed
that bill holdings had decreased and gold holdings
reduced somewhat, though the New York Bank
gained in geld. Taking the banks as a group, gold
[Vol,. 116.
declined $3,000,000. Rediscounts of Government
secured paper fell off sharply, but there was an
increase of $34,967,000 in "all other," and total
bill holdings fell off $27,000,000. Total earning
assets were also $27,000,000 smaller and deposits
decreased $65,000,000. The New York bank gained
$26,500,000 in gold, at the expense of interior
institutions. Here also rediscounting operations of
paper secured by Government obligations showed 'a
heavy decline and the net result was a decrease
in bill holdings of $56,000,000. Deposits declined
$51,000,000. Both locally and nationally the amount
of Federal Reserve notes in circulation expanded,
$9,700,000 in the former case and $17,000,000 in
the latter. In consequence of the addition to gold
and the decrease in deposits, reserve ratios were
increased, 4.1% to 79.0% in the local institution
and 0.5% to 75.8% for the combined system.
Saturday's statement of the New York Clearing
House banks and trust companies was featured by
increases in loans, deposits and in reserve credits of
member banks with the Reserve Bank. The loan
item expanded $5,135,000. In net demand deposits
there was an increase of $30,250,000, to $3,973,365,000. This is exclusive of Government deposits to
the amount of $33,781,000, a falling off for the week
of $9,097,000. Other changes included a decline in
cash in own vaults of members of the Federal Reserve
Bank of $2,725,000, to $50,121,000'(not counted as
reserve), a decrease in reserves of State banks and
trust companies in own vaults of $376,000, and an
increase of $636,000 in the reserve of those institutions kept with other depositories. Member banks
again increased their reserves with the Reserve Bank,
this time $9,881,000, and the net result was an addition to surplus reserve of $6,434,990, which brought
the total of excess reserves up to $19,383,050. The
above figures for surplus are based on reseres of
13% above legal requirements, for member banks of
the Federal Reserve System, but do not include cash
in own vaults amounting to $50,121,000 held by these
banks on Saturday last.
The advance in the discount rate of the Federal
Reserve banks of New York and of Boston from 4 to
4Y% was spoken of as the outstanding feature in
the money market. It did not exert the influence
upon the stock market yesterday that was predicted
after the close of business on Wednesday and before
it opened yesterday. There is a question as to
whether there was a disposition, when the announcement was first made, to attach too much importance
to this action on the part of the New York and Boston
members of the Federal Reserve System. It is worth
bearing in mind that, for some little time, those two
institutions and the one in San Francisco, were the
only three out of the twelve members that did not
have a 432% rate. Bankers in this city were quoted
yesterday as expressing the opinion that the advance
in New York and Boston should be regarded as a
bullish factor in the stock market, because it indicated
a further increase in the general business of the
country. Conservative observers were disposed to
suggest that it should be regarded as the first definite
step upon the part of the Governors of the Federal
Reserve Bank here and in Boston to check undue
speculation in securities, and also undue inflation in
commodity prices and in the business of the country
as a whole. The best opinion is that if those who are
FEB.24 1923.]
THE CHRONICLE
most active in both these general7lines",will heed this
warning there will be no occasion for apprehension
or alarm. The general trend of both call and time
money in the local market was upward. A 6%
quotation for the former was reached yesterday afternoon. According to Washington advices, the Government will not be in the market with additional
Treasury certificates until early next month. During
the remaining days of this montl- 't will be necessary
for the banks and corporations to make preparation
for the March 1 disbursements. There is nothing
to indicate that the local market will be easier in the
meantime. Unless there is a pronounced reaction
in stocks, that would cause substantial liquidation,
and if the business of the country continues to
expand, there is no reason to look for materially
easier money at any time in the near future, except
possibly for brief periods, during which specific
conditions might bring about a reaction in rates.
Referring to money rates in detail, the week's range
for loans on call was 43/2@6%, which compares with
4@6% a week ago. On Monday the high was 5%,
the low 43/2% and renewals at 5%. Tuesday renewals were put through at 43 %,but the maximum
4
still was 5%,while the lowest rate touched was 43 %.
4
Firmness developed on Wednesday and a high level
of 532% was reached; the minimum was 5% and this
was also the ruling rate. Thursday was a holiday
(Washington's Birthday). On Friday the range was
53@6% with 53% the renewal basis. The above
figures apply to both mixed collateral and all-industrial loans alike. In time money, also, the undertone
was firm and there has been a fractional advance to
5% for all periods from sixty days to six months, as
against 434@5% last week. Trading was quiet
throughout and no really large loans were reported.
Increased activity on the Stock Exchange and preparations for the coming month-end disbursements
were held responsible for the stiffening in rates.
Commercial paper has also advanced slightly and
sixty and ninety days' endorsed bills receivable and
six months' names of choice character are now quoted
at 43 %,as against 43 @4%%,with names less well
4
,.
known at 434@5%,in comparison with 43 % a week
4
earlier. Out-of-town institutions were still the chief
buyers. A good demand was reported, but trading
was not active as the supply of offerings was light.
Banks' and bankers' acceptances were dealt in by
institutions, but transactions in the aggregate were
not large. With the tightening in money, the inquiry fell off perceptibly. Individual investors were
less in evidence. Following the advance in the Reserve ,Bank's rate,.the open market undertone stiffened and increases are expected, though actual rates
were not changed. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was quoted at 43 %,against 43/2%
4
last week. The Acceptance Council makes the discount rates on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks 4 8 bid
/
%
and 4% asked for bills running form 30 to 120 days
and 43,% bid and 4%% asked for bills running 150
days. Open market quotations follow:
Prima eligible bills
SPOT DELIVERY.
90 Days.
44@4
80 Dan.
4.14(0
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
44 bid
4% bid
755
Both the Federal Reserve banks of New York and
Boston this week increased their rediscount rate from
4% to 43/2% on all classes of paper,the advanced rate
being made effective Feb. 23. As a result of this
action, the Federal Reserve Bank of San Francisco
is the only one maintaining a 4% rate, the rate in the
case of all of the other Federal Reserve banks being
432%. The following is the schedule of rates now
in effect for the various classes of paper at the different Reserve Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT FEBRUARY 23 1923.
Federal Reserve
Bank al—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
MInnearmile
Kansas City
Dallas
San Francisco
Discounted bills maturing
totthirs 90 days ((ntl mem,
ber banks' 15
-day edieneeed
notes) secured by— s
Bankers
ApicalaceepTrade tural and
tansy,
Treasury
weep- live-stock
notes and U.S.
Other- discounini tone's
paper
for
wise
maturing tnatarias
bonds
cers'iffsecured member
cases of
and
within 91 so ISO
indebt- Victory
and
banks
90 days
daps
edness
notes unsecured
454
vi
434
434
4%
4%
434
434
4%
434
4%
4
434
434
4%
4%
4%
4%
434
434
434
434
434
4
434
434
4%
4%
4%
4%
434
4%
434
4%
4%
4
434
434
434
4%
4%
4%
4%
4%
4%
4%
434
4
434
434
4%
4%
434
434
434
4%
434
434
4%
4
43.5
4%
454
434
4%
434
4%
434
434
434
4%
4
Sterling exchange prices this week took another
wide forward step in their march toward higher levels
and trading operations were distinguished by a series
of sharp advances which eventually carried demand
bills to 4 723/, the highest point in nearly four years
8
and about 4 cents under the official rate fixed by the
British Government which prevailed up to March 20
1919. This figure represents a gain over the high
record established in December 1922 of 24 cents and
compares with the extreme low level of 3 18 touched
Feb. 4 1920. Pronounced strength was in evidence
almost from the start and although trading could at
no time be regarded as active, new high points were
achieved on four consecutive trading days. At first
the movement was regarded as the natural sequence
of improved prospects for a speedy passage of the
debt funding agreement by the Senate; but it soon
developed that while these underlying influences had
without doubt exercised an important psychological
effect in bringing about a near approach to par, the
immediate cause of the rise was the inauguration of an
inquiry for sterling bills on the part of German interests who are being compelled to buy coal in England.
Coupled with this was the unwillingness of dealers
to operate on either side of the market, which was
responsible to a considerable extent for the acute
shortage of bills that played so large a part in advancing quotations. London persistently sent higher
prices and this as usual served to strengthen the local
market; but dealers are showing extreme caution in
the matter of making commitments and the disposition seems to be to await the outcome of developments in the Ruhr before resuming regular market
operations. There is a well defined opinion that
Franco-German affairs are fast approaching a crisis
and that negotiations looking to arbitration are likely
to be announced at any time. On the other hand,
nothing definite in this respect is as yet available
and there are some who predict a long-drawn-out
struggle before the reparations wrangle is adjusted.
Interest in Far Eastern affairs is temporarily sidetracked, but conditions at Lausanne still continue an
element of uncertainty with unpleasant possibilities
until settled. On Wednesday pre-holiday dulness
756
THE CHRONICLE
[VoL. 116.
, set in with prices firmly held, but with the resump- at close to 4.78 until Wednesday, when there was an
tion of business yesterday (Friday) after the holiday, advance to 4.84. Greek drachma were fractionally
a sagging tendency was noted and the close was under easier, but Czechoslovakia and the other Central
the best. Locally,trading has been light throughout. European exchanges were steady at previous levels.
On the Continent, however, a fairly large turnover is It is claimed that lire quotations are likely to adreported. Owing to heavy transfers of balances from vance quite materially in the next few months, since
the Continent to London, the bulk of the week's Italy's trade balance is improving, while steps taken
operations abroad have been of a financial rather by the Government of Italy to enforce needful econothan commercial nature; although coal exports mies are proving very successful. Thus far the
apparently played an important part in the deal- Mussolini regime is progressing smoothly. Disings.
patches from Berlin regarding the probab!e course
Referring to quotations in greater detail, sterling of the mark are extremely d vergmt. Few, if any,
on Saturday last was firm and fractionally higher, traders expect that it is to be permanently stabilized.
at 4 68%@4 69% for demand, 4 69@.4 693s for The belief seems quite general that foreign credits
/
cable transfers and 4 66%@4 67 for sixty days; have been used to raise the mark rate for some specific
light offerings figured in the advance. On Monday purpose; possibly to stimulate a resumption of foreign
increased strength developed and demand moved speculation in German currency. Trading on the
up to the highest point in three years, namely local market was dull and featureless, with the under4 693.@4 69 15-16, cable transfers 4 693/2@4 70 3-16 tone showing some irregularity, especially in the
and sixty days 4 67%@.4 67 3-16; trading was not initial dealings. Later on improvement was visible,
active. As a result of continued light offering and but with the interruption of Washington's Birthday
a better inquiry, demand sterling on Tuesday was holiday no increase in the volume of transactions
advanced to 4 713/2
-the highest point since March took place and the bulk of the business passing was
1919; the low was 4 70%, while cable transfers of foreign origin.
ranged at 4 70%@4 71% and sixty days at 4 683/
The London check rate in Paris finished at 77.42,
@el 69%. Wednesday pre-holiday dulness pre- as compared with 76.45 a week ago In New York
vailed, but the market was strong and there was a sight bills on the French centre closed at 6.063/2,
further advance to 4 713'@4 723/a for demand,4 713 against 5.99; cable trans_ers at 6.073. against 6.00;
4
(0)4 72% for cable transfers and 4 698 8@4 70 for commercial sight at 6.043/a against 5.97, and com/
sixty days. Thursday was a holiday (Washington's mercial sixty days at 6.013/, against 5.94 last week.
2
Birthday). With the •resumption of business on Closing rates for Antwerp francs were 5.323/2 for
Friday prices ran off slightly and demand bills sold checks and 5.333/ for cable transfers. The previous
lower at 4 713-1 6@,4 72; cable transfers4 71 7-16@ week the close was 5.26 and 5.27. Reichsmarks
4 723. and sixty days 4 69 1-16@4 69%. Closing finished at 0.00443/ for both checks and cable trans2
quotations were 4 693 for sixty days, 4 71% for fers, in comparison with 0.00523 a week ago. Ausdemand and 4 71% for cable transfers. Commercial trian kronen closed at 0.00143/, (unchanged). For
2
sight bills finished at 4 713/ sixty days at 4 68%, lire the final range was 4.82 for bankers' sight bills
8
,
ninety days at 4 673/2, documents for payment at and 4.83 for cable transfers. This compares with
4 68 11-16 and seven-day grain bills at 4 70%. Cotton 4.783.@4.791 last week. Exchange on Czecho4
and grain for payment closed at 4 70%.
slovakia finished at 2.97, against 2.963/a; on BuchaGold shipments, which for a time were halted rest at 0.48, against 0.47; on Poland at 0.00022,
by the movement to India, are now coming this against 0.00023, and on Finland at 2.70, against
way again, though on a much smaller scale. Early 2.60 a week earlier. Greek exchange closed at
in the week the SS. Berengaria brought 7 boxes of 1.08 for checks and 1.13 for cable transfers, against
gold bars valued at $225,000 consigned to Kuhn, 1.15 and 1.20 the week before.
Loeb & Co., and three boxes for the Irving BankMovements in the former neutral exchanges were
Columbia Trust Co., from England. The French
liner Roussillon arrived with gold to the value of not particularly significant and rate variations were
3,085,000 francs. From South America the Panama confined to a few points in either direction. Taken
brought 44 bars of gold and silver bullion and sev- as a whole, the tendency was to follow the lead of
eral small shipments of gold and platinum from sterling and gains of from 4 to 10 points were made
Central American and South Pacific ports.
during the latter half of the week in guilders, francs
and pesetas. Rates on Denmark and Sweden likeMovements in the Continental exchanges were wise advanced.
largely overshadowed by the record-breaking rise in
Bankers' sight on Amsterdam closed at 39.56,
sterling and even the more prominent Continental against 39.45; cable remittances at 39.65, against
currencies were in neglect. Berlin marks opened at 39.54; commercial sight at 39.51, against 39.40,
close to the high levels established last week, but and commercial sixty days at 39.20, against 39.09
with the advance in British exchange due to German a week ago. Swiss francs finished at 18.82 for
buying reichsmarks were correspond ngly depressed bankers' sight bills and 18.83 for. cable transfers.
and there was a loss of about 12 points to 0.00403, Last week the close was 18.77 and 18.78. Checks
although traces of support by the German Govern- on Copenhagen closed at 19.49 and cable transfers
ment were sti I plainly evident at int:Tvals. French at 19.53, against 19.01 and 19.05. Swedish checks
francs, on the other hand, after early weakness, finished at 26.61 and cable transfers at 26.53, against
steadied and recovered more than 17 points to 6.11 26.58 and 26.62, while checks on Norway closed at
for checks. Belgian currency followed suit. Aus- 18.57 for checks and 18.61 for cable transfers, against
trian kronen remain nominal and fluctuated between 18.65 and 18.68 the previous week. Spanish pesetas
0.00143/ and 0.00143. Italian lire, which are finished at 15.68 for checks and 15.69 for cable transapparently not seriously affected either by the Ruhr fez?, in comparison with 15.62 and 15.63 the predebacle or the Turkish problem, ruled quiet but firm ceding week.
FEB.24 1923.]
THE CFPONICLE
757
With regard to South American exchange, the eral Reserve Bank of New York was creditor at the
situation remains about the same and rates were Clearing House each day as follows:
maintained on restricted trading. Argentine checks DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
closed at 37.35 and cable transfers at 37.40, against
37.13 and 37.18, while Brazil finished at 11.55 for Saturday, Monday, Tuesday, Wednestry, Thursday, Friday, Aggregate
Feb. 17. Feb. 19. Feb. 20. Feb. 21. Feb. 22. Feb. 23.
for 1Veek.
checks and 11.60 for cable transfers, comparing with
11.55 and 11.60 last week. Chilean exchange was 62,000,000 82,000,000 53,000,000 65,000,000 Holiday 75,000,000 Cr. 342u00.000
firmer, finishing at 12.30, against 11.95. but Peru toNate.-The foregoing heavy credits reflect the huge mass of checks which come
the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
was unchanged at 4 01.
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House Institutions.
Far Eastern exchange has for the time being re- drawn on the Reserve Bank They represent only one side of the account, as checks
fleet are presented directly to the bank and never
lapsed into dulness and rates were not materially go through the Clearing House.
altered, except for Chinese currency, which closed
The following table indicates the amount of bulstrong. Hong Kong finished at 53%@54, against
lion in the principal European banks:
52%@53H; Shanghai at 73@731 , against 73%@
4
Feb. 22 1923.
Feb. 23 1922.
74; Yokohama, 485 @487 , (unchanged); Manila, Bunks of
A
/
Gold.
Silver.
Total.
501 (4)30, against 50@50%; Singapore, 551 4@
Gold.
/
Silver.
Total.
/
55M, against 55@553'1; Bombay, 32X@3
23, England... 127,499,186
127,499,186 128.761.537
128.761,537
France a__
against 323/8(§,32, and Calcutta, 3231.@323/2, Germany.146,856,755 11,600,000158,456,755143.075,355 11,200,000 154,275,355
50,109,980 3.268,000 53,377,980 49,784.750
679,900 50,464.650
Aus.-Hun. 10,944,000 2,369.000 13.313,000 10.944.000 2,369,000 13.313,000
against 82X@)32.
101,016,000 25,982,000 126.998,000 100.655,000 25,123,000 125,778.000
Spain
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is
now certifying daily to the Secretary of the Treasury
the buying rate for cable transfers on the different
countries of the world. We give below the record for
the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 17 TO FEB. 23 1923, INCLUSIVE.
Command Monetary Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Feb. 17. Feb. 19. Feb. 20 Feb. 21. Feb. 22. Feb. 23.
EUROPES
$
$
$
$
6
Austria, krone
.000014 .000014 .000014 .000014
.000014
Belgium, franc
.0524
.0529
.0536
.0542
.0535
Bulgaria, ley
.006029 .006029 .006029 .0060
.006014
Czechoslovakia, krone._ .0296
.0296
.029635 .02972
.029633
Denmark, krone
.1915
.1918
.1931
.1942
.1951
England, pound sterling. 4.6934 4.6978 4.7154 4.7219
4.7179
Finland, markka
.026977 .0271
.027039 .027022
.026983
France franc
.0596
.0602 •
.0617
.0608
Germany, relehsmark.... .000052 .000047 .0609
.000042 .000044
.000044
Greece. drachma
.011839 .011578 .011435 .011256
.011303
Holland, guilder
.3954
.3957
.3968
.3969
.3967
Hungary, krone
.000388 .000388 .000385 .000374
.000363
Italy, lire
.0479
.0479
.0483
.4086
.0484
Norway, krone
.1864
.1852
.1854
.1858
.1856
Poland, mark
.000023 .000025 .000026 .000025
.000021
Portugal. escudo
.0415
.0429
.0438
.0436
.0433
Rumania,len
.0046
.004617 .00462 .004847
.004967
Spain. peseta
.1563
.1585
.1568
.1572
HOLI- .1565
Sweden. krona
.2661
.2662
.2665
.2666
DAY
.2665
Switzerland, franc
.1880
.1885
.1891
.1886
.1883
Yugoslavia, dinar
.00982 .009685 .009605 .009745
.009756
ASIA
China, Chefoo tad
.7425
.7425
.7442
.7433
.7475
" Hankow taol
.7417
.7417
.7433
.7425
.7467
" Shanghai tadl
.7121
.7125
.7135
.7150
.7202
" Tientsin tael
.7483
.7483
.7500
.7492
.7533
" Hongkong dollar.. .5265
.5277
.5298
.5306
.5338
Mexican dollar_ _ _. .5171
.5167
5194
.5185
.5213
" Tientsin or Peiyang
dollar
.5342
.5325
.5308
.5338
.5371
" Yuan dollar
.5279
.5263
.5296
.5288
.5342
India, rupee
.3182
.3167
.3157
.3166
.3181
Japan. yen
.4844
.4841
.4841
.4836
.4942
Singapore (S. S.) dollar-. .5492
.5492
.5492
.5500
.5488
NORTH A M ERICA
Canada. dollar
.987799 .987292 .98697 .984861
.983821
Cuba, peso
.999625 .999625 .99962 .999825
.999621
Mexico. peso
.489844 .49020 .490156 .4900
.490781
Newfoundland, dollar
.985078 .984609 .98460 .9825
.98125
SOUTH AMERICA
Argentina, peso (gold)
.8403
.8404
.8423
.8419
.8442
Brazil, milrels
.1146
.1143
.1144
.1145
.1142
Chile. Peso(IMMO
.1173
.1176
.1179
.1183
.1204
Uruguay. peso
.8301
.8295
.8308
.8342
.3880
The New York Clearing House banks in their
operations with interior banking institutions have
gained $1,463,233 net in cash as a result of the currency movements for the week ending Feb. 22.
Their receipts from the interior have aggregated
$2,767,233, while the shipments have reached $1,304,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Feb. 22.
Banks'interior movement
Into
Banks.
Om of
Banks.
62,767.233
81.?01,000 Gain $1,1133,.33
Gain or Loss
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Fed-
Italy
Netherl'd
Nat. BetsSwitzerrd.
Sweden
Denmark.
Norway -_
35,356.000
48,482,000
10,757,00
21,209,0a1
15,217,
12,680,000
8,115,0 I
3,033,000 . .
34.000.000
583,I I I 49,065,000 50,497,
2,335,I I I 13,092,000 10,663,
I I I 25,462,000 22,018,000
4,253,
15,217,000 15,245
12,934,000 12,685
254,0
8,115,000 8,183,
36.974,000
51,064.000
12,286.000
26,338.000
15,245,000
212,000 12,897.000
8,183,000
2,974,000
567,000
1,623,000
4,320,000
588,241,921 53,677,0 041,918,921546.511,642 49,067.900635,579.542
Total w
Prey. week 588,218,956 53,850,9, 642,069,906 586,474,7
49.064,950635,539.704
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad.
FUNCTIONS AND LIMITATIONS OF THE
LABOR BOARD.
difference, some 18 months old, between the
A
Labor Board and the Pennsylvania road ("Chronicle," Aug. 13 and 20, 1921, pp. 674 and 893) has just
been passed on by the Supreme Court,on appeal from
the Federal Circuit Court of Appeals. The road had
obtained an injunction to restrain the Board from
publishing its opinion that its decisions had been violated or disregarded. The road had objected to the
Board's attempt to induce the railroads to confer
with certain dissatisfied employees who acted apart
from the rest of the employees, and if such conferences proved unsuccessful to continue the old rules
and working conditions. So far as relates to the effort of the Board to intervene between the road and
its men and to pass upon the validity of votes taken
by the latter is concerned, the "Chronicle" held at the
time, and still holds, that the Pennsylvania was right
and the Board had sought to exceed its powers.
As to making public its decisions and its belief in
respect to acceptance or non-acceptance of those by
either railroads or anybody else, it must be admitted
that the law is entirely clear, and so Chief Justice
Taft finds and declares. The grants and limitations
of the Board in respect to industrial disputes have
been already pointed out in the "Chronicle" and need
not be repeated. The Board is a virtual body of arbitration in the interest of harmony,and Section 313
distinctly says that if it has reason to think any decision of its own or of an adjustment board has been
violated it may hold a hearing, decide for itself on
the question of fact, "and make public its decision
in such manner as it may determine." This grant of
authority could not be more unmistakable, and it is
the plainer because nothing more is left for the
Board to do; indeed, Mr. Hooper has complained
that its powers are too feeble, so that all it can do is
to point the finger at any disrespectful party. So
Mr. Taft sees the matter: "the decisions of the Labor Board are not to be enforced by process; the only
sanction of its decision is to be the force of public
opinion, invoked by the fairness of a full hearing, the
intrinsic justice of the conclusion, strengthened by
758
T H ii CHRONICLE
[vol.. 116.
As an engineering problem, the feasibility of these
the official prestige of the Board, and the full publication of the violation of such decision by any party tunnels has passed all reasonable question. The
schemes for extending Ifinhattan out into the bay
to the proceeding."
interpretation of the subject is also are probably feasible, as such a problem, and perThe Court's
notable,and it exactly sustains the interpretation we haps the East River could be set back into Long
have always urged. Congress, says Mr. Taft, thought Iland, thus broadening the "Dutch baby's foot"
it of the utmost importance to prevent any traffic which Manhattan was long ago said to be. Engiinterruption by disputes, and planned to settle those, neering is one thing, and economic feasibility is anfirst, by direct conference, next, by reference to spe- other; but while our bridges are valuable and to be
cial "adjustment" boards, and finally by a hearing maintained, the question of under-water tubes as
against more bridges seems to be decided in favor of
before the Labor Board itself. Says he:
the former. The proposed new tubes are to have
"The evident thought of Congress in these provisions is that the economic interest of every member emergency paths for pedestrians, and the labor
of the public in the undisturbed flow of inter-State unions have given us memorable lessons concerning
commerce and the acute inconvenience to which all the need of connections between this city and New
must be subjected by a serious and widespread labor Jersey which neither weather nor the crass stupidity
dispute fastens public attention closely on all the of labor can interrupt.
circumstances and arouses public criticism of the
The economic question is the real one. In its 1921
side thought to be at fault. Th function of the Lareport the Inter-State Tunnel Commission offered
bor Board is to direct that public criticism against
figures showing that in 1914 the number of vehicles,
the party which it thinks justly deserves it."
horse-drawn and motor-driven, crossing the Hudson
It is not for any court, says Mr. Taft, to pass on
on a five-ferries group was 2,839,055, increasing in
the correctness of the conclusion of the Labor Board
1920 to 3,853,793, and, of course, the number must be
"if it keeps within the jurisdiction thus assigned to
expected to continue growing. The projectors think
it by the statute," which does not require a road to
the earnings of their tubes may cover the cost in a
recognize or deal with labor unions or "to deal with
dozen years. Frank M. Williams, of Albany, a foremployees through their fellow employees." But his
mer State Engineer; Newton M. Porter, head of the
directly-following sentence—that "we think it does New Jersey Chamber of Commerce, and Darwin R.
vest the Labor Board with power to decide how such James, head of the East River Savings Bank, are
representatives ought to be chosen, with a view to among the proposed incorporators, and they feel a
securing satisfactory co-operation, and leaves it to confidence that the needed funds will be obtainable.
the two sides to accept or reject the decision"—is
At least, there is a guarantee of practicality and of
much less free from doubt. We find nothing in the efficient handling in the fact that private and not
Act to warrant any intervention between a road and
public funds are to do the work. It will not be units men, and must respectfully differ with the Court
dertaken unless there is a reasonable prospect of
upon this, believing that the record shows that the
financial success, and the funds will be handled with
Board did seek an unwarrantable interference. Inreasonable strictness, instead of being flung broad'
cidentally, however, the Court gives an indirect recast.
joinder to the restless persons who persist in accusing the courts of a desire to find judicial actions
THE TRUST COMPANIES IN NEW YORK AND
unwarranted and statutes unconstitutional. So far
ELSEWHERE.
as the decision does make for direct handling and
Continuing the practice begun by us a long time
adjusting of disputes between employer and emannual comparative reployee, we agree with Chairman Hooper's reported ago, we again present our
of the trust companies in this city (Manhattan
opinion that it is a long step towards industrial turns
and Brooklyn boroughs) and also those in Boston,
peace in transportation.
Philadelphia, Baltimore and St. Louis, bringing
down the figures to the close of 1922. In our deMORE VEHICULAR TUNNELS UNDER THE tailed presentation of the returns of the separate
HUDSON PROPOSED.
companies, on subsequent pages, we also include
The vehicular tunnel under the Hudson is now many of the companies in Chicago, but we attempt
past its early difficulties, and an interesting an- no general totals for that city.
nouncement is that bills have been introduced in our
For this city the figures, as far as the liabilities
own and in the New Jersey Legislature for incor- and assets of the different companies are concerned,
porating the Inter-State Vehicular Tunnel Co., which are those furnished to the Superintendent of Bankproposes two (or perhaps three) more tubes for ve- ing at Albany, under his latest call, namely Nov. 15
.
hicles, the terminus of the first one to be on this side 1922. As has been many times pointed out by us, it
somewhere between 23rd and 42nd streets, the pre- was the practice of the Banking Department for a
cise spot not being decided yet, and being also with- quarter of a century or more to require reports for
held from publicity for the suggestive reason that the closing day of the year, but this was changed in
knowledge of it "might have the effect of greatly in- December 1911 by the then executive head of the Decreasing neighboring real estate values." The bills partment, and from that time to 1914 various dates
give the right to charge tolls to be controlled by pre- in December were fixed as the time of the return,
vailing ferry charges, to condemn needed property while in December 1915 the last day was again
and to issue securities; after five years from the date chosen, but for 1916 the date was dropped back to
of completion, the States or the cities may take over Nov. 29, for 1917 to Nov. 14, for 1918 to Nov. 1,
the property at the construction cost plus 15%, or, while for 1919 the date was fixed at Nov. 12, and for
later, with an annual 2% taken from cost, as a de- 1920, for 1921 and for 1922 at Nov. 15. The Superpreciation allowance; at the end of 50 years the intendent who inaugurated the departure evidently
property is to revert to the cities and to the munici- contemplated that there should always be a return
for some date in December, though the date was not
palities.
FEB.24 1923.]
THE CHRONICLE
759
During 1921 the only further absorption of moto be known beforehand. Succeeding incumbents of
the office have not felt bound by any such rule, and ment was that of the Hamilton Trust Co. of Brookaccordingly have named a day in November, aggra- lyn by the Metropolitan Bank. During 1922, howvating the effects of the original change.
ever, there were several other mergers which served
The most noteworthy feature of these trust com- to take trust companies out of their class. For inpany returns for the latest period is the recovery stance, in April 1922 the Mercantile Trust Co. was
shown in deposits and aggregate resources after the taken over by the Seaboard National Bank, while in
contraction in these items in both 1920 and 1921. In July 1922 the Lincoln Trust Co. was merged in the
this the experience of these institutions is like that Mechanics & Metals National Bank. The first-menof the banks, and as a matter of fact the fluctuations tioned trust company on Nov. 15 1921 held deposits
in the items referred to in the case of the trust com- of $18,437,450 and the Lincoln Trust Co. at the same
panies always correspond very closely with the fluc- date was credited with deposits of $25,773,985, maktuations in the same items in the case of the banks. ing over $44,000,000 together. On the other hand,in
The business of the two classes of institutions is the consolidation in Sept. 1922 of the Bank of New
getting to resemble each other more and more close- York with the New York Life Insurance & Trust Co.
ly, at least in this city. While the trust companies andthe continuance of the operations of the comcannot be said to do a mercantile business in the or- bined institutions under he title of Bank of New
dinary sense, not a few of the banks are assuming York & Trust Co., with retention of the trust comtrust company functions, besides which there have pany charter, the trust company list got the benefit
recently been several important amalgamations of of the additional deposits of the Bank of New York
trust companies with banks, and in such instances which the previous December were reported at $52,the consolidated institution of course continues both 946,000.
the former mercantile business and the trust comEnumeration of these changes in corporate forms
pany work. In some of these amalgamations the re- is necessary to a proper interpretation of the course
sult has been to transfer a bank to the trust com- of the deposits. Making due allowance for them,
pany list, the charter of the bank being surrendered there appears to be full warrant for the conclusion
and the charter of the trust company retained, while that except for the part played by these changes in
in other cases the effect has been to transfer a trust affecting the totals, the amount of these deposits
company to the bank group, the charter of the trust would be found up to the highest figures ever reached
company being given up. In the course of our pres- at the corresponding date. This has reference to the
ent remarks we shall Lave occasion to refer to both trust companies in the Greater New York, but the
types of merger. The truth is there has been so much same remark applies to the figures for the whole
shifting, as a consequence of such combinations from State, including Greater New York. The changes in
the trust company list to the bank °group, and vice corporate form have affected these latter figures the
versa, that the result has been seriously to disturb same as the deposits in the Greater City. For the
the value of the comparisons between one period and whole State the deposits of the trust companies, after
another.
having fallen from $2,885,355,813 Nov. 12 1919 to
Nevertheless, the fact which stands out very prom- $2,672,280,444 Nov. 15 1920 and then to $2,497,547,inently amid all the changes is that while in 1920 429 Nov.15 1921, have now for Nov. 15 1922
got back
and 1921 the trust companies, like the mercantile to $2,770,799,561 and on June 30 1922 stood
as high
banks, had their deposits drawn down under the in- as $2,975,498,306, there having
been in 1922, as in
fluence of business depression, cre-lit restriction and most other recent years,
a considerable drawing
price deflation, on the other hand ::n 1922 the trust down of the deposits in the
summer and autumn as
companies, no less than the banks, enjoyed renewed a result of the increased
demand for funds at those
growth in their deposits with the return of business seasons of the year.
activity and recovery from the severe period of indusCapital stock is at the highest figure ever recorded,
trial prostration. For the Greater New York aggre- notwithstanding the
elimination of so many comgate deposits between Nov. 12 1919 and Nov. 15 1921 panies from the
list. For the Greater New York
fell from $2,443,087,071 to $2,001,080,342. Now, for there had
been between Nov. 12 1919 and Nov. 15
Nov. 15 1922 we find the amount back to $2,208,982,- 1920 an increase
from $104,700,000 to $116,983,300
617, and were it not for certain mergers which took and by Nov. 15
1921 a further increase to $125,500,some well-known trust companies out of the trust 000, details of
which were set out in our article of
company list in 1922 the recovery would have last year. Now,
for Nov. 15 1922, we find the total
reached still larger proportions. What is more, cer- up to $127,600,000
notwithstanding the elimination
tain other trust companies which in the two previous of the Lincoln Trust
Co. with a capital of $2,000,000
years had been absorbed by banks and consequently and the Mercantile
Trust with a capital of $1,000,disappeared as trust companies, thereby adding to 000. The further
increase is mainly accounted for by
the loss resulting from business depression, did not, the fact that the
capital of the American Trust Co.
of course, rejoin the trust company list, preventing has been increased
from $1,500,000 to $2,000,000, the
the general total of trust company deposits from re- capital of the Peoples
Trust Co. of Brooklyn from
turning to its former large figures. Thus the Irving $1,500,000 to $1,600,000
and that the New York Life
Trust Co., which on Nov.12 1919 had reported aggre- Insurance & Trust Co.,
with a capital of only $1,000,gate deposits of $76,278,900, was on April 19 1920 000, has been replaced by
the Bank of New York &
merged in the Irving National Bank, while on May Trust Co. with a capital of
$4,000,000.
1 1920 the Franklin Trust Co., which the previous
The item of surplus and profits, which the previNov. 12 had reported deposits of $25,278,100, was ous year had shown some shrinkage owing, no
doubt,
merged in the Bank of America. The elimination of to diminished profits as well as the charging off of
these two institutions from the trust company list heavier losses than usual, now records new high
recaccordingly accounted for over $100,000,000 of the ord totals. Interest rates during the year were
sat$288,000,000 loss in the deposits in 1920.
isfactory and security values (of the classes held by
760
the trust companies) have been rising, obviating the
need of charging off losses. In addition, the effect of
some of the mergers has also been to increase the
surplus item. For instance,on Nov.15 1921 the New
York Life.Insurance & Trust Co. reported surplus
and profits of only $2,716,600, while for Nov. 15
1922 the Bank of New York & Trust Co., which has
taken its place, has to its credit surplus and profits
of no less than $11,841,927. The result altogether is
that surplus and profits for the trust companies in
Greater New York on Nov. 15 1922 stood at $197,338,717, as against $175,565,266 Nov. 15 1921, $187,349,200 Nov. 15 1920, and $179,330,500 Nov. 12 1919.
For the whole State, including the Greater New
York, the surplus account (with all undivided profits) Nov.15 1922 was $235,322,994, against $209,223,775 Nov.15 1921,$219,945,439 Nov.15 1920 and $211,441,830 Nov. 12 1919.
The trust companies have practically stopped borrowing and have only a trifling amount of bills payable outstanding, with no rediscounts as far as the
trust companies in the Greater New York are concerned. During the war period, when the trust companies, like the banks, were financing heavy purchases of United States Government obligations for
themselves and their customers, these institutions
had recourse to the loaning facilities of the Federal
Reserve Bank of New York on quite an extensive
scale. For all the trust companies in the Greater
New York the total of the bills payable outstanding
Nov. 15 1922 was only $9,281,621, with the rediscounts, as already stated, nil. This compares with
$35,631,000 of bills payable and rediscounts Nov. 15
1921, $242,934,500 Nov. 15 1920 and $232,174,600
Nov. 12 1919.
Turning now to the assets and examining the collateral loans, the largest single item among the investments—such loans having always been a favorite form of investment with the trust companies—we
find considerable increase again in this item after a
marked contraction in previous years. The increase,
of course, is natural in view of the renewed growth
in the deposits. The aggregate of these loans fell
from $1,115,505,900 Nov.12 1919 to $896,288,800 Nov.
15 1920 and further declined to $744,386,339 Nov. 15
1921; for Nov. 15 1922 the amount is up to $846,437,293. The bill holdings have somewhat further decreased, after having heavily diminished in the previous year. The designation of this item in the statement given out by the State Banking Department is
"Loans, Discounts and Bills Purchased, Not Secured
by Collateral," and for Nov. 15 1922 the amount for
the trust companies in Greater New York is reported
as $448,204,530, as against $486,467,500 Nov.15 1921;
$646,822,300 Nov. 15 1920, and $479,327,900 Nov. 12
1919.
The stock and bond investments increased quite
considerably during the year and the aggregate for
the companies in the Greater New York Nov.15 1922
was $607,744,930 (a decline from $656,402,462 June
30 1922), against $480,806,007 Nov. 15 1921; $460,767,500 Nov. 15 1920, and comparing with $570,203,900 Nov. 12 1919. The real estate held does not vary
greatly from year to year and for the companies in
Greater New York was $48,900,549 Nov. 15 1922
against $45,975,995 in Nov. 1921;$45,401,600 in Nov.
1920, and $45,050,700 in Nov. 1919. The amount of
real estate mortgages owned also varies comparatively little from year to year. The total of such
mortgages owned in Nov. 1922 was $55,660,301,
[VOL. 116.
THE CHRONICLE
against $60,374,001 in Nov. 1921; $58,694,400 in Nov.
1920 and $60,597,600 in 1919.
The reserve held by the trust companies with the
Federal Reserve Bank was further reduced during
the year and the coincident increase in the collateral
loans and the stock and bond investments shows that
the trust companies have been keeping a larger proportion of their funds employed. The amount due
from the Federal Reserve Bank of New York less offsets, combined with the amount due from approved
reserve depositories less offsets, aggregated $243,672,704 for the trust companies of Greater New
York November 15 1922, against $234,304,212 in
November 1921; $233,154,800 in November 1920 and
$293,350,400 in Nov. 1919. The trust companies
never hold large sums of cash in their own vaults
and the holdings of "specie" in Nov. 1922 were only
$4,000,736, which compares with $5,233,340 in Nov.
1921; $8,877,800 in 1920 and $11,138,900 in 1919. In
addition they reported $17,851,658 of "other currency" authorized by the laws of the United States
in 1922 against $17,704,536 in 1921; $19,419,500 in
1920 and $23,316,200 in 1919. The remaining cash
items, viz. "exchanges and checks for next day's
clearings and other cash items" aggregated $164,352,748 Nov. 15 1922, against $146,049,871 in 1921
and $156,056,000 and $105,552,300 in 1920 and 1919,
respectively.
In the foregoing we have been dealing with the
trust companies as a whole. As far as the separate
companies are concerned, the elaborate statements
on subsequent pages will enable the reader to ascertain what the experience of each company has been
as between 1922 and 1920. To furnish a sort of general survey we introduce here the following table
comprising all the companies in the Boroughs of
Manhattan and Brooklyn, and showing the deposits
on Dec. 9 1913, Nov. 12 1919, Nov. 15 1920, Nov. 15
1921 and Nov. 15 1922. Most of the companies, as
would be expected in view of what has been said
above, enjoyed sharp recovery in deposits in 1922,
but a few have remained stationary
Dec. 9
1913.
Borough of
dfunhand's.
Nor. 12
1919.
$
$
.
American_ m __ _
Queens County__ 1,919,001
9,082,732
I
Bankers
Mercantile
1129848,542 1
Manhattan_
I 317,536,14)
20.667.4 I
BankofNew York
as Trust Co_
83.432,013 1
(2entral-a
Union Trust_ 55.258.528 i 211,438,902
1
Columbia
Knickerbocker 154,089,632 95,643,901.
Commercial
8,717.627
3,882.550
Commonwealth
458 Defunct
(defunct)
Empire
1
122.359.030 50,412,041
,
Guardian
Windsor
I
Equitable
Bowling Green I
M a d 1 s o n or )60,870.535 234,016,51)
Van Norden I
TrustCo.ofAm I
Farmers' L.& T_ 112,181,311 166,688,021
12,944,101
Fidelity- Internet 7,641.801
9.312.362
Fulton
.
8 381.843
011tIllitItY
Not. 18
1920.
Nov. 15
1921.
$
$
11.948,2' i
Nov. 15
1922.
$
15,448,828 20,987.001
283.570.900 280,452.270283,671,486
83,211,438
199,950,0 i I
193,635,18 217,471,708
84.247.800
8,514,2 i 1
83,256,238 89,613,080
7,284,6
10,226,154
Defunct
Defunct
49,938.711
47,180.104 47,049.340
Defunct
208,929,000 200.458.791224.320,479
134,064,838138,433.564
21,127,153 20,643,042
8,814,322 10,717,642
144.918.900
20.720.41
9,826,1 I 1
1
Fifth avenue_ )149,456,212 725,510,453 826.585,2ii 430,834,259468,321,449
Morton
Standard
3,556,973
8,268,884
Hudson
7.807,500
6,998,342
7,007,49
Irvinti-b
1
Broad way
)14,420,483 76,278,945
Flatbush
(9)
(9)
til
I
BaVOY
12,044,482 5,917,410
17,372,88)
(P)
Italian Dbl.& Tr
10.898.
Lawyere'T.1,&T. 12,076,467),
2,695,951) 19,542,722
17.167,726 19,204,669
Home _ b
17.890.
(u)
11,601,761
26,622,804
Uneoln
80,980.800 25.773,985
(r)
18,437,4.1
Mercantile Tr. h
18,249,441
16.303.800
39,022,671 82.871,800 27,779.992 44,810,582
Metropolitan - — 17,094.371
(g)
Mutual Alliances) 8.344.532 g
(40
22.548,200 24,062,284
23,483,727
N.'V. I.. I. & T. 32,582,071
160,065,30* 179,442,860
37,535.428 67,956.267
New York
73.108,9
(1)
1
Benntilnavian.1
. .
Title Guar.& Tr 26,921.794
33.070,973 33,828.500 34,305,53 39 818 411
(a)
Transatlantio.•. 2,617,687 a
70.309.300, 52,019,127 58.878.922
U.S. Mtge.& Tr 40,459,470 61.722.175
54,882,451
United Stetee_
47,008,700; 52.119.10 56,101,587
40,639,076
(d)
_d _ 9,702,86.
(d)
Washington
td)
(d)
I
I
FEB.24 1923.]
Dec. 9
1913.
$
Borough of
Brooklyn—
(23,456,096
Brooklyn
Long Isi.L.&T I
9,290,277
Franklin
7,137,485
Hamilton
. 15,936,3160
Kings County_
ManufacturersCitizens...3._ 5,898.416
MIdwood_s
7411811441-f
5,831.8743
People's_
19.037.883
89,282,546
Total-c
THE CHRONICLE
Nov. 12
1919.
$
Nov. 15
1920
$
Nov. 15
1921.
$
Nov. 15
1922.
$
37,744,025
38,937,700
34,058.891 43,680,418
25,278,176
8,000,854
24.941,377
Cr)
9.409.400
24,601,000
(r)
(r)
(t)
(t)
23,269,374 26,007,745
31,784,319
(1)
34,304.249
83,897.000
424.200
(0
33,661,600
41,809,290 57,325,834
1,308,694 2,359,503
00
(0
40,415,092 53.783.651
162,552,809
143,930.900
140,881,341 183,157,151
Total Greater
New York-.1077044624 2.443,087,071 2,154,214,300 2,001,080,3422208982617
a Transatlantic begun business May 28 1912 and liquidated by IL S. Govern•
went agents In 1919.
I, For Aug. 22 1907 the total does not include deposits of Flatbush of Brooklyn.
which was oonsulidated with Broadway of N.Y.City March 61912. The Broadwa3
changed title to Irving Trust Nov.30 1917 and Market & Fulton Nat.consolidate°
with Irving in March 1918.
The total for Dee. 9 1913 does not Include Home Trust Co. of Brooklyn, con
lolidated with Lawyers' Title Insurance & Trust Co.of N. Y.City February 1915.
c The total for Aug.22 1907 Includes deposits of Flatbush and the total for Dec. V
1913 Includes deposits of Home Trust Co.
d Washington Trust Co. absorbed by Corn Exchange Bank on Jan. 26 1914.
e Citizens' Trust Co. and Manufacturers' Nat. Bank consolidated In Aug. 1914
Manufacturers' Trust absorbed the West Side Bank. New York City. June 15 1918
t Nassau Prost Co. merged Into the Mechanics Bank June 27 1914.
g Mutual Altiance taken over by Chatham-Phenlx Nat. and Century hankie
January 1915.
h Mercantile Trust began business May 1 1917.
1 Scandinavian began business June 11 1917 and taken over lw Liberty National
Bank Om. 1919.
k Central and Union consolidated June 18 1918.
m American Trust organized Jan. 27 1919. absorbed Queens Co. Trust Sept. 1919.
p Italian Ifla. & Tr. began business Nov. 11 1918.
q Merged in Irving National Bank April 19 1920.
r Merged In Bank of America May 1 1920.
•Began busIntes Sept. 1920.
I Hamilton Trust merged in Metropolitan Bank Jan. 29 1921
u Lincoln Trust merged in Mechanics 4: Metals National Bank July 1922.
v Mercantile Trust merged in Seaboard National Bank April 1 1922.
w New York Life Insurance & Trust merged with Bank of New York, forming
Bank ol Now York & Trust Co., Sept. 1922.
TRUST COMPANIES AT OTHER POINTS.
In the case of the trust companies at Boston,
Philadelphia, Baltimore and St. Louis, the figures
as presented on subsequent pages for the different
institutions are all our own, we having in each instance made direct application for them to the companies, though in a few instances, where our requests
met with no response, we have had to have recourse
to official statements made in pursuance of calls of
the public authorities. In the nature of things, as
we are entirely dependent upon the companies themselves for the figures, and no general data of an official kind are available, comprehensive totals and
elaborate details, such as are possible for the institutions of New York, are out of the question. Our summaries for these other centres are such as we have
been able to prepare ourselves and necessarily are
limited to a few leading items. Nor are the returns
in those instances cast on uniform lines, nearly every
company having its own distinct method of classification, making general footings out of the question,
except is regards those few common things treated
alike by all, and which have definite, established
meaning, such as capital, surplus and deposits.
The Boston trust companies, like those of New
York, after recording contraction in both deposits
and aggregate resources in 1920 and 1921, show renewed expansion in 1922. The recovery is the more
noteworthy as it occurred in face of diminution in
the number of companies by two—there being 21
companies on Dec.31 1922 against 23 on Dec.31 1921.
The Market Trust Co. was taken over by the International Trust Co. and the Metropolitan Trust Co., together with the Back Bay National Bank, was absorbed by the Federal Trust C
Total deposits increased from $392,924,224 to $446,844,659, and aggregate resources from $456,840,076 to $507,282,285.
While increases in these items were practically general with all the companies, more than one-half the
gain was contributed by three companies: the International Trust Co. reports deposits for Dec. 31 1922
761
at *45,495,146, against $30,510,362 for Dec. 21 1921;
aggregate resources as $50,120,''53 for 1922, against
$35,059,810 for 1921, this increase due, no doubt, to
the inclusion of the Metropolitan Trust Co. and Back
Bay National Bank, as noted above. The Federal
Trust reports deposits on Dec.31 1922 at $19,863,634,
against $12,847,598 in 1921, and aggregate resources
at $22,973,065, against $14,927,753. The Massachusetts Trust Co. gives its deposits as $18,292,444,
against $14,500,223, and aggregate resources as $20,093,259, against $16,308,937.
Capital has risen from $23,450,000 to $23,850,000.
Three companies increased—the Federal from $1,C00,000 to *1,500,000, the Beacon from $600,000 to
0,000, 00 and the New England from $600,000 to
$1,000,000. Two companies, the Market, capital
$400,000, and the Metropolitan,$500,000, have disappeared from the list, as noted above.
The following furnishes a comparison for the various items for the last twenty-three years:
BOSTON.
Dec. 31
1)ee. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
1)e0. 31
Dec. 31
Dee, 31
Der- 31
Dec. 31
Dee. 31
Dec 31
Dec. 31
Dee. 31
Dee. 31
Dec 31
1)ee, 31
Dec. 31
Dec. 31
Dec. 31
1900 (16 Ocrs.)____
1901 (16 eudj____
1902 118 cos.)....„
1903( cos.).—
19
1904 (19 oos.).-..
1905 (19 cos.)____
1906 (16 cos.)---1907 (19 coal-1908 (19 cos.)._
1909( weld-19
1910 (19 cos.)......_
1911 (19 cos.)---1912 (21 cos.)-_-1913 (23 cos.)..._
1914 (24 cos )_
1915 (28 00ed-1918 (29 coe.1____
1917 (29 cos.)____
1918( 095
30
)—
1919 (31 e0s.).-1920 (28 cos.)____
1921 (23 coe.)____
1922 (21 cos.)._
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
$
8,450,000
9,000,000
11,100.000
12,100,000
12,500,000
12,500.000
11,100.000
11,750.000
11,750,000
12,150,000
12,250,000
14,850,000
16,250,000
17.250,000
17,450,000
18.480,200
10,150,0(0
21,479,800
21,650,000
26,077,000
28.329,300
23,450.000
23,850.000
$
10,285,859
12,294,798
15.779.627
18,829,264
19,702,108
20,641,502
22,551,499
23,899,740
24.610.326
25,002,793
27,349.902
26,234,350
28,108.699
29,368,660
28,143.017
24.281,485
28,174,836
27,419.977
29,107,018
33,978,583
34,573,485
34.983,448
32,000,905
$
89,461,044
107,091.782
116,264,790
112,281,257
139.851,209
148 033 197
158,213 825
125,254 872
173,785,331
186,937 993
189.1(3,760
216.92°,.+92
207,263,762
213.973.959
225,532.137
293.833.516
337,625,256
363.551,440
415.355.824
503,460,567
429.925,262
392,924,224
446.644.659
$
108,198,703
129.288,580
143,144,417
143,010,521
172,053.316
181.397,833
191.885.082
160,704,413
210.125.657
224,090.823
228,753.662
258,248,402
251,622,061
280,582.820
269,125.155
335,704,220
383,460,073
414,609.945
466.298,772
580,096,234
495.145.45.5
456,840.076
507,262,285
In Philadelphia, too, changes in the figures of the
individual companies and necessarily the totals,
have been, without exception, towards higher levels.
Four new companies have been added, the Chestnut
Hill Title & Trust Co., Cobb's Creek Title & Trust
Co., Fairhill Trust Co. (conversion of the Fairhill
State Bank) and the Sixty-Ninth Street Terminal
Title & Trust Co., each with a capi4-1 of $125,000.
One company has disappeared, the Rittenhouse
Trust Co., which was taken over by the Corn Exchange Bank. Increases in capital have been numerous, no less than nine companies having made
changes to higher figures. The total of this item for
all the companies has risen from $46,098,021 Dec. 31
1921 to $47,554,243 Dec. 31 1922, but surplus and
profits have decreased from $91,183,753 to $88,125,428. Deposits have risen from $407,600,404 to $489,308,036, while aggregate resources moved up from
$561,639,998 to $635,130,394. In both instances the
amounts are the largest evcr recorded.
Following is a comparison of the various items for
a series of years:
!!....
PHILADELPHIA.
Capital.
Surplus and
Profits.
Deo, 31 1900 (40 cos.)____
Dec. 31 1901 (41 ece.)____
Dee, 31 1902 (41 cos.)____
Dee. 31 1903 (43 coal_ _ __
Dec. 31 1904 (43 cos.)._
Dec. 31 1905 (44 cos.)____
52
Dee. 31 Me( cos.)-Dec. 31 1907 (58 cos )____
Dee. 31 1908 (58 cos.)-___
Dec. 31 1909 (69 cos.)____
Dec. 31 1910 (59 cos.)__
Dec. 31 1911 (58 cos.)____
Dec. 31 1912 (56 cos.)____
Dec. 31 1913 (56 cos.)___.
Dec. 31 1914 06 00ed__
.
.,!!!'.. L15 (, e,. mei-81 9 ., 5
D
0
`'"°..' .""' 108 o 8.)---.
Dec. 31 1917 (54 cos.).__
Dee. 81 1918 (58 cos.)___
1919 (87 COS.)— _
Dee' 31
Dec. 81 1920 OH cos.)__
21
Dee. 31 19 (68 cos.)____
Dee. 31 1922 (89 eve.)
8
28,399,965
31,927,006
83,142,233
34.320,337
34,800,980
35.312.363
38.931,963
38.727,909
39,068,955
39.897,218
39,931,416
38.511,733
38,797 836
39,162:53
8
39.089,243
88.870.193
38.879.993
40.579.993
41,307,608
44.142,068
45,338.668
46,098.921
47 554 043
$
27,826,941
33.885,857
37,514,329
39,854.877
42,344,733
45,594,298
49,590,018
50,840,244
52,000,975
55,374,618
59,187,488
62.262,427
64.847,539
65.535,659
65.932.688
69,298.540
73,775,140
77,779,452
78.408.601
81,601,490
87,915,257
91.183,753
33.125.428
Deposits.
$
138,496,312
149.137,386
153.151,355
161,231.152
6
202.1455.98
209.213,067
193.283,134
169.689,224
200,983,530
217,196,883
208.837.634
224,225.3132
231,712,367
232,941.234
238.296 333
297.235.195
331,108.286
327.597.908
335,093.397
405,973.275
417,307.021
407.600.404
489.308,038
Aggregate
Resources.
$
196,498 618
218,660.249
227.480,117
238,617,566
233.503.299
293,177.935
288.232.600
285,150.778
298.761,841
316.892,720
311.840.645
328.196.392
337.179,556
341.784,741
347.568,292
407.024.828
444.775.178
452,498.238
505.489.017
578,019,954
591,315,173
561,639,9418
835.130.394
762
THE CHRONICLE
The number of companies in Baltimore remains
the same—thirteen in all—and but two companies
have increased their capital, viz. Atlantic Trust Co.,
from $500,000 to $1,000,000, and the Title Guarantee
Trust Co., from $200,000 to $400,000, making total
.capital of all the Baltimore companies $11,500,000
Dec. 31 1922, against $10,800,000 for Dec. 31 1921.
Surplus and profits have risen from $15,988,624
-Dec. 31 1921 to $17,361,792 Dec. 31 1922; deposits
have increased from $110,811,291 to $137,308,934, and
aggregate resources from $140,781,858 to $169,330,708. Every one of the items is in excess of the best
previous total. In tabular form the comparisons are
as follows:
[VOL. 116.
lions in excess of those for 1921, 391 millions in
excess of those for 1920, and 596 millions in excess of those
for January 1919. In others wolds, as against this year's
total of $879,268,265, the amount last yes r in January was
only $467,209,905, in January 1921 but $422,716,766, in January 1920 $488,225,639, and in January 1919 no more than
$283,041,421. The total is of such magnitude that it cannot
be said to have been even closely approached in the past, the
highest previous amount for any month of any year, as far
as our records go, having been May 1922, with a total of
$617,235,070.
It is proper to state that the bringing cut of a few issues
of exceptional size is responsible for the extreme magnitude
of the month's total. As noted further below, the Anaconda
Copper Mining Co. appealed to the investment market with
atirmus WIG
4997C17056
two huge issues calling for $150,000,000 and Armour & Co.
BALTIMORE.
Profits.
Capital.
RUOVITel.
Deposits.
offered two issues which combined called for $110,000,000.
$
$
$
$
Dec. 31 1913 (10 005.)---- 8,950,000 12.177.127
45.131.061
66.058.188 These four issues alone therefore represented no less than
Dec. 31 1914 (10 coe.)--- 8.950,000 11,407.783
73,170,115
52,212.492
Dec. 31 1915 (11 oos.)---- 8,650.000 11,851.317
93,230.098 $260,000,000. In addition, a new offering of Federal
72,128,718
Land
Dee. 31 1916 (II cos.)---- 8,650,000 12.539,306
82.523,300 103,712,606
Dec. 31 1917 (11 cos.)._ __
8,650.000 12,765.927
89.517,806 110,986.41, Bank bonds for $75,000,000 was made.
Dec. 31 1918 (11 cos.)____ 8,650,000 13,309,150
85.714,838 107,773,988
Dec. 31 1019 (12 cos.)---_ 9.150.000 14.009,513 116,100,900 140,749,413
Another important point to bear in mind is that a very
Dec. 31 1920 (12 cos.).— 10,250,000 14.967.987 108,508.855 138.393.143
Dec. 31 1921 (13 cos.)____ 10,800,000 15,988.624 110.811,291
140,781.858 large part of the month's total was for the purpose of acquirDec. 31 1922 (13 cos.)____ 11,500,000 17,361,792 137,308,934 169,330,708
ing or redeeming existing issues. This is important because
Changes in St. Louis have all been upward, with to the extent that this is the case the offerings do not reprethe exception of the number of companies, which has sent applications for new capital. And this calls attention
been reduced by one—the Union Station Trust Co., to the need and value of segregating the amounts each
capital $500,000, having surrendered its trust com- month, as we do in our tables, so as to show how much of the
pany charter and been converted into the St. Louis new security issues represents applications for strictly new
National Bank. Increases in capital have been made capital and how much is merely to take up or retire stocks
by four companies—City Trust, Easton-Taylor or bonds already outstanding. In January the present year
Trust, Laclede Trust and North St. Louis Savings fully $184,985,825 out of the grand total of $879,268,265 of
Trust, each increasing its capital from $100,000 to new issues placed, was for "refunding," a designation we use
$200,000. The total of this item now stands at $12,- to indicate the absorption or taking up of any outstanding
650,000, as against $12,450,000 for Dec. 31 1921. issues of stock or long term bonds. Even with the refunding
Surplus and profits have advanced from $15,300,040 part taken out, however, it must be admitted that the reto $15,662,452. Deposits have increased from $154,- mainder nevertheless is very large, being $694,282,441.
We wish again to joint out that with new issues increas556,540 to $171,019,489, and aggregate resources from
$186,171,366 to $204,152,108. Comparison for a se- ing in every other direction, the total of offerings by States
and municipalities is running smaller than a year ago. For
ries of years is as follows:
January the amonnt was $93,726,479 for the States and muSurplus and
Aorregate
nicipalities of this country, besides which $18,153,000 of CaST. LOUIS.
Profits.
Capital.
Deposits.
Resources.
nadian issues were placed in the United States during the
$
$
$
$
Dec. 31 1901 ( 6 cos.)____ 13.425,660 14,471.934
41,339,273
69,829,307 month. In January
last year the amount for this country
Dec. 31 1902( 9 cos.)____ 20,485.300 24,922,243
62,910,106 109,167,449
Dec. 81 1903( 8 cos.)____ 19.000,000 24,915,433
62,563,117 107.454.100 was $108,653,605 and the amount
of the Canadian issues,
Dec. 31 1904( 5 cos.)--- 16,000,000 22,507,930
78,706,702 117,214.632
Dec. 31 1905( 6 cos.)____ 16,100,000 23.365.609
71,681,442 111.268.041 $20,736,000.
Dec. 31 1906( 9 co5.)__ 16,350,000 23,584,914
74.512.832 115,189,586
Dec. 31 1907( 8 cos.)____ 13,350.000 22.537.837
66.329.762 107,028,169
The investment market demonstrated its ability to absorb
Dec. 31 1908( 9 cos.)__ 13,452,400 22,782.021
97,856,192
61,619,831
Dec. 31 1909 (13 cos.)____ 14,752,400 19.428.356
73,959,732 1014.139,489
Dec. 31 1910 (13 cos.)_ 14.752.000 19,505,474
73,015,086 107,272,961 the flow of new offerings and some of the issues have alDec. 31 1911 (16 cos.)____ 15,002.400 19.591.743
78.169.009 112,763,152 ready registered substantial increases in
market value. The
Dec. 31 1912 (15 cos.)__ __ 14,900.000 19,617.825
84.229.211 118,747.036
Dec. 31 1913 (16 cos.)....... 14,950,000 19,600,4 2
0
83.329,512 117.880,234 success attending
the flotations may in part be ascribed to
Dec. 31 1914 (16 cos.)___.- 13,050.000 19,024,203
81,75..,093 111,765.316
Dec. 31 1915 (14 cos.)____ *8,050.000 *12,738,269 *62,012.90e *94,068,996
Dec. 31 1916 (15 cos.)____ 8,250.00(1 12,879,829
70.380,425
91,509,254 general recognition of a bright business outlook and to low
Dee. 31 1917 (15 cos.)---- 8,350,000 12,795.317
70,518,642
98,906,145
Dec. 31 1918 (15 coe.)---- 8,350,000 12,909,504 102,137,663 123,397,168 money rates. These two factors enabled many companies
Dec. 31 1019 (15 cos.)____
8,450,000 13,519,799 121,424.904 151.794.692
Dee. 31 1920 (17 cos.)---- 9.350.000 14.146.690 125,581,165
145,780,855 to refund outstanding issues at maturity, or in advance
Dec. 31 1921 (19 cos.)____ x12.450.000 :15.300,040 x154.556,540 z186,171,366
Dec. 31 1922 (17 cos.)____ 12,650.000 15,662,452 171,019.489 204,152,108 thereof, on a lower cost basis. It is significant, too, that
*Reduction In totals due to the elimination of the St. Louts Union Trust Co., this refunding was accomplished mainly through the mewhose banking business was taken over by the newly organized St. Louis Union dium of long term borrowing. The improved business condiBank. The Trust Co. reported no deposits on Dec. 31 1915 against 825,710,275
on Dec. 31 1914 and $11.244.821 aggregate resources Dec. 31 1915 against 836.- tion further permitted corporations to resort to stock issues,
035,227 on Dec. 31 1914.
and no less than $135,873,786 was raised in this manner in
a All Items heavily Increased through the establishment of the Liberty-Central
'trust CO. by the merger of the Central National Dank and the Liberty Dank.
January. This total of stock issues more than doubles the
monthly average for 1922 and is almost 50% of the total for
the entire year of 1921.
THE NEW CAPITAL FLOTATIONS IN JANUARY,
New flotations by industrial companies predominated in
THE OPENING MONTH OF THE NEW YEAR.
the month's business, amounting to $422,707,500. The foreJanuary broke all records for new capital flotations in the
most issues in this group follow: $100,000,000 Anaconda CopUnited States as represented by the stock, bond and note per Mining Co. 1st cons.
mtge. 6s "A," 1953, offered at 961
/
2
,
issues brought out on behalf of corporations and by States yielding 6.25%; $50,000,000
Anaconda Copper Mining Co. 15and municipalities, foreign and domestic, and as represented year Convertible Debenture
7s, offered at par, yielding 7%;
by Farm Loan issues. The op fling month of the year is $60,000,000 Armour & Co.
(of Del.) 7% Guar. Pref. Stock,
nearly always distinguished for offerings above the average offered at 99, yielding
7.07%; $50,000,000 of the same commonthly amounts, but the present year this distinction has pany's 1st mtge. Guar. 52
/ "A," 1943, offered at 96, yielding
1s
been carried to unusual heights. The grand total of stocks 5.85%; $25,000,000
/
1s
Bethlehem Steel Corp. Cons. Mtge. 52
and bonds which came on the market aggregated no less than "B," 1953, placed at 93, yielding 6%, and $20,000,000 Fisher
$879,268,265. This is 412 millions in excess of the offerings Body Corp. Serial 6s, 1924-28, sold at prices to yield from
In the corresponding _month last year, nearly 457 mil- 52 to 61/2%.
/
1
%
763
THE CHRONICLE
FEB.24 19231
The total of public utility offerings reached $145,879,286,
constituting one of the largest months on record. The principal issues of this nature were $35,000,000 Bell Telephone
/,
Co. of Pa. 1st & Ref. Mtge. 5s "B," 1948, offered at 9812
yielding 5.10%; $22,000,000 Spring Valley Water Co. 1st
/2,
Mtge. 5s, 1953, placed at 981 yielding 5.12%, and $17,500,000 Laclede Gas Light Co. 1st Mtge. Coll. & Ref. 51/25 "C,"
1953, offered at 96.45, yielding 5.75%.
Railroad issues were on a much larger scale than in recent months, amounting to $54,802,000, which compares with
only $29,871,500 in December 1922 and but $7,505,000 in November. The most important offerings were: $13,875,000
Balto. & Ohio RR. Equip. 5s, 1924-38, offered on a 5.20%
/
1
basis; $12,660,000 N. Y. Central Lines Equip. 42s, 1923-37,
offered to yield 5%,and $10,000,000 Northern Pacific Ry. Co.
Ref. & Imp. 55 "D," 2047, offered at 99, to yield 5.05%.
The long awaited Republic of Cubq loan was finally
floated in January. It was the only foreign obligation sold
during the month. The offering was made in the form of
A% Gold Bonds, 1953, at 994, to
30-year Sinking Fund 51
yield about 5.55%.
Thirteen issues of farm loan bonds, aggregating $94,000,000, were brought out at prices to yield from 4% to 4%%.
The largest of these was the $75,000,000 Federal Land Bank
/2s, 1933-43, sold at 101, yielding 4%%.
41
The following is a complete summary of the new financing—corporate, foreign, Government and municipal, and
farm loan issues—for January of the last five years. We
desire to point out that we have further subdivided the figures—showing in the case of the corporate offerings both the
long term and the short term issues for the bonds, and separrating the common from the preferred shares for the stocks.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
JANUARY.
1923.
Corporate—Long term bonds and notes_
Short teens
Preferred storks
Common stocks
Foreign
Refunding
.
Total.
5
460,695,000
26,820,000
111.213,386
24,660,400
177,925,824
6,000,000
623,388,786
50,000,000
94,000.000
92,666,479
18.153.000
1,060,000
93,726,479
18,153,000
694.282 A41
Grand total
3
129,982,798
9,454,000
36,172.266
2,316,760
445,462,962
44,000,000
94,000,000
Total
Foreign Government
Farm Loan 18911es
War Finance Corporation
Municipal
"
Canadian
"
United States possessions_
5
330,712,202
17,366,000
75,041,120
22.343,640
184.081.824
879.268.265
New Capital.
JANUARY.
1922
Corporate—Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
134,954,265
28.851,800
7,395,000
24.538,400
Refunding.
$
45,140.835
11,650,000
400,000
Total.
180,095.100
40,501.800
7,795,000
24.538,400
195,739,465
73.500,000
11,390,000
129,287,520
14,553,166
5,365,400
59,940.000
67.317,480
8,100.000
196,605,000
22,653.166
5,365.400
59,940,000
75,417,480
284,563,566
45,000,000
427,895
88.431.290
6,722,000
75.845,375
422,716,766
91,185,000
26,528,752
92,050,150
74,709,748
3,760,000
12,000,000
52,757,248
17,626,850
6,078,000
103.185,000
79,286,000
109,677,000
80,787,748
3.760,000
88,462,098
376,695,748
25,000,000
82,511,391
3.000,000
1,018,500
83.529,891
3,000,000
398,745,041
89,480,598
488.225,639
114,350,000
18,500,000
7,305.000
39,020,196
15,000,000
60.078.600
129,350,000
78,578,600
7,305,000
39,020,196
179,175,196
75,078,600
254,253,796
23,778.975
2,697,000
1,311,650
25,090.625
2,697,000
206,651,171
Total
Foreign Government
Farm loan issues
War Finance Corporation
Municipal
"
Canadian
"
United States possessions_
467.209,905
288,233,650
25,000,000
1920.
Corporate—Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
57,883,372
346,871,391
Grand total
108,653,605
20,736,000
86.003.305
6,722,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
"
Canadian
••
United States possessions
692.537
209,146.086
45,000,000
1921.
Corporate—Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
252,930,300
73,500,000
11,390,000
409,326,533
Grand total
57,190,835
107,961,068
20,736,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
"
Canadian
"
United States possessions....
76.390,250
283.041,421
_
Grand total
1919.
Corporate—Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
"
united States possessions...
Grand total
1,000,000
1,000,000
We now add our detailed compilat'on of the corporate
financing for January, being able in this case, however, to
cover only three years.
STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1923.
1922.
1921.
January.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
—
Nem Capital.
Long•Term Bonds and Notes—
lailroads
Public utilities
iron, steel, coal, copper, Arc
Zquipment nianu torturers
Motors and accessories
)ther industrial and manufacturing_ _ _ _
311
and. buildings, &c
Rubber
Blipping
Miscellaneous
$
50,802,000
66.940,000
151,683,139
6,000.000
2.140,000
7,326,003
24,436,000
31,549,000
55.985,000
18.582,435
2,947,565
21,530,000
2.000,000
Total
Short-Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, Arc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing_
Dil
Land, buildings, &e
Rubber
Shipping
Miscellaneous
330.712,202
129,982,798
460,695,000
134,954,265
45,140,835
180,095.100
2,570,000
20,951,800
6,050,000
11,650,000
20.951.800
17,700,000
Refunding.
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and Manufacturing_ _ _ 011
Land, buildings, dm
Rubber
Shipping
Miscellaneous
3
4.000.000
44,833,000
45,866.861
1,860,000
1,873,937
21,385,000
21,385.000
2,570,000
14,046,000
$
54,802.000
111..773.000
197.550.000
6,000.000
4.000,000
9.200.000
9,454.000
23.500,000
$
84,620,330
11,217.500
1,500,000
1,750.000
5.625.000
8,500.000
3,150,000
3
27,643,270
13,300.000
1,250,000
$
22.846.420
48.722,000
5,500,000
$
50.809,580
3,072.000
5,000.000
$
73.656.000
51,794,000
10,500,000
1,750,000
5.625,000
9,750,000
3,150,000
28.404.100
20,100,000
1,715.000
5,435,900
3,000.000
33,840,000
23,100.000
1,715.000
129,287,520
67,317.480
196,605,000
2,136,000
8,100,000
10,236,000
200.000
200,000
2.000,000
200,000
200,000
1,450,000
750.1)00
1,450,000
750,000
5,000.000
5,000,000
7,417,166
7.417.166
17,368,000
9,454,000
26.820.000
28.851,800
11.650,000
40,501,800
14,553,166
31,536.286
7,273.240
1,066.760
31,536,286
8,340,000
12,832.150
12,406,250
400,000
13,232,150
12.408,250
3,730,400
3,730.400
5,040,000
19,192,734
1,000.000
1,335,000
1,487.266
6.375.000
20,680.000
1,000,000
920,000
920,000
1,175.000
4,000.000
2,000.000
2.700.000
56,250.000
2.000.000
2,700.000
56.250,000
1.175.000
4.000,000
33,342,500
34,600,000
67,942.500
600,000
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other Industrial and manufacturing
Oil
Land, buildings, dre
Rubber
Shipping
Miscellaneous
97,384,760
38.489,026
135,873,786
31,933.400
400,000
50.802,000
101,046,286
158,956.379
6.000.000
21.226,000
26.518.797
1,750,000
21,385,000
4,000,000
44,833,000
46,933,621
54,802.000
145.879,286
205.890.000
6.000.000
33,875.000
29,880.000
1,750.000
21,385,000
105,581,130
30,099.650
13,906,250
27,643,270
25,350,000
1,950.000
6.745.000
8.500.000
5.775.000
4,000.000
1,250.000
57,778.500
66.149.000
123,927.500
19,182,435
2.947.565
22.130,000
445.462,962
177.925,824
623,388,786
195,739,465
57.190.835
252,930.300
209,146,086
8,100,000
10,042,166
Total corporate securities
Total.
$
112,272,600
24,517,500
1.500,000
12,649,000
3,361.203
22,653,166
600,000
—
32,333,400
625.000
625,000
65.305,400
65,305,400
133,224.400
55.449.650
13,906,250
22,846.420
54,588,400
5,500,000
50,809.580
11,172,000
5,000.000
73.656.000
65,760.400
10.500.000
1,950,000
6.745.000
9.750,000
• 5,775.000
4.000.000
2,000.000
31.104.100
81.350.000
1,715,000
5,435,900
3,000,000
2.000,000
36,540,000
84,350.000
1,715,000
75,417.480
284,583,560
10.042.168
764
THE CHRONICLE
[Vou 116.
LONG TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Price.
Railroads
8
13,875.000 New equipment
713,000 General corporate purposes
4,000,000 Refunding
12.660,000 New equipment
7,274,000 Capital expenditures
6,030,000 New equipment
10,000.000 Refunding
54,802,000
Public Utilities
35,000,000 Refunding: add'ns. dr betterments_
9855
3,000,000 Acquisitions, extensions, &o
725,000 Acquisitions
160,000 Refunding
383.000 General corporate purposes
1,917,000 Refunding, add'ns & betterments_
4,500,000 Acquisitions; other corp. purposes.
65,000 Additional working capital
17,500,000 Refunding: general corp. purposes_
3,000,000 Acquisitions
5,500.000 Acquisitions, extensions, &c
850,000 Acquisitions, extensions, &e
2,000,000 Construction
1,000,000 Additions and extensions
1,750.000 New equipment
650,000 Additions
1,000,000 Capital expenditures
22,000,000 Refunding: additions & extensions_
2,500,000 Refunding
300,000 Additions, improvements, &c
5.10 Bell Telephone Co. of Pa. let & Ref. Mtge. 55 "B." 1948. Offered
Kuhn, Loeb & Co.; Kidder. Peabody & Co.: First National Bank; by .1. P. Morgan & Co.;
National City Co.; Bankers
Trust Co.: Guaranty Co.- Harris, Forbes & Co., and Lee, Higginson
07
6.75 Central Pr. & Lt. Co. 1st Lien & Ref. 655s, 1952. Offered by Snowe & & Co.
Gillett & Co. Baltimore; R. E. Wilsey & Co. Chicago; Stephens & Berties, Inc., New York:
Co. and Bradford, Kimball
&Co., San Francisco, and Moors & Cabot. BOston,
97
6.80 Community Pr. & Lt. Co. 1st Mtge. Coll. 655s "B," 1938.
Offered by Wm.L. Ross & Co., Inc.,
Chicago: Whitaker dr Co. and Liberty Central Trust Co.,
100
0.00 Cucamonga Water Co. 1st Mtge. 65, 1924-43. Offered by St. Louis.
Drake, Riley & Thomas and M. H.
Lewis & Co. Los Angeles.
89
5.80 Denver Gas & Electric Co. 1st & Ref. Mtge. 5s, 1951.
9255
6.65 Eastern Wisconsin Electric Co. 1st Lien & Ref. Mtge.Offered by Halsey, Stuart & Co., Inc.
6s,
Chicago; Paine, Webber dr Co. and Halsey, Stuart & Co.1942. Offered by Hill, Joiner & Co..
9555
654 Indiana Electric Corp. 1st Mtge. 68 "A." 1947. Offered by
Halsey,
dr Co.; Paine, Webber & Co.; Stone dr Webster; Spencer Trask & Co., Stuart & Co.; A. B. Leach
and Tucker, Anthony & Co.
100
6.00 Indianapolis Columbus & Southern Traction Co. let Mtge.
65, 1948. Offered by Fletcher
American Co., Indianapolis, and Illinois Trust & Savings Bank,
Chicago.
___ Jacksonville (Texas) Electric & Ice Co. 1st Mtge. 7s,
100-0734
1923-32. Offered by Brea, Garrett & Co.,
Dallas, Texas,
96.45
5.75 The Laclede Gas Light Co. let Mtge. Coll. & Ref. 5558 "C,"
1953. Offered by Halsey, Stuart
& Co., Inc.: W. A. Harriman .4 Co., New York, and
9755
8.20 Long Island Lighting Co. 1st Ref. Mtge. 8s "A," 1948. G. H. Walker & Co. St. Louis.
Offered by Bonbright & Co., Inc., and
W.C. Langley & Co.
8955
5.80 Memphis Pr. & Lt. Co. 1st dr Ref. Mtge. 5.1 "A," 1948. Offered
by Guaranty Co. of New York
and Harris, Forbes & Co.
99
6.60 North Missouri Pr. Co. 1st Mtge. & Ref. 650, 1042.
Offered by Guaranty Trust CO.. Kansas
City, Mo., and Central Trust Co. of Illinois, Chicago.
92
5.55 The Ohio Pr. Co. 1st dr Ref. Mtge. 55 "B," 1952. Offered by
& Co.; Continental & Commercial Trust & Savings Bank, Dillon, Read & Co.; Leo. Higginson
96
655 Oklahoma Gas & Electric Co. 1st & Ref. Mtge.13s "B," 1041. Chicago.
Trask dr Co.; E. H.Rollins & Sons: H. M.Byllesby & Co., Offered by Bonbright & Co.: Spencer
5.20-5.50 Philadelphia Rapid Transit Co. Equip. Tr. 5558, 1924-33. Inc., and Federal See. Corp., Chicago.
Offered by Dillon. Read & Co.
96
6.25 Philadelphia Suburban Gas & Electric Co. (len. Mtge, 6s,
1969. Offered by Str aid & Co..
Inc., and Bioren & Co., Philadelphia.
02
6.65 Southern Indiana Gas & Elec. Co. 1st L.& Ref. M.(Is "B," 1917.
Offered by National City Co.
9855
5.12 Spring Valley Water Co. 1st Mtge. 5s, 1943. Offered by Mercantile
Trust Co., San Francisco;
Equitable Trust Co., N. Y.; First Natictial Corp.. Boston: Blair &
Trust Co., Chicago; Security Trust & Savings Bank and First SecuritiesCo., Inc., N. Y.; Union
Co. Los Angeles; WellsFargo Nevada National Bank, Bond & Goodwin & Tucker, Inn., Union
Trust Co. San Francisco; Security Savings & Trust Co., Portland, Ore.: Anglo London Paris
Co., San Francisco:
First National Bank, Oakland, Calif.: Union Bank & Trust Co., Los Angeles;
American National
Co. and Security Bank & Trust Co., San Francisco,
90
6.70 United Light & Rys. Co. Debenture 68. 1973. Offered by Bonbright & Co. Inc.
103
0.75 Wisconsin-Minnesota Lt. & Pr. Co. Gen. & Ref. Mtge, 7s, 1917. Offered
'by Halsey. Stuart dr
Co., Inc. and Paine, Webber & Co.
81)
6.00 Yadkin River Power Co. 1st Mtge. 58, 1941. Offered by Bonbright dr Co., Inc.,
W. C. Langley
& Co. and Spencer Trask & Co.
4,000,000 Refunding: acquisitions
111,773.000
Iron, Steel. Coal, Copper, &c.
7.000,000 Refunding; construction
100
100,000,000 Refunding; acquisitions. wkg. cap.
9655
50.000,000 Refunding; acquisitions; wkg. cap. 100
25,000,000 Refunding; other corp. purposes_ 93
4,000,000 Acquisitions
100
200,000 Reduce cur, debt: working capital_ 100
10,000,000 Capital expenditures
9455
600,000 Working capital
100
750,000 Retire cur, debt; working capital
- 100
197,5.50,000
Equipment Manufacturers
6,000,000 Corporate requirements
9454
Motors & Accessories
4,000,000 Refunding; acquisitions. &c
Other Industrial & mfg.
2.500.000 Refunding; reduce current debt_
2.500.000 Extensions; betterments, &c
1,250,000 Refunding: working capital
200,000 Increased production
500,000 acquisitions
1.500,000 Retire eur, debt; working capital_
99
95
100
100
0934
250,000 General corporate purposes
500,000 New capital
Company and Issue and by Whom Offered.
5.20 Baltimore & Ohio RR. Equip. Tr. 55, 1924-38. Offered by Kuhn, Loeb &
Co.. Speyer and Co
and National City Co.
5.40 Bangor & Aroostook RR,Equip.Tr.555s,"II," 1924-33. Offered by First
National Bank,Bangor,
Me., and Beyer & Small, Portland, Me.
80
6.40 Chicago Terre Haute & Southeastern Ry. Co. 1st & Ref. Mtge. Ss,
1960. Offered by Harper
& Turner, Philadelphia.
9854
5.03 Indianapolis Union Ry. Gen.& Ref. Mtge.59"B," 1965. Offered by
Union Trust Co.,Pittsburgh,
Harris, Forbes & Co. and Dillon. Read dr Co.
94.85 10 99.68 5.00 New York Central Lines Equip. Tr. 434s of 1922,
due 1923-37. Offered
First National Bank, National City Co.. Guaranty Co. of N. Y., and by J. P. Morgan & Co.,
Harris, Forbes & Co.
100
6.00 New York Chicago & St. Louis RR. 2d & Impt. Mtge. 65, 1931. Offered
by Guaranty Co. of
New York, Union Trust Co., Cleveland. and Hayden. Miller & Co.,
Cleveland.
4.75 Norfolk & Western Ry. Equip. Tr. 435s of 1922. due 1924-32. Offered
Edward B. Smith & Co., Janney & Co.. and Girard Trust Co.. all by Elkins, Morris & Co
of
99
5.05 Northern Pacific Ry. Co. Ref. & 'mut. Mtge. 55 "D," 2047. Offered Philadelphia.
First National Bank, New York, and National City Co., New York. by J. P. Morgan & Co..
250,000 New equipment
973,000 Refunding
To Yield.
About.
90
6.00 The American Rolling Mill Co. 15-Year Debenture 6s, 1938. Offered by Guaranty
Kidder, Peabody & Co.; W.E. Hutton & Co., and Marshall, Field,(More, Ward Co. of N. Y.;
&
6.25 Anaconda Copper Mining Co.Cons. Mtge.Series"A-6s, 1953. Offered by Guaranty Co.
National City Co.; Bankers Trust Co.: Mechanics & Metals Nat. Bank; Dillon. Co. of N. Y.:
Kidder, Peabody & Co.; E. H. Rollins & Sons: White, Weld & Co.; Hayden, StonoRead & Co.;
& Co.; Redmond & Co.; Cassatt & Co.: Blyth, Witter dr Co.: Old Colony Trust Co.; Loa,
Higginson & Co.:
Brown Bros.& Co.; Kissel, Kinnicutt & Co.: Hornblower & Weeks; Kean,Taylor &
Co.; Marshall
Field, Clore. Ward is Co.; Edward B. Smith & Co.; J. & W. Seligman & Co.; First
Bank (Boston): Harris, Forbes & Co.; Halsey. Stuart & Co., Inc.; Halig.arten & Co.;National
Spencer
Trask & Co.; W. A. Harriman & Co., Inc.; Chas. D. Baney & Co.: Graham, Parsons &
Co.:
Ames, Emerich & Co.: National Shawmut Bank; Mellon National liank; Union Trust Co.
(Pittsburgh), Continental & Commercial Trust & Savings Bank: First Trust & Savings
Bank:
Northern Trust Co.: Union Trust Co. (Cleveland): Cleveland Trust Co.; Anglo London Paris
Co.: Bank of Italy (San Francisco), and Mercantile Securities Co.
7.00 Anaconda Copper Mining Co. Convertible Debenture 75, 1938. Offered by same bankers.
,
6.00 Bethlehem Steel Corp. Cons. Mtge. 5555 "B," 1053. Offered by Guaranty Co. of N. Y. and
Bankers Trust Co., New York.
7.00 Columbia Steel Corp. let Mtge. 78 "A," 1938. Offered by Dillon, Read & Co.; The Anglo &
London Paris National Bank, San Francisco: Mercantile Trust Co. of California, San Francisco:
Union Trust Co., Cleveland, and Anglo-California Trust Co.
7.00 Mayhew Steel Products, Inc. 1st (Closed) Mtge. 7s, 1937. Offered by E. S. Chase & Co., Inc.,
Springfield, Mass.
5.90 Republic Iron & Steel Co. Ref.& Gen. Mtge. 5345 "A," 1953. Offered by Kuhn, Loeb & Co.
and
13lalr & Co., Inc.
7.00 Steelcraft Corp. of America 1st (Closed) Mtge. 78, 1937. Offered by Hoagland. Alum &
Co.
t3.00 Willamette Iron & Steel Works let Mtge. 68, 1928-38. Offered by Lumbermen's Trust Co.
Bank,
Portland, Ore.
5.75 Pressed Steel Car Co. 10
-Year Cony. Es, 1933. Offered by A. G. Becker & Co.; Halsey, Stuart
& Co., and Ames, Emerich & Co.
6.10 (Edward G.) Budd mtg. Co. Convertible Os, 1038. Offered by Lee, Higginson & Co. and Brown
Brothers & Co.
5-5.85 American Glue Co. 555s, 1924-38. Offered by Estabrook & Co.
634-534 Brown Co.(Portland, Me.) Deb. 6s. "C," 1924-43. Offered by Ilornblower & Weeks, Now
7.00 Campbell Baking Co. 1st (Closed) 635s, 1943. Offered by Win. R. Compton Co., St. Louis. York.
8.00 Commercial Chemical Co. of Tenn. Deb, 58, 1932. Offered by Jelke, Hood & Co., New York.
6.00 Orono (Me.) Pulp & Paper Co. let Mtge. & R. E. Lien as, 1943. Offered by Merrill Trust
Co.
and Columbia Investment Co.. Bangor, Me.
7.00+ Phoenix Silk mfg. Co., Inc. (N. Y.) 1st Mtge. 75, 1943. Offered by J. & W. Seligman
di Co.:
Pearsons-Tafft Co., Chicago.
Hemphill, Noyes & Co.. and
634-6.44 Reynolds Wire Co.(Dixon, III.) 1st M.6555. 1923-32. Offered by Peabody, Houghteling &
Co.
Chicago.
5.60 Smith & Wesson. Inc., 1st (Closed) Mtge. 5558, 1938. Offered by Estabrook & Co.
9,200,000
Land, Buildings, &c.650,000 Finance construction of building..
2,700,000 Finance construction of apt. hotel.
3,400,000 Finance construction of building..
1,500.000 Finance construction of building_
„000 Finance construction of building515,000 Finance construction of building_
.5.50,000 Finance construction of apartment
550,000 Finance construction of building_ _
500,000 Retire cum, debt: working capital.
1,760,000 Finance construction of hotel
2,200,000 Finance construction of building._
1.050,000 Finance construction of building
500,000 Extensions; retire current debt_
2,000,000 Finance construction of hotel
1.500.000 Improvements
150.000 Finance construction of building_ _
160,000 Finance construction of building_ _
450,000 Finance construction of building. _
21 385,000
7.00 The Alcazar Realty Co. 1st M. 75, 1928-34. Offred by Worthington, Bellows & Co.
7.00 The Chatham Apt. Hotel let Mtge.78, 1925-35. Offered by American Bond & Mtge. Co., Inc., N.Y
6.00 Chicago Allerton House 1st Mtge. 6s, 1923-42. Offered by S. W. Straus & Co., Inc.
7.00 Cosmopolitan Office Bldg. & Theatre 1st M. 7s. Offered by American Bond & Mtge. Co., Inc.
6.50 Forest Park Hotel (St. Louis, Mo.) 1st Mtge. 6555, 1925-40. Offered by S. W.Straus & Co., Inc.
7.00 Fort Sumter Hotel (Charleston, S. C.) 1st M. 7s, 1925-38. Offered by G. L. Miler & Co., N. Y.
5.50 Kew Hall Apt. (Kew Gardens, L. I.) 1st Mtge, 555% Prudence Ctfs., 1924-32. Offered by The
Prudence Co., Inc., New York.
100
6.50 Luhrs let Mtge. R. E. 13558, 1926-38. Offered by Cyrus Peirce & Co.
1953
.
100
7.00 Massachusetts Citizens Realty Co. 1st & Ref. Mtge, 75
100
6.50 Miramar Apt. Hotel(Greater Cleveland) 1st M.655, 1928-35. Offered by S. W.Straus & Co.. Inc.
100
6.50 Montreal Insurance Exchange Bldg. (Montreal, Quebec) let Mtge. 055s, 1925-38. Offered by
S. W.Straus & Co., Inc.
100
6.00 160 Riverside Drive Apt. Bldg.(N.Y.City) 1st M.
(10, 1924-37. Offered by S. W.Straw)& Co.,Inc.
100
7.00 Pacific Land Corp. 1st M.& Coll. Tr. 78, 1932. Offered by Pacific Farm Mtge. Co.. Los Angeles.
Price on applica'n Walker Hotel Corp. (Washington, D. C.) Convertible Secured Debenture as, 1034. Offered by
Pittsburgh.
David Stewart,
100 ,
7.00 Webster Bldg.(Chicago) 1st (closed) M.7s, 1943. Offered by Otis & Co. and A. C. Allyn & Co.
100
6.00 Whitman Bldg. Corp.(Walla Walla, Wash.) 1st (closed) M.& Coll. Trust 6s, 1924-43. Offered by
Carstens & Earls. Inc., Seattle.
100
6.50 Wilson Improvement Co. and Thos. K. Wilson let M. 655s, 1923-32. Offered by Mississippi
Valley Trust Co., St. Louis.
100
6.50 Worthington Apt.slag.(St. Louis, Mo.) 1st NI.655s, 1925-38. Offered by G.L. Miller & Co.,N.Y
100
100
100
100
100
100
100
FEB. 241923.]
Amount.
Purpose
THE CHRONICLE
of Issue.
To.Yield
About.
Price.
Miscellaneous
50,000,000 Refunding, retire current debt, &c.
96
100
4,500,000 Refunding, general corp. purposes
Company and Issue, and by Whom Offered.
5.85 Armour & Co.(of Del.) 1st M.Guar. 534s,"A," 1943.
Offered
& Co., Inc.: Continental & Commercial Tr. & Say. Bank,by Blair & Co., Inc.: Halsey, Stuart
Equitable Trust Co.. Bankers Trust Co., New York; Union Chicago; Kidder, Peabody & Co.,
Trust Co., Pittsburgh: Illinois Trust
& Savings Bank, Chicago: E. H. Rollins & Sons, Spencer
Trask Co., Cassatt
Trust Co., Clark, Dodge & Co., Redmond & Co., Dominick & Dominick, & Co., Old Colony
&
Graham, Parsons &
Co., Wm.R. Compton Co., W. A. Harriman & Co., Inc.,
A. G. Becker & Co., Mitchell, Hutchins
& Co., Inc., Mercantile Securities Co., San
Francisco: Federal Securities Corp., Chicago: Blyth,
Witter & Co.. Cleveland 'Trust Co., Anglo London Paris
Co., San Francisco; Cyrus Peirce & Co.,
Manufacturers' Trust Co., New York, and Pierson
6.00 Ottawa (III.) Silica Co. 1st M. 6s, 1942. Offered by & Co., Amsterdam, Holland.
Whiting & Co., New York,
7.60 Pittsburgh -Florida Fruit Growers' Assn. lot (closed)
M. dr Coll Tr. 730, 1933. Offered by
Clark, Williams & Co., Floyd-Jones, Vivian
7.00 Poundstone & Dwyer Ranch 1st M. 7s, 1937. & Co. and Goodwin, Allen & Co., New York.
Offered by Carstens & Earles, Inc., Seattle.
6.00-7.00 Southern Ice & Cold Storage Co. (San Antonio, Tex.)
1st & closed M. 75, 1924-33. Offered by
Lorenzo E. Anderson & Co., Liberty Central
6.10 (The) Rudolph Wurlitxer Co. Debenture 6s, Trust Co. and Whitaker As Co., St. Louts.
1938. Offered by Geo. H. Burr ,Sz Co., Halsey;
Stuart & Co., Inc., and A. B. Leach & Co.
500,000 New capital
100
500.000 Acquisitions, retire current debt,
&c
993,
185,000 Refunding, capital expenditure_ _ _
300,000 New construction
765
99
55,985.000
SHORT TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
To Yield
About.
Price.
Public Utilities$
1,500.000 Capital expenditures
500,000 General corporate purposes
570,000 General corporate purposes
2,570,000
Motors and Accessories
20,000,000 Refunding, working capital
Company and Issue, and by Whom Offered.
• %
5.70 North Boston Lighting Properties 3-year 534s. Jan.
15
6.75 Old Dominion Power Co. 1st M. Coll. Trust 5-year 6345, 1926. Offered by Estabrook & Co.
1928. Offered by Chas. D. Barney & Co.
634 Western United Gas & Electric Co. Coll. Tr. 65, Feb. 1
1926. offered by W. W.Armstrong
Co. and First Wisconsin Co.
993,
99
99
[100.48
5.501 Fisher Body Corp. Serial 6s, 1924-28. Offered
by Bankers Trust Co., Guaranty Co. of
Ito 98.94 to 6.25)
N. Y.;
Union Trust Co., Pittsburgh, and Hallgarten & Co.
Placed privately
Pierce-Arrow Motor Car Co. 1-year 6% notes. Placed
privately.
3,500,000 Retire bank loans
23,500,000
.•
Oil
750,000 Additional capital
100
7.00 Maracaibo Oil Exploration Co. 2-year Convertible
7s, Feb. 1 1925. Offered by co. to
stockholders
STOCKS.
Par or No.
of Shares.
(a) Amount Price
Involved. per Sh.
Purpose of Issue.
Public Utilities
12,000,000 New construction
15,000,000 Capital expenditures
5
12,000,000 100(par)
15,000,000 50
. 572,900 Additions and betterments
t
I
/ 1,000,000 General corporate purpose
1,215,000 Capital expenditures
*13,859 she. Additions, improvements, &c
1,000,000 Capital expenditures
572,900 .
100(par)
1,000,000 '9834
1,215,000 100
748,386 54
1,000,000 98
Iron, Steel, Coal, Copper, &c.
7,000,000 Refunding, construction, working
capital
•134,000shs .Additional capital
____ Commonwealth Edison Co. Capital stock. Offered
by
6.00 Consolidated Gas Co. of N. Y.6% Cum. Panic. Prof.company to stockholders.
Offered by company to employees and customers.
____ Lawrence (Mass.) Gas Co. Capital stock. Offered
by company to stockholders.
7.10 Nebraska Power Co. 7% Cum. Prof. Offered by Bonbright
& Co., Inc.
7.00 Pacific Power & Light Co. 7% Cum. Pref. Offered
by
____ Penn Central Lt. & Pr. Co. Prof. Offered by co. to Myth, Witter & Co.
stockholders and customers.
7.15 Power Corp. of N. Y. 7% Corn. Pref. Offered by
E. H. Rollins & Sons, New York.
7,000,000 100
10
7.00 The American Rolling Mill Co. 7% Cum. Pref. Offered
by Guaranty Co. of N. Y.;
Kidder, Peabody & Co., W.E. Hutton & Co. and
Centrifugal Cast Iron Pipe Co. Common. Offered Marshall Field, Glore, Ward & Co.
by Colgate, Hoyt & Co.
8,340,000
1,440,000 .24
3,000,000 99
•43,000 shs• Equip, plant, working capital
1,935,000 .45
6,375,000
Other Industrial & Mfg.
Acquisitions, working capital
Additional capital
Corporate requirements
New capital
Working capital, improvements,&c
Working capital, equip. of plant_ _
Refunding, working capital, &c
7,500,000
1,000,000
500.000
3,000,000
1.250,000
1.680.000
1,000,000
101
99!4
102
100
9635
28
100
____ The Borg & Beck Co. (of Ill.) Common.
Offered
7.07 (Edward G.) Budd Mfg. 7% Cum. Prof. Offered by John Burnham & Co., Chicago.
by Lee, Higginson & Co. and Brown
Bros. & Co., New York.
Springfield Body Corp. (N. J.) Class A stock.
New York, and TIM Bros., Springfield, Mass.Offered by Chester B. Cook & CO.;
6.93
7.00+
7.84
7.00
7.25
..00
1,000,000 General corporate purposes
1,000,000 105
6.67
2,500,000 New capital
1,250.000 Refunding
2,500,000 99
1,250.000 100(Par)
7.07
____
20,680,000
Oil
1,000,000 Construction
1,000.000 105
Miscellaneous60,000,000 Refund'g, retire cur'nt debt, &c_ 60,000,000 .99
1,000,000 Additional capital
*55,000 aka Acquire Cuyamel Fruit Co., South
Dakota
2,500,000 Acquire assets Lyon & Healy,
working capital
*25,000 slis
Additions, extensions, ezc
Company and Issue, and by Whom Offered
-
31,536,286
1,340.000
Motors and Accessories
*60,000 shs. Additional capital
I 3,000,000 Refunding, acquisitions, &c
7,500.000
1,000.000
500.000
3,000,000
1,250,000
1,500.000
1,000,000
To Yield
About 5;
1,000,000 100
2,942,500 -5335
2,500,00
100
1.500,00
60
67.942.500
American Cotton Fabric Corp. 7% Cum. Pref.
Offered by Guaranty Co. of N. Y.
American Silk Spinning Co. 7% Cum.Pref.
Brownstein-Louis Co. 8% Cum, Pref. OfferedOffered by 13odell & Co.. Providence,R.I,
Hammerhill Paper Co. 7% Cum. Prof. Offeredby Alvin H. Frank & Co., Los Angeles.
by A. G. Becker & Co., New York.
Hydro' Corp. 7% Cum. Pref. Offered by
International Lamp Corp. Capital stock. Tobey & Kirk, New York.
Offered by Fred C. Bristol & Co., Chicago.
Judson Mills 7% CUM. Pref. Offered
by Spencer Trask & Co., Curtis & Sanger, New
TheYork, and Thos. Branch & Co., Richmond,
National Supply Co. of Del. 7% Cum. Va.
and Hayden, Stone & Co., New York. Prof. Offered by Dominick & Dominick
Reliance Mfg. Co. 7% Cum. Pref.
Offered by John Burnham & Co., Chicago.
Shredded Wheat Co. Common. Offered
by to. to Preferred and Common stockholders.
7.15 Beacon Oil Co. (of Mass.) 734% Cum.
Prof. Offered by Kidder, Peabody & Co.
7.07 Armour & Co. of Del. 7% Guar. Prof.
stock. Offered by Blair & Co., Inc., Kidder,
Peabody & Co., Equitable Trust Co. of
& Co., Cassatt & Co., Old Colony TrustN. Y., E. H. Rollins & Sons, Spencer Trask
Co., Clark, Dodge & Co., Redmond & Co.,
Dominick & Dominick, Graham,
Parsons
ties Co. (Chicago), Wm. R. Compton & Co., Continental & Commercial SecuriCo., W. A. Harriman & Co.. Inc., A. G.
Sleeker & Co., Mercantile Securities
Co.
(Chicago), Blyth, Witter & Co., Cyrus (San Francisco). Federal Securities Corp.
London Paris Co. (San Francisco) and Peirce & Co., Cleveland Trust Co., Anglo
Manufacturers Trust Co. (New
7.00 Cohn-Hall-Marx Co. 7% Cum.
Prof. Offered by Ames, Emerich & Co. York).
Cuyamel Fruit Co. (Del.) Capital stock.
Offered by Lehman Bros., Goldman. Sachs
& Co. and E. F. Hutton & Co.
7.00 Lyon & Healy, Inc., 7% Cum. Prof.
Offered by Ames, Emerich dr Co., F. B. Hitchcock & Co. and Chicago Trust Co.
Yellow Taxi Corp.(N. Y.) Common.
Offered by A. G. Becker & Co. and Ladenburg;
Thalmann & Co.
FARM LOAN BONDS.
Amount.
Issue.
5500.000 liankers'Joint Stock Land Bank
of alliwaukee 55, 1927-52
500,000 Bankers•Joint Stock Land Bank
of Milwaukee 5s, 1932-52
1,000,000 Burlington (Ia.) Joint Stock
Land Bank 5s. 1933-53
5,000,000 Chicago Joint Stock LAnd Bank
434s, 1932-52
75,000,000 Federal Land Bank 4348, 1933-43
500,000 First Kansas-Oklahoma Joint
Stock Land Bank 55, 1932-42_
2,000,00 Fremont (Neb.) Joint Stock
Land Bank Ss, 1933-53
1,000,000 Liberty Central Joint Stock
Land Bank (St. L.) 55. 1932-52
1.000,000 Midwest Joint Stock Land Bank
55. 1933-53
600,000 Mississippi Joint Stock Land
Bank 58. 1932-52
1.500,000 St. Louis Joint Stock Land
Bank 58, 1933-53
5,000,000 Southern Minnesota Jt.
Stock
Land Bank 55, 1932-52
400,00 Tennessee Joint Stock
Land
Bank 5s, 1932-52
$04,000,000
Price.
101.65
103
103
102
101
103
To Yield
About %
Offered by
434 First Wisconsin Co. of Milwaukee, Morris F. Fox & Co.. Henry
& Co., Marshall & Ilsley Bank,Second Ward Securities Co.and C. Quarles & Co.. Edgar Ricker
Bankers Finance Co., allot Milw.
4.60 First Wisconsin Co. of Milwaukee, Morris F. Fox & Co., Henry C.
Co., Marshall & Insley Bank, Second Ward Securities Co. and Quarles & Co., Edgar Ricker &
.454 Halsey, Stuart & Co., Wm. R. Compton Co. and Harris. Forbes &Bankers Finance Co., all of Nfliw.
Co.
4.50 Kissel, KInnicutt & Co.. New York.
43, Alex. Brown & Sons, Harris, Forbes & Co., Brown Bros. & Co., Lee,
Higginson & Co., National
City Co. and Guaranty Co. of New York.
4,62 Hornblower & Weeks, New York.
103
4.62 Brooke, Stokes & Co. and Harris. Forbes & Co.
10334
4.59 Blair & Co., Inc., and Liberty Central Trust Co. of St. Louts.
103
4.60 Halsey, Stuart & Co., Inc.
103
103
454 Brooke, Stokes & Co., Philadelphia.
4.60 Wm. R. Compton Co. and Halsey, Stuart & Co., Inc.
103
43, Dillon, Read & Co. and the Northern Trust Co., Chicago.
103
434 Brooke, Stokes & Co., Philadelphia.
_J--
[VoL. 116.
T H 14.1 CHRONICLE
766
FOREIGN GOVERNMENT LOANS.
Amount.
Purpose of Issue.
Price.
To Yield
About.
.%
60,000,000 Republic of Cuba External Loan
30
-years. I. 514s, 1953
99
5.55
Offered by
Y., Bankers TruSt
J. P. Morgan .t Co., Kuhn, Loeb & Co., National City Co., Guaranty Co. of N. & Co.
Co., N. Y.; Harris, Forbes & Co., .J. & W. Seligman & Co. and Dillon, Read
* Shares of no par value.
stocks the amount Is based on the offering price.
a Preferred stocks are taken at Par, while in the case of Common
in the main has been more favorable, although it is still very
cold in some parts of the country. Transportation is less
at
difficult and soft coal and live stock are lower. It is true
OF TRADE—COMMERCIAL EPITOME. that low temperatures have continued to restrict jobbing and
THE STATE
retail trade to a certain extent. But in the nature of things
Friday Night, Feb. 23 1923.
trade continues to sweep forward in not a few this can be only temporary, and latterly, indeed, conditions
American
the in this respect have improved. The spring business in both
of the big industries and in cotton the highest prices of
In jobbing and retail lines is considerably larger than that of a
season were reached, that is, nearly 30 cents per pound.
has been paid, with the supply year ago. The great industries are very busy, and producthe South above that price
overtaking the dedecreasing and the mill demand expanding, partly because tion of iron and steel mounts, without
shippers are believed to be in arrears mand, so that premiums for prompt delivery are apparently
some of the Southern
of the steel trade. Trade
on their engagements with the mills. But an interesting more general in some branches
supply of cars, and in some
of the general expansion of business in this coun- would be better with a larger
outcropping
at parts of the country influenza is a temporary factor. The
try is seen in the iron and steel trade. Both are active
on a large scale. And it is a
rising prices. Copper has been in large demand at some ad- railroads are buying equipment
been a large businss at rising noteworthy fact that American makers of railroad cars are
vance. In sugar there has
as European mills, owing to
prices, and to-day 5%c. was reached for Cuban raws, as having a better export business,
Pig iron
opening of February, a rise in a few the troubles in the Ruhr, are out of the running.
against 312c. at the
/
stimulus of a is advancing, partly because of the inability of Continental
weeks, that is to say, of about 65%, under the
product to America. Agricultural imbig demand, domestic and foreign. Refined Is up to 9c. And mills to export this
a ,1 lead, though rubber has plements are in active demand. And automobile manufacthere has been an advance in tin
on a big scale. Where r the weather
receded slightly and grain prices are lower for the week, turers are buying steel
demand, largely because of the has permitted, building has been very active. Great snows
with only a moderate export
have, it is true, interfered with the output of lumber
competition from Argentina, Australia and other countries. recently
is in all likelihood only for
nearly 50,000 sacks of flour have just in the Far Northwest. But this
Yet it is reported that
And Germany the moment. There are complaints of scarcity of other buildbeen cleared from New Orleans for China.
ing materials. Lower prices for bituminous coal, however,
has latterly been buying American flour to some extent.
at a disadvantage, even have helped Western makers of brick and tiles. In the texBut the American farmer is still
there is a brisk business in both cotton and
though his position is not quite so bad as at one time. The tile industries
gives an advantage to the silk goods at rising prices. Crude oil has continued to addominance of labor in this country
oil operations in the Southwest are more active.
workers in the great towns and cities over the agricultural vance and
The general
words, a comparatively small fraction Finally, collections have been rather better.
population. In other
is able, outlook for trade in the United States is considered promof our population, now estimated by 110,000,000,
through the power of combination in its essence Illegal,. to ising.
Unemployment in England is reflected in an Influx of
dictate terms, which not only hit the farming population, but
and Canada, says
also large sections of the population in other fields of activ- skilled mechanics into the United States
former Director of the Gen- the State Department of Labor and Industry Employment
ity. General Charles G. Dawes,
that
eral Budget, in his speech at Chicago on Feb. 22, pointed Bureau. Information received by the Bureau indicates
2,000 a
out not only the demagoguery in the legislative bodies of the laborers of this class are arriving at the rate of
improvement
country currying favor with labor, but also the cowardice month.. Lack of work and no prospects of
the reports
of political parties, the leniency of public officials towards caused the exodus to the United States, which
lawlessness among received by the Department said, has alarmed the British
Red criminals, and finally, the spirit of
being conlabor unions. Well did General Dawes demand a new bill Government to such an extent that an embargo is
s. It has been de- sidered.
of rights against minority organization
-hour bill have been
In New Hampshire advocates of the 48
clared recently that labor unions are acting in a spirit of
the
larger share of the fruits of checked in their efforts to rush the measure through
socialism and are usurping a
But apart State Senate. Senator Lippitt of Rhode Island, opposing
industry in this country than they are entitled to.
declared that
from all this, it has long been recognized that the farming the 48-hour measure in the State Senate,
the encroachments of Rhode Island is facing one of the most critical situations in
population has suffered severely from
in textiles is
labor in keeping up the cost of living. The artificial scarcity its industrial history. Southern c qpetition
mills
more acute as immigration fails to certainly growing year by year. New England cotton
of labor grows more and
com- are hampered by snows and he necessarily slow railroad
keep pace with the demand, though skilled workers are
dress
ing from England and Canada to this country. There is still service for the moment. The strike of the New York
-hour
the United and waist workers has been settled on the basis of a 40
a great scarcity, however, of labor throughout
10% increase in wages. The InternaStates, notably common labor. It is needed to work in the week, piece work and
also be needed later on to cul- tional Ladies' Garment Workers is the first needle trade
mills and factories and will
Cotton
tivate the cotton crop, which has failed for two years in suc, union in the city to get a 40-hour week. The British
again unless there is an ample supply Yarn Association at a meeting held on Tuesday passed a
cession and may fail
of the
of labor to combat the weevil pest. It may be added that the resolution recommending, in view of the present state
in the
in the Ruhr is still unfavorable, with a smoldering industry, that all mills be stopped for two weeks
situation
increase of 10%
discontent among the German population as the French grip month of March. At Ludlow, Mass., a wage
granted
on that region tightens. On the other hand, there are grow- to all their 2,000 employees at the Jute mills has been
by the Ludlow Manufacturing Associates. The advance
will soon sign the treaty of peace.
ing hopes that the Turks
that
Apart from this, many features affecting the business of came after a strike of a few carders. It was stipulated
York,
are distinctly favorable. It is true that there shall be no further demand for six months. At
the United States
weeks has
the Federal Reserve Bank rediscounts have been advanced S. C., the Cannon Cotton Mill, which for some
running an
to 4%. But this is only in accordance with the been running full capacity in day time, is now
from 4
of looms at night. This is because of a
healthy demand for money as trade widens out. Sterling ex- increasing number
and abnormal demand for towels, which until rechange has reached a new high during the week, that is only sudden
some 4% below par. Stocks and bonds in the main have been cently could hardly be sold at a profit.
A very large increase in productive activity is indicated
active and rising. Failures are decreasing strikingly. The
Commerce
week, which includes a holiday, is put at 311, by figures received to date by the Department of
total for the
also a holiday week, 506 for this through the Bureau of Census on January business condias against 395 last week,
cases. Cotton
week last year and for the first time lower than in the cor- tions. New high records were made in many
1921, when they were 350. The weather goods, pig iron, steel ingots, locomotives, zinc, bituminous
responding week in
is of Ptstnoss
Actium
FEB.24 1923.]
THE CHRONICLE
coal and flooring are among the basic commodities whose
January production figures show the largest output since
the boom period of 1920. Sales were big especially in metals
and building materials. The large car loadings and seasonally high retail sales, as well as the general depletion of
manufacturers' stocks, indicate that the goods produced are
quickly passing into consumption. The present increase in
productivity has thus far been differentiated from the 1919
boom by the relatively small expansion of commercial credit
and the relatively gradual increase in prices. The price increase during 1922 amounted to less than half of the increase
In wholesale prices during 1919.
Last Sunday the thermometer here was down to 7, which
was 3 degrees lower than the previous lowest, during the
cold wave in January. At least 17 persons lost their lives in
the Northwest as a result of the blizzard of the 13th inst. in
Minnesota, South Dakota, North Dakota and Saskatchewan
Province, Canada. The authorities of Saratoga have seized
nine cars of coal to meet the distress in that town. Other
northern towns plan to seize coal also. The New York State
Senate on Feb. 19 passed unanimously a resolution authorizing the State Administrator to seize coal in transit. The
resolution is now before the Assembly. On the 19th inst.
warmer weather extended over the territory east of the
Rockies, but some New England harbors were blockaded with
ice. The temperature was below the freezing point with killing frosts as far south as northern Florida and the Alabama
coast., while central Florida reported light frosts. In Boston on the 18th inst. the thermometer was down to 5 degrees. For six days it had not been above 25. Several seaport and river towns were blockaded with ice, with fuel
supplies running low. Marblehead and Salem harbors were
frozen over so solidly that it was impossible for coal barges
to get through, and Pawtucket, R. I., was in a similar predicament because of the heavy river ice. To-day it has been
clear and cold here, i. e. 23 to 25 degrees in the early afternoon. Fair and colder weather is predicted. In the far
Southwest there were light rains and springlike temperatures.
Structural Bookings Largest Since May.
The increase in sales of fabricated structural steel begun
in December was continued in January, with the largest
bookings since last May, according to reports received by
the Department of Commerce through the Bureau of the
Census. January sales amounted to 75.2% of shop capacity,
as against 57.3% for December. Sales reported by 147
firms with a capacity of 218,645 tons per month amounted
to 164,404 tons, or 65.2% of shop capacity, as against 57.8%
of shop capacity reported for December. The following
table compares reports of 158 identical firms with a capacity
of 220,690 tons per month from April through October,
while later reports are based on a varying number of firms,
with little change in total capacity. For comparative purposes each month's figures are also prorated to obtain an
estimated total for the United States on a capacity of 250,000
tons per month.
1922April
May
June
July
August
September
October
November
December
1923
January
Adual
Tonnage Booked.
108,529
180.558
162,139
152,023
150,700
141,418
126,535
107,709*
128,439x
Per cent
of Capacity.
89.9
81.8
73.4
68.9
68.3
64.1
57.3
48.4
57.8
164,404=
75.2
Estimated
Total Bookings.
224,800
204.500
183,500
172,300
170.800.
160.300
143,300
121,000
144,500
188,000
* Reported by 161 firms. x Reported by 159 firms. = Reported by 147
Increase in Automobile Production.
Automobile production increased in January to the highest
point reached since last August,according to reports received
by the Department of Commerce through the Bureau of
the Census, in co-operation with the National Automobile
Chamber of Commerce. Output of passenger cars increased
from 206,372 oars in December to 221,697 in January, while
output of trucks declined from 20,035 cars in December
to 19,206 in January. Passenger-car production was almost
three times as large as in January 1922, while truck production was more than double the January 1922 output.
Total revised production for the year 1922 amounts to
2,334,790 passenger cars and 242,975 trucks. The following table gives the total production for each of the
last seven months, with the corresponding figures for the
767
same months of the previous year. With few exceptions,
it is stated, the reports each month are from identical
firms and include approximately 90 passenger-car and 80
truck manufacturers.
July
August
September
October
November
December
January
Automobile Production-Number of Machines.
Trucks
-Passenger Cars
1922.
1921.
1922.
1921.
224,770
10,766
21.739
165,574
248,118
13,080
24,420
167,705
187,637
13,648
19.173
144,669
216,099
12,813
134,734
21,466
215,297
10,010
21,656
106,042
206,372
8,307
20.035
70,690
1923.
1922.
1922.
1923.
221,697
9.416
19.206
81.693
Railroad Car Loadings Reflect Crowing Trade Activity.
Loading of revenue freight totaled 853,289 cars during the
week which ended on Feb. 10, according to reports filed today by the carriers with the Car Service Division of the
American Railway Association. This was not only a continuation of the unusually heavy loading for this season of
the year which has been in evidence for some months, but,
exceeded all corresponding weeks for past years on record.
The total for the week was 75,498 cars in excess of the same
week last year, and exceeded the same week in 1921 by
165,422 cars. Due principally to severe weather conditions
in various parts of the country, the total, however, was a.
decrease of 12,386 cars, compared with the preceding week
this year.
Coal loading amounted to 190,860 cars, 1,087 cars in excess
of the week before. While this was.a decrease of 1,929 cars,
compared with the corresponding week last year, when the
coal movement was stimulated somewhat by fears of a miners'
strike, it exceeded the corresponding week in 1921 by 38,288
cars.
Loading of grain and grain products totaled 40,939 cars,
which was a decrease under the week before of 797 cars and
a decrease under the same week last year of 13,070 cars. It
was, however, an increase of 7,477 cars over the same week
in 1921. Live stock loading amounted to 32,277 cars.
While this was a reduction of 1,398 cars below the preceding
week, it was an increase of 2,476 cars compared with the
corresponding week in 1922 and an increase of 4,634 cars
compared with the same week in 1921. Forest products
loading totaled 64,310 cars, 5,457 cars below the week
before but 12,316 cars over the same week last year. It also
exceeded the same week two years ago by 11,175 cars.
Loading of merchandise and miscellaneous freight, which
includes manufactured products, totaled 499,605 cars, a
decrease of 5,681 cars under the previous week. This was,
however, an increase of 62,279 cars compared with the
corresponding week last year and an increase of 96,042 cars
over the corresponding week two years ago.
Coke loadings showed an increase of 989 cars over the
preceding week, the total being 15,188 cars. Compared
with the same week last year, this also was an increase of
7,367 cars and with the same week in 1921 an increase of
5,790 cars. Ore shipments amounted to 10,110 cars. While
this was a reduction of 1,129 cars under the week before, the
total was an increase of 6,049 cars over the corresponding
week last year and an increase of 2,016 cars over the corresponding week two years ago.
Compared by districts, increases over the week before in
the total loading of all commodities were reported in the
Pocahontas and Central Western districts, with decreases in
the Eastern, Allegheny, Southern, Northwestern and Southwestern districts. Except in the Southwestern, all districts
reported increases over not only the same week last year but
also the same week in 1921.
.Course of Wholesale Prices in January.
While wholesale prices reacted to some extent in January
from the upward movement of recent months, no change in
the general level is again shown by the index number compiled
by the U. S. Department of Labor through the Bureau of
Labor Statistics. This index number, which includes 404
,
commodities or price series taken in representative markets
and which is weighted according to the relative importance
of such commodities, again rounds off to 156 for January,
the same figure as announced for November and December.'
The Bureau, in its statement regarding the course of wholesale prices, issued on Feb. 17, also says:
Appreciable price decreases took place during the month among certain
farm products and foodstuffs. Corn,oats, rYe, wheat, cattle, hides, eggs.
and potatoes were all cheaper than in the month before. The decrease in
the group of farm products as a whole was over 131%. Foods decreased
768
THE CHRONICLE
over 2%. due mainly to declines in fresh beef and other meats, butter.
cheese, milk, wheat and rye flour,corn mean,lemons,oranges,and sugar.
In all other groups of commodities, prices averaged higher than in
December. Cloths and clothing were 1% higher, owing to considerable
increases in cotton goods. Practically the same per cent of increase also
was reported for fuel and lighting materials and for housefurnishing goods.
in the groups of metals and metal products and building materials prices
were 1M % higher as a result of advances in pig iron,steel billets and plates.
copper, lead, silver, tin, lumber, shingles, sand and gravel, lime,and paint
materials. The group of miscellaneous commodities, including among
others such important articles as bran and millfeed middlings, linseed meal.
hemp, Jute, sisal, manila rope, and rubber, also rose 1; % above the
,
5
December level. Chemicals and drugs were only slightly higher than in
December.
Of the 404 commodities or series of quotations for which comparable
data for December and January were collected, increases were shown in
156 instances and decreases in 103 instances. In 145 instances no change
in price was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities
(1913=100)•
Jan. 1922.
Dec. 1922.
Jan. 1923.
122
145
143
131
144
141
176
194
196
195
216
218
112
131
133
157
185
188
124
130
131
178
182
184
117
122
124
138
156
, 156
Comparing prices in January with those of a year ago, as
measured by
changes in the index numbers, it is seen that the general
level has risen
13%. Building meterials show the largest increase, 194% Metals and
.
metal products follow next with an increase of 18%'%. Farm
products
have increased 173i %, fuel and lighting materials 11 %
and cloths and
clothing 11 X% in price in the year. Food articles, chemicals
and drugs,
housefurnishing goods and miscellaneous all show smaller
increases compared with prices of a year ago.
Farm products
Foods
Cloths and clothing
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities
Decrease in Retail Prices of Food During January.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics
shows that there was a decrease of 1% in the retail cost of
food to the average family in January 1923, as compared
with December 1922. December 1922 the index number
was 147, January 1923, 144. The Bureau's statement, made
public) Feb. 19, says:
Current punts and
[Vol,. 116.
pisicussions
The Week With the Federal Reserve Banks.
Net liquidation of $53,800,000 of discounted bills by the
New York Reserve Bank, as against a further increase
of
$28,300,000 in discounts held by the other Reserve banks, is
shown in the weekly bank statement issued as at close
of
business on Feb. 21 1923, and which deals with the results
for the twelve Federal Reserve banks combined.
Acceptances purchased in open market show a decrease for
the
week of $2,100,000 and Government security holdings an
increase of about $500,000. After noting these facts the
Federal Reserve Board proceeds as follows:
Deposit liabilities fell off about $64,800,000. while Federal
Reserve note
circulation increased $16,900,000. Total cash reserves show a
$15,400,000, while the reserve ratio, because of the substantial decline of
reduction
in deposits, shows a rise for the week from 75.3 to 75.8%. Gold
reserves
decreased by $3,300,000. Shifting of gold through the gold
settlement
fund accounts for the increases in gold reserves of $26,600,000
and about
$7,000,000 shown for the New York and Chicago Reserve
banks. All
other Reserve banks show smaller gold reserves than the week
before, Kansas City by $7,500,000, San Francisco by $5,700,000. Atlanta by $5,600,000,
Richmond by $5,200,000 and the six remaining banks by
$12,800,000.
Holdings of paper secured by Government obligations show a
reduction for
the week from $428,700,000 to $368,200,000. Of the total held on
Feb. 21,
$172,800,000, or 46.9%, were secured by U.S. bonds, $2,300,000, or
0.6%,
by Victory notes, $177,200,000. or 48.1%, by Treasury notes and
$15,900,000, or 4.4%, by Treasury certificates, compared with $197,200,000
, $4,600.000, $186,400.000 and $40,500,000 reported the week before.
The statement in full in comparison with preceding weeks
and with the corresponding date last yea" will be found on
subsequent pages, namely pages 802 and 803. A summary
of changes in the principal assets and liabilities of the Reserve banks on Feb. 21 1923, as compared with a week and a
year ago, follows:
Increase (+) or Decrease (—)
Since
Feb. 14 1923.
Feb. 21 1922.
Total reserves
—15,400.000
+122,800,000
Gold reserves
—3,300,000
+128,400,000
Total earning assets
—27,100,000
+5,300,000
Discounted bills, total
—25,500,000
—93.400,000
Secured by U. B. Govt. obligations.._
—60,500,000
+86.200,000
Other bills discounted
+35,000,000
—179,600,000
During the month from Dec. 15 1922 to Jan. 15 1923 18 articles
Purchased bills
on which
—2,100,000
+99,800,000
monthly prices are secured increased in price as follows:
U. S. securities, total
Onions and
+5.000.000
—1,000,000
cabbage,11%;navy beans,4%;hens,3%;plate beef,leg oflamb,evaporated
Bonds and notes
+4,200.000
+43.100,000
milk and cheese, 2%; sirloin steak, rib roast, chuck roast,
U.S.certificates ofindebtedness_
bread, rolled
—3,700.000
—44,100,000
oats,canned peas,canned corn and coffee, 1%;round steak and
tea increased Total deposits
—64.800,000
+193,700,000
less than five-tenths of 1%.
Members'reserve deposits
—66,900,000
+220,700,000
Sixteen articles decreased in price as follows: Strictly fresh
Government deposits
eggs, 16%;
+2.800,000
—17,600,000
oranges. 4%; butter, nut margarine, storage eggs, and raisins,
Other deposits
2%; pork
—7,000,000
—9,400,000
chops, bacon, ham, lard, wheat cereal, macaroni, prunes
and bananas, Federal Reserve notes in circulation
+16.900.000
+87.000,000
1%;canned salmon and vegetable lard substitute, decreased
less than five- F. It. bank notes in circulation, net liatenths of 1%.
bility
-78,100,000
The following 10 articles remained unchanged during the
month: fresh
milk, oleomargarine, flour, cornmeal, cornflakes, rice,
potatoes, baked
beans, canned tomatoes and granulated sugar.
The Week With the Member Banks of the Federal
For the year period, Jan. 15 1922 to Jan. 15 1923, the increase
in all
Reserve System.
.articles of food, combined, was 2%.
For the 10
-year period, Jan. 15 1913 to Jan. 15 1923, the increase
Aggregate increases of $51,000,000 in loans secured by corin all
Articles of food, combined, was 47%.
porate obligations
Strike in the Dress and Waist Manufacturing Trades
Settled.
Symptoms of condition that has variously been described
by some economists as the beginning of a period of prosperity
and by others as the beginning of a period of secondary inflation are becoming more numerous in the industrial situation with advances in wages granted in many manufacturing
trades.
The strike in the dress and waist manufacturing trades of
New York, but two weeks old, was settled this week, the
manufacturers, or contractors, as they are called, granting
to the workers a 40
-hour week of five days to replace the 44hour week, as well as a 10% increase in wages. Agreement
between the manufacturers and workers was reached on Feb.
20.
The workers failed to secure one of their chief demands—
readjustment of the system of pay from a piece-work to a
week-work basis.
Strike in the Boston Dress and Waist Industry.
A strike of workers in the waist and dress and the cloak
making trades in Boston, announced by the International
Ladies' Garment Workers' Union, began on Feb. 20. It was
said by union leaders to involve 3,000 workers and by manufacturers to involve 1,500. The union me ntly demanded a
10% wage advance, provision for arbitrating disputes and
an agreement by manufacturers to send out work only to
sanitary shops. The manufacturers, it was said, made no
reply.
and of $18,000,000 in other loans and discounts, offset in part by net liquidation of $11,000,000 of
Government securities, are shown in the Federal Reserve
Board's weekly statement of condition on Feb. 14 of 778
member banks in leading cities. It should be noted that
the figures of these member banks are always a week behind
those of the Federal Reserve banks themselves. Member
banks in New York City report increases of $29,000,00
0 in
loans on corporate securities and of $10,000,000 in
other
loans and discounts, as against a reduction of $17,000,00
0 in
Investments, mainly Government securities. Since the
close
of last year loans secured by corporate obligations
shown by
the reporting banks nave declined about $47,000,000,
while
all other, largely commercial, loans and discounts have
increased by about $226,000,000 for the same period. The
New
York City members show a decline of $57,000,000 in
loans on
corporate securities as against a rise of $118,000,0
00 in all
other loans and discounts.
Government deposits declined by about
$20,000,000, time
deposits increased by about $5,000,000, while net
demand deposits show an advance of $127,000,000, largely
outside of
New York City. Further comment regarding
the changes
shown by these member banks is as follows:
Borrowings of the reporting institutions
from the Federal Reserve
banks increased from $357,000,000 to $446,000,000
, or from 2.2 to 2.7%
of their total loans and inyestments. For
member banks in New York
City an increase from $168,000.000 to
$234,000,000 in borrowings from
the local Reserve Bank and from 3.2 to 4.5% in
the ratio of those borrowings
to combined loans and investments is noted.
Since Dec. 27 of last year
accommodation of all reporting banks
at the Reserve banks has gone up
over $70,000,000, while like accommodation of
the Now York City banks
has increased about $150,000,000.
Reserve balances of the reporting
institutions show an increase for the
week of $54,000,000, while cash In vault
rose about $3.000,000. Corresponding changes for the New York City
banks comprise an increase of
$27,000,000 in reserve balances and a
nominal change in cash.
FEB.24 1923.]
THE CHRONICLE
On a subsequent page—that is, on page 803—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase (+) or Decrease (—)
Loans and discounts
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
.S. bonds
U.S. Victory notes and Treasury notes
Treasury certificates
Other stocks and bonds
Reserve balances with F. R. banks
Cash in vault
Government deposits
Net demand deposits
Time deposits
Total accommodation at F. R. banks
Since
Feb. 7 1923.
Feb. 15 1922.
+369,000,000 +$578.000.000
+3.000.000 —168,000,000
+51,000,000
+602,000,000
+144,000,000
+15.000.000
—13
.000,000 +1.037.000.000
+2.000,000
+398.000,000
+2,000.000
+481,000,000
—15,000,000
—42,000,000
-2.000,000
+100,000,000
+54,000,000
+150.000,000
+3,000,000
+17.000,000
—20,000,000 —309.000.000
+127,000,000 +1,292.000,000
+5,000,000
+666,000,000
+68,000,000
+89,000,000
769
"The principal of the bonds shall be paid in annual installments on a
fixed schedule, subject to the right of the British Government to make
these payments in three-year periods. The amount of the first year's
installment will be $23,000,000 and these annual installments will increase
with due regularity during the life of the bonds until, in the sixty-second
year, the amount of the installment will be $175,000.000, the aggregate
installments being equal to the total principal of the debt.
"The British Government shall have the right to pay off additional
amounts of the principal of the bonds on any interest date upon 90 days'
previous notice.
"Interest is to be payable upon the unpaid balances at the following
rates on Dec. 15 and June 15 of each year: At the rate of 3% per annum.
payable semi-annually from Dec. 15 1922 to Dec. 15 1932. thereafter at
the rate of 3%% per annum, payable semi-annually until final payment.
"For the first five years one-half the interest may be deferred and added
to the principal, bonds to be issued therefor similar to those of the original
issue.
"Any payment of interest or principal may be made in any United
States Government bonds issued since April 6 1917. such bonds to be
taken at par and accrued interest—is hereby approved and authorized, and
settlements with other governments indebted to the United States are
hereby authorized to be made upon such terms as the commission, created
by the Act approved Feb. 9 1922, may believe to be just, subject_to the
approval of the Congress by Act or joint resolution.
"Sec. 2. That the first section of the Act entitled 'An Act to create
a commission authorized under certain conditions to refund or convert
obligations of foreign governments held by the United States of America.
and for other purposes,' approved Feb. 9 1922, is amended to read as
follows:
"'That a World War Foreign Debt Commission is hereby created consisting of eight members,one of whom shall be the Secretary of the Treasury.
Who shall serve as chairman, and seven of whom shall be appointed by the
President, by and with the advice and consent of the Senate. Not more
than four members so appointed shall be from the same political party.'
"Sec. 3. That the provisions of Section 2 of this Act shall not affect the
tenure of office of any person who is a member of the World War Foreign
Debt Commission at the time this Act takes effect."
House Concurs in Senate Amendments to British Debt
Funding Bill—Text of Bill.
With the acceptance by the House of Representatives on
the 22d inst. of the Senate amendments to the British debt
funding bill, the measure needed only the approval of President Harding to place it on the statute books, and to enable
the exchange of formal settlement agreements. As was
made known in our issue of Saturday last (page 665), the bill
was passed by the House on Feb. 9 by a vote of 291 to 44,
and on the 16th inst. the Senate passed the bill in amended
form. The vote whereby the bill was adopted by the Senate
was 70 to 13. Forty-six Republicans and 24 Democrats
Speyer & Co. Not in Mexican Bank.
voted for the adoption of the bill, while nine Democrats and
Mexico City dispatches to the effect that Speyer & Co.
four Republicans voted against the bill. Regarding the had agreed to take a majority stock interest and put up
Senate action on the bill, we quote the following from the $25,000,000 for reserve in the new Mexican National Bank,
"Journal of Commerce" Washington advices of the 16th:
presumed to be headed by Edward Iturbide, are denied at
The vote was not reached until after 7 o'clock and after a continuous ses- the office of
Speyer & Co.
sion of eight hours and a total of four days
of debate. The bill was passed a
week ago to-day by the House after one day's discussion and goes to conference with a certainty of enactment before Congress adjourns. Chairman McCumber of the Finance Committee, Senator Smoot, Republican,
Utah,a member of the Finance Committee and also of the Allied Debt Commission, and Senator Williams, Democrat. Mississippi. were appointed
conferees for the Senate.
•
Important Amendments.
Only two important Senate amendments are in dispute between the Senate
and House. These are the amendment of Senator Robinson. Democrat,
Arkansas, providing for approval by Congress instead of the President of
funding agreements with other nations and one by Senator Harris,Democrat,
Georgia, providing for appointment of three Democrats on the Allied Debt
Commission. Both were adopted by the Senate without record votes. The
Robinson amendment was accepted by Administration leaders, but they
opposed that of Senator Harris and said it would be dropped out in conference if It threatened to delay enactment of the legislation.
The attacks in final debate to-day, as well as in previous discussion, centred on the reduced interest provided in the British settlement. This is 3%
for the first ten years and 3%% thereafter. Opponents rallied finally upon
the amendment of Senator Hitchcock, Democrat, Nebraska, proposing that
Groat Britain should pay the same rate paid by the United States upon its
securities averaged each year.
Appeal by Glass.
This was rejected 61 to 29 and ended the interest fight.
The battle was waged an day before crowded galleries with flights of oratory. Probably the most dramatic speech was by Senator Glass, Democrat, Virginia, formerly Secretary of the Treasury, who painted in fervid
colors a picture of the British and Allied services in the war against the
common enemy. Senator Glass said the British funding agreement was
"a sound economic proposition and eminently fair so far as the interests
of the United States are concerned."
French Senate Approves Treasury Bond Issue.
Associated Press advices from Paris Feb. 20 said.
The Senate, almost without discussion, to-day voted the bill already passed
by the Chamber authorizing the Government to issue short term Treasury
bonds to the amount of 13,000,000,000 francs, during the present year. The
bonds must be repaid within ten years.
Prime Minister'Bonar Law of Great Britain Averse to
Initiation of Discussion with U.S. on Ruhr.
The statement that it would not be proper for Great
Britain to initiate a discussion with the American Government as to whether the French action in the Ruhr was in
accordance with the Treaty of Versailles, since the United
States was not a party to the Treaty, was made by Prime
Minister Bonar Law in the House of Commons on the
20th inst. The Associated Press cablegrams from London
in reporting this, said:
The Premier's statement was in answer to a question by J. 0. Wedgwood, Laborite, as to whether Great Britain would ascertain the views
of the United States Government on the subject,for the purpose of adopting
a common policy, "seeing that the action of France in occupying the Ruhr
without the co-operation of the Allies is hardly in accordance with their
legitimate powers under the Versailles Treaty and in view of the expressed
opinions of Senator Borah."
On the motion of Senator McCumber, the Senate on the Laboriter Members of British House Appeal to President
Harding For European Co-Operation.
16th agreed to submit the bill to conference, and Senators
Eighty-eight Laborite members of the House of Common,
McCumber, Smoot and Williams were appointed conferees
on the part of the Senate. On the 19th inst., however, the according to Associated Press advices from London Feb. 16,
House Ways and Means Committee instructed Chairman signed the following cablegram to President Harding:
America, with Great Britain, unwittingly has made France's present
Fordney to move in the House on the 20th to accept the
destructive action possible. We appeal for American co-operation to-day
Senate changes to the bill, thus making unnecessary a con- as the one hope of saving Europe.
ference on the measure. The following is the bill as passed
by the Senate on the 16th inst. and agreed to by the House
Over-Subscription of Dutch East Indies Bonds—
on the 22d inst.:
Closing of Subscription Books.
Be it enacted, etc., That the first proviso of Section 2 of the Act entitled
The Guaranty Company of New York, on behalf of the
"An Act to create a commission authorized under certain conditions to
refund or convert obligations of foreign governments paid by the United Syndicate Managers announced on Feb. 16 that subscriptions
States of America, and for other purposes," approved Feb. 9 1922, is in excess of $25,000,000 Dutch East Indies bonds had been
amended to read as follows:
received and the books were closed. The offering was
"Provided, That the settlement of indebtedness of the United Kingdom
referred to in these columns last week, page 673.
of Great Britain and Ireland.to the United States, as follows:
Principal of notes to be refunded
$4,074,818,358 44
Interest accrued and unpaid up to Dec. 15 1922 at the
629,836,106 99
rate of 43'(%
$4.704,654,465 43
Deduct payments made Oct. 16 1922 and Nov. 15 1922
interest at 4%% thereon to Dec. 15 1922
100.528,37969
with
84.604,128,085 74
4,128.085 74
To be paid in cash---------------------------------Total principal of indebtedness as of Dec. 15 1922 for
which British Government bonds are to be issued
$4,600.000,000 00
to the United States Government at par
Offering of $1,000,000 Bonds of First Joint Stock Land
Bank of Montgomery, Ala.
Barr Brothers & Co., Inc., of this city, and the First
National Bank of Montgomery, Ala., offered on Feb. 20
$1,000,000 5% farm loan bonds of the First Joint Stock
Land Bank of Montgomery, Ala. The bonds were offered
at 1023/ and accrued interest to yield about 4.67% to the
optional maturity and 5% thereafter. The bonds are dated
Nov. 1 1922, are due Nov. 1 1952, and are callable at par
770
THE CHRONICLE
on Nov. 1 1932 or any interest date thereafter. The bonds
are in coupon form in denomination of $1,000, and are fully
registerable and interchangeable. Principal and semiannual interest (May 1 and November 1) are payable at
the First Joint Stock Land Bank of Montgomery, Ala.,
or the Chase National Bank, New York City. The bOnds
are legal investment for all fiduciary and trust funds under
the jurisdiction of the Federal Government, and are exempt
from Federal, State municipal and local taxation. By
Act of Congress these bonds are declared instrumentalities
of the Government of the United States and are prepared
and engraved by the Treasury Department. The constitutionality of this Act and tax exemption features of these
bonds were sustained by the Supreme Court of the United
States in a decision rendered Feb. 28 1921. The Bank
operates in Georgia and Alabama. Information taken from
various data supplied by President A. M. Baldwin of the
First Joint Stock Land Bank of Montgomery, to the institutions offering the bonds (and embodied in the circular,
says in part:
vi Up to February 1 loans havebeen approved for an amount totaling well
over $500,000 by the First Joint Stock Land Bank
of Montgomery, Ala.
These loans at present are for only 34.1% of the total
appraised value of the
property to be mortgage which indicates the
conservative policy of the
management.
The First Joint Stock Land Bank of Montgomery,
Ala., makes loans in
only 45 counties of Alabama. These counties
constitute 70.78% of the
total farming area of the State. and 76.82% of the value
of all farm lands
In the State. This shows a safe margin of Value in
favor of the territory
selected by this Bank. These 45 selected counties in
1919 produced 75.22%
of all the crops grown in Alabama. The average value
per acre of lands
in these 45 counties in 1919, was $30 14, while the average
value for the
remainder of the State was $22 03 per acre, a difference
of $8 11 per acre
in favor of the selected area.
This Bank makes loans in only 76 counties in Georgia. These counties
constitute 56.68% of the farming area of the State and 66.66%
of the value
of all farm lands in the State. In 1919 these 76 selected counties
produced 67.46% of all the crops grown in the State. The
average value
per acre of lands in these 76 counties in 1919 was $52 62, while the average
value for the remainder of the State was $34 44 per acre, difference
a
of
$18 18 per acre in favor of the selected area.
In a letter Mr. Baldwin says:
The officers and directors of the First Joint Stock Land Bank of Mont
gomery, Ala., established 1871, managed and control the operation of the
First Joint Stock Land Bank of Montgomery. The senior officers have
each had more than thirty-five years' service with the First National Bank
and have contributed to its growth from a small country bank
of $100,000
capital to its present commanding position with capital and
surplus of $1,500,000; their experience and record, together with the intimate
knowledge of the manager of the Bank with the entire territory and
his experience
of a life time in mortage loan banking offers every
assurance of skillful
and prudept management. It is also worthy of mention
that the entire
force, including appraisers and chief clerk, are all experienced
in farm loan
work; there is not an amateur or sinecure in the organizatio
n.
The charter for the First Joint Stock Land Bank of Montgomery, was obtained on Aug. 21 1922. The officers
o
the Bank are: A. M. Baldwin, President; W. A. Howell,
Vice-President & General Manager; A. S. Woolfolk, VicePresident; J. A. Ledbetter, Secretary & Treausry, and
S.
A7took, Assistant Seotretary. The directors are:
r
Henry Abraham of Abraham Bros. Horse & Mule Co.;
Director, FirsNational Bank, Montgomery, Ala.; A. M. Baldwin, President,
First Na
tional Bank, Montgomery, Ala.; Director, First National
Bank, Mont
gomery, Ala.; W. A. Bellingrath, Prop. Montgomery Coca Cola
Bottling
Co.; Director, First National Bank, Montgomery, Ala.:H. M. Hobble,
President, Hobble Grocery Co.; President, S. D. Winn Cigar Co.; Director,
Alabama Power Co.; Director, First National Bank, Montgomery, Ala.;
R. F. Ligon, Clerk, Supreme Court of Alabama; Director, First National
Bank, Montgomery, Ala.; Arthur Pelzer, President, Alabama Machinery
& Supply Co.; Director, First National Bank, Montgomery. Ala., and A.
S.,,,Woolfolk, Vice-President. First National Bank. Montgomery, Ala.;
Director, First National Bank, Montgomery, Ala.
Offering of $2,000,000 Des Moines Joint Stock Land
Bank Bonds.
A $2,000,000 issue of Des Moines Joint Stock Land Bank
5% farm loan bonds was offered on Feb. 20 by C. F. Childs &
Co. at 10312 and interest, to yield 4.55% to 1932, and 5%
/
thereafter. The bonds are dated Nov. 1 1922 and will mature Nov. 1 1952. They are redeemable at the option of the
bank at par and accrued interest on Nov. 1 1932, or on any
Interest date thereeter. They are coupon bonds of $1,000
and $10,000 denomination, fully registerable and interchangeable. Principal and semi-annual interest (May 1 and
Nov. 1) are payable at the bank of issue or at the Continental & Commercial National Bank in Chicago or at the Chase
National Bank in New York City, at the holder's option. The
bonds, issued under the Federal Farm Loan Act, are exempt
from Federal, State, municipal and local taxation, and are
legal investment for trust funds under the jurisdiction of the
Federal Government. The bonds are secured by "prime
mortgages in the 'corn belt' of Iowa and Minnesota." The
following is from the official circular:
The initial $250,000 capital of this bank was all subscribed
by country
bankers in Iowa. The controlling interest is now held by
officers of the
[VOL. 116.
Chicago Joint Stock Land Bank, thus insuring conservativ experienced
e,
and successful management.
Loans are confined to farmers located in the best agricultural districts in
Iowa and southern Minnesota, recognized as
the greatest food-producing
region in America.
No loan may be made in excess of $100 an acre under
the ruling of the
Federal Farm Loan Board.
According to the U. S. Department of Agriculture, Iowa ranks above
every State in the Union in the value offarm
property.
The total value offarm lands in Iowa and Minnesota
was $12,000,000,000,
according to the 1920 U. S. Census.
Crops are diversified in this territory of black corn
land, having an average depth of brown silt loam of thirty inches.
All lands are first appraised by private
experts employed by this bank
before it accepts loans for Federal appraisers to
approve.
A summary of the security supporting the
loans of this bank is as follows:
Appraised value of farms mortgaged
$9,103,712 30
Amount of real estate pledged
51,239 acres
Amount appraised per acre
$177 67
Amount loaned per acre
72 44
Percentage ofloans to appraised value
40%
Adjusted Condensed Statement of Condition of the Des
Moines Joint Stock Land
Bank at the Close of Business Jan. 31 1923.
[Giving effect to present issue of bonds.]
Assets—
Loans secured by first mortgages on farm
lands (total appraised value of such lands exceeds
$9,000,000)
$3,761,337 78
U. S. Government Treasury certificates
1,000,000 00
Accrued interest on loans
78,450 16
Furniture and fixtures
1.737 20
Cash and due from banks
198,396 32
Liabilities—
Capital paid in (also subject to 100% assessment)
Reserve and undivided profits
Amortization payments received on principal of
loans
Coupons due not presented for payment
Due borrowers
Interest accrued on Farm Loan bonds
Farm loan bonds outstanding
$5,039,921 46
$303,000 00
49,266 19
55,292 75
835 00
78,277 52
56,250 00
4,500,000 00
$5,039,921 40
Secretary of the Treasury Mellon Finds Lenroot Farm
Credits Bill "Unsound and Dangerous"—
Capper Bill Approved.
Pointing out what he considers "grave defects" in the Lenroot-Anderson farm credits bill (which, as indicated
in these
columns Feb. 10, page 569, passed the U. S. Senate Feb.
2),
Secretary of the Treasury Mellon has, in a letter
to Chairman McFadden of the House Committee on Banking and
Currency, stated that in his opinion "the greatest service
could be rendered to agriculture by enacting
into law at the
present session the Capper bill, and withholding action upon
the Lenroot bill until the situation can be more thoroughly
investigated." Summing up the reason why the Capper bill
is preferable to the Lenroot bill, Secretary
Mellon stated that
the latter "attempts to create a separate and independent
rediscount system for agriculture," while
"the Capper bill
aims at strengthening and developing the existing banking
structure and the Federal Reserve System
and rendering
them more useful and more suited to the
needs of agriculture." Secretary Mellon's letter to Represent
ative McFadden on the 19th was submitted in response to
the Committee's request for an expression of opinion with
respect to the
so-called Lenroot-Anderson bill; the letter
was accompanied
by a memorandum analyzing the Lenroot bill.
While he presents it as his conclusion that "Its financial provision
s as
now drawn are unsound and dangerous, and
that its administrative features are unworkable," Mr.
Mellon nevertheless
finds that certain features of the Lenroot
bill have great
merit, and "should in my opinion be incorpora
ted in the Capper bill." The latter, as noted in our issue of Jan. 27, page
364, is now under consideration by the House Banking and
Currency Committee. Secretary Mellon's
letter to Chairman
McFadden follows:
February 19 1923.
My Dear Congressman McFadden:—I
received your letter of Feb. 17 1923,
requesting my oplaion on the bill (S.
4287), "to provide credit facilities for
the agricultural and livestock industries of the
United States; to amend the
Federal Farm Loan Act; to amend the
Federal Reserve Act; and for other
purposes," which was recently approved
by the Senate and is now under
consideration by your committee. I
have been particularly concerned to
see whether the bill conforms to sound banking
principles and whether its
administrative features are workable.
I have had prepared and send you herewith
a detailed memorandum
analyzing the bill from these points
of view, and commenting also upon
some other features which seem to be important.
This memorandum
points out grave defects in the bill, not only
in matters of draftsmanship,
but in its larger outlines and policies as well. It seems to me that a
careful study of the measure in the light of
this memorandum leads necessarily to the conclusion that Its financial provisions, as now drawn, are
unsound and dangerous, and that its administrat
ive features are unworkable.
I realize that Some support has been given to the bill in the belief that it
will assist the farmers of the country in obtaining credit accommodation,
adapted to the needs of agriculture, and in sufficient amounts to avoid the
disastrous effect of a credit stringency similar to the one through which this
country has recently passed. With this object I am in the heartiest accord.
I feel that the students of our banking structure have given too much
FEB. 241923.]
THE CHRONICLE
771
subsidiary corporaan agricultural banking system, through the medium of
appear to be
tions owned and operated by the United States. It clioes not
debencontemplated that the United States shall be legally liable upon the
moral obtures or other obligations of farm credits departments. Yet the
the United
ligation would be a strong one, for it is hardly conceivable that
and operStates Government could permit a corporate subsidiary owned
liability which
ated by it to default upon its just debts. In estimating the
therefore conthe Government would assume in enacting the bill, we must
reach $120.sider not only the technical liability which under the bill might
amount
000,000, but also the potential moral liability, which might be in any
up to $1,200.000,000.
venture
Before launching the United States Government in a business
moral
which involves an investment of $120,000,000 in cash and a possible
only
obligation of $1,200,000,000, the proposed plan should be studied not
lines and with
with a view to ascertaining whether it is drawn upon sound
to see
proper safeguards sufficient to insure its financial integrity, but also
authors
whether it is effective in accomplishing the purposes which its
have in mind.
1. The System Is Financially Unsound.
passed the Senate.
The farm credits departments organized under the Act are expected to
In my opinion the greatest see vice could be rendered to agriculture by
and operate principally upon borrowed capital. It is provided that they may
enacting into law at the present session the Capper bill (S. 4280),
more Issue collateral trust debentures up to ten times the amount of their paid-in
withholding action upon the Lenroot bill until the situation can be
of the live- capital and surplus. These debentures would be secured by at least a like
thoroughly investigated. The Capper bill has the endorsement
stock industry, and of the great co-operative marketing movement. It will face amount of agricultural paper bearing the endorsement of the discountwould
go far, in my opinion, in satisfying the needs of those sections of the country ing bank or other institution. The financial integrity of the system
the
which have suffered in the past from inadequate credit facilities. At the depend, therefore, upon three factors: (1) the financial strength of
avoids farm credits departments primarily and secondarily liable upon the debensame time it is financially sound, and in its administrative features
constitutes a serious tures: (2) the financial strength of the bank or other rediscounting instithe excessive centralization which, in my opinion,
defect in the Lenroot bill. The Capper bill carries with it Important tution:(3) the nature and value of the primary paper pledged as collateral.
a provision
(1) The Farm Credits Departments.—The capital supplied by the United
amendments to the Federal Reserve Act. It also includes
Cor- States Government is expected to stand as a guaranty fund to protect
extending for nine months the time during which the War Finance
bringing assurance holders of debentures. In estimating the value of this guaranty certain
poration can make loans for agricultural purposes, thus
the
that
that any unforeseen credit needs will be amply taken care of during
elements of weakness must be considered. There is no requirement
reserve
experiany part of this capital be maintained in liquid form, or that a cash
coming crop season. Until the results of further investigation and
ence are available, it seems to me that this is a complet and adequate pro- be maintained. All the capital might be invested in non-liquid agricultural
paper. There is no limit to the amount of paper which may be taken
gram of agricultural credits legislation.
farm
merit and
There are certain features of the Lenroot bill which have great
from any one discounting agency in relation to the capital of the
Should, in my opinion, be incorporated in the Capper bill by your commit- credits department: so far as legal limitations are concerned, the whole
bill are,
capital or even more than the whole capital could be invested in paper beartee. The farm credits departments contemplated in the Lenroot
for instance, authorized to make loans direct to co-operative marketing ing the endorsement of one bank or other discounting agency. Considerseems to me that similar ing that the liabilities of the farm credits departments may be as high as
associations upon warehouse receipt security. It
in
guarten times the capital and surplus, it is apparent that the value of the
powers could well be given to the rediscount corporations contemplated
extent
the Capper bill. The Lenroot bill also renders eligible for rediscount anty of the farm credits department would depend to a very large
with Federal Reserve banks the paper of factors based upon agricultural Open the value of the agricultural paper in which its assets are invested.
be
is sound,
It is true that the debentures of each farm credits department would
products in their raw state. It seems to me that this provision
I should also suggest protected by a pro rata guaranty of all other farm credits departments.
and I recommend its insertion in the Capper bill.
repeals
The value of this guaranty, however, appears to be overestimated. it is
Including in the Capper bill the section of the Lenroot bill which
the amendment to the Federal Reserve Act authorizing progressive redis- not a Joint guaranty. If the assets of a farm credits department should
count rates.
prove insufficient to pay all its outstanding debentures, the deficiency may
If I may sum up briefly the reason why,in my opinion, the Capper bill is be assessed against other "solvent farm credits departments," but only in
preferable to the Lenroot bill, it is this: The Lenroot bill attempts to proportion to the anzourd of debentures which each such department has outcreate a separate and independent rediscount system for agriculture. standing at the time of the assessment. A farm credits department which
Necessarily this will be a secondary and, in all probability, an inadequate has issued no debentures, but has operated solely upon its capital, although
rediscount system. It seems to me, on the other hand, that the agricul- to a high degree solvent, would assume no liability for the debentures of
tural interests can properly demand that they be given the benefit, upon any other department On the other hand, the larger the liability of any
sound lines, of the best and most adequate rediscount system which the department upon its own debentures, the larger would be its liability as
country can furnish, and that, in my opinion, is the Federal Reserve guarantor of other debentures. Moreover, it is obvious that the guaranty
System, liberalized and extended as proposed in the Capper bill. The could be enforced only against the unpledged assets of a farm credits deCapper bill alms at strengthening and developing the existing banking partment. Its pledged assets would go primarily to satisfy the debentures
structure and the Federal Reserve System, and rendering them more useful which they secure. If, therefore, a farm credits department had issued
and more suited to the needs of agriculture.
its full limit of $10 of debentures for each dollar of capital and surplus, and
Very truly yours,
had pledged (as would no doubt generally be required on account of this
(Signed) A. W. MELLON,
very liability) agricultural paper of a face value 10% in excess of the face
Secretary of the Treasury.
amount of its debentures it will have no unpledged assets against which
Hon. L. T. McFadden, Chairman, Committee on Banking and Currency, its guaranty could be enforced. In general, as a farm credits department
House of Representatives, Washington, D. C.
becomes more extended, and as its unpledged assets diminish, it would autoIt does not seem
larger
Secretary Mellon's memorandum analyzing the bill fol- matically assume a can beshare of liability as guarantor.
that much reliance
placed upon such a guaranty.
unless
lows:
(2) The Discounting Institution.—It is apparent, therefore, that
the paper in which the assets of the farm credits departments are invested
MEMORANDUM ON S. 4187.
is financially sound, little reliance can be placed upon the liability or guarFebruary 19 1923.
indorsement of the
Sections 1 to 6 of the Lenroot-Anderson bill (S. 4287) provide for the anty of these departments. The paper will bear the
to determine
organization and operation of farm credits departments in the Federal discounting institutions, and the next step in our analysis Is
Land banks throughout the United States. Sections 7 to 13, inclusive, the value of this indorsement.
In the original Lenroot-Anderson bill, which had the approval of the
contain amendments to the Federal Reserve Act similar to time embodied
could
In Part 2 of the Capper-McFadder bill. It is the purpose of this memorar- Joint Commission of Agricultural Inquiry, the discounting institution
or indurn to discuss those sections of tho Lenroot-Anderson bill which relate to be national or State bank or a trust company, savings institutionSenate
corporated livestock loan company. In the bill as it passed the
the organization of farm credits departments.
credit comThe purpose of these sections appears to be to ostabllsa a separate redis- there are added rural credit corporations, incorporated farm
panies,co-operative banks and co-operative credit or marketing associations.
count facility for certain types of agricultural and live stock paper.
The bill provides in effect for twelve agricultural rediscount barking The additions are important.
National banks, and to a large degree, State banks, savings institutions
departments, one In each of the existing Federal Land banks. Each such
or national
department would have a capital of $6,000,000 (to which an additional and trust companies, are subject to limitations under State
examiners. They
$10,000,000 might be added with the approval of the President), to be sub- law, and to periodic inspections by State or national
investments are frescribed and paid in by the United States Government. The aggregate are required to keep a minimum cash reserve; their
of stockholders,
capital of all the Farm Credits departments might therefore reach $120,- quently limited; there is usually double liability on the part
and any tendency toward unsound practices can be quickly checked by
000.000.
livestock loan comTo a considerable extent the propased new rediscount system would per- State or national banking authorities. Incorporated
only secured
form functions which are already being performed by the Federal Reserve panies are generally formed on a substantial scale, and take
could have been
banks. Federal Reserve barks are now authorized to rediscauntfor member paper. In the original bill, therefore, some reliance
banks agricultural paper with a maturity up to six months. Under other placed on the indorsement of the discounting institution.
No such safeguards surround the operations of the institutions added
pending legislation this maximum maturity will he extended to nine months.
corporations, inUnder the Lenroot-Anderson bill, however,the farm credits departments of by the revised Lenroot-Anderson bill. Rural credit
co-operative credit
Federal Land banks could discount, for national banks, State banks, trust corporated farm credit companies, co-operative banks or
the new bill,
companies and certain other enumerated kinds of credit institutions, agri- or marketing associations are enumerated, but not defined, in
'
they will operate
cultural paper with a maturity of not less than six months nor more than hence it is impossible to ascertain under what limitations inspection, State
three years. As far as concerns agricultural paper having a maturity from There is no requirement that they be subject to periodic
reserve,
banks which or national. There is no requirement that they maintain a cash
six to nine mor ths,inclusive,offered by national banks or State
no limitation on the
are members of the Federal Reserve System, the two systems would, there- or maintain their capital in liquid form. There is
limitation
amount which such an Institution may lend to one borrower—a
be overlapping.
fore,
that capital be paid
The main purpose of the bill, however, appears to be to establish a redis- essential to sound banking. There is no requirement
associations (a vague and
count system for agricultural paper which is not eligible for rediscount in cash. In the case of co-operative credit
be any capital at all.
In the Federal Reserve System, either because of its maturity or because it undefined term) there is no requirement that there
on the
As amended in the Senate, the bill contains certain limitations upon
endorsement of a member bank. It is contemplated
does not carry the
one institution, but
that such longer term paper shall be made the basis for the issuance of col- amount of paper which may be discounted for any
could hardly be effective.
lateral trust debentures, which would be sold in the investment market in examination it appears that these limitations
agricultural credit corporation
the same manner that Farm Loan bonds are now sold. These deben- No paper may be discounted for any
credit company,"which has
tures would be exempt from all taxation. State or Federal, including sur- incorporated livestock loan company, or farm times the paid-up capital
and would be secured by the agricultural paper discounted or pur- rediscounted paper equal to or exceeding ten
taxes,
however, that the
and surplus of such company." It will be observed,
chased by the farm credits department.
company may be indebted
The capital of the farm credits departments would be completely sup- limitation refers only to rediscounted paper. A primary obligations in any
plied by the Urited States Government. and these departments would be upon its own promissory notes or bonds or other
be debarred from discounting
operated by directors appointed by the Government. In effect, therefore. conceivable amount, and yet it would not Moreover, there is nothing in
the system contemplates a policy of Government ownership and operation of paper with the farm credits department.
attention in the past to the commercial and industrial needs of the country.
strucand not enough attention to the vital problem of fitting our banking
no benefits
ture to the needs of agriculture. Tam convinced, however,that
The
will inure to the farmer from a system which is financially unsound.
Let
farmer has suffered enough in the past from unsafe banking systems.
farmer by giving the sanction
US not now add to this source of danger to the
canon of
of the United States Government to a system which violates every
the
sound banking to which this Government has been committed since
establishment of the national banking system.
that this bill
Some support has also been given upon the assumption
conwas endorsed by the Joint Commission of Agricultural Inquiry, which
upon
ducted an elaborate investigation and has published a valuable report
for the bill
agricultural conditions. This, however, is a misapprehension,
In its present form differs radically from the bill which the Joint Commission
in the accompanying
endorsed. Many of the features especially criticised
Commismemorandum were not contained in the bill endorsed by the Joint
to
sion, but were added in subsequent revisions. The endorsements given
the bill in its originl form, thbrefore, are not applicable to the bill as it
772
THE CHRONICLE
[Vox,. 116.
the bill to prevent a company from incurring liabilities in any amount growing crops.
These directors are to be required to undertake the
which unsound finance might dictate after it has discounted its limit with ministration
adof an entirely new business, enormous in scope,
technical and
the farm credits department. A company with $10,000 capital could difficult in
its details, and very much more hazardous than the
mortgage
discount $100,000 of paper with a farm credits department, and the next loan business
which they are now carrying on.
day borrow $100,000 more from some other source.
Ifthe Strong bill is adopted at this session (it has not yet
passed the House,
As far as "co-operative credit associations" are concerned, there is no and has
not even been considered by the Senate Banking and Currency
limit whatever upon the amount which they may discount.
Committee), it will be possible to organize the system under the
direction
Even if the limits which the bill attempts to place were effective, they of the
three "district directors" to be appointed by the Farm Loan
Board.
would be far too high to afford adequate protection. A company taking These
same district directors, however, will constitute the Government
the best quality of real estate mortgages, or paper secured by livestock
representatives upon the board of directors in connection with farm
mortgage
or commodities with a safe margin, can properly borrow a maximum of loans. Unless
an entirely new set of district directors should be appointed,
ten times its capital. The discounting agencies may, however, do a it would
be necessary to find among the existing directors of
miscellaneous agricultural business, and may make loans without security,
the Federal
Land banks men who combine the qualifications necessary
for both posior upon questionable security such as crop mortgages or second or third tions.
It is by no means certain that such men can be found.
mortgages on land. For such companies the limit of ten to one is much too
The same difficulty of adapting an existing institution to
new and unhigh. For banks the limit (unless further restricted by State or Federal familiar
uses will be encountered when we consider the provision
law) is five to one. A bank already has demand or short time deposit
made
for supervision of the farm credits departments. The
supervision is placed
liabilities which often exceed ten times its capital and surplus. A law which in
the hands of the Federal Farm Loan Board. It has
power to make
encourages such banks, in addition, to incur rediscount liabilities equal rules
and regulations governing the execution of the Act, and
has virtual
to five times their capital and surplus, is an invitation to unsound
banking control over the operations of the farm credits departments, and
their deand a menace to the-public welfare.
benture issues. The executive officer of the Board has stated
at a public
It follows, therefore, that no great reliance can be placed
upon the hearing that the Board does not want to administer the Act.
None of its
endorsement of the discounting institutions contemplated
by the bill, members were appointed with a view to their qualifications in
administersince they are not surrounded by the restrictions and safeguards
which ing a rediscount banking system. Nor is it contemplated, in
the present
experience has shown to be essential to sound banking.
draft of the bill, that any new members be appointed for the
purpose.
3. The Agricultural Paper.—We are thrown back, then, upon
the priApart from the difficulty of personnel, the bill contains
administrative
mary agricultural paper upon which the whole
system is built. Not features which even with the best possible personnel would
appear to be
only the proceeds of debenture's, but the whole
capital reserve of the unworkable. The provisions of Title I of the Farm Loan Act,
relating to
discounting institutions, as well as of the farm credits departments,
may the preparation and issue of Farm Loan bonds, are made to govern,"so far
be invested in this paper. If the paper is unsound,
the system is unsound. as applicable," thepreparation and issue of debentures issued by farm
credits
One might expect to find, therefore, safeguards and
limitations thrown departments. Under Title I the following procedure is prescribed
in conabout such paper comparable to the safeguards thrown
around the farm nection with issuance of Farm Loan bonds: Land banks must first, through
mortgage paper upon which the existing Federal
Farm Loan System is the "registrar" of the district (an official appointed by the Board), make
based.
written application for approval of an issue, tendering with the application
No such limitations or safeguards are provided.
Only in the case of the collateral security to be offered. With the security there must
be a
direct loans to co-operative producing er marketing
associations is there schedule and description thereof. It must be checked by the
"registrar."
any requirement as to security. Such direct Imes
must be upon live- and forwarded to the Federal Farm Loan Board. The Board is required
stock or commodities, and must not exceed 75%
of their value. These to "cause to be made such investigation and appraisement of the securities
limitations are not applicable to paper rediscounted
for banks, rural credit tendered as it shall deem wise," and to grant or reject the application in
corporations, livestock loan or farm credit
companies, or co-operative whole or in part. The Registrar then attends to the issuance and execution
credit associations. A farm credit corporation could
invest ten times of the bonds, and assumes custody of the collateral. The bonds are enits capital in crop mortgage paper, with all its
hazards and uncertainties. graved by the Treasury Department, according to prescribed forms.
A co-operative credit association, without a dollar
of capital, could make
It is apparent that this machinery, while perhaps appropriate in the
unlimited loans to its members without any
security whatever. And case of Farm Loan bonds. Is not adapted to the needs of short term or
such paper, discounted with a farm credit department,
"intermediate" farm credits. It contemplates that the Farm Loan Board
could form he
security for debentures Issued under Government
auspices and sold to shall itself, through agents and inspectors, satisfy itself as to the safety and
Investors.
adequacy of all collateral. A bank In Idaho, or a loan company in Oregon,
It is apparent, therefore, that the most elemeetary
principles of sound may desire to discount a block of paper with the local Land Dank. The
finance have been overlooked in drafting the bill.
In its national bankirg Land Bank, for fear of tying up its capital in unacceptable loans, will
laws the United States Government basset up a
standard of sound banking generally be unwilling to discount the paper until it receives the approval
which is regarded as a model among the States.
Through the Federal of he Farm Loan Board. The paper, comprising perhaps the notes of a
Reserve Board, it endeavors to promote sound
banking practices on the hundred or more- farmers, is put into shape, financial statements are
part of State banks which are members of the
system. In its Federal executed,chattel mortgages and crop mortgages are analyzed and described,
Farm Loan System it has set a standard of
conservatism and soundness and the material delivered to the Land Bank. It is checked by the registrar
which has won the confidence of investors. It is
difficult to conceive and shipped, with his report, to Washington. The Board sends out its
that Congress should now stand sponser for a system
which violates every appraisers, analyzes the hundred or more statements, inspects the chattels
sound banking principle and cmitains not even the
and crops, has the debentures prepared, and ships the material back with
rudiments of safety.
its approval. By the time the loan is approved and the debentures issued,
II—The Administratire Features of the Bill Unworkable.
several months may have expired. Such an amount of centralization is
The discussion heretofore has been of the
financial features of the bill. not in the long run workable in a business in which promptness, flexibility
Even the soundest financial plan, however, must
depend upon good ad- and adaptation to local needs are as essential as they are in the business of
ministration for its success. It is important
to examine, therefore, the rediscount banking. It is doubtful whether the sponsors of the bill realize,
administrative structure which the bill
contemplates, both with respect moreover, that it will necessitate a permanent credit and clerical staff, in
to the management of the farm credits
departments, and with respect Washington, of several hundred men. The War Finance Corporation,
to their supervision by the Federal Farm Loan
doing a similar business on a smaller scale than is contemplated and with
Board.
Nominally,the new powers conferred by the bill
are vested in the Federal an effective field organization, required a staff of over 300 employees in
Land banks. These are corporations organized
under the Farm Loan Washington. The twelye Land banks may do a business of more than
Act, for the exclusive purpose of making mortgage
loans upon farm lands. a billion dollars. It is impracticable to operate such a centralized system
The last annual report of the Secretary of the
Treasury showed that the upon sound lines and yet give satisfaction to the agricultural communities.
Government on Oct. 31 1922 owned somewhat
over $4.000.000 out pf a
III—The System Mill be Inelastic.
total of approximately $35,000,000 of the
capital stock of these banks,
the remainder being owned by local farm loan
A fundamental defect in the Lenroot-Andersonhill, from the point of
associations and to a small
extent by individual borrowers. Under the Farm
Loan Act, the tem- view of the farmers whom it is intended to benefit, will be its inelasticity.
porary management of these banks is placed in the
hands of five directors The Federal Reserve System Is based upon the theory of an elastic currency.
appointed by the Federal Farm Loan Board The
permanent management As long as reserve requirements are met, the Federal Reserve banks can
was to be in a board of nine directors, of which
six, known as "local di- issue all the currency that is required for legitimate commercial or agrirectors," were to be selected by the stockholding
farm loan associations, cultural needs. The farm credits system created by the Lenroot-Anderson
and three, known as "district directors." were to
bill, however,depends upon the sale of debentures in the investment market.
be
Farm Loan Board. In fact, however, the permanentappointed by the In a time of difficulty debentures may be unsalable. Yet it is in
period
organization has
never been effected, a Joint resolution approved Jan.
18 1918 authorizing of stress that the farmer is generally most in need of credit. During the
the Secretary of tho Trea.sury to purchase Farm Loan
bonds from tho collapse in agricultural prices in 1921 the situation was greatly aggravated
Federal Land banks, and continuing the temporary
organization as long by a general calling ofloans on the part of the banks due to reduced deposits.
4
as any such bonds are held. The Strong Bill, recently
reported by the A bank has a strong incentive to accommodate its customers in a time of
House Banking and Currency Committee. provides
for termination of stringency. The investors holding farm credit debentures will have no
the temporary management, and substitution of a
permanent board com- such incentive. They will expect that the debentures be paid when due,
posed of three local directors choser by the farm loan
associations, three regardless of the needs of the farmer. To protect their debentures, the
district directors appointed by the Farm Loan Board,
and a seventh Land banks will be compelled to liquidate their paper, to press it for a
director appointed by the Farm Loan Board out of
three nominees selected collection, regardless of the hardships to the farmer. Far from supplying
by the farm loan associations.
a reserve facility in times of deflation and stringency, the Lenroot-Anderson
These boards of directors (whether permanent or
temporary) are author- bill will, therefore, tend to accentuate the stringency and accelerate the •
ized to elect the President, Vice-President, Secretary and
Treasurer and contraction of credit.
other officers and employees of the Federal Land banks,
to define their
I.V.—The System Rests upon Tax Exemption.
duties, and to dismis.s them at pleasure.
In its promise of cheap money to the farmer, the bill relies mainly upon
Upon this existing structure, the Lenroot-Anderson bill
superimposes exemption of debentures
from Federal and State taxes. Yet the House
an auxiliary organization designed to exercise the powers conferred
in the has recently passed a
resolution for a Constitutional amendment prohibiting
bill. It is provided that each Federal Land Bank shall establish "under
the the issuance of tax-exempt
supervision of its temporary directors and, after the
obligations. A proviso exempting farm loan
establishment of the bonds from the
prohibition was rejected. It is difficult to see how the
permanent organization, under the supervision of its district
directors," a House could
consistently, within a few weeks, authorize the issuance of
farm credits department. During the temporary organization, therefore,
the five directors appointed by the Government to carry on the farm loan large amount of new tax-exempt securities, nor is a possible additional'
also operate the farm credits department. Under the perm- billion of ta.c-exempt securities to be contemplated without grave concern.
business will
anent organization the three directors appointed by the Government will
V.—Other Defects.
act, apparently. as a separate board of directors in charge of farm credits.
There are other defects in the Lenroot-Anderson bill, largely due to
There will, therefore, be one corporation with two boards of directors. faulty draftsmanship, which will
be alluded to only briefly:
Such a situation can hardly promoet efficient administration, since the same
(a) By providing that debentures shall be payable only out of the assets
set of officials and employees will be subject to the orders of two boards of of farm credits departments, the bill might
render them non-negotiable, In
directors.
view of the proiisions of the Negotiable Instruments Law.
The most serious objection to the plan, however, is that in either event
(b) The bill provides that discount rates shall not exceed by more than
the operation of the farm credit rediscount system will be placed in the 1% the rate borne by the last preceding issue of debentures (See. 202)•
hands of men who have no special qualifications for the positions. The It also contemplates that collateral may be segregated, so that high-grade
temporary directors of the Federal Land banks have already been selected paper, e. g., warehouse receipt paper, may be made the basis of a separate
and are now in office. They were selected, it may be assumed, because of issue, and thus obtain the benefit of the lower interest rate to which its
their experience in passing upon real estate mortgage loans, and not because credit standing entitles it. (Sec. 201b.) If the last previous issue was
of their familiarity with loans upon live stock, agricultural products, of based on such high-grade paper, this would set a standard for discount
FEB.241923.]
THE CHRONICLE
rates for all paper, whether high-grade or otherwise. In a period of rising
rates, the banks might find their operations paralyzed by this limitation.
(c) Moreover,the makers of the high-grade paper would not get the benefit of the lower rate to which their paper is entitled, since discount rates
must apparently be uniform to all.
(d) The provision which purports to limit to 1 % the amount which a
discounting institution may charge for its endorsement is ineptly drawn.
Any paper upon which the borrower "has been charged" more than134%
in excess of the discount rate is ineligible. There is no criminal penalty
for any evasion of the Act. Moreover,a bank which has paper upon which
a greater rate has been charged cannot make such paper eligible by rebating
the excess to the borrower. Unless the discount rate is high, there will,
therefore, probably be but little eligible paper in the Western and Southern
agricultural States, where interest rates are often as high as 10 and 12%.
(e) The provision relating to distribution of earnings are incomplete.
No disposition is made of earnings above dividends and above the 25%
to be used to retire stock.
(f) There is no provision for liquidation of farm credits departments, or
administration in the event of insolvency.
(g) No provision is made for suits by or againstfarm credits departments.
(h) Agricultural paper is not correctly defined. Only paper the proceeds
of which have been used for an agricultural purpose' is eligible. Paper
"issued" for an agricultural purpose, such as fertilizer notes, or notes
evidencing purchase oflivestock or farm supplies, is apparently not eligible,
since "proceeds" of such notes are not generally used for an agricultural
purpose. The corresponding definition in the Federal Reserve Act covers
both types of paper.
Strong Farm Loan Bill Passes the House—Agricultural
Credits Program of House.
The Strong bill amending the Federal Farm Loan Act.
broadening the loan making powers of the system, was passed
by the House of Representatives on the 20th inst. by a
vote of 150 to 61. The bill, among other things increases
from $10,000 to $16,000 the maximum of loans to individual borrowers makes provision for loans up to $25,000
in exceptional cases.
On the 20th inst. it was stated, that a comprehensive
agricultural credit program, based on the Capper bill passed
by the Senate, would be reported probably on the 22nd
and taken up for passage in the House to-day (the 24th)
under plans disclosed by Republican leaders. On the 22nd
inst. the "Journal of Commerce" reported the following
from Washington:
Plans for House consideration offarm credit legislation on Saturday were
abandoned late to-night, when Chairman McFadden notified Representative
Mondell of Wyoming. the Republican floor leader, that the Banking Committee would be unable to complete its work before late to-morrow. It was
announced that a bill would be reported in time for consideration on Monday
or Tuesday.
The Committee completed consideration ofthe Capper bill authorizing the
formation under Federal charter of agricultural credit corporations, and
added to it the Strong bill liberalizing the activities of the Farm Loan Bank,
which already has been passed by the House.
Consideration will be given to-morrow,it was said, to features of the Lenroot-Anderson bill providing for agricultural rediscount banking departments
In the Federal Reserve banks, which are to be included in the composite
measure to be reported.
The same paper also said in further advices:
Farm bloc leaders in the House to-day resolved upon the course of forcing
the adoption of the Lonrood-Anderson system of intermediate rural credits
through amendments on the floor to the Capper bill.
It was understood that several amendments suggested by Secretary of the
Treasury Mellon would be made in the Capper bill by the Banking Committee and that some of the minor features of the Lenroot-Anderson bill would
appear in the finished draft.
Prospects of Legislation.
Unless the House can force the addition of the Lenroot-Anderson bill,
which has boon assailed by Secretary Mellon as violating all of the canons of
sound banking, there is little prospect of Congress passing more than one of
the three so-called rural credits measures.
The Senate Committee on Banking and Currency met to-day, but did not
vote to take up the Strong bill as this session. Senator Fletcher of Florida,
has announced his opposition to the bill, which makes a number of amendments to the Federal Farm Loan Act and provides for a permanent organization of the twelve Federal Land Banks.
While the prospective withdrawal of the ship subsidy bill would alter the
situation somewhat, Representative Strong to-night admitted that he did
not expect the Senate to pass it at this session.
The rural credits program is in a snarl. The farm organizations, it is
known, will register the most vigorous protest against the passage of only
the Capper bill. Gray Silver, the Washington Representative of the American Farm Bureau Federation,served notice upon the members of the House
to-day that its passage would only mean that "the farmer will continue to
be at the mercy of the old system" and that by setting up "note shaving
instrumentalities without limitations" made "safe the unscrupulous in
the charging of usury."
Distinction Between Federal Land Bank Bonds and
JointiStock Land Bank Bonds.
A very timely statement or "memoranda" has just been
issued by the group of bankers that has brought out all the
.different issues of Federal Land Bank bonds, namely Alexander Brown & Sons, Harris, Forbes & Co., Brown Brothers
& Co., Lee, Higginson & Co., the National City Co., and the
Guaranty Co. of New York, dealing with the respective merits of the Federal Land Bank bonds and the Joint Stock
Land Bank bonds. The compilation was prepared partly to
correct misconception and partly for the enlightenment
•of the houses who participate in the ultimate distribution of
the securities. In view of the widespread interest felt in the
773
subject we print the statement in full below, notwithstanding
its great length.
FEDERAL LAND BANK—JOINT STOCK LAND BANK.
Memoranda of Comparative Value and Security of These Bonds.
(Prepared for Members Federal Land Bank Distributing Group and
Investors.)
In view of recently issued statements comparing the bonds of the Federal Land banks and the Joint Stock Land banks inquiries have come to us
from a number of sources asking for correct data on the subject
In some of these statements referred to the surprising opinion is expressed
that the Joint Stock Land Bank bonds are as a class superior to those of the
Federal Land banks. This is so far from the truth that it seems incumbent
to point out the essential difference between the two classes of obligations.
In order that our position may not be misunderstood at the outset we desire to state that in our judgment the bonds of Joint Stock Land banks are
high grade investments when issued under certain conditions stated at the
conclusion of this article. But this is very far from fathering the opinion
that all Joint Stock Land bank issues are what might be called "good investments," or that individually or as a class they may be recognized as the
equals of the Federal Land Bank bonds.
We might rest content by referring the reader to a recent statement made
by the Farm Loan Commissioner. He writes that the literature embodying
the statements referred to above, "is unsound both in its statement of law
and fact and in its reasoning," and concludes with the unqualified statement
that the Federal Land Bank bonds are "certainly more attractive" and "deservedly so."
In view, however, of the discussion which has taken place, it may be of
interest to members of the Federal Land Bank group and investors interested
in the bonds to have before them much fuller memoranda embodying data
concerning both issues.
The superiority of one class of bonds over the other must lie in one of two
factors or in both, namely: (1) the strength of the bank of Issue, or (2) the
security back of the bonds.
The relative strength of the banks of issue can best be determined by a
study of the history of the Act and its provisions, an analysis of the differences in organization and management and a statement of the responsibility,
If any, of the Government for the two classes of banks.
History of the Act and Its Provisions.
The national banking system of the United States provided an adequate
system of short term credits adapted to the needs of practically every branch
of industry except agriculture. The farmer required long term credits. The
national banking system could not safely grant these and the farmer was
automatically excluded from the banking system of his country.
As a result, the one fundamental need of all the people of the United
States, namely the development.of an adequate food supply, was retarded.
This fact had long been recognized by those familiar with agricultural
needs and was under discussion for many years before the Act known as the
Farm Loan Act, was passed by Congress. This Act, approved July 17, 1918,
was not a hastily drawn or ill-conceived act. On the contrary, it is one of
the most carefuly thought out and scientifically drafted statutes passed by
Congress in many years. To quote from an article by George W. Norris, first
Commissioner of the Farm Loan Board, now Governor of the Federal Reserve
Bank of Philadelphia, published in the issue of the "Commercial and Financial Chronicle" of Mar. 9, 1918:
"It is a wide departure from the truth to suggest that the Act establishing the Farm Loan System of the United States was hasty and ill-considered
and that there was any political pressure exerted to secure its passage.
On the contrary, with the exception of the Federal Reserve Act, there
probably was never an Act passed by Congress after more extended study,
or more mature deliberation. The subject of rural credits, which had been
discussed for years, was brought to a focus at a convention held in Nashville in 1912. In that year Ambassador Herrick submitted to President
Taft an elaborate report on the subject of rural credits in Europe, and himself addressed the conference of Governors at the White House on the same
subject. A system of educational propaganda was carried on continuously
throughout the balance of President Taft's term. Numerous bills were
introduced in the Sixty-second and Sixty-third Congresses. In the summer
of 1914 a Commission, on which almost every State in the Union was represented, went abroad to make a study of the various systems in existence
there, and their report was presented to Congress. In the Sixty-third Congress a Joint Committee on Rural Credits was created, representing both
Houses. Public hearings were held over a period of months. Senator
Hollis of New Hampshire and Senator Fletcher of Florida and Representatives Phelan of Massachusetts, Buckley of Ohio, Mass of Indiana and Glass
of Virginia were particularly interested. David Lubin came from Rome.
and scores of other agricultural economists and financiers presented their
views before this Committee. The Committee finally agreed upon a bill
.
which passed both Houses of the Sixty-fourth Congress with substantial
unanimity."
The drafters of the Act took as their pattern, for organization purposes,
the National Banking Laws of the United States, which practical experience
over many years had moulded into a satisfactory and well rounded system.
The National Banking System, broadly speaking, had at its base the national banks of the United States. The twelve Federal Reserve banks were
created in later years to correlate the banks of the country. The national,
and other member banks of the system, became the stockholders in the Federal Reserve banks. At the head of the system was placed the Federal
Reserve Board.
So the draftors of the Farm Loan Act created farm loan associations,
analogous to the national banks, established twelve Federal Land banks,
analogous to the twelve Federal Reserve banks, and placed at the head a
Federal Farm Loan Board, analogous to the Federal Reserve Board.
Inasmuch as the farm loan associations were not then in existence, the
United States Government supplied practically all of the capital by purchasing the stocks of the Federal Land banks, under an arrangement by which the
farm loan associations could later become the owners of Federal Land Bank
stock, just as the member banks had become the owners of Federal Reserve
Bank stock.
The members of the Federal Farm Loan Board are appointed by the President of the United States, by and with the advice and consent of the Senate,
just as the members of the Federal Reserve Board are appointed. There are
five members. The Secretary of the Treasury is a member and Chairman
ex-officio of the Board. The Board is a bureau of the Treasury Department
of the United States.
After the Act had been drafted, an incident occurred which produced a
new form of institution having no direct analogy in the National Banking
System. The farm mortgage banks and other organizations which had formerly, out of private capital, loaned money to farmers, feeling that their
business would be destroyed by Government competition, asked that provisions be inserted in the Act giving them the right to charter under Congressional authority, so that the bonds issued by them would carry the same taxexemption as the Federal Land Bank bonds.
This request was granted and new provisions were inserted in the proposed
Act permitting the creation of Joint Stock Land banks.
The two ideas were not consistent in many respects and it was felt by many
that the exemption from taxation, so granted, would go in too large a proportion directly into the pockets of private stockholders and not benefit 'efficiently either the public or the farmers.
774
THE CHRONICLE
[Vol,. 116.
Three Secretaries of the Treasury have urged that tax-exemption privileges tary of the Treasury to purchase $200,000,000
of the bonds. This authority
be taken away from future issues of the bonds of the Joint Stock Land banks, covered a two-year period and $136,000,000 of
bonds were purchased there.
but the provisions still remain in the law.
under. Upon expiration of the time limit, the banks were confronted with
The framers of the Act did not rely solely upon descriptive terms such as an attack in the courts upon the
constitutionality of the Act and the exemp"Federal" to indicate the relationship of the Federal Land banks to the Gov- tion of the bonds from taxation.
Under these circumstances, it was news,
ernment and "Joint Stock" to indicate the private character of these other sary to finance the banks in order
that they might not cease to function.
banks. The Act went much further in distinguishing between the two classes Congress promptly passed another
Act extending the power of the Secretary
of bonds. For example, the Act provides (with relation to Federal Land of the Treasury to purchase
Federal Land Bank bonds. When the Act was
Bank bonds alone) the following:
fully sustained by the Supreme Court of the United States the Government
"Every Farm Loan bond Issued by a Federal Land Bank shall be signed holdings were approximately $180,000,000. It now
holds $112,000,000 of
by its President and attestad by its Secretary, and shall contain on the face these bonds. They are
sold from time to time in co-operation, and not in
thereof a certificate signed by the Farm Loan Commissioner to the effect
that it Is issued under the authority of the Federal Farm Loan Act, has the conflict with the plans of the Federal Farm Loan Board.
approval in form and issue of the Federal Farm Loan Board, and is legal
Neither of the Acts above referred to, authorized or permitted the United
and regular in all respects; that it is not taxable by national. State, municipal States Government to purchase bonds
of privately owned Joint Stock Land
or local authority; that it is issued against collateral security of United States
banks and the Joint Stock Land banks then in existence found themselves for
Government bonds, or indorsed first mortgages on farm lands, at least
equal in amount to the bonds issued; and that all Federal Land banks are a while in a somewhat embarrassing position. But, as stated by Mr. Hughes
liable for the payment of each bond."
the "good faith and credit" of the United States was pledged to the Federai
It should be noted that the Farm Loan Commissioner who gives this cer- Land Banks and Congress had no hesitancy in promptly recognizing
its obtificate is the Government officer whose position corresponds to that of Gov- ligation.
ernor of the Federal Reserve Board.
The Federal Land banks, under authority of law, were made and are to-day,
But Congress did not stop there. So strongly was it felt that promoters depositaries of Government moneys.
or bond salesmen might take advantage of the similarity between the two
The relationship between the Treasury Department and the Farm Loan
classes of bonds, that two provisions were inserted in the Act. Section 16, Board has been as close as that between the Department
and the Federal
under the title "Joint Stock Land Banks," provides:
Reserve Board. This is not a matter of choice; it is in accordance with law.
