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1¥
ommemH
finandal
^^^^O
sTCLUDING
INCLUDING
& Quotation
iSank
Industrial Section
SATURDAY, FEBRUARY
114.
%ht ^Mvoniclt
of Subscription
For One Year
For Six Months
1922.
Advance
in
—
,
DANA
COMPANY, Publishers,
B.
Pine and Depeygter Streets, New Yo rk.
DANA
Published every Saturday morning by WILLIAM B.
COMPANY. President, Jacob Selbert Jr.: Vice-President, Arnold G. Dana: Business Manager, William
D. RIggs: Secretary, Herbert D. Selbert. Address ot all. Office of the Company
.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c.. Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been »6.0ol, 359, 48.5. against $6,307,124,249 last week and $5,743,793,382 the
corresponding week last year.
Clearings
— Returns bv Telegraph.
Per
I
Week ending Feb. 25.
New York
Chicago
Philadelphia..
Boston
Kansas City..
1922.
1921.
$2,826,600,000
354.963,168
302,000,000
198,000,000
90.111,337
$2,440 .079.629
362 .145,177
274 460,451
165 ,.5.58,832
113 ,333,664
—20.5
a
a
a
St. Louis
San Francisco.
Eleven cities, 5 days.
Other cities. 5 days
Total
all cities.
All clUes.
Total
The
1
5day«
day
all cities for
week
Cent.
—2.0
+ 10.0
+ 19.5
—3.0
2/0
—7.0
—5.9
—7.2
84 ,400,000
118 ,335.856
52 ..349,425
48 315,955
42 ,625,805
»4,072,0,36,724
769.050.864
$3,701,604,794
865.464,076
—11.1
$4,841.087..588
1,210.271.897
$4..567.00S.870
1.141,767,217
+6
+ 6.0
$6.051.3.59.485
$5,708,836,087
+ 6.0
—
+ 10
—-^
-overed by the above will be given next Saturday.
We cannot fumhh tl;
clearings being made up by the clearing houses
at Doou on Hatiirday.
.n the above the la.Ht day of the week luis to be in
•U eaaea eatlmated. ax wc an lu presd Friday night.
Detailed figures for the week ending Feb. 18 nbow:
Week ending Ftbruary 18.
full details of
th"
Dec.
1921.
.m
1919.'-?
1920.
Milwaukee
2S.922..5.59
92.7.53.3.58,
27,220..5.55;
—18.5
—13.7
—14.3
—8.2
+6.2
Indianapolis
16.062.000
12,337,500
15.279.000
13,792,400
—10.6
S
651.062,103
71,675.290
135.078.086
136.333.031
29.493.033
20,735.000
12,792,400
4.216,672
6,450.088
—11.4
—17.9
5.922.616
7,306,446
4.01 9", 140
'—b's
Chlcago
Columbus
a
Toledo
Peoria
a
Evansville
4.010,356
2,107.029
1,524.368
3,246.883
1.721.413
1.220.841
1,215.660
4,827.000
2,959,357
Springfield. 111...
Wayne
Youngstown
Rockford
Bloomington
Quincy
Akron
Canton
439.296,201
46.791,451
89.398,163
90,752,432
22.438,82.3
10,782.000
9.601,300
—26.9
—11.1
—6.6
2,252.317; —23.6
1.550.166! —21.3
—20.3
1,.524. 833
6.300.000 —23.4
4.258,221 —30.6
2,882.600
1.715,730
3,477.918
"5'.252"7i4
2,271,935
2,271,679
4.515,701
2,.386, 175
2,181.228
1,975,126
13,648.000
5,215,746
""4,000,363
3,854,161
"
"3",345',387
1,556,047
979,64.<?
3,265,646
1,777.21,8
1,090,317
1,297,799
6,919,000
2,016.576
a
O...
Springfield.
+ 5.1
5
I
3,735.270
5.296.488
Grand Rapids
Dayton
Fort
580,486,921!
66.638.891
98.326.725:
473,062.210
52,353.125
82,575,000
85,177,783
Cincinnati
Cleveland
Detroit
Decatur
South Bend
974,866
1,483,438
986,892
—1.3
1.107,025
+ 33.9
—1.6
—11.2
—27.4
1,426,829
2,016,962
""'9"5"3",70i
1,097,079
c
Mansfield
Danville
Jacksonville, IlL.
257.583
261,655
I^ima
647.0-24
728,254]
772.617J
1,250.000
602.8931
181.887
Owensboro
560,663
1,732.015
610,582
200,421
Lansing
Ann Arbor
Adrian
Tot. Mid. West
-t-15.8
•81,800.000
•85.000,000
•48.500,000
45,485,786
39,576,433
Pittsburgh ...
Detroit
Baltimore
New Orleans..
>ri
IS.
Inc. or
— Payable
—
Fro nt
StSCfieij
NO. 2957
Week ending February
European .Subscription (including postage)
European Sub.scription six months (including postage)
7 75
Canadian Subscription (including postage)
11 50
NOTICE. On account of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made
In New York Funds
Subscription includes following Supplements
Railway & I.NDOSTBiAL(semi-annually)
Bane and QnOTATio.s (monthly)
Electric Railway (semi-annually)
Railway Earsings (nnonthlyl
Bankers' Convention (yearly)
State and Citt (semi-annually)
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Chicago Okfice 19 .South La Salle Street, Telephone State 5594.
London Office Edwards 4 Smith, 1 Drapers' Gardens. E. C.
WILLIAM
State and City
SeiEt»ftflir»
Clearings at-
SIO 00
6 00
13 50
—
—
Railway
25, 1922
PUBLISHED WEEKLY
Terms
Electric
Bankers' Convention Section
Railway Earnings Section
VOL.
&
Railway
Section
San FrancLsco
L08 Angeles
Seattle
Portland
Salt I>ake City.
.
+ 38.5
+ 1.3
+ 10.2
465,327
1,002.925
937.291
1,500.000
432,381
800.000
1,120.129
595.443
320,877
850,000
259,683
100.799
787,821,434
937,034,758
—15.9 1,118,381,963
744.776,271
136,000.000
86,418.000
29.909.572
25,901,968
9.545,046
142.000.000
-4.3
—7.6
—2.1
—19.1
—32.0
164.631.892
76.561.000
102,744,599
31,619,000
44,6-24.921
28. ,560,229
34.920.093
17,000,000
20.641,862
10,729,646
—4.9
6,700,550
4,725,205
1,769.362
2,576,324
+ 4.6
—11.5
+ 6.2
11,107.886
6,192,167
2.931.377
11,678,287
6,083.000
2,100.000
2.261.297
1.711,651
-fb.9
2".'9S9.508
'l,'o"3"2'.835
—10.8
385.393,079
216,296,946
1.50,541 ,198
65. .51)5 .516
39.066 .338
—11.8
—15.6
153.220,475
39.272 177
26.140 000
—29.4
—27.7
245.647.691
41,490,177
59, -258. 871
18,012.953
24,015,138
17,9,56,928
15.347.2.35
93.5.52,000
30.225.040
31.994,804
14,044,735
a
Spokane
Tacoma
a
.
Oakland
Sacramento
San Diego
10,717,692
4,925,317
3,003.465
3,702.328
Fresno
Stockton
2.053. .500
San Jose
Pasadena
1.873,214
3,433,301
1,407.375
a
3.835,763
Yakima
Reno
Ixtng Beach
Santa B.arbara
Total Pacific.
11,267,823
4,915.167
2.100.000
5.992.056
4,939.800
1,790.084
3.875,579
1,325,090
+0.2
+ 25.1
—38.3
—58.5
3,799.5.83
961,648
855.019
323.688.189
382,946,780
2,0.54,6,56
979,776
1,349,331
813,570
+ 12.5
.^
—
Clearinot at
I
1921.
1922.
1
New York
.
-9.1
Baltimore
Buffalo
-««
Washington
Albany
Rorhmtcr
Scranton
Sjrrafi^^
.
.
iJ.iiH..i'j(;
+ 0.2
8,672.4681
10,608,111
—18.3
3.2«3,M1
"4.«)6'.6i6!
2.413.000i
16. IJ:7,10'i
n
2.111.514
V.
I
-
W(i»»-l(iiK
I
-18 8
-36.1
Pittxbiirgh
.-e...
b2
o'l.'.
ra?.
"iV'7
VI.",
.
Trenton
2, iV).../
York.
1
1,107.217'
—13.6
$
10.467.618
a.
"'4.V4V.323
2.726.066
—
V.6
183.957
(if'-'
Pueblo
682.2.36
834 585
1,016 .7.88
-.
Bostnn
391.000.000
308.676.6171
+ 8.3i
1.033.143
— 18.0
307,047
1,297,552
322.766.007
382,404,671
—16.6
476,223,216
311,092.383
1.7
64,5HI). 145
5S.07l,311>
+ 2.3
15.978.715
17,018,600
Aberdi-on
Tot olhrr
916.8'14
I. 080.000.
380.40H.Mi;
840.700
Wmt
43.0;)0.072
I.oiilirvllle
36.180.157
0.863.160
—17.7
ffilveMtofi
I"'
.
!
6,033,188
37,302.751
3H.,'165, 160
15,403,219
6.384,412
N
III*.
r«
'<•
114'
7.0(11.(113
11.751
15.011,
0'.'7
MS
1,835. '..It
3. 401. OHO
0,2 IH. II (I
10.287.074
c
18,472.106
+ O.4I
.
'.'.<|
10.174.306
1.087,4:12
II
. .
040, 0.56
17.466,610
1.360 609
2,n'iO,H44
8,'i57,020
p.
8,404.000
4
n. 063. or K)
10,2.56,143
.1.
231.367,987
O.Dtl.OH7|
43,765.114
24.617,640.
+
1.7
—22.4
—24.9
—
.....
Moiiitoii
i
40S 391
1,219 691
I>»ulii
.New orloana...
iiin
II
.569,962
l,544,9.5d
1,375.(138
705.663
I,a4H.920
.. ^,6/436,287.070 3.018,9OI.H-J3
..:....:
7.58.041
2.036.933
2.022.400
1.548. -261
I'Yeraonl
2,068.062
4J6y.
6.37.198
2.296,828
+ 14.6
337. HIO
Ijldto.
1.196.417
1,003,705
2,577. -226
752 629
448 ,600
1,231 631
I'.'irgo
I
i
2,.570,413
3,149 749
I*'
:::
1,143 085
3,062.267
3,110.819
1,874.031
583,069
665,4.59
71H.4l."i
Pa.
2.008 .187
955.873
S.314,.363
613.767
876.218
Alton na
MonTi.ifr
"
.
5. •293,318
2.444,230
n-uMir^
n
llapldn
(;olora'l« SprlngH
[
7. .308, 370
9,270.275
Helena
I'm
+13.3
I,ri45.,S54
3.1
—+11.6
— 10.1
— 19.1
— 16.4
— 18.8
—26.8
— 19.0
11.0.'7
3..326.050
Topek.i
Ht.
fi33Jl00l
2,628,930
265
3.761 6S3
2 023 .706
11,377.431
15.044..3.S4
UllllnKH
Hiwtlngii
«•
oai.aoo<
,
12,855.803
11.372.687
6,671,823
13,885.217
5..368.9 17
3,461,020
'Mid OlX)
I
EriJl!
—2.4
—1.2
—25.4
3,899.6.54
Diiluth
Wlebltii
Lincoln
f-'edar
8.874 582
5.407 (>83
5,224 .507,
10. .58
12.660.00.3
WnUTloo
-6.4
—14.8
Molnos
640
— 19.9
2'>.409.(".90
40,432.459
3.032.791
1,786.239
;i4
—18.2
Dm
Hloux City
— 15.7
1,403.987
320 7S1
1.240.347
-33.fl
I,.3.'i3,205
Paul
St. .loHpph
$
4..570 89L4O2 3,060. 848,992
495.7l7,0«'i7
330 674.628
180.511.102
103. 2I1.0.U
86. 316. 907'
64 014 008
45.639.714
23. 4(t2.l>ll
17,00fJ.0«0
12, 275.466
—Vs'g
ziU'^z.
.Mlnni^polls
Denver
1010.
1920.
-11.0
.
Phlla'I'-l;,hl-.
V.
Dec.
132.897.401
55.325.524
33.693.407
27.715.207
18.922.167
8,473,416
8,667.759
5,181,309
Kan-sasClty
Omaha
St.
Inc. or
%
I
1,702.357,
21
I III
noii
—20,0
— IH 9
—0 8
— 18.3
—
4,(H)0,00(>
41,106.011
68,463,480
31,741,600
40677,372
'll.50n.40'i
13, •266.745
7
'26,612/104
22.600,280
15.1
1».S(I2,6I2
14,720.277
8.078,273
0.6
18.276.0 4
10.204. nio
1 :i".5 HO'i
2.470.074
Ifl'.3
-12
I
8.022.022
66, .562, .552
25
(I
2.(M>4.07'J
14 3
3.(NI2,IMIH
lOH
-ll.O
4,
-10
n.i\os,;mo
i2.oia.oio
3,320,667
2
13,0H3,4M
8.70.l.(M..
1.0(10 0(MI
rt.756.643
.11
888.094
493,019
32 000 000
IM,()(Ki rxKI
ni
1.
•1.036
7,221.131
1,360,5(10
1.06.1.370
1,480,184
311.378
H40,H.')4
Ishiu AcalrMt
Indlvl'liial •flooiinta.
wn npplr
t
'
.
by lh«
•
with
to liMt
>lnblUi
I
»"
36.461.060
I
iiiii
(
.
.
.
.,
ao 4Hn 263
-10
61
•
.111
1
ii'.U
;•>
Tdf'il loiifhern
M
(I
i
1^
[Vol. 114.
THE CHKONICLE
TEE FINANCIAL SITUATION.
would compel the Stock
lawless disregard it. Some
institution creExchange to incorporate, but that
own commercial and moral
active in ates and maintains its
very
is
still
and
the
The "Herald" has been
its own safeguard-for
bucketshop responsibility, acting as
the
of
methods
other
and
it no
exposing the extent
if one chooses to give
bring some snr- sake of poUcy,
only
not
articles
Sullivan
its
the
operations, and
law is like
gul^ credit. But the Blue Sky
human
to
as
casehardened
comply with it who
^rise even to persons
For in being unable to make those
climax
a
of
force
the
of the few
libility but have almost
restraint by it. A surer punishment
need
without
entirely
business
might have some denot only is this nefarious
are caught and convicted
who
"rating
bogus
evolved
supervision by law but it has
in perhaps lessening the boldbucketeer terrent effect, at least
the
with
work
to
bureaus/' which sometimes
yet since the quick gains are
plucking both ness of operating;
thus
him,
obeying
blackmaU
and sometimes
law and morals, not in
possible to ex- come by defying
hardly
is
It
victimizer.
probably continue taking
victim and
im- them, the knaves will
quite
and
robbery,
aggerate the extent of this
-^. ^
and the chances.
a++ ^
its heartless cruelty
Attor•
possible to overstate
it represents, the
lowness of grade in crime which
who has discovbucketeer being just a pickpocket
weU as surer means of
ered smoother and safer as
plving that thief's trade.
possibly in some of its workIt is not new, unless
to
It would be very hard
ino- "frills" and tricks.
sin which has never
mention or conceive any form of
new a careful search
been tried, and if any seems
form revived The
shows that it is only a forgotten
He puts over
"confidence" man is as old as Moses.
industry and fair dealing,
his moral rags the robe of
it, because of his
thereby seeking trust and winning
weaknesses in human nakeen understanding of the
so intense as to perture and of its greed which is
would like to be true
suade belief that whatever one
kinds and grades,
If all the crooks, of all
i.
District
one practical objection to
This
Blue Sky law providing
nev Banton's plan of a State
is
and licensing aU dealers in securiof any further
aside from the undesirability
ties
private operations,
meddling of Government with
be any restrictive
and admitting that there cannot
by many, a troulaw which will not be disregarded
from
the sharper gathers his "lists"
for registering
•
ble here is that
manv sources, and
works quietly through the mails,
telephone, avoiding the newsthe telegraph, and the
sufficiently
second difficulty is to find
papers.
security values and
broad and flexible standards of
them without error and
also persons able to apply
the Stock Exchange list
injustice. Nothing gets on
A
ap-
this test is
without first passing scrutiny, and
admission to the list
plied by skiUful persons; yet
is true.
pretends to warrant the course
there neither warrants nor
up
rounded
be
could
that infest New York
any particular security is a
consider- of prices or whether
a
populate
to
enough
would probably be
cash or on margin. Where
another, -ood "buy," either for
one
on
prey
sometimes
do
able citv they
true prophets, what could
the best judges cannot be
honor
is
there
that
avers
would even bar.
despite 'the proverb which
investigators do? Mr. Banton
raw
mainly
victims
find
they
"among" thieves, but
which the Post Office Deare the mails to every security
who
those
since
honest,
and
woiild imamong the simple
has not passed as sound. This
partment
susto
slowest
are
impossible task
themselves straight in conduct
an added and difficult if not
pose
catch
cannot
Society
pect crookedness in others.
busy enough. Issuance of a
devel- upon persons already
or
developed
of
army
huge
tht
and inclose all the
can already be had as soon as
to sort them "fraud order"
practicable
it
is
nor
hew
oping evil-doers,
justify it, but
of a trader is known to
road-building; yet society character
at
them
set
and
gangs
into
and the trickstei
that same element of time,
comes
its own
for
members,
weak
must try to protect its
considerable term before he can b<
shall this has at least a
How
duty.
moral
in
as
integrity as well
before him.
spotted and have this bar placed
undertaken?
be
safelT
and
duty
combined
security? We know i
is "soundness" in any
what
the
in
dealer
or
Every responsible institution
of the throng of thing
in the best cases, but how
evil,
this
over
concern
for
city has ample reasons
instance, oil ranks close afte
;
Am
welcomed and still unproved? For
of pei
and nothing would be more warmly
permanent commodity, but any set
a
as
coal
some
than
possible
more generally helped as far as
land for an honest effort t
effectively sons who buy or lease
work
would
which
means^ of suppression
mere oil stocks ma
produce and market oil and not
setor
disturbances
other
some
entei
without involving
of a permanent paying
fake dealer is be at the beginning
The
precedents.
dangerous
tin*- up
against it there are som
he is prise if the chances are
when
and
catch,
to
hard
migratory,
illusive,
absolutely determin
for it, and who shall
chances
authprosecuting
the
before
discovered and is haled
Who is wise enough to recognize an
his victims are in advance?
and
done
been
has
mischief
ority his
schemes and incur no risk of inte;
deciding that halt the barren
or
milk
spilled
their
for
crying
either
"sound" one?
themselves by com- ference with some
their best course is not to expose
Congress. Or
At least a half-dozen bills are in
responno
experience,
business
no
plaint. No capital,
repository for receiving an
of would set up a Federal
reputation
no
sense,
commercial
the
whose stoc
sibility in
information about every concern
this form of fool- filin<r
starting
for
required
is
kind,
any
another would forbid using tl
is offered in market;
moral
and
activity,
effrontery,
fishery; alertness,
inter-State cor
mails or anv other instrument of
and
requisites,
principal
the
be
to
which tl
obliquity seem
for offering any security to
the scene the munication
on
arrives
law
slow-footed
tlie
when
two propo^
authorities of a State object. These
sharper may have flitted.
moderate, and the latt
require- tions are comparatively
a
is
laws
Sky
Blue
of
feature
The pivotal
co-operation of State authorit
official would invite the
some
have
must
dealing
security
ment that
even if the filed infc
The which of itself is well. But
investigation and indorsement in advance.
would not pi
mation is complete and valuable, it
carryprohibits
State
this
of
abortive Sullivan law
seeker of quick riches who do
license; tect the credulous
a
without
weapons
offensive
bolde:
ing or owning
or stop to use it; further, the
;
while
the peaceful citizen obeys its restraint,
t!ie
not
know
of it
1
I
1
I
I
\
THE CHEONICLE
Feb. 25 1922.]
bucketeers,
who
quietly pocket
what money
is
con-
fided to them, buying nothing to represent it, and
making no return for it except more plausible talk,
would be as much outside of such restraint as if they
were on Mars and had an aerial line of communication.
The "Chronicle" yields to no one in appreciation
of the hatefulness and mischiefs of this particular
line of evil, and will gladly support any plan of combating it which will work effectively in practice
and will not involve some serious trouble. Yet it
must sadly be admitted that such a plan has not
been devised.
An
769
lowing are the essential points of the agreement, according to the Dublin correspondent of the New
York "Times": "1. The National Convention is to
adjourn for three months. 2. In the meantime the
Dail Eireann is to meet regularly and function in all
its departments, but no vote taken therein is to be
regarded as a party vote requiring the resignation
of the Provisional Government.
3. No Parliamentary election in the
meantime
is
to be held.
4.
When
such election is held the Constitution of the Free
State is to be presented to the electors simultaneously with the articles of the London agreement."
The New York "Tribune" representative, commenting upon the action of the Ard Fheis, explained the
situation as follows: "This handling of the treaty
puts Ireland back to where she was before the Dail
Eireann ratified the peace treaty. The agreement
to-day tied the Free State Cabinet, headed by Michael Collins, to a promise not to call a general election inside of three months, and virtually committed
all the Free Staters to join the Republicans to prevent any attempt by Great Britain to force an election sooner.
Meanwhile, it was agreed, the Dail
Eireann will continue to meet regularly and function in all its departments, although it w^as agreed
that an adverse vote in that body would not entail
the resignation of the Free State Provisional Cabi-
extraordinarv session of the Ard Fheis, the
National Sinn Fein Convention, was held in Dublin
on Tuesday. According to the cable accounts the
proceedings were characterized by considerable
strong feeling and lively discussion. At the morning gathering Eamon de Yalera was the principal
speaker, and he was quoted as having "openly advocated a spUt of the Sinn Fein," declaring that "it
would be better for Ireland to have two armies,
each ready to assist the other if the country were
imperiled, rather than one army divided within itself."
The following are some of the most striking
expressions which he was credited with having
made "I would rather see the country flooded with net."
Evidently the British Government is determined
British troops than give them the irrevocable right
Ireland is entitled to the dignity of a not to let the treaty with the Irish fail because of
to be here.
mother country. My position is the same as when the opposition on the part of the De Valera ele1 was made President of this organization, when I ment.
Winston Churchill, Secretary for the Colo.said, 'Our colors are nailed to the mast.'
What I nies, announced in the House of Commons on Thurs-said I meant."
The meeting of the Ard Fheis was day that "the British Government has invited the
held in the "round room" of the Mansion House, "an Irish signatories to the Anglo-Irish treaty to come
enormous hall with a balcony, equipped to seat 3,000 to London for an early conference on the whole situpersons."
The New York "Times" correspondent ation." The Associated Press correspondent in London cabled that "the Ard Fheis decision in Dublin
.said that "nearly 3,000 delegates from all parts of
the country were present to take part in the strug- gets a mixed reception in the London morning newsgle.
It was a remarkable gathering of gray-bearded papers, which seem puzzled at the unexpected outand young men in the green uniform of the Volun- come of the convention." From Dublin came the
teers and others who limped in on crutches, cas- message that "general satisfaction seems to be felt
ualties of the late war, with a sprinkling of women, in Southern Ireland over yesterday's surprise decisome of them in mourning." Tlie agenda set forth sion of the Ard Fheis for a three months' adjo\irnas the declared purpo.se of the Ard Fheis "to authori- ment, at the end of which the people will be asked
tatively and decisively interpret the constitution of to vote on a constitution as well as on the Anglothe organization with special reference to the situa- Irish treaty. This opinion is not unanimous, howtion created by the articles of agreement for a ever. Many heartily indorse the convention's grati-'
treaty between (Jreat Britain and Ireland, signed at fication at the preservation of Sinn Fein unity; but
lx)ndon, Dec. (> lOL'l, and its approval by the Dail some staunch supporters of the treaty are disapKireann by 64 votes to 57, so as to decide the policy pointed and inclined to feel that the agreement was
of the organization in view of the possible forthcom- a Republican victory."
ing elections."
In noting that "for the first time
since their historic duel in the. Dail, Arthur (JrifThe Frencli have suggest«Ml April 23 as the earlifith and Kanion de Valera met on a public jjl.ilform est i)ractical date for the holding of (he (Jenoa Con-'
:
Mansion Iloime to-day," the correNpoiident
also observed that "in a sense they were there to renew the conflict, but on this occasion the issue was
In the
fJerlin sent word Tuesday evening (hat
"the French Government to-day informed (he German (Jovernment that it had requested Italy to postjKHie the Cienoa Economic Conference fttr (lie reasons s(ated in I'remier Poincare's recent memoran-
ference.
as to whifh side should capture the organization of
Sinn Fein, in vi(!w of fhe imrnirir'nt election on Ihe
treaty."
After considerable lie.-jled discussion (he
diini."
Th(;
convention wan finally adjf)urMed until the follow-
Londf)n
cal)le(l
ing day, "to give the leaders of the opi)OHirig frtrres
an oppnrfnnity of conferring with a view to evolving
good aii(liori(y for H(ating that Premier Lloyd
George intendH to g(> to I'aris on Saturday to confer with F'remi<'r F'oincare on various matters affecting the relations lictweeii I-'rance and Great
I'.rilain, in fiarticular the (|iiesli(»n of the (Jenoa Con-
whenby the eorivent ion cfjuld be
for a peri(»d withont division. "
a hasis
At
Wednesd.'iy'.M
hphhU,u
an
adjourned
agiceniciit
w;ih
reached by whirli "an open split in the Sinn I-'ein
has iK-en avoided, tern porn rily at least." The fol
ference."
New York "Times"
correspcMident
Wednesday morning
in
"(lu're iH
same nntrning
the I'ariM
New York "Herald"
declared
In a diNi)atch (he
leiin-sentative of the
(lia(
THE CHEONICLE
770
Western Europe are becoming more
than ever fixed on Russia as the date for the Genoa
that ''the eyes of
Conference approaches, even if there is to be a postponement of a few weeks. It is now seen clearly
that Russia is the key factor in the Conference and
in the whole European situation, having recently
quite overshadowed the part which Germany may
play there."
The cable advices from London and Paris Thursday morning stated that Premiers Lloyd George and
Poincare would meet to-day, probably at Boulogne,
"to discuss the agenda of the Genoa Economic Conference, the Anglo-French treaty and the Near East
situation." The New York "Times" correspondent
said that "it is announced that the talk between the
Prime Ministers will be strictly confidential and directly personal in the sense that neither party to
Mr. Lloyd
it will be accompanied by his staff.
George will take with him only one secretary. The
pressure of public business, and in particular the
date of the royal wedding, have dictated both a
nearer meeting-place than Paris and so brief a meeting."
According to a Paris dispatch to the New
York "Times" yesterday morning, "the prospects of
tlie Genoa Conference look decidedly better now."
The correspondent added that "a mess having been
made of their efforts to straighten out differences by
means of notes Premiers Poincare and Lloyd George
are going to meet near Boulogne on Saturday and
there is every expectation that they will agree on the
conditions under whicli France will feel safe in no
longer opposing the European Economic Conference,
the brain child of the British Premier." He further
asserted "Poincare will ask Lloyd George on Saturday [to-day] to agree to certain points, the most
1. That the Conference
important of which are:
shall not affect the validity of European treaties,
particularly the Treaty of Versailles. 2. The Conference shall not discuss German reparations in the
sense of revising them. 3. The Conference shall not
take from the League of Nations the rights given it
in the Covenant. 4. The Russion Soviet Government
shall not be recognized until it bas recognized Russia's debts and executed measures to guarantee the
safety of the property of foreigners." According to
4ii.s information, "the impression here is that Lloyd
George will agree to these conditions. If he does the
road to the Conference will be open. That does not
mean it will meet on March 8. There will probably
be a delay of several weeks."
In a cablegram to his paper yesterday morning
the Paris correspondent of the New York "Tribune"
said that
"now that
the European Economic Confer-
ence seems assured through mutual concessions of
Premiers Lloyd George and Poincare, who will meet
next Saturday on French soil, the 'Tribune' correspondent learns that France is preparing to face a
new complication other than those of a Soviet nature wlien the Conference meets. This complication
will be a proposal for a general European land disarmament, which is known to be behind the concessions made by Lloyd George."
Although some of the Paris advices last evening
stated thai great secrecy was being maintained,
both in Loudon and in that centre, relative to the
meeting of the two Premiers, and even as to the
place, the Associated Press correspondent at Boulogne cabled that "the Under Prefect of Boulogne
last night received instructions from the Foreign
[Vol. 114.
Office to prepare the Under Prefectural building for
the meeting, which is set for 3 o'clock."
At a dinner given by the Pilgrims at the Hotel
Victoria in London Monday night to Arthur J. Balfour and other British delegates to the Washington
Conference, Mr. Balfour was "received with a tremendous ovation" and "spoke in tones of the greatest sincerity and conveyed the impression of the
deepest conviction of the value of the work accomplished at the Washington Conference." He spoke
in the most positive terms relative to what had been
accomplished at the Conference, saying: " The
Conference, so far as I have been able to judge, has
been absolutely of unmixed benefit to mankind. In
almost all the transactions in this unhappy world of
ours you find the good you have gained is largely
balanced by the evil which you have to endure. I
am not aware of anything which must be put on the
wrong side of the account in connection with this
Conference. I say with absolute confidence that the
accomplishment has been immense, and, so far as
I am aware, none of the things we have done can
them the
evil seeds of future misfortunes for mankind."
Ambassador Harvey, in seconding the toast to
Mr. Balfour, "praised the work of Mr. Balfour and
the British delegation to Washington, eulogized the
members of the American delegation and President
Harding, and predicted the early ratification by the
Senate of the treaties drawn by the Conference.
The keynote of his address was the cementing of cordial Anglo-American relations as the result of the
labors at Washington." Asserting that the Conference had brought Great Britain and the United
States closer together, Mr. Harvey said
"To my
mind, my Lords and gentlemen, the greatest
achievement of the Washington Conference was no
give the least suggestion of carrying with
:
—
achievement at all; it was a revelation the revelation of Great Britain to America and of America to
Great Britain. All of us here have acclaimed for
years what we rejoiced to believe was the natural
affinity, the increasing fraternity of our two peoples.
To utter a misgiving about that was to pronounce one's self a heretic; if evidences were not
wholly manifest at times, emotions were nevertheless felt to be sure and true. They were in the air,
they enveloped beings with atmospheric attributes
which inspired wistful conviction. I have believed
this for years I believe it now. But we have to realize all things. Even the strongest feelings are mat:
ters of degree;
human
passions, no less than
human
and cold.
conditions and ten-
bodies, are subject to influences of heat
Material, no less than spiritual,
dencies must be reckoned with in attempting to perfect even the most natural relationship stern experi;
ence teaches us that harsh actualities are as vital in
establishing comradeship as the tenderest impulses."
Senator Owen, Democrat, of Oklahoma, is making
a tour of Europe "to determine the attitude of Continental statesmen and business men toward his proposal for the establishment of an American Federal
Reserve Foreign Bank, with a capital of |500,000,000 gold, to supply Europe with a gold basis for a
medium of exchange for international and domestic
business." A special correspondent of the New York
"Times," who had an interview with Senator Owen
THE CHEONICLE
Feb. 25 1922.]
in Paris, called atteution to the the fact that his pro-
posal "is contained in Senate Bill 2,915, introduced
on Jan. 4, last." According to the correspondent,
the Senator asserted that "he has no official mandate from the AVashington Government, but is mak"
ing the investigation 'as a United States Senator.'
Senator Owen was quoted as admitting that ''he was
not discouraged, nor overwhelmingly encouraged."
The correspondent added that "he has found a feeling which has developed in Europe in the last yeai*
that after all, America looks out for herself first
in her actions, which naturallv tends to lend caution
to consideration of American proposals by bankers
for Europe. He has found also that feeling has run
up against Frank A. Vanderlip wath his international
bank plan, and that there exists
in
eignty."
He
also explained that "'Senator
Owen's
is not a project for the rehabilitation of European exchanges. Its effect upon exchange rates
would be indirect. Its basic purpose is to supply
countries with depreciated and varying currencies
one of stabilized money on a gold basis. His plan
differs from Mr. Vanderlip's, for whereas Mr. Vanderlip planned to allow Europe eventually to take
over the bank started with American gold. Senator
Owen has proposed an out-and-out American institution." After interviewing prominent financiers and
statesmen in France, Senator Owen plans, it is
stated, to go to England and later to the principal
countries of Central Europe. The "Times" corre-
plan
.spondent
made
the following observations regarding
"From some acquaintance with European politics, I should think the chief opposition
to Senator Owen's project would arise from the plan
for the use of the proposed money in domestic dealings.
European statesmen who might look kindly
upon the promised assistance from such system for
international dealings, would shy at the use of foreign money in domestic transactions."
the proposal:
The Cabinet situation in Italy has been serious.
Premier Bonomi and his colleagues resigned. The
King tried to find some one to form a new Ministry,
hilt was unsuccessful.
At his request Signor Bonomi and the members of his Cabinet continued to
and consented also
(Jhamber of Deputies
serve,
tJie
to present themselves to
a
week ago yesterday for
a vote of confidence. It was refused, the ballots being 295 against and 107 in favor. The cable advices
Rome stated that "the members of the Popular
Party and the Reformists alone voted in ffivor of
confifience."
It was a matter of interest 1o note
the attitude of several former PnMiiiers.
The disiJHtches Htated that "Oiolitti and Orlandf) voted
against confidence, l)ut former Premier Nitti cast
his ballot in favor of Kignor Bonomi wlien all Nitti's
I»'»litical friendH had voted
agaiiisl
(he Premier.
Iiirlhermore the prim-ii)al majority against the
Jovertiment Cf>nHi.sted (jf the mcmlx'rs of the Right
and lAift and the HocialiHl.s." The accoiintH of the
WHHJon marie it ajipear that Kignor Horiomi handlefl
the Hitiintion in an untactfnl way, particularly in
view of ilH rritiealrieHH. He was qiiotr'd ;m Having
fioni
•
tli.it
"HotMf! pfTHOiiH I'Xpress MiirpiiHc that the Minis-
Put we have not retiirrnMl of
our own tree will, nf)r do we intend to remain at our
postH.
We entertain neitlnT hope t\nv fear of voiir
tn- haH returned here.
vote."
The following day the King held conferences again
"with the political leaders in an effort to find a man
who can command a Parliamentary majority and
form a Cabinet." The New York "Times" correspondent, in a wireless dispatch from Rome, outlined the situation in part as follows:
"By
over-
throwing the Bonomi Government last night, the
Chamber left the political situation in exactly the
same position as a fortnight ago when the Cabinet
done much to point out the
strength of the various parties and an indication of
first resigned.
what
The
mier.
cans,
It has
line is to be followed in choosing a
Communists and
Socialists.
who always
new
Pre-
Republi-
vote against any Government, con-
Party controls
remainder being divided among a
trol over 160 votes, w^hile the Catholic
Europe 106 out
intense fear of infringement on the national sover-
771
of 535, the
dozen parties of lesser importance. It is, therefore,
obvious that the Catholics hold the balance of power,
and nobody can take up the Government unless he
can count on their support, because if the Catholics
pass to the opposition the Cabinet immediately
would have more than half the total votes against
it."
Discussing the various possibilities as to che forming of a new Cabinet, the correspondent added:
Given this position, only these solutions are possible
First, a coalition between the Catholics and
Socialists second, a coalition between the Catholics
:
;
and other constitutional
parties.
Ex-Premier Mtti
solution, but it is
a staunch upholder of the first
considered unlikely that he will succeed, both because he is violently hated by the whole of the rest
is
of the
Chamber and because
the Socialists stubborn-
ly refuse to participate in the
Government, realizing
that their position would be greatly weakened the
moment
they share the responsibilities of power.
The second solution has several champions, the most
notable being Orlando, De Nicola and Giolitti. Or-
lando at present seems to be the favorite, with De
Nicola second, but the difficulty lies in the heavy
demands the Catholics make in exchange for their
support." He suggested also that "should both solutions fail a general election would follow, but owing to the system of proportional representation introduced by Nitti three years ago it is doubtful
whether the election would materially alter the composition of the Chamber. All iiulications point to
the fact that Orlando could succeed in forming a
Cabinet, but one which would not have great
strength or authority, being in fact a sort of second
edition of the Government which has just fallen."
Thursday evening apparently the latest information relative to the ('abinet situation up to that time
was given in the following dispatch from the Italian
capital
"Inability of both De Nicola and Orlando
t(» form an Italian (^ibinet has left King A'ictor Mmmaniiel with one last chance before he must dissolve
Parliament and eall for a general election.
Signor
Benediice. Minister of Laboi- iiikIit Monomi, may be
asked to head a Government, and if he fails an elec:
ti(ui is
regariled as certain."
\\<»rd
eanie from Berlin on M(»n(lay that "FCarl
Kadeli and
I/Cotiid
Krassin, refireseiitat ives of the
way to Moscow with propoHals from I'Vance, Great Hritaiji and Germany,
looking toward FtuHsian economic recnnst iMict ion."
KiiNsian Soviet, are on the
The AsHoeiated F'i'ess correspondeiil in Hei-Jiii
served Unit "Gernmnv. on account oT hei- lack
ob-
of
THE CHRONICLE
77»
gold, is unable to
as
make Kussia
as favorable offers
England and France, but M. Kadek and
ciates are inclined to believe that the
his asso-
German
offers
are better calculated to reconstruct Russia, which
especially needs German locomotives and other German manufactures." He added that "the Bolshevist
negotiators informed the German officials that they
believed both England and France were endeavoring
to outbid Germany for Russian trade, but made it
clear that Russia must deal with the nation giving
the best terms."
The food situation in Russia continues critical,
according to the latest advices, and is likely to for
an indefinite time. The Associated Press correspondent at Moscow cabled a week ago this morning
that "the stoppage of all passenger and freight traffic for a fortnight, in order to concentrate rolling
stock and food shipments into the famine districts,
is recommended by the Central Famine Relief Committee. The food and fuel shortage is becoming daily
more acute throughout virtually all of Russia." Tlie
American Relief Association headquarters in Moscow received a report that "there are shocking conditions at Minsk as a result of the refugee problem."
The report also stated that "refugees are pouring
into the city at the rate of 3,000 a week by the trainload, in wagons and on foot, the majority without
food, clothing, money, and powerless to proceed further. Typhus is rampant and increasing at the rate
of GOO cases weekly.
Medical stores are almost
wholly lacking, and 90% of the physicians and medical personnel are sick.
The majority of refugees
suffering from typhus are taken to makeshift hospitals, where the mortality is 50%.
Of the total
number of refugees on trains one in seven dies in
the cars before arrival."
Later in the week the Berlin correspondent of the
New York "Herald," in discussing the Soviet policy,
which reference was made in an earlier paragraph, said that "now that I^arl Radek, Leonid
Krassin, M. Roskowski and other Soviet negotiators have left Germany, information has become
public which will help political circles here to make
a fairly compete analysis of the Russian policy. Rusto
main
regarded, has
been to
change the character, as originally conceived, of the
international consortium for the rebuilding of Russia's
sia."
He
objective,
it is
also stated that
"Hugo Stinnes
is
known
and Felix Deutsch, of
the General Electric Company, also is said to be opto be against a consortium,
posed to it. On the other hand, the Foreign Office
still is favoring the consortium idea, and will certainly await the development of the negotiations
now under way in London, where Germany is represented by Carl Bergmann and Herr Kempner."
The French Custom House has
of the foreign trade of
mary
of the figures,
issued a statement
France during 1921.
compared with 1920,
A
sum-
The report contains the following interesting comparison, similarly classified, but expressed in tons,
thereby eliminating the variations between the figures
for the two years due to price changes:
IMPORTS.
1921.
Changes.
1920.
Tons,
Tons.
Tons.
4,066,434 6.195.261 dec. 2.126,827
-.32,448.478 41.871,777 dec. 9.423.299
1,458.774 2,464,888 dec. 1,006,114
Pood
Raw
materials
Manufactured goods
Total
37.973.686 50.531,926 dec. 12,558,240
EXPORTS.
frood
Raw
1.227.133
materials
12,8,58.481
Manufactured goods
1,890.778
25.036
Parcel post
Total
_.
Excess of Imports.
1.2.57.615 dec.
30.482
9,709.081 inc. 3,149,400
1.865.215 inc.
25.563
23.327 inc.
1.709
16.001.428 12.855.238 Inc. 3.146.190
21,972,258 37,676,688 dec. 15,704,430
European centres
continue to be quoted at 5% in Berlin and Belgium;
5M% in Paris, Denmark and Sweden; 6% in Rome,
Norway and Madrid; 43^% in London and Holland,
and 4% in Switzerland. In London the open market
Official discount rates at leading
discount rates are now quoted at 3 3-16% for short
bills and 33^@3 3-16 for long bills, unchanged from
a week ago. Call money was fractionally higher,
being reported at 2^%, in comparison with 234%
week. Open market discounts in Paris and
Switzerland have not been changed from 5% and
last
23^@ 3%,
A
respectively.
gold was shown by the Bank of
England in its weekly statement, namely £982,
although as against this total reserve was expanded
trifling loss in
£206,000, because of a cut in note circulation of
Public deposits continue to increase, a
£207,000.
further gain of £12,896,000 being reported; but this
was more than offset by a reduction of £27,514,000
In loans on Government securities
in other deposits.
there was a decrease of £15,880,000. The proportion
to
of reserve to liabilities again advanced sharply
—
18.62%, against 16.70 last week and 14.50% the
week prior to that. This is the highest level reached
this year and compares with a high record last year
of 18.61% in the week ended Sept. 28. In the same
week of 1921 the ratio was 15%. Loans on other
The Bank's stock
securities increased £1,073,000.
of gold on hand aggregates £128,761,537, as against
£128,327,000 last year and £110,445,699 in 1920.
Reserves total £25,666,000. A year ago they were
£19,080,077 and the year before that £32,369,259.
Loans amount to £81,638,000, in comparison with
£95,220,101 and £90,704,526 one and two years ago,
respectively. Note circulation outstanding is £121,545,000, which compares with £127,697,910 in 1921
and £96,526,440 a year earlier. Clearings through the
London banks
for the
week were £789,334,000, as
against £652,385,000 last year. The Bank governors
kept the official discount rate of 4}^%, which went
We append a
into effect a week ago, unchanged.
tabular statement of comparisons of the principal
items of the Bank of England's returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
follows:
IMPORTS.
1922.
Feb. 21.
1921.
Feb. 23.
1920.
Feb. 25.
1919.
Feb. 26.
1918.
Feb. 27.
£
£
£
£
£
121.545.000 127.697,910 96..'>26.440 70.3:<.'"),745 47,251,225
17,322,060 25.823.907 42,649,768
27,807,000 15,987,902
Public deposlta.
111,259,206 172.824,755 119.169.536 124,767.163
.109,947,000
Other deposits.
Gdvernm't soeurltles 48,.545.000 31,030,156 85,152,523 50.196,744 56.350.082
Othor securities . . 81.638.000 95,220,101 90, 704. ,526 83,130,365 98.641,366
Reserve notes & coin 25,666,000 19,080.077 32.369.259 29,742,648 30,551,673
Coin ami bullion. ..128,761,537 128,327,987 110,445,699 81,628,393 59,352,898
Proportion of reserve
„„ ,„„
„„
,o
o^m18.24%
Circilliltlon
1021.
1920.
Changes.
Francs.
Francs.
Francs.
6,205.898.000 11,874.010.000 dec. 5.669.012.000
Food
12.398.010,000 25. 156. ,544,000 dec. 12. 758, ,504, 000
Raw materials
Manufactured goods... 4,944„535.000 12,873,443,000 dec. 7,928,908.000
Total
[Vol lU.
23,548,473.000 49,904,897.000 dec. 26,356,424,000
to liabilities
Bank
rate
-.
18.62%
14.99%
4H%
7%
17.00%
20.50%
6%
5%
5%
EXPORTS.
Pood
1.032.360.000 2,612,799,000 dec.
5.558,626,000 6,113,814,000 dec.
Manufactured goods.. .12,808,951. 000 16,962,574,000 dec.
Parcel post
1,253.158,000 1.205,571,000 inc.
Raw
materials
TotAl
Excess of imports
680,4,33.000
555,188,000
4,153.623.000
47.407,000
-21, .553, 101 ,000 26.894,7.58,000 dec. 5.,341.837,000
.
1.995,372.000 23,000,930,000 dec. 21,055,558.000
weekly statement reports
a further small gain of 173,000 francs in its gold item
This brings the Bank's gold holdings up
this week.
to 5,525,250,925 francs, comparing with 5,503,010,-
The Bank
of
France
in its
THE CHKONICLE
Feb. 25 1922.]
259 francs on the corresponding date last year and
with 5,581,576,007 francs the' year before; of these
amounts 1,948,367,056 francs were held abroad in
both 1922 and 1921 and 1,978,278,416 francs in
Silver, during the week, gained 123,000
1920.
francs, bills discounted 188,237,000 francs, and
Treasury deposits 32,516,000 francs. On the other
advances
hand,
general
declined $35,000,000.
The result of this showing
was, of course, to cause a material advance in the
reserve ratios; for the system the ratio now stands
at 78.1, a gain of
1.7%, while
institution the increase has been
for the
5.2, to
New York
87.1%.
while
Last Saturdaj^'s statement of New York associated
banks did not fulfill general expectations. Instead
were reduced 81,240,000 francs.
of a restoration of siu-plus, the deficit in reserve re-
fell
deposits
773
off
38,750,000
francs,
Note circulation registered the further contraction quirements was further slightl}^ increased. A subof 283,791,000 francs, bringing the amount out- stantial drawing down of loans was shown, namely
standing down to 36,150,809,000 francs. This con- S46,760,000, bringing the total of loans, discounts,
trasts with 37,808,110,675 francs at this time last &c., to 84,378,298,000.
Net demand deposits were
year and with 37,888,659,585 francs the year pre- increased 820,893,000 to 83,826,124,000, which is
vious.
Just prior to the outbreak of war, in 1914, exclusive of Government deposits of 890,783,000,
Com- a dechne in the latter item of $51,616,000 for the
the amount was only 6,683,184,785 francs.
parisons of the various items in this week's return week. In net time deposits a gain of $6,541,000 was
with the statement of last week and corresponding reported, to $263,359,000.
Other changes were not
especiall}' important, comprising a decrease in cash in
dates in both 1921 and 1920 are as follows:
BANK OF FRANCE'S COMPARATl\'E STATEMENT.
own vaults of members of the Federal Reserve Bank
Ctanoa
Gold HaUingt —
In France
Jar Week.
Franct.
Inc.
173.000
No
Abroad
chanee
Feb. 23 1922.
Sialus as of
Feb. 24 1921.
Frana.
3.576.883.869
1, 948,367. 0.-.6
Feb. 26 1920.
3.603.-.'97.6.=il
1.948..367.0.V)
1.978.278.416
5.525.250.925 5.503.010.259 5.581.576.067
251.477.250
280.980.495
264.114.644
1.849.052.643
2.726.320.298 2,961.71 ».037
2.259,877,000 2,191,.'')21 ,331
1,563.788,395
Note circulation. ..Dec283,791.0OO 36.150.809.000 37.808.110.675 37,88'«.659.585
45.477.423
Treasury depwlt8..Inc 32.516.000
57,494.000
35.224.518
General depoalta... Dec. 81.246,000 2.371.532.000 3,257.319.151 3,231.927.854
Total
...Inc.
173.000
123.000
Bills discounted
lnc.lR8.237.000
Advances
...Dec. 38.7.50.000
.Inc.
Ire-SIr
statement, issued as of Feb. 15, the Imperial
Bank of Germany continues to show drastic changes,
although a small contraction in note circulation has
been achieved, in contrast with the huge expansion
of the week previous
Gold was reduced 1 ,000 marks
Total coin and bullion gained 640,000 marks. A
reduction of 1,158,450,000 marks was reported in
In
its
.
Treasury certificates, while note circulation was
brought down 850,481,000 marks.
Bills discounted
registered the huge expansion of 7,126,020,000 marks,
and deposits an increase of 6,331,699,000 marks.
Notes of other banks increased 1,739,000 marks, but
there were declines in all the remaining items, viz.,
48,897,000 marks in advances, 480,893,000 marks in
other securities, 15,910,000 marks in other liabilities
and 3,607,000 marks in investments. Gold stocks
are now reported as 995,689,000 marks, which compares with 1,091,600,000 marks last year and 1,090,800,000 marks in 1920. Note circulation totals
110,239,292,000 marks. A year ago it stood at
65,933, 800, (X)0 marks and a year earlier 38,778,6^30, (JOO
marks.
The Federal Reserve Bank statement which was
the clo.se of bu.«incss on Thursday revealed
Li.Tued at
companies in
of $473,000 in the reserve of State institutions kept
in other depositories.
The reserves of member banks
with the Reserve Bank were increased $2,290,000;
but this was not sufficient to offset the addition to
and in place of a surplus reserve, a further
was recorded of $335,850, thereby increasing
deposits,
loss
the deficit to $2,198,740. The figures here given
regarding surplus are on the basis of reserves above
requirements of 13% for member banks of the
Federal Reserve System, but do not include cash in
vault amounting to $62,375,000 held by these banks
on Saturday last. Complete details of the bank
statements appear on a subsequent page of this issue.
legal
not be said that the local money market
Call loans were made as high as 6%.
Time money was firmly held at 5%, and only a modIt could
was easy.
amount was available even at that figure.
Government withdrew $7,000,000 from local
The
erate
insti-
tutions on Thursday, but as those transactions go,
this
was not regarded as
sufficiently large to be a fac-
tor in the rates for
money
spoken
in speculative circles, as
at this centre.
It
was
having
exerted an influence.
It is a long time since anything
has been said about the borrowings of stock brokers
increasing.
Toward the end of the week the obserof,
however,
vation was made that the activity of the stock market
must be great enough to be one of the chief causes
of the stiffness of money rates.
On Thursda}^ and
appeared to be con.sidreable i)rofit-taking in the i.ssues which had advanced most rapidly
and Hhar|)ly. Of course, liquidation always tends
to off.set borrowings.
Naturally it is impossible for
lG4,fKjO,000.
sults this
Bills purcha.sed increa.sed S4,m)0,000,
that the total volume of
flo
bills
held registered a
cline of $00.(JOO,0()0, to SSOri, 8 17,000,
which com-
pares with 12,506.757 ,fXX) in the same week of last
ir.
Total earni
<!ts were reduced 189,000,iO. with deposits >-..j,iju(},(XJ0 .sniallcrr.
Fe(l(;ral Ite;rve
I
by State banks and trust
own vaults of $185,000, and an increase
a decline in reserves held
another addition to gold reserves both locally
and nationally, while the bill holdings in the portfolios of the banks continue to diminish.
The combined system reports a gain in gold of §10,000,000
and a contraction in rediscounts of appro.vimately
still
I
of $1,530,000 to $62,375,000 (not counted as reserve),
Francs.
Francs.
3.554.643.203
nr)t«s
in
actual
circulation
larger than a week ago.
York bank were along similar
iucnased SI8,rX)0,fXX). Hero also
14
.(KX), ()<)<)
•w
are,
how(;v(rr,
Changes
lines.
for the
fJold
was
bill holdings fell
"', to $I2:J,979,(X)0, which comimres with
I'Ji ,,...,,, ,ij in 1921.
A reduction of .S75,(XK),fXM)
wasj^flhown in total earning .assets, while cl»;j,osit,s
»"'
*
Friday
llu^re
what the net reThe bond mark(>t, while
the averag(' observer to learn just
week have been.
adive, particularly
in
the foreign department, has
and investment houses report
demand for new securities is
not quite as keen as it was.
As a consequ(!nce, the
Several forofferings have been sonunvhat smaller.
reflected (irofit-taking
that at the
moment
eign
an;
i.ssu(!H
still
the
in lu'gotiat.ion.
This
is likcily
to
International bankbe true for a long tinu; to conn;.
errs were gratified in reading that the British Government is M;tting aside a largi; amount in its next budget
on itH indcibteilncM.H to tli<< United States
steadily growing in this
GovrnTnent. Tlx! feirling
country that all the European Powers should do
for interest
i.4
THE CHRONICLE
774
everything possible to finance their obligations of
kinds before asking assistance from this country.
As
to the
more
specific rates for
all
money, loans on
call have ranged during the week at 4@6%, which
compares with 4@5% last week. On Monday a high
figure of 6% was quoted, but the low was 4%, and
this was the renewal basis.
Tuesday renewals were
negotiated at 5%, the maximum level of the day,
while the low was 43^%.
Wednesday was a holiday
(Washington's Birthday)
Firmness again developed
on Thursday and the call rate once more advanced to
6%; although the ruling rate was still at 5%, which
also was the minimum.
On Friday the range was
with
the
renewal
basis.
The above
53^2%
5@5K%,
figures are for mixed collateral and all-industrials
.
without differentiation. (Jail funds were in fair supply during the greater part of the time, the brief
periods of flurry being due to withdrawals by out-oftown institutions. In the time mone^' market the
range remained at 43^@.5% for all maturities from
sixty days to six months, unchanged, but offerings
were smaller and few if any dealers were willing to
put out loans under the maximum figure. No large
trades were reported in any period.
Commercial paper was moderately active with
sixty and ninety days' endorsed bills receivable and
six months' names of choice character still quoted at
4^@5%,
and names less well known at 5@53<^%.
Country banks are still the principal buyers, but as
offerings showed no increase, the volume of transactions was not large.
Banks' and bankers' acceptances were in good demand, at levels previously current. New York as
well as out of town banks were again active as buyers,
but offerings were light and the total turnover
showed a falling off from that of the week preceding.
For call loans against bankers' acceptances the posted
rate of the American Acceptance (Jouncil has been
raised from 3H to 43-^%.
The Acceptance Council
makes the discount rates on prime bankers' acceptances eligible for purchase by the Federal Reserve
Bank 4)^% bid and 4% asked for bills running for
120 days; 43/g@4% for ninety days; 43/^@4% for
sixty days, and 43/s@4% for thirty days.
Open
marki^t quotations follow:
SPOT DELIVERY.
Prime ellglWe
90 Days.
60 Days.
-4>^fe3K
434@3K
bills
Days.
.'lO
4H@3>|
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible noD-member banks
Ineligible bank bills
4}^ bid
4J^ bid
4M
bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOtJNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT FEBRUARY 24 1922.
Dtscovnled
bills
within 90 dnys
maturing
(incl.
mem-
ber banks' lH-day collateral Bankers'
notes) secured by
acceptances
Treasury Liberty
Other.
disc'ted
notes and
bonds
wise
for
—
Federal Hesercc
Bank of—
and
secured
member
Victory
notes
and
banks
edness
unsecured
4H
4H
4H
4K
4H
4J<i
4H
4H
certificate
of indebt-
Boston
New York
PhlladclptUa..
Cleveland
Richmond
a
i'A
4H.
.5
4-^
4>i
4«
iH
r.
.\tlanla
.>
Chicago
5
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
4W
4'-<;
Trade
.Agricultural and
accep-
live
4W
4Jl2
4H
4M
4'-j
5
5
5
5
6
5
5
5
5
5
5
4H
4H
4^
stock
tances
paper
maturing maturing
within 91 to 180
days
90 days
.;
4H
[Vol. 114.
Although trading in sterling exchange was again
interrupted by the observance of a holiday (Washington's Birthday), there has been a resumption of
the upward movement which was in evidence earlier
in the month and sensational advances were once
more noted. In the initial dealings demand was
marked up to 4 393^, almost 9 cents above the low
level of last week, and another new high.
It was in
fact the highest point touched since July 1919.
With
the reopening of business on Thursday, however,
was even more pronounced and prices
bounded upward to 4 41 5-18. In keeping v/ith this
trading was quite active. Traces of speculative
tactics were not lacking, and it was said that a large
part of the rise was due to covering of short commitments in conjunction with the continued shortage
strength
supply of commercial offerings. Furthermore,
London were also strong and higher,
and this exercised a powerful influence in maintaining
rates in the local market.
Later in the week the
usual reactionary trend developed with fractional
declines, so that the close was slightly under the best;
the undertone, however, remained steady with every
indication of increasing confidence in the outlook.
It must be admitted that traders are somewhat
at a loss to account for this fresh outburst of spectacular strength at a time when most large operators
are temporarily out of the market.
The fact that
Great Britain, according to reports, is making preparations to pay a first installment of interest on its
indebtedness to this country had a highly stimulating
effect on market sentiment, and tends stronglj'- to
confirm the view that Britain's financial and economic position has not only made rapid strides ahead
of late, but is in a fair way of returning to normal in
the not distant future.
In substantiation of this is
pointed out the recent cut in the Bank of England's
minimum discount rate to 43^%, and those of an
optimistic turn of mind are now predicting that
sterling may work up 1o as high as 4 .^O and 4 (K).
For the present this is obviously little better than
guesswork in view of prevailing uncertainties.
Regarding the day-to-day rates, sterling exchange
on Saturday of last week was strong and higher, with
an advance to 4 353^((?i4 3734 for demand, 4 36@
4 37M for cable transfers and 4 333^@4 353'-4 for
On Mondaj'
sixty days; good buying was noted.
trading was active and excited, as a result of which
demand bills were advanced to 4 38@4 393<4, cable
transfers to 4 383^@4 39^4 and sixty days to 4 36
@4 3734; short covering and continued light offerings were assigned as the primary causes of the
strength.
New high levels were established on Tuesday, when demand bills touched 4 40 7-16; the low
was 4 39, while cable transfers ranged between 4 393^
and 4 40 15-16 and sixty days 4 37@4 38 7-16
trading was less active and short covering was still
Wednesday M^as
the chief element of dealings.
The upward
holiday (Washington's Birthday).
movement made further progress with the resumpin the
cable rates from
on Thursday, and the day's range
5-16 for demand, 4 4I(a.;4 41 13-16
41
4
was 403i^(ai4
for cable transfers and 4 383^(«)4 3934 for sixty days
the factors at work earlier in the week were still oper
Friday's market was easier and demand de
ative.
dined to 4 38^4^1.4 403^4. cable transfers to 4 39' s^'
tion of business
4 40^^ and sixty days to 4 36^8@4 383/^; trading wa
quieter and the undertone slightly reactionary; clos
ing quotations were 4 3734 for sixty days, 4 S9% fo)
demand and
4
39^
for cable ti'ansfers.
Commercia
THE CHRO]SnCLE
Fbb. 25 1922.]
sixty days at 4 34i^,
775
As
exchange market in general, a
ninety days at 4 333^2, documents for payment (sixty fact which aroused some comment was the extremely
da5^s) at 4 33'>'8, and seven-day grain bills at 4 38J/g. small volume of business transacted on the rise.
This was due to the almost total absence of
(^otton and grain for payment closed at 4 38'3^.
Very little gold was received this week, practically offerings, so that trading for long intervals was
none from Europe. South American arrivals were almost at a standstill with brief periods of feverish
7 cases of gold, 5 cases of silver and 24 bags of nickels activity.
The official Lojidon check rate on Paris finished
on the S. S. Panama from Colon and other points,
Patras,
from
at
48.13, as against 49.97 a week ago.
Sight bills
2 cases of currency on the Temistocles
30 gold bars, 3 cases of gold and platinum on the here on the Fi-ench centi'e closed at 8.99, against
Bogota from Colombia, 5 packages of specie on the 8.79; cable transfei"s at 9.00, against 8.80; commercial
Philadelphia from Venezuela, and §10,000 on the sight at 8.97, against 8.77, and commercial sixty
American Legion from Ai-gentina. A large consign- days at 8.91, against 8.71 on Friday of last week.
ment of Swedish gold is expected on the Stockholm Antwerp francs finished at 8.643^ for checks and
and the Malmen. It is understood that a new out- 8.653^ for cable transfers, against 8.49 and 8.50 the
ward movement is contemplated from the United previous week. Final quotations for Berlin marks
Local banks have engaged an aggre- were 0.44% for checks and 0.453^ for cable transfers,
States to India.
gate of about $800,000 gold bars to follow last week's in comparison with 0.4834 and 0.493^ a week earlier.
shipment of S3, 000, 000 from London to Bombay. Austiian kronen closed at 0.0205 for checks and
This is regarded as the outcome of the Rand strike, 0.0210 for cable remittances, against 0.02^/^ and
and transactions thus far are said to be a metter of 0.02J^ last week. For lire the close was 5.073^2 for
special negotiation, but bankers are watching the bankers' sight bills and 5.083ii for cable transfers.
A week ago the final range was 4.863^^ and 4.873^.
gold situation ver>' keenly.
Exchange on Czecho-Slovakia finished at 1.75,
Dealings in Continental exchange have been feat- against 1.903^; on Bucharest at 0.81, against 0.80;
ured by pronounced strength in francs and lire, which on Poland at 0.0275, against 0.0290, and on Finland
Greek drachma
under the impetus of an extensive buying demand, at 2.02, against 2.00 last week.
again established new high records. French exchange closed at 4.51 for checks and 4.50 foi- cable transfers,
shot up to 9.20 for checks, a gain of 41 points from against 4.50 and 4.55 a week ago.
sight bills finished at
4.
38^,
as 0.02.
to th(;
;
week's close.
Antwerp francs moved in sympathy and were marked up 24 points, to 8.73. In
last
lire
there
was an advance
of 22^/2 points, which carried
up to 5.08 3^2- Trading
with most of the inquiry con-
the quotation for sight bills
was irregularly
active,
fined to the currencies just noted.
In other sections of
any change was noted, Greek
drachma and exchange on the Central European
the market,
little
if
countries remaining practicallj- unchanged.
while somewliat at a
lo.ss
D(uders,
to account for the
sudden
and spectacular rise, were seemingly of the opinion
that it was due not only to a scarcity of offerings
coupled with active short covering oi)erations. but to
,\t tiie
increas<jd confidence in the FrcMich position.
extreme close, however, there was a slight downward
reaction and some of the gains were lost.
It is
claimed that the reduction iji the Bank of I'jigland's
rate to 4^4%! has brought al)OUt a flow of sterling to
France and other Continental countries wIktc mon(>y
rates rule high<;r, wiiilc a declijie in the
volume
of
Movements in the exchanges on the former neutral
countries closely paralleled those in sterling and some
of the other Continental markets.
Trading was
"spotty"
with
Most
the demand,
periods
of
activity
and strength.
however, was confined to
guilders, which establislied a gain of 95 points to
38.50 for checks, mainly, it was claimed, on buying
emanating from German sources. The belief is that
Germany still has considerable balances in Holland
and that they are being drawn upon incidental to
reparation settlements. Swiss francs were firm and
slightly higher, but the Scandinavian exchanges,
though well maintained, were not much changed.
On the other hand, Spanish pesetas advanced nearly
of
21 points, to 16.00 for checks, a fju!tor also ascribed
to G«n-man buying.
Bankers'
against
sighi.
37.65;
on ."VmHterdam closed at 38.15,
cable
transfers
at 38.20, against
37.68; commercial sight at 38.10, against 37.58, and
connnercial sixty days at 37.74, .-igainst 37.24,
French imports, as well as reports that stocks of
raw niat*;rials were increasing are thought to liave Friday of last week. Swiss fran«s finished at 19.54
had a strengthening influence. Still another favoring for bankers' sight bills and 19.56 for cable remitfactor is undoubtedly the arrangement of a con- tances. Last wv.o.k the close was 19.483^2 and 19.503^.
ference between PremiftrH LIfiyd ijiorge and I'oincare Cof)enhagen checks closed at 20.85 and cable transwhich, it is <!Xj)<'cted, will resnll in determining the fers at 20.90, against, 20.70 and 20.75. (^hecks on
exact date of the ( >erioa ( 'onftTcnce and possibly Sweden finished at 26.45 and cable transfers 26.50,
bring about a mdiU'invnt of existing differences with against 26.60 and 26.65, while checks on Norway
regurrj to the proposed Anglf)-Fren<'li treaty.
Over closed at 17.01 and cable transfers at 17.06, against
17.20 ;i.nd 17.25.
all this, of couiHC, was the wntimerital inflm iice of
('losing (luofntions for Spanish
exchange wen? 15.90 for cliecKh and l.'>.!)5 for cable
the irrif)rovenient in the sterling market.
In sharp contradistinction to the above was the transfers, against 15.73 and 15.78.
p(;rHiHfi!nt weakncHM in I'.erlin marks, which (lr«)|)pe(|
As to South American ex(!h.ange, nnprovement was
jiH
'"'*'*
seen
here also, due in some nicihurc ((» the sttntian
low
'''3^1
^^
"^
points
the
we<!k.
to
for
0.43^4.
Fleavy foreign (»ff«;ring.s wer«: tin; oiitstanding factor nient,al influencre of the strength in sterling, and likein tfie downward uiovemfrnt
and it is claime*! that wise to a bett.(!r outlook for llJide ;ui(i gradual
(iermany is again in the inarkj-t as a wilier iri prepa- readjustment of trade balances. The rate for (hecks
ration for fortheotning reparations payments.
I>ater on Argentina finished at 37 and cable transfers at
on there was a slight recovery, which wjis set down to 373^ji, which compares with 36"/^ Jiiid 36Jx last week,
Hlir)rt.H.
<-f)vering
f)f
,\n.Mtrian
kronen, as usual, while lirazil clieciks closed at I3:*.j and cable transfers
f(tllf)wed the rourve of reicliHjiiarkv and ruled jix low
!.{'„, against {.{^^^ '""' b^'i n week ago. Cliik-an
;it
(
,
THE CHEONICLE
776
exchange ruled strong and finished at lOj^, against
10}4) with Peru still at 3 60, unchanged.
Far Eastern exchange was as folloM's: Hong Kong,
52^(^53, against 5S}4(w,5S}4; Shanghai, 71^@
73M@74; Yokohama, 47%@48, against
47H@47M; Manila, 49}4@49^; Singapore, 503^@
51 (unchanged); Bombay, 29(5)293^, against 293^@
72, against
29K, and
Calcutta, 29M@293/^, against
[Vol. 114.
the Federal Reserve System's par collection scheme.
These large credit balances,
however, show nothina as to the result.^ of the Reserve Bank's operations with the
Clearing House lii.stllutlous. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
The following table indicates the amount
lion in the principal European banks:
February 23 1922.
of bul-
February 24 1921.
Banks of-
29H@29^,
Gold.
Stloir.
Total.
Gold.
Total.
Silver.
£
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers
on the
We
different countries of the world.
give
below the record for the week just past. The Federal
Reserve Bank does not proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
for Thursday noon, announced on Friday:
CABLE BUYING RATES FIXIOD BY FEDERAL RESERVE BANK,
FED. 17 1922 TO FEB. 23 1922. INCLUSIVE.
Noon Buying
Rale for Cable Tiansferst In
New
York.
Value in United States Money.
Country and Monetary Unit.
Feb.
EUROPE—
17. Feb.
$
.000279
.0830
.006917
.018881
Austria, krone
Belgium, franc
Bulgaria, lev
Csecbo-Slovatcla, krone
18. Feb.
$
.000271
.08.52
20. Feb.
$
.000241
.0870
21. Feb.
22. Feb.
.000218
.0869
.006833
.006917 .00(1883
.018847 .018825 .0182.53
.2092
.2077
.2078
4.3977
4.3503
4.3747
4.3919
.019914 .020057 .020129 .020214
France, frane
.0915
.0913
.0871
.0896
Germany, relcbsmark
.004842 .004822 .004424 .004573
.0454
.0453
.0455
Greece, drachma
.0453
Holland, florin or guilder.. .3754
.3836
.3771
.3800
Hungary, krone
.001534 .001533 .001445 .001464
.0502
.0495
.0504
Italy, lira
.0485
Jugoslavia, krone
.003275 .003252 .003232 .003189
.1703
Norway, krone
.1711
.1697
.1709
Poland. Polish mark
.000278 .000275 .000269 .000268
Portugal, escuda
.0730
.0732
.0724
.0731
Kumaula. leu
.007946 .007996 .008042 .008092
Serbia, dinar
.013042 .013083 .013017 .012833
.1594
Spain, peseta
.1572
.1.579
.1589
.2656
Sweden, krona
.2638
.2661
.2651
.1953
Switzerland, franc
.1950
.1950
.1949
Denmark, krone
England, pound
Finland, markka
.001585
.010894
.2107
.2076
ASIA—
23.
$
.000206
.0870
S
4.4150
.0202
.0916
.004619
.0454
.3840
.001431
.0506
.003121
.1714
.000257
.0741
.00805
.012617
.1601
.2666
.1957
HOLI-
OtUiia, Chcfoo tael
DAY
.7625
.7625
.7218
.7692
.5373
.5267
.7576
.7575
.7186
.7625
.5366
.5238
.7517
.7517
.7115
.7550
.5356
.5240
.7583
.7583
.7147
.7633
.5232
.7483
.7483
.7110
.7533
.5321
.5215
Singapore, dollar
.5442
.5508
.2820
.4739
.4979
.5408
.5475
.2825
.4741
.4942
.5383
.5400
.2835
.4742
.4992
.5375
.5392
.2836
.4745
.4933
.5358
.6342
.2817
.4739
.4983
.962031
.998126
.488531
.960417
.9650
Cuba, peso
Mexico peso
Newfoundland,
.967188
.998334
.48935
.96.5625
.969922
.998751
.489975
.968021
.976094
.998751
.48885
.97375
.8337
.1351
.8073
.8349
.1356
.8075
.8383
.1360
.8224
"
*
Hankow
tael
SbauKhal tael
Tien tHiu tael
Hong Kong
dollar.
Mexlitau dollar
Tientsin or Pelyang
dollar
Yuan doUar
iDdla. rupee
Japan, yen
^
NORTH AMERICA—
dollar
SOUTH AMERICA—
Argentina, peso (gold)
.998.542
.489325
.963125
.8328
.1345
.8057
.8322
.1334
.8072
Brazil, mllrels
Uruguay, peso
.53.59
The New York Clearing House banks,
in their
operations with interior banking institutions, have
gained |2,729,234 net in cash as a result of the currency movements for the week ending February 24.
Their receipts from the interior have aggregated
$3,760,074, while the shipments have reached |1,031,440, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending
As
Into
F(*. 24.
the Sub-Treasurj'^
eral Reserve
Gain or Loss
Banks.
Out of
Banks.
$3,700,674
$1,031,440 Gain
10
Banks.
$2,729,234
was taken over by the Fed-
Bank on Dec.
6 1920,
it is
no longer
£
England ._ 128. 761. .537
.-J128 .761.5371 128.327.987
128 327,987
France a. 143.075.3.55 11.200 000154 .275.3.5.51 142.185.728 10,560.000 1.52 ,745,728
Germany _ 49.784.7.50
679 900 50 ,464.6.50 54.576.8.50
378.600 .54 .955,450
A us. -Hun. 10.944.000 2.369 .000 13 ,313,000 10.944.000 2.369.000 13 .313,000
Spain
100.655.000 25.123 .000 125 ,778.000 98.682.000 23. 20s, 000
34.000.000
2.974 000 36 ,974.000 32.768.000
3.000.000
Nethcrl'ds. 50.497.000
567 000! 51 ,064.000, .53.012.000
1.778.0001
Nat. Belg- 10.663.000
12 ,286.000, 10,661.000
1 .623 000
1.160,000
Switz'land. 22.018.000
4,320 000; 26 ,338.000' 21.724.000
6,110.000
Sweden
15.245.000
.-_ 15, 245.000, 15.656.000
Denmark _ 12,(185.000
"2V2' 000 12 ,897,000 12.643.000
Norway .. 8.183.000
...
8 ,183.000
8,115,000
Italy
S90.000
35 768.000
54 790.000
II 821.000
27 .834.000
15 .656.000
12 .784.000
8 115.000
121
Total week 586.51 1.642i 49,067. 900635. 579. .542|.589. 295. 565 48.704.600638.000.165
Prcv. week 586,474.7.54' 49.064,950635.539.704.580.064.170 48. 049. 600637. 113. 770
a Gold holdings of the
held abroad.
Bank
of
France this year are exclusive of £77,934,682
THE DREAM OF THE ''ENERGY" DOLLAR.
Mr. Edison submits some questions to bankers by
which he apparently expects to bring the reductio
ad absurdum to bear upon criticisms of the notion
of his friend Henry Ford that currency issued
against the potential productivity of water-power
(as at Muscle Shoals) and against the resources of
the country, realized and to be realized, would have
the qualities of service and safety which inhere in
all sound monej'. He first asks bankers what would
be, in their opinion, the approximate value of an
ounce troy of pure gold if all Governments of the
world demonetized that metal. As literally put, this
question hardly admits answer, because the "value"
must be stated by reference to some standard, and
the question itself assumes that standards have departed. If the value inquired for is to be expressed
in paper, the
answer would be utterly out
of the
one attempted to predict the gold
value of the German ''mark" a twelvemonth hence;
but the most reasonable expectation is that in the
case imagined the gold would have at least as high
a purchasing power as it has now. None of its qualities and uses as mere metal would be affected.
If,
however, a general abandonment of it as a monetary
basis by all Governments at once could be imagined that would be chaos complete, and it is not
worth while speculating what the results would be.
Mr. Edison asks how paper issued against only
50% of the value of necessaries in Government warehouses could be unsound and could produce inflation why the equity left in the warehouses could
not be discounted at commercial banks; whether the
farmer would be moved by the situation to overproduce; and how there could be greater danger of
overissuing paper than there is now, when there is
overissue on the gold basis. These questions may be
reduced to one: what necessity is met and what service is rendered by gold as the basis of circulating
money and the standard of values?
To this the answer is that while iron ranks highest among known metals in intrinsic utility the
"precious" metals are justly so called because, in
question, as
if
;
Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the addition to peculiar usefulness in certain arts, they
pos.soss qualities which make them unique as the
Clearing House each day as follows
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK ultimate "money" and as furnishing an indispensaAT CLEARING UOUSli.
ble standard and measure of values; thus, they are
Friday,
Saturday.
Monday,
Tuesday, Wednesd'v, Thursday.
Aggregate
exactly suited for subdividing and marking in coinFeb. 23.
Feb. 22.
Feb. 24.
Feb. 18.
Feb. 20.
Feb. 21.
for Week.
age, and their scarcity and the difficulty of getting
S
S
i
62.300.000 62,600.000 79.700,000 Holiday 64,209,000 9.700.000 Cr. 288,500.000
them from their depositories in the earth are the best
Not». — The foregoing heavy credits reflect the huge masjs of checks which come
guaranty against overabundance and consequent de00 the New York Reserve Bank from all parts of the country. In the operation of
possible to
show the
effect of
—
THE CHRONICLE
Feb. 25 1922.]
and
currency is to be issued against projects still
in the air it could be issued against next season's
crops (a borrowing recourse too often and too largely used in the past) or against the potential value
of inventions still to be made, or against a dozen
other things, or even against the "country" itself.
Mr. Edison tries the dilemma again by saying he
would like to know why not, if currency issued
against water-powers and the like potentialities is
not sound money. The answer is that such currency
has not definite substance behind it (or close
enough behind it) and that there is therefore no
fixed limit to its volume. This notion which he has
adopted might be caught up by the bonus advocates in
their desperation, and one of them has declared that
Alaska alone could answer the demand for bonus
money. Possibly Alaska could, if given sufficient
time; but there is a shorter cut to national misery
than any yet suggested, for it would be physically
possible to print within a twelvemonth fiat legaltender paper enough to cover the nominal needs of
the most generous bonus, and this paper could have
behind it all our national resources and future, thus
being "energy" money.
But energy money would doom energy to idleness
and want. The curse which clings to fiat paper is
that, lilce other forms of falsehood, "uttering" it at
all compels increasing its volume, in the attempt to
keep up with its loss of purchasing power here is a
slide towards economic destruction which has no
fixed stop. If our own past experience is not lesson
enough Europe is now furnishing a terrible example.
Mr. Edison is unique; he has been a great benefactor of mankind, and the only just feeling towards
him is that of respectful admiration; yet he also has
his limitations, and he meets them Avhen he turns
preoiation, although this guaranty is not quite per-
Mr. Edl.son might have put another question:
what would happen to the value of these metals
and what would happen to mankind in consequence
if they became as plenty and as easily gathered as
the grass of the field? They represent labor and
substance, because labor must be expended to get
them and they cannot be obtained except in comparfect.
—
atively limited quantities.
money
any currency
not redeemable in gold at par, no nation ever had or
ever will have gold enough to thus redeem all its
paper. But he does not thus succeed in turning the
dilemma upon those who reject his theory. It has
always been contended by fiat-money advocates that
the Government stamp gives money its value, whereas "the" dollar is 25.8 grains of gold 90% fine and
the mint's stamp merely certifies to the substance
and purity of the coin. This country has had ample
If,
says Mr. Edison, "fiat"
is
experience with fiat or irredeemable currency, to its
long-continued loss and sorrow; but redemption on
demand does not imply or require having in hand a
stock of gold against the currency, dollar for dollar.
No bank could pay, in any forms of money, its entire
deposits in the afternoon, and few if any could meet
the call for settlement at the clearing-house in the
morning
ed
;
if its
entire deposit account were present-
a reserve equal to ordinary or probable need suf-
fices.
and the bank
will
pay the bearer on demand the sum
stated; the greenback legal-tender note likewise
promises to pay on demand but none of these forms
of paper affirms that it is a dollar: it merely promises to pay a dollar in exchange. When Mr. Edison
tries to show that we are now on the basis of irredeemable and representative money by citing the
fact that all the paper could not be simultaneously
redeemed in gold if demanded he merely shows that
he does not clearly comprehend the subject.
It is, however, entirely true that money is in an
essential and substantial sense "representative."
Here i.s where Mr. Edison, in unreservedly adopting
the fantastic notion of his friend Henry Ford on this
subject, permits himself to go hoj)elessly astray.
Banks discount j)»\)(:v against stocks of actual sub
stance, and it is true that, in a sense, all paper currency has behind It not only the real resources of the
JKKuer but the entire realized or potential wealth of
the country, giving h«?re to "wealth" a very broad
meaning.
Mr. Edison likens currency issued
against water powers owned and leased by the (JovRrnment fthe Muscle Shoals schenu?) to 100 millions
aside from his
;
mortgage lionds of the [Jnion
in first
Moiiiid
ready
Kood mortgage Imsis,
tinrtion nriisf
hi-
but.
entirely
any other good road
value,
clear-.
is
mere imprint turns promises into good money, of
which they think there cannot be too much. Because
of Mr. Eili.son's fame it is of consequence that the
mistaken notions on currency and economics which
he indorses be not left to circulate without challengf^.
TKNimNClE^ TOWARD TRADE
EQUffJBRnJM.
A news
dated ('hicago, Feb. 15, reads: "An
e.xlenrled period of lowiu- retail prices, with a prosperous oirtlook for business as a whole, was gener-
;ind whf)He
potential siilmtanee
faitli.
N'«»l)ody
way
forecast to-day by retail merchants from all
parts of the (;ouritry, who met here at the first annual convc'ntion of the Tnter-State Mer*cliants' Council."
is
knf»WH
A
Shoals or any like sclu-rne will
riratler-
goods
aide
what
iHM-oriie
the
is a
'i'lie
Oirr
aim
lli(»
dispatch continues, "of
ru)W should be to pirr-chase the best
at the lowi'st prices
pr-ie«'. h<>
that
pirlilic.'
we are
"
Ah
llie ;idvic»>
and
sell llu'rn at
change
irr
;i
r-easou
not railed pr-ofiteers by the
to the last
pliriise.
it
need
woirld be g:>od at any lime,
iinportrinl mallei- lies in the
plele
stalemeni of
the position of the
a
com
merchant from
occupied two year-N ago. and the gener-al "for'east"l|ial a period of "lower retail pri<'es" will <'on-
lli.it
fii
for-,
"I*aid Davis,"
only he Haid
<
MirHch-
"good"
.
nitieising
not be
of the
.
goods.
Tin- rriinn I'acific
a
.
Waterloo. Iowa, l'r-esiden( (»r llie ('oirncil, said:
'Nowa<lays we have to fight for- «-irstomers, where
Iwo years ago, in a s(!llers' market, we forrglit for
not; thedls-
may
itj'rn
;iliy
accdniplinlied arrd existing
snrrielhing which rrray be or
nf)f
tirre anri
iH
vacant land
Unhap-
its
lfnd»T takes as security sftrtu'thing wlii<-h }il
not things which are to Iw or- may tte; real
its
special lines of study.
duties and powers of (Jovernment and suppose that
is,
and alirady earning
own
we always have many who misunderstand the
pily,
I'acific Kail
Ifere he conif)areH things nfferly unlike.
proficrty irnfiroved
DP
if
;
In our present paper currency, the "silver" note
sets forth that a silver dollar has been deposited and
can be had by presenting the certificate therefor:
the Federal Reserve note and the National Bank
note respectively set forth that the United States
road.
777
tiniie,
I
pei-oiiM
and
that lliis iH not inconsislent "with a prosoutlook for biiHineHH as a whole."
THE CHRONICLE
778
We
bring into contrast with this the present ten<dency in prices for farm products, and the now
quite frequent predictions that these prices will
advance some even going so far as to predict dolAnd why
lur-and-a-half wheat for the next crop.
should not this prediction be made concerning agricultural products? Upon what do these merchants
base their predictions? Simply upon this that despite slow buying and the reluctance heretofore of
merchants to put down the prices of goods their
shelves, in the natural order of things, are growing
empty. The war-priced stocks are gone. When
they come to buy to replenish, they must buy in the
conviction that they are hereafter to do business on
the old-time principle of the greatest service and
goods for the lea^st money. Apply this reasoning to
the farmer's products the sudden slump in worldmart prices occurred because (or partly because)
the pent-up grains of many countries, by reason of
open sea-lanes, were available everywhere though
there was insufficient buying and consuming power
to absorb them,
SloAvly, by the very stress of circumstances, that condition is disappearing. Slowly
the buying power is coming back, and slowly the
surplus crops backed up by the war are being consumed. There is never in the world a really alarming surplus of foodstuffs. Agriculture can produce
to the full but once in a year
or for about six
months in the growing season ^while manufacture
can produce all the time, and will do so if it can only
sell its products.
These in war-time, also, to some
extent, piled up
but power and energy were in the
main diverted to other kinds of production than necessities and are but now in process of resumption.
The two forces are coming into equilibrium by natural resumption.
So that always the true "outlook" for business is good. When agriculture is
able to sell in a foreign market and buy in a home
market, when manufacture is able to buy (as well as
sell) in a foreign market and sell in a home market,
"times are prosperous" if only the law may operate
—
—
—
—
—
—
—
—
without interference.
[Vol. 114.
from a feeling that curtailment of acreage will
crease price.
But the
principle
is
adamant
in-
—neither
farmer nor merchant has an economic right to refuse "to do business," and, fighting against omnipotent natural law, only harms himself when he does.
If the seed-time is augury of the harvest then
there should soon be rejoicing and renewed effort
by everybody. It is admitted that man needs opposition for the purpose of his own development, that
the "overcoming" is necessary to growth and prog-
—
ress.
How
to save labor,
tion, this is the
mainstay
how
to increase produc-
of invention.
If then there
be a law that it is better for the merchant to sell
goods more cheaply on a falling price-market, that
law in the end must prevail. If on the contrary it
is required of the farmer that he produce more in
order to sell upon a rising price-market, it would be
mere folly to refuse to do so. These laws, tending
always toward equilibrium in human effort, being
natural and outside the mere will of individuals or
peoples, must sooner or later prevail. The wise man
does his own individual best to align himself with
them. The very recognition, though tardy, of the
fact that they reign and rule, is a hopeful sign. We
are advancing. The ''good times'' are coming. The
old Eastern maxim comes into play
"It is folly to
turn back, when the journey lies forward !"
:
THE iWLD STANDARD, TRADE AND
TARIFFS.
As we examine
the
news columns for
light
on
af-
reader often finds in public utterances a
convergence of ideas that gives direction to his own
thought and reveals a great crucial problem to his
consideration. Appearing in the Sunday New York
"Times" of Feb. 19, we bring together three tremendously important factors touching the world's welfare, as follows
Kestoration of the Gold Standard
in Europe; the re-establishment in Europe of former "free-trade unions" between certain of the
States and the adoption or rejection of what is
knowji as the "American Valuation Plan" by the
fairs, tlie
:
;
United States.
It is Mr. Crissinger, Comptroller of the Currency,
addressing the American Institution of Banking,
ness that even these interferences are finally over- who first engages our attention. In the course of
come if by no better way than adjustment thereto. his remarks he says: "It is vastly better that we
Now the chief lesson to be learned from these con- should, through carefully devised measures, .calcutrasting tendencies in price Is this that at no time lated to conserve every interest involved, begin the
redistribution of this gold about the world, so that
is the farmer or merchant justified in "laying down"
on a condition, and, refusing to recognize the omni- it will be restored to its proper function of mainpresent law of trade, ceasing to do business upon taining a sound relationship between currency sys(He has previestablished principles by fighting against the re- tems and the metallic standard."
"7%
spoken
having
of our
of the world's poputurn of equilibrium through holding crops or goods ously
"If we
for his own price. Senator Borah, the other day, in lation and 40% of the world's gold stock.")
his speech against the tax-bonus, read distress-let- do not do this in time, the inevitable operation of
ters from farmers in the Middle and Far West, and economic law will sooner or later begin to do it in
predicted tlie next sixty days, planting time, would spite of us, and perhaps in circumstances and by
develop a serious crisis, in that the acreage would methods that will result in unfortunate conse<iecrease because farmers in many instances were quences. As the custodian, I might say the trustee,
too poor to buy seed-grain, and that this would be of the greatest stock of gold that ever came into posfelt by everybody next fall.
We are inclined to be- session of one countrv, our dutv, both to ourselves
lieve apprehension here is strained.
Agricultural and to the world at large, demands that we take the
prices have recently risen very substantially, and lead in developing procedures by which this gold
under the low prices previously prevailing for basis of a sound currency system may be made availgrains it did not require the ordinaiy expenditure able to the service of the entire business world."
<n'en for seed. Moreover, local credit is not so diminOn the same day. Feb. 18, at an earlier hour, in the
ished as not to be able to supply this demand, what- Citv of New York, we find Mr. Paul D. Cravath ad('\ er it may call for.
More is to be apprehended dressing a meeting of the Foreign Policy Association
Interference there is, unfortunately, always by
governmental interferences, but while this retards
growth, so strong is the universal urge to do busi-
—
—
—
THE CHRONICLE
26 1922.]
F(Dii.
d saying in part
:
"Relief from the economic ills
and the world are now suffering
)m which Europe
n only be had through the restoration of the ecothrough the rebuilding of the
niic equilibrium
mplex economic machine that has been destroyed
the war and by the Treaty of Versailles.
"That restoration may come in time, even if events
? allowed to take their present course, and there
no concerted action for relief on the part of the
But without such concerted action
jat nations.
? process may take several decades, and the suf'ing, privation and loss of life that the world may
—
dergo in the meantime are incalculable.
"If this disaster is to be averted the nations of
irope must find some way to accomplish three
cidamental results: (a) They must balance their
dgets that is, keep their national expenditures
thin their national income; (b) they must balance
iiv trade with the rest of the world, and (c) they
ist restore the gold standard as the basis of their
—
;ernational financial relation.s."
And
as
means
these ends he suggests land disarmament, post-
nement of interest on debts due the United
States,
d "gold loans by nations with large surpluses to
tions with depleted stocks."
We have not space to outline the third item in our
talogue, and can only say of it briefly that it forests a fight between the House and Senate in the
tning tariff bill over the policy of fixing the valua-
m upon which
to base calculation of
custom duties
produced in
the selling price of similar articles
United States, or upon the cost price of articles
foreign countries as has heretofore been the prace, and indicating a refusal by the Senate to dert from the old plan on ths ground that American
mufacturers miyht establish such prices as would
;-ve to prohibit the importation of foreign goods in
J
my
instances.
Drawing these
iiiscover?
:
lines of thought together
First,
ide
between
['ds
and
all
that
come
restoration of full
according to
the efficient means by which
peoples
capacities, is
the
what may
of
earth,
That this restoration
proceeding along natural lines now, but that it
ly be accelerated by well-defined national poli(H, and that these are intimately interwoven with
rejuvenation in Eiirop*' of tlie gold standard—
HH we would prefer to put it, an adjustment as
Dsperity
is to
to all.
:»
,
;•
as
may
be possible of these vario\is depreciated
rrencieH to the "gold standard." for that
itiul in its
present eclipse as
it
is
ever was.
as po-
As
to
tlie Foreign Policy AsProfessor
luncheon,
Kedlich, a Vienna scitist, is report*!*] as ff)llo\vs:
"Professor Kedlich
iffly discuHsiid the causes of the great conflict and
fu considered the n^sults. As far as he could see,
worst result of the war was the destruction of
f great 'freo tradf uniont,' the largest of which
said werf Russia and .\ustria-IIungary.
When
H numerous miniature Slates were set up all over
irf)i)(.' they immediately developed a great jealotisy
their sovereignty and in most cases conceived that
is sf»vereignty should be protected by high tariff
779
ally follow the universal resumption of full trade)
the United States, having a surplus of gold stock,
could aid the world if some means could be provided
for releasing a part of this stock in advance of the
release that will come naturally but slowly as trade
resumes. That we have more gold than we need, and
that we could spare a considerable amount of it, is
beyond cavil, but the feasibility and even expediency
of releasing portions of it, except in the ordinary
course, through the operation of economic laws, remains a debatable point, notwithstanding the glib
way in which the matter is usually disposed of by
those in favor of the proposition. In any event, this
"restoration" of the gold standard in Europe, so
necessary to trade restoration and equilibrium, can-
not proceed in advance of, nor can it follow, the restoration of trade itself while that is balked bv the
selfish sovereignty that seeks damestic "protection"
at the price of the world's loss, and at the cost of
the prosperity of other peoples, whether contiguous
on land or separated by seas an effect brought
about by governmental reprisals.
This then is the triangular problem. But of what
advantage would it be to the United States, granting
it be possible, to make gold loans to Europe to restore the rapidity of trade resumption and its stability, if by unheard-of tariff prohibitions that trade
is to be forced into other quarters of the globe? On
the other hand, since the United States has the preponderant gold stock, how can it increase its own
trade abroad, trade being mutual, unless it, in sending gold abroad, is willing to receive goods for goods
in free and full exchange? And how can any restoration in any manner proceed unless the financial
complexity in Europe be first resolved by at least
scaling down the redundant and depreciated currencies by the European nations themselves, so that
they may bear a fixed relation to the gold standard
as it now prevails in the United States and as it is
fast being resumed in England ? Nor can this drastic movement await the longings of peoples for reparations payments that may never come, and some
believe never can come. And in so intricate and farreaching a problem what may be said of a school
of thought that, harking back to archais methods,
would establish a wage scale that has no relation to
any other wage scale on earth (though peoples
would ti-ade with each other if they could) and would
reestablish mutual world-wide^ (jxchange by selling
everything and buying nothing, would run a Government on the tax the "foreigner pays"?
—
ide relations, sfjeaking at
I'iation
I?
ills."
The
secoinJ of our fliscoveries uiust <'vi(|enlly he
That trade and exchange, Ix-ing ho intituately
terwoven with the gold slandarrl (that being made
t>re sncressfully operative by a i-ediHtrihulioti of
e gold HtrM-k, a redistribution that would natur
Is:
I'MON or
JI'JWS
AND CHRrSTfAN^ FOR THE
Rf'JfHJNSTRUCTlON OF EUROPE.
The upheaval
of the existing order, occasioned or
developed by the war, felt around the world, is centra li/ed in Europe, and the needed reconstruction
nnisl begin in Rnrope.
TIm' disorganization extends beyond national, y)olitical. eeonoruie or financial relalious; pcnverfnl
and various forces arc at work upon the individual,
rii.inges not readily apparent but [H'ofound and extensive are going on in men's thoughts an<l ronvictioriM.
Thes<' lie back of the iinn'st and creat*? (he
disturbance. They will iiersist when (list urbance is
put down arwl tinrest is (piieted. Nothing less than
tin- crdiiliiiied cfiiisi niei i\(' jiiid conservative forces
of the community will prove romi)etent to deal with
THE CHEONTCLE
780
them and reopen the path
of
an unfolding Christian
civilization.
[Vol. 114.
the like keep them away from church. The synagogues and the churches tell the same story. Both
worship the one God; both have in large part the
same Scripture, for, as Augustine said, "the New
Happily there are signs of a growing spirit of
union in the work and in the relations of Christians.
The Protestant bodies are getting together, and the Testament lies in waiting in the Old, and the Old
great State churches of Eastern and Southern Eu- Testament is unfolded in the New." Both have the
rope, divided since the early centuries, driven now, same practical code of morals both share the same
perhaps, by the distress of their people, are casting community life; they love their children and value
about for helpful intercourse and fellowship. The their homes alike; they support the same civic instiunion of Christian effort in distant mission fields, tutions, and do business together. In America and
which the vastness and the exigency of their work in Europe they are in large part alike identified as
in the world around them has brought about, has citizens of the common land in which they dwell.
opened the way and proved the practicability of In New York and in many cities they are a large and
similar co-operation at home. Obviously if Chris- influential part of the body politic.
tians of different name can unite for common servAll are citizens of the world which to-day so
ice in China, in India and in Egypt, it is difficult greatly needs their united efforts for its early reIf these two groups individually,
to see why they cannot bear witness to the oneness habilitation.
of their faith by genuine and unreserved fellowship more largely, and then collectively, with heartier
in England and America. When the divisions of the understanding and good fellowship, their united
great Eastern church in Russia, Czechoslovakia, intelligence and strength being directed along wiseSerbia and Asia Minor find themselves impelled to ly selected lines and to definite fundamental ends,
seek fellowship with one another, when their people could unite, a result more positive and far-reaching
turn to them for help and guidance in their present than those following from any general Conference
distress, it is not beyond hope that the Roman of States still largely governed by self-interest,
church will also find in its turn reason for strong would ensue which, in its compelling and construcand useful co-operation with all, if only because of tive course would set the world far on its way to
the world's great need.
permanent peace. A new bond of union among the
The same reason exists for new relations between nations would at once be recognized, as well as a
Christians and Jews. They have long stood apart. new sustaining force to uphold the hands of diploThe difference has often been an antagonism rooted mats and legislators in their efforts to set things
and bitter, as it has always expressed prejudice hard right by prudent legislation and mutual agreements.
If it be asked by what definite agencies and in
to be overcome, and usually discloses willingness on
both sides to dwell apart. To overcome this it is what particular form this union of Jews and Chrisnecessary to show evils great and serious besetting tians can be brought about, the answer is, along the
both parties, and the need of co-operation for the lines in which it already exists in individual cases
;
protection of both.
The disorganization wrought by the war affects
the world. It has loosened the ties of religious
faith; it has relaxed morals and changed standards
and customs; it has occasioned disrespect for parents and established ways it has created an unrest,
both intellectual and religious, which has given rise
to a host of strange cults with new names, Oriental
;
and home-made, Bahism, New Thought, Mind Healing, Theosophy, Christian Science, and the like, all
purporting to be ''new," and all, certainly, "deparAll are directed to the individual, exalting
his importance, separating him in his interests from
tures."
for single needs or personal interests. By a definite
change of attitude on both sides, definitely undertaken for the common good. By a recognition of
its urgent necessity, and the unworthiness of existing prejudice. By opening the doors as widely as
possible for visible
Then
able and
and united co-operation.
by the arising of leaders on both sides,
large-minded, to forward a movement so new, so
vital, so reconstructive and so necessary.
The existing condition of the two oldest and greatest religious bodies, standing so apart as they do,
is a reproach to both.
The ills of the past, the persecutions and abuse, were serious and great, but certainly they may be set aside and forgotten in the
new day that now has come, and for the sake of
needs so pressing and so vast, for which the call is
clear and urgent.
and emphasizing the supreme significance
of his impulses, his desires and himself.
Both parties are not equally affected by them, but
they are voices of the times. To them must be added
the influence of money, of luxury, of extensive busiIn our own city of New York reform is so sponess success, and of the many exceptional opportu- radic and futile, and revised constitutions are so innities for gaining material oppulence, with all the effective that, unless something of this kind is
attractions it brings in its train. These appeal tre- brought about, the generations that follow us will
mendously to the young, and we have to remember have reason to wonder at the unaccountable helplessthat while older men may appraise things more wise- ness of their predecessors who passed on to them
ly, what the older men may prepare and set up as
conditions both unworthv and intolerable.
reconstructing and re-establishing instrumentalities
others,
—
new laws, new agencies, new systems financial,
commercial, economic for bringing back "normalcy", these all will have to be administered by the
new generation soon coming on, and that they will
have small reformative worth in the hands of men
who, most of all, need reforming in heart and
thought themselves.
Everywhere there is complaint over the manners
and habits of the young people of the well-to-do
families.
The automobile, sports, week-ends, and
in
—
THE TRUST
COMPANIES IN NEW
YORK
AND ELSEWHERE.
Continuing the practice begun by us a long time
we again present our annual comparative returns of the trust companies in this city (Manhattan
and Brooklyn boroughs) and also those in Boston,
Philadelphia, Baltimore and St. Louis, bringing^
forward the results so as to include the figures for
year later. In our detailed presentation of the re-j
turns of the separate companies, on subsequent pagesJ
ago,
u
we
but
THE CHRONICLE
26 1922.]
FiflB.
also include
many
of the
we attempt no general
For
companies
in Chicago,
this city the figures, as far as the liabilities
New York
there had been between Nov. 12]1919 and
1920 an increase from S104, 700,000 to
8116,983,300. The disappearance of the tw^o companies already referred to, namelj' the Irving Trust
and the Franklin Trust, reduced capital by $4,000,000
but, on the other hand, numerous increases in capital
by other companies (given by us in detail a year ago)
brought about the S12,283,300 expansion shown by
the figures.
During the twelve months now under
review, from Nov. 15 1920 to Nov. 15 1921, the total
Nov.
totals for that city.
and
companies are concerned, are
those furnished to the Superintendent of Banking at
assets of the different
Albany, under his latest call, namely Nov. 15 1921.
As has been many times pointed out by us, it was the
781
15
Banking Department for a quarter
of a century or more to require reports for the closing
day of the year, but this was changed in December
1911 by the then executive head of the Department, of the capital stock further increased from §116,983,and from that time to 1914 various dates in December 300 to 8125,500,000.
The American Trust Co.
were fixed as the time of the return, while in Decem- increased from $1,000,000 to 81,500,000; the United
ber 1915 the last day was again chosen, but for 191() States :\Iortgage & Trust from 82.000,000 to 83,000,the date was dropped back to Nov. 29, for 1917 to 000: the Manufacturers' Trust Co. (of Brooklyn) from
Nov. 14, for 1918 to Nov. 1. while for 1919 the date 82,000,000 to .82,500,000; the Commercial Trust
was fixed at Nov. 12, and for 1920 and for 1921 at from 8983,300 to 81,000,000, but the most notable
Nov. 15. The Superintendent who inaugurated the increase is that of the New York Trust Co., the
departure evidently contemplated that there should capital of which has been raised from 83.000.000 to
always be a return for some date in December, 810,000,000.
"When we come to examine the item of surplus we
though the date was not to be known beforehand.
Succeeding incumbents of the office have not felt find that there has been a shrinkage, notwithstanding
bound by any such rule, and accordingly have named the growth in capital. Interest rates, of course, were
a day in November, aggravating the effects of the lower, and hence profits in that way could not have
practice of the
original change.
In a general way the character of the comparisons
is much the same as it was during the year preceding.
In 1919 the chief feature had been the further growth
in the deposits and resources of the institutions. But
\
been so large, besides which, it is to be presumed,
the charging off of losses was heavier than usual.
In other words, there was a substantial marking
down
of assets
where occasion existed
for
such a
course, though manifestly the trust companies
would
I
1920 the trust companies, like the mercantile
banks, had had their deposits drawn down under the
change in conditions which came with the developin
to mercantile borrowers.
In any event, the fact is
and that surplus and profits for the trust companies in
price deflation
The figures we present to-day show the Greater New York in the statement of Nov. 15
that during 1921 there was further contraction in the 1921 are reported at 8175,565,266, which compares
deposits, but to a more moderate extent.
For the with 8187,349,200 Nov. 15 1920 and with 8179,330,500
Greater New York aggregate deposits between Nov. 12 Nov. 12 1919.
For the whole State the surplus
1919 and Nov. 15 1920 had been drawn down from account (including all undivided profits) Nov. 15
$2,44.3,087,071 to $2,154,214,300. Tliis was due not 1921, is reported at 8209,223,775 against 8219,945,439
only to the circum.stances mentioned, but as far as Nov. 15 1920, and 8211,441,830 Nov. 12 1919.
the total of these local institutions was concerned,
We have stated that profits must have diminished
there was an additional cause of depletion^ tliat is because of lower interest rates.
The demand for
to say the falling off was increased by internal changes monej' and c redit was at the sam e time also smaller.
in certain institutions which had the effect of trans- One indication of this is found in the diminished
Iferring some big concerns from the trust companj' borrowings of the trust companies themselves at the
list to the banking group.
Thus, the Irving Trust Federal Reserve Bank. Nearly all of the trust comiCc, which on Nov. 12 1919. had reported aggregate; panies in this city are members of the Federal Reserve
''leposits of §70,278,900, was on \pii\ 19 1920 merged System, and during 1920, when there was such an
the Irving National Bank, while on May 1 1920 active call for funds, freely availed of the facilities of
'lie Franklin Trust Co., which the previous Nov. 12
the local Federal Reserve Bank, the proceeds of their
tiad reportcfl deposits of .?25,278,100, was merged
borrowings being, of course, placed at th(> disjiosal
in the Bank of America.
The elimination of these of their customers and yielding remunerative returns.
twf» institutions from the trust (•o7Mf)any list accord- But during 1921 there was no occasion for extensive
ingly ncc.onntf.d for over §100,(J00,000 of the .S288,- recourse to the I-'ederal Heserve Bank and accordingly
'HM),000 loss in the deposits in this previous year. we find the aggregate of bills payable and rediscounts
During 1921 there were no further ai)sorptions or for all the trust companies in Greater New York
inorgers of this kind (except that the Hamilton Trust down to only $35,()31,000 Nov. 15 1921 from $242,^'o. of Brooklyn was, on Jan. 29, 1921, merged in
9:;4,.50() Nov.
15 1920 and 8232,174,600 Nov. 12
,li" '^^'•troi)olitan Bank), but nevertliclcsK aggregate
191'.).
Liability on account of acceptances has like-
ment of business depression,
'
not be affected in the same way or to the same extent
as the banks, since the}'- do not extend accommodation
credit restriction
.
1
I
I
;
—
i
'
have
't
fallen n<:arly $1.')4,000,000
more, stand-
ing .Nov. 15 1921 at S2.(K)i .080.742 as against $2,154 ,-
Nov. 15 1920 and .S2, 14:^,087,000 Nov.
These figureH, jih already stuted, are tlios*'
-'l4,:i(K)
1919.
'lie
tnist coTfipanie.M in Crenfer
•hoI<!
for
New
New
York. I'or the
York, depftsils
15 1921 stood at $2,497,547,429 against
State, including Creat«-r
Nov.
n
12
^2,ti72.289,44l
Nov.
15
I9'J()
.mcI
»2,885..355.8i:i
NOV. 12 1919.
<
iig
'apital stoek
liaH .slendily ineifaM<'<l
the contractif)n in the deposits.
notwif listjindFor the <ireater
been substantially n;(luced, slaiiding .at 899,3()(),276 Nov. 15 1921 as against $157,117,300 Nov. 15
1920 and $133,702,400 Nov. 12 1919.
wi.se
Turning to
tlu; a.HH('ts
lo;tns, iilwavH a favorit(!
trust compani<!H,
and examining the
form of investment
we note
collateral
willi
the
that this item, after having
from $1,115,505,900 Nov. 12 1919. to .SS9(1.288.800 .Nov.
was furllu-r reduce<l lo
1!)20,
the
to
year
Nov. 15 1921. Ihe bill
!!!;7n,386,339 in
holdings during the past year also decreased jifler
having h(!avily increased in the year |)re(ieiling. The
f.allen
I.'.
THE CHRONICLE
7818
designation of this item in the statement to the State
Banking Department is "loans, discounts and bills
Borough of
Manhattan.
[Vol. 114.
Aug. 22
Aug. 22
Borough of
Manhattan.
Amerlam.m
$
S
Astor
Carnesle
Ifot).
16
1920.
S
1,919,001
(
Manhattan...
1919.
Nov. 15
1921.
S
I
Queens County..
1.934.491
Bankers
23.861.606
Mercantile ...
Nop. 12
Dec. 9
1913.
1907.
9,082,733
11,948.200
15,448,676
317,536,146
283,570,900
280,452,276
1
35.119.131 H29S48,S42
10.975.957
8.965.745 20,667.490
7.923.242 Defunct
1
1
>
1
Defunct
Defunct
Defunct
Central. k
Union Trust..
Columbia
Not. 16
Nov. 15
1919.
1920.
1921.
S
$
S
S
83,432.013i\
•S
purchased, not secured by collateral" and for Nov.
15 1921, the amount is given at $486,407,500, as
against $646,822,300 Nov. 15 1920 and $479,327,900
Nov. 12 1919.
The stock and bond investments increased somewhat during the year, as might have been expected,
considering the opportunitj^ that existed during the
greater part of 1921 to purchase high-class obligations at low prices and high income yields. It is to
be regretted that a change has been made by the
Banking Department in this part of the statement of
condition required of the trust companies and that
there is no longer a separation of "public securities"
from "private securities," but that both are lumped
together under the general designation of "stock and
bond investments." On Nov. 15 1921 these investments aggregated $480,806,007 as against $460,767,500 Nov. 15 1920, but comparing with $570,203,900
Nov. 12 1919. The real estate holdings continued at
about the same figure and so did the real estate
mortgages. Real estate held in November 1921 stood
at $45,975,995, as against $45,401,600 in November
1920 and $45,050,700 in November 1919. The real
estate mortgages owned in November 1921 amounted
to $60,374,001, which compares with $58,694,400 in
1920 and $60,597,600 in 1919.
The reserve held by the trust companies with the
Federal Reserve Bank and with other reserve depositories has been greatly reduced, the aggregate having
dropped from $293,350,400 in November 1919 to
$233,154,400 in November 1920 and $234,304,212 in
November 1921. The trust companies never hold
large sums of cash in their own vaults and the holdings
of "specie" in November 1921 were only $5,233,340,
which compares with $8,877,800 in 1920 and $11,138,900 in 1919. In addition they reported $17,704,536 of "other currency authorized by the laws of the
United States" in 1921 as against $19,419,500 in
1920 and $23,316,200 in 1919. The remaining cash
items, viz., "bills and checks for the next day's
clearings and other cash itmes" aggregated $146,059,871 in 1921, against $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
sub.sequent pages will enable the reader to ascertain
what the experience of each company has been as between 1921 and 1919. To furnish a sort of general
survey wo introduce here the following table comprising all the companies in the Boroughs of Manhattan
and Brooklyn, and showing the deposits on Aug.
22 1907 (before the panic of that year) and on Dec. 9
1913, Nov. 12 1919, Nov. 15 1920 and Nov. 15 1921.
Most of the companies, as would be expected in
view of what has been said above, have suffered
reductions of their deposits during the past two
years, but a few prove exceptions to the rule and are
able to register an increase.
A glance at the table
indicate
which
will suffice to
companies belong in the
latter category.
Not. 12
Dee. 9
1913.
1907.
42,137,680
48.231.644
55,256,528
J
211,438,902
199,950.000
193,635,185
95,643,900
8,717.62
84.247.600
8,514,200
83.256,238
7,284,656
Defunct
Defunct
Defunct
60,412,043
49,938,700
47,160.104
234,016,618
206,929,000
206,458,796
166,688,021
12.944. lOfi
9,312,365
144.918.900
20.720.400
9,820,100
134.064,853
21,127,153
8,814,322
726,610,455
626,666,200
430,834,26»
8,268,864
7,807,600
7,007.498
6.774.339,1
Knlckerboaker 62,114.990/54,089,632
Commercial
3,882,550
3,876,980,
Commonwealtb
(defunct)
Empire
Guardian
Windsor
516
4581
8,898 940j)
4,185 255 >22,359,03tt
11,162 ,536)
17.381 123 1
16,233 ,629
I
Equitable
Bowling Green
Madison
I
or
>66,870,535|
Van Norden 8,101 .350
TruslCo.ofAm 64,124 995
T
Farmers' L. *
Fidelity- Internal
Fulton..
Guaranty
Fifth Avenue.
Morton
Standard
Hudson
Irving. b
Broadway
I
1
I
81.702 5l3ill2, 181,300
3.028 .403
7.041.801
7,423 .429
8,361,8431
41.996 S04
17,532 796l H49,45G,212l
40.510 .828
12.884
2,066 176' 3,656,973
t
1
I
3,932.7491
3.104.410' yi4,420,483
Flatbush
Savoy
Dis.&Tr.
Italian
Lawyers'T.l.&T.
Home -b
l,669,287ij
76,278.940
(q)
4)
i
(P)
(P)
'
17,372,888
!
8,524.049112,075,457
2,636,974] 2,695,951
22,400,958 11,601,761
10,898,200
12,044,483
17.690.500
16.303.800
32,871,800
17,167,726
25,773,986
18,437,450
27,779,992
23,74"7.75i| 17'."o'94',37i
19,542.725
26,622,804
16,249,446
39,022,670
8,344,532
Mutual Alllanceft 5.763.501
N. Y. L. I.&T- 33.782,456 32,582,070
33,617,360i 37,535,428
New York
23,483,727
67,956.267
22.548,200
73,108,900
160,065,302
I.
"3"3',b7b",973
"33.62"8",506
'34,"3b5",535
61,722.175
49,639,976
70.309.300
47.006,700
62,019,127
62,119,108
Lincoln
Mercantile Tr.
Metropolitan
h
Scandinavian.!.
Title Guar.
&Tr.
Transatlantic. a.
28,495,980! 26.921.794
2.617,687
O.a.MtKe.&Tr
3"d,982'.5R2
United States...
Washington, d..
Total. b
Borough of
Brooklyn
40.459,470
59.394.159' 54.882,451
9,798,3401 9,702,666
(d)
80.9.80.800
"24.'9'6'2',284
(d)
1849,123,619 985.843,077 2,280,534,271 2,010,283,300 1,860,219,001
—
Brooklyn
Long Isl.L.&T
Franklin
Hamilton
Kings County..
Lafayette
15,363
7.055
10.929
6.734
12,346
4,344
23 ,456 ,096
37,744,026
960i
9,290,277
731
7,137,48.S
322
15,936.800j
25,278,176
8,500,654
24,941,377
9.409.400
24.601.000
23,269,374
Defunct
Defunct
Defunct
31,784,319
33,897.000
424,200
41,809,290
1,308,694
,635
\
38,937,700
34,058,891
368/
,881
Defunct
1
(r)
(r)
(t)
Manufacture rsCltlzens.e
1,692,3981
6,896,4161
Midwood.s
Nassau, f
People's
WllUamsburgh.Total, c.
8,290
14,946
8,206
,228'
,702!
,663[
6,831,878
19,037,583
Defunct
95.652,2721 89,282,646
34,304,249
(0
33.661.600
40,415,093
Defunct
Defunct
Defunct
(f)
162,552,800,
143,930,900
(f)
140,861,841
Total Greater
New
York.. 946.610,382 1077044624 2,443,087.071 2,154,214,300 2,001,080.342
a Transatlantic began buijlness May 28 1912 and liquidated by TT. S. Government agents In 1919.
b For Aug. 22 1907 the total does not Include deposits of Flatbuab of Brooklya.
which was consolidated with Broadway of N. Y. City March 6 1912. The Broadway
changed title to Irving Trust Nov. 30 1917 and Market & Fulton Nat. consolidated
with Irving In March 1918.
The
Home Trust Co. of Brooklyn, oon& Trust Co. of N. Y. City February 1916.
total for Dec. 9 1913 does not Include
Bolldated with Lawyers' Title Insurance
c The total for Aug. 22 1907 Includes deposits of Flatbush and the total for Dee. 9
1913 Includes deposits of Home Trust Co.
d Washington Trust Co. absorbed by Corn Exchange Bank on Jan. 26 1914.
Citizens' Trust Co. and Manufacturers' Nat. Bank consolidated In Aug. 1914.
New York City, June 16 1918.
Nassau Trust Co. merged Into the Mecbaolos Bank June 27 1914.
i Mutual Alliance taken over by Cbatham-Phenlz Nat. and Century hanka
Manufacturers' Trust absorbed the West Side Bank,
f
lanuary 1915.
h Mercantile Trust began
business
May
1
1917.
Scanfllnavlan began business June 11 1917 and taken over hv Liberty Nattoital
Bank Oct. 1919.
1
k Central and Union consolidated June 18 1918.
m American Trust organized Jan. 27 1919, absorbed
Queens Co. Trust Sept 1919.
p Italian Dls. & 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 business Sept. 1920.
{Hamilton Trust merged In Metropolitan Bank Jan. 29 1921.
s
TRUST C0MP.\N1ES 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 liave
recourse to official statements made in pursuance
In the nature of
of calls of the public authorities.
things, as we are entirel}'^ dependent upon the companies themselves for the figures and no general
data of an official kind are available, comprehensive
totals and elal)orate 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
Nor
necessarily are limited to a few leading items.
are the returns in those instances cast on uniform
i
W
.
THE CHRONICLE
Feb. 25 1922.]
company having
nearly every
lines,
method
of classification,
making
own
its
distinct
general footings out
of the question, except as regards those few
common
and which have
definite,
by
things treated alike
all,
established meaning, such as capital, surplus and
deposits.
Again Boston institutions show a falling off in
deposits and aggregate resources though not so pronounced as in the previous year. As in the previous
year, the shrinkage has been occasioned to some
extent by the disappearance of some of the companies,
our compilation this year including only 23 as against
28 for Dec. 31 1920. The Dorchester Trust Co.
was merged with the International Trust Co., the
latter company also pm'chasing the business of the
Hyde Park Trust Co. and
the Old South Trust Co.
The Equitable Trust Co. was taken over by the
Beacon Trust Co. and the Tremont Trust Co. failed
in Feb. 1921
While there are gains by quite a few of
.
companies the
the
by some
losses sustained
of the
institutions have more than overbalanced
them. Total deposits have dropped from $429,925,262 to §392,924,224, and aggregate resources
Surplus and
from S495, 145,455 to §456,840,076.
being S34,improvement,
profits show
a slight
983,448 on Dec. 31 1921 as against S34,^573,485
Dec. 31 1920.
Capital is somewhat smaller, the decrease having
been brought about mainly by the dropping of the
five companies above mentioned.
The aggregate of
capital has fallen from $26,329,300 Dec. 31 1920 to
§23,450,000 Dec. 31 1921. The Liberty Trust Co.
increased its capital from §500,000 to $750,000.
The
New England Trust Co. reports capital at S600,000
Dec. 31 1921. as against $1,000,000 on Dec. 31
larger
1920.
The
tems
following furnishes a comparison for the various
for the last
twenty-two years:
BOSTON.
Capital.
Surplus aitd
ProfiU.
Agvreoau
\
Retouru*.
Deposit).
]
Qee.
Dee.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dee.
Deo.
Dec.
I
8.450. 000
9,000, 000
11.100, 000
12.100, 000
1900 (I« COS.).
31
31
31
31
leoi (1«
1902 (18
1903 (19
1904 (19
190.5 (19
190« (10
1907 (IS
1908 (19
1909 '19
1910 (10
1911 (10
%\
31
31
31
31
31
31
31
31 1012 (21
D<«c. 31
(23
Dec. 31 1014 (24
Dee. 31 igis (24
Dee. 31 1911 (2V
Dec. 31 U»I7 (20
Dee. 31 1918 CIO
Dec. 31 1910 f :i I
Dec. 31 102* (2H
Doc. 31 1021 VIZ
COS.).
COS.).
C08.).
COS.).
12..W)0, 000
s
10.285
12,294
15.779
18,«29
19,702
20.841
2fl4
108
con.).
eo«.).
COS.).
rod
2r..f)77 .000
3).078 ,.'.!<:!
2fi. •'(•,«<
.IWl
23. 4.
000
34. 57.') .4t5
.{4.9S3 .44H
ooa.).
OM.).
ooa.).
COS.).
ooe ).
eoa.).
CO*.).
roa.).
erifl.).
CM.).
)
am).
nm).
*
89,401 .044
107,991 .782
116,264 ,790
112.281 .257
139,851 .208
148.033 .197
158.213 .825
R59
798
627
12.500, 000
11,100, 000
11.750, 000
11.750, 000
12.150 000
12.2.V) 000
14.H.50, 000
l«.2.^0. 000
17.2.50. 000
I7.4.SO. 000
18.480, 200
10. 1.V), 000
21. 470. 800
21.fl.'-)0 000
eoa ).
.502
22. .551 499
23.B99 740
24,610 32«
25.002 793
125.2.54 .672
173,765 ,331
I
I
I
'
I
I
I
108,196,703
120,286,680
143,144,417
143,010.621
172,053,316
181.397,833
191.885.062
160.704,413
210.125.667
224,090,823
228.753.662
258.248.402
251.622.061
200.582.620
28.108 .«99
29.358 ,iino
186,037 983
180,153 760
216.026 .992
207,263 762
213,973 059
2i..\4-< .'117
V!2.5..5.12
•'.7
260.125.1.5.5
24.2A1 .485
293.833 .516
2fi.l74 ..S.ll
27. 41 'I .077
.137.r,2,i
8.36,704.220
3h;<.460.073
29.107 .018
415,355 .824
r,(<':
27. .340 002
2fl.234 3.50
I
:<6'(..-).5i .4
1'.
6
10
7
1
1
,
414.600.045
466.298,772
560.000.234
495.145,455
1.56.840.07(1
have also been ext<m.siv<!
far a.s the numl>er of companies Ih concerned, five
new companies being addrnl while Ihree have bcicn
(Uianges
in Pliiladfl})liia
783
has risen from $45,338,668 to $46,098,921, surplus
profits from $87,915,257 to $91,083,753.
Deposits show a small loss, being $407,600,404 on
Dec. 31 1921, against $417,307,021 on Dec. 31 1920.
Aggregate resources at $561,639,998 Dec. 31 1921
compare with $591,315,173 on Dec. 31 1920.
and
PHILADELPHIA.
Deo.
Dec.
Deo.
Dec.
Deo.
Dec.
Deo.
Deo.
Deo.
Deo.
Deo.
Dec.
Dec.
Deo.
Deo.
Deo.
Deo.
Deo.
Dec.
Deo.
Dec.
Dec.
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
CapUal.
$
28,399,965
31,927,006
33,142,233
34,320,337
34,800,980
35,312,363
36,931,963
38,727.909
39,068,955
39,897,218
39,931,416
38,511,733
36,797,836
39,162.538
39.069.243
38,870,193
38,879,993
40.579.993
41,307,608
44,142,068
45,338,668
46,098,921
1900 (40 003.)
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1010
1920
1921
(41
(41
(43
(43
(44
(52
(.58
(58
(59
(59
(58
(56
(66
(56
(66
(56
(54
(56
(.57
(64
(66
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
C08.)
COS.)
COS.)
COS.)
COS.)
COS.)
COS.)
making
\\u-
nuirilxT
for D((:. 31 1921,
6()
Dec. 31 1920. 'I'he n(!w (•o7np:ini(\s an;
the liroad Stn;et Trust ('o., capilal $155,547; the
Ea.Mt Falls Bank & Trust Co., capital $125,000 (being
the coriverHion of the Bank of East Falln into a trust
c.()Ui\y.iuy); the Metropolitan 'I'ru.st Co.. <'a|)ital $289,again.st
<i4
for
Tarony liiiiik
and
Soiithwark Title
$250,000,
156;
Nortlif;>ist
1125,000,
a«.sel.s
and
tliiH
hiHt ni'-iilioricd
«fc
Co., cupiful
Tru.st
i^
Tnint Co., rapifal
i)iirclia.scd
lh<!
Public
Hank
A'
Tni.st
(!(>.
Deo.
Deo.
Deo.
Deo.
Deo.
Deo.
Dec.
Dec.
Dec.
31 1913 (10
31 1014 (10
31 1916 (11
31 1910 (U
31 1917 (11
31 1918 (11
31 1010 (12
31 1920 (12
31 1921 (13
138,496,312
149,137,386
153,151,355
161,231,152
202,855,986
209,213.067
193,283,134
169,669,224
200,983,530
217,196,883
208,837,634
224,225,832
231,712,367
232,941,234
S
65,0.!2,688
238,2,56.333
69,298,540
73.775,140
77,779,452
78,408,601
81,801,490
297,235,195
331,108,286
327,597.906
335,093,397
405,373,275
417.307.021
407,600,404
87,015,2.57
91,083,753
196,498618
218,660,249
227,480,117
238,817,666
283,503,299
293,177,935
286,232,600
265,150,778
296,761,341
316,892,720
311,640,645
328,196,392
337,179,558
341,764,741
347.588,292
407,024,328
444,775,175
452.498.288
505,489,017
576,019,954
691,315,173
561,639,998
COS.).
008.).
COS.).
COS.).
COS.).
COS.).
COS.).
COS.).
COS.).
Aggregate
CapUal.
Profits.
Deposits.
8.960.000
8,950,000
8,650,000
8.050.000
8,650.000
8,650,000
12,177,127
11,407,783
11,851,317
12.,539 .306
12.765,927
13,309,150
14,000,513
14,967,987
16,988,624
46,131,061
62,212,492
72,128,718
82,523.300
89.537,806
85,714,838
110,100,000
108.608.855
110,811.291
9,1.50.000
10.250.000
10.800,000
Resource*.
66,058,188
73,170,116
03,2.30,098
103,712.606
110,986,411
107,773,988
140,740,413
138.393,143
140.781,858
In St. Louis all the items have been heavily increased
by the inclusion of the new Liberty-Central Trust (^o.
a union of the Central National Bank and Liberty
Bank, with $3,000,000 capital and aggregate resources of $47,304,310.
This increases the number
companies by one; and with the increase in the
capilal of the Savings Trust Co. from $100,000 to
$200,000, raises the aggregati^ capital from $9,350,000
Dec. 31 1920 to $12,450,040 on Dec. 31 1921. Surplus and profits have; advanced from $14,146,690 to
D(>posits have in(;r(!ase(l, i)rincipally
$15,300,040.
for the rea.son stated, from $125,581,165 to $151,550,540, and aggregat,e i(ssouic(\s from $145,780,855
of
to $186,171,366.
ST. LOUIS.
Deo.
Dno.
One.
Dkc.
81
31
31
31
l)no 31
Dm; 31
IXw. 31
Deo 31
Dwi. 81
lire. 31
1001
(
100'^
(
1003
1004
(
8 COS.)
5 an.)
11105
(
«
(
« 00€.)....
9 Doe.)
eufi.)
1006 (
COH.)
1907 ( H rim )
lUOH ( U ("OK )
UMIO (13 oo«.)
1010 (13 at».).
31 1011 (16 ron.)
Ore. SI 1III2 (15 0<MI.).
Don. 31 1013 (in cim )
line .SI 1014 (10 r.Mi).
Surplus iifui
ProfUS.
S
13,425.000
14,471.9.34
41,330.273
i!0,iv.',.:ii)0
24,ir.:j.2i.t
02.010.1110
10.0110,000
24.015.483
16,000.000
lO.HHi.ooo
22,.5O7.0:tO
02.503.117
78,700.702
71.681.442
13.350.000
13,4.5;.'. 400
14,762,400
..
..
1015 (H OIMI )
Hot. .11 lOUl (1.5 cim )
Deo. 31 1017 (15 OIHI.) ....
lino. 31 lOIH (19 OIMI.) ....
31
I'llO fl'. fnn
31
•
,
,u
t
23,305.609
23,5HI,014
22.537,837
10.505,174
78,160.(1(10
10,617,s;iA
84,2J0.211
83, 320. .'.12
8|.7I1.0"3
•02.012.006
lO.C.IHl.lT.!
(1
'i.-oci
•I.'.;. IS.
'
'
1
.
M
1
.1 1. II
1
:.;.i
200
M'.'K
7().:iN(l.<-.'5
117
.04
I02,i:i7,003
i..'M»
107.4.54.100
117.214.632
111.208.041
115,180,586
1(17, 02S, 160
74.5r.!..s:t2
10. r.O 1,743
ri
%
60,829,307
100.167.440
06,320.702
ni,oio.s.n
22,7S2,(I21
10,428,3,56
100
14.0110.1)00
14, 0,5(1. (MH)
13. Of.'). 0(10
•H.0.50 (VKI
Resource*.
t
M. 752. 000
1.
)
1020 (17 enn)
Dne. 81
IHPOSU*.
73,0,50.732
73,015. (ISO
15. 002,
..
A gwvat*
CapUal.
10,3.5().OOO
Dm.
I>.--
have di.sappeanMJ from our list
Tni.st (^o., the Pennwylvania
Hank <t TriHt Co., ac(|uinTl by the Peoples Hank,
and the South Hroa<l St. Tru.st, ("o., which (io.sed it.n
27,826,941
33,885,857
37,514,329
39,654,877
42,344,733
45,594.298
49,590,018
60,840,244
52,000,976
65,374,618
69,187,488
62,262,427
64,847,539
65,535,659
Aggregate
Resource*.
Surplus and
BALTIMORE.
l>nn
liahilitien of tin-
Deposits.
Baltimore companies show improvement throughThe number of companies has been increased
by one, the Atlantic Trust Co., with capital of $500,000, while the Union Trust Co.'s capital has been
increased from $500,000 to $550,000, these accounting
for the increase in capital from $10,250,000 to $10,Surplus and profits have risen from
800,000.
$14,967,987 to $16,988,624; deposits have increased
from $108,508,855 to $110,811,291, and aggregate
In
re.sources from $138,393,143 to $140,781,858.
tabular form the comparisons are as follows:
I»i>o
having
Surplus and
ProfUs.
out.
Eifi
Filinii/iated,
,
1
07,S,5(I.102
ION. 130.480
107,272.061
112.703.152
M.S. 747.0.36
117.880.234
111.711.5.31(1
•01,008.000
01.500.254
08,006.148
123,307.168
70,518.042
I21,1.!< '•"<
n.350.(MIO
14,140,600
125,581.105
«I'.!.4V»,0(KI
«i5..)(K),rvio
air>4.r>/i<I.M0
I5».1"l4.n03
I
145.780,866
IHO 171.366
Tlic <'onipanie.s tliat
(irc
the Public
Hank
iloors in .liine 1921.
<S:
Cupitu) after
all
thcMC rhniigcM
•I
wh'NM
Kank.
.
.
liniikliiii
liiialiiniM
.|iin
Ui llin nllinlnnllim of thn Hi.
wtin liiknii
ovor
liy
Ihn rinwiy
I.<iiilii
orgiiiiltnil
IMiInn Triiat
Mt. I.imiIn
('<>..
Union
Thn I'mnl
(Ut. r<'|i'irtO'1 nn itrixMlIn nn Dnn. 31 IU15 nuiiliiiit •2.5,710,270
1014 iin<1 111.344,321 •aurnanin rnnnurnni Dm. 31 lUIA ncftlniit tSO,'
035.327 on Hon. 31 1014
I All llnm* hniivlly Inrri'iuml ihroimli tin i>.i.ilillnlnininl of llii. Ll'iitic r!rntr»
ran
Dm.
7>ii«t ''o
31
liy
thn nirnirr of Uw'
(
'i-nUnl N'alloiinl
Mnnk
iukI (hn IJIiivtf llivDk.
THE CHKONICLE
784
[Vol. 114
GREAT BRITAIN TO PROVIDE FOR PAYMENT OF foreign governments ran
month in previous years.
£25,000,000 INTEREST TO UNITED STATES.
Under date
of Feb. 21 llie Associated Press in
London
advices said:
Twenty-fivo million pounds sterling will be provided for in the next
budget estimates to cover six months' interest on the British debt to the
United States. This announcement was miade in to-day's Parliamentary
papers.
It is pointed
out that £25,000.000 will not necessarily bo the maximum
in interest to the United States during the next financial
amount payable
_^
year.
LOAN OF
TO
$2,300,000
MONTEVIDEO BY BOSTON
BANKERS.
The Boston "Trauscript",on Feb. 17 reiK)r ted the following
advices from Montevideo, Uruguay, on Feb. 17:
The Ministry of Finance to-day let it be known that it had just closed
negotiations for a one-yoar 6% loan of $2,300,000. Tlie purchasers are a
syndicate of Boston bankers— Lee, Higginson & Co., Harris, Forbec & Co.
and the First National Corporation, a subsidiary of the First National
Bank of that city. The First National Bank has a branch in Buenos Aires,
Argentma. The negotiations were carried on through Superveille & Co.,
brokers and bankers of Buenos Aires and Montevideo.
It was also stated that the municipality of Montevideo is negotiating for
a loan of $5,000,000, to bo placed with American bankers. Tliis is expected
to be a thirty-year loan.
"tlie loan originally was
was sealed down at the last moment."
Last week (page 079) Ave made mention of press reports from
Montevideo Feb. 13 to the effect that the Uruguayan
Government had accepted an offer|of a loan of $3,000,000
Uruguayan gold pesos made by a group of American bankers.
Other press dispatches state that
for ^3,000,000, but
greatly
in
excess
of
the
Excluding the amounts put out
January 1922
aggregated no more than $189,542,315, as against $209,146,-
for refunding purposes, corporate offerings in
080 in January 1921, $288,233,650 in January 1920 and
$179,175,196 in January 1919. In contradistinction to this
a feature of the month's financing was the number and
amount
govermnent
issues brought out.
There
were four separate offerings of these for a total of $73,500,000.
The largest and most important issue was the $40,000,000 Dutch East Indies 6s of 1947, offered at 94 J^. to yield
6.75% to earliest redemption date, Jan. 1 1932, and 6.45%
of foreign
thereafter
The other
maturity.
to
foreign
were:
loans
$25,000,000 Department of the Seine (France) External 7s
of 1942, offered at 903^, to yield
about 7.95%; $3,500,000
City of Porto Alegre (Brazil) 8s of 1961, placed at 99, to
8.10%, and the $5,000,000 Republic of Cuba
yield about
1-year 6% P!"omissory Loan taken by a syndicate of New
York bankers at 993^.
The off(*rings of Farm Loan bonds were also a feature of
the month.
Six issues of Joint Stock Land Bank Farm
Loan bonds, aggregating $11,390,000, and bearing coupon
rates of 5% and 53^%, were placed on the market during
the month. These all mature in 1951 and were offered at
prices to yield to optional maturity (after ten years)
LAMONT MADE CHAIRMAN AMERICAN
W.
T.
SECTION INTERNATIONAL COMMITTEE OF
BANKERS ON MEXICO.
same
4.80%
5.00%, and thereafter
to
to maturity
from
from 4.90% to
In January 1921 and January 1920 there were no
5.25%.
Farm Loan issues, and in January 1919 the amount of such
was announced on Fell. 17 that at a recent meeting of issues was only $1,000,000.
the American Section of the International C/ommittee of
The financing by corporations during January 1922 inBankers on Mexico, Thomas W. Lamont, of J. P. Morgan
cluded two conspicuous railroad issues, viz.: $30,000,000
& Co., was elected eliairman of the committee, to succeed
J. P. Morgan, and Thomas Cochran of the same firm was Chicago Burhngton & Quincy RR. Co. 1st & Ref. Mtge.
appointed as Mr. Lamont's alternate on the committee. 5% bonds, "A," due 1971, offered at 97, to yield about
Mortimer L. Schiff, of Kuhn, Ijoeb & Co., was elected 5.17%, and $30,000,000 Soutliern Railway Co. Development
vice-cliairman of the committee.
& General Mtge. bonds, bearing GVzVo interest, due 1956,
offered at 943/i2, to yield 6.90%.
In addition to this railroad
THE NEW CAPITAL FLOTA TIONS DURING JANUARY. financing, the Government, through the Director-General
Continuing the practice beguu in our issue of March 26 of Raihoads, sold to bankers $67,224,400 6% Equipment
1921, and kept up regularly since then of presenting monthly Trust Obligations of various roads at par. the majority of
compilations showing the new capital flotations in the which was disposed of by the bankers to the public at
It
United States,
figures for the
we
give to-day, in tables further below, the
month
of
January.
As previously explained,
these compilations are intended to furnish a suminary of
corporate, municipal and foreign Crov(»rnmeut financing as
represented by the
new
stock an<i Inmd issues brought out
each month.
While the new financing during January- was not of the exceptional magnitude reached in December, it was yet of very
happens
large proportions as generally
in
January when
banking and investment houses make it a practice to eater to
the investment demand gi-owing out of the heavy 1st of
January interest
and dividend disbursaments though
doubtless on tliis occasion the extraordinarj' De<;ember
offerings of securities were in anticipation of these heav'y
1st of January payments.
The total of new securities
put out in December was $551,576,349.
For January the
amount
was
$446,600,485.
a
full
This
100
latter,
million
nevertheless,
dollars
less,
sUghtly higher prices.
Other corporation issues of impor-
tance were: $10,000,000 Pacific Gas & Electric Co. 1st &
Ref. Mige. Os, 1941, offered at 99,4. to yield 6.05%; $12,000,000 Edison Electric Illuminating Co. of Boston 3-3'ear
53^%
notes, 1925, sold at 99.15, to yield
5.80%, and
$4,-
000,000 of the same company's 1-year 53-^% notes, sold at
A $7,000,000 issue of 1st Mtge. 6%
100, yielding 53^>%.
1942
bonds due
of Strawbridgo & Clothier was offered at
100, to yield 0.00%..
The following is a four-year summary covering corporate,
foreign government and municipal financing.
SUMMARY OF COKPORATE, FOREIGN GOVERNMKNT AND MUNICIPAL
FINANCING.
JANUARY.
New Capital
Refundinf.
Totai.
1922.
Corporate
Foreisn Rovernmont
Fcdorjil
War
Farm Loan
Issues
Finance Corporation issue
189,542,315
73,500,000
11,390,000
57,190,835
246.733,150
73.500.000
11,390,000
9'3,54"8',7<)8
692.537
"94,'2Vr,335
_
Munlciiial
"
Canadian
or
20,736,000
20,730.000
United States Possessions.
as already indi-
Total
-.
388,717,113
.57,883,372
446,600,485
209,146,086
45,000,000
75,417.480
284,.563, 566
86,003.305
6.722,000
427,895
86,431,200
6,722,000
346,871.391
75,845,375
422,716,766
288,233,650
25,000,000
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
179.175,196
75,078.600
254,2.53,796
1921.
cated,
was
well above the January average of
—
tlie
recent
comparing with $422,716,760 in
January 1921. $488,225,089 in January 1920 and $283,041,421 in Januarj- 1919. If we ehminate the issues put out lo
take up maturing issues of old securities of one kind or
years of large financing
it
Corporate
ForeiRn covernmcnt
Federal
War
Farm Loan
45.000,000
issues
Finance Corporation issue
Munici(>Hl
C'niiadlan
Uultod States Possessions
r<il;U
1920.
another, the fact that the
new
flotations in Januai-y were
CorporateForeijrn Rovorninent
Federal Firm Loan issues
Wiir l'"iiiauce Corporation Issue
Municipal
('anadlan
_
above the average becomes
ease the
amount
still
for Januar>
is
more apparent,
for in that
$388,717,113, which com-
pares with $340,871,391 for January 1921. $398,745,041 for
January 1920 and $2U0,()51,171 for January 1919.
The character of the new flotations, however, has; <'onsiderably changed as contrasted with i)reci^ding y(^ars.
Tlie
appeals to the investment markets by (corporate und<'rtakings were on a greatly reducetl scale, wliile, on the otiu-r
and, the municij);!) oi'ferings utkI also the ofVeriugs by
l^uitcrt
States Possessions..
VhvM
__
_
,
.
.
.
1919.
Corporate
ForrlRii
Federal
War
covonunrnt
rami
lliiijiu'c
Municipal
_
Lo.ui issues
'
"f,bbo.6o6
'i.bob.666
Corporation issue
..-
"2:i.778',975
Canadian
2,697,000
1.311,650
"2.5,09"0",626
2,097,000
Unitwl States Possessions. .•_
Total
206.651.1711
76,.390,250
283,041,421
i
—
.
——
.
.
THE CHRONICLE
Feb. 25 1922.]
785
COMPARATIVE STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1922.
JANUARY.
New Capital.
Refunding.
S
S
Long-Term Bonds and Notes
Public
84,629.330
11,217,500
1.500,000
utilities
Iron, steel, coal, copper.
&c
manulacturers
£<]uipiiient
MotoM and
"
accessories
Other Industrial and manufacturinfi
Oil
l4ind. buildings,
&c
1920.
1921.
Total.
27,643,270
13.300,000
T ,y5b',6oo
New Capital.
Refunding.
S
S
S
112,272,600
24.517,500
1.500.000
Total.
22„84fi,420
50,809,-580
48,722.000
5.500,000
3,072,000
5,000.000
5,435,900
3,000,000
New Capital.
Refunding.
S
$
$
73,650.000
51,794,000
10,500,000
"'l.'2'56',666
5,625,000
9,750,000
3,150.000
28,4(H,100
20,100.000
1.715.000
18,532,435
2,947.565
21,530.000
2.000.000
134,954,265
45,140,835
180,095,100
129.287.520
2.136.000
S
8,340.000
8. .•540.000
15,075,000
15,600,000
2.625.000
275.000
3.875,000
750,000
16,245,000
100,000
"'1,75^666
5,625.000
8,500.000
3,150.000
Total.
33,840.000
23,100,000
1,715,000
15.075. OUO
27,600.000
2,625.000
275.000
3,875.000
750.000
16,245.000
100,000
12.000.000
Shipping
Total
28.300.000
2,000,000
28,300,000
67.317,480
196,605,000
91,185,000
12,000,000
103,185,000
8.100.000
10.236,000
4,000,000
11,188,752
1,150.000
52.757.248
4.000.000
63.946,000
1,150,000
Short-Term Bonds and Notes
20.951.800
6,050,000
Public utilitlesIron, steel, coal, copper,
&c--
.. 20,951,800
17.700,000
11.650,000
-.
Equipment manufacturers
200,606
200,000
200,000
200.000
Other Industrial and manufacturing
Oil.
Land, buildings. &c
5.000,000
6.000.000
1,000,000
7,850,000
1,000.000
7,417,166
7.417.166
590,000
750,000
590,000
750,000
22.6.53.166
26.528,752
7,8.50,000
-
200.000
200.000
Rubber
Shipping
Total
s.ioaooo
27.601,800
11,650,000
39.251,800
14,553,166
7.885,000
12.406.250
400,000
"8,285,666
3,730,400
3,730,400
1,410,000
10,020.000
2,000,666
2,700,000
56,250,000
"27060^666
13,480.6-50
625,000
24.929,775
76.544,420
28,875,460
7.273.147
1.000,000
6.000,000
14,467,096
1.600,000
10.425
85,168,620
2S,875,460
7.273,147
1.000.000
6.000.000
16.067.096
65,305,400
170,519,898
23,704,850
194,224.748
73,6,56.000
12,340,000
27,673.752
26,770,000
2.625.000
79,286,000
52.757,248
StocksRailroads
Public utilities
Iron, steel, coal, copper.
<fec
12.406,250
Motors and accessories
920.000
920,000
f, 175.660
4,000,000
1,175,000
4,000,000
Other industrial and manulacturlng
Oil
Land, buildings,
<fee
Rubber
2,700.000
56,250,000
Shipping
600,000
625,000
26,986,250
400,000
27,386,250
65,305,400
105.581.130
25.152,500
13.906.250
27,643,270
25.350,000
133,224,400
50,502.500
13,906,250
22,846,420
54,588,400
5,500,000
"2,000.666
1,250,000
"17950, 666
6.745,000
9,750,000
4,525,000
4,000,000
19.182.435
2,947,565
22,130,000
10,042,166
189,542,315
57,190,835
246,733,150
209.146,086
600,000
Total
-
1,410,000
10.020.000
35!;4
8,624,200
TotalRailroad
Public utilities
Iron, steel, coal, copper, *c
F.qiiipnnpnr mftniif^cnirpn?
Motors and accessories
Other Industrial and manufacturing
"1,950", 666
6,745,000
8,500,000
4,525,000
4,000.000
OH
..
....
Rubber
..
Shipping
Miacellaneoas
2',oob,6n6
25,20-1.775
30,540,000
84,350,000
1.715,000
88.269.420
30.625,460
23.518.147
1.100.000
10,042.166
43.517.096
1,600,000
12.340.000
80,431,000
38,770 000
2.625.000
38.685,425
96 893 620
30,625,460
23,518,147
1,100,000
6,590.000
45,117,096
284. 563..566
28S.23.'?,fi"i0
88. -162. OPS
376.695.748
50,809,580
11,172,000
5.000,000
65,760,400
10,500,000
"
31,104.100
81,350,000
1,715,000
5,435,900
3,000.000
.52,757,248
12,000,000
13,480.650
8.624 200
6.-590,000
Total corporate securities
DETAILS OF
NEW
75,417,480
CAPITAL FLOTATIONS DURING JANUARY
.AND NOTES.
1922.
LONG-TERM BONDS
To Yield
Purpose of Issue.
AmouTtt.
S
1,701.200
Railroads
New equipment.
6.567,600
New eqtiipment
%
To
-
Company and
About.
Price.
Atlantic Coast Line
Poabody & Co.
Yield
To
yield
&
Chesapeake
5M-5»i
equip., add'us
&
bettenn'ts.
New equipment
97
and Potter
Plttsljurcli,
Chlcaeo Burlington
5.17
&
and by
Tr. 68, 1925-28.
Ohio Ry. Co. Equip. Tr.
Trust Co.,
New
30.000.000
RR. Equip.
Issue,
Ojfered.
by Salomon
Offered
Bros.
& Hutaler and
Kidder
Offered by Guiirantv Co. of N. Y.,
192.3-35.
6.'^.
&
Qaincy RR. Co.
Whom
Union
Co.
l.st
&
Ref. Mtce. 5s, "A," 1971
Oflered
.
by
J.
P. Morgan
& Co., First National Bank, New York, ;ind National City c;o.
6-00 Chicago Indianapolis
LouIstIIIc Ry. Equip. Tr. 6», 192.3-35. Sold to Freem.in 4 Co., N. Y.
Chicago
Indianapolis & Louisville Ry. ."Dorics B 1st & Gen. Mtge. 69, 1966. Offered by Potter A
6K
Co. .-ind Harrl.s. l"orl)i"H & Co.
5H-5Ji Chicago Rock Island & Pacific Ry. Co. 10<iulp. Tr. 6s, 1923-35. Offered by I'^roeman & Co. and
Hayden, Stone & Co.. New York.
6.00 Colorado
Southern^ Ry. Co^ Equip. Tr. 6s. 192.3-35. Sold to Freeman A Co.. New York.
byi-b'A The Hocking Valley Ry. Co. Equip. Tr. 68. 1923-35. Offered by Guaranty Co. of N. Y.. Union
Trust Co.. Pitt.sburqh, and Potter & Co.
0.00 Indiana Harbor Belt RR. I'>iuip. Tr. 6g. 1928-35. .Sold to Poc & Davles, Baltimore.
6.00 Kansas City Southern Ry. Equip. Tr. 63. 192-3-35. Sold to fypom.an & Co.. Now York.
6M-5^ Maine Central RR. K<iulp. Tr. fls. 192.3-35. Offered by Kidder. Pcabody 4 Co. and UarrlB.
I'orbes A Co.
5.80 Missouri Pacific Ry. Co. Equlp- Tr- 6s. 1923-35. Offcrtxl by Hanker« Tni.st Co.. Hornhlower &
Wwl<8. Domlnick A Domlnick. Marshall Held. C.lore. Ward A Co. and Harrison. SniiUi 4 Co..
&
Addldona and betterments
100
94 >i
New equipment.
To
100
1.638,000
New cqulpmeDt.
New equipment.
To
314,400
551.200
695,500
New equipment.
New equipment.
New equipment.
To
yield
0,016,000;
New equipment.
To
yield
351.000
263.200
6.834,400
New equipment.
New equipment.
New equipment.
8,310,600
New equipment
& Ohio RR. Equip. Tr. 69. 1923-35. Sold to Com Exchange Bank, New York.
6.00|Monongahcla Ry. Co. Equip. Tr. On. 1928-35. Sold to Cassatt A Co.. Philadelphia.
To yield 6.50-5.80 Pcre Marquette Ry. Kquip. Tr. O.s. 1923-35. Offered by Guaranty Co. of N. Y., Harris, Forbos A
Co., Kidder. i'calKKly A Co. and J. A W. Sellgman A Co.. New York.
To 3deld hVi-bH St. LouM-San Franclico Ry. Co. I-Iqnip. Tr. Os, 1923-35. Oflered by Speyer A Co. and Equitable
6,»i6,200
New equipment
To
600.600
3,000,000
4,690,400
,
910,000
yield
&
yield
100
100
I'hll:ul(tlphla.
6.00'-Mobllc
100
100
c;o.,
'I'niwt
.Niiw
York.
&%-&% Southern
1.882.400
New equipment
Ry. Co. Equip. Tr. 6s, 1923-35. Offered by Guaranty Co. of N. Y.. Union Trust Co..
and I'ottrr A Co.
6.90|Southcrn Ry. Co. Development A General Mtgc. OHs. 1956. Offered by ,1. P. Morgan 4 Co.,
94>4
First National Bank. .N. Y., NaCioaal CMty Co., Harris, Forbes A Co. and Bankers Tr. Co. N. Y.
To yield 6.60-S.66 Toledo & Ohio Central Ry. Cm. Equip. Tr. Os 1923-35. Off<re<l by IloDinHon A Co. and Curtis
3.000.000
Refunding; other eorp. ptirpoaei.
100
yield
I
30.000.000
Refunding; capital ezpecdlturei...
1
Ituiburnh.
A HanKcr.
6.00 Wcatern Pacific
RR. Co.
l»t
Mt«e. 68 "B " 1940.
Offered by Equitable Trust Co.
Now
York.
112.272,000
Public UtIlltiM—
3,600.600
1. 926.000
1,260,000
Refunding: fund current debt. Ae.
Arqulsltloofi. Ac
AcquMtlon of conxtltuent co'a
eiK
100
07
H
4
ilarriifiiiii
l.«22.00f)
IO.OfJO.fX«
Pay bank loans
It
other eurr. debt.
VU-.UititUaZ
OOH
OOX
S.600,000
100
8H
"
•"
ii
'
..'II.
'
I
r
<:„., Han KranciHrfi.
19-12Olfered
;», "A
.,
,
Pro»i
^'OnstnjctJon
AcqnWtloas, additions. Ac
J ,!<30.(XW
Additioos and
Improvemenu
97 H
100
09
34,617.600
.*
t
I
1,200.000
.S.HHI1.
4
Co.
W. A.
A Co.
6.66 Kings Oiuniy l.lghdng Co. (Rklyn. N. Y.) iHt Ref M. 6
e.06 Pacific i:u% It KI<-< irli' <:<>. Int .k Kef. M. Mh 1941. OtfiTeil
'
Refunding; pay bank loans
A
Fcderul Lt.
<;o. and West
Trac. f>>. .30 Year l8t IJnn (is 1912 Offered by White Wriil
Illinois Power iUt. Isl MUlo. 78 1936.
Ottered by Federal .SccurltlOH Corp. ChlcuKO.
7
7.20 Indiana Hydro-Kloctric Co. 1st Mtgo. 7s 1951. Offered by E. II. RolllnH A Sous, and
...
Co., UirliurdMMi
by
'.<8
liy
A C'o. Brown LIhIk A
W. W. Whitu .t '(>., iili nf
Marshall.
llmliil
Clark and
.t
1954. Offered by Blair A Co. Ino.
E. H. RoiiliM A Sooh. Nulioiiiil City
(
I'riivld'oe.
tUi. iNt I.ini 7h. KMI.
<)ltiri-<l by E. II. UollliiH .V Sc.n.-t.
IhI N!
m, i'Ml. ()fri-re<l by llirniii I'". lliirriH .* Ci" Inn.
Kef. 7», "A," 1917. «1friT««I iiy llalwy. Stuarl
Sc Power Co. Gun.
r
Vi-rmxnl
R
7.10 Wiscun.lii
4 Co. and
.ri».
i.i
!
I'alno.
1
-..III
Webber
4
.
A
Co.
Iron, »t—\. Coal, Copper, Ike.
WO.OOO
Add'nii; Wfirklng capital.
Ac
100
8.00 Rich Sft^l Pr«<lu<
A Co
I>tillri
';•''-">< "virporata
purposM
orporaiR purpoaw
I.6'/'
00
too
R.OA Troy Fiiiii''-8.00 Watlln* <
"
.
Conv.
I.)
'
Offered by First He<iuriUe« Co. anil Hunter.
1031,
8s.
I
"
'-
^'
Offerwi by Tlios. C. Perkins, Ino., Iliiririird.
by Caldwell 4 On. and Auiiirlonii .Va-
Hd. 1046,
•M,
.
IU.1I.
Offi'rixl
^
Mll.
li'iniil
.
r
l,760,00r;
«
Ar<.«««4>rl«« —
l»«n> work, rap., As.
and
.Ilk
• I
600 /K.
'..
7V
<4
Mfd. <>tm.
work napllal
saptlal, Ao..
eoH
8.06 United .Sisir* AiitomntlTr Corp.
99
7 no I>«fnrd Co. (lUlclmor
7 r,:, l>uiilrs Prlriiltig i*rl.Vi I'.u.K-fii MC« <A, (It
1st
M.
Olforxil liy
Hn. 1031.
Harvoy Flsk A
Hons.
9eM
A
ill
M.
7 Us.
600.000
Wiirklns capital
too
8.00
Kuraka
Retire eurrrnt d*ht: work, eapltai
100
MOO
FoJrt.
ai.'l
*
(Vi. and llaltlmorr Tniit Oo.
fjlfercd by Mnmbinlnn
Off.fiil by llrilm'iiid .V <>i , Now York.
Huns, Himuoor Traak
oili-rcd liy i:. II. Iloillns
i'ili;.
10.17.
A
\.- ia;iH
<
8M,000
by
rlrrot
\
;i
I
.»
I'll
Wm
I..
H'mm
A
I'nt'in Trti"t
nti'l
Co.. Inn., (Hilongo.
Dnlrolt.
Co
Ion
,
A
iHliiii,
,,
Oantral nnrpnrate
100
7
00 «.h«<
i
..
47'. r,00
r.r.v. 'Kio
Im prOTIKHM. *0
York.
Ar
06
360,000
New
100
* Hon*
N,
.1
I
.,
(ia. (titlca.
.,
>,,,.!
...I,
N. Y.) Osb.
.,
t
7«. IU»7.
.
..
.
1
..
4
Mr«.
<>>.
1st
M.
7*. 1037.
A
II.
Co..
..l.ilitl
Ofleml by .Mohawk Valley
V.
7-00 aouiiwta Uailfuriila IUrdwo<Ml
T.
Itiirlciti.
llrilowa
Offtrad by llunlrr.
Itiilin
Invaat-
A
Co.
THE CHRONICLE
786
[Vol. 114.
To Yield
Purpose of Issue.
Amount.
Isiue,
and by
Whom
Offered.
%
Oil-
$
Company and
About.
rice.
1,750,000
Development; Impts.; work,
oaplt'l
100
3,000,000
Capital expenditures; worls. capital
98
1,500,000
Refunding; otber corp. purposee.
88
3,500,000
Retlre floating debt; work, capital
100
7.50,000
Land, Bulldlnfis, &c.
Finance construction of building.
Finance construction of bulldlnc.
Finance construction of building.
100
100
100
550,000
Acquisition
& impt. of real eetate.
100
300.000
General corporate purposes
Indiahoma Refining Co. 1st M. Conv. 83. 1934. Offered by company to stockliolders; underwritten
by Haker, Watts & Co. and Hamblcton & Co., Baltimore.
Marland
Oil Co. 7 HSs. "B," 1931. Offered by Potter & Co., Hemphill, Noyes & Co., F. S. Smlthera
8M
& Co, and Merrill, Lynch & Co.
8.15 Shaffer Oil & Refining Co. iat M. Conv. 6s, 1929. Offered by Janney & Co., Philadeiptila, and
8.00
H. M. Byllesby
7H
Skelly Oil Co. 1st
&
Co..
M. &
New
York.
Offered by Union Trust Co. of Pittsburgh.
Coll. Tr. 7)^s, 1931.
9,750,000
1,2,'iO.OOO
300.000
6.00 Citizens' Hotel Co. (Fort Worth, Tex.) let M. 6s. 1922-30. Offered by First Nat. Co., St. Louis.
7)4 (W. C.) Ellis BIdg. Co. 1st M. 7Ks, 1926.34. Offered by Blyth, Witter & Co.
8.00 (B. F.) Keith Dayton Theatre Co. 1st M. Conv. Ss, 1936. Offered by First National Bank and
W. E. Hutton & Co., Cincinnati.
Jones Realty Co. 1st M. & Coll. Tr. 7J^s, 1930. Offered by Shingle, Brown & Co.
7H IMarket
and Hunter. Dulin & Co.
T.85-7.12 North Carona Land Co. 1st M. 78, 1923-34. Offered by Bayly Brothers, Los Angeles.
&
99
3,150,000
800,000
Miscellaneous
Refunding
2,500.000 Working
99 H
1,000,000
Refunding;
2,250.000
7,330,000
Working
7,000,000
250,000
Retire current debt
E.xpanslon
400,000
otlicr corp.
purposes-
capital
Refunding; retire
float, debt,
&c..
9TA
100
100
100
100
Impts.: working capital,
&c
Brown Bros. Lumber Co. 1st M. 8s, 1924-30. Offered by Baker, Fentress &. Co., Chicago, and
Central Wisconsin Trtist Co., Madison, Wis.
7.10 Theodore H. Davles & Co., Ltd., Coll. Tr. 7s, 1937. Offered by Blyth, Witter A Co.
6.30 Fort Worth Stock Yards Co. 1st M. 6s, 1932. Offered by First Trust & Savings Bank, Chlcagt>;
California Co. and Security Tru.st & Savings Bank, Los Angeles.