"Farm loan bonds issued by joint stock land banks shall be so engraved
The opinion of Mr. Hughes then as to the relationship of the United States
as to be readily distinguished in form and color from
loan bonds
Issued by the Federal land banks, and shall otherwise farm such distin- Government to the Federal Land Banks has been clearly borne out in pracbear
tice and to-day no one familiar with the situation as a practical matter quesguishing marks as the F5deral Farm Loan Board shall direct."
tions the Government's responsibility for the Federal Land Banks any more
And finally the following penalty was provided:
"Any person who shall deceive, defraud, or impose upon, or who shall than they would question the Government's responsibility for the Federal
attempt to deceive, defraud, or impose upon, any person, firm or corpora- Reserve Banks.
The argument that the United States Government while an original stocktion . . . by falsely pretending or representing that any farm loan
bond, or coupon, issued under the terms of this Act by one class
holder, is automatically withdrawing from stock ownership in the Federal
banks is a farm loan bond, or coupon, issued by another class ofof land Land Banks, has
banks,
little or no bearing. Stock ownership is not the only evi. . . shall be fined not exceeding $500 or imprisoned not exceeding
dence of Government responsibility for the banks. If this were the sole
one year, or both."
evidence, then the Government has no responsibility for the Federal Reserve
Differences in Organization and Management of the Banks.
The organization of the Federal Land banks was made mandatory by Act Banks as it has never owned a dollar's worth of their stock.
But in this connection it is worthy of note that the Act provided that no
of Congress as part of the banking system of the United States Government.
The Government was the original stockholder, practically the sole stock- Government capital could be withdrawn until the capital of a Federal Land
Bank had doubled its original amount, and from that point on the Governholder.
All of the directors were originally appointed by the Farm Loan Board. ment could withdraw only 25% of all the additional capital subscribed by
the farm loan associations.
The Act provided, however, that eventually three of the directors should be
We do not believe that the United States Government will repudiate or in
appointed by the Federal Farm Loan Board and ex elected by the farm loan
associations as stockholders, just as the Federal Reserve Act provides that any way overlook its responsibility for either the Federal Reserve or Federal
three directors of the Federal Reserve banks shall be appointed by the Federal Land Banks. The motive force of this is not alone the moral law, but the
law of self-protection and of necessity.
Reserve Board and six elected by the stock-holding banks.
A failure to assume such responsibility when required might well bring
They are still all Government appointees as an amendment to the Act provided that all of the directors should continue to be so appointed so long as the banking system crashing down on the heads, not merely of Government
officials, but of all the people. The failure of a single Federal Land bank,
the United States Treasury continued to hold Federal Land Bank bonds.
On the other hand, the organization of Joint Stock Land banks was permis- for example, while it might not affect the security of bonds outstanding,
would destroy the whole fabric of agricultural credit in the United States as
sive only. They obtain their charters by application to the Farm Loan
It would prevent future bond sales.
Board which may decline to issue them. They are purely private ventures.
The Government, therefore, could not afford to permit a single Federal
The Government of the United States is strictly prohibited by the Act
Land Bank to fail. The failure of a Joint Stock Land Bank, on the other
itself from subscribing to the stock.
The Government does not appoint a single one of the directors. The affairs hand, would not have any important bearing on the system.
Socialistic Legislation.
of the banks are examined by the Farm Loan Board, just as the affairs of the
The second argument is not an argument at all; it is a plea to investors
national banks are examined and in a measure controlled by the Comptroller
of the Currency. The Farm Loan Board also, as in the case of the Federal not to buy the bonds of the Federal Land Banks because the Act is a "socialLand banks, approves all loans made by the Joint Stock Land Banks before istic" one.
The Supreme Court of the United States has held in substance that the
they are accepted as collateral to secure the bonds, but the Government assumes no more liability to the bondholders of a Joint Stock Land Bank than creation of the Farm Loan System was a legitimate extension of the banking
system of the United States. The argument, therefore, that the creation of
it does to the creditors of a national bank.
the Federal Land Banks is "socialistic" applies with equal force to the creaGovernment Responsibility for Federal Land Banks.
The relationship of the United States Government to the Federal Land tion of the Federal Reserve Banks. The argument that granting tax exemption to their bonds is "paternalistic and socialistic" offers at once debatable
Banks has been clearly stated by an ex-Justice of the Supreme Court of the
ground, but is not an argument to be presented in favor of Joint Stock Land
United States, now Secretary of State, Mr. Charles E. Hughes. In his opinBank bonds which are issued under the same Act, and granted the same
ion submitted while he was practicing law in New York in 1916, to the bankexemption from taxation as the Federal Land Bank bonds.
ers t tiering the Federal Land Bank bonds, he says:
Management of the Banks.
"Taking into consideration the facts which have been stated
A third point has been made that the Joint Stock Land banks are privately
to the organization and control of the Federal Land Banks, with respect
I am of the owned and managed and are therefore likely to be better managed
opinion that the Farm Loan bonds which are about to
than those
these
banks under the authority and direction of the Federal be issued byBoard which are "politically" directed.
by virtue of the powers conferred by Congress, and Farm Loan been
Here the argument finds itself on sounder ground, but one could fairly
which have
expressly declared by Congress to be instrumentalities of the Federal
admit it and still ask, "Does this prove that the bonds of small privately
Government, must be regarded as obligations having
good faith and credit of the United States. An while the support of the owned Joint Stock Land Banks are as a class superior to the bonds of the
such obligations,
because of the nature of sovereignty, confer no
Federal Land Banks?" One might argue that the management of national
United States without its consent toeing 'only right of action against the
binding on the conscience
of the sovereign,' and hence in this aspect invite reliance on the sense of banks is superior to the management of the Federal Reserve banks, but would
anyone say that the obligation of a national bank is superior to an obligation
justice of Congress, still the actual relation of the Government to the
Issue of these bonds affords additional ground for sustaining their validity." assumed by all twelve Federal Reserve Banks?
Federal Reserve Bank notes which were to become currency were, of course,
The relationship thus is clearly defined. The United States Government
does not guarantee the bonds. If it did the bonds could not be bought at specifically declared by law to be obligations of the United States. They
are therefore not legitimately comparable with the long term bonds of the
anything like present prices. They would sell on approximately the same
basis as the present Liberty 31 tax-exempt bonds. Furthermore, because Federal Land Banks, but we are comparing now the relative strength of the
/
2
%
of the "nature of sovereignty" the Government cannot be sued upon the banks of issue.
We may be straining values a bit by the comparison, but the analogy still
bonds but Federal Land Bank bonds have the support of the "good faith and
credit of the United States" because the United States Government organized holds. The bonds of a single relatively small Joint Stock Land Bank, or
the banks, was the original stockholder, named all the directors and will even the bonds of the strongest Joint Stock Land Bank, cannot properly be
claimed to be equal to the bonds of the twelve great Federal Land Banks,
always be represented upon the board.
to
Mr. Hughes's opinion has been completely justified by practice. It could the payment of the principal and interest of which each and every Federal
not be otherwise under the law. After the Farm Loan Board had been ap- Land Bank is pledged.
pointed by the President and the Government had subscribed to the stock of
And while it prolongs the discussion to consider the question of managethe banks, the Government officials as directed by the law, organized the ment, it may be well to point out what the Federal Land Banks have
accomFederal Land Banks and assumed at once responsibility for their direction, plished. They have been functioning about six years. Their joint
capital as
management and policies. The Secretary of the Treasury supervised the of Dec. 31, 1922, was $37,000,000; their reserves, surplus and
undivided proffinancing of the banks. The announcement of the offering of their
securities its aggregated over $6,700,000. Each bank is on a dividend paying basis. Unfor sale was then made by the Secretary of the Treasury and has ever since der the policy established by the Farm Loan Board every dollar
more than
ninety days overdue is promptly charged off. But the record
been made by that official.
shows also wise
discrimination in the making of loans and demonstrates
In April 1921, Secretary Mellon issued the following statement:
the conservatism in
"The Supremc Court of the United States by its recent decision has appraisals. A statement of the Farm Loan Commissioner, made in June of
firmly established the Federal Land Banks as a part of the banking system last year, said:
of the country. In view of the very satisfactory financial condition of the
"Our report of April 30 showed
banks themselves, of the exemption of the bonds issued by those banks a total of 182,470 loans in the that the Federal Land banks had made
from Federal. State, municipal and local taxation everywhere In the United foreclosure proceedings had been stun of $537,449,589. Of this number
instituted in 868 cases. Of this number
States, and of the very adequate security back of these bonds, they should 373 had been paid up before
prove an attractive Security to investors large and small throughout the Of the remainder 168 had on judgment, and proceedings were dismissed.
that date proceeded
country."
lands had either been acquired by the banks or they to judgment, and the
held sheriff's certificate
This was not a personal opinion volunteered by Mr. Mellon; it was issued of sale on which borrower still had the redemption privilege for a given
in the line of his duty as financial agent of the Government to see that ade- period. A substantial number of the acquired properties have been disposed
of, and only in one instance at
quate provision was made for these banks. They were a "part of the banking that case being $200, which is less than the amount involved, the loss in
the sole
system of the United States." It was a part of his duty to see that they were
By this I do not mean to infer that itloss; reflected to date.
is not
may be acquired by foreclosure and disposed ofpossible that other properties
properly provided with funds.
at a loss. The total amount
the
Another illustration: by the spring of 1917 the Federal Land Banks had involved in up, 868 foreclosures was $3,031,739 69. Amount Involved in
those paid
$1,283,333 13. Amount Involved in properties acquired.
been organized and were ready to function. They were able to sell promptly $548,539 46. Amount involved in
properties still in process of foreclosure.
$25,000,000 of bonds. So great, however, was the drain upon capital for 31,100,897 10.
"As stated above, the only actual loss developed to date is $200. While
Liberty Loan issues that it was felt that it might be difficult for the Banks
other losses may result, the
to continue to secure funds. Congress passed an Act authorizing the Secre- foreclosed was appraised fact remains that in every instance the property
at more than double the amount of the loan
FEB.24 1923.]
THE CHRONICLE
made on it, and it is not to be contemplated that any considerable number
will fail to bring at final sale the amount invested. We feel that when
the amount involved is considered, the number and amount of foreclosure
makes a very satisfactory record indeed and, to repeat, it is inconceivable
that losses can occur which will impair the steadily growing undivided
Profits accounts of the several banks."
Since this date, under suggestion from the Board, every bit of real estate
taken over under foreclosure by the banks, has been marked down to "nothing" on their books. When note is taken that during the period covered by
the above report this country was suffering from one of the most extensive
depreciation in land values in its history, as a result of the World War, this
record is a most satisfactory assurance of the continued successful operation
of the system.
Incidentally the above figures dispose of any criticism that the liability of
the banks for the bonds of each other, is of little value in reassuring investors, because of "inadequacy of surplus and reserves." In this field, as in
many others related to banking, the test of the adequacy of surplus and reserves, is not aggregate liability but average loss as determined by experience. With one demonstrated loss to date of $200 in nearly six years and
with other losses cared for as set forth above, it would appear that surplus
and reserves of $6,700,000 as of Dec. 31, 1922, afforded the bondholders ample protection.
But to quote the Farm Loan Commissioner, surplus and reserves are not all
that is to be counted. The Board says:
"It is not true that under the Farm Loan Act the reserves and undivided
profits only of the Federal Land Dams stand behind their joint guaranty.
As a matter offact and law, all of the free assets ofall of the banks,amounting to more than forty millions of dollars, are available to meet such guaranty should occasion ever arise. That it will arise, in view of the satisfactory condition and progress of the banks, seems entirely beyond even
the realm of reasonable possibility."
Security.
And now a word about the security back of the two issues.
The mortgages of the twelve Federal Land Banks cover farms in every
section of the United States, while the Joint Stock Land Banks function in
relatively small areas. If the area covered by a Joint Stock Land Bank is
visited by drouth or storm or there is a crop failure, the bank will suffer
altogether out of proportion to the Federal Land Banks whose mortgages
cover the whole of the United States.
The importance of this wide distribution of mortgage security should be
self-evident.
Now a word as to appraisals. It will be noted that the Federal Appraisers
fix the values of properties on which loans are to be made by both classes of
banks. It is the custom of the Farm Loan Board in the case of the Federal
Land Banks to accept the Federal or local appraisement, whichever is lower.
The best test of conservatism, however, is not speculation as to whether
the correct method of appraisals has been adopted in the Act, nor quotations
from an Appraiser or some other supposed authority here or there. The best
test is that of experience. Given the appraisal on one side, then, what is
the best test of its accuracy? Manifestly, the price which the property actually brings in the market.
Applying this test: in the year ending Nov. 30 1922 there were 4,714
sales of property reported on which the Federal Land banks held mortgages.
The sales prices aggregated $39,701,625; the appraisals had been $36,247,533 and the loans on these properties $14,925,994.
In two years there were 9,439 sales with sale prices in excess of $95,000,000, against which the banks had loaned $30,000,000.
So much for the underlying security, but it is urged that Joint Stock
Banks have a double liability attached to their stocks and Federal Land Banks
'have not.
This again indicates a failure to understand the true character of a Federal Land Bank. They are the banks which represent the Government's participation in the business. The Government was to become the first stockholder and double liability was not provided. But Congress did require a
double liability on Farm Loan Association stock, just as it required a
double liability on Joint Stock Land Bank stock.
Furthermore, it required each Farm Loan Association to guarantee every
mortgage submitted by it to the Federal Land Banks. The Farm Loan Association is the cog in the organization which more nearly compares to the
Joint Stock Land Bank, if limy comparisons are to be made, and while it may
rightly be said that a Joint Stock bondholder may proceed against all of the
Bank's stockholders after a default on his bond, while a Federal Land Bank
bondholder can recover only against the stockholder of the Farm Loan Association which is in default, still the practical answer is that if only a few
Associations fail, there can be no default whatever by the Federal Land Bank,
while if many fail, the double liability of the many is there.
To sum up: the Federal Land Bank bonds are secured (1) by United
States Government bonds or widely diversified first mortgages on the basis
of 50% of land values and 20% of permanent insurable improvements, which
mortgages are reduced each year by payment of part of the mortgage debt;
(2) by the guarantees of the Farm Loan Associations with a double liability
on their stock; (3) by the obligation of all twelve Federal Land Banks, and
(4) by the relationship of the United States Government to the Banks so
clearly stated by Mr. Hughes and so plainly demonstrated in practice.
Summary.
The Farm Loan Board has in a brief statement noted the difference between the two issues. It says:
"In order to avoid confusion, it should be noted that the bonds of the
Federal Land Banks are issued by banks created by the United States
Government in which banks the Government now owns a substantial amount
of stock. Each of the twelve Federal Land Banks is liable for the ultimate
payment of all the bonds issued by any Federal Land Bank.
'Joint Stock Land Banks, while organized under the same Act of
Congress, are owned by private interests, the United States Government
holding none of the stock, and there is no liability on the part of one Joint
Stock Land Bank for the obligation of the others."
To repeat and amplify our statement made at the outset of this discussion
—no one should question that Joint Stock Land Bank bonds are good when
issued by a bank covering a good agricultural territory, whose management
is efficient and conservative, where the surplus is adequate, and where the
capital has been supplied and the stock will continue to be held by responsible holders.
The value of the double liability of stockholders so greatly stressed by the
advocates of Joint Stock Land Bank bonds, depends entirely upon whether
or not the stockholder is good for his liability.
We are informed that in some instances the stocks of these banks have
been peddled around the country. While in the case of the farm loan association every stockholder must be a landholder, anyone able to raise the
few dollars necessary to buy a share, or able to borrow for that purpose, may
become a stockholder in a Joint Stock Land Bank. We are informed that in
other instances the stocks of the Joint Stock Land Banks are yet to be distributed to responsible stockholders, although the bonds themselves have been
sold to investors. This is not in accordance with sound banking, and does
not go to make safe investments. The danger and wrong of the argument
therefore in favor of Joint Stock Land Banks as a class is that it tends to
blind the investor to the necessity of exercising a proper and just discrimination between them.
775
There has been in evidence also an illogical effort to lay emphasis upon the
exemption of the bonds from taxation as proving their safety. Such an exemption may make an attractive, but it cannot make a sound investment.
The soundness of the investment depends upon the soundness of the bank
Itself, and the value of the security back of the mortgages. We therefore
cannot correctly think of Joint Stock Land Bank bonds as a class.
It is proper, however, to think of the bonds of the twelve Federal Land
Banks as a class for the reasons above cited and more especially because of the liability of each and every bank for the bonds of the other.
The bonds of each Joint Stock Land Bank then must stand on their own
merits and the actual merits of each proposition, the history of the bank,
date of organization, capital, surplus and character of management, should
all be frankly and fully stated to the prospective investor by investment
houses.
The Federal Land Bank bonds, however, rest on a different base. Their
history is known; their records are public; their relationship to the Government, especially the Treasury Department, demonstrated; their conservative
management and appraisals proven.
At the time of the first offering, estates managed by some of the most
conservative and experienced investors in the United States after a careful
examination participated in by their lawyers, bought heavily of the bonds.
Time has justified their opinion.
Secretary Mellon has recommended them as "an attractive investment to
investors large and small throughout the country." Nearly a thousand of the
most conservative bond houses in the United States participate in the sales
of the bonds.
They are now well established as high grade investments, eligible for savings banks in over three-quarters of the States in the Union, and with excellent marketability. So much cannot be said for the Joint Stock Land Bank
bonds as a class nor will the confidence of investors be strengthened in this
class of securities by the assertion of extravagant and ill-founded claims on
their behalf.
February 7 1923.
Since preparing the above data we have received the following statement
from the Farm Loan Commissioner which embraces some of the matters
quoted above, but which amplifies and explains the subject in a concise and
interesting way:
"TREASURY DEPARTMENT.
"Federal Farm Loan Bureau.
"Washington, Feb. 10, 1923.
"Alex. Brown cfc Sons, Baltimore, Md.
"Gentlemen: Replying to yours requesting comment upon literature that
has been put in circulation by certain distributors of Joint Stock Land Bank
bonds, claiming for such bonds, as a class, superiority over the bonds of the
Federal Land banks, as a class, permit me to state, what I am sure you will
readily understand, that it is a delicate matter for the Farm Loan Board to
comment on the relative attractiveness of the bonds of the Federal Land
Banks and Joint Stock Land Banks, as all of these institutions are under our
supervision and it is our duty and purpose to see that the bonds issued by all
are beyond question.
"The literature to which you refer is unsound both in its statement of law
and fact, and in its reasoning. It is not true that under the Farm Loan Act
the reserves and undivided profits only of the Federal land banks stand behind their joint guaranty. As a matter of fact and law, all of the free assets
of all of the banks, amounting to more than forty millions of dollars, are
available to meet such guaranty should occasion ever arise. That it will
arise, in view of the satisfactory conditions and progress of the banks, seems
entirely beyond even the realm of reasonable possibility. The Federal farm
loan bonds—that is, the bonds of the Federal Land Banks—are certainly
more attractive because of this joint liability and frankly, we think deservedly so.
"We believe, as stated above, that the bonds of any of the Joint Stock Land
banks are a safe investment, but it occurs to us that it would be absurd to
say that the bonds of any one of them would not be more attractive and
actually better if they were guaranteed under proper provision of law and
resolutions of the board of directors by eleven other equally good joint stock
land banks. Such-is the fact as to the Federal farm loan bonds.
"The statement in this 'literature' as to the amount of reserve and undivided profits is correct in dollars and, frankly, seems to us very gratifying
in view of the fact that it has been created wholly from earnings in a very
short period. The necessity and value of reserve and undivided profits should
be measured largely by the probable call upon them, and such call in the
case of the Federal Land Banks can only result by loss on foreclosed properties. The fact that in nearly six years of loaning operations there has been
but one such loss, and that amounting to a nominal sum, while the reserve
and undivided profits accounts of the several banks in the last single year
were increased by nearly $2,500,000 after distributing liberal dividends and
charging off all properties which had been acquired by foreclosure, would
seem to set at rest any question as to the sufficiency of the reserve and undivided profits alone to take care of any possible loss that might hereafter
accrue.
"The deduction that greater conservatism in the making of loans should be
expected from Joint Stock Land Banks, as a class, because of the financial
interest of the management, is not borne out by experience, and presents an
issue which I am sure would not be raised by anyone familiar with the work
of our reviewing appraisers.
"The Federal Land Banks as now administered, and because of their joint
liability, and identity of interest, have a united and continuing policy which
does not, and which in the nature of things cannot, obtain in the Joint Stock
Land Banks, in which there are naturally nearly as many different ideas as
there are institutions.
"Federal Farm Loan bonds may properly be treated as a class, while the
attractiveness of Joint Stock Land Bank bonds must ultimately rest upon the
financial condition and management of each particular institution, and the
fact of Government supervision.
"The Sixth Annual Report of the Farm Loan Board will come from the
printer within a day or two, and I shall take the liberty of mailing you a
copy, which I trust you will take time to examine and hope you may find of
interest.
"Respectfully yours,
"CHAS. E. LOBDELL, Farm Loan Commissioner."
Receivers Appointed for the Cleveland Discount Co.
A voluntary petition for a receivership for the Cleveland
Discount Co. of Cleveland, said to be the second largest
mortgage company in the United States, was filed in the
Common Pleas Court in Cleveland late on Thursday of this
week (Feb. 22). Judge Pearson at once appointed William
L. David and Thomas H. Hogsett, Cleveland attorneys,
receivers for the organization, who immediately took charge
776
THE •CHRONICLE
[Vor.. 116.
of its affairs. At the same time two other lawyers were
FEDERAL7RESERVE BANICOF NEW YORK.
appointed attorneys for the receivers. The application
[Circular No. 531, Feb. 21 11)23, superseding Circular No. 469, dated
June 21 1922.1
for the receivership was made by W. H. Hopple of Tiffin,
•
Rates of
Ohio, former Chairman of the Board of Directors, who To All Member Banks in the Second Discount.
Federal Reserve District:
stated that it was made in behalf of more than 15,poo
You are advised that, effective from the opening of business on Friday,
stockholders scattered throughout the country. In the Feb. 23 1923, until further notice and superseding all existing rates, this
bank has established a rate of 4%% for all rediscounts and advances.
petition it was set forth, it is said, that the oompany was
Very truly yours,
not by any means bankrupt; that the action was taken
BENS. STRONG, Governor.
merely to protect the many stockholders and that "if the
With regard to the advance special adviees to the "Jourassets are conserved and the affairs properly managed," nal of Commerce" from Washington said:
not only will the institution be able to pay its creditors in
Advance in the rediscount rates of the New York and Boston Federal
full, but a substantial portion of the capital will be left Reserve Banksfrom 4% to 4%% was regarded by fiscal officials here to-day
as foreshadowing a general readjustment on rate 'levels in the System.
for the benefit of the stockholders.
Rate changes by other Reserve banks are not looked for at once, but the
On the evening of Feb. 22 the receivers, it is said, gave view is held that conditions throughout the country are rapidly approaching
the point where higher rediscount rates would be justified.
out a statement in which they said:
The immediate
We are informed by officials of the company that while many of the assets
are frozen and that time will be required to liquidate them, yet in their
opinion the company is solvent. We expect to use every effort to prevent
the dissipation of the assets of the company through needless litigation.
effect of the increase by New York and Boston is to bring
all the Federal Reserve rediscount rates into line at 4%%, with the exception of San Francisco, and is regarded by members of the Reserve Board
as creating a much desired uniformity.
Increasing demands for money and credit and the possibilities of speculation and inflation developing as business conditions improve are being
closely watched by the Board and the System is prepared to make such
adjustments as It considers necessary to most changing conditions.
Sound Industrial Situation.
The increase in Now York and Boston was regarded as substantial
evidence of a thoroughly sound industrial and commercial situation in those
districts and proof that the demand for money has sprung up again. It is
predicted that holdings of rediscounted paper by the Reserve banks are
about to increase and Board members look upon the business prospects
with some satisfaction.
Acting Governor Platt of the Federal Reserve Board expressed the
opinion that the increase in the rediscount rate reflected an added need for
money by commerce and industry both in Boston and in New York. where
the situation has been influenced by world conditions, with money pouring
In from all four quarters of the globe.
According to newspaper advices from Cleveland, during
•the past two weeks many rapid changes have taken place in
the personnel and the methods of operation of the Cleveland
Discount Co., of which the appointment of the receivers on
Thursday last was the culmination. On Feb. 12 Josiah
Kirby, President and Chairman of the Board of Directors
(by whom the company was organized), resigned from these
offices, only remaining as director of the institution. He
gave as his reason for withdrawing from the leadership of the
company, it is said, a difference of opinion between himself
and other members of the organization as to the managerial
policy to be followed. His resignation, according to "FinThe same paper referring to local bankers' views regarding
ance and Industry," of Feb. 17, "was the aftermath of a
series of consultations between officers, directors and stock- the increase in the rate of the New York Reserve Bank had
holders of the company with a number of leading Cleveland the following to say:
bankers, including Mr. Fred H. Goff, President of the
New York bankers said the advance probably was made to make the
rediscount rate in the New York district conform with that in other cities.
Cleveland Trust Co."
Heretofore New York. Boston and San Francisco have been the only cities
Following Mr. Kirby's resignation, Fred C. Emde, who whose Reserve banks have charged 4%, while the nine other district bank
had retired, it is said, as Vice-President of the company last charged 4%. Another reason for the rise is that the rediscount rate now
summer, was elected Vice-President and General Manager, shows less disparity compared with open market interest rates.
Financing Diverted.
and was, furthermore, given the duties of Acting President.
There has been a tendency, because of the 4% rate, to divert some
At the same time, Mr. Hopple, who is said to be the largest
financing to New York, bankers explained, and the advance is expected to
individual stockholder in the company, was named Chair- discourage this trend.
Commencing an advance in Nov. 1919, the rediscount rates reached their
man of the Board. On Feb. 21 both Mr. Emde and Mr.
Hopple resigned their positions, though in the case of Mr. Peak at 7% on June 11920. This rate prevailed until May 51921. when
it became 6%% The advance on Wednesday was the first one since
Hopple, it is said, his resignation was not announced until that time.
It is not expected the new rate will have much effect on the prospectiv
the following day (Feb. 22). In resigning Mr. Emde declared, it is said, that he did so because the "ramifications Government financing next month because of the present selling basise
of the Government securities.
of the business all over the United States were so enormous
that it was simply impossible for me to handle it and conResignation of H. F. Whitney as Member of Governing
serve the best interests of all parties."
Committee of New York Stock Exchange.
The Cleveland Discount Co. was founded by Mr. Kirby
Announcement of the resignation d Howard F. Whitney
in December 1918. Within a year, it is said, offices had
Exchange was
been opened in various cities in Ohio and its capital in- from the Committee of the New York Stock
14th inst.:
creased to $20,000,000. In September 1920 the organi- announced as follows by the Committee on the
The resignation of Mr. Howard F. Whitney as a member of the Governing
zation had branches, it is said, in Baltimore, Philadelphia, Committee was accepted with regret.
New York, Pittsburgh, Albany, Los Angeles and some
places in Indiana. All or most of these, it is said, were New York
Stock Exchange Grants Extension of Time to
closed two weeks ago. The New York office of the comHenry B. Cannon, New York.
pany is at 469 Fifth Avenue, Gage E. Tarbell, Vice-President
The Governing Committee of the New York Stook Exand Eastern General Manager, being in charge. The change has granted
Henry B. Cannon of this city an extencompany did a mortgage business, it is said, money being sion of time of three months from Feb. 14 1923 within which
loaned on income producing real estate—usually on hotels, to settle with his creditors.
apartment houses, &c.—and bonds issued against these
first mortgages.
Federal
According to a press dispatch from Cleveland yesterday Meeting of Federal Advisory Council with
Reserve Board—Question of Inflation Discussed.
(Feb. 23) appearing in the New York "Evening Post" of
With the bringing under way on the 19th inst. of the first
the same date, involuntary petitions in bankruptcy against
the company were filed yesterday by three former salesmen meeting of the present year between the Federal Advisory
of the company as creditors. It was also stated in the dis- Council and the Federal Reserve Board, the "Journal of
patch that an official of the organization placed the number Commerce" in a Washington dispatch said:
Discussions at the meeting, which is to be continued to-morrow, were
of purchasers of the company's securities at $30,000. Acunderstood to have centred mainly about
Warburg, reprecording to the "Post," about 81,000,000 in bonds of the senting the New York Reserve District of the ideas of Paul the possibilities
the Council, as to
failed company have been sold in this city.
of inequalities in the application of rediscount rate levels to city and country
direction
being avoided. It was recognized
banks
that any changes in that
could not be made until well in the future, but members of the Board
Increase in Rediscount Rates of New York and Boston were impressed with the theories advanced.
Mr. Warburg is said to have advanced the view that in normal times large
Federal Reserve Banks.
city banks, members of the Federal Reserve System, should not rediscount
Effective Feb. 23, the Federal Reserve Banks of New their paper, but should finance through the sale of acceptances, either in
York and Boston increased their rediscount rates on all the open market or in the Federal Reserve banks. By leaving the practice
of rediscounting entirely to the country
contended the system
classes of paper from 4% to 4M%. With these advances could establish rate levels with only the banks it was smaller institutions In
needs of the
a rate of 43% is now maintained by all of the Federal mind, while the city banks could provide for their needs at current rates.
Reserve banks except the Federal Reserve Bank of San
In reporting the conclusion of the meeting the same paper
•
Francisco, which still holds to the 4% rate. The following stated:
Possibilities of the Federal Reserve System again being called upon to
announcement of the increased rate was issued by Governor
Benjamin Strong of the Federal Reserve Bank of New York cope with a period ofinflation were discussed by the Federal Advisory Council at its first meeting of the year with the Federal Reserve Board, Which was
on Feb. 21:
concluded to-day.
241923.]
F.
S
777
TUE CHRONICLE
It was not generally regarded that the country is entering upon a phase Repayments Received by War Finance Corporation.
of inflation such as was,experienced after the war as yet, but the Board's
From Feb. 1 to Feb. 15, inclusive, the repayments received
advisers considered it wise to look ahead to a situation which it is felt may
develop if business prosperity continues on the upgrade and speculation by the War Finance Corporation totaled $6,518,114, as
There is well defined belief that when some
and inflated credit follows.
follows:
of the differences in Europe are smoothed out, business in this country will
$223,741
On export advances and on loans made under war powers
move forward with a jump.
Lack of a Governor and the new "dirtfarmer" member,however,is under- On agricultural and livestock advances:
formulation of definite policies
From banking and financing institutions
93,739,077
stood to be holding the Board back from the
From livestock loan companies
1.366,660
for the direction of the Federal Reserve System under present conditions
From co-operative marketing associations
1,188.636
and the preparation for situations which may arise during the coming year.
6.294,373
Comptroller of Currency Crissingees nomination for the Governorship is
withholding Issuance
being held up in the Senate and President Harding is
99,518,114
Total
of a commission to Milo D. Campbell of Michigan as the new member of
The repayments received by the Corporation from Jan. 1
the Board because the failure of the Senate to confirm James B. McNary
of New Mexico as Comptroller may necessitate rearrangement of these ap- 1922 to Feb. 15 1923, inclusive, on account of all loans
pointments to meet the geographical requirements of the Board.
L. L. Rue of Philadelphia was re-elected President of the Council, and totaled $202,298,306.
Paul M. Warburg of New York was re-elected Vice-President. Members
of the Council named to comprise the executive committee are Messrs.
Mitchell, Chicago; E. F. Swinney, Kansas City; Time When Income Tax Claim for Refunds on 1917
Rue, Warburg, J.
A. L. Aiken, Boston, and J. M. Miller Jr., Richmond. New members of
Returns Must Be Filed.
the Council are Mr. Miller, who succeeds J. G. Brown as the Richmond
With regard to the item in our issue of Saturday last
representative, and Mr. Aiken, who succeeds Philip Stockton of Boston.
Robert Mueller:Elected Class B Director of
Federal Reserve Bank of Chicago.
Robert Mueller, of Decatur, Ill., has been elected as a
Class B director of the Federal Reserve Bank of Chicago, to
fill the unexpired term of A. R. Erskine, resigned, which
ends Dec. 31 1923.
New Orleans Cotton Exchange Calls a Conference of
the Various Interests in the Cotton Trade.
The New Orleans Cotton Exchange over the signatures of
President Edward S. Butler and that veteran in the trade,
Col. Henry G. Hester, the Secretary of the Exchange, has
called a conference to be held in New Orleans on Mar. 1 and
2, of the various interests engaged in the c tton trade for
the purpose of considering measures essential to a better and
more harmonious understanding betwee t shippers and mills.
This is a most praiseworthy effort, deserving general commendation, and important results are expected from it. Cotton merchants, shippers, spinners and representatives of cotton exchanges, cotton associations and spinners' associations
from all parts of the country have been included in the call
and the movement seems assured in advance of the success
which it so richly merits. We print the call in full below
and a glance at the subjects that are to be considered will
suffice to indicate the broad nature and scope of the movement.
NEW ORLEANS COTTON EXCHANGE.
New Orleans, Feb. 1 1923.
The New Orleans Cotton Exchange requests you to appoint a committee of
members as will attend, as delegates to a conference to b
as many of your
held in New Orleans on Mar. 1 and 2 1923.
The conference has been called at the earnest solicitation of various interests engaged in the cotton trade for the purpose of considering measures to
create a better understanding between the shippers and the mills on the following qustions, viz:
1.
New Orleans Arbitration:
(a) Interpretation of selling terms and staple lengths:
(b) Fixing the cost of arbitration.
2.
(a) Discussion of New England mill rules and Carolina rules and various points embodied therein;
(b) Question of insurance on shipments,,
8.
(a) Mutual margin calls on forward sales;
(b) Mutual margin calls on shipments invoiced at provisional prices
against contracts, the prices of which have not been fixed.
4.
Any delegate may present for discussion any question which will tend
to establish uniform practice and will eliminate misunderstanding in
the interpretation of the rules regarding the handling and shipping
of cotton.
A full and representative attendance is desired, because the matters to be
discussed are of vital importance to the cotton trade, and in consequence
thereof invitations to be present have been extended to all cotton exchanges,
cotton shippers, cotton merchants, spinners, cotton associations, spinners'
associations, the U. S. Bureau of Agricultural Economics and to the cotton
trade in general.
Please give this communication the fullest publicity among your membership.
Will you not kindly advise Col. H. G. Hester, Secretary, New Orleans
Cotton Exchange, of the personnel of your delegation?
An early reply will be appreciated.
Yours truly,
EDW. S. BUTLER, President.
HENRY G. HESTER, Secretary.
(page 689) relative to the expiration of the dat. for the filing of claims for refunds on 1917 returns, we have received
the following letter from Lybrand, Ross Bros. & Montgomery, which is self-explanatory. Col. Montgomery of that
firm is the author of that standard manual, "Income Tar
Procedure-1923," published by the Ronald Press of this
city, from which we quoted in our remarks of last week.
LYBRAND, ROSS BROS. & MONTGOMERY.
New York, Feb. 19 1923.
Editor "Commercial & Financial Chronicle," New York'City:
Dear Sir:—In the absence of Colonel Montgomery. who is at the present
time abroad, we take the liberty of calling attention to an inaccuracy of
date in the reference to the subject of claims for refund on 1917 returns
which appears on page 689 of the "Chronicle" of February 17.
The article in question states that the time limit for filing refunds on
1917 taxes expires on March 15 1923. This date is evidently based on the
Revenue Act at present in force, which requires that calendar year returns
be filed on or before March 15 of the succeeding year. The 1917 Act.
however, required returns for that year to be filed on or before March 1
1918. Therefore the five-year period within which claims for refund must
be filed would expire March 1 1923. The Treasury, though, will recognize
the five-year period as running to March 31 1923. inasmuch as a general
extension of thirty days was granted for the filing of returns in 1918 (see
Treasury Decision 2650)•
On this subject we call your attention to a letter of the Deputy Commissioner of Internal Revenue, dated Feb. 14 1923. which has just been made
public in the Corporation Trust Co.'s income tax service (paragraph 3229,
page 726).
The Deputy Commissioner definitely states that the Treasury will consider
the five-year period not to have expired before April 1 1923 because of the
general extension of one month granted for the filing of all 1917 returns.
The Deputy Commissioner further points out that in any individual cases
where additional extensions were granted, the five-year period will be
deemed to run from the extended date and not from April 1 1918.
Very truly yours,
LYBRAND, ROSS BROS. & MONTGOMERY.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Reports were current a week ago to the effect that negotiations were under way for the merger of the Importers & Traders National Bank of this city with the Equitable Trust Co.
As to this reported movement we quote the following from
the "New York Commercial" of the 20th inst.:
Negotiations have not been completed in the Equitable Trust Co.
-Importers & Traders National Bank deal. It developed yesterday that several overtures have been received by the Importers & Traders in recent
months from other financial institutions looking toward the absorption of
the bank.
H. H. Powell, President of the Importers & Traders, yesterday definitely
stated that the talked-of merger with the Equitable had not been closed.
and that proposals received from other institutions had not been productive
of results.
The Importers & Traders National has a capital of $1,500,000, surplus and profits of ,500,000 and deposits of approximately $30,000,000. The Equitable Trust has a capital of $20,000,000, surplus and undivided profits of $8,479,124 and deposits (Dec. 30) of $270,544,399.
The stockholders of the Irving-Columbia Trust Co., recently formed by the consolidation of the Irving Bank, New
York, and the Columbia Trust Co., held a special meeting in
the Woolworth Building on Feb. 23 and elected the following
board of directors for the new institution:
Milo M. Belding
William 0. Breed
A. E. Carlton
Edward H. Clark
Edward Cornell
Warren Cruikshank
William K. Dick
Henry Fletcher
James M. Gifford
Alexander Gilbert
J. Horace Harding
Harold A. Hatch
Willard V. King
Lee Kohns
Frederic G. Lee
Adam K. Luke
Arthur W. Milburn
Sidney W.F. Mitchell
Augustus G. Paine Jr.
Hubert T. Parson
Charles E. Perkins
Lewis E. Pierson
John J. Pulleyn
Jacob L. Reiss
Noah C. Rogers
Arthur Sachs
William Skinner
Frederick Strauss
Alfred H. Swayne
William A. Tucker
Elisha Walker
Harry E. Ward
Theodore F. Whitmarsh
Daniel W. Whitmore
Harry W. Williams
Advances by War Finance Corporation Account of
Agricultural and Live Stock Purposes.
The War Finance Corporation announced on Feb. 20 that
from Feb. 1 to Feb. 15 1923, inclusive, the Corporation
Lewis E. Pierson continues as Chairman of the Boardrand
approved 36 advances, aggregating $1,322,000, to financial Harry E. Ward as President.
institutions for agricultural and live stock purposes.
778
THE CHRONICLE
At a meeting of the board of directors of Guaranty Co,-pany of New York, on Feb. 20, all of the officers were reelected. At the same meeting John F. Patterson was
appointed an Assistant Vice-President of this company. It
was also announced that W. M. Fallon has been appointed
an Assistant Treasurer of this company.
At a regular meeting of the directors of the Coal & Iron
National Bank of this city on Feb. 14, William H. Jaquith
was elected Vice-President and at the same time was appointed to the additional office of Cashier. Mr. Jaquith had
previously been an Assistant Cashier of the bank. As
Cashier Mr. Jaquith succeeds Addison H. Day, who has
resigned.
Eugene D. Miller, Vice-President of the Hotel Biltmore,
and George W. Sweeney, Vice-President of the Hotel Commodore, have been elected to the Advisory Board of the
Harriman National Bank, of this city.
[VOL. 116.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Jan. 15. Jan. 22. Jan. 31.
Notes in circulation
17263
17295
17265
Silver coin and bullion in India
8506
8503
8536
Silver coin and bullion out of India
Gold coin and bullion in India
2432
--- 2432
2432
---Gold coin and bullion out of India
Securities (Indian Government)
5-4
-75743
5743
Securities (British Government)
584
584
585
No silver coinage was reported during the week ending 31st ult.
The stock in Shanghai on the 3d inst. consisted of about 26,100,000
ounces in sycee. 30,500,000 dollars, and 90 silver bars, as compared with
about 23,400,000 ounces in sycee, 31.500,000 dollars, and 200 silver bars
on the 27th ult.
The Shanghai exchange is quoted at 3s. %d. the tael.
Statistics for the month of January are appended:
-Bar Silver per Oz. Std.
Bar Gold per
Cash.
2 Mos.
Oz. Fine.
Highest price
32 11-16(1.
31 9-16d.
90s. Od.
Lowest price
31 3-16c1.
30 9-16d.
88s. 6d.
Average price
31.928d.
31.034d.
89s.2.8d.
QuotationsFebruary 1
313(d.
30 16-16d.
88s. 8cl.
February 2
30 13-168.
30 9-16d.
88s. 5d.
February 3
309-16(1.
307-16d.
February 5
30 13-16(1.
30 9-16d.
884. 4d.
February 6
3034d.
3034d.
884 . 3d.
February 7
3034cl.
30 7-16d.
88s . 3d.
Average
30.802d.
30.572d.
88s. 4.6c1
The silver quotations for cash and forward delivery are respectively
13-16d. and . d. below those fixed a week ago.
5
4
•
Nicholas Biddle, General Manager of the properties of
Vincent Astor, and during the war the head of the Army Intelligence Department in the New York district, died Feb. 18
1923. He was in his 44th year. At the time of his death, Mr.
Biddle, was a truitee of the Atlantic Mutual Insurance Co.,
ENGLISH FINANCIAL MARKETS
-PER CABLE.
the Bank for Savings in New York City, and'the Bank of
The daily closing quotations for securities, &c., at London,
New York & Trust Co. He was likewise a director of the
Bankers Trust Co., the Lands Co. of Depew, the Niagara as reported by cable, have been as follows the past week:
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Falls Power Co. and the Niagara Junction Railway Co.
Week ending Feb. 24.
Feb. 17. Feb. 19. Feb. 20. Feb. 21. Feb.
The stockholders of Fidelity-International Trust Co. of
this city, in accordance with resolution of Jan. 7, exercised
their privilege of paying in $500,000 new capital at $100 per
share, increasing it to $2,000,000. In addition to this the
company's surplus and undivided profits amount to over
$1,800,000.
Alexander G. Armstrong, Assistant Cashier of the American Exchange Bank of New York has been elected a Vice'President of the Greenville Banking & Trust Co. of Jersey
City, N. J.
22. Feb. 23.
Silver, per ea
d 30 11-16 3033
30 11-16 3034
31
31
Gold, per fine ounce
87s. 11d.878. 98. 87s. 6d. 87s. 58. 87s. Od. 87s. 6d.
Consols, 234 per cents
5734
5734
5734
5734
5734
British, 5 per cents
101
10134 10134
101
101
British, 434 per cents _______
96
9634
9634
9634
9634
French Rentes (In Paris)..fr_ 58.40
58.55
58.70
58.85 58.97
58.97
French War Loan (In
Paris)
Sr- ----74.75 74.90
74.70
74.60
The price of silver in New York on the same day has been:
Silver In N. Y., per oz. (ets.):
Domestic
9943
9934
9934
9934
Roll- 99%
Foreign
6334
6434
6434
6434
day
6434
COURSE OF BANK CLEARINGS.
Bank clearings continue to run heavier dam a year ago.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending to-day, Saturday, Feb. 24, aggregate bank
THE ENGLISH GOLD AND SILVER MARKETS.
clearings for all the cities in the United States from which
We reprint the following from the weekly circular of
Saud Montagu & Co. of London, written under date of it is possible to obtain weekly returns will show an augmentation of 10.5% as compared with the corresponding week last
Feb. 7 1923:
year. The total stands at $6,626,216,885, against $5,998,GOLD.
The Bank of England gold reserve against its note issue on the 31st 510,981 for the same week in 1922. Our comparative sumult. was £125.663,525, as compared with £125,661,735 on the previous wiry for the week is as follows:
Wednesday.
A fair amount of gold has been on offer, and a good proportion was
-Returns by Telegraph.
Clearings
taken for India.
Week ending Feb. 24.
The Reichsbank has fixed the purchase price of the gold 20
-mark piece
New York
at 150.000 paper marks for the week Feb. 5 to 11.
Chicago
The following are official figures (in lace of rupees) with regard to Indian Philadelphia
imports and exports:
Boston
8 Mos.end. Nov. Kansas City
1921. St. Louis
1922.
San Francisco
Gold imported
23.26
7.84 Pfttsburgh
Gold exported
16.40 Detroit
5
Silver imported
10.51 Baltimore
10.57
Silver exported
2.06 New Orleans
2.30
Ten cities,4 days
-Treasure----General Merchandise
Other cities, 4 days
Experts, inc.
Imports.
Re-exports.
Imports.
Exports.
Total all cities, 4 days
December 1922
All cities, 1 day
19.20
27.81
6
3,55
December 1921
23.16
21,74
1,35
27
Total all cities for week
SILVER.
The market has lacked animation lately
-a fact that can hardly call
or surprise. China cannot be expected to require much silver now that
Chinese New Year is so close at hand (Feb. 16th). The onus of supthe
port therefore falls upon India, whose readiness to take fresh supplies is
less in evidence after the very large shipments to that quarter made during
the last two months. The total drawn from London. China and America
during this period has been about £4,000.000. The offtake is still high,
but it is possible that some of the shipments on the way are of a speculative
nature, and may have to be sold on arrival. American sales are not
large, and China has been working both ways-- covering bear positions
AS well as selling afresh.
We have been favored with the following figures as to silver shipments:
Ounces
Shipments to India1922.
1921.
From New York
17.678.000
1,100,000
From San Francisco
4,738,000
370,000
From London
22.416,000
1,470,000
45.927.000 38,721.000
68,343,000 40,191,000
Shipments to China
From America and London
72.000,000 63,000,000
As the above figures do not include shipments between China and
India and vice versa, it is not possible to deduce from them the relative
absorption of the two countries during the respective years. India's
consumption includes also the Burma production of about 4,000.000 ounces.
1923.
1922.
Per
Cent,
32,927,000.000
413,023,135
343,000,000
249,000.000
94,566,305
a
111,100,000
118,605,307
99,109,639
59,317,168
44,172,554
32,879,297,957
354,963,168
302.000,000
198,000,000
90,111,337
a
88,000,000
*85,000,000
64,768,000
45.485,786
39,576,433
+1.7
+16.4
+13.6
+25.3
+4.9
a
+26.3
+39.5
+53.0
+30.4
+11.6
$4,458,894,108
842,C79,400
$4,147,202,681
651,606,104
+7.4
+29.2
$5,300,973,508
1.325,243,377
$4,798,808,785
1,199,702,106
+10.5
+10.5
$6,626,216,885
a No longer report clearings. •Estimated.
35.998.510.981
+10.5
Complete and exact details for the week covered. the
by
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly in the above tho last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ending Feb. 17. For
that week the increase is 15.7%, the 1923 aggregate of the
clearings being $7,314,628,831 and the 1922 aggregate
$6,323,220,831. Outside of this city -the increase is 19.9%,
the bank exchanges at this centre having recorded a gain
of only 12.6%. We group the cities now according to the
Federal Reserve districts in which they are located and
from this it appears that in the Boston Reserve District the
improvement is 30.8%; in the New York Reserve District
(including this city), 12.6%, and in the Philadelphia Reserve
District 21.0%. The Cleveland Reserve District shows an
expansion of 22.0%; the Richmond Reserve District of
25.6%, and the Atlanta Reserve District of 23.4%. In the
Chicago Reserve District the totals are larger by 21.0%;
in the St. Louis Reserve District by 34.4%, and the Dallas
Reserve District by 13.2%. The Minneapolis Reserve
District and the Kansas City Reserve District both register
Losses this time, the falling off being 3.3% for the Minneapolis District and 0.1% for the Dallas District. The San
Francisco Reserve District enjoys a gain of 19.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Feb. 17 1923.
1923.
1922.
$
$
Federal Reserve Districts.
10 Cities 418,125,631 319,778,944
(1st) Boston
(2nd) New York
9 " 4,158,328,504 3,692.434,372
468,571,552 387,409,033
(3rd) Philadelphia_ _ 10 "
330,384,827 270,877,334
(4th) Cleveland
10 "
168,458,486 134,071,689
(5th) Richmond
6 "
168,444,547 136,558,372
11 "
(6th) Atlanta
775,115,928 640,558,863
(7th) Chicago
19 "
73,884,223 54,971,312
(8th) St. Louis
7 "
89,286,139 92,229,279
7 "
(9th) Minneapolis
224,005,594 224,191,238
(10th) Kansas City_ _ II "
55,994,296 49,455,671
(11th) Dallas
5 "
384,109403 320,684,724
(12th) San Francisco__ _14 "
168.07
Dec.
1921.
1920.
S
$
%
+30.8 298.909,207 415,955,636
+12.6 4,147,506,361 4,638,150,369
+21.0 475,457,213 517,484,130
+22.0 364,863,117 431,668,901
+25.6 149,669,519 187,151,515
+23.4 145,673,803 207,425,773
+21.0 758,446,247 894,668,193
+34.4 59,403,180 70,049,223
-3.3 117,112,997 74,201,766
-0.1 260,616,937 368,384,100
+13.2 56,313,340 71,162,750
+19.8 350,576,780 382,461,702
Week ending Feb.17 1923.
Clearings al
1922.
Inc.or
Dec.
319,778,944 +30.8
298,909,207
5,252,714
a
15.978,715
937,291
31,741,690
13,698.360
465,327
1,975,126
70,049,223
6,671,823
41,490,177
18,642,953
2,577,226
1,848,926
1,548,261
2,022,400
415,955,636
1,315,731
2,835,549
495,747.067
2,726.966
5,606,762
2,590,274
1,538,002
3,88.9,917
a
387.409,C33 +21.0
475,457,123
517,484,130
6,300,000
4,258,221
66,638,891
96,326,725
13,792,400
13,648,000
5,215,746
71,675,290
135,078,086
12,792,400
a
1,002,925
1,792,757
468,571.552
Fourth Feder al Reserve D istrIct-Clev la ndd6,854,000
4.827,000 +42.0
Ohio-Akron....
4,406,335
2,959,357 +48.9
Canton
52,353,125 +20.6
Cincinnati _ _ _ _
63,150,592
Cleveland
92,969.826
82,761,265 +12.3
e14,583,000
12,337,500 +18.2
Columbus
a
B
a
Dayton
021,491
647,024 -3.9
Lima
Mansfield
d1,711,914
1,142,319 +49.9
a
a
Springfield
a
a
a
Toledo
3.246,883 +20.1
Youngstown _
d3299,463
a
•
•
Pa -Erie
138.051,450 106,800,000 +29.3
Pittsburgh__ _
3.799,861
+5.9
4,136,756
W.Va.-Wheeling
728,254
1,210,68
a
a
3,477,91
933,562
a
4,515,701
167,158,56
4,971,46
180,511,102
5,436,894
270,877,334 +22.0
364,883,117
431,668,901
Fifth Federal Reserve Dist net - Rich mood
W.Va.-Huntin%
2,240,737
1,424,877 +57.3
Va.-Norfolk __
d7,434,000
5,949.658 +24.9
Richmond
48,168,310
37.302.752 +29.1
S.C.-Charteston
d2,146,303
2,285,699 -6.1
87,521.741
Md.-Baltimore
70,251,599 +24.6
D.C.-Washing%
20,947,395
16,857,106 +24.3
2,396,476
7.003.043
45,959,556
2,100,000
76,381.548
15,828,896
2,058,952
10.802,612
66,562,552
4,410,402
86,316,997
17,000,000
149,669,519
187,151.515
5,367,567
3,401,989
19,174,306
42,408,938
1,835,533
1,230.454
a
11.642,200
15.941,118
9,960,658
3,002,908
25,612.304
68,463,486
4,355,802
619,819
286.765
43,765,114
736,489
395,358
64,580,145
145,673,803
207,425,773
Total(10 cities)
Total(6 cities)-
330,384,827
168,458,486
134,071,689 +25.6
Sixth Federal Reserve Dist net-Atlan taTenn.-Chattan'a
d5.735,916
4.698,146 +22.1
3,043,020
Knoxville
2.920,844 +4.2
18,677,568
Nashville
16.063,000 +4.7
50,944,102
Ga.-Atlanta
38,365,160 +32.8
1,947,244
1,360,699 +43.1
Augusta
1,643,425
1,004,860 +63.6
Macon
a
a
a
Savannah
13,271,922
10,287.074 +29.0
Fla.--Jackson'lle.
26,392,739
17,656,410 +49.5
c
C
c
Mobile
993,892
840,834 +18.2
Miss -Jackson._
346,807
321,373 +7.9
Vicksburg
45,447,912
43,039,972 +5.6
-New Orl'ns_
La.
Total(11 cities)
168.444,547
136.558,372 +23.4
73,884,223
89,206,139
54,971,312 +34.4
92,229,279
-3.3
117,112.997
74,201,766
Tenth Federai Reserve Dis trict-Kane as City758,041
408,391
320,781 +9.9
d352,622
Neb.-Fremont._.
705,663
448,600
513,767 +0.1
514.283
Hastings
5,368,917
3,761,683
3,326,050 +18.4
3,936,868
Lincoln
59.258,871
39,966.338
33.693,407 +13.9
38,375,902
Omaha
3.461,026
2,923,796
2,628,930 +13.9
-Topeka -. d2,993,894
Kan.
13.885,217
11,027,265
11,377,431 --17.4
d9,401,456
Wichita
132,898,401 -5.2 150,546,198 245,647,691
.
Mo.-Kan. City. 126,048,461
a
a
a
a
a
St. Joseph__ _ a
a
a
a
a
Okla.
-M uskog e
13,083,414
23,416,996
+13.8
18,872,195
Oklahoma Cit 7 d21,469,854
a
a
a
a
a
Tulsa
1,196,417
1.143,085
955,873 +17.4
1,122,370
.
-Col.Spgs
Colo.
24,015,138
26,140.000
+0.1
18,922,16
18,932,490
Denver
1,003,705
834,585
682,23 +25.7
e857,394
Pueblo
368.384,100
)
Total(11 cities 224,005,594 224.191,238 -0.1 260,616,937
Total(9 cities)_ 4,158,328.504 3,692.434,372 +12.6 4,147,506,361 4,638,150.369
Total(10 cities)
640,558,863 +21.0
59,403,180
Second Feder al Reserve D istrict-New York
4,797.931
4,801,048
N. Y.-Albany
4,342,671 +20.4
5.230,452
1,086,900
822,500
5.3
931,300 Binghamton__ _
881,700
45,639,714
Buffalo
34,765.068
32,461,784 +11.3
d36.134,901
Elmira
668.130 Not included n total s.
1,073,747
Jamestown_
993,016 +0.8
'
1,001,072
New York
4,098.205,527 3,639,581,701 +12.6 4,088,397,920 4,570,891,402
10,605,111
10,467,618
8,672,468 +15.5
Rochester
10.017,995
4,841,323
4,506,019
Syracuse
4,326,583
3.253,661 +33.0
2,024,678
Conn.
-Stamford
1,938,786 +12.0
c2,172,158
425,481
507,270
N. J.
358,116
258,985 +38.3
-Montclair
996,447
3,439,658
1,541,437
2,774,825
452,974,583
2,413,009
4,638.030
2,127,536
1,353,205
3,198,393
a
775,115.929
Ninth Federa Reserve Die trict-Minn eapolis3,899,654 +35.0
5,224,507
-Duluth_
d5,262.955
Minn.
65,565,516
55,325,524 -3.2
53,564,990
Minneapolis__
39.272,177
27,715,207 -7.7
25,577,875
St. Paul
1,916.788
1,403,987 -8.0
1,291,497
-Fargo._ .
N. D.
1,231.631
875,218 +16.3
732,229
-Aberdeen.
S.D.
752,629
565,459 -19.4
455,905
Mont.
-Billings .
3,149.749
2,444,230 -5.1
2,320,688
Helena
Total(7 cities)
1920.
Third Federal Reserve Dist act-Philad elphis
1,369,128
822,438 +66.5
Pa.
-Altoona___
2.648,194 +22.2
3,235.149
Bethlehem_ - -827,364 +44.0
1,191.360
Chester
3.002,614
2.380,577 +26.1
Lancaster
444,000.000 368,000,000 +20.7
Philadelphia
2,907,254
2,111,514 +37.7
Reading
d4,970,068
4,389,354 +13.2
Scranton
d2,786,I86
2,095,623 +32.9
Wilkes-Barre_
1,445,664
1,107,217 +30.6
York
3,664,129
3,026,752 +21.1
N.3.
-Trenton._
a
a
a
_
8
320,877
181,887
595,443
602.893
92,753,358 136.333,031
7,036,446
6,450,088
1,500,000
1,250.000
2,271,679
1,715,730
20,735,000
15,279,000
2,016,962
1,107.025
29,493,033
27,220,555
2,579,413
2.008.187
12,855,803
8.874,582
11,372,687
5,407.683
2,036,933
1,219,801
2,181,228
1,550,166
580.486.921 651,062,103
a
a
1,426,829
986,892
5,922.616
4,216,672
2,386,175
2,252,317
2,271,935
2,882,600
894,668,193
$
$
-Boston
First Federal Reserve Dist net
679,885
695,960
681,086- 5.9
640,758
-Bangor___
Me.
2,600,000
2,500,000
2,517,318 +8.0
2,719,310
Portland
Mass.
-Boston_ _ 384,000,000 291,000,000 +32.0 268,675,517 380,408,504
2,556,512
1,289,985
1,481,929 +35.6
Fall River
2,009,838
a
a
a
a
Holyoke
a
1,220.362
1,094,353
1,103,777 +2.0
Lowell
1,126,016
a
a
Lynn
a
a
a
2,544,472
1,605,114
1,612,681 +21.1
New Bedford
1,953,299
5,614,495
4,053,24
3,952,869 +15.2
4,552,742
Springfield_
4.221,425
3,532,872
3,310,132 +6.7
3,531,000
Worcester
9,911,087
9,862,15
Conn.
8,119,152 +39.0
11,286,471
-Hartford
6,198,894
5,600,000
New Haven__ _
*6,000,000 +5.1
6,306,197
a
•
a
a
R.I.-Providence
418,125,631
1920.
$
756,446,247
Total(7 cities).
1921.
1921.
Reserve Dis trist-St. Lo uisEighth Feder
4,019,140
4,010,356 +14.5
4,592,657
-Evansville
Ind.
a
aa
a
Mo.-St. Louis_
24,617,540
25,180,157 +35.5
34,130,623
Ky.-LouLsville_
772,617
560,663 +17.1
656,642
Owensboro._ _
18,959,285
15.493,219 +44.9
22.452,811
Tenn.- Memphio
8,257,020 +25.5
9,248,110
10,363,742
Roe
257,583 +20.2
261,655
309,656
-Jacksonville
I11.
1,524,833
1,215,660 +13.4
1,378,092
-Quincy- -
Total (.19 cities
Week ending Feb. 17 1923.
1923.
Inc.or
Dec.
$
%
$
Seventh Feder al Reserve D istrict-Ch icago
200,421 +2.3
205,120
-Adrian -Mich.
602,893 +10.1
663,997
Ann Arbor_ ___
85,177,783 +27.0
108,204,527
Detroit
5,296,488 +11.6
5.909,635
Grand Rapids.
1,732,015 +8.1
1,871,744
Lansing
1.524.368 +28.8
1,963,335
Ind.-Ft. Wayne
16,062,000 +14.4
Indianapolis__ _ d18,381,000
1,483,438 +36.7
2,027,800
South Bend__ _
28,922,559 +17.2
33,899,492
Wis.-Milwaukee
1,645,854 +23.1
2,026,412
-Cedar Rap'
La.
8,667.759 +2.5
8,883,435
Des Moines....
d5,854,000
5,181,3C9 +13.0
Sioux City__ _
1,123.265
1,240,347 -.-9.4
Waterloo
1,381,522
1,220,841 +13.2
111.-Blooming'n
572,830,113 493,062,210 +21.1
Chicago
a
a
a
Danville
974,866 +24.6
1,214,986
Decatur
3,735,270 +27.9
4,775,827
Peoria
1,721,413 +2.4
1,763,241
Rockford
2,136,478
2,107,029 +1.4
Springfield__ _
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings al
1922.
1923.
Grand total
119 citles 7,314,628,831 6,323,220,831 +15.7 7,182,548,611 8,258,764,058
3,216,423,304 2,683,639,130 +19.9 3,094,150,691 3,687,872,656
Outside New York City
90 pith. agl 717 R11 2713.619.006 -9.0 318.012.985 342.856.585
.
Canada_ _
Total(10 cities)
779
UTE CHRONICLE
FEB.24 1923.]
12243,019
18,275.604
-Da Illas-Eleventh Fed e ral Reserve District
1,489.184 -3.5
1,436,366
Texas-Austin__ _
25.451,059 +29.3
32,914,479
Dallas
12,161,184 -21.7
e9,520.947
Fort Worth 6.032,188 +20.9
7,291,236
Galveston_ _ a
a
a
Houston
4,322,056 +11.8
4,831,268
_
La -Shreveport
1.500,000
311.480,262
11.751,027
8,494,099
a
4,087,952
3,000.000
2.000,000
22,500,280
8,022,022
•
5.640.448
49.455,671 +13.2
56,313,340
71,162,750
Total(5 cities -
55,994,296
Twelfth Fed , al Reserve D Istrict-San Franc'scor
30,225,040
29,909,572 +7.4
32,125,254
-Seattle Wash.
a
a
a
a
Spokane
a
a
a
a
_
Tacoma
1,325,090
1,407,375 -23.3
1.078,856
Yakima
31,994,804
25.901,968 +14.9
29,757,648
-Portland Ore.
14,044,735
9.545,046 +24.9
11,922,685
Utah-S.L. Cit r.
a
a
a
a
-Reno Nevada
a
a
Ariz.
a
-Phoenix 5,992,056
3,702,328 10.8
-Fresno. _
d3,730,586
Calif.
3,799,583
3,83.5,763 +98.5
7,612,445
Long Beach_ 93,552,000
86,418.000 +38.9
Los Angeles_ _ 120,045,000
11,267,823
10,717,692 +37.2
Oakland
14.709.324
3,875.579
3,433,301 +32.7
4.557,460
Pasadena _ _ _ .
4,915,167
4,925,317 +10.5
Sacramento _ _
d5,440,009
a
a
a
San Diego_ _
a
San Francisc I_ 147,200.000 136,000,000 +8.2 142,000,000
1,790,084
2,786,754
.
1,873,214 +48.8
San Jose
855,019
1,077,982
961,648 +12.1
Santa Barbar 6_
4,939.800
c2,065,100
Stockton
2,053,500 +0.6
44,624.921
a
a
1.711,651
34,920.093
17,000,000
a
a
11,678,287
2,989,508
76,561,000
11,107,888
2,261,297
6,192.167
a
164,631,892
2,100,000
6.683,000
Total(14 citi 3) 384.109,103 320,684,724 +19.8 350,576,780 382,461.702
Grand total (1 9
_ 7,314,628,831 6.323,220,831 +15.7 7,182,548,611 8,258.764,058
cities)
q 21R 42a 2n4 9 ARRA%) mo 4-10 0 R ma Itn am / AIR7 q79 ASA
Outside N. Y
Week ending February 15.
Clearings at
Inc.or
1920.
Dec.
1922.
1921.
1923.
$
Canada76,911,174
Montreal
85,056,767
Toronto
33,005,840
Winnipeg
13.091,495
Vancouver
4,888,405
Ottawa
3,859,265
Quebec
2,546,653
Halifax
5,713,568
Hamilton
Calgary
3,578,983
St. John
2,882.856
Victoria
1.525.463
London
2,359,586
Edmonton
3,251.296
Regina
2,284,515
Brandon
356.204
Lethbridge
373,014
Saskatoon
1 137,974
Moose Jaw
774,153
Brantford
861.492
Fort William _ _ _ _
599,089
New Westminster ' 428,457
Medicine Hat....
217,618
Peterborough
620.811
Sherbrooke
529,211
Kitchener
754,427
Windsor
2,306,726
Prince Albert...-.
267,749
Moncton
1,021.772
Kingston
543,048
8
$
8
%
86,106,528 -10.7
99,953,054 127.850.545
98,361.277
86,212,355 -1.3 102.743,134
41.106,090
43,855,822 -24.7
45,399,111
15,200,535
12,088.455 +8.3
12.918,593
6.130,424 -20.3
7,916.738
7.228,305
4.990.482
4,899,583 -21.2
6,198.023
4,162,415
3,074,565
2,866.732 -11.2
5,763,132
4.575.623 +24.9
5.713,568
5.597,251
7,561,579
4,453,726 -19.6
2.501.344
2,879.216
2.476,112 +16.4
2,429,842
1,911,812 -20.2
2.100.000
3,236,451
2,713,846
2,529,848 -6.7
4,946,521
4,277.428
3,709,826 -12.4
3,149,092
4,100.000
2,601,655 -12.2
590,624
632,258
492,654 -27.7
651,246
727,864
519,189 -28.2
1,620.290
1,797.020
1,334,734 -14.7
1,162,771
1,350,212
-15.7
918,818
1,177.901
1,094,823
13.4
994,447
764,940
944,835
728,381 -17.8
631.323
568,945
423,883 +1.1
352,217
371,018
287,812 -24.4
889,670
651.018
+1.8
610,08
1,236,777
899,537
783,603 -32.5
923,554
990,377
9.1
829,651
2,668.107
2,514,873
2,645,47 -12.9
284.765
360,353
+2.8
260,43
940,11
840,91 +21.5
527,425 +3.0
Total(29 cities) 251.777,611 276,619,006 -9.0 318.012,985 342,856,585
a No longer report clearings. b Do not respond to requests for figures. c Week
endit.g Feb. 15. d Week ending Feb. 16. e Week ending Feb.17. •Estimated.
THI CHRONICLE
780
Trust
[Dot. 116.
mpang geturus.
NEW YORK, BROOKLYN, BOSTON, PHILADELPHIA, BALTIMORE,
CHICAGO AND ST. LOUIS.
We furnish below complete comparative statements of the condition of all the trust companies in Boston,
Philadelphia, New York, Brooklyn, Baltimore and St. Louis, and many of the companies in Chicago. This
is in continuation of a practice begun twenty-one years ago, the compilation having been enlarged six years
ago by the addition of Baltimore's institutions, and in 1921 being further enlarged by the inclusion of the
Chicago companies. The statements occupy altogether about seventeen pages.
The dates selected for comparison are December 31 1922, December 31 1921 and December 31 1920,
In the case of the Boston, the Philadelphia, the Baltimore, the Chicago and the St. Louis companies, we
have sought to get figures for these dates and have largely succeeded. As, however, returns for these
dates
are not required in all the States, a few of the companies have not found it convenient to compile statistics for December 31, but have furnished instead the latest complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the trust
companies to render a statement of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the twelve months of the calendar year.
But in December 1911 this time-honored practice was abandoned, and the Superintendent instead now
calls on the companies for a statement of their condition for some date towards the end of the year (Nov. 15
on the present occasion), and waives entirely the requirement as to the supplementary items of information. As these supplementary statistics, dealing with earnings, expenses, dividends, Sm., constituted a most valuable feature of the annual returns and the record extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct
application to the companies in each instance and in not a few of the cases we have been successful in
obtaining the supplementary statistics, though the number of companies supplying such data has been
greatly reduced as compared with the original number. As regards the resources and liabilities, we use
the November 15 figures just as shown in the returns of the Banking Department.
NEW YORK COMPANIES.
American Trust Co. (New York).
ResourcesNov. 15 '22. Nov. 15'21. Nov. 15 '20.
Stock and bond investments
Public securities
35.293,635 132,479,8001 $1,066,166
Private securities
f
447.672
1
Bonds and mortgages awned
1,127,377 2,085,364
1,186,638
Loans & cilsc'ts sec. by bond & mtge_
814.7811 7,725,283 6,194,352
Loans & disc'ts sec. by other collateral 9.369.186)
Loans,disc.& bills pur.,not sec.by coll 3,693,027 2,271.412 2,090,265
Overdrafts
2,960
2,554
2.372
Due from Fed. Res. Bank, N. Y... 1,153,5031
Due from app. res. depositaries_ __ _ 1,685,962 2.368,050
1,642,762
Due from other bks., tr. cos. & b'kers
212,269
Specie
17,289
25,219
Other curr. auth. by laws of U. El_ _ _ _
661,293
614.573
582,381
Cash items
69,435
50,994
76,642
Customers' liability on acceptances
290
200,020
Other assets
122,958
107,764
133,154
Total
$24,227,019 $17,923,103 $13,447,523
Liabilities
Capital stock
32,000.000 $1,500,000 31,000.000
Surplus fund and undivided profits
1,102,891
638,927
400,977
Preferred deposits
Due New York State savings banks
702,757
283,436
209,427
Due as executor,administrator, &c.
366,688
169,338
104,283
Deposits by State of New York_
330,000
450,000
85.000
Deposits by Supt. of Banks, State
of New York
10,134
30,000
Deposits secured by pledge of assets
567,624
690,124
299,577
Due deposits (not preferred)
17,692,349 12,322,379 10,811,670
Due trust cos., banks and bankers__ _ 1,297,446
1,533,396
498,255
Acceptances
290
212,020
156,840
Other liabilities
123.483
98 399
$24,227,019 $17,923,103 $13,447,523
Total
Amt. of dep. on which int. is paid_ _315,836,228 $12,410,000 $8,611,580
Bankers Trust Co. (New York).
ResourcesNor. 15'22. Nov. 15'21. Nov.15'20.
Stock and bond investments
1398,646,814 353,417,5071329,994,685
Public securities
Private securities
1 25,942,068
8,975.735 9,093,315
Real estate owned
7,663,242
887,000
Bonds and mortgages owned
980,600
1,262.000
144,232
Loans on bond&mtg.or other r.e.coll.
255,816
228,016
Loans & disc. sec. by other collateral_ 98,473.998 112,070,045 123,530,636
Loans disc.&bills pure,not sec, by coll 53,980,581 66.665,562 98,566,525
76,228
Own acceptances purchased
294,304
Overdrafts
15,878
25,158
4,523
Duo from trust cos., banks & bankers 11,768,921 15,835,7741 21.765,096
Due from approved res. depositaries_ 1,521.958
1.234.231)
49,305
Specie
61,715
93,118
937,779 1,098.129
Other currency auth. by laws of U. S..
1,034,457
24,948.020 23,283.057 27.417,337
Cash items
Due from the Fed. Res. Bank of N.Y. 29,852,021 36,650,858 29,500.390
Customers' liability on acceptances- 8.807.494 11,424,478 21,214,737
1,902.009
Ot er assets
$341,023,973 336,217,508 391,300.477
Total
Liabilities
$20,000,000 320.000.000 320,000,000
Capital stock
25,039,229 20.408.468 19,612,838
Surplus fund and undivided profits
Preferred deposits
7.373,110 8,654,107 7,785,741
Due N.Y. State savings banks
Due as executor, administrator, &c. 29,209.724 30.095,935 32,189,536
900,000 3,420.536
Dep. by N. Y. State
170,536
Other dep sec'd by pledge of assets 12,960.719 4,059.865 4,950,848
16.450
16.450
Other preferred deposits
16,450
206,031,868 207.407,568 205.362,722
Due depositors (not preferred)
Due trust cos., banks and bankers.- 27,179,613 26.797.813 33.095,036
Bills payable
9,892.374 12,071,518 20:759:091
Acceptances
Rediscounts
2,420,886 3,285.248 3:2)
1 (:22
8
Other liabilities
3341,023,973 336.217,508 391,300,477
Total
int. is paid. 227,782,700 218.881,800 224.549,743
Amt.deposits on which
*Bank of New York & Trust Co.(New York).
ResourcesNov. 15 '22.
Specie;
3331,960
Other currency authorized by laws of United States
885,545
Cash items
23.955,557
Due from Federal Reserve Bank of New York
5,517,809
Duo from other banks, trust companies and bankers
5.127,546
Stock and bond investments
25,807,288
Loans and discts. sec, by bond &mtge. or other r. e. coll
145,000
Loans and discounts secured by other collateral
Loans, discounts and bills purchased not secured by collateral_ 25,248,000
10,482,032
Overdrafts
16,502
Bonds and mortgages owned
2,632,357
Real estate
3,208,434
Customers'liability on acceptances
5,308,662
Other assets
494,399
Total
$109,161,091
Liabilities
Capital
$4,000,000
Surplus and undivided profits
11,841,927
deposits
Duo New York State savings banks
566,989
Due as executor, administrator, guardian, &c
3,647,200
Other deposits secured by pledge of assets
2,802,050
Due depositors, not preferred
67,736,502
Due trust companies, banks and bankers - 8,458,696
Acceptances
6,078,814
Other liabilities
4,028,913
•
Total
$109,161,091
Amount of deposits on which interest is paid
$51.301,920
* Merger of N. Y.Life Ins.& Tr. Co.and Dank of N.Y.as of Sept. 21'22.
Central Union Trust Co. (New York).
ResourcesNov. 15 '22.
Stock and bond investments
Public securities
362.006,925
Private securities
Real estate owned
3,205,000
Bonds and mortgages owned
2.134,195
Loans on bona or mtg.or oth.r.e.coll- 1.081,416
Loans & disc. sec, by other collateral_101,570,642
Loans,disc.& bills pur.not sec.by col- 44,825,054
Overdrafts
9,410
Due from approved res've depositaries 3.543,796
Due from other bks., tr. cos.& b'kers_ 3,480.518
Specie
1,114,367
Other currency auth. by laws of U.S.
681,486
Due from the Fed. Res.flank of N.Y. 27,250,108
Customers' liability on acceptances_ 5,526,023
Other assets
1.388,335
Nov. 15'21. Nov. 15'20.
$57,838,095J$27,655,611
1 19,155,705
3,295.000 4,164,314
2,362,043 1,664.053
450.919
518,569
76,279,325 77,931.284
53,701,320 72,997,765
24.306
10,913
3,743,3 i71 9,201,000
2,3014(14)
1,034,652 2,822.775
726,318
871.282
24,340,096 25,362,380
10,055,204 13,654,633
1,631,932
1,784,658
Total
3275.908,1753237,784,021 257,794,940
Liabilities
Capital stock
312.500,000 312.500,000 $12,500,000
Surplus fund and undivided profits
10,537,619 18,406,126 18,093.381
Preferred deposits
Due N. Y.State savings banks
3,605,66(3 4,733,950 4,402.964
Due as executor,administrator,&c. 6,231.770 4,941,491
4.578,845
Deposits by New York State
700,000
450,00(1
2N71
3
1
Dep.by Supt.of Banks.. N.Y.State
59,722
140,866
Other dep. sec. bY pledge of assets_ 3,931.868 3,484.366
2,3(12,510
Due depositors not preferred
1730.11
195,797.526 172
Due trust cos., banks and bankers._ 7,064.010 7,322.067
RedIscOunts10.000.000
Acceptances
5.8
Other liabilities
5:823
2,569,186 12M7
'
29 6"
Total
3257,908,175 237,784,021 257,794,940
Amt.deposits on which Mt.paid
196.962,502 172.084,886 176.708.992
11:286:243
FEB.24 1923.]
TRE CHRONICLE •
*Columbia Trust Co.(New York).
ResourcesNov. 15'22. Nov. 15'21. Nov. 15'20.
Stock and bond investments
Public securities
1819,352.367 516.052,6431 $4.676,192
Private securities
1 13.809,160
Real estate owned
4,378,419 4,124,713 3,937,742
Bonds and mortgages owned
4.412,913 4.559.274 4.571.191
Loans on bond & mtge.or oth.r.e.coll_ • 668,908
685,775
273.684
Loans & disc. sec, by other collateral- 35,414,654 28.612.804 27.484.663
Loans,disc.&bilis pur. not sec. by coll. 19,996,244 22,674.550
27,163,894
Own acceptances purchased
350,612
802,301
Overdrafts
1,218
649
547
Due from approved res. depositories
296,322
234,2441 2,710,729
Duefrom other tr. cos., bks.& b'kers- 5.191,505
1,482,2411
Specie
147,731
207.676.
Other currency auth. by laws of U.S.
585,594
919,099
1,011,278
Cash items
3,802,392 4,138.789 6.260,151
Due from Fed'! Res've Bank of N. Y_ 10,844,786 9.452,593
8.599,755
Customers' liability on acceptances
10,360,009 7,515,473 12.235,630
Other assets
538.735 4.326.626
3.215,148
Total
$116,342.409$105,789.450 116.260,583
Liabilities
Capital stock
85.000,000 85,000,000 $5,000,000
Surplus fund & undivided profits
8.003,876 7,777,846
8,010,611
Preferred deposits
Due savings banks,loan ass'ns, dm- 1.368,387 1,158.257
1,280.001
Due as executor.administrator,&c. 3,182,201
1.178,087 2,297.856
Deposits by New York State
111.775
109,767
74,028
Dep.by Supt. of Bks., N.Y State.
50,000
787
78
Dep. sec. by pledge of tr. co. assets 1.162,940
1,264,783
550,848
Due depositors (not preferred)
Due trust cos., banks and bankers.-- 78,828.475 74.795,217 74,948,730
4,909,298 4.749.336
5.095,360
Bills payable
4.400,000
Rediscounts
1,143,558
Acceptances
10,930,961
7,988.525 12,235.630
Other liabilities
2,794.496
1,766,845
1.223.174
Total
Supplementary-For Cal. Year- $116,342.4098105.789,450 118,260.583
1922.
1921.
1920.
Total Int. & comm. rec'd during year. $4,006,508 24.584,989
$6,609,469
All other profits received during year.
1,831,919
255,522
Charged to prof. & loss acct. deprec- 1,311,407
45.000
60,000
On account of other losses
136,374
883,524
577,818
Int. credited to depositors during year 1.711.252
1,799,109 2.143,672
Expenses during year, excluding taxes) 1,986,694
2,134.1381 1,946,985
Employes pension & profit shar.[until
1
145,778
Amt. of divs. declared on capital stk. 1,000,000
1,000 000
1,000,000
Taxes paid during year
26.3,274
393.277
336,268
Amt.deposits on which int. Is paid
76,694.288 63.107.667 86,400,000
781
Equitable Trust Co. (New York).
ResourcesNov. 15'22.
Stock & bond invest's-Public secur's1532,023,365Nov. 15'21. Nov. 15'20.
539.279.860315,746,114
Private securities
1 29,408,719
Real estate owned
3,391,312 3,408.742
3,420.014
Bonds and mortgages owned
1,995,000
1,652.530
1.737,350
Loans on bond & mtg. or oth. r.e.coll.
361,796
512.177
721,922
Loans & disc. sec. by other collateral- 84,847,591 50.035,042
69,209,930
Loans,disc.&bills pur. not sec. by coll. 41,432,140 47.797,950
56,994,960
Own acceptances purchased
4,675,597 4.613.951
Overdrafts
37,330
309,587
58,996
Due from trust co's, banks & bankers 20,062.471 18,950,324 26,521,973
Specie
86,420
15,594
190.462
Other currency auth. by laws of U.S. 1,459,059
1.728,027 1,544,437
Cash items
16,345.652
Due from Fed. Res. Bk. of N. Y.. 21,466.467 26.743.913 18,576,218
19,822.638 16,761.575
Customers' liability on acceptances.... 26,120,046 24,970,187 25.798,793
Other assets
31.012,770 31.965,208 34,689,142
Total
$285,317,016 271,803,7305301.279,705
Liabilities
Capital stock
$12,000,000
Surplus fund and undivided profits- 15,754.069 $12,000,000 $12,000,000
16.502,742 17,888,715
Preferred deposits
Due savings banks,loan ass'ns, &c- 1,937,394 2,441.259 2.113,856
Due as executor,administrator, &c. 25.605,426 14,218.656 18,960,122
Tr. dep.& dep. by N. Y.State.631,582
294,399
70,423
Deposits secured by pledge of assets 1,169.483
286,956
5,707,602
Due depositors (not preferred)
152,348.427
Due trust co's. banks and bankers... 42,628,164 146,044,485 142,744.865
43,173,037 37.332.132
Bills payable
25.100,000
Rediscounts
3,000,000 7,200.000
Acceptances
28,282,014 26.760,694 27,373,259
Other liabilities
4,960,457
7,081,502 4,788,725
Total
$285,317,016 271,803.730 301,279.705
Amt. deposits on which int. paid---178,000,000 162,000,000$165,000,000
Farmers' Loan & Trust Co.(
New York).
ResourcesNov. 15 '22. Nov. 15'21. Nov. 15'20.
Stock and bond investmentsPubllc securities
1354.910,399 848,532,8521537,126.216
Private securities
1 12.954.497
Real estate owned
3,000,000 3,000.000 3.180,000
Bonds and mortgages owned
1,015,450
1,413,885
1,855.365
Loans on bond&mtg.or other r.e.coll_
48,000
66,700
29,200
Loans & disc,sec. by other collateral_ 60,800.351 45.656,006 32,256,029
Commercial Trust Co.(New York).
Loans,disc.& bills punnet sec.by coll. 18.971,266 22.018,687 30,442,193
ReSOUTMSNor. 15'22. Nov. 15'21. Nov. 15'20. Overdrafts
71,755
.
8,105
23,802
Stock & bond invest's-Public secur's $3.667,061
Due from trust co's. banks & bankers 3,598,927 7,324.013 4.976,663
$1,656.958j $1,325,748 Specie
Privatesecuri
166,905
293,172
ties700
1,116,869
Real estate owned
Other currency auth. by laws of U.S.
355,508
442,082
145,569
482,857
183.926
183,'93
9 5 Cash items
2
4
Bonds and mortgages owned
3,071,687 6.546.298 9,822,401
276,666
374,920
320,254 Due from Fed. Res. Bank of N.1Y
Loanson bond & mtge.or oth.r. e.coll.
13,674,953 12,533,482 13,999,827
121.398
122,000
134,500 Customers'liability on acceptances
Loans & disc, secured by other coil_ _ _ 2,620,877
805,863 1,168,341 6,825.980
2.088.522 2,432,101
Loans, disc.&bllls pur.not sec.by coil- 2,221,484
1.184.310 6.318,454 17,092.114
2,352,994 2.765.869 Other assets
Overdrafts
Total
2.471
5,065
5161.675.374 155,322,0772172,184.013
17.435
Due from trust cos., banks & bankers
Liabilities
1,403.538 1.235,573 1,312,883
Specie
25.588
$5,000,000 85,000.000 $5,000,000
28.353
129,885 Capital stock
Other currency auth. by laws of U.S.
863,657
573,320
519.444 Surplus fund and undivided profits_ 15,065,645 12,641.245 11.056.927
Cash items
186,593
149,819
159,943 Preferred deposits
Other assets
Due N. Y. State savings banks.- 2,264,633 2,518.739 2.368.320
90.785
71.095
83,836
Total
Due as executor,administrator,&C. 2.640.422
1,589,388 2,679.790
$11,625,687 $8,842,545 810.088,757
LiaMlitiesDeposits by State of N. Y
500,000
Capital stock
Other dep.sec. by pledge of
3,087.900 3.243.570
7
95,000
8983.300 Due depositors (not preferred)assets_ 123.669.986 121,785,855
Surplus fund and undivided profits $1,000,000 $1,000.0
340,248
522.06
544,109 Due trust co's. banks and bankers... 6,270,922 4,927,301 131.534.193
Preferred deposits
-by State of N.Y_
7,741,936
220,000
270,000
160.000 Bills payable
Due by Supt. of Bks., N. Y. State25,000
2.000.000
Due as executor,administrator, &c.
Acceptances
822.531
1.279.675 6.821,980
22,276
35,620
19,753 Other liabilities
Other dep. sec. by pledge of
2,353.335 2,336.304 2,385,967
56,909
27,150
Due depositors (not preferred)assetsTotal
9,876.922 6,935,611 8,239,838
8161,675.374 155.322,0775172.084.113
Due trust cos.. banks & bankers
25.046
18,274
94.631 Amt,deposits on which int. paid ___126,577,523 120.087,5975118,032.882
Other liabilities
59,286
35.834
45,126
Total
$11,625,687 58.842,545 510,086.757
'Fidelity-International Trust Co. (New York).
1921.
1920.
Amt. of depos. on which int, is paid__
ResourcesNov. 15 '22. Nov. 15'21. •Nov.15'20.
$4,379,380 $3,321,800 $3,736,428 Stock and bond investment
'
Supplementary--For Cal. Years$7,554,496
Total int. & comm.rec'd during year.. 1922.
Public securities
715.000 $4,653.552 182.702.913
$416,679
All other profits rec'd during year --Private securities
7.225.815 J
1,893.93
21,318
Charged to profit and loss
Bonds and mortgages owned
4,215,447
402.500
419,500
2,820
On account of reserve for losses
Loans & disc, secured by collateral
124,996 8.950,854 7,128,339
28,677
Int. credited to depositors during year
Loans,clisc.& bills pur.not sec.by coll.
152,377
4,920,804 7.093,858
90,773
Expenses during year, excluding taxes
Due from approved res. depositaries
124,996
291,400
1.334,338
236,249
Amt. of divs. declared on cap. stock
Duefrom other Wm.,tr. cos.& b'kers_
. ,
30,000
Taxes paid during year
Specie '
86:801
21.779
93,282
3,000
Other currency auth. by laws of U.S.
Amt. deposits on which int. is paid.-- 4,379,300
317,256
372.430
382.960
Cash items
1,127,666
1,473,427 2,006,525
Corporation Trust Co.(New York).
Due from Fed. Rea. Bank of N. Y.__ 3,753,523
2,419.785 2,162.565
ResourcesNO0 15 '22. Nov. 15'21. Nov. 15'20. Customers' liabWty on acceptances-.
.
100,057
69,382
157,498
Stock & bond invest.
--Public secur
2,331.027 2,974.447 1.694,941
$502.650
$650,484 Other assets
Due from trust cos., banks &bankers- $502.638
151,045
95.274
Total
83,243
527.704,461 527.608.568 $27.070.452
Cash items, currency, specie
2,409
1.999
Liabilities
1,999
Other assets
69,238
58,091
78,929 Capital stock
$1.500,000 81,500.000 51,500.000
Total
Surplus fund & undivided profits
5725,420
5657,946
1.866,777
$814,655 Preferred deposits
1.689,350
1,593.894
Capital stock
Due N.Y.State savings banks
$500,000
145,804
5500.000
5500,000
179,825
262.928
Surplus fund and undivided profits
Due as executor. administrator,&c.
108,215
95.385
82,685
212,123
37,538
34.335
Other liabilities
Deposited by New York State....
117.205
62,561
513,925
250,000
102.532
170.000
Total
Dep. by Supt. of Bks.. N.Y.State..
65,256
$725,420
$657 946
$8192 55
14.0
6
Supplementary
Deposits sec'd by pledge of assets.-For Calendar Year- 1922.
817,249
332.109
897,129
191.
Tot. nt. & commis ns rec, during year
Due depositors (not preferred)
18,663,170 19,960.111 19.066,822
$24,639
$26,678
$25,997 Due trust co's. banks and bankers
All other profits rec. during the year.354,949
367,588
289,244
699,752
698,107
748,498 Bills payable
Expenses during year, excl. taxes....
1,050,000
318,000
766,000
588,230
552.865
478.354 Rediscounts
Amt of divs. declared on cap. stock.70,000
363,000
66,250
131.250 Acceptances
Taxes paid during vow.
282.529
95.804
35,860
197,337
76,878
59.419 Other liabilities
2,362.117 2.880.263
1.929,968
Empire Trust Co. (New York).
Total
Resources$27,704,461 527.608,588 $27,070.452
Nov. 15 '22. Nov. 15'21. Nos. 15'20. Amt. deposits on which int, is
Stock& bond invest's-Public
paid-214.853.000 $15.884,000 814,024.000
secur's}$14,163,063 214,535,1801 85,064.861
•Fidelity Trust Co.and International Bank merged as of July 19 1920.
Private securities
8.794,849
Real estate owned
1.189,040
1,145,649
399,489
Bonds :111ti mortgages owned
Fulton Trust Co. (New York).
451,873
1,054,172
398,288
Loans on bond & mtg.or other r.e.cou
Resources309,009
Nov. 15'22. No.,15'21. Not,. 15'20
287,697
463,081 Stock and bond
Loans & disc. soc, by other collateral_ 18,784,889
investments
L'ns.disc. & bills pur. not sec. by coll. 7.551,590 14,007,861 18.820.200
Public securities
8,511,642 9,439,728
} $2.247,900 $2,371,3801
Own acceptances purchased
Private securities
547,000 2,127,600
Overdrafts
$936,251
1.540.839
5 110
.
2,693
323,500
335.500
1,313 Bonds and mortgages owned
Due from approved res. depositaries- 4,512,135
368.500
6,694,3361 7,265,228 Loans & disc, secured by collateral
7,313.750 5,813,285 6,129,630
from other bks., tr. cos. & bkrsDue
Overdrafts
1,822,235
1.744,8001
6,433
7.096
Specie
5,549
Due from approved res. depositaries
176.383
123.605
580,702
169,811 Specie
214.335
571,605
Other currency auth. by laws of U.S. 1,090,074
1,057,102 1,208.777 Other
26,607
38,429
34,782
Cash items
currency auth. by laws of U.EL
10,696
80,000
7.593
85,400
86.570
Due from Federal Rem Ilk. of N. Y. 2,083,034
1,585 992 1,630,000 Cash items
4,816
6,975
Customers' liability on acceptances
8,129
6,630
980,761
3,794,978 2,034,858 Due from Fed. Res. Bank of N. Y
1,473,209
1.206,489 1.392,012
Other assets
Other assets
836,644
657.836
758.152
71.217
86.162
87.495
Total
Total
854.513,536 557,315,859 856,456.008
512.130,293 510,188,185 $11,157,871
Liabilities-Liabilities
Capital stock
52.000,000 $2,000,000 $2,000,000 Capital stock
$500.000
5500.000
Surplus fund and undivided profits- 2,206,648 2.122,645
Surplus fund & undivided profits..- _ _ $500,000
2,097.888 Preferred deposits
750,905
702,277
684,731
Pro .does -BY N. Y. State say. bk.. 2,532 582
1,779,237
1,650.063
Due N. Y. State say. & loan ass'ns.
D ue N.Y.Statesav.bk.&loanassns.
2,,350
2,625
3,826
sso
3,235
311
executors, administr's, &c... 2,575,830
Due as executor, administrator, &c.
Due as
5,713,329 6,457,507
374,984
307.289
246,647
Deposits by State of New York_ _ _ _ 1,620.002
Deposits by N.Y.State
1,762,007 1,099.490
50.000
50.000
40,000
Deposits by Supt. of Banks
Deposits secured by pledge of assets
222,049
40.742
81,043
83,793
269.435 Due depositors
34.967
Depos. secured by pledge of assets_ 2,206,350
(not preferred)
662,600
10.208,183 8.415.978 9.501.302
687.684 Other liabilities
Due depositors (not preferred)
33531599
,..,
149,588
161.748
146.989
co's, banks and bankers.-- 4.358,575 33,455984 36511 M59
Due trust
Total
3.703,278 3,259.755
312,130,293 510.166.185
Acceptances
980.761
3,794.978
1,928,208 Amt. deposits on which int, is paid-210.100,000i $8,480.000 811,157,871
89.200,000
Other liabilities
2,276,790 2,238,133
491,184
*
the
Total
W,513,538 $57,315,859 556,456,008 Co. Since beenabove statement, the Irving Nat. Bank and Columbia Trust
have
merged under the name of the Irving Bank-Columbia Tr.
Amt.deposits on which int. is paid-639,151,848 240,707.142 $41,586,667 Co.
THE CHRONICLE
782
Lawyers' Title & Trust Co. (New York) Concluded.
Guaranty Trust Co. (New York).
Nov. 15 '22. Nov. 15'21. Nov. 15'20.
MIOUITG9.--
Stock and bond investments
1$94,218,851 $86.890,9831E57,244,020
Public securities
1 33,137,203
Private securities
8,658.083 8.486,918
8.535.671
Real estate owned
2,541,947
2,672,116 2.315.250
owned
Bonds and mortgages
118,000
992,714
23.000
Loanson bd.& mtg.oroth.r.e.coli._Loans & disc. sec, by other coil--174.147,620 177.032.519 299,018,720
Loans, discounts and bills purchased not secured by collateral-135,153.211 118,393,453 227,582.924
1.281,987
6.263,908
Own acceptances purchased
145,122
55.748
30,411
Overdrafts
27,271,314 52,245,431
Due from oth. tr.cos., bks.& bankers 22,205,161
846,362
639,999
Due from appr. res. depositaries
47,910
41,122
58,488
Specie
1.489,679 2.346,171
Other curecy auth. by laws of IT.8 _ - 1,355,079
40,034.868 41.950,457 73,896,871
Cash iten
33,927.035 34.510.105 50,187.040
Due from rect. Res. Bk. of N. Y
Customers'liab. on acceptances__ _ _ 28.095,247 21,851,944 60.330,806
24,778,630 13,143,188 36,967,252
Other assets
3568.004,890 $541,086,010$904,069.638
Total
*2.5,000,000 $25,000.000 $25,000,000
Capital stock
Surplus fund and undivided profits _ 17,654,620 16,552,791 36,114,842
Preferred deposits
3,169,746 4,389,537
Due N. Y.State savings banks...... 2,304,775
2,387.300
3.588,731
Due as executor, admin'r, &c____ 2,654,100
447.119
3,381.043
Deposits by New York State-- 1.894,296
8,924,753 5,665.075
'd
Depos. sec by pledge of assets- 6,903,660
401.863,028 359.091.023 507,350.299
Due depositors (not preferred)
52.707.581 52,678,960 106.325.837
Due trust cos., banks & bankers2,000.000
Bills payable
17,925,000 115,923.294
Rediscounts
31,200,314 22,995,248 60,330.806
Acceptances
25,822,516 27.778.715 38,135,529
Other liabilities
$568,004,890 $541,086,010E904,069,638
Total
Amt.depos. on which hit, is paid_4329,720,191 $293,717,000$436,547.195
Hudson Trust Co. (New York).
Nov. 15'22. Nov. 15'21. Nov.15'20.
Resources
Stock and bond Investments
131,792,124 $2,121,7381 $1,635,650
Public securities
637,857
1
Private securities
263,125
174,875
188,625
mortgages owned
Bonds and
5,000
32,543
Real estate
25,794
24,000
35,950
Loans on bds.&mtg.or other r.e.coll
2,626,095 2463,964 2,678.235
Loans & disc. sec, by other collateral
1,734.560 1,653,477
Loans, disc.&bilis pur.not sec.by coil- 1.574.625
-1,521.846
Due from approved res. depositaries_ 1.588,786
86,780
184,494 1,574.468
Due from trust cos., banks f4 bankers
203,035
252.184
307,748
Specie
406,105
147,955
230,985
Other currency auth. by laws of U.S..
18.550
13.290
8.084
Cash items
5,560
14,500
27,300
Customers' liability on acceptances
26.334
379.678
384,356
Other assets
$8,752,934 39,169.151 $9,128,180
Total
Liabilities-]
$500,000
Capital stock
807,899
Surplus fund and undivided profits
Preferred deposits
31.339
Due N.Y. State savings banks_ _ _ _
68,801
Due as executor, administrator, &c.
270,000
Deposits by State of New York-.
25,000
Depos. by Supt.of Bks., N.Y.State
2,500
Deposits sec, by pledge of assets.....
388.376
Deposits otherwise preferred
6,025.264
Due depositors (not preferred)
187.058
Due trust co's. banks and bankers
360,000
Bills payable
27.300
Acceptances
59,397
liabilities
Other
[VoL. 116.
$500.000
751.483
$500.000
741.628
25.380
120.180
270.000
Nov. 15 '22. Nov. 15 '21. Nov. 15 '20
LiabilitiesCapital stock
$4,000,000 $4,000,000 $4,000,000
Surplus fund and undivided profits... 6,832,764 6,053,262 6,333,338
Preferred deposits
459,461
342,490
446,095
Due savings banks & loan ass'ns
761,871
815,686
Due as executor,administrator.&c. 1,136,013
413,484
368.281
Deposits by State of N.Y
354,453
Dep. by Supt. of Bks., N. Y. State..
15,000
99,237
Dep.secured by pledge of assets
130,794
100,617
261,919
539,454
667.204
Deposits otherwise preferred
16,489,328 14,810.750 15,573,989
Due depositors (not preferred)
121,128
86,840
69,384
Due trust cos., banks and bankers
,
870.000
Bills payable
635,000
Rediscounts
563,817
793,799
776,335
Other liabilities
$30.813,765 $28,014,784 $30.092,645
Total
1920.
192.
1921.
-For Cal, YearSupplementary
Total int. & comm.rec'd during year. $1,35o,613 $1,439,632 $1,480,521
1,940,775 2,376,651
2,542,696
All other profits rec'd during year
Charged to profit and loss
610,609
170,199
161,643
On accountof depreciation
136,300
416,716
152.622
On account of losses
367,969
346,730
358,563
Int.credited to depositors during year
1,507.626 1,876,484
Expenses during year,exclud. taxes._ 1.667.535
320,000
Amount of divs. declared on capital J2,000,000stkl 320,000
1400,000 cash'
stock
• 225.937
284.765
272,332
Taxes paid during year
15,900.000 13.962.000 14,443,000
Amt. deposits on which int. Is paid
Metropolitan Trust Co. (New York).
Nov. 15 '22. Nov. 15'21. Nov. 15'20.
ResourcesSt'k & bond invest's-Public sec...-}$8,408,996 $9,250,3321 $4.710,802
Privatesecurities1 4,473,111
153.160
Real estate owned
1,382,260 1,387,250
1,300,475
Bonds and mortgages owned
120.034
198,897
280,000
Loans on bond & mtg. or oth. r.e.coll_
Loans & disc. sec. by other collateral_ 17.491,746 9,346,502 12,859.773
Loans disc. & bills pur.not sec.by coll. 12,823,468 7,646,334 8,539,183
1,588
26
523
Overdrafts
132,847
230.147
Due from approved res. depositaries.
363.038 1,474,853
458,579
Due from trust cos., banks & bankers
34,695
33,495
32,138
Specie
557,324
411,725
516.694
Other currency auth. by laws of U. S..
2,683,049
3.362,322 2,011,331
items
Cash
6.039.032 3,797,121 4,961.481
Due from Fed. Res. Bank of N. Y
370,978
331,100
Customers' liability on acceptances_
178,823
176,725
213,651
Other assets
$51,488,871 $34,674,532 $42,582,205
Total..
Liabilities
*2,000,000 $2.000,000 $2,000,000
Capital stock
Surplus fund and undivided profits... 3,804,760 3,418,456 3,435,257
1,098,171
1,031,455
654,787
Preferred dep.-N. Y.State say. bks.
Due as executor. administrator, &c. 6468,878 2.227,261 2,241,879
400,000
1,300,000
Deposited by State of New York.... 1,250.000
23,417
11,041
25,000
Dep. by Supt. of Bits., N. Y. State_
560,384
691,712
1,457,058
Dep. sec. by pledge of assets
31.973,111 19,942,555 24,182.765
Due depositors (not preferred)
2.981,746 2,575,965 4,365,192
Due trust cos., banks and bankers
900,000
Bills payable
250,000 3,604400
Rediscounts
370,978
331.100
Acceptances
299,762
326.087
542.431
Other liabilities
32.154
100.000
$51,488,871
Total
$3.1:2ggRO
Amt.of deposits on which int, is paid $34,904,200 123
12,11i188
New York Trust Co. (New York).
Nov. 15 '22. Nov. 15'21. Nov. 15 '20.
-Public securs.1$52,842,976 330,384,328J $3,116,908
Stock & bond invest.
i
1 7,094,041
Private securities
151.416
97,320
225,542
Real estate owned
834,912 3,364,276 2.730.507
Bonds and mortgages owned
Loans on bond & mtg.or oth. r.e. coll. 2,852.633
900,650 2,683,440
5,560
73.494 Loans & disc. sec. by other collateral- 64,795,654 63.791,760 49,785.224
Loans dis. & bills pur. not sec. by coll. 24,599,846 45,201.470 20.874,686
560,208
139,349
$8.752,934 $9.169,151 $9,128,180 Own acceptances purchased
Total
93,063
19,915
22.290
$3.975,000 $4,273,100 $4.966,600 Overdrafts
Amt.dep. on which int, is paid
988,717
Due from trust co's, banks & bankers 7,082,906 4,025,720
164,119
13,929
21.594
Specie
370.717
451,372
598.106
Other currency auth. by laws of N.Y.
2 .401,828 6,092,975
35,849.767 '
Cash items
Italian Discount & Trust Co.(New York).
Due from Fed. Res. Bank of N.Y..... 20.723,144 19.804,638 9,110,916
12,976,822 8,938,962 2,548,771
Nov. 15'22. Nov. 15'21. Nov. 15'20. Customers' liability on acceptances
Resources2,585,155 2,042,456 9.170,061
Other assets
Stock and bond investments
1$2.164.394 $1,157,4521 $1,150.788
Public securities
10,520
$226.003,962 208.145,566E114,975,561
Total
1
Private securities
3,249,545 3,475,512
Liabilities
Loans & disc, secured by collateral._ 1,206,914
1,658,739 2,492,873 Capital stock
$10,000,000 $10,000,000 $3,000.000
LOOMS disc.& bills pur.not sec. by colt 1,710,690
415 Surplus fund and undivided profits
586
31
17,696,918 16.996,204 11,719,447
Overdrafts
316,136
73,669
Own acceptances purchased
Preferred deposits
1,263,316
476,179
1,059.671
345.110
413381:641275
Due from approved res've depositaries
Due N. Y.State says. banks
264
Due from other trust cos., banks and
DueN.Y Statesav.&loan assns.,&c.
8,606,361
6.972.228 4,893,079
3,438,413
Due as executor, administrator, &c. 9,069,417 16,684.758
bankers
1.825
2,972
450.000
3.655
430,000
Deposits by New York State
Specie
334,423
239,000
192.900
3,282.904
170,195
Other curr. auth. by laws of U.9_ _
Deposits secured by pledge of assets 3,478,124
22,161
822,334
79,465
41.533
Due from Fed. Res. Bank of N. Y......
Deposits otherwise preferred
1,066.857 1,346,960 Due depositors (not preferred)
312,514
125,751,834 117.083.827 58.108.976
Customers'liability on acceptances
4.068.613
987,088 Due trust co's. banks and bankers
40 143:0
: 000
83.600 2,864,387
400 711 21,504.141
Other assets
10.400,000 6.715.000
Bills payable
7,929,459
39.550.658 $18,037,446 $14,715,644 Rediscounts
Total
2.548,771
8.825.853
13,445,276
Acceptances
Liabilities
1,858,208 9.954,020
1,418,910
liabilities
Other
$1,000,000
$1.000.000 $1,000,000
Capital stock
804,172
790,316
$226,003,962 208,145.5663114.975.561
516,329
Surplus fund and undivided profits
Total
1920.
Preerred deposits
1921.
1922.
-For Cal. YearSupplementary
$5,331,347
Due as executor, admr., guard., &c.
6,262
int. & comm.rec'd during year..
72,500 Total
200,000
619,739
Deposits by New York State
during year.
9,012,972 All other profits received Due depositors (not preferred)
4.933.529 10,365,211
Figures
loss
1,812,662 Charged to profits and
1,182,531
Due trust co.'s, banks and bankers....
977.618 1,479,271
omitted,
On account of depreciation
57.204
Bills payable
1,621,621
owing to
On account of other losses
320,686
1,733,770
1,066,857 1,346,960 int,credited to depositors during year
consolidaAcceptances
666,378 Expenses during year, excluding taxes
1,164.767
174,613 3.135,791
Other liabilities
tion with
960.000
Liberty
on capital stk..
$9,550,658 $18.037,446 814,715.644 Amt. of dive. declared during the yr.
278.037
Total
Bank.
reserved and pd.
68,204,000
Amount deposits on which int.is paid. $5,699,000 $11,577,912 $10,489,186 Taxesdeposits on which int, is paid_a132,291,000
Amt
a As of Nov. 15 1922.
6,700
20,273
6.271.097
293,860
840.000
14.500
55.678
3,000
29.385
7,142.470
500,489
Lawyers' Title & Trust Co. (New York).
Nov. 15 '22. Nov. 15'21. Nov. 15'20.
Resources-Stock and bond investments
1117,245,536 *3.763,0871 $1.104,772
Public securities
1 3,621.834
Private securities
3,049,700 3,089.904 3,005,403
Real estate owned
5,074.607 6,808,473 7.126.340
Bonds and mortgages owned
139,458
738.836
228,889
Loans on bond & mtg. or oth.r.e.coll_
137
Loans & disc. sec. by other collateral.. 6,674,742 5.594.690. .
Loans,dis.&bills pur.not sec. by coll.. 4,002,087 4,634.367 4.321,021
2,256
2,906
1.603
Overdrafts
Due from approved res. depositaries.. 1.560.796 1,336.013
1.000
2,917 1,682,068
Due from oth. trust cos.. bks.& b'kers
11,799
213,909
29.755
Specie
948.524
666.627
732,693
Other currency auth. by laws of II. S..
663,340
431,352 1.169.931
Cash items
869.076
600.000
799.970
Due from Fed. Res. Bank of N.Y
564.861
570.844
561.071
Other assets
Total
330,813.765 $28,014,784 $30,092.645
Resources-
Title Guarantee & Trust Co. (New York).
Nov. 15 '22. Nov. 15'21. Nov. 15'20.
Stock and bond investments
1313,425.173 39.390,3861 $3,971.677
Public securities
1 6,017,235
securities
Private s
2,832,224 3,411.580
3,168,462
Real estate owned
mortgages owned
15,310.211 11,909,692 10.883,426
Bonds and
1,640,909
716,168
742,868
Loans on bond & mtg. or oth. r.e. coll.
15.731.796
Loans & disc. sec. by other collateral_ 14,432,553 16.803.901
4,782.008 6.656.267
pay. not sec, by coll. 7,495,561
Loans dis. & bills
914
1.400
408
Overdrafts
2,714.412
Due from approved res. depositaries. 2,712,743
117.009 2,724,515
134.275
Duefrom other tr. co's, bks., bkrs.,&c
277.010
307.926
316,902
Specie
753.303
1.087.284
Other currency auth. by laws of U.S. 1.114.929
1.423.514
1.490,050
1,379,451
Cash items
1.647,382 2,078.418
Due from Fed. Res. Bank of N.Y...... 2,158,502
948,603
1.038,428
1,163,925
Other assets
*63,555,963 $54,838,270 356.519.167
Total
ReSOUITAT-
FEB.24 1923.]
THE CHRONICLE
783
Title Guarantee & Trust Co.(New York) Concluded.
United States Mortgage & Trust Co.(New York). Cond.
Nov. 15 '22. Nov. 15 '21. Nov. 15 '20.
LiabilitiesCapital stock
S7.500.000 $8.000.000 $6.000,000
15,066,514 13,566.22212,549,735
Surplus fund and undivided profits
Preferred deposits
1,492,789
Due N. Y. State savings banks
1,569.430
990.773
7,976
Due savings and loan associations_
25,293
13,655
Due as executor, administrator. &c. 1.479.175
1.405,747 1.520.960
Deposits by New York State
350.000
450.000
100.000
Due by Supt. of Banks. N. Y. State
25,000
Deposits secured by pledge of assets
388,050
118.100
72,750
Deposits otherwise preferred
34.181
178,758
Due depositors (not preferred)
35,853,092 30.494,850 30.503.878
trust co's. banks and bankers_..
Due
222,327
207,931
247,766
Bills payable
2.825,000
Other liabilities
1.171,040
966.516
1,605.892
Total
$63.555.963 554.838.270 558.519.167
LiabilitiesNov. 15 '22. Nov. 15 '21. Nov. 15 '20.
Capital stock
$3,000.000 $3,000.000 $2.000,000
Surplus fund and undivided profits- 4,419.169 4.324.612 5.143.828
preferred deposits-Due N.Y. State savings banks
411,479
641.111
489.117
Due as executor, administrator. &c. 3,402,620 2,884,325 2,350.785
Deposits by State of New York
102.647
250,081
250,032
Dep.secured by pledge of assets
588.148 1,756.995 4.895.180
Deposits otherwise preferred
l'
626.683
685.630
Due depositors (not preferred)
Due trust cos.. banks and bankers
67..7
47,39 ..417 40 8 5..318 56 6 839
5 7 6 583 4,975663 5.254 15
5
2
2
Bills payable
1,250,000
Acceptances
180,000
627.500 2.320.575
Other liabilities
2,I32,299 3,806,796 4,536,680
Total
419
$69,860,385 $63:7 1 031 ss4:11. 1
$63,778,031 u1 32 05
345 77 :
6 063
Amt. deposits on which int. is paid_ _
Supplementary-For Cal. Year1922.
1921.
1920.
Total int.& comm.rec'd during year_ $2,685,146 $2,607,850
MI other profits received during year,, 7,118,745 4,890.518
Charged to profit and loss
On account of losses
107,386
444,274
Int. credited to depositors during year
714,826
683,522
Expenses during year. excluding taxes 4.216,906 3.308,109
Amt. of diys. declared on cap. stock12,500.000stk 1 1,200,000
11,800,
000cashf
Taxes paid during the year
635,298
532,725
Amt. deposits on which int. is paid
32.826.915 33.773,079 a30,387.769
a As of Nov. 15 1920.
United States Mortgage & Trust Co.(New York).
ResourcesNov. 15'22. Nov.15'21. Nov. 15'20.
Stock and bond investments
Public securities
1520.004.336 512,749,7071 $4.316,482
Private securities
1 2,588.593
Real estate
522338,623,615
370.526
Bonds and mortgages owned
3,494,143 4,378,142 5,595.015
Loans on bond az mtg. or oth. r.e.coll_
20,100
19.000
5,000
Loans & disc. sec. by other collateral_ 25,431,253 25,923,976 35,307.492
Loanadisc.dcbil s pur. not sec.by coll_ 6,973,650 8,231.550 16.823.866
Own acceptances purchased
141.790
Overdrafts
7,738
2.114
161.385
Due from other tr. cos.. bks.& bkivt
172,130
1,025,430 2,339,212
Specie
60,829
62.710
32,040
Other currency auth. by laws of U.S_
692,537
727,138
755,131
Cash items
3,637,013 1.973,218 7,619,641
Due from Fed. Res. Bank of N. Y..
7,590,598 6.495,978 5.762.897
Due from approved res've depositaries
649,894
567.156
Customers' liability on acceptances
180,000
627,500 2.317,275
Other assets
423.549
482,102
347,759
Total
$69,860,385 $63.778.031 $84.310.411
United States Trust Co. (New York).
Resources-Nov. 15 '22. Nov. 15'21. Nov.15'20.
Stock and bond investmentsPublic securities
1513.042,920 511.102.367f $2,437.550
cte securities
768
: 00
1
Real estate owned
1.000,000
1.000.0001
Bonds and mortgages owned
3,834,096
5.052.653 4.863.997
Loans dz disc, secured by collateral- 40,640,405 32.770.655 33,191,110
Loans,disc.&bills pur.not sec.by coil.. 7.414,326 11,100.766 6.670.467
Due from other tr. cos., bks. & bkrs
3.986.958
Specie
currencye100.000
100.000
Other
auth. by laws of U.S..
100,000
Duefrom Fed. Reserve Bank of N.Y. 4,400,000 4,300.000 4,100.000
Due from approved res've depositaries 4,873,520
5,018.377
Other assets
460.936
394,958
552.104
Total
575,766,203 $70,996,912 $64.966,808
Liabilities
Capital stock
52.000.000 $2.000.000 52.000.000
Surplus fund & undivided profits
16,461,869 15,773.675 15.071,367
Preferred deposits
Due N.Y. State savings banks_ _
1,923,436
1.830.892 2.089,562
Due as executor, administrator, &c. 15.067,349 11.789,112 9,259,838
Dep. secured by pledge of assets- 1,016,180
1.182.853
796,590
Due depositors (not preferred)
36,926,709 28.625.990 30.487.948
Due trust cos., banks and bankers..
1.167,911
9,076.522 3,986,470
Other liabilities
1,202 749
1,104,131
888.770
Total
$75,766,203 $70.996.912 $64,966.808
Supplementary-For Cal. Year1922.
1921.
1920.
Total int. & comm.rec'd during year $4,059,342 $4,373,809 $3.791.97
8
All other profits received during year..
493.994
410,401
148.578
Charged to profit and loss
On account of depreciation
100,378
157.338
671.600
On account of other losses
4.893
8,968
Int.credited to depositors during year 1,417.711
1.329.823
1.487.730
Expenses during year, excluding taxes
454.345
632.379
514,329
Amt.of(flys. declared on capital stock 1,000,000
1.200.000 1.000.000
Taxes paid during the year
411,267
347,071
333.279
Amt. deposits on which int. is paid- 52,314,499 49,443,037 43.915,225
P
8R0
BROOKLYN COMPANIES.
Brooklyn Trust Co. (Brooklyn).
ROSOUrCeSNov. 15'22. Nov. 15'21. Nov. 15'20.
Stock and bond investments
Public securities
1E24,669,561 520,587,3921512.437.958
Private securities
1 10.728,524
Real estate owned
1,195,123
1.212,002
1,045,809
Bonds and mortgages owned
2,417,925
1.937.050 1,834,250
Loans on bond & mtg. or oth.r.e.coll_
41.000
70,284
293,055
Loans and disc sec. by other collateral 9,003,432 5,143,156 9,354,389
Loanadisc.&bills pur.not sec.by coll- 2,965,921
4,401.316 4,378,847
Overdrafts
5.515
1,663
7,184
Due from approved res. depositaries
468,696
514.498
Duefrom other tr. cos.,bks.& bankers
602,170
Specie
328.611
273,080
163,843
Other currency auth. by laws of U.S617,100
591,968
585,918
()ash items
1,978,439
1,137,685
1,668,000
Due from Fed. Res. Bank of N. Y
5.749,556 3,531,413 5,735,990
Customers' liability on acceptances
270,950
Other assets
497.383
440,554
498,079
Total
549.938,262 539,842,061 $49.604,966
Liabilities
Capital stock
$1,500,000
Surplus fund and undivided profits_ 3.199,770 $1,500,000 51,500.000
2,773,922 2,741,478
Preferred deposits
Due say. bks. & say. & loan ass'ns. 2,134,623
1,545,745
1,480,877
Due as executor. administrator. &c. 1,674.029
1.844,226 2.310.314
Deposits by State of New York_
123.030
32.147
5,000
Deposits secured by pledge of asset; 2.221,491
2,048.660 4,036,286
Deposits otherwise preferred
279,018
90.200
Due depositors (not preferred)
36.956.979 28,380,592 30.939,489
Due trust cos., banks and bankers..._
291.246
117,317
165.687
Bills payable
1,000,000
1.000,000 5,553,500
Rediscounts
82.228
Acceptances
279,800
Other liabilities
558,076
509.252
510,307
Total
549,938.262
Amt.deposits on which int. is pal d--$38,811.900 539,842,061 549.604,966
$30,884,000 $34,831,600
Sings County Trust Co.(Brooklyn).
ResourcesNov. 15 '22. Nov. 15'21. Nov. 15'21.
Stock and bond Investments
Public securities
57.398,576 $8,313,617 152,171.199
Private securities
1 6,007,976
Beal estate owned
210.000
210,000
385,000
Bonds and mortgages owned
1,412,105
1,009.410
1.035,220
Loans on bond & mtg. or oth.r.e.coll_
325.868
296.987
283.450
Loans & disc. sec. by other collateral- 13,967,909
Loans disc.& bills pur.not sec.by coil- 1,668.605 11,092.985 11,725.615
1.870,002 2,634,716
Overdrafts
687
1,649
783
Due from approv'd res'yedepositaries
2,457,781
Due from other tr.cos .bks &bankers 3,383,021
77,823
33.361
2,021.384
Specie
41.159
36,966
35.450
Other currency auth. by laws of U.S.. 1,700.570
1,565,912
1,816,316
Cash items
33,810
21.332
69,411
Other assets
59.405
100,737
153.572
Total
$30,279,538 $27.010,739 828,140,072
Liabilities
Capital stock
5500.000
$500,000
5500.000
Surplus fund and undivided profits_ 3.380,605 2,975.026 2.781,542
Preferred deposits
Due N.Y.State savings banks
2,522,400 2,222,769 2,455.025
Due savings and loan associations_
1,000
1,000
Due as executor, administrator, dze
742.017
678.973
748.924
Deposits by State of New York
800.000
800,000
625.000
Bks ,Stite of N.Y.
Dep.by Supt of
74.463
142,638
14,292
Deposits sec. by trust co. assets
461.121
143,802
940,116
Due depositors (not preferred)
21,221.619 19,188.187 19,691,978
Due trust co's, banks and bankers
186.121
92,004
124,615
Other liabilities
391.192
266,340
257,580
Total
530,279,538 527,010.739 $28,140.072
Amt.of deposits on which int. Is paid$24.747,000 $21,965,400 523.500.900
Manufacturers' Trust Co.(Brooklyn).
Resources-Nov. 15'22. Nov. 15'21. Nov. 15'20.
Stock and bond investments
Public securities
1517,976,645 $11,214,818 J57,061,600
Private securities
1 1.379.934
Real estate owned
1,986.925
1,324,082
1,171,629
Bonds and mortgages owned
2,128.679
1,228.226
1.125.030
Loans on bond & mtg. or oth.r.e.coll477.391
233.522
24.150
Loans & disc. sec. by other collateral- 8,438.454
5,305.109
5.273,881
Loans disc.& bills pur.not sec.by coll.. 20,442,740 18,512,796 13.128.125
Own acceptances purchased
512,060
180.027
Overdrafts
1,033
2,594
606
Due from approved res. depositaries
541.734
658,230
Due from other tr.co's,bks.& bankers
624.643
55.386
Specie
188.851
144.362
87,666
Other currency auth. by laws of U.8_ 1.0.37,996
1.200.167
856.828
Cash items
998.696
1.334.502
1,613.676
Due from Fed. Res. Bank of N. Y
5.936,220
Customers'liability on acceptances- 8,458.997 6,661,666
344.347
1,125,430
546,980
Other assets
80,005
281.541
133.074
Total
564,700.006 $48,801,175 $38.539,872
Liabilities
Capital stock
$2.500.000 52,500.000 52,000.000
Surplus fund and undivided profits_ 2.751,085 2,505,397 2,006,730
Preferred deposits
Due N.Y. State savings banks_ _
1,186.647
1.618.679
1,339.649
DueN.Y.Statesav.&loanassns.,&c.
23,229
68.578
302,333
Due as executor. administrator. &c
94,822
151,880
175,674
Deposits by State of New York
100.000
510,000
800.000
Dep by Supt.of Bks..State of _
N.Y
114,782
62,092
Deposits secured by pledge of sass.
579.657 3,156.761
920,537
Deposits otherwise preferred
220,447
104.660
190.358
Due depositors (not preferred)
53,313,905 38,515,635 28.890.456
Due to trust companies & banks
224,622
.,
221. 83
Bills payable
1.000.000
Acceptances
344,347
577,825
1.211.863
Other liabilities
291.811
408.666
911.227
Total
564,700,006 $48,801,175 $38,539.872
Supplementary
-For Cal. Year1920.
1921.
1922.
Total int. & comm.rec'd during year.. 52.653,529 $1,956,794 $1.840,249
All other profits received during year,,
152.704
1S6,140
346.692
Amt. of divs. de(lared on capital stk_
240.000
270.000
365,000
Amt.deposits on which int, is allowed 50.000.000 30.000.000 24,000,000
*Midwood Trust Co. (Brooklyn).
ResourcesNov. 15'22. Nov. 15'21. *Nov.15'20.
Stock and bond investments
$178,242
$473.409
$290,484
Real estate owned
21.291
174.131
91,044
Bonds and mortgages owned
666.441
343.325
388.560
Loans on real estate collateral
10.000
38.850
61.350
Loans and disc. sec. by other collateral
342.813
310,246
295,911
Loans, discounts and bills purchased
not secured by collateral
131.621
1,187.256
46R gE
1 t
Overdrafts
8
711
Due from other tr. cos., bks. & b'kers
111.408
836
Specie
2,367
9,615
10.716
Other currency auth. by laws of U. S_
31,678
104.500
114,310
Cash items
7,327
35
Due from Fed. Res. Bank of N. Y
432.698
Due from approved reserve depos
92,413
20.904
Other assets
22.576
20,088
8.179
Total
$2,097,207 $1,195.338
53369.006
Liabilities
Capital stock
$500,000
5500.000
Surplus fund and undivided profits_ _ _ $500.000
284.940
253.771
299,367
Preferred deposits:
Due N.Y. State savings banks_ __ _
50.000
50.000
100,000
Deposits by State of New York__ _
100.000
100,000
Deposits sec. by pledge of assets_ _ _
22,200
Due depositors (not preferred)
374,178
2.137.303 1.158.694
Other liabilities
17.391
3.573
10.136
Total
$1.195.338
Amount of dep's on which int. is paid 3 169 ° 10 -$2 °99. °
69 1 1;97 0
5366.200
1.540. 1. 2507
•Began business Sept. 20 1920.
EvoL. 116.
THE CHRONICLE
784
The Peoples Trust Co. (Brooklyn) Concluded.
The Peoples Trust Co. (Brooklyn).
Nov. 15'22. Nov.15 '21. Nor. 15 '20.
ResourcesStock and bond Investments
)817.905.282 $13.109.172I $4,044,363
Public securities
1 7.302,858
Private securities
790.428
1.243,871
766.428
Real estate owned
832,080
776,435
1.007,315
mortgages owned
Bonds &
437,939
440,770
420,935
Loans on bond & mtg. or oth.r.e.coll_
Loans & disc. sec. by other collateral_ 15,666,402 12,472,905 14,216,762
5.350.285
coll. 12,823,679
8,753.396
Loans disc. & bills punnet sec.by
150.000
Own acceptances purhcased
1,874
3.864
1,922
Overdrafts
814.801
654,280
Due from approved res. depositaries_
660.148
tr.
Duefrom other.co's. bks.& bankers
325,077
447.658
319,265
Specie
1,055.435
966,610
903,345
Other currency auth. by laws of U.52.096,716
2,503.308
1.506,252
Cash items
4,279,516
3,159.458
Due from Federal Reserve Bank_ 4,751,974
211,721
118,552
on acceptances..
Customers'liability
237,758
220,015
258,551
Other assets
$58,582,412 $44.776.467 $40,650,526
Total
Nov. 15 '22. Nov. 15 '21.
Liabilities$1.600,000 $1,500.000
Capital stock
Surplus fund and undivided profits
2,828,999
2,107,826
Preferred deposits
3,723.601
Due N.Y.State savings banks
2.658,901
67.780
Dep. by Supt. of Banks, N.Y. State
82.780
24,434
Due savings and loan associations.
16,571
Due as executor,administrator.&c.
765,901
554.426
280.000
337.780
Deposits by State of New York_
1,435,602
Deposits secured by pledge of assets 1,199,878
47,539.245 35,399.697
Due depositors (not preferred)
167,805
12,113
Due trust co's, banks and bankers
211.721
Acceptances
369.766
Other liabilities
541.830
358.582.412 $44.776.467
Total
1922.
1921.
-For Cal. YearSupplementary
Total int. & comm.rec'd during year_ $2,336.272 $2,201,918
400,740
152,119
All other profits received during year_
33.607
171,000
Charged to profit & loss acct. eprec_
85,390
40,627
Charged to prof. & loss acct. oth. loss
958,761
742,209
Int. credited to depositors during year
702,627
768,375
Expenses during year, excluding taxes
300,000
270,000
Amt. of divs. declared on capital stk_
102,732
83.133
Taxes paid during the year
44,301,465 33.836,588
Amt deposits on which int. Is paid
Nov. 15 '20.
$1,500,000
1,958,360
2.252,544
2,928
72,459
727,127
117,928
2,118.238
31,350,101
23.424
118,552
411,791
840.650.526
1920.
BOSTON COMPANIES.
Columbia Trust Co. (Boston).
American Trust Co. (Boston).
31
-Dec. '22. Dec. 31 '21. Dec. 31 '20.
Resources
1..3.957,440 $3,100,657 $1.924.629
Railroad and other bonds
16,340.130 17.055.908 16.405.946
Time loans
45,041
45,041
45.041
Our real estate
499.138
Bank acceptances sold with endorse't
100,000
1,559.061
Customers notes rediscounted
1,528.802
519,075
1,386,882
Customers' Habits. under acceptances
4,476,298
4,904.927
3,104,771
Demand loans
6.669,574
4,308.922
4,635,964
Cash on hand in banks
30,707
118,352
56.864
Other assets
$29,777,613 $31,186.243 $31,855,314
Total
Liabilities
$1.500.000 $1.500,000 81,500,000
Capital stock
2,000.000
2.000.000
2,000.000
Surplus fund
557,029
621.792
620,906
Undivided profits
25,029.651 25.669.097 24,183.301
General deposits
526,170
1,396,240
1.556,785
Acceptances
100,000
1.559,061
Notes and bills redis. with F. 14. Bank
499,138
Endorsements on bank acceptances829,177,613 331.186,243 $31.855.314
1920.
1922.
1921.
2%
2%
2%
20%
20%
28%
Total
Rate ofint. paid on dep.of$500 or over
Dividends paid in calendar year
Beacon Trust Co. (Boston).
Dec. 31 '21. Dec. 31 '20.
314.311.006 313,105,034 $8.731,753
Time loans
6,972,405
7,496,578
6,662,304
Demand loans
655,764
790.278
669,844
Investments
4,140,705
4,123,358
4,760,122
Cash In office and banks
Customers' liability under letters of
547,534
credit and acceptances
128,690
Other assets
31
-Dec. '22.
Resources
$28,034,208 $24,577,887 $20,483,280
Total assets
Liabilities
$600,000
$600,000
$1,000,000
Capital stock
1.400,000
1,800,000
1,400,000
Surplus
228,347
201,566
250,435
Earnings undivided
547,534
Letters of credit and acceptances---8,652
15,502
Reserve for taxes
2,049,500
3,003,500
Notes and bills rediscounted
22,426,956 19,308,350 18,254,933
Deposits
$28.034,208 $24,577,887 $20,483,280
Total
1920.
1922.
1921.
Amount of deposits receiving int- --418,000,000 $17,125,000 $16,250,000
29'
29'
29'
Rate of int.pd.on dep.of $300 & over..
$120,000
5120.000
8150,000
Dividends paid in calendar year
Sept. 15'22. Dec. 31 '21. Nov. 15 '20.
$69,850
$69,850
$69,850
,97,000
104.090
842,218 fel 669,695
901,421
76,363
102,036
96,819
154,244
47.172
83.135
ResourcesUnited States bonds
Other stocks and bonds
Loans
Cash in office
Cash In banks
$1.239,675
Total
Liabilities
Capital stock
Surplus and profits
Deposits
$100,000
86,531
1,053,144
31,239.675
Total
3985,753 31,255.315
$100,000
83,495
802,258
$100,000
81,711
1.109,343
3985,753 31,255,315
Commonwealth Trust Co. (Boston).
ResourcesInvestments
Demand and time loans
Real estate
Cash on hand
Cash on deposit
The. 30 '22. Dec. 31 '21. Dec. 29 '20
86,660,643 35,471.262 $5.988.959
22,747,192 19,393,568 19,377,096
87,767
93.950
156,474
360,424
825,023
876.438
5,207,877
5,082.976
5.033.996
Total
Liabilities
Capital
Surplus and undivided profits
Deposits
Total
834,939,002 330,991,680 331.432,963
$1,500,000 $1,500.000 $1,500,000
1,318,236
1,336,343
1,340.163
32.102.659 28,173,444 28,592 00
834.939.002 330,991,680 831,432,963
1921.
1922.
1920.
2%
2%
Rate of int. on dep. of $500 and over..
10a
10%
10%
year
Dividends paid in calendar
Exchange Trust Co. (Boston).
ResourcesStocks and bonds
Cash in offices and banks
Safe deposit vaults, turn. & fixtures
Demand loans
Time loans
Loans on real estate
Real estate owned
Total
LiabilesCapital
Surplus
Profit and loss
Deposits
Total
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
85,539.511 $4,284.423 $3,340,561
2,117.125
2,929,820
2,283,705
23,279
40,000
33,996
406,558
1,679,265
1,238,385
5,612.759
3,797,319
6.637,802
5,001,219
4,685,013
4,459.542
472,250
328,000
s19,315,134 817.601.407 317,993,991
$1,000,000 31.000.000 31,000,000
1,000,000
1,000,000
1,000,000
265,219
204,001
264,876
17,111,133 15,336.188 15,729,115
319,315,134 317,601,407 317.993,991
1921.
1922.
1920.
2%
2%
Rate of int. pd on dep. of $300 & over
3120,000
$120.000
3120.0
paid In calendar year
Dividends
Boston Safe Deposit & Trust Co. (Boston).
Federal Trust Co. (Boston).
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20
Resources$207,150
$436,950
$207,050
Bonds and stocks
15,542,055 15,073,890 16,030,632
Loans
1,242,350
1.108.265
971,398
Cash in office
1.917,204
2,170,879
2,061,812
Cash in banks
77,248
2.452
25,329
Overdrafts and accrued interest
4.484
3.722
Cash Items
1,665.975
1,672.132
1.672,132
Real estate
79,170
7.1,300
35,035
81k. B.S.D.& T.Co. held for dIstrib'n
28.161
41,354
Other resources
Dec. 30 '22. Dec. 31 '21. Dec. 3120.
ResourcesUnited Skates Government securities_ $1,624,624
18.887,709 12,687,166 11,659,675
investments
Loans, discounts and
168,689
.
49005
Real estate
3
2,236,305
1,61.M9
2,441,012
hand and in bank
Cash on
75,814
Customers'liability foreign bills redis_
55.738
568,807
1,091.894
Customers'liability under acceptances
493,830
Foreign bills of exchange
9,824
11.900
Customers' Ilab11.-letters of credit_
820.786,065 $20,344,851 $21,224,213
Total
Liabilities
$1.000,000 $1.000.000 31,000,000
Capital stock
3.000,000
3.000,000
3,000,000
Surplus
403,462
638.260
695,184
Profit and loss
16,013,004 15,631,190 16,747.295
Deposits
3.073
3.189
3,533
Int. reserved for certifs. of deposit
70,383
72,212
74,344
Reserved for taxes
320,786,065 320.344,851 321,224,213
Total
$74,684,788 364,782,765 355,482,155
Trust department (additional)
1921.1920.
1922.
2%
2%
Rate of Interest paid on deposits
32%
29%
Dividends paid In calendar year
Total
Liabilities
Capital stock
Surplus and undivided profits
Reserve for contingencies
Deposits
Bills payable
Notes and bills rediscounted
Acceptances
Letters of credit
Foreign bills rediscounted
Other liabilities
a
$22,973,065 314,927,753 516,123,130
$1.500,000 31,000,000 $1,000,000
72,193
399,461
493,082
487.497
19,863,643 12,063,598 13,447,566
300.000
700,000
475,000
470,581
55,738
581.586
9,000
11,901
99,108
993,994
322.973,065 $14,927,753 316,123,130
Total
Hub Trust Co. (Boston).
Charlestown Trust Co. (Boston).
Resources-
Sept. 1522. Dec. 31 '21. Nov. 15'20.
Resources$66,792
3102.106
Mass. State and municipal bonds---) $422,412{
398,999
Other stocks and bonds
245,056
248:257
313.194
Loans on real estate
235.107
238.011
196.802
Time loans
107.194
126,173
217,960
Demand loans
46.967
46.674
46.967
Banking house and vaults
175,194
86.668
105,584
Due from banks
59,677
• 99,780
38,985
Cash on hand
478
212
1,195
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Commercial deposits
Bills payable
Miscellaneous
Total
31,294,989 51.074.383 31,519.616
3200.000
10,000
5,491
1,079,162
336
8200.000
50,000
4,430
759,744
60,000
209
$200,000
50.000
2.513
1.116,699
150.000
404
31,294.989 31.074,383 31,519,616
United States bonds
Other stocks and bonds
Loans on real estate
Demand loans
Time loans
Furniture and fixtures
Cash in reserve banks
Checks on other banks
Cash in vaults
Customers' liability acct. acceptances
Total
Liabilities
Capital stock
Surplus fund and undivided profits
Demand deposits
Time deposits
Due to banks
Bills payable
Acceptances
Total
Dec. 30 '22. Dec. 31' 21. Dec. 31 '20.
$491.494
$331.467
3131,241
,
116,535
178,865
703.160
347,600
1,308,4641
730,4321
1,097.478
1,073,012f
42,500
48,500
45.000
421,843
454.868
376,645
33,258
74,696
113,064
111.594
77994,
28,123
$3,740,642 32,731.301 $2,022,770
$500,000
$500,000
5500.000
68,117
72,836
99,967
1,511,3931
2,230,732
1,454,653
571.026
665,730
76,046
36,081
175.000
33,123
33,740,642 $2,731,301 $2,022,770
PEB. 241923.]
THE CHRONICLE
International Trust Co. (Boston).
Nor. 1 '22. Dec. 31 '21. Dec. 31 '20.
ResourcesStocks and bonds
$5,523,888 $2,899,574 $2.419,893
)34,606,230( 23,288,736i 15,106,158
Time loans
Demand loans
1 6,519.023
Banking houses
1,300,000
1,200.000
1,000.000
Contingent liability on acceptances
442.454
liability under acceptances 2,341,799 2,821,071
Customers
2.183,514
Cash on hand and in banks
6,329,036 4,810.429
5,674.004
U.S. and other bond; borrowed ____
20,000
40,000
Real estate by foreclosure
30,866
Total
Liabilities-.
Capital stock.
Surplus fund and undivided profits
Reserved for taxes, &c.
Rediscounts
Acceptances
Contingent liability under accept'ces
Deposits.
U. S and other bond, borrowed
Total.
Trust department (additional)
$50,120,953 $35,059,810 $33,375,915
$2,000,000 $2,000.000 $2.000.000
2.62.5.8(.7
2,539,348 2.490.460
186,928
2,725.500 4,285,800 5.096,750
2.984,463 2.841.589 2.190.219
442.454
39,765,183 23,353.073 20,969,104
20,000
40.000
$50.120,953 $35,059,810 $33.375.915
$2,281,699 $1.874,207 $1.659.558
Jamaica Plain Trust Co. (Boston).
ResourcesState of Massachusetts bonds
Other stocks and bonds
Loans on real estate
Demand loans with collaterals
Other demand loans
Time loans with collateral
Other time loans
Overdrafts
Banking house,furniture & fixtures
Safe deposit vaults
Due from reserve banks
Due from other banks
Cash: Currency and specie
Other assets
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$4,867
84.868
$4,868
1,052,134
771.889
666.410
760,006
565.896
568,506
179.281
258,138
376,655
56,599
63,639
72.370
249,778
150.160
108,818
293.312
226,663
268,028
390
21
23
29.300
29,300
29.300
12,475
12,475
11,000
1 115,191
83,962
54,280
r
792
16,519
72,388
78,017
78.448
4.339
1.010
Total
$2,825,722 $2.250.159 82.256.235
Liabilities-.
Capital stock
$200,000
$200,000
$200.000
Surplus fund
29,000
24,500
21,500
Profit and loss
52.322
31,091
16.331
Deposits subject to demand
2,499.436
1,972,273 2,006.705
Certificates of deposit
6,500
3,500
3,700
Certified checks
19,679
3,108
891
Treasurer's checks
12.916
7,856
253
Open accts. not pay. within 30 days..
5,471
6.466
Other liabilities
398
7,831
389
Total liabilities
$2,825.722 42,250.159 $2.256,235
Liberty Trust Co. (Boston).
1
Rama=--
785
Old Colony Trust Co. (Boston).
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Investments
$30.665,542 $18,742,902 $15.199,242
Demand and time loans
84,547,874 84,525.347 98,369.774
Banking offices
4,151,849 4,025.905 3,643.308
Customers liability and acceptances- 8,168.138 3,967.054 6.224.804
Due from banks
21.942.626 19,709.392 18.745,262
Exchangesfor clearing house
4,071.460 2.404,734 3,957,686
Cash
2,095,304 3,295,973 3,461,549
Total
Liabilities
Capital stock
$155,642,793 136.671.3073149.601,625
$7.000,000 $7,000.000 $7,000.000
9,000,000 9,000,000 9,000,000
Undivided profits
iliris
653,542
1.578.639
1,539,914
Reserved for taxes and interest
1 1,665,4131
515.826
651.318
Reserved for depreciation
369,740.
1
1
Notes payable at Federal Res, Bank_ 2,700,000
4,896,000
Acceptances and letters of credit...... 8.227,009 4,109,144 6.832,088
126.396,829 114,097.958 119.380.299
Deposits
Total
$155,642,793$136,671,307$149,601.625
Revere Trust Co. (Boston).
ResourcesSept. 15'22. Dec. 31 '21. Dec '31 '20.
$133,850
U.S. and State of Mass. bonds
$112,350
$118,900
63.789
Other stocks and bonds
59,795.
51,973
Loans on real estate
38,398
52,968
65.929
Demand loans with collaterals
46,837
31,284
94,366
Other demand loans
88,946
57.077
27,661
Time loans with collateral
25,368
42.661
193,722
Other time loans
209,888
198.226
8.798
Safe dep. vaults. furniture & fixtures..
7,669
9,699
Suspense account
1,994
49,763
Due from reserve banks
34,299
33.695
Due from other banks
735
723
1,142
15.525
Cash, currency and specie
12,929
15,331
582
Other assets
1,426
144
Total
*706.692
Liabilities
Capital stock
$1130.000
Surplusfund
10.000
Urndiv.prof.•less exp.,int. & taxes paid
26,219
Deposits (demand)
Subject to check
Certificates of deposit
Certified checks
1556.216
Treasurer's checks
Dividend checks
Deposits (time)
8.767{
Ctrs. dep. not pay. within 30 days_1
Open acc'ts not pay. within 30 days'
Accrued interest
Borrowed on United States bonds..
Due other banks
5.455
Bills payable
Other liabilities
35
Notes and bills rediscounted
$640.657
$630,755
$100,000
10.000
19,748
$100.000
10,000
17.626
315.468
800
1,025
8,153
351,045
3,100
2,060
661
18
13,257
1,262
718
7.257
1,495
251
116.000
21.103
10.226
90,000
139
70.000
Dec. 3C '22. Dec. 31 '21. Dec. 31 '20.
Total liabilities
$706,692
S640.657
$630.755
$1.204,530 11.321.593
$631,788
4.160,990 3,501,143
2.036,797
1,534,232 2,083,376
480.761
Roxbury Trust Co.(Boston).
5,423,537 5,496.903 3,790,867
ResourcesDec. 30 '22. June 30'21. Dec. 31' 20.
99,500
100.000
64,000 U. S. and Mass. bonds
$47.000
$13,987
$299,806
1,917,058
1.774.714
1.311.821 Other stocks and bonds
245,765
196,721
110.757
302.982
63.200 Loans on real estate
233.550
63,000
101,803
Demand loans
104,476
504,090
84,219
Total
472.353
120,452
814,552,406 $14,580,711 $8.379.234 Time loans
Banking house, furniture and fixtures
Liabilities
10.000
14,500
14,500
Capital stock
Due from reserve banks
119,9281
80.366(
2
9,351
$750,000
$750.000
$500,000 Due from other banks
Surplus fund
10.2341
14,494
750,000
750.000
500.000 Cash
Undivided profits (less expenses)
60,829
37,802
35,711
14,348
71,585
60.781 Other resources
Deposits
5,298
327
262
12,076,851 10,633,421
6,357,631
Dividends unpaid
18.850
260
12.670
Total
Bills payable inc. ctf. of deposit
*1,309,434
8936,891
$572,697
97,000
1,089.447
299,373
Notes and bills rediscounted
Liabilities
646,500
1,206,301
605,609 Capital stock
Uncompleted loans
8200.000
$200,000
$200,000
29,120
1.412
43.170 Surplus fund
Foreign currency certificates
30,000
4,369
30,000
51.058
78,286
Guaranty fund
Undivided profits
6,017
1,745
11.186
23,268
Other liabilities
Deposits
333,265
1,030,914
672.897
95,411
Due to other banks
9.856
7.499
Total
$14,552,406 $14,580,711 $8,379.234 Uncompleted loans
8.000
Bills and accounts payable
50,000
22.000
Other liabilities
277
188
808
Massachusetts Trust Co. (Boston).
Total
$1,309,434
$572.697
$936.891
TWOUrceS-Dec. 29 '22. Dec 31 '21. Dec. 31 '20.
U. S. and State of Mass, bonds
$753,260
$447,353
$447,353
Other stocks and bonds
South Boston Trust Co. (Boston).
9,016.966
1,235.266
1,239.962
Loans on real estate, net
5,702.168 3.374.088 3,348.800
ResourcesDemand loans with collateral
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
3.591,641
3,875,104 2.505.427 U.S. and State of Mass bonds
Other demand loans
$456,991
$279,765
$254,695
589,638
833,749
867,185 Other stocks and bonds
Time loans with collateral
701,225
533.901
473.509
1,018,690
865.830 1,370,160 Loans on real estate.
Other time loans
1,278,255
1,283,300
1,284,095
3,497.376 3.505,835 4.860,707 Demand loans
with eqllaterals
Safe deposit vaults
512,661
307,176
325.328
17,999
16,842
14,000 Other demandloans.
Due from reserve banks
19.730
2.474.452
1,308,382 1.739,565 Time loans with collateral
Due from other banks
341; .
724
172,177
736.392
637,697
366,266 Other time loans
Cash:Currency and specie
182,870
203,256
267.088
245.148
165.957
189.731 Overdrafts
Other cash items
5
32
194
7,319
Banking house
Other assets
43,000
43.000
43.000
178,602
42.834
2.051 Furniture and fixtures
4.013
4,013
2,883
Due
Total
96,501
135,155
164.396
$20,093,259 *16.308,937 $16,951,207 Due from other banks
from reserve banks
151,581
101.857
200.734
Liabilities
Cash and cash items
177.416
118,040
150.217
Capital stock
$1.000.000 $1,000.000 $1,000,000 Other assets
1.700
778
6,698
Surplus funds
506,000
500,000
500,000
total
Undivided profits
S4.021.997 83,254.818 $3.928.959
300.815
308,714
339.042
Deposits
'Liabilities
16,963.462 13,363,162 11,943,304
Certificates of deposit
250,100
138,950
$200,000
$200,000
369.043 Capital stock
$200,000
Certificates of deposit (time)
131,776
83.236
40,000
63.871 Surplus fund
50.000
50,000
Certified checks
21,507
8,821
47,622
32,632
6,645 Undivided profits
20,604
Treasurer's checks
66,970
Guaranty fund
17,319
14,210
69,263 Deposits
8,693
3,044
Open acc'ts not pay le within 30 days
367,343
subject to cheek
480,910
604,441
1,202.406
820,488
1,181.873
Due to reserve banks
Liberty Loan account
120,192
92,775 Certificates
2.666
Due to other banks
370.896
of deposit
247,509
213,845
40,882
4.200
5.340
Dividends unpaid
Certified checks
40,246
40,030
7,361
40,105 Treasurer's
10.999
5,074
Bills payable
checks
200,000
29,693
25.772
17,214
Notes and bills rediscounted
1.508,531 Christmas Club
2.432
9,395
3,284
Other liabilities
80.144
94
342 Deposits, savings department
2.400.562
2.413,511
2,058,233
Dividends unpaid
5.000
Total
$20,093,259 $16,308,937 116.951,207 Notes payable
55.000
Reserve for interest
trif 20.767
16.900
Other liabilities
17
New England Trust Co. (Boston).
Total
*4.021.997 $3,254,818 $3,928.959
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20.
State Street Trust Co. (Boston).
Stocks and bonds
$3.163,739 $2,923.333 $2,986,915
Real estate
1,700,000
1,700,000
1,700.000
Resources
Jan. 2'23. Dec. 31 '21. Dec. 31 '20.
Demand and time loans
19,202.998 18,969,875 22,579,231 Time loans
$21.221,7651$29,437,101 $29,687,022
Cash in bank and office
4,303,175 4,731,915 3.805,325 ,Demand loans
13,364.6811
Other assets
615,502
659,899
1,724,222 Investments
1,094,055
1,520,386
1,125,343
Due from Federal Peserve
4.111,3611 5,998,655 9.343,491
Total
$28,985,414 *28,985.022 $32,795,693 Cash in office and banks Bank
„ if
Liabilities
Real estate
1,063,063
$1,000,000 $1,000,000 $1,000,000 Customers'and safe deposit vaults- 1.074,913 1,100,912
Capital stock
liability on account ac2,000.000 2,000,000 2,000.000
Surplus
ceptances and letters of credit
2,536.590 2.321,872 3.243,402
600.000
Guarantee account
800,000
Notes and bills rediscounted
1.936,040 5,980,870
642,319
Earnings undivided
671,290
698,493 Acceptances of other
586,336
23.509,610 23,249,129 21,990.301 U. S. bonds and ctfs.bank.s end.&sold
Deposits
ofindebtedness332,800
1,233,485
Other liabilities
1,464,603 7,106,899 Other assets
409.360
115.931
380,554
Total
*28.985.414 $28,985,022 832,795,693
Total
$47,015,086 $42,297,995 $51.218,779
ResourcesOther investments
Loans on real estate
Demand loans
Time loans
Banking rooms
Cash on hand and in banks
U. S. bonds and certificates
Other resources
[Pm.116.
THE CHRONICLE
786
State Street Trust Company (Boston) Concluded.
Jan. 2'23. Dec. 31 '21. Dec. 31 '20.
Liabilities-$2,000,000 $2,000,000 $2,000,000
Capital stock
3,176,390 3,233,247 3,227,574
Surplus and undivided profits
1,648,000 3,091,561
1,805,743
Acceptances
242,737
end.& sold
586.338
Acceptances ofother banks
Acceptances and letters of credit
177,158
716,968
811,604
and guaranteed
issued
1,936,040 5,980,870
2,092,000
Liabilities for rediscounts
150,000
Bills payable
36.261,994 32,488.917 35,905.694
Deposits
443.185
274,823
281,019
Other liabilities
$47.015.086 $42,297,995 $51,218,779
Total
United States Trust Co.(Boston).
Winthrop Trust Co. (Boston).
Sept. 15'22. Dec. 14 '21. Dec. 31 '20.
Resources$33,967
$186.142
U. S. and State of Mass. bonds
$103.569
295,977
358,404
331,685
Other stocks and bonds
50.559
83,002f
124.4321
Demand loans with collateral
t
29.655
40.693i
Other demand loans
59.725
109,6501
Loans on real estate
19.890
35,510
537,9001
Time loans with collateral
104,818
66,072
Other time loans
28,340
30.976
30.976
Banking house, vaults and fixtures
64.545
64,186}
Due from reserve banks
134,962f
39.124
23.903
Cash, currency and SDOCie
37
370
Other assets
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
RESOUrCe,$1,801,770 $1,517,270 $1,656,883
U.S.and State of Mass. bonds
Total
bonds
5,400,580 4.927,262 4,882.851
Other stocks and
5.333.450 4,910,436 3,967.092
Loans on real estate
4.114,799 4,320.175 7,380.186
Liabilities
Demand and time loans
500.000
United States bonds borrowed
218,557 Capital stock
164,713
164,712
Syndicate participations
2,330,256 Surplus fund
1.972.808 1,737,931
Due from banks
403,609 Undivided profits
347,749
187.795
Cash on hand
125.518 Deposits subject to check
1.176
39 200
Other assets
$18,977,090 $17,964,736 $21,444,952 Certified checks
Total
Liabilities
checks
$1.000,000 $1,000,000 $1.000,000 Treasurer's
Capital stock
1,000,000 Due to reserve banks
1,000,000 1,000.000
Surplus
272.716 Due to other banks
202.752
240.589
Undivided profits
500,000 Other liabilities
United States bonds borrowed
16,736,398 15,733,534 16,448,635 Reserved for taxes
Deposits
2,094.000
Notes & bills redis. with Fed. Res.Bk_
129.600
103
28 450
Other liabilities
Total
$18,977,090 $17,964.735 $21,444,952
Total
$931,046 $1.331,386
$711,638
$100.000
25,000
16,363
558,257.
1,584
7.898
$100,000
8100,000
35,0001 '51,8441
13.4781
1
1599.5281
1.177.262
1 181,136
2.280
178
2,358
$931,046 $1,331,386
$711.638
224
1,680
PHILADELPHIA COMPANIES.
Aldine Trust Co.(Philadelphia).
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Resources
$14,315
$43,663
$101,807
Real estate mortgages
1.006.469
1,151,937
862.486
Stocks and bonds
1,379.265
1,567,111
2,163,508
Loans on collateral
592.607
949,105
1,295,321
Loans on commercial paper
600
Customers' liability letters of credit-178.300
89,600
Bonds borrowed
150.000
50,000
50.000
Banking house
57,569
43.746
65,200
Cash on hand
122.403
331,094
363,643
Cash on deposit
$44.992.165 $4,314,956 $3.322,628
Total
Liabilities
$517.600
$750,000
$750,000
Capital stock paid in
340.560
480,000
500,000
Surplus fund
78,912
143.003
97,763
Undivided profits
3,182,099 2,026,494 2,004.493
Deposits
178,300
89,600
Bonds borrowed
103
229
376
Dividends unpaid
100.000
Ground rent. 4%
910
Accrued dividend paid in
250.000
781,260
326,487
Bills payable
600
Letters of credit
*Broad Street Trust Co. (Philadelphia).
Dec. 1 '22. *Dec. 31'21.
ResourcesCash,specie and notes
41
3 1,535
j
5
. 204,389
Duefrom approved reserve agents
235
nts
Nickels and cents
63,720
965,412
Notes purchased
335,000
62,500
Loans secured by bondsand mortgagee
9,368
300,601
Bonds,stocks. &c
28,915
34,156
Furniture and fixtures
100
Revenue stamps
10,625
Miscellaneous resources
$498,413
$1,577,684
Total
Liabilities
$155,548
$250,000
Capital stock
45,249
107,560
Surplus and undivided profits
Deposits subject tocheck1260,029
1 3,726
1,135,874
Certified checks
1 33,881
}
Special time deposits
75,000
Bills payable
9,250
Reserve for interest on deposits
$498,413
$1,577,684
Total
•Began business Dec. 1 1921.
Central Trust & Savings Co.(Philadelphia).
Dec. 30 '22. Dec 31 '21. Dec. 31 '20.
Resources$862,041 $1,009,715 $1,267,168
Stock investments
$4,992,165 $4,314,956 $3,322,628 Commercial & other paper purchased 6,238,676
Total
5,144.898 4,577.607
3,484,998 3,480.105 3.636.768
Amount loaned on collateral'
373473
379,087
383,825
Real estate,furniture and fixtures.-463,
592,454
American Bank and Trust Co. (Philadelphia),
553,518
ash on hand
1,324,576 2,195.638
1,631,300
Cash on deposit
12,722
8.743
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Miscellaneous
Resources-15,296
$186,236
$102,428
$117,230
Cash and notes
$13,169,654 811,939,578 312,526,943
Total
275.153
166,595
215,234
Due from reserve agents
333,439
Liabilities
250,400
100,000
Legal reserve security at par
$750,000
$750,000
8750,000
227 Capital stock
489
1,121
Nickels and cents
700,000
800,000
850,000
2,091 Surplus fund
933
8,777
Check and cash items
64,628
47,059
76,168
5,811 Undivided profits
Due from banks
11,062,482 10.227,756 10,936.085
206,847 Deposits
336,412
h3,385
paper on one name
Commercial
76,232
114,763
431,004
385,790 Other liabilities
320,113
358,197
Commercial paper on two names
582,632
165,779
85,016
Time loan with collateral
$13.169,854 $11,939,578 $12,526,943
Total
$3,543.204
396.372 Trust department (additional)
80,982
132,652
$4,154,297 $3,677,792
Call loan with collateral
1920.
1921.
48.800
18,900
17,900
1922
Loans secured with bonds and mtges2 & 3%
2 Sc 3%
889,643 Rate of int. pd.on dep.of$500& over 2 & 3
797,723
1,051,367
Stocks and bonds
6%
12,500 Dividends paid in calendar year
8%
12,500
804,275
8% & 1% ex.
Mortgages and judgments
65.791
65,791
65,791
Real estate and building
14,006
14,006
12.000
Furniture and fixtures
Chelten Trust Co.(Philadelphia).
1,159
190
104
Overdrafts
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
150
ResourcesOther resources
3308.050
$323.175
$356,075
Real estate mortgages
1,343,329
1,355,814
2,086,028
$3,386,989 $2,609.451 $3,386,497 Loans on collateral. esc
Tota
185,849
237.0921
258,071
lot
Office building and
24.022j
Liabilities
24,875
Other real estate
116,774
122,879
$300,000 Cash on hand
140,477
$300,000
$300,000
Capital stock
82.540
114.206
100,000 Cash on deposit
177,395
100,000
100,000
Surplus
1.195,528 1.490,984
63,836 Bonds,stocks. Scc
1,375,795
64,185
103,434
Undivided profits
11,847
11,855
1,853.309 Other assets, furniture and fixtures...
13,531
subject to check
2,056,802 1,369,621
Deposits
10,056
14,926
4.807
Demand certificates of deposit
$4,432,247 $3,372,086 $3,549.858
Total
25,000
50,000
35,000
Deposit by Commonwealth of Pa__ _
56,749,
Liabilities
2,368
2,242
Certified checks
$200,000
$200.000
$300,000
936 Capital stock
7,711
Treasurer's checks
4,195
125,000
125.000
150,000
976,433 Surplus fund
657,428
Saving fund deposits
678,965
55,317
52.308
54,884
profits
178 Undivided
602
Dividends unpaid
393
2,946.224 3,140,664
3,792,363
General deposits
Reserve for depreciation
42,630
30,000
40.000
135,000
Other liabilities, bills payable
Bills payable on demand
70,000
28,877
8,554
Reserve for depreciation of securities.,
Other liabilities
1.151
$4,432,247 $3,372,086 $3.549,858
Total
Total
51,322.295
$465.995
$508,769
33.386,989 $2.609,451 $3,386,497 Trust department (additional)
1920.
1922.
1921.
2% demand: 4% time
---Rate of Interest paid on deposits$16,000
$16,000
$16.000
Belmont Trust Co. (Philadelphia).
Dividends paid in calendar year
Dec. 30 '22. Nov 30 '21. Dec. 31 '20.
Resources$141,109
$168,820
Cash on hand and due from banks.- $258.349
145.348
81,113
196,451
Commercial & other paper purchased.
584.2181
403.360
1
Loans on collateral
453.0501
684,359l
33.380
Loans on bonds and mortgages
588,706
539,014
501,852
Stocks, bonds, &c
296.005
264,311
315.109
Mortgages
20,500
Furniture and fixtures
52,937
50,007
88,992
Banking house and other real estate23,585
25.869
15.464
Miscellaneous assets
$2,422.788 $1,852,371 $1,616,339
Total
Liabilities
$187,500
$125,000
$125,000
Capital stock
62,500
50,0001
99,455
Surplus
84,379
60,0001
Undivided profits
2,044.754
1,525,793 1,360,263
Deposits
40,000
Bills payable
23,898
Special reserve account
31,621
43,655
28,180
Other liabilities
$2,422,788 $1,852,871 31.816.33e
Total
*Chestnut Hill Title & Trust Co. (Philadelphia).
ResourcesCash,specie and notes
Due from approved reserve agents
Legal reserve securities at par
Checks and cash items
Commercial paper purchased
Loans upon collateral
Bonds
Mortgages and judgments of record
Office building and lot
Furniture and fixtures
Other assets
Total_ _ ---------LiabilitiesCapital stock-----------------------Sur plus fund------Demand deposits
Time deposits
Total
* Began busines May 16 1922.
*Dec. 30 '22.
$12,369
43,278
'___
319
60,009
129,985
80,017
20,750
64,519
'
8,594
1,988
$426.826
$125,000
12,500
221.808
67,520
$426.626
FEB.24 1923.]
THE CHRONICLE
*Cobb's Creek Title & Trust Co. (Philadelphia).
Resources
Reserve fund-Cash, specie and notes
Due from approved reserve agents
Legal reserve securities at par
Nickels and cents
Commercial paper purchased-Upon one name
Upon two or more names
Demand loans with collateral
Time loans with collateral
Loans secured by bonds and mortgages
Bonds, stocks, &c
Mortgages and judgments of record
Office building and lot
Furniture and fixtures
Overdrafts
Book value of legal reserve securities above par
Other assets
$125,000
12,500
1,028
293.010
31
3,333
128,202
17.356
Total
$580.470
The Colonial Trust Co. (Philadelphia).
ResourcesDec. 30 '22. Dec. 31 'pl. Dec. 31 '20.
Real estate mortgages
$239,250
Stocks and bonds
/
2,700.392
2,772,456
2,223.134
Loans on collateral
2,834,121
2,478.942
2 274.083
Furniture and fixtures
22,113
19,324
16,756
Cash on hand and in banks
945,752
937,014
1.023,786
Commercial and other paper owned_ 2,243,327
2,107,600
1.928,435
Other assets
158,999
107.423
90.195
Total
$9,143,954 $8.518.059 $7,631.939
Liabilities
Capital stock paid in
$500,000
$500,000
$500,000
Surplus and undivided profits
701,667
650,332
600,020
General deposits
7.481,073
6.741,558
5.744,803
Bills payable and rediscounts
350,000
575,000
744,755
Reserve for taxes, etc
66,270
37,841
42.361
Other liabilities
44,944
13,328
Total
$9,143,954 $8,518,059 $7,631,939
Trust funds
$2.619,904 $1,519.301 $1.624.750
1921.
1920.
Rate of interest paid on deposits
3 to 3.65% 3 to 3.65% 3 to 3.65%
Dividends paid in calendar year
10%
10%
10%
Columbia Avenue Trust Co. (Philadelphia).
Dec. 31 '20.
$604,139
296.097
1,463,751
51.942
2,501,198
219.670
180,000
7,200
1.637
$5.325,634
$400,000
604,397
4,297.952
16.000
7,285
$5,325,634
$1,612.174
Commercial Trust Co. (Philadelphia).
Resources-Dec. 30 '22. Dec 31 '21. Dec. 31 '20.
Cash on hand
$261.480
$247,442
$285,908
Due from banks, &c
5.228,743
3,773.620
4,914,204
Loans and discounts
17,743,928 20.613,384 20,295,356
Stocks, bonds, &c
11,220,778
6,706,340
8,951,751
Real estate and vault
711,500
731.500
166.500
Customers' liability on acceptances66,825
500.000
Other assets
1,532,410
311,843
191,04z
Total
$36.765.664 $32,384.129 $35,304.761
LiabiliiiesCapital stock
$2,000,000 $2,000,000 $2,000,000
Surplus
2,750,000
2,750,000
2,750,000
Undivided profits
855,711
624,967
428,143
Demand deposits
24,188,1281
Time deposits
9,087,027/ 26,067,469 24,634,168
Due to banks and trust companies
3,178,599)
Loans and redise. Fed. Reserve Bank_
500,000
4,992,450
Acceptances
500,000
Other liabilities
1,706.199
441,693
$36.765,664 $32,384,129 E35,304,761
$27.056.152 $24.947.013 26.723.009
Commonwealth Title Ins. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Bonds and stocks
Loans on collateral
Real estate
Cash on hand
Cash on deposits
Other assets
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$1,817,635
$405,895
$948,744
3,386,800
3,950,962
4,104,133
4.820,085
3,140,583
2,931.753
1,598.684
1,601,175
1.204.138
395,072
341,294
321.417
414,586
831,133
429.422
148.746
128,776
316.753
Total
Liabilities
Capital stock paid in
Surplus and reserve fund
Undivided profits
Deposits
Bills payable
Other liabilities
$12,581,608 $10,399.818 $10,256,360
$1,000,000 $1,000,000 $1,000,000
1,500,000
1,250.000
1,250,000
657,815
484,529
367,460
9,311,005
7.226,066
7,186.540
200,000
112,788
239,223
452,360
Total
Trust department (additional)
$12,581,608 $10,399,818 $10.256,360
$97,171.919 $25,791,043 25.077.677
1922.
1921.
1920.
Rate(lint. pd.on dep. of $200& over
2%
2%
2%
Dividends paid in calendar year
13%
12%
12%
Continental-Equitable Title & Tr. Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and in banks
Other assets
Total
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
$1,775,365 $1,524.875 $1,399.434
5,054,534
2,931.491
3.910,453
6,752,355
6,063.683
6,019.317
14.465
14,465
1,548,297
1,312,179
1.738,024
294,805
304,518
345.955
$15,425,356 $13.151,211 $13,427.64
•
•
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
$1.000,000 $1,000,000 $1.000,000
1,000,000
1,000,000
1.000.000
332,013
205,829
298.878
11,098,283 10,492,987 10,695,149
4,385
5.921
3,767
200.000
200.000
700,000
229.854
289,139
248,010
$15,425,356 $13,151,211 $13.427.648
$10.084,703 $9.184,425 $9,184.425
1922.
1921.
1920.
2% s.,4% t 2% sight, 3.85 time;
$135,000
$140.000
$120.000
*East Falls Bank & Trust Co. (Philadelphia).
$580,470
* Began business May 20 1922.
Total
Trust department (additional)
Continental-Equitable Title & Tr. Co.(Phila.)Concluded.
Dec. 30 '22.
Liabilities-$16,562 Capital stock
18,413 Surplus and reserve fund
20,000 Undivided profits
180 General deposits
38,091 Dividends unpaid
5,430 Bills payable
24,649 Other liabilities
19,390
19,700
Total
255,062 Trust department (additional)
64,077
67,643
11.322 Rate of interest paid on deposits
26 Dividends paid in calendar year
1.412
18,513
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits (exclusive of trust funds)
Deposits subject to check
Certified checks
Time deposits (exclusive of trust funds)
Time certificates of deposit
Special time deposits
Other liabilities
ResourcesDec. 30 '22. Dec. 31 '21.
Cash on hand and due from banks___
$787,521
$832.829
Commercial and other paper owned__
562,964
529,338
Loans on collateral
1,735.193
1,486.552
Loans on bonds and mortgages
122.866
25,155
Stocks, bonds, &c
2,481,717
2,250,933
Mortgages
169,358
189.687
Banking house,furniture, &c
180,000
180,000
Other real estate
4.000
4,000
Miscellaneous assets
2,096
3,808
Total
$6.045,715 $5,502,302
Liabilities
Capital stock
$400,000
$400,000
Surplus and undivided profits
653,950
588,058
Deposits
4,950,303
4,483,169
Dividend unpaid
24,000
20,000
Miscellaneous liabilities
17.462
11.075
Total
$6,045,715 ,
$5,502,302
Trust department (additional)
$2,529,814 $1,667.368
787
ResourcesCash, specie and notes
Due from approved reserve agents
Due from banks and trust companies
Commercial paper purchased
Time loans on collateral
Call loans on collateral
Loans secured by bonds and mortgages
Bonds, stocks, &c
Mortgages
Office building, furniture and fixtures
Other assets
Dec. 30 '22. *Dec.31'21.
$33,427
$32,036
210,163
103,836
1,196
1,039
216,009
203,057
104.4808
90.517
77.000
6,325
18,200
432.241
698,038
57,100
3,655
16,582
59,129
791
935
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Bills payable on demand
Bills payable on time
Dividends unpaid
Other liabilities
$1,358,339 $1,0
07,425
$125,000
125,000
4,231
504,262
437.497
125,000
25,000
2,504
9,845
$125,000
125,000
3,154
406,577
338,310
2.561
6,823
Total
$1,358,339 $1,007,425
'Began business as Bank of East Falls in 1916 and as East Falls Bank
& Trust Co. on Oct. 15 1921.
Empire Title & Trust Co. (Philadelphia).
ResOUTCP-5Cash on hand
Due from banks and bankers
Loans
Stocks, bonds, &c
Mortgages
Real estate,furniture and fixtures
Miscellaneous
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
Reserve for depreciation
Miscellaneous
Unpaid dividends
Bills payable
Des. 30 '22. Dec. 31 '21. Dec. 31 '20.
$83,466
$57,352
$90,003
38,527
30,526
63,005
324.346
344.257
361.193
622,714
597,874
486.508
227,866
234,157
244,410
56,082
56,431
56.787
1,235
1.301
7
$1,354,236 $1,320,604 $1,303,207
$156,575
50,000
67,722
1,054,806
$156,575
31,040
64.522
979,017
$1.354,236 $1,320.604
Total
$156,575
25.000
63.973
942,489
12.500
3
64
120,000
$1,303,207
2
132
25.000
53
72.000
Excelsior Trust Co.(Philadelphia).
ResourcesCash on hand
Due from banks, &c
Stocks and bonds
Loans on collateral
Mortgages
Real estate,furniture and fixtures
Other assets
Dec. 31 '22. The. 31 '21. Dec. 31 '20.
$130,168
$105,298
$763,302
115,046
146,884
133.646
1,274,617
1,222,666
991.427
2,484,970
1.601,017
1,376.972
487,500
470.375
389.875
57,150
51.091
57,400
11.107
10,152
12.905
Total
$4,560,559 $3,616,545 $3,716,465
Liabilities
Capital stock
$300,000 $3,000.000
$300.000
Undivided profits and reserve fund._
299,677
208.334
165.643
Deposits
3,755,019
3,032.293
3,101.615
Bills payable on time
200.000
60.000
130.000
Miscellaneous
5,863
15.918
19.207
Total
$4,560,559 $3,616,545 $3.716,465
*Fairhill Trust Co. (Philadelphia).
ResourcesCash, specie and notes
Due from approved reserve agents
Legal reserve securities at Par
Commercial paper
Time loans
Call loans
Bonds
Office building, furniture and fixtures
Other assets
Dec. 30'22.
$13,909
76,781
32,393
54,340
2,450
51,000
156,730
29,489
3,981
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Savings deposits
Other liabilities
$421,073
$125,000
12,500
114
218.435
1,893
61,707
1.424
Total
$421.073
* Succeeded the Fairhill State Bank.
Federal Trust Co. (Philadelphia).
Resources
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Bonds
$892,880
$854,088
Real estate mortgages324$920,587
319,750280,400
,900
Loans on collateral
2,U40,922
Loans on personal securities
474,671
Real estate
96.583
161.169
81.968
Cash on hand
55,523
48.368
69.803
Cash on deposit
398,278
Other assets
9,410
1i13:3133 1.138:?83
4
337:R37
2?A:ali
Total
$4,399,740 $3,894.421 $3.906,596
Liabilities
Capital stock
$200,000
$200,000
$200.000
Surplus fund
199.706
236,233
178.808
General deposits payable on demand_ 3,618,507
3,179.050
3.177.788
Bills payable
300,000
335,000
350,000
Other liabilities
15,665
10,000
Total
$4,399,740 $3,894,421 $3,906,596
1921.
1922.
1920.
.
Rate of Int. pd. on dep. of$500 & over
-2 check; 33i% savings
%
Dividends paid in calendar year
10%
10%
10%
T1TE CHRONICLE
788
[VoL. 116.
Fidelity Trust Co. (Philadelphia).
Girard Avenue Title & Trust Co. (Philadelphia).
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Re
-sources
53,916,318 53.966,366 $3,859,752
Mortgages
27,832,517 23.434,582 26,043.272
Stocks, bonds, &c
22,488,876 22,599,919 29,681.795
Loans
2.100,823
2,696,107
2,695,249
Real estate, office building and lot
669,900
U.S.Govt. bonds borrowed & pledged
200,000
183,345 111150,845
Customers'liab.on accep.& let.ofcred.
518,782
702.893
474.352
Cash on hand
4,617.184 5,224,826 5,241.787
deposit
Cash on
524,972
538,195
463,870
Accrued interest
2.093
451.435
63.192
Miscellaneous
$62,793,417 $59,073,201 $89,476,619
Total
-4 ,,
.
Liabilities$5.200,000 $5,200,000 $5,200,000
Capital stock
17.014,704 16.661,180 17,870,978
Surplus and profits
37,056.073 32,706,498 36.661.448
Deposits
1,800,000 2.000,000 7,939,000
Bills payable
669.900
U. S. securities borrowed
400,000
Reserve for deprec. of invest
1,250.000
129.234
Accrued interest
108,995
200,000
Acceptances executed
150,845
183,345
Letters of credit issued
380,000
380,000
Ground rents
380.000
260,000
Mortgages
400,000
405,000
295.293
230.001
210.683
Other liabilities,accrued taxes
562,793,417 $59,073,201 569,476,619
Total
300.000,000 267.740,087 246,969,603
Trust department (addidonal)
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Real estate mortgages
3216,573
$256,970
$379.620
Stocks and bonds
749.596
775,782
730,659
Call loans on collateral
1,369.216
1,340,528
1,585,259
Commercial paper
.
269,141
,
Real estate
50.000
48,500
47,000
Cash on hand
169,821
145,340
133,220
Cash on deposit
99,765
74,011
123,978
Furniture, fixtures and vault
5,139
6,777
6,467
Miscellaneous
47.437
1.272
21.772
Total
53,276,926 52.884,826 52,910,859
Liabilities
Capital stock
$200,000
$200,000
$200,000
Surplus fund
200,000
106,000
106.000
Undivided profits
50,002
65.740
65.638
Reserve for depreciation
75,000
50,000
Deposits, special
1,351,251
1.165,512 1.041.918
General deposits, payable on demand
1.475.673
1.269,355
1.439.468
Other liabilities
3,219
7.837
Total
$3,276.926 $2,884,826 32,910,859
Trust department (additional)
$56,619
$56.755
$52,842
Girard Trust Co. (Philadelphia).
ResourcesDec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Cash on hand and in banks
$7,101,087 $9,202,439 59.856,333
Loans
14,784,450 18.869,167 29.798,285
Securities
35.701,351 24,634,069 20,541,804
Real estate
3,369,232 3,371,412 3.371,912
Customers'liability on acceptances
197,709
250,000
Finance Co. of Pennsylvania (Philadelphia).
4,022
resources
126.460
156,286
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Other
ResourcesTotal
561,157,851 363.974.620556,203,547
$79,789
70,610
$68,708
Cash on hand
Liabilities
454.532
854,947
462,308
Due from banks, &c
$2,500,000 $2,500,000 12,500,000
2,500
Commercial and other paper owned
137.877 Capital stock
10.150
7,500,000 7,500,000 7,500,000
579.045
468,286 Surplus fund
Loans on collateral
630,695
3,106,490 2,297,703
1,304,875
4,866,189 5.329,622 5.338,959 Undivided profits
Stocks, bonds, &c
Bills payable and rediscounts
6.391,500
492,242
317,000
Mortgages
515,241
47,528,651 143,580,844 45,703,245
2,442.285 2,445,611
2,662.202 Deposits
Real estate
325,000
325.000
325,000
38.527
54.559 Dividend
60.223
Other assets
197.710
Drafts and bills accepted
250.000
58,945,930 59,522,558 59,913,619
Total
$61.157,851 $56,203,547 $63.974,620
Total
Liabilities
311.581,437 277.322,359 250,014,593
$3,000,000 $3,000.000 53.000.000 Trust dept., excl. ofcorp. trusts
Capital stock
2.920.0261 2,823,603 2,547,984
Undivided profits
Haddington Title & Trust Co. (Philadelphia).
300.1021
Reserve for depreciation
2,053.177
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
1,559,750
1,683,886
Resources-Deposits
1,050,000
$1,104,733 $1,235,184 $1,550,343
1.993.000 2,268,000 Bonds, stocks, &c
Bills payable
207.400
116.052
44.458 Mortgages
519,800
22.069
51.100
Miscellaneous liabilities
925,428
744.949
612,594
$8.945,930 $9,522,558 $9,913,619 Loans on collateral & bonds & mtges.Total
249,331
267.669
213,772
Commercial paper
77,168
112,940
89,300
Cash on hand
Frankford Trust Co. (Philadelphia).
111.794
120,352
Cash on deposit
154,378
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20. Office building, furniture & fixtures74.722
66.210
72,999
Resources$1.036.115
5721.365
$581,520 Other assets
45.824
70,454
Real estate mortgages
24,582
3,432,163 3.282,603 3,760,090
Stocks and bonds
52,769,066
Total
$3,179,028 *2,754,930
1.017,135
1,241.952 1,285,412
Loans on collateral
Liabilities.
968,378
679,121
465,211 Capital stock
Loans on personal securities
5125,000
5125.000
$125,009
151,972
51,522
52,296 Undivided profits
Real estate
115,937
116,576
127,960
309,445
196,409
376,539 Deposits
Cash on hand and reserve bonds
2.463,067 2,364,573
2,933,728
417,189
526,195
297,268 Other liabilities
Cash on deposit
50,926
3,724
151.533
14,504 •
13,937
14,234
Other assets (incl. vault,turn.& fixt.)
$3.179,028 32,754,930 $2,769,066
Total
$7,346,901 $6.713,104 36,829.171
Total
1921.
1922.
1920.
Liabilities
Rate of int, paid on deposits
2% check: 4% say
$250.000
$250,000 Dividends paid in calendar year
$250,000
Capital stock
$7,500
37.500
$7,500
500,000
400,000
400.000
Surplus and reserve fund
139,245
186.373
151.807
Undivided profits
Hamilton Trust Co.(Philadelphia).
5,854.864
Gen.dep. payable on demand & time 6,270.142 5.704,231
Resources-Dec. 30 '22. Dec 31 '21. Dec. 31 '20.
172.500
187.514
172.500
Other liabilities
$111,124
Cash on hand
$133.861
$82,518
$7.346,901 $6,713,104 36,829,171 Checks and due from banks, &c
Total
173,062
159,286
243,979
$3,752,451 $3,525,130 $3.648.638 Reserve bonds
Trust department (additional)
691,200
356,919
263,600
Commercial and other paper owned
414,951
435.059
415.486
Franklin Trust Co.(Philadelphia).
648,291
Loans on collateral
713,461
655,267
171,132
553,624
293,192
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Loans on bonds and mortgages
Resources846,805
457,978
932,014
Bonds and mortgages and real estate- $2,002.936 $1,699,772 $1,427,291 Stocks, bonds, &c
261,500
213,050
232,350
5,308,045 4.021,245 3.690,003 Mortgages
and bonds
Stocks
287,809
264,192
287,511
Amt.loaned on coll. & personal sec
8.745.892 7,191,604 6.787,669 Real estate, furniture and fixtures
27.792
32.929
22,169
552,832
509,679
Cash on hand
471,893 Accrued interest receivable
774,102
777,013
Cash on deposit
924.257
Total
$3,696,758 $3,257,267 $3,428.088
t
167,147
Furniture and fixtures
140,037
Liabilities95,526
18.179
509 Capital stock
$200,000
Other assets
$200.000
$200.000
200,000
200,000
200,000
Total
317.646,480 $14,357,799 $13,301,622 Surplus fund
47,591
Undivided profits
64,368
77,947
Liabilities
30,000
15,000
10,611
Capital stock paid in
$1,000,000 $1,000.000 $1,000,000 Reserve for depreciation
3,204,380 2,764,488 2,827,975
Surplus and undivided profits
1,118.757
859,523
779,481 Deposits
100,000
Dividends unpaid
166
260
243 Bills payable
67
15
129
Deposits
14,322,534 11,149.173 10,391,898 Dividends unpaid
15.141
12.995
14.424
1,150,000
1,250,000 1,130,000 Accrued interest payable
13ills payable
Unearned interest
6,328
17,389
Total
33,696,758 33,257,267 $3,428,086
48.695
81.454
5330,013
285,683
Reserved for deprec'n & contingencies
Trust department (additional)
$86,073
$17,646,480 $14.357,799 $13,301,622
Total
Holmesburg Trust Co. (Philadelphia).
$351,257
$170,734
$4.420
Trust department (additional)
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Resources$55,590
$44,580
553,009
Cash on hand
Germantown Trust Co. (Philadelphia).
70,511
92,950
Due from banks and bankers
90,907
Dec. 20 '22. Dec. 31 '21. Dec. 31 '20. Commercial and other paper owned_
51,223
58,602
Resources52,439
$953,398 Loans on 11
216,236
183,322
159,939
I
Cash on hand, due from banks, &c.._ $992,971 $1,216,349
6,769,577
5,531,591
6,208.798 Bonds and stocks
736,276
6g
Loans on collateral
436,710
566.810
587,430 Mortgages
151,293
Loans on bonds and mortgages
5.891,964 4,486,447
3,783,266 Real estate, furniture and fixtures
39,065
40,500
Stocks, bonds, &c
39.389
200,000
110,000
195,000 Miscellaneous assets
12.802
24.580
Commercial paper
6.837
375,382
316,684
302,163
Real estate,furniture and fixtures.51.360,233 31.175.849 $1,198.044
Total
39.728
51.290
65.168
Other assets
Liabilities
$125,000
Total
514,731,772 312,267,609 512,081.345 Capital stock paid in__,
$125,000
$125,000
70.000
70,000
Liabilities
Surplus fund
70,000
22,062
Capital stock
$1,000,000 31,000.000 $1,000,000 Undivided profits
11,444
35,149
1,194.864 Deposits
1,114.046
Surplus and profits
1,225,064
1,370.265
934.822
967.234
126
Deposits
12.361.507 10,042,545 9.886,481 Dividends unpaid
583
107
29,000
34,000
554
Total
514.731.772 532,267.609 $12,081,345 Miscellaneous liabilities
Trust department (additional)
51.360,233 31,175,849 $1,198.044
$27,906,844 $24,994.649 $22,582,351
Total
$40,757
Trust department (additional)
$31,784
324.360
Rate ofint. paid on dep.of$500& over
1922.
2%
1921.
1920.
Dividends paid In calendar year
en
interest paid on deposits__
2% check; 3% savings
100 Rate of
;21
10%
7%
Dividends paid in calendar year
7%
7%
In
'1875:g81
Guarantee Trust & Safe Deposit Co. (Philadelphia).
Industrial Trust, Title & Savings Co. (Philadelphia.)
Resources
Dec. 30 '22. Dec. 31 '21 Dec. 31 '20.
Cash on hand
$337,817
1$1.460,238i $392,260
Due from banks and bankers
989,
654 1.070,278
Loans on collateral
4,250,139 4,962.555
Loans on bonds and mortgageS
6.139,536
960,315
1,083,970
Stocks, bonds. &c
2.530,733
2,800,307 2,420.320
190,000
Legal securities, reserve
200,000
200,000
Mortgages and mandamus
345,549
351.896
351,896
494,780
550.577
536,464
Real estate, furniture and fixtures
103,174
70,249
Interest accrued
97,570
5.982
44,684
Overdrafts
225,000
Contingent assets
229,800
159.049
48,639
23,601
Other assets
311.423,059 310.968,673 511,241,817
Total
Liabilities
$1,000.000 $1,000,000 $1,000,000
Capital stock
400.000
400.000
400,000
Surplus fund
377.022
288.400
256,859
Undivided profits
79.247
74,134
74,134
Reserve
9,446,015 8.393,812 8,684,522
Deposits
500,000
Bills payable, incl. L. L. loans disc_
500.000
77,719
68,102
69,621
Interest payable to depositors
225,000
229,800
Contingent liabilities
43.056
19.225
26,881
Other liabilities
511.423,059 310,968,673 $11,241,817
Total
$22,364,105 $21.453,745 $20,549.001
Trust department (additional)
Dec. 30 '22.
Resources-.
21,063,227
Cash and reserve
Loans on collateral
Loans to depositors
'144:968
Mortgages and ground rents
1,465,620
Stocks, bonds, SEC
3.936,323
Real estate (free of encumbrance).
house
139,542
Canto ng uraebility on letters of credit
Bus klmer i
Total...,
110.927,802
Liabilities
Capital stock (fun paid)
$500.000
1,250,000
tinall ided profits (net)
tir : s
348,347
aside for taxes accrued
Set
25,000
Dividends unpaid
50,000
Treasurer's checks outstanding
1,283
Letters of credit issued
Deposits
8,753,172
Reserve for depredation
Totall
$10,927,802
Trust funds (additional)
$5.248,883
1922.
Dividends paid in calendar year
isyo
%
Interest paid on depordts
Dec. 31 '21. Dec. 31 '20.
$747,305
$808,903
588 7 3, 59,406
: 76
19
3,510
1,07742:247051
1,269,203
3,920,319 4,039,825
7,100
10,600
116,305
147,634
500
$9,733,134 29,981,718
2500,000
$500.000
1,175,000
1,175.000
182,910
253,007
18,000
21,500
40,000
45,000
1.383
2.383
500'
* 7,605.744 7,934,422
130,000
130,000
$9,733,134 $9,981,716
54,296,616 54,075.469
1910.
1921.
nying.18%
18%
1
9
FEB.24 1923.]
THE CHRONICLE
Integrity Trust Co.(Philadelphia).
ResourcesDec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Real estate mortgages
$1,698,011
$699,659
1709.695
Stocks and bonds
3,304,254 3,265,059 3
.177,145
Loans on coll. & corn, paper purch_ _ _ 7,347,860 6,000.086 6.060,59
3
Real estate, furniture and fixtures
128,737
126,231
129.261
Cash on hand and on deposit
799,655
801,047
680,254
Other assets
190,122
15,593
13.689
Total
213,468,639 $10,907,675 $10,770,637
Liabilities
Capital stock
$500,000
$500.000
$500.000
Surplus fund
1,750.000
1.500.000
1,500,000
Undivided profits
196,201
363.902
325.701
Deposits
10,386,170 8,445,060 8.428.868
Other liabilities
636,268
98,713
16.068
Total
$13,468,639 210,907,675 $10.770,637
Trust department (additional)
$2,539,660 $2,493,117 $2.011,953
1922.
1921.
1920.
Rate of interest paid on deposits_ _ _ _
2% check: 4% say.
Dividends paid in calendar year--- -22%
20%
20%
Kensington Trust Co. (Philadelphia).
Resources-
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$772,125
$410,450
$473,975
6,587,876 4.925.296 5,620,828
2.524.941
2,446.739 2,382,882
1,146,977
952.644
1,156,704
172,312
172,312
167.247
4,107
3,774
1,234
$11.208,338 38.911,215 89.802.870
$200,000
$200,000
$200,000
527,212
431,226
406,164
55.000
55,000
35.000
10.384.940 8,206,449 9,118,535
12,000
12,000
12,000
29.186.
6.540
31,171
$11,208,338 88,911,215 $9,802,870
2538,035
$537,765
;172,898
Real estate mortgages
Loans on collateral & personal secur_
Stocks, bonds, &c_
Cash on hand and on deposit
Banking house
Other assets
Total
Liabilities
Capital stock
Surplus and undivided profits
Contingent fund
Deposits
Dividends payable Dec. 31
Miscellaneous liabilities
Total
Trust Department (additional)
The Land Title & Trust Co. (Phila
delphia).
Resources-
Dec. 31 '22. Dec. 31 '21 Dec. 31 '20.
Cash on hand
$1,091,104
$654,016
Due from banks, &c
$584,287
3,190,385
1.954,936 2,876,981
Loans on coll., bonds and mortgage
s. 19,081,363 11,722,946 13,014,001
Stocks, bonds, &c
3,895,479
2,906,663 3.309,790
Mortgages
3,627,389 3.936,189 2.975,341
Real estate, furniture and fixtures
5,853,000
5,853,000 5,854,200
Other assets
505,898
463.288
464,188
Total
837,244,618 227.491,038 $29,078,788
Liabilities
Capital stock paid in
$3.000,000 $3.000,000 $3,000,000
Surplus and reserve fund
10,000,000 9,000,000 9,000,000
Undivided profits
1,033.015
1.171,840
Deposits
628,108
22,677.645 13,319.198 16,014,607
Other liabilities
533,958
900.000
436,073
Total
237,244,618 $27,491,038 229.078.788
Trust department (additional)
$55,293,056 $54.721,982 $53,880,007
Statistics for Calendar Year1921.
1920.
Amount of deposits receiving interest. 1922.
Rate of int.paid on dep.of $500 & over $15,852,842 $13,121,935 $11,383,754
2%
2%
Divs. paid in cal.year (payable quer.)
a
20%
20%
Liberty Title & Trust Co. (Philadelphia).
Resource
sCash on hand
Due from banks, &c
Loans on collateral
Stocks, bonds, &c
Mortgages
Commercial paper purchased
Real estate, furniture and fixtures
Other assets
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$154,024
$108,718
$116.185
,915'
219.925
379,641
2,009,395
1,288,012 1,347,677
826,327
984,877
979.235
808,640
770,061
844,114
194,791
124,599
129,331
285,720
312,732
312,453
34,387
5.804
10,352
Total
34,627,200 $3,814.728 4,118,988
Liabilities
Capital stock
$500,000
$500,000
$500,000
Surplus
500,000
400,000
Undivided profits
400,000
116,000
180,289
Reserve for depreciation of securities182,672
75.000
Deposits
65.000
3,411.200 2,658,450 2,871,317
Bills payable
100,000
Other liabilities
100,000
988
Total
$4,627,200 $3,814,728 24.118,988
Trust department (additional)
$4,200,573 $3,746,001 $3,882,528
Manayunk Trust Co. (Philadelphia).
Resources-Real estate mortgages
Stocks and bonds
Loans
Real estate and fixtures
Cash on hand
Cash on deposit
Other assets
Dec. 30 '22. Dec 31 '21. Sept.30
'20.
$356,462
3306,179
8332.380
1,327,234
1,301,839 1,451.311
1,050,298
941.067 1,030,656
103,591
74,450
75.810
118,053
870,009
103,475
282,505
253.594
308,805
15,591
16.012
31,606
Total
$3,253,734 $2,980,150 $3,334,043
Liabilities
Capital stock
3250.000
$250.000
Surplus fund
$250.000
250,000
240,000
Undivided profits
240,000
31,257
29,036
Reserve for depreciation on bonds....
9.240
45,000
40,000
Generaldeposits, payable on demand
40.000
1,272,909
1,081,940 1,269.913
Time deposits
1,384,783
1,212,252 1,230.899
Bills payable
115,000
Other liabilities
270,000
19,785
11,923
23.991
Total
1.?
: :
0734 $2,980,150 33.334.043
Trust department (additional)
978 $1,730,679 81.687,733
Market Street Title & Trust Co. (Phila
delphia).
Resources
-
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Cash on hand
$343,819
$250,489
$256,961
Due from banks and bankers
669,072
464,441
479,403
Loans on collateral
2,652,799 2,146,1681
Loans on bonds and mortgages
1,834,612
1.196.490J 3,444,176
Bonds, &c
4,117,434 3,130,685 2.493,093
Mortgages
932.509
726.907
658.347
Real estate, furniture and fixtures_
357,096
212,227
144.802
Miscellaneous assets
146.894
94.669
79,173
Total
$11,054,235 $8,222,076 27,555.955
Liabilities
Capital stock paid in
$250,000
$250,000
$250.000
Surplus fund
500,000
350.000
300.000
Undivided profits
168.548
112,748
112,707
Deposits
9,904,082 7,355,020 6,721.299
Reserve for taxes,contingencies,&c
134.191
149,739
liabilities
Other
97,414
4.569
171.949
Total
$11.054,235 88,222,076 $7,555,955
Trust deparment (additional)
$551,865
8200.000
2198.096
1922.
1921.
1920.
Rate of interest paid on dep____ck2%:sav4% ck.2%,
sav.4% 2% check.
Dividends paid in calendar yrs_ 16%reg:4%ext 16% reg.:4 ext. 16reg.;4
ext
789
Merchants' Union Trust Co. (Philadelphia).
ResourcesDec. 31 '22. Dec. 31 '21. Dec. '20.
Cash on hand and In banks
$407.159
$3338,092
$324.954
Demand loans
459.729
526.150
503,680
Time loans
30,574
5,321
42.935
Stocks, bonds,&c
2,153,216
1,952,147 2.043.495
Mortgages
57,375
22,440
69.495
Banking house
255,000
255,000
255.000
Real estate
6,213
6,213
6.212
Other assets
21,370
38,763
34.232
Total
$3,330,448 $3,204,314 3.280.003
Liabilities
Capital stock
$500,000
$500,000
8500.000
Surplus
250,000
250,000
250.000
Undivided profits
368.169
274,821 1 327.832
Reserve for depreciation
65.000 f
o
Deposits
2,208,408 2,099,088 2,196.555
Other liabilities
3.871
15.405
5.616
Total
$3,330,448 $3,204,314 $3,280,003
Trust department (additional)
1,642,567
1.744,791
1922.
1920.
1921.
Rate ofinterest paid on deposits_
Dividends paid in calendar year._2%dem.3%sav.2% dem.3sav.2dem.3say
__8%($40,000)
$40,000
$40,000'
al
Metropolitan Trust Co. (Philadelphia).
ResourcesCash on hand
Due from approved reserve agents
Commercial paper
Call loans with collateral
Time loans with collateral
Loans on bonds and mortgages
Mortgages
Bonds, stocks, &c
Office building and lot
Furniture and fixtures
Other assets
Dec. 30'22. Dec. 31 '21.
$78.294
$40.880
418,133
107,515
550,692
225.245
339,024
59.600
359.397
86.450
164.900
135,960
8,000
596,034
361.736
76,949
76,949
61,843
58,077
9.105
13.541
Total
$2.790,331 $1.037,993
Liabilities
Capital stock
3500,000
$289,156
Surplus fund
50,000
18.280
Undivided profits
28.899
1,498
Demand deposits
1,714.871
688.049
Time deposits
264,074
37,935
Due to banks, trust cos &c., excluding reserve3,075
Bills payable
230,791
Reserve for depreciation
1,696
Total
82,790,331 $1,037,993
Mortgage Trust Co.of Pennsylvania (Philadelphia).
ResourcesCash on hand
Due from banks, &c
Loans on collateral
Investment securities
Mortgages
Substitute mortgages
Real estate
Other assets
Dec. 31 '22. Dec. 31 '21. Dee. 31 '20.
$88
$37
$52
35,690
1,666
1.539
39,400
39,970
34.000
19,150
41,074
37,752
8,760
4,295
10.223
1,473
9.348
409
1,091
10,931
194
4,569
$104,970
$97,674
$99,066
Total
Liabilities
Capital stock
Real estate, rent and expense account
Contingent fund
850,000
155
54,815
47.674
49,066
3104.970
Total
250.000
397,674
$99.066
Mutual Trust Co. (Philadelphia).
850,000
--
ResourcesDec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Cash on hand
$239,573
2345.291
$221,414
Due from banks and bankers
311,043
209,262
299,828
Commercial and other paper owned
1,069,313
1,106,283
968,217
Loans on collateral
1,558,647
1,129,886
1.361.230
Stocks, bonds, &c
1,032,537
713,680
523,560
Mortgages
439,375
210.700
70,150
Furniture and fixtures
32,441
27,792
21,738
Real estate
49.894
19,100
215,174
Office building and lot
189,226
189.226
Cust'rsliab.on accep.&lettersofcred.
10.701
25.053
Total
$4.932.750 $3,976,273 $3.681,311
Liabilities
Capital stock paid in
3438.043
2438.043
$438,043
Surplus
100,000
50.0001
139,356
Undivided profits
96.205
116,1761
Deposits
4,062.801
3,297.001 3.103.912
Bills payable
225.000
30,000
Acceptances executed for customers
10.701
25,053
Total
$4,932,750 $3.976,273 23.681.311
*Ninth Title & Trust Co. (Philadelphia).
Resources--
Loans and investments
Banking house and vault
Furniture and fixtures
Interest accrued
Cash and reserve
Other assets
Total
LiabilitissCapital stock
Surplus and profits
Reserve for taxes. &c
Interest unearned
Demand deposits
Time deposits
Total
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$1.334,310
$872,224
$349,681
110.919
110.259
71,001
9,5499,238
24,213 ' 15,609
4.768
194,602
106,265
170,923
2,867
4,408
13,957
$1,676,460 81.118,003
$609,730
$260.100
63,776
2,605
121
738.144
611,714
$170,5513
34,110
608
85
455,927
456.723
31.676.460 81,118,003
$167.550
33.510
8
277,844
130,818
8609.730
* Began business Oct. 7 1920.
Northeast-Tacony Bank & Trust Co. (Phila.)
ResourcesCash on hand
Cash on deposit
Commercial paper
Loans on collateral
Loans on bonds and mortgage
e
Loans on call upon one or more
names
Bonds, stocks, &c
Office building and lot
Other real estate
Furniture and fixtures
Other resources
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Demand deposits
Time deposits
Bills payable on time
Total
Dec. 30 '22. Dec. 31 '21.
216.86.3
218.530
66,796
53,438
106,314
72.190
96.801
119.312
101,443
31.850
107,162
47,205
378,179
214,250
36.682
36,682
19,485
19.484
18,205
17.763
60
18,826
$947,990
$649,530
$250,000
75.000
16,694
318,8911
237,4051
50.000
2250,000
75,000
1,602
322,928
8947.990
8649.530
THE CHRONICLE
790
Northeastern Title & Trust Co. (Phila.). '
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Resources$49,423
262,080
267,597
Cash on hand
,
.
134.611
f r asgents
Due from approved rt :thve
111,850
117,110
298.526
Commercial paper p
169,417
265,843
151,369
Loans on collateral
104,446
264,018
488.316
Bonds, stocks. &c
46,132
56,690
56,408
Office building, furniture and fixtures
5,000
73,000
°their real estate
12,958
30,982
40,893
Other assets
Total
$1.311,002
$885,310
$509.150
$200.000
20,000
22,426
1,042,656
25,920
$200,000
20,000
8,737
635,566
21.007
2161,750
18,320
3,381
321,419
4.280
21,311,002
Total
Liabilities
Capital stock_
Surplusfund
Undivided profits
Deposits
Other liabilities
$885,310
$509.150
Northern Central Trust Co. (Philadelphia).
Resources-Cash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Bonds, stocks, &c
Mortgages
Office building and lot
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Undivided profits
Demand deposits
Savingfund deposits
Reserves
Dec. 31 '22. Dec. 31' 21. Dec. 31 '20.
$63,591
$72,016
$85.058
90,875
53,286
91,122
78.099
138,930
167,570
335,957
545,417
867,524
407,694
363.374
484,449
102,800
189,600
28.000
28.000
84.534
14.528
16.584
16,969
85
3,441
18,171
$2,004,997 $1,323,848 21.018,829
$334,700
99,954
957.634
604,815
7,894
$150,000
32,592
703,331
427,624
10.301
$150.000
23,255
557,152
282,599
5.823
22,004.997 $1,323,848 $1.018,829
Total
Northern Trust Co.(Philadelphia).
ResourcesReal estate mortgages
Bonds and investment securities..
United States Liberty bonds
Loans on collateral
Commercial paper
Real estate
Cash on hand and in bank
Accrued interest
Jan. 13 '23. Dec. 31 '21. Dec. 31 '20.
tAQ fl1
$693,425
$517,115
5,6733911 6,436,348
810,3501
3,953.170 3,745,137 3.879,180
17.462
492,170
494,528
462,571
737,401
775,889
969,834
40,046
13,722
5,624
[you 116.
Parkway Trust Co. (Philadelphia).
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Resources233,006
$23,258
Cash on hand
$49,493
89,288
73,410
Cash on deposit
334:535
375,633
279.506
Commercial paper purchased
89,998
102,804
66,725
Time loans on collateral
136,243
165,035
Call loans on collateral
161,055
19,111
9,000
Loans on bond and mortgage
389.638
426,895
Bonds,stocks,&c.
557.726
22,612
67.323
13.582
Mortgages and judgments of record
22,768
23,206
22,769
Furniture and fixtures
196
22.270
25.757
Other resources
Total
21,445.407 21.109.328 $1,143,502
Liabilities
$125,000
$125.000
$125.000
Capital stock
25,000
40,000
25,000
Surplus fund
9,111
8,897
10.521
Undivided profits
700.683
580,315
748,445
Demand deposits
423,428
275.918
313,490
Time deposits
24,204
31,389
Interest received
000
,
Reserve for depreciation of bonds
66.000
24,000
Bills payable
7,790
2.249
798
Other liabilities
31,445,407 $1,109,328 $1,143,502
Total
Pelham Trust Co. (Philadelphia).
Dec. 30 '22. Dec. 31 '21 .Dec. 31 '20.
Resources$77.525
$85,025
$129,550
Real estate mortgages
910,339
730,727
546,505
Stocks and bonds
538,853
342,237
332,964
Loans on collateral
136,631
340.286
374,295
Loans on commercial paper
129,186
129,826
75,942
Cash on hand
67,484
80,159
143,113
Cash on deposit
80,450
67.500
67,500
Reserve bonds
19,151
62,735
15,908
Other assets
48.277
47,750
46,958
Bank building and fixtures
$2,059,921 $1,831,126 21.735.829
Total
Liabilities
$150,000
$150,000
2150,000
Capital stock
80,000
80,000
150,000
Surpius fund
20.317
22,097
46,054
Undivided profits
1,477,333
1,539,721
General deposits payable on demand_ 1,711,633
6,399
15,351
27.971
Other liabilities
$2,059,921 $1,831,126 $1.735,829
Total
Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Resources$585,864
21,418.814 $1,322,279
Cash on hand
6,645,768 4.716,837 7,165,848
Duefrom banks and bankers
29.095,008 25,711,212 26,762,352
Loans on collateral
2,236.292 2,309,597
2,626,307
Stocks, bonds, &c
914,917
1,486,917
Mortgages
1,511,410
529,739
1.158,165
212,580,263 $11,982,739 $12,386,351 Commercial paper purchased
TotaL
933,235933,235
898.835
Real estate. furniture & fixtures
Liabilities
2500,000 Reserve fund for protection of tr. bal_ 4,592,232 3,615,045 4,937,280
2500,000
2500,000
Capital stock
340,450
276,488
302.777
2,250,000 2,250,000 2,000,000 Interest accrued
Surplus fund
150,000
317.183 Customers' liability on acceptances..
118,027
323,074
Undivided profits
272.965
327,929
242.231
100,000 Other assets
100.000
100,000
Reserve for depreciation
9,407.189 9,014,712 9,469,168
848.467,054 $40,733,971 $44,819,001
Total
Deposits
Liabilities
$12,580.263 811,982,739 $12,386,351 Capital stock
$2,000.000 $2,000,000 22.000,000
Total
5,000,000
$20.538,311 $20,326,806 219,422,753 Surplus fund
5,000,000 5,000,000
Trust department (additional)
500,986
917.054
1,322.069
Undivided profits
980,000
100,000
Loans on comm'l paper rediscountedNorth Philadelphia Trust Co. (Philadelphia).
374,989
232.195
for depreciation
Reserve
150.000
39.794,118 30,429.513 32,165,088
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Deposits
Resources124,276
126,280
165,743
$2,311,061 $1,778,721 $1,977,920 Interest payable to depositors
Stocks and bonds
1 750,000 3.602.700
1,965,666 Bills payable
.2,152,929 2.170,924
Mortgages
150,000
1,905,047 Acceptances
1,642,235
2,334,637
Amount loaned on collaterals
70,962
28.929
35.124
215,659 Other liabilities
193,614
221,502
Amount loaned on personal securities
267,058
283,522
Total
293,084
Cash on band
$48,467,054 240,733,971 244,819,001
405,776 Trust department (additional)
244,764
329,376
Cash on deposit with banks
292,497.734 279,373.975 266,629.309
243,295
290,443
270,000
Real estate, furniture and fixtures
2,753 Pennsylvania Warehousing & Safe Deposit Co.(Phila.).
445
1,522
Other assets
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20.
258,283
Cash on hand
251,939
$39.861
244,079
Due from banks and bankers
110,222
145,239
Accrued storage charges
,
69,700
679:823
Loans on collateral
378,998
403.164
46,209
Loans on personal securities
39,609
51.209
Investment securities owned
880,689
1.083,462 1,065,000
5.760.534
1,037.445
Real estate,furniture and fixtures_ 1.212,505
1.044.164
assets
109,635
49,655
41.748
37.964411 $6.604,668 $6,986,174 Other
Total
$318,178
Total
$541.741
$2,820,427 $2.858.408 $3,333,346
$588,088
Trust department (additional)
Liabilities
Capital stock
21.000,000 21,000.000 21.000.000
Northwestern Trust Co. (Philadelphia).
178,501
Surplus and undivided profits
304,757
288,892
711,419
878.250
770,783
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Deposits for depreciation
Resources$408,056 Reserve
$422,415
114,187
2453.315
Cash on hand
501,882 Bills payable
275,000
586.519,
435.000 1,000,000
Cash on deposit
443,426
1.802,733 1,788.173 Other liabilities
248.233
363,733
2,046,449
Commercial paper purchased
1,587,440
1.843.192
1.999,391
Total
$2,820,427 $2,858,408 83,333,346
Loans on collateral
1,852,904
1.427.500
832,400
Loans on bonds and mortgages
1.640,618
1.604.842
1.765,983
People's Trust Co. (Philadelphia).
Stocks, bonds. &c
991,100 1,663,150
1,035,600
Mortages
196,711
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Resources213,045
226,000
fixtures
Real estate, furniture and
$113,243
Cash on hand
3114.777
$99.943
229,584
209,734
205,587
28,945,657 $8,711,968 29,638,935 Duefrom banks and bankers
Total
578,233
Commercial and other paper purch637.376
605,955
Liabilities
Loans on collateral
1,166,867
$150,000
$150.000
1371,572
$150,000
Capital
690,430
.100
675,000 Bonds
675,000
700,000
Surplus fund
407,625
299,400
412,700
50.465 Mortgages
57,422 ' 48,344
425,000
Undivided profits
Real estate
425,000
425.000
4,364,288 3,355.694 4,101,136 Furniture and fixtures
Demand deposits
23.145
23.145
23,558
3,169,080 4,022.334
3,423,947
Savings fund deposits
203.963
2.483
10.074
540,000 Other assets
1.313.850
250,000
Bills payable
100,000
Total
23,639,579 $3,671,122 $3,748,483
Other liabilities
Liabilities
$634,450
$634.450
$634,450
28.945,657 88.711,968 89.638.935 Capital stock
Total
110,000
Surplus and undivided profits
173,937
125.000
2,666,663 2,784,374
Deposits
2,580,091
).
195,000
Dills payable
251,000
215,000
*Olney Bank & Trust Co. (Philadelphia
24.659
101
30.009
Dec. 30 '22. Sept.30'21.*Dec. 31 '20. Other liabilities
Resources$115.367
i
$70,401
1 18
Total
$3.639.579 $3,671,122 23,7g: 8
$132,840
Cash on hand
202,282 Trust funds
138,038
87.672
$
880,000
$114,021
Due from approved reserve agents
33.650
33,750
107,300
Legal reserve securities
186,146
Philadelphia Trust Co.(Philadelphia).
243,492
371,430
.
Commercial paper purchased
1,523,593
1,521,937
1,632,109
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
ResourcesLoans on collateral
50,500
107.000
226.500
$842,615 $1,964,528
$2,147,653
Loans on bonds and mortgages
261,749 Cash on hand
421.178
712,808
Due from banks, &c
3,650,298 3,971,597 2,750,065
Bonds, stocks, &c
228,300 Loans on collateral
314,000
680,387
14.159,281 14,605,101 17,237,792
Mortgages and judgments of record
82,531
70,871
159.614
7,924.546 5,669,762 7,039,814
Office building
8.466 Stocks, bonds, &c
8,467
22.500
37,500
38,700,
Other real estate
16,828 Mortgages furniture and fixtures_
28,759
33.163
706.035
704,362
Real estate,
653,355
Furniture and fixtures
101,199 Other assets
95,751
296.053
51,974
272.826
299,489
Other assets
Total
$28,873,322 826,104,983 $30,031.787
$4.218,297 23,053,644 $2,810,611
Total
Liabilities
81.000,000 $1,000,000 $1,000,000
Liabilities
$125.000 Capital stock
$125.000
5.283,686
5,615,284 5,441,015
Capital stock (authorized $250.000)-- $238,275
65,000 Surplus and undivided profits
80,000
167,965
Surplusfund
91,957,482 19,390,474 21,136,148
r67,872 Deposits
32,266
34,371
2,310,525
Undivided profits
Notes & bills rediscounted
1,435.570
1,469,488
1,938,687
210
468
222
Demand deposits
1,096,602 Dividends unpaid
1,651.392 1.268.485
301,218
273,006
300,334
Time deposits
Other liabilities
110,000
Bills payable
.
20,567
.
$28,873,322 826,104.963 2.30,031,787
Total
78,405
77.607
Other liabilities
184.375,194 178,449,830 166.703,762
Trust department (additional)
1920.
1921.
1922.
84,218,297 $3,053,644 $2,810.61.-.
Total
%
2
Rate of int. on dep. of $200 and overa
24%
2IR
year
Dividends paid in calendar
*Began business in 1920.
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Other liabilities
Gen. dep. pay, on demand & time
$7.964.111 26.604.668 $6,986,174
$250,000
500,000
129,128
47.143
7.037,840
2250,000
500.000
94,134
$250,000
500,000
77,288
22.148
6.136,738
,
1, isiNg
FEB.24 1923.]
THE CHRONICLE
*Phoenix Trust Co. (Philadelphia).
791
*Richmond Trust Co. (Phila.)
Dec. 30 '22. Dec. 31 '21.*Dec. 31 '20.
Resources-$47,312
$48,121
Cash on hand
$50,114
119.096
Due from approved reserve agents__ _
91,604
152.524
24,600
Legal reserve securities
30,596
30,150
Commercial paper purchased
508,823
506.796
123,281
collateral
Time loans on
86.289
326.023
546
Call loans on cliateral
120.370
74.416
577,225
Bonds, stocks. &c
378,362
266,523
312,833
Mortgages and judgments of record
65.300
60.800
139.493
Office building, furniture and fixtures
101,981
101.884
100,000
Other real estate
111,040
121,040
Accrued interest
279
303
5.389
ResourcesCash, specie and notes
Due from approved reserve agents
Commercial paper
Time loans on collateral
Call loans on collateral
Call loans without collateral
Mortgages and judgments
Bonds owned
Real estate
Furniture and fixtures
Other resources
Total
$1,563,452 $1,628,106 $1,491,555
Liabililies
Capital stock
1300.000
$300,000
$300.(:00
Surplusfund
30,000
30,000
30,000
Undivided profits
22,154
33,317
19,495
Demand deposits
829,329 1,209,107
1,038.889
Savings deposits
320,416
4,845
1,280
Bills payable
50,000
62.000
40,000
Book value oflegal res. sec. below par
390
1,891
Total
$1,563,452 $1,628,106 $1,491,555
*Began business Jan. 5 1920.
Total
LiabilitiesCapital stock'
Deposits
Other liabilities
Dec. 30'22. Dec. 31 '21.
$31.904
$43,300
54,228
68,181
299.810
36.972
4.245
5,090
16,700
14.585
40.590
15.100
9,300
253,751
452,171
14.522
16,122
8,598
8,710
13,556
36,561
$753.004
27
$1S1: 9
5 1
08:7 °
03
3
$
17.211
5690.993
Total
$690,993
3753,004
Roxborough Trust Co. (Philadelphia).
RMOVITCS--
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Cash on hand
$85,284
869.621
$70.046
Cash on deposit
161,164
111 101
,:
80.339
Commercial paper purchased
97.289
96.779
*The Provident Life & Trust Co. (Philadelphia).
Time loans on collateral
650
20.604
3.430
Resowces396,293
423,148
236,192
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Call loans on collateral
Mortgages
866,903
816,522
772.796
$1,252,591 $1,476,150 $1,314,575 Bonds, stocks. &c
Stocks and bonds
576,605
290.930
420,250
8,640,285 7,509,194 8.166,392 Mortgages and judgments
Office building and lot
Commercial paper purchased
28.912
28,912
28,189
94,800
Furniture and fixtures
Loans on collateral
20,173
15,711
17,653
11,631,656 8,406,871
8,259,748 Other resources
Real estate
3.726
7.597
3.016
1,100
100
50,100
War Savings Stamps
Total
442
840
12.236,999 11.728.689 51.867.404
Cash on hand, &c
Liabilities
1
2,697,4961 1,437.791
589,543
Due from banks and bankers
1
559,079 1,375,595 Capital stock
$150,000
$150,000
$150.000
Miscellaneous assets
Undivided profits
1,000
45.694
115.410
84.198
55,056
Demand deposits
943,157
686.463
1,662.348
Total
$24,318,92J $19,435,312 $19,756,793 Time deposits
1.016.432
800,028
Liabilities
Other liabilities
12,000
8.000
Capital stock
$2,000,000 $2,000,000 $2,000,000
Total
$1,236,999 $1,728.689 81.887.404
Surplus
5,000,000 5.000,1,00 5,000,000
Undivided profits
2,382,099 2,140,084
1,489,904
Special reserve fund
2,577,128
Sixty-Ninth Street Terminal Title & Trust Company
Reserve for taxes in 1923
130,000
Deposits payaole
(Philadelphia).
11,987,383 10,194.601 11,042,498
Cert. chocks, clear.
-house due bills,&c
Resources142.239
627
109.271
Dec. 30 '22.
Dividends unpaid
100.000
100,080
100,010 Reserve fund-cash, specie and notes
$16,220
Miscellaneous liabilities
Due from approved reserve agents
15,110
50,649
Legal reserve securities at par
40,000
Total
$24,318,929 $19.435,312 $19,756,793 Due from banks not Reserve agents
5,484
Trust department (additional). incl.
Nickels and cents
383
corporation trusts
138.203,240 110.453,437 103.988,198 Checks and cash items
47
Commercial paper purchased upon one name
1922.
1921.
1920.
37,775
Amount of divs. on company's stocks_
Upon two or more names
20%
20%
207
51,798
Rate of int. on deposits (generally)
2%
2%
2 o Time loans with collateral
i
16,582
Loans secured by bonds and mortgages
89.784
* The business of tho Provident Life & Trust Co. was divided in 1922 into Bonds, stocks, &c
83,128
two separate companies-the Provdient Trust Co. and the Provident Mu- Mortgages and judgments of record
21,000
tual Life Insurance Co., the insurance business no longer appearing in the Office building and lot
63,794
Trust Company's statement.
Furniture and fixtures
7,425
Book value of legal reserve securities
525
Real Estate Title, Insur. & Trust Co. (Philadelphia). Other assets not included in above above par
18,239
Total
Resources$502.833
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Real estate mortgages
Liabilities
$2,902,036 $1,626,648 $1,446,822
Capital
Stocks, bonds, &c
$125,000
2.387.242 2,615,568 2,738.089 Surplus stock
fund
Loans on collaterals
37,500
4,728,226 4,432,791
4,394,804 Deposits subject to
Real estate
chock
268,045
405,639
425,056
428,817 Deposits
Cash on hand
10,190
866,564
484,004
575,138 Certified United States Postal Savings
checks
Cash on deposit
7.915
1.444,820
1.044,785 1.007.626 Time deposits,
Other assets
24,773
397.429
364,229 Due to banks, Treasurer's checks
325.435
trust companies. &c
170
Bills
Total
23,202
$13,131.956 $10.954.287 $10,955.325 Otherpayable on time
liabilities
Liabilities
6,038
Capital stock
Total
$2,000.000 $1,500.000 $1,500,000
$502,833
Surplus and reserve fund
3,000,000 3,000.000 2,750.000
Undivided profits
396,788
395,500
619.903
General deposits
*Southwark Title & Trust Co. (Philadelphia).
7,681.795 5,908.415 5.732,015
Other liabilities
53.373
353,407
150.372
ResourcesDec. 30 '22. Dec.31 '21.
Cash on hand
Total
$22,137
$13.546
$13,131,956 $10,954,287 $10,955,325 Due from approved
25,194
Trust department (additional)
68,250
$20,088,073 820.345.631 $19,522.140 Commercial paper reserve agents
476,253
452,426
1922.
1921.
1920.
Time loans with collateral
20,647
Rate of interest paid on deposits..____2%,234%.3%,3.65% & 45'
58,910
- Call loans with collateral
11g:5
, 22
Dividends paid in calendar year
1F :S86
33 0
24%
20%
19% Loans secured by bonds and mortgages
Bonds, storks, &c
56.682
194,022
The Real Estate Trust Co. of Philadelphia.
Mortgages
'231,200
Resources3.1M
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Furniture and fixtures
2,081
Other assets
Lawful reserve bonds
64.202
66,928
$267.000
$267.000
$267,000
Cash on hand
Total
273.461
$835.884
225,111
$1,257.425
241,508
Due from banks and bankers
Liabilities
1,683.076
753.328
657.822 Capital
Call loans on collateral
2,360,896
$125,000
1,652.145
$125,000
1.643,532 Surplus stock
Time loans on collateral
fund
37.409
125.000
52,142
125,000
125,750 Un
Loans on bonds and mortgages
ivided
125,360
12,723
67,500
24.135
122,500 Demand profits
Stocks, bonds, &c
4,132.212 4,766,983 4.761,746
deposits
491,164
463,9151
Real estate
3,263,029 3,263,028 3.273.758 Time deposits
425,9131
Other assets
Bills payable
104.279
157.256
35,000
40.804 Other
liabilities
81,997
58,462
Total
$12,246,722 $11,204,491 $11,134,420
Total
$835,884
$1,257,425
Liabilities
Capital ate& paid in Common
Capital stock, preferred (full paid) $1,319,600 $1,319,600 $1.319.600
1,890,100
Tacony Trust Co. (Philadelphia).
1.918.300
1,979,600
Surplus
500.000
RESOUrCeSUndivided profits
Dec. 30 '22. Dec. 31 21. Dec. 31 '20.
545.726
306.876
692,695 Real estate mortgages
$357.000
Sinking fund for leasehold
$328.265
$372,170
242,071
226,209
Stocks and bonds
999.336
Deposits
888.496
886,691
7.603,238 6.101.499 6,470.952 Loans on collateral
540,267
Dividends unpaid
385,787
519,904
294
330
480 Loans on personal securities
61,385
Bills payable
20.940
43,439
695.000
460.000 Real estate
50,000
Other liabilities
50.000
50,000
145,694
136,677
211,094 Cash on hand
130,887
97,447
87,759
Cash on deposit
Total
221.136
199,154
129.095
$12.246,722 $11,204,491 811.134.420 Other assets
31.860
Trust department (additional)
17.057
13.741
829.764,555 830.590.729 830.275.577
Total
$2,102,799 $1,987.146 $2.391,871
1922.
1921.
1920.
Liabilities
Rate of interest paid on deposits__ _
2%
2%
2% Capital stock
Divs. paid in cal. year on pref. stock_ $114.723
$150.00
0
8150.000
$150,000
$115.284
$79.910 Surplus and reserve fund
150,000
150.000
150,000
Undivided profits
50.363
Republic Trust Co. (Philadelphia).
46,974
60,150
Deposits
1,639.321 2.040.513
1.741.436
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20. Miscellaneous
995
851
1.213
Cash and reserve bonds
$543.848
Total
$473,956
$466.196
Real est., safe dep. vaults,furn.& fixt.
$2,102,799 $1.987,146 52.391,871
372,193
382.961
358.011 Trust department (additional)
Loans on collateral
$1,442,955 31,312,581 11.749.615
2,299,960 2,371,844 2.493.291
Stocks and bonds
1,430.171
742.235
700.886
Accrued interest
28.030
Tioga Trust Co. (Philadelphia).
27,495
Miscellaneous
2,609
1.440
32.203
Resources
'.
3
43 40
Dec. 30 '22. Dec. 31 '21. Dec. 31 .2 6
Bonds, stocks, &c
$803,511
Total
$806,258
$1.105,461
$4,676.811 83.979.931 $44,050.587 Real estate
50.872
Lfabilities
57,754
Mortgages
Capital stock paid in
1500.000
$400.000
$400,000 Loans with collateral ,
Surplus fund
225,000
200.000
200.000 Commercial paper
Undivided profits
30,470
25.938
20.387 Due from banks purchased
111: 758
655
4
Reserve for depreciation of securities_
1 3:.22;
1 8 13:7
2
6.
ii,r4
'
'1.i
29,159
29,159
43,031
Deposits
50,334
3,578,729 3.229.836 3.322.330 Specie and notes
Other assets
45.'212
7 104
85.431
Ground rent
12.858
36.250
36,250
Dividends unpaid
Total
12,500
6.000
12,175.866 11.936.674 51.815,081
6.000
Accrued interest and taxes
Liabilities2.500
2,748
Bills payable
Capital stock
260,000
$11g..2
3
$13481
$125,000
Other liabilities
2.203
71.826
50.000
101.881 Undivided profits
Deposits
1.527,422 1.603. 25
25
39
1.866.791
Total
14,676,811 83.979,931 54.050,587 Other liabilities
196.351
112.249
Trust department (additional)
$600,730
$615.713
3543.458
Total
$2,175,866 $1.936,674 $1.815.081
[VOL. 116.
THE CHRONICLE
792
United Security Life Ins. & Trust Co. (Philadelphia).
West End Trust Co. (Philadelphia).
Resources-.Jan. 1 '23. Dec. 31 '21. Dec. 31 '20.
Dec. 30 '22. Dec. 31 '21. Dec. 31'20.
Resources$2,266,955 $1,679,425 $1,440,895 °ash on hand and due from banks__
$915,941
$668.219
Real estate mortgages
$728,079
703,428 Loans on coll. & on bonds & mtges__. 10,151,762
624,512
582.530
6.670.201
7,845.074
Bonds
1,173,229 Investments, stocks and bonds
1,164,512
5,681,941
1,231,057
Loans on collateral
5,655.097
5,591,985
Real estate, furniture and fixtures- 1,000,000
132,415
Commercial paper
1,000,000
1,000,000
102.195 Other resources, accrued interest____
242,454
242.886f
163,424
Real estate
127,553
218,024
200,000
1
Banking house.fixtures and vault___
deposit
277.311
340,422
Total
287,408
Cash on hand and
$17,662,491 $15,323,302 $14,431,507
4,412
8,270
3,522
Other assets
Liabilities
Capital stock
$2,000,000 $2,000,000 $2,000.000
$4,712,571 $4,026,828 $3,968,439 Surplus
Total
1,80P.000
1,800,000
1,800,000
Liabilities
Undivided profits
103,472
292,513
165,635
$1,000,000 $1,000,000 $1,000,000 Reserve for depreciation
Capital stock
200,000
250,000
1,050.000 Deposits
900,000
Surplus
900,000
13,569,978 10,457,667
9,728,035
111,238
90,092 Other liabilities
Undivided profits
93,919
550,000
700,000
107,225
Reserve
128,901
155,000
50,000
Bills payable
Total
$17,662,491$15,323,302 $14,431,507
General deposits payable on demand_ 2,439,108
1,782.615 Trust department (additional)
1,854,007
89.970,518 $8,466,056 $9,254,538
45,732
Other liabilities
1922.
1921.
1920.
Dividends paid in calendar year
8%
Total
$4,712,571 $44,026,827 $3,968,439
8%
8%
-2% demand, 4% time
$2,045,773 $1,811,322 $1,302,225 Rate of interest paid on deposits
Trust department (additional)
Wayne Junction Trust Co. (Philadelphia).
ResourcesCash on hand
Due from reserve agents
Loans on collateral
Mortgages
Stocks, bonds, dtc
Real estate
Banking house
Furniture and fixtures
Miscellaneous
Total
Liabilities
Capital stock paid In
Surplus fund
Undivided profits
Deposits
Miscellaneous
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$103,429
$95,026
$90,358
171.637
193,152,
842.144
574,400
486,528
316,150
362,282
339,400
518,356
537,046
586,599
55,053
92.008
51,250
33.999
33,999
33,999
4.787
4,139
4,139
5,569
31
$2,045,559 $1,790,124 $1,903,945
$160,000
80,000
23,326
1,767,586
14,647
$160.000
70,000
19,117
1.529,887
11,120
$160,000
64,000
11,141
1,654.346
14,458
Total
$2,045,559 $1,790,124 $1,903,945
1922.
1921.
1920.
Rate ofint. paid on dep.of$500&over-2 & 3.65% 2&3.65% 2 & 3.65%
4%
Dividends paid In calendar year
West Philadelphia Title & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and on deposit
Other assets
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$725,027
$343,426
$305,587
5,510,364
4,827,693
4,583,433
1,755,941
1,906,052
2,247,395
118,203
117,137 • 119,876
759,860
669,324
728,081
129,063
113,822
113,291
$8,998,638 $7,977,454 $8,097,663
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
General deposits
Bills payable
$500,000
750,000
105,235
6,643,403
1,000,000
$500,000
500,000
138.512
5,903.942
935.000
3500,000
500,000
141.316
6,141,347
815,000
$8,998,638 $7,977.454 $8,097,663
$2,377,302 $2,378,812 $2.188,919
1922.
1921.
1920.
2 to 3.65% 2 to 3.65% 2%to335%
16%
14%
14%
Total
Trust department (additional)
Rate of int. on dep. of $500 & over
Dividends paid in calendar year
BALTIMORE COMPANIES.
Atlantic Trust Co. (Baltimore).
ResourcesDec. 31 '22.
Loans and discounts
$3,322,027
Stocks, bonds, securities, &c
1,202,793
Banking house equity, vaults, furniture & fixtures
150,874
Foreign department
89,240
Customers Habil. ace. accept. & guar. letters of cr_ 1,510,922
Due from approved reserve agents
1,399,515
Lawful money reserve In bank
59,854
Accrued interest receivable
:13,710
Miscellaneous
5,215
Total
$7,784,150
Liabilities
Capital stock paid in
$1,000,000
Surplus
1,000,000
Undivided profits
153,195
Due to banks, bankers and trust companies
50,443
Due to approved reserve agents
75,123
Deposits (demand)
3,456,556
Deposits (time)
490,082
Unpaid dividends
25,185
Reserve for interest on deposits
6,542
Acceptances ace. customers & guar. letters of credit 1,510,922
Interest collected but not earned
16,102
Total
$7,784,150
*Commerce Trust Co. (Baltimore).
Dec. 31 '21.
$2,087,309
517,345
139,678
106,41:3
94,300
434,369
44,405
21,229
5,049
$3,450,097
$500,000
500.00(1
50,476
3,171
24,735
2,048,330
208,012
15,000
3,840
94,300
2,233
Total
Liabilities
Capital stock paid in
Surplus, paid in
Undivided profits
Unearned profits
Reserve for taxes, &c
Rediscounts
Bills payable
Acceptances rediscounted
Deposits
Baltimore Trust Co. (Baltimore).
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Loans
$10,432,907 $8,810.840 $10,187,506
Stocks, bonds, securities, &c
4,177,271
6,389,423
6,644,489
Real estate, banking houses
572.783
518,694
501,800
Interest accrued
79,494
73,493
79,656
Cash on hand and in banks
2,275.817
2.506,804
2,695,498
Customers' liability and acceptances_
200.000
Miscellaneous
8,693
3,805
$17,546.965 318.299,254 $20,312,754
$1,000,000 31.000,000 $1,000,000
2,000.000
2,000,000
2,000.000
298,895
227,322
324,531
50,000
50,000
48,000
35,000
35,000
13,557.409 12,889.623 13,896.922
582,500
1,000,000
1,302,350
1,123.500
1,478,829
200,000
10,161
23,809
25,122
$17,546,965 318.299.254 $20.312,754
1922.
1921.
1920.
Amount dividends paid on company s
stock in calendar year
20%
20%
191%
Colonial Trust Co. (Baltimore).
Resources
-
Dec. 29 '22. Dec. 31 '21. Dec. 31 '20.
Loans and discounts
$586,416
$638.972
$498,931
Overdrafts, secured and unsecured_
60
92
Stocks, bonds,securities, &c
978,251
957,126
939.180
Mortgages
29.565
112,260
50.265
Bkg. house, turn.. fixtures & vault....
153,797
128.478
121,047
Otherreal estate
25.888
22,888
Checks and cash items
159
3,123
Due from approved reserve agents
165,931
i
5-9 "i(5,
187,256
Lawful money reserve in bank
20,992
15,155
13,560
4.408
Miscellaneous
20 774
4,959
Total
$2,079,625 $1,841,209 $1,918 KO
$300,000
100,000
39,282
1,640,343
$300,000
65,000
27.209
1,449.000
$750,000
250,000
43,410
17,265
1,405
132,934
200,000
33,000
1,828,914
$7500)0
187,500
58,502
13,912
$750,000
187,500
50,124
12.631
245.000
219,967
1,184,517
155.000
270,920
1,077,648
33,256,928 32,659.398 $2,503.823
Total
Continental Trust Co. (Baltimore).
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Resources35,512,327 35,079,961 $4,070,441
Loans and discounts
174
Overdrafts, secured and unsecured_
2,338,435
1,694,413
2,111,051
Stocks, bonds,securities, &c
1,550,000
1.550,000
Banking house, furniture and fixtures 1,550,000
686.758
498,199
Due from banks, bankers and tr. cos_ 1,371,199
69,424
17,172
23,342
Checks and cash items
:
3
)a
2,2RE
2,13(
Due from approved reserve agents.... 1,557,912
21,222
Cash on hand
568,750
29,622
950,000
Customers' liability on acceptances
$12,398,063 $11,966,596 $11,959,468
Total
Liabilities
$1,350,000 $1,350,000 $1.350,000
Capital stock paid in
1,350.000
1,350.000
1,350,000
Surplus fund
272,588
293,258
341,663
Undivided profits
295,620
292,055
178,340
Due to banks, bankers and trust cos..
61.810
58,085
225,311
Due to approved reserve agents
7,299.516
6,876,747
8,105,068
Deposits (demand)
768,312
789,323
818,059
Deposits (time)
568,750
29,622
Domestic and foreign acceptances..
950,000
Bills payable
$300,000
65,000
29,855
1.523.148
32,079,625 31,841,209 $1,918,003
312,398,063 811,966.596 811,959,468
Total
Equitable Trust Co. (Baltimore).
Total
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
$3,256,928 32,659,398 32,503,823
$3,450,097
Resources-
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Dividends unpaid
Unearned discount
Deposits
Bills payable
Rediscounts
Acceptances executed
Sundry accounts
Resources
-Dec. '22. Dec. 31 '21. Dec. 31 '20.
29
Investments
3325,324
8315.823
3184.515
Loans and discounts
1,867,972
1,426,588
1,240,085
250,000
Banking house equity
255,037
108.87$
Interest earned-not collected
19,701
Furniture, fixtures, organization, &c..
1
9,885
5.000
Customers' liability on acceptances
33,000
219,967
270,920
Cash
754,005
432,098
694.428
Prepaid advertising
6.925
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Loans and discounts
312,443,163 $10,650,001 $9.296,969
Overdrafts, secured and unsecured
4,969
4.766
2,248
Stocks, bonds,securities, &c
3,301.300
5,731,746
3,468,990
222,868
Bank. house, vaults,(urn. & fixtures..
250,000
250,000
232.423
Due from banks, bankers & trust cos..
23,509
47,187
2,742.038
Due from approved reserve agents
3,563,276
1,888,006
459,296
Lawful money reserve in bank
289,699
242,818
Miscellaneous
162.244
124.265
178,137
45.000
Credit granted on acceptances
74,638
Foreign exchange
68,927
52,323
Resources-.
Total
$22,534,101 $16,745,050 $16,541,745
Liabilities
Capital stock paid In
31.250,000 $1,250,000 $1,250,000
B(:9 M
5
)
Surplus fund
750,000
1,000,000
Undivided profits
204.163
101.734
318.397
156.891
Due to banks, bankers and trust cos..
477,868
56.639
84,729
Due to approved reserve agents
9.1aggil
9,473,341
Deposits (demand)
14,523,968
4.490,662
Deposits (time)
4,677.065
5,006,721
45.000
Domestic and foreign acceptances_
131,910
Miscellaneous
148.861
173,807
Total
822,534,101 816,745,050 316,541.745
1920.
1921.
1922.
8%
8%
s%
3% check, 4% savings----
Amt.divs.paid on co.'s stk.in cal.yr_
Rate of interest paid on deposits
FEB.24 1923.]
THE CHRONICLE
Fidelity Trust Co.(Baltimore).
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Resources$6.419,921 18,382,476 $8,929,716
Loans and discounts
Overdrafts, secured and unsecured
1.697
1,307
3,208
Stocks, bonds,securities, &c
7,848,513 5.977,928 6,704.646
21,726
15,794
Due from banks, bankers & trust cos94,209
Due from approved reserve agents... 2.874.072 3.301,685 3,144.683
Cash on hand
260,066
368,126
510.249
Miscellaneous assets
75,472
52,141
69,867
Total
$17,501,467 $18,099,457 $19,456.578
Liabilities
Capital stock paid in
$1,000,000 $1,000,000 $1,000,000
Surplus fund
1,500.000
1,500,000 1,500,000
Undivided 'profits
503.267
382,145
274,940
Due to banks, bankers and trust cos_ 1,126,262
1,402,839 1,203,074
Due to approved reserve agents
249,632
116.003
380.651
Deposits (demand)
13,003,355 13,608,202 14.920.659
Reserve for taxes and interest
40,278
43.492
116,116
Other liabilities
78,673
46,778
61,138
Total
$17,501,467 118,099,457 $19,456,578
1922.
1921.
1920.
Divs. pd. on co.'s stk. in cal. year16%
16%
15%
Rate ofinterest paid on deposits
-2% daily, 3% monthly acc't-
Maryland Trust Co. (Baltimore).
Resources-Dec. 31 '22.
Loans and discounts
$4,119,348
Stocks, bonds, securities. &c
3.659.637
Credit granted on acceptances
Due from banks, bankers & trust cos- 1,256,795
Cash on hand and on deposit
1,179,017
Miscellaneous assets
138,167
Total
$10,352,964
Liabilities
Capital stock paid in
$1.000,000
Undivided profits
556,175
Acceptances
Rediscounts with Fed. Res. Bank...
Deposits
8,796,789
Total
510.352,964
Dec. 31 '21. Dec. 31 '20.
$3,831,228 $4,392,713
2.278,723 2,832.449
300,000
1.117.329 2,2034112
534.882
688.312
67,843
84.895
793
Safe Deposit & Trust Co.(Baltimore) Colacht&i.
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for taxes
Deposits
Deposits, trust funds
Total
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
$1,200,000 $1.200.000 $1.200,000
3.000.000 2,400,000 2.400.000
523,432
726,956
338,068
101.092
100.734
23,510,891 13,168,410 7.919,458
1.325.494 1,770.257
1.207,956
829.357,649 118.921,952 $13,813,147
Security Storage & Trust Co. (Baltimore).
Resources
-Loans and discounts
Stocks, bonds. securities, &c
Warehouse and fee simple lots
Mortgages
Cash on hand and in banks
Due by firms and individuals
Miscellaneous assets
Total
Liabilities
Capital stock paid in
Undivided profits
Reserve for interest and taxes
Deposits
Total
Trust department (additional)
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20
$142,999
$168,077
1258,838
691,619
500,169
511.503
213.278
199,400
202,741
140,034
174,043
184.896
48:919
42.679
38.988
26.529
26,337
28.925
$1.382,094 $1,309,910 $1,195,555
$200,000
1200.000
$200,000
201,306
179.316
159,035
10.500
9.500
970,288
921.094
836.520
11,382,094 $1,309.910 $1,195,555
$1,533,851
$1,655,547
Title Guarantee & Trust Co. (Baltimore).
Resources
-
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Loans and discounts
13,405,858 12,403,425 12,302,920
Stocks, bonds.securities, &c
2,837,807
1,780,903 2,313.642
Banking house,furniture and fixtures
190.200
350.200
350.200
Mortgages and ground rents
1.428,756
1.610.754
1,595,617
Due from banks, bankers & trust cos_
6,016
53.738
22,024
$7,830,005 $10,522,282 Checksand cash items
18,779
20.455
18,999
Due from approved reserve agents
78,533
506,815
431.365
11,000,000 $1,000.000 Lawfulmoney reserve in bank
713,134
48.357
60,210
498,311
433,673 Accrued interest receivable
37.816
29.358
31.081
300,000 Miscellaneous
47.389
47.379
31.879
100.000
375,000
Total
$8.764,288 $6.851.384 $7.157.937
6,231,694 8,413,609
Liabilities
Capital
$400.000
1200.000
1200,000
$7,830,005 $10,522,282 Surplus stock paid in
300,000
300,000
250.000
Undivided profits
27,131
135.403
129.665
Due to banks, bankers & trust cos.-Mercantile Trust & Deposit Co. (Baltimore).
405.128
364.529
427.502
Deposits (demand)
4,072,976 3.077,457 3.145,974
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20. Deposits (time)
2,235,515
1.964.647 2,161,362
Loans and discounts
$11,314.844 $11.535,277 $10,854,281 Building loan deposits
844,077
271.950
197.946
Stocks, bonds, securities, &c
7,920,905 7,311,559 7.552,823 Reserve for interest on deposits
29,461
27.39930.488
Banking house, furniture and fixtures
100.000
100.000
115.000 Bills payable
300,000
200.000
300.000
Cash on hand and on deposit
Other liabilities guar.of Title Bldg Co.
2,688,482
1,939,058 3,316,495
150.000
310.000
315.000
Miscellaneous
774.216
249,481
201,487
Total
$8,764,288 $6.851.384 17.157,937
Total
1921.
1920.
$22,798,447 121,135,375 $22,040,086 Amt.divs.paid
1919.
on co's stock in cal.yr.
20%
20%
Liabilities
12%
Rate of interest paid on deposits
3% check balance over $300:4% say.
Capital stock, paid in
$1.500.000 11,500,000 11.500,000 Amount of deposits receiving interest.
All
All
Surplus fund
All
3,000.000 3,000,000
3,000.000
Undivided profits
633.495
522.937
507.689
Union Trust Co. (Baltimore).
Interest, Arc
37,500
26,062
42.241
Deposits (demand)
Resources13.499,439 11,906,918 12,318,721
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Deposits (time)
4,128,013 4,179.458 4,671.435 Loans and discounts
36.867.087 $5,986,240 $6.099.046
Stocks, bonds,securities, &c
2,466.877 1.952.763
1,260.885
Total
$22,798,447 $21,135.375 $22.040,086 Banking house,furniture & fixtures.450,000
450.000
450,000
Other real estate
80.642
Due from banks, bankers & trust cos819,498
502.778
437.115
Safe Deposit & Trust Co.(Baltimore).
Due from approved reserve agents
2,581,696 2,395,983
Resources863
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20 Cash and exchange
Stocks and bonds
'23000
200.000
313.553,983 16,512,292 13,372,513 Credit granted on acceptances
38:i56
Loans, demand, time and special
Total
2,958,083 3,051.961 3,057,841
$13,382,967 $11.673,477 $10,971,765
Mortgage loans
Liabilities
331,140
327,196
280.496
Cash on deposit in banks
12.131.579 8,645,230 4,352.784 Capital stock paid in
5550.000
1550.000
1500,000
Bilk receivable
Surplus fund
160.000
Real estate
200,000
200,000
200,000 Undivided profits
174,172
200,796
213.836
Accrued interest receivable
Reserve for interest and taxes, Ace15,219
19.277
50.000
18,346
Other assets
7,645
165.996 2,531,167 Deposits
12,128,795 10,272.681 9,542,929
Domestic and foreign acceptances-.
230.000
200.000
315.000
Total
$29.357,649 $18.921.952 $13,813.147
Total
$13.582,967 $11.673,477 110.971.765
CHICAGO COMPANIES.
Central Trust Co. of Illinois (Chicago).
ResourcesDec. 30 '22. Dec. 31 '21. Jan. 3 '21.
Time loans
$32.540.080 533.684.329 $35,628,759
Demand loans
21,754,080 22.329.377 18.604,295
Real estate loans
2,709.509 3,435,345
U. S. Govt. bond & certifs. of indebt- 2.125,270 2,153.342
1,711,611
2,782,338
Bonds and stocks
5,550.906 6.343,904 8.017.387
Payment in full on behalf of subscribers to Fourth Liberty Loan
105.000
107.643
Capital stock of Federal Reserve blank
210,000
210,000
210,000
Bank premises
775,000
775.000
775,000
Other real estate owned
15.557
31,726
Overdrafts
820
2,569
1.005
Customers' liabil. on letters of credit..
85,350
198.805
127.961
Customers' liability on acceptances
,
837,424
Cash and sight exchange
21.418.972 18,020,948 17.108.772
Total
186,258,082 $37,044,856 $87,667.655
Liabilities
Capital
$6,000,000 16,000.000 $6,000.000
Surplus
1,000,000
1.000,000
1.000.000
Undivided profits
2,577,068
1.604,632
1,803.803
General reserve
1,000.000
1,000.000
300,000
Reserved for taxes and interest
557,765
587.389
464.825
Dividend account
150,110
150.032
64,705
Rediscounts with Fed'l Reserve Bank
8.669.086 13.013.401
Letters of credit outstanding
93,912
212.292
127.961
Acceptances executed for customers
85,993
496,316
837.424
Deposits
74.793.234 67.324.909 61.430,536
Total
$38,258,082 587.044.656 187.667.655
Chicago Trust Company (Chicago).
ResourcesDec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Cash on hand
3230.532
$203.793
$158,350
Deposited in other banks
4,832.923
secured by first lien on real est.. 1,860,853 3.281.339 2.037.221
Loans
1.740,750 1.124.150
Stocks and bonds
3,127,249
2.454,757
Loans upon the pledge ofsecurities.-- 4,148,220 3,003,720 2,388.082
3.008.734
Discounts
5.620.110 4.034,231
4,074,449
Overdrafts
704
303
1,427
Customers' liability under letters of
credit and acceptance
59,791
104.801
227,526
assets, incl. accrued interestOther
199.464
73.273 1.617.240
Total
520.019,846 514.898.967 $15,037.179
Liabilities
Capital stock paid in
$1.500,000 11,000.000 81,000.000
Surplus on hand
500.000
400.000
400.000
Undivided profits
406.359
306.941
156.610
Deposits
17.338,365 12,958.484 13,197,787
Dividends unpaid
30.130
20,353
25.256
Reserved for interest and taxes
66.000
57,000
30.000
Liability under letters of credit and
acceptance
59,791
104,801
227.526
Discount coil & unearned
64,069
51.388
51,388
Other liabilities
115,132
Total
120,079,846 514.898,967 $15.037.179
Continental & Commercial Trust & Savings Bank
(Chicago).
Resources-Dec. 31 '22. Dec. 31-21. Dec. 31 '20.
Real estate
$275.296
$353.984
Cash on hand
1,790,205
1,757.250
Deposited in other banks
21,116,329 $31091033 16.287.053
Cash in hands of agents and in transit 1,583,581
2.134.509
Loans secured by first lien on real eat.. 4,671,288 30.183.749 30,183,749
Loans upon pledges of securities
.
Loans with more than 1 yr.'s int. due- 34,342,666
556,798
45.501
Stocks and bonds
35,877,705 16,166.940 11.869.958
Other assets, including accrued int_ _ - 6,273,237
10.770.111
Total
106,487,105 377,441.722 178.814.918
Liabilities
Capital stack paid in
35.000.000 /5.000.000 15.000.000
Surplus on hand
5,000.000 5.000.000
5,000.000
Undivided profits
3,544,035 2.413.693
1,333.327
Deposits
90,842.559 63.634.134 66.153.873
Other liabilities
2,100.511
1.393.895
1.327.718
Total
106,487.105 577.441.722 $78.814.918
Equitable Trust Co. of Chicago.
Resources
-
Cash on hand and due from banks
Bonds
Loans secured
Loans unsecured
Overdrafts
Furniture and fixtures
Interest earned not collected
Profit and loss
Total
Liabilities
Capital stock..
Surplus
Interest collected not earned
Deposits
Total
Dec. 30 '22. Dec. 31 '21.
5448.772
1246,680
536.842
148,040
365.669
192.514
794.575
409,826
926
212
1,331
291
11,549
2.960
28.874
23,118
32,188.538 11,023.641
3250.000
$250.000
50.000
50.000
4,856
8.141
718.785
1.880.397
52,188.538 $1,023,641
First Trust & Savings Bank (Chicago).
ResourcesCash on hand and due from banks_ _ Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
t$11.926,144 $7,383,0191'112522 162
Due from Federal Reserve Bank
Cash in hands of agents and in course 5 778 958 4,344,4151
' '
of transmission
22,553
Loans secured by first lien on real
10.308,780
Loans upon pledges of securities eat..7.221.012} 65,651.092J 22,870,796
1
53.472,915
Stocks and bonds
429
2 80
:23 . 88 8 9 0.
2 2 000 21,194.875
4
Customers' liability for acceptances 43 965.00 2 :20 .
Federal Reserve Bank stock
375,000
375,000
Real estate
2,215.313
Other assets
39,759.084
929.116
Total
$128,121.9461108,873,9551106,678.250
First Trust & Savings Bank (Chicago). Concluded.
LiabilitiesCapital stock paid in
Surplus on hand
Undivided profits
Deposits
Acceptances
Reserved for interest and taxes
Other liabilities
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
$6,250.000 $6,250,000 $6,250,000
6.250,000 6,250,000 6,250.000
741.746
2,836,283
1,813,216
102,872,905 89,481,298 88,765,076
2,294,350 2,220,000
2,724,180} 4,671,428
2,325,637
5,292,791
135,261
3128,121,9461108,873,9553106,678,250
Total
* Includes $9,628.059.50 deposits in other banks. t Includes $7,164.836.38 deposits in other banks.
Foreman Bros. Banking Co., as a Trust Co. (Chicago).
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Resources
$1,608,438 $1,277,788 $1.271,212
Cash on hand
5.760,277 4,747,386 4,166,031
Deposited in other banks
4,622,982 2,511,147 3,113,681
Items in transit
1,663,074 2,504.927 2,107,077
Loans secured by mortgages
712,702
1,147,801
2,284,977
Stocks and bonds
Loans upon the pledges of securities__ 17,846,433 9,267.734 6,070.279
24,406,641 18,860,890 20,522.224
Other assets
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Other liabilities
Total
[v or.. 116.
THE CHRONICLE
794
$57,055.646 141,454,769 $37,963,606
$2,500,000 31,500,000 $1,500,000
1,500,000
1.500,000
1,500,000
564,905
1.099,433
611.967
51,221,834 35,122,213 33,237,642
1,161,059
734.379 2.720.589
$57,055,646 $41.454,769 137.963.606
The Merchants'Loan & Trust Co.(Chicago). Coneuded.
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
Liabilities,000,000 $5,000,000
'
35,000,000
Capital stock paid in
10,000,000 10,000.000 10,000,000
Surplus on hand
1,017,112
2,435,727 1,460,438
Undivided profits
Bills payable with Federal Reserve
850.000
Bank of Chicago
431.493
328.613
172,409
Int. & disct. collected but not earned15.653,500 14,792,500
Rediscounts
250.000
250,000
250,000
Dividends unpaid
1,061,504
796,436
839,317
Reserved for taxes and interest
5,286,896 4.173,856 2,945,949
Liability under letters of credit
9,058,234 9,869,298 11,258,850
Liability under acceptances
Contingent liability on other banks'
1.959.178 6,405.921
1,323,449
bills purchased
1,000.000
Bonds borrowed
121,278.148 86.138.789 92.121,443
Deposits
3155.644,1811135,630.1083147.134.772
Total
The Northern Trust Co. (Chicago).
Dec. 30 '22.
Resources$10,629,748
Time loans secured by collateral
15,050,982
Demand loans secured by collateral
10.161,198
Other loans and discounts
Bonds and other securities, including
7,847,661
U. S. Government obligations
17.318
Overdrafts
150,000
Federal Reserve bank stock
1,400,000
Bank premises
Liability of other banks on bills pur747,896
chased
259,511
Customers' liability acct. accept'nces
Customers' liability under letters of
588,009
credit
13.255,006
Cash and due from banks
853,620
Other assets
Dec. 31 '21. Dec. 31 '20.
$8.398.348 38,955,348
12.715.653 13,070,389
11,037.817 11.817,691
6,859,404
150,000
1,400,000
1.393.827
2,752,006
2,940
150,000
1.400,000
1,021,824
418.000
28,042
369,225
9,726,936 12,300,992
$60,960,949 $52,154,010 $52,258,415
Total
Greenebaum Sons Bank & Trust Co. (Chicago).
Liabilities
Dec. 29 '22. Dec. 31 '21. Dec. 31 '20. Capital stock
$2,000,000 32.000,000 32,000,000
Resources3,000,000 3,000,000 3,000,000
319,554,749 314,483,512 $14,097,572 Surplus fund
Loans and discounts
1.120,703
853.920
1,430,701
123,888 Undivided profits
1,704,865
244,573
U.S. bonds and certif. ofindebtedness
50,047
51,315
50,048
860,305 1.744,919 5,684,155 Dividends unpaid
Other bonds and securities
645,013.
1.208,455
5,115 Reserved for taxes, interest, &c
41.437
66,422
1,401,800
Real estate
181,965
131,647
243.297
98,357 Discount collected but not earned_ -126,112
Customers'liab. under letters ofcredit
405,194
32.944 Contingent liability on other banks'
29,369
Customers' nab. acct. of acceptances..
747,896 1.393.827 1,021,824
4,621.441 3,303,720 3,724.677
bills sold
Cash on hand and in banks
418,000•
28,042
259.511
Acceptances executed for customers
369,735
450.984
326.204.518 319.948,340 $23,766,708 Letters of credit outstanding
Total
610,329
Deposits
50.387,850 42,460.308 43.451,128
Liabilities
671,262
Other liabilities
31,500.000 31.500.000 $1,500,000
Capital stock
500,000
500,000
500,000
Surplus
Total
160.960,949 352.154.010 $52,258.415:
789.982
715,029
732,920
Undivided profits
180.715
138.423
287,000
Reserved for taxes and interest
2,174,687 3,982,600
Rediscounts
The People's Trust & Savings Bank (Chicago).
367,111
120,178
117.594
Letters of credit
Dec. 31 '22. Dec.31 '21. Dec. 31 '20.
Resources173,369
1,800
32,944
Acceptances and contingent liabilities
$805,0863908,048
$974,208
21,478,952 14,782,916 16,629,057 Real estate loans
Deposits
554.927
570,036
776,460
Cash on hand
1,214 389
Deposits special
1,130.697
1,185.995
Deposits in other banks
1.187,263
112.459
432,918
Cash in hands of agents and in transit
769,021
$28,204,518 $19.948,340 $23,766,708
Total
1.652,167
2,620,144
3,216,166
Stocks and bonds
6.770,803 7,080,586
7,405.401
Loans upon the pledges of securities
Harris Trust & Savings Bank (Chicago).
Other assets, incl. accrued interest.-- 2,694,382 2,599,172 3.256,711
Dec. 31 '22.
Resources-Cash on hand and due from banks-- $7,644,490
Cash in hands of agents and in course
4,353,522
of transmission
17.930,827
Loans on pledges of securities
15,087,957
Stocks and bonds
8,172,097
Other assets, incl. accrued interest
Total
Liabilities
Capital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
Dec. 31 '21. Dec. 31 '20.
$5,853,541 $6,601,395
3,232,840 3,676,235
15,677,790 16,513.387
10,569.781
9,469,844
6,567.463 9,583.850
$53,188,893 141,901.415 145.844.711
Total
Liabilities
Capital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
Total
$17,022,901 $15.087.116 314,592,633
$509,900'
$1,000,000 $1,000.000
350.000
500,000
500,000
161,776
132,433
195,009
15,241,365 13.402,647 13,476.938
103,919
52.036
86.527
$17,022,901 $15.087.116 314.592,633
State Bank of Chicago (Trust Company).
$3,000,000 $3,000,000 $2,000,000
3,000,000 3,000,000 3,000,000
901,278
466,113
1,001,170
43,851.667 33,872.542 32,674,767
2.435,948
1.562,760 7,168,774
Dec. 29 '22. Dec. 31 '21. Dec. 31 '20.
Resources$550,000
3550,000
3550,000
Real estate
901,896
879,637
990,493
Cash on hand
5,055,964 4,361,172 4.947,104
Deposited in other banks
924,166 2,487,391
2,347.961
Total
$53,188,893 $41,901,415 345.844,711 Cash in hands of agents and in transit
Loans on real estate, being first liens
3,570,823 2.802.807 2,361,776
thereon
3,103,394 3,842,859 4,316,467
Stocks and bonds
Illinois Trust & Savings Bank (Chicago).
Loans upon the pledges of securities.._ 18,827,877 17,562,723 17,369,688,
20,391,941 18,312,552 16.999.715
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. Other assets, incl. accrued interestResourcesCash on hand
$1,263,627
354,838,253 349,235,916 349,934,027
Total
Deposited in other banks
1131,164,118 $19,461,291 {16,398.379
Liabilities
Casa in hands of agents & in transit
9,187,976
32,500,000 32.500.000 32,500,000
Capital stock paid in
U. S. Govt. bonds and treas. certifs.. 13,844,652
3,500,000 3,500.000 3,500,000
Surilus on hand
Demand loans on collateral
542,351
1,062,282
1,744,290
Un ivided profits
51,445,056}. 98,750,993 68,577,023
Time loans on collateral
45.631,781 40,016,066 39,541.290
Deposits
10,345,888
Other loans and discounts
2,157.568 3,850,386
1,462,183
21,615.852 24,322,824 19,083,431 Other liabilities
Bonds and other securities
450,000
Stock in Federal Reserve Bank
354.838,253 349.235.916 $49,934,027
Total
Illinois Merchants Bank Building_ --- 1,744,172
U.S. A. certificates of indebtedness59,500
Customers'liability under acceptances 1,393,500 2,140,000 4,968.171
Standard Trust & Savings Bank (Chicago).
227,200
Liability of other banks on bills purch.
4 93,632
Interest accrued but not collected
536,970
515,401
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Resources-$369,724
$282,994
493.829 22,883,416 Cash on hand
Other assets
1262.128
1,503,995
1,508.905
1,840,963
Deposited in other banks
807,309
520,293
Total
3161,048,6753145,684,3386142,915,155 Cash in hands of agents and in transit
283,000
262,900
466,200
Loans secured by 1st M.on real estate
Liabilities
1.343,078
1,569,564
1.611,192
and bonds
$5,000,000 Stocksupon the pledges of securities.,_ 4,864,802 4,063.448 4,893.723
Capital stock paid in
$5,000,000
Loans
Surplus on hand
,
10,000,0001417 185,394 i 10,000,000 Other assets. incl. accrued interest_ 5,125,610 2,237,848 4,167.050
Undivided profits
1,055,569
3,414,887
Deposits
136,327.034 121,244,779 118,845,410
$14,691,188 810,732.968 312,560,570
Total
Contingent fund
2,000,000 1,400,000
Liabilities
Dividends unpaid
200,334
$1,000.000 $1,000,000 31,000,000
Capital stock paid in
Reserved for taxes
1,510.962 1,585.952
500,000.
500,000
500,000
Other reserves
515,000 8.074,176 Surplus on hand
1,000,000
191,137
273,308
336,436
Undivided Waits
Acceptances
1,393.500 3,140,000
11,390,089 8,401,927 9,739.036
Deposits
Discount collected but not earned_ _ _
175,092
412,879
1,130.397
557.733
1,464,663
Other liabilities'
Liability as endorser on bills purchased and sold
227,200
814.691,188. $10,732.968 312,560.570
Total
Total
$161,048,6753145,684,3383142,915,155
The Merchants' Loan & Trust Co. (Chicago).
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20.
ResourcesCash on hand and due from banks -$34,695,771 $21.386,970 125,567,076
Cash in hands of agents and in course
9,873,312 5,534,919 14.011,861
of transmission
Stocks and bonds
31,362.587 19,872,953 8,496,073
32,995,220 35,612,413 33,154,198
Loans upon pledges of securities
23.139,426 30.104,667 35,120,770
Loans on personal security
6,165.114 7.115,854 7,932,066
Loans on mortgages and bonds
Customers' liability under letters of
5,286,896 4.173,856 3,678,509
credit
Customers'liability under acceptances 9.058,234 9,869,298 11,768,298
Liability of other banks on bills purch. 1.323,449 1.959,178 6,405,921
1.000,000
Bonds borrowed
1,744,172
Illinois Merchants building account
Total
3155.644.181 135.630.108$147.134.771,a
Union Trust Co. (Chicago).
Dec. 30 '22.
33.429,197
Cash on hand and clearings
6,378,151
Deposited in other banks
Cash in hands of agents and in transit 2,105,134
1,031,665
Loans, being first liens thereon
12,252,917
Stocks and bonds
Loans upon the pledges of securities 19,393,769
17,955.958
Other assets, Incl. accrued interest_
Resources.-
Total
Dec. 31 '21.
33,009.184
6.273,185
1,792.677
365.494
7,231,957
12,915,774
17,056.485
Dec. 31 '20.
31,025,4638.464,566
2,646,013
774,752
4.723,151
12,848.85323,014.410
$62,546,791 $48,644,756 $53,497,208
Liabilities
$2,000,000 $2,000,000 32.000,000
Capital stock paid in
2.700.000
700 000 2,700,000
Surplus on hand
220,020.
252,904
653;708
Undivided profits reserve for deprec n 2'
54,349,736 42,587,342 42,067,064
D
eposits'
2.843,347 1,104.510 6,510,124
Other 11.abilities
Total
862.546.791 348.644,756 353.497.208
FEB. 241923.]
THE CHRONICLE
795
ST. LOUIS COMPANIES.
American Trust Co. (St. Louis).
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Bonds and stocks
$3.003,414 32.180,759 $1,326,788
Government securities
3,934,326
Stock in Federal Res. Bank, St. Louis
39,000
37,500
Demand loans
2,656,383 3,131,203 3,175,265
Time loans
3,247,171
3,566,571
3,299,417
Real estate loans
715,526
982,170
1,067,322
Due fr. tr. cos., bks., bicrs. & brokers- 1,800,677
1,777.644 2,031,487
Cash on hand
158.621
183,054
111,800
Safe deposit vaults
172,716
172,7161
251.376
Other resources
132,306
52,8231
Total
$15,860,140 $12,084,440 $11.263,455
Liabilities
Capital
$1.000.000 $1,000,000 $1,000,000
Surplus and undivided profits
405,483
345,045
300,475
Deposits subject to check
8,050,086 6,351,486 6.017,265
Certificates of deposit
816,758
660,693
621.439
Due trust cos., banks and bankers__ _
713,754
616,241
550,056
Savings deposits
2,461,618 2,146,960 2.135,958
U. S. Government deposits
1,685.495
Bills payable
250,000
527,1331
Bonds borrowed
352.100
352.1001
638,262
Other liabilities, res.for tax., int., &c..
84,782)
124,846
Total
$15.860,140 312,084,440 311.263.455
Farmers' & Merchants' Trust Co. (St. Louis).
Resources-Dec. 30 '22. Dec. 31 '21. Dec.31 '20.
Loans on collateral
$378,313
$495.447
$523.003
Loans on real estate
761.556
765.880
948,556
Commercial paper
367,735860,677
230,410
Bonds and stocks
1.671,672
.
3,154:700 2,508,971
9
17 02
Furniture and fixtures
24,100
20,600
Cash on hand
63,504
23
25
8
6
Due from banks and trust companies_
372,874
78,22658,
311,569
317.
Tax bills
32,150
19,666
Other resources, real estate owned
and office building
134,277
108,518
103.681
Total
35,367,174 54,662.366 $44,299,123
LiabilitiesCapital stock
5200,000
$200.000
$200,000
Surplus
100.000
50,000
100,000
Undivided profits
80,654
40.359
40.715
Deposits
4,861,520 4.156,651 4.008,764
Bills payable Federal Reserve Bank-125,000
165,000
Total
$5,367,174 $4,662,366 $4,299,123
Rate of int. paid on deposits
Dividends paid in calendar year
1922.
12%
1921.
1920.
2% ck:3%sav.'4% time
12%
8%
Broadway Savings Trust Co. (St. Louis).
Laclede Trust Co. (St. Louis).
ResourcesDec. 30 '22. Dec. 31 '21.Dec. 31 '20.
Loans on collateral and commerdal
paper and investment securities_ 31.191.407 $1,361.609 51,626,746
Bonds and stocks
176,478
81,010
159,772
Due from trust cos. and banks
334,399
366,576
395,478
Cash on hand
122.583
122.785
175,273
Other assets
32.962
28,401
28,022
Total
31,857.829 51.960,381 32.385,291
Liabilities
Capital stock
$200,000
$200.000
$200,000
Surplus
100.000
100.000
100,000
Undivided profits
1,296
6.926
32,518
Deposits
1,554,523
1,650,455 2,049,773
Other liabilities (dividends unpaid)...
2,010
3,000
3,000
Total
51,857,829 31.960,381 32.385.291
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Loans on collateral
$362,037
$349,724
$317.495
Loans on real estate security
143,833
89,533
45,340
Other negotiable and non-negotiable
paper and investment securities
350,371
561,978
704,483
Bonds and stocks
703,521
339,988
420.912
Real estate
893
Safe deposit vaults
3.600
4.596
2,000
Furniture and fixtures
2,400
1.952
1,500
Due from other trust cos. and banks..
88.709
180.332
181,084
Checks and other cash items
1.211
Cash on hand (currency, gold, silver
and other coin)
33,266
48,223
35,237
War and revenue stamps
33
52
620
Overdrafts by solvent customers
218
1.382
900
Federal Reserve Bank
Stock
7.050
Total
31,695,038 $1,627,666 $1.661,769
Liabilities
Capital stock paid in
$200,000
$100,000
5100,000
Surplus
35,000
75,000
70,000
Undivided profits
10,674
11,282
28,577
Deposits subject to draft, including
certificates of deposit
885,253
918,145
943,358
Time certificates of deposit
135,733
131,258
148.330
Savings deposits
370.259
356,013
355,519
Dividend checks outstanding
180
2,592
3,063
Reserves for interest, taxes, &c
13.000
13,000
2,331
Bills payable
30,000
All other liabilities, treasurers' checks
outstanding
14,939
20.376
10,591
Total
$1,695,038 $1,627,666 $1.661,769
Chouteau Trust Co.(St. Louis).
i
Resources-Dec. 30 '22. June 30'21. June 30'20.
Loans on collateral security
$552,7301
Loans on real estate security
104,520) 31,074.900
$935,412
Other negotiable paper & non-negotiable paper and invest. securities258,7761
Bonds and stocks
309,625
190,876
118.328
Furniture and fixtures
1.649
20,440
1,487
Due from trust cos. and banks
83,016
99,649
102,926
Checks and other cash items
30,720
49,590
Cash on hand
}
3
92,9761
4,264
56,266
Other resources
31,368
15,608
Total
$1,452,803 51.432,706 31,279.617
Liabilities
Capital stock paid in
$100,000
5100,000
$100.000
Surplus
50,000
50.000
.
50,000
Undivided profits
Liberty Central Trust Co. (St. Louis.)
6.306
4,566
1,937
Dopes.subf draft at sight by indiv.
.to
& others, incl. dem. ctfs. of dep.....
ResourcesDec. 30 '22. Jan. 4 '22. Jan. 4 '21.
765,7321
Time certificates of deposit
$24,478,762 $26,177,078 $32,794,008
75,865 1,153,140
1.127.680 Loans and discounts
Savings deposits
Customers' liability, under accept'ces
264,500
454,871
425,188
916.529
Bills payable
do
do
under letters of credit
58,776
120.000
34.036
29,000
Other liabilities
Overdrafts
18,749
29
5,000
18,292
35,323
United States securities
5,982,955 3,226,353 3.657,655
Total
Stock in Federal Reserve Bank
$1,452,803 51,432.706 51.279,617
120,000
120,000
111,000
Other bonds and stocks
6,555,426 4,067,473 2,922,264
Banking house and other real estate
1.172,390 1,001.136
City Trust Co. (St. Louis).
489.300
Safe deposit vaults
125,000
125,000
ResourcesDec. 30 '22. Dec. 31 '21. Dec.31 '20. United States securities borrowed_ _ _ _ 2,889,300 3.417,950
1,250,300
Loans on collateral security
294,546
240.865
240,024
3482,286
3359.145 Other resources
3361.809
Loans on real estate security
Cash and sight exchange
8,664,850 8.451.780 9,259,248
155,827
249,24
188,420
Overdrafts
419
1,411
Bonds and stocks
Total
$50,625,254 347,304.310 551.705,492
138,213
144,303
141,969
U.S. bonds,ctfs. of indebt.& W.S.S_
37,800
53.450
111.450
Liabilities
Other negotiable and non-negotiable
Capital
paper and investment securities-$3,000.000 33.000,000 33,000,000
507,739
732,484
672,759 Surplus
Furniture and fixtures
1,000,000
1,000,000 1,000,000
4,850
4,546
4,000 Undivided
Real estate
103,038
28.811
109.620
19,000
19.500
12,250 Reserves profits
Duo from trust cos. and banks
285,982
355,648
405.132
155.784
220,169
430,043 Unearned discount
Checks and other cash items
216,051
89,247
122,348
4,371
3.192
2,588 Acceptances
Cash on hand (currency, gold, silver
264,500
425:11,38g
and other coin)
Letters of credit
58,776
44.776
47,730
71.565 Government bond deposits
640,150
1,396.450 228:3
8
88
Total
2,889,300 3,417.950 1
31.839,776 51.486.892 32.056.428 United States securities borrowed_
Liabilities
Rediscounts with Federal Res. Bank..
4.586.666
Capital stock paid in
89,500
$200,000
3100.000
$100,000 Bills payable to Federal Res. BankSurplus
Deposits
45,000
18,000
14.000
1.1"ndiv. prof. less current exp.& tax
Individual
27,606,420 23,679.186 23,583,069
14,803
8.317
12,567
Dep. subj. to draft at sight by lndiv.
Bank and bankers
6,905,189 6.435.508 7,535,913
& others, incl. dem. ctfs. of dep
Certificates of deposit
2,705,656 2,738.345 2,378,223
1,106,585
904.261
1.426.837
Time certificates of deposit
Savings
4.272,223 3.974.810 4,078,061
96,957
83,685
91,809
Savings deposits
U. S. Government
269,437
684.887
735,107
308,869
333,646
353,296
United States deposits
28.263
21,533
Treasurer's checks
Total - 350,625.254 347.304,310 $51,705,492
32,068
9.028
35,286
Special reserves
4,591
4,487
1,100
Bills payable
25,000
Dividends unpaid
3,000
468
Mercantile Trust Co. (St. Louis).
Total
$1,839,776 51.486.892 32.056.428
ResourcesDec. 30 '22. Dec. 31 '21. Dec. 31 '20.
Time loans
$
91,540,330 526.254.688 530,091,435
Easton-Taylor Trust Co. (St. Louis).
Demand loans
12,522,224 8,964.528 8.732,576
Bonds and stocks
5,047,293 5.150,008 6,146,538
ResourcesDec.6 '22. Dec. 31 '21. Dec. 29 '20. Liberty bonds &
t
Loans on collateral
U. S. Govt. Ws. of
5254,289
3320,368
5545,125
Loans on real estate
8,924.619
1,212,179
74,859
154,138
.268 Stock in Fed. Res. Bank, St. Louis112,04
Other securities
300,000
300.000
300,000
356,961
286.098
169,680 Real estate (co.'s office building)
Bonds and stocks (present value)
1.825,000
1,825,000 1,350,000
487,832
313,975
146.805 Safe deposit vaults
Liberty bonds
450.000
450,000
300,000
59,850 Cash and sight exchange
Due from banks and trust cos
9,578,487 9.794.676 10.886,773
208.426
94,596 Customers' liability acc't
141,068
Cash on hand, &c
accePtances
80.171
61,799
75,210
and letters of credit
Furniture and fixtures
288,100
299,661
761,332
7.225
7,100
6.709 Acceptances
Safe deposit vaults
883.846 2,023.989
552.776
7,900
3,373 Bills recle,redisc. at Fed. Res. Bk..
5,300
Real estate
1,450,000
42.000
42.283
1.647 Other resources
Other resources
12,349
595,409
6,276
26
Total
Total
361,359.899 556,287,078 $61,241,698
51.605,218 $1,290,036 $1.171.289
Liabilities
Liabilities
Capital stock paid in
$200,000
$100,000
$100.000 Capital stock paid in
Surplus
$3,000,000 $3,000,000 53,000.000
10,000
Surplus and undivided profits
25,000
25,000
Undivided profits
7,533,776 7,353,314 7,407,222
11,795
43,549
43,090 Reserves for int. anddivs. and taxes.,
Reserves for interest, taxes, &c
229,038
210,857
186,802
Deposits
11.286
50,200,125 45,196,575 48,428,608
Deposits, demand
917,890
591,6/4 Contingent liability and acceptances
651,407
Time certificates of deposit
and letters of credit
69,666
57.475
84,485
Demand certificates
288,100
761,332
299,662
2,220
2,320
1,800 Bills payable at Federal Res. Bank
Savings deposits
378,972
361.759
343.615 Unpaid dividends
Treasurer's checks outstanding
7,798
6,259
7.734
14,611
8,284 Other reserves
10,000
Other liabilities
101,062
220.411
64
351 RedLscounts at Federal Res. Bank_
230
1,450.000
Total
51,605.218 51,290.036 51,171,289
Total
561.359,899 556,287,078 561.241.698
'WM
[voL. 116.
THE CHRONICLE
796
Mississippi Valley Trust Co.(St. Louis).
Dec. 29 '22. Dec. 31 '21. Dec. 31 '20.
Resources-$8,265,292 $7,115,447 $5,917,014
Stocks and bonds
647,968
872,464
U.S. bonds and ctfs. of indebtedness_ 3.688.470
195,000
195.000
Fed. Res. Bank.St. Louis,cap.stock.
916.000 1,235,442
Loans on real estate
121,217,3481 10,684,495 9,772,614
Loans on collateral
10.193,908 11,257,347
Other negotiable & non-nego. paper....
209,261
319.908 3,169,740
Customers liability on acceptances
30,423
39,405
40.107
Real estate
28.000
16.000
vaults
Safe deposit
} 6,380,024( 2,606,774 1,455,869
Cash on hand
1 2,815,091 4,736,555
on deposit
Cash
440.436
308.157
382,633
Other resources
$40,231,254 $36,157.888 $38,761,111
Total
Liabilities
$3,000.000 $3,000,000 $3,000.000
Capital stock
} 5,368.6301 3.500.000
3,500,000
Surplus fund
1 1.708.866 1,866,906
Undivided profits
5,736,912 5,554,992
Deposits (savings)
31,515,617 5,386,084 1,524,704
Deposits (time)
Deposits
(demand)1 16.356,130. 16.777,695
Rediscounts with Federal Res. Bank
2.500,000
of St. Louis
740.902
Bills payable to Fed. Res. Bk., St. L_
• 209,261
319,908 3,169,740
Acceptances and letters of credit
58.251
32.460
46.285
Reserve for interest
79,495
93,712
103,703
Other liabilities
$40.231,254 $36.157,888 $38.761,111
Total
*Mound City Trust Co. (St. Louis).
June 30'22. Dec. 31 '21. Dec.31'20.*
ReSOUrCeSI $462,075
$363,886
Loans on collateral
3961,2111
136,100
224,239
Loans on real estate
Other negotiable and non-negotiable
J
72.912
274,903
paper and inv. securities
1
59,929
63.000
26,895
Bonds
6,750
6,750
in Fed. Res. Bank, St. Louis -1
Stock
72.889
39,442
72,764
Real estate
6,643
17. El. Liberty bonds
2,000
2,000
Safety deposit vaults
146,152
114.904
71.866
Duefrom Fed.Res..oth.tr.cos.& bks.
3,985
2,397
and other cash items
Checks
61.1991
Cash on hand (current, gold, silver}
43,595
25,096
and other coin)
23,607
18.737
22,503
Furniture and fixtures
4,000
-Building account
49.918
31,874
Exchanges for clearing house
22,800
13
952
Other resources
$1,399,705 $1,181,215
$917,068
Total
Liabilities
$200.000
$200,000
$200.000
Capital stock paid in
25,000
25,000
25,000
Surplus
Undivided profits less current ex28,659
16,010
28,110
penses and taxes paid
Dep. sub, to draft at sight by trust
46,384
80,455
cos., banks and bankers
Deposits subject to draft at sight by
371,296
465,096
individuals and others
28,136
42,730
1,060,732
Time certificates of deposit
21,254
Demand certificates of deposit
103,000
'Other time deposits
117.460
253,327
Savings deposits
9,782
Cashier's checks
60,000
60,000
Bills payable and rediscounts
5,243
6.493
Reserves for taxes, &c
18.820
Other assets
$917,068
$1,399,705 $1,181,215
Total
*Began business on April 3 1920.
South Side Trust Co.(St. Louis).
ResourcesDec. 29'22. Dec. 31 '21. Dec. 31 '20
3632,044
Loans on collateral
$721,592
$4407,405
182.217
Loans on real estate security
158,259
414.821
322,921
Loans, commercial
309,860
115,004
1,182
Overdrafts
353
367
Bonds and stocks
944,199
1,608,335 1,023,186
Safety deposit vaults
2,000
2,000
2,000
Due from trust co's and banks
318,084
337.583
250,816
Checks and other cash items
58,123
56,930
373,194
Cash on hand (curr., gold,silver, &c.)
57,998
39,906
80,569
L.L. bds.. U.S.Treas. ctfs. & W.S. S.
180,498
152.688
Total
83.252.511 82.802,357 32.699,266
Liabilities
Capital stock paid in
$200,000
$200,000
$200,000
Surplus and undivided profits
71,141
66,979
70.448
Due to banks and bankers
15,103
15,764
45.886
Demand deposits
1,393.183 1,392,234 1.284.064
Time certificates of deposit
517.002
528,093
739,837
566,787
Savings deposits
606,541
530,539
Cashier's checks
22.8041
32,500
Reserve for interest & taxes
31,417
32,500!
Other liabilities
50,000
141,312
33.252.511 32.802,357 32.699,266
Total
Vandeventer Trust Co.(St. Louis).
Jan, 31 '23. Dec. 31 '21. Dec. 31 '20.
Resources$7.5001
Commercial paper
$500,250
$632,760
120.170
Loans on bonds and stocks
25,316
27,447
Loans to customers
347,156
38,693
14,860
Bonds and stocks
274,919
192,248
U. S. Government obligations
9,900
.527
15
9,925
Furniture,fixtures & safe dep. vaults..
18,811
.335
20,160
Real estate
19
235
120
Overdrafts by solvent customers
116.866
321.363
124,687
Cash on hand
42
Other resources (collections)
Total
Liabilities
Capital stock
Surplus and undivided profits
Demand deposits •
Time certificates
Savings deposits
Sav
Unclaimed deposits
Miscellaneous
Total
3922.850
$50,000
16,947
580.105
20,565
250,887
2.692
1,634
3922,830
3920.638
$50,000
8.982
577,291
43,818
239,845
$994,802 .
$50,000
14,569
930,233
703
3920.638
3994,802
West St. Louis Trust Co. (St. Louis).
Dec. 30'22. Dec. 31 '21. Dec. 7 '20.
Resources3323,8611
Loans on collateral security
276,414) $1,289,022 31,459.148
Loans on real estate security
370.029
642,600
988,532
Bonds and stocks
844.073
Bills receivable
30.000
Real estate
4.948
5.023
13,208
Furniture and fixtures
186.0741
Due from trust companies and banks'
250,142
388,371
110.284)
Cash on hand and other cash items_ - J
1,948
3,072
6,335
Other resources
$2,778,781 $2,188,660 $2,175,643
Total
Liabilities
$200,000
$200,000
$200,000
Capital stock
60,433
41,340
75,000
iurs
Undivided- profits11,866/
t
Deposits by individuals and others including demand certifs. of deposit- 1,146,954
1,924,537 1,930,019
238,030
Time certificates of deposit
North St. Louis Savings Trust Co. (St. Louis).
deposits917,345
Dec. 31 '22. Dec. 31 '21. Dec. 31 '20. Savings for Interest and taxes
Resources3,690
4,284
12,618
Reserve
$147.745 Other liabilities..
$128,170
$171,400
Real estate mortgage
1,968
360.418 Bills payable
604,146
582,426
Stocks and bond invest.(mkt. value)
175.000
478.737
517.737
438,259
Loans and collateral
$2.778,781 32.188.660 $2,175,643
Total
1,024.110
853.311
Other loans, incl. bills purchased _ _ 1,071,521
214,056
256,166
258,401
Due Cr. tr. cos.. bks., bkrs. & brokers
61,171
72.46365,655
Real estate, furniture and fixtures
48.005
*52.584
43.189
Specie
95,680
76.745
70.000
NEW YORK CURB MARKET.
Legal-tender notes & notes nat. banks
17.004
22.034
16.258
-Other resources
trading continued in most of this week's sessions
Active
$2,740,121 $2,555,860 $2.451,410
Total
Liabilities
Market and advances in prices were the rule.
$100,000 of the Curb
3100,000
$200,000
Capital
125,960 To-day's market showed a weak tone, though losses were
140.841
53,869
Surplus and undivided profits
1,054.694
1,069,639
1.077,609
Deposits subject to check
1,157,974 only fractional. Motor shares were in good demand and
1,236.637
Certifs. of dep. and savings deposits_ 1,394,282
12.782
8,743
14.361
liabillt1es
Other
advances were recorded in a number of instances.
$2,740,121 32,555.860 32.451,410 good
Total
Durant Motors rose from 60% to 69, reacted to-day to 66%
1920.
1921.
1922.
2.3 & 4% 2.3 & 4% 2. 3 & 4%
Rate of interest paid on deposits
and closed at 68%. Durant Motors of Ind. advanced from
15%
15%
15%
Dividends paid calendar year
16% to 183' and ends the week at 18%. Stutz Motor sold
Northwestern Trust Co.(St. Louis).
back to 19 8 Cleveland
.
Dec. 30 '22. Dec. 31 '21. Dec. 31 '20. up from 19% to 20% and to-day
wReSOUTCeS646,948 Automobile com. improved from 313 to 3434 but to-day
$3.531.728 $4,858,219
Loans and discounts
(
$4,431,289
,
Due from other banks and bankers.)
i
540,863
727,693
sold down to 323'. Checker Cab Mfg., Class A stock,
subject to check
1414,649
-Cash and other items
108,831 admitted to trading to-day, sold down from 663 to 613(.
83,831
41,93S
Real estate
'
57,000
57,000
63,800
Real estate (banking house)
11,681 Nat. Dept. Stores com. lost a point to 3334. Nat. Supply
18.541
35,200
Furniture and fixtures
3.030.631
3,136,339 Co. com. after fractional advance from 62 to 62% eased
4.547.681
Bonds
38,948.040 38,589.085 $8.806,737
Total
off to 613, closing to-day at 613'. New Fiction Publishing
Liabilities
3500.000
$500,000
$500,000
dropped to 83 with the
Capital stock
200.000 improved from 1034 to 11 but to-day
200.000
200,000
108,913 close at 93. Oil shares were featured by a heavy demand
153,899
230,148
SurplusTivided profits
2.347.775
Demand deposits
2,084,258 for the Standard Oil issues. Continental Oil advanced
Savings deposits
3,427.629
7,543,186 {
7,776,531
Time certificates of deposit
5,272 from 473 to 50, reacted to 48% and sold finally at 49.
Demand certificates of deposit
14.336
115 and finished
-Cashier's checks
f 9.354 Cumberland Pipe Line rose from 113 to
192,000
241,361
taxes
Reserve for
194,000 to-day at 1143 . Galena Signal Oil gained almost 10 points
4
Reserve for bonds
15,200
Dividends
38.948,040 $8,589,085 38,806,737 to 78, eased off to 743( and sold finally at 76. Prairie Oil
Total
& Gas from 258 advanced to 270, reacted to 262 and closed
Savings Trust Co.(St. Louis).
Dec. 31 '22. Dec. 31 '21. Dec.31 '20. to-day at 266. Prairie Pipe Line sold up from 115 to
Resources$672.353
3760,854
$607,623
Loans on collateral
295.875
439,975
93.370 11834, back to 11534 and at 116 finally. Solar Refining
Loans on real estate
75.000
345,000 gained 18 points to 203. Standard Oil (Kansas) rose from
Commercial paper
390.102
458,925
299,668
Bonds and stocks
54.022
70.137
12,000 47 to 57 and sold finally at 54, ex-dividend. Standard Oil
Safe-deposit vaults.turn.& fixtures
Due from trust companies, banks,
209.0711
276.741
92.427 (Kentucky) from 1049. rose to 110 and ends the week at
bankers and brokers
92,388
47,926J
49% to 48%,
Cheeks and other cash items
116.515
72.548
91,108 10831. Vacuum Oil, after early loss from
Cash on hand
32,215,735 31,815,897 $1,541,196 sold up to 55 and closed to-day at 54. Gulf Oil of PennsylTotal
64%, the final
Liabilities
$200.000
3200,000
$100.000 vania rose from 66% to 67% but reacted to
Capital stock paid in
70,676
74,060
53,874 figure to-day being 663. Maracaibo Oil Exploration was
Surplus and undivided profits
1,076.159 1,005,774
1,365.666
Deposits subject to draft
76.122
108.855
%
67,879 off from 12 to 103 . Heavy trading was noted in the
Time certificates of deposit
499.887
360.207
313,669
Savings deposits
mining list. Bonds moderately active and steady.
32.215,735 $1.815,897 $1,541,196
Total
1921.
1920.
1922.
A complete record of Curb Market transactions for the
2%
MUM 2%
2,33 & 4%
Rate of interest paid on deposits
week will be found on.page 816.
12%
12%
12%
years
Dividends paid in calendar
FEB.24 1923.)
THE CHRONICLE
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The U. S. Steel Corporation on Saturday, Feb. 10, issued
its regular monthly statement showing unfilled orders on
the books of the subsidiary corporations as of Jan. 31 1923
to the amount of 6,910,776 tons. This is an increase of
165,073 tons over the unfilled tonnage on hand Dec. 31 last,
and contrasts with 4,241,678 tons on hand at the close of
January 1922. In the following we give comparisons with
previous months:
Tons.
Tens.
Tens.
Jan. 31 1922._ 6,910,776 Nov.80 1920.... 9,021,481 Sept.80 1918- 8.297.905
31 1922._ 0,740,703 Oct. 81 1920- 9.838.852 Aug.31 1918_ 8.759.042
Nov.30 1921.... 6.80)24' Sept.30 1920___10.374,804 Ally 31 1918_
Oct. 31 1922_ 6,902.287 Aug.31 1920_10.805,038 June 30 1918_ _ 8.883.801
Sept. 30 1922...6,691.607 July 30 1920_11,118.468 May 31 1918- _ 8.918.886
Aug. 31 1922_ 6,950.105 June 30 1920...10,978.817 Apr. 80 1918... 8,337.623
July 31 1922__ 6.776.161 May 31 1920_10.940.466 Mar.31 1918_ 8.741.882
June 30 1922_ _ _ 5.635.531 Apr. 30 IWO__ _10.359.747 Feb. 28 1918___ 9.058.404
May 31 1922._ 5.254.228 Mar.30 1920___ 9,892.075 Jan. 31 1918-__ 9,288.453
Apr. 30 1922___ 5.096,917 Feb. 28 1920_ 9,502,081 Dec.81 1917- 9.477,853
Mar.31 1922_ 4.494.148 Jan. 31 1920_ 9,285.441 Nov.30 1917___ 9.381,718
Feb.28 1922_ 4,141,069 Dec.811919.... 8,265.366 Oct. 311917... 8,897.106
9,009,875
Jan. 81 1922___ 4,241,678 Nov.30 1919_ 7,128.330
1917- 9,833.477
Dec.81 1921___ 4,268,414 Oct. 311919... 8.472.668 Sept.30 1917_10.407.
Aug.31
Nov.80 1921- 4.250.542 Sept.30 1919- 8,284,638 July 31 1917-10.844.049
164
Oct. 81 1921- 4.286,829 Aug.31 1919___
30 1917-11.883,
Sept.30 1921- 4,560.670 July 31 1919- 6.109,103 June 31 1917_11,886. 287
5,578.661 May
691
Aug.31 1921-__ 4,531,926 June 30 1.919___ 4.892.855
1917-12,183,
July 31 1921___ 4.830,324 May 31 1919- 4.282.310 Apr. 30 1917-11,711. 083
Mar.31
June 30 1921_ 5.117.868 Apr. 30 1919___ 4.800.885 Feb. 28 1917-11.576.644
May 31 1921- 5,482.487 Mar.31 I919___ 5.430.572 Jan. 31 1917-11.474.697
Apr. 30 1921_ _ 5.845,224 Feb. 28 1919_ 6,010.787 Dec.31 1916-11.547.054
286
Mar.31 192I___ 8.284,765 Jan. 311919...
Nov.30
Feb. 28 1921... 6.933.867 Dec.01 1918_ 6.684.268 Oct. 81 1916-11.058.542
7.379,162
1916...10.015.260
Jan. 31 1921-__ 7,573,164 Nov.30 1918_ 8.124.668 Sept.80 1918...
Dec.31 1920_ 8.148.122 Oct. 31 1918- 8.363.298 Aug.81 1918- 9.522.584
9.660.367
797
New York City Banks and Trust Companies.
Alt prices dollars per share.
Banks-N.Y. Bid
America'. 2 7
Amer Each__ 29
Battery Park- 135
440
Bowery
•
BroadwayCen,115
Bronx Boro*.i 125
Bronx Nat_
150
Bryant Park• 150
Butch & Drov 130
Cent Merean_ 210
Chase
347
Chat & Then _ 259
Chelsea Exch• 90
Chemical.... 545
Coal & Iron
212
Colonial.... 875
Columbia-. 230
Commerce... 297
Com'nwealth 255
Continental.. 135
Corn Exch... 430
Cosmop'tan•- 90
East River... 190
Fifth Avenue•1090
Fifth
213
First
1195
Garfield
250
Gotham
185
Greenwich•_ -1 280
Hanover
680
Ask
Banks
231 Harriman_ _ _ _
295 Imp & Trod..
142 Irving Eta k
Columbia It
145 Manhattan *.
150 Mech & Met_
Mutual*
165 Nat American
138 National City
225 New Neths..._
350 Pacific •
204 Park
100 Public
Seaboard _
220 Standard •_
State*
240 Tradeenten'a •
300 23d Ward*...
285 United States*
Wash'n Hie._
437 Yorkville•
Bid
360
690
240
147
403
300
135
333
130
300
430
300
332
165
345
200
270
163
215
600
iob
Brooklyn
223 Coney Island
1215 First
Mechanics' S.
105 Montauk •__ _
Nassau
People's
155
320
130
160
225
160
Ask 11 Trust Co.'s Bid AM
370 li New York
American _ _ _ _-Bank of N.Y.
245
& Trust • 457 463
152 Bankers Trust 472 476
410 Central Union 467 475
Commercial__ 115 125
145 Empire
315 325
339 Equitable Tr_ 197 199
Farm L & Tr_ 525 535
Fidelity lot' 195 205
440 Fulton
255 265
310 Guaranty Tr_ 268 273
Hudson
01
210
175 Law Tit ds Tr_ 170 175
365 Metropolitan_ 310 320
lotus](W
ibb enactor)
120 130
-__ N Y Truitt__ _ 348 354
Title Gu dr
370 378
aW.) v s hue e Tr 320 330
United Stat 1215 1235
F
165
355
140
iia
Brooklyn
Brooklyn Tr_
Kings County
anufacturer
People's
470
800
260
365
490
• Banks marked w th (*) are State banks. I New stock. x Ex-divi
dend. it Ex
rights. o Ex-100% stock dividend.
Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
IMPORTS AND EXPORTS FOR JANUARY.
auction in New York, Boston and Philadelphia:
The Bureau of Statistics at Washington has issued the at
By Messrs. Adrian II. Muller & Sons, New York:
statement of the country's foreign trade for January and from
Shares. Stocks.
Price.
Bonds.
it and previous statements we have prepared the following. 50 Lucania Tunnel
Columbus Newark & ZanesIn the case of the merchandise movement, however, the figures 1,000 Yucca Cyan.& Mines Co_...l$23 $4,000 Ry.50, certif. of deepen-Min.&MW.Co_I
ville
-254%
of exports alone are shown, the enactment of the new Tariff 100 Emerich Oil Co., corn.,$10 ea-$3 lot 53.000 Colum.New.&Zan.Ky.8s_331%
100
Law haring delayed the compilation of the import figures as 10 Am.Foreign Trade Corp.,com.l$30
do
Preferred
I lot
stated more at length in the foot note to the table.
By Messrs. Wise, Hobbs & Arnold, Boston:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
Jan.
Merchandise.
0008
Mitled.
Exports.
I
I
Gold.
Siker.
Excess
I Excess
Ins- !
Ex- I Insof
of
Hzports. I Exports. ports. ports. Exports ports.
5
$
I
1
339,
04 I
278,84 216,000
654,271 208,797
722,06 473,824
622,03 212.993
504,79
233,024
613,32 231,793
330,036 184,351
Excess of Imports.
EMU
linof
ports. Exports
5
$
5
S
$
8,472 32.8181124.346 6,921
(7)
62,848
803 26,5711125.708 3,97
445,474 2,725 33,6341130,909 6,691
248,240 47,817 12,01 35,799 24,62
409,043 3.396 2,1131 1,283 19,61
270,855 3,746 4.4041 1658 6,62
371.531 20,720 58.9261138.206 5,88
145,685 10,213 15,
14,795 4.638
1923 ..
1922 _
1921 _
1920.
1919 _
1918.
1917.
1916 _
$
$
5,825 1,096
6,496 2,519
4,835 1,856
8,817 15,811
6,576 14.039
51998
630
3,346 2,641
1,852 2.784
Totals for s'von months ended Jan. 31.
7Mos
000s
omitted.
Merchandise.
Erports.
Imports.
Gold.
Excess
of
HzExports, Ports.
Silver.
Excess
fin.
of
HzPortz. Exports ports.
Itoports
Excess
of
Exports
$
$
$
'22-'232,350.329 (7)
35,203 184,97
(7)
49772 37,58 41,73 14,172
'21-'22 2,229,4021,404,068 822,744 18,064371.87
53813 34,511 42,288117,777
'20-'21 4,836,303 2,542,780 2,093,523 129,57' 326,2511196679 38,18 36,81
1,370
'19-'204,586.008 2.767,8781,817,391318,99 38,10 280,887121,543 55,6371 65,906
'18-'19 3,796,898 1,698,201 2,098,69 22,963 14,03
8,931178.684 41,8121136.872
'l7-'183,450,2821,633,594„
173,096 78,694 94.402 52,032 41,1861
3,615,3451,348,3322,267.013,110,10 557,93 447830 45,44 20,197 10,846
'15-'162,182,809 1,007,138 1,085,7611 34,057322.0381287981 33,3851 20.5041 25,243
12,791
IExcess of imports.
Note.
-The compilation of the figures of merchandise imports under the new Tariff
Law, from Sept. 22 to Jan. 31, has been much delayed, according
to the Department of Commerce, on account of the many and complicated
tion and rates of duties. For 1922 exports only are shown. changes In classificaImports will be published as soon as the reports are received.
The figures of merchandise imports for the month of
November have just been made public and below we bring
the November statement of the country's foreign commerce
forward with the import figures for 1922 inserted.
Aferchandise.
Nov.
(000s
omitled.)
Exports.
J
Gold.
Excess
of
I ExExports. i ports.
Insports.
IS
89,000
$
$
1922 _ 383.000 294,
1921 - 294,092 210,948
1920. 676,528 321,209
1919 - 740,014 424,81
1918. 322,237 251,008
1917 - 487,328 220.535
1916 _ 516,167 176,968
1915 _ 327,670 155,49
a Excess of imports.
,
83,141
355,319
315,204
271,229
266,793
339.199
172,173
3.431
607
19,876
51,858
3,048
7,233
26,335
3,661
Saar.
, Excess1
Ins- j of
Exports. Exportsports.
I
8 1 $
$
18.308 14,87
6,599
51,298a50,691 4,804
50.889a37,019 3,1441
2,397 49,401 19,052
1,920 1,128 7,1
2.906I 4,31
4,789
40,973a20.638 7,846
60,9811a57.32
5.971
Excess
Imof
ports. Exports
5
5,855
5.912
5,025
7,019
5,940
9,086
2,583
3.376
$
744
a1,108
a1,881
12,033
1,660
a4,297
5.263
2,595
grimintrcial andAny3ceilantottsgm*
New York City Realty and Surety Companies.
Bid
Alliance WIty 93
Amer Surety_ 88
Bond Ss MG. 282
Olty Investing 65
Preferred __ 92
*New stock.
Ask
98
90
2a7
68
98
AU pricer dollars per share.
Bid Ask
Lawyers Mtg 161 168
Mtge Bond__ lit 120
Nat Surety_ 147 161
N Y Title &
Mortgage__ 175 180
Realty Assoc
(Brooklyn).
U 8 CasualtyU S Title Guar
Westchester
Title & Tr.-
Rid
173
110
115
122
210
225
Ask
179
Shares. Stocks.
Price.
5 B.13. & R. Knight,Inc., pref.._ _ _ 5334
12 Mass. Cotton Mills
172
ii Flint Mills
sa
42 U.S. Worsted Corp.,corn.(new) 17
52 Vermont & Mass. RR
97
10 Howes Bros. lot Prof."B"
83
5 Walter Baker Co., Ltd
123
140 rts. Quincy Mkt, C. S. & W.5 13-16
10 Graton & Knight Mfg., pref
8554
8 North Boston Lighting Props., p1. 9154
2 Emerson Shoe, first pref
85
50 William J. Haire Co
1
Shares. Stocks.
113 Liggett's Internat., Ltd., Prof..Price.
5454
15 Puget Sound Power & Light,
prior preferred
10544-10634
37 Boston Maritime Corn
a
0U.S. Worsted, 1st pref., new_ _ _ 6434
25 Wamsutta Mills
103-10234
15 Merrimac Chemical
9541-9544
5 Merrimac Chemical
9554
25 Ludlow Mfg. Co. masts
14234
Bonds.
Price.
$2,100 Kansas City Rys. lot 5s,
1914, ctf. of deposit
48%
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
Price.
2 Merchants' National Bank,Salem 85
5 Warren Nat. Bank, Peabody_ _121
2 American Mfg. CO., pref
8654
2 Lanett Cotton Mills
13551
19 U.S. Worsted Corp., 1st pref... 6454
50 do common
1651
6 Lowell Bleachery
134
80 Old Colony Woolen Mills, pref.,
$10 Par
4%
10 Wamsutta Mills, ex-div
10434
2 Ludlow Mfg. Associates
14354
1 American Mfg. Co.,common..._10534
6 Hill Mfg. Co
151
50 Plymouth Cordage Co
110 Cambridge Indus.Trust, prof 10534
95
80 Textile Building,8% cum.tr. pf. 94
200 Te dile Building Trust,common IS
500 internat. Products, common
2
100 Boston Seale& Machine,8% p1.50
10 Foss & Co.. Inc., new pref
68
8 Converse Rubber Shoe, pref
833.4
8 Liggett.) Internat., Ltd., Pre- _ - 5434
10 Charlcstown Gas & El. Co
17 Rights, Quincy Mkt. Cold titer.12854
& Warehouse Co
5 13-16
Shares. Stocks.
Price.
25G. E. Keith Co.. Prof__ _99% & div.
5 Central Mass. Light di Pow., pf__ 85
25 Plymouth Cordage Co
10554
$521,250 5-yr. 6% notes New
Eng. Oil Corp., June 11927.
Note New Eng. Oil Corp.. May
1 1922 for $390,615 01 ($222.- $100,000
000 has been paid)
lot
Note New Eng. Oil Corp. June
22 1921 8491,87734 ($147,500 has been paid)
2,000 she. New Eng. 011 Corp.
Ltd.(par value $5)
Interest in note of New Eng. $250.000
Oil Corp. June 22 1921 for
lot
$491,877 34 (3147,500 has
been paid)
3 Wor esPr C3ne.S..Ry.Co.15. pf__ 5734
Bonds.
$1,000 Ironwood & Bessemer Ry.
& Light Co. 1st 5e, 1936
84
$1,000 Mass. Lighting Cos. 75.
June, 1925
100
$500 Mass. Lighting Cos. 7s, June
100%
1923
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares. Stocks.
Price.
5 American Rys.. pref
3 rights to First Nat. Bank of
37 8-100 American RYs.,common- 70
Darby, Pa
- 15
100
8 Cineinnatl Gas & Electric
83
1 Fire Association of Phila., par 350 3293i
7 eine. & Hamilton Traction, corn_ 15
1 Pratt Food Co
180
5 Ohio Traction. prof
2154 .50 Newton Coal, first Preferred_ ___ 46
40 Boston Mexican Mines, par $5_.81
lot 1934 Ada Manufacturing
$60 lot
5 National Woman Suffrage Pub32 John B. Stetson, pref.. par $25_ 36
belling, pref., par $10
$2
118
10 Pearson's Magazine, par 310_ _81 lot 7 Curtis Publishing. preferred
lot 3 Enterprise Manufacturing
44
10 Pratt Food
181
6 Philadelphia Bourse, oommon_ 123.4
5 Pratt Food
179
10 Phila. Wareh. & Cold Storage..11054 6 Philadelphia Bourse, common... 1254
1,300 Allison Steel Products
1051
26 Phila. Wareh. & Cold Storage_ _110
Reliance
100
3754 American Pipe & Construction 2654 2 Elmira Insurance
5
.ic Williamsport RR.,pref. 5151
1.000 West End Consol. Mines_ _ _.
50%
1,000 West End Opoteca Mines_ _ _.38115 Svelsbacb. common
lot 2 Bellefonte Central RR
1,000 West End Chemical
$260101 1 Girard National
482
100 People's Nat. Fire Insurance_.
2 Quaker City National
1734,
20 Independence Fire Ins. Seeur_ _ _ 25
2,000 Jim Butler Tonopah Mining_ 2354
4c.
Price.
Bonds.
651 rights Central Nat. Bank
3250 Amer. Rys. income mtge.
5 Corn Exchange National Bank_ 412
65
78, 1940
5 Philadelphia National Bank_ _425
. _ _400
88
51,000 Scranton Ky. 75, 1925
4 Bank of North America
310
3100 Boston Men. Mines 8s, 1918_ _$1 lot
34 rights to Central Nat. Bank..411
10,000 francs French Republic 4s,
Ii right to Central Nat. Bank
$420101
1919
31 right to Central Nat. Bank_ .,401j
,
10,01X: francs Chemins de I.er Du% right to Central Nat. Bank_ ..400
356
midi (is, 1920
% right to Central Nat. Bank,, 4 0
10,000 marks City of Karlsruhe,
% right to Central National Bank_ _411
58101
Germany, 40, 1920
5 National Bank of North Phila... 411
_112
$1,000 Nalt1011111G1113 & Construction
4 Franklin National Bank
_ _580
_ _ 95
Co. 6s, 1924
1-3 warrant, Franklin Nat.
$1,000 Berwyn Water 60, 193.5_ _ __ 9554
28 Real Estate Trust, pret Bank . _578
___ _ _125
31,000 Springfield Consolidated
50 Real Estate Trust, common,_
Water 68 195878ki
.
30 Metropolitan Trust, par $50._._10954
31,000 claim of Petronite Mfg. Co.
5 Excelsior Trust, par $50_ _ __._ 62
91
vs. Malcolm A. Schwelker, with
2 Fidelity Trust
interest
5 Commonwealth Title, Ins. & Tr_35.35, $589.10 claim Petronite Mfg. vs.525
8 Commonwealth Title, Ins. & Tr _362
Cutinitteitam & Foley
$15
2 Hammonton Trust (N. J.)
31,000•Tuckerton Water Co. 55,'25 70
125
[Voz. 116.
THE CHRONICLE
798
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$50,000
-The First National Bank of Wallington, N.J
Feb. 13
Correspondent, Joseph F. Denboske, Wallington. N. J.
-The Farmers & Merchants' National Bank of Caldwell,
Feb. 15
25.000
Texas
Correspondent, T. Kraitchar, Caldwell, Texas.
200,000
-The National Bank of Fresno, Fresno, Calif
Feb. 17
Correspondent, H. I. Dunn, 2015 Fresno St., Fresno, Calif.
APPLICATION TO ORGANIZE APPROVED.
-Brotherhood of Railway Clerks National Bank of CinFeb. 15
8200,000
cinnati, Ohio
Correspondent, E. H. Fitzgerald, 172 Kinsey Ave., Cincinnati,
Ohio.
APPLICATIONS TO CONVERT RECEIVED.
$100,000
-The City National Bank of Sapulpa, Okla
Feb. 13
Conversion of the Bank of Commerce of Sapulpa, Okla.
-The United States National Bank of Kenosha, Wisc.__ _ 100,000
Feb. 15
Conversion of the Citizens'Bank of Kenosha, Wisc.
50,000
-The First National Bank of Onaga, Kan
Feb. 17
Conversion of the Citizens' State Bank of Onaga, Kan.
25,000
-The First National Bank of Mt. Rainier, Md
Feb. 17
Conversion of the Citizens' Interstate Bank, Mt. Rainier, Md.
CHARTERS ISSUED.
$60,000
-First National Bank in Wellington. Ohio
-12,321
Feb. 14
President, Frederick E. Andrews, Cashier. D. V. Johnson.
25,000
-The First National Bank of Jones, Okla
-12,322
Feb. 14
Succeeds the State Bank of Jones, Jones, Okla. President,
Johnson, Cashier, D. R. Thompson.
H. M.
200,000
-The Broadway National Bank of Chicago, Ill
-12,323
Feb. 16
President, J. M. Appel, Cashier, W. M. Dooley.
CHANGE OF TITLE.
-The American National Bank of Dayton, Ohio, to
-4,054
Feb. 17
"The American National Bank & Trust Company of Dayton."
VOLUNTARY LIQUIDATIONS.
$250,000
-The First National Bank in Elyria, Ohio
-2,863
Feb. 12
Effective Dec. 30 1922. Liquidating Agent, S. H. Squire,
Elyria, Ohio. Succeeded by Lorain County Savings & Trust
Company. Elyria, Ohio.
50.000
-The First National Bank of Sanger, Calif
-9.308
Feb. 12
Effective Feb. 3 1923. Liquidating Agent, E. R. Hudson,
Sanger, Cal. Absorbed by the Valley Bank of Fresno, Calif.
-The Commercial National Bank of Charleston,
-10,543
Feb. 15
200,000
S. 0
Effective Feb. 15 1923. Liquidating Agents, the People's National Bank of Charleston, S. C., and Leland Moore, Charleston, S. C.
CONSOLIDATION.
-12,288
-The American National Bank of Pontiac, Mich3200,000
Feb. 16
200.000
and 11,549
-The National Bank of Pontiac, Pontiac, Mich
Consolidated under the Act of Nov. 7 1918 under charter and
corporate title of"The American National Bank of Pontiac"
(12,288), with capital stock of $400,000.
APPLICATIONS FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
-The South Side National,Bank of Buffalo, N. Y., at
-12,313
Feb. 15
South Park Ave., 78 feet south of Amber St., Buffalo, N. Y.
-The Public National Bank of New York, N. Y., at
Feb. 16
-11,034
No. 2327 Mermaid Ave.. Borough of Brooklyn, New York, N. Y.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Boston & Albany (guar.)
Erie az Pittsburgh (quarl
Reading Company, 2d pref (quar.)
When
Per
Cent. Payable.
Books Closed.
Days Inc valve.
Mar. 31 *Holders of rec. Feb. 28
"2
*14 Mar. 10 *Holders of rec. Feb. 28
*50e Apr. 12 *Holders of rec. Mar. 28
Public Utilities.
Blackstone Valley Ga2& Elec.,corn.
(q11.) $1.25 Mar. 1 Holders of rec. Feb. 19a
Apr. 2 *Holders of rec. Mar. 15
*2
Brooklyn Union Gas(guar.)
Consolidated Gas, New York. pref.(qu.) 8714c May 15 Holders of rec. Mar. 15a
Light & Traction, corn.(No. 1). •75e. Apr. 2 *Holders of roe. Mar. 15
Federal
m75c Apr. 2 *Holders of rec. Mar. 15
Common (1n6% cum. pref. stock).Frankford & Southwark Pass. Ry.(gu.) $4.50 Apr. 1 Mar. 2 to Mar. 31
"81.50 Apr. 2 *Holders of rec. Mar.31
Gold at Stock Telegraph (guar.)
- *31.75 Mar. 15 *Holders of rec. Mar. 1
Laclede Gas Light, common (guar.).
114 Feb. 24
Mobile Electric, preferred (guar.)
Feb. 24
Preferred (account accum. dividends)_ hl
Mar.31 *Holders of rec. Mar. 10
New England Term,. & Telcg.(quar.)_ _ *2
144 Apr. 2 Holders of rec. Mar. 16
Pennsylvania Water & Power (quar.)
Apr. 1 Holders of rec. Mar. 1
Second & Third Sts. l'ass. Ry.(guar.)_ _ •63
114 Mar. 15 Holders of rec. Mar. 1
West Penn Railways, pref.(guar.)
Wisconsin River Power, pref. (guar.) - •114 Feb. 20 *Holders of rec. Jan. 31
Banks.
Chemical National (hi-monthly)
Montauk (Brooklyn) (guar.)
*4
114
Mar. 1 "Feb. 22
Mar. 1 Feb. 25
to
to
Feb. 28
Mar. 4
Miscellaneous.
Advance-Rumely Co., pref.(quar.)_ *75e Apr. 2 *Holders of roe. Mar. 15
1
American Glue, common (guar.)
Mar. 15 Holders of roe. Mar. 16
American Laundry Machine, pref.(gu.). 114 Apr. 14 Apr. 5 to Apr. 14
American Manufacturing, coin. (guar.). *114 Mar.31 Molders of roe. Mar. 15
• si Mar.31 *Holders of roe. Mar. 15
Preferred (guar.)
Mar. 1 *Holders of rec. Feb. 21
American Multigraph, common (guar.). *2
•250 Apr. 2 *Holders of roe. Mar. 12
American Safety Razor
"114 Apr. 2 *Holders of rec. Mar.22
American Stores (guar.)
II
Mar. 15 Holders of roe, Mar. I
Boston Woven Hose az Rub., corn.
Mar.28 Holders of rec. Mar. 90
$I
Calumet dr Arizona (guar.)
134 Mar.15 Holders of rec. Mar. 5
Carter (William) Co.. pref.(guar.)
Cities Service
A
' Apr. 1 *Holders of roe. Mar. 15
Common (monthly, Pay.in cash scrip)
Common (payable in COM,stock scrip) *114 Apr. 1 *Holders of roe; Mar. 15
'M Apr. 1 *Holders of rec. Mar. 15
Pref. and pref. B (payable in cash)_
*50c Apr. 1 'Holders of rec. Mar.20
Connor (John T.) Co. (guar.)
114 Mar.31 Holders of rec. Mar. 156
Crucible Steel, preferred (guar.)
114 Apr. 2 Holders of rec. Mar. 10a
Cuban-American Sugar. prof. (guar.)
114 Apr. 2 Holders of roe. Mar. 15
corn,and prof.(quar.)Dominion Glass,
Apr. 1 *Holders of rec. Mar. 10
*2
Dominion 011 (guar.)
Apr. 1 *Holders of rec. Mar. 10
$1
Extra
(qUar.)--. *1.14 Apr. I Holders of roe. Mar. 15
Dominion Iron dr Steel, pref.
*14
du Pont (E.I.) de Nem.Pow..corn.(qu.) •114 Mar. 15 *Holders of roe. Mar. 5
Apr. 25 *Holders of roe. Apr. 10
Debenture stock (guar.)
*114 Mar. 1 Molders of roe. Feb. 19
Fairpanlcs, Morse & Co., pref. (quar.)
Arr. 14 *Holders of rec. Mar. 7
*2
General Electric (error.)
•I5e. Apr. 14 'Holders of roe. Mar. 7
Special stock (guar.)
Name of Company.
When
Per
Cent. Parable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
General Motors, common (guar.)
30o Mar. 15 Holders of rec. Mar. 3
Preferred (guar.)
'134 Mar. 15 *Holders of rec. Mar. 3
Six per cent debenture stock (guar.).. •1% Mar. 15 *Holders of roe. Mar. 3
Seven per cent debenture stock (guar.) •13.i Mar.15 *Holders of rec. Mar. 3
Gutfey-Gillespie Gas Products, pref.
Mar. 1 Holders of rec. Feb. 23
(qu.) 2
Apr. 2 *Holders of rec. Mar. 15
Gulf States Steel, common
Apr. 2 *Holders of rec. Mar. 15
First and second preferred (guar.)Feb. 26 Holders of roe. Feb. 266
Hartford Water (guar.)
1
Hayes Wheel (guar.)
"75e Mar. 15 *Holders of roe. Feb. 28
14 Mar. 1 Holders of rec. Feb. 23
Internat. Cotton Mills, pref. (qtrar.)
International Salt (guar.)
"I34 Apr. 2 *Holders of rec. Mar.15
114 Apr. 1 Feb. 22 to Feb. 28
International Silver, pref. (guar.)
534 Apr. 1 Feb. 22 to Feb. 28
Prof. (acct. accumulated dividends)
*50e. Apr. 2 *Holders of rec. Mar. 15
Inspiration Cons. Copper
Apr. 2 *Holders of rec. Mar. 15
Lehigh Valley Coal Sales (guar.)
*V
Mackay Companies, common (quar.)
114 Apr. 2 Holders of rec. Mar. 76
Apr. 2 Holders of roe. Mar. 76
1
Preferred (guar.)
Mayer (Oscar) & Co., Inc., 1st pf. (qu.) 114 Mar. 1 Holders of rec. Feb. 20
Second preferred (guar.)
Mar. 1 Holders of rec. Feb. 20
2
McCall Corporation, 1st pref. (quar.)
114 Apr. 1 Holders of rec. Mar. 15
114 Apr. 1 Holders of rec. Mar. 15
First preferred (acct. secure. divs.)__ _
214 Mar.31 Holders of rec. Mar. 3a
Mergenthaler Linotype (guar.)
14 Feb. 27 Holders of roe. Feb. 20
Mexican Seaboard 011 (guar.)
Apr. 1 *Holders of rec. Mar. 10
*3
Middle States Oil (guar.)
114 Mar. 15 Holders of rec. Feb. 28
Montreal Cottons, common (guar.)._
114 Mar. 31 Holders of rec. Mar. 10
Nat. Enamel & &pg., pref. (quar.)
114 June 30 Holders of rec. June 9
Preferred (guar.)
114 Sept.29 Holders of rec. Sept. 10
Preferred (guar.)
144 Dec. 31 Holders of rec. Dec. 11
Preferred (quarl
*24 Ayr. 1 *Holders of rec. Mar.20
National Surety (guar.)
*50c. Mar. 15 'Holders of rec. Feb. 28
National Transit (extra)
Apr. 2 *Holders of rec. Mar. 9
*31
N. Y. Air Brake, class A (guar.)
North American Co., common (guar.)_ .214 Apr. 2 Holders of roe. Mar. 1
75e. Apr. 2 Holders of rec. Mar. 1
Preferred (guar.)
*500. Mar.31 Holders of ree. Mar.15
Phillips Petroleum (guar.)
114 Mar,15 Holders of rec. Feb. 24
•
Procter & Gamble, preferred (guar.)_
1 34
Provincial Paper Mills, corn. (quar.) ' Apr. 2 *Holders of rec. Mar. 15
•u4 Apr. 2 *Holders of rec. Mar. 15
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 10
*2
Ranger 011 (guar.)
1
•
Apr. 1 *Holders of ree. Mar.10
Extra
•1
Mar.20 "Holders of rec. Feb. 28
Southern States OH (monthly)
*e10 Apr. 20 'Holders of rec. Mar.31
Stock dividend
Apr. 1 *Holders of rec. Mar. 10
*2
Texas Chief Oil (guar.)
Apr. 1 *Holders of rec. Mar. 10
*1
Extra
Mar. 20 *Holders of rec. Mar. 1
"$2
Todd Shipyards Corporation (quar.)
Tonopah-Belmont Devet. Co.(guar)- '5e. Apr. 2 "Mar. 16 to Mar.21
Mar. 20 Holders of roe. Feb. 28
1
Turman 011 (monthly)
Underwood Typewriter, corn.(guar.)._ _ "214 Apr. 1 *Holders of rec. Mar. 3
•144 Apr. 1 *Holders of rec. Mar. 3
Preferred (guar.)
Apr. 2 *Holders of rec. Mar. 6
81
Union Carbide & Carbon (guar.)
•114 Apr. 2 *Holders of rec. Mar. 15
United Dyewood, common (guar.)
214 Mar. 15 Holders of rec. Mar. 10
Valvoline 011,common (guar.)
Mar. I *Holders of rec. Feb. 15
•$4
West Boylston Mfg., prof
• 33 1-3e A pr. 1 'Holders of rec. Mar. 20
Yellow Cab Co.(monthly)
33 1-3c May 1 *Holders of rec. Apr 20
Monthly
•33 I-3e June I 'Holders of rec. May 19
Monthly
50e. Apr. 1 •Holders of rec. Mar. 20
Yellow Cab Mfg., class B (monthly)____
*50c May 1 *Holders of rec. Apr. 20
Class B (monthly)
*50e. Apr. 1 *Holders of rec. May 19
Class B (monthly)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch.Topeka & Santa Fe. corn.(quar.)- 14 Mar. 1 Holders of reo. Jan. 28a
%far I iitoders of re'. Jan. 13a
2
Kau imore & woo, preferred
214 Mar.3 Holders of roe. Mar. la
Canadian Pacific, common MAO
Mar.3 'holders of roe. Mar. 1
*2
Preferred
to Mar. 4
Feb. 21
75o. Mar.
Chestnut Hill RR. (guar.)
*Holders of roe. Feb. 15
Cm. N.0.& Texas Pac., pref. (guar.). •114 Mar.
*Holders of tee. Feb. 23
Mar.
*3
Cincinnati Northern
Holders of rec. Feb. 100
- 8714 Mar.
Cleveland & Pittsburgh, guar. (guar.).
Holders of rec. Feb. 100
50e. Mar.
Special guaranteed (guar.)
Holders of rec. Feb. 15
Mar.
1
Cr IPPle Creek Central. preferred
214 Mar.2 Holders of rec. Feb. 266
Delaware & Hudson Co. (guar.)
Holders of rec. Mar.100
Fonda Johnstown & Choy., pref.(guar.)- 14 Mar. I
Holders of ree. Feb. 26
144 Mar.
Illinois Central, corn. (guar.)
26
mar. Holders of reo. Feb. 196
3
Preferred
Holdera of rim. Feb.
New Orleans Texas az Mexico (quar.)--- 114 Mar.
Holders of rec. Feb. 21a
Feb. 2
N. Y. Chicago & St. Louis, 1St pref.-- 5
Holders of roc. Feb. 286
114 Mar. 1
Norfolk dr Western. corn. (guar.)
Feb. 2 Feb. 15 to Feb. 19a
2
North Pennsylvania (guar.)
75e. Feb. 2 Holders of rec. Feb. la
Pennsylvania RR.(guar.)
to Mar. 4
Feb. 21
Phila. Germantown & Norristown (flu.) $1.50 Mar.
of roe. Feb la •
Pittsburgh & West Virginia. pref.(guar ) 134 Feb. 2 Holders of
Holders
rec. Feb. 20a
Plush. Youngs. & Ashrab., pref. (guar) 1.4 Mar.
Holders of roe. Feb. 16a
Reading Company,first preferred(quar ) 50e. Mar.
I 3734 Mar,
Sharon 11.1
,
$ 1 3714 Sept.
Semi-annual
Holders of roe. Feb. 230
114 Apr.
Southern Pacific Co. (guar.)
Holders of rec. Mar. la
214 Apr.
Union Pacific, common (guar.)
Holders of rec. Mar. la
Apr.
2
Preferred
Public Utilities.
Holders of reo. Feb. 16
214 Mar.
American Power dr Light, corn.(guar.)._
American Telegraph & Cable (guar.)._ 81.25 Mar. It Holder, of roe. Feb. 280
or.
Hollers of rm. Mar. 16
134
Amer. r eieptame w. Telegraph lottar.)
234 J'iy 18 Holders of reo. June 20
Quarterly
10N or rec. Jan. 31
'ar. I (101,
Brazilian r.. T,. ite Pow.. ordinary (gnt.)
200 Mar. 1 Holders of rec. Feb. 15a
Brooklyn City RR.(guar.)
Mar. I Holders of rec. Feb. 156
2
(guar.)
Brooklyn Edison Co.
Central Arkansas fly. & Light. Pref.(qu ) 114 Mar. 1 Holders of rec. Feb. 15a
Cent. Miss. Valley Eleo. Prop.. pf.(go) 114 Mar, 1 Holders of rec. Feb. 15a
Consolidated Gas,(N. Y.) eon.(guar.) $1 .25 Mar.15 Holders of rec. Feb. 86
Apr. 2 Holders of rec. Mar. 15a
Cons. Gas, E. L.& P., Bait., corn.(qu.) 2
*2
Apr. 2 *Holders of roe. Mar. 15
Eight per cent preferred (guar.)
*1.14 Apr. 2 'Holders of roe. Mar. 15
Seven per cent preferred (guar.)
*2
Apr. 16 *Holders of rec. Mar.20
Detroit Edison (guar.)
134 star. 1 floater" of roe. Feb. la
Detroit 4,001Le•I ay. (inar.)
50e. Mar. 1 Holders of roe. Feb. 15a
Eastern Shore Gas & Elec., pref.(guar.)_
14 Mar. 1 Holders of roe. Feb. 20
Eastern Wisc. Elec. Co.. pref. (guar.)._
114 Mar. 1 Holders of roe. Feb. 15a
Federal Light & Traction, pref.(guar.)._
3
Mar. 15 Holders of roo. Mar. la
Gal veston-Houston Electric Co., pref
1
Mar. 1 Feb. 21 to Mar. 1
Power,corn.(No.
Georgia Ry.&
Apr, 20
2
First Preferred (gust.)
1
Mar. 1 Feb. 21 to Mar. 1
Second preferred (guar.)(No. I)
14 Mar. 1 Holders of rec. Feb. 15
Middle West Utilities, pref. (guar.)._
114 Mar. 15 Holders of rec. Feb. 28
Prior lien stock (guar.)
144 Mar. 1 Holders or roe. Feb. 15
Nebraska Power, preurred (guar.)
Newport News dr Hampton fly., Gas
114 Apr, 2 Holders of roe. Mar. 150
Eleetr c. pref. (guar.)
114 April 1 Holders of reg. Mar. 20
North Shore Gas, pref. (guar.)
114 July 1 Holders of rec. June 20
Preferred (guar.)
114 Oct. 1 Holders of roe. Sept. 20
Preferred (guar.)
Mar. 1 Holders of ree Feb. 170
Northern Texas Elec. Co., cote. (guar.) 2
Mar, 1 Holders of roe. Feb. 176
Preferred
3
preferred
Philadelphia Co ,
$1.25 Mar. 1 Holders of reo. Feb. 104
Philadelphia Electric, corn. dr Prof.(go.) 60o. Mar. 15 Holders of roe. Feb. 190
San JOaQuIn Light ar Power. Prel.(guar.) 114 Mar. 15 Holders of reo. Feb. 28
IN Mar, 15 Holders of rec. Feb. 28
Prior i referred (guar.)
Southwestern Powcr & Light, pref. (qu.) 114 Mar. 1 Holders of tee. Feb. 16
az Electric, pref. (guar.)._
Standard Gas
Mar. 15 Herders of roe. Feb. 28
2
United Gas Improvement, pref. (guar.). 8710 Mar. 15 Holders of rec. Feb. 230
Virginia Ry.& Power, preferred
July 20 Holders of roe. Doe. 31
8
West Penn Co.. corn (No
34 Mar. 30 iloider4 of rec. Mar. 15
Mar. 1 Feb. 18 to Feb. 28
3
Wilmington Gas, preferred..
FEB. 241923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Banks.
W. It. Grace & Co.'s
*5
Fire Insurance.
Westchester Fire (quar.)
Extra
*5
May
•15i May
Books Cloud.
Days Inclustre.
afar. 1 "Holders of rec. Feb. 22
1 *Holders of rec. April 20
1 *Holders of rec. April 20
Miscellaneous.
Ahmeek Mining
$I
Mar. 15 Holders of rec. Jan. 24
American Art Works, corn. & pref. (qu.) 14 Apr. 15
American Beet Sugar, preferred (quar.). 14 Apr. 2 Holders of rec. Mar. 10a
Amer. Brake Shoe & Fdry., corn. (quar.) $1.25 Mar. 31 Holders of rec. Mar. 23a
Preferred (guar.)
131 Mar. 31 Holders of rec. Mar. 23a
American Laundry Mach., corn. (quar.)
33e. Mar. I Feb. 20 to
Mar. 1
American Locomotive. corn. (quar.)-__ _
14 afar. 31 Holders of rec. Mar. 1:3a
Preferred (quar.)
Mar. 31 Holders of rec. Mar. 13a
American Metal, corn. (quar.)
750. Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
151 Mar. 1 Holders of rec. Feb. Ila
American Pneumatic Service, 1st pref
$1.75 afar. 31 Holders of rec. Mar. 10
Second preferred
50e. June 30 Holders of rec. June 9
Amer. Radiator, new corn. (quar.)
$I
Mar. 31 Holders of rec. Mar. 15a
American Surptrunarug, common (quar.) 2
May 1 Holders of rec. Apr. 14
Common (quer 1
2
Aug. 1 Holders of rec. July 14
Amer. Smelt. & Reg.. pref. (quar.)_ _
Mar. 1 Holders of rec. Feb. 6
American Sugar Refining. pref. (quar.)_
Apr, 2 Holders of rec. Mar. la
American Tobacco, corn. & corn. 1.3(quE_
3
Mar.
Holders of rec. Feb. 10a
American Window Glass Co.. pref
•3(.6 Mar. 'Holders of rec. Feb. 16
Armour & Co. of Illinois, pref. (quara _ _ *154 Apr.
*Holders of rec. Mar. 15
Associated Dry Gooda, lot prof (qmar.) 155 Mar.
Holders of rec. Feb. 10
Second preferred (guar.)
Mar.
Holders or rec. Feb. 10
Atlantic Refining, common
1
Mar. I. Holders of rec. Feb. 21a
Atlantic Terra Gotta, preferred (quar.).
Mar. I 'Holders of rec. Mar. 9
Atlas Powder. common (quar.)
3
Mar. 10 Holders of rec. Feb. 28a
Babcock .5 Si 11,05 (11113t
131 v or. 2 iloiters of rec. Mar 2
Bethlehem Steel, corn. & corn. B (quar.) it( Apr. 2 Holders of rec. Mar. 13s
Seven per cent xLm. preferred (quar.)
Apr. x Holders of rec. Mar. 13a
Seven per cent ,urn. preferred (quar.) 151 July 2 Holders of rec. June lba
Seven per cent • um. preferred (quar.) 151 Oct. 1 Holders of rec. Sept. 15n
Seven per cent it m. preferred (guar.) 14 Jan2'24 Holders of rec. Dec. 15a
Seven per cent non-cum. pref. (quar.)_
151 Apr. 2 Holders o free. Mar. 130
Seven per cent non cum pref. (quer.). 151 July 2 Holders of rec. June flu
Seven per cent non cum. pref. (quar.)_
151 Oct. I Holders of rec. Sept. 15a
Seven per cent non corn. pref. (quar.)_
154 Jan2'24 Holders of rec. Dec. 15,1
Eight per cent preferred (quar.)
2
Apr. 2 Holders of rec. Mar 13a
Eight per cent preferred ((lust.)
July 2 Holders of rec. June 15n
2
Eight per cent preferred (guar.)
2
Oct. 1 Herders of rec. Sept. 15n
Eight per cent preferred ((oar.)
Jan2'24 Holders of rec. Dec. 15a
2
Borden Co., I referred (anal.)
155 Mar. 15 Holders of rec. Mar. 1..
Preferred (quar.)
lB June IS Holders of rec. June I.
Brill(J. G.) Co., common (quar.)
31.25 Mar. I Feb. 22 to Feb. 2R
Brit -Amer. Tobacco, ord. (Interim)_ _ _ _
4
Mar. 31 Holders of coup. No. 951
imeke.e II A'
,• t,,uar.)
Si 7! ..ar. I
1,1 .,•1, 11,
.
Butte Copper & Zinc
50e. Mar. 1 Holders of rec. Feb. 15a
California Packing Corp.(guar.)
• $1 50 Mar. 15 Holders of rec. Feb. 28
California Petroleum, corn. (quar.)
154 Mar. 1 Holders of rec. Feb. 20a
Preferred ((uar.)
IS' Apr. 2 Holders of rec. Mar. 20a
Calumet & Heels Mining
37
Mar. 15 Holders of rec. Jan. 24
Campbell Soup, preferred (guar.)
LB Mar, 1 Holders of rec. Feb. 15
Can. Connecticut Cotton Mills, pf.(qu.) •2
Apr. 2 "Holders of rec. Mar 15
Century Ribbon Mills, the., Pref. (qu.)_
Mar. 1 Holders of rec. Feb. 15a
Obesebrough Mfg., corn. (quar.)
315 Mar. 31 Holders of rec. Mar. 10a
Preferred (Qear.)
151 Mar. 31 Holders of rec. Mar. 104
Chill Copper xe.
624c Mar.22 Holders of tec. Feb. 28a
Cities ber v rue
Common (mthly. pay. in cash scrip) *ON Naar. 1 'Holders of rec. Feb. la
Common (pay. In corn. stock scrip)_
.14 afar. 1 *Holders of roe. Feb. 15
Pref. & ore. B (rfavable is rash)
4qi
tar. 1 *Holders of rev. Feb. IS
Colorado Fuel & Iron, preferred (quar.)_
2
Feb. 26 Holders of rec. Feb. 10a
Consolidated Cigar Corp., pref. (quar.)- 14 Mar, 1 Holders of rec. Feb. 20a
Continental Oil Mar.)
50c. Mar. 15 Feb. 24 to Mar. 15
Co-del, .v.... 0., II
,ar.)
1 f.
.411
.
1 ,1) Of.1 4 of roc. F.., 1 fl
,
Crane Co., common (quar.)
1
Mar. 15 Holders of rec. Mar. 1
Preferred (quar.)
In Mar. 15 Holders of rec. Mar. 1
Crescent Pipe Line (guar.)
•3755c Mar. 15 'Holders of rec. Feb. 20
1)avi bible. I. .e .1
I •
. 2..
osiers II, rev .
I off
Decker (Alfred) & Cohn, Inc., pref.(qu.) 'i 5i Mar. 1 'Holders of rec. Feb. 25
Deere & Co., preferred (Quar.)
75e. Mar. 1 Holders of rec. Feb. 15a
Detroit Brass & Malleable Wks.(mthly.) •A Mar. 1 *Holders of rec. Feb. 26
Diamond Match (quar.)
2
Mar. 15 Holders of rec. Feb. 2Ra
Dome Mines(gum')
.50c. Apr. 20 Holders of rec. Mar. 31a
Dominion Stores. Ltd., common (No. 1) 50c. April 1 Holders of rec. Mar. 1
Common
50c. Oct. 1 Holders of rec. Sept. 1
Eastmari bscliitrk. common (extra)
Si
star. 1 holders of rec. Jno. 31.,
Eastman Kodak, common (quar.)
$1.25 Apr.
Holders of rec. Feb. 28a
Common (extra)
75e Apr.
Holders of rec. Feb. 28a
Preferred (guar.)
14 Apr.
Holders ol rec. Feb. 284
Famous Players-Lasky Corp., corn.(qu.) 2
Apr.
Holders of rec. Mar. 15a
Federal Mining & Smelt., pref. ((Nara_ _
15( Mar, 1
Holders of rec. Feb. 24a
Galena-Signal Oil, common ((uar.)._
*1
Mar.3 'Holders of rec. Feb. 28
Preferred (quar.)
"2
Mar.3 "Holders of rec. Feb. 28
General Asphalt, pref. (quar.)
1)1 Mar.
Holders ot rec. Feb. 14a
General Cigar, Inc., I referred (guar.)._
14 Mar.
Holders o. rec. Feb. ha
Debenture preferred (quer.)
151 Apr.
Holders of rec. Mar. 26a
Gillette Safety Razor ((oar.)
$3
Mar.
Holders of rec. Jan. 31
Stock dividend
e5
June
Holders of rec. May 1
Goodrich (B. 1
, Co., pref. (quar.)'.)
14 April
Holders of rec. Mar. 22a
Great Atlantic & Pacitic Tea, corn. (111.) •50e. Mar. 1 'Holders of
rec. Feb. 14
Preferred (quar.)
•154 Mar.
*Holders of rec. Feb. 14
Greenfield Tap & Die, pref. (quar.)_ 2
Apr.
Holders of rec. Mar. 15
Guantanamo Sugar, preferred (quar.)_ _
2
Apr.
Holders of rec. Mar. lba
Harbison-Walker Reinke., corn. (quar.)_
155 Mar.
Holders of rec. Feb. 20a
Preferred (quar.)
I 55 Apr. 2 Holders of rec .Apr. 10a
Hart, Schaffner & Marx. Inc., CCM.(qua *I
Feb. 2 'Holders of rec. Feb. 19
Hartman Corporation (guar.)
154 Nfar.
Holders of rec. Feb. 16a
Hollinger Consolidated Gold Mines
1
Feb. 2 Hoidens of rec. Feb. 9
Ilomestake Mining (monthly)
50c. Feb. 2 Holders of rec. Feb. 20a
Hood Rubber Products, pref. (quar.)__ _
151 Nlar,
Feb. 21 to
Mar. 1
Hudson Motor Car Wm.)
5Uc. April
Holders of rec. Mar. 22a
Extra
250. April
Holders of rec. Mar. 22a
Humphreys I dl (guar
•tar. I. '
or.. Of 1,1
. I, b. ex
Hupp Motor Car,corn.(In corn. stock).. 110 Mar. 1
Holders of rec. Mar. 1
Prefer red (llar.)
Apr.
Holders of rec. Mar. 20a
Imperial Oil, Ltd. (auar.)
750. Mar,
Feb. 13 to Mar. 1
Extra
$1
Mar,
Feb. 13 to Mar. 1
Ingersoll Rand Co., corn. (quar.)
2
Mar.
Holders of rec. Feb. 17a
Inland Steel (quar.)
25c. Mar.
Holders of rec. Feb. I()
Internat. Cement, common (quar
750. Mar,3 Holders of rec. Mar. 15a
Preterrtal (quar.)
"154 Mar. 3 *Holders of rec. Mar. 15
Internat. Educational Publishing, pref
50e. May
Holders 01 rec. Naar. 1
Internat. Harvester. pref. (quar.)
15( Mar.
Holders of rec. Feb. 10a
International Shoe.common
•75o. April
Isle Royale Copper Co. (guar.)
50c. Mar. 1
Holders of rec. Jan. 25a
Kresge (S. S.) Co., common (quar.)
2
Apt.
Holders of rec. Mar. 12a
Common (payable In common stock). 133 1-3 Mar.
Holders of rec. Feb:1'15a
Preferred (guar.)
151 Apr.
Holders of rec. Mar. 12a
Kuppenhelmer (B.)& Co., Inc., pt.(qu.) *154 Mar.
"Holders of rec. Feb. 23
Lake of the Woods Milling, cont. (quar.) 3
Mar.
Holders of rec. Feb. 24
Preferred (Oulu.)
15.1 Mar.
Holders of rec. Feb. 24
Lancaster Mills, common (quar.)
255 Mar.
Ilolders of rec. Feb. 23
Lanston Monotype Machine (quar.)_._
154 Feb. 2 Holders of rec. Feb. 17a
Lee Rubber ar lIe.e (gum 1
She. mar. I If oh ier4 of tee. Feb. 15a
Lehigh Coal & Navigation (quar.)
2
Feb. 28 Holders of rec. Jan. 310
LIbbey-Owens Sheet Glass, corn. (guar./ •50c Mar. 1 *Holders of rec. Feb. 19
at zi Mar. 1
Preferred (quar.)
"Holders of rec. Feb. 19
3
Ligg.& Myers Tob.,corn.& corn. B(qu
Mar. 1 Holders of rec. Feb. 150
Lima Locomotive Works, corn.(quar.)... $1
afar. 1 Holders of tee. Feb. 15a
14 Mar, 1 Holders of rec. Feb. 15a
Preferred (quar.)
Ludlow Manufacturing Associates (qua $2
Mar. 1 Holders of rec. Feb. 7
McCrory Stores Corporation (quar.)_ _ _ _ "1
Mar. 1 *Holders of rec. Feb. 20
sel0 afar. 1 "Holders of rec. Feb. 20
Stock dividend
1.50 afar. 1 Holders of rec. Feb. 23
alahoning Investment (Clear.)
50c afar. 1 Holders or rec. Feb. 23
Extra
751'. Mar. I Holders of roe. Feb. 160
Manhattan Shirt. common (guar.)
Name of Company.
799
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Concluded.)
N1art lit .-arre 1010 I rot to., to oar.)
50e. Mar. I Hollers of rec. Feb. 150
May Department Stores. corn (airara
14 Mar, 1 Holders of rec. Feb. 15a
May Department Stores, pref. (quar.)....
14" Apr. 2 Holders of rec. afar. 15a
Merrimac Manufacturing, corn. (guar.). 155 Mar. 1 Holders of rec. Feb. 15
Preferred
255 Mar . 1 Holders of rec. Feb. 15
Michigan Drop Forge (monthly)
.25c. Mar. 1 *Holders of rec. Feb. 25
Montreal Cottons, preferred (quar.)--- 1;4 Mar. 15 Holders of rec. Feb. 28
Mutual Oil (guar.)
"12yic Mar. 15 'Holders of rec. Mar. 1
National tsistud, common ((luar.)
L,,r. 316
Jo, apt. IS ,solders of roc
Preforr-d (nuar.).
Feb. 2 ((older, of rec. Fet Ida
,
National Candy,common
215 Afar. 14 Feb. 21 to Feb. 27
First and second preferred
354 Mar. 14 Feb. 21 to Feb. 27
National Cloak & Suit, preferred (guar.) 151 Mar. 1 Holders of rec. Feb. 23a
National Enameling & Stpg.. corn.(qua_
134 Feb. 28 Holders of rec. Feb. 86
National Lead, common (quar.)
Mar. 31 Holders of rec. Mar. 160
2
National Lead. pref. (guar.)
154 Mar. 15 Holders of rec. Feb. 23a
National Sugar Refining (quar.)
151 Apr. 2 Holders or rec. afar. 10
New River Co.. Prof. (acct. accum. drys.) Ni i54 Feb. 27 "Holders of rec. Feb. 7
Ogilvie Flour Mills, preferred (guar.)._ _
154 afar. 1 Holders of rec. Feb. 23
Ohio Oil (quar.)
•75e. Mar. 31 'Holders of rec. Feb. 24
Orpheum Circuit. preferred (guar.)
Apt. 1 Holders of rec. Mar. 15a
2
Osceola Consolidated Mining
Mar. 15 Holders of rec. Feb. 13
$1
Owens Bottle, common (quar.)
„Oc. Apr. 1 Holders of rec. NI az. 16a
Common (extra)
25e. Apr. 1 Holders of rec. Mar. 160
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 160
Packard Motor Car, preferred (goat.)....
151 Mar 15 Holders of rec. Feb. 28a
pa
.
=civirr (q ua r.)
t
s .,,ni w,a
(goat.)
24 Mar. 1 Holders of rec. Mar.20
r ..11 28
16
ti.,ier6 .11 I'M. 1•ell
1 ennok 011 (guar.)
"10c. Mar. 26 "Holders 0, rec. Nfar. 15
Extra
"10c. afar. 26 "Holders o: rec. Mar. 15
Phoenix Hosiery (guar.)
14 Mar. 1 Holders of rec. Feb. 19
Piggly Wiggly Stores, corn,.1 A (guar.). $1
Mar. 1 Holders of rec. Feb. 20a
Pittsburgh Steel, preferred (quar.)
151 Mar, 1 Holders of rec. Feb. 15a
Preased Steel Car, pref. (quar.)
151 Feb. 27 Holders of rec. Feb. 6
Producers att Refiners Corp.,cow.(No.!) $1
Mar. 15 Holders of rec. Mar. la
Pure OH,common (quar.)
50c. Mar, 1 Holders of rec. Feb. 1.5c
k.•r
oroferr.s1 (guar.)
t4 rec. kv0.
155 Vet,. 2
Quaker Oats, common (attar.)
•24 Apr. 16 'Holders of rec. Apr. 2
Preferred (guar.)
.14 May 31 *Holders of rec. May 1
Rand Mines. Ltd
$2.35 Feb. 26 Holders of tee. Feb. 200
Remington Typewriter, 1st pref. (guar.) 355 afar. 5 Feb. 25 to
Mar. 5
s...ei, oret
t
. Mar. Ill
to Apr. 11
Reynolds Spring, Prof. A. & 13 (quar.)
*13: Apr. 1 "Holders of rec. NI ar. 19
4
it. Joseph Lead Rorer.)
25c. Mar .20 Mar. 10 to blur. 20
250. ar. 20 Mar 10 to Mar. 20
St. Mary's Mineral Land
E xtra
afar. 5 'Holders of rec. Feb. 6
'$3
Salt Creek Consolidated Oil (guar.)._
25c. April 1 Holders of rec. Mar. I56
Seaboard Oil& Gas (monthly)
255a. Mar, 1 Holders of rec. Feb. 150
MontlilY
255c. Apr. 1 Holders of rec. Mar. 150
Sherwin-Williams Co., t ref. (guar.).
'151 Mar. 1 'Holders of rec. Feb. 15
ainelair Collard. Oil Corp.. Prof. (guar.).
Feb. 28 Holders of rec. Feb. 15
2
Southern Pipe Line
Mar. 1 Holders of rec. Feb. 156
$4
,paatirar (A. G.), 1st preferred (guar
I Id Mar. I ilossietI of rec. Fell. lUa
seerind'
,
referred (guar.)
mar. 1 Holders ol fee. FO,. 10
Standard Milling, corn. (gnat.)
14 Feb. 28 Holders of rec. Feb. 170
Preferred ((liar,)
155 Feb. 28 Holders of rec. Feb. 17a
Standard Oil (Calif.)(quar.)
50e. Mar. 15 Holders of rec. Feb. 200
Standard 011 (Indiana) (trout.)
"624c M to'. 15 *Holders oh rec. Feb. 16
Standard 011 (Kansas) (guar.)
50c. Nlar, 15 Holders of rec. Feb. 283
Stand. 011 01 N. J., corn., $100 par (go.) $1
Mar. 15 Holders of rec. Feb. 26
Common ($25 par) (guar.)
25e. Mar. 15 Holders ot rec. Feb. 26
Preferred Hoar.)
151 Mar. 15 Holders of rec. Feb. 260
Standard 011 of New York (gnat.)
'35c. Mar. 15 'Holders of rec. Feb. 23
Standard Oil (Ohio), corn. (quilt.)
$2.50 Apr. 2 Holders of rec. Feb. 23
Preferred (guar.)
14 Mar. 1 Holders of rec. Jan. 26
Stera ..ro.1.1..rs, pref. (guar.)
IllhdlTS of re, I. CU. 15a
mar.
2
Profsrri• (oliar.)
lone 1 Homer, of re, May 15a
..
2
Studebaker Corp.. common (quar.)...
$1.50 Mar, 1 Holders of rec. Feb. 103
Preferred (guar.)
154 Mar, 1 Holders of rec. Feb. 100
Texas Company (guar.)
75c Mar. 31 Holders of rec. Mar. 9
Texas Gulf Sulphur (gtiar.)
$1.25 Mar. 15 Holders of rec. Mar. la
Mom pson (John 10 Co..com.(monthly)
"1
•Ilir
or ree Feb. 230
Thompson-Starrett Co.. prof
4
April 2 Holders of rec. Mar. 20
Timken-Detroit Axle, preferred (guar.).
Mar, 1 Feb. 21
to Mar. I
Timken Roller Bearing (quar.)
75e. Mar.20 Holders of rec. NI ar. 5a
Truseon Steel, preferred (guar.)
"14 Mar. 1 *Holders of rec. Feb. 18
Unlon Mills, common (quar
'Si
Mar. 1 'Holders of rec. Feb. 15
Preferred (guar.)
.11 50 Mar, 1 "Holders of rec. Feb. 15
Union Tank Car, common (quar.)
$1.25 Mar. 1 Holders of rec. Feb. 50
Preferred Hoar.)
131 Mar, I Holders of rec. Feb. 5a
United Clgar Store of Amer., corn.(qua 2
'
,
Mar. 1 Elolaers of rec Feb. 15a
United Cigar Stores of Amer.. pref.(qu.) 154 Mar. l'" Holders of rec. Feb. 250
Visited Drug, 21 Prof. (quar 1
0
14 Mar I Holders of rec Feb 15
United Dyewood. preferred 01=3._
13.1 Apr, 2 Holders of rec. Mar. I50
Preferred (quar.)
1.4 July 2 Holders of rec. June 15a
Preferred (quar.)
Oct. 1 Holders of rec. Sept. I50
Preferred (guar.)
Jan2'24 Holders of rec. Dec. 150
U.S. Cast Iron. Pipe & Fdy., pref.(qua
Holders of rec. Mar. la
Mar. 1
Preferred (quar.)
June 15 Holders of rec. June la
Preferred (Oust.)
14 Sept. IS Holders of rec. Sept. la
Preferred (guar.)
Holders of ec. Dec. la
134 Dec. 1
U.S. Envelope,common
•Holders of rec. F b. 17
*4
Mar.
Preferred
Mar, 'Holders of rec. Feb. 17
U.S. Gypsum,common (goat)
Mar.3 •Holders of rec. Mar. 15
Preferred (guar.)
afar. 3 'Holders of rec. Mar. 15
U. S. Lumber (stock dividend)
"e100 Mar. 1 "Holders of rec. Feb. 1
S Heall
1111111 • (If tlar
slur. I. .ioid..rs Of rec. Mar. 83
1.
5
U.S. Steel Corporation, corn.
(guar.) _
154 Mar.30 Feb. 28 to Mar. 1
Preferred (aunt.)
Feb. 27 Feb. 4 to Feb. 8
U. S. Tobacco (payable in stock)
A r. 16 Holders of rec. Mar. 19k
20
Valvoline 011, common (guar.)
"255 Mar. 15 "Holders of rec. Mar. 10
Preferred (gam.)
Apr. 1 *Holders of rec. afar. 15
"2
Van Raalte Co., Prof.
Mar. 1 Holders of rec. Feb. 15a
(guar.)
Vivaudou (V.) Inc
50c. Mar. 2 Holders of rec. Feb. 19a
Ware , 0.. commot (monthly)
50e. Mar. 1 Holders of rec. Feb. 210
Common (monthly)
50e. Apr. 1 Holders of rec. Mar. 220
Preferred (quar.)
151 Apr. 1 Holders of rec. Mar. 220
Waltham Bleachery & Dye Works
Mar. 1 *Holders of Fee. Feb. 13
"$5
Warnsutta Mills (quar.)
155 Mar. 15 Holders of rec. Feb. 13
Ward (Edgar T.) Sons Co., pref.
(attar.) 154 Mar.31 Holders of rec. Mar. 20
Warner Sugar Ref., Pref.
Mar. 15 *Holders of rec. Mar. 10
W be & El ,lb ,t err. pri(guar.)
I (go
151 Mar. 1 Holders of rec. Feb. 23a
Welch Grape Juice Co., oref. .r )
to Feb. 28
151 Feb. 28 Feb. 21
(guar.).- Western Electric Co., pi eferred
13‘ afar. 3l Holders of roc. Nlar. 126
White (J. G.) Co., Inc.. Prof. (quer a- Mar. 1 Holders of rec. Feb. 15
(guar.) White (J. G.) Eng., pref.
(quar.)
1 14 Mar. 1 Holders of rec. Feb. 15
White (J. G.) Mgt. Corp., pref.
(quer.). 1,4 Mar. 1 Holders of rec. Feb. 15
ky'Me Atfl'Or
(‘I'lar.)- star. 31 f ,0,1••rs of re. Mar. 206
51
Woods Manufacturing, common
blur. 1 Holders of rec. Feb. 22
Woolworth (F. W.) Co..common (guar.) 2
(quar.) 2
Mar. 1 Holders of rec. Feb. 100
Worthington Pump & Mach., pt. A.
April 2 Holders of rec. Mar. 100
(lu)
Preferred B (quar.)
155 April 2 Holders of rec. Mar. 100
Wright Aeronautical Corp.
(guar.)
25e. Feb. 28 Holders of rec. Feb. 140
Wrigley (Win.) Jr. Co., corn.
(monthly) *50e. May 1 'Holders of rec. Apr. 24
Common (monthly)
*50c. June 1 •Holders of rec. May 24
Common (monthly)
"500. July 2 *Holders of rec. June 25
Wurlitzer(Rudoroh)
Eightper cent preferred
2
Mar. 1 Holders of tee. Feb. 19
Eightper cent preferred (quar.)
((uar.)
June 1. Holders of ret). May 22
2
Seven per cent preferred (attar.)
141 Apr. 1 Holders of rec. Mar.22
14
14
134
14
zayi
•14
14
154
• From unofficial
ruled that stock
will not be quoted exsources. t the New York Stock Exchange has
-dividend on
turbot* notice. f The No w
York Curb Market Association this date and not until not be quoted ex-divldend
has ruled that stock will
on these dates and not until further
a Transfer books not closed fornor Ice.
Correction. e Payable In stock.
this
I Payable in common stock. p Payable div. cl
In scrip. h Oa account of accumulated
dIvidends.
P,. able in ,lividend obl gatlors
k Subject to approval of stockholders.
All transfers received in order In London on or before March 5 will be In time
for payment of dividend to transferees.
Payable in 6% preferred stock.
'.
V4 0ag
• r, 4 S'8 -.
4 .... "E• o, Cs•
-sg43c)g
6
-
Z
I.
12,377,497
1,000
1,478,683
15,509,923 240,942,030
64,519,667 278,863,553
446.017,090 2,184,452,024
32,867,215
4,469,013
32,251,036 714,145,598
_
v CI r0 CO GO
.-.
. .-1
1
••,
a t'•'t ..;
1:
ta, •'F.
12,650,974
3,297,793
2,257.701
1.011,772
17,354.327
A
g• '
21 - F, t ' s
8(1,479,683)
269,102,927'
346,681,016
2,632,726,815
38,348,000
763.750,961
O•
374,290,764
C
,T.•
1,479,683
12,650,974 256,451,953
3,297,796 343,383,220
2,257,701 2,630,469,114
1.011,772
37,336,228
17,354,327 746,396,634
3
3.62
2.72
.54
2.66
4
312k
3 ,3•• •3 co
i
2.
..
ca
S
243,533,830
388,942,550
8,326,026
78 475,019
S
401,111,777
301,370,459
59,560,117
294,336.062
1
'4
i
690,313,009
.
2,;
4
t, t
-;
8
8
a3,937,561,887 3,292,916,280
b(690,313.009)
386.668,261
454,554,404
8(372,811.0811
4
:...; - 21 .,
t
74 , ,,
S
$
152,979,02612,262.520,175
$
187,104,070
Total.
8
644,645,607
690,313,009
67,886.143
372,811,081
Held by
Federal
Reserve
Banks
and
Agents.
MONEY OUTSIDE OF THE TREASURY.
MONEY HELD IN THE TREASURY.
•U
.01
2.18
2.52
19.74
.30
6.45
a
8,442,726,010 c3,716,157.111 1,064,603,773
Z•tx
c.
4
152,979,026 2,262,520,175 d236,054,137 5,791,172,672 1,282,045,154 4,509,127,518 *40.74 110,678,000
-Further below we
Stock of Money in the Country.
give the customary monthly statement issued by the United
States Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in circulation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplications, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation Feb. 1 1923 is found to be $40.74,
whereas by the old method the amount would have been
$50.66. The cha ge dates from July 1 1922 and the notice
issued in connection with it by the Treasury Department
was given by us in publishing the statement for that date
in our issue of July 29 1922, page 515. The money and
circulation statement in its new form follows:
,..,
g z
CIRCULATION STATEMENT—FEB. 1 1923.*
EvoL, 116.
THE CHRONICLE
800
,
.
0
e. >.:
.
0 41
4
le
•The form bf circulation statement was revised as of July 1 1922 so as to exclude
from money in circulation all orms of money held by the Federal Reserve banks and
Federal Reserve agents, whether as reserve against Federal Reserve notes or otherwise. This change results In showing a per capita circulation on Feb. 1 1923 of
$40 74, whereas under the form of statement heretofore used it would have been
$50 66. For the sake of comparability the figures for Feb. 1 1922 and April 1 1917
have been computed on this statement in the same manner as those for July 1 1922.
a Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks and Federal Reserve agents.
O These amounts are not included in the total since the money held In trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin and
bullion and standard silver dollars, respectively.
c The amount of money held In trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total
the stock
money outside of the Treasury to arrive at in processof money in the United States.
of redemption, $180,050,214 of
S This total includes $18,440,833 of notes
of
of F. It. notes,$13,446,267
gold deposited for redemption deposited for retirement of deposited for redemption
additional circulation (Act
bank notes. $22,980
national
$6,566,493 deposited as reserve against postal savings deposits.
of May 30 1908), and
-Gold certificates are secured dollar for dollar by gold held in the Treasury
Note.
secured dollar for dollar by standard silver
for their redemption; silver certificates are
gold
dollars held in the Treasury for their redemption: U. S. notes are secured by a used
of $152,979,025 63 held In the Treasury. This reserve fund may also be
reserve
Treasury notes of 1890, which are also secured dollar for dollar
for the redemption of
Treasury. F. R. notes are obligations of
by standard silver dollars, held in the the issuing F. R. bank. F. It. notes arethe
seU. S. and a first lien on all the assets ofof a like amount of gold or of gold and such
cured by the deposit with F. It. agents
purchased paper as is eligible under the terms of the F. it. Act F 11
discounted or
bangs must maintain a gold reserve of at least 40%, including the gold redemption
actual
the U.S. Treasurer, against F.
fund which must be deposited with national bank notes are secured R. notes in
by U. S. Governcirculation. F. R. bank notes and
ment obligations, and a 5% fund for their redemption is required to be maintained
or lawful money.
with the Treasurer of the United States in gold
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 17. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that Is. three ciphers 10001 omitted.)
New I
CapttaliProfits Loans,
Reserve
Week ending
Discount, Cash
with
Net
Time Bank
Feb 17 1923. Nat'l, Deo.29 Investin
Legal Demand
De- MenState, Nov.15 meats, Vault. • past- Deposits. Posits. lodtc.
(000 omitted.) Tr.Cos. Nov.15
tortes.
tion.
Members of Fe d. Res Rank. Average Average Average Average Average Avge.
Bank of N Y &
Trust Co__ _ _ 4,000 11,841
63,414
47,081 5,001
687 6,433
Bk of Manhat'l d10,000d12,500 123,996 2,263 15.091
101,67 17,69
Mech & Met Na, 10.0001 17,182 162,803 4,248 20,647 153.418 4,25
996
Bank of America 5.5001 4,551
72,06
1,549 9,514
70.812 2,864
Nat City Bank. 40,0001 51,071 518,021 6,271
*613,122 31.011 2.120
Chem Nat Bank 4,5001 16,244 124,599 1,187 13,851
103,35
7,268 345
203
Nat Butch & Hi
5001
57
5,237
3,61
537
6 294
Amer Eke!) Nat 5.0001 7,890 94,639 1,139 11,928
82,96
6,537 4,939
Nat Bk of Corn. 25,0001 37,437 309,679
913 32,326 246,873 11,33
Pacific Bank__
24,033 1,061 3,682
24,421 1,03
1.0001 1,701
120.037 23,04 5;i5a.
Chat& Phen Na 10.5001 9,316 148 364 4,765 18.549
40 14.681
Hanover Nat Ilk 5 0001 20,848 123,976
112,36
100
.
170,420 5,381 21,365 153,624 22,714
Corn Exchange. e9.075e11,92
464 3,742
1,500 8,636 36,401
28,37
Imp & Trad Na
827
51
827 16,762 127,08
National Park. 10,000 23,882 161,878
4,971 8,930
1.000.
328 1.617
11,62
East River Nat
2,321
50
8001 13,816
446 20,059
147,821 27,990 7,386
First National. _ 10,000 51,584 333,898
265.764 12,856
Irving Nationa 317,500,510,600 262,842 4,856 35,341
752
133
7,99
6,105
920
Continental Bk.
365
• 00
Chase National. 20,00 22,057 344,669 4,262 42,087 315,123 24,172 1;561
3,08
69
22,999
2,430 22,449
Fifth Avenue..
50
9,10
461 1,323
247
9,633
976
400
Commonwealth
406 2,199
15,089
19 396
1.000 1,645 15,666
Garfield Nat__
16,321
242 2,259
744 249
1,125 19,491
1,2
Fifth National
9,847
76
73,486 1,661
64
7,079 77,09
,
Seaboard Nat.. 4
618 1,860
743 412
15,386
13,381
1.364
Coal & Iron Na• 1,
Bankers Trust. 20,C00 25,039 277,858 1,038 32,125 *252,258 18,975
48,347 4,581
892 11,489
US Mtge & Tr. 3,000 4,419 57,344
Guaranty Trus, 25,000 17,654 403,821 1,468 48,227 *440,007 25,333
19,351
2,616
34
792
Fidel-InterTrusi 1,500 1,866 20,849
119,174 8,666
408 15,567
NY Trust Co._ 10,000 17,696 137,228
33,791 3,375
533 4,510
38,628,
Metropolitan Tr 2,000 3.804
*91,856 24,808 :72
503 12,70
125,172
Farm Loan & Tr 5,000 15,06
29,603 2,205
848 3,9411
Columbia Bank 2,000 2,1451 30,695
Equitable Trust 12,000 15 7541 191,260 1,222 22,723 *193,342 18,348
,
Total Of =raga280,175439,15514,545,112 51,684522,440c3,888,254 12,44831,144
Totals, actual condition Feb. H4.530,502 50,121 531,312c3.889,87 309,32331,307
Totals, actual condition Feb. 104,525,884 62,846 521,431 c3,840,341 16,53531,114
Totals, actual condition Feb. 34,682,781 49,576508,023c3,885,193 17,45430.911
State Banks Not Members of Fed'i Reeve Bank.
:76
2 9
18 98
18,337 1 607 1,918
Greens k "mat 1,000 2,119
36
82
2,154
57841 '
877
250
Bowery Bank__
28,832 52,178
State Rank..._ 2,500 4.684 83,499 3,392 1,81
Total of averages
3,750
7,681
107,620
6.361
4,105
50,586 114,382
50,367 59,378
Totals, actual condition Feb. 17 107,498 5,311 4,0351
51,182 54,353
Totals, actual condition Feb. 10 108,393 5,695 3,703
Total,, actual condition Feb. 3 108,255 5,473 4,22761,14 64,353
Trust Companies Not Membeers of Fern Res ye Ba nk34,64
1,066
52,412, 1,495 3,7
i itie Guar ai A r f10,000 111,414
17,3
929 1,756
61
Lawyers Tit it T f6.000 14,750 26,422
Total of acerages 16,00
1
Totals, actual condition
Totals, actual condition
Totals, actual condition
16,164
Feb. 17
Feb. 10
Feb. 3
78,834
2,424
79,502 2,349
78,090 2,441
77,6911 2,396
5,4
52,03
1.576
5.77
5,47
5,87
53,123
61,692
51,448
1,57
1,678
1,61
Gr'd aggr.. avge 299,925463,001 4,731,566 59,480532,001 13.968.872 368,40631,144
-2,853
,098 +134
-2,880-1,766 +3,31
Comparison with prey. week .
Or'd aggr., ace!cond'n Feb. 17 4,717,502 57,781 541,121 g3,973,36 365,271131,307
+30,2 -7,19 +193
Comparison with prey. week_ _ +5,135-3,101 +1051
Gr'd
Or'd
urn
Gr'd
Gr'd
Gr'd
aggr., satcond'n
ann. Gelcond'n
tr
agar., suet cona
agar.. act cond'u
agar., are cond'n
agar.. gen eond'n
Feb. 174,712,367
Feb. 34.768,727
Jan. 274,755,534
Jan. 204.782,324
Jan. 13,4,783,277
Ian 014,820,390
60,882530.60453,943,11 372,48631,114
57,445 517.922 g3,987,781 373.422 30,911
60,613537.152$3.978.698 376.25230,438
60.9711537.473 g3.944,466446,078 30,624
67,4751541.4251 4.082,9451102.504 30,524
68,2941489,420) 4.004.973 405.268 30,447
-II. S. deposits deducted from net demand deposits in the general total
Note.
above were as follows: Average total Feb. 17, 838,502,000; actual totals Feb. 17.
$33.781,000; Feb. 10, 842,878,0001 Feb. 3, $47,512,000; Jan. 27, $55,574,000; Jan.
20, 582,376,000. Bills payable, rediscount,, acceptances and other liabilities.
average for the week Feb. 17, 8539,840,000; Feb. 10, $521,099,000; Feb. 3. 3549,
417,000: Jan. 27, 3524,335,000; Jan. 20, $481,518,000. Actual totals Feb. 17.
8537,691,000; Feb. 10, 3533,456,000; Feb. 3, 3514,820,000; Jan. 27, 5554,998,000:
Jan. 20, $516,960,000.
•Includes deposits in foreign branches not included in total footing as follows:
National City Bank, $133,156,000; Bankers Trust Co., 810,430: Guaranty Trust
Co., 376,314,000; Farmers' Loan de Trust Co., $22,000; Equitable Trust Co..
$27,799.000. Balances carried in banks in foreign countries as reserve for such de;
posits were: National City Bank, 823,659,000; Bankers Trust Co., $1,884,000Guaranty Trust Co., $7,008,000; Farmers' Loan & Trust Co., $22,000; Equitable
Trust Co., $2,508,000. e Deposits in foreign branches not included. d As of
Dec. 71022. e As of Jan. 3 1923. f As of Deo. 31 1922. g As of Feb.8 1923.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BA:9Ks
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
in Vault. Depositaries
--Members Federal
Rosary° banks_
State banks*
Trust companies_ _
Total Feb. 17_
Total Feb. 10_ _ _
Total Feb. 3
Total Jan. 27_ _ _
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
522,440,000 522,440,000 511,986,460 10,453,540
360,620
4,105,0001 9,468,000 9,105,480
75,200
5,456,000 7.880,000 7.804.800
7,785.000 532,001.000 639,786,000 528,890,740 10,889,260
7,955.000 528,686,000 536,641,000 529,386,200 7,264,800
7.827.000 529,854,000 537,681.000 530,800,790 6 881,210
7.881,000 531,870.000 539.751.000 531,030.730 7,820.270
5,361,000
2,424,000
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the ease of State ban"
and trust companies, but In the ease of membvs of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was WI follows
Feb. 17.59,373,440; Feb. 10, $9,498,120; Feb. 3,89,678.610; Jan. 27, $9,961,650.
801
TITE CHRONICLE
FHB.241923.1
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Reserve
Cash
In
Reserve
in Vault. Depositaries
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks_
State banks.
Trust companies__ _ _
$
$
531.312,000 531,312,000 512,363,440 18,948,560
5,311,000 4,035,000 9,346,000 9,006,060
279,940
2,349,000 5,774,000 8,123,000 7,968,450
154,550
Total Feb. 17__ _
Total Feb. 10____
Total Feb. a____
Total Jan. 27____
7,1360,000 541,121,000 548,781,000 529,397,950 19,383,050
8,036,000 530,604,000 538,640,000 525,691,940 12,948,080
7,889,000 517,922,000 525.791.000531,521,110 -5,730,110
7,920,000 537,152,000 545,072,000 530,447,480 14,624,520
•Not members of Federal Reserve Bank.
•
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank ineludes also amount of reserve required on net time deposits, which was as follows:
Feb. 17, 59.279,690; Feb. 10, $9,496,050: Feb. 3, 59,523,620: Jan. 27, $9,598,410.
Feb. 21
1923.
Feb. 14
1923.
Changes from
previous week.
Feb. 7
1923.
Capital
59,000,000 59,000,100
59,000,000 No change
Surplus and profits
83,679,000
No change
83,697,000 83,679,000
Loans, disc'ts & Investments_ 858,444,000 Dec. 1,926,000860.370.000 856,907,000
Individual deposits, incl. U.S 618,345,000 Dec. 10,605,000 628,950,000 626,956,000
Due to banks
118,999,000 Dec. 2,456,000 121,455.000 122.547,000
Time deposits
111,447,000 Inc. 1,085,000 110,362,000 110,737,000
United States deposits
8,632,000 Dec. 1,453,000, 8,085,000 9,129,000
Exchanges for Clearing House 24,256,000 Inc.
165,000 24,091,000 27,661,000
Due from other banks
72,933,000 Inc. 5,031,000 67,902,000 66,787,000
Reserve in Fed. Res. Bank
89,822,000 Dec. 2,045,000 71,867,000 71,825,000
Cash in bank and F. R.Bank 8,940,100 Dec.
99,000 9,039,000 9,002,000
Reserve excess in bank and
Federal Reser% e Bank
1,694,000 Dec.
187,000 1,841,000 2,219,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Feb. 17 with
comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Fronished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in
Differencesfrom vaults" is, not a part of legal reserves. For trust companies
previous week.
Feb. 17.
Loans and investments
$760,737,000 I)ec. $1,016,200 not members of the Federal Reserve System the reserve
Gold
14,200 required is 10% on demand deposits and includes "Reserve
2,942,400 Inc.
Currency and bank notes
70,100
18,924,900 Inc.
Deposits with Federal Reserve Bank of New York
69,644,700 Inc. 3,536,900 with legal depositaries" and "Cash in vaults."
Total deposits
798,714,900 Inc. 7,188,800
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City exchanges and U.S.deposits_ 753,632,900 Inc. 8.878,500
Reserve on deposits
121,560,200 Inc. 4,251,800
Percentage of reserve, 20.0%.
RESERVE.
-State BalgS--- -Trust Companies
883,754,200 14.58%
Cash in vault
*527,757,800 16.33%
22,258,800 5.08%
Deposits In banks and trust cos
7.789,600 4.58%
Total
$86,012,800 19.86%
$35,547,400 20.91%
* Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Feb. 17 was $69,644,700.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositories.
WeekendedIt. 28
ov. 4
DV. 11
DV. 18
)V.25
sc. 2
Sc. 9
sc. 16
cc. 23
90. 30
,n. 6
n, 13
,n. 20
n. 27
lb. 3
to. 10
$
5,402,995,200
5,394,373,600
5,348,725,300
5,331,839.900
5,314,686.500
5.327.903,200
5,309,488,800
4,798,475,400
5,523,709,500
5,519.496,000
5,630,574.400
5,529.461,100
5,582.902.500
5,522,233,200
5,532,381,800
5.496,199,200
$
4,650,020,500
4,623.418,200
4,573,740.400
4,569,953.000
4,562,416,100
4,592,129,500
4,542,829,600
4,545.721.000
4,594,948,100
4,733,584.900
4,802,407.700
4,774,730,400
4,760,083.200
4,734,896,900
4,731,427,200
4,718,679,400
8
88,484,300
87,350,900
91,084.000
89,248,900
87,309,000
88,954,800
91,414,200
93,839.300
100,766,600
100,243,100
90.677,500
93,343,800
86,640,000
83,614,700
82,113.900
83,018,000
$
618,226.400
623,119,700
614,915,700
817.659.300
613.970,600
612,088,200
609,280.700
609.293,500
618,154,200
632.127.800
656,380,000
642.753,801
637.700.500
622.630.300
627.114,40C
624,211.401
4%
4 AG9 102 nnn
A799 mu MA
RI 7711 WM
R 11 1107M(
.
17
New York City Non-Member Banks and Trust Companies.
--The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that ft. three ciphers l0001
Net Loans
apftal.1 Profits. DUCLEARING
Reserve Net I Net
Nat'l
NON-MEMBER•.:
'merits. Cash
with Demand( Time Bank
Nat.bles.Dec.29 Investin
De- I De- CircaLegal
Week ending Statebks.NovI5 menu, Vault. Depost- posits. I posits. Paton.
Feb. 17 1923.
r. cos Dec.30 etc.
tortes.
Members of
Ferri Res. Bank
Battery Park Nat_
W.R.Grace & Co_
5
1,. I
500
Total Feb. 17_
2,000
Average Average Average Average Average Average
$
$
$
$
$
$
I $
1,163 11,023
177 1,122
7,29
478
195
1,339 9,000
30
503
5,646
---1,9781
2,50 20,023
207 1,625
0,276 6,124
195
State Banks Not M( misers of Fed. Res've Bank.
20(.
Bank of Wash.IR
32ii 5,503
614
303
Colonial Bank_ _ _
.
8041 1,879 20,185 2.578 1.320
Total Feb. 17._
1,
2.20l, 25,668
3,192
1,623
Trust Companle. Not Me misers of Fed. Res've Bank.
Mech.Tr.,13ayonn
500
34E, 9,166
385
18.
5,0611
21,502
1,011
------
26,563
1,011
--- -
3,704
5,630
----
3,704i 5.630
----
Grand aggregate__ 3.500 5,051 54,857 3,784 3,433 a39,543 12,765
-513 +126 -187 +1,501 -746
Comparison with 1 reviou- week_
__-
Total Feb. 17_
nett agar.. Feb. 10
Gled agar., Feb. 3
an
ciea aux.,J.2
card assn. Jan. 20
500
3, •
3,50
3.50
3,200
34.
9,168
385
18
5,059 55,370 3,858 3,620 a38,042 13,511
5 059 54,84
3.506 3,455 a37,064 13,707
71
5,059 54,903 3.496 3.579 037,380 13,917
5.435 53.881 3.74
3.537 a37,442 12,892
a U. S. deposits deducted, 5373 000.
BlUs payable, rediscounts, acceotances and other Ilabilltles, $2,543,000.
Breese reserve. $331,900 derease.
195
195
195
196
195
Week ending Feb. 17 1923.
Two Ciphers (00) omitted. Mensbersof
F.R.System
Feb. 3
1923.
Mal.
340,875.0 $40,875.0
114,847,0 114,870.0
707,939,0 713,711.0
31,386.0 28,182.0
100,105,0 85.051.0
125,628,0 123.048,0
553,520,0 544.544,0
27,139,0 26,988.0
708,287,0 694,580,0
6,361,0
7,768,0
3,038,0
3.658.0
55,351,0
55,351,0 55,233.0
9,569,0
1,354,0 10,923,0 10.758,0
64,920,0
4,392,0 69,312,0 89.649,0
4,242,0 59,099,0 59.408,0
54,857,0
10,063,0
1,604,0 11,587,0 15,217,0
• Cash In vault not counted as reserve for Federal Reserve members.
Capital
Surplus and profits
Loans. disets & investmle
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S deposits (not WeldRes've with legal deposit's
Reserve with F.R.Bank
Cash in vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault_
535,875,0
100,351,0
664,474,0
30,779,0
100,088,0
124,934,0
525,540,0
26,429,0
676,903,0
Feb. 10.
1923.
7'rust
companies
$5,000,0
14,498,0
43,465,0
607,0
17,0
694,0
27,980,0
710,0
29,384,0
8,361,0
3,038,0
$40.875,0
114,847.0
715.329.0
30.406.0
89.986,0
128.903,0
549,414,0
26,629,0
702,946,0
8,608.0
3,760,0
55,512,0
10,424.0
65,936.6
59,583.0
11.555.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 21 1923 in
comparison with the previous week and the corresponding
date last year:
Feb. 21 1923. Feb. 14 1923. Feb. 21 1922.
Resources
137,726,324 141,130,282 285,045,000
Gold and gold certificates
71,979,000
Gold settlement fund-F. R. Board__ 221,826,637 194,541,841
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Reserves other than gold
359,552,962
634,868,470
9,895,005
1,004,316,438
20,408,539
335.871,923
635,4122.870
7,088.952
357,024,000
741,396,000
10,000,000
977,763,746 1,108.420,000
36,271.000
25,000,220
Total reserves
1 024.724,977 1,002,763,966 1,144,691,000
•Non-reserve cash
9,349,495
9,484,009
Bills discounted:
54,168,009
Secured by U. S. Govt. obligations... 194,472,610 259,758,175
46.805,000
All other
34,491,813
45,973,705
23,007,000
Bills bought in open market
29,793,393
27,312,425
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act).