7.00 Harris Brothers Co. (Chicago) 1st M. 7s, 1923-39. Offered by S. W. Straus & Co.. Chicago.
8.40-8.20 Pacific States Lumber Co. 1st M. 8s, 1927-42. Offered by Halsey, Stuart & Co., Inc., Second
Ward Securities Co., Cyrus Pelrce & Co. and Wells-Dlckey Co.
6.00 Strawbridge fit Clothier 1st M. 6s, 1942. Offered by Janney & Co. and Brown Bros. & Co.
Olfered by Drake, Riley & Thomaa and Cahn, McCabe
8.00, Tucker Live Stock Co. 1st M. 8s, 1923-34.
& Co., Los Angeles.
7.00 Wahtoke Vineyards iBt M. 7s, 1922-31. Offered by CjTUs Pelrce & Co.. San Francisco.
8.00
100
capital
100
21.530,000
SHORT-TERM BONDS AND NOTES.
To
Amount.
Purpose of Issue.
Price.
3.894,000
3,894.000
3.804,000
3,894,000
Railroads
New equipment
New equipment
New equipment
New equipment
New equipment
New equipment
New equipment
New equipment
3,894,000
New equipment
101.07
114,000
643,500
New equipment
New equipment
100
100
$
400.800
196.500
62.500
164..'-)00
YUM
Companp and
About.
Issue,
and by WJiom
Offered.
& Pittsb. Ry. Equip. Tr. 6s. 192.5-27. Sold to Dillon. Read & Co.
Indiana Harbor Belt RR. Equip. Tr. 6s, 1923-27. Sold to Lee, Higginson 4 Co.
Kansas City Terminal Ry. Equip. Tr. Os, 1923-27. Sold to Lee, Higginson & Co
Monongahela Ry. Co. Equip. Tr. 68. 1923-27. Sold to Lee, Higginson & Co.
Pennsylvania RR. Co. Equip. Tr. 6s, Jan. 15 1923. Sold to Kuhn, I.oeb & Co
Pennsylvania RR, Co. Equip. Tr. 6s. Jan. 15 1924. Offered by National City Go.
Pennsylvania RR. Co. Equip. Tr. 6s, Jan. 15 1925
Offered by Freeman & Co
Pennsylvania RR. Co. Equip. Tr. 6s. Jan. 15 1926. Offered by Union Trust Co., Pittsburgh, and
Brown Bros. & Co.
5.75 Pennsylvania RR. Co. Equip. Tr. 6s, Jan. 15 1927.
Offered by Continental & Commercial Trust
& Savings Bank and Merchants Loan & Trust Co., Chicago.
6.00 Terminal RR. Ass'n of St. Louis. Equip. Tr. 68, 1923-27. Sold to Lee, Higginson & Co
Sold to Cassatt & Co., JFhiladelphia.
6. OOj Virginian Ry. Equip. Tr. 6s, 1923-27.
6.00
G.OO
6.00
6.00
6.00
5.53
5.70
6.70
100
100
100
100
100
100 J^
100.81
101
Buff. Roch.
20,951,800
12,000,000
Public UtilitiesRefunding; fund floating debt.
4,000,000
Fund
1,700,000
Refunding; working capital.
Offered by Old Colony Trust Co., Lee,
5.80 Edison Electric Illuminating Co, of Boston 5^3. 1925.
Higginson & Co., F. 8. Moseley & Co., Kidder, Peabody & Co. and Parkinson & Burr.
5H Edison Electric Illuminating Co. of Boston 5H8, 1923. Offered by Old Colony Trust Co.. Lee,
Higginson & Co., F. S. Moseley & Co., Kidder, Peabody & Co. and Parksinon & Burr.
7.15 Galveston-Houston Electric Co. Secured 7s, "A," 1925. Offered by Lee, Higginson & Co., Parkinson & Burr and Estabrook & Co.
99.15
100
floating debt
99 H
17,700,000
200.000
Motors and Accessories
bank loans
Other Industrial & Mfg. Cos.
Retire
M. 7Hs.
100
7M Walker
Mfg. Co.
7M Hydrox
Co. 7^8, Dec. 31 1922-23.
200,000
Expansion
Land, Buildings, &c.
100
200,000
Improvements
To
8.00 Rural
yield
Land Co.
son
&
1st
1st
M.
1922-33.
Offered by Peabody, Houghteling
Offered by
The Metropolitan
Co.
Co., Chicago.
Offered by Guardian Savings
Coll. Tr. 7s, 1922-27.
4
& Trust Co.
and
Tlllot-
Wolcott Co., Cleveland.
STOCKS.
a Amount
Par or
No. of Shares
Hi j
4,535,000
7.'j0.000
3,000,000
Purpose of Issue.
Public UtilitiesImprovements.
Additions, improvements, &c
Retire floating debt; refund., &c.
To Yield
Price
Per Share.
Involved.
S
4,535,000
750.000
3,000,000
Company and
About.
Issue,
and by
Whom
Offered.
Commonwealth Edison Co. Capital stock. Offered by comp.iny to stockholders.
Lt. Co. 8% Cum. Pref. Olfered by W. C. Lansley 4 Co.
8.00 Pennsylvania-Ohio Pr.
Pr. Corp. 7% Cum. Prior Pref.
Olfered by Blyth. Witter & Co.
7.10 San Joaquin Lt.
and Cyrus Pelrce & Co.
100
100
98 Ji
&
&
8,285,000
ll,656.2.'-)0
Iron. Steel, Coal, Copper. &c.
Acq. majority stk. Amer. Brass Co
750,000
Working
650,000
270,000
Other Industrial
Mfg. Cos.
Capital requirements
Retire current debt; acquisitions.
capital
50
90
11,656,250
750,000
Anaconda Copper Mining Co. Cap. stk. Offered by co. to stockholders: underwritten.
8% Cum. Pref. Offered by company to stockholders; $500,000
(par)
8.88 Electric Alloy Steel Co.
underwritten.
12,406.250
&
650,000
270,000
8% Cum. Pref.
100
100
8.00 Henrietta Mills, Carolccn, N.C.,
7H John Schroeder Lumber Co. 7Ji
7.00 Illinois BIdg. Co. 7% 1st Pref.. 1923-34 Offered by Breed. Elliott & Harrison. Chicago
6.00 Postal Station BIdg. Co. (Indianapolis) 6% Pref., 1925-42 Offered by City Trust Co.'
Indianp.
Winton-Olmstead Hotel Co. Cu. "A" stock. Offered by R. T. Meacham, Cleveland-
Cum.
Olfereed by Indep. Tr. Co. Charl.N.C.
Ward Sec. Co., Milwaukee.
Pref. Offered by 2d
920,000
Land, Buildings, &c.Erectlon of office building
175,000
700,000
100
100
•10,000 sha.
Improvements, &c
300,000
30
•200,000sh.
Retire bank loans.
175,000
700,000
.
1,175.000
Rubber
600,000
•90,000 shs.
I
Worldng
Common. Offered by company to stockholders; underA. Harrlman 4 Co., New York.
1,500,000 /4shs.Pref.l For Seiberilng Rubber Co. 8% Cum. Pref. jOlfercd by W. H. Stout 4 Co., Baltimore.
Common.
do
do
land Roland T. Meacham, Cleveland.
l60shs.Com] $1,000
2.500,000
capital
lAJaz
12K
Rubber
Co., Inc. (N. Y.)
written by
W.
4,000,000
Miscellaneous600,000
Working
600,000
capital..
&
Co., Inc. (Bait.)
8.00 Armstrong, Cator
Co. and Baker, Watts Co.
100
8% Cum.
Pref.
Offered by Baltimore Trust
FOREIGN GOVERNMENT LOANS.
To Yield
Amount.
%
5.000,000
Price.
Issue.
Republic of Cuba
1-year
6%
Promissory Loan, 1923
40,000,000
ternal
3,500,000
26,000,000
99 H
Dutch East Indies
6%
25-year ExGold bonds, 1947
City of Porto Alegre (Brazil)
40^yr. 8% S. F. Gold bonds, 1961
Department of the Seine
(France) 20-year 7% External
Gold bonds, 1942
94H
99
90 M
Offered by
About.
Placed privately with J. P. Morgan 4 Co., Kuhn, Loeb 4 Co., National City Bank, Guaranty Trust
Co. of N. Y., Bankers Trust Co., N. Y., J. & W. Seligman 4 Co., Harris, Forbes 4 Co. and
Dillon, Read 4 Co.
6.75-6.45 Guaranty Co. of N. Y., Harris, Forbes 4 Co., Lee, Higginson 4 Co., Bankers Trust Co., Kidder.
Peabody 4 Co., Union Trust Co., Pittsburgh, Continental 4 Commercial Trust 4 Savings Bank,
Illinois Trust 4 Savings Bank and Union Trust Co., Cleveland.
8.10 Lee, Higginson 4 Co. and Ladcnburg, Thalmaim 4 Co., New York.
7.95
ja
78,600.000
* Co., National City Co., Guaranty Co., ol N. Y., Dillon, Read 4 Co., Harris, Forbes
Co., Kidder. Peabody 4 Co., Lee, Higginson 4 Co.. Brown Bro.?. 4 Co., Blair 4 (fjo.. Inc.
Cassatt 4 Co., Union Trust Co., Pittsburgh.
Kuhn. Loeb
A
H
THTE
Feb. 25 1922.]
CHRONICLE
787
FEDERAL FARM LOAN ISSUES.
To Yield
Amovni.
Isstu.
Price.
%
890.000 Central Iowa Joint Stock
Bank
5H%
%
Land
Farm Loan Bonds.
103
1951
Offered by
About.
Iowa Joint Stock Land
Bank o% Farm Loan Bonds. "51
K
'
&
lOlK
101
4.80
IClssel,
101
4.80
Wm.
100
5.00 Broolce. Stofees
103 >4
5.00
First
Bank 5% Farm Loan
Joint
2.000.000 Mississippi
Eds., 1951
Co., Inc..
and
Wm.
R. Compton Co.
Savings Bank and Stevenson Bros.
4.80, First Trust
Joint Stock Land Bank
(Chi a '0)5%. Fa. Lo Bonds. '51
5.000.000 Lincoln fNeb.) Joint Stock Land
1.500.000
&
S.OO.Halsey, Stuart
1.000,000 Central
Klnnlcutt
&
New
Co.,
4
Parry
Inc.. Chicago.
York.
R. Compton Co. and Halsey, Stuart
4
Co.. Inc.
Land
Stock
Bank
and .\rkansas Joint
Stock Land Bank 5% Farm
Loan Bonds. 1951
1,000.000
Montana
Bank
Stock Land
Farm Loan Bonds.
4
Co., Philadelphia.
Joint
5H%
1951
Homblower
4
New
Weeks,
York, and Tripp
4
Andrews.
New York and
Hartford.
11.390.000
a Preferred stocks are taken at par. while
In
(^yxxxtxd %TatxiXs vlvlA
the case of
common
stocks the
amount
gtscnssimis
REGINALD McKENNA DECLARES HIGH TAXES
UNDERMINE NATIONAL BUSINESS
ENERGY.
The present scale of British taxation is characterized by
Reginald McKenna, Chairman of the Board of the London
Joint City & Midland Bank Ltd., as "so liigh as to undermine our National business energy and enterprise and to
deprive us of indispensable capital." Mr. McKenna, who
was formerly Chancellor of the Exchequer, thus expressed
himself at the annual meeting of the bank, on .January 27,
and in seeking a remedy for the situation said:
There is only one. which we must face with all the determination and
We must reduce expenditure to the utmost
resolution at o(ir conunand.
limit consistent with our contractual obligations and the supply of indisIf we do so now, we shall quicldy recover our national
pensable services.
earning power and with it will come the elasticity of revenue which we
erperienced during the second half of the last century. The ideal of economy, both in public and private affairs, is alluring and popular, but the
It is difficult, after hateful and certainly
practice is quite another matter.
never popular. But to-day. looking at our decline in revenue, the state of
our trade and the dangers which confront us. we have no choice. I have no
hesitation in saying that, whatever the difficulties, the strictest economy in
our national expenditure has become the first and most imperative necessity
of our time.
Declaring that "it would not bo easy,— I doubt if it
be possible to define the limits of a Nation's taxable
capacity," Mr. McKenna axlded:
Too much depends ui)on the human f.ictor which varies so greatly in
different people.
As wealth is created by human effort the greatest care
should l>e taken not to dishearten those upon whoso enterprise so much of
would
—
Looked at from the point
the indu.strial progress of the country depends.
of view of national wealth and prosperity, in which we all have an interest,
it is bad policy to deprive business men of the stimulus of a reasonable return
for their labors.
It may be difficult to determine in advance the exact
maximum scale of taxation which could be impased upon us without impairing in any marked decree the national spirit of business enteri)rise. but
we cannot 9 ut our eyes to the signs th2.t our present taxation has probably
uxctif^i:<i this limit.
We
qu'^^-ition Is not merely one of the discfiuragernent of effort.
that if business is to expand and profipcr continuous additions must bo
A growing business and at every period
to the capital employ.-d.
is
it is upon the growing business that the progress of the future depends
one In which a largf part of the profits «;ach year are saved and put back into
IJy this method the energetic and capable young man slowly
the conc-m.
»cqulre<i the .vlditlonal capital he needs for development and brings himself
If now the whole or a large jiart of his savings is absorbed each
to the front.
New
year In taxes he Is deprived of the means of enlarging his business.
plant cannot b<! acquired; additional stock cannot be bought: growth becomes imp4j«slble. The capital which the ke<rn, active, enterprising man
could use to the utmrMt advantage In developing tr.ido is taken from him
and Hl>ent unprofluctlvely on one of the manifold activltliw of the StaU^. In
such conditions ijn-i'..-^'. r.iii.^ i...,..rti,. -i.ignant. and In this country, where
for expansion and a continually
the Industrial or
Hut the
know
made
—
5"-'iwlng prc»ducl«,...
the
iJi.scusHing
McK*
.,....:,...
.:.
economic
.
—
,.iilure.
eonditian
of
FJurope
Mr.
iiri;i H.'ii<I:
based on the offering price.
my
i
Shares of no par value.
It will be asked, what can Germany pay. without iniury to us, towards
making good the civil damage the Allies have suffered in the War? As to
the annual amount, she can pay to the full extent of the export surplus her
trade can give her without forcing the external value of the mark below ita
internal value.
As to the form, she can pay in spocMfied cojnnioditie.s. which
in our ai.se might Include sugar. timl)or. potash and other materials which
are indispensable to us but which we either do not produce at all or in insufficient quantities.
She can pay also by the surrender of any foreign
securities her nationals may possess, so far as they can be traced, and. if the
Allies are willing to accept this form of pa.vment. by the direct employment
of her labor in reconstructing devastated areas.
In all that I am saying now
I am speaking ouly from the economic poiut of view.
to enter into the sphere of political action.
On the
McKenna
It is
not
my province
subject of labor and restriction of output
Mr.
said in part:
All restriction of output raises the price of the article produced, and if the
restriction operates over a wide enough field, it must increase the general
cost of living and thereby reduce the real value of the wages received by all
workmen.
The first effect of a restriction of output is a raise in the cost of living: the
next effect is general unemployment. The greatest suffarers are the workmen themselves. They share in the product of their labor as a whole, and.
if they did but realize it. are most benefited when each individual member
of their body works at his highest efficiency
M. LOU CH EUR DECLARES FRANCE WILL NEVER BE
ABLE TO PAY DEBT TO U. S.
The belief that France will never be able to pay a sou of her
debt to the United States was expressed, on Feb. 20, by
Louis P. Loucheur, former French Minister of the Liberated
Regions. The Associated Press advices from Paris, Fob. 20,
in reporting him to this effect said:
This statement was made at Lyons at a banquet of the Industrial. Commerci;»l and Agiicultural Associations.
France owes the United States
$3,000,000,000.
"I say plainly." declared M. Loucheur. "th.nt I believe we never will be
able to pay a sou to America.
I say it because there are Americans here
who. I hope, will cable my words across seas. We never can pay the
If). 000. 000. 000 francs we owe America, with the added interest.
"America has all the gold, and we never could pay in goods on account
of the customs barriers raised by the United States itself."
M. Loucheur added that David Lloyd Georgi. the British Prime Minister,
had agreed in principle to cancel France's debt to Groat Uritaln on condtilon
that the United States annul Great Uritain's debt of 20. 000. 000. 000 francs.
Referring to the question of re|>arations. M. Loucheur said France was
determined to make Germany pay to the utmost.
"But what can Germany pay?" M. J.ouchcur asked. "Germany must
export In order to obtain gold, and thi- real problem Is to determine how far
Germany can export without flooding our marki'Is.
"1 thought the goods which might be linportod hero to the least di^triment
to our commerce were those goods that might bo employed In the devastated
regions.
Ilenco the Welsbaden agreement."
The collapse of the exchange rates and the vagaries In tho values of currencies. In the view of M. Loucheur. were the basic causes of tho economic
crMs.
"The collapse of exchange has caused tho financial chaos In th* central
Europiun nations, which Ls the cause of the oxbiting economic disorder." the
speiker d(«l;ired.
l.rfMicheiir held that the Krench Government ought t<i buy pounds sterling
and dollars and operate in the market linin dlately to stu.nly the exch.-inge
rates. Otherwl.Ho, he declared, France was heading toward cativstropho, oa
would multiply.
Axked If there was any remedy Mr. I^oucheur replied. "Yes. a clo.sor relation must be pstnbllHheil between production and consumption.
Tho
pi-r>pleN are abHoliitcly InU-rdependent economically.
Kvcrylhlng must be
done to end unemployment, (^insumpllon must bo duvulopod, we must
exert oumelies to Inereast' our export«.
"Why have wn con«ldorn<l tho (ienoa <'onf»rencn7 Itocauiiii the Soviets
have di-clarivl themwlves ready Ui ri'RUme normal rrlntloUH. If (he Soviets
accnpt our conditions. It will bit a gnmt Mtcp toward thn ri'Const ruction of
ICurope.
In any case, nothing will be lost by a round table dl.icusHlon."
On \hf 17lh iiiHt. M, I>«)ucheur. in a <'ai)l(»>:rain to the
It.altiiiiore
nn'ct.
Thn maxlmurn snnunl
(itrmnny cotild be rw^ulred lo mnkn undnr
Mil- u^nns of thn tAtmUin I'lMmnturn Is about £100 mllllonii. nn'l thi-ri' 1« no
d/.ubt Ih.i', ff-rmnn lndii«lry U morn Ih.in mpinl to iin rxpurt <if ihl* v.iliin.
'Viuntry c.-innot have n lurg" i-xiHirt wlllioitl riTilvlrig ImHut :vn
port*.
h.n u> lm[Mirt » ronsl'lor.ible proportion of her rnw iii/ii<v.
! i..unt of ffKxI. and imyrm-nt for IIh-wi iiiiKt be n flmt
rlaU and \ '•'••
»! iriji.
Thn iilm<Mt «hn run pay ovnr l<i llii' l(i<p;triillon
charit" upon
p:\ym-itt
'
,
.,
*
fallurtis
Otir oirn tra^ln cannot recoyer tU pre-war activity whilst so many
countrli-n continue In their pn-sent broken-down condition, and though our
plans to fosl'T our "xport trade by the grant of «pecl.il cro'lll rirlllt|('<i may
be a t<:mpor:iry palliative, the only Ustlng solution of the problem In by th<;
rtyirtiii'.UUtnvnt of genuine peace and an ordered »iy«tem of Rovernmi-nl
r.'iropo.
Mir
\
il firollmlnary of the restoration of Kuropc Is to settle the trrms
vi
..r i;
'iily upon n Hound rT'motfilc b.uiU.
Whrn f iirm
N
r..,
1/1 ir,: .iim« p'Tlixllciilly to thr- Id-parnllon C'limmlwilon. what
hi r
vol U th.if fl'Tininy munt i-xporl during i-.-ich period nnlnble
C«>ln
which hav<' n Uii.vl ri<-|||ng vuliir >'(|iial Ui the llnbllllies she has to
I
Is
.
"Suir' Wivw
ul.so rei)<)rlncl ;ih
inuliilily of Kruncti to |)ay its
havini;,
friimol
it \n
war
HtaUvl, asHortod:
<I('I»Ih
"Wo
di'darcd tho
liavin>r
to lln' Unilt'd Sliitcs,
(tiinnof
pay now and wo
pay ev<T."
Fiirllwr iloclarnlioiiN in
llic
in!ilt«T l)y
M.
Ijoiiclioiir
am
ann«Mni»'«td hh rollown in Ix)n(lon advineH (nopyri(fht) to thn
ti
'ommiinlrin U hnr ni[K,rlAbln •urplua. and. '•<>n«l'l<Tlng llin r|Ni'r.ll<iti only
from Ihn point of vlnrw of thn amount 'lirrrnnny ran pay. thn problnm b«>Oa«a«a nnn of rli^nrminlng thn nttr'-mn limit lo which thl« aurpluii r<,uM lin
forrsd.
What Ihal limit mHy bn I do not vnnlurn Ut mny. but lu'lglng frnm
thn "Tporr nro of ih" ln«t (It months I do not think that II r<iuld [xiwllily Im
mi')'- QMrri'lnoi lo mnet hnr llablllllns frar rnparallona undrr Ihn I'ltimnlum
(
York "TinwH," Koh. 'J'\, hh fnlloWH:
Tim I'arls c<irrns|M>ndnnl of the Dally Kmiroiw liiui hail an
M. l/ourhnur. formnr MliiUlnr fur llin DnvriMtnt^xl KnKliiiia.
N'i'.v
M
liitervb'w with
('Inlinlng llio
privnui cIllMin to sny what lin IIUihI ninl ri-r<'rrliig lo hU Lyons
tt
right
(HMK^Ii tin i|n«:|aro<|:
"I •aid what I did so Mint A mnrira should rinarly undnralaiid llianlluallon.
It has bonn my opinion for thren ynnm that Krnnre cannot n>pay Amnrlna.
THE CHRONICLE
788
There are
First, there is the question whether we really owe her money.
people in this country who say we spent the money that America lent us in
until America could come into the war.
idiotic," continued M. Loucheur, who
Then breaking into English, he said:
America buying munitions to carry on
"The McCormick
resolution
is
repeated "idiotic" with emphasis.
"I know tiim and I am ready to fight against him. America must know
Se has all the gold there is.
the truth.
While France is not an industrial
country, she could repay part of her debt in goods, but this is impossible
while America is building a high tariff wall.
"Senator McCormick and some others say France could pay if she reduced her army, but what nonsense
France pays her army with paper
I
bills."
SENATOR McCORMICK'S COMMENTS ON ABILITY OF
FRANCE TO PAY WAR DEBTS.
Senator McCormick (Republican) of Illinois, in a
ment on Feb. 18, in commenting on the declaration
stateattri-
buted to Louis Louelieur, former French Minister for the
Devastated Regions in Premier Briand's Cabinet that France
can never pay her debt to the United States declared that
"the payment of the interest due from the several European
States, is of more immediate moment to the taxpayers of this
country than the ultimate payment of the capital sum of the
debt," contending that in the amount of interest due us from
Europe "the American taxpayer is paying for European
armaments and civil establishments." Senator McCormick
said:
M. Loucheur's statement Is the first official announcement that the French
Republic does not contemplate paying its debt to the United States. It is
true that recently the editors of the Paris "Matin" announced that payment of the French debt to the United States was conditioned not only
upon the payment of reparations by Germany, but on the payment by
Kussia to France of the debt contracted at the outbreak of the war.
The loans made to Eiu-opean Governments were made in good faith, and
when they were made no Russian or other conditions were attached to their
payment. The payment of the interest due from the several European
States Is of more immediate moment to the taxpayers of this country than
the ultimate payment of the capital sum of the debt. In the amount of
the interest annually due us from Europe and unpaid, the American taxpayer is paying for European armaments and civil establishments. But
more than that the depreciation of currency in Europe and the instability
of exchange, in so far as6 hey are caused by excessive public expenditure,
and the resultant governmental deficits, directly and immediately contribute
to the unemployment of American workers and the depreciation In price
of American products, agricultural and manufactured.
European Governments borrowed $11,000,000,000 from the American
Government during the war. It is estimated that American advances to
Europe since the armistice aggregate $7,000,000,000 more. The measure
Jn which we have helped Europe and the losses from which American
farmers, business men and workers are suffering because of the prodigal
expenditures by almost all of the European States ought to make clear to
informed men abroad our insistent interest that Europe should restrain her
rancors, husband her hates, moderate her rivalries, reduce her armies and
the number of her civil functionaries in short, balance her current budgets
if America is to co-operate in her economic reconstruction.
—
—
In our issue of Jan. 21 (page 241) we referred to Senator
McCormick's resolution adopted by the Senate on Jan. 16,
calling for information from the Secretary of State regarding
the revenues, expenditures and deficits of the European
[Vol. 114.
the conclusion is reached that the defendant cannot be sued, first, because
a foreign government and immune from process, and, second, because
in any case it is not a foreign corporation, and if it is not to be recognized
by the Courts of ttiis State as a foreign government, it is not a legal entity
at ail.
Referring to the first of the defendant's contentions, it is settled
that the immunity of a foreign government from suit is not based upon
any absolute right by virtue of its sovereignty, but upon international
comity (The Schooner Exchange v. McFaddon, 7 Cranch, 116, 3 L. Ed.,
287; The Santissima Trinidad and The St. Ander, 7 Wheaton, 283, 352,
353, 5 L. Ed., 454; In re Johnson Lighterage Co., 231 Fed., 365, 368),
and as there is no international comity .existing between the United States
and the Russian Socialist Federated Government, it has no valid claim to
such immunity. As to the latter of the defendant's contentions, that it
is not a foreign corporation. Subdivision 7 of Section 7 of the Civil Practice
Act defines a foreign corporation in the following terms: "A 'domestic corporation' is a corporation created by or under the laws of the State, or located in the State and created by or under the laws of the Umted States,
or by or pursuant to the laws in force in the Colony of New York before the
19th day of April in the year 1775. Every other corporation is a 'foreign
The Court of Appeals in the Matter of Merriman (141
corporation.' "
N. Y., 479) held that the United States is a Government and body politic
and corporate, and, as it is not a domestic corporation, it is to be regarded
as a foreign corporation within the meaning of Section 3343, Subdivision
18, of the Code of Civil Procedure, which is the source of Section 7, Subdivision 7, of the Civil Practice Act.
In the case of United States v. Perkins (163 U. S., 625, 631, 41 L. Ed., 287, 289) the United States is referred
to as "a purely political or governmental corporation."
Public corporations
are defined in 14 Corpus Juris, at page 73, as "such as are created by the
people or the Government, State or Federal, for political or governmental
," and it may
purposes, such as the United States, cities, towns
therefore be assumed that the defendant is a foreign corporation within the
meaning of Subdivision 7 of Section 7 of the Civil Practice Act. The defendant argues that, inasmuch as it has no capacity to sue in this State, it
cannot therefore be sued. It does not follow that, because a foreign corporation cannot sue in this State, it is not amenable to process. Corporations which have not complied with the requirements of the General Corporation Law, or the Tax Law, cannot sue in this State, but the inhibition
does not apply to suits brought against them (James Howden & Co., Inc.,
V. American C. & F. Corp'n, 194 App. Div., 164, affd 231 N. Y., memo.,
page 119, Advance Sheets No. 1081). In the present case the inability
to sue arises by reason of the non-recognition of the Russian Soviet Government by the United States Government, but it does not seem that that fact
creates any immunity from suit.
For the reasons above stated the motion
should in all respects be denied, with $10 costs. Order signed.
it is
.
.
.
FRANCE TO FLOAT LOAN OF EIGHT BILLION FRANCS.
According to advices from Paris, Feb. 23, published in
the "Journal of Commerce," the French Government has
authorized the Credit National to float a new loan of 8,000,000,000 francs to meet the expenses of the extraordinarjbudget of 1922 for the reconstruction, pensions and costs
The same advices said:
of the Army of Occupation.
Speaking on the authorization to-day. Deputy de Lasteyri told the Chamber of Deputies that according to the terms of the Treaty of VersaQles those
expenditures should be paid by Germany.
The Associated Press had
the following to say in its reports from Paris, Feb. 2.3:
The Chamber of Deputies to-day adopted the budget expenses of 13,500,000.000 francs chargeable to Germany by a show of hands after Premier
Poincare and M. de Lasteyri, the Finance Minister, frankly admitted the
difficulties of enforcing the various clauses of the Versailles
Treaty.
the necessity of Prance floating a new
8,000,000,000-franc loan and the issue of further Treasury bonds, inasmuch
as the Germans were not passing.
He said that the budget listed German
payments of merchandise for four and a half billion, and German bonds,
which must be discounted, for two and a half billion.
But I don't want foreigners," he added, to think that Prance is getting
The Finance Minister emphasized
State.
SUPREME COURT JUSTICE GIEGERICH SAYS NONRECOGNITION OF RUSSIAN SOVIET GOVERNMENT DOES NOT CREATE IMMUNITY
FROM
SUIT.
A decision to the effect that non-recognition of the Russian
Soviet Government by the United States does not appear to
create immunity from suit, was rendered on Feb. 14, by
Justice Leonard A. Giegerich, of the New York Supreme
Court. His conclusions were given in an action brought by
Max Wulfsohn & Sons, furriers, to recover $800,000 alleged to
have been paid to the Russian Socialist Federated Soviet
of Russia for furs and skins which it is stated were never
delivered.
The defendant moved to set aside the service of
summons and dismiss the complaint upon authority of a
decision of the Appellate Division in which it was held that
the Soviet Government could not sue in this State because
it had not been recognized by the United States Government
as a sovereign State. In denying the defendant's motion,
Justice Giegerich said: "It does not follow, that, because a
foreign corporation cannot sue in this State, it is not amt^nIn the present case the inability
able to process.
to sue arises by reason of the non-recognition of the Russian Soviet Government by the United States Government,
but it does not seem that that fact creates any immunity
from .suit." The following is the decision rendered:
Wulfsohn et al. v. Russian Socialist Federated Soviet of Russia. The
...
—
defendant, in this action for the wrongful conversion of personal property,
moves to set aside the service of the summons, which was made by publication, and to dismiss the complaint, upon the authority of the recent decision of the Appellate Division of this department in the case of Ru-ssian
Socialist Federated Soviet Government v. Cibrario (N. Y. Law Journal,
Dec. 21 1921: 191 N. Y. Supp., 543, Advance Sheets of Feb. 6 1922), in
which the Court held that the said Soviet Government could not sue in
this State becausse it had not been recognized by the United States Government as a sovereign State, and, further, upon the affidavit of its counsel
that it is not a corporation but is a body politic, a de facto government
exercising all the usual rights of such govermnents.
From these premises
even a billion this year from Germany."
Premier Poincare. replying to
Tardieu's demand as to whether he
Intended to enforce the Treaty clauses authorizing the Allies to seize German money abroad and require the Germans to tax themselves as heavily
as the Allies, said the Government would do what it could, but that the
clauses cited were not very easy to apply.
Germany also was desirous of
bringing back German money from abroad, but the neutrals were offering
M
the main difficulties.
The French experts had decided that the French were more heavily
taxed than the Germans, but the matter was debatable. He hoped, however, that Germany would finally agree with the French viewpoint.
In reporting plans of France to reduce the interest on
National Defense bonds, the Associated Press had the folloAving to say in Paris advices Feb. 21:
The Government would economize
to the extent of 300,000.000 francs in
by the proposed reduction of J^ of 1 % in the interest on National
Defense bonds. "Le Temps" calculates to-day, without seriously endangering the withdrawal of foreign money, estimated at 12,000,000.000 francs.
It was fear of frightening this capital, says "Le Temps," which caused
interest
delay
in the
reduction of the price of
money
until the rates in the
United
and Great Britain had fallen. But it is added that the lessened
dangers and the vital need of financing industry necessitate French reStates
ductions now.
assumed In financial circles that the Bank of Prance will soon reduce
by J-^ of 1 % after the Government has made its reduction of interest
"Le Temps." however, fears some danger of the holders of 80.000.rates.
000,000 francs of affected securities demanding reimbursement at maturity,
and asks what the Government could do if only 10,000,000,000 to 15,000.It
its
is
rate
000,000 can be repaid.
Commercial and financial circles welcome the prospect of these reductions,
which are considered certain, although there is as yet no official confirmaSome uneasiness, however, marked the reaction in exchange rates
tion.
on London and New York, which was attributed to speculation and other
causes.
ADVANCE IN VALUE OF FRANC.
to the rise in the value of the franc, and the
reasons ascribed therefor, the New York "Times" in a copyright Paris cablegram Feb. 23 said:
With regard
I
THE CnRONICLE
Feb. 25 1922.]
value of the franc, especially large with regard to the
pleases I'Yenchmen very much from a patriotic and sentimental
l'>om a practical business point of view It Is no such unpoint of view.
mitigated blessing, because of the upsetting of values, and especially since
it Is generally recognized here that the upward climb of the franc which has
taken it to almost 10 cents is not based on sound economic development.
It is rather the result of attendant circumstances of the uncertain economic
situation.
There Is almost no demand in France at the moment for dollars, and the
available supply Is far above current needs.
Among the factors generally credited with the rise are:
(1) The Department of the Seine recently floated a $25,000,000 loan in
New York, which not only made dollars available for French needs outside
the ordinary money market, but led to purchases of francs in speculation
The
afterwards to be submitted to the Senate for ratification; but whoneve
commissions are vested with power to deal tinally with a matter with ruspec
to which they are authorized to act, they then become otficors of the United
States and fall under the inibltion of the constitutional provision and their
nominations must be confirmed by the Senate.
rise In the
dollar,
for the expected rise.
(2) The expected influx of American tourists in large niunbers this year
has led to the purchase of francs by their bankers.
(3) Bankers say that the decrease in rates of interest in America has led
to important purchases of French Government bonds.
(4) The decrease by the Government of the advances of the Bank of
France to the State has produced strength in francs. The Bank of France
statement to-day shows a further reimbursement by the Government
of 400.000.000 francs la.st week, with a corresponding decrease of nearly
300,000.000 francs in circulation between Feb. l6 and 23.
In commenting upon the difficulties caused by the quick rise in the franc
the "Temps" says editorially to-night:
"We must remember that we cannot have stability in our exchange so
long as we live under a paper money regime. Each time there is produced
an excess of demands for, or offers of. francs we see somersaults of exchange
which are as damaging in one direction as in the other, for they make
Impossible commercial provision and trouble the economic activity of the
country."
The also quote the following press ad\ices from Paris
Feb. 22 regarding the rise witnessed in the value of the franc.
Speculation has been largely responsible for the strengthening tendency
of the franc, it was said in official circles to-day, where the recent sharp
fluctuations were greatly depreciated in view of the upheaval caused to
financial and commercial operations.
There have been no movements of funds such as naturally would affect
the relative values of the franc, the pound sterling and the dollar, it was
said at the Finance Ministry, so that increasing confidence and speculation
were the only explanations for the sharp ri.se in the value of the franc.
WORLD WAR FOREIGN DEBT COMMISSIONREFUNDING OP ALLIED WAR DEBTS.
On Feb. 21 President Harding sent to the Senate the
nominations of the follo'wing persons, to be members, with
the Secretary of the Treasury, of the World War Foreign
Debt Commission:
Charles E. Hughes, the Secretary of State:
Herbert C. Hoover, the Secretary of Commerce;
Reed Smoot, of the Senate;
Theodore E. Burton, of the House of Representatives.
Senator Smoot (of Utah) is a member of the Senate
Finance Committee, and Representative Burton (of Ohio),
is a member of the House Foreign Relations Committee.
The Commission is created under the bill signed by President
Harding on Feb. 9 providing for the refunding of the Allied
war debts. The text of the measure has already been given
in those columns
Feb. 11, page 566 and Feb. 18, page 679.
The nominations were referred to the Senate Committee on
Finance, which reported them to the Senate on the 22d
inst. with the recommendation that they be confirmed.
When the nominations were debated in the Senate on that
day Senator Simmon.s, ranking Democratic member of the
Finance Committee, said:
I make no criticism of a personal character upon these selections made by
The naming of five Republicans as members of the Commission likewise drew forth criticism from Senators Heflin
and .John Sharp Williams. In stating that plans have been
made by the Administration to proceed as rapidly as possible
with the refunding negotiations with the foreign Powers the
"Journal of Commerce" in advices from its Washington
Bureau Feb. 23 said:
Secretary Mellon declared to-day
the meetings that it is possible that
the American Refunding Committee
Hughes March 1 for the purpose of
They
are all able and upright gentlemen.
All of them
have had large busineas and financial expuneDco. Tliey are all admittedly
entirely comiMstent.
I do not now mean t<> expreiM any opposition to their
conf Irxaatlon.
I aasume they will be confirmed by the Senate without oppoItlon.
NeverthRleaa, I want to expram my keen disappointment, and I believe
that disaprKilntment will be shared by tho p<,f>pii; of thlHcr>untry. imxpcctlve
of ii;irty. that the l'r««ldi!nt of tho IJnlt/zd .Stat<« In the »f!lcctlon of a comon If} af.ttU) the va«t lnd<^t)i<!dnc«,<( covcn-xl by our loans to fon-lgn
'mmpntji and lnd»!btedn<9M growing out of loans ma<lo from moniiy
cr<ntrlbut<'d by all the p«!opU) of the country. IrrcHjx-ctlvK of party, saw fit
to select thn nnllm f^ommlMilon from lh<- party which he roprcwenta.
Without any d<*ir(! U> criticize tho l'r»!»ildr;tit. I cannot refrain from uxpmMlnK the wUh that he had saMsn tho fltn<9M and proprl'jty of allowing tho
oppnaltlon party In Congroaa at leaat one r<!pri»<mtallve upon thla Com.
.
.
mlMlon.
Con
j.'i,
and
qufifltioned thuir
Iba rlrw
hi.n
faith in thr-ir ability to sorvo thereon,
«?liifil)ility
Maying:
was
thin bill r«wi)»)crt'ng this <iibj<^t
tlirti
no
mrmhor
tif
(
:t,nKritm
was
un'Ifr conslrliTutlon
••IlKlbIc-
I
nxpriMMid
on that
u> n[i|>olfittnriit
havo InvnstlKaUi) the subject to wimr i-xtt'Mt, and my
lnT<«tlftiitlon has conflrmrd mo In tho opinion
thnn fxpn-rscd.
I tin not
TH thAt utKl'T ih" rronntltiitlim fllhiT th't .Si'ti.itor from VliiU I.Mr,
'tl or K<'i.r<-«<nUtlvn liiirl.on I* fliglbln to itpiMilnlinent upon the
.Mill
Ion. iin<l wrmnnynr thr miUlpri U l,i-ti,rr thr .H<-imU< on thn omflrmiitli.u ..r
iin nominations 1 shall diaUrn Uj say somothlnK unliTM I do so al wjnm
Oommlwlrin.
I
I
'
HUM
a preliminary meeting will be held by
before the return of Secretary of State
organizing and preparing tor the cott-
The economic situation m Europe, it waj said, now is better than at any
time since the war and offers a good foundation for the discussions. The
general improvement in foreign exchange, particularly with reference to
the values of British and French currencies, was pointed out as defin ite
evidence of the betterment of conditions.
Treasury plans of the conferences. Secretary Mellon indicated, have
sulfercd no material change.
The meetings will be held separately, with
representatives of each of the debtor countries and arrangements made for
the repayment of the .\merican war advances on the basis of each country's
seeming ability to liquidate the indebtedness.
Officials indicated that no credence is given reports that certain of tho
countries indebted to the United States on account of war loans will be
unable to meet their obligations. Most of the statements which have been
made, it was pointed out, emanated from persons unauthorized to speak
for the various governments.
Furthermore, it was indicated that no
allowance will be made by the American delegation for either the partial
or complete cancellation of the advances.
The refunding conferences to begin shortly, according to Treasury officials, should have a good effect upon the exchange situation.
Tho settlement of arrangements for the repayment of the American war loans will be
a large step "m putt.ng the economic houses of Europe in order" and will
tend to stabilize conditions existing overse;is.
It is hoped by the Treasury that the refunding deliberations may be concluded by Oct. 1.
It was pointed out, however, that s.ltliough that date
is to be kept in mind as an objective for the meetings it will in no way be
binding upon the conferees as a limit upon their discussions.
RUSSIA'S INDEBTEDNESS TO FRENCH INVESTORS
AND FRENCH GOVERNMENT.
The Commission for the Protection of French Interests in
Russia has published figures which show that the amount of
French capital formerly invested in the Russian Empire was
approximately 22,351 million francs. According to the
Commission's estimates, received by the Bankers Trust Co.
of New York, from its French Information Service and made
public Feb. 16, French holders of Russian bonds, who have
been requesting intervention, have claims on the following
basis:
Francs.
.state loans
6,480.000,000
212,000.000
42,000,000
1,677,000,000
452,000,000
63,000,000
Railway loans
Railway bonds.
Public Railways bonds
Banquc de Credit Provincial bonds
Credit Fonder Mutuel bonds
8,926.000,000
To
to
must be added further Russian indebtedness
French investors and the French Government as follows:
this total
Francs.
Bonds not quoted
.Sh;ire
In
Prance
7,')0.000,000
holdings
1,67.5,000,000
Property In Rassia belonging to French citizens
French Trea-sury advances
7,000,000,000
4.000,000,000
13.425,000,000
_____^________^^_^___
UNITED STATES EXPORTS TO CANADA GREATLY
REDUCED BY RE-ACTI VE EFFECT OF EMERGENCY
TARIFF.
Tho Canadian Trade Commissioner
Nfw York
City)
is
(14(53
Broadway,
sending our the following:
The markiHl reactive effect tif the United ,Sljiles Kinergency Tariff upon
what the Unlled Slates HellN U) ('.mada Is Indicated In the relurim of the
tnifln between the two rountrleji for the cnloiidar year MVJl
While 'miada's
<
.
Senator Walah (Democrat) of Montana, whiles oxpressing
hh
for tho two nM-nib*;rs of CongroHs named to the
When
in discussing the Treasury's plans for
terences.
—
the I'rtMident.
789
aarllnr.
The siil>J<-rt waa very
exhaiistlrnly consldiTwl at one time by a commllt«i
of the lloiMn of Knpr<-«r.rif»t.|v«m, of which H|M<nkrT n<Tir|iT«on was llin •'tmlrman. and. as t think, tli" r.,rr«>rt nilo was Uld down, namely, that Ihnro Is
ao eonstltiif.lonal objnrtlon whalevrr to the apiKiinlininl of rnrnilM<rs of
Oomrrrns iii).,n commissions vrmt^ri with no authority nxrnpl lo InvmtlKnt.r'
•nd r«p«irt to (Joatnm. Nnlthftr Is there any ol>l<«-tlon Ui thn appolntmniit
of membon of OoagraH upoa commiaaluna to n«collale tro«u«« wlUch are
total exp<irls to the United
.Slllt^^«
fell
(<i
|;,r2r>.<)li1»,:iH:!
as
c<iiii|)iireil
with
HIJO
a decrease of well over $2(l(),()(l().000. United States
ixp<irts Ui f.m.idii fell from 1921 ,'235,401 to $5,'>5„'10H,IU3
a di-ereaso of
iKuirly $ too. (10(1. 000.
Thii (iO'v reduction In thn viilur- ot both C?an.'idlaTi exports l,o the United
Htatiwt nnil Unlte<| Htiitm exixirts l.<i Ciinaila ihirlng the ealeiidiir year 1921,
was partly altrlliiit.tklili< t<i an average drop In prii-e n( iilxiiit 27%. TiikliiK
his lnt<i acroiiiil It will \iri s<«>n that ('aiiiidlan en|wirts to the United Hliiles
and liilU'd States eiporlJi to Canada were ea<-li redili-iHl In viiliiiiin by
appriixliiuilely .|.'i';
as eoiiipiired wllh 192(1.
The n-actlve effix-t of the exetUHlon of ('aiiiidlan giiiid'i from the United
HtiiUai by the KiiierKetiry Tariff uiHin wimt the Uiill<«l Hiales sells U>
'iiiiJi'li li ele^rly IndleaUMl.
This Is brought alxiilt liy the iiece'uilty for a
griMily c|i«pe:iw<| piin-h.ise In Canada of Unlleil Htites good't. iHMMiiwe of
the rolfieldnril eiirtallfiient of Cailad.i's ability Wi buy, and lliii greater
surplus available for rloliKwtle ronsiliiipMotl.
Ill Mt;;i. as eoinpariMl with the previous ye.ir, Caiiadn's riiHirtji of Vetfnlalil" prodiKls Ui llio UnlUvl Hl.ili-i fell from |IJ9.(K)0,(I0() to 171,0(10. 000;
$.1.Mt.l»77..'iO:i In
—
I
,
priidilr-U rr<im 191.(111(1.(1(111 lo t I'.t.llOD.IMIO. Illires iiikI letllliw from
IS.IKKI.OOO Ui CI. Odd. (Mill, wood and paper rroiii t22 ,01111.0(10 lo $I.M).000.'lOO. Iron mill ll.s prxdiieia frmii |.'i DOll.Otlll Ui t.'>. 0(111. 0110, iioii rernnis
aiiliiiiil
1
nietsU
from
$.iH,0()0,0()(J
Ui
•ir>.(llli),(.)00,
n»n-iiii>talllc
inlnorsls
from
THE CHRONICLE
790
$23,000,000 to $13,000,000; chemical products from $12,000,000 to .$7,000,000 and other commodities from $13,000,000 to $10,000,000.
United States exports of veRetable products to Canada fell from $13.5,000,000 to $93,000,000; animal products from $.55,000,000 to $35,000,000;
fibres and textiles from $131,000,000 to $63,000,000; wood and paper
from $54,000,000 to $34,000,000; iron and its products from .$238,000,000
to $116,000,000; non-ferrous metals from $51,000,000 to .$27,000,000
non-metallic minerals from $174,000,000 to $134,000,000; chemical products
from $30,000,000 to $17,000,000 and other commodities from $52,000,000
to $36,000,000.
In the seven months' period June to December, 1921, during which the
Emergency Tariff was in operation, as compared with the corresponding
period of the previous year, there were many striking reductions in the
quantities exported to the United States, of those Canadian commodities
specifically affected.
Exports of Canadian sugar of all kinds fell from
50,503,657 lbs. to 12,280 lbs.; maple sugar from 6,697,630 lbs. to 1,484,161
lbs.; butter from 5,065,790 lbs. to 2.644,405 lbs.; milk, condensed, canned or
preserved, from 9,967,280 lbs. oo 1,202.182 lbs.; potatoes from 1,578,350
bushels to 518,0.56 bushels; wheat from 30.823.177 bushels to 10,923,926
bushels and wool from 4,623,223 lbs. to 127.146 lbs.
Exports of other Canadian commodities affected to a lesser degree by the
Tariff decreased as follows: Beef, fresh chilled or frozen from 229,044 cwt.
to 162.029 cwt.; pork, fresh, chilled or frozen, from 5.408 cwt. to 3,473 cwt.;
Fresh milk from 1,131,365 gals, to 934,501 gals.; cattle from 250.056 head
to 134.774 head; sheep from 168,247 head to 80,910 head and wheat flour
from 607,015 barrels to 242,384 barrels.
The only commodities affected by the Tariff which did not show a reduction in export to the United States were cream, which increased from
1,074,480 gals, to 1,152,675 gals.; cheese, from 384,882 lbs. to 2.465.655
lbs.; mutton and lamb, from 57,169 cwt. to .59,438 cwt.; flaxseed from
188.007 bushels to 2,625,482 bushels, and molasses and syrups from 597,135
gals, to 775.497 gals.
Canada's total exports to all countries in 1921 were $802,000,000, so
Canada's
that nearly half of Canada's exports went to the United States.
imports from all countries were $799,000,000 of which over two-thirds
came from the United States.
In 1921 Canada had a favorable balance of trade of $17,000,000, whereas
This is one of
in 1920 there was an unfavorable balance of $34,000,000.
the most important contributions to the reduced premium on Canadian
funds in New York.
COMPTROLLER OF CURRENCY CRISSINGER FOR
UNIFORMITY OF INTERNATIONAL MONEY
SYSTEMS— WARNING AGAINST
BOLSHEVISM.
[Vol. 114.
devious and menacing activities
it, Avhere we cannot hope to
deal so directly with it, as when it was attempting to estabUsh
itself in our very midst."
The Comptroller asserted that
"if we are to cope effectively -with this attack on our institutions we must first of all recognize that the attack is in progress and that it is extremely dangerous; and after that we
must search our institutions and organizations in an effort
to determine to what extent they justify violent criticism
and hostile attack; and having made such a survey, it becomes our duty to adopt measures of reform that will justify
us in insisting that ours is, on the whole, the system best
suited to the needs of the world."
In part, the Comptroller's address of the 18th inst. was as follows:
Not only in our own country, but in every other important country, the
theless, it is
in places
pursuing
its
where we cannot watch
few years have compelled the leaders in governmental finance and the
great figures in general banking and business, to improvise, under pressure,
many new methods and systems in financial operation. The processes by
which the war was financed, by which the economic and indtistrial structtire
of each country was sustained throughout the great struggle and since, have
varied widely in different countries.
But on the whole, I think we now
pretty generally recognize that there has been too much of improvisation,
too little of scientific procedure. Under the stress of instant and imminent
necessity, methods have been adopted which seemed at the moment unavoidable, and which momentarily served more or less effectively the purpose to which they were addressed; but which ultimately have brought us to
a time of difficult reckoning. You will all recognize that I refer particularly
to such devices as the gigantic inflation of both currency and credit, which
has been universal; to price fixing; to cost-plus contracting; to the extension of government credit in many cases where the results have proved
unfortunate, and where better, mora scientifc methods might have avoided
last
it.
It is useless now to concern ourselves with inqvuries as to whether the
unfortunate results of these proceedings might have been avoided. Every
such supreme emergency brings to responsible statesmen the question
whether the emergency can be financed by any other process than that of
inflation.
Even if we grant that to a certain extent inflation is unavoidable
in such conditions, we may yet profitably inquire whether there is not a
limit to inflation which, on the one side will still leave it possible to mobilize
the fullest industrial resources of the community, whUe on the other side,
avoiding the wreck of money systems on the rocks which bound the ocean
of unlimited paper Issue.
We have drifted very far away from those money
standards which we have long been wont to regard as safe sound and reUable; and in the effort to bring ourselves back to them, we shall need for
many, many years to come the wisest counsel and leadership of men
equipped as this institute seeks to equip its members.
Only a few days ago the Washington Conference on Limitation of Armament concluded its labors with an array of accomplishments to its credit as
the world has never seen that a few years ago would have been esteemed
quite impossible.
We men of the financial world may as well frankly look
the facts in the face, quit dodging and recognize that the politicians have
"beaten us to it," in the matter of starting systematic Uquidation and deflation.
They are deflating, in a systematic and effective way, the great
war-making estabUshments of the world.
They are accomplishing this
through large corporations, through tnternaional imderstandings, through
measures which command the support of a united world opinion. It is true
It is
that they have hardly accompished more of a united world opinion.
true that they have hardly accomplished more than a good beginning; but
that beginiilng is accepted everywhere as the earnest of intention for the
future, as the guarantee that further advance will be made as fast as may
prove feasible; and that the burdens of war establishments will be progressively lightened and governments given the opportunity to restore their
budgets to a sound basis.
Indubitably the beginning towards solution of this entire problem of
political and economic liquidation had to be made along the political lines.
That beginning has been made. The next move must be on the economic
side, and already we are looking forward to the conference of Genoa in the
hope that it will make as good a start on the economic and fiscal side, as
Washington made on the political. We will do weU to recognize that some
extremely vicious elements have been introduced into the world, which seek
the destructiion of our whole present scheme of social organization. Bolshevism, after it had gained the upper hand in Russia, devoted itself for a long
time to effort at breaking down the social and political system of western
Europe. It failed there, but its failure has not by any means removed the
menace. For, ha\'ing largely abandoned its attack on western Europe and
America, it has turned its energies toward the east, seeking there to stir up
antagonisms, to organize hatred, against the western I'owers on the groiuid
that these have been greedy, piratical, domineering and tyrannical; that
they have refused to recognize the essential qualities and rights of differing
races.
Bolshevism, in short, is seeking to overthrow completely the influence of western civilization throughout Asia; to induce Asia to rise up
against both the political and the economic influence of the West.
This
means, and is intended to mean, just one inevitable conclusion: the arrying
of the East under the leadership of Moscow and the third international,
against the entire Western conception of human society and hmnan destiny.
The fact that Bolshevism failed for the time being at least in the Western
coimtri(3s does not mean that the menace has been destroyed; it merely
means that for the moment it has been taken farther away from us; but
nevertheless it Is pursuing its devious and menacing activities, in places
where we can not watch it where we can not hope to deal so directly with it
as when it was attempting to establish itself in our very midst.
If we are to cope effectively with this attack on our institutions, we must
first of all recognize that the attack is in progress, and that it is extremely
dangerous; and after that, we must search oiu- institutions and organizations in the effort to determine to what extent they justify violent criticism
and hostile attack; and h,aving made such a survey, it becomes our duty to
adopt measures of reform that will justify us in insisting that ours is on the
whole the system best suited to the needs of the world. In short, the
leadership of the world by the European and American nations has been
challenged, and wo must respond to the challenge by convincing the world
that our institutions, our civilization, our economic methods, otir Instru.
Comptroller of the Currency D. R. Crissinger, in address-
New York
Chapter of the American Institute of
Banking at the Hotel Commodore, this city, on the 18th inst.,
expressed himself as "convinced that the eonsohdated credit
and gold resources of the world are even now ample to
sustain a monetary system through which international
commerce can be put back on a basis of security within a
ing the
reasonable time." Comptroller Crissinger further expressed
the view that the history of money systems "Avarrants us in
saying that it is possible to create a special medium of
accounting and settlement for the transactions of international trade, and thus to elevate international trade above
the disorganized conditions and relationships of national
money systems." "I believe," he added, "the time is
undertaken through international
concerns and understanding, and I believe that American
financial opinion should be prepared for the presentation of
proposals looking to this end, in the not distant future,
whether at Genoa, or at some other and later international
economic conference." On several occasions in the past
Comptroller Crissinger has enunciated his views in support
of an international trade bank with a view to righting the
disorganized financial and monetary facilities for world
trade.
Before the National Republican Club in New York
on Jan. 21 he stated that "the history of monetary systems,
under a fair analysis, will, I think, justify the conviction
that it is possible to create a special medium of accounting
and settlement for an especial class of transactions, namely
those in international trade, and gradually to lift this trade
above the ruck of disorganized domestic money conditions.'
On two previous occasions Comptroller Crissinger set forth
his views in the matter, reference thereto having been made
in these columns July 2 1921 (page 20) and July 16 (page
242).
In his address of last Saturday the Comptroller
declared that "we will do well to recognize that some extremely vicious elements have been introduced into the world,
which seek the distinction of our whole present scheme of
social organization."
"Bolshevism," he asserted, "having
largely abandoned its attack on Western Europe and America, it has turned its energies toward the East, seeking
there to stir up antagonisms, to organize hatred against the
Western Powers." "This means," he contended, "just one
inevitable conclusion— the arraying of the East, under the
ments whereby to promote the general advance of mankind, are the best
leadership of Moscow and the Third Internationale, against institutions, the best civilization, the best economic methods, the best inthe entire Western conception of liuinan society and human struments, that have been offered for the promotion of himian welfare. I
We are
if they are not all this they do not deserve perpetuation.
destiny.
The fact that Bolshevism failed, for the time submit
firmly convinced that they represent, in the aggregate, the best himian probeing, at least, in the Western countries, does not mean that gram; and we mu.st be prepared to defend them, aye, to improve them; and
the menace has been destroyed, it merely means that for the to convince the wavering peoples and civilizations of the East that their
destiny will be best served if they continue in understanding and co-operamoment i( ^r;- '^-'•- ("'"-o-^ >•-,-' v.or .nway from us; but, never- tion
with the aggrieved Powers of the Western world.
ripe for this effort to be
'
Fkb,
THE CHRONICLE
-Jo li)2l>.|
The East has always tended to-ward isolations, the West toward neighborThe Western outlook on the world sees it destined
ships and co-operations.
at last to become a great family of related and interdopendont peoples,
If we of the Western world are right in this view of human
races, Stales.
destiny, then it is for us. for you bankers, to develop those instrumentalities
through which something of common interest, understanding and institutions may grow up to unify the world and to i>revent conflict of aspiration
and
interest.
We
recognize that trade is the great medium through which peoples
come to know c^ch other. The actuil volume of international trade is not
nearly so important in an economic sense as In a social sense. ]Most coimtrles could get along very well without much foreign commerce, but if the.v
attempted it. they would presently find themselves going to sea, failing
into pro\'incial ways, developing their own narrow and local characteristics,
losing that cosmopoUtanism of outlook and interest which contributes so
much to the broadening of human interest.
If international trade is, tlien. of a peculiar and especial social significance
and value, it desers-es encouragement and support. That it may be encouraged, developed and expanded, it is necessary that instrumentalities
of finance, of transport, of exchange, of easy co-operation in all the processes of merchandising shall be devised and encouraged.
This brings me to a theme that has long been a favorite of mine; one to
which I have so many times addressed myself in recent months that I confess
some hesitancy in turning to it now. I doubt if I am capable of adding
much that is new to my own presentations of this theme on other occasions.
But I can not refrain from saying to you that manifold testimonies have
coma to me. from all parts of the world, particularly from all parts of our
all
own country and of western Europe, whicii con^^nce me more than ever
that there is a growing appreciation ol the importance of this great question,
and a growing disposition to examine, study and deal intelligently with it.
I would not have you imagine that because I am a banker I am narrow
enough to suspect that the brotherhood of mankind is to be brought about
through the establishment of some particular monetary and financial
program. I recognize that there are political, educational, religious, social
and psj-chological factors with which we must deal and to which we must
devote the most assiduous consideration. It merely chances that my own
realm is that of finance. I have expressed many times the opinion that the
disjointed and unrelated money systems of the world constitute one of the
obstacles to that closer intimacy among people, in both their economic and
The world
social relationships, that I conceive to be so higlily desirable.
spent a good many centuries trying to equip itself with a scheme of money
standards that would make international commerce and exchange permanent and sound, that would eliminate those elements of uncertainty which
make this class of transactions more or less uncercaJn. Unfortunately, we
had just about got to the point of establishing the gold monetary standard
as an approximately universal system, when the war came along and broke
have been returned to a chaos of inflated paper, of overit down.
extended credits, of vast national debts, in which the gold basis of value
has weU-nigh been lost. The question is whether there is statesmanship
and economic wisdom to which we may appeal to restore something like the
homogeneity that before the war existed among the money systems of the
world to maintain it in the future, to simplify the processes, and perhaps
to lead us ultimately to a substantial uniformity of money systems and
bases, that might do away for all time with the fluctuations and uncertainties of int<jmational exchanges. For myself, I believe the time is ripe
for undertaking even so ambitioiLS a program as I have suggested.
I
believe that order, and better order, and sounder and securer and more
widely extended order, may ba brought out of the present chaos of currency
systems, than the world has ever before known. Not only that but further,
I am con\inced that unless we win to a better system, out of this epoch
of demoralization, then we surely will go on to yet greater demoralization
and to ultimate disaster. If we are to go forward to better methods, to
improved systems, to firmer standards, we must have the courage to dare
some experiments, to try out proposals that at first may seem startling,
to make some beginnings in the hope that they may lead us to desirable
endings, even though we may not be able at the outset to see the end of
the route.
I am convinced that the consolidated credit and gold resoiu-ccs of the
world arf e-,en now ample to sustain a monetary system through which
International commerce can be put back on a basis of security within a
Thi- history of money .systems. I think, warrants us in
rea-sinable Um<to rreate a special medium ol accounting and settlesaying that I'
1, of international trade, and thus to elevate intermen' for the I
natif)nril -.I'lr-atiovo the disorganized conditions and relationships of national
I Ix-lieve the time is ripe for this effort to be undertaken
m->n»-y sy-.l>m.H.
throu-<h Inu-rnatlonal concerns and understanding; and I IxHIeve that
American financial opinion should Ix" pn-parrd (or the presentation of proH looking to this end. In the not distant future, whether at Genoa, or
j-ne oth'^r and lat«!r ln;pmational cconomli* confi-reiice.
The Kofl'Tal Kiwcrvo Board has recently co'iimlttod itself strongly to the
n-'.i^am of International elfort for the restoration of the gold standard.
Htatemcnt Issued so reccjntly aa Feb. 8, the Board said among other
We
.
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be effective in some countries. Changes in dlscouni.
would then act as a means of encouraging the expansion or forcing the
political pressure,
rates
contraction of credit-created currency without either an inflow or outflow
of gold.
Hut such a .scheme x>rcsuppo.ses a centralized control over money
markets that was by no means assured even in pre-war times, and it also
presupposes a sensitive response to variations in the interest rat« that
implies the existence of highly organized international markets which no
longer exi.st.
The statement is plainly made that tha great accumulation of gold in the
United States at the present time is gravely dangerous, the Board's review
stating the case as follows:
that has been said that the United States has an
some form of gold standard as a means to
the resumption of trade relationships through the effective stabilization of
exchange. At present, furthermore, the abnormal concentration of gold
in this country is a source of danger, because it is a false guide in matters of
credit policy
no longer an index of the outside limit of legitimate credit
expansion. Considerations of national interest alone arc, therefore, a.
sufficient reason for a careful weighing of proposals looking to a redistribution of the gold supplies of the world and invoKing a return of .some part
of the gold hold by the United States for use elsewhere.
No proposals of
any sort should, however, be entertained until far-reaching guaranties of
fiscal reform have been secured from the countries that require aid.
Otherwise the assistance would be detrimental to the extent that it would lead to
the postponement of the necessary fiscal reforms which must be made preliminary to the rehabilitation of currency systems and the re-establishment
of stabilized exchange relationships.
It is
evident from
all
interest in the introduction of
—
The situation is that it is not only possible for the United
any undue a.ssumption, to bring forward proposals looking
States, without
to the re-estabthe duty of the Uniced States to
lishment of the gold standard; but it is
take the lead in this matter because this coimtry has become well-nigh a
monopolist of the world's monetary gold. Witn about 7% of the world's
population this country holds some 40
of the world's gold stock.
We have
literally more gold than we have proper use for; more gold than it is good
for us to have.
Senator Owen recently declared that we could well spare
five hundred million dollars of our accumulated gold Without in anywise decreasing the security of our currency system.
It is vas;ly better that we
should, through carefully de\ised measures, calculated to conserve every
interest involved, begin the redistribution of this gold about the world so
that it will be restored to its proper function of maintaining a sound relationship between currency systems and the metallic standard.
If we do not do
this in time, the inevitable operation of economic law will sooner or later
begin to do it in spite of us, and perhaps in circumstances and by methods
that will result in unfortunate consequences. Now is the time to begin
preparation for this redistribution and for the restoration of money systems.
As the custodian. I might say the trustee, of the greatest stock of gold that
ever came into the possession of one country, our duty both to ourselves and
to the world at large demands that we take the lead in developing procedures
by which this gold basis of a sound currency system may be made available
to the service of the entire business world.
I have brought this plea to this gathering of bankers of the great metropolitan and cosmopolitan city of America, because everybody recognizes
that from here must go forth the most powerful and effective impulse and
direction to the policies of American finance.
In making an appeal to you
gentlemen to take the broad and liberal view of these great problems, I
should be doing injustice to my own understanding, as well as scant
courtesy to you, if I failed in generous recognition of the great services that
the bankers of the metropolis have rendered to the nation, to the Government, and to the business of the world in a time of extraordinary difficulty.
The intelligent leadership of metropolitan finance contributed very greatly
to make possible the Federal Reserve System. With that system established, we found ourselves plunged into the AVorld War, wliich instantly
imposed the most extraordinary and unprecedented demands upon our
financial structure.
In the tremendous effort of the nation to finance the
war and to deal with the era of restoration and rehabilitation following the
war, you gentlemen of the metropolis have always been a sure reliance.
%
In his speof'h of last month (Jan. 21) before the National
Republican Club, Comptroller Crissinger in referring to
the fact that the Conference on Limitation of Armament
was about coming to its conclusion, stated that ''as it is
flissoh ing, we see ahead the economic conference of Genoa
about gathering for a consideration of world problems as
imjjortant, in the sphere of economics, as, in the realm of
politics, have been those which have come before the Washington conference." Continuing lie said:
I venture to say. indeed, that mont ot' us now here will live to .set down
as the four greatest landmarks of this now epoch, the beginning of the
Kuropean War, the signing of the Armistice, the Washington Conterenco
on Limilatlon of Armament, and the Genoa Kcononiic Conference. I
regard I; as ol the ver.v llrst Imiwrtancc that wo fix firmly In our minds this
view of thi! events initiated at Cannes and be forwarded at Genoa. At
fienoa. for the first time, will conic together the accredited and recognized
spoki's'iicn of all sldi>s In the (Jreat War, to consider llie loo long-delayed
and Increasingly acute problems of economic restoration. There, for the
llrsi lime. the.s<' problems will be considered, not priiiiirlly as problems of
.\lllcd and enemy .states, but as the overwhelmingly Important concerns
ol a world which faces the necesslt.v of adapting Itsj-lf to conditions never
known iK'lori), and with which It most cope succ«issru!l.v or else aiflnlt that
ilM whole srhem" of social organization li.as been a failure.
Th.at scheme has h(!en built up by slow and painful jirocesscs throughhunilretlK of gimeratlnns.
A few short years ago we were firm In our con
victlon that the problem <if human destiny had be<"n carried fur <m the high
rond to surci'f.sfiil solution, and that such n Noliitioii was Insiirisl. To-dny,
on the other hand, a world rudely awaki'iiiid from vnliiKlorlous drivims of
pe.acn and security. Is meekly coming logetlier In the effort to Nnlviige Ita
liiMlltutlons.
It Is tardily recognizing the no-e/islly for iiiKiirliig clvlllxod
life from the mennce of war and Its aftermath of dlsorKimi/. >tioii and |)i«itU
li'iicc.
It Is recognizing that there must be fiiniliiineiilal nx-onsl ructions of
In thiwn reconstructions we miiKt ricognly.i' llie right of Iho
liiiinnn society.
cominon niiiii to n larger pnrlliiimllon In the iirodiirls of Ills effiirt for Iho
cnmniiiii NiiKtenanco, niid to a morn potent voi<'e In the diDs-tlon of govern
We will Mcrvn w<'ll ourselves, our own
mental Inxlllutlotis and iictlvlllivt.
lime, and our good ropuUi In th« world of llin fiiliirK. If iil the outset we
This world
ri'<-oKiil/.i' III" neci'Mlty of concislliig tticHe fiiiidanieiiliil tilings.
has f lilt grow II the Instil ill Ions of ell In r goveniiiieiitiil nr eciilionilc uiiUicrncy.
It U not going to lie coiit<'nl l<> liuive In Hie IiiiikIn of ii few ell her the dlri<clliin
of llJt K<|> 'iiimintAl miichliirry, or llie ili't^irtiiliiiilliiii of lis kcomiiiiiIi' nlina.
Any Krimp of us. slllliig lit our
Wii nil ktiiiw nnd rivogiilzn these things.
r.wii r.iiiiriirifilile dining liilile. will find iiuni"lvi'". In Ml" first inninents of
I' nwny
Ihe illldiTliriixli of dlsi|iili'lliiK nnd iilisciiriinlliit
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M" l"nil<<niir)i of the lliiii<«. It hns shown how niiicli Rliicern
The next »(ep In
if iiiitlons. In the gniirrnl b'-hnlf can nchloyn.
I
It pri»liice<|
792
THE CHRONICLE
such cooperative effort among nations Ls promised at the economic conIf It does not come there it must come
ference shortly to meet at Genoa.
somewhere else through a program of united effort to deal with economic
difficulties as the Washington Conference has dealt with political ones.
The work that has been accomplished at Washington lays a foundation
on which it is possible for us to anticipate large achievements in the economic
department when it Is taken in hand. The task at Genoa will be peculiarly
one for Europe to deal with, one which must largely determine how far the
European peoples are prepared to go in order to assure economic rehabilita-
of international exchanges would constitute the firmest guaranty of peace,
I am unqualifiedly devoted to the idea that we need to give especial and
most intelligent attention to the development of these means by which to
encourage, to expedite, to insure all the processes of world-wide trade.
To no country is this observation more applicable than to our own.
are the foremost creditor nation.
are also the greatest agricultural
and industrial nation.
possess the elements from which to build. If
we will, the greatest fabric of world-reaching finance that has ever been
created.
Not only have we the resources and the fortunate position, but
all the world appeals to us to utilize these and to take the lead.
It becomes, then, merely a question whether we fully recognize both
the opportunity for ourselves and the obligation to others.
No other
country ever had the chance of world leadership that is so literally forced
upon us. It Is for us, while recognizing the duty to our own people of
maintaining absolute political independence, to grasp this opportunity.
Our contribution In material things is certain to carry with it al.'so a corr»sponding part in the social and intellectua Idirectlon of world affairs.
If I have seemed thus far to speak somewhat in generalization I propos*
now to consider some specific phases of this matter. Never since international trade relations have been important, have the financial and
monetary facilities for world trade been so di.sorganized as now. Thers
is a widespread Imprassion that the problems of international finance and
exchange are irrevocably bound up with the complexities and difficulties
of domestic finance.
I believe we have too readily accepted this view, and
that thereby we have been misled Into overlooking some real opportunities
for rehabilitating industry and commerce.
I believe. In short, that It is
pos.sible and necessary for us to work out means by which a necessary
segment of the world's credit and responsibility may be set as de and dedicated to the special purposes of International commerce.
Every banker among us Is familiar with the methods by which special
parts of the national revenue of embarra.ssed states have repeatedly been
segregated for the purpose of serving and ultimately extinguishing particular
obligations.
The thing I have in mind is. very briefly, to apply that same
principle of segregated credit and responsibility. In order to provide »
sound, uniform, and reliable basis for the transactions of international
We
The
extent to which America can cooperate and assist them In their
difficulties, will depend almost entirely on the attitude they shall
In the long run, they will get all the assistance America is able to
adopt.
give them, because the giving will be of such advantage to us as well as to
economic
them.
obligation freely and fully.
I have spoken of the international exchanges as the medium through
which men become best and most intimately acquainted with their neighbors
in every part of the world; for after all, the world is now reduced to the
It seems to mo fortunate that it is posestate of a great neighborhood.
sible, through so comparatively small a volume of commercial activities,
to derive so great a social and intellectual advantage as comes to the
nations through world-wide commerce. In the long run, the race will
thrive or suffer together; there is bound to be a substantial ultimate unity
in the experiences and development of mankind; and the best measure of
that unification and mutual understanding will be found in those intimacies
of trade which are presented quantitatively in the statistics of international
commerce. I'rocisely to the extent that men have from generation to
generation boon more and more dependent upon the sea as a highway to
that extent they have been more and more determined to keep the sea-ways
as seciu-e as possible for the movement of commerce. Thus, piracy,
which in the beginnings was chiefly a protest against unreasonable inhibitions against free trade and communications, was gradually suppressed
because trade was recognized, encouraged and regulated by law. Thus, also
the Roman founders of modern civilization recognized the necessity to bind
In comdistant communities together by the first great public highways.
paratively recent centuries, there has developed the international law of
the sea, to insure the fullest possible security to the exchanges of trade.
have come to the time when these fundamentals are understood and
recognized. The cataclysm of the last few years has shown us as we never
realized before, how necessary it is to maintain the privileges of easy
We
We
tion.
Whether the United States Government shall be an actual participant In
the Genoa considerations or not. it remains true that we will have the llveiest concern in all determinations that shall be reached.
Whatever else the lesson of the last seven years has brought to us, it has
at least given us a conception of the essential oneness of the human family,
of the interdependence among peoples, of the intimate interrelationships of
states and nations.
All this is not a very shocking realization for Americans,
whose governmental organization has been a co-operation of states in a
federal system.
But to those communities of the Old World in which the
nationali.stic ideal has been developed to the extreme point, this conception
is not so easily accepted.
Therefore, let us Americans, who are perhaps
more accustomed to thinking in such terms than other peoples, bend our
Influence to make this conception easier for them.
The world will not soon or readily be brought to common standards or
modes of life. Different communities will cling to differing languages,
traditions, religions, literatures, institutions of law and economic organization.
No doubt it is well that they should, for it has plainly been no
part of the divine plan that all men should be too much alike. But there
is somewhere in the scheme of things a common denominator by which we
may reduce the problems of this variegated humanity to its lowest quantities and view them in the most understandable terms.
In my own belief,
that common denominator is international trade, which at last stands as
the solvent, the medium of communication, the nerve centre by which we
establish touch and undoratanding among the various parts.
International commerce is, of course, intimately related to the world's
system of sustenance and alimentation. Many communitit s are dependent
open foreign trade for a large part of the means by which to live. Yet
there is no national community whose international trade even compares
in importance with its domestic exchanges.
We may, therefore, for a moment consider international exchanges in their analogy, not to the human
system of nutrition, but to its nervous system. Trade is the primary
means by which peoples come in contact with one another, by which they
find opportunities to know, to study, to recognize and compare varying
Indeed, I suspect that if all international exnational characteristics.
changes were conducted without any commercial profit whateverr. the
educational value would amply justify their continuance. I believeD that
the people carrying on the largest volume of international exchanges would
derive such advantages in wider outlook, iiu more accurate vision more
Illuminated iinderstandnig, that in the long run it would oe set far on the
vay to world leadership.
The entire transactions in international commerce or tne world /^present
but a modest fraction of the value of the domestic commerce of our own
country alone. Indeed, comparing international with domestic exchanges
the world over, and leaving out of the account those educational and intellectual advantages which I have suggested, we might mislead ourselves into
the apprehension that international trade was really of minor importance,
and might bo neglected without great loss. There has been too much
The
disposition in our own country, in recent times, to this narrow view.
fact that our country is so nearly self-sufficient and self-contained, constitutes a temptation to exclusiveness and aloofness and a menace to our
prosperity against which we are called upon to set our faces, lest we fall
It is not that our
into a provincialism extremely unfortunate for us.
material needs are so great, but that our spiritual responsibilities are so
important, that we must keep ourselves in the attitude of willing, helpful
neighbors.
Let it be conceded that we could come nearer than perhaps
any other great nation to living to ourselves; the fact yet remains that we
can not live alone, and that the attempt would be fraught with immediate
Rather, it is for us to determine the
misfortune and ultimate disaster.
part we can best play in international relationships, and to accept our
[Vol, 114.
.
Continued on
pagu' 826
ADVANCES APPROVED BY WAR FINANCE
CORPORA TION.
The Wfir Finance Corporation announced on Feb. 20
that from Feb. 16 to Feb. IS, inehisive, it had approved 170
advances, aggregating $4,570,000, for agricultural and livestock purposes, as follows:
$.50,000 in Arkansas
5
|
'
136,000 in Colorado
35,000 in Colorado on livestock in
Oklahoma and Colorado
50,000 in Georgia
181.000 in Idaho
115,000 in Illinois
30.000 in Indiana
151,000 in Iowa
23,000 in Kansas
371,000 In Minnesota
77,000 in Missouri
240.000 in Montiina
411,000 in Nebraska
$15,000 in Nobra.ska on livestock" In
Wyoming and Nebraslca
120.000 in New Mexico
320.000 in North Carolina
in
North Dakota
Ohio
in
Oklahoma
in
in
Oregon
South Carolina
South Dakota
Tennessee
Texas
Washington
m
Wisconsin
499,01)0 in
40.000
150.000
30.000
198.000
387.000
223.000
495,000
63.000
75.000
85.000
In
in
in
in
Wyoming
During tlio week ending Feb. 18 the Corporation approved
a total of 357 advances, aggregating $10,305,000 for agricultural
In
and livestock purposes.
On
the 23d inst. the Corporation announced that on Feb.
20 and 21 1922, it approved 116 advances, aggregating
$3,462,000, for agricultural and livestock purposes as follows:
$15,000 In Alabama
$182,000
38,000 in Claifornla on livestock In 249,000
Nevada and California
53,000
31.000
355,000 in California on livestock in
Oklahoma, New Mexico 250.000
and California
354,000
118,000 in Colorado
35,000
35,000 in Georgia
40.000
85,000
132,000 in Idaho
18,000 In Idaho on livestock In 229,000
Oregon and Idaho
255,000
40 000 in Illinois
471,000
140,000 in Indiana
16,000
245,000 in Iowa
56.000
20,000 in Michigan
in
Minnesota
In
Montana
in
In
Nebraska
New Mexico
North Carolina
North Dakota
In
Oklahoma
In
Oregon
South Carolina
South Dakota
Tennessee
Texas
Washington on livestock
in
in
in
In
in
in
in
in
in
Wyoming
Wisconsin
—
We
communication and economic interdependence. It has shown us more
than that. It has made us realize that in this realm of international
relationships we need some new iastrumentalities, or the great improvement
of the old ones, through which to further world-wide commercial movements.
Every advanced nation has developed an approximately complete code
of laws to regulate its own society and commerce. There is wide divergence, it is true, among these national codes; but each has been based on
the needs of the particular people, and on the whole they have served
But there has been nothing like a corresponding
their purposes well.
development of international law, or of the instrument<ilities of international
credit and exchange, whereby to give international transactions the same
There is need for parBocurity that is enjoyed by domestic transactions.
ticular effort, therefore, further to regulate and insure the politcial relations of Boverotgn powers, and also the commercial relations between
peoples.
Oonvlnced as I am that the freest movement and leirgest volume
ON IMPROVEMENT IN
CONDITIONS
EVIDENCED
AGRICULTURAL
BY REPAYMENTS OF EXPORT LOANS.
Eugene Meyer, Jr., Managing Director of the War Finano«
EUGENE MEYER,
JR.,
Corporation, on Feb. 19 made the following statement:
The improvement in agricultural conditions is beginning to manifest
an orderly liquidation which is reflected in recent repayments to
Corporation in connection with its export loans, as weH
From Jan. 1 to Feb.
as its loans for agricultural and livestock purposes.
1.')
inclusive, a total of .$15,233,000 has been repaid to the War Finance
Corporation. Of this sum, S3,9l'0.000 represents repayments on account
Of the latter
of loans made under the war powers of the Corporation.
amount, .?1 63.000 was repaid on cattle loans and $3,757,000 on railroad
and public utility loans.
Repayments of export advances total $7,641 ,000, of which $520,000 was
repaid by exporters, $735,000 by co-operative associations, and $2,694,000
by banking institutions, while $3,693,000 reflects the liquidation of export
loans financed through the Edge Law bank acceptances.
Repayments on account of agricultural and livestock loans aggregate
Of this amount, $2,877,000 was repaid by banking institutions.
,$3,671 ,000.
.$347,000 by livestock loan companies, and $447,000 by co-operative
itself in
the
War Finance
associations.
and
All repayments have been voluntary
total represents repayments before due dates.
—
a considerable part of the
-
.
THE CHRONICLE
Feb. 25 1922.]
OFFERING OF LINCOLN JOINT STOCK LAND BANK
BONDS.
A $3,000,000 issue of Lincoln Joint Stock Land Bank
Thoro is not a man who would have the temerity to-day and no journal
would have the effrontery to criticize the bill which the "agricultural bloc'
la.st Auffust drove through Congre.s.s amending the War Fiaance Corjwration Act.
from Mr. Eugene Meyer Jr., Managing Director of the
Corporation, in reply to a letter requesting infonnation as
to the amount of loans that had been made to agricultural interests in
Arizona and loans that had been made to banking and financing organizations for the further stabilization of agriculture, as follows:
have a
I
5%
bonds was offered on Feb. 23 by Halsey,
(Lincoln, Neb.)
Stuart & Co., Inc., William R. Compton Co., and Harris,
Forbes & Co. This is in addition to the S5,000,000 issue of
bonds of the same Land Bank offered on Jan. 30 by William
R. Compton & Co. and Halsey, Stuart & Co., Inc. The
present issue is offered at the same price as the previous one,
namely, 101
and accrued interest, to yield about 4.80%
to optional maturity and
thereafter.
The bonds, which
are issued under the Federal Farm Loan Act, are dated
Nov. 1 1921, are due Nov. 1 1951, and are optional Nov. 1
They are in coupon form, registerable and inter1931.
changeable, and are in denominations of 81,000. Interest is
H
5%
payable semi-annually (May 1 and Nov. 1) and principal
and interest are payable at the Lincoln Joint Stock Land
Bank or through the houses making the offering. The bonds
are legal investment for all fiduciary and trust funds under
the jurisdiction of the Federal Government and are acceptable
as security for postal savings and other deposits of Government funds. They are exempt from Federal, State, municipal and local taxation.
Detailed information regarding the
Lincoln Joint Stock Land Bank was given in our issue of
Feb. 4, page 46-5. Besides the present issue, and the
$5,000,000 offered a month ago, an offering of 81,000,000
of bonds of the Lincoln .Joint Stock Land Bank was referred
to in these columns Dec. 3.
793
letter
War Finance
WAR PINANOK CORPORATION.
WasliingUni, Febrttary 14 1922.
Hon. Henry F. Ashurst, Uniled Slates Senate.
Dear Senator Ashvrst: Referring to your letter of Feb. 1,3, I take pleasure
in sending you herewith a statement sliowing the advances auproved by
the War Finance Corporation from Jan. -1 1921 up to and including Feb II
1922
You will note from this statement ttiat advances aggregating
•52,583.000 for agricultural and live-stock purposes have been granted by
the Corporation to banking and financing institutions in Arizoni. in aad
tion to an advance of $1,200,000 to a cotton co-operative marketing organization.
Verv trulv yours,
—
EUGENE MEYER
And, Mr. President, without going into further details I ask unanimous
consent to include in the "Record" a statement showing the amount of
money which has been loaned to various fiscal institutions in each State to
assist agriculture, and also a statement showing the sums of money thaB
have been loaned to or furnished to farmers' co-operative institutions in
each State.
The
following
5%
Bank
Farm Loan Bonds was
week by
Philadelphia, Washington and
offered
this
Brooke, Stokes & Co. of
Baltimore, at 101
and interest yielding 4.80% to the
callable date and 5% thereafter.
The bonds are dated
Nov. 1 1921, are due Nov. 1 1951, and are callable at par
on Nov. 1 1931 or any interest date thereafter. They are
in denominations of 81, (KX), SoOO, and 8100, and interest
(May 1 and Nov. 1) is payable at the Fremont Joint Stock
Land Bank. The bonds, issued under the Federal Farm
Loan Act, are exempt from Federal, State, municipal and
local taxation.
Regarding the issuing bank, the official
announcement of Brooke, Stokes & Co. saj's:
H
The farms on which the nnrtgaffes are placed are located in the Stattt
of Iowa and Nebraska, the heart of the com belt. Of the total value ol
•^cultural products in the United States, these two States produce
18.9% of the corn, 8% of the wheat and 22.1 % of the oats. Also produce
2.'j% of all the swine.
The mortKages are di.stributed in 284 loans, located
In 'i2 counties In Iowa and 4S counties in N'ebra.ska.
The p<->llcy of this bank in pu.-<;haslng mortgages is very conservative.
The average sale price for the Ijest fanns was about S.iOO per acre, and for
ordinary farms about $140 per acre, while the average loans actually made
was $47 30 per acre. About fiH% of the mortgages purchased by this
bank Is In this area of high farm land values. The average percentage of
loans to appraised value of land-s underlying these tmnds is only 40'"^.
Prenent net e:imlngs on Capital stock are about 15%. Present dividend
«a the Capital stock, 8%.
OPERATIONS OF THE WAR FINANCE CORPORATION FROM
JAN, 4 1921 TO AND INCLUDING REB. 11 1922.
to assist in financing exports under sections 21, 22 and 24
{Par. 2). approved from Jan. 4 1921 to Feb. 11 1922, inclusive.
(Section 21 was added to the original War Finance Corporation act by
the Act of March .3 1919 and sections 22 and 24 by the Agricultural Credits
Advances
I.
Act of Aug. 24 1921.)
Commodity.
Amount.
Tobacco
Cotton
Canned
§5,209,810
3,591,369
33,572,373
400,000
1,000,000
1,000,000
250,000
180,000
fruits
Meat products
Condensed milk
Textile products
Sheet steel..-
JAN.
A
TO FEB.
4 1921
II.
.shown to have beon advanced
War
Finance
Corrwration for export and agricultural
by the
purposc-a from Jan. 4 1921 U} Feb. II 1922 in a statement
which Eugene M«;yer Jr., Manaffin^ Dirwitor of the War
Finance Corporation, furni-shf-d to Senator Ashurst under
date of Feb. 14. The staU.-ment f^ives the advances by
total of $20.'}, 130,447
oommodities and
i.s
tli« latter eiassificalion
.Stat^js,
beinif .sul»-
show the a<ivunceH to (1) banking and
institutionfl and (2) to oo-operativo a,s.sooiation8.
Senator
Ashurst, in eaiisinjf the ineori>oration of the statement in
the "ConKTiiHHi(>un.\ Record" of Feb. 10 Haid:
Knowing
wi mu'-h ,ih»ut the iiub|i^:t upon which
my rnnuirk* In lw<i tir thri-*- inlnutm.
onuld
coil' lurln
apr>n
will'
^
know
I
nfithlng.
roul'l iiptuik
I
fully In h.ind I oiul'l n»it
r>>«i to «iv. .Vlr. I'nvildi'rit
"mrlng
•ulij>ir-t
I
•arn;;.'
-
,
.1
.
tli.>i.
It
to
(Section 24 was added to the original War Finance Corporation Act
the Agricultural Credits Act of Aug. 24 1921.)
(a)
Intend to Rpi<nk,
worn u nut>J<w
Inditflnltoly
out"
onft:
til
Uu-
li
«i<irv
.,f
Live stock
Sugar beets
Rice...
Canned
fruits
moro
and
I
hmrd
niivi?r
hjiTit
H.ild aloiiit pulillc
hixio'
io try
I.,
l>lo<-
I
••nalor^ w
',n
Oiin
men
ill
24).
(sec.
By
(b)
tin'
$ys,soo 00
2,583,000 00
116.000 00
1,563,011 56
5 321,062 14
045,0(10 00
4,510,000 00
148,018 on
4 0.13 ,000 no
«i.vi,on() 00
20,249,837 64
4,I16,.3(M1 40
346,:iNH 56
.Vrkansas
California
<'olora<lo
I'lorlda
'i^orgla
Idaho
lllitioia...
Indiana
..
..
Iowa
i:
i/,ii".>n.i.
1,;{9«,390 77
«,235,HS,J 90
......
Minncwita......
i>Tr
th.il
thjkii
thow
plum
p«rt
>,r
•n.-\',l"
Th..
bnt
vitlor
>
lifn.
I
.,-,1
ttii\^.'
\ tua d'l rntlon
thn "ngrli'ulturiil
h«i
]
Iilll
try
what
:iar
hn
Into (l/in<<.
Mo
I
ig
la lh<i Ih-
4,434,217
7.^
t'>oo,noo
North CJarolina
North Daliota
Ohio...
3,SSO,0(IO
00
00
16
820,806 00
1 ,884 ,976 46
3,234,512 Oft
7.494,678 46
3,2.'">9,l,56
Oklahoma
Oregon
.--
.South Carolina
.South Dakota
Tennessee
1.098,1 Itt
1.46.3,060
-
Tox;is
.
Utah
1
Virginia
.
.
Wyoming
N'.l.ni-.ka
0.3.35,073 77
Total
50
00
2.667,811 14
0,451,101 00
1,807.700 00
331,9.55
Wa.shlngton
fl.8ftl,<)20n3
7.70I.4.V_' .W
To co-optraHee
(2)
00
a. 385, 000 00
6, 57 4, 94 3.S
.
1
$ltH.50;i.510 07
It
l»li>r." U'ltig
association*.
Amount.
Amount.
Arlxonn
$1
.
I
.'.'O'l.nrto (K)
.^r.o.onii
2.HI|(I.OOn
.
)
01.UUi.ni
Ml.
I.
I'f
'
r'f,
h for Ihiit.
a inovniiinnt, or rnan nhoul'i
jiiu'
Now Mexico
Now York
917,838 H) WlKconKln...-
i.'iofi.iiiiii
tt'lninr-f^
3'iinni«*M>«>
no Tc»
NliK-liili
6*1
WiiMlilngUiii
00
00
for flrpnrt
Totol
and
unit il. appriivrd frtim -/un.
.
To
nxp^Tloni
ToUl
2M
9,rs7,VV6
."iO
„..
iiaricullufiil
I
.
-
00
MJ5
,1)00,000
1
;
:
t4«,.i->i
.>I6
10
fmrpntet undff lAC
i\).il Ut Fiti.
I
I
IKJi. (ti</iMlM
To
co-opnr.illvr nwMlnl.lon-i
To hunklMK nnrl flnanchiK Inalltultona
$.'i,06(),060
ih
()(»
\:,.i)iK).l)i>ii
wlu) forim
l.K-
Nevada
Mlmlwtlppl......
\! iHsouri. .......
.Moiiiiin.t .......
'
.iK'
.Xmoun
$248,000 00
Amount.
.\1abania
nor
IHVlpIc dcjH'ftd
Ml"»l tim
States.
To banking and financing instituMons.
.
.'.)i«, 'vi>in«
'I
07
totiil Includes advances aggregating 827.387.816 10 originally applied
and approved for export purposes (under sec. 21) and subsequently
withdrawn by the applicants and resubmitted and approved as advance*
for agricultural purposes under the agricultural Credlt« Act of Aug. 2d 1921
ihiin hjivn Immiii
would think
thn ICcpulillc. rnl
!,'';< iil'iiri'
,
52
This
I
•aid
00
00
for
my
hiivlng
liut
:
nntl ra'ni caino, a fiivorltc
ntn not
"ngrlnillunil liloc."
I
inv country,
Amount,
$1,2.50,000
$23,404,200 52 Dried fruits
1.097,700
21,290,189 31 I'eanuts
agricultural
53,8:51,584 72 General
99,421,652
purposes
9,796,000 00
2.500.000 00
$212.891 .327
Total
300,000 00
ov<ir lhr<-n or four mliiuttw
v>-n until thn 'liH NovrnilfiiT wind*
wiui thi« i.km|i<K>ning of lh«
By Commodities*
Amount.
Cotton
Grain
by
If it
iho (Mrly MpriiiK and during
In
In'l
rr«d
1
.$50,245,120 03
Total..
tions for "agricultural
financinj,'
divi<led to
00
00
00
500,000 00
2,925,000 00
1,000,000 00
banking and financing institutions and co-operative associaand Hoe-slock purposes" under section 24 {Par. 1)
approved from Aug. 24 1921 to Feb. 11 1922, inclusite.
Adtanc-s
Arizona
1922.
11
Ainount.
$145,600 00
470,966 36
69 Copper
77 Sugar-mill machinery
21 .Agricultural raachin'y
00 Railroad equipment-.-_
00 Lumber
Total does not include advances aggregating $27 ..387 ,816 10 originally
applied for and approved under section 21 for export purposes and subsequently withdrawn by the applicants and resubmitted and approved as
advances for agricultural purposes under section 24. Of the total amoimt.
$37,508,650 26 represents advances approved subsequent to Aug. 24 1921.
(1)
OPERATIONS OF WAR FINANCE CORPORATION FROM
the statement:
is
Grain
OFFERING OF FREMONT (NEB.) JOINT STOCK LAND
BANK BONDS.
An issue of .$1,000,000 Fremont (Neb.) Joint Stock Land
JR., Managing nirector.
«
il'.O.IKU)
..MO
r>J.%.;3H
$ft
. .
——
00
at
«,Bfl0.708«9
W0.3
1.18
447
I
THE CHRONICLE
794
COMPTROLLER OF CURRENCY CRISSINGER REPORTS INCREASE OF 406 MILLIONS IN RESOURCES
OF NATIONAL BANKS BETWEEN SEPTEMBER
AND DECEMBER.
announcing on Feb. 17 an analysis of the returns
shown by tlie reports of conditions of national banks to his
office. Comptroller of the Currency Crissinser stated:
Ill
The fact tliat the resources of our national banks, amounting, Dec. 31
1921. the date of the last call, to $19,420,130,000 (exclusive of rediscounts), show an increase of $406,0.34.000 over the returns under the previous call. Sept. 6 1921, is very gratifying, an indication of the stability
of these banks and of their power, under the capable administration of
prudent officers, to retain a commanding position in the financial fabric
of the country.
Up to Sept. G 1921, the resources of national banks had shown a steady
decline, with one or two exceptions, at the date of each call subsequent to
Dec. 31 1919, when they stood at tlie peak or highest point in the history
The manner in which
System, and amounted to $22,71 1,37.''),000.
banks have li(iuidated obligations representing borrowed money in the
form of bills payable and rediscounts increased tlieir deposits and curtailed
their loans and discounts, while at the sjime time their lawful reserve with
Federal Reserve banks has been maintained at a point far in excess of the
legal requirement during the past several months, justifies the opinion that
their condition on Dec. 31 1921 was verj' satisfactory.
of
tlie
tliese
;
In his statement analyzing the returns the Comptroller
says
On Dec. 31 1921 the loans and discounts of national banks, exclusive of
rediscounts of $523,G0G,0OO, amounted to $10,981,783,000, an increase over
the iunount reported Sept. G 1921 of $4,1G9,000, but a reduction compared
with tlie amount on Dec. 29 1920, of $1,113,512,000.
The investments of these banks in United States Government securities
and other miscellaneous bonds and securities on Dec. 31 1921 amounted to
$4,057,340,000, being $221,614,000 in e.xcess of the amount on .Sept. G
1921. and $04,687,000 less than the amount reported a year .ago.
Balances with other banks and bankers, including lawful I'eserve with
Federal Reserve banks and items in process of collection of $1,493,170,000,
totaled $2,58.5,480,000, an increase over the amount of such balances Sept.
6 1921 of $210,370,000, and a reduction in the year of $219,431,000.
The cash in vaults, amounting to $341,811,000, was reduced between
Sept. G and Dec. 31 1921, $15,987,000, while the reduction since Dec. 29
1920 was $152,589,000.
The paid-in capital stock on Dec. 31 1921, of $1,282,432,000, shows an
increase since the date of prior call of $0,255,000, and an increase in the
year of $10,141,000, wliile surplus and undivided profits of $1,498,188,000
showed a reduction of $07,909,000 since Sept. 6, and a reduction since
Dec. 29 1920 of $17,402,000.
The liability of circulating notes on Dee. 31 1921 was $717,473,000, an
increase over Sept.
of $12,805,000, and an increase over Dec. 29 1920
of $23,554,000.
Balances on the books of national banks to the credit of other banks and
bankers, including certified checks and cashiers' checks outstanding, on
Dec. 31 1921, totaled $2,530,742,000. which amount was $113,331,000
greater than on Sept.
1921, and $397,880,000 less than a year ago.
Individual deposits, exclusive of United States Government deposits of
$188,089,000, amounted to $12,356,271,000, and were greater than the
amount reported Sept.
1921 by $322,811,000, but a reduction since December 29 1920 of $780,741,000. The aggregate of all deposits was $15,075,102,000, or $514,250,000 more than on Sept.
1921 and $1,202,055,000 less than on Dec. 29 1920.
The liability for bills payable and rediscounts was reduced between Sept.
and Dec. 31 1921, $236,844,000, the reduction in the twelve months' period being $1,322,734,000, and on Dec. 31 1921 these obligations amounted
to $1,019,929,000.
On Dec. 31 1921 national banks had lawful reserve with Federal Reserve
banks to the amount of $1,143,259,000, which was $80,875,000 in excess
of the legal requirement.
The returns from national banks in each Federal
Reserve District on the date indicated sliowed lawful reserve in excess of
the amount required, the smallest amount of the excess, $575,000, being
reported by banks in the Eighth Federal Reserve District and the largest
amount was $41,385,000, reported by banks in the Second Federal Reserve
district
Tlie percentage of the loans and discounts of national banks, to their
total deposits on Dec. 31 1921, was 72.85, compared with 75.39 on Sept.
6,
and 74.31 on Dec. 29 1920.
PRESIDENT HARDING SAYS COMPTROLLER CRISSINOERS ANALYSIS SHOWS "FROZEN CREDITS"
ARE THAWING
OUT.
A
statement bearing on the analysis of returns of national
banks, issued by Comptroller of the Currency Crissinger on
Feb. 17 (referred to in the previous article) was given out
on the same date by I'residcut Iljirding. who in his reference thereto stated that "the figures iudutiably demonstrate
that the peak of liquidation and of consequent depres.sion
was passed somewhere between Sept.
last and Dec. 31
last, and that the tendency has been steadily toward improvement in business and less reliance of business upon
the support of the banks." Pointing out that the Comptrollers analysis "registeivs for thelirst time a very substantial
upturn in resources," I'resident Harding says that "it demonstrates that the process of liquidation has been proceeding at such an excoUent rate that it may fairly be said that
we are well on the road to getting the 'frozen credits'
thawed out." The President in his statement said
The Comptroller of the Currency is issuing to-day tlie con.solidated statement of the national banks, representing the bank call of Dec. 31 last. It
shows the most satisfactory turn in the financial affairs of the country tliat
has been registered by a bank statement since the conclusion of 1919.
The
peak of banking capacity in tliis country was reached in the statement of
Dec.
31
1919,
Iii22,7ll,000,000.
when the national banks reported aggregate resources of
From that time on there was, as sliown by the succes-
[Vol. 114.
sive consolidated statements, a substantially
gate resources.
steady decrease in the aggi-e-
The statement that is now being made public registers for the first time
It shows that the banks occupy a
a very substantial upturn in resources.
greatly improved and strengtliened position as regards their rediscounts,
their resources, th^ir cash in hand, and their deposits, which show an asIt demonstrates that the process of liquidation has been
tonisliing gain.
proceeding at such an excellent rate that it may fairly be said that we are
In this rewell on tlie road to getting the "frozen credits" thawed out.
gard, indeed, it is by far the most satisfactory showing that has been
made since the phrase "frozen credits" was invented.
The extent of the broad general improvement in the financial situation
and that of Dec. 31 last is so striking as
between the bank call of Sept.
The lawful reserve with Federal Reserve banks
to j\istify especial attention.
is far beyond legal requirements, and has been strikingly increased within
This is, on the whole, perhaps the most
the period covered by tliis call.
impressive single item that a consolidated bank .statement shows as to the
general soundness of the fiscal situation.
One of the most striking showings is that c.ish in the vaults of banks
and Dec. 31, by only $15,987,000. But for
was reduced, between Sept.
the fact that great amounts of cash were required to be withdrawn on account of interest and dividend pajnnents as of Jan. 1, a very great increase
in the amount of cash would liave been sliown.
Next to tlie item of aggregate resources, perhaps, in a period of liquidation such as is now taking place the most impressive testimony of the soundW?
ness of a banking situation is to be found in the individual deposits.
find that, excluding United States Government deposits, there was an increase of $322,811,000 in these deposits between Sept. 6 and Dec. 31 1921.
The significance of this will be the more apparent when it is explained that
between Dec. 29 1920 and Sept. 6 1921, there has been a continuing reduction in deposits aggregating $1,103,552,000.
It is tlierefore an \in(iuestionab!e evidence of a rapidly improving position that between the statement of Sept. G last and the statement of Dec.
31 last, there took place a reversal of this movement, which resulted in an
This is at the rate of
increase of $322,811,000 in individual deposits.
The aggregate of all deposits on
about $100,000,000 monthly increase.
Dec. 31 last was $15,075,000,000, a gain of .$514,000,000 since Sept. 6.
To put it in another way, aggregate deposits fell, between Dec. 29 1920 and
1921 they have risen $514,Sept.
1921. $1,717,000,000, and since Sept.
250,000.
Not only has the tide turned, but it haa been flowing strong Jtiid
steady.
must be borne in mind that the national banks represent considerably
than half of the totil banking capacity of the nation. It is, therefore,
safe to assume that tlie .State, savings and private banks and trust companies have experienced the .same turn in the tide that is noted in the case
of the national banks.
We may, therefore, conclude that the figures for
national banks may safely be doubled in order to get an approximate representation of the situation as to the entire banking establishment of the
It
less
nation.
On Dec. 31 last the national banks liad lawful reserve with Federal Reserve banks of $1,143,000,000, which was almost $87,000,000 in excess of
legal requirements.
Under any analysis, the figures indubitably demonstrate that the peak of
liquidation and of consequent depression was passed somewhere between
Sept.
last and Dec. 31 last and that the tendency has been steadily toward
improvement in business and less reliance of business upon the support of
the banks.
Of precisely like tenor are recent advices from tlie War Finance Corporation, which report a progressive liquidation of its loans and a general improvement of conditions in the agricultural industry. Recent stabilizations
of prices for agricultural staples have brought the farmers to tlie point
where they are able to realize something at least approximating costs of
production and can look forward liopefully to still further improvements in
no very distant future.
BROKERAGE HOUSE OF KAROOS & BURKE IN HANDS
OF RECEIVER.
At his home in this eit3^ Judge Learned Hand of the
United States District Court on Wednesday night, Feb. 22,
appointed Robert P. Stephenson, an attorney of GO Wall St.,
Federal Receiver for the brokerage firm of Kardos & Burke
of this city under a bond of $25,000.
The proceedings were
held at the home of Judge Hand because Wednesday being
a holiday, the courts were closed on that day. Liabilities
of the firm were estimated in the banlcruptcy petition, it is
said, at $1 ,500,000 and assets at S150,000.
Arthur L. Ross,
the attorney for the firm, according to the Xew York
"Times" said that the liabilities had diminished greatly
since the creditors obtained the information on which they
had based tlieir eslimnto, and that they w^ere now approximately $700,000. He also declared, it is said, that the
assets had been underestimated and that the creditors would
receive at the least a substantial amount on the dollar.
The partners in the firm were John Biu"ke and Louis ^lontgomery Kardos, Jr. Mr. Hurk<» was formerly Treasurer of
the United States, from which office he retired on Jan. 7
of last year to foi'm a co-partnership with Louis Montgomery
Kardos, Jr., under the name of Kardos & Burke, to take
over and succeed the firm of Kardos & Co., with offices at
New York, Philad(>lphia. Brooklyn. Chicago and Pittsburgh.
also a former Governor of North Dakota,
I'pon the appointlulling held that office for three terms.
ment of a receiver for the firm, it is said, Mr. Burke immediately announced that he had resigned as honorary President
Mr. Burke was
and a director
Bank
Mr. Kardos, who was
of the Progress National
7th Ave., this city.
of that institution,
at 28th St.
and
also a director
tendered his resignation as well,
it
is
II
The resignation of Mr. Burke was accepted to take
said.
at a meeting of the directors on Feb.
effect at once,
The bank, it is stated, is in no wise affected by the
23.
d
THE CHKONICLE
Feb. 25 1922.]
The main
failure of the firm.
Kardos
offices of
&
Burke
H. Cohen, $142, and Franklin L. Sheridan, $100.
were estimated at $2, ,500, 000 and
the assets at $1,500,000. Judge Learned Hand named
Mark Hyman of 61 Broadway receiver for the failed firm,
placing his bond at .$50,000. According to the New York
000; Ida
were at 32 Broadway. According to the New York "Times"
of Feb. 24, a press dispatch from Chicago states that Edwin
Buell has been appointed ancillary' receiver for the firm in
that city under a bond of $10,000 by Judge Landis upon the
petition of three creditors %nth claims aggregating $G53.
The New York "Evening Post" in its issue of last night,
Feb. 24, stated that David W. Kahn, attorney for the
Receiver, it was expected, would go before the Court to ask
that Jay A. Green wald, "who, it was learned, was a partner
in the firm until two weeks ago, be joined with the present
The "Post" also
partners in the bankruptcy action."
states that Mr. Burke had appeared before Mr. Stephenson,
the receiver, and had turned over to him his remaining
assets, consisting, it is said, of about 81,500 in bank deposits
and .S6,000 in paid-up life insurance. It was further stated
in the "Post" that it was said that Mr. Burke during the
last few weeks had put S20,500 into the firm in an effort to
keep it from failing.
KOHLER, BREMER &
795
The
liabilities, it is said,
"Times," Percival E. Jackson of the law firm of Miller,
& Ruskay, attorneys for the failed firm, issued the
Bretzfelt
following statement:
So far as is at present ascertainable the tangible known assets of S. S.
Ruskay & Co. are in excess of $1,500,000, The liabilities approximate
$2,500,000, and may be less than that amout. The receivership, while
unfortunate in its effect, is fortunate in that it will materially aid in liquidating the assets and prevent preferences which necessarily arise out of a hysterical run upon a brokerage house by its clientele.
Its members are all
prepared to stand behmd the house and make good to every one of its
creditors.
They offer to the receiver and to their creditors full and complete
co-operation of the creditors to reorganize the business and offer payment
in full to every creditor.
The firm of S. S. Ruskay & Co. was founded in 1877 and
consisted of Samuel S. Ruskay, Burrill Ruskajs Eugene
Greenhut, George D. Proctor and Joseph P. Shelby. It
member of the New York ConsoHdated Stock Exchange and the New York Curb Exchange Association.
Under the rules of the Consolidated Exchange upon the
announcement of its failure, the firm was automatically
suspended from that organization. The New York Curb
Exchange made the following announcement, as printed in
the New York "Journal of Commerce" in connection with
w^as a
CO. FAIL.
involuntary petition in bankruptcy was filed on Monday of this week, Feb. 20, against Arthur W. Kohler and
Lawrence H. Bremer, doing business under the firm name of
Kohler, Bremer & Co. The liabilities of the firm, it is said,
are given as S500,000 and its assets at .$150,000. Judge
Learned Hand .of the U. S. District Court appointed Arthur
F. Gotthold receiver for the failed firm, under a bond of
$25,000.
Leo Bondy counsel for the firm, is reported by the
"Evening Post" as making the following statement:
An
the
failui-e:
Ruskay & Co., having announced its failure to meet engagements,
is suspended from regular membership on the New York Curb
and members having contracts subject to the rule of the exchange with
said firm shall without unnecessary delay proceed to close the same in
S. S.
said firm
,
accordance with Article
By
Mr. Hj-mau, the
XXVII,
Section
1,
of the constitution.
by Judge Hand, has
been named ancillary receiver for the failed firm in the State
of ^Massachusetts, according to a press dispatch from Boston
on Feb. 24, printed in the New York "Evening Post"
reason of tte sudden death of Senator Emerson, a special partner in
the firm, there resulted a large shrinkage of business.
Senator Emerson had a large following who withdrew then- accoimts.
This, together with general business depression and continued large overhead, caus3d our present embarrassment.
The firm, was a member of the New York Consolidated
Stock Exchange.
Its suspension was announced by the
Exchange on the day of the failure, Feb. 20.
receiver appointed
last night.
RECEIVER APPOINTED FOR CRAWFORD, PATTON &
CANNON.
Henry Kaufman was appointed receiver under a bond of
830,000 for the failed Stock Exchange firm of Cra\vford,
Patton & Cannon of this city by Judge Hand in the Federal
District Court on Feb. 20.
The appointment of a receiver,
it is understood, was made on the application of Walter E.
Read, Chairman of the creditors' committee, which has been
organized since the failure of the company. We referred
to the suspension of the firm in our issue of Feb. 18, page 682.
OTHER BROKERAGE FAILURES THIS WEEK.
A
petition in involuntan.-
bankruptcy was
filed against the
brokerage firm of Rodney & Co. of this city on Thursday,
Feb. 23. The members of the firm are given as Archer Rodnej-. Louis Goodney and Fred A. Henry.
Its offices were
at .5.5 Broadway.
The asset.s were estimated unofficially,
said, at §35,000, and the liabilities at §75,000.
Harold
Remington was appointed receiver for the firm, his bond
it is
being fixed at S15,000.
AMENDMENT
BY-LAWS OF PHILADELPHIA
STOCK EXCHANGE REGARDING SHARES
The firm of Rasmussen & Co., at 111 Broadway, this city,
made an assignment for the benefit of its creditors to George
A. McLaughlin on Thursday, Feb. 23. The suspension of
th»* firm wu.s announced as follows by the New York Curb
E.vchange Association, of which it was a member:
SELLING UNDER
XX
&
fixed thereon."
on Thursday, Feb. 23. The
said, made an assignment to Edward Ginsberg beBall
Co.
failerl
firm, it in
fore the filing of the Imiikrupley i)etiti«)ii.
Judge Hand in
the Federal DiHtrict ('<»urt. we understaml, appointed I. G.
Dal/iel receiver, under a bond of $5,(XXJ.
Messrs. Shaine &
Weinrib, iitU)rTn-yn for the jjetitir)nerM, are rei»orted as say-
ing that they wen- informed that
would be approximat«!ly
th<- liabilities
of the firm
and the assets $25, (XK).
The offiee of the failed firm was at 07 Kxchanpe I'laee.
A petition in involuntary bankruptcy was fihid against
th»' brokerage firm of Iliggins & Di.i» of this city on Thursday, Feb. '£i.
Barnarrl J. Iliggins nnd Samuel II. Dias
were tlu! partners. No estimate of lialiilitifs and assets
has Iwfn (fiven out.
F«)nnal announeeuient was made of
tl>
nsion of the firm from the rostrum ;)f the New York
^'
i.t«!d Slock Kxeliuiige on Fri«lay morning, Feb. 21.
'•eorrling to tho New York "Kvning I'osI" of Feb. 21,
$2(X),fKK)
Jbiiry M. .Singer has Icen n|ipoinl<'l rereeeiver for the firm
n iMiiui of $20,000 by .ludgf Hand.
'•'idir
HHOKEHSaiC FIRM OF Hf'SKAY A CO. FAILS.
in
against
wny.
tlui
this city,
delphin,
The
on involuntary peliH. DJMlriel Court
brokr-nufe finn of S, H. Uuskay & Co., 42 Hroiid-
bunkruptry was
with
who
in
brnn'-lir'^ in
I'ittshurgh.
ereclitors
fil..d
('levelnnd.
the
L'.
H«.sli>ri,
(
it
is ttaid;
\ir'u\v:'-\}iiri
'iiicjn(o
siKned the petition
their (ilhg«<l riaims were,
M
,
ANNUAL REPORT OF FEDERAL RESERVE BOARI}—
REVIVAL LOOKED FOR -CHANGES IN DIS-
COUNT RATES,
ETC.
In submitting to Congress this week (Feb. 20) the eighth
annual report of the F(>d(>ral Reserve Board, W. P. O. Harding, (lovernor of the Board, refers to the ((miments in the
report of the ])r<'vious year, that 1020 "had been e.s.sentially a
period of reaction."
It is observed that "the course of world
events throughout a i)eriofl of five years i>rec(>ding had
brought about in the United States th(> most notable advance in pric(w and the gn«itest exi)ansion of bu.sinoss over
known. It was reali/,<>d all the while, how(>ver, that there
Thesis
would ln', sooner or later, reliction and rcafljuslmeiit
came during the year 1!I20, world-wiile in scope uikI irresistible in for«M<, and tnad<< hat year meniorabli< as one of tiio
most eventful in ecotioniie historj."
In noting in llif ])resent
rejHtrt that "tlnTe are those who believe that the l)egiuning of
.
I
revival is not far «liHlant, Governor Hiirdinir hii.ns:
ThiTM nro ni'll ililliiixl i-yi'liwt in 1iu-.Iiii'hii. 'I'lii-ii' jiri> lhi<
<|iii-iii l>
I'lfit-i
Uii TliurHday of thin wei-k ^Feb. 23)
tion
$1.
At a recent meeting of the Governing Committee of the
Philadelphia Stock Exchange an amendment was made to
Section 2, Article 3 of th(> by-laws by adding the words
"and shares selling under .$1 per share which may be dealt
in in cents per share regardless of the rate of commission
liaHmu-HHcn tc Co., having announced its failure to meet enRagements.
Maid firm Is Hu.spendod from rc;;ular memborship on the New York Curb and
mcmlx-TH having contracts subject to the rulu of the Exchange with said
firm Hhall without unnec»!<«iary delay proct-ed to close the same in accord»nri! with Article
VII.. Hcctlon I, of the <-<.nslitullon.
James W.
TO
in
.
IMiiiu-
ami .St. I^miih.
bnnkrm»tey and
William Uossi, $10.-
J
iiUtiil
,.,-M!lvr.
ri'<'iirrliiK
'.\vtiiK»
it.'t
riilloWN;
i.<|ian«lon
<i,
I
or
II,
i)
i'|i>« liii'lilciit
I
hit
(xTlri'li iif iini-<|»'rlly
(t)
I:
nnd
Ml n lonK inrUid
('!)
to
ilvlly
i,
ctmilKi'^
>'(
ll>«
itliort
m'iimiMn uihI
nnd fwIIiiti'
nrn
iind ili'privwlrin, llio rolallmi Im'Ihk
nnd
fulliiwiol
Ini'i-i'imliiK
hltlii>rl4i
nxfon'od
priidin-lliin; (2)
liy
pii"!'" nii<l
of nlow lli|iil<tutlnn, liuMhKim (li<pri<«Hlnn nnil
rnvlvni.
lii'iK iir« thiiiir< who ImiIIiivii that thr liKuliiiiInK of ri<vlvnt In nut far dlNWhnii It iliii-n iliTlnllxly wit In It will lie Inllnwixl In <liit< ixilinu' by a
tnnt
ni'W vTn III pri«|M>rlty.
In thn IIkIii iif rwiint nxiMVlonrc, wo nhnuld rnmrmhnr. wlii'ii wn nxnln
nntrr liitd n (iitIikI of full proniirrll y thai n ri'm'tlmi will follmv Hniinor or
I
THE CHKONICLE
796
and if the flow of the incoming tide can be controlled so that the crest
not be reached too rapidly nor rise too high, the subsequent reaction
wiU be less severe and the next period of industrial and commercial activity
and general prosperity will be marked by saner methods, greater achievement along constructive lines, and by a longer duration than any which we
have had before. We should not forget that the ebb ol the tide is always
equal to the flow and that the ebb in the Bay of Fundy, where the tide rises
highest, is far greater than in safer harbors where the tidal fluctuations are
later;
may
more moderate
The report
makes mention of the fact that "the sequence of
economic events culminating in the disastrous crisis of 1920
and the functioning of the Federal Reserve System in this
trying emergency have been the subjects of an extensive
study by the Joint Congressional Commission of Agricultural
Inquiry.
The report of the Commission" it is added "wil
doubtless shed much light upon the unprecedented conditions with which the credit and banking organization of the
country, and more particularly the Federal Reserve System
has had to deal." The Commission, it is noted, has not yet
made its final report. Governor Harding, in his report adds:
The great economic reaction was not, however, reflected immediately in
the operations of the Federal Reserve System, for while the lall in commodity
prices, which began in the case of silk in March 1920, had extended in a
spectacular degree to practically all commodities by October, the expansion of the loans of the Federal Reserve banks continued until early in
November and of Federal Reserve note issues until December 23 1920,
when the total amount in circulation increased to $3,404,000,000, a record
high mark.
During the year 1921 there was, until early tn December, an almost continuous decline in the loans and other earnings assets of the Federal Reserve
banks and in Federal Reserve notes in circulation, while at the same
time there was a steady and practically continuous increase in the gold
reserves of the banks.
As to changes in discount rates and changes in rates of
earnings of the Federal Reserve banks in 1921 the report
says in part:
Changes in Discount Rates During 1921.
Control over discount rates, as exercised by the Federal Reserve banks
and the Federal Reserve Board, is an important and far-reaching power
which mu.st always be used with care and discretion.
The principle is well established that the discount rates of a central bank
should be slightly in excess of market rates. This is a time-honored policy,
for example, of the Bank of England, and yet there are certain essential differences between the operations of a bank of the type of the Bank of England and those of the Federal Reserve banks which must be taken into
consideration.
The official discount
rates of the Bank of England are minimum rates and
exchange.
Federal Reserve Bank rales, on the other
hand, with the exception of rafes established for the purchase of acceptances
in the open market, are fixed and uniform, and since the so-called "progressive" rates have been abrogated, are applicable to all offerings of a member
bank within a Federal Reserve district, regardless of the proportion of the
member bank's rediscounts to its reserve deposits.
While it is theoretically desirable that Federal Reserve Bank rates should
be equal to or slightly in advance of current market rates, it has always
been exceedingly difficult to determine just what current market rates are.
Even in the largest money centres of the country rates vary greatly according
to the character of the transaction.
In New York City, for example, there
are large dealings in call loans which are usually secured by Stock Exchange collateral, in bankers' acceptances, commercial paper offered by
note brokers, in Treasury certificates and in the various issues of Government war obligations. In some other money centres throughout the
country the .same factors enter into the money market, with the exception,
perhaps, of call loans, and it is customary everywhere for banks to extend
to good customers lines of credit at rates more or less constant and which
are based upon the average deposit balance carried by the customer
Most of the Federal Reserve districts are made up of several States or
parts of States which have varying usury laws, so that the legal and contract rates in all parts of a Federal Reserve district are by no means uniform.
During all the post-war period there has never been a time when the d scount rate of a Federal Reserve bank, even the average rate in those
districts where the progressive rates were effective, exceeded the current
rate, if that rate be measured by rates charged on ordinary hank loans or by
the rates for commercial paper in the open market.
There were many inst.ances where member banks could legally charge their customers 10 to 12^f
and Could rediscount with the Federal Reserve Bank at from 6 to 7%. It
seema therefore impracticable to establish a Federal Res<rve Bank rate
which will preclude the possibility of a member bank rediscounting at
a profit and no attempt has ever been made to establish a rate based on
relate only
t,o
bills of
this principle
It became necessary during the year 1920 for the Federal Reserve banks
to establish and for the Federal Reserve Board to approve a relatively high
scale of discount rates, for it was evident that a continuance of the war-
time policy of abnormally low rates would result in d'saster to the public,
the member banks and the Federal Reserve banks .alike. The law imposes
no limit upon the amount that a member bank may redis(-ount with its
Federal Reserve bank and the maintenance of a 4% Federal Reserve bank
rate in the tace of an 8% money market was manifestly impossible.
The beginning of the year 1921 found five of the Federal Reserve banks
with rediscount rates of 7% and the remaining seven banks with a 6% rate,
these rates being applicable to eligible paper of all maturities, issued or
drawn for agricultural, industrial or commercial purposes or based on live
stock.
A prefcrenti;il rate prevailed at all the banks on paper secured by
obligations of the United States Oovernment.
The Federal Rej^erve banks
of St. Louis, Kansas City and Dallas wore still applying the graduated or
progressive discount rates authorized by section 14 of the Federal Reserve
Act, as amended by the Act of April 13 1920. The discount rate on trade
acceptances indorsed by member banks was, with two exceptions, the same
as that applicable to other forms of commercial paper, the Federal Reserve
banks of Cleveland and Minneapolis mnliilaining preferential rates of
a and }-^%, respectively; while indorsed b inkers' acceptances offered by
member banks other than the acceptors were being discounted by eight of
the Federal Reserve banks at rates ranging from >i to 1% less than the
prevailing rate on comjnercial paper.
Rates on paper secured by Treasury certificates of indebtedness, which
were in all cases lower than those charged on commert;ial paper, were
governed largely by the rate of interest borne by the certificates pledged
»8 Collateral.
At the beginning
of the year the Federal Reserve banks of Philadelphia,
Atlanta, St. Louis and Dallas each had.a rate of 5)4% on paper secured
[Vol. 114.
5H%
by Liberty bonds and Victory notes, while
was being charged by
Cleveland and 6% by the remaining seven banks on paper secured in thia
way.
Changes during the year have brought about not only a material reduction in the discount rates at all Federal Reserve banks, but have also resulted in the discontinuance of the differentials formerly applicable to
certain classes of paper, so that at the present time one rate obtains at each
Federal Reserve bank for all eligible paper, irrespective of its character
of maturity.
Changes in Rates of Earnings During 1921.
—
The easing of discount and open market rates during 1921, in consequence of continuous liquidation throughout the year, is reflected in the
rates of earnings of Federal Reserve Banks, which show a gradual but continuous decline, beginning with the month of February. For the year as a
whole the average rate of earnings on all classes of earning assets was 5.61%,
compared with 5.50% during 1920. The average rate on discounted bills,
from which over 89% of the earnings of the Federal Reserve Banks were
showed a slight recession to 6.30% in January 1921, from 6.42%
December 1920, the highesj. average rate of earnings on this class of paper
ever reported for the Federal Reserve .System as a whole. This was followed
by a partial recovery to 6.37% in February in consequence of advances
made by some of the Federal Reserve Banks in their discount rates on paper
secured by United States Government obligations.
From this high point
for the year there was a gradual but steady decline in the rates of earnings on
discounted bills, the rate tor the month of December being 5.11%.
derived,
In
Discussing the general powers and limitations of the
Federal Reserve Board over the Federal Reserve Banks the
report says in part:
While Congress has placed upon the Federal ReseiTre Board the responsipaper, within the meaning of the Federal Reserve
Act, it has intrusted the management of the Federal Reserve Banks, tinder
bility of defining eligible
the general supervision of the Federal Reserve Board, to their own directors.
Each Federal Reserve Bank has power to appoint, by its board of directors,
such officers and employees as are not otherwise provided for in the Federal
Reserve Act and to define their duties, to prescribe by-laws, not inconsistent with the law, regulating the manner in which its genera! business
may be conducted, and to exercise, by its board of directors or duly authorized officers or agents, all powers specifically granted by law and such
incidental powers as may be necessary to carry on the business of banking
within the I
tations prescribed by law.
Each Federal Reserve Bank Is conducted under the supervision and
control of its board of directors, who are charged by law to perform the
duties usually appertaining to the office of directors of banking associations
and K) administer the affairs of the bank fairly and Impartially and without
discrimination In favor of or against any member bank or banks and.
subiect to the provisions of law and the orders of the Federal Reserve
Board, to extend to each member bank such discounts, advancements,
and accommodations as may he safely and reasonably made with due regard
for the claims and demands of otfier member banks.
The Federal Reserve Board is not authorized by law to pass upon the
paper which is offered for discount to Fedenl Reserve Banks. This is a
function which must be exercised by the directors of the Federal Reserve
Bank or by theh- duly authorised nffii-ers or agents. While the law does
not prescribe any fixed limit as to the amount of loans that a Federal
Reserve Hank may make to a menit)er bank, it docs require that due regard
must be given to the claims and demands of other meml)er banks; that is.
It also provides that a
to their possible needs for credit accommodation.
Federal Reserve Hank must extend to each member bank such discounts
m
and accommodations as may be "safely and reasonably made." This
means that the directors of a Federal Ressrve Bank and the officers appointed
by them mu.«t exercise their best judgment in granting discount accommodations.
'I'hey must assure themselves that the discounts are such as can
be safely made, and reasonably made, with due regard to the possible requirements of other member banks which may ask for accommodations later
on.
The lending power is not vested In the Federal Reserve Board and the
First, the Federal Reserve System Is
reason for this is probably twofold.
not a central bank.
It is a regional system comprising twelve banks.
Congress did not Intend that there should be a centrali/.ed control of credits.
Second, in a country embracing so vast an area as the United States, it
would be a very difficult task, if not an impossibility, for a central board
to pass Intelligently upon the security of the paper offered for discount,
wtiich must necessarily come from all sections of the country.
No
Control Over
Member Dank Loans.
While the Federal Reserve Act was intended to strengthen the banking
system of the I'uited States and to provide ready means of rediscounting
certain classes of p-iper, it is also che evident Intention of the Act to disturb
as little as possiole the business of the member and non-member banks, or
their deiilins with their customers.
There is nothing in the Federal Reserve
Act which gives either the Federal Reserve Board or a Federal Reserve
Hank any control over the loan policy of any member bank. A Federal
Reserve Bank einnot compel a member bank to make a loan which it does
not desire to make, nor restrain It from making a loan which it wishes to
make, even though it is forbidden by la.
A Federal Reserve Bank Ciinnot lend directly to the customers of a
member bank, nor does it. in fact, take the Initiative In making loans to a
member bank for the purpose of enabling the member bank to distribute
The Federal Reserve Bank lends
the funds so advanced to Its customers.
to the member bank against transactions already made, for the purpose
of enabling the member bank to restore its reserve to the legal requirement,
after the reserve has been impau-cd or is about to be impaired because of
increased loans and deposits.
EARNINGS OF FEDERAL RESERVE BANKS IN
1921.
The gross earnings of the Federal Reserve banks fell from
.'{;181.'297,0()0 in lO'JO to $122,865,000 in 1!)21, according to the
annual report of the Federal Ue.serve Board, submitted to
Congress this week, the falling off being due to the decline
the volume of rediscounts which Federal Reserve banka
have been called upon to make for member banks, together
with the successive reductions in discount rates. The following regarding the earnings and operating expenses of
in
the Reserve banks is taken
from the report:
In its annual report for the year 1920 the Federal Reserve Board expressed the opinion tliat, in view of the decline in prices from the high
THE CHKOlSnCLE
Feb. 25 1922.]
level reached In 1919 and the recession of business, it might be expected
that credit requirements, both for the purpose of maintaining reserve balances and for obtaining Federal Reserve notes for circulation, would be
During 1921 there was a material reduction both in the loans
lighter.
and deposits of member banks, esijecially in financial and manufacturing
centres, and this has been reflected in a decrease in the amount of reserves
required to be carried with the Feileral Reserve banks and, consequently,
In the amount of nicint>er bank borrowings.
Much of the greater part of the decrease in member bank borrowings,
however, which shows a gradual but continuous decline from $2,687,000,000
at the end of 1920 to about $1,144,000,000 at the end of 1921, was due to
the reduction of over $900,000,000 in the volume of Federal Reserve notes
in circulation, caused by lower price levels and by net imports of $007,000,000 of gold, practically all of which found its way into the Federil
This decline in the volume of rediscounts which Federal
Reserve banks.
Eeserve banks have been called upon to make for member banks, together
with the successive reductions in discount rates, has resulted in a decrease
In gross earnings from $181,297,000 in 1920 to $122,86.5,000 in 1921.
The greater part of the decrease was due to smaller earnings during the
last half of the year, when gross earnings aggregated $46,182,000, as com
pared with $70,083,000 for the first half of 1921 and $99,520,000 for the
Slightly over 89% of the gross earnings for 1921,
last six months of 1920.
aa against 82% for 1920, came from paper discounted for member banks.
The daily average of discounted paper held aggregated $1,804,000,000 in
1921, a-s compared with $2,530,000,000 in 1920.
The Board desires again to call attention to the fact that the discount
policies of the Federal Reserve banks are directed with a view to accommodating the commercial, industrial, agricultural and livestock interests
of the country in the manner and to the extent permitted by the Federal
Eeserve Act, and not for the purpose of increasing the profits of the Federal Reserve banks or the amount of franchise taxes payable to the Government In accordance with the provisions of Section 7 of the Federal Reserve Act, after dividends at the rate of 6% per annum are paid to the
member banks on the Federal Reserve bank stock held by them, and after
the surplus has been brought up to 100% of the subscribed capital of each
Federal Reserve bank, 90% of the net earnings remaining are paid to the
United States as a franchise tax, the Federal Reserve bank being allowed
by law to retain the remaining 10% as a further addition to its surplus.
Although the discounts for member banks during 1921 have been much
smaller in amount than in 1920, the number of bills and notes discounte<l
Increased by about 200,000, or from approximately 1,000.000 pieces in
1920 to about 1,250,000 in 1921. The number of checks and drafts which
passed through the transit departments of the Federal Reserve banks during the year 1921 has also ghoun a material increase, notwithstanding a
marked decline in the aggregate amount in dollars. This increased volume
of business, together with the further broadening of services extended to
member banks and the assumption on July 1 of fiscal agency expenses,
which hitherto had lieen reimbur.«ed by the Treasury, has resulted in a comparatively small increase in operating expenses.
In order to care properly
lor the increased volume of transactions, as above indicated, some of the
Federal Reserve banks have found it necessary to increase slightly the
number
of their officers
and employees as may be seen from the following
table:
OFFICEE3 AND EMPLOYEES.
Federal Retene Bant
Number Dee. 31-
—
»^i
1921.
734
2.907
1920.
776
2.936
Atlanta
897
977
745
482
842
969
667
446
Chicago
1.728
1.731
Boston
New York
Philadelphia.
Cleveland
Richmond
Bt. Louis
7B2
467
923
637
MlnneapolLi..
Kansas City..
Dallas
Ban Francisco.
Total
851
459
863
613
1.267
1.132
12.526
12.285
Average salarv as of
Dec. 31, ezcluHce
of Bonus.
1921.
1920.
51.564
SI, 405
1.628
1.580
1.431
1.375
1.583
1.492
1.390
1.346
1.519
1.445
1 .5.58
1.414
1.484
1 .339
1.479
1.392
1..569
1.300
1.573
1.414
1.673
1.4S2
»1.562
J1.447
In consequence of the partial or total discontinuance of bonus payments
by the Federal Reserve banks, it hag been necessary in some ca.>*s to make
slight advarces in the basic salaries paid to employees and to junior officers.
If b'jnus payments which during 1920 generally ranged from 10%
for Junior officers and senior employees to 20% for junior employees are
coniidercd in connection with tlie salaries given above, it will be found
that the salary adjustments have not resulted in an increase in the average
compensation paid to officers and employees.
The following table, Uken from the Board's reply of Oct. 81 1921 (S.
Doc. No. 75), to .Senate re-olution 153. kIiows that the average armual salary paid to offic<>ri of the Federal Reserve banks, as of Oct/ibe' 1921. was
|7,743. as compared with an average annual salary of $13,002 paid by
the larger member banks in Federal Reserve bank cities.
AVKP
!AL
ai
-4
i;.
(ttonus excluded.)
FfiUTal
f rrarrnl Rttent
liUuta—
Bnnk
fl-itUi
nnmuin
York
f9.«79
12 745
»"
10 125
7.702
K"
-
'
Ffdrral
Mrmher\
Rftrrtt
^!»
'
114 745
•17.331
15.733
10 O'H
6.473
7,H2S
16.440
6.«(M
5.677
7,946
I
Ail.ii.1*
Chlrngo
• Hli national
l}i>trla
I
—
Itjr
(
li'inkt.
fl'in*.
Ht lyitilJi
Mlnnmt>'illa
K»n«ui
Urmhrr
Rmrree
Ftdrrnl tfiertr
I>nllax
Man Kranclaoo
I7.07S
a.47S
6.147
6.512
6.450
$11675
t7.7i3
113,093
10,621
10 313
H.767
ll,40U
banks.
b* nolH from the above tsbl* that the average annual salary
fll3,'iO?) paid by Ih.- largfr mrnibfr liar.ks In Federal Ueworv- bank cities
Will f,'(",
in exceM of th? av-rax'- aniiijl lulary paid by all Federal lie•ervr liarika.
It
will
The
Fed'-ral
^r—rvn Bank
•'
''
•
'
''
"i^
rnilutrfl
¥'"\Ti\
aurtiliu
\[>-
now
the only one whose net earn''> enable It lo srromulste a surphii f\\i%\
iifd by the Aft of Marrh 3 |MI«, smriidi-rve Act.
All other Ki-drrnl Unu-rve banks
of Dallas
'"
''"'
fiiiw|»
Is
fxtna
n1 Ihrlr Dulnfrllipd riipilal, the
1010, Ihi- F«I<t«I l(<i*rvi> Biitiks of
B««'""
!
'>nd.
Atlanta, Chlrago. Illnnxapolii, Kdtiuia
*"'"'
I'll It "1 -New Vorh In 1010, the Fwleral Kmrrvr bank* of
lj"l '^
l,">ul« In 1921.
In Hi« Uhla l>»|f)w art- ahown the |00'/, or
n«.rrnj| «iir(>l>ia and Ih*railed lor rt,itrn,\rnr» the "nu
''
•
*^"l'^'i
'
r
I
>
In
Vork
In
•
'
..
pT
which la
•arn.ngj after th» normal .I'^.j,
tal,
^iirplu«."
aI«o
til*
to aiirplua
'
ratio
of
toUl
i.
itirplua
Federal Keserrc bank on January
1
Ratio ef
surplus
Normal
Federal Reserve Bank
Boston
i
j
to
jjj
lo
100%
otiljscrlbed
19Zt.
arrount
of lh»
capital
10%
of
aubwrlbed
atock
of
nrf
rjipl-
e«rh
Surplus Jan. 1 1922
Super-
surplus.
$15,871,000
64,228.000
17.473.000
22.268.000
10.857.000
8.379.000
New Vork
Philadelphia..
Cleveland..
Richmond
Atlanta
Chlcaco
i
St. Louis...
Minneapolis
28.614. OnO
9.20(i.000
7.138.000
' 9.141.000
KansasClty
f'7.394.000
Dallas
San Francisco
14.749.000
surplii.i.
$612,000
6,969.000
472.000
366.000
173.000
735.000
411.000
182,000
''
330 000
7-^ 505.000
•
"m
'-450.000
Suhscrtbed
to !<ub.
acpilal.
captlnl,
Total.
$16,483,000
60.197.000
17.945.000
22.634.000
11.030.000
9.114.000
29.025,000
9.388,000
7.468.000
9,646.000
7.394,000
15.199.000
I022.ynnl'22
$15.871000 103 9%
54.228.000 111.0%
17.473.000 102.7%
22.268.000 101.0%
10.857 000 101.6%
8..379,000 108.8%
Jan.
I
28.614.000
9.206.000
7.138.000
9.141.000
8.406,000
14.749.000
101, 47o
102
0%
104,6%
I0'>.5%
88
0%
103.1%
..$205,318,000 SIO. 205.000 5215.523.000 $208,330,000 104.5%
Total
The question having arisen as to the amount that a Federal Resen'e bank
might properly charge off each year for depreciation on the bank buildings
owned by it, the Board has ruled that Federal Reserve banks may charge
against current net earnings each year an amount not in excess of 2% of
Should a Federal Reserve
buildings, exclusive of land.
charge off an additional amount, or to provide a reserve for
depreciation on its building, the charge must be made against super-surplus
and not against current net earnings. Thus the amount of franchise taxes
payable to the United States is not affected by writing down immediately
the book value of banking houses to an amount which represents normal or
pre-war costs of construction.
Out of their net earnings during 1921, after the payment of dividends,
the Federal Reserve banks transferred $9,329,000 to their normal surplus
accounts, $6,664,000 to their super-surplus accounts, and paid $59,974,000
to the United States Treasury as a franchise tax.
the cost
of
bank desire
their
to
FEDERAL RESERVE BOARD IN ANNUAL REPORT RENEWS RECOMMENDATION THAT CLAYTON ANTITRUST ACT BE AMENDED.
annual report, made public this week, the Federal
Reserve Board renews its recommendation that Section 8
of the Clayton Anti-Trust Act be amended so as to authorize the Federal Reserve Board to permit a person to serve
more than three competing banlcs, when the Board is satisfied that such interlocking directorate will not result in a
restriction of credit or lessening of competition between the
banks involved, the Board, however, to continue to have
Regarding
full power to revoke such permits at any time.
the amendment proposed the Board says:
In
its
originally enacted Section 8 of the Act approved Oct 15 1914, known
the Clayton Anti-Trust Act, absolutely prohibited interlocking direcThe Act of May 15 1916, known
torates between certain classes of banks.
as the Kern amendment, modified the provisions of that section so as to
allow a person who first obtains the permission of the Federal Reserve
Board to serve not more than three banks in the prohibited classes, if such
banks are not in substantial competition. Under the terms of this amendment the Board is authorized at its discretion to grant, withhold, or revoke such consent if the banks involved are not in .substantial competition,
but the Board has no authority to grant such consent if the banks involved
As
as
are
substantial
in
competition.
Inasmuch as several years had elapsed since the enactment of the Kem
amendment, the Board in the fall of 1920 undertook to review the entire
reference to interlocking directorates, in order to determine
whether, in view of changed conditions, it ought to exercise its discretionary power to revoke some of the permits which it had granted previously.
In view of the complicated nature of the provisions of the Clayton Act relating to interlocking bank directorates it is the practice of the Board to
refer all matters relating thereto to its counsel's office, and that office collected and arranged the data for this review and has made a thorough
situation with
of the legal and practical problems involved.
During the course of the Board's review of the situation, urgent representations were made on behalf of .some of the banks involved that to revoke
outstanding permits and break up long-standing relations would work hardIt was argued
ship and injustice upon many banks and bank directors.
that the intent of Congress in enacting the Clayton Act was to encourage
competition between banks, and tliat where competition had sprung up
between two banks while their directorates had been interlocked that Intent was not l)eing defeated by the existence of the interlocking directorate.
There is no doubt of the soundne-j> of this argument, and it emphasizes the
fact, which had for some time been imijres.^ed ujion the Federal Reserve
Board, that .Section 8 of the Clayton Act as amended by the Kern amendment ppnall7.e8 directors who have acted in acconlance with the intent of
Congress and have encouraged the growth of competition between the banks
which they nerve.
When the work done In connection with the review of the Interlocking
directorates reveulerl to the Board how many Instances there were In which
a strict enforwment of the terms of Section 8 of the Clayton Act would
operate ine<|uitably, the Board decided to consider the question of a further
jmeiiilinent lo tlic Clayton Act to carry out more elfcctually the intention
1'lie mailer was reol Congress to promote and encourage competition.
ferred to the Board'a committee on Uie Clayton Act, which, after nuiking a
.study
careful
HysUm
797
atuily
of
the
problem, with
the aiiKiHtsncc of
couiim'I,
rendered a
waa recommended an ainendinent which would aulliorlie
llip Federal Kracrvc Board to permit a peraon lo scrtc not more thun three
rompeling bunka, when the Bounl U witlkfled Unit audi Interlocking dirroreport In which
tofiitea will
Ix-lweeii
power
llin
I'
The
It
not reault In a rcatrlctlun of credit or Irsaenlng of cornpetitjon
linnka Involved, Uio Board, however, U> continue lu have full
ioich
permits at any time.
recommended lliat exiatlnir permits previously
by the llonrd ho not dUlurlinl unlll the probability of the enuctniaol of such an amendMienl could be muiTlained, und Unit the llmird
pooliioiie riMul action on Its review of the esUtliig situiillim which had
lifin M'lieduird for April I,
The B»ard ailopled the reconimeiulatloiia iil Its
committee on the Clayton Act, and a bill aiiiendlnK the Cluytoii Art In
thla manner waa drafted snd aubmltled Ui the Senate stid llouas (Dimmitli-e* no linriklng and Currency.
The hilt wiia liilr<Hluce<l In the IIkuiw of
l(i-|irea<-otiitlvr* on April 21
1U21, and wua relnrrsd to the Coinniltler on
ll.iiiklMK und Currrncy, but nu further action liua Imtii Inken reuutding IL
Tlir It'ianl de«lr«a to lake thla oppurliiiilly to renew lla rrcoinniendutiuu
that llie pr'i|Hiw>i| amendment to llie Clayton Aol be ensrlml.
,
lloring Die year 1021 the Hoard has acted upon S07 sppllcatlons for lU
ixrmlaeloti Ui serve two or more bunks under the Kern amendtnenl, man'
furl her
Kraiiled
.
,
—
:
THE CHKONICLE
798
office having investigated and made its report to the Board upon
The Board has also, through counsel's office,
each of these applications.
investigated and acted upon approximately 500 apparent violations of the
Clayton Act, reported by national bank examiners.
sel's
REPORT OF FEDERAL RESERVE BOARD ON AMENDMENTS TO FEDERAL RESERVE ACTRESERVES.
Stating that the Federal Reserve Act has been amended
three times during the year 1921 by two different Acts
approved Feb. 27 1921, and by an Act approved June 14
1921 each amendment having been recommended by the
Federal Reserve Board the Board, in its annual report to
—
—
—
Congress this week, says:
By one
Acts approved Feb. 27 1921, the provisions of Section 11
(m), which had expired by limitation on Dec. 31 1920, was re-enacted with
a slight modification and made effective until Oct. 31 1921. That section,
as amended by the Act of March 3 1919, had authorized the Federal Reserve Board to permit Federal Reserve banks to discount for any member
bank the paper of a single borrower up to 20% of the member bank's capital and surplus, provided that such paper in excess of 10% of the member
bank's capital and surplus was secured by Liberty bonds. Victory notes, or
United States Certificates of Indebtednes.s.
As amended by the Act of
Feb. 27 1921, the scope of the section was narrowed by limiting its application to paper secured by Liberty bonds and Victory notes only when the
borrower was the original subscriber thereto. The section as amended still
applied, however, to paper secured by United States Certificates of Indebtedness, however acquired.
The other Act, approved Feb. 27 1921, amended Section 2.5 (a) by adding a proviso to the first paragraph thereof to the effect that nothing in
that section .should be construed to deny the right of the Secretary of the
Treasury to use any corpoiation organized thereunder as a depositary in
Panama, the Panama Canal Zone, the Philippine Islands, and in other insular possessions and dependencies of the United States.
The necessity for
tliis amendment arose from the fact that the Treasury officials
were doubtful whether the authority to require corporations organized under
Section
2.5 (a) to act as fiscal agents included the right to use them
as deposiof the
taries.
Section 25 (a) was amended again by the Act of June 14 1921.
As
originally enacted, that section required corporations organized
under it to
have a capital of not less than $2,000,000, one-fourth of which had
to be
paid in before the corporation was authorized to commence busine.ss
and
the remainder of which had to be paid in in installments
of 10% at the
rate of one installment every two months.
Tliis requirement
was modified
by the Act approved June 14 1921, so that a corporation with
an authorized capital in excess of .$2,000,000 may apply for
the consent of the Federal Reserve Board to have such excess paid in on
call of the board of directors, provided that in all events 2.5% of the
total authorized capital must
be paid in before the corporation commences business.
As
to the
tional banks
amount and character of reserves which naand State member banks must, under the Re-
serve Act, carry against deposit liabilities, the report
says
The Federal Reserve Act, as amended, has changed both the
amount and
character of the resenes which all national banks and
State member banks
must carry against their deposit liabilities. For a long
period of years
It has been the practice of American banks
to carrv as a reserve in cash
and on deposit with other banks a certain proportion
of their deposits.
Before the passage of the Federal Reserve Act the
national banks in the
three central reserve cities were required to keep
in their own vaults as
reserve in gold or lawful money an amount
equal to 25% of their net deposits, and in other cities and towns they
were required to keep a part of
their required reserves in cash in their own
vaults, while a part might be
kept on deposit with other banks. The laws regarding
the reserves of SUte
banks varied in the different States. Under the
Federal Re.seri-e Act the
percentage of reserve required has been substantially
reduced, and
as
amended, no national bank and no State member
bank is required to keep
any definite amount of cash in its own
vaults, and whatever amount of
cash IS kept on hand by the member banks,
as deemed necessary bv the
judgment and experience of their officers, does
not count as part of the
banks lawful reserve.
•''" '"™^" '^'^"'^^ '""^^
^'^ kept on deposit
wi?h^'th? F?/'^,'"t>''''"'1''*,
^^"^^^' ^ consequence, the cash resources of
7hl\
]
^
n
^^'v^'?
the Federal Reserve banks are necessarily
very large and their holdings of
gold in particular, constitute a very large
proportion of all the gold in the
that would have been in circulation or
held by all the banks through'^'''" "° ^^''^^'••'' '^'^^'^-^ banks
'°p" '''
established
A= H
:^J^'''
^"'" '*''^ ""'''^ "''^ '"^'^ custodians of the legal
re.l,o of all
n' member
v-*'","'
reserves
banks, the object of Congress in throwing
safeguards
and l™;tations around their loan transactions
is evident.
It is necessary
'^?^.^"-^^banks should keep themselves in
a "liquid" position';
thnl IS, their bills discounted must
that
be of short maturity and should
be
feold
^f
%
ifZ
"""*•,•
^'?"''." °' "" ^"''"•^ •^•'""^-^ ^--t^™ "f th
""Ir related to
is directly
the strength of the Federal Reserve
the Federal Heserve banks should allow
themselves to get into
°yf:''^t<^"'i^d, and unsafe position, all member and
United States
St
banks.
If
Lr
banks «
would
non-member
be seriously affected.
followino- institutions
wore admitted to the Federal
Reserve system during the week ending Feb. 17:
n, XT
<,
District
No. 2—
Overpeck Trust Co.,
,
Capital.
Surplus.
Total
Resources.
«i()o,ooo
.50o!oOO
.$25,000
•10,000
2.50,000
2,026,2S4
2.007,207
200.000
50.000
2.745.536
•
''^-':
^.^t!
Olobo
Ridgefield
Park.
-
Exchange Bank, Brooklyn, N. Y...
Midwood Tru.st Co. Brooklyn, N. Y
District No. 8
Southcm Commercial & Savings Baiilc,
St.Louis.Mo
_
,
S.
TREASURY CERTIFICATES MATURING MARCH
REDEEMABLE AFTER FEB. 23 1922.
15 1922
Secretary of the Treasury Mellon announced on Feb. 22
that he had authorized the Federal Reserve banks on and
after Thursday, Feb. 23 1922, and until further notice, to
redeem in cash before Mar. 15 1922, at the holder's option,
at par and ac(;rued interest to the date of such optional re-
demption. Treasury certificates of Series TM-1922, dated
15 1921, Series TM2-1922, dated Aug. 1 1921, and
Series TM3-I922, dated Sept. 15 1921, all maturing March
March
15 1922.
SUB-COMMITTEE OF HOUSE REJECTS SALES TAX
TO FINANCE SOLDIER BONUS.
proposal
to pro\ade for the soldiers' bonus by a manuA
was rejected yesterday (Feb. 24) by the
Sub-Committee of the Republican members of the House
Ways and Means Committee bj^ a vote of 5 to 3. The Ncav
York "Evening Sun" of last night had the follo-nang to say
facturers' sales tax
regarding yesterday's action:
The full membership of the Committee, taken unawares by the SubCommittee's action, postponed a vote on acceptance of the no sales tax
plan until Tuesday.
The members of the Sub-Committee will recommend to the full Committee one of two methods for raising the revenue for passing the soldier
bonus: Either passage of the bonus bill without any revenue-raising provisions, except authority for the Treasury Department to issue short-time
Treasury notes or certificates of indebtedness, or the levying of taxes along
the lines of the eight-point taxation plan suggested some time ago.
Inasmuch as President Harding has already firmly indicated his opposition to both these methods of paying for the bonus, the seventeen Republicans on the Ways and Means Committee will be confronted with a situation
where they will have to decide whether they will drop the bonus altogether
at this time or whether they will frame a bUl that is certain to be vetoed by
the President.
It is certain that a fight will be made to put over the sales tax in the meeting of the full committee, but the opposition of the five members of the SubCommittee is enough, when joined with the eight Democratic members of
the full Committee, to defeat the sales tax provision when it comes before
the full Committee.
It would seem, therefore, that the sales tax as a means of paying for the
soldier bonus is as dead as a doornail.
The problem
of financing the soldier bonus had been reback on Feb. 20 by the Republican members of the
House Ways and Means Committee to the special tax
Sub-Committee. Regarding the views expounded before
the Sub-Committee by Secretary of the Treasury ]\iellon
on the 21st inst., the New York "Times" said:
ferred
Secretary MeUon, appearing before the AVays and Means sub-committee
considering bonus legislation to-day, reiterated his opposition to such legislation because of the condition of the Treasury.
He argeed with the President, however, that if bonus legislation were to be passed, the onlj- way to
raise the revenue without embarrassing the Government and injuring business was through a sales tax.
Mr. MeUon was asked to appear before the committee to discuss the
advantages and disadvantages of different forms of a sales tax. The conference was held in executive session.
He said that be was as much opposed
to a bill without any provision for revenue as he was against a measure
which found the money by the eight-point taxation scheme recently advanced by the committee or by Treasury certificates.
Experts of the Treasury who were with Mr. Mellon said that a final retail
tax would be objectionable in that it would be hard to collect and would
be obnoxious to the consumer. They urged that if a sales tax were adopted
it be placed upon manufactured articles or on the jobber.
2 to 4% Tax Favored.
proposal which seemed to meet with the most favor of the committee
was that placing a 2 to 4 % upon specific commodities sold by manufacturers
or jobbers. All iron and stael manufactured products would have a fixed
In some instances
tax, and so the tax would bo imposed all allong the line.
it would be 2%, and the maximum would not exceed 4%.
Under such a plan, taxes would not be imposed on food products and some
This tax, it is estimated,
articles of everyday household consumption.
would raise $500,000,000 annually.
advocated by Senator Snioot did not apTho manufacturers' tax of 1
pear to have much support in the committee. This tax, Treasury experts
estimated, would yield $250,000,000 annually.
The sub-committee is not seriously considering any form of taxation other
than a sales tax. The hearings have not progressed far enough to indicate
just what form the sales tax will take, but it can be said upon authority
that the committee intends to report a bonus bill carrying a slaes tax
The
%
provision.
Opposition to a sales tax
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The
U.
200.000
.SI
is
increasing so rapidly as to
make
it
doubtful
whether sufficient votes can be obtained in the Rules Committee for a special
Only four memrule in favor of a bonus bill with a sales tax revenue raiser.
bers of the committee arc favorable to tlvis tax.
Seventy-two members of the House, representing tliirteen States, have
signed the petition started >'seterday against tho sales tax and in favor of a
The States represented are
rule permitting amendments to the bonus bill.
South Dakota, Minnesota, North Dakota, Wasliington, California, Illinois,
Pennsylvania. Missoiu-i, Wisconsin, Iowa, Ohio, Micliigan and Nebraska.
Befoi'e the petition is presented to-morrow to the Ways and Means Committee it Is believed that there will be more th.-in 100 signers.
25, 000
INSTITUTION AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
Tho American National Bank of West Palm Boach. Florida/
[Vol. lU.
RESERVATION TO FOUR-POWER PACIFIC TREATY TO
BE ACTED UPON IN COMMITTEE TO-DAY.
What is termed "a modified blanket reservation" to the
Four-Power Pacific Treaty, and is said to be satisfactory to
President Harding and to a majority of the members of the
Senate Foreign Relations Committee, was debated yesterday
(Feb. 24) by the Committee, which decided to vote on the
Treaty
itsolf
and on
of last night, in
Washington dispatch yesterday afternoon,
stating this in a
799
foi-e, I am not disappointed.
No written record was ever kept of tlie secret
conference, and as no records exist of the nature demanded by the Hitchcock
resolution, of course the President could hardly be expected to send us any.
The niattor will certainly be debated on the floor of the Senate when the
proposed reservations at to-day's
all
The New York "Evening Post"
session.
CHRONICLE
TPIE
Feu. 25 1922.]
proper time comes.
also said:
Tlif new roservation was laid before the Committee by Senator Brandegee,
Repul)lican. of Connecticut, after a conference with President Harding.
The Connecticut Senator wa.s said not to have reported it as embodying
the I'residcnt's view^s, I)ut the understanding of Committee members was
that it would be acceptable to the White House.
The text of the reservation follows:
8EXAT0R BORAH OX OBLIGATIONS OF $75,000,000,000
OX TAXPAYERS FOR CARE OF DISABLED.
Senator Borah (Kepublican) of Idaho, one of those opposed to the soldier bonus bill, declared, in addressing the
Senate on the subject on Feb. 13, that "it is perfectly safe
to say that before this Govermnent shall have discharged
its obligation to the wounded or disabled soldiers the taxpayers of this country will have met an obligation of at
least $75,000,000,000." and that "conservative exi^erts have
estimated it at $100,000,000,000." During his discussion of
the subject, Senator Borah stated that "I doubt not that
it is the wish of the ex-service men throughout the country
that the Government should be absolutely certain that it is
first meeting and is meeting unmistakably, the obligation
of the disabled soldier, and that it will not be embarrassed
in meeting it in the future before it takes upon itself the
burden which is proposed by this contemplated measure."
In part Senator Borah's remarks were as follows:
The United States understands that under the statement in the preamble
or under the terms of this treaty there is no commitment to armed force,
no alliance, no obligation to join In any defence.
Although apparently acceptable to most of the Republican and Demoon the Committee, the reservation, according to
to-day's decsion, will not receive unanimous Committee approval.
Senator Johnson. Republican, of California, was said to have .shown
opiwsition during the meeting.
It was generally expected that Senator
Borah. Republican, Idaho, who was absent, would take a similar position.
The compromi.se reservation is more direct and shorter than the original
Brandegee blanket proposal, for which a majority of the Committee members pre\iou.sly had indicated their support. Under the original reservation
the United States would have set forth in detail that it was to assume no
"moral or legal" obligation under the treaty or any adjustments resulting
from it without "the consent of Congress."
Particular reference to the preamble of the treaty is said to have been
made in the new draft. becaiLse the preamble states that the agreement is
made "with a view to the preservation of the general peace and the maintenance of" the rights of the signatory Powers. The word "mamtenance"
does not appear, however, among the conunitments of the treaty proper.
Committee acceptance of the compromise, if formally agreed to tomorrow, is expected to shorten the reservation fight which was developing
in the Senate, although it appears certain that various other proposed
reservations will be brought forward both in committee and on the Senate
floor, and will lead to considerable debate.
Senator John.son has one
pending in committee, intended to define the word "rights" as used in the
cratic reservationists
adjusted compensation bill, more popularly known as the
not immediately before the Senate, but the subject is one
is perliaps entertaining the consideration of the members of Congress
more than any other question now on the calendar or to be on the calendar
in the immediate future.
I think therefore it not inappropriate to discuss
The
bonus
which
treaty.
There are two features of the question which immediately present themselves for consideration.
The first is the economic feature of it the other
The former question is
involves a fundamental principle of government.
pei-haps the more immediate and vital, although the latter should in tlie
end be more controlling. I shall not undertake to discuss the latter question at the present time, but as the debate proceeds it will tmdoubtedly
tee is not expected to result in
;
give rise to di.-eu.s.-^ion.
The disabled soldier stands out and apart from the rest of the citizens of
the country and is entitled to receive and does receive and will continue to
receive the gracious consideration of his Government at all times.
There is
no difference of view so far as I know as to the obligation of the Government
to equalize as nearly as it can the chances of the disabled soldier in the
struggle of life, and what we are doing and what we propose to do with
reference to the disabled soldier is a matter of much concern, and has its
bearing upon the propo.sal of a bonus.
Tlie legislation which is proposed
with reference to the soldier who has returned unimpaired in body or in
mind will have its immediate bearing upon the ability and the willingness
of the Government to discharge its obligations to the disabled soldier.