All other
267,758,741
23,461,250
324,043,381
24,046,750
123,980,000
30,622,000
20,129.000
29,187,500
32,400,000
61,857,000
Total earning assets
Bank premises
5% redemp.fund sgst. F.R.bank notes
Uncollected items
All other resources
311,348,991
10,516,134
377.277.631
10,515,340
133.845,344
1,975,548
153,979,164
1,928.571
Total resources
1,491,760,492 1,555,940.685 1,505,809,000
Liabilities
Capital paid in
29,126,400
Surplus
59,799,523
Deposits
Government
9,382,939
Member banks
-Reserve account_ __ _ 707,269,004
All other
11,087,914
Total
727,739,858
F. R. notes in actual circulation
589,795,308
F. It. bank notes In elm'n-net liability
Deferred availability items
102,571,737
All other liabilities
2,727,865
Total liabilities
248,859,000
7,271,000
1,506,000
100,785,000
2,697,000
28,9P2,800
59,799,523
27.049,000
60,197,090
12,678,771
755,685,804
10,128,891
25,335,000
650,439,000
11,734,000
778.493,467
560,010,229
687,508,000
626,544,000
17,877,000
83,012,000
3,622,000
126,130.534
2,532,131
1,491,780,492 1,555,948,885 1,505,809.000
Ratio of total reserves to deposit and
F. R. note liabilities combined
79.0%
Contingent liability on bills purchased
for foreign correspondents
$8,654,528
• Not shown separately prior to January 1923.
74.9%
87.1%
8,659.618
$12,004,069
CURRENT NOTICES.
-A new investment house under the name of George B. Robinson & Co.,
Inc., has been formed with offices at 67 Wall St., New York, to deal in
high grade securities. The officers of the concern are George B. Robinson.
formerly General Sales Manager of Henry L. Doherty & Co., President and
Treasurer; Edward 0. Robinson, Vice-President, and Frederick W. Mowbray, Secretary.
-Hon. Bainbridge Colby, former Secretary of State, was the principal
speaker at the monthly luncheon of the British Empire Chamber of Commerce at the Bankers Club Wednesday, Feb. 21.
802
THE CHRONICLE
[vou 116.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Friday afternoon, Feb. 21,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 768, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 21
1923.
Feb. 21 1923.
,Peb. 14 1923./Feb. 7 1923. Jan. 311923. Jan. 24 1923.•Jan. 17 1923. Jan. 10 1923. Jan. 3 1923.1 Feb. 21 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R.Board
302.668.000
574.857,000
$
302389,0001 307,587,0001 292,884,000
572,152,000 569,278,0001 561,403.000
ss
298,207,0001 296,840,000
556.642.000 535.229,000
281,300.000
543.338.000
$
381.673,000
510,681,000
272,504,000
550,128,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
877,525.000 874.341.000 878,845,000 854,067.000 854.849,000 832,089.000 824438.000 822.630,000 902.354,000
2,142.076,000 2,144,036,000 2,139.375.000 2,174,877,0(10 2,181.121.000 2,195.474.000 2,186,194,000 2,165,627,000 1,977,602.000.
55.641,000
59.856.000
60.120,000
44,167.000
47.068.000
49,949.000
51,873,000
61,194,000
66,847,000
Total gold reserves
Reserves other than gold
3,075,242,000 3,078,497.000 3,076,076.000 3.075,810.000 3.080.13740013477,492,000 3,062,705.000 3,049,451,000 2,946,803,000
128,387,000 140.464,000 143,288,000 151,333409 141.844.000 136,645,000 124,509,000 113,442.000 134,006,000
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3,203,609,000 3,218.961,000 3,219,364.000 3,227,143,000 3,221,981,000 3,214,137.000 3,187.214,000 3,162,893,000 3,080,809,000
68,108,00
54,452.000
67,789,000, 67,770,000
82,178,000
79,958.000
94,442,000
92,165,000
368,241.000 428,724,000/ 344,646.000
259482.000, 224,715.000 224,663.000
182,353,000' 184,476.000 184,945.000
341.649,000 284.017400
228,086,0001 229.328.000
204,547.000 201.335.000
281,993,000
230,053.000
225.760,000
351,483,000
278,162,000
255,182.050
281,994,000
439,289,000
82,564,000
810,276,000 t37.915,000
187,420.0001 183,240,00
186,614.0001 190,283,000
Total bills on hand
U. S. bonds and notes
U.S. certificates of Indebtedness
One-year certificates (Pittman Act)
Other certificates
Municipal warrants
377,482.000
219,789.000
188.588,000
785.817.000
162,952,000
774.282.000
166.857,000
714,880,000
156,878,000
737,809.000
175.709.000
882,827.000
182,315,000
803,847,000
124,299,000
754,254.000
160.086.000
187,038.000
190,783,00) 185,962.000 255.554,000
10,000
4.000,
332,467,000 274,239,000 230,709,000
191,000.
39,000
24,000
Total earning assets
1,164,310.000 1,191,438,000 1,107,378,000 1,139,552,000 1.127.105.000 1,127,122.000 1,246,009,000 1,339.420,000 1,159,046,000
Bank premises
47,042,000
48,777.000
46,640,000
46,400.600, 45,895.000
46.471.000
37,032,000
45,281,000
45,521.000
5% redemp. fund agst. F. R. bank notes
311.000
311.000
311.000
311.000
9,339,000
311.000
2,097.000
911.000
310.0001
Uncollected items
606,089.000 676,805,000 524,354.000 530.431,000 580.148400, 653,495,000 608,541.000 770,070,000 488,050,000
All other resources
18,568,000
16,045,000
15.180.000
15,618.000
14,711,000
15,497,000, 15,329.000
15,506.000
14,894.090
Total resources
5,106,755,000 5,218,126,000 4,981,635,000 5,013.540.000 5,071.399.000 5,138,467.000 5,193,255.000 5329,709,000 4,788,987,000
LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
108,874,0001 108.373,000 107,810,000 107,703.000 107,648,000, 107,484,000 107,485,000 107.450,001) 103,685,000
218.369,000 218.369,000 218,369.000 218,369,000 218.369.000 218,389,000 218,369,000 218.3119.000 215,398,000
46,308,000
43.492,000
46.014,000
35.131.000
63,910,000
33,042.000
9,341,000
6,630,000
6,193,000
1,897.691,000 1.984401,000 1,905,530,000 1,913,446.000 1424,521,000 1,918,468.000 1,960,348,000 1,942.749400 1,677,011,000
21,917.000
22,639,000
23.780.000
31,602.000
31,260,000
33.263.000
75,394.000
41.642.000
53,337,000
Total deposits
1.985.914,000 2.030,692.600 1,964,441.050 1,991.062,000 1.990.826.000 1.9)19.451.0002,019,876.000 2,024,773.000 1,772.181400
F. R. notes in actual circulation
2,260,497.000 2.243.603.000 2,217.817.000 2.203,701.000 2,225.231.000 2.258.491.000 2,312,674,000 2,411458.000 2,173,514,000
F.R.bank notes In circulation-net liab
3.068.000
3474.000
3,309,000
3,132.000
3305.000
81,165,000
2.947,000
3,117,000
2486,000
Deferred availability items
538.323.000 802.878.000 459.255,000 479.551,000 514.997,000 573,705.000 521487,000 655,532,000 425,427,000
All other liabilities
11,712,000
11337,060
10434.000
10.049.000
11.196.000
17.607,900
9,580.000
9.850.000
10,338,000
Total liabilities
5306,755.000 5,218,126,000 4,981,635.000 5,013,540,000 5.071,399,000 5,138,467,000 5.193.255,000 5.429.709,000 4,788,987,000'
Ratio of gold reserves to deposit and
72.7%
F. R. note liabilities combined
73.5%
72.0%
73.3%
74.6%
72.8%
70.6%
88.7%
70.8%
total reserves to deposit and
Ratio of
75.8%
F. R. note liabilities combined
75.3%
76.9%
77.0%
76.4%
76.1%
78.1%
71.3%
73.6%
Distribution It, Maturities
1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market.
18-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks
3
59,427,0001 70.348,0001 65,080.000
484.614.000 524.616.000 430.152.000
4,684.000
13,286,000
4,872.000
65,983,000
453.690.000
11,048400
34,75.5.000
31,901,000
46.992,000
33.080.000
28.607.000
38,933,000
34,940.000
36,917.000
41,654.000
34,948,000
44,669,000
53.490,000
15,000,000
43,982.000
45.800.000
18,500,000
1
26,498,000
32,284,0001
42,551.000
46,593,000
48,213,000
45.442.000
48,589,000
83,201.000
32,354,000
31,777,000
270565.000
38,258,000
10,570.000
10.020.000
22.132,000
23.870.000
119,584.000 133,953,000
1
7,922,060
23.768,000
96.534,000
36,738,000
35,210,000
8,292.000
21.180,000
119,938,000
71.673.000
62,988,000
421.948,000 367,672,000
13.970,000
75,710.000
1
6.000
41,930,000
47.229,600
31,576,000
31.695.000
5,914,000
52.446,000
52,300.000
76,567.000
4.000
29,204,000
36441.000
14,507,000
55.804,000
48.289,000
71,272,000
4.000
28,628,000
38.848.000
9.294.000
27.272.000
80,918,000
6,886.000
27,441,000
102.658,060
$
72,452,000
353,518.000
145.787.000
17,000
48,581,000
34,678,000
97,524.000
443.297.000
100.385,000
26,000
45.049400
43,828,000
39,473,000
428,670,000
1,884,001)
140,000
22,050,000
74,039,000
39,302,000
1,000
61.891.000
51.690,000
68.309,000
61,399,000
15,289,000
109,593,000
15,449,000
5,000
35,375,000
43,339,000
81,919,000
1,000
7,481,000
28,824.000
104.761,000
6.000
37,180,000
49,550400
66,618.000
6.000
7,120,000
29.573.000
107,238.000
1,000
15,633400
67,644,000
2,700,000
51,000
119,000
41,337,000
171,373,000
2,652.879,000 2,633.175.000 2,619,758,000 2,632,727.000 2,654.125.000
2,810,254,000 2,510,576,000
392,382.000 389.572,000 401,941,000 429,026,000 428,894.000 2,691,511.000 2,747.705.000 399,196,000 337,062,000
435,020,000 435,031,000
2.260,49.000 2,243,603,000 2.217,817.0002.203,701.000 2,225.231,000
2,258,491,000 2,312.674,000 2,411,058,000 2,173,514,000
In actual circulation
Amount chargeable to Fed. Iles. Agent 3,527,052,000 3,528,348,000 3.535.806.000 3486,210,000 3,588.873.000
3.683,657.0003,458,017 000
,
874,173,000 895,173,000 916,0411,1401 933,483.0001 934,748.000 3.620,438,006 3,650.303,000
In hands of Federal Reserve Agent
928,927.000 902.598.000 873.403.0001 947,441,000
Issued to Federal Reserve banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,652.879,000 2.633,175,000 2419.758,000 2,632,727,000 2,654,125,000
2,691.511.000 2.747,705,000 2,810,254,000 2.510,576,000
327,398,00, 330,809,000 329.799,000 339,809,000,
344,012,000
610, 03.000 489.139.000 480,383,600 458,050.000, 339409.000 342,462.000 352,462,000 353,462,000 532,974,000
473.004.000
126,833,000 128,130.000 130,567,000 133.752,000 133,647.000 496,037,000 561.511.000 644.627,000 123,729,000
1,687,843,000 1485,097,000 1,679,009,000 1,701.116,000 1.707,665,000 134,719.000 122,876.000 130.431,000 1,509,861400
1.718,293500 1,710,850,000 1481,734,000
2,652,879.000 2433,175,000 2.619,758,060 2,632,727400 2,654,125,000 2.691,511.000
2,747.705,000 2,810,254,000 2,510,576,001
Eligible paper delivered to F. R. Agent.. 760.241,000
•Not shown separately prior to January 1923.
800,422,000
721.280,000
753.115.000
746,805.000
885,399,000
713.616,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL. RESERVE BANKS AT
CLOSE
Two ciphers (00) omtued.
BostonNew York Phila. Cleveland Richmond Atlanta Chicago 88. Louts AtMissy.
Reserve Bank of
Federal
Kan. City
RESOURCES.
$
$
$
S
$
$
$
$
$
$
17,254,0 137,728,0 21,638,0 14,008,0 6,828,0 5,597,0 52,565,0 5,360.0 7,775.0
and gold certificates
Gold
2,906.0
Gold settlement fund-F.R.13'r 44.387.0 221.827,0 28,912,0 78,960,0 24,410,0 20,315.0 45.077,0 9,511,0 24,700,0 32,201,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
61,641,C
154.892,0
11,099,0
389,553.0 50.550,0 92,968,0 31,236.0 25,912,0 97,642.0 14,8714 32.475,0
35,107.0
634,888,0 157.269,0 205.973,0 65,368,0 110,814,0 414,572.0 82,0954 47.489,0 59,328,0
9,895,0 7,6674 4,167,0 3,642,0
981,0 8,508.0 2,058,0
875,0 1,204,0
227.632,0 1.004,316,0 215.486,0303,108,0 100,246,0 137,707.052,722,0 99.024.0 80,839,0
Total gold reserves
95,635,0
9,143,0
20.409,0 9,300,0 11.132,0 12,674,0 88,528,0 22,080,0 18.7144
Reserves other than gold
875,0 5,150,0
236.775,0 1,024.725.0 224.786.0 314,240,0 112,920,0 146,235,0 542.02,0 117,738,0 81.714.0
Total reserves
9,186,0
9.350.0 2,448,0 3,895,0 3,355,0 9,134,0 6.972,0 4,145,0 2,103,0 100,789,0
Non-reserve cash
4,038,0
Bills discounted:
U.S.Govt.oblIga•ns 22,774.0 194.473.0 42,670.0 22,899.0 18,024,0 2,753.0 28,332.0 8,4314
Secured by
779,0 4.181,0
45,974.0 15,241,0 11,437,0 25,057.0 15,321,0 33.365.0 7.765,0 18,014,0
36,872.0
Other bills discounted
13,506,0
27,312,0 28,357.0 30,506,0
12,726.0
2204 7,6154 17,194.0 9,202.0 5,108,0
85,0
Bills bought In open market- -72,442,0 267,759,0 84.288,0 64,842,0 43,301,0 25,689,0 78,8914 25.398,0 23,901,0 17,772,0
Total bills on hand
23.481,0 24,438.0 12,338,0 1,341,0
6,493,0
483,0 8,275,0 18,236,0 10.914,0 30,730,0
U. B. bonds and notes
20,129,0 4,629,0 23,214,0
9,531,0 66,129,0 10,756,0
544.0 11,723,0
U.S.certificates of indebtedness. 22,205,0
101.1400 311.349.0 113.335.0 102.394.0 44.642.0 35.703.0 153.295.0 54.390.0 35.3300 80 225 n
Total earning assets
850,750400
767,269.000
OF BUSINESS FI113. 21 1923
Dallas
San Fran,
8
$
11,160,0 19,853,0
10,783,0 33,774.0
Total
$
302,668,0
574,857,0
21,943.0 53,627.0 877,525,0
14,783,0 194,625.0 2.142,076,0
55441,0
1.215,0 4,330.0
37.941,0 252,582,0 3,075,342,0
5,492,0 4,870,0 128,367,0
43,433,0 257,452,0 3,203,609,0
68,108,0
4,397,0 10.085,0
1.778,0 21,147,0
15,002,0 22,128,0
21,420,0 24,538,0
388,241,0
259,682,0
182,353,0
38.200,0 67,813,0
3,089.0 27,622.0
8,629,0 7,125,0
810,276,0
167,420,0
186,614.0
40.ota.0 102.880.0 1.164.310.4
RESOURCES (Concluded)
Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected Items
All other resources
803
THE CHRONICLE
FEB.24 1923.1
Bogart
New
$
4,434,0
York. Phila. !Cleveland Richmond Atlanta
$
1515
1
10,516,0,
660,0 7,635,0
$
2,617,0
$
2,183,0
San Fran.1
'
Chicago St. Louts Minneap. Kan. City Dallas
$
8,361,0
$
1
919,0i
$
1,051,0
s
$
1,937.0
Total
1,939,0
47,042.0
65,0
45,0
200.0
I
1
1
1
55,733.0. 133,845.0 54,261.0 62,889.0 50,230,0 24,782,0 73,192,0 36,709,0 13,966,0 38.318,0 22,674,0 40,210.0
448,0
1,976,0
625,0
991,0
434,0
365,0 1.340,0
538,0 1,804,0 1,027,0 2.095,0 4,953,0
311.0
606.800.0
16,566,0
against
4,790,0
Total resources
407,716,0 1,491,761,0 396,115,0492,644,o 214,198,0 217,372.0 786,027,0 214,439.0 135,997,0 209,387,0 124,500.0 417,199,0 5,106,755.
0
LIABILITIES.
1
1
Capital paid in
8,046,0
29,E6,01 9,602.01 11,950,0 5,649,01 4,419.0 14.970.0 4.900,01 3,586,01 4,666,01 4,184.0 7,776.0 108,874,0
16,312.0
59, 0.0 13,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9.665,0 7,473,0: 9,488.0, 7,496,0 15,263,0 218,369,0
Surplus
Deposits: Government
46,306,0
7,300,0
9,383.0 2.854,0 2,330,0 1,513,0 2,212.0 4.820,0 3,696,0 3,307,0 2,305,0 1.396,0 5,190,0
Member bank-reserve itcc't,.._ 121,258,0 707.275,0 112,450,0 157,631,0 60,813,0, 57,481.0 281,931,0 72,681,0 51,050,0 82,460,0 54,055.0 138,606.0 1,897,691,0
Other deposits
465,0
11,088,0
430,0 1,274,0
503,0 1,306,0
168,0,
593,0
336,0, 3,709,0, 21,917,0
902.0 1,143,0,
Total deposits
129,023,0
F.R.notes In actual circulation 201.331,0
F. It. bank notes In circulation
net liability
Deferred availability items
52,513,0
All other liabilities
491,0
727,746.0 115,734,0 161,235,0 62.494,0 60,196,0 288.057,0 76.970.0 55,259,01 85,908.0 55,787,0 147,505,0 1,965.914.0
569,795,0 205,045,3 237,050,0 89,011,0 121,472,0 389.003,0 86,594,0 55,939,0 65,684,0 31,314.0 207,379,0 2,260,497,0
1
393.0
I 2,243,01
430.01
1
102.566.0 46,313.) 57,454,0 45.281,0 21,744,0 61.173.0 35,589,01 12,848,0 40,940.0 23,671.0. 38,231,0
2,728,0
599,0 1,153,0,
475,0
672,0
860.0
721,0
458,0 1,618.01 1,045.0
892.01
3.066.0
538.323.0
11,712.0
Total liabilities
407.716,0 1,491,761,0 396,115,0 492,044,0 214,198,0 217,372,0 786,027,0 214,439,0 135,997,0 209.387,0 124,500,0417.199,0 5,105,755,0
Monorand7.
Ratio of total reserves to deposit
and F. It. note liabilities com1
bined. per cent
71.7
80.1
79.0
74.5
80.5
78.9
75.8
72.01
70.1
73.5
66.51
49.9
72.5
Contingent liability on bills purchased for foreiv,, ell•raa'n-tntrta 2.392,0
8,655,0 2.743,0 3,445,0 1,659,0 1,308,0 4,434,0 1,404,0 1,558,0 1.372,0 1,148,0 2.265,0
31.883,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY 21 1923.
Federal Reserve Agent at-
Boston. New York' Phila. Clever d Richm'd Atlanta Chicago St.Louis Minn. K. City Dallas San Fr.
Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand •
89,100
Federal Reserve notes outstanding
214,479
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
15.300
Gold redemption fund
11,592
Gold Fund- Federal Reserve Board
128,000
Eligible paper'Amount required
59,587
12.855
lExcess amount held
Total
$
$
1
S
$
$
361,690 39,600 33,290 30.020 75,704
758,410 227,636 250,620 98.166 127,029
$
$
$
$
$
$
5
105.560 24.590 10,890 20,560 21,444 61,725 874.173
445,547 106,110 59,310 72,765 35.003257.804 2,652,879
260.530 7,000 13.275
2,400
33.338 13.380 12,698 2.573 7.914
341.000 136.889 180,000 62.795 100,500
123,542 70,367 44,647 32,798 16.215
111,117
916 18,491 9.213 9,468
9,380 13.052
6,461
327.398
16,928 4,215 1,437 4,968 2.322 15,468 126.833
397.644 68.500 33,000 54,360 6,000 179,157 1,687.845
30,975 24,015 11.821 13.437 20,220 63,179 510.803
47,837 1,383 11.621 4,335 17.616 4.586 249,438
Total
530,913 1.989,627 495,788 553,021 235.865339.230 1,044,491 238,193 141,131 170.425 109.066 581,919 6.429,369
Liabilities
Net amount of Federal Reserve notes received Iron
Comptroller of the Currency
303,579 1.120.100 267.236 283.910 128.186 202,733 551.107 130,700 70.200 93.325 56.447319.529 3.527.052
Collateral received from Gold
154.892 634,868 157.269 205,973 65,368 110,814 414.572 82,095 47,489 59,328 14,783 194.625 2,142.075
Federal Reserve Bank lEligible paper
72,442 234.659, 71.283 63,138 42.0111 25,683
78.812 25.398 23,442 17.772 37,836 67.765 760,241
1
Total
530,913 1,989.627,495,788 553.021 235,565 339.230 1,044.491 238.193 141.131 170.425 109.066 581,919 6,429,369
Federal Reserve notes outstanding
Federal Reserve notes held by banks
214.4791 758.410 227,636 250,620 98,166 127.029
13.148, 188,615, 22.591 13.570 9.155 5,557
Pattaral Pattorva nntaa In ....nal olannTatinn
oni Szi
I
RIV) 70A'2ns nan 2:17 nso 69.011 121.472
445,547 106,110 59,310 72,765 35.003257.804 2,652.879
55.664 19.516 3.371 7,081 3,689 50.425 392.383
1
389.883 86.594 55.939 65.684 31.314 207.379 2.260.497
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 781 member banks, from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dee. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 768.
1. Data for all reporting member banks In each Federal Reserve District at close of business February 14 1923. Three ciphers (000) omitted.
Federal Reserve District.
Boston !New YorkI Phila.
Number of reporting banks461
s
5 1061
56
Loans and discounts, gross:
$
Secured by U.S. Govt. obligations
14.450
91,594
20.457
Secured by stocks and bonds
244,281 1,663,022 236,624
All other loans and discounts
605.922 2,367,660 334,153
'
Cleveland Richmond Atlanta
39
Chicago St. Louis'lifinneap. Kan. Mil
Dallas
San Fran.
Total
84
78
$
31.807
369,598
657.876
$
10.602
124,592
313.054
7,571
40,580
61,475 553,696
335.812 1,087,442
17.911
137,786
302.896
8,267
45,984
190,915
8,421
78.281
360,107
5.569
51.184
206,319
16.255
273.484
161.424 3.727.947
745,107 7,507,265
864.653 4,122.276 591,234 1,059,281
12.797
48,4611
11,464
48,128
77,636 486.415, 47.725 121,163
6.135
46,4441
4.656
9.279
29,471 514,3501
53.573
55,670
9.138
81,901
1.578
11,890
175,496 746,565 186,667 290,407
448,248
30,480
32,783
4.725
10.776
3.252
52,373
404,858 1,681.718
14.361
23.788
11.929
98,414
3,092
33,068
5,659 134.493
5.239
25.481
36,130 360,740
458.595
15.324
24,802
9.742
24,850
3.709
90,363
245,166
8,818
16,300
2.474
23,507
2,558
30,884
446.809
12.073
46,042
4.827
21,210
5,411
59,862
263.072
19,775
12.788
2,995
15.033
3.237
8,747
922,786 11,508,696
36,247
281.716
95,654 1,071,655
14,631
142.066
49.510
938,102
165.482
12.089
153,181 2,191,415
Total loans & disets & Investm'ts, 1,175,326 6,046.412, 896.897 1,595.818
Reserve balance with F. It. Bank _ _ _
88,270 685.323' 70.333 114.863
Cash in vault
18,399
82.539
16,762
31,526
Net demand deposits
841.374 4,007.862 702.812 933,083
Time deposits
243.274 731,402
74.433 548,677
Government demposits
8,484
47,779
10,999
5,893
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by IL S. Govt. obligations
16.403 239.241
23,013
16.121
All other
16.994
30.799
12.143
6.167
582,637
36,690
13,993
344,848
149,263
5,235
481,268 2,357.706
35,670 205,120
10,913
55.318
293,789 1,528.735
164.557 756,270
2,818
15,534
627,385
43,843
8.330
394,705
184,571
4,410
329,707
25,892
6.213
214,589
85,085
3,446
596.234
54,152
11,740
469.444
125,614
1,240
325.647 1.284.097 16.299,134
96,675 1,483.766
26.935
21,967
287.386
9.686
244.442 685,427 11,612,418
71.230 593.278 3,727.654
114,254
6,926
1,490
1,401
1 747
115
1.41R
2.999
2611.7
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty Notes
U.S. Treasury Notes
U.S. Victory notes & Tress' notes_
U.S. Certificates of Indebtedness
Other bonds, stocks and securities
10,184
10.848
s
444
2.857
a
107
14,394
8.399
s
36
$
30
s
78
$
52
529
2.187
$
66
18,239
6.948
$
778
343.083
103.161
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City
Three ciphers (000) amlBed.
Feb. 14.
Feb. 7.
63
gumber of reporting banks
64
Arms and discounts, gross:
$
$
79,509
Secured by U.S. Govt. obligations
82,234
Secured by stocks and bonds
1,487,579 1.458.253
All other loans and discounts
2,070,708 2.063.837
City of Chicago
.411 F. R. Bank Cities F. R. Branch Cities'Other Selected Cpies
Total.
Feb. 14. 1 Feb. 7. Feb. 14. 1 Feb.7. Feb. 14.1 Feb. 7
. Feb. 14. Feb. 7. Feb. 14'23 Feb. 7 '23 Feb. 15'22
-.-491
50
260
262
2071
807
207
778
311
780
3n
3
$
3
$
$
I
5
$
$
S
$
$
31,216
31.197
184,150, 182.1571 49.370 48.334
441,727
270.225
273,48
39,936
39.734
418.520, 403,604 2,713.356! 2.673,58
551,338 543,420 463,253 480,189 3.727.947 3,677.189 3,125,795
630,5481 639,577 4,626.272 4,620,24 1,537,1771.530.704 1.343,8101.341.011
7,507,26 7,491.963 7.362,681
Total loans and discounts
3,640,571 3,601.599 1,080.292 1,074,378 7,523,7781 7,475.9 2 137,8852,122,458 1,847,033 1,840,934 11,508.696 11,439.377 10.930, 0
.
28
J. S. pre-war bonds
2,415
98,826,
2.245,
98.169
37,835
37.836
76,854. 76,954 106,036 105.981
281.103
281,716
J. S. Liberty bonds
656,564
651.721 249,9541 245.058 171,137 170,784 1.071.655 1.067.563 997,684
40.959
40.389
417,205 418.298
J. S. Treasury bonds
87,932
25.958
25.750
88.067
36,631
36,628
141,960
145,115
142,068
29,9361 31.469
24,2001 25.579
722,6011
J. S. Victory notes & Treasury notes 483.293 485,620
87,006
724,298 137,329' 134.678
90,28
457.015
936.390
938.102
78,1721 77,414
J. S. Certificates of Indebtedness
14,171
109,360
123.012
13,369
35,963
207,739
90,860
79,459
180,335
35.190
165,482
20.159
22.133
)ther bonds, stocks and securities._ 545,060 546.777 184.977 187,752 1,193,008 1,196,192 575,941 576,076 422,466 419,620 2.191.415 2.191,888 2.090.869
Total loans & disc'ts & Investla. 5,240,0595,217,621 1,437,306 1.432.63910,386,069 10.357,444 3.243.862 3,221,883 2,669,203 2,662,444 16.299,134 16,241.77114,683,510
teserve balance with F. It. Bank.. 632,95
605.697 141.513 144,936 1,063,838 1,020,843 245.981 238.295 173.947 170,815 1,483,766 1,429.953 1,333,056
ash In vault
149,013
144,8751 60,979
284,237
28.809
269.880
68,822 69.280432
287,386
62.643
77,394
76,719
tlet demand deposits
4464.0694,447.3431,021.8571.026.432 7,962,4051 7.399.994 1,943.576 1,908.0321.706,433 1,677.207 11,612,4 18 I I,485.233 10.320.674
rime deposits
14
480,123 482.738 364.066 386,694 1,780,3721 1,784,73 1, 6,2741.134,642 801,008 803.388 3,727,654 3,722.762 3.081.979
85,670
loverinnent deposits
134,371
422,896
99.5411
11,951
19,089
114,254
10,194
44,099
51,584
22,505
10,095
12,325
(Ills payable and rediscounts with
F. R. Bank:
Seed by U.S. Govt.obligations_ 213,93
257,239
171.628
273.917 205,093
343.083
3.671
47,50
153,615
5,910
18.425
83.721
21.6
All other
206404
19,953
99,574
103,161
62,
70,511
16,412
14,122
7,291
5,75
21,143
15,846
17,288
tatio of bills payable &rediscoun
with F. It. Bank to total loan
and Investments, per cent
0.6
2.2
4.13.2
3.3
0.9
.
1.9
1.8
15
1.5
-- - • Revised figures.
804
THE CHRONICLE
4iartiters? 05azettE
Wall Street, Friday Night, Feb. 23 1923.
Railroad and Miscellaneous Stocks.
-Several outstanding events of special interest in Wall Street have occurred this week nearly all of which have to do with higher
prices. On Monday it was sterling bills of exchange, which
sold up to a fraction over $4 70, the highest recorded price
since March, 1920. On Tuesday cotton advanced to 29
cents, the highest figure reached in several years past,
and it was announced that the average price of stocks had
advanced from a little over 84 on Jan. 17th to 91.30, or
somewhat more than 7 points. On Wednesday it became
known that the New York Federal Reserve Bank had advanced its discount rate from 4 to 432%, which was not
surprising in view of the fact that the rediscounts now held
by the Bank are substantially more than double what they
were a year ago. On Wednesday also a long list of active
shares advanced from 1 to 3 points, the general bond market
was unusually strong with a noteworthy upward movement
in some of the British, French and central European issues,
while sterling reached a new high level of $4 723, making
a total gain of 5 cents within two weeks, and spot cotton
was quoted at 29.45 cents.
The general bond market was easier and sterling exchange
loss about a point of its recent advance.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Sales
Week ending Feb. 23. for
Week
Range for Week.
Range since Jan. 1.
Highest. I Lowest. I Highest.
Lowest.
RailroadsPar. Shar $ per share. $ per share. $ per share.$ per share.
Ann Arbor
100 1.5
20 Feb 17 2434 Feb 2 1445 Jan 24% Feb
Central RR of N 3_-100 5 21914 Feb 20224% Feb 19 210
Jan 23
Feb
Detroit United Ry__.10(3 20 7034 Feb 23, 1044 Feb 23 5834 Jan 7014 Feb
Duluth SS& Atl, 91_100 10
534 Feb 231 545 Feb 23 434 Jan 536 Feb
Illinois Central, pref_ _ _ _i 4 11334 Feb 1711734 Feb 21 113
Jan 117% Feb
Leascd line stock_ _100 1
7314 Feb 19 7314 Feb 19 7334 Fe 74
Feb
Int & Clt No Ry(w 1)_100 4
Feb 2 22
2214 Feb 17 24
Jan 24
Feb
Iowa Central
544 Feb 19 544 Feb 19 445 Jan 634 Feb
100 2
Manhattan Elev. scrip_ _1 1
434 Feb 21 444 Feb 2
434 Jan 414 Feb
ME%P& SSM,pref.100 3
9034 Feb 21 0014 Feb 21 8414 Feb 9014 Feb
Al K & T. full paid
1 1
Feb 384( Feb
35 Feb21 35 Feb 2 35
Nashv Chatt & St L_100 i00112134 Feb 21 122 Feb 23 120
Feb 122
Feb
Nat Rys Melt, lot 91_100, 7201 834 Feb 21 945 Feb 231 614 Jan 934 Feb
NY Ch & St L.let 91100 1001 95 Feb 17 97 Feb 1 7944 Jan 97
Jan
N Y Lack & Western.100
50100 Feb 19 100 Feb 19 100
Jan 10014 Jan
RR See. I-C stock ettf
Feb 6845 Feb
60 68 Feb 21 6814 Feb 20 68
Tol St L & W. pref
Feb 23 5314 Feb 21 5114 Feb 5651 Jan
400 53
Twin City R T, pref_100 100 90 Feb 23 90 Feb 23 90
Feb 90
Feb
Industrial & Miscell's.
All American Cables_100 200110214 Feb 1910214 Feb 19 102
Jan 106
Jan
Am Beet Sugar, pref_100 2007034 Feb 1 80 Feb 21 7135 Feb 80
Feb
Amer Radiator. pref..100 100 123 Feb 23 123 Feb 23 123
Feb 123
Feb
Am Rolling Mill, pref 100 1,000 97 Feb 19 98 Feb 1 97
Fob 10034 Jan
American Snuff, pref_100
Feb 100
100100 Feb 2 100 Feb 20 100
Feb
Am Teleg & Cable__ _1
100 5845 Feb 21 5814 Feb 21 5734 Feb 5814 Feb
Am Metal tern ctf pf_100 2 166
Feb 21 15
Jan 117
Feb 2 116
Feb
Assets Realization__ __10 3
g Jan 1
Feb 21
Feb 21 1
1
Jan
All Fruit ColT to ctf de 3,11
154 Junl 2% Feb
2 Feb 21 234 Feb 1
Auto Sales
Jan, 444 Feb
50
3 Feb 19 444 Feb 23 2
Preferred
1215 Feb 19 1355 Feb 13 1234 Jan! 1334 Feb
Burns Bros, pref.___1
24 105 Feb 23 105 Feb 23 10434 Jan 120
Feb
Prior preferred_ __ 1001 200120 Feb 21 120 Feb 21 120
Feb 120
Feb
Case(JI) Thresh Mach.. Ii 35 Feb 21 35
Feb 21 28% Jan 35
Feb
Cluett, Peab & Co, p1100
Feb
100 10814 Feb 1710834 Feb 17 10234 Jan 110
Coca-Cola, pref
Feb 1 9234 Jan, 9434 Jan
Feb 19 94
1001 2
94
Corn Solvents. Class A.* 85 44% Feb 21 46 Feb 191 39% Feb' 46
Feb
Class B
Feb 1 26
26
Jan
Feb 1 26
2
JanI 30
Conley Tin Foil
Ja 2245 Jan
1
1914 Feb 23 1914 Feb 2 18
Cont Can, Inc, pref__100 1.4 108 Feb 2011014 Feb 21 106
Jan 110% Feb
Cuban Dom Sugar
•19,1
931 Feb 1 1054 Feb 2 ! 834 Feb 10% Feb
Preferred
100 2,6
5114 Feb 21 5534 Feb 2 ' 5114 Feb 5545 Feb
Deere & Co, pref._ _1001 1
Feb 73% Jan
72 Feb 21 72 Feb 21 72
Durham Hos Mills"13"50 1
Jan 18
Jan
18 Feb 21 18 Feb 21 18
Emerson-Brant, peel 100 1,1
28 Feb 1 3014 Feb 21 2514 Feb 30% Feb
Fairbanks Co (The)--2
Feb 17 9% Jan 13
Feb
Feb 17 11
1
11
Fidel-Phoenix Fire Ins 2 1,54 125 Feb 1 138 Feb 21 102
Jan,138
Feb
Fisher Body Corp, pf.1
J10.1'11914 Feb
1 11914 Feb 1711014 Feb 17 116
Fleischmann 0
(
a
63.50o 1.44 Feb 17 4044 Feb 21 31% Fel 4054 Feb
Gen Am Tk Car7%pf.1
Ja 102% Feb
1,2 10131 Feb 21 10214 Feb 21 100
Gen Baking Co
* 4
Jan
J
83
8234 Feb 21 8314 Feb 21 73
Gen Cigar Inc pret___1
Feb
1 10814 Feb 19 110 Feb 21 10444 Jan 110
Gimbel Bros pref_ __ _1
1 10031 Feb 1 10034 Feb 17 90
Jan 10231 Feb
Goodyear Tlre pr pf w 1_
Feb pp
98 Feb 21 99 Feb 11 98
Feb
7
GC West Sugar pref__100
Jan 196
Feb 23 105
Jan
10534 Feb 17 106
Hayes Wheel
Fels 4134 Feb
3914 Feb 17 4134 Feb 21 40
• 8,1
International Shoe__ • 1,4
6714 Feb 19 6831 Feb 19 6534 Jan' 6834 Feb
Feb
Preferred
Feb 23 116
Feb
100 10 116 Feb 23 116
&on Products pref._ _110 2 10734 Feb 1711031 Feb 11 9934 Jan 110% Feb
Kelly Springfield 6% 100 1
Feb 23 91
Feb 2 8414 Jan 91
91
Feb
Jan 21945 Feb
Ligg&MyersTobserB100
10 21934 Feb 1721934 Feb 1 116
Jan 119
Lorillard pref
Jan
10 11814 Feb 2311834 Feb 2 117
100
Magma Copper
7,80 3344 Feb 21 3534 Feb 23 293i Jan 35% Feb
•
Met Edison pref
95 Feb 17 9545 Feb 21 9345 Jan 9755 Jan
• 2
Nat Bk of Commerce 100
Feb 300
Feb 21 300 Feb 23 296
Feb
49298
Nat Cloak & Suit 91.100
Feb104
Feb
100 Feb 23 103 Feb 21 100
Nat Enam & Stpg 91_100 4 10034 Feb 21 102 Feb 21 9945 Feb 102
Feb
N Y Shipbuilding
*
Fe 13% Feb
1
1214 Feb 17 1245 Feb 1 12
Otis Steel pref
Jan 65' Feb
6245 Feb 17 65 Feb 19 47
100 2,2
Pacific Tel & Tel pfd.100 10 9234 Feb 21 9234 Feb 21 9134 Jan 9234 Feb
Philadelphia 6% pref_50 10 4435 Feb 23 4445 Feb 2 4254 Feb 45% Feb
Phillips Jones Corp 91100 3
Feb 21 89
Fe 94
9034 Feb 21 91
Jan
Pierce Arrow rights
14 Feb 1 ; % Fe
54 Feb 23
2
Feb
15,1
Feb 11 92
Pittsburgh Steel pref_100 1
Feb 19 94
94
Ja 94
Feb
Porto Rican Am Tob_ _10 6
F4 84
Feb 21 8054 Feb 2 60
71
Feb
Prod & Ref Corp pref_50 3
Feb 47% Jan
Feb 17 4734 Feb 21 45
47
% Feb 23
44 Feb
v Feb
34 Feb 19
Producers & Refiners rts.97,39
P S Corp of N J pref 1001 4
Jan IN% Feb
08 Feb 23IC841 Feb 2 106
Jan 1834 Jan
Reis(Robt)& Co
1634 Feb 17 17 Feb 21 16
*I 8
•• First preferred__ _1001 3
7034 Feb 19 78 Feb 21 7634 Feb 82
Jan
545 Feb 17 734 Feb 21 4
Feb 734 Feb
Reynolds Spring_ _right 6,
Shell Union 011 pref_ _100 4
9134 Feb 19 9134 Feb 23 9134 Feb 93% Jan
Simms Petroleum_ __ _1025,9
1334 Feb 19 1434 Feb 23 1234 Ja 1434 Feb
Simmons Co
2534 Feb 19 3134 Feb 1 24% Feb 3114 Feb
• 6,7
9634 Feb 21 97 Feb 1 9634 Feb 9934 Feb
Sinclair Cons Oil pfd 100 1,8
95% Feb 19 95% Feb 19 9
So Porto Rice Sim p1100
99
Jan
Tobacco Prod pref._.100 8 112 Feb 1711334 Feb 20J1104% Feb11334 Feb
3434 Feb 23 35% Feb 19 24
Feb 3535 Feb
Transue &
-• 4
United
Fe 5034 Feb
5034 Feb 17 5034 Feb 17 50
100 1
744 Feb 19 854 Feb 20 7
S Express
Ja
8
Feb
100 2
US R& Imp full paid.. 1,50 10334 Feb 21 10434 Feb 23 10234 Feb 105
Jan
IJ Tobacco
Ja 112
Feb
• 1 112 Feb 17112 Feb 17 57
Va-Carolina Chem B •
1
1534 1 eb 2 1615 Feb 21 1434 Fe 1645 Feb
Van Raalte
5834 Feb 21 59 Feb 20 58
Ja 64
Jan
• 2
West Elec 7% cum pf100 6 113 Feb 21 114% Feb 20 11245 Ja 11434 Feb
YoungsVn Sheet &Tube• 200 7555 Feb 21 7545 Feb 20 7544 Feb 80
Jan
• No par value.
[VoL. 116.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Feb. 23 1923.
Railroad,
&e.,
Bonds.
Stocks.
Shares,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Pm Value.
State. Mun.
and Foreign
Bonds.
U. S.
Bonds.
705,958 $53,500,000
1,175,910 94,000,000
1,049,840 92,500,000
1,026,350 91,000,000
1,106,000
Total
$934,350
3,242,860
1,373.150
1,835,450
4,894,000
$3 622,500 $1,021,000
8971.500 2,320,500
7860,000 2,427,500
7 358,500 2,564,500
HOLIDAY
91,000,000 10.213,000 1.700,000
5.064.058 2422.000.000 336.134.500 110.743.500 112.279.810
Sales at
New York Stoat
le:Mango.
Weak ending Feb. 23.
1923.
Jan. 1 to Fab. 23.
1922.
1923.
1922.
Stocks
-No. shares...
5,064,058
4,238,647
39,380,148
30,154,361
Par value
$422,000,000 $349,644,000 33,579,388,000 32,692,496,425
Bank shares, par
Bonds.
Government bonds_
$12,279,810 $22,505,100
3127,602,510
$329,425,150
State, mun.& for. bds_
10,743,500 20,313.000
89,921,500
86,269,500
RR.and misc. bonds
36,134,500 30,277,000
299,692,500
266,272,900
Total bonds
$59.157,810 383.095,100
$517,216,510
2681,967.550
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Feb. 23 1923.
Philadelphi%
Baltimore
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
24,193
48,674
34,581
31.462
$16,850
30,350
31,509
39,800
$17,000
2.780
10,243
19,000
10.937
46,300
8,198
21,100
HOLI DAY
24,000
6,125
929
1,200
1,118
1,438
$22,000
61,600
51,100
38,000
30,884
Prey. week.revised
20,000
1,052
56,000
169,794
Total
$138,509
38,283
3127,400
5,737
3228,700
147.483
1198.330
41.231
3106.400
8.068
3207.800
Daily Record of U. S. Bond Prices. Feb.17
.Feb. 19.!Feb.20.Feb.21. Feb.22. Fab.23.
First Liberty LoanHigh
334% bonds of 1932-47_ _{Low_
(First 344s)
Close
Total sales in $1,000 units_ _ _
Converted 4% bonds of {High
.
1932-47 (First 45). _ _ Low_
Close
Total sales in $1,000 units__
Converted 445% bonds High
of 1932-47 (First 445s) Low_
Close
Mal sales in $1,000 units....
Second Converted 445%1High
bondr of 1932-47 (First Low.
Second 434s)
Close
Total sales in 81,000 units _
Second Liberty Loan
{High
4% bonds of 1927-42._
Low_
(Second 4s)
Close
Total sales in $1,000 undo...
Converted 435% bondrIgh
01 1927-42 (Second
Low_
445s)
Close
Total sales in 31,000 units_ __
Third Liberty Loan
{High
415% bonds of 1928_
Low_
(Third 4158)
Close
Total sales in $1,000 units...
Fourth Liberty Loan
{High
434% bonds of 1933-38_ Low_
(Fourth 415s)
Close
Total sales in 31,000 units...
Victory Liberty Loan
High
4%% notes of 1922-23_ Low.
Close
(Victory 4418)
Total sales in $1,000 units...
Treasury
{High
435s, 1947-52
Low.
Close
Total sales in 31,000 units__
101.78 101.70 101.64 101.82
101.64 101.56 101.50 101.52
101.70 101.56 101.64 101.54
282
39
31
495
101.50
101.34
101.42
359
98.04
98.56
98.58
114
98.24
98.10
98.22
73
98.76
98.76
98.76
76
98.52
98.52
98.62
2
98.70
98.60
98.60
216
99.00
98.94
98.98
133
98.94
98.80
98.84
278
100.18
100.16
100.18
36
100.00
99.96
99.98
141
08.76
98.82
98.62
127
98.68
98.50
98.56
42
sioo
98.60 98.46
98.42 98.34
98.54 98.44
769
348
98.98 98.86
98.86 98.64
98.88 98.64
442
382
98.84 98.68
98.62 98.64
98.70 98.62
652
389
100.16 100.16
100.12 100.12
100.12 100.16
73
80
100.00 99.96
99.98 99.94
99.98 99.96
184
79
97.96
98.00
2
98.46 HOLI- 98.20
97.98
98.32 DAY
98.12
98.34
1,332
225
98.68
98.86
98.38
98.70
98.56
98.72
461
257
98.38
98.60
98.04
98.48
98.22
98.52
2,165
796
100.08
100.10
100.00
100.10
100.08
100.10
49
15
99.94
99.96
99.80
99.88
99.90
99.88
417
103
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
I 1st 48
98.40
171 4th 4ts
98.00 to 98.76
65 tot 431s
342 2d 431s
14 3d 4316
98.00 to 98.60 15 Victory 43(s
97.96 to 98.46 1 Treasury 4316
98.40 to 98.84
99.9010 100.00
100.00
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
lnt.
Rata.
June 151024...
Sept. 15 1924Mar.15 1925._
Mar. 151928...
Mar. 15 1923._
June 151923....
555%
514%
445%
445%
414%
aq%
lot
Rats.
Bid.
Asked.
10134 Dee. 151925... 444%
10134 Sept. 15 1923... 811%
10015 Sept 15 1926 _ 445%
10)31 Mar. 151923... 314%
1003
June 15 1925... 444%
100
Deo. 15 1927... 444%
Dec. 15 1923 __ 4%
99
9934
9834
9914
9914
9944
9914
9954
100
9934
100
100
100
100
Ma. *skid.
10134
101
100
100
100
9914
Matoruy.
Foreign Exchange.
-Sterling exchaug3, though quiet,
was strong and sharply higher, and quotations advanced
to the highest point scored in almost four years. The
Continental exchanges continue irregular, with francs still
under some pressure and marks relatively firm.
(Friday's)
To-day's
actual rates for sterling were 4 69 1-16@4 693 for
sixty days, 4 71 3-16Q4 72 for cheques and 4 71 7-16(44 7231 for cables.
Commercial on banks sight 470 15-1604 7134. sixty days 4 68 3-16®
4 69. ninety days 4 67 5-16034 6814 and documents for payment (sixty
clays) 4 68 11-16 ®4 69%.'Cotton for payment 4 70 15-113(04 7154 and
grain for payment 470 15-169544 7134.
To
-days (Friday's) actual rates for Paris bankers' francs were 6.0103
6.0534 for long and 6.0406.0834 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.209839.30 for long and 39.51 for short.
Exchange at Paris on London, 77.42 francs: week's range, 77.42 francs
high and n.70 francs low.
The range for foreign exchange for the week follows:
Sterling. ActualCables.
Sixtx Days.
Cite es.
High for the week
47234
4 2Ii
Low for the week
4 69
4 6634
4 6834
Paris Bankers' Francs
High for the week
6.12
6.06
6.11
Low for the week
5.943 5
4
5.9334
5.8814
Germany Bankers' Marks
0.0052
High for the week
0.0052
Low for the week
0.004034
0.0040345
Amsterdam Bankers' Guilders
nigh for the week
39.70
39.61
39.30
Low for the week
39.544
1
39.45
39.09
Domestic Exchange.
----Chicago, par. St. L011ibl. 1503254'.. per 31,000
discount. Boston, par. San Francisco, par. Montreal. 317 50 per 31.000
discount. Cincinnati, par.
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
805
OCCUPYING FOUR PAGES
For sales during the week of rancl, 428 ...By inactive. see preceding page.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday.
Feb. 17.
afrasdan.
Feb.19.
Theadas.
Feb.20.
$ per share
404
/
1
39
10114 10112
89 4 893
3
4
238 212
118 118
5114 52
6018 6018
11
11
978 97
14814 14814
*74
75
10312 104
3 8 353
5
6
6
373 373
4
4
5812 5613
*613 63
4
*143 15
4
25
2514
4314 437
8312 843*
*116 117
355* 357
8
*9312 95
*84
85
*74
77
*4412 45
12312 123%
126 12818
12 8 123
3
4
1914 1912
1414 1414
77
77
34
34
171 173
4
54
543
4
1127 112%
8
*4
3
8
.222
2
4
*1812 1912
2314 232
8
•55
56
3218 3218
*68
70
8918 6934
140 1107
8
54
54
42
42
4.9
958
*41
43
6814 6814
*21
24
5812 9
*67
6813
•1134 1212
165 163
4
4418 4418
187 187
8
8
4712 477
8
4
434 43
9338 9313
972 98
83
% 3
312
90
9012
19% 194
*2038 21
•14
16
116 11654
•78
78
777 78
463 4612
8
.14
1412
3858 3914
*7334 7454
663 683
4
4
3814 3814
•8913 ____
8013 81
53% .5312
5414 547
*33
36
247 25
4812 493
8
3412 347
611 6114
/
4
7'4 711
1212 1234
$ per share
41
423
4
10114 1017
8
893 90
4
212 2%
11812 12114
5112 5218
601 6012
11
113
8
958 1018
14812 1493
8
7412 7512
1035* 104
3
53 3 4
3
6
6
*37
373
4
5712 5712
612 63
13
15
2514 2512
423 433
4
4
84
8412
1153 116
4
3512 37
9412 9413
*8412 8512
•7413 78
45
45
124 124
128 129
123 1314
4
1912 197
14
14
774 775
8
3312 337
1713 18
54
55
113 11614
014
3
8
*5
8
3
4
*1814 19
, 2312 232
4
*55
56
3218 3218
*68
69
8918 69%
14218 14612
53
5412
413* 42%
914 914
*41
43
68
68I4
*21
24
9
9
68
68
117 1178
8
163 17
4
442 447
1814 187
8
484 477
8
37, 411
9112 9214
9718 98
*82
84
897 897
1918 203
4
2012 205
8
*14
16
11513 11614
77% 7712
7858 788
463 4624
8
*1212 1412
39
3934
*733 7414
4
885 67
8
3814 387
*89
90
7912 8078
54
54
*54
4412
*33
37
2518 25%
4812 488
345 3518
8
603 81 14
8
7
73*
1254 13
933 94
4
3314 34
69
6912
257 2714
1814 1814
55912 61
1413* 142
7512 751g
14
15
401 42
/
4
101 11
2912 3012
*2012 21
1312 14
237 24
1754 1858
5812 4912
10
1014
1612 18
3134 313
4
$ per share
434 443
4
10112 1025
8
90
90
27
3
120 1203
4
517 5312
8
6012 6012
1012 11
912 93
4
149 1495*
7414 757
104 10418
312 312
6
6
37
37
57
5712
61 614
/
4
1312 14
2512 257
8
43
44
8412 8512
11613 11612
3634 3714
95
95
8412 84%
*7512 73
*45
4512
123 123
12914 12912
127 1314
8
193* 2018
1413 1412
7714 787
8
3312 337
8
18
185
8
55
59
11512 1173
8
*14
3
s
*5
8
3
4
*183* 19
233 233
8
4
03
4 933
4
325 337
8
8
68% 89
24
2818
187g 187
4 61
*59
141 1413
4
*7514 7512
1558 153
4
4214 4314
lOIg 1012
3018 3012
*2012 24
1358 1334
24
2414
173 173
4
4
.5912 60(2
*1018 1014
•
1712* 1814
3112 3112
Wednesday, Thursday,
Feb.21.
Feb.22.
Friday,
Feb.23.
5 per share $ per share 5 per sahre
447 45
*44 '447
8
10178 10238
102 1023
*
90
90
895* 8958
3
3 18
27
8 314
120 12212
12112 1223*
53
52
5358
533*
6012 6012
605* 603
4
83 1014
4
103 1012
8
*914 9 8
5
7 4 914
3
14812 14938
149 14912
7414 7514
74 4 743
3
4
10412 1047
104 10412
8
33* 312
33
s 312
.53
6
4
53
4 53
*363 37
4
37
375*
5712 5712
5712 5712
614 614
614 614
1418 1412
14
144
2518 25%
2512 253
4
43
434 44
43%
84% 868
8512 8712
*118 122
117 1178
363 3718
4
3618 37
923 923
4
4
935 935
8
8
84% 8412
848 8118
*7412 78
*75
78
4514 4514
4412 45
122 12218
121 1217
1273 128
4
1283 129
4
125 13
8
123 134
4
1914 197
1958 2018
•1312 1412
1418 1418
78
783
4
78
783
4
333g 337
3358 335*
19
19
187 192
59
593
4
80
623
11512 11718
11612 11712
3
s
3
s
14
14
2
4
3
4
4
3
8
*1814 183
4
183 183
4
4
233 2358
8
2314 233
4
*55
5512
56
56
557 557
.32
3218
*324 33
*3218 33
*70
7112
70
70
70
70
683 6918
4
697 7014 6912 70
150 152
145 1464 147 151
*55
57
56
57
55
55
434 4318
434 4318
42
42
5912 10
*04 10
92 9(3
*41
42
*41
43
*41
43
*67
68
*8612 68
68 68
*21
244
*2112 23
25
*21
*83
8 8%
9
918
83* 9
68
69
6914
Stock
4 68
677 683
8
*113 1212
4
121
•1134 1212 *12
1618 162
168 168 Exchange
163 17
4
4358 444
4412 45
445* 4413
1812 185
183 18% 1818 1884 Closed;
8
4714 473
4
47
4814 473* 48
37
gl, 44
44 414
37 Washing94
' 93
933 95
9134 94
9718 973
4
ton's
97
98
974 98
*7912 8212
*82
84
*82
84
90
90
8
89% 897
s 89% 893 Birthday
201 214
4
4 203 213*
207 213
8
19% 20
2012 2012 1978 2012
*14
16
16
*1418 15% *14
11512 116
116 1163 11612 1171s
4
78
78
78
78
*76
78
7912 80
787 801
7814 80
s
4612 463*
8
4 4838 465
464 463
*14
1512
*14
16
14
14
397 405
394 40
398 40
8
74% 7412
*743 75
4
4
*733 75
68
68
6712 68
67
67
3 3812 387
373 38
4
k
39
393
*89
90
901
994 9012 *89
7914 793
4
793 80% 7912 801
4
52% 52%
4
53
534 523 531
53
53
5418 5112 5012 54
37
5
35
*33
30
533
37
25% 25%
2512 2614 2512 261
49
49
491
49
494 49
3414 343
4
3412 351. 3412 35
614 6112
4
61
62
613* 613
74
7
74 714
74 712
13
13
125 1218 123 127
8
935 948 9414 9514
937 947
8
323 3314
4
334 333
3312 34
4
69
6914
69
693
8 69
6914
2614 267
8
2618 273
8 261 27
*1712 18
•18
1812 *1712 1814
6018 6112
61
*594 6018 59
14312 114
1413 1427 142 1432
4
8
4
753 753
4
4
7.514 7512 754 753
4
1413 143
4
*1312 141
144 15
41
4214
3814 4012 403 423*
4
1012 102
1012 103
4 103* 1058
294 303
4
297 31
304 31
*2012 21
*2012 21
2012 2013
1g 1458
1312 137
8 135 14
13
24
24
237 2414 244 2414
8
1812 1812
18
1818 *1812 19
59 59 18
*5812 60
59
59
10
1014
10
1018 I()
104
18
183
4
1712 171
18
18
32
32
3512
327
325 325
*
*
Sales
for
the
Week.
Shares
1,400
10,300
1,300
7.800
9,500
29,100
1,300
19,600
5,000
11,100
4,200
2,900
1.800
800
1,100
800
1,200
3,500
9,000
16,300
13,000
700
14,800
500
400
400
1,400
2,400
7,600
7,500
500
6,900
2,000
8,700
6.600
12,200
400
400
200
3,700
208
300
300
6.400
8,500
1,100
1,600
400
400
1,400
1,100
100
13.100
4,200
3,800
5.100
3,600
9.800
16.300
100
760
32,600
3.800
5,700
300
10.800
13,600
200
13,900
100
1,000
5,500
100
11,500
1,100
1,100
6,700
2.600
5.000
3,600
4,000
4,100
29.600
55,800
3,700
15,900
200
200
11,800
1,000
2.900
9,100
2,600
10,300
200
5,600
2.200
2,300
1,100
2,600
1,900
3,400
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mate Jan. 11923.
On basis of 100
-share lots
Lowest
Highest
PER Eli ARE
Range for Previous
Year 1922.
Lowest
i Highest
Railroads
Par $ per share $ per share $ Per share 6 per shore
Ann Arbor preferred
277 Jan 52 Aug
100 3212 Jan 10 45 Feb 23
Atch Topeka & Santa Fe 100 100 Jan 16 1025 Feb 20
9114 Jan /084 Seta
s
11
Do pref
100 8814 Jan 17 9014 Feb 7
84 8 Jan 95 Aug
5
512 Apr
Atlanta Birm & Atlantic_ _100
11 Jan
4
112 Jan 3
318 Feb 23
Atlantic Coast Line RR
8
100 1104 Jan 17 12212 Feb 21
83 Jan 1247 Sept
Baltimore & Ohio
100 4018 Jan 17 535 Feb 21
3312 Jan 6014 Aull
8
Do prat'
100 573 Jan 24 604 Feb 23
4
5212 Jan 6814 Aug
rooklyn Rapid Transit_ _ _100
Jan 29 June
6
83 Feb 23 1814 Jan 2
4
Certificates of deposit
,
7
558 Jan 24 June
73 Feb 23 13 Jan 12
4
Canadian Pacific
100 14014 Jan 17 149% Feb 20 11918 Jan 15153 Aug
Chexapeake & Ohio
100 69 Jan 17 763 Jan 3()
54
Jan 79 AtIg
8
Preferred
100 101% Jan 22 104% Feb 23 10058 Deo 1065* Oet
Chicago & Alton
100
214 Jan 4
33 Feb 13
4
4
158 Jan 122 May
63 Feb 8
Preferred
100
31s Jan 20% May
35* Jan 12
Chic & East III RR (new)
264 Jan 16 383 Feb 13
3
4
1214 Jan 434 Aug
Do pref
51 Jan 17 573 Feb 3
4
311g Jan 6412 Aug
Chicago Great Western_ _ _100
4 Jan 18
334 Dee 1058 May
7 Feb 7
812 Jan 18 17 Feb 8
Do pref
100
7 Deo 2412Ma9
Chicago Milw & St Paul_ _100 205 Jan 15 26 Feb 13
8
1714 Jan 36 8 Aug
3
Do pref
100 3212 Jan 13 445 Feb 15
29
Jan 612 Sept
4
Chicago & North Western _100 77 Jan 23 8712 Feb 23
Jan 9518 sem
59
100 115 Jan 4 1177 Feb 2t 100
Do pref
8
Jan 125 Aug
Rock 1e1& Pan
Chic
100 3113 Jan 15 3714 Feb 29
3012 Dec 50 &PI
100 893 Jan 18 95 Feb 9
4
7% preferred
8314 Jan 105 Sept
100 8178 Jan 24 845 Feb 9
8
6% prererred
7014 Jan 95 Sept
Chic St P Minn & Om___ _100 71 Jan 9 77 Feb 13
51
Jan 90 SePI
Colorado & Southern
100 40 Jan 11 4512 Feb 13
38
Jan 5314 AIM
Delaware & Hudson
100 103 Jan 11; 12412 Feb 13 1083 Jan 11112 Sepl
4
Delaware Lack & Western_ 50 12234 Jan III 13012 Feb 8 108 Feb 143
Oct
100 1012 Jan 18 1312 Feb 13
Erie
18 4 May
2
7 Jan
100 15 Jan 171 203 Feb 7
8
Do 1st pref
2812 Aug
11% Jan
8
Do 2d pref
100 1118 Jan 22 147 Feb 6
714 Jan 2014 May
g
Great Northern pref
100 71 Jan 23 78% Feb 13
7014 Jan 957 0.31
Iron Ore properties_Ns par 30 Jan 18 3518 Feb 15
2
2818 Nov 45 8 Api
Gulf Mob & Nor tr etts
100 124 Jan 12 193 Feb 21
5
Jan
19 May
8
Do prof
100 447 Jan 2 623 Feb 21
4
16
Jan 47 0.21
9/12 /ay 11558 nem
Illinois Central
100 110 Jan 17 11713 Feb 21
Interboro Cons Corp__No par
3 Jan 4
8
4 Jan 171
5 Apt
18 Dee
Do pref
7 Jan 5
8
12 Jan 4
100
% Dos 1258 Apr
Interboro Rap Tran w 1
100 15 Jan 18 208 Jan 2
173 Dec 3214 AUG
4
8
Kansas City Souttiern
100 1813 Jan 12 237 Feb 23
17 Nov 30% Api
Do pref
8
100 527 Jan 13 56 Feb 20
5912 API
5214 Nov
Lake Erie & Western
4
100 313 Jan 30 34 Jan 2
7
10 Feb 39 8 June
70 Feb 21
Do pref
100 66 Jan 11
2618 Feb 77 Sept
*
Lehigh Valley
50 6612 Jan 10 712 Feb 7
5658 Jan 72 Sept
Louisville & NashvIlle
100 13012 Jan 30 152 Feb 23 108 Jan 1447 Oct
4
Manhattan Ry -mar
100 4514 Jan 25 57 Feb 21
35
Jan 58 Aug
Eq Tr Co or N Y ctf dep-100 354 Jan 25 44 Feb 13
4412 Aug 554 Aug
97 Jan 13
8
8 Jan 23
Market Street Ry
100
11 Ma/
318 jag
/
1
4
IGO 3912 Feb 2 437 Feb 13
Do pref
17
Jan 5014 Apr
100 867 Jan 10 7012 Jan 2
8
Do prior pref
35
Jan 78 Nov
Do 2d pref
100 2112 Jan 31 2812 Jan 2
5 * Jan 32 API
5
Minneap & St L (new)._ 100
912 Feb 13
53 Jan 8
4
5 Jan
1412 Apt
Minn SIP & 85 Marle
100 6014 Jan 4 7214 Feb 13
55 June 75 4 001
2
97 Jan 12 12 Feb 6
Missouri Kansas & Texas 100
1514 Dec
4 Jan
1312 Jan 16 17 Feb 15
Mo Kan & Texas(nets)
712 Jan
19 4 Aug
3
Do pref (new)
2412 Jan 483 Aug
37 Jan 9 4513 Feb 14
4
Missouri Pacific trust ctfs.100 1512 Jan 18 195* Feb 14
1512 Nov 2514 A91
Do prof trust °Us
100 4158 Jan 9 49 Feb 10
40 Nov 633 Sept
4
of Mex 2d pref
258 Jan 17
Nat Rye
100
24 Nov
43 Feb 15
4
74 May
New ON Tex & Meg v t o 100 84 Jan 16 95 Feb 21
547g Jan 873 Dec
8
New York Central
100 93 Jan 22 98% Feb 14
723* Jan 10118 Ool
N Y Chicago & St Louis
100 78 Jan 22 84 Jan 29
511g Jan 9114 per
Do 2d pref
100 7612 Jan 2 9012 Feb 174 61% Jan 93 Seln
N Y N H & Hartford
100 1612 Jan 15 22% Jan 30
1212 Jan 38 Aug
N Y Ontario & Western
100 1918 Jan 17 218 Feb 13
1812 Dos awl/ Api
Norfolk Southern
100 14 Feb 1 183 Feb 9
8
2212 Jung
858 Jan
Norfolk & western
100 1093 Jan 10 1175 Feb 9
8
4
9614 Jan 125588,91
Do pref
100 7612 Jan 3 78 Jan 29
72
Jan 82 Oel
Northern Pacific
100 72 Jan 23 8018 Feb 21
73 Dec 90 8 Aug
3
Pennsylvania
50 46 Feb 2 47% Jan 2
4934 Ocl
3314 Jan
Peoria & Eastern
100 12 Jan 17 15 Feb
2638 Aug
10 4 Jan
3
Pere Marquette
100 36 Jan 11 403 Feb
4
40 8 Aug
5
19
Jan
Do prior prof
100 7212 Jan 2 75 Jan
Jan 82 Aug
63
Do pref
100 65 Feb 1
7012 Jan
74 4 Aug
3
5018 Jan
Pittsburgh & West Va
8
100 337 Jan 17 39
23
Jan 415 AIM
4
pref_..7a Feb
Do pref
100 89 Jan 18 93 Jan
76
Jan 95 Noy
Reading
50 76% Jan 17 814 Feb
7118 Jan 871g Oct
Do 1st
50 52 Jan 4 5612 Feb
43 Mar 57 May
Do 2d prof
5 ,51% Jan 5 563 Jan 3
Jan 5912 Ma/
4
45
Rutland RR prat
100 3212 Jan 18 373 Jan 1
174 Feb 5314 JUDI
4
St Louie-San Fran tr othr...100 21 Jan 12 264 Feb 2
2014 Dee 324 Atli
Do pref A trust ctts
1(10 324 Jan 3 495* Feb 2
342 Nov 56 Aug
4
St Louis Southweetern
100 283 Jan 12 363 Feb 1
4
203 Jan 364 Nol
8
8
Do pref
100 56 Jan 4 62 Feb 1
328 Jan
597 1101
*
`
Seaboard Air Line
100
10 Ain
514 Jan 2
712 Feb 1
25 Jan
$
Do pref
100
8 8 Jan 18 1318 Feb 1
3
418 Jan 1418 API
Southern Pacific) Co
100 87 Jan 9 9514 Feb 21
Southern Railway
100 2434 Jan 8 34 Feb 20
Do pref
100 644 Jan 8 697 Feb 13
8
Texas & Pacific
100 193 Jan 16 273 Feb 20
4
8
Third Avenue
100 1412 Jan 10 1914 Feb 10
Twin City Rapid Transit 10() 5814 Jan 19 613 Feb 9
4
Union Pacific
100 135 8 Jan 22 144 Feb 23
3
Do pref
100 745 Jan 23 7612 Jan 6
8
United Railways Invest
100 113 Jan 2 167 Feb 15
4
Do pref
100 2612 Jan 17 4518 Feb 15
Wabash
100
814 Jan 18 Ills Feb 13
Do prat A
100 234 Jan 17 3113 Feb 12
/
1
Do prof B
100 1612 Jan 18 2012 Feb 21
Western Maryland (new) 100 10% Jan 16 15 Feb 9
Do 21 pref
100 2218 Jan 12 25 Feb 9
Western Pacific
100 16 Jan 2 20 Feb 6
Do pref
100 5812 Jan 8 82 Feb 12
Wheeling & Lake Erie Ry_100
814 Jan 18 1012 Feb 13
Do prof
100 147 Jan 17
19 Feb 13
8
Wisconsin Central
100 26 Jan 10 3512 Feb 23
7818 Jan 964 Oct
3
1714 Jan 28 8 Aug
OW
46
Jac 71
1858 Nov 36 Api
1318 Nov 254 Ma3
Jan 6212 Sept
34
4
Jan 1542 Sept
125
714 Jan 80 Aug
712 Jan 1974 Api
2914 Jan 3612 Api
8
Jan 142 May
2
19
Jan 3512 Aug
8
1214 Jan 247 Aug
1714 AUG
814 Jan
13
Jan 2812 Der
1358 Jan 24% Ara
514 Mar 6478 Sept
6 Feb 1614 JUDI
2
94 Jan 29 4 Junr
25
Jan 33% MN
Industrial & Miscellaneous
*72
72% *72
7212 7212 7213 723* 728
500 Adams Express
•7214 7313
100 68 Jan 2 7312 Jan 15
Jan 83 Ool
48
*1712 18
*17
1812 18
1814 171. 171*
1714 1712
700 Advance Rumely
100 1212 Jan 2 185 Feb 13
8
10% Jan 23 Aug
*47
53
*47
54
48
48
Do pref
300
494 494
40 - 50 100 4818 Jan 18 5458 Jan 14
3158 Jan 302 Aug,„.__
2
65
65
643 655
8 6312 6412 631 64
7312 633
4 3,000 Air Reduction, Inc... _No gar 5718 ..an 10 655 Feb
.
8
19
4512 Jan 68 '-'°'
14
144 14
1414 14
1418 141
3,900 Ajax Rubber, Inc
13 8 14
5
; 144
50 1212 Jan 9 143 Jan 13
2
912 J1112 18 4 Api
4
*14
2
8
•14
2
2
"
14
Alaska Gold Mines
%
"
14
*14
3
8
%
10
18 Dec
14 Jan 4
7 May
8
.01
3 Jan 9
8
112
112
112
118
118
11
8
jig
118
118 1.600 Alaska Juneau Gold Min
10
1 Feb 15
11 Jan 5
/
4
as Jan 5,_2 May
_ _
78
785
8 775 7812 77
8
7814 791,
'4 79
771 7814 11,400 Allied Chem & Dye.---NO far
/
4
7112 Jan IS 80 Jan 2
553* Jan
1"4 Sept
*1104 11012 *110 11012 11012 1117 *111 112 Do pref
400
112
*1105
8
100 109 Jan 30 1117 Jan 9 101
Jan 11512 Sept
8
50i: 51
504 51
5
058 503
50
501+
4912 50 4 4,400 Allis-Chalmers Mfg
3
100 45 Jan 10 5114 Feb 16
372 Jan 662 13891
4
4
97
97
597
9712 97
97
Do pr f
200
2
95
*91
100 945* Feb 2 9712 Jan 27
8612 Jan 104 sew
3
31, 3314 3318 3318 334 38 *96 9713514 3678
343 353 15,800 Amer Agricultural Chem 100 2912 Jan 18 367 Feb 21
4
4
7
27% Nov 12 8 JUJU
8
5 63
4 8313 6714 6712 687
4 833
63 8 635
2
Do prof
3
65 4 83 4 4,200
3
Jan 721, Sept
100 583 Feb 1 687 Feb 21
56
4
8
*85
95
*85
95
*85
94
*85
95
American Bank Note
95
*85
Jan 91 Dec
58
50 77 Jan 6 86 Feb 14
*50
46
*53
46
56
*50
*53
56
Am Bank Note pref
*53
56
51 July 554 Dec
50 5453 Jan 16 55 Feb 7
457 46
8
48
4614 4812 45
4512 46
8 3,300 American Beet Sugar
45
467
313 Jan 49 June
4
100 36 Jan 31 4912 Feb 13
40
4318 43
4912 4558 4858
40
40
4
443 463 25,600 Amer Bosch Magneto_No par 37 Jan 9 4912 Feb 20
4
3114 Jan 49 Ara
7942 794 78
7618 77
79
77
77
1,900 Am Brake Shoe & F___No par
*7614 77
Jan 8812 Sept
51
70 Jan 3 8214 Feb 13
110 110 *110 111 *110 1107
*109 110
8
Do pref
300
*110 110%
Oct
100 10612 Jan 20 110 Jan141 9814 Jan 113
957, 9712 955* 9714 957 10012 9813 10018
8
9754 9914 76,500 American Can
3214 Jan 7612 No..
100 7312 Jan 2 10012 Feb 20
115 115
114% 11412 114 11412 115 115
Do pref
700
115 115
9314 Jan 1134 Dec
100 11114 Jan 3 115 Feb 20
1833 1835g 1833 1833
4
184 184
185 185
4
4
500 American Car & Foundry_100 178 Jan 17 187 Feb 8 141
183 183
Oct
Jan 201
125% 125% *123 12512 *123 126
.124 126
Do pref
100
•121 1237
4
100 123 Jan 10 1267 Jan 18 11512 Jan 1264 Nol
4
74
,
4
712
719 72
6 4 714
7
713 8 4
3
8
814 5.900 4 marlean (Thiele . _ . TM nar
14 Mal
5 Nov
01. rah 22
FL 7nn 20
•Did and asked prices; no sates on this day. 3 Ex-rights
Less than 100 shares. a Ex-dividend and rights. s Ex-dividend. b Ex-rights(June 15)30 subscribe
share for share to stock of Glen Alden Coal Co. at $5 per share and ex.dIvidend 100% In stock (Aug. 22),
New York Stock Record-Continued-Page 2
806
For sales during the week of stocks usually inactive, see second page preceding
-PER SHARI. NOT PER CENT.
MOE( AND LOW SALE PRICES
Saturday.
Feb. 17.
lifnurtly.
Feb. 19.
Tuesday,
Feb.20.
Wednesday. Thursday,
Feb.21.
Feb.22.
Friday,
Feb.23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923.
On basis of 100
-share lots
PER SHARE
Range for Previous
Year 1922.
Lowest
' Highest
Lowest I Highest
$ per share $ per Share Shares Indus. & Miscall. (Con.) Par $ per share $ per share $ per share $ per share
100 1414 Feb 5 2034 Jan 4
5,100 American Cotton Oil
1514 Nov 3013 May
1714 18
800
Do prat
100 25 Feb 5 38 4 Jan 4
334 Nov 61 May
/
1
/
1
4
334 34
/
1
3
7
61 Jan 3
/
4
413 Jan
734 8,200 Amor Druggists Synd13E410_10
734 Aug
734 Feb 23
200 American Express
100 133 Feb 6 142 Jan 2 126 June 162
Oct
*139 140%
124 1212 1,300 American Hide & Lesther_100 11 Jan 6 13 Feb 16
3
1018 Dec 173 Apr
Do prat
100 6612 Jan 2 713 Feb 14
1,700
/
1
4
*7013 72
Jan 74 Sept
4
58
100 9813 Jan 31 110 Feb 15
1,600 American Ice
103 108
78
Jan 122 Sept
Do prat
300
100 8512 Feb 1 89 Feb 21
*83
89
72
Jan 9514 Aug
257 267
8
8 3,400 Amer International Corp 100 24% Jan 30 29% Feb 9
5
24% Dec 50 3 June
400 American La France F E__10 1114 Jan 17 1213 Feb 16
12
12
14 July
91 Jan
/
4
100 30 Jan 2 363 Feb 15
3518 1,600 American Linseed
28 Nov 4213 Oct
4
35
Do prof
300
100 50 Jan 13 59 Feb 15
48 Nov 6413 008
567 564
8
10O 12013 Jan 17 1294 Jan 4 102
127 1283 18,500 American Locomotive
8
/
1
4
Jan 1363 Oct
Do pref
100 1194 Jan 4 122 Feb 9 112
100
/
1
*121 122
Jan 12214 Dee
7,900 Amer Metal temp etfs_No par 51 Jan 15 545 Jan 11
44 Sept 534 Dec
3
52
53
25 76 Jan 2 8478 Feb 14
1,900 American Radiator
82
Jan 129
824 83
Oct
67 Jan 6
8
25
918 Feb 19
ea Oct
3 4 Jan
3
818 84 15,900 American Safety Razor
/
4
No par 171 Feb 23 213 Jan 6
177 184 6,500 Am Ship & Comm
513 Jan 244 May
/
1
4353 Jan 6713 May
63
641 30,200 Amer Smelting & Refining-100 53 Jan 17 65% Feb 19
/
4
100 78% Jan 18 1014 Feb 20
Do pref
SOO
8618 Jan 10413 Oct
1007 10118
8
Snuff
American
100 140 Jan 10 15214 Feb 14 10913 Jan 159 Sept
*147 151
303 Jan 464 Sept
4
38
3812 4,400 Am Steel Fdry tern 0115.33 1-3 3513 Jan 17 393 Feb 13
100 102 Jan 23 1054 Feb 9
Do prat tern ctts
/
1
300
91
Feb 10814 Oct
*10412 105
5418 Jan 854 Aug
8112 8212 4,600 American Sugar Refining_100 76 Jan 17 85 Feb 13
100 10613 Jan 23 108 Jan 3
Do pref
84
/
1
4
500
Jan 112 Aug
10712 108
100 2414 Feb 1 3634 Feb 14
2314 Feb 47 may
2.300 Amer Sumatra Tobacco
3212 33
100 553 Jan 16 653 Feb 13
5214 Feb 71
4
8
Do prof
1362
65
Jan
4
123 12318 6,800 Amer Telephone & Teleg 100 1213 Feb 1 124 Jan 5 11413 Jan 13334 May
100 150 Jan 17 1613 Feb 13 1291 Jan 1691 Sept
4
2,600 American Tobacco
/
4
/
4
15512 157
100 103 Jan 9 1074 Feb 2
9612 Jan 1088 Oct
Do prof (new)
800
1034 104
/
1
*
100 143 Jan 10 1594 Feb 9 126
Do common Class B
Jan 1653 Sept
418 15514 4,000
4
6
4
Jan 3314 Nov
294 293
8 1,400 Am Wat Wks & El v 1 c_ _ _100 2712 Jan 29 313 Feb 19
67
Jan 934 Sept
Do 1st prof(7%) v 1 3_100 8518 Jan 3 93 Jan 16
700
9012 93
34
1714 Jan 554 Oct
Do partIc nt(AV v 1 e 100 43 Jan 3 5613 Feb 16
2,875
5313 55
/
1
86
Oct 95
Amer Wholesale, pref
100 9314 Jan 2 9814 Jan 31
Jan
*9613 9914
7814 Jan 105
100 93 Jan 19 10512 Feb 23
Oct
10312 10512 65,600 Amer Woolen
102
Jan 11114 Dee
4
8
100 1091 Jan 25 1113 Jan 3
Do prof.
400
1101 1101
/
4
4
221 Jan 551 Sept
:
/
4
100 Amer Writing Paper pret_100 26 Jan 24 30 Feb 15
*27
23
121 Jan 21 Sept
/
4
500 Amer Zinc. Lead & Smelt___25 15 Jan 23 1914 Feb 16
18
1814
/
4
36
Jan 57 Sept
25 4813 Jan 29 561 Feb 16
Do met
300
56
58
45 Nov 57 May
5014 5113 71.600 Anaconda Copper MIning_50 4513 Jan 18 5113 Feb 23
43
Jan 70% Dec
4
721 7313 15,700 Associated Dry Goods__ 100 6214 Jan 5 743 Feb 21
/
4
75
Jan 86
:
100 821 Jan 18 89 Feb 13
Oct
Do 1st prof
*83
90 11
76
Jan 914 Oct
100 8818 Jan 9 9114 Feb 23
Do 2d prof
166
9114 9114
99
Jan 1351 May
100 12014 Jan 3 133 Jan 12
/
4
100 Associated 011
12712 12712
11 Dec
/
4
313 Feb 14
4
54 Apr
/
1
13 Jan 17
No par
212 212 1,200 Atlantic Fruit
195 Dec 4314 May
8
24
2512 2,800 Ati Gulf & W 138 Line__ _100 1818 Jan 30 274 Feb 16
15 Dec 314 May
8
100 147 Feb 2 23 Feb 18
Do pref
*18
20
100 119 Jan 2 1531s Jan 10 1117 Dec 1575
Oct
500 Atlantic Refining
142 1424
Jan 11913 Dec
100 119 Feb 6 120 Jan 18 113
Do pref
500
119 119
1313 Feb 2213 May
:
154 Jan 2 201 Feb 14
/
1
No par
1913 1913 1,200 Atlas Tack
914 Jan 40 8 Sept
3
314 315 11,800 Austin Nichols & Co__ _No par 29 Feb 7 3512 Jan 12
8
68
Jan 91 Sept
100 87 Feb 3 8912 Jan 23
Do prat
*8514 88
934 Jan 1423 Oct
4
138 13912 76,000 Baldwin Locomotive Wks_100 12914 Jan 17 141% Feb 113
Jan 118
4
100 114 Jan 19 1163 Jan 4 104
Oct
Do prof
Stock
200
*114 116
40
Jan 675 Sept
No par 47 Jan 12 55 Feb 16
•
Barnet Leather
3
*50
54
1913 Jan 5614 Apr
Exchange
3012 3012 1.700 Barnsdall Corp. Class A..___22 29 Jan 31 3413 Jan 3
17 Nov 39
25 184 Jan 19 22 Jan 2
Do Class B
Apr
600
*1912 20
14 Deo
12 Jan 2
3 Feb 14
3
20
15 Mar
1
3
8
3 1,600 Batopilas Mining
8
Closed;
33
Apr 65 Sept
8
No par 5012 Feb 7i 607 Jan 12
Bayuk Bros
*55
59
30 July 53 8 Dec
.
3
Washing6113 7213 2,400 Beech Nut Packing_ ,...-20 51 Jan 2 694 Jan 20
51
Jan 79 May
200 Bethlehem Steel Corp._ __100 5912 Jan 22 65 Feb 14
*63
65
5513 Jan 8214 May
Do Class B common_ _100 6014 Jan tsl 67% Feb 15
ton's
654 6612 15,600
90% Mar 106 Nov
/
4
100 931 Feb 1 9612 Jan 2
Do prat
*93
97
Jan 1165 June
3
3
Do cum cony 8% pref_100 1073 Feb 2 11113 Feb 9 104
800
4
Birthday *1093 11014
100 934 jean 9718 Feb 131 94 Nov 101
/
1
Preferred new
1,500
Oe
96
96
4 Nov 1013 Aug
Jan 18
74
5 Jan 3
No par
600 Booth Fisheries
614 614
84 Jan 15 Sept
100
914 Jan 6
83 Feb 3
4
100 British Empire Steel
*94 10
58 Mar 764 Apr
100 6612 Feb 5 6914 Feb 15
/
1
Do 18t pref
100
6812 6813
191 Mar 39 Sept
/
4
100 2413 Feb 7 2613 Feb 20
Do 2d pref
100
*254 2612
Jan 124% Aug
/
4
100 109 Jan 23 1211 Jan 9 100
8
1153 11512 11,700 Brooklyn Edison, Inc
70
Jan 124 Nov
100 10914 Jan 19 128 Feb 7
/
1
4
1,400 Brooklyn Union Gas
*12012 123
42
Jan 644 Sept
100 60 Jan 6 53 Jan 19
/
1
/
1
4
*603 613
8
4 1,600 Brown Shoo Inc
113 June
234 Jan 25
2 Jan 25
53* June
200 Brunswick Term & Ry Sec 100
*213 3
2 1131 Jan 147 Dee
/
4
100 138 Feb 23 14412 Jan
400 Burns Bros
138 1384
/
1
283 Jan 53
s
38 Feb 23 43 Jan 2
Oct
Do new Class B corn
384 1,700
38
51 Mar 1013 Dec
/
4
4
914 Jan 17 113 Feb 14
1114 114 31,200 Butte Copper & Zinc v t o___5
15 Nov 34
/
4
100 1713 Feb 1 211 Jan 4
Feb
200 Butterick
19
19
/ Oct
1
4
203 Jan 35
3
3
/
1
4
3312 3418 9,700 Butte & Superior Mining_ _ _ 10 29 Jan 17 343 Feb 16
64 Dec 1513 Apr
/
1
91 Feb 16
/
4
5 Jan 24
800 Caddo Central OildeRef No par
*812 83
4
68 Jan 8012 Sept
No par 7913 Jan 24 87 Feb 9
843 843
4
4 2,200 California Packing
4318 Jan 717 Jan
8
100 6614 Jan 3 SS Feb 16
82
8313 46,000 California 1 etroleum
83 Jan 981 Apr
4
4
100 943 Jan 2 993 Feb 16
/
4
Do prat
1,900
984 99
/
1
95 Jan 24 125 Feb 20
8
514 Feb 113 May
10
8
50,700 Callahan Zlnc-Lead
113 12
8
50 Nov 6613 Jtme
/
1
4
10 52 Jan 23 5213 Feb 23
62 6213 1,400 Calumet Arizona Mining
614 Dec 1634 Mar
9 Feb 19
5ti
712 Jan 4
1
600 Carson Hill Gold
3 Mar
43 Feb 21
4
3 Jan 2
No par
912 June
700 Case (J I) Plow
:liz 41
.
68 Feb 9314 Aug
4
100 Case (J I) Thresh M.plot! 100 693 Jan 4 78 Jan 16
*76
7914
293 Jan 44% Sept
3
100 321 Jan 4 3833 Feb 14
:
37
373
4 7,700 Central Leather
3712 3718 3818
3
8 37
37% 37
/ 373 383
1
4
6334 Jan 8234 Sept
100 6734 Jan 8 7514 Feb 14
Do prat
74
75
7334 743* 1,500
74
741 7514 74
/
4
*7415 75
32
/ Jan 463* Dec
1
4
4634 473 31,400 Cerro de Pasco Copper_No par 4212 Jan 17 4734 Feb 23
4
4
4612 4613 473
/
1
461 464 4534 464 46
/
4
34 Feb 5318 June
41 Feb 23 44 Feb 7
200 Certain-Teed Prod___ _No par
41
41
43
4813 424 4218 *40
*41
433 *41
4
75 Feb 16
473 Jan 7914 Apr
4
/
4
14.600 Chandler Motor Car. _No par 611 Feb 1
72% 73
4
737 748 723 743* 7134 7314 7213 7311
3
/
1
60
Jan 8953 Sept
8234 Jan 10 884 Feb 9
8,500 Chicago Pneumatic Tool.
87
88
883
4
863 8714 8612 874 87
4
3718 873
1513 Jan 294 Nov
/
1
4
25 27 Jan 2 3014 Feb 19
48,400 Chile Copper
293 30
4
8
294 3018
4
294 3018 293 304 297 30
8
2214 Nov 333 June
5 214 Jan 29 297 Feb 21
8
287 293 38.700 Chino Copper
8
4
4
2614 263
8 263 2818 284 294 2918 294
4
43 Jan 7014 Dee
1,100 Cluett, Peabody & Co_ ___100 653 Jan 5 7214 Feb 9
70
70
7012 7012 7012 71
70
71
71
70
No pat 74 Jan 16 81 Jan 3
41
Jan 823 Oct
4
753
4 4,500 Coca Cola
75
754 76
753 76
4
753 76
4'
76
76
313 Feb 15
4
100 2514 Jan 17
24
Jan 37 May
2,900 Colorado Fuel dr Iron
30
30
4
3012 293 30
303 3114 3012 304 30
4
4
8
634 Jan 1143* Sept
109 11012 11,600 Columbia G9.9 & Electric_ 100 1037 Jan 17 1133 Feb 15
/
1
4
/ 10853 11034
1
4
103 10914 103 103
109 110
24 Feb 6
/
1
218 Jan 5
114 Jan
53 June
4
21
. 234 4.100 Columbia Graphophone No par
24 23
4
2 8 212
3
25
8 23
24 2
/
1
4
4
8 Jan 2 1212 Jan 15
/
1
4
100
5 Feb 21 June
Do prat
700
/
1
107 104
3
11
10
10
9
/ 10
1
4
10
10
1134
5514 Jan 79 4 Apr
7812 7918 10,800 Computtne-Tab-RecordNo par 69 Jan 8 8012 Feb 21
3
/ 8013
1
4
3
4 77
773* 7734 7612 7613 763 763
Cigar____No par 33 Jan 24 39% Jan 3
1834 Feb 423 Oct
4
373 373
8
8 3,200 Consolidated
3513 361 37
36
36
:383
8
374 38
/
4
100 8012 Feb 8 83 Feb 17
47 Feb 874 Nov
Do Prof
300
81
824 823 *81
83
83
81
8313 *80
8
8212
3 Jan 30
8
4.14
5 Feb 20
4
3
2
14 Feb
500 Consol Distributors,Ino No par
214 Mar
3
3
31
*14
3
3
3
3
3
8
38
3
8
cee400dated Gas (N Y) _100 12(1 Jan 2 137 Jan 26
85
/ Jan 141434 Sept
1
4
No Par eo Jan 2 6934 Feb 7
57 Dec 623 Dec
/
1
4
64 "Ws "6i2 li- -95i2 id" -654 I73;
4
-iiaTs I74 18,1156 When issued
107 Jan 31 1412 Feb 9
8
9 July
1338 133
4 135 137
8
8 1313 134
8
8 135 137
155 Apr
8
1312 133 37,100 Consolidated Textile-No par
4
100 115 Jan 2 1313 Jan 31
4
Continental Can, Inc_
453 Jan 11514 Dec
4
- --- ---- ---- ---- ---- ---- ---- -3
No par 433 Jan 2 5018 Feb
When issued
483 5018 494 494 4914 50
4
484 49
484 4914 25,100
/
1
19_25 92 Jan 6 10313 Feb 15 66
3,600 Continental Insurance
4
1013 1013 1013 1013 1011 1013
4
4
Jan 93 Aug
4
10214 103
/
4
4
/
1
4
5
.1013 102
4
95$ Feb 21
1214 Jan 19
93* 10
1014 10
1114 Dec 185 Dec
3,900 Continental Motors___No par
1013
1011 10
10
3
9 4 10
3
4
9114 Jan 1343 Oct
13412 1375 26,800 Corn Products Refining...100 12311 Jan 16 1394 Feb 6
8
4
/
1
4
4
133 1344 13412 1363 135 1364 1353 13712
100 1183 Jan 5 122 Feb 19. 111
4
Do pref
200
*121 12214
Jan 12234 Nov
12112 12112 122 122 *121 12213 *121 12212
No par 50 Jan 4 5314 Feb 171
/
1
4
584 594 5812 59
313 Jan 54 Dec
8
5834 65,400 Cosden & Co
53
59
/ 6014 584 593
1
4
Crucible Steel of America_100 6811 Jan 11 8213 Feb 15
/
4
813
4 801 8113 8012 3114
15,600
79
80
523 Feb 98% Sept
4
8234 8013
31
100 8814 Jan 2 94 Feb 211 80 Jan 100 Sept
94
94
Do pref
94
500
*94
95
:
931 9312 9313 931 *93
No par
1253 Jan 17 20 Feb 13
/ 1713 18
1
4
/ 1713 17
1
4
1714 1812 11,700 Cuba Cane Sugar
1714 17
813 Jan 198 Mar
1753 18
4
100 3713 Jan 17 603 Feb 13
3 55
5712
/ 5538
1
4
54
57
/
4
4
Do Prof
26,500
57
59
1514 Jan 411 July
/ 55
1
4
5634 57
34
3312 35
34
355 39,200 Cuban-American Sugar____10 2312 Jan 16 373* Feb 13,
8
141 Jan 28 Aug
/
4
3434 3514 3312 3518 33
100 16012 Jan 11 10212 Feb 15
Do prat
10112 10112 *101 103
500
102 102
4
7818 JaIl 1024 Dee
*1013 10213 1013 102
4
/
1
/
1
3412 344 364
6558 Apr
33
234 Nov
3414 3512 18.200 Davison Chemical v t c_No par 29 Feb 1 3613 Feb 211
3211 3234 3212 33
4
25
4
*243 25
/
1
154 Jan 2534 Sept
253 2614 2,800 De Beers Cons Mines_No par 233 Jan 24 2614 Feb 23
4
254
/
1
25
.25
2478 25
Edison
100 1067 Jan 8 11012 Feb 23 100% Jan 1184 Aug
3
/
1
11012 11012 11012 11012
600 Detroit
11012 11012
1093* 111 *110 111
10 39 Feb 1 4418 Jan 4, 181 Jan 464 Nov
/
1
4
404 407
41
/
1
2,300 Dome Mince, Ltd
41
41
8
4112 41
/
4
8
4118 415 *41
4
10714 10812
70 July 9012 Dec
10712 1111 20.600 Eastman Kodak Co_ _..No pa, 893 Jan 2 11112 Feb 23
/
4
1088 1063* 106 1071e 10713 109
Nein & Co_1(91 10614 Jan 17 13413 Feb 17 105 Dec 1593 NOV
4
1183 12014 21,900 E 1 du Pont de
4
:
123 12411 1151 12414 11614 1194 119 122
6% cumul preferred._ _100 8414 Jan 16 88 Feb 21
88
88
80 June 901: Sept
600
•8712 88
8612 8612 8612 8712 8712 88
3
4013June 58 4 Dec
54 Jan 17 603* Feb 21
25.800 Electric Storage BatteryNo par
*
5918 583 603
5914 60
4
:
8 561 5714 57
573* 573
/
1
50 1613 Feb 1 203 Jan 2
17
/
4
171s 17
141 Jan 244 Dec
1613 1612 1.000 Elk Horn Coal Corp
4
1734 *17
17
17
17
11 18 June
2% Jan
54 Jan 8
/
1
800 Emerson-BrantIngha1fl-__100
*713 8
712 Feb 20
71
*714 8
7
4
5
/ 53
1
4
5 3
6 4 812
/
1
4
50 7514 Feb 15 9414 Jan 2
/
1
764 Jan 94 Dec
/
4
76
7614 4,900 Endicott-Johnson
3
7613 76 4 761 77
77
76 4 7714 76
3
Jan 119 Dec
100 112 Feb 7 118 Jan 3j 104
Do pref
/
1
4
200
115 115
116 115 *114 115
•115 116 *115 116
this day. d Ex-div. and rights. e Assessment paid. z Ex-rights. 3 Ex-dIv. 5 Ex-900% stock div. sPar value $10 per share.
*Bid and asked prices; no Sates On
$ per share $ per shaer $ per share $ per share
3 1712 174 174 184 1714 18
17 8 177
7
343 343
4
4 3212 34 4
,
34
*31
34
.30
7
7 18
7
7
7
7/
1
4
74
/
1
7
141 141 *139% 142
138 13812 *133 140
/
1
4
4
4
3 123 123
124 127
3
8 121 127
12
/ 127
1
4
7112 7114 7112
7013 7112 *70
71
71
4
10814 10812 108 108 *106 1073 108 10912
883 89
4
89 89
90
*88
*8713 90
27
273 2812 2713 275
4
2713
•28
/ 29
1
4
8
123
3 124 123
1212 1213 1213 1213 *12
35
343 3512 35
4
35
35
/ 3514 35
1
4
5712 *56
5711 *55
*56
5712
57
57
12512 12712 13414 12612 12412 12612 126 12714
122 122 *121 122
•122 123 *122 123
8
53
531
4 525 53
54
53
5
525 53
*82
83
4
844 844 8314 834 813 83
84 812
83
4 9
83
4 918
83
4 84
183 1812
3
s
1913 183 19
1912 1953 19
/ 64% 6534 6414 6514 6412 64%
1
4
6413 64
8
8
8
.101 10118 10112 1014 1017 1017 1013 10112
•150 151 .149 150 *149 151 *149 151
3812 38
53 3813 384
39
3913 3812 39
1041 1047 •10113 105 *10112 105
/
4
8
10434 105
8112 8113 8113 824
8111 83
*8213 83
107 1073 *10714 103 *10714 108
/
1
4
4
•107 103
4
313 33
33
334 3412 33
/
1
34
34
6912
6913 *62
5912 .62
.62
644 *57
8
123 1233 123 12314 123 12314 1234 1234
15612 1581 15712 15731 158 153 4
4
,
•157 159
10334 104
104 104 *1033 101
4
.10312 104
15514 156
16718 1574 156 1564 1554 157
313
4 304 3018 304 303
3 31
8
307 31.3
3
*9013 9112
91
9113 91
9112 9112 *91
55
554 55
55
55
5534 5618 55
4
4
/ *964 993 *9633 993
1
4
4
*9613 993 *9612 99
8
8
1005$ 10134 10013 10212 10212 1037 10312 1013
8
4
4
4
•1103 1117 1103 1104 1103 1103 1103 1104
4
8
27
27
284 *274 29
*28
2812 •27
4
184 1314 *1813 181
/
1
184 1814 *1814 19
/
1
56
*55
5512 56
56
561 *55
:
•55
8
8 5012 51 14
491 504 504 5114 503 513
8
4
/
1
4
3 71, 74
6913 6934 717
4 69
*6914 691
*88
92
*88
89
*88
89
•88
89
92
3
*9114 9113 907 90% *91
*91
92
*12613 1304 *127 131 *12712 129 *127 1304
24 212
8
212 25
3
3
318
*3
26
3
8 25
2614 253 263
2614 26
26
*18
20
20
*18
.1912 2012 *1813 20
143 143 c142 143
142 142 *141 143
119 119 *119 120
•119 120 *119 120
*1812 19
1813 1813 19
1912 1912 *18
334
311 3311 33
/
4
31
4 30
3012 301
*8514 90
*83
90
*8514 8712 *8513 87
13813 1411 13813 1404 13913 141
4
140 142
4
4
1,11412 11613 1141 1143 11413 1144 *114 116
*51
54
54
*50
54
.52
547 *51
8
3012 307
3
3013 31
31
31
3112 31
203
4
207 *20
8
4 20
*20
201
21
21
12
38
12
*3
3
12
*3
3
13
*3
3
59
*55
53
*55
59
*55
57
*55
8 6312 6312
6312 634 637
4 63
643 643
4
65
6513 65
*644 6512 *65
65
65
661a 665$
66
67
6613 6853 6618 67
97
*93
97
*93
*95
97
•95
97
10953 10934
*1093 110
4
/ 10953 11013 •10953 110
1
4
4
/
1
4 953 9578 954 96
.953 961
4
3 954 963
612
63
8 65
8 *6
613 634
*612 678
918
918 *94 10
*918
97
8
*9
10
*68
70
•6812 70
*63
/ 70
1
4
.68
70
2612 264 *2512 264
2614 *2512 261
0
28
11533 1157
8
11453 117
11518 1154 115 115
122 124
121 121
121 122
12012 121
62
62% 6118 6114 6014 6014 61
62
/
1
3
*2
2% *24 23
23* 234 *212 3
/
1
5 138 141 *138 13912 *13713 1384 *137 140
'
384 383
.39r. 397
8 3912 394 3813 39
4
8 1112 113
4 1112 113
8
4
114 1112 113 115
*183 19
4
*184 20
/
1
19
191 19
/
4
*19
333 34
3
34
3334 314
33
/ 337
1
4
3 33
83
4 9
812 8% *
8% 8
/
1
4
812 84
85
8514 8412 85
8413 85
8512 86
8 834 84
3413 863
4 84% 81318 8212 845
9914 9914 98
99
993
4 9812 99
9812
4
12
1211 113 125$ 115$ 121
113 12
4
/
4
/
4
6114 611 6112
4
4 61
60
6113 613 613
___
. .
9
8 95 * _ _
8 93
912
*8
4
/ _- 4
1 434
4
4
8 4
3
/ 312 *35
1
4
7913
7913 *76
*76
77
77
78
*76
New York Stock Record-Continued-Page 3
807
For sales during the week of stocks usually inactive. see third page preceding.
-PER SHARE. NOT PER CENT.
BIOS AND LOW SALE PRICE
Ilatantay.
Feb.17.
Moncton.
Feb.19.
Tuesday_ t weaneuray. rnursaay,
Feb.22.
Feb.20. I Feb.21.
mass,
Feb.23.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
ms
Week.
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
I Highest
Indus.& Miscall.(Con.) Par 3 per share
per share $ per sharelt per share
Exchange Buffet
No par 26 Jan 4 31 Jan 10 2612 Dec 3112 Oct
7512 Jan 107 Sept
kamous Players-Lasky-No par 823 Jan 19 93 Jan 2
4
Do preferred (8%)._ __ 100 941 Jan 16 9934 Feb 14 91% Jan 10733 Sept
Federal Misfile & Smelting 100
9 Jan 1613 May
84 Jan 23 1234 Feb 18
37% Mar 6234 Sept
Do pref
100 44 Jan 23 6012 Feb 13
834 Dec 10% Dec
Fifth Avenue Bus
No par
732 Jan 17 10% Jan 2!
75 Jan 218 Dec
Fisher Body Corp
No par 150 Feb 1 21214 Jan 11
/
4
Fisher Body Ohio, pref.._ _ _ 100 96% Jan 24 10113 Feb 19, 7613 Jan 1031 June
Fisk Rubber
No Par 1314 Jan 2 1613 Feb 131 103* Nov 1912 Apr
1214 Jan 2714 Oot
Freeport Texas Co
No par 1873 Feb 1 22 Jan 13
4634 Jan 80 Oct
Gen Am Tank Car
No par 66 Jan 5 71% Feb 20
1
General Asphalt
100 411 Feb I 49% Jan 2 87% Nov 73 g July
Do pref
100 76 Feb 1 80% Jan 2 69 Nov 111 July
Feb 8 66 Max R3% Deo
General Cigar. Inc
100 81% Jan 4 9312
Debenture pref
100 10412 Jan 2 109 Feb 10 94 Jan 109 Oct
General Electric
100 179 Jan 10 19018 Feb 2 136 Jan 190 Dec
1015 Oct12 Sept
Special
10 11% Feb 21 12 Jan 2
814 Jan 1614 July
General Motors Corp_No par 131s Jan 17 1512 Feb 20
69 Jan 86 Sept
Do pref
100 833 Jan 20 85 Jan 16
6734 Mar 981 Ott
Do Deb stook (6%)_-100 8312 Jan 9 85 Jan 1
4
7914 Mar 100 Sept
Do Deb stock (7%)_._100 9873 Jan 10 100 Jan 1
38% Oct 4513 Oct
Gimbel Bros
No par 41 Jan 3 48% Feb
93 Nov 1814 June
4
(.11daen Co
blo par 10 Jan 18 12% Feb
81 Oct
47 Jan 2
7% Feb 2
4 4 Dec
3
Goldwyn Pictures
No par
281, Nov 447s May
Goodrich Co 1B F)
No par
34 Jan 4 39% Jan 1
7912 Nov 91 Apr
104 84 Jan 3 92 Jan 2
Do Pie
22 Nov 35 May
Granby Cons M.8m &Pow10( 23 Jan 25 3914 Feb 2
8 Nov 197 May
a
Gray de Davis Inc
No par
11 Jan 23 1412 Feb 2
22 Nov 343 May
Greene Cananea copper,. 100 233 Feb 1 30% Feb 2
934 Jan 5 14% Feb 1
Guantanamo Sugar__ .No par
7 Feb 145 Mar
447 Jan 947 Oct
5
2
Gulf Staten Steel tr etfs___100 78 Jan 10 9612 Feb 1
37 Mar
oo
34 Jan
212 Jan 1
ereublehaw Elm Cab No 1pre
8014 July 103 Mar
Hartman Corp
1114 an 2
83 2 Jan 4 9514 Jan 2
15 Jan 2854 Sept
s
klenaee Manufacturing
106 187 Jan 8 2334 Feb I
55 Jan 82 Nov
Homestake Mining
100 75 Jan 31 79% Jan
6114 Nov 913 Oct
4
Froeston Oil of Texas
100 694 Jan 10 78 Feb 1
/
1
1912 Aug 26% Dec
Hudson Motor Car___.No par 254 Jan 10 30 Feb 2
103* Jan 2612 Dec
10 2238 Jan 11 27 Feb
Hupp Motor Car Corp
613 Jan
Hydraulic Steel
No pa?
4 Jan 29
/
1
4
312 Feb 14% June
314 Jan 1534 Dec
5 13 Jan 3 18 Jan
Indiaboma Refining
713 Feb
5 Jan 113* June
Indian Refining
10
534 Jan 24
31 Nov 45 June
Inspiration Cons Copper 20 33 Jan 18 41% Feb 2
5% Dec 1134 MaY
Internat Agrield Corp_.
--100
7 Jan 4 11 Feb 20
14
43% Mar
28% No
2
100 31 Jan 22 397 Feb 23
Do pre!
26 Jan 38 4 May
International Lethent_No par 3413 Jan 2 40% Feb 13
3
204Jun
/
1
4
3012 Sent
Inter Combus Eng__ _ .No par 24 Feb 3 263 Feb 19
79% Jan 115% Aug
Internat Harvester (new) 100 8734 Jan 17 9812 Feb 7
100 116 Jan 25 11814 Jan 4 10512 Fe 119 Sept
Do pref (new)
83 Dec 2712 May
4
8% Jan 13 1138 Feb 14
lot Mercantile Marine__ _ _10
41% Dec 87% May
100 3713 Jan 29 47 Jan 5
Do pref
1114 Jan 1934 Apr
International Nickel (The) 25 14 Jan 2 1614 Feb 16
60 Jan 85 Jan
100 694 Jan 4 7834 Feb 14
Preferred
43% Ma
63% Oct
100 4913 Jan 22 55% Jan 15
International Paper
59 Mar 80% Sept
100 693 Feb 3 75% Jan 5
4
Do stamped pref
121$ July 2014 Apr
50 1414 Jan 17 17% Feb 21
Invincible 011 Corp
24 Jan 63% Oct
Iron Products Corp__ ..No par 4113 Jan 17 5113 Feb 21
12 Jan 17
3 Jan
/ Nov
1
4
14 Jan 2
Island 011 & Tram,v t 0 10
10 Jan 22% May
Jewel Tea, Inc
100 17% Jan 24 2134 Feb 23
3
Do pref
100 6914 Jan 29 7713 Jan 2 3812 Jan 763 Dec
11412 Feb 57% Sept
100 50 Jan 17 5812 Feb 21
Jones Bros Tea. Inc
Jones & Laughlin St. pref__100 1073 Jan 29 109 Feb 23 10712 Dec 109% DeO
$
113 Dec
3% Jan 12
718 Jan
I% Jan 2
10
Kansas & Gulf
34 May 48% Aug
Kayser (I) Co. (nete)__ No par 40 Jan 8 4578 Feb 23
let preferred (new)._No par 100 Jan 29 103 Jan 8 94 May 106% June
2
3414 Jan 33 4 May
3
25 4634 Jan 4 543 Feb 16
Kelly-Springfield Tire
3
Temporary 8% pref___ 100 1023i Jan 2 108 Jan 18 90% Jan 107 4 May
61 Feb 116% Dec
Kelsey Wheel. Inc
100 101 Jan 23 11434 Feb 20
2515 Jan 303 May
Kennecott Copper
No Pa? 35 Jan 18 4314 Feb 21
4% Nov 24% May
83 Jan 17 1013 Feb 21
Keystone Tire & Rubber__ 10
Kresge (88) Co
100 183 Jan 10 24713 Feb 16 110 Jan 18913 Nov
43 Jan 9415 Aug
Laclede Gas (St Louis)__ _100 83 Jan 10 87 Feb 21
2414 Nov 35% Mar
3
Lee Rubber dr The_ _ _ _No pa? 273 Jan 16 307 Feb 9
4
Liggett dc Myers Tobacco_100 208 Jan 25 2223 Feb 9 153% Feb 235 Oct
Do pref
100 116 Jan 15 118% Jan 8 108 Jan 12313 Nov
Liras LocoWkstempettallo Par 583 Jan 17 7214 Feb 13
52 Nov 117% May
2
1814 Jan 17 21 Feb 15
Loetv's Incorporated__ _No par
10% Jan 2334 Sept
Loft Incorporated
No pa? 101 Jan 15 1134 Jan 5
/
4
9 Jan 1414 May
517 Jan 4 8114 Jan 13
Loose-Wiles Biscuit
100
38 Jan 67% Sept
1 orillard (P)
100 1614 Jan 8 17834 Feb 9 14714 Jan 180 Sept
Mackay Companies
100 105 Jan 22 121 Feb 6
72 Jan 117 Dee
Do prof
100 69 Jan 16 7012 Feb 16
57 Jan 70 Nov
2
Mack Trucks, Inc
No par 58% Jan 2 747 Feb 17
2512 Jan 8172 Sept
Do 1st pre:
100 9213 Jan 3 96 Feb 19
68 Feb 9412 Dec
Do 2d pref
100 84 Jan , 90 Feb 17
54 Jan 8714 Sept
No par 61% Jan 8] 7112 Jan 20
59 Nov 62 Dec
MACY
Mallinson(BR)& Co-No Par 341$ Jan 24 40 Jan 2
1511 Jan 40 Aug
Manati Sugar
100 4313 Jan 17 6278 Feb 23
3014 Jan 52 Mar
Preferred
100 82 Feb 3 8712 Feb 23
7314 Apr 8414 Sept
Manhattan Elea Supply No par 511 Jan 3 5812 Feb 16
41 Mar 89 4 Apr
3
Manhattan Stdrt
25 4314 Feb 2 477 Jan 5
32 Mal 58 4 Oct
3
Marland Oil
No par 2714 Jan 6 42 Feb 20
2234 Jan 463* June
91 Feb 1 1532 Feb 21
Marlin-Rockwell
No par
512 Mar 2632 Mar
Martin-Parry Corp_ _ No pa? 2712 Jan 31 3134 Feb 21
2014 Jan 3614 June
Mathleeon Alkali Works_ 50 497 Jan 2 62 Feb 14
22 Jan 54 Nov
Maxwell Mot Class A
4114 Nov 7434 May
100 4334 Feb 2 5412 Jan 4
11
Maxwell Mot Class B._No par 1413 Feb 1 1734 Jan 4
Feb 257 June
2
8513 Dec 1743 Dec
May Department Stores_100 8734 Jan 5 783 Jan 13
2
4
McIntyre Por Mines
1734 Feb 1 1934 Feb 14
1034 Jan 2134 Mar
Mexican Petroleum
4
100 270 Feb 8 293 Jan 2 1063 Jan 322 Dec
Preferred
7914 Jan 108 Dec
100
Mexican Seaboard 011__No par 1614 Jan 12 1913 Feb 19
15 Oct3413 July
Voting trust Mb
12 Oct 32% July
151$ Jan 17 1833 Feb 17
Miami Copper
25 Nov 311 May
5 2634 Feb 1 3013 Feb 23
Middle States 011 Corp.__ 10 11 Jan 24 1214 Jan 12
11 Nov16 Apr
Midvale Steel & Ordnance_ 50 27 Feb 1 3034 Feb 16
261$ Dec 4514 May
Montana Power
83 Jan 763, Sept
100 6512 Jan 24 7213 Feb 10
Montward & Collis Corp
In 2034 Jan 17 26 Feb 13
12 Feb Vas Aug
Moon Motors
No par 173 Jan 17 2412 Feb 14
13 Aug 193 Dec
4
$
Mother Lode Coalition-No par 11 Jan 2 14 Feb 20
93 Nov 1214 Dec
Mullins Body
No par 22 Jan 24 2713 Feb 9
1714 Dec 34 Mar
Nash Motors Co
No par. 7518 Jan 2 11412 Jan 12
70 Dec 525 July
Preferred A
100 99 Jan 2 10134 Jan 17 10113 Aug 108 Doe
National Acme
9% Nov 2114 Apr
50 11 Jan 30 1818 Feb 19
National Biscuit
100 38 Jan 5 4313 Feb 21
361g Dec 270 Dec
Do pref
100 12034 Jan 15 125 Feb 2 113% Jan 126 Oct
National Cloak & Suit._ _ _100 80 Jan 17 6714 Feb 21
2
26 Jan 687 Sept
Nat Conduit & Cable_ ,.No :..a?
1 Dec
als Apr
I Jan 25
11$ Jan 4
Nat EnamIt & Stamp12-100 654 Jan 9 70% Feb 15
/
1
30% Jan 6812 Oct
National Lead
100 12313 Jan 25 13314 Feb 14
85 Jan 129% Dec
Do pref
100 11214 Jan 3 114 Jan 4 1013811 Jan
Nevada Congo)CopPer ---. 6 1412 Jan 29 1718 Feb 19
Nov 11718 June
Octi
N V Air Brake (new)._No par 2838 Jan 2 3913 Feb 13
2412 Nov 4134 Sept
24's
Class A
No par 46 Jan 9 5113 Feb 13
431s Nov 5114 Oct
New York Dock
100 2112 Jan 18 2534 Feb 18
20 Nov 46 June
Do prof
46 Nov 881i June
100 46 Jan 31
Feb 19
North American Co
4415 Jan 1094 Deo
/
1
50 MP, Jan 16 119 Feb 15
50's
Do prat
50 4412 Jan 17 4813 Feb 14
Nova Scotia Steel & Coal,..100 27 Jan 10 2924 Feb 13
2
3
0% Feb 4714 Sept
8
4
0
Nunnally Co (Tbe)--__No par
8 July 1234 Mar
91 Jan 5 1013 Feb 9
Ohio Body & Blow___No pa?
5 Nov 1414 Apr
612 Jan 2 1012 Jan 29
Oklaboma Prod & Refof Am 5
434 June
134 Dec
318 Feb 8
I% Jan 2
Ontario Silver Mining
415 Jan
93 Mar
3
100
5 Jan 6
51z Jan 14
Orpheum Circuit, Inc
I
1712 Jan 5 2114 Feb 16 , 1234 Jan 28 Oct
Otis Elevator
100 144 Jan 24 '153 Feb 16 I 116 Jan 18834 Oct
Ex-dividend. •* Ex-rights
Bid and asked Prices: 220 sales thls day. § Lees than 100 shares. a Ex-dividend and rights.
3 per share 8 per share 3 per share $ Per share 3 per share
28
*2712 284 *2712 2812 2712 2778 28
89
87
8812
88
8 8812 89
8912 903
5 96
*99
9912 .97
9812 97 9812 95
117g *1114 1134
1114 *10
4 11
113 113
4
56
5612 56
56
537g 5514 5414 57
73
8
712 712 *7 4 775
3
*71. 7 4
3
172 181
181 181
16814 16978 168 171
/
4
9934 99 4 10014 10112 10118 1011 101 101
3
1538 16
1538 1578 1534 158 1534 1614
2014 21
203 203
8
2018 2118 2014 21
4
6918 703 *68% 70
3
7012 717 *6912 70
8
4738 48
4818 4934 4634 4783 4678 4812
*7714 79 *76
80
76
79
79
79
9218 9214 9278
914 92
9014 9014 91
*109 110 *109 110
110 110 *109 110
18614 18612 186 187 18534 18612 185 18612
1112 1112 1132 1113 1113 1113 1112 1113
1518 1514 1514 1512 1514 1.512 15
1534
•83 86
84 84
*8434 854 84 4 85
3
8414 8414 8414 8412 *84
8413 8412 8434
*93 99
98
9812 9812
984 9812 98
*47
48
47 47
4634 4673 47 47
1012 1013 103g 108 1078 107s 107 117
8
578 6
534 6
534 678
538 578
*37
3712 3718 3714 3712 3712 3712 3814
*89
90
8912 8912 8812 3812 *87
91
287 29
8
29
2918 2912 304 2912 30
1212 1278 1212 1314 1314 1412 1318 1418
29
29
2912 293
30
30
30
3012
13
138 1212 1234 *1234 1278 *1234 128
1212 937
9314 6512
9212 957
8 9412 96
134 138
13
4 13
4 *11
8 13
4 *132 134
924 9212 9112 9112 91
/
1
91
92
91
2134 2134 2114 22
/ 2112 213
1
4
2114 22
4
*70 734 *72
73
73 *593 7212 73
4
748 757g 7334 75
7312 747
7212 7412
29% 2914 293k 2978 2912 30
2912 2978
26
2612 26
25
26
26
25 4 2614
3
512 53
4
53
8 52
4
514 512
514 512
1512 1534 1534 153 *15
4
15% 1514 1514
7
7
*612 714 *6% 714 *618 7
413
3912 4014 4034 4134 41
4073 418
97g *912 978
934 11
1012 101
*
912
*3812 39
39
*3713 38
3814 393
4 39
3938 391k 40
3014 3912 3918 394 39
2414 2634 2512 2634 26% 2618 *2518 26
96
96
95 95
9514 9612 96
96
*11313 115
11412 11412 *11412 115 *11412 115
11
11
11
1013 1012 10
1034
11
4322 434 4318 4333 4212 4212 4112 42
16
1614 16
1614 1578 1614 1512 157g
*76
78 *75
78 *75
78
*75
78
4
5314 53
/ 5314 54
1
4
53
54
5338 541
*7038 72
7114 7114 71
71
71
71
1713 1734 1713 177
Stock
1712 1773 1734 1773
504 51
/
1
5113
5113 50
50
508 50
12
12
1
t2
13
12
12
12 Exchange
191: 20
1934 20
/ 20
1
4
2038 2014 2134
751k Closed;
470
75 •70
74
74 *70
74
543 543
3
2 5512 5673 5612 573
4 5712 5812
. • 10812 108 10814 10812 10812 10834 10812 Washing2
2'
178 218
178 2
18 2
4318 4314 43
4314 . 43
4314 433 451
ton'8
1013 1013 *101 102
4
4
102 102
1013 102
4
537s 5413 537 5538 533 547
4
5412 5513 Birthday
•105 107 *105 107 .105 107 *105 107
112 11213 *11113 112 I 11212 11473 114 11414
4134 4238 4214 43'4I 4234 4314 4212 4314
933 97
933 934
914 1013
934 934
*23712 240 *23712 240 *23712 240 23712 23712
*84
86
86
86
8512 8512 8512 87
*2912 2973 *29
297k
2912 297
8
*215 220 *210 21913 *210 21913 *200 220
11834 1163 *11614 11634 *11614 11634 *11612 1163
4
4
88
70
6814 6934
6734 683
4 6712 79
2034 21
201. 2078 20
2014 1938 20
107 11
1078 11
1078 11
107 107
*55
58
*55
58 *55
60 *55
57
17234 17434 17034 172
17213 17212 *172 174
117 117 *114 119 *115 119 •115 119
•13912 70 4 *6914 7012 70
70 *6914 70 3
3
,
7331 747
72
7414 728 7313 73
733
4
96
96
96
96
96
96
*95
96
89 ' 89
*8812 90 *8812 90
90 90
67
6712 6778 68
*6712 68
/ 8812 69
1
4
3412 35
3512 3434 3514 34% 347
I' 35
56
5712 56
57
57
*5814 58
5713
•85
87 *85
87 *84
8614 86
8813
57
57
.57% 57% *57
577
8
578 57
4512 46
4614 47
46% 463
4 453 4612
4
4138 42
4078 42
4112 42
3934 41
14
1312 1538
1112 13
1312 1334 *13
3134
30
29
30
2918 31
31
29
59
5734 5912 59
594 58
/
1
58
59
4814 4814 4834 4834 478 4773 4734 48
1618 1634 16
1612 16
16
1534 16
7412 7434 7414 7512
7334 74 4 7312 75
3
1812 183
8 184 183
1834 1914 1834 19
4
•240 290 *240 290 *250 280 *240 280
*95 105 •95 105 *95 105
*95 105
187 1913 184 1912 1814 1812 1818 18 4
3
1813 *178s 18
1712 1784
18
1834 18
8 2938 30
297 3012
29% 2912 2912 297
1114 1112 1114 1113 1114 1112 1114 1134
30 3014 2934 301s 2912 2934 2913 2934
713 71% Ill
4
72
70
70 *69
70
4
2414 2412 238 243
4 2334 24
2334 23 4
3
2214 2314 2178 2234 2214 23
2212 237
1321 133 14
1234 131k 13
1313 133
4
26
27
26 •26
27 *28
026
27
104 10412 104 104
10412 1047
104 104
2
99
*98
99 *98
99 *98
99
*98
1728 15
18% 17
1734 17
16
16
4234 4314 4238 431
427 4312
4212 433
123 12414 *120 124 *120 124
*1123 124
66
642 85
6413 *84
6632 6714
•64
133 132 *132 112
4
•114 112 *114 13
6934
68% 6914 68% 69% 88% 8913 69
13083 13114 13014 13012 *130 13114 130 130
114 114
114 114
114 114
*1131? 114
17
4
163 17% 161. '17% 1834 3713 1612 17
35
37
3714 *3512
3712 374 37
2
5032 50% 501$ 5012 497 501 *4734 50
2534 *24
26
*2313 2534
25 •24
25
55
*50
55
5018 5018 •50
50
50
114 117
115 11714 112 11514 11312 114
473 48
473 48
4
48
48
48
7
47 2
*27% 29'3 *2713 2912
29
29
*2812 29
101 *10
1012 *10
1013
*10
10
10
912 913
9
9
*812 9%
93
4
49
28 3
21
24 28
27
3
25
224
*512 614
*512 814 *512 614 *512 61
1934 2012
2012 20% 2014 203
-2034 ...
- 2034 IA,. 14 73. 130 130 *145 150
.
3 per share Shares
2812 2912 1.000
87
8712 7,200
9512 9538 1,10(
418
12
400
5412 55
3,50(
*8
814
600
184 185
2,904
101 101
1,804
1534 16
11,102
t 7,101
2014 203
901
698 697
464 47 14,401
/
1
*76
80
101
92 92
3,301
*109 111
185 1861z 4,501
*11% 1114 1,101
1513 109,101
15
601
8412 8412
8412 1,201
*84
604
98
98
471k
401
*46
11% 1114 3,701
634 713 24,501
2,50(
37
37
*88
91
101
293
8 7,401
29
6,801
1312 14
3014 3Q13 2,101
1278 13
2,601
29,101
8912 92
134 134 1,201
9112 93'l 2,001
21
214 1,50(
101
*6934 73
7234 74
11,20(
2912 29% 15,801
26
26'4 4.701
5
5 1 13,001
*16
15'2 1,601
*612 7
101
4012 4113 23,201
1012 1012 1,201
1,701
3873 397
39 391
7,401
2514 2534 8,501
1,001
9412 95
101
*11412 115
10
1013 1,901
3,601
4112 42
1518 153
3 9,001
*75
773
4
5334 55
6,001
71
40
71
1712 1734 22,60
50 5012 23,30
%
el 4,90
2184 20,40
21
7413 7514 1,40
/ 13,23
1
4
5613 57
8
109 109
17
3,60
8 2
45
4583 8,90
*101 104
70
54
5434 31,50
*105 108
111 112
2,70
4134 4272 83.70
92 1083 10.30
4
*230 235
10
87 87
1,00
40
.2912 29%
*210 21912
4
10
*11614 1163
6634 6812 19,00
1(18 197i 12.40
1,20
*108 11
*55
56
90
*171 17212
20
117 117
10
*6912 70
7212 7314 5,40
*95
96
30
30
888 8878
6714 6712 1,20
34% 3512 4,70
57 627
8 4,40
87
8712
80
*584 5812
/
1
40
46
46
3,60
41
4134 33,90
15
15
1,50
30% 3113 5,30
58
58
1.70
k 1.60
473 471
4
157 16
5.80
7412 753 11,50
4
1812 1812 2,50
*250 290
.95 105
1738 1834 9.60
1613 1713 2.90
2938 3014 13,20
113 113 32,60
8
4
2912 2913 5,50
69
717
3 2.10
2312 237 13,60
2234 233 13.70
127 1334 83,60
2
*26
27
20
103 104
1,50
99
*97
15
1512 4,99
4313 29,80
42
20
•1201 125
*65
6613 1.40
I% I%
20
6834 6914 6,70
12934 130
1,60
•112 113
50
1612 16% 10,70
36
2,00
36
4978 4973 1,80
10
*2313 26
20
*504 54
/
1
11614 119 40,20
4,40
4734 48
10
*2713 282
•10
1012
20
50
9
9
234 27$ 12,60
•512 612
1913 1913 3,90
•lditl. 'gelato
qn
0
e
New York Stock Record-Concluded-Page 4
808
sales (luring the week of stocks usually inactive. see fourth page preceding.
Et 1011 AND
dattsrdao.
Feb. 17.
4411R1821t
Monday.
Feb. 19.
av,
Feb.20.
ER SHARE. NOT PER CENT.
Wednesday. Thursday.
Feb. 21.
Feb.22.
Friday.
Feb.23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range SOICAI Jan. 11923.
On basis of 100
-share lots
PER SHE
Range for Previous
Year 1922.
Highest
Lowest
Highest
Lowest
$ per share $ per share 8 per share $ Per share $ Per share $ Per share Shares Indus.& MIscell.(Con.) Par $ per
share 8 per share I per share $ per share
8
115 117
8 11% 113
8
117 12
8 115 117
8
4
1114 1112 20,600 Otis Steel
No par
1613 Aiu
7% Jan 4 12 Feb 17
6 Nov
4514 45 4 454 4614 4534 451
3
4518 4618
45
457
8 8.400 Owens Bottle
25 365 Jan 2 467 Feb 15
24% Jan 4234 Sept
3
7
2 1
3
4
3
4
% 1
3
4
3
4
4.600 Pacific Development
1
1
1 12 Jan 18
13 Jan 2
4 Dee 1418 Apr
813 813
4
4 81
82
81
81
82
8134
1,500 Pacific Gas & Electric
81
81
100 78 4 Jan 25 85 Jan 5
3
60
Jan 9113 Sept
51113 14
*1112 13
*1114 13
*12
13
100 Pacific Mall SS
1114 12
5 114 Feb 23 124 Feb 8
19 June
Jan
11
4612 4534 46
461 46 4 45
/
4
3
45 4 4634
3
4513 4634 27,700 Pacific 011
421 Jan 30 487 Jan 4
/
4
4212 Nov 6934 MAY
1414 1414 1418 1434 1418 1414 141g 1414
137 1418 23,700 Packard Motor Car
8
10 1012 Jan 8 1412 Jan 18
10 Dec 21 Nov
82
8 8014 8112 81
8334 8012 827
8134
8018 8114 45,100 Pan-Am Pet & Trans
50 7918 Feb 8 9313 Feb 7
487 Jan 100% Dec
4
7134 7234 72
7334 713 74
73
7234
7114 7214 56,600
Do Class B
50 7014 Feb 14 86 Feb 7
4012 Feb 953 Dee
4
*453 5
412 44
413 5
*45
8 5
5
5
700 Panhandle Prod & Ret_No par
4 Jan 16
3 Dee 1212 Jan
5 Jan 5
1312 *1212 13
•12
1234 1312 *1212 1312
800 Parish & Bingham
1312 1312
No par 1134 Jan 25 1414 Jan 27
713 Nov 17 Apr
513 53
4
514 55
8
518 513
47
8 514
45
8 41 16,600 Penn-Seaboard St'l v t °No par
57 Feb 16
24 Jan 2
258 Deo 133 MaY
2
92
923 *9212 93
4
92
923
4 915 92
8
9112 9112 1,300 People's G. L & C (Chle)__100 90 Jan 16 944 Jan 30
593 Jan 99 Sent
4
4613 484 4512 464 4434 45
45 4 4634
3
4553 46
8,700 Philadelphia Co (Pittsb)__ 50 4114 Jan 2 4713 Feb 15
3134 Jan 455 Sept
*713
*71
77
77
*70
77
*71
77
Phillip-Jones Corp
*71
77
No par 76 Jan 11 7834 Jan 15
7314 Oct 10518 Jan
60
608 5913 6012 5814 60 4 .5734 .587
3
2
573 5914 45,000 Phillips Petroleum
4
No par 4713 Jan 2 61 Feb 16
2814 Jan 5914 June
13
125 134 123 13
8
13
4
13
13
*1214 123
-Arrow M Car
4 3,400 Pierce
No par 1118 Jan 27 1514 Jan 9
9 July 2434 Apr
•32
33
314 3214 3113 313 *31
4
3212
600
*3014 31
Do pref
100 273 Jan 27 3552 Jan 9
4
187 July 49 Apr
2
512 5%
513 534
514 512
558 512
54 53
8 5,100 Pierce 011 Corporation
37 Dec 12
25
4 Jan 25
6 Feb 13
Jan
*4114 43 '
34114 42
411g 4113 4134 44
Do pref
437 4338 1,600
2
100 38 Jan 24 45 Jan 4
32 Sept 71
Jan
6213 6212 623
5813 59
59
4 624 8212
13,000 Plgg WIgg Stor Inc"A"No par 5514 Jan 17 65 Feb 23
62
65
39 Nov 5918 Dec
67
6712 6613 673
4 6612 6613 657 661s
6434 653
4 3,300 Pittsburgh Coal of Pa
100 58 Jan 16 673 Feb 19
4
55 Nov 7234 Sept
*99 100
*99 100
*9813 99
*9812 100
Do pref
*9812 100
100 98 Feb 7 9913 Jan 4
9012 Feb 10012 Sept
4318 434 4314 433
8 4358 43 4 4313 4334
3
4334 44
3,300 Pond Creek Coal
10 3818 Jan 3 477 Feb 15
1414 Feb 41 Dee
131 131 *129 131
129 132 *128 131
1,000 Postum Cereal
129 130
No par 113 Jan 6 134 Feb 6
655 Apr 120 Ord
2
*113 11414 114 114 *112 114 *112 114
100
8% preferred
*112 114
100 11012 Jan 3 11414 Jan 25 10513 Apr 11212 Oct
67% 678 663 663
4
4 66
6612 *6512 66
900 Pressed Steel Car
6514 6512
100 58 Feb 2 81 12 Jan 2
63 Jan 95 Sept
/
1
4
*92
95 .92
94
92 92
*90
93
100
*90
Do Prof
92
100 86 Jan 22 993 Jan 51 91
4
Feb 106 Sept
5134 518 51
517
8 507 513
525
8
8
8 51
514 54 130,800 Producers & Refiners Corp_ 50 47 Jan 16 53 Feb 14
14
2418 Jan 51 Sept
10012 10112 101 10314 10114 103
1003 102
4
32,500 Public Service Corp of N J_100 933 Jan 6 10314 Feb 19
10014 101
4
66
Jan 100 Nov
13012 1314 130 1314 13014 13112 130 1304
12814 1293
4 5.700 Pullman Company
100 1263 Jan 17 1335 Jan 41 10513 Jan 1393 Sept
4
8
4
5612 .5753 565 5713 5612 5718 5634 5712
8
567 594 23.000 Punta Alegre Sugar
8
50 43 Jan 18 594 Feb 13
31
Jan 534 June
/
1
3114 313
4 31
31 13 3034 303
4 3034 30%
4
3034 303 11,300 Pure Oil (The)
25 27 Jan 24 32 Feb 13
2613 Nov 38% Jan
*99 100
9812 994 99
99
987 987
8
400
*98
8% preferred
99
100 97 Jan 25 997 Jan 4
94 July 10234 Apr
116 116
116 116 *114 116 *115 116
11412 11412 1,100 Railway Steel Spring
100 11013 Jan 30 11912 Jan 3
94
Jan 12614 Sept
*333 3412 3414 3434 *307 32
4
*313 34
4
8
200 Rand Mines Ltd
*3218 36
NO par 324 Jan 23 34% Feb 19
1913 Jan 3612 Sept
1514 1512 1513 1614
1618 1634 1614 165
8
164 1613 20,100 Ray Consolidated Copper- 10 1312 Jan 25 1618 Feb 21
12% Nov
19 May
42
42% 42% 4313 *41
4213 445
8
44
43
4412 3,900 Remington Typewriter v t 3100 3313 Jan 11 4614 Feb 9
24
Jan 42 Mar
*104 105 *104 105 *102 1047 *104 1047
o
*100 104
lot preferred v t a
100 101 Jan 18 104 Feb 13
55
Jan 105 Dec
*8714 90
*88
8913 88 88
*8512 90
100
2d preferred
*854 90
100 80 Jan 3
88 Feb 20
594 Feb 80 4 Den
3
31
3112 3014 313
31
2 30
30
3013
287 293 21,200 Replogle Steel
8
4
4
21 Nov 3812 May
No par 2314 Jan 2 313 Feb 16
575 584 5712 58
8
4
5712 5812 573 58
5714 573
4 6,800 Republic Iron & Steel
100 47 Jan 31' 588 Feb 151 4313 Nov 78'2 May
7
9313 933
4 938 93
4
4
93 4 937
4
3
8 933 933
9334 9334 1,500
Do pref
100 89 Jan 9 937 Feb 20
8
74 Feb 953 May
4
2212 224 2234 2313 2314 2514 2514 2714
253 2612 14,200 Reynolds Spring
4
No par 1658 Jan 23 2714 Feb 21
1214 Nov 503 June
4
5813 5958 5812 59
58% 59
5813 5812
58
5812 11,300, Reynolds at .14 'rob Cl B. 25 47 Jan 10 593 Feb 7
43 Mar 833 Nov
4
4
*11612 118 *11613 118
118 118
118
118
800; 7% preferred
*11714 118
100 1147 Jan 19 118 Feb 9 11118 Apr 1183 Oct
3
4
4 537 5512 523 535
8
5213 537
5458 543
4
5312 543 18,300' Royal Dutch Co(NY shares). 4212 Jan 31 55 Feb 16
a
473 Jan 67 June
3
1912 20
2014 2134 213 2134 203 21
4
8
6,800, St Joseph Lead
2013 21
10 18 Jan 2 215 Feb 20
8
1258 Jan 2014 Sept
413 412
413 412
418 5
418 4%
414 43
4 6,5001 San Cecilia Sugar v t e_No par
2 Jan 17
5 Feb 14
112 Jan
614 Mar
*233 2414 2312 24
4
8
3
*223 23 4 2313 235
4
234 231s
800, Savage Arms Corp
100 1812 Jan 3 2558 Feb 14
10 Aug 247 Apr
2
8912 895
2 8913 9012 89
894 89
88
8912
89
4,400, Sears, Roebuck & Co
100 8312 Jan 17 9234 Feb 13
5932 Feb 947 Aug
2
113 113 *111 120 *111 120 *111 112
200
1113 1113
Preferred
4
4
100 11013 Jan 26 113 Feb 17
91
Jan 112 Aug
1112 113
4 1113 Ills
8
1158 117
115 1214
2
73 Jun 17 124 Feb 20
114 1134 8,100 Seneca Copper
No par
6
Oet 2314 Jan
10
1013 1018 1014 1018 10 4
* 3 10
94
3
103 1012 2,900 Shattuck Arisona Corder__ 10
84 Jan 2 103 Feb 21
612 Nov 12 June
s
4
*3938 3912
--_ ____
3914 40
Stock
1.200 Shell Trensp & Trading___ £2 34% Jan 31
*3914 40
40 Feb 20
3412 Dec 4812May
15 4 15% 15% 16
1
8
/
1
15
155
8 154 155
4
147 153 28,100 Shell Union 011
No par 123a Jan 8 1614 Feb 14
124 Dec 1314 Dec
35
355
8 3412 3534 34
3458 Exchange
3434 34
3313 3418 60,400 Sinclair Cons 011 Corp_No par 317 Jan 19 357 Jan 2
184 Jan 383 June
4
1112 1214 12
2
1253 1218 1318 127 1314
1253 13 123,700 Skelly 011 Co
10
9 Jan 2 1314 Feb 21
53
852 Nov 1172 Oct
4918 49
8 49
501s 504 4912 603
50
Closed;
4 1,500 Sloss-Sheffield Steel &Iron 100 42 Jan 3, 52 Feb 15
50
503
3413 Mar 5413 May
75
81
82
*73
8
15
81
*73
82
8
Do pref
*77
100 68 Jan 13 8313 Jan 20
80
66 Mar 80 Aug
5613 5813 Washing•58
60
55
55
57
51
58
100 40 Jan 13 64 Feb 14
33 Nov 5714 Mar
604 2 4
. 00 So Porto RICO SUM.
25 4 263
3
4 254 2612 25 8 2634 26
2612
5
No par 19 Jan 17 2714 Feb 16
15 Nov 24 June
2558 2613 21,900 Spicer Mfg Co
97
*95
*94
97
97
*94
*94
97
ton's
Preferred
*94
97
100 90 Jan 3 975 Feb 2
84
Apr 96 Sept
*8513 86
*84
*84
86
86
*84
86
Standard Milling
*83
86
100 854 Jan 10 9012 Jan 23
843 Dec 141 Sept
4
593 60
4
593 60% 60
4
61
6034 6152 Birthday
60
61
32,900 Standard 011 of Cal
25 545 Jan 25 12312 Jan 2
8
913 Jan 135
4
Oct
4118 413
4 4118 4134 4113 4218 415 4234
8
4178 427 70,100 Standard 011 of N J
25 3914 Feb 11 4314 Jan 12
3813 Dec 25012 Oet
11712 1174 11712 1173 1177 1177 1173 118
4
4
8
Do pref non voting
1177
8 2,600
11784
100 11612 Jan 31' 118 Feb21 1133 Jan 11612 Nov
2
10014 104
99 101 1g 1014 10212 1015 103%
8
10,800 Steel di Tube of Am pref_100 85 Jan 2 107% Jan 12
10114 102
68 Mar 90 May
623 637
4
8
617 6214 607 6138 61
6112
6214 6213 2,400 Sterling Products
8
No par 585 Feb 13 64 Jan 11
454 May 633 Dec
4
*108 114 *108 114 *108 114 *109 114
Stern Bros prel(8%)
*109 114
100 10912 Jan 2 115 Jan 5
Si
Jan 109 Dec
*9412 9514 9413 95
94
9414 93 4 9612
3
-Warn Sp Corp_No par 7914 Jan 2 9713 Feb 5
943 9612 10,000 Stewart
4
2412 Jan 79 Dee
6853 6912 69
77
7712 8312 8014 8312
42,700 Stromberg Carburetor_No par 6214 Jan 10 8312 Feb 20
79
82
354 Jan 71 Dec
11912 12012 11814 11913 119 12058 11914 120
11813 12134 97.600 Studebaker Corp (The)
100 11212 Jan 16 12214 Feb 7
7912 Jan 1413 Dec
4
11312 11312 *11113 1134 *11112 11312 *11112 113
Do pref
100
*11112 114
100 112 Jan 4 1133 Feb 16 100 Feb 11814 Nov
4
1212 13
12
13
1112 1214 12
1212
11% 1214 16,400 Submarine Boat
No par
7 Jan 3. 1453 Feb 8
312 Jan
8% Nov
6
6
614 6%
614 63
4
613 634
8 3,600 Superior 011
613 65
4 Nov
No par
47 Jan 231
8
63 Feb 15
4
1014 June
.3012 3212 *3112 3213 *3113 3212 *315 3212
8
Superior Steel
32
*31
100 2914 Jan 3' 3212 Feb 14
26
Jan 3912 Apr
*214 212
24 214
214 214
218 23
600 Sweets Co of America
*218 213
2% Jan 12
10
2 Jan 2!
152 Nov
5 Mar
4 124 123
1213 123
4 1213 123
.4 125 123
4
8
123 125 10,400 Tenn Copp & C tr etts_No par 104 Jan 2: 123 Feb 21
8
4
8 2 Nov 123 May
3
4
51%
50 4 52
3
5112 52
.504 5112 144,100 Texas Company (The)
25 4758 Jan 17, 52 Feb 20
42 Mar 5214 Oct
611 6112 613 6212 607 6112 6118 6113
/
4
g
60% 613
10 587 Jan 10 6.5 Jan 15
8 5,800 Texas Gulf Sulphur
2
3812 Jan 674
237 243
4 24
2434 2
358 244 2314 24
4 N ne
224 2314 14,800 Texas Pacific Coal & Oil
10 20 Jan 24' 243 Feb 17
4
1813 Nov 328 Juov
1343 1343 133 13434 13414 13514 13458 13714
8
8
100 120 Jan 2 1373 Feb 23 1093 May 154
135 1374 3,100 Tidewater 011
4
4
Oct
383 3914 384 393
4
8 3834 3958 3914 3912
38% 39% 26,200 Timken Roller BearIng_NO par 334 Jan 2 394 Fob 21
2812 Sept 35 Oct
.56
568 . 3 .573
8
8 574 5818 5718 5814
564 .575 36,700 Tobacco Products Corp
8
100 504 Jan 171 5818 Jan 2
494 Nov 841June
/
4
83
8418" 83 4 844 84
3
815
8 833 845
8
8
38,600
834 34
Do CIA (since July 15) 100 793 Feb 21 844 Feb 19
4
767 Aug 8913 Sept
2
124 13 1 1214 123
4
12
1253 12
1214
117 1218 20,600 Transcontinental 011___No par, 10% Jan 9, 1412 Jan 5
74 Mar 204 May
3
69
67
691, 69 4 6013 604 *88
6812
600 Union Bag de Paper Corp._100 633 Jan 16' 694 Feb 17. 56 Mar 78 Se14
67
87
4
*IS
3
8
14
II
13
900 Union 011
1s
*18
14
1$
la
14 Jan 31
Is Jan 41
No par
Is Dec 25 June
83
83
85
90
87
90
8913 8913
2,100 Union Tank Car
8713 88
95 Dec 1343 Dee
100 81 Feb ii 90 Feb 19
4
110 112
112 112 *110 112
111 11113
Preferred
500
11013 11012
100 1087 Jan 3 112 Jan 19. 102 Feb 113 Sept
3
*36
3612 36
3614 36
36
36
3613
1,400 United Alloy Steel
36
25
36
No par 3318 Jan 5 377 Feb 13
Jan 4114 May
8314 8314 82 4 83
3
83
83
8413 85
2,300 United Drug
83% 85
100 78 Jan 24 85 Feb 231 60% Mar 85
Oct
*4614 47
*463 47
4
463 463 *463 4712
4
4
4
108 preferred
300
*4634 4714
41 18 Feb SI% Oct
50 4614 Feb 14 477 Jan ft
16914 170
171 173
175 18012 17814 180
4,600 United Fruit
17814 179
100 15213 Jan 17 179 Feb 23 1193 Jan 102 Oct
4
773 787
8 761g 7813 7714 7918 7813 797
8
8
767 7834 38,800 United Retail Storee___No par 641 Feb 11 798 Feb 21, 4312 Feb 8712 Oct
8
317 317
8
8 32
3218 3113 318
4 313 33
3,800 US Cast Iron Pipe & Fdy_100 29 Jan 31 33 Feb 9' 1612 Jan 39 Aug
4
31 12 317
*713 72
4
714 72
*69
72
71
Do prof
200
71
.7012 72
100 69 Jan 25' 723 Jan 3
50 Jan 78 Aug
4
47
47
47
478
3
434 43
4
48
413 4 4 1,000 US Food Products Corp 100
34 Jan 30
23 Feb
4
48
5 Jan 2
1012 Jan
224 223
4 22
2314 22
2258 224 2318
2212 2212 3,300 USHoffmanMachCorp No par 187 Jan 26 25 Jan 27
8
1812 Nov 257 May
a
6912 70 8 683 7014 6812 693
5
8 69
US Industrial Alcohol____100 625 Jan 22 7I7 Feb 16
7013
684 694 16,600
8
37
Jan 7272 Oct
2
98
98
*97
98
*98
99
Do pref
200
9813 9812
*98 102
100 98 Jan 2 9813 Feb 21
724 Dec 102
Oct
93
9358 9318 935
8 93
9614 964 973
96
8
973 14,200 US Realty St Improvement 100 8813 Jan 24 973 Feb 23
8
56
Jan 937 Oct
2
605 61
8
60
6158 60
603
4 6034 617
4
6018 603 19,400 UnItel States Rubber
100 55 Jan 10 62 Jan 15
46 Nov 6712 Apr
10213 103
10212 10258 10212 10211 *1023 103
4
Do let pref
700
1025 1027
8
100 99 Jan 2 105 Jan 13
91 Sent 107 July
40
41
40 8 4114 4013 403
3
4 40
41
40
41
50 347 Feb 5 414 Feb 23
7.400 U 9Smelting. Ref & M
2
33 Feb 483 Oct
4
*4513 4613 46
46
*4513 46
46
46
Do pref
800
4512
50 45 Feb 9 4818 Jan 3
45
4214 Feb 49 Aug
10714 1077 10734 1084 10713 1073 10712 1077
8
4
4
107 1073 46,100 United States Steel Corp 100 104 Jan 31 1083 Jan 4
4
82 Jan 11111 Oct
12014 12014 120 12018 120 120
12018 12012
Do pref
100 119 Jan 31 12312 Jan 15 1133 Feb 123 Sept
120 12011 2,600
2
6914 70
69 8 71
5
70
707
8 894 703
8
10 6213 Jan 18 708 Feb 20
6813 7014 19,800 Utah Copper
59 Nov
7112 Sept
23
24
22 4 237
3
2 213 2212 218 217
4
100 15 4 Jan 26 2458 Feb 16
7.800 Utah Securities v t e
2113 22
,
3
97 Jan 234 Sept
43
44
4258 44
4218 4312 4218 43
7 Feb 1 44 Feb 16
Vanadium Corp
No par 33
22,400
413 42
8
3014 Jan 53 4 Aug
3
*95
9614 *95
964 .95
96
95
95
100 95 Feb 21 98 Jan 25
100 Van Raalte let i ref
*9312 9513
Oct
92 Jan 190
2418 2414 27
i 24
245
24
2558 267
2
2412 2612 21,800 Virginla-Carollna Chem-100 21 Feb 2 2613 Feb 23
234 Nev 367 Mar
63% *6314 63 4 6312 66
3
*63
653 6612
4
Do pref
100 61 Feb 5 68 Feb 23
500
65
68
Oct
58 July 83
5512 5512 57
59
60
*55
6113 6112
100 534 Jan 31 67 Feb 23
1,400 Virginia Iron. C & C
6313 67
43 Mar 9412 Jan
82
*80
*80
82
82
*80
*80
82
Preferred
100 80 Jan 29 80 Jan 29
100
80
80
Oct
66 Mar 86
4 1812 183
4 1812 183
19
1958 1814 183
No par 1514 Jan 17 195 Feb 9
4
1818 184 4,100 Vivaudou (V)
10 Dee
3
612 Jan
8 1213 13
1214 1214 1212 1212 1238 123
13
NO par
1338 2,300 Weber & Ifellhroner
1214 Jan 27 133 Feb23
8
1058 Oct 17 Apr
9514 9512 973
967 9834
9512 95
95
975 9812 5,000 Wells Fargo Express
8
100 91 Jan 5 9813 Feb 23
4
6014 Jan 983 Oct
3
8
11412 1165 11618 119 2 118 11912 117 1183
4
117 11814 20.600 Western Union Telegraph-100 109 Jan 22 1194 Feb 20
89 Feb 12114 Aug
1177 1194 *116 118 *116 11812
8
11812 120
*11613 117
1.500 WestInghou-e Air Brake___ 50 107 Jan 20 120 Feb 17
80 Mar 114 Dee
643 6512
4
3
8412 65 4 65
8512
6514 6614
644 65
15,200 Westinghouse Elea & Mfg_ 50 584 Jan 11 6712 Feb 16
494 Jan 8514 Aug
8 293 2913
29 4 2914 295
3
29
2812 29
283 2914 13,800 White Eagle 011
No par 247 Jan 16 293 Feb 19
4
3
4
25 May 33 2 Nov
*52
527
523 53
4
524 53
63
53
52
5214 2,700 White Motor
50 4834 Jan 3 533 Feb 14
4
354 Jan 54 Sept
57
5
45
558
54 512
514
512 514
518 8,900 White Oil Corporation_No Pa
,
12 May
3 Jan 24
57 Feb 19
8
24 Dec
125 127
8
8 1218 125
4
124 1358 123 13
s
121.1 1212 7.100 Wickwire Spencer Steel... 5 103 Jan 2 133 Feb 17
4
2
812 Nov 217 May
2
77
yr, 78 19,200 Willys-Overland (The)
78 8
3
74 8
3
4
74 8
734
25
10 May
6% Jan 2
814 Jan 5
413 Feb
4
8
3
50 4 493 5112 507 5112
50
51
50
.5118 527
Do Preferred (new)._ _100 424 Jan 2 527 Feb 23
8 7,700
/
1
24 Feb 4912 July
8
4114 41
4113 *41
*4112 42
4114
41
Wilson & Co.Inc, v t a_No par 30 Jan 10 4214 Feb 5
4014 41
800
2714 Jan 504 Sept
8612 8612
87
*86
*86
87 •8612 87
100
*80
Preferred
100 86 Jan 17 87 Jan 3
87
86 Jan 91 Sept
4
2163 2163
4
215 216
21412 215
21613 218
1,300 Woolworth Co (F W)
215 215
100 199% Jan 24 2244 Jan 5 137
Jan 223 Nov
38% 3814 3813
385
2
39
393 *3812 39
4
37
373
4
1,400 Worthington P & M v t 0_100 303 Jan 30 391 Feb 17
2
3
26% Nov 557 June
4
3
812 812 .83
914
4 913 •8 4 914* *9
400 Wright AeronautIcal___No par
• 9
9
11 Aug
Jan
6
814 Jan 17
913 Feb 8
•Bid and asked prices: no sales on this day. § Less than 100 shares. t Et
Ex-divIden1 and rights. s Ex-dividend. e Reduced to bads of $25 par.
-rights. a
IC Range since merger (July 15) with United Retail Stores Corp. 11 Ex-div. of 25% In common steak.
mr,
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1911'1 the Exchange method of quoting bowls was chano,r awl wires
BONDS.
N. Y.STOCK EXCHANGE
Week ending Feb. 23
Price
Friday
Feb. 23
I I •
Bid
U. S. Government.
21ret Liberty Loan
J D
13%% of 1932-1947_
J D
Cone 4% of 1932-1947
J D
Cony 4;9% of 11)32-1947
3D
2d cony 4)4% of 1932-1947_
Zecond Liberty L0a0MN
4% of 1927-1942
Cony 419% of 1927-1942
MN
Third Liberty Loan
04% of 1928
MS
Fourth Liberty Lonn—
a%% of 1933-1933
AO
Victory Liberty Loan
ID
4)4% Notes of 1922-1923
Treasury 4149 1947-1942
25 consol registered
41930 Q
58 consol coupon
61930 Q J
4e registered
1925 Q F
As coupon
1925 Q F
Panama Canal 10-30-yr 2e....11936 Q F
Panama Canal Is gold
1961 Q M
Reestered
1961 Q 51
I
Week's
Range or
Last Sale
Ask Low
o
I
CC1
Range
Since
Jan. 1
High N 0 lLow
High
101 42 Sale 110134 101.76 120e, 100.94 101.90
08 00 9030 99 70 Jan'23 -;2-1 98.14 98.90
98 22 Sale 98 10 98 76 462 98.50 99.18
98 30 ,9 00 98 80 Feb'23 - —198.10 99.00
I
4 97.96 98.44
97 96 08 00197 96 98 52
98 12 Sale 97 98 98 70 2890 97.98 98.88
98.56 Bale 98 38
99 00 1675 98.38 99.18
02 22 Bale 5804
3290 98.04 99.18
100 08 Sale 101) 00
99.90 Sale 99.80
1021s
10314
10212
10318
10()
9312 -661i 95
9312
10010 15 100.00 100.30
,,
3
100 OU 9 99.80 100.04
..
Apr'22
Mar'22
Dec 32
.
Jan'23
103'o iO3'
J•ay 21
Feb'23
95
95
Feb.
23
9312 94
Foreign Government.
/
4
Argentine (Govt) 78
1927 F A 10212 Sale 1011
81
Argentine Treasury 58 of I909___ M S 81
82
Belgium 25-yr ext a I 75(e g_.1.945 J D 9912 Sale 9812
6
-year 6% notes
)
4
Jan 1925 J J 943 .549. 94%
20
-year a 1 8s
8
1941 F A 983 Sale 97%
Bergen (Norway)8 f Ss1945 SiNt N 108 109 108
Berne (City of) 2 t 8s
1945 51 N 112 Sale 111
Bolivia (Republic of) 88
9314 Sale 9214
1947 M N
Bordeaux (City of) 15-yr 63 1934 M N
75 Sale 74%
/
4
Brazil, U El external 8s
1941 3 D 9612 Sale 941
74
1952.3 D S4k4 Salt 8312
4
/
1
7344
1952 A 0 1034 Sale 1023
Canada (Dominion of) g 58_1926 A 0 10018 Sale 19)018
4
do
do
do
58 1931 A 0 101 Sale 1003
10
-year 1 54a
1929 F A 101 12 Sale 10112
Se
8 99% 4'.I' 0914
1952 M N
:
104 Sale 1031
Chile (Republic) ext a I 8a
1941 F
External 5
-year a 1 8e
4 0 310134 sate 101%
1926
4
72
1942 M N 9914 Sale 953
21
-yearn f Sa
1946 M N 104 Sale 10312
4
C131neee (Hukuang Ry) Is of 1911 J 13 5214 Sale 59,
,
Christiania (City) a f Os
1945 A 0 109 110 109 8
Colombia (Republic) 619s_1927 A 0 9314 934 9312
/
1
COpentagen 25-year a 16;48 1944 3 J 9014 Sale 8912
cniba Is
1944 MS 95 Sale 91114
Eater debt of 58 1914 Ber A.1949 F A' 9014 91, 89%
z
83%
External loan 4393
1919 FA 8314 84
59413
.1 J 9914 99% 9914
8712 se 84
A
al
Carenualoiak (Rep(Repels0 )Is- - 119951
53 F
10812 Sale 108
Danish Con Municipal Se "A"1946
Series B
1949 F A 108 109 108
/
4
Denmark external a f 88
1945 A 0 1091 s.ne 109
20
4
-year 68
1942 j 61 97 Sale 963
Dominican Rep Cone Adm of U'58 F Al 9572 9912 9818
42
554e
8712 8714
1042 m s, 87
J1 114 Sale 9313
Dutch East Indica eat(
1941
/
1
4
/
1
40
m s 931 Sale 924
/
4
-year(
/
1
4
;french Republic 25-yr oat 88_19
4'
1 92 MS 96 Sale 9412
20-year external loan 7)-48_1941 J D 9312 sale 9118
Great Brit & Ireland(UK of)
20
8
-year gold bond 5598
1931 F A 1043 Sale 10314
8
10
1157 "alt 115
-year cony 53.4s
7512 Sale 71
Greater Prague 7%s
Igr2
Haiti (Republic) 6s
4
97 Sale 1,57
9414 9412 9414
Italy (Kingdom of) Ser A 634818E
i
4i
/
4
/
1
lapanese Govt—£ loan 4%8.1925 F A 934 Sale 931
93 Sale 9212
Second series 4%a
817 8212 8114
8
Sterling loan Is
/
1
4
Lyons (City of) 15
-year 0e ,j934 11 II 75 Sale 75
75
1
Marseilles (City of) 15.-yr 68_1934 M N 70
2 56 Sale 54
Mexico—Extern loan £ Is of 1899 Q
Gold debt 4s of 1904
11998254 j D 37 S3le 3412
4
Montevideo 7e
893 841,
*
D 89
Notherlanda a f 63
1072 MS 10014 Sale 99%
4
Norway externals f 83
1940 AO 112 Sale 1113
(
/
1
4
1952 A 0' 98% Sale , 98
98
Porto Alegre (City of) tin__ _1961 J D 96
97
/
4
Queensland (State) extol 7e_1941 A 0 1081 1083 108
4
25-year Os
1947 F A 101 14 Sale 10012
RIO Grande Do Sul 8s
8
1946 A 0 96, Sale 96
Rio de Janeiro 25
:
-years I Ss 1046 A 0 931 Sale 9314
Se
,
1047A 0 9374 Sale 93 2
Ban Paulo (City) e I Se
97
1952 M S 9612 Sale 991
/
4
Ban Paulo (State) ext a 1 8e_ _ 1936 J J 100 Sale
Seine (France) ext 78
1942 J .1 85 dale 82
Serbs. Croats & Slovenes 8s 1962 81 N 61 Sale 6012
Soissons (City)(
/
4
76 Sale 791
/
1
4
1936 51 N
Sweden 20
/
4
1044 Sale 1041
/
1
-year 138
1939
Swim Confereen 20-yr a 18e._1940 1 D 11814 Sale 1113
4
3 .1
Tokyo City Se loan of 1912
:
8
M 5 733 Sale 721
Uruguay Republic eat 8s_ _ _ _1946 F A 1053 Sale 103
4
enrich (City of) a f fis
4
1945 A 0 112 Sale 1113
:
:,
,
State and City Securities.
N Y City-4198 Corp stock_ _1960 M
8
Ake Corporate stook
1964 M S
43(e Corporate stock
1966 A 0
4140 Corporate stock
1971 J I)
43f8 Corporate atock__July 1967 J
J
4041:Corporate stock
1005.3 D
1.140 Corporate stock
1963 M S
4% Corporate stook
1959 M N
4% Corporate stock
1958 lil N
4% Corporate stock
1957 M N
4% Corporate stock reg
I956 MN
New 4 Sie
1957 M N
434% Corporate atoc1
1957 M N
854% Corporate stock_1954 M N
New York State-4s
1961 M
Canal Improvement 4s_ _ _ _1961 .1
Highway Irnprov't 434e_ _1963 M S
Highway Improv't 499 s_._1965 IN 13
Railroad.
Ala Gt Sou let cons A 58____1943 J D
Ala Mid 1st guar gold Se
1928 101 N
Alb & Burin cone 34a
1946 AO
Alleg & West lot g 45 au
1998 A0
Alleg Val gen guar g 40
1942 M
Ann Arbor let g 48
/1995 1 9 J
.
Atoh Top & S Fe—flea g 45_1905 AO
Registered
1995 AO
Adjustment gold 48
/1995 Nov
Stamped
11995 Nov
Cony gold 48
1955 3D
1021 160 100 10212
/
4
8113
8014 82
093
4
9114 102
',..,
93
9808
Z.; 9414 10114
.
1086344 l'c 1071 109 2
908
:2
: ,
112 "
11012 112
933
4
76% l'3 1 893494
1St, 1 94 4 99
,
14
'; 991 10677
; 866
6323 :73 1
5
, I 9912 101 12
138' 9612 1013
•`
;
4
„--- 10112 1024
9812 102
10212 104
192
0414
/
1
4
10118 102
9612 ''''',,;, 95
97
104
18102
10414
5214
16:
110
1'11105927aq
64
4
4; 90
943
71
9014 ; -' ',I 8912 911
‘
/
4
o., 9013 9612
95
9014 90, 8934 934
84
2
22; 81' 87
9912 491 19914 99j,
207 I 75
gip
:
157
0 :: 20 107 1093
0
9
8
A
8
1057,2
803
1013
4
101%
102
99%
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb 23
r>
44
Price
Friday
led,. 23
Bid
Ask
At h Top & SFe—(ConcluJed)
Cony 40 issue 01 1010
1960 .1 D 10114 104
9512 07
East Okla Div let g 4.3
1928 MS
Rocky Mtn Div lot 45_ _1965• J 80% 82
Trans-Con Short L lot 4s 1958 J J 83% 86%
Cal-Art! tat & ref 4%s'CA" 19112 M
911 Sale
/
4
All & Birm 30-Yr let g 45_e 1933 It S 67
693
4
At Knoxv & Cin Div 48
8512 Sale
1955 MN
Alt Knox & Nor lot g Is
1946 J o 9912 All & Charl A L lot A 4348_1944 J
903 913
2
4
lot 30
-year 5s Ser B
93 100
1944 J
atl Coast Line let gold 48_11952 II S 8 9/14 Sale
10-year secured 7s
1930 MN 10612 Sale
General unified 43.Is
1964 '3D 87 Sale
L & N coil gold 4s
81 14 Sale
a1952 M
Atl & Dane Ist a 4s
75% 7712
1948 J J
2d 4s
,
1948 3 .1 65 8 72
Atl & Yad lot g guar 95
1949 AC) 7718 80
A & N W 1st gu a 5s
2
1941 J J 957 ---Bait & Ohio prior 354s
1925• .3
Registered
/1925
•J
-year gold 4s
lot 50
01948 AO
Registered
/1948 0.0
10
-year cony 414s
1933 M
Refund & gen 55 Series A.._1995 3D
Temporary 10
-year Os
1929• J
P June & NI Div 1st g 3398_1925 01 14
PL E& W Va Sys ref 48_ _ _1941 MN
Booths/ Div tot gold 3948_ _1925 J J
,
Tol & Cin Div 1st ref 48 AI959 J
Battle Cr &Stur Ist gu 3s___.1998 3D
Beech Creek lot gu g 45
1936 J J
Registered
1936 J J
2,1 guar gold 58
1936 3 .1
Beech Cr Ext 1st g 3948
01951 40
iellev & Car lot 80
1923 '3D
Big Sandy 1st 45
1944 ID
IS & N Ic Air Line 1st 45
1955 FA
Brune & W lot gu gold 4s
1938 J J
802lab R & P gen gold 58
1931 MN
Consol 4%a
1957
N
Burl C R & Nor let 58
1934 AO
809
.”4,.
Inn N.;
Canada Sou cons gu A 5s____1962 A 0
Canadian North deb s I 73___1940
D
25-year s I deb 654a
1946 3 J
Canadian Pan Ry deb 4s stock. _ _ J J
Carta & Shaw 1st gob6 Is,
1932 M
Caro Cent let con c Is
1949 1J
Car Clinch & Ohio let 3
-Yr 59 1938 J
6s
195 J D
Cart & od 151 gu g 45
198 Jo
Cent Br II P 1st g4
'.
1948
D
_lent New Ent; let gu 4a
196 J J
Central of Ga 1st gold 5s___v194 FA
Consol gold Is
194
N
10
-year temp secur 65_June 192 '3D
Chatt Div pur money g 43A951 '3D
1093
4 e.- 1077 10
Mac & Nor Div lot g 58.__1946 .33
-..: 9 8 10
0.-. 9514 99
98
Mid Ga SC AU Div 5s
1947 J J
9914 13 , 95, 1)04
Cent RR & B of Ga coll g 58_1937 MN
4
Central of N -1 gen gold 513_ _1987
8712 ,
n0
6418 „ 9214 6512
0,Registered
;
51987 QJ
9312. ' 9214 95
Cent Pac let ref gu g 4s
0
';•
1949 FA
963
4
Mort guar gold 3)-4s
8812 9808
01929 3D
933 611 84
2i
Through St L 1st gu 4e_
95
1954 A0
Ches& Ohio fund de tmpt 58_1929 J
1041*I 578 10238 10412
1st consol gold Is
1939 MN
116 -I .,7 ill 116
72,
Registered
1939 MN
758 ' 65
2 3 3
General gold 4945
75°s ,
1992 MS
9713
Registered
1992 MS
14 4c 11 95
.
20
-year convertible 4148
9 131 9714'
6
%
1930 FA
9412 „ 92
-year cony secured 511
30
9412
1946 AO
Craig Valley let g 58
93I .. c?t 9214 9308
1940 J J
Potts Creek Branch 1st 48_1946
811
/
4
80
82
J
7614; '
' 6914 7914
00
7
It & A Div lot con g 4s
1989
'3
76 I " 6912 7
2d consol gold 45
1989
9
'3
5612 276 49
5912
Warm Springs V let g 58
1941 MS
37 I 72 33
0
Chic & Alton RR ref g 33
37
1999 AU
Railway 1st lien 334s
1950 J J
19841211 5K., 89 4 9153 Chic Burl & 0-111 Div 340_1949 J J
0/ ;
91
0
9
:;
11212 "109 11212
Illinois Division 4e
1949.33
Nebraska Extension 4s
9611 1008
9: IOU5
9 2 0
3
7
1927 M N
Registered
1927 M N
1083
4 0 10512 10913
General 95
17
,
1958 M S
10112 77 10012 1023
1st & ref 58
0',.
1971 F A
4
108
'1 93 100
Chic & E
9413
consol gold 6e
90
1934 A0
9708
94
9014 9712 C & E III RR (new co) gen 58_1951 M
42
96
9914 Chic & Erie 1st gold 55
1982 Mt.
10014 04; 9512 10014 Chicago Great West let 4s
1959 M 5
86
75
Chic Ind & Louisv—Ref
87
.1 .1
61
0
, 54
Refunding gold 58
7012
11047 j
7614
6612 78,
Refunding 4s Series C
4
1947 3.3
105
tr; 10412 106
General 54 A
1966
119 ." 11712 11914
General 6s 11
el966 3 3
7208 7.
17 71% 73%
Ind & Louisville 1st gu 40._1956 .1 J
103 107
Chic Intl & Sou 50-year 45
1956 J 3
113 "
Ill 113
Chic L S & East tat 434o_.,,,1969 .1 1)
CM & Puget Sri lot gu 4s
1949 J
Ch 51 & St P gen g 4s Ser A..e1989 J J
General gold 30.45 Ser B e11989 J J
General 434s Series C.__ _e1989
J
1
11
/
- -- - 101 100 8 1004
10008 1004
Gen & ref Series A 4413
/
1
a2014 A0
10212 10214, 1021
1011 1027
s
/ 10214
4
/
4
Gen ref cone Ser B 5s
a2014 FA
_ 10214 1021 Feb'23
:
102% 10212
Convertible 4340
1932'3D
Jan'23 ---- 10714 108
108 108
48
1925 '313
10718 1073 Feb'23 ---- 107 10712
4
25-year debenture 48
1934 J
Janc131---- 107 10718
---- 1073 107
Chic & Mo Riv Div 58_ _ _1926 3 J
4
/
4
1071 10772 10708 Feb'23
8 Chic & Wwest Ext 4s__ _1886-1926 JA
107 1073
0952' 3 ! 9912 100 4
,
093
100
2
Registered
1886-1926 FA
10012 9952
General gold 35413
995
1 9912 1031
2
/
4
1987 MN
/ Feb,23 ---- 100 10014
1
4
10018 99
Registered
V1987 Q k
General 45
9908 9912
9 Feb'23
---- 9908 9
1987 MN
10712,
---- 10708 107
Stamped 4s
10812 10712
1987 01 re
107 Sale 10714
General 5s stamped
10714
3 10612 10714
1987 MN
---- 9112 91
Feb'23
Sinking fund 68
9012 91 14
1879-1929 A 0
_ 10312
---- 10312 10312
Registered
1879-1929 AC
Sinking fund 55
Jan'23
10312 10312
1879-1929 AC
101/1 Apr'22
/
4
Registered
- - --1879-1929 A0
Apr'22
Sinking fund deb 58
-1933 MN
Registered
1933 MN
10
-year secured 78 g
1930
D
15
-year secured 634e g_
19311 MO
Chic It I & P—italltray ger, 48 1988 J J
Registered
1988 J
0512 987 96
2
Refunding gold 4s
Jan'23
96
96
1934 AC)
997 Sale 997
2
2
99
/
1
4
99% 991 Chic St LA N 0 gold 5s
/
4
1951 '3D
8114 82
4 81 14 8218
8114
Registered
8114
1951 J
83
86
831 Dec'22
:
Gold 354s
- -- - - -- 1951 J D
89% Jan'23
Joint 1st ref 5a Series A_,,_ 1963 JO
897 90
4
64% Sale 645
2
Memph Div 1st g 4s
,
65%
6414 65 8
1951 3D
88% Sale 8812
8914 181 875 9018 C St L & P 1st cons g 58
4
1932 A0
80
92
8814 Feb'23 ---- 85
87 2 Chic SIP Si & 0COM365
,
193
I)
7714 83 1803 Feb'23 ---- 8084 8212
4
Cons (is reduced to 354e,,,,_1930 J
80%
8012
81 12 35 8011 827
Debenture 5s
8
1930 MS
7913
81 12
5 7912 8212
•No price Frlday; latest bld and asked. a DU•Jan 4 Due AMU
-- arid interest
Week's
Range or
Last Sate
Low
4,
2
Range
Since
Jan. 1
Righ No. Low
High
10114
10212 25 100 10212
4
9613 Feb 22 ---- 931 9614
5 8114 83
82
82 12
.
851 Feb'23 ---- 85
/
4
865
6 9118 93
9178
917
8
6712 Feb.22 ---- 65% 17814
9 85
86
8518
8518
9912 Feb'23
9912 9912
918 Feb'23 ---- 1 912 911
4
4
10 9812 100
9912
100
89
871
/
4
8814 43 87
1 106 10712
10612 10612
87
89% 11 8612 895
2
80%
82
44 801g 82
77
Jan'23
77
77
72% '"'22
771 Feb'23
/
4
771 7714
/
4
9512 Jan'23
95
/ 9512
1
4
94 Sale
.9214 943
4
78 San
_ __ 79
80% Sale
83% Sale
1001 -ale
/
4
91% 93
753 Sale
8
93% sale
66 Sale
9318
9412 165 9319 9511
9312 Feb'23 •- -- 9312 9312
773
4
783
4 36 7614 80
784 Feb 23 -/
1
77
787
8
801
/
4
8114 96 7712 8212
83
8412 87 8012 85
9912
101 I 117 9912 1011
/
4
923 Feb'23 -- 1- 9114 923*
8
7534 14 7413 7912
758
934 82 911 94
/
1
93
/
4
65%
66 I
4 6112 6708
60 July 22 ---- ___- ---8714 91, 89% Dee22 ---- __-_ _ _ _ _
4
Se's
_
86
Feb'23 ---- 86
86
9412
139 May let-- ____ __ _
713
4
60 July'22 ---- ____ _ _ _ _
._
10014 Oct'22 ---- ____ _ _ _ _
803 85
2
+3612 Jan'23 ---- 8312 8312
6212 7814
89 Sale 89
2 i6 86
89 I
101 18 10112 81% Jan' --,, 813* 83
9014 g0• 903
4
58
91 I la 8914 9214
963 911
8
1,83 Feb'23 ----9812 991
4
/
4
98, 99
8
9812
9814
3 9814 10012
11412 Sale 114
11412 14 113 1141
4
1121 Sale 112
/
4
11284 31 110% 113,
4
80 Sale 794
/
1
81
81
159 73
87
90
921: 69391'22
701 7212 7014 Dec'22
:
90
9014 92
2 90 05 96is Sale 9612 90 41 1 9612 96118
9652
79ta 8312 81 12 Dee 22
68
7312 70% Dee'22
58
5913 58
10 56's 58
US
10112 ---- 10112 Jan'23
10112 10112
9612 ---- 97
9812
4 9512 9512
IUD Sale 190
1004 46 993 101
2
741
/
4
81
Jan'23
81
81
9414
968 Sept22
2
1--95
96
951s June'22
93
963 93
4
Jan'23
923 93 4
2
3
10514 106 10514 Feb'23
105 103
103 107 1,411 Sept'22
8512 sate 8618
.63 161 84s4 8724
4
Ws 9011 91
Feb'23 ---- 90 2 9113
,
811 84
/
4
84
Feb'23 ---- I 82
84
9513 953 9508
4
95%
1 948 964
/
1
11402 Sale 10012 IC Ds
9 100 10314
9818 __-- 100
Dec'22
-I
841 Sale 8412
:
8512 11
-8714 Safi
94 6,ait
9218
781s 84
80
83
751 96,
/
4
8
9313
53 Sale
28 Sale
8018 .n.tie,
8812 Sale
9712 Sale
. ..
858 8612
4
9912 Sale
8714 N°‘.21 -1'-iig - -8919
6
883 120
8'
2
94
943 2
4 68 9314 9618
94
94 I
1 ; 94
95
81 18 Dec'22 --__ I_ _ _ _ _ ___
7712 Dec'22 ----,I____ _ _ - 803 Dec'21.-- I I __
53
5912 27 504 5412
/
1
2708
2808 118 25
2912
801
/
4
8028
4 8014 83
88 2
,
88
/ 16 8814 903
1
4
4
96
971 26 96
/
4
9714
8
%.6
611 °°t.19 --1-fig1- -89187
57
.2
2
99,
4
10014 73 , 99 10118
105 --- 106% Feb'23 --„11
105% 10611
8012 Sale 791
/
4
81 I 41 , 78
8112
in
04 ' 9212
93
12 92
9712
106 8a,7 8 107
5
3 9 143 53
Jan'23 ....., 57 106
971'100
5
57
953* Sale 954
/
1
953
3 9212 9712
81, 83
4
8112 Feb'23 ----I 8112 8112
I
8312 84 I 83,14
84 I
4! 815 84
972
4
4. 9512 98
97
74
773 7987
98 4.
Jan'23 --__ 1 78
78
86
83
8112 Feb'23 ---- 8112 8412
8912 -,- - 9118 Sept'22 --5334 Sale 6612
7
667 73
6412 66 69
8214 823 82
4
62 Sale 613
4
68 Sale 688
7
6614 Sale 6614
793 Sale 793
4
2
61 Sale 608
97
98
97
941 5814 96
/
4
94% -,-, 935
72% 044 74
....„- ----, 734
/
1
741
4 38 72
1 63 8
0 121 47 '. 627
69
6
/
4
97
7 30 791
6
8
6214 159 56
9%
64
67%
23 76
0 4 146 63
6112 48, 54
Feb'23 --HI 961
/
4
Jan'23 --- „ 96
I
Jan'23 --, 1 933*
,
-
79%
69'18
68 2
698
8
839
6214
7
67
8134
6212
9713
96
938
Dee.5 21 --- z' _7' _7, _ _
7 2
! 7
_
1- _2
833
4 17
1Z3 414' 183 rE04,—1 831s 10 14
03 2 8 1 014s
:,
23
1
82
2 48 1;
2
4
5
1b 2
: 13
10314 105
105
115 I .,
'1011 Apr'22 ----I1 ..,- - - - /
4
i' 1-9-4
&I8
l 171+1
-- 983 Feb'23 ---- I -9812 985*
2
971* _,._ - 100 Auitc22 ----' - - - - - - -100% Sale 10,3 4
1002
4 23 10014 101
,_ , 9412 May'22 ----;I.-_-- ----I
1071 108a4 10812 Feb'23 ---, ' 1073 110
4
4
1710,32
le 10
80
834
2 0 3, 1
9 8
181341 4 173 18 14
1
sa80 8
8
8
785 --,- 784 Jan'23 -,,..--'I 787 787
8
/
1
79% Sale 791
/ FOS 7914 83%
1
4
80
/
4
10012 10314 1004 Feb'23 ---- 1001 10112
/
1
/
4
-___ ---- 90
-1!_i412 .
73 8, 65 D e21 —88 . -4i
89943,1 -4,,
4
8
e9
94
%
Sale
83
2 83
/33
83
100
:2
! 2
189 2 107_1 1706 1 , 2 iiia:r1 10:1_14 .6
05
11)2
11 .
2
:
,
2_
941 95
/
4
9412 Feb'23 ---- 9412 963
4
1
I
C Due May. it Due June. 8 Due July, 4 Due Aug. o Due(ht. v Due Nov. gDue Dvo. eUptIon sale.
New York Bond Record-Continued-Page 2
810
Price
Friday
Feb 23
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 23
Bid
Chic T H & So East let 5s1960 J D
Chic Un Sta'n 1st gu 45513A__1963 J .1
1963.3 J
ba B
1963 3 J
1st der C 6348 (ctfs)
Chic & West Ind gene 69_41932 QM
1952 J J
-year 43
Consol 50
1935 M S
16-years f 7 Hs
1952 M N
Choc Okla & Gulf cons 58
1923 M N
C Find & Ft W 1st gu 46 g
19373 J
& D 2d gold 4 As
Cin
k1936 Q F
C I St L & C 1st g 48
k1936 Q F
Registered
1942 M N
Cin Leb & Nor gu 40 g
1928.3 J
CM & CI cons lat g 58
Clearf & Mali 1st gu g bs__ 1945.3 J
Cleve utn co et St 1. eon 43_1993 J D
-year deb 4348
1931 .3 J
20
General 58 Series B
D
1993
Ref & impt Os Series A1929.3 J
Cairo Div 18t gold 48
1939 .1 J
1991 J J
CID WA M Div 1st g 4s
1990 M N
St L Div 1st coil It g 48
1940 51 S
Elpr & Col Div 1st g 48
W W Val Div 1st g 4s
1940
.J
CCC&Igenconsges
19343 J
1933 A 0
ClevLor& W con 1st gba
1938 M N
CI& Mar lst gu g 4(.38
1938
Cleve & Mabon Vail g 58
1942 J J
CI & P gen gu 4Hs Ser A
Series B
1942 A 0
Int reduced to 3546
1942 A 0
Series C 3538
,
1948 MN
Series D 3548
1950 F A
Cleve Sher Line lot gu 4538A961 A 0
Cleve Union Term 5545
1972 A 0
1945 J D
Coal River Ry 1st gu 46
Colorado & South 1st g 48_1929 F A
Refunding & eaten 4546„..1935 M N
Col& H V ist ext g 48
1948 A 0
Col & Tol lst ext 4s
1955 F A
Cuba RR 1st 60
-year be g_1952 3 .1
let ref 7los
1936
D
Week's
Range Of
Last Sale
Ask Low
773 791 79
8
93
94
92
100 10012 993
4
11512 Sale 115
105
_ . 105
75 Sale 744
10214 1023 10214
96% ____ 9/12
- --- _ 88
89 ___
893
4
8658 ____ 8734
9012
8.53 _ _ _ 853
4
4
98
983 99
4
9712
9012
7914 Sale 7914
93
9412 9233
9818 100 100
10112 .ittlo 10112
8513 8618 864
7618 78% 783
4
7912S ale 794
83 ____ 8212
8118 .__. 8.38
10638 10813 1063
9618
. 9712
8918 96
9.
031g
94is
94
1
in
Range
Since
Jan. 1
1110 No. Low
High
79
7 77
81
925
92
4 90
1007
9 9934 10012
1157
s
18, 112% 1157
Feb'23
1,105 105
7514 143 1 7212 757
10212
4 10112 1023
4
93
6 963 93
4
___ ____
Mar'17
Feb'23 88% 893
4
Dec'22 ____________
0,122 _ -8,514 853
Feb'23
4
Aug'22 -Jan'22
- 7914
3 79
821
93
7 9112 9312
100 100
Feb'23
102
36 101 10214
Feb'23
8513 88
g
Feb'23
777 78%
80
81%
3 78
Jan'43 ---- 8212 8212
Nov'22
Feb'23 __-- 10614 1063
8
Feb'23
963 9712
8
Jan 23 ---- 95 95
N0,4
91
2
94 94
104 Dee'15
95
803 __-_ 9612 1Feb'12
4
---81 18 ____ 9018 Dee'12
824 84
67
Jan'21 -----------9414 96
957
95 4
3
4
0
5- - -8 1
104 10414 1033
4
10412 22 10
106
8O5
805 85
8
85 Feb'23
83 85
93
13 924 9312
925 9312 9283
8433 Sale 84
85
40 84
8718
8012 88
834 Nov'22
8013 853 82 Dec'22
4
-843 Sale 843
4
4
85% 20 -E- -E3
4
3
4
1045 106 104% 10433
2
1 1033 10.5
4
92
92
91% 92
Day & Mich let cons 4546_1931
J 9213 94
Llielaware & Hudson
87% Sale 873
4
8814 21 86% 90
1st & ref 48
1943 M
95
9412
8
12 9214 98
-year cony 56
1935 A 0 947 Sale
50
40 10014 10212
1937 M N 10013 Sale 10013 1007
6348
4
109
10 105 1111
/
4
D 106 1083 109
10
-year secured 7s
1930
911 .
8
87 May'22
D Ft RR & Bdgelst gu 4s g_1936 F A
75
7412 Sale 744
7313 70
J
Oen St R Gr-lst cons g 4.2._1936
785 80
8
79
Feb'23
7814 80
Console gold 4 Hs
1936
J
8512 834 Feb'23
834 88
1928
D 84
Improvement gold 156
8
5612 419 503 57
4
let & refunding 58
1955 F A 583 Sale 32
48
80
48
11 48
48
53
Trust Co certlfs of deposit__
44% Feb'23
43
45
Des M & Ft D 1st gu 46
1935.3 .1 444 48
9118
9314 Sept'22
Des Plaines Val ist gu 450_1947 M 8
7518 Feb'23
754 754
Del & Mack-lst lien g 48-....1995 J 13 ibis 80
61518 76
701s oet'22
oold 45
1995 J D
893
4 18 "iik;" 3
96 4
Del Rio Tun 4 Hs
1961 MN 89 Sale 8814
9912 10 983 9912
4
Dul Missabe & Nor gen 613_1941 J J 9814 9912 9912
4
/
4
993
4 11 9912 100
Dul & Iron Range let be
1937 A 0 9913 993 991
9812 Jan'.,
9813 9813
Registered
1937 A 0
80
7 75
7883
80
Dul Sou Shore & All g 5s
1937 J J 7814 80
E Minn Nor Div let 48
1948 A 0 8614 -_-_
E Tenn reorg lien g 58
1938 M S 9212 96
E T Va & Ga Div g ba
1930J .1
4
1956 M N 973 99
Cons let gold bs
4
Elgin Joliet & East 1st g 56 1941 M N 993 100
Erie 1st consold gold 76 ext 1930 M S 103% Sale
let cons g M prior
1996 .0 J 564 Sale
Registered
1996 .1 J
let consol eon lien g 4s 1996 .1 J 4814 Sale
Registered
19963 J
8514
Penn coil trust gold 46_1951 F A 85
50
-year cony 48 Ser A1953 A 0 4812 Sale
5014
do Series B
1953 A 0 48
/
4
Gen cony 48 Series D
1953 A 0 511 Sale
4
Erie & Jersey 1st s 168
1955.1 .0 893 9013
Erie & Pitts gu g 350 13
1940.3 .1
83 8i13
Series C
1940.3 .1 5311 -- Evans & T H 1st gen g be_1942 A 0
Mt Vernon let gold 6s
1923 A 0
Sul Co Branch 1st g 5s__,.19301 A 0
1923 J
Fla Cent & Pen 15t eat 6s
1st land grant ext g 58
1930 J
1943 J
Consolgold be
Florida E Coast let 434s__1959 J
Fort St U D Co 1st g 450_1941 .1
Ft W & Den C 1st g 5Hs_1961 J
Ft Worth & Rio Or let g 48_1928 J
Stem Elk & Mo V 1st6&1933 A
89
9383
99
9734
9913
10383
1
3 13
Feb'33
Nov'22
Jan'23
Jan'23
1031
2
ma23
b71 2
r
4712
487
51 Aug'22
85
85
48
5013
4812
50
5014
52
88 Feb'23
89
90
96 "66"
9713 9913
9912 100
6 103.83 1043
4
69 54% 68%
-80 4312 491
/
4
7
63
27
31
89 4 M t:1:22
741' il 19
88
Apr'21
6912 Apr'21
6912 Apr'21
82
4lly
4214
43 4
3
87
8512
52
52
5412
8913
--- -- -------
.0 9912 ____ 100
J 924 __. 934
93
J 92%
9214 89
D 88
7814 - - -- 66
J
D 10183 10333 103
J 8418 ---- 8783
0 10833 ____ 109
Jan'23 ---- 100 100
Aug'22
93
Wig 93
89
8512 89
Apr'21
Jan'23
103"103
Feb'23 ----185
8783
Jan'23
107% 109
963 ---- 98%
4
9613
94
98
8513 86% 8712
86 Sale 86
8118 82 83
903
4
9034 95
6413 6212
62
9913
9913 92
9114
91
s
11412 Sale 1137
10412 Sale 10412
10914 Sale 109
9012 Sale 9012
8214
10012 Sale 10012
75
60 80
12
11% 12
8418
69
80
/ 834 8014
1
4
Jan'23
98% 993
8
Feb'23
9612 97
Jan'23
8512 8713
8612 16 86
8812
Feb'23
81
81
Feb'23
9913 90
/
1
4
6212
5 6112 65
9912 9913
Feb'23
3 9118 92
91%
11412 30 112 115
76 10214 105
105
1093 114 10814 11112
4
9113
9 9013 9213
Oct 21
1011 22 ails ioizi
/
4
:
75
Feb'23 -- ,I 70
1314 34 9 4 1314
3
Apr'21
- --I 80
/ 8412
1
4
8014
GH&S A M&P lot 5s- _1931 M N
20 eaten 58 guar
1931.3 J
Galv lions & Heed let 56
1933 A 0
Genessee River let s f fla
1957 J
Ga & Ala Ry 1st con 58___o.,1945.3 J
Ga Car & No lot gu g ba
1929.3 J
Ga Midland 1st 3s
1946 A 0
Gila VGA N 15t gu g 5s
1924 M N
Or R & I ex lst gu g 4546
1941 J .1
Grand Trunk of Can deb 78_1940 A 0
15-years l6,3
1936 MS
Great Nor Gen 76 set A
1936.3 J
1st & ref 4346 Series A
196I J J
Registered
1961 J J
1952 J J
Green Bay & W Deb ate "A"____ Feb
Debenture Otto "EtFeb
Greenbrier Ry 1st RU g 4s..