It
is therefore important to inquire what is the obligation which the Government assumes and which the Government must assume with reference to
the disabled .soldier and how will that obligation be affected by the legislation which is proposed with reference to general compensation. We cannot
dissociate the questions
one necessarily must have its bearing upon the
PRE.SIDENT HARDIXG ADVISES SENATE THAT HE
CAyXOT SUPPLY IXFORIIATIOX DATA REGARDIXG FOUR-POWER TREATY.
President Harding this week replied to the Senate resowhich he was requested to furni.sh to the Senate all information, documents, etc., covering the conversations at the Conference on Limitation of
Armament bearing on the Four-Power Naval Treaty. The
resolution, which was adopted at the in.stance of Senator
flitchcock, was referred to in our issue of last week, page
697.
President Harding, in advising the Senate that it Is
impo.s.sible to comply with its reque.'^t. says that "many of
the tilings asked for in the resolution it is literally impos.sible to fumi.sh, because there were many conversations and
discussions quite outside the Conference," and he states it
to be Incompatible with public interest "to attempt to reveal
informal and confidential conversations or discussions."
The following is President Harding's reply to the Senate
lution of the IGth inst., in
re.solution
To the Senate:
:
is
subject.
tlie
Final favorable action on the reservation and the treaty in the commitan immediate report to the Senate. The
leaders indicated that they wotild hold the Arms Conference treaties in committee until a report on all of them is ready. It is the hope of the leaders
to have such a report completed by the end of next week, when it is expected that the Senate debate on the separate treaty with Japan relating
to the Island of Yap wiU be concluded.
To-day the Senate met an hour
earlier than usual in order to expedite the Yap treaty debate.
so-called
bill,
—
other.
I call attention to some figures bearing upon the question of appropriations for the disabled soldier up to tliis time.
In 1918 we appropriated $179,287,800 for allowances or benefits on account of soldiers and sailors who participated in the world war.
In 1919 we appropriated .$89,253,8.3.3.
In 1920 we appropriated $305,193,993.
In 1921 we appropriated $271,619,400.
In 1922 we appropriated $330,250,400
making a total for those five
years of $1,175,605,418.
On Saturday last we passed a bill carrying an appropriation in round
figures of $400,038,644,
I am not sure that that is the exact amount for
—
which the
Re<ipon«ive to Senate Renolution Xo. 237, OJiking for records, minutes,
.irffuments, debates, conversationii, etc., relating; to the so-called FourPower Treaty, I have to adviiie that it in impoK-iiblc to comply with the
.Senate's r'fiue'.t.
Many of the thintr* aj>ked for in the resolution it is liter^"••• •
M» to (urniiih, Ijecauj* there were many conversations and disoutni'le the Conference, yet vital to its succe&s.
Naturally,
in.T,.- .11iiiiout record.
r do not bffli«-vp it to be compatible with public interest nor consistent
••- 'ional neffotiations to attempt to reveal In-'
with the am'
formal and
itions or diwuxsions, of which no record
— •' krpt, or t'j i-iii.u i-ii.-iii.c HUioceHt ions or informal proposals, without
h the arrival .it dexiralile international understandln^rs would be ren-. •<! unlikely If not impo^Nible.
VVliilr I am unable to transmit the information requested, I do, however,
•
"
I'iily to say most emphatically that Uiere were no conjK" anri no secret exch.iiiKc of notos and there arc no
...i.iMiMii.:,
A„.iijr\rr cxeriit oj up|M-ur id the Kour-l'ower Treaty lts<-lf
aiid the su{>[i|pmentary OKrcmient which .ire now in the liands of the .Seiute.
'
,••
'
bill pa'Jied the Senate.
Senator Warren (Wyo.) The Senator need add 4o cents only to
:
amount
Mr.
make
the
correct.
Forty-five cents.
That appropriation will have to be Inand it is perfectly safe to say that appropriation bills passing and those which are to be taken pare of in the immediate future will
carry at least $500,000,000 for the disabled soldiers and .sailors of the
Horali
creasetl
:
later,
late war.
Senator Warren: If the Senator will permit me, we already have estimates for a deficiency bill of $93,000,000 to complete the fiscal year 1922,
atiil juilKing by the past, there will be more asked for 1923 through one or
more deficiency bills.
Senator Borah:
Then there should be added to the figures for 1922,
in adilition to the $330,2.^)0,400 about $93,000,000.
Heniitor Warren:
About $93,000,000; not less than that.
Scnal'ir King fUtjjh)
I
think, in addition to the fig\ires Ktal<'<l by the
S<-n.it«r finni Iilaho and those just given by the Senator from Wyoming,
:
there are
ii
gri-at nniny oUier items tliut are found In other appropriation
nut the amounts ought to be ilireclly chargeable to this branch of
bills,
the Hervlrc.
Uesperlfully,
The White Umiiw. Kib. 20 1822.
WAItllKN O. HARPINO.
Warren: I did not mind the 1922 figures, brcatiso we had one
two large uppruprlutions in ileficiency bills, but I a.«Nume thai the Senator already hud those figures.
I
(leslre to siiy, however, that there Is
.(iiilgiMMl dral of rxpetiirf) In the Public IIimIIIi Servhv and other siirh
I'.-., IIS the H«fnalor from (?t«h has stateil,
which, while It cannot be
lirDUght down to exact figures to add to this, is appropri.^"Niitor
or
'poll motion of Hfiiator llltchco4-k the letter wuh referred
Si-rmtc f'i>rriinittec on l''(»rci«ri ilchitluiiM.
.Sciiiilor
tn fh<'
WHM
hm exprcHHltig cj|Happi»iiitiin'iit at
the Prenldcfil'M letter, find Mtatirig that he wuh In favor of
fnlilntf S<«ri'tHry niiu'lu-t iMforc Ihf ((iiiimllii-c for tin orni
IIIt'lico<-k
re|M»rf of
the
n'|M»rte«l
iiro«<Miliii;.'M loidiiii;
The
Kour-I'ower Trenfy,
up
''
<•••
.S«ii)iloi
pfirii'fl
lioldll,
<t||)-
of
I
"'
llin
how
I/.!'
I
nt
liiji
!,f|y
i>T
rrKardlnic
Imw wp can
If wo art not
l>c
ex-
to bo
WIlM
sloii
ii
M.
Yes,
lipi.ri:
I
think tlirn-forr It Is a very ccuiMTvutlve Ktat<>that wr will upproprlatr $.'>00,OnO,(lou for the riinilng
(if thine who were engiiHcd
in the Ittle war ntid who mif
l)f rour»i' that Is otdy
the
iM'gliuilng.
Tim Nino\int
n'lw appriiprLitliig will Djntlnue In grow very rapidly for
kiiy
I
Ilie
tny
of r)ur veteran service.
irt
If
him on wiyhig:
U')Khr*
'"'"'
'"
.
III
to the foriiuitloti
"IN-rald " (|uofe«l
ig
.1
•
iM'
the next thirty, (MMsilily fifty, year*.
'lit within the next Irn years
wc will Iip iipproprliiting
for llio dlutlilnl iMIiTii iiml liallors of Ihe Into war.
I
niiikliiK,
>
op|KiM4-d to (In- Irr'nly, In re
N
I
'f
.
"
.
.
,
,,
,,,!,
ii-i
ll'Ui
jU
t
I-
th*r«>
rrpsidwit
was anythlnc with
wmiW
im
^lil*
rtf»r«ii<« to th« Knur-I'nwrr
to ih* Hxnat*,
Th»r«>
to aubnill
we
tiiki<
ii.il
I'
ur<
cair
line
tit
frjiii
as
„f
the
lire
,,,_
|),p
wn may
kmm
uiim
ami which we
/ear to ynir.
We
'.i>iuu
will
be
liiiKi'd
„,„|
upon the
,,^||
I
hIIpi,.
of the hiinlen which
iiiider
olillgulioiui
will not shirk thn duly,
I
In
trust, but
:
THE CHROlSnCLE
800
we ought not to place ourselves in si position where it
cally impossible for u? to meet it as we should.
may become
practi-
;
—
—
now
receiving.
know by personal observation, as every Senator here knows, that there
are many cases which call for consideration at the hands of the Government not now being cared for. We know that those who are in close
I
touch with the disabled soldiers are constantly presenting to the Government the fact that the situation has not yet been met. Only a short time
ago a letter was addressed to the President of the United States calling
attention to the fact that the neglect of the disabled soldier was a smirch
upon the good name of the United States, and stating facts and circumetances which eeem to have warranted the conclusion which the writers
drew.
Among other things, they say
"For example, in the Longview Asylum, in Hamilton County, Ohio,
there are forty-two gallant soldiers who broke down mentally under the
stress of the war, although Longview is so overcrowded that 240 of the
inmates sleep on the floor like cattle."
I never have heard of that statement being controverted.
Other instances
are given, ma'iy of them.
Other statements have been made which seem to
be well founded and those things, taken in connection with the personal
knowledge which every Senator has, either through letters or observation,
lead to belief that owing to the fact that the Government is now apparently
bearing every burden in the way of tax gathering that it can, we are not
meeting the situation with reference to the disabled soldier as we should.
Does anyone doubt that if we impose upon the taxpayers of this country
an additional burden of from three and one-half to five billions of dollars
it will have its effect, its tremendous effect in the way of crippling the Government, of taking care of those who have every right to be taken care of at
the hands of the Government? Can anyone doubt for a moment we will in the
years which are to come, during the next four or five or even ten years,
;
we
are called upon to meet this obligation to the disabled soldiers, that
be embarrassed by the fact that we have distributed or agreed to
distril)ute some five billions of dollars to those who are not disabled? With
this bonus of five billion dollars resting upon us many dollars will be denied to the disabled.
I doubt not that it is the wish of the ex-service men throughout the
country that the Government should be absolutely certain that it is first
meeting and is meeting unmistakably the obligation to the disabled soldier,
and that it will not be embarrassed in meeting it in the future before It
takes upon itself the burden which is proposed by this contemplated measure.
I am sure that all ex-service men want the disabled Uiken care of
as they should be, and none desire to cripple the Governmont in doing so.
From a message sent a few days ago to ex-Pre^ident Wilson by the disabled veterans of the world war I read as follows:
"Resolutions looking to the better care of disabled veterans were adopted
at the closing session. The conference went on record as favoring immediate
construction of al! hospitals for which allocation has been made, and establishment of rest homes for convalescents, as well as for training men in
poor physical condition, also tubercular sanitariums.
It was voted to ask
Congress to investigate the needs of tlio War Department in order that
the service records might be available in establishing the justice of disabled men's claims, etc."
These matters are pouring in upon us day by day and being brought to
our attention in many different ways, and I think them important matters
to consider in connection with this bill.
Let us go back, now, to the 12th day of July, 1921, when this question
was before the Senate in a measure then upon the calendar for consideration.
So serious was the financial condition of the country and in such
distress was the Treasury of the United States, that It was deemed necessary
to have the President come to the Senate and advise us as to the condition
of the country and as to the probable consequences to the financial and economic situation of the country should we pas.« the bonus bill at that time.
I go back to the 12th day of July, 1921, and a.sk the Senate to consider
Beriou.sly whether the conditions were worse at that time than the conditions as they exist now, not only with reference to the Treasury, but as
to the taxpayer, and as the condition of industry throughout the country.
If there has been any marked or substantia! change in the situation for
the better, I am not adyised of it Said the President:
as
we
will
measure could be made effective at the present time without dl»the nation's finances, and without hindrance to imperative readjustment of our taxes. It would present an entirely different question than
The enactment of this bill in the midst
that which is now before you.
of the struggle for readjustment and restoration would hinder every effort
and greatly injperil the financial stability of the country. More, this menacing effort to expend billions in gratuities will imperial our capacity to
discliarge our first obligation to tliose we must not fail to aid."
Is not that the precise situation at the present time?
Is the financial
condition of the Treasury any more satisfactory, notwithstanding the effort
Have the taxes been reduced to any substantial
to relieve the situation ?
extent, so that the taxpayer has felt the relief, and are we in any better
position to take care of the disabled soldier than we were on the 12th of
July, 1921?
''If
aster
These young men who came home, some of them supposing, many of them,
thousands of them and hundreds of thousands of them, supposing that they
were in good health, uninjured and unimpaired in mind or body, find and
will find that subtle diseases they contracted or injuries which they received
or the hardships they were compelled to undergo have undermined their
Day by day the number
liealth and many times shattered tlieir minds.
we will have to take care of is increasing, and for years will increase. I
think it is perfectly reasonable to say that this sum will increase from
year to year until it will reach at least $1,500,000,000 a year in a fewEven this amount may be greatly increased.
years.
As an illustration of this, I go back a moment and review the increase of
pension appropriations for the Civil War veterans. When we compare the
appropriations made for the Civil War veterans and the percentage of increase and the number of j'cars through which it increased it is perfectly
safe to say that before this Government shall have discharged its obligation tfl the wounded or disabled soldiers the taxpayers of this country will
have met an obligation of at least $75,000,000,000.
That sum
Conservative exi)erts have estimated it at $100,000,000,000.
seems so staggering and so stupendous that I hesitate to prophesy that we
will reach that smn, but I do not know by what process we can reason it
down below $75,000,000,000.
Look for a moment at the Civil War pension appropriations. In 1875, ten
years after the close of the Civil War, our appropriation bill for pensions was
We are
That was ten years after the conflict was over.
$29,980,000.
Tiow appropriating $500,000,000 within four years after the world war.
In 1898, prior to the Spanish War, we appropriated for the veterans of the
From 1875 to 1898 Uiere had been this large
Civil War $141,263,880.
increase, and in 1921, fifty-six years after the Civil War, we appropriated
If, therefore, we compare the rate of increase,
$279,150,000 for pensions.
taking into consideration the larger number with whom we shall have to
deal and the greater seriousness of the war as to injuries and wounds, we
shall arrive readily at the conclusion that the amount of money which I
have suggested as the probable amount which the taxpayers will have to
meet is a reasonable figure.
One of the reasons why I am opposed to the bonus bill is because, even
with the large sums which we are now appropriating, I do not believe that
we are doing all that we ought to do by tlie disabled soldiers, and this
bonus will make it more difficult to discharge that duty.
I am perfectly aware that the subject of neglect of the disabled soldier
is one w^hich is calculated to create much feeling and possibly some undue
but after
sentiment, and therefore facts and figures may be exaggerated
all these things are taken into consideration, I entertain no doubt at all
that those who are in charge of this service and they are faithful and efficient- could utilize altogether to the benefit and advantage and happiness
and welfare of the disabled soldier $200,000,000 a year more than they are
[ToL. 114.
this
to
.
.
.
BILL PERMITTING COMBINES OF AGRICULTURAL
PRODUCERS SIGNED BY PRESIDENT HARDING.
President Harding on Feb. 18 signed the so-eallcd CapperVolstead bill to authorize co-operative associations of producers of agricultural products for the marketing of such
Reference to the fact that the Senate had passed
products.
the bill on Feb. 8 was made in these columns Feb. 11, page
572. It had passed the House on May 4 of last year, as was
recorded in our issue of June 4 1921 page 2360. The amendments which had been made to the bill by the Senate were
accepted by the House on Feb. 11 by a vote of 276 to 8, the
measure thereupon having gone to the President for his
approval. The following is the bill as enacted into law, the
Senate amendments, accepted by the house on the 11th
inst., being shown in italics:
,
AN ACT
To
authorize association of producers of agricultural product*.
enacted by the Senate and House of Representatives of the United States
of An er ra in Congress assembled. That persons engaged in the production of
agri' ult iral products as farmers, planters, ranchmen, dairymen, nut or
fi-uit g )wers may act together in associations, corporate or otherwise,
with o without capital stock, in collectively processing, preparing for
maiket. handling, and marketing in inter-State and foreign commerce,
such products of persons so engaged. Such associations may have marketing agencies in common; and such associations and their members may make
the necessary contracts and agreements to effect such purposes: Prodded,
houcvcr. That such associations are operated for the mutual benefit of the
menibers thereof, as such producers, and conform to one or both of the
following requirements:
First. That no member of the association is allowed more than one vote
because of the amount of stock or membership capital he may own therein, or.
Second. That the association does not pay dividends on stock or membership capital in excess of 8 per centum per annum.
Be
it
•
•
[1 ] And in any case to the following:
Third. That the association shall not deal in the products of non-members
to an amount greater in ralue than such as arc handled by it for members.
Sec. 2. That it the Secretary of Agriculture shall have reason to believe
that any such association monopolizes or restrains trade £21 in inter~
State or foreign commerce to such an extent that the price of any agricultural
product Is unduly enhanced by reason thereof, he shall serve upon such
association a complaint stating his charge In that respect, to which complaint shall be attached, or contained therein, a notice of hearing, specifying
a day and place not less than thirty days alter the service thereof, requiring
the a.ssociation to show cause why an order should not be made directing it
to cease and desist [3 ] [therefrom] from monopolization or restraint of trade.
An association so complained of may at the time and place so fixed show
cause why such order should not be entered. The evidence given on such a
hearing shall be £4] taken under such rules and regulations as the Secretary
of Agriculture may prescribe, reduced to writing, and made a part of the
record therein.
If upon such hearing the Secretary of Agriculture shall be
of the opinion that such association monopolizes or restrains trade [5] in
inter-Slate or foreign commerce to .such an extent that- the price of any agricultural product is enhanced thereby, he shall Issue and cause to be served
upon ihe association an order reciting the facts found by him, directing
such association to cease and desist £6 ] Itherefrom] frcmi monopolization or
lestraint of trade.
On the request of such association or If such association
fails or neglects for thirty days to obey such order, the Secretary of .Agriculture shall I lie in the district court in the judicial district In which such
association has its principal place of business a certified copy of the order and
of all the records in the proceeding, together with a petition asking that the
order be enforced, and shall give notice to the Attorney-General and to
said association of such filing.
Such district court shall thereupon have
jurisdiction to enter a decree affinning, modllying. or setting aside said
order, £7] or enter such other decree as the court may deem equitable, and
may make rules as to pleadings and proceedings to be had in considering
.such order.
The place of trial may, for cause or by consent of parties, be
changed as in other causes.
The tacts found by the Secretary of Agriculture and recited or set forth
in said order shall be prima tacie evidence ot such facts, but either party
may adduce additional evidence. The Department of Justice shall have
cha-ge ol the entorcenient of such order. After the order is so filed in such
district court and while pending lor review therein the court may issue a
temporary writ of injunction forbidding .such association from violating
such order or anj' part thereof. The court may, upon conclusion of its
hearing, enforce its decree by a permanent Injunction or other appropriate
remedy. Service of such complaint and of all notices may be made upon
such association by service upon any officer or agent t'lereot engaged In
carrying on its business, or on any attorney authorized to appear in such
proceedings tor such association, and such service shall be binding upon
such association, the otliccrs. and members thereof.
In the House on the 11th inst. when the Senate amendments were taken up. Representative Volstead in answer
to a question as to whether the bill was better as it came
from the Senate than it was when it went there, made the
statement that it was practically the same, and that he did
not believe that it was changed much one way or the other.
Representative Volstead at the same time offered some
on legislation that the present Congress had
passed in the interest of agriculture, and emphasized the
tlfcJH MI'tf
need of that industry' for relief, saving: j|
obserA-ations
4^ ^
1
THE CHRONICLE
Feb. 25 1922.]
W In
this Industrial depression It has been noticed that the more thoroughly
kn Industry Is organized the less it has sufferod and the less its prices have
been deflated. This was noticeable in the dairy Industry, whicii is more
largely controlled by co-operative farm organization than any other
branch of industry except that of certain fruit growers. Milk, cream and
butter have maintxiinod a much higher average of prices than many other
farm products. In this country, until within the last few years, farmers
have made but little effort to combine, though those with whom they have
had to deal are combined in large corporations. At the beginning of the
last Congress a bill was introduced for the purpose of giving to the farmers
the privilege of combining, so that they might offer their products in
co-operation with each other.
Hearings were held by the Judiciary C^ommittee, of which I have the honor of being Chairman, but the bill failed
After consulting with officers of various
to receive the necessary support.
farm organizations so as to get their views. I drafted a bill which, after
being approved by th ise officers. I introduced and succeeded in passing in
the House, but it was so amended in the Senate that in my riew it would
I
defeat its purpose, and it consequently failed of passage at that time.
•gain introduced this bill in the early part of the first session of this Congress
its passage in the House.
It has been pending in the
Senate for many months. The Senate again sought to amend it, and a
prolonged fight wa^ provi.ked over those amendments.
The farmers are not seeking a chance to oppre.ss the public, but Insist that
they should be given an opportunity to meet business conditions as they
When a
exist, a condition that is very unfair under the present law.
farmer seeks to sell his products he meets in the m.irket place the representatives of vast aggregations of organized capital that largely determine
the price of his products.
Personally he tias seldom anything to say about
the price.
If he seeks to associate himself with his neighbor for the purpose
of collectively negotiating for a fair price, he is ttu-eatened with criminal
prosecution.
Corporations with which he is compelled to deal, such as
grain-elevator companies and the packers, may be composed of thirty to
forty thousand members.
These members collectively do business as one
person.
The officers of the corporation act as agents of such members.
This bill, if it becomes a law will allow farmers to form like associations,
the officers of which will act as agents for their members. Busine.ss corIKjrations have under existing law like powers and privileges to those sought
The measure does no'
to be conferred on farm organziations by this bill.
•eek to grant a class privilege, but aims to equalize existing privileges by
changing the law applicable to business corporations so farmers can take
and then secured
advantage of
it.
A number
of States have passed laws allowing farmers to collectively
bargain for the Kile of their products, among which are Minnesota. Wiseonsln, Illinois, New York, and Pennsylvania: but the State can not give
these associations the right to enter iuter-State and foreign comnierce,
hence the necessity for this legislation.
Like associations have been very successful In some of the European
countries, and there Is no reason to believe that they can not be made
equally successful d this country. The agricultural press and the officers
of the farm orsanizations have everywhere Indorsed this bill.
Presonally.
I believe that it will prove of great value.
CONSUMPTION AND EXPORTATION OF COTTON—
THE CARRY-OVER.
During the proceedings of the U. S. Senate on Feb. 20,
Senator Dial had incorporated in the "Congressional Record"
a letter from the Department of Agriculture regarding the
quantity of cotton consumed and exported for the last
In
nx. months and the quantity of cotton carried over.
presenting the same Senator Dial said:
A brief analysis of Ibe figures shows that there were carried over In the
United States on July .30 1921 6.,>'i4..300 bales. The crop of 1922, while
It is mentioned In the letter as 8.,310. 000 bales, as a matter of fact is less
than 8.000.000 bales, according to the reiwrt of the Bureau of the Census.
The two ItenM would aggregate, then, 14,.')34,360 bales of cotton.
I also hold in my hand a report from the Bureau of Census which contains
Information which Is very startling to me.
It says, among other things:
"Hei)on« were not obtained from all of the storage places, a number
tating thiit it was impoRsible to make even reliable estimates. However,
data were returned for storage places in which a total of .3 ,97-1 .974 bales
The quantity of American cotton, exclusive
of Axnerican cotton were held.
of llnters, not U;ndcrable on future contracts, returned as held In these
storage places, waa 970.230 bales, or 24^^ of the total holdings In such
storage places."
The lmpm»i«lon has been that when cotton was put In the warehouse
It was grK»d tenderable rj>itx>ii, but these figures arc alarming as showing
that nearly ono-fourth of the atlUtn held there was non-t<>nderablef»tt<)n.
If that Is true, crinsldering the great quantity In the country, no doubt a
rery con.<«ldei^ble jmrtlon w,-»s non-Ujnderabio cotton.
The figures show that we exjKirted for lix months, from Aug. 31 1921
to Jan. .31 1922, 3..S32.000 balm.
American conHumptlon for the six
Unnirjnths from Aug. .31 H»21 to J;in. .31 Mt.'2 was .3.000.000 bales.
fortunately, lh»!y Include n that .3.000.00'/ bales all kinds of cotton ct,nwamptl In the I;nlt*yl Stal<>
Thi-y do not cllnilnate cxitum which was
Imiort/'l hi:rc.
I do not know
h/>w many Imlcai there were of that, but that
will autfrnirnl the axnounl of cotton In the l-'nitcd Htutes wheroiis It ought
lo
Ixi
dn']U'.-t^;<l.
Assuming that one-fourth of the cotton was non-tendemblo, which would
be .3.'^l.i..'/K) hulew. iliai wriuld leave on Jan.
of this yejir tenderable cotton
In the Liiltifl HUiOm Ut th<! amount of 4,.3H1.770 balm, with six months yet
Assuming that wn ronouind the
to run tx-fore th»! <md of the fiw.-al year.
ssmn amwirif fnr th" nnxt six numltin that wo did In tbo preciiiing six
'lio nxport thn ««mii amount, the total would IsIt will t«- <i<-«-n tlicri- Would !)• a sh<>rtriw<. kT niiiiroxlt
'.
Ki
i;
l>
»•
•
»
V,
irwtt
ih«i
boldm^ of
<,r
\.\\e
k
'
.
for
.t
•
I,,
.
lh»i
^lics.
ri
/ like
r
it
I*
1
ri.O'i'l
lijit('r<i
t.
VuT
herri
tln-ro will
'
.1
Wo
In.
thitik
thjit
u
1x1
rf)n»u;iU!
the attention of the
will
grr-iil
iiiid
H<'tiat^) Is tlw'
KurprlM' the
and lh«i cotton Iriide. I hiive
fiiA i\.,,» MltJIo I was nnileuvorliig l-o Kcl llii<
<,f h'«l«.^ ».f »-.,i»/iri on storiign In tlm ilirfirciit
ihn r«ip<irt.« which g'l
V
10.<>2('
ari)
on
—
and
hollies,
&c.
W.
R,
MEADOWS,
Cotton Technologist.
REDUCTIONS OF CUBAN SUGAR CROP AND CUSTOMS
TARIFF MADE BY COMMISSION— PROTESTS
AGAINST PROPOSAL.
The recommendations
of the special commission appointed
sugar situation in Cuba were presented to
President Zayas on Feb. 20 and it was stated on Feb. 23
that its conclusions had been communicated to the United
States.
In making known the Commission's recommendations the "Journal of Commerce" in a cablegram from
Havana Feb. 20 said:
The repwrt was a voluminous one, its main feature being the expression
of a view that the expoil. of Cuban sugar to the United States should be
limited to a definite amount to be agreed upon by the two countries.
The
to investigate the
report stated that the Conmiission noted with pleasure that a great part
of the beet sugar growing interests In the United States agrees that a
reduction in the United States customs tariff should be made which would
reduce from 1.60c. to 1.40c. per pound the amount to be paid on Cuban
sugar.
It was recommended that it be proposed to the said American sugar
Inten'sts that the suggested limitation of crop bo not effectuated by a mutual
undertaking to grind only two-thirds of tho average production of the last
three ye^rs, as had been advocated in some quarters, but that from the
total production of Cuba there should be exported this year to the United
States only two-thirds of this average (2,500,000 tons).
The Commission al.s<i proposed that tho customs tariff of the United
States for sugar be kept at 2c. per pound, allowing to Cuba a benefit of
50';; Instead of the present 20*;;, provided for in tho reciprocity treaty now
in effect, it being underst^iod that Cuba is willing to allow a more favorable
tariff to American agricultural and manufactured products.
A r<H-onimendatlon was added that a way be found to put an end to the
coalition butweeti the raw sugar growers and the refiners to tho detriment
of the rest of the producers.
The reiwirt was Hlgned by Henators Cosme do la Torrlentu, RIcarilo Poll.
.lu.in Vualberto (ioinez and Uesprentiitlves Huntigao Key, <)r«ytl«« Korrora,
!
Kduardo
(>oMzali-N M.iiiel
and
(ion/.alo I'i'eyro.
President /nyus lndl<!ated his uc<-eptaiu'e of tho recommundatlona
by the ('o/MjiilKMlon.
made
On the 17th innt. tho "Journal of Commertfo" in its Havana
adviros stated that a formidaiiln [)r()(t)Ht was "Iwing rained
tlirtMiKliout Cuba on arcoiiiit. of well defined ruriiorH that
(itricrul (.'rowdcr Iiiih iridicalfd (o the CJovtiniment hero tho
i]t'CfHH\\y of mdutfing the prenent HUgar crop to 2,.^)(M),()()0
The rr<!Hi(lcnt of the Senate, Atirclio Alvarez, who in
toiiH.
a iiiciribfr of the ('oiiiiiiiHHioii, was miid to havti inude a eompn-hnnHive report openly oppoHini; any riHluetion of tht* crop."
TIk' HUMHi pa[)er, In its (.'ui)a(i udvifi>H l''<<b. i\), roi)orl<Ml that
aiiKiiig the proltiHtH aKuiiiHl, any n'tliiftioa of tlm t-rop was
Cuban Unprracnlatlyn Illnw ly. f th" I'nlirsl. has ]ukt piiMlnhrd In his
msgaitlna cart«ln slatrriirnts rrlnllvn to the nUHgrstloiui frc^ni WsslilntVoS
ciAUtn
a rrply which
'e«| ris
I
.|
cvcm
M.
nl^irngft,
bales of Ilnt4ira
Biureau of Markets and Crop Estimates,
Washington, Feb. 7 1923.
Hon. N. n. Dial, United States Senate.
Dear Senator Dial: Both of your letters of Feb. 4, in regard to the
cotton situation, have been given careful consideration.
Inclosed herewith you will find a draft of an amendment to section 5 of
the United States Cotton Futures Act, which embodies your suggestions
with regard to how this section should be amended.
In compliance with your request for statistics of the present cotton situation, the following figures, which do not embrace linters, are submitted:
Carry-over .\merican cotton in the world, July 31 1921, estimated about
bales. 8,500,000
Carry-over American cotton in United States July 31 1921,
estimated by Censtis
6.634,360
Exports of .American cotton during 1920-21
.5,744,97,5
.American consumption of .'ill cottons. 1920-21
4,892,672
Crop American cotton grown in 1921 estimated by Bureau of
Crop Estimates
8,.340.0nO
Stocks of cotton held in United States Jan. 31 1921, estimated. ..11 ,.591 ,987
Stocks of cotton held in United States Jan. 31 1922
8,497,805
(This estimate is based on crop for 1921 of 8,340.000 bales, which may
be as much as 340,000 bales in excess of actual ginnings.)
1922.
1921.
American consumption of all cottons for the six months'
period, Aug. 1-Jan. 31 (about)
3,000,000 2,333,85i>
Exports American cotton for six months' period,
Aug. 1-Jan. 31 (about)
3,532.000 3,020,596
It is difficult to state exactly what part of the stock of cotton held at any
time is tenderable, but an estimate has been made wluch shows that 24%
of the stock of cotton held en July 31 last was considered undeliverabl»
on future contracts.
Regarding what part of the crop of 1921 is undeliverable on future contracts, it must be stated that no estimate has been made, and there Is no
way, so far as 1 know, of securing exact figures. It is currently reported,
however, that last year's crop was a high-grade one and comparatively
a small per centage of it was of non-tenderable grades.
It has been further
stated that a large p.art of the low grades held over from previous years
has already entered into the usual channels of commerce for consumption.
Inclcsed you will find the following reports, which will doubtless be oi
Intere-st to you:
Statistics of cotton untenderable on future contracts. Issued June 15 1921.
Report on cotton of the Crop Reporting Board of the Bureau of Markets
and Crop Estimates, Sept. 1 1921.
Extract from "Monthly Crop Reporter," May 1921, on cotton snaps
c|nliii.v|
.
lit ci(lt«i(»
The following is the letter submitted by Senator Dial:
UNITED STATES DEPARTMENT OP AGRICULTURE,
wherntts over llin»w
In Havannah count<w| its
.
\m\m
cotton and 5,685 bales of linters at Houston, counted the same, and so
over the country.
In my section of the country, we can not grow cotton succes-sfully, without
using great quantities of fertilizer. Unfortunately our people owe for
some fertilizer they have used in the preceding seasons, and in the coming
year they cannot buy a great quantity of it.
Furthermore, we have
sowed more grain in my State and in the South generally than wo have for
many year^ past. In niy particular county it is stated that we have sowed
five times as much grain as in any one season heretofore.
These figures are very interesting indeed and show there will bo a tremendous shortage before the next cotton crop comes in.
all
from tho general manager of Cubo Cano and one from
A rabl«'t:ram from llnvuiia Feb.
tlm C'haitarm Siij,'iir Mill.
2.1 lo tlm ".lournal of ( 'oriimiTni," in indictiliiig furtlmr views
in the niatt<!r, bod thn following to nay:
.
h.i'I
'
•',
'Ion
Inl/i
flw.il yiMi
'
month.
''ill
we take
'if 'h<'
I
rniirilior
•
"
It
crop
iK.ii
fr.if«,n
'•'
lU'xl
md
''H t««T
,
,
qii.>i.i.ii.y
iii.ifk«i.
fi,f
•xp-'
'
whfin
'".
(
801
C
,
it
Is
liiivri
on«)
<
THE CHKONICLE
80*^
The statement
regarding a reduction of the sugar crop.
is
in substance as
follows:
"The question of a reduction of the sugar production of the island by
special legislation as a means to obtaining a small reduction of duties on
Cuban sugar in the United Slates is being discussed very actively, and
though general opinion in the island strongly opposes the proiX)sal, the
probabilities seem to be that it will be caiTied out."
The proposed plan, it is pointed out here, means ruin to a great number
of farmers and planters, who by a large expenditure of .effort and money
could sow and cultivate the .soil in the best way their means permitted and
who, should the plan be c irried into effect, would have to abandon a great
Moreover, it is contended it would mean
deal of their cane in the fields.
hunger to a large section of the working classes. Also it is looked upon as
certain that if the Cuban crop is reduced other countries producing sugar
would undoubtedly increase tlieir production and thus the small bstterment
of prices would not last long.
This, of course, would mean that Cuba
would be
sacrificing herself for the benefit of other countries.
Viewed as Disaster.
Everybody interested in sugar in Cuba considers the proposed reduction
of the crop would be a personal disaster and thus it is widely believed that
this plan did not emanate from Cuba but from high officials in Washington,
with a view to protecting American sugar producers, already protected by
a duty of almost 100% on the actual price of Cuban sugar, at the expense of
Quba's ruin and the hunger of her working classes.
Much heated comment on the subject Is being indulged in. Those in
Washington and here on whom rests the responsibility for passing such a
bUl are being urged to consider thoroughly the wrong that this measure
would cause to Cuba and the sentiment of outraged justice that would be
caused among the Inhabitants, as well as the hatred toward all that is American which would be engendered to the prejudice of the important interests
possessed by Americans in Cuba, and to the manufacturers and merchants
who have an important volume of business with the i.sland.
In reporting H. A. Rubino, Vice-President of the Miranda
Sugar Co. as declaring unfair the proposal of American
interests looking to the solution of the tariff question affecting
the sugar schedule,
as saying in part:
Havana
advices, Feb. 18, reported
him
This proposal in substance would admit Cuban sugars to enter the
United States at a tariff rate of 2 cents a pound, less a differential of 30%,
or
1
.40 a
pound net
(the present tariff
is
1
.60 a
pound net on Cuban sugars)
provided that this 1.40 a pound applies only to 2,500,000 tons and that
Cuba agrees to limit its output to that number of tons. As no official
announcement has been made it cannot be determined whether the proposal
relates to this crop or future crops, whether it includes the balance of
the old crop or relates only to new crop sugars, or whether the limitation of
2,500,000 tons is intended to limit Cuba's production to 2,500,000 tons or
only permit that quantity to enter the United States at the lower duty.
Whatever the proposal may be, it is decidedly unfair to Cuba and, if it
is an attempt to limit the crop, in whatever form, extremely presuniptuou
Imagine Cuba telling the United Statas that all cigarettes from that country
seeking to enter Cuba will only be admitted if the United States limits its
tobacco crop. The growers of tobacco in the United States would insist
that the United States Congress punish Cuba for its impertinence in making
S'jch a suggestion.
It is bad enough for any country to artifically attempt
ta regulate the manufacture or sale of any commodity, but it is outrageous
in peace times for one country to say to another how much or how little it
shall produce.
Sugar is not a commodity which the United States can obtain in the
United States, except to the extent of less than 50% of the annual consumption. For the balance it must come to Cuba. By treaties, constitutional provisions and laws the United States has assumed a guardianship
over Cuba, has attemi)ted to regulate its affairs, has encouraged and urged
the growth of its only large commodity, sugar, and is attempting now to
dictate the size and extent of this crop, and for what purpose?
Concededly
not for the purpose of providing additional revenue to the United States.
It is not claimed that so important and necessary an article for human
consumption is to be cheapened in price to the American consumer, because
with the increasing demand for sugar the American public must pay the
added tariff. What then is the purpose ?
Its sole object is to give artificial protection to an American industry
wliich at best can only supply one-sixth of the American demand and
solelj- to enable the producers of that sixth to escape financial ruin.
That
one-sixth is the beet sugar industry of the United States.
Laboring for
years under the difficulty of producing an article not natural to the soil
and at great expense, it has been able to make the American public pay
year in and year out a higher price for sugar so that it can prosper and make
tremendous profits, and has accomplished this by means of its grip on
Congress, due to the fact that beet .sugar is grown in at least sixteen different
States, each State ha\'ing two Senators and a corresponding large number
of Congressmen.
The contest between President Lewis and Alexander
Howat and his band of Kansas "rebels" as to whether the
grievances of the latter should be considered by the convention ended in the defeat of Howat by a vote of 2,073
to 1,955.
The convention declared for a "general suspension of
mining operations," if no agreement is reached, such action
being subject to a referendum vote of the membership of the
United Mine Workers of America to be held prior to March
A
31.
Policy Committee was authorized to make preparations for anj' situation that may arise and "take such action
for the protection of our best interests as circumstances may
require."
President Lewis has made strenuous endeavors to induce
the coal operators to hold a wage parley in Cleveland on
March 2, but has met with refusals in Ohio and Pennsylvania,
and with
bility
Advices were received by the Department of Commerce
at Washington Feb. 16 from the American Consul at Mexico
City announcing the issuance of a decree by the Mexican
Government, effective Feb. 15, increasing the import duty
on common sugar from ten to fifteen eentavos x)er gross
kilogram. The present value of a centavo is about one-half
a cent.
COAL MINERS' DEMANDS—CONVENTION ADOPTS
DEMAND FOR 6-IIOUR DAY AND 5-DAY WEEK
IN BITUMINOUS FIELDS—REFERENDUM—
ANTHRACITE COMMITTEE MEETS.
Wage Convention of the United Mine
International
The
Workers of America at Indianapolis adjourned Feb. 18,
having adopted the recommendations of the Wage Scale
Committee for the bituminous fields pretty much as published last week (page 699), but with the important modification that "all new agreements be based upon the six-hour
day and five-day week," instead of on "an eight-hour day
underground."
A motion to table the six-hour-day proposition was voted
down, 935 to 513. The demand for a retention of the
resent base wage schedules" stands unchanged.
so little
encouragement elsewhere that
appears to have lapsed.
The
this possi-
coal operators' position
as to the uselessness of parleys in the face of such demands
as the miners continue to make was stated in the announcement of the Pittsburgh producers in "Chronicle" of Feb. 4,
p. 488.
In view of this situation the formal call for a referendum
vote by the United Mine Workers of America to determine
whether there shall be a nation-wide coal strike on April 1
Avas sent out on Feb. 3.
More than 500,000 men are said
to be eligible to vote in the referendum.
The ballots are to
be cast at each local union before March 10, and the return
filed at the main headquarters, in Indianapolis, bj^ March 15.
The Policy Committee of the Anthracite Association
met yesterday in Atlantic City to consider the stand to be
taken with respect to the attitude of the United Mine Workers of America in asking a 20% advance in wages in the
anthracite field and to discuss their own terms for the new
agreement to follow the expix-ation of the present one, which
ends on April 1. ,J. M. Humphreys of Wilkes-Barre was
quoted Feb. 23 in a dispatch to the "New York Times"
as saying:
The anthracite miners are preparing for a strike. Of course, we hope
everything may be settled amicably, but the industry could not possibly
accede to demands such as those put forward by the miners at Indianapolis.
Their wages have increased more than 100% during the term of the existing
agreement which was first drawn in 1916 and which has been altered from
time to time and renewed again last year. In fact we thought there should
be a downward revision. The terms set out have really swept us off our
feet.
Our policy will be determined at the conference. There is nothing secret
about the sessions, but members agree that it would be better to have the
news sent out in formal .statements as coming from the Committee.
The result of the meeting held in Chicago on Feb. 22 to
form an alliance of coal miners and railroad unions
tioned under a separate caption.
is
men-
DISSOLUTION OF SHEET METAL WARE EXCHANGE.
The following
is
from the "Journal of Commerce" of
Feb. 15:
An investigation
recently instituted by Colonel William Hayward into
the operaitions of the Sheet Metal Ware Exchange, representing about 75%
of the galvanized ware industry in the United States, has culminated in
A decree to this effect was enthe dissolution of the alleged monopoly.
tered in the Federal District Court yesterday.
According to the Oovernment authorities investigating tlie Exchange's
operations, the association was organized about five years ago and was
composed of tlie following companies:
Republic Metal Ware Co.,
Dover Stamping & Manufacturing Co., Inc.
Central Stamping Co., Inc.
the New England Enameling Co., Inc.
NorthRochester Stamping Co., Inc.
CJeuder, Paeschke & Frey Co., Inc.
Wheeling Corruwestern Metahvare Co., Inc.
F. II. Lawson Co., Inc.
;
Inc.
MEXICAN DECREE INCREASING DUTY ON SUGAR.
[Vol. 114.
;
;
;
;
;
;
;
gating Co., Inc.
With the exception of the National Enameling d Stamping Co., the entire membership of the association have decided to abide by the Government
decree which will restrain future activities in connection with maintaining
a monopoly of the galvanized ware trade.
The Government cliarged the association violated tlie Sherman AntiTrust Law and conspired to fix prices.
ISSUANCE OF DECREE PROVIDING FOR SETTLEMENT OF MEXICAN OIL TAX— PROPOSED BOND
ISSUE FOR LIQUIDATION OF DEBT.
The publication
in the "Diaro Official" on Feb. 23 of the
under which the Mexican export oil taxes,
as ordered by President Obregou on June 7 last, are reduced
to 40% of their oriijiual amount, the sums to be paid the
Mexican National Treasury, cither in outstanding Mexican
Government bonds or in gold, was announced in Associated
Press advices from Mexico City on the 23rd inst. These
text of the decree
advices state:
The amounts received, which are roughly estimated at 13,500,000 pesos,
are to be deposited by the Treasury in the Banco Nacional de Mexico to
apply on the foreign indebtedness.
Wliile
that the
was announced in Mexico City dispatches Feb. 19
new decree lacked only the signature of President
it
i
:
THE CHKONICLE
Feb. 25 1922.]
OhreRon
make
to
it
effective, the latest advices state that
it was signed by him on
ment were given as follows
from Mexico City Feb. 19:
Feb. 12.
details of the agree-
The
Press advices
in the Associated
upon which the heads of the American oil companies last Sepan agreement with the Me.xican Goveniment relative to
the payment of export taxes under the decree of June 17, were di\TiIged today in" the outline of a decree given out by Minister of the Treasury De La
Huerta. The decree lacks only the signature of President Obregon to be-
The
tfimber
basis
reached
come effective.
The project contemplates the payment of 40% of the tax as originally
imposed by the June decree, and means the paj-ment to the Mexican TreasThe sums owed by the various
ury of approximately 13,500,000 pesos.
oil companies may be paid the Treasury in gold or in Mexican national
bonds, which will be received without prejudice.
It is understood that representatives of the oil companies here have received instructions to pay the taxes for the most part in gold, in that the
collections from this tax by presidential stipulation are to be applied on
the Mexican foreign debt.
As explained by representatives of the oil companies, the project means
that the original tax has been reduced to 40% of the original levy and
embraces taxes due from June 7 to Dec. 31 1921. One of the representatives of the oil companies said that the export taxes from Jan. 1 of the
present year are not subject to the provisions of the decree and probably
will be the subject of further discussions between the Mexican Treasury
representatives and the oil men, with a possible visit by the American oil
men to Mexico Ctiy in the near future.
It is expected that President Obregon will sign the decree as soon as
he returns to the capital from Vera Cruz, which probably will be next
Tuesday.
Minister de la Huerta ten days ago made the statement that February
18 would see a settlement of Mexico's financial affairs, and the publication
of the proposed decree is taken in some quarters to indicate that the oil
payment will carry an adjustment of the outstanding indebtedness to
New York bankers. It was pointed out at the Treasury Department that
the decree as yet bears no date and will not become effective until signed
by President Obregon and published in the official paper.
It is understood, however, that the Minister expects the decree to be
sdgned so that the oU men can start payment on Tuesday or Wednesday,
and arrangements have been made for depositing all sums in the Banco
Nacional de Mexico against foreign indebtedness. It is also expected that
terms of settlement with the New York bankers wlU be announced simultaneously with the pubKcation of the oil decree.
Another financial matter settled yesterday by the Treasury Department
was with regard to the issuance of bonds for the liquidation of the debt
created ruring the Carranza administration, when 25% of the salaries of
Federal employees was retained by the Government. This sum is said to
approximate 1.3.000.000 pesos, and will be liquidated with the bonds, which
are to be distributed at an early date to those who faUed to receive full
salary under Carranza.
The Government urges the holders not to seU to brokers, but to retain
the bends for redemption on dates specified.
In Stating on Feb. 20 that a request had been made on
the 19th Inst, that the newspapers defer publication of the
details of the agreement, Associated Press advices Feb. 20
stated
^
Secretary of the Trea.sury de la Huerta last night requested the newspaper
correspondents to postpone publication of the outline of a decree, given out
earlier in the day, embodying the basis upon which the Mexican Government and the American oil companies had reached an agreement relative
to the payment of export taxes.
His request followed receipt of telegraphic
information from New York, the nature of which he did not disclose. (The
terms of the decree were published throughout the United States la.>5t night,
the Secretary's request being received after the publication time of the morning newspapers.)
The decree
June 7 was referred to in the "Chronicle" of
July 30, page 48.o, and reference to Mexican differences with
American oil companies was made in our issue of Sept. 10,
page 1113, and Sept. 17, page 1213.
of
803
Aftsr mature deliberation and with full sense of our responsibility, we
declare that the mutuality of interests of the employees in these basic
industries must be recognized, and we assert our purpose to apply every
honorable method to secure adequate standards of living.
Article 2.
When it becomes apparent that any one or group of the associated organizations is made the victim of unwarranted attacks, or its
integrity is jeopardized, it will become the duty of the representatives of
each of the associated organizations to assemble to consider the situation.
AVays and means may then be considered and applied to best meet the
emergency. Action trken under this section is subject to approval by each
organization represented.
Article 3.
To facilitate the conduct of the business of the associated
organizations an executive committee is hereby created, composed of the
chief executives of the associated organizations, or their specifically designated representatives.
It shaU be the duty of the executive comm'ttee, from time to time, to
make such recommendations to the associated organizations as may in its
judgment be deemed wise and to assemble the full conference of associated
organizations when conditions make such action necessary.
Article 4.
This plan shall become operative when ratified by the constitutional authorities of each associated organization."
The Seventeen Unions Pa "ties to the Agreement.
United Mine Workers of America, the Brotherhood of Railway Carmen of
America, the Order of Railway Conductors, the International Brotherhood
of Stationary Firemen and Oilers, the International Brotherhood of Blacksmiths. Drop Forgers and Helpers, the Swtichmen's Union of North
America, the International Association of Machinists, the Brotherhood of
Railroad Signalmen of America, the International Brotherhood of Electrical
Workers of America, the Brotherhood of Locomotive Firemen and Enginemen, the Order of Railroad Telegraphers, the Brotherhood of Railroad
Trainmen, the Railroad Employees' Department of the American Federation of Labor, the Brotherhood of Locomotive Engineers, the United
Brotherhood of Maintenance of Way Employees, the Brotherhood of
Railway Clerks and the International Association of Longshoremen.
VALVATIOX OF NEW YORK CITY TRANSIT PROPERTIES TENTATIVELY SUBMITTED AS PRELIMIN^
ARY TO READJUSTMENT AND MERGER
UNDER CITY CONTROL.
The
made
Transit Commission, appointed under Act of 1921,
public on Monday its preliminary valuation and
appraisal, as of June 30 1921, of the physical properties of
the rapid transit and surface railroads in the City of Greater
Xew
York.
These valuations, reeommendeA for adoption, are calculated on the basis of the estimated orig'' al cjst of the several
operating properties less amounts which the Commission
deems necessary in order to put said properties in first class
condition.
At the same time, for comparative purposes,
the Commission submits for each property the net valuation
(after deducting accrued depreciation) on the basis of the
schedule of prices prevailing in 1914, and also those prevailing
in the first half of 1921, which, they say, have already
materiall}^ declined.
They also submit valuations for the
non-operating and abandoned pro])erties which, on the
basis of original cost, aggregate $13,259,920, including land
at 1921 value ($7,618,587), structures, &c.
The following table shows the (tentative) valuation of the
leading
owned systems
privately
portions
(the
o])erating or in condition to operate) as
actually
recommended
for
comparison with the outstanding capitalization
of eacli and also the value of the fixed as.sets of tho same,
including materials and supplies as shown by the companies
books all as reported by the Commission:
adojjtion, in
—
COAL MIXERS, RAIL LABOR AX I) LOXGSHORE
WORKERS AGREE VPOX CO-OPERA TIOX IX
WAGE DISPUTES. UNIONS MUST
RATIFY THE PLAN.
TENTATIVE VALUATIONS RECOMMENDED AND COMPANIES
FIGURES.
Difference
Co.ll
At the meeting held in ('hica.go on F«-b. 23 it was voted
unanimou.uly by representatives of union coal miners, railroa<l workers, and longshoremen to submit to their respective
unions for ratification an .'ign'i-ment for "closer co-operation
of our forces whidi operate to irion- ••ffcctiveij" i>rotect th«»
union workers in wage struggles." JoJiii L. lyowis, President
of the United .Mine Workers of .Vmericii, toI<i the confen^nc*'
that he did not ask a sympathetic strike of niiiway workers oti
April 1, tho datfl of the miner»' threatened walkout.
The agre«)ni«?nt. stating that it is |iur[)os<-4l "to apply I'vcry
honorable method" to iibtuiri "ade(piiiti-" wages for both
the miner* and the tranHjK>rtation workers and the Hevont«en
uniotiH parties thcnto. are a-i follows:
Jmxt of Acr*«m«nt or "Memornndum' m» Announced b.v ('re». I.owlii.
Tho ujn<irl:it<'<| (irKanl/jkllon* ri-prirannUxl In the trnnii(Mirtikllon
Art Irld
1
In.
Irwl
of ihr cdiinlry
1(1
hnvo boon
rorniwilixl to ln-iir tin- hriinl
k« u[Hiri th<-ir Int^^Krlty nn'l iinjual nti'l liioiultalilu
ucli.-.iiii.
arid r»n<llll)iii)< of •iiipliiytiii-nl.
'I'ln-
.
of unwarrti
'
i
*
s
%
%
B. R.T.Hyiitcni—
.Surfiiro llni« Inr.
Hklvn. »'liv
UK
TLOl'S.!).'.?
.'iS..'il I .T.lfl
20n.2nfl.SSS
Klev.iHUb.ilucB. UO. 784.570
U«,01)0.1»I8
26,1M.'>,I84
MR T.Byat. 171.713,627
Tot
U T
nil<Tli'>rf).
(
HyHlorii
l.^.'.,nflo..^^5
4o.i(W.it77
.iH.r,r>i.im
Tot
I
Mnnti
(on
N. ^
,Mti, ',Hli
A
Y
''>
lilt
Jll
RT'.IJnai.l8S,402,320
Avi-
II
V
\vr Kit
;.i
174.221,050 235,250.400 200 ,045,378
31.824,333
li:i
,001,414
55,037,309
lit
osa.nod
SIMM 1.821
40. 7.(1. SOI
02,417,138
I..
riiir
,N.
.
03,382,001
-
(.iitrii'ii I. 2.v.'».ii.'..:ts.'.:M:i
i;icviit«i vvTiUii
.'111
154,608.077 232,125,072 247,001,278
67,374,205 105,100,430
lom
and
llnrli'tii
'
I
i'"7.ISl»
Hutnii
1
Co
im
1
I.I
i.s....'.i(i
r,
70J.n70
:i.niii,i,!n
i.isn.ii.'iT
U'.H,' I.7N<1
I.'i
H.'.7.7fiS
ii.7:ii.(«i4
(1(H)
r(i<i
.
l..Sl,,li.iS
l.Jl.i..
•.
i'lm
.
7,7r.3,7.in
0,1
..liiiunloi
.
I't;
74 7(U'.2;«I
8 .1(18.143
7iH
.'.'I
:'.'..
I
'11,'
r.
.n iiiMl
7 ,M
(III
JUll.SM
I
iinH6
'irnn'l lottil nil rnyn'
firm
i
t
fir.
iMinxIbli- fur
MiU
irlj(
'''ifiillijfin
uri< ii»t yi-t
'
ktlnflo'l nn'l nr>
'
|,r.,r, >ir:ii|i|;i
witf(r r<'<lij(iloni» nn'l
in th
«l«'tr1ra<"nt«l
IrKikiriff
trklnR
(^iiiilirliiriM
iM'lilatrlno.
•
i>-
lownrd* fnrlhur
thai will
M,
an't
Impcllfl
«I»>rl»ro f'lr
nfforMvi'ljr
hiMir
for
if
i
titkr'
"r'UnntUm
'
'
ihn aaaodalml orsnnliatlonii to
i.>ti,.n.
I
r
i
(iropUict Itio
In'liiatrli-a.
UHnrmU
of th'
<if
I
>l;
Hulllll
i;l\
f
It
I'lr
II
^
iiiMi Hill
i>
III
tiiy
iM.iiinrty
Itn
Il lhi<r>Tiirr br*j
coiDM nnemnmkTf
MMMnbln
(it
.1
ami
Indiiiitrlnl
Hecommend'd OiiitKindlno Comvanits' and Value
Kidtid.Co. Bonk Value
FUed by
t)y Commls'n
on Valuation. Holdings, of I'roptrty. Comml.islon.
of
niicrnlinff
f'roperlies.
.
»nd minltiK
chAnK'i
nelirem
Book Value
Cap. .'ilocks,
Bit .Original Net Valual'n Bonds. Ac.
our tmiKlli. wn
«li<rh will op<ir«ln l<> m<irn
'1 In
itumo oMHintlnl and
',
M nuitive valiiiitioiiH for
llie vily'n
entire
1
,S(K) iiiileH
of single truck trad ion liimH, including rily-nwnnl nuhumyH,
with real estuUt, power planls, shops, rolling slock am! other
'lie estinuitcd original cos! value
(•f)iii|ini<iit aggrcgii'
'
((lisr<giirdiii({ all fr.
and
goiiig value UM re(iuired
by
,
THE CHRONICLE
804
the Act of 1921) a total of 815 millions. From this sum is
taken 294 millions as the amount expended on city owned
subways and 56 millions for the sum required to put the
properties in first class condition.
These deductions leave 465 milUons to represent the
estimated present value, for the purposes of the proposed
merger of the numerous privately controlled passenger
roads in the greater city. These last ])roperties the Commission finds have a book value of fixed assets as of June 30
1921 of 791 million and an outstanding capitalization in
stock, bonds, &e. (omitting those held within the respective
systems) aggregating 765 millions, contrasting with this
item of 465 millions, thus indicating a deficit of 300 millions.
On the other hand, if the prices prevailing during the first
half of 1921 be taken for these privately owned properties
less accrued depreciation, the net valuation, the Commission
finds, would be 571 millions, a deficit as compared with
existing capitalization of 194 millions.
This tentative preliminary report embraces over 1,300
pages in four volumes, with a prodigious number of statistical
tables, and much supporting information and
financial
data as to earnings, balance sheets, &c., &e. The particulars
have been gathered and put in shape in nine months' time
by the Commission's Bureau of Valuation, employing a
large force headed by John H. Madden, valuation engineer,
and Fred W. Linders, chief accountant.
This great mass of data, largely estimated, where in such
cases as the New York Railways
the original cost
sheets and records have long since disappeared has been
compiled in compliance with the provisions of the Transit
Act of 1921 and when put in final shape, the conflicting
opinions of the different interests having been reconciled or
silenced, is intended to be used, in connection with the
report still to be prepared regarding the prospective earnings
of the several properties at the established rates of fare (the
law requires that these prospects shall be taken into account)
to de termine the basis on which the privately owned properties shall be acquired from the present security holders by
exchange of new securities for their stock, bonds, &c., for
the benefit of the proposed city controlled merger company.
The report was submitted at the meeting of the Transit
Commission on Feb. 20 and March 6 was set for the first of
the public hearings respecting its terms, the companies being
ordered to file their objections within 10 days, an unreasonably short time, it is suggested, in which to master and
controvert so detailed a valuation. The Chairman of the
Commission has expressed the belief that the valuation will
be finally approved in about its present shape, but both city
officials and officers of the leading transit companies appear
in the highest degree displeased with the result, and it would
not be surprising if the matter was fought over in the courts
before a settlement is reached. Mayor Hylan protests
against the high prices suggested for "junk" and the companies, officials pronounce the valuations "absurdly low."
How extremely low the valuations are appears when we
compare the outstanding securities in any case with the
proposed valuation. If, for example, we examine the case
of the Manhattan Elevated Ry. as it now stands, the valuation proposed is $57,374,205, as against a capitalization of
$105,199,439, consisting of $60,000,000 stock (guaranteed
dividends of 7% per annum under 999-year lease to the
Interborough Rapid Transit Co.), $40,664,000 Consolidated
Mortgage 4s, .$4,523,000 2d Mortgage bonds and $12,439
Convertible certificates.
The following table, prepared for the "Chronicle," shows
the proposed valuations in conjunction with a list of the
leading securities going to make up the capitalization of all
the principal systems, and hence subject to material abridgment if the opinion of the Commission prevails:
OOMPARiaON OF NET VALUATION OP LEADING SYSTEMS AS
RECOMMENDED, COMPARED WITH OUTSTANDING
CAPITALIZATION.
after allowance of Sums to put In A-1 condition.
(1) B. R. T. Co. net valuation on basis of original cost
$154,608,677
Outstanding capitalization June 30 1921 aggrcgatinR
232,125,072
Underlijing Issues
B. R. T. Co.—
$7'1.4,').5.1.'i9 Bkl>-n. City KU. stock. $12,000 000
stoclt
do 1st Consoi. 5s..
57.7.^5,000
Secured gold notes
4.37.^.000
3.4,S9.000 Other cos stock
First Kcfiiti<iing4s
1.33.'i.l09
Receivers certificates
First Gold Mtge
6.970.000
34.633
Sundry bonds
Receiver's certs.
loans 21 .850,000
49.935.171
(Net valuation
Is
shown
—
Common
]
&
Total
$164,449,159
Total
$67,675,913
net valuation on basis of original cost
$174,221,066
Outstanding capit.ilizatlon .lune 30 1921. iiggrogatlng
235,250,400
viz.: Capital stock including $33,912,800, owned
by Interborough Consolidated Corp
$35,000,000
Secured convertible irold not€S..
38,144,400
First & Refunding M. bonds, incl. $7,660,000
in sinking fund iind 3976.000 in depreciation
fund, but excluding $1,271,600 purchased
and canceled
162.106.000
(2) /. R. T. Co.
.
£ToL. 114.
Manhattan Ry. net valuation on basis of original cost
$57,374,205
Outstanding capitalization June 30 1921. aggregating
105,199,439
Capital stock guaranteed 7% under lease to
Interborough Rapid Transit Co
$60,060,000
Seco d M. 4% $.1,523,000 and Convertible
certificates S12.439
4.535.4.39
Consolidated Mortgage 4%, 199040,604,000
(3)
viz.:
N. Y. /?n?/!iO!/s.Sj/s(«?m net valuation on basis oforiginalcost. $29,871,785
Outstanding capitalization June 30 1921
95,667,189
Y. Raihravs Co.
Stibsidiary Cnrnpanies
Common stock
$17,495,060] Outstanding stocks (9 iss.)$8,487 244
Adjustment M. Incomes 30.609.487 Certificates of indebted.
._611 200
First R. E. & Ref. M. 4s 17.022,198 1st Mtge. bonds
9.8.50.000
Underlying bds.(6 issues) 10.100.000 Sundry bonds
1.492.000
(4)
—
N
—
I
.v
Total...
$75,226,745
Total
..$20,440,4-14
(5) Third Ave.. Ry. Syste.nx net valuation on basis of orig. cost.. $33,967,430
Outstanding capitalization June 30 1921, aggregating
68,599,961
Third Are. Ry Co.
Branch Line Cos.
Common stock..
$16,590,000 Outstanding stock
$491,600
Adjustment Mtge. Inc.. 22.216.000 Isl Mtge. Imnds
4.400.000
First Ref. 4%
19.2.53.000 Other bonds
«)49,361
1st Mtge. 5% bonds
5.000,000
—
Total
$63,059,000
Total
$5,540,961
B. R. T. "other underlying" issues here include: (a) Brooklyn Heights
RR. 1st .'is, $250,000 (b) Brooklyn Q\iecns Co. & Suburh^m KR. bonds.
&c,. 84.600.3.53 (c) Coney Island & Brooklyn bonds, $5,579,200. and stock
$297,400 ((/) Na.ss.iu Klectric RR. bonds. &c., $13,909,701. and stock
$105,225 ((•) .''outh Brooklyn Ry, realty bonds. $150,000 (/) Prospect Park
& Ct)ney IsUind Incomes and stock. .$495,850 (p) N. Y. Consolidated RR.
Elev:ited bonds. $22,967,000, and stock $683,184; N. Y. Municipal IJy.
bonds. $2,265,000.
(4) New Voik Railways "subsidiary companies" Issues here embrace:
(a) Bro;idway & 7th Ave. RR. stock. .$099,800. bonds. $8,150,000; (6) 42<i
& Grand .St. Ferry RR, stock. $348,000; (O 2.3d St. R.*^ $92,500 stock,
bonds. $1.4<;7.000: (f() ni.'ccker St.. stock, $40,400. bonds. $700,000;
(c) 31lh St. $1,000,000 bonds. (0 Christopher & 10th .St. $6.50.000 stock.
(p) Oth Ave, RR. $•_', 000, 000 .stock; (hi J<th Ave. $1 000 000 stoc-k $636,200
C(!rtifi(iitcsor ind4'l)teduess. &c.: (^ 9th Ave. RR. stock $800,000; U) N. Y.
& llarlcni RR. stock (apporiioni'd). $2,850,544.
(5) Third Ave. RR. I)r:m(h lines inclu<l>' (a) Drv Dock E. B. & B. RR,
stock. $2,000; bonds. $1,.599. 361; (b) 42d St. M, & St. N. stock $28,700.
bonds $1,200,000; (r) N. V. City Interb. Ry. note. $460,600; (d) Southern
Boulevard stock. $300, bonds $250,000; (e) Union Ry. bonds, $2,000,000,
(1)
.
In the case of the New York Railways System the $65,795,404 of excess capitalization over the recommended
valuation would, if allowed to stand, require the extinguishment not only of the parent company's entire capital stock,
but also of the further sum of $48,300,344, either through
the scaling of its $33,6C9,487 Adjustment 2d Mortgage Incomes, and $17,022,198 Real Estate & Refunding Mortgage
bonds and the cutting down of allotments on account
of the
$20,440,444 outstanding securities on the subsidiary properties.
No wonder that with such an example
before him an official of the company should exclaim
"Heaven be praised, the courts are still with usi"
Similarly for the Interborough Rapid Transit Co., the
superficial inference might be drawn that the capital stock
should be wiped out and also $26,029,344 taken from the
amount of outstanding secured notes and First & Refunding
bonds, if one would get rid of the excess capitalization. In
this ease, however, in particular, the future prospects of the
property, disclosed by a study of its extraordinary past
record for developing business will have to be taken into
account as the law requires in arriving at the final valuation.
Moreover, this past record will have to be considered in
the light of the recent economies in operating costs, estimated
by the company at $2,340,000 for the half year ending June 30
1922 through the decrease of wages in July 1921, by featherweight gates, the employment of one trainman for every
three cars in place of a man for each car, &c.
These economies are not mentioned in the report of the Commission
but they were fully described in the "Chronicle" of Jan. 28,
page 403.
As if such cutting of capitalization as this table would
suggest were not sufficiently drastic the Commission emphasizes the point that they are now presenting a blanket valuation for all the operating properties but that when the final
denouement takes place only the desirable lines will be
preserved and the remainder will be junked, necessitating a
Furthermore, lest
further chopping down of capitalization.
one dare to hope for too much from the element of t he future
prospects of the properties as a preserver of values under
the law the Chairman notes that the "construction of new
subways, affecting as they will the gross revenue upon
particular lines of the present system wiU also have an
important bearing upon the operating figures of the future
!•*' "wt «*>* fi(bi.^<.g^
in their relation to present valuation."
Referring to Mayor Hylan's criticism. Chairman McAneny
expressed the opinion that the "junk" in the properties had
been pretty well taken care of in the valuations recom-
mended.
The
He
further said:
Commission Is expected to embrace only
such property as is to be acquired for such a unified system of transit and
the valuations herewith will permit of the schedule to be prepared of the
.»«
(tMiM.«»il
properties on any premises as therein adopted.
The Commission is required by the Act to take Into consideration the
estimated future earning capacity of each of the railways upon the basis of A
five-cent fare and present conditions of management, though not of operation.
This estimate is not included in the present appraisal. The degree
of weight to be given to prospective earning capacity will be affected
incidentally by those increases of cost that are bound to develop as the result
final statutory plan of the
—
:
THE CHRONTCLE
Feb. 25 1922.]
the orders the Commission proposes to issue with relation to the standards
of soryico to be given the public by each of the roads concerned.
The construction of new subways, affecting as they will the gross revenue
upon particular linee of the present system, will also have an important
bearing upon the operating figures of the future.
The exact ultimate value to be placed upon properties will be made by
the Commission its«lf in the light of the report of the Bureau of Valuations,
the
as now presented and of the hearings based upon that report and of
oetimato of prospective earnings. The Commission is of the opinion,
however, that the figures consulted with relation to earnings will not
materially change or affect the aggregate of the valuations finally to be fixed
tit
,
NATIONAL RAILWAY SERVICE CORPORATION
APPLIES FOR FEDERAL LOAN OF 8100,000,000
TO AID IN RESTORING ROLLING STOCK
AND HELP LABOR.
805
ol 1921, the income
Lix is 12V4%.
In ascertaining net income subject to the income (normal) tax, the corporation is allowed certain specific credits, which include (1) the amount
of war and excess profits tax imposed by the United States for the same
taxable year, and (2) interest received npon obligations of the United Statea
and bonds of the War Finance Corporntion which has been included in
gross income.
A specific credit of $2,000 is also allowed corporationa
whose net income for 1921 was $2.5.000 or less. Under the Revenue Act o£
1918, this exemption was allowed all corporations regardless of the amount
of net income.
The Act provides that if the net income is more than $25,000. the normal tax shall not exceed the tax which would be payable if the
$2,000 credit was allowed, plus the amount of the net incoaie in excess of
and subsequent years, as provided by Uie Revenue Act
$25,000.
Excess Profits Tax.
of Owners of Railroad Securities
on Feb. 23 to the effect
Washington
put out a statement at
The National Association
that formal application for a loan of $100,000,000 has been
made to the Financial Division of the Inter-State Commerce
Commission by S. Da\ie3 Warfield, as President of the
National Railway Ser^'ice Corporation to aid in financing
equipment trust certificates for the purchase of all or any
part of the 300,000 bad-order freight cars of the country
and for further purchase of new equipment for the railroads.
"This," the statements says, "will give employment to
thousands in opening up railroad and car manufacturing
and supply shops."
INCOME TAX— EXTENSION OF TIME FOR FILING
DOMESTIC CORPORATIONS' RETURNS.
of Section 227 of the Revenue Act of
Commissioner Blair announced on
Ueveniic
Internal
1921,
extension
of time had beeu granted
general
Feb. 23 that a
June 15 1922, for
including
and
up
to
corporations
domestic
year 1921,
calendar
the
for
income
completing returns of
year endthe
fiscal
and
31
1922,
the fiscal year ended Jan.
tentative
filing
of
the
ing Feb. 28 1922, conditional upon
Kevenue
on
Internal
returns with the proijer Collector of
respectively,
or before March 15, April 15 and May 15 1922,
accompanied with at least one-fourth of the estimated
amount of tax duo, together with a statement setting forth
the reason why the return cannot be completed within the
prescribed time, and a formal request for the extension.
Tentative returns submitted in accordance with the foregoing should be on Form 1120, on which should be written
plainly across the face 'Teutative Iletum." Only the name
and address of the taxpayer and the estimated amount, if
any, on the tax due need be stated. Any deficiency in the
first installment as determined upon submission of the
final return will bear interest at the rate of 6% per annum
The excess profits tax is computed on the basis of the relation of net
income to the invested capital of the corporation, as defined by Section 326
This tax is in addition to the normal income
of the Revenue Act of 1921.
tax of 10%.
It is based on the net income above a .specific exemption of
$3,000 and 8% of the invested capital for the taxable year, these amounta
being known as excess profits credits. The rates are the same as for 1920
20% of the net income in excess of the excess profits credits and not in
excess of 20% of the invested capital of the taxable year (known as the
first bracket) and 40% of the net income in excess of 20% of the invested
capital (second bracket).
Invested capital for the taxable year is the
capital actually paid in for stock outstanding, including the paid-in surplus
and earned surplus or profits earned prior to the taxable year, which have
not been distributed.
The term "invested capital" does not include borrowed capital.
Invested capital embraces two classes of assets: those known as "admisand those known as "inadmissible assets." Admissible assets
are those which produce income that is subject to income tax.
Inadmissible assets are those (other than obligations of the United States) which
produce income that is exempt from income taxation.
For example, cash,
real estate, bills receivable and other tangible assets, which produce income
that is subject to the income tax are admis-^ible assets.
Assets such as
stocks and .State or municipal bonds, which produce income that is exempt
from income tax, are inadmissible assets.
sible assets"
Under authority
from March
15, April 15, or
May
15 1922, respectively.
INCOME TAX— INTERPRETATION OF PROVISION
GOVERN I NO GROSS INCOME.
The following statement was issued on Feb. 23 by Frank
K. Howers, Collector of Internal Itevenue for the Second
District, New York, relative to the Interpretation of gross
Income under the provisions of the Kevenue Act of 1921
.
Numeroui Inquiries liare been received rexarding the proper InterpretaHon of Section 223 of tlie Revenue Act of 1U21, which provide* that each
ladlvirJual whoM groM Income for 1021 waa |5,000 or over stiall file a return regarrJlena of hii or her net income.
OroM Income meafis wtututory groan income, defined by the Revenue Act
to Include "gaina. profit! and Income derived from laUriea, wagei, or comp«n>ation for personal iervice ... of whatever kind and In whatever form
paid, or from profewiiofui, vocation*, trade*. buaine<ui. commerce or aalea or
dealing* in property, wheUier reul or peraotuti, growing out of the owncrahlp
or ua« of or interest in auch property
alao from intereat, rent, dividends,
acurltle* or the Irantaction of any bujilncM carried on fur gain or profit,
or gaina or profita and Income (Jerived from aiiy tutirce wiiiitever."
(iroM Income doe* n/X neceaaarily mean groM receipta.
A merchant, for
Inatanoe, in coiDpuling «talulory gro«a incom>-, aliould d>-diict therefrum the
ooat of goo<la aol'l.
For exaniple, a merr.hitnt may have gr<i<ii reiM!l|it<i
amotintlng t'l llO.rXiO, hut the ro«t of gfyxln mlii amounta to |7,U00.
lie
baa no ntlier Ino.me. The ilatutory gro'ji intoinf would be t3,UU0.
In cm*
the other de'lurtion al!'.w<'l him for bu»iri<-<< expcuHii, Ijkih. Intcreat, hud
deht«, rif
nrn';ii:.t t'. .!,.'/i)0, hia net iiitonie *(iijld l>«- #..on.
No return
;
,
'
In
I
Una caw.
it.irTl<-!
at
<l
living with hIi wife, baa
10.000 and
I
'"
!
•*
I
tbla fiiu«,
u
't
Uap»>«r
•
lila
only ll.HOO.
gruM luruw
a»
ai-II
neiTiui.iry
A return
groa
ij(p<t.>.<i
will
!,.•
receipt* In
.uii'Mint
to
n^inlrrd
In
Deductions from Invested Capit*L
The Revenue Act of 1921 requires that all corporations having Inadmissimust deduct from invested capital "a percentage thereof equal to
the percentage which the amount of inadmissible assets is of the total
amount of admissible and inadmisiible assets held during the taxable year."
For example, the total assets of a corporation (or 1921 waa $200,000, of
which $150,000 was in inadmissible assets and $.50,000 In admissible assets.
The average invested capital was $80,000. Applying the above rule, the
invested capital must be reduced by 75% (the percentage of the Inadmissible assets, $150,000, to the total assets, $200,000).
The reduced Invested
ble assets
capital, therefore, will be $80,000 (the invested capital) less $60,000 (76%
of the invested capital) or $20,000.
Where a corporation's income Is reported on a cash receipts and disbursements basis, atcrued items cannot be
taken into consideration in computing its invested capital.
The payment of a stock dividend has no effect upon the amount of ii>vested capital.
The capitalization of current earnings does not Increase the
invested capital.
Appreciation in good-will and tangible property determined by an appraisal against which a stock dividend was Issued cannot
be allowed as Invested capital.
The value of tingible property paid In for
stock or shares In an amount as limited bj Section 326 of the Revenue Act
may be included in invested capital.
The Revenue Act of 1921 provides that every corporation, Joint stock
company, association and insurance company not specifically exempt shall
file a return.
There shall be included in the return a statement which will
enable the Commissioner of Internal Revenue to determine the portion of
the earnings or profits (taxable or non-taxable) accumulated during the
taxable year for which the return is made, which liave been distributed or
ordered to be distributed to its stockholders during such year.
A new and important provision of the Revenue Act ol 1»21 Is that where
a corporation Is formed or availed of to prevent the Imposition of a surtax
upon Its stockholders by permitting its profits to accumulate Instead of being distributed as dividends, it may be subject to a tax of
257o, in addition to the normal tax of 10% imposed on corporations.
The stockholders,
however, may agree with the Commissioner of Internal Revenue that the
profits of the corporation shall be charged to them in the
same manner as
the distributive share of the partners, and pay the tax as
partners.
When
the corporation is a mere holding company, or its profits
accumulate beyond the normal needs of Its businei-s, this shall be prima fade evidence
of a purpose to escape the surtax.
A reasonable accumulation of surplus,
however, Is permitted.
Returns must be filed with the Collector of Internal
Revenue for the
district in which the corporation's principal
place of business Is located.
Corporationa must file Uuir return on the basis of their
exlNtlng accounting period, which Is established aa the 12 month
period ending Dec 81
or upon the last day of sonic month other
than December.
A corporation
cannot change iU uccountinL; p.-riod without the
permission of the Coramlaaioner.
INCOME TAX—PROFITS LI A lilLITlI^S' GOVFRNMENT WILL NOT CONSIDER HYPOTHETICAL
'i'be
K»;v»'niic«
for th«>
I(,.,|„^l,
Colb'rtor
nf
of
th« net Inoome atihjsot to tax.
II.
.Tan.
8 hy Oom-
Itjair,
tally
f„r rullnifs an.l advice upon ..hHlraci
Involving i|uei.||.inii of Income Ini and
'« arc ao
numoroua and the linlnlmrc oa
t*'»t 't arema advl itble at IhU time definitely
to
'"'•r wl'lch will govern the consldcrallun of llii>ae reI
,
'
'
'
>|UeiU.
Inlcrnal
I
|i»',i
iCeveniio Davi.l
rrr.lv.,
•
H«'<-oii«l
at th* rat« of
,„.,„^
'""'
:
ia
„r,.
'"^"'
Dlntrlct of .N«'W York, iiiakcn pub
Uc tb«« follKwiiiif. undiT dali' of F«'b. 20, roKardinK tJic fllliix
'»f Incomt! tax rcturtiN of con
- r\nt\% for Uhyear 1921
The Federal Ux on lnr..rne of
,,
j. ,||v|.|ed
lirto two parU
income tax and »xtwm pr-.fit. Ut.
i.<inroma \ax on oirporallona for
l»ai
of Inlcriial
roiafing to
the proce<lur(« with rowpect to infiulrlcH rcHvlvcI
by the HuicHii of Internal Ucvcnuo rcganling tax llnlilllfloH:
'
Frank K. How«t«,
r<»llo\vlii«
nilM.^loii.T
aa gr',«a recclpta la |io,UUO.
ISrOME TAX— NEW PliOVI
AFFECTING
ItETVUSH OF ('(H{I'(>UM KtNH.
Tlje offlr«. of
CASES.
.statciMciil wnH i.Msiinl on
For 1922
The Revenue Aria
|.r,.,r
i-i.-r.
of lOIN and ll»21 depart widely at many points
from
law .ir practice, and have given rla« lo new i|ue<tlona of
audi Imporrompleally ,..,,1 „„,„i,„r that Ihe rewiurrea of the llurniu
are no mora
than ade'iu.ile to
|.ayer« promptly .if their prcaenl llalillltlea arising out of paat ti:
„.
It I, lH,,,™«,t,le ti) snawer every .pieallon
«l.,.h the Invention or Ingenuity of the li..|ulrer
mny davlae wlth.nit neg
I., ting I),.
fu.,.l..m.nl«l duly of .lel.r,x l|«t,||||y „,„,„ th, ba.l,
.
"''""'
«itv
l<
tinder
''
..1
.
u^
_:
Ihe.e
rl,
giving precedence
of
tho a.lrnlnUlralIvs neoee.n,irart or prospeetlfe oucs ta
,..
.....
:
—
:
.
THE CHRONICLE
806
actual cases in which the taxpayer desires to know what are his immediate llahilities under the law.
It will be the policy of the Bureau not to answer any inquiry except
under the following circumstances:
The transaction must be completed and not merely proposed or planned.
The complete facts relating to the transaction, together with abstracts
from contracts, or other documents, necessary to present the complete facts,
must be given.
The names of all the real parties interested (not "dummies" used in the
transaction) must be -stated, regardless of who presents the question, whether attorney, accountant, tax service, or other i-epresentative.
(You H4.
Did you receive any
year
directors' fees or tnxstees' fees in the course of the
?
Do you hold any office in a benefit society from which you receive
income ?
Answers to all of these questions are necessarj- to determine whether a
person has an income sufficiently large to require tliat a return be filed,
and may be tlie means of a\oiding the heavy penalties imposed for failure
to do so within the time prescribed.
EARNINGS OF FEDERAL RESERVE BANK OF MINNEAPOLIS FOR 1921— PAPER REDISCOUNTED—
CLEARING STATISTICS.
INCOME TAX—REGULATIONS GOVERNING
INVENTORIES.
The following statement was
recently issued by the Collector of Internal Revenue. Frank K. Bowers, for the Sec-
ond
New York
District,
manufacturers and business men generally need experience
no difficulty in taking their inventories for the year 1921 to conform with
the new Revenue Act. The language of the Revenue Act of 1918 and the
Revenue Act of 1921 (Sec. 203), relating to inventories, are identical:
"That whenever in the opinion of the Commissioner the use of the inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayers upon such basis as
the Commissioner, with the approval of the Secretary, may prescribe as
conforming as nearly as may be to the best accounting practice in the trade
or business and as most clearly reflecting the income."
Present Treasury regulations pro\ide that inventories must be valued at
Taxpayers were
either "cost" or "co.'t or market, whichever is lower."
permitted, regardless of their past practice, to adopt the "cost or market
Therebasis, whichever is lower" in taking their inventories for 1920.
after, the regulations provide, changes can be made only after permission
is obtained from the Commissioner of Internal Revenue.
In the case of a merchant, "cost" means the cost of raw materials and
supplies, expenditures for labor and indirect costs incident to production,
including a reasonable proportion of management expenses, but not including any cost of selling or securing return on capital.
Merchants,
"Market" means the current bid price prevailing at the date of the inThe burden of proof as to the
ventory for the particular merchandise.
Where no
correctness of the price rests upon the taxpayer in each case.
open market quotations are available, the taxpayer must use such evidence of a fair market price at the dates nearest the inventory as may be
available, such as specific transactions or compensation paid for cancellaWhere, because of abnormal
tion of contracts or purchase commitments.
conditions, the taxpayer has regularly sold merchandise at prices lower than
The corthe market price, the inventory must be valued at such prices.
rectness of such prices will be determined by reference to the actual salss
of the taxpayer for a reasonable period before and after the date of invenPrices which vary materially from the actual prices so ascertained
tory.
will not be accepted as reflecting the market.
The value of each item in the inventory may be measured by cost or marAn entire stock may not be inventoried at cost
ket, whichever is lower.
and also at market price, and the lower of the two inventories used. Inventories on whatever basis taken will be subject to investigation by the
Commissioner of Internal Revenue, and the taxpayer must satisfy the
Commissioner of the correctness of the prices adopted. He must be prepared to show both the cost and tlie market price of each article included
the inventory.
In the conduct of modem business, it is of the utmost importance that
every business, large or small, whether corporation, partnership or individual, shall maintain an exact record of receipts and expenses.
No special
system of accounts is prescribed by the Bureau of Internal Revenue, but the
books should show in detail inventories, purchases, sales, capital investments, depreciation, and similar items required in making up income tax
in
returns.
INCOME TAX— INSTRUCTIONS RELATIVE TO COMPILATION OF RETURNS.
The
Collector of Internal Revenue issued on Dec. 25 the
following statement
—
With the approach of the period for filing income tax returns Jan. 1 to
March 15 1922 taxpayers are advised to lose no time in the compilation
of their accounts for the year 1921.
A new and important provision of the
Revenue Act of 1921 is that every person whose gross income for 1921 was
$5,000 or over shall file a return, regardless of the amount of net income
upon which the tax is assessed. Returns are required of every single person whose net income was $1,000 or over and every married person living
with husband or wife whose net income was $2,000 or over. Widows and
widowers and persons separated or divorced from husband or wife, are
—
regarded as single persons.
Net income is grocs income, less certain deductions for business expenses,
losses, taxes, etc.
Gross income includes practically all income received
by the t:ixpayer during the year in the case of the wage-earner, salaries,
wages, bonuses and commissions
in the case of professional men, all
;
;
amounts received
for
gross earnings of the Federal Reserve Bank of Minneapolis for the year ending Dec. 31 1921 amounted to
$4,983,992, while net earnings of 83,656,428 are reported.
The figures showing the condition of the bank at the end
of the late year include those of the Helena (Mont.) branch,
opened on Feb. 1 1921. The following shows the earnings
and expenses of the bank for the late year:
and Loss Account, Dec. 31 1921.
1921 to Dec. 31 1921
Profit
Gross earnings, Jan.
1
Less:
Assess, for expenses Federal Reserve Board-Cost of Federal Reserve currency
Taxes on Fed. Res. Bank note circulation
Expended for furniture and equipment
Bond Dept. expense assumed since July 1
$4,983,991 86
S25,553 89
141,135 82
26,979 64
53,368 10
35.622 28
1,044,904 25
Operating expenses
1.327,563 98
Excess of earnings over current expenses
$3,656,427 88
Disposition of excess earnings:
Reduction of bank premises Helena
Reduction of new building acct. Minneapolis
Transferred to special reserve
——
Dividends for year 1921.
SI. 893 23
3,o81 40
600. ()00 00
211,657 03
488,529 62
2,450,966 60
-
Transferred to surplus
Paid to Government as a franchise tax
Total.-
$3,656,427 88
EARNINGS OF SAN FRANCISCO FEDERAL RESERVE
BANK
FOR
1921,
AND
SINCE ORGANIZATION.
For the year ending Dec. 31 1921 the Federal Reserve Bank
of San Francisco reports net earnings of §5,358,136, compared
with $10,232,393 for 1920. The net earnings of the bank
since its organization have been $24,860,475.
The report
made public by the bank shows the following profit and
loss account for 1921 and since organization:
Profit
and Loss Account.
Situie Organization.
1921.
Gross earnings
Gross expenses
$9,184.412 73
Reduc. of bank prem..
Res. for deprec
&
$34,418,303 71
$9 ,557 ,828 53
553,307 26
$3 ,826 .277 15
16,51174
other
671,12385
435,36104
reserves
Dividends paid
756.123 85
2,052.422 20
15.199,052 18
Carried to surplus fund 1,004,823 89
Franchise tax paid to U
S. Govt, to be used
either to supplement
the gold reserve held
against
outstanding
U.S.
notes, or applied
to the reduction of the
outstanding bonded
Indebtedness of U. S. 3.230.315 06
6.299,569 69
$9,184,412 73 $9,184,412 73 $34,418,303 71 $34,418,303 71
The following is the statement of earnings and expenses
since organization, Nov. 16 1914, to Deo. 31 1921:
*1914-1918.
Earnings.
1919.
Dlsount on bills disc. -$3,053,683
Discount on bills purch. 1,552,679
83,667.951
2,870,368
Int. on municipal war. _
Int. on U. S. securities.
Profit on U.S. sees, sold
Domestic Tr's. bought
80,139
368,585
26,031
and sold— net
Penalties on del. res...
215.038
115.789
94,005
Miscellaneous.
Total
238.385
178.410
65.970
140
1920.
1921.
Total Since
Organization
$8,257,575 $7,965,582 $22,944,791
3,890,556
825,577
9.139.180
80.139
322. /S7
23d,877
1,166,634
184
2,090
2S.305
87.707
130.156
15.797
130.254
481,205
442.169
25,939
135,881
$5,505,999 $7,021,224 $12,706,668 $9,184,413 $34,418,304
Expenses.
$1,292,100 $1,077,268 $1,964,393 S3.00I.661 $7,335,422
E.\penses
Assess, for
Fed.
Res.
Board expenses
Cost of Fed. Res. cur. .
Furniture & equipment.
74.312
339,726
85,900
33.305
251.297
103.368
SI. 792,038 $1,465,239
Total
45.934
306,282
157. u3j
52.375
617.229
155,032
205,957
1.514.514
501,936
$2,474,275 $3,826,277
$9,557,829
Net earnings
..S3.713.961 55.555,985 $10,232,393 $5,358,136 $24,860,475
» From Nov. 16 1914 only.
professional
services; in the cases of farmers, all
profits from the sale of farm products, and rental or sale of land.
In the making of an income tax return for the year 1921 every taxpayer
should present to himself the following questions:
What were your profits from your business, trade, profession or vocation ?
Did you receive any interest on bank deposits?
Have you any property from which you received rent?
Did you receive any income in the form of dividend or interest from
stocks or bonds?
Did you receive any bonuses during the year?
Did you make any profit on the sale of stocks, bonds, or other property,
real or personal
The
V
Did you act as a broker in any transaction from which you received
commissions?
Are you interested in any partnership or other firm from which you
received any income?
Have you any income from royalties or patents?
Have you any minor children wlio are working?
Do you appropriate, or have the right to appropriate, the earnings of
such children?
If so, the amount must be included in the return
of in-
ITEMS ABOUT BANKS, TKUbT COMPANIES, ETC.
No sales of hank stocks were made at the Stock E.xchange
week. At auction, only 12 shares of stock of the Irving
National Bank of this city were sold, the price being 190 H.
The last previous sale of which we have any record occurred
in March 1920, before the absorption of the Irving Trust Co.,
and then a certificate of deposit for 66 shares Irving National
Bank stock with 33 shares of lr\ing Trust Co. stock sold at
$390 per share. There were no transactions in trust compaay,'!|
this
stocks.
B.\XK Xeir York.
Low. High. Close.
Last previous sale.
]90,'2 190,'-ii 190,'a *Mar. 1920— 390
12 Irving National Bank
* 66 shares sold at 390 with 33 shares of Irving Trust.
Shares.
A New
York Stock Exchange membership was posted
for
come.
transfer this week, the consideration being stated as $86,000.
Has your wife any income from any source whatsoever? If so,
it must
be included in your return or reported in a separate return
of income.
The
last
previous transaction was at $88,000.
THE CHRONICLE
Feb. 25 1922.]
The Farmers' Loan & Trust
Co.. of this citjs will celebrate
February 28th. The
anniversary
on
Tuesday,
its lOOth
granted
by the Legislacompany
was
original charter of the
Farmers' Fire
The
ture of New York, February 28 1822, to
accommodating
Insurance & Loan Co., "for the purpose of
In April of the same year the
the citizens of the State."
charter was amended to empower the company to assume and
execute trusts. This is the earliest bestowal in the United
States of such powers upon any corporation, and is believed
to be the first instance of the granting of such powers anywhere in the world. The name of the company was changed
Its history
to The Farmers' Loan & Trust Co. in 1836.
comprehends the whole development of trust companies in
the United States. As a memento of its 100th anniversary,
the company has issued a substantial volume under the title
"A Century
of
of
Banking
Xew
in
York," by Henry
W.
Lanier.
The Columbia Trust Co. of this city, on Feb. 23, opened
new quarters for its Harlem Branch at Seventh Avenue and
12.5th Street, establishing a new high level in banking accommodation in that section of the city. The company's
white stone building of chaste simplicity and dignity proThe officers
vides the very latest work in banking facilities.
in charge, V. P. Baker, assisted by H. I. Edge and W. P.
Carroll, who have all been actively associated with the
Columbia Trust Co. for over 15 j-ears, are directly available
to all customers while possessing the essential privacy to
enable them to transact confidential and important business
with speed. The tellers cages Une up on both sides of the
building enabling depositors to get in and out of the bank
Two
T^ithout congestion, inconvenience or waste of time.
By an
special ladies' rooms are provided on the main floor.
ingenious arrangement the vault is visible to everyone in the
institution, although actually situated on the floor below.
A marble stair leads to this, and the Aatilt has every knoxs-n
form of protection. It is declared to be undrillable, unbumable, secure against mob attack and violence, and collapse of the building, over it, flooding by water, or damage
by fire." This Branch, which was established in 1901, has
become one of Harlems' institutions, and is ably supported
in every possible manner bj' the parent headquarters, with
over 8100,000,000 resources. The Branch was previously
located at Lenox
Avenue and
12.5th St.
The American Exchange National Bank
of this city has
pnrepared for free distribution a comprehensive booklet showing list of all standing committees and members of the United
States Senate and House of Representatives for the 67th
Congres.s.
The lx)oklet is corrected up to and including
Februar\- 1 1922.
the annual meeting of the Board of Directors of the
Industrial Finance Cori*oration of this city, on Fob. 21,
John Markle, heretofore Vic«'-Presi<l<-nt, was elcctcKl Presi<ient to succeed Senator (-'oleman du I'ont. who recently
The other exe<!Utive offioffs elected arc Arthur .J.
resigned.
Morris. Vicf- President and (leneral Counsel; Edward L.
Beck, Treasurer; and .Joseph B. Gilder, Secretary. Vere C.
Brown, formerly Vicf-Prtjsident of the National City Bank,
was ele<:ted Vice-President and General Manager. The
Executive Committee elected consists of .John Markle,
Fergus Iteid, W. K. Craig. Carl Tucker, Arthur .J. Morris,
Stephen C. .Millelt, E. Roland Ifarriman, S. A. Lewisohn and
VrTe C. Brown.
Tlie KK) .Morris Plan banks and companies, of which the
Industrial Finance ('on>f>ralion is the parent organization,
made over 32.">,fXJ') loans amrxinting to mf)re than 570,0(Hi,•Vt
fKM).
loans to
,\ll
<lal«-
number over
1
and amount
,.'»0<i.(KX}
807
of Railroad Securities
Commerce and
of the
and of the New York Chamber of
Union League Club. Mr. Schenck
took a deep concern in everything having to do with the
welfare of the sailings institutions and the millions of depositors whom they represent.
As President of the Bowery
Savings Bank, and also through his activities in the Savings
Bank Association in ;the State, he devoted his whole life to
furthering their interests.
A brother, Edwin S. Schenck. is
Vice-President of the Chemical National Bank.
At a meeting of the Board of Trustees of the Brooklyn
Trust Co. of Brooklyn. N. Y., on Feb. 16, Josiah O. Low,'of
Low, Di.xon & Co., bankers of this city, was elected a trustee
of the company to fill the vacancy caused by the resignation
of Herman H. Doehler of the Doehler Die Casting Co.
Eugene Lincoln Rockefeller, President of the Homestead
of Brooklyn, X. Y., died on Feb. 16.
Mr. Rockefeller
was .37 years of age. He was one of the organizers of the
Homestead Bank and served as Viee-Pi'esident of that institution from 1907 till 1910, when he became President.
Mr.
Rockefeller was a member of the Brookhm Chamber of
Commerce and a member of the State Council of Farms
and Markets.
Bank
The Citizens National Bank of Hammond, N. Y. (a village
25 miles west of Ogdensburg, N. Y.) was closed on Feb. 9
and its Cashier, Robert R. Conroy, arrested for alleged misappropriation of appro.ximateh^ .$7.5,000 of the bank's funds,
according to press dispatches fi-om Ogdensburg to the daily
papers on Feb. 9 and 10. Mr. Com-oy, it is said, was being
County
held in the St. Lawrence
Jail at
Canton
in default
of S2o,000 bail, awaiting the action of the Federal Grand
Jury.
The Citizens National Bank was founded in 1912.
was
Its capital
S2.5,000, with surplus
and undivided
profits
of .S3.5,000.
At the annual meeting of the Stamford (Conn.) Clearing
House Association on Feb. 7 the following officers were
elected for the ensuing year:
President. Edward N. Fast (Treasurer Fidelitj' Title & Trust Co.):
Secretary and Treasurer, J. Howard Bogardus (Treasurer Stamford Savings
Bank): Clearing Hou.se Cojuiniltce; Clarence W. Bell (President First
Stamford National Bank), Walter D. Daskam (Vice-President Stamford
Trust Co.), Edward N. Past (Treasurer Fidelity Title & Trust Co.).
A
meeting of the stockholders of the Franklin
of Philadelphia will be held on March 22 to
act on the question of increasing the cajiital from $1,000,000
the increase to be made through a stock
to .?1,.500,000,
dividend from the undivided profits.
special
National
Bank
—
An ai^iilicatiou to convert the Standard Savings Bank of
Washington, D. C'., into the .Standard National Bank of
Washington, D.C., was apjiroved by tlie (Comptroller of the
Currency on Feb, 12. Tlie Standard National Bank is to
have a cai)ital of .$200, 000 and surplus of $100,000.
Ryan
Daniel A.
younger men
aiui
Bernard
I*'.
Maeate(>, two of the
of the liank's piTsonnel, liave been
made new
cashiers of tlie National Bank of (\mimorce,
Philadelphia.
The growth of the bank's husiiiess ha.s made
as.sistant
aece.s.sary the creation of these additional iiositious.
The .Mellon National iJank of Pittsburgh ha.s declared a
slock dividend of 2.5',^. 'i"*' •'"' <'a|'il.'il of the h.iniv has
The
Ihereby been increased from $t).(HM),(M)() In .s7, .")()(),()()<),
bank's surplus is S-i,r>()0,(K)0.
to nif>re than $280.(KK).tH)0.
.\ecor(ling to the
The
lrn|N-riat
Ottoman Bank
London jinnounceH
of
that
bai4 op4>ned a iiul>-agency at Rnuinllah, Palestine.
it
•
'•
ll.fir
died Hi
111
of tile
........
f
%
I'.f.vVi
rv
.Sji \
I'.
..od..\..f.,onFib.20,..
I
Mr.H<-hennkwns>xirn .March
iUnniM.
1
''lit
\
1
1
lH.')()in
Vonkor^.
..I
,1
lie
p,.|i
.III of
'
i
I,.
i-T
bank
C.'iiil.
I'll 7,
\
;i
F««h.
10
I'.HIH.
Mo wok
Prcsidt-nt of the HavinrH
•
•
II';
of thn AmuK-intion nince lUlH.
'
.
Hn wnn
nliM^i
Win
in
.
n
I)
<
'ommerce," of Feb.
'
'ollijilll lei'
member
Kxeeutive Committee of the National AmMK-iatiori
ntul
<
10 I!I22, WilliMm C. Cummings. President of the Drovers'
Nutionul liank and its affiliated iiiHlitittion the Drovers'
Trust & Havings Hank, on Feb. 9, coni|)li>led arrangements
whereby lie. in eonjuiiction with members of the Swifl family
the Foreman family, idi^nlified with Foreman Urol hers Kiiiikng ('<>., of Chicago, took over tli«- stuck of the abo\i<-iiii<nlioiied institutions originully lield by llieTilden inlerestH and
which recently was transferred to a Myirlieale of ('hicago
result of the alisorplion of the Fort Dearborn
by the Conlineiilal H Coinmereiiil Tnist Co.
'I'lie "Journal of Coinmerfm" goes on to wiy:
'
lifi
Chicago "Journal of
»;f
'||.
I
of (he
Owners
'I
and
.1.
fi,r nil
'.i)'k
I
Kill
.4<I<1
itt
llwilr ihiiif'illtt^
a
iiiliiuiit>
liili
I
(iiHi'iiiKil
Viiriln
real In uiiu of ttio
liiiiililiiH
truHKeal of
.
THE CETRONICLE
808
Foreman Brothers Banking Co. by
the South Side banking-institutions.
the deal acquired a .substantial interest in a Stock Yards bank, which is particularly advantageous because of the hundreds of country bank con-espondents doing busine.ss with the Drovers' National Bank. The Drovers'
National Bank by the new arrangement acquires a downto^vn correspondent
to take the place of the connection lost by the closing of the Fort Dearborn Bank.
Mr. Cummings has been executive head of the Drovers' banks for many
Is personally responsible for their phenomenal growth.
It was
duo to Mr. Cummings that the Clearing House banks went to unusual
years and
lengths in proving to the public that the Drovers' institutions were not in
any way involved in the Port Dearborn affair. Mr. Cummings will continue as President of the Drovers' banks with the support of an unusually
strong board of directors.
A new financial institution, namely the Bankers' State
Bank of Chicago, 111., opened its doors for business at Fortyseventh St. and Grand Boulevard, on Feb. 18. The institution has a capital of $100,000 (in shares of $100) and a surplus
of $10,000.
Its officers include: Alexander Flower, Chaii--
man
Board; Samuel F. Flower, President; Harry H.
Vice-President; Charles H. Irish, Cashier, and
W. Higby, Assistant Cashier.
of the
Vehon,
Arthur
The "Wall
Street Journal" in its issue of Feb. 14 stated
that the defunct Michigan Avenue Trust Co. of Chicago,
would on Feb. 23 pay a dividend of 10%, aggregating $350,000, to depositors whose claims against the institution are
uncontested. The failure of the Michigan Avenue Tmist
Co., which occurred on July 21, last was referred to in these
columns July 23 and several subsequent issues.
At the meeting of the Board of Directors of the Reliance
State Bank of Chicago, 111., on Feb. 8, Clarence E. Stimming
was elected an Assistant Cashier.
Following the partial destruction by fire of the bank building of the Marshfield State Bank at Marshfield, Wis., a
short time ago, plans have been formulated under which
the First National Bank of Marshfield will absorb the
When the merger, which will go into effect
institution.
about April 1, has been consummated, the First National
Bank will rebuild the structure. The enlarged First National
Bank -will have a capital of $150,000 and surplus and undivided profits of about $150,000.
A
from Ogallala, Neb., on Feb. 1 to the
Omaha "Bee" reported the closing of the Exchange Bank of
that place by J. E. Hart, Secretary of the State Banking
Board. Inability to realize on its securities, a condition
under which the bank had been laboring for six months prior
The
to its closing, was given as the reason for the failure.
bank was founded in 1897 and had a capital of $75,000, with
surplus and undivided profits of $20,000. A later telegram
(Feb.
2)
from Lincoln, Neb., appearing
in
"Financial
same date stated that, according
to Secretary Hart, the closed Exchange Bank of Ogallala will
be taken over by the Citizens Bank and the Farmers State
Bank of the same to-wn.
of this city of the
According to a special press dispatch from Ada, Okla., on
Feb. 10 to "The Oklahoman" of Oklahoma City, the Merchants & Planters National Bank of that city was closed
recently and the institution placed in the hands of Roy Cooper,
a national bank examiner. The dispatch further stated that
J. I. McCulley, the Vice-President of the closed bank, had
said that the institution was solvent, but that it had been
placed in the hands of Mr. Cooper, after several conferences,
"in order to better protect the interests of all concerned."
He predicted, it is said, that the bank would soon resume
The Merchants & Planters National Bank was
business.
founded in 1914 and according to its last statement had a
capital, it is said, of $100,000, surplus of $20,000, deposits
of $388,649 and total resources of $006,204.
announces the approval
and location of The First
National Bank of Willard, N. Mex., to The First National
Bank of Mountainair, N. Mex.
The Comptroller
on Feb. 7
of
of the Currencj'
a change in the
change only when a certain designated coin is deposited each
day. The fact that the calendar will not show the correct
date unless the coin is deposited in the bank daily, is certain
to prove a safe reminder for daily sa'vang.
The bank is
made in two sizes and the saver has the choice of taking
either the 10c. or 25c. size.
At the end of each month the
saver brings his Calendar Savings Bank to the LafayetteSouth Side Bank. They remove from it the amount deposited therein during the month and credit same to the
customer's account. The date and day of the week change
automatically as deposits are made daily. The month is
changed by the bank teller when the bank is brought in at
the end of the month. The deposits when made at the end
of each mouth bear interest on the same terms as regular
sa-vings deposits.
According to the Atlanta "Constitution" of Feb. 5, the
Marietta Trust & Banking Co., Marietta, Ga., was closed
on Feb. 4, foUo-fting the discovery of a shortage of approximately 8200,000 in the funds of the company, caused, it
was said, by the alleged embezzlement of A. H. Gilbert
and George H. Sessions, the Vice-President and the Cashier,
respectively, of the bank.
The "Constitution"
the next
day (Feb. 6) reported the arrest of Mr. Gilbert and Mr.
Sessions and their subsequent release in $10,000 bail each.
The Marietta Trust & Banking Co. was founded in 1892 and
had a capital of $100,000 with surplus of $20,000 and
deposits of approximately $500,000.
Ivan E. Allen, President of the Ivan Allen-Marshall Co.,
elected a director of the Lowry National Bank of
Atlanta, Ga., on Feb. 6.
was
The American National Bank
has increased
its
capital
of Spartanburg, So. Caro.,
from $100,000 to $150,000. The
new capital became operative Jan. 1. Its issuance wa3
authorized by the shareholders on Dec. 14 and the additional
stock (par $100) was disposed of at $190 per share.
A new
—
—
the State Bank was opened
Los Angeles County, Calif., on Jan. 28. Deposits on the opening day totaled more than $25,000.
The
new bank operates both a commercial and a savings department. The bank has a capital of $50,000 and surplus of
financial institution
in Venice,
special telegram
America"
[Vol. 114.
title
I
|
$5,000.
Cashier.
Harry W. Boles is President and Eric Bamett,
Irving H. Hellman is a director of the new bank
We learn from the Portland "Oregonian," of Feb. 16 and
18 that the State Bank of Portland of that city, on Feb. 16,
failed to open its doors and that the institution was placed in
the hands of 0. B. Robertson, the State Bank Examiner,
pending its re-organization. The institution had a capital
of $200,000 with surplus and undivided profits of $65,000
and deposits, it is said, of $2,700,000. It is understood that
the bank was closed in order to prevent a run on the institution, as certain rumors derogatory to the bank, it is said, had
been in circulation for 10 days before the date of the closing.
Conrad P. Olson, who has been President of the State Bank
of Portland since Feb. 1, is reported as saying that he had
great hopes that the bank would resume operatons in a short
time.
directors of the Banca PopoSan Francisco, held Jan. 21 1922, F. N. Belgrano,
Jr., heretofore an Assistant Cashier, was elected Cashier and
G. Battagha, an Assistant Cashier, in addition tojhis duties
in that capacity, was made Manager of the Foreign Department of the bank. The new Cashier is a son of F. N.
At the regular meeting of the
lare Fugazi,
Belgrano, the President of the institution.
Mr. Battagiia has been connected with the
about ten years. The roster of the Banca
Popolare Fugazi is now as follows: F. N. Belgrani, President;
George M. Ferine and A. Laiolo, Vice-Presidents; F. N.
Belgrano, Jr., Cashier; K. T. Soracco, Secretary, and G.
Battagiia, Assistant Cashier and Manager of the Foreign
Francisco.
institution for
The Lafayette-South Side Bank of St. Louis has just
introduced what it terms a new method in saving. The
bank calls it the Calendar Savings Plan. The plan consists
of a small, handy desk calendar with a neat and convenient
Savings Bank so arranged that the dates of the calendar
Prior to the
war he was connected with the Bank of California and First
National Bank of San Francisco. During the war he served
Upon the
as a Lieutenant in the 33d Field Artillery.
cessation of hostilities, he -visited the financial headquarters
in New York and Chicago to further qualify himself for the
banking business. He then joined the head office in SaD
Department.
—
,
—
—
THE CHRONICLE
Feb. 25 1922.]
^ntst
NEW YORK,
—
I
.
809
Returns,
Or0mp^ii:ny
BROOKL\^s^ 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 years ago, the compilation having been enlarged five 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 over seventeen pages.
The dates selected for comparison are December 31 1921, December 31 1920 and December 31 1919.
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, &c., 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
As regards the resources and liabilities, we use
greatly reduced as compared with the original number.
the
returns
of the Banking Department.
the November 15 figures just as shown in
NEW YORK COMPANIES.
—
American Trust
15 '21. Xot. 15 '20. Nor. 12 '19.
Stock and bond inveetmects
Public securiliee
l$2,479 ,800/ $1,060,166
447,672
Private securities
/
I
Real estate owned. Turn, and fixtures
owned
mortgages
1.186.638
2,0.S5
364
and
Bonds
6,194.352
Loans & disc's secured by collateral.. 7.725 283
2,090,265
Loans.disc & bills pur. not sec. by coll 2.27) ,412
2,372
2 554
Overdrafts
banks
0,50
cos.,
A
bankers
1.042.762
2,368!
Due from trust
25.219
17 ,289
Specie
614, .573
582.381
Other curr auth by laws of U. 8
50 ,994
76.642
Cash items
200 .020
Customers' liability on acceptances..
inr 764
133"f.54
Other assets
Total
Liabilities
—
I
-.v
-
'
I
Du'
12 .322 379
1 .533 396
212 ,020
I)
..bankers
o
.
lUes
ToUl...
AlT'l
4. .598. 830
1.138.269
1
.852
491.632
vr},h-h
'-f 'I.
779..507
64.037
144^327
209.427
104.283
85.000
227,992
550,044
87,000
30,000
299.577
10.811.670
498.255
110.295
7.674.987
394,554
98'329
196'725
37,8,59
$17,923,103 $13.447. .523 $10..547.791
$12.410.000 $8.6 1 580 $7. 4.0S„583
1919
1920.
1921
i'l
—
Nov. 15
1
Nov. 15
'21.
"20.
No*. 12
'19.
Stock and bond investments^
$57,838, 095/$27,6,55 611 $37,068,497
Public securities
Private securities
\
Uond.s n,.d mortgasres owned
Loans on Dona or mtg.or oth.r.e.coU.
Loans & dlsr. sec. by other collateralLoans.disc.& bills pur. not sec. by col.
Overdrafts
Due from
9.991
$1,000,000
268.335
123 483
-
Resources
Real estate owned
l.r75'.367
$1,000,000
400,977
.
Oti.
51,737,095
406,284
$17.9:^3.103 513, 447, .523 $10,547,791
Capital stock
$1 ..500, 000
Surplus fund and undivided profits..
638 927
Pref'-rred deposits
283 436
Due -Vnw Vor^ .State savings banks
ICO 338
Du<! ris x(:rul')T administrator. 6cc.
Deposits by State of New York
450, 000
Deposits hy Supt of Banks, State
York
of N'
'
690 124
T)
-'e of assets
Di.
A<:
Central Union Trust Co. (New York).
Co. (New York).
A'09
ResotiTcM
banks
trust cos.,
&
bankers
Specie
Other currency auth. by laws of U. 8.
Due from the Fed. Res. Bank ofN. Y.
(Customers' liability on acceptances..
Other assets
Total
3.295 000
2.3 >2 043
4'0 910
76.279 325
53,701 320
24 306
6.044 811
1 .034 652
726 318
24,340 ,096
10.055 204
1 631 932
19,155. 705
23.961,155
4,388.570
l.Htil t).53
1.651.350
5 IS, "69
3:n.868
77,931 284 109.337.779
72,997 765 34.318.430
10 913
12.851
7.058.464
9,201 000
2,822 775
2,757.085
631,384
871 282
25.302 380 26,405.452
13.074.172
13,654 633
2.208,383
1.784 656
4,164 314
$237 784,021 257,794.940 263.295,440
—
Liabilities
Capital stock
$12
Surplus fund and undivided profits.. 18
Preferrwl deposits
Due N. S'. State savings banks
4
Due as executor. adminLstrator, &c. 4
DHi>osit« by New York State
Deposits .sec. by pledge of assets
3
Due dc[><)sltors not preferred.
172
Due
trust cos.,
,500.000 $12,500,000 $12,500,000
18,328.842
18,093,381
,496.126
941,491
509.722
484.366
2..'V)2.510
banks and bankers
lO.OOO.OOO
14.051.033
3.200.572
10 227'.666
2 925.052
5.000,000
1.1.074.172
2,953,628
$237,784,021 257.794.940 263.295.440
172.084,886 176,706,992 189,306, 58i
Total
Int.
4.447.101
3.985.405
427.793
5.930.854
643..5S7 179.085.209 186.0.53.883
9,liS4,865
9.232.389
7 322.067
Rediscounts
Acceptances
Other llabUltles
Amt. deposits on which
4.402.904
4.578.845
287.948
733.9,50
paid
$307.f>-19
<
12.051
iojx.
AlU-!..'i. . i,.
Cb;irif<!<l N,
(>
I
gyoor
Int.
Kxj,
1
N'):iil.i.TIll
24.7.50
Noi. 15
"21.
Nov. 15
..
$21,100,000
I$53,417,507/$2».994.fl85
l$53,417,507/l
0.093,315
'iwrn^
lit.
'TV
1
lt>
.068
7,6.3..242
<)
tf
4 ,124 713
'S owned
go. or Oth.r.e.coU.
ijy other collateral.
tiln
''
'
<.\t'rii'-,irrs
lnre<itm«nt«—
nril h'.rif)
I'llMlr «<
pHiale own»»<l
I
'19.
D uc rroin
«!"<
h-
_
.
pur. not
_
o«
.
„,
.,..,
,
-1
injut
r/^»«..
\MiikB
dc
bankM'ii 17.070 00.
8l.r- In
i;i
c
21
'4 523
096
7i;
lis
'I!
I
fj
1
<;,»
I
r.'i
Not. 12
"lO.
760.6.50
3 9. 7 2 9..531
20.249,560
""917
647
310 487
207 676
919 O'tO
,13H 7K9
,4,52 503
on aci'oplunces..
13.708,921
5.181.543
3,1 :."...sio
.011 ,278
.260 151
.590 ,755
.235 630
,215 148
.515 ,473
,326 (12«
2.176.284
212.671
1.230.875
3.212.894
10.210.103
12.H24.011
4.N40.346
$105,780,4tO 110.260,683 132,271.61$
;
$5,000,000
(M>.'
'.1. .
iH.dlvldod profits
7,777.K4fl
$5 000.000
8.010.611
$5. 000,000
7. .'67,308
1,2K0.001
J,297 H.Ml
110.676
102.713
.
Rm Dank of N. N
4Miliy on arrepiancaa..
t)
s
:
<•'<
Ov
li
I
1
limn aJM'na, ft«.
l.t,5H,257
rator,Ac.
l,17HOH7
'
>
110
,
I)
T'.i«l
...
.9i'Ati.2i7.Ui'i
:i\H.MK)A77
.1
.1
a7U.O.i«i.4;^a
t.lnhilUlf
r«:
101
,710 ,720
__
Total...
1
,716 ,4H5
1
autb. by laws of U. S.
7 020
12,34H .',i(t
.'.7
273 .684
27 484 ,663
27 163 ,894
..1.1 ,.,..,.n
.7r,r,
4
685 .775
28 .012 ..S04
,5,50
.674
22
802 „'<01
640
Res'vo Bank of N. 'Y.
oI)!!!- 'r'liij
banks & bankers.
'74
4 ,5 VI
tf>
'..,.,.,1,
«,.
coll,
._
..
>llity
-~
by
K).<c.
iw purchusdd
trust cos.
l>,
V:
'20.
13 HOO, 160
3 937,,742
Private securities
I
Nor. 12
Not. 15
'21.
$16 ,052.643/ $4 676 .192 $14,667,403
I'lihllc Hcciirllies
Rp.-il
I
Bankers Trust Co. fNew York). _
'20""
Itork
Not. 15
Stock and bond Investments
I'
Began builnoM on Jan 27 1919
Kevyurart—
Resources
M.OOl
';X(:ludluK taxes
Tax<
•
Columbia Trust Co. (New York),
—
4.409
-
I
•
<!•'
Ivldarl
$20,000,000 $20,000 000 $ I.'..000. 000
pmflta.. 20.40M.lflH 10.012
IM. 510, 21.1
^w rika
I'
I<
I'
.'
.
.
11
.
rithir, itr.
:«'.
7 n:i6.ioo
M7 7KH f,77
n
i....!..rr...|)
nnd
imiclJi
,'..',
7t SI
I
5.VI
7h:»
1,'.'04
...74.705.217
Ixiiikiini...
1
(llliiU'
7,0HH.«2«
l,7na,H4A
IUIjIUHv
TH
I*-',!
l,f
*/f rr,.,]
;
bank* »rw| tMiik*
n......... .......
.
...
-wir.
R'
Mu kKar.
clpprso.
•
Otll«r lUOlll
Am*.
il«poalt«
II
on wblrh
I5.h;44.()s>«
10
'.<.0
ToUl
$1..V>4
II
.
$:::'...
177 370.0.10 4.'
lot. !• p«kl. UlH.Httl.HiJO dJ't.hHf, 74a 217,015.'K)0
«7,
J.i
I
fucij
icnpltolBlk.
f.i
I
,....;.,
,....;
.,i.,ii
1
...,
Amt.cl<n>o«ll«un which Int.lapalil... A3
mm
.'<i
30(277
1
.51(1
1010.
700. 7H2
.1
1
.
I'l Ml if)
li/.'
OH,',
1
.om
«,*.
;.•<
I
(Kill
(MIO
nun noo
.110, -.^OH
,ll.l.H4»
HI .000.000
I
1
000
n
$,".
1
r.'3.HH6
llO.(N)p
3.'>
••
I
I
$0,000 ICO
-4
'
I
2.155 077
lO.'O.
0«»
OIV
1,8.11
'10 (MK)
--
20,750, 001
72
n(i7
..$10fl.7H0,460
.1
207.40,
20.797
13,071,5IH
104
I
"
I
1021.
1
'Tl.OS.'J
I
I
nil
MS
74,01
5 (C
4,74U.3.'ltt
I
•r..<
I)
vol
.
07, 06 .'J M.400.()«0
——
—
— Public
Stock & bond in vast's
Private senurities
Real estate owned--
Nov. 15
Nov. 15
'21.
'20.
secur'sl $1,656,958/ SI ,325.748
j
Bonds and rtiori?i!?os owned
Loans & discounts secured by coUat-.
Loans, di.sc.&billspur.notsec.by collOverdrafts
Due from trust COS., banks & bankers
700,934
183,925
320,254
[
183,926
374,920
2,210.522
2,352,904
5.065
1,235,573
Specie
2,566,601
2,765,869
17,435
1,312,883
129,885
519,444
159,943
83,836
28.3.53
.573,320
Other currency auth. by laws of U. S.
Cash items..
149,819
71,095
Other assets
Total
Nov
12 '19.
$1, 320. .391
.
405,953
297,347
254.920
3,874.039
1,859,378
26,436
1,334,270
233,8.50
467,8.50
33,105
114,078
$8,842,545 .$10,086,757 $10,221,617
—
Liabilities
Capital stock
$1,000,000
Surplus fund and undivided profits.522,056
Preferred deposits by State of N. Y_
270,000
Due as executor, administrator, &c.
.3.5,620
Other dep. sec. by pledge of as.sets.
27.150
Due depositors (not preferred).
6,935.611
Due trust COS., banks & bankers
16,274
Rediscounts
.
—
-,.
liabilities.
$983,300
544,109
160,000
19,753
8,239,838
94,631
45,126
.35,834
$,500,000
239,748
180,000
1,228
820,165
7,680,140
36,092
700,000
64,244
Total
$8,842,545 $10,086,757 $10,221,617
1920
1919
1921.
Amt. of depos. on whichint. ispaid-- .$3,321,800 .$3,736,426 $2,861,300
Public securities
Private securities
Real estate owned-.
—
Nov. 15
15
— Public secur., Nov.$502,650
$650,484
Loans and discounts secured by
'20.
'21.
& bond
invest.
coll ..
95,274
1,999
58,091
78,929
$657,946
$814,655
$755,992
.$500,000
$500,000
212,123
$.500,000
95,385
62,561
102,532
150,659
10,000
95,333
$657,946
$814,655
$755,992
--_
Total
Liabilities
83,243
1,999
—
Capital stock
Surplus fund and undivided profits..
payable
Other
liabilities
Total
Sujyplementary— For Calendar Year—
'19-
.$664,119
8,341
23,285
1,999
58,248
Due from trust cos., banks & bankers.
Cash items, currency, specie
Other assets
Nov. 12
1921.
1920-
1919.
diu-ing year
.1526.678
All other profits rec. during the year..
Expenses diu-ing year, excl. taxes
Amt of divs. declared on cap. stock..
Taxe.s paid during year
696,107
552,865
66,250
76,878
$25,997
748.498
478,354
131.250
59.419
$26,817
645,478
435,679
113,750
37,119
Tot.
int.
&commis'nsrec.
Empire Trust Co. (New York).
—
Resources
Nov. 15 '21. Nov. 15 '20. Nov. 12 '19'
sectir's) $14,535,180 f $5,064,861
.$7,748,993
Private securities
8,794,849
6,307,824
J
|
Real estate owned
1,145,649
.399,489
423,306
Bonds and mnrtgiffcs owiori
1,054,172
398,288
626,224
Loans on bond & mtg. or other r.e.coll
287,697
463,061
526,422
Loans & disc, sec, by other collateral- 14,007,861 18,820,200 21,168,002
L'ns, disc. & bills pur. not sec. by coll. 8,511,642
9,439,728
6,849,393
Own ;u-ceptances purchased
2,127,500
- Overdrafts
2,693
1,313
7,692
Due from trust CO 's, banks & bankers 8,439,136
7,265,228
6,333,517
Specie
123,605
169,611
111,413
Other currency auth. by laws of U. S. 1,057,102
1,208,777
767,360
Cash items
5,992
7,593
4,637
Due from Federal Resv. Bk. of N. Y. 1,564,816
1,630,000
3,315.115
Customers' liability on acceptances.. 3,794.978
2,034,858
1,386,386
Other assets
657,836
758,152
744,164
Total
Liabilities
Total
$57,315,859 .$56,456,008 $56,320,448
—
Capital stock
$2,000,000
Surplus fund and undivided profits.. 2,122,645
Pref depos— By N. Y State .sa v. bk- 1,779,237
Due N. Y State sav & loan a.ss'ns2,625
Due as executors, administr's, &C-- 5,713,329
Deposits by State of New York
1,762,007
Deposits by Supt. of Banks
81,043
Depos secured by nledire of assets662,600
Due depositors (not preferred)
33,455,984
Due trust co's, banks and bankers
3,703.278
Acceptances
3,794,978
Other liabilities..
2,238.133
Total—.
Amt. deposits on which
Int. Is
$2,000,000
2,097,886
1,650,063
3,826
6,457,507
1,099,490
269,435
687,684
36,511,059
3,259,755
1,928,208
491,184
$2,000,000
2,174,128
1,584,654
1,985
2,819,187
412 327
253,770
441,553
41,222,342
3,676,220
1,315. .581
418,701
$57,315,8.59 $56,456,008 $.56,320,448
paid..,$40, 707, 142 $41,586,667 $39,320,143
Nov. 15
'21.
'20.
Nov. 12
'19.
_
—
$155.322.0773172, 184, 013$194, 988,676
—
$1,55. 322,0775172,084, 113$194,988.676
paid ... 120,087,597$118,032,882$131,682,083
Total
deposits on
which
int.
*Fidelity-International Trust Co. (New York).
—
JVop. 15'21. *Nov. 15' 20. Nov. 12 '19.
Stock and bond investments
Public securities
184,653,552 ($2,702,913 $3,110,245
Private securities
1,893,935
2,057,825
\
...J
Bonds and mortgages owned
402, .500
419.500
.536,900
Loans & disc, secured by collateral.. 8,9.50,854
7,128,339
3,381,641
Loans.dlsc.& bills pur.not sec. by coU. 4,920,804
7.093,658
4,975,695
Due from trust co's.. bks. & bankers. 1,349,608
1,334,336
1,400.956
Specie
93.282
50,434
21.779
Other currency auth. by lawsof U. 8.
382,960
299,502
372,430
2.006,525
799,301
Cash items
1,473,427
Due from Fed. Res. Bank of N. Y... 2,419,785
2,162,565
1,274,357
Customers' liability on acceptances..
69,382
157,498
67,359
1,694,941
767,259
Other assets
2,974.447
Resources
Total
$27,608,568 $27,070,452 $18,694,474
—
Liabilities
Capital stock
$1,500,000
Surplus fund & undivided profits
1.689,350
Preferred deposits
179,825
Due N.Y. State savings banks
37,538
Due as executor, administrator, &c.
250.000
Depo.si'ed hv New York State
332.109
Deposits sec'd by pledge of assets..
19,960,111
Due depositors (not preferred)
trust co's.
367,568
316,000
banks and bankers...
payable
Rediscounts
Acceptances...
Other UabUities
Bills
95.804
2,880,263
Total
Amt.
deposits on which int.
* Fidelity
Resources
is
Nov. 15
Overdrafts
280,580
34,773
trust co's.
bank
&
bankers-
Specie...
—
Nov. 15
'21.
'20.
\$2,371.360(
$936,259
1
1,540.839
/
Othercurrencyauth. bylawsof U.S.
Cash items-Due from Fed. Res. Bank of N.Y...
Other assets..
949,610
11,311,276
367,866
2.250,000
215.000
67.3.59
852,097
335,500
5.813,285
7,096
214,335
38,429
85.400
8,129
1,206.489
86.162
366,500
6,129,6.30
5.549
571,(505
34,782
86,570
6,630
1.392.012
87.495
Nov. 12
'19.
$1,060,195
1.697.811
394,008
5,559,928
5,288
371,327
32,190
79.909
17,657
1.300.026
89,542
$10,166,185 $11,157,871 $10,607,873
-
Capital stock
Siu-pl us fund & undivided profits
Preferred deposits
DueN. Y. State sav. bk.& loan assns.
Due as executor, administrator. &c.
DepositibyN. Y. State
Deposits secured bv pledge of assets
Due depositors (not preferred)
Other
1,-365.913
262,923
34.335
170.000
897,129
19.066,822
289,244
766,000
363,000
197,337
1,929,968
Fulton Trust Co. (New York).
Bonds and mortgages owned
Loans & disc, secured by collateral..
Liabilities
$1,000,000
1,593,694
Trust Co. and International Bank merged as of July 19 1920.
—
Total.--
$1,.500,000
$27,608,568 .$27,070,452 $18,694,474
paid--$15, 864,000 $14,024,000 $8,725,000
Stock and bond investments
Public securities
Private securities
Due from
Liabilities
Nov. 15
Capital stock$5,000,000 35,000,000 $5,000,000
Surplus fund and undivided profits.. 12,641,245 11,056,927 11,711.666
Preferred deposits
Due N. Y. State savings banks-. 2.518,739
2.868.320
2,724,168
Due as executor, administrator. &c. 1,.589.388
2,679,790
1,899,801
Other dep. sec. by pledge of assets. 3,243,570
95.000
4,871,220
Due depositors (not preferred)
121,785,855 131, .534. 193 150.815,441
Due trust co's. banks and bankers... 4,927,301
7,741,936
6.377,390
Bills payable--2,000,000
3,500.000
Acceptances-.6,821,980
5,440,799
1,279,675
Other liabilities...
2,336,304
2,385,967
2,648,191
Due
Stock&bondlnvesfs—Public
Trust Co. (New York).
($37,126,216 $35,204,214
\
_-J$48, 532, 8521 12,954,497 14,129,867
3,000,000
3.180,000
3,428,700
Bonds and mortgages owned
1,413,885
1.930.409
1,855.365
Loans on bond&mtg.or other r.e.coll66,700
29.200
18,500
Loans & disc. sec. by other collateral- 45.6.56.006 32,256.029 32.266.759
Loans.di.sc.& bills pur.not sec. by coll- 22,018,687 30,442,193 41,950,951
Overdr.ifts
8,105
-,.
23,802
94,029
Due from trust co's. banks & bankers 7,324.013
4.976.663
6,329,702
Specie
293.172
1,116.869
3,741,487
Othercurrency auth. by lawsof U. S.
.562,737
442,082
482,857
Oa.sh items
6,546.298
4.261,015
9,822.401
Due from Fed. Res. Bank of N. Y... 12,533,482 13.999.827 15.851.919
Customers' liability on acceptances.. 1,168,341
6,825,980
5.170,295
Other assets
6,318,454 17,092,114 30,048,092
Corporation Trust Co. (New York).
Resources
&
—
Stock and bond investments—
Resources
Amt.
Bills
—
[Vol. 114.
Farmers' Loan
Commercial Trust Co. (New York),
Resources—
Stock
•
THE CHKONICLE
810
Other
—
-
liabilities
$.500,000
702.277
311
307.289
50.000
40.742
8,415.978
149,588
$500,000
684.731
3.235
246,647
40.000
34,967
9, .501 ,302
146,989
$500,000
659,554
192,261
40.000
39,650
9,040,454
135.954
$10,1()6.185 $11,1,57.871 $10,607,873
Total
deposits on which int. ispaid.. $8,480,000 $9,200,000 $8, .553, 500
Amt.
Resources—
Equitable Trust Co. (New York).
Nov 15 •21. iVot' 15 '20. Not. 12 '19.
Stock & bond invest's Public secur's$39 ,279 ,860f$15 ,746,114 $19,439,695
Private securitle-!
29 ,408,719 27,983,139
Real estate ownec
3 ,400 "42
3 ,420,014
3,420,014
Bonds atid mortgages owned
1 ,6.52 ,530
1 ,737,350
1.410,9.50
Loans on bond & mtg. or oth. r.e.coll.
512,,177
721 ,922
268,422
Loans & disc. sec. by other collateral. 50,,035 ,042 69 ,209,930 76,904.318
Loans.dlsc.&bills pur. not sec. by coll. 47,,797,,950 56 ,994,960 20,368,729
Own areeplanccs purchased
4 ,613 ,951
58" 996
Overdrafts
309 ,587
14,472
Due from trust co's. banks & bankers 18,,950,,324 26 ,.521,973 33,303,952
Specie
15 ,594
190.462
84.0.57
Other currency auth. by laws of U. S. 1,,728,,027
1 ,544,437
2,771.515
Cash items
26, 743,,913
18 ,576,218
395,973
Due from Fed. Res. Bk. of N. Y
19, 822, 638
16 ,761 .575 23,148,765
Customers' liability on acceptances.. 24, 970, 187 25 ,798,793 20,()60,6,50
Other assets
31, 965, 208
34 689,142 55.831,233
.
—
.
Resources —
Guaranty Trust Co. (New York).
Nov. 15
Public securities
Private securities...
Real estate owned
1
Liabilities
$271. 803, 7308301, 279, 705$286,005, 884
—
Capital stock
$12,000,000 $12,000,000 .$6,000,000
Surplus fund and undivided profits.. 16, .502, 742 17.888,715 15,049,435
Preferred deposits
Due savings banks, loan ass'ns. &c. 2 .441 ,259
2,113,8.56
2,395.887
Due as executor, administrator, &c. 11, 218, 6.56 18,960,122 27,707.696
Tr. den. & dep by N. Y State
294,399
70,423
2,659,817
Deposits secured b v pledge of assets
286 ,9.56
5.707,602
Due depositors (not preferred)
146,044,485 142.744.865 165,183,716
Due trust ro's, banks and bankers
43.173,037 37,3.32,132 .36,069.897
Bills payable
25,100,000
1,000.000
Rediscounts
3,000.000
7.200.000 10,80S,.-)1S
Acceptances
26,760,694 27.373.259 17,938,822
Other liabilities
7,081,502
4,788,725
1,192.596
Total
Amt. deposits on which
Int.
paid
$271,803,730 301,279,705 286,005,884
162.000,000?165.000,000$176,000,000
'20.
Nov. 12
"19.
.$86,890,983 ($.57,244,020 $88,092,485
-J
-.
\
8.658,083
33,137,203
8.486.918
49,867,297
6.000,000
2,672.116
2,261,0,50
2,315,250
Bonds and mortgages owned
37,000
23,000
118,000
Loansonbd.&mtg.oroth. r.e.coll...
177.032.519 299,018.720 360,923,384
Loans & disc. sec. by other coll
purLoans, discounts and bills
ch.ascd not secured by collateral-- 118,393,453 227.582,924 152,372,296
Own
acceptances purchased
Overdrafts
Due from
Specie
&
hankers
tr. COS., bks.
a ppr. res. depositaries
Duefromoth.
..
Othercurr'cyauth. bylawsof U.S..
Cash items...
Due from Fed. Res. Bk. of N. Y...
Customers' iab. on acceptances
Other assets
I
Total..
Not. 15
'21.
Stock and bond investments
Tot.al
Liabilities
6,263,908
30,411
27.271,314
846.362
1.175
.52.994.783
.58.488
47.910
50. .526
1.489,679
2.346,171
73.890.871
50.187.040
60,330.806
36,967.252
3,143,613
51.332,070
55,306,066
41,9.50.4.57
34.510.105
21.851,944
13,143,188
.52,322,979
91.798,295
.-- 541,086,010 904,069,638 966,503,019
—
-
-$25,000,000
Capital stock
Surplus fund and undivided profits .. 16.552,791
Preferred deposits
3.169.746
Due N. Y. State savings banks
3.588.731
Due as executor, admin'r. &c
State
3..381.043
Deposits by New York
Depos. soc'd by pledge of assets-.. 8.924,753
359.091.023
Due depositors Oiot preferred)
52,678.960
Due trust cos., banks & bankers
_..
Hills pavable
Rediscounts
17,925.000
22,995,248
Acceptances
27.778,715
Other liabilities
Total..
Amt. depos. on which
145,122
52,245,431
int. is
paid
$25,000,000 $25,000,000
,36,114,842 29,964,962
4.389,537
2,387,300
447,119
5,665,075
5,309,775
1,.387,593
122,477
25.3.59,754
.507,3,50,299 572,599,179
106,325.837 120,731,674
2.000.000 .36..500,00>>
115.923,294 74,1,53,475
60.330,806 52,322,979
38,135,529 23.051,151
541.086,010 904,069,638 966„503,019
293.717.000 436,547,195 574,995.174
J
—
——
——
.
Hudson Trust
—
—
89.128,180
;.500,000
.S.500.000
S.500.000
751.483
741,628
645.712
Capital stock
Surplus fund and undivided profits..
Preferred deposits
Due X. Y. State savings banks
Due as executor, administrator, &c.
Deposited by State of New York..
Trust dep. & dep. otherwise pref..
Due depositors fnot preferred)
Due
.271.097
293.860
840.000
14..500
55.678
payable
Acceptances
Other liabilities
Bil Is
.. §9,169,151
.- .$4,273,100
Total
on which
Ajnt. dep.
int. is
paid.
&
Italian Discount
—
St'k
32,1.54
25. .539
100.000
32,385
7.142.470
500.489
60.000
71.039
7.465.778
646.507
'".57560
73.494
67200
62.834
.$9,128,180
39.483.609
$4,966,600
.$4,738,900
Total
.Vmount deposits on which
&
Lawyers' Title
Resources
—
'21.
Stock and bond Investmenta
Public secutrities
\$3.763,087( $1,104,772
3.621.834
Real estate owned
3,089 904
3,005,403
Bonds and m')n(ca(?e« owned
6,808 473
7. 126. .340
Loans on bond <k mtg. or oth.r.e.coll.
738.830
228 889
Loans & dLsc. sec. by other collateral. 5. .594 690
5.274.137
Loan.s,dLs.&bills pur. not sec. by coll.
4.6-34 307
4.321,021
Overdraf la
1 603
2,906
I*rivate securities
.1
Due from approved res.
Due from otn. trust cos.
,
depositaries.
bk-s. & b'kers
1
8j)ec)e
.336 ,013
2 ,917
29 ,755
Other currency auth. by laws of U. 8.
732 093
431 ,3.52
799 ,970
Cash Items
from Fed. Res. Bank of N. Y...
im'-rs' liability on acceptances..
r
'_
...jr
aswite
$500,000
420,840
17„500
8.9.54.807
8,400.581
1.071,727
96,037
$1,918,470
3,405,677
3.059.462
7.809.332
180,331
6, 292,.505
Amt. of deposits on which
1.169.9.31
1,0.57.107
600.000
987.151
300.000
409
.544.285
.564'.86i
413.4H-1
.305. OHf)
100 .617
I.5-1
99.237
261.919
14 .810 .7.50
15, .573.989
35l.30;{
300..'.87
IP .229. 133
121.128
870.000
.500,000
Depo<D«-r>
-J
'
,-
--
./
assets
lerwi.ie preferred
rs Cuot prefi^rrcdj
D'
D<i'
.5.39
M H40
banks and bankers
,
406,399
4.59.461
rator, Jcc.
701.871
1,
r02.088
121.5..'0
63.5,000
•
%..
$28,014,78-1 $.30,092,645
192
•»r. SI
.I3'.»
I
.;mo
1
$-30, 6.J7.3.59
1920
.
•
100,000
793,300
.563.817
79.3.799
Total
132
ll.tK0..">21
..
2.376.051
.
,f
170 199
nrt.716
3 to 730
.n
'!
-
year
.Vi7
1
I
>
II
t.AUilit,\
Int. Is
Stork
.i2
1
020
•
M.4I
l.fMMi
Due
IVoin
approved
.1
Total
•
« riMl
I..,
1
(if)()
.VI .V»0
5H
f.l'i
770
075 070
HI5
. V3I
71
II
12.
7.
M7
1
..VK)
,0'(»
—
Hurphf fund and undivided
Preferred
Due
.N.
l.l'ij./l/,
.
I
r*'
liability
."tj«
ToUl
iu'nkof n7V!"
00 aooiptancw.
»
'
$1,000,000
2,358,607
445.809
4.077.104
0.58„351
414,619
3,792..'<01
3.778,52(1
.5<'>0.()()0
19,808.190
4,394
'
ve
ir.
<l
•
'
'
il.iii
•
19,281,725
8,850
3, 1 52^047
.'.00
2
I
ir
Ih
Ifit
I.'.
iillowert. (124, 488,257
I'l-'l
h Si>\
New York Trust
15
|5'21 (V..I 15'20. .Vor. 12 '10.
-Pulj|lcsccuni.\»:j0.3K4.32SI $3,116,908 Sa.UU,371
Mnveiit
^
/
07.320
I;
nwnocl
•.....,
..
oroth.r
1
I.
I.
42
I
>
I
>
t
(l.9'20.729
JU..i. I.i.ni
20.KH;1.249
.
I
I....!il
,
l.ii
"
lu Ml',
.m
4.02.'.
.
I
r.ii)
•".'>.'
of
N"v"
I
enptnnrrs,.
15 J. 70'.
iotui
612
1
1
'
•
•
H()9
110
• •!
ISO
,,11
'
>"
'11
.
Y.
'
1.
.llil.llll7
.'lOll.'.III.S
I.
1
332,370
•.•..VI7,00(I
1,1, II.',
•
iiiiri'tiiiiuiil
.'iLli. Ii> l.i.\.iuf .N,
..131.000.09.3 $35.544. (W3 $3l.yi0,O4/
7.(ml,()ll
l,-,l.nO
..,,,•
f.roll.
other i-olliit<irnl.
i»ur. not MIC. by coll.
>',
,338 7V»
122,625
22,510,127
Co. (Now York).
'•
ir,»
621,674,977
Ml.'tl
,V/.r.
,
10
S.'>. 101
1.50,000
exehidiiig laxc-H
on riiplUil Mtk.
u :.->\.
{•.,.
1..;.;',)
J.'U.OOO
17,8.50,KH1
—
.
of
•
1.71W..I.V.*
IH.1 571
$1,000,000
4,481.335
$1,000,000
2,716,580
V, State Havings banks
ii
.V^
2
2
1.721.'207
1,713.920
.'30,443
114,074
02.748
790.628
28 8.389
328.814
$31,060,849 $28,504,423 $.32,117,108
profits..
—
kuth by lawsof U, H.
'n^«
,30,709
370. .531
1,569. ,5.57
cli-posjts
•
1.170 825
77 tH)H
118.4.36
S70.020
Dn.a'<<T<-<-utor. adinlnlslrator, &c.
D.i> si<- bv pledge of .isscts
Due depositors (not preferri-d)
16 ,170
9,944
37„579
Liahililirs
Capit.il stock
7(IK
.2(M 7MI
.VK)
I
973. ,504
bankers
Kxpeii.i-.. ilurlng
»;»
n.
&
137,10
$1,113
1
.4,6.52,301
J.50.fl(K)
60.652
23 .330
37K.I0I
lOH 7H0
.'.r.i
755 ,47H
1,312.8.50
25,990„596
Trust Co. (New York).
res. dcpositari&s.
Sr)e<ie..
\
113.389.4901 «2..30« ,026
&
Othercurrency auth. by laws of U. S.
Other as.sets
">vr«tia«nta
V
int. is
Overdrafts
Due from lru.st COS.. banks
16 '21. Nov. 15 '20. Not. 12 '10
.V/>r.
560,.384
24.182.765
4.305.192
—
I
'
l,o.09,822
Nov. 15 '21. Nov. 15 '20. Nov. 12 '19.
Stock & bond invest. Public securs. {$12, 107,27dl $2,730,015 $1. '97.545
12,037,218
Private securities
9.0.50.013
\
..J
2.087,183
Real estate owned
2.000.000
2.027. 4:M
3.909.260
lionds nnil morl (rages owned
2. 932. .5.54
3.347.112
490.725
6.459.H7()
Loans <k disc. .siH-ured by collateral
3.097.035
6.437,.303
Loans. disc. &bills pur. not sec.by coll.
4.4.33.015
4.5.50.929
Resources
Lincoln Trust Co. (New York).
Rfifjurrrn-
3,722,645
1„528.453
l)ii<banks and bankers
9,124
Olh.r li •bllltles
!
2, .381 ,980
2,.597,65 9
ToUil
$31,000,849 $28„504.423 $.'12,117,108
19l9.
Sunnlemrntnrv For. Cat. Year
1921.
1920.
Total Int. .V eomm. ree'd during year.
$1,602,442
0<i,230
All ollirr profltv received during year.
300,000
''hargeil lo prorit A: loss ni'ct di prcc.
H(>(),()31
Int eri-'lite.| to >|epoK||<ir.< during year
1
320.0fK)
2K-».7»5
Kl
22". >y.i~
13 'H.J I)<|0
paid..
1
610.009
1.36. 300
,367. 86H
.870.4M
$2,000,000
4,487,006
1.09^.171
2,241,879
423,417
4.900,000
9,1.50.925
3,604.400
627,078
370.978
286.160
299.762
.326.087
.$34, 674. .532 $42. .582. 205 $ti0. 473,^36
paid $23,805,900 $25,314,300 $34,421,200
Life Insurance
—
3.435.2.57
$2,000,000
900,000
250.000
Bills
New York
2, .575.905
trust coK.,
,f,i
'>n .woiiiii
banks and bankers
trust COS.,
206,.593
1..306.
446 .095
815 .086
308 .2^A
loan asa'na
fe.
Due
617,235
.561.071
•
—
213.909
060.627
2,584
1,082.008
Nov. 15
Capital stock
$2,000,000
Surplus fund and undivided profits.. 3,418,4,50
Preferreddep.—N. Y. State sav. bks. 1.031.4.55
Due as executor, administrator, &c. 2,227,261
Deposited by State of New York..
1,311,041
Dep. sec. by pledge of assets
091,712
Due depositors (not preferred)
19,942.555
pavabic
Rediscounts
Acceptances.
Other liabiUties
Total
2.9.54.218
—
Due a
'21. Nov. 15 '20. Nov. 12 '19*
\$9,250,332( $4,710,802 $9,.341,892
6.269,416
Private securities
4,473.111
/
1
743,546
Real estate owned
153.160
1,221^,600
Bonds and mortgages owned
1,382.260
1.387.250
Loans on bond & mtg. or oth. r.e.coll.
198.897
1.007.139
120,034
Loans & disc. sec. by other collateral. 9,346.502 12.859.773 20.876,66'
Loans disc. & bills pur. not sec.by coll. 7.640.334
8,539.183 11.711.971
3.814
Overdrafts
1..588
26
Due from approved res. depositaries.
132,847
363,038
1.278,846
Due from trust COS., banks & bankers
1,474.8.53
25,446
Specie
33,495
34,695
631,798
Othercurrency auth. by laws of U. S.
411,725
557,324
2,016,298
Cash items
2,683,049
2.011,331
Due from Fed. Res. Bank of N. Y... 3,797,121
4,961,481
4.460.100
627,078
Customers' liability on acceptances..
370.978
2.53,225
178.823
Other assets
176,725
_
Total
$34,674,532 $42,582,205 $60,473,836
Liabilities
Total
$28,014,784 $.30,092,645 $30,647,359
LiabilMen
Capital stfKjk
$4 ,000 000 $-1,000,000 $4,000,000
6.:«3.338
6.711,271
Surplus fund and undivided profits.. 6 .0.5.3 .262
Prffferre*! d'-positfl
r»ue H.-ivl'iii;< b -."ki
—
Metropolitan Trust Co. (New York).
'20. -Vor. 12 '19.
Xov. 15
Liabilities
—
Trust Co. (New York).
Xor. 15
200,228
8.903
75.000
350.186
945,108
20.017
135.928
311.975
Due from Fed. Res. Bank of N. Y... 2.268. .521
1,6.52.312
1.989.0.54
Customers' liability on acceptances. .
790.682
1.000.110
305.014
Other assets
99.344
129.713
124.243
Total
$21,553,280 $21,114,797 $21,116,392
Resources
St'k & bond invest's— Public sec
..$18,0.37,446 $14,715,644 $19,401,492
paid.$ll ,,577,912 $10,489,186 $14,140,477
int. is
80,406
12,640
128.715
808.113
Capital stock
$1,000,000 $1,000,000 $1,000,000
Surplus fund and undivided profits.1,140.969
922,253
1,094,930
Preferred deposits
Due as ex., adm'r, guard., &c
4,135
9.010
19.955
Deposits by the State of New York.
440.000
100.000
45.000
Deposits secured by pledge of assets
974,600
283.966
722.200
Deposits otherwise prefeiTed
251.502
50.000
Due depo.sitors (not preferred)
16,312.017 14.942.340 15,451,887
Due trust cos., banks & bankers
464,4.56
450,320
409.294
Bills payable
1,475,000
2,510,000
Rediscounts
60.000
Acceptances
305.014
790.682
1.000.110
Other UabiUties
129.681
184.180
180.908
Total
.$21. .5.53. 280 $21,114,797 $21,116,392
Amount of dep. on which int. is paid. $16,360, 500 $14,610,000 $15,270,997
$18,037,446 $14,715,644 $19,461,492
72.500
9.012.972
1.812,662
1,.340.960
666.378
980,6.52
Cash items..
Liabilities-
$1,000,000
804.172
sec
Othercurrency auth. bylawsof U. S.
r
Capital stock
$1,000,000
Surplus fund and undivided profits..
790,316
Preferred deposits
Deposits by New York State
200,000
10,365,211
Due depositors (not preferred)
Due trust co.'s, banks and bankers.. 1.479.271
Acceptances.
1,066,857
Other liabilities
3,135,791
Nov. 15
& bond invesfs— Public
Specie
Trust Co. (New York).
Total
Mercantile Trust Co. (New York).
Due from approved res. depositaries.
Due from oth. trust COS.. bks. & b'kers
Xor. 15 '21. -Vor. 15 '20. Xor. 12 '19.
Stock and bond investments
3725,869
..^51. 157.452 SI .150.788
Public sectirit les
10..520
Private securities
9,828,609
,475.512
Loans & disc, secured by collateral.- 3.249, .54.5
3,865,603
,492.873
Loans disc. & bills pur. not sec. by coll 1.658. 739
13,709
415
586
Overdrafts
136
316,
acceptances
purchased
Own
476 179
Due from approved res've depositaries
Due from other trust cos., banks and
2,018,860
,893,079
e.972, 228
bankers
o 972
1,947
1.825
Specie
449,138
334,423
192! 900
Other curr. auth. by laws of U. S
909,053
22,161
79, 465
Due from Fed. Res. Bank of N. Y"
1,071,727
,.346,960
Customers' lia'oility on acceptances.. 1.066 ,857
576,917
987,088
2,864 ,387
Other assets
Resources
—
.
'21. Nov. 15 '20. Nov. 12 '19.
1$3.662.781/ Sl.663.229 $1,1.33,198
Private securities
1.574.028
2.080.148
\
J
Loans and discounts secured by coll.. 5.634.464
9.3.52.907
6.685.105
Loans, disc. & bills pur. not sec. bycol. 7,080,762
6,334,903
6,159,820
Overdrafts
200
Resotirces
25.380
120.180
270.000
26.973
banks and bankers..
trust co's,
39,483,609
S9. 169. 151
—
jVoo. 15 '21
Nor. 15 '20. Nov. 12 '19.
Capital stock
$2,000,000 S2.000.000 $1,000,000
Surplus fund & undivided profits
831,278
1,236,518
1,121,890
Proferretl deposits
Due sav. banks, sav. & loan ass'ns.
.375,9,52
247,912
405,462
Duo a«. executor, administrator, &c.
9.58.128
.570.035
1.310.890
Deposits by State of N. Y
71,512
361.512
121,514
221.282
Depo.sits sec. by pledge of assets...
2.58. .500
480,501
7,343
38.591
Deposits otherwise preferred
Due depo.sitors (not preferred)
23,.300,355 27.942,7.52 24,470,970
l)u? trust cos, banks and bankers...
645,6.54
656,118
932,636
R-discounts
2,441,470
502,928
1,239,430
Acceptances
1,725,216
Other liabilities
264.376
302.834
321. 570
Total
S31 .000.093 $35,644,993 .$31,720,047
Amt. deposits on which int. is paid. .$18,000,000 $18,100,000 $18,000,000
Liahilities
.Vor. 15 '21.
I
Total
811
Lincoln Trust Co. (New York) Concluded.
(New York).
Co.
Nov. 15 "20. Nov. 12 "19.
Stock and bond investments
„. „,„
,$2,121,738 151.635.650 SI .648.089
Public securities...
881 .294
637.8.57
Private securities
I
128.500
188.625
203. 12o
Bonds and inortKaKCs owned
32.543
Rail e-itato. fin'nit\ire and fixtures
'3" .529
25,794
35.9.50
Loans on bds.&mtg.or other r.e. coll..
2.660.999
2,078,235
collateral.
other
2.463.904
Loan.s & disc. sec. by
953,873
1,653,477
1 .734. .560
Loans, disc.&bills pur.not sec.by coll.
Duo from approved res. depositaries. 1.521.840
2', 55V. 626
..574.4,58
184.494
Due from trust cos., banks & bankers
162.9.59
203.035
2.52.184
Specie
433.365
406,105
230.985
Other currency auth. by laws of U. S.
20.421
18,.5.50
8.08-t
Cash items
6.200
5.560
14. .500
Customers' liability on acceptances..
30.360
26
..334
379.678
Other assets
Liabilities
.
THE CHRONICLE
Feb. 25 1922.]
Resoiircrs
——
«
,
I,
,
.., ;t\
(i,iMij.o;,'>
...ti(i.;,,'.tM
il'i'ih.
h 7,'i;i.ri75
''
"18.740
ilH.MVi
|50h.J.t....HH.»U l,U..*..'.l.Ull..6(MI.72d
———
———
——
813
New York Trust
—
(New York)
Co.
Rediscounts
Acceptances
Other liabilities
Total
8.825.8.53
1.8,58.208
Nov. 12 '19.
S'5.000.000 SS.OOO.OOO
11,719.447 11,206,142
1.263, ,580
8. 606. ,361
239.000
822. 3.H
58,108.976
4,068.613
0.715.000
7.929.459
2. .548. 771
9.954,020
1265.104
7.459,765
1,906.867
934,283
53,807,463
2.582,781
10.247 2.50
12.444.3.59
1.298.740
11, .537.966
$208, 145,.566S114.975, 561*117,690. 720
SupplemenloTy For Cat. Year
1921.
1920.
1919.
Total int. &comni. rec'd during year.
$5,331,347 $4,893,424
All other profits received during year.
619,739
345,078
Figures
Charged to profits and loss
omitted,
1,182, .531
319.239
On account of depreciation
owing to
57.20t
6.494
On account of other losses
1.733.770
1,788.564
Int. credited to depositors during year consolida1,164.767
925.215
Expenses during year, oxcludinK taxes tion with
960.000
960.000
Amt. of divs. declared on capital stk. Liberty
278.037
348.000
Bank.
Taxes reserved and pd. during the jT.
68,204,000 64,700,000
Amt depo.sit.s on which int. is paid-a As of Nov. 1 191».
—
Resources —
—
Guarantee
&
'20.
LiabilUtcs
12 '19.
$54,838,270 $56,519,167 $51,786,959
—
$6,000,000
Capital stock
Surplus fund and undivided profits.. 13,566,222
Preferred deposits
1.569.430
Due N. Y. State saving.s hanks
2.5.293
Due savings and loan associations.
Due as executor, administrator, &c. 1,405.747
450.000
Deposits by New York .State
Depo.sits secured bv pledge of assets
118.100
34,181
Deposits otherwise oreferred
30,494.8.50
Due depositors (not preferred)
Due tru.st CO 's. banks and bankers...
207.931
payable
Other llabUities
Bills
966.516
$6,000,000
12,549,735
$5,000,000
13,020,406
990.773
13.655
1,520,960
100,000
1,288.933
30.723
906,146
72.7.50
178.7.58
280.814
258.240
29,718.077
588.037
30.,503.878
247,766
2.825.000
1.605.892
695. .583
Total.
$54,838,270 $56,519,167 $51,786,959
1919.
Supplementary For Cnl. Year
1921.
1920.
$2,266,539
Total int. & comm. rec'd during year. $2,607,850
3,803,191
All Other prof it~s received during year.
4.890,518
—
Charged
to profit
—
and
loss
On
On
account of depreciation
444.274
account of losses.
683,522
Int. credited to depositors during year
Expen.ses during year, excluding taxes 3.308.109
Amt. of divs. declared on cap. stock. 1,200.000
532,725
Taxes paid during the year
Amt. deposits on which int. is paid.- 33,773,079 630,387,769
a As of Nov. 15 1920.
Nov. 15
'20.
Nov. 12
Total
Liabilities
19.000
368.170
701.128
2.732.175
1,2.50.000
262.954
30,502,970
'19.
$63,778,031 $84,310,411 $79,476,131
—
Capital stock..
$3,000,000
$2,000,000
5,143.828
f\iiid and undivided profits..
4.324.612
Preferred deposits
Due N. Y. State savings banks
641.111
Due as executor, administrator. &c. 2,884.325
Deposits by State of New York
250.081
Dep. secured by pledge of assets
1.756.995
Deposits otherwise preferred
685.630
Due depositors (not preferred)
40.875.613
.Surplus
trust COS.,
banks and bankers
payable
Acceptances
Other liabilities
$2,000,000
4,867,243
411.479
423,127
2,3,50.785
2 047 169
47^151
3.438.046
4,925.368
102.647
4.895.180
626.683
56.667,835
5,254,719
627. ,500
2.320. .575
3.806.796
4,536.680
431,359
49.964.271
5,371.049
5,000.000
500.000
5.386.718
Bills
Nov. 15
Nov.
Nov.
Stock and bond investments
Public securities
\$9,390,386/ $3,971,677 .$2,826,036
6.017,235
5.683.313
Private securities
\
f
2.666.628
3. 411. ,580
Real estate owned
2.832.224
10.033.
86t
10.883,426
mortgages
owned
11,909.692
and
Bonds
1.610.909
1.539.087
716,168
Loans on bond &mtg. or oth. r.e. coll.
Loans* disc. sec. by other collateral. 16.803 901 15.731.796 17.704.369
3,5-36.800
6.656.267
Loansdis.&billspay.notsec.by coll. 4.782.008
914
2.8.53
Overdrafts
1,400
Due from approved res. depositaries. 2,714,412
2,724.515
2,677.810
117.009
Due from other tr. COS. bk8..bkr8.,&c
277..502
277.010
307.926
Specie
7.53.303
688.730
of
Other currency auth. bv laws
U, S. 1.0S7.284
1,357.853
1.423.514
1.490,0.50
Cash items
1.738.SS9
2,078.418
Due from Fed. Res. Bank of N. Y... 1.647.382
1.0.53.216
948.603
1,038,428
Other assets
Total..
Trust Co. (New York).
jvor. 15 '21.
Public securities
1812.749.707/ S4.316.482 $10,886,803
Private securities
2,.588..593
f
\
4.633,811
Real estate
370 526
3.38.62:5
145.481
Bonds and mortgages owned
4,378.112
5,595.015
6,233.884
Loans on bond & mtg. or oth. r.e. coll.
19.000
5 000
15 000
Loans&disc. sec. by Other collateral. 25.9'23.976 35 307.492 27,935!o04
Loans.dLsc.&billspur. notsec.by coll. 8,231.5,50
16.823.866 14,492.039
Own acceptances ptu-chasod
141.790
Overdrafts
"3 014
.
2 114
161385
I)ue from other tr. COS., bks. & bkrs. I
1,025;430
2,3391212
1,698;765
^I'l't^'e
B2.710
32.040
43.492
rr-r--,
f)ther currency auth. by laws of:r7-zU. S.
727.138
755 131
915 187
Cash Items
1.973.218
7,019.641
3,370:2.59
Due from 1-ed. Res. Bank of N. Y... 6.495.978
6,762.897
8,166,050
Due from approved res' ve depositaries
567.156
C^ustomers' liability on acceptances.627.500
2.317 275
50b"6o6
Other assets
482.102
347,759
437.343
Due
Trust Co. (New York).
15 '21.
&
Resources—
Stock and bond mvestments
—
Title
{Vol. 114.
United States Mortgage
Concluded.
PJov. 15 '21. Nov. 15 '20.
Capital sU)ck.
—$10,000,000
Surplus fund and undivided profits.. 16.996,204
Preferred deposits
Due N. Y. State aavs. banks & savs
& loan associations
1,059.671
Due as executor, administrator, &c. 16.684.759
Deposits secured by piodpc of assets 3,282,904
Deposits otherwise preferred
Due depositors (not prefern-d)
117,083.827
Deposits by Now Yorl< State
450.000
Due trust CO 's. banks and bankers
21,501.141
payable
Bills
10,400,000
J
CHRONICLE
l^MJB
Liabilities
——
——
,
Total
Amt. deposits on which
int. is
$63,778,031 $84,310,411 $79,476,131
paid.. $45,768,063 $61,124,059 $56,718,234
United States Trust Co. (New York).
Resources
—
Nov. 15
Stock and bond investments
Public securities
Private securities
Real estate owned
Bonds and mortgages owned
'21.
Nov. 15
'20.
Nov. 12
'19.
1811,102.367/ $2.437,.550 $4,524„502
J
\
8.221.768
6.183.0.5.5
1.000.000
l.OOO.OOO
1.015.000
5.052.6.53
4.863.997
4.-533.235
Loans & disc, .secured by collateral.- 32.770.6.55 33.191.110 35.700,127
Loans. disc. &bills pur. not sec. by col!. 11,100,766
6.670.467
5,909 76
Due from other tr. COS., bks. & bkrs..
3.986.958
3 933 521
Specie
100.000
100,000
100,000
rc-c",
Other currency auth.
by laws ofjtt"-^U. S.
Due from Fed. Reserve Bank of N. Y. 4.300.000
4,100,665
5,00b",666
Due from approved res' ve depositaries 5,018.377
Other assets
.552,104
394,958
456,663
Total
$70,996,912 $64,966,808 $67,349,205
Liabilities
—
—
Capital .stock
Surplus fund & undivided profits
Preferred deposits
Due N. Y. State savings banks
Duo as executor, administrator, &c.
Dep. .secured by pledge of a.ssets..
Due depositors (not preferred)
Due
trust COS.,
banks and bankers
$2,000,000
15,773.675
$2,000,000
15.071,367
$2,000,000
1,830.892
11,789.112
796.590
28.625.990
9.076.522
2.089.562
9.259.838
1.182.853
30.487.948
3,986.470
2. ,534,578
Rediscounts
Other liabUities
14,900,07ft
9 323 984
2!432'844
31,868,169
3,480,401
888". 770
1.104,131
8b"9",i55
Total
$70,996,912 $64,966,808 S67.349,20a
Supplementary For Cal. Year
1921.
19201919
Total ml- & comra. rec'd during year. $4,373,809 $3,791,978 $3,430,749
All other profits received during year.
410,401
148.578
243,244
—
Charged
to profit
and
—
loss
On account
On account
of depreciation
157.338
of other losses
4.893
Int. credited to depositors during year
1.487.730
Expenses during year, excluding taxes
514.329
Amt. of divs. declared on capital stock 1,200,000
Taxes paid during the year
347,071
Amt. deposits on which int. is paid.- 49.443,037
671.600
8.968
1,329]823
454.345
1.000.000
333.279
43.915,225
465.574
3 746
1,167,844
481.628
1,000 000
297,516
45,662,716
BROOKLYN COMPANIES.
Manufacturers* Trust Co. (Brooklyn).
Brooklyn Trust Co. (Brooklyn).
Nov. 15
'21.
'20.
Resources—
StocK and bond investments
Nov. 15
Public securities.
Private se<!uritie6
Real estate owned
$20,587,392/812,437.9.58
Bonds and mortgages owned
Loans on bond & mtg. or oth. re. coll.
Loans and disc sex:, by other collateral
Loans.disc.&billspur.notsec.by coll.
Overdrafts
Due from approved
Due from otlier tr. cos, bks. &
bankers
Othercurrency auth, by lawsof U. S.
Cash items
Due from Fed. Res. Bank of N. Y...
Customers' liability on acceptances..
Other assets
Liabilities
1,212,002
1,937.050
70,284
5,143,156
4,401,316
1,663
10,728.5'24
1.045.809
1,831,250
293.055
$9,997 .3^0
11,072.335
1,022.181
1,862,
l<i2
447.264
9.3.54.389
14.787, !<27
4,378,847
7,184
4,359,562
2.831
602.170
163,843
6,55.590
—
Nov. 15
'21.
273,080
591,968
1,137,685
3,531,413
440, .554
\$1 1,214, 818
I'ublic securitiesPrivate securities
/
Real estate owned
iJoids .i,iil mortg.iges owned
1,324,.082
1,228 .226
477 .391
5.305 .109
18.512 ,796
180 .027
Loans on bond & mtg. or oth. r.e. coll.
Loans & disc. sec. by other collateral.
Loans disc. & bills pur. not sec. by coll.
O.vi i(!'"eptaiices purchased
Overdrafts
514,498
deposit.iries
Specie
Total
Resources
Nov
Stock and bond investments
I
res
Nov. 12 '19
.585,918
209,437
518.485
1,668.000
5,735.990
270,950
498,079
3,763.667
122.500
497.251
1,560. .528
Diie from approved res depositaries
Due from other tr.co's.bks.& bankers
Specie
Other currency auth. by laws of U. S.
Cash items...
Due from Fed. Res. Bank of N. Y...
Customers' liability on acceptances.Other assets
606
658 .230
87 .666
856.828
1.613.676
6.661 .666
546.980
1.33.074
15 '20. Nov. 12 "19
$7. 06 1.600
1.379.9.34
I
r
1.171.629
1.125.030
24.1.50
5.273.881
13.128.125
$6. 617.021
1 .507 ,428
1
.017.880
9(58.347
27.659
.694.784
,169,000
2.594
'"26a
624.643
,0b9".6i0
IS8.8.'->1
187.856
,139.996
1.200.167
998.696
5.936,220
344,317
80,005
46.435
.186.917
1 1 ,880
197.300
$39,842,061 $49,604,966 $50,879,02
—
Total
Capital stock
$1 ..500.000
Surplus fund and undivided profits.. 2.773,922
Preferred dep!)slt.s
Due sav. bks. & sar. & loan ass'ns. 1 ..545.745
Due as oxe<-utor. administrate. &a 1.844.226
Deposiis bv Stite of New V<>rk._
32.147
Deposits secured by plodgo of assets 2,048.(560
preferred
Deposits othorwi-ic
90.200
Due depositors (not preferred)
28.380. ,592
Duo trust COS.. banks and bankers...
117.317
Bills payable
1.000.000
Rediscounts
Acceptances
Other liabilities
509,252
$1,500,000
2,741,478
$1..500. 000
1,480.877
2.310.314
5.000
4,036,286
2.016.460
2.681,479
5.000
2,893,790
30.9.39.489
30.131.876
15,498
8,093.500
228.510
122.500
533.735
165.687
5, 5.53. .500
82,228
279.800
510.307
2,656,7.53
Total
$39,842,061 $49,604,966 $50,879,020
SuvolcmenUini For Cal. Year
1921
1920.
1919
Total int. & comm. rec'd during yeAr.
$2,415,178
All other profits received during year.
108.844
Chgd to prof &I0.SS. acct ofdoprec'n.
92.631
On account of other losses
38.589
—
—
Interest paid do|x»Mli<>rK and upon bills
payable during year
Expenses during year, excluding taxes
Amt. of (li\'H doc(ar<Kl on cjip stoclt..
TaxRs paid during vonr. .accrued
Amt deposits on which int t« paid .n$3O,SS4.O00&$34,831.600
As of date: a Nor. 15 1921; b Nor. 16 1920.
.
1.169.722
512.671
450.000
96,000
34,144,000
Liabiltttes
$48 801.175 $38,539,872 $49,782,315
—
Capital stock
$2 500,000
Surplus fund and undivided profits.- 2 ,505.397
Preferred deposit.s
Due sav. bks. & sav. & loan a-ss'ns. 1 ,687,2.57
Due as executor, administrator. &c
151,880
Deposits by State of New York
510.000
Bks.
.State of
Dep.b.v Supt.of
114.782
Deposits secured by pledge of asss.
579.657
Deposits otherwise preferred
104.660
Due depositors (not preferred)
38 515.635
Due to trust companies & banks
145.416
NY
liills payable
Rediscounts
Acceptances
Other liabilities
1,
$2,000,000
2.006.730
$1,000,000
925,870
1,209.876
94 .822
100,000
1,448,703
71.617
100,000
3,156.761
220.447
1.513.877
7.510
28.890.4.56
28. 565. .597
224.622
77.012
21.467.000
3,418.815
000,000
.57y.825
408.666
344.347
291.811
1 1
,880
174,434
Tot«I
$48,801,175 $38,539,872 $49,782,316
Supplcmentani For Cal. Year
1921.
1920.
1919.
Total int. & comm. rec'd during year. $1.9.56,794 81,840,249 $1,882,908
All other profits received durine year.
186,140
162,704
107,991
Charged to profit & loss acc't oeproc.
prof.&
to
loss
acct.
Charged
other loss
Int. credited to depositors during year
Expenses dtiriuR year, excluding Uixos
Amt. of divs. d « lared on capital stk.
270,000
240,000
90,000
Taxes paid dv.-ing the year
Amt. (fepositsonwhlchiiK, isaUowed 30.000.000 24.000.000 24.000.009
—
—
i
—
THE CHKONICLE
Feb. 25 1922.]
Resources—
Stock and bond Investmenta
—
Nod. 15
'21.
15
'Vop
'21.
,„„
S8.313.617 ($2,171,199
/
I 6.007.976
210.000
385.000
""i::
Real^tate owned
1.035.220
1.009.410
Bonds .1.1.1 inori:,'ri.'Ps ow,).-<l
283.450
296.987
.coll.
or
oth.r.e
Loans on bond &mtg.
Loans* disc. sec. by other collateral. 11.092,985 11.725. 61o
2.634,716
Loans disc.& bills pur.not sec. by coll. 1,870.002
1.649
763
Overdrafts
res'vedepnsit.iries
2,457,781
approv'd
Due from
2.021. .384
33.361
Due from otner tr.cos .bks Abinkers
35.450
36.966
Specie
1,616,316
Other currency auth. by laws of U.S. 1.565.912
69.411
21.332
Cash items
153.572
100,737
Other assets
Public securities
Private securities
Nov.
12 '19
_^ „_, „.„
S4.371,050
6.990. Ib4
385.000
1.096,430
,„ 3ol.?5i)
10.669. .jH8
1,026.1*0
1,283
Liabilities
—
Due
*
$500,000
2.868.826
2.222.769
vl'stliuJlavings banks
savings and liian associations.
1.000
678.973
as executor, admiiii.strator. &c
800.000
Deposits by State of New York
142.638
Dep by Supl of n<s .Soteo: -V Y.
143.802
Deposius sec. by trust co. assets...
19.188,187
Due depositors (not preferred)
92.004
Due trust cos. banks and bankers...
2.455.025
„,o'999
.48.924
62o.000
14.292
940.116
19,691,978
124.615
257.580
2,622.327
.
Due
Due
266.340
Other Uabilities
Total
Amt. of deposits OD which
Int. is
by
^'^•;|J?^
19,300.392
'09-15?
244.4/4
Linhilities
Overdrafts
trust compaDies.
Nov. ib. 2\. *Nov. 15
$290,484
$178 .242
91.044
21 .291
666.441
343 .325
310.246
342 ,813
462.495
3.704
131 ,621
8
111 ,408
9.615
104 ..500
2 ,367
31 ,678
banks & bankers
Other currency authorized by laws of United States
7 ,.327
Oa-sh Items
Due from Federal Renerve Bank of New York
Due from approved reserve depositaries
-
Other assets
Total
92.413
20.088
22.576
$2,097,207
$1,195,338
The Peoples Trust Co. (Brooklyn).
—
Not. 15 21. Nov. 15
'20.
Nov. 12
'19.
—
Capital stock
$1,500, 000
Surplus fund and undivided profits.. 2,107, 826
Preferred dep()sit.s
Due N Y. State savings banks
2,658, 901
Due savings and loan a.s.sociHtlons.
16 ,571
Due as exi!Cutor. administrator. &c.
554 ,426
Deposits by State of New York
337 780
DciHisiis s. cured by pledge of assets
1 ,435 ,602
Due depositors (not preferred)
35,399 ,697
•20.
collateral
Due from
Spede
821. ol9
10 ,000
$.366,200
—
<c?'n'?Q
^!j}-.?2
38.8.50
paid
is
$4,044,363 $4,454,725
\
Private securities
7.302,858
6.910.008
)S13,109 1721
Real estate owned
766 428
815.368
790.428
Bonds & mortgages owned
1,007 315
832.080
1.334.182
420
Loans on bond & mtg. or oth.r.e.coll.
935
437.9.39
555.649
Loans & disc. .sec. by other collateral. 12.172 905 14.216,762 13,957.374
Loans disc. & bills pur.not sec.by coll. 8,753 396
2,759.032
5,350.285
Own acceptances purhcased
150 000
Overdrafts
1 922
1,208
1,874
Due Iroiu api)roved res. depositaries.
654 280
660". 148
Due from other tr. cos. bks. & bankers
7b6".54.5
Specie.
319 265
325.077
336.236
Other currency auth. by laws of U. S903 345
1.055.4.35
862.805
Ca.sh items..
1,.506 252
2.096.716
1.498.701
Due from Federal Reserve Bank
4.279 516
3,1.59.4.58
3.074.324
Customers' liability on acceptances..
211 721
118..5.=i2
62.800
Other assets
220 015
258, .5.11
274.260
Total
$44,776,.467 $40,650,526 837,603,217
Co. (Brooklyn).
Stock and bond iDvestmenta
Real estate owned.
Bond-! & mortgages owned
Loans on real estate collateral
Loans and discounts secured by other collateral..
Loans, discounts and bills purchased not secured
$2,097,207
$1,099,050
Stock and bond investments
Public securities
$27,010,739 $28,140,072 S28. 5.54. 675
paid521, 965,400 -§23,500,900 S23.900.000
Midwood Trust
Resources —
3 ,573
of deposits on which Interest
Resources
255.251
$500,000
2.781,542
50,000
374,178
17,391
$1,195,338
Begun business Sept. 20 1920.
102.816
1,0.52.272
34..344
$500,000
2,975,026
GO.OOO
100.000
1,158.694
depositors (nor preferred)
Amount
-.^-Aii
2.218. 3o7
Concluded.
Nov. 15 •21. 'Nob. 1,5 '20.
kSOO.OOO
$500,000
284.940
253.771
Other liabilities
Total..
Liabilities
Due^N
—
Capital stock
Surplus fund and undivided profits
Preferred depositsDue N. Y. State savings banks
Deposits by State of New York
$27,010,739 528,140,072 $28,554,675
Capital stock
Surplus fund and undivided profits..
813
*Midwood Trust Co. (Brooklyn)
Kings County Trust Co. (Brooklyn).
TotaJ
—
Due
trust co's,
1,958.360
2,252. .544
72.4.59
727.127
117.928
2.118.238
31.3.50.101
12 ,113
23.424
211 721
118.5.52
541 ,830
411.791
'....$44,776,467 $40,6.50.526
For Cnl. Year
1921.
1920.
banks and bankers
Acceptances
Other liabilities
Total
Supplementary
Total int. & comm reed during year. $2,201,918
All other profits received during year.
152. 1 19
Cliargc-d to profit & loss acct. deproc.
l7l ,000
Charged to prof. & lo.ss acct. oth. loss
40.627
Int. crcdite<l to depositors during year
742.209
Expenses during year, excluding taxes
702.627
Arat. of divs. declared on capital stk.
270.000
Tates paid during the year
83.133
Amt deposits on which int. is paid 33,836,588
—
$1,200,000
1.635,443
$1 ,.500.000
—
2,681,577
62.708
613.607
57,930
2.020.060
28.822.489
45 974
62.800
400.729
$37,603,217
1919.
$1,609,006
173.328
371.539
26.380
5.54.454
442.448
184.000
51.479
13,920.957
BOSTON COMPANIES.
American Trust Co. (Boston).
Dec. 31 '21. Dec. 31 •20. Dec -31 'ig.
Bes/mrces—
Railroad and other boDd«
$3,100,657
Time
Our
17,0-55.908
loan.?
real estate
45.041
Bank acceptances sold with endorse'!
Customers' notes redHcounted
Customers' llablls. under acceptances
1.386.882
Demand
4.90-1.927
30,000
499.I:j8
4.6H5,964
56.864
banks
in
85. 145,216
13, 449,618
Time
1..528 .802
3.104.771
6. 669. .574
,113.326
118.3.52
104, 'Ho
,.307.7.15
Linhilities
fund
Surpl'js
000
$1 ..500.000
2.000 000
620.906
25.669.097
2.000.000
$1..500
Capital stock
Undivld>^J profits
General dcrKjslu
Bin.i pri>:^e
Acreplan. .r:s
5.50.920
26,890.(l.-,0
700.000
1..5.V..7S5
-
1,559 061
499,138
1921.
2%
RAteofint.paldondep.of t.500orov«r
20%
Divktowte paid in calendar year
1919.
2%
287al6%
reg.
2%
9%
ext.
Beacon Trust Co. (Boston).
—
Dec. 31 '20. Dec. 31 '19.
$X. 731. 7.53
$7,169,911
$13. 10.'. 034
6,972.405
6.«*>2.304
8. 306. .596
655.761
7t1.5l3
660. M4
4.140,705
4.123.3.58
4.924.072
Rtttmrcet
31 '.1.
T'l'c
-.-
De.-
1920.
:»
Inv.
and banlu
lu office
o«i
Burpin
$600,000
1 .400 000
$600 000
1.400 000
1.200.000
ir.nvir,
22H.347
2.52.269
Earning" nndlvUlod. ........
Ri-w-rvf; for Ihxha , ...,...,...,
'-« .-tnd bills rndUcounted.
15--V)2
3. 003..500
10.30H.4.',0
mlu
1S,2JM,933
1921
d«n>'«>«l»J«
rnr»Jr1n« lot
on d-p
K196
—
payable
MLscellaneous
Total
Saviugs department (additional)
Bills
4.4:<0
2.513
759.744
60.000
209
$1,074,383
1,116699
$1.6.56. .563
.,r !',()<)
A
$17.1.''.
2%
.iTer.
tMndendji p*ld lncal«nd.ir y.«r
19.0fl2.«.'>.»
1919
000 $lb.J;>O.fX)0 $17,657 .OOf)
$l.'(ifK)0
.'"^o
2%
$120,000
$102,000
Boston Safe Deposit
&
Total
Bofj'l«
ari.l
'21
I '07 0',0
«f-^lCkS-..
1«
1
:i1
arnruM) Intormt
'ir«,
Llnhililles
97.000
669.695
102. ttW
47,172
$985.7.53
—
802,2.58
Total
$9.S5.7.'^3
Commonwealth Trust
—
Rrttmirrea
Invi-Htinenlii
urul
I ).-nian<l
96.819
35
$1,255,315
216.290
$1,986,477
$100,000
HI 711
$100,000
H9.608
1.10".), 343
_1.796.S69
$1.2.55.315
$1,986,477
R.3
_
i...
I
',6
".I
'
lime loans
61.61
—
iMiMfar'dlMrlb'n
, ..
f20
3
,
,
I'rr.'it
1.6(,-./l7ft
-: ):o
l.n.'/l.c.VI
4H.720
ri
..
n^K)
noo
.
.13
II oo^i fioo
$IU.M..».J.'.J
gi
rvcfvio
i
i..,
,
:^
!.._
$1 .500
i
'
!
»..(,
'..S84
'.
000
$1,000,000
163
9".»7.l3i
00
30..'.li(1.4.'i3
M...-0 ,.l.. .. .sW.i $32. .593.884
lUlO.
1920.
1921.
.
2%
2^
3%
0%
10%
lO*^
Exchange Trust Co. (Boston).
trr
Dt 11
11
:\
ftrimirre^—
Ml
$-l,L'H..i;',{
.odbanka
....ilu. furu.AfUiuroB..
<
-
2. 117.
'I
UrnI
•
.1
ri'Hi
oBlal*!
'
MlUf—
I
I
'5
$i «M.i.ia
2 imn.9»7
•
rmtnlm. ..............
.
t
ooo
lira
1
<ii.' 7'.'i
owntwi. ................
.1
Dee. »l '10,
".'0
2»,.'79
.
t^.ii'
1
J
4(Ki.5,'.H
..uui
>
If,
I
,..,U
r
'
wid loaa.. ....... ...........
,i'i
i<r»nr| for fnrtlf*
KflM-r.-.l for laira
(•••I..
Int
i
.'70
Ratr oflnt. on <1«<p. nf $500 and ovor.
Ulvldnnda paid In calendar year
I'
fI
«iiri,
151. .501
s In ,)70
1.56.474
9).9.'.0
«.•. .i-t
$1,500000
I
3.3(H1
14.1176
Kiuro M.. ..............
Oai.
1,55.861
1
'21.
$,•,'..,,'...
1
2.4 '.2
3,72'i
.........
,
.
Dec. 29 '20 Drc. 31 •lO.
$4,809,616
$5.988.9.59
19.39(568 19.377. 0'»6 20.4H2.418
and uodlvldod proflu
HitriiluM
901421
$83,350
212.'iOI
1,318,673
J5.471.'262
Iti-al .».tat..
LlnhlUtiu
Capltnl
D«c. 31 '19.
Co. (Boston).
Dec 31
('•Hh on hand
.
C'anh ofi di'poalt....... ........
TotJil
"20.
$69.8.50
104 (tMO
$100,000
81.495
ToUl
i-,n
12.453
$1,781,510
$1,635,748
:
.
1.072.132
1
S'OT
$200,000
50.000
3,937
1.415,138
100.000
^404
$69.8.50
'20 L>«c, 31 '10.
'
2.1 ."
'1
Dec. 31
86.615
80.313
218
$1,781,510
$1,519,616
$1,681,929
Not. 15
Dec. 31 '21
Capital stock
SurpluH and proflU
Trust Co. (Boston).
Der
47.7.50
150.000
|><.|>...lu
Hetmiref^—
$98,450
369.894
402.537
361.580
334.153
Columbia Trust Co. (Boston).
Resmirces—
United SUtes bonds
Oih.T SI. Mks and bonds
Loans
Ca^h In office
Ca«h In banks
$600,000
^0 $21,145,122
$24,577,887
Total
of
86.668
38.985
Commereial deposits
.577.887 $20.-183-280 $21,145,122
Ki»t#ir,flnl p<l
46.9<i7
.Surplus fund
Undivided profits
-
Amnmnt
$200,000
50.000
196.802
126.173
L>et«.sltji
^rkl•\
/..
$200,000
50.000
248.2,57
Capital stock
$31,186,243 $31.8.55.314 $31,150,570
Total
Caah
5-57.029
24.183.301
1.396,240
Notesand bill.sredlH. wrth P. R. Bank
Endorsements on bank acceptances..
Tim.'
$1,000,000
2.000.000
Linhilities
15 '20. A7oc. 17'19-
$1,074,383
262.244
Banking house and vaults
Due from banks
Cash on hand
Other resources
$.31,186,243 $31.8.55.314 $31,150,570
—
Nm.
$102,106
398.999
313,194
235.107
217,960
46.674
105.584
99,780
212
$1,519,616
$()6.792
loans
Total
Total
Dec. 31 '21.
loan.s
Demand
1..5.=i9.061
loans
C*<h on hatid
Other as.sets
$1,924,629
16.405.946
45.041
Charlestown Trust Co. (Boston).
—
Resources
Mass. State and municipal bonds
Other stocks and bonds
Loans on real estate
'
,
4. Lj'i.i 12
3.f»ll,J35
.
.
.s;l
•)
........ .......$l. "Mil/ |l7.int:i.9MI $15,072,300
i<"i
....................... $1
ooo
Ji oiin O'wi
$r'iM
ooo
nf(1«pailt..
Total
..
.....
Trowi <lnp*rtiiwin't*(ari<lllionaf).*"*.
iiim'.'.l'.'.'.'.'.'.lllll'.l"'.'.
I».1...,.M«
'
........................
Total
r>ri
B»t« of Inl'^ntt pul'l on 'I-ikmUm. ...
LilTldaoda paid lo oalaiMlar f^r
.
>:7f
31%
I
'•
•
•"
I
-•-'
lU.'t
Unto of Int |»l on dnp of CIOO A nviw
Divldunda paid III cateodarj9»r
1,1.-..
'
,<>
t
$15,073,300
fl7.601.407 llI
>
tUIO.
''
'J'\
'Jl%
lU'U.UOO
lUO.UtMl
I
3%
$4H.OO0
THE CHKONICLE
814
Market Trust Co. (Boston) Concluded
Federal Trust Co. (Boston).
—
Dec. 31 21. Dec. 31 '20. Dec. 31 '19.
$80,000
1
$2,862,847 $2,663 7461
2.831,792
J
9.794.841
9,295 929
9,824,319
Resources
State of Massachusetts bonds
Other stocks and bonds
Loans
-
49 005
2,441 012
75
1,091 894
4.5,159
Reale.5tate--
Cash on hand and in bank
Customers liability foreign
1,616,798
bills redis.
73.024
2.286,173
1,4.53,118
3.141,559
568 ,807
Customers' liability under acceptances
633.533
Subscriptions to Liberty Loans
493,,830
Foreign bills of exchange
Uabil.
letters
of
credit.11,
^,900
9,824
Customers'
Total
.$14,927,753 $16,123,130 .$20,294,010
—
—
Liabilities
Capital stockSurplus and undivided profits
Deposits
Sinking fund
Bills payableNotes and bills rediscounted
$1,000,000
399,461
1?,063,598
$1,000 000
493 082
13,447 566
$1,000,000
541,121
14,354,127
300,000
475,000
700 000
470. 581
718.000
23,7.58
2.210 653
581 ,586
9,000
633.-533
11.901
99,108
812,848
$14,927,753 $16,123,130 $20,294,040
Acceptances
Letters of credit
Foreign bills rediscounted
Total
*Hub Trust
Co. (Boston).
Dec. 31' 21. Dec. 31 '20. *Nov. 17
$331,46
$131,241
$148,
RsSO'ltTCCS'~~'
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
\
116,535
347,600]
1,308,464
'
Other assets
178,865
76.046
t
International Trust Co. (Boston).
Dec. 31 '21. Dec. 31 '20. Nov. 17 '19.
.$2,899,574
$2,419,893 $2,560,141
123,288,736/ 15,106,1,58 20.665.138
6.519,023
\
1,200,000
1,000,000
1,000,000
Stocks and bonds
Time loans
Demand loans
Banking houses
Acceptances purchased
)
30H.364
Contingent liability on acceptances..
442',454
544,483
Customers liability under acceptances 2,821,071
1,670,965
2,183,514
Cash on hand and in banks
4,810,429
4,552,699
5,674,004
U. S. and other bond- borrowed
40,000
600,000
Real estate by foreclosure
3b'.866
Total
$35,059,810 $33,375,915 $31,901.7^0
Liabililifis
—
Capital stock.
$2,000,000
Surplus fund and undivided profits-- 2,539,348
$2,000,000
2,490,460
186,928
5.096,750
2,190,219
442 ,454
20,969,104
$1,500,000
•',311,715
Reserved for taxes. &c
Rediscounts
4,285,800
2.r3b",96,3
Acceptances
2,841,589
1.670,965
Contingent liability under accept'ces.544,483
Deposits
23.143,724
23,353.073
U. S and other bonds borrowed
600,000
40,000
Total-..$35,0.59,810 $33,375,915 $31 ,901 ,790
Savines deposits (additional)
$8,095,173 $3,4.54,272 $3,114,448
Trast department (additional).
$1,874,207 $1,659,558 $1,550,619
—
Jamaica Plain Trust Co. (Boston).
771,889
666,410
real estate
.565.896
,568.506
loans with collaterals
Other demand loans
Time loans with collateral
Other time loans
258,138
63,639
376,655
72,370
108,818
268,028
23
29,300
11,000
54,280
16,519
78,448
1.010
$2,256,235
Demand
Overdrafts
Banking house, furniture
Safe deposit vaults
1.50,160
226.663
21
& fixtiu-es.
29.300
12.475
83,962
792
78,017
Due from reserve banks
Due from other banks
Cash: Currency and specie
Other assets
TotalLiabilities
4.3,39
—
$2,2,50,159
$200,000
24„500
31,091
Capital stock
Surplus fund
Profit
and
loss
Deposits subject to
demand
Certificates of deposit
Certified checks
Treasurer's checks
Open accts. not pay. within 30 days.
Other
1,972,273
3,500
3,108
7,856
7.831
liabilities
Total
«.2,.:50,1.59
liabilities
$200,000
21..500
16,331
2,006,705
3,700
891
253.
6,466
389
$2,256,235
582.999
522.410
281,903
47,064
111,947
242,623
93
29.800
11,096
32,393
12,631
94,298
35,970
$2,010,095
$200,000
20.000
20,565
1.758,426
3,500
2,430
123
4,983
68
$2,010,095
Liberty Trust Co. (Boston).
Dec. 31 '21. Dec. 31 '20
Resources—
State of Massachusetts bonds
Other investments
Loans on real estate
$1.321, .593
3.501.143
2,083,376
5.496.903
Demand
Time
loans
loans
$631,788
100,000
2,036.797
480,761
3.790,867
64,000
,774.714
1,311.821
302.982
$14,580,711
$8.379. -234
Banking rooms
Interest
Cash on hand and in banks
IJ. S. bonds and certificates.
Total
Liabilities
—
...
-
(less
expenses)
Deposits-
Dividends unpaid
BUls pay<able inc. ctf. of deposit
Notes and bills rediscounted
Uncompleted loans
Foreign currency certificates
Total
63.200
Dec. 31 '19
$39,652
657,599
686,148
497.854
2.883.516
54,748
1.047
1.181.864
53..500
$6,055^928
260
12.()70
1,089,447
1,206,301
1,412
78.286
$11, .580. 711
299,373
605,609
43,170
$200,000
350.000
35.678
4.814,276
5,035
376,685
244,002
30.252
$8,379,234
$6,055,928
$750,000
Capital stock
Surplus fund
Undivided profits
1
7.50,000
$.500,000
,500.000
71,585
10.633,421
60,7S1
6,357,631
Market Trust Co. (Boston).
Resourcesand State of Mass. bonds.
Other stocks and bonds
Loans on real estate
Dem.ind loans
Time loans
Banking house,
Real estate by foroclostiro
Safe deposit vaults
Dec. 31 '21. Dec. 31 20. Dec. 31 '19.
$.545,173
.$456,600
$461, 399
tr. S.
Due from banks
Cash
Overdrafts
Suspense
Total
..
1
611,937
083,622
281,484
,415,709
25,000
12,347
8,360
327,972
55,014
3,479
$4,281,584
6.237
392,903
250,000
90
117.587
281.778
$4,281,584
$4,646,411
$4,134,780
Dec 31
787 935
976, 405
742.620
897.680
417 296
1,514 OSl
25 000
4,56.857
8.360
8,360
398.136
100,174
950 560
25,000
t;,.5C.O
3.53. .344
96.931
56S
5,092
$4,646,411
'21.
$447,353
1.235.266
3.374.0S8
3,875,104
833.749
8()5.830
3,505.835
16,842
1,308,382
637,(597
165.957
Dec. 31 '20. Dec. 31 '19.
$447,353
1,239,962
3,348,800
2,505,427
867,185
1,370,160
4,860,707
14,000
1,739,565
366,266
189,731
42.834
.-
—
.$16 ,308.937
SI 000.000
.500.000
.
308.714
13 363.162
138.9.50
83.236
8.821
17.319
480.910
120.192
247. ,509
40,030
.
94
2,051
—
$16,951,207 $16,345,250
$1,000,000
500,000
339,042
11,943.304
369,043
63,871
6,645
69,263
604,441
92,775
213,845
40,105
200,000
1,508,531
342
920
2,794
$4,134,780
$1,000,000
500,000
299,844
13.606,768
55,455
30,000
48,976
41. .306
149,866
80,735
241,553
17,560
269,750
3,446
Metropolitan Trust Co. (Boston).
Resources
U. .S. and State of Mass. bonds
Other stocks and bonds
Loans on real estate
Demand loans
Time loans
Banking house, and fixtures
Customers'
liability
under
June 30 '21. Nov. 15
316.245
$677.
.1
6.359.163
.766.
85.372
80.'
Acceptances
Due from reserve banks
Due from other banks
Cash
818,123
Liabilities
107 ,630
1,358 ,503/
241,207
205,150
70,752
Other resources
Total
Nov. 17 19.
$244 ,327
475 862
302 578
3.214 ,.583
3,390 366
98 606
letters of
credit
91 ,287
18 ,194
1,094 ,248
1,048 .695
230 ,511
29 ,480
$7,854,805 $10,232,095 $10,238,737
—
Capital stock--
400.000
$500,000
400.000
2.437
$500,000
400,000
1,57,342
180,921
7,846,601
137,840
,019,158
,194,500
716,048
91,287
424,000
896,709
18,194
24,000
11,500
$.500,000
Surplusfund
Guaranty fund
Undivided profits
Deposits
Due to other banks.
5,734,645
209,620
payable
Rediscounts
Acceptances
XTncompleted loans
Reserve for taxes
Other liabilities
Bills
717,300
38,300
1
107,636
12"495
85,103
$7,854,805 $10,132,095 $10,238,737
Total
New England Trust
—
Demand and
1,700,000
18,969.875
4,731.915
659,899
office
Other assets
Total
Liabilities
$600,000
1,000.000
2,000,000
671,290
23,249,129
Capital stock
Surplus
Guarantee account
E.arnings undivided
liabilities
Total
—
Dec. 31 '20. Dec. 31 '19.
$2,986,915 $3, 295,622
700,000
1,700.000
24 420,572
22, .579. 231
5 230,171
3,805.325
353,828
1,724.222
$28,985,022 $32,795,693 $34,000,193
—
Depo.sits
'21.
$2,9-23.333
time loans
bank and
Co. (Boston).
Dec 31
Resources
Stocks and bonds
Real estate
Other
$922,721
1.575.335
3,464,225
2,97 7.406
745.722
1,542,335
3.312,846
14,000
1,148,508
251.167
389.102
135
1,748
.$16,308,937 $16,951,207 $16,345,250
Total
in
71,8.53
3,163.562
Massachusetts Trust Co. (Boston).
—
Resources
U. S. and State of Mass. bonds
Other stocks and bonds
Loans on real estate, net
Demand loans with collateral
Other demand loans
Time loans \vith collateral
Other time loans
Safe deposit vaults
Due from reserve banks
Due from other banks
Cash: Currency and specie
Cash
$400,000
100,000
174,000
115,000
102
Liability under letters of credit-
Dec. 31 '21 Dec. 31 '20. Dec. 31 '19.
$4 ,868
$4,868
$4,868
Resources
State of Massachusetts bonds
Other stocks and bonds
Loans on
Total
.
Dividends unpaid
Bills payable
Notes and bills rediscounted
Other liabilities
J
$400,000
100,000
95,688
3,401,493
banks
Treasurer's checks
Open acc'ts not pay'le within 30 days
Due to reserve banks
Due to other banks
Began business June 19 1919.
—
to
Rediscounts
Bills payable
Dividends unpaid
Deposits
!lf2,731,301
Ei/^?«?i
Duo
Certificates of deposit
Certificates of deposit (time)
Certified checks
1,511,393)
571, 026 f
banks
Resmtrces
3,376,133
20,000
Undivided profits
$500,000
72,836
Total
*
Deposit
Reserve for interest
Capital stock
Surplus funds
48,500
421,843
33,258
111,594
Liabilities
to
Undivided profits
$400,000
100.000
96,349
Surplus fund
Total
1,097.478
$2,731,301
Capital stock
Surplus fund and undivided profits-Demand deposits
Tune deposits
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
Other cash items
Other assets-
^^_^^^^
Total
Due
Liabilities—
Capital stock
Liabilities
45,000
376,645
113,064
92,526
[Vol. 114.
$1,000,000
2.000,000
$1 000,000
000,000
736"083
25 011,604
698.493
21,990.301
5 ,252,506
7,106.899
...$28,985,022 $32,795,693 834,000,193
1,4('>4,603
Old Colony Trust Co. (Boston).
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19
$18,742,902 $15,199,242 $26,377,069
Demand and time loans
84,525,347 98,369,774 98.580,.591
3.348.715
Banking offices4,025,905
3,643,308
6,224,804 15.0.58.682
Customers liability and acceptances. 3.907,054
Due from banks
19.709.392 18,745,262 24,865,425
5.257.455
Exchanges for clearing house
2,404,734
3,9,57,686
6.088.879
3,461,549
3,295,973
Cash
Resources
Investments
Total
Liabilities
—
$136.671.307.5149,601, 6255178,576, 816
87.000.000 $7,000,000
9.000,000
9,000.000
1.345.428
1,.539, 914
Undivided profits
916.060
651,318
Reserved for taxes and Interest
2.53.614
302,006
Reserved for diTJrcciation
7,000.000
4,896,000
Notes payable at Federal Res. Bank.
6,832.088 15.419,776
4 109 .144
Accept-ances and letters of credit
..114 097 ,9.58 119.380.299 137,641.939
Deposits
Capital stock..
Surplus
-
87.000,000
9,000.000
1,578,639
515.826
369,710
8136,671, 307$149,601,625$178,676.816
Total
—
Revere Trust Co
(Boston).
Dec. 31 '21. Dec '31 '20. Dec. 31 19.
Resources
$119,650
$112.3,50
$118 .900
U. S. and State of Mass. bonds
49,289
t>9 .664
59,795
Other stocks and bonds
45,923
52 ,968
38,398
Loans on real est ate
62,123
31 ,284
46,837
Demand loans with collaterals
72,625
57 ,077
88,946
other demand loans
42 .661
40,214
25,368
Time loans with collateral
177,772
198 .226
Other time loans
209,888
7
7,679
,669
vaults,
furniture
fixtures.
9.699
Safe dep.
&
1,561
1 .994
Suspense account
20,904
33 ,695
34,299
Due from reserve banks
731
723
1 ,142
Due from other banks
29,852
12,929
Cash, currency and specie
15 ,331
26
144
1,426
Other assets
ToUl
$640,657
$630,755
$628,348
i
—
•
THE CHKONICLE
25 192l\]
Fki!.
Revere Trust Co. (Boston) Concluded.
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
LiahilUiisCapital stock
aurpluslund
-
SIOO.OOO
•SIOO.OO!)
10.000
19,74o
10,000
17.626
SlOO.OdO
10,000
11.064
.Ur 46S
351,045
3,100
2.060
661
348,518
3,100
1.290
2.829
18
l.-)9
13.257
7.257
.262
.495
25.000
6.391
2.415
115.000
--
I'ndlv prof.. less exp., Int.
i taxes paid
Deposits idemand)
.Subjoft o check
Cert if icates of deposit
Cert if led checks
Trea.surer's checks
Dividend checks
Deposits (time)
Ctfs. dep. not pay. within 30 days.
Open acc'ts not pay. within 30 days
t
800
1
icr,226
"2.541
4"o
S630.755
S628.3-'S
•
I
504.09014. .500
14. .500
80.366/
29,351
14,494
35,711
8 ,343
327
262
.?936,891
.?572,697
IS635,.360
S200.000
30.000
11,186
672,897
S200.000
30.000
S200 000
30 000
10 228
370 795
1 002
14 678
8 600
Other resources
Total
54 ,000
104 .818
119 ,207
15 .678
52 41
32 ,241
596
37,802
Liabilities-
Capital stock
Surplusfund
Undivided profits
Deposits
1.745
333.265
Due
Due
to reserve banks
to other banks
Uncompleted loans
7,499
Bills and accounts payable.
Other liabilities
Total.
22.000
808
188
57
$936,891
.<572,697
S635 ,360
South Boston Trust Co. (Boston).
—
U. S. and State of Mass bonds.
Other stocks and bonds
lyoans on real estate
Demand loans with collaterals.
Other demand loans.
Time loans with collateral
Other time loans
Syndicate participat ions
Oy erdraf rs
Bankin!^ house
Furniture and fixtures
Due from othe- ba nks
Due from reserve banks
Dec. 31 21. Dec. 31 '20. Dec. 31 '19.
$315,811
S279 765
S2.54.695
473..509
533 901
493.663
1.283 300
1.284.095
.
852.463
307 176
325.328
248 ,404
368
19.730
2,765
172 177
736,392
1.135,8.56
203 256
267.088
203,736
144.737
32
194
26
43 ,000
43,000
4 ,013
2.883
135, 1.55
164.3961
.
Cash and rash items
101, 857
lis. 040
200.734
77h
6,698
Other assets
Liabilities
—
S
Capital stock
.53,928.959
$3,852,504
8200.000
$200,000
.50.000
.50.000
32.632*
8.693
820,488
20.,504
3.0 It
$200,000
50,000
26.146
fund
Undivided profits
fiiti<l
Deposits subject to check
Liberty Loan account
Certificates of deposit
Certified checks
Treasurer's checks
17.214
3.2.S.1
2.058.233
Dividends unpaid
Rodiicounts
N'ot<-s
iiavable
Other
liabilities,
Total
1.181. 873
2.666
4.200
5.074
''hf^t rnas f''il)
-.
Deposits, savings department
288,900
166.044
199
J
1,50.217
818
i. 2.54,
Surplu.s
(>u.M.";inty
Other
1.407, -58 4
56, .590
3,899
27,068
71.563
5, .340
10.999
25,772
2,432
2.400.562
5,000
1,892,004
5,000
90.000
55.000
.$3,254,818
$2,000,000
3.227.574
3.091,561
$2,000,000
3,245.374
2,990.772
242,737
177,158
5.980,870
150,000
35,905.694
443.185
1,573.436
118.514
4.371,810
496,000
34.464,146
125.720
S42.297.995 $51,218,779 $49,385,772
—
22.850
$3,928,959
$3,852,504
1919.
1920.
2%
Rate of interest paid on deposits
Dividends paid in calendar year
2%
2%
10%
10%
12>ij%
United States Trust Co. (Boston).
Dec. 31 '21 Dec. 31 '20. Dec. 31 '19.
$1^12.560
SI. 517.270 SI. 656. 883
4,891,065
4.862.851
4.927.262
2,999,858
3,967.092
4.910.436
8,696.973
7,380.186
4
4.320,175
Customers' liability on acceptances
125,250
and letters of credit
28.450
500,000
United States bonds borrowed
176.186
Syndicate participations
164.713
218,557
3,045,415
Due from banks
1 ,737.931
2.330.256
413,387
Cash on hand
347.749
403,609
1.599
Other assets
268
10,750
Resources
U. S. and State of Mass. bonds
Other stocks and bonds.
Loans on real estate
Demand and time loans
$17,964,736 $21,444,952 $21,837,043
Total
LiaOilities-
$1,000,000
1.000.000
202.752
28.450
Capital stock
Surplus
$1,000,000
1.000.000
272.716
125.250
500,000
16.448.635
2.094.000
4.350
Undivided profits
Acceptances and letters of credit
United States bonds borrowed
Deposits..
15.733.534
Notes & bills redis. with Fed. Res.Bk.
Other liabilities
Total
Trust department (additional)
_
.
537.900
Banki II!? house
Due from reserve banks
and specie
30, 976
134, 962'
27.4.50
29,655
59,725
19.890
104.818
28.340
48,875
13,980
77.609
17.785
85.334
26.586
5.000
34
$658,178
64. ,545
39.124
37
$711,638
as.sets
Liabilities
66
Dec. 14 '21. Dec. 31 '20 Dec. 31 19.
$62,611
$.33. 96
$186 142
276.785
3.58 ,404
295.977
16.129
.50,559
83 ,002/
Ca.sh. currency
.\ccep t a nces
Total
17.405.640
2.164.462
Winthrop Trust Co. (Boston).
—
Resources
U. S. and State of Mass. bonds.
Other stocks and bonds
Demand loans with collateral..
Other demand loans
Loans on real estate
Time loans with collateral
Other time loans
Other
$1,000,000
1.000.000
266,875
.-$17,964,735 521.444,952 $21,837,043
-. $1,810,974
$1,569,417
SI. 699, 506
—
$1,331,386
Capital St ock
Sarplus fund
Undivided profits
Deposits subject to check
<'rrtifl-.i rhecks
Trea.surer' s chocks
$100,000
51.844
(
$100,000
25.000
7..506
$100,000
25.000
16.363
558.257
I
441.0.50
76
3.142
..584
1
7.898
1.177.'262
Due
Due
to reserve banks
to other banks
Uniit^I States bond account
25.7.36
3.007
5.000
5.000
-Vcccptaiico-i
Other labilities
Reserved for taxes
Construction loans
178
2.358
1
20,767
reserve ror interest
liabilities
32,488,917
274.823
liabilities
1921.
•19.
2.33 ".514
196,721
63,000
84,219
120.452
i
Cash
716,968
1,936,040
Liabilities for rediscounts
Tota>
Xov. 17
813,987
S14
S299.806/
loans
Time loans
J
Banking house, furniture and fixtures
reserve
banks
Due from
Due from other banks
f
3 ,233 ,247
1 .648 .000
payable
Deposits
Jur.f 30'21. Dec. 31' 20.
',
$2,000,000
Acceptances
Acceptances of other banks endorsed
Bills
S640.6.57
Demand
ToUl
Capital stock
Surpl us and undivided profits
Roxbury Trust Co. (Boston).
—
§42,297.995 851,218.779 $49,385,772
—
Liabilities
and sold
139
yo',6oo
U. S. and Mass. bonds
Other stocks and bonds
Loans on real estate
Rfsources
Loans
Customers' letters of credit
90^000
liabilities
Resources
1
251
116.000
21,103
718
State Street Trust Co. (Boston).
—
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
$29,437,101 529.687,022 $27,320,364
Investments
2.377,190
1,094,0.55
1..520. 386
Cash in office and banks
5.998.6.55
9.343.491
8.865,400
Real estate and safe deposit vaults
1,0.58,545
1.100,912
1,063,063
Liability on accept. & accept, purch.
3,080.343
5,105,403
1,648.000
Liability under letters of credit
118,514
673.872
163.0.59
Notes and bills rediscounted
4,371,810
5,980,870
1 936.040
Other assets
409,360
168.546
380,545
Resources
TotriL.
Accrued interest
Borrowed on United States bonds
Due other banks
Reserve for taxes
Bills payable
Other liabilities
Notes and bills rediscount ed
Total
.025
1
815
2.280
Total
33. .500
884
8.278
$658,178
$711,638
$1,331,386
PHILADELPHIA COMPANIES.
American Bank and Trust Co.
Dec
ft/
<:
..
I>
'-atfonU
y at par
1
25<J.40<i
33.J.43'.i
188.165
'\>t'.>
227
317
933
2.091
.303
,.„„
V
5.
fi,
<<.
r f,n
ono naOMi
•aameH..
7I3.3H.5
Ml
167
131,951
2')»'.»<17
320,11;
.
Ti
C
/Ac. 31 19
31 I'ti.
Slh6.2.'<6
$119,145
275,1.53
lhH,l(15
/-»<(.
66. .59."
N.
r,t,
2'i|.779
,<!(). 122
6.5<l|(.
...
I
l>,
S'.,
.
•'itui.%
'•'I
.
and
'•-
•
'i<
'
l»,6
LidhililirsCapital stock paid In
fund
Undivided proflte
.Surt)lus
D.iv.slis
UoikIs borrowed
39
103
100.000
101.515
010
781.260
2.50.000
286.600
$4,314,956
$3,322,028
»2, 740,739
229
illlU puyal.lo
Totol
12
:
Fu
I.',
M
,
MMi
$2 .(!(«»,
.Vl.S'M
•
II '''
Ovirrdr.ifiH
i
(iiii.
Belmont Trust Co. (Philadelphia).
%'.,
I
f.;
178.300
unpaid
Divl.l.iids
Croiind rent. 4%
.\<<rii.d dividend paid In
ii.'t'M)
)
I.
»c.
I
D(C. 31 '21. Dec. 31 '20. Dec. 31 19
$3.S5,700
$517,000
$7.50,000
261,420
340. ,560
480.000
7S.912
58.2.52
97,763
1.656.313
2.004.493
2.026.494
'
<'')()
I
MTot,
Aldine Trust Co. (Philadelphia) Concluded
(^Philadelphia),
21
$102. I2S
,•.--.
D
M
k
H'l
$.30n,fKKt
t.WKI.'MK)
irM» »K»(»
'"•"
1.1
I'.'
!)
I
.;»,'i
""
t207.2.V)
•'
"
\l,-.
ItesourcM—
Aor 30 '21 Drr. 31 '20. Drr. 31 "10.
ti .in hand and diinrroiii Irnnkn...
$152,386
$141,100
$168,820
III .VothiTpiipurpurchonod.
2.51. 3S5
rM.I.M
81.113
.olliiinral
4(t.l,3tHt
232.700
33.3H0
48.55(1
'|>U and niort«aHiM
664,3591
59.'..S22
.5a'.t.0ll
501.852
.Ac
220,311
261.311
315,109
.o ihi;
49 nii,.
oihnrruuliwtaui
68,002
'.>
,'
",.:
'
!>
.-,'--
!•..
I»-
iO.l.Ul
•
1
I
»
•
Tr
,
H..
i,->,
,
,,,.11
,
".'
i
I
T'
...
I
,
,/
'"'
1.'
».•(,(!)
i'.-i
Mil
i',j
;
17h
'.'iJ
''
,
'.,.,.,.
IJ'.J
It
'20.
Ijfc. 31
l2.7NO.-l/iO
«'•
Total
...........
.^ipapar
}-'
»'
'
.
.'.nii
.
.
'••ck.
IS
«M.7'.'»
.31
I6»
''''
,
H'li
464
IJ..".U
$l,.s.,J..s7l
tl.6ia.»30
I.'..
.'.s,i.'.
$l.....i.i...i
'.InhttllUit—
Dte.
^H.-IIB
,n',r':',a:fm
It
:
.
.
.
%',:"<i;,.to^
Aldlne Trust Co. ^Philarlelphia).
'
.
i«
•I
profit*
I.'
I
.1.1,
^,607
$12.5 ""'•
»
....'93
I.3fl0.20;j
1.301,050
20,06(1
45.014
In (11)0
I/H.t'r.i
It'
C-'ooT,
r,
C»«h on
rirp.«it
Total
..,.1
...
............
WJ.'Xii
43.71«i
931 ,0»M
ff.BM.ftM
lAO.OOO
.
.
I
57.ft«W
I'
,
_^
IXl.im
•a.3n,«2H "15:«1
.
.
-
Totol
4l,.s.>J,H7l
II
.,',:,r,
tl.ei(t,.fa9
91 .5M.
!.-..(
S
1
THE CHKOlSnCLE
816
Broad
—
Commonwealth
Street Trust Co. (Philadelphia).
Dec. 31 •21.
Resources
Cash, specie and notea
Due from approved reserTe agents
Nickels and cents.
«19 .642
41 .535
235
Oommercial paper purchased upon one name.
Upon two or more names
Loans secured by bonds and mortgages
20 ,000
43 .720
335 .000
Bonds, stocks, Ac
Furniture and fixtures
Bevenue stamps
9 .366
&
$405,895
3,9,50.962
Loans on
collateral
Real estate.
Cash on hand.
Cash on deposits
Total
—
$155,548
45.249
260,029
3.720
$498,413
1
$1,000,000
1,250.000
484.529
_
7,226.066
200.000
239.223
Undivided profits
Deposits
payable...
other liabilities
Bills
&
'21
Dec. 31 '20. Dec. 31 '19.
$1,009,715 $1,267,166 $1,344,353
4.577.607
8.154,043
5,144,898
Oommercial & other papor purchased
750,581
3.480,105
3.636.768
Amount loaned on collateralH
373.173
379,087
368,588
Real estate, furniture and fixtures
592.4.54
463.869
492,479
Cash on hand
1,527,2,80
1,324.576
2.195.638
Ca.sh on deposit
12,722
15,357
8.743
Miscellaneous
$11,939,578 $12,526,943 $12,652,681
Total
Dec 31
—
Capital stock
Surplus lund
$750, OuO
$750,000
600,000
700.000
18,260
64.626
10,936.085 11,185,279
76.232
99,142
114.763
$11,939,578 $12,526,943 $12,652,681
$3,677,792 $3,543,204 $3,576,693
$7.50,000
Undivided profits
Deposits.
liabilitie*
Total
Trust department (additional)
800.000
47,059
10,227,756
1921.
Rate of int. pd. on dep. of $500 & over
Dividends paid in calendar yuar
—
Other
real estate
Cash on hand
Ca.sh on deposit
Bonds, stocks, &c
Other assets
Total
Liuhililies
& 3%
2
8%
1919.
1920.
2
& 3%
& 3%
2
6%
6%
—
Capital stock
Surplus fund
Dec. 31 '21. Dec. 31 '20. Dec. 31 "19.
$306,050
$247,550
$323,175
1.370,530
1,355.814
1.343.329
113,487
185.849
237.0921
24.022/
108,121
116,774
122.879
138.805
82.540
114.206
1.309,511
.490.984
1,195.528
9,933
11.847
11.855
$3,372,086 $3,549,858 $3,297,940
$200,000
125.000
Undivided profits
.52.308
General deposits
2.946.224
Other liabililies
40.000
Reserve for depreciation of securities.
8.554
Total
$3,372,086
Trust department (additional)
$.508,769
1921.
$200,000
125.000
40,548
2,777,392
155,000
$200,000
125,000
55.317
3.140,664
$16,000
$3,297,940
$420,745
$3.549.8.58
$465,995
1919.
1920.
$16,000
$14,000
—
Baserve for taxes, etc
Other liabilities
Total.
Trust funds
Rate of interest paid on deposits
Dividends paid in calendar year
$500,000
$.500,000
600.020
5.744.803
744.755
42,361
575.000
37.841
13.328
$8.518.0.59"
$1,519,301
1921.
2%
to3}^%
10%
$7,631,939
$1,624,760
$300,000
385.898
4,932.208
725,000
,$6,343,106
$1,457,153
1919.
1920.
check; 3 to 3.65 savings
8%
10%
Columbia Avenue Trust Co. (Philadelphia).
—
Dee. 31 "21 Dec. 31 '20. Dec. 31 •19.
Cash on hand and due frona banks...
$832,829
$604,139
$773 ,145
Commercial and other paper owned..
296 ,696
,529,338
296.097
Loans on collateral
1,486„552
1,463.751
1,227 ,448
Loans on bonds and mortgages
25,155
.51.942
395 .780
Stocks, iionds, &c
2.2.50,933
2.501,198
2,047 ,073
Mortgages
189,687
._
219,670
207 „564
Banking house, furniture. Ac
18') ,000
180,000
180.000
Other real estate
4.000
7.200
62 .250
Miscellaneous assets
3.808
1.637
1 .826
Total...
$5,602 302 $5,325,634 $5,191 ;672
Resources
Liabililies
—
stock
Surplus and undivided profits
Deposits.
Dividend unpaid
Miscellaneous liabilities
Total
Trust department (addiUonal)
Caplt.-il
$400 000
588 058
4,483, 169
20 000
075
1
.iS5,5*.',3j2
$1,667,368
$400,000
604,397
4,297.952
16.000
7,285
$5,325,634
$1,612,174
$400 ,000
,595,,064
4.175,,240
16,,()()0
5,,368
.S5.
191. 672
$1,438,310
Commeroial Trust Co. (Philadelphia).
Resources
—
Cash on band
Due from banks, &c
Loans and dlNcounts
Stocks, bond.s, &c
Re.;il estate and vault
Customers' liability on acceptances
Other assets
Total
LiabilitieB
—
Dec 31
Trust department (additional)
Rateoflnt.paldondep.of $300&OTer
Dividends paid in calendar year
367.460
7,186,540
452,360
Dec. 31 '20. Dec. 31 19
$25S,,5h9
$285,908
4,900.5^8
4,914,204
20.295,356 14 963.027
8,6.80.667
8,951,751
102.262
166„500
300. noo
500,000
311,843
164.038
19l,U4z
$32,384,129 $35,304,761 $29,360,051
,$2,000,000
2.7.50.000
428.143
24.634.168
4,992.4.50
500,000
$2,000 000
2.7.50.000
435 611
20.511.711
3.132.420
300.0f)0
200.30:t
$32,384,129 $35,304,761 $29,360 051
$24,947,013 26,723.009 $21,711,119
1921.
1920.
1919.
2%
16%
Loans on
collateral
Real estate...
Cash on hand and
in
banks
Other assets
Total
12%
Tr. Co. (Philadelphia).
'21.
Dec. 31 '20.
Dec. 31 '19.
$1 ..524 .875
2.931.491
$1,399,434
6,063.683
14.465
1.312.179
6.019.317
14.465
1.738.024
$721,349
4.531.629
6,783.749
757.631
900.374
3«3.173
$13,077,905
.'^01
—
Liabilities
2%
2%
12%
51
3.010.4.53
345.9.55
$13,161,211 $13,427,648
Capital .stock
Surplus and reserve fund
$1,000,000 $1,000,000
1.000,000
1.000.000
311.718
298.878
10.695.149 10,044,891
695
3.767
200.000
417.000
220 «.54
303 601
$i:}. 427. 618 $13,077,905
$1.J,1..1.JI
$9 184.426 .$9,184,425 88.232.259
$1,000,000
1.000.000
205.829
10.492.987
4.385
200.000
2i« nio
Undivided profits
General deposits
Dividends unpaid
Bills payable
Other liabilities..
Total
Trust department (additional)
1
1921.
2%
*East Falls
—
-sight,
$120,000
Bank & Trust
1919.
19-20.
3.65 time;
2%
3%
time
$90,000
s't.
$135,000
Co. (Philadelphia).
Resources
Cash, specie and notes
Due from approved reserve agents
Duo from hanks and trust companies
Dec. 31 1921$33,427
103,836
1,198
rommercial paper purchased
216,009
104,480
77,008
Time loans on
collateral
Call loans on collateral
Loans .secured by bonds
and mortgages
1.8,200
Bonds, stocks, &c.-.
432.241
3 ,6.55
16,582
791
M ortgages
Office building, furniture
Other assets
Total..
and fixtures
—
$1,007,425
Capital stock
Surplus fund
$125,000
125,000
3,154
406,577
338,310
2.661
6,823
Undivided profits
Demand
deposits
Time deposits
Total-.
&
Began
$1,007,425
J
Bank
of East Falls in 1910 and as East Falls
Trust Co. on Oct. 15 1921.
*
bustne.ss as
Empire Title
&
Trust Co. (Philadelphia).
Resources—
Cash on hand
Due from banks and bankers
Loans
Dec. 31 '21 Dec. 31 '20. Dec. 31 '19.
$99,568
$90,003
$57,352
63.005
22,052
30.526
340.487
344.257
361.193
486.608
479,981
597.874
244,410
227,943
234,1,57
66.787
54,344
66.431
Stocks, bonds. &c
.Mortgages
Real estate, furniture and fixtures
Miscellaneous
Total
Liabililies
—
Capital stock paid in
Surnlusfund
Undivided profits
Deposits
Reserve for depreciation
Miscellaneous
Unpaid dividends..
Bills payable
Total
—
Ca.shonhand
7
1.301
950
$1,320,604
$1,303,207
$1,225,323
$156,575
25,000
63.973
942.489
12.600
$156,.575
$156,575
64,343
3
64
120,000
$1,320,604
31.0401
64.522/
979.017
939.316
.53
89
72.000
$1,303,207
65,000
$1,225,323
Excelsior Trust Co. (Philadelphia).
Resources
Dec. 31
'21
$105,298
Due from banks. &c
146.884
Stocks and bonds
1.222.666
I.oans on collateral
1.601.017
Mortgages
470.375
Real estate, furniture and fixtures...
57.400
Other assets
12 905
Total
$3,616,645
liabilities
Banb
—
Capital stock
Undivided profits and reserve fund..
Bills payable on time
Miscellaneous
Total.
$763,302
133,646
991.427
1,376.972
389.875
61091
10.1.52
$3,716,465
$3,000,000
$300 000
'208.334
165.643
3.101.615
130.000
19.207
$3,716,465
3.032.293
60.000
Depo.sils
Dec. 31 '20. Dec. 31 *19.
15 918
$3,610,546
$743,198
121.498
1,164 571
867.675
273.204
<S9 900
9,320
$3,219,364
$300,000
152.393
2.659.472
100,000
7 .499
$3,219,364
'21
$247,442
3.773.620
20.613.384
6,706.340
731,500
Capital stock
$2,000,000
eun>lus
2.7,50.000
Undivlde<l prontvS
624,967
Deposits subject to cheok
26,067.469
Loans & redisc. Fed. Ke«erve Bank..
.500,000
Acct-ptanees
Other UabiUtlos
441,693
ToUl
1.2.50.000
Dividends unpaid
Other liabilities
The Colonial Trust Co. (Philadelphia)
6,50.-332
6, 741. .5.58
&
Dec. 31
Stocks and bonds.
Liabililies
Resources—
Dec. 31 21. Oec. 31 '20. Dec .31 '19.
$86,550
Real estate mortgages
$75,550
$95,300
740,271
2,223,134
Stocks and bonds...
2,772,456
600,662
9 274.083
Loans on collateral
2.478.94"
18,777
Furniture and fixtures
16.756
19.32i
1,023,786
638.494
937.014
Ca.sh on hand and in banks...
Commercial and other paper owned. 2,107,600
1,928,435
1. 198.774
90,195
59,677
other as.set8
107,423
Total.
$8,518,069 $7,631,939 $6,343,106
Capital stock paid in
Surplus and undivided profits
General deposits
Bills payable and rediscounts
—
Resources
Real estate mortgages
28.877
-2% demand; 3.05% time
Rate of interest paid on dopo,^its
Dividends paid in calundar year
Liabililies
2%
12%
Continental-Equitable Title
Rate of interest paid on deposits
Dividends paid in calendar year
Chelten Trust Co. (Philadelphia).
Resources
Real estate mortgages
Loans on collateral Ac...
Office building and lot...
$1,000,000
1,260.000
369,767
8,012.692
400.000
34,828
$1,000,000
$10,399,818 $10,2,56.360 $11,067,287
$25,791,043 26,077.677 $24,458,843
1921.
1920.
1919.
Savings Co. (Philadelphia).
8tocl{ investments
Other
Trust department (additional)
Rate of int. pd. on dep. of $200 & over
Dividends paid in calendar year
1921.
Resources
Liabililies
429.422
316.753
33.861
Total..
Central Trust
831.1.33
1,204.138
321.417
$10,399,818 $10,266,360 $11,067,287
Capital stock paid in
Surplus and reserve fund
Tot.aI
Began business D«c.
2.931.7.53
128,776
$936,208
6.023.803
2.922.687
1,226.067
391.861
427,758
138,905
$948,744
4.104.133
3.140.683
1,601.175
341.294
other assets
100
$498,413
-
-
Capital stock
Surplus and undivided profits
Deposiis subject to check
Certified checks
Special time deposits
*
Trust Co. (Philadelphia).
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
28 915
—
Liabilities
Title Ins.
—
Resources
Real estate mortgages
Bonds and stocks
Liabilities
Total
fVctu 114-
2%
16%
2%
16%
Resources
—
Federal Trust Co. (Philadelphia).
Dec. 31
Bonds
319.7.50
1.741..335
_
Real estate
Cash on hand
Cash on deposit
Other assets..
Total.Liat'ilitie.'!
Other
demand.
payable
liabililies
Total
Rateof int. pd.ondep. of $500&over
Dividends paid in calendar year
$892,880
280.400
Dec. 31 'i9.
$785,862
237,670
329.937
24^334
$3.894.42f
l.as2.922
430.709
96,583
48.368
294.647
13.948
$3,906,596"
1,957.684
379,464
97,921
138.110
241.207
5,083
$3,842,901
$200,000
$200,000
199.706
178.808
3,177.788
350.000
$125,500
131,578
3,300,823
285.000
^^^^jir-ji
$3,842,901
487,486
81,968
.55,.5'23
—
Capital stock
Surplus fund
r.eneral deposits payable on
Bills
21. Dec. 31 "20.
$854,088
Real estate mortgages
Loans on collateral
Loans on personal securities
3,179.0.50
300.000
1
5 .665
$3,906,596
$3,89 1,121
1919.
1920.
1921.
2% check; 3>!i% savings
10%
10%6%&4ez.
.
1
THE CHRONICLE
Fbb. 25 1922.]
R«!iources
Fidelity Trust Co. (Philadelphia).
—
MortKag»M
$:i.9f)6.366
buuds, &e
Btockid,
Loans
23,431.582
22. .599. 919
:
Beal estate, office building; and lot..
U.S. Govt, bjnds borrowoo & pledeud
Customers lab on accep & let of cred
Oa.<sh on hand
Cash on doponit
Accrued interest
I
'
.
.
Total
Liabilities
2.69.'>.249
150.845
200 000
474.3.52
702.893
5.241.787
524.972
451,435
.
.224.826
463.870
63.192
So. 200.000
16.661.180
32.706.498
2.000,000
accrued Uses
of
—
$79,789
854.947
137.877
468.286
$68,708
462.308
10.150
630.695
5,329.622
515.241
60.223
2.445.611
317.000
54.559
2.662.202
$73 ,401
371 ,313
514 ,811
499 ,187
5.234 ,740
317 ,000
62 ,137
2.544 .668
$9,522,558
$9,913,619
$9,617,260
$3,000,000
2.823.603
1.683.886
1.993.000
22.069
$3,000,000
2.547.984
44.4,58
$3,000,000
2.320,441
1,544.834
2,655,000
96,985
$9,522,5.58
$9,913,619
$9,617,200
Lioans on collateral
Stocks, bonds. &c
Mort!;age8
Other assets
Beai estate
—
Capital stock
and reserve fund
profits
Deposits
payable
Miscellaneous
280,999
Dec. 31 '19.
Commercial and other paper owned
Undivided
Bills
liabiiitiee
5,3.38.059
2.0.53.177
2. 268. 000
—
43. .580.844
325,000
Other
bills
liabilities
$0,713,104
$6,829,171
$6,218,828
$2.50.000
400.000
186.373
5.704.231
$250,000
400.000
151.807
$250,000
400,000
—
Undivided profits
Gen. dep. p.iyable on demand
Other liabilitleB
&
6,8.54.864
172. .500
172.500
5.318,695
1,33..571
$6,713,104
$3,525,130
$6,829,171
$3,648,638
$6,218,828
$1,334,562
time
Total
Trust department (additional)
..
..
'21
Dec 31
$1,699,772
4.021,245
real estat«.
Stocks and bonds
Amt. loaned on coll. Si personal
Cash on hand
Cash on deposit
Furniture and fixtures
sec.
7.191 .604
509.679
777.013
140.037
Other a»ets
1
$1,000,000
859,523
260
11.149,173
1,250,000
and undivided profile
Dlvld^nd.s unpaid
DcpoAltA
Bilk payable
Mortgages '20-22 .South 15th
Unearn<;d Interest
for deprec'n
Reserved
509
4
$1,000,000
779,481
243
10.391.898
1.130,000
8t.)
23.986
$1,000,000
612.694
263
9.374,465
1,400,000
225.000
17.3S9
81,454
contingencies
Total
Trjst departmnnt 'additional)
$170,731
—
$4,420
$2,439
-.nrls.
(
*c
,486.447
110,000
pa [M'T
I
"furniture and fixtures..
R'
Other
luuiCUt
T-'-'
/
1
C
3I6.6H4
30,728
.
—
profits
.
.
Total
BatMof Int. paid on dnp
Dlvidonds paid
In
of
calnndar
|.'>00
—
&
C
B
1U21.
2%
a
310
169.H2I
74 Oil
6 4<i7
«'l.7r,.5
H5
..-.._
and vauJt....
772
$2.HH4, M26
—
k
d
>1
<<'ri.r.ti
#.>rnr.fcl
Othrc
SI. 000. 000
400. 000
288. 400
74. 134
8,393. 813
500. 000
68. 103
225.,000
In sec.
payable. Incl. L. L. loans
Inierest payable to depositors
Bills
disc
Contin!?ent liabilities
Title
&
&c
6.139
47.137
$2,010,860
—
$125,000
115.937
2.463.067
Deposits
.50.926
liabilities
$i .754.930
Total
'1'
'I' J.',.;ltjs,
i.'..sitjs.
,\
DarablnondsfDAodf
pal
llabllltini
Total
Trust (l«p*rtin«iit (addltlonaJ)
—
Cash on band
(-hecks and due from banks, &c
Reserve bonds
._
Commercial and other paper owned..
$125,000
88,949
2.477.399
182.720
$2,874,074
$125,000
127.960
2.364.573
151.533
$2,769,066
$7,500
159.286
356.919
$7,500
171.132
846.805
243.979
263.600
415.486
655.267
293.192
932.014
213.0.50
232..'J,50
1,53.800
287.809
287.511
27.792
22.169
$3,257,267" $3,428,086
296,046
26,616
$3,252,756
435.0.59
6-18.291
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds.
&c
Mortgages
Real estate, furniture and fixtures
Accrued interest receivable
Total
Liabilities
—
$200,000
200.000
Capital .stock
Surplus fund
Undivided profits
Reserve for depreciation
30.000
2.764,468
67
15.141
Total
Trust department (additional)
257.267
$330,013
_ $3
2.30,373
224,800
408,316
678,417
271,449
949.969
$200,000
200,000
60.710
$200,000
200.000
77.947
47. ,591
Deposits.
Bills pavable
Resources
—
Dec 31
hand
Due from banks and bankers
(?omm<!rclal and other paper owned.
I»ans on collateral
Bonds.
Mortgages
Real <v<lat«. furniture and fixtures..
C-ash on
10.611
2.827,975
2.777.741
100.000
129
182
14 122
14.42 4
$3,428,086' $3.2.52.755
$85,683
$81,336
101,193
61.606
3.
Ml
1H2,I IH
$2,360,716
10)1.000
6.5 »i:iH
,50 000
72,103
I.01I.0IH
1.139 166
7.H37
1.866.1HI
16.162
$2,3.50,716
52.4:<9
1,59.939
41 ,384
94 ,419
38 ,800
6 ,548
$1,198,044
$1,108 ,165
$125,000
70.000
35.119
•67.234
$125 oon
70 000
11.144
034.H'.'2
5N3
«1.O00
$1,175,819
Ml«<illaMiMiuj« liubllltlos
Total
dopartmont (additional)
$.31,784
pnUI on deposits. ...Divldi'iuls paid In fal«n<lar year
lntori»st
,9.87
6,55 ,072
6.8.37
$125,000
70.000
Surplus fund
Uiifllvlded proflU
Deposits-.
Dividends unpaid
54
1
687.335
105.698
39.389
Li/iMlltirs—
33 12!
870,
107
'2i
664
$1 198 044
$24 ..'{00
518
1
0'.!0
clwck; 3r,
2%
7''/.
7%
$1,108 166
$21 626
1919.
savings
—
6%
Integrity Trust Co. (Philadelphia).
!•
—
Die 31
........
com pnpfT purrh
lull *
Ileal i-.iliii«. fiirrilturn
I.<..i:j^ uii
and ri^lurm
on hand and on duposit
.
.
oilinr ajMots. .......... ...........
$10
Total
r
'atli
LiiihiUlif
••.•!
$699.6.59
3 265.0.59
6. 000. OHO
sol
Dec :U '20. Dec. 31 '10.
$9'l7.0tl7
$709,695
:i.i;is.rii(i
177.115
.060.693
I'O 261
m7
TnlJk\
,,.,
Trust dnparlmmit faiMltlonal)
KJ.379
31.714
, ;;
$1(1.627.604
|,5(K),000
$5(K).fH)0
$.500.fH)0
1.600. rMIO
H.irpl.is fund
Iln.llvl.Wsl proflU
l).m...ll._
6.656..?.S7
HI.S..59II
—
\
/,(Ml (H
II)
I
/.oo.OOO
I.K46
363 903
8.415.060
Olfinr llabllltiM
I
Doc. 31 '20. Dec. 31 •19.
$60 ,673
$55. ,500
90.907
57 ,272
51.2'.?»
183.322
667.403
03.730
40.,500
24.580
$1,176,849
CTapltal stork paid In
".nils...
flO.OOO
21
$44 Al)
70,511
Mlscellanoous assets
Total
1
IfMJ.fKK)
$62,843
229.800
Dec 31 '21 Dec. 31 '20. Dec. 31 'ig.
$111,124
$112,971
$82,518
iinrtgagos
10«l flOO
r>'< 74')
$2,910.8.59
2.56.859
74.134
8.684 ..522
500.000
69 621
$7,500
1021
$200,000
.:
$1,000,000
400.000
200,744
71,735
8.454.287
685.000
61.331
Hamilton Trust Co. (Philadelphia).
Rat" of
$200 000
1.165 .5
1 ,269 355
3 ^19
$2.HH1, Kin
$64, 766
$1,000,000
400.000
1920.
1919.
1921.
—2%
check; 4% sav. — 2ch..3!^sav
Rate of int. paid on deposits
Dividends paid in calendar year
Truiit
$200 000
75 000
..5.55
4.447.824
960.315
967.563
2.420.320
2.619,666
200.000
200.000
351.896
358.413
636,464
495.643
97 .,570
87.483
44.684
229.800
23.601
63.168
$11,241,817 $10,905,307
Dec 31 '21. Dec. 31 '20. Dec. 31 •19.
$1,235,184 $1,550,343 $1,659 .0.51
207.400
51.100
58,,600
744.949
612.5941
249.331
S42 .690
213.772J
77.168
89.300
88 841
120.3.52
154.376
204 619
74.722
72.999
71 523
45.824
24.582
48 744
*2. 754. 930 $2,769,006
$2,874,074
Capital .stock
Other
4, 962
Trust Co. (Philadelphia).
Mortgages
Loans on collateral & bonds & mtges..
Commercial paper
Ca-shonhand.
Cash on deposit
_
Office building, furniture* fixtures..
Other assets
_
Total
1.191.8.59
7.482.510
46.630,016
225,000
400.000
26.881
32,210
$10,968 ,673 $11,241,817" $10,905,307
$21,453 745 $20,549,001 $19,666,085
Tot«!
Resources
Bonds, stocks.
7.500.000
19. 225
Other llabUities
(Capital »t.K-k
"ciatlon
1
1
10%
4.50
.500
215
HH
;.r.,nu,
T'
7 .3
iSl
I
2%
719.506
36'l 216
203 .112
60 fXlO
21
.
.$10,968,673
Depo.sits..
31 •21
Dec. 31 "20. Dtr. 31 19.
$211,700
,970
$216,673
JH2
1,310 M'H
i:.
•
48. 639
Undivided profits
Reserve to cover depreciation
$2,5(1
d
T..tal
l.inttitUUt
.
Trust Co. (Philadelphia).
;.-./.
.r«a
:
i
8I2.0'<I.34;', $11.4.50.694
77.5
Mis<.
SI. 000.000
$22,582,361 $21.2X0.345
1919.
1920.
10
ral
Furiii'
000 000
Sj
I}tc
'
$1
Jii
A OT«
rn'rr'gagn
'Hill
231,671
51.031
I
jrnar
Oirard Avenue Title
V'.-
3.060,934
51 ,290
'
..
-.nnrr^r
3.783.266
ri5 fKIO
302.163
"
Trust drrpartraeot (additional)
It-
$I.W)^»fKiO
.
Dep<j<ilts
K<-il ,—.'
5 .982
225 .000
.
—
Liabilities
$2. .500.000
Holmesburg Trust Co. (Philadelphia).
.$12,267,609 $12,081,346 $11,450,694
.'k
Bur^im and
5.50 ..577
Capital stock
Surplus fund
Co. (Philadelphia).
Dec 31 "21 Dec. 31 "20. Dec. 31 '19
$9<>3.I09
Caah on hand, due ft-om banka. dee.. $1,210,349
$9.53 ..398
Loans on collat«^l
.5..5.3I ..591
6.208.798
6.681.795
.
.
.5.59,15!
Loans on bonds and mortgagna.
566.S10
587.430
'
351 .896
Dividends unpaid
Accrued interest payable
$14.3.57.799 $13,.301.622 $12,612,422
Oermantown Trust
-
200 .000
70 .249
Overdrafts
Contingent assets
Other assets
Total
$14.3.57.799 $13,301,622 $12,612,422
Liabilitiea—
Capital stock paid In
'-
1,083 .970
2,800 .307
erest a ccrued
Resources
Dec. 31 '20. Dec. .31 '19.
$1,427,291 $1. 213.774
3.690.003
3. 908.767
6.787,669
6, 138.203
471,893
435.5.56
924.257
892.136
18.179
Total
St'
4,250 ,139
Mortgages and mandamus
Real astato, furniture and fixtures
1 1
$2,500 000
7.500 .000
1.304 875
6.391 500
46,703 245
325 000
250 000
Dec. 31 •21. Dec. 31 '20, Dec. 31 '19.
$302 ,260
$337,817
$295,226
989 ,6.54
1 .070.278
1.137.060
Stocks, bonds, &c
Legal securities, reserve
(
3.371 .912
Safe Deposit Co. (Philadelphia).
Cash on hand
Due from banks and batikers
Loans on collateral
Loans on bonds and mortgages
116„5.59
Franklin Trust Co. (Philadelphia).
Bonds and mortgages and
Resource*
&
29.798 .285
20.541 .804
$56.2o3..547 $63,974,620 $65,929,386
277,322.359 250,014.593 231,978.596
Undivided profits
Capital stock
Burplus and reserve fund
Surplu.M
accepted
Total.
Liabilities
—
—
2.297.703
Dividend
—
Dec 31 21_ Dec 31 '20. Dec. 31 '19.
JUsouTCM
$721. 36o
$581,520
$387,670
Real estate mortgages
3.282,603
3.760.090
3,537.908
Stocks and bonds
,952
1.285.412
1.005.747
1,241
Loans on collateral
679,121
465,211
439.252
Lroans on personal securities
52.296
5i.522
52,4.50
Real estate
196,409
376.5391
774,713
Cash on hand and reserve bond-s
526.195
297,268j
Cash on deposit
14,2.34
21,088
13.937
Other assets (incl. vault, fura, & flxt.)
ResmircfS
7. .500.000
Haddington
Frankford Trust Co. (Philadelphia).
Liahilitiea
$2,500,000
Undivided profits
Bills payable and rediscounts
Trust department (additional)
Total..
Totel
—
Capital stock
Surplus fund
Drafts and
31 •20. Dec. 31 MO.
$9.8.50 .333
$5,119,709
£)<«.
33,390,552
23,355.177
3,526.969
2.50 000
400,000
126.460
136,978
156 286
$56,203,547 $63,974 .620 $66,929,386
Customers' liability on acceptances
Other resources
Total
LiahiHlies
'21
$9,202,439
18.869.167
24.634.069
3.371.412
Seouriti&s.
Real estate
Resources
Dec. 31 '21. Dec. 31 '20.
4c
banks.
Liahilities
banks
Guarantee Trust
Pennsylvania (Philadelphia).
Cash on hand
Total-.
In
Trust dept..e.\cl. of Corp. trusts
.859.073.201 S69.476.619 $63,347,548
.267,740,087 246,969,603 238,723.115
Total
Trust department (additional).
Finance Co.
$5,000,000
17,060,406
29.522,351
11.483.792
200.000
380.000
260.000
295,293
380.000
405.000
210.683
Mortgaaras
liabilities.
$5,200,000
17.870.978
36.661.448
7.939.000
669,900
1.250.000
108.995
150.845
rents..
Due from
458,775
4,881,212
233,740
8,432
Dec 31
Cash on hand and
Loans
Deposit.s
U.S. securities borrowed
Reserve for deprec. of invest
AcfTued interest
Acceptances executed
Resources
29,576,072
862,887
Girard Trust Co. (Philadelphia ).
—
Resources
.159.073.201 $69,476,619 $63,347,548
—
Capital stock
Surplus and profits
Deposit*
Bills payable
Other
20. Dec, 31 '19.
J3 .8.59.752 $4,165,403
23,161,021
26.0-13.272
Dec. 31
29.681,795
2,100.823
669.000
Miscellaneous
Ground
'21
Dec. 31
817
.'I
I
1
!"UL^
1;
ons
.1.!K
(•t.llO
fT7rFi7.67r. lio 77o.n:i7 ill). ('.-.•7. 694
$2,103,117
1021.
2"', rh»ok.
Hate ' f Inlorwit paid on dnp<islt«..
Ulvldnnik paid Id calendar jr oar ... (30 %)$ loo .000
—
.0.53
$1. '.'.19, 173
1919.
Jrh'U. 3 sav.
$100,000
$90,000
$-.2
01
WW
4% sav
1
-
.
THE CHKONICLE
818
&
Industrial Trust, Title
—
Savings Co. (Philadelphia.)
Doc 31
Resources
Cash and reserve
Loans on collateral
Loans to depositors
Mortgages and ground rents
Dec. 31 '20. Dec. 31 '19.
$717, 305
.$808,903
8820,661
3. ,535, 877
3,859,406
72,401
1,074,275
4,039,825
10,600
116,305
3,0.62.284
11.150
1.121,235
3.917,665
79,212
60.460
.!$9,733,134
S9,981,716
$9,062,658
.$.500,000
.$500,000
1.175,000
1,175,000
182.910
18,000
40,000
1.383
$500,000
1.175,000
98,979
105,196
.269,203
3.920,319
7,100
1
Stocks, bonds, &.C.
Real estate (free of encumbrance)
Banking honse
Customers'
Total
'21
11/ ,634
liability
on letters of credit
500
Merchants' Union Trust Co. (Philadelphia).
Resources—
Cash on hand and in banksloansloans-
Time
Undivided profits
(not)
2.53,007
21.500
Dividends unpaid
15,000
Trea.surcr's checks outstanding
Letters of credit issued
2,383
7,605,744
130,000
.S9, 733, 134
.$4,296,616
1921.
16%
Dividends paid in calendar year
Interest paid on deposits.
40.005
7,934,422
130,000
$9,981,716
$4,075,469
1910.
7,148,674
100.000
.$9,062,658
$4,202,820
Liabilities
,55,000
Dividends payable Dec. 31-Miscellaneous liabilities
Total
Trust Department (additional)
The Land
Resources
—
Title
&
_
8.206.449
12,000
6.540
.$8,911,215
$537,765
'21
Cash on hand
$5.54.016
Due from banks. &c
1,9.54,936
Loans on coll.. bonds and mortgages. 11,722,946
&c
2.906,663
Mortgages
3,936,189
Real estate, furniture and fixtures...
5,853.000
Other assets
--463,288
Total
$27,491,038
Liabiiilies
—
406,164
35,000
9,118,.535
12,000
31,171
$9,802,870
$172,898
$200,000
281,209
35,000
8,059,256
12.000
58,019
$8,645,484
$144,467
$3,000,000 $3,000,000 $3,000,000
9,000,000
8, .500, 000
9,000,000
1.171.840
628,108
5'/6,550
Deposits-13,319,198 16,014,607 16.434,437
Other liabilities
900.000
436,073
1.66 1,815
Total
$27,491,038 $29,078,788 $30,172,802
Trust department radditional)
$54,721,982 $53,880,007 .$47,321,338
Statistics for Calendar Year
1921
1919.
1920.
Amount of deposits receiving interest. $13. 121. 935 $11,383,754 $11,7.54,319
Rate of int. paid on dep.of $500 & over
2%
2%
2%
Divs. paid in cal. year (payable quar.)
20%
20%
20%
—
bills
Other
Resources
—
Dec. 31 '21. Dec. 31
Stocks, bonds,
&c
Mortgages
Commercial paper purchased
Real estate, furniture and fuctures...
Other a.ssets.Total
Liabilities
—
Capital stock--.
Surplus
'20.
Dec. 31 '19.
.$108,718
;tll6,185
219,925
1.288,012
984,877
770,061
124„599
312,732
379,641
1,347,677
979,235
844,114
129,331
312,453
$123,931
353,495
Deposits
payable
Total
Trust department (additional)
Manayunk Trust
Resources
—
10.3.52
12,4.56
4,118,988
$4,024,954
400,000
180,289
75,000
2,658,450
—
pavable
liabilities
Trust department (additional)
Bonds, &c
Mortg.iges
Real estate, furniture and fixtures..
Miscellaneous assets
—
Other
.»J,»oa,ioU
*o,ioy,uwrl
$2.50,000
$2.50,000
$2.50,000
240,000
29,036
40,000
1. 081.940
240,000
9,240
40,000
260,000
21,759
1,269.913
1,230,899
1,160,727
1,041,176
340,000
66,007
$3,139,669
$1,677,153
1,030,6,56
.923
23.991
$2,980,150
$1,730,679
,$3,334,043
1,352,970
870,861
69,800
110,415
326,0,55
'« "^''^
270.000
$1,687,733
Dec 31
'21
$2,50,489
464,441
2,146.1681
1,196,490/
Dec. 31
'20.
/
3.444, 176\
726,907
212.227
94,669
.$8,222,076
.$7,555,955
paid In
I' Kos,
liabilities
$250,000
3.50,000
contingencies, &c^-
112.71S
7.355.020
149.739
4.,569
$8,222,076
$200,000
$250,000
300.000
112.707
6,721,299
975.155
2.375.600
909,305
1,388.758
(546,672
117,913
66,440
$6,787,516
$249,9,50
2,50.000
108,288
6.083,754
.
171.949
__
95.524
$6,787,516
$198,096
$182,675
Trust deparmont (additional)
1920
1921
1919
Ka to of interest paid on deposits _.ck 2%, sav 4% 2% chock, 3,'-ii% sav
Dividends paid in calond.ar years-16% reg.;4ext. 16reg ;4ext Greg :10ext.
Total
$7„555,9,55
\
/
$500,000 $1,000,000
250.000
100,000
88,656
327,832[
55,000
2,196.555
2,242,329
.
200,000
5,616
5,937
\
53,280,003
1920
2deni .3shv
$40,000
$40,000
2% dem.,3sav
$3,691,922
$3,222,859
1919
2%
$40,000
Metropolitan Trust Co. (Philadelphia).
U:'Sources
—
Dec 31
Cash on hand
Due from approved reserve agents
Commercial paper
225,24,5
Call loans with collateral
Time loans with collateral
,59,600
86,450
8,000
Mortgages
Bonds, stofks, &c
Office building and lot
Furniture and fixtures
O ther
.361,7.36
76,949
.58,077
assets
Total
13,541
$1,037,993
—
Liabiiilies
Ciapital stock
.$289,156
18 ,280
1 ,498
688 ,049
37 ,935
Surplus fund
Undivided profits
Due
'21.
$40,880
107.515
deposits
depo.sit
to banks, tru.st companies, &c., excluding reserve
3,07,5
Total
$1,037,993
Mortgage Trust Co. of Pennsylvania (Philadelphia).
Resources
—
D-c 31
Cash on hand...
Duo from banks, &;c
Loans on collateral..
Investment securities
Mortgages
Liabilities
Capital stock
Contingent fund...
-
$44
$52
1,.539
171
39.970
41,074
4,295
9,348
34,000
37,752
10.223
30,000
31,751
1,091
10,931
11,858
194
4,.569
1,841
.$97,674
$99,066
.$93,218
$50,000
47.674
$50,000
49,066
$50,000
43,218
.197,674
$99,066
$93,218
1
—
Total-
Dec. 31 '20. Dec. 31 '19.
$37
SuivsMtaii! mortgages
Real estate
Other assets
Total
'21
,6')6
17.553
Mutual Trust Co. (Philadelphia).
Dec
Rssourcss-
Cash on hand
Dae from binks and b:inkers
Commercial and other paper ownedLoans on collateral
Stocks, bonds, &c
Mortgages
Furniture and fixtures
Real estate
Office 1)ullding and lot
Cust'rsliab onaccep. & letters of cred.
Total
Liabilities
31 '21.
$345,291
209.262
1,106.283
1,129.886
713.689
210.700
27,792
19.100
189,226
$438,043
50,0001
116.176/
3.297.001
50.000
25.053
Capital stock paid in
Surplus
Undivided profits
Doposil;s
payable
Acceptances executed for customersMiscellaneous, money borrowed
Bills
$3,976,273
&
21 ,738
215, 174
106, 868
$3,681,311
S2.914.549
$438,043
$438,043
139,3.56
.50.000
3,103,912
,85.315
2,147,791
$3,681,311
71,001
9,238
15,609
106,265
4.408
4,768
170.923
13.957
$1,118,003
$609,730
$170,550
34.110
608
85
455,927
456,723
$167. .5.50
-- $1,118,003
$609,730
and
profits
Hi'scTve for taxes, c&c
unearned
Dcmind
deposits
deposits
,
7
$2,914,549
110,2,59
(\ipital stock
Began business Oct
,.548
821
72 716
16 807
5.53,
*Drf 3r20
$349,081
Total.-
*
1.321
8872,224
Interest accrued
Cas'.i and reserve
Other assets
Iiit(Tost
161 ,830
4.54 ,469
70, .150
Dec 31
Louis and investments
Banking house and vault
Furniture and fixtures
Time
Dec 31 19
$226 ,490
Trust Co. (Philadelphia).
Resowc".-!—
.'Surplus
299 .828
988 ,217
1,361, 230
523 ,560
193,400
Total
*Ninth Title
.$221 ,414
25,0,53
$3,976,273
—
Dec 31 '20
'21
33.510
8
2/<,844
130,818
1920
.S:i07.673
479,403
2,493.093
658,347
144,802
79.173
.83.204,314
1,744,791
Trust department (additional)
Total
Dec. 31 'IJ.
$2,56,961
15,405
liabilities
Total
Northern Central Trust Co. (Philadelphia;.
Dec
Resources—
Commerci.al paper purchased
Loans on collateral.
Bonds, stoclcs. &c
M..ri.,M2-cs
--
-..
.
and
lot
Furniture and fixtures
Other resources
Total
Liabilities
—
Capital stock
-..
Undivided profits
Demand
deposits.Saving fund deposits
Reserves
Total
-
-
31' 21
Dec. 31 '20. Dec. 31 '19.
$58.8.56
$63,591
55.770
.53. '286
90.875
31,402
138,930
78,099
300,476
545,417
335,957
324.017
363.374
407.694
102.800
28.000
28.000
28,000
16. .584
14.528
8.837
15,427
3,441
85
$72,016
Cashonh.and
Cash on deposit
Office building
Surplus fund
Undivided profits
Deposits
Uosorvo fo'-
,Sfp(.30'20. Dec. 31 '19.
$392,425
,$332,380
75,810
103,475
308,805
3i r06
.>3. 331, 043
3.130,(585
Linhilities
Oapit.al .stock
3.336
$4,024,954
$4,129,530
Trust Co. (Philadelphia).
Resources—
Cash on hand
Due from banks and bankers
Loans on collateral..Loans on bonds and mortgages
Total
41,538
2,924,471
1,451,311
1 1
Total
&
555,610
74,4,50
1.212.252
115.000
Special deposits
Market Street Title
$.500,000
1.301,839
941,067
16 ni2
Undivided profits
Reserve for depreciation on bonds
General deposits, payable on demand
Other
'21
2,53, .594
Capital stock...
Surplus fund---
Bills
$3,882,528
870,009
-
Other assets
Liubiliiies
.$4,118,988
.?3. 746. 001
.S306,179
-fixtures
Cash on hand-.Cash on deposit
Total
988
~$3,8ll,/28
Dec 31
Real estate and
$500,000
400,0001
182,672/
65,000
2,871,317
100,000
Co. (Philadelphia).
Real estate mortgages
Stocks and bonds
Loans
810,709
110,318
285,500
5.80 4
Bills
liabilities
1,343,414
985,098
i;3,814,728
$.500,000
Undivided profits
Reserve for depreciation of securities.
Other
payable
Trust Co. (Philadelphia).
Cash on hand
Due from banks, &c
Loans on collateral
274,821
65,000
2.099.088
Res'.Tve for depreciation
Time
Demand
Undivided profits
&
$.500,000
2.50.000
Undivided profits
Time
Dec. 31 '20. Jan. 31 '20.
$584,287
.$850,732
1,698,616
2,870,981
13,014,001
14,838,431
3,309,790
3,981.787
2,975,341
2,288,867
5,854,200
6,057,050
464,1 88
451.319
$29,078,788 .$30,172,802
Capital stock paid In..Surplus and reserve fund
Liberty Title
$3,691,922
Capital stock
Surplus-.-
Rate of interest paid on deposits
Dividends paid in calendar year
Trust Co. (Philadelphia).
Dec 31
Stocks, bonds,
.$200,000
—
1921.
17%
.16%
J ifjhi L'itip'i^^''
Deposits,
3,280,003
255,000
Real estate
Kensington Trust Co. (Philadelphia).
Contingent fund
.$3,204,314
Mortgages
Bankinghouse
1919.
Dir 3! 21 Dec. .iX '20. Dec. 31 '19.
Resources—
$110,450
$473,975
Real est.ate mortgages
8229,560
1.925,296
5,620,828
Loans on collateral & personal secur.
4,244,802
2.116,739
2,382,882
2,302,399
Stocks, bonds, &c9.52.644
1,156,704
Cash on hand and on deposit
1,763,170
Bankinghouse
167,247
172,312
103,105
1.234
Other assets
3.774
2.448
_
T9tal......
$8,911,215 $9,802,870 $8,645,484
$200,000
431,226
455,305
104,998
2,333,222
114,775
255,000
42,088
46,675
1.952,147
57,375
Deposits
-2% check; 3.65 savings
Capital stock
Surplus and undivided profits
6,213
38.763
503,680
42,935
2.043,495
69,495
255,000
6,212
34,232
30, .574
Other assets
.500
Deposits
Reserve for depreciation
Total
Trust funds (additional)
526,150
bonds. &C--
.Stocks,
Total-.
Set aside for taxes accrued
Dec 31 '21 Dec. 31 '20. Dec. 31 '19.
$338,092
.$324,954
$339,858
Demand
Liabilities-
Capital stock (fuU paid)
Surplus
[Vol. 114.
-
-
-.-
$1,323,848
$1,018,829
$782,784
$1.50.000
$150,000
23.255
$150,000
32..592
703..331
427,624
.5.57,152
10.3(n
282,599
5.823
$1,323,848
$1,018,829
2,165
469.432
161,187
$782,784
I
.
.
.
THE CHRONICLE
Feb, 25 1922.J
Northern Trust Co. (Philadelphia).
Ihr :i\ -Jl Dec. .il ^O. Dec. 31 '19.
$693,425 $5,842,883
S517.115
Resources—
Real t«tate mortgaeros
Bonds and Invastment
Loans on collateral
<).430,34S
3. 745. 137
securities
104,528
775,889
13,722
Real estate.-
Cash on hand and
in
bank
_
Accrued Interest
Total
Liabilities
1.818,141
3.404.004
6,544,129
3.879,180
492,170
737,401
40,046
450,455
806.133
36,547
SI 1.982.739 $12,386,351 $12,357,763
—
Capital stock..
Surplus fund
S.500,000
Undivided profits.
Reserve for depreciation
BUls pay. for U. S.& Lib.
2.250.000
118.027
100,000
$500,000
2,000,000
243,917
100,000
100,000
9,413,846
$500,000
2,000.000
317.183
100.000
Loan bonds
9.014.712
Deposits
9,469,168
North Philadelphia Trust Co. (Philadelphia).
—
Drc 31
Resources
Stocks and bonds
$1,778,721
2.170.924
1.642.235
193.614
283,522
244.764
290.443
Mortgages
Amount
Amount
'21
loaned on collaterals
loaned on personal securities
Cash on hand
Cash on deposit with banks
Real estate, furniture aad fixtlires
445
405.776
243.295
2.753
288,910
311.651
225.317
15.522
$6,604,668
$6,986,174
$6,006,251
82.50 000
.500.000
$250,000
500.000
77.288
22,148
6.136,738
$250,000
500.000
57,060
5,199,191
$6,986,174
$318,178
$6,006,251
$303,502
Other assets
Total
Liainlities
—
Capital stock
Surplus fund
94,134
TJndi\-ided profits
Other liabUities.
Gen. dep. pay. on demand
&
time...
5.760.534
Total
Trust department (additional)
$6,604,668
S.541.741
Northeast-Tacony Bank
Resources
&;
—
267" ,058
Dec. 31 "21
Cash on hand
Cash on deposit
Commercial paper
Loans on collateral
Loans on bonds and mortgages
Loans on call upon one or more names
Bonds, stocks. &c
Office building and lot
Other
$18,530
53 .438
72.190
119.312
31.850
47.205
214.2.50
.36.682
19.484
17.763
18.826
real estate
Furniture and fixtures
Other resources
Total
Liabilities
S649,.530
—
1
.602
322.928
Total
$649,5.30
Northeastern Title
—
&
Trust Co.
Dec 31
'21
Dec 31 '20
.$62,080
$^19,423
Bonds, stocks. &c
83,869
117,110
265.843
264.01X
56,408
5.000
30,982
14.924
111.850
169.417
104.446
46,132
$885,310
$509,150
$200,000
20.000
$161,7.50
8.7.37
3..58I
635,566
21.007
321.419
4.280
$885,310
.?509,1.50
Due from approved reserve agents
Commercial Dipcr purcliased
Loans on collateral
Office biiikling, furniture
Otherrr.jl f-state
and fixtures
Other ashots
Liabilities
—
Capital stock
Surli
'
V:
D.
242,8.56
22.612
22,768
22,806
4.698
100
$880,634
Liabilities
.rofits
:
Otiior liiUljties
;
Total..
12,9.58
18.320
Capital stock
Surplus fund.
L'^ndivided
profits
u t erest received
Reserve for depreciation of bonds.
Bills p^iyable
I
liabilities
Total.
—
Dm
Cashonhand
Cash on d<-rK>slt
ComrafTCial pap<9" purchascsd
I»ans on collat'-ral
Loans on Ixjndi and mortgages
I
i
Mortag(-4
Real entate, furniture and fixtures
Total
$1.50. fK»0
c?-. n'.fi
Surplus fund
CndlvldfyJ proHta
!
;
$1.50.000
fl75.miO
.',f(.ir,.-,
D«rni,-»r)'l 'l-;)»r-(t^
S-i-
$9,6.38.9.35
;.o«lU
;j. !'»•'. 'i^'l
Hi
4. 101.1361
4.0..'2..i34/
Bank building and
,.:;^
..
:
$1.50.000
600.000
33.647
7.147.294
$8,711,968
Olney Bank
&
$9,638,936
$70101
rl
—
.
Real estate, furniture & fixtures
Reserve fund for protection of tr. bal.
Interest accrued
C is'o'KTs' liability on acceptances..
"I
I"
Total
ft..
dfonenta of remrd
or:
,5:,;
I
."M,
Liabilities
107.00(1
r,().
4 2I.I7H
311.0't')
T.'.H.
70.K7I
OM
20
—
.Ac-npt
Other
li
(tura.
M.
—
16 H.'H
li.'i „i.<ill
$135000
Dom.^ti'l
Tlmo
Olhrr
51 .209
1.083 .462
1,044 .164
49 655
82. 8.58.408
Capital stock
Surplus and undivided profits
Deposits
$1,000,000
2.88,892
770,7,83
$2,000
5.000
500
980
374
32.165
124
3.602
34.8.52.070
,278
,700
129.667
750 .OOC
$2,000,000
5,000,000
420.105
650.000
Total
.
109,535
$3,333,346
$47,081
244.549
76,054
857.613
33,200
1,001,936
922.893
51.964
31U)72
$3,274,370
$1 000.000
178.501
$1,000,000
95,302
$58,283
244,079
92,972
679.823
46.209
1,065,000
1.037.445
435.000
363.733
.¥2..'<5S,40S
SH.:^33.316
768,2,88
1.025.000
385. 7S0
$3,274,370
People's Trust Co. (Philadelphia).
—
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
Ca.shonhand
(^omtniTi-ial .ind olhor
Loans on collateral
$113,213
$99,943
205 587
bjinks and bankers
paper purch..
(i37.376
1.16<).867
Bonds. &c
690.430
412.700
425.000
23,145
Mortgages
Real <suue...
Furniture and fixtures
Other as.<cus
—
'o,-k
undivided profits
,57s. 233
1.267.165
1.011„S02
397,700
1,162,S'20
60-1,870
407,625
425.000
23.115
387.1.58
23. .532
10.071
$3,671,122
$3.74».'183
0,979
$4,212,214
$634.4.50
$634 .450
110.000
$634,1,50
101 .000
25 000
2.666,663
215 000
30.009
$3,671,122
195.(K)0
21 .6.59
$3.7IS.1.S3
$1,212,244
$80.(H10
$102.SS8
$.84,218
1
Toljil
$151,660
301.824
661.418
229. .5S4
21><.'>C.3
TniNt department (addltlona
2.7s
1.
37
2,875,1s,'-,
1
663,500
.38.100
Philadelphia Trust Co. (Philadelphia).
' "
/'"
1)1,
:u 21
.
harwl
frrim hink/i,
Iltii'
i
I
'KTal..
101
5,669,762
38 70(1
irnituroand nzturm...
701.362
272.826
$26,101,963
.
—
rotnl
LlnhtllHei
»..rk
id undlvldod
000
'Id
1
3, 971, ,597
H. 605.
...
Ac
1
,
$M12,615
...........
ic...... ......
$1,000, 00<l
5 111 (115
pmflU
r;...l,'.V''2
7, 039. S 14
js.iii,i,.,ir,-
9,23(1,394
37,5
37. .500
70«i.0;i5
'296,0.53
$:»0.0:il ,7K7
!
"""
272.313
$;M.00H.6H4
•
.
......
..'»)
I
I' tti-r
I
Mt.iiii
4..'.J2..SJ0
,^,310,
210
4 AH
I
48
i'.H
•\
Tnlnl
I
T'.inl
Triiii ilr-pnrtmnnt (a/lflltlnnal)
* nr«an hiwln«««« In 192(1
Tnut
...
$;i.(t,'.3
'IH
I'M
.'(ki
clitiarlmnnt (addlllnnal)
r,(Ki
I
hi;'
$2,810. nil
fl7
(0
7')n,22H
19.,'190.171
'•Uiitod
1)1
'I'
000
000
986
000
989
088
711.410
1.000.000
443.426
•
Bills pay.ihle
Other liabUities
$2,810,611
%y.
_
Safe Deposit Co, (Phila.).
$39 861
110 222
76 ,671
403 ,164
—
'I
<1
&
Motor trucks
/
|fn<llvi<l«
7,50,000
Other assets
160
101. (»«
340, 450
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
Accrued storage charges
Loans on collateral
Loans on personal securities
Investment securities owned
Real estate, furniture and fixtures
.VH)
7I<I
:«K)
7M
•r.
232.195
30,429.513
126.280
Due from banks and bankers.
rid
933.235
4.351.932
327,857
,2.80
279.373.975 266.629.309 253.497,272
Cash on hand
Due from
933 .235
4,937
0.06'z
85.935
.$40,733,971 S44.»ly,0Ul $13.88. ,777
Pennsylvania Warehousing
''a»ili "II
28.7V»
1,511 ,410
$2,507,123
5.611,167
24.853.128
4.271,934
747,916
150.000
28 929
liabilities
Resources
20. Dec. 31 '19.
.529,739
1
Total
Trust department (additional)
Total
& Granting
S585 864
7.165 848
26.762 352
2.309 597
-<s
Resources
$150,000
80,000
31,658
1,328,299
25.040
SI. 614,997
1,477,333
6.399
81,735.829
$1,322,279
4.716,837
25,711.212
2.236,292
914.917
... .$2,000,000
5.000 000
917,054
100.000
Interest payable to depositors
BiUs payable
H2, .vti
K.I".;
Olh'
1
S150.000
80.000
22,097
67 ,500
150.000
327.923
Undivided profits
Loans on comm'l paper rediscounted.
Reserve for depreciation
M.
..'.23.
S150 000
80 000
46 0,54
S78.575
526,030
511,440
113,676
50,600
147,176
67,500
72,250
47,75D
$1,614,997
283.485
272.965
.S40.733,971 $44,819,001 $43,887,777
.
Capital stock
Surplus fund
,(»
1
1
62,735
47.750
SI. 735.829
933.235
3.615.045
276,486
Kills i.iivablo
mi'.. '1(17
$85,025
546.505
332.964
374,295
75,942
143,113
Dec. 31 '21. Dec. 31
OthCT llabllUlOB
'
Fu
—
Cash on hand.
Due from banks and bankers
Loans on collateral
Stocks, bonds, &c
Mortgages
Commercial paper purchased
$7,9.30.941
•Dec 31 •20
11.790
$880,634
Pennsylvania Co. for Insurances on Lives
Annuities (Philadelphia).
Total
UnhlHties
Trust Co. rPhiladelphia).
Hrpt 30 '21
M.
fixtures
Undivided profits
General deposits payable on demand. 1 ,539 ,721
Other liabUities
15 351
Total
SI. 831, 126
'
Total
7.790
129 ,826
80 159
67 ,.500
15 ,908
46 ,958
31,831,126
Capital stock
Surplus fund
.540.000
lOO.fXK)
I,313.h.V»
0»'
$7,930,941
484,366
234,305
Dec. 31 '20. Dec. 31 '19.
730 727
342 ,237
340 285
Other assets
1
$8,711,968
Ltabililles—
Capital
700.683
275.918
SI. 143. 502
.$77, ,525
Loans on collateral
Loans on commercial paper
Cash on hand
Cash on deposit
Resers-e bonds
:
&c
8tf>ck>i. bfjnd.^.
31 '21
Dec. 3\ "20. Dec. 31 '19.
.$122,415
.$4()'S,0.')6
$536,879
107.111
.501 .SS2
474.052
sO 7.'.:'.
T^s 17.3
1.428.530
2.582.H81
110
'i04
719.(150
i.hi'i.iilS
.'iim.'
1.55I.5>2
't'tl.lOD
.'.25.000
1 .(,(, :',.!.V)
213.015
106.711
109.:J87
'
Dec. 31 '21
Stocks and bonds
Resources
8125.000
25,173
25.0001
9.111)
Pelham Trust Co. (Philadelphia).
—
Resources
Real estate mortgages
Total
8125.000
.580,315
313.490
24.204
6,000
24.000
798
SI. 109.328
65,286
7,380
19£
10. ,521
deposits
74.384
308.208
$1,143,502
$125,000
25.000
Time deposits
Liabilities
Northwestern Trust Co. (Philadelphia).
Etesourats
—
Deposits.
(Phila.).
Cash on hand
Total
389,6.38
75,000
Deposits...
Resources
73.1.59
Bonds, stocks. &c
426.895
Mortgages and judgments of record..
13.582
Furniture and fixtures
22,769
Other resources
22.270
Total
$1 ,109,328
89.998
136,243
19.111
$81,7.57
334. .535
Loans on bond and mortgage
$2.50,000
Undivided profits
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19
Call loans on collateral
Other assets
Capital stock
Surplus
Co. (Philadelphia).
$33,006
95.395
Liabilities
Trust Co. (Phila.)
Parkway Trust
$23,258
89.288
279.506
66.725
165.035
Other
Dec. 31 '20. Dec. 31 '19.
$1,977,920 $1,892,238
1,296.9-32
1.965.666
1,797.621
1,905,047
178.060
218.659
—
Cash on hand
(^ash on deposit
Commercial paper purchased
Time loans on collateral
Demand
SI 1.982. 739 $12,386,351 $12.3.57,763
$20,326,806 S19.422.753 $17,855,202
Total
Trust department (additional).
Resources
819
on
flnp of |2fK)
Dlvldnndii paid In rajondar
Rntr. of Int.
10'-!0
I
and OTtr.
ynar.....
24
'?i
Miin.
2^^
.
•
THE CHKONTCLE
820
*Phoenix Trust Co. (Philadelphia).
Dec 31
Resources—
Cash on hand
Due from approved reserve agents
Legal reserve securities
Conxraercial paper purchased
Time loans on collateral
Call loans on collateral...
Bond.s, slocks. &c
Morteascs and judgments of record
Office buildingOther real estate...
.-.--
Total
—
'21.
$48,121
91.604
$50,114
1.52,524
Due from approved
(Commercial i)aper
30. .596
.506.796
30.15)
123.281
326.023
54(1
74,416
266.523
60,800
577.225
312,833
139,493
100,000
101,884
121,040
303
5.389
$1,628,106
$1,491,555
-
30.000
22.154
Undivided profits
Demand deposits
Special time deposits.
1,209,107
4.845
62.000
_
payable
Book value of legal reserve
Total
*
.$300,000
sec.
below par
.
—
-
$1,628,106
Resources
Life
&
Mortgages and judgments
Bonds owned
Dec. 31 '21.
$1,476,150
7. .509. 194
8.406.871
100
442
1.437.791
559,070
45.694
Real P.state_..
War Savings Stamps.
Cash on hand. &c..
Due from banks and bankers
Miscellaneous assets
Total
Total
Capital stock
Surplus
_
Undivided profits.
Deposits payable...
Cert.checks.clear.-housp due
bills.
Dividends unpaid
Ubertv Loan Knh<<criptions
Miscellaneous
$300,000
30.000
$2,000,000
5 000 000
2. MO. 084
10.194,601
627
&c.
100,000
20%
of diva, on company's stocks
Rate of int. on deposits (generally)..
Amount
Real Estate Title, Insur.
1.891
The Rittenhouse Trust Co.
$1,491,555
Resources
&c
Certified
20%
2%
325.435
—
Rediscount
$1,,500. 000
3.000.000
395. .500
profits
General deposits
Bills payable
5.908.415
llablUties
1.50.372
Total
Trust department (additional)
353.407
Cashonhand
Due from banks and
banlters...
Call loans on collateral
loans on collateral
Time
Loans on bonds and mortgages
&c
Beal estate
Other assets
^
2%
Mortgages and judgments
Office building and lot
Furniture and fixtures
Other resources
Total
Lmhililies
621. 5!<)
$267,000
1,652,145
52.142
67.500
4.766,983
4.761.746
3.2fi3,028
157,256
Demand
Undivided profits
Sinking fund for leasehold
Deposits
Dividends unpaid
Bills payable
Other UablUUes
470.000
10,955
9.50, «)04
1,643. .532
125.7.50
122. .500
3,273.7.58
2,230.738
183.743
122,000
4.363,033
3.273,758
40.804
34,1.30
330
695.000
480
460.000
211.094
136.677
..
..
6,470,9.52
Trust department (additional)
Rate of Interest paid on deposits
Dt vs. paid in cal. year on pref. stock.
2%
$115,284
$79,910
Miscellaneous
Liabilities
—
Capital stock paid In
Surplus fund
Undivided profits
Reserve for depreciation of securities.
Deposits
Ground rent
Dividends unpaid
Accrued interest and taxes
Other liabilities
700,886
1.440
32,203
•Dec, 31 '21,
$13,546
25.194
47 (3. 253
20.647
122.606
$835,884
Deposits
$125,006
125.000
12.723
491,164
81,997
._
liabilities
$835,884
Total
Tacony Trust Co. (Philadelphia).
—
Dec. 31 '21.
Real estate mortgages
Stacks and bonds
Cash on hand...
Ca.sh on deposit
Other assets
Liabilities
—
—
Capital stock
Surplus and reserve fund
Undi\ided profits
_
__
Deposits
Miscellaneous
Total
Trust department (additional)
Dec. 31 '20. Dec. 31 '19.
199.1.54
17.0.57
130.887
221.136
31.860
$377,647
945.481
421,172
24.141
60.006
210.62«
299.218
30.251
$1,987,146
$2,391,871
$2,358,438
$1.50,000
$1.50.000
150 000
46.974
1.639.321
851
150.000
50.363
2,040.513
$150,000
150.008
995
1.993.897
11,040
$1,987,146
$1,312,581
$2,391,871
$1,749,615
$2,358,430
$2,001,681
$328,265
888,496
385,787
20.940
60,000
97,447
Loans on collateral
Loans on personal securities
$83,436
$3.57.000
999.336
540.267
61.385
,50,000
Bonds, stocks, &c
Heal estate
Mortgages
Loans witlicollater.al
Commercial paper purchased
Due from banks
Specie and notes
Other assets...
Dec 31
'21
Dec 31
'20,
3.322,339
3.4b5",545
84„5.84
'¥,000
ibV.sei
6,000
2,148
219,605
$3,979,931
$615,713
$4,0.50.587
$4,380,187
Total
Liabilities
$543,458
|449,2jl4
—
Capital stock.
Undivided profits.
Deposits
'
liabilities
Total
Dec 31' 19
$801,656
50.872
216.130
493,448
148.978
92.526
43,031
85,431
$803,511
43.436
169.150
439.679
134.334
182,655
47,104
5,212
$1,936,674
$1,816,081
$1,686,031
$125,000
$125,000
86,497
$806.2,58
29.1.59
3,229,836
36,250
6,000
2,748
50.000
.53.493
Tioga Trust Co. (Philadelphia).
Resources —
952,462
32.228
783
$400,000
200.000
62.305
53 .600
56.682
3.164
64.202
Undivided profits
Other
42.517
24.375
298. .554
Trust Co. (Philadelphia).
Capital stock..
Surplus fund
Other
Total
Trust department (additional)
&
Title
—
2%
$400,000
200.000
20.387
$1,432,098
—
Real estate
$4,380,187
$1,867,404
Tot.al
Liabililies
6.511.637
586
1.107.500
$4,050,587
$1,728,689
Loans secured by bonds and mortgages
Bonds, stocks. &c
Furniture and fixtures
Other assets
692.695
$400,000
200.000
25.938
29.601
1.252.497
loans with collateral
Call loans with collateral
$1,319,600
2.031.400
$3,979,931
$150,000
55.0.56
Time
—
742.235
27.495
$1,50,000
1.662,348
Commercial paper
Resources
Dec. 31 "21. Dec. 31 '20. Dec. 31 '19.
Gash and reserve bonds
$473,956
$460,357
$466,196
Real est., safe dep. vaults. furu.& fixt.
362,961
23 4..5.58
3.58.0U
Loans on collateral
2..<71.844
2,493,291
2,609,799
Accrued Interest
$150,000
84,198
686,463
800 028
8 000
Duefrom approved reserve agents
Republic Trust Co. (Philadelphia).
Stocks and bonds
$1,432,098
Cush on hand
$11,204,491 $11,134,420 $11,663,418
$30. ,590. 729 $30,275,577 $29,688,668
1921.
1920.
1919.
2%
$1,867,404
liabUities
Total.
Total
$1,728,689
deposits
Resources
15%
657.822
692.695
$3,080,283
$262,950
7..597
._
—
Southwark
5,6fi3,()9()
241.,508
$1,319,600
1,979,600
$3,405,765
$1,141,434
690.651
163.550
36.303
6.560
2.893
Timedei»>sits
Other
$1,000,000
2.0J0,0O0
361.379
$267,000
239.012
$1,319,600
paid).1,918.300
500.000
306.876
226.209
6.101.499
39
296.beb
63,424
20,604
423,148
816.522
290.930
28.912
15.711
Undivided profits
Resources
(full
$250,000
116.85«
2,287.795
6.503
96,779
34.30
236.192
772.796
420 2.50
28.189
17 653
3.016
Capital .stock
577.6(i9
1,040.910
440,771
$11,204,491 $11,134,420 $11,663,418
—
Capital stock paid in
Capital stock, preferred
Surplus
$267,000
225.111
753.326
$.500,000
181. .586
2.616.609
2.570
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
$69,621
$70,046
$51,038
80.339
131.101
115.6.57
Time loans on collateral..
Call loans on collateral..
Bonds, stocks. &c
20%
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
Lawful reserve bonds
Total
$3,503,076
Cash on deposit
Commercial paper purchased
Real Estate Trust Co. (Philadelphia).
Resources—
$3.086J88
425.000
91
Si. 203. 109
Cashonhand
1919.
2,2i2,3,3.65.4,2.2i2,3,3.65 2.2i2,3,3i2%
19%
$3,495,765
155.060
Resources—
1920.
20%
J 2..538
26.93T
.
li.ibiliUes
Total
Trust department (additional).
$10,954,287 $10,955,325 $9,506,025
$20,345,631 $19. .522. 140 $18,806,721
1921.
Bate of Interest paid on deposits
Dividends paid in calendar year
$1,500,000
2.750.000
619.903
6.732.015
24.496
87.477
Income tax withheld
Otner
Total
Capital stock
Sumltis and reserve fund
lAahilities
and treasurer's checks
2.867.670
Roxborough Trust Co. (Philadelphia).
$0,506,025
484.004
1.044.785
$500,000
189.166
2.607 033
1.775
42
150.000
Bills pa.vahle
1919.
1920.
$3,503,076
Dividends unpaid
$2,000,000
5.000.000
1.151.734
11,366.255
121.042
100.030
12.249
$10,954,287 $10,955,325
2.615..5ti8
Ca.sh on deposit
Other assets
Total
97,704
180.551
Capital stock
Surplus and undivided profits
Deposits
1.547. S85
$1,216,520
2.616.938
2.991.707
425056
Stocks, bonds.
Invfst.tnents
—
295,869
1.596,411
256,103
818.918
,6.52.476'
AciTued Interest
Furniture and fixtures
Other assets
Liiihilities
25.083
$2,000,000
6.000.000
1.489.904
11,042.498
109.271
100.010
317.761/
1
638 669
530.655
Total
92).;-t()7
(Philadelphia).
Dec. 31 '21. Dee. 31 20. Dec. 31 '19.
$516.122
$85,2601
$79,507
Conimcn'ial paper purchased
100.100
21.415
$1,446,622
2.738.089
4.394.804
428.817
575.138
1.007.626
364.229
4.432.791
Cash on hand
Other
—
Due by l>anhs
Collateral loans
Trust Co. (Philadelphia).
$1,626,648
collaterals
Liahililies
$753,004
40.000
Dec. 31 '21. Dec. 31 '20. Dec. 3! '19.
Real6,stato
Undivided
2%
&
Resources—
Keal e.state mortgages
Total
17.211
liabilities
Total
Dec. 31 "I'D. Dec. 31 '19.
$1.314. .575 $1,006,200
8.166.,392
9.046.499
8.2.59.748
7.019.821
50.100
840
589.543
1.375.595
$125,000
610.793
_
15.110
liabilities
1921.
Stocks, bonds.
'
Depo.sits
Other
19.495
1,098.889
1,280
Total
$19,435,312 $19.7.56.793 $19,751,310
lUBuranoe department (additional).. 1 13.079.638 105.670.586 $97,452,317
Trust department(addltional) .includ110.453.437 103.988.198 99.698,700
ing corporation trusts
Loans on
$753,004
—
Liabililies
Capit;il stock
.$19,435,312 $19,756,793 $19,751,310
__
—
.
Real esta te
Furniture and fixtiu-es
O t her resources
Trust Co. (Philadelphia).
—
$31,904
54.228
299 ,8 10
4,245
16,700
40,590
15,1 00
253,751
14,523
8. 598
13, 556
reserve agents
Cash on hand
Mortgages.
Btocks and bonds
Loans on collateral.
Liabilities
Dec. 31 *21.
and notes
loans on collateral
Call loans on collateral
Call loans without collateral
Began business J&n. 6 1920.
The Provident
Co. (Phila.)
Time
Liabililies
Capital stock
Surplus fund
^Richmond Trust
—
*Dec 31 '20
[Vol. 114.
Resources
Cash, specie
Accrued interest
Bills
f
32.893
127,200
411.409
1L2.685
143,360
46,160
10,668
87,901
1,527,422
196,351
1.603,355
229
$125,000
61,361
1,252,596
247.075
$1,936,674
$1,815,081
$1,686,031
.
THE CHRONICLE
Feb. 25 1922.]
&
United Security Life Ins.
—
Trust Co. (Philadelphia).
Bonds
.582. ,530
Loans on
collateral
1,231.0,57
Real estate
242,886/
1
Banking houBe, fixtures and vault..-/
Cash on hand and deposit
Other assets
Total.
Liabilities
$4,026,828
$3,968,439
$4,120,779
$1,000,000
900.000
$1,000,000
1,050.000
93.919
128,901
50,000
1.854,007
90,092
$1,000,000
/850.000
\100.000
134,777
10.000
130,000
1,896,002
1
S4.026.827
$1,811,322
Wayne Junction Trust
—
&c
Banking house
Furniture and fixtures
MisceUaneous
Total
1,782.615
45,732
$4,120,779
$1,792,065
.$3,968,439
$1,302,225
$1,790,124
—
$1,903,945
11.141
1,654.346
11,120
14,458
$160,000
40.000
27.346
1,353,788
75,000
12,019
$1,790,124
$1,903,945
$1,668,153
1921.
1920.
1919.
DepositsBIllB payable...
MisceUaneous
Total
$160,000
64.000
2&3.65% 2 & 3.65% 2,3&3.65%
Rat«oflnt.paldondep.of$500iover.
Dividends paid la calendar year
5,591,985
1,000.000
218,024
Dj-c. 31'20.
$915,941
6,670,201
5,681.941
1.000.000
163,424
Dec. 31 '19.
$907,590
5.326, .583
6,249.588
1,410,596
307,099
$15,323,302 $14,431,507 $13,201,456
—
Capital stock
Surplus
,$2,000,000
1,800.000
165.635
200,000
10,457.007
700,000
_
Undivided profits
Reserve for depreciation
Deposits.
Other
liabilities
Total
Trust department (additional)
$2,000,000
1,800,000
103,472
250,000
9,728,035
550,000
$2,000,000
1.800,000
142,700
9,143,600
115,156
$15,323,302 $14,431,507 $13,201,456
$8,466,056 $9,254,538 $8,952,189
19211926.
1919
8%
8%
8%
— 2% demand,
4% time— 2dem,3tlme
Dividends paid in calendar year
Rate of interest paid on deposits
West Philadelphia
Resources
4%
4%
4^
Title
&
—
Loans on
collateral
Real estate
Cash on hand and on deposit
Other assets.
Total
Trust Co. (Philadelphia).
Dec. 31 '21. Dee. 31 '20. Dec. 31 '19.
$.343,426
$305,587
$434,750
4,827,693
4,583.433
4,340,444
1,906.0,52
2,247,395
2,861,906
117.137
119.876
118,984
669,324
728,081
746,751
113,822
113,291
135,003
Real estate mortgages
Stocks and bonds
$1,668,153
$160,000
70,000
19,117
1,529,887
Undivided profits
ft-om
Liabilities
Liabilities
Capital stock paid in.
Surplus fund
Dec. 31 '21.
.$668,219
7,845.074
banks...
Loans on coll. & on bonds & mtges...
Investments, stocks and bonds
Real estate, furniture and fixtures...
Other resources, accrued Interest
and due
Co. (Philadelphia).
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
_
$90,358
S95,026
$57,960
193,152
204.144
118,467
486,528
574,400
334,752
339,400
362,282
337,428
586,599
537,046
712,-524
51,2.50
92.008
56.733
33.999
33.999
36,747
4.139
4.139\
31
13,542
5.569/
Cash on hand
Due from reserve agents
Loans on collateral
Mortgages
West End Trust Co. (Philadelphia).
—
Oash on hand
Resources
Total
/
Total
Trust department (additional)
Liabilities
213.131
200,000
200,246
liabilities
Stocks, bonds.
Real estate
l.fi»7,717
287,408
3,522
Reserve
Bills payable
General deposits payable on demand.
Resources
703,428
1,173,229
102.195
200.000
340,422
8,270
\
—
Capital stock
Surplus
Surplus mortality
Undivided profits...
Other
Jan. 1 '20.
$1,005,281
764.400
Dec. 31 '21. Dec. 31 '20.
$1,679,425 $1,440,895
Resources
Real estate inortgaf?e3.
8J51
—
$7,977,454
$8^97.663
$8,637,838
$,500,000
$500,000
500,000
141,316
6,141.347
815,000
$500,000
500,000
124,822
6,248,016
1.265.000
$2,378,812
$8,097,663
$2,188,919
$8,637,838
$1,338,660
1921.
1920,
Capital stock paid in.
500.000
138.512
5,903.942
935.000
.Surplus
Undivided profits...
General deposits
Bills payable.
S7. 977. 4.54
Total..
Trust department (additional)
Rateof int. ondep.of $500& over..2
to
3.65% 2%to3>^%
14%
Dividends paid In calendar year
14%
1919.
2%to3M%
14%
BALTIMORE COMPANIES.
Commerce Trust
Atlantic Trust Co. (Baltimore).
Resources.
l/)ans and discounts
Dec 31
Stocks, bonds, securities, etc
Banking house, furniture and fixtures
Foreign department
Customersliability ace. Acceptances
Due from approved reserve agents
Lawful money reserve in bank
Accrued interest receivable
Miscellaneous
--$2;087,309
517 345
139 678
.
Guar. iktiersoiCr'.'.'."
106413
94300
I. II
434 369
44-105
_
&
'21
~
I.III
I.IIIIIIII
Total
-
-.\
rr*"!.'".-^.^
Undivided
-
profits
to Ixinks. bankers & trust cos
to approved reserve agents
Due
Due
"'.'.."
I.IIIIII"'
$500,000
500,000
50 476
3 171
Liabilities
Baltimore Trust Co. (Baltimore).
Dec. 31 '21. Dec. 31 "20, Dec. 31 19.
$8,810,840 810. 187. .506 $10,073,270
6,389.423
6.644.489
7,310,052
-.-T---.Stocks, bond.'i. w^irltiea.
ftc
Real estate, banking houses
f'
-
'
banks
and acrt)ptanc«i.
,n
'
'
y
618,694
73.493
2.506,804
.
Ml»<;<;lla/ii«jua
Total
79,6.56
2.695.498
200.000
3,806
515,886
92,109
3.431.228
$1,000,000
'
2.000.fK»0
'
proflU
unpaid
I
'
i
227.322
...
.
35.000
'li»<rount
I'
\2.HH<i.WJt:\
Sl.OOO.oro
2,000,000
3-'t..5:n
60.f)00
35,0O(l
V '
Deposits
Total
*
1,123.
$1,000,000
2.000,000
302.37.5
46.141
,r,.-...,,
WW
.x.rruted
(.1.^11
Began business July
23,809
....
I92I.
on company
!
"•
25,122
1920.
20%
19H%
*
»4«H.«31
$.586.4 in
mo
no
978.251
uniMwnirtxl..
I
,
Ac ....
1)30
.VI
o,
fnm.. ristures
4k
rsult.
r.M
Ca.shonhand
Customers'
liability
Total
on acceptances..
17.<i':
—
flurpluH fund
Undivided profits
Duo to b.iiiks. bankers and trust cos.
Due to approved reserve agents
D.posiis fd.-mand)
DrposliH (lime)
Dciiiiestlc and foreign
Bills payable
acceptances
rytt
ruserve In
M
•centa...
I-
b«nk
.
9.50,1 10
32, '^/O
140.172
.HH
-
r I.. I.,
tl.M 1,209
69
.101
ifi.ir..'.
20 77
1
• I.9IK 00
267,nr,2
l«.",:!s
ID.Sd.',
•2,090,612
I....
.stii.
k IC'iult.
ll^Ulk
I
(;iidi
.
11.
(1
r>«'p'>'<>''<
ToUl
................
profits.................
................
$1,841,209
2.111,051
1
,,550,000
498.199
23.342
686,7.58
69,424
2,277.463
39.827
568,750
2,000.741
1
,5.50,000
20..364
734.413
15,403
2,031,962
36,974
9.50.000
_250,000
2,736.071
$1.3.50,000
1.3.50.000
272. .588
'295,620
61.810
7,299.516
768.312
668,760
$1,3.50,000
$1,350,000
1.3.50,0(M1
1,3.50.000
293.258
292,055
58, 085
299.783
024.823
61,336
5,703,316
1,284.127
•876.747
7K9.32.5
.
.
$9,290,969
1.969
1.,,im1.i,
Mid
•
.
MOO.OOO
<,-,
$300,000
;,.
.1
<.;t
r
,
t
ri...,r,«,.
..I.
250.000
47.1H7
-.
1.888.09(1
260,000
la li.iiiU
2'22.S6S
100,1)00
232.123
125.576
2,092.891
121. '265
162.211
22(1.3.57
45.(M)0
20.000
206,276
I71,9'2n
74,638
•16,746,0.50 $10,641,716 •14,603,246
k paid In
f1
-.'.(.
nnri
«l
••.!)
(HHl
*i
linn
000
'110
S'rnfl'fli"'!""'!""""
r« nnd trust COS.
I't
|)
rvf
l.'i'p.'
'1
57
I)
H1.7.'l>
9, 173. Ml
((.
I)
4,(177.<I(..5
l.llMt.iin:,!
HH.WJl
15.0OQ
131,910
|)
:,
1
iiKi-iil*
acmptancrs
r.
hangn ntdlarountod.....
K<
OMM
l.flHfl.r.H.',
•3.090.012
19.
$7,805,227
2,368
2,811,506
93H,I25
212.H1S
68.927
r
f)(i(;.3l
2.712.0,(8
1511.296
cvplaiicoa......
.14
Forrlifn cxrtianRO
(
3,301,,'iOO
ATr.('r».(iihi«)rb<>d)
...r,
,
Amt
..
.5.50,000
/)w. 31 '20.
:7R
•B.set
......
•16,716.060 •l«,»11.746 • I1.r.n3.346
Total
1,1
1
J)rc. 31 '21.
M
>';•,.
.\1
$,'?00,000
r,', o'to
303
1.694,413
intH
HI.,.
1
litlmm
paid In..............
$2,360,822
$10,050,001
'ir««<l and unsocurtHl..
4,766
H.-.-iirllleH. Ac
3,468,990
-
I,.
70
•;<
4.969
Totdl ......................
$670,615
200
2tt.f.flri
M.WiO
$2,503,823
$11,966,696 $11.959.4«8 $10,983,884
Total
I,,
Dte. 31 '19.
128.478
.',l\
889,891
$2,659,398
950,000
1)11- rr
2(16
1
1,077,648
$11,966,696 $11,959,468 $10,983,384
Capital stock paid In
()•
047
'
.337.590
1,184,517
Equitable Trust Co. (Baltimore).
1019.
Colonial Trust Co. (Baltimore).
Her. :u n. hrr 31 '20.
Ix.
270,920
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
$4,363,587
$5,079,961 $4,070,441
Dii-fr.
Kfvntrr*»
1.55.000
125,000
42.317
21,024
445.000
50.124
12,631
19,610
s
-
$.500,000
187. ,500
I
118,299.254 «J0.:H2.7.V1 $21,429,604
Am"'
$750,000
1919.
Overdrafts, secured and unsecured..
Stocks, bonds, securities, &c
Banking house, furniture and fixtures^
Due from banks, bankers and tr. cos.
f;herks and cash Items
Due from approved reserve agents.-
/•
ToUl
$750,000
187.500
58.502
13,912
245.000
219.967
Continental Trust Co. (Baltimore).
200,00(1
Sundry arcounU
1
Resources—
Loans and discounts
1.000.000
I
IAri:
437.450
$2,360,823
Undivided profits.
Unearned profits
Bills payable.-Acceptances rediscounted
Liabilities
7.059
$18,290,254 $20.31 2.7.54 S21. 429.604
Liahililies—
"K-k paid Id
^'-T
ind
'
501.800
694.428
$2,503,823
24735
-$3,450,097
Resource*—
Loan* ------
—
432,098
$2,659,398
Capital stock paid in
Surplu.s. paid in
Deposits 'demand)
2 048330
Deposit K aime)
''08 01''
IIIIIIIII.
Reeerved for dividend
"15000
I.IIIIIIII
Reserve for Intiirest on deposits
"1"'Z
3 840
Acceptances arc. customers & guaranteed letters of credltl
I
94300
Other liabilities
2 233
Total
'.
Total
5,049
.$3,450,097
Capital stock paid in
Cash
2l'2"'9
Liabilities.
Co. (Baltimore).
Dec. 31 '21. Dec. 31 '20.*D«c. 3H'19.
$315,823
$184,515
$138,858
1,426,588
1.240,085
1,423,924
255,0.37
108.875
9.885
5.000
Furniture, fixtures, organization. &c.
23.000
219.967
270.920
Customers' liability on acceptances-337,590
Resources—
Investments
Loans and discounts
Banking house equity
m
dlT« paid on
Hnt^»rint«ro«t paid
1921.
's
fill
stk In r»l.7r.
drpoalU
i0'20.
I ti
)(•
8%
7M%
8%
3% rhn<?k. 1% sa Tings
—
1
THE CHKONICLE
S2Z
Safe Deposit
Fidelity Trust Co. (Baltimore).
'21. Dec. 31 '20.
Dec 31
Resources—
Loans and discounts
Dec. 31 '19.
$8,929,716 $9,252,107
675
3.208
6,415,953
6,704,646
122.273
94,209
5,600,683
3,144,683
424..310
510,249
22.930
6 9.867
$8,382,476
Overdrafts, secured and unsecured
Stocks, bonds, securities, &c
Due from banks, bankers & trust COSDue from approved reserve agents...
1.307
5,977.928
15,794
3.301,685
368,126
52.141
Cash on hand
Miscellaneous assets
$1,000,000
1.500,000
169,450
1,305,460
381.676
17.228.778
232.821
17,740
$1,000,000
1,500,000
274.940
1,203,074
3S0.651
$1,000,000
1,500.000
profits
382,145
Undivided
Due to banks, bankers and trust cos. 1,402,839
116,003
Due to appro ve<i reserve agents
13,608.202
Deposits (demand)
interest
and
43.492
taxes
Reservefor
46.778
Other liabilities
Capital stock paid in
Surplus fund...
14,920.6.59
116.116
61,138
$18,099,457 $19,4.56,578 $21,838,931
1919.
1918.
1920.
Total
16%
Divs. pd. on co.'s atk. in cal. year
Rateof interest paid on deposits
2%
daily,
3%
15%
15%
monthly
acc't
Maryland Trust Co. (Baltimore).
Dec. 31 -21. Dec. 31 '20. Dec. 31 '19.
$3,831,228 .54.392,713 $5,869.9"2
771
Overdrafts, secured and unsecured..
2.838.295
2.8.52,449
2,278,723
Stocks, bonds, securities, &c
280.000
owned
Real estate
300,000
Credit granted on acceptances
3,983.241
I
2.203.912
Due from banks, bankers* trust COS. 1
589.552
1,117.329\
Due from approved reserve agents
/
105.795
534.882
688,312
Cash on hand and on deposit
95,403
Libortv Loan subscriptions
227,758
84,895
67,843
Miscellaneous assets
Resources—
Loans and discounts
Total
Liahililies
$7,830,005 $10,522,282 $13,990,787
—
Capital stock paid In
100,000
6.231,694
Deposits
$1,000,000
390,532
$1,000,000
433.673
300,000
375,000
8,413,609
$1,000,000
498,311
Undivided profits.
Acceptances
Rediscounts with Fed. Res. Bank...
$7,830,005 $10, .522, 282 $13,990,787
Total
Mercantile Trust
&
Deposit Co. (Baltimore).
Dec. 31 "21. Dec. 31 '20. Dec. 31 '19.
...$11. ,535.277 $10,851,281 $11,941,795
9.551.642
7.552.823
7,311. .559
Stocks, bands, securities, &c.
125.000
115.000
100,000
Banking house, furniture and fixtures
3.350.922
1.939. 0'lS
3.316.495
Cash on hand and on deposit
107,097
249.481
201.487
Miscellaneous...
Resources—
Ijoansand discounts
Total
Liahililies
.-$21,135,375 $22,040,086 $25,076,456
—
Capital stock, paid in
Surplus fund
Undivided
Interest,
$1 ..WO, 000
$1„500.000
3.000.000
522.937
26.062
11.900.918
4,179,458
profits
&c
Deposits (demand)
Deposits (time)
Reserved for war taxes
$1,500,000
3,000.000
476.512
25.750
15.547.015
3,000.000
507.689
42.241
12.318,721
4,671,435
4,4.50.724
76.455
$21,135,375 $22,040,086 $25,076,456
Total
1920.
1919.
Dlrs. paid on co.'s stock in cal. year.20%res.3ext20% reg.2 ext.16reg.4ex.
1921.
Safe Deposit
&
Resources—
Stocks and bonds
Loans, demand, time and special
Mortgas^e loans
Ca.sh on deposit in banks
Real estate
'20 Dec. 31 '19.
Dec.
Dec. 31
$6,512,292 $3,372,513
3.051.961
3.057.841
Accrued interest receivable
Other a.ssets..
Total
327.196
280,496
8,645.2.30
4,3.52.784
200.000
19.277
165,996
200.000
Dec. 31 '21. Dec. 31 '20. Dec. 31' 19.
$1,200,000 .•S1.20i),000
$600,000
2.400.000
2,400.000
2,400,000
101,092
13.168.410
1.325.494
$18,921,952
Deposits
Deposits, trust funds
Total
Security Storage
&
&c
Miscellaneous assets
Total
—
3S.98S
28.925
SI, 195. 555
37,134
24,912
$1,119,513
$200,000
179.316
9.500
921.094
$1,309,910
$200,000
159,035
$200,000
Undivided profits
Reserve for interest and taxes
Deposits
Total
Trust department (additional)
—
Guarantee
$2,528,602
2,556,571
280,846
3,842,065
200.000
25.952
776,906
18,346
167
2. .531.
$18,921,952 $13,813,147 $10,211,542
.*l,{,8l,i.
42.679
26.337
._ $1,309,910
Capital stock paid in
Title
1.770.257
Dec. 31 "21. Dec. 31 '20 Dec. 31 '19.
$2.58.838
$142,999
S199,.590
511, .503
500.169
4.35,.342
199.400
202.741
197,734
174.043
181.896
1.53,944
97.110
96.837
70,857
Warehouse and fee simple lots
Mortsa-es
Cash on hand and In banks.
Duo by firms and individuals
Liahililies
5.817.689
931.257
147 $10,211,542
7,919.4.58
Trust Co. (Baltimore).
Resources—
Loans and discounts
Stocks, bonds, securities.
462.598
523,432
726.9.56
Itoserve for taxes
&
150.241
.
836.520
769,272
«l.|t5.,i55 $1,119,513
Dec. 31 '21. Dec. 31 '20.
$1,655,547
$1,459,162
Trust Co. (Baltimore).
Resources
Dec. 31 '21. Dec. 31 "20. Dec. 31 '19.
Loans and discounts
$2,403,425 $2,302,920 $2,910,182
Overdrafts, secured and assumed
266
Stocks, bonds, .securities, &c
1,780.903
2.313.642
2,897,737
[Janking house, furniture and fixtures
3.50.200
350.200
320,200
Mortgages and ground rents
1,610.7,54
1,595.617
738.644
Due from banks. I)ankers& trustees.
53.738
22.024
23,986
Checks and cash items
_
20,4,55
18.999
9.906
Due from approved reserve agents
506.815
647,450
431.365
Lawful money reserve in bank
48.357
60.210
94,713
Accrued interest receivable
29.358
31081
14,992
Miscellaneous
47.379
31.879
526,684
Total
$6,851,.384 $7,157,937
$8,184,759
—
Capital stock paid in
Surplus
Undivided profits
Due to banks, bankers & trust cos...
Due to approved ro,serve agents
Deposits (demand)
_
Deposits (time)
Rullding loan deposits
Reserve for interest 00 deposits
_
$200,000
300.000
135.403
364.529
$200,000
250.000
129.665
427,502
3.077.457
1,964.647
271.950
3.145.974
2,161.362
197.946
30.488
300.000
3 5 000
$7,157,937
1920.
27..399
l?;ils payable
200.000
Otherliabilitiesguar.ofTitleBldgCo.
310.000
Total
$6,851,384
1921.
Arat.divs. paid on co's stock in cal. yr.
Rateof interest paid on deposits
Amount of deposits receiving Interest.
—
3%
20%
$200,000
200.000
101.438
317,269
37,540
3,572.686
2,217,174
661,652
27.000
500,000
320.000
$8,184,759
1
1919.
20%
check balance over $300;
All
All
12%
4%
sav.
All
Union Trust Co. (Baltimore).
Resources
Loans and discounts
Stocks, bonds, securities,
Bankina house, furniture
Dec. 31 '21.
$5,986,240
1,952.763
&c
&
2„581.696
200.000
$11,673,477
$5,026,888
1,280.183
350.000
451,403
1,623,534
227,750
$8,959,758
$550,000
$.500,000
4.50.000
400.000
213. S<6
$500,000
300.000
.502.778
Credit granted on acceptances
Total.
Liahililies
Capit.il stock paid in
.Surplus fund
Undivided profits
200.796
Total deposits
10,272.()81
Domestic and foreign acceptances
Bills payable
Total
31 "20. Dec. 31 '19.
Di'c.
$6,009,046
1.260.885
450,000
437.115
2.395.983
328.736
310,97 1.765
450.000
fixtures..
Due from brinks, bankers & trust cos.
Due from approved reserve agents
—
Trust Co. (Baltimore).
31 '21.
Trust Co. (Baltimore) Concluded.
Surplus...
Undivided profits
Liahililies
12.600.255
&
Liabilities—
Capital stock
$18,099,457 $19,456,578 $21,838,931
Total
[YoL. 114.
200,000
1.54,573
7,222,435
227,750
555,000
$8,959,758
1919.
9,542.929
315.000
$11,673,477 $10,971,765
1921.
Arat. divs. paid on co's stk. in cal. year
Rate of interest paid on deposits
—2%
12%
1920.
12%
act, accts.:
3%
10%
inact. accts.
CHICAGO COMPANIES.
Chicago Trust Company (Chicago).
Central Trust Co. of Illinois (Chicago).
—
Dec. 31 '19.
535,028.7.59 $24,292,876
16.715.7.52
18.604.295
2.709.437
3.435.345
2.782.338
3.186.233
6,763.031
8.017,387
Dec. 31 '21.
Resources
Time loans
Demand loans
Real estate lo.ans
.Jan. 3 '21.
$33,684,329
22.329.377
2.709.509
of indebt.
2.153.342
6.343.904
S. Govt bond & certlfs.
Bonds and stocks
Payment In full on behalf of subscribers to Fourth Libortv Loan
U.
Capltal.stockof Federal Reserve
Bank premises
105.000
210.000
775.000
15 557
Bank
107.643
210.000
775.000
31.726
.394,696
210,000
775.000
30.516
Other real estate owned
.5.80
Overdrafts.
2. ,569
1.005
Customers' Ilabll. on letters of credit198. S05
997.283
127.961
Customers' liability on acceptances..
496.316
754.084
837.424
18.0'20 948
17.108.772
18.5,59.2 12
Cash and sight exchange
Total
$87.044.6.56 $87,667,655 $75,918,700
Liahililies
—
$6,000,000 .$6,000,000 $6,000,000
1.000.000
1.000.000
1.000.000
Undivided profits
1.601.632
1.803.803
1,502,019
General reserve
1.000.000
300.000
Reserved for taxes and Interest
464.825
355.814
587,389
Dividend account
1.50.010
1.50 032
64.705
Rediscounts with Fed'l Reserve Bank 8.669.086 13.013.401
.58.500
Letters of credit outstanding...
127.961
997.283
212.292
Acceptances executed for customers..
754.081
837.424
496.316
Deposits
67.324.909 61 .430..536 63.0 00.990
Total...
$87,044,656 $87,667,655 $75,918,700
Capital
Surplus
Continental
&
Commercial Trust
I)rc.
Ca-shonhand
In
Savings
Bank
31-21. Dec. 31 '20. Dec. 31 '19.
$353,984
$407,234
f
1
other banlcs.
{
\
1.691.192
20.362.489
1,201,365
1.757.2.50
16.287.0.53
Cash in hands of agents and In transit $31091 0331 2.134,509
Loans scciu'od hv first liiMi on re.il est_\
5.331..S76
j\
Loans upon pledges of .securities
J30, 183,7491/30. 183.749/ 30.264.678
Loans with more than 1 yr.'s int. due.
45.501
48.414
Stocks and bonds
16,166,940 11,869.956 15.097.541
j
Other
assets. Including
Total
Liahililies
—
-
accrued Int...
10,770,111
8,631.80 5
$77,441,722 $78,814,918 $78,016,893
OaplUl stock paid In
Surplus on hand..
Undivided profits
$5,000,000
5.000.000
2.413.693
$5,000,000
5.000.000
1.333.327
Deposits
$5,000,000
3.000.000
2.022.090
63.634,1.34
66.1,53.873
67,106.9.57
Other UablUOes
Total
—
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
$211,178
SI 58 350
$203, 793
Deposited in other banks
2.037.221
2 072.617
3.281. 339
Loans secured by first lien on real est. 1.740. 7,50
1.039 700
1.124 1.50
Stocks and bonds
2.3.S8 082
2.661.925
2,4.54 757
Loans upon the pledge of securities
3.008.734
2.854.829
3 003, 720
Dis 'Oil Ills
4.3,53 708
4.074.449
4.034, 231
Furniture and fixtures
45,000
Overdrafts
1,427
119
303
Customers' liability under letters of
credit and acceptance
227.526
418.199
104, 801
Other assets, incl. accrued interest
1.617.240
646.238
75 273
Cash on hand
Total
1 393 895
1.327.718
887,846
$77,441,722 $78,814,918 $78,016,893
$14,898,967 $15,037,179 $14,306,513
—
Liahililies
Capital stock paid In
Surplus on hand
$1 .000,000
400 ceo
Undivided profits
.'306.941
Deposits
12 .958.484
Bills payable at Federal Reserve Bank
Notes and bills rediscountcd with Federal Reserve Bank
Dividends unpaid
20.353
Reserved for interest and faxes
57.000
Liability under letters of credit and
104.801
acceptance
Di.scount coll. & unearned
51.388
•
Total
-
(Chicago).
—
Resources
Real estate...
Deposited
&
Resources
—
&
loss.
LinOililics
—
Capital stock paid in
Surplus
Interest and discount collected but not earned
Deposits
Total...
241,254
25.037
45,000
25.2,56
.30.000
227.526
51.388
418,200
Equitable Trust Co. of Chicago.
Stocks and bonds
Loans upon the pledges of securities.
Loans on personal security
Overdrafts
Furniture and fixtures
Interest e:>r?ied not collected
Total
300.000
151.908
11.340.114
785.000
$14,898,907 $15,037,179 $14,306,513
Resources
Cash on h.ind and due from banks-.
I'rofit
$1.000000
$1,000,000
400.000
156.610
13,197.787
.
Dec 31 '21
$246,680
148.040
192,514
409.826
212
291
2.960
23,118
$1,023,641
$2.50,000
50,000
4,856
718,785
$1,023,641
THE CHKONICLE
Fkb. 25 1922.]
&
First Trust
Bank
Savings
Dec. 31 '21. Vtr 31 '20 Dec 31 "19
banks. 87,383.0191 *S12. 522. 1021812,964.714
Resources—
Oash on h;iiid and due from
Duo from Federal Kescrve n.mk .
4,344,415J
Oash In hands of agents and in course
.
/
|
724.414
Liabilities
—
S6. 250. 000
Deposits
Acceptances
Reserved for interest and
Uabilities
ta.xes
.
$108.873. 955$106.678.250
Foreman
Banking
Bros.
'21.
Dec. 31
Cashonhand
SI. 277. 788
Deposited m other banks
4.747.386
Items in transit
2.511.147
Loans secured by mortgages
2. .'504. 927
Stocks and bonds...
2.284977
Loans upon the pledges of securities.. 9.267.7.34
Other assets
18.860,890
Liabilities
Undivided profits
Deposits
$5,000,000
6.000,000
771.721
80.463.799
&
Fort Dearborn Trust
$1.,500.000
1,500,000
564.905
33.237.642
2,720,589
1,161,0,59
Savings
$1,500,000
1.500.000
317.492
28.563,318
4,941,001
Bank
(Chicago).
Dec. 31 "21. Dec. 31 '20. Dec. 31 '19.
$16,017
$26,076
$35,311
139.080
168 886
127.901
591.069
1.151.636
855.463
transit
114.708
240.204
111.529
1.376.321
874,059
1,165.131
2.365.877
6.346.208
10.493
3.863.824
4.516.917
61.965
3.000
2.385.018
4,601,988
96,116
$10,989,579 $10,873,761
S9.381.457
of loans on which more than
one year's Interest due or owing
Stocks and bonds
Loans upon the pledge of securities
a.sset8
—
Liahilitiea
Capital stock paid In.
$500,000
$500,000
2,50.000
2,50.000
2.50.000
273 868
141.371
9,82.'i.279
9.5.52.131
430.2.59
127.510
8.066.651
on hafJd
Undivided profits
8urplu.s
Deposits
Other
142,432
liabilities
Total
$10,989,579 $10,873,761
Greenebaum Sons Bank & Trust
H'
scounts
Lrj.
-
U.
"
"
ind certif.
of indebtedness
Other
and
i«)i. (1.4
S500.000
437.296
$9,381,457
244. .573
123. SKS
1.744.919
5,684,1.55
60.422
105.194
5,115
98. .'157
3.303',726
32.944
3.724.677
securities
r
CuCa&h on nanU and
letlers of creflit
ai-ceptiinces-
>)f
tnnks
in
414.400
3.317.012
4.323
2.756
3,878.804
$19,948,340 $23,766,708 $22,022,340
.l£
$1..500.000
$1..500.000
$1 .500.000
500.000
732.920
.500,000
71.5.029
,500, f (Of I
.523..'16,5
2H7,nOO
190.241
2,17).0?>7
3.!tHw;,,5(Ki
11 7..594
1.800
14.782.916
16.620.057
SurpliiK...
Undivided profita
and
Kf-nirvfA for taxes
interest.
Kclis'routi'i ..
Letters of 'Tedit
B.ink accirptances
Dfrposiih
folal
121).
Savings
And
I
<1u«
from banks
Ca-.r
.iid In
:r
Bank
LfiarM
'
:
Tot«l
'•'"
/,
Ca[
3,676.235
1B.513.;W7
9.I60.H4J
credit
liability
Total...
tS.WlO.fKK)
3 00') riDO
In
I
15. 768,fMlO
10,,.5.12.6:il
9, .583.850
,2:12,.500
\h
I"
•«.....
...
3
"'i'*iiii..«n.
..................
I
..,>)j.
/
$2.fKK».0<Kl
Sli.fKKt.OOO
0(K)
:{,000,('()0
170
.67
,74
30..'<52.467
.11
$12,187,510
!
r,ii
iKi'i
».JI. 901. 41.5
11.125,852
38,061.967
31.802,153
6,621,525
9,869,298
1,959.178
"",000 000
10.000.000
1.460.438
Capital stock paid in
Surplus on hand
Undivided profits
Bills payable with Federal Reserve
Bank of Chicago
Int. & disct. collected but not earned.
Reli-rou'its
Dividends unpaid
Reserved for taxes and interest
Liability under letters of credit
Liability under acceptances...
Contingent liability on other banks'
bills purchased
Bonds borrowed
35.120.770
7.932.066
3.678,509
11,768,298
6.405,921
1.000,000
16.3,58.946
7.932,801
13,943.308
4,831,636
$5,000,000
9.000,000
1.236,694
8.50.000
328,613
431,493
2.316.600
415.346
14. "7 •<•>.> "\
7.67.5.000
250.000
796.436
250,000
250,000
1.061, .504
534,148
7,932,801
12.456,809
9.869.298
1,969.178
86,138,789
Total
$5,000,000
10.000.000
1.017.112
15.6.53,500
4,173.8.56
Deposits
2,945,949
11.258.850
6.405.921
4.831.636
1,000,000
92.121.443 101,537,762
$135, 630, 108$147, 134. 7725153.186.696
The Northern Trust
Co. (Chicago).
—
Resources
Dec. 31 '21. Dec. 31 '20. Dec. 31 "19.
Time loans .secured by collateral
$8,398,348 $8.0,5,5.348 $6,338,790
Demand loans secured by collateral.. 12.715.653 13.070.389 10.377.172
Other loans and discounts-.
7,967.535
11,037.817 11.817.691
Bonds and other securities, including
U. S. Government obligations
3,895.060
2.752.006
6,859,404
Overdrafts
2.940
845
Federal Reserve bank stock
1.50.000
1.50.000
1.50 000
Bank premises
1,400.000
1.400,000
1,400. COO
Liability of other banks on bills purcha.sed757,465
1.021.824
1,393.827
Customers' liability acct. acceptances
1,150,000
418,000
Customers' liability under letters of
28,042
9,726.936
Total
Liabilities
369,225
12.300,992
275,090
11,810,055
$52,154,010 $52,258,415 $50,122,012
—
Capital stock.-
$2,000,000
3.000 000
1.430 701
Surplusfimd
Undivided profits
Dividends unpaid
Reserved for taxes. Interest, &c
Discount collected but not earned
Coniingc^nt liability on other banks'
$2,000,000
3.000.000
1.120.703
$2,000,000
3,000,000
812,734
,50,018
,50.047
.50.1.50
1.208.455
131.647
645.013
181.965
348.794
115,277
bills sold
1,393.827
Acceptances executed for customers.28.012
Inciters of credit outstanding
4.50. 9.S4
Deposits
--42,460.308
1.021. 824
7,57.465
418.000
1.150,000
,360,735
43.451,1'28
275,090
41.612.502
ToUU--
$52,1.54.010 $52,258,415 $50,122,012
The
People's Trust
&
Savings
Resources —
estate
Ro.i
Bank
(Chicago).
Dec. 31 '20. Dec. 31 '19.
$630. .S3S
SS )5,0.S0
.5,54,027
1.661.448
570,036
632.476
1.130.607
1.185,995
Dec. 31 '21.
S90.S.04.S
loans
I
on hand
transit
432 918
and bonds.
Loan. n|).iri the plfwlges of .socurltlos..