1940 M N
Gull 8 I lat ref At g 56_51952 J .1
Harlem R-Pr Ches let 4s
1954 M N 7718 7813 77 Feb'23
2
Hooking Val 1st cons g 435s_ _1999 J .1 834 844 8314
/
1
844
/
1
7313 June'18
1999
Registered
J
4
426 8 98
515573
H&TCIstg Mintgu
973
4
973
4
5
2
905
8
Houston Belt & Term 1st 5a-1937 J .1 90 8 92 90%
1933 M N 9718 9812 98
Jan'23
Hous E & W T 1st g be
1933 M N 9718 ____ 9413 May'22
let guar 5s red
80 Dec'21
Housatonic Ry cons g 58--..1937 MN 841g 95
82 Sale 811
1957 F A
/
4
82% 91
Hod & Manhat bs see A
1957 A 0 6312 Sale 631
/
4
63 4 141
3
Adjust income bs
77
7812
83
/ 853
1
4
4
"if""
gib;
90 8 92
5
98
98
8184 847
8
611 65
9218
92% 10 924 924
Illinois Central let gold 4s-1951 J J 90% 94
8318 Sept'21 -- --__ -1951 J J
Registered
82 82
1961 .3 J SI
82
7 7714 8
3
let gold 3348
80
Oet'22
5
1951 J J
Registered
83
ii"
1951 A 0 83 Sale 83
id""
"
Extended let gold 3546
82
1951 A 0 79
Registered
574 72
8318 Mar'22 -19.51 M
let gold 3s sterling
3
84%
2 83 85%
1952 LW S ____ 84 4 84
Collateral trust gold 46
3
1952 A 0 ---- -- 95 Sera'19 -Registered
864 30 8414 8334
1955,M N 3513 86
854
let refunding 48
4
7714 79
Jan'23 1952.3 J 773 ---- 79
Purchased lines 3348
BONDS.
N. Y.STOCK EXCHANGE
Week ending Feb 23
D.
Price
Friday
Feb. 23
Week's
Range or
Last Sale
Limon§ Central (Concluded)
Bid
A sk Low
0.11.tieral trust gold M____1953 MN SO Sale 80
Registered
1953 MN
82
15
-year secured 5548
1934 3J jail; gie" 101%
15
-year secured 6525 g
1936 3.3 10913 11014 10914
Cairo Bridge gold 4s
87
_
1950 J 0 86
Litchfield Div let gold 35....1951
J 68% 713 6938
4
LOUNV Div & Terre g 3526_1953 J J 76
76
78
Omaha Div 1st gold 39
1951 FA 6918
69%
et Louis Div &'rerm g 3s...1951.33 _
_ 7112 71
Gold 3535
77
J
1961
80
7714
Springf Div 1st g 334s
784
1951 J J 754
Western Linea 1st g 4s
1951 FA 83
83
89
Registered
1951 FA
92
Ind 13 & W 1st pref 48
1940 * 0
8712
led III & Iowa let g 43
1950 3.3 8514 ____ 8518
lilt & Croat Nor Adjust /
(
1
4
1952 J .1 48% Sale 4814
1st Mtge es
1952 J J 4814 483 9714
4
TrustCo certificates 3
6112
85
-year 5s__
Iowa Central lot gold 55
1938 .30 7234 732 7318
Refunding gold 45
1951 MS 3818 38% 37
James Frank & Clear 1st 4s
1959 3D
Ka A & G R 1st gu g 56
1935
Kan & M 1st gu g 46
1990 A
20 20
-year 55
1927
K C Ft S & M cons g 6s
1928
KC Ft S & M Ry ref g 4s
1936 A
KC&MR&13 1st gu 58_
1929 A
Kansas City Sou let gold 30_1950 A
Ref & impt bs
Apr 1950
Kansas City Term lit 4s_11360
Kentucky Central gold Is, -- 1987
Keok & Des Moines 1st 5s___1923 A
Knoxv St Ohio 1st g 6s
1925
0
0
0
0
3
0
.•1
Lake Erie& West let g 5s
1937
2d gold 5s
1941 J J
Lake Shore gold 35.48
1997 3D
Registered
1997 J D
Debenture gold 4s
1928 MS
25
-year gold 4s
1931 MN
Registered
1931 MN
Leh Val NY lst go g 4Hs
1940 J
Registered
1940 .1 .1
Lehigh Val (Pa) cons g 43-2003 M
General cons 4556
2003 MN
Leh V Term Ry 1st gu g 5s_1941 50
Rest 3
ered
1941 50
Leh Val RR 10-yr coil 13s_u1928 MS
Leh & N Y 1st guar g.ld 48 1945 MS
lea & East let 50-yr ba gu,,, 985 * 0
Long Dock consol g 138
1935 A0
Long Ifild lit cons gold 53..51931 Q J
1st consol gold 42
51931 Q J
General gold 48
1938 3D
Gold 8
1932 3D
Unified gold 45
1949 MS
Debenture gold 55
1934 J D
20
-year p m deb be
1937 MN
Guar refunding gold 4s
1949 MS
Nor Sh 18 lit con g go 5s-a1932 Q J
Louisiana & Ark let g 5s
1927 M S
Lou & Jeff Bdge Co gu g 46_1945 MS
Louisville & Nashville
Gold 6s
1937 MN
Unified gold 48
1940 J J
Registered
1940 J J
Collateral trust gold 56
1931 MN
10
-year secured 7s__
1930 MN
let ref 534s
2003 AO
N 0& M 1st gold 6
/
1
4
1930.33
'
3
2d gold 68
1930
Paducah & Mem Div 4s
1946 FA
St Louis Div 2d gold 3s_....1980 MS
L&N&M&M 1st g 4348_1945 MS
L & N South Joint Al 48
1952 J J
Registered
51952 Q J
Loulsv Ciii & Leo gold 434s .1931 MN
Wahon C'l RR let be
1934 ./1
Manila RR (Southern Lim:).1939 MN
Manitoba Colonization 5s
1934 J D
Man 0 13 & N IV 1st 354s
1941 33
Mex Internal let cons g 4s
1977 MS
Alchigan Central 55
119931 M
31
Registered
QM
48
1940 ▪ j
Registered
1940 .1
J L & S 1st gold 350
1951 MS
let gold 3 Hs
1952 MN
20
-year debenture 4s
1929 A0
5(10 of NJ lot ext Ss
1949 AO
2
0
Milw L S & West Imp g 58_1929 FA
MS
Ashland 131v 1st g 65
Mich Div let gold(
/
1
4
1924.3'
92
5
Milw & Nor let ext 450
1934 3D
Cons extended 4 Ha
Mil Spar & NW let gu 48
1944 -1 D
37 M11 S
Milw & S L istgu 35.06
Minn 1St LOUldg atld
lgo 7
548
9 9 ri
47 D
1921 i sj
1st consol gold Is
1st I.refundin
Ref & eat 50-yr 58 Ser A
1932 Q N
94 M F
8
M StP & SS M con g 4sintgul938 J J
let cons 53
1038
1931 rii-i
10
-year coll trust 6
1st Chicago Term 8 f 4s
1941 Al N
MEISM & A lets 4sintflu.--1926 J .3
1949 J 1
Mississippi Central 1st 5s
M K & Okla 1st guar 58_1942 M N
Mo Kan & Tex-lst gold 4s 1990 J D
F A
20 gold 4s
p199
0
Trust Co certifs of deposit_______
2004
1st & refunding 45
Trust Co coatis of deposit_______
1936 I 3
Gen oinking fund 454s
Trust Co certifs of deposit_ --b% cents for notes "eat".........
Mo K & T Ity-Pr 156 Ser A-1962 ..1
1962 J J
40
-year 4s Series B
1932 J J
10
-year Os Series C
1967 J J
Cum adjust 52 Series A
Missouri Pacific (reorg Co)
1st & refunding be Sec A
- 975 00 A
1960 F s
1928 F A
1st & refunding bs Ser C
1st & refunding Os Ser D...1949 F A
General 4s
Missouri Pacific't g 58._._1938 3 Pl
n4%
1943 M i
xP pndile7
ir c rior lie
148 i
Mob
ob
19453 J
Mortgage gold 4.6
_1927 Q 3
Mobile & Ohio new gold 8s__5192 J 10
1st ext gold Os
General gold 4s
1938 M S
Montgomery Div let g 158_1947 F A
1927.3 D
St Louis Div ba
Mob & Ohio coll tr g-4s
1938 M S
%/Loh & Mal lat gu g 4a
1991 MS
85
87
Fe1 - 2'1
3
.
'
Feb'23
10212
77
Feb'23
6813
8613
813
4
83
92
Jan'23
8512 87
773g 797
9612 97
3 102 10212
18 7612 7912
92% 95
14 67 687
3g
2
40 83
893
2
35 81
833
4
1 83 831
4
90
92
10112 101%
9
9414
86
753
4
7114
9414
9
9
0
2
3412
851s
9434 10 94
97
Feb'23 -- -- 8512 88
757
20 721g 7914
Dec'22 -9412
3 "ii" "lig"
22
ja 24.. . 92
:23 .
3
9312
.
Jul.'21 ---3
,
4,8
9212 97
90
90
80
801 80
8014
5 7913 8112
4
8933 903 89
89e 11 89
9214
101 ____ 10314 Dec'22 --113 Mar'12 -10213 Sale 1024 103 I
9 10222 Rig
."
833 87
8
86 Aug'22 -99 Sale 99 Nov9'92122__1_2. "
lig];"
fichi
10614 110 1084
9812 ____ 973 Dec '22'---4
893 -__
4
8914 June'22 I-- - 84 I 12 "
3
84
8483 83 4
giti 851,
81 __ . 81 Nov'22 --7914 8114 7914
79141
1 7914 81
924 95
94
Jan'23 ---- 94
94
84341
7 8312 8512.
841 Sale 844
/
4
783 79
4
783
41
2 73
4
783
/ 83
1
4
92 ____ 95 Nov'22 ---937
957
937 94
9314 95
s
7922 793 7912
4
794
0 7814 80
10134
1
- 1024 10212
893 Sale 89
4
/
1
4
9114 11
__. 904 June'22
_
56 4 ___
1
993
s
100
5
107 10712 107
107
11
10414 104% 104
0
10214
.
__ 1013 Jan'23 --12
4
9758 ..7:_:... 10112 10117,
78 ...
1
847 88
86 July'22 -6012 61
6012
604
8
97
96
Jan'23 ---7912 Feb'23 ---.
_
96 Feb'05 ---.
9612 9713 97
Jan'23 ---.
102 103
89% 92
993 100
106 108 4
3
10314 105
1013810134
1011 10112
:
_
6012 63
96
96
79
803
4
97
97
9914
_
_
673 _
4
96
9714
774 82%
993 Dec'22
4
30
08
69
"
gia;
7 96
9612
9612
971
4
70 Mar'21
77 Marl()
Oct'22
98 _ _ 100
4 (78 975 - 7 4
4
973 Sale 973
.11.
973
4
4
904 Oot'22
88
91
7414 Sept'20
-1 80 80
79
8112 80
80
2 814 84
8112
811 833 8112
/
4
4
92% Sale 91%
925
3
8 27 9012 92 s
- - --- 95 Nov'22
993 "
4 gsi
4
9818 - -- _ 993 Jan'23
101%
1014 Nov'22
---101 ___ _ 1001 Dec'22
-..-8
91
91
8814 93
Fcb'23
9014 92
89% 9014 9013 Jan'23
5912
1 86
89
86
861 86
/
4
7614 86
6818 Aug'21
" 101"
101 _
101
Feb'23
4 74% 76
75 Sale 75
76
40
3912 Sale 3812
3912 18 87
9 35
377 Sale 3713
393
4
8
40
4 874 90
88 Sale 871
4
88
9818 994
101 _ 100
Feb'23
11 10318 106
1034 Sate 10318
104
90% 94
9212 Dec'22
9618 _
_ 9614 Jan'23
661 "
; 904
90
02
883 Jan'23
3
74 "
ii"
934 943 94
Jan'23
4
80
/
1
4
7812 Sale 7818
78
/ 31 78
1
4
_- 6814 Aug'22
7412
3 703 713
8
4
741
7412
89
89
90 Nov'22
- 3
6118919
89
8912 Jan'23
6413 June'22
2 -oil, "fit;
7313 ____ 7114
7114
83
83
Oot'22
36 "ii65i 535
8112 iiie" 8112
8I1g
661 Pale 6614
8
66% 28 6614 6714
85 95
9 4
63
953 Sale 9512
2
96
611 Sale 61
8
/
1
4
621 499 59 63
2
8412 Sale
9512 963
4
97 Sale
61 Sale
8412
9612
951
2
61
8012 ____ 8133
9318 ___ 7533
735 75
8
733
4
10338 Sale 1033
8
10033 --- 10333
75 8 ---_ 7512
5
9414 9512 9434
944 --- 94
7912 80 I 79
4
823 __-- 82%
8812 18
963
4 20
9713 71
108
62
8412
954
9412
594
8633
9/
61
4
99
63
/
1
4
-Nov'22
A
4
tig'21Feb'23 _._. 7334 732
4
1034 14 1038 1043
/
1
10012 103%
8 14
1033
I 7512 76
Jan'23
4
/
1
4
Feb 23 -...... 943 94
9418
94
Jan'
8
4 20 1 7718 79 4
793
11
Feb'23 - 8283 8314
sale.
•No price Friday; latest bid and asked this week. a Due Jan, 5 Due Feb. c Due June. 5 Due July. n Due Sept. o Due Oct. s Option
Range
Since
Jan, 1
High No. Low High.
83
803
4 45 80
Aug'22
43 101 102 i
1
102
4 10914 111
11014
Jan'23 ---- 87
87
Feb'23 ---- 693 73
8
Feb'23 ---- 76
79%
1 683 6952.
4
691s
71
Feb'23 ---- 71
Feb'23 ---- 7714 80
July'22
Jan'23
"
gi" "lig"
Nev'10
Feb'23
8712 874
Feb'23
8518
85
4914 319 41
4914
1 97
9712
973 ,
2
Dec'22
Feb'23
7113 7312
14 36
39
40
8512 Jan'23
9518
773 7812 -773
2
4
9612
10213 103 10214
761 Sale 7612
/
4
8
92% 95 925
68 Sale 6712
8514 Sale 8514
8 llz Sale 81
83 Sale 83
9112 90
90
1011a
10118
923 9478
4
844 86
7512 77
7412 7512
933 94
4
9
1)0 S
2 ..3._1:
4
-041- -i6-
14
New York Bond Record-Continued--Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 23
Mont C 1st gu g 63
Registered
let guar gold 58
Will & El F let gold be
MOLE lstgu 31is
xl
.4.
Price
Friday
F,b 23
Week's
Range or
Last Sale
Ran
Since
Jan. 1
Bid
Ask Low
High No, Low High
1937 J J 10858 113 114
Jan'23
111 114
_ '3614 May'oe
1937 22
1937 JJ 10018 10212 1013 Feb'23
8
ioi - 101Zs
193g ID 995
5_ 1111
Jan'23
101 101
2000 J o 7712 Sale 77%
1 7714 7814
773
4
Nashy Chatt & St L lat 5s___1928 AO
1937 FA
N Fla & S 1st gu g be
Nat Ry of Moo pr lien 414e
1957 J J
July coupon on
do off
Genera) 48 (()et on)
1977 AO
April coupon on
do
off
Nat of Mex prior lien 484a__1926 J J
July coupon on
do
off
1st consul 14 (Oct on) _ _1951 A 0
April coupon on
do
off
Naugatuck RA 1st 411
1954 M N
New England cons be
1945 J 1
Consol 4s
1945 J J
N J June RR guar 1st 48
1986 F A
N 0& N E let ref & imp 414s A '52 J .1
New Orleans Term 1st 4s_
1953 J 1
N 0 Texas & Mexico 1st 6s 1025 J 0
Non-curu Income 58 A
1935 A 0
N dr C Bdge gen gli 414s
1945 J 2
N Y B & M 13 let con g 5s_ _ _1935 A 0
N Y Cent RR cony deb 13e_ _1935 M N
Consol 45 Series A
1998 F A
Ref & Impt 414s "A"
2013 A 0
Ref & leapt be
2013 A 0
N Y Central dr Hudson River
Mortgage 31413
1997 J J
Registered
1997 J J
Debenture gold 4s
1934 M N
Registered
1934 M N
80
-year debenture 4s
1942 1 J
Lake Shore coil gold 31413_ _1998 F A
Registered
1998 F A
Mich Cent coil gold 338s,,1098 F A
Registered
1998 F A
14 Y Chic & St L 1st g 4s
_1937 A 0
Registered
1937 A 0
Debenture 48
1931 M N
N Y Connect lot gu 434s A 1953 F A
N Y& Erie 1St ext g 46
1947 MN
11rd eV. gold 4148
1943M 9
4th ext gold 58
1930 A 0
5th ext gold 413
1628 J D
N Y & Green L gu g be
1946 M N
N Y& Harlem g 314s
2000 MN
N Y Lack & Western 58
1923 F A
Terminal & improve't 48._ 1923 MN
NYLE&W lot 7e ext
1930 M 5
N Y & Jersey 1st bs
1932 F A
N Y & Long Br gen g 4s
1941 51 5
II Y N H & HartfordNon-cony deben 4e
1947 M El
Non-cony deben 310
1947 M 9
Non-cony deben 314e
1954 A 0
Non-cony deben 45
1955 J 1
Non-cony deben 45
1056 M N
Cony debenture 3148
1956 1 J
Cony debenture fls
1948.1 j
75 European Loan
1925_
7s Franc
1925 A -0
Cone Ity non-cony 48
1939 F A
Nen-cony deben 48
1955 1 J
Non-cony deben 48
1956 J J
a% debentures
1957 M N
N Y & Northern lot g 5s
1027 A 0
Of Y 0 & W ref 1st it 4s, g1092 M 8
Registered 45,000 only_o1992 M S
General 4s
1955 J D
Dr Y Prov at BOSIOD 4s
1942 A 0
N Y & Pu 1st cons gu g 45_1998 A 0
N Y & R B 1st gold 5s
1927 51 5
NY Bugg & W let ref 58
19372 J
2d gold 4148
1937 F A
General gold 58
1940 F A
' Terminal 1st gold be
1943 M N
N Y W'elges & B lst Ser I 4148'46 J J
Norfolk Sou 1st & ref A 513_1961 F A
Norfolk & Sou 1st gold M.__ _1941 MN
Norf dc West gen gold 68__1931 M N
Improvement & extg
1934 F A
New River 1st gold
1932 A 0
NA W RY 1st cons g 4s__ _1996 A 0
Registered
19911 A 0
Div'l let lien & gong 48_1944 J .1
10-25 year cony 414e
1938 M 5
10
-year cony 138
1929 51 5
POCall C & C Joint 48...104l J 0
North Ohio 1st guar g be__ 1945 A o
Northern Pacific prior lien railway & land grant g 4s
1097 Q .1
Registered
1997 Q .1
General Ilen gold 38
a2047 Q F
Registered
a2047 Q F
Ref dr impt 68 der B
2047 J
Ref & Imp 414s BerA
20 47 J J
56
,2047J
St Paul-Duluth Div g 48. 1996 J D
St Paul & Duluth Ist 58_1931 Q F
let consol gold 4s
1968 J D
Wash Cent 1st gold 4s
1048 0
Nor Pee Term Co 1st g Os _1933 J M
.
No of Cal Ruse g 6
A 0
North Wisconsin 1st Cs
1930 .1
Og & L Chan] b3L11114eg
10482
Ohio River RR 1st 11 Is
1936 J D
General gold Is
1937 A 0
Ore & Cal let guar g Is
1927 .1
Ore RR & Nity con g 48
10462 D
Ore Short Line
181 condo! g 58
1916 J
Guar con bs
1946 J
Guar refund 48
1929 J D
Oregon-Wash 1st dc ref 4s
1961 J
100 10012 100
10018
9212 voy'22
96%
-- 31 Sept'22
3112 Sale 305
32
8
30
261s Jan'23
2712 2812 - - 3814 June'22
_
39
8
395 385
8
385
8
271 28
)
68%
8512 94
8255
825 •.-.
8
751 Sale
1003 sloe
4
8212 83
897 91
8
953 - - - 4
1033 Sale
4
7812 `3012
8514 Sale
9614 Sale
89 993 101
4
14
-i6 -
32
2618 2618
s
362 -561-
255s Feb'23
25% 25%
26
26
2412 2614
2612
2613
4 26 27%
87 July'14
8912 Jan'33
89 -idi;
70 Sept'17
82
Jan'13
82
82
80
80% 19 80
8112
7512
77
6 7512 793
4
1003
4 101 18 24 10018 101 18
8212
83% 20 7712 837
8
8012 Jan'23
8914 8912
'm 12 Seel'22
10312 104% 377 i6i - 1054
8014
803
4 11 8014 82%
8514
if 85% 887
86
8
96
205 96
97
983
4
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb. 23
811
Price
Friday
F,b, 23
Weela
Range or
Last Sale
.7't
Range
Since
Jaa, 1
High No. Lots High
Ask Low
Bid
pennsylvania Co
Guar 3149 coil trust tog A.1937 M
8358 - - - - 8412 Nov'22
Guar 314s coil trust Set 13_1941 FA 813
5 85
83
82
8
83
Guar 3548 trust rtis D----1942 J O 80% /35
11:1 July'22
Guar 3345 trust ctfs D,,..1944 J O 8012 _ _ 8312 Nov'22
- - - - -Guar 15-25 year gold 4E1_1931 A0 9214 9314 93
2 92
93
93
40-year guar 48 crfe Ser E__1952 MN 853 88
Jan'23
87
87
4
87
Peoria & East let cons 4s____1940 AG 75
75% 7614
2 74
7414
78
Income 45
29
8
8 27
8
30
1990 Apr. 2814 297 283
"ore Marquette 1st Ser A 5s_.1956 2 .1 943 Sale 943
4
4
9612 11 9434 977
let Series B 4s
7 76
52
81 Sale 81
8212
1956 2
Plana Ball & W 1st it fg
905/ --- - 8914 Jan'23 ---- I 8914 9212
3
1943 MN
Philippine Ry 1st 30-yr s f 45 1937 1 .1 47% 1814 47
2 455 497
47
8
947 9718
8
9718 Feb'23
P C C & St L gu 4146 A
8
1940 A0 947 _
947 Jan'23
Series B 4145 guar
8
8
94% 94
1942 AO 917 98
%
Series C 4165 guar
8
1942 Si N 047 ---- 95 Nov'22
--893 Feb'23
4
Series D 15 guar
893 89 4
4
1945 MN 89%
91
Series E 314e guar gold....1949 FA 8912
Aug'22
Feb'23
89
Series F guar 48 gold
89
8912
1953 J o 89%
Series G 48 guar
2 8912 8912
8912
1957 MN 8912 Sale 8912
945
Series 1 eons guar 414s
8
945
8
5 9413 95
9412 95
1963 FA
9814 16, 467 9934
General 55-Series A
9714 9S
8
1970• D
09 Nov'22
Pitts & L Erie 20 it 58_ _ __a 1928 AO 9618 ?Km bicK dr Y 1st gu 6s
1932 .1 J 102 --- - 105 Dec '22
9514 June'211
2d guaranteed 68
4
1934 J J 993
9914 -661;
Pitts Sh & LE lst g bs
1940 A0 100 161 - 9414 Jan'23
.17
1st consol gold 58
J J 9818
- 9714 1/450
1943
9918
1114 June'22
Pitts Y & Ash 1st cons 5s_. 1927 St N
4
Providence Secur deb 4s
3412 4812 385 Jan'23 ----II 38 s 3838
11157 M
7
Providence Term let 45
8
7514
- 885 Feb'18
1956 M
84
Reading Co gen gold 43
85% 104
1997 J J 84
Registered
844 82
82
2 82
1597 J
81 4
,
85
Jan'23
Jersey Central coil g 4e
85
86
1951 A0
Renas & Saratoga 20-yr 68 __ _1941 MN
74
75
74
29 74
74 Sale
Oct'22
Rich & \leek IS. g 55
773
4
1948 MN
78 Dec'22
8'
12 Jan'23 ---_ -. - -57I
Klo Or June 1st gu 58
8 2
i1
1939 JO
4
9013 -11 89% 91 8
9018 905 897
Rio Gr Sou 1st gold 4s
10 4:
1012
' --_- ___- ____
-51940 J J i867813111s
,
8912 N. '22
101s
Guaranteed
1212
1940• .1
87% 9014 9014 Feb'23
7612 Sale 7612
8714 9014
763
Rio Or West let gold 45
4 32 7514 78
1939• J
Mtge dr coll trust 48 A...1049 AO 64'o
72
6418 19 63
723 7294
4
73
46 713 76
4
6712
7014 79
71 12
-..i .
7112 15 7112 72
.
Rocb & Pitts Con lst g fiS__ - -1922 J o
- 13A .e_ 10603%
77
747 76
7512
7 7514 77
R I Ark & Louis 1st 4145_ _1934 MS
7955 27
Jan'2377 s 81
7
6518 81.3e2 7 18
782 i l t 7
74
7612 75
Jan'23
23 --- 70
Rut-Canada 1st fru it 4s
75
75
1949 J 2
70
8
885
31853
2 8714 90%
8712 89
Rutland 1st con g 434,1
1941 22 8012 8312 8012 Feb'23 ---- 8012 8013
8612 Jan'23
8612 8612
____ 8712 84 14
87% 14 8612 87% St Jos A: Grand Iel 1st g 4s__ _1947 2 J 7312 747 7312
8
7312
3 7313 75 1
3
87 1
5 8512 88%
9312 9212 Feb'23
85 87 87
it 1.awr & Adir let 5 be
1906 2 2 93
109
9212 9212
6
87 July'22 _
A 0 9618 --__ 103 Nov'16
2d gold 65
- - --993
8
9914 0912 St L & Cairo guar g 4s
9912 Jan'23
88
8834 8814 Feb'23 -- 88% 91)
9218 ___ 9112 1',ov'22
9712 34 9518 9912
St L It M& 9 gen con g 55
1 931 j 0 9618 Sale • 9618
1 29 A -1
193
1
9454 Nov'151____
102 July'14
92
Gen con stamp sue 5s
-__
1199333
N1
s.
861 Nov'221.._
:
J J 8612 Sale 8612
86% 21 83
Unified & ref gold 45
897
8
7712
4
7712
803 Sale 804
M
3 7738 771
76%
Riv & G Div 1st g 48
8112 15 803 86
.
4
Feb'23 ____ 100 100
99
100 ____ 100
96
90
St L M 13ridge Ter gu g 5s
3 96
98
1930 A 0 96
993 ____ 993
4
4
293
4
8 9914 9934 9t Louis & San Fran (reorg C100)-50
_ 118312 Jan'23 .._ 10312 10312
10314
J J 68 Sale 68
69
Prior lien Set A 48
259 671 707
8
971
97% 99
9712
84
4
1 9718 98
Prior lien Ser 13 bs
48 8212 847
1950 2 2 8338 Sale 823
8
857 __
8
91 July'221_
9212 Sale 9212
93
32 91
4145
93
985
Prior lien Set C 6s
68 9714 10018
1942 i -1 98 Sale 98
928 J 1
797 Sale 79
803 178 7512 80%
Jan'231.._-- 50
4714 49% 50
57
Cum adjust Ser A Os
8811096505
Feb'23 ___ 40
4414 55
47
447
4 ct
4
8
67
Income Series A 6s
0 0 6634 Salo 643
324 58
67
443
4 10 40
47
44 Sale 44
10314
1 10314 103%
St Louis & San Fran gen 68_ _1931 2 . 103 1033 10314
1
8
4 I
1 4514 5113
97%
General gold 55
3
971s
1 96% 99
1931 2 2 9718 99
49
16 43
4 145
41 Sale 41441
51
St L & 9 F RR cons g 4s_1996 2 2 8212 ____ 6714 Oct.'20
443
4 32 40
44 sale 43
48
Southw Div lot g 5s
1947 A 0 8718 --__ 90
70 1 132 6714 7314 St L Peo & N W lst R1.3 55
665 Sale 68
8
4
1948 J i 10018 1023 10218 Jan'23 ----1 10218 102%
76
7713 7412
7712 81 7234 8134 St Louis Sou let gu g 4e
893
4
- 8612
7112 79 60
7014 7134 79
4
7112 St L S W let g 48 bond ate_ _ _ 1 9 9 l',N11 03 753 7612 7614
764 30 75
78 4
3
1931
8
Feb'23 ____ 40% 42
42
4812
2d g 45 income bond ctfs_p1989; J
7014 7812 71 18
7112 32 6914 71%
00 July'i8___.
4212 _
755 Sale 753
Consol gold 4s
8
D
8
76% 53 7412 7754
1932
49 Dec'22, _.
4212 52
SO Sale 1 797
lot terminal & unifying 58..1952. J
8
81 1 28 7812 8211
1
4312 14 39) 4313 St Paul& K C Sb L let 4 4s 1943J A
43 Sale 42
3
7712 Sale 7712
7811 17 7712 8112
031 F J
Oct'22
99
it Paul M & Man 48
9918
927 9414 9314
8
94 1 10 9314 94
4 -661- -76766%
6614 Sale 66%
let consol g Be
4 8
4
1933 2 J 1083 11014 10914 Feb'23 ____ 10814 10938
591 Nov'21
:
Registered
99
Sep'20
1933 2 . 10814 110
_ 1
6212 Feb'23
58
Reduced to gold 43-431
61
1933 2 . 9612 977 9712 Feb'23 -- 9712 9934
1
41.‘
A ug•13 _70
Registered
Aog'22
1933 2 2 9418 __-- 97
823 Feb'23 ___- 82% 823
4
Mont ext lot gold 48_.
8212 83%
4
53
1937 2 D 9012 ---- 91113 Feb'23 _--- 90
96 Dec'22
_
Registered
96% 99
S614.._.'80
60
60 1
2 52
57
Pacific ext guar 45
60
GO
85
1217 1 D 84
)J
5
45
Feb'23 ____ 42
48
St P & N P gen gold f3s
49
Jan'23 ____ 100 100
46
Feb'23 __-- 45
44
Registered certificates_
49
46
923
1
035a Feb'23
s438 80
93% 935
El A & A Pass 1st gu g 48
74
7412 7438
8
9 7312 75 4
743
1943J
3
4
473
8 92 4434 5014 San Fran Terml let 45
4714 Sale 443
81141
81
8112 81
4 80
/ 5318
1
4
683
4' 42 631s 71
6818 Sale 67%
sc10 V & N E let gu g 4s
2 8614 8734
87141
131°,t 2 8714 Sale 874
903k 9312 Seaboard Air Line g 4e
9114
2
9114'
9114 Sale
55 4 ---_ 58
3
Feb'23
.53
68
10812 Sale 10812 108 2
,
Gold 1s stamped
7 108% 10812
57 1
573
7 52
8 56 Sale 56
1083 Jan'23
4
11014 _
1084 1084
Adjustment 55
2812 Sale ,
2934 208 223 2944
4
1073 Refunding 48
8
4524 59 39
46
eing F g 45 Sale 45
A
8
91 1 21 ---9314
0012 Sale 903
1st & cons Cs Series A
677 206 .5834 68
3
1945 M r 6534 Sale 65 8
90
Jan'23
88
90
81
89
Seaboard & Roan 1st 5s
1 933 96%
96ll
0618 Sale 96%
4
1926 2
8614'
2 8534 8634 Sher 912 & So 1st gu g 5s
853 88% 8614
4
3614
.! 42 Aug'221.--108
Jan'23 _-- 108 108
10914
13 & N Ala eons gli g 5s
Jan'23
98 10114
1
1Ng
i 10018 101 18 98
l
117
50 111 1173
11612 Sale 116
Gen cons guar 50-yr 5s,,,..1963 A 0 9812 993 9812
4
4
981
29 8 99
63
1 8655 883
87
4
87 Sale 863
8 Southern Pacific Co
31
Jan'23
83
83 83
77% 85
Gold 48(Cent Pee coll)_ X1949 J D 8234 Sale 821s
85
35 82
83
20
-year cony 48
0
9212 145 9114 92 3
s
D51 8 917 Sale 917
51929
8514 66 8418 87
84114 Sale 8418
20
-year cony 5s
101781
1 10012 1021
102 10214 1017
8
4
1934 J
8283
2 8218 831. So Dec of Cal-Gu g 55
82% Salo 82%
1937 MN 101 14 ---- 10312
6l2 261 60
6214 So Pee Coast lot gu 48 g
407 Sale 60
8
8912 9018 89% Jar:1'231-J' 8918 91
1937
5914 Jan 23
5914 5934 So Pac RR lst ref 4s
_
854 Sale 85%
/
1
8612 58 8514 8812
1955
108
176 107 1093
107 Sale 197
4 Southern-let cons g Ss
9814
9618 38 95
1994 J i 96 Sale 9512
8712 16 86
8612 Sale 86
9012
Registered
933
1 933 93 4
9334
4
3
4
1994 J J 933 96
99
32 95 100
9814 Salo 98
Develop & gen 48 Ser A
13938 /47 6612 6912
1956 AO 6834 Sale 6814
4
Feb'23 ---- 89 89
89
8514
Temporary 61413
164 100 102
4
AO 1013 Sale 10112 102
100 June 22 ____
9914
_
Mom Div 1st g 41S13-58
8
9912 967 Jan'23 ----1 96
97
119996 J J 94
36
8014 _ _ _ 844 Jan'23
-giSt Louis dly 1st it 48
14
4 78% 80
79%
1951 J J 7814 70 • 78%
84 May 22
783 84
4
Bo Car & Ga 1st ext 5).413
903 9914 Jan'23 ----I 983 9954
8
4
1929 MN 99
8
110 11012 1085 June'22
Spokane Internet Isle 5s
8312 Feb'23
8312 83%
_1955 .1 .1 Di
102
Jan'23
102 ioi
99%
Superior Short List 5s g
9514 ---- 95 May'18 ----I
e1930 M
118 Nov'16
1043
4
Term Aeon of St L lot g 414e-1939 A 0 93 05
Feb'23 ----I 9512 9518
95
_ 6914 71
66% 6912 693 Feb'23
8
1st cons gold 513
974
I
.
7
2 9712 gg
97141
9712 99
Ai
Feb'23
98
_ 98
96% 08
9818
Gen refund et g •Is
82
12 SO
82
8012 82
8055
9312 96
9512 Feb'23
9512 9512 Tex & N 0 con gold 58
98
Jan'23
9014 95
98
98
995 Sale 9912
8
99% 34 9914 100
Texas & Okla 1st gu g 5s
34
34
Jan'23
34
1943 ..1 S
94 M I
Feb'23 _
443 87% 87
4
86% 8712 Texas dr Pa- so gold 58
43 9214 9614
20043 J D 93
04
94
9234
2d gold Income 55
4012 401a
1031 Mar
(12000 1j 4112 - 4012 Jan'23
1023 10318 10212
4
1023
4
6 10212 10412
La Div B L lst g bs
92
Feb'23 ---- 90
91
90
90
1023 Sale 1020g
4
103% 14 102% 105
962 9703
4
Tol & Ohio Cent 1st Cu 5s
1935 J J 9818 ____ 9714 Feb'23
93% sale 925
9312 41 91
8
9312
Western Div 1st g 59
96
9312 95
Jan'23 ---- 96
96
7912 Sale 748
80141 86 7938 82
General gold 5s
9012 Sept'22
8934 91
Tol St L & W pr lien g 31411_199255 .1 013 933 ____ 93% Feb'23
8
631s E 4
- - - 3119335 2A J
Pacific Coast Co 1st g 5s
1946 J D
76
3 76
78
50-year gold 4s
7912
73
8 721s 754
1950 A 0 73 Sale 73
Pee RR of Mo lot ext g 48_1938 l'' A
8534
865 Jan'23 _-- 8655 86%
3
Coll trust 45 it Ser A
1514 June'21
1917 F A
1938 J
2d extended gold 55
95
97 Feb'23 -Trust co cats of deposit
31% Feb'22
Paducah & Ills lst s f 4148_ _1955 J
905 91% 0034
8
66
12 1.
9084
I - .-9 - Tol W V & 0 gu 414s A _____ 1931 3 J 9312 0614 9518 Nov'22
_ -- -Fuel-Lyons-Med RR 68
1958 F A
71 14 Sale 70
72 1 399 6312 7314
Series B 4148
1933 21 1 9318 9638 93% Dee'22
3. s
Pennsylvania RR let g 49_1923 M N
99% _ _ _ _ 9934 Dee'22'„--I
Series C 48
_ 867 Nov'22
8
8684 _
- --1942
1943 MN 89% 93% 9314 Jan'23 ___ _ -68 - -15i1Consol gold 48
4 Tor Ham & Buff let g 45___11940 .1 D 80
.14
8114 Jan'23 ---- 8114 82
83
1948 M N
Consol gold 48
9014 Sale 90
91
913 t2ister & Del 1st cons g 5e
2 89
2 945 95%
8
9512
1928 J D 937 95
95
1960 F A
Conso14148
0614 Sale 9614
8
97
25 0614 985
let refunding g 4s
67
Feb'23 - - _ 66
7214 66
67
10852 D 9112 Sale 91
General 4148
92
69 903 927s
Onion Pacific 1st g 48
3
9234 71 9114 951g
19 7 J.1 924 Sale 921
194 2 A 0
'
1968J D 10012 Sale 10018
General 58
1003 115 99% 1014
4
Registered
8
3 897 92
96 4
9(14
3
8
1947 J ; 893 94
1930 A 0 109, Sale 109
secured 71
-year
10
4
110
20
48 109 1103
-year cony 18
9514 67 943 9534
4
4
8
95% Sale 947
1927
1936 F A 10912 Sale 10912
15-year secured 63.68
110
34 109 11118
let & refunding 4s
88
8503 35 84
843 Sale 84%
10
-year perm secured 68_91918 J 8 104 Sale 104
104% 44 10314 1054
_2 8 M .1
11
C')V 1 151 1 .11. i's, or., 462
,
,
_
_
1541 M .1 of I
• No price Friday; lateet bid and asked this week. 000c Jan, bDueFcb, o Due June. h Duo July. k
Due Aug. o Due Oct. p Due Nov. g Duo Dec. goptlon Bak.
1
r) 1
1N8 1
A'
New York Bond Record—Continued—Page 4
812
BONDS
N. Y.STOCK EXCHANGE
Week ending Feb 23
Utah & Nor gold 55
let extended 4s
,.. I
Price
; Friday
4".. 145. 23
Week's
Range or
Last Sale
11
!
Range
Since
Jan. 1
Ask Low
1
1de
High No. Low High
9912 997
997 Jan'23
8
1926.7 J 9914 _ _
s
10231 J
9112 9212 8612 Feb'22
Vendetta cons g 48 Ser A____1955IF A
1957181 N
Consol 49 Series B
1934 .1 J
Vera Cruz & P 1st gu 4Ae
1926M 8
Verdi V I & W 1st g 59
1926 M S
Virginia Mid Ser E 53
1936 M N
General 09
2003 J ..I
Va & So'w'n et en 58__
1958 A 0
-year Se
let cons 50
1989 M N
Virginian let 58 Series A
1939 M N
Wabash let gold 58
1939 F A
gold Ss
1954 J .1
1st lien 50-yr g term 49
Del & Cb Ext let g 59._ 1941 J .1
Dee Moines Div let g 4e
1939 .3 .3
1941 A 0
Om Div 1st g 333s
Tol & Ch Div g le
1941 M S
Warren let ref gu 5 3 Ae
2000 F A
1924F A
W 0 & W let cy gu 49
Wash Term 1st gu 3,358
1945 F A
1st 40
-year guar 49
1945 F A
W Min W & N W 1st eu 56_1930 F A
eat maryla d 1st 548
1952 A 0
eat N Y & Pa lst g 58
1937.7 J
Gen gold 4s
1943 A 0
Western Pao let Ser A 5s
1946 M El
West Shore let 48 guar
2361 J J
Registered
9361 J J
Wheeling dr L E let e 58
1996 A 0
Wheeling Div 1st gold 58_1928 J J
Eaten & Impt gold 58
1930 F A
Refunding 44e Series A1966 M S
RR 1st consol 45
1949 M S
Wilk & East 1st gu g 59
1942 J Di
Winston-Salem S B 1st 4s
1960 J J
Wie Cent 50-yr let gen 48
1949 J J
Sup & Dui dlv & term 1st 413'36 M N
W & Con East let 4358
1943 J J
8618
861s _
95
98
_
981a _
977
8
7914 80
954 Sale
86
8514
365
s
98
96
974
934
794
957
3
apr'22
Nov'22
364
Sept22
Jan'23
Feb'25
Feb'23
9714
964
/
1
10
5 34
98
97 13
7
93
3 79
23 954
"i65i
96,
3
977
8
9314
8
9
8
9814
1 9714 99
9814
24 8614 9214
873
4
88
6812 Jan'23
6812 6812
4
9512
5 953 9612
9612
734 Jan'23
8
7314 733
61.114 Jan'23
65
6614
7718 7718
7718 Jan'23
744 Nuv'22
9714 Aug'22
"fill;gsj
783 7912 7814
8
7814
.54 Nov'2,.
,
843 _
4
86
Jan'23 -7-; 86
773
3
89
8
64
635 Sale 6313
4
10 62 653
9912 100 100
100
8
1 985 100
77
Jan'23
773
8
77
81
83
82 Sale 82
47 8158 8312
817
8
79
82
824 14 8112 837
3
8112
3 7918 82
7912 813 8112
4
2 9712 99
99 Sale 9812 Feb'23
99
99
899
2
904 973 94 Sept'22
8
3
61
613 Sale 66 4
4
12 69
62
6412 654 64
643
4
8 6078 651s
543 Sale 58
4
60
583
4 I7i 58
783 8212 8112 Jan'23 a
8114 8112
773 7613 77
8
82
787
8 35 1 77
Feb'23 ---- 77
78
8
7918 78
805
65 May'22
58
-9812
873 Site
4
6 12 723
4
9
612 9,4
70
79
65 68
45 80
1314 _
BONDS.
N. Y. STOCK EXCHANGE
Week ending Feb. 23
331
t4
Price
Friday
letb 93
Week's
Range or
Last Sale
Of*
CO
Range
Since
Jan, 1
High NO. Low High
Bid
Ask Low
Crown Cork &Seal Cool Balti8 90
94
95
more let sf 20-yr 39.---_1943 F A 9312 Sale 934
3
927
9 68 854 94
Cuba Cane Sugar cony 79_1930
J 92 Sale 913
95 Sale 9418
96 9014 9814
964 2
Cony deben stamped 8%__1930
.1
8
11177
8 40 10612 1074
Cuban Am Sugar lot coil 85....1931 M S 1073 Sale 10714
8
,
Climb T & T
dr gen 5s____193 J 0 933 94 11 9312 Feb'23 _ - 924 964
37 A ,I
3
9712 June 20
Jenver Cons Tramy 59
19
8712 20 87
Deny Gas& EL lat & ref sf g 59'51 MN 87 Sale 1 87
90
Dery Corp D G 1st 1 90-yr
9812 98
98
gold 78
1942 M S 98
96
99
Nitwit City Gas gold 58__1923 J J
997 99 8
8
7
9 9814 100
8
99 8
letnit Edison 1st coil Cr 5841930 .3 8 997 dale 9912 jau.273
_1 43 54 2
9018 9612 964
96d4 20 954 98
le. & ref 58 ser A
103 10314 11./212 19314 26 102 104
series B
19t & ref 69
111940 M 8
26 82
84
)et United 1st cons g 4335___1932 J J 8212 Sale 6212
84
19814 32 107 10814
Diamond Match s f deb 746_1936 M N 105 Sale 10714
64
132 4912 64
Distill See Cot cony isle 59_1927 A 0 63 Sale 6091
57 49
63 Sale 1 603
4
64
Trust certificates of deposit____
64
8 83 8514
83
8314 8314
8414
Dominion Iron dz Steel 5s_ ___1943
ifouuer Steel lot ref 20-yr sf 75
49 84
8912
91
Series AA
1942 .1 J 9012 91
91
1 90
90
E 1 du Pont Powder 445____1936 I D 90 sow 90
90
du Pout de Nemours & Co 7338'31 MN 1084 Sale 10712 10213 89 10714 1087
8
51 103 105
wouesne Lt 191 & coil 68
193 j .1 10138 Sale 104
946 2 J
9
107,
4
107
107'2 47 10614 10713
13eben Lure 733e
East Cuba Sue 15-yr s f 73381937 MS 109 Sale 10912 - 1024 767 93 1134
,
1 8713 91
89
67,1 El Ill Win let eon g 48
19 5 2 J 89 90139
93 .I
99
1013 102 1014 Dee 22
8
Ed Elec III 1st cons g 5e
_
4
4
99
994
Elk Horn Coal cony 139
1925 J D 98, 9914 99, Feo'23
94, 148 9.314 9818
2
4
'.(rwire Gas & Fuel 749
1937 M N 931 Said 9.34
1 44 56 106 1084
1941 M S 1075* Sale 107
Fisk Rubber 1st 5 f 33e
Jau*4 •
Smith Lt & Tr 1st g 5e
1936 M 8 80 _ _.,1 58
Sale
884 :"fi 83l4 9l8
Frarnelle Ind & Dev 20-yr 7335 '42 .1 J
e 1112
12 6
7
1112,
2 24 100 103
1942 54 N 1802212
Francisco Sugar 734B
..3
9_
: 5,8 Feb 1.3
00
0
fan dr El of Berg Co cense 58,1919 J D
92
4
94/1
General Baking let 25-yr 69_1936 I D 100 102
1163 lOt
8
7914 8214 8012 Feo*23
1942 F A
Gen Electric deb g 34s
78
8013
1021
j
1952 M S 102 Sale 1014 ja0 28 19 101 1027
Debenture 5.9
4
20
-year deb 69
Feb 1940 F A
105 10518
8 9818 1015
9912 Sale 9912 102
Gen Refr 1st s f g 68 Ser A__1952 F A
8
63 100 102
1947.7 J
Goodrich Co 6145
16 .';
117 7112 171 1143 1171e
.
Goodyear Tire dr Rub lot e I Se '41 M N 121'2 Sale 1101
4
el931 F A. 1044 Sale 10312 111612 619 994 106
10
-year
deb g 89
910 Jan'23
tranby Cons al S& P con 68 A'28 AI N1 88
192 M N
8
9112 914
92
95
92 Feb'23
ta in ped
8
92
92
47 9614 100
1110
Cony deben 8e
1925 M NI 99 Sale 9912
Gray & Davis 1st cony ef
9812 Feb'23 _— 96
58_11,432 F N
9 , Ni A
99
gold 7s
912
89%2.
91 100_ 892
_
ogle, onwer islet
9812 100
Feb ' __-6 8112 82
99 2
22
1952 .1 .1
Hackensack Water 48
8 874 91
Sava., a:dee cuOslIl g 58
1962 F A' 91 Sale 91
8514
5 81
Havana E Ity I,& P gen 58 A__'54 M S
8514
964 88 97 100
93312 ale 98344
1942 M N 88 2 SS4
Hershey Choc 1st stg 65
s
bilis 83 8719 92
Hollaud-Amerlean Line 68
1947 AI N 91114 Sale ou,
94 M N
,
944 95
9412
9413
2 927 944
'Iudson Co (las 1st g be
8
4
984 92 973 99
94 A 1
Bumble 011 & Refining 645 _ 1932 J 0 983 Sale 9814
0
4
92 Sale 914
92 i 19 91
9613
IllInois Steel deb 449
90
4 10 22
1952 M N 10012 10100 N0 v1 .
100 10113
Indiana Steel 1st 59
Ingersoll Rand 1st gold 58_1935 J J
914 10 84 10
8
10
94
_Berber° Metrop coil 448_1956 A 0
912 Feb*23
8
10
Certhicates of deposit
64 912
7214 67 69
nterboro Rap Tran let 5e___1966 J
727
8
7144 174 69
71314 Sale 7702
02
4
72
Stamped
7012 60 667 734
7012 o,4 694
to-year tie
s
9212 Sale
1932
91, 943
4
78
4
743 8112
4
let Aerie Corp 1st 20-yr 58_1932 M N 18160 Sate1
8692:4
14 2 18931:2z 367 109 120 4
18
478
3
Internet Cement cony 8s_ _1926 J D
868 1: 8414 903
8,
67
2
e
9
4
8 " 80,2
88 Sale 8 5
614
97 A
4
Inter Mama Marine s f 69_ 1941 J
4
8 32 853 884
86,
3612 Sale 6512
8
International Paper 59
8413 88 4
1947 J J
3
lot & re/ 58 B
110 Nov*22
1931 M S
nvinetble 01185
804 89 72
2
4
i618
1947 J J 793 Sale 78,
lumens Works 68
1064 10 105 1074
1942 F A 106 10678 10518
Kayser & Co 79
14
241
4
1931 M N 1094 Sale IOU's July70 2 1063 110
Kelly-Springfield Tire 8s
1935 J
93
7
Keystone Telep Co let 5s
9991)
Sale 99
9858 99
Kluge Co E1 L & P e 59
1124 Feb'23
1104 1111
4
1997 4 0 1114
Purchase money 613
A 0j
1925 M E3 20458 Sale W514 A pr'22 -Convertible deb 68
76 Dee'22
75
9 9F A
4
iSloge County E let g 48_1949 FA 74
7314 76
icemen' guar 49
0
804
7
7 1'2 844
8
6018 81,115
1954J J, 7352 84
Kings County Lighting 58
97
98
Oils
9712
2 97
9913
73.4e1454 J
101 I
2 9914 10112 .
19382 D' 10014 101 101
E7.1 m 4 Co
6 4ny
.
997
8
997
8 18 994 100
8
1923 A 01 997 100
acitawanna Steel 1st g 5s
8
9112 29 903 923
8
4
1950 M Si 91 Sole 907
let cons 58 series A
961
5 9214 9613
Lac Gas L of St L ref dr ext 59 1934 A 0'
8 _i_
_
1954
31 96's913 Sa e_ 99464 June'22
,ehlehC& Nays f 4 40 A
___ 8
0
u ,123
,
00 102 1034 Fe6 21
100 102'i
1933.7 J, 18914.
Lehigh Valley Coal 5s
19332
42
48
574 0e122
1993 M S, 44
Lex Av & PF 1st gu g 5s
1174 43 1158 ifiC4
4
1944 A 01 117 Sale 117
Liggett & Myers Tobac 78
98 1 33 97
9814
1951 F 211 98 Sue 974
58
1 10
6
196141 13 115 1163
16 12
4
1944 A 0 115 116 ,
Lorillard Co (P) 78
91.112 Sale
96
9712
1951 F A
58
11812 17 112 11812
11714 Sale 117
Magma Cop 10-Yr cony g 78-1932
D
1942 A 0 10012 Sale 984 102 • 218 96 102
M,Lana Sirgar 73 )
RyNntl ( 1 8
1
8
6012 647
anat
40.g 4s-- 1990 A
_3 _ _l_
69
2 119
-Stamped tax exempt
1990 A 0 _6 _ 6a e_ 6241 Feb'23 __ -9 7 92 : . ) —40
9
1
oe '22
92 4
_2013.7 D 51184 67 63
2d 49
84
84
8
Manila Elee Ry & Lt 51 5s 1953 M S 827 8512 84 Feb'23
91
9212
Market St Ry 1st eons 5s
1924 M S
96 I
4 947 96
8
5
-year 6% notes
1924 CO 9512 9614 96
1924 20 11112 1223
3
Marland Oils 1138 with warints '31 A 0 120 Sale 120
934 109844 22 100 107
99611 13
14
8
_9914 0,8 4 91)5
__ _ 9
2
without warrant attached__ A 0 1053 197;4 108
113
22 108 113
1931 F A 113 21314 111
.
71 4e Bern _
98
9913
Merchants & Mfrs Exch 78_1942 J D
98 100
Metr Ed indoor g tisSer B_ _ -1952 F A
4
108 1 26 1063 1094
4
Mexican Petroleum s f 89_
1936 M N 1074 Sale, 1063
997
8
8 993 994
8
1924 F A 994 Sale 9904
Mich State Teleph let 58
8813
89 1 137 8818 907
Midvale Steel & 0 cony f 59_1936 M S
8
8818 8aa 994
994 Sal
4 le
994 10 99
994
4.1Iw Elec Ry & Lt cone g 58_1996 F A
903 Sale 903
4
4
943
904
4
7 905 9112
1
92 44
8
Refunding & eaten 4 As_--1931 .1
933 24 2
8
8
Milwaukee Gas L let 45
927 9418
9812 78 9512 983
Montana Power let 55 A_ ,,..,.19432 .1 9814 Sale 9712
4
4
,
90 1 20 881s 91
941 J
Montreal Tram let & ref 58 1938 .7 J 893 Sole 89 2
85 Sale 841z
86
38 8412 88
Morris & Co let f 430
92 _9_3
8
93 Aa r:213
2
j pn 4
1069 A 0
Mortgage Bond 4s
1932 A 0
-92 92
94
9514 95 Feb'23 ____ 9414 95
1947 M N
Mu Fuel Gas 1st Cu g 58
1941 MN 9538 ___ 10112 Sept'171 __
Mut Un gtd bdsext5%
67
66
1951 J .1 84
66 1 10 58
Nassau Elec guar gold 49
99
97
Jan'23
97
97
Nat Enam & Stampg let 5s 1929 J D 97
_ 95 Sept'221 ____
950
N 9638
J
-6i4
Nat Starch 20-year deb 53__ _ 1932
10018 1003 10018
8
4
3, 9712 1015*
National Tube 1st 58
1003
8
4
9934 125 98, 100
8
D 983 Sale 985
New England Tel & Tel 6e _1952J
New On fly & Lt gen 4338_1935 .1 J 6013 . _ 50 Fet3s9 L
4 10234
11101 104'2
N Y Air Brake 1st cony 6s_,..,1928 M N 102 10234 1023
763 78
4
78
1951 F A
78 1 10 764 79
N Y Dock 50-yr Ist g 48
1 94 A D
1103 119 10912 11212
41
NY Edison 1st & ref 13335 A_ 1.948 J O 11018 Sale 11018
1
NYGEL&Pg 59
9 9 Saci
914 iole 994
9912 29 98 100
834
83 Sale 827*
8312 20 82
Purchase money g 433
1949 F A
87
'Y Munic Ry let a f 5e A_1966
.1
9
7
9
_ 60
_ 76
3
NYQEIL&PIste48
1930 F A
99 Fe12-23i----1 9
78
334, j 9:
36
5 32
Y Rye let R E & ref 49_1942
J
Certificates of deposit
3412 Sal"
3
4
35 I
9
57'2 6
14
3 4 20 313 8 3
7
6
-year aril Inc Se
612 712 712
80
81942 A 0
9 413 6
6 I
e,
, p go
412 678 554
.,7 n tifca:.. 6f d: ! 1,, 17 m
, , ! , 8 . , o os
:ir
69
69 I 25 66
N Y State Rya let cone 448..1962 M II 68 Sale 674
8 9612 98
97 I
967 9612
s
'6
INDUSTRIALS
80 Sale 80
Adams Express roll LI' g 413__ _1948 M
804
11 so
995*
9914
80,4 31 96
Ajax Rubber 8s
1931 J D 99 Sale 99
814 Jan 23
612 6
Alaska Uoid M deb 68 A. _1920 MS
614 8
618 Feb'23 ---61s 8
Cony deb 6s series B
1921 MS
6,
4 64
11.1012 12 994 10012
Am Agrie Chem 1st 58
1926 A 0 100 Sale 100
1st ref s f 7Aa g
1941 FA 104 Sale 10312 1044 34 10234 1044
7513
7712
78
2
Am Cot 011 debenture 56......_1931 MN 77
7 7412 80,
1054 Dec'22
Am Dock dr [met gu 68
1936 J J 11,678
9012 ” "
923
4
Am.Srn dr R 1st 30-yr 55eer A 1947 A0 90 Sale 89
38 54
1027 . 1013 104
8 00
8
American Sugar Refining(A 1937 J J 10212 Sale 102
8
917
9
923 109 9118 923
4
j 917
4
Am Telep & Teleg coil It 48 1929
5 863 90
4
90
Convertible 48
1936 MS 8812 Sale 8812
16 10014 10212
102
20
-year cony 47s
1931 MS 101 Sale 101
143 973 101
99
4
e
30
-year temp roll It 58
19411 JD 943 Sale 99
22 11412 1174
-year convertible 68
7
1925 FA 1 6 Sale 11512 116
843
4 35 83
843 84
4
Am Wet Wks & Else 55
1914 Co 84
85
20 84
85
8512
Am Writ Papers f 7-69
1939 ii 8412 Sale 84
987 1280 9612 984
8
Anaconda Copper 68
1953 P A 0814 Sale 97
4
1043 1779 100 1043
4
4
78
1938 P A 10418 Sale 1123
883
4 72 8712 90
4
L1 875 .iale 8712
Armour & Co 1st real est 44s 1939
4012
5 32
40 2
,
Atlenrie Fruit cony deb 74 4 1934 JD 40 Sale 40
385
8
8 29
2812 Sale 3712
Ws
Trust certificates of deposit_
40 1
3814
41, 29
403
8
383 40
4
do
stamped
944
_
Atlanta Gas Light IS8
1947 J D
9814
99 1 22 974 993
4
Atlantic Berg deb 513
J J 99 Sale
1013
4
9 10114 103
Baldw Loco Works let 58_ _ 1940 MN 1 , 14 Sale 1121 14
8
113 1 15 997, 40:02
BarnedallCorp 9 f cony 8% A.1931 .1 .1 10112 10312 I017
2 1075
8 78 10738 l0834
Bell Teleph of Pa a f 7e A
194.5 AD 10712laIr 107,
983
8
984 144 983 9914
8
58
1948 J J 9812 Sale
4
99
9 98
9913
Beth Steel 1st ext a f 59
ru.t.• J 99 Sale 983
94
24 93
9718
let & ref 58 guar A
1942 MN 9312 Sale 9314
ows 50 8912 9311
8
20-yr p m dr imp a I 58
1936 .7.7 893 62,e 8912
993 159 9758 993
4
4
68 A
191* FA 99 Sale 99
8
94 1 714 9212 93
8
5As
1953 FA 935 Sale 927
6712 Oet'21 __ . 1
__
80
_
Booth Fisheries deb 9 f as_ _ 1921, A0 7o
10014 172 (70g4 10014
Braden Cop M coil tr e f 68 1931
A 994 Sale 99
95 1 64 94
4
9714
Brier Hill Steel 1st 54B
1942 CO 941 Sale 9412
B'way & 7th Av let c e 59_11343 Jo 5314 6712 67 Feb'23
62
6102
8518
3 8,2 874
3
Brooklyn City RR 53
1941 .1 J 8518 Sale 8518
963
4 16 95
98
Bklyn Edison Inc gen 59 A_1949 J J 9612 Sale 96
General eased(*)B
2 ,,T 10412 Sale 1114
1044
7 102 1043
4
Feb'23 _
10514 10814
General 7s series C
19302 .1 106 10614 106
4
10812 15 107 109
General 78 series D
1940.7 D 10814 Sale 1073
66
66
Jan'21 ____ 58
68
Skin Qu Co& Sub con gtd 58_1941 MN 64
1st 58
1941.7 J 8514 - __ 7912
777
8 69 55
79
Brooklyn Rapid Tran g 5a
1945 A 0 7718 Sale 774
775
8 49 54
774
79
77
78
Trust certificates
6612 48 54
68
let refund cony gold 49____2002 J .1 6512 Sale 6512
945
8 93 87
96
13-yr 7% secured notee____k1991 J J 94 Sale • 94
944
9 8512 9512
94 Sale 94
Certificates of deposit
9518
903 173 82
4
Cents of deposit etamped__ _ _ I- -- - 004 Sale 1 90111
85
23 8114 8 i
85 1 8312
1950 F A 84
Bklyn Un El 1st g 4-5e
84
9 8112 85
Stampad_guar 4-5s
1958 FA 84 Sale . 84
8
98
5 95 100
Bklyn Ud'Miliat cons g 5e 1945 MN 965 98 1 9712
8
78
1932 MN 109 116 11612 Feb'23 ---- 110 1167
105 13
7 10 3 10514
8
1st lien & ref 6 Series A
1947 MN 104 105 105
___
1932 J O 99 __.1 79 Aug'21 ____11_
Buff & Susq Iron a f 58
Feb'23 --1 804 87
8
814 837 81
Bush Terminal 1st 48
1952 AO
4
4
873
4
3 8634 8919
.•1 873 Sale 1 873
1955
Consol5s
884
89 1 10 8814 934
Building 5s guar tax ex
1960 A0 8812 89
Cal G & E—
4
4
s
Corp unifying &ref 58,.__19371 MN 963 973 97 Feb'23 ---II 9 7 9814
612
9712 78 , 9,511 98
Camaevey Sue ist 8 f 12 78 __.1942 A0 97 Sale 1 9
,
953
4 21 9213 96
M N
Canada SS Lines 1st cells f Te 1942____ ___ _I 95 4
4
102 1 18 1003 10312
4
1942 FA 101 12 10134 1013
Canada Gen Elec Co 69
4
993
997
81 15 9914 100
Cent Dist Tel 1st 30
-year 5s 1943 J o 1408 100
3
95 1 10 8812 95
97
1931 AO 93
Cent Foundry let s f 6s
99
72 9813 10018
a
1995 CO 987 Sale 984
Cent Leather 213-year g 55
14212 302 130 14212
1931 J J 14212 Sale 138
Cerro de Pasco Cop 89
963 963 91155
8
4
1 954 96.8
9658
1937 J
Ch G L Az Coke In eu g 56
3
8112 75 7614 8234
1927 FA 81 Sale 80 4
Chicago Rye 1st 5s
1923 J D 100 10018 10018 Feb'23 10 9978 10018
Micago Tel 58
120
560 113 1904
Chile Copper 10-yr cony 7e 1923 MN 119 Sale 118
8
8
1932 AO 10214 Sale 10112 1023 332 964 1025
Coll tr & cony 6e ser A
9912
8 9714 9912
& Elec 1st & ref 55 1956 A0 9-12 Sale 9812
Minn Gas
8
977
8 18 96
1961 A0 9738 984 973
9812
5As Ser B due Jan 1
59
8912 89
89
6 8814 89
1943 FA
Caw F & I Co gen a f 58
76
7718 32 7512 774
.1934 FA 764 7/
Col Indus let & ooll 55 gu.,
8
/
1
9632
9 954 97
1927'.7 963 Sale 934
Columbia G &E let 58
967
8 16 954 97
1927• J 9614 Sato 96 18
Stamped
155* Jan'23
_1 14
1992 MS 1314 20
1512
ol & 9th Av 1st gu g 5s
93
22
1932• J 911
Gas 1st gold 5s
Columbus
7412 13 733 754
8
2397 Qi 74 Sale 74
Commercial Cable let g 49
8
895
8 871 864 894
1947 MN 895 Sale 8814
Commonwealth Power fle
Compania Azuearera Baraqua
8
1003
J 1003 Sale 100
8 15' 9812 1005
8
1937
1st s f 15
-year g 73511
1941 J J 9814 Sale 984
9814,
3 9612 9814
DomteltIne-Tab-Rec a 1 6s
_--- 84
Feb'23
84
874
Conn Ry & L let & ref g 430 1951 .1 .1 8314 85
8413 Feb'23,__
1951 J J 8314
Stamped guar 44e
Sale 887
2
895*, 55 87
90
Cons Coal of Md let & ref 52_1950 .1 D 89
9512 9512
Con 0 Cool Ch 1st eu g 59-1936
unifying
Consumers Power Ilea &
j N 66 2Sate 89
i,/ j 8 12 in
s
91
95: 90:4' 261 89
11
9212
5 2! 15
Se Series C interim centre 19152
8
- 100 Dee'22
1931 MN 995
Corn Pro dRefe a f g is
M N 9912 10014 10012 Feb'23,____ 9912 101
1934
let 25
-year 8 f 5e
`
•7444 rrire Friday; latest bid and asked. a Due Jan. el Due AD16. °Din Mar. 1311e Mal. I Due JULIO. h Due Jul/. kD..Aug. o Due OM. gDueDel 'Option sale.
4
New York Bond Record-Concluded-Page 5
BONDS
.
N.Y STOCK EXCHANGE
Week ending Feb. 23
Price
Frktae
&b. 23
Week's
Range or
Last Sale
(
xi
i
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
94
9312 Sale 93
26 92% 94
NY Telep 1st & gen 51 4 39s_ 193 MN
9
107
35 1054 1083
-year deben s I as_. _Feb 1949 FA 10638 Sale 10614
30
8
30618 116 10112 10714
20
-year refunding gold 6s 1941 AO 10578 Sale 105%
4
Niagara Falls Power let 58_1932 J J 993 Sate 9912 10012 35 9912 101
105
6 10312 106
01932 AC 105 Sale 105
Ref & gen 68
_ 97% Jan'23
974 98
Nina Lock & 0 Pow 1st 58_1954 MN 97%
9414 75 ! 93
1952 MS 9312 Sale 9312
96
No Amer Edison as
5
Nor Ohio True & Light 6__.1947 MS 93 8 Sale 93 8
3
93% 361 93% 95
0158 18' 903 93
Nor States Power 25-yr 55 A_1941 *0 91 Sale 904
4
1st & ref 25
-year 65 Ser B_ _1941 *0 10012 Sale 10012
10114 10 1C018 102
4
Northweet'n Bell T let 75 A.1941 FA 1073 Sale 1073
108
34 10714 108
4
NorthW T let fd g 4 tie gtd_ _1034'.8
94 Aug'22
Ohio Public Service 79s_1946 AO 19 :- 10612 107
i9 101 207
Ontario Power N F 1st 55___ _1943 FA
96
13 95
9612 934 9512
9914
-Ontario Transmission bs_ _ _.1947 MN
9414 ____ 94
Feb'23
94
943
4
101
49 9712 101
Otis Steel 88
1941 FA 10012 Sale 10014
95
1st 25-yr s f g 7X8 Ser B.....1947 PA 9412 Sale 9412
50 92
95
Pacific G & El gen & ref bs_ _ _1942 J J
91 Sale 907
91% 50 9012 9314
s
Pac Pow & L't let & ref 20-yr 55'30 FA
9214 Sale 923
4 91
4
923
4
94
Pacific Tel & Tel 1st be
98% 17 98
99%
1937 J J 98 Sale 98
be
924 Sale 91
9214 93 91
1952 MN
9212
8
8
107% 38 107 10812
Packard Motor Car 10-yr 88..1931 AO 1077 Sale 1073
Pan-Amer P & T let 10-yr 78_1930 PA 10212 Sale 10212 10312 37 102 1058
94
Pat & Passaic G & Eleons g 58 1919 MS 9318 96
Jan'23
94
- 94
Peon Gas & C let eons g 6e.._1943 A0 1C77 108 107% Feb'23 _ _44 197 19312
8
78
0
0 05
Refunding gold be
92%
1947 MS 924 Sale 90
Philadelphia Co 68 A
1017
8 46 9978 102
1944 FA 10012 Sale 10614
9712
Pierce 011 e f 8s
4 94
98
9714 97
1931 JD 96
_ 90 Feb'23
Pleasant Val Coal let g 81 5s.1928 J J 89
90
92
92
2 91
Pocah Con Colliers 1st s f 514_1957 J
94% 93%
94%
2 93
Portland Gen Elec 1st 5s___ _1935 J J 94
4
94%
943 943
4
943
4
87
6 804 873
Portland By 1st & ref 5s_ _ _1930 MN 87
871 87
/
4
4
84% 10 833 8612
Portland By Lt dt P 1st ref be 1942 FA
84% Sale 8418
4
let & refund 73, s Ser A _ _ _1946 MN 1063 10714 107
8
107
1 1063 107
8
103
Feb'23 - -. 103 1033
Porto Rican Am Tob 85
97% _
4
1931 MN
1265 1273 126% 127
s
Prod & Ref a 1 88(witb waelll )
4
9 123 . 12714
2 .31
4 10712 27 106 1083
4
without warrants attached_. JD 10714 10712 1063
85
/
1
4
85 Sale 8412
Pub Serv Corp of NJ gen 58.1959 AO
3 8114 16
11212 Sale 112
112% 231 105 8 185
6
Punta Alegre Sugar 7/
1937 J
95
39 93
9414 Sale 933
4
9812
Remington Arms tle
N
1937
95
27 9412 964
4
8
/
1
*0 94. 945 943
Repub 1 & S 10-30-yr be s f_.1944
943
4 44 9314 943
4
51.1s
1953'.8 9314 Sale 9314
Robbins & Myers 1st 25
-year at
9 97% 987
98%
8
gold coupon 78 _______. _1952 JD 9812 98% 981e
983 Jan'23 ---- 983 9838
s
8
Root!& Pitts Coal & Iron 5s_1946 MN
Rogers
-Brown Iron Co 20
-year gen
8914 923 8914
90
5 89
/ 93
1
4
4
& ref rntge gold 78
19v, MN
7512 Sept'22
St Joe Ry,L, & P bs
-1937 MN
8
Bt Joseph Stk Yds let g 4518_ 19311 .1 .1 86% . . 857 Dec'22
83
85 Feb'23 - - 83
85
86
St L Rock Mt& P be stmpd_.1955 ./
St Louis Transit bs
- 55 Oct.'22
1924 AO
14 1001 10214
102
/
4
Bake Co 7e
1942 MS idi Sale 10114
84 9714 104
104
Sharon Steel Hoop 1st 85 err A1941 MS 104 Sale 101
8612 87 Feb'23 -86 8712
Sierra & San Fran Power Ss 1949 FA 85
100 4 i22 100 10112
3
Sinclair Cons 011 15
-year 78..1937 MS 10014 Sale 100
121 9752 ioo3
4
99
8
Sinclair Crude 011 bhe
1925 A0 973 Sale 97%
Sinclair Pipe Line 20-yr at g be
8712 193 854 8912
due
1942 AO 87 Sale 86%
4
1013
4 47 99 1013
4
South Porto Rico Sugar 7s_ _ _1941 J D 10114 Sale 1003
4
112 July'04 ---.11South Yuba Water Os
1923 .8.1 913 _
9514 96
95
8 9114 955
95 4
3
South Bell Tel & T 1st at 58.1941 J J
993 99
99
11 967 997
8
8
8
Stand Gas & El cony at 68_1926 Jo 99
9612 004 9612 Feb'23
Standard Milling 1st be
95% 97%
1930 MN
4
107
OS 103 10712
FA 1063 Sale 106
Standard 01101 Cal 7e
01931
1023 Sale 10214
8
103
22 101 106
Steel dr Tube gen s f 78 err C.1951 '.1
S 9814 Sale 97%
983
4 80 '96
98%
Sugar Estates (Orient!) 7s....1942
9112 9112
Syracuse Lighting let g be_ _195)'I) 93% 9712 9112 Jan'23
86
Jan'23
86 863
8
Light & Power Co col tr sf65'54 .1 .1 83%
10038
Tenn Coal I & RR gen 5e
5 1004 101
/
1
195t .8' 10018 10112 10038
10014
10014
6 100 10014
Tennessee Cop let cony 641 _1925 MN 10014
/ 94%
1
4
8
94% 67 93
Tennessee Elec Power 13e
1947 .8!) 94% Sale 935
Third Ave 1st ref 49
6212 22 58
.11 .1 61 Sale 01
6212
62% Sale 62
Adjincome be
6314 343, 5614 6314
94
96
Third Ave Ry 1st g be
Feb'23 7-1 9312 9514
: ? 95
1k 1
10312 Sale 102% 10312 26 10212 105
193 F A
Tide Water 011 630
104 Sale 104
10412 14 1023 10412
4
Tobacco Products s 78
1931 L
8
13 106 1073
Toledo EdDon 7e
4
1941 M 5 1067 Sale 10612 107
4 9818 9912
1925 F A 9918 Bale 99
991e
Tol Trac L & P 68
9212 95
95
Trenton G & El let g be
Jan'23 ----I 95
96
1949 M
TM City Ry & Lt 1st s f be_ _ _1923 A 0 IOU --- - 100
2 100 10014
100
4
Undergr of London 4He1933 P J 9314 9614 923
31 907 923
923
4
4
8
7418 Nov'22
Income 138
'
1948 J J 903 1043 June'22
4
Union Bag & Paper let 541_1930 J J
99
321 9112 96.
Ge
1942 MN 9718 Sale 97
9912 97
Union Elea Lt & P 1st g 5s__ _1932 MS 97
Feb'23 ----I 95
97
95 Dec'22
Union Oil be
193 J J 9312 99
10112 32 101 10238
68
1942 PA 10112 saie 10138
12 103 104
Union Tank Car equip 7e_ _1930 FA 103 10312 10312
104
United Drug cony 88
11212 25 110% 11312
1941 JD 111 112 110%
97
9734 97
United Fuel Gas let a f as__.1930 J J
9712 15 963 98
4
9112 24 8714 9112
9112 Sale 90
/
1
4
United Rye Inv be Pitts issue 1020
N
631 Jan'23
/
4
2 6112 6312
United Rye St L 1st g 48
613 132
4
1934 J
63 Dec'22
St Louie Transit gu be. _.1924 AC
United SS Co Ltd (The) Copen8812 Feb,23
7 8612 90
hagen let refs 15-yr s 1 68.A937 M N
United Stores Realty Corp 20-yr
s f deb gold 68
100% 40 9914 10114
942 2 43 10012 101 100
3 A
1
1
10212 Sale 10212 103
15 1024 10312
U S Hoffman Mach 88
99% 100 100
U S Realty & I cony deb g 58_1924 J J
Feb'23 ---- 99% 100
102 Nov'22
D
U S Rubber 6
-year sec 7s__ _1923 J
Sale 88
1st & ref be series A
19478
883 119 87
4
8912
108 10818 108
10
-year 7Xs
10814 10 107 109
18 100 102
U Smelt Ref M oonv Be._ 193 F A 10112 Sale 100
102
132
6
0
U S Steel Corp/coup
41963 MN 10212 Sale 10212 10338 233 10212 104
103
8
at 10-60-yr /Aires
Jan'23 ----I 1027 103
14 8512 88
Utah Light & Traction 58_ _ (1963 M N
87
_ ..1944 AO 8614 8612 8614
1
9012 Sale 90
Utah Power & Lt let bs
1944 F A
9114 35 90
924
95 Mar'20
Utica Mee L & Pow islet58_1950 J J 95 _
92
Utica Gas & Elec ref 58
92
2 "tific,
93
92
1957 J
70
Victor Fuel Co 1st a f 58
ba Nov'22 1953 J J 00
1 100 10014
Va-Caro Chem 1st 15-yr 58_1923 J D 10014 1003 10014
8
10014
100 10014 100
Cony deb 68
2 100 10012
100
(31924 A 0
75
97 Sale 967
98
8
97% 84 96
1947.1
12-year s f 734e
981s 314 91
1937 J J 93 Bale 0312
without warrants attached-. J J 93 Sale 90
16 86
92
92
988
'
Vs Iron Coal & Coke 1st g 50.1940 m
9314 94% 9412
94% 11 93 9512
Va Ry Pow let & ref be
86
12 84
11134.8
87
85
86
86
Vertlentes Sugar 7e
98
1942 J D 9714 Sale 9714
9713 59 96
8
Warner Sugar 78
1941 ./ D 1047 Sale 1043
4
10514 26 10312 106
Wash Wat Power sibs
98 Dec'22
1930 J J
98
Weetches Ltg g 5sstmprl gtd_1950 J D 97
963 Jan'23 ---1 963 971
4
1946 1W S 9238 923 92%
West Penn Power Ser A 5s
4
4
923
8 12 913 93 4
D 10112 Sale 1003
4
1st 40-year 614 Series C.......1958
9 1003 10214
10112
4
c19441 F A 10412 10412 1043
4
21 104 10514
let series D 7e
105
1922 J J -- - - -_- _ 99% Dec'22
West Electric let ba_ Dec_
981 9834 98
/
4
to'! 9734 9912
1
Western Union coil tr cur 58_1938. J
9812
913 Sale 91%
4
Fund ,k real estate g 494s_ _1950 M N
917
8 12 91
9212
11993361 F A 10912 Sale 1094
34 10918 11178
1b-year 834s g
110
M N 10738 10812 108
Westinghouse E & M 78
10812 61 10718 110
WiokwIre Spelt Steel let 714_1935 J J 97 Sale 96
9712 171 96
98
47 9934 102
Wilson & Co 1st 25-Yr St 13s_ _1941 A 0 1004 Sale 0012 101
9512 96
95
22 9214 9712
96
10
-year cony s 1081928 J D
/
1
A 1034 Sale 103
1931 F
Temporary 734S
103% 79 102 105
1941 A 0 102 Sale 10114
10212 15 100 8 104
5
Winchester Arms 730
II
'No price Friday;latest bid and asked. a Due Jan, 4 Due Apr, C Due Mar. e Due
May. 0 Due June. h Due Jttly. k Due AU.g o Due Oct. / Due Deo. sOptlonsale.
813
THE CHRONICLE
FEB.24 1923.]
---11
Quotations for Sundry Securities
•
All bond prices are "and interest" except where marked "f.'
Standard Oil Stocks Pat Bid
Ask RR. Equipments-Per Ct, Basis,
Anglo-American Oil new £1
5.60 5.25
1814 1812 Atlan Coast Line Os
5.30 5.05
Atlantic Refining new -100 142 14512
Equipment 6 y,s
5.75 5.35
Preferred
100 119 120 Baltimore & Ohio as
51-4 5.10
Borne Serymser Co
100 110 115
Equip &Xs & 58
5.50 5.10
Buckeye Pipe Line Co _ _ _ 50 089
90 Buff Koch & Pitts equip 6s
Chesebrough Mfg new 100 223 228 Canadian Pacific 4)s & es_ 5.25 5.00
5.50 5.25
Preferred new
100 111 115 Central RR of N .868
5.75 5.40
Continental 011 new_ _
25 4812 49 Chesapeake & Ohio as
5.40 5.10
.
Crescent Pipe Line Co
Si) 222
24
Equipment 6345
5.30 5.00
Cumberland Pipe Line new.. 114 116
Equipment 55
5.60 5.25
Eureka Pipe Line Co__ _100 111 114 Chicago Burl & Quincy 65_
76 Chicago & Eastern Ill 5345.. 8.00 5.50
Galena Signal Oil Corn.. _ _100 75
5.20 4.75
Preferred old
100 110 112 Chicago& NW &Xs
Preferred new
5.60 5.35
100 106 108
Equipment 68
5.35 5.05
Illinois Pipe Line
10( 168 170
Equipment 6 Xs
5.50 5.00
Indiana Pipe Line Co_
50 •98
99
Chic R & Pae 4 Xs&
5.75 5.40
International Petrol (no par) •2418 24 8
3
Equipment ID
National Transit Co_ _12.50 •1812 29
5.85 5.30
Colorado & Southern
5.50 5.20
New York Transit Co _100 133 135 Delaware & Hudson Gs
6.00 5.50
Northern Pipe Line Co_ _1(9) 108 110 Erie 43.48 & 52
6.20 5.75
Ohio 011 new
25 5.8412 9512
Equipment as
5.55 5.25
Penn Mex Fuel Co
25 •23
25 Great Northern 68
5.70 5.40
Prairie 011 & Gas new._100 265 269 Hocking Valley 68
5.25 4.85
Prairie Pipe Line new _ .100 116 117 Illinois Central 43s & 5e_
Solar Refining
100 195 205
Equipment 6s
___ 5.60 5.35
Southern Pipe Line Co.._100 110 112
5.30 5.00
Equipment 78 & 6
5.85 5.35
South Penn Oil
100 191 194 Kanawha & Michigan 6s_
Southwest Pa Pipe Lines.100 82
5.60 5.30
84
Equipment 4348
Standard 011 (California) __ *6012 607 Louisville & Nashville fa.__ 5.20 4.75
8
5.85 5.35
Standard 011 (Indiana) _ _ 2. *6718 6714
Equipment as
5414 544
5.30 5.05
Standard 011 (Kan) new 2 .
Equipment°Xs
• 5.25 5.00
Standard 011 (Kentucky) 2 *108 109 Michigan Central Is, 68._
Standard 011 (Nebraska) 100 270 I280 Minn St P& SSM 4)4s& 58 5.50 5.10
42%
Standard 011 of New Jer_ 25 *42
Equipment 6148 & 7
5-, ! '5.65 5.25
Preferred
100 11712 118 Missouri Kansas & Texas 58 5.60 5.25
5.75 5.25
z4818 483 Missouri Pacific Os & °Xs
Standard 011of New Y'k. 25 •
e
5.60 6.25
300 305 Mobile & Ohio 41 5,58
Standard 011 (Ohio) new._
4
5.20 5.00
Preferred
100 *117 119
New York Central 4,48,5e
5.65 5.35
35
Equipment 68
Swan & Finch
100 30
5.40 5.15
Union Tank Car Co_ _ _ _100 1.114 89
Equipment 7s
Preferred
100 110 11112 Norfolk & Western 4Xs._ _ 5.25 4.75
5.30 5.00
537
Vacuum Oil new
25 • 8 5414 Northern Pacific 7s
30 Pacific Fruit Express 7s.... 5.30 .5.05
Washington 011
10 4kti
o.50 5.00
Pennsylvania RR equip as
5.35 5.00
Pitts & Lake Erie 6541
5.70 5.40
Other Oil Stocks
Equipment as
5.15 4.80
Atlantic Lobos 011 (no par) .6
614 Reading Co 43.s
30 St Louis & San Francisco 5s_ 5.50 5.15
20
Preferred
50 •
6612 Seaboard Air Line 4 X e & 55_ 6.00 5.50
•66
Gulf Oil (new)
4
Humble Oil & Ref new _ 25 *373 38 Southern Pacific Co 4 Xs__ _ 5.15 4.75
95 •12112 12212
5.30 5.00
Equipment 78
Imperial Oil
5.60 5.20
_100 162 164 Southern Ry 43.48 & 5e
Magnolia Petroleum
5.75 5.40
Equipment as
1118
Merritt Oil Corporation_ 10 •11
5.75 5.30
12 Toledo & Ohio Central (le__
5 •11
Mexican Eagle Oil
5.20 5.00
•197 20 Union Pacific 78
8
Mountain Producers Corp_
*2412 24 4
3
Salt Creek Producers
Tobacco Stocks
73
6
7
0
American Cigar common.100 93 9
1
Prefeed
rr
Public Utilities
Amer Machine & Fdry _ _100 110 120
Amer DRS & Elec, corn.. 50 •168 171
47 American Tobacco scrip__ __ •155 158
Preferred
50 •46
19% 2014
M&N ,
`614 97 British-Amer Tobac ord. £1 •
Deb as 2014
193
Amer 1.1gbt & Trac,com _100 135 137 Brit-Amer Tobac, bearer El • 4 201g
140 110
05 rieira feVed W)CO,combo 214 267
pree eo
100 93
Preferred
Amer Power & Lt,corn_ _100 z142 145
6
19
85 Imperial'rob of GB & Irel'd *17 63
100 84
Preferred
97 Int. Cig. Machinery
SUS 95
Deb as 2016
90
Amer Public Util, cora_ _100 1912 22 Johnson Tin Foil & Met_100 80
MacAntirews & Forbes_ _100 127 130
Preferred
100 4512 48
100 99 102
Preferred
BlackstoneVaIG&E,com 50 •76
30
28
69 Mengel Co
Carolina Pow & Lt,cbm_100 67
75
Cities Service Co, corn..100 190 192 Porto Rican-Amer Tub_ _LON 65
*80
98
Scrip
Preferred
100 6814 693
4
1912 Schulte Bet StoresAno par) *64 66
Cities Service Bankersabares •19
100 112 118
24
Colorado Power, corn_ _100 23
Preferred w 1
Universal Leal Tob eom..100 117 120
96
Preferred
100 4+3
100 101 104
31
Com'w'th Pow,By & Lt _100 29
Preferred
72
Preferred
111 100 105
100 70
Young (J S) Co
100
,
I
97
Elec Bond & Share, pref_100 96
Preferred
60
Rubber Stocks (Cleve) 0134 pr Wen
Federal Light & Trac_..100 58
88
73 Firestone Tire& Rub.com.I0 86
Preferred
100 71
2012
9812
Lehigh Pow Sec_ _(no par) •20
6% preferred
100 97
Mississippi Riv Pow,com100 2612 2712
7% preferred
50
71z
94
5
4
Preferred
100 823 8412 Genrefened Rub,com___50 12 12 19
p l Tire &
'
1
142
9
14 101 4
9
First Mtge 58, 1951_.
J&J 9212 933
4
S f g deb 78 1935_ _ki&N 101) 104
Goodyear Tire & R,eom.1100131
100 4712 4811
51
Nat Pow & L, corn(no par) 49
Preferred
Preferred
(no par) 85
86
93 GTIci RrAber 1 Can'P1-1 01 99 I 991
Inc 78 1972
J&J 92
M llerr ub R °
1
5
10312 105
11
Northern Ohio Rice (no par) •8
Preferred
21
35
Preferred
100 16
100 33
MohawkPreferred
k Rubber
70
65
States Pow, com_100 96%
North
21
Preferred
93 SwInehart Tire & 11,com.100 18
100 91
84
Nor Texas Elec Co,com.100 81
Preferred
81
Sugar Stocks
100 78
20
Pacific Gas& El, 1st met 100 90
50 •16
92 Caracas Sugar
92
Puget Sound Pow & Lt..100 50
52 Cent Aguirre Sugar corn_ 20 *90
5(3 2
6% preferred
82 Central Sugar Corp.(no par)
100 79
3
1
7% preferred
100
Preferred
100 103 106
100 107 110
Gen M 7).681941___M&N 101 10512 Fajardo Sugar
73
Republic By & Light__ _100 1412 1512 Federal Sugar Ref, com_100 68
100 90 105
Preferred
45
Preferred
100 43
24
South Calif Edison,corn.100 103 104 Godchaux Sug, Inc-(20 Par) *21
94
100 89
120 123
Preferred
Preferred
100
90
Standard Gas & El (Del) 5 .24
25 GreatWestern Bug new25 100 85
100 105 106
Preferred
Preferred
50
50 *49
40
Tennessee Elec Pow (no par) •1612 1712 Holly Sug con:v=1.(10par) .34
90
2d preferred
100 85
(no par) •50 53
Preferred
United Lt & Rys, tom...100 70
Central Sugar _ _100 ao 100
72 Juncos
let preferred
National Sugar Refining _100 107 109
78
100 76
19
Western Power Corp_ _ _ _100 3312 3513 SantaCecillaSugCorp,pf.100 16
58
Preferred
87 Savannah Sug,com.(no par) .55
100 85
100 103 107
Preferred
Short Term Securities
-pc r Cent
West India Sug Fin,com_100 40 60
50
Am Cot Oil 68 1924_ _M&52
Preferred
100 44
Amer Tel & Tel 6e 1924.F&A
Industrialttallseellaneoue
5212
8 American Hardware_ _ _ _100 ao
Anaconda Cop Minas'29 J&J 11) 4
9 84
11
70
.13,3 10312 1037 Amer Typefounders,com.100 67
78 1929 Series B
8
Anglo-Amer 01171025 A&O 10234 10318 Preferred
100 98 102
100 159 165
Arm'r&Co7sjuly1530J&J 15
Atlas Powder
3412
33
Deb 6s roe 15'23 J&D15 00
Bliss(EW)Co,new_(no par) •
66
Deb 68J'ne 15'24_J&D15
50 *00
Preferred
Beth St 7% July 15'23J&J15 10018 1:15-112 Borden Company,oom 100 113 116
0
5
0- 4
i
100 102 104
Canadian Pac Os 1924 M&S2 101 10114
100 95 100
Federal Sug Ref Os'24_ M&N 10034 101
Celluloid Company
100 106 110
Hocking Valley 65 1924 Al&S 1004 1 0%
Preferred
100 141 145
Interboro It T 88 1922.M&5 96
63 Childs Co,common
4
100 108 110
K C Term By 6s'23 M&N15 1003 101
8
Preferred
100 108 112
J&J 10312 10412 Hercules Powder
03-48 July 1931
100 102 105
Lehigh Pow Sec 138 '27_F&A 9712 9 ,
2 2 814
,
Preferred
Preferr
3
100 8814 95
International Salt
Sloss Shelf S & 168'29_F&A
-100 104 _ US Rubber 734s 1930_F&A 10712 10814 International Silver. 11f
92
Joint Stk Land Bk Bonds 9924 10012 Phelpsel
Lehigh Valley Coal Sales. 50 *89
100 170 180
Dodge Corp
Chic Jt Stk Land 13k 58_1939
com_100 125 130
103 10312 Royal Baking Fow,
5s 19141 opt 1931
100 99 102
Preferred
103 10338
58 1952 opt 1932
105 106 singer Manufact uring._ _100 114 116
/
1
4
/
1
4
51 4s 1951 opt 1931
.
accrued dividend. I New stock.
•Per share. 6 Basis. a Purchaser also pays
Ex-special dividend of $15. nNom1ral. z Ez-div.
IPl price, k Ian 22.1e.
Ex-100% stock
/Ex-rights. tEx-etook My. u Ex cash and stock dividends.
dividend,
td
11
BOSTON STOCK EXCHANGE-Stock Record se:T.:M.
814
HIGH AND WW SALE PRICE-PER SHARE, NOT PER CENT.
Raturany
Feb.17.
T,esetno
Feb. 20.
hfonrtav
Fob. 19.
14612 147
4
813 82
_
.97
120 120
103 103
13
18
4
.26
29
29
44
44
36
36
57
.56
160 160
19
19
634 6812
56
.53
1
35
36
35
35
39
39
1918 1914
83
•80
WIrs,' ag
."
Feb.21.
14512 147
147 148
82 8213 81
82
98
98
98
98
118 118
11912 120
10212 103
103 103
1912 21
193 20
4
27
27 .27
30
30
32
32
3214
44
46
.4414 46
40
40
40
40
59
59
59
59
160 160 •160
19
19
20
.19
•137
71
6812 6812
5413 5412 .52
54
35
35
353 353
4
4
35
35
.34
35
.38
__
•38
21
213
4 207 - .
8 .
213i
81
83
9613 9812 .9612
8(1- 79
7
7
80
79
70
79'z 79l . 1 .
35
.35
_- 35
384 3318 .35
3818
963 983 .96
4
98
.97
98 .96
98
4 1
145
82
*96
12012
103
1812
26
29
44
.36
58
•160
19
•88
5.5
.34
35
.38
1938
83
145
82
98
12012
104
1812
26
2912
44
37
56
____
19
69
55
36
3514
__
197
8
83
Thursdau
Feb.22.
pri
Feb.23.
311- 8113
. 2
98
98
120 120
103 10313
1912 2013
160
19
160
19
-55- 16"
35
35
207
21
77
16
95
95
Sales
tor
1 10
,
Week.
Shares
161
191
2
87
120
2.017
41
265
123
117
42
83
153
10
23
53
109
5
944
3
51
132
60
40
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Railroads
Boston & Albany
100
Boston Elevated
100
Do pre(
100
Do lot pref
100
Do 24 prof
100
Boston & Maine
100
Do pref
10
Do Series A 1st pref_ 100
Do Series B lot pref.. 100
Do Series C 1st pref
100
Do Series D lot pre!
10
Boston & Providence
10
East Mass Street Ry Co_ 100
Do lot prof
100
Do prat B
100
Do adjustment
100
Mass 81 ity (ti' ctfs).10
East
Maine Central
100
N Y N H & Hartford
100
Northern New Hampshire.100
Norwich & Worceater pref_100
Old Colony
100
Rutland prat
100
Vermont dr Ma.ssachusotts.100
PER SHARE.
Range for Previous
Year 1922.
Range since Jan. 1 1923.
14434
80 3
,
97
118
102
163
8
2112
2713
40
38
58
159
18
68
5413
3413
3412
387
3
163
4
81
9012
73
33
95
Jan 3
Jan26
Jan 9
Jan 2
Jan 2
Jan19
Jan 2
Jan24
Jan17
Jan22
Jan22
Jan 2
Feb15
Jan29
Feb20
Feb13
Feb15
Feb 7
Jan15
Jan30
Jan29'
Jan20
Jana
Feb23
Highest
149
84
9813
121
1013
4
2014
27
3214
48
41
59
16012
213
4
72
61
393
4
39
43
2212
84
100
81
334
93
Lowest
Jan 9
Jan 5
Jan 4
Jan10;
Jan 61
Jan15
Feb13
Feb21
Feb 6
Jan 9
Feb 7
Jan25
Jan 6
Jan16
Jan23
Jan16
Jan 4
Jan 2
Jan30
Feb 3
Jan 3
Feb14
Feb20
Janll
Highest
13014 Jan
734 Feb
944 Mar
116 June
1014 Nov
14
Jan
20
Jan
22
Jan
38
Jan
30
Jan
40
Jan
125
Jan
18 July
66
Aug
51 July
28 July
29 July
2711 Jan
1214 Jan
69
Jan
58 Jan
57
Jan
15
Jan
78 Jan
152 May
8913 Sept
105 Sept
128 Sept
109 Sept
31 12 May
Apr
37
4413 Apr
82 May
54 May
7713 May
163 July
263 July
8
77 July
60 Nor
47 Aug
47 Au3;
55
Oct
347 May
1
96 July
1033 Dee
4
9814 May
527 June
8
100 Aug
Miscellaneous
.2 4 24 •2 4 27
3
3
8
23
4 24
3
24 234
625 Amor Pneumatic Service__ 25
312 Jan 9
212 Feb21
213 Dec
174 1718 17
1718 .1813 17
17
17
265
- 3 16 4
101Do pref
3.
50 1613 Feb23 20
Jan10
13 Feb
1234 1224 12314 12234 12314 123 123 4
4
1223
,
12218 1234 2,432 Amer Telephone & Teleg_100 1214 Jan31 12414 Jan 5 1143 Jan
3
9478 95
95
95
9414 95 .94
95
399 Antoskeag Mfg
9414 05
No par 283
Jan 8 112
Jan 5 1114
Jan
.82 -___
83
83
____ ____
Do prof
6
No par 813 Jan16 88
Jan 5
4
84 Nov
10
*____ 15 •___ 15 +____ 15 •__ 15
Art Metal Construe Inc__ 10
1
Nov
•1912 21
194 1912 .19
20
*18
19
100 Atlas Tack Corp
No par
17 Feb 2 2018 Feb14
13
Jan
1084 10814 1084 1084 10814 10814 ---- ---115314 1.1 119 13o4ton Cons Gas Co, pref_100 105
44
Jan22 10314 Jan12 1013 to2
4
•.15 .25 ..1.5 .25
.12 .12
.13 .13
450 Boston Men Pet Trus_No par .10
Jan18 .30
Jan25
10 Sent
24
2514 2414 25
24
244 2413 243
4
-233 24; 2,407 Connor (John T)
4
-1
Jan13 263 Feb1.0
10 20
4
154 Jan
0312 4
.
313 4
312 312 .3
4100East Boston Land
4
10
Jan 2
312 Jan27
3
Jan
10
1013 1018 1018 10 3 1113 113 114
3
4
7,199 Eastern Manufacturing_.. 5
712 Jan25 1178 Feb21
7 Dec
94
9312 99
993
3 93 100
10013 104
3,933 Eastern SS Lines Inc
loci fol
48
25 814 Jan10 101 Feb213212 .an
J n
Jo
______
Do prof
50
iii" iisi; iii- 16iti i5734 163
-jail: fic
i5iTz 11'7 '4
-1
518 Edison Electric Illum
Jan 3 156 Mar
Jan17 172
100 187
•9
912
812 1034
814 83
4
8
833
3 Mar
No par
7 4 2,300 Elder Corporation
3
714 Feb23 1.04 Jan 2
714
28
28
28
23
2714 2714 2714 28
-------48 Galveston-Houston Eloe..,1001 2714 Feb20 2913 Feb 5
28 Dec
1312 1312 1313 14
.134 14
134 14
130 Gardner Motor
Jan 21
15 Feb 9
9 Nov
No par
103
4
2214 22,
4 22[2 23
22
22
21
22
-21 8 - -7.
i1 8
409 Greenfield Pap & Die
Fehl0
Jan 2 21
17 Dec
25 20
3
5812 5813 573 58
57
5814 53
5814
474 434
430 flood Rubber
Jan 8, 5914 Jan15
No par
51
43 Mar
40 .39
393 394 .39
4
40
40
40
394 394
12.5 Internat Cement Corp_No par 35
Jan 21 4014 Feb13
26
Jan
20
20
20
20 .20
20
2112 20
17 Internat Cotton Mills
Feb19
Jan 8 22
20 Nov
50 20
76
75
75
77
75
77
744 75
163
Do prof.
60 Aug
100 7113 Jan 21 794 Jan10
---- ---.213 23
4 .218 23
4 .21s
218 218
24
200 International Products_No par
2
1 18 Dec
Jan15;
213 Jan21
64 .5
.
5
612 .5
612
612 .4
____
Do pref
_100
512 Jan191
513 Dec
712 Ja419
.... Island 011 & Transp Corp._ 10
'
.62 Apr
--613
-;iii, -I
I
i--6132 -10i
10. i
i
64 63 --ii* - 6"e
3
274 Libby. AfeNelli & Libby_ 10
13 Apr
8
73 Jan 9
3
614 Jan 2;
•10 1014 10 10 •10 1014 •10 1014
21 Loew's Theatres
"5 10 Feb 8 103 Jan 4
8 July
4
823 8313 83
3
3113 813 813
8313 81
3
8
81
8438
272 llassachusetts Gas Cos_ 100 8212 Feb15 874 Jan 2
63 Jan
7012 7013 .714 73
71
71
7012 71
Stock
71
199
Do pref
71
Jan 3 73
Jan
100 70
Jan25, 62
•_ _ _ _ 173
178
175 175
175 177
175 175
37 Mergenthaler Linotype.
Jan
175 Feb 5 179
Jan 8 130
1414 134 143
14
4
4 1213 1313 123 1314 Exchange
123 134 3,135 Mexican Investment Inc_ 10
4
73 Jan31
4
11
144 Feb19
Deo
2713 2712 27
274 2714 273
4 2714 2713
205 missIslippi River Power.._10() 2614 Feb23 2314 Jan31
2814 2713
13
Jan
84
.8112 84
84
83
83
.823 8312 Closed
4
833 833
52
Do stamped prof
4
4
JanI8 81
7213 Jan
100 80
Feb14
84 83
84 813
3
813 813
8
83
8
8
8 14 2,147 National Leather
7
Jan 2
83 Dee
4
84 Feb13
10
•.25 .50 •.25 .50 •.25 .50 +.25 .50 Washing.
New England 011 Corp
.25 Feb 3 .70
Jan24
.22 Deo
117 118
*117 118
117 117
117 117
-_ __ __-97 New England Telephone.
Jan 3 109
Jan
1115
Feb 1 122
204 204 2014 2013 .201 204 194 2014
8
ton's
194 194
815 (Rabe= Circuit inc.... 1
1713 Jan 6 21
Jan
Feb15
13
973 974 9712 93
974 93
2
9713 974
9714 973
16 2 17 4 1,281 Pacific Mills . .. ______ _ .
295
Jan 2 1543 Oct
Jan 3 190
4
.16
18
18
•18
163 Birthday
4
163 •16
4
83 Reece Button Hole
10 1513 Jan 4 1613 Jan25
12, Apr
2
2
2
.2
214 .2
214 .2
214
300 Reece Folding Mach
---- ---Janill
14 Dee
2
10
Janill
2
411,
•118
_
•118 ____
2
2
150 Slmrns Magneto
5
2 Feb20
.51 Nov
2 Feb20
4
10814 1033 103 1034 1073 10833 107 1 12
4
16i
1071 1 17 2
4
1
638
Swift & Co
100 10618 Jan31 1094 Jan 6, 9214 Jan
4612 4612 464 463
4
4 4612 4612 4812 463
4613 4613
203 Torrington
Jan 2 4813 Jan 8 ,39 July
25 46
•7l
•71, 9
•713 9
9
8
8
50 Union Twist Drill
713 Jan19
9 Jan15
5
8 Mar
5203 533
5314 54
4 524 5312 524 5314
- 2:i4 - ,
gi - 8,532 United Shoe Mach Corp
2
25 447 Jan 2 55 Feb10
8
37 Jan
27
27
2634 27
264 27
2612 26,2
2712
27
88
Do prof
Jan25 2814 Jan111 23 Jan
25i 25
29
3
293
4 283 2913 234 2913 283 29
8
2812 29
7,023 Ventura Canso! 011 Fields. 5 2718 Jan22 30
Jan 2; 217 Jan
8
403 407
3
404 41
4
401 41,8
4
4 403 41
4013 41
4,463 'v tidort System Inn ... _ . 101 36
Jan10 414 Feb14; 2612 Jan
.5
6
.5
.5
8
•5
8
Waltham Watch eill com.Vopari
5 Feb15
214 Nov
5 Feb15
.20
26
•16 26.20 26
25
2.5
120, P eferred trust etfs
Feb20
Feb15 25
11 Nov
100 20
1713 1618 17
1714 1713 17
17
17
1,043 Walwortb Afanufacturing. 20 1114 Jan 5 1713 Feb17,
713 Feb
30
283 2914 2812 2313 2137 30,
4
•29
8
4
- 5- -30 4 1,140 Warren Bros
- -1Feb13
1713 Jan
50 2512 Jan31, 31
34
333 333
4
4 34
34
34
34
3414
105
Do lot prof
50 33
Jan17 344 Jan31.1 3012 Jan
39 .33
39 .38
.37
39
38
39
50
Do 2d pref
50 36
Feb211 31
Jan25 :39
Feb
•12
13
•1212 13
•1213 13
1212 1212
20 Wickwire Spencer Steel
83 Nov
4
1213 Feb211
5 Ills Feb (f
Mining
•.25 .50 •.50 .85 •.50 .85 •.50 .85
•.60 .80
Adventure Consolidated_ 25 .25 Feb16 .62
Jan 3
.60 Jan
66
66
65
68,
2 67
68
6814 69
693 71 13 1,163 Ahmeek
4
Jan27 7113 Feb23
25 56
62 Nov
.30 .30 ..25 .40 ..30 .40
•.15 .25
100 Algornala Mining
'
1..20 .40
25 .30 Feb19 .30 Feb19,
.03 Sept
25
29
25
26
28
28
27
27
2712 29
612 kllouz
Feb 5 29 Feb19, 19 Dee
25 19
34 37
314 33
8
4
3
37
8
314 3 4
,
2 Mar
3,4 Feb 9
44 Jan 41
25
34 34 3,001 ;Arcadian Consolidated
1013 107
8 104 1113 11
113
3 1114 238 7
111
1114 1112 7,914 Arizona Commercial
0 Nov
5
Jan 6 1113 Feb19
j
18
1712 19
18
312 316
315 320
813 83
.8
9
3
84 813
9
9 12
405 4113 42
8
44
34 314
34 3 2
,
9 8 10,
7
8 1013 103
4
2
213
2
2
212 3
3
3
.
1.75
1
1
I
103 103
103 10412
.94
4
943
4 943 9434
2712 233
8 2812 293
4
.3
312 •3
32
,
1 .4
13
4
13
4 2
.4
412
413 412
•112 2
134
17
8
2
213 .13
4 2,
3
.2
214
2
213
618 612
6
634
2
3
34 3
59 4 61
3
811 63
,
193 194 20
8
203
4
1812 183
4
318 325
814 814
9
914
43
44
:3
37
s
1013 103
4
2
2
22
4 3
1
114
103 1034
•94
95
2914 2913
53
3 12
•13
4 2
43
8 412
*13
4 214
2
212
213
'214
.8,8 6'2
27
3 3
61 13 62
2014 20 4
3
1812 1813
.1813 19
335 345
310 360
818 83
3
814 83
8
914 912
10
10
43
4414
4:314 4412
4
47
8
43
4 5
1012 107
103 104
8
8
2
2
214 214
.23
3
3
4 3
134
.14
1 12
134
103 104
1034 10314
944 9.5
.93
05
294 294
•93
95
*3
*3
312
312
*134 2
1"
13
4
+4
413
•418 413
1
2
•13
4 2
.2
212
.218 213
.212 32 27
8
12
53
4 612
6
613
3
31
83 318
*8114 62
6013 6212
2012 2012
2012 21
Bingham Mines
Jan
10 1712 Feb 31 19 Feb19, 13
Calumet & Hecla
Feb23 348 Nov
Jan 9 360
25 285
Carson II111 Cold
93 Feb13
8
57 Nov
8
1
74 Jan 21
Centennial
JanI8, 10 Feb23
8 Nov
25
7
Copper Range Co
35 354 Jan20' 4413 Feb23
354 Dec
Davis
-Daly Copper
10
23 Jan 5
8
218 Nov
5 Feb23
3
East Butte Copper Mining_ 10
73 Jan29 107 Feb211
4
74 Nov
Franklin
214 Feb23
25
1
Jan18
1
Apr
Hancock Consolidated
3 Feb171
25
214 Jan10
14 Aug
Heivetla
1 14 Feb20,
25 .60 Feb 2
.50 Dee
Island Creek Coal
1 1014 Jan 4 1073 Jan 2i
4
8113 Jan
Jan111 88 Feb
Do pref
1 9312 Feb15 96
Isle Royale Copper
25 21
Janll 293 Feb19
4
18 Nov
5
3 Feb 2
Kerr Lake
33 Jan 2
3
3 Feb
2
25
113 Jan 5
190 Keweenaw Copper
Feb13
1
Feb
413 Feb20
25
3 Jan 9
245 Lake Copper Co
24 Feb
17 Feb19
25
8
118 Jan29
453 La Salle Copper
1 Nov
5
13 Jan 8
8
205 Mason Valley Mine
2 8 Feb17
1113 Jan
25
113 Feb 1
245 MMS Consolidated
24 Feb23
113 Dec
312 Jan 2
1,775 Mayflower-Old Colony.... 25
7 F'eb10
213 Dec
25
2
1,4,57 Michigan
Jan 8
34 Feb21
.75 July
25 544 Feb 1 63 Feb19
531 Mohawk
52 Nov
5 164 Jan 1 21 Feb23
4,705 New Cornelia Copper
1514 Dec
.10
5
New idria Quicksilver_
.05 Dec
I
37
ii- • ;-,; 17
::
100 36
Jan 9 3813 JanI8
•___ 37
New River Company
37
Jun
*x__ 85 114____ 83
83
83
83
100 80
Do pref
1
__
Jan22; 83 Feb21.
73
Jan
6
418
6,
4
6
64
8
6
5
512 Jan 4' 63 Feb20
405 Nipissing Mince
0
6
4
5 Jilly
3
104 10 4 1013 1112 11
1112 1118 114
15
9 Jan 9 113 Feb21
1114 113
8 0,725 North Butte
8
812 Oct
13
4
Ps
13
4
13
4
13
4
25
114 JanIll
210 0.11bwaY Milling
•13
4 2
2
Jan 5
114 Dec
27
2713 27
2412 2512 2512 28
14'113 2712
2
25 184 Jan 5; 28 Feb19
2712 3713 1,268 Old Dominion Co
38
29
16 Nov
13 37
3812 38
344 34
38
39
'2 38
25 2913 Jan27 3912 Feb19
821 Osceola
25 Nov
334
312 3 3 • 4 34
334 *3ls
,
*314
.311 378
3
3
120 Park City Mln &Smelting_ _5
Jan 9
312 Jan 9
218 June
4313 4413 43
4
413 4212 4212 44
4412
433 4413 1.411 QuIncY
4
25 3213 Jan30 4413 Feb20
30 Nov
463 48
4
48
47
47
4413 45
4712
47
48
1,659 St Mary's Mineral Land_ 25 30
Janll 48 Feb19
37 Nov
.75 .90 •
.90 .9.5
.88 .89
.90 .90
.89 .90 2,545 Shannoc
10 .40
Jan 9 .95 Feb19
.25 Mar
.75 .75 •
.50
1
.
1.50 .75 11.55 .80
•.75 1100 South Lake
25 .45
Jan 5 .75 Feb20
.25 Dec
178
14
2
178
14
13
4
.153 2
2
2
25
825 Superior
13 Jan20
8
2
Jan 3
14 Deo
34 34
314 3 2
314 314
,
34 338
3
4 34 3,800 Superior & Boston CoPPer. 10
2
Jan 3
914 Mar
33 Feb23
4
138
13
/1
113
1,
3
112
112
112
1 12
13
8
13
3
895 Trinity Copper Corp
5 .85
Jan24
11 1; Dec
112 Feb15
.50 .53
.50 .56
.50 .62
.83 .63
.50 .51 20,050 Toulurnne Copper
5 .4.5 Feb 5 .65
.40 Nov
Feb16
34 34
33
4 4
3% 4
37
8 4
3
4 3
%
3.000 Utah-Apex Mining
5
23 Jan 9
4
4 Feb16
11 Oct
4
214
2
214
214 213
Vic, 214 .2
14 14
967 Utah Consolidated
Feb
1
24 Feb23
112 Janie
113
113
1,
1 12
2
1.38
113
132
8
112
113 3,730 Utah Metal & Tunnel
13
1 .85
Jan31
.80 Dec
14 Feb17
113
1 13 .114
13
112
3
1 12
112 .14
138
•114
200 Victoria
21
118 Fob 6
.75 Nov
14 Feb16
1
1 14 •113
1,
2
1 14
Ds
13
8 •1
114
114
529 Winona
23 .65
.25 Jan
Jan22
114 Jan 4
10 4 11
3
1014 1034
11
8
9
84 87
101, 1014
1.410 ",',0,..,,"0.
2
713 Jan30 11
Feb19
714 Nov
•11141 and asked prices; no sales on this day. sEx-rights. 5E2-dividend and rig its. 2E2
-dividend.
Ex-stock dIvIdead. a Assessment paid.
2.060
484
340
615
3.631
4.210
3,626
373
848
400
1,091
29
3.386
414 Jan
2014 Aug
12814 Aug
121 Dee
90 Nlov
2112 A ug
22 May
1(17 Dec
50 May
304 Dec
4
Apr
1414 Feb
8813 B41 1
49 0
;
185 Sept
13 May
39 Aug
1614 Apr
Feb!
2714
543 Dec
3
344 May
32
Jan
8.5 Dec
613 Mar
17 Apr
3
Jan
1112 June
13
Jan
9015 Nov
74
Oct
181
Oct
273 June
8
34
Ault
8512 Oct
114 Jan
5
Jan
125 Boat
Oct
28
192 Dee
14 July
Mar
718 Apr
11012 Sept
8113 June
1414 Feb
45 Mar
2713 July
3312 June
39 Dec
144 Apr
49
Apr
13
Oct
354 Sept
3814 Oct
444 July
21 May
1
Apr
66 May
.50 Apr
3213 Jan
43 May
3
101 June2
183 Sept
4
301 Aug
163 Afar
4
1313 Feb
463 May
4
94 Jan
124 Jan
37 Apr
8
:34 Mar
234's Apr
11113 June
8
9712 Nov
263 May
4
47 Apr
8
34 Apr
53 May
4
214 Apr
23 May
4
434 Apr
612 Apr
7 Apr
88 June
204 June
218 Mar
40 Feb
45
Oot
7 Jan
15 May
418 Apr
Jan
27
381s Aug
34 Nov
50 May
4812 May
1141May
134 May
44 July
2114 Oct
318 Apr
92 May
4 Mar
34 June
213 Apr
212 Jan
24 Apr
16 May
FEB.241923.]
THE
Outside Stock Exchanges
~-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Feb. 17 to Feb. 23, both inclusive:
Bonds
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High.
Amer Ag Chemical 50_1928 99%
Atl G & W I SS L 58_1959 55
iChic Jet & US Yds 48_1940
1940
Ss
E Mass St RR tier B 5s 1948
1925-29
Series BC 6s
1936
Hood Rubber 78
Internal Cement 88.. _ _1926
1931
Mass Gas 454s
Miss River Power 58..1951 93
New England Tel 5s..1032 984
1944 964
Swift & Co 5s
1937 108
Warren Bros 7)is
1932 97
Western Tel 50
99% 99%
534 55%
81% 81%
934 934
7454 74%
984 9854
101% 1024
114 116
92
92
92% 9334
9854 984
964 9654
107 108
964 9754
Range since Jan. 1.
Low.
High.
19,000 994 Feb 99%
7,000 5154 Jan 5634
Jan 84
1,000 81
15,000 93
Feb 9454
Jan 77%
5,200 74
Jan 984
100 98
12,000 1004 Jan 1024
3,000 111
Jan 1204
2,000 90% Feb 92
11,000 92% Feb 95
12,000 9754 Jan 9934
13,000 95% Feb 98
7,000 10554 Feb 109
17,500 9554 Jan 9754
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Feb. 17 to Feb. 23, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low, High. Shares.
Arundel Sand & Gravel_ 100
Baltimore Brick. com_ _100
100
Preferred
.
Bait Gas Appliance_ _ _100
50
Baltimore Trust Co
100
Baltimore Tube
100
Preferred
•
Benesch (I), corn
25
Preferred
1
Celestine Oil
Cent Teresa Sugar, pref _10
Ches dr Pot Tel of Balt_ 100
Commercial Credit
25
25
Preferred
25
Preferred B
Consol G.E L & Pow_100
100
7% preferred
100
8% preferred
Consolidation Coal _ _ _ _ 100
5
Cosden & Co. pref
Eastern Rolling Mill
•
100
8% preferred
50
Fidelity & Deposit
Fidelity Trust
100
Ga Sou & Fla, 1st pref _100
lions Oil pref trust ctts.100
Hurst(John E), let prof100
Common
100
Manufacturers Finance_ 25
2d preferred
25
Maryland Casualty Co_ _25
Maryland Motor Insur _ _50
Monon Valley Trac. pf _ _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Ams'm Cas Co_ _100
Northern Central
50
Penna Water & Power_100
United Ry & Electric__ _50
U S Fidelity & Guaranty.50
Virginia Ry & Pow,com 100
Wash Bait & Annan, Pf-50
71
110
6154
26
274
11334
118
9254
36
90
130
9054
25
55
2554
87
184
15
62
364
10654
1844
160
31
Bonds
Chicago Rye 1st 5s_ _ _1927
Consolidated Gas 59_ _1939
General 44s
1954
Cons G.El L & P 454s 193 ' 92
534% notes. Ser E..1952 99
6% notes, Series A _1949
7% notes,&Hee C _ _1931 1084
Consol Coal ref 434s_ _1934 9154
Refunding 55
1950 884
Elkhorn Coal Corp 68_1925
Fair & Clarke Trac 58.1938
Fairmont Coal 58
1931
Ga Caro & Nor let 55.1929
Indlahoma Ref 88_ _ _1929
.
Maryland Eleo Ry 1st 58'31 9554
Monon Valley 75
1923 101
5s
1942 824
Norfolk & ALI Term 58.1929 94
Norfolk Street Ry 58._1914 97
Raleigh & Augusta 68_1926
United Ry & Elec 48..1949 73
1949
Income 48
Funding 58
1936
11149 10154
65 when issued
Wash Balt & Annan 5s 1941 77
Range since Jan. 1.
Low.
43
4334
5
5
56
56
71
71
156 156
25
25
52
55
33
33
26
2654
.35 .40
354
354
10954 110
614 6154
26
26
27
274
1134 114
1054 106
117 118
9254 93
554 54
31
36
87
90
130 130
302 302
40
40
904 91
85
85
25
25
55
56
2534 254
87
874
55
55
18
184
15
16
62
6254
364 37
76
76
106 1074
1854 194
160 160
3334 3354
31
3154
191
50
21
1
5
250
29
• 15
30
1,568
5
99
220
77
33
109
16
104
22
75
137
30
21
2
5
180
100
1
110
136
146
20
25
3
108
160
12
100
505
46
35
370
40
4
55
71
155
174
46
3254
254
.32
24
10854
58
26
27
108
1054
117
90
5
25
80
120
296
40
9054
85
25
.55
2554
83
55
18
1454
54
3554
76
1054
184
147
334
29
81
81
10054 10034
8754 8754
9154 92
99
994
1034 10354
1084 1084
914 9154
8854 8934
984 984
924 9244
96
96
9034 9054
95
95
954 9554
101 101
8254 824
94
94
97
97
9954 9934
73
734
54
54
74
744
101 10154
77
7714
55,000
9,000
2.000
14,000
11,000
9,000
3,000
1,000
3,000
6,000
1.000
1,000
2,000
6,000
6,000
34.000
2.000
1,000
1,000
1,000
31,000
7,000
5,700
15,000
81
100
8754
874
9854
10244
106
914
87
9854
92
954
9034
95
95
9954
8254
94
97
9854
72
5244
74
10034
5000
7f1 LS
17
66
37
77
1084
2054
164
3354
314
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jar
Fet
Feb
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Fel
Feb 81
Jan 101
Jan 88
Feb 9254
Feb 100
Jan 1034
Jan 10854
Jan 9154
Jan 90
Feb 994
Jan 93
Jan 9654
Feb 9034
Feb 95
Jan 96
Jan 101
Jan 86
Feb 94
Feb 97
Feb 994
Jan 744
Jan 55
Feb774
Jan 1024
Fel
Jar
Jar
Jar
Jar
Jar
Fel
Fel
Jar
Jar
Fel
Fel
Fel
Fel
FM
Fel
Jai
Fel
Fel
Fel
Jai
Jai
Jai
Jai
Frth
44
5
56
71
160
25
55
34
264
.50
454
1104
6154
27
274
115
1074
120
98
54
36
90
130
302
40
95
85
25
57%
2654
90
56
issi
77L
To
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Feb. 17 to Feb. 23, both
compiled from official sales lists:
inclusive,
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Priers.
Week.
Par Price. Low. High. Shares.
American Gas of N J._ _100 80
50 15
American Railways
• 19154
American Stores
Baldwin Locomotive_ 100
100 65
Brill (J G)Co
Buff & Susq Corp v t c _ 100
100
Preferred v t o
50
Cambria Iron
*
Congoleum Co Inc
Consol Traction of N J.100
East Shore G & E 8% p1.25
100 7834
ELsenlohr (Otto)
Electric Storage Batt'y_100
• 264
Erie Lighting Co
55
General Refractories
Insurance Co of N A--- -10 45
Keystone Telephone-- _50
50
Preferred
6
Lake Superior Corp_ - _.100
50 72%
Lehigh Navigation
10%
Lit Bros stk allot warrants_
-50
North Pennsylvania
Pennsylvania Ileav,r 5)11_ _ ......
•
/
1
4
Penn Central Lt.. Pr_
50
Pennsy Salt Mfg
60
Pennsylvania lilt
Peonsvi Seaboard Steel
79
80
15
16
166;4 193%
141 141
65
66
105 105
53
534
42
42
143 160
46
46
254 25%
78
78%
67 .6034
25;4 27
44
5554
45
46
7
8
2934 32
6
64
72% 734
1054 11
80
80
334 4
58
58
85
85
46% 4644
5% 5%
106
2,097
3,565
100
475
10
146
39
675
15
116
220
2,086
815
9,581
1,368
240
85
860
725
2,217
6
1.150
25
50
3,947
100
Range since Jan. 1.
Low.
79
114
163
131%
49
105
5254
40
143
46
2454
78
54
234
44
424
7
26%
554
72
10
80
1%
55
82
464
594
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Stocks (Concluded)
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares
Phila Co (Pitts) pfd (5%)50
Preferred (cumul %)_50
Phila Electric of Pa__ 25 31%
Preferred
25 314
Phila Rapid Transit.._ _SO 314
Philadelphia Traction_ _ _50
Mita & Western
50
Preferred
50 3554
Tono-Belmont Develop_.1
Tonopah Mining
1
Union Traction
50 39%
United Cos of N J
100 197
United Gas Inapt
50 53%
'Preferred
50
Warwick Iron & Steel_ _10
West Jersey & Sea Shore-50 3754
Bonds
Amer Gas & Elec 5s_.2007 90
Cons Trac of N J 1st Is '32
Elec & Peoples tr ctfs 4s_'45 664
Inter-State Rye coil 4s_1943
Lake Superior Corp 58.1924 2534
Leh C & Nay cons 4481954
Lehigh Val gen cons 4s 2003
Peoples Pass tr ctfs 48_1943
Fiala Electric 1st 5s_ _ _1966 9954
550
1947 101
1941 104%
6s
Reading general 48_..1997
Spanish Amer Iron 68_1927
United Rye Invest 58_1926
32
44
31%
31
31
66
8%
35
154
234
39%
197
5334
5634
834
37
90
80
664
49
25
80
71
9934
10054
104%
855£
1004
90%
32
45
31%
314
31%
66
8%
3554
154
40
19954
54
5634
9
3754
Range since Jan. 1.
Low.
5 32
80 42
1,378 304
627 3034
2,138 30
10 64
8
40
40 35
100
1%
2
60
20 3854
26 197
1,959 50
20 5554
8
137
34 33
1.000 85
90
8.000 7934
80
13.300 6654
67
,0
4834
49
2554 15,,i00 25
1.000 91
2,003 80
80
2,000 71
71
11,200 9954
100
10154 11,000 100
13,000 104
105
854 7.000 8551
1004 1.000 100
9034 4,000 88
High.
Feb 38
Feb
Jan 45% Feb
Feb 33% Jan
Feb 33% Jan
Feb
Jan 33
Jan 67
Jan
Jan
854 Jan
Feb 36% Jan
1% Jan
Jan
Jan
2% Jan
Fe - 403.4 Jan
Jan
Feb 200
Feb
Jan 54
Jan 5634 Jan
9
Feb
Jan
Feb
Jan 38
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
oo
824
7154
49
29
94
80
73
103
103
1064
86
1004
9054
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
• No par value
High.
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
815
CHRONICLE
High.
82
Jan
1654 Jan
193% Feb
141
Feb
684 Feb
105
Feb
54% Jan
45
Jan
160
Feb
Jan
49
26
Jan
Jan
85
604 Feb
Feb
27
5554 Feb
Jan
48
854 Jan
32
Feb
74 Jan
75
Jan
11
Jan
8154 Jan
4
Feb
58 ...Tan
85
Feb
4744 Jan
5% Feb
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Feb. 17 to Feb. 23, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
par. price. Low. High. Shares.
97
91
Amer Pub Sent, pref _ _ _100 92
American Shipbuilding _100 71
714
70
Armour & Co (Del) pf__100 9934 9954 9834
9054
Armour & Co, pref_ _ _ _100 8551 85
15
Armour Leather
97-4 934
934
87
87
Preferred
100
4
4
Beaver Board
•
4
16
15
1st preferred
15
2654 273-4
Berg & Beck
* 27
10
10
10
Bunts Bros
354 4
•
4
Case (J I)
100
'3
3
2d preferred
Central Pub Bevy, pref _100 864 864 89
Chic C'y dr Con Ry pt sh.
Ti
4 144
Common
•
84 84
9%
Preferred
5
5
Chicago El By, pref__ _100
1634 17
Chic Rye part ctf ser 1 _ _ _
1654
ti
34
Part Ctf Series 3
54
44
Part Ctf Series 1
Commonwealth Edison_100 13054 12954 13054
6
6
634
Consumers Co, com_ _ _100
954
954 1054
Continental Motors.._ _10
11454 115
115
Crane Co, pref
63
62
Cudahy Pack Co, com_100 63
Daniel Boone Wool Mills 25 397-4 3934 49
15
15
Decker (Alf)& Cohn, Inc_•
79
100 79
78
Preferred
72
100
72
Deere & Co. pref
100 1184 118 11854
Diamond Match
54
1
•
1
Earl Motors Co
Eddy Paper Corp (The)_ _ili 2734 2754 2854
1044 1054
100 105
Fair Corp (The)
23
Godchaux Sugar,corn- - --• 2234 22
29
Gossard (II W), pref _ _ -100 2854 27
8144 82
Great Lakes D & D_- _100 82
100 93
Hartman Corp
914 93
107 107
Hart Sch & Marx,com_100
• 4154 3954 4154
Ilayes Wheel Co
Mb Spencer Belli & Co_25
6434 6434
Holland-American Sugar 10
6
6
63.4
10 26
Hupp Motor
2534 2634
Hydrox Corp, com
• 224 2254 .2334
100
Preferred
96% 9654
100 8234 8234 83
Illinois Brick
25 47
47
Inland Steel
4754
Kuppenheiner & Co (B)
100
9454 9434
Inc, preferred
654
Libby, McNeill & Libby_10
634 7
10
354 34
Lindsay Light
354
Lyon & Healy, Inc, pref.__ ...... 10054 101
46
53
Middle West UHL com_100 51
100 85
8454 8554
Preferred
1024 102 10254
Prior lien preferred
Mitchell Motor Co
•
2
1
2
8
8
National Leather, new _ _ _ _
834
30
32
Philipsborn's,Inc,corn.--5 30
97
97
Preferred
• 343-4
34
36
Pick (Albert) & Co
Pig Wig Stores, Inc"A"_ -• 644 584 644
Pub Ser of Nor Ill, com.100 102
1013-4 10234
100 96
9554 964
Preferred
100 232
232 235
Quaker Oats Co
Preferred
100 99
99
100
Reo Motor
10 1334
1354 1354
Sears-Roebuck, corn_ _ _100 89
8854 89
Standard Gas & Electric _50 24
2334 2454
Preferred
50
4954 50
Stew 5Varn Speed, com_100 9554 9334 9654
Swift & Co
100 10744 107 10854
Swift International
15 1854
18
1854
Thompson (J R),com__ _25 4554 45% 48
Union Carib & Carb
10 6334 63
65
United Iron Wks v t c... _ 50 12
1134 134
United Lt& Rys,com _ _100 94
91
94
1st preferred
100
78
78
United Paper lid, com.100 164 16
164
U S Gypsum
20
70
71
Vesta Battery Corp, corn.*
30
30
Wahl Co
• 5454 54% 56
Ward, M & Co, pref_ _100
110 110
When issued
• 20 234 2334 2494
Class "A"
*
964 97
Western Knitting Mills__ *
8
87-4
934
Wolff Mfg Corp
• 3234 294 3354
Wrigley, Jr, corn
25 10554 104 106
Yellow Cab Mfg, Cl 'B" 10 272
268 275
Yellow Taxi Co
824 7454 86
Bonds
Armour & Co of Del,
20
-year g 554s
1943 96
96
96
Chic C'y & Con Ry 58.1927 .5534 5554 5654
Chicago Railway 5s_ _ _ 1927 81
81
8154
55. Series"A"
1927
6454 65
42, Series"B"
1927 49
49
494
Commonw Edison 5s_ _1943
9754 9774
Swift & Co 1st s f a ,5e1,
144
Oft l4
04114 045 14
• No par value.
Range since Jan. 1.
Low.
High.
190
175
2,754
7.837
756
60
SO
20
4,852
35
110
10
180
90
6934
99
85
954
87
4
15
25
10
234
3
86
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan,
Feb
Jan
97
74
100
964
10
87
4
17
2734
10
4
54
89
1,215
1.730
350
142
120
25
838
300
6,545
85
270
54,310
20
150
149
75
850
3,385
746
1,155
975
270
495
15
1.480
15
475
8.737
2,630
10
75
475
44
5
344
10
%
A
129
6
954
1124
8134
3154
15
70
72
117
44
2254
100
15
2454
8154
84
98
37
64
44
2154
1874
964
78
43
Jan
Peb
JanI
JanI
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Bob
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
1A
9%
654
18
%
4
131
654
12
115
6454
6254
15
79
7454
121
154
3234
106
25
29
9434
9534
107
43
66
5
1,229
105
275
10,842
485
370
1,950
2,386
545
40
5,980
4,696
168
110
45
395
4,160
35
2,480
640
30,817
2,212
3,642
3,240
11,132
3,965
6,570
115
37
155
35
1,205
95
10,290
130
1,275
26.665
2,135
2,090
82,465
93
634
34
100
4554
84
10154
1
534
30
97
3094
5534
101
95
232
964
114
1754
48
79
10634
18
454
62
6
71
75
16
61
26
5334
95%
2034
93
7
2854
100
223
7054
Jan
Jan
Feb
Jeri
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
J.,n
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
95
834
44
101
53
8654
104
2
84
38
9854
3634
6534
104
98
236
100
144
93
28
50
9734
109%
2154
5134
6754
134
95
78
1651
7354
30
5874
110
254
97
1054
3334
10854
275
86
Jar
Jar
Jar
Fet
Fet
Jar
Jar
Fel
Fel
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Fel
Fel
Fel
Ja
Ja
Jai
Ja
Fe
Fe
Fe
Fe
Fe
Fe
Jai
Fe
Fe
Fe
Jai
Fe
Fe
Fe
Fe
29.5.000
44,000
16,000
10,000
7.000
6,000
96
47
77
59
44
97
Feb
Jan
Jan
Feb
Jan
Jan
96
574
82
66
50
99
Fel
Fel
Fe'
Fe
Fe
Ja
0544
Fish
07 *1
To 1
c_11110
ssyi
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Van
Jan
Jan
Feb
Jan
Jan
11.1an
Feb
Jan
Jan
Feb
Jan
Jac
Jar
Feb
Feb
Jar
Feb
Jar
Jar
Feb
27
Fel
2454 Fet
9654 Feb
9654 Jar
48
Jar
034
•••
816
•
THE CHRONICLE
Pittsburgh Stock Exchange.
-The complete record of
iransactions at the Pittsburgh Stock Exchange from Feb. 17
to Feb. 23, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, nol per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Range since Jan. 1.
Low.
Am Wind Glass Mach_100 89
88
8915
885 79
Preferred
100
95
95
150 93
Arkansas Nat Gas. com_10
731
74 834 2,515
735
Carnegie Lead & Zinc_ _ _ _5
551
534 6
492
334
Consolidated Ice, com__50
5
5
535
600
434
Preferred
50 32
27
32
315 26
Indep Brewing, corn
_50
355 34
180
34
Preferred
50
9
9
25
9
Ames & Laughlin Steel, pfd 109
10734 109
215 107
Lone star Gas
25 2555
2536 27
1,047 24
Mfrs Light dr Heat_ _ _ _100 5634 5635 5715
380 5534
Nat Fireproofing, com_ _5 $
755 8
520
74
Preferred
50 1934
1934
19
407 1834
Ohio Fuel 011
1
18
390 1535
1834
Ohio Fuel Supply
25 65
6434 65
706 59
Oklahoma Nat Gas
25 2136 21
22
535 194
Pittsburgh Brew, pref_ _ _50
635 636
30
634
Pittsb Sr Mt Shasta Cop__ 1 25c
250 27c 76,000 22c
Pittsburgh Oil & Gas_ _11111
10
1015
430
834
Pittsburgh Plate Glass_ _10 172
172 172
40 165
Salt Creek Consol 011_ _ _10 1335
1334 14
5,055 10
Tidal Osage 011
• 1335
13
1334
1,170 1034
Unicn Natural Gas
_100
. 2611 2634
840 2334
U S Glass
100
251
4 2535
100 25
W'house Air Brake
50
11856 120
66 10734
W'house El & Mfg,cow _50
6535 655.2
75 59
West Penn Tr& WP.com100 37
3534 37
490 30
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
BondsIndep Brewing 6s_ _ _ _1955
Feb
• No
par
684 6851 $4.000
68
High.
8956
95
916
6
7
36
4
94
109
27
58
815
21
1834
66
27
73.4
28c
1034
205
1695
1334
27
27
120
684
37
71
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
value.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Feb. 17 to
Feb. 23, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
"may
Sates
Week ending Feb. 23.
Last Week's Range for
Sale.
of Prices.
Week,
StocksPer. Price. Low. High. Shares,
Range since Jan. I.
Low.
High.
Acme Coal Mining
1 600
64c 12,400 58c
580
Jan
Feb 85s
Acme Packing
19 270
270
3Ic 4,000 230 Feb 35e
Jan
Aluminum Mfrs, corn_ _ - _• 2155
2134 2195
100 2115 Feb
224 Jan
Amalgam Leatner, eom. •
1634 174
1434 Jai, 1934 Jan
1,300
Amer Cotton Fabric, prof. 100
100 100
300 100
Feb 101
Feb
Amer Gas dr Elec. corn_ All
50
172 172
25 165
Feb 176
Feb
Common, new, w I.._ _• 344 3454 3531
300 334 Feb 354 Feb
Preferred
50
4634 4634
100 44
Jan 4634 Feb
Amer Light dr Tr, eom 100
136 136
20 136
Feb 140
Feb
Armour & Co of Del. of 100 9935 9934 9935 3,500 99
Jan 9954 Feb
Arnold, Constable dr Co..• 19
19
20
300 19
Feb
Feb 21
Atlantic Fruit Co
•
2
235 2,700
2
115 Jan
215 Feb
Auto Knitter HoelerY
* 234 2235 2334 24,800 2255 Feb 244 Feb
Borden Co,corn
11111 113
Jan
112 1144
215 112
Feb 122
-Amer Tob ord bear.21 204 20
Brit
2035 2,700 1934 Jan
2034 Feb
Ordinary
El
20
2034 1,600 1934 Jan 2034 Jan
British Int Corp,class A_ _• mg
700 1534 Jan 164 Feb
1634 1634
Class B
*
12
12
1234 Jan
Feb
100 12
Brooklyn City RR
10
951 10
94
1,900
1034 Jan
734 Jan
Buddy
-Buds.Inc
14 Jan
14
*
13.
1% 16,600
134 Jan
Campbell Soup pref w 1.100
1074 10734
200 10634 Jan 10934 Feb
Delluloid Co. corn
100
Feb
97
95
Jan 100
20 95
Dent Teresa Sug, com_ _10
151
24 Feb
135 6,200
131 Jan
134
Dentrifugal Cast I Pipe_ __* 134
15
Jan
Feb
1334 1455 5,500 10
Dentury Ribbon Mina com• 3034 2856 3055
800 244.la* 3035 Feb
.Dharcoal Iron of Am,coin_
2
Feb
2
134 Feb
300
134 2
Preferred
255 Feb
500
334
351 Feb
355
34
Meeker Cab Mfg, class A • 614 614 6634 6,800 6134 Feb 6655 Feb
Dblo Nipple Mfg 1 A..111
3%
251 Jan
3% 4
5,900
434 Feb
Dhicago Steel Wheel
23 Feb
1,000
,
5
356
314 Feb
234
234
Preferred
84 Feb
94 7,209
955 Feb
9
931
:Mem Service coin
100 192
Jan 195
1,065 173
Feb
189 195
Preferred
100 6934 69
Jan 694 Feb
694
7 0 67
31ties Sexy, bankers eh_• 1934
19
1934 Feb
1934 2,300 1735 Jan
Neve Automobile, cotn_• 3234 3134 3455 16,100 2934 Feb 3455 Feb
3olomblan Emerald Synd- 31c
45$: is,
Jan
41c 26,000 270
310
:1olumblan Carbon v t o__• 4134 4034 4234 3,300 404 Feb 4234 Feb
:Iolumbus Ry P & L cm 100
Feb 50
Jan
10 45
45
45
.longoleum Co com
20 145
Jan 155
.100
Feb
149 155
30x's Cash Stores
.1.
s
5,400
334 Fib
5 • 6
5
:unties Aeronl & M.com_•
534 5%
100
5
Jan
54 Feb
3uyamel Fruit Co
5935 6034 3,700 5534 Jan 6355 Feb
• 60
3avics(Wm)Co, Inc_ _ _• 3451 3434 3411
100 32
Jan
3515 Jan
3e1 Lack & West Coal_50 8334 834 844
Jan 844 Feb
600 82
3ort Motor Car, corn. _•
400
355 4
335 Feb
6
Jan
3ubiller Condenser & Rad•
44 .fan
900
551
656 Feb
5
5
3urant Motors, Inc
Feb 84
44,800 40
• 6834 6134 69
Jan
3urant Motors of Ind_10 1834
3.900 1234 Feb 2534 Jan
174 1834
i'ajardo Sugar
10 110
Feb 110
110 110
Feb
100
7 ederal Tel & Tel
'
5% 54 1,000
5
Feb
5
7
Jan
i'lrestone Tire & R pfd 10092
10 92
92
Feb 92
Feb
?ord Motor of Canada.100 420
40 400
Jun 420
420 420
Feb
1ardner Motor Co
1.000 104 Jan
144
14
• 14
1 534 Feb
larland Steamship
750 6.400 700 Feb 800 Feb
74e
3 75c
BIlette Safety Razor_ _ _ _• 282
1,175 259
.lan k87
276 284
Feb
11Imers, Incorporated____
200
,
1145 1 516
1% Feb
113.j
113. Feb
Ben Alden Coal
Jan
• 6834 6815 6955 6,000 56
7234 Feb
955 Jan
loodyear Tire & R com 100 0334
1334 1434 11.400
1634 Feb
5034 7,400 2934 Jan
Preferred
100 4734 47
51
Feb
400 77
St West Sug new corn wl 25 8834 8634 8834
Jan 90
Feb
Ielme (Geo W)Co new_wl
6034 Feb 6034 Feb
100
6034 604
255 8,100
Ieyden Chemical
255
131 Jan
•
24
254 Feb
locking Val Products_ _10
24 351
1.500
3
111 Jan
314 Feb
towel:told Products,Inc_ • 3555 3455 3555 49,900 3415 Feb 3834 Feb
ludson Cos pref
1655 1634
600 1455 Ja$
150
1734 Feb
Iud & Manhat RR com100
1.400
114 12
931 Jan
1215 Feb
• 2234 2134 2355
lydrox Corp. corn
1,600 20
Jan 244 Feb
1855 184
mp Tob of G Brit & Ire.21
700 17
Jan
1834 Feb
ndustrial Fibre Corp corn•
84 834
800
834 Feb
10% Jan
ntercontinental Rubb.100
554 651 2,600
434 Jan
634 Jan
Ake Torn Boat, 1st p1.10
234
215
234
900
14 Jan
214 Jan
-ehigh Power Securities_ •
20
204 1,200 18
Jan 204 Feb
Abby. McNeill & Libby _ 10
655 7
64
300
6
Jan
734 Jan
Old common
1
1
10
1
100
1
Feb
1
Feb
Away Mfg class A
50
200
834 Jan 20
Jan
I 1214 13
......... -...
- ... .
, . .
Stocks (Concluded)
[VoL. 116.
Friday
Sales
Last Week'sRange. for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Mercer Motors
•
135
4
155 214 7,100
Jan
134 Feb
Voting trust certifs
15(
1
14 10,300
Feb
33.' Jan
Mesabi Iron Co
• 10%
12% Jan
1014 1015 4,100 1031 Jan
Mitchell Motors
•
2
14 2
Feb
2,000
2
Jan
Morris (Philip) Co, Ltd_10 1715
17
Jan 18% Feb
200 16
1735
Motor Wheel Corp, com_10
11
12%
500 114 Jan
1311 Feb
Nat Dept Stores,Inc.com_• 3315 3334 3454 2.200 3355 Feb 37
Feb
First referred
100
100 100
1,200 100
Feb 100
Feb
Nat Leather new
10
834 834
755 Jan
300
s35 Feb
NatSuPP Co(of Del)corn 50 6114 61% 6255 4,200 54
Jan 64% Feb
New Fiction Pub Corp.
..5
914
835 11
6.000
1
636 Feb 6 34 Jan
New Mexico & Ariz Land.1
335 33-4
351 Jan
1,000
Jan
N Y Canners, Inc, cora...* 30
29
30% 2,300 28
Jan 304 Feb
NY Tel 64% pref.._ _100 1104 1104 11115
300 110% Jan 112
Jan
Oselda Corn
• 134
13
14
2,800 1031 Jan
15
Jan
Peerless Truck dr Motor_50 78
77
79
1,300 733( Jan to
Jan
Penne Coal & Coke_ _ 50 41
41
45% 8,600 41
Feb 45% Feb
Philadelphia Elec. pref..
.25
304, 3151
100 30% Feb 31% Feb
Phoenix Hosiery corn
_5
4215 4235
400 3535 Jan 45% Feb
Preferred
100 98
98
99
400 98
Feb 10355 Feb
Prima Radio Corp
600
600
500 65c Feb
1
Jan
Pyrene Manufacturing_ AO 1011
1011 1034
300
93.4 Jan
11
Jan
Radio Corp of Amor corn.•
355
33.4 334 14,100
Jan
4
Jan
Preferred
5
34
34 334 20,000
2 %$ Jan
,
351 Jan
Reo Motor Car
10 13%
1335 13% 15,400 1315 Feb
1451 Jan
Repettl, Inc
115 1%
115 Jan
600
2
Jan
Republic Rubber
430
450 3,000 25e
Jan 45c Feb
Rosenb'm Gr Corp, p1. _50
51
51
2,600 50
Feb 52
Feb
Savannah Sugar Pref-- -100
104 104
10 104
Feb 104
Feb
Schulte Retail Stores,com.• 64
64 • 6555
1,400 53
Jan 67
Feb
Southern Coal & Iron_ _ _ _5 26c
26c
300 32.000 26c Feb 400
Jan
Motor Car
Stutz
• 1955
19% 2034 5,200
214 3an
1714 Jim
Swift & Co
100 106
106 109
64 106
Feb 109
Feb
Swift International
15
1834 19
300 1831 Feb 21
Jan
Technical Products CorP_5
8%
7
9
7
1,100
Jan
034 Feb
Technicolor Inc
7
7
7
200
Jan
10
Jan
Tenn Elec Power,2d pref •
5231 5234
100 43% Feb 53
Feb
Timken-Detroit Axle._ _10
10% 11
300 10
Jan 1135 Jan
ob Prod Exports Corp_ •
411
435 531 2,600
455 Jan
535 Jan
Todd Shipyards Cory-- --• 58
55% 5935
Jan 5935 Feb
400 55
Triangle Film Corp v t 0.5
14c
80
Jan 21e
1,000
Jan
Union Carbide dr Carbon.•
644 644
100 6415 Feb 65
Jan
United Profit Shar'g,new-I
534
555 555
434 Jan
1.700
531 Ian
Un Retail Stores Candy..
•
5% 7
651
13,200
5
Jan
7
Feb
Founders shares
•
7
5
7% 12,600
34 Jan
735 Feb
United Shoe Mach com.25
5254 53%
Jan 55
800 49
Feb
US Light dr Heat,com__10
1
Jan
13( 14 10,000
1%
Preferred
115
10
Jan
1%
134
700 One
231 Feb
U S Metal Cap & Seal_ _ _
134
Feb
800 50c
134
131
13-4 Feb
Universal Leaf Tob,com100
12015 12055
Jan 12055 Feb
20 115
5
Wayne Coal
as
1%
214 Ian
14 6.020
13(
West End Chemical
I 37e
35c
450 9,000 30c
Jan 45c Feb
Yale & Towne Mfg new-21 6055 6154 6255
200 St 34 .1,01 63
Feb
Yellow Taxi Corp,N Y.
135
135 146% 2,000 100
Feb 148% Feb
Former Standard 011
Sub•Idlarlea
Anglo-American OIL....£1
Buckeye Pipe Line
50
Chescbrough Mfg
100
Continental Oil, new__ .25
Crescent Pipe L,new stir 25
Cumberland Pipe Line_ 101
Eureka Pipe Line
100
Galena Signal Oil corn_ _100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit._ __12.50
New York Transit
100
Northern Pipe Line_ _ _100
Ohio 011, new
25
Penn-Alex Fuel
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
100
Southern Pipe Line_ _100
Standard 011 (Indiana). _25
Standard 011 (Kan) new_25
Standard Oil (Ky) new._25
Standard Oil (Neb) n wl0o
Standard Oil of NY new_25
Stand 011 (Ohio), corn. 100
25
Vacuum Oil, new
1835
89
49
23
114%
11254
76
16855
98
2815
13355
109
85
2315
266
116
203
110
674
054
108%
285
4834
54
1855 1855
91
89
227 227
4731 50
22
23
113 115
11234 114
6856 78
168 16951
97
98
2814 29
133 136
108 110
8314 85%
1911 25
258 275
115 11836
183 203
193 195
10955 11135
6655 6735
47
57
105 110
230 285
46% 4955
305 310
48% 55
4,300 174
570 88
10 207
5,900 3851
505 22
400 r85
70 95
3,460 5734
340 1653(
185 95
700 263(
110 129
95 105
5,550 74
1,100 17
2,300 222
2,370 110855
245 180
175 166
490 97
96,000 604
16,800 4154
14,100 u80
30 186
37,000 4531
20 274
57,900 43%
Feb
103.4
Jail 91
Jan 228
Feb 50
Feb 26%
Jan 168
Jan 115
Jan 78
Jan 171
Jan 98
Jan 29
Jan 137
Feb 110
Jun 8554
Jan 25
Jan 700
Jan 535
Jan 203
Jun 193
Jan 118
Jan "73.'
Jan 57
Jan 123
Jul 285
44%
Jan
Jan 310
Jan 65
Jan
.tan
Feb
Feb
Fob
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Other 011 Stocks,
1
Allen Oil
1
Allied 011
Ark .Natural Gas, corn..10
Atlantic Lobos Oil, com--•
635
260
Big Indian 011 dr Gas
Boston-Wyoming Oil.....1
154
Brit Cons Oil Fields
Carib Syndicate
555
Consolidated Royalties_ _ _ ______
Creole Syndicate
4
Engineers Petroleum Co_ _1
17c
Equity Petrol Cory prof.........
Federal Oil
5 930
Fensland Oil
• 184
434
•
Gilliland Oil, corn
10
Glenrock 011
134
Granada Oil Corp, Cl A.10
mg
2.
Gulf Oil Corp of Pa
155
Harris Consol Petrol Corp.
1
Hudson 011
120
25 3711
Humble 011 & Ref
Humphreys 011
Imperial 011 (Canada) coup 12155
Independent 011 & G w 1_ _
1534
International Petroleum_ _• 2434
Keystone Ranger Devel-1 36c
•
Kirby Petroleum
4c
Lance Creek Royaltles„..1
Latin-Amer 011 Develop_ _1 76c
Livingston Petroleum_ _ _• 950
Lone Star Gas
5
134
Lowry Oil Corp
1
•
Lyons Petroleum
Magnolia Petroleum.._ -100 163
Mammoth Oil, Class A __
5355
Maracaibo 011 Expior_ _ _• 1034
•
Margay 011
Marine Oil v t c
Murland 011
334
Marland Refining
5
434
Merritt 011 Corporation_ _ I
11
Mexican Eagle 011
5
Mexico Oil Coro
10
134
Midwest Texas 011
1
15c
Mountain dr Gulf 011_ _1
Mountain Producers__10 1935
Mutual Oil vot trust Ws__
154
National Fuel Gas
8535
New York 011
21
Noble(Chas F)Oil& Gas-1 25c
Preferred
1
Northwest 011
1 150
Ohio Ranger
1
250
150
731
6%
24c
1%
1,15
555
13.4
334
16o
1411
89c
1734
434
13.4
235
64%
28$3
150
834
655
26e
-'3i
114
655
155
455
19c
144
97c
1834
4%
155
23(
673(
1.5(
11
130
3411 38%
3255 344
11755 123
154 154
2355 24%
350 40e
3%
3
40
4c
760 78c
94c
1
25
25
1.34
961o5i
14
161 164
51
5355
103.4 12
1% 1%
5
5
10
1 14351
4
14
1031 10%
124 164
1C
;
1
194
1%.
15
8554
1555
24c
750
150
4o
2051
154
15%
8555
214
29c
750
150
50
3,000
2,000
1,600
1,200
36,000
3,300
500
1,500
1,000
6,400
15,000
100
51,700
6,400
4,600
22,100
1,300
37,300
2,600
19,000
6,400
400
5,660
5,100
62,300
21,000
600
10,000
3,8i0
.500
100
600
6,500
805
3,400
4,400
1,300
100
3,900
700
1,800
500
44,300
15.000
2,200
20,500
87,300
600
3.400
93,300
8,600
1,000
12,000
20c
Sc
73-1
534
150
1
134
4%
114
234
14c
1411
690
16
3
1
1%
55%
134
10e
2414
30
11015
154
2055
22c
2
20
660
750
25
I%
80c
155
474
93-4
131
331
551
855
80e
50
134
1631
1231
8536
14%
240
600
10o
2c
Feb
Jau
Jan
Jan
Ja.
,
Feb
380 Feb
19o Feb
7 u jan
74 Jan
2614 FebFeb
134 Feb
Ja,
634 Feb
Feb
131 Feb
Jan
5
Jan
Ja.
25o
Jan
Feb
1451 Jan
Jan
Jan
1851 Fab
1
je n
Jan
Jan
Jan
24 Jan
Jan
3
Feb
Jan 6731 Feb
Jan
135 Feb
Jan
18c
Jan
Jan 3835 Feb
Feb 3451 Feb
Jan 12 1
Feb
Feb 154 Feb
Feb 2155 Feb
Jan
400
Jan
Feb
4
Jan
Jan
4o Feb
Jan 78e Feb
Jan
Feb
Feb 25
Feb
Jan
1
14
Feb
Jan
lan
Jan 168
Jan 55
Feb
Jan
133,1 Jan
Jan
1% Jan
Feb.
5
Feb
34 Feb
Jai
Feb
Feb
Jan
114 Feb
Jan 1034 Feb
Jan
If( Feb
Jan
Jan 30c
194 Feb
Jan
Jan 2051 Feb
Feb 15% Feb
Feb 8514 Feb
Feb 21% Feb
Jan
Feb 303.1
Jan
Feb 780
Jan
Jan 22o
70 Feb
Jan
817
THIll CHRONICLE
FEB.24 1923.]
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Other Oil
Stocks (Concluded) Par. Price. Low. High Shares.
25
Oklahoma Nat Gas
10
Omar Oil & Gas
10
Pennok 011
Pennsylvania-Beaver 011_1
Red Bank 011
•
Ryan Consolidated
Salt Creek Consol OR
Salt Creek Producers...10
Sapulpa Refining
5
Seaboard OH & Gas
5
South Petrol& Refining-I
Southern States Oil
5
Texas Ranger 011
Tex-Ken 011 Corp
5
1
Texon 011 & Land
Tidal-Osage 011
•
1
Turman 011
Western States Oil& Gas_l
Wilcox 0115r Gas
5
"Y" 011 & Gas
3
11
4
1134
434
16c
1334
2434
333
3
60
1754
2e
45e
13
900
9%
20
I%
1134
334
150
533
133
2433
334
23(
be
1734
2c
680
45c
12
90e
25e
933
10c
20
20
13
4 8,300
1134 7,100
4% 26,300
170 25,000
2,000
6
1334 6,300
8,800
25
334 10,300
334 10,000
7e 71,000
1734 8,800
1,000
20
100
68c
58e 107,600
1334 1,300
90c 16,600
2,000
30e
943 25,900
2,000
10c
Range Once Jan. 1.
Low.
20
1
934
2
140
434
1034
2034
2%
2%
50
1334
lc
65c
45a
10
90e
230
644
Sc
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
High.
20
133
1134
•
%
17e
6%
14
253
314
334
130
18
2e
680
890
1344
134
30e
1034
16c
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Mining Stocks.
243
Alaska Brit-ColMetals...1
Amer Comm
8e
Amer Exploration
1 54c
Argonaut Gold
Arizona Globe Copper-- 590
Barnes King Devel
5
360
Beaver Consolidated
Belcher Divide
10e
2,3
Big Ledge Copper Co____5
2e
Bison Gold Inc
100 25e
Black Hawk Cons Mines.1 15e
Boston & Montana Dev-5 110
Butte & West Min Co.....
143
Calaveras Copper
344
6
1
Caledonia Mining
Sc
Calumet & Jerome Cop_ _ I 13c
40
Canada Copper Co
5
Canario Copper
244
5
1 26e
Candalarta Silver
Cash Boy Consolidated 1
Chief Consolidated Mining
5
4
Consol Copper Mines new.
Consol Nevada Utah Corp 10c
Continental Mines, Ltd- .._ _ __
Copper Canyon
1 60c
Cork Province Mines
-1
17
4
1
Cortez Silver
4c
Crackerjack Mining
Cresson Con Gold M & M.1
Crystal Copper Co
Davis-Daly Mining
. -10
Dean Consolidated Corp-I 43e
I 100
Divide Extension
Dolores Esperanza
5
13-4
Dryden Gold Corporation- 78e
East Butte
El Salvador Silver Mlnes.1
3c
Ely Consolidated
3c
1
Emma Silver
1 270
Eureka Croesus
First National Copper...5 500
Fortuna Cons Mining
350
Forty-nine Mining
1
Gadsden Copper
75e
Gold Coin Mining
66o
Golden State
39c
8c
Goldfield Consol Mtnes-10
Sc 180
Goldfield Deep
Goldfield Development --- 2313
1 590
Goldfield Florence
1 460
Goldfield Jackpot
20
Goldfield Oro
1
Gold Zone Divide
Green Monster Mining 50c
1
90
Hard Shell Mining
5e
10e
Harmill Divide
934
25e
Heels Mining
Henrietta Silver
113-3
Hilltop-Nevada Mining
Hollinger Con Gold Mines5 13
1
334
Howe Sound Co
Independence Lead Mtn -1 36c
1 ___ - Iron Blossom Cons M
I
Jerome Verde Devel
2%
3
5
Kerr Lake
40
1
Kewanua
100
Knox Divide
314
Lake Shore Mines
La Rose Consol Mines. .5
Sc
Lone Star Consolidated-1
MacNamara Crescent Dev
3c
MacNamara Development.
Mammoth Divide
5
244
Mason Valley Mines
McKinley-Darr-Sav Min_
1 430
Mohican Copper
Morington Mining
40
Nabob Consul Mining....
50c 22e
National Tin Corp
1 17c
Nevada Ophlr
2o
Nevada Silver Horn
2033
New Cornelia
354
New Dominion CoPPer--5
100 176
New Jersey Zinc
520
N Y Porcupine Mining...
6
NiplasIng Mines
North Butte
1 57e
Ohio Copper
Park Utah Mining
144
5
Ray Hercules. Inc
So
Red Hills Florence
70
Rex Consolidated Mlning-1
Richmond Cop M & Dev _ 26e
2c
Sandstorm Kendall
Shrl ion M nine Co
Sc
Silver King Divide Reorg34c
Silver Mines of America
Silver Queen Mining Corp. 470
45e
Silversmith Mining
1
Simon Silver Lead
444
South Amer Gold & Plat...1
South West Metals
7c
Spearhead
standard Silver-Lead... _1 230
1
6c
Stewart Mining
1 050
Success Mining
1
Superstition Cons
Sutherland Divide
1 85c
Took-Ilughes
154
Tonopah Belmont DeveLl
1 67e
Tonopah Divide
341
1
Tonopah Extension
1
Tonopah Mining
5
'Fri-Bullion S & D
1 480
Tuolumne Copper
214
United Eastern Mining_ _1
ri....A vend. v.
-tension__ 3034
8
234 233 3,300
Sc
9c 12,000
100
50c 50c
2,300
54e 55c
50c 850 178,100
500
50c 50c
1,000
36e 36c
1,000
2c
20
lc
2c 24,000
24e 25c 11,000
10e 15c 11,000
9c 12c 30,900
65,400
134 2
311 3% 11,600
So 100 11.000
3,000
13c 130
4e 18,000
2c
27
4 234 6,100
26c 310 400,100
8,000
10e 11c
300
5
5
7,900
3% •
7,000
10c 13c
434 543 6,300
500
60e 60c
2,000
130 13c
17 32,900
13-f
60 14,000
4c
4 1,10
233 211
sop
134 134
100
343 33
6,100
43c 50e
5,000
Sc lie
154 1% 3,400
3,200
78C Sic
100
934 9%
4,000
3c
3c
2,000
3c
4c
40 44,000
30
27c 30c 56,000
600
50o 50c
28e 430 62.500
140 17o 11,000
200
70c 750
8,400
64c 66c
30e 390 52,000
5,000
8c
Sc
17c
19c 105,000
23c 250 69,000
54e 68c 70,600
46c 48c 10,000
2c
4c 28,000
2,000
9c
8c
1.000
7e
7c
9c 10c 19.000
5,000
5c
5.,
9
933 1,600
1,700
500 55e
11(6 134 35,200
,
1274 1344 1.200
33-4 333 5,900
Sic 37e 99,000
31c 32c 14,000
254 2% 10,000
100
3
3
40
2,000
4c
4,000
3o
30
100
3% 334
1,000
280 28c
5o
7o 83,000
3,000
3c
3c
1,000
5c
Sc
5,000
100 120
243 234 7,000
2,000
19e 190
35c 44o 81,000
7,000
lc
lc
7,000
4c
5o
210 250 64,100
9,000
15c 170
20
2e 12,000
19% 2074 1,700
344 331 5,300
235
171 176
470 530 52,900
8% 2,300
6
100
1014 1044
50c 65e 80,200
100
411 4%
113 1% 20,200
2c
gc 74,000
70
Sc 30,000
25e 28e 45,000
20
30 32,000
143 11
4
200
7053
go
- gc
32o 39e 134,000
460 480 25,000
45e 470
6,000
300 350 14,000
3% 433 4,500
913 10
350
70
90 42,000
23e 230
2,000
Sc
6,000
(3e
300
030 650
90
Sc
2,000
Sc
Sc
1,000
6.500
850 95c
134 1% 2,000
670 680 12,250
3
3% 6.000
100
214 213
14e 14o
2,000
47c 64c 68,300
214 Vi" 30,100
2815 3144 3.700
243 Jan
Jan
2
50 Jan 110 Jan
50e Feb 50c Feb
54c Feb 55c Feb
100 Feb 85c Feb
5Ce Feb 50e. Feb
360 Feb 36e Feb
2c Feb
2c Feb
44 Jan
lc Jan
21c Jan 250 Jan
90 Jan 15e Jan
ge Feb 170 Jan
Feb
2
111 Feb
334 Feb
234 Jan
80 Jan 10c Feb
110 Jan 13c
Jan
4o Feb
20 Feb
2% Jan
254 Jan
26c Feb 38c Jan
13e
Jan
10e Feb
5
Jan
Jan
5
Jan
4
334 Feb
Jan
Sr Feb 15c
5
Jan
434 Jan
60e Feb 800 Feb
110 Feb 15e Jan
i7 4 Feb
.
143 Jan
150 Jan
2c Jar
2% Jan
214 Jan
1% Feb
11 Feb
4
333 Feb
214 Jan
433 Feb 76c Feb
Jan
91 Feb 13e
2% jan
141 Feb
Jan 81e Feb
63e
934 Feb
854 Feb
40 Jan
Jan
2e
9e, Jan
3c Feb
4c
Jan
Jan
ve
Jan
27r Feb 17e
50c Feb 50c Feb
Inn
25c Jan 741
17 • Feb
Jan
Cc
Jan 75c Feb
60e
62c Feb 66e Feb
30c Feb 39e Feb
lle Jan
Jan
70
90 Jan 240 Jan
4c Jan 34c Jan
Jan 76c Feb
2qc
35c Jan 52c Feb
tlo
Jan
Jan
lc
lle Jan
Sc Feb
7c Feb
7c Feb
Jar, 13c Jan
3e
Jul)
7e
5c Jan
934 Feb
Jan
8
Inc Jan 88. Feb
13( Feb
1 14 Jan
Feb
1134 Feb 14
3% Feb
274 Jan
Jan 450 Jan
30r
Ja .
280 Jan 1180
214 Jan
244 Jan
334 Jan
Jan
3
80 Jan
30 Jan
3c Jan
20 Jan
333 Feb3% Feb
Jan 35c Feb
25e
$e
Jan
Inn
co
3c Feb30 Feb
30 Febgo Jan
7c Feb120 Feb
2% Jan
144 Jan
1713 Jan 200 Jan
10c Jan 44c Feb
4c Jan
10 Jan
(lc
Jan
40 inn
Jan
20• Feb 32e
100
Jan 19r
Jan
20 Jan
Jan
le
1654 Jan 203-4 Feb
233 Jan
334 Feb
Feb
16834 Jan 176
Jan 53411 Feb
30e
644 Feb
51 jag
1031 Feb 1034 Feb
, Jan 650 Feb
37
434 Feb
434 Jan
I% Jan
1
Feb
Cc Jan
20 Jan
Sc Feb
50 Jan
21e Jan 250 Feb
5" .111
26 Jan
144 Feb
144 Feb
6
0 Feb
9c
Jan
14o .Ia-. 40: Feb
35o
Jan 49c Feb
Jan
450 Feb 53e
1•,--,
300 Jan 33e
45-4 Feb
Jan
3
Feb
934 Feb 10
13c
1.3.1
70 Jan
23e Feb 28c Feb
gc 30.11
Jan
5o
46
0 Jan Sic
Jan
3e Jan 13e Feb
Jan
Jan lie
lo
1
gie .1,,,
Jan
154 Feb
1•4 Jan
3
64o Feb 78c Jan
3% Jan
2 4 Feb
0
2% Jan
Jan
13
Jan 16c Feb
6o
470 Feb 67-' Feb
2% Feb
1%
Jan
2614 Jan 3143 Feb
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par. Price. Low. High Shares.
United Zinc Smelt
US Cont Mines, new
Unity Gold Mines
5
Victory Divide
10e
West End Consolidated _ _5
West End Extension MM..
Western Utah Copper __I
yerrington Cons Co
5
Yukon Gold
16c
1%
20
45o
2c
85e
500
1
1
5,000
16e 190
500
334 3%
3,000
20
3c
4
14(6 17 20.400
2e
3c 25,000
8,000
40e 450
3,000
2e
2c
2,400
80c 90c
Range since Jan. 1.
High.
Low.
1
166
334
le
1.5i
2c
20c
20
75e
Fe.
Feb
Jan
Ian
Feb
Feb
Jan
Jan
Jan
1
230
34
3c
133
fic
553
30
90e
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Bonds
Feb 7634 Jan
6,000 70
70
71
Allied Pack cony deb 6s'39 71
Feb 8431 Jan
1,000 80
80
80
1939
88 Series B w 1
Feb
Aluminum Mfrs 78_1933 1063( 10634 10633 3,000 10534 Jan 107
Jan
1925 10354 10334 103% 13,000 10344 Jan 104
78
Feb 9654 Jail
Amer Cotton 011138_ _ _1924 9154 9034 9234 19,000 85
Amer G & E deb B 68..2014 9634 9644 97% 21,000 4634 Jan 0734 Jan
Jar
Feb 110
109 109
11,000 109
Amer Lt& Trac 68.__ _1925 109
Without warrants
10134 101 10134 13,000 10034 Jan 101% Feb
9,000 88
JR
9043 Jan
Am Republic Corp 68 wi.'37 8834 8834 89
81,000 9934 Feb 10034 .lan
Amer Rolling Mill 68_1938 9954 9931 100
Feb
25,000 9534 Jan 99
99
Am Sumatra Tob 7s_.1938 9834 98
Amer Tel & Tel 68.....1924 100% 10033 10074 47,000 10014 Feb 10134 Jan
Anaconda Cop Min 78_1929 10354 10334 10344 45,000 10343 Feb 101% Jan
6% notes Series A__1929 10234 10234 10314 85,000 101% Jan 10334 Feb
Anglo-Amer Oil 7448_1925 10234 10234 10244 12,000 10254 Feb 10334 Jan
9643 Jan
96
Ja
9634 283,000 ,96
Armour & Co of Del 513843 96
Jan 10554 Jan
Armour & Co 7% notes-'30 10534 105 10534 76,000 105
Fet
13,000 5134 Jan 57
55
57
Atl Gulf & W I SS L 5s 1959 55
1933
Beaver Board 8s
Jar
68
68
Jan 68
1.000 68
Certificate of deposit_ _ 68
Bethlehem Steel 78-1923 10434 10431 10534 138,000 10434 Jan 10534 Jar
55,000 10244 Ja 104
Fel
Equipment 7s
1935 10274 10254 104
9333 9514 135.000 90
Feb 9534 Fel
Boston & Maine RR 69.'33 95
108 10834 11,000 108
Feb 11034 al
Canadian Nat Rye 75-1935
10 6 9934 2234 2234 1,000 99
,
5
3
Jan 99% Fel
Jan 10134 Jai
101 10134 10,000 101
Canadian Pacific 6s.__1924 101
Feb 107% Jan
8.000 108
106% 107
1941
Central Steel As
0554 Fel
Jan
Charcoal Iron of Am 88.'31 9543 943.4 9534 12,000 94
9634 95
Jan 9534 Fel
953-4 15,000 91
Cities Serv 75, Sec C
92
9234 6,000 (1)14 Feb 9354 Jan
92
7s series D
Cons GEL & P Balt 68'49 103% 10334 103% 23,000 10243 Jan 101% Jan
10,000 10534 Jan 108
Jai
108 108
1931
78
Jai
99% 10,000 9344 Fe. 100
543.1 genies E
99
1952 99
74,000 9R
Jai, 106
Fel
Comm'Textile 8.5
1941 103% 102% 106
Jar
1,000 105
Ja 107
105 105
1951 105
Cuban Tel 7138
101% 10234 16.000 101% Jan 10344 Fel
1931
Deere & Co 7148
19,000 10034 Jan 10143 Jai
Detroit City Gas 68_1947 100% 10054 101
Jan
Detroit Edison 68___1952 103% 10234 1033-4 35.000 102% Ja• 104
Jar
Feb 97
9634 93.000 95
Dunlop T&R of Am 7s_1942 9554 95
Fel
Feb 100
10034 1003.4 2,000 100
Fisher Body Corp 68..1921
611
1925 100% 10034 100% 9,000 1003-4 Feb 10034 Fel
Fe
65
1926 9954 9934 9934 13,000 9834 Feb 100
1927 9934 99
Feb 9934 Fe
9934 3,000 99
6s
9834 9841 15,000 9834 Feb 9834 Fe
Cs
1928
la'
3J'"Gate (Robert) Co 713_1937 9834 98% 98% 15,000 98% Jai
104 105% 16.000 10314 Jan 10534 Fe
Galena-Signal Oil 75_1930 104
Ja
103% 10433 7.000 10344 Ja. 105
General Asphalt 88_1930
Ja
Grand Trunk RY 6548-1936 10554 10543 10551 13,000 10454 Ja 107
9714 Ja
15,000 0614 Ja
Gull 011 of Pa Se
1937 9674 9614 97
Hocking Val IIR 65_ 1924 100% 100% 10034 2,000 19054 Jan 1003-4 Ja
Ja
17,000 100% Jan toe
Flood Rubber 7% notes.'36 101% 101% 102
Feb 9934 Fe
99
9941 31,000 99
III Cent RR Saw t__ _1935 99
4,000 9534 Jan 9754 Is
97
97
tnterb R T fiff .1 P Ivirecto.
3,000 9434 Jan 9634, is
96
96
Certificates of deposit_ _
Kansas City Pow & Lt 58'52 9054 90% 9054 36,000 8434 Jan 9134 Ja
Feb 864 Fe
1,000 85
85
85
Kansas Gas & El 68_ _ _2022
Jan 115% .18
Kennecott Copper 711.1930 10434 104% 10114 28,000 103
2,000 10034 Feb 111 V4 Ja
101 101
Laclede Gas Light 75
1003.4 10131 10.000 9954 Jan 111154 Ja
LibbYMeNelll& LIbby7s'31 101
6.000 10254 Jan 13333 Ja
103 103
Liggett-Winchester 78.1942 103
91% Ja
Ja
61,000 89
90
Louisv Gas& Elec 58..1952 90
89
Manitoba Power 78_ _ _1941
95
Jan 10213 Fe
1.00
99
99
99
Without warrants
Feb 12674 Fe
26,000 110
100 119
Maracaibo 011Expl 78.1925 110
Jan 10834 is
10633 10634 15,000 106
Morris & Co 734s
1930
Nat Acme Co 7%8_ _.1931 9634 96% 9633 15,000 95% J
96% is
Nat Cloak & Suit 38...1930 10643 10641 10834 21.000 10034 Jan 10634 Fe
is
National Leather 85.192S
101% 10143 9,000 101% is 102
NY Chic & St L RR Os'31
100 1013-4 58,000 9934 Jan 10054 Fe
100
Series C
New Orl Pub fiery Es_ _1952 8914 8943 8914 9,000 8934 Feb 8944 Fe
Ja
Ohio Power 50
1952 8834 8834 89% 77,000 87% Jan 92
Jan 8034 is
Penn Pow & Lt 58 B I952 8933 8934 8934 15,000 811
10043 10044 3,000 10014 Feb 10243 J5
Pirtle Elee 5348
1947
1313
1941 10334 10333 10444 6.000 1033-4 Jan 10534 Ja
Phillips Petrol 7438...1931
Fl
Jan 128
4,000 120
124 124
Without warrants
Feb 10334 F
10234 102 102% 26.000 102
,
12,000 7734 Feb 9034 is
Pierce-Ai' Mot Car 88.1943 80
80
80
Public Serv Corp 78w 1.341 104% 10434 10444 36,000 10241 Jan 10444 Jo
Sears, Roebuck & Co 78.'23 10133 10134 10134 30,000 10134 Jan 10144 Jo
Jo
Shawsheen Mills 78_1931 10434 10434 1003 12.000 10434 Feb 105
Sheffield Farms 6148_1942 10043 99741003-4 14,000 9934 Feb 10034 Jo
Sloss-Sheffield 8-I 65.1929 98
2,000 9631 Jan 9814 Fe
9743 98
Solvay & Cie 88
38,000 19434 Jan 10544 .18
10434 105
1927
south Calif Edison 58-1944
92
9243 26,000 9144 Feb 9734 in
Jii
Southw Bell Telep 78.1925 102% 102 102% 58,000 102
Feb 103
stand 0001 NY 65481933 107% 10743 107% 8,000 10614 Jan 10744 Jo
7% serial gold deb__1925 105
11,000 10334 Jan 10654 ENI
10454 105
1,000 10434 Jan 10554 Ji
7% serial gold deb....1926 105
105 105
7% serial gold deb _ _1927
1063.4 10631 4,000 10644 Jan 10734 Ji
14.000 10653 Jan 107 3i Ji
107 107
77 serial gold deb_1928 107
7% serial gold deb__1929 10774 10733 10334 6,000 10734 Jan 11034 is
7% serial gold deb_1930 108
2,000 101% Feb 10954 Ji
108 108
F,
7% serial gold deb_ _1931 110
Jan 110
14,000 109
109 no
102 102Sun Co 75
9.000 10151 Feb 10214 31
1931
65
Jan 9834 J1
1929 98% 98
9834 2.000 98
F
Swift & Co 50. _Oct 15 1932 92% 2234 93% 65,000 9134 Jan 94
Tidal Osage 011 75._ _1931 103
Jan 10354 J1
103 10334 5,000 103
United 011 Produe 88..1931 99
20,000 9641 Jan 1013-4 A
285-4 99
A
United Rys of Hay 754a '36 10534 10534 10554 19,000 10434 Jan 107
Vacuum 011 78
Jan 10754 A
1936 10754 10744 107% 20,000 107
Valvoline Oil 6s
10343 10334 5,000 10214 Jan 10331 '1
1937
Foreign Government
and Municipalities
Argentine Nation 78_1923 10041 100%
Dutch East Indies 534s..'53
88
Mexico 45
1945 3933 38%
50
1654
(38 10
-year series B
55
57
Netherlands(Kingd)1303'72 100% 99%
Peru(Republic) 88w 1_1932 98
98
Russian Govt 6348-1912 14
14
Certificates
1234
14
Russian Govt 5338_1921 1514 13
Certificates
1243
Switzerland Govt 5138 1929 10334 1035-4
10043 62,000 100
3.000 88
88
39% 89,000 3613
1634 20,000 15
5754 154,000 5034
10044 335.000 97%
9851 11,000 97
974
1634 62,000
9
16% 135,000
914
73,000
16
39,000 10
15
103% 46,000 10344
Jan 10013 A
Feb 8834 Feb
Jan 4134 AIn
Feb
Jan 16
1,
Jan 574 . In
Jan 10014 Feb
Aan
Feb 99
Jan 1854 Feb
Jan 1633 Feb
Feb
Jan 16
Feb
Jan 15
Jan 104
J.
t Odd lots. • No par value. 1 Dollars per 1,000 marks. a Ex-100% stock di
dead. g Marks. k Correction. m Dollars per 1,000 lire flat. 1 Listed on the Ste
Exchange this week, where additional transactions will be found. b Ex-spec Ii
dividend of 825. n Ex-extra dividend of $20. o New stock. p Ex-special divide
01 980 and regular dividend of 53. r Ex-100% stock dividend. a Ex-50% sto
dividend. I Ex-20051, !Ana dividend. on Ex-613 2-3% stook dividend. e Ex-sto
div. of 40%. an When Issued. x Ex-dividend. V Er-elghts• o Ex-stock dividend
818
1111TeSt11XCUt aria gitiaircati
intelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly
or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest
week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of electric railways
are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
Week or
Afonth.
Current
lear.
Previous
Year.
IJan. 1 to Latest Date.
Current
Previous
Year.
Year.
ROADS.
Latest Gross Earnings.
lireek or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
Akron Canton & Y.. December
191.836 129,574 2,209.489 1.658.542 Minn StP
Alabama & Vicksb_ December
303.506 273,033 3,063,635 3.397.144 Mississippi& S M_ December 4,204.891 2,915.642 47,107305 42.745,440
Central_ December
American Ely Exo-- October
132,987 117.469 1.502,610 1.198,143
13314143 14624283 125206735 160035162 Mo & North Arkan_ December
128,931
Ann Arbor
let wk Feb
753.508
86,715
442.678
Kan
Atch Topeka & S Fe December 19091 741 13645282 191506230 189217520 Mo K & & Tex Syst December 5,143.443 4.499.438 55,035,701, 63.020.975
Mo
Gulf Colo & S Fe.. December 2.690,963 1.932.410 24,392,120 29.209,224 Mo KanT Ry of Tex December 1,946,705 1,792,834 21,469,110 26,797.515
& Tex Syst December 5,143.443 4.499.438 55.035.701
Panhandle S Fe December
63.020.975
801.755 681.722 8.119.141 9,531.957 Missouri Pacific-- December
Atlanta Birm & Atl_ December
391.850 306.200 4.017.228 3.201.634 Monongahela Conn_ December 8.726,795 7,725.256 99.921.331 109745072
202.473
Atlanta & West Pt.. December
96.876 1.715.071
824,143
242.064 171,637 2.606,416 2,470.655 Montour
December
141.415
Atlantic City
89.401 1.138.757 1.408,940
December
259.025
4,626,752
Atlantic Coast Line_ December 7.077.193 236,747 70J/23.346 4,615.848 Nashv Chat & St L.. December 2,000.862 1,542.897 22.353.763 20,924,603
66,730,768 Nevada-Cal-Oregon let wk Feb
Baltimore & Ohio December 20949 106 6,023,453 200843
3.550
2,946
27.669
22,229
15504563
170 198622373 Nevada Northern....
44.272
B &0 Chic Term_ ,December
21.120
575,771
345.064
269.316 208.890 3,116.202 2,628.783 Newburgh & Sou Sh December
183,359 164,041 1.950.343 1.496.821
Bangor & Aroostook December
507.674 638.024 7,436.968 7,348,709 New Orb Great Nor.. December
December
Bellefonte Coe I tral _ _ i November
224,021 173,380 2.547,752 2.528.529
9.773
6.812
98.468
69.489 N 0 Texas & Mexico December
304,640 269.802 2.939.171 2.720,388
Belt By of Chicago.. December
594.121 436.432
Beaum S L & W December
Bessemer & L Erie.... December 1.116.657 696.441 6.184.668 5,495.789
186,822 185,394 2.054,198 2.164.146
14,511,803 13.527.593
St L Browns & M December
Bingham & Garfield December
421,0775.872,676
28.628
11.380
237.324
178.322
Boston & Maine
December 6.793.630 6,444,565 79,800.123 78.477.418 New York Central_ December 34979130 2745g262 363122527 339475455
Ind Harbor Belt_ December
Bklyn E D Term
921.592 683.384 10,299,400 9.034,388
December
122.875 107.059 1.573.325
Michigan Central. December 7.817,075 5,857.005 83.426.407 72.911,852
Buff Rook & Pittsb_ 2t1 wk Feb 5:37.904 339.079 3.219.225 1.318.073
2.013 497
.. December 7.874.097 6.030.609 84.665,690 79,793,593
Buffalo & Susq
December
240.620 163,822
Cincinnati North.. December
Canadian Nat Rys_ 2d wk Feb 1.751.490 1.826.106 1.675.822 2.052.782
345,621213.057
Pitts & Lake Erie December 3,735.190 1.908,146 3.505.287 3.757,713
Canadian Pacific_ _ _ 26 wk Feb 2.539.000 2,630.000 12,851,611 12,009.811
18.078.009 16,445,000 N Y Chic & St Louis December 3.682.446 2.907,764 29.570.983 23.226.059
Caro Clinch & Ohio_ December
39.406,081 36.092,157
648.997 575.054 7,608.602 7,464.112 N Y Connecting
December
219.494 139.604 2.929,211 2.942,321
Central of Georgia_ December 2.184.168 1.477,813
Central RR of NJ.... December 4,585.612 4.136.735 23.263.021 22.057,499 NYNH 8z Hartf December 10817569 9.899.414 123246641 116405233
49.488.471 52,660.997 N Y Ont & Western December 1,005.439 992,837 12,341,912
Cent New England_ December
14,127,867
.585,247 629.216 6.790,751 8,382,790 N Y Snail & West December
451,368 277,692 4,188.873 4.208,711
Central Vermont
December
758.781 566.253 7.626.626 7.135.753 Norfolk Southern.... December
734.487
Charleston & W Car December
267.406 254.549 3,221,243 3,282,057 Norfolk & Western.. December 6,960.7537 680.846 8,412,957 8,056.795
Ches & Oalo Lines.. _ December 7.511.792 5.513.905 83,511.562
.218,894 90.314,743 80.760,590
December 8,342.182 7,500.81396,076,067 94.538.059
Chicago & Alton
December 2.881.988 2.473,556 27,593.925 83.687,959 Northern Pat ific
587.302 569,462 8.008,843 8.609_,732
Chic Burl & Quincy_ December 15061 251 13384 310 164916470 31.049.259 Northwestern Pac December
168712268 Pennsylv RR & Co_ December 57444562 47857940152108 6157239
Chicago & East Ill December 2,523.000 2.020,893
6463
Bait Ches & Atl.._ December
100.471 101,5131 1,564.866 1.606,419
Chicaso Groat West December 2.118.75011.687.405 24,731.348 27,099.146
• Long Island
December 2,378.441 2,009.384 30,951,540 28.720.91
Chic Ind & Louisv- December 1.504,886 1,210,256 24.224.78824,273,633
16,031.586 15.162.870
Monongahela_ _ _ _ December
407.991 389.534 3,723.939 4.396.316
Chic Milw & St Paul December 13966658'11347782 156950628
146765766
Tol Poor & West_ December
143.374 163,434 1.705.418 1.692,410
Chic & North Weed. December 11990925 10578608 146100437 144775476
W Jersey & Seash December
970,794
Chic Peoria & St L.. December
170.0051 170,273 2.098.584 2,086,331 PennsylvaniaSystem December 61198185 723.732 14,018.091 12,929.706
10206040 696599768 662756803
Chic River & Ind December
589,143
4,299.810
Peoria & Pekin Uzi_ December
124.395 148,6011
Chic R I & Pacific December 10006036,9.538,005 119204558
1.696,11
131766857 Pere Marquette_ __ _ December 3,390,331 2.647,094'31.803.775 38.303,029
Chic R I & Gulf December
8.397.934
551.1331 469.930 .5,881,674 7,510.255 PerIclomen
December
113.710 109.385 1,293.261 1.285,803
Chic St P M & Om- December 2.375,828 2.106.305 27,801,007
28,047,675 Phila & Reading
December 8,858,626 6,825.184 81,934.751 84.924,227
Chic Ind & Western December
4011.503 321,534 4,363,694
145.038
Colo & Southern... December 1,245.200 1,023.230 13,196,236 3.716,572 Pitts!)& Shawmut December
89.881 1,090.985 1.272,028
13.223.220 Pitts Shaw & North December
149,191 110,179 1.271.761 1.195,797
Ft W & Den City December
913.211 828.039 9,717,037 11,334,956 Pittsb & West Va.... December
282,465 207.239 2.835.601 2.798,255
Trin & Brazos Val December
209.371 460.679 2,777,179 3.501.011 Port Reading
246,627 162.956 1,898,438 2,236,444
Wichita Vail y
December
189.900 127.004 1,415.488 1.723.109 Pullman Company. December
December 6,291,232 5.158.35866.582,291 64,438,763
Columbus & Greens December
,
161.742 153.412 1.581.751 1,594.294
119,956
96.388 „
Delaware & Hudson December 3,432.888 3.740,129 37.722.123 45,723.398 Quincy Om & KO.... December
1
91 1,306,819
Rich Fred & Potom.December 1.067,430 871.662 10.975,812 10,002,07
Del Lack ae It eiGern January
6.671.4576.671.457 6.193.591
December
500,265 437.797 5,803.158 6.811.556
Deny & Rio Grande December 3.030.419 2.375,301 33,350,594 32.621,419 Rutland
St Jos & Grand IsPd December
271.136 250,391 3.171.504 3.355,350
Denver & Salt Lake. December
172.999 148.192 1,580,509 2.879.058 St Louis San Fran_ December
7,001.900 6.157.005 79.170.251 81.851.289
Detroit & Mackinac December
130.192 125,471 1,875,664 1,972.441
Ft W & Rio Or.... December
Detroit Tol & front_ 1 December
144,195 152.372 1,407,622 1,771,261
761,611 337,380 9.004.474 6.453.669
December
Det & Tol Shore I._ _ December
157,449 165.717 1,709,052 1.937,998
323.105 231.650 3,585.716 2,918.040 StSt L-E1F of Texas_ December
LouisSan Fran Sys
Dul & Iron Range_ December
.328.001
146.747
96.507 6,818.658 4.972,514 St Louis Southwest_ December .983.049 6,501.767 82,570.845 85.812.595
Dul Missa be & Nor.. December
1,518.498 18,548,233 17,366,132
163.270 135,510 14,976.81/ 12.374.949 St Louis S W of Tax December
Dul Sou Shore & At 12d wk Fe
728.716 694.062 7,611.691 7,774,083
83,564
67.770
596,759
418.101
Total
Duluth Winn & Pea December
186.842 175.165 1,998,372 2.344.817 St Louis system___.26 wk Feb 532.852 409,709 3,637.347 2,797,922
Transfer_ December
East St Louis Conn_ December
76,540
81,005
759,648 1.111,430
205.700 116,734
472,979 480,723 5.780.169 6.322,114
Elgin Joliet & East.. December 2.161 187 1,591,021 2,099,554 1.598.645 San Ant & Aran Pass December
70,639
El Pam & Sou West December 1.170.017 787.030 21.483,415 19.334.942 San Ant Uvalde & G December
60,879 1,033,309 1.149448
10.421,837 10,910,087 Seaboard Air Line_ December .517,453 3,701,180 45_ ,_679,048
Erie Railroad
December 9.989,141
42,844.933
Chicago & Erie December 1.147,171 7.020,062 95.292.290 102835505 Southern Pacific...... December 5780061 13247384 18367,5381 189996 741
657,415 11,581,813 10,703.591 Southern Pacific Co December 23436662
NJ &NY RR December
20922070 262519169 269494365
129,837 120.655 1,502.772 1.487.954
Atlantic $S Lines_ December 1,121,883 886.524 12.030,072 10.656,078
Florida East Coast_ December 1.274.968 1,220,293 13.427.625
13.558.013
Arizona Eastern... December
Fonda Johns & Glov December
297,311 138,653 3.175,311 2.647,503
130.468 113.596 1,409,648 1,355.659
Galv Harris & S A December 2.136,908 1.940.451 22.254,213 25.063,536
Ft Smith & Western December
164,921 135,837 1,692.267 1,773,094
HMIS & Tex Cent December 1,399,984 1,776.082 15.087.424 14.843,658
Galveston Wharf-. December
135,117 136,622 1.597,862 2.608,285
Boos E & W Tex_ December
291.465 249.475 3.173.666 2,994,772
Georgia Railroad__ _ December
516.577 358,397 5,241,926 5,197.503
Louisiana Western December
Georgia & Florida._ December
441,686 332.370 4,303,197 4.387.857
124.398 115.686 1,362.046
Morg La & Texas December 1.022,143 685.813 8,533,387 8.789,650
Grand Trunk Syst 2d wk Feb 1.907,733 1,941.096 12,446.496 1.389,678
11,186.959
Texas & New Orb. December
785,469 878.254 8.747.306 8.804,746
Atl & St Lawrence December
342.390 155,217 2.880.859 2,676.621
ChDetCanOTJct December
300,366 163.228 2,383.677 1.959.197 Southern By System 2d wk Feb 3.548,798 3.026,482 22.526.293 18,090.794
Ala Great South_ December
867.211 828.9321 8.524,809 9.542.224
Det G H & Milw. December
378.233 446,633 5.335.380 4.608,548
Cin NO & Tex P. December 1,733.743 1.366.418 16.861.374 17,170,444
Grand Trk Weet., December 1.403.843 536.631 16.302.623 3.9M.333
Georgia Sou & Fla December
403.060 464.1451 4.518.016
Great North System December 8.533.565 7,675,481 103452937 101317204
Mobile & Ohio- 26 wk Feb 379,395 298.886 2.611.086 4.586,771
Green Bay & West. December
1.042,970
106.395 109.876 1.349.243 1,395,576
New Orl & Nor E_ December
583,296 497.999 5,506.622 6,329,587
Gulf Mobile de Nor_ December
432.956 336,885 4,541.436 4,086.217
Northn Alabama December
157,105
98.557 1.443.503
Gulf & Ship Island. December
908.384
249.625 229.021 2,947.651 2,852.960 Spokane Internet_ December
110.769
96.212 1.229,532 1,300,060
Hocking Valley
December 1.297,091 870,753 13,855,464 14.093.001
716.708 684.959 7.382,8136 7,980.930
Illinois Central_
December 14415811 11086427 154860387 141127066 Slick Port! & Seattle December
193.649 181,724 2,422,259 2.511.441
Internet & Grt Nor_ November 1,359.020 1.136,432 13,375.887 16.447.636 Staten Island R T December
Tennessee Central... December
227.662 168,578 2,518,908 2.338.815
Internet Ry of Me December
329.086 310,737 2.658,610 2,808.902 Term RR AssnofStL December
386,373 370.148 4.498.456 4.527.866
Kan City Met & Or December
140,168 113,776 1,375.952 1,789,643
St L Mar Bdge T. December
430,586 291.988 4.118.952 3.658,660
K C Mei & 0of Tex December
195.968 165,009 1,600.627 2.199,355 Texas & Pacific
2d wk Feb 553.879 552.692 3,730.520 3.688.833
Kansas City South.. December 1.747.621 1,419.918 18,221.027 19.609.283 Toledo
St L & West December
Texark & Ft sm. December
205.904 150,795 2.140.153 2.177,755 Ulster & Delaware-. December 1,132.219 785.970 11,542,343 9.503.970
116,651 105,746 1,652.803
Total system
January
2.006.083 1.511.158 2,006,083 1.511,158 Union Pacific
December 9.007.117 8.369.448 107842566 1,747,687
Kansas Oki.. & Gulf December
287.555 217,263 2.933.928 1337.527
St Jos ,St Grand Isl November
306.217 257.337 2.900,458 114783971
Lake Sup & Ishpem. December
3.104,965
7.882
7,259 1.073.498
411.615
Oregon Short Line December 3,323,022 2.868,18836,779.501 36,843,202
Lake Term Re ... December
50.273
92.0011,012,304 1,201,902
Total system_ _ _ _ December 17138 131 14142919 192877 121
Lehigh & Bud River December
211,189 255,917 2.412,760 3.242.288
Ore-Wash RR &N December 2,294,928 2,486,900 28,140.055 200970 218
Lehigh & Now Eng.. December
29,818,740
547.463 277.757 4,597,073 4,775,737 Union RR (Penn).- Decemberl 844.912 702,817
Valley
11.184.564 9,435,212
December 5.494.765
2,418.889
December
182,529
97.899 1.769.642 1.213.585
& salt Lake December 2.013.065 5.312.289 20,115,000 74.997.799 Utah
1.418,384
19.524,305 Vicks Shrev & Pac December
373.655
Louisiana & Arkan. December
304.352 246.212 3.294.233 3.380.764 Virginian Railroad_ December 1,489.473 345,955 3.717.970 4.151,552
Louisiana Ely & Nay December
1.165.946
334.277 248,555
December 4.835.0464,447.831 19,009.444 18.024,357
Louisville & Nashr_ December 10370586 8.405,120 3.604,117 3.863.970 Wabash RR
121140207 117149124 Western Maryland_ let wk Feb 417,754 376,010 57.662.496 59.217,692
LOUIHV Hend & St L December
2,140,242 1,854,276
294.591 221,586
December
2,863.043 Western Pacific_
Maine Central
December 1,636.96o 1.517.535 5,274,808 20.590.064 Western Ry of Ala December 1,021,503 775,210 12.494,040 12,100,611
0,387.172
253,687
Midland Valley__ December
388.935 346.217 4,661.004 4,462.758 Wheel & Lake Erie. December 1.040,812 201,250 2.741,539 2.530,457
Mineral Range_ _ __ 26 wk Feb
938.199 13,153,888
3.200
4.632
52,713
19,657 Wichita Falls & N W December
140,485 157,864 1,575.260 14.770,707
Minneap & St Louis 2d wk Feb 352.323 365.941 2.150.479
2.734.870
December
1,965.457 Wichita Valley
189,900.88 1.723,109
Yazoo & Miss Valley December 2,072,391 1,771.044
19.914,961 20,759.409
toll%
AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly
Weekla Sumrrtaries•
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Year,
Previous
Year.
Increase or
Decrease.
Mileage. Curr.Yr. Prev.Yr.
s
I
$
let week Dec (17 roads)---- 15,442,132 13,317.109I +2,045,023 15.26 March
i
234.986 234.202 473, ,,4.4
433 886 457, 60
2d week Dec (17 roads).- 15.477,466 14.922.8321
3
3.51
+554.634 3.72 April
234.955 234,338 416,240,23 432,106,647 +l6.059.426 3.67
3d week Dec 114 roads)..... 13.924.548 13.021.648
+902.900 6.93 May
234,931 234,051 447.299,157 443.229.39 -15,866.410 0.92
0
+4,069.751
4th week Dec 14 roads...... 10.977.911 „
+1.104.408 1.02 June
235.310 234,568 472.383.903 460,007.08 9 +12.376.822 2.69
13,055,010 10.606.7
1st week Jan 17 roads
+2.448.304 2.30
235.082 234.556 442,736,397 462.696.981 -19.960.589 4.31
26 week Jan (17 roads)....- 13.413.517 11.169.706 +2,243.811 2.01 July
6
235,294 235.090
August
3d week Jan 17 roads)...-. 13.209.182 11,735,734 +1,473,448 12.50 September-235,280 235,205 472.242,561 504.154.065 -31.911.054 OM
498,702,27 496 978.503
4th week Jan 16 roads)........18,741,873 14,988.968 +3.752.905 25.03 October
233.872 232.882 545.759.205 532.684.914 +1.723.772 0.83
6
18.074,292 2.46
1st week Feb (I6 roads)-...- 12,813,157 11,819.434
+993,723 7.56 November-.235.748 2
35.679,523.748,483
6
21.0 6
23
:5
2d week Feb (15 roads).- 12.194.740 11.460,961
+733.779 6.48 December. _ 235.920 236.1211512.433.733 466.130,328
424.698.143 5718 155
735.5
90
87.
6
• Grand Rapids & Indiana and Mts. On.ChM.& St Louis included in Pennsylvania ER. a Lake Erie
& Western Included in New York Central.
Monthly Summaries.
VIE CHRONICLE
FEB.24 1923.]
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second week
of February. The table covers 15 roads and shows 6.48%
increase over the same week last year.
Second Week of February.
1923.
Increase. Decrease.
1922.
$
$
537,904
339,079
1,751,460 1.826,106
2,539,000 2,630,000
67.770
83,564
Buffalo Rochester & Pittsburgh
Canadian National Railways.- Canadian Pacific Railway Co-_
Duluth South Shore & AtlanticGrand Trunk Railway System_
1,907,733 1.941,096
Grand Trunk Western
Detroit Grand Haven & Mil
Canada Atlantic
Mineral Range
7,832
3,200
Minneapolis dr St Louis
365,941
}
352,323
Iowa Central
Mobile & Ohio
298,886
379,395
Southern Railway System
3.548,798 3,026,482
St Louis Southwestern
532,852
409,709
Texas & Pacific
552,692
553,879
Total (15 roads)
12.194.740 11,460,961
Niltin ,',',..n IR ASiol 1
$
198.825
$
74,646
91,000
15.794
33,363
4.632
13,618
80.509
522,316
123,143
1.187
946,406
722 770
212.627
__
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
—Grossfrom Railway— —Net from Railway— —Net alter Taxes
1922.
1923.
1923.
1922.
1922.
1923.
$
$
$
3
$
$
Kansas City Southern System—
271,153
516,373
January ___ 2,006,083 1,511,158
381,894
612,655
Electric Railway and Other Public Utility Net
Earnings.—The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
—Gross Earnings—
Precious
Current
Year.
Year.
3
$
926,044
Brooklyn City RR
Jan 966,329
94,309
City Gas Co of Norfolk_Jan
86,344
Cities Service Co
Jan 1.397,672 1,245,657
87,925
Colorado Power Co
93.275
Jan
987.676
12 mos end Jan 31
1.033,429
764.885
Market Street Ry
Jan 801.506
Virginia Ry & Power---Jan 909,439
705,408
Companies.
* Net after taxes.
Gross
Earnings.
622.319
Adirondack Power Jan '23
& Light
481.699
'22
12 mos ending Jan 31 '23 5,968,461
'22 4,865.486
Appalachian Pow Co Jan '23 2,990,266
'22 2,508.872
Bangor Ry &
137,207
Dec '22
Electric Co
132.349
'21
12 mos ending Dec 30 '22 1.488,936
'21 1,420.471
Cumberl'd County Dec '22
335,309
Pow & Lt Co
324,617
'21
12 mos ended Dec 31 '22 3,467,564
'21 3.305.110
Detroit Edison Co Jan '23 2,878,366
'22 2,338,843
Huntington Devel Dec '22
108,934
& Gas Co
'21
105,507
12 mos ended Dec 31 '22 1,194.794
'21 1.065,591
Municipal Service Dec '22
443,509
Co & subs
'21
221,895
12 mos ended Dec 31 '22 3,618,559
'21 2,473,165
Nevada California Dec '22
241.220
El & subs
'21
224,750
12 mos ended Dec 31 '22 3.344.447
'21 3,177,109
Northern Ohio
Dec '22
880,126
Elec Corp
761.010
'21
12 mos ended Dec 31 '22 9,354,965
'21 8,672,079
Phila & Western
Jan '23
66.756
'22
61,265
Phila. Rapid Tran
Jan '23 3,682.077
'22 3,436,640
Dec '22
Portland Ry, Lt
923,589
& Power Co
'21
886,919
12 mos ended Dec 31 '22 10,120,898
'21 9,922,242
Tenn El Pow & subs Dec '22
761,097
ended Dec 31 '22 4,140,861
6 mos
United Gas & Elec Jan '23 1.234.507
'22 1,091,335
Corp
12 MOB ending Jan 31 '23 12,621,169
'22 11,520,498
Net after
Taxes.
$
189,652
146,092
1,759,989
1,306,020
1,421,808
1,139.544
103.067
81,636
737,926
643.905
126,338
158.433
1.461,200
1,277.495
856,700
761,436
40,066
37,818
481,737
447,912
176.379
86.979
1,360.294
813.209
131.430
78,731
1.745,447
1,656.868
218,739
185,179
2,457,191
2,136,748
27,341
25.176
1,085,437
1.053,659
365.784
335,851
3,799,642
3.647.302
319.286
1,835,374
458,219
409,993
4.421,149
3,857.940
—Net Earnings—
Precious
Current
Year.
Year.
$
$
*195,339 *164.028
36.621
30,369
1,356,037 1.206,812
*47,241
*40.233
*479.186 *401,768
*159.110 *164,028
169,337
331,495
Fixed
Charges.
90,972
89.526
1,051.911
931,199
483.148
464,649
24,035
24,316
284,733
282.286
63,294
58,644
719,473
697.876
251,051
831.081
19,600
19,386
228.338
208,904
47,415
9,714
311,418
116,179
67,753
66,806
798.935
784,112
165,300
155,344
1,974,646
1,894.489
14,989
15,168
835,337
819,258
179,033
182,955
2,126,892
2,107,733
132,117
858,264
143.041
144.395
1,715,343
1,705,227
Balance,
Surplus.
98,680
56.566
708.078
374.821
938,660
674.895
79,032
57.320
453,193
361.619
133.044
99,789
741,727
579.619
505.649
430.355
20.466
18,432
253,399
239.008
128,964
77,265
1,048,876
697,030
63,677
11.925
946.512
872.756
53,439
29,835
482,545
242.259
12.352
10,008
250,100
234.401
186.751
152,896
1,672.750
1.539.569
187,169
977.110
315,178
265,598
2.705,806
2.152.713
819
Pate.
Industrial Companies—
Page. Industrial (Concluded)—
728
Adams Express Co
718 International Nickel co
612
Alabama Power Co
618 Jones & Laughlin Steel Corp
622
Allis-Chalmers Mfg. Co
617 Kansas City Structural Steel Co
522
American Can Co
716 (S.S.) Kresge Co
622, 728
American Cotton Oil Co
617 Laclede Gas Light Co
622
American Hide & Leather Co
618 Library Bureau of N.J.& subs
522
American Metal Co., Ltd
618 McIntyre Porcupine Mines,Ltd
728
American Public Utilities Co
518 Mackay Companies
622
American Steel Foundries
513 Massachusetts Cities Realty CO
623
American Water Works 4s El. Co..._724 Metropolitan Edison Co
623
Arlington Mills
618 Midvale Steel & Ordinance Co
616
Atlas Powder Co.& subs
724 Mohawk Valley Co
$12
Auto-Knitter Hosiery Co., Inc
724 Montgomery Ward & Co
Autosales Corp
513 Montreal Light, Heat &Power Con522, 623
Baldwin Co.,Cincinnati
618 solidated
612
Baldwin Locomotive Works
716 National Cloak & Suit Co
Barnet Leather Co.,Inc
724 National Dept. Stores, Inc
523,624
523
Belding-Corticelli, Ltd
619 National Licorice Co
Borg & Beck Co. of III
519 New England Tel.& Tel. Co____524,614
524
Boston Wharf Co
619 New Jersey Zinc Co
729
725 New York United Hotels, Inc
(J. G.) Brill Co
729
Brooklyn Edison Co
519 Niagara Falls Power Co
624
519 Niles-Bement
Brooklyn Union Gas Co
-Pond Co
729
619 North American Co.& subs
Buffalo General Electric Co
613
519 Normally Co
(P.) Burns & Co
524
619 Ohio State Power Co
Butler Bros., Chicago
624
725 Pacific Gas & Electric Co
Canada Cement Co
729
717 Pacific Lighting Corp
Certain-Teed Products Corp
729
619 Pacific Mills
Charleston Gas & El. Co
730
514 Parke, Davis& Co
Childs Company
511, 528
725 Penna. Water & Power Co
Chino Copper Co
620 People's Gas Lt. & Coke Co__ 524, 614
Cluett, Peabody & Co
3
519 Pettibone-Mulliken Co
Connecticut Light & Power Co
513
718 Phillips-Jones Corp
Consolidated Cigar Corp
524
717 Phoenix Silk Mfg. Co., Inc
Continental Can Co., Inc
512
718 Pierce-Arrow Motor Car Co
Continental Motors Corp
730
725 Pittsburgh Steel Co
Continental Sugar Co
717
620 Pullman Company
Conway Realty Co
730
(Robert) Reis & Co
Crescent Insulated Wire dc Cable Co.,
625 730
72.5 Renfrew Mfg. Co
Inc
611, 623
620 Republic Iron & Steel Co
Crescent Pipe Line Co
625
620 Rosenbaum Grain Corp
Cuban Dominican Sugar Co
626
621 St. Maurice Power Co.,Ltd
Cumberland Pipe Line Co
525
613 Sagamore me.Co
Davis-Daly Copper Co
513
726 Saks & Co , New York
Deere& Co
731
Depew & Lancaster L.,P.& C.Co._ _520 Simmons Co
513 Sinclair Crude 011 Purchasing Co
731
Detroit Edison CO
525
(E.I.) du Pont de Nemours& Co__ _ _715 Southern Minn. G.& El. Co
626
Eastern Steamship Linea Co., Inc_ _ _621 Southern New England Tel. Co
526
726 Southern Pipe Line Co
Edmunds & Jones Corp
526
726 Southern States 011 Co
Ely & Walker Dry Goods Co
526
520 South West Pa. Pipe Lines
Eureka Pipe Line Co
626
726 Standard Gas & Electric Co
Famous Players-Lasky Corp
626
726 Sterling Products (Inc.)& subs
Federal Mining & Smelting Co
621 Stewart-Warner Speedometer Corp -731
Fisher Body Corp
626
621 Sweets Co. of America, Inc
Gates Rubber Co
612
727 Texas Gulf Sulphur Co
General Baking Co
626
612 Transue & Williams S. F. Corp
General Cigar Co
611
613 Underwood Typewriter Co
General Motors Acceptance Corp
626
521 Union Refrigerator Transit CoGeneral Petroleum Corp
513
.621. 727 United Cigar Stores Corp
General Railway Signal Co.
715
Giant Portland Cement Co--521,621 United Fruit Co
731
716 United Profit Sharing Corp
Gillette Safety Razor Co
512
Glidden Co
521 United Retail Stores Corp
512
716 United States Envelope Co
Goodyear Tire & Rubber Co
781
622 United States Gypsum
(H. W.) Gossard Co
731
Hamilton Woolen Co
521 U. S. Hoffman Machinery Corp
718 U.S. Printing & Lithographing Co-731
(George W.) Reline Co., Inc
511
Hercules Powder Co
716 United States Steel Corp
732
Hibbard, Spencer, Bartlett & Co..
..521 Van Raaite Co., Ina
732
Household Products, Inc
727 Wahl Co., Chicago
Illinois Bell Telephone Co
728 Wayagamack Pulp & Paper Co.,Ltd.627
627
Indiana Pipe Line Co
728 (C.H.) Wills & Co
611
Inland Steel Co
522,822 (F. W.) Woolworth Co
528
International Lamp Corp
522 Yadkin River Power Co
Studebaker Corporation.
(Report—Year ended Dec. 31 1922.)
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 81.
1919.
1920.
1922.
1921.
39,356
Automobilessold
51.474
66.643
'
110,269
Netsales
$133,178,881 $96,690,644 $99,652,363 $66,383,307
Mfg.,&c.,gen.exp.,&c. 112,110,183 83,453.241 77,816.474 54.681.388
418.456
705.081
Res. for depreciation
1.024.741
705.106
Net earnings on sales-$20.043,957 $12.532,297 $12,130,807 $11,283,463
$116,950
Deduct—Interest, net...-Cr.$615,135 Cr.$138.149 Cr.$120,014
1,854.229
Fed.& Canadian taxes-- 2.572,897 2,260,755 2,428.768
748,475
710.150
diva. (7%)_..
673.750
Preferred
686,000
Common dividends_(10%)6,000,000(7)4.200,000(7)3.937,500(7)2,100,000
Balance. surplus
$11,412,445 $5,523,691 15.174,404 86,463.809
SURPLUS ACCOUNT FOR CALENDAR YEARS.
1922.
1920.
1921.
.
Surplus from above-411.412.445 $5.523.691 85,174.404 86 919
1463,809
Previous surplus
14,229,744 9.822,048 20,925,583 15,578,137
1.358.237
Res.for future conting_
Total
$25,642,189 $15,345,739 $26.099,987 $23,400,183
$405.000
Special surplus account_ $405.000
$405.000
$405,000
2,069.600
Net exp. of new financ'g
Stock dividend
15,000,000
15,000.000
Stock div., rate paid---_
(33 1-3%)
(25%)
Inventory losses
872.940
710.995
Surplus acct. Dec. 31-810,237.189 814,229.744 89,822,048 $20,925,583
Special surplus Dec. 31- $4.455.000 14050,000 $3.645.000 83,240,000
—V. 116, p. 526, 306.
United Gas Improvement Co., Philadelphia.
(Advance Statementfor Fiscal Year ending Dec. 31 1922.)
The company in an advertisement furnishes the figures
for 1922 shown in the following comparative statement, and
FINANCIAL REPORTS.
calls attention to the fact that its operations outside of
Philadelphia, produced $6,329,714 net profit, equal to the
Annual, &c., Reports.—The following is an index to all full dividend on the Preferred and 9.67% on the Common
annual and other reports of steam railroads, street railways stock.
and miscellaneous companies published since and including COMPANY'S INCOME ACCT. FOR FISCAL YEARS ENDED DEC. 31.
Earnings—
1919.
1922.
1920.
1921,
Feb. 3 1923.
Regular sources
$7,767.382 87,402,113 $6,382,298 $6,429,958
746.474
This index, which is given monthly, does not include Profitfrom sale ofsecurs.
reports in to-day's "Chronicle."
Total income
87.767.382 $7,402,113 87.128.773 86.429.958
Taxes, salaries, &c
1,303,550 1,353,597
1.093.450
1.224,640
Bold face figures indicate reports published at length.
Page.
Steam Roads—
715
Mobile & Ohio
609
Norfolk & Western Ry
609
Northern Pacific RY
510
Southern nallWELY
Electric Raliways—
511
Traction Co
American Light &
511
Boston Elevated RY
720
Albemarle Ry
Charlottesville &
Chicago City & Connecting Rya. Col-513
lateral Trust
Columbus Ry., Power & Light Co_ _ _613
610
Detroit United RI
Commis'n on Pref. stock
305,150
Electric Railway (Con )—
Page. War chest contribution_
25.000
Eastern Massachusetta Street fly. -615 Disc.& int. on gold notes
533,750
610.625
723.594
344.219
Federal Light dt Traction Co
720
Profit for year before
Georgia Ry.& Power Co
616
deduction of loss of
Interborough Rapid Transit Co
515
Milwaukee El. Ry.& Light Co
616 LossPhila. Gas WOrks-- $6,329,714 $5.453,879 24,909,448 $4,517.611
on operation of PhilPennsylvania-Ohio Pow.& Lt. Co__ _722
732,271
adelphia Gas Works
2,605,571
2.736,847
895,682
Southern Indiana Gas & El. Co
516
86.263
Preferred dividends_
427,237
414,891
Southern N. Y.Pow.& Ry.Corp
617 Common dividends...
(4%)2.441.192(4)2.441.192(8)4.882.384 (8)4.882,384
United Power di Transporation Co._.722
Bal.,sur.(s)or def.
Utah Power & Light Co
722
(d)s$2,565.603 d$139.050 d$2,604.771 d$1,097,044
d This deficit of the several years is provided for from the undivided
West Penn Co.(and subeldiaries)__ _722
profits of previous years.—V. 116. p. 422.
820*
THE CHRONICLE
[VoL. 116.
Delaware Lackawarina & Western RR.
Kelly-Springfield Tire Co.
(Preliminary Report for Year ended Dec. 31 1922.)
(Report for Fiscal Year ending Dec. 31 1922.)
The company on Feb. 21 issued a preliminary statement
The remarks of President Alfred B. Jones, together with
of earnings and statistics for the year 1922, which com- the income and surplus accounts for the year and balance
pare with previous years as follows:
sheet as of Dec. 31, will be found on a subsequent page of
this issue.
STATISTICS OF OPERATION.
1922.
1921.
1920.
1919.
Average miles operated_
980
980
9A0
980
Earn, per freight tr. mile
$9.28
$10.54
$9.51
$9.24
Earn. per pass. train mile
$2.86
$2.94
$2.68
$2.91
Average train load (tons)
693.41
738.66
814.25
859.71
Rev,freight car'd (tons) 21,794.416 24,673,802 28.315,359 25,982,548
Net revenue ton mile--3851275,943 4454205.652 5166315,007 4830065.815
Aver,rev, per ton mile__
1.34e.
1.43e.
1.17c.
1.07c.
Passenger TrafficPassengers carried
28,512,723 28,991,888 30,612,506 27,281,789
Pass. carried one mile 652,061.940 656.097,874 698,358.572 643,253,978
Rate per pass. per mlle_ _
2.14e.
2.20c.
1.92c.
1.99e.
STATEMENT OF OPERATIONS FOR CAL. YEARS 1922 & 1921, COMPARED WITH COMBINED CORP. & FED'L FOR YEAR 1920.
Revenues1922.
1921.
1920.
Coal
$14,294,191 $26,606,299 $20,228,484
Merchandise freight
37,262,516 36.970,445 40,132,599
Passenger
13,960,681 14,438,161 13,868,516
Mail
733,159
587,733
892.599
Express
1,652,802 1,009,055
1,465,114
Milk
1,963,564
1.974,035
1,742,336
Other revenue
3.209,846 2,944,928 2.827.514
Incidental revenue
1.545,586
1,447,159 2,182,899
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
1920.
1919.
Gross profits
412,531,379 $6,004,521
Admin.. oper. exp.,&c- 67,305,176 4.567,427 $7,721,901 $7,034,284
4,290,987 3,776.735
Net operating income_ $5,226,203 $1.437.094 $3,430,914 $3,257,549
Interest, &c., received__
351,643
445,915
604,530
274,539
Total oper. income... $5,577,846 $1.883,009 $4,035,444
$3,532,088
Int. on 10-yr.8% notes
800,000
477.778
Int. & misc. deductions_
464,465
1,912,192 2,076,152
295,291
Depreciation
1.168,832
• Net income
$3,144,549 def.$506,960 51,959,293 $3,236,798
Previous surplus
$6,116,777 87,203,915 $8,120,453 $9,197,858
Miscellaneous credits_ _ _
11,078
271,052
57,275
202,602
Cap.sur.from premiums
1,640,360
Total
$9,272,404 $88,608,367 $10,137,021 $12,637,258
Inc. & excess prof. taxes
70.446
158.268
702,500 2,674,951
Adjustments
97.744
94,734
1,772
Retirement of Pref. stock
253,959
253.859
87,938
Exp.on issue of8% pf.stk
180,727
Total surplus
$8,850,256 $8,101,506 $9,434,522 $9,691,870
Divs. on (6%) Preferred
181,113
190.776
194,226
199.026
Divs. on (8%) Preferred • 437.186
459,416
468.816
117,204
Common divs. (cash)
322,776 (16)895.751 (16)800,409
Common diva. (stock)_
1.011.761 (12)671,813 (9)454,778
Appr.sur.6% Pf. stk.ret Cr.721,100
81%
do
do
Cr.415,500
Total
$74,622.344 $85,977,815 $83,340,061
Expenses
Maintenance of way and structures $7,882,510 $10,022,415 $10,178,887
Maintenance of equipment
18.683,608 19.053.845 19,608,625
Traffic expenses
1,349.689
1,305,321
Transportation expenses
33.242,097 34,819,694 40.165,381
Miscellaneous operations
680,770
685.098
991,656
General expenses
1.872,164 2.039.185
1,976,555
Balance, surplus
$9,368,556 $6,116.777 $7,203,915 $88,120,453
Transportation investment
Cr.39,221
Cr.53,500
Cr.8,748
a Gross profits on sales before depreciation. b Selling administrati
Total expenses
ve
$63.671.647 $67,872,058 $73,898,429 and general operating expense. including cash discounts allowed
customers,
interest on current loans, &c.
Net revenue from operation
$10,950,697 $18,105,757 $9,441,632
Railway tax accruals
BALANCE SHEET DECEMBER 31.
4,894,466 5,312,066 4,539',785
Uncollectible railway revenues
1922.
1921.
9.944
12.295
2,810
1922.
1921.
Assets$
Liabilities-Operating income
$6,046,287 $12,781,395 $4,899,037 Plant accounts.
Preferred stock_ 3,037.100 3,137,100
Additional Income
patents, equipCommon stock- 9,096,003 9,096,003
ment, &c
Joint facility rent income
x22,222,182 22,995,665 8% eum. pref. stk_ 5,444,700 5,625,200
$143,112
$138,900 . $137,887 Cash
Hire of equipment-Cr. balance
752,237
364.136 Dr.112,655 Common stock 1,836,462 2,357,977 10-year 8% notes_10,000,000 10,000,000
Incomefrom unfunded secur.& accts.
Accounts payable. 435,625
535,116
332,575
699,208
821,903
purchased for
Miscellaneous rent income
Balance due oust_
15,751
276,652
59,417
251,418
304,024
resale to emMiscell. non-oper, physical propertyAccrued taxes,&c_ 755,105
324,546
105.522 ' 94,190
110,668
ployees
Dividend income
y206,825 1,210,979 Accrued interest on
453,086
444,065
386,756 Sundry investIncome from funded securities
notes
100.000
3,611,792
100,000
771,650
725,130
ments
Miscellaneous income
27,576
27,947 Dividends payable
45,000
2.100
47,057
392 Dr.56,860 Kelly-Springfield
Income from sinking & oth. res. funds
Other
253,524
26,570
1,038
1,038
400
pref. stk. cost) 130,926
(at
Income from lease of road
on 10-yr.8%
9.224
3,249.379 Notes&accts. rec_.z5,602,832 2,891,999 Prem.reserves._.
Revenue prior to Jan. 1 1918
gold notes rot._ 162,500
Dr.4.153
62.500
442 46
168,546 Deferred charges._ 669,027
Depletion of coal deposits
773,538 Surplus
-general__ 8,231,956
1,648,955 2,018,593 Inventories
8,018,035 5,525,739 do appropriated 1,136,600 6,116,777
Earnings coal department
856,100
43,847 6.626,405 6,503,942
Guaranty period income
Total
Adj. of settlement, U. 8. RR. Adm.. 4,699,064 2,000,000 5,124,500
38,713,865 35,783,845 Total
38,713,865 35,783,845
Sundry additions and deductions_ __ _ Cr.168,984 Dr.268,789
Cr.156,642
x Property and equipment at plants and branches, patent rights, &c., less
depreciation, $21,566.997: investment in real
Gross income
$16.848,062 $25,990,749 $24,437,891 land, Md., for employees, less depreciation estate and houses at Cumber, $655184 y Common stock
Deductions
purchased for re-sale to employees-cost (of which $314.498
Rentals ofleased road
$5,273,169 $5,356,540 $6,128.996 stock held for future sale, having a market value of $282,607).represents
Interest from funded debt
$609.928.
5,914
6,142
6,156 less employees' subscription payments and loans thereon, $403.102. z AcRental New York piers
349,089
351,121
973.906 counts receivable, $5.708,891; customers' notes receivable, $11,602: other
Additions and betterments
732,537
1.105.555 2,509.679 notes receivable, $28.280; notes receivable secured by mortgages (due within
Intt,,e.t on unfunded debt
11,425
16,857
49,409 6 mos.), $221,000, making a total of 35.969,775, less reserves of $366,943.
Expenses prior to Jan. 1 1918
Cr.3,869
111,301 -V. 116, p. 728, 418.
Dividends declared
$10,475,929 $19,158,403414,658,443
10,132,932 13,510,576 8,444.110
Balance, surplus
(S. H.) Kress & Company
(Report for Year ended Dec. 31 1922.)
$342,997 $5,647,827 $6,214,334
INCOME ACCOUNT FOR CALENDAR YEARS.
x To afford,as far as possible,a correct basis
for comparison,the operating
1922.
1921.
results of the U. S. RR Administrati
1920.
1919.
on for the months of Jan. and Feb. Stores operated Dec. 31.
145
142
1920, together with overlapping items
145
145
relating thereto, are included with the Sales
$30,646,938 $28,908,981 $28,973.847 $25,244,131
operating results of the company for the
10 months of 1920, resulting in an
Inc. over prey. year.. (6.01 cts.)
increase in this item of $983,335 over the
(14.77%) (19.30%)
actual net income of the company Net profit
$3,088,641 $1,258,142
as shown for the year 1920.-V.
8960,855 $2,075,826
116. Izo• 75.
Ratio to sales
(10.08%)
(4.35%)
(3.31%)
(8.22%)
Res've for contingencies_
Cr.258,352
232.024
Divs.on 7% Pref.'7%1_
229,238
Goodyear Tire & Rubber Co., Akron, Ohio,.
239,464
258,330
Divs. on Corn.stock_ __(4%)480,000 (4)480.000 (4)480,000 (4)480.000
(Adjusted Balance Sheet as of Dec. 31 1922.)
The following is the balance sheet as at Dec. 31 1922, consolidated with principal selling companies, adjusted to give
effect to subsequent acquisition for redemption of voting
trust certificates, representing 130,980 shares of Prior Pref.
stock, the purchase of an additional $1,500,000 Debenture
bonds in anticipation of sinking fund requirements, and satisfaction of accrued dividends on Prior Pref. stock. For offering of $14,505,800 8% Cumulative Prior Pref. stock see
under "Investment News" below.
Balance, surplus
$2,376,617
$548,904
$4-19.743 $1,337,496
Of above to red. Pref.stk
733,500
677,500
b62,500
446,800
BALANCE SHEET DECEMBER 31.
1921.
1922.
1921.
•
AssetsLiabilUies$
$
Furn.,Impts.,land.
Cum.7% Prof. stk 3,266,500 3,322,500
&c
3,232,540 2.746,637 Common stock.-.12,000,000 12.000,000
Good-will, organ'n,
payable- 1,399,985
Accts.
967,378
leaseholds, &c...12,000,000 12,000,000 Div. pay. Jan. 2_ _
58,144
58,406
Inventories
5,413,915 4,040,282 Res. for renting.&
Supplies
20,183
Federal taxes_ __ 1,934,958 1,353.535
12,291
Sundry debtors._
355,569
107,541 Surplus
8,144,263 5,707.646
Prepaid expenses.
58,560
51.445
Fore'n cum.on dep
34.680
147,484
U. S. Govt. see.
1922.
(Asses Cenci.)
1921.
Assets(market values) 1,569,266 1,344,150
(As adjust.) (Actual.) Dint. on bds & 1922.
1921.
Other market. sec.
Land,b1dgs.,ma
, •
debs.,lessamt.(As adjust.) (Actual.)
(market values)
vhinerY, Ac.x314,478.440 $45,974,287
18,400
written OM__ $4,578,741 $5,370,983
Purch. & dev. of
Cash paid for pref.
•
Prepaid ins.,&c
rubb. planta'n
stock dividend._
58.144
53,406
expenses
192,152 1,447,702 Cash
in Sumatra_ __ 6
4,042,598 2.961.258 Total (each side)26,803,849 23,469,405
.
Eq.,fists. & fur. .332,611 6,030,661
Total
5157.560,7685168,455,775 -V. 116, p. 184.
at branches &
autos. (at deLIaSUdies
Columbia Gas & Elec. Co. (of W. Va.), Cincinnati, &c.
prec. values).
953,558 1,121.787 Prior 8% Pf etk.320,000,C00 $29,662,300
Inv.In Jr adv.to
(Report for Fiscal Year ending Dec. 311922.)
Managem't stk.,
sub. cos. and
6% cumula__
y10,000
10,000
torn branches 31,888,502 29,690,257 Pref. 7% stock. 65,079,600
The remarks of President P. G. Gossler, together with the
65.079,600
Funds depos. in
Common stock_ z1,000,000 1,000,000 eonsolidated comparative income
accounts for several years
escrow against
lel M.20-yr. 8s_ 27,750,000 29,250,000
conting. elms
906,418
.10-yr. 8% dohs. 27,500,000 27,500,000 of the Columbia Gas & Electric Co. and subsidiary comInv.In co.'s deb.
Acols payable__ 4.036,129 4,838,655 panies, and the consolidated
balance sheet as of Dec. 31
in antic. of sk
Notes payable__24,000
1922, will be found on subsequent pages of this issue. Comfund requIre's 2,552,034
kecr'd int. and
Inventories
_ 30,585,736 32,232,778 prem. on bds_ 1,351,353 1.371,574 pare map on page 155 of the "Railway
and Industrial" SecAcc'ts and dotes
Reserve for add'l
tion of Nov. 25 1922.
rec. (less res.) 11,990275 10,194.500 possible losses
1,441,398
U.S.Treas. Otis.,
Res've for cont.
President Gossler in his remarks (see subsequent pages)
*c., marketa& Fed'i taxes. 4.330,796 4,681.605 says in part:
ble securities_ 1,704,663 9,469,180 Surplus
6,478.891 3,620,043
Cash
This group of companies, including the leased properties, had outstanding
8,897,639 14,423,640
Other assets._
12,500,000 12,500,000 Total
8357,560,7685168,455,775 in the hands of the public at Dec.31 1922. $165,730,368 of securities, consisting of $54,316,568 bonds and debentures, $46,227,600 Preferred and
x Land, buildings, machinery, equ'pment, &c.. $58,478,998. less depre- Common stocks entitled to dividends at fixed rates specified in the various
ciation, $14,000,558 y Management 6% Cumulative stock, par value $1. leases, and $05,186,200 Common stock. The market value of these sez Common stock no par value.
curities, based on quotations at that date, amounted to more than $167,200,[taking at less than
Contingent liabilities in respect of endorsements, &c., $924,288, and in 000Ohio Fuel Supply 75% of their book value the minority stocks owned
by
Co. and for which there is no public quotation].
respect of dividends on $5,000,000 Prior Pref. stock under contract to
purTke total gross earnings of all the companies, constituting the system
chase. $800,000.-V. 116. p. 727. 716.
operated by Columbia Gas & Electric Co., for 1922 amounted to $35,322,-
FEB.24 1923.]
THE CHRONICLE
-company
086. Net earnings for the above period, after eliminating inter
transactions, were $16,427,445.
production was practically the same as in 1921. The policy of the
The oil
company has been to restrict Its oil operations largely to such production
as has resulted from drilling for gas, and to defer active work in its extensive
oil fields until the price of oil makes such development more attractive.
During the year the subsidiary companies in the Cincinnati district entered the retail field for both gas and electric appliances through the purchas of Gas & Electric Appliance Co., which operates several attractive
and profitable "Electric Shops" in Cincinnati, Covington and Newport.
Three months' operation of this department of the business has clearly
demonstrated that the investment will prove profitable and will tend to
increase the demands for the company's service.
All of the properties have been maintained in first class operating condition and operating expenses include provision for the depreciation of the
properties of Cincinnati Gas & Electric Co. and the subsidiaries of Cincinnati Newport & Covington Light & Traction Co.;in addition to which there
has been set aside from surplus of Columbia Gas & Electric Co. and Union
Gas & Electric Co. for depreciation for the year the sum of $848,020. and
from the surplus of United Fuel Gas Co. and Virginian Gasoline & Oil Co.
for depreciation and depletion of their properties during the year, an amount
In excess of $3,000,000.
During the year cash dividends have been paid quarterly to the stockholders of Columbia Gas & Electric Co. at the rate of 6% per annum.
821
CONSOLID TED GENERAL BALANCE SHEET DECEMBER 31.
[Including American Locomotive Co., Montreal Locomotive Works, Ltd..
and American Locomotive Sales Corporation-Combined.)
1921.
1922.
1921.
1922.
$
$
Liabilities$
$
Assetsstock__ _20.000.000 25,006,000
Preferred
Cost of property
(less deer. res.)_38,971,970 40,230,484 Common stock...25,000,000 25,000.000
927.630 Locom. & Mach.
Sundry invest'ts__ 1,064,069
Co., Ltd., bonds 1,500,000 1,500,000
1,804,106 3,416,204
Cash
U.S.Tress. certifs 7,312,108 6,806,250 Rich. Loc.& Mach 432,000
432,000
Works (bonds)._
Un. Kingd. 554%
676,949
980,000 Accounts payable_ 6,163,574
cony, gold notes
Unclaimed interest
Lib. L'n
U.S. Vic.
3,607 . 4,539
and dividends__
4.730,862
4j% notes_
4,194,942 Res. for U.S. and
N.Y.C.6% secur.
Canad'n inc.and
Can't' Viet. Loan
857,534 1,244,940
Profits taxes.._
1,834,375
534% bonds.
88,521
Sundry accr. exp._ 234,345
Prey. of Ont. 6%
M
64
reserve_
215,134
Treasury notes_
Res. for coating.,
Belgian 5-year 6%
incl. accident in4,286,775 4,286,775
gold notes
demnity, &c..... 3,020,751 3,074,819
RR.equip.tr.notes. 1,675,214
2,445,503
Acets receivable._ 9,304,681 3.648,632 Add'ns& bett't res 1,612,686 25.488,156
9 001,205 Surplus
03 338,635
Bills receivable_ _ _ 7,424,163
649,642
Accrued interest__ 413,772
15,337.873 4,751,901
Inventories
56,372
Sundry derd chges 175,787
CONSOLIDATED BALANCE SHEET DEC. 31.
1921.
1922.
1922.
1921.
AssasLiabilities-$
87,770,518 85,630,406
Total
87,770,518 85,630,408
Total
50,000,000 5e,000,000
Property acc't_ _x66,103,497 65,714,667 Capital stock
Guar. funds dep.
14,263,000 14,196,500 -V. 116. p. 518. 413.
1st Mtge.5s
with trustees
2,616,868 2,617,168
5% gold debens
516,167
Cash
190.190 Acc'ta payable_ _ _ _ 636,343
109,931
999,502
%
Un. King.
1,232.164
Accrued taxes._
403,472
notes
97,906
97,906 Accrued rentals.,. 520,174
281,755
State of Ohlo
liabilities 311,966
Deferred
non-tax. mun.
ReservesRAILROADS, INCLUDING ELECTRIC ROADS.
13,984
16,162
securities
Accr'd accounts_
2,073,080 1,673,778
The following news in brief form touches the high points
U. S. securities_ 1.722,208 1,966,251
To amortize Ky.
163,889
175,000
Other secur.owned 103,200
betterments
123,050
in the railroad and electric railway world during the week
1st M. 5% bonds
For net current
336,731 just past, together with a summary of the items of greatest
In treasury
assets leased._ 336,731
2,549,330 2,382,830
Cash
For deprecia'n.. 4,781,831 3,933,810 interest which were published in full detail in last week's
1,681,993
707,784
3,780,119 2,982,204
Aec'ts receivable 2,516,947 1,944,905 Surplus
"Chronicle" either under "Editorial Comment" or "Current
Mans & supplies_ 856,544
752,919
Int. & diva. neer.
Events and Discussions."
on secur. owned 452,418
687,186
-On and after Feb. 20 fare wil
Concord (N. C.) St. Ry. Fares Reduced.
Deferred assets,_ _ 40.3,303
203,715
..“11
be 7 cents instead of 10 cents. "Financial America" Feb. 22. p. 2.
-Amended conErie RR. Signs Contract with American Ry. Express Co.
78,670,358 76,445,182 tract to take effect March 1 has been signed by both parties. "Financier
Total
Total
78,670,358 76,445,182
x Property account, comprising gas fields, plants, franchises, leases and America" Feb. 22, p. 2.
stock owned of subsidiary companies.
U. S. Supreme Court Upholds U. S. RR. Labor Board in Pennsylvania
-Employees of the railroad may write name of labor union
Note.
-There is a contingent liability due to the guaranty by Col. Gas & RR. Case.
El. Co. of the principal and interest payments on $2,031.000 1st M. 5% instead of individual on ballot as choice of a representative, according to
bonds of Cincinnati Gas Transp. Co. due July 1 1933. These bonds will Board's decision. "Wall Street Journal" Feb. 20, p. 8.
-V. 116, p.
be retired before maturity by operation of the sinking fund.
-S. C. C. Grant of 15% Freight Rate Increase to New England Roads
I.
-"Times" Feb. 20, p. 21.
725, 415.
Upheld By U. S. Supreme Court.
-To meet Panama
Transcontinental Roads To Cut Coast Freight Rates.
wilt
Canal competition on March 7 rates on tin plate from Chicago west all
Company.
American Locomotive
reduced from $1 20 per cwt. to 75 cents and similar reductions on
be
"Times" Feb. 19, p. 19.
other commodities will be made.
(Report for Fiscal Year ended Dec. 31 1922.)
-Chicago Burlington & Quincy will
Clerks' Wages To Be Increased.
Increase wages about 2 cents per hour March 1. "Philadelphia News
President Andrew Fletcher Feb. 8 reports in substance:
Bureau" Feb. 19. p. 2.
-Involves
Results.
-Gross earnings were 829.122.112, and after deducting 827.821,Roads Entering St. Louis (Mo.) Plan Terminal Improvements.
633 for cost of manufacturing, maintenance, administrative expenses, inter- initial outlay of $16,000,000. "Phila. News Bureau" Feb. 16. p. 3.
est on bonds of constituent companies and an allowance for depreciation of
-Freight cars in need of repair on Feb. 1 last totaled 209,417.
Car Repairs.
$1,447.274 on plant properties, there remained a gross profit for the year or 9.2% of the cars on line, a decrease of 7,729 compared with the total on
of $1.300,478, from which has been deducted an allowance of $200.000 for Jan. 15, at which time there were 217,200 cars, or 9.6%. The number of
estimated U. S. Federal taxes, the remaining balance of $1,100,478 being cars in need of repair on Feb. 1 was the smallest number since Jan. 15 1921.
repair
the net available profit for the year.
It also was a decrease of 121,579 compared with the number in need of
During the year the usual 7% dividend (81.750,000) on the pref. stock. on Feb. 1 last year. Freight cars in need of light repair on Feb. 1 la.st numand 6% in dividends ($1,500,000) on the common stock, were paid. Of bered 51,613, which was 2,755 less than on Jan. 15. Cars in need of heavy
this total of$3,250.000,$2,149,521 was paid from previously accum. profits. repair totaled 157,858, or a decrease of 4,974 within the same period. s
While the first six months of the year showed a deficit of $966,779 before
-A new high record for any semi-monthly period on
Locornotive Repair.
dividends, tho last six months period showed a net profit of $2.067,258 record in the number of locomotives repaired and turned out of the shops
before dividends, after allowing $200,000 for estimated taxes. The net by the railroads of the country was established from Jan. 15 to Feb. 1.
profit for the last six months of the year was $442,258 in excess of the during which time such locomotives numbered 20,510. according to a staterequired amount to pay the six months dividends of 3Si% on the pref. and ment by the American Railway Association. This exceeded by 1,786
3% on the common stock.
locomotives the previous record, which was made during the last half
Unfilled Orders, &c.-Untllled orders Jan. 1 1922 amounted to 83,344.300. of December.
On July 1 the business on hand was $9,067,980 and on Jan. 1 1923 unfilled
Locomotives in need of repair on Feb. 1 totaled 15.412, or 23.9% of the
orders had amounted to $49,349,140, an excess of $46,004,840 over Jan. 1 total number on line. This was the smallest number in need of repair since
, 1922. Domestic business was about 99% and foreign business about 1% the shopmen's strike began on July 1 1922, at which time there were
of the total amount of business on hand Jan. 1 1923.
14.412. or 22.4%.
The business received during the year, together with the $3,344,300 on
The number in need of repair on Feb. 1 was a decrease of 661
hand Jan. 1 1922, amounted to $76,021,998. About 84% of the total compared with the total on Jan. 15.
amount of business was received during the last six months of the year.
Locomotives in need of light repairs numbered 13,537 on Feb. 1,640 less
Foreign business accepted equaled but 2.3% of the total amount of business. than on Jan. 15, while locomotives
need of light repair totaled 1,875.
A larger amount of foreign business could have been obtained in the first or a decrease of 21 within the same period.
six months of the year, but the conservative policy of the company is to
Car Surplus.
-Freight cars in repair and Immediaetly available on Feb. 7
accept only business where the requested length of time of deferred credit compare with previous report as of Jan. 31 as follows: Freight cars totaled
payments and the securities offered for the protection of the payments are 28,628. Increase 2,040; box cars, 7,507, increase 531; coal cars. 7 790
. .
considered reasonable business risks.
Increase 582; stock cars, 6.122. increase 312; refrigerator c.ars, 5.578.1 fl
-During the year there was expended for additions and crease 736.
Additions, Ac.
cars during
betterments to plants $832,816, which has been charged to reserves.
Car Loadings.
-Loading of revenue freight totaled 853,289
No construction work was done during the year on the proposed new the week ended Feb. ro, according to reports filed by the carriers with the
plant in the St. Louis lilstrict. While general plans have been made, no American Railway Association.
will be started until the general business requirements
definite construction
This was not only a continuation of the unusually heavy loadings for this
of the company warrant it.
season of the year, which has been in evidence some months, but exceeded
-The inventory account on Dec.311922.Including materials, all corresponding weeks for past years on record.
Inventories.
supplies, and stock locomotives and parts, amounted to $6,363.868 in comThe total for the week was 75.498 cars in excess of the same week last
parison with the same items Dec. 31 1921 of $4,350.199. The contract year and exceeded the same week in 1921 by 165.422 cars. Due prinwork in process under heading of inventories was $8,974,004 on Dec. 31 cipally to severe weather conditions in various parts of the country, the
1922. in comparison with $401,701 on Dec. 31 1921. The materials and total, however was a decrease of 12,386 cars compared with the preceding
supplies have been valued at cost or market price, whichever was lower.
week this year.
-An agreement was executed in the
Agreement with General Electric Co.
Principal changes compared with the week ended Feb. 3 were: Coal.
latter part of December 1922 between company and General Electric Co., 190,860 cars, increase 1,087; grain and grain products, 40.939 cars, dedesign and manufacture of electric locomotives crease 797; live stock. 32,277 cars. decrease 1,398; forest products. 64,310
for close co-operation in the
for use on steam or electric railways, this company to manufacture what is cars, decrease 5.457; merchandise and miscellaneous freight, which includes
considered the construction work, running gear, acc., and General Electric manufactured products,499,605 cars, decrease 5,681 cars; coke. 15,188 cars.
Co. to manufacture the electrical work. In entering into an agreement increase 989; ore. 10,110 cars, decrease 1,129.
at this time the two companies were influenced by the increased interest
Matters Covered in "Chronicle" Feb. 17: (a) Railroad gross and net
and business In railway electrification, both in the United States and other earnings for December, p. 657-660. (b) position of Louisville & Nashville
countries, which has nacently manifested itself, indicating a larger volume RR. (study by Brown Bros. & Co.), p. 685. (c) I.
-S. C. C. Approves
of work of this character in the future to meet certain conditions of railway control of Central Pacific Ry. by Southern Pacific Co.
-Union Pacific
service, and it Is our belief that the close-co-operation of the technical and assured good through-service cettlement agreeable to all parties. ro• 688•
manufacturing facilities of the two companies will result in improvements in (d) Executive Committee of Association of Railway Executives to take
design and economics in the manufacture of electric locomotives that will up broad study of transit situation, p. 687. (e) Loss of $1,800X00,000
enable them to render efficient and satisfactory service where electric loco- to Government during war-time operation of railroads. p. 687. (f) I.S.
motives are required. The agreement that has been executed does not C. C. decides Southern Pacific Bit, can extend steamship service to New
include any financial ownership between the two companies.
England ports, P. 688 (g) Railroad guaranty fallacy exposed by Wm.
.
Outlook.
-The extensive buying by the domestic railroads during the last Sproule, President of Southern Pacific Co.. p. 688•
•
six months of the year has continued to date and the prospects are that the
company will have good business throughout its fiscal year ending Dec. 31
American Railways Co.
-Annual Report.
1923.
1919.
Years ending Dec.311920.
1921.
1922.
Gross income, all sources_$2,475,896 $1.964,499 $1,719,347 $1,795,436
INCOME ACCOUNT FOR CALENDAR YEARS.
1,171.117
1,244,494
1,400,417
1,341.377
Works, Ltd., Interest, taxes, &c
[Including American Locomotive Co., Montreal Locomotive
and American Locomotive Sales Corporation-Combined.]
$624,319
6474,853
Net income
$564,082
31,134,520
1919.
(3;0331,101
1920.
1922.
1921.
Common dividends
Gross earnings
280.000
$29,122,112 335,711,507 $66,884,613 $70,073,582 Preferred dividends(7%).
105,000
Mfg., maint. & adm.oxp 26,288,361 28,696,641 56,716,3621 58,115,810
813.219
Depreciation
1,326,8111
1,447,274
1,409.838
3369.853
Surplus
3564.082
81.134,520
Combined Earnings of Controlled Companies.
Manufacturing profit_ $1,386,417 $5,605,029 $8,841,441 311.957,762
1919.
1920.
Calendar Years1921.
1922.
Int.on bonds ofconstituent companies,&c_ $228,189 Operating revenues
885,938
$19,342,698 $18.829.888 $18,S36.225 $16,312.231
$86,243
$94,301
31.619,674 31,714,831
Yet inc. aft. fixed chges_ $2,424,888 $_.1 ,995,186
inU. S. and Canadian The name of the company, effective Feb. 13 last, was changed to Ameri200.000
come and profits taxes
435,000
1,636,014 2,235.304
Prof. diva.(7% p. .)-- _ 1,750,000
1,750,000 can Electric Power Co., per financial pip in V,1l6. p. 293, 514, 615.
1,750,000
1,750,000
Common dividends_ -(6%)1.500,000 (6)1.500,000 (6)1,500,000(5 )1375000
-Bonds.
Atlantic Coast Line RR.
Additions & betterments
4,000,000
1,000,000
2,000,000
The I.
-S. C. Commission has authorized the company to issue $10,000
Net to profit & loss_def$2,149,521
6833,786 $1,861.126 $2,369,269 Gen. Unified Mtge. 434% Gold bonds, Series A, to be exchanged at par for
'
•
Unfilled orders Dec. 31_349,349,140 83,344.300 324,270,702 88,999.921 Unified mtge. 4% Gold bonds.
-V: 115. p. •1729; •
GENERAL INVESTMENT NEWS
822 ,
THE CHRONICLE
[Vol,. 116.
Buffalo Rochester & Pittsburgh Ry.-Equip. Issue.
Company
annum, the additional 1% interest
under a supplemental indenture bywhich these bonds boar will be secured
a
Refunding Mortgage (except approximlien on the property subject to the
ately 2.6 miles) subordinate to the
lien of the principal of the
Refunding Mortgage bonds and interest thereon
at the rate of 4% per annum.
Purpose.
-Proceeds will
Chicago & Alton RR.
applied: (1) to
-Oct. 1 1922 Interest Advanced.
- funding $968,000 Kankakebe & Southwestern reimburse company for ree
RR. 5%
matured
Aug. 11921, and
The protective committee for the 3% Ref.50
-year gold bonds, due June 1 1923.to refund $470.000 Belleville & Carondelbonds,Mtge. 6s.
et 1st
and (2) to reimburse the treasury for improvem
Charles A.Peabody, Chairman, has issued a notice announc- heretofore
ents
effected on the company's lines of railroad
subject to the Refunding that the committee has arranged to advance depositors ing Mortgage, and to retire a loan of $33,848,0
00 from
Securite
desire the amount of the Oct. 1 1922 interest on the 2.173 miles.-Refunding Mortgage bonds are secured bythe U. 8. Treasury.
who so
direct mortgage on
of railroad, including substantially
all the main lines of the
bonds of this issue.
company owned in fee east of Dubuque
(with the exception of the so-called . and south of Chicago to Cairo, Ill.
Depositors are being notified that they may obtain this
senting their certificates of deposit for stamping at New advance by pre- Springfield to Bridge Junction, Ill., aLitchfield Division extending from
distance of 97.59 miles), the
York Trust Co. or valuable Chicago terminals
at Illinois Trust & Savings Bank, Chicago,
as well as other terminals, yards, depots, very
lands.
committee has extended the time during which on or after Feb. 20. The &c.
the bonds may be deposited
Dividends.
-Company has paid
to and including March 20 1923.
ruptedly since 1860. On Feb. 2 dividends on its capital stock uninterMore than 60% of the outstanding $45,350,000
1923 it had outstanding 310.720.300
of
of
issue have already been deposited under the agreement. the bonds of this 6% Pref. stock and $109.505,300 of Corn, stock on
The committee's being paid at the rate of 7%
which dividends are
certificates of deposit are now listed on the New York
per annum.
Stock Exchange.
Earnings.
-Net income for 1921 applicable to
V. 116, p. 74.
the payment of interest
on its funded debt amounted to
321.785.468. while its interest charges
Chicago Milwaukee & St. Paul Ry.-Equip. Trusts the same period amounted to only 312,084,673. For the
for
11 months ended
Nov. 3f1
earnings amounted to $24.953,638, an
Sold.
-Kuhn,Loeb & Co. and National City Co. have placed 35.974,8351922 suchsame period
increase of
over the
of the previous year.
The Refunding Mortgage bonds,
privately $1,536,000 5% Equip. Tr. Certificates, Ser. 'B."
will mature on Nov. 1 1955, and will which you have agreed to purchase.
Dated Feb. 1 192 due in annual installme
,
3,
bear
each year from 1924 to 1935 incl. Commercints of $128.000 on Feb. 1 in rate of 5% per annum payable semi-annuinterest from Nov. 1 1922 at the
ally on May 1 and Nov. 1. of
trustee. Denom. 31.000 (c*). Int. payableal Trust Co., Philadelphia, each year. They will be issued as coupon bonds
F. & A. Secured on 100 $1,000, with privilege
in denomination of
Mikado locomotives.
of registration as
-V. 116, p. 515, 409.
bonds registered as to both principal to principal and exchangeable for
and interest, which latter may be
exchanged for coupon bonds upon condition
Cleveland (Electric) Railway.
-Annual Report.
s as stated in the Refunding
Mortgage and Supplemental Indenture.
Calendar Years1922.
1921.
not any part thereof, may be redeemed The entire issue outstanding, but
1920.
1919.
Total fares received____287.503,500 287.793.2
at the option of the company at
44
Rides (incl. transf., &c.)402.26i1,233 399,429,666 328,657,847 292,206,519 107ti% and accrued interest.
450,925,677 402,808.820
/ssuance.-Subiect to approval of I.-8. C. Commissf
Gross earnings
on.
316.893,034 317,607.718 $17,382,358 315.459,234
Listing.-ApplicatIon will be made to list these
Net earnings
bonds on the New York
34.810.624 34.186,166 $2,316,307 34,476.098 Stock Exchange.
-V. 116. p. 720..76.
Other income
Cr.189.360 0%190,229 Cr.174,196 Cr.201,711
Interest and taxes
3.398,829 3,281.876
3,183,424
3,257,890
Indianapolis Street Ry.-Earnings Calendar
Obsolete property
466,496
494,361
Year.
498,000
619,663 Gross earnings
35.545,164!Taxes
Balance, surplus
$437.360
Operating expenses
4.057,361 Fixed charges
$1.134.658
3600.158df$1.190,921
$800,256 -V. 115. p.
-V. 115. p. 2045.
647,343
1837.
Surpl us
403.099
has asked the I.-8. C. Commission for authority to issue and
F
sell $1,920.000 15
-year 5% Equip. Trust Ctfs., to be sold at 96.75,
proceeds in part to be used in purchase of additional equipmen and the
t to cost
approximately 32,407.300.-V. 116, p. 514.
Cumberland County Power & Light Co.
-Report.
-
Calendar Years1922.
Gross income
33.467.564
Oper. expense.: and taxes a2,235.565
Other deductions
719,472
Preferred dividends
159.646
Balance, surplus
3352,881
1J21.
1920.
1919.
33,305,110 $3,114,008 32,768,599
2,242,835
2.142,834
1,813.933
697.876
667,483
672,252
241,500
3122.899
3303.691
$282,414
a Includes $295,077 for taxes,accrued and 3229,2011
for depreciation.
--V. 116. p. 75.
Dayton Toledo & Chicago Ry.-Sale.---
Judge W. D. Jones of the Common Pleas Court
approved and accepted the bid of the West Virginia at Troy, 0.. Feb. 16
ton, W. Va., for the purchase of this company's road.Rail CO. of HuntingThe bid was $210.000. The road, which, it is stated, will be dismantled beginning
March 1,
has been ordered abandoned by the 1.-8. C. Commissi
on. See V.116.14.73.
Dubuque (Ia.) Electric Co.
-New Control.
-
Albert Emanuel Co., Inc., have purchased all the Common
stock of
this company, operating the electric light and power and
mtems In Dubuque, Iowa, and through its subsidiary, street railway
Electric Co., supplying electric light and power to East East Dubuque
Dubuque,
They also acquired the majority of the outstandi
Iowa Electric Co. supplying light and power to a ng stock of the Eastern
number of communities
contiguous to Dubuque.
-v. 114 P. 1062.
Duluth-Superior Traction Coe-Annual Report.
-
Interborough Consolidated Corp.
-Offer to Stockholder.
to Subscribe for I. R. T. New Notes.
-The InterboroughMetropolitan 4
bondholders committee, Grayso
-P.
Murphy, Chairman, in a notice to the holders of n m.
Preferred
and Common stock (see advertising pages), says:
The time for the deposit of
Interborough-Metropolitan 43
Interborough Rapid Transit Co. stock under the Interbor % bonds and
ough-Manhattan
plan of readjustment has expired. Holders of
such bonds and stock have
subscribed for all except $733.000 of the total of
$10.500.
borough 10
-Year 6% Gold notes offered for subscription000 of new Inter
under the plan.
The committee, with the consent of the underwrit
ing syndicate, now
riT , to holders of Preferred and Common stock
rs
of Interborough Consolidated Corp., as contemplatel by the plan, the privilege
of
these $733.000 of Interborough notes, with appurtenant subscribing for
shares of voting
trust certificates for stock of Interborough Rapid
Transit Co. and Fifth
Avenue Bus Securities Corp. as follows, namely:
For each $1.000 subscribed for and allotted there
will be delivered.
against payment of 31,000. the following securities
: $1,000
6% notes (carrying int. accrued from Dec. 27 1922), 15 shares Interborough
Interborough
voting trust certificates, and 10 shares Fifth Avenue
Bus voting trust
certificates.
All subscriptions must be for $200 or a multiple thereof
and be delivered
to Guaranty Trust Co., 140 Broadway. New York,depositar
by cash or certified check for the purchase price on or before y, accompanied
In the event of an oversubscription the committee March 6 1923.
to make allotments upon subscriptions In such manner asreserves the right
but In making such allotments the committee intends it may determine,
to
to holders of the Preferred stock and prior consideration give preference
of $1,000 or less and to make allotments upon subscript to subscriptions
ions
$1,0110 ratably according to the total amount of such subscript in excess of
ions received.
the allotments on such subscriptions being as nearly
as may be in denominations of $1,000.
Allotments and delivery of new securities will be made
as soon as practicable after March 6 1923. No extension of time
will be granted.
V. 116, p. 295.
Calendar Years1922.
1921.
1920.
1919.
Total ry.oper.revenues_ 31,759.047 31.777.330
31.919.579 31,937.143
Total ry.opor.campuses_ 1,405.366
1.493.305
1,585,900
1,573.114
Taxes
113.273
107.410
110.658
105.683
1 pm
r Operating income
3240.408
3176.615
3223.021
3258.345
Non-operating income
26,973
27.512
26,308
22.294
le PI
Gives income
$267,381
Lake Shore Electric Ry. (Cleveland).
3204.125
$249.329
3280.639
-Earnings.
Int. on funded debt_
$174.666
3175,000
Calendar Years$176,162
3174.838
1922.
Miscellaneous debits
1921.
1920.
1919.
612
538
Gross income
319
1,933
Preferred dividends_
(5%)75.000 (1)15.000 (4)60,000 (4)60,000 Oper. expenses and taxes 32,519,303 32.564.157 $2,699.341 $2,067,224
1,930.910
2,092.679
2,037,417
1,490,044
Interest paid
413.340
419,704
Balance, surplus
334.889
$17,103
339.801
313,587
313,848
344.768
Gen. mtge. sink. fd. pay
320.615
327,296
Balance, surplus
328,248
329.044
$175.053
$51.773
-V. 115. p. 2378.
3327,035
3237,379
-V. 114, p. 2823.
Electric Short Line Ry.-Bonds Authorized.
Louisville 8c Nashville RR.
-Equip. Trusts Sold.
-J.
Morgan & Co. have sold at prices ranging from 94.81 P.
and
div. to 99.62 and div., to yield 5% for all maturities,
$6,300,000 43i% Equip. Trust Gold Certificates, Series A.
Phila.
plan (see advertising pages).
Erie RR.
-Extension of Bonds Authorized.
-
Dated Dec. 1 1922. Serial maturities of 3420.000
per
1023 to Dec. 1 1937. both incl. Denom. $1,000. Divs. annum Dec. 1
York City at the office of the company. United States payable in New
York. trustee. Authorized by the I.
-S. C. Commission. Trust Co., New
The certificates are to be issued to provide for part
of the cost of the
following standard railway equipment:8 Pacific type
Mikado locomotives, 12 heavy Mikado locomotives. locomotives, 30 light
box cars and 2,000 55
-ton steel hopper cars. The1,000 steel underframe
is to cost approximately 37.951.115, of which over foregoing equipment
20%, or $1.651.115, is
to be paid in cash.
-V. 116. p. 720.
The 1.-S. C. Commission on Jan. 31 authorized the company
to issue
not exceeding 3367,000 5% 15
-year 1st Mtge. gold bonds. $342,000 to be
delivered at par to W. L. Luce, J. E. Luce, E.
Luce and Hazel B. Luce
in payment for advances heretofore made, and not exceeding
325.000 to
be delivered at par to E. D. Luce in payment for advances which
hereafter
may be made by him to the company.
-Y. 115, p. 2477.
The I.-8. 0. Commission has approved the extension from March
11023
to March 1 1933 of 34.617.000 New York & Erie 3d Mtge. bonds.
See
V. 116. p. 720.
Federal Light & Traction Cob-Initial Dividend.
-
Initial quarterly dividends of 75c. a share in cash and of 75c.
6% Cumul. Pref(, stock, have been declared on the outstandia share in
ng 47.500
share of Common stock, no par value, both payable April 2 to holders
of
record March 15.-V. 116. p. 720.
Ft. Dodge Des Moines & Southern RR.-Earns.Cal.Yr.
Gross revenue, ineluding rent of equipment
Operating expenses, maintenance and taxes
$2.206.328
1,5.41.703
Net income (excluding depredation)
Interest on 1st Mtge. 5% bonds
$614,625
280,000
Balance, surplus
-V. 114. p. 2579.
$334,625
Illinois Central RR.
-Bonds Sold.
-Kuhn, Loeb &
Co., New York, have sold, at 99 and interest, to yield over
5.05%,$13,447,000 Refunding Mortgage Gold Bonds bearing 5% interest. Due Nov.1 1955. (See advertising pages.)
Interest payable M. & N. Principal and interest payable in gold
of the United States without deduction for any tax or taxes which coin
the
company may be required or permitted to pay thereon or retain therefrom
under any present or future law of the United States,or of any State,county
or municipality therein. Denom 31,000 c* & r*. Redeemable only as a
whole at 1O73% and interest on any interest date upon not
weeks previous notice. Authorized, 3120,000.000, of which less than 13
354.187.000
bonds will be outstanding after the present issue, 357.588,000 reserved to
retire a like amount of prior lien bonds (exclusive of $470,000 Belleville &
Carondelet 1st Mtge. 6s, the refunding of which is herein included), and
38.225.000 bonds pledged as part collateral for 15
-Year 61 % Secured Gold
,
6
Bonds due July 11936.
Data from Letter of Chairman Charles A. Peabody, Feb. 20.
-These bonds will be issued under the Refunding Mortgage
This Issue.
dated Nov. 1 1908, and the principal as well as interest at the rate of 4%
Per annum will be secured by the lien of that mortgage. As the terms of
that mortgage provide for interest at the rate of not exceeding 4%
Der
Louisiana & Northwest RR.
-Earnings.
The company (owned by Middle States Oil
Gross earnings, $1,705.558; operating expenses, Corp.) reports for 1922:
taxes, rentals and bond
interest, 31,116,145; net earnings, 3589.413;
dividends paid. 369.000:
balance, surplus, 3520,413.-V. 116. P. 176.
Louisville Ry.-To Resume Preferre
d Dividend.
A Louisville, Ky.. dispatch states:
"Announcement Is made that
dividends will be resumed on the Preferred
stock on April 1 on the basis
of 1.44% quarterly. An additional
payment on the 20% accumula
dividends will also be made and may
ted
amount to as much as
V. 115, p. 2793.
3(%."Manila Electric Corp.
-Earnings.
Calendar Years1922.
1921.
1920.
1919.
Grass operating revenue $3,584,121
Oper. expenses & taxes_ - 1.941,889 33,681,398 33,418,407 $2,596,643
2,231.339
2,189.832
1.799,502
Operating income---- 31.642,232
31,450,058 31.228.575
3797,140
Charges
405,750
503.827
409,746
323,608
Surp14,lus
31.236,482
3946,231
3473.533
3818,828
-V. 1
1766.
Manhattan Ry. Co.
-Stock
Alvin W. Krech, Chairman of the Change.
stockhold
the holders of certificates of deposit that the ers' committee, has notified
New York. as depositary, is now ready Equitable Trust 0o.. 37 Wall
St.,
to receive certificates of
in exchange for new certificates of stock of the company bearing deposit
endorsement of the form of guaranty provided
for in the plan. The committee
has determined to make no further
certificat
of deposit. Dividends on new stockpayments of dividends on payable es
due April 2 1923 will be
on
that date to holders ef record Mar. 10
cates of deposit on or before Mar. 10 for 1923. Prompt exchange of certifinew certificates of stock is urged by
the committee.
THE CHRONICLE
FEB.24 1923.]
The committee further gives notice that additional deposits of stock of
the Manhattan Railway Co. under the plan of readjustment and related
papers will be accepted by the depositary only up to and including the close
of business March 10.-V. 116, P. 516. 296.
823
St. Louis-San Francisco Ry.-Meeting Postponed.
The snecial meeting of stockholders scheduled for Feb. 21, to act upon the
p titionUreat Northern RR., has been postponed
acquisition ofof .theiltaterna l
--Report.
San Joaquin Light & Power Corporation.
Morgantown & Wheeling Ry.-Sale.-
1920
, 1921.
1922.
Calendar YearsThe sale of the company's property was decreed Feb. 16 by Judge A. G.
Hughes in the Monongahela County Circuit Court to satisfy indebtedness Gross earnings
86.561.126 $5,750,446 84.472,799
days to
of approximately $1,500.000. The stockholders were given 60 for sale. Oper. exp.. maintenance & taxes__ _ _ 2.791.900 2,507.576 2,100,983
920,812
1,612.175
discharge the indebtedness,failing which the road will be advertised
1,723.597
Bond interest, &c
60.103
147,457
140.507
-V. 115, p. 2794.
Bond discount expense
356.548
407.989
684.207
Depreciation
390.000
Missouri Kansas & Texaa Ry.-New Terminal.
505.641
766,800
paid
Dividends
The new freight terminal at Denison, Texas. which the company is
1644.352
constructing, is now nearing completion. The project includes a large
1569,609
$434.113
Balance, surplus
classification yard together vrith a complete engine terminal. See "Railway -V.116. p. 78.
Age" of Feb. 17, Pages 415 to 418.-V. 116. p. 721. 616.
Seaboard Electric Ry. of Texas.-Pref. Stock Offered.
-Annual Report.
New York State Railways.
Southern Trust Co.. Neuhaus & Co., Sherwood & -King, Guardian Trust
1919.
1920.
Co.. Fidelity Trust Co. and Dunn & Carr, Houston. Tex., are offering
1922.
1921.
Calendar YearsRailway oper. rev
$10,500.221 $10,692,263 110,454,410 $9,406,473 at 100 and hit.*500,0007% Cum. Pantie. Pref. (a. & d.) stock. Callable,
all or part, as dirctors may determine at 105 and div. Dividends payable
Railway oper. exp. (incl.
-J. After the payment of 7% on the Common stock, Pref. stock shall
7.687.017 8.511.376 8.369.558 7.134.491 Q.
depreciation)
payments.
$2,813.204 12,180,886 $2,084,852 $2,271,982 participate equally with the Common stock in all further div.
Net rev.IT. oper
Authorized. Outstand'g.
def562
Capitalization (No Bonds)2.631
1.544
1.261
Net rev. aux11. oper
$500.000
31.000.000
•Net oper. revenue__ -- $2,814,748 $2,182,147 $2.087,483 $2,271,419 Prof. stock 7% Cum. Participating (par $1.00)
500.000
1,000.000
602.869 Common stock
621.173
Taxes
705.383
627.903
company -Will construct and operate a modern high speed interurban
Operating income..._ $2,109.365 51454,244 $1,466,311 $1,668,550 electric railway between city of Houston and Seabrook, 'rex., 37 miles.
37,473
300.041
388.654
Non-operating income-97.422
This interurban railway will serve the passenger and express requirements
Gross income
$2,206,787 11,942.898 $1,766,352 $1,706,024 of the ship channel industries and the large traffic to amusement resorts.
1.361,816 such as San Jacinto Battle Parks. Sylvan Beach and other points along
1,336,671
Deductions
1.374.044
1.435.518
Prop. of undiv. earns, of
the Bay Shore.
Cr.27,700 • Purpose.
Cr.21.075
other companies
-Proceeds will be used for the construction of the Interurban
31.642 railway to Pasadena, which construction it is estimated will be completed
32.633
Sinking fund
34.074
34.740
°)_
Preferred dive. (57 _ _
193,125
x193.125
by Aug. 20 1923.
Common dive. (13..6 %)--John H. Kirby (President), J. S. Rice. W.C. Mum.John S.
299.175
Directors.
1310,265 Bonner. J. M. West. I. A. Cottingham, General Jacob F. Wolters,
$418.122
Surplus
1244,229
$341.655
Shore Line Electric Ry.-Part of Road Sold.
x Paid in year 1922.-V. 115, P. 2686.
Judge Christopher L. Avery in the Superior Court at New London,Conn..
on Feb. 14 confirmed the sale of the railway from Saybrook. Conn. to
New Haven. Conn., about 30 miles. to A. William Sperry of New haven,
1921.
$382 Conn., for $140.000. Of this amount $5,000 is to be paid immediately
69,036 and the balance within 30 days of the time a charter is granted by the
64,650 State Legislature to Sperry and others to operate the line as an electric
-V. 116, p. 616.
3.899 railway.
-Earns. Cal. Yr.
Northwestern Ohio R.& Pow. Co.
1922.
1921.
Oper.revenue_ _ _ 3482.949 $468,859 Other income____
Exp. & taxes__ 294.476 308,810 Total income....__
Maintenance
111,787 91.394 Int. on funded dt_
Other deductionsOper. income__ 176.685 $68,654
Net income_ _ - _
-V. 111, p. 589.
1922.
$1.043
77,727
64,650
3,899
$9.178
-Capital Stock.
Pacific Southwestern RR.
$487
The 1.-S. 0. Commission has authorized the company to issue not exceeding $100,000 capital stock, stock to be sold from time to time at not
leas than per, and the proceeds used to acquire rights of way and to construct a railroad. See V. 116. p. 616.
-/.-S. C. Commission Allows
Southern Pacific Co.
Company To Extend Steamship Service to New England Ports.
See under "Current Events" in last week's "Chronicle," ro. 688.V. 116. p. 722. 516.
Tennessee Alabama & Georgia Ry.-Extension.-
-S.
The I. C. Commission on Feb. 2 authorized the company to construct
an extension of its railroad from Gadsden, Etowah County, in a southPere Marquette Ry.-Budget for 1923.
westerly direction to a connection with the Seaboard Air Line near OdenThe company's budget for 1923, which includes the completion of cer- villa. St. Clair County. Ala.. approximately 36 miles, with a 'branch extain work under way last year.will amount to approximately $10,862,000. tending from a point near the southwestern terminus of the proposed
-V. 116. p. 77.
extension to a connection with a branch line of the Central of Georgia near
Margaret, St. Clair County, about .5 miles. The request to retain the
-Annual ReportPhiladelphia Rapid Transit Co.
-V. 115.
excess earnings from the new construction has also been granted.
1919.
Calendar Years1920.
1922,
1921.
p. 1533.
Passenger earnings
$41.758,763 $41,514,830 $37,989.623 $34,739,590
-Report.
618,882 Terre Haute Indianapolis & Eastern Trac. Co.
Other receipts
817.731
770.780
905.775
1919.
Total
1920.
1921.
142,529,543 142,420.605 $38,807.354 $335,358,471
1922.
Calendar YearsExpenses
$5,404.575 $5,291.328 15.444.836 $4.597,537
Gross earnings
Maintenance
$8.560.400 88,560.400 85,595.600 84,707,012 Oper. exps. & taxes
4,047,183 4,068.777 4,117.824 3.346.868
Oper. of power plants.-- 3,475.307 3.252,188 3,728,027 3,450.486 Rentals, &c., deduc'ns,
620,154
Operation ofcars
628,805
640.400
13.383,431 13,330,471 13,748,926 11,387,653
641,329
subsidiary companies_
43,716
General
44,195
3,548,379
•710 3,521,359 2,697.091 Sinking fund, sub. cos-44.734
45,272
•
27,500
2.345.750 Int.&sk.fd..div'l bonds_
Taxes
27,500
2.601.253
2.586,001
2.798.821
285.544
282.404
278,999
274,580
24.587.991 Int. on T. H. I.& E.bds.
Total expenses
146,195
149.271
152,677
157.095
Operative income
Sk.fd.on T.H.I.& E.bds.
681.048
Non-oper. income
706.429
592.987
490,435
1127,648
$194,837
$105,741
$239.116
Balance, surplus
Net earnings
111,682,455 $11,677.451 $10,205,175 $11,451.528 -V. 116, p. 516.
927.926
Interest
976.463
1,020,0901,029,245
Rentals
8,683.087 8,720,913 8.726,647 8,687326
--Earnings.
Tide Water Power Co.
120.000
Sink,fund city contract120,000
150,000
120,000
1921.
1922.
Three Months ending Dec. 31None (5)1,499,290
Dividends
99,500
None
(6%)13
$362,624
8370,462
Grote earnings
253,688
Total
216.268
811,652.676 $9,870,158 $9.823,110 $11.234,942 Operating expenses, maintenance and taxes
39,040
$216,587 Interest charges
Balance, surplus
$382.065
56,823
$29,778 $1,807,293
6,664
8.677
Vice-President W. C. Dunbar has been elected President, succeeding Federal taxes
15,837
16.593
the board and of Preferred dividend
Thomas E. Mitten, who will continue as Chairman of
10.500
10.500
the executive committee. O. J. Joyce has been elected Vice-Chairman: Common dividend
22,915
19,756
Leon Jewell as Vice-President in charge of traffic: W. K. Myers as Vice- Depreciation
-V. 116. p. 616. 411.
President in charge of finance and accounting.
$13,979
$41,845
Balance, surplus
-V. 116. P. 177.
Reading Co.
-Objections to Plan.
Objections have been made by counsel for the bondholders' protective
-Valuation.
United Rys. Co. of St. Louis.
following grounds:
committee to the second modified plan on the
The City of St. Louis has filed with the Missouri P. S. Commission a
(1) Because it fails to provide for a public sale of the capital stock or
rate-making pursetting the valuation of the company's
physical assets of the Coal company and of the Iron company, and the brief,at 129,805.956. The company recently property fordeclaring that the
filed a brief
poses
application of the proceeds to payment of the bonds.
at about $70,000,000, or $20,000,000 higher than
(2) BeCal1130 it fails to provide that the consideration of the sale of the valuation should be fixed
stock of the Iron company to the Coal company shall be applied to payment the tentative valuation put on the property by the Commission in Sept. 1919.
Hearing on the valuation has been set for Mar.8 before the Commission.
of the bonds,
(3) Because it makes no provision for damage to the bondholders caused -V.115, p. 2906.
companies and the segregation
by the severance of the obligations of the
-Equip. Trusts Sold.
Western Pacific RR. Co.
of their properties:
(4) Because it fails to make provision for the treatment of the consoli- Blair & Co., Inc. and E. H. Rollins & Sons have sold
dated mortgage according to legal principles announced by the Supreme
35,600,000 5% Equipment Trust cerat 100 and div. '
Court and made applicable to the general mortgage.
(5) Because by providing for leaving the interest rate on the Coal and tificates. Issued under the Phila. plan. (See adv. pages.)
'
°
Iron company boncis at 47 it fails to recognize the essential conditions
Date March 1 1923. Duo $375.000 annually from March 1 1924 to
necessary to protect bondholders from an additional loss by reason of such March 1
1937, and $350,000 on March 1 1938. Denom. $1,000 (c5).
interest rate. and
deduction
(6) Because the plan as a whole contradicts a principle recognized by the Dividends payable M. & S. without New York.for any Federal Income
trustee.
attempting to place upon bond creditors the burden inci- tax up to 27 at Equitable Trust Co.,
Supreme Court hi
2
Security.-- Certificates are to be issued to provide for part of the cost
dent to the dissolution while securing to debtor stockholders all possible of new
equipment which the company has contracted to purchase at a
benefits to be derived therefrom.
Objections to the plan have also been filed by (1) the Continental Insur- cost of approximately 66,996.000. This equipment will comprise the
ance Co.and the Fidelity-Phenix Insurance Co.. of New York,stockholders, following: 6 heavy Mikado locomotives, 100 steel underframe automobile
(2) Walter I. Cooper, who holds 2.200 shares of 2d pref. stock, Elmira A. care. 2,000 steel underframe refrigerator cars. 20 steel baggage cars, 100
Hazard,200 shares, Pauline C. Reiman,trustee, 1,000 shares, and Walter I. logging cars, 20 steel passenger coaches, and 8 steel dining ears
1922.
Earnings-Calendar Years"1921.
Cooper and Pauline C. Rebman, executors of Isaac Cooper, deceased, 1.600
1920.
shares, (3) Douglas Hay Cochran and G. Bond Cochran, representing Gross operating revenue
815.612.843 $12.104,155 $12.505,348
themselves and Elizabeth Gino: Dcferon and Dorothy Merely Hepburn. Net after expenses and charges
x3,333.162 y1.761.943 2,480.665
1.375.320
Interest
bondholders.
1,202,754
1,225,860
The Court has ordered that all objections that have or may be filed must
x The first two months of 1920 under Government operation have been
be investigated in order to ascertain whether or not the parties so filing Included in the 1920 account. y While net income for 1921 applicable
objections are parties of record in the case. If not parties of record in the to the payment of interest, as shown on the books, amounted to 34.084.392.
case it will be necessary for them to file petitions with the Court for leave this figure is not given in the above statement for the raison that it in-V. 116, p. 516. 177.
o intervene in the proceedings.
cludes 12.815308 received from the Director-General in 1921 for additional
rental for the years 1918 and 1919 and the first two month); of 1920, and
-- takes into consideration the payment of $493,459 as expenses. practically
-Earns.
Reading Transit & Light Co.(& Sub. Cos.)
all of which is incidental to the settlement of claims against the Director1921.
1922.
Calendar Years$2,943,234 12,991,357 General and for additional income tax. The net amount of 12,322,499.
Operating revenue
in
$1,639,182 11,728.371 therefore, has been deducted from the $4,084,392 above mentioned
Expenses and taxes
615,065 arriving at the figure of 11.761,943 given in the above statement for 1921.
666,129
Maintenance
Statement of Current Assets and Liabilities as of Dec. 31 1922.
327,906
327.906
Rentals
Current Assets
-Cash. $1.905.227, Liberty bonds, $3.465.817.
$8.386.180
$320.015
other current assets. 13.015.136, total
$310,016
Operating income
1.860.881
16,107 Current liabilities
16.282
income
Other
x$6.525.296
Net current assets
$336,122
$326398
Total income
84,594
82,449
Interest on bonds
x In addition there is cash on deposit with the trustee of the first mortgage
4,243
3,102
Other deductions
117,115 available for new equipment and additions and betterments to property
117.115
dividend
Preferred
amounting to 15.471.943.
Issuance.
-Subject to approvale of 1.-8. 0. Oommissien.-V. 115.
1130.170
8123,633
Balance,Surplus
p. 2687. V. 116. p. 296.
-V. 114. p. 1052
.
IB:Pg:81,1 111:51:818 $ISM:12;
824
THE CHRONICLE
Virginia Railway & Power Co.
-Earnings.-
[Void. 116.
iron in the East and in Chicago, and of basic iron in Cleveland. Charcoal
iron has been advanced El 50, basic has been marked up 50c. to El in the
Central West and foundry and malleable have advanced $1 at Pittsburgh.
Operation.
-"The Steel Corporation is averaging close to a 90%
pacity operation. The Carnegie Steel Co. has five more stacks inof cablast
than it had a week ago, and in the next few weeks four more are expected
to be blown in. Production of independent companies, if anything, has
increased.
Wilmington & Cheater Traction Co.
Prices.
-"The market in bars, plates and shapes is now squarely a
-Bonds Offered.
- minimum
at 2.25c., Pittsburgh. It is largely nominal, seeing that the
Tucker, Anthony & Co. Stroud & Co., Inc., Janney & Co., larger
companies are well booked to July
Otis & Co., Bioren & Co., Newburger, Henderson & Loeb, for urgent needs readily get higher prices.1 and that the smaller companies
The advance from 2c. to
are offering, at 923 and interest, to yield 7.06%,$2,305,000 has come from a continued buying demand after large commitmtnets 2.25c.
at the
6% Gold Collateral Trust Bonds, Extended to April 1 1933. former prices, and thus does not affect much of the orders on the books
to-day.
Unconditionally guaranteed, principal and interest, by Wil- "In Chicago. the Inland Steel Co.'s response to the advances was the
naming of 2.30c., 2.40c. and 2.50c.. Chicago, for bars, shapes and plates,
mington & Philadelphia Traction Co.
respectively,
Interest payable A. & 0. in Philadelphia, without deduction for the capacity for for the second quarter, and in the few days elapsing found its
the period oversold.
normal Federal Income tax up to 2%. Penn., Mass. and Maryland taxes
'The Iron Age'
refunded. Denom. $1,000 and $500 (0). Red., all or part, on any int. against 2.596c. last composite price for finished steel is now 2.631c. per lb.,
week, or 7i0e. per net ton advance. One month ago it
date upon 30 days' notice at 101 and int. Provident Trust Co.,Plilla. was 2.489c., and one
year ago 2.005c.
trustee.
"The selling of plates by Eastern mills for shipment west has been at
Listing.
-Application will be made to list extended bonds on Philadelphia 2.50c.. mill, often equivalent to
2.65c. and 2.75c., Pittsburgh. High prices
Stock Exchange.
are offered as the reason for the abandonment of some Lake shipbuilding
Data from Letter of Van Horn Ely, Pres. of Wilm. & Phila. Trac.
Co. prospects.
"Track spikes and bolts have been advanced $3 a ton. Structural and
• Company.
-Wilmington & Chester Traction Co. properties
a most
important integral part of Wilmington & Philadelphia Tractionformsystem. boiler rivets are stiffening in price. Leading makers of shafting are asking
Co.
to which its properties are leased. Latter company, through subsidiary and 2.80c., or a 83 a ton advance.
"In sheets, demand for early lots of blue annealed is bringing $2 to $5
leased companies, does all the electric light and power and street railway
business in the city of Wilmington, Del., and vicinity, also the entire street above the 2.65c.. Pittsburgh, quotation. The Inland Steel Co. has allorailway business in Chester, Pa., Delaware City, Del , and New Castle, cated its sheet production for the second quarter. For prompt shipment $3
Del., as well as operating connecting lines between those cities and Phila- to 95 premium is obtained also on black and galvanized sheets.
delphia. Estimated population. 273,000. Of these properties, Wilming- ,"Heavy sales of skelp have carried the price to 2.25c.
Orders.
-"Especially noteworthy is the railroad equipment buying.
ton & Chester Traction Co. controls a large part of the 28,000 k. w. central
Swelled by 275 for the Pennsylvania, 303 locomotives were bought and
station generating capacity in Wilmington, the principal street
lines in that city, and also all the street railway lines in Chester, andrailway inquiries appeared for 277, including 66 for the Southern, 36 for the Louiscertain ville & Nashville and 30 for the
suburban lines, making a total trackage of 77 miles out of 130 miles for the
Seaboard. Car orders exceeded 6,250, with
over 14.000 added to the ending list.
entire system.
"Advancing costs appear to have no effect on building work. Awards
Lease.
-Under lease to Wilmington & Philadelphia Traction Co. for a
period of 990 years from July 1 1910, the latter agreeing to pay interest on called for 43.000 tons and fresh projects requiring 22,000 tons appeared.
all funded debt of the leased companies and subsidiaries, and in addition, The fabricated steel subiness of January was better than any month since
to pay an annual rental on a sliding scale, the 1922 rental payment,including May 1922. Buying of concrete bars is heavy. In tubular goods more
business is being refused than is being entered.
interest on funded debt, amounting to $117,950.
"Demand from the farm implement makers is steadily increasing.
Security -Secured by the pledge as collateral of all the outstanding capi"Fearful of higher third and fourth quarter prices, special efforts have
tal stock except directors' shares, subject to only $1,450.000 underlying
bonds, of the following subsidiary companies: Wilmington City Ry., Gordon been made to enter tin plate orders. Sheet and tin plate deliveries parHeights Ry., Chester Traction Co.. Front& Union Streets Ky., Chester & ticularly have been affected by shortage of suitable cars and skilled labor.
Foreign Situation.-"Following heavy sales of ferromanganese, British
Delaware St. Ry., and Union Ry. Co. of Chester. Also secured by pledge
makers have advanced quotations $2 50 and are asking E110, seaboard,
of $781,000 bonds and demand notes of these subsidiaries
are a lien on all property now owned or hereafter acquired.and in addition but the domestic product has not yet been marked up.
"Sales of foreign ores, amounting to about 100,000 tons, to Eastern steel
Earnings Wilmington tt Philadelphia Traction Co., Calendar Years.
companies, indicate that Lake Superior producers will have difficulty in
1922.
selling in the East at the expected advance of 50c. per ton.
1921.
1920.
Gross earnings
54.440.967 $4,521,401 $4.978,802
"British export prices have climbed sharply, as wholesale stoppages
Operating expenses, taxes and rentals_ 3,090,337
3,144,160
3.772,896 occur in continental Europe. Black sheets to Japanese specifications are
Income available for interest
1,350.629
1,377.241
1,205,906 3.93e. at British works and coke for export is $14 10 per ton. The United
Total interest charges
668,591
658,104
567,388 States has booked 64,500 boxes of tin plate and 1T.000 tons of rails for
Balance for deprec., reserves & divs_ _
682,038
719.137
638.518 Japan."
-V. 116. D. 296.
Coal Production, Prices, &c.
The United States Geological Survey Feb. 17 1923 estimated production
Wilmington & Philadelphia Trac. Co.
-Guaranty.
as follows:
See Wilmington & Chester Traction Co. above.
-V. 111, 13• 1371.
"Preliminary estimates for the week ended Feb. 10 indicate that the
total tonnage of soft coal raised was 10,836,600 net tons,
is an
Winnipeg Electric Ry.-Bonds
Kinnicutt increase of 150,000 net tons over the revised estimate for the which ended
week
&
E. H. Rollins & Sons and Spencer Trask & Co., New Feb. 3.
"Preliminary reports of cars loaded during
York, have sold at 94 and int. to yield over 63'%,$3,250,000 shows 40,000 cars on Monday, a drop to the present week (Feb. 10-171
Co.,
32,78'7 cars on Tuesday, and
20
-Year Gen. Mtge. & Coll. Trust 6% gold bonds. Of the further decline to 28,428 cars on Thursday. Thus the Indicated total
output for the present
above amount $815,000 were offered in Canada (see advertis- and may be expected week Is about 2% less than for the week preceding.
to be about 10,600,000 tons.
ing pages.)
"The production of anthracite showed a small
the
Dated March 1 1923. Due March 1 1943. Interest payable M. & S. ended Feb. 10. The total output, including mine decrease in sales,week
fuel, local
at Bank of Montreal, New York and Canada, without deduction for dredge and washery output, is estimated at 2,023,000 net tons on and
the
U. S. income taxes lawfully deductible at the source, not exceeding 2%, basis of 38,689 cars loaded as reported by the principal anthracite carriers.
also without deduction for any tax or taxes which company or trustee
"Preliminary returns for the first four days of
may be required to pay or to retain therefrom under any present or future 12-17) indicate an output of about 2,000,000 tons.the present week (Feb.
laws of any taxing authority in the Dominion of Canada or any Province
"Receipt of final data on the shipments of anthracite permits a
or municipality thereof when held by residents of the United States. of the estimates of anthracite production in January. The total revision
output.
Company agrees to refund Pennsylvania and Connecticut State tax up including mine fuel, local sales, and barge anti washery output is placed at
te 4 mills. Denom. $100. $500 and $1.000 (c*). Callable on any interest 8,713,000 net tons.
•
date on 30 days' notice at 102 and interest if called for redemption on or
"Accumulated production during the present coal year to date stands
before March 1 1924, the premium thereafter decreasing
of 1% per at a little less than 39 and a half million tons. This is approximately 49%
annum to March 11927, and thereafter at 100 and interest. Royal Trust less than the average production during the corresponding periods of the
Co.. Montreal. trustee.
past nine coal years."
Data from Letter of V.-Pres. A. W. McLimont, Feb. 15 1923.
Estimated United States Production in Net Tons.
Company.
-Formed by amalgamation in 1904, succeeded to a business
1923.
organized in 1880. Owns and operates an extensive electric railway, janitunsinousB. 2
7
Week.
Cal. Yr. to Date.
Week. 1Ca2
9 l..Yr.to Date.
2
light and power, and gas system serving Greater Winnipeg and surrounding
11,985,000
45,120,000
9,615,000
34,159,000
territory. Population servied, estimated to exceed 282,000.
„
55,806,000„
43,873.000
Owns Feb. 3
• modern 29,000 h. p. hydro-electric power plant on the Winnipei
Feb. 10
10,836,000
66,642,000
10,309,000
River
54,182.000
at Pinawa, a 12,000 h. p. auxiliary steam plant, 68 miles of high-tension
Anthracite
steel-tower transmission line and a comprehensive distribution system, Jan. 27
2,119,000 . 7,967,000
1,607,000
5,935,000
a
plant with a capacity of 2.000,000 cu. ft. and 128 miles of gas mains.
2,056,000
3
1,811,000
10,023,000
7,746,000
Abo owns a 12
Also
-story modern office building and a large amusement park Feb. 10
2,023,000
12,046.000
1,822,000
9,568,000
in the City of Winnipeg.
Beehive Coke
Owns a majority of the capital stock of Manitoba Power Co., Ltd., Jan. 27
343.000
1,303,000
113,000
455,000
which has a modern hydro-electric power plant at Great
Feb. 3
.
000
000
. .
.
000
Winnipeg River, of an ultimate rated capacity of 168.000 h. Falls, on the Feb. 10
359,000
2,010,000
128,000
p.
705.
.
000
Security.
-A direct mortgage lien upon properties now or hereafter
The "Coal Trade Journal" Feb. 21 reviewed market conditions as follows:
owned and by deposit with the trustee of 200% (£1,343,000) 4%% Per"Bituminous buying interest, except under the weather stimulus in the
petual Consolidated Debenture stock which is secured by
domestic trade, continues to grow weaker with the approach of spring.
charge upon the entire properties now or hereafter owned,direct mortgage Even failing car supply is unable to bolster up waning industrial demand
subject only to
$5,000,000 prior lien bonds (ot which 5503.500 are held in the sinking fund) or to check the downward movement in spot prices.
a sufficient amount of the debentures being reserved to refund the prior
"Compared with quotations for the week ended Feb. 10, spot prices
len bonds. An additional £900,000 is in the hands of the public and the week ended last Saturday showed changes in 60% of the figures. for
Of
listed on the London Stock Exchange.
these changes, however, 72% represented reductions ranging from 5 cents
Purpose.
-To retire current debt created for capital expenditures, and to El 25 per ton and averaging 35.4 cents per ton. The reductions ranged
for general corporate purposes.
between 10 and 75 cents and averaged 29.3 cents per ton. The average
minimum price for all the coals listed below was $3 07 per ton, an increase
Earnings
-Calendar Years1921.
1922.
of 6 cents over the preceding week. The average maximum price was
Gross income
$5,579.431 $5.517.078 $3 77, a decrease of 8 cents. The slight increase
in
Operating expenses (incl. maintenance & taxes)
3,906,765 3,866,390 is explained by the strengthening of Western prices the average minimum
due to weather conditions.
Net income
$1,672,666 81.650,688
ilo'no market'losses are greatest In the States west of the Mississippi,
Total interest chargqs
643,028
same cause of decreased production is also gradually extending
Net earnings for the electric light and power and gas utilities alone River, that influence farther
sphere of
amount to 3813.908 and are equivalent to 1 h times total interest charges. Its are a growing inclination east. At this time the principal manifestato look more to the quality of the coal
tions
and
Capitalization (After this Financing)Authorized. Outstanding. to express quality differences in greater price differentials and the increasing
Winn. El. St. Ry. 1st Mtge. 55, 1927
In
$1,000,000
$726,500 difficulties experiencedas moving certain sizes, and as stated in an earlier
1st Ref. 55, 1935
a factor in price maintenance is less effective
5,000.000
4,273,500 paragraph, car supply
than
4li % Perpetual Debenture stock
4,380,000
Gen. Mtge. & Co.. Trust 6s
"
W
5.000.000
3,250.000 usuaLith the colder weather that spread over the country last week, demand
7% Cumulative Preferred stock
3.000,000 3,000,000 for anthracite was naturally still further quickened and It was easier to
Common stock
14,000,000 14,000,000 obtain high independent prices for the larger sizes, but the premium market
_..y. 115, p. 2479.
on the buckwheats was weaker. _By-product coke output last month,
approximately 3.100,000 tons, established a record."
Oil Production, Prices, &c.
INDUSTRIAL AND MISCELLANEOUS.
The American Petroleum Institute estimates
gross
The following brief items touch the most important devel- crude oil production in the United States for thethe daily average 17 as
week ended Feb.
industrial world during the past week, to- follows:
opments in the
(In barrels)Feb. 17 '23 Feb. 10 '23 Feb. 3'23 Feb. 18 '22
gether with a summary of similar news published in full Oklahoma
406,000
331,550
409,250
403,600
Kansas
.
detail in last week's "Chronicle" either under "Editorial North Texas
,
,
250
51.750
53
,60g
57,550
53,750
Comment" or "Current Events and Discussions."
Central Texas
124,350
202,950
125,650
124,950
North Louisiana
07,650
109,550
74.300
69,200
Steel and Iron Production, Prices, Sm.
Arkansas
100.150
110,950
36,300
97.450
The "Iron Age," Feb. 22, said in brief:
Gulf Coast
109,250
113,500
113.750 .109.650
"Pig iron has definitely taken the strong turn. Heavy buying of basic, Eastern
107,000
115,000
109.000
108,000
malleable and foundry grades has brought a number of advances. In the Wyoming and Montana
115,850
58,450
97,450
121,150
East, sales of steel-making irons have included 45.000 tons of basic and California
595,000
550,000
310,000
565,000
5,000 tons of low phosphorus, the latter to be imported from England by a
Steel Corporation subsidiary. There has also been heavy buying of foundry
Total
1,757,550 1,719,600 1,747,200 1.410,005
12 Mos.Dec.31. 1922.
1921.
12 Mos.Dec.31. 1922.
1921.
Gross earns_ _$9,513.096$10.173,335 Total income_$3,023,971 $3,241,130
Oper. expenses 6,625.159 7.067,662 Tax., licenses,
N'et earnings-$2,887,936 $3,105,6721 int.. s.f., &c_ 2,188,090 2.258.559
Other income_
136,035
135,457!Surplus
$835,880 $982.570
-V. 116, p. 722.
FEB. 241923.]
825
THE CHRONICLE
-Standard Oil Co. of New Jersey advanced
Kerosene Price Advanced.
export price kic. a bbl., quoting 13340. a gal, for standard white and 1436c.
white. "Wall St. Journal' Feb. 19, P. S.
for water
-Standard Oil Co. of New Jersey advanced
Gasoline Price Advances.
price lc. a gallon in North and South Carolina. "Wall St. Journal"
Feb. 20, P. 1.
Standard Oil Co. of Louisiana advanced tank wagon price %c. a gallon
to 1834c• "Wall St. Journal" Feb. 20. P. 1.
Standard Oil Co. ofIndiana advanced tank wagon price lc. a gallon to 20c.
"Wall St. Journal" Feb. 20, p. 1.
,
Sinclair 011 Corp. and Texas Co. have met the advance made by S. 0. of
Indiana. "Eve.Post" Feb. 20, p. 12.
Standard Oil Co. of Ohio advances price lc. a gallon. "Financial
America" Feb. 24.
Standard Oil Co. of New Jersey advanced price lc. a gallon in New Jersey,
Maryland, Virginia, West Virginia and District of Columbia and 1 jic. a
gallon in North and South Carolina. "Financial America" Feb. 24.
Atlantic Refining Co. advanced price lc. a gallon to 23e. tank wagon
price. "Financial America Feb. 24.
Transcontinental Oil and Gulf Refining Co. will meet the advance.
"Financial America" Feb. 24.
-Prairie Oil & Gas Co. again advances price of crude
Crude Oil Prices.
10c.a bbl.to prices ranging from $1 50 to $2 60 per bbl. according to gravity.
News Bureau" Feb. 19, p. 2.
Philadelphia
All grades of Wyoming and Montana crude have been advanced 10e. a
bbls. by Midwest Refining Co. "Boston Financial News" Feb. 19, p.7.
Texas Co. Standard Oil Co. of Louisiana, Gulf Refining Co., Ohio Oil
Co., Sinclair Crude Oil Purchasing Co. and others have followed the ad'
vance of 10e. a bbl. "Philadelphia News Bureau" Feb. 19, p. 2.
Magnolia Petroleum Co. has advanced price of crude below 30.9 degrees
gravity Sc. a bbl. and above that grade 10c. a bbl. Prices now range from
110e. to 62 60 a bbl., according to gravity. "Boston Financial News"
Feb. 19, p. 7.
-Another increase
Imperial Oil Co. of Canada Advances Crude Oil Price.
of 10c. a bbl. to 32 98 was made. "Financial America" Feb. 19.
Other Trade Matters.
Prices, Wages and
-Market is still unsettled, Cuban raw being quoted
Refined Sugar Prices.
.at from 534 to 534c. throughout the week.
On Feb. 19 Federal Sugar Refining Co. re-entered the market at 8.25c.
•a pound. The American, National and Warner companies were withdrawn.
Arbuckle Bros. entered again at 8.25c. a pound on Feb. 20. On Feb. 21
Federal advanced price 25 pts. to 8.50c. and again 25 pts. to 8.75c. a pound.
Pennsylvania Sugar Co. raised price 40 pts. to 8.70c. On Feb. 23 Revere
Refining re-entered market. quoting 8.75c. a pound. Federal Sugar Refining Co. advanced price 25 pts. to 9c. a pound. Revere followed this advance. National, American and Warner companies re-entered market at
i)c. a pound.
Copper Price.
-Advance continues, reaching 16.25e. a pound, although
some is available at 16c. "Engineering and Mining Journal-Press" Feb.
24, p. 385.
Rug Prices.
-Price lists effective Mar. 1 showing advances of abokut 7%
issued by W.& J. Sloan, selling agents for Mohawk Carpet Mills and C. H.
Masland & Sons. "Times" Feb. 17, p. 15.
-Revision of prices showing advance of about 10%
Firestone Tire Prices.
places schedule on parity with those of other manufacturers who announces
-changes in Jan. "Financial America Feb. 22.
Machine Shop Advances Thire.-Saco-Lowell shops advance prices 10%
as result of wage increases. "Financial America Feb. 21, p. 2.
-Temporary settlement of dispute beShoe Industry in Haverhill. Mass.
tween Havrehill Shoe Manufacturers Association and Shoe Workers Protective Union in prospect, members of six locals having voted 651 to 240
in favor of signing an agreement for one year or Pending signing of a permanent peace pact. "Boston News Bureau Feb. 22, P. 3.
Texale Industry.
-Workers in Fall River Mass., vote to support demand
for 29% wage increase to scale existing prior to 1920. The New England
'Conference -Board of the United Textile Workers of America pledged
"moral and financial support." 'Boston Financial News" Feb. 19, p. 3.
Gartn nt Industry.
-By a vote of 10,191 to 1,900, workers in New York
City accept 40
-hour week and piece work system. "Times" Feb. 23. P. 14.
Woolens Withdraton.-American Woolen Co. withdrew all fancy worsteds
for fall, having oversold same. "Financial America" Feb. 22, is. 3.
Gas Co.
Gas Company Reduces Rates.
-Concord & Kannapolis (N.
announces rate on and after March 1 will be 100. per M.Cu. ft. 'Financial
America" Feb. 22, p. 2.
Gas Rate Increased.
-P,S. Commission grants increase from 73c. to 80c.
per M. cu. ft. to Crystal City Gas Co. of Corning, N. Y. "Financial
America" Feb. 18
.
Wage Increase.-AmerIcan Hide & Leather Co. increases wages 8% at
/Lowell, Mass., tanneries, affecting about 800 men. "Boston News Bureau"
Feb. 19,_ p. 3.
Glass Workers' Wages.
-Allegheny Plate Glass Co.(Henry Ford interest)
workers' wages increased 80%. Common laborers will receive 6234c.
an hour while on 60 days' probation, if satisfactory, raised to 75c. per hour.
Skilled men receive 80% advance at once. Plant works 8 hoursper day
and employs no one under 20 years of age. "Ti lea" Feb. 17, P. 0.
Mills Increase Wages.
-Ludlow Mfg. Associates grant 10% wage increase
to striking employees and others, also. "Boston Herald" Feb. 17.
Matters Covered in "Chronicle" Feb. 17: (a) Labor unionism and banking, p. 657. (b) Lumber production for ten years, is. 662. (c) Monthly
labor review of U. S. Dept. of Labor for January 1923
-Labor efficiency
in saw mills, p. 663. (d) Retail food cost in 19 cities from Dec. 15 to
Jan. 15. p. 663. (e) Wholesale prices in U. S., p. 663.
(f) Dress jobbers sign agreement with the union in New York City,
-hour week bill
P. 664• (g) Lower House in Now Hampshire passes 48
for women and minors in industry, p. 664. (h) Census report on cotton
°consumed and on hand, also active spindles and exports, p. 664.
(I) Offering of $25,000,000 Dutch East Indies bonds, is. 673. (j) American Surface Abrasives Export Corp. organized under Webb Export Trade
Act, p. 674. (k) Proposed American Tire Manufacturers Export Association-Webb Act Corporation, is. 674.
(I) Bread war in Chicago and Portland results in giving away of broad,
P. 684. (m) Permanent injunction against wage agreement in window
glass industry, p. 684.
(n) President Harding denies request for embargo on coal shipments
to Canada, p. 684. (o) Injunctions granted against coal miners union
in West Virginia, p. 685.
Air Reduction Co., Inc.
-Quarterly Statement.
For the quarter ended Dec. 31 1922. company reports: Gross Income,
62,171,496, operating expenses, 51.450,347, additions to reserves, $224,472,
bond interest, $34,369, net profits, before Federal taxes, $462.308.
California Cyanide Co. Formed.
-
American Metal Co., Ltd.
-New Director.
-Sale
The company. It is stated, has sold the _properties of the Arkansas Zinc
& Smelting Co. at Van Buren, Ark., to William Lanyon, who intends to
operate this plant as an independent smelter under the name of the Falcon
Zinc Co. The Van Buren plant formerly belonged to L. Vogelstein & Co.
and came to American Metal Co. at consolidation.
Heath Steele has been elected a director, succeeding H. V. Putzel.
-V. 116, p. 618, 413.
American Public Utilities Co.
-Plan ApprovedThe stockholders have approved the plan for the reclassification of the
capital stock, as outlined in V. 116. p. 518.
American Safety Razor Corp.
-Dividend No. 2.-
A dividend (No. 2) of 25c. per share has been declared on the Capita
stock, no par value, payable April 2 to holders of record March 12. An
initial dividend of like amount was paid on Oct.2last.
-V.116. p.298, 179.
American Snuff Co.
-Earnings.
Calendar Years1919.
1922.
1920.
1921.
Net earnings
x$2,193,955 $1,811,680 $1,906,760 $1,774,412
Preferred divs (6%) 237,168
237,168
237,168
237,168
Common dividends_(12%)1,320,000(12)1320,000(11)1210,000(11)1210,000
Balance, surplus •
8636,787
6254,512
$459,592
$327,244
x After deducting all charges and expenses of maganement, including
provisions for income and excess profits taxes.
-V. 114, p. 2016.
American Stores Co. Phila.-700% Stk. Div. Proposed.
The stockholders will vote March 21 on increasing the authorized capital
stock from 300,000 shares to 1,800,000 shares, no par value. If the
increase is authorized, it is proposed to distribute a 700% stock dividend.
The balance of the increased stock is to be held in the treasury for distribution among employees on terms to be determined by the board in the future.
-V. 116. p. 413.
Armour & Co. (of Ill.) & Subs.-Batanc,s Skeet.
Consolidated Balance Sheet
-Dec. 31 1922 (After New Financing).
[Including Armour & Co. of Delaware, and half interest in Sociedad
Anonima La Blanca.]
AssetsLiabilities
Cash
$34,144,574 Notes payable
559.365,570
Notes & accounts rec.. __ 59,675,552 Accounts payable
20,633,079
Inventories
78,950,828 Pref. div. pay.January_ _
887,169
Marketable
_ 17,722,676 Illinois Co.470.1939_ _ 50.000,000
Invest, stocks, bonds &
securities_Delaware Co.534s. 1943_ 50,000.000
advances
46,377,105 Reserve for contingencies 1,000,000
x Properties
189,419,470 III. Co.7% Prof. stock__ 59.295.400
Deferred charges
15.299,415 Dela. Co.7% Pref. stock 60.000.000
Class" A"Common
50,032,000
Class"B"Common
50,000.000
Total (each side)_ _$441,589.621 Surplus
_$441,589.621
40,376,402
x Land, buildings, machinery and fixed equipment as appraised by
American Appraisal Co. at sound values. $154,784,620; not yet appraised
at net book values, $15,698,099; half
-interest in La Blanca property, $1,759,792; refrigerator cars, delivery equipment, tools, /se., $15,641,607:
franchises and leaseholds, $1,535,352.
To Redeem 7% Cony. Gold Notes and 6% Debentures.
Notice is given that the company will redeem at 105 and interest on
April 26 all of its outstanding 10
-Year 7% Cony, gold notes, dated July
15 1920, at the Continental & Commercial Trust & Savings Bank, trustee.
Chicago, or at the Chase National Bank, N. Y. City.
Notice is also given that the company has elected to redeem on June
15 1923 all of its outstanding 6% Serial Cony, gold debentures, dated
June 15 1918 at par and interest at the above-mentioned banks -V.
116, p 724, 80.
Armour Leather Co. and Allied Companies.
-Report.
-
President Henry W. Boyd reports in brief:
Profits for the 12 months ending Oct. 28 1922 were 81.555,582. and for
the two +months ending Dec. 30 1922 were $416,360, making a total for
the 14 months included in this report. of $1,971.942.
Business has continued to improve. We are now operating at about 75%
of capacity, and have been able to do this without increasing inventories.
Prospects for 1923 bear every indication of a continuance of the present
healthy condition in the leather business which should enable us to show
satisfactory profits during this year.
In Sept. 1922 acquired control of Alexander Bros.. Phila., leather belt
manufacturers. Alexander Bros. have shown a substantial profit during
the few months it has been under our management. Eastern Leather Co.,
of which the Armour Leather Co. owns 70%, has had one of its best years.
The pro rata due us does not appear in the report.
Balance Sheet.
Dee.30'22 Oct. 29'21.
Dec.30'22.0a.29'21.
Assets$
LialdtUtesProperty account.x9,771,343 9,707,866 Common stock715.000,000 15.000,000
Inv.subsid. cos_ 2,595,000 2,595,000 Preferred stock_ _ y10,000,000 10,000,000
Inventories
16,449,874 13,961,255 Founders' stock__ y500,000
500,000
Acc'ts & bills rec 2,699,248 4,131,889 Notes payable_ _ __13,010.000 15,755,101
Cash
2,274,348 2,594,768 Foreign drafts pay. 1,496,819
123,457
Misc. securities
29,164
29,164 Accounts payable_ 694,501
560,076
Deferred charges
220,098
231,208 Armour &Co
3,106,314 3,190,366
Deficit
9,879,183 11,877,850 Contingency res've 110,623
Total
43,918,257 45,129,000 Total
43,918.257 45,129,000
x Property account includes lands, buildings and machinery. $9,350,256.
equipment, $421,086. y Capital stock includes: (a) 250,000 authorized
shares 7% Cumul. Pref stock of $100 each, 100,G00 shares issued, (b)
authorized and issued 1;000,000 shares Common stock, $15 each, and (c)
100,000 shares founders' stock of no par value.
-V. 115. p. 2480.
Atlas Tack Corporation.
-Preliminary Earnings.
For the year ended Dec. 31 1922, the corporation reports net earnings
before taxes of $117,621, comparing with a loss in 1921 of $299,114.V. 115, p. 2049.
Baltimore Gas Appliance & Mfg. Co.
-Stock Div., &c.-'
The company has declared a 20% stock dividend on the outstanding
6355.200 Common stock, par $100. An extra cash dividend of 4%, together with a quarterly dividend of 2%, was also declared. All dividends
are payable March 1 to holders of record Feb. 15.-V. 104, p. 562.
The company on Feb. 19 announced that it had joined with Los Angeles
Interests in the formation of the California Cyanide Co., which will engage
Barney & Smith Car Co.
In the manufacture of liquid hydrocyanic, sodium cyanide and kindred
-Sale Postponed.
The sale of the company's plant has again been post_poned for 30 days
products. F. W. Braun of Los Angeles, pioneer in the application and
use of liquid hydrocyanic in citrus fruit tree fumigation as well as in the by agreement between Valentine Winters, receiver, the Court, and two
use and application of sodium cyastide in mining operations, will be prospective bidders. It is stated that the bidders desire more time in
President of new company. It is planned to raise more than $1,000,000 which to inspect the company's property. The property cannot be sold
for working capital and work on a now plant will be started immediately. for less than 5947,892.-V. 116, p. 413.
Other officers of the new company are Jelin Pike, V.-Pres. & Gen. Mgr.;
Bassick-Alemite Corp.
.7. D. Neuls in charge of field service and R. W. Poindexter in charge of
-Central
-Common Stock Offered.
laboratory. Directors. P. W. Braun, H. W. O'Melveny and John Pike, Securities Co. and Paul H.
Davis & Co., Chicago, are offerLos Angeles; Samuel F. Pryor, L. F. Loree (Pres. Delaware & Hudson ing
at $27 50 per share 50,000 shares Common stock of
RR.) and C. E. Adams (Pres. Air Reduction Co).
-V. 116, p. 617.
American Gas & Electric Co.
-No Par SharesThe stockholders on Feb. 20 voted to change the shares of Common stock
from roar of $50 to shares of no par value and increase the number of shares
to 1,750,000 shares. The new shares of Common stock of no par value
shall be issued in place of the outstanding shares of Common stock in the
ratio of 5 shares of Common stock, no par value, for each share of Common
stock, par $50.-V. 116, p. 518.
American Mfg. Co.
-Resumes Dividends.
-
The company has declared a quarterly dividend of 134% on the Common
stock, and the regular quarterly dividend of 1%% on the Preferred, both
payable March 31. It is the intention of the directors to declare a dividend
of the same amount on the Common shares in the remaining quarters of
this year. The dividends will be paid from accumulated surplus and not
from 1923 earnings.
On This is the first cash dividend on the Common stock since Dec. 311921,
When a payment of 1%% quarterly and 34 of 1% extra was made. A stock
'dividend of 10% was paid on March 31 1922.-V. 114. p. 2244.
no par value. The bankers state:
Listing.
-Application will be made to List stock on Chicago Stock Exch.
Company.
-Organized in Feb. 1923 in Delaware to acquire all of the
outstanding Common stock of Bassick Co. of Bridgeport, Conn., and 5,000
shares of Common stock of Bassick Mfg. Co., Chicago, constituting with
10.000 shares directly owned by Bassick Co., the total outstanding capital
stock of the Bassick Mfg. Co. Company has actually acquired 29,774
shares of Common stock of Bassick Co., leaving only 584 shares still out..
all but 44 of which have definitely assented to the plan.
The Bassick Co. is the largest producer of furniture and truck casters
in the world and one of the leading manufacturers of furniture and automobile hardware. Plants located at Bridgeport and Meriden, Conn.. and
Newark, N. J. Bassick Mfg. Co. (incorp. Del.), plant in Chicago, manufactures the nationally known Alemite system for high pressure lubrication
of automobiles and industrial machinery. The Alemite system has been
standardized by 470 prominent automobile manufacturers and is installed
on 3,000,000 cars and trucks. The products of the operating companies
have a national distribution, the Alemite products alone_being distributed
by 20,000 dealers throughout the United States.
826
THE CHRONICLE
Authorized. Outstand'g.
Canilalization Bassick-Alemite Corp.x 7 Collateral Trust Serial gold notes
.
$1.250,000 $1,250.000
None
5,000,000
7% Cumulative Preferred stock
200.000shs. 200,000shs.
Common stock (no par value)
The foregoing comprises the total authorized and outstanding capitalization in the hands of the public of both parent and subsidiary corporations,
with the exception of $1,248,000 7% Prof. capital stock of Bassick Co.,
retired through annual sinking fund at the rate of $75,000 yearly: $195,000
Purchase Money bonds outstanding against the plant of the Bassick Mfg.
Co., maturing serially 1923-1930. and 44 shares of Common capital stock
of lassick Co. not yet acquired by the holding company.
Earnings.-Bassick Co. and its predecessors have an earnings record
extending over nearly 50 years. Bassick Mfg. Co. was incorp. in Oct. 1919
and therefore has had an earnings record of 3 full years. Net earnings for
1922, after all charges including depreciation amortization of patents,
Federal taxes and charges upon outstanding senior securities, were $1,082.716. or at the rate of approximately $5 50 per share upon the 200.000 shares
of Common stock of the Bassick-Alemite Corp. Without allowance for
amortization of patents, earnings for 1922 were at the rate of $6 per share.
For the past 3 years average annual earnings similarly stated were at the
rate of over $3 per share. This period includes 1921, when, owing to the
general industrial depression and inventory reductions, the Connecticut
company showed a loss.
-It is anticipated that this stock will be placed upon a quarDividends.
terly dividend basis immediately, with an initial payment on April 1 1923
of 50 cents per share.
Management.
-E. W. Bassick, President.
Bayuk Bros., Inc.
-New 7% Pref. Stock, &c.-
[VoL. 116.
Central Mass. Electric Co.
-Stock Authorized.
-
The Massachusetts Department of Public Utilities has authorized the
company to issue $270,000 additional Capital stock, par $100. the proceeds
to be applied as follows: $215,100 to the payment and cancellation of an
equal amount of notes outstanding on Jan. 11922 and $54.900 to be applied
to the cost of additions and extensions made since Jan. 1 1922.-V. 114,
p. 2583.
Champion Coated Paper Co.
-New Preferred Stock.
-
The stockholders will vote March 5 on creating an issue of $1,000,000
7% Cumul. Pref. stock and on retiring the present $600,000 6% Cumul.
Prof. stock.
-V. 110, p. 2196.
Checker Cab Manufacturing Co.
-Stock Sold.
-Block,
Maloney & Co., New York, have sold at $55 per share
25,000 shares Class "A" Participating stock. Preferred
as to cumulative dividends up to $5 per share and entitled on
dissolution in preference to Class "B" Common stock to $55
per share. (See advertising pages.)
Dividends payable quarterly. Dividends up to $5 annually will be
cumulative, and Class"A" Participating stock will also participate, share
for share, equally with the Class "B" Common stock, in all dividends
declared in any year after the Class"B" Common stock shall have received
$5 per share in dividends in said year. Class"A"stock not callable. Both
classes of stock will enjoy cumulative voting power.
CapitalizationAuthorized. Outstanding.
Class"A" Participating stock (no par value)_ __ 30.000 shs. 25,000 shs.
Class"B" Common stock (no par value)
100.000
100,000
Data from Letter of John E. Campbell, President, Feb. 21.
Company.
-Incorporated in New Jersey. Has succeeded to the entire
business and assets of a Delaware corporation of the same name. Manufactures a taxicab originated and designed exclusively for taxicab purposes.
Production begun only in the early part of 1922 with less than one cab
a day, has increased to an average of 6 cabs a day at present time. Company at present time has on hand and available orders sufficient to occupy
entire production for the current year.
Purpose.
-Proceeds will enable the company immediately to increase
production.
Assets.
-After giving effect to present financing, corporation begins
business with liquid assets substantially in excess of 31,000,000 over and
above liabilities. Although the operations for the 8 months up to Nov.
1 last resulted in little net profit because of the small output, the operating
profit during the months of November and December last were very
substantial upon a production of 56 taxicabs In November and 74 taxicabs
In December, and In January 1923, the company reached an output of
112 taxicabs resulting in an operating profit for Unitary 1923 of $42,000
and a net profit for that month, after extraordinary expenses of $37,000.
The company has called for redemption on April 15 1923 at $110, all
of the 8% Cumulative Convertible 1st Preferred stock now outstanding.
Payment is to be made at Guaranty Trust Co., 140 Broadway, New York,
on April 16.
Holders of the 1st Prof. stock may convert into Common stock up to
April 10. Those desiring to exercise their conversion rights are required
to give at least 5 days' written notice prior to the date specified in such
notice for conversion, and must at the time of giving such notice surrender
to the corporation at Guaranty Trust Co., New York. the certificates
representing the 1st Preferred stock to be converted. The stock is convertible at the rate of one Preferred share for two shares of Common.
The stockholders on Feb. 13 authorized the creation of an authorized
Issue of $5,000,000 New 7% Cumulative Participating Sinking Fund 1st
Preferred stock, and to issue $2,000,000 of this 1st Preferred stock as soon
as possible. This proposed issue of New 7•% 1st Preferred stock has been
underwritten by a group of bankers with Blake Bros. & Co., New York,
as syndicate managers.
An arrangement has been made with the bankers under which they
will offer the 8% Preferred stockholders an opportunity to exchange
their old 8% 1st Preferred stock for New 7% 1st Preferred stock in the
ratio of 10 shares of old stock for 11 shares of new stock. Such an exchange
Is to be made as of April 15 1923 so that the old stockholders will be entitled
to receive the full quarterly dividend due on that date on the old 8%
Chickasaw Refining Co.
-Removed from List.
1st Preferred stock and the certificates for the New 7% 1st Preferred
The New York Curb Market has removed from the list the com_pany's
stock will bear dividends from that same date. If, under this plan of
exchange, any holder of old 8% 1st Preferred stock is entitled to a fractional $1,060,600 Prof. and $1.420,555 Common stock. See V. 115. P. 873.
share of New 7% 1st Preferred stock, an equitable adjustment in cash
will be made. The offer must be accepted on or before April 2 1923.Coca-Cola Co., Atlanta, Ga.-Report.V. 116. p. 724. 618.
Calendar Years1922.
1921.
1920.
Net sales
$21.053,834 $28,464,598 $32,341,428
Bell Telephone Co. of Canada.
-Annual Report.
Cost of operations
b13,826,672 25.118,590 a29,567,159
Calendar Years1922.
1921.
1920.
1919.
Owned stations
400.277
434.223
376,361
337.476
Operating profit
37,227,162 $2,346,008 $2,774,269
Connecting, &c.,stations
119,821
117,595
113,212
106,231 Less other deductions from income
61,719
575.018
335.103
Gro.ss earnings
$18.561,829 $20.245,823 316,513,384 314.149.119 Federal taxes
897,000
425,000
436,018
Operating expense
9,545,899
9,495,098
9,106,078 6.735.310 Preferred dividends(7%)
700,000
700,000
700,000
Maintenance
3,829,322
3,201,021
3.569.163
2,507,791 Common dividends
($4 50)2,250,000 ($1)500.000(32)1000,000
Depreciation
2,549.715
2,961,506
2,885.400 2.316,200
Taxes
595,000
821.358
734,700
654,602
Balance, surplus
$303,148
$33,318,442 31,145,990
Net earnings
Sundry earnings
$2.041,893 13,760,840
234,528
208.472
'a Includes $2,201,992 loss on sugar and other materials valued at cost or
market, whichever was lower on Dec. 31 1920. b InclUdes cost of goods
sold, incl, freight on sales, disc, and allowances, 39,706,517, selling branch,
adm. and gen. expenses, $4,120,158.
Balance Shed December 31.
1922.
1921.
1022.
1921.
Assets3
Mediates$
Plant, mach's:, &c. 6,154,203 5,767,091 Preferred stock. 10,000,000 10,000,000
Formulae, tradeCommon stock- _15,010,000 15,010,000
Bell Telephone Co. of Pa.
mark and good-Earnings.
-Notes payable
2,165,750
will
20,400,231 24,966,230 Accounts payable_ 514,554 1,024,898
The company for the year ended Dec. 31 1922 shows a surplus of
2,804,307
894,808 Accrued accounts_
1,950
2,752
16.075.437 after taxes, interest. &c., against 15,869,000 in the previous Cash in bank
Govt.securities_ __
25,348
19,669 Real estate notes__
78,000
81,500
year.
-V. 116, p. 518, 180.
Bills receivable
19,207
10,961 Res. for Fed. taxes 897,000
427,000
Beloit Water Gas & Electric Co.
Accts.receivable
944,525 1,704,224 Bad debt reserve_
-Earnings.
Inventory
1,548,478 1,816,993 P.,S: I. surp. paid In
4,590,000
Calendar Years1919.
1922.
1920.
1921.
154,772 P.& 1. surp.earned 5,560,548 2,208,045
Gross
$514.175 $695,529 $623,404 $741,817 Notes receivable__ 127,083
Sundry notes and
Net after taxes & depreciation
168,903 178,061 201,695 240,855
accts. receivable
13,700
127,820
Interest, sinking fund,&c
78,571
95,789
81,640 85.058
Deferred charges_
24,970
47,375
Total (ea. side).32,062,052 35,509,94t
x Par value of Pref. stock, $100, Common stock. 500.000 shares, withou8
Balance
$90.332 $96,421 3116,637 $145,066
-V. 116, p. 725.
par value, issued for 315.010,000 cash.
- 115, p. 2270.
V.
$218,043 $1,935,215
663,479
218.108
Total net earnings---- $2,276,421 $3.969.312
$881,522 $2,153,324
Interest
1,168.800
1,035,644
913,484
670,208
Dividends (8%)
1,883,630
2,457,740 al.800,010
1,440,000
Bal., surplus or defidt def$776,010 sur$475,928 df$1,831,971 sur$43,116
-V.115. p. 2908.
Billings & Spencer
-Bond Issue.
Hartford, Conn.
The stocaholders will vote Feb. 26 on authorizing an issue of $600,000 of
Co.,
-year 7% mortgage bonds. The proceeds will be used to fund bank loans.
10
- 111, p. 1186.
V.
Buckeye Pipe Line Co.
-Annual Report.
-
Calendar Years1919.
1922.
1920.
1921.
Net Income, all sources.. _$1.744.396 $1.676,435 $1,612,325 $1.664,783
Dividends
z(70%) 7.000.000(16)1600,000(16)1600,000(16)1600,000
Columbia Gas & Electric Co.
-To Change Par of Stock.
Stockholders will vote April 10 on changing the par of the stock from
$100 a share to stock without par value and the issuance of 3 shares of
stock without par value in exchange for every share of $100 par value.
The company has at present 500,000 shares, par $100, so that the capital
as changed will consist of 1.500,000 shares, no par value.
President P. G. Gossler in a letter to stockholders says:
23,850.136 27,842,230 Total
23,550,136 27,842,230
x Accounts payable, including tax reserves, fire insurance and annuities
-V. 116. p. 414
and death benefits.
This action has been recommended for several reasons. In the first
place, it is believed that shares without par value represent, more truly
than shares of a stated or par value, the proportionate parts In the ownership and earnings of a corporate enterprise, which is the true function of
shares of Common Capital stock. The actual proportionate interest
represented by a share of stock with par value must almost always be
more or less than the par value of the share, only by accident and in rare
instances can it be the same. From this result. which is likely to mislead,
shares of stock without par value are free. They certify simply that the
owner of the share is the owner of a proportionate interest in the assets
and earnings of the company applicable to the shares. By this his rights
are preserved to the same extent as in the case of shares with par value, no
misleading deductions can be drawn, and the attention of the investor Is
placed, as it should be. on the actual financial condition of the company
rather than on an artificial par value which may have no relation to the
actual worth of the stock.
It is also belleved that a division of the present shares into three of the
new shares will tend to a wider distribution of the stock through placing
the market value per snare better within reach of the small Investor. An
increase in the number of shareholders by this means is considered by the
board to be extremely desirable and for the best interests of the company.
Burroughs Adding Machine Co.
-Scrip CO. Called.
-
The annual report for 1922 is given in full on a subsequent
-Dividend Increased.
Calumet & Arizona Mining Co.
dividend of
Cleveland dispatches state that reorganization plans are under way
whereby stockholders are to purchase the property and get it in operation
under a new regime. The plan as worked out, It is stated, provides for
an issue of bonds to be subscribed for by present stockholders and thus
raise enough funds to liquidate the company's debt and furnish money
for working capital. A syndicate committee has been prepared to act
for the stockholders, it is said.
-V. 116. D. 1946.
Balance,sur. or def_def$5.255.604 sur$76.435 stu$12,325 sur$64,783
x Included In the item of "dividends" above is the special dividend of
$25 per share, amounting to $5,000,000, distributed on Dec. 30 1922 to
holders of record Nov. 29 1922. of which $3 72 per share was paid out of
earnings accumulated since March 1 1913, and $21 28 per share was paid
out of earnings accumulated prior to that date.
Balance Sheet December 31.
1921.
1922.
1921.
1922.
LiabilitiesAndsIS
$
$
$
Pipe line plant_ _ _18,021,847 17,771,112 Capital stock
10,000,000 10,000,000
371,179 Acc'ts payable,&e_ x2,127,337 1,208,673
Materials & suPP- 871,081
Invest.
Deprec'n reserve_ 7,198,504 6,803,659
Cash. other
& wets recelv'le 8,187,208 9.699,939 Profit and loss
4,224,295 9,826,898
Total
-V. 116, p. 725.
All fractional share scrip certificates issued in connection with the stock page.
dividend distributed Aug. 15 1922 (V. 115, P. 312) and outstanding March
Cities Service Co.
-Dividends.
-15 1923, have been called for redemption. Thereafter all such scrip certifiThe company has declared the regular monthly cash dividends of Ji of
cates then outstanding shall become and be null and void in all respects
except to entitle the owners thereof to receive the sum of $25 without 1% on its Preferred and Preference "B" stocks and X of 1% in cash scrip
interest, for each scrip certificate on presentation and surrender thereof at and 1 X % in stock scrip on the Common stock, all payable April 1 to holders
- ofrecord March 15. Like amounts are also payable March 1.-V.1164
13319
the office of the treasurer. 6071 Second Boulevard, Detroit, Mich.
V. 115, p. 312.
10% (11 a share) on the
The directors have declared a
outstanding $6,425,210 capital stock, par $10, payable March 26 to holders
9. This compares with quarterly dividends of 5% each
of record March
paid during 1921 and 1922..-V. 116, p. 619. 519.
-To Transfer Lease.
Cambria Iron Co.
The stockholders will vote March 20 on transferring the lease, dated
Dec. 1 1898. for 999 years, covering Its properties from Cambria Steel
-V. 60,
Co. to Bethlehem Steel Co. or to Bethlehem Steel Products Co.
p. 1149.
Cleveland Brass & Copper Mills, Inc.
-To Reorganize.
Clinchfield Coal Corp.
-Tenders.
-
The Equitable Trust Co., trustee. 37 Wall St.,N. Y. City will until
Feb. 28 receive bids for the sale to it of 10
-Year 8% Sinking Fund Gold De-
FEB.24 1923.]
THE CHRONICLE
bentures dated April 1 1921 to an amount sufficient to exhaust $37,800
at a price not exceeding 105 and int.-V. 115. p. 2797.
Columbia Textile Co., Lowell, Mass.
-Sales, &c.
-
Jan. 1923. Dec. 1922. Jan. 1922. Dec. 1921.
Month ofGross sales
$533,201
$521,698
$309.127
$401,922
Unfilled orders on hand, it is reported, amount to 31,750.000.
Milton J. Ayres has been elected a director.
-V. 116, p. 520.
Commonwealth Edison Co.
-Annual Report.
-
Calendar Years1922.
1921.
Gross earnings
$43,107,956 $37,139,831
Operating expenses
25,131.735 21,495,397
Federal tax reserve
Uncolleetible oper. rev
165,147
139,671
Amortization & deprec'n 3,287,212 2,900,758
Taxes acc't elec. oper
3,400.000 2,700,000
Municipal compensation 1,283,883 1,116.260
Operating income- -- $9,839,978 $8,787,744
Other income
687,565
739,586
Total
$10.527,543 $9,527,330
Interest on bonds
3.048.222 2,834.042
Dividends (8%)
4.602,416 4,307.126
Other deductions
1.202,947 1.326,503
Balance, surplus
Previous surplus
*1.673,959 *1,059.659
x9,083.639 8,254,40h
1920.
1919.
$35,317,135 *30,366,426
21.810,757 16.489.252
150.000
110,930
119,938
2,887,428 2.880.255
2,100,000 2,355.000
1,040,071
895,193
37,367,949 $7,476.788
679,966
619,802
*8,047,915 $8,096,590
2,523,600 2.299.237
3,955,600 3,942.340
815.914
950.214
*752.801
7,614,189
*904.799
6,953.840
Total
$10,757,597 $9,314,065 *8,366,990 $7,858,639
Fed'I taxes (prey. year)_
310.669
Miscellaneous
28,345
7,863
112.584 Cr.66.219
Other reserves
y120,787
122.985
Profit and loss surp---$10,608,466 $9,183,217 $8,254.406 $7,614,189
x After deducting adjustment of charges made to investment in affiliated
companies prior to 1922. y Other reserves, insurance reserve and
liability
for provident funds.
-V. 116, p. 725.
(John T.) Connor Co., Boston.
-5% Div.
-Earnings.
The directors have declared a quarterly dividend of 50c. a share on Common stock, par $10, payable April 2 to holders of record March the
20.
A like amount was paid Jan. 2 last on the old capitalization outstanding
prior to the distribution of the 40% stock dividend.
Net profits after taxes and all charges for the quarter ended
Dec.
1922 were $124,234 and gross tales 33,276,149.-V. 116, p. 620. 181. 31
Consolidated Cigar Corp.
-Date of Annual
Meeting.
The stockholders on Feb. 19 voted to change the
annual
meeting from the third Monday in February to the firstdate of the March.
Monday in
Ira Skutch has been elected a director. An amendment was adopted
increasing the number of directors to 20 and the executive committee
to
The Preferred stockholders elected a majority of the directors while 8
the
Common stockholders elected the minority. This was due
fact
the company failed to pay full dividends on the Preferred to the for that
stock
three
consecutive quarters.
-V. 116. p. 718. 620.
Consolidated Gas Co. of N. Y.
-Initial Preferred
Div.
An initial dividend of 13
, (8714 cents) has been declared
1%
Part. Prof. stock, par $50, payable May 1 to holders of record on the 6%
March 15.
The company in Jan. last placed its no par Common stock
on a $5 annual
basis. Compare V. 116, p. 415. 520.
Consumers Company.
-Annual Report.
-
Calendar Years1922.
1921.
1920.
1919.
Gross profit
36.548,933
Oper. expenses, int., &c_ 6,142,001 $6,168,260 *6.851,510 0,582,877
6,188,372 6,151,227 4,841,654
Preferred diva. (7%)315,000
295,073
276,416
276.416
Balance, surplus
$91,932
$423,867
$464,807
Profit and loss surplus... $2,181.335 def$315,185 $2,404,589
$2,089,403
$1,980,722
-V. 114, p. 2121.
Continental Gas & Electric Corp.- Bonds Sold.
Howe, Snow & Bertles, Inc., New York; R. E. Wilsey&
Co., Chicago; Otis & Co., New York, and Cyrus Peirce &
Co., San Francisco, have sold $2,000,000 25
-Year Ref.
Mtge. 6s, Series A, maturing April 1 1947, at 95 and interest
to yield about 6.40% (See advertising pages)
•
Dated April 11922. Due April 11947.
Interest payable A. & 0. at
Cleveland Trust Co., Cleveland, trustee, Central
Chicago, Ill., or Bankers Trust Co.. New York. Trust Co. of Illinois,
and $100 (c*). Redeemable on 60 days' notice onDenom. $1,000, $500
100
107 up to and incl. April 1 1932; at 105 thereafterany interest date at
to
1942, and at 102 thereafter. Pennsylvania property taxand incl. April 1
refunded.
Data from Letter of Pres. Rufus E. Lee, Feb 15.
Company.
-Organized in 1912. Through the ownership of all outstanding
securities (with fractional exceptions) of subsidiary companies, serves,
practically without competition, electric power, light, gas, ice
heat, to the rich _agricultural territories of eastern Nebraska,and (or)
western
Iowa and northern Missouri. Also supplies electricity and gas to Brandon,
Man. Population served, over 237,000. Company has over 66,000
customers. The replacement value of the physical properties of the
company is In excess of $16,000,000.
,
Capitalization After This Financing)Authorized.
Outstanding.
let Lien CoIl. Tr. 5s, 1927
35.000,000
a$4,237.000
Ref. 6s, 1947 (this issue)
b
3,780,000
Convertible 8% debentures
1.000,000
984,400
6% Cumulative Preferred stock
5,000.000
3,750,400
Common stock
5,000,000
2,257.900
a $763,000 retured by sinking fund. Balance provided
mortgage. b Issue of further bonds carefully restricted. for by refunding
Comparative Earnings of Subsidiary Companies-Calendar Years.
Gross Earns. y Oper.Exp. Balance.
1922
x$3,387,356 $2.425,772 $961,583
1921
2,409,524
1,773,279
636,244
1920
1,942,322
1,472.601
469.721
1919
1,655.615
1,254,210
401,404
x For the year ended Nov. 30. y Operating expenses,
taxes, maintenance and insurance.
Sinking Fund.
-Provision is made for a sinking fund,
later than April 1 1928 to provide semi-annually 1X % of beginning not
the
principal amount of refunding bonds which shall at any one maximum
time preceding the date of such sinking fund payment have been outstanding.
Present sinking fund provisions in _prior lien indenture are operative
Purpose.
-Entire 'proceeds will 130 used for the acquisition of the to 1928.
Lincoln
Gas SZ Electric Co.(V. 115, p. 2386), for large additions to present properconstruction of additional facilities, and for the reimbursement
ties, for
of the treasury for new construction.
-V. 115, p. 2384.
Consolidated Gas El. Lt. & Pr. Co. of Balt.-Rights.Common stockholders of
The
record March 5 are given the right to
subscribe on or before March 20 to $2,922.000 additional Common stock
at par ($100). Subscriptions will be payable, in cash in New York or
Baltimore funds, at company's office. Lexington Bldg., Baltimore, or
New York Trust Co., 100 Broadway, New York, or Aldred & Co., Ltd.,
London, England, as follows: $25 upon subscription on or before March
20 and $25 each April 20, May 21 and July 2. Subscribers may at their
option make payment in hill on the date of any installment.
Interest at rate of 6% per annum on installments paid and dividend at
the now current rate of 8% per annum shall be adjusted and paid, at the
time of final payment. All of the new stock will rank for all regular dividends after the quarter ending June 30; new stock paid for in full on any
of the first three installment dates will also rank for the full regular dividend
for the quarter ending June 30. Div. on stock paid for in full on March 20
will be adjusted by payment to subscribers at the rate of 8% per annum
to April 11023.
There have been no arrangements made for syndicating any un-subscribed
-V. 116. v. 725.
portion of this issue.
827
Curtiss Aeroplane & Motor Corp.
-Report.
-
The operating results for the year 1922 (subject to audit) showed a
profit of $16,170, compared with the profit of $101,207 for 1921.
Orders on the books at the close of the year amounted to $3,752,009.
as compared with 51.763,225 in 1921.
President C. M. Keys says: "It is necessary to revise the capitalization
of the company and a plan to this effect will be submitted to the stockholders shortly for their approval. It may also be necessary, in view of
the larger volume of business being transacted, to arrange for the raising
of working capital. The possible need for this is reflected in a decrease of
cash on hand at the close of the year from *994,880 in 1921 to $174,744
in 1922, and an increase of the Government work in production from
$122,629 in 1921 to $791.978 in 1922."
Arthur H. Marks has been added to the board.
-V. 116, p. 415.
Cushmans'Sons, Inc.
-Preferred Stock Offered.
-Spencer
Trask & Co., New York, are offering, at 100 and div.,
$750,000 7% Cumul. Pref. (a. & d.) stock (see adv. pages).
Dividends payable Q.
-M. No dividends can be paid on the $8 Cumul.
Pref. Stock or the Common Stock until there shall have been paid into the
sinking fund for the purchase and retirement of 7% Cumul. Prof. stock a
sum equal to 2% of the amount of such Preferred stock outstanding at the
time of such dividend payment.
Data from Letter of Pres. Lewis A. Cushman, New York, Feb. 19.
Company.
-Organized in December 1914 in New York, and acquired
the properties and business of five competing,long-establi hed, successful
companies manufacturing bakery products. Company is now one of the
largest producers and distributors of bakery products in New York City and
vicinity. Products are sold through the medium of its own retail stores and
delivery routes. All the company's 24 stores are operated at a profit.
New York City stores are well distributed over the higher grade residential
sections of the city. Company owns six manufacturing plants. A large
fleet of automobiles, wagons, &c.. is used for the general distribution of the
product.
Capitalization After This FinancingAuthorized.
Outstanding.
7% Cumul. Pref. Stock (par $100)
$3,000.000
$2,106.600
$8 Cumul. Div. Prof. Stock (no par value)-___ 40.000 shs. 22,560 shs.
Common stock (no par value)
200,000 shs. 95.240 shs.
Company has no funded debt of any description except real estate mortgages aggregating $289,000,.
Earns. Cal. Years. Net Profits. Depreciation. Fed l Taxes. Bal ,Surp.
1918
$399,006
1.53.114
$45733
$270,160
1919
449,700
93,082
42,172
314.446
1920
672.074
157.872
107,193
407,009
1921
983,311
231.357
197,727
554,226
1922
1,110,263
286.386
103.483
720,394
Five-year average-- *722.871
3170.362
$99,262
$453,247
Annual div. requirements of *2,106,600 7% Cum. Prof. Stock *147.462
-Proceeds of the sale of *800,000 7% Cumul. Pref Stock will
Purposes.
be used to reimburse company for expenditures made for plant account
and to provide sufficient ready funds to insure ample working capital.
Balance Sheet December 31 1922 (After New Financing).
AssetsLiabilities
Cash
$898,019 Trade creditors
Accounts & notes receivle 286,551 Prov. for Federal taxes_.... $112,585
175.853
Investments
158.450 Drivers' deposits
25.056
Inventories
331.803 Real estate mortgages_ --- 289.000
Other investments
65.3647% Cumu . Prof. Stock_ - _ 2.131.700
Land, buildings. &c
3.781,988 $8 Cum. Div. Pref. Stock-x2,256.000
Good-will.trade marks,&c 2.703,321 Common Stock
y476,200
Del Charges
90,228 Capital surplus
1.421.506
Total (each side)
$8.315,725 Surplus
1.427,823
x 22,500 shares no par value at $100 per share. y 95,240 shares at stated
value of $5 per share.
-V. 116, p. 520.
Dayton (0.) Rubber Mfg. Co.
-New Officer.
-
A. L. Freedlandor has been elected 2d Vice-President.
-V.115. p. 1538.
De Beers Consol. Mines, Ltd.
-Capital Increased.
-
The stockholders have voted to increase the Capital to £4,750,000 by
Issuing 100.000 deferred shares of £2 10s. each.
-V. 116, p. 182.
‘(D. G.) Dery Corporation.
-Bonds Called.
-
Certain of the First Mtge. 20
-year 7% sinking fund gold bonds, due
Sept. 1 1942. aggregating $54,500, have been called for redemption March 1
at 110 and interest at the New York Trust Co., trustee, 100 B'way, N. Y.
City.
-V. 115, p. 1538.
Detroit & Cleveland Navigation Co.
-Balance Sheet.
-
Dee.30'22. Dec .31'21.
Assets$
$
Vessel property.... 4,551,448 4,537,571
New steamers bldg.
account
1,210,625
Real est., bides.,
equipment, dm_ 1,913,799 1,952,600
Cash
382,176
120,841
Recurs., notes,&c..
owned
4,516,317 4,600,314
Accts. receivable...
25,290
157,797
Deterred assets..._
97,114
120,016
Total
12,696,768 11.489,139
-V. 114, p. 2475.
Dec.3022. Dec.31'21.
Mobilities$
$
Capital stock
6,038,000 6,038,000
Funded debt
1,000
31,000
Accts.& vouch.pay
62,808
34,390
Accr. liabilities not
due(taxes)
211,255
203,307
Res. lor inc. tax__ 225,000
185,000
Deterred items......
8,380
7,049
Reserve for deprec. 3,790,756 3,430,965
Other reservee_ __ _ 187,754
185,788
Profit and loss._ _ 2,171,835 1,373,641
.
Total
12,696,768 11.489,139
Detroit Pressed Steel Co.
-Sells Disteel Wheel Buziness.
See Motor Wheel Corp. below.
-V. 116, p. 520.
(E. I.) du Pont de Nemours & Co.
-13.% Cash Div.
-
The directors have declared a quarterly dividend of 1,4% on
stock, payable March 15 to holders of record Mardi 5. On the Common
Dec. 29 last
toe company paid a 50% stock dividend on the Common stock. Prior to
this stock distribution dividends at the rate of8% per annum (2% quarterly)
were paid.
-V. 116, p. 726. 715.
Dupont Motors.
-Capital Increase.
-
The company has filed notice with the Secretary of State of Delaware
of an increase in its authorized capital stock from $4,500,000 to 525.000,000
Durant Motors, Inc.
-Acquires Glass Works.
-
•
President W. C. Durant, it is announced, has taken
capital stock of the American Plate Glass Co., Kane, Pa. over the entire
The company,
It is stated, has an annual capacity of approximately
6.000,000 sq. ft. of
plate glass, an amount sufficient to meet all the requirements
of the Durant
orci Litoifooniit
gz
of
Motors Michigan for the yr
net profits of $1,43749 after setting asideyear ended Dec. 31 1922 reports
*237.495 for
local taxes and $71,754 reserved for depreciation, and Federal, State and
equal to sUghtly more than 100% on the investment. that th3 profits are
goes to Durant Motors,Inc.,for the use of the name, Of the profits. 60%
and other purposes, while 40% goes to stockholders. patents, management
-V. 116, p. 182.
Elder Steel Steamship Co., Inc.
-See page 834.
Endicott Johnson Corporation.
-Listing.
-
There have been added to the
Stock Exchange list 67,560
additional shares (par $50) CommonBoston the same
stock,
having been issued
on Feb. 15 to holders of record Jan. 25
-V.
1923 as a stock dividend.
116. p. 726.
Fay Taxicabs Inc.
-Common Stock Offered.
-McClure,
Jones & Reed, New York, are offering at $32 per share,
50,000 shares Common stock.
Company was incorporated in New York,
cabs. Company has steadily grown and willin June. 1922, with 17 taxihave
in operation
by the end of February. The sale of this tack will 300 cabsfunds for the
provide
purchase of taxicabs, and by April next, corporation expects to have
500
in operation. Company also operates 3
garages.
Depreciation of 25% per annum is
against the cost of each cab,
and after this and all other charges, chargedtaxes, current earnings are in
except
excess of $4 50 per cab per day. With 500 cabs in operation it is estimated
that earnings will be at least $70,000 per month, or about $840.000
per
annum. Lawrence Fayls President.
828
[voL. 116.
THE CHRONICLE
-To Increase Common Stock
Fisher Body Corporation.
Preferred Stock to Be Retired.Tne stockholders will vote March 6 on increasing the authorized Common
stock from 500,000 shares to 600.000 shares, no par value. The additional
100,000 shares will be offered pro rata to Common stockholders at $75 per
share (Compare V. 116, p. 416, 521).
The stockholders will also vote on reducing the number of directors from
14 to 11.
The corjooration will redeem all of its outstanding Preferred stock on
May 1 at 120 and dividends. Payment will be made by the Bankers Trust
Co., 16 Wall St., New York City, Holders of said stock may present same
for payment any date before May 1 and will receive 120 and dividends to
-V. 116, P. 521, 416.
date of presentation.
-Orders Increase.
Fisk Rubber Co.
[For arrangement with American Locomotive Co., regarding design
and manufacture of locomotives see that company under Reports" above.]
The company has been granted a_ preliminary injunction against P. R.
Mallory & Co., ortchester, N. Y.. manufacturers of tungsten wire.
and the Save ilectric Corp. of Brooklyn, N. Y., manufacturers of incandescent lamps. These injunctions are based on the General Electrtic
Co.'s broad tungsten lamp patent of Just & Hanaman and on the Langmuir
-filled lamp patent. Both of these patents have been sustained by
gas
the Circuit Court of Appeals in previous litigations.
-V. 116, p. 417. 302.
General Motors Corp.
-Quarterly Dividend of 30 Cents
-The directors have declared a dividend of 30 cents
Declared.
a share on the outstanding Common stock, no par value,
for the first quarter of 1922, payable Mar. 15 to holders of
record Mar. 3.
The company's current orders are 80% larger than this time last year.
On Dec. 20 last the company paid a special dividend of 50 cents per share
according to an official of the company. In addition to the general improvement in the tire industry Fisk Rubber is reaping the benefit of the combined on the Common stock. There were no other distributions made on this
business of the Federal Rubber Co. of Milwaukee and the Ninigret Co., issue during 1922. In 1921 four quarterly dividends of 25 cents per share
both of which were acquired last year. Gross sales and net earnings in were paid on the Common stock.
1923, it is stated, are expected to be far in excess of last year. when net
Distribution of Stock to Employees as Bonus.
sales were $45,000,000 and net profits approximately $1,630,000.-V. 116.
The corporation is distributing to 6,000 of its employees 270,000 shares
p. 416.
of Common stock and 7.600 shares of 7% Debenture stock. This distribution represents the accrued portions of the bonus awards under the
---Production.
Ford Motor Co., Detroit.
Final figures for January show that the company in that month produced plans of 1918. 1919, 1920 and 1922 made out of earnings from those four
the 125.271 cars and trucks, 111.145 were years. The approximate value of the securities being distributed exceeds
125,271 cars and trucks. Of
turned out at the U. S. plants and 5,758 at the Canadian plant. Total $4,500.000 at current market prices. As a result of the operation of the
bonus fund, one out of every 11 stockholders is an employee of the cortractors built in January was 7,904.-V. 116, p. 726, 621.
poration and one out of every 12 employees is a stockholder.
The original bonus plan has been modified so that in the future stock
-Bonds Of43 Exchange Place Building, New York.
be distributed one-quarter immediately and
balance in
fered.-Bonbright & Co., nc., Hayden, Stone & Co. and awarded will installments. Also the matured installments thebonus herethree annual
of
tofore awared
Tucker, Anthony & Co., kew York, are offering at 993/i and certificates ofare to be distributed. In accordance with this modification
stock are now being
out to the
beneficiaries
int., to yield over 6%, $2,500,000 6% Sinking Fund 1st of 1922 and to those of other years assent -V. 116. p.bonus621.
well.
726.
(closed) Mtge. fee bonds. (See adv. pages.)
Dated Mar. 11923. Due Mar. 1 1938. Int. payable M.dc 8. at Central
Union Trust Co. of New York. Denom. $1,000, $500 and $100 (c* & r*)
$1.000 and multiples. Red. all or part on any int. date on 30 days' notice
at 105 during first 10 years and thereafter at 1% less each year. plus int.
in each case. Corporation will pay normal Federal income tax up to 2%
-mills tax and the State tax in
and will refund within 60 days the Penna. 4
Connecticut up to 4 mills annually
Data from Letter of C. B. Jaqua, V.-Pres. of Anahma Realty Corp.
-Building is in the heart of the New York financial district.
Location.
It is now connected with the 37 Wall Street Building at each floor, thus giving direct access to Wall Street.
-Bonds will be secured by a closed first mortgage on the fee
Security.
simple title to approximately 9,500 sq. ft. of land at 43-49 Exchange Place,
-story steel and brick office building thereon. The
N. Y. City, and a 25
value of the land and building has been recently appraised by George R.
Read & Co. at $3,400,000, by Joseph P. Day, Inc., at $3,550,000, and by
The property is being purchased for
Charles F. Noyes Co. at
$3,600,000.
investment at a price approximating the average appraisal value.
Earnings 43 Exchange Place Building Year ended Dec. 31 1922.
$544,018
Gross income
220,363
• Operating expenses, taxes and insurance
$323,655
Net income
The net income for 1922 was over 2.15 times the annual interest requirements on this issue of bonds. It is estimated that the gross income for 1923
will be approximately $560,000. Building is completely rented.
-Mortgage will provide for an annual sinking fund of
Sinking Fund.
$75,000. payable quarterly, first payment being due June 1 1923, to be used
fcrpurchase or redemption of bonds.
-Building will be owned by the 43 Exchange Place Building
Ownership.
Corp. Bonds will be followed by a second mortgage of $650,000. Entire
capital stock will be owned by the Anabma Realty Corp., which owns
the following buildings in New York: Heckscher Building, National City
Building (uptown), 50 East 42d Street, 244 Madison Avenue, Equitable
Trust Co. Building (uptown), Vanderbilt Concourse Building (leasehold),
and Marlin-Rockwell Building (leasehold).
.-Operation of building will be under management of Charles
Management
P. Noyes Co.
-Production-Earnings.
Gardner Motor Co.
The company in 1922 produced approximately 9,000 cars, compared
with 3,800 in 1921 and 5,400 in 1920. Loss for the year ended Dec. 31
1922. it is reported, was between $125.000 and $150.000.-V. 115. p. 1215,
-Earnings.
General Gas & Electric Corp. & Sub. Cos.
Year Ended Dec. 31 1922.
813,099,360
Operating revenue
Oper. exp. & taxes, $6,788,447. maintenance & depreciation,
9,565,189
$2,377.388, rentals, $399,354
Operating income
Other income
$3,534.171
160,358
$3.694,529
Total income
Deductions from income of sub. cos., including int. on funded
2,483,642
debt and dividends on stocks held by public
Exp. & taxes of Gen. Gas & Elec. Corp. and General Finance
423,255
Corp- $36,202.int. on fund. dt. of Gen.G.&E.Corp..$387,053
$787.633
Balance
The earnings of the York Haven Water & Power Co. (in which company
Metropolitan Edison Co. acquired a controlling interest in Nov. 1922) are
included in the above statements. The above statements are adjusted to
give effect to acquisition of securities by General Gas & Elec. Corp. and
issuance of 7% Sinking Fund Gold bonds. Series A, and are subject to adiustment, if necessary, in connection with final closing of books for 1922.
-V. 115. p. 2799.
-Employees'
General Electric Co., Schenectady, N. Y.
Securities Corporation Formed.
Securities of a number of important public utilities companies are made
ran of an interesting new savings plan for the company's employees,
through the formation of the G. E. Employees' Securities Corp. A particularly interesting feature is that employees will themselves have a voice
In the Securities Corporation by virtue of electing 7 bond directors. The
G.E.Company chooses8 directors representing the stock of the corporation.
Outlining the plan. President Swope. in a formal announcement. says:
"In the past three years many thousands of our employees have, in addition
to the rourchase of about 50,000 shares of the company's capital stock, subscrib, for over $5,000,000 of Employees' 7% Investment bonds. This
result has led the directors to adopt a broader plan, enabling employees to
continue and extend the habits of saving thus formed.
"With the thought in mind that the employees might wish to become
Interested not only in the General Electric but also in the securities of the
public utilities which the General Electric Co. serves, a new company. the
G E. Employees' Securities Corp.. has been formed to invest its funds in
the stock of the General Electric Co. and in the securities of public utility
-Year bonds
companies. The G. E. Corp. will issue $5,000,000 6% 50
and 10,000.000 shares of no par value capital stock.
General Electric Co. will subscribe for the entire issues of bonds and
"The
stock. The stock will be retained by the General Electric Co. but the bends
will be sold to employees."
The General Electric Co. agrees with the original holder of bonds that
so long as he remains in the service of the company it will pay at the same
time the interest is paid an additional 2% per annum, making a total of
8%_ per annum in the value thereof.
The funds of the new corporation, it is announced, are invested in approximately 25% of G. E. Company Common stock and 75% in securities
of public utility companies. In addition to the G. E. Company Common
stock, the Employees Securities Corp. owns varying amounts of securities
of public utility companies, customers of the General Electric Co.
-Injunctions Granted.
Pays Bonus to Employees
The company on Feb. 5 paid approximately $1,100.000 in supplementary
comjoensation to employees of its various plants who have been with it
for 5 years or more. This sum represents 5% of the earnings of' these
employees for the 6 months' perfect ejjded Dec. 31 1922. The payment
was made in employees' 1-year 7% Investment bonds in $10 units or
multiples thereof, and the balance in cash.
Goldwyn Pictures Corp.
-Annual Meeting Postponed.
The annual meeting of the stockholders scheduled for Feb. 19 has been
adjourned to Mar. 23 -V. 115, p. 1327.
Goodyear Tire & Rubber Co.-Pref. Stock Sold.
-The
bankers named below have sold at 98 (flat) $14,505,800 8%
Cum. Prior Preference (v.t.c.) stock. (See adv. pages.)
-Dillon. Read & CO., White, Weld & Co.,
Bankers Making Offering.
Union Trust Co. (Cleveland), Hallgarten & Co., A. G. Becker & Co..
Bonbright & Co., Inc., Chas. D. Barney & Co. Dominick & Dominick.
Cyrus Peirce & Co. (San Francisco). Federal Securities Corp. (Chicago)
and Anglo London Paris Co.(San Francisco).
[This does not represent any new financing by the company. When the
company was reorganized there was issued to merchandise creditors approximately $33,000,000 Prior Pref, stock which the creditors placed in a voting
trust. Some time ago a syndicate was formed to purchase the stock in the
voting trust and the company was given the opportunity to purchase from
the syndicate all or part of the stock at the price which the syndicate paid
for it. The company authorized the retirement of $13,000.000 and will
retire an additional $5,000,000, and the stock now being offered is part
of what remains outstanding.]
Red., all or part, at 110 and div. on 60 days' notice. Dividends payable
-J. Authorized. $40.000,000. issued. $33,098,000, purchased by comQ.
pany for retirement, $13,098,000, under contract to the company for purchase and retirement on or before Feb. 1 1924, $5.000,000. Registrars:
New York Trust Co., N. Y.. and Cleveland Trust Co.. Cleveland. Trans-fer agents: Guaranty Trust Co., N. Y., and Union Trust Co., Cleveland.
-A cumulative annual sinking fund provides for purchase
Sinking Fund.
at or below 110 and accrued divs. or if not so obtainable for call at that
price. The $5,000.000 stock (Voting Trust Ctfs.) under purchase contract
will be redeemed for the sinking fund, which should redeem the entire
amount now outstanding within 13 years.
-Voting Trust Ctfs. listed on N. Y. Stock Exch."when issued."
Listing.
Data from Letter of President E. G. Wilmer Akron, Feb. 17.
-Is the largest manufacturer of rubber tires in the world.
Company.
producing at present approxima tely 20% of the total automobile tires manufactured in this country, as well as an extensive line of mechanical and other
rubber goods.
-Company's balance sheet as of Dec. 311922. adjusted
Net Quick Assets.
to give effect to certain subsequent capital changes,shows net current assets
of $47.766.830. or $238 per share of Prior Pref. stock, including shares
under contract of purchase by company on or before Feb. 1 1924.
Net tangible assets for the Prior Pref. stock are shown to be $75,297,597.
or $376 per share.
-For the 4 fiscal years ended Oct. 311919. during which period
Earnings.
there was no funded debt, net income after all charges and available for
interest and dividends, averaged $11.493.793 per ann. Deducting annual
charges on present funded debt. leaves $6,229,124 which would have been
available for divs. on Prior Pref, stock had the present capitalization
then been in existence.
During the 16 months from Oct. 31 1919 to Feb. 28 1921 there occurred
the extraordinary trade depression which precipitated the company's reornization. The losses sustained were subsequently absorbed through
adjustments of capitalization at time of reorganization.
For the 10 months from Feb. 28 1921 to Dec. 31 1921 income after interest, taxes, extraordinary adjustment and all other charges, and applicable
to diva. on Prior Pref. stock, was $3,620,043, while for the fiscal year ended
Dec. 31 1922 (V. 116. p. 716) such income was $3,551,182. For the last
3 months of 1922 income available for divs. on the Prier Pref. stock was at
rate of $6.000.000 per ann. Annual requirements are $1,600,000 for diva.
on the stock outstanding, Including the. $5,000,000 under contract of
purchase by company.
Capitalization Outstanding.
$10,000
-year 8.s. _ _ _$27.750,000 6% Cum.Manage't stock
1st Mtge. 20
-year 8% debentures_ _x27,500.000 7% Cum. Pref. stock__ 65,079,600
10
8% Cum.Prior Pref.stk_y20,000,000 Common stock (no par
val.) declared value__ 1,000,000
x Incl. $2.500,000 acquired by company in anticipation of sinking fund
retirement. y mci. $5,000.000 under contract for purchase and retirement.
Entire outstanding amount in a voting trust expiring May 1 1941 or earlier,
at option of voting trustees.
-During last two years the rubber industry has labored under
Outlook.
frequent reductions of the selling prices of its products imposed by the continued downward trend of the market prices of the principal raw materials.
In the face of this the company was obliged to use and pay for high-priced
materials purchased in 1920. These materials have now been taken in
and consumed and the company is again operating with inventories, the
average cost of which is at or under current market. With better selling
prices now prevalent, and sales volume steadily increasing, the company's
outlook for a profitable business is excellent. [The balance sheet as of
Dec.31 1922(adjusted) is given under "Reports" above.3-V. 116. P. 716
,
727.
-Resumes Common and 2d Pref.
Gulf States Steel Co.
Divs.-Dividends on 1st and 2d Pref. Stocks Declared for Full
Year 1923.A dividend of 1% has been declared on the outstanding Common stock.
par $100, payable .April 2 to holders of record Mar. 15. The directors also
declared and set apart for the entire year 1923 dividends on the 1st and 2d
Preferred stocks at the rates of 7% per an. and 6% per an., respectively.
The last dividend paid on the Common stock was 1%. on April 1 1919.
The last payment on the 2d Pref, stock was made in April 1920.
Results for Calendar Years.
1019.
1922.
1920.
1021.
Gross sales
37,801,135 $4,820,639 $11,439,627 $8,405,788
$645,062
Gross profits
$1.406,083 def$242,921 $1,163,089
365,640
Depr., taxes, &c., res'ves
401,869
447.876
348.994
140.000
140,000
First pref. diva.(7%) 140,000
140,000
5,142
Second pref. diva.(6%)_
5,046
(1%)111,137
Common diva. (cash)
Divs, on fractional shs_Cr.1,896
Balance,sur. or def.--sur$818.507 def$731,915 sur$606,174 sur$23,143
2,223,236
2,246,379
Previous surplus
2,852,553
2,120,637
Total surplus
-V. 116. p. 417.
$2.940,741
$2.120,637 32,852,553 32,246.379
1023.]
Fti224,
TAB CHRONICLE
-To Vote on Sale of Properties.
Gteelock Co.
The stockholders will vote Feb. 26 on selling the assets to Lockwood,
Greene & Co. and on approving a call for payment of the 5.000,000 7%
Coll. Trust notes now outstanding. See also Lockwood, Greene & Co.
-V. 115, p. 550.
below.
-Approves Plan.
Hanover Lunch, Inc.
The stockholders on Feb. 17 approved the sale of all the company's
assets and property to a new corporation. Hanover Lunch & Restaurant
Co. Inc., to be organized in New York, as per plan in V. 115, p. 2484.
-V. 116, p. 622.
Hayes Wheel Co., Jackson, Mich.
-Bonds Sold.
-Lee,
Higginson & Co., New York, sold at 9£4i and int. $750,000
1st Mtge. 6% sinking fund Gold bonds, Series B. A circular shows:
829
Dividends.
-In 1922 company paid cash dividends aggregating $500,001
and it is the intention of the management to inaugurate the payment-of
-V. 115. P. 1949. •
dividends at the rate of $1 50 per share per annum.
-New Finaniing- Rumors.
Inland Steel Co., Chicago.
It is reported the company is negotiating for the sale of a large block
of Preferred stock to Kuhn, Loeb & Co.. the proceeds to be used to finance
additions.
-V. 116, p. 728.
-Resumes Divs.Inspiration Congo]. Cooper Co.
A dividend of 5% has been declared on the outstanding $23,639,340
capital stock, par $20. payable April 2 to holders of record March 15.
Quarterly dividends of 5% each were paid in July and Oct. 1920; none since.
-V. 115, p. 756.
International Cement Corp.
-Notes Called.
All of the outstanding 5
-year 8% Convertible gold notes, dated June 1
1921, have been called for payment March 20 at 110 and int. at the Equitable Trust Co., 37 Wall St., N. Y. City. Any of the notes may,at any time
until and incl. March 20, be converted at the option of their holders into
shares of Common stock, no par value, upon surrendering notes at the office
of the trust company.
-V. 116, p. 728.
Dated Feb. 11923. Duo Feb. 1 1929. Int. payable F. & A.. at Lee.
Higgison & Co., Boston, New York and Chicago. Denom. $1,11110. $500
and $100 (c*). Callable as a whole on any int. date, or for sinking fund on
any Feb. 1, at 102% and int. from Feb. 11924. until and incl. Feb. 1 1926;
thereafter at 102 and int. until and incl. Feb. 1 1927; and therefater at 101
-Accumulated Pref. Dividends.
International Silver Co.
and int. Illinois Trust & Savings Bank, Chicago, trustee.
The company has declared a dividend of II of 1% on account of deferred
Capitalization Outstanding Arer This Financing.
cumulative dividends and the regular quarterly dividend of 1%
on the
1st Mtge. sinldrig Fund gold bonds. $2,000,000
41,432,100 Prof. stock, both payable April 2 to holders of record Mar. 16. Compare
Capit +1 stock (no pr value) 2e0 001)sear s_
v5.392 430 V. 115, p. 2484.
x Series A, 7% $682.100; Series B. 6% (this issue) $750,000. Of $1.000.000 A Bonds originally issued, $317,900 have been retired by Sinking
Iron Products Corp.
-May Recapitalize.
Fund. With the present issue of $750,000 Series B bonds, all but $250,000
The directors are said to have under consideration plans for recapitalizing;
of the total authorized amount have been Waned. y Representing 200,000 the company. According; to reports, the plan Contemplates the retireshares of no par value; this amount being net assets after deducting all ment of the present $987,000 8% Cumul. Preferred stock and the issuance
liabilities.
In its stead of new Preferred and at the same time increase the Common
Company.
-Largest producer of automobile wheels in the world, manu- stock. The reports also state that the plan is likely to include the issuance
facturing wheels for the Ford, Buick. Nash, Willys-Overland. Chevrolet, of a stock dividend to Common stockholders.
-V. 116, p. 728.
Durant and many other well-known automobile companies, thus serving
most of the "quantity production" automobile companies of the country.
Island Refining Co.
-Suit.
Headquarters and principal works are at Jackson, Mich., and other plants
The Metropolitan Trust Co., New York, has filed suit in Federal Court
are at Albion. Mich.. and Anderson, Ind. Company is now acquiring the at New Orleans to foreclose the $6,000,000 mortgage.
-V. 116, 0. 303.
Imperial Wheel Co. at Flint, Mich., which will further enlarge and strengthen its business.
Isle Royale Copper Co.
-1922 Dividends.
Earnings.
-Net earnings available for int. In 1922, after liberal provision
The company announces that of the dividend of 50c. per share paid
for maintenance and depreciation and before Federal taxes, last month Aug. 31 1922 (V. 115, p. 763). 43.043c. per share was out of earnings conestimated, were $1,192,866, or over 12% times the $92,747 annual require- sidered subject to Federal income tax as a dividend and is returnable as
ments for interest on total 1st Mtge. bonds to be outstanding. Such taxable income. The balance, 6.957c. per share, and all of the dividend of
average net earnings, 7 years to Dec. 31 1922, were over 9% times these 50c per share paid Dec. 22 1922, being distributions of paid-in surplus, are
requirements. After deducting Federal taxes at present rates, average not returnable as taxable income. The stockholders are also advised that
net earnings were nearly 8% times these requirements.
for the Commonwealth of Masaschusetts both dividends are considered
Sinking Fund.
-Annually on Dec. 1 beginning in 1923, trustees, will be return of capital and non-taxable.
-V. 115, p. 763.
provided with $131,250 to be used for purchase or call of bonds at not
Island Warehouse Corp., uffalo, N. Y.
exceeding call price. This sinking fund is sufficient to retire before maturity
-Bonds Sold
approximately $975,000 of the total $1,750,000 bonds issued.
-W. A. Harriman & Co., New York, and Lane, Piper &
W. B. Brundage has been elected a director. See also V. 116. p. 727.
Haytian-American Corp.
-Reorganization.
Acquisition of the properties of the company by a new company known
as the Hamian Corporation of America. under a plan designed to enable the
corporation to engage in the sugar industry on an enlarged scale, has been
completed. Capitalization of the new corporation will consist of an
authorized $3,000.000 8% 15
-year Debenture Income bonds and 100,000
shares of Common stock without par value, of which 32,375.000 bonds
and 80.000 shares of Common are to be immediately issued. Proceeds of
the financing, in the form of working capital, are expected to equip the
corporation with the funds necessary to active exploitation of its sugar,
railway, electric light and dock subsidiaries in Hayti, all of which are
understood to have secured improving results in recent months.
Officers of new corporation are: Pros., C. Edgar Elliott; V,Pres.,
E. S. Paine; Treas., E. H. York; Sec., W. A. Kroether. Executive committee: George D. Graves. Chairman; F. II. Berlin, Frank Finsthwait,
E. S. Paine, E. H. York, William K. Dick and Charles J. Welch. Directors
Include the foregoing and Clarence K. Bowie, William D. Breed, George C.
Forrey, Guthrie B. Plante and William M. Ramsay.
-V. 115. p. 2386.
Jaffray, Minneapolis, have slid at 9734 and int. to yield
over 6.20%,$2,000,000 1st Mtge.6% 20-Year Sinking Fund
gold bonds, Series A. (ses cdv.pag s.)
A 10% stock dividend has been declared on the outstanding Common
stock, par $10, Payable March 15 to holders of record March 1. The stockholders recently increased the authorized Common stock from $5,192,100
to $10,000,000. par $100 (compare V. 116, P. 522)•
Net profits for 1922 after Federal taxes were $3,778,780 compared
with $890,278 in 1921.
It is stated that the company's entire 1923 output of 40,000 cars has
already been contracted for delivery. The 1923 output of 40,000 cars
compares with about 15,000 in 1921 and 34,000 in 1922.-V. 116. 13•
522, 302.
Dated Mar. 11923. Due Mar. 1 1943. Int. payable M.& S. without
deduction of Federal income tax not exceeding 2%. Denom. $1,000, $500
and $100 (c*). Red. all or part on any int, date on 60 days' notice at
110 and int. through Mar. 11924. the premium decreasing %% each year
thereafter to maturity. Chase National Bank. New York. trustee. '
Data from Letter of President Edwin T. Douglas, Buffalo, Feb. 19.
Company.-Incorp. in 1921 in New York. Owns and will operate in
Buffalo, N. Y.. a grain elevator, capacity 2,600.000 bushels, and a warehouse. Has under construction a flour mill scheduled for completion in
Oct. 1923, which will be Inunediately equipped for a production capacity
of 4,500 barrels per day, and having an ultimate capacity of 8,000 barrels
per day.
Authorized. Outstand'g.
Capitalization after This Financing45,000.000 $2,000,000
First Mortgage Bonds, 6s Series "A"
- - 1.000.000 1.000.000
Common stock (subscribed and paid for at
par).Security.
-First mortgage on all fixed property now or hereafter owned.
subject only to purchase money mortgages on property hereafter acquired
in amounts now exceeding 60% of actual purchase price. The lessor's
interest In the lease of the flour mill to Pillsbury Flour Mills Co. will be
assigned to the trustee.
Lease.
-Subject to the mortgage, corporation has contracted to lease its
flour mill to Pillsbury Flour Mills Co., commencing Mar. 11923, for a period of 25 years, and thereafter until maturity of all bonds issued under the
mortgage. Annual rental is $180,000, plus such amounts as may be necessary to cover insurance, maintenance and repairs of all property owned,
amortization of bond discount, and all taxes (other than Federal and State
Income and excess profits taxes) assessed against the corporation or any of
its property. This rental will be sufficient to maintain all property owned
by the corporation and to meet interest and sinking fund charges on these
bonds. So much of the rental as is necessary to cover interest and sinking
fund on Series A bonds will be paid direct to the trustee. Under the lease,
Pillsbury Flour Mills Co. will guarantee to pay taxes of any and all kinds
not paid by company when due.
Purpose.
-Proceeds will be used to retire $550,000 purchase money mortgages, to compensate corporation for property acquired and construction
expenditures made, and to provide funds for construction now under way
and contemplated.
Imperial Tobacco Co. (of Great Britain & Ireland).
-
Joseph & Feiss Co., Cleveland.
-Bonds Offered-.Otis &
(George W.) Helme Co.
-To Reduce Par Value.
-
The stocicholders will vote March 5 on changing the authorized Common
stock from 80.000 shares. par $100, to 320.000 shares. par $25. There
are outstanding 60,000 shares of Com,stock, par $100.-V. 116, p. 718.622
.
Howe Rubber Corp., New Brunswick, N. J.
-Receiver.
Application has been made to Federal Judge Lynch for the appoint ment
of a receiver for the company, with a plant at New Brunswick. Two
stockholders brought the action, alleging that the company is being run
at a loss. ("Financial America.")
-V. 110, p. 1294.
Hupp Motor Car Co.
-10% Stock Dividend &c.
-
Co. and Ames, Emerich & Co., are offering, at par and int:,
Ann. Report, Oct. 31- 1921-22.
1920-21.
1918-19.
1919-20.
Net after deprec..
£7,199,077 £6,927,641 £6,659,791 a£4.665,109 $2,000,000 20-Year 63/2% First Mtge. Sinking Fund Gold
Pensions
200.000
200.000 Bonds (see advertising
100,000
200,000
pages).
To general reserve
225,677
500.000
1,000,000
1,000,000
Dated March 1 1923. Due March 1 1943. Denom. 81.000, $500 and
Amt.acct.freehold bldgs. x500,000
500,000
$100 (c*). Interest payable M. & S. at Cleveland Trust Co., Cleveland.
Dividends onPref."A"shares %%)
(5
272,759
272,759 trustee, without deduction for normal Federal income tax up to 2%. Penn.
272.758
272.759
Prof."B"shares(6%)
315,628
315,628 4 mills tax refunded. Redeemable as a whole on any interest date on 30
315,628
315,628
)
shares(10%
263,822
Pref C"
."
263,822 days' notice at 105 and interest up to March 11933. and at prices decreasing
263,822
263,822
Ordinary shares
5,056.348
3.932,715
3.932,473
2,089,105 % of 1% for each 12 months thereafter until maturity. Callable in part
Ord. divs.-Regular. _
(15%)
(15%)
(15%)
(10%) for sinking fund only at 102% and bit. to March 1 1936; thereafter until
Extra
(73- %)
(2% %)
(23. %)
(5%) March 1 1939 at 102 and interest; thereafter until March 1 1941 at 101% and
Bonus to customers
352,908
194,420 interest, and thereafter at 100% and interest.
338.097
Data from Letter of V.-Pres. Paul L. Feiss, Cleveland, Feb. 17 1923.
£6,834,234 £6,237,834 £6,322,779 £4,335,734
Total
Company.-Incorp. in Ohio. Successor to a business originally estab£364.843
Surplus for year
£689,807
£329.375 lished in 1846. Engaged in manufacture of men's suits and overcoats.
£.337,012
x Amount written off freehold buildings, in addition to normal de- Products are marketed under the trade name of "Olothcraft," which has
-V. 116, p. 417.
preciation.
been extensively advertised for many years. Company specializes in
garments for
Independent Oil & Gas Co.
-Stock Sold.
-Miller & medium-priced of floor space. men and young men. Plans provide about
375,000 sq. ft.
Co., New York, have sold at $15 50 per share 150,00
Earnings Applicable to Payment of Interest for Years 1917-1922.
1917.
shares Capital stock of no par value. (See adver. pages.)
1918.
1919.
1920.
1921.
1922.
8411,820
5420,855
$111.069
$504,469
$493,735
8386.823
-Authorized, 1,000,000 shares. Outstanding, 450.000
Capitalization.
Based on orders already in hand, it is anticipated that 1923 will be the
shares. No bonds.
largest year in the company's history.
Data From Letter of Pres. E. H. Moore, Okmulgee, Okla., Feb. 20.
Purpose.
-To fund current debt, additional working capital.
purpose -Proceeds will be used in the development of present holdings
Management.
-Julius Feiss, Chairman; Isaac Joseph. Vice-Chairman:
which have been offered on advantageous terms. Siegmund Joseph, Pres.; Paul L. Feiss. V.-Pres.;Richard A. Feiss, V.-Pres.;
and to acquire properties,are advantageously
Properties.-Propertles
located in the heart of the Isaac J. Gerson, Sec.' Ralph S. Joseph, Treas.
Balance Sheet.
-The balance sheet as of Dec. 31 1922 (after this financing)
Mid-Continent field immediately available to pipe line connections and conoil and gas leases totaling approximately 18,000 shows: Current assets (including cash of $202,223 and inventory of $1,sist of carefully selected accumulated during the past
3%
acres, which have been were brought in in 1905, and these Years. The 988,12l),$3,243.278; other assets,.,.‘59,672; land, buildings, &c., $3,397,611,
wells are pro- and deferred assets, $383,102; total assets, $7,083.657. Liabilities Current
.
first wells in this district quantities at this time. There are 6
known pro- account. $470,045; reserves for estimated Federal taxes, &c. $19,629;
ducing oil in commercial
have in the past
-Year 6%% First Mtge. bonds. $2,000,000; 7% First'Pref•stock.
ducing sands underlying this district, all of which120 producing ellyielded 20
'
wells
449,500; 2d Prof. 7% stock, $1,185,500; Common stoc.k, $1,869,900; 81'and
high-grade oil in paying quantities. There are production
semi-settled net daily
of over
6..111
with a present settled and drilled 69 locations of which 42 develo 255d surplus, $89.083.
into
1922 company
barrels. In
Kilbourne & Jacobs Mfg. Co.
-Receiver.
-producing wells. It is estimated that production will average 4,111 barPaul T. Norton has been appointed receiver on application of the Westrels daily for 1923.
earnings before depletion and depreciation for 1922 inghouse Air Brake Co., Pittsburgh. which holds two prromissory notes
-Net
Earnings.
depletion to cost and all charges
charging off
of $11,792 each, while indebtedness to other creditors, including bonded
totaled $2,225,000, and, after
debt, it is
V 70 per share ofstock to be outstanding
were $1,666.000,or approximatelyoil at an average price of $2 per barrel. will be duestated, amounts to $1.342,257. and claims amount to $542.257
with
before Aug. 1.-V 113, p 299
These earnings were made production being developed and the increased
•
substantial additional
The
Kinloch Telephone Co., St. Louis.
-Merger.
is now receiving $2 50 per barrel) should materially
price for oil (company
See Southwestern Bell Tel. Co. below.
•
-V. 114. p. 1069. •
augment these earnings.
THE CHRONICLE
830
-Jan. Sales-Report.
(S. H.) Kress & Co., N. Y.
-
1922.
month of January-1923.
1920.
1921.
$2,059,962 $1.632,296 $1,772,807 $1,632,749
Sales
For annual report see under "Financial Reports" above.
-V.116. p. 184.
Lockwood, Greene & Co.
-To Acquire Greelock Co.