Other .i.HH<jt«. Incl. accrued Interest...
2.620.144
6.770.803
2. .599. 172
St.K-ks
Total
7,0H0,5S6
136. .560
1,110. .567
5.060,7,52
3.2.56,711
3.6S7.013
112,4.59
1.6.52.167
$15.0.87.110 $14,592,033 $14,137,084
LlnliilUirs—
•
Tnpilal Mtork paid In
on hand....
UnduulfMl iinifilH
.Surplus
.500
..
$.500,000
3.50.000
161.776
13.476.93S
103.919
I0H.623
13.114.781
000
i:j2.433
13.402.617
52.036
Total
WKior.i
$.500,000
3.50.000
$1, COO, 000
.....
nubilities
(»rfn<r
04,280
$16,087,116 $14..51»2,(»3 $14,137,084
6.0.{|.422
State
ToUl
14.011,861
8.496.073
33.1,54.198
$<»35. 630,1088147, 134. 772$153, 186,696
—
DmMiHits
.d
5.5.34.919
19.872,9.53
35,612.413
30.101.667
7.115,854
4,173,8.56
under acceptances
Liability of other banks on bUlspurch.
Bonds borrowed
Customers'
2,,179.140
$41,901,416 t45.S44,711 $42,187,640
Sii-
Otiifir
Dec. 31 ^21. Dec. 31 ^20. Dec. 31 '19.
I), ixi^irs in other bank.s
r.,.|i In h.iiKls of agents and In
''Chicago;.
cuurae
3.232.840
ties
15.677.790
:-.
10 569,781
accrued Interest... 6.567.463
.
8t<M:k>i
Othfrr
—
Loans on mortgages and bonds
Customers' liability imder letters of
19.308.734
.
fif
$145,684,338 142,915, 155$161,839,488
17S
Dec. 31 21. Dec 31 20. Dec 31 19.
$5,853,541
»6.601.:i95 $6.,475.197
I:
Ca
8 081.298
8.100.000
178.454
1,996,515
24.000
1,868.459
of transmission
Stocks and bonds
Loans upon pledges of securities
Loans on personal seciu-ity
f',i-.li
&
8.074,176
The Merchants' Loan & Trust Co. (Chicago).
.'52.044
$19.948.,340 $23,766,708 $22,022,340
Harris Trust
3 140.000f
412.879
Cash and due from banks..
/,
f'a,
200.030
700.000
515.000
reser \'es
Total
Dec. 31 '21. Dec. 31 '20. Dec. 31 19.
$14,483,512 S14.007.572 $14,40.5.045
'
Cu
200.334
1 ,585.9,52
credit
Co. (Chicago).
Overdrafts
Rc-i'
.400.000
Cash on hand and due from banks.. .$21,386,970 $25,567,076 $23,508,508
Cash in hands of agents and in course
000
611.967
35.122.213
estote
Total
t her
1
Rediscounts with Fed. Res. Bank
Acceptances
D iscou n t collected but not earned
Liability as endorser on bills purchased and sold
Reorgan izat ion accoun t
Customers' Liberty Loan payments..
$96,007,692
Deposited in other banks
Cash in hands of agents and in
Bonds seciu-ed by first mtges. on real
Other
I
payable with Fed. Res. Bank.
Contingent fund
Dividends unpaid
Reserved for taxes
)
1.0,55, 569
1,59.893
244.779 118.845, 410 120,105,8.38
5,425.000
3.771.572
$41,454,769 $37,963,606 .$36,821,811
Amount
Dec. 31 •20. Dec. 31 •19.
$5,000 000 $5,000,000
$17 185.3941 10.000 000 10,000,000
'21.
(
.121.
Resources
$1..500.000
liabilities
Total
Cashonhand
Dec 31
Bills
(
17.142.069
Dec. 31 '20. Dec. 31 '19.
$1,271,212 $1,490,601
4.441.623
4.166.031
607,369
3.113,681
1.897.923
2.107.077
684.979
712.702
8.269.325
6,070.279
20.522.224 19.429.991
1,,500
—
estate
Savings Bank (Chicago) Concluded.
Deposits
Liabilities
Resoitrces
&
Capital stock paid in
Surplus on hand
$41,454,769 $37,963,606 $36,821,811
—
Capital stock paid In
Surplus
Real
33 fiSfi 078
23.520.941
Co., as a Trust Co. (Chicago).
Resources—
Total
i
50 deposits in other banks.
» Includes $9,628,089
—
135.261J
Total
Other
$6.2.=50.000
6.2,50.000
6.250.000
1.813.216
741.746
89.481.298 88.765,076
2.220.0001
2.724. 180^
4.671.428
Undivided profits
Other
7.''68 27
$108.873. 955S1C6. 678.250 $96,037,092
Capital stock paid in
Surplus on hand
Liabililies
Undivided profits
22.553
Loans .set iin-d by first lien on real estl 65. 651.092/ 10,3)».7»0
22.870.706
Loans iinnii plnUcs of securities
\
.28.900.429 21.194.875
Stocks and bondsCustomers' liaoility for acceptances.- 2.220.000
Federal Reserve Bank stock
375,000
39.759.084
Other assets including accrued interest
of transmission
Total
Trust
Illinois
(Chicago).
89S
Bank
of
Chicago (Trust Company).
Dec. 31 '21. Dec. 31 "20, Dec. 31 '19.
$.5.50.000
$5,50.000
$5,50.000
1.0.52. .543
<ii.li ..n han<l
001.806
870.637
DciMiJie-l In olIiiT Imnkn
4.104,083
4.017.104
4.301.17'.'
('a<Ji III hamls nrnKcnto and In traniilt
2,702.162
2,4M7.:<U1
1)24,166
l/iitns on r»al oatalo, being first liana
ilMri-.n
3.023.184
2.301.770
2.802.H07
••' '"
'I" 120
li.inrU
'
...
3.842.8.50
Ihn plxllfs nfiMMMirlllos.. 17 562.723
300
<•
Is. Inel
neiTiiisI IritatrKnt
2H8
tX :!!'.• 552
R'i'.'irnt
&
Trust
Illinois
Savings
HfnfKirf**
:i-)l
!>•(
IjDHfw
'J
Am
I
lid In tranalt
salala. bolog flr^t lleas|
n*l
'III
.,,,
thTiwin
'
•
(^Chicago
Hrr. 31 '20
$l.2ti:{ 627
1)
f
.} 10. 401.291; I6.3im 3711
..
'•v^iiiii
Bank
31 '21
K.ul
—
"
31 lO
SI 7.'.H 210
15 M.5I 00.5
I >rc
0.187.070
5 UHt( 415
1.700.437
2.480,500
.-.la:..
hao one, 98.750. 003
"
I
I
.
.
I
I
Tolnl
•W). 807, 680
I-
24. .'122.824
10.083,431
a.HO.OfKI
4.008,171
lri«
Ci,-..,,,,.
t
Total
..
>
.
('n,>li<>l
1
'Mt t(f)0
1,000 515
)i.
515.401
4'03'o.'12
493,820
32,883.410
$40,034,027 145.902,595
l.ltlMtlllr^
'r(|
n
III
i!-. c.Kl
59.«K»
,
LUhlllfy.r
.>
Intrmt. lu-i
Ofhnr iwoiflUi. ........
v'i
1
Ml
503
12 798 071
1145.084.338 J42.0I6. 15511 01 ,8,10.488
'
"I'mU paid In
'.
I
1
profits...........
............... ..
ii.
Olliiir
hnnd
$2,500 (KM)
3,500.000
062 2H2
I2r.no
084
Wil
oc.c,
2, 46.'. 584
llal.lllllis..
Total
$1500.000
""O 000
1
I
10 oir,
m)()
fl'i
.
..,
'.1.,
ii>.
>Mti.i $45,902,506
-
—
.
,
8M
•
THE CHRONICLE
Standard Trust
&
Bank
Savings
Union Trust Co. (Chicago).
(Chicago).
Dec 31 '21. Dec. 31 '20. Dec. 31 '19.
Resources—
$369,724
$282,994
$386,712
Cash on hand
1,503,995
1,791,276
1, .508. 905
Deposited in other banks
in
agent.s
and
transit
807,309
Ca.sh in hands of
283.000
on real estate
262.900
Loans secured by 1st
1,343.078
1,569,564
1,214,648
Stocks and bonds
M
Loansupon the pledges
Other assets,
Incl.
.
of .securities..
accrued Interest..
4,893,723
4,167,050
4,063,448
2,237.848
4,299,437
4,646,654
—
hand and
Resources
Dec. 31 '21. Dec. 31 '20. Dec. 31 19.
$3,009,184 $1,025,463
$989,974
Deposited in other banks
6,273,185
8,464,566
6,149,947
Cash in hands of agents and in transit 1,792,677
2,646,013
3,989,817
lioans, l)eing first liens thereon
365.494
774,752
Stocks and bonds
7.231,957
4,723,151
6,01~3,i57
Loans upon the pledges of securities.. 12.915,774 12,848,853 16,953,470
incl.
Other assets,
accrued interest
17,056.485 23,014,410 21,097,389
Ca.sli
on
Total
$10,732,968 $12,560,570 $12,338,727
Total
Liabilities
Capital stock paid in
Surplus on hand.
$1,000,000
500,000
191,137
9,739,036
$1,000,000
500,000
273.308
8.401.927
557,733
Undivided profits..
Deposits
Other liabilities
1,130.397
$1,000,000
500.000
96,004
9,907,148
835,575
.$10,732,968 $12,560,570 $12,338,727
Total
American Trust Co.
$1 .000,000
345,045
f
9 ,787 ,347
}
142,063
504,953
$1,000,000
300,475
6.017,265
621,439
550,056
2,135,958
$1,000,000
242,382
352,100
638,262
1.340.165
1,104,662
943,458
1,865,529
72,815)
Otherliabiiities,res.fortax.,int.,&c
$12,084,440 $11,263,455 $12,221,733
Total
Broadway Savings Trust Co.
(St. Louis).
Dec. 31 '21. Dec. 31 '20. Dec. 31 19.
Resources—
Loans on collateral and commercial
$1,361,609
paper and investment securities
81,010
Bonds and stocks
366,576
and
banks
Due from trust cos.
122,785
Cash on hand
28,401
Other assets
$1,960,381
—
Total
$1,626,746
159,772
395,478
175,273
28,022
$2,385,291
$1,480,651
110.453
371.038
143,335
14,216
$2,119,693
Liabilities
$200,000
100,000
6,926
1.650,455
Deposits
3,000
Other liabUities (dividends unpaid)..
$1,960,381
Total
Capital stock
Surplus
Undivided profits
$200,000
100,000
32,518
2.049,773
3,000
$2,385,291
$100,000
100.000
37.012
1.880.681
2.000
$2,119,693
Chouteau Trust Co.
(St. Louis).
June 30 '2 1 June 30 '20. Dec. 31 "19.
Resources
Loans on collateral security
$302,827
Loans on real estate security
$935,412
61.000
Other negotiable paper & non-nego- $1,074,900
tiable paper and invest, securities.
445.426
Bonds and stocks
190,876
118,328
293.811
—
Furniture and fixtures
Due from trust cos. and banks
Checks and other cash items
Cash on hand
Other resources
Total-Liabilities
1,649
99,649
—
.
34,264
31.368
1,487
102,926
49.590
56.266
15.608
83.707
42.087
60.058
1.635
$1,432,706
$1,279,617
$1,292,338
$100,000
50,000
4.566
$100,000
60,000
$100,000
40,000
1.937
1.619
Capital stock paid in
Surplus
Undivided profits
Depos. subj .to draft at sight by indlv.
& others, incl. dem. ctfs. of dep
Time
—
1.127.680^
I
.
120.000
5.000
.- $1,432,706
(St, Louis).
Dec. 31 •21. Dec. 31 '20. Dec. 30 '19.
$361 809
$359,145
$326,790
188 420
249,248
276.522
Loans on collateral security.
Loans on real estate seciu-ity.
419
144 303
53 450
Overdrafts
Bonds and stocks
U. S. bonds, ctfs. of indebt. &W.S.S.
Other negotiable and non-negotiable
paper and investment securities
Furniture and fixtures
Real estate
Due from trust cos. and banks
Chocks and other cash Items
Cash on hand (currency, gold,
and other coin)
&
tax..
to draft at sight by indiv.
others, Incl. dem. ctfs. of dep
Dep. subject to draft at sight by bkrs.
Time certificates of deposit
&
Savings deposits
United States deposits
Treasurer's checks
Special reserves
payable
Dividends unpaid
Total
Bills
Resources —
Loans on
Loans on
collateral
real estate
securities
Bonds and stocks (present value)
Liberty bonds
Due from banks and trust cos
Cash on hand. &c
Saving certificates
Total
141,909
111,4.50
672.7.59
4 .546
19 .500
155 ,784
3 192
4,000
12,250
430,043
2,588
709.444
5.100
8,447
156,747
1.822
47.730
71.565
89.096
$1,486,892
.$2,056,428
$1,789,879
$100,000
18,000
8,317
$100,000
14,000
$100,000
7,500
16.366
904,261
1.426,837
83,685
333,646
91,809
353,296
21,533
35,286
1,100
"9"628
4,487
25,000
468
$1,486,892
Easton-Taylor Trust Co.
War
364
104.840
110,707
507 ,739
Dep. BUDj.
Furniture and fixtures
Safe deposit vaults
Real estate
1,411
silver
—
Capital stock paid In
Surplus
Undiv. prof, less current exp-
Other
$1,279,617
710.707
73,445
306,352
60.000
215
$1,292,338
City Trust Co.
Resources
Liabilities
1.787
1,153.140
certificates of deposit
Savings deposits
Bills payable
Other liabUities
Total
Total
Total.
12,567
1,181.480
5.099
90.541
276.881
23,500
27,043
1,469
60.000
$2,056,428
$1,789,879
(St. Louis).
—
286 .098
313 ,975
$545,125
68,268
169,680
146,805
141 068
69,8.50
94. .590
'
H2 .045
61 799
7 100
5,
300
42, 283
$1,290,036
75,210
6,709
3,373
1.647
26
$1,171,289
(
.30 '19.
$330,384
97.150
203,170
56,750
112,799
66,981
6.225
1.120
1,647
445
$866,671
(St.
Capital stock paid in
Surplus
$100 000
25 000
43 ,549
Undivided profits
Reserves for interest taxes .&c
651 ,407
84 .485
2 .320
361 ,759
10 ,000
Time
certificates of deposit
Demand certificates
Savings deposits
Treasurer's checks outstanding
Unpaid dividends
Farmers'
230
$1,290 ,036
&
Merchants' Trust Co.
Resources —
Loans on collateral
office
Liabilities
—
$378,313
761,556
860,677
134.277
141.203
$4,662,366
$4,299,123
$3,417,486
$200,000
100.000
40,715
$200,000
50,000
40,359
4,008,764
$200,000
32,500
8,349
2,936,637
240.000
$4,299,123
$3,417,486
Undivided profits.
Deposits
Total
,
^
.^
of Int. paid on deposits
$396,986
700.465
513.432
1,200.536
19,660
65,998
335,635
43.565
63, .504
372,874
32,150
4,1.56,651
payable Federal Reserve Bank..
„
Rate
(St. Louis).
108.518
bmlding
Capital stock
Surplus
Bills
474,681
47.652
1,160
193.688
3.473
113
$866,671
1.671.672
24.100
bills
Total
591,6/4
57,475
1,800
343,615
8,284
351
1.171,289
$495,447
765.880
367.735
2,508,971
20.600
58,265
317,283
19,665
Other resources, real estate owned
and
$100,000
20.000
25,934
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
Loans on real estate
Commercial paper
Bonds and stocks
Purmtupe and fixtures
Cash on hand
Due from banks and trust companies.
Tax
$100,000
25.000
43.090
II ,286
,
demand
Deposits,
Louis) Concluded
Dec. 31 21. Dec. 29 '20. Dec. 30 19.
166,000
.$4,662,366
1921.
ck;
2%
Dividends paid in calendar year
12%
Laclede Trust Co.
3%
1920.
sav. *
B%
1919.
time.
4%
8%
(St. Louis).
Resources—
Dec. 31 '21. Dec. 31 '20. Dec. 31 '19.
Loans on collateral
$317,495
$349,724
$314,357
Loans on real estate security
89.533
46.340
60,786
Other negotiable and non-negotiable
paper and investment securities...
.561,978
704.483
549,069
Bonds and stocks
420,912
339,988
282,203
Real estate
893
3,784
Safe deposit vaults
4,596
2,000
2,430
Furniture and fixtures
1,952
1,500
1.637
Due from other trust COS. and banks.
180,332
181,084
191,300
Checks and other cash Items
1,211
74
Cash on hand (currency, gold, silver
and other coin)
48,223
35.237
42.380
War and revenue stamps
52
620
741
Overdrafts by solvent customers
1.382
900
608
Total
$1,627,666 $1,661,769 $1,449,360
Liabilities
—
Capital stock paid in
Surplus
--
Undivided profits
Deposits suDject to draft. Including
certificates of deposit
Time certificates of deposit
Savings depo.sits
Dividend checks outstanding
Reserves for interest, taxes. &c
All other liabilities, treasiu'ers' checks
outstanding
Total
$100,000
75,000
11,282
8100,000
70,000
28.677
$100,000
50,000
19,220
918,145
131,258
356,013
943,358
148,330
355.519
3.063
2,331
903,573
140,923
222,052
2 763
1,994
2, .592
13,000
20.376
10.591
8.835
$1,627,666
81,661.769
$1,449,360
Liberty Central Trust Co. (St. Louis.)
Resources
—
Loans and discounts
Customers' liability, under acceptances
Customers' liability, under letters of credit
Overdrafts
United States Securities
Stock in Federal Re.serve Bank
Other bonds and stocks
Banking house and other real estate
Safe deposit vaults
United Slates securities borrowed
Other resources-Cash and sight exchange
Total.Liabilities
Capital
Sm-plus
Undivided profits
Reserves
-
Acceptances .Letters of credit
Government bond deposits
United Sialcs scciiritips borrowed
Redisronnts with Federal Reserve Bank
Bills payable to Federal Reserve Bank
Deposits
Individual
Banks and bankers
^Certificates of deposit
Savings
U. S. Government
Total
Jan. 4 '22. Jan. 4 '21.
$26,177,078 $32,794,008
426.188
916,529
34,036
29 000
18,292
35,323
3.226,353
3,6.57,655
120,000
111000
4,067,473
2,922 264
1.001,136
489 300
125.000
3.417,950
1,2,50, .300
240,024
240,865
8,451,780
9,259,248
-$47,304,310 $51,705,492
—
Unearned di.scoimt
Dec. 31 '21.
Dec. 29 '20. Dec.
"
$320 368
$1,500,000
2.000,000
236,745
44,607,489
6,849,520
--$48,644,756 $53,497,208 $55,193,754
Liabilities
5, 725, .537
527,133)
payable
Bonds borrowed
$2,000,000
2,700,000
220,020
42,067,064
6,510,124
.
Ij
Total
Capital
Surplus and undivided profits
Deposits subject to check
Certificates of deposit
Due trust cos., banks and bankers..
Savings deposits
Bills
111,800
251,376
)
—
$2,000,000
on hand
2.700,000
ndivided profits reserve for deprec'n
252.9)1
Deposits
42,587,342
Other Uabilities
1,104,510
Siu-pUis
Easton-Taylor Trust Co.
172,7161
54.664
$12,084,440 $11,263,455 $12,221,732
Safe deposit vaults
Other resources
Total
Liabilities
1
J
$48,644,756 $53,497,208 $55,193,754
—
Capital stock paid In
(St. Louis).
Dec, 31 '21. Dec. 31 '20. Dec. 31 "19.
Resources
Bonds and slocks
$2 180.759 $1,.326.788 $1,953,016
37.500
Stock in Federal Res. Bank. St. Louis
3,175,265
3.131,203
3,031,735
Demand loans
3,299,417
3,566,571
4,394,131
Time loans
1,067.322
982,170
568,119
Real estate loans
1.627,715
Duefr. tr. cos.. Wis., bkrs. & brokers! 1.958,857 (2,031,487
Cash on hand
cleiiriugs.
LOUIS COMPANIES.
ST.
—
[Vol. 114.
$3,000,000
1,000,000
109,620
2S5,9S2
122,348
425,188
34,036
1,396,450
3,417,950
$3,000,000
1,000.000
28,811
405.132
216 051
916. .529
29.000
2,338,800
1,250.300
4.586,666
89,500
23,679,186
6.435,508
2,738,345
3.974,810
684.887
23,583.069
7,535,913
2,378,223
4.078,061
269.437
$47,304,310 $51,705,492
8
1
THE CHEONICLE
Feb. 25 1922.]
Mercantile Trust Co.
—
loaiLs
Demand loans
Bonds and stocks
Liberty bonds & U. 3. Govt. ctfs. of
indebtedness
Stock in Fed. Res. Bauk, St. Louis..
Real estate (co.'s office building)
Safe deposit vaults
5.150.008
6. 146. .538
1.212.179
300.000
1.825.000
74.8.59
4.50.000
9.794.676
sight exchange
acceptances
liability
acc't
Customers'
299.661
and letters of credit
Cash and
Acceptances
$28,659,863
8.900.854
6.705.412
5.52,776
1.4,50.000
12.349
595.409
Capital stock paid in.
S3. 000.000
7.353.314
Surplus and undivided profits
210.857
Reserves for int. and divs. and taxes.
Deposits
45,196.575
Contingent liability and acceptances
and letters of credit
299.662
Bills payable at Federal Res. Bank..
6.259
Unpaid dividends
Other resert-es
220.411
Rediscounts at Federal Res. Bank
Acceptances rediscounted and sold..
Subscription payments on Liberty I'ns
.S3.000.000
7.407.222
186.802
48.428.608
200.000
108,913
2,347,775
2,084,258
3,427.629
5.272
14,336
9,354
deposits
Liabilities
$8,589,085
Resources
i.obo'ooo
485.573
385.317
Undivided profits
Deposits (savings)
Deposits (time)
Deposits (demand)
Rediscounts with Federal Res.
Bank
of St. Ivouis
Bills payable to Fed. Res. Bk., St.
Acceptances and letters of credit
Reserve for interest
Other
L.
319.908
46.285
103.703
...
liabilities
2,500.000
740.902
3.169.740
32.460
93.712
Total
Resources
—
*Mound City Trust
Liabilities
&
Stock in Federal Reserve Bank. St. Louis
Other real estate
U. S. Lifierty bond.s
Safety deposit vaults
Due from Fed. Reserve, other trust cos. & banks.
f'h<-cks and oihfjr cash items
Ca.sh on hand ffiirr.. gold, silver and other coin).
Furniture and fixtures
Building account
7.50
6.7.50
764
3y.442
0.643
2.000
71.866
3.985
&
&
at slrht by indlv.
Ti/n»;<iTT ir;';it«»i of deposit
D.
iri'-ktcK of deposit
^ul>!. to draft
$200,000
25.000
28.110
$200,000
25.000
paid..
* bkrs.
others
80.4.55
465.f)96
12.7:51)
2.53.327
R.«.
redbtcounU.
'
lif-Kan
$1,181,215
Retourr.'.M
entatif
StfK-i'- ,..,,(
—
Beal
St.
Louis Savings Trust Co.
31 '21.
lite.
1
1
I-. ..,t.
(mkt. value)
purchmiwl
Du'- rr ir. coi. (A*.. bkr» 4 brokera
R<-.-\l 'Htat*!. furniture and flxturn
.
s ft notoinat.
Capifxi..
Total
Liabilities
.
S200.000
25.000
30.000
75.000
$1,823,891
16.010
Ker.ources
Dec. 31
-
(Commercial paper
!.,cKins on bonds and stocks
!.,oans to customers
103.000
117.460
•
9.782
Bonds
S.
Due
18.811
.
banks and trust companies!
fniiii
Cash on hand
1.828.161
$2,074,952
$1,734,853
116.866
D vc.
31 '20. Dec. 30 '19.
$632,760
$664,432
14.860
.35.575
192. '248
44.119
10.400
13,032
9.925
20.160
120
124.087
Liahililies
f'lipll.-il
Dec. 31 '20. Dec. 31 '19.
Hiirpliis
42
—
Tliric (•.rlirl'-.itog
H.i\ Irii's
li.Vi.Kl'l
72.163
fi.'..(',.%.5
4S 005
f.0..5<)0
r.HO
7 .(K)4
40.004
16,054
•2.4.M,410
$1,999,084
1
I
to H
1
lion 000
!.''•
'H,0
of lnt<T«>»l p»ld (in <l»ip«i«lti....,
Dlvldaoda paid ^-alnndar ynar
1921.
2. 3 »t 4%
1.'.%
'Northwestern Trusjt Co.
|2.4r>l.410
1020.
2. 3 * 4%
West
l.onns
irii
'
il
./
I
'KHl
.11
I
SI. 909. 084
1910,
2. 3 A 4%
$1,289,022
042.600
rixturoa
(IK
,'.7
I
I
V.648
250.142
rt'woijrfi'*.
370.020
'
6,023
338,371
.018
1(0
188.600
.'lOS
1
Tl.Ml
|2.
'lllil'
nil.
'ivldiialii
I
<-ii
iiiid
I
S::oo.ooo
U0.4.'<3
41,310
N.841
d»p<Mllt
iiiiKn.
lAxiui
$100,000
35.000
I
In-
di-potit
mm
$200,000
)
and othnm
iTllfil. (if
1.024.5.17
1,0.30.019
3.600
4.2H4
WlWMt
•3.17a,n43
boniU
..
10,300
I
III
IIIIK
li.niwi
633.808
344
277.052
12,800
5.808
73.037
22.370
and hankii
«^,tl
.
113.767
$1.4,59.148
.-,S.804
(Ilhiir
'll'l
I
'
...
.
roiii|iKiili<«i
43l,2Mt
I
(St. Louis).
$200,998
<-curlty..
iHMJurlly.
Imr rnnh lU'tim
12%
I, '.I
%h.'thS>.<t'\it
$961,433
MtlX'kll.
md
I
II :ii
$994,802
10.5.2.'.8
'411
V! K\\
$020,638
pApur.
Drr. 31 •i\ •Der. 31 'ZO
$4.Nf>N.2IO l-l.fttO.tMM
f»40.Hfl.3
900.328
Dec. 31 '21. Dec. 7 '20. Dec. 31 '10.
I
'
I
rikom. Bub)«ri to riinrk
030.233
Louis Trust Co.
Rejourrr
'St. Louisj.
.li
St.
Loan. on
$ 1 00 ,000
1.5"/,
urtft
$50,000
11.106
.
Total
806. K3
19.376
%2.r,f,r,.mo
.$061,4,33
.$.50,000
14. .569
........
..
(li'iii.sita
M Lscellancouii
87K.f,l4
dopoalU.
:.....
.$994,802
$50,000
8.982
577.290
43.818
239.815
703
l)i'iii;inil i|i-i)ositM
132.090
66.181
'.\:,
$920,638
stock
.ind undivided profits
441 ,610
730. ,566
193,275
../
_
_
.
274.919
9.900
(
Real (st.ite
.Overdrafts by solvent customers
$917.0CH
'21
25.3 16 J
347.1.56
!r)vernracnt obligations
Furnil uro. fixtures & safe dep. vaults.
I'.
li..590
125.000
1.378.263
(St. Louis).
$7,500
120.170
'
slocks
,-ind
2.5.000
21.791
2.436
Vandeventer Trust Co.
Total.
1
ToUl
r..i..i
$1,734,853
$200,000
25.000
Total
46,38^1
7i').7l.'>
$2,270,125
S2.074.952
1.491.4.55
<
.,,.1
$2,699,266
.?200.000
Deposits
Miscellaneous
.371.296
28.1.36
.5J..5H1
12,065
... $1,823,891
Undivided profits
Hills pnyable
(St. Louis).
.
u.
530.539
31,417
(St. Louis). __ __
Dec. 31 "21. Dec. 31 '20. Dec. 30 '19.
$997,504 $1,216.81'
$1,010,167
290.000
300.000
277.400
226.922
180.193
304 ..348
441
710
295
50.000
36..500
50.000
19.000
20.000
20.846
162.329
209.306
260.918
—
335.424
$100,000
Itat.<>
$200,000
54.129
35.195
1,127,330
435.864
335.542
71.141
15.103
1.284.064
517,002
70,000
Capital
Surplus
360.4 1
478.737
1.024.110
214.056
bank*
—
Otl.
S200.000
.50.000
]''urniture and fixtures
Cash and due from banks.
lAnhillUtt
>
528.093
566.787
32.500
$2,802,357
Overdrafts
Real estate
.5S2.126
.517,737
S.53.311
$2.6ftS.8«0
prnflM
1.392. '234
-
$177.6.'i5
l»i,2.5H
8<ir|ilii4 anri iindivliliwt
•
.
I)< :
C<'f
1.982
$2,270,125
bonds borrowed
$147,745
Oti.
Total
deposits
certificates of deposit
$128,170
Mp'-'
L«i-'
180.498
$2,699,266
1,182
Other resources (collections)
morttPMie..
I>.>Otl.
.57.998
$552,922
305,625
137,146
272
921,650
2.000
229,118
30.614
88.796
944.199
2.000
318.084
58.123
$200,000
66.979
15.764
—
busln«H on April 3 1920.
North
10%
$632,044
182.217
322,921
3.53
56.930
39.906
152.688
$2,802,357
S.
" Resources
Loans and discounts
Uniled Statas l)onds
Other bonds and stocks..
5.243
Total
1919.
2&3%
Unio n Station^ Tru st Co.
'60.000
tiiTpreciatloD
i'lr
& W. S.
ctfs.
—
Unit'-d States
21.2.54
C.-1
$100,000
33.198
948,586
46,836
216,126
$1,344,746
12%
1,023,186
2,000
Savings deposits
Reserve for int.. taxes &treas. checks.
Bills payable.
13
S917.068
fH)slta
:
Demand
$100,000
53,874
1,005,774
67,879
313.669
$1..541, 196
1920.
2,31^ & 4<7f
337.58.'?
Stu-plus and undivided profits
Due to banks and bankers
Time
96,675
$1,344,746
(St Louis).
S721.592
158.259
309,860
Capital stock paid In
18.737
$1,181,215
•
mil
L.L. bds., U.S.Treas.
Total
Liabilities
120.357
Dec. 31 '21. Dec. 31 '20 Dec. 31 "19.
Due from trust co's and banks
Checks and other cash items
Cash on hand (curr.. gold, silver, &c.)
4 3..59.
9.52
.
—
South Side Trust Co.
Bonds and stocks
Safety deposit vaults
63,000
895
2%
12%
calendar years
Overdrafts
4 ,000
Unflivid<-<1 prof if.s less current exps.
taxes
Dep. sul) to draft at Klght by tr. cos., bks.
:
Resources
in
Loans on collateral
Loans on real estate security
Loans, commercial
72.;)lL'
25 ,096
22 ,503
Capital stock paid In
Otl.
.S363.886
224.2:^9
100
903
$200,000
70,676
1,076.159
108.855
360.207
$1,815,897
1921.
Rateof interest paid on deposits
31 874
—
Linhilities
Dec. 31 '20*
114 904
2 .397
Exchanges for clearing house
Other rp«»urces
Total
'21.
136
274
26
6
72
in v. secur.
—
Dividends paid
8,500
13.190
"iV.bbb
209.0711
92.427
47.926/
91.108
72.548
$1,815,897 SI. 541. 196
Capital stock paid In
Surplus and undivided profits
Deposits subject to draft
Time certificates of deposit
Savings deposits
Total
Total
S462, 075
Dec. 31
(St. Louis).
54.022
Cash on hand
Co. (St. Louis).
Bond.s
Dep.
2,400,000
4.833.488
27.200
132.404
$36,157,888 S38.761.lll $46,557,040
Loans on collateral
Loans on real estate
Other negotiable & non-n^o. paper
Surplu-s
$3,000,000
3,500.000
1.917.673
4.901.476
1.737.951
24,106.848
$8,806,737
Dec. 31 '21. Dec.;n '20. Dec. 31 '19.
$672,353
$331,544
S607.623
93.370
295.875
140,965
75.000
345.000
484,465
390,102
299.668
149.050
Real estate
Safe-deposit vaults, fum. & fixtures
Due from trust companies, banks,]
bankers and brokers
\
Checks and other cash items
J
$36,157,888 338,761,111 $46,557,040
$3 000.000 $3,000,000
3.500.000
3 500,000
1.866,906
1 708,866
5.5.54.092
5 736.912
5 386.084
1..524. 704
16 356,130. 16.777,695
Savings Trust Co.
—
Loans on collateral
Loans on real estate
Commercial paper
Bonds and stocks
.
—
000
15,200
Organized as Northwestern Savings Bank in 1873 and changed name to
Northwestern Trust Co. in July 1920.
Resources
Dec 31 '21. Dec 31 '20. Dec. 31 "19.
$5,977,088
Stocks and bonds
•So 917.014
S7. 115.447
647.968
2.879.009
U. 9. bonds and ctfs. of indebtedness.
872,464
195.000
195.000
Fed. Res. Bank. St. Louis, cap. stock.
195.000
1.930.469
1 235.442
Loans on real estate
916.000
772.614
11.732,515
Loans on collateral
9
10 684.495
Other negotiable & non-nego. paper.. 10 193.908 11 257. .347 10,485,965
4,833.488
Customers' liability on acceptances..
319.908
3 169,740
52.939
Real estate
40.107
39,405
40.000
Safe deposit vaults
28.000
16.000
1.493.777
Cash on hand
455,869
606.774
2
6.614.929
Ca.sh on deposit
736. .555
2 815.091
321,861
Other resources
382.633
306.157
Capital stock..
Surplus fund
(
1 94,
*
Mississippi Valley Trust Co. (St. Louis).
Total
192.000
1
)
Total
S56.287.078 $61,241,698 $73,967,443
—
J
Dividends
Total
Total ...
7.543,186
)cinaiid cert if ica tes of deposit
'ash ier s checks
Hesorve for taxes
Reserve for bonds
I
7.228.872
1,850.000
9,388
1 .45()".056
1.53,899
(
$3,000,000
7,222.113
182.405
52,603,776
'7'.734
.t;500,000
200.000
Undivided profits
Demand
7,714,444
243,240
1,000.000
141.006
761.332
3.500.000
Surplus
Time cert if ica tcs of deposit
$56,287,078 S61.241.698 $73,967,443
—
Dec. 31 •21.*Dec. 31 '20
.Saving dc'posits
6,961,892
300,000
1,350,000
300.000
11,690.732
761.332
2.023.989
Other resources
Total
."^00.000
10,886,773
Fed. Res. Bk..
Bills rec'le.rediac. at
Liabilities
300.000
1,3.50.000
Louis) Concluded.
(St.
Linbililivs—
f 'ap it al si ock
Dec. 31 '20. Dec. 31 "19.
.-.$26,2.'>4.f)88 $30,091,435
8. 732. .576
8.964.528
-
825
*Northwestern Trust Co.
(St. Louis).
r)cc. 31 '21.
Resources
Time
^
65
,.(/
I,
1I..I1I l._-5.
piiVAliln.
Total
.
............
I..§f
$1,401,008
COMPTROLLER OF CURRENCY CRISSINGER FOR
UNIFORMITY OF INTERNATIONAL MONEY.
Continued from paga 792
Granting all that may be said about the difficulties and compUca"
trade.
own modest claims
tions involved I am neverthelass prepared to make
that the thing is possible, that it can be made workable, and that it would
produce vast and prompt benefits in all trade and commerce.
On other occasions I have referred to the service rendered to medieval
Europe by the banks of exchange in the Mediterranean and Hanseatic
Banks of exchange preceded institutions of deposit and discoimt.
cities.
and were the beginning of the modern banking system. They established
their own units of accounting and settlement, independent of the national
In a time when credit in the modern
currencies of the different countries.
sense was in its infancy, and when the distortion of currency systems and
the general ignorance of economic principles presented far greater obstacles
than confront us to-day. these institutions contributed greatly to encourage
With no such guarantees of resources and stability
International trade.
as could now be put behind them, these medieval banks of exchange wore
able to establish their credit and hold the confidence of the merchandising
community. Without exception, they contributed enormously to establi.sh
and maintain the commercial importance of cities which were their seats.
The history of monetary sy.stcms, under a fair analysis, will, 1 think,
justify the conviction that it is possible to create a special medium of
accounting and settlement for an especial class of transactions, namely,
those In international trade, and gradually to lift this trade above the ruck
of disorganized domestic money conditions.
Our own experience with state and federal currencies, and, before that,
with the colonial and continental currencies, justifies, the belief that a type
of international currency, based on especial government guarantees and on
ample gold reserves, could bo brought into existence and made useful.
Nobody who has been following the development of intelligent opinion
regarding this set of problems, can doubt that proposals of this kind are
constantly becoming more and more respectable, less and less liable to the
charge that they are chimerical and unworkable. The functions of an
international bank of exchange, closely articulated with the financial systems of the participating countries, would have to be worked out in care and
detail; their ultimate scope would be determined by experience.
Whether such an institution should engage in deposit and discount operations, has been the subject of much discussion.
That it should do so,
confining its operations carefully to the furtherance of international trade,
would not be at all difficult to contemplate.
Personally, I do not regard myself as at all bold, when I suggest the
thoughtful consideration of such a project.
We are all generally familiar with the beginnings of the Bank of England,
which has for two centuries been the world's synonym for soundness and
solvency, and yet wliich found its beginnings in the national necessities
of the British Government, and whose original charter was granted in consideration of certain advances to the Government secured by Government
stock. Americans arc more familiar with the procedure by which Hamilton
established the first bank of the United States, making the consolidated debt
of the infant republic its basis.
It is not difficult to trace the analogy between the conditions which
Hamilton confronted, and those which would be faced by a competent
authority attempting to do a like service for the world of to-day. Hamilton
first consolidated the debts of the states under the wing of the federal government's credit.
That gave the new securities a power of appeal in money markets everywhere. In precisely the same way, let us imagine some agreed proportion
of the international obligations wliich are owing to the United States from
Europe, similarly guaranteed, and issued tn convenient denominations for
sale in the general investment market.
In a cooperation of the powerful governments and banking establishments
of the world, those securities could be made the means of bringing togethrr
an adequate reserve of gold and credit for the creation of au international
trade bank.
Such au institution might issue an international currency, or it might
conduct its operations in the terms of American dollars, Swiss francs, Dutch
guilders of any money system that is recognized as securely on a gold basis.
Former Secretary of the Treasury Shaw recently proposed the employment
of the American dollar in settlement of international transactions, pointing
out that the amount of dollars that would require to be actually shipped
from country to country in settlements would be almost rediculously small
in proportion to the volume of business done.
The idea of an international
trade bank is not essentially different, and it would appeal more effectively
because it would not bo subject to the charge that the money and banking
system of a particularly country were betting too great a prestige.
I do not believe the thing impossible or impracticable, provided we have
vision, imagination, and initiative enough to lead us into a careful exploration of possible methods.
The utility of such a system is so obvious as hardly to need suggestion.
Various of the grea national banking establishments of the world, among
which we are perhaps more familiar with the Bank of France, the Bank of
England, and the United States Banks, had their beginnings-in the necessities of governments in critical times.
Napoleon always referred to the Bank
of France as "his" bank, and though he was never a very good financier, he
fully realized his own limitations In this regard and reposed gi-eat confidence
in Mollien, his minister of the trea.sury
The famous Havre note of Mollien
to Napoleon, written in 1810, stands to-day as one of the very clearest
expositions of the purposes and methods of banks of issue.
I believe that it is time for consideration of measures to apply effective
forms of international cooperation to this problem. Such an institution
would furnish to every country not only an incentive, but a valued and
ever-present aid, to bring its own currency system up toward parity with
the njedium of international transactions. Its power over the ratios of
monetary exchange would constitute a leverage upon governments disposed
too recklessly to inflate and debase their own domestic currencies. This in
turn would be the most effective pressure upon governments to make their
budgets balance, to reduce their expenditures, to live within their current
revenues; and this, again, would be a powerful influence to keep govern-
The daily closing quotations for securities, &c., at London^
as reported by cable, have been as follows the past week:
London,
mood of peace.
Have we among us, a man with the genius of the younger Pitt, the wisdom
of Mollien, the vision and imagination of our own illustrious Hamilton to
point the way to bring order out of the financial chaos of the world ? This is
no time for men who would bo leaders to insist that anything is Impossible,
in the
simply because it is unprecedented. If there is a banker, an economist, or a
statesman in the world, who in 1914 would have believed that the financial
and economic accomplishments of the years since 1914, would bo poss'ble.
I will admit his special authority to tell us what can and what can not be
dono in this realm. The nations have been for nearly eight years doing
from day to day things that any sane man would have said eight years ago
wore impossible.
They have done thorn in almost innumerable department
of human activity. If they could do them under the difficult circumstances
of war, certainly they can do more of thorn »indcr the easier conditions of
peace, when cooperation Is so earne.stly desired and so absolutely necessary.
24—
Week ending Feb.
Silver, per oz
Gold, per line
Feb.20.
Mon.
Feb.21.
Tues.
Feb:22.
Sm.
333^
33^
33
33Vg
943.10d.933.9d.
56 H
57
96^
96
93!^
90K
58.60
59.55
78.95
78.95
ounce
94s.9d.
95s.4d.
565*
96
90'4
French Rentes (in Paris), fr. .58.75
t-rench War Loan(ln Paris) ,fr. 78.95
.57
5Hi
96!4
96!^
90W
90H
59.50
78.95
59.95
78.95
New York
The
Wed.
Feb.2A.
Feb.2Z.
Thur$.
Feb.18.
d. 33!i
95s.4d.
Consols, 2 H per cents
British, 5 per cents
British, 4 h; per cents
Fri.
325^
93s. lOd.
99»/g
99'/^
M>A
64K
653^
Foreign
MONEY
STOCK
65 H
96K
93
on the same day has been:
price of silver in
X. Y., peroz. (cts.):
Domestic
...99%
Silver In
99H
6iH
Holiday
Holiday
99M
63H
THE COUNTRY.—
The followIN
OF
ing table shows 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:
Slock of
Money
s
3.680,882,401
Gold coin and bullion.
Gold certificates
Standard silver dollars
Feb.
1
Mcmev
'22
aHeldlnTreas. Feb.
in U. S.
357,481,851
Silver certlJicates
... 2"7'2,54V,5i2
Subsidiary silver
Troa.siirv notes of 1890..
:i46.fi81.016
United States notes
d2, 560. 887, 510
Federal Reserve notes
111,140,400
bank
notes
Reserve
Federal
749,611,367
National bank notes
in circulation
Feb. 1 1921.
1922.
1
s
$
367,064,680cl,024,641,707al,075.347,317
304,368.825
436,528,999
97,720,180
66.862,616
12,858,238
148,177,905
276.217.973
263,674,536
257,591,117
14.950,395
1,604,447
1,543,024
342,742,688
342.713,918
3.967.098
3,158,867 2,202.894.568 3,104.653,864
220.911,066
109.420.868
1.719.532
697,186,864
729,538,743
20.072.624
s
8.079,226.057 423.791,4.'J4 5.447.953.533 6,256,387,672
Total
Population of continental United States estimated at 109,055,000. Circulation
per capita, $49 96.
.
^ ^
. .,
a This statement of money held In the Treasury as assets of the Government does
not include deposits of public money In Federal Reserve banks and in national
banlv.s and special depositaries to the credit of the Treasurer ol the United States,
amountlns to S340.248.173.
^ ..
_,..,....
c Includes 8522,361.245 Federal Reserve Gold Settlement Fund deposited with
Treasurer of the United States.
d Includes own Federal Reserve notes held by Federal Reserve banKs.
j\fole
On Feb I 1922 Federal Reserve banks and Federal Reserve asents held
against Federal Reserve notes $1,586,543,735 gold coin and bullion, $266,103^80
gold certillcates, and $354,834,075 Federal Reserve notes, a total of $2,207,481,090,
against 1.530,614.076 on Feb. 1 1921.
„
—
—
Auction Sales. .\mong other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
York, Boston and Philadelphia:
at auction in
New
By
Messrs. Adrian H. Muller
Shares.
Price.
Stocks.
25 QueensboroHold. Corp.,pf.
37 QueensboroHold.Corp.,com
5 Lubricating Metal, no par. [$1,000
lot
13 Standardized Sec. Constr.
Co., Class
B
Magma Chief Copper, com
2,000
g
1
-
-
CflpCll
2 Corpus Chrlstl
Ry &
.
Lt.,com.$l lot
100 Josevig-Kennecott Copper,
SI each
.•$209,000 Amer. Cities Co. 5-6%
Coll. Tr. Ctfs. of Deposit...
4,000 Houston Ltg. & Power..
1,175 Little Rock Ry.& Elec..
6 Little Rk.
Ry & El.,
.
&
&
216
225
lot
pref..
9 KnoxvlUe Ry. & Lt...
*$338.000 New Orleans Ry. &
Lt. 5s. 1949, series A
*
46 New Orl. Ry.&Lt.. pref.
«S50,000 Birm. Tide-Water
Ry. .5s, 1946
*fl05,500 Birm. Tide-Water
*
Messrs. Barnes
Ins.
62"^
25
195
'IH
179 li
315-316
of
62 H
375
550
755-760
..200
145
&
220
.-430
2I9«
20 Guar. Tr. Co. of Atl. City
SO
20 Amer. Cone & Pretzel Co
Hav.
RR.
Schuyl.
&
49!f
27 Mine Hill
11
ea.
Ins.
Assoc,
$5
Fire
'amdon
f
100
2M
10 fYanklln Institute, 1st class...
4 Phila. Bourse,
1.50 Illinois
Zinc
6M
com..
Co
20 North Penna. RR. Co..
20 Polish Amer. Trade &
Co., pref., $25 each
lot for $25,000.
Lofland, Philadelphia:
lOOH-102
464 Tonopah Mining
3 Wevmaii-Bruton Co., com
4 Phila. Nat. Bank
45 rights to subscribe to B.ank
North America at $200
1 r.lrard Nat. Hank
2 Phila. Tni.st Co.
5 Glrard Trust Co
5 Aldlne Trust Co
15 Chelten Trust Co...
13
N. Y. Produce Exchange
4K%
$50 e.ich_
American Rys., pref
Commonwealth Title
Trust Co
Fidelity Trust Co
lot
U.S. Red.&Reflnlng.pref.J
1110
La Jara Gold Mines
La Jara G. M.. temp. ctfs. J lot
89 'ot
1934
3d 4ii% Liberty Loan.. $48
Loan--$i)8
8100 U. 3. l3t 4% Liberty
$45 Tobacco Prod. Corp. diT. otts. $39
&
I>referred
82 lot
U.S.Reduc.A Refining... \$12
1st 6s,
$50 U. S.
29 Clilzens Pas.senger Ry
35 Bailcv. Banks & BIddle Co.,
2
30
30
3,000
6,000
5
$1 lot
Clearing As30c'n.$43 per share
per cera.
Victory loan. .100.02
Sl.OOO U. S.
$1,000 Corpus Christ! Ry. & Lt.
$ per sh.
Stocks.
Shnrrx.
2.50
10 First Nat. Bank of Phila
280
20 Fourth St. Nat. Bank
228-230
16 Market St. Nat. Bank
Nat.
Bank.l36H-136?i
City
10 Quaker
435?i
10 Fidelity Trust Co
481 >i
30 Land Title & Trust Co
493
10 Northern Trust Co
pref.
104
1st
Penna.,
of
18 Finance Co.
26 Finance Co. of Penna.. 2d pref. 104
48 Phila. Co. for Guar. Mtgs.l25J<-126
6 Merchants-Union Trust Co.,
2.S
York:
250 Alaska Handy Gold Mining. $2 lot
1 Amer. Tvpe Fdrs. Co. pref. $73 lot
$3 lot
2 Cuban Sugar Mills
5 Isle Royale Copper.. 820 per sh.
$14
1 Mississippi River Power
10 Motor Prod., CI, "A" $45 per sh.
812 lot
100 Northwest Oil
$80 lot
100 Sup. & Boston Copper
These stocks and bonds were sold in a separate
Bv
New
Bond.".
Rv. 5s^ subject to prior lien
1,000 Houston Lt. & Pow. 1905
stock, subj. to prior lien
*
Sons,
Star Oil Corp
5 Whitehall Securities Co
}$150,000
Memphis St. Ry..
Memphis St. Ry
&
frtce.
Stocks.
Shares.
86persh.
15 Rugby Press
$2
SOSmall & Co.. Inc
So per sh.
3,000 Brunswick Site Co
13 Elec. Storage Battery. $140 per sh.
12 Irving Nat. Bank..$190H per sh.
$4 lot
1,000 La Jara Gold Mines
5 Bordens Cond. Milk. $94 per 8h.
1 Brazilian Trac, Lt. & Pow.. $11
SOOTuxpam
Power
*
*
81 lot
pref
67 Birmingham Ry., Lt.
Power, pref
202 Birmingham Ry., Lt.
—
.
[V»L. 114.
ENGLISH FINANCIAL MARKETS—PER CABLE.
my
,
ments
—
THE CHRONICLE
8:^6
80
80
.
Percent.
1935.. 9iH
1943.. 635i
78M
$1.0110 American Gas 6s, 2016
Bonds.
$2,000 Quahoning Coal,
SI 000 Johnstown Trac.
fis,
5s,
Altoona* Logan Valley Elec.
Rv. 44s, 1933
$1,.500
58H
$1,000 Phila. Sub. C-iS & Elec. 58,
86 V!;
1960
$2,000 Keystone Coal A Coke 63,
99
1926
81.000 Lehigh Valley & Transit 5s,
68
1960
$500 Berwyn Water CO. 6s, 1935.. 92
lot 81
200 Crowns Austrian Empire
..lot $9
575 Francs CItv of Paris
lot 81
100 Vrancs City of Ghent
5.50 Francs-Credit Fronsler Egyp.lot 81
.lot $1
800 Francs Ottoman Empire
lot 81
200 Francs Kingdom of Serbia
Corp.
Utilities
Southwestern
85.000
- 80
8s. 1936
8500 Montgomery Transit & Light
lot '1
6s. 1947
$12,000 City of Salem (N. J.) 4Ms,
96H
1929
$100 Springfield Water Co. 5s. 1926 75 ^
1948
87H
817.000 Newark Cons. Gas 58,
$5,000 Mfrs.' Club of Phila. 6s, 1940 76M
$5,000 Paterson & Passaic Gas & i-'^JII
87H
Electric. 5s, 1949
$9,000 Athens Gas Light & Fuel
"^0
5s, 1942
$4,000 Assoc.Gas 4 Elee. 5a. 1939. 76
m
i:>evel.
.lot
$ per sASlocks.
20 Merchants & Mfrs.* Finance.. 5H
10 Kings Mtn. Gold MIn., $10 ea.lot $1
329
18 Commercial Trust.
41
6 United Gas
10
Life
60 Philadelphia
Shnres.
$2
—
J
Messrs. Wise, Hobbs
S per sh.
75 Heywood-'WakPfleld Co., com. Ill
20 Gorton Pew Fisheries, pref
237
llOH
Stocks.
9 American Manufacturing, pref- 79
10 U. 8. Worsted, latpref..
12H
20c.
100 Natimkeag Steam Cotton. .225-225 Vf 500 IT. S. Worsted, com...
10 Nashua MfR., pref
lOOH 16 Blgelow-Hartf. Carpet. com...It)3V^
390 Ma.ss. Sec. Corp., pf.. S10ea.\S2,700
6 Amcrlran Mtc, com
90
lot
78 Mass. Sec. Corp., com. ,$10 ea./
87
6 Converse Rubber Shoe, pref
fer cent.
Bonds.
25 Llceett's Internal. Ltd., pref.,
$50 each
50
$2,000 Edison Elec. III. 73, 1922. -.lOOH
R
Messrs.
Day &
L.
Shares.
Shawmut Bank. Boston.. 235
25 Nat.
2 'Webster
&
I
205
10 Gloucester Safe Dep. & Trust
Gloucester. Mass
225
10 Berkshire Cotton Mlg. Co
240
34 Great Falls
fg
105-105H
3 Waltham Bleachery 4 Dye
Works.
common
i
Bonds.
51,000 Middlesex
4^3. 1932
81
RR
Hood Rubber,
,
'
105'/i
95H
pref
Per cent.
&
Boston St. Ry.
57
—
Canadian Bank Clearings. The clearings for the week
ending Feb. 16 at Canadian cities, in comparison with the
same week in 1921 show a decrease in the aggregate of
in
Cavitai.
The State National Bank of San Antonio. Tex.. .$500,000
—10793
Effective Dec. 24 1921.
Feb. 14
Absorbed by the City National Bank of San .\ntonIo.
Tex., No. 5217. Liability for circulation assumed
under Section 5223. U. S R. S.
DIVIDENDS.
—
in two separate tables.
In the
the dixidends announced the earThen we follow with a second table, in which
rent week.
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
we
first
16.
Boston &
Canadian
Inc. or
1922.
Canada
Ottawa.
Calgary
Edmonton
Victoria
Hamilton
Quebec
Reglna
—
4.575.623^
4.899.583
2.601.655
TTallfnT
St. John
2.866.732'
2.476.112
Saskatoon
1.3.34.734
Moose Jaw
2,529,848
918.818
519.189
Lettbridge
Fort William
Brantford
New
Westm!n9t«r
Medicine Hat...
Peterborough
2,713.846;
1,162.771
651.2461
Moncton
840.9ir
940.115
Kingston
527.425 Not included
.-
Prince Albert
Total Canada.
—20.2
631.323 —32.8
352.217 —18.2
889.670 —31.4
829.6511
2.648.475'
260.431:
Windsor
9
—15.5
1,177.901
1,236.777;
923.554;
2.668. 1071
284.7651
Kitchener
—6.7
—20
944.835 —13.7
632.258 —22.1
610.088
783.603
Sherbroolie
—
—
.
728.381;
492.654'
994.447!
423.883;
287.8121
Brandon
S
127.850.545
98,361.277
41.106.090
15.200.535
7.916.738
7.561.579
4.946.521
2.100 000
5.763.132
4 990 482
4,100.000
4.162.415
2.879.216
1,797,020
3.236.451
1,350.212
727.864
764.940
590.624
1,094,823
568.945
371.018
651.018
899.537
990.377
2,514.873
360.353
S
99.953.054 —13.8
102.743.134 —16.0
—3.3
45.399.111
12.918.593 —6.04
7 228 305 —15.1
5.597.251 —20.4
4.277.428 —13.2
2.429,842 —21.4
5.713.568
19.9
6.198.023 —20 9
3.149,092 —17.6
3.074.565
6.7
2.501.344
1.0
1.620.290 —17.6
86.106..528
86.212.355
43.855.822
12.0S8.458
6.130.424
4.453.726'
3.709.826
1.911.812
—36.6
—10
1
—0.7
—8.2
—10.5
Erie
S
94.577.583
68.858.781
34.516.048
10,198.625
5.768.927
5.0R0.3I2
3.274.769
2.065.231
4.682.2'.)9
4.276.048
3.078.807
3.843.797
2.710.654
1.433.908
2.273.63S
1,482.442
626.0">0
5.37.178
440.824
826.683
304.6.56
486.578
693.870
732.572
681.662
1,163.319
314,788
in total s.
318.012.965' —13.2^
276.091,581
1919.
1920.
%
$
Montreal
Toronto
Winnipeg
Vancouver
Dec.
1921.
254,946.049
342.855.985
—
National Banks. The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury- Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
National Bank of Anderson, So. Caro
—Carolina
T. Allen. Anderson, So. Caro.
Compton National Bank, Compton, Calif
—TheCorrespondent,
Correspondent, Nelson Ward. Compton,
Feb. 13
$200,000
Feb. 14
25.000
Calif.
Lansing National Bank. Lansing, No. Caro
— TheCorr»»si>ondent.
B. C. Segraver. I^nsing, No. Caro.
17 — The Old i'ortage National Bank of Chicago.
Corresiiondcnt. Peter H. Cloven, 4017 Milwaukee
Ave., Chicago.
18— The Clilzens National Bank of Gillespie.
Corrfwpondent M. P. nprg«n. Gillespie,
Feb. 15
Feb.
Feb.
Ill
Ill
First National Bank of Kenmore. N. Y
Correspondent, Hiirold V. Cook, 518 Erie Co.
Building, Buffalo. N. Y.
The
—
—
18—
Feb. 15
Feb.
200.000
Bank
50.000
50,000
First National
of Centrcr Hall. Pa..
...... j„Q fj i^jyy Hcllcfonte,
f.
Pa.
Til
il Hank of ll<.ii)ro«)k. Ariz
n .1. Thomas. Hi.lt)r(K)k. Ariz.
Th«j I'iMipltv. .'^.iiional Hank of Stuttgart. Ark
Corrwipondcnt. Paul K. Mc(7.>y, Stuttgart. Ark.
$25,000
-10,000
<
50.000
— Thp
Hiinny"l'l»'
Feb. 14
'
National Hank. Hunnywlde. Wash.
$50,000
'the Huiinysidir Bank. Sunnynidp. Wash.
VV.
15— Til
Wash.
Va
IWK>fni'r. .Siirmy-'lde,
I.
.National Hatik of Norfolk.
;
350,000
i,f the (.lontlnfiiial TriiJit Co. of Norfolk,
'lent. <'otitlnental Trii^l C.o.. Norfolk, Va.
ri
Fob.
18— Fir
Bank
.«!
n
In .Sijragui-. WriKh
lh<! H.iiik of '^iiniguc. Waih.
of
A. L.
I'W-nt.
.Sni;ill>'y.
.Spraguit.
.30.000
Wmh.
Feb.
1/
M ink of
-Th'
(
''mba.
I)l-"
M
I,
.
Feb.
14— Til
]
Second & Third Streets Pass. Ry. (quar.)
Wisconsin-Minnesota Lt. & P., pref .(qu.)
25,000
itnnk of liltt<k>l)iirg, Va
of itio llrifiM of l(|.,.k~hiirg, Vb.
IH— Tir
Mar.
*1H
.^pr.
•2
*3
3
Mar.
Mar.
Apr.
IM Mar.
Apr.
H
common
1
(quar.)
Grafton Co. Elec. Lt.
IH
*2
*1H
Preferred
A
Pr.. pf. (quar.).
1st pref. (quar.)
2
Telephone (quar.)
Lake of the Woods Milling, com. (quar.)
*2
Gulf
.'States Steel,
(quar.)
MiLwonma
Lt.
&
rom.
Pr.,
<t
3
IK
*IH
(quar )
National Siirety (quar.)
National Trarwlt (extra)..
Owi'im Bottle, rommou (quar.)
15i
2
2K
•H
•IH
2
0%
;
;>rrf
I
r
100.000
Durant. Okie.
A. Whale. Prmidont Aniorlcnn StAte
Mar.
Mar.
Mar.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
.^pr.
Mar.
Apr.
Apr.
Apr.
Mar.
Mar.
Mar
Apr.
.\pr.
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
fqn.ir.).
•\H
Pl
Mar.
•1«
Apr.
Miir.
•IW Mar.
•IH Mar.
Miir
•I'.
•I'<
Mar
S2
Mnr.
,''•0
•Hi
(quar.)
Mar.
Apr.
Apr.
.A tir
•lu,
Mnr
250.
.-i.
M:ir,
rant. C>kln.
llu
'
s\\i\ pri-ti-rrcd (quar).
'ou..r
..
•rienl (quar.)
u. (<iujir ). ..
in
Mnr.
•$2
•5
•21,
Miu".
MARTK.KH
<
Feb.
1ft
-121
I
1
Thf
Nntlonnl
rir^t
I.HSIJK.D.
|)nnl<
r.f
Kn'imrlnw. Wniih
$«t0,000
-"
A 11 .MntfT.
ihoina, Okln. ..
i
r
U'l
ink.
I
<
'(Kion
\
I
I.
I.
.\M
II-.
Arrlii«u>n.
NtK. K-XTKNIlKI).
t'ttlil
C2I0
Tl.<' II
fli.iil.
.
*: iil'.,,.,l
n u,U
I'rrfirrwl
fr. f. ,...1
Rt
r-hnrln.
•'«.
I
Ill
Dek
lit
Feb.
Fnb
fli/tOint
1
P»
III.
I'<tl
II
I'll.;
Frb
I'i
"(iinr
)
-I
(quar
l
)
'I
|H \'y\.'.
Fob. IS l«4.'
Apr.
Apr.
Apr.
Mnr.
Apr.
Apr.
Apr.
pmfi-rrrd (guar.)....
'1
S
I
iMitr
'^'•"
of
of
of
of
•IlolderM of
•Holders of
•Holders of
Holders of
•Holders of
•llcildc-rM of
Holders of
Mar. 16
Feb. 24
Feb. 24
Mar.
1
Feb. 20
)
1
.!
rec.
reo.
rec.
rec.
rec.
rec.
rec.
rec.
ree.
rec.
rec.
rec.
Feb. 24
Mar.
1
Feb. 18
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
lo
4
10
10
20
15
15
16
15
1
6
6
20
20
20
Feb. 21
rec. Feb. 28
rec. Mar.
1
rec. Mar. 1
reo. M.ar. 15
rec. M:ir. 16
rec. Feb. 17
ree. Mar. 16
rec. Mar. 30
ree. Feb. 25
rec. Feb. 25
rec. Mar. 16
ree. Mar. 16
rec. Feb. 17
rpc. Feb. 20
rec. Feb. 20
reo. Mar. 4a
rec. Mar. 14
r(>c. M;U- .14
rec. Mar. 10
roc. Mar. 11
rec. June 10
ree, Sept. 9
ree. I)w.
9
reo. Mar. 21a
rec. Feb. 28
ree. Mar. 10
ree. Mar. 16
rw. Mar. in
ree. Mar. 17
reo. Feb. 26
ree.
Mar. 18
Holders of ree. Mar. 18
•Holders of ree. Mar. 17
•Hcpldirs of ree.
Mar.
•Holdem
Feb. 17
Feb. 17
of ree.
•lloiilint of n-e.
•Ilolilcrn of ri-<'.
IlolillTH of riT.
Hold'TK of re<'.
Holdern of ree.
llr>lder'< of riT.
to
I'-.l.
21
•lloldrrt of roe.
Mar in to
•Holdrnt of rro.
Iloldrm of ree.
llolil-rn of riT
•Holdim
lloldrrn
•lloldrrn
rn
•lli,i,ii-rii
Hold'-ni
Miildrri
•lloldmi
loiiinioii (qtiar.)
rrnl nriM iirrfrrrci! 'qiinr
of
of
of
of
of
of
llolderH of
•l>. i-l-rn
j l.M..,.
rec.
roc.
rec.
rec.
rec.
to
to
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
•Hold.r.H of
Holders of
t.
fiiionllily)
'<-tM
Holders
•Holders
•Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
ril
'.jimr
I
•
I'M.'
•ni
•«N'
04
\.\
Frb. 14
l*»
..
.
••I
)
t
Cloir
.
.
•r
25.000
"nirnhofnn. Okie.
iilrr. «»llyi>
'
.
.
ruiuinon (guar.)
.
MU
•U^
».
'in (qiuir ).
2.'>,0<)0
1»V
)
iunr
I
Feb.
fill
Holders
of
of
of
of
of
Holders of
(.(liar)
.<.
•Holders
•Holders
Holders
Holders
•Holders
Feb. 26
I'cb. 26
•Holders
•Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
•Holders
Holders of
Holders of
•2
1
la
Feb. 10
Holders of rec. Feb. 24
Dee.
Apr.
m
Mar.
Mar.
•Holders of reo. Mar. 16
•Holders of rec. Mar. 13
•Holders of reo. Mar. 13
Sept.
Apr.
•
of
of
of
of
of
of
of
of
l'»
!
I
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
1
of rec. Feb. 20
IV
•.50c. Miir.
.'lOc. Apr.
ITo< iir .V < iiiilile.
pref. (quar.)
I'rovlnrlul I'uiM-r Mills, commuD (quar.)
ITi f<Tr<-<l fciimr )
o., ....,.,, .. ,.,
"
It
„„„ quar.)..
Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
Holders
Holders
l->f
3
Power (quar.)
Feb. 28
Mar. lOo
Mar. 10
Mar. 10
Mar.
Mar.
June
15-;
I"ritirii'<l
(quar)
Mar.
Dec.
IH Mnr.
Mnvcr
.
rec.
rec.
rec.
rec.
rec.
Sept.
Apr.
Apr.
S2
pf. (,iu.ir.)
(Oscir) * Co., Inc.. Ist pref.(qu.)
.Second preferre<! (quar.)
MerKcnlhaler Linotype (quar.)
Montana Power, common (quar.)
Pr(-fcrrr-l (quar.)
Motor Wheel Corp com. (quar.)
Nat. I.'nanii'llni: & Stpg., pref. (quar.)..
rrffi-rrrd (quar.)
I'n-fcrred (quar.)
Mar.
Mar.
Mar.
Mar.
June
Apr.
__
Lehleh Valley Coal Sales (qtiar.)
I.lsuett <t Myers Tobacco, pref. qusr.).'
50,000
Okia
m
$4.50 .\pr.
Mar.
3
2
Feb.
1
of rec. Feb. 28
of
of
•Holders of
•Holders of
Apr.
Apr.
4
Inclusive.
Holders of
*1»4
IH
2
second and special pref. (quar.)
Chemical, com. (quar.)
1
*1H
* 1 ?i
Preferred (quar.)
Araer. Mfg.. com.(payable in com. stock) GO
Amer. Mfg., pref. quar.)
*nf
Preferred (quar.)
*\H
Preferred (quar.)
*\H
Preferred (quar.)
*IM
I'A
American Power & Light, com. (quar.)..
*25c.
Atlantic & Pacific Tea. com. (quar.)
•1«
Preferred (quar.)
*2
Beacon Oil (monthly)
1'4
Belding-Cortlcelli, Ltd., pf. (quar.)
Boott Mills, com. and pref. (quar.)
15i
li«
Borden Company, preferred (quar.)
*.50c.
Calumet & .-Xrlzona Mining (quar.)
2
Chllds Compiiny, common (quar.)
Preferred
quar.)
1«
*1
(quar)
Computing-Tabulatlng-Recording
Cramp (Wn..) & Sons S. & E. Bids (QU.) •l
Dominion Glass, conunon (quar.)
IH
Preferred (quar .)
IM
Dominion Iron <fe Steel, pref. (quar.)...
75c.
EIS Horn Coal Corp., pref. (quar.)
*lHi
Federal LIsht & Trac, pref. (quar.)
•r42
Preferred (payable In prrf. stock)
75c.
Foster (W. C.) Co.. common (quar.)
Preferred (quar .)
1«
Preferred (participating dividend)
Frocport Gas. preferred (quar.)
ih
Galena SIcnal Oil. pref. (quar.)
Va.
•
Apr.
Mar. 10 •Holders
Mar. 15 Holders
Miscellaneous.
*75
Advance-Rumely, preferred (quar.)
American Locomotive, common (quar.). *1K
I
^'iiKtliank.Mnrlow.Okla.
M.irlow, OkU.
^
Feb.
$50,000
.
Okia
Kir
Preferred
I'riiri"'.lvatil-i W.'iter .t
Calif.
Il.'ink
Street and Electric Railways.
Eastern Wisconsin Elec. Co., pref. (qu.)
Frankford & Southwark Pass. Ry. (qu.)
Galveston-Houston Elec. Cos., preferred
Georgia Railway & Electric, conunon...
Market St Ry.(San Fran.), prior pf.(qu.)
Northern Te.xas Elec. Co., com. (quar.).
Globe Soap,
Books Closed.
Days
Mar. 31 •Holders
2
I'cniiiM-k (HI (quar.)
Oliiiiba, Cal.
OInuba, Calif.
Olfllll.
III!
When
Payable.
(quar.)
Preferred
I*ri-fi-rre<l
Ai PLICATION.S Tf» f;ONVF,Ur AI'l'ROVKI).
Per
Cent.
Railroads (Steam.)
Albany (guar.)
Preferred
Bank
of Company.
Illinois Bell
APPLICATION.^ TO ORGANIZE APPROVED.
The
&
all
Fonda Johnstown & Glov., pref. (quar.)
Pitts.. Ft. Wayne & Chic, com. (quar.).
First,
APPLICATIO.VS TO CONVF.RT RKC'F.IVED.
Feb.
bring together
Paciric. preferred
Pittsburgh (quar.)
Gras.selll
111.
.
Feb. 13
25,000
now grouped
Di\idends are
Name
Cleariims at
1942
1942
1942
1942
1942
1942
VOLUNTARY LIQUIDATION.
13.2%.
Week ending February
13
13
14
15
15
17
CHANGE OF TITLE.
6974 The Deming National Bank, Demlng, New Mex.. to "First
—
Deming."
National Bank
144^-145 Vi
30 Campbell Manufacturing Co.. 50c.
152 ',4
5 Draper Corporation
62 Rockland Rockport Lime Corp. 20
20 Merrimac Chemical
83H
25 Bigelow- Hartford Carpet
163)4
i
150K
e.\-div
5 Nashua Mfg.,
3 Ware River
50%
,
M
13
19 Boston Wliarf Co
2 Lawrence Gas
5 Cambridge El. Sec.,
,
Nat'l Bank,
Atla.s
Boston
S Per sh.
96-96 >i
110
paid
Stocks.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb. 15
Co., Boston:
S per sh.
Slocks.
827
2642 The Searsport National Bank. Searsport. Maine
26-17 The National Exchange Bank of Wauki-sba, Wis
263fi The First National Bank of Applelon Citv. Mo
26-19 The Citizens National Bank of Parker.sburg. W. Va
2651 The First National Bank of Richfield Springs. N. Y
2601 The MiUerton National Bank, Millerton, N. Y
,
By
AA
.
CORPORATE EXISTENCE RE-EXTENDED.
Boston:
.fVrnokl,
% per sh.\ Shares.
Share*.
Stockt.
13 National Shawmut Bank
3 Great Falls Manufarturlng
Siares.
'
THE CHRONICLE
Feb. 25 1922.]
By
.
of
of
of
of
of
of
of
of
of
o(
7
Mar.
4
Feb. 20
Mar. 24
Mnr.
Mar.
14
14
.Mnr
Mar.
Mar.
Mnr.
Mnr.
1
I
.11
4
4
Mnr
4
rw. Mnr. 4
roe. Mar. 18
rpe.
Mar
Ifi
rm,
Jillio
lA
rer
H<<pt.
I
r«i.
fee.
Dor. lA
Frb. I
ree
I'nh.
reo.
rec.
Fob.
A
»
Mar. 30
].
1.
A
f.}
—
..
.
THE CHKONICLE
8^8
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.
Per
When
Cent.
Payable.
Railroads (Steam).
Atch. Topeka & Santa Fe. com. (Quar.)
&
Baltimore
Ohio, preferred
Pacific, common (quar.)
(Quar.)
Tex. Pac, pref. (quar.)...
O.
Canadian
Chestnut HIM
&
Oln. N.
Cincinnati Northern
&
2H
1^
IH
•3
Cleveland & Pitts., spec. guar. (quar.).
Reg. guar, (quar.)
Cripple Creek Central, pref. (quar.)
Delaware & Hudson Co. (quar.)
Green Bay
2
Western
Central (quar.)
New Orleans Texas & Mexico (quar.)
Norfolk & Western, com. (quar.)
Illinois
North Pennsylvania (quar.)
Pennsylvania (quar.)
Germantown <k Morrlstown (qu.).
Pittsburgh & West Va., pref. (quar.)
Phlla.
Youngs. &. Ashtabula, pref. (qu.)
Reading Company, first pref. (quar.)
Reading Company, 2d pref. (quar.)
Southern Pacific (quar.)
Union Pacific, common (quar.)
Plttsb.
Preferred
1
1%
1
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Feb.
Mar.
Mar.
Mar.
$1
60c
Feb.
Feb.
3
Mar.
I'i
i>4
Feb.
flilc.
Holders
Mar.
Mar.
Apr.
Apr.
Apr.
m
1%
IH
Mar.
Mar.
Mar.
Inclusive.
of rec. Jan.
of rec. Feb.
of rec. Mar.
to
Mar.
of ree. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
of rec. Feb.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Feb. 16
to
Holders of rec.
Feb. 2 Id to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
50c. Apr.
Street and Electric Railways,
Central Arkansas Ry. & L., pref. (quar.)
I'A
Central Miss. Vall. Elec. Prop., pt. (qu.)
Philadelphia Co. 6% preferred
S1.25
Puget Sound Power & Light, 6%pref
*20o
San Joaquin Light & Power, pref. (qu.).
li4
Days
Holders
Holders
Holders
Feb. 21
Holders
-Apr.
1'4
1)4
2
Prior preferred (quar.)
West Penn Rys., pref. (quar.)
Mar.
Mar.
5
1%
Boots Closed.
1
1
1
Holders of
Holders of
Holders of
Mar. 15 Holders
Mar. 15 Holders
Mar. 15 Holders
rec.
rec.
rec.
31a
8a
lo
3
18
21
10a
10a
15a
25a
2ba
3a
21 a
28a
Feb. 18
Feb. la
Mar. 3
Feb. la
Feb. 20a
Feb. 17a
Mar. 27a
Feb. 28a
Mar.
Mar.
la
la
Feb. 15o
Feb. Iftn
Feb. 10a
of ree. Feb. 28
of rec. Feb. 28
of rec. Mar. I
Banks.
Chemical National (bi-monthly)
W, R. Grace & Co.'s Bank
Acme Tea,
Miscellaneous,
& 2d pref. (quar.)
1st
Amer. Art Works, com. & pref. (quar.).
Amer. Beet Sugar, pref. (quar.)
American Glue, com. (quar.)
Amer. Laundry Machinery, com. (quar.)
•<mer. Radiator, cooamon (quar.)
Amer. Smelt. & Ref., pref. (quar.)
American Stores, common (quar.)
First and second preferred (quar.)
Amer. Sugar Refg., pref. (quar.)
American Telegraph & Cable (quar.)
American Telep. & Teleg. (quar.)
American Tobacco, com. & com. E. (qu.)
American Tobacco, preferred (quar.)
American Window Glass Mach'y, pref..
Associated Dry Goods, Ist pref. (quar.).
Second preferred (quar.)
Mar.
Mar.
IH
IH
IH
Apr.
Mar.
Mar.
Holders of ree.
IH
Apr.
Mar
IJi
Mar.
Mar.
Mar.
Mar.
Mar.
Holders
Holders
Holders
Holders
1%
3H
IH
IK
Steel, com. (quar.)
(quar.)
Common
Brier Hill Steel, pref. (quar.)
Britlsh-Amer. Tobacco, ord. (interim).
Brooklyn Edison Co. (quar.)
Buckeye Pipe Line (quar.)
California Packing Corp. (quar.)
Carter (William) Co., pref. (quar.)
Champion Copper
Chesebrough Mfg., common (quar.)
Preferred (quar.)
Cities Service
Holders of rec. Feb. 18a
Apr.
Apr.
2
3
SI
I5i
SI
Bethlehem
cum. conv. pref. (quar.)
non-cum. pref. (quar.)
Blackstone Val. Gas & Elec., com. (qu.).
Brandram-Henderson, Ltd., common
Mar.
iy*
2v
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Mar.
SI. 25 .Mar.
*IH May
1*H Dec.
*15i
4
2
$2
$1.50
IH
$6
*3H
Apr.
Mar.
Mar.
Mur.
Mar.
Mar.
Mar.
Mar.
Mar.
pref. (quar.)
Co., com. cquar.)
& P., com. & pf. (quar.)..
Consolidated Gas of New York (quar.)..
Continental Oil (ciuar.)
i
.;
Copper Range Co
Oosden & Co., preferred (quar.)
Crane Company, common (quar.)
Mar.
1
IH Mar.
25c.
*2
1
1
1
1
1
IK
*1
*1H
Diamond Match
2
$1
30c.
75c.
IH
1%
1%
%
Feb. 22
Mard2la
Mar dZ]a
Mar.
lo
Feb. 28o
Mar. 28
Feb. 10a
Apr. 5
Feb. 20
Feb. 4
Feb. 4
Feb. 21a
Mar.
rec. Mar.
rec. Mar.
rec. Mar.
rec. Mar.
to
of
of
of
of
of
of
of
of
of
of
of
of
of
9
14a
14a
14a
14a
rec. Feb. 16a
rec.
rec.
rec.
Apr.
Nov. 1
Mar. 20
coup. No.
rec. Feb.
rec. Feb.
rec. Feb.
rec.
901
17a
21a
28a
Mar. 4
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
Holders of rec.
Holders of jec.
Holders of rec.
Mar
.10
Mar. 10
Feb. 15
Feb, 15
Feb. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
15
,
.
I
Holders
Mar. 25 •Holders
Mar, 1 Holders
Mar. 15 Holders
.
,
Apr. 20
Apr.
1
of rec. Mar. 1
of rec. Mar. 1
to
Mar. 15
of rec. Feb. II
or rec. Mar. 15a
of rec. Mar. lOa
of rec. Mar. II
of rec. Feb. 15a
of reo. Feb. 28a
1
Fairbanks, Morse & Co., pref. quar.).. *1H
Famous Players-Liisky Corp., com. (qu.) $2
Federal Mining* Smelllns, pref. (quar.)
I
Federal Utilities, preferred (quar.)
IH
General Asphalt, pref. (quiir.)
lii
General Cigar, pref. (quar.)
IM
Debenture stock (quar.)
iJi
General Electric (quar.)
2
Gillette Safety Razor (quar.)
$3
Stock dividend
•e2H
Goodrich (B. K.) Co.. pref. (quar.)
IH
Mar.
1
Holders
Apr.
I
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
May
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Feb. 19
to
Feb. 28
•Holders of rec. Feb. 10
Holders of rec. Feb. 21
Holders of rec. Feb. lOo
Feb. 21
to
Feb. 28
Eastman Kodak, common
(quar.)
Common
(extra)
Preferred (quar.)
Harbison-Walker Refrac, com. (quar.).
Preferred (quar.)
Hart, SchaffnerA Marx, Inc., com. (qu.)
Hartman Corp.
(quar.)
Hollinger Consol. Gold Mines (quar.)
Homestake Mining (monthly).
IJi
2
IH
IH
IH
Mar.
Mar.
1
1
1
1
Mar, 15
Mar. 1
Mar. 1
Mar. 1
,
Apr.
1
.Apr.
15
Mar.
lune
Apr.
Mar.
I
Apr. 20
Feb. 28
1«
Mar.
.
1
Feb. 25
25c. Feb. 25
1
Imperial Oil, Ltd
t75c.
•25c.
International Cotton MUla. pref. (quar.)
I'A
Internal. Harvester, pref. (quar.)
I5i
International Silver, preferred (quar.)..
IJi
Jones Bros. Tea. preferred (quar.)
•I5i
Kayscr (Julius) .t (Jo., com. (quar.)
2
Lancaster Mills, rommon (quar )
Mar.
Mar.
Mar.
Mar.
Lanston Monotype Machine (quar.)
Lee Tlra ft Rubber (guar.)
Feb. 28
Inliind Steel (quar.)
2H
IH
son.
.Apr.
1
1
1
1
1
of rec. Mar. 31a
of rec. Mar. 10
of rec. Feb. 20a
of rec. Feb. 15
of rec. Feb. 28a
of rec. Feb. 28'i
of rec. P'eb. 28fi
of rec. Feb. 18
of rec. Mar 1 5a
of rec. Feb. 25a
of rec. Feb. 15
of rec. Feb. I4'J
of reo. Feb. 21a
of ree. Mar. 25n
of rec. Mar, So
of rec. Jan. 31
of rec.
1
of rec. Mar. 220
of rec. Feb. 18(1
of reo. Apr. lO'j
of rec. Feb. 160
of rec. Feb. 18a
of rec. Feb. 10
of rec. Feb. 20a
Mar..31
Apr.
I
Mar.
I
Mar.
Mahoning Investment (quar.)
Manhattan Shirt, common (quar.)
Common
Common
payable
(special,
Preferred (quar.)
Stores Corp., com. (quar.)
Merrimack Mfg., com.
(quar.)
Mexican Seaboard Oil
Middle West UtII.. prior Hen stock (qu.)
Mobile Electric Co.. preferred
Preferred (account accum dividends).
Montreal Cottons, Ltd., common (quar.)
Preferred (quar.)
National Biscuit,
common
(quar.)
Preferred (quar.)..
National Candy, common
First and second preferred
National Cloak & Suit, pref. (quar.)
National Grocer, common
National Lead, common quar.)
National Lead, prf^f (quar.)
National Sugar Refining (quar.)
Nebraska Power, pref. (quar.)
N. Y. Shipbuilding (quar.)
Ogllvie Flour .Mills, preferred quar.)
Ohio Oil (quar.)
Truck
Truck
Truck
Truck
&
&
&
&
Motor (quar.)...
Motor (quar.).
Motor (quar.)
Motor (quar.)..
Philadelphia Electric,
Preferred (quar.)
Preferred (new)
common
(quar.)..
Petroleum (quar.)
Pittsburgh Steel, preferred (quar.)
Pressed Steel Car, pref. (quar.)
Pure Oil, common (quar.)
Quaker Oats. pref. (quar.)
Quaker Oats, preferred (quar.)
Rand Mines, Ltd
Ranger Texas Oil (quar.)
St. Joseph Lead Co. (quar.)
Sinclair Consol. Oil, pref. (quar.)
Southern Petroleum & Refining (No. 1).
Southern Pipe Line (quar.)
Southwestern Power & Light, pref. (qu.)
Standard Gas & Electric, pref. (quar.)..
Standard Milling, com. (quar.)
(quar.)..
.
Oil (California) (quar.)
Oil (Indiana) (quar.)
Oil (Kansas) (quar.)
Oil of New Jersey, com. (quar.)
Preferred
(quar.)_
I
Feb. 25
to
Mar.
Holders of reo. Feb.
Holders of rec. Feb.
Holders of reo. Feb.
23
20
18a
I6o
1
2
1
1%
Apr.
1
lii
*3^
(extra)
Prelered (quar.)
Stern Bros., .ref. (quar.)..
Studebaker Corp., com. and pref. (quar.)
Sullivan Machinery (quar.)
Texas Chief Oil (quar.)
Texas Company (quar.)
TexasGulf Sulphur (quar,)..
Extra
SI
^4
•SS
•Si
*15i
2
1%
75c.
3
4
*3H
*1
(quar.)
Preferred (quar.)
S. Steel Corporation, com. (quar.)
Preferred (quar.)
Yalvollne Oil. common (quar.)
Van Raalte Co., Ist & 2d pref. (quar.)..
U.
Mar.
1
1
I
•IJi
14
I4
2H
IH
'.500.
•SOo.
Dye Works
S5
Mills (luar.)
Warren Bros., first preferred
Second preferred
Weber A Hellbroner. pref. (quar.)
Welch Grape Juice, pref. (quar.)
Western Grocer, common
White (J. G.) Co., preferred (quar.)
White (J. G.) Engineering, pref. (quar.)
White (J. G.) Manag't. pref. (quar.)...
Wilmington Gas, preferred
Woods Manufacturing, com. (quar.)
Woolwonh (F. W.) Co., com (quar.)..
Woolworth (F, W.) Co., pref, (quar.)..
15
Feb.
Mar.
2
1
I
15
15
Apr.
1
July
1
Feb. 2'
Feb. 27
Mar. 15
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Mar. 1
Mar. I
Mar. 31 Holders
Mar. 31 Holders
Mar. 30 Feb. 28
Feb. 27
Feb. 5
Holders
Holders
3 Holders
1 •Holders
Mar. 15
Mar. I
June
July
1
1
1
Holders
Holders
•Holders
Mar. I Holders
Mar. 15 Holders
Holders
Holders
Holders
Feb. 28 Holders
•2
Mar, 1 •Holders
IH Mar. 1 Holders
14 Mar. 1 Holders
Hi Mar. 1 Holders
Mar. I Feb. 19
3
Mar. 1 Holders
2
Mar, 1 Holders
2
1'4 Apr.
1
Holders
WorthlngtonP.& Mach. pf. CI. A. (qu.)
14 Apr. 1 Holders
Apr.
Preferred Class B (quar.)...
Holders
I
IH
Wright Aeronautical Corporation
25c.
Feb. 28 Holders
Wrlglcy (William) Jr., & Co. (monthly). •fiiOc. Mar. I •Holders
Common (payable In common stock). •/lO Apr. 3 Holders
Yellow Cab Mfg.. Class B (In stock)
•elOO Mar. 4 Holders
ft6
ft7
Hi
IH
Apr.
Apr.
1
Mar.
I
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
1
ree. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Mar.
rec. Mar.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Mar.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
rec. Feb.
rec. Jan.
rec. Jan.
rec. Feb.
rec. Feb.
rec. Mar.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Mar.
rec. Mar.
150
150
18
8
80
8a
21
20a
20a
lOo
ISO
15a
15a
20
16
16
10
2S
31
31
28
28
31a
140
21
21
24a
6
17a
of rec Feb 24o
of rec. Mar. II
of rec. Feb .18
of rec. Feb.
9a
of rec. Feb. 22
of rec. Feb. 24
of rec. Feb. 24
of rec. Apr. 29n
of rec. Mar. 1
of rec. June
1
of rec. Sept. 1
of rec. Dec.
1
of rec. Feb. 17a
of rec. Feb. 170
of reo. Feb. 17a
of rec. Mar.dI4a
of rec. Feb. 15a
of rec. Feb.
70
of rec. Feb. 15
of rec. Feb
lo
of rec.
1
of rec. Feb. 230
of rec. Mar. 10
to
Mar. 20
ol rec. Feb. l5o
of rec. Mar. 10a
of rec. Feb. IS
of rec. Feb. 14
of rec. Feb. 28
of rec. Feb, 170
of reo. Feb. 170
of rec. Feb. 200
May
17
Holders
Holders
Mar. 15 Holders
Mar. 15 •Holders
Apr. I Holders
Apr. 1 Holders
Mar. 1 •Holders
Mar. 1 Holders
Mar. 1 Holders
Apr. 15 Holders
Apr.
Holders
I
Mar. 31 Holders
Mar. 15 Holders
Mar. 15 Holders
Apr. I Holders
Apr.
SI
•$1.50 Apr.
•SOo.
May
Common
Common
Common
Waltham
Wamsutta
I
Mar. 1 Holders
Mar. I Holders
Mar. 1 Holders
Mar. 15 •Holders
Mar. 15 Holders
*IH Mar.
IH Mar.
14 Mar.
.
Preferred
(monthly)
(monthly)
(monthly)
Bleachery &
1
3
Mar. 15
$1.25 Mar. 15
United Cigar Stores of Amer., pref. (qu.)
United Gas Improvement, pref. (quar.). 87V^c
United Profit Sharing (quar.).
Z4o.
United Profit Sharing, (quar.)
3Kc.
United Royalties (monthly)..
3
Extra
1
U.S. Cast Iron Pipe <fe Fdy ., pf (quar.)
Him
^4
U. S. Envelope, common
Gypsum, common
1
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Feb. 25 •Holders
Feb. 25 Holders
IH Mar. 15 Holders
15^ Mar. 15 Holders
Apr. 15 Holders
IJ4
i»4 Feb. 28 Holders
Mar.
15 Holders
•2H
Mar. 15 Holders
IJi Mar. 1 Holders
^2
Mar. 15 •Holders
IH Mar. 31 Holders
lii Mi-r. 15 Holders
3 Holders
lii Apr.
IJi Mar. 1 Holders
SI
Mar. 1 Holders
lii Mar. 1 Holders
•$1.25 Mar. 31 Holders
•$1.75 Mar. 31 Holders
IH May 1 Holders
75c. Mar. 31 Holders
•75c. June 30 Holders
^750. Sept. 30 Holders
*75c. Dec. 31 Holders
43Jic Mar. 15 Holders
50c. Mar. 15 Holders
16 2-3t; Mar. 15
Holders
50c Mar. 31 Holders
1'4 Mar. I Holders
1'4
Feb. 28 Holders
50c. Mar, 1 Holders
Hi Feb. 28 Holders
•IH May 31 Holders
96c. Feb. 28 Holders
3
Apr.
Holders
I
25c. Mar. 20 Mar. 11
2
Feb. 2S Holders
2
Mar. 15 Holders
iMar. 1 Holders
*S2
IK Mar. I Holders
2
Mar. 15 Holders
2
Feb. 28 Holders
Feb. 28 Holders
l>i
SI
Mar. 15 Holders
75c.
50c.
50c.
Tucson Steel, preferred (quar.)
Union Tank Car, com. and pref, (quar.)
S.
1
•ft2
IJi
Standard Oil of N. Y. (quar.)
Standard Oil. Ohio, common (quar.)
Common
-Mar.
Mar.
IH
2)4
SI
Bocks Closed.
Dai,s Inclusive.
SH
Extra
Ontario Steel Products, preferred (quar.)
Preferred
1
/lO
50c
Mar.
Mar.
Mar.
Mar.
1!^
*/l
Preferred
Standard
Standard
Standard
Standard
1
$2
/2H
stock)..
In
McCrory
Phillips
Apr.
Apr.
l^j
SI. 50
Martin-Parry Corp. (quar.)
May Department Stores, com. (quar.)..
Peerless
Peerless
Peerless
Peerless
1
15i
50
(quar., payable in stock)
When
Payable
Mar.
Mar.
Mar.
Mar.
3
1
Holders of rec. Feb. 9
of rec. Feb. 23
ol rec. Feo.
1
of rec. Feb. 15a
Apr.
Apr.
Apr.
Hosiery Mills, pref. (quar.)...
Eastern Shore Gas & Elec, pref. (quar.)
Cent.
qu:ir.)
Wabasso Cotton Co. (quar.)
Wahl Co., com. (quar.)
2H
7H
Oil (quar.)
Durham
Preferred
U.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Dominion
Company.
Feb. 15
Feb. 6a
Feb. 20
Feb. 20o
Holders of rec. Mar, 20
Mar. 15 Holders
Mar. I Holders
Mar. I Holders
Mar. 15 Holders
Mar. 15 Holders
Mar. 15 Feb. 22
Mar. 1 Holders
Mar..31 Holders
Apr.
of
Miscellaneous (Concluded)
Liggett* Myers Tob., com. &cora.B(qu.)
Lima Locomotive Works. Inc.. com. (qu.)
Lord & Taylor, first preferred (quar.)
Ludlow Mfg. Associates (quar.)
Mackay Companies, common (quar.)
1
1
,
Davis Mills (quar.)
Deere & Co.. pref. (quar.)
(quar.)
1
.
*lYi.
(caplt:il distribution)
I
1
\% Mar.
»2
SI
Preferred (guar.)..
Crescent Flpa Lino (quar.)
Crow's Nest Pass Coal (quar.)
Crucible Steel, preferred (quar.)
Cuban-American Sugar, pref. (quar.)
Dome Mines
Apr.
Apr.
rec.
rec.
rec.
rec.
Mar. 11a
Mar. la
Mar. I
Mar. 15a
Per
Name
Thorapson-Starrett Co., pref
Holders
Holders
8%
r..,>vor,
to
of
of
of
of
1
Holders
Haiders
Holders
Holders
Holders
Cities Serv. Bkrs. shares (in cash scrip). *!75c.
Apr.
I
Payable in common stock scrip
•tfl5H cApr 1
Cleveland Elee. 111.,
•2
pref. (quar.)...
Mar. 1
Colorado Fuel & Iron. pref. (quar.)
Feb. 25
2
Connecticut
to
II
Holders
Holders
Holders
Common (monthly payable In scrip) . g *H Mar.
Common (payable In com. stk. scrip).. (7*1K Mar.
& pref. B (m'thly, pay. In a-'rtp). a *H Mar.
Common (monthly payable in scrip).. "a H Apr.
Common (payable In com. atk scrip) . *9lH Apr.
Pref. & pref. B (mthly. pay. in scrip).
*gy. Apr.
Connor (John
Cons Gas, El.
18
Holders
Holders
Holders
Holders
Holders
Apr.
Apr.
Apr.
Apr.
Pref.
Columbia Petro'"um (monthly)
Feb. 22
to
Feb. 28
Holders of rec. Feb. 27a
Mar.
IH
5
3
Common B
1
Holders of rec.
Holders of rec.
Feb. 21
to
Holders of rec.
Feb. 14
to
Holders of rec.
Holders of rec.
Holders of Tea.
Holders of rec.
2
Atlantic Refining, common (quar.)
Atlas Powder, common (quar.)
8%
7%
1
[Vol. 114.
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
to
Mar.
14
reo.
rec.
rec.
rec.
rec.
rec.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Apr.
280
270
270
rec.
rec.
rec.
rec.
ree.
rec.
24
24
24
27
ISo
lOo
I
Mar. 10
Mar. 3
Mar. 10
Mar. lo
Mar. 20
rec.
rec.
reo.
ree.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Feb. 18
Feb. 60
Feb. 28a
Feb. 280
Mar. 9o
June To
Feb. 1
Feb. 1
rec.
Mar.
of rec.
of rec.
to
to
of reo.
of rec.
of rec.
of rec.
of rec.
of reo.
of reo.
of reo.
of rec.
of reo.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
lo
Mar. 15
Mar. IS
Mar. 2
Feb. 13
Mar. 10
Feb. ISO
Mar. 15
Mar. 23
Apr. 22
May 22
June 22
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
6
14
16
16
I60
20
20
15
15
IS
28
20
10
Mar. lOo
Mar. lOo
Mar. 10a
Feb. 15
Feb. 25
Mar. 25
Feb. 18
unofficial sources,
t The New York .Stock Exchange has ruled that stock
not be quoted ex-dlvldend on this date and not until further notice, a Transfer
books not closed for this dividend. 6 Less British income tax. d Correction.
From
will
c Payable In stock.
/Payable in common stock.
Payable In scrip, h On
account of accumulated dividends, i Payable in Liberty or Victory Loan bonds.
(7
j
Payable In
New
Y'ork funds.
* Payable In Canadian funds.
transfers received in order In London on or before
to be passed for payment of dividends to transferees.
I
.All
m
March
10 will be In time
Declared four quarterly dividends of 1H% each, first payment on March 15.
n Declared monthly dividends of 50c. each, payable March 1, April 1, May 1;
June I, July I and .\iig. 1 to holders of record Feb. 25. March 25, April 25, May 25,
June 25 and July 25. respectively.
Payable In T^e prior preference preferred sto?k at par.
p Declared 4% payable In quarterly Instalments of 1% each.
r Payable In preferred stock.
r Declared annual dividends on both 7% and 8% pref. stock, payable in quarterly
Installments of l«f % and 2%, respe<!tlvely, on April 1, July 1, Oct. 2 and Jan. 2
1923 to holders of record on March 14, June 15, Sept. 15 and Dec. 15, respectively.
.
1
.
—
All prices dollars per share.
Bid
Ask
America
176
1.S2
Amer Exch..
2')0
255
Atlantic
22.5
Battery Park.
135
145
430
Bowery*
BroaflwayCen 130
Bronx Boro».
80
Bronx Nat... 150
Bryant Park* 155
Butch & Drov 130
Cent Merran. ISO
Chase
284
Chat & Phen. 227
Chelsea Kxch*
80
450
•
Chemical
Coal & Iron..
Colonial*
90
East River
Fifth
Fifth
480
Public
135
300
403
235
290
Seaboard
Standard *...
lfi5
Union F.xch..
230
255
200
250
205
253
225
United States*
165
Stare*
Tradesmen's *
23d Ward*...
Fidelity Inter.
408
250
175
Homestead*..
Hudson
300
2/5
192
Mechanics" *.
SO
94
2fiO
Mon'auk *.._
125
S45
395
520
Nas-sau
North Side*..
220
200
2'l0"
People's
155
165
Industrial*
155
165
98
members
420
for the
(New stock,
are State banks.
M
City Investing
Preferred . .
1,
1
95
!
B^
1
1
100
New York
i
City
— Follo'win^
panies.
CLEARING
HOUSE
i Ex-dividend, y Ex-rights
Bid
Ask
143
100
107
152
Assoc
(Brooklyn).
Casualty.
150
112
160
,US Title Guar
iiWest & Bronx
80
90
Title&MG
145
1
US
ll
the report
made
to the CI(>arina:
House
Net
—
thca
Loans.
Dis-
Captial. Profits
Feb. IH 1922.
Members of
Fed-I Ke«. Bank.
Battery Park Nat.
S
S
i..5o<y
ilutualBank
200
500
200
W. R. Grace* Co.
YorkviUe Bank...
Total
2.400{
[000]
omitted.)
Net
Reserte
counts.
31 InvestState bks Nov 15 merus.
Tr. cos. Dec 31
&c.
Nat bks Dec
Net
wUh
in
Lfoal
VauU. Deposi-
813
1.004
838
Bank
De.
De-
Circu-
posits.
posits.
lation.
—
31.039
5,294
195
11.675
100
Total
3.928
4.36
600
1.716
700
2.153 21.57^
Trust Companies
ffot Afemhrn of the
federal Hejerte Sant
17.64.>
466
234
3.645
18,757
1.214
2.276
2,742
200
Total
200
555
8.705
655
387
1.000
1,085
500
5.00»
225
1.500,
8..500
Niitlonal
10.000 22.894
751
1 .000
10.000 41.292
12,500 10.8.50
Continental
Chase Nytlooal.
20.0001 21.104
96
Avenue..
VauU.
500
400
2,339
l.OOOl
1,000=
3.000]
1.5001
1.535
U
S Mtu'e* Tr.: 3.000
C.iiarantv Tr Co 25.000
Fidclity-Int Tr.
1,.500
.;
Trust
.1
16.134
14.198
51.492
15.639
18.851
2
1.236
1
387
96
3.200
5,585
4.039
6.8.38
a5fl.641
-1-1.554
17,290
+ 15
—
Totals, pcttial condition iFcb. 18 4.204.159
Totals, .ictual co ndltlon iFcb. 1 1 4.250.5.83
Totals, actual condition Feb. 4 4,294,801
Or-d ««8r. Feb. 11
Or'd a«(rr. Feb. 4
Gr-d a«Kr. Jan 21
Or'd SLKKi. Jan. 21
3.300
3..1W
8.907
9.907
75.30:j
4,117
17.275
73.987
6.9.VI
74,.341i
3,3fK)
fl.0.->4
73.9-25
3.R8»
3.920
3.990
a5.1.087
a53.70')
3..'<(,0
8.385
6.405
6.480
6.592
106
197
1U6
197
Greenwich Bank
Bowery Bank..
195
302
888
1,143
436
437
444
362
501
625
1.559
26. .345
132.6,50
25 "49
2,497 5,407
12.975
164,663
186,731
5.805
284,435
1,374
50
17,586 7,322
4,126 2,505
100
11,501 l",696
8.S.57
54
48,722
11.790
801
816
342
3,230
16. ,541
30.483
*234,558
47,9,50
*427.430
18.265
74,138
35,900
116,680
395
245
67
415
4.59
391
16,771
1,722
14,971
614
3.513
1,306
2,173
710
20,86:
24,,578
12.818
•95.700
25,425
1,210
263
17,607
6.50
908
177.026
5,319
17.-218
17.1721
17,148
62,375488,405c3.727. 1671214, 782133.564
63.905486, 175c3. 707.219 208.310133.450
61,941 507,270 c3.733,86: 191,34133,357
2,008
818
4.351
18,116
5.433
78.944
1,05!
1.813
628
2.500,
3.224
311
2,066
18,086
50
5,190
2<,685 47,241
3,780,
7.179
102,493
5,503
4,190
51,901 47.291
Totals, actual condition Feb. 18
ToI:iIm, actual condition Feb. II
Toliil actual co ndltlon .Feb. 4|
TriJit Co'»
102.224
5.395
103. .599
5..5.56
102,814
5,297
4,214
3.S39
4,406
51,934 47.332
.52.438 47.247
52.158 47.181
811
3.026
1.776
39,014
10,,560
916
337
l.OOO!
2.50'
I
B. depoHlti dcli)'-t»-d. tl. 207 .000.
Bllla
payable, rodlvo j'iL4. aceeptaoew and othrr
reaerve. tl.7SS.'>S0 daensMe.
liabilities,
1859,000.
Aver-Jgo Feb.
BseeH
—
Philadelphia Banks. The Philadelphia (Mearing House
the w«ck ending Feb. 18 with eomparative
figuH'H for the two weeks preceding
as follows.
lieserve
requirern»'nts for membcTS of the Federal Kc!scrve System
aro 10% on demand defKisif.s and ',i% on time deposits, all
to hi) kept with the Federal lt4;8orvo Hank.
"(';tKh in
vaults" in not a part of |rg;il resirvc;.
For trust eon
not mennberH of the P'ederai Fte.serve System the
refjuired is 10% on demand dr-positH and iiu-hKles "lieserve
with Uqgal dcpositarieH" and "Caah in vaultii."
Ht/4tf)rnent for
i.s
Not ,\trmhrrs
Fed lUfrrve
ISl
J
of]
flnn*|
Tide fjiiar A Tr h7.500,hll584
LawycrHTl ATr 4. (MM) 6.053
45,009
25,014
Avcraxo Fob. 18 11.500 17.037
70,023
2.145
4,803
45.574
1.253
TolaH, a'-tuat co ndltlon Feb. IH
Tolnix, ru'lunlirondltlrtn Feb. 11
Totula. actual co ndltlon Fob
4|
71.015
70.M76
71,580
2.140
2.1M
4.964
4.866
5,051
47.023
45,574
40.502
1,245
1,255
1,277
:l:
Or'd aKi;r.nv«o. 291 a.50,464,.193'l.414,77:i
32, !i
CnmiHirlaon, pro vimw w;«>ek
I
Wfk
r*.
tmdino
18
1033.
Gr'i)
r#».ll
Tuo
lation.
State Hanks
Nnl .Members of
Fed Re.ierve Bar^
State Blink
O.
posits.
Average Feb. 18 276.40O;439.576 4.241.359 63 .852,503.330 c3 .727. 107 209,124 33,364
8.705
a54..W9
a55.629
577
29.743
15.445
122.388
25.355
135.495
6.907 76.8.35
—78 —1,547
Circu-
15.101
13.607
7,450
1,5S4
2.286
3.992
29.278
6.390
42.793
2.472
9.323
3.757
16.268
3,120
3.233
1.306
12.979
3.424
19.194
1,67.5
.9,57
Grand Mi^esate.
s.srjo
Gowphriarm prcvio MB wenk
-1-532
Batik
De-
20.90
1.821
680l
799.
8711
35.425
250.031
52.366
371.837
78.576
37.802
135.719
574
261
983
575
14.9731
1,689|
1,96
1,165 10.287
1,023 34.095
910 3.357
5,446 14.714
524 14.469
6,207 22,185
612
3.495
1,060 17,557
275
1,407
486 21,941
4,500 25.284
125
914
6,341 37.858
724
2,755
4.57
1,190
416 2. ISO
14.461
3.418
1.525
Farmers Ln*Tri 5.000 12.641
Columbia Bank
2.000
1.743
Equitable Tnist' 12.0001 16.502
6,585
375
74
23S.638
183.708
7.026
317.752
20.875
8,497
7,7771
5.000
2.1071
1 .500
16.99R
10.000
2.000!
2.000!
l.OOOi
Time
Average
.Average Avgt.
S
%
S
27.902
892 1,957
96,585 12.867
145,.531
2.369
995
51,750
1,149
*517.313 38.716 l",7i9
101,388
2,188
350
14.644
551
239
70 295
3.880
78.078
1.700 4,867
260,750 4,310
22.928
220
107.263 16,648 4,850
102,788
100
157.466 17",386
r,
4,386
13.710
1.916
7.787 21.718
1.244
7.029
7.421 55.885
1,0.50 13.715
90,319
300,825
22,492
133.033
116,611
168,850
35.592
159.325
4.324
16.552
D
$
596
53,443!
478,0791
113.406!
16.372
5.602
708
Net
.iverage Average
117.653
151.736
896
wun
UrtnJ
Demand
s post- Deposits,
tor ies.
37.6381
4,973
Seaboard Nat..
Coal ft Iron Nat
1,304
1,410
Union F.xch Nat] 1,000
Bklvn Trust Col 1.500- 2.773
Bankers Tr Co. 20.000 20,408
Metropolitan Tri
Nassau Na». Bk
30
3,200
ments,
&c.
843
1,0001
Garfield Nat...
Fifth Nationiil.
Lincoln Tnist,
22,402
1,448
5.500;
Reserve
Cash
in
7,754
25.000 34.763
1,72
1.000
PHClfic Bank
Chat&PhenNatal0.500a 9.63S
Hanover Nat,.
3,0001 21,314
Com Exchamie. 7.500 9.758
New York
30
,
Bayoone
three ciphers [000] omitted.)
is,
Intest-
NatBkof Comm
Peopiea Trust
Wash Hts.
OolOQlal Bank
ot
TT.
Atlantic Nat...j
Nat Butco & Dr|
.Amer Exch Nat.
Columbls Trust
Vtderal Kfterve RanJe
Mecb
of America!
Fifth
State Banks
Not Members of the
Bank
—that
Average
S
3
7.478
17.520
16.523
5.855
61.082
15,746
1
Nat City Bank.' 40.000
4.500,
Chemical Nat
Commonwealth
Ateraee Average Average Average AceragelAvcrage
i
S
%
S
I
t
12.091
146
1.904
9.693
235,
195
11.022
286
1..592
11.1.37
595
3.939
21
288
1.342
1.182
457
18.505
1.510
8.867
9.663
910
lO.OOO
Irv'lni?
tories.
4.199 45.557
Mech&MetNatj
Park..
East River Nat.
First National..
1
1.453
2.000i
5,0001
Nati<in:il
Nat'l
Demand Time
Cash
NBA
Imp & Trad Nat
three ciphers
is.
S
of NY,
of M.inhat'nl
Bank
155
Non-Member Banks and Trust Comis
Dec .31
Nov. 15
Nov. 15
jNafl,
endingState.
Members of
Fed. Res. Bank]
Bk
Bk
HOUSE.
Week ending
584,000
1,468.0001
of the
Loans,
Net
ProfUs., Discount.
F.b. 18 1922. jTr.cos
A.Ik .Realty
212
Mortgage..' 146
(Stated in Ptousands of dollars
CLEARING
721,000l
New York City Clearing House
week ending Feb. 18. The figures for the
Captial
(,000 omitfed)
Week
by clearing non-member institutions which are not included
Ln the "Clearing House Returns" in the next eolumii:
aETXTKN OF NOM-MEMBER IXSTITUTIONS OF NEW YORK CLEARING
NON-MEMBER3
747.000 Dee.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
and Surety Companies.
City Realty
Lawyers Mtge: 137
73 iMtge Bond..
90
245 'Nat Surety..; 207
;N Y Title &
i
097,000 Dec.
279,000 Deo.
(Stated in thousands of dollars
All prices dollars per share.
AUlance R'lty
70
Amer Surety. 67
Bond*
G., 235
,344,000 Inc.
1
Ask
80
Bid
Dec.
534 000 Inc.
,").{4,000
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
MEMBERS
New York
3
8.000
2,131.000
2,129,000
1,609.000 ,5.33.134,000 ,527.811.000
9,195.000 .383.727.000 401,726.000
3,340.000 95,649,000 99,467,000
326.000 24.574,000 23.7.50,000
3.768 000 22,302,000 17,728.000
1,475,0001 14,0:")9,000 20.402.000
6,798.000 47,548,000 52.896,000
285,000 43,982,000 44.086,000
431.0001
5.710.000
6,341,000
,9.S0,000 Inc.
,900,000 Inc.
,
Ftf).
—
shows the condition
Brooklyn Tr. 410
Kings County 680
Manufacturer 220
People's
300
185
s
,139,000 Inc.
,525.000 Dec.
,922,000 Inc.
4
1922.
Fed. 11
1922.
previous week.
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
314
320
280
Brooklyn
185
100
240
825
388
510
(•)
165
600
309
llTltle Gu & Tr 315
lU S Mtg & Tr 265
160 United States 950
260
Gotham
Banks marked with
Circulation
2
Loans, disc'ta & Investments. ,'i3I
Individual deposits. Incl. U.S. 392
Due to banks
98
Time deposits
24
United Slates deposits
IS
Exchanges tor Clearing House 15
Due from other banks
.54
Reserve in Fed. Res. Bank
43
Cash in bank and F. R. Bank
Reserve excess in bank and
Federal Reserve Bank
210
260
204
ISO
Guaranty Tr. 200
Changes from
Feb. 18
1922.
4o0
440
200
240
N Y Life Ins
& Trust...
liN Y Trust...
BrooHvn
Coney Island* 150
Greenpoint
265
170
260 Law Tit & Tr 130
'iLincoln Trust 155
IMcrcantile Tr 280
270 hMetropolitan. 265
215 Mutual (West
Chester
140
175
1
First
Fulton
1
240
310
Wash-n H't3 * 325
YorkviUe*... 420
940
225
Columbia
Commercial..
Empire
Equitable Tr.
Farm L & Tr.
160
Greenwich*..
Hanover
Harrlman
Impd: Trad..
•
305
269
New York... 470
Park
150
290
317
'
930
215
First
Garfield
135
National City 314
New Neth*.. 120
Pacific *
Avenue* 925
105
BOSTON CLEARING HOUSE MEMBERS.
American
IBankers Trust 327
Central Union 370
20.3
170
295
332
380
300
194
2S7
231
90
520
210
873
100
'
Ask
250
348
145
Corn Ex'h*.. 36S
Bid
York
190
90
155
Commerce
251
'nwealth*
Com
215
Cont\ nenial.
130
Niw
of
N Y
160
170
140
Columbia*...
Trust Co.'s
Ask
Bid
Nat
Manhattan *. 240
Mwh & Met. 343
5')0
Mutual*
Xat American 140
IfiO
510
200
270
Cosmo D'tan*.
Banks
Irving
8:29
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
City Banks and Trust Companies.
Banks— -V.r
.
THE CHRONICLE
Feb. 25 1922.]
New York
I
Mtmbtnof
fAphati (00) nmttud
f.H.tlt$itm
Tnul
Compamtm
l»22.
/Vft. 4
lujirr..
2,148
7i
512.322 3,821,642 257.668 33,364
1-3,503
+ 13,502 i-U,06]j
'.no
MIO
Dcflrond'n JFob. 184.378, l.'i'
40.7<.ii
provloUN wook
-,114
—
r'oiiipiirl)inn.
14
\
IU22.
TaUU.
(Ir'd ajtar.
(Ir'd Btfirr
art'lrond'n
Fob.
iwt'li-iin.l'n
Foh
• '»» '»»' M
OiM>IUI..
—
.334
1
1
1
'•.•125,(1
4 4,4611.1
'
.'5
HnrphMat.
17
Lmuh. dU
IBmIMIH—
Dm Inm
Rftiik
for
'
Irarlluav
'1
bantu
f1«<fHMirj4
'j..-i.ii
17.0
')
^^_
,
.;,..!
Ill)
Wl'.k I.I
Mt».ft40
II
Kri
.'1.1)1 1.1)
1,')')
'.(.'1
1
.'
')
I'll
')
<-
*
'
llliln
'»l
Mlla
,-,7y..:i'>o.')
'
Sm'vn with IcK
~
-Toirlth r. H. baiU..
.
In
i
outl
1
;
vault*.
raxti hMd
iifvl
.
A rnith In vault
rnvrvr and
Wlirm n»i
fn«i» rm
*OMb
to
H
2.r,so
1 '1
.
VMdM M*
a.flMO.o
4«.7:n
M4
f.73
61017
.1
47 .TOi
2.(m4
M tm$n%
no'j.o
f.O
10
iilliil
I
IS,
.iHiii
.U\\\
.:
."^
,
»
.
V
»
fi.ri'lun
'
brnlii'lH
•
n.,!
It,.
,
t:il4,44tl,(KMI;
'HHI, .lun.
I
I
i.I,-.|
In
lUaorT*
t.itit
r.n'liiif
000, llati
I. 'Kin
A
I
.
jnH
7')')
t
1
.'.,
...
lliilillll|i-«,
I
I
di i»i«lln tn
••
1
'
21, 1413,-
M
follnwa:
raniy TriMt
I'riiMl Co.,
vo for mirh
Co., t:i4l.(MMI:
I
ll.tMNI: l':<|Ull«l>ll>
J
Inuti
tot r«<l«r»l
I,.
I.
I
1
4M.7.13
0.n4'>
M.7>ll
r.7 4')«
lo.iwio
'.
.,-11
1
IIIMl
k. Fob
.•in.o<M>. I'ol). 1, 3.i'>',,'"n
.
otai i\f\ttm\rA
X3. B. dfitKMlix
'1
ri.I
(r..ni
<:<<
,
li,.:.ii,.tnm
Vcb. 3 IV33,
h An
of
i
Dor
lnixMliii in
17 IU3I.
tunliiu
btiiiuliuu
nut luiludixl.
d A*
(If
—
.
THE CHEONICLE
830
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
[-Yot.
Cath
Reserve
in Vault
Reserve
in
Depositaries
Total
deserve
Reserve
Surplus
Uetiuired
Reserve
4
aj
«
Members Federal
Week ended
Loans and
Demand
Investments.
Deposits.
$
S
4,490 ,114.200
4.488 ,903.800
4.479 ,192.900
4,594 ,091.300
4.566 ,220.000
4,525 ,120.000
4,467 ,360.600
4,463 ,981, .500
4,415 936,800
4.437 ,139,800
—
Dec. 17
Dec. 24
Dec. 31...
Trust companes
503.330.000 503.330.000 490.797,630
9,.3.52.980
9.693.0001
4,190.000
6.836,100
6,947,000
4,802,000
12,532.370
6,503.000
2.145 000
Feb. 18
Feb. 11
Feb. 4
Jan. 28
7.648.000
7,543,000
7.376.000
7,584.000
512.322.000 519.970.000!50f5.0S6.710
508.820.000 519..363,000 504.822.640
.509.570.000 510.946.000 510.456,.590
507.894.000 515.478,000 510,556,780
12,983,290
Reserve banks
State banks*
340.020
110.900
11,540,-360
6.489,410
4,921,220
lU.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
Averages.
Total
Total
Total
Total
-
5.082 .494.800
5,129 ,620.700
5,106 ,O37..5O0
5,139 ,521.900
5,110 207.100
5,096 705.600
5,038 ,302.-500
5.073 ,132,000
5,084 ,673,400
5.050 ,803,700
Jan.
7
Jan. 14..
Jan. 21
Jan. 28
Feb. 4.
Feb.
Feb. 18...
U
*Tolal Cash
m
Reserve <n
Depositaries
Vaults.
608 686,200
601 032.500
607 ,0.52,600
1661 340,400
644 738,100
591 ,642,600
592 ..588,600
592 .291,600
590 816,500
599 000,500
109,700,300
114,718.800
110,207, .300
103.995.400
104.881,900
95,694,700
93,598,200
91,1.50,400
93,7S2.400
93.134,900
I
IN
* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes, z Corrected figures.
Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Total
Reserve
.
Reserve
Surplus
Reiulred
Reserve
7,535,000 497,643,000
7.720.000 494,880.000
7,445.000 516.727.000
7,7.52, 000l523,667,000
Feb. 18.Feb. 11.Feb. 4..
Jan. 28.-
New York.
— The following shows the condition of the Federal
Reserve
Condition of the Federal Reserve Bank of
Bank
S
$
S
488.465.000 488.465,000 490,975,170
9,348,120
4,214.000
9,009,000
5,395.000
7,0.53,450
2.140.000
4,964,000
7,104.000
Reserve banks.State banks*
Trust companies..
Total
Total
Total
Total
b
Reserve
in
Depositaries
2,510,170
260,880
50,550
.505,178,000 507,376.740
2,198,740
502,600.000 .504.462.890 dfl,862,890
524,172,000 .507, 519,-530 16,6.52,470
531.419.000 510,683.050 20.7.35.950
Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of tlie Federal Reserve Bank Inoiudes also amount of reserve required on net time deposits, which Wi>s as follows:
Feb. 18, .'36,273,720: Feb. 11, 55,854.290: Feb. 4. S5, 715,360: Jan. 28, S5„550.390.
b Thlp is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Feb. 18. 88,443,460; Feb. 11, $8,249,480: Feb. 4, .$5,740,230; Jan. 28, $5,134,720.
•
Not members
State
of Federal
Banks and Trust Companies Not in Clearing
—
The State Banking Department reports weekly
showing the condition of State banks and trust com
panies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
House.
figures
•
{Figures Furnished by
State
Banking Department.)
Differences from
previous week.
Feb. 18.
Loans and Investments
8630,028,700
4,931.000
16,703,000
York..
53.434,100
665,292.400
Gold.
Currency and Sank notes..
Deposits with Federal Reserve Bank of New
Total deposits..
Deposits, eliminating amounts due from reserve deposltarles and from other banks and trust companlesln N. Y. City exchangesand U. S. deposits.
Reserve on deposits
Percentage of reserve, 20.8%.
State
and
trust COS.*..
Total
9,405,500
.$35..581,400
Inc.
Doc.
Inc.
Inc.
f
'
^fi
"T^
*i
B
1,527,200
10,258,800
<
JJi
'^"311
"
7,701,000
4,721,500
—
—
Banks
.$26,175,900
§886.700
112.200
102,700
612,497,800 Inc.
108.313,400 i.Inc.
RESERVE.
Oash
In vault
Deposits In banks
"^
Dec.
Trust Companies
15.92% ^848,893,100 13.72%
05.72% SS 23,838,900 08.78%
21.65%
872.732,000
,
ll
•<
-id
20. .50%
'S
'*
.
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 18 were S.53,434,100.
—
Banks and Trust Companies in New York City. The
New York City Clearing House banks and
averages of the
trust companies combined with those for the State banks
and trust companies in Greater
York City outside of
the Clearing House, are as follows:
New
New York
of
at the close of business Feb. 21 1922, in
comparison with the previous week and the corresponding
date last year:
Resources
Feb. 21 1922. Feb. 15 1922.
—
Feb. 25 1921.
Gold and gold certificates
Gold settlement fund— F. R. Board
S
285.014.874
71.979.334
S
286.244.451
53.005,213
$
130, 990,
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund..
357.024,20?
741.393,178
10.039.090
339.249.665
711.647,478
10.000.000
178,060,009
205,109,00»
36,000,000
lOS, 420,357 1,030.897,143
3i. 271. 016
40,334.607
419,169,000
158 104 000
..1,144,691,403 1.101,261,750
Secured by U. S. Government obligations— tor members. ..
54.167.781
88,258,237
All other— For msmbori
45,805,370
54,531,092
Bills bought
23.033.833
open market
19.276.799
577 273 000
Total gold reserves
Legal tender notes, silver,
I,
&c
Totairesorves
OM
47,070,9e#
Bills discounted:
m
Total bills on hand.
U.S. bonds and notes
U. 8. certificates of Indebtedness
One-year certificates (Plttman
160.086. 129" "91.3.1857000
123.979.936
.30,622,0">O
37,017,350
1,257,000
32.400.030
59 276, 000
303,009
974,021,099
4.457,090
2.433,000
1,211,009
139,074,000
2,266,009
.-
6 1.85). .500
33.900.000
92.397,000
Total earning assets
Bank premises..
5% rederap fund agsf. F. R. hank notes
Gold abroad In custody or in transit..
Uncollected Items...
All other resources
248.858. -5:}';
7.270,S2r
1,503,0 50
323.380.479
7,239.020
1,576.210
109.78'..0>;i
122.214,098
3.218,745
.\ct) ,-
Another..
2,696,716
Total resources
1.505.80S.627
LiablMics—
—
Capital paid In
Surplus
-
Reserved for Govornmont Franchise
--===
-
Tax
393,452,000
488,990,8«0
30, 743. 000
-^=z
z-
=
558.920.304 1.700.785,909
====;==
—
1,.
27.019,3iO
00,197,127
225,597
27.028,800
60,197,127
249,439
25,334.773
650.439,185
11.734.372
20,542,538
689,777,604
11.849.136
687..50S.332
722.169.278
621.791,246
26.458,009
56,414,009
Deposits:
Government...
Member banks
Another
— Reserve account
Total deposits
F. R. notes in actual circulation
F. H. bank notes In clrcurn— net liabinty
Deferred availability Items
All other liabilities
02i.544.395
17.877,200
83,012.010
3.3 94.5S4
23,.39»,009
655,730,009
11.506.099
690.626.009
796,383,099
37,798,009
79,110,009
13.996,009
19,592,1,58
104,364,869
3,527,385
1,505.808,627 1„558,920.304 1,70 0,785.099
Total liabilltlea
^=
^^=
Ratio of total reserves to deposit and
40.5%
81.9%
87.1%
F. R note liabilities combined
Contingent liability on bUIs purchased
8,100,349
12.094.039
12,000,408
for forelan correspondents
==:====
^
—
Note.
In conformity with the practice of the Federal Reserve Board at Wssmniton. method of computing ratios of reserves to Uabllitlea was changed beginning with
the return for March 18. Instead of computing reserves on the basla of net deposit?—
that is. Including in the total of deposits "deferred avaUablllty item?" but deduotlni
the new method Is to disregard both amounts and figure thf
"uncollected items"
percentages entirely on the gross amount of the deposits. For laat year, however,
—
the computations are on the old basis; that Is, reserve perceatasas are oaloulste/l on
basis of net deposits and Federal Reserve notes In circulation
—
Ttie Federal Reserve Banks.
Following is the weekly statement issued by the Federal Reserve Board on Feb. 23.
as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of 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. In commenting upon the return for the latest week the Federal Reserve Board says:
The figures for the system
Wednesday, Feb. 22, being observed as a legal holiday by all Federal
Reserve banks, the bank statement made public to-day shows condition
of the banks as at close of busines.s on Tuesday, Feb. 21. The statement
Indicates not liquidation of .$89,700,000 of earning assets, largely discounted
bills and Treasur.v certificates, and a commensurate reduction of deposit
liabilities, accompanied by further increases of $4,900,000 in cash reserves
and of $.3,600,000 in Federal Reserve note circulation. The banks' reserve
ratio shows a rise for the week from 70.4 to 78.1%.
With the exception of acceptances, the holdings of v?hich show an increase
of $4. .'{00.000, ail classes of eiirning assets show smaller figures than the
week before; bills secured by Government obligations (so-called Government paper) by .$4.'").ri00.()00, other discounts by .S1S,700,000, U. S. bonds
and notes by $9.;{00.000, PIttman corlificates hold as cover for Federal
Reserve bank note circulation by .$1,500,000, and other Treasury certificates, held largely under repurchase agreements by the New York and
Chicago Reserve banks by $2ti.S00.000. Total earning assets, as the result
of the changes shown, declined by $89,700,000, and on Feb. 21 stood at
Sl.LW.OOO.OOO. compared with $2,8.51,000 000 on Feb. 2,5 of la.st .vear.
Government paper held under rediscount .shows a further decrease for
the week from $:j:j7.f)00.000 to $282,000,000.
Of the total held $220,100.000. or 80.2%. were secured by Liberty and other U. S. bonds; $2 1..TOO. 000,
or 8.7%. by Victory Notes; $7,900,000. or 2.8%. by Treasury notes, and
|2:{,400,000, or 8.3%, by Treasury certificates, compared with $241,700,000, $20,800,000, $22,700,000 and $36,400,000 reporK^d the week before.
Federal U&serve note circulation, mainly because of the increase reported
by the New York bank, .shows a further increase for the week of $:? .600,000.
the Reserve banks on Federal Reserve bank notes in
on the other hand, decreased by SI. 800, 000, though the total
amount of the.sf notes outstanding, according to Treasury records, shows a
slight increase for tlie week.
A gain of $10,700,000 in gold reserves, apparently in consequence of the
importation of Kussian gold in payment for food supplies, is shown. Other
cash reserves, composed largely of silver certificates and legal tender notes,
show a decrea.se for the week "of $5,900,000. all Reserve banks, e.^cept the
bank of St. Louis, reporting decreases of reserve c;'.sh other than gold.
Changes in the distribution of gold reserves by banks indicate considerable
New
.sliifting of funds daring the week through the gold .settlement fund.
York reports the largest increa.so in gold holdings for the week, viz., by
$17,500,000; .\tlanta shows an increase of $7,100,000: Kansas City an in-
Aggregate
liabilities of
circulation,
crense of $0,900,000; while smaller Increases for the week aggregating
$1,800,000 are reported by the Dallas. Minneapolis and Philadelphia banks.
The following banks report smaller gold holdings than the week before:
Louis bv $11,800,000, Cleveland and Boston e.ach by $11,200,000,
San Francisco by $9,600,000 and Richmond by $2,700,000. Since -Ian. 1
of the present year the banks have gained a total of $71,800,000 of gold.
The largest increase, viz., by $37,500,000, is reported by Atlanta. New
York shows an increase of $27,200,000 in its gold holdings. Kansa.s City an
increase of $21,500,000. Chic:»go an incre.ise of $21,000,000 and Cleveland
an incre:ise of $14,200,000: while smaller increases aggregating $31.-300.000
Only three
are reported by Dallas, Minneapolis. St. Louis and Richmond.
banks report decreases in thoir gold holdings, as compared with Jan. 1;
Boston a decrease of $02,600,000, Philadelphia ,i decrease of $15,800,000
and San Francisco a decrease of $2,400,000St.
OoMBiNED Resources and Liabilities op the Federal Reserve Banks at the Close op BasiNsss Feb. 21
Feb. 21 1922
Feb. 15 1922.
Feb. 8 1922.
Feb. 1 1922.
ran. 25 1922
Jan. 18 1922. Jan. 11 1922. Jan. 4 1922
1922.
Feb. 25 1931.
RSSOURCBS.
Qoia and Kold certificates
Gold settlement. F. R. Board
381.673.000
.520.7 13.000
Total gold held by banks
tJold witb Federal Ri-serve agents
CJold rodemptloo fund
Total eokl reserve
.
.
382.260.000
531.354,000
382.418.000
514.110.000
385.044.000
509.193.000
383.541.000
483.222.000
382.460.000
469.367.000
382.138.000
502.010.000
377,675,000
507.836.000
217,335,060
530.104,999
747.4.39,090
851.827.000
885.511.000
884.148.000
902,386,000
866,763.000
913.614.000
894.237.000
896. .528.000
1.977,602.000 1,910,665,000 1.942.725.000 1.928.419.000 1,939.792.01)0 1.94S.657.000 1,910.561.000 1,902.912.000 1.234,181,999
86.875.000
158,693,999
98.208.000
100.880.000
60.847.000
97.693.000
81,775,000
88.872.000
82.099.000
-.12.946.835.000 2.936.054.000 2.921.352.000 2.911.628.000 2.904. 248.000i2. 898. 692.000 2.895.689,000 2.875.298.000 2,140,313,1
]
.
—
.
U
1
THE CHRONICLE
Fhb. 25 1922.]
Fch. 21
*o
Legal tender notes, silver.
1
1
Feb. 8 1922.
1022. fc6. 15 1922.
Jan. 25 1922. Jan. 18 1922. Jan. \l 1922. Jan. 4
1922.
1
149.990,000
141.277,000]
139.866,000
134.O0G.000
Feb.
831
152,811,000
1.54,607,000
Total reserve.''
diacouuted:
aecured by U. 8. Govt, obtlgatlona
-.411 other
bougbt
tn
opoa mariet
.
on hand
a. 9. bonds and notes
Totitl bills
281. 904.000
439.2S0.000
82.504.000
327 .641, 000
457.979.000
803.847.000
124,299,000
96.966.000
133,743.000
191.000
O. 8. certificates of Indebtednees:
One-year eerUficatas (PU:man Act).
.another
Mnnlclpal warrants
Total earning assets
tiank premises
f^, redemp. fund agst. F.
Oncoilected Items
411 ocier rcsourssa
1
159 046 000
9 339 000
488.018.000
14.813.000
-
361,906.000
.301,167,0001
357.921,000
388,672.000
461.5.53.000!
476,651,000
492.2.52.000
525.1.50.000
427.476,000
560.018,000
82,709,000
94.944,000
86,7.54,000
78,287,0001
94.255.000
90,027,000;
863.907.000]
125,633,000,
917.714.000
109,919.000
927,845.000
98,466.000
160.499.000
193.000
98,466,000'
90.709,000|
193,000'
LIABILITIES.
103 685 000
1317000
Beserved for Gort. francblae tax
— Govem^est
reserve account..
Member bants—
TotaL.3.
?.
1
'
-
379,000
.293,823,000 1.470.921.000 2,854,135,000
35.019.000
35.203.000!
19.469,009
12.159,000
7.030.000
7.926.0001
548.436,000
638.462.0001 606.733 000
8.306,000
12,811,000
11,103.000
215.398.000
1.548.000
1.504.000
63"910'000
677 on 000
3l'260'000
1
112,717.000, 114.744,000,
79.316.000
744 4.30 000 1,714,668.000 1,689.422.000
31,111.000,
36,304.000
33,728.000
103,020,000
103,204.000
103,203.000
100. 790.000
215,398.000| 215.398.000
215,523.000
202,036,000
996.000,
8,53.000
416.000
77.734.0001
15,289.000
68.307.000
62.984,000
,652.304.000; 1,673.824.000 1,735,.503.000; 1,731 .374.000,1,722,919,000
33,337,0001
.30.578,000
26,055.000;
29.4.57.000
23,305,000
1
1.772.181.000 1 857 474 000 1.858.496.000 1,840,470.000 1,778.797.000 1.784,895.000 1.776.907.000 1.829,138.000 1,809,208.000
2.173.514.000 2.169.953.000 2,166,179.000 2,178,053,000 2,184.001.000 2,229.677.000 2,293.799,000.2,405.316.000 3.051,706,000
84.878.000
83,977.000
83.880.000, 189,325,000
84,876.000
83.507.000
83,888.000
82.988.0001
81.165.000
463.826.000, 449.455.000
623,293,000
397,763.000
469.811,000
388.650.000, 414,475,000
425.437.000 494 508,000
15,400,000;
15.648.000
15.290.000
15.729.000|
38.225,000
15,768.000
15,198,000
15.839,000
--16.290.000
-In actual circulation
notes tn circulation net llab
R. notea
R. bank
259,375,000
2,135,000
113.000.000l
69,435.000,
103.067,000
215,398.000
1.332.000
95.915,000
103.190,0001
215.398,000
1.250.000
103.233.000;
103.325.000
215 398 000
215398 000
Another
113,000,000
54.040.000
385.000
63,847.000;
216,000,
4.788.987.000 4.941,049.000 4.832,779.000 4,851.922.000j4.780..V24,000 4,988,090.000 4,939,322,000 5,176.417,000 5.861,101,000
-
Oaplial paid In
Bam'iua
Opr.sl t«
113,000.000
113,000.000
71.278,000
206,000
113.000,000!
101.702.000]
206. 000
133,723.000
477.466.000 l,O03.97.S.00O
635.111.000 1,392,279,000
170,503,000
126.865,000,
9.32,882.000 1,008.766,000 1,074.248.000 1.239,432,000 2,566,757,«90
25,860,000
60,128.000
52,150,000
65.761.000
48.675.000l
1,248.698,000 1.260.01.5.000 1,233.462.000|1. 183. 127 .000 1.235.957,000
,35.720.000
36.406,000;
36,190.000
36,407,000,
30,908.000,
7.871.000
8.029.000:
7,S5.">.000
7.870.000
7.93O.OOOI
554,362.000
498. 220.0001 481.7.54.000
555.990.000; 450.841.000
12,677,000
14.769.000
14.460,000
12.719,000
15,583.000,
'36 930 000
R. bank notes
rotal resourcOB
216.686, 00*
134,504.000
145.105,000
3.0SO,841,000 3.075.940.000 3.062,620.000'3, 061, 518.000i3,05S.855,000 3.051.503,000 3,041,294.000 3.009.802.000!2,356,999,»*0
Sills
81119
1922. Feb. 25 1921.
—
Deferred avaliibUlty Items
111 other lljMlltliee
4.788.987.000 4.941.049.000 4.832.779,000 4,851,922,000 4,780..524,000 4,898.090.000|4,939,322.000 5,176.417.000 5.861,101,000
Total liabilities
Satlo ot gold rsaervea to deposit and
m^ ilablllUea combined
F. a.
78.
DUtTibu-.ion 4» MGiuritUt—
1-16 days bills bought In open market.
1-15 days ^IKi diMouited
1-15 rtiiya U. S. ca.-t'f. of Indebtedness.
S
29.473.000
428.670.000
1,884.000
140.000
22.050.000
74.030.000
39,302.000
Uonlolpai warrants...
18-30 days bills t/ought in open market.
16-33 days bir.8 dlooounted
lfl-30 dijs V. S certlf of Indebtedness.
Uanldpftl warrants
11-60 days bllb bought In open market.
-$l-fl0 days bills diajounted
Jl-iiO days U. 3 certlf. of Indebtedness.
'
Man:':'—'
.
111.6%
108.8%
105.5%
98.6%
56.4%
46,045,000
50.678.000
522.081.000
11.013.000
19.000
19,065,000
92,021.000
415,000
6.000
14.573,000
146.787.000
12.971.000
140.000
9.381.000
93.750.000
3.810.000
32,210,000
569.318.000
"""sis.ooo
3",o66
69.177.000
136,038.000
61,000
60,858.000
126,440.000
61.000
76.2%
77.2%
76
111.4%
111.3%
111.0%
49.006,000
509. 20s. 000
35,019.000
2.000
51.708,000
492 ,04 1 .000
4.80 .944 .000
26, .527, 000'
1,150.000
13.000
16.310.000
80.170.000
4,304.000
2.000
12.833.000
143.918.000
20.705.000
141.000
7.346.000
83.947.000
8,501.000
15,000
13,080.000
87.301,000
2,000.000
140.000
14,677.000
119,719.000
34,773.000
16.70X,000i
81.307,0001
2,000.000
1 40.000
16.743.000
113,170.000
9,294,000
15,011,000
77.396.000
51 0(M)
41,3.37,000
51.000
313,000
42 540,000
.
171.373,000
18«,»i:7,000!
82,558.000
38,165,000
2.700.000,
119.000
—
10.187,<00
91,344,000
3,200.(00
51.000
366.000
47,352.000
148.193,000
"iT.V3"r,666
15,633.000
67.644.000
2,700.000
--
—
48.5%
76.1%
I
.
Sou*
71.1%
76.4%
15.137.000
104.904.000
9.671.000
15.449.000;
)l-yO iiy j L ^. c crtlf of Indebtedness.
Uanlolpai warrants
Over ftO d»ya bills b ought '.a open market
Ove.- jC aiys bills discounted
Over yo '!• V -rcor-^f of In'lebtednesfl..
Manl''lpal warranto
'id't'^u ReicTtt
Ou-rtaU'iiog
74.7%
72.2%|
s
$
69,629,000
6J,3J5,0»0
654.120.000 1.455,023,000
6.710.000
8,324,000
211.000
31. 520. 000;
44.213,000
111.915.0001 222,55S,00»
2,500.000!
4,407,000
26.000
.19.529.000
43,348,000
167.695,0001 397,788,000
12,541.000:
9,036,000
'
109.593.000
open market.
anted
il.'M,
0%
73.3%
28,665.000
485,495,000,
23,768.000
142.000
19,101.000
75,271.000
35.999,000
15.289.000;
—
.ht In
44.0%
72.4%
I
—
51^1
67.9%j
72.6%
.
113.2%
71.1%
72.9%
74.7":
-
Ratio of total raerves to deposit and
F. H. note Uiblittlee combined
aatin of total reserves to F. R. notes In
clrcalatlon after setting aside 35?^
igalnst deposit liabilities
51 .000
217.000
46.207.000
147,711,000
Vb9".666
.55,194,000
149.498.000
50,000
2,00c .000
25.621.000
95.071.000
""'isV.ooo
16.773,000
152.1.55,000
17.377.000
150.000
12,147.000
110,002,000
21,223,000
142.0001
19.607,000
283,234,000
5,350,000
6,173.000
118.138,0001
28,634,000
14.000
60.693.000
37,651,000
234,393.000
133,041,0001
2 510 576 000 2,507,229.000 2.525.009.000 2.5.59.6,56.000 2,604.957.000 2.666.307.000 2.732,801.000 2,786.114.000 3. .348,473 000
436.720,000
420.9.50.000
439,062,000
380,798,0001 296,767,000
358.8.30.000
381.603,000
'337.'062!000
337.276.000
deid by bunks
—
(o actual rlretilatloa
2.173.514.000 2.169,953.000 2.166,179.000 2.178,053.000 2.184,001,000 2.229.677.000 2.293,799.000 2.405,316.00013,051,706,000
3.51 5.1 17.000 3.-5.30.013,000 3,571,248.000 3,611,480,000 3.631,389.000 4,146,930,000
Amoint ctitxrgeablo Co VtA. R*9. agent 3 458 017 000 3 467 005 000 3.496.610.000
904,851,000, 878.675,000
925.0.50.000
845.275,000
971,601.000
9.55,401,000!
798,457,000
960.700,000
'947.'44l!0OO
10 hand.' nf Pedaral B«aenre Axent
2.510.576.000 2.607.229,000 2,526,009,000:2,569,fi.56.000 2.«04.957,000j 2,606,397,000,2,732,881, 000|2,786,114,000:3,348,473,0»«
iMued to Federal SeMrre banks
B7
.532'974'000
.500.564 000
123'72'»'000
r'3 374 0*10
1,509>0 1.000 1,473.279.000
-edempUon ttaA
BMerra Board.
FedtfBl
,
Touo.
-.-
Bllclble p^p«^r 'l«ll»er.<d
;
n
1
Agent.
344,013.000;
631,237.000,
1
WEEKLY STATEMENT OF RESOUBCES AND LIABILITIES OF EACH OP THE
—
New
Bctum.
ink of
Oold •enlrmi-nt fund
—
Total (Old brill by b«ak«
Oold with V R MeoU
Oold rrdomptloD iQiMl
131
lotal r«««f »"»
Bllla
015
-lOT'io'
H
r;.
:
!Vruf«d
BOUi
tK<u«tii !n opflo
WIU on
Total
O. H
markat
hitn/t
2.H77.0
20,430.0
.
I'l
I.
•).
,
Bank
if.
r-
'',«t
Jii.iW.i,U.U;i,;^U-.,i) l74,J,'.<i.O,II8. 207.0
69,800.0
95,600,0
45,302,0,281,668,0 3,0S0,S1I,0
5.170.0
32.003.0
8.H35.0
31,572.0
46,0
33,00'i.O
15.0
3.'..
39,869,0
2.630.0
60.i:t2,0
.9(MI.0
6.382,0
06,9116,0
10,0
133,743,0
IU1,0
..
._.
It,
(I
37,173.0
40,4.53,0
.lO.O
IKfl.O
17,438,0
4,071.0
n.644,0
4.360,0
863,0
6,320.0
46.0
•
8.480.0
32.400,0,
at. 867.0
'I
I
1
''
'
t
"
'
'
a.Mo.o
n,(K)o.o
H.OOO.O
27,0
IDI.O
6,803,01
I
^
v>
277,109,0 2.946,836,0
134,000,0
4, .5.59,0
,J0..5.5O,0
0,282,0
II
',ii
902,3Sft,O
26,871. ol .57.239,0
10,290.0 210.112,0 1,977,002.0
66,847,0
3.7.58,0
2,392,01
.3.401.0
723,0
M()-| I)
3,47fl.0
381,673,0
620,713.0
19,144.0
.S,699.0
15.040.0
.'.4.108
\.r/n.m
43-i.O
41
rwiiirnM. ...... ......
»4.',.7j-'.,f)
I.I Milt. ITIMi.
twJd Id
m
r
2.091.0
1.551.0
Total
IS. 172,0, 3S.00.5.0
•10 103.227,0 69.167.0 89.318.0
U4,C«l.0W&.377.0,^.>H,i(^^.0|
I',
San Fran,
Dallas
7.860 0'
<*
".'.7.0
11,681.0
6,180
1
281.094,0
439,280,0
82,604,0
10.108.0
0'
77:1.0
4.S1.1I.O
12,1
1
803.847,0
124,299.0
H.O
03.256.0
4.740,0
41,300,0
2,104.0
r-H.OU.O 1,159.040.0
s:',l,0
30,930.0
,,
:tr,l,o«(i.O
,!!-..!)
.•.30.0
4fl.37', "'
700.0
HO 314,0
333.0
IHH,0|
'IH
'I '.(I
(t I'l
7.0flO
ri
100.7 10,
»
I.
11.343.0
•i.MMI.O
I6.4H3
.
vMi for rtoTi fraoabiw i«i.
5,54 O]
,
.
.11
II.
i.«n.".,ol
I.
I
I-,
,
o
130,0
24.111,0
2,044,0
394,0
34,303,0
-'06.0
Ilin.O
i.ri.'i2.o
33,716.0
imo.o
3.5.'i.O
2.023,0
'.
II.
.w
itl
I
I
<i
Z'U.
ll''..n,^i»*l.<ijl.ii,.
I
..
(I
ii,
i
a
i
•r.
I)
I"'
1
1
.
no
'P
n'
Jii'i,?,'
i
1
(,.•.
.11
o
I
.il.lH3,0 ION,,'iH3.0
:!'.'.';
I
(.00
(I
1
fl,0H4,0
103.086.0
7,370.0
16,100.0
I.IO.'i.O
7,394,0
1
0.330,0
4N8.0IN.0
14.813,0
18. 1.56.0 401.02.5,0 4.788,087,0
9.0I
77,0,
11
r)ov»fnm«nl
A.MZ.O'
—ruMrvii •no'l .. 110.701.0
oih'f.....
.....
ii7a,o
it»\,^m\'ji
Total dnpo«IU...
F.
F.
R no'm
H liftiik
,
n«t
.
—
LMfarrMi avuliiihillty llama
All oth«r llahllKiM
Ta*al llAMIIrlM
...
"1,0
.1,0
to
iM.Tai.o
,
I
ir
I
'i
Rfl.71'
04, .VI.
I
II
7M,4H7.0
4'
111,493,0
20.
103.0 1,772, IH!,0
..^,JUO,0 3.t73.r>l4.0
.1
^
I
8.IV)0
ll«lillll|r
•10,0
,
Il7.03n.0
In afltiMt ntrmi«alloa
n'it«s In ilrr' iMtlon
ai'-.^oH.ft
i,:ii7,o
'
vli.tn'1-r link
All
21 1122
r»d-
rot»l r<^'"irc»»i
(-.•f.it«|
55,502,0
30,415,0
I
"
.,.
All oih«r
43,430.0
26,010,0
0fl.lH6
4.v«fl.n
I
1
rrr
Vnr>,.
123,116,0
.332,778,0, 75.060.0, 22,740,0
271.0
warraata.....
,
2.5H5.0
52,917,0
I
3e.3M.O
[,r. r.,-
9.304,0
34,120.0
67 926.0
.
Or,.
All o'Urt
To'.ftI »r>rril'i(
LouU Minneap. Kan. CUu\
\St.
3, 348.473,0»«
BANK.S AT CLOSE OP BUSINESS FEB.
6.151,0 22.H0S,0,
3.584,0
31.425.0 100,308,0, 22,426.0
I)
O.h
Mitnl<;1p«l
Chicago
,
4,727,0
12 262
33 0'.3
I2.nil.0
r>Mi«aiioa«
';>,vi
17 '>0
b?
OMlT
All
12,414.0
40 104
2.117,0
'.I
,:^'..
108.805.0
dl/tr.y.jr.-.'-d
H FKDEWAL RRSBRVB
Cteteland Riebmona] Atlanta
PhUa.
,
2H-,
24,37HO
1
964,540,000 1,027,409,0001,185,183.000 2,512.232,000
902,098.000
174, ,517,0 l.l'J',1,".'
L««al tcndrr notes. tllTer. *0...
227,386,000
883,202.000 2,114, 2'»2, 000
120.434.000
120.962.0001 113,359,000
.441,1 14.000 1.4.32,938.000
893,436,000
.349.012,00oj
822..30n.000
2.604,957.000 2,666.397.000 2.732.861,000 2,786,114.000
10.013.0
Total (Old fmrtftn
128.523.0(H);
127.043.000]
.402.836.000, 1,471. 121 .000
349,013.000
{•|slsislf|*|sis|s
York
t
«
7.945.0
F. R. B'd' 24 -''7 fl
and gold i^nWr%ttfl
(iold
1
891,648,000
827,554.000 8,886,807,000
767.269.000.
.462,240,000
349,013,000,
717,740.000!
.349.013,000,
605.I05.O0O
122,I60.f)(l0!
I34..307.000
,464.3 15.00f)
2..52.'J.O09.O00 2,559.6.50.000
2.510.570.000 2.507. 229.000
•
o F
344.013.000
582.284.WX)!
344 012 000
344 012 000
gold ttcd gold certttleatea
'glble paper.
IT
1T7
7.163.0
M.3oi.n,
1(1.617
MI.O
n4U
34.*..77t
(I
I
VI*,
wm
V\\ 010
,'..77»I.O
42.0,',fl,0
(182
lO'i
VIO
3
O'l'i
'I
r
•!
t
:m»7i.
(>|
•<
ir\'!
o'
3
0'
3
nyo
>
nvl
o'
I
•,'
i<(^ o'
4 "O"!
o
m. 106,0
i
7
'1,0
(I
.!'ri
3in
vtn
(ri I,
o'7 1 1,7 7,0 iiKi.77i,o iw.ih.i.o niH,riH:i,o iiH.irni.o 4(ii.oi/i.» 4,/KH.tiw7.»
.
.
THE CHRONTCLE
832
LIABILITIES (Concluded)—
Two ciphers (00) omitted.
Boston
Memoranda.
%
Batlo of total reserves to deposit
and F. R. note liabilities combined pef pent
Contingent liability on bills purobased for foreign correapond'ts
Nea
PMla.
York
[Vol. 114.
«
1
Cleteland Richmond
$
S
Atlanta
Chicago
S
S
S
LoaU Minneap. Kan.Citu
St.
$
87.1
72.0
79.1
50.5
69.2
77.5
76.1
09.9
68.3
57.1
81.8
2,336,0
12.004.0
2,560,0
2.024,0
1,568,0
1,152.0
3.808,0
1. .504.0
864,0
1,536.0
832,0
1,472,0
Federal Reterw Agent at
—
—
(in Thousands of Dollars)
Itetonrces
S
130,050
Federal Reserve notes on hand
166,149
Federal Reserve notes outstandInK
noUateral security for Federal Reserve notes outstanding:
5,600
Gold and gold certificates
15.812
Lioid rederapt'ion fund
llO.OOOi
Gold fund Federal Reserve Board
34,7371
BUgtble paperlAmount required
23,189
/ Excess amount held
—
Cleve. iRichm'd Atlanta
Phila.
Chicago
$
s
s
s
s
376,010 41.260 35,800 27,805' 74.811
795,081,202,504 211,276 100,759 114,669
I
I
296,9241
13,375'
I
63,000|
46,108
9,064
Total.
Federal Reserve notes In actual circulation...
32, .505
Total.
$
947.441
262,745 2,510,576
344,012
6,7011
2.111i 14.923'
123,729
1,484 201.189 1.509.861
5.32.974
22.209 46.633
1.494
8.200
17,601
13.310
234,295
I
I
!
542,113 127,511 63.797 80.152
332.778 75.666! 22,740l 30,415
114,542 36,484 30,311i 40.432
486.137 2,018,781i455,432 501,423 231,124 313,2131
166,149
7,428
795,081202,504 211.276 100,7.59 114,669
158.721'
626,544 185,669 193,598
168,537!
s
s
21,610' 50.810
13.0.52'
66, .300
Han Fr.
989,433 239,661 122,854 150,999 104,221 589,610 6,202,888
Collateral received
federal Reserve notes outstanding
Pederal Reserve notes held by banks
Dallas.
2,055
28.360
26,785 31.996' 38,247
48,287,
4.315
9,699,
2.185
15,1.34!
Net amount of Federal Reserve notes received from
Comptroller of the Currency
296.799 1,171,091 243,764 247,076 128,564 189,480
from\OoId
131.412
741,396 134.896 186.938 26,386 6S,561i
Federal Reserve BanJfc/ Eligible paper
57,926
100,294, 76,772 67,409, 76,174, 55,172
I
5,960
3.406
317,644
66,255
'486,137 2,018,78l!455,432 501,423 231,124 313,213:
_.
s
s
i
Citv.
143,080 25.060
9,0.551 11.490
399,033 102,4511 54,742] 68,662
2,400
3,161
33,472 14,.507 13. .563
4.091
411,000 120.389 160,000 22,295
53,685; 67.608 24,338; 74,373
52,609
9,164, 43,071
1,801
s
s
I
1
32,260.0
I
Minn. \K.
L.
St.
78
FEB. 21 1922
i
Boston. \Nev> York
ToUU
*
72.1
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS
Total
Uabilities—
San Fran.
Dallai
S
17,678,
16,8351
6,254
54,115 313,5.55 3.4.58,017
10,296 216,112 1.977,602
767.269
39,810 59.943
989,433 239,661 122,854 1,50.999 104.221 .589.610 6,202,888
399.033 102.4511 54,742i 68,662 32,.505 262,745
33,314' 18,428
2,715
7. 169,
2,848 .50,446
5,410
365,719
94.505 109,259
52.027161,493
84.023
2, 510, .576
337,062
29,657 212,299 2,173,514
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different itemi
In the statement were given in the statement of Deo. 14 1917, published in the "Chronicle" Deo. 29 1917, page 252.3.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS FEB. 15 1922.
in loans and discounts, largely outside
City, offset in part by further liquidation of Government
securities, and accompanied by substantial additions to demand and time
deposits, are indicated in the Federal Reserve Board's weekly consolidated
statement of condition on Feb. 1.5 of 807 member banks in leading cities.
Loans secm-ed by United States Government obligations show a decrease
for the week of $2,000,000, loans secured by stocks and bonds declined
about 83,000,000, while other loans and discounts, largely of a commercial
and industrial character, show an increase of $62,000,000. Corresponding
changes for member banks in New York City include increases of $6,000,000
in loans secured by Government obligations, of $5,000,000 in loans secured
by corporate obligations, and of $2,000,000 in commercail loans proper.
As against an increase of $11,000,000 in the holdings of United States
bonds and Victory notes, the reporting institutions show reductions of
$7,000,000 in the total of Treasury notes and of $16,000,000 in the total of
Treasui-y certificates held. For member banks in New York City an increase
of .$2,000,000 in the holdings of United States bonds and Victory notes,
and reductions of $6,000,000 in the holdings of Treasury notes, and of
$4,000,000 in Treasury certificates are noted. Loans and investments of
reporting banks, in consequence of the changes indicated, show an
increase for the week of .$11,000,000. of which $,'5,000,000 represents the
increase at the member banks in New York City.
Accommodation of all reporting banks at the Federal Reserve banks
shows a further reduction for the week from $305,000,000 to $378,000,000,
or from 2.7% to
For the
of the banks' total loans aiid investments.
member banks in New York City a decrease from ,596.000.000 to $,S3.000,000
in total accommodation at the local reserve bank iind from 2% to 1.8%
in the ratio of accommodation is noted.
Since Feb. IS of the past year
total loans and investments of the reporting member hanks have decreased
by 81.405.000,000, their borrowings by $1,469,000,000, and their ratio of
Aggregate increases of .$57,000,000
of
all
New York
Data
for ail reoortlnfl tnember
Federal Reserte District.
banks
Boston.
Number
26%
accommodation from 11.5%
in eacli Federal Reserve District at clo!4e of business Feb.
Netti
York Phlladel. Cleveland
Rtchm'd.
108
58
85
$
$
27.520 161.467
217,0731.370.162
565.534 2.466,571
$
44,382
206,695
327,520
$
42,663
328,118
632,279
Total loans and discounts
O. S. bonds
n. 9. victory notes
V. B. Treasury notes
D. 8. certificates of Indebtedness
Otber bonds, stocks and securities
810,1273,998.200
48,513 401,181
3,359
74,115
16,683 167,578
6,138 117,541
142,387| 737,969
578,597 1.003,060
47,751
120,980
8,560
17,077
19,175
18,595
8,443
9,835
163,037 275,948
825,563 1,445,495
59,284
99,881
25,874
14.666
612.914 776,381
47,966 465,269
46,257
21,645
560,080
31,848
13.084
303,398
130,104
Total loans, dlsc'ts & Investments, Incl.
bills redlscoimted with F. R. Bank
1,027,207 5,496,584
Reserve balance with F. R. Bank
76.794 633.850
Cash In vault
17,626
87,382
Net demand deposits
747.359 4,680.770
Time deposits
187,742 509.919
Government deposits
34,559 165,476
Bills payable with Federal Reserve Bank:
Secured by U. 8. Govt, obligations
2.380
66,279
All other
Bills redlscounted with F. R. Bank:
Secured by U. 8. Govt, obligations
1,628
1,222
All other
20,697
46,643
2.
Data of
reportlnii
New
23,137
68
Total
37
35
79
S
9.686
32.642
201.893
S
14.R13
63,151
349,287
5,388
41,663
189,556
S
18,242
441,727
140,783 3,125,795
677,478 7,362,681
437,924
61,341
2,160
7.485
355.490 1,565.031
26,570
76,8.50
244,221
19,315
3,316
15,615
437,192
26,000
4,238
3,815
5,979
69.658
427,251
36,416
3.069
10,644
4.985
46.732
236,607
34,706
1,214
3.787
4.478
9,183
836,503 10,930,203
98,061
997,684
11.284
141,960
19,780
315,055
19.374
207.739
158,389 2,090,869
424,453 2,096,967
32.554 185,511
49,211
8,246
229,326 1,312,794
143,239 656,401
12,775
58,203
546,882
49,160
6,603
320.360
297.816
529,097
44,114
13,742
6.094
176,257
76,609
13,165
289,975 1,143.391 14.683,510
79.675 1,333,056
20,835
20,271
269.880
9,502
196,534 .581,374 10,320.674
62,870 520.539 3.061.970
17,657
422.896
11,429
9,450
3,734
996
47,854
12,841
1,1.53
15,122
2,033
3,439
35,768
41,795
382,5.54
4,130
17,515
794
19.433
In Federal Reserve
City of Chicago.
San Fran
S
16,616
121,798
298,778
17,563
106,893
313,468
587
35.742
6,255
14,360
Dallas.