The stockholders will vote Feb. 26 on:(1) purchasing all of the assets of
the Greelock Co. at the present market or fair value thereof and to pay
therefor partly in cash and partly by assuming all of the outstanding obligations of the Greelock Co.,(2) changing the par value of the common stock
and Class B stock from $100 to $5 a share, and thereafter, if advisable, to
change the par value of the shares from $5 a share to no par value. (3)
increasing the authorized capital stock by authorizing 40,591 shares of
additional pref. stock, to be identical with the pref. stock now outstanding
(4) increasing the authorized capital stock by authorizing 8.119 shares (or
some multiple thereof) of additional Class B stock to be identical with
Class B stock now outstanding. (5) authorizing an issue of $6,000,000
-Year 7% Notes, dated March 1 1923.
10
116:
Oil Preferred, regular quarterly 2%; Texas Chief Oil, regular quarterly
of 2%,extra 1%; Dominion Oil, regular quarterly of 2%,extra 1%; Ranger
Texas Oil, regular quarterly of 2%. extra 1%,all payable April 1 to holders
of record Mar. 10. Like amounts were paid in January last.
-V. 116. p.
623. 304.
Midvale Steel & Ordnance Co.-Certifs. of Deposit.
-
Toe Guaranty Trust Co. of New York is now prepared to deliver certificates of deposit for all the 20
-year 5% sinking fund gold bonds deposited
under the proxy agreement. See also V. 116. p. 623.
(Frank) Mossberg Co.
-Bonds Offered.
-
P. W. Brooks & Co.. New York, are offering at a price to
yield 7%
$315,000 1st Mtge. 6;'i% serial gold bonds, dated Feb. 1 1923. Due
$15 annually Feb. 15 1925 to 1944. incl. Int. payable F. & A. 1 in New
York. Redeemable at 110 and int. on 30 days' notice.
Company.
-Owns a large modern plant at Attleboro, Mass., devoted
to the manufacture of a high-grade, complete line of wrenches, special
automobile tools and accessories; a complete lino of reels, spools and beams
President Edwin Farnham Greene says in substance:
used by the manufacturers of
Company now owns substantially 41% of the outstanding capital stock textile mills; and special metal bare, insulated and stranded wire and in
stampings
of the Greelock Co.. and directors have felt it advisable to consolidate both contain over 84,000 sq- feet of floor spaceof every description. Building
companies. The plan provides for the payment of all but a relatively
Earnings.
-Company reports average net sales for the eight
part of the current liabilities of both companies,and for the refinancing ended Dec. 31 1922. of over $1,020,000 annually and averageyears ended
small
net profits
for ten years of the now outstanding $5.000.000 note issue of Greelock Co. available for payment of bond interest, before deducting
depreciation,
This company will purchase the assets of the Greelock Co., subject to its interest and Federal taxes, of over $86,000 annually,
equalling about 4%
liabilities, and in connection therewith it is expected that the Greelock Co. times maximum bond interest,
will purchase sufficient additional preferred and Class B stock of this comCapitalization.
Issued.
pany RO that the stockholders of the Greelock Co., other than Lockwood, First Mortage63
serial gold bonds
$315,000
Greene & Co.. Inc. (whose Greelock stock drops out in the consolidation), Preferred stock,8% Cumulative
236,000
will be entitled to one share of pref. stock and 2-10 share (or some multiple Common stock
thereof) of Class B stock in lieu of each share of the Greelock stock now held..
Purpose.
-Proceeds will be used to retire bank loans and other debt'and
There will also be issued $6,000,000 of ten-year notes.
to increase working capital.
In carrying out the plan the pref. stock will be increased from $1,500,000
to $5,559,100 and the Class B stock from 2,000 shares to 10,119 shares (or
Motor Wheel Corporation, Lansing, Mich.
-Bonds
some multiple thereof). It is also proposed to increase proportionately the
-National City Co. and E .H. Rollins & Sons are
minimum requirement of the sinking fund for the pref. stock, and to change Offered.
the par value of the Class B and common stocks to no par value. This offering, at 96 and int., to yield about 6.55%,
$2,000,000
change in par value will not affect the value of these stocks.
10-Year Sinking Fund 6% Gold Bonds.
Consolidated Balance Sheet as of Dec. 31 1922 (After Proposed Merger).
Dated March 1 1923. Due March 1 1933. Interest payable M. & S.
Assets
Liabilities
without deduction for
to 2%, at National
Investments
x$12,003,117 10-year coll, trust notes__ $6,000.000 City Bank, New York,normal Federal income tax up$500
Denom. $1,000
(c*). RedeemMiscellaneous securities.
219.788 Notes payable
1,000,000 able, all or part, on anytrustee. date on 30 days'and
interest
notice at 103 if redeemed
Accounts receivable
8.539 Preferred stock
5,559.100 on or before March I 1926; at 102 thereafter, if on or before March 11929.
Prepaid interest
60,086 17.400(no par value) shs.
and thereafter at 101. Penn. 4 mills tax refunded.
Advances to subsid'y cos_
310.000 com, stock and 10,119
Data from Letter of Pres. H. F. Harper, Lansing, Mich., Feb. 17.
Gash
812.703 (no par value) shs. of
Leasehold, fixtures and
Class B stock representCompany.-Ortranized in 1920. taking over all the assets of Prudden Wheel
office equipment
69,040 ing the remaining capiCo., Auto Wheel Co., °ler Pressed Steel Co., all of Lansing, Mich., and
Stocks in subsidiary cos_ _ 1,200,000 tal & surplus of the co_ 2,124,178 Web; & Lash Mfg. Co. of Memphis, Tenn. These companies as a whole
represented a complete cycleof the manufacture of wheels for motor vehicles.
Total
$14,683.274 Total
$14,683,274 Corporation since inception has been one of the largest manufacturers of
motor wheels in the world. Corporation has acquired the plant and busix Represents investments in shares of no par value of the following com- ness of Forsyth Bros. Co.. at Harvey Ill., and the business, machinery,
panies: (a) Pacific Mills, 50.000 shs. at 397 50 per share, $4.875.000, (b) equipment and inventory of the Detroit Pressed Steel Co. of Detroit, Mich.,
Lawton Mills Corp.. 6,075 shs. at $150 per sh., $911,250, (c) Winnsboro used in the manufacture of the Disteel wheel. These two acquisitions
Mills, 10,000 shs. at $150 per sh., $1,500,000, (d) Lancaster Mills, 13,512 include the right to operate under all the Forsyth and Disteel wheel patents.
shs. at $145 per eh., 31.959.240. (e) Internat. Cotton Mills. 117,333 shs. at
With these acquisitions the corporation will now be able to furnish to
$19 per share. $2.229,327, (j) Roxbury Carpet Co., 5,283 shs. at $100 per automobile manufacturers, in addition to a complete line of wood wheels,
share, $528,300. total, 112.003,117.-V. 116, p. 303.
the three distinct types of steel wheels, namely, the Tuarc demountable
rim type, the Disteel demountable hub type, and the Forsyth which
-Earnings.
(P.) Lorillard Co.
embodies certain of the features of both the Tuarc and Disteel wheels.
Sinking Fund.
Common
.Divs.
-The trust agreement will provide for a fixed semi-annual
Balance, P. & L.
Bond
Pf
Cal.
Net
minimum sinking fund sufficient to retire $100,000 bonds in each year
Dividends.
Surplus. Surplus.
Year. Income. Int., &c. (7%).
beginning Jan. 15 1924. As an additional sinking fund, the corporation
$
$
$
IF
1922_ _ _x8,133.397 1.231.162 791.532 112)4.107.001 2,079.910 14,673.330 will agree to pay semi-annually out of surplus earnings a further sum
1921_ __ x7.616.545 1,338,222 791,532 12)3,636,570 1.850.222 12.593,419 sufficient to retire an additional $100,000 bonds in each year, also beginning
1920_ _ _x7,796,258 1,250.982 791,532 12)3,454,683 2,299,061 10,743.197 Jan. 15 1924. Both the minimum and additional sinking fund payments
1919 _- _x6,242,458 1.262,082 791.532 12)2,909.586 1.279,258 8,444.136 are to be used in the purchase or redemption of bonds at not exceeding the
then current redemption price.
-V. 115, p. 1737.
x After deducting Federal taxes.
Net Sales and Net Income Before Interest and Federal Taxes but After All Other
-Accumulated Dividends.McCall Corp. N. Y.
Charges, Including Depreciation and Inventory Losses,
The directors have declared the regular quarterly dividend of 1%% on the
'
Cal.Years, Net Sales. xNet Income Cal.Years, Net Sales. xNet Income
1st Prof. stock, together with a dividend of 1%% on account of accumu- 1915
$2,531,138
$501,428 1919
88,104,164 $1,251,568
lations, both payable April 1 to holders of record Mar. 15.-V. 115, p. 1436, 1916
97
3,710,799
710.167 1920
668.430
9,795,077
5,556,810
776,694 1921
340,877
5,725,520
-Annual Report.
McCrory Stores Corp.
1918
7.431,435
1,276,961 1922
9,547,897
803,934
1919.
1921.
1922.
1920.
calendar Yearsx Net income available for interest and Federal taxes.
$17,123,253 $14,406,404 $14,199,346 $11,487,045
Sales
The years 1919 and 1920 have been averaged
slight extent as toward
7,948,686 the close of the year 1919 the Corporation was to a
11,797,154 10,006,087 9,920,853
Cost ofsales
engaged in taking over the
3,659,009
3,074,151 business of its predecessor companies, and the books were not closed at the
3,712,546
4,141,029
Gen. exp., taxes, &c
79,709 end of 1919.
67,333
70,201
66.504
Preferred dividend.__ _
x36,731
(1 %)50.000
Common divs. (cash)
Balance Sheet Dec. 31 1922 (After Present Financing).
Common diva. (stock)(10%)852.300(24)1232,567
49.701
37,045
Assets
54,970
54.830
Retirem't of Pref. stock_
Liabilities
Cash
$300,000
$1,155,766 Notes payable
$334,798 U. S. certifs. of indebt'ness 101,665 Acc'ts pay. & accr. acc'ts- 6,9
$462,238
$174.564 def$666,959
Balance, surplus
91:8 5
1 73
4
x Stock dividends on the Common stock paid during 1922 amounted to Notes & accounts receivle
Federal taxes
less reserves)
was paid in cash for fractional shares.
10%, or $889,031, of which $36,731
400,000
1,109.860 Forsyth Bros. pur. M.obl_
Inventories
-V. 116, p. 728, 303.
580,000
3,044.004 Dot. Pr. Steel pur. M.obl_
Securities owned
98,501 10
-Year 6s (this issue)_.._ 2,000,000
-January Sales.
(H. R.) Mallinson & Co., Inc.
Plant, equip., &e.. less res. 6,712,132 8% Own. 1st Prof. stock-- 2,124,200
Sales in January, it is said, were more than 90% more than in Jan. 1922. Deferred installment notes
4,455,010
Common stock
and sundry accounts_ _ _
Shipments of silk last month were the largest since Jan. 1920. Feb. ship70,457,
102,392
Rese s for contingencies_
ur
z
e
Patents
ments are expected to be about 100% over Feb. 1922.-V. 116. p. 292.
164,191
2,131.251
,Deferred charges
316.704
-New Officer.
Oil Co.
Mammoth
Total
Thomas H. White has been elected Vice-President, succeeding W. L.
312.803,283
Total
$12,803,283
-V. 116, p. 729.
Connelly. V. 115, is. 1844.
ir
-Sale.
Manhattan Piggly Wiggly Corp.
The franchises and store fixtures of tile Manhattan Piggly Wiggly
Corp. and its subsidiaries, were sold Feb. 14 by Percival Wilds, receiver,
to the Piggly Wiggly Corp. of Memphis, Tenn., for $145,000. Merchandise already sold and yet to be sold will bring between $20,000 and
$25,000 additional, according to appraisals. The bids for franchises
and store fixtures follow: Manhattan Piggly Wiggly,$82,500, Connecticut
Piggly Wiggly. $15,000. Piggly Wiggly -Eastern, $21.500, Western New
York Piggly Wiggly. 126.000.-V. 116, p. 623.
-Report.Manufacturers Lt.& Heat Co.& Affil. Cos.
1921.
$121920.
1919.
1922.
Calendar Years$11,322,423 $10,006,137
,095,133 $10,987,539
Gross earnings
7,806,950
8,913,103
7,570.285
x0p.exp..gas purch.,&c 8,211,054
702.173
689,514
450.761
672.981
Taxes
Net earnings
Other income
$2,421,855 11.748.427 $2,509,049 $2,718,081
147,315
89,201
90,312
89,589
Gross income
Bond interest
Profit & loss ad.'
Dividends
$2,569,171
$1,837,627 $2,598,639 $2,805,393
7,355
45,931
Dr.37,709 Dr.198,791
1,840,000
2,300,000
Dr.45,456 Cr.137,525
2,300,000
1,840.000
$223,715
$135,152
$260,671
$713,574
Balance, surplus
9.691,080
8,977,506
8,716,834
Surplus previous year -- 9,826,232
Profit & loss surplus_ _$10.049,947 $9,826,232 $9,691,080 $8,977,506
x Operating expense, gas purchased, &c., includes amount set aside as
reserve for depreciation and depletion-V. 115, p. 2693.
Mekoosa-Edwards Paper Co. of Wis.-Bonds Auth.-
The stockholders have voted a bond issue of 33,000,000 of which $1.500,060 will be sold to pay off 1400.000 bonds now outstanding and to
enlarge the company's mills at Nekoosa and Port Edwards. Wis.
Middle States Oil Corporation.-Slock All Taken.-
Pres. P. D. Saklatvala announces that approximately 95% of all stockholders took stock in the recent offering, and that the entire Issue has been
taken by stockholders.
Subsidiaries Declare Extra Dividends.
The company's subsidiaries have declare the following dividends: Imperial Oil Oommon,regular quarterly of2%.extra 3 of 1% and Imperial
National Cloak & Suit Co.
-Plan to Retire 84,500,000
8% Notes Through Issuance of $4,000,000 7% Pref. Stock.
The stockholders will vote March 8 on increasing the 7% Cumulative
Preferred stock from $4,330,000 to $8,330.000. This is in accordance with
a plan formulated by the directors for retiring the 8% Convertible Sinking
,
Fund Gold Notes. It is proposed to create and 189110 an additional $4,000,0007% Cumul. Prof.stock which will be identical with the existing Preferred
stock except that dividends on the increased amount will be cumulative
only from March 1 1923.
Arrangements have been made with Goldman, Sachs & Co., Lehman
Bros. and the Chase Securities Corp. for the sale of this $4,000,000 additional Preferred stock. Proceeds of this sale, together with other moneys
made available by the company, will provide sufficient funds for the retirement of the entire amount of the $4,500.000 outstanding 8% notes, at 106%
and will be employed for that purpose.
President S. G. Rosenbaum further says in brief:
The foregoing arrangement is believed to be exceedingly advantageous
for the company and for the stockholders of both classes. It permits the
elimination of a fixed indebtedness of substantial amount, having complete
priority over the existing Preferred stock. It also places the company in
a very favorable financial position to handle its increasing volume of business.
The transaction will result in the retirement of the entire $4,500,000 of
8°f notes, calling for annual interest payments of $360,000, against the Issue
of $4,000,000 of 7% Preferred stock calling for annual dividend payments of
$280,000.
Application will be made to list the new stock on the Now York Stock
Exchange.
-V.116, p.612.624.
National Conduit & Cable Co., Inc.
-Report.
-
The committee for the $4.168.500 1st Mtge. 6% 10
-Year Sinking Fund
gold bonds of 1927, Charles E. Mitchell, Chairman, in a circular to the
holders of certificates of deposit for the bonds, gives the report of the
receiver, dated Feb. 7 1923. which shows the results of operation for the
period of receivership.
Results for Period July 15 1921 to Dec. 311922.
-July 15 1$21 (date of receivership) to Dec. 31 1921.
Net loss
$49,872. net loss
-Jan. 1 1922 to June 30 1922, $11.953. net
Income-July 1 1922 to Dec. 311922, $94,322. net income
$32,497
Deduct-Inventory adjustments Dec. 31 1922, $40.377. other
adjustments,$5,000
45,377
Net loss July 15 1921 to Dec. 31 1922
$12.880
THE CHRONICLE
FEB. 24 1923.]
831
During this period the New York & Hastings Steamboat Co. (owned
New Jersey Pow.& Lt. Co & Sub. Cos.---Earn8.f7a2.3rr.
by company) has been operated at a net profit of 321,363.
1922.
1921.
1922.
1921.
Operating losses during the early part of the receivership have given
Oper. revenue_ _ _3700,924 $4493,526 Deduct bond int_ 373.738 555,364
way to e substantial net income in recent months. Figures for the last Oper.exp.&taxes_ 360,499
24.894
252.844 Other deductions_ 28.959
6 months of 1922, as reported by the receiver, are:
80,810
y Net Inc. Maint. & deprec_ 129.993
Sales.
x Shipments (lbs.).
1922$108,406 $78.556
Net income_
Rentals
5,250
6,679
5351.737
$4,297
4,184.620
July
17.484
Preferred dividend 26,893
562.08621397
6.611,669
August
Oper. income__$205.183 $153.192
456.033
2,947 Other income_ ___
6,323,569
September
5,920
5.621
18,299
463,769
6,713,280
October
573,744
23.656
6,841.671
November
Net income_ ___ $81.514 561.072
Total income_ _$211,103 $158,813
4.926 -V. 116, p. 304.
418,500
5.092,310
December
$94.322
$2,825,869
35.767.119
Total
-Annual Report.
New York Transit Co.
1920.
1919.
1921.
Calendar Years1922.
x Shipments include toll transactions as well as outright sales. y Fig$820,957
5643,200 31.028.848
$549,194
ures for net income are before depreciation, interest on bonds and adjust- Net income
x(95%)4.750,000 (16)800.000 (16)800,000(20)1000,000
Dividends
ments of inventory, but after deducting idle plant expenses.
The receiver reports net income for January 1923 of $23,957.
Balance, sur, or def_def$4,200,806 sur$20,957 def$156,800 sur$28,848
Consolidated Balance Sheet.
July 15'21 Dec. 31 '22
x Included in the inem of "dividends" is the special dividend of $80 per
Assetsink 15'21 Dee. 31 '22
Liabilities$787,098 3445.102 Accounts payable_ $53,077 $109,677 share, amounting to 34,000,000. distributed on Dec. 30 1922 to holders of
Cash
record Dec. 6 1922. of which 313 42 per share was paid out of earnings
430,706 x Dep. on reels .4
U.S. Govt.seeurs_ 301,217
147,329
213,954 accumulated since March 1 1913. and $66 58 per share was paid out of
Notes & accts, rec.
guarantees
836 earnings accumulated prior to that date.
less reserve
300,038
561,395 Accrued items_ _ _ _
20,641
Inventories (adj.),
Res,for workmen's
Balance Sheet December 31.
35,050
20,360
less reserve
915,103
946,447 compensation __
1922.
1921.
1921.
1922.
Accrued & prepaid
1st M.6% bonds_ 4,168,500 4,168,500
Liabilities$
$
$
$
Assets72,949
437,693
Items
42,198
12,559 Accr. int,on bonds
Capital stock
5.000,000
Sink.& spec.funds
34,388
35,987 y Capital stock... 4,261,645 3,852,122 Pipe line plant_ _ _ _36,948,076 $6,754,147 Accounts payable_x1,795,901 5,000,000
172,439
1,085.793
Material & supp__ 128,883
Land, bldgs., &c.,
Depreen reserve 1,942,586 1,785,28.5
Cash, other invest.
less depreciation 6,379,148 6,361,945
1,508,063 5,706.869
Goodwill
1
1 Tot.(each side)_$8,759,191 58,794,142 & acc'ts reedy__ 3,167,588 6,651,362 Profit and loss
Total
10,244,547 13,577,948
10,244,547 13,577,948
Total
x This item almost entirely represents deposits received from purchasers
which are repayable upon return by them of reels, spooLs, etc., and includes
x Accounts payable, including reserves for taxes, fire insurance and
$110,876 on new business done by the receiver and 398.078 on business
-V. 116, p. 419.
-done prior to the receivership. Company's experience indicates that annuities and death benefits.
the return of a substantial portion of these deposits will probably never
American Co.
-Dividend of 234% Payable in Stock
North
be called for. y 250,000 shares of no par value at book values.
The committee says in part: "We have kept in close touch with the (or at Holders' Option in Cash)
-To Increase Preferred and
conduct of the receivership and feel that receiver Clarence G. Galston
is entitled to much credit for tne manner in which the business has been Common Stock-Te Reduce Par Value of Common Stock from
'carried on and increased. While only the rod, wire and cable mills, in $50 to $10 Per Share.
the South plant are being operated, they are running to capacity, with
have declared a quarterly dividend of 21i% on the Common
The
a larger output than ever before and with a large volume of orders on stock, directorsin Common stock on April 2 to holders of record Mar. I.
payable
hand. The tube mill, in the South plant, is not being operated. The
company paid quarterly cash dividends of
sheet mill, or North plant, has not been operated since the Fall of 1920 [In July, Oct. and Jan. last the
Receiver, having petitioned the court for permission to offer this plant 2;4% each.]Robert Sealy states that "stockholders who desire cash instead
Treasurer
for sale at public auction, has been ordered to hold such a sale March
stock which will be issuable to them in payment of such
'9 1923. The court has fixed an upset price of $550,000. Committee of the Commonby signing and returning dividend order provided for the
may,
considers the market prices of 40-50. at which bonds have been sold, to dividendso that it shall be received by the company not later than Mar. 19.
purpose
be considerably less than the bondholders would receive upon a liquidation dispose
rate of $2 for each $1 Par value of such
of the company, and advises the depositing bondholders not to sacrifice stock. of such dividend stock at the
Checks will be mailed on Mar. 31 to such stockholders in payment
-V. 116, p. 624.
their holdings, but to continue to exercise patience."
for the Common stock so disposed of by them. This payment is equal to
stockh
a quarterly cash dividend at the annual rate of$20%.
-Dividends.
National Enameling & Stamping Co.
••Iders
hi arrangement is made solely for the convenience of
The directors have declared the regular annual dividend of 7% on the who desire to have cash rather than stock on the dividend payment date.
outstanding Preferred shares, 114i% each on March 31, June 30, Sept. 29 The price so fixed in advance may not correspond to the market price of the
and Dec.31 1923 to holders of record March 10,June 9,Sept. 10 and Dec. 11 Common stock on that date, and attention is directed to the fact that such
1923, respectively.
price is lower than the present market price of the Common stock:"
1921.
1919.
Calendar Years1922.
1920.
A quarterly dividend of 1%% on the 6% Cumul. Pref. stock will be paid
52,856.187 10853519.212 $4,898.651 55.636.857 on April 2 to holders of record Mar. 1.
Gross profits
Other income
300,702
285.276
177.753
Value of Common Stock
52,856.187 Joss$218.510 35,183,927 55.814.610
Total income
Depreciation,&c
766,895
954,424
935,914
689,341
87.710
90,352
102,623
Bond interest
75.251
600,000 x1,950,353
Reserve for Federal taxes
100,000
185,500
177,000
169.000
Sinking fund
700,000
700,000
700,000
649,131
Preferred dividends(7%)
(6%)935,508(6%)935,508
Common dividends_ -(1 A %)233,877(6%)935.508
To Increase Capital and Change Par
and Date of Annual Meeting.
The stockholders will vote March 21 (1) on changing the par value of
the shares of Common stock from $50 to $10 per share, and (2) on increasing
the authorized capital stock from $60,000,000 (consisting of 330,000,000
6% Cum. Pref. stock. par 350,and 530,000,000 of Common stock,par $50.)
to 3120.000.000, to consist of 360,000.000 6% Cum. Prof. stock. par $50.
and $60,000.000 Common stock, par $10. Holders of outstanding shares
Balance, surplus
$1,048,718 df$2,894,123 $1,726,643 $1,072,081 of Common stock. par $50. shall receive, in exchange for each such share.
par
Profit and loss surplus.. $9,910.842 57.063,125 39.957,247 58,230.604 5 shares of Common stock, vote$10.
The stockholders will also
on changing the date of the annual meetx Includes $1,150.353 additional Federal taxes for 1917 and 1918.- ing commencing with the year 1924 to the that Wednesday of April.
V. 115, p. 2054.
In reference to the proposed changes in capitalization
President Frank L. Dame', Feb. 21, says in substance:
National Fireproofing Co.
-Earnings.
-
A considerable number of holders of the Common stock have from time
to time suggested to change the par value of the Common stock from $50
to $10 per share, so that the holders shall receive in exchange for each $50
share 5 shares of $10 par value. After full consideration of the suggestion
the directors have decided to recommend the change. In connection with
Balance, sur. or def__def.$70,684 sur.$8,834 sur.$671,298def.$234,936 this change it is also proposed, in order to provide means for caring for the
$662,950 growth of the company and its business, to increase the authorized Pref.
Profit & loss surplus_ _-- 51,307.613 $1.378.297 $1,334,248
and Common stock (as above).
-V. 115. P. 2165.
During the past year properties oflarge earning power have been acquired
and substantial expenditures were made for additions to the plants and
National Surety Co.
-Quarterly Dividend of 2%%.
large capital
The directors have declared a quarterly dividend of 25i% payable systems of the other subsidiaries. Notwithstanding thesebeen made to April 1 to holders of record Mar. 20. The company recently increased demands a materially larger distribution of earnings has
Its capital stock from $7,000,000 to $10.000,000 through the declaration stockholders. continue to keep our earnings free for distribution it is necesIf
of a stock dividend which gave the stockholders 3 shares of stock for every sary we are to
to anticipate our capital requirements in order to put the company
7 shares of stock held. The old outstanding 37.000,000 capital stock was in a position to acquire additional large properties at such times as they can
on a 12% a year dividend basis. The dividend just declared places the be purchased to advantage and also to provide its proper proportions of
now outstanding $10,000,000 capital stock on a 9% a year dividend basis additional investment in the subsidiaries of this company which serve
so that the declaration just made actually represents an increase in thee rapidly growing districts comprising some of the most important industrial
dividend disbursement to stockholders.
-V. 116, p. 523.
-V. 116, p. 729, 84.
centres of the country.
Calendar YearsNet earnings
Depreciation
Dividends
1922.
$29.316
100,000
1921,
$108,834
100,000
1919.
1920.
$900,303 def$134.936
100,000
150,000
(1%)79,005
National Transit Co.
-Extra Dividend of 4%.
An extra dividend of 4% has been declared on the outstanding 36.362,500
capital stock, par $12 501, payable Mar. 15 to holders of record Feb. 28.
An extra of 2 was paid in Sept. last. Dividends of 4% were paid extra
In March 192 and in Dec. 1921; in Sept. 1921 and Sept. 1920. 8% each
were paid extra; in March and June 1921. and in March and June 1920,
extras of 4% each were paid, and in Dec. 1920, 6%.-V. 116. p. 419.
Nevada-California Elec. Corp.
-Prelim. Report.Calendar Years
Gross earnings
Operating expenses and taxes
Non-operating expenses (net)
Interest on bonds, &c. (net)
Depreciation
All other deductions (net)
Bond redemptions
Balance,surplus
-V. 115. p. 2803.
1921.
1922.
$3,344,447 33,177,109
1,514.245
1,594,865
5,996
4,134
784.112
798,935
298,057
271,564
13,667
22,963
225,406
209,795
3442.190
New Dominion Copper Co.
-Listing.----
3335.625
The Boston Stock Exchange has authorized for the list temporary
certificates for 45.649 shares Class "A" Capital stock; Capital stock,
.authorizel, Class "A," 600,000 shares; Conunon, 1,400,000 shares; issued,
Class "A, 45,649 shares; Common, 1,203,576 shares. Par value, Class
"A" and Common, 31.
The company was organized Sept. 11 1916. Property consists of 21
claims patented, and 4 claims unpatented. in the Globe Mining district.
Arizona. In 1916 the property was acquired by a group which organized
the New Dominion Copper Co., which proceeded to develop it, until conditions resulting from the war caused a suspension of operations. Subsequently work on the property was renewed, and an arrangement made with
the Old Dominion Copper Co. to handle its ore, the expectation being that
such shipments will begin regularly early in March at the rate of 45 tons
per day, to be increased to 200 tons.
In addition to the 45,649 Class "A" shares, to which this listing applies.
there have been sold 125,000 additional shares, payments for which have
not yet been completed, but are being completed in accordance with a
contract between the company and subscribers under date of Jan. 9 1923.
.
.-E W,Mitchell (Pres.), P.M. King (V.-Pses.), A. G. Ilisgood
Directors
(Sec.), W. 0. Edwards, A. C. Holman areas.), J. B. Kelley, B. E.
Vandirtlf.
-Annual Report.
Northern Pipe Line Co.
1920.
1919.
1921.
1922.
Calendar Years$399,881
$4416,778
$4482.167
$453,050
Net income all sources_ _
x(25%)1,000,000 (10)400,000 (10)400,000 (10)400.000
Dividends.
def$119
$16.778
Balance, surplus
$53,050
def$517.833
x Includes special dividend of $15 per share, amounting to 3600.000,
distributed on Jan. 1 1923 to holders of record Dec.4 1922, all of which was
paid out of earnings accumulated since Mar. 11913.
Balance Sheet December 31.
1922.
AssetsLiabilities1921.
1922.
1921.
Pipeline plant_ _32,969,937 $2,941,216 Capital stock
$4,000,000 34,000,000
Marls & supers__
44,313
51,680 Acc'ts pay. & tax
Cash, other investreserve, fire ins.
m'ts&acc'tsrec. 4,065,804 3,904,843
annuities, &c. _ 1,325,886
620.249
Accr. depr. res've_ 1,427,409 1,352,898
Total (each side)S7.030,054 $66,897,739 Profit and loss_
924,592
326,758
-V. 116. p. 419.
Northwestern Bell Tel. Co.
-Acquisition Authorized.
The I.-S. C. Commission has authorized the company to acquire the
properties of Musson Brothers, who own and operate a local telephone system
In the city of Atlantic, Cass County, Iowa. Their exchange serves 1.419
stations in the city and 435 rural subscribers, making a total of 1.854
stations. The purchase price is $85.000, to be paid as follows: (1) BY
paying 350.000 notes given by Musson Brothers and secured by a mortgage
upon the properties involved; (2) by satisfying and discharging certain
claims liquidated and unliquidated in favor of the Bell Co. and against
Musson Brothers. and (3) by paying to Musson Brothers the balance of
the purchase price in cash.
-V.115, p. 2694.
Ohio & Northern Gas Co.
-Definitive Notes Ready.
The Guaranty Trust Co. of N. Y. is now prepared to deliver definitive
Guaranteed 3
-Year 7% Secured gold notes, Series "A," in exchange for
outstanding interim receipts. (See offering in V. 115. p. 2590.)-V. 116.
p. 624.
Ohio Oil Co.
-Blackstone Suit Adjusted.
The controversy between this company and the Blackstone Petroleum
Co. over the operation of 260 acres in the Salt Creek, it is stated, has been
-V. 116. p.
amicably adjusted and the suit in the Federal Court dismissed.
524.
832
(Vou 116.
THE CHRONICLE
-H. M.
-Bonds Sold.
Oklahoma General Power Co.
Byllesby & Co., Inc., New York, and Federal Securities
Corp., Chicago, have sold at 92 and int., to yield about
6%%,$1,000,000 1st Mtge. Gold Bonds 6% Series "A" of
1922. Due April 1 1952. Guaranteed principal, int. and
sinking fund by Oklahoma Gas & Electric Co.(see description
in V. 114, p. 1660).
-Owns property rights In Oklahoma and has under construction
Company.
a modern steam electric power house near Muskogee, Okla., and has
completed an extensive system of transmission lines. Present power
plant installation is 10.000 h.p., which will be increased by 20,000 h.p.,
making the total installed capacity 30.000 h.p. Company will also own
$1,125,000 Oklahoma Gas & Electric Co. 6% Gold Notes, due 1927.
-Proceeds will provide funds to be used in the installation of
Purpose.
the additional 20.000 h.p. capacity. Company will own and have pledged
with the trustee of the mortgage securing the bonds. $1,125.000 Oklahoma
Gas & Electric Co.6% notes, which may be withdrawn against the deposit
of cash at par or construction at cost.
-The terms of the lease provide for payment of rentals by
Earnings.
Oklahoma Gas & Electric Co. to Oklahoma General Power Co. of an
annual amount equal tc not less than 1 times the annual interest charge
on these 1st Mtge. Gold bonds at any time outstanding.
Annual rental payments by Oklahoma Gas & Electric Co. under this
lease will be included in the operating expenses of that company. After
the payment of all operating expenses, maintenance and taxes, excluding
depreciation, for the 12 months ended Dec. 31 1922. Oklahoma Gas &
Electric Co. had a balance of $1,472,921 available for interest charges,
dividends, &c. Dividends on its Common stock have been paid in each
year since 1909. at various rates. (Compare V. 114, p. 1660.)-V. 116,
p: 624.
Oklahoma Producing & Refining Corp.
-Earnings.-• Calendarears
Gross earnings
Expenses
Interest and taxes
Depletion and depreciation
Preferred dividend
Common dividends
1920.
1921.
$6,081:462 $5,928,894 813,691,201
6,277.149
4,662,798 4,605.528
272,928
259,382
196.713
3,853.495
2,482,414
246,000
60,000
1.723.280
430,820
Balance, surplus
-V. 115, P. 10 •
$1.159.282df$1,846,581
$334,349
Pacific Teleph.& Teleg. Co.
-Earns.(incl. Sub. Cos.
Piggly Wiggly Stores Inc.
-Offers Stock-Report.The company is offering 50,000 shares of its Class "A" stock for public
subscription at $55 a share, payable $25 on subscription and the balancein installments of $10 each on June 1, Sept. 1 and Dec. 1. It is not new
stock, but represents stock purchased by the company in the open market
when professionals were attacking the issue at a time when several Eastern
companies bearing Piggly Wiggly names were forced into bankruptcy.
Earnings Calendar Years1921.
1922.
Gross sales
$31.534,312 $30.210,421
Net profits
208,662
653,058
Dividends
550,000
Balance,surplus
116, P. 39 .
5
$103.058
$208,662
Pillsbury Flour Mills Co.
-Earnings, &c.
In connection with the lease of the flour mill of the Island Warehouse
Corp. (see above) a circular says: "Annual net income after interest charges
and all rentals, but before Federal income taxes, averaged $771,735 for the
5fiscal years ended Aug. 31 1918-22, and averaged $651,528 for the 10 fiscal
years 1913-22. Since incorporation in 1909 the company has not shown
a loss in any year. These profits are from operation of only the Minneapolis
and Anoka mills. Additional substantial profits from operation of the
Atchison and Buffalo properties are expected."
-V. 115, p. 2591.
Pittsburgh Rolls Corp.
-Annual Report.
Calendar YearsGross sales
Cost of sales
1922.
I Not stated
Profit on sales
Other income
Gross income
Interest on bonds (net)- _
Reserve for depreciation
Federal taxes
Preferred dividends(7%)
Common dividends(2%)
Miscellaneous
Reserve for sinking fund
Balance, surplus
-V. 114, p. 2695.
1921.
1920.
1919.
Not stated! $2.458,704 $2,126,542
1 2,022,652
1,786.172
$344,364
' 8.910
$259,119
9,153
$436,052
$340,370
6,305
$353,274
$16,744
92,512
35,472
28.000
30,000
$268.272
$21,613
91,602
14,996
28,000
8436,052
$35,285
97,467
58,654
28,000
$346,675
$43,595111,886
31,644
35,000
114,743
77.336
16,760
119,313
81,405
$35,633
$34,726
$80,573
$43,145-
-New Company Formed.
Pond Creek Pocahontas Co.
-
Interests who have been so successful in the development and management
of the Pond Creek and Island Creel coal properties have, during the past few
years, acquired a tract of 2.500 acres of coal lands located in McDowell
County, W. Va., and are now proceeding to develop this into a new producing property to be known as the Pond Creek Pocahontas Co. This
Balance, surplus
$1.130.152 $1,200,634 $1,007,550 property will be equipped for an estimated capacity of 750,000 tons of coal
annually.
-V.116, p. 305.
The group which has acquired the property is taking stock at $15 a share
In the new corporation, representing the exact cost of the property to them.
(J. C.) Penney Co.
-January Sales.
With their associates in the Island and Pond Creek enterprises, they are
Month of January1923.
1921.
1922.
Sales
$2,799.536 $2,165,050 $2,758,561 also purchasing for cash at $15 a share 32,000 additional shares of stock to
provide for the development and equipment of the property.
-V. 116, P. 305.
In completion of this financing, Hayden, Stone & Co.. New York, are
Pennsylvania Coal & Coke Corporation.
-Stock Sold.
- privately offering to their customers a small block of approximately 50,000
price at
of stock at the
W,A. Harriman & Co. New York, have sold at $42 50 per sharesof the company same invested which those associated in the management
have
in the enterprise.
share, $1,750,000 Capital Stock (par $50). A circular shows: • Company has been incorporated in Maine. Property is underlain by two
Company.-Ineorp. in 1911 in Pennsylvania to succeed Pennsylvania seams of coal of which one is from 5 ft. to 5f t. 10 in. thick, and the other
Coal & Coke Co., substantially all of the assets of which were irstmediately from 3 ft. to 4 ft. thick. Both are practically clean coal. These two veins
thereafter sold, subject to underlying Hens, to Clearfield Bituminous Coal contain an estimated recoverable tonnage of over 25,000,000 tons. The
Corp.. the entire capital stock of which is owned by New York Central RR. coal is known as "Pocahontas Smokeless." The property is owned in fee,
Clearfield Bituminous Coal Corp., in turn, leased to Pennsylvania Coal & carrying valuable surface and timber rights.
The executive management of the new company will be identical with that
Coke Corp. all the improved and operated properties. so acquired. subject
to underlying liens and to the mortgage of Clearfield Bituminous Coal Corp. of the Island Creek and Pond Creek coal companies, as follows: T. B. Davis,
In December 1922, Pennsylvania Coal & Coke Corporation acquired the Pres.. J. D. Francis, V.-Pres., R. S. McVeigh, V.-Pres., F. W.Batchelder,
Sec. & Treas. Directors of the new corporation will consist of Ben P. Bole,
assets and assumed the liabilities of Watkins Coal Co.
Directly or through subsidiaries owns in fee 8,031 acres, and holds under T. B. Davis, J. A. Downs. J. D. Francis, Frederick II. Goff, Charles G.
lease 36.343 acres of coal. Estimated reserves of unmined coal. over Rice and Galen 1.• Stone.
Application will be made to list the shares on the New York and Boston
182,000,000 tons, and at average rate of production of last six years are
Stock Exchanges.
sufficient for over 65 years of future operation.
Earnings.
-During the six years. 1917 to 1922, inclusive, average annual
Porto Rican-American Tobacco Co.-Report.net income after charges, contingent reserves and Federal taxes. was
$967.636, or $5 60 per share on 172,606 shares of capital stock now outPres. L. Toro, Feb. 21, says in brief: While the report shows losses of
standing. Giving effect to Federal taxes at the 1922 rate, the corresponding $390,238, after depreciation of inventories, company has been operating at
average annual net income would be $1,342,423, or $7 77 per share now a profit since Oct. 1 1922, and every indication points to bigger and better
outstanding. In addition to net income as above, the amount set up for business for 1923. Profits from operations during the last quarter, before
return of capital through amortization of value of leaseholds, has aggre- depreciation, have been about $150,000, and there is every reason to believe
gated $1,106,964 in the six years, an annual average of $184,494.
that company will show substantial profits in 1923.
Dividends.
-Has paid dividends continuously since 1917. Present rate
Earnings Cal. Years1922.
1921.
1920.
1919.
of8% per annum has been maintained since August 1918. Dividends have
a$58.905 a$2,392,363 b$998,948 c$137,934
been paid quarterly F., &C. Recently a 40% stock dividend was declared Net income
(3%)149.306 (12)597,224 (6)298,612
payable to holders of r.•;... •rd Feb. 3 1923. A cash dividend of 2% on the Dividends
Int. on bonds. scrip, &c__
331,333
312.032
increased Capital stoc!: was also declared payable Feb. 10 1923.
CapitalizationIssued.
Authorized.
Balance, sur. or def__def$390,238df$2,853,702 sur$401,724 def$160,687
Capital stock (wir.s5 -)
,
812,000,000 $8,630,300 Profit and loss surplus--$8,804 d$399,042 $1,959,343 $1,557,619First Mtge.6% bonds w tans Coal Co., due 1924
56,000
Sinking. Fund 6% Cold Don& of Watkins Coal
a Loss for the year, after writing down inventory losses of $283,018 in
Mining Co., due 19-11
50.000 1922. b Net profits after deducting all charges and expenses of operations
Purchase money mortgages
307,198 and providing for income and excess profits taxes. c Net income for 1919.
Corporation has recently contracted with American Car & Foundry Co. very small because of strike in Porto Rico. d After adding capital adjustfor 1,600 50
-ton new steel cars at an approximate cost of $2,006.000, which ment effected through partial re-appraisement of good-will, brands, ate.
cars are being purchased under the Philadelphai plan, in connection with
The dividends above include scrip payments as follows: 1921, 3%; 1920.
which purchase the corporation has guaranteed principal and interest of 12%; 1919, 6%; 1918, 9%.-V. 115, p. 434.
$1,600,000 Equipment Trust 5.14% Gold Certificates (V. 115. p. 2277)•
It has also arranged for the purchase of other mines and properties at a
Prairie Pipe Line Co.
-Shipments.
-total cost of approximately $625,000 on account of which it proposes to
Shipments of crude oil in December amounted to 5.170,890 barrels,
execute purchase money mortgages aggregating approximately $525,000, against 5,573,757 barrels in November, and 5,868,017 barrels in October.
bearing interest at 5%, and maturing in equal annual installments over a Runs from wells in December amounted to 4.340,000 bbls., compared with
m
-V. 116, p. 84, 420.
petted of five years.
-V. 116, p. 305.
4.170,000 bbls. in November.
Calendar Years1922.
1920.
1921.
Total gross inc.(aft. oper. exp. & tax) $8,459,529 $7.064,692 $6,470,096
Deduct rents, interest, &c
3.542,546
4,659,376
3.944,058
Dividends
1.920,000
2,670,000
1,920,000
Pennsylvania Edison Co.(8c Sub. Cos.)-Earns.Cal.Yr.
1922.
1921.
$2,651,997 82,451,148
1,374,970
1,341,443
391,871
352.588
29.448
29,449
Pressed Steel Car Co.
-Annual Report.
Calendar YearsEarnings,allsources__ _
Rep.,renew.&depr.,&c_
Divs. pref. stock (7%)..Divs, common stock_ __ _
1922.
1921.
1920.
1919.
x$58.312 $1,081,906 $3.194,277 $5,338,640
400.000
400,000
662,472
1,703,864
875,000
875,000
875.000
875,000
(2%)250,000(8)1,000.000 (8)1,000,000
Operating income
$855,708
$727,668
Balance,surplus-- -def.$1,216,688 def$443,094
$656,805
Other income
45,864
13.941 Previous surplus
14,677.899 15.120,993 14,464,188 $1,759,775
12,704,412
Total income
$901,572
$741,610
Total surplus
$13,461.211 $14,677,900 $15,120,993 $14,464,187
Deduct interest on bonds
326,151
325,141
x Includes operations (loss), $810.606; profit from divs, on
Other deductions
81,647
83.232 securities owned. Int. and discount & other sources, $868,918. stocks and
Preferred dividend
98,347
23,026
At the annual meeting, President F. N. Hoffstot stated that plans
for conversion of the Preferred stock into
Balance,surplus
$395,427
$310,210 20% Common stock dividend were still in Common and declaration of a
abeyance. Its consummation
--V. 116. p. 624.
he said, would depend on such an improvement in earnings as would make
-V. 116, p. 85.
-To Increase Capital Stock- the plan attractive.
Phillips Petroleum Co.
The stockholders will vote April 3 on increasing the authorized capital
Public Service Co. of Northern Illinois.
-Earnings.
stock from 1,000,000 shares (outstanding approximately 700,000 shares)
Calendar Years1922.
to 2,000,000 shares, no par value. An official statement say: "This
1921.
1920.1919.
action in increasing the authorized capital stock Is deemed advisable in the Total oper. revenue
$13,712,095 $12,213,315 $11,415,087'$9,086,226
interest of the stockholders on account of the rapid growth of the company Operating expenses
8,218,491
5,130,123
7,1)00,167
7,203,337
Depreciation
and to take care of conditions that might arise in the future.'
670,660
430.660
430,660
430,660
The directors have declared the regular quarterly dividend of 50 cents Taxes & uncollectible rev
931.831
466,662
718,620
347,188
Mar. 31 to holders of record Mar. 15.-V. 116, P. 524.
per share payable
Net operating income- $3,891,113 $3,563.869 $3,314.428 $3,178,255
-Financing Plan Approved. Other income
Pierce-Arrow Motor Car Co.
513,021
239,687
234.853
466,151
-The stockholders on Feb. 19 approved the financing plan
Total income
$4,404,134
$3,549,281 $3,417,942
Interest charges, &c_ _ $2,568,663 $4,030,020 $2,183,505 $2,071,736
outlined in V. 116, p. 525, 512.
$2,450,484
Preferred dividends_ __ _
455,280
464,770
589,133
518,817
Piggly-Wiggly Corp., Memphis."
-Acquires Franchises, Common dividends
781,191
781,139
799,965
785,457
&c., of Eastern Bankrupt Companies.
Surplus
$119,867
$109,735
$446,373
$275,262
-V. 114. p. 745.
See Manhattan Piggly-Wiggly Corp. above.
-V. 116, p. 730, 625.
Operating revenue
Expenses and taxes
Maintenance and depreciation
Rentals
•
Southern States Oil Co.
-10% Stock Dividend.
-Earnings.
Quaker Oats Co., Chicago.
1919.
1920.
1921.
1922.
Calendar YearsProfits for year---------x$5,222,274 $3,231,945df$5,218.974 $3,733,729
751,251
Divs. on Pref_---y(7Ig %)1,350,000(6)1,080,000(6)1,080,000
(4A)506,250(12)1147,500(14)1177,500
(
Divs. on Common_ -- hi%)731.250
1,053,835
605,951
652,229
588,995
Depreciation
The company has declared its regular monthly cash dividend of 1%.
payable March 20 to holders of record Feb. 28. and a 10% stock allotment
for the current quarter, based on acquisition and development of additional
producing properties, to be delivered on April 20 to stockholders of record
March 31. On Jan. 20 last, the company made a stock distribution of
8%.-V. 116. D. 626. 526.
sur$2.552,029 sr$1.046.466df$8,052.425 sr$751.143
Balance
After reserve appropriations. y The dividends on Preferred for 1922
include the regular 6% paid during the year and 134% paid in Feb. 1923.
-V. 116, p. 187.
-Acquisitions Approved.
Southwestern Bell Telep. Co.
The L-S. C. Commission has authorized the company to acquire the
properties of the Kinloch Long Distance Telephone Co. of Missouri, the
Kinloch Telephone Co.(V. 114, p. 1069), the Suburban Telephone Co., the
-V.116,P. 526•
Sedalia Home Telephone Co. and the Kinloch Building Co.
(Robert) Reis & Co.-Consol. Balance'Sheet Dec. 31.1922.
1921.
1921.
1922.
A s ets
s Land, bliss., &e.
279,501
(less depreen)__ 305,642
Good-will, tradeSee note below
marks, &c
424,864
314,632
Cash
184,600
129,600
U. S. Govt. war_
871,169
Accts.& notes ree_ 1,248,854
Inventories
2,402,703 1,875,518
Notes & accts. rec.
158,789
(officers& empl.) x200,186
73,021
77,042
Deferred charges
Liabilities7%Cum.istPt.stle. 2,250,000 2,250,000
75,000
y75,000
26 Prof. stock _ _
625,000
Common stock__ x625,600
853,500
Notes payable_ __ 1,258,500
Accounts payable
325,423
At accrued ace'ts 430,983
Federal tax reserve
13,930
25,247deb261M2
General surplus. _ _
-Prelim. Rept.
Standard Gas & Electric Co., Chicago.
Year ended Dec. 31Gross income
General expanses and taxes
Interest charges
Preferred dividends
Amortization and other reserves
1922.
84 759.702 63,632;745
68.624
107.576
1,367,753
I ,840,704
990,388
1074,965
,
125.000
350.000
Balance, surplus
-V. 116, p. 626.
$1,386,457
Remington Typewriter Co.
-Subsidiary Co. Stock.
-
The Remington Accounting Machine Corp.,
subsidiary, has filed a
certificate decreasing its authorized Capital 'stock from $2,000,000 to
62,000.-V. 116. D. 730.
-Stock Dividend, &c.
Riverside Portland Cement Co.
This company, formerly the Southern California Cement Co_ has declared a 20% stock dividend on the authorized and outstanding 25,00.000
capital stock, par $100. The stockholders on Jan. 25 last increased the
capital stock by $1,000,000.
The directors al o declared the regular monthly dividend of 50 cents a
share, payable March 1 to holders of record Feb. 25. The new stock will
also participate in this distribution.
Savannah Sugar Refining Co.
--Clears Up Back Divi•
dends-Stock Increased.At the adjourned special meeting of the stockholders. held Feb. 23,
authority was given to the directors to declare a dividend of 25 2-3%
on the Preferred stock, payable May I to holders of record March 15.
This will clear up all back dividends on the issue.
The stockholders haVe ratified an increase in the authorized capital
stock from 27,500 shares of Preferred, par $100. to 37,500 shares, and
from 49,500 shares of no par value Common to 57.500 shares, also of no
par value. Of the no par value Common. 30.000 shares will be Issued
only in exchange for conversion in the ratio of four-fifths of a share of
Common for one share of Preferred.
-V. 116. p. 421.
Schulte Retail Stores Corp.
-Earns, Cal. Year 1922.
Total sales
Gross earnings, including subsidiaries
Depreciation and reserve, $640.000:taxes. $277,000
$23,047,000
2,864,000
917.000
Net profits
61,947,000
Prof. divs., 640.000: diva, paid on Common stock, 31.500,000_ 1,540,000
Surplus
-V. 116. p. 750.
$1,080,980
-Unfair Competition Charged.
Standard Oil Co.., N. J.
4,678,660 3,867.462
Total
Total
4,678,660 3,867,462
x Notes & accts. receivable of officers and employees, principally
capital stock sold them on deferred payment plan. y 2d Pref. stock (au
7,500 shares, no par, declared value paid in of $10 per share. z Comm stock, no par, declared in accordance with Stock Corp. Laws of N. Y.
at 85 per share.
Note.
-(a) Subject to certain provisions in the company's charter, the
let& 2d Pref.stocks are redeemable at 6115 and $100 per share, respectively,
and are each entitled annually to cumulative dividends of $7 per share.
Such dividends have not been paid for 1921 and 1922. (b) No item of
good-will has been taken into consideration, although the good-will, trademarks and copyrights owned by the corporation are of great value.
The usual comparative income account was published in V. 116, p. 730.
6407,000
Shaffer Oil & Refining Co.
-Acquisition.
--
The company has purchased the properties. a Bradstreet Oil Co., which
has close to 10,000 bbls. daily production in Oklahoma. located principally
in Bristow dirrict and adjacent to the Shaffer pipe line to Cushing refinery.
-interest In 5,000 bbls. daily output from the Smackover.
and holds half
Ark.,field, with extensive lease holdings throughout midcontinent territory.
-V. 116. p. 188.
Shawinigan Water & Power Co.-Annual Report.
Per the year ended Dec. 311922, gross profits amounted to $4,629,641,
compared with $4,224,045 the previous year, and net earnings available
for dividends amounted to $1,597,283, against 61,515,813 in 1921.V. 116, p. 626, 525.
Simonds Saw & Steel Co.
-Bonds Offered.-Estabrook
& Co. are offering at prices ranging from 98.12 and int.
to 100.24 and int., according to maturity, $1,000,000 534%
Serial Gold Debenture bonds.
Datod Jan. 2 1923. Due 6100.000 annually Jan. 1 1924-33. Denom.
61,000 and $500 (c5
). Int. payable J. & J. in Boston, Mass. Red., all
or part, on any int. day at a premium of 34 of 1% for each year or fraction
thereof of unexpired life. State Street Trust Co., Boston. trustee.
CapitalizationAuthorized. To be Issued.
% Serial Gold Debenture bonds
$1,000,000
$1,000,000
Common stock (no par value)
55,050shs.
55.050sits.
Company.-Incorp. in Mass, as successor to business of Simonds Mfg.
Co. which was established in 1832 and incorp. in 1869. This company
has always boon successful and is one of the leading manufacturers of saws
'
in the United States. Simonds products include saws, files, knives and
sheet and bar steel, both electric and crucible, all of which havea high reputation for quality. Main office and factory at Fitchburg, Mass. Owns
all the capital stock of Simonds File Co. Also has a plant at Chicago,
and owns all the canital stock of a company operating a plant In Montreal.
At Lockport, N. Y., company owns a modern steel mill.
-Net Qarn I ngs oi Simonds Mfg. Co., after deduction of all
Earnings.
tax charges for the 10 years ending Dec. 311921. have averaged over 8 times
the amount of the maximum interest requirements on these debentures and
for the current year net earnings should be in excess of this ratio.
Assets -Not quick assets are over 3 times the total debentures now being
• issued and total net assets after deducting all reserves are more than
5 times this issue.
Sinclair Crude Oil Purchasing Co.
-Notes Sold.
The syndicate headed by the National City Co. announce that the
-year 6% Geld Notes, Series "B," offered by them have
$20,000,000 3
been oversubscribed. See offering in V. 116. p. 731.
-Capital Increased and Par Valve Changed.
Skelly Oil Co.
The stockholders on Fob. 20 increased the authorized capital stock from
$20.000,000 to $35,000,000 and changed the par value of the shares from
$10 to $25.-V. 116, p. 731, 306.
Southern California Edison Co.
-To Issue Bonds.
-
The California RR. Commission has authorized the company to issue
610,000,000 General Mortgage 5% bonds, the proceeds to be used to pay
for new construction and development work to be carried on during 1923
at a total cost of $26,000,000. The budget of expenditures for the current
year provides for the completion of new water power plants of 125.000 h. p.
capacity, as well as transmission line construction and extensions to all
distributing systems throughout Southern California and the San Joaquin
Valley.
Tho company's construction program calls for a total expenditure during
this year and the next succeeding five years of $127.000.000 on account of
which $23,024,000 is already spent.-'. 116, p. 626, 188.
833
THE CHRONICLE
FEB.24 1923.]
Because of the acquisition of a controlling interest in the Rumble Oil
8z Refining Co., the Standard Oil Co. of New Jersey and the Standard
Oil Co. of Louisiana have been cited by the Federal Trade Commission
-V.116, p. 731, 422.
for alleged violation of the Clayton Anti-Trust Act.
-Annual Report.
Standard Sanitary Mfg. Co.
Toe company reports total gles in 1922 of 655.200.647. Net earnings
after dividends of 7% on the Preferred stock were 67.010.446.-V. 116.
1)• 520.
-Production.
Star Motors, Inc.
During January the company built and marketed 9,160 cars. In February 11,000 cars will be built and marketed, and in March, according te
officials of the company, the production is expected to exceed 13.000 cars.
-V. 115. D. 878.
-Injunction Against Sale.
Steel & Tube Co. of America.
On the application of the Allied Chemical & Dye Corp.. the Court of
Chancery at Wilmington, Del.. issued a temporary restraining order
restraining the company from disposing of its property to the Youngstown
Sheet & Tube Co. The plaintiff company, it is said, owns approximately
16% of the stock of the Steel & Tube 00.-V. 116. p. 526. 422.
Stewart
-Warner Speedometer Corp.-Report.Pres. C. B. Smith says in brief: "Production demands at present time
are in excess of the largest month in 1922. which was June, and that,
furthermore, was the largest month in the history of the business. Cash
,
.nd no debt
p Con is exceedingly good. T t-ra era no hoods, 1 tor '0
other than current bills. Present cash balantr• .mld take care of the
° working capital. This
$6 env. rate for entire year and leave a hane
° be earned for 1923. The
could be done without touching the prat
earnings for 1922 amount to $12 63 per outAanding share of stock. Taking
consideration the dividend just declared at the rate of $6 it will mean
into
a total dividend of $5 per share out of the earnings of 1922. leaving $7 63
per share.
"Present indications promise that sales for 1923 will greatly exceed
1922, by far the biggest year in the history of the corporation."
The usual comparative income account was published in V. 116. p. 731.
Consolidated Balance Sheet Dec. 31.
1921.
1922.
1922,
1921.
Assets$
$
Capital stock.. _ _y12,461,506 12,459,128
Land,bldgs.,mach.
& equipment__ _x5,634,207 5,792,176 Stew't Mfg. Oorp.
280,200
8% Preferred__ _ x258,300
Pats.,good-willoSsc10,778,794 10,602,169
2,000,00
1,011,290
465,460 8% cony. gold bds
Cash
U.S.Govt.sec's_ _ 2,304,364 1,253,125 Accts. & vouchers
324.373
payable
434,482
475,000
Bkrs. accept., &c_
Taxes, royal.,&e.,
Inv. in marketable
600,561
520,231
81,597
accrued
873,690
securities
Accts.& notes rec_ 2,688,043 1,475,011 Prov. tor Fed. inc.
67.060
2,909,700 2,625,431
taxes
725,756
Inventories
88,585
Deferred charges
308.188 Defer. liab. resp.
501,744
Van Sicklen Inv
11,098,313 7,637,238
Total(each side)25,496,580 23,870,240 Surplus
x Land, bldgs., machinery and equipment balance at Dec. 31 1921.
950.947: additions, since (net), $328,745: total. $8,279.692: deduct:
-Warner Speedometer
reserve for depreciation, $2,645.485. y Stewart
Corp. issued 474,800 shares Capital stock, no par value. x Stewart Mfg.
Corp. 8% Cum. Pref. stock called for payment April 1 next at 110 and
dividends.
-V. 116. p. 731. 422.
-Capital Increase.
Sulphur Export Corporation.
The company has filed notice with the Secretary of State of Delaware of
an increase in capital stock from $100,000 to $500.000. The purpose of
this increase, it is said, is to facilitate negotiations which are under way
between the company and the Italian Government with respect to the ex-V. 116, p. 85.
portation of sulphur.
-Shipments.
Superior & Boston Copper Co.
During the quarter ended Dec. 31 1922 the company shipped 5.115 dry
tons of ore that averaged 3.39% copper and 8.71 oz. silver per ton and
contained 346,821 lbs. of copper and 44,579 oz. of sliver. The company
received from the smelter in payment of the above metals $56,935, whIck
represents an average return of $11 13 pee ton. Compare V. 116. p. 422.
-Lease.
United Cigar Stores Co. of America.
The comnany has leased the southeast corner of Wilson and Clifton Ayes..
Chicago, Ill.. from Carter If. Harrison, Wm.Preston Harrison and Fleatoa
Owsley, trustees, for 30 years for a term rental of 1465,000.- V.116, P731, 513.
-To Decrease
United Engineering & Foundry Co.
Amount of Authorized Preferred and Common Stock.
The stockholders will vote April 24 on decreasing tho authorized Common
stock from $15,000.000 to 67,500,000. roar $100, and the Preferred stock
from $2,500.000 to 61,800,000. par 6.100.-V. 116, p. 422.
United States Express Co.
-Liquidation Dividend.
A liquidation dividend of $5 per share has been declared on the /00.001
outstanding shares, payable Mar. 28 to holders of record Mar. 3. This
brings the total distributions in liquidation paid since Nov. 1915 up to data
to $89 50 a share (par $100). The last payment ($30 a share) was Mad.
May 3 1920.-V. 110. p. 1533.
United States Steel Corp.
-Schoen Steel Bonds.
Thirty-seven ($37,000) 1st Mtge. 5% gold bonds, due March 1 1926.
of the Schoen Steel Wheel Co.. have been called for redemption March 1
at par and int.. at the Girard Trust Co.. trustee, Philadelphia. Pa.
V. 116. p. 732.
United Verde Extension Mining Co.-Earwings.-
Calendar YearsGross revenue
Other income
1920.
1922.
1921.
34,538,588 62,043,519 87.591.815
202,843
275,740
271,242
Total income
Mining,&c.,expend__
Other expenses
Res,for depl.& deprec
Dividends
$4,809,830 62.319.259
1.603.838
2.169,329
678,424
408,460
1.565.538
2,752,872
1,050,000
1,312,500
Balance, deficit
-V. 116, p. 86.
51,833,331
62,578.541
1919.
$5,058,60
406,255
67.794,658 $5,464,924
2,771,592
3.407,830
569.308
570.808
2,359,180
4,635,229
2,362.500
2,100,000
$2,919.209
82,597,656
United Retail Stores Corporation.-DissoIntion.it Is announced that the company he. in promos'; dt3solutioa.-V. 116.p.
512
.
834
THE CHRONICLE
[VOL. 116.
to complete their voyages, so as to comply with the court's order to tie
Virginia-Carolina Chemical Co.—Debentures Called.—
An ox the outstanding 10
-Year 6% Sinking Fund Cony, gold debentures, up both vessels, it was necessary for the committee to advance further
funds to the receivers to the extent of $25,474, which were secured by
dated May 15 1914, have been called for redemption April 15 at par and
interest at the Equitable Trust Co.trustee, 37 Wall St., N. Y. City. receiver's certificates (since paid off) and an assignment of the freights
Holders have the option of presenting debentures for payment at the of the SS. Deerfield and West Catanace. This made a total of $149,832
trust company any date prior to April 15 and will receive par and interest which the conunittee obtained from Halsey, Stuart & Co., Inc., and
William R. Compton Co. and advanced to the receivers. In addition
to date of presentation.—V. 115. p. 2697.
the committee has obtained from Halsey, Stuart & Co.,Inc.,and William
(Charles) Walmsley & Co. (Canada), Ltd.—Bonds It. Compton Co. $5,000 to provide for certain pressing claims, salaries.
&c. Receivers' certificates have been issued to
Offered.—Dominion Securities Corp., Newman, Sweezey & addition to the above $149,832, there are claims cover this amount. In
approximating
Co. and MeLeod2 Young, Weir & Co., ontreal, are offer- of which part are concededly maritime liens and part are in $110,000
duspute.
At the
of the appointment of
company
ing at 97X and mt., to yield about dYi%, $1,000,000 6% operating timesteamship Neponset (of the receivers,t.) under was also
the
9.725 d. w.
a charter
1st Mtge. 20
-year Sinking Fund bonds. A circular shows: purchase agreement, by the terms of which company was given the option
Guaranteed unconditionally, Principal and interest, by W.G. Armstrong. to purchase this vessel for 31.907,401. Company paid 8192,215 to the
Whitworth & Co., Ltd.. of England. Dated Feb. 1 1923; due Feb. 1 U. S. Government under this agreement prior to the receivership. Since
1943. Int. payable F. & A. in Montreal. Toronto and Quebec. Denom. Nov. 29 1920 no further payment has been made. When the U. S.
Shipping Board learned that a receivership was inevitable it filed a pos$1,000 and $500 (c5). National Trust Co., Ltd., Montreal, trustee.
sessory libel on the Neponset. and the Shipping Board has ever since
Capitalization (After Present Financing)—
Authorized.
Issued.
retained possession of the vessel.
Common stock
$1.500,000
$1,500,000
On Dec. 14 1922
Government filed a proof of claim with the
Bonds
1,500,000
1,000,000 receivers claiming athe U. S.of
balance
The remaining $500.000 bonds can be issued against 86 2-3% of cost of charter purchase agreement for $1,276,637 due from company under the
charter hire, &c. Of this amount, $39,995
additions to property and plant, but only if annual net earnings are at represents a charge for fuel oil
furnished the steamships Deerfield and
least 3 times the amount of the annual interest charge on the $1,000,000 West Catanace, for which provision
has been made in the plan. No
of bonds now being issued.
plan for
Sinking Fund.—Annual sinking fund commencing Feb. 1 1926 of 3% provision is made in the for the the balance of the claim of the U. S.
Government, as counsel
committee are of the opinion that this
of the amount of bonds Issued will retire approximately 80% of these bonds balance is simply an unsecured claim and not
a lien against the vessels.
by maturity. Bonds will be purchased in open market, if obtainable, at
A number of sales of
or below call prices; if not they can be called on any int. date on 30 days' and other charges against vessels recently held to satisfy maritime liens
them, are reported to have brought the average
notice at the following prices: 105 and int. from 1923 to 1927
104 and price of between $15 and $20 per ton. In the light of the prices realized
int. from 1928 to 1932 incl.; 103 and int. from 1933 to 1937 incl.; 102 and at such forced sales, the committee cannot
anticipate that at a judicial
int. from 1938 to maturity.
sale the steamship West Catanace will bring more than $20 per d. w. t., or,
Company.--Oontrolled by Sir W. G. Armstrong, Whitworth & Co., Ltd..
of England. Latter company also owns Charles Walmsley & Co., Ltd., approximately $170,000, or that the Deerfield will bring more than $30
per d.
$290,000. Committee
of Bury, Eng., who manufacture the latest type of pulp and paper-making the costw. t., or approximately West Catanace would is advised that
of reproduction of the
approximate $65
machinery. The Canadian company will manufacture this machinery in per d. w. t.• and that the cost of reproduction
of the Deerfield would
Canada under the rights and patents of the English company, with an initial approximate $100 per d. w. t. On the basis
of these reproduction costs,
capacity valued at over $2.000,000.
the value of the West Catanaco would be about $550,000 and of the
Assets.—Total net tangible assets (fixed and current) available as se- Deerfield about $975,000.
curity for this bond issue will be over $2.100,000.
If the vessels are sold to satisfy maritime liens and
Purpose.—Proceeds will be used for additions to the property and plant without any effort to buy them in on behalf of the preferred chlrges
committee under a
and additional working capital.
plan of reorganization, the amount realized at prices prevailing at the
Earnings.—On a turnover of only $500,000 (less than one-quarter of the present time would be so small that no substantial amount
would be
plant's annual capacity) it is estimated that net profits will be more than available for distribution to the bondholders.
.
sufficient to pay bond Interest.
In view of the foregoing, In the opinion of the committee, there are
but two alternatives: (1) Reorganization by the formation of a new
Waltham Watch Corporation.—Listing.—
the West Catanace and Deerfield
There have been placed on the Boston Stock Exchange list temporary company to take title to are secured and purchase can beand to purchase
the Neponset (if funds
arranged) and
certificates for 50,000 shares (par $100) 6% Preferred stock, and 70,000 lease the 3 vessels or the 2 vessels, as the case may be. to some
shares, no par value, Class B Common stock, Waltham Watch Corp. operating company, either permanently or until such time as responsible
The Preferred and Common stock, and the voting trust certificates for feasible for the new company to sell or operate the vessels. it appears
The comCommon shares of Waltham Watch Co. wore stricken from the list on mittee has formulated the below plan, which requires $716,000
in cash
Feb. 15.—Y. 116. p. 732.
to be raised through subscriptions by bondholders.
(2) Liquidation by the sale of the two vessels and distribution of the
Waltham Watch & Clock Co.—Bonds Offered.—Kidder, proceeds. In the event of such liquidation, the proceeds of sale after
Peabody & Co., F. S. Moseley & Co., Blodget & Co., deducting the expenses of sale, will be used to satisfy the maritime liens,
preferred claims
Hayden, Stone & Co., Jackson & Curtis, Paine, Webber the receivership, existing against the vessels, administration expenses of
&c., after which the balance of
& Co., Pearson, Erhard & Co. and Wise, Hobbs & Arnold distributed pro rata among all of the holders of the such proceeds will be
outstanding 1st Mtge.
are offering at 98 and int., to yield over 6.17%, $3,000,000 bonds. committee has
The
adopted the following plan which it recommends
1st Mtge. 6% Gold bonds. A circular shows:
0
to the bondholders. The cash requirements under the plan have not
Dated March 1 1923, due June 11943. Denom.$1,000 and $500(c*&r*) been underwritten, and the consummation of the plan is dependent upon
$1.000. Int. payable J. & D. at the Old Colony Trust Co., trustee, or the action of the bondholders in subscribing funds necessary to declare
Bankers Trust Co New York. without deduction of the normal Federal the plan operative, otherwise the boats will have to be sold. The comincome tax up to 2%. Red. all or part on any int. date on 30 days' notice mittee is unreservedly of the opinion that the bondholders in providing
at 110 and int.
funds should provide sufficient to acquire the Neponset if satisfactory
Company.—Was originally called the Waltham Watch Corp. (V. 116. arrangements for such purchase can be made. The acquisition of the
p. 732) formed on Feb. 9 1923, as a successor to the Waltham Watch Co. Neponset would increase the deadweight tonnage to 27,903 tons which.
(per reorganization plan in V. 116. p. 189).
upon the basis of the above mentioned reproduction costs, would have a
value of $2,500,000, as compared with the maximum amount of bonds
Initial Issue of Securities of New Company.
1st Mtge. 6s. 1943
$3,000.000 6% Pref.stock (par 3100)-85,000,000 to be outstanding under the plan of $774,000.
5
-Year 6% Deb. notes..
3,000,000 Cl. A Corn. stk.(no par)_25,000 slis.
Plan of Reorganization Dated Feb. 10 1923.
7% Cumul. Prior Pref.
Class B Corn. stk.(no par)70,000 shs.
Sale. &c. of Vessels.—The two mortgaged vessels will be offered for
stock (par $100)
1,700,000
sale and if sufficient funds are subscribed, will be bought in on behalf of
The Waltham Watch Co. began manufacturing watches in 1853 under the committee and transferred to a new company. As soon as the reorganname of the Boston Watch Co., name changed in 1854 to American Waltham ization has been completed the new company will endeavor to enter into
Watch Co. and to Waltham Watch Co. in 1906. Company is the second a contract with a responsible company to operate these vessels.
largest manufacturer and distributer of high grade watch movements in
Cash Requirements.—The cash estimated as necessary to carry out the
the world. Sales offices maintained in New York, Chicago, San Francisco. plan amounts to $716.000, as follows: (a) To reimburse trustee and the
Montreal, Canada. London, England and Tokio, Japan. In addition to committee for advances made, including acquisition or payment of mariwatch movements, company manufactures chronometers, speedometers, time liens, &c., 8235,500, (b) pay expenses of receivership, foreclosure
automobile clocks, and various forms of hall and mantel dodo. Present and admiralty proceedings, &c. $61,000, (c) pay cost of lay-up of boats.
daily production, which is finding a ready sale, is about 1,800 watch move- certain taxes, expenses of committee, &c., $64.500,(d) reserve for working
stmts. 500 automobile clocks and 300 speedometers.
capital, necessary in the event the three boats are not leased. $75.000.
Sales & Profits after Fed. Taxes(but before Int. & Deprec.) Years end. Mar. 31 (e) reserve for purchase of steamship Neponset, $200.000, (f) resen tf for
expenses and contingencies, $80,000.
Sales.
Profits.
Sales,
Profits.
After subscription payments have been made, it may be found thlt the
1904 --_ $4,C01,263
$938,704 1919 -__ 86,894,676
1,119,116
1910 -__ 3,673,242
441,578 1920 -__ 8,933,411
1,230,755 amount of the actual cash requirements to consummate the reorgani sation
1914 --_ 4,268,049
601,864 1921 ___ 8,017,060
115,446 will be reduced 07,495 as follows: (1) Claim of the U. S. Shipping Board
1916 --_ 4,372,663
342.167 1922
5.882,934 loss2,011,929 for fuel oil furnished, $39.995, (2) claim of the California Fruit Growers'
1917 -- _ 5,451.416
795,334 x1922 _ _ 4.407,268
397,183 Exchange for alleged damage to cargo. $14,000. (3) possible recovery from
Seattle agent, $13,500.
1918
_ 6.423.498
999,590
x p
Prior to the appointment of the receivers, the U. S. Shipping Board
toNov.
1922.
The total amount of depreciation of buildings and machinery charged intimated to the company that the steamship Neponset might be purpartly to operating expenses, but for the most part to surplus, since 1910 chased from the Board for approximately $200,600. If arragnements
amounts to $1.206,004. To restore the real estate and machinery items cannot be made for the purchase of the Neponset on acceptable terms,
to the assessed valuation, an addition of approximately $1.500,000 was the sum of 3200.000 provided for such purchase will not be required,
made to these items in 1921 and this amount taken from the trade name and this sum,together with such portion of the $67,495 as may be available,
account. An appraisal made Jan.3 1922 showed the replacement valuation will be returned to the subscribers.
New Company.—The reorganization will be effected through a new
of these items to be $6.267.745, or a depreciated value of $5.015,122, and
accounts were adjusted to this depreciated value on March 31 1922. An corporation, which will take title to the two vessels.
Securities To Be Authorized By New Company.—(1) Mortgage Income
arbitrary write-off of the inventory account of $1,000,000 was made in
1921 and an additional $1,813.493 in 1922. These deductions have been bonds to be authorized. $774.000. The amount to be issued will be
made before the profits shown above. See Waltham Watch Corp. in limited to the actual amount of money required for the plan. Bonds
will be secured by a mortgage (on the 3 vessels, or 2 vessels, as the case
V. 116, p. 732, 627. 189.
may be) will bear interest at rate of 7% per annum (payable out of income
Welsbach Co., Philadelphia.—Bonds Off List.—
only) and be cumulative, will mature in 10 years, and will contain sinking
The Philadelphia Stock Exchange on Feb. 13 reduced the amount of fund provisions.
As it may be deemed advisable to obtain funds in addition to that
-Year Sinldng Fund Collateral Trust 5% bonds, due 1930 on the regular
30
list from $1,145,900 to $1,000.500—$145,400 reported purchased for mentioned in "Cash Requirements," the mortgage shall provide that the
account of the sinking fund, making a total of_$5,983,500 bonds held in lien may be subordinated to a new first mortgage on the 88. Deerfield
and West Catanace (and the steamship Neponset if acquired), provided
the sinking fund as of June 5 1923.---V. 115, P. 84.
the consent of not less than 75% of the outstanding bonds is first obtained.
West Boyleston Mfg. Co.—Preferred Dividends.—
Common Stock.—To be authorized. not to exceed 60.000 shares of no
The company has declared two dividends of 2% each on Preferred stock, par value. The amount to be Issued will depend upon the °meant of
bonds issued under the plan.
both payable Mar. 1 to stock of record Feb. 15.—Y. 115, p. 1219.
Distribution of New Securities Under Plan.
Elder Steel Steamship Co., Inc.—Reorg. Plan.—
(a) The holder of each $1.000 1st Mtge, bond who subscribes
the
The protective committee for the $1,935,000 outstanding 1st Mtge. plan, will be required to subscribe and pay $370 in cash and forto
such
serial 7% gold bonds (Edgar E. Caffal, Chairman), has adopted a plan
will
rigni ares
f bomds (principal amount).
g
reorganization. Under the plan holders of certificates of deposit (and C87/7
of
stock (no par fate),
'undeposited bondholders who deposit their bonds) have until March 17
(b) Bondholders who subscribe and pay cash in exCPAR of the amounts reto subscribe to the new Mortgage Income bonds (as outlined below). quired for the bonds held by them and—or persons, firms or corporations
Subscriptions to the new bonds (and deposits) are to be made at the not owning 1st Mtge. bonds (approved by the committee) who may become
subscribers to the plan, will receive for each such payment of $370. the
Guaranty Trust Co.. 140 Broadway, New York, depositary.
following: (1) Mortgage Income bonds (principal amount), $400, (2)
Digest of Statement of Protective Committee, Feb. 10 1923.
Common stock (no Dar value), 15 shares.
Vessels Now Idle.—The steamships West Catanace (8.453 d. w. t.)
(c) The holder of each
and Deerfield (9,725 d. w. t.), upon which the bonds are secured, having plan, but does not make $1,000 of 1st Mtge. bonds who assents to the
discharged their cargoes, are now at New York and owing to the lack of Common stock of no parthe payment provided, will receive 10 shares
value.
of working capital, it is impracticable for the receivers to continue their
The holder of each $1,000 bond, who
plan, nor
assents
further operation. They must, therefore, either be sold or sufficient makes the subscription, will receive his neithershare of to the proceeds
the net
funds raised to purchase them for the bondholders, so that they may be to which bondholders shall be entitled pro ratajudicial sale of the vessels
from the
intended under the plan.
leased, as
Deerfield and West Catanace,
said vessels since
Brief History.—On June 21 1922 receivers were appointed. On Aug. the appointment of receivers inand from the operation of the mortgage.
the proceedings to foreclose
18 1922, the bondholders were advised that about 190,000 maritime
Voting Trust.—The stock to be Issued will be placed under a voting
SS. Deerfield and West Catanace, and the com- trust agreement, limited
liens existed against the
to a period of 5 years, with such voting trustees
mittee authorized the Chairman to borrow not exceeding $138,000 with as the committee may designate.
which to acquire such liens as might be enforced against the vessels.
Reorganization Managers.—Ernest W. Ntver, Randolph P. Compton
On July 21 1922 the Guaranty Trust Co.. New York, trustee, instituted and Arthur E. Mittnacht.—V. 116. p. 81. 726.
proceedings to foreclose the mortgage. Maritime liens so far acquired
For other Investment News, see page 838.
by the committee amount to $124,358. In order to enable the two vessels
FEB. 24 1923.]
S35
THE CHRONICLE
evorts ana Documents.
KELLY-SPRINGFIELD TIRE CO.
ANNUAL REPORT AS OF DECEMBER 31, 1922.
New York, February 17 1923. I
To the Stockholders of
Kelly-Springfield Tire Company:
Your Directors submit herewith Statement of Income and
Profit of your Company for the fiscal year ending December
31, 1922, together with the Balance Sheet of that date.
The business of the Company for the year 1922 was the
largest in its history. Both the Akron and Cumberland
Plants were operated at full schedule.
During the year, various real estate holdings no longer
required for the Company's business were sold upon satisfactory terms.
For the Directors,
ALFRED B. JONES,
President.
BALANCE SHEET DECEMBER 31 1922.
ASSETS.
CURRENT ASSETS:
Cash
$1.838.462 23
Accounts and notes receivable:
Accounts receivable
$5,708.893 63
Customers' notes receivable
11,601 85
Notes receivable secured by mortgages
(due within six months)
221.000 00
Other notes receivable
28,280 GO
Less reserves
25.969,775 48
366,943 39
5.602,832 09
Kelly-Springfield Tire Company preferred stock (par
value 3137.100 00) at cost
130.925 50
Inventories of merchandise, materials and supplies (at
cost or market, whichever was lower)
8,018.034 81
215,588,254 63
STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31 1922.
GROSS PROFIT ON SALES before depreciation
$12,531,379 41
SELLING.ADMINISTRATION AND GENERAL OPERATING EXPENSE, including cash discounts allowed
customers, interest on current loans, &e
7,305.176 39
NET PROFIT FROM OPERATIONS
OTHER INCOME
$5,226,203 02
351.643 17
DEDUCT INTEREST ON TEN-YEAR 8% GOLD NOTES
$5,577,846 19
800.000 00
$4.777,846 19
OTHER DEDUCTIONS FROM INCOME:
Depreciation
21,168,832 30
Amortization of bond discount. &c
218.170 74
Extra compon.sation en profit-sharing basis
205,919 58
Miscellaneous deductions
40,375 00
COMMON STOCK PURCHASED FOR RESALE TO
EMPLOYEES:
Cost (of which $314,497 89 represents stock
held for future sale, having a market value
of V82.606 52)
2609.927 66
Less employees' subscription payments and
loan thereon
403,102 28
206,82538
27,576 00
SUNDRY INVESTMENTS (at cost)
CAPITAL ASSETS:
Property and equipment at plants and
branches, patent rights, &c., less depreciation
$21,566,997 38
Investment in real estate and houses at Cumberland, Md., for employees, less depreciation
655,184 19
22,222,181 57
1,633.297 62
NET INCOME FOR THE YEAR,subject to provision for
Federal taxes
$3.144,548 57
DEFERRED CHARGES TO FUTURE OPERATIONS:
Prepaid insurance, prepaid taxes, &c
2150.384 12
Unamortized discount on ten-year gold notes 518.642 88
669.027 00
STATEMENT OF SURPLUS
$38.713.864 58
FOR THE YEAR ENDED DECEMBER 31 1922.
LIABILITIES.
GENERAL SURPLUS:
Balance January 1 1922
26,116.777 30 CURRENT LIABILITIES:
Add excess reserve for price reduction allowances
11,078 15
Trade accounts payable
2435,625 35
Balances due customers
15.751 47
$6.127,855 45
Accrued taxes (other than Federal), accrued
Less:
wages and other accruals
755.104 73
Loss on sales of capital and other assets
Accrued interest on ten-year gold notes
100,000 00
(not)
$97,743 83
Reserve for extra compensation on profitAdditional Federal income and excess
sharing basis
205,919 58
profits taxes paid for 1917
70,445 59
Dividend, 134% on 8% Preferred stock.
168,18942
payable January 2 1923
45.000 00
$1.07,401 13
S5,959,66603
Net profit for the year ended December 31 1922
3,144,54857 RESERVES:
For accrual of redemption premiums on ten29.104,21460
year 8% sinking fund gold notes
*162,50000
APPROPRIATIONS FROM GENERAL SURPLUS:
For Automobile collision insurance, &c
47,604 23
For dividends:
210.101 23
.
On 6% preferred stock
$181,113 00
On 8% preferred stock
437,186 00
TEN-YEAR 8% SINKING FUND GOLD NOTBS,
maturing serially from May 15 1923 to May 15 1931- -- - 10,000,000
.00
5618,299 00
CAPITAL STOCK:
For retirement of preferred stock under certificate of incorporation:
6% cumulative preferred stock:
6% preferred stock
Issued
378.025 00
23.758.200 00
8% preferred stock
Less redeemed
175,934 13
721,10000
253,959 13
23.037.100 00
8% cumulative preferred stock:
872,258 13
Issued
25,860,200 00
Balance general surplus. December 31 1922
$8,231.956 47
Less redeemed
415,500 00
APPROPRIATED SURPLUS under certificate of incor5,444,700 00
poration:
Common Stock:
For 6% preferred stock retired
2721,100 00
Issued and outstanding-- -$9,067.500 00
For 8% preferred stock retired
415,500 00
Warrants outstanding
28,502 75
1,136.600 00
9,096,002 75
17,577,802 72
TOTAL SURPLUS December 31 1922
*9,368,55647
SURPLUS:
Appropriated surplus under
New York, February 7 1923.
certificate of incorporation:
For 6% preferred stock reWe have audited the books of the Kelly-Springfield Tire
tired
$721,100 00
Company for the year ended December 31 1922, and certify
For 8% Preferred
stock retired
415.500 00
that the above balance sheet and accompanying statements
*1,136,60000
of income and surplus are in accordance therewith, and, in
General surplus as per accompanying statement (subject to determination of Federal
our opinion, show the true fniancial condition of the ComIncome and excess profits taxes)
8,231,956 47
pany at December 31 1922, and the results of its operations
9.368,556 47
for the year then ended.
TOUCHE, NIVEN & CO.,
Public Accountants.
238.713.804 58
THE CHRONICLE
S36
COLUMBIA GAS & ELECTRIC CO.
AND ITS SUBSIDIARY COMPANIES
ANNUAL REPORT 1922.
To the Stockholders of Columbia Gas and Electric Company:
Your Directors are pleased to present herewith the Annual
Report covering the operations of your Company for the year
1922. The Statement of Earnings and Balance Sheets and
the Statistical Record are appended. The field of operations
is well illustrated by the enclosed map [pamphlet report].
OPERATED PROPERTIES.
..
Columbia Gas and Electric Company owns and operates
natural gas fields in West Virginia and operates a vast system producing and distributing electricity and natural gas,
producing gasoline and oil, and operating a street railway.
The Companies in this system, which are controlled by stock
ownership or lease, are the following:
The Union Gas and Electric Company, which operates under lease the property of The Cincinnati Gas and Electric
Company, and does the entire gas and electric business in
Cincinnati, Ohio, and more than twenty adjacent communities.•
The Union Light, Heat and Power Company, which does
the entire gas and electric business in Covington, Newport,
and adjacent municipalities in northern Kentucky in the
, vicinity of Cincinnati.
The Cincinnati, Newport and Covington Railway Company, which does the entire street railway business in Covington, Newport and adjacent municipalities in northern
Kentucky, with entrance into Cincinnati and a terminal in
the new Dixie Terminal Building there.
Cincinnati Gas Transportation Company, which owns a
pipe line system of approximately 183 miles in length connecting the natural gas fields in West Virginia and Kentucky with Cincinnati and neighboring communities in Ohio
and Kentucky.
Maytown Natural Gas Company, which owns leasehold estates for the production of oil and natural gas on lands in
Kentucky.
United Fuel Gas Company (Columbia owns 51% of the
stock), which owns and operates extensive gas fields in West
Virginia and Kentucky, distributes natural gas at retail in
Charleston, Huntington and numerous other municipalities
in West Virginia, and sells natural gas at wholesale to many
large distributing companies serving important portions of
the States of West Virginia, Pennsylvania, Ohio and Kentucky.
Virginian Gasoline and Oil Company (Columbia owns 51%
of the stock), which owns and operates extensive oil fields
in West Virginia and Kentucky, and which is also a large
producer of gasoline extracted from the natural gas produced by the other companies in this system.
The Gas and Electric Appliance Company, which conducts
a merchandising business, selling all kinds of appliances for
the use of gas and electricity, in Cincinnati and the adjacent
eommunities served by the above companies.
Loveland Light an/ Water Company, which does all the
electric and water business in the City of Loveland, Ohio.
Wood Coal Company (Columbia owns 50% of the stock
and has a contract for the output of the mine on favorable
terms),:which owns and operates a mine in West Virginia,
producing high grade steaming coal. The capacity of this
mine is sufficient to provide all the coal necessary for the
operation of the electric generating stations in Cincinnati.
The earnings from these five last named companies are
included in the Consolidated Earnings Statement appended
to this report only to the extent of cash dividends received.
• which are included In the item "Other Income." The decrease of $831.992 37 in this item as compared with 1921, is
more than accounted for by the reduction of $918,000 00 in
the dividends received from United Fuel Gas Company. The
reduction of the rate paid was deemed advisable on account
of the reduced prices received for gasoline and oil.
This group of companies (including the leased properties)
had outstanding in the hands of the public at December 31
1922, $165.730,368 33 par value of securities, consisting of
$54,316,568 33 Bonds and Debentures, $46,227,600 00 Preferred and Common Stocks entitled to dividends at fixed
rates specified in the various leases, and $65,186,200 00 Common Stock. The market value of these securities, based on
;• quOtations at that date, amounted to more than $167,200,00000.'
The total Gress Earnings of all the above companies, constituting the system operated by Columbia Gas and Electric
Company,for the year 1922 amounted to $35,322,086 75. Net
Earnings for the above period, after eliminating inter-company transactions, were $16,427,445 43.
•
OPERATIONS.
Electric—
The growth and development of the electrical operations
has fully realized the most sanguine expectations and is very
pleasing to report. The demand for energy resulted in a
*T
by Ohio
at less than 75% of their book value the minority stocks owned
Supply 0.. and for which there is no public quotation.
peak load on the system of 100,000 k.w. and a maximum
daily output of 1,348,555 k.w.h., both occurring during December. This maximum load and daily output represent increases of 33.3% and 25.9%, respectively, over 1921, and
were the largest in the history of the Company VP to the end
of 1922, but already in 1923 the maximum daily output has
again increased by over 4,500 k.w.h.
The campaign for new electrical consumers, particularly
in the residential class, has resulted in signing contracts
with 20,720 new consumers during the year. The Company
has entered into new three-year street lighting contracts
with the City of Cincinnati and the Village of Elmwood
Place and a ten-year street lighting contract with the City
of Norwood.
The campaign for new residential consumers will be continued and, through intensive development of the territory
already covered by the Company's distribution system,
should result in substantially increased demand. The industrial load is growing both from the addition of new customers and increasing demand from those already being served
by the Company. The Company's engineers have been engaged for several months in preparing plans to provide the
additional generating capacity which will be required by this
continuing rapid growth.
Taking all these conditions into consideration, the prospects far continued growth and increasing earnings in the
electrical business are very encouraging.
Gas—
The gas business in the Cincinnati district continues satisfactory, both in volume of gas sold and earnings derived
therefrom. The rates, however, now being obtained by
United Fuel Gas Company in the territory supplied directly
by it, are much lower than those commonly charged whereever natural gas is in use, and a decided increase in these
rates, corresponding more nearly with the value of the service, may naturally be expected. The litigation referred to
in the last Annual Report, following the passage of the increased gas rate ordinance in Cincinnati, effective for three
years from January 1 1922, has been finally determined and
every claim of the Company fully sustained.
Gasoline—
The quantity of gasoline produced has increased substantially. During the year careful examination and experimentation has been pursued with a new patented process for the
extraction of gasoline from natural gas. As a result of this
study, your Company has purchased the right to use the new
process, which will supplement its existing gasoline plants
and is expected to materially increase the volume of gasoline recovered.
Oil.—
The oil production was practically the same as in 1921.
The policy of the Company has been to restrict its oil operations largely to such production as has resulted from drilling for gas, and to defer active work in its extensive oil
fields until the price of oil makes such development more
attractive.
Appliances—
During the year the subsidiary companies in the Cincinnati district entered the retail field for both gas and electric
appliances through the purchase of The Gas and Electric
Appliance Company, which operates several attractive and
profitable "Electric Shops" in Cincinnati, Covington and
Newport. Three months' operation of this department of
the business has clearly demonstrated that the investment
will prove profitable and will tend to increase the demands
for the Company's service.
Street Railway—
The Street Railway has carried In 1922 a larger number
.
of passengers than ever before In its history, and through
economic operation, shows an increase in Net Earnings
greater than in Gross. It is most gratifying to report the
improved results and prospects of this branch of the Company's activities.
FINANCES.
During the year $166,500 ColuMbia Gas and Electric Company First Mortgage 5% Bonds were issued to cover construction expenditures, but as these expenditures were made
out of current funds, the bonds were not sold, but were
placed in the Company's Treasury, as has been the custom
in the past several years. The Sinking Fund, required by
this mortgage, redeemed and canceled $100,000 principal
amount of the Bonds.
$245,000 First Mortgage 5% Bonds of the Cincinnati Gas
Transportation Company were redeemed. and canceled
through sinking fund payments made by Columbia Gas and
Electric Company in accordance with the provisions of the
lease by which it operates that property. Out of the original
Issue of $5,000,000 of these Bonds, there were left outstanding at December 31 1922 $2,031,000.
The Cincinnati Gas and Electric Company sold $6,000,000
Prior Lien and Refunding Mortgage Forty-year Sinking
FEB.24 1923.]
THE CHRONICLE
837
/ the proceeds of which
1%,
During the year cash dividends have been paid quarterly
Fund Gold Bonds, Series B 52
were applied to the payment of $2,400,000 6% Three-year to the stockholders of Columbia Gas and Electric Company
Secured Gold Notes and $2,000,000 7% Three-year Gold at the rate of 6% per annum.
Notes of that Company, called for redemption July 1 and
CAPITAL EXPENDITURES.
also provided sufficient cash to meet requirements for addiCapital Expenditures for the extension and improvement
tions and extensions to the property of that Company
of properties of this system amounted to $3,426,61087 in
throughout the year.
The $6,000,000 Convertible 8% Gold Notes of The Cincin- 1922, of which $1,896,134 37 was spent on the properties of
nati Gas and Electric Company were also called for redemp- The Cincinnati Gas and Electric Company, $251,680 62 was
tion on August 1. In accordance with the provisions of the spent on the distributing properties in Kentucky, and $1,278,Indenture und r which they were issued, $5,556,000 of these 79588 was spent on the producing properties in West VirNotes were converted into Prior Lien and Refunding Mort- ginia and Kentucky.
GENERAL.
gage Forty-year Sinking Fund Gold Bonds, Series A 7%, of
which there are now outstanding $5,592,500. The balance of
The Board of Directors desire to express their sincere appreciation of the conduct and loyalty of the officers and emthe Notes were paid in cash upon presentation.
The sinking fund provided under the First and Refunding ployees of the Company and its subsidiaries, which have reMortgage of The Cincinnati Gas and Electric Company ac- suited in the extremely satisfactory results as above required during the year and holds alive $147,000 5% Bonds ported.
secured thereby.
The Directors look forward to 1923 with great confidence
$39,100 First Mortgage 7% Bonds, Series A, of The Union that the present growth of the Company's business and earnLight, Heat and Power Company were retired and canceled ings will continue satisfactory.
through operation of the sinking fund for the year.
By order of the Board of Directors.
On July 1 $2,850,000 First Consolidated Mortgage 5% Gold
P. G. GOSSLER, President.
Bonds and $859,000 Second Consolidated Mortgage 5% Gold
Charleston, W. Va., February 15 1923.
Bonds of The Cincinnati, Newport and Covington Railway
Company (Ohio corporation) matured and were paid from
the proceeds of the sale of $4,000,000 Series A 6% Bonds out
COMPARATIVE CONSOLIDATED INCOME STATEMENT
of an authorized issue of $7,500,000 new First Mortgage
COLUMBIA GAS & ELECTRIC COMPANY AND SUBSIDIARY COMPANIES (CONTROLLED BY 100%
Bonds of The Cincinnati, Newport and Covington Railway
STOCK OWNERSHIP OR LEASE)—YEARS ENDED
Company (Kentucky corporation), successor to South CovDECEMBER 31
ington and Cincinnati Street Railway Company by change Gross Earnings:
1922
1921
1920
Electric
$8.170,831.09 86.719.030.18 85.619,846.87
of name. The new Company has acquired and merged the
Gas
8.173,433.53 6.343.674.99 6,739,621.43
Railways and Other Opproperties of the Ohio corporation of the same name and of
erations
2,248.429.00 2.170,258.34 2,257,274.53
the Licking River Bridge Company, Cincinnati, Covington
and Erlanger Railway Company, and Cincinnati, Covington
Total
$18,592,693.62 $15.232,963.51 614.616,742.83
Operating Expenses and
and Rosedale Railway Company. The proceeds of the sale
Taxes
9.519.877.46 8,101.072.08
7,382.609.48
of these Bonds also provided sufficient cash to cover capital
Net Earnings
$9.072,816.16 87,131,891.43 $7,234,133.85
expenditures made on this property during the year.
Other Income
1,819,267.39 2.651.259.76 2,673.976.71
$5,400 First Mortgage 5% Sinking Fund Bonds of Licking
$10.892,083.55 69,783,151.19 $9,908,110.06
River Bridge Company were acquired during the year Total Grass Income
Deductions:
through operation of the sinking fund and are held alive in
Accrued Rentals to Cincinnati Gas & Electric
the sinking fund of that mortgage.
Co
$3,393,546.65 63.119,439.14 62,755,748.62
As of May 1, the properties of United Fuel Gas Company
Accrued Rentals to Cin•
cinnati Gas Transportawere separated and the gasoline, oil and carbon black proption Co
690,802.60
689.113.98
685,772.91
erties formerly owned by that Company were transferred to
Accrued Rentals to C. N.
& C. L. & T. Co
a new Company, the Virginian Gasoline and Oil Company, in
1,030,658.37
970,587.27
932,794.27
exchange for the issuance by the latter of $890,200 of its cap- Total Deductions
85.115,007.62 64,779,140.39 $4,374.315.80
ital stock (total issued) and the assumption by it of a pro$5.777,075.93 $5.004,010.80 $5,533,794.26
portionate amount, $1,717,000 of the First Mortgage 6% Net Income
Bonds of United Fuel Gas Company, the transfer of the Fixed Charges. Columbia
Gas & Electric Co.:
property having been made subject to the lien of that mortAccrued Interest on 1st
gage. The stock so received by United Fuel Gas Company
Mtge. 5% Goid Bonds
of Col. G. & E. Co
Was then distributed to Columbia Gas and Electric Company
$564,650.00
6569,650.00
8563,591.67
Accrued Interest on 5%
and Ohio Fuel Supply Company, the owners of United Fuel
Gold Debentures of Col.
G. & E. Co
Gas Company.
$130.825.00
$130.825.00
6130.825.08
$122,000 First Mortgage 6% Bonds of United Fuel Gas Total Fixed Charges
$695,475.00
$700,475.00
6694,416.67
Company were issued to cover capital expenditures and are
now held in the Treasury of that Company. $577,000 Bonds Surplus Available for Depreciation. Dividends, etc_
85.081,600.93 $4.303.535.80 $4,839,377.59
secured by the same mortgage, from the Company's Treas- Dividends Paid
$3,000,000.00 $3.000.000.00 $3,000,000.0s
ury, and $17,000 purchased by the Trustee, were acquired by
and are now held alive in the sinking fund. In anticipation
COLUMBIA GAS & ELECTRIC COMPANY.
of the 1923 sinking fund payment, the Company has purTHE UNION GAS & ELECTRIC COMPANY.
chased in the market and holds in its Treasury $222,000 adCONSOLIDATED BALANCE SHEET, DECEMBER 31, 1922.
ditional of these Bonds. In December the Directors of the
ASSETS.
United Fuel Gas Company authorized the calling of $1,906,- Property
Account, Comprising Gas Fields, Plants, Fran500 of that Company's 72 Ten-year Secured Gold Bonds
chises, Leases. and Stock owned of subsidiary companies_ 666,103,497.24
/
1
%
Guarantee Funds Deposited with Trustees:
for redemption on February 15 1923, the other $93,500 of
that
Cash
6109.930.95
issue having been retired and canceled by operation of the
United Kingdom 514% Gold Notes
97.906,25
State of Ohio non-taxable municipal sesinking fund. Part of the necessary funds have been paid
curities
2,073,079.50
out of current cash in the Company's Treasury and the balUnited States Liberty Bonds (and other
U. S. Securities)
ance is expected to be paid out of future earnings. Upon
1,722,208.30
$4,003.125.08
the redemption of these Secured Gold Bonds there are re- Other Securities Owned:
leased to the Company's Treasury the $3,000,000 First MortCincinnati. Newport & Covington Lt. & Tr. Co. 434%
Preferred Stock (850 shares)
85,000.00
gag 6% Bonds pledged as security therefor, making the total
Liberty Bonds. etc
18,200.00
of those Bonds in the Treasury $4,657,000.
First Mortgage 5% Bonds in Treasury ($2,970,000.00 face
amount)
2,549.330.00
During the year the Maytown Natural Gas Company was Current and
Working Assets:
incorporated to take over the natural gas and oil leases of
Cash
$1,681.993.31
Accounts Receivable
2.516.946.84
the Columbia Gas and Electric Company situated in the
Material and Supplies
856,544.25
State of Kentucky in exchange for all the capital stock of
Interest and Dividends accrued onSecurities Owned
the Maytown Natural Gas Company.
452,417.78
5.507,902.18
These financial operations have resulted in the retirement Deferred Assets:
Prepaid Accounts
of $17,461,500 bonds. Including the provision of the addi403,303.25
tional capital needed during the year, only $15,592,500 new
$78.670,357.67
bonds were issued, so that there has been a net reduction of
LIABILITIES.
$1,869,000 in the total funded debt outstanding.
Capital Stock,
G. & E. Co
$50.000,000.00
The Earnings Statement, as reported, includes in expenses First MortgageCol. Gold Bonds, Co). G.,k
5%
14.263.000.00
Co
charged for the year provisions for all State and Federal 5% Gold Debentures, Col. G. & E. Co.—
Authorized
$2,850,000.00
taxes.
Unissued
233.131.67
.All of the properties have been maintained in first class Current and
2.616,868.33
Accrued Liabilities:
operating condition and operating expenses include proviAccounts Payable
6636,342.77
Accrued Taxes
1.232,164.27
sion for the depreciation of the properties of The Cincinnati
Accrued Rentals
520.173.75
Gas and Electric Company and the subsidiaries of The Cin2,388,680.79
cinnati, Newport and Covington Light and Traction Com- Deferred Liabilities:
Customers' Deposits
311,966.01
pany ; in addition to which there has been set aside from Reserves:
Accrued Accounts
$16,161.87
surplus of Columbia Gas and Electric Company and The
To Amortize Kentucky Betterments
175,000.00
For Net Current Assets leased Sent. 1 1906.. 336,731.43
Union Gas and Electric Company, for depreciation for the
For Depreciation
year, the sum of $848,020 25, and from the surplus of United
4,781.830.50
5.309,723.80
Fuel Gas Company and Virginian Gasoline and Oil Company Surplus
3,780,118.74
for depreciation and depletion of their properties during the
$78.670.357.67
year, an amount in excess of $3,000,000.
838
[Vol,. 116.
THE CHRONICLE
There is a contingent liability due to the guaranty by Columbia Gas & Electric Company of the principal and interest
payments on $2,031,000 First Mortgage 5% Bonds of Cincinnati Gas Transportation Company, due July 1 1933. These
bonds will be retired before maturity by operation of the
sinking fund.
We hereby oertify that we have audited the books of account and record of the Columbia Gas & Electric Company,
Charleston, W. Va., and The Union Gas & Electric Company,
Cincinnati Ohio, covering a period of ten years ended De'
cember 31 1922, and that, in our opinion, the foregoing Consolidated Balance Sheet correctly reflects the financial condition of the conabined Companies, at December 31 1922, and
the accompanying Consolidated Income Statement is correct.
(Signed) ERNST & ERNST,
Certified Public Accountants.
Cincinnati, January 20 1923.
-YEARS ENDED DECEMBER 31.
OPERATING STATISTICS
Utilities Operating in Cincinnati
District:
,
Electric Department:
1920.
1922.
1921.
63.182
94.422
Total munber ofelectric customers _
77,102
64,658
97,201
Total number ofMeters in use
79.190
Motors
85,235
-rated K. W. connected_ .
126,485
113,450
78.689
Incandescent lamps(K. W.eq.)--99,734
86,495
170.946
Total connected load (K. W.)
260,009
222,891
K. W. H. sold
292.839,134 234,332,628 205,519,183
K. W. Peak Load •
65,050
100,000
75,000
Gas Department:
Total number of gas customers__ _ _
153,701
155,928
154,427
154,007
Total number of meters in use _
156,792
154,858
Total gas sold (thousand Cu. ft.)
17.240,915 17,840,383 20,455,196
Street Railway Department:
Total revenue passengers carried_ _ 37,114.026 35.937,934 36,358,420
Total car Miles
4,128,098
3,909,082 3.977,305
Water Department:
4,057
Total number of water consumers
4,573
4,241
Natural Gas and Oil Properties:
United Fuol Gas Company and Vir• ginian Gasoline and 011 Company:
Gas Sold (thousand cu. ft.)
46,867,511 42,018,821 51,795,457
167,764
Oil produced (barrels)
131,511
139,174
690
Gas Wells owned
734
723
176
191
Oil Wells owned
188
1,497
1,581
Gas Mains owned (miles)
1,549
Gasoline produced (gallons)
14,049,801 12,016,142 11,998,933
837,622
801,890
Acreage-Total
799,710
537,356
Oil Rights Included In
529,975
529.991
70,275
73,989
64,313
Operated-Gas
12,030
11,970
Operated-011
12,694
Columbia Gas & Electric Company:
Gas sold (thousand on. ft.)
16.023,391 15.593,047 18,256,927
264
Gas Wells owned
269
268
310
334
Gas Mains owned (miles)
314
3,744,327
Gasoline produced (gallons)
3,958,547
3.489.151
250,637
239,636
247,041
Acreage-Total
61,697
58,470
54,474
Oil Rights Included In
30,105
31.099
31,099
Operated-Gas
0
50
50
Operated-011
Wilson & Co., Inc.
-Not Considering Merger.
President Thomas E. Wilson has emphatically denied that this company
was considering a merger of any nature with other Chicago packers. Mr.
Wilson said: "There is no basis of fact in the rumor that Wilsons are in
negotiation with another firm looking to a merger. Nothing of this nature
Is being considered now and nothing is in contemplation, nor is company
considering a sale of its business to any other packing firm. I want to make
this statement just as definite as it can be made, so as to set at rest for all
times rumors that there may be changes in the business of the company."
-V. 116, p. 307.
-Report Cal. Yr. 1922.
(Wm.) Wrigley Jr. Co., Chicago.
Net profit after Federal taxes
Cash dividends paid
$6,146,636
3,147,242
$2,999,394
Surplus
Surplus carried over from previous year plus net amount of
premium on Capital stock sold, less premium on Prof. stock
7,568,099
redeemed, less additional Federal tax for 1921
Total surplus
Stock dividends paid during year
$10,567,493
2,579,172
Total surplus at Dec'. 31 1922
-V. 115, p. 2915.
$7,968,320
CURRENT NOTICES.
-Answers to the many problems which confront individuals nad corporations in preparing returns for the State income tax are given in a booklet,
"New York State Income Tax Laws," just issued by the Irving BankColumbia Trust Co. This is the first publication issued since the IrvingColumbia consolidation. The book is a companion to the 1923 edition of
"Practical Questions and Answers on the Federal Income Tax Laws,"
recently issued by the Irving Bank. It has been prepared by specialists
in tax legislation and covers in question-and-answer form a wide range of
typical cases which arise in the computation of income taxes to the State.
It is a book of 64 pages, divided into four parts. The first two parts are
devoted to problems arising under the Income Tax Law affecting individuals,
and unusual points raised by the Franchise Tax Law affecting business
corporations as amended by the State Legislature in 1922. The third and
fourth sections, respectively, contain the text of the Individual Income Tax
Law and the Corporation Income Tax law.
The Special Libraries Association, which is a national organization of
all business and special librarians in the country, will hold its 14th annual
convention in Atlantic City Tuesday, May 22, to Friday, May 25, at the
Hotel Chelsea. On Monday evening, May 21, the New York Special
Libraries Association will hold its last monthly meeting of the year, to which
all delegates to the convention are invited. On Tuesday all the special
libraries of New York City will be open to visitors. Saturday, May 26,
following the convention at Atlantic City, the Special Libraries Council
of Philadelphia and the District of Columbia Library Association will have
local meetings to which all the librarians are cordially invited; thus an
opportunity is afforded of visiting the special libraries In these two cities.
All librarians, special and public, are cordially invited, we are informed.
Business men and research workers and statisticians are also urged to meet
at the Special Libraries Association Convention.
-A.E. Fitkin & Co., 141 Broadway, New York, have published the first
issue of "General Engineering News," which contains much matter of value
to those interested in public utility developments. This number and several of the succeeding issues will contain interesting papers on various
-Arthur Perry features of public utility progress which were presented at their annual
-Bonds Offered.
West Missouri Power Co.
& Co., Boston; Guaranty Trust Co., Kansas City, and convention which was held recently in New York. Those Interested in
this booklet by writing for it.
Powell, Garard & Co., Chicago, are offering at 98M and public utility progress can obtain a copy of
-General Motors Corporation announces that Hanle T. Hickey, of the
-Year
20
int, to yield about 6.13%,$1,350,000 1st Mtge.6%
sales-advertising-service section, advisory staff of General Motors. Detroit,
gold bonds, series of January 1923.
and W. J. Davidson, Technical Engineer General Motors of Canada,
payable J. & J. in
Dated Jan, 1 1923. Due Jan. 1 1943. Interest
Cunard liner Berengaria for England, where they
Chicago or Kansas City without deduction of normal Federal income tax sailed Tuesday on the
up to 2%. Pennsylvania 4 mills tax and Massachusetts income tax up will join James D. Mooney, Vice-President of General Motors, New York,
to 6% refunded. Guaranty Trust Co.. Kansas City, trustee. Denom. for a six week's stay to study service conditions in Great Britain.
$100, $500 and $1,000 (c5). Redeemable all or part on any interest date
-George .J. Kane Jr., formerly with the Guaranty Company of New
at 105 and interest less 3i of 1% for each full year expired subsequent to
York, Romeyn B. Quintard, formerly with Biddle & Henry, Philadelphia.
Jan. 1 1933.
Issuance.-Authoirzed by Missouri P. S. Commission.
and J. Stanton Keck have formed a partnership under the firm name of
Data from Letter of Pres. L. K. Green, Pleasant Hill, Mo., Feb. 16. Kane, Quintard & Keck for the transaction of general investment business
Company.
-Engaged in manufacture, transmission, and distribution with offices in the Widener Building, Philadelphia.
of electric power in the territory lying to the southeast of Kansas City.
-Jelke, Hood & Co., members of the New York Stock Exchange, have
Furnishes electric light and power in 46 communities, and in addition
water and gas only in the city of Clinton, all without competition. Total prepared a chart showing the range of wholesale prices over a period of 110
Territory served extends into 8 counties years. The chart shows that wholesale prices reached higher peaks during
population in excess of 43,000.
of Missouri. Company has 2 modern steam generating stations located
,
than during the World War.
at Pleasant Hill and Clinton, and 2 reserve stations at Warrensburg and the War of 1812 and the Civil War
El Dorado Springs. Total generating capacity of system, about 5,000
-Harold B. Smith,formerly in charge of W.J. Wellman & Co.'s trading
kilowatts. Transmission lines total 482 miles.
department, has been appointed New York representative of Chas. Head &
-Year ending Nov. 30 1922.
Earnings & Expenses
Co. of Boston. Mr. Smith, who is one of the well-known traders in Wall
$412,964
Gross earnings
at 100 Broadway.
239,276 Street, will make his headquarters
Operating expenses and taxes
A
- new Stock Exchange firm has been formed under the name of Morin
$173,688
Net earnings
Co., 11 Wall Street, New York, for the transaction of a general
$81,000 S. Hare &
Annual interest on $1.350,000 1st Mtge bonds requires
investment and brokerage business. The principal members of the firm
Issued.
Authorised.
Capitalization After This Financing$1.000,000
$725,000 are Morin S. Hare, Reginald B. Rives and M. M.Whittlesey.
Common stock
99,400
400,000
Preferred stock
The National City Company has prepared a special booklet containing
1,350,000
1st Mtge. bonds, due Jan. 1 1943
of the original and converted issues of Liberty and
300.000 a complete description
.000
'
300
Debenture bonds (to be issued)
Treasury bonds, Victory and Treasury notes and Treasury certificates of
Additional bonds are issuable only under conservative provisions indebtedness. This information is presented in table form.
of the Indenture.
-V. 114. p. 87.
-Tucker, Anthony & Co., 60 Broadway,New York City, announce the
- opening of a branch office at 51 East 42nd St., New York City, undo;the
-To Issue Stock.
Western States Gas & Electric Co.
The California KR. Commission has authorized the company to issue management of Mr. Augustus W. Kelley, Jr. Telephone Vanderbilt 2121.
$300.000 of 7% Cumul. Pref. stock the proceeds to be used to pay for
The Central Union Trust Company of New York, has been appointed
extensions, additions and betterments to its property and plants during
transfer agent for 3,000 shares of Common stock and 1,500 shares Pre1923.
The Commission has also authorized the company to withdraw $318,848 ferred stock of the Whiteland Manufacturing Corporation.
ofthe proceeds obtained from the sale of the Series" A"6% notes, authorized
Harris. Forbes & Co. have ready for distribution the latest edition of
Oct. 18 1922 (V. 115. p. 1954) and to use $97,000 of such proceeds to
finance in part construction expenditures made prior to Nov. 30 1922, their "Income Tax Book" of over 200 pages, which contains an analysis
and to use 5221.848 to reimburse its treasury or to pay current indebtedness of the Federal Income Tax Law and tables.
since Dec. 1 1919.-V. 116, p. 86, 307.
-Guaranty Trust Co. of New York has been appointed registrar of the
capital stock of the Premier Extension Gold Mining Co., Ltd., consisting
Westinghouse Electric & Mfg. Co.
---Bookings, &c.
It Is stated that bookings in the first half of this month were 25% ahead of 800,000 shares, par value $5 each.
of the corresponding period of January last.
-Wm. L. Goff, a well-known specialist in railroad bonds, has become
The company has received an order amounting to approximately $160,000 associated with the Now York Stock
Exchange firm of Myron S. Hall &
-V. 116.
from the Philadelphia Electric Co. for 20,000 watt-hour meters.
Co., 100 Broadway, New York.
p.732.
-Stroud & Co., Incorporated, of Philadelphia, announce that John C.
-Annual Report.
White Eagle Oil & Refining Co.
has become associated with them in their bond department.
1922
.• Marsh
Calendar Years
$13.83488 $9,251;382 $14,012,139
The New York Trust Co. has been appointed transfer agent for PennSales
9.036.343
6.615.342 11,443.227 sylvania Coal & Coke Corporation capital stock.
Cost of sales
944,493
1.467,809
1,016,741
Gen., admin. & Selling expense
-Merck L. Tooker, formerly with Robert S. Ross & Co., is now asso
4.856
278,628
61,881
-net
Other deductions
423,3C5 dated with Gardner, Pcgue & Willard.
589.253
416,641
Depreciation
414,173
377.849
321,170
-Messrs. Tobey & Kirk announce that Mr. Felix T. Hughes has become
Depletion
192.000
29,000
associated with their firm.
Federal taxes
-Tobey & Kirk, members of the New York Stock Exchange, announce
$782,085
$1.892,938
$790,608
Net income
the association with the firm of Felix T. Hughes.
-V. 116, p.526. 307.
FEB.24 19231
THE CHRONICLE
.ght (1.1 =Inertial Pmts.
COMMERCIAL EPITOME
usually appearing here will be found
[The introductory remarks the paper, Immediately following the
an earlier part of
to-day
in
editorial matter, in a new department headed "INDICATIONS
OFIBUSINESS ACTIVITY.1
4
COFFEE on the spot quiet but steady; No. 7 Rio, 133c.;
No. 4 Santos, 153 ®16c.; fair to good Cucuta, 164©17c.
4
Futures declined this week in the end, though at one time
May was higher. Trading has not been very interesting of
late. The South has sold. Some scattered liquidation has
had some effect. Sugar has rather monopolized attention
at the Exchange. On the 19th inst. Brazil markets were
practically unchanged with spot demand small. Trading
in futures here was trifling at a drop of half a dozen points.
There was a lack of interest. That told more than any
news affecting the market. On the 20th inst. liquidation
by longs in a narrow market caused a drop of some 20 points.
Trade interests then bought May and July. That checked
the decline and caused a slight rally. On the 21st the market
was uneventful. To-day prices fell and they ended 13 to
33 points lower for the week, the latter on March. Cables
were lower and 40 notices were issued to-day. A Coffee
Exchange seat sold at $5,900.
Spot (unofficiall 3 yi
.
_18eptember. 9.9
9.93
11.45'B
May
Mardi--11.95
(1I.97 I July
10.79E410.801December _ 0.5814 9.60
SUGAR.
-Spot Cuban raws advanced on the 17th inst.
and 5 3-16c. c. & f. was paid for 15,000 bags February and
early March shipment with holders generally asking 53.1c.
On the 19th inst. 5,000 bags of Cuban raw February-March
shipment, sold at 5Xc. c. & f., equal to a duty paid price of
7.03c. On the 20th inst. 15,000 bags of Cuba for March
loading sold at 5.10c. f.o.b. Cuba. Porto Rico sugar to
• the amount of 10,000 February-March shipment, sold
at 6.90c. c. 1. f. A sale of a cargo of Cuba for March shipment to the United Kingdom was made at 25s. 3d. C. f.,
equivalent to about 5.10c. f.o.b. Cuba. or about 10 points
above the price paid by France for 15,000 tons last week.
On Feb. 20 futures rose 13 to 14 points, but heavy liquidation
followed and most of this advance was lost. On the reaction,
however, there was good buying, Cuban interests, it is said,
taking 5,500 tons of May at 5.37c. Sugar trade interests
sold, it seems, about 4,000 tons and Wall St. about 1,500,
supposedly in part hedges against purchases of Cuban sugar.
There is a general disposition to look for higher prices.
In Boston on Feb. 20 the retail price of sugar was advanced
to 9c. a lb. in stores. Dealers were paying 8 4c. themselves, they said. Sugar was retailing at 8c. in one of the
largest grocery stores in New York on that day, while at
chain stores it was selling at from 8M to 9c. On the 21st
inst. Cuba sold at 53.4c. c.i.f., or 7.03c. duty paid. Porto
Rico, first half of March shipment, sold at 7.03c. There
were unverified rumors of sales of Cuba at 5/gc. Refined
3
was 8.25 to 8.30c. Sales to France were reported at 6.30c.
net. Several cargoes of raw sugar sold, it is stated, at 26s.
c.i.f. United Kingdom, or equal to about 5.27o. f.o.b. Cuba,
as against 25s. 3d., equal to 5.10c. f.o.b. on the 20th inst.
Willett & Gray had a cable from the Philippine Islands,
stating the exports for January at 19,000 tons, against 15,555
tons in January 1922. Stocks at shipping ports increased
19,000 tons for the month and are now 87,000 tons, against
40,000 on Feb. 1 1922. Receipts for the week at Cuban
ports were 189,703 tons, against 151,397 tons last week,
123,331 in the same week last year and 170,338 two years
ago; exports, 138,626 tons, against 89,602 last week, 42,140
last year and 79,139 two years ago. stock, 387,007 tons,
against 335,930 last week, 308,266 fast year, and 416,211
two years ago. Centrals grinding totaled 178, against 170
last week, 157 in the same week last year and 184 two years
ago.
Earl D. Babst, President of the American Sugar Refining Co., on his return from Cuba on Feb. 20, declared that
the sugar supply in the United Stites, according to the company's weekly canvass, was ample. "We have on our books
practically a 30 days' business for our customers," he is
quoted as saying, "and have raw sugar to operate all of our
refineries at capacity for that period. The one thing, how.
°vex, that we, as refiners, cannot provide against is a stampede; either in the trade or among consumers. Such unthinking notion only plays into the hands of speculators and
the public puts up sugar ptices on itself unnecessarily.
These facts are given to the public in an effort to forestall
even a start of conditions which led to the over-buying of
1920. The present speculation on the New York Sugar Exchange is greatly to be deprecated. Those who foster it and
those who follow it are introducing a gambling element into
a food necessity which in my judgment should be left entirely
to the law of supply and demand."
On Feb. 19 big buying orders for March and May caused a
rise of 18 to 21 points. July and September advanced only
7 points. Later in the day considerable profit-taking
brought about a decline of 20 to 22 points, and the market
closed under pressure of stop orders. Some think, however.
that prices later in the year will move upward.
839
The Louisiana "Planter" said: "With the exception of
local showers during the early part, the week has been
favorable for placing the land in condition. While the
latter part of the week has been cool, no frosts have occurred
in the sugar district. Work is now progressing throughout
the cane belt. A continuation of fair weather will facilitate
these operations to a marked extent. Good progress is
being made in the development of the crop, with conditions
remaining favorable and the outlook promising. With the
prices of sugar continuing good, planters are extending every
effort to take advantage of the weather conditions in developing the crop." Batavia cabled a noteworthy increase in
exports of Java during January over December. The total
was 164,000 tons, of which 18,000 tons were shipped direct
to the United States or Europe, and 11,000 to Suez or Port
Said for orders. The total exports from the beginning of
the crop year April 1 1922 to Jan. 311923, were 1,360,000
tons, against 1,439,886 tons for the same time in 1921-22,
and 1,272,421 tons in 1920-21.
The increased consumption of sugar by American families,
it is pointed out, is a factor in the recent advance in prices.
The consumption has arisen since the war. The average
per capita in the United States in 1922 was 101M lbs. a
year compared with 90 lbs. in 1921 and 87 lbs. in 1920.
The American consumption in 1920• was 4,101,100 short
tons; in 1921, 4,299,589 tons and in 1922, 4,988,343. The
American exports of sugar in 1922 were double those of 1921
and 1920. In 1920 exports of refined sugar were only
461,943 tons, and in 1921 466,897 tons, but in 1922 they
reached the imposink total of 920,374 tons. The American
refiner, it would seem, is a match for foreign competitors.
Much of this export trade was with Europe, Japan, China,
South America, Australia, Africa and the island of the
Atlantic and Pacific oceans. Compared with pre-war
years the exports in 1922 make a striking showing. Prior
to 1914 they averaged only about 50,000 tons. The inincrease since is nearly twenty fold. That is because such
big producers formerly as Germany and Austria-Hungary
are out of the running in the foreign trade. Before the
war they used to sell their crop of beet sugar largely to
England. Moreover the German and Austrian beet industry is still under a cloud, though Germany's yield this
year will be larger. They have been raising little more than
enough for their own consumption. It remains to be seen
at what price, if the advance continues in the United States,
the consumer will call a halt. The Department of Agriculture at Washington says that the production of sugar
beets in Germany is placed at 11,869,000 short tons or an
increase over 1921 of 3,100,000 tons. Lamborn & Co.
estimate on the basis of the consumption of 1922, a statistical shortage in 1923 of 197,000 tons if the reserve stock
is to be maintained. The price will be the key, they think,
to the size of the supply. To-day spot raws went to a
new high of 5%c. c. & f. That was paid for 16,000 bags
5
of Cuba March shipment of 7.40c. duty paid, as against
5Ms. on Wednesday, when anywhere from 200,000 to 250,000 bags sold at 53ic. Philippine for April-May shipment
,
sold at 7.40o. c. i. f. for 5,000 tons. Towards the close
5%c. was asked for Cuba. Refined advanced to go. with
a good demand. English cables reported 26s bid freely.
Futures here advanced some 20 points to-day and close
44 to 51 points higher for the week.
Spot(unofficial)_ _7.40c.j May
March
5.54 © 5.56 IJuly
5.73 ©5.74 j September_ _ _5.94(45.95
5.83145.84 j December._ _5.71445.72
LARD firmer; prime Western 12®12.10c.; refined to Continent 13c.; South America 13.25e.; Brazil in kegs 14.25e.
Futures advanced on the 17th inst. on buying of Eastern
houses against sales of cottonseed oil. That offset a drop
of 20 to 25e. in hogs. Besides Liverpool prices advanced and
corn was up. Packers' sales were promptly taken. Exports
of lard last week were 30,573,000 pounds against 22,988,000
in the same week last year; of bacon 19,364,000 pounds,
against 12,748,000 last year. To-day futures advanced
somewhat, and the ending for the week is 23 to 33 points
higher.
DAILY 01.08ING PRICES
Sat.
March delivery_ _ _ _cts-11.27
May delivery
11.40
July delivery
11.55
OP LARD PUTURE6 IN CHICAGO.
Mon. Tue..
Fri.
Wed. Thurs.
11.45
11.27
Hon- 11.50
11.40
day 11.55
11.37
11 A5 11.52
11.50 11.57
11.65
11.67
PORK quiet; mess, $27@$28; family, $30@$32; short
clear, $21 50(028 50. Beef quiet; mess, $15 50@$16;
packet, $17@$17 50; family, $19(021; extra India mess,
$32 ®$34; No. 1 canned roast beef, $3 25; No. 2, $2 35;
6 lbs., $15; sweet pickled tongues, $55@$65 nom. per bbl.
Cut meats inactive; pickled hams,10 to 20 lbs., 1534 ®16)4a.;
pickled bellies, 6 to 12 lbs., 14% ®15o. Butter creamery,
49@52c. Cheese, flats, 24@29c. Eggs, fresh gathered,
'
seconds to extra, 37@46c.
OILS.
-Linseed quiet but steady; spot carloads, 96c.;
tanks, 92o.; less than carloads, 99c.; less than 5 bbls., $1 02.
Some good-sized lots are sold now and then, but most of the
dealings reported are for small quantities. Cocoanut oil,
Ceylon, bbls. 9Y2e.. Cochine, 9%c Corn, crude, 10@
,
.
103c.; refined, 136131V. Olive, $1 15@$1 17. Lard,
straind, 14o.; extra, 13%c. Cod, domestic, 64@65c.;
Newfoundland, 67e. Spirits of turpentine, $1 54@$1 55.
Rosin, $6@$7 95. Cottonseed oil sales to-day, 15,900
including switches. Crude, S. E., 10e. Prices closed
as follows:
THE CHRONICLE
840
Snot
11.0e0
April
May
_1
ebruary_1.004
F
March____11.04.11.061June-
11.5511.58
11.2011.251July
i1.38@11.39 August ...11.52@11.55
11.40 11.49 September 11.45 11.47
-Mid-Continent crude oil prices were
PETROLEUM.
advanced 10 cents par barrel by the Sinclair Crude Oil Purchasing Co. and the Prairie Oil & Gas Co. on the 17th inst.
These companies also advanced the petroleum export price
M cent. in barrels. On the next day the Ohio Oil Co. and
the Midwest Co. advanced Wyoming and Montana crude
10 cents per barrel. The Texas Co. marked up prices on the
19th inst. for Mwda, Currie, Caddo, De Soto, Bull Bayou,
Crichton and Smackover, while the Imperial Oh Co. of Canada advances its price for crude oil to $2 98 per barrel.
Louisiana crude oir was also advanced 10 cents per barrel.
Gasoline has been firm in sympathy with advancing crude
prices. There is a little better export business in gasoline,
but locally buying is not vary neaVy. Kerosene is rather
quiet and easier. Bunker oil firm at $1 60 per barrel, f. o. b.
New York H9rbor refinery. Gas oil in pretty good demand
at 53@53'c.for 36-40 Bayonne refinery. New York p Ices:
cases,cargo lots, 28.75c.; U.S. Navy specifications,
Gasoline,
bulk, 154c.; export naphthe, cargo lots, 180.; 63-66 deg.,
21o.; 66-68 deg., 22e. Kerosene, cases, cargo lots, 163/re.;
motoe gasoline, garages (steel barrels), 23e.
$4 01
Penn
2 30
Corning
2 'ii
Cabell
2 65
Somerset
Somerset, light ___ 290
Ragland
Wooster
Lima
Indiana
Princeton
$1 10
2 51
2 58
2 48
2 37
Illinois
Ctichton
Currie
P1 mouth
Meade
82 37
1 85
26
1 75
2 20
RUBBER quiet and lower. Spot ribbed smoked sheets
and first latex crepe were 354r.; March,35%c.; April-June,
36%@364c.; July-December, 37%@373e. About the
only buying Interest being shown is for second and third quarter deliveres. Early in the week London was reported
steady, but business there is described as only moderate.
Early in the same some small sales were made of April4
June delivery at 361 c. Factories, it is said, paid 35340.
London on the 22d was 173/b for standard and weaker.
Singapore, 18%d. prompt shipment. In London on the
20th inst. the market was quiet and slightly lower at
%
173 d. spot plantation standard.
HIDES were steadier though in general not at all active,
although the demand was reported somewhat better early
in the week. Bogata were said to have sold at 22e. The
range of quotations was 21 to 22e. Country hides showed
little change. There was a better inquiry but no sales were
reported. The River Plate reported 3,000 Bovril Matadero
steers sold at 194e. e. & f. Some 33,000 frigorifico steers
sold at 22e. to 233'c. City packer hides were dull at
14 to 23c. Some 2,000 Salta Province hides in the River
Plate section sold,it seems,at 26 3-16c. At Chicago country
hides have been in good demand, though only where prices
favored the buyer. Sales were reported there of Iowa all
weights at 12Mc., selected, delivered Chicago. Also sales
of Missouri extremes at 13c., selected, delivered Chicago.
Some Texas fifty up current receipts were offered at 10c.
flat f. o. b. shipping points. Shoe manufacturers said they
had bought men's weight calf leather at 44e. per foot for
top grade. Some tanners are still asking 450. to 50c. per
foot. Later frigorifico hides were more active and 9,000
%
cows sold at $40 50, equal to 165 e. c. & f., or a rise of Mc.
In Chicago big packer hides were only fairly active. Smaller
packers sold January slaughter heavy native steers, 60 lbs.
or over, at 180.
OCEAN FREIGHTS were dull early in the week and
rates were no more than steady with the supply of tonnage
far exceeding the demand. Latterly there has been a somewhat better business in time charters.
Charters included linseed from River Plate, 35 75 up-river, 55 25 below
the bar. to New York. March. sugar from Cuba to London, Liverpool or
half March;
Greenock, 19s. 6d., March,from Cuba to London, 19s. 3d.,first from Baltipitch from Pensacola to United Kingdom, prompt. 16s.; grain
4c.• petroleum or products
more to four ports in Denmark. prompt,
80c. bbl., April;
173.
from California to Atlantic coast not north of Philadelphia,timer charter in
6 to 8 months time charter. April delivery, 5s.; 3 months from Hampton
Indies trade, $I 30. March delivery in Cuba; coal
West
-ton steamer three months'
Roads to west coast of Italy, prompt,$3 10: 1.110
time charter in West Indies trade, prompt delivery, at New York, $1 35;
one round trip in West Indies trade. $1 20 prompt,
-ton steamer,
1.236
nitrate from Chile to Jacksonville-Boston range, 35 40, March-April; linseed from Santa Fe and Diamante to New York. $5 25 (berth terms).
prompt; linseed from Rosario to New York. 35 80, March 20th.
COAL prices have been steady during the week, but are
now tending downward on soft coal, with better railroad
transportation and warmer weather. Anthracite looks
steady for the moment, but consumers, it is intimatEd, will
soon begin to hold off for lower prices. There may be a
price war. Various mines in the non-union groups ate taking
up the question of lowering wages to enable them to continue
to produce coal at a profit. New York tidewater piers
reported a total of 2,849 cars of coal on Wednesday, of all
grades of bituminous. This was an increase of 38 cars over
Tuesday's reported total, 308 over Monday and 440 over
last Saturday. All piers were working.
-Of late there has been a, fair business in
TOBACCO.
some grades, though others find trade only moderately active.
On the whole, there is considerable room for improvement.
Yet with general business in this country rising, it is natural
the
to suppose that tobacco is bound to participate in
increasing activity sooner or later. Meanwhile prices are
in the main regarded as steady. The feeling in the trade is
generally hopeful. After a prolonged period of inactivity,
supplies in some cases are believed to be only moderate.
And in a word better tract( is looked for later on.
(VoL. 116.
COPPER higher both here and in London. The present
buying movement is said to be the largest since the war.
Electrolytic quoted at 16 to 163gc. Some producers are
holding at 16Mc., while others refuse to quote at all. The
American Brass Co. advanced most of its products on the
17th inst. Mc. per lb. Sales were made early in the week
at 16c. to 163.gc. Germany was said to have bought 2,000,000
lbs. from American producers. Monday's sales were said
to have reached 2,000,000 lbs. France, England, Italy and
Scandinavia bought freely.
TIN advanced to new high levels in sympathy with higher
markets for other metals. London has also been higher.
Spot 43c. Futures are at a premium over spots of Mc.,
which is something new in the situation for some time past.
LEAD in the main is rather quiet but steady. Consumers are getting enough shipments for the time being to
keep them out of the market. Spot New York 8.10@8.250.;
Eeat St. Louis, 8®8.15c. Receipts at East St. Louis for
the week were 56,970 pigs against 54,600 in the previous
week; since Jan. 1st they were 405,370 pigs against 537,320
last year. Shipments were 32,030 pigs against 23,370
the week before; shipments since Jan. 1st 199,300 pigs
against 218,510 in the same period last year.
ZINC higher. April delivery meets with the most demand. There is also moderate activity in Feb. and Mar.
deliveries. Spot New York 7.65(4)7.70o.; East St. Louis
7.30(4)7.350. East St. Louis receipts for the week were
40,950 slabs against 30,600 in the previous week; since
Jan. 1st 231,650 slabs against 333,660 last year. Shipments for the week were 29.400 slabs against 50,300 last
week; since Jan. 1st 254,780 slabs against 630,430 last year.
STEEL is in good demand and rising. And the mills are
now ricking their buyers. The demand from farm implement manufacturers is steadily rising. On bars, plates and
shapes 2.25c. at Pittsburgh is the minimum. Smaller companies will not accept that price. They easily get higher
quotations, especially when the buyer is in a hurry. The
big companies are well sold up for four months ahead. In
Chicago one concern quotes bars at 2.30c., shapes at 2.40c.
and plates at 2.50c. for the second quarter. What is more,
in two or three days it found itself oversold. That is eloquent testimony to the urgent demand at this time. Building is going on at a remarkable rate. Higher prices seem to
impose no check upon it. The sales of fabricated steel are
the highest for nearly a year past. Large sales of concrete
bars are being made. New business in tubular goods is not
wanted. A rise of $3 a ton has taken place in track, spikes
and bolts. Quotations are firmer for structural and boiler
rivets. Shafting is up $3 a ton among leading manufacturers. Prompt blue annealed sheets are $2 to $5 above the
Pittsburgh quotation of 2.65c. A premium of $3 to $5 is
demanded and obtained on prompt black and galvanized
sheets. Eastern steel companies have bought 100,000 tons
of foreign ore. The question is whether Lake producers will
get that 50c. rise that has been predicted. British export
prices have jumped very noticeably, owing to the widespread
stoppage of production on the Continent. The steel output
will reach the maximum next month. The production may
exceed a rate of 45,000,000 tons per year. It is expected to
decrease as labor shortage becomes more acute.
PIG IRON has been firm with a steadily rising demand.
Eastern Pennsylvania iron is expected to advance this week
$1 from the recent basis of $28. Trade is very active here
in the East. Foreign iron is advancing steadily and there is
some business being done, up'cially in New England. It
is not the menace, however, to the American product that it
was at one time, and sales are not large. There is a sharp demand for basic, malleable and foundry grades. Sales in the
East of steel-making iron are said to have reached 45,000 tons
of basic and 5,000 tons of low phosphorous, the latter to be
imported from England. Foundry iron has also been active
in the East and at Chicago. Buying of basic iron in Cleveland has been brisk. There has been a rise of $1 50 in charcoal iron, 50c. to $1 in basic in the Middle West, and $1 on
foundry and malleable at Pittsburgh.
WOOL has been rather quiet here, and recent declines in
London and Australia have, of course, had a certain effect
on sentiment, even if holders as a rule are described as
firm. Trade here, however, has been slow for many weeks,
much to the disappointement of holders, especially of late.
In Boston, too, trade recently has been less active, though
prices have been reported firm. The West has also seemed
less active. In any case, American markets have recently
shown less life and snap. Most of the business has been in
foreign wool. London cabled that the British Australian
Wool Realization Association returns of wool in warehouses
and afloat on Jan. 31 show 817,332 bales, divided into
495,457 bales of Australia and 321,875 bales of New Zealand.
The quantity of merino in the above is 51,571 bales. The
Realization Association owns one-half of the Australian total,
all of the remainder belonging to the GovernmentillAt
Napier, N. Z., 27,500 bales were offered and 16,500 sold on
the 19th inst. Average selection of crossbreds. Closing
tone fairly firm. Demand fair. Prices of cross breds were
as follows: 50-58s, 16d. to 233,d.; 48-50s, 13d. to 143d.;
46-48s, 12d. to 15d.; 44-46s, l(id. to 14d.; 40-44s, 8d.
to 12d., and 36-40s, 734@95'd. Boston on the 19th inst.
had advices from the auction in Sydney, Australia, that
1111
THE CHRONICLE
FEB. 24 1923.]
the market opened there very firm compared with the
closing rates of last week, when 70s-80s combing wools cost
about $1 40 clean basis landed Boston in bond,and 70s combing about $1 30. Melbourne has reported weaker prices,
supposedly in some cases on inferior wools. Arizona reported
that the Colin Campbell clip in Phoenix, choice and light
shrinking wool, has been sold to a Boston house at 50o. in
the grease, although some advices place the minimum
price at 48c.
COTTON
Friday Night, Feb. 23 1923.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
83,536 bales, against 83,079 bales last week and 87,381 bales
the previous week, making the total receipts since the 1st of
August 1922 4,764,744 bales, against 4,113,116 bales kir the
same period of 1921-22, showing an increase since Aug. 1
1922 of 651,628 bales.
841
On Shipboard, Not Cl%ared for—
Leaving
Other coastGerGreat
Stock.
Feb. 23 at— Britain. France. many. Cont'nt. wise. Total.
3,300 8,500 42,528 7.5001 75.871 206,762
14,043
Galveston
269 22,116 142,232
535 11,693
8,188 1.431
New Orleans
49,639
92
1 000
2: 5 7.150
150
5,000
Savannah
39,660
1.925
Charleston_ __ _
3.625
375
Mobile
96,806
750
625
5°
Norfolk
8.000 117.688
500
500 2,000 2.500
2.500
Other ports*
658.412
Total 1923-- 30,106 5,231 11,185 56,721 13.194 116.437 1,020.417
92,881
Total 1922-- 24.739 17,594 19.001 28.422 3,125 123.802 1.324.888
1921-- 36,313 12,158 36.169 33,898 5.264
Total
Speculation in cotton for future delivery which lagged for
a time, has latterly been more active at higher prices. In
fact, new "highs" have been reached. March and May have
-cent barrier. The strength of spot cotton and
cleared the 29
of March at the South and here has been the outstanding
factor. March has shot ahead until it is well above March
in New Orleans and has cut down the discount under May
some 20 points. Recently it was 32. At the close on Wednesday it was only 11. To-day was the first notice clay. But
March is controlled by big interests here. Not many notices
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts at—
were expected. The cotton here is too good and too cheap
Galveston
4.496 3,253 5,322 4,875 4.319 2,763 25,028 for that. There has been considerable buying of March here
8.180
------- ---- 1.464
Houston
6.718
shorts, and at the same time
6,519 4,163 4,689 4.209 6,163 3,704 9.447 by trade interests and to cover
New Orleans
98 1.164 quite a little selling of May and July. Next crop months
428
331
25
103
Mobile
179
---- 1,675 9.649
Savannah
677 3.023 1,233 3,041
the South
333 1.298 have hung back of late owing to better weather at
--135
303
225
Charleston
302
241 1.963 and the general belief that the acreage will be increased.
844
20
758
45
55
Wilmington
647 2,188
---383
199
429
Norfolk
530
Wall Street and other interests have been selling October
236
New York
---- 3.987 and December. But taking the market as a whole, it has
94
355 1.045 1.058
Boston
1.435
301
301
---firm spot markets,
Baltimore
95 been distinctly strong on trade buying,
--Philadelphia
and, it may be added, somewhat better foreign political
0789 52 528
IA IQ, IQ AAR IQ Kid 15 818 11 AAA
Tntralathlourcuale
news. For instance, on Tuesday there was a report that the
The following table shows the week's total receipts, the French delegates at the Lausanne Conference had expressed
would,
total since Aug. 1 1922 and stocks to-night, compared with the belief that Turkey would sign the treaty. That
of course, remove a troublesome question. And on Wednesthe last year:
day there were intimations that the Ruhr trouble was not
Stock.
1921-22.
1922-23.
going to last quite so long as people have feared it might.
Receipts to
Paris has an idea that Germany is not averse to negotiations
This Since Aug This SinceAug
Feb. 23.
1922.
1923.
over the Ruhr trouble. It is hoped that in the end France
Week. 11922. Week. 1 1921.
will agree to mediation by England and the United States
25.028 2,118,950 30.073 1,880.125 282.633 314,060
Galveston
11.994 looking to a settlement of the vexed question of reparations.
7,669
18.980
252
68.561
Texas City
8.180 631,686 13.337 304.954
Houston
Meanwhile sterling exchange has been steadily rising. It
10.305
---2,000
____
Port Arthur, &c__
29,447 1,054,416 15.038 792,400 164,348 284,222 has reached the highest point since March 1919. On WedNew Orleans
8,123
cents under the par. In spite of
Gulfport
11,789 nesday it was only about 15
4,350
98,065
74.510 1,849
1,164
Mobile
this advance in sterling, Liverpool has shown considerable
500
7,873
Pensacola
1,795 strength. Its spot sales on the 20th inst. were up to 8,000
7,137
2.032
8.952 .-_
Jacksonville
56.789 152.224
9,649 308.916 7.006 489,017
Savannah
782 bales after being for some days only 6,000. There were re172
16,226
50
27.548
Brunswick
81,801 ports that Russia had bought 11,200 bales of American cot41.585
57.512
83.937 1,987
1.298
Charleston
Georgetown
31,508 ton, much of it in Bremen. It is said that a Russian com20,854
75,108
935
77,301
1,963
Wilmington
97,458 133,398 mission is to go to Bremen with the idea of further business
2,188 239,544 3,118 253,404
Norfolk
583
N'port News. Am_
to
72,972 in American cotton. Milan is urging American merchants
68,939
9.942
170
5.035
236
New 'York
7.208 consign cotton to that market. Japanese interests have been
12,604
23,441
37,088 1.328
3,987
Boston
1.686
2.570
827
45,160
301
13,772
Baltimore
in the Southwest. Supplies in
7.859 reported to be good buyers
5,743
27,299
301
4.675
95
Philadelphia
China and East India are said to be none too liberaL Egypt
83,536 4.784.744 76.269 4.113.116 772.849 1.113.298 complains of a low Nile. In that comparatively rainless
Totals
In order that comparison may be made with other years, country, of course, the overflow of the Nile is a very important factor. A low stage of the Nile is dreaded. And meanwe give below the totals at leading ports for six seasons:
while Southern shippers are in some cases said to be in un1918.
1919.
1922.
1920.
1923.
1921.
Receipts at—
pleasant predicament. It appears that shipments due to the
of the ship23.008 mills in January, were deferred at the request
28.688
39,585
38,594
30,073
25,028
Galveston._ ....
2,612 pers until February and March. And now it appears, judg3,360
252
397
11.944
8.180
Houston. &c_
34.685
34,785
27,999
29 447
Orleans_
15,038
26,800
New
are scouring the
2,228 ing from various reports, that the shippers
3,462
3.333
1,849
788
Mobile
1,164
16,444 South for cotton to fill these engagements with the mills and
12,888
17.614
Savannah ..._ _
7.006
9,649
8,576
1,000
360
2.000
50
500
Brunswick
that if they can870 with very meagre success. It is inferred
2.952
68.211
1.208
1,026
Charleston.,_
1.987
2 300 not get the actual cotton at the South they will buy futures
1,337
561
1,089
935
Wilmington
1.963
10.719 at New York. That might whip up the price more than ever.
4,757
3.306
4.461
2.188
Norfolk
3,116
261
47
N'port N.,&c.
3.049 The last crop was a high grade one. Low grades have been
912
2.300
2.345
All others_
15,963
4.619
some litlte time. One indication of this has been
97,216 scarce for
92,531
84,623 176.942
Total this wk_
76,269
83 538
the steady reduction in the discounts on such cotton for
Since Aug. L_ 4.784 744 4.113.1111 4 UR 2no &34.207 3.737.080 4.811 584 weeks past. Georgia in some cases has reported sales of
held
7
The exports for the week ending this evening reach a total middling at 3016 cents. Other reports say that cotton marthe
of 71,036 bales, of which 16,822 were to Great Britain, for some time at 30 cents has been withdrawn from
5,976 to France and 48,238 to other destinations. Below ket. The basis has been steadily rising.
From all over the belt have come reports that the demand
are the exports for the week and since Aug. 11922.
was good and offerings small. Houston and Dallas reports
From Aug. 11922. to Ftb. 23 1923.
have been of very strong markets and a sharp demand. New
Week ending Feb. 23 1923.
Exported to-Exported to—
Orleans dispatches have concurred. On Wednesday spot
Exports
Great
cotton here advanced 45 points. On Tuesday and WednesGreat
from—
Total.
Britain. France. Other.' Total. Britain. France. Other.
day new high record prices for this season were made in fuGalveston__ 6,833 5,851 19,9291 32,413 392,053 265,727 858,194 1,513,974 tures under the spur of heavy buying by the trade and con8,180 8,180 225,917 129,787 273.870 629,374 siderable buying by Liverpool, Wall Street, uptown and inHouston
3,785
3,765
Texas City_
17,5331 21,606 182,935 53,341 356,109 572,424 ferentially the West. Wall Street shorts have within a week
4,07
New Orlea
4,845 25,506 53,098 or ten days covered a very large amount of cotton. Accord832 22,947
832
Mobile _ _ _.
850
575
75
Jacksonville
7,873 ing to some estimates, America will consume 7,000,000 bales
710
7,11
Pensacola
796 118,49
4,269 59,1381 179,906 this season against, roughly, 6,500,000 last year and 5,400,000
796
Savannah
6,650 27,907
2,289 21,257
Brunswick._ 2,289
will be
1,094 12,299 90,635 the year before. Stocks are too scanty. And there
27,2421
Charleston.
81,400 no heavy supplies of new cotton before October. Meanwhile
49,8
11,600
Wilmington.
700 3,400 82,45;1
623 20,191 103,269 there is a
2,760
Norfolk....._
widespread fear of the boll weevil. A convention
12
220 49,13
9
31,620 120,414 201,171
New York__
4,084 has been in session this week at Atlanta,, Ga., to consider
1,826
2,258
Boston
646 measures looking to the
167
47
Baltimore
control of the pest. The New York
291
291
Philadelphia
200 10,636
2,912 15,525 Cotton Exchange sent a delegation headed by its President.
1,977
2
Los Angeles
II
67,037 George M. Shutt. The
1,100 1,1
67.037
San Fran
members of the Exchange here have
8,252
8,252
Seattle
contributed approximately $75,000 in sums of $10 to $5,000
Total.___ 16,8221 5,9781 48,238 71.0361,132,652 493,082 1,865,5473.491,281 towards a fund to fight the weevil. Funds are raised under
the auspices of the American Cotton Association. If the
53.089 998.17
Total'21-'22 13 6481 1.6231 37,818 34.7431.157.37: 481,1932,227,17 3,680.547
403,183 1.700.483 3,301,024 acreage is large, as very many believe it will be, the question
Total'20-'21 3.8381 4,9761 25.929
cultivated. There are doubts
is whether it can be
In addition to above exports, our telegrams to-night also on that point. For effectively
there are persistent reports that negroes
give us the following amounts of cotton on shipboard, not are
still leaving parts of the Atlantic States. The negro
cleared, at the ports named.
842
THE CHRONICLE
For... 116.
exodus may have been exaggerated. It would not be at all
THE VISIBLE SUPPLY OF COTTON to-night, as made
surprising. But reports are persistent that negroes are leav- up by cable and telegraph, is as follows. Foreign stocks, as
industrial centres of the North and the West. well as the afloat, are this week's returns, and consequently
ing for big
There is some truth in them. Recent reports from the iron all foreign figures are brought down to Thursday evening.
and steel trade of Pittsburgh certainly spoke of the importa- But to make the total the complete figures for to-night
tions of negroes from the South as an actual fact at that cen- Friday), we add the item of exports from the United States,
tre. Another indisputable fact is that the big manufactur- including in it the exports of Friday only.
ing towns of the North and the West can afford to pay much
Feb. 231921.
1923.
1920.
1922.
higher wages than the South.
Stock at Liverpool
bales_ 795,000 1,024.000 1,035,000 1,110.000
Stock at London
4,000
1.000
3,000
10.000
On the other hand, conservative interests here naturally Stock at Manchester
78,000
72,000 103,000 154.000
deprecate a runaway market. The later reaction might be
Total
877,000 1,097.000 1.141,000 1,275,000
quite the reverse of satisfactory to the trade at large. There Stock Great Britain
at Hamburg
2,000
37.000
are those who think that present prices discount anything Stock at Bremen
57,000 314.000 165.000
Stock at Havre
really bullish in the situation. They believe that before long
169,000 163,000 196,000 300.000
Stock at Rotterdam.
11,000
6,000
13,000
the next crop will be a big factor in the making of prices. As Stock at Barcelona &c
114,000 140.000 100.000
81,000
to the action of the next crop months, it is of interest to re- Stock at Genoa
34,000
37.000
47,000 215,000
Stock at Antwerp
2.000
call that on Wednesday, when the old crop advanced 25 to 50 Stock at Ghent
3,000
21.000
21,000
points, the next crop advanced only 10 to 12 points, and alTotal Continental stocks
392,000 718.000 542,000 596,000
though the old crop closed substantially higher for the day
even after some reaction, the next crop ended slightly lower.
Total European stocks
1.269,000 1.815.000 1,683,000 1,870,000
.000
73,000
66.000
That looked rather suggestive. The belief is widespread and India cotton afloat for Europe..
57.000
American cotton afloat for Europe 276.000 232.000 301.114 587.033
deep-seated that the acreage is going to be very large, that Egypt Brazil.&c.,afloat for Eur'e 104.000 95,000 66,000 58.000
Stock in Alexandria, Egypt
292.000 313,000 238.000 166,000
new lands are going to be broken up west of the Mississippi Stock
in
742,000 1,128,000 980,000 950.000
River, especially in western Texas, and that west of the Stock in Bombay,India
U. S. ports
772,849 1,113,298 1,448,690 1.444,051
Stock in U. S. interior towns
943.669 1,391.466 1.737.449 1.276,887
river they have learned to fight the weevil far better than
U. S. exports to-day
15.631
5,650
9,455
the farmers of the Eastern belt have yet learned to combat
Total visible supply
it. It is believed that after all the crop is largely a matter
4.592,518 6.176.395 6,525,903 6,418,426
Of the above, totals of A.nerican and other descriptions are as follows:
of weather. The last one was cut down by prolonged hot
American
dry weather west of the river and protracted rains in the Liverpool stock
bales_ 452,000 594,000 648,000 883,000
Eastern belt. These conditions may not recur this season. Manchester stock
49,000
51,000
89,000 127.600
350,000 609.000 477,000 513,000
It would be rather strange if they should. In other words, Continental stock
American afloat for Europe
276 000 232.000 301,114 587.033
there are those who believe that there is a possibility of a H. S. port stocks
772,849 1.113.298 1.448,690 1.444,051
U. S. interior
943,669 1,391.466 1.737.449 1,276,887
noteworthy increase in the crop this year, and of lower prices U. S. exports stocks__
to-day
15,631
5.650
9.455
later on. New Orleans and the South have been selling here.
Total American
2843.518 4.006.395 4,706,903 4,840.426
Also, at times, it appears, Japanese interests. And whatever
East Indian, Brazil, dc.
may be said, the political situation on the Continent of
Liverpool stock
343.000 430,000 387,000 227.000
Europe is still disturbing. Finally, a point is bound to be London stock
4,000
1,000
3.000
10,000
reached when the consumer may put a veto on the rise. He Manchester stock
29,000
21.000
14,000
27,000
Continental stock
42,000 109,000
65.000
83,000
knows how to. The experience of 1920 and the first half of India afloat for Europe
193,000
73.000
66.000
57,000
Egypt, Brazil, &c., afloat
1921 proved that. The "buyers' strike" told.
104.000
95,000
66,000
58,000
Stock in Alexandria, Egypt
292,000 313.000 238,000 166.000
To-day prices advanced into new high ground. The old Stock in Bombay,India
742,000 1,128,000 980,000 950,000
crop rose 43 to 54 points, the latter on March, which led the
Total East India, Arc
1.749,000 2,170.000 1.819.000 1,578.000
way upward. March notices amounted to 20,000 bales. But
Total American
2.843.518 4,006.395 4,706,903 4,840,426
on the whole they were promptly stopped. March ended 5
Total visible supply
4 592.518 6,176.395 6.525,093 6,418,426
points over May as against a discount under May recently of Middling uplands,
16.34d. 10.25d.
6.78d. 30.02d.
30 to 32 points. March ended nearly 30 points over New Or- Middling uplands,Liverpool
New York
29.80c.
18.50c.
12.20c. 39.650.
leans March. But the next crop advanced at the most only Egypt. good sakel, Liverpool- _ -- 18.90)1. 20.75d. 15.00d. 93.50d.
Peruvian, rough good, Liverpool_ 18.75d.
13.00d. 14.50d. 49.00d.
6 to 15 points, as the weather was good and the talk is per- Broach fine. Liverpool
13.60d.
9.45d.
7.15d. 24.60d.
sistent of a big acreage. Wall Street also sold these months. Tinnevelly, good, Liverpool
14.75d.
10.45d.
7.658. 24.858
Next crop deliveries ended 10 to 27 points lower. Even the
Continental imports for past week have been 104,000 bales.
old crop gave way at one time under the impact of large
The above figures for 1923 show a decrease from last week
profit taking. But it ended some 15 to 38 points higher for of 133,098 bales, a loss of 1
583,877 bales from 1922,a decline
the day, the latter on March. Spot houses also bought. of 1,933,383 bales from
1921 and a decrease of 1,825,908
Mills, Liverpool and Wall Street were buyers. The West bales from 1920.
sold May freely. Statistics grow steadily stronger. Prices
AT THE INTERIOR TOWNS the movement
came within 10 points of the predicted 30 cents. Last prices
-that is,
show a rise for the week of 70 to 124 points on the old crop the receipts for the week and since Aug. 1, the shipments for
but only 20 to 22 points on the next crop. Spot cotton ended the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
at 29.80c. for middling, a rise for the week of 125 points.
The following averages of the differences between grades, detail below:
as figured from the Feb. 21 quotations of the ten markets
Movement to Feb. 23 1923.
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
Towns.
Receipts.
Ship- I Stocks
menu. Feb.
market on Mr. 1.
Week. I Season. Week. 23.
Middling lair
.91 on
Strict lord middling
6 on
Good middling
47 on
Strict middling
26 on
Strict low middling
27 off
Low middling
66 off
*Strict good ordinary
1.1; off
*Good ordinary
1 Rolf
*Strict good mid."yellow" tinged .40 on
Good middling "yellow" tinged-eve, off
Strict middling "yellow" tinged_ .38 °if
*Middling "yellow" tinged
.95 oft
*Strict low mid."yellow" tinged_1.40 off
*Low middling "yellow" tinged 1.9 off
Good middling "yellow" stained. .66 off
*Strict mid."yellow" stained. .1.26 off
*Middling "yellow" stained
1 740ff
*Good middling "blue" atalned_ .95 off
*Strict middling "blue" stained...1.35 off
*Middling "blue" stained
1.75 off
• These ten grades are not deliverable
upon future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Fre. 17 to Feb. 23Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
28.50 28.65 29.00 29.45 Hol. 29.83
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 23for each of the past 32 years have been as follows:
Mir
29.80c. 1915
8.35c. 1907
11.00c. 1899
6.56c.
1922
1921
1920
1919
1918
1917
1916
18.55c.
13.20c.
89.35c.
25.90c.
31.950.
16.30c.
12.20c.
1914
1913
1912
1911
1910
1909
1908
13.00c. 1906
12.50c. 1905
10.45c. 1904
14.10c. 1903
14.10c. 1902
9.650. 1901
11.50c. 1900
10.80c. 1898
7.90c. 1897
14.80c. 1896
10.05c. 1895
8.81c. 1894
9.38c. 1893
9.050. 1892
6.25c.
7.12c.
7.88c.
5.62c.
7.750.
9.250.
7.12c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot
Market
Closed.
Futures
Market
Closed.
Saturday- -- Quiet, 5 pin. dec_- Steady
Monday __ - Quiet, 15 pts. dec-- Steady
Tuesday --- Steady, 35 pts. adv_ Firm
Wednesday_ Steady, 45 pts. adv_ Firm
HOLI DAY
Thursday _ _
Steady 35 pin. adv_ Steady
Friday
Total
-
SALES,
Spot. Contr'S. Total.
Movement to Feb. 24 1022.
Receiptit.
Week.; Season.
Ship- Stocks
meats. Feb.
Wee*. 24.
Ala.,BIrminfe
881
37.101
6,010
58
538 25.299
751 11,146
Eufaula
_
8,337
4,500
1
25
5.423
150 3,525
Montgomery
230 54,165
.514 15,408
112 43,858
782 28,497
Selma
681 52.468
225j 4,840
153 37,530
369 13,207
Ark., Helena
300, 33,908
8
13,295
12 30,118
311 14,382
Little Rock
6441 164,28: 2,314 43,785 3,000 151,820 3,18, 64,130
Pine Bluff
537 118,386 3,883 48,954
735 108,087
585 59,701
Ga., Albany_ _ _
1
6,236
____ 2,552
27,
5,901
220 3,789
Athens
448
37,734 1,213 23.843
502 80,997
258 44,280
Atlanta
2.510 239,64
3.812 73.210 3,193 182,184 4.842 48,340
Augusta
6.473 231,229 3,099 58,284 5,954 261,104 7.838125,792
Columbus_ - 1,38
108,128 1,257 0.890
976 43,347 1,760 21,835
Macon
261
38,83
768 13,880
558
28,585
382 14,310
Rome
358 38,752
435, 5,928
244 28,003
38 11,103
La., Shreveport 1.410
71,711
100 10,200
400 54,813 I,. I o 42,400
Miss.,Columb
24 23,192
3341 3,374
212 17,83
75: 5,062
Clarksdale281 124,838 1,899 45,897
100 128,877 2,192 81,249
Greenwood
192 105,584 1,430 41,459
253 88,799 1,541 42,437
Meridian_
.
91
31,848
218 8,547
329 29,321
499 18,929
Natchez
7
31.211
650 8,436
143 28,894
675 11,374
Vicksburg_
13 22,309
281 7,058
88 25,082
481 11,520
Yazoo City
31
28,063
738 17,142
4
29.797
559
hfo., St. Louis_ 8.279 561,559 8,577 17,894 10,101 633,004 9,881 15,491
N.C.,Gensboro 2,211
84,89. 3,273 29,713 1,316 41,324 1.184 29,211
22,916
Raleigh
258
9,991
200
209
86
7,493
1o 1
297
Okla., Altus
436 80,596 2,879 10,087
987 76,203 1,393 15,130
chiokasna
114 80,92
632 5,230
45
63,926
588 8,790
Oklahoma_ _ _
1:
, 77,43
1,106 10.207
661
56,053 1.16' 19,980
B.C..Greenvill
5,98: 125,94
4,691: 48,917 1,859 116,926 1,867 35,954
Greenwood- __
7,892
_ _ _1 10,218
112
337 8,417
Tenn.,Mempli 20,44. 936,48 24,590121,799 11,820 11,858
897,323 18,171215,017
Nashville_ _ _ _
____
28
_1
126
____
782
30
__ Texas. Abilene_
11
44,88
15: 1,186
93
843
77,408
79
Brenham.... -___
18,986
I 4,137
303 4,325
238 11,31
Austin
101
35,333
212
820
341
___
25,759
__
Dallas
4
56,461 2.6811 9,493 2,993 152,891 293' 47,812
Honey Grove
_
,
110
__
10,
Houston _ _ _ 15:14 2,549,80 313:01i8 203,376 36,..3492,003,351 44,493276,171
.
Parts
32 71,279
4411 2,779
7301 47,641 1,35' 9,070
Ban Antonio_
11 1
57,58
200, 1,300 3,2771 41,331 1,031 2.693
Fort Worth
48
59,90
795 6,216
36 12,055
5531 54,412
Total. 41 towns 70,1486.443.887 111 6131143 filin Its orta6 647.696 116.1451391466
The above total shows that the interior stocks have decreased during the week 73,896 bales and are to-night 447,797
.
bales less than at the same time last year. The receipts at
all towns have been 17,922 bales less than the same week
last year.
843
THE CHRONICLE
FEB.24 1923.]
-Reports to
WEATHER REPORTS BY TELEGRAPH.
-The highest, lowest and closing prices at
FUTURES.
us by telegraph from the South this evening indicate that
New York for the past week have been as follows:
rainfall has been scattered and as a rule precipitation has
been light. Our Mobile correspondent adds that the indiSaturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Peb. 17. Feb. 19. Feb.20. Feb.21. Feb. 22. Feb. 23. Week.
cations are of a much larger cotton acreage than last year,
judging by the large purchases of mules and fertilizer. Farm
'ebruarywork is getting under way.
Range
- 28.30 -28.43 -28.80
Closing
arch
28.40-.60 28.28-.55 28.50-.94 28.97,38
Range
28.40 -28.53-.55 28.90-.94 29.32-.38
Closing
tpril-Range
28.58 -28.67 -29.03 -29.38 Closing
Wan-28.72-.97 28.60,87 28.78-.23 29.19-48
Range
28.78,80 28.81-83 29.17-.19 29.43-47
Closing
rune
28.50
Range
Closing ____ 28.55 -28.55 -28.91 -29.11 luta-28.26-48 28.09-.35 28.29-.69 28.62-.87
Range
28.30-.31 28.29,32 28.64-.67 28.79-.85 HOLTClosing
DAY
it4213128.16 Range
27.59 -27.68 -27.97 -28.25 Closing
teptember26.55 -26.62-.82
Range
26.51 -26.52 -26.75 -26.57 Closing
>etcher
25.87-114 25.71-.95 25.84-125 26.00-.27
Range
Closing --- _ 25.91-.95 25.92-.94 26.15-.18 26.10 klooemberRange
Closing
25.80 -25.77 -28.00 -25.95 December
25.55-.82 25.42-62 25.58-.95 25.73-.95
Range
25.70 -25.62 -25.85 -25.80 Closing
tanuaryRange
25.53 -25.27-.48 25.46 -25.66-.54
Rain. Rainfall.
2 days 0.02 in.
1 day 0.50 In.
3 days 1.92 in.
2 days 1.16 in.
dry
3 days 0.37 in.
dry
2 days 1.44 in.
2 days 0.46 in.
2 days 0.55 In.
dry
dry
dry
dry
dry
Galveston, Texas
Abilene
Brownsville
Corpus Christi
- Dallas
29.68 --Delrio
29.61-.90 28.60490 Palestine
29.65-.70- - San Antonio
Taylor
29.60-.65 28.50465 Shreveport
29.29 -- - Mobile,Ala
Selma
28.83,22 28.09422 Savannah,Ga
28.93-.98--- Charleston. S.C
Charlotte, N. C
28.32 -28.16-.32
The following
- 28.45 -
29.52-.86 28.28486
29.70 - --
26 35-.57 26.55-.82
26.30 - --
Therratnneler--high 66 low 44 mean 65
high 68 low 36 mean 52
high 74 low 44 mean 59
high 68 low 42 mean 55
high 70 low 28 mean 49
high __ low 42 mean -high 70 low 32 mean 51
high 72 low 38 mean 55
high __ low 34 mean -high 68 low 29 mean 49
high 68 low 28 mean 46
high 60 low 17 mean 36
high 66 low 27 mean 44
high 62 low 28 mean 45
high 56 low-18 mean 35
statement we have also received by telegraph, showing the height of rivers at the pointsnamed
at 8 a. m. of the dates given:
Feb. 23 AM. Feb. 24 1922.
25.97-125 25.71427
26.00-.02- 25.80 -25.80 - 24.80 -
Feet.
7.3 19.2
31.6
7.5
17.6
Feet.
14 1
30 9
12.2
14.7
44.5
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
25.59-67 25.27-.67 the plantations. The figures do not include overland re25.38 - -ones -95 Al -95 RA -2552 flinnino
ceipts nor Southern consumption; they are simply a state126.00c. f 29.00e. I 26.00e.
ment of the weekly movement from the plantations of that
OVERLAND MOVEMENT FOR THE WEEK AND part of the crop which finally reaches the market through the
-We give below a statement showing the outports.
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
otsfrowsPtantattows
Stocks at Interior Tom.
Receipts at Ports.
Week
up from telegraphic reports Friday night. The results for sad
921- 1920-21
1922- 1921-221920-21 1922-23.11921-22. 1920-21. 922the week and since Aug. 1 in the last two years are as follows.
25.60-.86 25.42-.95
25.60-62- -
-1922-23Since
Week. Aug. 1.
8,577 564.446
1,440 201,468
7.073
48.721
815
4.038 113,479
12,463 289,285
--1921-22Since
Week. Aug. 1.
9.881 612.547
6,580 273,743
7,665
64
53,805
1,583
5.176 162,724
11.436 280,391
27,333 1,224,472
Total gross overland
Deduct Shipments
60,450
Overland to N, V., Boston, &c.... 4,619
17.435
631
Between interior towns
15.821 346.352
Inland. he., from South
34.520 1,390,875
Feb. 23Shipped
Via St. LouIs
Via Mounds, &e
Via Rock Island
Via Louisville
Via Virginia points
Via other routets, he
2,626
767
8.181
110.782
17,883
275.387
424.237
11,554
404.052
Leaving total net overland*--- 6,262 800,235
* Including movement by rail to Canada.
22.966
Dee.
.971
210.301 1,445.005 1.576,304 1.586.723 146.6 145,579
8.. 168.801 116.
43,064
130.6
It._ 138.941 113,815 189,042 1,426.330 1.593.187 1.640,14 120.
4,893
178,079 1.384,130 1,608.383 1,686.96: 94,66 156,7.
22.... 136.888141,
135,312 136,472
29._ 113.03 122,036 143,230 1,391.872 1,622.819 1,734.70 120,,
Jan.
94.391 76.581 127,152 1.356.894 1.614.0071,743.741 58.41 67.769136.180
12_ 121.952 93,515 124.468 1,302.280 1.595.586 1,743.90 68.341 75,096 124,632
19_ 02.231103.607 125.041 ,281.828 1,555,078 1,757,090 57.781 63.09 139,131
11 54
PI_ 101A79 92,471141,858 1.224 019 1.516,756 1.753.91 59.7.149 137.773
Feb.
138,8201 66,553149,431 ,150.906 1.488.284 1.738.118 65,66 38.081152,645
.9 87.381 81,990 118,122 1,089,7581,450,7781,728,475 26,231 44,484108.479
78,040
16. 43.0791 82.273 83.292 1,01 •,5651,418,6431.723,223 10.888 60,12S 98,849
49,092
23__ 83.536 76,269 84,623 943,6691.301.4861,737.499 9.
986,823
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 5,269,633 bales;
in 1922 were 4,395,324 bales, and in 1921 were 5 263,713
The foregoing shows the week's net overland movement bales. (2) That although the receipts at the outports the
has been 6,262 bales, against 22,966 bales for the week last past week were 76 269 bales, the actual movement from
year, and that for the season to date the aggregate net over- plantations was 9 640 bales, stocks at interior towns hayland exhibits a decrease from a year ago of 186,588 bales. mg decre sed 73 896 bales during the week. Last year re1921-22
-1922-23
ceipts from the plantatitons were 49,092 bales and for 1921
Since
Since
In Styht.Sand Spinners
Aug. 1.
Week.
Aug. 1.
they were 98,849 bales.
Week.
Takings.
76,269 4,113,116
83,536 4,764.744
Receipts at. ports to Feb. 23
986,823
22,966
WORLD'S SUPPLY AND TAKINGS OF COTTON.
800,235
6,262
Net overland to Feb. 23
21.071
Total to be deducted
Southern consumption to Feb. 230 75,000 2,463,000
62,000 2.141,000
164,798 8,027,979
427,678
*73.896
161,235 7,240,939
274.218
27.177
Came into sight during week..__ 90,902
8,455.657
Total in night Feb. 23
134,058
---- 7.515.157
Total marketed
Interior stocks in excess
North. spinn's' takings to Feb. 23_ 53,964
1.716,977
38.016
1,621,516
* Decrease during week. a These figures are consumption; takings not
available.
Movement into sight in previous years:
Bales.
7,733,217
8,975,003
7,924,115
Since Aug. 1Bales.
174,772 1920-21
300,299 1919-20
206.018 1918-19
Week1921-Feb. 26
-Feb. 27
1920
-Feb. 28
1919
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week ending
Feb. 24.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
-Little RockDallas
Fort Worth_
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
28.75
28.63
28.25
28.81
28.75
28.88
28.75
28.60
_ 28.50
27.95
28.85
28.63
28.25
28.90
28.81
29.00
28.94
28.75
28.70
28.50
27.95
27.90
29.20
29.00
28.63
29.25
29.19
29.00
28.94
29.00
29.15
28.88
28.35
28.30
29.60
29.37
29.00
.29.50
29.50
129.25
29.44
129.25
129.50
129.12
128.70
28.75
29.85
29.75
29.'5
29.50
29.63
29.65
HOLI- 29.69
DAY. 29.5)
29.75
29.50
28.90
28.75
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Tuesday, Wednesday, Thursday,
Feb. 22.
Feb. 21.
Feb. 20.
Salta day. 1 Monday.
Feb. 19.
Feb. 17.
29.00 -29.21Feoruary .. 28.70 -28.60
March__ __ 28.50-28.52 28.49-28.50 28.80-28.82 29.01-29.03
28.45-28.48 28.46-28.48 28.77-28.80 28.96-28.99
May
28.10-28.11 28.10-28.13 28.42-28.44 28.56-28.60
July
25.72-25.74 25.64-25.70 HOLI2.5.52-25.54 25.48
October
DAY
Decemocr. 25.27 bid 25.23 -125.53 -25.42 bid
bid 25.03 bid 25.33 bld 25.22 bid
25.08
January
Tone
Firm
Steady
Quiet I Quiet
Spot
Steady
Steady I Steady
Steady
OntInn.4
Friday,
Feb. 23.
29 42-29 45
29.27-29.32
28.77-28.71
25.62-25.63
25.68 bld
25.15 bid
Steady
Steady
1921-22.
1922-23.
Cotton Takings.
Week and Season.
4,725,616
Visible supply Feb. 16
Visible supply Aug. 1
90.902
American in sight to Feb. 23....
Bombay receipts to Feb. 22-.-- 173,000
18.000
Other India shIp'ts to Feb. 22_ _
32,000
Alexandria receipts to Feb. 21.
15.000
Othersupply to Feb. 21 _*b_ _ _
Season.
Week.
Week. I Season.
6,250,204
3.760,450
8,455.657
1.851.000
196,550
1,120.800
183,000
6.111.250
134,058 7,515.157
62.000 1.941.000
103,000
1.000
544,950
13.000
207,000
15,000
5,054,518 15,567,457 6.475.262 16,422.357
Total supply
Deduct
Visible supply Feb. 23
4,592,518 4,592.518 6,176.395 6,176,395
462,000 10,974.939 298,867 10.245,962
Total takings to Feb. 230
249,000 7,576,389 199,867 7.582,992
Of which American
.19.000 2.662.970
213.000 3,398.550
Of which other_
* Embraces receipts in Eurooe from Brazil, Smyrna, West Indies, he.
since Aug. 1 the total estimated consumption by
a This total embraces
Southern mills, 2,463,000 bales in 1922-23 and 2.141,000 bales in 1921-22takings not being available--and the aggregate amounts taken by Northern
and foreign spinners-8,511,939 bales in 1922-23 and 8,104,962 bales in
1921-22, of which 5,113,389 bales and 5,441,992 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
Feb. 22.
Receipts at
-
Week.
Bombay
1921-21.
1920-21.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
1922-23.
Since
Aug. 1.
173,000 1,851,000 62,000 1,941.000 65,000 1,213.000
Since Auer
For the Week.
ExPortt.
Great Conti- Jana
areas
Britain, sent. China. Total. I Britain.
Bombay
1922-23__ 3,000 8.0001 75,000 86,000
1921-22_ 5,000 5,0
22 000 32,000
1920-21__ 1,000
1,000
Other India:
182)1
1922- 23. 10,000 8,
1,0C
1921-22__
1,00(
2,0C
1920-21__
2,
Contineat.
1.
Japan &
China.
1,482,000
1,265,000
760,000
76,000
17,0
16,000
196,550
103,000
169,000
43,
5,
1
Total all
1922-23._ 13,000 16.000 7.5,000104,000 119,
1921-22__ 5,0001 6,000 22,000 33.000 22,
3.000 30.
1920-21._ 1,000 2,00
Total.
528,0
340,
468.
1,031
1,006
431,
1,678,550
1,368,000
929,000
844
THE CHRONICLE
WAccording to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
111,000 bales. Exports from all India ports record a gain of
71,000 bales during the week, and since Aug. 1 show an increase of 310,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria. BOAC
February 21.
1921-22.
1920-21.
160,000
5.614.771
Receipts (cantars)This week
Since Aug. 1
1922
123.
100,000
4.213.539
105,000
3,070,859
Since
Week. Aug. 1.
Since
Week Aug. 1.
Since
Week. Aug. 1.
[Vol,. 116.
Prices of futures at Liverpool for each day are given below:
Feb. 17
to
Feb. 23.
February
March
April
May
June
July
August
September __
Octooer
November _ -.
December
January
Sat.
Mon.
Tues.
Wed.
Thurs. I
Fri.
12341 1234 1234 4:00 12341 4:00 1211 4:00 12341 4:001 1234 400
P. rn n.m. p.m. p.m. p.m. p.m.p.m. p.m.p.m.p. m. p. rn. p.m.
d.
d.
d. d. d. d.
d.
d.
d. d. d. d.
15.63 15.53 15.6015.59 15.76 15.77
15.83 15.8915.92
15.6715.4723.5415.5415.7315.74
15.82115.89 6.91
15.5015.41 15.4815.4715.66 15.67
15.74,15.82 15.85
15.44 15.36 15.43 15.42 15.81 15.81
15.68,15.7815.80
15.32 15.24315.31 15.3115.51 15.50
15.56'15.8415.89
HOLI- 5.21 15.13 15.21 15.2115.41.
15.4515.53 15.69
DAY
4.91 14.84 14.92 14.91 15.1015.10 _ _ ._ .
.
.
4.44 14.37 14.4414.44 14.60 14.61
_ _ 14.5714.63 14.63
14.0513.99 14. 614. 6 14.2214.22 _ _ _ _ 14.1514.21 14.21
3.88 13.82 13.8913.89 14.0514.05
_ _ 13.98 14.0414.03
3.72 13.67 13.73 13.74 13.89 13.90
13.82 13.88 13.86
3.62 13.57 13.63 13.64 13.79 13.30
13.7213.78 13.75
--
BREADSTUFFS
(
Rbales)rt
To Livmpool
To Manchester. &c
To Continent and India
To America
Friday Night, Feb. 23 1923.
Flour has been quiet, although the American Relief Administration has been in the market for first clears and
seems not averse to taking hard and soft winter straights if
need be. But aside from this, the market is a tedious affair.
Last week's decline in wheat had a more or less unsettling
MANCHESTER MARKET.
-Our report received by effect. Mills have been plainly disposed to sell at current
cable to-night from Manchester states that the market is prices. Competition is sharp. Buyers now and then have
both cloth and yarns is quiet. Demand for cloth is poor. been able to secure more or less flour at inviting prices.
We give prices to-day below and leave those for previous Meantime the generality are holding aloof. They are buyweeks of this and last year for comparison.
ing only as their necessities require, hoping for lower prices
later. Export trade as a rule has been small. Most foreign
1922-23.
1921-22
- - buyers object to current quotations. Some exporters,
on the
834 lbs. Shin- Corn
834 lbs. Shirt- Cora
32, Coy
taut. Common Mid
320 Cop
other hand, have been rather optimistic. They reported that
Inca Common 1115
Twat.
to FIRM.
Upl's
Twin.
to Pinta.
their dispatches were rather more favorable for business.
Dec. d.
I. d
e.
4.
e d 4.
22 2034
20% 15 7 @l6 4 14.90 18
is 21 16 3 017 3 10.87 It would seem that Europe will be obliged sooner or later
29 21
2234 16 3 @le 7 15.18 1851 (4 2034 16 3 017 3 11.3l
to increase its purchases. The point is that it is not increasJan.
5 2054
22 16 3 016 7 15.06 1834 is 2014 16 0 is 170 1.04 ing them now. The market is a listless affair, drifting with
12 2034
22 16 4 017 0 15.6 Is
20 16 0 @ 170 10.71
19 21%
2214 10 5 017 0 16.2 1734 is 1911 15 .5 @165 10 lb the current of things pending further developments. Later
26 2234
23 17
@175 16.3 17
19 15 3 @163
9 20 the dulness of trade caused more or less depression.
Feb.
Only a
2 22
23 172 O17 5 15.28 1834 is 1834 15 3 ta lb 3
9.35 small foreign trade was done. Rye flour, it is true, sold
9 22
23 170 @174 15.74 1614 is 1734 16 0 @160
947
16 2134
2 '51 17 0 o17 4 15.97 161‘ is 18 149 '416 9
0.01 more freely, but at prices said to be below the cost of pro23 22
221 170 ,
4
r 174 18.34 17
is 1814 150 ('0160 10.25 duction.
The flour trade, it is said, is not affected by the
SHIPPING NEWS.
-Shipments in detail:
congestion of grain at the eastern ports. At Minneapolis
Bales.
-Feb. 16
NEW YORK-Te. Liverpool
-Baltic. 95
95 mills are, it seems, sold ahead on low grades, but very severe
To Dunkirk-Feb.16.
-Eglantine,125
125
NEW ORLEANS
-To Liverpool
-Feb. 16-Antillian,4,073
4,013 weather has checked shipments. There is some export de--Evergreen City, 50
To Rotterdam-Feb. 16
50 mand for clears for export. At Kansas City domestic
To Oporto
-Feb. 16
-West Chetac, 1,400
trade
1,400
To Vera Cruz
-Feb. 16
-Yucatan, 1.331
1,331 was slow, but export demand was better for clears without
To Bremen-Feb. 19
-Emergency Aid, 2,8162,816
To Ghent
-Feb. 19
-Caledonia, 1,436
1,436 being active. In New York from Hamburg latterly there has
To Antwerp-Feb. 19
-Caledonia, 350
350 been a rather better demand.
To Japan-Feb.19
-Ethan Allen. 5.150
Sales are estimated at 25,000
5,150
To Genoa-Feb. 21-Cerea, 5,000
5,000 bbls. The American Relief Administration has been buying
GALVESTON-To Liverpool-Feb. 15
-West Durfee. 5,659
5,659
To Manchester
-Feb. 15
-West Durfeo, 974
974 this week, possibly 50,000 bbls. or more, principally first
To Havre
-Feb. 15
-Mount Evans, 5,851
5.851 clears,
To Antwerp-Feb. 15
-Mount Evans. 700
with, it is surmised, a few straights. Late to-day
700
-Feb.15
To Ghent
-Mount Evans. 100
100 there was a report that 46,000 sacks of flour
To Copenhagen-Feb. 15-Newa, 1,200
had cleared
1,200
To Bremen-Feb. 17-Saccarappa, 3,812_ __Feb. 21-Noccafrom New Orleans for China.
lu a, 5,890
9,702
To Rotterdam-Feb. 17-Saccarappa. 1.063
Wheat ended lower. Arthur Cutten of Chicago issued a
1.063
To Barcelona-Feb.21-West Chetae,4.561
4.561 bearish statement pointing
To Oporto
-Feb. 21-West Chetac. 2138
out that Europe is supplying her
2,148
-Feb. 21-Nocralula, 465
To Hamburg
465 needs, reduced to the minimum by disorder and financial
HOUSTON-To Bremen-Feb. 17-Saccarappa, 5.416
5.416
To Rotterdam-Feb. 17-Saccarappa, 1.300
1.300 distress, largely from Argentina, Australia and her own
-Feb.20-Jolee, 1,112
To Genoa
1,112
-Feb.20---Jolee, 352
To Naples
352 potato crop, while America continues to maintain prices,
SAVANNAH
-To Bram en-Feb. 17
-Golden Gate, 746
746 and pile up grain in the United States and
-Feb. 17
To Gothenburg
-Golden Gase, 50
Canada at a time
50
BRUNSWICK
-To Liverpool
-Feb. 19-Ergalla, 2,289
2,289 when American stocks should be rapidly decreased.
-To Manchester
MOBILE
-Feb.17-Coahuma County. 832
He
832 adds:
-To Liverpool-Feb. 19
NORFOLK
-West Cohas, 2,700
2.700
Vali, COCO
8.000 109,510 2,750 114,184 2,750 69,726
9.000 116.921
---_ 91,826
__- _ 54,971
6,000 199,285 5,400 13's.330 2,000 78,685
13,000 179.737 1.500 135,314
500 23,475
Total exports
06.000 665.43 9.650 478,654 5,250 226,857
Note.
-A canter Is 99 lbs. Egyptian bales wegh about 750 los.
This statement shows that the receipts for the week ending Feb 21 were
160,000 canters and the foreign shipments 36,000 bales.
-Brasilia, 700
To Bremen-Feb. 19
700
-To Japan-Feb. 19-1larre Mani. 500:
SAN FRANCISCO
Shinyo Maim. 500
1,000
To China-Feb. 19-Shinyo Maru, 100
100
SAN PEDRO-To Liverpool
-Feb. 12
-San Francisco, 100...
Feb. 17-HP•hLand Heather, 100
200
71.036
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, Sze., at that port:
Feb. 2.
33,000
16,000
4,000
61,000
812,000
469,000
69,000
38.000
231.000
125.000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total Imports
Of which American
Amount afloat
Of which American
Feb. 9.
27,000
12,000
3,000
56,000
813,000
459,000
66,000
23,000
242,000
120,000
Feb. 111
31,000
17,000
7,000
68,000
778,000
447,000
36,000
30,000
266,000
118.000
Feb. 23.
33,000
16.000
2,000
55,000
795,000
459,000
87,000
45,000
225,000
9J 000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
spot.
Saturday.
Market, i
12:15 i
P.M. 1
Quiet.
More
demand.
Good
Inquiry.
Friday.
Quiet to
firm.
18.03
111d.DPI.
Sales
Monday. ! Tuesday. Wednesday. Thursday.
Moderate
demand.
HOLTDAY
Future,. {
Market
opened
191
Market,I
4
wo Sr
16.00
16.16
16.13
15.34
6,000
6,000
8,000
8,000
5,000
Quiet at Quiet at Steady at Steady at Steady at
5 to 11 6 to 8 pta. 15 to 20 3 to 6 pta. 2 to 15 pta.
pta. adv. advance. pta. adv. advance. advance.
Quiet at Quiet but Steady at
1 to 5 pta. sty.8 to 8 16 to 20
decline.
pta. adv. eta. adv.
Very
steady.
Steady at
3 to 19
pta. adv.
The visible supply of wheat in the United States and Canada approximates
80,000,000 bushels, with probably 20,000,000 bushels scattered around
at
different points not included in the visible figures. For several
weeks exports of wheat from the United States and Canada have been falling
off,
until last week, when they showed a very substantial decline. Notwithstanding this decline, world's wheat shipments totaled 12,000,000
bushels, and
were ample for all needs. The amount on passage for last week
increased
2,000,000 bushels, and now totals about 56,600,000 bushels, or
8,000,000
bushels in excess of last year. Wheat in the United States last week
decreased less than 200,000 bushels and at the rate of decrease which has
been
going on for the past month or more, it will take until midsummer
or later
to take care of the stock of Canadian wheat already in the United
States,
while the opening of navigation is less than two months distant,
with 35,000,000 bushels or snore of wheat in store at Duluth, Fort William
and Port
Arthur, looking for a market as soon as water transportation
is available.
There is a small amount of business doing in Gulf wheat
occasionally at only
about 7 cents over May, f. o. b. vessel, which for the most
part does not
represent new business, but swaps and changes, for the
purpose of adjusting
and meeting freight commitments. Seven over May, f. o. b.