110
$
609
3,685
8,506
21,390
19,.5,50
1.55,996
11,321
383,207
105.2.56
15,147
3,.596
155
member banks
York City.
Thre<> ciphers (400) omittec.
1922.
1.5
S
12,920
70.467
.53,.52 4
443.293
289,046 1.051,271
43
82
14,264
2.6%.
Chicago. St. Louts Minneap. Kan. Citv
Atlanta.
of reporting banks
Loans and discounts. Including bills redlscounted with F. R. bank:
Loans sec. by U. 8. Govt, obligations..
Loans secured by stocks and bonds
All other loans and discounts
49
to
Aggregate reserve balances of the reporting institutions with the Federal
Reserve banks show an increase for the week of $25,000,000. of which
$2,000,000 represents the increase in New York City. Cash in vault
shows a decline of $9,000,000 for the week ($3,000,000 in New York City).
This item constitutes 2.6% of net demand deposits of all reporting banks,
as compared with slightly over 3% on ?'eb. 18 of the past sear.
For
member banks in New York City this ratio was 1.8%. compared with 22%
a year before.
All F. R.
Bank and branch
Bank
812
1,288
16.099
1,078
12,854
73
2,703
11,859
cities
and
all
53
$
9,768
285
1.57.014
360
300
3,866
9,516
14.609
205,804
1,765
.520
12,032
800
other reporting banks.
F. R. Branch Cities Othe' Selected Cities
Cities
807
$
Total.
Three ciphers (000) omitted.
Feb. 15.
Feb. 8
Feb. 15.
Number
of reporting banks
67
67
Loans and dlscuunts, Incl bills redlscounted with F. R. Bank:
$
$
Loans sec. by U. 8. Govt, ohilg'ns 143,626 137,958
Loans secured by storks A bunds. 1,196,813 1.191.874
All other loans and discounts
2,178.407,2,175,657
Total loans and discounts
50
Feb. 8.
Feb. 15.
50
275
S
S
55,809
328,800
662.729
.
with F R Bk
Reserve balance with F. R. Bank..
Cash In vault
Incl. bills redlsc'ted
Net demand deposits
TImedepoHltH.
Governineni deposits
Bills payable with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
349,998
66.730
159,218
112.334
557,402
586.9941
585.364
78,987
,200,699 4,169.276
75.919
.285,119
134.186
321.2.53
.305„541
153,274
153,524
29,170
909,833
314,376
43,220
49,575
75,373
1,461
213
275
213
,390,938
,920,427
.537,939
228„5.56
84,767
*240.niS
* 159,982
31,184
30.3761
49,.561
53,675
34,199
70.835
458,6,54
1,141„522!
30,834
585,516
Feb. 8.
319
$
60.347
319
Feb. 15'22Feb. 8 '22. Feb. IS'21
807
807
826
S
S
S
61.803
441.727
443.632
781,250
425,980: 3.125,795 3,129,004 3,050,639
4'29.40l
,385,266 1 ,992,85611.298,870' 7,362,681 7. ,300,5 18 8,909,-587
S
72,886
457,755
7,170„594
9
Feb. 15.
S
_..-
,915.907,1 ,789,604 1,786,653 10,030,203 10,873,154 12,741,476
229,07.3j
585,4731
228,6241
19.313
28,739
26,805
365,058
997,684
994,S36j
866,490
141.960
134.287
198,935
315,055 *322.340
29.8.36
207,739 224.017
246,048
364.071 2,090,869 2,091,066 2,035.918
227,824
19.144
27.747
9,335,722 2,846,078 2,848,703 2,458,143 2,455,275,14,683,510 14.639 ,700 16 088,867
959.650 202.3511 200,215] 1.50.,564i 148.585 1,333,056 1,308 ,450, 1, 293,847
980,141
,323,855
1.53,194'
,52,19.3!
,52,2331
73.268
269.880
278 695
67,902]
149,785
7,245.311 7.189,103 1„587, 165 1,-570.081 1,488,198 1,470,411 10,320,074 10,235 65510 552,998
1,402,033 1,349,20.8! 9.55.671 952.749, 703 .066^ 701.891 3,061,970 3,003 848 2, 907,210
142,082
71,4.54
42,234:
450 272
75,065]
43,717
42-, 896
309,208
331,4901
,275,139i 9,379,289
120,244
28,754
888,079
314,740
44,761
I
All other
redlscounted with F. R Bank:
Beo'd by U. 8. Gov't obligations.
All other
Ratio of bills payable A rediscounts
with F. R. Bank to total loans
and InveHtments. per cent
Feb. 8
$
310..545
52,824
328,640 2,237,740 ',245.269
660,017 4.671,887 4,616,382
,047,338 1,041.481
3,50.527
25,1.35
23,773
64,128
8.7.50
5 ,,5651
'104.595
24,361
24,527!
116.354
5.679
6,440
558,443! 173.856
173,3531
.764,.528 4,7,59, .536
Feb. 15.
S
308,943
,518.846 3..505.489
D. 8. bonds
D. 8. victory notes
O. 8. Treasury notes
0. 8. certificates of Indebtedness
Other bonds, stocks and securities.
Total loans A dlsc'ts A Invest'ts.
Feb. 8.
1451
43,406
420
9,671
115.255
11.113
94,729
2,737
40.507
2.2
2.3t
3.1
275
145
85.218
300
4.918
111,3051
186 628
550,663
2661
1,014
14,609
205.804
15,567
191.615
204,600
1,090,466
2.6
2.7
11.5
28,390
380
29.102
157,014
437
800
43.188]
2,201
50,042
2,318
53.698
3.2
3.5
3.51
46.221
684'
1
Bills
Revised figures.
32.811
681
20,024
350
4.249
1.8
2.0
.5
1,131
2,136
K
.
.
THE CHRONICLE
Feb. 25 1922.]
Wall
Street.
Fridan
833
—
A better feeling generally is also fosincreasing reseiwes.
tered by the report of 100,000 more freight cars loaded during
the second week in Feb'y than in the corresponding period
last year, and by an advance in the price of wheat to between
$1.47 and SI. .50 per bushel and of corn to above 66, which,
as is well known, largelv increases the purchasing capacity- of
the West and ]\Iiddle West.
For these and perhaps minor reasons Canadian Pacific
shares added 10)^ points to their pre^^ous advance. Union
Pacific 3H, and Bait. & Ohio. St. Paul, No. Pac. and So.
Pac. from 2 to 3 points, while U. S. Steel advanced .5 J/^
Studebaker 55^, Am. Tobacco 7 and other industrials from
3 to .5.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
Datlv Record of Liberty Loan Prices Feb. 18. Feb. 20. Feb. 21. Feb. 22. Feb. 23. Feb. 24.
First Liberty
Z^%
Loan
High
ToiaJ sales in % 1 .000 units
Donds of High
Converted
•
Range since Jan.
Range for Week.
Close
%
bonds High
ol 1932-47 (First 4 Vis)
Close
Total sales in $ 1 .000 units
Lowest.
Highest.
Lowest
4%
fHlhg
Assets Realization
Iffi
Tack
•
•
Burn-s Bro3 preferred
Ch!c St P
& pref 100
Deere <t Co pref
100,
Emerson Branfm pf.lOO,
100
Fisher Body pref
M O
Hart man Corporation 1 OOl
Inter
Com bast ion Eng.»
Iowa Central
LIgeett & Myers CI B
Maxwell Motors ctfs of
depo9 stmud ansented •
100
100
Feb
Feb
500
Feb
1
100 _.
14
Feb
100 04M Feb
100 85
Feb
200 62K Feb
300 23
Feb
100 101
Feb
84 H Feb
1 .000
8.800 24
Feb
6
Feb
100
Feb
100 157
23i
100
20
15
100
IH
K & T warrants, 1st*
100 13
assessment paid
Y State Rys pref. . 100 300 61
Owens Bottle, pref.. 100
200 98
100 88
Plttaburgh Steel pref. 100
900 100
Pure Oil pref 8"^^,
100
Rutland
pref
100 1,100 22 4
100 89
8o Porto R!co Sugar pf . «!
Mo
N
H
RR
L T. .
Cnderwood Typewrit
Teia.s Pacific
380
12.3
100,
lOOl
.
100 125
Va Iron Coal & Coke pf . •!
300 69 yi
90 H Feb 23
90
20
24
20
15
21
94
20
83
61
Feb
21
1 H Feb
14
Feb
20i
21i 04K Feb
Feb
20 85
18- 63
Feb
Feb
18i ?5
Feb
20 101
23 93
Feb
23 24 M Feb
23
6
Feb
Feb
21 157
15
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
18
Par Value.
1
Saturday
821.500
Monday
'lay
805.2(M,
S18.0H8.000
56.471.000
99.653,000
24
24
82
23 K
Jan 93
Feb 25
23
6
1,034..355
1,115.388
962.1001
*rld»y..
Total
98
85
20 100
IS
21
18
K
\7'A
83
340
Feb 400
Feb 125
Feb 70
23 125
69 K
18
Slate. A/un.l
<tc.,
and Foreign
Bf/nds.
Bonds.
6.661.000
7. .590.000
81.779,000
9,006,000
Jan
Feb
Feb
Feb
Feb
Feb
U.
S.
$4,038,100
5,188.000
3,704,000
1
4.192.000
2.962,000
5,914.000
3,661 000
$.30,277,000 $20,313,000 $22,505,100
Week endino Feb. 2i.
Jan.
I to
Feb. 24.
(Close
Total sales <r» $ 1 ,000 units
Third Liberty Loan
4K% bondsof 1928
(Tblrd
High
Low.
Close
4i»'»)
—
Stocks
1922
Bliares.
-N'o.
$.:i
1922.
1921.
1
2,402.277
$157,873,000
.
Par value
Bank
J
1921.
1
30.154,361
12.692.496.425
2 5..VM. 7.59
$2,071,890,350
par
sbari>!).
Mondt
nda...
$.-
—
^
000
r'abd«.
IrOtHU.
Total bmida
loeluden $44,000
High
%
bonds of 1933-38. -H Low.
(Fourth 4 Ms)
Close
4>i
Total ^ales in $ 1 ,000 units
Victory Liberty Loan
High
iH% notes of 1922-23.. Low.
4Ks)
(Victory
Close
unto
High
Low.
not«sof 1922-23
.
%r,Hl.m7..'>W
»47.4.52.fKK)
DAILY TRA.V.HACT ION'S AT THE lumTOS
PHILADELPHIA A.VD
BALTIMORE EXCIIASCr.8.
.
PhUadripMa
Boston
BaUtmort
Uy
Shares. iBtmd Sales
9.070
IA,470
22.102
• t A, 0.10
5.401
45,000
h.7n;»
A3,200,
I0.12h!
ikji.i
22,ono
4H.6.W)
7.Hr,;(
6.'..i)(X)
4,.vii,
;!i
WO
36,0081
$27:!
id,h.')aI
tal.
414
307
032
$.'i0.llO<)
-,(|')
ri
I"..' "'I
day
'1
Oy.O(H)
lOI.MHI
-
ID
I'H
.
f
If
I
of SLttIo l>uudH
mnrkta hoH, an noted abovo, boon
-J
r'*
iin-
iMi'
wwk
of tho
hftv«i been the Frcn<!h
wriu! of which have Hold at the
;ind Hi'vcml low priced ruilwiiy
l''l l*ijl, ii'
'lit iiM bdrtf/iiiiH Hi
I'ndiT
enient the traimIII
<»iiH iol:i|i'(|
y IH millions in\ TliiirHday and liaviheavy tliroHijIio'it fln> w««'k. A lint of JOa<!tiv«i, rcproalivo bond«, inr-lndirii; ImiIIi railway and industrial,
vv.H that throo-quarten of the number hav*' advnncdd.
^
t
].r
'
1
.
97.08
96.84
07.08
97.18
97.08
97.10
200
277
96.56
96.54
96.54
4
96.74
96.52
96.60
holi-
96.64
96.64
96.64
day
8
476
97.42
97.30
97.32
473
97.10
96.90
97.04
1,572
100.30
100.26
100.26
756
100.00
100.00
100.00
29
3 3d 4!^s
.96.80 to 96.84
96.80 to 97.06 48 4th 4K339 Victory 4Ks
96.36
96.50 to 96.80
Quotations for U.
Maturity.
1922...
June 15 1922...
Aug
1
1922...
Sept 16 1922...
Sept. 15 1922...
April
1
96.94
96.90
96.78
772
97.48
97.30
97.40
1,014
97.20
96.96
97.20
1.316
100.28
100.26
100.26
1,029
97.12
97.06
97.10
781
100.30
100.16
100.28
1,671
100.00
100.00
100.00
15
100.00
100.00
100.00
157
96.84
98.76
96.80
354
97.40
97.34
97.40
593
Bid.
4K%
5H%
5H%
•.;6K
Treas. Ctfs. of Indebtedness, Etc.
S.
Int.
Rate.
100
%
97.12 to 97.20
96.54 to 97.10
100.12 to 100.14
Asked.
MatnrUy.
\m%
June IS 1924
I
100'/(il
lOOV. Sept. 15 1924
lOOH
lOOK Dec.
lOOH June
1005/f, Mar.
100
H
4Vi%
Ini.
Rate.
5K%
6H7c
4H%1
4K%|
15 1922
15 1922
1.1
1925
I
4
'4
%
Bid.
AiU4.
102 HI 102 J<
102^^,1 102
100'4
lOO'/Ts
100
lOO^i
lOO'^J lOO'Wi
—
Foreign Exchange. The market for sterhng exchange
was active and strong, with a further advance to 4 41 5-16,
another new high record. Continental exchange, with the
exception of francs and lire, which also ruled strong, was
somewhat irregular, marks being conspicuously weak.
T(>-day's (Friday's) actual rates for sterling exchange were 4 365^@
lor sixty days, 4 3854 @4 40 H for cheques and 4 39'4@4 40*4 for
4 38
C^oinmercial on banks, sight 4 37K('')4 39 '4 sixty days 4 32ys@
cables.
4 34fs, ninety davs 4 31 Ji ^!4 33J^, and documents for payment (sixty
days) 4 33(&>4 34 H. Cotton for payment 4 37Ji@4 39K and grain for
payment 4 37K<<*'1 39 KTo-day's (Friday's) actual rates for Paris bankers' francs were 8.89@9.00
German bankers' marks are not yet
for long and 8.95(^9.06 for short.
quoted lor long and short bills. Amsterdam bankers' guilders wore 37.64
(^37.88 for long and 38.00@38.24 for short.
Exchange at Paris on London 48.13 francs; week's range 47.30 francs
high and 49.30 francs low.
The range for foreign exchange for the week follows:
—
Sterling Actual
for the week
Low for the week
High
—
Paris Bankers' Francs
High for the week.
Low for the week
(lermanu Hankers' Marks
High for the winsk
Low for the week
Arnslcrdam Hankers' Guilders
High for the week
Low for the week
Sixty Days.
4 39li
Cheques.
4 4 1 5-16
Cables.
4 41 13-16
4 33>i
4 35>i
4 36
9.12.
9.19
8.84
9.20
8.85
8.76
0.48
0.43
—
.
Itosion.
$1,000 pri'iniuin.
j)ar.
38.19
37.20
—Chicago,
Han Kranci
pr
Ciiieinnatl, par.
0.48 H
0.4334
H
38.60
37.61
38.65
37.66
St. Loul.s, l.".@2.')C. por $1,000
par.
Moiitroal, $26,825 per
usi
The Curb Market. Tliere was decided improvement in
Curl) .Market conditions this week as contrasted with the
Trading was heavy in
recent dull and featureless session.
several industrial issues and ])rices .showed a firmer tonConsiderable interest was attracted by Anglo-.\mer.
deiicN
('orj). stock, which was tradc^d in for tiie first tiiiu* to-day.
The (•(mi])aiiy controls iiroperties in South .Vfri<'a and the
.'>har<- traded in «)n the Curb Market ant known as "Aineri(!an
shares."
On heavy transa<'tions they sold u]) from 'J[i\:i to
with tlu! clo.se at 23 'l^. Cleveland Automobile ad'2'.V
Durant
,11 'd from '21) to 321^2, reacting finally to lU.
.Motors of Indiana was heavily traded in to-day up from
Cleii Aldeii ('<jal
If)';; lo \H%, the final figure! being 1;{''h.
iiit fo
intercontinentdl KuhlxT rose from
In
ir'ii.
I'oMtuni ('ereiil com. M<lvanced from r>l '.t to .'>().
7
1.
K. .1. Keyn<)l<iH Tob. B stock sold ii|i from ;{!>'h lo H and
enfis tli« V,
k ut 40 J^.
Oil stocks were (luiet and generally
.
l.'CI
ri-ji'
t)(»ri(|
DHII
Bond Sales
$11,800
57.000
48.150
and
!i
Slmre*.
97.00
96.84
96.90
69
.
Wrrk rmtino
Bond Sales
418
—
%'
and municipal UitnU.
BkartM.
15 lst3Hs
31 lst4Jis
1 2d 4s
52 2d 4,'.fs
(l(.sci)iiiii
)
$83,00.5. 1 OOl
829
above table includes only sales of coupon
Transactions in registered bonds were:
bonds.
Domestic Exchange.
(00
Statfl
904
97.40
96.86
97.06
1.010
100.28
100.26
100.26
488
100.02
100.02
100.02
69
Total sales in 1 1 .000 units
Fourth Liberty Loan
96.90
96.66
90.74
893
97.56
97.30
97.44
763
97.26
97.02
97.16
1.287
100.30
100.26
100.28
702
100.00
100.00
100.00
78
96.92
96.64
96.76
1.062
97.62
97.34
97.34
—
Vew
York .Hiaet
Exchange.
276
(-3
Bonds.
1
$1,281,000
7,708,000
4.170.000
HOLIDAY
Feb
Feb
Feb
Feb
EXCHANGE
Railroad.
93,6.53.000
.
Salet at
14
Feb 61
Feb 99
Febl 88
JanllOO!^
Febl 23
Janj 89
61
Jan
Jan
IK Feb
Jan
21
3.1.5O.0OO
4.238. 547 ».'M9.644.000
6
Jan 157
lOH
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Febl
97.02
96.96
96.98
Note. —-The
Feb
Feb
Feb
Feb
JanjlOl
IK Feb
24
20
24
»3.S10.000
.•day
-^»y
IH
Jan
16
Feb| 95
Febl 85
Feb^ 63
Feb 25
23|
14
Fed. 24 1922.
%
21 100
Feb
20 61
Feb
24 99
Feb
21' 88
Feb
Feb
20 100
18, 23K Feb
Feb
21! 89
18 400
Feb
23 125
Feb
20 70
Feb
24
Feb 90 H
Feb 15
24 23
20 lOOH
IK Feb
Feb 23
Sloekt.
Sharet.
1
Converted 4!4% bondsof [High
1927-42 (Second 4)^8) .i Low.
Close
Highest.
13H Feb
TRAX3ACTIO.VS AT THE NEW YORK STOCK
DAILY, WEEKLY A.VD YEARLY.
Wt'k endino
96.54
96.54
96.54
of 1927-42
^Low.
(Second 4s)
Close
I
Total sales In $1 ,000 units
bonds
'
200 90
210
97.02
96.92
96.96
Tolal sales in i 1 .000 units
Second Liberty Loan
Total sales In $ 1 .000 units
Par. Sltares S per share.
$ per share. S per share. S per share.
Feb 21 107
Jan 112
Feb
10 110
Feb 21 110
.Atlaa
97.10
96.90
96.90
86
Low.
97.06
96.86
96.96
Second Converted 4!.^% High
bonds of 1932-47 (First Low.
Second 4!.is)
Close
1.
-
Week.'
America Cables.. 100
American Snuff, pref. 100
Art Metal Construc'n.lO
Low.
Total sales in $1 .000 units
Converted 4 H
(Victory 3Ji8)
\
97.16
96.90
97.06
1,220
96.90
96.80
96.80
6
97.10
96.80
97.10
4%
1932-47 (First 43)
3K%
for
97.08
96.94
96.96
393
bonds of 1932-47.. Low.
(First 3 Ha)
\( lose
Total sales in $ 1 .000
pages which follow:
Sales
Government bonds at
M and the
Feb. 24,1922.
Nirjfit,
t
STOCKS.
of
the Board are limited to .$20,000 2s reg. at 103
various Liber tv Loan issues.
Railroad and Miscellaneous Stocks. The security
markets have been decidedly buoyant throughout the week
and the volume of business, in stocdcs at least, has increased
This movement is accompanied by
to be largest of the year.
a corresponding advance in foreign exchange which carried
Sterling up to §4.41)4 on Thursday, a recovery of 75% from
its lowest price which was in Feb. 1920.
One of the principal causes of this increased activity and
advance in values is the exceptionally favorable financial
situation as illustrated by latest statements of the Federal
Reserve Bank and the Bank of England, both of which show
Week ending Feb. 24.
— Sales
United States Bonds.
©iiBctte.
Tuxnlxcvs^
All
«
.
.
Klrby I'oIini)r()vernent wiih only moderate.
wan un active feature after earl.v loss from 2r) to
to 2()'j, the close to-ilay being at 2.'>J^.
'J.'.'i, advanced
Interiiat. I'etroleiini improved from M 's •" 1'>'n and r-losed
hii;lier.
troleuni
The firmer ti'iidencv alio extended to the
to-day ut lo.
l)ond (livJHJon.
N. Y. N. II. Si Hartford Im Mufferi'd a break
rr<»m .S(> to 7S, with the dose today at TS'j.
A complete) record of C'lirb Market traiiHiietioiiH for the
we«'k will be foiincj on page 841.
2
21
1
2
4
1
New York Stock Exchange—Stock
834
Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For aaleg durlnft the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE— PER SHARE, NOT PER CENT.
Wednesday.
Thursday.
Feb. 22.
Feb. 23.
Frldau.
Feb. 24.
Week.
$ per share
$ per share
Shares
Saturday,
Feb. IS.
Monday,
Tuesday,
Feb. 20.
Feb. 21.
S per share
•8
11
•27
.30
S per share
11
"S
S per share i per share
*9
IOI2
*27
97
•29
9678
S5l8
"8
•89
35%
5434
•60
9^8
784
9718
8534
*57l2
2%
•4I2
1538
•32I2
6S4
I6I2
20
97%
8578
1'4
89l2
3CI4
5434
*89
()5
»50
10%
IOI2 11
834
834
I3OI2 13114
378
I29I2 130
•187
857s
II4
1
30
36%
36%
.5414
.•iih
•8
11
*8
11
30
2934
2934
29%
97
85
H4
9778
8534
97 14
86
98
29%
96%
80
S6I4
1'4
*1'4
88I4
36I4
80%
*88l4
.54I4
*50
65
•186
195
8912
10%
8%
131
5838
5834
5834
3
5
3I8
27s
5
4%
15=8
234
434
1514
33I2
33
684
7
17
17
2OI4
34I2
«7l2
5412
*50
IOI2
878
I34I4
•53
•54I2
8234
4414
*57i2
•50
56
56
8234
4434
59
54
44%
58
"50
llllj nilIIII2 IIII2
*3l2
4
*5is
8
nil2
112
*3l2
512
34
18I4
I7I2
2OI4
I8I4
2II4
3534
21%
I7I2
36%
69%
10934
39% 40%
9OI2 91%
78% 78%
•53
56
66
83I4
•82I2
4434
8312
59
54
*68
59
••49
64
11178 IIII2 113
11212 11212 II2I2
112l'>
4
7
•3
•5
•3
*6
56
•641
*82l2
44I2
67l2
->
50
8
2%
234
8I4
10
10
2OI2
98I4
20I2
98I4
2I2
2%
7I4
734
25
98
2I2
7I4
2434
5412
13
•54
.54I2
54
64
.54I4
•13%
1378
*13l8
1378
1334
•28
30
'28
30
•27
30
46
61-%
*5
•24
4738
11
8%
•6612
•88
2I4
46
6
32
834
60%
113%
112%
46
6
46I4
4178
fiO'''
47
*S34
878
*87
2%
5I4
6
28
663*
69
95
•22
4778
II
2«4
S tock
43
Exchange
47I2
1078
10%
Closed;
9'4
6712
3%
6712
•27
61
113
43
10%
10%
I8I4
III4
Washing-
3%
•5.
10
11%
ton's
Birthday
35I4
3534
•8
23
10
23
98%
99
99%
2%
234
712
IOI2
8I2
6918
10%
7%
25%
2534
54I4
1334
54I4
1334
54%
•28
534
6O84
613s
113
43
43
5%
6I4
700
11
12
12
81)
7%
69% 70
4%
.32I4
31% 32%
31%
31-34
I9I4
20
1914
20
19%
20
48I4
48%
49%
4938
51%
50%
•3%
5134
50% 51%
61%
7678
631
7312
66I2
1738
•2114
*12%
001
70
64
75
67 14
7734
I3I2
•73I2
j:61l2
78%
64
64I4
64
•73I2
*66l2
67I4
17%
17'%
2II2
2II2
2134
2II2
I.3I2
*12%
791;
4
6 134
77I4
75
18
79'4
6 134
64
I7I2
1001
74I2
3%
62
77%
64%
67ii
77%
131
IOOI4 IOOI2
74I2
79I2 SO
•70
12%
100
'70
79I2
34%
3434
34%
3434
34%
•1134
22I4
•67I4
1214
•1134
I2I4
2234
6884
23
2378
*67l4
68I2
571
57%
•1134
2334
6834
5S14
57% 59
75
17%
21%
13
woh
•73I2
•66I2
171,4
21%
12%
80%
80
3434
3434
•1184
I2I4
2434
17%
1714
21%
12%
21%
12%
18
227s
72%
72%
SlVi
80
813s
35
I2I4
58%
59-34
25
77
25I4
26I4
76%
7.5%
76%
74%
46 14
•49
27
46%
26%
46%
49% 49%
26-34
27%
28%
.55,300
481
491->
Preferred A
2.200
13.300 St Lolls Southwestern
8.100
Do pref
2.700 Seaboard Air Line..
24
2434
7612
77
75%
74%
75I4
74%
•46
46l2
5OI2
46I4
46I4
46
46
.50
50
25I2
4334
2434
24
44
25
2434
44
40
4578
49I2
2518
4534
461s
4r.U
25I.J
38
38%
39I4
27% 28%
40% 4II4
41.1
7'2
734
7%
8334
84I4
1834
18%
50"2
301s
2212
•24
34I2
•35
51
30%
2234
ilh
•13%
26%
40%
27%
40%
4I4
4I2
4I4
7%
8
8
7%
4%
7%
843.1
851s
8f>i8
52%
20%
52%
5234
31
30
31
I8I2
19%
1934
20%
I9I4
19%
5,90:j
2412
25I4
26
1,300
.34I2
34% 34%
*38
37
131%
7%
233s
7%
22%
23S4
I4I4
I4I4
9I4
14.14
15
15
15%
9I4
9%
9I4
16
16%
16%
16%
16%
17
15I2
17
16-34
173s
52l'>
*51''4
52%
52
52
i)l,s
15.'4
52
52
52% 52%
7I4
7%
1612
•51 .'4
7%
7.%
141«
28I2
63
I4I2
14
14
27
27
28
6I34
•I2I4
62
61 14
6312
14
13I2
1312
•35
37
52
34
57%
44
•91
nih
•1031 2
•34
34
63
•13
•62
63
14%
38% 38%
37 14
51
3734
5188
15
15%
52
52
15
I.5S4
!>
15
78
5M2 59
IO3I2 IO3I2
443s 44I2
•911- 92
3534
35
52
15%
%
%
•34
"8
57% 58%
103% IO3I2
441
1
01%
35I8
45
91%
35%
100
21,000
1,300
1,000
3,400
7,800
Union Pacific
Do
United Railways Invest
Do
pref
Wab.ish
Do
Do
%
%
_*-''4
'8
.5734
581s
IO3I4 IO3-I4
4414 4434
92
92
35I4
35%
1
3%
,050
3%
17
35%
5%
6
63
89%
Mfg
11
10
9
10
4
3
10
16
9038
53
12%
9% Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
II
3
%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
6
28
9
7
9
6
16
17
16
16
44
3
5478
72«4
51%
72
6 1 84
12%
1984
884
6%
72
74I4
33I4
1034
19
63
50%
23
76
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
10
28
10
4
5
Jan 6
6% Feb 24
16% Feb 24
3)% Feb 24
109'4
80
54
45
5878
11%
18%
11%
76%
36%
10
23
103
3%
9%
2584
Feb
61% Feb
6% Feb
2934
53I4
14
9%
70
90
4%
5
11%
32%
20
5184
5%
64
17
Feb 24
Feb 24
Feb It
Feb 10
Feb 24
Jan 17
Feb 24
Feb 23
Feb 21
Feb 20
Feb 21
Feb 23
Jan 20
Feb 20
Feb 24
18%
9
22%
13%
3
9
IOI84
9
75
81%
35
12
14
10
17
6
60
27
26 14
2578
69%
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
34
125
7II4
100
100
7%
20%
6
Jan
Jan
Jan
Jan
13
14% Jan
61% Feb
Feb
6
9% Jan
25
Jan
19
1284
8I4
25
26
30
17
30
9
10
24
24
9
24
20
2
1
Jan 24
7% Feb 24
15% Feb 24
29 Feb 15
Ex-dlvldend.
%
%
Feb 15
Feb 8
Feb 24
Feb 3
Jan 9
Jan 23
4I4
Aug
Aug
Aug
5% Dec
Aug
Aug
1
Dec
63
83
2234
Dec
Dec
Dec
16
Mar
2
8
33% Mar
234
46
Dec
June
64% June
June
July
June
61% June
32% June
8
1584
Nov
Mar
Apr
60
35
23
70
Jan
Oct
Mar
19% Mar
June
19% June
28 June
2778
2% Oct
Jan 14
46% Feb
93 Feb
Feb
38
6
14
16
Dec
3
67% June
17% June
June
16% Jan
12% Aug
Apr
8
42
Aug
15
31% Dec
June
111
62% July
Aug
6
17
Aug
6% Dec
Mar
18
12% Mar
8% Dec
14% Dec
16
Dec
51% Dec
6I4 Deo
12% Dec
Oct
23
26% Jan
10% Dec
31% Dec
June
16% Dec
% Dec
30
%
Jan 16
59% Jan 18
106
12
27
36% June
38i8 Aug
64
17
17% Aug
47% June
97
Apr
Dec
32
284 Dec
6O34 June
Feb 24
15% Feb 24
938 Feb 15
17
Feb 24
1738 Feb 24
66
Mar
10
Jan 18
Jan 20
Feb 24
23-34
1484
3734
45% Jan
Feb 23
49% Feb
66
June
60
25% June
434 Dec
15
Dec
85% Mar
1% Dec
314 Dec
18% Feb
62
I
48 Jan 12
10% Jan 19
31% Jan 12
45% Jan 3
13% Jan 16
% Jan 13
88 Jan 24
55% Jan 3
101
Jan
3734 Jan
86% Jan
29-34 Jan
Dec
15% Doc
Dec
10
10
8% Sept
88% June
2
4
10
Aug
1% Mar
Nov
3%
15
10
28-% Feb 24
Jan 3
411] Feb 23
Jan 10
Jan 4
4% Feb 14
91. Feb 14
Jan 13
8884 Feb 24
Jan 10
Jan 10
20% Feb 23
Feb 8
64
Jan 10
31% Feb 9
Jan 5
2384 Feb 2
Jan 5
Jan 20
18% Fob 3
3OI4 Feb 10
Jan 24
Jan 18
31% Feb 3
39
Jan 20
Feb 9
Jan 12
39% Jan 23
Jan 10 134%. Feb 24
Jan 7
74% Jan 18
10
Feb 15
Jan 6
Jan 9
27% Feb 24
734 Feb 21
Jan 30
...100
27
49
42
90
93
June
June
Feb
Jan
Jan
Jan
Apr
26
24
20%
32%
2%
4%
23
50
32
60
Nov
Mar
1
22%
Mar
66% June
24
Feb
14
13
14
July
22% Mar
6884
June
7
36
17>4
95
Dec
June
12
16
24
15
24%
6I4
39
68
54
20% Jan
46
s
17
78%
66% Feb2t
75 Feb IS
45
* Bid and asked prices; a sales on this day.
a Ex-dlvldend and ngbt«.
{ Less than 100 shares,
t Ex-rlghts.
ai« lor share, to itook ol Qlen Alden Coal Co. at S6 per share and ex-dlvldend 100% In stock (Aug. 22).
14
49% Jan 23
50
300
Do pref...
4,800 Amer Agricultural Chem..lOO
16
11584 Jan 18
75%
48%
51%
28%
100
100
..100
Feb 16
Feb 14
Feb 15
Feb 21
Jan 5
Feb 10
Feb 9
Feb 8
Feb 23
Feb 10
Feb 24
Feb 7
Feb 21
Feb 24
Feb 16
Feb 3
Feb 2
Feb 24
Jan 20
14
31
50
100
100
Jan 20
55% Jan
78%
...100
Feb 24
56% Feb 24
82% Feb 14
71%
3
44% Jan 4
Ry.lOO
Feb 23
42% Feb 24
92% Feb 24
32% Deo
94
Deo
No>
7% Jan
Nov
88
91
4288
May
568g
7284
No#
Mar
14% Jan
Sept
10
Jan
June 123% No*
Oct 209 Mar
June
66% May
4
Nov
834 Jan
6% Dec
12
Apr
Dec
1678
13%
Nov
33% Dec 37 Nov
14
13
781s
3%
17% Dec
29% Dec
60 '8 Apr
68
Jan 27
49% Dec
6
Dec
7% Feb 20
18% Feb 20
6
3
Mar
Mar
23% Feb 24
37% Feb 24
69% Feb 24
6
5
10
47
101
113
3
10
6
303a
3
12
2
2
186
46
4
6
24
18
26
Feb 24
Feb 17
60% Feb 24
54
7
9
18
Apr
77% June
75% Jan
Dec
1
77
Apr
20
192
5
Hlghett
i per share $ per ihart
8 Mar
1284 Feb
13934
3
5
1%
11
7%
24% Jan 27
100]
5„500 Allls-Chalmcrs
9
10
9
9
56% Jan 3
108
35
prpfA
pref
2.5
Feb 2
26% Feb 8
Industrial 8c IVftscellaneous
Adams Kxpross
100
Do
10
24
25
10
100
900 Advance Rumoiy
Do pref
100
725
No par
600 Air Reduction, Ino
11.300 AJax RuUI>er Ino
60
10
1.000 Alaska Gold Mines
1.000 Al;iaka .luncau Gold Mis'g 10
No par
7,900 AilltKl Ciicm * Dye
1
11
6
24
6
97%
100
iirefB
100
1,.50[) Western Maryland (n«r)..100
Do 2d pref
100
1,400
10,.S00 Western Pacific
100
21, .300
1,300
5.5%
4
4
3138 Jan
5
100
pref
37%
11
9
10
10
16
Twin City Rapid Transit.. 100
2.0;).)
62%
14
,300
27
Jan
7
Jan
11% Jan
7% Jan
70% Jan
334
tr rects
Series B
Prctcrrod tr rects..
Series B
27
15%
38
55
49
100
.A.
88%
1%
3%
5%
7284
100
100
.100
100
100
100
100
100
Third venue
Toi .St L & West
300
Do pref..
1.800 Wheeling i Lake Erie
Do pref
1.300
400 Wlconslu Central
7%
14%
I5I4
%
9I4
62
52
5S34
103'2 10334
4414
4514
9034
3412 347s
74
1438
3-.i
"«
734
•27
I.5I2
58
7%
29
5134
%
%
10
27
36
<2
7334
15
5134
'%
74
15
14
36I4
78
5778
10334
4438
9%
1434
27I2
1'
74
7%
*14l2
I5I2
734
22%
9%
•3g
27%
7%
17
I5I2
984
2.5-%
22I2
1534
•35
884
2584
22I4
•SM
1«
•51%
1.34%
7%
26
878
1.5%
•14
•26
133%
22I4
15
26
16
634
38%
134%
1
734
26
1534
634
43
35
40
2618
731s
•878
1534
1534
91
27%
7I4
7334
934
•14%
27
35
13214
•73S4
•9
2534
731
•91s
2134
•38
43
131% 132%
20%
3
14
9
11984
54
ctfs.. 100
trust ctfs... 100
19h
16
2% Jan 27
51
tr
30
34I2
2178
I4I2
2d prof
St Louls-San Fran
.52!«
3478
7I4
4II4
Istpref
1978
24
7I4
900
Do
Do
3II2
221
3434
2534
50
27% 28
40
1,100
52 14
24
37
7534
85I4
2OI4
34%
131
691s
4%
4%
1,30C
Do pref...
7%
7%
85% S834 42,00( Southern Pacific Co
20% 21% 48,100 Southern Railway
Do pref
52% .53% 6. .500
30% 311) 22,,SO0 Texas & Pacific
25
38
4SI4
4I4
847s
19
5134
3034
22I4
49I2
2434
•75
2738
4OI4
24I2
I307s 131
73I1
7314
9I2
*8l2
•24
7
84
I2I4
25%
.59%
58%
24I2
7434
4
35
69
75
4
34-%
•1184
2434
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
100
Feb 14
83%
70%
H
69
7612
24
12%
lOOij 10134
73
24I2
76I2
»49l2
79
67%
•2334
7612
7434
24
•76
78%
66%
68
24% 25%
•68
69
59
4
6338
68
1001} 101
•70
73
75
•3%
77I4
64I4
•731-
11
108
3084
5284
15,900
Preferred (new)
18,700 Missouri Pacific trust ctfa.lOO
26,400
Do pref trust ctfs
100
200 Nat Rys of Mex 2d pref... 100
5,200 New Orl Tex & Mex v t c. . 100
15,300 New York Central
100
3, ,500 N Y Chicago & St Louis... 100
First preferred
100
400
Second preferred
100
15,900 N Y N
& Hartford
100
7,30!) N Y Ontario & Western... 100
4O0 Norfolk Southern
100
4, ,500 Norfolk & Western.
100
100
Preferred
100
22,300 Northern Pacific
100
14,700 Pennsylvania
60
Pooria & Eastern
100
30,500 Pere Marquette v t c
100
500
Do prior pref v t c
100
Do pref V t c
3, .500
100
4,800 Plttsburjjb & West Va
100
300
Do pref
100
43,400 Reading
50
31%
3
10% Jan 18
30% Jan
10084
29
59
100
22%
2S,600|
19%
11
3
26
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
11%
32%
64
4,900
30
5% Jan
I714
year 1921
Lowest
S per share
share
14% Jan 31
100
Do pref
100
Lehigh Valley
50
Loulavllle & Nashville
100
Manhattan Ry Ruar
100
Market Street Ry
100
Preferred
100
Prior preferred
100
2d preferred
100
Minneap & St L (new)
100
Minn St P & S S Marie... 100
Do pref
100
Missouri Kansas & Texas. 100
Do pref
100
Mo Kan & Texas (new)
1
Highest
Jan
Jan
Jan
84% Jan
84 Jac
83 Jan
33% Jan
52% Jan
Jan
60
Jan
6
0% Jan
119% Jan
189 Jan
54
Jan
1% Jan
318 Jan
12% Jan
32
Jan
100
100
10%
3034
1834
•3I2
pref.
III4
3OI2
1878
76%
1,000
200
I8I4
62
Do
10
30
3I2
S per
10
2878
9184
Iron Ore pro parties. iVo par
Gulf Mob & Nor tr ctf8...100
Do pref
100
Illinois Central
100
Interboro Cons Corp..iVo par
*4
107s
617s
7678
4,100
95
3S4
4
900
11
3I2
15,400
1,100
2,200
1,000
11,000
•88
Par
100
100
Prefprrerl
Kansas City Southern
300
Do pref
600 Lake Erie & Western
.53I4
1012
61
1,900
6,200
4734
To%
*3i"
200
3.400
6,400
2934
lO's
5OI4
378
5,100
28
9%
69%
Railroads
Ann Arbor
PER SHARE
Range for prevUnu
1922.
basis of lOO-share lots
Lowest
2,800 Chicago Great Western
100
4,600
Do pref
100
24,700 Chicago Mllw & St Paul.. 100
55,.5O0
Do pref
100
11.200 Chicago & North Western. 100
300
Do pref
100
1159300 Chic Rock Isl <t Pac
100
3.000
7% preferred
..100
3,300
100
6% preferred
Chic St P Minn A Om
100
"400 Clev Cin Chic & St Louis.. 100
100
Do pref
100
2.800 Colorado & Southern
100
.500
Do 1st pref
100
100
Do 2d pref
100
2,300 Delaware & Hudson
100
7.300 Delaware Lack & Western. 50
100 Duluth S S & Atlantic
100
Do pref
100
'
7,700 Erie
100
8,800
Do 1st pref
100
2,200
Do 2d pref
100
10,000 Great Northern pre!
100
13%
30
113
On
EXCHANGE
RR
28%
47%
95
334
2I4
•714
Range since Jan.
15.000 Atch Topeka & Santa Fe..l00
2,500
Do pref
100
300 Atlanta Blrm <t Atlantic. .100
500 Atlantic Coast Line RR..100
23.60C Baltimore & Ohio
100
2,000
Do pref
100
Buffalo Roch & Pitts
100
9.40U Brooklyn Rapid Transit.. 100
1,800
Certificates of deposit..
24,600 Canadian Pacific
100
Central
of N J
100
7,300 Chesapeake & Ohio
100
7,650 Chicago & Alton
100
2,900
Preferred
100
2,700 Chic 6i East 111
(new)..
6,100
Do pref
400
25
113
43
•89
95
76%
36
10
23
30
•20
47
7
11
7.5%
6138
•5I4
5I4
47
*88
3I2
9I2
6II4
II3I2
32
9
9
6718
95
*4
•41'
1
61%
113
20
4712
11
25%
3%
18
7612
•1214
6078
3%
•6
35I2
23
112% 116
7
75%
25I2
112% 112%
111
75% 76
35% 3584
98%
56%
82%
44%
111
4
11%
97I2
.56%
113
II2I2 II3I2
*8
*21
54
54
7578
3538
54
44%
57% 58
III4
35
23%
35% 37%
69%
109 109%
39.34
42%
9II4 92%
78% 80
50
11%
18%
35I2
18%
18
22I4
45
58
50
11
35I2
7
•82
IO84
I8I4
11'4
684
6%
8234
11
I8I4
)ll2
75%
24I2
.5612
III4
75I4
734
351
68I4
•53
56
18
8
24
7
18
22I2
108%
56
55
1078
278
35%
35
6%
11
8
2334
•5334
16%
34I2
18
234
00%
3%
59.34
7%
I7I4
98
3I4
6I2
34I2
1034
8
*21
3%
6
60
200
NEW
PER SHARE
STOCKS
YORK STOCK
RR
192
3%
7%
4
7
1034
8%
7%
44%
55
65
13934
15%
447s
86%
1%
88%
37%
8%
1534
2078
98I4
137%
•187
1534
1738
11
75I2
8
23
99
1034
192
69I4
3%
54%
I5I2
33I2
10%
*7
11
8%
59
.36%
•50
1512
33I4
10%
•20I2
5434
1%
6%.
ISl'
I7I4
*I0l2
37%
I34I4 I3912
•185
34I2
35
3378 34
68I2
68% 68
67>4 6712
•108
•107
111
11434
111
•IO6I2
35I4 3818
377g 38l2
38% 40%
9018
8978 8978
90
•S9I4 90
78I4 7812
77I4
77I2 7734
7678
*53
55
*82
1%
60
1034
192
5758
20
36%
3634
54I2
65
•185
193
|
Sales
for
the
34
83
Oct
Aug
June
28% Aug
67% Aug
26% Aug
b Ex-rlghts (June
16)
to
1
'
1
1
New York
.
1
. ,
.
11
11
J
1
Record— Continued— Page
Stock
11
1
11
835
2
Per sales during the week of stocks usually Inactive, sec second page preceding
aiOH AND LOW SALE PRICE— PER SHARE. NOT PER CENT
Mondnv,
Snturdni/,
Fa. 18.
Tufsdai/,
Fed. 21.
Feb. 20.
Wedni-.iday.
Feb. 22.
I
t per altare $ per share S per share $ per share
•57 13 58
57 57I' .57I2 58
•61
64
•61
64
»r>l
64
•517g 521' •517s 5212 •5178 52I2
36
.36
•35
3573
351s 36
•<i4l2
6712 67lg
6712 •66I0 6712
38I4
35I2
•35
3778
36
38%
59l2 60
57I4 57I4
59
58
'102
IO3I2
•102
IO3I2 »102
103
39I4 3934
3934 4018
4018 4034
99I4 99I4
89
99
9S3i 99
I49I2 150%
14612 I47I4 146^4 149
*119l2
•11910
120
120
•SH
5%
133
14
66
98
80
429s
91*
32V8
•57
136
80
44%
9l»
9I2
33"
33 14
9I2
58
•93
94
•87
89
1,100
149%
1,5014
120
9
23
120
10.800
100
1,600
8,200
9
23%
48% 48%
135% 136%
I
67
68
I
98% 99%
108% 110%
108% 110
II5I4 115%
12%
46%
12
46%
9034
8834
9034
•S8I2
4634
9934
9U
934
3334
34%
57
57
3%
90
'130
33I4
900
.34.500
200
500
3.200
46,600
4.110
400
600
900
12,300
200
11,700
8734
4
11%
46%
135
32%
93% 93%
32
93%
68%
96%
25% 26%
55% 57
67I4
9534
6634
97
pref
11.30C American Ice
100
1.400
Do pref
100
29,400 Amer International Corp.. 100
4,000 American La France F. E.. 10
4,500 American Linseed
100
46%
89% 891 -I
•88% 90
•92%
1
44%
1034
134
3134
[
SO
87
I
134
79S4
44
3%
3%
III4
;
1,900
3,900
5,100
98% 101%
8OI2 80%
44% 45%
9U 9l«
33% 34%
57% 58
88""
Do
700
300
534
69
I
68
1,420
10,200
97
25% 26%
55
55%
Do
100
100
100
American Radiator
25
American Safety Razor
25
Am Ship & Comm
No par
Amer Smelting - Refining- 100
Do pref
100
Am Smelt Secur pref ser A.106
American Snuff
100
pref
American Locomotive
Do
Am
pref
Fdry tem ctf8.33 1-3
Pref tem ctfa.-.
100
American Sugar Refining.. 160
Steel
Do
100
100
100
Teleg..lOO
pref
Amer Sumatra Tobacco
900
Preferred
119% 119% 119% 11934 18,600 Amer Telephone &
139
142% 139 140% 12,000 American Tobacco
200
Do pref (n«r)
101% 101% *101 101%
I36I4 138% 135
6,800
Do common Class
137%
I
136
9934
5%
100
100
100
American Car & Foundry. 100
Do pref
100
American Chicle
No par
American Cotton Oil
100
Do pref
100
Amer Druggists Ssfndlcate. 10
American Express
100
American Hide & Leather. 106
Do pref
100
20,300 American Can..
40%
68
i
25
54
119%
119
136
11%
4512
9034
8812
Preferred
103
15%
•II5I4
8778
Indus. & MIscell. (Con.) Par
800 Am .\gricul Chem pref
100
60U .American Bank Note--. ,--50
Preterreti
50
"1.260 American Beet Sugar
100
Do pref
100
100
6.300 Amcr Bosch Magneto.. ATo par
1.200 Am Brake Shoe & F
No par
4OI2
6878'
88
4
378
n9U
15
132^4 133
133
133
31I2 32%
3184 32I2I
•92I2 93
*93
94
8684 6712!
66% S7I2
95I4 95I4
95
95
24% 25%l 25% 2612
-55I2 62
55
55
11918 120
119% 11978
136
13934; 138% 141
66»4
95I4
66Aj
95I4
24I4
02I4
•84
39I4
1434
912
"
37
70
1.5%'
3234 33%
.56% 57%
llOij IIII4
II5I4 II5I4
10958 110% IO9I2 11078
•II4I2 II5I4 •115
II5I4
87I4 87I4
•871g 8812
4
4
378
4
1278
11
12
45I2 46
46
46
90^8 90^8 •89*4 9OI2
51%
14%
lOllj
8034
80
44I2 4514
99^8
9
23I2
138
138
13918
I4I2
99h
32I4
152
1201s 12018
47% 48
O'S
5%
99
80
43
90
150
58
65
On
lOOl
I
•101
101
101»8
I31I2 132
•7>4
8
•7134 75
•22I4 23
90
734
75
•22I2
23I4
1334
13%
•37
39
4758
54I4
761;
•76I4
48%
•37
47I8
5478
54S4
7612
77
77
*99
77
lOllj
2*4
2»4
26I2
2612
2*4
2614
I9I4
19>4
19
•23
•960
23I2
•23
980
II5I2 II.512
17
17
413
1418
•13
•4
•40
•00
•20
•20
45
•89'2
•20
•20
•25
22
%
l->
•57
63% 63
92% •92
6278
92^8
•107
6
•8
06
C
•8
•56
22
•21
IO5I4
ia3
•70
•42
•»81i
•20
•103
•70
•42
23.
72
44
•2'2
2%
I15<4 II6I3
•21,
'1
•23
231"
'/940 975
116
110
*3l2
•13
106
31 Ij
.303»
2*>
26%
IOI2
261,
lOlz
74
74
48%
IH:,
•W
;
I
Vj
64)2
9212
64I4
60
63%
6434
•«)
108
5%
•60
22I4
221
72
•101
71
44
•42
2«4
11914
118
105
»l«l4
74
10%
10%
10%
1)
II
74i(
74»i
74%
74%
74%
40l>,
.50*4
4i»%
.i3
87%|
H7
HH
60
16%
9>z
6S
6*4
33%
27
74l«
77
261:
•Ml
««
37
76
27
70%
I
10%
u
M
•«!
44
46i|
143.
37
27
745,
701
'26%
743,
4a
•40
»1
'
411
•S
'
'
III.
12
lU
*
20%
•
IM
•46
pf ctf- 100
i
Hill,.
2/»*4;
.
1,211
1
1
I
M
I.
I
<
!
;
iliodv
;•
:
it
l>,.ill.l
Hi
I
hi
Itltst
.
I
1:1.0011
2<>%
»H
I
'oriiiiiillnl Titli
••!
.'II
f'o
100
100
No par
100
100
•Nu par
100
Uncord /Vo par
.1
'
'
No
«;igiM-
I
jlKI
P'tt
1
%
'iitxrH,
0(1
334
5%
43-%
86%
5
16
10
4
5
12
30
31
3
6
Jan 14
23
139% Feb 21
10
Feb
115% Feb
89% Feb
434 Jan
1111.1
48
91%
89
6834 Jan 20
97
Feb 24
3534
Jan 9
Jan 16
Feb 20
71
120
142% Feb 23
101% Feb 23
I38I4 Feb 23
%
Jau 10
61
.>5% .Ian
3
91% Jan 25
Jan 4
Jan 10
104
434
8% Jan
58% Jan
91
21% Jan
3
3
Jan 3
Jan 31
Jan 16
Jan 14
Jan 10
19
87I4
Jan
5.% Jan
28i'> Jan
20% Jan
lOU Jan
Jan
68
Jan
Jan
83
6I4
Feb
3
9
18
4
IO5I4
V)
MIn
.
.
.
.
No
lui
pat
100
IIMU
I
113
ii;i*,
I
I'l
36
.14%
,l.'|i.
.'lUll
•»i
10
27't
All,
60%
fll>»4
n»
Ml
HI
ini«
10
10'.
2W
27S
t B^-atrldaod and
rtabta.
.2.".
III
III
l.l«<
;
i.
..
II. lU
li.
.''I
.
'1
I
n
1..V.I,
100
100
.1
No par
o( Amorlaa. 100
KM)
H'llar.
.No par
rr...i.|.
|if«/
1)11
101.
r,
.1
(
1
'
I
IM
/7
I
I
27-
^
III
'
1
itcfimnii.
I
l(K|l
Bi-rUhu.
.
I'K)
iBi-dlThlaod.
•
Pm
19
24
25
.Ian IS
23
15'4
108%
107%
20% Jan 23
Feb
24
%
Jan
241
20;
Feb 23.
65% Feb 161
93
Feb 9,
109
Jan 20
9% Feb 10
9% Feb 7
01
Jan
2434 Jan
lOS
Jan
Jan
74
46'4 Feb
67
88
Jail 2
III'
29'%
4,
76%
I'll) .'I
89%
69%
09
1' I
18U
21
28%
1
001.;
3
91%
5
4(1
.1
.'",
Feb 111
66I4 Jan 3'
IS% Fnb ml
.tic,
48
04
1
17
I;.
.'.
11
.
Jun
Fill
46% Jim
100% Jan
66
Jim
31% Jim
III
Jiin I7|
HU Jan
lA'l
««hM 110
lit'i
par
111
'<
*ai«.
112
Sept
Dec
58% Dec
233s
Doc
Deo
76% Nov
46% Nov
101
5I4 Jan
2U Aug
81% Jan 122% Dec
3|l8 Dec
/87% De<
314 Aug
3334
90
Dec
Dec
Dee
19% Apr
22
7% Aug
63% July
74
Jan
25
68% Jan
3% Aug
41% Jan
11
Dec
3
Nov
63
n<<o
22% Auk
.'.7 Is
Auk
23
22
70
33'%
Nov
60% Dec
88
Deo
7% Jan
60
Dei-
15% Nov
IOI4 Apr
8.'^.%
Fell
43% Jau
9«l
Jan
Mui
Aug
36%
1)00
44
Jau
June
85
86
.\H\
Oil
47
9
Auk
Mar
19% Mar
June
711% Apr
Fob
II)
.16 14
22
52
Di-o
Nov
6 '4
14% Jan
10% June
Apr
0% Jao
167)
Doo
89
Duo
2U% Dm
62% Jau
July
43% D«o
32% May
Juno
117%
2% Aim
I)w
12% Jnn
H%
62% Fob
Di'i'
2HJ4 Juno
.'.«%
13% Dor
Al)l4
63
NO
I>oc
H.
Ill
AilK
10
96
l)vo
Jan
Fob
Mar
No»
21% Jan
Jbd
100% Don
66
73
llt»'
Dill*
l>oo
•
\ilU
;i
22%
Jdiio
AilK
^
4»
AUK
6'
77
Jiinn
PI
Jan
(»,l
lino
•26
Foil
'•
/,')
I.I,
(111
l>
'.S
.Ihii
.|I1'4
H.^'J
Jan
Jan
Jan
III'
loll
.'11
l-rl.
,;
67I4 Jan IN
HO
7% Dec
.
<
May
93% Jan
9
%
.'11'
1
65
Aug
1
.
62% May
June
l<
I
Dei
SI4
1
I
1
Aug
Ma.v
Jan
Jan
3
'P, Ai)U
111.
86
27
35
90
77% Jan
I2'4 A IIK
I
Ul>4 Jnii
III
Jim 10
41
June'
III
I4i
Jan
87
Ian
F.I. I7I
JiiiiJIll
12
39% June
41% June
Fob
Feb 24
Feb 2
Kib2l
Feb
Jan 23
Jan 19
Feb
Jan IM
Feb 24
Jnn 20
38
June
% Aug
33
16% Feb 10
4
Jun l'<
72% Feb 6
33% Feb 15
67% Jan 18
3.'>»4
14»4
6
2.''>
4
Jan
Jan
Dec
Jan
Jan 20
60% Jan
M
95
29
70
20
51
1
Jan
5% Dee
15
100% Dec
Dec
June rl05
88
23
70
62% June
l.S
6l8
1
Apr
31
Feb 24
Fob 2
63
10
3
Sept
55
22
Jan 18
12
74% Feb
2%
10
25
20
Feb 23
119% Jan 14i
34-14 Feb 2
Fob 18
9J
6I4 Jan 25
34
Feb 3
28% Jan 24
II
II
50% Aug
Dec
Dec
Ue*
Jan
2»4
Jnii Jil
K..|.
25
90
3%
3118
6
loo
10(1
69
f.'t
1%
Jan
Jan
Jan
Jan
4718
103
Jan 13
473« Jan
00
Jan 14
16% Jan 5
Jan
Jan
41
Jan
Jan
24
64*4 Jim
Jan
111% June
24
21
Feb 23
Feb 14
Feb 21
Feb 24
Jau 3
Jan 14
Feb 9
Jan 4
Feb 20
Feb 24
Jan 27
Feb 9
Feb 9
Feb 24
Feb 21
Fob 8
78>2
7734
85
25% Fob
Nov
56 14 Feb 17
63% Jan 6
43
86
6434
95S4
Feb 23
29%
14%
39%
50%
Feb 2
2!l% Jan 10
Jan
Feb
47% Oct
67% Oct
28% Dec
Jan 21
87% Feb 23
Jan 24
Jan 3
3 '8 Feb 18
34
Aug
Aug
95
II
32»4
Jan
95
18
78
Jan 14
8
76% Jan
23% Feb
Feb
19%
19%
16
33% Jan 20
96% Jan 17
Jan 10
23%
Jan 14 1020
Jan 9 116
ISls
9% Jan 5
68 Jan 9
80
5%
3% Jan 3
89%
17
6
21
Jan 19
Jan 18
Jan 19
Feb
138
21
40
21
21
12% Feb
113
14
Jan 13
Jan 13
Jan 19
Jan 21
Jan 16
Jan 9
Jan 14
Jan
Dec
Dec
62% Dec
137
16
Jan 25
975
13
Apr
34% Feb 23
59% Jan 17
Feb 8
91
54 18 Jan 4
Jan 3
84
129% Jan 5
06% Jan
Jan
126
6
Jan
67
Jan
17% Jan
89 Feb 21
78% Jan 10
102% Jan 11
22% Jan 13
12% Jan 3
Jan 18
36
47
Jan 31
43
Jan 5
Jan 6
75
Jan 17
76
Jan 31
99
2% Jan 3
2434 Jan 30
18% Feb 21
834
15% Feb 23
69 Feb 23
101% Feb 21
82% Feb 14
45% Feb 23|
3034 Jan26i
23% Feb 14
52% Jan 27
114% Jan 4
67
6% Jan
4
Feb 8
87
109% Jan 3
I*
;
Bid aod aakMl prVvt,
82
tneNo
N
91
I<r2
!
HI
56
102
112
6S
Ihr.wh
I.mlher
too
ijref
100
-' 'I- I'i'M'o Copper.A'o par
I'rod
No par
d
100
r Miitor Cur
No par
' I'ni-iiinullc Tool.- 100
>PP<r
26
CUiuu Copper
..... 6
I
6HU 70%
118%'
'< 1
iiir,
'•I'd
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
29%
M.
]
111
.»»
•90
%
'M
'}
r
10
9l8
68
I
n
..'p'5
I.-,.,
40
'1
.1
I
72
Arlionu .Minlou. -10
mil (Jciiii
-.1
Plow
Vo par
12%
;
ff
.|!
.'.0%
•«H
82
2.ii'
!
'
•lort
61
26%
I
,-i6irl
12
'•
Jan 12
Jan 13
78
38% Jan
Deo
35% Dec
Dec
97
151% Dec
116% Dec
Jan
29
2434 Nov
Feb 23
1.52
Feb 23
120% Feb 23
I
66
•90
•Ml;
•IM
10
..
'
.
2'i
•OH:
101
.
16
31-
100
n 7.li.c-l.ea«I
1,7''
;
20
67
•10
•4n
5%
58%
pri.f
.
26%
.Wlj
Do
20:1'
flhi-!
nj%
61
.
i.i:..!
•HO
68%
<i,
•20
•4«
3.40;il
26
<t7»<i
10%
26%
001
Ho
:j7%
ft«
2
!'•
.11
58
Jan
100
41% Feb 23
48% Feb 24
1
Feb
65% May
56% Dec
100
11
13
61
7478
6234 Jan 20
10214 Feb 16
11
Jan
56% Doc
50% Dec
67% Feb 21
39I4 Feb 24
23% Feb 23
per short
90
Jan 26
3714
10
Jan 18
Jan 3
12
\
27
Feb
Highest
59% Jan 5
64% Feb 23
52% Jan 17
11
31
4
18
5
3
10
6
28% Jan
1
51
i c.
Butterick
100;
I,60n| Putto A Supi-rlor .Mining
10
l.KK)' Caddo Central OII<VRef .V« par*
2.70;i C»ll/i-rnlii I'uckUn!.
.No tiiir,
IH.HOill Callfi>rnln I'etroleuni. . .
100
.->%
32l»
•67
70
:au
H9»t
'i'*H
3%
33%
07%
•3/i
k
4
70
33
67
3H
5%
60
16%
I4>4
•31;
'
5%
5*4
•68
;
3l2
71
64%
)•
I
'.»2
32
'MS
New cliwa B com
9,I00|
300| Bu.'h Trrni UldR.s. iiri.-f
1.901)1 Bulte Coupi-r di /Sine v
32% 33%
•91
92
•253|
•1,
•flO
18%
5%
1'/^
4A
37
3
116*4 IIK
2fll4
I
Jan
3134 Jan
61
Jan
31% Jan
51
Jan
98% Jan
32 14 Jan
93% Jan
141
Jan
115% Jan
7 Jan
19% Jan
41
Jan
4% Jan
12734
year 1921
Loioest
S per share
7
12
3
52
100 Brookl.vn EdI.son. Ino
100 100
100 Brooklyn t.inlon Gas
70
lOOJ
Brown .Shoe I no
42
1001
lUO Hrun.'swii'k Term * Ry SciJ.lOO
2%
4.800 Burns Bros
lOoi 113%
44I4
•2%
pari
.1001
lOOl
32%
•!¥'.>*
i:.
23
105
71
5%
33
•90
65
32I1
26»,
';h
15
^«i
•68
•43
«'4
5%
6%
Ml;'
101
34%
•91
4«»!
M
a
•60
•22
108
6
32lz
2«lt
.
iif»
65
22%
2%
1
331-.
92
5%
•9
105
71
44
2*4
.34%
107
»%
Preferri'fl.
Barnsdall Corp. Class A
251
1.300
Class B
25
900 Batopllas Mining
26
1,700 Bethlehem Sieel Corp
lOOl
Do Class B CominoD..100!
37,400
Do pref
500
100
Do oura conv 8% pref. 100
1,000
2,100 Booth Fisheries
No pari
400 British Kmpire Steel
100
l>!t preferred
..100'
"'665
2d preferrid
92%
m
•a
lli'ni
•92
108
6
9I4
671
3*i
%
92% 92%
64
-S
.V«
221
I
I
63%
I,'
•Ji
25
22
No
200 Barnet Leather
45
96
25
24
%
32«4
•91
.TJ"
•44
..9I4
9I4
50
...10|
58% Jan
108% 80.600 Baldwin Locomotive Wks.lOOl 93%
SOO
100! 104
Do pref
107% 107%
•%
108
6
100!
Sales Corp
Preferred
5875
'lO?
6
Preferred
Auto
PER SHARE
Range for prnioat
1922
Highest
S per share
56
Jan 16
IO6I4
44I4
•U
W
300
4
61
.0%
15
4
v.
18%
761:
.593^
%
1712
».0
17%
76% *75
4% •3%
14%
107%
107%
2OI4
117
60
H7I.
•.%H
7.-?
96
25
21
4'2
•14%
S'»
•75
*4
•13
105
23%
975
.5912
32 >
15
•2218
•940
"116
117
1634
18
Birthday
19
•20
2l«
74lt
I8><
23%
975
2,000 Atlantic Fruit
No par
Atl Gulf &
1 SS Line... 100
900
Do pref.
100
Atlantic Petroleum
25
Atlant Ic Refining
100
Preferred
300
100
5,000 Austin Niihols * Co
No par
I8I4
•20
32l2
261,
101-
60
s
20
•89%
•;%
•Mlj
•18
•23
•940
•110
10678
44I4
221)
2%
38
26% 12,800
•89% 96
103
•70
•42
44
13%
300 Am Wat Wks & El v
100
1st pref (7"c) V tc
100
Partic pref (6%) vtc.-lOO
300
300 Am Wholesale Corp. pref. 100
30,500 Amer Woolen
160
300
Do pref...
100
800 Amer Writing Paper prel..l66
900 Aner Zinc, Lead & Smelt. 25
Do pref.
25
19,600 Anaconda Copper Mining. 50
2.400 Associated Dry Goods
100
800
Do l3t preferred
100
200
Do 2d preferred
100
700 Associated Oil
100
26%
I07I2 IO7I2
46i2
914
103
72
•.»
Washington
I
27
10234 10234
3
3%
10434
'8912
92I2
9l2
•36
234
*«
•'2
59
64
93
13 14
25% 27
1418
IO7I4'
•20
•20
22
63
22
103
Closed;
•40
45
96
25
02
307(
234
2714
I8I4
106
I
13%
38
48% 4834 48% 48%
55
.551.1
55% 56
77% 78% 76
78%
78
77% 77% •77
103
234
16%
02
•
Exchange
16
I
3li
Stock
77I2
7712
78
92
A'4
.5573
1614
92
87
4834
24
26
36
8
75
85% 86%
87%
1334
5.5
75
105% •105
•24%
4734
I
I
85
105
38
78
6
»7l'>
I3I4
I7I4'
32I2
lOij
90
7CI2!
4I2
321;
73lz
*S7l2
I8I4
3214!
48
•86
9OI4I
19
23I2
32<4
^l
*87l2
2478
1077, 1077,'
108
6 '4
10
89
86
263^1
• 1,
59"
58
89
101
101
10713 10712!
48
23%
7012
Hlj
10.5% 106%
10412 10*1
•107
IO7I2
^22%
•7612
77
77
116
•3l2
23%
•36
.>178
990
•75
S
75
•22%
J3I4
4878
116
17
76
73
734
837s
•10312 IO5I4
2418 2418
38
*7l2
76
23%
734
100
B 100
t c.lGO
2212
•73
23I4
1334
960
76
•13
734
75
22I2
90
8312 84
105
105
83I4 83l2
IO3I2 105
2318 24%
•99
101%
134% 137
90
90
I3>«
"101
101
132% 136%
1
basts of lOd-share lois
Lotoesl
99%
4012 41%
9954 100
.534
99
80
43
131
37
•67
3978
39
59's *58
•102
'IO2I4 103
47I2
6712
•87
•130
32
70
5178
37%
534
66% 67
•56
»6S
39
59
5%
14
6612
58
52I2
4712
I35I4
I4I2
141s
3318
»5178
3634
834
8
134
91
Sharen
58
•64
64%
2278
SI2
22%
•45
$ per share
57
23%
8 Is
2218
6
133
i per share
57
64
Range sirue Jan.
EXCHANGE
Week.
I
PER SHARE
STOCKS
YORK STOCK
NEW
the
Feb. 24.
2234
47I2
8
47I2
•43
Friday,
Thtirsdny,
Feb. 23.
8I4
22
7^8
22
Sales
for
1
%\
III.
Juno
lU'
\)<pf
*3% Apr
107% Jau
11
New York Stock Record— Continued— Page
836
11111
3
For sales during the week of stocks usually Inactive see third page preceding
BIOH AND tow SALE PRICE— PER SHARE, NOT PER CENT.
Saturdau,
Feb. 18.
Monitav,
% per shar
IOI4
191s
S V'r sha'K
19I2 2OI4
$ per share
19% 2014
*80
57
•18
106
*80
90
*80
58
20
5314
*18i2
6OI4
XO'i'4
imh
10''>78
23'4
2334
650
680
24
675
24I4
24%
670
14234
17%
5I2
5I2
5'4
5'4
79%
80%
82I4
93
670
138
*15l4
10
93
*9
IOI2
•9
12
38U
38I4
39% 39%
84
84
39
82
83
39
85
85
I.39I4
17
81
*106l2 107
80% 82%
93
11
39
84
•1238
I2'2
12%
13
1258
12%
12%
I3I4 ;.13l4
1334
1378
14%
14%
14%' 14%
%,
%
yj
57
6178 I62I2
•96
98
•6712
fiSlj
•95
98>2
I5OI4 I5OI4
8l8
•7OI4
73
6934 697g
81
81
37% 3738
1
•84
•27
85
2812
18
•I7I2
267,
Ig
Is
2r,7g
I;
57I2
6234
«5."»
6 134
•96
•56
62
•97
98
68I2
•95
9812
15012 153
68
•6712
8I2
8%
70%
37
*84
*27
85
29I2
I8I2
I7I2
•25
98
69
9334
99
I
8%
69
82
81
37I4
33%
38
•84
•27
18%
85
29
18%
27
'84
85
29%
•1734
2684
2634
8%
8I4
8'4
8'4
8I4
7234
7312
73%
74%
7314
74%
70%
15g
2l8
2
2
2
2
»»60l2
61
7712
7612
61
I4I2
*5l2
15
75
1
H%
I4I4
L6
•6
4
378
878
9I8
39I2
•38
9I4
*8'4
38
•37
•29
85
2934
85
•10684 IO7I2
15
15
,
71
,
26I4
70
54
12
•63
]
72
27
,70
'57
12l8
1378
3OI2
134
1612
5714
3512
578
•88
3834
•95
•76
•68I4
2712
15%
128
4C34
60
•27
76%
6
4
9
39
4
83*
38
*8l4
107%
14'»
1534
15%
1534
7234
71%
7234
71I4
72%
27%
2734
28% Exchange
2734
28
70
57
70
70
57
12%
62
69%
70
57
32 14
1%
1%
I7I4
16%
5534
35
36
90
8934
39%
38% 40%
61
15%
97
77
70
48
49%
51
27I2
27% 28%
I53I4 I53I4 158
158
•11034 114
•111
114
•95I2 96%
95
95
•98 10012 100
100
I4I4
1334
14
1034
1034
10% 11
•38
•97I2
•100
160
•110
81
•60%
•18
48
89%
26%
2734
31
11%
106
106
11%
2 '2
2%
II9I2 12138
83
83
26% 20%
13
2934
•6534
•10312
I3I4
30%
67
30
67
94% 94%
152
113
15278
113
81%
60% 60%
•18
18%
•8OI4
48
2%
1
1
20 14
27I4
28
3OI4
13%
31
108
106
110
2I4
834 123
>4
86
I3I4
12%
30
•06
31%
60%
I414
13%
14%
26
2534
2534
•1034
11
l|l8
•119
•119'4 120
120
3478 347j
34% 30%
II2
•88
91
•8UI4
90
•111
II2I2
I3I2
1312
6918 69 !«
79
2
79
2I4
33%
40%
33%
•85
89I4
•HI
13
•60
67
67
19
•16
19
54%
•15I2
57
7%
•24
•9
•12I|
778
25
10
13
•16
57
41%
7%
'8
5S%
42
37
88
89%
60%
31% 31%
68% 69%
42
42%
734
7%
89%
112
/
83%
20%
2634
13
13%
83%
31
60%
14%
1534
26
28%
37%
37
37%
82
1%
80%
•1%
801
35%
3414
35'4
134
88
83%
83%
90>
89
89
6OI4
60
31%
31%
•30
•54
•17
•54
69
671
19
6OI4
4134
42%
16
25
7%
•23%
•9
10
•9I4
10
•9I4
1234
1234
1234
1234
* Bid and asked prices; no sales on this day.
13%
110%
15%
I2II4 123%
00
•23%
7%
13%
108
108
U5
113% H3I4 •110 116
1334
1334
13% 1334
25
•24
20%
47% 47%
34% 34%
26% 26%
2034 27%
30% 30%
10% 10% •10% 11 Is
135% 136 •132 136
•119
•119%
•85
111
111
•1334
14
84
64
61
•12i»
tEx-rlKhts.
69%
41%
6OI4
311
5734
18
5934
42
8
7%
25
•23%
25
10
13
•914
10
13
S
•12
8l8
10
.100
25
100
Loew's Incorporated
Loft Incorporated
Loose-Wiles Biscuit tr
2d
No
par
Stores.. 100
100
Mulntyre Por Mines
Metlcan Petroleum
100
100
5
Preferred
Miami Copper
on Corp
10
.fe
Ordnance. 50
300 Montana Power
lOU
Do pref
100
Mont Ward *ColllsCorp;Vi) par
Mullhis Body
No par
National Acme
50
34.900
3,000
300
2.100 National Biscuit
Do pref
100
2,400 National Cloak & Suit
600
3.100
50,800
200
2.000
300
1.300
700
1,900
600
24.500
40.000
9,500
100
100
100
100
Do pref
Nat Conduit A Cable.. A^o par
Nat Enam'g ib Stamp'g
100
100
Do pref
National Lead
100
100
Do pref
.Navada C'onsol Copper
5
New York Air Brake
100
New York Dock
100
100
Do pref
No par
N Y Shipbuilding
North Amurlcau Co
50
Do prut
50
Rights
Nova Scotia Steel A Coal. . 100
No par
Niinnally Co. (The)
200 Ohio Body A Blow
Less than 100 shares,
Jan 10
Fob
Jan
136
8%
69
6334
79%
3t%
80%
20%
12
26
8
4
9
5
Jan
Jan
Jan 2t
Fftb2t
Feb
Jan
Jan
Jan
Jan
Jan 12
Feb 16
% Feb 10
7
V'l
a Ex-JlvlUeud auJ rights,
r)'tr
Feb
10;
Feb
25
Feb
700
Jan
14)34 Feb
Feb
13
534 Feb
82% Feb
109
Jan
34
15
Jan 12
Jan 14
Jan 9
Jan 6
Feb 9
Jan 27
Jan 20
Feb II
Jan 6
Jan 16
Jan 23
Jan 3
Feb 14
Jan 4
Jan 4
Jan 13
Feb 9
Jan 6
Jan 9
Jan 4
Jan 17
Feb 15
Jan 5
Jan 19
10%
3%
3%
5
37%
7%
33
26
79%
105%
13%
62%
25%
69%
64
11%
60
46%
67
1278
24
1% Feb 23
Jan
38% Jan
10
4
4
34% fs\> 11
5% Feb 24
81
Jan 17
34I4 Jan
90%
71%
4
61
25%
15%
110
44%
21
100
10
3
II
21
43
26%
I.53I4
11%
9
4
13
6
18
10
3
30
26
9
7
147% Jan 6
Jan 13
109
Jan 5
72
57
15%
30 14
3334
22%
20%
22
Jan 13
Jan 16
Jan 3
Jan II
Jan 6
Jan 4
Jan II
Feb 15
11
Jan 3
107% Jan 3
2 Is Jan 10
101
10014 Jan 10
79 '4 Jan 12
25I4
Feb 15
11*8 Jan (1
26% Jan 6
Jan 4
63
10018 Jan 6
Feb 11
12
19% Jan 7
10% Jun 9
I23<4
113%
26
69
1%
30'4
82%
85
108
I3I4
68
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
X2S34 Feb
63 14 Jan
Jan
Jau
Jan
318 Jan
22% Jan
9'4 Jan
II
Jan
4
4
17
5
10
1
18
12
10
16
3
4
17
13
44i8
3
4
7
38
x Kx-dlvidend.
13
4
1
10
21>4
Jan
2534
2% Dec
978
1596
I2414
10
Jan
Jan
7t<4 July
85%
Ian 30
85ij Feb |()
13
Feb 20
Feb
8
Jan
3
17
IS
IO2I4 Jan
155% Feb 23
Jan
Feb
Jan
85 Jan
33% Jan
87
Jan
10
73
73
3)14
3
10
12
10
20
13
Ian 2i
19% Feb
7
23I4 Jan 20
10
%
Jan 5
Jan 25
Ian 20
Feb 6
8t'4 Jan 18
17'8 Jan 18
Feb 23
34
77% Jan 16
6
1
Feb 20
15
6%
Jan 17
Feb 17
Feb 20
4
9
41
Jan 23
9% Jan
26
Feb 24
38%
31% Feb 4
92% Feb 23
110% Jan
16% Feb
72»4 Feb
34
Jan
74
Jan
5934 Feb
12% Jan
85
Jan
52
Jan
18
7
Si
hiTSept
75
67
Aug
9% Aug
8»4
Jan
54
80<8
Apr
109%
Aiig
9% Aug
June
63
60
69
Aug
Aug
26% June
62% June
15
Aug
9% Jan
81
Dec
106% Deo
82% Apr
97
Deo
1334 Deo
43% Deo
Jaa
90
84
Deo
19%
May
20%
6%
69%
78%
Dec
Jao
Jaa
May
117% May
70% Deo
95% Deo
143>4 Dso
16% Jaa
75
Deo
73% Deo
85
Deo
Jao
4418
Deo
34% Nov
86
Mar
I6I4
Jily
29% Deo
5% Dec
16% Jao
19
June
25
% Nov
50>2 June
13
June
Deo
5078
13% Jan
Not
25% Apl
82
49% Mar
61
Aug
10% June
Dec
8
2 June
6% Dec
86
16<4
May
May
May
2034
Jan
29% Mar
6
Aug
42% Deo
40ij
Dec
June
31
21
67% Aug
g9>4
June
7% Aug
Aug
25% Oct
63% Oct
7% Jan
1584
1384
67
29
Jan
Jao
Jaa
Nov
100% Feb
110
Jao
17% Jan
67J4
Deo
36
3
54
25
20
60
85
38% Aug
67
Aug
6% Aug
Sept
22%
73»4
7588
Sept
Jan
8% Jan
14% Jan
4% Oet
484 Jao
12% Deo
3
5
15% Jan 16
Feb 23
35
3
Jan 25
17% Feb 2
5S% Feb 17
39
Jan 14
7% Jan 3
97
Feb 18
43% Jan 3
Feb 2
93
Feb 24
80
Feb2t
Feb 3
18% Jan 17
I7t
Jan 3
50
Jan 20
51% Feb 14
23'4 Jan 17
163% Ian II
11.'% Feb i3
IOOI4 Jan 16
IO714 Jan
I414 Feb 17
t
ll's Feb
41>4 Jan 2
Feb
Feb
152% Feb
113
Feb
81% Feb
Oct
l8
39% Oct
39% Aiig
77
Aug
May
May
20
20
20
Jan
71
June
5>8
21
% Jan 20
73% Jan
Jan
Oct
Apr
Nov 1690 Feb
Di-c
124% Dec
Jan
lO's
Jan It
Jan 12
Jan 25
2
Feb
59% Nov
13% June
10
41
103
33% Feb
95
93% Nov
4t% July
73
29
10
Mar
23
52
87
Jan 20
65
70
Oct
Oct
10
2i8
5
per share i per share
10%
68
20
99
Highest
10
8t% Jan
90%
76% Jan
i
previous
1921
24
23
19
9
447> Jan
4
Maihleson Alkali Works... 50
2.200 Maxwell Mot, class B...Vo par
.Middle States
Mldv/ ale Steel
55% Jan 26
67
94
3
1.100
$ P'T share
21
Jan 20
8t% Ian 17
6214 Feb 4
,53% Feb 17
6514 Jan 3
Jan
25
no par
Co IB -St
4534 Jan It
90
ror
i/ear
1434
Feb
M
Ranje
12% Jan2t
% Jan 20
97
100
1.800 .vianhattan Shirt
2.700
irland OH
6.500 .M irtln. Parry Corp
May Department
Do pref
101% Jan 1
18% Jan 4
Jan 9
600
125
Jan 13
14% Jan 25
2% Jan 4
76% Jaa 10
lot
Jan 5
7jl8 Jan 10
91% Jan 23
Jan 3
9
Jan 17
38
75
Jan 5
76% Jan 5
11% Jan 10
100
100
100
!00
100
100
par
100
300 Mackay Companies
Do pref
200
Milllnson (H R) & Go. .No
1 ,500
5.200 ManatI Sugar
5.000
100
20.000
103.200
100
2.000
38,700
36.300
11% Ian 3
78'a Tan 17
43^4 Jan 10
l'>% Ian 3
36
Lorlllard (P)
2d oreterred
PER SHARE
1922
IHgheil
108
91
93
preferred
I
l09-?'ii'''! tots
i ner share
100
100
100
No par
No par
ctfs. 100
1st preferred
Do
1,500
100
Ji'i
')/
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
%
Do pref
330
800 Lima Locom Wks Inc
200
Preferred
•103%
14% 16
25% 25%
2%
36%
80
•80%
30% 31% 30%
60% 66% •66
•81%
1%
32%
59 14
32
66
30
4II2
89%
38%
13%
64'8
19
4112
•85
88
89%
112%
120
59I4
30
57
30%
7918
2
•29%
63
135I4 I35I4
120
I3I4
•103%
•103%
13%
4078
80
12%
26
83
112
13%
•11
li2
13%
109%
318
234
II914 I2114
•83%
153
115
.
preferred
Kelsey Wheel Inc
6
no
20
26
l|i2
40%
18
81%
64
20
49
34% 35%
I3I4
•78
8II4
61
26% 26%
13534
93%
100
•97%
35%
26 14
133%
93I4
•100
•151
•113
48
I3l8
134
98
109
153
115
49
2(il4
130
98
•100
•152
•113
20%
III4
160
113
100
^38
20'4
67
46%
50%
27% 28%
10
.100
.100
.100
3,300
nO
10,700 Kennecolt Copper
No par
24.300 Keystone Tire & Rubber.. 10
3.700 Kresse (H 3) Co
100
4.000 Lackawanna Steel
100
800 Laclede Gas (St Louis)
100
2,500 Lee Rubber & Tire
No par
300 Liggett & Myers Tobacco. 100
99
•83%
30%
137
46
•50
700
37
.
20%
•103%
I6I4
135
100
100
73
27%
1534
•157
112% 112% •112
•98
1234
13
10734 103
87
7934
7934
27I8
160
pref
700 Kayser (Julius) & Co
23.000 Kelly-Sprlnsjfleld Tire
1,700
Temporary 8% pref
37
•IWi
12334
98
80
37
31
121%
50% 51
27% 28%
4934
98
10%
27%
•8314
26I4
13
48%
98
39%
1034
31
2%
47
90
10<4
28I4
31
2%
134
c.
1,000 Jones Bros Tea, Inc.
10%
27
28
121
70%
2734
17
1341
Do
200
t
6% 21,700 Kamas & Gulf
5%
1034
•34%
106
98
80
•155
58
35
Hupp Motor Car Corp
76,600 Island Oil & Tranap v
5.800 Jewel Tea, Inc
13
2OI4
106% 107
6%
89% 90
39% 41
•96
•77
70
•56%
35
»35
534
134
1034
11,000
1,200
1,600
20%
•11
,
35
1%
16
13%
10%
35
106
17%
68
I3I4
•2514
27I4
110
134
16%
A
13%
135
IOOI2
'1%
55
1434
433
13%
48% 49%
31
67%
15%
34%
67%
100
100
10
par
5
10
600 Hydraulic Steel
No
4,200 Indlahoma Refining
3.900 Indian fleflninB
1,600 Inspiration Cons Copper.. 20
600 Internal Agrlcul Corp
100
Do pref
1.400
100
International
200
Cement. .A^o par
8,600 Internal Harvester (new).. 100
500
Do pref (new).
100
3.100 Int Mercantile Marine
100
Do
21.900
pref
100
3.200 Internal Motor Truck.. iVo par
Do l8t pref
1,000
..100
400
Do 2d pref
100
18,000 International Nickel (The) 25
Preferred
400
100
8,800 International Paper
;.100
600
Do stamped pref
100
27,700 Invincible Oil Corp
50
13,300 Iron Products Corp
No par
14
99
109
19
Rights..
8,700 Gulf States Steel tr otf3...1O0
12,100 HarbishavT Elec Cab_.iV5 par
Ha-ikell & Barker dr. .No par
1.000 Hendee Manufacturing
100
100
*98
•100
6
Granby Cons M, Sm & PowlOO
1,300 Gray & D ivls Inc.. ..A/o p ir
300 Greene Cinanea Copper .100
3.500 Guintaaamo Su^ar
No par
*98
99
110
•60%
•18%
67%
94% 96
*98
•100
134
12
15
110% 110%
99
110
ISO
112
81%
1134
35
158
40
113
55
70
65
6834
16%
•37
•80
69
14%
17%
41
•111
7934 71%
27% 27%
33I4
4314
40
81
6I34
1812
4812
40I4
2Ui2
28I4
31
38% 38%
29%
•29
6834
135
40
150% 151%
9'4
ton's
27I4
1.58
38
Birthday
71
28%
334
50
27%
51
4
334
49
77
28
5%
3%
65
27I4
1634
16%
50%
8934
47%
50%
134
12
6734
98
132
48%
5634
97
77
70
I718
I3OI4 I32I4
15 Is
11%
59
3712
72
49%
35% 35%
5% 6%
90
27% 27%
15^8
•58
6%
578
70
47I2
1%
17%
1%
27I2
130
33%
17
5534
96
77
70
81
3234
18
6734
Washing-
5(1%
r.
34
85
91
91%
10734 •10634 107
15
15
15%
7134
27',
•6912
07% 67%
14
29%
•5
9I4
1(1714
11%
62
43
71
26% 26%
8I4
8%
37%
85
r.7
8%
84
27%
9I4
92%
48%
8%
9I4
2934
12
99%
152% 152%
i 3%
8% 8%
3734 38%
38%
47'4
*99
25i
W
8,100
90
Clo-sed;
68
No
100
100
par
100
2.500 Freeport Texas Co
No par
2.900 Gaston,
& W. Inc No par
100 G.in Am Talk Car
.Wo p ir
36.900 General Aspdalt
100
303
Do pref
100
1,100 General Cl?ar, tnc
lOD
400
Debenture pref
100
10,500 General Electric
lOD
52,900 General Motors Corp../Vo par
300
Do pref
100
3.600
Do Deb stock 16%). ..100
Do Deb stock (7%)... 100
300
6,100 Goodrich Co B F)
No par
Do pref..
100
14%
3818
•54
100
68
400
6,400
Fisher Body Corp
Flsder Body Olilo, pref
Flsk Rubber..
14%
534
50
& Smeltlo?
15
(J
100
50
100
pref
14%
•29%
121
*97
Do
77
90
TA
10')
7534
29%
Stock
Kodik
76%
38
107
10
600 Homestake Mining
7,400 Houston OH of Tetas
88
10034 10634
Eascman
pk
...10)
Mines. Ltd
61
2914
14%
92
37
97
834
Dome
Electric Stor Battery
200 Elk Horn Coal Core
20T Ernsr-ion-Brantingtiao
6,000 Ea'ilcott-JotiaaoQ
100
%
•I5I4
37g
9I4
7.909
lOS
4.800
60
5
383i
Mlai!S...V')
6134
38
88
684
6%
3%
OoH
6134
75I4
88
1378
67 14
36
9I4
%
2
16
B3i!r3
Federal Mining
56% 66%
62% 63%
134
2934
67I2
2
38
14
68%
38
32I2
I7I4
3%
8%
9%
.
1414
68I2
5
*X5l2
Oj
300
83%
12%
14%
83%
12%
74
*37
•29
68
47% 48
•68
•14U
Par
(CDn.)
Vfiscell.
10
15,800 CubiQ-Amerlcaa Su?ar
Preferred
.100
34.100 Davtsoii Chennlcal v t c.no par
12
39
84
17%
1
134
I5I4
15%
•61% 62
75% 76
14% 15
I5I4
15
*8
•38
*80
7II4
71
•27
77»
15
8%
&
107
100
Do pref
100
80% 82
31.400 Famous Plavers-Lasky.iVo par
Do prererred (3%)
92% 93%
400
lOD
69% 0834 69
81
81% •80
38% 3734 38
734
61
69
99
152% 155%
155
9
*70i4
•25
27
62% 64%
98
68%
71%
3378
59
63I4
6934
81%
82
.J
69 14
•71
71 12
mn
13
80'4
I'Uls
Co'veit
Indus.
107
'
•55
57
98% 99
153
878
6912
*81
%
%
84%
SU
81%
Ranue vincp
Oa
EXCHANGE
Detroit Ellison
677
85
85
<8
107
25
2434
17
•4
•80
•83
I»55
107
138%
5%
84
*83
59% 60%
•18% 19%
675
17%
93
*8
*38
19%
90
14134
8OI4
81% 82%
•9314 93%
19%
•80
680
*4
80% SI
•10534 107
8
•80
83
20
90
10-")%
142%
106
19%
50% 61%
•1434
8II4
Sharf.n
*18i4 20
10-3% 10-312
2434 25
670
106
Week.
$ p?r sharp
•85
17%
*15
Feb. 24.
$ per share
PER SHine
STOCKS
VO'IK STOCK
NEW
the
Feb. 23.
20
106%
19
Fridai/,
S per share
6178
6OI4
20
Th'irsdaij,
Feb. 22.
90
13934 14212
670
•I39I2 140
15
15
*4
6
79I2 80ij
•105ij lOS's
8O34 81 12
•92I2 9312
(Vednendiij,
Feb. 21.
Feb. 20.
90
•23I2
Tiiesdai/,
Sales
for
Oct
11% Aug
Dec
2
4
Mar
32% \ug
68
7014
70
35
Mav
M ly
Mar
Mir
16
8%
130
32
40
17%
13314
97%
Jan
Jan
June
Jan
Jau
Jan
Jan
Aug
6t
8712 Aug
10 June
30
Aug
Aug
Jan
734
42
76
May
Jaa
64% Apr
17
26
40
May
May
May
Nov
Jan
Jao
4634
3334
Nov
9
Nov
85
Deo
Deo
64%
May
9t
Jan
June
80
69
Nov
27% Deo
17%
177
May
Deo
68% Jao
67% May
30
164
110
102
Deo
Deo
Nov
Dec
100% Deo
21% Mar
1284
42
Jan
Jan
98% Ap'
99
4
9314
100
t
94% June
100
Feb
Jau
59% Jau
55 June
Jan
10
Oct
21
June
18
164% Feb
62.4
Ian
21
21
23
.'4
20% Feb 24
SO
42is
29
34
33 14
Jan
Feb
Feb
Feb
Feb
25
6
10
7
8
Jan 13
110% Feb 24
Ian >
103
115% Feb 24
Feb
10
120%
So's Jan 5
27'8 Jan 21
13U Jau 3
3218 Jan 20|
69'| Feb 2
10 I -8 Feb 2
lr,\
Feb
Feb
Jan
Jan
137
120
Feb
3S% Feb
80% Feb
16
2334
I3!«
2
'4
23
Ian
Mar
95
Sept
Deo
30% Nov
22
24
Deo
Nov
15% Deo
114
Deo
109
Deo
84% Aug
167% Jan
Jan
Deo
16% Nov
33% Jao
64% Deo
101
Deo
IS84
10
July
22
43
June
Aug
92% Oct
12% Dec
28
25
May
Jan
128% Deo
2
105
Aug
15
Sept
1
24
17
.'3
5
15% Jan 23
44% Oct
%
26
89
5
June
M,ir
.'1
45
Jhu
Deo
31
13
23
32 >4
2
Z:i
20
20
10
1
Aug
31% Aug
>8
Dec
20 Is N.v
8% Mir
714 Nov
Nutr stuck.
Jan
35% Jan
79% May
65
95
87
108
47% Aug
20% Feb
4
120
Aug
67% July
too
9
30
Sept
June
23
62% Jan
6 Ex-rlihu.
65%
18
89% Feb
3634
20
Frb
Jan
57
Feb
Jau
18
60% Feb
42i8 Feb
8'4 Jan
2 3 '8 Jan
10
Jan
I3I4 Feb
Sept
13
11% Aug
8 June
Deo
Deo
Deo
72
28% Jan
Fell 10
10
33J4
Aug
62
1734 July
43 <4 Feb
Jan
9114 Jan
4
I2i8
HI
Mar
10% Dec
Jan
102
3
10
91
113
136
100
Jaa
Feb
Mar
Deo
May
15% Deo
Feb
89
39
57%
33
46
May
May
Feb
Deo
41% Nov
% Deo
39
Mar
12% Jan
11% Deo
J
2
1I
2
21
4
New York
Record— Concluded— Page
Stock
7
6
7
1
1
.
837
4
For sales during the week of stocks usually Inactive, see fourth page preceding
HiaH AND LOW SALE PRICES— PER SHARE. NOT PER CENT
Sales
for
the
Salurdav,
Feb. 18.
Afnndny,
Tvesitay,
Feb. 21.
Wednesday.
Thursday,
Feb. 20.
Feb. 22.
Feb. 23.
Friday.
Feb. 24.
M'etJ:.
% per share
$ per share
S per share
$ per share
S per share
S per share
Sharer'
2l»
2l->
238
•5I4
1534
16
15'4
137
95
•I3fi
•9334
136^ 137
•1534
16
13612 137
•9334
9384
95
•lO's
281s
U)l2
•Ids
10<3
lOlg
27^8
•7I2
•65I2
•I3I8
46l2
28
2778
•55
62
54 14
8
66
1378
47I8
53I2
49^8
•8'8
•1514
7538
7612
3334
9478
34
97
•89
9II2
32I4
SlVg
15
15I4
3034
7^8
3034
8'8
1434
64
•88
66
1534
14^4
•14
47I8
46%
15
47I2
60
•55
77g
76
34
95
•89
321"
15
31
778
5978
•90
•15
02
•88
•96
•110
53
50
4834
16
6418
•78
•1514
738
75
34I4
3414
93
3034
5138
3034
52
83
5
50-^5
51
1378
•1^8
1378
17g
•14
2
I4I2
2
63I2
63I4
•9II2
13
95
1314
8"4
•8
3938
19
4078
•73
•45
•114
3938
178
7^8
•93
9212
•88
3278
•32I2
33
60
•90
92I2
•ISig
I5I2
6412
65
•88
65
92
26i2
2612
7878
2612
78
11638 II7I4
38I4 3878
51 14
I3I2
52 14
34
34-3g
98
9834
1378
32
39'2
9478
102
438
538
4*8
5'4
30
•2734
2I4
•IOI4
I
478
5•I3I2
I312,
178
•1^8
•14
2
6478
9^*4
5
5218
52
1334
•1312
178
•1%
478
134
•14
193g
4II4
191s
•5II4
123
102
33%
•28
2I2
I03g
3I2
44I4
•M
61 "«
537)
99
«7g
3»4
44I2
06I2
01<4
MI4
45I4
441
251;
34
•43
4312
01 14
iini2
f<|34
•I3'4
34
nz
14
34'4
25I4
133
132
6338 637,
94
•Wi
I
9»s
34
17'2
1027, 103
27
2-134'
.i.i'i
•43
9(J7,
3;Tii
4.il2|
0-2
•43
92
116
27
1
14
Vr>t
35
367s
n
3|l2
•90
'3*4!
3T7|
•00
r,H
•flfli4
6H
SO
50
Ml
•Ofl
M
•i»**
0'4
II
02
3I>«
7'4
U
H4
'1.:
liO
•111
4«.34
•83
HH
•m
•7U
iibl
71
7H
and
2978
9
6614
Feb 21
Jan 30
8 '8
18
10
12
4878
6134
11
56%
10
51I2
1212
1,534
Feb
3II2 Jan
4
Jan
89% Jan
28I4 Jan
1318 Jan
2778 Feb
Feb
7
46
Feb
28
7% Feb
2
5934 Jan
5878
go's
I
II
5
23
17
Jan3C
I4I4
Feb 3
Feb 2
63
Jan 12
Feb
24% Jan
16
10
66
Jan 7
10513 Jan 6
31
Jan 4
91
U
33% Jan
Jan 10
94
IO8I4 Jan 23
I912 Jan 2,'i
1334 Feb 11
24
Jan
100
55
Jan
12
65
10;)
5912 Feb i3
2513 Jan 3
4934 Jan 27
61
6
May
Aug
Dec
Aug
.'4
87
21
7934
20
8
Nov
24»4 Nov
4
Dec
23
4
Mar
2713
38% Jan
38% Aug
34% Aug
Aug
6
Aug
68
17
1
Feb
June
46% Jan
Aug
8
1
20
23
3434 Feb
105% Jan
92
Jan
33% Feb
I714 Jan
36% Jan
12
Jan
71
Jan
6314 Jan
Jau
93
1634 Feb
Feb
67
93
Jan
3034 Jan
8OI2 Jan
11878 Feb
3934 Jan
38% Jan
lOOij Jan
114% Feb
22
Jan
15% Jan
3.-78
Feb
7
1*4
312
14
17
4
73
4
83
per ihare i per shart
3
15
6
Jan
Jan 10
16% Jau 20
IOI4 Jan 3
7«78 Feb 11
Jan 17
III2 Jan 3
3.600 Philadelphia Co (Plttab).. 50
1,000 Phillip-Jones Corp
No par
Preterrc d
1 00
5,100 Phillips Petroleum
No par
11.800 Plerce-Arrow
Car
No par
6,300
Do pref_
...100
16,000 Pierce Oil Corporation
25
6.900
Do pref
100
1,800 Pittsburgh Coal of Pa
100
Do pref
100
"Y.eoe Pond Creek Coal
10
1,000 Pressed Steel Car
...100
Do pref
100
1,500 Producers & Refiners Corp. 50
700 Public Service Corp of N J.IOO
7,000 Pullman Company
100
6,500 Punta Alegre Sugar
50
5,200 Pure Oil (The)
25
1,300 Railway Steel Spring
100
Do pref
100
700 Rand .Mines Ltd
No par
2,900 Ray Consolidated Copper. 10
5,300 Remington Typewriter v t clOO
734
42
1978
I9I2
21
40
38
3934
71
•52
75-34
57
7li
5%
30
21?
IOI4
•2
10
IOI4
27%
94
9%
94
63% 64
18
1734
•92
96
ia3%
10
34I2
I8I4
06
102
10313
2678 2678
llOij 115
66l« 67
•4234 44
14234 143
4712 61»4
673i
44
1
02
07»
4
447.
00
5413
•09
9934 KiO
33I2 33I2
•33*4
43
•43
961:
04%
1161;
fll'-a
14
HI4
13<4
14
3HI4
30
37IX
•00
7%
13
•hO
•7H
16«»
•117
4r,7i
1
34
92
3212
607*
60
7I1
•01
113
100
14
A
SOU
42
HO
41
Kdy.lOO
100
li)0
5.90<)
Utah
1,000
Uuh
65,600
to
V
Vaojulluiii (;orp
Vn
4,600 Vh
1,0(M)
40;i
2,|fH)
10
(;«i)p>T
HiM-iirltlos
<i
No
pref
Una
May
May
148
96
16
Nov
Jan
64% Jan
1
Jan
934
68
Deo
1714
Jan
50% D«o
Now
58
79% Feb
Jan
Deo
7134
1312
78% Deo
June
June
15% Apr
64% Deo
35% Jan
Mar
67
16
20
20
20
JaD
4
6
30% Apr
33% Jan
26% Aug
37% Apr
978
678
15
3
13
Jao
17
105% Dec
90% Dec
Deo
June
34 14
Aug
42I4
May
Oct
88
Mar
914
21
Aug
30% Aug
14% Nov
Jan
Deo
Deo
16% May
96
Jan
13
3
3
52
It
8278
8
6
16
17
48
83
27
54
Jan
70 14
May
15
8918
2434
2113
Aug
II4I4
Nov
67
July
98
19
Apr
Apr
11
Mar
514
25
3
18
15
6
23
J3
VIV'kIoii 'V)
HH
•83
Hn
a
-.
•Hi
•
.
id rlUli'n
J
r.i
rl
li
5234
1
14^4
9
10
4
2%
17%
23
27
234
09% Feb
9434 Jan
2314 Jan
5
20
9
35% Ja 30
42
1
1834
35
4
9
43
Jan
110% Jan 20
9l-'4 Jan 10
169% Jan 5
113% Jan
76
Jan
Jan
81
24% Jan
3514 Jan
79% Jan
Feb
100
3% Jan
Feb
5
26
Jan
134 Feb
9S4 Jan
42>4 Jan
38% Jan
Jan
23
127% Feb
61>s Jau
88I4 Jan
9
Feb
33
Jan
63% Feb
17% Jan
96
Jan
102
Feb
Jan
25
10434 Jan
65
Feb
4118 Feb
II914 Jan
47% Feb
16% Jan
Jan
60
6
Feb
2--4
July
Jan
12% Mar
Aug
June
20% Oct
Oct
Aug
17% Juno
78
66
93
104
Jan
34% Deo
51% Jao
40% Dec
99% Deo
109
Mar
2634 Sept
16
.May
3834 May
IOOI4
106
31
4^8
20
3
6%
31%
11
5I4
13
10
4
9
11
4
3
14
II14
46%
45%
27%
134
65%
95
1 1
34%
16
24
•
13
105
3
110% Feb
72.4 Jau
46I4 Jan
145
Feb
6().% Jau
27^8 Feb
Feb
64
6% Jan
10% Jan
Feb
46
05
Jan
64% Feb
66% Jan
101
Jan
Jan
37
44
Jan
94% Feb
Jan
118
651] Jan
HU Fob
38% Feb
29
1
24
13
1
1
Fi;b
S
Jan
Jau 9
Jao 3
51% Jao 9
Fob 7
99
66
Jiui31
Feb 9
H2
Jau 6
113% Fob 3
60%
5
JiiO
1;%
92
02% Jan
33% Feb
1
H
2
loo
25% Nov
2% Oct
54 14 Dec
85
Jan
30% Oct
478
16is
Aug
1'
'b
32 ij June
68i4June
26
Oct
56
75
103
Aug
119
88
6734June
98%
124%Juue
192%
105% Jan
66
Sept
81
21
Oct
June
.10
13% Jan
.1
1'
:i>
27%
17
Full 17
Jnn 4
66
Jiiti
137
117
Jnn
10
6
Jiiii
II
Jan
84
Jan
04^ Jan
4
12
;)ltK4
6
4n
I'l.li
25% Aug
42% Jan
119
Jan
37
Apr
46
93 14 Apr
83
103-'<4
Jan
Oct
3
3'4
Aug
26
June
2
De<!
0% Aug
Juue
29
x32% Dec
1534 Aug
119
Sept
45
Ma"-
76% June
Aug
6
107
<Jct
104
19
June
100
June
Auk
62% May
11% Jau
Aug
38
5% June
67% Nov
10
10
17
7
May
Jan
8%
23
35I4
Nov
27% Jan
74% May
IN
84
July
Mar
102
(13% Dc«
7
20
14
18
12
1
16
tl
23
23
17
••
1
:M
,
Sept
Mar
40% Aug
Aug
74
41>8
Apr
26
37
Aug
70% June
Juno
105
J
i
Jan
Deo
Jao
86% May
115
Doc
Aug
12% Mar
41
Jan
7
26% Juno
Mar
72
Auk
69
6% Mar
H% Jan
49% Jun
76
Auk
Nl% H«pt
3N% Auk
29% Junp
July
HH% 1)00
42% Jnn
102-%
06
Jan
Jao
9% May
13% Out
Jan
Apr
72
04
06% Jiui
62% Doo
44
May
17% Jao
IH*4 Doo
111%
42
47
May
May
Jnn
lift
Dl'l
HliT,
Fi>b
tf)1
Auk
l»U<4
IIM'i
Don
Nov
6.'.i«
May
June
Auk
Aim
I'j
,
.
iij
1
.
to iiiuisof
Apr
38i«
44 12
66% Doc
.
1
7lt'\4
103%
41% Aug
1
'I
19
3
".
,'7
Mar
Nov
467.
,
H
Jan
25% May
.36.%
Auk
27% Nov
•
75
46
H% Nov
4% Nov
1
Jan
.May
Sept
Jan
Apr
44% Apr
92
23
-.
3678
175
72
91
13
rj.5»4
|-..b
'.)
Deo
10% Jan
1314 Jan
Jan
48
2534 Jan
11
Deo
Deo
48
42% Dec
28 June
67 Sept
15% Aug
87% Sept
7
4H<4
85%
Jan
Doc
Deo
Deo
Dec
Deo
Aug
17
16
ll
1
114%
Jan
Nov
20
20
:
l.-l
Dec
May
28% May
34
Jao
106% Nov
106
Jan
47
Feb
207
Jan
F)'I>2I
4
9-38
49
July
Sopi
July
20
92'« Fell 21
40% Jnn
36% Jan
7% Jun
Inn
Nov
878
Hi
2 i
16
3
17
67'4 July
H.'>
May
1234 Ma-^
Oct
31
14
697s
14% Dec
5% Feb
23% Jan
634 Apr
9334 Jan
104 June
201I4 J.ily
4
6
5
7
Jiin
4.1%
Oct
Jan 12
04% Jan IH
Feb 10
N
13% Feb S
«l6i4
4%
9
19
70
1
34
73% Jan
96% Mar
24% Jan
Jan 16
Jan 20
9
90
42I4
71-%
20%
97%
5
17
18
4
Dec
40% Oct
10% Aug
II4 Oct
Jan 19
34%
43%
17
3
16
Feb 21
Jan 3
Jao 16
Feb 23
Jan 21
Feb 14
Feb 15
Jan 18
Feb 24
Jan IS
Jan 26
Jan 3
Jan 21
Feb 1
Feb 7
Feb 24
Feb 6
Feb 24
Jan 3
Jan 20
Feb 10
Jan 3
Feb 24
Jan 5
Jan Hi
Jan
5
5
5
May
39% Jan
55
79
Jan
75
18 June
Jan 20
115%
80
75I4
Feb 24
100%
Nov
Nov
41%June
I23I2
1
47-34
-3
7534
3
47I4
25
23
44
98%
7
28
23
Feb 23
183
37
33%
Jan
21% Jan
Jan 10
Jan 3
69% Jan
Full
60
8%
15
734
I'i'li
077.
•7
• ai-4if
10%
HII
I'K)
frUCina.
91
92
AM
V,
60 '8
60
.
8OOI
1%
100
.100
III.
. I ....Vo par
100
•> (K W)
KM)
KMI
I*
vie.. 100
47
Ills
..
..28
i<
12%
1%
lib.
Uu. 60
.'Ill
47%
Jan
27% Jun 16
67
Jan 31
60 F.-li s
6% Jun 6
I03| Jim 10
100
.No par
par
V«
1
no
1
Jao
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jau
Jan
33%
54%
87%
24
21
100
Cbein..lU0
imn'.d*C
478
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jao
Jan
Feb
Feb
J-m 18
30% Jan 10
I0<)
Vlrtfliiiu
74
100
par
5>i
161
Laai ibaa 100
A
I
•4*1
71.
Pipe
30l|
41
•117
•7
U S Cartt Iron
Do pref
U 8 Kxpriavi
100
par
Vo par
110
47
OH
.50
I
..
HO
6HI,
100
par
lOo
100
..l(H»
661.
•7H
'h;j
100
Submarine Boat
No par
Superior Oil
No par
Superior Steel
100
Temtor C & F P, cl A..iV<7 par
Tenn Copp & C tr ctfs.iVo par
Te.vaa Company (The)
25
Texas Gulf .Sulphur
10
13%
IAOI4 •160
88
pref..
3H%
0%
Oil
14's
71
Do
H3
•OH
65I4
30%
347s
30l|
6
7H
I2lt
Stewart-Warn Sp Corp.A'o par
Stromberg Carburetor. ;Vo par
Studebaker Corp (The). ..100
M
62I2
H3l|
O2I2
OOlj
Ul<4
pref.. 100
100
I.'!
116%
•40
Am
of
1
91%
60
non voting. ..100
A Tube
Siern Bros pref (8%)
6,700 U H Food I'rrHlucU Corp.. 100
46% 11,000 U a luduHirlal Alcohol
100
Do pref
00
100
61
3,700 U 8 Realty A Improvement 00
IH.:<OI) UnlKxl .stiitcM Kubbur
5.'i»4
100
KM
Do lut pref
1 .300
100
.000
UHrimiltliig.
34
Ilof
A
1
60
lO'J
Do prcl
60
95ipi:274.7ll'.'| UnlUKl .Slates Hlocl Corp.. 100
l..'.0(/|
ll')>4
Do pref
KJO
6II2
3214
pref
10
£2
par
100
100
100
100
25
25
700
Preferred
700 United Alloy Steel
No
100 United Cigar Slorcii pref
700 Uulle<l Drug.
400
Ml pri'fcrrod
6.000 United l-Yult
54,600 Unlteil Retail .Stores. . .iVo
67,
4
11614
0014
Steel
100
par
11.800
17,600 Texas Pacific Coal & OIL. 10
1,400 Tidewater Oil
100
11,600 Tobacco Products Corp... 100
Do pref
100
18,200 Tran.scontlneutal Oil
No par
100 TraDiue &. Williams Sl-iVo par
500! Union Bag & Paper Corp.. 100
12,200 Union Oil
No pai
Union Tank Car
100
1,100
•04
43
400
800
3,900
41,100
9,000
01%
56%
6%
20;J
26%
0«ll2
Do
2,500
61
37g
50
361}
400
Do pref
400 So Porto Rico Sugar
300 Standard Milling
9,800 Standard Oil of Cal
1,500 Standard Oil of N J
26%
60
47.
55,900 Seneca Copper
No
403 Shattuck Arizona Copper
1,100 Shell Transp & Trading...
39.100 Sinclair Cons Oil Corp.A^o
3,600 Sloss-Sheffleld Steel & Iron
6018
•61»
•94
B'»
|
2I2
65
0'.
day.
30
•60
66lt
aHi4
tills
5I2
30
34I2
3M4
mo sal* oo
4l8
10
341?
•O2I2
Royal Dutch Co (N Y shares).
403 St Joseph Lead
10
200, San Cecilia Sugar v t c.No par
Savage .irms Corp
100
3,600 SaKOO .Motor Car Corp. A^o par
32,500 Sears, Roebuck A Co
lilO
22, 900
100
8,600
3312
4012
1,500
lOOU 184.200
SOO
102
1,800
4%
534
5,2G0
•90
9%
7<4
I2ls
7"!
7778
•31
•HO
02
00
47
1781;
•90
•46
1
7'!
97I4
•100
4
00%
••1
40
41
3H4
I
3312
99%
flHI*
IVt
98
I3II2 I3II2
6II2 63
•00
50
57
II5I2 11534
76
c
No pur
28,200 Republic Iron & Steel
100
7,303
Do pref
100
809' Republic Motor Truck. .Vo par
•99-34 10012
341s
3V»
*-\\
95%
178
100
1021?!
42
I23I2 1231
123
t
Preferred...
12
8
42
761?
1st preferred v
2d preferred
100]
5,200, Replogie Steel
94
13118 1.35
6334
63
65
80
aakjwl prVna.
8l8
1%
69%
43I2
45
..'7,
^'
1112
14-%
46 14
3%
If.lV
110
7',
12%
67»4
7«.
I2'|
6712
•92
95
3II3
7H
•HI
•AH
1%
1%
4.5%
14
151
•4<.
1%
•14
43U
26%
•6l2
It
•Il(»
l-'s
14-38
46
61
IW
no
1334
67'
l»»4
78
5234
13-34
02
32
ON
55
30
•75
•140
52%
13-34
I42I4
631
25I4 2038
•HO
'l.'.
52-34
142
51
02
•47
7»»
•12
•HO
5
441.
26'8
2.534
6734
•42»4
1
14
13*4
•43i
•27
27
IIOI2 115
.iVt
43"2
U47(
II6I4
6I34 62>t
1I6>1 11612
niH 6i'4
47s
45-%
103
\m
33
3|lt
7'»
13
Birthday
98
51
43-14
I7I2
110'2 llOij 'llOij 114
•67
6fil2
07
677t
42I2 43
•42'2 43
14212 I4«l2
145
138
53'n 64
53H 54 14
2518 2V4
251, 26
•«|l2 62
61
01
•«l2
•OI2
67«
67i
4I4
37,
3*4
4
45*4
443, 453,
45
•04
0612 •94
06)2
6ll|
61
55I4 55'!
•M-.i,
M
ton's
10378 10378
•31
•12
•HI
•01
Washing-
1
67I4
183,
•04
'
Cloned;
94
9I4
•31
l»"2|
02
'«
Exchange
1
978!
•HXU
1
Stock
45
09<2
•3334
10
4.VH
6312,
98
2I2
27a
10'4
10
l»l4
5l8
30
30
278
19
•94
2f>34
4OI2
9734
102
4
438
5'4
514
6I4I
30
68
1834
27
I
80
II5I2 11.578
7«l4
•76
100
66
51
3II4
95I4 97%
I77I4 178
103
•4l8
4>2
»61
•50
74
69%
I
102
•67
•94
35%
3OI2
4634
6712
•39
•76
'
9I4
38
«6
1%
8
II5I4 11513' I15i« II5I2
78l2 •76i2 78I4
•9934 10113 •100
IOII2
33I2 3378
33>; 34
39 '2 4012
4014
40
945» 96
9«38 99I8
627»
II5I2
54i'>
Us
•92
95
•76
5
93
27
79
3734
3434
6634
32I2
I76I4 I77I2
180
68
25l2
61
35
31
52
83
75
5218 53
120
120
9«»4
96
34121
54
34I4
98I4
3218
53'2
75
•31
531;
24i|
•«0i2
•Ol2
38%
501
I4I2
19
4034
•90
41i«
138'2
116%
38
4II2
34I2
4I1«
7812
11434
40
40
04
10
137
7812
92
2618
5OI2
I '4
•8
40
8I4
•32
•€7
27
*90
•78
115
III4
•90
•2fi*4
93
26
I2I3
8I4
45 1« 4512
4618
44
25 '« 2534
I3I78I
130
•1I0'2 116
•Wf 67I2
•90
26
68I4
I0"4
08
6684
III2
(fit
•IO2I2 1027»
6634
55
83
82
5
45I4
4234 44
253» 2512
12973 1297,
621: 63>2
95g
66I2
645g
•92
2'2
45
1534
13
•28
6OI2
15
95
2I2
60
*90i2
lo'g
1078
4l«
47
9212
•9112
100
4634
•901^
15
65I4
•61
6334
I
•37'!
93I2
61
81
1278
95
69
M
1634
3234
9812
96 Is 97
II5I4 •112
115
12II2 2II2 •21
22
13% 13-34
13% 1334
3II3 3278
311s 32I4
22
31
52I2
I9I2
48
3234
•111
IISU
•63
•50
1412
'177
95
92
1H34
7
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Highest
I
53
76
52
120
34
•101
82I4
40
•lIS's II5I4
•76
781
•99I2 IOII2
33
31
i<J6l2
34%
95
I5I2
82 14
5
'117
34I4
•93
•88
48
4738
5978
19
98
34I2
7I2
75
7I2
40
179
34
16
71s
4
7
100
No par
15,600 Penn-Seaboard Sfl v t c iVo par
4.000 People's G L & C (Chic).. 100
Preferred
Parish A Bingham
75
734
•73
*50l2
53
75I4
16%
76
121
97I4
75
3234
41
I918
778
1534
SOlj
5218
•8
40
*15l2
16
17
Jan
4438 Jan
Jan
68
4878 Jan
Jan
44
100
5% Feb
6
11
60
50
Rel.. no pa
&
Panhandle Prod
8I2
75
60
Lowest
Jan
234
6
412
100
..5
Pan-Am Pet & Trans
Do Class B_.
27,603
6,900
50
•8
32
7
47
61
81s
55I8
*
1638
.55
63 '4
62
54I8
49I2
32
8
6634I
1»4
•56
54I2
491
1538
48
60
48% 43,000
4734
3II2
98
•IH
4878
Pacific Gas <t Electric
Pacific Mall S3
Pacific Oil
Pacific Tel & Tel
year 1921
lots
$ per share
2U Feb 24
6I2
Ranae /or presiou*
Highest
S per share
Jau
12% Jau
110
Jan
Jan
93
9% Jan
2478 Jan
PER SHARE
1922
I
lOO-share
Lotoest
1.000
1,700
I4I4
31
79
•14
•14
On baxU 0/
EXCHANGE
200 Pacific Development
712
65% 66
6578
3218
16
3II2
I
•82
5
29I2
32I2
II6I2 II712
3818 39
3358 34
•63
•50
7I2
95
10
95
92
I
67
55
*94
10
29
•7
Ranae since Jan.
Indus. & MNcell. (Con.) Par
5.400 Oklahoma Prod 4 Ref of Am 5
1,000 Ontario Silver Mining
100
1.200 Orpheum Clrrult, Inc
1
3,300 Otia Klevator
100
Preferred
100
700 Otis Steel
No par
8,300 Owens Bottle
25
1367s 14131
IOI2
2978
331,
15-38
II5I4 •110
II5I4 '110
21I2
»19l2 21
20*4 21
1334
137g
1378
137,
14
•31
3OI2 31
•3114
32
•60
•50
15%
81
8
76
•89
15%
75U
16
•92
92
2612
•8
*
718
341.
951
5'2
62
•I5I4
8l8
7618
2%
5%
14i'>
5338
4734
8I2
75I4
'
214
51
138
95
47I4
5538
4934
•8
Sl8
9212
•97
98
•55
5513
80
921
1434
6418
2612 2612
78'4 7812
II6I2 117
37I2 38'8
33I2 3358
6l.>
60
47I2
47
60
47
60
•90
2938
6I2
66
•15I4
8'4
•9334
lOig
2834
•7
•6534
7I2
8l8
16
28'8
136
66I4
•
778
1038
212
16
1534
7I2
5434
49I3
8I2
80
95
238
•5
6534
14
467g
•55
4934
2I2
5I4
238
5I4
238
534
16l8
NEW
PER SHARE
STOCKS
YORK STOCK
.
SiS par.
t
Hit
Dm
Nov
ON Nov
70
————
1
1
New York Stock Exchange— Bond
838
Jan.
1
Week
U.
ending Feb. 24.
S.
Low
GoTernment.
3K%
iH%
MN
MN
MS
of 1927-1942
of 1927-1942
Conv
4K%
Third Liberty Loan
of 1928_.
Fourth Liberty Loan
4H%
4K% of 1933-1938
Victory Liberty Loan
4H% Note.f of 1922-1923...
SH% Notes of 1922-1923...
28
2s
48
4a
consol recrlstered
consol coupon
registered
dl930
1923
Registered
96.80 Sale
97.40 Sale
Foreign Govcrament.
100.16
Sale
100.00
100.30 4210 100.02 100 32
100 02 348 99 96 100..30
100 00
101-i4
M
105
10434
78'2 Sale
D
10134 Sale
IO7I4 Sale
N
MN
MN
111
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
10934
99
MN
O
t 51
IO8I2
78^8
80
89 77
108
89 10334 108
94I2 IO2I2
IO2I2 931
1075s 145 IO4I2 10758
109
109
78 105
111
40 106 111
85^8 310
8OI2 8578
105
1041s 295 103
98
99
81 96
10()l4
108
102'2
100^8
10112
83
1025s
9758
96I4
9812
10034
10058
101
48
IO8I2
Siile
Sale
88
89i2 Sale
89
8512
8312
83
781? 80
79
IO7I2 108
107
96"8
99I4
102^8
10084
lOl^s
51
SIO7I2 Sale
109 Sale
»88i2 89
104 Sale
IOOI4 Sale
107
108
90
235
4
2
20
23
24
Sale
99
99^8
IO5I2
10434
93I2
—
t
90 >8
}
8912
f^ale
M
M
of)
—
M
109
IO5I4
10438
Sale
Sale
93
88I4
Sale
Sale
87%
Sale
73I2
Sale
8318
Sale
83
Sale
54I2
Sale
43 18
Sale IO9I4
Sale IO6I2
Sale 10038
Sale 10114
Sale
97
Sale 11412
Sale
7012
Sale IO4I2
Sale IO9I2
t 7534
1931
15-year 63... 1934
N 85
Marseilles (City of) 15-yT 6s-1934
N 8514
Mexico Exter loan £ 5e of 1899 Q J t 55
44
Gold debt 4s of 1904
19.54
109%
Norway external a 1 83
1940
IO714
Queensland (Stete) ext a f 7a. 1941
100^8
Rio de Janeiro 25-year a f 83. . 1946
101 '8
San Paulo (State) ext 8 f 8a.. 1936
9812
Sweden 20-year 6a...
1939
115
Swiss Confeder'n 20-yr a f 83. 1940
717g
Tokyo City 59 loan of 1912
S
Uruguay Republic ext 8a
1946 F A 10512
Zurich (City of) a f 83
1945 A O 11034
(These are voices on the basts of $5 to £)
Sterling loan 48
79
10758
IO7I2
102
51
109
106
8512 90
8412 90
85
77
78
76
IO5I2 108
108
105
89 100
58 44
15
8934
8358
87^8
10134
9634
9434 9838
9538 99I4
202 lOOis 10278
108 9812 10134
67
219
109
90
Dominican Rep Cons Adm s f .5s'58
French Republic 25-yr ext 83. 1945
20-year external loan 7 Ha- 1941
Great Brit & Ireland (U K oO—
20-year gold bond S^s
1937
10-year conv 5Hs
1929
3-year conv 5Ha
pl922
Italy (Kingdom of) Ser A 6 Hsl925
Japanese Govt £ loan 4>is.l925
Second series 4 Ha
1925
IO4I4
Deo'21
10'Jl2
9778
96=4
105
105
104
July'21
10.)
85
103
D
A O
A O
J
Jan'22
Feb'22
7734
10718
9834
Sale
108
J
20 IO2I4 10334
Juiy21
100
83
75
79
79
S
D
10334
10334
IOOI2 June'20
10134
10458
10458
10134
—
Lyons (City
97.024183 96 74 98 20
100.23 Sale
M
5s.. 193
10-year 5^3
1929
Chile (Itepubllc) ext s f 83... 1941
External 5-year 8 i 8a
1926
25-year s f 83_
1946
Chinese (Hukuang Ry) 53 of 1911
Chrlstlanla (City) a f 83
1945
Copenhagen 25-year a f 5HS-1944
Cuba External debt 5s of 1904. _
Exter debt of os 1914 ser A. 1949
External loan 4Hs
1949
Danish Con Municipal 8s "A" 1946
Series B
1946
Denmark external a t 8s
1945
10
J
J
F A
do
00
80
30
97.40,5966 95 86 98 20
J
J
I
98
98
98
99
13 95 76 97 84
96.64
96.94 3557 95 32 98 16
97.30
81 IO7I2 10912
85I2
8834
76
IO4I4 871
IOOI4 1561
99 14
94
8834
IO4I4
IOOI4
753 96 100
1500 9834 100
10578
105^8 1942 100
9312
19 92I2 94
9012 280 8658 9012
90
176 8638 90
76
860 7268 76
8512 217
8012 85I2
8012 8538
853s 331
5812
5612 206
54
4478 120 3934 47I4
110
43 10734 UO'J
108
176 10578 108
101
144 99 18 IO2I2
100
108
102"8
9812
115
72
IO5I2
111
56! lOOls 10258
9812
100 94
76 II2I2 II5I2
72
31 67
77 IO2I2 IO5I2
52 106 111
State and City Securities.
NY City —4KsCorpatock..l960 M
S
99
9834
Sale
9934
4 }is Corporate stock
1964 M S
9334
i^a Corporate stock
1966 A O
1971
4H3 Corporate stock
4H8 Corporate stock.July 1967 J J 10412
10412
1965 J
4H8 Corporate 3tock
1963 IVI S IO4I2
4H8 Corporate stock
9434
4% Corporate stock
.1959 IH N
4% Corporate stock
N 9434
1958
9434
4% Corporate stock
1957 IVI N
4% Corporate stock reg..l956 N •
M
M
4H%
3H%
1957.
M nI
99
99
94
95
Feb'22
"9"5'"
93I2
Feb'22
Jan*22
104
94
1957 IW N
1954 IW n' •85
85
Y State 4s
1961 IH S 100
90
Canal Improvement 4a
1961 J J *100
89
Canal Improvement 43
1960 J J *100
93
*100
Highway Improv't 4 Ha... 1963
110
Highway Improv't 4^8.. .1965
96
•8668
Virginia funded debt 2 Ss
7II4
199 1 J
6s deferred Brown Bros certlfs.l..
75I2
Railroad.
Sale
Ann Arbor 1st g 48
6O34
tl995 Q J
6O34
AtohTop&SFe Gen g 4a. .1995 A O 8734 Sale 8738
8718
87I4
Registered
1995 A O
80 '8 Safe' 7958
Adjustment gold 4s
(1:1995 Nov
8018 8012 8018
Stamped
*1995 Nov
N
Corporate stock
Corporate Block
—
M
M
.
—
Conv
Conv
gold 48
4s Issue of 1910
East Okla Dlv Ist g 4s
1955, J
D
D
1960 J
1928 IVI S
Rocky Mtn Dlv Ist 4fl
1965|J J
Trans-Con Short L lat 43. . 1958] J J
Cal-Arlz lst&ref4H8"A" 1962 IVI 3
8 Fe Prea & Phen 1st g 5a. . 1942
S
^tl Coast Line Ist gold 4a.. 1 1952
S
10-year secured 7s
1930 M N
General unified 4H3
1964 J D
Ala Mid 1st guar gold 53..1928
N
Bruns &
1st gu fold 4s.. 19.38 J
J
Charles & Sav 1st gold 7a. . 1936 J J
N coll gold 4s
al952
Sav F &
l8t gold 68
1934 A O
1st gold 5a
1934 A O
Bait & Ohio prior SHs ...
1925 J J
M
M
M
W
L&
MN
W
Registered.
1st
..Jtl925
50year gold 4a
Registered..
10-your conv 4Ha
June
Ist gold O3
87 14 'S7h
1922 J
MN
M
IO412
Jan'22
Dec'20
8ept'20
July'20
Jan'22
July'20
Oct'20
60'4
8734
87I4
8018
8OI2
Jan'22
84
""3
90
92I2 Dec'21
1
90
87
Jan'22
78
Jan'22
7634
7812
97
88
88
74 12 Sale
74 '8
74I2
87I2 Sale
9038
8738
88
General gold .')S . . .
1937
& Tol Ist g 63 .1922
Tol & Cln dlv 1st ref 4s A. . 19.59
Buffalo
PgcngSs
1937
Consol 4Hs
1957
All & West 1st g 43 gu ...1998
Clear & Mah Ist gu g Sa . 1943
Roch A PItt.s Con Ht e Ra 102?
Pitta Clev
R&
•
No
price Friday; latest bid
A
A
M
I
"II
100
N
A O
(W
J
88^8
79I2
8934
D ton
7984
8618
81
8114
8OI2
98I4
92lj
8II2
8678
9018
85
89I4
78l2
91 14
76
9II4
78
11
8 10434 107
8312 8834
25
86
1
90
99
6418
100
89 12
101
94
ii
8834
93
91
91
79I2
7618
75
74
77
ios
41
75
77I2
79
99
94I2
88
1
87
90
5
7234
8G
7«l4
89I4
92
92
60
Mar'20
Jan'22
90"
Fcb'22
Doc'21
6434
.Inn
"9'0"
6278 60
985s 100
88I2 9OI2
81
Feb'22
88I2
8912
8OI4 Dec'21
90I2 Jan'22
inn
8758
78" '79h
'22
92I4 Sept'21
64I2 Sale
J
J
94*8
"99%
85
92
87I4
Jan' 12
N
94%
I
63
90
85
87I4
77I2
4'
12
79
68I4
2
126
2
9814
75
76
78
96 12
110
Dec'20
Southw Dlv Ist gold 3 Ha. . 1925 J J
Cent Ohio 1st con g 4^3 1930 M
Clev Lor &
con 1st g 5s. 1933 A
Ohio River RR 1st g 53
1930 J
W
110
9212
77I8
94
94
94
IO3I2 IO4I2
IO3I4 105
8478 85
92I2
8II2
8312
87
9538
9334
93I2
97
78I4
112
SSI4
8 IO3I2 IO4I2
10434
6 103
10512
12 103
93I2 94
9538
10134 105
10534
10534
8658 86
86
86
9834 99 14 95I2 Dec'21
8758 89
8758
8758
112
12978 Aug' 15
78 "78"'8 7814
7834
105
100'8 Nov'20
9712
9538 Dec'21
91l8 Sale
91
911?
9734
S734
20 10358 IO4I2
39
28
26
91
1933
P June & M Dlv 1st g 3Hs- 1925
P L E & W Va Sys rcf 43. . . 194
9134 93I2
8OI4 82
8312 Sale
8858 91
94I4
7753 Sail)
7612
73
7612 Sale
78I4 7Si2
9534 Sale
Refund & gen Ss Series A.. 1995 J"
Temporary 10-year 68
1929 J
Pitts
78I4 Sale
97I4 Sale
Q
*1948 A
tl948 Q
97I2
*95'i2
10334 10112 104
IO4I2
104
99I4
9934
98
99
99
95I2 Dec'21
IO412
IO4I2
10434 IO4I2
IO4I2
Sale IO4I2
IO4I2
105 IO4I2
10412
D
New 4H8
'
"23
'90li
I
on
'9'o"li
1
ending Feb. 24.
nn
"
Canada Sou cons gu A
1945 .\I N
10-year temp aecur 6a. June 1929
Chatt Dlv pur money g 43.1951
Mac& Nor Dlv 1st g 53... 1946
MldGa& AtlDlv 53.
1947
Mobile Dlv lat g Ss
1946
Cent RR & B of Ga coll g 58.1937 IVI N
Central of N J gen gold Ss. . . 1987 J J
Registered
A1987 Q
Am Dock & Impt gu Ss
1921 J
N
Long Br gen g 4s. ..1941
Ches & Ohio fund & impt Ss. . 1929 J J
1st consol gold Ss
1939 IVI N
Registered
1939 m N
General gold 4Hs
1992 M S
Registered
1992
20-year convertible 4 Hs. . . 1930
30- year conv secured Ss
1946
Big Sandy Ist 4s
1944
Coal River Ry Ist gu 43
1945
Craig Valley Ist g S3
1 940
Potts Creek Branch 1st 43.1946
R & A Dlv Ist con g 4s
1989
2d consol gold 4a
1989
N
Greenbrier Ry 1st gu g 4s.. 1940
S
Warm Springs V lat g 53. . . 194
o
Chic & Alton RR ref g 38
1949
J
Rallwau 1st lien 3 Hs
1950
J
Chic Burl &
111 Dlv 3HS.1949 J
J
J
Illinois Division 43
1949
Nebraska Extension 4s
1927 IW N
Registered
1927 IW N
General 43
1958 IW S
Chic & E 111 ref & imp 4s g .. . 1955 J J
Y&
ctfs of
dep
A
Ind
RR
111
C Ry
Gen&
82
75
Permanent 4s
25-year debenture 4s
Chic
C
& Mo
Rlv Dlv Ss
M & Puget Sd lat gu 43.
&
Fargo
Sou assum g 6s
.
1924 J
pl987 Q F
Registered
N
1987
General 4s...
N
1987
Stamped 4s
N
1987
General 5s stamped
A
O
1879-1929
fund
Sinking
6a
1879-1929A O
Registered
1879-1929 A O
Sinking fund 5s.
1879-1929 A O
Registered...
1933 IW N
Sinking fund deb Sa
N
Registered
1933
1930 J D
10-year secured 7s g
IS-year secured 6H8 g
1936 IW
Des Plalnes Val 1st gu 4Hs 1947 IW
Frem Elk & Mo V Ist 63.. 1933 A
N
1st SHs.. 1941 J
MIlwASL IstguSHa
1941 J
Mliw L S & West Imp g 53. 1929 f
1925 M
Ashland Dlv 1st g 6s
1924 J
Mich Dlv 1st gold 6s
Mil Spar <fe N
lat gu 43. . 1947 IW
1st gu 53. . 1948, J
St L Peo & N
Chic R I & V—RaUway gen 43. 1988 J
Registered...
1988 J
1934 A
Refunding gold 43
R 1 Ark & Louis Ist 4H9..1934
1934
Burl C R & Nor 1st 58
53.. 1921
Chic Okla & Gulf cons 6a.. 1952 IW N
Keok A Des Moines Ist 5s. 1923 A O
St Paul A K C Sh L lat 4H81941 F
1930 J
A O cons 68
Chic St P
Cons Ss reduced to 3 Ha... 1930 J
Debenture 5s
1930 IW
1930 J
North Wisconsin Ist 63
Superior Short L l3t Ss g..el930
ChlcT H A So East Ist 53... 1960 J D
Chic A West Ind gen g 63...el932 Q
1952 J J
Consol .50 year 43
S
1935
15-year s f 7Hs
1937 J J
Cla H A
2d gold 4Ha
M
M
M
M
M
M
M
D
C Fhid A Ft W 1st gu 43 g.l923
Dav A Mich Ist cons 4 H3. 1931
Cleve Cln Ch A St L gen 43.. 1993
1931
•20-year deb 4^3
1993
General 53 Series B
1929
Ref A Impt fis Series A
W M
WW
BA W
W
W
N V
1st iiO-year 5s g. ..in.'J2
1st gu 3 1.^8 2000
Lack
Western .53... 1923
J
J
A
*
I'nnrovp't 4s
/ilJue July.
I'l
>i
79
157
Feb'22 ....
8234
5512
3934
7912
8858
885s
73
60
Jan'22
Jan'22
105
8618
8912
"IIll'ss'is
33'ia
3 102
103
lOS
103
53a
73
Feb'22
81
81
56%
59
6318
65
62
64»4
73 14
71%
57I4
93I2
6518
.
8II2
8312
18
7112
64i2
13
79
76
66
84
5412
59
62
65
.
139
78
218
143
32
6
59
9312
78
65
2
77
80
77I2
105
10534 105
48
103
96
97
9 i06
Sale
85
77
79
7834
.VI
J
7934
84 14
I
I
8512
95
79
78
19
78I4
7734
290
40
I
7734
87
102»4
SSif
78
75I2
76I4
79»4
79I2
92
97 Is
2
16
89
72
76
89
81
79I4
IO4I2 IO7I4
901.
...I 87
22 91 14 94
1
9312
II.
80*4
104
70%'
I
6 73S4 SW*
104
2 103
17 6812.7411
102
9,1 9978
—
lOIU
Feb'22
Mar'17
Aug'21
77I2
7634
8SI2
i
106%
108
I067g 1067j
.
May' 18
81
7768
Sale
81
,
Feb'22
88
"87"78
72
Nov' 16
IOOI2
8714
87
85
93I4
.-1102
—
Jan'22
92I4
70 Sale
IOOI2 Sale
92I4
30 105
IO6I2
10634
Oct' 19
105
118
95
80
104
70
105
94
67
84»4
8II2 8312
105
9978
Feb'20
97
Feb'22
80
87
104
63l2
Nov'21
77I8
..
92I2 Sale
IO212
92I2 -81
79
76
54
92
69
9534 Dec'21
97 14 Feb' 19
89
80
83
77
6918
U'l 82I4
...ll
Jan'22
77I2
6434
60
I
77 14 Sale
"88I2
61
103
101
8712 92
8112
75
75%
75
59
.
I
721*
68
32
.
8312
98I4 June'21
8634
8634
10234 Feb'22
8II4
8134
9634
8434
81
10434 10434
9II2
72 's
6412
7734 Sale
9514
69
40
93
I
I
Jan'22
Jan'22
Mar'21
6618 Aug'21
91 June'21
99
Mar'21
8134 Sale
5218
37I7
8II2
1
72 14
61
Nov'21
97
95
86
100
8234
7918
9612
70
95
73I4
71
8214
7918
90
...I
Jan'22
7912
9412
97 Is 100
8til2
Mar' 17
711s
10614 IO8I2 106
10634 Sale loeij
SSls
IOII2
IO4I2 107*4 10578
10034
IOII4
8418
8512
7714
16
I
7OI4
7612
871,.
I
I
Sale
8212
84I4
76'2
1
I
91%
85
13
/,
907g Oct' 19
8684
8734
34,
Dec'21
Jan'22
33,^
1
8238
1
66
--.. 102 Sept' 19
97
84 Is 87
79
July'21
8338 87
84I4 Jan'21
9l7g 94
93 14 Jan'22
92
Dec'21
74% 75% 74
74
70
Dec'2l'
"ss ' 8312 83
83
82
81
8II2 Feb'22
101 Sale 10034
102
102i»
103
Feb'22
102
101
98% Feb'21
98
95
9334 Dec'21
81%
46
87
I
Feb'22
85
7612
79IJ
85
87
93
86I4
64
85
22
79
1
79
7818 Jan'22 ....
77 June'21
78
NoV21
8OI2 Dec'21
9734
83l2
I
8714
7934
9734
8512
76
79
95
77I2
78%
82I4 Sept'19
J
J
9438
10334 IO7I8
94
--
Jan'22
Jan'22
75
Nov'21
A
78%
Q
8218
7378
231J
A
Ar)r
O
A
F A
IW
44
Nov'21
95
Sale
9734 Sale
J
1
80
39
79
9OI2 96
9412 lOlSg
1
1
73I4
8234
7918
Sale
6OI4
lOSig 107
103
91i8
Sale
f
9118
75I2
75
67I4
75
8II2 83I2 83l2
9IJ
Q
Q
ji
103«
103
104^ Dec'21
Sale
90
10378 IO6I2
""4
Dec'21
I
M
93
75
61
77
87
N
O
o
J
W— M A E
TorMiI'Vll
and asked. oDue Jan, rfoue AprQ. «Due May. fDue June.
N
19.39 J
199 J
Cairo Dlv 1st gold 4s
Dlv 1st g 4s. . .
Cln
A
1990
St LDlv 1st coll trg 43
1940
Spr A Col Dlv 1st g 43
1910
Val Dlv Ist g 48
itl936
L
A
C
Ist
4a
I
St
C
g
*193fi
Registered
Cln S A CI cons 1st g Ss. . . 192S
1934
C C C A I gen cons g 63
1910
Istpref 43
Ind
.dlU3S
l.3t pref 5s. .
O Ind A
Peoria A East 1st cons 48 ..1940
.1990
Income 43
Cleve Short Line 1st gu 4Hs- 1961
Colorado A South 1st g 43... 1929
Refunding A extcn 4!^s....193.^
A Den C 1st g 63.. ..1921
Kt
Conn A Pass Rivers l.st g 43 . . 1943
Cuba RR
D LA
M
M
93
"io
IOGI2
553s
1
72I4 Sale
1
CRlF&NWlstgU
3
1
Aug'21
Feb'22
105
32
97
94
97
94
97
Jan'22
69
Apr'21
8O34 Dec'21
88I2
10458
W
W
W
78
6434 Sale
64 12 Sale
73 14 Sale
5812 Sale
93 12 9434
6534 Sale
Milw & Nor lat ext 4 Hs. - . 1934 J
1934 J
Cons extended 4 Hs
Chic & N'west Ext 43 ..1886-1926 F
1886-1926 F
Registered
1987 M N
General gold SHs.
ManG B&
1
8l78
7238 Sale
64>2
64
8012 SI
1949, J
9512
8958
36
I
9658
9812
7838 June'20
83I4
8378
8658 Nov'21
83I4
8312
85
8558
7612 Feb'22
8278
87I2
1925 J
1934 J
1926 J
'
Dec'21
80
94
7718 .-__
85i8 .~ —
55I2 Sale
3934 Sale
7958 80
886s 89
95I2
95
58
16
96
45 IO8I2 llOlj
37 IO7I2 IIOI2
2 83
8412
IOOI4 June'21
7618
853s
73I4
A 4Hs...a2014|A
a2014|F
B Ss
1932 J
4Hs
Convertible
8912
IO3I2 IO5I2
Sale
86I2 Sale
77
ref Series
ref conv Ser
Gen
93
Apr'21 Illlii:
88I2 Feb'22
88I2
8312 ._
J
High
12
83
»3'i8
MN
M
84
Feb'22
94
97
103,
84'4
ctfs of deposit
1st Ss
1936
ll
Dec'2l'
93
93
8334 Dec'21'
100
8334 Saie
S&
M
10834
100
MN
J
(new CO) gen 53.1951
Chicago Great West 1st 4s... 1959
Chic Ind & Loulsv— Ref 6s.. 1947 J
Refunding gold 5s...
1947
Refunding 43 Series C
1946
Ind & Loulsv 1st gu 43
1956
Chic Ind & Sou 50-year 4s... 1956
Chio L
East Ist 4Hs
1969
Ch
& St P gen g 4s Ser A.«1989 J
General gold 3 Ha Ser B..«1989 J
General 4Hs Series C
el989 J
Chic
110
108
8312
Since
Jan. 1
:
No. Low
95I4
90
94
96
10658
851s
9412 95
9812 Sale
A O 103
1st consol gold 6s
1930
General consol Ist 53
1937
U S Mtge & Tr Co ctfs of dep
Hloh
Range
cc!
7034
106
Q—
I
^
IO9I4
Sale
Sale
9118
9118
88I2
M
11
Last Sale
Ask Low
93
94
97
76
94
M
C&E
Week's
Range or
9534 Sale
10978 Sale
IO8I4 Sale
84 Sale
Consol gold Ss
Stamped
Guar Tr Co
Price
Friday
Bid
1982
Ss
Canadian North deb s f 73... 1940
25-year 3 f deb 6!^s
1946
Car Clinch & Ohio 1st 30-yT 5sl938
Central of Ga 1st gold 58...P1945
U S Mtge & Tr Co
defaulted bonds.
Feb. 24
High
96.86
M
Argentina Internal 5g of 1909
Belgium 25-yr ext s f 7Ks g..l945
5-year 6% notes
Jan 1925
20-year s f 83
1941
Bergen (Norway) af 8s
1945
Berne (City of)
8a
1945
Bordeaux (City of) 15-yr 6S..1934
Brazil, U S external 8s
1941
Canada (Dominion of) g 5a_ . 1926
Wee
97.10 Sale
QM
1961
do
High] No. Low
96.54
96.52
BONDS
STOCK EXCHANGE
N. Y.
1
A O
Q
Q
Q
Q
Q
Q
iil930
coupon
192.5
Panama Canal lO-SO-yr 23.. 41936
Panama Canal 3a g
1961
do
Since
Jan.
96.92
97.16 3156 94 84
6 95 70
96.80
96 80
97.18 8421 96.04
96.80
98.10 Feb'22
96 82
Second Liberty Loan
now— -and interest"—except for income and
Rang
So
Last Sale
First Liberty Loan
of 1932-1947
Conv 4% of 1932-1947
Conv i'4% ot 1932-1947
2d conv
o! 1932-1947..
4%
a -a
Week's
Range or
STOCK EXCHANGE
s
1
1
Record, Friday, Weekly and Yearly
1909 the Ezchanoe method of quoting bonds was changed and prices are
BONfDS
N. y.
.
'
o
A
M V
*Due Aug. oDtw
--..
Sale
7II2
25
7378
25
92
25
9212
Sale
Sale
8512
92
90%
'77 Is 'fg's
7634 77
9912
9S1|
Oct.
99I4
3
47
42
70%
2278
90
737«
25
941]
84I4
93
81%
857«
77
7812
777,
Feb'22
9
99I2
Fob' 2 2
pDue Nov.
54
8
94
104
Dec'21
Ys
98
I
9212
9II4
8578
90'2
85I4
100
94
104
I2
Due
Dec.
7778
812
)
;)7
s
C
79lf
78%
99I2
98I4
iClon sale.
—
,
j
.
1
1
New York Bond Record—Continued— Page
BONDS
STOCK EXCHANQE
N. Y.
Week ending Feb.
Price
2-1
—
Del Lack & Western (Cond.)
Warren 1st ref gu s 3)43. ..2000
Delaware
A Hudson
equip g 4 Hs
Friday
Feb. 2i
5 a.
J
N
O
D
Alb A 3usa conv 3^3
O
Renns A Saratoga 20-yr 63. 19411 M N
1936
43.
I3t
cons
J
Gr—
g
J
Oen & R
1936|j J
Consol gold 4H3
Improvement gold 58
1928|J D
1955F A
l8t & refunding 5s
19-13
IVI
1935 A
1930 j
1946 a
.
certll3 of deposit
1939 j
Hlo Gr June l3t gu os
1940|j
Rk) Gr Sou Ist gold 43
1940 J
Guaranteed
Klo Gr West 1st gold 43... 1939:
Mtge. & coll trust 4s A. .1949 A
A Mack— 1st lien
D
J
J
J
O
D
J D
MN
g 4s. . . 1995 J
1995
Gold 4s
Det Rlv Ter Tun 4^3.
Dul Mlssabe A N'or gen 03
Dul A Iron Range 1st 53
;i961
1941 j
1937 A
1937 A
Registered
1937 J
Dul Sou Store A Ati g 03
Elgin JoUet A East 1st g 53. .1941
Erie 1st consol gold 73 est..l930|M
1947 ivi
A Erie 1st ext g 4s
3rd est gold 4 H3
1943|»|
..1930
4tli ext gold 5s
A
1928IJ
Sth ext gold 43
J
O
O
J
MN
S
N
NY
NY
LEA
W 1st 78 est..l930|M
S
O
D
1996 j
Erie Ist con3 g 4s prior
1996 j
Registered
1st consol gen Uen g 43.. 1996 j
1996 j
Registered
Penn coll trust gold 48..1951|f
50-year conv 43 Ser A... 1953 A
1953
do Series B
1953
Gen conv 43 Series
19S2 M N
Chic A Erie Ist gold 53
Cleve A Mahon Vail g 53.. 1938 J J
1955 j
f
1st
a
6s
Erie A Jersey
•Genessee River 1st 3 f 63...1957 j
Long Dock consol g 63
1935]a
Ist cur gu 6a... 1922
Coal A
1943 J J
ext
53
Dock A Impt 1st
1946
Y A Green L gu g 5s
N
Y Susq A 1st ref OS. . . 1937 J J
1937 F A
2d gold 4HS
1940 F A
General gold 5a
1943
Terminal Ist gold 58
1940 A O
MIdof N J latest 53
1942
WUk A East 1st gu g 5e
1926
GvA Ind 1st cons gu g 63
1942
Evans A T
1st gen g 5s
1923
Mt Vernon 1st gold as
1930
8ul Co Branch lat g 5b
1959
Florida E Coast 1st 4!^ s
l3t
Co
?ort St U
g 4H3---1941
Ft Worth A Rio Gr Ist g 48.. 1928
1933
Galv Houa A Hend let 58
<3rand Trunk of Can deb 78.. 1940
1936
15-year b f 69
1936
Oreac Nor Gen 78 eer A
1961
lBtAref4>isSerle8A
1961
Registered
1933
A Man 4a
-St Paul
1933'j
1st consol g 6b
1933:j
Registered
Reduced to gold 4H8...1933 J
Reglatered.
1933 j
Mont ext 1st gold 48
1937|J
Registered
1937|J
Padflc ext guar 4e
1940 j
E Minn Nor Dlv Ist g 4s.. 1948 A
Minn nnlon 1st g «8
19221 j
1937IJ
Mont C Ist gu g 68
1937! j
Registered.
Ist guar gold 5«
1937|j
Win
gold
1st
58... 1938 J
D
RR
N
N
MN
M
W
MN
H
D
M
ASF
w
Oreen Bay A
Deb ctfs "A"
Feb
Debenture ctfs "B"
Feb
•OuU A a I 1st ref A t g 58.. 6 1952 J J
"Hocking Val Ist cons g 4Hs. . 1999 J J
|
1999 J J
1948 a O
ColAH V 1st ext g 4a
19S5 F A
Col A Tol Ist ext 4a
Hooaton Belt A Term 1st 5e. 1937 J J
-nUiuila Central Ist gold 4a. ..1951 j J
Registered
1951 J J
1951lj J
1st gold 3Hs
Registered
195llj J
Ext/-nd<!d 1st gold 3H«
1951 A O
Registered
1961 A O
1951
1st gold 38 sterling
8
Collateral trust gold 4a
1962
8
1952 A O
Reglatered
lat refunding 4a
1955
N
Porchaaed Ilnea 3 Ws
1062 J J
1953
L N O A Texas gold 4a
N
1963
RecMered
N
1034 J J
Ift-rear secured SHa
1034
I6^av aeenred AHa g
1060
C*VQ Brltea gold 4a
Utehflald DtT lat gold 3s .1951
Registered
M
M
M
M
M
Dlv
A Term
g 3HS.1063
Omaha I^lv Ist gold 3s
1061
Ht I>;uts Dlv A Term g 3a. . 1061
fk.ld ^'4'
1061
Bprtngf Dlv IstgSHa
1061
Wsatam Unea tat g 4a.
1061
Reslatered.
1061
BeH-^ *r ' -1923
I/xjtsv
Car
C^:
taflarlaa
A
Istg4a
99^8 100
88ij Sale
9154 Sale
10734 108
7714 78
9934
9934
87
91
88
92
10712
108
78
78
-Ml
.
74
•
77
7812 79
4434 Sale
411s 43
8014
64
6II4
IQlg
Sale
Sale
75
63
6918 76
5738
8334 Sale
6212
J
1933 J
1933 J
1945
J
.')
UtgAa
' guar g I-
.\pr'll
Feb'22
75
64
16
7838
42
77
79
81
47
4OI4
44
—
10034
69
Sale
82
Sale
3934
40
42
Sale
85I4
86
Sale
56I4
38'8
8212
44
85
8212 Aug'21
10
Apr'21
3812 Jan'22
10458.
Feb'22
2312
Jan' 17
88
Apr'21
Apr'21
Apr'21
84
Apr'21
Feb'22
6912
6912
85
84
66
78
735*
80
87%
Sale
109 Rale
IOII2 Sale
107% Sale
89 Sale
8312
109
101%
1071}
88I2
82I4
9OI4
91
107'<
87%
51
IO9I4'
lOl'g,
91
9II2 Dec'21;
89I4
89I4,
6618 70
8I2 Sale
711*
Jan'22
Jan'22
781«
-
82%
Feb'22
83%
83%
83%
70
Hale
09
Hale
Nov' 16
80
July'oe
81
Sept' 10
78*4
75
81%
83*4
78% 78%
.
10
80>t
38
A3
82% 86%
77% 78%
78% 80%
60
00% 100
16
og«4
06
08
104
D«c'20
00
08%
109
07
IVb'22
«1>4
<
108'4
82%
68%
Hcpl'21
73% 74%
73*4
73%
6.'>% - . - .
00
06 >4
1
j
I
02
04
73
... -
00
90
06<4
Hale
04
70
06
SO
U
81% 81%
Feb' 23
Jaa'22
M>t
HI
\
04%
Hale
H.'.
HaiR
A
1
'
-t,;..
Aug'2l
Doc'21
04
D«c'2l
Hi
Now
rirlnans
NO Tex A
17
I
SA
80
07
08
"'
—
31
03
06
H
H*
N6%
71H,
H\%t
03
<r
I'll
.
.
00%
li>««-ti
70
f'firt
08%
i
.
A
I
r
A<1
Kit
I
»t
6«
Ist
If II
I
m
1
101%
No
prtoa Friday: laleat
bM and
aflknl
ttiia
wmIi.
«
101%
.
Dm Jm.
»
lu.ii
|ir»|
Mnh
102%
Dim Feb
,
1063
204
742
3164
§
Due
83
'76"%
Jima.
* Dua Joly.
M Dua
59%
59
27
29%
58%
6634
77
79
78%
81
7938
16
85
62
67%
89
9338
4734
5934
76% 78%
8|
-.1 i"83'%
...
92
'
69
25
84
"76%
,
787,
75% 77%
90% 90%
101% 102%
.—
67% 67%
86% 86%
87% 89%
.--'1
14
Sulo
10
81
1
97
15
'iul
H
80%
46
..
14(1
A
80% 80%
J
J
76%
75%
Halo
'io'i Sttfo'i
8(1%
'83" mil
73 Hale
J
F
[
I
..
-
A
00%
.1
82
88
--
70%
06% 00%
62
05%
i
'!
24
Junr'20
74% 78
76
84
76
80%
I
,
'ii' 'io'
70%
18
..
.Un'ii
71% 71l|
74% 74%
IVIi'22
00
no
844t
86%
Inli'ii
I
87
.-
84
74
Nov'21
71% 72%
•-
30
21% 21%
86% "if. "ss" '80%
3 00% 73
73
72
•
09%
"2'«"%
222 U8 100
66 108 107
85 78% 80%
19 86% 88
Jun'22
M
M
'
I
.Sale
10:1% rtaln
70 Hale
F
28
80
1
Sale
80
29% 20%
4
99%
83%
1
09%
M
92
1
3
9H% UH%
65% Halo
'iit't
04% 97%
100
79
74
O2I2
.^!^
81
97%
68%
87% 89%
87%
J
7*4
80
84% 89%
97% 99%
90% 97%
10)
90%
H
....
734
7634
4334
1
87
Sal
Sal
Sal
D 101% 101% 101%
I
I
Jnn'-^a
JlllV'il
Mny'lfl
.
Juiin'21
> > »
I
Dor'ai
87%
91%
4
70% 79H
M
M
m
711% 78
70%
78%
73% 70% 73% NoVai
U2% Main 0^%
02%
J'i
Ul
03
80% 04
88% nh
\t
Ni%
J
mil
76
52%
52%
77
1
J
I"W7 J
nun
721:,
-...1 --- -
J
J
I
\h \(¥)>$
1
U
73
74%
83% 85
91%
J
O 95% 96
O *95 95%
'
56
80%
70% 71%
A
.1
I
43
80
7834
9:10 J
u
J
It
I?
ar.
Miir-12
1^6!
99%
93%
62%
40%
lat gn 3» I9HU J
gu g 4a... 1936 J
it''
I
113
•
tiO%
-.
I
t
8734
F
3HS..I99H F
I09N F
i
HI
-
9
15
|
II
I
77%
!
I
Sale
Sale
l'.)2f>
1
.....: Kold
77
00%
6
I!t77
.
•I
OH
86
I
*»
;
Almpt4Vi8A'52
1953
Term 1st 4s
I
I
I
Jj
67
1951
H0% 86
36
70
32
48% 56»4
35% 39%
75%
73
1
"76"%
MN
gold
40
483,
bti
1
;
W
'
'
40
30
94% 95%
82% 8234
77%
73
689
20
Sale
MN
M S,
•
H«pt'3i
'
---.1
1925
1936
. . 1935
N
1930
10 year c.ill tr 7s
Series A
IHWH
C.nniuA
••
A"
2013
K.-f A liiipl 4 S«
N'-w York <:i'nl A Hud River —
1907
M'lrtgagr 3l<»
ll<ir|jil<Tr<l
1997
...
1934
I,
an\A 4a
'1
1934
ii
4<i
1912
I90H
I„»». H.l.uri- roll g 3 l^S
K<<i(laUTr«1.
I9WH
90% 94H
31
73%
39%
85% 89
96% 100
2
Sale
Mexico 1st Os
Non <Tum Income 6« A
Y Ciml KR oonv dob Os.
00
101
69% 75
I
13
Sale"'
5534
1936 J
ronnol 4s
iNtrnf
Nr)A N'K
Novl7
80%
77%
(,^,
I
00
101
6
242
92
35
1
U
0«
07
)
4^3
(JuaniiiU'efl gencrral 4h
of Mex prior lien <'/i« .