Gulf, will force
wheat to Southwestern terminal markets, as was evident
in yesterday's increased receipts at Kansas City, Mitchinson, Salina
and Wichita. Early in
the season Broomhall and other authorities were a unit
in declaring Europe
would need 200,000,000 bushels or more of our wheat
this year than in the
past year. Yet the first six months of the present
year show that she has
taken leas than 20,000,000 bushels more, and at this
rate of consumption,
we find the prospects at present for a world's
carryover of 225,000,000 to
250,000,000 bushels, which is an average
pre-war carryover when Russia
was contributing to. the world's supply. The elimination
of Russia in the
world's grain supply has been overcome by an
increased area in Argentina,
Canada and the United States. The visible supply increased in the United
States last week 139,000 bushels against a decrease last year of 25,000,
and
the total in the United States alone is now 47,946,000 bushels, against 42,092,000 a year ago.
The French crop shortage is smaller than has been estimated. Paris cables that the last crop was 66,000,000 quin-
FEB.24 1923.]
tals instead of 64,000,000, as previously estimated there. In
India favorable prospects are maintained. In Europe generally the weather has become more wintry. The crop developed satisfactorily during the long period of mild weather,
especially in Central Europe and in Germany. Spring sowing has already started in some early districts. In Australih
exports are continuing normally; recent rains have favored
early buying and have apparently dispelled fears of another
drouth. In the United Kingdom the weather has been severe. The Australian wheat yield this season is estimated
at 109,000,000 bushels. In 1921 it was 140,000,000 bushels.
Broomhall of Liverpool cable: "A steadier feeling prevails
In the United Kingdom, owing to the smaller shipments from
North America. There is a better demand generally from
United Kingdom millers, as English native supplies have now
become very much reduced, and during the coming months
these will approach the vanishing point. Continental importers are taking half of the cargoes afloat for "orders,"
but generally foreign purchases are below earlier expectations. Supplies throughout Europe are smaller than is customary at this time, and possibly any break in the international price of wheat will bring out some buying. Argentine
exporters have again shipped large quantities of their wheat,
consigned for "orders," unsold; offers from there, however,
are moderate. Indian shippers are now offering new crop
wheat for shipment in the spring, but buyers are apart, as
prices are at too high a premium over the Manitobas and
Plate wheats, and trading is consequently low. The exportable surplus next season will be around 40,000,000 bushels.
Exports so far this season have amounted to only 3,800,000
bushels." On the 19th inst. wheat rose % to %d. in Liverpool owing to the smaller world's shipments, I. e. 12,074,000
bushels, including only 5,054,000 bushels from North America, against 12,974,000 bushels last week. Yet, curiously
enough, the amount on passage actually increased 2,000,000
bushels. Melbourne, Australia, cabled orders to Chicago on
Feb. 19 to buy July wheat. It was believed to be the first
Australian business in Chicago futures ever done, as trading
of that character from that country usually is confined to
Liverpool. Available supplies in North America were stated
at 141,405,000 bushels, an increase for the week of 815,000.
A year ago the total was 115,899,000 bushels. East of the
Rockies it is 51,794,000, an increase for the week of 232,000,
against 45,205,000 a year ago. On the 21st inst. prices declined on weak cables and liquidation, though sterling was
up to 472%. The higher sterling is supposed to have weakened Liverpool. Offerings in Chicago were larger. Export
business was light. On the other hand, it is true, the primary receipts were small. To-day prices declined, with
heavy liquidation, especially in May, and Liverpool down
% to id., and Buenos Aires /
1c. Closing prices show a de2
cline for the week of 1% to 2 c., the latter on May.
/
1
2
DAILY CLOSING PRICES OF WHEAT IN
No. 2 red
840
THE CHRONICLE
Sal.
NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
cts_14831 14931 1493-1 14931 Hol. 14634
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.
Fri.
May delivery In elevator_ _ _ _cts_119% 12034 12034 11931 Thurs. 1173's
July delivery in elevator
11531 11531 11531 11531 Holt- 114
September
114
11431 114
11331 day 112%
tures in the trade. There was simply some scattered liquidation in response to the weakness in the grain list generally. The market still maintained the listless and uninteresting appearance which has characterized it most of the
week. Cash demand is only moderate, and however strong
the statistical position may be regarded by some, the fact remains that oats show no individual intiative in the direction of better prices. Final quotations to-day reveal a loss
for the week of % to 114c., the latter on May.
/
DAILY CLOSING PRICES OF
Sat,
No. 2 white
OATS IN NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
cts_ 5631 57
Hol. 5631
57
57
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 4631 4631 4631 45%
4431
July delivery in elevator
45
Holl4531
September delivery in elevator_ _ - 4334 4334 4531 4431 day 4431
4334 4331
43
Rye advanced last Saturday on small offerings and report that Germany was trying to buy a large quantity in the
United States. On the 19th inst., cash rye was weak and futures fell 1%c. for a time in a dull market. No further export business was reported. The visible supply in the United
States increased last week 253,000 bushels. against 163,000
last year. The total is now 13,046,000 bushels, against only
7,273,000 last year. Later the tone was weaker, with trade
still dull, export trade in abeyance and wheat irregular. Today prices gave way in sympathy with other grain, and they
show a decline for the week of 1% to 1%c.
DAILY CLOSING PRICES OF RYE FUTURES IN
May delivery in elevator
July delivery in elevator
Sat.
cts_ 8831
8631
CHICAGO.
Mon. Tues. Wed. Thurs. Fri.
88
86
8731 8731 Roll- 86%
8531 8534 day 84%
The following are closing quotations:
GRAIN
Oats
No. 2 white
56
No.3 white
55055 34
Corn
Barley
No.2 yellow
Feeding
91%
Nominal
-No.2
Rye
Malting
9731
81@82
FLOUR
Spring patents
goods
$6 40@$6 90 Barley
Winter straights. soft 5 90 6 25
No. 1, 1-0, 2-0
$575
Hard winter straights__ 6 OO@ 6 40
Nos. 2. Sand 4 pearl_ 6 50
First spring clears
5 50© 6 00
Nos. 3-0.
5 90
Ryeflour
4 90(4 5 50
Nos. 4-0 and 5-0---- 600
Corn goods. 100 lbs.:
Oats goods-carload:
Yellow meal
2 050 2 15
Spot delivery
2 9234($ 3 00
Corn flour
1 95g 205
Wheat,
No.2 red
No. 2 hard winter._
$1 4631
129'%
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at- I
Flour.
Wheat. I
Corn.
Oats.
Barley.
Rye.
bals.1960s. bush.60 lbs.bush.56 lbs.bush. 32 lbs.bush.481bs
Chicago
275,111
415,000, 3,866,000 1,444,000
164
.5615:.286,000
Minneapolis_
1,174,000'
175.000
329.......
195,000
Duluth
736,0001
30,000
15,000
339,000
Milwaukee_ _ _
67,000
573,000
555.000
64.000
Toledo
78,000
69,000
44,000
3,000
Detroit
25,000
36,000
82,000
Indianapolis39,000
318,000
152,000
St. Louis_ _ _
85,
478.000
762,000
436,000
36,
Peoria
35,000
512,11
176
Kansas City-934,000
595,000
299,
Omaha
361,000
492,000
230,000
St. Joseph
107,000
316,000
62
Total wk. '23 401.000 4,452,000 7,744,000
570,000 916,000
Same wk. '22 408,
6,087,000 15,681,000
566,000 390,000
Same wk. '21
453,
5,623,000 5,400,000
544, 0 497,000
0 01
7
Since Aug.11922-23_ 14,625,000307,747,000200,567,000 145,442,
26,349,
35,743,000
12,699,000243,321,000 249,335,111
1921-22 _.- 18.280,000232,549.000120,293.,, 133,342,00018,458,00012,648,000
1920-21_ _ _
124,030,00018,375.00011,178,000
Indian corn advanced with quite a good inquiry at one
time for export. The sales to Europe on the 10th inst.
reached 250,000 bushels, and on the 17th 200,000. Many of
the bids, however, were too low for business. Yet prices
moved upward even in the teeth of considerable long liquidation by Eastern interests. The visible supply in the United
States increased last week 1,123,000 bushels, against 1,656,000 last year. It is now 28,654,000 bushels, against 36,420,Total receipts of flour and grain at the seaboard ports for
000 in 1922. Despite the cold weather and good roads in
many parts of the West, country offerings have not been the week ended Saturday Feb. 17 1923 follow:
very large; certainly not so large as might have been ex- Flour.
Wheat.
Corn.
Oats. I Barley.
Rye.
pected, although it is true there has latterly been some in- Receipts at
crease. South Africa says the corn crop in the Union of
Barrels.
Bushels.
Bushels.
Bushels. Bushels. Bushels.
New York _ _
245,
792,000
851,000
100,0001
17,000
85.000
South Africa in 1923 is estimated at 15% more than last
52,000 1,542,000
537,000
61,000
2,'''
year's yield. Copious rain has broken the drouth in the Baltimore_ _ _
21,
222.000
568,000
1,111 556.000
10,00
Newp't News_
3,000
Northeastern district of the Cape Province. On the 21st New Orleans
140,000
44,000
458,0001
inst. prices declined with wheat, though they rallied later. Galveston_ _ • 61,000
_
77,
75,000
297,000
Selling pressure Increased,however,early in the day, with the St. John. N.B
45,000
67, 1
000
Boston
18,000
42,000
2,000
13,000
foreign markets down. Buenos Aires was off % to 1%c.
since Feb. 19. On the other hand, there was said to be a fair Total wk. '23 552,00() 3.035,000 2,481,000 273,000
20,III
641,000
Since Jan.1'23 3,669,000 38,230,000 13,393,000 5,045,000 1,075,000 8,879,000
export inquiry in this country for corn, and net changes for
Week 1022..
the day showed only a trifling decline.
515,000
515,000 3,472,000 5,680,000
628,000
To-day prices de- Since Jan.1'22 3,179,000 25,848.000 32.819,000 4,406,000 152,000 480.000
1.061.000 1,765,000
clined, partly in sympathy with wheat,
but also because of
•Receipts do not include grain passing through New Orleans for foreign ports
lower cables and rains in Argentina. Buenos Aires
dropped on through bl is of lading.
% to lc. Closing prices here show
a loss for the week, howThe exports from the several seaboard ports for the week
ever, of only % to %c.
ending Saturday, Feb. 17 1923, are shown in the annexed
DAILY CLOSING PRICES OF
statement:
CORN IN NEW YORK.
No.2 yellow
cts.
DAILY CLOSING PRICES OF
May delivery in elevator
cts_
July delivery in elevator
September delivery in elevator-
Sat.
92
Mon. Tues. Wed. Thurs. Fri.
9231 9231 9231 Hol. 9131
Reports fromCORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
75% 75% 75% 75%
New York
7631 763' 76% 76% Hon- 74% Portland, Me
77% 77g 773- 7731 day 75% Boston
7631 Philadelphia
I
Wheat.
Corn.
Flour.
Oats.
Rye. Barley. Pea
's*
Bushels, Bushels. Barrels. Bushels. Bushels. Bushels.Bushels.
590,016 458,515 139,804
27,584 34,228 88.791
Not recel ved
19,000
648,000 361,000 2,000
Baltimore
374,0011 218,000 10,000
121,000
Newport News__
3.000
New Orleans
456,000 450,000 39,000
2.000
Galveston
92,003
86,000
St. John, N. B._ __ 297,000
67,000 75,000
45,000
Total week 1923- 2,457.016 1,584,515 287,804
74,584 241,228 88,791
Week 1922
3,202,0.37 3,294.842 166.082 213,725 559,000 136.057
Oats fluctuated feebly with the cash situation however
firm, though there was no activity. A lack of striking
features was again an outstanding fact. The visible supply
in
the United States decreased last week 244,000 bushels,
against 313,000 last year. This makes the total
aga lust 6,857,000 a year ago. To-day, partly 30,296,000,
because of
weakness in corn and other grain, prices gave way lc. on
The destination of these exports for the week and since
May and % to / on other months, with no striking
1c.
2
fea- July 1 1922 is as below:
THE CHRONICLE
846
Flour.
Exports for Week
Since
Week
and Since
Feb. 17 July 1
July 1 to1922.
1923.
Wheat.
Week
Feb. 17
1923.
Corn.
Since
July 1
1922.
Week
Feb. 17
1923.
Since
July 1
1922.
Barrels Barrels.
Bushels.
Bushels. Bushels. Bushels.
697,949 69.695,007 481,870 22,300,791
United Kingdom_ 92,570 3,703,38.5
143,809 4,297,741 1,758,067 162,711,765 1,043,645 41,461,320
Continent
314,332
1,000
35,000
190,000
So.& Cent. Amer- 10,000
823,800
12,000
West Indies
31,000
58,000 1,099,700
Brit.No.Am.Cols.
2,000
13,700
573,295
1,000 1,816705
Other Countries-- 29,425
13,500
287,804 9,714,853 2.457,016 234,444,477 1,584,515 64,925,011
186 012 A 107 R7R R 202 0A799IR (197.10A 9 904 549 14 ORO 4nn
Total 1923
nrntal 1099
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Feb. 16, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
Exports.
1922-23.
Week 1
Feb. 16.
Since
July 1.
Corn.
1921-22.
Since
July 1.
1922-23.
Week
Feb. 16.
Since
July 1.
1921-22.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 5,054,000414,989,000 293,951,000 1,652,000 60,335,000 92,113,000
Ruse.Or Dan.
24,000 3,935.000 3,080,I I I
33,
3,750,It' 11,024.000
Argentina_ _ _ 4,388,000 68,758,000 36,180,I I I
88,456,000
648,000 91,972,
Australia
2,416,000 23,716,000 64,112,000
India
192,000 6,572.000
712,000
0th. countr'
4,621,000 9,007,000
Total
81
12,074,000417,970,000398,035,000 2,333,000 189,578,000200,600,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Feb. 17, was as follows.
GRAIN STOCKS.
Corn,
Wheat,
Oats,
Rye,
Barley.
-bush,
United States
bush.
bush.
bush.
New York
947,000 2,149,000 1,457,000
238,000
222,000
Boston
8,000
32,000
2,000
Philadelphia
543,000
446,000
792,000
12,000
3,000
Baltimore
711,000 1,490,000
392,000 1,569,000
62.000
Newport News
132.000
New Orleans
1,778,000 1,058,000
177,000
69,000
13,000
Galveston
2,139,000
107,000
Buffalo
381,000 1,183,000 1,050,000
2,537.000
552,000
1,608,000
" afloat
250,000
136,000
Toledo
827,000
295,000
13,000
Detroit
61,000
29,000
183,000
30,000
Chicago
1,676,000 10,728,000 7,538,000
293,000
311,000
752,000
" afloat
176,000
248,000
Milwaukee
557,000 1,010,000
180,000
250,000
264,000
Duluth
137,000
7,890,000
633,000 6,297,000
152,000
St. Joseph, Mo
558,000
196,000
1,059,000
19,000
2,000
376,000 11,074,000 2,251,000
15,588,000
Minneapolis
976,000
St. Louie
853,000 1,021,000
665,000
9.000
8.000
Kansas
5,755.000 1,124,000 1,116,000
142,000
Peoria
375,000
2,000
436.000
448,000
304,000
Indianapolis
559,000
2.085,000 1,768,000 1,973,000
Omaha
384,000
30,000
604,000
Sioux City
397,000
409,000
41,000
11,000
On Canal and River
381,000
10,000
32,000
-Total Feb. 17 1923-.47,948,000 23,654,000 30,296,000 13,046,000 2,874,000
Total Feb. 10 192:,--47,807,000 22,531,000 30,540,000 12,793,000 3,014,000
Total Feb. 18 1922.-42,092.000 37,254,000 67,857,000 7,273,000 2.182.000
Nofe.-Bonded grain not included above: Oats, New York, 181,000 bushels:
Boston, 3,000; Baltimore, 50,000; Buffalo, 1,150,000: Buffalo afloat. 502.000;
Duluth, 28,000: Toledo afloat. 587,000: total, 2,501.000 bushels, against 1,428,000
bushels in 1921. Barley, New York, 216,000 bushels; Buffalo, 721,000: Buffalo
afloat, 648,000: Duluth. 58,000; total. 1,643,000 bushels, against 319,000 bushels in
1921. Wheal, New York. 1,787,000 bushels: Boston, 166,000: Philadelphia, 1,763,000; Baltimore, 1,868,000; Buffalo. 5,620,000; Buffalo afloat, 9,125,000; Duluth,
161,000; Toledo, 363,000; Toledo afloat, 1,350,000; ChleagO, 262,000; total, 22,465,000 bushels, against 11,946,000 bushels in 1921.
Canadian
Montreal
1,581,000
316,000
476,000
151,000
163,000
Ft. William & Pt. Arthur_26,794,000
4,023,000
2,738,000
163,000
" afloat
6,9311.000
Other Canadian
895,000
1,028,000
Total Feb. 17 1923____35,474,000
316.000 5,394,000
151,000 3,929,000
Total Feb. 10 1923.. _34,646,000
323,000 5,506,000
151,000 3,882,000
"9,453,000 1,215,000 7,033.000
Total Feb. 18 1922
20,000 2,409,000
Summary
47,946,000 23,654,000 30,296,000 13,046,000 2,874,000
American
35,474,000
316,000 5,394,000
Canadian
151,000 3,929,000
83,420,000 23,970,000 35,690,000 13,197,000 6,803,000
Total Feb. 1711923
Total Feb. 10 1923_82,453,000 22,854,000 33,046,000 12,944,000 6,896,000
71.545,000 38,469,000 74,890,000 7,293,000 4,591,000
Total Feb. 18 1922
WEATHER BULLETIN FOR THE WEEK ENDING
FEB. 20.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Feb 20, is as
follows:
Unfavorable weather prevailed during much of the week ended Feb. 2()
throughout the greater part of the country. The temperature was slightly
above the normal in the Southwest and in California and more favorable
conditions continued in the Northwest during the latter part of the week,
but the temperatures averaged much below normal in the Northwest and in
Central and Eastern districts.
Wheat and grass field- suffered in the Central and Eastern regions where
not snow-covered, and there was considerable damage to truck crops in the
Southeast by freezing weather or frost. Beneficial rains occurred in Southwestern Texas and sufficient precipitation for crop needs in most of the
East and North.
Moisture was needed, however. In most of Florida and in the transMississippi Valley States. Cold weather was beneficial in retarding the
development of the deciduous fruits, but there was considerable suffering
among stock, except in the Southwest.
Conditions were most unfavorable for outdoor work owing to the cold
weather. Ice harvests continued in the Northern districts except where
delayed in the Hudson Valley and its tributaries by severe snow cover.
The drifting snow interfered with highways and railroad traffic in all the
Northern border States and in Western Colorado.
Extremely cold weather prevailed in the Eastern winter wheat States,
which, In the absence of snow protection, was unfavorable for that crop.
The temperature fell as low as 10 to 15 deg. as far south as Tennessee, where
some da mage to grain occurred, and it was believed some harm resulted in
Kentucky. Zero weather was reported from some places In Ohio, with
probably some injury, while ice covered many fields in Indiana. Much
wheat was thrown in Central Illinois and there were some ice-covered
fields in the northern portion of this State also.
Wheat appeared at the end of the week to be generally uninjured in the
trans-Mississippi States, although some wa.s frozen to the ground in Central
Kansas. The crop was dormant,although mostly green in Eastern Kansas,
but continued in uncertain conditions in the western portion, where most of
It was not up.
Conditions continued unfavorable in Oklahoma except in the drouthy
western section and the increased moisture was favorable in Texas, except
In the Panhandle, where it continued dry. Winter grains were generally
well protected by a snow cover In the more Northern States and in the far
[Vox. 116.
Northwest except in portions of Montana. Heavy snow was especially
beneficial in Washington, as the ground was mostly unfrozen when the snow
fell. The cold was rather unfavorable for winter cereals inathe South
Atlantic and East Gulf States. Spring oats seeding was interrupted in the
extreme Southern Great Plains because of unfavorable weather conditions.
THE DRY GOODS TRADE.
New York, Friday Night, Feb. 23 1923.
Markets for dry goods displayed a moderate amount of
activity during the past week and prices gained further
strength in some directions. Cotton goods in particular were
inclined toward greater firmness owing to the upward trend
of raw cotton markets. Revisions of dress goods orders in
worsted and woolen lines made further progress, following a
superabundance of business, while a more active demand
was reported for novelty silks. Evidence of large purchasing power on the part of many retailers throughout the country is indicated by the manner in which whole store buying
forces come to town to provide for their spring and summer
requirements. Although some stores are looking ahead into
fall, the bulk of the business placed at present is confined
to spot and nearby deliveries. Fall cotton goods, however,
have sold better than it was expected they would. According to reliable statements, many Southern mills have already
booked to an extent that precludes them from accepting further business calling for delivery this side of September on
stable and dress ginghams. Production in textile mills is
well assured for some time to come. Many of the cotton
mills are turning out fall goods on a liberal scale, and express much satisfaction with the progress made and amount
of business booked, while wool and worsted goods mills have
also done very well. In some quarters, however, there is
fear of cuitailment of production which is likely to arise
from short hour legislation or from strikes for higher wages.
On the other hand, these things do not appear to be giving
buyers of merchandise any serious worry. An improvement
has been noted in the export demand for goods, a very fair
volume being reported of late in small quantities of goods for
Mexico, Canada and South America. Although the business
in only a few instances is much in excess of pre-war totals,
many markets not open a few years ago are now buying regularly here.
DOMESTIC COTTON GOODS: Influenced by the strength
of raw cotton markets, which reached new high levels for the
season, domestic cotton goods ruled decidedly firm during
the past week. While trading was not particularly broad,
due in part to the holiday, a few large transactions were under way looking toward covering requirements of sheetings
and print cloths for April and May by consumers who have
been hesitating. Orders for fall ginghams are being steadily
received despite the sold up condition of mills, and buyers
are complaining because they are obliged to cut down orders.
There has also been a more active demand for many of the
heavier colored staples for working suit purposes. Buyers
from agricultural sections are talking more of high prices
than some others, but notwithstanding this fact, they are operating quite liberally and on a much better scale than some
department heads in jobbing houses had expected. Some
fabrics are scarce in first hands, notably denims, the wider
sheetings and a number of novelties for which there has recently been a craze. The producers of fine and fancy wash
fabrics claim that they are being requested to do all sorts of
impossible things in bringing out new designs and colorings
for prompt sales. An encouraging feature during the week
has been the improved demand for export account. More inquiries have been received from Mexico, Canada and South
America, and moderate sales have been put through. Sales
have also been made to the Philippines, and in a smaller way
to other countries of the world. Print cloths, 28-inch, 64 x
64's construction, are quoted at 8 c., and the 27-inch, 64 x
/
1
2
60's, at 81
4c. Gray goods in the 39-inch, 68 x 72's, are quoted
at 122 to 12%c., and the 39-inch, 80 x 80's, at 141c.
/
1c.
/
2
WOOLEN GOODS: Business in woolens and worsteds
continues active. Sales of heavy woolens and worsteds have
been particularly encouraging, and a large business has been
put through in overcoatings for fall, a good portion of which
has consisted of fancy black goods. The activity in many
lines of fancy worsteds for fall cutting has also surprised
some of the selling agents. Dress fabrics sellers report a very
satisfactory business on many lines of staples and on some
fancies, and withdrawals of different lines continue to take
place as the goods become sold up. In the women's wear
division of the market a better feeling prevails owing to the
settlement of the garment workers' strike in New York City.
FOREIGN DRY GOODS: Trade in linens remains active
and well up to the volume noted in recent weeks. Demand
continues broad and covers practically all descriptions of
dress and housekeeping lines. There have been many outof-town buyers in the market, which has added to the activity. The freedom with which jobbers are buying linens, and
the many requests received for prompt shipments indicate
that stocks in the hands of retailers have been allowed to
run low. With the exception of some price concessions reported in sheers and cambrics, prices for linens in general
have been firmly maintained. Representatives of Irish linen
manufacturers are beginning to arrive on their semi-annual
trips to canvass for forward business, and they are very
much encouraged over the outlook. Burlaps have failed to
develop any activity, the market continuing quiet and about
steady. Light weights are quoted at 7.30 to 7.35c., and
heavies at 8.90 to 8.95c.
FEB.24 1923.]
THE CHRONICLE
ffitate an Titg Department
NEWS ITEMS
New York State-Governor Urges Bond Issue for Hospi-On Feb. 21 Governor Alfred E. Smith sent a special
tals.
message to the Legislature urging that action be taken to
• better the crowded condition of State hospitals which a week
ago resulted in the loss of twenty-five lives at the Manhattan
State Hospital fire on Ward's Island. He advocated the
submission to the voters of a $50,000,000 bond issue for the
construction of new hospital buildings.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-Stern Bros. &
ABILENE, Dickinson County, Kans.-BOND SALE.
Co. of Kansas City, have been awarded at par $75,000 4% water works
bonds. Denom. $500. Date Dec. 1 1022. Int. J. & D. Due serially
from 1933 to 1948, incl. These bonds were registered with the State Auditor of Kansas, on Jan. 17(V. 116, P. 640)•
-BOND SALE.
-It is reADAMS COUNTY (P. 0. Decatur), Ind.
ported that the $4,800 434% road bonds offered, together with $36,800
and 82,080 issues, on Feb. 19-V. 116, p. 74I-were awarded to the Old
Adams County Bank for $4,805, equal to 100.104, a basis of about 4.48%.
Date Feb. 15 1923. Due $240 each six months from May 15 1924 to
Nov. 15 1933 inclusive.
ATHENS, Greene County, N. Y.
-BOND .SALE.
-On Feb. 20 the
Athens National Bank was awarded at 102.05, a basis of about 4.51%, the
$8,000 5% fire apparatus bonds offered on that date
-V. 116. p. 641.
Date March 1 1923. Due $1,000 yearly on July 1 from 1924 to 1931 incl
ATHENS, Greene County, Ohio.
-BOND SALE.
-On Feb. 17 the
$5,065 6% coupon street bonds offered on that date (V. 116, p. 641) were
awarded to Channer & Sawyer of Cincinnati, for a premium of $177 78,
Equal to 103.509. a basis of about 5.31%. Date Mar. 1 1923. Due
$506 50 yearly on Sept. 1 from 1924 to 1933, inclusive.
ATHENS CITY SCHOOL DISTRICT (P. 0. Athens), Athens
Ohlo.-BOND OFFERING..
-Sealed proposals will be received
County,
until 12 na. (Central Standard Time) March 10 by L. J. Addicott• Clerk
Board of Education, for the following 5% coupon school bonds:
3353,000 bonds. Auth. Section 7630-1 of the General Code and by a
resolution of the Board of Education dated Jan. 17 1923. Denom. $1,000. Due yearly on Sept. 1 as follows: $15.000, 1924
and 1925; $16,000, 1926; 315,000. 1927 and 1928; $16,000, 1929:
$15,000, 1930 and 1931: $16,000. 1932: 315,000, 1933 and 1934;
316,000, 1935: $15,000. 1936 and 1937: $16,000, 1938: $15,000,
1939 and 1940; 316.000, 1941; $15,000, 1942 and 1943; 316.000,
1944; 315,000, 1945, and 316,000. March 1 1946.
23.100 bonds. Auth. Sections 7625 to 7628 incl. of the General Code
and as authorized by vote of the people on Nov. 7 1922 and by a
resolution of the Board of Education dated Jan. 17 1923. Denom.
$500, except one for $600. Due $1,500 on March 1 in each of
the years 1925, 1927_ , 1929. 1931, 1933, 1935, 1937, 1939 and
1940, and $1,000 on March 1 in each of the even years from 1924
to 1938 incl. and $1,600 March 1 1941.
Date March 1 1923. Int. M. & S. Bonds payable at the Athens
National Bank Athens. Cert. check for 2% of the amount of bonds bid
for, payable to board of Education, required with each issue
AVOYELLES DRAINAGE DISTRICT NO. 9, Avoyelles Parish, La.
-BOND SALE.
-Our Western correspondent in a special telegram advises
us that the 368,0005% drainage bonds offered on Feb. 16-V. 116, p. 433
were sold to L. E. French & Co. of Alexandria, for $67,100 (101.66) and
Interest. Date Feb. 1 1923. Due yearly on Feb. 1 from 1924 to 1931. incl.
BEAVER FALLS SCHOOL DISTRICT (P. 0. Beaver Falls), Beaver
County, Pa.
-BOND OFFERING.
-Howard E.Ewing, Secretary of Board
of School Directors, will receive bids until 8 p. m. March 5 for 3150.000
434% tax-free school bldg. bonds. Denom. $1,000. Date April 1 1923.
Due yearly on April 1 as follows: $8.000, 1924 and 1925. 39,000, 1926.
10,000, 1927, 1928 and 1929, 311,000, 1930, 1931 and 1932, $13,000, 1933.
12,000, 1934. $14.000, 1935 and 1936, and $9,000, 1937. Cert. check for
.000, payable to the district, required.
BIRMINGHAM, Jefferson County, Ala.
-BOND SALE.
-On Feb. 20
the 3134.000
-V. 116, p. 741
% public impt. bonds offered on that date
-were sold to the First National Bank, Bessemer, Steiner Bros., Birmingham,and Caldwell & Co., Nashville, for $139.100, equal to 103.80 and int.
Date March 1 1923. Due March 1 1933. The city reserves the right to
redeem not exceeding one-fifth annually beginning March 1 1924 by paying
holders. as a bonus, one-half the annual interest on the bonds redeemed.
Other bidders were:
Ward, Sterne & Co
$139,025 00!Otis & Co
$138,234 40
Marx & Co
138.825 00
[W. K. Terry & Co
136,177 00
BLACKFOOT, Bingham County, Ida.
-BOND OFFERING.
-A special telegram from our Western_representative informs us that the city of
Blackfoot will offer for sale $46,000 5H % refunding bonds on March 13.
BONESTELL, Gregory County, So. Dak.-BOND ELECTION.
-A
special election will be held on March 12 to vote upon the issuance of$13,000
6% I5
-year electric lighting and power system extension bonds. Interest
semi-annually.
BOSSIER PARISH SCHOOL DISTRICT NO.8,La.
-BOND SALE.On Feb. 15 the Inter-State Trust & Banking Co. of New Orleans, was the
successfull bidder for the $75.000 5% school bonds offered on that date
(V. 116, p. 317) for $75,036 (100.04) and int., a basis of about 4.99%.
Date Feb. 1 1923. Due on Feb. 1 as follows: 32.500, 1924 to 1928, incl.:
.33.000,1929 to 1931,incl.; $3,500, 1932 to 1934, incl.; $4.000, 1935 to 1937,
incl.; $4.500, 1938 and 1939; $5,000, 1940: $5,500, 1941 and 1942, and $6,000, 1943. A bid of $75,011 was also received from Caldwell & Co.
13
BOUND BROOK,Somerset County, N. J.
-BOND SALE.
-The issue
of $25,000 5% coupon (with privilege of registration) sewer assessment
bonds offered on Feb. 20-V. 116. P. 641-was awarded to H. L. Allen &
Co of New York at 101.77. a basis of about 4.63%. Date Jan. 1 1923.
Due yearly on Jan. 1 as follows: $2,000. 1924 and 1925, 33,000. 1926 to
1932, inclusive.
847
-Until
BURGAW, Pender County, No. Caro.
-BOND OFFERING.
Mar. 5 G. Kornegay, Town Clerk, will receive sealed bids for $12,000 6%
electric light bonds. Denom. $500. Int. M.& S. Due $500 yearly from
1926 to 1949, incl. Cert, check for $240, required.
-BOND OFFERBURKE,Gregory County,So. Dak.-BONDS VOTED
-Bonds for a new $10,000 community hall were voted at a special
ING.
election by 137 to 31. Reports say that owing to a technical error in the
holding of the first election on the proposition it was necessary to hold a
second election. Bids for these bonds will be received until March 9.
Bonds bear 534% interest.
BURLINGTON CITY GRADED SCHOOL DISTRICT (P. 0.
Burlington), Alamance County, No. Caro.
-BOND OFFERING.
Sealed bids will be received by the Board of Education in care of C. C.
Maworth, Secretary Board of Education, until 7:30 p. m. Feb. 27 for the
purchase at not less than par and accrued interest of $150,000 gold school
bonds at not to exceed 534% interest, expressed in a multiple of H of 1%
Coupon bonds registerable as to principal. Denom. 31,000. Data Feb. 1
1923. Prin. and semi-ann. int. (8. & A.) payable at the I. S. Mtge. &
Trust Co. N. Y. Due yearly on Feb. 1 as follows: $3.000. 1924 to 1929
incl., 84,000, 1930 to 1935 incl., 85.000. 1936 to 1941 incl., 36,000, 1942
'
to 1947 incl., and $7,000. 1948 to 1953 incl. Bids must be accompanied
by $3,000 in cash or a certified check for a like amount upon an incorporated
bank or trust company, payable to the above Secretary, required. These
bonds are to be prepared under the supervision of the above company,which
will certify as to the genuineness of the signatures of the School District
officials and the seal impressed thereon. Legality will be approved by
Chester B. Masslich of N. Y. City, whose approving opinion will be furnished to the purchaser without charge. Bonds will be delivered on or
about March 12 1923 in N. Y. City, or at purchaser's expense for delivery
and exchange at the place of his choice.
Financial Statement.
Assessed valuation, 1922
$9,469,945
Actual value, estimated
18,000.000
Total debt,including bonds now offered
169,300
Population, 1920 census, 5,952.
BUSTI UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Lakewood), Chautauqua County, N. Y.
-BOND OFFERING.
-Sealed
proposals will be received by the Board of Education until 5 p. m. March 1
for the purchase at not less than par and interest of $150.000 5% school
bonds. Date March 1 1923. Denom. $1,000. Int. semi-ann., payable
at the National Chautauqua County Bank of Jamestown. Due $6,000
yearly on March 1 from 1928 to 1952 incl. A certified check for 2% of
the amount of bonds is required.
BUTLER,De Kalb County,Ind.
-BOND OFFERING.
-Roscoe Capp.
City Clerk, will receive bids until 7:30 p. m. Mar. 5 for the purchase at not
less than par and int. of $20,000 5% coupon bonds, issued for the purpose
of raising funds to be turned over to the Directors of Butler School City
for the construction of a school building. Denomination $500. Date
Mar. 11923. Principal and semi-ann. int. (J. & J.) payable at the Knisely Bros. & Co.'s Bank, Butler. Due $1,000 on July 1 1924; 8500 on Jan.
1 and $1,000 July 1 in each of the years from 1925 to 1936. incl., and $1,000
Jan. 1 1937. Cert. check for $1,000,payable to the City of Butler,required.
BUTLER SCHOOL CITY (P. 0. Butler), De Kalb County, Ind.
BOND OFFERING.
-Proposals will be received until 1 p. m. Mar.5 by the
Board of Trustees (C. A. Husselman, Secretary) for the purchase at not
less than par and int. of 320.000 5% coupon school bldg bond. Denom.
$500. Date July 1 1922. Prin. and semi-ann. int. (J. & J..), payable
at the First National Bank of Butler. Due each 6 months from July 1
1925 to Jan. 1 1938, incl. Cert. check for $1.000, payable to the Board
of Trustees, required.
BUTTE SCHOOL DISTRICT NO. 1 (P. 0. Butte), Silver Bow
County, Mont.
-BOND ELECTION CONSIDERED.
-This district, according to a telegraphic dispatch to us from our Western correspondent,
Is considering the holding of an election to vote on $225,000 school bonds.
CALHOUN COUNTY (P. 0. Marshall), Mich.
-BOND SALE.
-On
Feb. 21 the $100.000 5% hospital bonds offered on that date
-V. 116.
p. 742
-were awarded to the Hanchett Bond Co. of Chicago at 101.565 and
interest, the purchaser to pay the cost of printing the bonds. Date Nov. 1
1922. Due $10,000 yearly on Nov. 1 from 1928 to 1937 inclusive.
CAMBRIA CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. 0. Cambria), Wayne County, lowa.-BOND OFFERING.
-Sealed
bids will be received until 10 a. m. Feb. 27 by the Board of School Directors
at the office of Mrs. W. H. Davis, Secretary of that Board, for $50,000
% school building bonds. Denom. $1,000. Date Feb. 11923. Due
yearly on Nov. 1 as follows; $1.000, 1924 to 1928 incl.; $2,000, 1929 to
1933 incl.* 33.000. 1934 to 1936 incl.; $4.000, 1937 to 1940 incl., and
$5,000, 1941 and 1942. Certified check on a State or national bank for
$2,500 required. The printed bonds and the approving opinion of Chapman, Cutler & Parker, Chicago, will be furnished by the school district
to the purchaser of the bonds, and the opinion of the attorneys must be
accepted as conclusive evidence of the legality of the bonds. At the
time and place, sealed bids will be opened and publicly announced, and
open bids will thereafter be received.
CAMERON, Milan County, Tex.
-BONDS REGISTERED.
-The State
Comptroller of Texas registered $14,000 6% serial sewer extension bonds
on Feb. 17.
CANYON COUNTY (P. 0. Caldwell), Idaho.
-PRICE
-PUR-The purchaser of the 8200,000434% funding bonds was C. W.
CHASER.
McNear & Co. Of Chicago, not the Lumbermen's Trust Co. of Portland
-V. 116, p. 742. A premium of 35 was paid.
CARBON COUNTY SCHOOL DISTRICT (P. 0. Price), Utah.
-We are advised by a special telegram
BOND ELECTION AND SALE.
from our Western correspondent that subject to being voted approximately
-year bonds have been sold to the Hanchett Bond Co..
$225,000
% 20
Inc., of Chicago at 95.55.
CARLISLE COUNTY (P. 0. Bardwell), Ky.-BONDS VOTED.
-By
a voted of 1,275 to 438 3300,000 road bonds were recently carried.
-BOND OFFERING.
CASS COUNTY (P. 0. Logansport), Ind.
Bids will be received by J. J. McCormick, County Treasurer, until 10 a.
m. Mar. 17 for the purchase at not less than par and int. of $17,800 5%
road bonds. Date Feb. 15 1923. Denom. $890. Int. M.& N. 15. Due
$890 each 6 months from May 15 1924 to Nov. 15 1933.
CATAHOULA PARISH SCHOOL DISTRICT NO. 5, La.
-BOND
SALE.
-On Feb. 14 the $75,000 6'Z school bonds offered on that date (V.
166 p.433) were awarded to M.W.Elkins & Co. of Little Rock,for $79,250,
equal to 105.66. Date Jan. 1 1923. Due yearly on Jan. 1 from 1924 to
1946, inclusive.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
Cedar Rapids), Linn County, Iowa.
-BOND SALE NOT COMPLETED
BOWEN DRAINAGE DISTRICT, Colo.
-BOND OFFERING.
-Bids -BONDS RE-SOLD.
-On Feb 6 Geo. M. Bechtel & Co. of Davenport
will be received until 2 p. m. Mar. 10 by the Board of Directors at the
The
office of the District, No. 42 Adams St.. Monte Vista. for not less than to
c red tr6
Z ha
gghT1t4e3M7fxteertands*.
$50,000 nor more than $100,000 worth of bonds. Cert. check for $2,000,
not complete its contract, it is stated, so the bonds were re-sold.
required.
CHADRON, Dawes County, Neb.-BOND SALE.
-The BrownBRADFORD, McKean County, Pa.
-An issue of Crummer Investment Co. of
-BOND SALE.
Wichita has purchased
.
6
314,000 5% street improvement and almshouse bonds on July 1 1922 section
on and 3183,000 6% district paving bonds for $15,000 53 1 lu„,rer,„.,`
a Premium 0 wkle".
awarded to the Bradford National Bank of Bradford at par. Date equal to
was
100.247.
JulvIll 1922. Denom. $1,000. Int. J. & J. Due 1952, optional 1932.
CHANUTE,
-BOND SALE-The First NaBROCK, Nemaha County, Neb.-BOND OFFERING.
-Sealed bids tional Bank of Neosho County, Kan.
-Year serial
will be received until 12 m. March 1 by F. H. Sutton, Village Clerk, for paving bonds Chanute has purchased $18,466 49 434% 1-10
36 000 6% registered electric lighting bonds, dated March 1 1923, due in bonds were at a trifle over par. Date Oct. 1 1922. Int. F. & A. These
.
registered on Jan. 10 by the State Auditor
-V. 116. p. 641.
N)years, redeemable on or after 5 years, interest payable annually. These
bonds were voted on Dec. 18-V. 116. p. 538.
CHAUTAUQUA COUNTY (P. 0. Mayville), N. Y.
-BOND OFFERING.
-W. J. Doty, County Treasurer, will receive bids until 2 p. m.
BROWN COUNTY (P. 0. Green Bay), Wis.-BONDS OFFERED BY March 1 for 3250,000 5% coupon
(with privilege ofregistration) road bonds.
-First Wisconsin Co., Henry C. Quarles & Co. and the Second Denom. $1.000. Date
BANKERS.
April 1 1922. Principal and interest (A. & 0.)
Ward Securities Co., all of Milwaukee, and Hill Joiner & Co of Chicago payable at the
are offering to investors to yield 4 35% and 4.30'Z $605,000 5% tax-free Dunkirk Trust National Chautauqua County Bank, Jamestown, or at the
Co., Dunkirk. Due 3150,000 April 1 1928 and $100,000
highway impt. bonds. Denom. 81,000. Dated Oct. 1 1921 and April 1 April 1 1929. Certified check for 5%, payable to the County Treasurer,
1923. Prin. and semi-ann. int. (A. & 0.) payabte at the County Treas- required.
urer's office. Due yearly on April 1 from 1923 to 1940 inclusive.
Financial Statement.
CHILDRESS COUNTY (P. 0. Childress), Tex.
-BOND ELECTION
$91,144,758 DEFERRED.
Assessed value of taxable property
-The election which was to have been held on Feb. 15 to
3.375,000 vote on the question of issuing $50,000 jail bonds (V. 116. 9. 433) was
bonded debt (this issue included)
'Total
61,889 deferred.
Population. 1920 Census
pislii7-w-7)artlienglrY)
sold
848
THE CHRONICLE
[VOL. 116.
CIALES (Municipality of), Arecibo County, Porto Rico.
-BOND
DE WITT INDEPENDENT SCHOOL DISTRICT (P. 0. De Witt),
SALE.
-On Jan. 31 the $130,000 coupon public improvement bonds. Clinton County, Iowa.
-BOND SALE.-Geo. M.
of
offered on that date (V. 116, p. 348). were sold to John Nuveen & Co., of Davenport, according to reports, purchased on Feb.Bechtel & Co. %
2
Chicago, at 105.92 for (is. a basis of about 5.51%. Date Jan. 1 1923. new high school bldg. bonds for $129,050, equal to 103.24.5125,000
Int. .1 & J. Due on July 1 as follows: $4.000, 1929 to 1938, inclusive.
$5,006. 1939 to 1944, inclusive. $6,000. 1945 to 1949. inclusive. $7.000,
DORMONT BOROUGH SCHOOL DISTRICT (P. 0. Dormont),
1950 and 1951, and $8,000. 1952 and 1953.
Allegheny County, Pa.
-BOND OFFERING.
-Sealed bids will be recelved by J. C. Downs, Secretary of the Board of School Directors (P.0
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.
- 3222 Wainbell Ave.), until p. m. March 5 for the purchase of $90,000
-J. M. Withrow. Clerk of the Board ofEducation, will 44% coupon school bonds.8 Denom.
BOND OFFERING.
follows:
51,000.
receive bids until 4 p. m. March 12 for the purchase at not less than par $3,000 from 1928 to 1947 incl., and $6,000. 1948Due on Jan. 1 ascertified
to 1952 incl. A
and interest of $366,000 44% coupon school-building bonds. issued under check for $1.000. payable to the District Treasurer, is required. The
authority of Secs. 7625 to 7628. Gen. Code. Denom. $1,000. Date bonds, it is said, will be sold free from State tax. Purchaser
to pay for
March 11923. Principal and semi-annual interest payable at the American printing of bonds.
Exchange National Bank of New York. Due $23,000 Sept. 1 1924, 1925
and 1926, and $23.000 on Sept. 1 in each of the years from 1935 to 1946.
DOTHAN,Houston County, Ala.
-BOND SALE.
-In V.
inclusive, and $21,000, Sept. 1 1947. Certified check for 5% of amount we stated that the bids received for the $750,000 6% water 115. p. 1009,
works plant
of bonds bid for, payable to the Board of Education, required.
bonds on Aug. 14 were being held for future investigation. It now appears
that these bonds have been sold. They are decsribed as follows:
CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND OFFERING.
- bonds. Principal may be registered. Denom. 51.000. Date Coupon
April 1
Walter D. Beach, County Treasurer, will receive bids until 10 a. m. March 1921. Prin. and semi-ann. int. (A. & 0.) payable in gold at
the Hanover
8 for the following 5% Johnson Township road bonds:
National Bank, New York. Duo April 11941. It is said that these bonds.
$16,200 John It. Orr gravel road bonds. Denom. $810.
which are offered to the investing public by Brandon. Gordon & Waddell
20.600 Frank Gossard gravel road bonds. Denom. $1,030.
of New York, are exempt from all Federal income taxes and all Alabama
Date Aug. 15 1922. Int. May 15 and Nov. 15. Due one bond of State and county taxes.
each issue each six months from May 15 1924 to Nov. 15 1933 inclusive.
Financial Statement.
Bonds will not be sold at less than par.
Value of taxable property (estimated)
$15,000,000
Assessed valuation, 1921
4,796,140
COAHOMA COUNTY (P. 0. Friars Point), Miss.
-BOND OFFER- Total bonded debt (including this issue)
$1,315,600
-Sealed bids will be received until 2 p. m. March 5 by Y. E. Howell. Less water and light
ING.
debt
972,000
Clerk Board of County Supervisors, for 835.000 refunding bonds. Denom. Net debt
343,600
$1,000. Date April 1 1923. Payable at the Hanover National Bank,
Population (1920 Census), 10,034, present estimate, 12,000.
New York. Int. A. & 0. Due $1,000 yearly for five years and $2,000
DUBUQUE, Dubuque County, Iowa.
yearly for the next fifteen years. Certified check for 51,750 required.
-BOND ELECTION.
-At an
Legality to be approved by Charles S. Rutherford, of St. Louis.
election to be held Mar.9 the people will have submitted to them a proposition to issue $325.000 431% 20-year serial water bonds.
COLEMAN COUNTY (P. 0. Coleman), Tex.
-BONDS SOLD.
-The
DUVAL COUNTY (P. 0. Jacksonville), Fla.
$30,000 534% 1-30
-year road bonds, which we reported were to have been
-AMOUNT OF BONDS
AWARDED.
-The amount of bonds awarded to A.T.Bell & Co.of
offered for sale on May 14-V. 116, p. 641-have been sold at par.
on Oct. 25 (V. 116, p. 2072) was $289,000. The issue was madeToledo,
for the
COLLINGSWOOD, Camden County, N. J.
-AMOUNT OF BONDS purpose
SOLD.
-The amount of bonds taken'by M. M.Freeman & Co. of Phila- of 1892,of refunding $300,000 531% and 6% St. Johns River Impt. bonds
scheduled to mature in 1932, but called for payment last year,
delphia, who last September were awarded a block of6
-year sewer bonds
- and, as the price received for $289,000 bonds
sufficient for
V. 115. p. 1654
-was $240,000. The bonds bear 53% interest, payable ing operation, only $289.000 were delivered towas T. Bell & Co.the refundA.
semi-annually on Feb. 1 and Aug. 1; are dated Aug. 1 1922, and mature
EASLEY, Pickens County, So. Caro.
Aug. 1 1928.
-BOND SALE.
-On Feb. 19
street
-40
CONE INDEPENDENT SCHOOL DISTRICT (P. 0. Cone), Crosby the $50,000bonds and sidewalk and $30.000 past indebtedness 5% 20 year (opt.)
County, Tex.
-The issue of $20,000 57 school auction at 99.53 tooffered on that date (V. 116. p. 743) were sold at public
-BIDS REJECTED.
0
the Lowry Bank & Trust Co. Date March 1 1923. All
bonds offered on Feb. 9 was not sold, all bids being rejected. Denom. the sealed bids submitted were
withdrawn.
$1.000. Date Aug. 2 1922. Int. annually (Aug. 2). Due Aug. 2 1962;
EAST FELICIANA PARISH ROAD DISTRICT NO. 1, La.
optional Aug. 2 1942.
-BOND
OFFERING.
-W. E. Woodward, President of the Police Jury (P. 0.
CONNERSVILLE SCHOOL CITY (P. 0. Connersville), Fayette Clinton), will receive sealed bids
until 12
14 for
County, Ind.
-BOND SALE.
-The $280,000 4%% coupon school bonds not less than par and interest of $150,000m. March bonds. the purchase at
5%
Dated April 1
offered on Feb. 17-V. 116, p. 742
-were awarded to Minton, Lampert 1923. Int. payable annually at the office ofroad
the
& Co. of Chicago for $286,743 (102.408) and interest. Date Feb. 17 1923. Co. of New Orleans in gold coin of United States. Marine Bank & Trust
Bonds mature at interDue yearly on July 1 from 1924 to 1943 incl. Other bidders were:
vals beginning with April 1 1924 and ending with April 11943. Bonds have
NameNamePrice Bid.
Price
. been approved by Wood & Oakley. Chicago.
City Trust Co., Indlanap--$286,666 Myer-Kiser Bank,1ndianap.$284,476
ELDORA CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
Fletcher Amer. Co., Indian. 285,916 Taylor. Ewart & Co., Chic_ 284,368
(P. 0. Eldora), Hardin County, lowa.-BOND ELECTION.
Harris Tr. & S. Bk., Chic__ 285,517
-An election is to be held Mar. 12 for the purpose of voting on a proposition to issue
CONROE INDEPENDENT SCHOOL DISTRICT (P. 0. Conroe), $35,000 high school building bonds.
James Nucholls is Secretary of the
Montgomery County, Tex.
-BONDS REGISTERED.
-The State Comp- Board of Directors.
troller of Texas registered $20,000 6% serial school bonds on Feb. 15.
ELECTRA INDEPENDENT SCHOOL DISTRICT (P. 0. Electra),
COTTONWOOD COUNTY CONSOLIDATED SCHOOL DISTRICT Wichita County, Tex.
-On Mar. 10 the voters
NO. 50 (P. 0. Storden), Minn.
-BOND OFFERING.-Sephus Anderson, Will decide whether they -BOND ELECTION.
are in favor of issuing $196,000 5% 40
-year serial
Clerk, offered at 8 p. in. Feb. 23 $13,000
% refunding bonds. Denom. school bonds.
$1,000. Date Feb. 1 1923. Prin. and int. payable at the First National
ELGIN, Chautauqua County, Kan.
Bank, St. Paul.
-BOND SALE.
-The $65,043 76
5% paving bonds, registered with the State Auditor of Kansas on Jan. 26
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND OFFERING.
p. 642), were sold to
J. B. Pierson, County Treasurer, will receive bids until 2 p. m•March 5 for (V. 116,at par. Date June 1 the Brown-Crummer Investment Co. of
Wichita
1922. Int. J. & J. Denoms. $1,000 and
the following two issues of 5% road-improvement bonds:
Due June 11942.
$4.000 James C. Chenowith, Whiskey Run Twp., bonds. Denom. $200. $500.
ELECTRA, Wichita County, Tex.
Due $200 each six months from May 15 1924 to Nov. 15 1933; incl.
-BOND SALE.
-The $7,500 6%
300 B.'I'. McFarland et al. Patoka
bonds. Denom. $30. Due serial incinerator bonds registered on Jan. 26 with the State Comptroller
of Texas (V. 116. p. 538)were sold to the Superior Garbage & Incinerator
$30 each six months from May 15 1924 to Nov. 15 1928. inclusive.
Twp..
Co. of Dallas at par. Denom. $500. Date -Feb. 15 1923. Int. F. & A.
Date March 5 1923. Int. M. & N. 15.
Due 51,500 serially.
CROOK COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Sundance)'
ELYRIA, Lorain County, Ohio.
Wy'o.-BOND SALE.
-On Feb. 15 the $15,000 6% (not 5% as stated in
-BOND SALE.
-The following two
V. 116, p. 318) school bonds offered on that date were sold to Keeler Bros. issues of 54% special assessment paving bonds, which were offered for sale
& Co. of Denver for $15,570 (103.80) and mt.. a basis of about 5.57% • on Feb. 19(V. 116, p. 434), were awarded to N. S. Hill & Co. of Cincinnati
Due $1,000 yearly on Jan. 1 from 1928 to 1942 incl. Bids were also re- for par plus $288 44 premium, equal to 101.838, a basis of about 5.11%:
ceived from the following: Bosworth, Chanute & Co., Sidi°, Simons. Fels $6,215 Kenyon Ave. paving bonds. Denom. 1 for $617 and 9 for $622
each. Due $617 Nov. 1 1923 and $622 yearly on Nov. 1 from 1924
& Co., State of Wyoming, Este & Co.. Benwell, Phillips & Co., James H.
to 1932 incl.
Causey & Co., Spitzer. Rorick & Co. and U. S. Bond Co.
9,472 East River St. paving bonds. Denom. 1 for $922 and 9 for $950
CRYSTAL SPRING, Copish County, Miss.
-BONDS VALIDATED.
each. Due $922 Nov. 1 1923 and $950 yearly on Nov. 1 from 1924
-It is reported that $85,000 school bonds and $15,000 531% (purpose not
to 1932 incl.
stated) bonds were recently validated.
Dated Nov. 1922. Other bidders were:
$191 00 premium
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND OFFER- Durfee, Niles & Co., Toledo
120 32
"
ING.
-A.J. Hieber, Clerk of Board of County Commissioners, will receive Ryan, Bowman & Co.. Toledo
98 31
bids until 11 a. an. Mar. 7 for the purchase at not less than par and interest W.L. Slayton"& Co., Toledo
"
9200
"
of $30,000 45,i% coupon special assessment Sewer Districts 1 and 2, Water Citizens Trust & Savings Bank, Columbus
79 00
"
Supply Inapt. 26, bonds, issued under authority of Sec. 6602-20, Gen. Code. Seasongood & Mayer, Toledo
43 92 "
Denoms. 20 for $1,000 and 20 for $500. Date Apr. 1 1923. Prin, and Otis & Co. Cleveland
13 00
"
semi-ann. int. (A. & 0.) payable at the CountyTreasurer's office. Due Breed, Elliott & Harrison, Cincinnati
51.500 yearly on Oct. I from 1924 to 1943 incl. Cert. check on some solvent
ENTERPRISE, Dickinson County, Kan.
-BOND SALE.
-The
bank other than the one making the bid for 1% of amount of bonds bid for. water works bonds registered by the State Auditor on Jan. 16 (V. $8,500
116.
payable to the County Treasurer, required. Bonds to be delivered and 642,togetherwith $3,000 bonds issued for the same purpose, all bearing
paid for at the County Treasurer's office within 10 days from date of award. have been sold locally at par. Denom. $500. Date, $3,000 Sept. 5
1 1q22
-According and $8.500 Dec. 11922. Due $3,000 Sept. 1 1927 and $8,500 Dec. 11932.
-BOND SALE.
DALLAS COUNTY (P. 0. Adel), Iowa.
to newspaper reports. G. M. Bechtel & Co. of Davenport on Feb. 1 purERIE COUNTY (P. 0. Sandusky), Ohio.
-BOND OFFERING.
chased $73,000
% county funding bonds for $74,000. equal to 101.36.
Sealed proposals will be received by Reuben G. Ehrhardt, Clerk of the
DAVENPORT, Scott County, lowa.-BOND OFFERING.
-It is Board of County Commissioners, until 10 a .m. Mar. 5 for the purchase
% sewer bonds:
stated that Charles E. Robeson, City Treasurer, offered on Feb. 23 $250,000 at not less than par and int, of the following
corporate bonds, to be used to pay for excess paving and "inherited" debts. $14,000 Sewer District 2-A bonds. Auth., Sec. 6602-20 of the General
Code. Denom. 20 for 3500 each, and 10 for $400 each. Due
-BOND
DEE IRRIGATION DISTRICT (P. 0. Hood River), Ore.
$1,400 yearly on Sept. 1 from 1925 to 1934, inclusive.
-The $65,000 irrigation bonds dated Mar. 1 1923 and maturing
SALE.
12.300 Sewer District 2-A bonds. Auth., Sect. 6602-4 of the General
yearly on Mar. 1 from 1928 to 1953 incl., offered on Feb. 15(V. 116, p. 434),
Code. Denom. 21 for $500 each, and 9 for $200. Due $1,200
were sold as follows:
yearly on Sept.! from 1925 to 1933, incl., and $1,500 on Sept. 1
$35,000 bonds at par to the Dee Irrigation & Power Co. of Hood River.
1934.
30,000 bonds at 97.70 to the Ralph Schneeloch Co., Portland, and the
10,000 Sewer District 2-A bonds. Auth., Sec. 6602-4 of the Genera 1
Butler Banking Co., Hood River, jointly.
Code. Denom. $500. Duo $1,000 yearly on Sept. 1 from 1925
to 1934. inclusive.
DENVER (CITY AND COUNTY OF) SCHOOL DISTRICT NO. 1,
5,500 Sewer District 2-A bonds. Auth.. Sec. 6602-4 of the General
-Bids for the purchase of the $2,000,000
-BOND OFFERING.
Colo.
Code. Denom. $550. Due $550 yearly on Sept. 1 from 1924 to
431% elementary school building bonds mentioned in V. 116, p. 538, are
1933. inclusive.
Date Mar. 5 1923. Prin. and semi-ann. Int.(M. & S.), payable at the
being received until 2:30 p. m. April 3 by C. M.Schenck, District Treasurer.
and semi-ann. int. (J. & J.) payable at the Dis- County Treasury's office. A cert. check for 5% of the amount of bld,
Date Jan. 11923. Prin.
drawn upon some solvent bank and payable to the order of the County
trict Treasurer's office, at the Denver National Bank. Denver, or at the Commissioners, required.
Chase National Bank, N. Y. Due $100,000 yearly on Jan. 1 from 1934 to
FAIRLAND, Ottawa County, Okla.
-BOND
-An issue of
1953, incl. Cert. check on a national or State bank in Denver, payable to $40,000 6% water works system and electric lightSALE. construction
system
the District Treasurer, for 231% of amount of bonds bid for, required. bonds was sold to the Hanchett Bond Co. Inc., of Chicago. Denom.
$1,000. Date June 1 1922. Prin. and semi-ann. Int. (J. & D.) payable
approved by Wood & Oakley of Chicago.
Legality
at the Oklahoma Fiscal Agency (Mechanics & Metals National Bank),
The official advertisement of the offering of these bonds may be found in this New York. Due yearly on June 1.
issue.
Financial Statement.
Total value of all property, estimated
$1,000,000
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des Assessed valuation for taxation
419, 53
-ADDITIONAL INFORMATION.
Moines), Polk County, Iowa.
- Total bonded debt (this issue only)
40,I.'
The price (100.07) at which Ballard, Hasset & Bek, Inc., of Des Moines
Population, 1.000.
acqufred the 5210,000 4% and $330,000 431% school building bonds
FAISON, Duplin'County, No. Caro.
-is about on a 4.30% basis. The bonds are described as
V. 116, p. 743
-The $15,000
SALE.
-BOND
follows: Coupon bonds in denom. of $1,000. Date Feb. 1 1923. Prin. 6% electric light bonds offered on Jan. 6,_(V. 116. p. 203) were sold to the
and semi-ann. int. (F. & A.) payable at the office of the District Treasurer. Hanchett Bond Co., Inc., of Chicago,. Denom. $500. Date Jan. 11923.
Due Feb. 1 1943. It is said that these bonds are exempt from the Federal Prin. and semi-ann. int. (J. & J.) payable at New York. Due yearly on
Jan. 1 as follows: $500, 1926 to 1935, incl., and $1,000, 1936 to 1945, incl.
income tax.
Financial Statement.
Financial Statement.
Total valuation of all property, estimated '
Assessed value of taxable property (as determined by assessors)
$1,000,000
1922_ ------------------------------5171,412,300 Assessed valuation for taxation
566,737
itieiu/ing this Issue
Total bonded
4,217,300 Total bonded debt (this issue only)
15,000
Population,estimated.600.
Population. 1920 census, 126,468.
FEB. 241923.]
THE CHRONICLE
FAISON GRADED SCHOOL DISTRICT, Duplin County, No.
Caro.
-BOND OFFERING.
-M. H. Wooten. Secretary of County School
.
Board.(P. 0. Kenansville) will receive sealed bids until 'Mar. 5 for $50,000
6% school bonds. Int. M. & S. Due $2,000, 1924, and $3,000. 1925 to
1940, incl. Cert. check for $1,000, required.
FERTILE, Worth County, lowa.-BOND ELECTION.
-A proposition
to issue $4,000 lighting system bonds is to be submitted to a vote on Mar. 10.
FLEISCHMANNS, Delaware County, N. Y.
-BOND OFFERING.
Sealed bids will be received by Angelo Cole, Village Clerk, until 10 a.ra.
Feb. 28 for the purchase at not loss than par and int. of $10,000 5% Fire
Department bonds. Dated Nov. 1 1922. Denom. $500. Int. semi-ann.
Due $500 yearly on Nov. 1 from 1923 to 1942. incl. A cert. check for 5%
of the Amount of bonds bid for, drawn upon an incorporated bank or trust
company,and payable to the order of the Village of Fleischmanns, required.
Legality approved by Clay & Dillon, New York.
FLORENCE, Marion County, Kan.
-BOND SALE.
-The $27,000 5_%
paving bonds, which were registered by the State Auditor on
18 (V.
116, p. 642), have been sold to the Guarantee Title & Trust Jan.at par.
Co.
Denom.$500. Date Oct. 11922. Int. F.& A. Due serially one to twenty
years.
FLOYD COUNTY (P. 0. New Albany), Ind.
-The
-BOND SALE.
123.600 5% road bonds which were offered for sale on Feb. 10 (V. 116. P.
203) were awarded to the City Trust Co. of Indianapolis, for $24,381,
equal to 103.309. Dated Feb. 10 1923. Int. (M. & N. 15). Denom.
$590.
FORT PIERRE,Stanley County,So. Dak.-BOND OFFERING.
-The
"Commercial West" of Minneapolis, reports the bids will be received until
Mar. 5 for $35,000 6% funding bonds.
FRAMINGHAM, Middlesex County, Mass.
-BOND AND NOTE
SALE.
-On Feb. 19 the following 3 issues of 4% coupon bonds, aggregating
$258,000. which were offered on that date ('V. 116. p. 743) were awarded
to Wise, Hobbs & Arnold of Boston. at 100.951, a basis of about 388%:
$25,000 permanent pavement bands. $5.000 maturing Aug. 1 in each of
the years 1923 to 1927, inclusive.
60,000 Water Act of 1906 bonds, $3,000 maturing on Aug. 1 in each of
the years 1927 to 1936, incl., and $2,000 Aug. 1 in each of the
years 1937 to 1951, inclusive.
173,000 Saxonville School bonds, $10.000 maturing on Aug. 1 in each of
the years 1923 to 1927, incl., $9,000, 1928 to 1930. Incl.. and
$8,000. 1931 to 1942, inclusive.
Denom. $1,000. Date Aug. 11922. Prin. and semi-ann. int. (F. & A.)
payable at the Old Colony Trust Co. of Boston.
The $5.000 44% coupon sidewalk construction notes offered at the same
time, also went to Wise, Hobbs & Arnold. the price being 100.02, a basis
of about 4.24%. Date Aug. 15 1922. Due $1,000 yearly on Aug 15
from 1923 to 1927, inclusive.
Other bidders were:
Name.
Bid.
Bid.
Name.
Stacy-Braun
100.753 The National City Co
100.56
Old Colony Trust Co
100.634 Edmunds Bros
100.54
R. M. Grant Co
100.633 Curtis Sanger
100.421
Harris Forbes Co., Inc
100.58 Estabrook Co
100.39
F.S. Moseley Co
100.57 Merrill Oldham Co
100.34
Paine Webber Co
100.569 R.L .Day Co
100.24
E. II. Rollins Sons
100.567
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-BOND OFFERING.
-Thos. II. Feltz, County Treasurer, will receive bids until 1 p. m. March
5 for the purchase at not less than par of $17,280 5% F. Volk et al. Ray
Township road bonds. Denom. $432. Date March 5 1923. Int. May
15 and Nov. 15. Due $864 each six months from May 15 1924 to Nov.
15 1933 inclusive.
FULLERTON, Orange County, Calif.
-INTEREST RATES.
-Of the
$175,000 outfall sewer bonds awarded to the National City Co. of Las
Angeles on Feb. 6-V. 116. p. 642
-the $105.000 maturing at the rate of
$7,000 yearly on March 1 from 1924 to 1938 bear 01% interest, and the
$70.000 maturing $7,000 yearly from 1939 to 1948 bear 43i %•
GALLIPOLIS, Gallia County, Ohio.
-BOND OFFERING.
-W. P.
Kling, City Auditor, will receive sealed binds until 12 m. Mar. 2 for the
purchase at not less than par and int. of the following 2 issues 6% bonds:
$10,000 water works bonds, issued under authority of Sec. 3939 et seq..
Gen. Code, Denom. $1,000. Int. M.& S. Due $2,000 yearly
on Mar. 1 from 1925 to 1929, inclusive.
3,876 Garfield Ave.!rapt, bonds issued under Secs. 3812 and 3914, Gen.
Code, Denom. 1 for $436 each, and 8 for $430 each. Int. J. &
D. 15. Due $436 Dec. 15 1924. and $430 yearly on Dec. 15 from
1925 to 1932, inclusive.
Cert. check for $500, payable to the City Auditor, is required with each
issue. Bonds to be delivered and paid for within 10 days from date of
award.
-LOAN OFFERING.
GARDNER, Worcester County, Mass.
-Proposals will be received until 11 a. m. Feb. 27 by the Town Treasurer for the
Purchase at discount of a temporary loan of $150,000, dated Feb. 27 1923
and maturing $50,000 on each of the dates Nov. 1, 8 and 22. 1923.
-The issue
-BOND SALE.
GENESEO, Livingston County, N. Y.
of $27.000 paving bonds offered on Feb. 19(V. 116. p. 642) was awarded to
J. G. White & Co. of New York, on a bid of 100.66 for *is,a basis of about
4.46%
Date April 1 1923. Due $1,000 yearly on April 1 1924 to 1950,
incl. Other bidders were:
Name.
prem.
Rate. Interest.
Parson. Son & Co
100.555
455
Inge. Wolcott & Street
100.3865 M e
Havebert Bond Co
$176
Geo. B. Gibbons & Co
100.187
4 %
Chas. G. Hopkins
100.187
4 %
Livingston County Trust Co
5
1,005
Union National Co
4
100.41
Myron:W. Gannack
100.20
4
Stephens & Co
100.657
4
Sherwood & Merrifield
100.396 4
Geneseo Valley National Bank
4.
O'Brian, Potter & Co
Dunkirk Trust Co. (semi-annually)
101 83
4
GLACIER COUNTY SCHOOL DISTRICT NO. 60, Mont.
-BOND
SALE.
-The State Land Board was the successful bidder on Feb. 10 for
the $20,000 school bldg. bonds offered on that date (V. 116. p. 642) at par,
it is reported.
GLACIER COUNTY SCHOOL DISTRICT NO. 50, Mont.
-BOND
SALE.
-The State of Montana has purchased $20,000 6% 15-20 year
(optional) school bonds.
GLENS FALLS, Warren County, N. Y.
-The issue of
-BOND SALE.
125.000 43. % sewer bonds offered on Feb. 21 (V. 116. p. 743) was awarded
to J. G. White & Co.of New York at
105.11. a basis of about 4.10%. Date
Feb. 1 1923. Due Aug. 1 1938.
GLOUCESTER, Essex County, Mass.
-It is
-TEMPORARY LOAN.
reported that a temporary loan of $100.000,
ing Feb. 1 1924, has been awarded to thedated Feb. 26 1923 and maturGloucester National Bank of
Gloucester on a 4.015% discount basis.
GRAND RAPIDS, Kent County, Mich.
-J. C.
-BOND OFFERING.
Shinkman, City Clerk, will receive bids until 3 p. m. Mar. for the pur1
chase at not loss than par and int. of the following
two issues of 5% bonds:
$100,000 filtration bonds. Date Mar. 1
1921. Due
1 1941.
45,000 Pearl St. bridge bonds. Date Oct. 1 1921. Mar. Oct 1 1941.
Due
Denom. $1.000. Int. payable sendann. at the
office.
where bonds are to be delivered and paid for. Cert.City Treasurer's
check for 3% ofamount
of bonds bid for, payable to the City Treasurer. required. Bonds are said
to be free of State, county, city and school taxes. Bonds to be furnished
by the city. The official circular states that the city has never defaulted in
payment of any bonds, and that no bond Issue's legality has ever been questioned.
GRANT COUNTY (P. 0. Marion), Ind.
-BOND OFFERING.
-Bids
will be received until 9 a. m. Feb. 27 by Goo. B. Nottingham, County
Treasurer, for the following 5% road impt. bonds:
'
$1,325 Daniel Stuber at al., Pleasant Twp. bonds. Denom. $6625.
Date Feb. 15 1923.
15.200 Alpheus Green et al., Van Buren Twp. bonds. Denom. $760.
ow Date Nov. 8 1922.
& N. 15. Due 1 bond of each issue each h months from May 15
1924 toiNov. 15 1933, inclusive.
0
849
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO.100, Wash.
BOND SALE.
-An issue of $45,000 6% school bonds offered on Feb. 17
was sold.
GREENFIE1113, Highland County, Ohlo.-BOND SALE.
-The
$8,000 55i% bonds which were offered for sale on Feb. 15-V. 116. p.
-were awarded to Seasongood & Mayer of Cincinnati for $8,083.
642
equal to 101.037, a basis of about 5.24%. Date Dec. 1 1922. Denom.
$1,000. Int. J. & D. Due $1,000 yearly on Dec. 1 from 1923 to 1930
inclusive. The following bids were also received:
BidderPrice Bid.
Davis, Bertram & Co., Cincinnati
$8.102 40 & int.
N. S. Hill & Co.. Cincinnati
8.10800 & int.
The Milliken & York Co., Cleveland
8,043 00 & int.
W. L. Slayton & Co., Toledo
8,043 20 & int.
Ryan, Bowman & Co., Toledo
8.01040 & int.
People's National Bank of Greenfield
8.000 00 & int.
Breed, Elliott & Harrison, Cincinnati
8,060 00 & int.
GREENLAND TOWNSHIP CONSOLIDATED SCHOOL DISTRICT
NO. 47(P.O. Marion), No. Dak.-BONDS VOTED.
-The $11,000 551%
-year funding bonds submitted to a vote of the people on Feb.3(V. 116.
20
p. 539) carried by a count of 25 to 2.
GREENVILLE, Greenville County, So. Caro.
-BOND OFFERING.
Bids will be received until 5 p. m. Mar. 6 by G. G. Wells, City Clerk and
Treasurer, for $100,000 5% 30
-year sewer bonds. Cert. check for $1,000,
payable to the above official, required.
HANCOCK COUNTY (P. 0. Greenfield), Ind.
-BOND SALE.
-The
$11,740 4I1% Wright and Wickard et al., Center Twp. road bonds, which
were offered for sale on Feb. 19 (V. 116, p. 744) were awarded to Paul F.
Binford at par and int, plus $51 50 premium, equal to 100.439. a basis
of about 4.67%. Date Jan. 15 1923. Due $587 each 6 months from May
15 1924 to Nov. 15 1933, inclusive.
HARRISON COUNTY (P. 0. Marshall), Texas.
-BOND SALE.
The Dallas "News" on Feb. 13 said:
"Harrison County sold $190,000 worth of good road bonds to-day at a
meeting of the County Commissioners.
"The bonds were voted some months ago and have been held up, pending
litigation, and are known as the Noon Day road and the Harleton and
Ashland Road bonds. There are $130,000 of the Noon Day and $60,000
of the Ashland-Harleton bonds. A number of bidders were present and
sealed bids were on file, but it was decided to auction off the bonds, which
were sold to II. D. Crosby of Dallas for C. W. McNear & Co. of Chicago
at 102,7256, $313 50 more than the sealed bids would have brought.
"The bonds of $190,000 and accrued interest from last October. and a
premium of $5,177 50 brought Harrison County approximately $198,217."
HARRISON TOWNSHIP (P. 0. Natroma), Allegheny County,
Pa.
-BOND OFFERING.
-Bids will be received until 730 p. m. March
10 by Clarence E.Braun, Township Secretary, for $50,000 45.6% coupon
tax-free bonds. Due $10,000 on Sept. 1 in each of the years 1928, 1934,
1940, 1946 and 1952. Certified check for $1,000 required.
HAZARD, Sherman County, Nebr.-BOND SALE.
-An issue of
$4,5006% bonds was awarded to the State Treasurer of Nebraska at par and
interest. Dated Nov. 1 1922. Denom. $500. Int. annually. Due
Nov. 1 1942; optional Nov. 1 1932.
HEMET UNION HIGH SCHOOL DISTRICT, Riverside County,
Calif.
-BOND OFFERING.
-Proposals for the !purchase at not less than
par and int. of $75,000 5% bonds will be received until 10 a. m. Mar. 5 by
I). G. Clayton, Clerk of Board of County Supervisors, at Riverside. De
nom. $1,000. Date April 11923. Int. semi-ann. Due $7,000 yearly on
April 1 from 1933 to 1942, incl., and 15,000. April 1 1943. Cert. check
for 5%, payable to the above Clerk, required. The assessed valuation of
High School District, less operative property, Is $3.739.990 for the year
1922. and the outstanding bonded indebtedness, not including this issue.
is 1110,000. The actual valuation is estimated at $11.219,970. and the
population is estimated at 5,000. The rate of taxation as assessed in 1922,
varies from $3 88 to 15 75.
HEWITT,Todd County, Minn.
-AMOUNT & PURPOSE OF BONDS.
-In V. 116, p. 319
-we stated that this village would hold an election
during March to vote on the proposition of issuing bonds to the State of
Minnesota. We are.now informed that the amount of the bonds is $8,000
The purpose of the bonds is for the construction of a village hall
HIGHLAND COUNTY(P.O. Hillsboro), Ohio.,
-The
-BOND SALE.
164.000 55i% road impt, bonds offered for sale on Feb. 15 (V. 116.
p,435) were awarded to Kauffman. Smith, Emert & Co.. Inc.. of St. Louis.
for $65,651, equal to 102.579, a basis of about 4.91%. Dated Feb. 11023.
Denom. $1,000 Int. M & S Due $8,000 yearay on Sept 1 from 1924
to 1931 inci The following bids were received:
NameAmt of Bid
Amt of Bid.
NameCitizens Tr.&Sav., Colum.$65.212 00 Prov. S. Ilk. & Tr., Cin_ 365,632 00
Well, Roth & Irving, Chi_ _65,632 00 Kauffman, Smith. Emert
Seasongood & Mayer. Cin_65,540 00
& Co., Inc., St. Louis__ _65.651 00
Detroit Trust, Detroit_ _ _ _65,123 00 Minton, Lampert & Co. Ch65,483 00
Tucker, Robison & Co.. To165,324 80 W.L. Slayton & Co.. Tol_ _65.532 00
Keane, Higbie & Co.. Det_65,404 00 Ryan, Bowman & Co.,T0l_64,710 40
Davies
-Bertram Co.. Cin_ _65,459 20 Breed, Elliott & Haren,Cin65.388 88
N. S. Hill & Co., Cin
65.345 60 Hanchett Bond Co., Chi_ _65,365 00
Northern Trust Co., Chi_ _65,643 52 Richards,Parish&Lam'n,C165.463 00
Baker, Walsh & Co., Chi_ _65,345 28 Bonbright & Co., Chi_ _ _ _65.542 50
HOUSTON COUNTY LEVEE IMPROVEMENT DISTRICT NO. 1,
Tex.
-The 1150,000 6% serial bonds, registered by the
-BOND SALE.
State Comptroller of Texas, on Aug. 7 (V. 115, p. 894) were purchased by
the contractors, it is reported.
-BOND OFFERING.
HUMHREYS COUNTY (P. 0. Belzoni), Miss.
-Bids will be received until Mar. 5 by A. R. Hutchens, Clerk. Board of
County Supervisors. for $175,000 6% Supervisor's District No. 2 bonds.
Denom. $500. Date Feb. 15 1923. Int. semi-ann. Due $5,000 yearly
for the first 5 years, $7,000 yearly for the next 10 years, and $8,000 yearly
for the next 10 years. Cert. check for 2%, required. Bidder must agree
to take the bonds subject to outcome of pending validation proceedings
in the Chancery Court of Humphreys County, and opinion on the bonds
by Jno. C. Thomson of N. Y. Bidder must agree to pay cost of lithographing the bonds, and the fee for the opinion of Jno. C Thomson. Assessed valuation of District, $1,379,000.
HUNTER SPECIAL SCHOOL DISTRICT NO. 68 (P. 0. Hunter),
Cass County, No. Dak.-BONDS VOTED.
-A vote of 167 to 32 carried
a proposition to issue $77.000 bonds for the erection of a new school bldg.,
according to the "Commercial West" of Minneapolis.
HUNTINGTON BEACH,Orange County,Calif
.BOND ELECTION.
-On Feb. 27 a proposition to issue bonds for street paving is to be submitted
to the voters.
HUNTINGTON SCHOOL DISTRICT NO.4(P.0, Northport), Suffolk County N. Y.
County,
-An issue of $300,000
% coupon
-BOND SALE.
or registered
bonds was awarded on Feb. 21 to Farson, Son & Co.
of N. Y., at 103.343. a basis of about 4.24%. Denom. $1.000. Date
Mar. 1 1923. Int. M. & S. Duo yearly on Mar. 1 as follows: $7,000,
1925 to 1929. incl.; $8,000, 1930 to 1934, incl.: $10,000, 1935 to 1944, incl.;
$12,000, 1945 to 1949, incl., and $13,000, 1950 to 1954, inclusive.
-The School
HUTCHINSON, Reno County, Kans.-BOND SALE.
Fund Commission has purchased at par the 18.900 5% sewer bonds registered by the State Auditor on Jan. 26 (V. 116. p. 643). Denom. $890.
Date Dec. 1 1922. Int. J. & D. Due serially one to ten years.
ILLINOIS (State of).
-BOND SALE.
-On Feb. 20 the issue of $6.000.000 4% coupon (with privilege of registration) highway bonds, which
was offered for sale on that date (V. 116. p. 744) was awarded to the Continental & Commercial Trust & Savings Bank of Chicago, at 98.18. a basis
of about 4.14%. Date Mar 1 1923. Due 11,000,000 yearly on Mar. 1
from 1938 to 1943, incl. This is the third issue made under the Constitutional Amendment adopted in 1918, which gave the State authority to
issue $60.000,000 bonds for road work. The new issue brings the total
place to date up to $17,000.000. The bonds are now being offered to inves'ors at 99II: as advertised on a preceding page.
INDIANAPOLIS PARK DISTRICT (P. 0. Indianapolis), Ind.
BOND SALE.
-The $88,000 43% coupon park bonds, which were offered
for sale on Feb. 15-V. 116. p. 643
-were purchased by the FletcherAmerican Co. of Indianapolis for $89,061, equal to 101.205, a basis of
about 4.37%. Date Feb. 15 1923. Int. J. & J. Denom. $1,000. Due
850
THE CHRONICLE
$4,000 yearly on Jan. 1 from 1925 to 1946 incl. The following bids were
also received:
Premium.
Premium. 1 NameName$806 00 City Trust Co.,Indianapolis_ $807 00
Meyer-Kiser Bank,Ind
836 171
Gavin L.Payne & Co.,Ind
INDIANAPOLIS SANITARY DISTRICT (P. 0. Indianapolis), Ind.
-On Feb. 20 the $375.000 436% coupon sewage disposal
-BOND SALE.
-V. 116. p. 539
-were awarded to the
plant bonds offered on that date
Harris Trust & Savings Bank of Chicago for $387,300 (103.28) and interest.
a basis of about 4.30%. Date Feb. 15 1923. Due $7,500 yearly on
Jan. 1 from 1925 to 1974 incl. Breed, Elliott & Harris, Union Trust
Co., Fletcher Savings & Trust Co. and Fletcher American Co. of Indianapolis bid par, premium $3.803 and accrued interest.
PRINDIANAPOLIS SCHOOL DISTRICT (P.0. Indianapolis), Marion
-BOND SALE.
-The issue of $110,000 434% coupon
County, Ind.
school bldg. bonds offered on Feb. 20 (V. 116, p. 539) were awarded to
Jelke-Hood & Co. of Chicago, for $112,431 (102.21) and int., a basis of
about 4.25%. Date Feb. 20 1923. Due yearly on June 20 as follows:
15,000. 1924 to 1938, incl., and $7,000. 1939 to 1943, incl. A complete
list of bidders follows:
Premium.
Name.
Indiana Trust Company, Indianapolis
$769 00
1,401 25
Fletcher Savings & Trust Co., Indianapolis
501 00
Union Trust Co., Indianapolis
465 00
Fletcher American Company, Indianapolis
Meyer-Kiser Bank, Indianapolis
776 00
J. F. Wild & Co. State Bank, Indianapolis
13 00
Harris Trust & Savings Co., Chicago
1,958 00
2,431 00
Jelke-Hood & Company, Chicago
Gavin L. Paine & Co.,and lireed-Ellioot & Harrison, Indianapolis_ 880 00
1,853 00
Detroit Trust Company. Detroit
1,601 50
Winslow, Lanier &Company, New York
A.T. Bell& Company,Toledo
1,401 40
ISLE LA CLARE ROAD DISTRICT NO. 1, Jefferson Davis Parish,
-BOND OFFERING.
-John T. Hood, Clerk of Police Jury (P. 0.
La.
Jennings), will receive sealed bids until 2 p. m. March 1 for $22.000 6%
coupon road bonds. Denom. $250. Prin. and semi-ann. int.(M. & S.)
payable in New York. Due yearly on March 1 as follows: $250, 1924,
$500. 1925 to 1931 incl., $750, 1932 to 1937 incl., 81,000, 1938 to 1941 id.,
$1,250, 1942 to 1945 incl.. $1,500, 1946 and 1947, and $1,750. 1948. Cert.
check for $1,000 required. It is stated that the successful bidder will be
given the privilege ofhaving thelegality of the issue approved by a competent
legal authority.
-BOND SALE.
-On
JEFFERSON COUNTY (P. 0. Madison), Ind.
Feb. 10 three issues of 4 % road bonds. aggregating $28,800. were purchased by the Madison Safe Deposit & Trust Co. of Madison at par and
Interest. Dated Oct. 3 and Dec. 5 1922. Denoms. $470, $380 and $590.
Int. M. & N. Due serially for ten years.
BOND SALE.
-An issue of $13.880 43 % Grant Lee road, Shelby Township, bonds. has been awarded to Gavin L. Payne & Co. of Indianapolis
at par and interest.
JOHNSON COUNTY (P. 0. Olathe), Kans.-BOND SALE -The
$10,000 5% R. H. D. bonds, registered on Jan. 11 by the State Auditor
(V. 116, p. 643), have been sold. Denom. $500. Date Jan. 1 1923.
Int J. & J. Due $3,000 in each of the years 1930, 1931 and 1932, and
81,000. 1933.
-BONDS
ICARNES COUNTY COMMON SCHOOL DISTRICT, Tex.
-20
REGISTERED.
-On Feb. 12 $2,1300 6% 10 -year bonds were registered
with the State Comptroller of Texas.
ICAUFMAN COUNTY LEVEE IMPROVEMENT DISTRICT NO. 4,
-BONDS REGISTRRED.-On Feb. 13 $30,000 6% serial bonds were
Tex.
registered with the State Comptroller of Texas.
KIMBALL INDEPENDENT CONSOLIDATED SCHOOL DISTRICT
NO. 2 (P. 0. Kimball), Brute County, So. Dak.-BOND SALE.
On Feb. 15 the $90,000 5% coupon (with privilege of registration) school
bonds, which were offered on that date (V. 116, p. 643) were awarded
to Ballard.& Co. of Minneapolis, for $90,735, equal to 100.816, and interest, a basis of about 4.92%. Date Feb. 15 1923. Due on Feb. 15 as follows: $3,000. 1925 to 1928 incl.: $4,000. 1929 to 1933, incl.: $5,000, 1934
to 1937, incl.; 16,000. 1938 to 1941, incl., and 17.000. 1942 and 1943.
Other bidders were:
Premium Offered.
Premium Offered.
$215
McNear Fleeter & Co
$730 Stacy & Braun
135
Wells
-Dickey Co
695 Drake-Ballard Co
90
680 Jelire-Hood & Co
Northwestern Trust Co
Gates, White & Co
440
KINSTON GRADED SCHOOL DISTRICT (P. 0. Kinston), Lenoir
County, No. Caro.
-At an election held on Jan. 9
-BONDS VOTED.
$300.000 school bonds Were voted. This item was incorrectly given in
V. 116. p. 319. under the caption of"Kinston, No. Caro."
LA GRANGE COUNTY (P. 0. Lagrange), Ind.
-BOND OFFERING.
-Bids will be received by George W. Hoff, County Treasurer, until 1 P.m
March 6 for the purchase at not less than par and interest of the following
5% coupon bonds:
825.500 'William H. Dial et al. County Unit Road No. 8 Milford Twp.
bonds. Denom. $318 75. Due $637 50 each 6 months from
May 15 1924 to Nov. 15 1943.
42,500 Charles W. Dunker et al. County Unit Road No. 16, Lima and
Van Buren Townships bonds. Denom. $531 25. Due $1.062 50
each 6 months from May 15 1924 to Nov. 15 1943.
27,500 Road No. 5 Eden and Newbury Townships bonds. Denom.
$343 75. Due $67850 each 6 months from May 15 1924 to
Nov. 15 1943.
Dated March 15 1923. Int. M. & N. 15. Prin. and int. payable at
the County Treasurer's office.
-Jose
-BOND OFFERING.
LAJAS (Municipality of), Porto Rico.
N. Tomei, Municipal Corrunissioner of Public Service, will receive sealed
proposals unil 2 p. m. Mar 14 for the purchase of $116,000 coupon impt.
bonds, at not to exceed 6% int. Date Jan. 1 1923. Denom. $1,000.
Prin. and semi-ann. int. will be payable and the bonds will be delivered
at some bank or trust company, either in Washington, D. C., New York
or Porto Rico, chosen by the buyer to be designated by the Council of Administration of Lajas. Due yearly on July 1 as follows: 83.000. 1928 to
1937, Ind ,.• $5.000. 1938 to 1943, incl., 37,000, 1944 to 195_,1 incl. Cert.
check or bank draft (or cash) on some national bank in the United States,
or on any one of the banks doing business in Porto Rico, for 2% of the par
value of the bonds, payable to the Commission of Finance, required. Purchaser to pay accrued int. Official announcement says: "These bonds
are exempt from payment of taxation in the United States and Porto Rico
and may be accepted by the Government of Porto Rico for deposits offunds
of that Government or as security required by any of the laws of Porto
Rico, to be deposited with the Department of Finance. The Executive
Council of Porto Rico, has pledged the good faith of the people of Porto
Rico, for the payment of principal and interest of these bonds."
-BOND SALE.
-The $9,000
LAKEMORE, Cuyahoga County, Ohio.
5% municipal building bonds which were offered for sale on Jan. 17(V. 116.
D. 204), were awarded to the Commercial Savings& Trust Co.at par. Date
3uly 1 1922. Denom. $600. Due serially on Oct. 1 from 1923 to 1930.
W. L. Slayton & Co. of Toledo also submitted a bid.
-BOND OFFERING.
LAKEWOOD, Cuyahoga County, Ohio.
Sealed hjds will be received until 12 m. Mar. 5 by A.0. Guild, Director of
Finance, for the following road bonds:
*$1.218 Alger Road water main 53.6% bonds, maturing serially 6218 on
Oct. 1 1924 and $250 each of the years 1925 to 1928, incl.
13,330 Athens Avenue paving 5% bonds, maturing serially $1,490 on
1 each of the years 1925 to 1932,incl.
Oct. 1 1924 and $1,480 on Oct.% bonds, maturing serially $1,160
•
10,440 Lakeland Avenue paving 1924
to 1932, incl.
of the years
on Oct. 1 each
maturing serially $4,350
53 %
22,350 Olive Avenue sewer mainon Oct. bonds, of the
1 each
years 1925 to 1928,
1924 and $4,500
on Oct. 1
incl.
Avenue water main 534% bonds, maturing serially $1.152
*5,760 Olive
on Oct. 1 each of the years 1924 to 1928. incl. serially $1,113 on
bonds, maturing
*10.024 Oswego Avenue paving 53.%and 1924 and
$1,114 on Oct. 1 each
Oct. 1 each of the years 1923
incl.
of the years 1925 to 1931, payable at the
office of the Director of
Date day of sale. Int.(A. & 0.)
Finance. A cert. check for 5% of the amount of bonds bid for, payable to
the City of Lakewood,is required.
* These are the issues mentioned In V. 116. p.744.
[VOL. 116.
LAKE CORMORANT DRAINAGE DISTRICT, De Sota and Tunica
Counties, Miss.
-BOND SALE.
-This District, according to newspaper
reports, has sold $110,000 6% drainage bonds to the Liberty-Central
Trust Co. of St. Louis, at 105.95. Notice that this District would sell
bonds amounting to from $110,000 and $150,000 was given in (V. 116, P.
540).
LAKE WORTH INLET DISTRICT (P. 0. West Palm Beach), Palm
Beach County, Fla.
-BOND OFFERING.
-0. H. Ellis, Secretary-Treasurer Board of Commissioners, will sell at public auction at 2 le• m• march 5
$275,000 6% coupon or registered bonds. Denom. $1,000 .Date July 1
1922. Prin. and semi-ann. int. (J. & J.) payable at the Seaboard National
Bank, N. Y. Due yearly on July 1 as follows: $5,000 1928 to 1932, incl.;
$8,000 1933 to 1937. incl.; $11,000 1938 to 1942, incl.; $14,000 1943 to 1947,
incl., and $17,000 1948 to 1952, incl. Certified check for 10% of the par
value of the bonds, payable to the district required. Legality approved
by Jno.C. Thomson of New York,it is stated
LAPORTE COUNTY (P. 0. Laporte), Ind.
-BOND OFFERING.John Line, County Treasurer, will receive bids until 11 a. in. Mar. 7 for
the purchase at not less than par of the following 2 issues of 5% gravel
road bonds:
$11,600 Louis Martine et al., Center & Springfield Twps. bonds. Denom.
$290.
23.600 Wm.J. Schumaker et al., Springfield Twp. bonds. Denom.$590.
Date Feb. 17 1923. Prin. and semi-ann. int. (M. & N. 15), payable
at the State Bank of A. P. Andrew, Jr., & Son, Laporte. Due 1 lbond of
each issue each 6 months from from May 15 1924 to Nov. 15 1943, incl.
Cert. check for 5%, required.
LEESVILLE SCHOOL DISTRICT NO. 16, Vernon Parish, La.
-Dr. F. P. Jones, President of the Parish School
BOND OFFERING.
Board,(P. 0. Leesville) will receive bids for not less than par until 12 m.
April 5 for $70,000 6% bonds, authorized, it is said, by the taxpayers of
the District, at an election held on Jan. 23 1923. Int. semi-ann. Due
for a period of 25 years. Cert. check for $2,500, payable to the School
Board, required.
LEONARDVILLE RURAL HIGH SCHOOL DISTRICT NO.5(P.O.
-BONDS VOTED.
-It is reported
Leonardville), Riley County, Kan.
that bonds for $35,000 to purchase a site and to erect a new high school
carried by a large majority in a special election held on Feb. 9.
-BOND SALE.
-On Feb. 19 an
LIBERTY, Sullivan County, N. Y.
Issue of $30,000 434 '7,, coupon water-supply bonds was awarded to Parson,
Son & Co. of New 'York, at 102.234, a basis of about 4.28%. Denom.
$1.000. Date Nov. 11922. Principal and semi-annual interest(M.& N.)
payable in New York exchange. Due $1,000 yearly on Nov. 1 from 1923
to 1952, inclusive.
-BOND SALE.
-The
LINCOLN COUNTY (P. 0. Ivanhoe), Minn.
$16,155 public drainage ditch bonds which were offered for sale on Feb. 5
(V. 116, p. 540), were awarded to the Wells-Dickey_ Co.. of Minneapolis,
for $16,480 (102.011) and interest for 4'is. Dated Feb. 5 1923. Denom.
15 for $1,000, 1 for $500 and 1 for $655. Int. J. & J. Due in from 15 to
20 years.
-BOND OFFERLINCOLN COUNTY (P. 0. Lincolnton), No. Caro.
-R.C. Goode, Chairman of the Board of County Commissioners, will
ING.
bids until 11 a. in. March 8 for $225,000 road bonds, it is
receive sealed
stated.
-BOND OFFERING.
L1NCOLNTON, Lincoln County, No. Caro.
Dr. J. R. Gamble, Mayor, will receive sealed proposals until 8 p. m. March 2
for the purchase at not less than par and accrued interest of $160,000 coupon
(with privilege of registration as to principal) street improvement bonds at
not to exceed 6% interest. Denom. $1,000. Date March 1 1923. Prin.
and semi-ann. int.(M.& S.), payable in New York or such place as may be
Aldermen.
agreed upon by the
ofAcerT0; 3
icl
13
eriy°1
WfCr c
riafoloar2o PMd n
incl. Certified cneck (or case) on an incorporated bank or trust company
for 2% of the amount of bonds bid for, payable to J. 0. Allen, Town
Treasurer, required. Bids must be on blank forms furnished by R. H.
Dellinger, Clerk Board of Aldermen. Purchaser to pay for lithographing
and printing of bonds, likewise to furnish legal opinion at his own expense.
Bonds will be delivered to the purchaser, at such place as the purchaser may
designate, at purcriaser's expense, including New York exchange, and must
then be paid for in New York funds.
-On Jan. 30
-BOND SALE.
LOCKPORT, Niagara County, N. Y.
an issue of 321,980 39 6% paving bonds was sold to Sherwood & Merrifield of New York at 106.57. a basis of about 4.52%. Denom. $244 26
and $2,442 31. Date Jan. 30 1923. Due yearly on Jan. 30 from 1924 to
1932 incl.
-An issue of 840,000
-BOND SALE.
LORAIN, Lorain County, Ohio.
police and fireman bonds was bought up by the Sinking Fund Trustees.
-The issue of
LOS ANGELES, Calif.
-BOND AWARD MADE.
$2.000,000 coupon (with privilege of registration) water-works bonds, bids
-was awarded on Feb. 16
for which were opened on Feb. 13-V. 116, p. 745
to a syndicate headed by Blair & Co., Inc., on a bid of par and accrued int.,
plus $700 premium, for $1,000,000 4%s, maturing from Jan. 1 1924 to
Jan. 1 1943, Ind., and $1.000,000 4s, maturing from Jan. 1 1944 to
Jan. 1 1963,incl. This is a rate bid of 100.035, which I son a basis of about
2
4.37% Denom. $1,000. Date Jan. 1 1923. Prin. and semi-ann. int.
(J. & JO Payable in N. Y. or Los Angeles, at holder's option. Due 350.000
yearly on Jan. 1 from 1924 to 1963. incl. The bonds were re-offered to
investors at priceS to yield 4.20% and 4.25%. A complete list of the bids
received on Feb. 13 follows:
-Par, accrued interest, premium 138,800.
First Securities Co., et al.
Brown Bros. & Co., New York, at al.
-Par,accrued int., premium $19,400.
Blair & Co.. Inc.. et al.
-Par, accrued int., premium $700. $1,000,000
bonds to bear 435% int: being those maturing each .Tan. 1 1924 to 1943.
incl., and $1,000,000 bonds to bear 4%% int., being those maturing each
Jan. 1 1944 to 1963, incl.
-Par, accrued int., premium $8,000.
Guaranty Co. of New York, et al.
-Par,accrued int.. premium 818,274.
Harris Trust & Savings Bank, et al.
-Par, accrued int., premium 321.400.
Drake, Riley & Thomas, et al.
-Par,accrued int., premium $12,427.
Security Trust & Say. Bank, et al.
-100.03 for bonds aggregating $2,000,000,
Merchants National Bank, et al.
maturing and bearing int, as follows: $700.000 as 4;4% bonds maturing
$50.000 each year 1924 to 1937. incl.; $450.000 as 4% bonds maturing
$50,000 each year 1938 to 1946. incl.; $850,000 as 4% bonds maturing
$50,000 each year 1947 to 1963, Ind.
-Par, accrued int., premium $20,750.
Citizens National Bank. at al.
-Par, accrued int., premium $22,740.
Hunter, Dulin & Co., et al.
LOUISA COUNTY (P. 0. Wapello), lowa.-BOND OFFERING.
Sealed bids will be received until 10 a. m. Feb. 26 by Cecil L. McClurkin,
County Auditor, for $44,600 6% Levee District No. 15 bonds. Data
Dec. 11921. Due yearly on Dec. 1 as follows: 14,000 1924. $4,500 1925 to
1932 incl. and $4,600 1933. Cert, check on a State or national bank for
$5,000 required. The printed bonds and the approving opinion of Chapman, Cutler & Parker, Chicago, will be furnished by the county to the
purchaser of the bonds, and the opinion of the attorneys must be accepted
as conclusive evidence of the legality of the bonds. After the sealed bids
are opened and publicly announced, open bids will be received.
-BOND SALE.
-On Feb. 19
LUCAS COUNTY (P.O. Toledo), Ohio.
-V. 116, n.
the seven issues of 5% bonds which were offered on that date
-were awarded as follows:
540
830.769 22 Washington Township Stone Road Improvement No. 194 bonds
to Stacy & Braun a Toledo for a premium of $411 78, equal to
101.338, a basis of about 5.22%. Denom. $1,000. except 1 for
$769 22. Due yearly on Sept. 1 as follows: $2,769 22, 1924:
$3,000. 1925 to 1928, incl., and $4,000. 1929 to 1932, incl.
7,17948 Washington Township Stone Road improvement No. 197 bonds
to Stacy & Braun for a premium of $8 52, equal to 100.118, a
basis of about 5.46%. Denom. $1.000, except 1 for $1,179 48.
Due yearly on Sept. 1 as follows: $1,179 48, 1924; $1,000,
1925 to 1928,incl., and $2,000, 1929.
20,717 93 Maumee Village Stone Road Improvement No. 198 bonds to
Stacy & Braun for a premium of$283 07, equal to 101.366, a
basis of about 5.23%. Denom. $1,000, except 1 for $717 93.
Due yearly on Sept. 1 as follows' 81,717 93, 1924; $2,000, 1925
to 1929, incl., and $3,000, 1930 to 1932, incl.
20,512 81 Washington Township Stone Road Improvement No. 199 bonds
to Stacy & Braun for a premium of $288 19, equal to 101.405,
a basis of about 5.22%. Denom. $1,000, except 1 for $51281.
Due yearly on Sept. has follows: $1,512 81, 1924; $2,000. 1925
to 1929,incl.. and 83,000. 1930 to 1932, incl.
FEB.24 1923.] •
THE CHRONICLE
$17,230 76 Washington TownshipiStone Road Improvement No. 202 bonds
to Stacy & Braun for a premium of $187 24. equal to 101.086,
a basis of about 5.27%. Denom. 31.000. except 1 for $1.230 76.
Due yearly on Sept. 1 as follows: $1,230 76. 1924; 32,000, 1925
to 1929. incl.. and 33.000. 1930 and 1931.
49,876 17 bonds to provide a fund for the purchase and acquisition of
Water Supply Line No. 67. in Lucas County, Main Sewer District No. 7, to Spitzer, Rorick & Co. of Toledo for a premium of
$759,equal to 101.521. a basis ofabout5.20%. Denom.31.000.
except 1 for $876 17. Due yearly on Sept. 1 as follows:
34,876 17, 1924. and 35.000, 1925 to 1933, incl.
6.76922 Washington Township Stone Road Improvement No. 196 bonds
to Stacy & Braun for a premium of 37 78, equal to 100.114. a
basis of about 5.47%. Denom. $1,000, except 1 for 769 22.
Due yearly on Sept. 1 as follows: $769 22, 1924; $1,000, 1925
to 1928, incl., and 32,000, 1929.
Date March 1 1923. Prin. and semi-ann. int. (M. & S.) payable at
the office of the County Treasurer.
In the following tabulation we give all the bids received, the successful
bids being marked( ),the conditional bids (x), and aggregate bid, covering
5
the entire seven issues,(y).
$49,876 17 330.769 22 36.769 22 $7.179 48
Issue.
Issue.
Issue.
Issue.
Stacy & Braun, Toledo
$701 83 *3411 78
*3852
$*7 78
Spitzer, Rorick & Co.,Tel.__
*759 00
391 00
A. T. Bell & Co., Toledo-663 35
363 08
x5 07
x6 09
N. S. Hill & Co., Cincinnati..
y$1,077 00
Sidney Spitzer & Co. and
Prudden & Co.. Toledo-.
391 00
x8 00
231 78
x19 00
W.L. Slayton & Co.,Toledo_
638 31
393 85
7 90
7 56
$20.717 93 320,512 81 317,230 76
Issue.
Issue.
Issue.
Stacy & Braun,Toledo
•3283 07 *3288 19 *3187 24
Spitzer, Rorick & Co., Toledo
264 00
261 00
A. T. Bell & Co.. Toledo
13967
264 61
263 11
Sidney Spitzer & Co.and Prudden & Co..
Toledo
x11024
x16400
x16307
W. L. Slayton & Co., Toledo
183 19
265 29
262 55
MAGNOLIA PARK (P. 0. Houston), Harris County, Tex.
-BONDS
DEFEATED.
-It is reported that the $300,000 sewer bonds voted upon at
the election held on Feb. 15-V. 116, p. 435
-were defeated.
MAMOU, Evangeline Parish, La.
-J. C. Fruge,
-BOND OFFERING.
Village Clerk, will receive sealed bids until 11 a. m. March 5 for $40,000
coupon water works system bonds at not to exceed 6% interest. Denom.
$500. Date March 11923. Prin. and semi-ann. int.(M. & S.), payable
at the Chase National Bank, N. Y. Due yearly on March 1 as follows:
$1.000 1925 to 1933, incl.; $1,500 1934 to 1938. incl.; 32.000 1939 to 1943,
incl.; 32.500 1944 to 1946.incl., and $3,000 1947 and 1948. Certified cneck
for $1,000 required. Legality approved, it is stated, by Thomas E. Burlow
of New Orleans.
MANHATTAN, Riley County, Kan.
-On Feb. 15 the
-BOND SALE.
$13.002 50 44% storm sewer bonds which were registered with the State
Auditor of Kansas on Jan.9(V. 116. p.643) were sold at par to local parties.
MARION,Marion County,So. Car.
-Sealed bids
-BOND OFFERING.
will be received until 12 m. Mar. 15 by P. Y. Bethea, Town Clerk. for $73.000 sidewalk and street hunt.. $7,000 sewerage and $20,000 drainage 5%
bonds. Denom. $1,000. Date Mar. 1 1923. Prin. and semi-ann. int.
payable at such bank or banks as the purchaser shall designate. Due
$5.000 yearly on Mar. 1 from 1933 to 1952 incl. Cert. check on some
Incorporated bank or trust company for $1,000 required. Bonds will
be sold subject to the approval as to legality of the issue by Jno. C. Thompson of New York. These bonds were authorized at an election held on
Feb. 14 1923 by 102 to 6.
MARION COUNTY (P. 0. Knoxville), Ind.
-BOND OFFERING.
Bids will be received by R. A. Lemcke, County Treasurer, until 10 a. m.
Feb. 24 for the purchase of the following 44road bonds:
$6,800 Cleveland Hine et al. free gravel road Pike Twp. bonds. Denom.
9340. Due $340 each 6 months from May 15 1924 to Nov. 15 1933.
Dated Feb. 15 1923.
19,000 William F. Muesing et al. road bonds. Denom. $950. Due $950
each 6 months from May 15 1924 to Nov. 15 1933. Dated Jan. 1
1923.
Int. M.& N. 15. If the above bonds are not sold on the above date, the
sale will be continued from day to day until all of the bonds are sold.
MARSHALL SCHOOL DISTRICT (P. 0. Marshall), Saline County,
Mo.-BOND SALE.
-By submitting a bid of 3207.142(103.57) and interest,
Stern Bros. & Co. of Kansas City acquired on Feb. 15 the 3200,000 5%
coupon high school building bonds offered on that date
-V. 116, p. 320.
Date March 11923. Due serially to 1943. Other bidders were:
Guaranty Tr. Co., Kan. C.*$207,270 &Eel, Nicolaus Inv t, St. L_ $206,100
Wm. . Compton Co., St. L. 206,730 Nat. Bk. of Comm'ce, St. L. 206,020
Hanchett Bd. Co., Inc., Chi. 206,666 Bonbright & Co., St. Louis_ 205,916
Kauffman, Smith. Emert &
Taylor, Ewart & Co., Chi-- 205,140
Co., Inc., St. Louis
206,553 Lewis W. Thompson & Co..
Lafayette-So.SIde Bk ,St.L. 206,400
Inc., St. Louis
204.960
First National Co., St. L_-_ 206.194 Walton Trust Co
204,681
Mercantile Ti'. Co., St. L.__ 206,100 H.P.WrightInv.Co.,Kan.C. 204,116
•Term not acceptable.
MELLEN, Ashland County, Wis.-BOND SALE.
-The Norlton
National Bank has purchased $24.000 5%
for 324.010 and
other considerations. Denom. $500. Dateservice bonds
March 1 1923. Int. M. & S
Due $2.000 yearly. These bonds were recently offered without success
(V. 116, p. 745).
MIAMI COUNTY (P. 0. Peru), Ind.
-BOND SALE.
--The 34,100
44% road bonds which were offered for sale on Feb. 15 (V. 116, p. 540)
were awarded to the Citizens' State Bank for $4,110, equal to 100.244, a
basis of about 4.45%. Denom. $205. I.M. & N. Due $205 May 15
1924 and $205 each 6 months thereafter. The City Trust Co. of Indiananoils also submitted a conditional bid at par and accrued interest.
MILAN COUNTY ROAD DISTRICT NO.90(P.O. Cameron),Tex.BOND OFFERING.
-The Commissioners' Court of Milan County will receive sealed bids until 10 a. m. Feb. 28 for
-year (aver.)
$32.000 535% 15
bonds. Denom. 51,000. Date Jan.-12 1922. Prin. and semi-ann. int.
payable in New York. Cert. check
$650 required. The approving
opinion of W. M. Harris of Dallas will forfurnished the bidders and all bids
be
accepted subject to his opinion only. Bidders will be given twenty days
in which to inspect and take up bonds.
MILES CITY, Custer County, Mont.
-The $125.000
water and $85,000 sower bonds, offered -BOND SALE. 116,3). 320
on Feb. 12-V.
were awarded to the Wells Dickey Co. of Minneapolis
as 5s. Date Jan.
11923. Due Jan. 1 1943, optional Jan. 11933.
MILLS COUNTY (P. 0. Glenwood), Iowa,
-BOND SALE.
-Newspaper reports say that this county has sold $105,000
2
bonds, which are to be paid from the mill county's share -year anticipatory
of auto tax. Due
1923 and 1924.
ADDITIONAL DATA.-Estabrook & Co. of New York were associated with the Minnesota Loan & Trust Co. of Minneapolis in obtaining
the 3100.0005% and $285,000 43% park bonds offered on Feb. 14. The
price was 100.66 and interest, a basis of about 4.47%-V. 116, p. 745.
Other bidders were:
Wells-Dickey Co., Minneapolis, et al
$22:510000
Lane, Piper & Jaffrey, Inc., Minneapolis
MISSION INDEPENDENT SCHOOL DISTRICT, Hidalgo County,
-The $12,000 5% 10 -year bonds registered by the
-BOND SALE.
Tex.
-40
State Comptroller on Jan. 31 were disposed of by the district on Jan. 26.
COUNTY (P. 0. Colorado), Tex.
MITCHELL
-BOND SALE.
-A
special telegraphic dispatch from our Western representative advises us
that the 3115,000 5% court house construction bonds which were voted on
Jan. 27-V. 116, p. 644-have been sold for 3115,560, equal to 100.48.
MOBILE COUNTY (P. 0. Mobile), Ala.
-BOND OFFERING.
Bids for the purchase of the following two issues of 5% bonds will be
received until 10:30 a. in. March 1 by Thos. B. Allman, Clerk of Board
of Revenue & Road Commissioners:
$330,000 funding bonds. Denom. $600,
1000 0 school bonds. Denom. 31.000.
0
Date April 1 1923. Prin. and semi-ann. int. (A. & 0.) payable at the
National City Bank of New York Due April 1 1943. Certified check
for $1,000 required. These are the bonds mentioned in V. 116, p. 644.
851
MODESTO SCHOOL DISTRICT,Stanislaus County, Calif.
-BOND
SALE
.-The Anglo-London Paris Company of San Francisco was the
successful bidder on Feb. 14, according to the San Francisco "Chronicle,"
for an issue of $175.000 5% bonds, maturing serially from 1929 to 1960
incl., for $187,206. equal to 106.97. Other bidders, according to the same
source, were: William R. Staats Co., $11,447; Bank of Italy, $10.981:
Cyrus Peirce & Co., 39.097; Weeden & Co., $9,027; American National
Company, $8,722; Bond & Goodwin & Tucker, Inc., and E. H. Rollins &
Sons, Jointly, $8,600, and Council, Moller & Co.. $6,750.
MONROE TOWNSHIP (P. 0. Anderson), Madison County, Ind.
-On Feb. 19 the issue of $68,000 51F school bonds offered on
BOND SALE.
that date (V. 116. p. 644) was awarded to the Fletcher-American Co. of
Indianapolis for $69,836 (102.70) and int., a basis of about 4.69%. Date
Feb. 1 1923. Due $3,000 Feb. 1 1925 and $5,000 yearly on Feb. 1 from
1926 to 1938 incl.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT. Allegheny
-BOND OFFERING.
County, Pa.
-J. W. Howell, District Secretary, will
receive bids until 8 p. m. March 20 for $50,000 4 I% coupon school bonds.
Denom. 31,000. Date Jan. 11923. Due $10,000 on Jan. 1 in each of the
years 1929, 1935, 1941. 1947 and 1953. Certified check for $1.000, payable
to the District Treasurer, required. Bonds are said to be free of State
tax. District to, pay for printing of bonds.
MYAKKA SPECIAL ROAD AND BRIDGE DISTRICT, Manatee
-BOND OFFERING.
County, Fla.
-Robert H. Boesch, Clerk of Circuit
Court, will receive sealed bids until 10 a. m. March 15 for $150,000 6%
road and bridge construction bonds. Denom. $1,000. Date March 1
1623. Interest M. & S. Principal and interest payable at any place or
bank, at option of buyer. Due on March 1 as follows: $15,000, 1926;
$20,000. 1929: 325,000, 1932; $20,000. 1935. 1938 and 1943, and 325.000.
1948. Certified check for $1,000, payable to the above official, required.
This issue, it is said, was voted by 39 to 7 at an election held on Jan.9 1923.
Official announcement says: "There is no litigation commenced or intended
to be commenced against this issue of bonds. The bonds were validated
by decree of the Circuit Court of Manatee County. There is no previous
bonded indebtedness for the purpose proposed against this district. The
real and personal property in the district amounts to about $2,500,000.
The assessed value is $843,117. This county has never defaulted on its
payments of either principal or interest on its bonds. Sufficient mileage
has been and will be assessed to insure a sinking fund and the payment of
interest."
NASHVILLE, Davidson County, Tenn.
-BOND SALE.-Kountze
Bros. of New York, were the successful bidders on Feb. 20 for the 3400,000
5% registerable as to principal, trunk sewer refunding bonds, offered on
that date (V. 116, p. 644) for $424.132, equal to 106.033, a basis of about
4.52%. Date March 11923. Due on March 1 as follows: 36.000 1924
to 1927,incl.;$8,000 1928 to 1931,incl.; 310,000 1932 to 1935,incl.: $12.000
1936 to 1939,incl.; $14,000 1940 to 1942. incl.; $16.000 1943 to 1945. incl.:
$18,000 1946 to 1948, incl.; $20,000 1949 and 1950; $22,000 1951. $24.000
1952 and 326.000 1953.
The following are the bids received:
R. M. Grant & Co
$4423,280 Caldwell & Co
1
423,240American Nat'l Secur. Co.. 422.125
Redmond & Co
Kauffman-Smith-Emert &
B. J. Van Ingen & Co._ _ _
Edmunds Brothers
414,280 Co.. Inc
Wm. R. Compton Co
Old Colony Trust Co
1 422,327
John Nuveen & Co
422.520 Stacy & Braun
Harris Trust & Says. Bank_ 422.640
.
Hanchett Bond Co., Inc _
Kissel, Kinnicutt & Co.- 416,780 Poor & Co
422,880
Blodgett & Co
422.140 H. A. Gill & Co
Seasongood & Mayer
419,606 Halsey, Stuart & Co., Inc_ 421.265
Hannahs, Bailin & Lee---- 416.840 Richards. Parrish&Laroson
W.A. Harrison & Co.. Inc. 420.321
Estabrook & Co
J
G. H. Walker & Co
Fifth-Third National Bank
Mississippi Valley Tr. Co_ - 417,040 Joe B. Palmer & Co
420,548
Broadway National Bank__ 420.508
Detroit Trust Co
423,720
Eldredge & Co
Barr Brothers & Co.. Inc
424,132
Graham,Parsons & Co_ ___ 422,788 Kountze Brothers
Halsey, Stuart & Co., Inc. 400,S75
Stern Bros. & Co
Curtis & Sanger
423,080 Richards, Parish &Lamson f
•For 44% bonds, not considered.
NEBO SCHOOL DISTRICT, Utah County, Utah.
-BOND SALE.
-A block of 3140.000 5%1-10 year refunding bonds has been sold to the
Central Trust Co. of Salt Lake City.
NEODESHA, Wilson County, Kan.
-The issue of
-BOND .SALE.
$69,380 44% paving bonds registered by the State Auditor on Jan. 24-have been sold to Brown-Crummer & Co. of Wichita at
V. 116, p. 644
par and interest.
-BOND OFFERING.
NEW ALBANY, Union County, Miss.
-T. E.
Marshall, City Clerk, will receive bids until 12 in. March 6 for the purchase
of $25,000 6% 10-year serial water and light bonds, or as much as may be
necessary to sell. Date July 1 1923. Interest semi-annually.
-BOND OFFERING.NEW BRITAIN, Hartford County, Conn.
Proposals will be received until 12 m. Feb. 27 by E. F. Hall, President of
the Board of Finance and Taxation, for $100,000 45/ coupon sewer
bonds. Denom. $1,000. Date Aug. 1 1922. Prin. and semi-ann. int.
(F. & A.) payable at the New Britain National Bank of New Britain.
Due $5,000 yearly on Aug. 1 from 1923 to 1942 incl. Bonds are engraved
under the supervision of and certified as to genuineness by the First National
Bank of Boston;their legality will be approved by Storey,Thorndike.Palmer
& Dodge, whose opinion will be furnished the purchaser. All legal papers
incident to this issue will be filed with said bank, where they may be inspected at any time. Bonds will be delivered to the purchaser on or about
Mar. 1 at the First National Bank of Boston.
Debt Statement Feb. 3 1923.
Gross debt,including this issue
$5,097.000 00
$990.009 00
Less-Water bonds
Sinkingfund,not including water sinking fund 439,600 15
1,429,600 15
Total net debt
$3,667.399 85
$185,132 28
Water sinking fund
Assessed valuation Oct. 1 1922
93,351.52600
Population. Census 1920. 59,316.
-BOND SALE.
NEW CASTLE COUNTY (P. 0. Wilmington), Del.
The $50,000 43.% coupon highway impt. bonds which were offered for
sale on Feb. 20 (V. 116. p. 541) were awarded to Frazier & Co. of Philadelphia for $51,145. equal to 102.29, a basis of about 4.29%. Date June 1
1922. Due $5,000 June 11936, $15,000 June 1 1937, $25,000 June 1 1938
and $5,000 June 1 1939.
NEW ENGLAND, Hettinger County, No. Dak.-BOND ELECTION.
-An issue of 317,000 6% munieipal electric-light and power-system bonds
will be submitted to a vote of the people at an election to be hold on March 2.
Denoms. $1,000 and $500. Interest semi-annually. Due in 20 years.
NEWMAN GROVE, Madison County, Neb.-ADDITIONAL DATA.
-The $24.000 5% intersection paving and $36,000 5.4% district paving
bonds, which on Feb.9 were awarded to James T Wachob & Co. of Omaha
at 101.11-V. 116. p. 745
-are in the denomination of $1,000 each, are
dated Feb. 9 1923. Int. payable annually in March. The 324.000 intersection bonds mature March 1 1942, being callable in 10 years; the district
bonds mature serially to 1942.
NEWPORT, Newport County, R. 1.
-It is
-TEMPORARY LOAN.
reported that the Acquidneck National Bank of Newport has purchased a
temporary loan of 3100,000 on a 4.04% discount basis. Dated March 1
1923. Due Sept. 4 1923.
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALR.-The following six Issues of 44% coupon bonds, aggregating $833,987, which were
offered on Feb. 21 (V. 116, p. 746), were awarded to O'
Brian, Potter &
Co., of Buffalo:
$485,500 school bonds. Denom. $1,000 and $500. Due on Feb. 1 as
follows: $40,000, 1946 to 1951, inclusive; $50,000, 1952 to 1954.
inclusive, and $95,500, 1955.
164,957 water bonds. Denom. $1,000 and $957. Due on Feb. 1 as
follows: $32,000, 1941 to 1944, inclusive, and $36,957 1945.
73,560 paving bonds. Denom. $1,000 and $1,560. Due on Feb. 1 as
follows: $15,000, 1932 to 1935, inclusive, and 313.560. 1936.
55,490 sewer bonds. Denom. $1,000 and $1,490. Due Feb. 1 1939.
39,480 bridge bonds. Denom. $1,000 and $1,480. Due Feb. 1 1938.
15.000 grade crossing bonds. Denom. 31.000. Due Feb. 1 1937.
Date Feb. 1 1923. Principal and semi-annual interest Payable at the
Hanover National Bank, New York City.
852
THE CHRONICLE
NOBLE COUNTY (P. 0. Alton), Ind.
-BOND SALE.
-On Feb. 19
the following six blocks of5% coupon township road bonds offered on that
date(V. 116. p. 746) were awarded as follows:
$8.360 Fred Comer et al. road Elkhart Twp. bonds to the Noble County
Bank of Kendallville for $8,540. equal to 102.153. Denom. $418.
Due 2 bonds each year for a period of 10 years.
25,600 William Apelemon et al. road Wayne Twp. bonds to the Noble
County Bank for $26,750, equal to 104.492. Denom, $640. Due
2 bonds each year for a period of 20 years.
19,760 Freedom L. Gandy et al. road Noble Twp. bonds to the Farmers' &
Merchants' Bank of Laotto for $20,565, equal to 104.073.
9,720 Frank Howard et al. road Washington Twp. bonds to the Noble
County Bank for $9,930, equal to 102.16. Denom. $486. Due
2 bonds each year for a period of 10 years.
13,200 Edward Gump et al. road Swan Twp. bonds to the Farmers'& Merchants' Bank for $13,515, equal to 102.386. Denom, $660. Due
2 bonds each year for a period of 10 years.
17,200 Clarence Leiter et al. road Swan Twp. bonds to the Noble County
Bank for $17.860, equal to 103.837. Denom. $430. Due 2 bonds
each year for a period of 20 years.
Date Feb. 15 1923. Int. M. Si N. 15.
NOBLE COUNTY (P. 0. Worthington), Minn.
-On
-BOND SALE.
Nov. 21 last the Northwestern Trust Co. of St. Paul werli awarded $29,45481 5% trunk highway reimbursement bonds for $29,599 81, equal
to 100.49, a basis of about 4.95%. Denom. $1,000, except one for
$1,454 81. Date Nov. 1 1922. Int. M. & N. Due yearly on Nov. 1 as
follows: $6,454 811932, $6,000 1933 to 1935 incl., and $5,000 1936.
NOBLES COUNTY (P. 0. Worthington), Minn.
-BOND SALE.
On Feb. 15 the following two issues of bonds offered on that date (V. 116,
P. 541) were awarded to the Minneapolis Trust Co. of Minneapolis at a
discount of $334 (99.34) and int. for 4s.a basis of about 4.325%:
$8,000 Judicial Ditch No. 45 bonds. Due on Feb. 1 as follows: $500
1929 to 1942 incl. and $1,000 1943.
43,000 Judicial Ditch No. 26 bonds. Due on Feb. 1 as follows: $2,000
1929 and 1930 and $3,000 1931 to 1943 incl.
Date Feb. 11923.
NORA, Nuckolls County, Neb.-BOND SALE.
-An issue of $8,000
5%.light bonds was sold on Jan. 1 to local investors at par. Denom.
3500. Int. J. & J. Due 1943, optional after five years.
NORLINA, Warren County, No. Caro.
-Sealed
-BOND OFFERING.
bids will be received until 12 m. March 10 by A. B. Laughter. Town Secretary-Treasurer. for $5,000 6% coupon refunding light bonds. Denom.
3500. Date Man* 1 1923. 'Principal and semi-annual interest payable
at the Bank of Norlina. Due $500 yearly. Certified check for 2%,payable
to the above official. required. Bonded debt (including this issue), $5,000;
assessed valuation 1922, $550,000.
NORTH ADAMS, Berkshire County, Mass.
-It
-LOAN OFFERING.
is reported that the City Treasurer will receive bids until 12 m. Feb. 27 for
the purchase at discount of a temporary loan of $100,000. Dated Feb. 27
1923. Due Nov. 2 1923.
NORTH BRANCH, Chisago County, Minn.
-BOND SALE.
--The
$60,000 5% water works bonds offered on Feb. 19-V. 116. p. 746
-have
been purchased by the Wells-Dickey Co. of Minneapolis, for $60,026
(100.04) for 43s,a basis of about 4.74%. Date Feb. 11923. Due $6,000
yearly on Feb. 1 from 1934 to 1943, inclu3ive.
NORTH CAROLINA (State of).
-TEMPORARY LOAN.
-On Feb. 15
according to the Raleigh "News and Observer." State Treasurer B. R.
Lacy borrowed $600,000 for thirty days at 434%. The loan is being
made in anticipation of the delivery of the $10,073,000 434% road bonds
awarded on Jan. 10 to the American Trust Co., Charlotte, the Citizens'
National Bank, Raleigh. and B. J. Van Ingen & Co., N.Y.(V. 116, p.321).
NORTH CATASAUQUA (P. 0. Catasauqua), Lehigh County, Pa.
-BOND OFFERING -Sealed bids will be received by M. J. Troxell,
Borough Secretary, until 7:30 P. m. Mar. 19 for the purchase of $35,000
431% coupon road bonds. Dated May 1 1923. Denom. $100. Int.
.
(m.& N.)payable at the National Bank of Catasauqua. Due $1,100 yearly
but 30
-year bonds are subject to call on any int, paying date. Cert. check
for 2%, payable to the Borough Treasurer,.is required.
Financialinto.
Bonded debt, including this issue
$10.400
Floating debt (additional)
35,000
Total debt
45,400
Assessed valuation 1923
834,930
OELWEIN INDEPENDENT SCHOOL DISTRICT (P. 0. Oelwein),
Fayette County, Iowa.
-BOND SALE.
-On Feb. 16 the $200,000 43:1%
new high-school building bonds, offered on that date
-V. 116. p. 644
were sold to Geo. M. Bechtel & Co. of Davenport for $201.990. equal to
100.99, for 434s, a basis of about 4.43%. Denom. $1.000. Date Feb.
1 1923. Int. M. St N. Bonds payable at the School Treasurer's office.
Due yearly on Nov. 1 as follows: $8,000, 1929 and 1930, $9,000. 1931
and 1932. $10,000. 1933 and 1934. $11.000, 1935 and 1936. $12.000. 1937
and 1938, $13.000, 1939 and 1940, $14,000. 1941 and 1942, and $46,000,
Feb. 1 1943.
Financial Statement.
Assessed actual value of property, 1922
13,522.840
Taxable value
880.710
Moneys and credits (not included above)
1,317.498
Total debt, including this issue
232,000
Population, 7,500.
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICTS, Fla.
BOND OFFERING.
-Bids will be received until 10 a. m. March 12 by
A. B. Johnson. Superintendent of Public Instruction, at Orlando, for
the following two issues of 5% bonds;
$150.000 (Orlando) District No. 1 bonds. Denom. $1.000. Date Feb.
Feb. 15 1923. Due $50.000 Feb. 15 1953 and $100,000 Feb.
15 1963.
10,000 (Ocoee) District No. 6 bonds. Denom. $500. Date Oct. 1
1 1921. Due on Oct. 1 12 follows: $500. 1948 to 1952 incl.,
$1,000, 1953. $500, 1954 and 1955, $1,000, 1956. $2,500, 1957,
and 12.000, 1958.
Prin. and semi-ann. int, payable at the Hanover National Bank, N. Y.
Certified check for 1% of amount of bonds bid for required. Bids must
be made on forms furnished by the County Board of Public Instruction.
The purchaser will be furnished with an opinion of John C. Thomson of
New -York, as to the validity of the issue. Bonds will be delivered to the
purchase at the First National Bank in Orlando. or such other place as
may be agreed upon with the purchaser. The following statements made
In the circulars. apply to each issue: "No previous issue of bonds issued
by said District has been contested, and said District has never defaulted
In the payment of any obligation. No litigation Is pending or threatened
affecting the corporate existence, or the boundaries, or title of officers
of the District, or the County Board of Public Instruction, or the validity
of these Bonds."
ORLEANS GRADED SCHOOL DISTRICT (P.O. Orleans), Orleans
County, Vt.-BOND SALE.
-On Feb. 16 an issue of $58.000 4 if% coupon
school bonds was awarded to Merrill. Oldham & Co. of Boston. at 102.179,
a basis of about 4.29%. Denoin. 31.000. Date Feb. 15 1923. Prin.
and semi-ann. int (M. & N.), pyabie at the First National Bank of Boston.
Due yearly on Nov. 1 as follows: $1.000. 1923: 32,000, 1924 to 1929.
l.• $3,000, 1930 to 1937, incl.; $4,000, 1938 to 1941, incl., and $5,000,
inc'
1942.
OSCEOLA UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
-BOND OFFERING.
Osceola), Lewis County, N. Y.
-Bids will be
received by D. B. Thurston, Acting Clerk of the Board of Education,
until 3 p. m. Feb. 27 for the purchase at not less than par and interest
of $15,000 6% bonds. Denom $1,000. Int. semi-ann. Due 31,000
yearly on Jan. 1 from 1924 to 1938 inclusive. A certified check for $500,
drawn upon an incorporated bank or trust company, and payable to the
Board of Education, required.
-BOND ELECTION.
OXFORD, Lafayette County, Miss.
-On March
3 112.000 sewer bonds will be voted upon.
Santa Clara County, Cal:f.-BONDS VOTED.
PALO ALTO,
-By a
-year serial water-and sewer extension
vote of 238 to 27 the $160,000 5% 1-40
bonds were carried at the election held on Feb. 9(V. 116, p. 541). Date of
sale not yet fixed.
PARNASSUS SCHOOL DISTRICT (P. 0. Parnassus), West-BOND ELECTION.
-On March 6 the voters
moreland County, Pa.
will pass on a proposition to issue $150,000 school bonds.
[VoL. 116.
PASADENA CITY SCHOOL DISTRICT,Los Angeles County, Calif.
BOND SALE.
-The $690,000 4)4% school bonds offered for sale on Feb.
13 (V. 116, p. 100) were awarded, it is reported. to R. H. Moulton Si Co.
and the Anglo-California Trust Co. of San Francisco, for $693.562, equal to
100.516, a basis of about 4.46%. Date Oct. 1 1922. Due each 6 month
as follows: $12,000 Oct. 1 1924 and April 11925; 113,000 Oct. 1 1925 to
Oct. 11950. incl., and $3,000 April 11951.
PASCAGOULA, Jackson County, Miss.
-CERTIFICATE SALE.
Loan certificates amounting to $22,000 and dated Sept. 19 1922 were
issued by the city during the year 1922. Due on Sept. 19 as follows:
34.000. 1923 to 1926 inclusive, and 16.000, 1927.
BOND ELECTION.
-On March 5 the voters of the city will have submitted to them a proposition providing for the issua ce of $100,000 bonds.
PEABODY,Essex County, Mass.
-LOAN OFFERING.
-Proposals will
be received until 11 a. m. Feb. 24 for the purchase at discount of a temporary loan of $200,000. Dated Feb. 26. Due Nov. 15 1923.
PENN TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny County, Pa.
-BOND OFFERING.
-Sealed bids will be received by
Elder W. Marshall, District Solicitor, No. 408 Union Arcade Building,
Pittsburgh, until 2 p. m. March 12 for the purchase at not less than par
and interest of $81,000 4 i4% coupon bonds. Dated June 11922. Denom.
*Loon. Interest semi-annual. Due on June 1 as follows: $46,000, 1942,
and $35.000. 1947. A certified check for $750 is required. The bonds are
said to be free of State tax. Purchaser to pay the expense of printing the
bonds.
PENSACOLA, Escambia County, Fla.
-CERTIFICATE OFFERING.
-J. H. Bayliss, Commissioner of Finance and Revenue, will receive sealed
bids until 2 p. m. March 5 for $50,000 certificates of indebtedness at not
to exceed 8% interest. Denom. $1,000. Date March 1 1923. Int.
M.& S. Due March 1 1926. Certified check for 2% of the amount bid,
required. Bids to be on forms furnished by the City Comptroller.
PHILLIPSBURG, Phillips County, Kans.-BOND SALE.
-During
January the Commerce Trust Co.. of Kansas City, purchased, at 100.75, a
basis of about 4.34%, the $50,000 5% water-works bonds which were
registered by the State Auditor on Jan .16(V. 116, p. 644). Denom.$500.
Date Jan. 1 1923. Int. J. & J. Due Jan. 1 1943.
-BOND OFFERING.
PHILLIPSBURG, Warren County, N. J.
Proposals will be received until 2:30 p. m. Feb. 26 by Hector R. Britton.
Director of Revenue Si Finance, for the purchase of an issue of 4)4% school
bonds, not to exceed $150,000, no more bonds to be awarded than will
produce a premium of $500 over $150,000. Denom. $500. Date Sept.
30 1922. Prin. and semi-ann. int.(M. & S.), payable at the Phillipsburg
National Bank of Phillipsburg. Due yearly on Sept. 30 as follows: $5,000.
$1924 to 1935, incl., and $6,000, 1936 to 1950, incl. Cert. check for 2%
of amount of bonds bid for, payable to the Treasurer, required.
PIEDMONT HIGH SCHOOL DISTRICT, Alameda County, Calif.
-Stephens Si Co., of San Francisco, have purchased $60,000
BOND SALE.
school bonds. Denom. $1,000. Date Jan. 1 1923.
5% coupon tax-free
Principal and semi-annual interest (J. & J.) payable at the County Treasurer's office. Due yearly on Jan. 1 as follows: $2,000, 1929 to 1943, incl.,
and 33,000, 1944 to 1953, incl.
Financial Statement.
$8,033,125
Assessed valuation
398,000
Total bonded debt
Population, 4,222. Area, five square rafts.
PIERCE COUNTY JOINT SCHOOL DISTRICT NO. 1 (P. 0. Pres-The $46,000 5% school bonds offered for
cott), Wis.-BOND SALE.
-were awarded to Ballard & Co. of Minnesale on Feb. 9-V. 116, p.644
apolis for $47,190, equal to 102.587. Denom. $1,000. Date Feb. 9 1923.
Int. M.& S. Due serially from 1924 to 1938 inclusive.
-The $51,500 6%
PIQUA, Miami County, Ohlo.-BOND SALE.
coupon street bonds which were offered for sale on Feb. 15 (V. 116. p. 644)
were awarded to Ii. B. Bennett & Co. of Toledo. Date Jan. 11923. Denom.$500. Int. J. Si D. Due $500 on Jan. 1 and July 1 each year. The
following also submitted bids: Spitzer Rorick Si Co. of Toledo; Durfee,
Niles & Co. of Toledo; W. L. Slayton & CO. of Toledo; Hanchett Bond
Co. of Chicago, and Well, Roth & frying of Cincinnati
PITTSBORO SCHOOL DISTRICT (P. 0. Pittsboro), Chatham
-At an election held on Feb. 10
-BONDS VOTED.
County, No. Caro.
150.000 school bonds were voted, it is stated, by 136 to 1.
-BOND SALE.
-On Feb. 20 tne
PLAQUEMINE, Iberville Parish, La.
$150.000 6% public utility bonds, offered on that date QV'. 116. p. 541)
were awarded to the Interstate Trust & Banking Co. of IsTew Orleans for
$156,825, equal to 104.55. Denom. $500. Date Feb. 1 1923. Prin.
and semi-arm. int., payable at the Hanover National Bank, N. Y. Due
oar a period of 13 years.
POMPEY LAKE DRAINAGE DrSTRICT, Quitman and Tunica
-National Bank of Commerce, and Little,
Counties, Miss.
-BOND SALE.
Vardman & Bitting, Inc., both of St. Louis, have purchased and are now
offering to investors to yield 5.40% $475,000 6% tax free bonds. Denom.
11,000. Date Feb. 11923. Prin. and semi-ann. in (F. & A.), payable
at the St. Louts Union Trust Co., St. Louis. Due serially on April 1 from
1928 to 1943, inclusive.
This report corrects the one given under the caption "Quitman &Tunica
Counties" in V. 115, p. 1454.
-BOND SALE.
-The
POMPTON LAKES, Passaic County, N. J.
$25,000 5% coupon (with 'privilege of registration) bonds which were offered
for sale on Feb. 15 (V• 116, p. 541) were awarded to B. J. Van Ingen Si Co.
of N. Y. for $25,345, equal to 101.38, a basis of about 4.79%. Date
Dec. 1 1922. Denom. $500. Int. J. Si D. Due $2,000 Dec. 1 1923 and
1924 and $1,500 yearly on Dec. 1 from 1925 to 1938 incl. The following
bids were also received:
Price Bid.
Bidder$25,282 22
Outwater & Wells of Newark
25.271 00
J. G. White & Co. of New York
25,267 50
First National Bank of Pompton Lakes
-BOND OFFERING.
PORTCHESTER, Westchester County, N. Y.
-Frederick G. Schmidt, Village Clerk, will receive bids until 8 p. m.
Feb. 26 for the purchase at not less than par, of the following 5% bonds:
$18,000 registered Upper No. Main St. Sewer District bonds. Denom.
$1.000. Int. A. & 0. Due 12.000 yearly on April 1 from 1924
to 1932 inclusive.
and
12,000 registered Cottage St., Cesario P1. and Fawcett St Sewer District
bonds. Denom. $1,000. Int. A. Si 0. Due $2,000 yearly on
April 1 from 1924 to 1929 inclusive.
16,000 West St. and Fox Island Road sidewalks, curbs and gutters certificates of indebtedness. Denom. $1,000. Int. A. & 0. Due
$4,000 yearly on April 1 from 1924 to 1927 inclusive.
12,000 refunding bonds. Int. A. & 0. Due 13,000 yearly on April 1
from 1924 to 1927 inclusive.
26,000 tax relief bonds. Denom. $1,000. Int. semi-ann. Due April 1
1926.
Date April 11923. Prin. and int., on all but $12,000 refunding bonds,
payable at the First National Bank of Portchester in U. S. gold coin of
the present standard of weight and fineness, at holder's option int. and prin.
on first three issues listed will be payable in N. Y. exchange. Certified
checks for 5% on $12,000 refunding and $26,000 tax relief issues and
3% on other three issues, required.
PORT HURON, Saint Clair County, Mich.
-BIDS REJECTED.
All bids which were received for the 5 issues of 5% public improvement
bonds. aggregating $142.654. which were offered for sale on 'Feb. 13V. 116, p. 541-were rejected. The bonds will be disposed of at a private
sale.
-Bids
PORTLAND, Cumberland County, Me.
-LOAN OFFERED.
were received by John R. Gilmartin, City Treasurer, yesterday for the
purchase at discount of a $300,000 temporary loan. Date March 1 1923.
Denom. to suit purchaser. Due Oct.4 1923 at First Nat. Bank of Boston.
-An issue of $50,000
PORT OF COOS BAY, Ore.
-BONDS VOTED.
port and dock bonds has been voted by 427 to 217.
PRINCE GEORGES COUNTY (P. 0. Upper Marlboro). Md.-BOND
SALE.
-On Feb. 13 an issue of $12,000 5% school-building bonds was
awarded to Stein Bros. & Boyce, of Baltimore, at 108.31, a basis of about
4.50%. Denom. $1,000. Date Feb. 1 1923. Int. F. & A. Due Feb. 1
1953.
FEB.24 1923.]
THE CHRONICLE
853
-The official vote poled on Feb.9
ST. LOUIS, Mo.-OFFICIAL VOTE.
-Walter L. Clarke, City
-BOND OFFERING.
PROVIDENCE, R. I.
Treasurer, will receive proposal until 2:15 p. m. March 8 for $700,000 4% "for" and "against" each of the 21 propositions, all carrying with the excoupon or registered school bonds. These bonds will be dated April 2 ception of one, as reported in V. 116, p. 746, was as follows:
For. Against.
Amount.
1923, will become due April 2 1953. Both principal and semi-annual interest (A. & 0.) will be payable in gold coin of the United States, equal to Establishing, opening and widening streets-- --$8,650,000 71,451 18,176
of fineness and weight. Either coupon bonds of $1,000 each Acquisition of land for a plaza opposite Union
present value
Station
2,600,000 68,861 21,811
or registered bonds in sums of $1,000, $5,000, $10,000, or $20,000 each, as
5.800,000 74.258 16.199
desired, will be issued, and coupon bonds may at any time thereafter be Improvement of streets and highways
8,000.000 72,098 18,674
holder. The principal Electric street lighting system
converted into registered bonds at the option of the
4,000,000 67.578 23,019
and interest of coupon bonds will be payable at the Treasury in Providence New court house
or at the National City Bank of New York. The City of Providence now Construction and reconstruction of public sewers 8,000,000 74,934 15,597
transmits by mail interest on all registered bonds, if desired. Bonds will Conversion of River des Peres to a public sewer 11,000,000 71.229 19,712
be ready for delivery April 2 1923. Proposals should be accompanied by Acquisition of land for new parks and playgr'ds 2,500,000 69.320 21,538
certified check payable to the City Treasurer, for 2% of the amount of Improvement of existing parks and playgrounds 1,300,000 69.763 21,040
400,000 62,846 27,945
Aquarium In Forest Park
bonds for which the bid is made.
1,000,000 69,904 20,795
Municipal light, heat and power plant
Assessed Valuation.
4,500,000 77,343 12.918
Hospital extension and improvement
-Real,$299,789,210; tangible personal,$91,957,100;in1922
5,000.000 66,653 23.590
tangible persona, $118.481,440; total
$510,227,750 Municipal auditorium
6,000.000 64,382 25,875
Memorial plaza
Estimated Income, 1922-23.
772,500 76,964 13.193
Fire department improvement
Tax of 1922(rate $23 per $1000 on real and tangible personal,
1,600,000 74,337 15.476
Elimination of railroad grade
and $4 per M. on Intangible personal, incl. Statetax)
$9,484,090 89 West approach to Municipal crossings
1,500,000 67.007 22,988
Bridge
From all other sources
1,641,794 47 East approach to Municipal Bridge
1.500,000 65.528 24,690
1,250,000 67,962 21,734
Reconstruction of public markets
$11,125.885 36 Water-works extension
12,000,000 77,369 12,247
Assessor's Valuation of Property Owned by the City.
*1 000 000 58,903 30,753
Construction of a new armory
Real estate
324,666,869 09
*Lost. as it lacked the required two-thirds majority.
Personal property
1,337,159 95
-Bids will be
SALEM, Salem County, N. J.
-BOND OFFERING.
$26,004,029 04 received until 8 p. m. Feb. 26 by W. B. Dunn, City Recorder, for the
Water-Works, 1921-22.
purchase at not less than par and interest of an issue of 5% coupon (with
Receipts
$1,182,007 00 privilege of registration as to principal and interest or principal only) fire
Cost of managing, $455,492 55; interest on water debt,
apparatus bonds, not to exceed 39.000, no more bonds to be awarded than
789,060 83 will produce a premium of $1,000 over $9,000. Denom. $1,000. Date
$194,761 09; depreciation and extension fund,$138,807 19
March 15 1923. Prin. and semi-ann. int. (M. & S.) 15. payable at the
Surplus
$392,946 17 Salem National Banking Co., Salem. Due $1,000 yearly on March 15
from 1924 to 1932, inclusive. Certified check on an incorporated bank or
Indebtedness January 31 1923.
Bonded
$28,772,000 00 trust company for 2% of amount of bonds bid for required.
Floating
2,366,717 11
SALEM INDEPENDENT SCHOOL DISTRICT (P. 0. Salem),
-At the election held on
McCook County, So. Dak.-BONDS VOTED.
• Total debt
$31,138,717 11 Feb. 19 (V. 116, p. 645) the proposition to issue $100,000 5% 20
-year
Sinking funds, Dec. 31 1922
13.305,509 52 school bonds were voted by a count of309"for" to 159 "against."
SALT RIVER VALLEY WATER USER'S ASSOCIATION, Ariz.
Net debt
$17,833,207 59
-The 31,800,000 bonds to finance Monona Flat
Total water debt included in above
$8,132,000 00 BOND OFFERING.
Irrigation, which were recently voted (V. 116. p. 322) will be offered
Total sinking funds included in above for redemption of
$3,241,501 45 for sale on March 22.
water debt
SAN BERNARDINO SCHOOL DISTRICT, Bernardino County,
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac), Ind.
-Harry L Allison. County Clerk (P. 0. San
-BOND OFFERING.
A. B. Briggs, County Treasurer, will receive bids until 3 p. m. Feb. 26 for Calif.
the following three issues of 57 road improvement bonds, in addition to Bernardino), will receive sealed bids until 11 a. m. March 5 for the purchase
at not less than par and interest of $140,000 5% school bonds. Dated
the $6,300 issue mentioned in V. 116. p. 746:
$8.000 David Barnhill et al., Cass and White Post townships bonds. March 1 1923. Denom. $1,000. Interest (M. & S.) in gold coin at
Denom. $800. Date Nov. 15 1922. Due $800 each six months County Treasurer's office. Due on March 1 as follows: 33.000, 1925 and
1926, $4,060, 1927 to 1929, inclusive, 36.000, 1930 to 1935, inclusive,
from May 15 1924 to Nov. 15 1928, inclusive.
7,200 Chas. II. Guild et al. White Post Township bonds. Denom. $360. $7.060, 1936 to 1939, inclusive, $8,000. 1940 to 1944. inclusive, and 39.000
Date Jan. 15 1923. 'Due $360 each six months from May 15 1924 1945 and 1946. A certified check for $1,000, drawn upon some reputable
bank, payable to the Chairman of the Board of County Supervisors, reto Nov. 15 1933, inclusive.
51,500 Jacob Gitz, et al., Monroe, Jefferson and White Post townships quired. At an election held on Jan. 30 1923 the bonds were carried, it is
bonds. Denom. $2,575. Date March 15 1023. Due $2,575 each said, by a vote of 1,780 "for" and 82 "against." The official announcesix months from May 15 1924 to Nov. 15 1933, inclusive.
ment states that there is no litigation or controversy pending which affects
Int. M. & N. 15.
the corporate existence or boundaries of the district or the title of any official
RAMONA INDEPENDENT SCHOOL DISTRICT NO. 2 (P. 0. to his office nor the validity of these bonds. Assessed value, real and perRamona), Lake County, So. Dak.-BOND OFFERING.-B1ds will be sonal, on non-operative roll, 68.255.990, estimated true value, 325.000,000.
received by Walter Hanneneau, Clerk of the Board of Education, until Outstanding bonded indebtedness, $271,000. Estimated population of
1 p. m. Feb. 27 for the purchase of $42,500
% new school building district, 50,000.
bonds voted on Feb. 5 by 134 to 90. Due Feb. 1 1943. Notice that the
-The
-BOND SALE.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
above bonds had been voted was given in (V. 116, p. 746). but under the $72,000 5% road improvement bonds which were offered for sale on Feb. 10
caption "Ramona, So. Dak."
(V. 116,14. 582) were awarded to Kaufman,Smith,Emert & Co.of St. Louis,
RAYNE, Acadia Parish, La.
-Until 10 a. m. for $72,576. equal to 100.80, a basis of about 4.83%. Dated April 1 1923.
-BOND OFFERING.
Feb. 27 sealed bids will be received by Jos. Duclos, Town Secretary, for Denom. $1,000. Int. (A. & 0.). Due $8,000 1924 to 1932, inclasive:
$90.000 6% water works and electric light system extension and power The following bids were received:
Premium.
Namehouse improvement and extension bonds. Int. semi-ann. Due serially
$232 00
In from 1 to 30 years. Certified check for 5% of the amount bid for Sidney. Spitzer & Co., Toledo, Ohio
576 00
required. It is said that these were authorized at a special election on Kaufman. Smith, Emert & Co., St. Louis, Mo
381 00
Dec. 11 1922. Notice of this offering was given in V. 116, p. 764. It is Weil, Roth & Co., Cincinnati, Ohio
103 00
A. T. Bell & Co., Toledo, Ohio
given again because additional data have come to hand.
14 44
Seasongood & Mayer, Cincinnati, Ohio
REAGAN INDEPENDENT SCHOOL DISTRICT, Falls County, The Citizens Trust & Savings Co., Columbus, Ohio
406 60
Tex.
-BOND SALE.
-The $10.000 5M % serial school bonds, registered on Breed, Elliott & Harrison, Cincinnati, Ohio
138 00
Oct. 2 by the State Comptroller of Texas(V. 115, p. 1763) were sold at par. The Provident Savings Banks & Trust Co., Cincinnati. Ohio---- 410 40
RENVILLE COUNTY (P.O. Olivia), Minn.
-BOND OFFERING.
-On C. D. Briggs & Co., Toledo, Ohio
554 50
March 1 at 11 a. m. the County Board will receive bids for $262,100 public Bonbright & Co., Chicago, Ill
401 76
The Northern Trust Co., Chicago, Ill
drainage ditch bonds, described as follows:
5000
N. S. Hill & Co., Cincinnati, Ohio
$123,900 Issued on account of County Ditch No. 85A.
The Hanchett Bond Co., Chicago, Ill
555 00
38.600 issued on account of County MAI No. 86.
1.90800
W. L. Slayton & Co., Toledo, Ohio
85,700 isued on account of County Ditch No. 92.
1,67040
Tucker, Robinson & Co., Toledo, Ohio
13,900 issued on account of County Ditch No. 96.
The last two bids mentioned were erroneously made on 53 % bonds
All the bonds will be dated March 1 1923 and will be in denominations
and were therefore withdrawn.
of $1,000, $500 and $100. All bids must be without condition or qualification and accompanied by a certified check to the order of the County
SARGENT CONSOLIDATED SCHOOL DISTRICT NO. 3 (P. 0.
Treasurer for 10% of the amount bid. A. 0. Schmidt, County Auditor, Monte Vista), Colo.
-BOND SALE.
-Boettcher, Porter & Co. of Denver,
is receiving the bids.
have purchased $10,000 6% consolidated high school building bonds.
-The Second Denom. $1,000. Date Jan. 1 1921. Principal payable at the County
FtHINELANDER, Oneida County, Wis.-BOND SALE.
Ward Securities Co. of Milwaukee was awarded by the City Council Treasurer's office. Semi-annual interest (J. & J.), payable at the office
$135,000 4'school building and water extension bonds at par, plus of the County Treasurer or at the National City Bank, N. Y., at option
of holder. Due Jan. 1 1941, optional Jan. 1 1931.
all expenses of printing and the legal fees.
Financial Statement.
-BOND SALE.
-The Actual valuation, over
RIPLEY COUNTY (P. 0. Versailles), Ind.
$6,000,000
$18,280 4M % road bonds which were offered for sale on Feb. 15-V. 116, Assessed valuation 1922
3,587.920
p. 436
-were awarded to the Versailles Bank of ersailles at par. Date Total bonded debt
187,000
Feb. 15 1923. Denom. $457. Int. M. & N. Due $914 each 6 months Population
2.500
1937 incl. The City Trust Co. of
from May 15 1924 to March 15
SALE.
-Reim-BOND
SCOTT COUNTY (P. 0. Shakapee), Minn.
Indianapolis also submitted a bid.
bursement bonds, amounting to $38.925 03 were sold, it is reported, to the
ROCHESTER, N. Y.
-NOTE SALE.
-The issue of 6150.000 over-due Wells-Dickey Co. of Minneapolis.
tax notes, which was offered on Feb. 19 (V. 116, p. 746) was awarded to
-On Feb. 19 the two
SEDALIA, Pettis County, Mo.-BOND SALE.
the Traders National Bank of Rochester, on 4.07% interest basis. Other
issues of 5% bonds, aggregating $110,000. dated Jan. 1 1923, offered on
bidders were:
that date (V. 116, p. 437), were awarded as follows:
Interest.
Premium.
$100,000 city hall bonds to the First National Co., of St. Louis, at 104.439.
S. N. Bond & Co., New York
4.10%
$16
10,000 hospital bonds to the Stifel-Nicolaus Investment Co., of St.
F. S. Moseley & Co., New York
4.11%
Louis, at 103.30.
Salomon Brothers ,Is Hutzler, New York
30
4.20%
SEDALIA,SCHOOL DISTRICT (P. 0. Sedalia), Pettis County, Mo.
ROCK VALLEY,Sioux County, Iowa.
-NO BOND ISSUE VOTED.
-On Feb. 19 $500,000 5% school bonds, offered on that
Regarding the $60.000 electric light bonds, which we reported as being -BOND SALE.
favorably voted in V. 116, P. 542. A. L. Halstead, Clerk, says: "No bond date, were sold to the Union Trust Co., of East St. Louis, at 10403. a basis
Issue was voted here. The proposition was lost. Statement is a mistake." of about 4.56%. Denom. $1.000. Date March 1 1923. Int. M. & S.
Due yearly on
1925. 317.000.
ROCKY RIVER VILLAGE SCHOOL DISTRICT (P. 0. Rocky 1926 and 1927. March 1 as follows: 315,000, 1924, 316.000, $21,000. 1931.
$18.000, 1928, 319,000, 1929. $20,000, 1930,
River), Cuyahoga County, Ohio.
-BOND SALE.
-The $13,000 5% 322,000, 1932, 323,000, 1933, 325,000, 1934, $26,000. 1935, $27,000, 1936.
land purchase bonds which were offered for sale on Feb. 12 (V. 116, p. 321) 329,000, 1937. 330,000. 1938. 332.000, 1939, 333,000, 1940, $35,000, 1941.
were awarded to Ryan, Bowman & Co. of Toledo at oar plus a premium 337,000, 1942, and $38,000, 1943.
of $395 25, equal to 103.04, a basis of about 5.19%. Dated Nov. 15 1922.
SHAWNEE COUNTY (P. 0. Topeka), Kan.
-The
Denom. $500. Int. A. & 0. Due $500 yearly on Oct. 1 from 1924 to
-BOND SALE.
1949 incl. The Citizens Trust & Savings Bank of Columbus also sub- $200,000 5% road Improvement bonds recently registered by the State
Auditor
-V. 116, p, 645
mitted a bid of $166 10 premium.
-have been purchased by the Columbian Title
& Bond Co. of Topeka, at par.
are to be delivered as the
RUFFIN SCHOOL DISTRICT NO.26, Colleton County,So. Caro.
- money is needed. Denom. $500. The bonds 1 1923. Int. J. & J. Due
Date Jan.
-The Hanchett Bond Co., Inc., of Chicago, has purchased serially for 10 years.
BOND SALE.
$15,000 6% new school house bonds. Denom. $1,000. Date Dec. 6 1922.
-On
SHELBYVILLE, Bedford CountyTenn.-BONDS VOTED.
Prin. and semi-ann. int. (J. & D.). Payable in New York. Collections
made through the office of the above company without charge. Due Feb. 15. it is reported, the voters, by 237 to 13. approved the issuance
'
of $20,000 high school building bonds.
Dec. 6 1942
Financial Statement.
SHERMAN COUNTY SCHOOL DISTRICT NO.82(P.O. Loup City),
$500.000 Nebr.-BONDS VOTED.
Total valuation of all property, estimated
-At the election held on Feb. 5 (V. 116, p. 542)
Assessed valuation for taxation
192.000 32,000 5M % school bonds, maturing serially from 1929 to 1938, incl.,
15.000 were voted and are ready for issuance.
Total bonded debt (this issue only)
Population ---------------------------------------------------1,800
SIERRA COUNTY SCHOOL DISTRICT NO. 6, N. Mex.-BOND
-On Feb. SALE.
SALINE COUNTY (P. 0. Marshall), Mo.-BOND SALE.
-James N. Wright & Co. of Denver, have purchased $20.000 6%
15 the $150,000 5% road and bridge bonds which were offered for sale on 10 -year (opt.) school building bonds at 100.50, a basis of about 5.93%.
-20
that date (V. 116, p. 322) were awarded to the National Bank of Commerce to optional date and a basis of about 5.96% if allowed to run full term of yrs.
3104,653 and int., a basis of about 4.50%. Int. F. & A.
of St. Louis, at
-On Feb. 21
SIOUX CITY, Woodi urv County. Iowa.
-BOND SALE.
,
Due on Feb. 1 as follows: $1,000, 1924; $5.000, 1925 and 1926;36.000, 1927
and 1928; $7,000, 1929 to 1932, incl.; $8,000, 1933 and 1934: $9,000, 1035 the $100,000 41% fire fund bonds offered on that date (V. 116. p. 747)
and 1036; $10,000, 1937 to 1939, incl.; $11,000, 1940, and $12,000, 1941 were sold to H. L. Allen & Co. of New York, at 101.233 and interest. a
tads of about 4 50%, Date March 1 1923. Due on May 1 as follows:
and 1942.
854
T H- PI CHRONICLE
$8,000 1924 and 1925.19,000 1926 and 1927,$10,000 1928 and 1929,$11,000
1930 and 1931 and $12,000 1932 and 1933. Other bidders were:
Stern Bros. & Co.. Kansas City. premium $1,110
Bonbright & Co., Chicago, 1st $70,000 as 4Us, next $30,000 43.4s, par.
White-Phillips Co., Davenport, par for 434s, less $350.
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City), Woodbury
-BOND ELECTION.
-On Mar. 12 the electors will vote
County, Iowa.
-year serial school bldg. bonds.
on a proposition to issue $850,000 434% 11-20
SISTERVILLE SCHOOL DISTRICT (P. 0. Sisterville), Tyler
-W.0. Maxwell, Secretary Board
Va.-BOND OFFERING.
County, W.
of Education, will receive sealed bids until 8 p. m. March 5 for $60,000 5%
coupon school bonds. Denom. $500. Date Sept. 1 1922. Principal and
semi-annual interest(M.& S.) payable in Charleston or New York. Legality approved, it is stated, by the Attorney-General.
SPANISH FORK, Utah County, Utah.
-An issue of
-BOND SALE.
-year refunding bonds has been sold to the Central Trust
$16,500 534% 20
Co. of Salt Lake City.
SPRINGWELLS, Wayne County, Mich.
-BOND SALE.
-A syndicate
consisting of the Security Trust Co., Whittlesey, McLean & Co. and
Sidney Spitzer & Co. of Detroit,and Richards, Parish & Lamson of Chicago,
has purchased and is now offering to investors at 102.66, to yield 4.30%,
an issue of $400,000 434% sewer bonds. Denorn. $1,000. Date March 1
1923. Prin. and semi-ann. hit. (M. & S.), payable in Detroit. Due
March 1 1943.
Financial Statement.
$50,646,600
Assessed valuation
Total debt. including this issue
Less water bonds
Less sinkingfund
$ 04,"130 3,275"0
6°°
2
2,4770:860002
Net debt
Estimated population
SPRINGFIELD, Hampden County, Mass.
-TEMPORARY LOAN.
The city has borrowed $500,000 on its notes from the First National Bank
of Boston on a 3.92% discount basis plus $11 premium. The notes are
payable Nov. 9 1923.
STANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Stanton),
Martin County, Tex.
-BONDS REGISTERED.
-The State Comptroller
of Texas on Feb. 13 registered $40,000 534% serial bonds.
-BOND SALE.
-On
STEEL COUNTY (P. 0. Owatonna), Minn.
Feb. 13 Lane, Piper & Jaffray of Minneapolis, bidding $52,822 (101.58)
and int. for 434s, a basis of about 4.34%, were awarded the $52,000 Judicial Ditch No. 12 bonds offered on that date.
-V. 116. p. 206. Date
Feb. 1 1923. Due on Feb. 1 as follows: $3,000. 1929, 1930. 1932, 1934,
1936, 1938, 1940 and 1942, and $4,000, 1931. 1933, 1935, 1937, 1939, 1941
and 1943. Other bidders were:
Name.
Premium. Int. Rate
434%
Northwestern Trust Company
$783
Minnesota Loan & Trust Company
434%
577
Minneapolis Trust Company
Wells
-Dickey Company
Bolger-Mosser & Willaman
1,315
5
Harris Trust Company
2,620
5%
Harris Trust Company
Hanchett Bond Company
1,776
5%
-BOND SALE.
-On Feb. 13
SUMTER, Sumter County, So. Caro.
$150,000 5% 1-20
-year coupon street paving bonds were sold to the Wm
R. Compton Co. of New York, at 100.59. Date Jan. 15 1923. Notice
that this city would offer bonds amounting to between $100,000 and
$150,000 was given in V. 116, p. 437
-but under the caption of "Sumter,
No. Caro."
-The Peters Trust Co.
SUTTON, Clay County, Neb.-BOND SALE.
of Omaha, has purchased $24,867 19 534% coupon funding bonds. Dated
Feb. 1 1923. Denom. $500 and $1,000 (one odd bond $867 19). Prin.
and semi-annual interest (except first coupon, due Feb. 1 1924) F. & A.,
D
ttab? 4 the County Treasurer's office. Due Feb. 1 1943. Optional
1 3
27?
Financial Statement.
Assessed value 1922
Water bends
Light bonds
Funding bonds, this issue
$1,452,009 00
$12,000 00
8,00000
24,867 19
Total debt
$44,867 19
Population, estimated
2,000
TACOMA, Wash.
-BOND SALE.
-During the month of January the
city of Tacoma issued the following 6% bonds:
District
Amount
Purpose.
No
Date.
Due.
5,521 $6.567 45 Street lighting
Jan. 2 1923 Jan. 2 1930
4,100 8.992 15 Paving
Jan. 3 1923 Jan. 3 1935
1,282
479 29 Concrete sidewalks
Jan. 3 1923 Jan. 3 1930
1,284
610 25 Concrete sidewalks
Jan. 3 1923 Jab. 3 1930
752 4,302 10 Grading
Jan. 3 1923 Jan. 3 1930
3,306 20 Paving
4,033
Jan. 12 1923 Jan. 12 1935
4,109 6,423 25 Paving
Jan. 12 1923 Jan. 12 1935
2,68785 Paving
4,114
Jan. 12 1923 Jan. 12 1930
5,523
2,706 70 Street lighting
Jan. 23 1923 Jan. 23 1930
657 80 Grading
1,287
Jan. 23 1923 Jan. 23 1930
All the above bonds are subject to call yearly in January.
TROY, Miami County, Ohio.
-BOND SALE.
-The $21,052 5% water
works bonds which were awarded to Seasongood & Mayer of Cincinnati
for 120.503. equal to 102.249, a basis of about 4.57%. Denom. $1,000
and 1 for $1.052. Prin and semi-ann. int. payable at the office of the
Sinking Fund Trustees. Due yearly on Sept. 1 as follows: $1,000, 1924
to 1943 inclusive, and $1,052, 1944. Other bidders were:
Prem.
Prem.
NameNameHanchett Bond Co Chicago_$431 00 W.L. Slayton & Co.,Toledo3352 80
Baker, Walsh & Co.. Chicago 347 35 N. S. Hill & Co., Cincinnati_ 238 00
Well, Roth & Co.. Cincinnati 425 00
Richards, Parrish & Lamson,
Cleveland
124 00 Seasongood & Mayer. Cin...._ 451 00
Citizens Tr. & Say. Bk., Col_ 126 50 Provident Saving Bank &
Trust Co., Cincinnati
362 09
Detroit Trust Co.. Detroit
431 00
H. B. Bennett & Co.. Toledo 90 00 A.E. Aub & Co., Cincinnati_ 135 00
TROY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Luckey),
-Sealed bids will be received
Wood County, Ohio.
-BOND OFFERING.
by F. H. Claus, Clerk of Board of Education, until 1 p. in. Mar.6 for the
purchase at not less than par and int. of $120.000 5% coupon school site
purchase bonds. Auth.. Sec. 7625 of the Gen. Code. Date Mar. 11923.
Denom. $1,000. Prin. and semi-ann. int.(M.& N.), payable at District
Treasurer's office. Due $6,000 yearly on Sept. 1 from 1924 to 1943, incl.
A cert. check for 2% of the amount of bonds bid ofr, payable to the District Treasurer, is required. Bonds to be delivered and paid for within
10 days from date of award.
TULARE, Tulare County, Calif.
-BOND SALE.
-The $50,000 6%
gold coupon fire dept. and city hall bonds offered on Feb.8(V. 116, P. 645)
were awarded to the Bank of Italy of San Francisco, for $55,500, equal to
111, a basis of about 4.85%. Denom. $500. Prin. and semi-ann. hit.
(T. & J.), payable at Tulare. Due $2,000 yearly on Jan. 1 from 1924 to
1948. inclusive.
TURTLE CREEK SCHOOL DISTRICT (P. 0. Turtle Creek),
-BOND SALE.
-On Feb. 14 the $19,000 434%
Allegheny County, Pa.
-V. 116, p. 322
-were awarded
eoupon school bonds offered on that date
to Glover & MacGregor of Pittsburgh for $19,602 (103.168) and interest,
basis of about 4.21%. Date Feb 1 1923. Due $9,000 Feb. 1 1933,
a
and $10,000. Feb. 1 1943. Other bidders were:
Prem.
NamePrenI•
NameMellon Nat. Bank of Pitts ..$514 60
W. W. Goldsborough & Co..
$415 00 Redmond & Co.. Pittsburgh_ 515 00
Pittsburgh
J. H. Holmes & Co., Pitts_ _ _ 443 00
Graham, Parsons & Co.,
136 80 Hanchett Bond Co. Chicago 351 00
Pittsburgh
-BONDS TO BE OFFERED
TWIN FALLS,Twin Falls County,Idaho.
-In place of the $70,000 bonds for which a bid was recently rejected
SOON.
(V. 116, p. 542) the city will soon offer for sale 105,0005% warrantfunding
bonds, maturing in 20 years, callable in 10 years.
-BOND ELECTION.
-An election will
TYLER ,Smith County, Tex.
be held on Mar. 15 to determine whether the city shall Issue $250,000 bonds
[vox,. 116.
for the purpose of building a junior high school and making impts. on some
of the ward school buildings.
VALIER, Pondera County Mont.
-The issue of 6%
-BOND SALE.
water bonds which was offered on Feb. 9 (V. 116, p. 207) was awarded to
'
Ferris & Hardgrove of Spokane, and the Wells-Dickey Co. of Great Falls,
at par and int. The amount of the issue is to be between $20,000 and $35,000. Denom. $1,000. Date Feb. 15 1923. Int. J. & J. Due Feb. 15
1943: optional Feb. 15 1933.
VANCE COUNTY SCHOOL DISTRICTS (P.0 Henderson), No.
Caro.
-BOND OFFERING
.-Until Mar. 1 E. M. Rollins, Secretary of the
County School Board, will receive sealed bids for the following 6% school
bonds:
$45,000 Kitrell School District bonds. Due yearly as follows: $1,000.
1926 to 1934, incl., and $2,000, 1935 to 1952, incl. Cert. check
for $900, required.
20,000 Townsville Twp. School District bonds. Due $1,000 yearly from
1926 to 1945, incl. Cert. check for $400, required.
Interest M. & S.
VANCOUVER, Clarke County, Wash.
-ADDITIONAL DATA,
We are informed by Wm.C. Bates, City Attorney,that the sale of the $35,000 coupon city hall purchase bonds, which were offered but not sold on
Jan. 2 (V. 116, p. 437) will be delayed until the title to the property is
placed in shape satisfactory to the city.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND SALE.
-The
$25 000 5% township road bonds which were offered for sale on Feb. 19
-V. 116. p. 747
-were awarded to the Meyer-Kiser Bank ofIndianapolis
for $25,433, equal to 101.732 and interest, a basis of about 4.67%. Date
Jan. 1 1923. Denom. $1,250. Int. May 15 and Nov. 15. Due $1,250
each six months from May 15 1924 to Nov. 15 1933 inclusive. The following bids were also received:
NamePremium.' NamePremium.
City Trust Co
$427 00 Fletcher Savings & Trust
J. F. Wild & Co
Co
387 50
$36770
WAKEFIELD, Dixon County, Neb.-BOND SALE.
-Jas. T. Wachob
& Co. of Omaha, have purchased at par $19.000 5149'° 2 -year serial
-20
intersection paving bonds. Denom. $500. Interest J. & J.
WAPAKONETA, Auglaize County, Ohio.
-BOND SALE.
-The following 534% bonds, in the amount of $41.900. which were sold to A. T.
Bell & Co. of Toledo. last Nov. 1, as stated in V. 115, p. 2184
-and turned
down by that firm because the City Council did not carry out demands
made upon it by the Toledo house, and then re-offered for sale on Feb. 15
(V. 116, p. 542) were awarded to the Provident Savings Bank & Trust Co.
of Cincinnati, for $42,918 17 (102.429) and int., a basis of about 4.45%:
$9,000 special assessment South Willipie St. pavement bonds. Denom.
$1,000. Due $1,000 yearly Oct. 1 1924 to Oct. 11932. inclusive.
10,800 (city's portion) South Willipie St. pavement bonds. Denom. 9 for
$1.000 each, and 9 for $200 each. Due $1,200 yearly Oct. 1 1924
to Oct. 1 1932, inclusive.
14,400 (special assessment) North Wood St. pavement bonds. Denom.
9 for $1,000 each:9 for $500 each, and 9 for $100 each. Due $1,600
yearly Oct. 1 1924 to Oct. 11932, inclusive.
7,700 (city's portion) North Wood St. pavement bonds. Denom. 8 for
$900 each. and 1 for $500. Due yearly $900 Oct. 1 1924 to 1931,
incl., and $500 Oct. 11932.
Dated Nov. 1 1922 Int. semi-annual Other bidders were:
Seasongood & Mayer, Cln
Durfee, Niles & Co., Toledo,
$696 00
(also printing the bonds)__$531 00 N. S. Hill & Co., Cincinnati_ 685 42
Davies
-Bertram Co., Chi- 701 00 Well, Roth & Irving,
575 00
Title Guaratee & Tr.Co.,Cin_ 429 48 W.L.Slayton de Co.. Toledo- 745 82
Boluner--Rinehart & Co.,Cin_ 536 32
-TEMPORARY LOAN-On Feb.
WARE, Hampshire County, Mass.
16 Shawmut Corp. of Boston was the successful bidder for the temporary
loan of $80.000. Date Feb. 21 1923 and maturing Nov. 8
11d.
p. 746. The loan was negotiated on a 4.02% discount basis plus 31 31
1923-V.
premium.
-BOND SALE.
WASHINGTON COUNTY (P. 0. Salem), Ind.
-The
following three issues of 5% road bonds which were offered for sale en
Feb. 20-V. 116, p. 747
-were awarded to J. F. Wild & Co. State Bank
of Indianapolis for $24,481 85 (101.584) and int. a basis of about 4.70%:
et
$5,900 John W. Poison et al., and Elmer Nice ' al., county unit bonds.
Denom. $295. Due $295 each 6 months from May 15 1924 to
Nov. 15 1933, inclusive.
2,000 David F. Voyles at al., Howard Township bonds. Denom. $100.
Due $100 each 6 months from May 15 1924 to Nov. 15 1933 incl.
16,200 Lewis Dennis et al., Washington Township, bonds. Denom. $810.
Due $810 each 6 months from May 15 1924 to 1933 inclusive.
Date Feb. 5 1923. Interest (M• & N. 15)•
-BOND OFFERING.
WATERVLIET, Albany County, N. Y.
Sealed bids will be received by M. L. Dunn. Director of Finance, until
7 p. m. March 5 for the purchase at not less than par and int. of $257,000
coupon (with privilege of registration as to principal only or as to principal
and interest) paving bonds. Pucrhaser to state rate of interest, not
exceeding 6%. expressed in multiples of 31%. Date March 1 1923.
Denom. $1.000. Int. (M. & S. payable at the office of the Director of
.
Finance. Due $7,000 on March 1 1924 and 1925: $8,000 on March 1
from 1926 to 1938 incl.; $13.000 on Sept. 1 1923, and $14,000 on Sept. 1
from 1924 to 1932 incl. Certified check for 2% of the par value a the
bonds bid for, payable to the City, is required.
WATERVILLE VILLAGE SCHOOL DISTRICT (P. 0. Waterville),
-Sealed proposals will be
-BOND OFFERING.
Lucas County, Ohio.
received by Merle Vanfieet, Clerk of the Board of Education, until 6:30 p.
in. Mar. 10 for the purchase of $43,050 5% coupon school bonds. Auth.,
Sec. 7630-1 of the Gen. Code. Date Mar. 1 1923. Denom 1 for $550:
9 for $500 each, and 38 for $1,000. Int. M.& S. Prin. and interest, payable at the office of the Treasurer of the Board of Education. Due on Sept.
1 as follows: $1,550, 1924: $1.500, 1925 to 1933, incl., and $2,000, 1934
to 1947, incl. A cert. check for 2% of the par value of the bonds, on a
Lucas County bank or a N. Y.draft, is required. Bonds to be delivered and
paid for within 10 days from date of award.
WELD COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 40,
-The International Trust Co. of Denver, has
-BOND SALE.
Colo.
,
4
purchased $38,000 53 % building bonds. Denom. $1,000. Date April 1
1922. Principal payable at the office of the County Treasurer and semiannual interest (A.. & 0. 1). payable at the office of the County Treasurer
or at the banking house of Kountze Brothers, New York City, at the
option of the holder. Due yearly on April 1 as follows: $1,000 1938
13,000 1939 to 1942, incl.. and $5,000 1943 to 1947, incl. This reports
corrects the reports given in V. 114, p. 1694. and V. 116, p. 645.
WELLESLEY, Norfolk County, Mass.
-TEMPORARY LOAN
.A temporary loan of $75,000. dated Feb. 19 and matruing Nov. 19 1923.
has been awarded to the First National Bank of Boston on a 4.02% discount
75 premium.
basis. plus $1
WEST CHESTER CONSOLIDATED INDEPENDENT SCHOOL
DISTRICT (P. 0. West Chester), Washington County, Iowa.
-An election is to be held on March 12 to vote on a
BOND ELECTION.
proposition to issue 165,000 bonds for a new school house. R. C. Ferguson is Secretary of the Board of Education.
WESTFIELD, Hampden County, Mass.
-LOAN OFFERING.
It is reported that proposals will be received until 11 a. m. Feb. 24 for
the purchase at discount of a temporary revenue loan of $250,000. Date
Feb. 28 1923. Due $150.000 Oct. 10 1923 and the balance Nov. 10 1923.
WEST PLAINS, Howell County, Mo.-BOND OFFERING.-Bld
,
will be received until Feb. 27 for the $25,000 8% 1-10
-year (opt.) water
system bonds voted on Feb. 9(V. 118, p. 748)•
WHITE COUNTY (P. 0. Monticello), Ind.
-The
-BOND SALE.
110,400 5% road impt. bonds (not $14,400 as stated in V. 116. P. 645)
which were offered for sale on Feb. 15 were awarded to The Bankers' Investment Co. of Indianapolis, for $10,580, oucial to 101.73. a basis of about
4.63%. Date Dec. 5 1922. Denom. 8520. Int. N. & N. 15. Due
$520 May 15 1924 and each 6 months thereafter.
WHITE SALMON, Klickiteit County, Wash.
-CORRECTION.
-Using
newspaper reports, we stated in V. 116, 'Ir. 438, that this town had sold
1155.000 local impt. bonds to Freeman, Smith & Camp Co. of Portland.
This report was incorrect as we are now informed by O..H. Estes, Town
Clerk, that "no bonds were sold to the above named firm.'
855
THE CHRONICLE
24 1923.]
FEB.
BOND SALE-We are also informed by Mr. Estes that his town sold
$25,000 6% water system purchase bonds during May 1922 through the
Columbia State Bank of White Salmon. at about 101. Denom, $500.
Date May. 1922. Due in 20 years. Can bonds be retired before maturity?
When? "Yes, optional."
WICHITA COUNTY WATER IMPROVEMENT DISTRICT NO. 1
-BOND SALE.
-Referring to the report
(P. 0. Wichita Falls), Tex.
which appeared in V. 116, p. 748, the $750,000 bonds recently sold to R. M.
Grant & Co., Inc., are part of an authorized issue of $4,500,000. of which
S3,750,000 were sold to Wm. R. Compton Co. of New York and Kauffman,
Smith, Emert & Co. of St. Louis in November 1921. (See V. 113. P. 2338.)
Denom. $1.000. Date Oct. 1 1922. Payable as to both principal and
semi-ann. int. (A. St 0.) at the Hanover Nat. Bank of N. Y. Due yrly. on
April 1 as follows: $8.000 1924. $9.000 1925. 1926 and 1927, $10,000 1928,
S11.000 1929, $12,000 1930, 3113,000 1931, $15.000 1932. $16.000 1933.
318.000 1934. 321.000 1935, S23.000 1936, $16,000 1937, $28,000 1938,
531.000 1939. 334,000 1940. $37,000 1941, S40,000 1942, $41,000 1943,
S43.000 1944, S45.000 1945. $48,000 1946, $50,000 1947, 552.000 1948,
$54,000 1949 and $57,000 1950.
-Sealed
WILLOUGHBY, Lake County, Ohlo.-BOND OFFERING.
proposals will be received by Arvilla Miller, Village Clerk, until 12 m. Mar.
17 for the purchase at not less than par and int. of$5,275 534% sewer bonds.
Date Oct. 1 1922. Denom. 20 for $250 each, and 1 for $275. Tht. A. & 0.
Due on Oct. 1 as follows: $250 from 1924 to 1943, incl., and $275, 1944.
A cert. check for 5% of the amount bid for, payable to the Village Treasurer.
is required. Bonds to be delivered and paid for within 10 days from date of
award.
WILLIAMSON INDEPENDENT SCHOOL DISTRICT (P. 0. Williamson), Lucas County, lowa.-ADDITIONAL INFORMATION.
The purchaser of the $15,500 school house bonds, reported sold in (V. 116,
p. 646) was the Ringheim-Wheelock Co. of Des Moines. The bonds bear
5% int., payable semi-ann.(M.& N.), are in demon. of $500 and mature
in 20 years.
-We are unWINCHESTER, Clark County, Ky.-BOND SALE.
officially informed that the $150,000 school bonds, voted on Jan. 27V. 116, p. 748
-have been sold. The bonds bear 5% interest and mature
serially on March 1 from 1924 to 1943 inclusive.
-The Brown-BOND SALE.
WYNNEWOOD, Garvin County, Okla.
Crummer Investment Co. of Wichita has been awarded the following 53.4%
tax-free bonds:
$50,400 electric light bonds. Denom. $1,000 except one for $400.
34.600 water works bonds. Denom. $1,000 except one for $600.
Date Jan. 1 1923. Int. J. & J,, payable at the fiscal agency of the State
of Oklahoma in New York City Mechanics' & Metals National Bank).
Bonded debt (excluding these bonds). July 1 1922. $90,000, sinking fund,
$49,966, assessed valuation, S1,26.3.138.
-On Feb. 7 ¶139.57781
YORK, York County, Nebr.-BOND SALE
514% district paving bonds were sold to the First Trust Co. of York at
par and int. Denom.$500. Date April 11923. Int. annually. Due 1932
optional after 5 years.
ZIEBACH COUNTY SCHOOL DISTRICT NO. 1, So. Dak.-BOND
OFFERING.
-The offering of the $25,000 school bonds, which was to have
taken place on Feb. 3 )V. 116. 0. 643) has been postponed to to-day (Feb.
24). Bids will be received by W. W. Alenta, District Clerk, at Isabel, for
$25,000 school bonds. Date Aug. 15 1922. Int. rate not to exceed 6%.
Due on Aug. 15 as follows: ¶6.000.1932. 1935 and 1938. and $7,000, 1941.
Prin, and semi-ann. int., payable at a place to suit the purchaser. A cert.
check for $1,000, payable to the District, required.
-------
CANADA, its Provinces and
Municipalities.
-The ¶135,000 534% 30
HANOVER, Ont.-DEBENTURE SALE.
installment debentures which were voted on Oct. 16 (V. 115. p. 2185)
have been awarded to Gairdner. Clarke & Co. of Tronto, at 99.77, a basis
of about 5.52%. The following bids were received:
Bid.
Bid.
Name.
Name.
99.12
99.77 Bell, Gouinlock & Co
Gairdner, Clarke & Co
99.11
99.72 Macneill, Graham & Co
Richardson, Singer & Co
98.70
Wood. Gundy & Co
99.618 Mackay & MacKay
A. E. Ames & Co
98.22
99.50 Dyment, Anderson & Co
W.C. Brent & Co
99.32 I
NEW LOANS
MONTREAL CATHOLIC SCHOOL COMMISSION (P.O. Montreal),
Que.-CORRECTION-BIDDERS.-The bid on which Wood, Gundy &
on Feb.
Co. of Toronto, were awarded the $2,000,000 534% bonds reported 8 was
as the
101.71, a basis 4.36%, not 103.007. which was inadvertently
The price of 103.07 was
price paid to the Commission in V. 116. p. 748.
the figure at which Wood, Gundy & Co. offer the bonds to the public.
Other bids received on Feb. 8 were:
Bid.
Names.
Syndicate of Messrs. Hanson Bros.., Messrs. A. E. Ames & Co.
101.103
-Rene-T. Leclerc
Dominion Securities
Syndicate of Messrs. McLeod, Yound, Weir & Co., Messrs. R. C.
100.47
Matthews,H. A. Daly,W.A.Mackenzie Newman,Sweezy
Syndicate of The National City Co.,' Ltd., Harris Forbes, Aemilius
100.79
Jarvis, Geo. Beausoleil
99.50
Corp. des Obligations municipales
of $94.000
NEWMARKET, Ont.-DEBENTURE SALE-The block
-installment pavement debentures offered on Feb. 19-V. 116.
534% 15
-was awarded to the Dominion Securities Corp. Ltd.ofToronto.at
p. 748
100.13. Date March 171923. Due in annual installments to Mar.17 1938
-Sealed tenders
NEW TORONTO, Ont.-DEBENTURE OFFERING.
will be received by W. E. Davison, Town Treasurer, until 12 m. Feb. 28
for the purchase of the following 6% debentures:
-year installment water works debentures.
$13.000 15
-year installment school debentures, principal and int. payable
36.000 20
at the Canadian Bank of Commerce.
-The block of $1,872.000 5%
QUEBEC, Yue.-DEBENTURE SALE.
coupon bonds, for which alternative tenders were requested on Feb. 15
(V. 116. p. 646), was awarded to a Toronto syndicate composed of the National City Co.. A. E. Ames & Co. and Aemilius Jarvis & Co.. on a bid of
-year debentures, which is on a basis of about 5.25%•
96.26 for 5% 30
Date Feb. 1 1923. Due Feb. 1 1953.
-The
-BIDDERS.
REGINA, Sask.-ADDITIONAL INFORMATION
amount of bonds awarded to Wood. Gundy & Co. of Toronto, at 95.36.
646) was ¶841.678 90.
. .
N Y funds and N.Yayment on Feb. 1(V. 116.p.
The bonds all bear 534% int. and mature in 30 and 35 years from their
date, July 1 1914. They were issued to refund bonds maturing Mar. 1
1923 the maturing bonds having_ been secured by the hypothecation of
the debentures now being sold. The bonds awarded were:
$263,406 86 35 years. Dated July 1 1914. Water works extension.
168.021 35 30 years. Dated July 1 1914. Light and power plant.
117,214 49 30 years. Dated July 1 1914. Storm water sewer.
120,661 56 30 years. Dated July 1 1914. Hospital estension.
.
172.374 64 30 years. Dated July 1 1914. Street railway extension. Yrs.
30
35 'Yrs.
Name.
s
Miller & Co
f Canadian Funds1
95.575
}__94.765 N. Y. payment)
Gordon & Wade116
Brandon,
C.C.Cross & Co.,Regina,($1 0,000 bon )__94.71 Canadian fund &payin't.
Ames & Co., A......194.39 Canadian funds 94.39
Nay & James for A.
93.41
E.
Jarvis & Co. and B. H. Rollins & llons_493.41 N.Y. funds
1
-Rene T.Leclerc. of Montrea
-DEBENTURE SALE.
ST. JEAN, Quo.
99.07 and is now offering to investors at par. $150,000
has purchased at
534% debentures. Principal and semi-annual interest id & D) payable
at the National Bank of St. Jean,or in Montreal. Due $65,000 Dec. 1 1927
and S85,000 Feb. 1 1933.
-The block of $350,000
ST. LAMBERT, Tue.-DEBENTURE SALE.
534% 30
-year debentures offered on Feb. 19 (V. 116. p. 646), was awarded
to the Dominion Securities Corp. at 100.097. a basis of about 5.49%•
Date Nov. 1 1922. Due Nov. 1 1952.
-The S89.401 6% 15 and 30
SIMCOE, Ont.-DEBENTURE SALE.
year instalment debentures, which were offered for sale on Feb. 14 (V. 116.
p.646) were awarded to A. E. Ames & Co. of Toronto. at 103.304, a basis
of about 5.53%. The following bids were received:
Bid.
Aame,
Bid.
Name.
102.666
103.1304 R.C.Matthews dt Co
A.E. Ames & Co
102.53
C. H. Burgess & Co
103.13
Gairdner, Clarke & Co
102.43
Wood, Gundy & Co
102.71
Dominion Sec. Corp
WEST MISSOURI TOWNSHIP (P. 0. Thorndale), Ont.DEBEN-An issue of $42,000 school debentures which was
TURES DEFEATED.
submitted to the voters on Jan. 22 was defeated.
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