.Nov' 10
May'2l
Mar-ie
Feb 22
.—
5
4a. 1990
Nat
73%
03% 03%
70% 77
rab'33
07
HO'I Jan'23
04
04%
Oci'OO
78
84
H.-^'
7T,
HO
•(
100%
•--.
'73%
0«
Jan'22
75
July'20!
48
(71990
AG
1
101
7334
Nov'lO;
32 100% 10234
M
Oct'21 1-
77%
70%
Mar' 10
M
MN
78
.
86
79
77
75
99
J
10-year 63 Series C
adjust 53 Series A
Missouri Pacific (reorg Co)—
1st A refunding 5s Ser A.. 1965
lat A refunding 53 Ser B.al923
lat A refunding 5s Ser C..1926
1975
General 4s...
1945
Missouri Pac 40 years 48
1938
3d 78 extended at 4%
1948
Cent Br U P ist g 48
Pac R of Mo Ist ext g 4a... 1938 F
1938 J
2d extended gold 58
A Sgen con g 59.1931 A
8t L Ir
Gen con stamp gu g 58.. 1931 A
1929 J
Unified A ref gold 43
1929 J
Registered
1933
Dlv l8tg4s
Rlv
1926 IVI
Ist g 5s
Verdi V I A
1927[J
Mob A Ohio new gold 6s
ftl9'27 Q
in ext gold fls
1938
General gold 48
Montgomery Dlv 1st g 58.. 1947
1927
St Ixiul.H Dlv 5h
1931
Bt L A c;ftlro guar g 4s
Nashv Chfttt A 8t L Irt 6b. . . 1928
1923
Branch
ist
68
JttHpcr
g
Nat Hys of Mex pr \Uin 4 Via. 1957
89% 89*4
83% 83%
.
97% 100
95% 95%
79%
77
95%
95%
78%
Cum
0%
72
78
.
Sept'21
Jan'22
84
72
81
7«%
.
79%
Feb'05
91% Oct'21
Nov'21
87
100
Feb'22
M
88
6%
96
74
M
.
83I2
June' 18
89<4
06%
84%
77%
"84"% Saie'l
89%
.
Feb'22
78%
77%.
.
79% 82
93
30
Trust Co certfs of deposit
2001 A O,
8t Louis Dlv Ist ref 43
1916
5% secured notes "ext"
..1940
53.
Dall A Waco Ist gu g
Kan City A Pac 1st g 43... 1990
1942
Mo K A E Ist gu g 5s
K A Okla Ist guar 5s... 1942
1942
58..
K A T of T 1st gu g
Sher Sh & So l8t gu g 53. . . 1942
Texas A Okla lat gu g 53.. 1943
Mo K A T R«—p 1 53 Ser A..
40-year 43 Seriee B
109% 109%
99" "90"
.
Jan'22
70% Dec'21
•79
95%
82
61%
79% 83%
Sept'21
82
J
ctfs of deposit
sinking fund
87%
Nov '21
Q
A
Gen
8912
78
1941
4s
s f
89%
95
mN
1944
1st ext gold 53
2004
refunding 43...
1st
Trust Co certfs of deposit...
'9"o"i4
88
9i«
78
Term
Chic
2d gold 48
Trust Co
88
93I4
88
May'06
761s
S
75i2
Feb'22
D
M
72
84% Nov'21
77%
77%
S
D
7584
74
88
78
80
58
60s
82%
1938
..1931
6^s
Mo Kan A Tex— 1st gold
Mar'21
77
87
7978
Mar'20
Jan'21
Dec'21
83%
73%
88% 95
aSH
78
8*
Mar'2ll
Feb'22
75
J|
Feb '20
Feb -22
95
87%
76% 77
97% "III
86% ...
95% 100
94%
78% "79'%
73%
95% 96
106% 109
9334 94%
8
11
Feb'22
Oct'21
Mississippi Central
85
105% 105%
;
Feb'22
8l2
83i2Sale
1st cons 5s
10-year coll tr
Sept'20
89
OSU
55
8OI2
!'9'o"i4
99
95
99
90
55
97
9934
98% 98%
87% 91
52
107%
10634
94% ..
9334
102% 103 100
97%
100
81%
81
60% Sale 60%
82% Sale 81%
96%
903*
101%
100
81% 82
82
95
-
.78%
9934
88
11,
MStP A3SMcong4sintgu.'38 J
I
-''—
10918
I36I4
103%
2
I
87%
87%
99% Nov'20
98% Feb'22
89%
90%
81% Oct'21l
95%
96
"9534 "96'
J
60
88
76%'
74% Feb'22
95
Jan'lli
87
July'2ll
83
Apr'21
89% Jan 22
&ale
106
A
77
Feb'22
7534
I"I
90%
J
J
J
J
M
13 108»4 110*4
9534
II"
56l2
109 180 IO3I2
220 107% IO9I4
109
89ij
89%' 23 88
Oct' 21
95
100%
M
1977
MldlandTerm— Istsf g 53..1925
1927
Minn St Louis 1st 7s
1934
1st consol gold 53
1949
1st & refunding gold 43
Ref A ext 50-vr 5s Ser A... 1962
A Ft D lat gu 43. ..1935
Des
Iowa Central 1st gold 53.. 1938
1951
Refunding gold 43
78% Feb'22
88
Internal Ist cons g 43... 1977 .M S
Stamped guaranteed
1st
105% Jan'22'
80
83
88
99
Q
7834
95% 98
96
99% Oct'06
71% 73%
7334
'99%
96% 98%
4
82% June'21
9934
gu.'26
M S S M A A 1st gIst43 Int
53... 1949
"'2
00
40
53
9OI4:
77% 83
g 4U(«
Mex
Nov'19
72
55
60
3812
D
N
M
N
MN
...ftl952
1937
90
88% 94
1937 IVI
1940 J i
1940 J J
1931
N
M
96
91
8934
IVI
8518
8412
83I2 Dec'21
56
40
M
F A
NFlaAS lstgug53
N A C Bdgegen gu4Hs...l945 J J
1936 F A
S A N Ala cons gu g 5s
1963 A O
Gen cons gu 50-yT 5s
1945
S
La A Jef Bdge Co gu g 43
90%
88
93I4
M
gen 6s.. .1930 J
Registered...
43
87
88
54
89%
91%
ni
M
LA NSouth M Jount43...1952 J
June' 21
Jan' 18'
47
81
80
79%
59I4
"99"
3434
17
56
44
86>4
99i«
32
I
2
8412
Feb'22
106
81>4
A O
IVI
S
S
Atl Knoxv A Cln Dlv 4s... 1955 M NT
Atl Knox & Nor Ist g 53. ..1946 J D
Hender Edge 1st s f g 6s... 1931 .\I S
Kentucky Central gold 43.1987 j J
Lex A East 1st 50-yr 5s gu. 1965 A O
LA N& M & l3tg4^s.l94o M S
45
40
40
74
J
Mem
60%
34I4
73%
IVI
Q
5s
N
97»2
79
S
S
3
D
Collateral trust gold 53
19.30 IVI
10-year secured 73
1931
L Cin A Lex gold 4^3
1930 J
gold
6s
OA
1st
1930 J
2d gold 6s
Dlv 43. ..1946 F
Paducah A
St Louis Dlv 2d gold 3s... 1930 IVI
96l2
19
9OI2
7812
88
9014
39I4
90% Jan'22 "12
8518
8412
.--
79
Gold
87
—
"
38
103
84
54I4
147
44
...
8938 ...
83
66
56
4212
8638
._.
92
8518
96»4
N,
7534 Sale
D
1
High
Oct' 13
Oct'21|
July'2l!
83%
87% 70
D
J
98%
105
J
Since
Jan.
Sale.
High No. 'Low
Ask Lota
97% 98% 97%
19-27
S
Ist gold 53
J
1st con g gu 53.al932
1927 yi S
Ark 1st g 53
Unified gold -43
Registered
Last
78%
95%
88%
78%
99%
82%
73%
88%
J
A
Louisville A Nashv
84l2
9934
J
IVI
Louisiana
100% 102 14
1
40
84
97
IO2I2
65I2
S
Gold 4s.
Nor Sh B
Nov
39I2
4II2
8 ".38
86I2 87
9OI2 ...
84
85
95
20
44 12
45
Aug' 21
39
Feb'22
81
39I2
40
Sale
8II4
40
9538
Week's
Range or
J
M
Q
Q
General gold 43
Ferry gold 4)^3
N
M
NY&RB
1018
76
55% Dec'21
5S3s
46
82
I
ftl931
1938
1922
1932
1949
Unified gold 43
1934
Debenture gold 53
1937
20-year p m deb 53
1949
Guar refunding gold 48
1949
Registered
YB&
B lat con g 5s. 1935
Oct'21
10
lat guar g 43
Isld 1st cons gold 5s-.ftl931
1st consol gold 4s
73
lOls
7334
6218
23
15
9434
9812 Aug' 19'
58I4
59I8
73%
\
ANY
I
XoV2r
92
1037 i
I»4l|j
"•
11
reduced to 43
lat tut
Leh
Long
93
109
May '21
50
89
Ti\
iOi
Leh ValCoalCo l8tgug53..1933 J
Range
Price
Friday
Feb. 24
Bid
9934
9084
7658
7612
74I2
20
234
.
04
10A3
1061
n
79I2
4434
4112
8334
84
9634 Feb'22
95I4 .
9312 Dec'21
9534 IO512 Mar'08
83^8 »6
8634 Jan'22
97
9612
96'2
lOlis
102 14'
IO2I4
7918
Jan'20
80
9712
97I2 Jan'22i
87
\'i:.'.
1
10
12
98
00%
K».1l
!
1^
Feb. 2t
High
Nov'21
77
I912
1(151
Ta
II
7
7734I
4118
40
75
ViM
« 4«.
9738
8534
8934
54
4 107
74I4
74
77
79
43
Sale
7784
0X%
Apr lOVilJ
^
Week ending
1
lO-t'g
1061
1
25
66% 08
03%
76% 77
70%
70%
70% • a M > 80*» Nov' 10
80% 86
74 14 Ocf2l
1061
.1061
I'
f
.1
Jan.
High No.\ l,ow
10218 Feb'08
7II4
.1922'j
lat lieu
l8t& rel la
•I>et
Last Sale
BONDS
STOCK EXCHANGE
N. Y.
Since
Registered
30-year conv 5s
10-year secured 78
Trust Co
Range
Ask Low
Btd
F
Week's
Range or
839
2
H"Ft.
|
Halo
1
a
Dua
fXJt,
«
911%
0-J%
HA%
82%
Jiily'21
Jhii'23
option sal*
'
Illl'sa'i'ia
—
BONDS
STOCK EXCHANGE
Week ending
Feb. 24
N Y Cent & H R RR
Mahon CT RR
(Con)—
J
lstgoId3H8
9314 May'20
901s June'21
9812 Nov'18
83
S
eO's
74I4 Sept' 20
6618 Mar'20
M
N
O
A
N
O
O
D
78
Feb'22
88I2
89
7034 Apr'21
68 June'21
95
Dec'21
7712 Jan'22
Sale
7458
75"4
97»8
801.1
I0214
87%
A O
92I2
Nov'lOl
99% 99'2 Jan'22
90 May'21
1301s Jan'09
9514 June'20
Sale
79
79%
100
66
78
J
99%
91'2
IO3I2
99%
1934 J J
2361 J j
Registered...
..2.361 J
J
Lines eq tr .59... 1920-22
N
Equip tnjst 4^3... 1920- 192.5 J J
1937 A O
N YChlcA St L Ist g 43
Registered
1937 A O
Debenture 4s
1931 IW N
N Y Connect Ist gu 4H's A. .1953 F A
83
66
50
79
"84"i2 '8i''4
821.1
86%
85
S
3
46
42
A
O
42
50
IW
N
50 '2
J
J
J
IVI
M
J
J
99^8
78
66
83
KG
99I2
W
25
7812
765g
J
83
85
18
5054
4934
24
IW
IW
N
N
.1
40
50
51
77
67
Sale
5812 Sale
81^4
64
J
J
J
8U'8
65l8
1957 ]IW N
Providence Secur deb 43
Providence Term 1st 4s... 1956 IW S
1943 J J
Con Ea.st I3t4!^s
40"2
IstSer I4'/i8'46JJ
1945 J
cons 53
1
194.5|j
glW)2,M 3
NYO&
Registered S5.000 ouly...!7l992jM S
ref 1st g 4a
9
101
8212
78
86I4
80
83
81 12
8634
70
45
4612
44
46
38I4
4012
41
39I2
5OI2
5112
Sale
"l3
3812
60
5978
5II4
60
I
70%
50
59I4
79 14
83%
IO3I4
84
M
C
Scries
3H8
Series
3 V^ 3
Erie & Pitts gu g 3 Ha
D
B. . .
SeriosC
GrR&
1948
1950 F
1940 J
1940 J
N
A
J
J
80
8018
9118
77I2
77I2
77I2
7634
7634
Tol
W V &0 gu 4^3 A...193I
Series
Scries
B
C
Series
Series
Scries
Series
Scries
Series
Series
C
92% 94
4Mi3
1933 J
J
9II4
4a
1942'M S
76%
1942'A
1942
E 3 !^s
guar 43 gold
1953'J
G 4s guar
1957|M
I cons guar 4 ^i8..1963lF
General 53 Series A
1970'J
9t L & P Ist cons g 59... 19321 A
A
W
Pere Marquette Ist 3er
PhUlipplnp
•
No
B
Ry
D
N
A
6s.
4s
1st
30-yr
9
f
.
19,56 J
1956' J
4s 1 '127 J
price Friday; latest bid
93 14 ---87 14
84 14 ---_
81
84 _^
84
84'2
I>
92
99
O
N
3
J
J
J
and asked,
93
91U
A
g 4s...1913|M
Sou 1st g Ss. . 19'24 J J
l.st
U N J RR ACangen43...1944|lW
Ist Series
O
1945'M N
guar gold. . 1949 F A
F
&
O
MN
D 4s guar
Sodus Bay
.
J
B 4 V^ 8 guar
C 4Hsguar
Phlla Bait
78l4
J
PCC& St Lgu4^s A...1940IA
80
81
8II2 Feb'22
88I2 l>ec'21
79I4
.S91'.
93 <8
87%
86
80
106%
85
87
84
M
62%
10578 110
9OI4
80
l65"34
109'"
IOOI4 IOOI4
M
M
82
82
77
75
78
M
82
9634
8712
85%
W
97I2
89
90
92I2 9612
8534 89
9312 9734
IO5I2 IO8I2
10338 107
S7l2
86
W
7214
75I2
7238
7512
'8'4"S8
'8S"l4
80
81
80%
81>2
-.-^
93
-91
Dec'20
Sept'21
-
-
88i2
91
91
Jan'22
Jaa'22
S3I4 Sept'21
88%
84I4-
84I4
841?
Jan'22
80
May'21
8912
92%
6
89i2
92I2
Due
Feb.
91
91
8412
84' "84*
89"i2 "89'i2
96
91
Due Jan.
W
M
86
86
Mar' 10
Nov'21
W
W
M
W
July'21
84
W
M
Sepl'20
88
— 1st cons g 5s
1
Jaii'22
Aug'21
87is
Fcb'22
9OI4 ---- 102
J an '03
87I4 -* - - 8OI2 June-21
89I2
8934 Sale
90
75
76% 75
75
43I2
4312 Sale
44
o
84
84
60
8534
May' 19
86
80
93
84
82
77
•'
1994 J
1994
Registered
Develop A gen 4s Ser A
1956 A
Mob A Ohio coll tr g 4s... 1938 M
Mem DIv Istg 4^9-53
1996 *
1951 J
St Louis dlv 1st g 4s
Ala Gt Sou Ist cons A 53. . 1943 J
Atl A Charl A L 1st A 4^3. 1944 •'
1st 30-year 53 Ser B
1944 J
Atl A Danv 1st g 4s
194S J
2d 4s. ...
194S J
Atl A Yad 1st g guar 4s... 1949 A
1930 J
E T Va A Ga Dlv g 53
N
Cons 1st gold ,5s
..1956
E Tenn reorg lien g 5s
1938 M ^
A
1946
Ga Midland 1st 39
Ga Pac Ry 1st g 68
1922 •
1925 J
Know A Ohio Ist g 63
Mob A Blr prior lien g 58.. 1945 J
Mortgage gold 4s.
1945 J
Rich A Dan deb .5s stmpd. 1927 A
N
Rich A Meek 1st g .59
1948
V
So Car A Ga Ist ext 5!^s. 1929
Virginia Mid Ser E 53
1926" 9
M
Si
Serle3F5s
1926
N|
General .5s.
1936
Va A So'w'n Ist gu 59
2093 J J|
1st cons 50 year .5s
1958 A O
1st cy gu 49
1924 F A|
OA
Spokane Internat Istg 5s
1955 J J,
Term Assn of St L 1st g 4 ^s. 1939 A
1984-1944 F aI
1st cons gold 53.
Gen refund s f g 48...
1953 J J
Bridge
Tcr
St L
gu g 53. 1930 A o
Texas A Pac Ist gold 5s
2000 J D
2d gold Income 5s
j20r)0 Mar,
1931'J Ji
La Dlv B L 1st g 5s
Mln
A N
Ist gu 58. 1930 F A'
Tol A Ohio Cent Ist gu 53... 1935 J J
Western Dlv l.st g 53
1935 A O
General gold Ss
..1935 J D
1990 A O;
Kan A
1st gu'g 48
•2d 20-year 5s
1927 J J
Tol P A
1st gold 4s
1917 J J
J
Tol St L A
pr lien g 3^8.1925 J
1950 A O
50-vear gold 43
Coll trust 43 g Ser A
1917 F AJ
Trust CO ctfs of deposit
Tor Ham A Buff 1st g 4s...*1946 J D
Ulster A Del Ist cons g 53
1928 J 1^
1st refunding g 4s
1952 A O
.1947 J J
Union Pacific Ist g 4s
Registered
1947 J J
1927 J J
20-year conv 48
S
l3t A refunding 4s
g200S
10-year perm secured 63. .1928 J J,
Ore RR A Nav con g 4s... 1946 J D
1922 F A
Ore Short Line l3t g 63
1946 J J
l3t consol g 53
1929 J D
Guar refund 43
1926 J J
Utah A Nor gold .53
1st extended 43
1933 J J
1955 F A
Vandalia cons g 4s Ser A
N
Consols 49 Series B
1957
Veracruz A P istgu 4)^3.-. 19.34 J J|
IW
N
VIrglnl.an 1st .53 series A
1962
N
Wabiish 1st gold 53
1939
2d gold ,59
1939 F A.\
Del)cnture series B 6s
1939 J J
Ist lien 50- vr g terra 43
1954 J J
J
1941 J
Det A Ch Ext 1st g 5s
DCS Moines Dlv Ist g 4s... 1939 J J
Om Dlv 1st g 3^3.
1941 A O
Tol A Ch Dlv g 4s
1941 IW S
Wiush TermI IstguSVis
1945 F A
.1945 F A
1st 40-yr guar 4s
Southern
91
Nov'21
104
Dec' 15
96 14 Feb' 12
90% Dec' 12
67
Jan'21
85
Apr'20
94
86
M
83
89
ex Istgu g4!^3..1941'J
J
Ohio Connect 1st gu 43
1943
S
Pitts Y A Ash 1st oona 53. . 1927|.M N
I
83I4
.
87%
N
29
6
11
ff
91
89
86
90
94
90%
92'2
95%
87%
90
93I2
91
91
88I2
91
77
75
4
1
%
Due
45I4
June.
6
Duo
July,
t
Due Au;.
Due
99
10234 100
"si
"so""
"85%
1
8II2
85ls
8II2
FeV'22 :!:!i'6"5% '68"
69% 377
89
83%
68
70
82
841}
96i2
94% 98
71
76%
144
76% 3S4
1405 54
63
14 10114 103
97S!«
1
95
63
102
9734
Oct'20
90
Feb'22
83
6834
89
77
"'4
75
Jan' 13
71I2
3
Feb'22
53 14
20
2018
36I4
5OI4
271
93
88
Feb'22
Feb'22
Jan'22
De2'21
Jan'22
Jan'22
-
.
,,
'
62
58
78
"96""
95 14
94%
8934
59
72
79%
39
78
81
77
4
37
86
89«4
87%
38
86
8778
79
Feb'22
Feb'22
Jan'22
Dec'2I
6
78I4
94I4
80%
8734
87'4
Nov'21
88%
96%
83%
95% 97
8II4
85%
Sept' 16
'i
I
92
97
98
92
97
Oct'21
Mar' 19
Feb'22
Feb'22
...
,
86^4
96
..
37
9514
863*
IO3I3
98%
45
88% 88%
90%
89
83% 86%
97
80
36
87% 91
,
82
Sept'21
1
95%
75
Dec'21
7534
Feb'22
96
60
'82"li
85% 86
1
6II4
66I4
63%
89
91%
2
73
77
1
7
2
2
87
9t%
94%
"93%
Dec'21
90
61
82I2
72
2
75
63
96
63
96
86
Jan'22
88
95%
71»4
60
48% 54
13% 21%
31% 38%
41
51%
59% 62%
63
96
7434
7434
8334 Sept'21
89
95% Sale
73% 78
70
50
158
130
61%
62% 212
69% 68%
16
68%
91% Feb'22
76%
90
90
101
1021s
7234 76
88I4 88S4
7284 771*
3 64% 6638
68 68I2 7379
15 71
75%
76
Jan'22
76
66
73
Sale
62
60
2
70%
88%
91
96»»
72
75%
7534
9334
96
93
95
6S
63
78%
99% Dec'21
98% Jan'22
75% Aug'21
r |"9"878 "oS'i
75
75
94%
60%
95% 90
j
93% Dec'21
99%
8838
99
95
58
9078
92I4
95I4
Feb'22
80% Oct'21
73% ---
85% Mar'2l
72% Nov'21
92% Feb'22
76
9134
92
--.
94% --78I4
93%
91%
--89
83
91% 93
91
25%
87%
62
94 14
93
92
32
88
Sale
91%
SO
89
90
85
78
94
23%
88
61%
30%
31%
77% 89
77%
87% 89% 89%
60% 65
9II4 Sale
91i» Sale
Sale
84
102% Sale
8t3g
S5
94I4
Feb'23
Feb'22
Jan'22,
91
91%
89% Feb'22
91
84
102
84%
M
91I4 Sale
9510 Sale
90i,s
Sale
8434
98
86%
7OS4
91%
65%
62
85
74
78
73% 75
831]
85
Due Nov.
92
96
88%
947g
761'.
80%
.
87% 95
50
.
79% 89
90
85
78
94
90
62
89
82
86
88
89
.
91%, "67
103
85
Jan'22
Feb'22
83I4
3
i
16
I
.
86%
91%
95%
89>4
92%
87%
98
100%
96%
86%
96%
86%
78%
100
90%
98
86%
78%
"2"8""
26
116
33
8
87
Aug' 18
90
Fcb'21
62
91
Jan'22
.56% Aug'2l|
60% Dcc'21'
78
78
76
J.an'22
78 June'21
Due Dec.
92
8 81% 87%
22 102 103%
84%
Jan'22
72% Jan'21
28
Feb'22
«
94%
77% 79%
89%
.
7SI4
94%
60
.
89%'
Dec'21|.
8834 Sale
66
5
74
I
97% Feb'22
88%
8878
.-
,
91
Jan'22 .
90
Jan'22
81%
Jan'22 .
75%
Feb'22 .
91
Dec'21 .
Fcb'22 .
84
62
30 56
Junc'2l'.
'24""
Feb'22 .
9978
87
4
91%
99%
8734
74
106% Nov'04
94% Feb'22'
15I4
3934
94% 95^
39
Jan'22
78%; 78%
80%
95
July'20
81
.--
50
85
79
817»
9134
91*4
74
't's""
Dec'21
Dec'21
91
80
90
"7"5""
Apr'21
91%
95%
93% Dec'21
M
p
1
Aug'21
97% 98
97
98
91%
94 Jun8'21
87%
88% Jan'22
S9I4 89% 9OI4 Jau'22
841
8434 84 14
84%
80% Salo 80'4
80%
9914 Silt)
90%
90%
97%
86%
83%
83%
Oct.
Since
Jan.
Mar'21
8634
'
8312
80
DRRR&
1933;IW
AMD
10434 10134
84^8 8918
.
!
1st g 5s
So Pacof Cal— Gu g .53
1937 M N
So Pac Coast istgu 43 g... 1937 J
Tex
1943
con gold 53
1955 J
So Pac RR 1st ref 43
San Fran TermI Ist 43
1950 *
105% 106
.
N
WT
ATC
W
W
.
877s
Sale
M
1933, IW N
guar .5s red
J
H
Istg 5slntgU
1937|'
Waco A N
div Istg 6s.. 1930 M N
J
194l|-l
AA N
l.st gu g 53
Noof C.al guar g ,53
1938 A O
1927;J
J
Ore A Cal 1st guar g .53
M
8718
A1960 Oct
1st
.
1
O
M
M
House A
26
69
1
Guard 15-25-year gold 43.. 193 A O
40-year guar 4s ctfs Ser E. . 1952 IW N
Cln Leb & Nor gu 48 g
1942 M N
1935 IW N
C1& Mar Istgu g4!^s
C1& Pgen Bu4H8 3er A..1942 J J
Series B
1942 A O
Inrreduced to3V^s...l942 A O
J
G9i2 Sale
68
83 Sale
82%
9 )•% Sale
96%
76% Sale 751?
62 Sale
6OI4
102 Sale 102
96% 97I4 9734
GH&SAMAP
42S4
33
26
59I2 Nov'20
70
65
19.55! J D
67% 58% Oct'21'
General 43
5834 59
24
58
5834
Norfolk Sou Ist & ref A 5s... 1961 F A
84
89
Norfolk * Sou 1st gold 5s
1941ilW N
83% Jan'22
193lliw N 105% Sale 105%
105% ""i
Norf & West gen gold 6s
106
Jan'21
Improvement & ext g 6s... 1934 F A 104%
10134'
1932 A O 10434 Sale ,10434
New River iBt gold 6s
86I4
87
Sale
87
N & Ry 1st cons g 4s... 1996: A O
..1996 A O
74
RegLstered
Oct'20
84I2 84
84
Feb'22
DWl l.st Hen & gen g 43. 1944 J j 79I4
1932 J D
80
Feb'22
10-25-ye3r conv 4s
89
9234 Apr'21j
1932 M S
10-20-year conv 4s
92%
90
Apr'2l|.
10-25-year conv 4J43...1938
S
...1929M S 10578 Sale 105
10578 121
10 year conv 6s
8434 85
84
8434
7
Pocah C & C joint 43...194I J D
99
Dec'21
C C & T Ist guar gold 5s. . 1922 J J
851?
1989
8512
4s.
.
86%
V
&
E
Ist
gu
Feb'22
Scio
N
g
N
Northern Pacific prior Hen rail
84% Sale 84I4
1997 Q J
way & land grant g 49
84% 72
19<i; Q
84
Registered
Jan'22
j
'19
6O34
60
Sale
a2047
F
General Hen gold 33.
61
Q
14
59% 60
a2047 Q F
Registered
607s Dec'21
2047 J J IUO34 Sale 10638
10634
Ref & Irapt 6s ser B
88I2
87
2047 J J
88 12 8712
Ref & lmp4!-^sSer A
SOij
43..199H
8712
St Paul-Duluth DIv g
Oot'21
J O
1936 J J 10612 Sale 1061
P-Gt Nor Joint H9
10634 154
IOOI4 Feb'22
1923 F A IOJ'4
St P & N P gen gold 6s
100 May'21
Registered certificates.. 1923 Q A
97%
92
July'21
St Paul & Duluth 1st 5s... 1931 Q F
78i2
/5I4 May'21
1968 J D
1st consol gold 49
8II4 8212 82
1948 Q IW
Wash Cent 1st gold 4s
Feb'22
lOoig Sept'21
Nor Pac Term Co Ist g 6s. . . 1933 J J 106%
78
Sale
Oregon-Wash Ist & ref 43
1961 J j
78
7812 171
76%
76
Pacific Coast Co 1st g 53
1946 J D
Jaa'22
8518
Paducah A Ills 1st s f 4^3... 1955 J J
791s Sept'21
98"4 99
9634 Jan'22
Pennsylvania RR l8t g 43... 1923 IW N
8734 95
Consol gold 4s
...1943 IW N
88
Jau'22
89 Sale
Consol gold 43
1948 IW N
88
89
94I2
95% 96
Consol 4V^3
1960 F A
96
21
87I2
8712 Sale
86 '8
1965 J I)
General4Hi3
79
95I4
96 Sale
General .5s
9612
1968' J D
67
1930 A O IO6I2 Sale IO6I4
10-year secured 73
10634
60
1930 F A 105 '8 Sale I05I2
15-year secured 6 ^s
107
113
8/I2 Jan'22
86
Allcg V'al gen guar g 4s
1942 IW 3
-8534
83
B'ge lStgu4sg.l936.F A
Feb'20
Pennsylvania Co
74%
Guar 3)^3 coll tnist reg A.1937|M S
72
Nov'21
7334
Guar 3^8 coll trust Ser B. 194 1 F A
72% Jan'22
7334
Guar 3!^3 trust ctfs C
1942 J D
7512 Jan'22
74I2
1944 J O
Guar 3 Hs trust ctfsD
70
Apr'21
M
J
M
4a
77
Sept' 171
W
JI
I
3812
31
71
10
10
Jan'22
88^8 Feb' 18
74I2 Dec' 19
70
70
56l2
J
8234
"8412 85
8412
74I2
67I4 '67ii "o"8"
J
J
195o'J
1928IJ
ft 1955 A
82
73
82
A
i
71
57
26
83%
J
J
Range
Hloh No. Low High
100
Feb'22
9534 100
9714 Dee' 17
95I2 100
9512
82i2 Sale
J
Sale
12
o
^ i§
Ask Low
M
M
37% 45
42% 119
4II2
75
70
5084
4478
44
69 14
71
50
Oct' 17
60 July' 18
3812 Jan'22
45
45
7513
77
59
Jan'22
5812
60
80
Dec'21
87 July' 14
83
Aug' 13
43
A
|
I
8234
4tl2
51
44^8 Sale
70 Sale
Week's
Range or
Iiast
St Louis A Sill Fran gen 63.. 1931 J J
General gold .53
..1931 J J|
St LA S F RR cons g 43... 1995 J J:
85%
67
Southw Dlv 1st g 53.. .1947 A O] 90 Sale' 30
C Ft S A .M consg69...19iS,IW .V 102 IO2I2 102
FtS A
Rv rerg43..1936 A O 75% 76
75
K C A R A B 1st gu .53. . 1929' A O 90 '77"" 88I4
St L S
N 76 14
1st g 4s bond ctfs. . . 19S9|
76
65
2d g 4s income bond ctf3.pl9S9 J J
67% 66
72I2 Sale
Consol gold 4s...
..1932 J
7212
75 Sale
1st terminal A unifying 53. 1952] J
7II4
7212
Gray's Pt Ter 1st gu g 5s.. 1947 J
9812
7118 72
S A A A Pass lstgug49
1943 J
7II2
52
Seabo;ird Air Line g 4s
1950 A
50
'53"l2
52I2
Gold 4s stamped...
1950 A
5212
F
19
Sue
Adjustment 53
ol949
I8I2
35 Sdte
Retundin',' 49
1059 A
33
49% Sii" 49I4
1st A con3 6s Sr^rles A
1945
62
6212 6212
Atl A Birm 30-yr 1st g 43.^1933
60
C.iro Cent 1st con g 4s
1949 J
63
95I4 9Sl2
FlaCentA Pen I.3t ext 6S..1923 J
96
8512
1st land grant ext g 5s.. 1930 J
85%
82i2
S3
Consol gold 53.
1943 J
71
Ga A Ala Rv Ist con 5s.. .01945 J
72
84I2
Ga Car A No 1st gu g .5s... 1929 J
86
85
Seaboard A Roan 1st 53... 1926 J
8734
Southern Pacific Co
793g Sale
Gold 4s (Cent Pac coII)...tl949 J D
7834
Registered
fcl949 J O
72
8.1I2 S.ile
S
20-year conv 43
(71929
88%
92i8 95I2 9)12
20-year conv 53
1934 J D
8234 Sale
Cent Pac Ist ref gu g 4s... 1949 F A
8234
83
Registered
1949 F A
82%
Mort guar gold 3!^3...fcl929 J O 87I4 S?l2 87I4
78%
Through St L 1st gu 43.. 1954, A
79
95-<8
97% 96
1st 53... 1931 IW N
>
90
...193lJ
2d ex ten 5s guar
92
97
Glla V G A N ist gu g 53.. 1924 IW N
97
66I2
99I4
46
Feb'22
39"2 Jan'22
50
5012
F A
J
J
N Y W'ches&B
W
99%
K
45
46
Sale
70
41i2Sale
W&
77I2
Nov'17
85
"
B & N Y Air Line Ist 4s. . . 1955 F A
Cent New Eng 1st gu 4s... 1961 J J
Housatonlc Ry cons g 5s. .1937 M N
Naug.ituck RR 1st 4s
19.54>I N
1942 A O
N Y Prov & Boston 43
Consol48
77I2
Prior lien Ser B 5s
Prior lien S-r C 6s
Cum adjust Ser A Os
Income Series A 63.
Feb'211
8213 '83
ALE
—
I
I
Non-conv
Non-conT
Non-conv
Non-conv
Non-conv
New England
Jan'22
Jan'22
771- reb'2,2
99I2 Feb' 19
6712 June'20
8412
8512
M
Hartford—
79
89
103
O
J
997sl
99-'4
83
8038
83
Price
Fridaif
Feb. 24
Bid
1940
1943
Reading Co gen gold 4s
1997
Registered
1997
Jersey Central coil g 4s
1951
Atlantic Citv guar 43 g
1951
St .fos A Grand Isl Ist g 43. . . 1947
St Louis A San Fran (reorg Co)
Prior lien Ser A 49
..1950
May' 15
113
85I4 Dec'2l]
gu 6a.. 1932 J
deben 43
1947
deben 3Hs
1947
deben 3^3
1954
deben 4s
1955
deben 4s
1956
19.56
Conv debenture 3 !^3
Con V debenture fis.
1 948
1930
Cons Ry non-conv 4s
Non-conv deben 43
1955
Non-conv deben 43
1956
1957
_
4% debentures
Harlem R-Pt Ches 1st 4s.. 19.54
14
58%
2d guaranteed fis
West Shore 1st 4s guar
NYNH&
7634
99-14
UtlcaA BIk Rlv gu g 4S...1922 J
Pitts & L Erie 2d g 5s
al92S A
NYC
89
79I4
82I4
J
J
J
J
Rut-Canada 1st gu g 4s. 1949 J
St Lawr & Adlr 1st g 5S...1996 J
1996
77%
ending Feb. 24
Sh
1st g 53
1st consol gold .5s
Pitt'
83
O
.J
1st
94
Week
1
No L»w High
High
8334
N
N Y& Harlem gSHis
2000 M
N Y & Northern 1st g 53.. 1923 A
N Y & Pu 1st cons Bu g 4S- 1993 A
Pine Crcefe reg guar 63
1932 J
R W& Ocon Istext .5s...ftl992 A
Rutland 1st con K 4 >^s
1941
Og& LCham l8tgu43S.1948 J
McK & Y
Ask Low
N. Y.
Since
Jan.
3
BONDS
STOCK EXCH.\NGE
Range
Last Sale
94I4
m.'il
fis
31
1931 IW S
1931 Q
1940 J J
1940 J J
latROld 3I2S
1942 (W
20-year dobenturc 4s
1029 A
J June RR guar lat 4s... 1930 F
Pitts
Week's
Range or
M
Registered
4s
Registered
2d gold
Price
Friday
Feb. 21
Bid
I
1934 J
Ist, .58
Michigan Central 58
JL&S
= »,
-
II
New York Bond Record— Continued— Page
840
N. Y.
—
1
;
I
2
,i
i
91%
93% 97%
81% 87
88>4
91
91
69
78
72% 76
Option sale.
—
-
A
J
1 77
1
.. .
J1
'
1
New York Bond Record— Concluded— Page
3^
BONDS
PrUe
N. Y. STOCK ECXHCNAQE
Week ending Feb. 24.
Week's
Range
FrUai/
Range or
Fed. 24
Last Sale
Since
Jan. 1
WeBt Maryland 1st g 4s
Weet N Y & Pa Utg5a
O
1952 A
1937 J
1943 A
.
Gen
sold 4s
Income 53
62
96
J
O
RR
Ist consol 4s
39
J
4012
6634 Sale
67 Sale
64I2 Sale
82i2 84
8212 84
7% secured notes
1 192 1 J
Certificates of deposit
Certfs of deposit stamped
Bklyn Un El Ist g 4-53
1950 F
Stamped guar 4-53
1956 F
J
A
A
F A
F A
g 43.. 1949
1st
1957
Y A Jersey 1st 53
1932 F
Interboro Metrop coll 4)^3.. 1956 A
N
Certificates of deposit
Interboro Rap Tran 1st Ss
A
5
S
N Y State
!
N
N
F A
IVI
X
J
M
J
J
J
O
.V
O
J
K 5«
1949
V
ney
<;.,
i.i
Vte<.\
Mll>
ii
I.
'
f
y
Y
.
I.
•^
I
FA
\:\
N Y*Q
Paein«
ri
4(t
cxt
'j.i
4.9
g 5i
ui
*
'
Pijrrh;w«.
iHt
I.
'
.
fi
Lrcf4
-il
'
'
l'i39 i
I'l'U A
l'»J7 *t
Vi\x, J
r.rf
K 5<
g 4a
I'
rii'..',ny
III
Kl
I,
*
y.
I
rj .^
.
60
6
54
65
571?
571?
4834
6412
81
9034
6534
05I4
50
34
28
Feb'22
85
Feb'21
Dec'2l
27l2
5I2
5l8
6514
60
20
40
7914
79I4
i-T,
83
85
30'8
35
25I2
32%
29
45
24
32
87
684
17
65^8
30
Feb'22
84
912
7l2
6II2
81
7812
67I2
J
5I2
434
2 102
IO334I
98%
Sale
49
492
9834
821"
4
55
Mar'2l'
723* Jan'22
I
92 Sale 911.
921?'
lOO^g Sale lOO'g
101-8
10ti2 Sale 10412
IOH2
107-^ Saif 107
10734
89I2 89
»9
Feb'22
94'4
937g Feb'22
SalH •90 »
91
91'2
913» 92
9034
91
72
76ig
75
3U
34
20
103'g
97
97
97
Uo
9j>s
91»4
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101
102'; •Sale
Sale
fl7
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J
O
N
94
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7«i2
J
91
100'2
101*4
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79
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til
10512
Jan'22
90 "8
91*4
10
I02I4
87
Feb'22
97I2 8cpt'2l
86
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89
8712
91
92
8SI4
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91 12
88
91
.
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88
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6
I
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80
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87
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72
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80
89
10314
I
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99
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80
90
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70
July '2
91
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93
78
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|
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68
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85
72
87
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83
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I
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:
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09% 09^
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r
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7
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06
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I
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100
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m
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1941',
Jui.n. Aliiii- July.
951.
891. .Sale
A mil r A
rK»l nlates 4t{«
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107
95
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80'4 Hale
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gold 09
Pa. in
1.1. 1 lot imirM
H-.Ulh Hell Irl A r IM
WralTii
104
92
109.1^
1(10
MN
20
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112
U
4'4«..
100
88% 88%
lio'ji,
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i
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1949
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1
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9fl44
g
1
78
---
88I2
92%
N
MN
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'
89
100%
100%
103«2
06
97
9JJ1.
84
Sale
10U% lOl
8OI4 Sale
104 Sale
071. 98
9514 Sale
91
93
Sale
91
9934 Sale
190 S,llO
9712 Sale
J,
M\
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TiOeg coll tr
49
89'i
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94
M
M
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-
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'
90
83
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100
93% 99%
97%
9,i
I
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5h. 1957] J
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06
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'
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J
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Nov 19
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977„
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10 30 yr .59 n f . 1910 A
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I
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92% 94I2
92I2 9494
on
lOOU 103
96
95
112
88
93
!
11514
91%
Feb'22
0437
991.
Sale
ICO
MtA
T.-nn foul
80
87U
101% 104»4
112
;
'!'*•'«
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IIOI4 113
9734 997g
721. 75
102
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I
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f
103
97-14
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95
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101
95
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1943 F
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iisu
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1942 IVI
1930 J
f .58
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.
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80
79
H
107
33
idi'ig lo's"
i^ale
9434 S.ile
9612
90%
96
100
79
54I2 77
71% Sept'21
•^f.^
99
99
76
93I4
96
96
60
i04l2 i(j4i,
841.
-^ale
102I2
1031s
11312 Sale 113
9.t.>s S.4le
935,
Colo K A I Cn gen H f ,59
Col Indui lit A coll 59 gu
1931 F
Corn foal of Md Int A ref 59. 1950
|.;ik Horn Coal conv Os..
1925 J
llllnoN Stwl iIpI) 4l<»
1940 A
IndlimHleel l9t.59
1952 M
I.a<-l(:iwanna Steel ImI g fia..ri923 A
HI rofi9 59 Hi-rliH A
1950
LehlKh r; A Vav 9 f 4 1^9 A . 19-.4 J
MI-l-,-:ile Sieel ,V () conv n f 59 1930
I'l.Ti am V-tl Coal iMt H f ,59 .I92.'<'J
t)'i:Ji .
.Mar' 1
997a
OJ'i
l''<*«* 6m.
;:
76
lOU. 105
112i2.Sale
IVI
N
68
97I3
7712
10334 Sale
10134 Sale
951.
701. 78
98
9812
D
J
MN
N
7H..1935
Dclx'iilure 59
.
I
:
89
70
7K
94%
101
P».i
A
20-yr p m A Imp
Buff A r*<tvi Iron a
9S
100
1041J
99% 100%
1
J
J
M
103
da.le
76
76 12 Sale
104 14 Sale
IO7I4 Sale
34 1 Sale
104%
8434
89*4
84I4
80%
S.ile
,i9l2
98ig
102
81
8OI2
F A
A O VJ!- ^hV"
F A 93"2 94
Iit3l
Steel iHt
C^oal, Iron and
Steel Ist ext 9 f ,5s
1st A ref 59 guar A
89l2
7fl
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A
B(ah
M»y-20
HH't
July' 17
101
K I'll
87'2
87ii
I
1
A1
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90
92%
1;
8II2
100
9914 101
701. 77%
95 14 95^4
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17 >
I'
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.
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1
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N
D
J
N
M
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98 101
81 ig 8'
Jaii'22
89
A O
Ist .5s
19.52
1st conv 63... 1938
Brake
Air
96
Sale
Sale
SI34 rfale
M
166 163" IO5I2
93
93
I
93
90%
19 89I4 92
50 99 1» lOlU
81 100
10234
77I4 87
8512 87
109
84-14
S
IVI
95
Sale
Sale
93I2
N
A O
IVI
95
9II2
lOO.'s Sale
IVI
J
J
92 12 99
100 103l«
10134 105
103
95
97
95
87
O
A
Packard Motor Car lO-year 83 1931 A O
Porto RIcan .\m Tob 89
1931 IW .'^
Sharon Steel Hoop Ist S3 3er A 194 1 IW S
Standard Milling Ist .53
U)30
N
Steel A Tube gen 3 f 73 ser C. 1051 J
Union Bag 4 Paper 1st 5s... 1930 J
Stamnt'd
1930 J
Union on Co of Cal Ist 53. ..1931 J
United Drug conv S3.
1941 J
U S Realty 4 I conv deb g 5s. 192-', J
.5-year
3
Rubber
sec
U
1923 J
78
Ist 4 ref 53 series A
1947 J
lOvear 7^9
1930 F
D S Smelt Ref 4
conv Os.. 1920 F
Va Caro Chem 1st l5-yr 5s.. 1923 J
Conv deb 69
el924 A
12-vear 9 f 7V<9
1032 -M N
West l-:iectrlc Ist .59
Dec 1922 J .1
"
86
87
90TI 94
10112 lOll; lOHlj
101
101
H2ll 87
82
so Hale
85'2
f A
A
903s
N Y
10<i'2 1087g
Sept'21
Bale
National Tube
14 8978 92i2
8 100
ioi-g
2 102
100
|..
Rj-fun'Iii
Waatrbn
8312
1
'
.'>i
.
Int Agric Corp Ist 20-yr 53.. 1932
Internal Cement conv 8s
1926
International Paper .53
1947
Kelly-Sprlngfield Tire 8s
1931
Liggett & Myers Tobac 7s... 1944
.59
1951
Lorllhu-d Co (P) 78
1944
.59
1951
Nat F.nam A Starapg Ist 53.. 1929
Nat Starch 20-ycar deb 53... 1930
60
56
A
O
D
IVI
105U I07Jt
99
9S'8
1031. 104
Debenture ,59
1952|M S
20-veardRb69
Feb 1940 F A
Goodyear Tire A Rub 1st s f 8s '4111111 N
10 voar s f deb g 83
eI93I|F A
73
5II2
D
M
98^4
60
75
7
95
88
J
Sec Cor conv Ist g 5s- 1927 A O
E I du Pont Powder 443
1936 J D
du Pont de N'omoursA Co 7MiS '31 rn N
FIsk Rubber 1st 3 f 8s
1941
S
General Baking 1st 25-year 691936 J D
1942 F A
Gen Electric deb g3>^3
02
57 14
92
.5618
i
70.14
99.14
10134
Distill
10414
79
10134 Sale
1031. Sale
S
IOOI2 102
9fii.
F A
p A
1931,
78
971.
10134
1051s
j
88I2
93
9*34
8318
105 -s Sale
93 , 100
MN
103
99
F A
1928 A
1941 F
Conv deben stamped 8%
Cuban Am Sugar 1st coll SS..1931
Diamond Match 3 f deb 7^3.1936
85
85
44I2
3| 88
122 90
73
Jan'22
Jan'22
55
36
i
N
99
84
89
88I2
911.
82%
1
Feb'17|
Dec'21
61
62
53I2
57
92
92
IVI
U4
101%
95
9718 Sale
7678 77
lOO's Sale
1947
1939 J j
Atlas Powder conv 7 Hsg
1936;f A
Baldw Loco Works 1st .58
1940 IVI N
Cent Foundry 1st s 63
1931 F A
Cent Leather 20-vear g 53
1925 A O
Com Prod Refg s f g 53
1031 IVI N
1934 IVI N
1st 2.5-year s f 5s
Cuba Cane Sugar conv 73. ..1930 J J
8114
54I2
.-Ule
>9
80
I7I2
7^3
95
Sale
9134 92
94
89
93
111%
87,
SIT
9612
9234
8318 S.ile
7812
9712
114
8712
85
92
80
Sale
IOII2
I
Higit
no
1121.
10012
87
96
77
97
Manufacturing and Industrial
9234
50
Oil
Am Agric Chem 1st c 53
Istrpfsf7W9g
Am Cot Oil debenture 5s
Am Sm4 U 1st 30-yr Ssser A
Am Writ Papersf 7-6s
60
64I2
39
Dec'U
8413
73
.
Nt (
17
7513 Sept'2I
60
82
C',
gu R
j
Feb'22'
Jan'22;
I912
934
734
82,
I712
6418
19 IS
P»'i.:.--,-. :-;,...
P»t A i'xtmtir < i A Kl 6<l
MM 9
P»op (iM M C Irt. nnnn g fl9 UM.i A
I,
79
59
93
92
Jan'22'.
59I2
76
Pn-1-
ChO
2
159
I
85
Feb'22
75
47I2
Feb'22'
40
54
97
I'MB
1
f,^^i-.,i
63
66I2
111
62
6412
831*
9234
87
J.J ,'z
.<,n9g it .. 19'!.'. J
Hi cori g rn 19.30 '
It
A P
1534 4513
6434) 794
621?
63I2
conv
..1925
al93l
Tennessee Cop Ist conv 69.. -1925
Tide Water Oil 64s
1931
Union Tank Car equip 7s
1930
Wash Wat Power s f 53.
1939
We.st Penn Power ser A 53... 1946
1st series C 63
195S
1st series D 7s
cl946
. .
Wilson & Co Ist 2.5-yr s f 6s. . 194
lO-year convs f 63...
1928
"70"34 '70"34
10
Con
Sinclair
Stand;ird Oil of Cal 7s
.
171-.!
,
O
A O
J O
OVJd A.l!»41
I
99
13
6512 Sale
8312 84 14' 83 14
8312 84
8312
103'2
103%
87
9034
>'6'g
m
M
.
10%
534 Sale
oig
5^8
10:
F
mj'.
Win g
Ixt
.ri
;
Ne*
n
N
As
'I'-b
y.i\
611
1
Jan'22j
66I2
Jan'20'
I
v.m a o
O
I'».-t7 A
O
l')'(7 .\
4 Pk.5«
Kill.
1
LWB
90
sJe
95
M
6412
Since
Jan.
nil. 110
93I2 Sale
99
991s
10134 Sale
N
84
7512 83
75
64
68
66
34I2
27
71
67
2
92%l
"OU
i'i>9 J
lit
54
75
m
m
Range
Last Sale
Ask Low
92
87
87
86
95
m
4012
Week's
Ranoe or
Sale
Sale
IOOI2 Hole
8518 Sale
M
OS
67
5812
1
92%
4612 ...
30-8 Sale
29I4 31
82
95
229
83
68
68
Feb'22
62
62
50
M
39%
58
1931 j
8s
m
I
M
M
Osa in e ja
6412
8212
T^^io
J,
.
iw.'.j
67
61
32:
58i2j 361'
O
'
fi«
6718
77I2
9812 Sale
J
Feb'22
64I4
57
Sale
92
.V
77I2
80
Sale"
61~8 Sale
5512 Sale
al960 A
74I2
751s
79 14
83
J
J
1937 J
Trl City Ry 4 Lt Ist s f 5s... 1923 A
Undergr of London 4H3
1933 J
Income 6s
194)^
United Rys Inv 5s Pitts lasuV 1926
United Rys 9t L Ist g 4s
1934 J
St Louis Tran<!lt gu 5s..
1924 A
V» Ry Pow ist 4 ref 59
1934 J
Gas and Electric Light
Bklyn Edison fnc geo 53 A.. 1949 J
General 6s serl«) B
1930 J
General 7s series C
11930 J
General 79 series D
1910 J
Bklyn Va Gai lirt coos g Ss ' 19 15 M
Clncln Oa.s 4 Elec I91 A rel 5s 1956 A
ColuroblaG4 E UtSs
1927 J
8t*rnp«l
1927 J
Col.
' .- 1st gord'5s"!l932 J
Cor,
rconv79
1925 g
I>«t'..u(goid.5^
1923 J
Detro.t l>l,v,u Ist coll tr 5s. . 1933 J
lat 4 ref 59 ler A
k 194<)
IM 4l ref 6s aerlca B
.* 1940
Kai
80
43
M
M
Rys 1st cons 4^8-1962
Portland Ry 1st 4 ref 53. .
. 1930
Portland Ry Lt 4 P Igt ref Ss 1942
Ist 4 refund 7!^3 Ser A... 1946
Portland Gen Elec Ist 03.. 1935
8t Paul City Cab cons g 5s 1937
Third Ave l<n ref 43
.1960
Hii'1
J
J
J
A O
01942
14
22
Sale
Sale
Sale
Sale
Sale
6334
45
38
8054
J
10
10
6G
64
61
64
78
6312
34 12
72I2
70
61 June'2l
92
52
62
77
59
83
68
68
Sale'
9II4
9II4
31
35l»
Cop
Price
Friday
Feb. 24
Btd
J 111
91
J
J 113
Ist Ser C 6 !^s (ctf3)
1963 J
Chile Copper lo-yr con\' 7s.. 1923
n
Coll tr & conv 69 ser A
1932 A O
Compiitlng-Tab-ReC3l68...I94l j j
Granby Cons
S & P con 63 A '28
N
Stampe<l
1928 ivi N
Conv deben 8s
..1925
N
Great Falls Pow 1st s f 59
1940
H
Inter Mercan Marine 3 f 6s.. 1941 a O
Marland Oil 3 f 8s with war'ts 1931 a O
Mexican Petroleum s f 83
1936
N
Montana Power Ist 53 A
1943|j "j
Morris & Co 1st sf4Ks
1939 J
j j
Y Dock 50-yT 1st g 43
1951 F
p A
Niagara Falls Power 1st 53.. 1932 J
j
j
Ref & gen 6s
..al932 A
4 o
Nia:; Lock 4 O Pow Ist 5s.. 1954
N
Nor States Power 25-yr 53 A. 1941 A O
Ontario Power N F Ist .53
1943 F A
Ontario Transmission .53
1945 IVI N
Pan-Araer P 4 T Ist 10-yr 73 1930
Pub Serv Corp of N .J gen 53. 1959 \~6
Mar' 17
8212
64
60
87
93 ig
Feb'22
75I4
76
78
80
58
IS
92 12
841s
39%
5^
24.
ChlcUuSta'n lstgu4!^aA..1963 J
59
7034
J
I
Flee r-onaol
78
Cerro de Pasco
6312
40
65
A "93"
iiir
A
N
N
Harana
67
56
59I4
D
M
DnquMDeLt inAoolllto
76
17
14
M
AdJ Income 53
Third Ave Ry Ist g 59
74
70
72
64
62
62
54
70
85
91
1966 J
Manhat Ry (N Y) cons g 43.. 1990 A
Stamped tax exempt
19902d 43
2013 J
Manila Elec Ry & Lt s f 5s.. 1953 M
Market St Ry 1st cons 03
1924
5-year 6% notes
1924 A
Metropolitan Street Ry
B'way & 7th Av 1st c g 53.1943 J
Col A 9th Av 1st gu g 59..1993|.M
Lex Av & F F 1st gu g 5s. . 1993
Met
3 El (Chic) 1st g 43.. 1938 F
Mllw Elec Ry 4 Lt cons g 53. 1926 F
Refunding 4 exteo 4(^3... 1931 J
Montreal Tram Ist 4 ref 53..I94l'j
New Orl Ry 4 Lt gen 4!<i3. 1935 J
Y Munlclp Ry st 3 f 03 A. 1966 J
Y Rys Ist R E 4 ref 4a. ..1942 J
Certificates of deposit
aChyeai adj Inc 58
Certificates of deposit
68
55
O
.
W
67
34
78
5s
92
Adjust Income 53
42
Week ending Feb.
62
96
74
96
74
1
BONDS
STOCK EXCHANGE
N. Y.
841
High
5Sl2
3
85
Feb'22
Jan'22
39I2
3934
08
Stamped guar 43
1949
Nassau Elec guar gold 43.. 1951 J J
Chicago Rys Ist 59
1927 F A
Conn Ry 4 L 1st &ref g4H3 1951 J J
Stamped guar 4^3
1951 J J
Det United 1st con3 g 4 "^s... 1932 J J
Ft Smith Lt <fe Tr 1st g 5s
1936 M 3
Hnd & Manhat 5s ser A
1957 F A
I
8412
93 Is
76
Sale
80
O
3-yr
40
62
96
74
78
7434
N
Hi
Low
ATO.I
Oof 17
9114
90»4
ah
J
J
Street Railway
Brooklyn Rapid Tran g as... 1945 A
1st refund con V gold 4s
2002 J
Kings County E
96
74
30
8412 Sale
9434 961^
9138
8512 95
5812 58^8
635g 64
M
M
1949
Wlnston-Salem S B Ist 4s
1960
Wis Cent 50-yr 1st gen 43
1949
Sup & Dul dlv i term Ist 43 '36
6V2
Sale
Sale
74
7212
..pl943 Nov
Weetero Pac let ser A 5s
1»4H IVI s
WheellnB 4 L E 1st g 59
1926 A
Wheel Dlv 1st gold 53
1928 J
Exten & Impt gold 53
1930 F
Refunding 4^8 series A... 1966
man
Ask Low
Bid
4
I
112%
0V% 112
97% 9H
72
7a
88%
IHI
(I4«4
07«4
8H<4
91%
IIIII4
103%
101
111:11,
-'a
H\ 107
IU8«t
34 91% \)n*i
19 03
06%
I
2H
40
IHI*4
IIA
NH% 03^
I()<1%
fUua Uno, K)p«4aa
lOHU
aala
2
1
Hiaa AND cow SALE PRICE— PER SHARE. NOT PER CENT
T'fH'lav,
Feb. 21.
SaiuTdav,
Feb. 20.
Feb. 18.
Wcdni'siatj,
Feb. 22.
Thursday,
Feb. 23.
77
96
73'2
95
95
1758
I7I2
17'2
*21
27I4
27U
*39V
41
•21
28'4
*40
•36
38
49
I7I3
49
«
140
3f)'4
49
*13«
95
•17
•21
2834
41
3634
49
140
Railroad^
& Albany
Boston Elevaced
17%
17-i8
*31
17
74
•70
sY"
*71
•79
37I2
3778
1734
1712
140
List Sz'.e 334
Jan'22
Last Site 130 FelJ'22
8tl2
84
84
84
31
31
31
31
1718
1738 I7I2
18
Last Sile, 75
F';b'22
Last Sile 75
Fe'1'22
•79
81
80
80
2II4
•22
23
21
•85I4 92
*85l4 92
1734
*70
•72
•75
•79
22
•85
8112
•71
79
23
90
22
23
•22
*85l4
92
87
87
4914
•5914
50
60
49
59
4914
4918
59
59
50
59
*.03
.05
27s
131?
*.03
74"
37I4
•3634
"74""
79
23I2
49I2
49I2
4934
59
49I2
*
.59
100
100
100
100
100
1st pref.. 100
pref
B03ton& Maine
116
Do
Do
Do
Do
Do
33
140
32
Do
5S0
37I4
49I4
•3«34
49I4
49
140
*31
28
40
28
40
2¥34
'•.334
84
31
'i7r2 T712
17
17
Last Sile 2912 Fe"J'22
•130
*84
*I30
31
I7I2
95
rjoaton
1.15t
64
51
pref
Series
Ssries
SLTies
Series
A
B
C
1st pref. .100
IsD pref. .100
D 1st pref.. 100
Boston & Providence
100
Bo?t <fe Wore Elet! pref .No par
CHlc .Tunt! Ry & U 3 Y
100
21
Do pref
...100
93 Maine Central
100
58'J X Y N H & Hartford
100
N'orthern Meiv flamosUlre.lOO
1
^^o^^vloh
&
Worrraster pref.
Old Giloav..
Rutland pref.
2
201
100
Vormont &
West End Street
15
Do
38
73
95
14
20
22
36
30
40
125
334
130
Jan
Feb
Jaa
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Lowest
Highest
4
20
12
10
9
5
17
9
12
12
26
137
80
98
Feb 23
Jaa 18
119
JiO 16
78
I8I4 Feb 15
2tl2 Feb 2
2S34 Feb 21
41
Jan 31
3778 Feb 2
49I4 Feb 23
140
3'4
Feb I
Jan 27
I314
I6l2
19
85
33
Feb
4
30
19
Feb 15
Feb 2
12
78
4812
58
17
6
20
23
Jan 5
Jan 11
Dee
Nov
Aug
June
314 Jsn
130
Feb
6312 June
130
Jan
Jan
Jan
Jan
Jan
Jan
Nov
Nov
Nov
27
24
36
110
19
J;iu 19
7
Apr
6178
8OI2 Ian 9
27'2 Jan 30
I214 Jan 3
69
Jan 10
15
50
50
pref
130I4
58
57
10')
100
Missactiusetts.lOO
1,101
pretilous
year 1921
Lowest
Ul
95I4
Range for
I.
E.KGHAVGE
3
78
77
7634
40
«
137
77
Range since Jan.
BO=!TOM STOCK
Week.
77
95
40
49
354
•130
•84
13f5
75I2
76l2
See next page
SrOOKS
Sales
Jnr
Frldav,
Feb. 24.
Shares
•133
»136
•136
74
95
BONDS
BOSTON STOCK EXCHANGE-Stock Record
843
11
1
1
60
Dec
Dec
Apr
Feb 16
8178 Jan U
23
Feb 20
51
Nov
75
75
87
5II2
60
Jan
Highest
133
79
100
25S4
30
33
47
40
58
133
3'4
130
Nov
Nov
Deo
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
8212
43I2
2314
Deo
75
76
75
Feb
50
Oct
15
Apr
Feb 21
Feb 4
Jan 20
69
Nov
40
40
Jan
Jan
Jan 25
Jan 27
Jan 16
.04
2
8I2
9618
Aug
3
Jaa
Jaa
Jan
Jnn
534
1538
21
78
5112
61
Feb
Jan
Jaa
Jao
Jan
Deo
Deo
Deo
Miscellaneous
•.03
3
.03
3
137,
1434
118% II9I2
lOSij 110
84I4
•1234 10
•I3I2 1412
•.60
1
•.17
.25
•83
278
83
I4I2
14l.>
141?
234
234
13I2
13
II9I2 120
IO8I2 II2I4
83I4 84
1214 16
*13l2 I4I2
13
11914 1197s
108 1081?
83
4I4
*13l2
*.60
•.17
*.04
I9I2
*4
4I4
•4
I3I1
131^
I3I4
137s
13
.75
.25
.20
1934
4I8
I3I2
5«r'8
57
47
57
59
47
59
.59I4
•04
.07
20
•1934
•4
•46
159
•478
159
5
I4I4
14
.75 *
14
2558
29I2
2514
29I2
.75
I
*.20
*.07
.25
.07
1934
I9I4
*46
15812 I6OI2
•434
2.5I2
2934
•434
"7734
7734
•3I2
4I2
1134
•10
2
2
7734
•3I2
*9
14
I6I2
168
14
14
3I2
312
104
10534
63I2
•61
•11
1138
3734 38I4
•2518 25I2
22I2 22I2
75
4
•10
III2
4
334
1
5I4
538
III2
*83i4
2612
3212
3312
1414
*33l2
•1334
•114
112
•lU
.60
*.50
01
*.20
25I2
8I4
8
2G
32
334
66
66
•145
Stock
2034
Exchange
115
*I2l2 14
1534
80
lou
Closed;
334
Washing-
*3
108
4
37
2512
2238
2914
9
29
8I2
•8
25I3
32
35
32
11
•114
.60
*.55
158
534
534
11
•8314
66
65
14612 •145
11
88
6712
585 Greenfield Tap
80
80
1034
334
IOI2
11
IOI2
3818
2534
2238
•8
26
32
•34
26
32
30
22U
2958
301
8I4
8
•8
912
8I2
27
32
35
22
2812
32
•34
8I2
2634
3214
35
Last Sale 1512 Feb-22
Last Sale 134
Feb'22
II2
3,122
80
4
25
100
& Transp Corp. 10
Llbby, McNeill & LIbb.. 10
Loow's Theatres
25
MoElwaln (W H) Ist pref. 100
Massachusetts Gas Cos
100
Do pref
100
Mergenthaler Linotype
100
Mexican Investment Inc.. 10
Mississippi River Power
100
Do stamped pref
100
Leather
National
10
460
50
21
•I3I2 I4I2
*3
4
IO7I4 108
6412 Feb'22
10
10
3734 38I4
2538 25I2
50
pref
Island Oil
2,495
1,180
161
I4I2
Die
Do
115
395
n3r2 114"
&
par
Internat Cement Corp.ATo par
30 Internal Cotton Mills
50
Do pref
65
100
par
Internat
Products
135
No
66
2034
115
No
1,181
14612
2034
2138
2034
2158
10
•878
33I2
1434
•14
I4I2
534
III2
88
67
66
37I2
2538
22
29
8I2
33I2
II2
134
10878
Last Sale
38
2218
2612
114
*13l2
IO6I4 IO8I2
63I2
•61
IOI2 IOI2
•25
414
Birthday
I4I2
*3
31
75
.50
100
.Wo par
Gorton-Pew Fisheries
1101
2434
2934
Last Sale 13
Feb'22
•1534 I6I2
1558 1558
I6SI2
168
ton's
1534
168
78
I4I2
SI2
8i8
21
378
114
168
78
H
1034
87
66
6578
15
Do pref
302I Edison Electric Ilium
100| Elder Corporation
Last Sale 10'""FoV'22
134
•84
378
*13l2 14I2
3I2
3
IO5I2 107
•01
6312
11
11
37I2 3818
25I4
25
22I4 22I2
2858 29
2OI2
•3134
33I2
•1334
8
134
29
.50
25
30
&
prof
3,940 Gardner Motor
17314
412
1134
•16'
1612
•167
16S
8I2
159'
75I2
II212 113
2858
157'
478
.3034
65
65
6578
14210 145
•145
1.50
21I2
2034 2034
2118 22
2158
21
79I2 79I2
79
80
IOI4
11
1034
lO's
8I2
778
63
14%
.40
2034
28=8
01
73I4
6534
*12l2
6OI2
32
6534
•16
167
345
2,100
3,519
.50
releg_.100
No par
No par
Art Metal Construe Inc.. 10
Atlas Tack Corporation No par
Beacon Chocolate
10
Boston MexPetTrusteesjVopar
Century Steel of .\mer Inc. 10
Connor (John T)
10
East Boston Land
10
Eastern .Manufacturing
5
Eastern SS Llne.^ Inc
25
Do
""160
1312
pref
Amar Telephone
Araoskea? Mfg
505
172
22
30
200
20
Feb' 22
47
478
Do
88OI
2,693'
13
I59I2
159
Amer Oil Rni,'lneprln?
10
Amer Paeumatlc Service.. 25
1,.530
1334
Sale 4I4
32
•65I2
114
20
.07
29I2
84
66
65
114
.07
2934
"7734
84
334
Feb'22
2414
2914
3OI2
87
334
.25
20
1314
.60
.60
• 434
•84
334
13
1
Sale .18
25>4
2934
IOI2
65
*i2M Ye"
25
.75
5',i
65
47
16
14l2
26
*
1034
I43I2 I43I2
2034 2II2
203g 22I2
•7812 79I2
IOI2 IOI2
IO9I2
14
IOI2
5
109
I4I2
.75
5I2
10'2
5I2
10
•1214
*13l2
*.60
Last
*.07
•1912
Last
13
58I4
160
5
ii9''8 i2"o'"
84
83
14
ISg
5I4
II2
I312 1312
1191 2 11978
IIOI4 11212
4612
4-312
159
5
14
•32
•32
Last Sale .05 Fel)'22
3I2
•3
334
334
.0.
1,014
120
758
985
367
New England OH Corp
New England Telephone.. 100
Ohio Body & Blower
No par
400 Orpheum Circuit Inc
58 Pacific Mills..
3 Plant (Thos G) pref.
Reece Button Hole
11
185 •Simms Magneto
1,588 Swift & Co
1
100
10
5
100
Torrlngton
25
615 Union Twist Drill
5
1,671 United Shoe Mach Corp.. 25
125
Do pref
25
2,892 Ventura Consol Oil Fields.
10
2,048 Waldorf System Inc
625 Waltham Watch
100
260 Walworth Manufacturing. 20
50
1,000 Warren Bros
Do Ist pref
430
50
12
Do 2d pref
50
Wickwlre Spencer Steel
5
Wollaston Land
5
.02
234
13
Feb 8
Feb 4
Feb 29
U458 Jan 3
104
Jan 10
Z80l8 Jan 17
ltl2 Fel) 20
13
Jan 7
.05
4I4
17
•20
117
Feb
2
Jaa 24
Jan 18
74
73
Feb
UI2 Feb 20
12
Jan
85
16
Jan 21
Jan 20 .75 Feb 2
Jan 18
IS
Jan 9
.05 Jan 20
.07 Feb 24
1534 Jan 4
21
Feb 2
4I4 Feb 15
3
Jan 4
I4I4 Feb 10
914 Jan 19
3Sl2 Jan 4
63 Feb 2 4
42
Jan 7
47 Feb 23
157
Feb 24 165 Jan a
438 Jaa 20
558 Ian 23
1458 Feb 24
10
Jan 12
.35
Jaa 27
I
Jan 19
19
2714 Feb 27
Jan 26
31I4 Feb 4
Jan 20
26
30 Jan 16
32
Jan 27
27.334 Feb 21
7812 Jan 6
3 '4 Jan 9
Jan 13
5
Jan 5
10'4 Feb 6
7
II2 Feb 20
3
Jan 24
5
Jaa 4
6
Jan 6
8I2 Jan 3
13
Jaa 16
81
Jan 24
8712 Jan 25
Jan 3
6712 Feb 24
63
68I1 Feb 4
62
Jan
130
Jan
145
Feb 20
20'4 Feb 9
23
Jan 20
22I2 Feb 18
13
Jan
72I2 Jan
Feb 21
80
Jan
115g Jan 21
8
358 Jan 6
5
Jaa 28
115
109
Jan
Jan 19
IU4 Jan 11
13
Feb 9
17
13
Feb 28
Jan 10
166
Jan 6 17212 Jan 24
78 Feb 21
80 Jan 4
I4I2 Feb 21
13
Jan 5
514 Jan 21
3 Feb 20
92I4 Jan 3 10878 Feb 23
6518 Jan 24
60 Jan 3
I4I4 Feb 3
10 Feb 23
3934 Jaa 6
37
Jan 6
25
Jaa 3
27
Jan 21
24I4 Jan 3
2178 Jan 27
2612 Jan 4
31
Jan 25
7
Jan 3
Feb 2
9
7I2 Fob
8'4 Jan 20
27I2 Feb 3
I7I2 Jan
3012 Jan
38
Jan 13
33I2 Feb 18
41
Jan 14
1412 Jaa 31
Feb 9
16
1'4 Jan 4
1
Jan 9
.25
17
12»4 Dec
.15 Dec
.15 July
.031a Oct
9I2 July
3
9l8
Oct
Oct
16
.<an
42
Nov
Oct
Jao
Dea
II9I2
Nov
Nov
109
Deo
84I4 Deo
16
Sept
20
Apr
4
Us
Jan
Jnn
Jan
1778
4I2
Deo
Feb
.95
23
42
45
Jan
Deo
Deo
Deo
Dec
16512
17
23I4
8
1914
Dee
29
No'
19
July
32
74
2
Dec
Dec
2878
4112
De"
Feb
86
Mar
I4214
3
Nov
9'58
Sept
1
5
2
51s
F8I4
73
Sept
13
Nov
32
Sept
Dec
Deo
June
53»4 SoptI
681? Oct
117
Sept
I312 Sept
Sept
11
60
2I4
June
Dec
4
Aug
95It Jan
7
July
.412
Dec
478
13
18
9212
Jan
Apr
Jan
Jan
Jan
Mar
Jan
June
Feb
JaD
85
64
Ma;
1.36
Nov
3518
14I2
84
914
6
112»4
11»4
3014
Jan 171
78I4 Nov]
87
12l2 Apr
14
3
Dec
914
146
Apr
Mar
Apr
Jao
Aug
Deo
Deo
Apr
Deo
Feb
Jan
May
10534
Jan
June
61
10
Dee
22
33
Sept
Feb
Jan
Jaa
8812 July
47
2214
Apr
I6I4
1678
Jaly
J«Q
Dec
6
Sept
1
Apr
7
Aug
6
Oct
July
8
.35 Oct
3914
25I1
2412
2978
Deo
Deo
Deo
17
17
22I2
3312
3534
Jan
.75
Mar
Feb
Apr
Deo
Deo
18U Jaa
134 Dec
Mining
*.55
•60
62
•.20
.50
27
27
3
•234
•8I2
834
2I2
8I4
61
.50
26
62
•.20
.50
25I2
21'
878
25
2I2
234
*8l2
8I2I
Last Sale .50 Feb'22
*H0i2 62
61
Last Sale .20
Feb'22
.60
62
61
•24
•214
8I4
25
24
24
*2l4
2S4
8l2
838
234
8I2
Adventure Consolidated.. 25
25
Algomah Mining
25
173 Allouz
25
240 .Vrc.adlan Consolidated
25
5
650 Arizona Commercial
Bingham Mines
10
71 Calumet & Hecia
25
1
7.386 Carson Hill Gold.
10 Centennial
25
943 Copper Range Co
25
20
100 Daly-West
10
905 Davis-Daly Copper
Mining
East
Butte
Copper
10
690
Franklin
25
25
350 Hancock Consolidated
25
425 Helvetia
Creek
Coal
1
2,910 Island
130 Ahraeek
.50
60
.20
22
2I2
8I4
Jan
Jan
Jan
Jan
Feb
31
6
13
9
20
Feb 20
1
•I3I4
•278
I334
280
I4I2
ft
•11
4134
*2l2
*7ii
1034
*ll2
2I2
•184
Sfiis
•87I2
•2212
1434
1212
4134
3
734
1034
2
3
2I4
87
89
23
•3^,
3I4
•.99
II4
2I4
258
*!3i4
278
1478
•11
41
13I2
15
12
42
2I2
7I2
IOI2
*ll2
*2l2
•134
8618
87
•8712
89
22
23
212
712
1034
2
3
2I4
1434
'41"
*2U
•134
86
•87
234
21
•IS4
•138
2I2
2I2
138
278
4I2
2
279
1434
12
11
11
41
40
41
3
•2I2
3
7I4
2I2
210
238
•138
•2I2
458
5
*188
212
134
278
5
4
•134
2
134
134
134
2
*lh
65l2
.';534
5512
56I4
2
56
2
56
56
5514
•I7I2
•.75
18
17
•.75
18
I7I2
18
I7I2
•75I2
•578
III2
•2
•23I2
•32
43I2
•45
76
6
1134
2I2
25
33
43I2
4512
1
1
•.65
1
•2l2
•1
2I4
3
•.55
3
2
•1
2'4
•.10
11
1712
1734
•.75
II4
•7512
578
ni2
•II2
2
25
33
•32
42
•44l2
•1
•.65
•2I2
1'4
1
2
•.55
3
ll«
2I4
.50
11
* Bid and
678
1168
•23I2
214
.60
3
2
76
4212
45I2
•75
578
11"4
•1
•24
•32
43
II4
76
6
76
6
1134
2l8
III4
44I2
I
6
4'/i
2
5612
1758
1138
Feb'22
44
44
•44
45
.90
*.95
1
Last Silc 65
Feb'22
•2I2
3
234
234
.90
1
•.65
1
3
•2I2
•1
3
1'8
ll8
1
114
2
•2 Is
2I4
2
2i8
2
21
.60
•.55
•3
.60
3i«
•.55
3
•2
1
3
1'4
.60
3
21^
•134
•1
•134
2I4
I'/ii
1'8
2l8
2I4
2I4
2I4
214
•.to
..50
•.40
.40
IOI2
1012
10'2
.50
IOI2
.40
11
MKed
212
•23I2 25
23
23
Last Sale 3214 Feb'22
4212 4212 *42l2 44
43I4
1
76
134
Jan'22
Feb'22
75I2 76
6I4
6
III2
11
Last Sale 2i8
25
33
44I2
1'8
Last Sale
Last Sale 40
21
1
lis
prloei:
Qo
sales
1
uu
1
•IOI2
cots
day.
I
Do
.55
3Hi
•2
.55
31s
2I4
•1
1'4
•134
.40
•IOI2
2l8
.40
II
Leas tban 100 and sbarea.
pref
1
240 Isle Royale Copper
150 Kerr Lake
150 Keweenaw Copper
370 Lake Copper Co
La
Feb'22
Last Sale 178
178
134
55I2
II4
15
1538
Last Sale 88I2 Feb'22
•22I2 23
•22I2 23
•3
3I4
31
•3
II4
•.99
1
1
3I4
45a
279
7I2
712
IOI4
IOI2
1034
Last Sale 134
Feb'22
•2I2
•212
3
3
•134
2
134
2
87
90
88
9278
7
89
23
22I2
280
1058
2
3
2
87
3
•2I4
•134
2I2
434
•2I2
IOI2
II4
21
138
40
71
IOI2
•II2
3
2I2
4I2
»
3
7I4
•.99
134
1434
12
4134
t
II4
2
4
15I2
3I4
134
Last Sale I312 Feb'22
280
280
3
•.99
•1*8
•21'.
"
I3I2
•1314
278
278
Salle
25
5
25
25
25
5
25
25
25
25
Copper
100 Mason Valley Mine
150 Mass Consolidated
2,398 Mayflower-Old Colony
300 Michigan
83 Mohawk...
913
15
1,125
1,380
New
New
New
Do
Cornelia Copper
Idria Quicksilver
River Company
pref
Mlplssing Mines
North Butte
OJlbway Mining
is Old Dominion Co
Osceola
90 Quincy
20 31 Mary's Mineral Land
550 Shannon
South Lake
""'in Superior
535 Superior & Boston Copper.
1,430
303
735
101
Copper Corp
Touiumne Copper.
Utah-Apes Mining
Utah Consolidated
Utah Metal & Tunnel
I'rlnlty
250
30 Victoria
330 Winona
195 Wolverine
s Bx-rlgbca.
5
5
100
100
5
15
25
25
25
25
25
10
25
25
10
5
5
6
1
1
25
25
25
a Bz-dlvldend rights.
Jan
Jan 5
10'4 Jan 4
9I2 Jan 16
37I2 Jan 3
1»4 Jan 9
6I2 Jan 3
IOI4 Feb 24
U2 Feb 6
2
Jan 13
1»4 Jan 10
81l2 Jan 10
88
Feb 14
2212 Jan 11
Feb 6
3
Feb 24
1
2I4 Feb 18
Us Feb 6
138 Jaa 4
2I2 Jaa 9
2l4 Jaa 20
I'S Jan 16
53lt Jaa 7
Fob 21
17
1
Jaa 18
37
Jaa 6
73
Jan 7
5S4 Jan 20
Feb 15
2l8 Jan 20
Jan 4
23
13
265
U
3012 Jail
42
5
Feb 20
415g .iHU )l
Feb 23
.90
Jan 31
2l! Jaa 9
.92 Jan 11
Feb 8
2
.55
Feb 24
2I« Jan 19
Feb 2
1
I
Feb 15
5
I'/fe Jaa
.25 Jaa 16
10
Feb 10
60
Feb 7
Jan 25
Jan 13
Jan 28
314 Jan 3
934 Jan 25
14
Jan 21
285 Jan 23
16
Feb 10
13)2 Feb 1
45>4 Jan 25
21" Feb 20
9'I Jaa 26
.55
.4
65
I2I4
2
2
158
3
Par value $100.
Jaa
8
Mar
14
Apr
Dec
Jan
Jan
280
Deo
Jao 24i
Jan i\
Jan 10
Jan 16
Feb 10
Jan 4
Feb 21
2l| Jan 23
Jan 251
59
19
Jan 23
Jaa IS
I
Feb »
40
77I1 Feb 1
Jan 4
I4I4 Jan 21
2 '4 Jan 16
27
Jan 25
37lj Jan28|
47
Jan 25
46 <2 Feb 2
II4 Jan 23
Feb 9
.65
Jan 17
3
U4 Jaa 7
Jaal7|
3
Jaa 3
84
3I4 Feb 7
214 Feb 8
II4 Jan 5
12
Apr
210
Jan 26
Jan 19
Jan 30
Feb
Jan
Nov
Apr
Apr
00^
5
2>2
.50
16
Jan
9112 Jan 10'
26l2 Jan24l
258
Deo
.50
24it
3'4
lis S'jpt
Feb 13
238 Jan 23
92-8 Feb 21
158
63
678
3
3'2
Mar
40
Aui;
.15 July
.20
32i!
7|
25l
Old stook.
11
7
27
I'S
6I4
7
Nov
Mar
Aug
138 Apr
ll2 Siipt
1
48
75
I8I4
238
.98
2
II4
II4
.65
258
10
1618
10
4034
4I4
7I2
1134
3I4
Jao
Jao
Deo
Jan
Jao
Deo
Jao
Jao
June
Jan
Jan
Jan
3lt
27s
Nov
88I2
9012
241*
Deo
Deo
Deo
Mar
4
Sept
2
Deo
Deo
Feb
Sept
Jan
Jan
Jan
Apr
1'4
Aug
Aug
4312
Jan
31*
2I4
2
358
514
3I2
Sept
Jan
Jan
May
69
Dea
Sept
1894
Da«
Nov
2
40
74
Feb
Dec
57
95
4
July
8
Mar
Aug
I2I4
.40
1
1538
21
331J
Jan
Aug
Aug
.75
Jan
Jan
.35
Nov
2
Sept
1
Juno
28
l%July
.34
134
lij
Aug
Aug
Nov
.95 Jan
.40 M.ay
.35 Jan
8I2 Joly
81}
1414
212
2534
3512
46
45
1%
2
412
214
4ij
.85
312
DeO
May
Mar
Jan
Deo
Deo
Nov
Deo
Deo
Deo
Deo
Jan
Feb
Feb
Nov
Dee
214
Oct
Jan
Jan
Feb
.80
Mar
6
2^
14
\—i vtdand.
Fab
—
1
W
.
H
—
H
H
-
;
THE CHKONTCLE
Feb. 25 1922.]
843
Friday
Last Week's Range
Stocks
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange Feb. 18 to Feb. 24, both inclusive:
OondsS Lib Loan 3 HS- 1932-47
1st Lib L'n 4 K3- 1932-47
2d Lib Loan 4 iis 1927-42
3d Lib Loan 4 ^ia. . - 1 928
4th Lib L'n iHs. 1933-38
1922-23
Victory 4?is
Atl G &
I 3S L 53. . 1959
Chic Jet Ry & U 3 Y 5s-'40
Copper Range 5a
1949
Hood Rubber 73
1 936
Internat Cement 83._-1926
Mass Gas 4^3
1931
Mass Gas 4 ws
1929
Miss River Power 5s. .1951
N E Telephone os
1932
Xew River 5s
1934
1955
N Y X H & H 43
Seneca Copper 83
1925
Swift* Co 5s
1944
Warren Bros 7 Ha
193
Western Tel * Tel Ss. .1932
W
51
81H
81
96 H'
104
81
96 H
104 K 104
'f
S8H SSH
92
92
89 H 89H
94
93
82
82
50 5i oOVa
102
100
92
97 >i 98
OS'i
93
89 Ji
94
H
98
96
12i^
*
Beaver Board
•
new
Fl.sherlea,
Preferred
100
Case (J I;
Chic City <t Con
Chic Elev Ry p,ef...lOO
Chicago Rys Part Ctf Scr 2
Part Ctf Series 3
Commonwealth Edison. 100
Consumers Co. com
100
Continental Motors
10
Cudahy Pack Co, com. 100
Earl Motors
•
Deere <t Co. pref
100
Diamond Match
100
Godschaux Sugar, com
100
Corporation. .100
10
Brick
4
Llbby, McNeill
Lln'l^ay Light
Midflle
West
100
Ubby. 10
10
Utll.
com.ioO
Prr-ferred
.
New
5
5.50
IM
118
5
5H
66
5>«
63
67
64H
Pick (Albert) it Co
.*
PIggly Wiggiy Stores. Inc
108
10
99} J
84
liii
58
93
145^
60
5J<
4
4
33
64 H
33
3H
2S
10 H
2%
•.\"
N ni, com.ioO
Preferred
2H
23
.15
23
.25
n.lO
23
H
'42 H
60H
.
10*^4
550l
2H\
525
250
152
50
.50
I
8
42
75
70 H
42
72
55
31
41 Ji
105
10
Jan
Feb
Jan
Jan
Jan
Feb
Jan
81
81
lOJi
56
4
4
27
Jan
Jan
Jan
53
m
8H
2K
H
93 H
59 H
82
143
Feb
24
91
11.510
20
400
2
Feb
Jan
Jan
Jan
Jan
Jan
Jon
Jan
Jan
Juu
Jan
Jan
l,0«Ol
40
22,200
43
3501
400'
250'
6
r,
!i
20
7
Hi
825
50
uKi
12H
20.1.50,
75 >«12,000'
40
47,00
72
4,000i
03 >i 33,0<I0|
!
!
5
97 !i
170
57!^
67
35 H
07
49 'i
M.'iw
67
80
Jan
Jan
Jan
Jan
Feb
2..>J5
»8H
80
Jan
Jao
Jan
Jan
10.900:
13
3«
80
Feb
42
I
•II':
Jan
Jan
Feb
i
!
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
1'.
60
Jan
Jah
Jan
Jan
200
320
'
Mi.m:
zi'j
2H
25
80 K
90
60
':
51 Ji
12
60
4,595'
',;
43
S5
5H
55
19
!
50H
7
4I«
2acj
5
1,570
6H
HU7 '83"
lev4H».
2%\
42
i:<
114K
490
450
I
lO'i
15
75
40
•V tm
.0 5*. 1023
lit 411.1038
4
63^1
74 H'
fl5H
233
87 H
n,27
65H
I
20 1(M^
^1
A"
rv
4
3
98
IH
IH Feb
11,000
100
125
I5H
'.ii-t
4H
7oo;
lool
35
43
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Stocks-
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Preferred v
77
7,000
If
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
118
6
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
H
106
93
15}^
60
5H
4K
Feb
Feb
2Ji
IIH
Jan
Jan
Jan
2H
Feb
4K
28
Jan
39 H
88
Feb
Feb
Feb
H
95 H
83
160
16Ji
'
—
HOk k»
for.
\
of
tjrnB.
//l»fl.,
W7
30
»H
I
3
I
.
70^,
I
3
81
-
I)
aK
If
2
01
7
II
Ir
|.
M
,
•
Z»H 24
4«H *7H
3H
n*.
•
3««i
7
11
40
35
74
98 V<
120
lOH lO^i
15H 15H
30H 30H
81
86
81
86
97?^
245
145
25
$2,000
1,000
1,000
1,000
2.000
1,000
1,000
2,000
99 H
95
87 ?f
lOOH 100 H
99H
95
87?i
106 5<
99 K
102 Jf
99 K
85J^
79 K
97 M
"69^i
49
67
6,000
106 H loe^s 22.0C0
16,000
99 H 100^5
1025i 103 'i 11,000
36,000
86
86
98H 101 '.i 495,000
4,000
95^1'
95 }i
1,000
89
89
2,000
92
92
83^ 83 J^ 2,000
5,000
72
72
SoVi 85'-| 14.000
1,000
87 ,^ 87(5
1.000
8854 88?^
9,000
79 H 79
97'-^
9,000
97
5,000
93
93 H
69 Jf 70 '.i 23,000
49
49 J^ 33,000
67
2,000
67
400
67
67 li
98
99>^ 14.000
2,000
77 ^'f 78
2.000
96
96 ?4'
H
H
H
H
a
1935
26K Feb
111
83
Jan
J.in
Jan
Jan
Jan
Jan
Jan
Jan
72
92 H7
9
14
29
M
Feb
Feb
81
86
95
Jan
S7H Feb
Feb
7014
9854
93
82
99 J<
J.in
Jan
Jan
Jan
Jan
Jan
Jan
H
106
99H
102 H
86
96 Jf
Feb
94 ;i
87
92
Jan
Jan
Jan
Jan
83 J«
Feb
70K Feb
Feb
Jan
Feb
Jan
Jan
83
86
88>4
75
95
Jan
Jan
Jan
Jan
92
66 Jf
46
66
67
Feb
98
Jan
77,»i
96 ;i
Feb
Feb
H
4H'
84
25
88
Feb
44
Jan
Feb
Jan
Jan
Jan
Feb
Jan
45
I
Jan
Feb
Feb
Feb
Feb
Feb
74 Js'
98 )
-2
lOH'
15H
31
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
81
8G
97J^
87'A
71
99 Ji
95
88
100;^
Jan
Jan
Jan
Jan
107'.f
100'^
103'
89
104
':
Feb
06
Jan
Jan
Jan
91
93
83 7i
Feb
Jan
73
85}^
87 H
88 5i
78
97 H
94
Feb
Feb
Feb
Feb
Feb
Jan
'OH Jan
50
67 H
67 H
99>^
78
97
Jan
Jan
Feb
Feb
Jan
Jan
H
9H
43 }»
76H
I5H
par value.
Philadelphia Stock Exchange.
compiled from
Sale.
Stock*
Par
Jnn
IIOH
Feb
Feb
Feb
240
69
75
Feb
40
Fi't)
72
I
Amrrlcan Gas of X J
American Railways
100
56 >i
60
100
'26"
Amerle.'in Htores
Flrtt [irefcrred
•
Hank of So Amrr warr w I
Huff* Sii«<i. pref V to.. 100
95 M
Preferred
'NJ
•
63H
100
I lattery 100
f.N A
10
41)4
38
1 tli
98 H
67 X
W)
Feb
Jan
Ffb
Ki-li
U\i
Price
I
J (. Kiill ( II
Lake .SurMTlor Corp..
LcMitlon
100
100
60
I.el,
62 H
•t.S
a.iii
I.
'•
Peiir.
A V.
MIK
I-.(
irlr
1,1
IM.il
I
,
I
,,f
I'.
.0
.0
.25
I'a
26
pd
'• full
.50
.60
.60
ri
Ffl)
60 Ji
76
U'i
2414-
27
27
23
27
It,
U
'(
W
H
27,t<
I
•
62
l>
Wi-
24))
Jnti
47 H
Jnn
Jnn
Jnn
Jnn
i.iirr
60I
•«''
Yori
142
31
178
300
7
7.38
'i
ion
10
1.
High.
Low.
102
1,031
870
6
35
H
16
«(
I, OS
'1
I
Iv
I
2,100
0,172
23)11
2(10
76
23
no
HO
216
076
747
4(nt
62
l.'>6
'(
1%
\H
36
101
31
4l'k
62
32
43
48
I3)i
13
33
33
X
9!)
Jan
J an
130
40
47
4'
44
120
30
27Vii
430
28
27
.t,in
114
l,H!I.S
4
75
66
00 »X
36
34
37
24
Jan
Jan
Jan
.N37
2.621
01
47
4
20
S3
76
O'i
00 )»
67
73 H
48 '-J
OUU,
33 m;
32 H
30
23
70
9
73)i
06
30
11)1
tiH
62 H
48
48
03
20 «(
76
23 U
un
I
I
1.89
1,667
134
2.')
m
I
Wli.
16M
70S
37
64)
Jnn
Jnn
I'h
90
02
47 M
48
00 «
34 «f
34 S
37
.60
50
.
|.
I
27
29
93y, 95 'f
126
127
63
pref
145
130
5M
8U
72 H
.50
rbl'
Jnn
Jnn
7
Range since Jan.
Shares.
59
30 M
70
.50
lit
I'l-mi^clv Snit
7M
3
01
Sales
for
Week.
High
56
140
31
¥,.\,
70 u
sales lists:
of Prices.
Low.
—
Feb
7
78
88
official
Friday
Last Week's -Range
Jao
Feb
68 H
3
20
44^
26 ?i
100
inchL-^ive.
HI
2
91
(Mt
83
Jan
Jan
Feb
Jan
Jail
20I
79
25
44
74
97 If
98
4H
Feb
2}f
3^;
51>-i
Feb
Feb
Xo
•
aiH Feb
Jnn
Jon
Kfb
Jan
VfU
Jan
Jan
Jnn
Jnn
Jon
Jnn
2«X)
79
25
83
55
40
288
170
182
300
35
70
96
2H
49 H
25
25 3i
91
105
80
il4
78
24
80
43 H
3
I
4H
5
.45
Record of transactions
at Philadelphia Stock E.xchaiige, Feb. 18 to Feb, 24, both
HII
!'•
1
,
4H
50
25H 26 J^
26H 26 M
98
100
llOJi IIOJ^
81
81K
M
Feb
10'
300
200
I
.
1
Jan
Jan
Jan
Jan
37?<r
26
24 ^'g
5H
Mil
I
I
.35
Feb
30
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
23 ii
J«n
Jon
Jan
81)^
53.I934J
pref.
K<
100
200
40
Jan
Feb
Kel)
Fell
lOS^
Ilioh.
A4H Jon
llOH
1.
High.
Feb
Feb
Rant* tine* Jan.
Low.
Feb
Feb
Feb
Feb
Feb
43 H
34 H
It«!Cord of transactions at
ifhnru.
26 5^
26 Vf
98 3f
notes.
IVlili
for
69
74 H
100
89
7S'<
Low.
20
50
50
71
Wrtk.
78
87
A
I
Kanet]
100 }^
56 }i
of transactions at
26
37
26
24
3
10
.40
2
3
S7H
I'nlcrrMl
Priut
3
71
6%
rrUa9\
Hair.
Price.
Febi
78 >f
Jan
Feb
Feb
Feb
Feb
Feb
Range since Jan.
66
26
24 K
87'A
Virginia Ry A Pow
Wilm & Weldon 5s
.s
{WtWi
Jan
85H
Feb
45
91J^
Feb
100
Sales
for
30
37
97H
l'hl!;i
Last
82 H
92
Week.
High. Shares.
1929
. .
W
Stock K.x'li.iiiifc F. b. ISto Fob. 24. both inclusive,
from official
li.st«.
.•<;ili
2,000^
—Record
Brunswick Western 4s..
Chicago Ry 1st .5s
1927
7H%
"li
1
Jan
Jan
40
Jan
8
145
lOJi
120
0/ Prices.
Low.
2
50
itrul.
Pittsburgh Stock Exchange.
26,000
3.000
.40
50
City & Suburban 1st 5sl922
Consolidated Gas 5s.. 1939
Consol G, E L & P 4H3 '35
7% notes
1922
notes
1945
6% notes
7s
1931
Consol'n Coal ref 5s. . . 1950
Davidson Sulphur 68.. 1927
Elkhom Coal Ccrp 6s. 1925
Fair & Clarks Trac 53. 1938
Fairmont Coal .>s
1931
Fla Cent & Pcnin cons 5s'42
Georgia & Ala cons 5s. 1945
Ga Sou & Florida 5s.. 1945
Maryl'd Elec Ry 1st 5sl931
Mobile & Hlrm P L 5s. 1945
Monon Val Trac 53... 1942
78..
1923
Pennsylv
* P 5s... 1940
United Ry A Elec 4s. . 1949
Income 4s
1949
Funding 5s
1936
do
small
1936
Jan
Jan
Jan
Jan
64
Aimap
Bait Traction 1st 5s.
Jan
39
05 H
SI, 000
100
100
89
89
78 K 78!<C
2
Bonds
Alabama Cons C & I 5sl930
Balt& Harris 1st 5s... 1936
Feb
67
109 K
14
Bait &
Preferred
Jan
6
66
67
74
115H
1.000
.40
100
t r
Northern Central
50
Pennsylv Water & Pow. 100
United Ry & Electric. ..50
Feb
Feb
Feb
Feb
Feb
Feb
Feb
IH
67
49 M
100
74H 74H
29 >4
37
26
24 Ji
Mt V-Woodbcrry MUls—
Jan
Jan
71^
i'A
3
1
Central Teresa Sugar.. -10
Preferred
10
Commercial Credit
25
Preferred
2
Preferred B
25
Consol Gas, E L & Pow. 100
Preferred
100
Consolidation Coal
100
Cosden & Co. prof
5
Houston Oil pref tr ctfs. 100
Manufac Finance, pref.. 25
Merch & Miners Trans. 100
1.
8K
7H
35 }4
3^
Sale.
Price.
Par
Arundel Sand & Gravel. 100
Baltimore Electric, pref. 50
*
I Benesch & Sons
Preferred
25
Feb
25
67
M
56
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8H
135
643
2,040
100 !<
55
1.
High.
7
130
1,5.50
50
Friday
Last Week's Range
value
I'-"
1955
Jan
Jan
Jan
K
118
45
95
H
Low.
_
High.
Jan
3
720
15
60
63Ji
H
4H
20^5
5
35
150
33,1^
74 H
coiij
67
108
12>4
100
93
160
42
ly...
tg.'i' Co. w 1.20
We»t«rTi Knitting .VflUi
645
375
375
50
350
93H 93HI
43 H
91
12
1,350
25
155
-.-.40
^''
5H
2%
66
35H 38HI
88
88
83^ 83N
83M
107
il
H
36 H
100
100
Preferred
100
Sean*- Roebuck, com... 100
Standard Oaa A Electric.
f*ret«rre<l
50
Ht. * u .rr, <^^^\ com.ioO
.100
Quaker Oats Co
7H
3^
3
IH
2H
Low.
162
I
10 HI
Baltimore Stock Exchange.
Wash
116H 118
3
Jan
145
9H
905^1
100
65
Range since Jan.
Shares.
Baltimore Stock Exchange, Feb. 18 to Feb. 24. both inclusive, compiled from official sales lists:
Feb
Feb
110
92 5f
98 'A
93 K
High
30
140
43
U S Hoffman Mah 8s
West Penn Rys 5s
1931
West Penn Traction 53
Jan
89 J2
92
90
95 H
82
50 H
Low.
118
Pittsburgh Brew 6s... 1949
Feb
Feb
975^5
105 "4
Range since Jan.
50
338
200
3H
%
10 Ji
1
35
6H
ZH
3
1«
10
Old
Wrialey Jr.
35
7H
Co
National Leather
H<!rv of
1701
5
500
2,000
255
50
100
256
100
Mlt'hell -Motor
Pub
35
10>4
D&D
Hartman
Hupp Motor
5
20 M
3
Preferred
Great Lakes
685
466l
545!
Ry pt sb
Common
Illinois
&2l<^
for
12M
6
Feb
Indep Brewing 6s
Celestine Oil
98
4J-4
20M
Preferred
Jan
Bonds —
Jan
Jan
Jan
Jan
Jan
Jan
Jan
97.72
98.04
97.86
98.10
98.24
100.50
55 ^^
90
83
of transactions at
24.. both inclusive,
Week.
Sale.
0/ Prices.
Par. Price. Low.
Hlgh.\ Shares.
15
Feb
Feb
Feb
«
':-i
93
Jan
Jan
Jan
Jan
Jan
Jan
H
9m
9S^;
Feb
Jan
Jan
M
97
I
100
Jan
Jan
Jan
Jan
Jan
Jan
94.64
95.94
95.26
96.24
95.64
99.82
50 H
89 Ji
5.OOOI
78
14.0001
95
14,000 101
6,000
86
2.000
86
4.000,
88
11.000
93
1.000
82
2,000
50
18.000 100
91
9.000
10.500
97
10.000
90
Friday
I^st Week's Range]
Armour & Co. pref
Armour Leather
100
S Glass..
100
S Stpol Corp, com... 100
West'house Air Brake
50
W'house El &. Mfg. eom-50
Sales
for
Week.
of Prices.
7
145
9'A
U
U
1.
High.
Low.
96.64 97.30
1.250
96.64 97.14
2,4001
96.44 96.90 12.850
97.94 97.54
8.5o0!
96.74 97.24' 14.800
100.14100.40
9.800,
52.000
50;^ 52
1.000
90
90
—
Stocks
Salt Creek
I
Chicago Stock Exchange. Record
Chicago Stock Exchange Feb. 18 to Feb.
compUed from official sales lists.
Booth
Range since Jan.
for
o/Pricis.
Week.
High.l Sfiares.
Low.
U
Par. Price
Union Natural Gas
I
Week's Range]
Last
Sale.
Price.
—
Pittsburgh Oil & Gas
Pittsburgh Plate Glass. 100
Sales
Friday
(.Concl.)
Sale.
27
l»
17H
68
20
72
•J3U
IJiil.'n
I ...
1,1
2il
1
UUtHn
II.
I
.
47
00 80 on 80:
Jan
Jan
Jnn
Jnn
Jan
Feb
Jan
Jnn
Jnn
.fnn
34
177
.Inn
.IM
Jnn
I.HMI
r.o ij
Jiui
:i7'»
Jnn
Jnn
Jnn
Jnn
1
1^
4021
3201
40
100
31
360'
04 33
>: H4 Knb
70 Jnn
U
H
Jm
,
'M
tin
30
63
48
48
147.»f
32
70
Oljf
73 H
OD'j
70
65
72
I'd.
Jnn
36
.34
38
lull
H
leb
Feb
Fi'b
in
.lui
(7!
Feb
Jnn
Jnn
Jan
4,7HM
6 10
I
I
10.13
Jan
Jan
Jan
Jan
Jan
Fob
Jnn
Jnn
Jnn
IbiiKja
UH
Feb
Feb
Jan
Jan
leb
Feb
Fob
Feb
leb
Feb
Jun
Jan
Feb
Fob
Feb
Feb
00
run
.Ian
Jnn
leb
Fob
Jnn
24 >4
n6
»o
Fell
76
23 «r
I-eli
l>b
1;/.
Jan
2
KkI)
Irl)
37
1<
101
4 Hi;
I
I3l<
34
07 00 Fnl)
07 <io Kp),
!'' "II
'"<
.'II
'•>
>
'^Jua
I
do
I"?'.
MA
86
.lyy
M
Jan
ell
leb
Fob
Jmi
Feb
Fob
Feb
621^
34
48
86
.fnn
.Inn
.Inn
Inn
Icb
fab
A
H
THE CHKONICLE
844
Bonds
A
(Conctuded)
Friday
Last Week's Range
nf f^l^ot.
Sale.
Price. Low.
High.
—
Pa 1st 73.1945
Consol Trac N J Ist 53.1932
Elec & Peop tr ctf3 43. 1945
Inter-State Rys coll 43.1943
Lake Superior Corp 5s. 1924
Leh C & N cons 4 ^s. . 1954
Lehigh Vail coll tr 63.. 1928
General consol 4 !/<3-2003
Peoples Pas3 tr ctts 43. 1943
Phlla Co stmpd s f <fe red '51
Phlla Electric 1st 5s.. .1956
1st s f 4s
1966
6s
1941
Small
1941
Reading Traction 6s.. 1933
Spanish Am Iron 63
1927
United Rys Invest 5s. 1926
Bell Telep of
lOSK
108
75
64 H
45
35
91
65
101
88
66
88
94
76
95
76
102
101
101'^
81K
75
65
45
35
88
66
88
95 Ji
76
H
K
101'^
WV/i
sm
Range since Jan.
82 5^
Former Standard
1.
Week.
High.
Low.
7.000
3.000
2.600
3.003
2,000
1,000
1,000
Feb
108
71
109
75
(.Concluded)
Par.
Feb
Feb
Feb
Indiana Pipe Line
Vatlonal Transit
Vorthern Pipe Line
12.50
Jan
Otii»
100 5i
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
102«
Jan
101
Feb
101
100
Jan
Jan
lOlJ^
83
Feb
Feb
Feb
62
37 >i
30
90 H
101
86
64
87\i
93
1.000
1,000
24.700
1,000
72i-<;
21,000
500
1,000
4,000
7.000
lOOH
7m
65H
45
35
Feb
91K Feb
W2ii
Jan
88
67
88
98 VS
76
Feb
Feb
Feb
Feb
K
Feb
102
Jan
New York Curb Market, —Balow is a record of the
transactions in the New York Curb Market from Fab. 18 to
Feb. 24, 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
which forms the basis
is
now
2i~
Stocks—
LiU
Par.
issuing
an
sheet
official
S-ilc
Price.
Snlcs
Week's Range
Range since Jan.
ror
Low.
High. Shares.
Preferred
3
1
1
Brlt-Amer Tob ord bear.£l
Ordinary
£i
Buddy Buds, Inc..
*
Car Lighting & Power.. 25
Carlisle Tire.
Celluloid Co,
•
com
100
lOO
Preferred
Central Teresa Sug, com. 10
Preferred
10
Chicago Nipple Mfg cl AlO
"B" stock...
166
100
Preferred
•
Cleveland Automobile
*
Colombia Emerald Svnd..
Colombian Syndicate .
•
Coniey Tin Foil..
Continental Motors .
10
Curtlss Aerool & M com.*
Denv & Rio Or RR, pf . 100
Dort
otor Car
Du Pont (E I) de Nem & Co
Debenture stock
100
Durant Motors Inc . •
Durant Motors of Ind w 110
M
Eastern Steel, com
Tsl
Gardner Motor Co
Garland Steamship...
Goodyear
31
72c
VA
5
5
k:
71
24
13
10 V2
135i
671^
27
67
27
68
ti
10
Llbby. 10
Mercer Motors v t c
Miss River Pow, com.. 100
Morris (Philip) Co., Ltd. 10
National Leather, new.. 10
Nat Leather, unstamped.
North Amer Pulp & Pap *
Packard Mot C.ir com.. 10
Peerless Trk & Mot Corp 50
Perfec'n Tire & Rubbt!r..*
Cereal, com, w 1 ..
Preferred wl .
100
Postum
•
5
Ranger Rubber tnc
.•
Republic Rubber
.*
Reynolds (R J) Tob B .25
Baguenay Pulp & Pow comj
Souiueru Coal & Iron
5
Sweets Co. of America.. 10
15
186
44 '/g
m
lOH
2S
S.'iC
7H
5
31
Tob Prod Exports Corp..*
Todd Shipyards Corp . .
United Gas A Ki. Islpf.lOO
Second preferred
100
United Profit Sharing. .2ac
w
stock,
1
1
Un KetHli dtorcji Candy..*
S Ulstrlb Corp, com 50
8 IJght & Heat com.. 10
Preferred
IQ
8 Siilp Corp..
10
8 Steamship
10
Van H.iaiU! Co, Inc. . .
•
Wayne Coal
5
U
D
U
U
I
Willys Corp, 1st pref._ .100
Former Standard Oil
H
184
44?^
44
10 H
27 <
50c
900
80e
7H
iVi
31
115^
HH
20!^
8S
5M
2
11>^
33
3
56
10 2
3
X
4
2' We
50C
40 >4
zm
35
2%
3
54 Vi
56
102 J^
3
2=4
102»/!S
1«
U^
40c
39 J^
92c
4!^
2'vrti
50c
41
3
m
ZA
101
5>i
76
6>i
34
77
34
*.^^
I'-^d
4?<C
7
5)4
7
5 '4
18
^
IS
15
80C
75c
1
1%
A
87c
I '4
He
90
12c
45
46
7c
IH
1
7M
1,803
100
203
303
5
6H
76C
703
403
6
69c
TVi
76c
7A
9,103
203
100
97.903
17,603
1,500
2,400
5,900
100
2.8.003
11,200
10
900
4.100
235
50
200
5,033
203
7,403
900
9,200
42
4
9H
24
50c
20c
8O0
T^
3M
25
WM
6
Penn-Mex Fuel
Oil..
stock
New
10
American Fuel
4?i
50
750
2%
19
5H
HX
IH
2
5H
2H
2W
2
I
200
38
Anglo-Am Corp
of S Ki .w
\rkan3.a3 .Nfat Gas, com. 10
Atlantic Loboa OH, com.
Preferred
50
Boone Oil
5
Boston-Wvoming Oil
Carib Syndicate
& Co. pref
Creole Syndicate
Cusbing Petrol Corp
Cosden
4
I'/g
Feb
9
A
64
25c
14
Jan
Feb
Jan
I
I
H
UA
90c
84c
25i
104
110
3^
3H
2%
4
m
197
551^
21'i
Ffb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
ran
Ian
32;<;
Feb
$1
6»4
Jan
Feb
Jan
Ian
5
Feb
2
12
603
20 Ji
Jan
Fob
Oil
.10
E I'non Is Oil Refining
Engineers Petrol Co
1
Esmeralda Oil
Gas
1
&
OH
OH
Internat
10
Petrol
Keystone Ranger DeveL.l
Kinney Oil
*
Kirby Petroleum
Lance Creek Royalties
1
Livingston Petrol
Lyons Petroleum..
Magna Oil & Refining
Maracaibo OH Explor..
Margay
2,800
65
20
10
390
35
167
165
175
92
62
500
20
80
20
30
24c
23 M
234
8?^
8'-f
iA
Mirine OH
Mariand Oil of Mexico
Meridian Petrol(!um
.Merritt Oil Corp
M !xican Eagle Oil
N
com. 10
.National Oil of
J,
New York Oil
Moble Oil
Gas
&
i
OH
19c
69c
69c
71c
4
ZA
ZA
4H
2
2
5C
40
55c
600
53c
3e
9
1
Omar
Oil & Ga3
Feunok Oil...
10
10
& Mfg
Skelly
85c
I6!.i
Feb
187
Ian
Pro'hieers
OH
.
Jan
1
Feb
IVi
.In^n
"Y"
9 '4
Frti)
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
lap
!4
bVa JJan
31
Feb
lljf Feb
11 »4
22
89
6H
Feb
Feb
Feb
Tan
65
Feb
8'^
3Ji
21
Jin
Jan
li-'/i
im
3
ZA
T4
37 H
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Z'Ai Jan
61
Feb
101
*?i
3t«
F.;b
V4
Jin
Feb
Feb
Jan
Jau
Feb
503
41>f
3
2%
Z'4
109
23!^
Jan
.Ian
Fell
4H
12 H
Jan
6
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
F<?h
IS
F,-l)
7,jc
Jan
7A
79
34
4H
2V,
8,'.3
*
10
.
Tex-Ken Oil Corp
Texon Oil & Land...
Feb
Feb
Feb
12A
28
5
South Petrol & Refln
S;)3ncer Petroleum..
Stanton Oil
Wilcox Oil& Gas
Wo'idburn Oil Corp
49^i
6
10
Tidal 03ag9 Oil
Victoria
OH
Oil
&
Gas
.
1
1
10.'
5
.t
1
Jerome Cop._l
Canada Copper Co
5
Gandalarla Sliver
1
Cash Boy Consol
1
Consol Cooper Mines
5
Consol Va Silver, new
5
Cortez Silver
1
Cresson Con Gold
& M. 1
Crown Reserve
1
Davis Daly.
Divide Extension
1
Dolores Espsranza
5
El Salvador Silver Mines. 1
Eureka Crojsus
I
First .National..
..5
Florence Silver
Gol.Ifleld Consol
10
Goldfleld Florence
1
M
Golden St.ate Mining
Gold Zone Divide
1
Green Monster Mining .503
Hard Shell Mining
Hirmlli Divide
Ilei'la
Mining
Holllnger
Cons
G
Howe Sound Co
Hull
M
10c
25c
1
Feb
Jan
Jan
Jim Butler Tonopah
1
40
I'Vb
Jumbo
1
1
Jan
Jan
68a
Feb
87c
7
Jan
Jan
Jan
Jau
Kerr Lake
Knox Divide
La Rose Consol
40
1^
9;-s
Extension
H
Jan
18
Feb
MacNamara Crescent
MacMamara Mining
81)4
2S
79^4
40
Jan
95
35
Jau
Magma Copper
Fel)
Mir.-ib
Mining
Feb
Feb
Feb
Mason
Valley Mines
16
101
Jan
Jan
Jan
Jan
92
54
174!-$
5
10c
5
..1
24
36c
103
234
5c
7c
14
14
150
70
14
'20 A
lA
HA
19
>4
IH
29
780
14
6'4
2
18c
10c
120
SA
18
IH
14
HH
54
14
12
180
14
8c
74c
5A
54
20c
134
2
10
5
Si
A
3
4
703
20c
24
'ioc"
24c
34
42c
6c
503
21c
23c
25c
IK
Olc'
40c
14c
54
"ili
2.57
17
224
181
77
52
834
341
299
91
294
34
ISO
230
25c
4c
14
210
8Sc
74
60c
200
4c
25c
31c
90
17c
25c
14e
5A
84
24
10c
19c
35c
14
2
15c
300
1,030
3, ^03
12
6
4
2'i
12'.^
19c
14
23c
44
14
3
6.003
2,200
200
51,503
1,900
104
54
3
75c
19c
14
55c
900
24c
24
33
103
250
600
4
47
60
75c
250
280
290
50
403
775
150,300
5,900
2, .500
1.013
45,503
2,703
9,803
121,500
1.033
330
9.030
19,200
20.019
7,0)3
6,393
.Tan
Jan
Jan
Jan
144
Tan
etc
Feb
Feb
Jan
Jan
15c
14
4
50
14
58c
14
18
4
IH
1
1
9c
l'/i«
2
10c
94
54
14
12
13c
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
700
44
4
5
2O0
44
124
24
94
44
24
9
24
30c
1,033
14c
S3 033
3.033
2.033
ll.SOJ
6.030
7,003
2,200
11,033
4,033
6,033
6.039
7.033
5,033
19c
40c
44
60
40
34
34
5c
4c
400
35c
40c
10
Ic
10
ic
34
5c
1
5
Sc
29 4
5c
294
5c
50
1'4
14
14
80
30
4
19c
6c
1,030
1.303
8.030
3.031
iim
84
14
34
360
108
4
1%
26 4
16
2.50
lOc
14
8S0
14
4
24
24
14
14
12c
104
194
2
42
14
24
20c
124
64
3
14
190
24
7.5o
3o
1
lOc
10
Jan
Feb
Jan
14
Feb
Feb
Jan
Jan
Jan
Jan
60c
Jan
Jan
Jau
15c
Feb
510
24
14
3c
3c
210
50c
3
41c
3o
42c
Jan
Feb
Feb
Jan
Feb
Jan
13c
23o
Feb
190
4c
Feb
Jan
17c
Jan
Jau
Jau
Jan
Jan
853
30
Feb
Feb
18c
Jan
603
Feb
Feb
6v<;
l.5c
30
3ic
9o
lOo
150
1 10
44
74
24
300
60
18c
26c
24
60
2c
34
3c
25c
ic
ic
50
264
4c
14
llo
4o
6
64
4
34
124
54
5
14
19o
14
750
124
1'*
ZA
SI
380
34
Jan
Feb
Jan
Jan
24
Ho
54
Jan
t.5o
54
60c
74c
3c
3.50
32.S03
5.033
6.030
2,033
133.033
70 013
4,033
600
4,600
17c
24
94
60
Feb
Feb
Jan
43c
5
22c
80
87c
6
Feb
10c
17c
44
Jan
Jan
Jan
Jan
Jan
Jan
21c
840
2Sc
31c
44
14 Jan
15c
5c
1.801
18.903
5.700
2'i{i
1.031
14c
103
74
11.030
18c
1.200
1
10.033
50
2.5c
10S.600
103
603
1.030
20c
12.500
4c
I'.fs
21c
910
94
29c
78c
Feb
1
60
3o
18c
6c
8,103
5,110
2,750
103
23,033
100
115,903
103
10.503
34
7c
24
7c
101
1.203
83.503
114
41c
6c
508
83c
4
85c
24
Jan
Jan
Jan
14
3
3c
10c
21c
530
I
A
11
Ian
Jan
Jan
Feb
Jan
Jan
9
4
3
234
Jan
Feb
Feb
Feb
Jan
3c
8
48c
50c
3o
14
284
114
19c
14
84
850
70c
34
44
154
54
48c
69o
203
703
0,030
200
2.900
75o
140
44
7)1
1,103
24
8
I60
4c
24c
Feb
4 Feb
84 Feb
1,039
29
Jan
Jan
23
84
5
104
2c
19c
2
194
Ic
1
500
100
6.033
44
54
20e
44
13 4
24
12c
"'4c"
11.803
2.770
2.030
60.330
5.010
1.013
23.103
103
1,260
100
31,103
3,803
'46c'
44
3)
74e
6
17c
85c
3c
22c
9c
300
102,500'
70c
5?^
ISc
27c
31c
16,303
10.0.30
24
230
14
14
14
303
6,033
8c
I4c
'20c"
4o
2.203
2.600
201
61.401
25.401
5,103
21c
"74
1
603
35..500
15c
60
14
503
1,003
1,500
5.030
5
160
14
22
2
15c
llH
88c
204
14
14
14
29
I'lii
4
1
5
McKinley-Dirragh-Sav ..1
Mlzpah Extension
9Sc
15
30c
1.50
8
68c
250
26 4
CoppT
I»m
lie
94
144
254
9.030
2.803
8.013
94 1,033
103
603
57c 10S.603
30
4.011
iMs 23.801
64c
5
Feb
Feb
Jan
Tan
40
60
803
5
15
2.5c
ua
Indeuendence Lead Mln..
Iron Blossom
lOo
1
Jormie Verd^ Coppar
1
Jerome Verde Devel
l'^«
10
13,330
24
5C
640
850
Bro'igh'-r nivida
Calu'njt
A
1
5
.*
Montana Dev. .5
Butte&N Y
2
27o
103
*
& Ely
1
& Montana Corp 25
&.
29c
24
1
Mining Stoclcs
Alaska Brit Col .Metals
Belcher Extension
Big Jim Cons
Big Ledge Cooper Co
Boston
Boston
Bos ion
88c
.10
5
5
64
90c
5
1
1
lA
Jan
Jan
10
10
5
Jan
Jan
Jan
Jan
Jan
Feb
l
Jan
Jan
&A
H
84
4H
24
4
94
9
44
33
16c
780
Mexican Panuoo Oil
10
*
Mexican Seaboard Oil
Mexico Oil Corn
10
Mid-Colombian Oil & Dev
Midwest Texas Oil
1
Mountain Producers
10
Mutual Oil
North Araaricau
Northwest Oil
Ohio Ranger
24
8
4c
24c
I60
1
*
Corp
Oil
Lone Star Cons
1751-
110
24
7 '4
Ryan Consol
Salt Creek Producers
Sapulpa Refining
Simms Petroleum.
?t
14
Feb
Jan
Jan
Jan
Jan
com
Feb
Feb
Jan
Jan
13
Jan
Jan
Jan 104 4
Jan 280
24
Jan
Jan 245
Jan 195
98
Jan
66
Jan
Jan
885i
Jan 369
Jan 340
240
9 '4
V\n
K
84
28
90
272
5
& Refiners. ..10
Red Bank OH
Feb
71
26
Jan
Jan
Jan
750 Jan
2 A Jan
95
Jan
20 ^i Feb
3
Jan
70
Jan
34
Feb
4!^ Feb
1"4« Jan
7
Feb
7c
lOo
92!^
31
91
54
174
5
Dominion
IH
Jan
Jan
Jan
Jan
10
15
21
3c
24c
1.
High.
30
239
5
Granada OH Corp, Cl A. 10
Hudson Oil
Imperial Oil (Canada) coup
27
73
IH
96c
17K
265
Low.
Shares
23 J^
239
Oil. pref .10
Gllliland Oil.
70c
High.
91
91
29,4 29 4
104
10 1;^
104
Range since Jan.
Other Oil Stacks
Allied
High.
Feb
Feb
Feb
87
400
210
703
3,003
100
...100
Low.
Sales
for
Week.
Southern Pipe Line
100
92
92
South West Pa Pipe L.lOO
62
Standard Oil and)
25
8651
854 884
Standard Oil of -V Y...100 zZb7
i356
359
Vacuum Oil
100
335
335
Premier Ref
20^ Feb
11.030
12.600
90
34
91
48 H
K
14
169
51'4
102
17 J-^
172
67c
5
1,033
,103
92yi
34
174'-!;
U
34'^
50
50
48H
VA
403
703
603
£1
Crescent Pipe Line
Eureka Pipe Line...
100
Oaiena-Slgnal OH com. 100
'Ulnois Pipe Line
100
20
55c
5M
1,0
2'A
3
2
60
158
51
17
Jan
Jan
2Vi
21
2K
'4
22 H
8Ji
27
66
1,603
24,503
2H
2H
2'A
54
I
Z'i
2
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
1%
12'4
101^
Tan
100
103
71
5.500
21
45c
55c
Feb
2,103
40
9,730
IVA
12 ^
12 Ji
38c
20 H
900
1
'4
90c
90C
1,200
28
87c
90c
5
31
^
1.5c
2%
800
803
625
3,503
203
7^
41
600
1,100
11
1
1.203
io%
i%
3
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
10
5<4
liS4
187
23 H
8c
lie
900
503
3,803
503
803
317
22 ?i
5H
.SO 3
3.103
2.S03
2,803
35
50
109
7
20
610
1,203
22-^
l"^e
103
3,010
100
603
ZK
76 'A
45
303
3..503
3
1
10
7H »%
20 H 20 H
89
87
5
5^
10
2 '4
2^'
500
2,100
200
ll'^'
50
100
15
5 '4
12,403
1,300
30
8.5c
Preferred wlien issued ...
Buckeye Pipe Line
f,Y,
80c
LIggetts Internal, com. 100
Lincoln Motor Class A.. 50
Subsidiaries
Anglo-American OH
nVg
85c
*
i
West Knd Cliemlcal
1%
lOii
5\4
iVs
50c
5-^
14?^
lOO
Imp Tob of G B & Iro..£l
Intercontinental Rubb 100
Kayser (.lul) & Oo, w
*
New
291-i
66c
ny»
Preferred
Swift & Co
Swift International
19
32"^
80c
2
71
23
71
23
90C
Preferred
4
18!^
60c
2054
Havana Tobacco, pref . 100
Heyden Chem
•
Hudson Cos, pref
100
Hudson & Man RR com 100
Amer
177!^
55 h;
20A
50c
2014
70ft
of
66
54 U
IQ'/i
iiy>i
6Sc
69c
2
2'i
104
lot
10S>^ lOSK
2'4
2
ZH Z'4
IH 2 '4
2
2
172
10
Radio Corp
H
5H
lOO
&
303
14H
com.. 100
Preferred..
Grant Motor Car
Llbby. McNeill
.503
1
•
•
Pictures
T& R
1
5
Georges Clotblng cl B ..«
Gillette Safety Razor .
•
•
Glen Alden Coal
Geldwyn
176
IH
25c
7>4
8.5c
60C
2
I'/S
5,.5O0
9.030
100
200
400
103
2.000
900
13
100
Eastman Kodak, new com*
&
25c
66
com
Cities .Serv Bankers" sh
Federal Tel
41
1.5c
60c
60c
ibl]^
7^
IM
il%
13^
2'A
1'4
30e
Z'A
14
Chicago Yellow Cab
Cities Service
IH
25c
7Ji
100
25
.25
100
Prairie Plp3 Line
South Penn Oil
Gletiro!;k
I'A
of Prices.
Fensland Oil
&
Industrial
Miscell.
Aome Coil Mining
..I
Acme Packing
10
•
Amalgam Leath com
Amer Writ Paper, com. 100
Audubon Chemical
1
Automatic Fuel Saving ..*
Benford .A.uto Products
5
Bradley Fireproof Prod.-l
Week's Range
50
Oil...
Federal
1.
Week.
Low.
Last
Sale.
Price.
&
of the compilations below.
Friday
Week ending Feb.
Frldav
OH
Subsidiaries
1,000
91
101
101 5< 102
102
102
101
101
Sales
for
[Vol. 114.
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
4c
c
1
29c
94c
6c
7.5r
35o
400
29c
60
14
21c
91c
3
14c
74
21c
14
6c
32c
60c
22c
5c
280
40c
130
17c
43c
17c
5"V
n
3
30c
lie
32c
40c
5
6c
4c
34
5c
40c
5c
4c
10c
32 4
6c
14
19c
fie
HH
.1 ..
1
,
THE CHRONICLE
Feb. 25 1922.]
SaU*
Frtilau
MInlnfl—
»
Mohican Coppir.
Mother I.odp CoftllHoo---'
SO*"
Natloiuil Tin Corp
-1
Nevada Oohlr
21c
10c
"ic"
—
Tonopah
Tonopah
Tonopah
Tonopah
Dev
tlelmont
16
3c
1
—
Mining
1
30c
3c
32c
60c
63c
--
5=;-
27 Vi
SOe
4
750
1'^
hoe
4
5
Bonds-
'39
Allied Pack conv deb 69
Certificates of depoelt
'39
Allied Pack 8.s Ser B w I
68H
78... 192=)
lOlH
Alumlnom Mfrs
53
76
6%
-19241
lOOH
A. 1929
102 "4
102 W
9S54
7^3.. 1925
103'-$
cotes Series
Anglo-Amer
Oil
05 1,'
Annour A Co 7% notes. '30
1931
Bam!Sdall Corp 8s
Beaver Board Cos 89.. 1933
Bethlehem Steel 78... 1823
66H
lom
105K
lOOH
98
34
101
10?H
95 '4
86
\nm
102H
103H
103'^
100'^
06 t<
H
RT
Int«rboro
W
riote<
78
.•y
'
w
LlgB'-ls
-v
99 ^<
99
102!^
lO'i
Pblla r.l« Tic 6s
'Ml
Plillllp* p.rrol 7148. -1331
Pnb<leHM^f'orD7<wl 1041
* Co 7^ 22
Baan. • '
')rX 15 23
T:
Bhawi
1 7«.. . 1931
Bkclly (.III 1 ^a w I... 1939
BolTay 4 Cle >M
1927
Southir It^ll 'l>l*n 78. I92>
'r
r
102'^
M.OV)
99
95'^
99 '/i
94
96
4O000
5.010
17.000
77 000
14.010
10.000
19,000
'-i
»4
98 S
8.01.0
16.
97".-
0»
«fl
95'
10-i
I
,'
.
0')')|
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47.omil
'
H
101
lOflh
U
09
99
't
l.OI'l
21.000
2. OKI
1.
'12 'Kl'l
'
Feb
lOOH
Jan
lOOT-J
Feb
Jan
Feb
Jan
101
H
10?^^
102 ?<
4
99
Jsn
F°b
Feb
Jan
104
10354
99
72
Jan
Jan
Feb
Jan
101
Feb
U
1024
108
ion-?
Jan
Feb
Feb
J.nn
Jan
.Ian
421<C
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
1014
1025<
Jan
Jan
Jan
94
86
101
102 !<
103-^9
102 4
100>i
95
103
102
95
K
1004
102
96 }i
102
102 H
103 4
100
95
99 H
4
103
98 4
ss
103
103
104^
1044
101
Feb
Jan
Jan
Jan
Feb
Feb
974 Feb
Feb
Feb
Feb
1044
Jan
103
96
Fob
Jan
Jan
Jan
Jan
Jun
1024
Feb
Feb
Jan
101
Fn'>
F'-b
4
Jan
Feb
Jan
104
4
98
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Jan
1014
1034
Feb
Jan
1-;
I00'<
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1014
1014
Feb
Jao
9.S4
994 Feb
Jan
103 4
Fe'j
76
72
88
84
102
95
95
68
93
100
iOI
974 Jan
994 Jan
944 Feb
Jan
Jan
102 1<
93 ^.'
4
4
4
064
4
4
KK)4
105 H
104
104
104 4
1014
1074
OH 4
4
Jail
Jiin
Feb
Jao
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Feb
Jan
Feb
99
944 Feb
90
89
96
Feb
Jan
96
1114
.F't ri
98 4
100
Jan
Jan
974
l-in
4
Feb
954
Jan
I0?4
Fell
103
Jan
Jan
Jan
Jnn
Jan
Jnn
Jan
Jan
86
OSlf
1004
994
103
IOI
104
103
1084
1014
106
1064
1074
Fi-I.
llO'i
Jan
1004
1014
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Jan
Jan
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Jan
101
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103
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5.00
100
106
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1014
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lo-?'-^
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Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
102
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4 1 .000
101',-
Jan
Feb
Feb
Jan
Jan
604
101
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101
Tan
Jan
1004
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i.;
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Feb
8.5e
Jan
Jan
224
I3,0>'l
lOO'i ioi
102',' I02'f
101', 10'.',
lot
KM
101'; 105
10'.'^ lO'iU
107
107
lOS',
107
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:
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99 H
98
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.
an
7»
w
lOIH' 103
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T,
10."-,
gold <)«b...l03l
7»
1931
Co 7«
10Z%
A>i« l« 1931
.. 7
oiulp'!. 1923
7«
.1031
„7».r 1041
104
Jan
Jan
Jan
Jan
Jan
2H
Feb
lOOii
100 ii
99
94>,<
1% ft
Trux
98
65
98
97
10:
UK)
tut gold d'-b... 192'.
BCT K'i\r\ dirb. .I92'»
wtt K'>ld dnb. .1927
«riWI deb... 1029
H
lOlH
lO'i
auadOllorS' Vdeb4H«'33
»wm 4
96 ?i
102
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78
9711'
'
Sao Co
99H
101^
1004
ftS'^j
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59
101
B^W
fma
I
29 4
55c
70.010
93 H
78 '>i
95 H
Feb
.'W5.001
.001
1
103',' 103
Hartf 4«..1922
27 k48c
'f
81
96
800
100 V<
102!^
93
96
99 J^
1.011
60.001
101.000
8,001
102
95 ti
99
93
10c
3
Feb
fan
Feb
Feb
Jan
Jan
88
102
3000
83 '-i
83
80
93 H
90
Pbllarleliilila <>, »Mi...lM44
TV.
101
"ot«
1921
is
1930
o 7 '^8
>>_
Co 71^8... 1931
Nat Cloak A Suit H8..193ii
Natloniil l.«»trirf s« .l'>2>
7%
7%
7%
100^
Jan
Fi-b
71
47 000
<-',
IH
7.5C
I '4
Feb
11,000
14,000
98 W 23.000
42'^ 74.000
lOlU 51.000
103H 57.000
9.0
97 '<
86 '< 125.000
16.000
102 '<f
24.000
10'.'H
19.000
101
19.000
io«'-i;
7.O00
100'<
22.031
96 K
6. 001
lOO-i
283 000
103
5.000
96 H
12.000
101 '4
s.ooo
103
97 H 149.000
21.000
10t'<
Jan
Feb
32c
Feb
Feb
4
Feb
Feb
Feb
3c
I8c
4c
6c
2
73c
1'^
Jan
Jan
5K
16
7-1
106
100 ^f
97
Feb
21c
4.000
UWH
06"-,-
la
:
NYNH*
97 M
8c
Jan
Jan
55c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
90000
103'^
103 '4 103'-;
103 •< 101 '-<
lOOS' 100'^
98 K
I
78...194I
-
10-?^-
102
..Ibby7«'31
I
95=^-
101'^
S3
80
f» i y Morgan recplpta.
Jack-son Fire Brk Co 88
KtV-'' 'ID* Co 79 IT. 1942
K
'oni"fl' 7i H»'«l
I
102'^
'96 Ji
101
r<21
I
103^
Jan
Jan
dH
50 Ji
87.000
22.000
102 "^ 43,000
102
98 H <m'4 103,000
13.000
103'/5 101
\02H 103 '4 59.000
36.000
98 H
98
16.000
66 H 70
66.000
lom lOlU 102.000
102H 102'^
103 H
93
7».. 1923
100^^
I'-li
.fan
Feb
10c
20c
13c
4.000!
102>-f 1021^
1935 102 4
Equipment 73
Canadian Nat Rys 7a 1935 1051^
Canadlao Pae Ry 63.. 1924
Central 8'eel ds w I. ..1941 ""98ii
Col Graphophone 88.. 1925
37
Con.«ol Gart N Y 7b. .1922 101 '4
CoMOaaElLA T Bait 7s '31 102 H
1941
Conwjl Textile 88
96
CotL'!olld:itlon Coal is. 19.'>0
SC H'
Copper Exp Assn as..l923 102
8% notes Feb 15... 1924 102H
8% 001*8 Feb 15... 1925 103 M
Cuban Tel 1st 7 ^8... 1941
1923
Cudahy Pack 78
1931
Deere 4 Co 7^8
96
DuQuesne Llzhl 7^8.1936 104
Federal I^nd Bank 58.1941
103
Gair (Rob«Ti) V.n 7s.tf.'37
96
Galena-Slenal Oil 78.. 1930 101
General Aaonalt 88 ..I93(i
Goodrlcb (H K) Co 7s. 1925 "97 ^^
Grand Trunk Ry fl i^s. 193« I01'4
193:)
Gulf till Corp 7i)
103H
\»M\ 10(!^
Hetnz (H J) ^a 78
HershRV Chocolate 7(-;s '30
Hood Kuob<-r 1%
Humble Oil 4 Ref
lOO'-f
lOOK
lOOH
J;in
Feb
3
I
Feb
Feb
Feb
iVff
H
2H
Jan
Jan
Jan
Jan
60c
18.000
6.000
26.030
95'^
100
18
137
Jan
Jan
20c
le.O'OO
[02 ^i 102?-4'
1 923]
73 1929
-
IM
\n}4 ion<
193S 102 M
. 1924
Amer Cotton
Amer Light & Trac 68.1925 ioo"
19221 100 H
Amer Tel & Tel 6a
Oil 68. -
69
2.500
S
$59,000
Feb
3c
lOc
2c
200
500
700
300
50c
4V^
7^0
1
16
500
2<!
Jan
Jan
Jan
4?i
2.100
14,800
69
54
85
67
7s..
Amer Tobacco 7s
Anaconda Cop Vtln
7c
2
55c
2
6c
2
9c
25c
2e
5c
16c
54.000
7.500
900
20
1.000
3.000
4.000
13.000
4.001
11.900
6O0
2,700
3.600
m m
m m
1%
61c
United Eastern Mining. .1
United Verde Eiten.-.50c
U S Cont Mines, new..
5
Unity Cold Mines
West End Coo9oUdated-.5
600
5
16
3c
18c
32c
i Dev.o
Co
23,000
Sc
18c
Jan
Jan
57c
450
KKI
OAH
10
0««
It...
'1
1)1(11
I
4
4
9«4
Feb
l(W,0O<(,
97
Jan
20.000
AH
vL'.IKKl'
II 'KKI
103
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
97!»
17.0<K)1
98Hi
103
102
102
Jit.
Jnn
Feb
10 '.4
07
107
'/<
815
bonds prices are "and interest" except where marked
All
Jan
Jan
Jan
Jan
47c
Jan
1
Quotations for Sundry Securities.
1.
High.
Feb
1.000
IH
Jan.
Feb
Feb
Jan
17>i
2
124 ^
60
7.600
4.000
10c
27c
6c
'Se'
1
Tuolume Copper
200
3c
15c
3c
1
1
(Jold
Hi
1
Divide
Extension
Trl-Bulllon Smelt
Trinity
Yukon
7c
17c
6H
29c
26c
1.500
'
Una
Feb
20c
8.000
9.900
12.500
47.500
6'-
m
"'hi'
Bex Consolidated Min
Rochester Sil ver Corp
Plat..l
South Araer Cold &
Teck Hughes
IS
2'
137
lOc
27c
2c
I.
Southwest MetalB
Spearhead Gold Mining
Standard Silver-Lead
Stewart Mining
Low.
50c
40c
2U
135
HH
1
w
Inc.
Shara
7?i
29c
26c
137
5
Ray Hercules
Kay Hercule-; M.
7H
!7^
5
10
Ohio Copper
Pitts* Mt Shaata
Range
32c
20c
34c
320
--New Cornelia
New Dominion Copper.. .5
100
New Jersey Zinc
Nlpl8Slng Mines
of Prices.
Low.
fftah
PrU-t.
Par.
for
ITe«*.
WMk'i Ranot
IjIUI
(Conet.)
.5
.
Ian
Inn
"t.'
Joint. Stk. Land Bk. Bonds
7% Chic Jt Stk Land Hk 53. 1939 tf9 100
IOII2 10238
Atlantic Refining
,5s 1951 opt 1931
100 910 975
5i;s 1951 opt 1931.
111314 104S4
117
Preferrei.
100 116
RR. Equipments— Per Ct Basts.
Borne S rj'mser Co
100 325 3.50
•90
92
Atch Topeka & Santa Fe 63.
6 65 6.36
Buckeye Pipe Line Co. . . 50
5.75 6 60
Allan Coast Line Os & 6 '-is
Chesebrouch Mtg new.. 100 185 1 15
109
112
B 10 6.76
Preferred new
Baltimore 4 Ohio 4 I/O A 6s.
1 00
6.65 6.26
130
Continental Oil
Buff Roeh & Pitts 4s' & 448
100 126
*33
34
6.75 5 60
Crescent Pipe Line Co.. 50
Equipment 6s
5.80 5. .50
Cumberland Pipe Line. -100 135 145
Canadian Pacific 4'.;s& 63.
7.00 6.00
97
Caro Clinchfield & Ohio 5s.
Eureka Pipe Line Co... 100
95
8.50 6.50
48
50
Central of Georgia 4 4s...
Galena Signal Oil com
100
1 12
5 70 6.36
Preferred old
Central RR of N J 6s
100 109
10.5
Preferred new
Chesapeake* Ohio 6s & 6 4s 5 87 6 60
103 103
175
6.9U 6 60
Illinois Pipe Line
100 172
EquipmentSs
7 50 0.60
94
Indiana Pipe Line Co
50 •93
Chicago & Alton 4i-^s. .5s
6. 70 6.40
International Petrol. (no par) •1434 15
Chiciigo Burl & Quincy Gs..
29I1
•7281?
7 on 6.00
National Transit Co.. 12. .50
Chicago & Eastern 1115 4s..
New York Transit Co... 100 1.57 160 Chicago Ind & Louisv 44s. 6 00 5 76
5.90 6 50
Northern Pipe Line Co.. 100 104 lOfi
Chicago St Ix)uis& N O 5s..
5.75 6.00
OhioOilCo
Chicago& N W4!4s..
25 •266 270
24
•22
6.85 6.00
Penn Mex Fuel Co
25
Equipment 6s 4 6 4s
6.10 6 76
Prairie Oil & Gas
Chic R I & Pac 4 4s. 53, 68
100 5<0 540
6 00 6 75
Prairie Pipe Line
Colorado & Southern 5s, 63.
100 238 240
5.75 6 60
Solar Refining
Delaware & Hudson 63
100 355 375
6
35 e 00
93
Erie4i/^s. .5S&6S
Southern Pipe Line Co. .103
91
75 6 GO
172
6
South Peun Oil
168
Great
Northern
100
63
6 15 6.76
<>2
60
Southwest Pa Pipe Lines. 100
Hocking Valley 4 '-ils, 53 4 6s
6.85 6 60
Standard Oil (California) 25 •95^8 96'2 Illinois Central 44s. 5s & 6s
6 75 5 60
Standard Oil (Indiana).. 25 •86I2 86>'4
Equipment 7s & 6 43
5 90 6 60
525
4143.
Standard Oil (Kansas) . .100 z500
Kanawha & Mich
63..
5.75 625
Standard Oil (Kentuckv)lOO 450 460
Louisville & Nashville 5s.
6 75 6 60
Standard Oil (Nebraska) IOO 170 175
Equipment 6s & 6 4s..
6.85
6 60
Standard Oil of New Jer. 25 *178 179
Michigan Central .5s. 63..
a 10 5.76
Preferred
100 II5I4 115'* Minn St P & S S
4 4s & Ss
6.10 5.70
Standard Oil of New Y'k.lOO' Z3.56 360
Equipment 6 4s & 7s.
390
6 50 6.00
Standard Oil (Ohio)
100 z3S0
Missouri Kansas & Texas 5s
IIGI2
6 50 800
Preferred
100 II512
Missouri Pacific 5s
5 75
50
6.10
40
Swan & Finch...
..IOO
Equipment 63 & 6 43
8 101 6 76
96
94
Union Tank Car Co
100
Mobile & Ohio 4 4s. .53
Preferred
IOO IO2I2 103
New York Central 4 4s, 53. 6 80 5 60
6.85 5 60
Vacuum Oil
..100 332 337
Equipment 6s & 73
32
•28
Washington Oil
10
Y Ontario & Western 4 4s 6 50 5.90
6 70 6. 25
Other Oil Stocks
Norfolk & Western 4 4s
6.75 6 55
25*103 104
Imperial Oil
Equipment 63
6.8U 6 50
Magnolia Petroleum
100 150 160
Northern Pacific 78
8'8
5 75 6 50
*>ih
Merritt Oil Corporation. 10.
Pacific Fruit Express 7s
6 75 6 25
'ISij
20
Mexican Eagle Oil
51
IPenasylvania RR 4s & 44s
5 90 5.60
50*165 175
Midwest Refining
Equipmontes
6 90 5.50
Tobacco Stocks
!Pittsb& Lake Erie 63 4 648
6&0 6 60
69
American Cigar common. 100| 66
Reading Co 449
6 00
7 00
87
100
84
Preferred
St Louis Iron Mt & Sou 5s _
Amer Machine & Fdry . . 100 220 250 St Louis 4 San Francisco Ss. 6 50 580
t>30 5 90
131
127
American Tobacco scrip
Seaboard .\ir Line 4 43 4 5s.
1434 Southern Pacific Co 4 48...
6 75 6 40
British-AmerTobacord. £1 '14
,
6 70 6 45
'14
Brit-Anier Tobac. bearer £1
Equipment7s
]**]]
6.10 6 76
1' 41 Southern Ry 44s, 5s & 6s.Conley Foil (new) . . (no par) " 1
6.10 6 60
Helme (Geo \V) Co. com. 100 tel35 142 Toledo & Ohio Central 4s- .
6 65 6 40
109
100 105
Preferred
Union Pacific 7s
6 lU 6.65
IPt
'll'-i
Ire.,
Imperial TobofG
Virginian Ry 6s
96
90
Johnson Tin Foil & Met. 103
Mac Andrews & Forbes. . 100 102 105
Public Utilities
133>»
90
92
100
Preferred
Amer Gas & Elec, com.. 50 «I38
43ij
•42
32
''O
103
28
Mengel Co
I^referred.
II3'4 II3I2
62
55
Porto Rican-.\merTob-. 100
.\mer Light 4 Tr.ac. com. 100
92
95
^6
•75
IOO
-.
S-rip
Preferred
82
70
Reynolds (R J) Tobacco. 25 ""'0
Amer Power 4 Lt, com. . 100 iSO
84
87
41
25 •SO
B common stock
.100^
Preferred
11012
7
100 109
Preferred.
.\mer Public Utll, com.. 100
'28'
22
100
Tobacco Prod Corp 8% scrip '103 103
Preferred
34
31
101
-yw
7% scrip...
Carolina Pow & Lt, com. 100
176
175
Wcj-man-Bruton Co.comlOO 180 186
Cities Service Co, com.. 100
555»
108
SS'g
4
100
Preferred
100;
Preferred
13
12
S4
78
100
Young (J S) Co..
Colorado Power, com- -.100
83
87
95
«"
lOOj
100
Preferred...
Preferred
19
17
Rubber Stocks (.CI1! I and pr Ices) Com'w'th Pow. Ry 4 Lt. 100
431
45
58
56
100
Firestone Tire 4 Rub.com.lO
Preferred
01l|
«ill2
87"2
86
100
6';, preferred
Klec Bond 4 Share, prof . 100
16
14
76
75
100
T'r preferred
Federal Light & Trac... 100
85
82
200
..100;
Gen'l Tire 4 Rub. com.. 100 190
Preferred
21^
lUO
21
85
101
Preferred
Ml.ssKsippI Riv Pow.comlOOj
79
80
10'4
lO':
100
Goolvear Tlre4 R, com. 100
Preferred
soil*
8W
27I2
2:34
100
Preferred
First Mtge .5s. 1951. .J*.I
99
101
07
61
IOO
Prior preferred
S f g deb 73 1935. -.M&N
6
61
58
Goodyear T4R of Can pf IOO
Northern Ohio Elec. (no par)
19
21
74
70
100
100
Miller Rubber
Preferred
86
88
90
89
Pref<-rrel
North'n States Pow.com. 100
90
92
90 lOU
00
101
Mohawk Itiibbcr
Preferred _
x'\»
82
Portage Rubber, com... IOO
Nor Texas v:iec Co, com. IOO jtSO
83
101
100
Pref-rred
Preferred8i;i2
8S>t
40
Swlneharl Tire 4 R. com. IOO
Pacific Gn84 EI, 1st pref IOO
3l>l2
38lt
Su<lar Stocks
Pueet Sound Pow 4 Lt. . IOO
(•7
99
15
50 •10
Carac.as Siii^ar
100
..
Preferred
1U3<2 106
04
7i'j3 I94I...M*N
\g iirrc S igar com. 23 •.,1
Gen
9I|
•
1«
1
Central Sugar Corp. (no par)
Republic Ry & Light. ..KK)
3lit 33
3
1
KK)
Pref.rre-1
100
Preferred..
III.
08
70
60
Cup-v Hiigar common... 100
South ' ;allf Edison, com KM) 1U9
i>0
40
KK)
.100
Pr-f' rr.'I
Preferrc'l
•151; "ro"ii
55
62
100
Falar |i> Siigar
Standard C.as4 i:i (Del). 50 •43
44
115
IDO
•'>0
re'|ir:il Sugar Ref, com. 10
Preferred
««
Hi
11)5
KKI lui)
Pnf rrcd
TennesseeRv. L4P,com. IOO
8is
15
9
I0<>
Inc.. (no par) •10
(;«.
Prefi-rred
41
43
67
63
100
r
United Lt4 Rys, com. . . KM)
74
70
110
KM)
Sui{,com.l01 1.33
(ir
I«l preferreil
28
29
i'lj
98
KKI
KM)
I'nf.riel
Western Pmver Corp
70i|
77
•12
17
IOO
Hfillv '^'iK Corp,com(no pari
Preferred
r
C'c-fii
4(1
39
1IOO
Spcnrltic* -/'.
Term
Short
II. >i:
96
IOO
60
Srignr. . KKI
Juf
Am ''01 nil IH I'I2I M.VS2 iOO"l.
10U%
125
r Rnflnlng
KK) 120
.\M
Pel.* r-l 6n 19.! I. F.t' A
Amer
lOi)
111
Ji, 100 iS
9
A.^n
ig<;orp.pf KK)
Sa
n% nolr.t 1922
IOI
lUl'l
31
com. (no pan •31
S:i
Am Tob 7 ;, ilDten I922M.VN 102
102
8.1
77
M.t-N
IOO
r
7"'.. nnles 1923
: Oi>4
60 103
K' Fin. com. 101
\v.
Anac()nl.'\'V>pMlnnH'29 J.H
I112
I02>4
63
6H
!
100
J*-!
7» I92'l Merli-^ H
lOl'a
l><4U
IndiiMii il JVMU<'(<tlancuu<i
Anglo- Vni'T till 7 '•;h'2'. \.tiO 1 13
i"3ia
168
164
10
.\'iM-|. 1.1 M:i"l«!irc
Anii'r4{ '((71 liilvr.'30 1 J
UN)
100>|
4it
46
Ain.T I'vtx'fiiunderii.ciiin IOO
DcbiH Jne 15 '22 J ID
tfU'l iiidU
H7
9-i
KM)
IT. r.rr.-l
DebiU.I'ni' r. '23 J.VDL'i
If
I4
WW
lUK.'i vv) <'o. new.{ooi>an •23
DebiH J'ne 15 '24 JADI') 10114 im
1U|I|
50 •.)» "iW
r
II. .Ill St 7';. Jiilv l52M*Jn
IOl|l| liM|7|
08
04
iny.oom.. IOO
II..'
(•iiiifi'lhin PnrllH 1921 M.«iS2
09
OOI;
91
01
'21 M.V N
IOO
I-'e'l.TllI S.IK ll.-f 6h
Standard Oil Stocks Par Bid.
.\nglo-AmiTican Oil new. £1| 1738
(/Is*.
M
1
N
I
I
'
B&
I
—
I
I
.
1
.
-
Om
M
I
I
I
.
1
I
'
:•,'
1
ri
'
,
'
1
.
.
.
1
.
1
1
I
I
'.
1
'
I
n
Afi"Frrl.
4a.
08 W
9Z\
e7h
084
Jan
(•.
;.niv
(I,
n
IOO
IOO
..v(;» KKI
100
I
> lln
A
A
Pblll
1
1
I0-.
00^4
1
lO'.'i
4
10
17
19';
19',^
C:fTtllir*lr»i
I 'J
17
IH
J.
mu
i6H*
26.<;<KI
0'»S KK)
I't
tn'-i
ion
07 H
I
2 O'lO
I
i.fKKI
17
'lO'i'
I
»
t
o«M
ci«nt«rTi<>ri«
K«-rl«hU.
1.000 mark*
wii
Mi
bfl
Ma/ka.
134
134
13";
I
OSK
,i,ii
I.
Mjimiii.i
I
.flmcc'U (Jo.
.
I'ri.f.rri"!
'
I
'
rl
l.i
Jan
ILlMatt <m t»M> Mi.>,rk
a Smw fUrk.
ftxirKl
k
lUmtmUam.
t
I
«
ItoUan 0^
'
i
'hl8
WMk,
1.0ii<jllr8. fliu.
t Kl.<1l»1.
I
Dollar!
• l*rr
nharn
/ KInl |i«i'w
faxili
*
dlvklMMl.
<;
ft
lirm llviH
I.,..
Ii
Uiclol..
nubo
lU.liiuli
I-.
M.tS
M.VS
MAN
'23.
5(1
KKI
KKI
.100
KMI
llanla.
I.AM Mil
d
60
•02
07
I
/
.
99
01
03
1
I
J.VJ
I'l'SI
'
I
A
29
I'-.*
.!7
KVA
I
i.il>.«
..^. .xiin
I)
K
I
IIIO
'(iirln«
Mill
93
72
70
KKI
!('.
WI.<T1 Iw.lMl.
90
7h'2'. A'*<i
IliM'klim Vall.'vlH 1921
Inl«.rl>..r,. It I' 7« 1921
KM
l.ri.f
n,.
Un
(l.M».|rlcli(llI'')( ;»
''>22 J.*l>
If.'.
Ill
105
lilt
.100
.100
I
( Ki4iii>rk dl<ld<>n<1.
«
00
4
4
'I
10(1
44JO
•MopwvaiM.
4
102
113
IOI)
.V
A
M.VH
\.VOI5
05
.
70
I
'13
I
III
I
M.VM
00
lUJ
04
I
n Nominal.
o;«»
99
H5
83
I(Mj%
lOOiii
lo'ji;
tm
N9I4
ou
02
MS
OM'S.
lOU'i*
Kill: K)l«t
l"2'» K13I4
lUlU loD:
;ii4,
A V
1111
I
i'4»4
001*
KMlii in6«4
'II
Hiifrlinm.r
1*71;
US*4
ni'>
.
fi.M.r.H^I
liviilnivl.
dlvlileiMl,
y
Kx-nahU.
•
Now
m
•look,
ICx-60%
..
846
Invitsimtnt
un& ^mlxo^d %nUllxQtm$.
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly returnt
following table shows the gross earnings of various
dan be obtained. The first two columns of figures give the gross earnings for the latest week or mouth, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railvoayn
are brought together separately on a subsequent page.
The
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan.
1 to Latest
Latest Gross Earnings.
Date.
ROADS.
Current
Year.
Previous
Year.
Week or
Month.
Previous
Year.
S
$
S
268,055 340,221 3.394.210 3,645,603
14024 28.i 21001807 160035162 154749 712
446,9.52
534,483
75,992
96,997
Atch Topeka & S Fo December 13645 28 18550 944 189217 5 20 215444411
GulfOoIofc S Fe. December 1.932.410 2.689.283 29,209,224 27.548,089
Panhandle S Fe.. December
681,7221 814,502 9,531,957 9,355,874
Atlanta Birm & Atl. December
306,200 447.305 3,201,634 5,829.849
Atlanta & West Ft. December
268.355 2,470.655 3,040,400
171,637
Atlantic City
December
245,462 4,615,848 4,667,067
236.747
Atlantic Coast Line. December 6.075.617 8,067,.545 66,552.681 74.121,937
Baltimore & Ohio.. December 15504563 21074826 198622373 231944445
B & O Chic Term. December
208.890 255.106 2,628,783 2.318,294
Bangor & Aroostook December
638,024 637,013 7.348,709 6,675,481
Bellefonte Central.. November
69,489
112.737
12,616
6,812
Belt Ry of Chicago. December
436.432 472,868 5,495,789 4,704,324
Bessemer «& L Erie. . December
697.074 l,2tU),641 13, .534, Oil 15,883,839
Bingham & Garfield December
32,421
178,322 1,399,493
11,380
Boston & Maine
Deceml)er 6,141,592 7,199.958 78,289,750 86,652,744
Bklyn E D Term
December
105.088 1,318,072 1,193,520
107,059
Buff Koch & Pittsb- 2d wk Feb 341,691
331.962 1,964,663 2,219,131
Buffalo &. Susq
2,052,78-' 3,107,467
December
296.385
163,822
Canadian Nat Rys. 2d wk Feb 1,764,928 2.556.3.59 11,361,292 16,044,800
Canadian Pacific
2d wk Feb 2,639,000 3.044.000 16.445.010 10,604,000
Caro Clinch & Ohio. December
575.054 7.34,103 7,464,112 7, .560.880
Central of Georgia.. December 1,605,673 1.913.798 22.185,359 25,082,290
Central RR of N J.. December 4,136,735 4,961.689 52,6'i0,997 51,989.303
Cent New England. December
629.216 882.228 8,382,790 7,818,475
Central Vermont
December
617.393 6,633,401 7,170.606
529.471
Charleston &
Car December
301,277 3,276,513 3. .50 1.899
255.301
Chos & Ohio Lines.. December 5. ,509, 973 8,645,800 83,864,027 90,190,744
Chicago & Alton
December 2 173.556 .733,143 3 1,040. 2 ">9 30.371,034
Chic Burl & Quincy. December 13315581 15271910 168643 539 185270 768
Chicago & East 1H_. December 2.020,89.3 3,087.076 27.099,146 31.:<07,4t7
Chicago Great West December 1.687,405 2,087,567 24.273,653,23,889,976
Chic Ind &, Louisv_. December 1.210,2.56 1,337,949 15,162,870 15.952.553
Chicago Junction.. Deceml>er
395,6.34 5,261,832 3.614,122
439.973
Chic Milw & St Paul December 11347 782 13106 676 146765 766 1681.58734
Chic <& North West. December 10.578 608 13098 752 144775476 165692399
Chic Peoria & St L. December
170.273
236,828 2,086.331 2,776,278
Chic R I & Pacific December 10000 258 11879492 139272 023 1420261.52
Chic R I & Gulf.. December
469,930 69>,.509 7.510.255 6.883,934
Ohic St P
& Om. December 2.106,305 2,639,343:28,047,675 31,955,612
OInc Ind & Western Docembpr
388.6431 3.716.572 4.51 ;.465
321.534
Colo & Southern... 2d wk Feb 415,406 479,.554! 2,530,367 3,560,339
Ft
828.0!it 1,298,737 11,3 it. 950 13,119.248
& Den City. December
Trin & Brazos Val December
460,679 296,815 3.501.011 2.260,169
Wichita Vallev
December
127.001
191,086 1,723.100 1,8<8.U4
Oumb Vail & Mart. December
164,332 258,601 1.421,228 1.070.191
Delaware & Hudson December 3,730.725 4,757.831 45,718.029 15,289.014
Del Lack & Western December 6,619.9.54 8.484.847 86.243.394 83. .593, 315
Denv & Rio Grande December 2,413,641 1,056,638 32.659.759 40.590.345
Denver & Salt Lake December
148,192
265,777 2,879.058 2.953.647
Detroit & Mackinac December
125,471
146,485 1,972.441 2.077.931
Detroit Tol & Iront. November
681,0.52
481,032 6.634,6.58 4,711,939
Dot & Tol Shore L. . December
231,669 247,489 2,807,447 2,385,942
Dul & Iron Range.. December
96. ,507
1.57,411 4.972.514 11,075,952
Dul Missabe & Nor. December
135.510
258,711 12.374.919 19,623,476
Dul Sou Shore & Atl 1st wk Feb
491,297
350.331
64, .501
92,332
Duluth Winn & Pac December
175.165 213,625 2,344,817 2,498,223
East St Louis Conn. December
116.734
151,400 1.598.645 1.512.565
Eastern S S Lines.. December
255,725 182.046 5,207,441 4,661.355
Elgin Joliet & East. December 1.591,021 2,663,893 19.334.912 25.689.586
El Paso & Sou West December
787,030 1,293.510 10.910.0S7 14.872.614
Erie Railroad
December 7.020,062 10082173 102835505 109242428
Chicago & Erie.. December
657,415 1,116,192 10,703„591 12.920.673
J&
Y RR. . . December
120,655
117,401 1,487,954 1,347,009
Florida East Coast. December 1.220,293 1,497,408 13,5,58,013 13,701.191
Fonda lolins t Glov December
3..596
123,0.56 1,3,55,659 1,43 1. .562
Ft Smith & Western January
109.351
109,351
185.070
185,070
Galveston Wharf
December
136.622 247,099 2,608,285 1,980„567
Georgia Railroad
December
373.2.52
487,871 5,154,986 6,574,336
Georgia & Florida.. December
115.686
130,835 1,389,678 1,519,192
Grand Trunk Syst^- 2d wk Feb 1,941,096 1,891 „565 11,187.009 12,807,869
Atl & St Lawrence December
265.865 520,540 2,787,169 3,464,023
ChDetCanGT Jet December
272.973
222,693 2,066,186 2,047,436
Det G H & Milw. December
462..599
285,779 4,679,921 4,951,420
Grand Trk West. December
798.974 1,372,387 14,320,467 17,264,135
Great North Svstem December 7.675.481 9,778,015 101317201 124897 855
Green Bay & West. December
109.876
114,217 1,395, .576 1,294,184
Gulf Mobile & Nor. December
336,885 444,1.52 4,086,217 4,147,962
Gulf & Ship Island. December
217.17'i 2,85 >, 9)0 3.051.1 '8
229.9 21
Hocking Valley
December
870.753 1.593,390 14,093,001 17,145,167
Illinois Central
December 1108642 7 13117546 141127 066 145154272
Internat & Grt Vor. Decernl)er 1, 192,116 2,0i6.455 17,6 i9, 78.' 19.511,00
Internal Ry of Me. . December
310.737 390,330 2,808,902 2.890,171
Kan City Mex & Or December
164.843 1.789,*U3 1,714,891
113,776
K C Mex & O of Tex December 165.009 247,173 2,199,35.' 2. 001. .506
Kansas City South. December 1.419,918 1,810.488 19,609,283 19,762,433
Tesark & Ft Sm.. December
150,795 226.387 2,177,7.55 2,295,762
Total system
Jmuiry
1,511,1.57 1.963.78S 1,511,15" 1,963.788
Kansas City Term.. December
131.069
131.251 1,617,080 1,598.415
Kan Okla & Gulf
December
210.705 314.847 2,3,30.969 2,803,0.56
Lake Sup & Ishpem. December
7,2.59
11.459
411,615 1,659,705
Lake Term Ry
December
92,001
168.911 1,201,90
1,449.021
Lehigh & Hud River December
255,91
315.335 3,242,290 3.177.571
Lehigh & New Eng. December
277,757
514,1.55 4,775.737 4.820.406
Lehigh Valley
December 5,317.267 7.275.295 74.9 >9. 913 75.223.862
Los Ang & Salt T^ako December 1,418,384 2.1.50,264 1 9,,524. 305 20,898,126
LouisiiiMa <^ Arkan, December
246.212
400.291 3,580.764 4,295.053
Louisiana Ry & Nav December
248,5.55
3.57,703 3,863,970 4.275.834
Louisville & Nashv. December 8.405,120 11313873 117149124 1279.58737
Louisv Hend & St L December
221 ,536
277,464! 2,863,043 3.173.281
Maine Central
December 1.5 17. ,535 1. 89 {.(>82.30, 590, 064 21.3,57..50S
Midland Valley
December
346.217 497.382 4,462,7.58 5,191.843
16,4~"
Mineral Range
1st wk Feb
3.171
51,285
10. .503'
Minncap & St Louis 2d wk Feb 363.993 337,413 1,878.105 2.123,718
Minn St P & S S M. December 3.108.623 3.849,697 42.938,421 49,162,796
Mississippi Central. Decom'x'r
117.469
74.655 l,t9S,113 1.017.361
Mo & North Arkan .'Decembpr
def,500
205.127
661, 973' 2,136,362
Alabama
&
Vicksb. December
Amor Ky Express. _ December
Ann Arbor
1st wk Feb
W
M
W
N
N
1
1
>
,
Weekly Summaries.
week Dec
week Dec
Sd week Dec
4th week Dec
iBt week Jan.
2d week Jan
3d week Jan
4th week Jan
1st week Feb
2nd week Feb
Ist
2(1
(19
(19
(17
(20
(12
(13
(20
(19
fl8
(16
roads)
roads)
roads)
roads)...
roads)
ro.ads)...
roads)...
roads)
roads)...
roads)
Current
Year.
S
13,215,646
13,6.37.534
12.931.310
18.070,117
7,088.2.58
10.374.306
11.726.774
15.675.432
12.201,234
12 072.081
Previous
Year.
18,644,887
18,519,807
17,143,966
22,SS1,011
9.400,009
13. OSS. 878
13.906,660
19.735.072
14,767,834
13.891.898
Increase or
Dscrease.
S
-5,399 ,241
-4,912 .273
-4.162 .6.56
-1,813 .897
-2,311 .841
-2,711 .572
-2,179 886
-1,059 610
-2„563 690
-1 822 811
24. .59
20 74
15,67
20
.57
17..36
13.12
1 to Latest
Current
Year.
Date.
Previous
Year.
Kan & Tex December
Mo K & T Ry of Tex December
N
M
I
N
N
NYNH
N
i
Pennsylv RR & Co. December
Bait Ches & Atl.. December
Cine Leb& Nor. .iDecember
Grand Rap & Ind December
39482919 52644500 500175084 569205971
133,588 1. CO), 119 1.672.960
101 51 i
68.787
207,187 1.196.170 1,426,719
366,730 810.972 8, .504, 188 9,269,277
December 2.009.384 1,931,290 28,720.911 25,797,110
Long Island
Mary Del & Va.. December
89,386
107,828 1.251.171 1,338,518
Monongahela
Doceraber
387.323 622.845 4.394.105 4,676.500
Y Phila & Norf December 374.861 483.457 6. 151. .502 7,896,314
Tol Peer & West. December
1.59.053 1.692,410 2,090.667
163.134
Jersey & Seash December
723.732 877.503 12,929,706 13.924,051
L.
December 7.069.350 12995.569 96,717,043 113582514
Pitts C C & St
Pennsylvania Syst_ December 50992145 70951359 6627.56803 714848984
Peoria & Pekin Un. December
148.601
164.082 1.696. 110 1,674,010
Decemoer 2,644.110 3.022.102 38.161.240 40.372,815
Pere Marquette
Perkiomen
December
109.385
124,461 1.285.803 1.272,285
December 6.82'), 184 9,992.766 84,921.227 94,819,755
Phila & Reading
Pittsb & Shawmut.. December
89,881
223.565 1.272,028 1,858,381
Pittsb & West Va.. December
207.256 364,042 2,798,255 3,476,832
December
Port Reading
162,956
274,309 2,236.414 1,954,470
Quincy
December
96,389
125.875 1..306. 820 1.366,645
Rich Fred & Potom. December
871,662 1.036,048 10.002.075 11,049,884
December
Rutland
,531,265 5.811.5.56 5,979,621
437,797
St Jos & Grand Isl'd December
2.50,391
274,922 3,355,356 3.433,707
St Louis San Fran.. December 6,1.57.005 8,313, .595 81.851,289 93,743,863
FtW&RioGrande December
152,372
161,752 1,771,261 1,961,144
StL-SFofTexas. December
165,717
180,836 1.937,998 1,816,776
St Louis Southwest. December 1.518,498 1.835,675 17,.366.132 21.311,705
StLS of Tex.. December
694,062
840,165 7,774,033 9.267.392
Total s.vstem
2d wk Feb 412.38) 510.643 2.649.171 3,173,499
129. .542 1.111.430 1,392, ,581
St Louis Transfer.. December
81.005
5.58.623 6.322.114 6,042.948
San Ant & Aran Pass December
480.723
Uvalde
&
G
Ant
December
60.879
76.825 1.149.443 1,442,189
San
Seaboard Air Line.. December 3,731,504 4,559.244 42.875.257 49.265,030
December 132 1738 1 171 t*<33~ 1S999571I 201891193
Southera Pacific
Southern Pacific Co December 20222070 25005245 269494365 282269 504
Lines
Atlantic S S
December
886. .524
872,<i.59 10.656.078 7,238.800
Arizona Eastern December
138.653
295.733 2. 617, .5031 4.091.004
Galv Harris & S A December 1,940.541 2.5.59.894 25 063.536:27.312.110
Hous & Tex Cent. December 1,776,082 1,260.809 14,843.658|l2.186.749
Tex. December
249,475
287,216 2.991.7721 3,082.409
Hous E &
332,370 492.0S0 4.387.8571 5.436,758
Louisiana Western December
Morg La & Texas December
685,813 1,004.693 8,789,650 10,484,444
Texas & New Orl December
878,251
931,796 8,801,746:10.140,115
Southern Railway. 2d wk Feb 2,968,422 3,263,483 18,028,862 20,904,075
Ala Great South December
828,932 1,015,013 9,512.224 11,588,805
Cin N O & Tex P December 1.366.412 1,741,727 l7.170,444l20,8S8,559
463,159 4„586,771 5,330,811
Georgia Sou & Pla December
461.145
497.999 661,428 6, 329. ,587 7,728.116
New on & Nor E December
908.335 1.501.881
December
Northern Ala
98,557
119,217
1.300.060 1,566,775
96,212
153,4,58 _.
Spokane Internal.. December
663,319 1 052,047 1,959,290 9.449,743
Spok Portl & Seattle December
December
181,749
202,715 2.511,467 2.417,058
Staten Island R T
12,014
8.916
2.627
1 ,808
Tean .\1 & Georgia 1st Wv- Feb
222.514 2. .338, 815 2.926.860
168,578
Tennessee Central. December
370,148 281,159 4,527.866 4,649.623
Tcr KH Assnof St L December
400,611 3,658,660 4.365,491
291 .988
St L MorBdgeT. December
723,791 3.594,926 5,051,196
Feb
.533.470
&
Pacific
wk
Texas
2d
785.990 927.292 9,.503. 970 11,7.58.721
Toledo St L & West December
102.673] 1,713.501 1,486.612
105.513
Ulster & Delaware. December
December 8.369.448 10379155 114783971 131093.304
Union Pacific
181445913 209019510
16395101
13724535
.
December
Total system
Oregon Short Line December 2,868.188 3,524.714,36,813,202 41.896.036
Ore-WashRR&N December 2,486,900 2,491,532 29,818,740 33.060.168
702,817 1,019,066 9.435.212 10.977,141
Union RR (Penn).. December
191.165 1,213,535 2.009,520
December
97,644
Utah
341,460 427.912 4.155.637 4,682,408
Vicks Shreve & Pac. December
_
Virginian Railroad. D.?cember 1.165,916 1.718.095 13.021,3.57 18,1.58,853
W.ibash Railroad.. D>ce liber 4.447.831 5.671.7.54 59.217.602 60.510,686
260.
.5761
2.451.692
2.
375.205
2'1
wk
401,479
Feb
AVo^tern Mirvland.
778.109 12, 100.61i;i5. 612.842
December
775.210
Western Pacific
234 3 >3 2.530.1.57 2.786,399
201,250
WestTM Ry-of .Via.. D )('enbir
938.199 1,.5,56, 714 14.770,707] 17.9.52.257
WTieol & Lake Erie. December
189.414 2.734.870 2.639,108
157,864
DecemberWichita P,alls &
Yazoo & Miss Val.. December 1. 771 ;044 2,082, .524 20, 759, 409 28, 12 1,175
N
W
Om&
KC
W
W
1
NW
I
and Monthly.
*Monlhly Summaries.
Current
Year.
Curr.Yr. Prrr.Yr.
..234.832 233,839
219,743
..220. .340
..235.333 234.916
May
..235.208 235,059
June
230,410
..230.991
July
..233.815 233,067
August
September ..235.155 231.559
October .. ..235.228 234.686
November ..236,043 2,34.972
D"Combor_ 22'; 619 221 781
978.940
279.831
144 028.885
460, 582.512
160, 9S9.697
501 599,661
196 784.097
.5.34 332.833
464 440. 49 S
iO<^ s«i o^,'-,
Mileage.
28,96
26.48
24 28
21.04
Jan.
Previous
Year.
S
2,548,741 3,439,477 33,488.591 '40,375.705
'
1.792.834
2,852.315 26,797,515 29.845,054
December 4..590, 954 6.514,955 63,112,491 72,914.737
Total system
Missouri Pacific
December 7,725.2.56 10553 2 27 109745072 118721428
Mobile & Ohio
2d wk Feb 297,.562 379,092 1.935.227 2,496,887
Columbus & Gr.. December
1.53.412
198,812 1,594,291 1,881,560
Monongahela Conn. December
96.876
824,143 2.944,586
139,936
December
Montour
89,401
163,331 1,408,939 1,677,351
Nashv Chatt & St L December
542,897 2,001.850 20,924,603 24,481.634
Nevada-C ilif-Ore.. 4th wk Jan
5.707
25,804
8,323
17.791
Nevada Northern.. December
21.120
76.942
345,064 1,588,636
Newburgh & Sou Sh D;'cemher
164.041
231.120 1.496.821 1,920,237
New Orl Great Nor. December
190,996
202.782 2.546,145 2,670,578
O Texas & Mexico December
269,802 408,423 2,720,388 3,185,035
Beaum S L & W.. December
185,394 279.9,50 2,164,1461 2,372,625
December
St L Browns &
378,128 587. .389 5.872,676 7.573,926
New York Central.. December 263 10 8 ^^7 32010481 3225(8 217 372961666
Ind Harbor Belt. December
683. .384
736,449 9.034,538 9,615,785
Lake Erie & West December
662.712 1,022,632 9,061,493'll,970,927
Michigan Central December 5.8.57.005 6,797,693 72,911,852 87,790,799
Clev C C & St L.. December 6.030.609 7,435,118 79, 793, .593 88.862,078
Cincinnati North. December
213,057
276.446 3,757,713 3,642,728
Pitts & Lake Erie December 1,908,146 3,604,822 23,226,0.59 35,740,951
Tol & Ohio Cent. December
710,145 1,316,089 10,711,986 13,548,570
Kanawha & Mich December
283,341
465,351 4,785,161' 5,404,6.56
Y Chic & St Louis December 2,245,0,52 3.117,873 27.030.664:28,6.55,548
y Connecting
December
283.920 2,912.321' 1,761.676
139,604
& Hartf.. December 9.899,414 10309563 116405233 123512310
N V Or.t & WL'stern December
902.H;^r 1,130 .^.l-; 14. 127, S67|13. 1.54. 6-^9
Y Susq & West..' December 277.692 273,020 4,208,711 4.446,292
Norfolk Southern.. December
680.8461 631,099 8.056.795i 7,7.50.826
Norfolk & Western. December 7.218.894 8,440.933 80. 760..590 88,489,3,55
Northern Pacific... December 7. .500.813 9,099.880 91„538.0.59 113084 408
Northwestern Pac.lDecember
569,462
526.365 8,609.732 7,850,607
Missouri
AGGREGATE OF GROSS EARNINGS— Weekly
*
Current
Year.
Mircb
Aorll
1,56
Ul
Previous
Year.
S
.462.330
3Sl .112.844
457 .243.216
494 .164.607
527 .396.813
551 .718.882
617 .537.676
640 .255.263
590 468.164
=127 ISO 017
4.58
Increase or
Decrease.
—1,483,390 0.32
+ 30.166.987
7 91
2 89
—13,214.331
—33.582.096
—66.407,116
12. .59
—.50.119.218
9.03
679
19.55
—-120.753.579
105922 430 16.64
— 126027 666 21.34
22.87
-120 615.992
— ——
—— ———
—
I .
-
1
1
THE CHKONICLE
Feb. 25 1922.]
—
Latest Gross Earnings by Weeks. In the table which
follows we sum up separately the earnings for the first week
The table covers 16 roads and shows 13.12%
of February.
decrease in the aggregate over the same week last year.
847
or
of Road
Company.
1922.
Buffalo Rochester & Pittsburgh.
Canadian National Railways
Canadian Pacific
Colorado & Southern
Grand Tnmk of Canada
Grand Trunk Western
Detroit Grand Haven & Mil
Increase} Decrease.
1921.
791,431
414,000
64,148
479,554
415,406
1,941,0961 1,891.565
49,531
Mobile
363,9931
337,413
26.580
297,562
412.380
379,092
510,643
.968,422
1,657
,263.483
1.828
533,470
401,479
723.794
375,205
&
Ohio
St Louis Southwestern
Southern Railway
Tennessee Alabama & Georgia
Texas & Pacific
Western Maryland
Total (16
—
Net Earnings Monthly to Latest Dates. The table
following shows the gross and net earnings with charges and
surplus of STEA^Vl railroad and industrial companies
reported this week:
—Oross from
Xet from RaUway
Railtcav
1921.
s
A SusQuehanna
December.. •163.S22
From Jan 1 »2.052.782
Net
s
after Taxes
1920.
S
1921.
1920.
s
1921.
1920.
s
S
Buffalo
19.857
-167.310
296,385 'defS.gSO
3.107,467 •—299.145
Chlcairo Indianapolis &. Loiiisvllle
December.. 1.210.256 1.337.949
21,591
259.551
*3,242
*— 332,817
37,156
125,528
1,142,180
8,037.698
315,850
3.151,748
9S3.569
6.369,993
January...
109,351
185,070
2,159 —10.454
Grand Trunk System
Chic Det Can Grd Trk June
December..
272.973
222.693
112,304
67.604
From Jan 1 2,066.186 2,047.436
398,770
586,132
Detroit Grand Haven - Mllw
December..
—3.807
-154,235
462.599
285,779
From Jan 1 4.679,921 4.951,420
-320,482
80,789
Grand Trunk Western
December..
798.974 1,372,387 —372,033 —289,271
From Jan 1 14,320.467 17.264.135
680,530 1,161,488
—3,709
—16.164
103,740
454,206
51,690
331.836
•391.735
15.162.870 15,932.553 ^2. 980.920
1
Denver & Rio Grande Western
December.. 2.413,641 4.056.63S
From Jan
Fort Smith
490.783
5,000,473
32.659.759 40.590,345
1
Western-
<ffc
-17.016
—43.035
-423,823
-536.059
-178.002
-376,076
— 3';0,519
729.723
Central
December.. 11.0S6.427 13.117.546 8.197.248—5.269.288 7.063.752 6.244.600
From Jan 1 141127.036 145154.272 31.240.658 4.118.216 22,836.372—4,096.876
—
64.046
463.893
•1,594,294 1,881,560
Yazoo * Miaslaslppl Valley
December.. 1.771.044 2.082.524
From Jan 1 20,759,409 28,124,175
58.013
149,522
—2.466
—334,516
32.166
454.802
—82,241
9.647
-19,006
—62,539
41,660
550.783
391,831
—349,739
171.883
,232,562
491,265
2,649.630
•
302,427
•11.737
10,445
-122,796
—466,956
87,852
876,009
245,930
21,445
•46,381
•43.129
1
1,446.181
Corrected figures.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
.Yome of Road
or
Current
Year.
Month.
A,
Jan.
Latest Gross Earnings.
1
Date.
to Latest
Company.
A
•
Current
Year.
Pretinus\
Year.
Pretioua
Year.
$
IViw Sc I..wfT ii. Li
'
'
I
a.\
%
4«(I
4.33.4.37
•«2T
395.280
•
1
A
A
1
54
46)*
-'19.668
-'01.(123
Ai.
jfe H>...
•v
Kliff <'<>
1;
»L.i..-
,
i.
U.-Uiber
DcriTfiher
I
Baton Kouge Electric December
T.
iir.
15 ^
I
»<••,
1 1
I
sill
88, 70-J
b<"r
Vdl Gifc. IJ<'<X'mlH;r
191,311
188.363
.M9 li;.S;ii7
4.i0.l71
.L'62.779
3820 393 3147.789 37 ,700.4.30 32 .078.222
50 028, 47.C.W
657.190
471.186
1.12
Lt Ht&l' DiTi'mber
'/
Ii
16.455
15, i2:i
I
LAI' December
Tr.
315
3.')»
1
fiS.13H'
iw:i \i\
77,315
290.000
915.624
72<i 7I.">
7.54. .372
3 617. 791
3 2r.r,.907
.-.,.
llr
vl*.
r.
c
c
i
Kl,
10
l,«'l
;07
i:t3
I
I
CI'
.
Mir
950. »HH
82(1.. too
771
IMl
lO.'.flHH
<:
St
I
Ll
.iwor
I'owiir
J.-imi.irv
f
)
.
•-,--
IT.iU
21'.
»1.'.7
61.4fV4
i.;7.\\\»
,637.022
.004,079
»1.'.7
736, .344
•I'lS.KI.)
;
I'l
.121.1)36
:',
"f^fs
I
1.36
167
2811
Philadelphia
-.1
'
'1
I'
is7
..iiii.ti /
]
D iri'mt w r
i
I
Co and
OU Co. [December
1168 414 1313 377 10,209,563 14,709,363
132 102 231, 457 1,118,168 1,880,487
6.^ 181
801.162
67 9.59
812.240
Phila Rap Traisnt Co January
3436 630 3618. 319 3.436.639 3.618,349
Pine Bluff Co
December
6: 880
762.087
69 587
790.039
Portland Gas & Coke November
261, 428 247, 186 3,1.30.211 2.352.270
88<) 919 913 9.^.8| 9.9>2.242 9.564,615
Portland Ry. Lt & P. December
Puget Sd Pow & Lt.. December
943 939 939 90i:i0.038.544 10.000.430
Read Tr&Lt Co&Sub December
262 410! 264 336 2,991.357 3.026.551
iNovemlier
K^ptihlic Uv & Lt Co.
607 171 742 lMi,*7,433.634 •8.302.218
Richmond Lt & RR.. 'November
669.981
57 045
65 851
.599.343
Rutland Ry Lt & Pr. 'December ^,46 192
,566.497
52. 013
.559.145
'•
Sandusky Gas&El Co December
743,250
690.869
70 287, 80 360
December
170,789
Sa>TC Electric Co
19 044
190.228
18 203
November
793,723
Second Avenue
72
0,58
76 593
909.724
171 h St Incl Plane Co November
41,319
3 662,
4 Ol.s
41. ,301
December
Sierra Pacific Co
779.244
71 ,852
68 579
872,729
South Calif Edison.. 'November 1397 11311285 4.".Sil6 ,440,571 14,338,986
South Canada Power. November
71 777!
65, 188
Southwest P & Lt Co. November
850 .4071 965, 5281*100,34 629 •9,015,374
Tampa Electric Co.. December
1.58 .6,50: 144 934
1,715.904 1,473,6,50
Tennessee Power Co. November
209 .529; 221 419 2,192,398 2.251,960
Tennessee Ry, L & P. November
584 .793; 567 436! 6,040,299 6,860,998
Te.tas Electric Ry.- December
245 ,941 288 8021 2,889,838 3,460,184
Texas Power & Lt.. November
414 .516! 542 725' »4, 946, 033 •4,745.304
Third Avenue System December 1179 .560 1101 396 14,.382,451 12.437.982
T^vln Pifv R T Co.. November 1161 .224 11X2 517)12.646.740 11.732.212
United Gas & EI Corp December 1142 .173 1090 254:11.898.645 11,445,925
Utah Power & Light November 594 ,029, 690 992 6.137.462 6.044,442
Utah Securities Corp November
720 .425 843 .-.no *S. 626. .583 •8.453.326
670.481
Vrrmont Ily-El Corp December
43 775!
523.548
46,,3841
Virginia Ry & Power. November
846 .138; 899 931 9.296.909 9,043.682
Winnipeg Electric Ry November
481 ,818 483 ,098 5.032.068 4,768.916
Younstown & Ohio-. November
555,805
40 ,085 ...
& Western
j
December
•
!
!
I
'
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Tran.<!it
System, the receiver of the Brooklyn Heights RR. Co. ha-v-ing. with the
approval of the Court, declined to continue pajinent of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
6 The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railwaj's Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
d Inseparately, c Includes Milwaukee Light. Heat & Traction Co.
cludes all sources, e Includes constituent or subsldiarj' companies.
/ Earnings given in milreis. g Subsidiary cos. only. Ii Includes Tennessee
Railway. Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway .^ Light Co. t Includes both subway and elevated lines, j Of Abington& Rockland (Mass.).
k Given in pesct.is.
/ These were the earnings from operation of the properties of .subsidiary companies.
Earnings for twelve months, z Started
operations April 1 1921.
Electric Railway and Other Public Utility Net Earnings.
TJie following tal)le pves tlic returns ol" ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Nvt Earnings
Gross Earnings
Prerious
Current
Prerious
Current
Year.
Year.
Year.
Year.
$
s
s
s
Alabama Power Co... ..Ian
219.890
220.622
,395.280
427.261
Feb 1 1921 to Jan 31 1922 4.574..338 4.281.551 2.379.253 2.I.S4.773
Br;izlll.-in Trar Lt & Pow DecJtl5.40.5.0OOItl2. 600.000 Jt9.354.000 A-5.683.000
Jan 1 to Dec 31
*:170,S67,000*13I906 000*95, 105,000*09.991 ,000
Companies.
I
-.
--' »',
'
,
J
,
1
I
',
hir,r,.R^V)''.fir,,r,nr,
1
-^
-.' I',
]6.o^.?7o
I
,
.
,
i
**.'4
i.-,.nn,',,i73
Acllrondnrk Power
.V Light Co
12 inuA
22
Jan
20
22
end Jan 31
•21
Appiitachlnn Power
Jun 22
Co
12
-21
mo% ending Jan
31
21
Ark.i'^
-
'
i"ht
"
iiiiK
I:;
Doc
'.6
y.
12
10
K.
"21
"20
Dw
31 '21
•20
Jan '22
y.
F.
Xrl n f
Cross
Earnings.
•'.1
,#
S
192,,782 182, 357 2.298.74 1 2,300,61
11951. 046ll914. 274 20.0.57.4.39 18.823 .429
14542, 930 4813,,587 49.461,126 49,267,505
356.842
32, 239
31, 803
373,851
138. 360 144 639
138,360
144.639
260.003
21 817i
26 007
263,667
039,263
187 203 232 ,563 2.363,867
25 855' 21 389
306,355
351,104
117 385 107 ,377 1,180,510 1, 235,878
23 507; 24 441
256,177
261,270
27 454
209,402
19 .254
310.773
316 2381 315 ,397 3,677.506 3,417,366
774 1951 ...
6.276.6.50
250. 203 258 769! 2.666.248 2,809,832
1666, 039 1715 497118.244.237 18,867,753
230 17l| 249 131 2.742.621 2,827.964
221 894i 240 821 2.473.165 2.520,473
3.5-t 9.W| 3.-i.T 080
3.857.8.52 3.675,209
25-1 554J 276 711
2.812.544 2,599.104
I
Natural Gas Cos.. December
Philadelphia
'»«
IS
i<
i'
i>
Cltloi Htrviro
$
481.098
433.437
4,865.186
4.7,59,670
Unlance,
Surplus.
Fijrd
Charges.
rr
Tairs.
$
146,092
%
89.625
166.301
71 .665
I
.,30(1.020
941.615
.53,.567
91.726
364,406
I
285,I.S0
7.'i9.945
525, .544
1120.546
240.934
T 107 .327
219.668
2. ,508. 872 Tl.l32.9-'9
2.326.664 il.(M3.IOI
x26.n78
82.084
J18.913
93.280
7333.376
1.072.164
62.386
56.963
661.637
68,160
J274.46(t
I'J06,sll
1,201.923
1.245.657
1.637.022
<'ninpany
"2\
12 in'M nudlng Jan 31 ^22 13.070. lOt
I
li.5(>.3.54
183,34R
140.300
174.663
160.028
134.061
1.032.148
-
'
Kr
•;«
I
K'
lO
(U.
1.700
—
<tr.
>
Ii
II
I
II
'-I
'•li'vrlntid r.liw Illiini (^o
andlng Jan 3i '22 13.096.686
1610 716
21 13.337.617 i3 868.866
< 'omriionwivilih
.0.«(i.;j7li
Jan ^22 2. 81 1. 429
'"
I'ow l(y Lt A Hub
2.843.696
21
12 iii(M nndlng Jan 31 22 31.27(\.98„' I'
21 31.5.40 718
c 'oii^uiniioi I'owrr
Jan 22 1.28.!.8|2
1
I 'iiiii|iiitiy
1.'
HUM
iitiitlnic
II
ii'
21
'
I
I
I
i.ri
i
ir
I
IW'i ^
/
Ihilulh-Hupnrinr
Traction
•1.
I
I
'IV
Jan
1
390. 8SI
173
I'.i
.niw.iiQ
14
1.2(11.491
.780.676
1.395. 133
I
339.043
III
22 14.062 (U4
21 14.27(1 418
Jan 22 2.343.9.IH
ll
ilu
'
3,408.040
2.473.734
•639.398
Jan 31
Dnlroll Rdliwin r?o
ti-
-1.720
I
•
O.n
rv..024
1
I
12 iiKin
y
60,.364
468,202
386.747
"20 24,429.28(1 r
F.
n
Previous
Year.
215 1.85| 205 052 •3.178.3S2 •3.057.898
484 699: 499 050 5,395,027 5,937,539
51, 448!
465.116
48 133
492,594
163, 561 230 151
2,379,604 2. .534.758
377 046 518 971 5,478,562 5.836.931
No Caro Pub Serv Co
104 ,434
95 804 1,135.3.53 1,025.705
Nor'n Ohio Elec Corp January
812.742
733, ,341 812 742
733, .341
Northw Ohio Ry & Pr December
32, 437
467.113
35. 070
468,859
Northern Texas Elec. December
277, 531 343 770 3,538.729 3.951.650
Ocean Electric
November
811
242.049
13,
11 381
293,609
Pacific Gas & Electric Novem'oer 3035, 040,3103 .524;*37550.563 •34209.973
Pacific Pow & Lt Co. November
271 0401 256 116 2,735,919 2.415.205
Paducah Electric Co. December
52 1181 48 791'
483,570
529,886
Penn (^ent Lt & Pow. December
228 896. 232 S.36, 2.351,397 2, 340,.501
Penn Edis & Sub Cos. December
216, 144 256 528 2,451,148 2,300,183
New Eng Power Syst.
New Jersey Pr&Lt Co
Newp X & II Ry G&E
New York Dock Co..
Mm. 2H2
705.714
17
'.\-.
4'J11.9H-»
:',H',:jsy
1
H9.MS
'»).
r
r
'.
77, :<H7
•4jr
<
(•'
1 1
1637.022
9K.8I2
85, 069
(1245
Ci'
!-'<
52 1.0 JO
44. 'J 1.0
S
4'i 75.i
I
.
(
^,^g
.
Ltd
f
f
Year.
I
KanBaa City Terminal^
December..
131.069
131.251
From Jan 1 1.617.080 1.59S.415
Louisville Henderson &. St Louis
December..
221.586
277.464
From Jan 1 2.863.043 3.173.281
Mobile & Ohio—
Columbus * Greenville
December.. •153.412
198,812
•
Ry & Lt Co
Nebraska Power Co..
Na'ihrille
Current
Year.
Previous,
;
Illinois
From Jan
Electric.
Manhattan & Queens
M.iiiila Elec Corp
t Market Street Ry..
Metrop Edison Co
Milwaukee El Ry&Lt
Miss River Power Co.
Muuic Serv Co & subs
Pliila
*329.283
85.865
712,600 *2.242,920
From Jan
Long Island
Nevada-C.ilif Elec
26,274
112,114 1,934.928
1.822.814
12, 072,0&4 13,894,898
roads'!
Co..
Lowell Elec Lt Corp.
3c Line
81,530
98,263
295.061
171
190,324
Net decrease (13.12%)
Electric
Keystone Telephone.
Key West Elec Co...
Lake Shore Elec Ry..
Manhat Bdge
Canada
Atlantic
Minneapolis & St Louis
Iowa Central
December
November
November
December
November
December
November
November
December
November
November
December
November
December
D3cember
December
December
December
November
November
November
December
November
December
December
Traction
Interboro R T System
Illinois
Keokuk
S
9,729
S
341.691'
331,962
1,764,928 2.556,359
2,630,000 3,044,000
Current
Year.
Month.
Idaho Power Co
Second Week of February.
[Jan. 1 to Latest Dale.
Latest Gross Earnings.
Name
'
""I.6MI
966
1
hi
'21
2.13,'..«5I
"2^
l4H.80fl
t\:>
Xl.'i
2i
167,103
x16,12l
X16.12I
,Hj
'
.
•
'
)•>
i".
1
1
186
1
1
'186
.<i.I77
.117.613
AlO
1
.
1
.36
—
-
THE CHEONICLE
848
Jan 22
Great Weet^ra
21
Power System
JaB
ending
31 22
mos
12
21
Doc
Idaho Power
'20
Company
mos ending Dec 31
12
Dec
Northern Ohio
•21
•20
•21
•20
EIoc Corp
12
•21
mos end Doc
31 •21
•20
Jan 22
Northern Ohi*
Elec Corp
12 mos ending Jan 31
21
22
21
Jan 22
Philadelphia Rapid
Transit Co
Texas Elec Ry
21
Dec
21
mos ending Dec 31
21
20
12
20
Gross
Nel after
Fixed
Earnings.
Charges.
Taxes.
%
$
•S
609.447
360,092
208.314
641 ,,325
186.442
424,567
7,267,823 4,554,372 2.415.024
6,689.052 3,815,954 1.978,824
192,782
1127.300
46,707
182.357
i98,.585
52,137
2,298,741 zl .400,069
663.244
2.300,613 11,305,3.59
534.701
7.')f).218
•1,50,.552
18),387
•1.50.249
8.53,661
162,441
8,614,.580
2,079,249 •1.836,991
11,014,845 2,484.685 •1,651,267
•152,426
7.33.341
222,228
•151,171
812,742
149,729
*1
8, .535. 179
2.151,748
,838,246
10,945,574 2,369,530 •1,672,180
819,2.58
3.436,639 si, 0.53 .6.58
3,618.349
822,241
0)985,035
245,941
106..580
39,382
41.040
288,802
155,319
473,737
2,889,838 1,163,646
3,460,184 1,447,112
474,177
Balance,
Surplus.
S
151,778
238,125
2,139.348
1,837,
l.)0
80,5
46,448
7.36,825
770.658
29,835
12.192
242,2.58
833.418
69,802
—1,442
313„502
697,350
234,4')0
162.791
67.198
114.279
689.909
972,935
T After allowino; for other iricorno received.
* Fixed charse-s include interest and dividends on outstanding preferred
stock of constituent companie-s.
k Given in milreis.
Deficit,
—
—
—
—
,
Cumberland County Power &Lt. Co. 409
Ry
7S0
521
626
409
403
409
Corp
Securities
Kentucky
522
Market Street Ry.
Milwaukee Elec. Ry. & Light Co... 622
627
Montreal Tramways
410
Municipal Ry. of San Francisco
410
New York & Harlem RR
410
Philadelphia Rapid Transit Co
7.S9
Pitlsburch (Pa.) Railways
411
Jersey..
of
New
Public Service Corp.
739
Republic Railway & Light Co
San Joaquin Light & Power Co-411, 739
Terre Haute Ind.& East. Trac. Co.. 739
624
Toronto Railway
523
Twin City Rapid Transit Co
United Power & Transportation Co. 628
WashlEgton Railway & Electric Co. . 412
Wisconsiu-Minncaota Lt. & Pv. Co.. 412
Indnstrial Compani'S
629,735
Adams Express Co
741
Air Reduction Co
413
Ajax Rubber Co., Inc
Eastern Massachusetts
Federal Light & Traction Co
Hagerstown & Frederick Ry
Havana El. Ry.. Lt. & Power Co...
Interborough Rapid Transit Co
St.
—
524
741
524
732
741
.Mlied Packers. Inc
Allis-Chalmer8Mfg.Co..Inc
American Brass Co
American Can Co
American Druggists' Syndicate
52.')
American Gas Co
629
American Hide* Leather Co
413
American Wholesale Corp...
Anaconda Copper Mining Co.. 413, 52.';
630
Mills
Arlington
Armour & Co
Armour Leather Co
Associated Dry Goods Co
Atlantic Mutual Insurance Co
52.)
741
734
525
413
525
731
Autosales Corp
Baldwin Co
Baldwin Locomotive Works
Barnct Leather Co., Ine
Beaver Board Cos
Bethlehem Steel Corp
741
413
405,414
Co
414
630
(J.G.) Co
British-American Tobacco Co., Ltd. 517
Brier Hill Steel
Brill
Brooklyn Edison Co
Brooklyn Union Gas Co
Buffalo General Electric
Butler Brothers
630
622
Co
742
732
1
California & Hawaiian Sugar Refin742
ing Corp
414
Plow Works
Central Illinois Light & Power Co... 631
Case
(J. I.)
Chllds Company.
CIcvelamI Elec. Ilium. Co
Cluett Peabody & Co., Inc
Consolidated Gas C;o., New York...
Consolidated Gas Elec. Lt. & Pow.
Co.. Baltimore
Consolidation Coal Co
Consumers'
Company
Continental Can Co.. Inc
Continental Motors Corp
Crescent Pipe Line Co
Cumberland Pipe Line Co. Inc
,
Deere
& Co
Defiance Gas & Electric
Detroit Edison Co
Co
East Bay Water Co
Edmunds & Jones Corp
Emerson Brantlngham Co
406
.'520
623
407
631
6.32
742
732
405
742
526
735
742
526
743
743
632
Industrial Companies (.Concl.)
—
Endlcott Johnson Corp
Eureka Pipe Line Co
Field (Marshal) & Co
Fort Worth Stock Yards Co
General Cigar Co
General Railway Signal Co...
Giant Portland Cement Co
Gillette Safety Razor Co
Goodrich (B. F.) Co
Gossard (H. W.) Co
Grant (W. T.) Co
Guerin Mills. Inc
Gulf States Steel Co
Hart Coal Corp
Hart, Schaffner
& Marx
Helme (Geo. W.) Co
Hercules Powder Co
Hydraulic Steel Co
Illinois Boll Telephone
Illinois Brick
Inland Steel
Co
Company
Co
Page.
517
527
415
41.5
632
743
527
732
416
636
633
633
413
633
406
624
734
743
633
743
528
International Combustion Engineer633
ing Corp
743
International Nickel Co
624
International Shoe Co
416
Invincible Oil Corp
634
(S. S.) Co
744
Laclede Gas Light Co
634
Lawyers' Mortgage Co
Library Bureau of N. J. and Sub. Cos. 634
744
Mackay Companies
Kresge
Manati
Sug.ir
Co
Massachusetts Gas Co
Midvale Steel & Ordnance
Co
Mohawk
Valley Co
Montgomery Ward & Co
404.419
52S
529
744
623
623
Morris & Company
744
National Cloak & Suit Co
744
National Fireproof ing Co
529
New .Jersey Zinc Co
635
New York Edison Co
635
Newton Steel Co
635, 744
Niagara Falls Power Co
624
Nlles-Bement-Pond Co
636
North American Co
American
Light
&
Power
Co.
North
636
(of Maine)
744
Northern Pipe Line Co
529
Nunnally Company...
416
Steel
Co
Otis
416
Pacific Gas & Electric Co
744
Pacific Lighting Corp
416
Pacific Mills. Lawi-ence. Mass
417
Pacific States Lumber Co
744
Paci fie Teloph & Teleg .Co
745
Parke. Davis &Co
404, 422
Penna. Water & Power Co
Peoples^ Gas Light & Coke Co. .636, 733
517
Pettibone-Mulllken Co
636
Pittsburgh Steel Co
74.')
Postuni Cereal Co.. Inc
.
PressofI
St("<'l
(
;ar
Co
731
517
637
406
530
637
Southern Cities Utilities Co
Southern Illinois Light it PowerCo.. 417
Southern New Eng. (Bell) Tel. Co.. 637
417
Southern Pipe Line Co
637
Sullivan Machinery Co
530
Thompson (.John R.) Co
637
Trumbull Steel Co..
746
Turner Falls Power & El. Co
732
Underwood Typewriter Co.. Inc
733
Union Oil Co. of California.
405
United Fruit Co
406
United )»:i|)erboard Co
746
United .-stales lOnvelope Co
7.30
United states Rubber Co
516
United States Steel Corp
418
Virginia Iron. Coal & Coke Co
Wahl Company
638
Pullman Company
Renfrew Manufacturing Co
Sears, Roebuck &Co
South West Pa. Pipe Lines
Washington Water Power Co
Wayaganiack Pulp & Paper Co
Weyman-Uruton Co
WInton Company.
.
Woolworth (F. W.) Co
(Wm).
.Ir.
531
638
735
74(1
.
& Co
Youngstown Sheet & Tube Co
Wrigley
623
746
746
Detroit United Railway.
Year ended^Dec. 31 1921.)
Vice-Pres. A. V. Edwards, Detroit, Feb. 7, reported in sub.:
(21sf
Annual Report
Outstanding Ktumts
(1)
The
in
—
1921 Affecting Company's Properties.
biRginning of operation in
Mty of Detroit;
February of
lines
(2) Defeat of company's proposed "Senrice-at-Cost" Ordinance by vote
at April election (V. 112, p. 372. 1518);
(3) Sale by company to City of a portion of its Day-t«-Day Lines, with
cars, &c.. at a price fixed by the Board of Arbitrators (V. 113. p. 2818)(4) Offer by City of S388.000 for certain portions of the Woodward Ave.
and Fort St. lines, on which franchises had expired refused by company
(V. 113, p. 628);
(5) Vote of people at November election to oust the company from said
portions of AVoodward Ave. and Fort St. lines (V. 113. p. 2079):
(6) Agreement with City for joint operation of certain Ibie.s, part of which
are owned by the company and part by the City, with exchange system of
universal transfers between the company and the City (V 113, p, 2719);
(7) Negotiations between the company and the City for the lease orsale
of the major portion of the company's property in the Detroit one-fare
zone to the City of Detroit, no mutually acceptable basis having as yet
been arrived at.
Fi-ank W. Broolfs resigned as President and director, and
Officers, &c.
Charles M. Swift and A. E. Petei-s retired from the board. Vacancies in
the board were filled by the election of Charles Laurendeau of Montreal,
J. R. Nutt of Cleveland, Alex Dow of Detroit and Hamson Williams of
New York. (But compare V. 114, p. 626.)
Capital expenditures wore $1,101,375. principally as
Additions, Ac.
follows: Acquisition of land for right-of-way and other purposes, the construction of 5.19 miles of additional track, principally double tracking,
the rebuilding of tracks, additional electric di-stribution facilities, 21 fournioior passenger cars built at the company's shops.
To a large extent
these expenditures were necessitated by franchise and municipal requirements. The net capital additions were $935,637, the sum of $165,738
being written off on account of property abandoned, principally tracks and
car bodies.
Properly Account.
Property and Plant General Account standing on the
books as .'$70,014,156 as of Dec. 31 1920, exclusive of depreciation, was
reduced by S2. 829. 822, representing the sale to the city of a portion of the
company's Day-to-Day Lines, approximately 30 miles of track, 105 motor
care and 23 trail cars, for the sum of $2,297.277
$532,545 being the adjustment of the depreciation on said property as between its book cost and the
—
—
—
—
FINANCIAL REPORTS
Annual, &c., Reports. The following is an index to all
annual and other report.? of steam raih'oad.s, street railways
and misoellaneouR companies published .sincie and including
Jan. 28.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Page.
Steam Roads
403
Baltimore & Ohio RR
516
Carolina CUnchfield cSc Ohio Ry
Cleveland Cin. Chic. & St. L. Ry... 62.')
515
Grande
RR
Rio
&
Denver
Denver & Rio Grande West. RR... 515
626
Detroit United Ry
New York Chicago & St. Louis Ry.. 627
622
Pacific
Ry
Northern
411
St. Louis-San Francisco Ry
Ehctric Railways
525
American I-ight & Traction Co
518
Boston Elevated Ry
Chicago Citv & Connecting Rys.
408 624
Collateral Trust.
[Vol. 114
—(instructed
The-se mcludc:
by
amount
realized
from
Slock Dividend, &c.
the
payment on June
its sale.
stock was increased $375,000. representing
—ofCapital
Stock dividends of 2 3'2%
2 14% stock dividend.
a,
1
were also declared payable Sept. 1 and Dec. 1. These dividends,
however, were never paid as the necessary authority for the issue of this
stock was declined by the State authorities. One cash dividend of 2%.
$300,000. was declared and paid March 1 1921 on $15,000,000 Capital stock.
Bonds.
The company issued on Aug. 1 1921 $4,000,000 1st Mtge.
Collateral 20-year 8% Sinking Fund Gold bonds.
The proceeds were used
to take up maturing underlying bonds and for capital improvements.
eacli
—
.
(V. 113, p. .532, 628.)
The bonded and debenture debt
Increased $1,685,000, the amount
in the hands of the public as of Dec. 31 1921 was $35. 221, .500.
Floating Debt.
Notes and bills payable decreased $3,935,739, the amount
outstanding as of Jan. 31 1922, not yet due or payable, is $7,242.
Earnings. Fares. &c. The operating revenues decrea.sed $5,657,160, or
19.5%, due mainly to the following causes: (a) The reduction in the rate
of fare in the City of Detroit from 6c. cash with free transfers to a fare of 5c.
cash and a charge of Ic. for transfer, effective June 19 1921; (b) the reduction
in the rate of 2c. per mile to I'Ac per mile. 25%, on Interurban lines,
effective Sept. 1 1921; (c) the business depression and economic conditions
obtaining during the entire yeat; (dj the competition from jitneys and organized motor bus service.
Effective Jan. 30 1922, the rate of fare on the Interurban lines was put
back to 2c. per mile, the rate which was in effect prior to Sept. 1 1921. this
action having been approved by the Michigan Public Utilities Commission.
The operating expenses decreased $5,596 385. 22.3%. This decrease was
due in part to the decrease in the rates of wages of conductors and motormen for eight months of the year 1921 and other employees for the entire
year of 1921; in part to decreased cost of materials and supplies, and in
part, to the rigid economies effected in the operation of he properties.
Taxes increased $137,823; interest charges increased $209.639 these two
items making a total of $347,462.
outstanding
—
—
I
—
Net income decreased $368,130, 22.5%, nith $342,408 more charged hi
On the same
equalization re.sers'e in 1921 than was charged in 1920.
conipara' ive basis for both years the decrease in net income would be
only $25,723, 1.6%.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC.
1921.
1920.
31.
1918.
1919.
$21,913,440 $27,204,192 $23,108,561 $17,696,782
1,514,239
1,265,311
1,708790
1,344,132
12,433
13,913
12 927
16.789
47.311
39.492
54.707
59.333
Pas.senger revenue
Express revenue
Mail revenue
Special car revenue
Total gross earnmgs-. $23, 329.068 $28,986,228 $24,683,038 $19,014,018
14.758.340
19.428,779 25.025.165 19.792,528
Opaerating expenses
Net earnings
Other income...
Gross
inc. less
—
$3,900,289
716.224
$3,961,063
676.118
$4,890,510
,546.406
$4,255,679
449,737
oper exp - . $4,616,513
.$4,637,181
$5,436,916
$4,705,415
2,868.250
2,610,831
Deduct taxes
Int. on funded
debt
&
,200.006
1.062.183
2,151,062
1,941,423
1
float
200 000
Depreciation res
Contingent reserve
2.50,000
.50,000
600.000
150.000
200 000
600,000
150.000
1.50 000
150.000
(2%)300.000 (8)1.200.000 (8)1.200.000 (8)1,200,000
x(2M)375,000
Federal taxes
Cash dividends
Stock dividend
$418,665
$144, .584
833.575
$190,445
petitioned the Michigan P. U. Commission for
authority to i.ssue a 2!^% stoclc dividend, in lieu of the cash dividend due
Dec. 1 1921. A similar plea at the time of the Sept. dividend was denied.
Balance surplus
X
The company has
CONSOLIDATED BALANCE SHEET DEC.
31
(INCL. SUB. COS.).
1920.
1921.
S
LtabilUies
Assets
S
S
Capital stock... dl5 ,375.000 15,000,000
Land, bldgs. .plant.
equipment. &c.a.r)9,.562,.-)r)7 61,633,728 Funded debt (see
••Elec.Ry."Sec.)35, 221.500 33,536,500
Other investment See note.
1,340,000
Def. mtg. paym'ts
Insurance reserve
487,801
513,692
on real est. pur.
154,0.59
fund and cash..
227,680
1921.
—
Materials & supp. 1,621,201
b64,963
Sinking fund
U. S. (TJovernmcnt
Lib. Loan bonds
Acc'ts receivable..
Cash
Cash
161,;570
1,740,640
for
RR. &
red.
D.
L.
Or.
Ry. bonds
5,000
108,935
Prepaid taxes. &c.
other del'd charges c329,979
Land sales, conting
198,885
S77,9U
2,420,583 Notes payable
.Accrued Interest..
Accrued payroll..
215,000 Accounts piiyable.
1
312,873
463,683
074,396
229.735
107,679
150,000
276,129 Unred'd tickets, <feo
662,558 Taxes accrued, &c.
Federal taxes
Unred. bonds of
D. RR. & L. Or.
5,000
Ry
108,935
1 848,082
Reserves..
8 141,666
200,285 Profit and loss
04.021.220 67.017.278
Total
—
1920.
Total
4,513.653
197.527
588.336
1.994.804
317.964
110.770
150.000
1.862.139
8.257.783
64.021.220 67.017.278
a Land, buildings, plant, equipment and permanent investments at
Jan. 1 1921. $70,014,156; deduct sale to the City of Detroit of day to day
agreement lines, including equipment. $2,829.8-2, leavmg $67, 1S4 ,o34:
add net expenditures on capital account during the year cndmg Dec. 31
1921, $935, ()37, making a total of $68.1 19.971: less reserve for depreciation
and accruing renewals; balance, Jan. 1 1921 $8,380,427, provided duinng
—
charged into operating expenses, .$761, (>08. makmg $9,142,035
year 1921
to be deducted less $,5,84,631 for depreciation applicable to property disposed of during year ending Dec. 31 1921.
b Sinking fund investment consists of iMsh in hands of trustee 531, O.t S
bonds in hands of trustee, 20-year 8% 1st Mtge. CoUateral bonds at co (
,
plus accrued interest, $33,910.
.
c Other deferred charges are uanmortized portion of Commissions ana
expenses on issue of 8% 1st Mtge. Collateral bond.s.
.
,, - otc nnn
d Capital stock authorized, 1.53,750 sh:>res of SlOO each, $15,375,000,
issued 153,472 shares at SlOO each, 11,120 fractional stock warrants of
.
Other investments. Hydro- Klectric Power Commis.slon of Ontario
Notebonds (at par), .$679,000. less $679,000 underlying bonds of the Sand-vwch
Windsor & Amherstburg Ky. and the Windsor & Tecumsoh Klectnc Ky. Co.
—V.
114, p. 6'26.
—
THE CHRONICLE
Feb. 25 1922.]
CONSOLIDATED BALANCE SHEET DECEMBER
New York
Railways.
(Coviparative Results, Years end. June 30 1912 and 1918 to '21)
The valuation report of the Transit Commission respecting
the phj^sical properties of the street railway and rapid transit
lines in New York City, cited under "Cun-ent Events."
also shows operating results for the New York Railways and
its three former leased lines, the 8th Ave. RR., the 9th Ave.
RR. and the N. Y. & Harlem RR. surface city railways,
as follows:
Y RAILWAYS SYSTEM IXCOME ACCOUNT FOR YEARS JUNE
(1) A'
30
AND
1917-1921 (.Compare V. 112. p. 1137.)
1919-20 b) 1910-21 b)
1918-19.
1917-18.
*
5
!^
S
S
11,819.563
10.934,325
11,615.248 11.606.853
13.19's.021
Passenger fares
166,250
187.379
225.000
262.500
300.00C
Advertising Drivileges
229,312
125.203
27.359
35.898
26.698
Rentals
1-66 3
714
554
2.20 6
340
Miscellaneous
13.526.926 11.913.986 11.859.766 11.248.,570 12,215,840
Total oper. rev
625.73o
576.77 5
554.078
627,118
339.07 1
Non-oper. rev. (pet) .
13.865.997 12.541,103 12.413,844 11,825.346 12.841,-575
Total revenues
1-243,337
1.320,348
941,377
929,573
Malnt.ofway&struc. 832.389
1.504.875
1,424.739
1.633.139
1.454.483
972,.575
Maint. of equipment.
908
Horse pow. car service 238.988
-„-;;;;
, r^W k\k
1.189.920
1.0^9.561
8.55.031
669.318
608.137
Cost of power. c
4.9o4.181
4,872.912
4.430.282
3.593.811
Operation of cars . . 3.fi0'>.018
761.078
789,952
941.851
835,886
1,0-0,175
Injuries & damacea
439.447
291.282
40S.634
438.859
230.477
Paving
760.013
777.912
423.124
33.186
Reserve forTw.'&S.d
311.738
190.464
75.812 Cr.472.0q5 Cr.393.I53
deprec'n (Equip.d.
724.353
731.578
679.293
641.495
280.145
Miscellaneous
1.015.98 2
1 .012 .020
1.248.197
1.170.224
1.181.50 8
Taxes
12.9.50.992
9.295.646 11.165.773 12.474.731
Total op. exp.Ataxes. 9.0W.224
1.248.071 def.649.386 def.l0f).417
3.245.457
4.780.772
Netincom*
1.482.487
1.396.222
1.310.538
1.286.296
1.108.647
Dedua—im-rest
1.473.485
2.0'56.209
1.739.394
2.098.884
2.079.412
Rents
92.671
307.890
46.282
13.909
3.97 1
Other
3.443.50 6
3.04 8,643
3.423.029
3.399.09 1
Total filed chg..d:c 3.192.02 9
Net Corp. inc. or def. 1..588.742 def.153.633def2.174.958def4.092.892del3.158.0J9
1916-17.
1915-16.
1913-14.
1914-15.
1912-13.
(2) June 30 Years
S
(Omiucd above)
S
S
S
$
14.341.454 14.214.965 13.864.745 14.229.642 12.128.802
Totairevenue
87.914
9..532.026
9.359.44
3
8.8
9.761.376
Oper.exp.A taxes-. - 9.182.414
3.240.888
4.4.53.589
4..332.719
4.870.200
Net
-..5.159.040
3.388.940
4..537..5.57
4.393.9-34
5.015.439
4.437. .526
Fixed charges
def.61.216 def. 145,239 def. 148.053
Balance
621.483
16.063
1912
(1) Jtine 30
/i^^€TlU€3
Year—
1911-12.
(Omitting in both years good
A ssels
b The 8th Ave. RR. Co. from Aug. 1 1919. the 9th Ave. RR. Co. from Oct. 1 1919
and the X. Y. & Harlem RR. (surface lines) from Feb. 1 1920 report separately.
Figures shown here include the foregoing companies, but no attempt has been made
c On Aug. 14 1915 the company s'opped
to eliminate inter-company transactions,
generating its own power, d From March 21 1919 the receiver charged 38'/o of
transportation revenue for maintenance and depreciation.
EARNINGS FOR SEPARATE COMPANIES INCLUDED IN
(2)
FOREGOING TABLE.
—
&
Total op. exp.
.
N'etlncome
def$349.214
$1,336,673
Deduct— iDlereat
Rents
Other
1.654,2,56
b307.8 90
Net corp. def.
for yr .3,648.034
b Receivership expenses.
The
— V.
49,744
$18,415
121.850
^_^^^^-_.
$90,521
$205,641 def$135.913 def$228.888
$1,380,826
$71,574
$11,672
1,351.634
b92,671 __-^^-^- ___^^^^^.
$207,488
S2.619.490
$240,560
{Report for Fiscal Year ending Dec. 31 1921.)
Work, Feb.
Pres. Bertram G.
—
14,
wrote as follows:
the decline in 1921 In market values of raw materials and finished goods
carried forward from the previous year.
It i.H the opinion of your directors that with the substantia) reductions
effected In ojserat ins costs during the past year the current year's oiwrat ions
bbould. with a reasonable volume of business, .show a fair marifin of profit.
In spit<> of the fact that during the past year capital expenditures have
.., flown U)
b...... L
a mliiimurn outlay, the company's plants are in excellent
"
'o take care of a much larger volume of basiness than represented
,
-.
|t^.
Fob
i'litors.
fur
'
-
11. wrote: "
doubtful accounts
VVi- are s iti.sficd
and bills roceivable;
''
m.iniif ictured and fiiil.shc<l goods ;ind
1- ...i..
aupplUTi do not excood cost; mat crude rubber and f.ibrics h.ivc b'sci pricotl
at cosfy.r -ip[)rf)xlmit<- rtiirl-:<-' \vhi'ti<-vt-r wis lower on Oi-c :U 1921; that
"
•'''
'pfTly cliargoabie to future
;
'
,..,.. ....
-,
Iht thin p:iynicnls tmide Ui
P'
"'
•
provide for .intlcipited
'-o
known
to i'lchidc all
1
fu.ule for incorne
''I
•'
IJi-c
lo>is4;s
The
19J1
.'11
lia-
and excess
r<'«<Tvc for
for future
and esti-
on commltmi'tits
.mil (ovjth the n4-t diffiTciice between contract prices
fair m;irket v;ilu«« theri^of on Dec HI 1921 " 1
diriivi-ry
mated
CONSOLIDATED ISCOME ACCOUNT FOR CALENDAR YEARS.
1921.
Net
Hal»m
19'20.
Rfl.r.ST.-'i.'iO
1919.
l.W.0O7.-31fl
141
.."ll.'^
1918.
.4
19 12.3.470, 1«7
MfR.. dec. expenMH
9f..7r,4.010 142.2-VK72n \2\.^7'i.Wh
Not profit
def. I0.07(K171
"7.7.''>«.«2fl "l9.7<li.l.Vl
MliircllanixiUH
Income
'iri;
\.\\'I.()f>7
4,446.546
See above
Treas. pref stock
230.600
Inventory
29,618.936
Trade accounts
investment
15,773.626
3,634,894
receivable
Other accts. rec.
Bills receivable-
Cash
._.
2.573.696
Prepaid accounts
693.907
43,266
U.S. Lib. bonds
89,031.229 138,910,112
Total
$
$
stock
Total
&
a Real estate, buildings, machinery
25,020,498
38,412.000
.30,000,000
29.122,9.56
2.580.236
1.461.331
10.000.000
1,225,064
600,000
184,561
303.466
See note
89,031,229 138.910.112
less reserve
4,50.000 shares issued
sundry equipment,
of S10.o::i2.494 for depreciation and obsolescence,
b
at .SlOO each $45,000,000.: deduct 77.760 shares redeemed and canceled
Authorized and Issued. 100.000 shares of
ST. 776. 000.
CumiUative
Pref. stock of .SlOO par value. SIO.000.000.
A'^o/".— Common stock. Dec 31 1921. authorized, 1 .."iOO. 000 shares of no
par value: outstanding. 601.400 shares, or $60,112,000. less exclusion of
intangible capital assets, namely, patents, trade-marks and good will per
contra. S57.798.001, leading S2. 313. 999; adding surplus appropriated for
amortization of war facilities. $1 .225.064. earned surplus. SIO.194.527.
On Dec. 31 1920 the balance sheet was altered by the omission of the
item of $57,798,001, heretofore shown for good wiU, patents and trade
marks.— V. 114, p. 416.
7%
Central Leather Co.
—
Annual Report Year ended Dec. 31 1921.)
Pres. George W. Childs, N. Y., Feb. 14 reports in subst.r
{I7th
—
Results.
This report reflects the difficult and subnormal general business
It had been hoped that with reduction in prices of
conditions of the year.
raw materials and continued effort in reducing manufacturing costs the
industry would reach a profitable basis of operalions.
General conditions,
however, did not improve and with the continued curtailment in purchasing
by the public, the absence of export trade and stocks of finished leather
consequently increasing, further losses were inevitable. Toward the l.itt«r
part of the year some slight improvement in the general conditions of the
trade was evidenced and your company was enabled to show a small profit
for the last fiuarter.
Affiliated Companies.
The business of your affiliated companies has been
similarly affected by the adverse cotiditions.
The incr a.se anticipated in
building operations did not materialize, and lumber values have receded,
thus preventing the lumber companies operating at a profit. The glue
company likewise suffered from the general restriction in manufacturing.
The railroad companies show improvement over the preceding year, although the major railroad did not fully recover from the effects of the
—
In
conformity with the established practice of the company, inventories
have been taken at conservative market prices
cost for stocks in process and materials.
for finished products,
and at
—
Financial.
The company has been able to go through the trying period
of the last two years without any new financing other tlian current borrowings.
Bills payable are $1,000,000 less than at the close of 1920, and
$1,500,000 less than the high point of borrowing in the early months of
The company has al.so bought for its sinking fund requirements
1921.
approximately $1,500,000 par value of its bonds.
Increa.ses shown in the
balance sheet in foreign drafts and accounts payable repre.sent purchases
of foreign hides and tanning materials made towards the close of the year,
payments for which were not duo until a later dale.
Sinkino Fnnri.
In continuation of the plan of 1913 for the partial retirement of outstanding bonds at the date of maturity. April 1 1925. a further
amount of SI, 000. 000 has been appropriated from .stiinipage money which
has been invested in the bonds of tlie company. Income and earnings from
this special fund to Dec. 31 1921 amounting to $1 ,829,1.S0. are carried as a
special reserve for depreciation.
As shown by the annual ropori.. there are
S.'-i5.).500 of bonds in the treasury available for appropriation to the special
fund ill the year 1922.
OiilUwk.
Under existing conditions It would be difficult and u.selass to
endeavor to forecast the future. Given, however, a return of bettor general
condiiions with public buying resumed and an export outlet for a percentage
of the surplus of finished stocks, the tanning industry should gradually
return to normal.
Earnings.
The net earnings (or loss) for each quarter, aggregating a
loss of $9,230,486 for the year, were as follows:
First quarter
-IoRS$l .080, .531
loss$3 .492 .027 Third quarter
Second quarter
profllSl ,146,713
-loss.$5,804.041 Fourth quarter
.Maintenance, Renewals and Replacements.
The expenditures made by all
companies during the year 1921 for maintenance and renewals, and for
replacement, the entire amount of which was ch.argcHl to current operating
expenses and to replacement funds reserved from earnings, were as follows:
Ordinary RcplaceTotal
Total
Repnirs,
vii-nls
Total
Expended on—
1921.
1920.
1921.
1919.
1921.
Tannery properties &
extract works
$857,283 $529,017 $1.386,:100 $2,110,600 $2,270,670
Other properties
4'26.635
687.063
68.457
437.0,59
358.178
Sales.
The sales of the company and subsidiaries compared as follows:
Products—
1020.
1921.
1919.
Hole, belting & harness leather, sides.. 4.7t>1..54«
4.024.703
7.985.862
6'{. 884. 4.52 1 1 1 .(164..SS1
Mi'inlock luinbrir. feet
72.1.82.6.57
Hardwood and miscell. lumber, feet.. .17. 190. 473 -42. .587.340 40.8 14.636
filuc. pounds
3.7.85.4.53
1.634.716
5.115.2.53
(ircast'. pounds
2.334.091
3.957.376
2. 286. .583
Tankage. |)ounds
.568
262.
-.
59.740
2.
2.619,699
Vnhniirof Business.
The volume of hustness done by .tII companies during
:i.s rnp'*«'.Henlc(l by their combined gross sjilcs iiiiil (urnlnKs
nqiialoil
..r S1.3.1S9,.5.52 as compared wiUi a total of $60. 225. .552 in 1920 and
634 in 1919.
,
Besults.
The net .sales for the year approximated $87,000,000 and there
-was gu.stained a lowt of about $9,000,000. after makinK the usual liberal
provisions for plant depreciation. &c.
Practically the entire loss is due to
i(
will
Invest, other cos
Foreign assoc'd
COS.. &c., representing net
Common
32.828.063 equity (see note) 13.733.590
See note Preferred stock. b37. 224. 000
6.153,214 Conv. 7% notes. 30.000.000
Bills payable
Acc'ts payable-1.952.489
Sundry
1,460.639
See above Reserves
1.418.600
Contingencies
3,316.118
72.631,057
Res. exc. ex p.
over pre-war
20.172.177
valuation.503.965
Pension res've
600.000
1.071.127
Miscellaneous
207,430
3.038.315 Employees' net
1,028.676
credits536,963
44,918 Surplus
See note
a32. 115.759
See note
plants
Good
LUihmtUt—
I
—
114. p. 738. 306.
Goodrich Co., Akron, Ohio.
(B. F.)
1920.
$
change back from Government control.
-1920-211919-20.
New York NewYork Eighth Ate. NirUh Ate. N.Y.&Har.
Rys. Co.
Rys. Co.
Rj/s.
RR. Co.
RR. Co. Sur/acrLin-s
$9,951,818 eS9.391. 115 $1,218,302
$529,086 $1,703,072
tax 10.301 .03 2
9.185.47 4
1..354. 2 15
7.57.97 4
1.653. 328
June 30 Year
Total revenuea
1921.
$
—
31.
previously carried at $57,798,000.]
1920
1921.
will,
Real estate and
.
—
849
i
<:->.
ic,
lO'J
'
21
i,i.i\
—
—
I
|
—
—
—
•
Total net lncome.clef.~8.«J-lT»ill
DfTir'-Mrior,
..
1
!'"
.oU!l-«ue
'
\'\
.9.'>0.l
I."*
.'...„..
;i..6.2i(i
'liZ..~.'..
notOM.
'
.r,f,
'IUII..l0
IK.IU.'j.M.VJ
*
•<i
,1
<ll
22.7«W1.499
Dock
i
,
,
«10.0<)((.fKK)
I... ..,.^,__
n,.oio.(iJ5
M.XHiMA
:j7.(i2i";2fl2
'W.ilT.mn
3.067.627
r,..WH.9l2
1.22/J.OtH
1.4'I7.M()
77.77M
«..V)fl
rage Numbrr of Employees in the ."iertlce of All Companies.
.\innhrr of Emiitntjri-i nf—
1919.
1920.
1921.
Mnniifai-turliig pmpiTilos
9,13-1
7.680
0.049
Uailroad and wlHcetlaueouii. .
6.30
493
A73
Total
fl,r.70
8.2A3
0.fl27
Total annual NalarloH and wngoH
$8,166,514 $11,7.53.683 $13,130,411
Analysis of Property Account Auvrruoting $.19.:! 15. 845.
Kml fNtnle Nltiintf<d in ICIUnbelh. N. .1.. and cisnwhero
$900,389
Tiiiin<-iv idiin'ii. •••Irnrl worUn, Miw mill itl.iiUti. kIuc fnclorlM,
V.
lifipN, wood wiirkliig nIiopn A liibiirnlorlrai 17,808,343
'
'
-"•
'<Ih
lO.'i
and HldlngN and
Ml
I
Mni
2.or;.(Kn
3.aiS.IIH
::
CV.3H7.000
I
.
lot. 4 10
100.000
100,000
KKIIKKI
i'i.i'M..-,27
22~7rm.4gH •«i.2o.j.n4n :«).»ii9.',iKH
• nrodie lirm In the rompnfiv'n profit A h
• »' I)>-.
I'l Ti f„r r..nil'"
'
luiil nppro)ll
m
..I
I,
,,,
Thl«
I'
-f
M
'.I
III
<
•
•
r fuliirr
int«Tlnl
.1 ,!,•.
'
>
387,820
<li«,
i
I
.
prodiicu
(iriHii
coviinl KipendUurtl.
.
1
nml
liiiiil
1
I
<K)0.(K)0
J-.,,-,...
l):irlc
irM.
l<
Dwiii-d 111 f"".
'im
lug
ill
liiirli
I. nil, 174.649
luiM liiu IiiiImii it Ion mi III Iry chi'nliiill worn I for evlrikil pui pim^M,
fiiilri wood, rnllroiid IIcn, oxlnr |><iHt>< unit polcn. nnil iilhtir
of
f
i.7go.o:j8
(•-
.
inl, Inrliidlng
<•
h.(KKI.fKK)
S!
— Thorn BKicreRntod
$080,003,
»Riilniit
for fuluro
16,234.191
$800,312. iim
flllloWK
in'.!0
I9','|
A'I'lltlonnI ninnurnrtiirliiK
Unit'
I
...I
..ii
'
protHirtliw................$23H.634
.•..
44MI99
r
iilm
trnm
3,083.102
properly, ouch .x.- hwonwill
not cniiMldcrori itN ijiili
V"
Oir,.77.'.
I7H.,54 mlliw of
III
r
(IllI'.
1
IJL.S.Vi.l.').!.
'
i.t.
$179,499
3',!(l.8!3
nil lliitilllltfM, III.
and now
aiiiiiunt
_
.
—
.
—
.
THE CHEONICLE
850
CONSOLIDATED RESULTS FOR YEARS ENDING DEC.
1921.
S
.31.
1918.
$
1920.
1919.
S
•$
66,225,5,52 118,959,634
43,189,552
of business
Earns, after oper. exps.
repairs, maintenance,
def.3, 832, 733dfl3, 647.096
and all taxes*
7,428,194
Exp. & losses of all COS.. 5,737,156
94,147,418
22,104„591
6,355,753
12,922,437
5,000.270
def.9,569,888df21,075,290
Net income
339,402
485.284
Income from investm'ts.
15,748.837
377,852
7.922.167
392,475
Volume
def.9,230,486df20,.590.006
16,126.689
8.314.642
Total
1.838.208
1,838,208
1,838,207
Derfuc/— Int. on 1st M. 5s 1.838.208
Cent. Loath, pf. divs.-(lM)582,733 (7)2.330.930 (7)2.330.930 (7)2,330.930
Common
(2^)992,522 (9)3,573,081 (7)2,779,063
divs
Balance, surplus-. .def.ll,651,426df25, 751, 666
8,384,470
1,366,441
Expenses include yearly also provisions for p'ant abandonment and
stumpages: repair and maintenance approximately .?1, 812, 936 in 1921,
$2,797,663 in 1920, .82,707,729 in 1919 and .$2,474,639 in 1918.
*
CONSOLIDATED BALANCE SHEET DEC.
31.
1921.
1920.
1921.
1920.
lAabilliies—
AssM
S
$
S
$
Property acc't.x.. 39,315, 84.'> 40.200.532 Preferred stock.. .33.299.0,50 33.299.050
Investments
7,199,844 7,194,644 Common stock.. ..39.701.031 39.701,030
Leather In .stores
1st M. 5% bds.. y26.329.650 27,889,6.50
luiiil)er. finished
Foreign drafts... . 1.792.548
50.125
products, &c
20,026,681 22,155,469 Bills p.ayable
.
8,500,000 9,500,000
Hides and leather
Acc'ts payable. . . 1,965,170
1,054,161
—
raw
&
Accrued Interest. -
in proc.
&c., materials- 28.377,243 .38.431.429 Prof. dlv. Jan. 3.
7,126,313 Reserves
Acc'ts receivable.. 8,410,fi.58
557,727
598,758
Fire Insurance.
BllL? receivable...
24,124
Liberty bonds
66,950
Mailneinsur'cc
Cash in bank, &C- 6,507,270 5,790,688
Liability Insur.
DeJerred charges.
287,557
Special deprec.
323,203
Dellcit
6,893,818
Miscellaneous .
459.552
459.552
582,733
875,000
100,000
200,000
875,000
100,000
200.000
1,829,180
2,549,288
Surplus
1.469.165
1.949,912
4,757,608
Total
117,600,768 121887,986
.117,600,768 121887.986
Total
.
.
.
.
-
z Includes timber lands, railroads, tannery plants and plants engaged
in lumber, glue and other allied industrial operations.
y First mortgage 57o bonds, $36,764,150; less .$10,079,000 acquired out
of stumpago moneys pursuant to plan adopted by the directors in 1913,
for the partial retirement of the outstanding bonds of the company at the
date of maturity April 1 1925, and $355,500 in General treasury. V. 113,
—
p. 1891.
United Gas Improvement Co., Philadelphia.
{Advance Statement for Fiscal Year ending Dec. 31 1921.)
The company in an advertisement furnishes the figures
for 1921 .shown in the following comparative statement, and
calls attention to the fact that its operations outside of
Philadelphia, produced $5,453,879 net profit, equal to the
full dividend on the Preferred and 8.23% on the Common
Attention is also called to the profits which the city
stock.
derived from the company's operation of the municipal gas
plant aggregating $4,502,990, against the company's loss
thereon of $2,736,847.
RESULTS FROM OPERATION UNDER LEASE OF GAS PROPERTIES
OWNED BY CITY OF PHILADELPHIA.
Loss to United Gas Impt. Co. from operation of Phila. Gas Worlis$2.736,847
The profit of the city was
Cash rental (paid and accrued)
.$3,850,760
Free gas to buildings and street lamps
340,436
Free maintenance of street lamps
311,794
Total profit to the city equaling 6% on .$75.049.836
$4,502,990
COMPANY'S INCOME ACCT. FOR FISCAL YEARS ENDED DEC. 31.
—
Earnings
Regular sources
Profit
from
1921
.--$7,402,113
sale of securs.
1920
$6,382,298
746,474
1919.
1918.
$6,429,958
$5,777,537
2,089,500
Total income
$7,402,113 $7,128,773 $6,429,958 .$7,867,037
Taxes, salaries. &c
1,224.640
1,.303, .5.50
1,3.53.5971
Commission on pref stoclt
305.150
War chest contribution..
25,000(
2,770,528
Di.sc. & int on .gold notes.
723, .594
610,625
.533,750J
Profit for year before deduction of loss of Phlla
Gas Works
$5,453,879 $4,909,448 .$4,517,611 $5,096,509
Loss on operation of Philadelphia Gas Works--- 2,736,847
2,605,571
732,271
F*referred dividends
414,891
86,263
Common dividends.-(4%)2,441,192 (8)4,882,384 (8)4,882,384 (8)4,882,384
.
Bal.sur.
..
.
(s)
or def (d).. d$139,050 d$2,664,771 d$l,097,044
.
d This deficit of the several years is provided for
profits of previous years.
V. 114, p. 418.
—
Gillette Safety
s$214.125
from the undivided
Razor Co.
—
—
—
.
2H%
—
has been declared payable ,Iuno 1 to holders of record May 1. Ed.).
While the year has been a difficult one In
Financial Position Strong.
respect of business generally, the company's financial posit ion has continued
strong.
Accounts have been carefully watched, credits have been extended only where circumstances warranted, and practically no losses have
been sustained. The large amount of cash indicates the liquid character
—
of the company's resources.
Sales.
Sales, including those of its subsidiaries, were as follows:
1921,
4,248.069 razor sets and 19,531.861 dozens extra blades, compared with
2,090,616 razor sets and 19,051,268 dozens extra blades in 1920. Wo had
no Government busine."?s in 1919 and 1920. Sales for 1919 were 2.315,892
razor .sets and 17.320.517 dozens extra blades, but these include 447,457
razor .sets and 2.214.566 dozens extra blades furni.shed the U. S. Govt.
Neip Improved Razor .—Duimg the year we introduced the new impro'V'Cd
Gillette razor, which was patented Jan. 13 1920.
This new Iniprovetl
razor is tlie result of many years' study by our technical experts, and is
such a marked improvement over the old tj-po Gillolte razor, and the
shaving efficiency is so great, that the large demand, as represented by the
sales, has exceeded our expectations.
In mans' respects it has been "the
morchandLvlng sensation" of the year.
Sale of Old Type.
AVith the ;>(!vent of the new improved razor. In June
1921 we decided to market the old type CSillette, with fewer blades and in a
different case, at greatly reduced prio's. thus reaching a class of purchasers
who were not potential possibilities for the new improved. Besides furni.shing a Inrrer dLstribution ol razor sets throughout the world. thLs will be the
means of materially inerea.sing the future demand for Gillette l))adcs.
At various times duiing the year surplus army stocks of CJillette razor
sets and blades wereoffennl foi- sale throughout the world at very low prices
—
—
and consequently found a ready market.
These stocks have been con-
sumed and the market is now clear of this element.
German-Made Imitations. As anticipated. German-made
—
our old-typej-azor and our blades appeared on the
imitations of
American market durine
the year.
These cheap mfringements and imitations have been on
the
markets of Europe for the past 12 years, during which time the GUlette
distribution has steadily mcreased.
The introduction of these goods on
the American market has met with no measurable degree of success,
do we anticipate that they will in the future be a disturbing element in nor
the
"
progress of the company.
Operations.
The
Boston
plant
continues
its
operations
^'""'/,.°T"^
on a
most
efficient basis, and the physical conditions throughout are maintained at a high standard. To meet the extraordinary demands for
our
product during a part of the year, the Boston plant was obliged to increase
it^ daily production capacity to almost 40.000 razors
and over 1 000 000
blades.
The Montreal plant continues a factor of safety in the Gillette
problem. It manufactures razor sets and blades of identical "Gillette"
quality for the Canadian home consumption, and in addition supplies
Gillette products to all those countries of the world with which Canada
has preferential tariff relations.
Establishes English Plant.
During the year we established a plant at
Slough, England.
The plant (small at the beginning) should develop Into
ari important factor in the company's manufacturing and
dLstribution
throughout Europe, particularly in those countries where English-made
—
—
goods arc preferred.
Subsidiary Companies.
These have shown remarkable progress during
the year, and their operations have been maintained at a high point of
efficiency.
In every case their positions have been strengthened.
The
distribution through subsidiaries in foreign fields has almost returned to a
normal scale, and the gradual improvement in the exchange markets during
the year has been an encouraging feature.
In Germany we sell on the
—
dollar basLS.
The now improved
Gillette razor was introduced in Europe Oct. 1 1921
there, also, its success was extraordinary.
Through our extensive
advertising campaign the public immediatelv learned of this new razor's
shaving efficiency and they have bought \vithout reserve.
The policy of marketing the old type Gillette razor at low prices has
proven very helpful in Europe, meeting as it does the demand for an article
of merit at prices which are in line with existing monetary conditions in
the countries there.
Outlook.
On accoimt of the expiration of the original razor patents
Nov. 15 1921, the year just closed was perhaps the most important in its
history.
There is every reason to look forward to an era of continued
prosperity for your company, based upon the quality of its product, its
name, its world-wide distribution and the character of the organization 1q
and
—
charge of
its affairs.
The net earnings and
sales for 1921 (compared with
previous years), together with the balance sheet as of
Dec. 31 1921, were published in last week's "Chronicle,"
V. 114, p. 732.
United Cigar Stores Co. of America.
{Re-port for Fiscal Year ending Dec. 31 1921.)
[A large majority of Common stock (254 .684 .shares) is owned by United
Retail Stores Corp.
See that company below and compare V. 109, -). 807,
279, .585, 1994.]
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years
—
1921.
1920
1919.
1918
$4,901,657 $6,004,005 $5,921,368 S5. 010. 204
Floor taxes
584.889
Federal taxes, estimated800,000
975.000
900.000
1,000.000
Preferred dividends (7 %)_ 316.890
316,890
316.890
316.890
Common dividends. (12%)3942,426(1H)492,745(10M)2S52010(8H) 2308770
Net profits
Balance, siu-plusPrevious surplus
$157,660
4,275.651
$4,219,371
5.759,628
$1,267,579
5,067,761
$1..384.544
Total
$4,117,991
Stock divs. paid in Common stock (20%)
Add'l Fed'l taxes, 1918-
$9,978,999
$6,335,340
$5,067,761
Profit
&
loss.
..-
surplus--$4. 117,991
5.703.348
575.712
$4,275,651
$5,759,628
CONSOLIDATED B.ALANCE SHEET DECEMBER
Assets
Real
1921.
—
1920.
S
S
leasehold
Interest. &c
b4, 754, 807 4.448.092
Good-will, &c
21,400,000 21.400.000
est.
,
3,683.217
85,067,761
31
1921.
$
1920.
%
Preferred stock. ..a4. 527.000 4.527.000
Common stock.. a32. 865. 348 32.865.348
Bills & accts. pay.
.964,762 9.561.322
Liabilities
—
Stocks and bondsStock for proflt-sh.
475,067
493,653 Rents rec. In adv.
740,689
671,076 1.357.176 Reserved for taxes
905,251
Cash.
_ 5.008.1.52
4.575.685 Reserve for ComBills &accts.rec-- 2,111.631
1.910.964
mon dividend
Mdse. & supplies. 10.399. 188 13,253.300
payable In Jan.
Equipment, &c... 4,365,548 4,050.352 Prov surplus res. 3,685.677
.
Impts. to leaseh'ds 4,375,863
Other deferred
1.245,384
Total
4.197.481
1,301.034
Surplus
.54.806.718 56,987,738
Total
4,117.991
.
474.220
1.041.102
492.745
3.750.351
4.275.651
.54,806.718 56,987,738
a Authorized capitalization: Preferred, $5,000,000; par, $100; Common.
.$60,000,000. par $100
b Real estate, leasehold interests, &c $6,482. .307
less
mortgages, $1,727,500.
— V.
,
114, p. 746.
Youngstown Sheet & Tube
Co.,
Youngstown, Ohio.
{Report for Year ending Dec. 31 1921.)
(Report for Fiscal Year ending Dec. 31 1921.)
Chairman J. E. Aldred, Feb. 14, said in substance:
Results.
Net earnings for the year. Including .subsidiaries, without reserve
for faxes, amounted to $7,008,564. comparing with $6,803,407 in 1920,
$6,025.3.50 ui 1919 and $5,252,136 in 1918.
During the year the company paid $12 per share dividend
Dividends.
on its capital stoclc ($3 per share quai-tcrly).
Slock Dividend.
Capital Increase
Tlie shareholders Nov. IS increased
the authorized capital stock from 2,50,000 shares to 500,000 shares.
The
directors then declared a slock dividend from surplus earnings equal to
10% of holdings Dec. 12. The dividend was paid Dec. 19 1921 (V. 113,
It is the plan of your directors to declare further stock dividends
p. 2189)
from time to time in the future as conditions may justify [a stock div. of
—
[Vol. lU.
President James A. Campbell at the annual meeting of the
stockholders held Jan. 16, said in substance:
Outlook for 1922.
At the present time the outlook for profitable business
—
during the year is not good. I am of the opinion that the first half of the
year will bo unprofitable, becaase of the small volume of business and the
very low prices prevailing
There are, however, many hopeful signs of
future improvement, which in my judgment bid fair to make for better
conditions
Results for 1921
In volume of business, in shrinkage in vaule of inventories, and in earnin.gs, the year 1921 was the poorest year in the history of
your company. The actual amount charged off for this reduction in value
of stocks was less than in some other years, but wo absorbed a considerable
amount of this loss in our costs durin.g the year which does not show in this
charge.
Redv.ction of Wages
On Feb. 16 1921 the company reduced the wages of
all employees about 20%
On July 1 we abandoned the 8-hour basic day,
which discontinued paying time and a half for all time over 8 hours
On
Aug. 16 wo made a further reduction of about 20% in the wages of all labor.
These reductions combined reduced common labor from 46c to 3(lc per
Steel plants in the East are now paying from 20c. to
hour, the pre.scnt rate.
25c. per hour for common labor, and in Buffalo the rate paid is 23a. per
We should dislike very much to further reduce wages, because we
hour
believe that employees in the steel industry have already suffered gre-iter
reduction of w.iges than those in most other lines, and we do not believe
that the cost of living lias declined sufficiently to justify it
We are not willing, however, to dissipate our capit;il in meeting conditions
There is
as we find them to-day. by selling our products at less than cost.
a ver.v serious question involved as to whether we should give the men more
employment at a h>sser wage by trying to meet conditions as we find them,
or close ilown those departments which are operating at too great a loss
Tli(! steel industry, in its anxiet.v for business, has tried to name prices
during the past year to meet the ideas of the consumer. The published
statements of most of the steel companies for this .vear show cousiderabh;
Some of this is due to shrinka.ge in value of inventories with which
loss.
labor has nothing to do. but a largo percentage of it has been lost in operation of plants
We ha\e reduci-d our overhead expenses during the year to the very minimum b.v eliminating employees in every dopartinent where it was possible
)o do so. and al.-io b.v reducing the salaries of officials, superintendents and
men holding important positions
Relations with employees during the
year have been very harmonious and we believe that this is due in a grate
measure to our representation plan. We believe that there is closer con-
—
—
.
.
1
THE CHKONICLE
Feb. 25 1922.]
which leads to
tact between the management and the men than heretofore,
«
•
.,
a better mutnal understanding
public prps
the
in
much
read
You have probably
Proposfil Mergers
which
in
Industry,
the
steel
in
combinations
proposed
with reference to
—
.
,
BALANCE SHEET DECEMBER
,
There has been considerable di.syour company has been mentioned
cussion on this subject durhiK the past year anions e.'tecutives of different
m.ake it
steel companies, who have hoped that such combinations would
possible to reduce cost and improve the distribution of their products,
owing to the different geographical locations of plants under consideration.
We have attended the conferences held and have had valuations of our
properties made, with a -^iew to joinius in the proposed consolidation of
interests wlien wc are convinced that we can do so without impairing your
We will not make any recommendation to the stockholders with
position
reference to these combinations until we are thoroutirhly convinced, after
careful consideration, that your interests will be better served by joining
with other companies.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEAR
1921
§39.277,970
Gross sales
Gross income (including miscellaneous income)
^^^'fin'^i?
^'
Provision for depreciation of plants and equipment
qa'cIo
Provision for exhaustion of coal properties
-oi
nlo
'21
i21,94S>
Dec
31
at
market,
cost
or
inventories,
to
Keduc'n in value of
851
Assi
IS
1920.
S
1921.
S
—
Plant acc'ts. pal'ts,
equipment. &c..
<leprec'n__x22, 995.665 21.248,649
less
Cash
2,182,089
2.357,977
Com.
stk. purch'd
for resale to em-
274,752
152,946
ployees
yl,210,979
Sundry investment
27,947
Capital stock subscriptions paid.
9,950
114,420
2,100.358
.
Notes receivable_lz2. 891,9991
31.
1921.
Liahllities—
S
Preferred stock... 3.137.100
C^ommon stock... 9.096,00:5
8%
1920.
S
3.237,100
8,084,241
5,860,200
cum.pref.8tk. 5,625,200
10-year
8%
sinking
fund gold notes. 10.000,000
Notes payable
Accounts payable.
332.575
Balance duo cust..
59,417
Con. acc'ts payable
Accrued taxes. &c.
324.546
Accr'd interest on
10-year notes...
100.000
Dividends payable
47.057
Acc'ts receivable-!
\
Deferred charges. .
234.390
773.538
Inventories
5,525,739 9,751,388 Bonus reserve
Other resen'es
Balance receivable
Prem. on IO-JT.8%
from
City
of
gold notes res..
Cumberland
225,000
8,1.55,000
217,412
346.490
135,653
48,557
83,378
510,535
26.570
62,500
Deferred credit
Surplus general.. 6,116.777
do appropriated
856.100
250,000
7.203.915
521.100
1,640,360
—
do capital
Net
year
Preferred dividends
Common dividends
loss for
IJ,?-^S?
1
.S2, 714,024
Deficit for year.
a After deducting repairs, maintenance expense, special charges and
resei-ve for general taxes
Gross receipts of the parent company, incl. pig iron, coke, byNote
products. &c
S29.963.919; pav-roU for year, SIO. 105.668: shipments of
V.
finished and semi-finished iron and steel products, 367,410 tons.
114. p 746
...
—
,
,
—
.
Armour Leather
of this decline did not take effect until April.
The finished products in which a restricted business was done from November to March at about inventory prices, were slow to follow the decline
of hides and the heavy losses herein stated, were made when replacement
was possible at a profit.
followed a conservative policy in the purchase of hides from August
1920 until April 1921, during this time worldng at moderate capadity,
made the largest
tanning hides for others and finishing our own.
pxirchases of hides in our history in April 1921 at the lowest prices prevailing in 15 years, and have been in the market frequently since.
Our Shes'bogan plant, which was destroyed in January 1920. was rebuilt
last year and resumed operations during 1921, its output meeting an ex-
We
We
demand
With our hid&s inventoried at cost and leather at the market, we made
an operating profit during the last quarter of 1921 of S869,000. The first
quarter of this year will also show an operating profit.
We are of the opinion that the hide and leather markets are sound and
that the remaining three quarters of 1922 will show profits.
The report contains no income account but shows
by periods during the year, as follows:
results
Refills by Periods for Twelve Months ending Oct. 29 1921.
31 •20-lo.ss.Sl .311,1S2|3 mos. to July 31 •21. loss. S3. 189.386
to April 30 "21. loss. 3,932, S22|3 mos to Oct 29 '21 Ciain
869.194
2mos toDec.
4
mos
Deficit for 12
mos
to Oct
BALANCE SHEET
29 1921.
OCT 29 1921
.S7,.j64.196
AND OCT
30 1920
1921.
1920.
1921.
1920.
Auets
Ltabttttles—
%
$
S
S
Propert>- account. x9. 707. S66
8.858,0.53 Common stock.. yl5. 000.000 15000.000
Inv. Bub. co'8
2. .595. 000
2. .595,000 Preferred stock.. y 10.000. 000 10.000.000
Inventories
13. 9« 1.2.5.5 25.847.217 Founders' stock.. y500.000
500.000
Acc'ts 4 bills rec. . 4.I.31.SS0
4.522.291 Bank notes pay'lc. 15, 185,500 19,803. .500
Cash
2,51M.768 3,578.271 Purch. notes pay'le
569,601
1,139,201
Mlgc. securities...
29.164
19..503 ForelCT draftfl pay.
123,457
1,448,516
Deferred cborges. .
23 1 .208
192.709 -Xccounts payable.
.560.076
2.035.480
Deficit
1.877.850 4,313.1353 .Vrmour <fe Co
3,190,366
—
:
Total ...
.45.129.000 49.926,697]
Total
45.139,000 49.926.697
z Property account Includes lands, buildings and machinery, $9,309,109,
•_•'"'
— *'""' ~'~ v"ipltal stock Includes: (n) 250,000 auth. shares
of $100 each. lOO.OOO sh.ires issued; (6) auth
Common stock, $15 e;ich: and (c) 100,000
shares Founders' slock of uo par value.
V. 114. p. 741.
i
—
Kelly-Springfield Tire Co.
(Report for Fiscal Year ending Dec. 31 1921.)
Thf! remarks of President Alfred B. Jones, together
with the income and Hurplus a^-couiits for the year and
balance nhfct as of Dec. ,31, will h*- found on a subsequent
page of this is.sii<-.
INCOME ACCOUNT FOR CALENDAR YEARS.
Ac.
1921.
x$6.004..S21
4..Vi7,427
$7,721.90:
4.290.987
Net operalinK Income.
$1.4.'{7.004
44.5.91.'5
$l.hH:»rK»0
477. 77H
OroM
proflta
oi)eT..exp..
Admin.
Int..
he
recolvcrd
T.
In'
Inl
iM.
1.012.102
1020.
1919.
$7.o:M.28-1
1918.
$7.187.8.34
3.776.735
2.608.0<ifl
$3.4:10.014
$:}.257..'M9
$4,580,765
«0-l..VJO
274.539
$4.03.^.444
$3. .532.088
1. 570.152
Kcaerve for Inventory
Net
Add
li
$4,689,765
224",6.38
2'9ft.29i
5^K>.000
.»l«f $,V)fi.0«O
$1,950,293
$7,203.01.5
$8.1'J0,4.53
$3.23r,,79H
SO.I07.M.5H
I'r.f.
1:
$10,008
r,7>i
'I*
$17,280
2I.0S2
Ill
—
,
employees' subscription payments and loans thereon. $794,665. z Accounts receivable, $3,125,686; customers' notes receivable, S31.805; other
notes receivable. S62.000, making a total of $3,219,491, less reserves, of
$327,492.— V. 114, p. 85.
less
si'i
111'
'."«
i
s;
—
—
England are controlled b.v American companies.
The Commercial Cable system, beginning in 1884 with a mileage of 6,083
miles of cable, between the United States and England, to-day spans the
Atlantic and Pacific oceans ivith a system of 32,576 miles, exte d ng westward from Havre. France, and London. England, to Shanghai China.
The new position of the United States in world affairs makes mperativ
a broad and constructive program on the part of the American cable com
panics, backed up by the moral and diplomatic assistance of t e Unite
States Government.
Ex-German Cables. Prior to July 1914 the Commercial Cable Co. operated the New York ends of the two cables running to Germany (^^a the
Azores Islands), which were owned by the German Atlantic Cjible Co.
Upon the outbreak of war these two cables were cut and diverted, one by
the British into Halifax, Nova Scotia, and Penzance. England, and the
other by the French, into Brest. France. The disposition of these two
ex-German cables is now in the hands of a committee of the Five Allied
Powers, to whom the cables were ceded by Germany. Against these cables
the Commercial Cable Co. has filed a very substantial claim on account of
—
contract for the operation of the.se cables.
Proposed New Cables. After protracted negotiations, a contract was
executed on Jan. 17 1922 between the German Atlantic Cable Co. and the
Commercial Cable Co.. providing for the laying by the German .\tlantic
Cable Co. of a cable from Emden. Germany, to the Azores Islands (1.888
miles) on or before Oct. 1 1923, and the laying of a cable by the Commercial
Cable Co. from the Azores Islands to New York (2,302 miles), to connect
with such German cable.
Under this contract the Commercial Cable Co. receives all of the traffic
destined for the United States from Germany pa.ssing over the cable of the
German Atlantic Cable Co., and the latter company receives from the Commercial Cable Co. all of the traffic which passes over that company's cables
destined for Germany. The manufacture of Uie.se cables will begin as soon
as landing rights are secured from the United States and Porlugticse Governments.
It has also been decided that as soon as possible the Commercial Cable
Co. should lay a new cable from New York to France via the Azores (3.898
mlle.s). to take care of the rapidly Increasing traffic vetween the Unllod
States and the Continent of Europe, and applications have been filed with
the United Slates, Portuguese and French Governments for permission to
land such a cable In the respective territories. This cable will supplement
the present cable of the Commercial (lable Co. which lands at Havre,
Franc(!. and protect the Increasing volume of Continental buslne.ss.
.N'egollatlons are still being carried on with the fc'renth Government regarding the opening of offices by the (;ommerclal Cable Co. In France, for
the purpose of dealing directly with the public lhert\ whirh should greatly
its
—
liiipro\e
I
4:tl.U'l
772
47.l.'.0
'1.18
4.'i:i.ltl2
...
-" 727
$8.IOI..-,0<i
100 77«.
/O SIO.IHH.Ol.H
,
appliiatloii
f
V
'I
Tile contr.ict for the inanuficlure of the cable
hIIH pending.
In
h.iH be<n let Niibject to the necuring of the landing rlglHs.
Need hiiN boon
felt for Nome time past for MUch a cable.
(
Til" pri-seni liiillding of (lie 'oiiiiiiercl.'il Cable Co. at 63 Gracochurch
St.. l.<iniloii. h.'iving lH-<'oine loo hiiiiiII In housi' Its oprr.'iling and iidnilnlNir.itlM' si;irr ill London, a le.'iHi'hiild lian liceii ar(|iiir<'(l with a f<)iir-Ntor>'
building ihen-nn nl l;7 3.1 Woniiwoiid St., In llie busliu's.s heart of London;
It will Iw" n-iiily for oi-rupaney In April of (Ills year.
Till. MiK-Nliiin (irdln'i'l I'oniiiiuiiication bi-lween the office of tho Oomnier''
'I
.iiiil .\iiiwerp. Ilrlgiiiin, w.ih liUni up during the
'
'
'
1
1
Co.,
.bltt
4r,8.8IA
Corn--
111
Mi'iii fur
''.ilile
M'
,1
llllplOM-
If.
~i>
"
•
1
I
.
.....
liiua
Co.
U
(
i<i\ eiiiiiietilM.
and Ant
I
Kecent di'velnprnentN
«•'
I
..
1.
.1
i
I
.1...
In
..
ruble n'minrch work by the Wenlern Klivlrlc
"
lilt
'f
.
'.f
.....
y of an liiiiinn.-l
I
Pruf .M I. Puplii. wbowi work In the
pn- -eiiiliifnt.
'
I
I
I'l.V/,'
nUnrllZ, K^^'n.^x.lt^J^:*!^^
?/..'o.:,'ji.-.
<l«ltirtln«
iHA2U.r.,.'.
All.nranrn. to
kO.lWV
nMlomrr.
f.r
.«.'.«
i.iM>
New
prKo
n
-f
•>•
I
I
I
11
eiilile
fli
Id of
i
III
IliJ
1
h will
lili
I'liliieii.
loliililed IhupM'rlectrlciil conmiunliif
iiiiilliliiii
»
m-w
fiir
II
In
'
'
1
1
(ho
gnmi
oimldmill wli li III
«». »^ iif ilim4< (if Hi..'ll
iiixiIiimU liiivn iiialorliilly liii'mAMHl tlin rarrylnii i-aparliy of nil wiroii.
In It Imtuir nnd liicri'iiiu'il icIeKruph liunlnoaa, nnd iiImi n-leimlnK
'i
hiivp Ix-fti loniwd. ml'llnu milwl mil Inly to ihn rtiveniiPi of ibia
1
*•'
•
Npi'i'd iif ralili' !
liU ilxvi'liipiiH III
III'
I
itlv<i
Balnnrn, «urpliM
Dutch Govorn-
aiNO In neirnllilloii "lili the
l.iiiidoii III rliliii ,\ in ii TiLiiii iir lint ii'rdam, to
llolliind, iiiid I'xiii'i'lH (II i.liiiilly rniii'liiili' Ille liego-
friiiii
lo
III'
Londiiii
lIlllloiKI.
Ciilliiii li
117,204
Mitirli
and ms a ri'siill on .Inly 22
wi-rp «iis leased til lif < 'oiiiiiii>rinitlurlitlly IncruUM-ii Uiu NiHt'd of Ua HelKlall MOr-
ili'li;l:in
II
vl'
450.4 in
»
The Commercial
buslne.ss.
On
I
I>l
''.
and attract additional
this .servlc<!
C.ilile Co. ha.s already leased offices .'it 24 Rue des Cauueines. Paris, a
jiroiiiineni location In Ih.-it city, both for Its c.iblrgr.inis business and also
UN the hea<lriuarterK of .ill Its agenci<'S throughout Kur<)p<<.
.luiii! 7 1921 the (JomiiKjrclal P.iclflc (\ible Co. ma<l(< application to
the Anierlc.in Stale Department for nermi.sHloii to l.tiid anil i)i)erale a second
Pacific rahle al .San KranclNi-o. Callfornlu. to run (o the K.ir K.isl which
|
Coimi.'
Oomiiioii
York, as of Feb. 15
—
I
l.'.«i7I.O.',l
K<
:
New
1922.)
1
Results.
Despite the depression which attended nearly all lines of business during the year 1921, your trustees arc pleased to report that the results of the year's operations, notwithstanding decreases in some directions, compare very favorably with the war years and are substantially in
excess of the pre-war years.
During the j-ear all new construction and addiAdditions and Reserves.
tions to plant were paid for from surplus earnings.
The reserves of your companies continue to be invested in bonds of the
United States, British, French and Canadian Governments, as well as in
securities of American municipaUties and railroad companies of the highest
class.
The.se reserves assure the stabiUty of your investment and are available for extensions and improvements.
Caljle System.
The total cable mileage owned or controlled by American
companies to-day is 70,943; British companies (which began cable lajing
on a large scale 15 years ahead of the Americans) own or control 128,976
miles, and 23.855 miles are owned and controlled by companies of all other
nationalities.
AH of the cables operating between the United States and
'
137.021 Jlj,<,(7.2.iS Sll.l'/.i iMi
70J..',00
Ki;
I,
H. Mackay,
President Clarence
reports in substance:
I
In'
A.I,
'
Year ending Feb.
(Report for Fiscal
'
.
35,783.845 36,293,942
'
oaV.'Jdt
ri.MO.MO
»7,27«
I>l
Total
The Mackay Companies.
(Report for Fiscal Year ending Oct. 29 1921.)
President Henry W. Boyd reports as follows:
This reiwrt covers the period Xov. 1 1920 to Xov 1 1921, during which
time, as a whole, heavy operating losses were necessarily recorded.
Hides declined from wartime prices of 50 cents to 20 cents at the end of
The largest part
the fiscal year 1920, and then to 6 cents in April 1921.
cellend
35.783.845 36,293,942
X Property and equipment at plants and branches, patent rights, &c., less
depreciation. .S22.316.252; investment in real estate and houses at Cumberland. Md.. for employees, less depreciation, S679.414.
y Conunon stock
purchased for re-sale to employees cost (of which .$1,392,005 represents
stock held for future sale, having a market value of 31 .066.189) $2,005,644;
Allied Companies.
and
Co.
Total
nno-oi
'""^
,i'2i
ill
.
.
I
•
I
.
.
THE CHKONTCLE
85?
The long-distance telephone service of the Postal Telegraph-Oable Co.
now reaches 170 cities and towns, the principal points added during 1921
being Austin. Tex.: Duluth, Minn.; Lake Charles, La.; Leland, Mi.ss.;
I>odJ, Calif.; Minneapolis, Minn.; Omaha, Neb.; Okmulgee, Sapulpa and
Shawnee, Okla.; San Antonio, Tex.: Sioux City, la.: Waupaka, Wis., and
Wheeling, W. Va. There are approximately 3,200 individual extensions to
The revenue
customer.*!" offices, an increase of about 20% over a year ago.
from this long-distance telephone service shows an increase of 23% over the
previous year. This long-distance telephone service is conducted over
wires simultaneously carrying telegraph business, and is therefore a byproduct.
The physical property of the Postal Telegraph system, and particularly
its pole-line property, has been greatly improved and strengthened during
the past year by replacing worn wires with new No. 9 copper wires. The
reduced price of copper wire during the past year has been taken advantage
of and 2.000.000 lbs. were acquired at the low prices of last fall to take care
of construction and repair requirements for the year 1922.
Case Against Philippine National Bank. A referee on .Ian. 21 1922 rendered his decision, which has been affirmed by the U. S. District Court,
awarding to the Commercial Pacific Cable Co. in this suit the sum of .$98,000
and interest, which latter amount has been paid.
Financia' Pnlicii. The policy of the Mackay Companies is to take only
sufficient of the funds of the subordinate companies to pay its dividends,
all surplus earnings boing left in the treasuries of those companies for extensions iind the development of the business and the increase of reserves.
—
—
INCOME ACCOUNT FOR YEARS ENDED FEB.
Feb. 1 Years
—
1921-22.
Receipts
14,309.2.53
Oper. exp.. Fed. tax., &c.
82,771
xPreferred divs. (4%).. 1,697..')17
xCommondivs. (6%)
2.482.824
Balance, surplus
$46,141
1.
1919-20.
$5,021 .095
1920-21.
S4.868.988
2,482.824
644.884
1,873.164
2,482.824
$103,252
$20,223
.53.5.400
1,747, .512
1918-19.
$4,695,496
301.121
1
,905,8.53
2,482.824
$5,698
X The dividends as reported by the company are not apportioned to the
different clas.ses of stocif but are stated in a lump sum ($4,180,341 in 1921
Knowing that the company
$4,230,3.36 in 1920 and .$4,3,55,988 in 1919).
has been buying in its Preferred shares, we have a.ssumed that the outstandstock
h:is
remained
unchanged at $41,380,400. and that the
ing Common
sums disbursed as dividends on the Preferred shares were the amounts remaining after deducting the 6% on the full amount of Common. If this
method be correct, the average amount of Preferred stock outstanding in
1921-22 was $42,437,900, and the total amount retired to date about $7,562,100.
•
BALANCE SHEET
FEB.
—
1.
r
—
1922.
1921.
1922.
1921.
Linbililips
Assets
$
%
$
$
Investments. .93,361,9.57 93,298.879 Pref. shs. iss'd 50.000.000 .50,000.000
.
172,210
Cash
129,147 Com.shs.iss'd 41.380.400 41.380.400
Bal.. profit... 2,093,767
2,047,626
Total
93,474,167 93,428,026
-V. 114. p. 416.
Total...
N.
Passenger and mail revenue
Freight and express revenue
Anthracite revenue.
Total revenue
The total amount of funded debt outst indi i'? ia the hn'U of tha public
at the close of the year was S22.613.000. a reduction of $2,575,000
Taxes to the amount of $1 ,038.882 were charged against income,
Taxes
—
compared with $1,201,567
for the year 1920
recovery of coil from refuse
Tae
banks was greatly curFor the sime reasoi. as well as
on account of market coaditiois
on account of two genertl strikes, woricing ti neof the collieries was docre ised
as compared with ttie previous year, but fresh-mined production was almost
maintained by reaso 1 of ,a gratifying incre:ise in the average amount of
coal mined per working hour, which wis greiter thin any previous yeir
except 1917. This increase can be ascribed to improved general efficiency,
to the increased use of electric power for opsrating processes, and to increased labor supply which, in addition to its direct influence on producicreased develop nent of the mines.
tion, permitted
The aver.ige number of enployees during the year was 8,281, as against
in
an
increase of 272 and the gross production par man-hour
1920,
8,009
was 2248 ton, as compxred with
2328 ton in 1920, the decrea.se being
largely due to the increised number of rock-men engaged in develop Tie it
work. Experiments with mechanical shoveling devices have developed
nothing entirely practical.
Mining costs icreased materially, as compared with 1920, owing to
decreased working time and increase in development work, and to the
increased wage scale made effective April 1 1920 by the U. S. Anthracite
Coal Commission.
All our collieries were idle from Jan. 1 to Jan. 20 on account of a strike,
and again in the last week of July and the first week of August over a local
These and minor strikes were settled wittiout concessions
mining que.stion
These strikes, which were in violation of the agreement for
on our part
the arbitration of grievances, caused the loss of 1,331 breaker hours and
of 365,000 tons
The total length of gangways, airways and tunnels driven during the year
A new shaft to
was 69.5.59 feet, as compared with 45.180 feet in 1920
open the third level at Nesquehoning Colliery was .started in June. An air
shaft to the lower levels of No. 4 shaft, Lansford colliery, has been sunk
The No 9 shaft at Coaldale colliery is being sunk to a new level,
.502 feet
and a tunnel at Tamaqua colliery is being driven south to develop a new
Water level tunnels were started at
level on the south side of the basin
Improvements
Rahn and Tamaqua collieries to develop surface veins
include the completion of the electrification of Nesquehoning coUierj and
of No. 4 slope e igincs at Lansford colliery
Capital expenditures for additions and betterments amounted to $1,264.491, less $763,137 to cover retirement of property; net increase, $501,354
There was charged to operation for depreciation and other reserves in
coniicrtion with coal mining and marketing propsrty, $1,,586, 961, and for
deplolion of coal lands and culm banks, $286,111
Stripping operations were continued by your company's own forces, oigiiC
strippings being carried on, four at Nesquehoning colliery, three at Coaldale
Of these, the one at Tamaqua
colliery and one at Tamaqua colliery.
colliery and one of the c:!oaIdale colliery operations were fini.shed, leaving
tailed
i
i
operation at the close of the .vear
The Coaldale breaker was burned down May 11, but the colliery
was put in operation on May 19, the output being transferred to Lansford
The property was fully
and Tamaqua Ijroakors and ,\shton w ishery
operation about
The now breaker should be
covered by insiu'anco
(;onstruction
with concretes floors and
steel
throughout,
it
is
of
April 1 1922;
asbestos-covered stool sidas and roof, and ovcjr.v effort has been mailo to
reduce breakage and economize in the labor of operation
The mine fire in No 4 slope. Lansford colliery, is gradually being smothTwo now mine fires were discovered, both in Rahu colliery Bottom
ered
Split Mammoth vein, and both of small area.
Canals- Tho Delaware Division Canal was open from March 31 to
There was transDec. 10 and tho I^iigh CJanal from May 9 to Nov. 19
ported on the canals 265,692 gross tons, an increase of 17.860 gross tons
is
shown
for
canal
oi)erations, compared
over 1920.
A net loss of $1 ,1 12
Tho decrc;ised loss is due to increased compenwith $203,409 for 1920
sation for commodities handled and decreased maintenance expenses, less
work being neco-ssary and labor rates being lower.
The anthracite coal tonnage
Lehigh <t Snsqvehnnna RR. anti Branches
J under its leases, over tho Lehigh
transportiHi by the Central UR of
»Nc
.Susquehanna RH and branches, and its gross receipts accruing upon
business traasported over the said lines for the past 3 years, were as follows:
m
—
U
N
—
,
$737694
1919.
7.754,122
$636,270
8 672 628
6.332.732
6,957,883
6.082,579
$17,342,550 $15,793,054 $13,676,732
awarded by the U. S Anthracite Coil Commission at a time when the cost
of living had reached its peik, would, if granted, inevitably cause still
greater increases in the prices of domestic anthracite coal, whereas under
present conditions a wage scale raateri illy lower than the present one is
essential
The immediate prospects of industrial peace in the region are
therefore disturbing
The public, who are so insistent that the operators should reduce the
price of co il, should remember that the present wages, and also the present
freight rates, are the result of wage sciles fixed by the Government and
made obligatory on the operators and the railroads
Until both of these
wage scales, now so excessive, are reduced, lower prices cannot be expected.
Financial
No financing w,as required to meet the retirement of the
Collateral Trust Gold Power bonds which matured and were p lid off during
The total mount of Liberty Loan bonds of all Issues in your
the year
company's treasury at the end of the year was $4,511,050, a reduction of
$576,500 as compared with the amount held at the e id of the previous year.
Si.ock for Employees
The plan for the sale of the stock of the company
to its employees was well received and it Is proposed to make a second
offering to the employees during 1922
[Report refers in some detaU to the Williams and Kohlor Acts, &c.
Ed.
1921.
1920
1919
1918
3.497.279 3.63 ). 712 3,627.876 3.984.338
Coal mined by company
—
—
—
Coal mined by lessees
252.077
269.310
317,063
269.171
Total rained
3,765.619 3.882.78<) 3,897,047 4.301,401
6'24,630 1,159,836
Recovered from culm banks by CO. 180,698
661.779
Recov from culm banks by lessees
6.029
1,258
4
11
Total produced
3,9.53.3^6 4.5tt,.572 4,521,688 5,462,495
37'). 79)
coil produced by CO.. 273 877
375,432
415.093
31.041
31.0.53
Fuel coal produced by lessees..
33.288
42.125
i:.e.vx—l<'uel
Total commerc'l coal produced. 3, 640. 428 4.125.729 4.108,968 5.005,277
INCOME ACCOUNT FOR YEARS ENDED DECEMBER
Lehigh
—
7.426 525
$767,242
7,266,502
9.318.806
—As
power plant at Hauto, Pa. (tlio cipitil stock of which co. has since been soli
by your company to the Lehigh Power Securities Corporation), matured
Tae collateral thereDec 1 1921 and were duly paid off and canceled
under has been released and placed in your compxny's treasury. (V
113, p. 1988)
Unseculed Serial notes to the amount of $81,000 were paid for during
Of the origi lal $590,000. only $80,000 are outstanding
the year.
Fires
7.555,515
Strike Outlook
a result of the mild winter of 1920-1921 the demand for
domestic sizes fell off during the spring and early summer.
High prices
resulted in economies in the use of anthracite in many households, and this
with decreased activity in industries norm illy usi ig the steam sizes, finally
resulted, about Dec. 1. in a situation where the retailors' yards were gener illy filled and the storage facilities of producers largely occupied
As a
result, during December the collieries were operated intermittently, and
the production for that month sharply declined
Tne miners' union demands, formulated at their convention in Jan. 1922,
providing for large increases over the present high wage sciles which were
Net revenue from coal. $1,105,497
$183,719
Canals revenue
291,831
Exp, taxes, deprec, &c
six in
1920.
31.
15,
—
—
RR. and Branches.
S.
1921.
reported in substance:
Tae Coll iteral Trust Gold Power bonds. Issued in 1911 to
Bonds, &c
the amount of $3,000,000 to provide for the financial requirernents of the
Lehigh Navigation Electric Co ii coiiectioi with tti3 erestio i of it->
Coal Output.
*
J. Over L.
,
1920.
1919
1921
1918.
$18,625,421 $22,975,828 $20,803,067 .$21,935,938
Revenue (coal)
$15,145,518 $17,725,832 $17.41 ).752 $17,605,496
Expenses (coal)
511.315
45^.93^
379.974
291.524
Taxes (coil)
411.883
286.111
371.878
522,737
Depletion (coal)
1,659.791
1.355.641
1.731.144
Deprec.&oth. res. (coal) l„586.96l
—
(lOlsf
Transportation by Central RR. of
m
^
: coal
Tons of, anthracite
.93,474,167 93,428,026
& Navigation Co., Philadelphia.
Annual Report Year ended Dec. 31 1921.)
President S. D. Warriner, Philadelphia, Pa., Feb.
Lehigh Coal
[Vol. lU.
Net
$111,112
loss
&
$2,731,383
$181,583
312.992
$1.''?71.812
$215,182
315.455
$1,787,035
$272,641
324.838
$203,409
$131,273
$52,197
Susq and other
$2,285,048 $2,281,862 $2,289,057
1,118,658
1,255.259
981.872
21S
688
3^9.212
3? ^..528
359.038
All otaer revenue
Gen'l exp., taxes. &c...deb $81,289 deb $81,386 deb $')9.952(ifi& $127,474
riilroad rentals res'd. $2,272,171
Rev from investments..
1,421,917
$22,811.9)7 $26.888 33) $2t.8S6.9)8 .$25,837,546
$15,497,177 $18,175,617 $17,817,817 $18,013,271
4.59 310
385,285
296,906
519.326
414.8^3
311.995
512.082
285.111
1.3S2.493
1.677.951
1.748.954
other res'ves 1,603.431
Gross revenue
Gro.ss expanses
Taxes— operating
Den'etion
Deprec'n &
Taxe^
—
general
Interest on funded debt.
Other interest
Amort of debt disc &exp
Reserve for uncollectible
accounts and notes
Dividends (8%)
Balance, surplus
$4.911. •'SI
529.5.56
293
742.227
$211,201
651.958
1,093,675
1.133,557
1.1,58.355
"9a33
14,597
9,133
1,171,177
13.661
9,130
20,954
2,338,083
25,246
2,333.916
2,333.916
2.333.672
$695,682
$1,711,137
$540,967
$471,417
$21
1
B.ALANCE SHEET DECEMBER
A.'ssels
—
$5,235,331
$273. .523
$5. 169,.508
$4,915,852
Net revenue
$2'27.903
General admin, expenses
1921.
1920.
3
S
953,7.50
31.
1920.
S
1921.
$
TAamUles—
2§, 243. 400 29.173,950
Capital stocK
Fiindrd dcht
Coal lands, mining
b22,6l3,000 25,188,000
& markct'g prop.32 ,471.018 32,131.621
a3 ,382,741 3.383.8.S8 Audited vou'-hera
Canal property
and pav-mlls... 1.192,849 1,498,867
1.711,60'
1 ,873,528
Re.al estate
9,158
30.190
16 ,0)3,603 16.053.603 Sundry cre<lltOi3..
RR. phy.s. prop
1,702,790 1,724,908
Accnied
ta-ces
57S
12.264.
fl
,5.54,128
pledged,
RR. sees,
RR. eefs. unplod;. 6 .12!), 826 3,124,501 Mat'd Interest on
415,378
419.949
hinded dobt
Adv. to affll. COS.. 3 ,272,275 2,693,025
790,000 Accrued interest on
Adv. to other cos.
39,295
38,044
funded
debt
5,087,550
,5Vr,650
bds.
4
U. S. Liberty
Cash
1
,191,230
Special deposit
Customers' acc'ts. S ,06b".638
449,585
Sundry debtors
U. S. Treas. certits.
st.K'k
Materials
Accrued
&
Int.
3,994
22,662
369,096
3,152
lO.OSO
410,671
&c., reserves.. clO 833,231 10,104,395
331,436 Re-serve tor wori898,116
717,702
meu's comp'n..
1,400,796
84,300 Profit & loss surp. 19,319.503 18,678.452
1,.848,015
of Indebtedness.
Coal
Matured & accrued
rents
500.000
uncKlimed..
Divs.
3,000,864
574,674 Susp. credit aee'ts.
Depletion deprec'n,
1,7,57.370
2 ,151,0.59
supp. 1 018,239
34,897
receiv
Workmen's corap'n
Insurance fund.
Susp. debit acc'ts.
Total
898,116
650,270
717,702
493,650
...86,701,635 87,»4a,17t>
86.701,635 87,949,176
Total
loiai
a Canal property consists of: Physical property, $2,327,382: securities
b Funded debt
,.,448
*7^_,^___
pledged, $1,047,911: securities unpledged
c Depletion
.$5,715,000
S28 328,000: loss treasury bonds, unpledged. .$5,71.5,ono_
660. -V. 114
reserve,
$8,708
operating
other
$2,124,571; depreciation and
p 744.
.
United Retail Stores Corporation.
(Report for Fiscal Year ending Dec. 31 1921.)
DEC
INCOME \CCOUNT FOR YEAR ENDING
^
6 MOS ENDING JAN.
DEC
31
1920;
12
Mas
In
Dec. 31 "21
Net profits [Incl in 1920 stock dlvs. recJ4^,534,409
Reserve for Federal taxes (estimated).
98,895
Reserve for taxes
Cash dividends
$3,435,515
Balance, .surplus
previous surplus
4,130.3.52
Add
31 1921; 11 MOS TO
31 1920.
6 Mas. to
11 Mos to
Dec 31 '20 ./fjji 31 '20
$5,705,0.57 $4,706,332
920,818
I
$4,784,239
3.031.285
$3,031,285
$3,031,285
---
..$7. .565.867
$7.815,.524
Common stock diviaeads.
($4. 50)3, 564 ,351
(10)3685,172
end of period.$4,001,510
84.130,3.52
Total
Profit
and loss surp.
at
($3)1675,047
$3,031,285
THE CHRONICLE
Feb. 25 1922.]
BALANCE SHEET DECEMBER
1920.
$
%
.4 sst'ts
Stocksln other cos.39,212.040 42,304,557
697,201
544.051
Cash..
31.
Accounts and
TAnbitUles—
Preferred 3iock
Com. (found. 3h.).
receivable
Furniture, &c
581.00(5
520,431
4,747
7. 808
49
42
79,442
—
Insur-
Unexpired
ance
Oreanlzatlon exp .
63 ,554
.
S
1.000
800.000
800.000
32,0,53.572
Com.slk.(Clas3A)3C,6.53.973 32
Accta. & bills pay. 1,611, 9.">3 5.030.452
72,937
49.744
Interest payable.921,166
98.950
Tax reserve
Dividend payable. 1.188,312
4,001,516 4,l'30".352
Surplus
bills
40,405.447 43,600,480
Total
...40,405.447 43,009,480
Total
-V. 113, p. 2193-
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
following table summarizes receot railroad and electric railway news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Raihoaa Promts Gain During Year. The final report for December 1921
by 199 Clats 1 roads shows a net operating income of S.51.748.779. an increase of S.S.3;4.5.6*)2 as compared with December of 1920. although total
operating revenues amounted to $424,912,173, a decrease of 22.8% as
'Times" Feb. 22,
against the $550,406,169 gross for December of 1920.
—
—
See
Train Dispatchers Allowed Punitite Overtime After Ninth Hour.
"Current Events" and "Times" Feb. 21, p. 11.
U. S. Senate passes bill extending for six months
Railroaas Claim Bill.
the time for filing claim.* for over-charges against the railroads and extending for one vear the time for bringing suit against the Director-General of
—
"Poila. N. U.
Feb. 21, p. 1.
The appeal of the Chicago MilwauSt. P.'s Appeal Dismissed.
the
ruling
fining H. E. Byram. President of the road,
Paul
from
kee & St.
and three other officers ?100 on each of 25 charges for withholding a Chicago employees' wages for time spent in voting on election day was dismissed on Feb. 8 by Illinois Supreme Court. -\s the prosecution was under
"Ry.
the criminal code, an appeal as in a civil case was held not in order.
Age Feb. 18, p 442.
Editorial referring to
Efficiency of Gnrernment and Private Operation.
testimony of e.x-Director-Generals under Government operation W. G.
McAdoo and Walker D. Hines. "Ry. Age' Feb. 18. p. 409.
Pennsyliania RR. Injunction Case Against Labor Boara Set Forward from
"Phila N. B. Feb. 21, p. 4.
March 1 to March 8
(Pres$300,000,000 Burden Oaasionea bu National Agreements in 1920.
"Times" Feb. 23, p. 24.
ident of Railway Executives.)
Ccnnmission Orders General Intesligalion into Class Rates Throughout Southem Territory from the South to West, Central West, Miadle Atlantic and
New England. Rates said to vary too greatly, with general lack of uniformity in case of Southern carriers. "Sun" Feb. 21, p. 1.
Roaus Ask for Wage Cuts Unions for Advances. Hearings to begin
March 6. "Times" Feb. 23. p. 12.
Clerks of N. Y. N. H. A Hartforu RR. Rejuired to Work All Day on SaturFeb. 21. p. 2.
"Fin. Am.
day.
More than doubled since
Rates Advanced Again on German Railways.
"Times (cable),
November. Disputes over assessing the "forced loan.'
Feb. 20. p. 17.
.\11 trunk Unes in N. Y. State begin concerted
Seek Crew Law Repeal.
"Times" Feb. 18. p. 18.
action.
'
—
&
—
"
—
—
—
—
—
—
"
—
'
—
—
Cut by C:ommerce Commission from Utah and WyCoal Freight Rales.
oming to points In Nevada. "Times" Feb. 19, p. 21.
"Sun" Feb. 21. p. 1.
Eastern Rail Wcuie Conference Reaches No Decision.
New England Divtsinns Rate Decision Rouses Erecutives of Connecting
Roads.
Say it will deplete income of roads trading with New England lines.
Doubt Commission's right to favor the weak roads. "Times" Feb. 20.
—
—
p. 18; Feb. 21. p. 24.
General Rale Investigation.
orKanizatlons.
— Frank
Additional testimony on
Feb. 18. p. 419 to 422.
Feb
"Times
Proposfd
-
1
"^
'
'
i>
I
Commission
'
ICl
J.
(a)
Wame testifies for railroad labor
behalf of Shippers.
"Ry. Age'
N. Y. dairy rates claimed to be excessive.
(b)
21.
n Southern Coal Rates Suspended
The Commerce
nded from Feb. ISuntilJune 15 the operation of sched- '^"-hfield & Ohio, increa.slng the rates from
.:i on coal from mines on its own rorid.
rn, &c., in Virginia, to certain stations
—
'
In
C.
.S.
oij
Lint lilt., etc.
"Ry.Age Feb. 18. p. 448.
K. I. Ia:v,\h of the Inter-State Commerce Com...
,,ne administrative charge of the Bureau
iner .-Michison, who is to si>eclallze on
.
Vnlunttim
mW
'' •
^
.Vcj.
IH. p. \\H.
alue i'ut at $465,680,154. After Cut of $300,000.-
Yi^Ti
0OO.~.S»e
Tran-"
—
I
of
car
'
'
—
William A. De Ford, on babalf
of Gorernor.
have whip band.
"Fair rises mandalory. he
•'
f/
of city
'
•ajr^.
'
T
'^
i:
th<
——
'
Ol.
R<
~
18. p. 247.
fuhlir Arrid^ntM,
/'.
f^ru
15%
Eiujldud Roads
Business.
—
Sco"Clironiclo" Feb
Increase in
C.
703.— V.
IS. p.
New
Commission Grants
Amounls Receivedon Through
114, p. 737. 408.
Canadian Northern Ry. — Notes Paid. —
The
.?5, 651
fund.s being
,000 Notes maturing on Feb. 1 were paid off. the necessary
provided without reciuronco to any new financing in conV. 114. p. 625, 518.
nection therewith.
—
—4%
Canadian Pacific
Ry.
Consolidated Debentures
Treated as Bonds Available for Investment by U. S. National
—
GENERAL INVESTMENT NEWS.
Railroads.
C. M.
& Maine RR. — 7.-5.
Boston
1920.
1921.
$
1.000
1921.
853
illw,->y
Board of
line liet ween
.iculars In "Ky.
'ii-
...
„.
.
,,...
Banks.
The National Cit.v Co. submits copies of letters showing:
(1) From D. H. Blair, Commissioner of Internal Revenue, Washinaton,
Jan. 21
"Ruling as to the application of Stamp tax to the 4% Consolidated
Debenture Stock issued by the Canaian Pacific Railway Co.
"An examination of the copy of the certificate, interest coupon and
interim certificate shows that this Consolidated Debenture Stock is made a
first charge upon the whole of the undertaking." * * * -in reply, yoii
are advi-^ed that these certificates, which are issued in denominations of
Sion. SoOO and SI. 000, are held to be bonds. The original issue of these
bonds, provided deUvery is effected within the territorial jurisdiction of the
United States, is subject to the stamp tax at the rate of 5 cents for each
SI 00 of face value or fraction thereof in accordance with the provisions of
Schedule Al. Title XI., of the Revenue Acts of 1918 and 1921. The
subsequent transfer of such bonds, however, is not taxable."
(2) From Comptroller of the Treasury D. R. Crissinger, Washington, Jan.
31 1921.
"I beg to advise you that I am in accord with D. H. Blair. Commissioner
of Internal Revenue, in holding that the
Consolidated Debenture stock
is.sued by the Canadian Pacific Railway Co., organized under the Act of the
Canadian Parliament, 44 Victoria, Chapter 1. are bonds for the unconditional payment of money and interest, and is eligible for pm-chase by a
National! bank as an investment."
(3) New York State Tax Department, Corporation Bureau, Newell W.
Canfield. Deputy Commissioner Jan. 19 1922.
In reference to your inquiry transmitted under date of Jan. 16 1922.
regarding Consolidated Debenture Stock of the Canadian Pacific Railway
C;o.. based upon the facts submitted, the Commission concurs in the
Federal ruling that this security constitutes a bond, and therefore traasfer
of s.ime does not constitute a transfer of stock taxable under Article 12 of
the Tax law.— V. 114. p. 737.
4%
,
—
New Morfqaqe.—
Chicaero Burlington & Quincy RR.
is filing its new mortgage authorized by the stockholders
The company
Jan. 18 to secure .S30. 000.000 bonds of SI .000 each maturing Feb. 1 2121
Trustees, First National Bank of
(199 years from now); interest F. & A.
New York City and B". L. Ford of Missouri as individual trust officer.
V. 114, p. 737, 408, 304; V. 113, p. 2719.
— Control
—
Chicago Milwaukee & St. Paul Ry. — AcquisitioJi of
Gary Ry. Authorized. —
Chicago Milwaukee
&
has authorized the coapmy to acquire control
of the Chicago .Milwaukee & Gary Ry by purchase of it.s .$1.00.0,000
f apital stock, and to as.sume o'oligation or li ibility. as guarantor, in respect
Gold bonds, due April I 1948, by
of .§5.700,000 1st Mtge. 40-year
endorsing thereon its guaranty of the payment of the principal thereof
and
after
Jan. 1 1924.
i.iterest
accruing
from
All of the .$1,000,000
and of
I
C Commission
-S
5%
and the 55,798,000 outstanding bonds are held by the St. Louis
Co as syndicate manager under a contract dated June 25
.stock
Union Trust
By the
1913. eitiiled "noteholders' protective syndicate agreement."
terms of that agreement, the trust company is authorized to sell the securities held by it as syndicate manager, and the persons for whose benefit
they are held have approved their sale to the St Paul.
Outline of Proposed Agreement [From I -S C. Commission Docket .]
The Trust company agrees, among other things: (1) To cancel $98,000
of the bonds, together with the coupons attached tiiereto, leaving $5,700,000
still outstanding; (2) to detach and cancel all interest coupons on the
$5,700,000 of bonds up to. but not including, the coupons due and payable
.\pril
1924, and to enter a credit of .$12 50 on each of the coupons payable
on that date so that no interest will accrue on the bo ids until J \n 1 1924.
and (3) to deUver the $5,700,000 of bonds and .$1 ,000,000 of stock to the
1
St
I'.iul
The St Paul agrees, among other things, to guarantee by appropriate
endorsement thereon, the payment of the principil of .$3, 000.000 of the
bonds and of the interest accruing after Jan 1 1024. and to re-dollver the
bonds thtis endorsed to the Trust company. The St Paul will retain.
;is owner, the stock and the remaining ^.2.700.000 of bonds, in respect of
which it asks authority also to assume ot)ligation or liability, as girirantor
The consideration for the transfer of the c-ipital stock and the .$2,700,000
of bonds to the St I'aul is its guaranty of the S3. 000.000 of bonds which
are to bu re^dellvered to the trust compiiiy.
There .ippears to bo no necessity at this time for the guaranty of the
Such lus.sumption of
$2,700,000 of bonds to be retain(Hl by the St Paul
obligition or liability is not a p irt of the consideration for the agreoniont
whereby the St Paul proposed to obtain control of tho G.iry.
The proposed agreement further provides that tho St Paul will operate
the propert.v of the Gary and may retain all of tho reven.ies derlvetl from
The inCotno accounts of Mk! (Jiry for tlie past 10 years
such op-r.ation
show a dt^li'it for each year, the evidence being that the road h.is beon
unable to so'-uro a sufficient volume of through lr:irflc to produce ado<|uate
This line extends from Oelmar to .(oli<>t, and from Aurora to
revemies
Ko.l,rr>rd. Ill
10H05 miles
111, p. 40.S, 3)t
—V
City Light
cars derreanlng. thone
.Safety Council.
"Eloc-
tri
illroad IjilKir
•IliMll
l!<.rinl
il-
(Icxkot
175
(>fl|j<
"niTally
i
'
1920.
Ry.
— V. 114. p. 197, Acquired.
77.
cfc
The
iitn^et
s
Paul Ry.
St.
,
—Thonethefrom
National
& Gary
Chicago Milwaukee
See Chicago Milwaukee
The
—
& Traction
S.
rent fare,
Miss<iiirl
Fares.
Co., Sedalia, Mo.
Commission on .Ian. ;U .auihorizcd the company
I*.
trt
cents a t IcUel effectlvo
Since Aug. 1021 the rale of faro has iHttn 10 cents cash with it
Mari-h I.
6 etii ticket fare. Tho new order is for ii period of 13 months. Children
may ride for half fare.- V. 113. p. 627.
rh.-irire .an
.H
with liooks
f>rii5 lickeis ai
fi
,
(
I
fO.i Ry. Power *, Lipht Co. -Rc-iuwrs Dirs.
have voted (k) t<i resimio cash dividends on Series "B"
and on Scrle ".\" Pref. .lulv 1. 5' ^ to l)e paid on f<irnier and
Columbus
Ini-
^
I
'".IrlerM
ill:
Wngr
A,'
.
I
••
tar
.1
V'h
for StatirmaryFirrmtn and Oilrrs Until
Kvi-nth" and "Tlnn-«" Feb. L'4. p. 1.5.
/o.n Rates Stnith and Westuard to lie Inietliiif
:'\
I.
I
ler.
1,
(ill-
r.
on
'hi .Tpproved Kl<)<'k dlvldcMids
the 111"
of fh.
'
I
nii'l
llie.vo lK-.ue.s
for
1922
louM during which paynietits wen- suspended
(Iltlons.
Each lioliler of 1(1 shares, of Pref. "A"
liii-aiiMe
!'
•iv-'
slock an<l Prof. "11" will receive J •.hiire<i.
wl,.
V voie<l Feb. '..'1 to amend the arllclen of In cor pom I Ion no
Tl,.
us folloWH:
l)i' <llvlded
I.I
«l...k •hull he HI .l.l I5.0')0. t
lliai
r "
.U. $L'.I r.'.IOO. Preferred flock, SerleM
$1 ^11
( 'onimiiii Ntock.
»ti.(IS(1.0(l(l.
H": iind
"A''
Pr.
Jl, snyH: "It In tiol liiteiii|e<l by this
lo liKii.ttsn III i|iiiiiiii»li the iinlh(irl7.e<l Cnplinl hinck of the
liul uliiiplv lo rllniliiiile prior prin Uloiih of a purl of Hie iIiiKsued
ruul iiinend the •.:iiiii- by innkliiK tippllcaliln llin
.mil SerleH
M' I'niitred «lo<l< to a imrl of tho
iieil Prior PrefrreiK e ^Imk."- -V. II I. |>. .Ml*.
„
:i!iil
|)re\
t
1
>
e>
'
V
f
1)
l-il,
U'lrkrr^ Aqrrr
nr\ft
t'prm Cnrrpernllrm in
Wngr
II
I
•
I
'
I
*
.
hi^ i'f>rr«"^|MiTitiIn \<.>/n
i...k
I
nnllir.
Ki.
to'
»
.M
iriTixl
'I
n rclurtlon of
123.119. iir /• rixhii--
l'Jl,r$2H,
<
'
tUv.
M
;>H
Rio Grande RR. -New lUmdholdirx' Conv.st
iH'kholilcr.'i'
\{\i.,
Woohvnilli HMt:..
•
.1
MIkc
^:im<', m mI
..
il,
'I
tt\
Uitalotl
I
ovrr
Idlft rirtonor about
nt.wm, or an
&
i)rul«clivo romtnilltif, l)onvt»r
-':{.'{
Ui(iii<iway, N. Y.
.\rlhiir M. Wickwirf niwl Dhimi! W. MlimK-nllinl,
IM.
-.<<l l<> Iu>M<'IH of IhI i^l
I, ill iidvcrlisciiKiil juliln
7m. r»r r.-rliricali's of ilrponit.
jin<l A(|jiis(m«-nl
'|Mw
<ir;ui<l<'
CJir
10
&
Denver
*/
IncriuuMi of .'Mi
I
'
II
l>
ill' rolliiw
liii'
MIIMi
till'
run of Month, an
11
.
I
.
-r
.1
'23
.1
Willi
itml
April H "21 (rnk) and an Frh H'
21 Not '2l.'<#p» '21 Apr H Jan
,
Jan •22 D«e
lll.'li
I
;
(
1,
..
1
.
;
I
OH
A
r
.1
'I
n.e.'lliiw
I
.iillllllT
I
•
II*
II
of tho /ibovn mwiirllv lioldor* will
:
til
IIMl.
Ill
v
III
iiiiiy
111
I
III
.
InTh 'ruaandt. ftbHFHf
^l;ilri]ii
'•i>
W ,lt|ll llllle|H*IMl(ltlt
nperntlnfi » II II tho
I
Im« helil
on Friday nvpnlnic,
—
•
THE CHRONICLE
S54
Among other important matters affecting the value of your securities,
he facts bearing upon the methods pursued by the Western &acific interests in getting possession of 320,000,000 worth of cash and bonds and
SIOO.OOO.OOO worth of stocli of the Utah Fuel Co. belonging to the Denver
& Kio Grande KR. Co., will be fully presented for your consideration.
Perkins Committee for 1st
Ref. Bmidn Urges Prompt Action..
The committee of holders of 1st & Ref. Mtge. bonds, of which .Tames H.
Perkins is Chairman, announces by advertisement on another page that it
is strongly opposed to the plan of reorganization and urges holders of the
1st & Ref. bonds, who have deposited the same with the Bankers Trust Co.,
either to (1) depo.sit their Certificates of Deposit (issued by Bankers Trust
Co.) with the Farmers' Loan & Trust Co., 22 William St.. N. Y. C.
Depositary for the Perkins Committee, or any of its sub-depositaries. In
that ca.se the aforesaid committee will dissent on behalf of such deposits
from the Western Pacific plan, or (2) in the event they are unwilling at this
time to deposit with the undersigned committee, file at once with the
Bankers Trust Co. notices of dissent from the Western Pacific plan.
The Perkins Committee also urges all holders of 1st & Ref. bonds to
deposit their bonds promptly with The Farmers' Loan & Trust Co., Depositary, or any of its sub-depositaries, and the committee now extends the
time limit for such deposit until April 1 1922.
The committee consists of James H. Perkins (Chairman), R. Walter
Leigh, J. H. McClement, John G. Lonsdale (St. Louis), and Willis D.
Wood, with F. A. Dewey, Secretary, 22 William St., N. Y. City.
Sub-depositaries are: Merchants Loan & Trust Co., Chicago; The National Bank of Commerce. St. Louis; Bankers' Trust Co., Denver; Hope &
Co., Amsterdam, Holland; The Farmers' Loan & Trust Co., Ltd., 15
Cockspur St., London. V. 114, p. 737.
t
&
—
Delaware Lackawanna
Figures for 1921
— New
&
Western RR.
—
Directors.
—Preliminary
Preliminary Statement of Earnings, Cat. Year 1921 (Compared irilh 1920)
1920,
Inc or Dec
Revenues from
1921.
Transportation of coal
$26,606,298 .520.228,484 -|-$6,377,814
Transportation of merchandi.se freight 36,970,445 40,132,599
3,162,1.54
Transportation of passengers. &c
22,401,072 22.978,979
577,907
—
—
—
—
Total revenues
Expenses for
$85,977,815 $83,340,062 +$2,637,753
Maintenance of way and structures.. $10,022,415 $10,178,886
Maintenance of equipment
19,053.844 19,508,625
Transportation expenses, &c
38,795,799
Total expenses
44,210,919
——$156,471
454,781
— 5,415,120
$67,872.0.58 .$73,898,430—^6,026,372
$18,105,7.57 $9.441.633 +$8,664,124
Net revenue from operation
—
&c
Railway tax accruals,
Less
Uncollectible revenues
4,539,785
2,810
5,312,066
12,295
Operating income
Other income
$12,781,395
13,478,143
Total income
+771,281
+9,485
.$4,899,037 +$7,882,359
19.382,212
— 5,904,069
$26,259,5.39 $24,281, 249 +$1,978,290
Interest, rentals of leased roads, additions and betterments, &c
7,101.136
9.622,805
— 2,521,669
Net income
$19,1,58,403 $14,658,444 +.84,499,9,59
Samuel Sloan, Percy R. P.vne, Henry B. Spencer, Roy C. Gasser and
Frank Rysavy have been elected directors, succeeding
Rockefeller,
George F. Baker and H. S. Vauderbilt, who resigned recently in accordance
with the decision of the I -S C Commission on "interlocking directorates,"
and H. A. C. Taylor and the late M. Taylor Pyne. V, 114, p. 409.
Wm
—
—
—
Detroit United Ry.
Mayor Couzens announced
—
City's Offer
Report.
at midnight Feb 20 that a final offer of $19,with
two
reservations,
850,000,
had been made the D U R. "Take it or
get off the streets," he is quoted as sa.ving
Tiio American stockholders,
it is said, favored accepting the offer, but the Canadian interests now owning control turned it down
The shareholders will meet again on the
matter Feb 27. The Detroit "Free Press" on Feb. 22 said:
"The city's offer is for all city lines, and also for carshops and 46 acres
of Woodward Avenue property, directly opposite the Ford Highland
Park plant. This is the laud that directors do not want to part with in the
sale at the city's figiu'es.
"The city Ls attempting to drive a hard bargain with the company. Its
offer now being for practically the same s.vstem as Mayor Couzens advocated buying in 1919 for $31,500,000
Conditions have changed since
then, however, and now it is just a question of whether the company is willing to sell at a sacrifice or to let the city tear up its tracks as the franchises
on them expire. The Woodward Ave. and Port St lines can be removed
immediately, and two years from now 60 miles of lines can be torn up, if
the city so d&sires.
"The Mayor has not sat in at any of the conferences, but any settlement
which his commission makes in accordance with the instructions he has
given will be acceptable to him.
If an agreement is reached, the Ma.vor
will likely ask the CouncU to call a special election to submit the question
to the people.
It must be approved by a 60% vote.
[The city was represented by C^orporation Counsel Clarence AVilcox.
two members of the Street Railway Commission, H. II. Esselstyn and
Ellis: Joseph S. Goodwui, Manager of tlic M. O. system, and his asi-dstant,
Ross Schram. The company was represented by Elliot G. Stevenson,
counsel for the D. U. R.; Jere C. Hutcliins, A. Avila Gringras, Montreal,
and J. C. Butterworth, Ottawa, and E. J. Biu-dick, General Manager.,
See aanual report on a preceding page.. V. 114, p 626
GO
—
Duluth Street Ry.
— Wages Reduced. —
113. p. 1360.
Equipment
6%
Gold Notes.
— Notes
Offered.
—
Lee, Higginson & Co. are offering 6% Equipment gold notes (which mature annually each Jan. 15) of the roads below at the following prices:
Jan. 1923 matm-ities to yield 5.50';; 1924 maturities to yield 5.65%; 1925
maturities to yield 5.75%: 1926 and 1927 maturities to yield 5.80%:
(o) Kansas City Terminal Ry.— .$2:i..500. due $12,500 1923, $5,000 1925
and $6,000 1927. These notes are jiart of total issue of $162,000 now
outstanding secured by standard oquipment costing at least $187,500.
Monongahela Ry.— $124,500, due $32,900 1923, $32,900 1924,
(6)
$32,900 1925, $12,900 1926 and $12,900 1927. There are .$427,700 notes
outstanding issued against equipment costing $493,500.
(c) Indiana Harbor Belt Ry.— $143,200. due $39,300 1924, $30,300 1925,
$39,300 1926 and $34,300 1927. Total is.suo now outstanding $510,900,
secured by equipment costing over $589,500.
(d) Terminal RR. Association of St. Louis.
$106,000, due $22,800 each
Jan. 15, 1923 to 1926. incl., and $14,800 1927. Against equipment costing
over $342,000 there are outstanding $296,400 notes. V. 113, p. 2818.
;
—
—
Federal Light
&
Traction Co.
— Pays Back
Diridend!^.
—
The directors have declared a cash dividend of 1 J^ % and a dividend of
42% in IVeferred stock on the I'referred stock, both payable March 11 to
holders of record March 6. This clears up all accumulated dividends on
the issue
up to Dec.
1
1921.
Georgia Railway
n'The Bankers Trust Co.,
deliver definitive 20-Year
— Definitive—Bonds Ready.
(See plan in V. 113, p. 2719).
& Power
Co.
V. 114, p. 521.
10 Wall St.,
7%
N. Y. Citv, is now prepared
Gen. Mtge. gold Iwiids, Series of 1921,
——
exchange for outstanding trust receipts.
V. 114,
\>.
626, 306.
to
in
—
Indiana Harbor Belt Ry. Equip. Notes Offered.
See Ktiuipniont 6% Ciold Notes above. — V. 113, p 1360.
f Interborough Rapid Transit Co. President Hedlcy
Urges Deposit of
7%
Notes.
—
—
d.ite of Jan. 31
—
Kansas City Terminal
"Ry. —Equip. Notes Offered.—
See Equipment 6Se (iold Notes above
V. 113, p. 147i.
Lehigh Power
—
Corp.— 0/"/"er
Securities
.
to
Purchase
.$2,U00.000 U)-YearQ>% Secured Gold Notes.—
The Guaranty Trust c;o 140 Broadway, New York trustee invites
written proposals until 12 m Mar 9 for the sale to it of the said 'notes at
not exceeding 101 and int., for which purchase said trustee has now on de,
Notice of purchase of notes will be mailed on Mar 9
1922, and the notes so purchased must be delivered to the trust company
before the close of business on Mar 16 1922, on which date interest will
cease on notes purchased but not delivered.
V. 110, p. 2487. 1973.
posit $2,000,000
—
— Branch Line. —
The
C Commission
County,
—abandonment 3H-miIe
Market Street Ry. —
Dividend —Earnings. —
The
have
Live
Oak Perry & Gulf RR.
has authorized the
I -S
branch
line of railroad in
Taylor
of a
V. 113, p. 2311.
Fla.
Initial
directors
declared a dividend of $1 50 per share on the Prior
Preference stock applicable to the quarter ending March 31, payable
April 1 to holders of record Alarch 15.
The annual report for the year ended March 31 1922 will show in the
neighborhood of $10 a share earned on the Prior Preference stock, after
making liberal allowance for depreciation. For January the gross income
available before charges was $138,017 and the amovmt available for dividends was .$74,346. V. 114, p. 522.
—
Mexico Tramways
On and
after
from the Gen.
Co.— T^o Pay Sept. 1 1915 Interest.—
Coupon No 18. dated Sept 1 1915, detached
1st Mtge 50-year 5%. gold bonds, otU be paid at
March
1,
C^onsol.
the Bank of Montreal, Toronto, Montreal or London. England, or at the
option of the holder, at the Agency of the Bank of Montreal, New York.
Y— V
N.
113,
p 628
—
—
Missouri Kansas & Texas Ry. Bonds Offered. Farson,
Son & Co., New York, recommend the 'purchase of Cum.
Adj. Mtge. Conv. 5% bonds at market price, about 47,
yielding about 10.75%.
A eircular shows:
These bonds are dated Jan. 1 1922; due Jan 11967. Callable at 100 and
Conv. into 7% Prof stock at the rate of 10 .shares for each $1,000
bond prior to Jan 1 1932
Denom .$1,000 Trustee. Columbia Tru.st
int
New York. Authorized i.s.sue. $100,000,009: to be issued. $57,500,000
Payments of interest on these bonds will b" at the di=;-rotion of the directors,
with tlie exception that at least om^-half of the surplus earnings left after
paying interest on prior charges must be applied on these bonds up to
Jan 1 1925, after v,hich time interest beconcs cumulative
The company has just gone through a complete and drastic reorganization,
which reduces interest charges and puts the compmv in a strong financial
position
New securities will be Lssued .shortly This railroad comprises
3.200 miles of road in the States of Mi.ssouri, Kansas, Oklahoma and
Texas.
(Compare plan in V 113, p 2311. 2505 )
Earnings
Preliminary report for 1921 shows: 12 months' etoss. $63,112,491; net after taxes. $11,080,921: deduct less other income, SI, -574. 706;
b.Uaiice, $9,512,214 —V. 114, p 738.
C^o
.
—
—Equip. Notes
—
— V Offered.
Monterey & Pacific Grove Ry. —
Attacks Franchise. —
Monongahela Ry.
See Equipment
6%
Gold Notes above
114, p. 306.
Cifi/
my
Alleging that the railway has failed to
its" franchise tax of 2%- of it*
gross annual leceipls since Jan. 1 1918 and that it has al)andoncd operation
on part of its line in Pacific (Jrove, the State of California and the City of
I'acific Grove ha^e brought suit against the conip^my. asking that the
franchise, which the city gave the companj', be declared forfeited.
V. 10.8.
p. 2241.
—
—
&
—
Nashville Chattanooga
Earnings.
St. Louis Ry.
Operating revenues for the year 1921 amounted to $20,924,601. and
operating expenses $19,607,276. Actual net loss after fixed charges, incl.
rental for leased roads and joint facilities, taxes and interest, was .^250,801.
In 1921 3.642 tons of new rail were laid, acrainst 13.245 tons in 1920:613.633
crossties were renewed, against 815. ()24 in 1920, and 129.999 yards of
ballast were renewed, against 209.154 Last year.
During 1921 the railroads handled 975.446.834 revenue tons of freight
one mile, or a decrease of 352.314,771 tons, as compared with 1920. Less
than carload traffic amounted to 440.479 tons in 1921. as compared with
571 ,188 tons in 1920.
A total of 3.103.723 revenue passengers were handled
during the year, a decrease of 1,281,907 as compared with 1920. V.
—
113, p. 2721.
New York Chicago &
Dividends
to
()% Per Annum.
—St.
Louis
Pi,y.
To Increase
learned in well informed quarters that present plans of the directors
placing the various clas.ses of stock, including tiie Common, on a
regular (>% per annum basis, and making distributions quarterly. The
first quarterly dividends of 1'.^% are scheduled to be paid on March 31.
which means that the board should meet within the next two weeks to act
on the niatter." ( "Financial America" Feb. 24). "V. 114. p. 627.
"It
is
—
New York & Harlem RR.
Assets
—
'Balance Sheet Nov. 30 1921.
Liabilities
—
Stock
Inv. stocks & bonds
Ca.sh
Special deposits
Accounts receivable
Materials & supplies
Int. & div. receivable
Deferred assets
237. ,536
-.
Bonds
Loans and
payable
2.000 Accounts payable
39.294 Cashier traction lines.
149.853 Other current liabilities..
•13.470
bills
—
1,908 Tax liability
1,443,015 Casualty reserves
3,547 Other unadj. credits
685.386 Corporate surplus
Prepaid insurance
Other unadj. debits
Total
$24,251,004
$10,000,000
12.000.000
5^5.000
272.6.57
200
15.5()4
00.208
11,512
185.867
1,109,995
$24,251,003
Total
The stoclcholders Feb. 16 approved the actions, &c., of the present
management since the lines were turned back to its owners Feb. 1 1920.
Compare conden.sed statcmout of Pres. .Vlfred H Smith in V. 1 14, p. 410N. Y. N. H. & Hartford RR.— Application for Loan.—
Regai-diiig the $27,582,091 Kurojioau loan, maturing on
Ai)ril 1. tlie company says in substance:
.
No definite plan has yet been decided upon with respect to the refunding
of the European loan and reports to the contrary are inaccurate.
C^ommission for
The New Ha^en has made application to the I.-S.
ap])roval of a loan from the (iovernment. and any plan depends upon the
It should Ix^ noted that a part of the
negotiation in connection therewith.
European loan is payable in sterling as well as francs at the option of the
payee and that sterling is approaching the dollar parity.
Since the great fall in French exchange the sterling parity and not the
Moreover, of the entire
franc parity has lieen demanded by the payee.
i.-sue of $27,582,691 alx>ut $13, 100,000 are jiaj-able in francs or sterling,
the balance are pavablo in dollars so that if the entire issue were paid at
maturity the saving would l)e about 10% of $13,400,000 or $1,340,000.
C
I.-S. C. Commission Grants New England Roads 15% Increase in Atnounts Received on Through Business.
V. 114, p 738
See"Current Events in 'Chronicle" Feb. 18. p 703
"
Frank Hedley. I»rcsident & (Jen Mgr in a statement to the holders of
the 3-year Secured Couv. 7% gold notes Feb 23. s:iys in substance: "As
the only practical manner in which it is possil)le to secure to the holders
of the 7% notes payment of interest thereon, is their extension into the 8' r
notes.lto which are attached coupons dated March 1 1922 and Sept. 1 1922,
•^
my duty at
this time to advise you to depo.sit your 7% note«
March 1 1922. Since my last letter to you under
1922, notes amounting to $361,800 have been deposited for
extension.
The total amoimt extended is now $36,918,300, or 96 •"
78%
/o
of the entire outstanding Lssue of $38 144 400 "
"°"^^
™=*y ^^ forwarded to J. P. Morgan & Co. for extension
J'^^J^"
into 8% notes
See article regarding valuations of New Yorlc traction property under
Current Events" above. V. 114, p 738
It is
for extension prior to
call for
New rates of pay, affecting all conductors and motormen, in both Dviluth
and Superior, became effective .Tan. 16. The extra list is reduced to six
motormen and conductors, guaranteed a minimum of $3 25 a day. The
new rates are: 1st year, 44c. an hour; 2d year, 46c.; 3d year. 4Sc.; 4th and
each successive year, 60c. an hour. The previous hourly rates were:
1st year, 49c.: 2d year, 51c.; .3d year, 53c.; 4th and each successive year, 55c.
The final heJiring on the fare matter now pending before tlie Minnesota
State RR. «& Warehouse Commission was to be held at St. Paul Jan. 31.
—V.
that
I feel
[Vol. 114.
—
—
Northern Pacific Ry. Listing.
The New York Stock Exchange has authorized the
—
—
listing of $10,154,600
Impt. 6% srold bonds. Series "B."duo July 1 2047, with authority
to add $104,845,000 of the bonds on official noticeof issuance on conversion
Kef.
&
THE CHKONICLE
Feb. 25 1922.]
of Northern Pacific-Great Northern 15-year
July 1 1936.— V. 114. p. 022.
Ocean Shore RR.
6H%
Conv. gold bonds, due
To Rebuild Road.
New
citizens.
whi^^'Ta" ah^dy'l^n''subVcHtedirf SaVrMa76o~Co"im^^^ operated with
wilt te"^id en the old track-bed. The line will be
freight.
casoline motor cars for passenger traffic and steam cars for Chairman of
Horace Nelson of HalfMoon Bay. Calif., has been elected
Estimates
the San Alateo County Committee to gather additional fuads.
Engineer Major
of costs &c.. for the proposed work have been prepared by
Moore who is associated with Mr. Hoefler.— "Electric Railway
Edwin
Journal' Feb. 18. V. 114. p. 410.
,
rails
—
Ry.— Tenders.—
trustee, northwest corner 61h
for
and Snring streets. Los Angeles. Calif., will until :March 2 receive bids
gold bonds, dated Sept. 1 1903. to an
Ref. Mtge.
^fe tS^it of 1st.
amount sufficient to exhaust S11.325. \ 114, p. <9.
b%
&
Pere Marquette RR.
—
.
March
Voting Trust Expires
1.
of
The voting trust established for the stock under reorganization planwUl
1916-17 will expire by limitation Mar. 1, and control of the property
pass into the hands of shareholders.
. ^.
,. *
«•<.,!
000
200. nnn
listing of Sll, onn
The New York Stock Exchange has authorized theCumul.Pref.
stock and
5%
stock;
.S12.429.0C0
Preference
Prior
Cumul.
5%
for
issuance
exchange
$45,046,000 Common stock on official notice of
outstanding voting trust certificates. T. 114, p. 522. 410.
.
m
—
—
Pittsburgh (Pa.) Railways. Reorganization Plan. The
Public S
@FedFRASER